Free Essay

Aqua Fish

In: Business and Management

Submitted By paperplane
Words 1915
Pages 8
To: Guy Mills
From: Adam Rice
Date: Februrary 22,2014
Subject: Reports for Aqua Fish Canada Inc.

Executive Summary Aqua Fish Canada Inc.(AFC) is facing with several challenges that the board ofdirector decided to adopt new business strategies to meet its corporate strategic goals. Currently, Site 3 employees' neglect of duties and increasing competitive aquaculture industry has made AFC's position at a disadvantage. Therefore, they determined to implement proper strategies (diversifyinto shellfish farming or Project Blue Wave) to enhance its profitability in a better way. The detail of analysis will be shown in the following report. Based on the analysis, the proper recommendation for AFC is to diversifyits shellfish farming by leasing theblue mussel farm site in PEI, which could provide an upward progitability in the future. To achieve its strategic goals, AFC should provide anappropriate inplementation plan: • Training new employees for mussel farm site • Improving oversea shipment system • Maintaining high quality to create reputation in oversea market

Introduction Currently, all the internal and external factors (such as the growing intense competition of aquaculture industry, AFC's Site 4 quality issue, Site 3 employees issue, and seasonal gap of this industry) put AFC in negative position. This report will explain the curent situation for AFC, analyze alternatives quantitatively and qualitatively, and provide the proper recommendation to help AFC meet its strategic goals.

Situation Analysis • Mission and Vision
Vision: AFC feeds the global community
Mission: AFC provides a sustaintable source of fresh, disease-free fish to domestic and export markets through aquaculture farming. AFC strives to exceed environmental and quality standards and regulations,provide a safe environmentforour employees, and generate resaonable financial returns to our shareholders.

• Stratigic Goals
1. Increasing profitablity of the current salmon operation (increase oversea sales, diversify into shellfish )
2. Decrease operating costs

• Key stakeholders' preferences
1. Board of director: pursue the new strategic goals Move the company into other markets and diversify into shellfish
2. Juliette Maise: Opening overseas sales office
3. Dr. Lily Stern: Project Blue Wave Proposal

• Constraints
1. Each site should yield 950,000 kg
2. Proposed investment should generate a mimimum after-tax return of 10% within five years
3. Eastern bank of Canada could provide a loan of no more than $3 million as long as AFC maintain a gross profit margin of at least 20%

• Environmental Scan According to the SWOT analysis (Appendix 1), it is obvous that although AFC faces several challenges, it still has some strengths,which could be their competitive advantages to help them make profit in the future. Firstly, the high reputation for the qualityof their products is the number one core value for AFC. Also, the knowledgeable management team, who are very experienced in this industry, could contribute their professinal advices for AFC to help it through difficulties. Additionally, as as member of New Brunswick Salmon Growers Association,who also has a good relationship with bank, also can help AFC gain additional funds. On the other hand, there are also some significant issues that AFC must fix. Firstly, fish from Site 4 were rejected by three important customers, which definitely damaged AFC's reputation and conflict with its mission statement. AFC also lost a large number of young fish due to Site 3 employees neglected their duties. Moreover, facing with the much more competitve industry, AFC lost one of its largest retail customers. Additionally, since the accounting system AFC currently used can only handle transactions in two currencies, it will affect AFC's oversea transactions with other countries. The key susccess factors (KFC) and key risk factors (KRF) for AFC are concluded as follow:
KSF
1. High reputation for delivering a quality products in timely basis
2. Knowledgeable management team
3. AFC's fish are in the top category, which can be sold at highest wholesale market price

KRF
1. Intense competition unable AFC to meet its budgeted revenue targets
2. Unqualified workers in Site 3 and 4
3.Changing of customers' tastes
4. Strengthening of the Candadiandollar against the U.S. dollar has had a negative impact on exports to the U.S.

• Ratio Analysis (See Appedix 2 for detail ratio calculation) Based on the liqudity ratios, AFC has a healthy current ratio (increasing trend) that its current ratio from 2008 to 2011 are 1.36, 1.64, 1.72, and 1.74 respectively, which indicates AFC could pay back its short term liabilities when they come due. However, the quick ratio for AFC is relatively low(0.41, 0.44, 0.47, 0.34 in recent four years),which demonstrates that AFC needs to rely on sales of inventory to pay off its obligations. According to the leverage ratios, the higher debt to asset ratio (0.73,0.68, 0.66, 0.64) shows that the main financing source of AFC's assets is debt. Although, there is a decreasing trend for its debt to equity ratio, the D/E ratio is still high which has a risk to cause problems when AFC cannot payback its debts. For the activity ratios, due to fish need 30 months to grow, the inventory turnoever for AFC is relatively high; however, its healthy current ratio could compensate the risk of high inventory turnover at some level. AFC had a very small net income in 2011, which generates quite low profitability ratios. The decreasing profit margin (dropped from 0.22 to 0.19) indicates that after the COGS has been recognized; AFC only has very limited money left from its revenue.

