Data loading...

Good Results For Sapmer, Tuna Drives Expansion La Reunion, March 14, 13

“During 2012, Sapmer recorded strong growth in its activity and maintained strong profitability. This year’s highlight was the arrival of two new -40°C deep freeze tuna purse seiners, ‘Dolomieu’ and ‘Belouve’, which joined the Indian Ocean tuna fleet already composed of three ships. Moreover, if our tuna activity is growing, our southern seas activity (Saint Paul Rock Lobster and Toothfish) is also doing very well with good fishing campaigns and steady sales,” explains Yannick Lauri, CEO and administrator of Sapmer SA.
“The year 2013 is going to be an important year in our history with revenues for SAPMER SA that should exceed 100 million Euros and the setting up of a new company organization with Sapmer Holding at the center of this international development.”

Yearly consolidated results (1st January - 31st December)

In 2012, Sapmer’s activity registered 93.1 M€ against 77.0 M€ in 2011, with a revenues’ increase of16.1 M€. This increase is mainly due to the growth in tuna activities (whole tuna sales and value enhancing) but also an increase in Saint Paul Rock Lobster revenues and steady toothfish sales. On31 December 2012, the ‘fishing’ activity had increased by 15% to 73.2 M€ and the ‘value enhancing’ activity presented a 51% growth to 19.9 M€.

With an operating income of 17.6 M€ which is an increase of 16%, Sapmer’s operating income stands at 19%. This performance was achieved, even though two new tuna ships were put into operation during the year, which implies fitting out the ships, recruiting and training the crew before their arrival.

Sapmer’s 2012 profitability benefits from steady sales and good whole tuna and southern seas fishing prices (Rock Lobster and Toothfish). The “value enhancing” activity increased its productivity but continues to be penalized by structural costs during the year (factory, cold room, workforce…) which are only absorbed by 4 tuna ships in activity on average over the year.
The 2012 operating income of the ‘fishing’ activity reached 16.3 M€ (or 22.2% of revenues) against 13.7 M€ last year, and ‘value enhancing’ operating income came to 1.3 M€ (or 6.6% of revenues) against 1.5 M€ in 2011.

After a financial result of -4.8 M€ mainly composed of interest on borrowing for tuna ships and income tax expenses of 4.2 M€, the net profit came to 8.6 M€ and represents 9% of the revenues.

The board of directors will offer the payment of a dividend of 0.5€ per share during the AGM on May, 21st 2013.

At the end of December 2012, the shareholders’ equity stood at 45.9 M€. The Group’s net debt amounts to 91.2 M€ vs 50.9 M€ in December 2011. During the year, SAPMER contracted new borrowings for a total value of 33 M€ in order to finance the two new tuna purse seiners ‘Dolomieu’ and ‘Belouve’. The debt ratios “gearing” stands at 1.98.

According to the company 2013 should be another year of growth with revenues that should increase by around 10% compared to 2012, and exceed 100 M€. This progression in revenues will be accompanied by a sustained profitability.