Pescanova's sales remain above the thousand million Euro. (Photo Credit: Виталий Смолыгин)

Pescanova closes November with EUR 70 million gross profit

Yet unaudited accounts of the Galician multinational firm Pescanova indicate that up to 30 November, when it closed the 2014 financial year, it recorded a gross operating profit (EBITDA) of EUR 70 million, up from EUR 60 million reported last year.

The company continues immersed in the creditors’ meeting process and the first data that were released on its accounts indicate that sales remain above EUR 1000 million, the newspaper La Voz de Galicia reported.

It must be noted that by the date the financial year was closed, the expected amount does not include sales in December, when the company usually makes the best profits of the year. This implies that if the 12 months of 2014 are taken into account, sales will certainly exceed the EUR 1200 million made in sales recorded in 2013.

In the first nine months of 2014 sales accumulated a decrease of 7.5 per cent, by adding a total of EUR 706 million. In the first quarter they had plummeted by 26 per cent and in the second quarter the drop had reached 17 per cent.

Until 30 September, Pescanova still maintained a double asset gap of EUR 432.4 million and a bank debt reduced to EUR 1,000 million (divided into several sections of interest and payment terms).

Currently, the 10 Spanish subsidiaries of the company that are undergoing creditors’ meeting accumulate a debt exceeding EUR 800 million.

Sources consulted by La Voz de Galicia pointed out the latest figures of Pescanova indicate that "it remains a money maker, that the project has always been good, and that what has failed is the management".

Moreover, Pescanova’s minority shareholders continue questioning the role of banks in the crisis faced by the company.

In an analysis of the forensic report issued by KPMG, the shareholder group emphasizes that "in some cases such financing was obtained without the financial authorities requiring the appropriate documentation," Atlantico reported.

In addition, shareholders are wondering how it is that while the group's debt was increasing, in the risk centre of the Bank of Spain the recommendations to buy Pescanova’s shares continued being active.

Related article:

- Pescanova does not return to Stock Exchange due to 'serious doubts'

Photo: Виталий Смолыгин

By Analia Murias
editorial@seafood.media
www.seafood.media

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
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