Identify Issue and Alternatives During the past two years, AFC has faced more intense competition and other internal challenges. The board of directors is unsatisfied with the current situation. Therefore, they came up with three alternatives to help tem get through difficulties. Detail analysis is as follow:
Alternative 1: Purchase Mussel Farms
1. Blue mussel farm in PEI
Pros:
• Market demand begins to shift to shellfish • Wholesale market price for Canadian mussels is expected to increase to $1.5 over the next few years • Horizontal expansion opportunity • Farming shellfish is environmental friendly and relatively inexpensive • Shellfish farmed in Canada can be sold at premium prices • Larger full capacity yield (900,000 kg) • Positive NPV ($1,020,804.6 see Appendix 4) • Profitable project which can easily meet the 10% annual required return

Cons: • Higher initial capital investment($600,000) • Need additional investments every five years • Employees dislike handling mussels infested withparasite • Moving away from company's core competency

2. American oyster farm site in New Brunswick
Pros:
• Consumption of American oyster has been increasing in North Amercia and Europe • Signicant increase of market price (from$1.8 to $2.7) • Relatively lower initial investment ($400,000) • Positive NPV (see Appendix 4)

Cons: • Longer harvest gap - needs to wait for three or four years to reach marketable size • Foreign currency issues with large demands are from U.S. and Europe

Alternative 2: Project Blue Wave
Pros:
• Salmon could have a quicker growth rate • Ehance quality of salmon (darker color, disease resistance) • Increase annual yield harvestable salmon (from 3800000kg to 5100000kg) • Reduce the environmental movements concerns • Favorable feedback fromCanadian governments • NPV is expected tobe $500,000

Cons: • Require additonal research labour and direct materials of 1.2 million per year • Longer harvest gap (four years till first harvest) • Lack of relative experience (never been done before) • If project rejected, Dr. Stern will resign and find another sponsor

Alternative 3: Build head office in France to expand its oversea market
Pros:
• Increase overseas sales • Local employees could be hired • Strong market for oyster in France

Cons: • Shipment issue (increased spoilage) • Training expenses for local employees • Currency exchange issues

Recommendation
To open the blue mussel farm site in PEI is the most profitable project, which not only generates the highest NPV, but also achieves the 10% annual required return. Meanwhile, AFC could open its head office in France to expand its overseas market. Opening the head office in France is also a profitable project, which can generate incremental cash flow and achieve board of directors' goal.

Implementation Plan
Although the two recommended projects are profitable for AFC, they also generate few problems.
1. Since mussle selling and operating are not AFC really good at (move away from their core value), extra training will be needed.
2. Since blue mussel is a new market for AFC, the company needs to establish relations with new customers and set up sales contracts.
3. France is a new market for AFC, the company should firstly understand related regulations and laws of this country
4. Oversea shipment spoilage is another biggest issue for AFC. Therefore, AFC should improve its distribution department to make sure they can communicate with customers effectively and deliver products on timely basis.
5. Insurance could be a potential issue. There is no clear statement of whether the coverage of insurance include overseas transactions

Appendixes

Appendix 1 SWOT Analysis
Strengths:
• Reputation for delivering a quality product in timely basis • An experienced and knowledgeable management team • Resources of fish is sustainable (farmed fish are quicker harvest) • Board of directors reviews company's strategic plan every two years • Low cost labor in Maritime • Lower training expenses (this type of workers require little skill) • Have professional team for R&D to improve product quality and maintain fish quality • AFC's fish are in the top category,which can bu sold at highest wholesale market price • Have long-term contracts with Canadian and US retailers • Have its own website to update company's information for customers and potential employees • Annual budget is reviewed and updated on qurterly basis, which is fairly accurate • Good relationship with bank

Weaknesses: • Fish must be fed by operator (extra training expenses or salary) • High employee turnover (seasonal gap) • AFC competes against not only salmon sellers, but also other protein-based foods • Higher delivery expenses during busy period • Accounting system can only handle transactions in two currencies • Adapting new accounting standards(ASPE), which changed their transactions(ie employee benefit plan,investment,and income taxes) • Stocks of unsold harvestable fish have increased • Lost oneof its largest retail customer • Fish from Site 4 were rejected by three important customers • Site 3 employees neglected their duties, which caused 300,000kg of young fish escaped during a storm • Unqualified workers in Site 3 and 4 • High costs ($200,000) to repair damaged pens • Insurance may not cover the loss of fish fromthe storm

Opportunities: • Growing commercial operation • Large workforce with fishing background • Government eager to create employment in aquaculture industry • Fasted-growing sector of animal food production • The contrinution of aquaculture continued to grow • Fish is an important source of food • Fish has lower FRC (less than 2:1) • Canada has the world's most valuable commercial fishing industries • High reputation of Canadian fish • Performance of the industry is forecast to accelerate • Aquaculture industry is supported by the federal and provincial government • Demand for all forms if salmon will grow at a record pace in overseas market

Threats: • No revenue until the first fish grew large enough to sell • High competitive industry- China and Chile are developing high production capacity • Oceanin catch has fallen far behind the growing demand • High productiong capacity from other suppliers has driven prices down • Strengthening of the Canadian dollar and the US dollar has had a negative impact on export to the US • Environmental concern • A lot of policies, requirements, and inspections are set for fish industry • Increasing feed costs • Demand begins to shift to shellfish • world fuel prices will continue to increase

(NOTE: NPV analysis is on the sheet 2 of the spreadsheet)

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