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Breaded squid rings made by Pescanova. (Photo Credit: Pescanova)
Pescanova earned more than EUR 1,600 million in 2014
(SPAIN, 4/2/2015)
The Galician multinational firm Pescanova ended 2014 with a net attributable profit of EUR 1,654 million while in 2013 it had registered "red numbers" for EUR 715 million.
According to what the company informed in a statement, this result for the period from January to November last year was due to the impact of the accounting records of the reduction implemented on the insolvency of Pescanova and its subsidiary Pescafina after the approval on 23 May 2014 of their respective agreements with creditors.
Net sales for the first 11 months of 2014 were EUR 901 million and exceeded EUR 1,000 million considering the full year, which is similar to that obtained a year earlier.
Pescanova considered these results were positive, since it was possible that the creditors’ meeting will not affect the level of supply and service both for direct customers as well as for end consumers, the agency Europa Press reported.
Operating income before depreciation and restructuring totalled EUR 63 million, and reached around EUR 70 million for all of 2014 compared to only EUR 31 million in 2013.
The multinational firm also stressed that to achieve the growth in earnings it was "very important" to strengthen the capture activities it has in Argentina, Namibia and Mozambique, and that of the farming activity of vannamei shrimp in Nicaragua and Ecuador.
The company also highlighted the "good behavior" of the industrial activity in Spain and that of the commercial activities.
Pescanova also reported that the consolidated equity level up to 30 November 2014 remained negative at EUR 617 million, and predicts that this imbalance will continue as long as the creditor’s meetings of the 10 Spanish subsidiaries are not solved.
Creditors' meetings have been scheduled by the Court for May 2015.
Related article:
- Pescanova begins negotiations with creditors of its subsidiaries
By Analia Murias
editorial@seafood.media
www.seafood.media
Information of the company:
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Address:
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Calle José Fernández López, s/n
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City:
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Chapela - Redondela
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State/ZIP:
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Pontevedra, Galicia (36320)
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Country:
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Spain
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Phone:
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+34 986 818 100
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Fax:
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+34 986 818 220
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E-Mail:
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info@pescanova.es
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