Nireus achieved a good performance in a challenging year for the economy of Greece. (Photo: Nireus/FIS)
Nireus's exports jumped by 30 pc last year
Friday, April 01, 2011, 15:30 (GMT + 9)
Mediterranean aquaculture company Nireus reported good figures for the whole of 2010 with a 30 per cent increase in exports. Fish sales generated EUR 145.3 million, or an increase of 22.3 per cent in value, due to better prices and higher volumes, at 32 thousand tonnes - up 15.6 per cent in volume.
“In a most challenging year for the economies of Greece and Southern Europe, Nireus managed to grow exports by 30 per cent and fish sales by 22 per cent, to expand its market share in the Mediterranean fish farming market and to meet the challenges from the financial environment and the increase in raw material prices,” said chairman and managing director Aristides Belles.
In the fourth quarter of last year, the firm’s total sales managed to climb by 15.6 per cent to EUR 43.5 million. Also in Q4, fish sales were augmented by 26.1 per cent in value and 18 per cent in volume over Q4 of the year prior.
Outside of Greece, sales yielded EUR 140 million, making up 76 per cent of total sales compared to 66 per cent in 2009. The boost in exports was ascribed to new and old markets that are both profiting from the well-positioned geographic division of Nireus’s sales network and the resilient demand for its products.
Regarding the sale of the investment in associate company Marine Farms, the move had a negative contribution of EUR 10 million in net results.
“The financial results were impacted by our divestment from Marine Farms and the reduction of the fair value of our biological inventories, while the Group managed to improve its overall business activity,” Belles told.
Nireus also saw positive development in demand for its main products: seabass and seabream. The country’s ongoing situation is not expected to have a material effect on fish sales, as 90 per cent of the firm’s farmed fish is exported.
Raw material prices for fish feed and transportation costs are expected to be higher this year.
Nireus, the chairman, added, lowered its production and operating costs, amplified its cash reserves with divestments and improved liquidity. These points as well as the benefit of the company’s international production and sales network allowed the Group to meet the new endurance tests set forth by the market.
“These efforts will continue in 2011 through strict cost control, further reduction of the sales cost and strengthening of cash flows. Our priority is to continue to successfully implement our business plan, which foresees a target on cost savings from the merger of units in major production center and production automation, the opening of new markets and the strengthening of the Group in the adverse economic environment from the economic situation of the country,” Belles concluded.
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By Natalia Real