The accounts that have been audited by Deloitte revealed higher equity losses than that recognised in 2013. (Photo: Deloitte)

EUR 2.237 million equity ‘gap’ found in Pescanova

SPAIN
Thursday, May 29, 2014, 01:10 (GMT + 9)

Deloitte, the Galician multinational firm Pescanova’s trustee, proved the existence of an 'equity gap' amounting to EUR 2.237 million, that is to say EUR 750 million more than originally recognized in 2013 accounts, when it was shown at a negative value of EUR 1,487 million.

According to a report on the review of the accounts audited by BDO in 2011, which Deloitte has now submitted to the National Securities Market Commission (CNMV), the losses of the company amounted to EUR 260 million while Pescanova had declared earnings for EUR 48.8 million.

In addition, the multinational firm had set its assets at USD 637 million, compared with the negative EUR 791 million that the accounts that have been reformulated by the creditors’ meeting administration show.

As to the results of 2013, they indicate a negative balance of EUR 719 million, on a consolidated basis, with individual losses amounting to EUR 402 million.

The 2013 accounts also indicate that sales were reasonably good, with a turnover of EUR 1,063 million in consolidated terms, 20 per cent less than the previous year, the newspaper La Voz de Galicia informed.

Last week, Pescanova’s board accepted the resignation of Juan Manuel Urgoiti as the director and president of the firm. The company is now under the control of the creditor banks, who have not still decided whether or not the capitalization needs will be modified.

Under the agreement that made it possible to settle the creditors’ meeting over Pescanova for over a year, the creditor banks will provide EUR 125 million for the restructuring of Nueva Pescanova.

But Pescanova will not recover the Chilean subsidiary Pesca Chile and the plant located in Mira, Portugal. According to the newspaper Faro de Vigo, "the creditors’ agreement explicitly states that the Galician company will not challenge the decision of the Portuguese creditors if the sale of the factory is requested to recover part of the trapped debt, empty ponds and emissaries that get constantly stuck."

Related article:

- Pescanova’s Spanish subsidiaries will not be subject to creditors’ meeting

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

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