Tassal Group Strategic Thoughts, page-308

I meant to be working today Bug1! Alright, so I went back to trade data too

I have not looked at the air freight / subsidy, and I have assumed that December 2021 will match November (should be higher) because the data is yet to be released:

		Netweight (kg)	Trade Value (US$)
1	CY20	22,693,123	$168,994,508
2	2H20	7,230,450	$58,109,737
3	1H21	15,462,673	$110,884,771
4	CY21	26,273,559	$267,024,957	58%	$s vs 2020
5	2H21	8,205,519	$71,240,762	23%	$s vs 1H20
6	1H22	18,068,040	$195,784,195	77%	$s vs 1H20

Tassal exported 8,889t or 38% of all salmon in FY21 by volume, and $88m or 48% by value.
Huon at 30 June 2021 had only $20m of finished goods / inventory after selling into the bad market;
Tassal at 30 June 2021 had $115m of finished goods and had increased to ~7,000t their freezers.
No less than 9000t (50%) of 2H21 will be Tassal, but this could be as high as 12,000t (66%) of the total exports.
In FY20 Tassal exported AUD$105m, and in FY21 AUD$95m excluding freight. Expecting 1H22 to be AUD$139-$167m including freight.
Export prices are expected to hold up at ~68-70NOK (current levels) through to June 2022.


Anyway, it should be a fun report. I think domestic will be holding up too, but I am a bit concerned with all the supply chain issues coming from the likes of Inghams that may also impact Tassal. Let's see.