Russian Aquaculture

Russian fish farming company

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Russian AquacultureCompany type| Public

|

Traded as

| {MOEX|AQUA}
Industry| Aquaculture
Founded| 1997; 28 years ago (1997)
Headquarters|

Russia

Key people

| Maxim Vorobyev, Board Member; Ilya Sosnov, General Director
Products| Atlantic salmon, sea trout, rainbow trout, salmon caviar
Revenue| 8.3 billion ₽[1] (2020)

Net income

| 3,113 billion ₽[1] (2020)

Number of employees

| 500
Website| www.russaquaculture.ru

Russian Aquaculture PJSC is Russia's largest fish farming company.[2] It operates fish farms and markets in addition to chilled and frozen salmon and trout farmed on lakes in Karelia, and in the Barents and White Seas.[3][4]

## History

[edit]

The company was founded in 1997 as a reseller of Norwegian fish to Russia. Its previous name was "Russian Sea". In 2007, it commenced independent fish aquaculture and now operates in domestic and export markets.[5] In 2010, the company listed with an IPO on the Moscow Stock Exchange.

In 2013, the company divested its finished products unit.[6] In 2015, the Russian Sea changed its name to Russian Aquaculture.[7] The company sold its holding in the Russian Fish Company in 2016 to a group of investors, retaining its interests in salmon and trout aquaculture.[8] In July and October 2017, the company invested in hatcheries in Norway (Villa Smolt AS and Olden Oppdrettsanlegg AS).[9] In that year, the company also raised over RUB 1bn ($17M) through a secondary public offering (SPO) co-run by two Russian banks, Gazprombank and Otkritie.[10]

In 2018, the company invested RUB2.5 billion (US$40 million) in the construction of a new smolt production facility in Murmansk Oblast.[11]

In 2019, the company reported that their salmon production had grown by three times and that output reached 18 000 tonnes.[12]

As of 2020, the company owns farming licenses for 36 sites with a total potential for annual production of around 50,000 tonnes of salmonids per year.[13]

At the end of 2020, Russian Aquaculture was listed on the Top-10 list of the most effective Russian investing companies by the NKR credit rating agency.[14]

In March 2021, the company had successfully placed three-year bonds totaling EUR 33 million with an annual coupon rate of 9.5%.[15]

By the end of Q1 2021, the company reported increased production volumes, with sales totaling 7,800 tonnes. This represents a 28% increase compared to the same period in 2020.[16]

## Business operations

[edit]

Russian Aquaculture's business consists of two operations: the cultivation of rainbow trout in the Republic of Karelia and the cultivation of Atlantic salmon and sea trout in the Murmansk region.[17]

## Shareholders

[edit]

Key shareholders as of December 31, 2020:[18]

* 47,67% — Maxim Vorobyev;
* 24,99% — LLC UK Svinyin and partners;
* 28,9% — owned by other shareholders;
* 2,33% — purchased by the Group.

Board Member — Maxim Vorobyev;

General Director — Ilya Sosnov.

As of June 30, 2021, the Company's capitalization reached 31.8 billion rubles.

## References

[edit]

1. ^ a b "Russian Aquaculture announces 2020 IFRS financial results".
2. ^ "Russian Aquaculture continues vertical-integration drive". The Fish Site. 17 November 2017.
3. ^ "Russian Aquaculture PJSC". Bloomberg. Retrieved 6 October 2020.
4. ^ Pettersen, Trude (2015-02-18). "From "Russian Sea" to "Russian Aquaculture"". Barents Observer. Retrieved 6 October 2020.
5. ^ "RUSSIAN AQUACULTURE (AQUA)". Market screener. Retrieved 6 October 2020.
6. ^ "ГК "Русское море" закрыла сделку по продаже завода в Ногинске за $52 млн" [Russian Sea Group of Companies has closed a deal to sell a plant in Noginsk for $52 million]. Finam (in Russian). 1 March 2013. Retrieved 18 July 2020.
7. ^ Karpova, Anastasia (2015-02-18). ""Русское море" сменило название" ["Russian Sea" has changed its name]. Forbes (in Russian). Retrieved 2020-07-18.
8. ^ Gritsenko, Polina; Skrynnik, Irina; Ishchenko, Natalia (8 August 2016). "Русскую рыбную компанию купили ее гендиректор и фонд экс-губернатора Приморья" [The Russian fishing company was bought by its general director and the foundation of the ex-governor of Primorye]. Ведомости (in Russian). Retrieved 22 October 2020.
9. ^ "Russian Aquaculture to invest €10.4 million in Villa Smolt". Salmon Business. 6 November 2018. Retrieved 28 October 2020.
10. ^ Skvarsky., Andrei (2017-12-15). "Russian Aquaculture raises $17m via SPO co-run by Gazprombank, Otkritie". Emerging Markets. Retrieved 2020-10-28.
11. ^ Vorotnikov, Vladislav (2020-03-13). "Russian Aquaculture builds smolt facility for self-sufficiency". Hatchery International. Retrieved 2020-10-28.
12. ^ "Russian Aquaculture trebles salmon production". The Fish Site. 2020-04-13.
13. ^ "Russian Aquaculture boasts H1 €2.8 EBIT/kg". SalmonBusiness. 2020-09-01. Retrieved 22 January 2021.
14. ^ "НОВАТЭК и РЖД возглавили рейтинг инвестиционной эффективности" [NOVATEK and Russian Railways topped the investment efficiency rating]. Коммерсантъ (Kommersrant) (in Russian). 2020-12-14.
15. ^ "Based on 2020 results, Russian Aquaculture remains one of the best performing aquaculture companies globally". SalmonBusiness. 2021-04-06.
16. ^ "Russian Aquaculture sees margins hit in Q1". Fish Farmer Magazine.
17. ^ "PJSC Russian Aquaculture". www.fis.com.
18. ^ "Consolidated financial statements, IFRS" (PDF). russaquaculture.ru.