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Australis Seafoods salmon farm. (Photo Credit: Australis Seafoods)

Australis Seafoods ended third quarter with 'satisfactory results'

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Tuesday, November 14, 2017, 21:40 (GMT + 9)

Australis Seafoods SA reported that in the third quarter it obtained satisfactory productive and sanitary results, which allowed it to reduce the costs of sale in all species.

Furthermore, it stressed that, in addition to the amortization of its first semester debt, it managed to restructure the financial liabilities of the company for five years, for an amount amounting to USD 100 million. With this, "the company has a financial structure in line with the salmon farming industry."

The company also reported the sale prices of the different species, and in particular of the Atlantic salmon, have fallen since June of this year because the sales margins of the third quarter were more adjusted with respect to the first semester. However, sales levels are still much higher than in previous years.

Revenues registered between July and September 2017 totalled USD 91.9 million, this is USD 10 million less than in the same quarter of 2016, which represents a decrease of 9.8 per cent.

Sales costs totalled USD 62.7 million, 22.4 per cent less than in the same quarter last year, which led Australis to obtain an operating margin of USD 29.3 million, 37.8 per cent higher than in the same 2016 period.

Sales for the quarter amounted to 14,700 tonnes, down 18.4 per cent from the third quarter of 2016. However, the drop in sales was offset by a 10.6 per cent increase in the sales price.

Considering the three species (Atlantic salmon, coho salmon and trout), the FOB price was 6.27 USD/kg WFE, versus 5.67 USD/kg WFE registered in the same period of last year.

The EBITDA was USD 28.1 million, which compares positively with the USD 20.8 million reported at the end of September 2016.

In cumulative terms at the end of September, ordinary income reached USD 315.6 million, representing an increase of 22.5 per cent year-on-year.

The total cost of sale at the end of September was USD 197.4 million, 20 per cent lower compared to the same period of 2016. In unit terms, it implies a fall in the cost of sales at a consolidated level of 4.75 USD/kg WFE at 4.19 USD/kg WFE. The gain, given the above, was USD 63.8 million, an increase of 464 per cent compared to the gain of USD 11.3 million recorded in the first nine months of last year.

The accumulated EBITDA to September, meanwhile, reached USD 115.8 million, compared to USD 8.9 million reported a year ago.

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