Russian Aquaculture announces 2020 IFRS financial results / April 7, 2021 16:05
Moscow, 6 April 2021. Russian Aquaculture PJSC (the “Company”), a major Russian salmon aquaculture company, announces its IFRS financial results for the full year 2020.
The Company will hold a conference call at 14:00 (Moscow) / 12:00 (London) today, 6 April 2021. Members of the Company’s senior management team will participate to discuss the financial results.
Strategic progress for 2020 and after reporting period:
Executing the growth strategy with the target of producing 35,000 tonnes by 2025
Consistently strong operating results
Developing investor relations
High level of financial stability
Commitment to ESG principles
Russian Aquaculture CEO Ilya Sosnov said:
“The unprecedented nature of 2020 has shown everyone the importance of a sustainable and efficient business. We were able to continue our operations uninterrupted, without losing a single day of production. Despite a decline in the global salmon market amid the pandemic and challenging climatic conditions, we delivered strong operational and financial results and strengthened the Company’s core fundamentals, paving the way for future growth.
“Thanks to the systematic execution of our strategy, our smolt stocking volumes continues to increase from year to year, and by the end of 2020 the value of our biological assets was at a record high. We are not stopping there, and are continuing to invest billions of roubles into developing our business. As a result of the option to increase our stake in our processing plant, the acquisition of the right to use two new high-quality fish farms, and the launch of our new Inarctica brand, we are closer to achieving our long-term goal of becoming the largest vertically integrated player in the aquaculture industry.
“We have improved corporate governance, bringing the independence of the Board of Directors into line with the highest standards, and have also significantly increased our liquidity and shareholder base. We truly appreciate the trust that our 11,000 shareholders have placed in us and see shareholder returns as a key priority. During the reporting year, we paid out dividends for the first time in 10 years. We also expanded our share buyback programme.
“The Company intends to continue paying dividends totalling 30%-50% of net profit. This is contingent on no biological risks materialising, the Company maintaining a stable financial position, and the successful execution of the Company’s growth strategy. We will also consider continuing the share buyback programme.
“In March 2021, we successfully raised RUB 3 billion through a bond issue, significantly improving the structure and duration of our debt portfolio. The high demand for the issue and investor confidence in the Company underlines the financial stability and future prospects of our business.
“I am confident that the successful execution of our growth strategy will be received well by all our stakeholders. For my part, I pledge that the whole Russian Aquaculture team will continue to work hard across all areas of our business.”
KEY OPERATING AND FINANCIAL RESULTS
Based on 2020 results, Russian Aquaculture remains one of the best performing aquaculture companies globally, with an operational farming EBIT / kg of RUB 185.4, or EUR 2.2. It occupies second place amongst its 22 global peers.
KEY BALANCE SHEET INDICATORS
The Company will hold a conference call at 14:00 (Moscow) / 12:00 (London) today, 6 April 2021. Members of the Company’s top management will participate to discuss the financial results.
The call will take place on the Zoom platform in Russian. A recording of the call will be made available on the Company’s corporate website.
To participate in the call, click the link, or dial:
Call ID: 820 5140 4660
Connect via a click:
+7 495 283 9788 Russia
+7 499 951 6379 Russia
+7 499 951 6380 Russia
+7 812 426 8988 Russia
+44 131 460 1196 United Kingdom
+44 203 051 2874 United Kingdom
+44 203 481 5237 United Kingdom
+44 203 481 5240 United Kingdom
+44 203 901 7895 United Kingdom
Call ID: 820 5140 4660
Other local numbers: https://em-comms.zoom.us/u/kcCZeYNkXJ
Join via Skype for Business
ABOUT RUSSIAN AQUACULTURE
Russian Aquaculture is one of the leaders in the production of Atlantic salmon and trout in Russia.
The Company’s core business areas are:
Russian Aquaculture’s core strategic focus is on developing its aquaculture business.
The Company currently owns cultivation rights for 37 sites for farming salmon and rainbow trout. The total potential production volume for these sites is around 50,000 tonnes of salmonids.
The Company’s long-term development strategy involves the creation of the largest vertically integrated player in the aquaculture market, including the production of feed and stocking material, primary processing, and distribution of the Company’s own products.
This press release may contain projections or other forward-looking statements with regard to future events or the Group’s future financial performance. Forward-looking statements contain such words as “expected”, “as seen”, “projected”, “according to estimates”, “planned”, “will be”, “could”, “can”, “perhaps” and variations of such expressions (including the negative connotations thereof). Recipients are cautioned that any such statements are only projections and that actual results or developments may differ materially from those projected in any such estimates or other forward-looking statements. The Group does not intend to update this press release to revise projections or to include information about events and other developments that occurred after the publication of this document. There are various factors that could cause actual results to differ materially from those anticipated in such forward-looking statements contained in this press release; this applies, in particular, to the general economic situation, the market environment, the risks associated with doing business in Russia, sudden market changes in the business sectors of the Group, and many other risks specific to the Group and its activities.
 As a result, the structure and duration of the debt portfolio has been improved, which will be reflected in the financial results for 1Q 2021
 Includes fish and caviar
 The Group’s management defines adjusted EBITDA as the sum of the following indicators:
• Pre-tax profit / (loss) for the year
• Gain / (loss) on forex, net
• Interest (income) / expense, net
• Depreciation of fixed and intangible assets
• Fair value gain / (loss) on biological assets
 Hereinafter meaning operational farming EBIT / kg
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