According to data collected by the Natural Resources Institute Finland (Luke), the profitability of coastal fishing has remained fairly unchanged over the past two years. At the same time, the turnover and total income of coastal fishing have decreased.
In 2016, the turnover of coastal fishing was slightly more than EUR 7 million, being approximately EUR 1.3 million lower than in 2015. Coastal fishing covers fishing activities using vessels of less than 10 metres in length.
– Total income decreased by EUR 2.2 million to EUR 8.7 million from the year before. Total income consists of the turnover, subsidies and other income, such as seal damage and insurance compensation, as well as rent, says researcher Markku Kärnä from Luke.
In 2016, a total of 1,218 enterprises were engaged in coastal fishing in Finland with an average turnover of EUR 5,800.
The number of enterprises increased while their turnover decreased
The number of enterprises engaged in coastal fishing increased slightly in 2016, while their average turnover decreased. The new Fishing Act entered into force from the beginning of 2016. The register of commercial fishing established as a result of the new act includes many part-time fishing enterprises, which partly explains the increase in the number of enterprises and the low average turnover.
The total costs of coastal fishing enterprises decreased to EUR 4.1 million. As costs have followed the trends of income, the profitability of enterprises has remained positive, regardless of changes. The added value decreased, while its proportion from total income remained close to the previous year’s level. The net profit of enterprises in relation to total income has even increased in recent years.
Detailed information easily available from the Economy Doctor service
Information about the financial activities and financial statements of coastal fishing enterprises is collected annually through Luke’s survey. Financial statements information has been collected since 2008.
The turnover classification used in the Economy Doctor service was changed starting from 2016. The lower limit of the liability to pay VAT increased from EUR 8,500 to EUR 10,000. As a result, enterprises are classified into turnover groups of less than EUR 10,000, EUR 10,000–40,000 and more than EUR 40,000 in 2016. Regarding 2008–2015, the lower turnover limit is EUR 8,500.
The service produces average results and reports in accordance with customer preferences. The service includes financial statements information about coastal fishing regarding small-scale coastal fishing and by catch and turnover category from 2008–2016 in Finnish, Swedish and English.