SAPMER公司的战略性增长及其财务影响（A）

This is a series of two cases on a fishing company’s strategic growth and the financial implications of this growth. Case A describes the growth of Sapmer, its acquisition and its spin-off by Bourbon and how it became a family business that was not expected to make much money. Sapmer’s strategic rebirth then started from its diversification with its tuna venture, which served as a new market niche and reinvigorated this 60-year-old company targeting mainly the Asian market. A new five-year development plan based on guaranteed development of a new segment — super frozen tuna fishing and processing activity in the Indian Ocean, addressing premium sashimi and tataki as well as premium tuna loin and the Asian steak consumer market — was formally drafted in 2007. As Sapmer needed to order new ships for tuna fishing, such a heavy investment called for a special financial arrangement. The company owner was willing to do anything for this family’s pet project, yet it was still uncertain whether the future would bring success. Case B reveals that at the end of the five-year period, Sapmer’s performance was great. Its growth strategy, value-enhancing activities based on tuna sales and diversified portfolio brought fruitful results. The steady upward trend of the share price of Sapmer also reflected the capital market’s recognition of its successful operation. However, while reviewing its financial statements and a report of deliveries of ships and their payment terms, the owner of Sapmer and its board members still found big challenges ahead. Therefore, a balanced view and careful management of the company’s strategic growth and financial arrangement were required.