Nireus Aquaculture’s full-year results show strong recovery

Mediterranean sea bass and sea bream producer Nireus Aquaculture SA posted a strong improvement in its operating profitability for 2014, despite the unfavorable economic climate in its traditional markets of Greece and southern Europe.

The Greece-based group, which was recently taken over by creditor banks, saw its total sales drop 1.7 percent last year to EUR 195.2 million (USD 209.9 million) from EUR 198.6 million (USD 213.6 million) in 2013, mainly due to a reduction in feed sales. However, its fish sales increased slightly in both value and exports to EUR 160.6 million (USD 172.7 million) and EUR 156.2 million (USD 168 million), respectively.

Nireus posted improved losses of EUR 15.5 million (USD 16.7 million), compared with a loss of EUR 75.5 million (USD 81.2 million) a year ago. There was also an increase in its operating EBITDA (before the effect of a biomass valuation) of EUR 21. 7 million (USD 23.3 million), taking the total to EUR 7.9 million (USD 8.5 million), compared to a loss of EUR 13.8 million (USD 14.8 million) in 2013.

"2014 was another year of hard work that enabled us to grow our fish sales and our exports, reduce cost, increase operating profitability, and achieve positive free cash flow,” said Aristides Belles, chairman and managing director of Nireus.

“At the same time, we signed a memorandum of understanding with the creditor banks that is expected to add stability to the group and to enable us to enter a new phase. Already, the first signs for 2015 are encouraging, as the trend of fish prices appears satisfactory and most of our production is sold outside Greece,” he said.

Nireus has production facilities in Greece and Spain. Its business includes 33 fish farms, four hatcheries, a fish processing plant and two fish feed factories.

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