September 19, 2021

ModularPhonesForum

Complete News World

Møgster family transformation in 2020 - nearly a billion plus before taxes

Møgster family transformation in 2020 – nearly a billion plus before taxes

Laco as, which is owned by the Møgster family, made a pre-tax profit last year of NOK 912 million. It emerges from the group’s latest annual report.

So last year was a big improvement after 2019. Then it had to be The group recorded a loss of NOK 2.6 billion before tax, a loss heavily impacted by large write-downs at shipping company Dof.

But in the past year, things have gone much better for the Møgster Laco family, with Helge Møgster chairing the board.

“The board is satisfied with the earnings trend, given the demanding situation that portfolio companies have had to deal with through the pandemic. The pandemic has created challenging framework conditions for large parts of value chains for most of 2020,,” the board wrote in the annual report.

Group revenue last year ended at over NOK 23 billion, down just over NOK 1 billion from the previous year.

Seafood and seafood

Thus Lacaux is where the Mogester family combined their ownership in both listed and unlisted companies. The largest ownership position today is just over half of the shares in the seafood company Austevoll Seafood, which is listed on the Oslo Stock Exchange. The value of the company is estimated at 22.8 billion Norwegian kroner.

The Møgster family is the main owner of the Dof shipping company, which is also listed on the Oslo Stock Exchange, through Møgster Mohn Offshore (MMO). MMO is the company that Møgster owned with investor Frederic W. Mohn, who together owned just over half of the shares in Dof. At the end of September last year, MMO detached, meaning that about 51 million Dof shares, which were originally jointly owned by Mohn and Møgster through MMO, were transferred to Mohn Perestroika Industri.

See also  Helge Gåsø discovers everyone in the fight for the NRS. He could hardly have asked for a better result

It happened then in In May last year, it became clear that Mohn and Møgster ended their long-term cooperation. Today, Møgster owns just over 32 percent of the stock in Dof through its MMO, with Laco still the largest owner. Frederick W. Mohn, for his part, has sold heavily on Dof since breaking up in MMO.

In Laco’s accounts for 2020, the group stated that sales volume decreased somewhat in 2020 compared to the previous year, but the level of activity increased at the end of last year.

“The Group’s investments in seafood show a good evolution in value and have good and fundamental operational development. The mission unit Austral in Peru, despite the very difficult consequences of the epidemic, has shown a good development ».

If you deduct last year’s tax cost, plus the costs associated with getting rid of the Dof, the normal annual result ends up at NOK 203 million.

150 million profit

The Møgster family also controls just over 50 percent of the Lerøy Seafood Group, also listed on the Oslo Stock Exchange.

The Board writes in the annual report: “The group’s aquaculture activity has had another good year with very good market conditions and consistently good demand for the products.”

At the same time, large losses abroad in recent years have been discussed.

The report states that “offshore market developments, and the attendant significant losses in recent years, underscore the complexity and risks of investing in cyclical, capital-sensitive industries.”

See also  New records in New York

Calculations also indicate that a cash dividend of NOK 150 million was paid out last year, just like the year before.

At the end of last year, the group’s equity was 22.9 billion NOK, down slightly from the previous year.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.