Pescanova reported sales for EUR 434 million in the first half of the year to the CNMV. (Photo: CNMV/FIS)

Pescanova earns EUR 1,790 million in the first half

SPAIN
Tuesday, September 02, 2014, 01:50 (GMT + 9)

The approval of the creditors’ agreement considering reductions over 90 per cent of the debt helped the Galician multinational firm Pescanova to achieve a net profit of EUR 1,790 million in the first half of this year.

The six-month accounts submitted to the National Securities Market Commission (CNMV) show the cancellation of the firm’s bulky insolvency debt meant the entry of EUR 2,300 million, which the accounts consider as income.

The document specifies that Pescanova’s sales totalled EUR 434 million between January and June 2014, and its operating income before depreciation and amortization (EBITDA) was EUR 27 million.

For the company, these results indicate "that the improvement in operating profitability that began in the second half of 2013 continues."

Last year, the group's total turnover exceeded EUR 2,000 million.

With respect to the equity gap -- which before the creditors’ meeting exceeded EUR 1,600 million --, the Galician company confirmed its reduction to EUR 450 million, the newspaper La Voz de Galicia informed.

"This evolution of the business is considered really positive, since it has made it possible for the insolvency situation being faced does not affect the level of supply and service to both direct customers and end consumers," the company pointed out in the report.

Despite Pescanova’s sanitation and the already registered positive values, the subsidiaries are not in the same situation and experience insolvency proceedings so that the parent company reveals a negative value.

Since the Court sentenced the ruling on Pescanova creditors’ agreement approval -- on 23 May -- this company and Pescafina have considered their respective insolvency proceedings ended.

"The improvement in the group’s financial position as well as that of the parent company is a first and important step for the complete financial restructuring and economic feasibility of Pescanova’s group," the company added, according to the newspaper Faro de Vigo.

The multinational firm’s reformulated accounts in 2011 revealed loss for EUR 260 million and a capital gap of EUR 791 million. The 2012 accounts showed a negative net capital worth EUR 1,522 billion, and those from 2013 recorded losses for EUR 719 million and a capital gap of EUR 2,237 million, recalled EFE agency.

Related article:

- Four subsidiaries of Pescanova undergoing voluntary creditors meeting

By Analia Murias
[email protected]
www.seafood.media

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