Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


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, 9/2/2014)

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
editorial@seafood.media
www.seafood.media


Information of the company:
Address: Calle José Fernández López, s/n
City: Chapela - Redondela
State/ZIP: Pontevedra, Galicia (36320)
Country: Spain
Phone: +34 986 818 100
Fax: +34 986 818 220
E-Mail: info@pescanova.es
More about:


Location:

View Larger Map


Approval / Accreditation / Certified / Oversight by...
HACCP  E.U.  USDA/USDC & FDA 



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Blue Star Foods Starts its Soft-Shell Crab Season
New, Innovative Heat-and-Eat Offerings from Aquamar
Latest Tech Installed at Mowi’s Scottish Salmon Processing Plant
Thai Union Launches New Initiative to Decarbonize Thai Shrimp Supply Chain
Kroger Debuts New Our Brands Seafood Items
Aruna Indonesia Announces Partnership with North Coast Seafoods to Vertically Integrate Blue Swimming Crabmeat from “Trap to Table”
DS Smith Unveils DryPack Solution in U.S. Market to Help Seafood Processors Phase out Plastic Container
Pacific Seafood Releases Seventh Annual Corporate Social Responsibility Report “Beneath the Surface”
Sustainable Thermal Packaging Solutions that Saves you Money
Duravant Acquires German Equipment Manufacturer Henneken
Antarctica Advisors Acts as Exclusive Investment Banking Advisor to CentSea in the Sale to Captain Fresh
Grow-out Module, Fishmeal Plant Project, Ice Machine. What Else Will You See at Seafood Expo Eurasia?
The NFI Sushi Council Begins Inaugural Year
Seafood Expo North America Returning to Boston with Latest Innovations and Trends
Australis Introduces A New Generation of Human-Grade Single Ingredient Pet Treats
Consumers Reward Reliable Sustainability Certifications
Skandia Ahumados Launches Two New Products
NaturalShrimp, Inc. Files International Patent Applications
Packaging: a Vital Link Between Brands and Consumers
Sustainability in Feed Production and Latest Trends in Research
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
Clipfish challenges in Brazil: Port bureaucracy stops millions worth
Brazil More and more clipfish containers are being stopped in Brazilian ports. - Complicated regulations make market access challenging, to say the least, say Norwegian exporters who risk large losses. Bra...
Catches in the Sea of Okhotsk and Bering Sea
Russia Fed. Situational update as of 03/24/2024 Source: Stockfile FIS Sea of Okhotsk (pollock) According to OSM data in the Sea of Okhotsk, pollock catch (industrial and coastal fisheries) as of March 24, 20...
Productive Development of the Fishing Activity
Peru Fishing Sector Bulletin - January 2024 The landing of hydrobiological resources registered a negative interannual variation of 62.7%, as a result of the lower landing of fishing resources for indirec...
NGO Sues UK Government Over International Fishing Quotas
United Kingdom Blue Marine Foundation, a charity dedicated to restoring the ocean to health, has launched legal proceedings over the government’s decision to set fishing opportunities, for more than half UK st...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER