" Weaker volumes due to lower  fishing  harvests are often compensated by higher selling prices. This is evident in strong price increases of Peruvian fishmeal and fish oil as a result of significantly lower total allowable catch (TAC) for Peru anchovies for the two fishing seasons starting in November 2012 and May 2013. Prices of Peruvian fishmeal at end-March hit a record USD2,200 per metric ton compared with between USD1,200 and USD1,600 in 2012. As a result China Fishery's H113 EBITDAR margin rose to 45% versus 40% for 2012. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action, such as a change in Outlook to Stable, include: -A fall in adjusted net debt/EBITDAR to below 3x in FY14 (ending September) -No material changes to contract supply operations leading to substantial cash losses -Maintaining operating EBITDAR margin above 30%"