Aquachile's losses near $85 million
Empresas AquaChile recorded losses of US$ 84.6 million in 2015, of which $36 million was lost in Q2 alone - mainly due to the low prices faced by the sector.
According to the information provided by the company, its salmon division registered a 22 per cent decrease on returns compared to the previous year, due to the decline in sales volumes of coho salmon and rainbow trout, as well as a decrease in the price of the three salmonid species.
Its production of Atlantic salmon experienced a 4 per cent decrease in returns (US$ -12.1 million) compared to the previous year, and a 21 per cent increase in sales volume (+ 11,187 tonnes WFE) was partially offset by a 20 per cent decrease in the price. Meanwhile, at unitary level, accumulated EBIT pre fair value adjustment (pre-FVA) recorded US$ -0.98/kg WFE (compared to US$ +0.25/kg WFE in 2014).
"The observed decrease in margins is mainly explained by a decrease in the export price and, to a lesser degree, due to increased sales costs," Aquachile explained.
In turn, its trout business reported a 365 per cent decrease in returns (US $ -50.3 million) in 2015 compared to the precious year, due to a 13 per cent drop in sales volume (-3,077 tonnes WFE) and a 26 per cent reduction in price. At unitary level, the accumulated EBIT pre FVA was US$ -1.08/kg WFE (versus $+0.71/kg WFE in 2014). This cut in margins was explained by Aquachile as "mainly due to a decrease in the export price and an increase in costs compared to the same period of 2014."
Meanwhile, the company's returns from coho salmon production shrank by 55% (US$ -62.9 million) compared to the previous year, due to a 48 per cent decrease in sales volume (—11,604 tonnes WFE) and a 13 per cent decrease in price. At unitary level, accumulated EBIT pre FVA reached US$ +0.12/kg WFE (compared to US$ + 0.84/kg WFE in 2014). According to the company, this decline was due to the drop in export prices, which were partially offset by a decrease in costs compared to the same period last year.
"The decrease in volume is due to the marketing strategy followed in the previous season, to anticipate much of the sales during the last quarter of 2014," the company said.
