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Sapmer: High Margins In H1, 2012 Forecast Raised La Reunion, September 13, 12

Sapmer, the large fishing group from La Reunion, ended the first half of its fiscal year 2012 with a net income rise of 22% reaching Euro 5.6 million (approximately Euro 1.6 per share). The operating margin was almost 20%. The group from La Reunion now estimates the growth of its 2012 sales at 15%, compared to its previous forecast of 10%.
At the last auction, which took place earlier last week, Sapmer Group’s shares were trading at Euro 23. During the first half of this year, its turnover increased by 24% to Euro 52.5 million, with the growth mainly attributable to tuna. Sapmer now has nine vessels fishing in the Indian Ocean.
Operating revenue rose sharply by 41% to 9.9 million, the corresponding margin improved by two points to 19%. The turnover increase is largely due to the sales of raw material (65%).
The arrival of new vessels and a rise in catches (45% over the period), as well as an optimization of load structures are all favorable factors to increase profitability. The balance sheet per June 30 shows the group’s equity of Euro 42.6 million, and net debts of Euro 73.2 million, representing a ratio of net debt / equity (‘gearing’) of 172%. “After a starting period of our tuna activity, we now have reached a cruising speed that generates a growth and level of profitability quite satisfactory,” said general manager Yannick Lauri.
Sapmer now estimates that its sales should grow by 15% over the full year 2012, against a previous rate of 10%, which was confirmed on July 30. "With the arrival of the vessel ‘Belouve’, which was baptized in Vietnam on September 6, and our two new purse seiners at - 40 ° C, we have a large potential to increase our turnover”, says Yannick Lauri. “Furthermore, the construction of a second plant in Mauritius continues and is to be operational in 2013. As a result, the storage capacity at -40 ° C in Mauritius will increase from the current 3,600 tons to 6,100 tons in 2013,” says Lauri.