Financial results of Russia's fishing giant Murmansk Trawl Fleet for 9 months of 2010
The rise of indices has been backed by stably high export prices for cod, haddock and pelagic fish.
In the first 9 months of 2010 the company's proceeds amounted to RUR4.496 billion (110.2 million Euro or 151.1 million USD), 20.8% up on the respective result of 2009 when the proceeds amounted to RUR3.719 billion (91.1 million Euro or 125 million USD).
According to the report, the gross profit amounted to RUR1,106,962,000 (27.1 million Euro or 37.2 million USD), 8.6% up on the same period of 2009, while the net profit amounted to RUR460,216,000 (11.3 million Euro or 15.5 million USD) thus displaying a 6.3% rise.
Profit and loss of OAO Murmansk Trawl Fleet (plc)
Indices | 9 months of 2009, 1000 RUR | 9 months of 2010, 1000 RUR |
Proceeds | 3,719,728 | 4,496,334 |
Gross profit | 1,018,527 | 1,106,962 |
Net profit (profit and loss surplus) | 432,646 | 460,216 |
Return on own equity, % | 16.16 | 15.4 |
Return on assets, % | 11.1 | 11.24 |
Net profit rate, % | 11.63 | 10.23 |
Profitability of products (sales), % | 15.96 | 16.06 |
Ratio of capital turnover | 1.13 | 1.27 |
Outstanding loss | 0 | 0 |
Balance of outstanding loss and balance currency | 0 | 0 |
Export value and share of export sales in total proceeds of OAO Murmansk Trawl Fleet (plc)
Indices | 9 months of 2010, 1000 RUR |
Total profit from exports | 2,799,400 |
Share of export profit in company's profit of conventional types of activity, % | 62.26 |
Domestic market
MTF distributes its products both on the foreign and domestic markets with a special focus on sales to regional markets of Russia.
The factors which can adversely affect product sales:
- Rise of prices for fishing vessels maintenance and repair, energy supply, fuels and lubricants; rise of costs for catch and materials delivery;
- Strongly increasing competition from foreign fishing companies;
- Large reduction of capture quotas resulting into smaller sales volumes;
- Lower incomes of consumers.
In 2010 MTF planned to earn RUR490.8 million on rendering services to customers and get RUR11.3 million from the budget in order to finance services on maintaining objects of the Global Maritime Distress Safety System (GMDSS). The company's profitability for the year 2010 is expected at 11.4%.
In 2010 MTF planned to spend RUR425,103,000 on refurbishment of its main fishing assets.
The company's analysts say that the economic crisis has kept adversely affecting its financial results.
Targets for the year 2010 are aimed at raising the fleet's efficiency, namely MTF's business plan 2010 provides for catches of 229,000 tonnes, output of commodity products of RUR5,677 million, including RUR5,186.2 million to be contributed by the firm's main activity.
MTF's production program covers a rise of catches by 33,000 tonnes (16.9%) on 2009. The rise of commodity output from all types of activity should amount to RUR835.6 million (17.3%) with a simultaneous growth of costs by 13.7%. The biggest rise of costs is expected for fuel, repair and amortization. Rise of costs for fishing gear, equipment, package and package materials is equal to growth of catches and output. Positive dynamics of the firm's program 2010 is conditioned by changes in the structure of raw material towards increase of bottomfish catches in the Barents Sea by 5200 tonnes (19.7%). In the Central Eastern Atlantic MTF fishermen are expected to boost catches by 25,300 tonnes (32.2%), while due to smaller volume of allocations they are forecasted to decrease pelagic catches by 4200 tonnes (-4.8 tonnes).