Sapmer published results for 2009: growth vectors in place

April 16, 2010 11:09

SAPMER is France's second-largest fishing company. It is listed on the Alternext Paris stock market. Based in the island of Reunion, SAPMER has 4 main business activities: fishing in the waters of the French Southern and Antarctic Lands for Patagonian toothfish and rock lobster, and in the Indian Ocean for tuna (albacore and skipjack), plus a fish-processing and value-enhancing business (the Mer de Mascareignes factory in Mauritius), reports with reference to Sapmer.

"2009 and 2010 mark an important stage in SAPMER's development with the establishment, under our CAP 2012 plan, of a new albacore and skipjack tuna fishing and -40°C blast freezing business in the Indian Ocean, which will enable us to double in size by 2012," says Yannick Lauri, CEO of SAPMER.

"The results for 2009 reflect the efforts and investments made to achieve this objective."

Consolidated Results (IFRS) January 1 - December 31 (in millions of euros)

In millions of euros 2009 2008

Revenues from continuing activities



Revenues from discontinued activities



Gross operating income (EBITDA)



Operating income (EBIT)



% EBIT/Revenues



Cost of net debt



Net income from continuing activities



Net income, group share



Cash flow after cost of net debt



Establishment of value-creating vectors for growth Among many events in 2009, the following key factors stand out:

- An unfavorable global situation that affected prices for the rock lobster activity;

- Cessation of the tuna fishing for canning business in July 2009 and disposal of the last remaining vessel for this activity;

- Delivery of the Franche Terre, in July 2009, the 1st vessel in an order for three new-generation -40°C deep freezing tuna purse seiners for deep-sea tuna fishing in the Indian Ocean. The Franche Terre conducted its first fishing campaign in September but the impact of this activity on revenues for the year was not significant;

-Steady increase in activity at the Mer des Mascareignes fish-processing and value-enhancing factory in Mauritius. This factory will reach normal production levels in 2012 when the three new tuna perse seiners are in full operation.

On July 8, 2009, the SAPMER share was listed on Alternext Paris following a €5 million private


Analysis of the activity

Revenues from continuing activities came to €33.0 million, up 12% compared with the previous year.

The historic Southern Ocean fishing activities (Patagonian Toothfish and Rock Lobster) recorded a 7% increase at €31.0 million.

  • Sales of Patagonian Toothfish benefited both from stable sales prices, a more favorable average exchange rate than the previous year (€/$ parity), and a higher annual tonnage caught.
  • On the other hand, despite a good campaign, sales of Rock Lobster were affected by a deteriorating sales environment on the Japanese market.

The recently launched activities (deep-frozen tuna and value-added processing) and other businesses represented €2.0 million over the year.

Satisfactory results at a time of transition

Operating income (EBIT) of €2.7 million accounted for 8.3% of revenues with:

  • a negative contribution of €1.4 million from the recently launched activities of -40°C deep freezing tuna and the fish-processing and value-enhancing activity;
  • a €0.2 million deficit from the tuna canning activity, sold in July 2009;
  • positive income of €4.2 million from the Southern Ocean fishing activity.

Net income from continuing activities amounted to €1.2 million. This includes the cost of net debt of €2.8 million (the new-generation tuna perse seiners were partly financed by loans) and financial income of €1.3 million.

The balance sheet structure reflects the increased capital expenditure phase that SAPMER has embarked on to speed up its development.

Shareholders' equity totaled €31.7 million, financial debt €69.1 million, and cash €11.5 million. The Cap 2012 plan provides for gearing which will fall below 1 from 2012.

Dividend for 2009

To reward shareholders' interest in the company's development plan, the Board of Directors will recommend to the Annual General Meeting to be held on June 4, 2010 in the Island of Reunion, the distribution of a dividend of €0.2 per share for the financial year of 2009.

2010: a year in which the implementation of CAP 2012 will be stepped up

The Franche Terre's preliminary campaigns have been very satisfactory, with the quality of fish in line with expectations and sustained commercial demand.

The Manapany, the second purse seiner, is currently in the final build stages in Vietnam, and due to be delivered in the 1st half of 2010. Delivery of the third vessel is scheduled for the end of the year.

The Southern Ocean fishing activity has started well, with prices and demand both at good levels.

The fish-processing and value-enhancing activity in Mauritius is scaling up in line with objectives.

SAPMER is therefore seeing accelerated growth, with 2010 heralding an even more important phase for establishing all the vectors of development.

The CAP 2012 plan will generate an additional €40 million of activity in 3 years. By 2012/2013, SAPMER is therefore expected to post revenues close to €70 million with net profitability of around 10%.


SAPMER is the historic deep-sea fishing operator in the French Southern and Antarctic Lands (TAAF) based in the island of Reunion. Having been created in 1947, SAPMER now operates a wholly-owned fleet of four freezerlongliners for Patagonian toothfish and a lobster freezer trawler for rock lobster. To speed the company's growth, it recently decided to extend its fishing activity to tuna (albacore and skipjack) in the Indian Ocean and ordered three -40° freezer tuna purse seiners. The first tuna boat in the series, the Franche-Terre, has been operational since July 2009. SAPMER also has a 6,000-tonne-capacity value-enhancing fish-processing factory on the island of Mauritius which commenced operations in 2008.

SAPMER is committed to responsible fishing that respects resources and the marine environment. It will have 472 employees by the end of 2010 and generated revenues of €33 million in 2009, 80% from exports outside Europe, principally to Asia.

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