Aotearoa Fisheries Limited announces dividend for Iwi

Aotearoa Fisheries Limited announces dividend for Iwi

Aotearoa Fisheries Limited, one of New Zealand’s largest fishing companies, posted an annual profit of $17.1 million for the year ended 30 September 2012.

CEO Carl Carrington commented that while it was pleasing that the Aotearoa Fisheries operating divisions performed to expectations, despite the high value of the New Zealand dollar, consolidated profit is down $5.7m on last year. This is the result of reduced profit contribution from Sealord, because of a $10 million write-down relating to South American operations.

Chairman, Whaimutu Dewes says that “despite the reduced consolidated earnings, cash flows were consistent with the prior year and debt has reduced by $13 million”

Aotearoa Fisheries has declared a dividend for the year of $6.8 million, or $54 per share.

The Company has also announced a special taxable bonus share issue, where $141 million of new shares will be issued to shareholders in proportion to their existing shareholding.

Aotearoa Fisheries is making the bonus share issue to unlock tax credits of $30 million available within the Group, which also encompasses Sealord Group Limited. By making the bonus share issue, Aotearoa Fisheries is able to turn those tax credits into real cash benefits for shareholders.

Aotearoa Fisheries is owned through its 57 Iwi shareholders and manages commercial seafood assets of some $500 million on behalf of all Māori, including inshore fishing businesses Moana Pacific and OPC, paua exporter Prepared Foods and leading oyster producers Kia Ora Seafoods and Pacific Marine Farms. It also holds a 50 per cent share in Sealord Group Limited with assets of $762 million.

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