OREANDA-NEWS. CJSC “Russian Fish Company” (the “Company”; part of Russian Sea Group), one of the largest companies on Russian distribution market of chilled and frozen fish, announces its financial results for 9 months of 2013 based on Russian accounting standards (“RAS”).

For 9M of 2013 the Company's revenue increased by 11% as compared to the same period of the previous year and amounted to 11 576 million rubles.

Key revenue growth drivers in the reporting period were:

significant increase of Russian pelagic fish sales both in value and volume terms;

delicacy red fish market situation in the 1H 2013 that contributed to the imported salmon and trout sales price increase.

At the same time despite price growth and overall import decrease of chilled salmon and trout from Norway, the Company demonstrated red fish sales growth both in federal retail chains and in the regions for 9M 2013.

The Company actively develops sales of Russian pelagic fish as it decreased import of pelagic fish due to purchase price growth on this fish species.

The Company's EBITDA (according to RAS) for 9M of 2013 amounted to 259,6 million rubles, that is significantly higher than 85 million rubles of EBITDA for 9M of 2012.

EBITDA increased mainly due to sales increase in 2013 as compared to 2012. Despite the price growth for red fish, “Russian Fish Company” succeeded to save its advantage in sales and reduce selling and distribution costs, primarily as a result of stocks and logistics chains optimization.

Commenting on the Group results and priorities Dmitry Dangauer, the Company CEO, said:

“Today we announce “Russian Fish Company” RAS financial results for 9M 2013 that improved significantly as compared to the same period of the previous year. The Company's revenue and EBITDA increased.

In chilled and frozen segment we see a significant sales growth both in volume and value terms. The Company continues to develop the delicacy red fish category. Despite the price growth and further consumer demand decrease on salmon and trout Russian Fish Company's sales volumes of this category decreased slightly and the revenue increased as compared to the same period of the previous year by 11%. At the beginning of the second half of the year the purchase price for Norwegian salmon and trout decreased significantly that resulted in further consumer demand growth for red fish. We expect that this trend will remain till the end of the year and will allow us to considerably increase sales volumes and exceed the last year result.

Until the end of the year we will continue to increase sales of Russian pelagic fish, Asian assortment, packaged fish products and increase sales through the Company's regional network.

At the beginning of 2013 the new project was launched in chilled and frozen segment - delivery of Russian fish to catering organizations. Implementation of this project will allow the Company to considerably increase sales volumes in future”.