Are you referring to the apparent tax on fish sales of 50% of the normal tax rate?
The last, and by far the largest new fish farm contract was signed knowing this uncertainty. The farms should be economical anyway for the JV partners.
Comparing to the revenue targets from the Sweden presentation, the only area that SIAF is significantly above targets for both 2011 and 2012 is fish farm construction, consulting, and service.
Fish sales are actually quite a bit lower, as I believe the lag time to reach capacities is much longer than SIAF anticipated. However, the latest contract calls for revenues from sales much sooner than any of the others. That coupled with more capacity than projected -- assuming more contract(s) during 2012 -- will allow sales to catch up to projections in later years (when SIAF owns a greater equity stake).
