Moscow, 15 June 2021. Russian Aquaculture PJSC (the “Company”), the largest Russian company in the commercial fish farming (aquaculture) sector, announces its unaudited consolidated IFRS financial results for the first quarter of 2021.

The Company will hold a conference call at 14:00 (Moscow) / 12:00 (London) today, 15 June 2021. Members of the Company’s senior management team will participate to discuss the financial results.

Strategic progress for 1Q 2021 and after the reporting date:

  • Increased production volumes. Harvest volume and sales of finished product increased by 26% and 28% year-on-year, respectively.

  • New fish farming areas. In January 2021, the Company signed an agreement for the use of a fish farming area in Pitkov Bay with a capacity of up to 10,000 tonnes per cycle. The Company won an auction in April and signed an agreement in May for a site in Kislaya Bay with a capacity of 7,000–10,000 tonnes per cycle.

  • Ownership stake in processing plant increased to 100%. In May 2021, the Company exercised its options as part of agreements concluded in 2020 and acquired a 60% stake in Murmanrybprom LLC and Tri Ruchya LLC, bringing its ownership stake in its processing plant to 100%. The acquisition of this 60% stake cost RUB 355 million. The Company’s ownership of its own processing facilities guarantees the high-quality and timely processing of fresh fish, which opens up new opportunities to expand the range of Inarctica finished product in the ultra-fresh category.

  • Improved structure and duration of debt portfolio. In March 2021, the Company successfully placed three-year bonds totalling RUB 3 billion with an annual coupon rate of 9.5%. The coupon is paid every six months, and the maturity date is 6 March 2024.

  • High level of financial stability. Net debt decreased by 13% from 31 December 2020; net debt / adj. EBITDA was 1.6x.

  • Dividends. Based on the Company’s 2020 and 1Q 2021 results, the Board of Directors recommended distributing net profit and paying dividends in the amount of RUB 5 and RUB 4 per ordinary share, respectively.

  • ESG progress and certification. In April, the Company’s processing plant underwent a successful audit for compliance with international MSC and ASC standards. The MSC standard provides for the conservation of the marine environment, the sustainability of fish stocks, and the efficient and sustainable management of fisheries, while the ASC standard aims to ensure the sustainable development of the aquaculture industry and a controlled impact on ecosystems. The Company received a certificate of compliance with halal standards.

  • Expansion of the Board of Directors and arrival of new independent directors. Nine candidates were nominated to the Company’s Board of Directors, including six independent candidates (five of whom are new to the Company).


Key financial results in 1Q 2021

  • Revenue increased by 12% year-on-year to RUB 3.9 billion.

  • Gross profit before the revaluation of biological assets increased by 2% to RUB 1.5 billion.

  • Adjusted EBITDA reached RUB 1.5 billion, down 7% from the previous year. Adjusted EBITDA margin was 39%.

  • Net loss amounted to RUB 82 million, compared with RUB 335 million in 1Q 2020.


Russian Aquaculture CEO Ilya Sosnov said:

“We started the year on a strong note, achieving excellent results. We enjoyed considerable increases in the volume of harvest and of sales of finished product, received two new fish farming sites and completed a deal to increase our stake in our fish processing plant to 100%. The availability of proven primary processing facilities is an important link in our business model and another step towards the implementation of our strategy to create the largest vertically integrated player in the aquaculture sector.

We continue to focus on issues that are important to all our stakeholders – from our more than thirteen thousand shareholders to the millions of consumers who buy our products, as well as our partners, Murmansk region and Karelia residents and society as a whole. Russian Aquaculture continues to improve its corporate governance, and to find ways to help society and support the environment through activities such as purchases of medical supplies for doctors and organising environmental initiatives.”

Key indicators

RUB mln




Sales volume, ths tonnes




Biomass at the end of the period, ths tonnes




Sales revenue




Gross profit before the revaluation of biological assets




Gross profit after the revaluation of biological assets




Net loss




Adjusted EBITDA




Adjusted EBITDA margin



(8 p.p.)

