One of Pescanova’s products. (Photo: Pescanova)

Pescanova earned more than EUR 1.6 billion in 2014

SPAIN
Tuesday, February 03, 2015, 03:00 (GMT + 9)

Galician multinational Pescanova earned a profit of EUR 1,649 billion between January and November last year, reversing its negative status in 2013, when it suffered losses for EUR 718 million.

According to the figures presented by the company to the National Securities Market Commission (CNMV), this result is "mainly" due to the impact of the insolvency claim cut on the accounting records of Pescanova and its subsidiary Pescafina, after the approval of their respective agreements with creditors, in May 2014.

The company’s net worth also improved, though it remains EUR 617 million negative.

It is expected that the situation will remain as it is until the end of the different insolvency proceedings of the Spanish subsidiaries and the level of total cut set in Pescanova agreement is consolidated.

Meanwhile, the group hopes to conclude the proceedings during the first half of 2015.

In the first 11 months of last year, Pescanova achieved sales for EUR 901 million, a similar figure to that reached in 2013, and its sales consolidated to 31 December exceeded EUR 1 billion.

Pescanova considers the evolution of the business level of the group is "very positive" as it has managed to avoid the impact of the insolvency process on its level of supply and service, EFE reported.

The operating profit - before amortization, impairment and other not strictly operating results (EBITDA) - in the first 11 months of 2014 amounted to EUR 63 million and around EUR 70 million considering all year.

This good result played "an important role" strengthening fisheries Pescanova had in Argentina, Namibia and Mozambique, and the shrimp farming activity in Nicaragua and Ecuador.

"This result shows the strength of the group's business and the positive trend that seems to have achieved despite the critical situation the group had to face when entering into agreement with creditors," Pescanova emphasized in the report sent to the CNMV.

Related article:

- Pescanova stops employment adjustment plans

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

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