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Damm beer factory. (Photo Credit: 1997 CC BY-SA 3.0)
Damm obtains less profit, driven by Pescanova’s crisis
(SPAIN, 9/2/2013)
The allocation of EUR 21 million that Damm had to perform due to the loss of value of its investment in the Galician multinational firm Pescanova made the brewery firm to close the first half of 2013 with a profit of EUR 21.6 million, 19 per cent lower than that in the same period last year.
In a communication sent to the National Securities Market Commission (CNMV), Damm admitted that the result obtained in the first half of 2013 "is obviously negatively affected due to the investment allocation in Pescanova."
The group controls 6.2 per cent of the Galician multinational firm and in the recent months it has been one of the most active shareholders to demand the resignation of Manuel Fernández de Sousa as the firm chairman, which was completed on 17 July.
According to Damm, "the impact on the profit statement for the first half year amounts to EUR 20.8 million after considering its tax effect."
Last June, the Catalan brewery firm chairman, Demetrio Carceller stated he would struggle until a "breath of life" is left for him to save his investment in Pescanova.
In addition, he claimed the issue should be treated fairly and predicted he would provide Pescanova with other EUR 7 million.
Damm sources indicated that it is still not known in which accounting period this provision will be allocated.
Regarding the future of the Galician company, Damm believes that it is "inevitably" necessary to negotiate a deduction of a large portion of the debt that allows its recapitalization, the sale of certain assets and the "right sizing of its activities," the agency EFE reported.
Damm Managers also expect this month they can know the report released by the reorganization administrators, "which will evaluate the alternatives that the company has to overcome the reorganization process."
Between January and June 2013, the Group recorded sales amounting to EUR 415 million while operating income amounted to EUR 30.9 million, that is to say 22 per cent less than during the same period last year.
Related article:
- Asturian investment becomes new reference shareholder of Pescanova
By Analia Murias
editorial@seafood.media
www.seafood.media
Information of the company:
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Address:
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Roselló 515
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City:
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Barcelona
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State/ZIP:
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Catalunia (08025)
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Country:
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Spain
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Phone:
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+34 93 290 92 00
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Fax:
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+34 93 290 93 48
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