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An integrated marine fish farm in Cephalonia, Greece II. An analysis and evaluation of economic performance
Lagos, P.J. (1989). An integrated marine fish farm in Cephalonia, Greece II. An analysis and evaluation of economic performance, in: De Pauw, N. et al. (Ed.) Aquaculture: a biotechnology in progress: volume 1. pp. 1175-1181
In: De Pauw, N. et al. (Ed.) (1989). Aquaculture: a biotechnology in progress: volume 1. European Aquaculture Society: Bredene, Belgium. ISBN 90-71625-03-6. 1-592 pp., more

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  • Lagos, P.J.

    Cephalonian Fisheries Ltd. owns and operates a hatchery and an ongrowing unit in marine cages. On the basis of last years experience, when fry production for sea bream ( Sparus aurata) and sea bass (Dicentrarchus labrax) reached the level of 1 300 000 and 255 000 respectively and biomass growth in cages reached the 150t, the main economic parameters are analyzed and the production results evaluated. For both hatchery and ongrowing operations the production-cost structure is presented in term of: feed, labour, energy, depreciation of equipment, and financial cost. Each cost category is analyzed with references to legal, financial, organizational, and social constraints which characterize the aquaculture industry in Greece. The production-cost profile along with the structure of revenues, present and anticipated, and general expenses such as administrative and sales costs are brought together to compose the short- and long-term financial picture of the company. Finally, the above results are generarized in order to put all aspects of aquaculture development in Greece in perspective. Main conclusions, apart from the cost structure of fry and fish production, indicate that culture of marine species such as sea bream and sea bass, the way it is carried out in the Cephalonia Unit, is actually a capital-intensive activity based on a highly sophisticated managerial structure which resembles high tech industrial production rather than labour intensive activities of the primary sector. This may increase the cost per unit at the first production periods where depreciation of equipment is quite high but on the other hand ensures maximum quality and quantity production control, minimum risk, and therefore long-term financial stability for the company. Another important conclusion is the need for large amounts of money to cover operational costs during the first 3 to 5 years when income from sales is minimal or even non-existent. In view of these conclusions the paper continues with an analysis of the financing incentives for aquaculture provided by Greece's Incentives law 1262/82 and EEC directive 3227/85 and explains why both systems did not succeed in stimulating growth of the aquaculture industry in Greece. In this paper the "stages of development" are examined and the economic and administrative environment within which an integrated fish farming unit located on the Island of Cephalonia in the southern Ionian sea operates. An attempt is made to outline the conditions under which such a unit can flourish or fail in view of the financial, administrative, and social constraint in Greece.

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