Russian Aquaculture to debt-finance growth

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Salmon and trout grower, Russian Aquaculture, has declared embarked on a bond-issue program of up to three billion rubles (EUR 39.3 million), Reuters has reported, citing a note to investors on e-dislosure.ru.

The five-year bond must be paid in full by the deadline, with interest payments due in the interim, the message said. The company’s long-term debt rose threefold in 2017 to EUR 15 million, although net debt had been reigned in during the year.

Just before Christmas, 2018, Russian Aquaculture raised USD 17 million in a stock issue. Two weeks ago, management reported earnings were up 36 percent in 2017 to EUR 27 million.

The company earned EUR 2.34 per kilo of farmed fish in 2017 despite farming in the fairly remote Murmansk Oblast areas of the Barents Sea region. Its farmed trout comes from the Karelian Republic.

Read Its fjord access limited, Russian Aquaculture focuses at home