Last €2.74 EUR
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Volume 1.3K
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haikui seafood ag (H8K) Snapshot

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03/5/14 - €5.55
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haikui seafood ag (H8K) Details

Haikui Seafood AG is engaged in the production and distribution of frozen and canned seafood products for the Chinese and international markets. It operates in two segments, Frozen Products and Canned Products. The company’s frozen products include crabs, prawns, fishes, prawns and others, such as shellfish and cephalopods; and canned products comprise tuna meat, mackerel, sardines, spicy snappers, and canned eels under the Haikui brand. It serves distributors, including large processing companies. The company was founded in 1993 and is based in Frankfurt am Main, Germany.

1,589 Employees
Last Reported Date: 11/21/14
Founded in 1993

haikui seafood ag (H8K) Top Compensated Officers

Chairman of Management Board and Chief Execut...
Total Annual Compensation: €136.0K
Chief Financial Officer and Member of Managem...
Total Annual Compensation: €117.0K
Vice Chairman of Management Board and Chief O...
Total Annual Compensation: €80.0K
Compensation as of Fiscal Year 2013.

haikui seafood ag (H8K) Key Developments

Haikui Seafood AG Announces Earnings Results for the Nine Months Ended September 30, 2014; Reaffirms Earnings Guidance for the Year 2014

Haikui Seafood AG announced earnings results for the nine months ended September 30, 2014. For the period, the company registered revenue of EUR 87.4 million compared to EUR 100.3 million a year ago, on the back of lower sales quantities stemming from keen competition and headwinds in the global economy. The gap in its year-to-date revenue decline to 12.8% compared to 15.7% in half-year. EBIT went down by 31.7% to EUR 10.0 million compared to EUR 14.6 million a year ago. Net profit decreased in the reporting period by 19.5% to EUR 7.6 million compared to EUR 9.5 million a year ago. The company reaffirmed earnings guidance for the year 2014. For the year, the company is cautiously optimistic to achieve a revenue growth of 5% to 10%, measured in RMB terms, and an EBIT margin in the range between 11% and 13%. However, since the anticipated recovery in the global economy is weaker than expected, the full-year results may come in at the lower end of the given ranges.

Haikui Seafood Ag Commences Construction Works for Its New Processing Facilities

Haikui Seafood AG has signed an agreement regarding the relocation of its existing seafood processing facilities to the new Dongshan Marine Biotechnology Industrial. Accordingly, the existing seafood processing facilities and the planned new plant will eventually be located at one site. After having completed ground levelling, the construction works for the new plant have started in line with the time schedule set last year. Haikui Seafood's existing processing facilities are located within a residential and commercial zone under Dongshan's city development plan. Therefore, the local authorities and Haikui Seafood mutually agreed to bundle the relocation of the current operations with the construction of the new plant at the Dongshan Marine Biotechnology Industrial Park. Based on the Relocation Agreement with the local authorities, Haikui Seafood will acquire land use rights for around 13 hectares (200 mu) for the construction of the new processing plant, which, next to the planned new facilities, will now also include processing facilities, which are currently still based in Haikui Seafood's existing plant in Dongshan. Further land use rights for around 52 hectares (800 mu) at the same location will be reserved for Haikui Seafood for future expansion opportunities. Haikui Seafood will receive a compensation payment for the existing factory based on market values as determined by a mutually agreed independent valuation firm. According to the Relocation Agreement, the shift will be carried out within six months after completion of the new factory, and is therefore expected to occur towards the end of 2016 or beginning of 2017. During this intervening period, Haikui Seafood does not expect any significant interruption of its business activities arising from the planned relocation. The Management Board has updated Haikui Seafood's investment and facility design plans for the new plant in line with the Relocation Agreement. The total expected investment for the new processing facilities remains stable at around RMB 550 million (approximately €70 million). This is due to the reduced land size and the accompanying land development expenses as well as a reduced price for the land use rights granted by the local authorities. The new and optimised facility design comprises more floors and a higher density of the processing area, resulting in a more efficient use of the land. The investment will be financed by the loan Haikui Seafood secured from DEG (Deutsche Investitions- und Entwicklungsgesellschaft) at the end of 2013, by cash generated from operations and by the compensation payment from the local authorities of Dongshan for the old processing facilities. Haikui Seafood expects the new plant to provide several advantages not only due to the installation of modern processing facilities but also because of its location. The Marine Biotechnology Industrial Park is dedicated to the seafood processing industry and offers easy accessibility to the various entry and exit points into and out of Dongshan. The ground levelling for the new factory has already been completed. The construction of the perimeter walls and the development works on the basic ancillary facilities such as lighting, piping, sewerage and access routes began in September 2014 and are expected to be completed by the end of the year. Haikui Seafood has recently awarded the contract to construct the new seafood processing facilities for the production of various canned and frozen seafood products to the bidder who tendered the most competitive quote. The first construction activities include the piling of the foundation with the completion of the new facilities expected in first half of 2016.

Haikui Seafood AG Presents at German Equity Forum 2014, Nov-25-2014 06:00 PM

Haikui Seafood AG Presents at German Equity Forum 2014, Nov-25-2014 06:00 PM. Venue: Frankfurt, Germany. Speakers: Alan Gey, Chief Financial Officer and Member of Management Board.


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