Russia's leading seafood group secures credit lines to boost business
According to the reached agreements, for ZAO Russian Fish Company "VTB Bank" is to open two lines of credit with the limit of 18 million USD and 9.5 million USD respectively. The term of credit repayments is 180 days from the date of the credit agreement coming into effect. Along with Russian Sea Group of Companies, the credit in the amount of 18 million USD will be guaranteed by the Cyprian limited companies such as "Aurora Industries ltd" and "Corsico ltd".
The Russian Sea Group was established in 1997. At present the Group comprises ZAO Russian Sea Company, ZAO Russian Fish Company (the distributor of frozen and chilled seafood), OOO Russian Sea - Dostavka (Delivery) (shipping company), OOO Russian Sea - Kaliningrad (production plant), OOO Managing Company "Russian Sea" (established in October 2006, consolidates a number of functional areas, such as funds, staff, legal issues and so on, in all companies of the Group), OOO Russian Sea - Aquaculture and OOO Trout Farm "Segozerskoe".
The shareholders of the Russian Sea Group are Maxsim Vorobiov and Dmitry Kotsubinskiy.
In 2006 the Group's turnover amounted to 350 million USD and its earnings before interest, depreciation and amortization (EBITDA) totaled 29 million USD. In the year 2007 the Group's turnover and EBITDA are forecasted to grow to 600-620 million USD and 60 million USD correspondingly. Much attention inside the Russian Sea Group is paid to construction of an efficient structure of business management. In the year 2007 the Group in cooperation with Deloitte is completing a joint project on the reengineering of the business processes. Within the framework of the project's implementation the Group has been changing its organizational and management structure. Simultaneously, the Group has been introducing the ERP-system Microsoft Dynamics AX aimed at supporting the new model of operating activity and obtaining the necessary information when making management decisions.
The Russian Sea Group of Companies has also been increasing the level of transparency and publicity of its activities. In June 2007 one of the Group's companies, JSC Russian Sea, placed its debut bonded debt of 2 billion RUR at MICEX stock exchange (Moscow Interbank Currency Exchange). In November 2007 the Russian Sea Group of Companies will for the first time produce consolidated accounts in compliance with the International Financial Reporting Standards (IFRS) and the business will be audited.