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Australis Seafoods records lower sales

Salmon selection at a processing plant. (Photo: Australis Seafoods)
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Australis Seafoods informed the Superintendency of Securities and Insurance (SVS) in the first half of this year, the total assets of the company and its subsidiaries recorded an increase of USD 110 million from 31 December, 2013, representing an increase of 37 per cent.
Meanwhile, current assets increased by USD 88.6 million, a result that implies an increase of 61 per cent in relation to the financial position at the end of last year.
According to the company, this variation "is mainly explained by the increase in inventories, which rose by USD 30.4 million due to increased volumes of the finished product in inventory and to the product on consignment in Japan."
Furthermore, Australis Seafoods reported an increase of USD 35.2 million in the current biological asset account and an increase in the cash account and equivalents in USD 34.1 million. These rises result from the net balance of funding activities and the capital increase reducing capital repayments of loan capital in transition, investment in working capital and fixed assets, the company added in the document.
With respect to sales, by 30 June, 2014, the subsidiary Australis Mar SA had sold 10,425 tonnes of raw material, compared to 18,062 tonnes (42 per cent less) in the same period of 2013. This decrease was attributed to the postponement of the harvest, in an attempt to harvest larger fish and reduce costs.
In addition, revenue from ordinary activities fell 18 per cent year on year, to USD 62.8 million. This result "is mainly explained by lower sales offset by an increase in prices of 28 per cent" in the same period last year," the company explained.
Meanwhile, the cost of sales to 30 June reached USD 56.3 million, 41 per cent less than in the same period in 2013 (USD 95.2 million).
Last June, Australis Seafoods agreed to sell its stake in True Salmon Pacific Holding (TSP) to the company True Pacific Holding Company in the amount of USD 1.5 million.
In a material fact sent to the SVS on 4 June, Australis stated the sale will mean an approximate net loss in income from the year 2014 amounting to USD 2.23 million, resulting from the difference between the book value and the price of sale.
The firm stated that "the costs associated with the sale will be paid in three annual installments due on 31 May in 2015, 2016 and 2017."
Related article:
Australis sells stake in True Pacific Holding Salmon

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