Four Corners "Big Fish" This monday, page-24

Thanks for the link DalyWaters

Looks like we've found out who the mysterious "Company CEO" is. She is the co-founder of Huon Aquaculture, Frances Bender.

It would make sense why Huon wants to blame the government and other industry players. Huon made a net loss of $9.3 million in 1H16 and attributed that to a fall in EBITDA due to higher costs of accelerating their harvest and increasing sales into the export market which resulted in higher freight costs. Notice that in 1H16 international salmon HOG prices were about 30% lower than current levels.
In stark contrast, Tassal made $25.3 million in net profits in 1H16. This is where the difference in business model comes in to play. Tassal sells 96% of salmon domestically where as Huon sells around 65% of their salmon in Australia and the rest gets exported. You can't blame Mark Ryan and his team for getting the sales mix correct. Domestic market gives you higher margins.

Huon is obviously worried about Tassal and Petuna taking more of their domestic market share, now that Tassal can sell even more salmon via De Costi's.


Ninja Tuna of the Bering Sea