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Toothfish catch. (Photo: Sapmer)

A weak yen impacted on Sapmer results

  (RÉUNION, 2/6/2014)

A “difficult Japanese market”, with decreasing prices due to a weak yen, had a negative impact on last year’s results for Sapmer, especially regarding its tuna operations.

“This year was also a year of structuring, with a clear definition of each activity.The Reunion Island site focuses on its historical deep sea fishing activity (toothfish and rock lobster) in the waters of the French Southern and Antarctic Territories, whilst the tuna fishing activity is concentrated around the infrastructures in place in Mauritius,” explained CEO Yannick Lauri.

Despite the difficulties faced last year, the company is confident for 2014, considering “the very good fishing yields of the beginning of this year, both for tuna and toothfish”. Besides, it expects a lower exchange rate impact.

Sapmer reported that the fishing activity reached EUR 73.9m for the year and represented 80.7 per cent of total revenues -  an increase of 1 per cent (+ 4.5 per cent at constant exchange rate compared to 2012).

The company highlighted that it was hit by the currency effect of the yen on its lobster sales and the USD exchange rate for toothfish sales.

Southern Seas fishing (rock lobster and toothfish) represented EUR 46.7m.

Rock lobster sales remained high at EUR 8m (EUR 9.4m at constant exchange rate) against EUR 9.3m in 2012.

Toothfish sales were steady and reached EUR 38.7m (EUR 39.8m at constant exchange rate) against  EUR 9.4m for the previous year.

Whole tuna sales, mainly invoiced in Euros, reached EUR 26.6m, up by 11.0 per cent compared to 2012.

Sapmer said that whole tuna volumes were high during the first half due to the conditions of the Japanese loin import market (yen devaluation), but the second half allowed the whole tuna sales to be brought back to a more normal level over the entire year.

The value enhancing activity recorded EUR 17.7m (EUR 17.9m at constant exchange rate) revenue against EUR 19.9m the previous year mainly due to higher whole tuna sales during the first half.

Subsequently, the second half at EUR 11.4m against EUR 6.3m for the first half showed the return of a growth dynamic for this activity which benefited from the coming into operation at the end of June 2013 of TPSIO plant in Mauritius Island. This new value enhancing unit allows the processing of small sized tuna.

According to the company, the Japanese markets also stabilised during the second half with a return to normal prices and levels of loin sales.

Finally, Sapmer higlights that sales efforts to acquire new markets continued with the sales of tuna steaks and portions progressing in Europe and with a confirmed penetration of the US and South-African markets.


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Information of the company:
Address: Darse de Peche 4 rue Charles Dickens
City: Le Port
State/ZIP: (97420)
Country: Réunion
Phone: +262 2 62 42 02 73
Fax: +262 2 62 42 03 85
E-Mail: [email protected]
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