Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Salmon farming centre belonging to Invermar. (Photo: Invermar)

Invermar’s rating reduced

Click on the flag for more information about Chile CHILE
Monday, November 04, 2013, 23:40 (GMT + 9)

Risk rating firm Humphreys reduced the solvency from Invertec Pesquera Mar de Chiloé (Invermar) to ' Category B-' with an 'Under Observation' trend. This decision means that its equity securities qualify in the 'Second Class Category.'

The rating firm explained that the trend is rated as 'Stable' "since in the short term it is not considered likely that the solvency rating changes to an investment degree."

According to Humphreys, its decision is based on a reduction in the production projections. In this regard, it indicated that while the company decided to discontinue some products such as Pacific salmon and rainbow trout, which have now presented negative returns on a long-term perspective means less likelihood to generate higher flows.

It also took into account that in 2012 Invermar obtained deficits, which caused a severe adverse impact on the company's assets that is unlikely to be reversed this year.

During the past fiscal year, the company managed to increase sales from USD 124 million to USD 147 million, but also recorded losses for USD 58 million.

To complement this, the rating includes adverse factors such as the company's exposure to the exchange rate, the fluctuations themselves in the price of the marketed products, the concentration of sales in a few customers, the agglomeration of the farms in some regions and the risks that are specific to the nature of this activity.

Furthermore, Invermar would not have sufficient resources to inject more capital into the business because they have almost no cash flow and has a debt with financial institutions exceeding USD 150 million, and banks are reluctant to provide loans.

Currently, Invermar has 12 creditor banks and continues seeking a partner, after the sale failure to the Canadian Cooke Aquaculture.

According to some market sources consulted by Estrategia, the company would be working only with the capital provided by the fish being harvested.

The same sources stated that it is still complex to find groups willing to take over Invermar.

In July, after several months’ negotiations, Invermar announced that the contract by which Salmones Cupquelán would acquire 54.07 per cent of the national fishing firm was not “effective.”

According to the essential fact submitted to the Superintendency of Securities and Insurance (SVS), Invermar explained that the sale did not take place because "within the terms agreed by the parties, all of the precedent conditions on which the contract depended" were not met.

The transaction, valued at approximately USD 20 million, in addition depended on Invermar’s creditor banks, Diario Financiero reported.

Related article:

- Agreement between Invermar and Salmones Cupquelán collapses

By Analia Murias
[email protected]
www.fis.com


 


 Print


Click to know how to advertise in FIS
MORE NEWS
Australia
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Farmer desperately tries to save native fish from deadly blackwater event in southern Murray-Darling system
New Zealand
Dec 7, 02:00 (GMT + 9):
IN BRIEF - New plan to restrict fishing in Hauraki Gulf unveiled
Japan
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Radiation in fish off Fukushima tests below detectable level
United States
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Fishing ban in international Arctic waters remains elusive
Spain
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Spanish and Moroccan police seize 2,600 kg of cocaine on fishing boat
Norway
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Sustainability performance Q3 on 10 indicators in three regions
Sri Lanka
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Sri Lanka's per capita fish consumption rises due to bountiful harvest
New Zealand
Dec 7, 02:00 (GMT + 9):
IN BRIEF - NZDF's southern ocean fisheries patrols off to a flying start
New Zealand
Dec 7, 02:00 (GMT + 9):
IN BRIEF - Fishery officers uncover hundreds of illegally taken paua
Fiji
Dec 7, 01:50 (GMT + 9):
American purse seiners can continue fishing in Pacific grounds
Spain
Dec 7, 01:40 (GMT + 9):
EU-Norway fisheries agreement benefits Spanish cod fleet
Erithrea
Dec 7, 01:10 (GMT + 9):
International entity grants USD 15 million to encourage fisheries
European Union
Dec 7, 01:00 (GMT + 9):
MEPs support further control of fleet operating outside the EU
United Kingdom
Dec 7, 00:20 (GMT + 9):
Scientists intend to design artificial salmon gut
Australia
Dec 7, 00:00 (GMT + 9):
IN BRIEF - Volatility Watch on Shares of Huon Aquaculture Group Limited



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Pingtan adds two new jiggers to its fleet
China Global fishing company Pingtan Marine Enterprise Ltd. has completed construction on its two squid jigging vessels, which are ready to depart for their fishing designation.
Cadiz Port Authority grants sole farming centre permit
Spain The Port Authority of the Bay of Cadiz has granted the firm Epic Aqua Solea Acuicultura SL an administrative permission for the construction of the first phase of an intensive sole farming centre in El Puerto de Santa Maria.
Maersk Line strengthens growth strategy through Hamburg line acquisition
Denmark Maersk Line is to acquire German container shipping line Hamburg Süd after reaching an agreement with Oetker Group in an attempt to develop its growth strategy and increase transport volumes.
USD 36 million seafood smuggling operation discovered
China A case involving 3,000 tons of smuggled frozen seafood worth USD 36 million was discovered and several suspects are being prosecuted, as it was reported by the customs authority.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Nueva Pescanova, S.L. - Group Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
Food Project (Siam) Co., Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. -Headquarter-
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  -Holding Headquarter-
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
Ocean Trawlers Group - Ocean Trawlers HK Ltd.
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2016 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER