1. Nireus CFO Dimitrios Delonas (middle) at the IntraFish Seafood Investment Forum in London
The bass, bream survival manual
Nireus CFO tells IntraFish what it takes to survive in the long run in the Mediterranean bass and bream
industry.
Rijuta Dey
Published: 07 December 2012 09:47 AM Associated Articles
Updated: 07 December 2012 10:49 AM
Nireus slips into the red
The bass and bream industry is not the easiest to slot London seafood finance event
under neat boxes. On one hand there is stable demand draws top industry crowd
for good-quality fish, but with recurring cycles of
Nireus bass and bream gets
overproduction and price crashes, the industry is facing Global GAP certified
its own set of problems.
UK group snags M&J, Waitrose
The Greek bass and bream production sector -- being a bass business
part of the food sector-- is not expected to be as Bass, bream prices bouncing
negatively affected by the overall gloomy economic back
conditions prevailing in the country.
However, that did not stop Dimitrios Delonas, CFO at
Nireus, from quipping that being stock listed on the
Athens stock market wasn't the "best thing these days," at a panel discussion at the
IntraFish Media Seafood Investment Forum.
IntraFish caught up with Delonas later that day to get to the reasons behind the Nireus
nine-month financial results.
The company posted a negative €13 million ($16.9 million) accounting difference in the
valuation of biological reserves at the end of the nine months in 2012, versus positive €2
million ($2.6 million) in the same period of the previous year.
This, however, should not be the focus when analyzing the results, Delonas told IntraFish,
as it is an accounting adjustment.
"Nireus saw a good performance in the first nine months of 2012," Delonas said. "Even
though the results were influenced by rising raw material costs, they held firm by stable
demand."
He acknowledged Turkey as a serious competitor, in the light of new grounds broken by
Turkish players in the bass and bream market.
"There is a small pressure from Turkey growing faster than Greece," Delonas said.

2. "We need to create value and stabilize margins -- not just grow and capture market share,"
he told IntraFish.
"The people who do that are the ones that will survive."
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