Operating EBIT, RUB mln




Operating EBIT, EUR / kg




Net operating cash flow




RUB mln

31 March

31 December


Net debt




Net debt / adj. EBITDA





In 1Q 2021, revenue increased by 12% to 3.9 billion, up from RUB 3.4 billion a year earlier. Revenue gains were driven increased sales volumes. At the same time, the average sales price declined from 1Q 2020; the main factors driving the decrease were the high base effect in 2020 and a reduction in the share of superior-category products in the sales structure in 1Q 2021.

Adjusted EBITDA

Adjusted EBITDA decreased by 7% year-on-year to RUB 1.5 billion, down from RUB 1.6 billion in 1Q 2020. Lower sales prices were the key factor driving the decrease. Adjusted EBITDA margin was 39%.

Net profit

The net loss for 1Q 2021 was attributed to the seasonality of the business and was driven by a lack of brisk biomass growth in the winter.

Capex and debt

In 1Q 2021, the Company invested RUB 1.3 billion, most of which was used to finance the acquisition of a new feed barge with fish farming equipment, a dry-cargo vessel and a large catamaran for service operations. Net debt decreased by 13% to RUB 5.3 billion. In terms of debt structure, long-term borrowings accounted for 67% of debt as of 31 March 2021.

Appendix - Key data and figures

Conference call

The Company will hold a conference call at 14:00 (Moscow) / 12:00 (London) today, 15 June 2021. Members of the Company’s senior management will participate to discuss the financial results.

The call will take place on the Zoom platform in Russian. A recording of the call will be made available on the Company’s corporate website.

To participate in the call, click the link, or dial:

Call ID: 894 8227 6359

Code: 967702

Connect via a click:

+74999516379,,89482276359# Russia

+74999516380,,89482276359# Russia

Local Numbers

+7 499 951 6379 Russia

+7 499 951 6380 Russia

+7 812 426 8988 Russia

+7 495 283 9788 Russia

+44 131 460 1196 United Kingdom

+44 203 481 5237 United Kingdom

+44 203 481 5240 United Kingdom

+44 203 901 7895 United Kingdom

+44 208 080 6591 United Kingdom

+44 208 080 6592 United Kingdom

+44 330 088 5830 United Kingdom

Call ID: 894 8227 6359

Other local numbers:

Join via Skype for Business


Russian Aquaculture is one of the leaders in the production of Atlantic salmon and trout in Russia.

The Company’s core business areas are:

commercial Atlantic salmon farming in the Barents Sea in the Murmansk region

commercial trout farming in the lakes of the Republic of Karelia

Russian Aquaculture’s core strategic focus is on developing its aquaculture business. The Company currently owns cultivation rights for 39 sites for farming salmon and rainbow trout. The total potential production volume for these sites is around 50,000 tonnes of salmonids.

The Company’s long-term development strategy involves the creation of the largest vertically integrated player in the aquaculture market, including the production of feed and stocking material, primary processing, and distribution of the Company’s own products.



Denis Denisov

Tel.: +7-985-410-3544


Irina Logutenkova

Tel.: +7-910-438-4843


This press release may contain projections or other forward-looking statements with regard to future events or the Group’s future financial performance. Forward-looking statements contain such words as “expected”, “as seen”, “projected”, “according to estimates”, “planned”, “will be”, “could”, “can”, “perhaps” and variations of such expressions (including the negative connotations thereof). Recipients are cautioned that any such statements are only projections and that actual results or developments may differ materially from those projected in any such estimates or other forward-looking statements. The Group does not intend to update this press release to revise projections or include information about events and other developments that occurred after the publication of this document. There are various factors that may cause actual results to differ materially from those anticipated in such forward-looking statements of this press release; this applies, in particular, to the general economic situation, the market environment, the risks associated with doing business in Russia, sudden market changes in the business sectors of the Group, and many other risks specific to the Group and its activities.