Sanford Earnings FC effected by FX changes
SAN exports practically all its produce and will therefore significantly benefit from
a lower exchange rate. A 1c movement in the NZD versus either the USD or JPY
will boost after tax earnings by NZ$2m.
The above quote is from Aspect Huntly research 4 Dec 08.
I like to state a few facts : Average exchange rate in San 2008 financial year (to 30 Sep).
1NZ$ approximately US 0.75
1NZ$ approximately Jap Yen 81
First 8 months 2009 financial year
1NZ$ approximately US 0.56
1NZ$ approximately Jap Yen 54
San NPAT in the 2008 Fin year was NZ$31.5 mil.
English is not my first language and I fail to be able to work out what San NPAT will be in 2009 fin year (assuming everything else stays the same).With other words I do not get the above sentence 'A 1 cent movement in the.....'.
Would be great if somebody can put some light on this.
Thanks in advance.
Forest
Charges laid against Sanford's detained tuna fishing ship
Is this the reason for the sp decline from $4.20 to 3.80 last 2 days
(What happened 6 weeks ago? Was $4.80)
http://www.nbr.co.nz/article/charges...ship-ng-106028
Impacts could include:
- Lost production (vessel out of action)
- Legal costs to defend
- Potential fines
- Diversion of management attention
NBR
Charges laid against Sanford's detained tuna fishing ship
Nevil Gibson | Wednesday December 07, 2011 | 3 comments
Seafood company Sanford is facing seven sea pollution and other charges in American Samoa over the operation of tuna fishing boat.
The San Nikunau has been detained since July 2011, when the US Coast Guard began an investigation into allegations it had been illegally dumping "oily bilge waste" for the past four years.
The US Deartment of Justice also alleges Sanford to maintain accurate oil records, obstruction of justice by presenting false documents and deceiving the US Coast Guard during an inspection.
If convicted, the DoJ says, the company could be fined up to $US500,000 per count plus the "gross gain or loss that resulted from the ciminal conduct." The indictment also seeks "criminal forfeiture" of more than $US24 million from proceeds that Sanford derived from its actions.
Sanford denies the allegations and says it would never permit discharges of pollutants into the ocean or obstruct a reasonable investigation.
"We will be vigorously defending all the charges and continuing our efforts with authorities in American Samoa to get the vessel released to enable it to return to fishing," Sanford managing director Eric Barratt says.
Earlier reports have said Sanford petitioned the High Court there to release the ship on grounds it has not violated any laws and the detention is illegal.
The San Nikunau is one of Sanford's three large-scale tuna purse seiners, which catch mainly skipjack tuna, some of which is processed by one of the two canning factories in Pago Pago.
Sanford says the vessels operate under New Zealand maritime law but are also subject to regulations in American Samoa.