March 24, 2017 8:17 AM ET

Food Products

Company Overview of Haikui Seafood AG

Company Overview

Haikui Seafood AG, a seafood company, produces and sells frozen and canned seafood products. The company offers frozen products, including fishes, crabs, and prawns; and other products, such as shellfish and cephalopods. It also provides canned products comprising tuna meat, mackerel, sardines, spicy snappers, and canned eels. The company offers its products under the Haikui brand, as well as under third party brands. It serves distributors, including large processing companies in the People’s Republic of China, Asia, Europe, the United States, and internationally. The company was founded in 1993 and is based in Frankfurt, Germany. Haikui Seafood AG is a subsidiary of Haida Holdings Pte. Ltd...

Taunustor 1 (TaunusTurm)

Frankfurt,  60310

Germany

Founded in 1993

1,385 Employees

Key Executives for Haikui Seafood AG

Chairman of Management Board and Chief Executive Officer
Chief Financial Officer and Member of Management Board
Vice Chairman of Management Board and Chief Operating Officer
Financial Controller and Member of Management Board
Compensation as of Fiscal Year 2016.

Haikui Seafood AG Key Developments

Haikui Seafood AG, Annual General Meeting, Jun 17, 2016

Haikui Seafood AG, Annual General Meeting, Jun 17, 2016, at 11:00 Central European Standard Time. Location: Hochster hof Hotel GmbH, Mainberg 3-11 60308 Frankfurt am Main Germany Agenda: To approve annual financial statements and the approved consolidated financial statements as of 31 December 2015, the combined management report, the report of the Supervisory Board for the financial year 2015; to consider the appropriation of distributable profits for the financial year 2015; to consider the grant of formal discharge to the members of the management and supervisory board for the financial year 2015; to consider appointment of the auditor for the annual financial statements and consolidated financial statements for the financial year 2016; to consider Supervisory Board elections; to consider the remuneration of Supervisory Board members; and to transact other matters.

Haikui Seafood AG Announces Earnings Results for the First Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year 2015

Haikui Seafood AG announced earnings results for the first nine months ended September 30, 2015. For the nine months, the company’s revenue increased by 15.0% to EUR 100.6 million in the first nine months of 2015, compared with EUR 87.4 million a year ago. However, this increase was mainly due to beneficial foreign exchange rate effects. For the same reasons as well as due to higher administrative expenses, EBIT slightly decreased by 2.6% to EUR 9.7 million, compared with EUR 10.0 million a year ago. As a result, the net profit for the period declined by 21.7% to EUR 6.0 million compared with EUR 7.6 million a year ago. The challenging business environment, the competitive environment amidst a weak global economy, the stringent inspection taken by the Chinese authorities to inspect the end product quality of Chinese seafood exporters, the tight supply of certain raw materials and rising direct labor and production costs will persist and might even become stronger in the future. Against this background, the management of the company has partly adjusted the forecast for the full year 2015 given in the first half year report. The management now expects revenue in RMB terms for 2015 to decrease by around 5% compared with 2014. The EBIT margin is still expected to be in a range between 8% and 10%.

Haikui Seafood AG Announces Earnings Results for the First Half of Fiscal Year 2015; Confirms Earnings Guidance for the Full-Year 2015 and Provides Revenue Guidance for the First Nine Months of 2015

Haikui Seafood AG announced earnings results for the first half of fiscal year 2015. For the first half, the company's revenue increased by 18.6% to EUR 69.4 million in the first half of the current fiscal year, compared with EUR 58.5 million for the same period a year ago. This increase was mainly due to the appreciation of RMB against EUR in the reporting period. Measured in the local functional currency RMB, revenue was declined by about 3.5%. The increased cost of sales, triggered mainly by higher costs for direct material as well as higher direct labor costs per unit of production, could not be fully passed on to the company's customers and therefore affected the group's profitability. While the gross profit for the period increased by 6.8% to EUR 10.8 million against EUR 10.1 million a year ago, mainly due to the appreciation of the RMB against the Euro in the reporting period. Due to the lower gross profit as well as higher administrative expenses the group's EBIT decreased by 2.6% to EUR 7.4 million from EUR 7.6 million a year ago. Higher finance expenses and withholding taxes on dividends declared from China to Singapore led to a decline in net profit which amounted to EUR 3.5 million in the reporting period against EUR 6.1 million for the same period a year ago. The company confirmed earnings guidance for the full-year 2015. Despite the challenging environment, the company confirms the full-year outlook expecting revenue in RMB terms for 2015 to increase by around 5% while revenue in RMB terms for the first nine months of 2015 is anticipated to be higher compared to 2014. EBIT margin for the full-year 2015 is expected to be in the range of 8% to 10%.

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