Russian Aquaculture announces 9m 2021 IFRS financial results

December 6, 2021 14:21

Russian Aquaculture PJSC (the “Company”), the largest Russian company in the commercial fish farming (aquaculture) sector, announces its unaudited consolidated IFRS financial results for the nine months ended 30 September 2021.

The Company will hold a conference call at 14:00 (Moscow) / 11:00 (London) today, 3 December 2021. Members of the Company’s senior management team will participate to discuss the financial results.

Results for 9M 2021 and after the reporting date:

  • Consistent growth in sales volumes. Sales of finished product increased by 75% year-on-year to 18.0 thousand tonnes.
  • Considerable improvement in financial performance. In 9M 2021, revenue and adjusted EBITDA increased by 73% and 52% year-on-year, respectively.
  • Higher growth rates. All key operating and financial metrics, including sales volume, revenue, adjusted EBITDA and net profit for 9M 2021 exceeded the Company’s full-year performance in both 2019 and 2020.
  • Increased market share. As of the end of 9M 2021, the Company’s market share was 16%, up from 13% at the end of 9M 2020 and 9M 2019.
  • Leader in operating efficiency. In 9M 2021, the Company demonstrated an operating EBIT of EUR 2.1 / kg, affirming its leading position globally in this performance indicator.
  • Record EBIT / kg for the quarter. In 3Q, the Company’s operating EBIT amounted to EUR 3.0 / kg, an 18% increase year-on-year.
  • High level of financial stability. The Company’s net debt / adjusted EBITDA ratio is at a comfortable 1.72x. The rating agencies NCR and ACRA have assigned the Company a credit rating of A- with a stable outlook.
  •  Regular dividends. Based on the Company’s results for 9M 2021, the Board of Directors recommended that dividends be paid out in the amount of RUB 4.0 per ordinary share. Including interim dividends for 1Q and 1H 2021, as well as for 2020, total dividends paid out in 2021 could amount to RUB 17 per share.
  •  ESG progress. A new Sustainability Committee began operating under the Board of Directors; the Committee is tasked with systematising the Company’s sustainability practices and integrating them into the Company’s development strategy.

Key financial results in 9M 2021:

  • Revenue increased by 73% year-on-year to RUB 9.7 billion.
  • Biomass totalled 29.8 thousand tonnes at the end of September 2021, compared with 22.3 thousand tonnes at the end of September 2020.
  • Adjusted EBITDA reached RUB 3.9 billion, up 52% year-on-year. The adjusted EBITDA margin was 40%.
  • Net profit increased by 117% to RUB 4.8 billion.

Russian Aquaculture CEO Ilya Sosnov said:

“The global salmon market continued to grow during the first nine months of 2021; strong retail demand persisted amid a recovery in demand from restaurants and hotels. In 9M 2021, the volume of the Russian market grew by 45% year-on-year. Amid favourable market conditions and thanks to the systematic implementation of our growth strategy, we increased sales volumes considerably year-on-year, which resulted in a significant improvement in our financial performance. Revenue increased by 73% to RUB 9.7 billion, while net profit surged by 117% to RUB 4.8 billion thanks in part to excellent weight gain on the part of our fish.

“We are seeing a steady increase in the consumption of salmon and in demand for quality chilled salmon, which affirms the fundamental appeal of the Russian market and the growth potential for our business. In this regard, we continue to invest heavily in both equipment and production assets.

“Based on our strong financial performance in addition to our comfortable level of debt, the Board of Directors recommended paying out dividends in the amount of RUB 352 million for the first nine months of the year. Together with interim dividends for the first quarter and first half of 2021 and 2020, payouts this year may amount to about RUB 1.5 billion, or RUB 17 per share.

“In addition, I would like to note that we are committed to sustainability and to taking into account the interests of all stakeholders. This year, we not only implemented a number of initiatives for the restocking of aquatic biological resources but also established a new Sustainability Committee under the Board of Directors to ensure a systematic approach to and integration of ESG practices into all business processes.”

Financial performance in 9M and 3Q 2021

RUB mln

9M 2021

9M 2020


3Q 2021

3Q 2020


Sales volume, ths tonnes







Biomass at the end of the period, ths tonnes







Sales revenue







Gross profit before the revaluation of biological assets







Gross profit after the revaluation of biological assets







Net profit







Adj. EBITDA [1]







Adjusted EBITDA margin, %



(5 p.p.)



(22 p.p.)

Adj. operating EBIT [2]







Adj. operating EBIT, EUR / kg







Net operating cash flow








RUB mln

as of 30.09.21

as of 30.09.20


Net debt




Net debt / adj. EBITDA LTM




*This metric is not available because it was impossible to calculate EBITDA LTM as of 30 September 2020 due to the lack of quarterly IFRS reports for 2019.


In 9M 2021, revenue amounted to RUB 9.7 billion, up from RUB 5.6 billion a year earlier. The 73% increase in revenue was driven primarily by a 75% increase in sales volumes.

Adjusted EBITDA

Following revenue, adjusted EBITDA increased by 52% year-on-year. The adjusted EBITDA margin was 40%.

Net profit

Net profit was RUB 4.8 billion, an increase of 117% year-on-year due in part to the excellent growth rate of our fish, which had a positive effect on the revaluation of biological assets.

Capex and debt

In 9M 2021, the Company invested RUB 2.4 billion, most of which was allocated for farm equipment, the exercise of an option to purchase the Company’s fish processing plant and the purchase of marine vessels. As of 30 September 2021, the net debt to adjusted EBITDA ratio remained at the comfortable level of 1.72x. In terms of debt structure, long-term borrowings accounted for 51% of debt as of 30 September 2021.

Conference call

The Company will hold a conference call at 14:00 (Moscow) / 11:00 (London) today, 3 December 2021. Members of the Company’s senior management team will participate to discuss the financial results.

The call will take place on the Zoom platform in Russian.

To participate in the call, click the link, or dial: 
Call ID: 838 8920 2459

Code: 399903

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Russian Aquaculture is one of the leaders in the production of Atlantic salmon and trout in Russia.

The Company’s core business areas are:

  • commercial Atlantic salmon farming in the Barents Sea in the Murmansk region
  • commercial trout farming in the lakes of the Republic of Karelia

Russian Aquaculture’s core strategic focus is on developing its aquaculture business. The Company currently owns cultivation rights for 39 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.


Denis Denisov
Tel.: +7-985-410-3544

Irina Logutenkova
Tel.: +7-910-438-4843

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 include information about events and other developments that occurred after the publication of this document. There are various factors that may cause actual results to differ materially from those anticipated in such forward-looking statements of 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.

[1] The Group’s management defines adjusted EBITDA as the sum of the following indicators:

  • Profit / (loss) before income tax;
  • Foreign exchange gain / (loss), net;
  • Interest (income) / expenses, net;
  • Depreciation of fixed assets and intangible assets, as well as depreciation of right-of-use assets;
  • Profit / (loss) from the revaluation of biological assets;
  • Expense from the sale of shares to employees on preferential terms.

[2] The Group’s management defines operating EBIT as the difference between the following indicators:

  • Adjusted EBITDA;
  • Depreciation of fixed assets and intangible assets, as well as depreciation of right-of-use assets.
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