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
editorial@fis.com
www.fis.com


 


 Print


Click to know how to advertise in FIS
MORE NEWS
Canada
Apr 25, 03:20 (GMT + 9):
IN BRIEF - Cooke Aquaculture cleaning up salmon cage debris from St. Mary's Bay
United Kingdom
Apr 25, 03:20 (GMT + 9):
IN BRIEF - Vets condemn EU rules which demand organic fish farms must treat any signs of illness using HOMEOPATHY
Worldwide
Apr 25, 03:10 (GMT + 9):
IN BRIEF - Research shows impact of BMR on brain size in fish
United Kingdom
Apr 25, 03:10 (GMT + 9):
IN BRIEF - GBP 20m fish park dream unveiled
Ghana
Apr 25, 03:10 (GMT + 9):
IN BRIEF - Fish imports gap widens
Thailand
Apr 25, 02:40 (GMT + 9):
IN BRIEF - Thailand eyes fast action to crack down on illegal fishing
Australia
Apr 25, 02:40 (GMT + 9):
IN BRIEF - Customs nabs notorious illegal fishing boat
Canada
Apr 25, 02:40 (GMT + 9):
IN BRIEF - Lobster season delayed because of ice conditions
Thailand
Apr 25, 02:40 (GMT + 9):
IN BRIEF - Indonesia agrees to join fisheries panel
Thailand
Apr 24, 23:50 (GMT + 9):
Indonesia Govt intends to aid Thai fishing sector
Australia
Apr 24, 23:10 (GMT + 9):
Rock lobster fishery recognised as pioneer in sustainabilty certification
Chile
Apr 24, 22:40 (GMT + 9):
Emergency protocol activated due to volcanic eruption and salmon movement allowed
New Zealand
Apr 24, 22:30 (GMT + 9):
Researchers call to consider carbon footprints in seafood eco-labelling
Argentina
Apr 24, 22:00 (GMT + 9):
Seafood landings fall 10.8 pc in the first quarter
Norway
Apr 24, 21:10 (GMT + 9):
Salmon price status at week 16



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Govt encourages fishing sector to take advantage of current benefits
Namibia Considering the advantageous situation the Namibian fishing industry is experiencing at present Minister of Fisheries and Marine Resources urged the whole sector to create fuel reserves and invest in their operations.
Land-raised Atlantic salmon makes headway into the market
Canada A year after being launched into the market, KUTERRA Land Raised™ Atlantic salmon has shown it is possible to produce a high-quality, sustainably farmed premium salmon using very little energy, water or land, without antibiotics or pesticides.
EFJ praises EU's measures against IUU
Thailand EFJ welcomes the EU’s decision to withdraw South Korea from the list of countries that do not take the necessary measures to prevent, deter and eradicate pirate fishing in addition to sending warnings to Thailand for not working on this issue.
New anti-shrimp pesticide permit granted to oyster growers
United States Shellfish growers from Washington state have been granted a permit for use of a common household pesticide to combat a growing population of burrowing shrimp in Willapa Bay and Grays Harbor.
 
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 (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Pescanova, S.A. - Group Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Limited
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 ehf - 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 - 2015 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER