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Public company info - Pacific Andes International Holdings Ltd. , 01174.HK
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Pacific Andes International Holdings Ltd., 01174.HK - Company Profile
Chairman Teh Hong Eng
Share Issued (share) 7,083,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Agricultural, Poultry & Fishing Production
Corporate Profile Business Summary: The Group is principally engaged in processing of fishing and fishmeal, operation of fishing vessels, global sourcing, processing of onshore and int'l distribution of a variety of frozen seafood products, trading of marine fuel and provision of shipping and agency services. Performance for the year: Revenue decreased by 5.6% from HK$13,286.0 million (approximately US$1,703.3 million) to HK$12,540.6 million (approximately US$1,607.8 million). Gross profit increased by 11.1% from HK$2,028.4 million to HK$2,254.0 million and gross margin improved from 15.3% to 18.0%. net profit for the year increased by 17.2% from HK$856.3 million to HK$1,003.7 million. Profit attributable to owners of the Company increased by 32.6% from HK$366.3 million to HK$485.8 million. Business Review: Fishery and Fish Supply Division (the “FFS Division”) This has been a transformational year for the FFS Division, which operates through the Group’s subsidiary, China Fishery Group Limited (“China Fishery”). Throughout 2014, the FFS Division continued to focus on extracting synergies from integrating its Peruvian Fishmeal Operations. It implemented several initiatives designed to improve overall operating performance, including the closure of two fishmeal processing plants, reduction in fleet size, and centralization of its engineering and vessel maintenance workforce. These initiatives expanded its operating margin from 26.3% to 33.3%. While the FFS Division has made good progress, there is still more to accomplish to deliver on its long-term growth and margin targets. Revenue for the division increased by 13.7% from HK$4,329.1 million to HK$4,920.5 million, reflecting continued enhanced contribution from the enlarged Peruvian Fishmeal Operations. However, the growth was partially offset by the lower contributions from the Contract Supply Business following the termination and non-renewal of the Long Term Supply Agreements (the “LSAs”). Revenue from the China Fishery Fleet operations, increased by 50.9% from HK$217.6 million to HK$329.0 million, mainly as a result of higher catch and sales volume recorded from the fishing operations in Namibia. Frozen Fish Supply Chain Management Division (the “Frozen Fish SCM Division”) The Group’s Frozen Fish SCM Division, which operates through its subsidiary Pacific Andes Resources Development Limited (“PARD”), recorded a 27.7% drop in revenue from HK$4,435.0 million to HK$3,205.5 million mainly attributable to lower sales volume. Looking ahead to the financial year ending 28 September 2015, the Frozen Fish SCM Division will continue to build on its core competencies to maintain its strong market position in the People’s Republic of China (the “PRC”), effectively managing the complexities of the global seafood supply chain and providing logistics solutions to its customers. Processing and Distribution Division (the “P&D Division”) During the year, the revenue from the P&D Division decreased by 2.5% from HK$4,479.4 million to HK$4,368.8 million. Growth in revenue from the Group’s US operations was more than offset by the reduction in sales from the PRC processing business. Profitability in the PRC processing business was impacted by high raw material and labour costs and the appreciation of the Renminbi (“RMB”). Accordingly, the Group was focused throughout the year on driving cost efficiencies and product diversification. Through product and market diversification, the P&D Division has grown sales to food service and retail by 69.2%, primarily through expanded distribution in North America, Australia and Latin America. In the case of the Group’s US subsidiary, sales to food service and retail grew by 49.8% and 43.3% respectively. Prospects: Over the next two years, the Group will remain committed to growing the Group’s businesses organically, maximizing operating cash flow and enhance asset utilization. In addition, the Group will continue to focus on reducing the Group’s overall borrowings and divesting the Group’s non-core assets so as to provide a strong and resilient financial foundation for future growth. Despite the recent uncertain economic conditions in Russia, the Group’s ability to continue sourcing marine species from Russia has not been affected. The Group do not anticipate any disruptions to the Group’s relationship with the Suppliers, and the Group is confident that the refund of pre-payments made under the LSAs will be made according to schedule. The Group will continue to monitor the situation closely and will keep the market informed. Peru’s marine institute, Imarpe, recently completed its second assessment of the Peruvian Anchovy fishery for the fishing season scheduled to run from November 2014 until January 2015. The institute found a 94% density of juvenile fish (less than six months old) in the north/centre region which led the institute to recommend that the fishing season not be opened. These conditions were assessed to be the result of cyclical warming of the waters which caused the Anchovy stocks to temporarily disperse. Industry in general believes that the high percentage of juveniles is a very positive indicator for the major April to July fishing season of 2015, which generally represents about 60% of the annual catch. The Peruvian Anchovy resource has shown itself to be able to recover quickly from these cyclical events, as it is well- managed under an effective fishery management policy adopted by the Peruvian Government. FAO has reported that global per capita fish consumption has increased strongly from 9.9 kilograms in 1970 to 19.1 kilograms in 2012. With rising global affluence, this growth will continue to outpace world population growth. In addition, as the world becomes more conscious of the value of a healthy diet, the FAO confirms that fish is the healthiest form of protein. It is a huge provider of micronutrients which lower the risk of coronary heart disease and improve cardio-vascular health. The future growth dynamics for the seafood industry globally are predicted to be very strong. In line with these predictions, the Group is excited about the opportunities ahead for the Group’s businesses. In addition, the Group expect to deliver further cost efficiencies which will help to support future growth and enable us to make further progress on the Group’s operating margins. With the Group’s global presence and comprehensive global business platform, the Group is well-equipped to capture opportunities in the seafood value chain. As a result, the Group remain confident in the Group’s ability to continue to create value for the Group’s shareholders.

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