Pescaburgers. (Photo: Pescanova)

Pescanova earned EUR 82 million in its last financial year

Pescanova closed its 2015 financial year -the last year as the former parent of the fishing group - with a profit of EUR 82.52 million, compared to EUR 1.9 billion it had earned in the previous year, the company informed the National Stock Market Commission (CNMV).

It is worth noting that the last financial year runs from 1 December 2014 to 30 November 2015, so it is not fully comparable to the previous period, which was 11 month long, due to the change in the closing date.

Pescanova SA today represents only 20 per cent of Nueva Pescanova, the company created in November last year, when banks took 62 per cent control.

After the restructuring, Pescanova has become a company whose main asset is its stake in Nueva Pescanova, and an account receivable from that company of non-segregated liabilities for EUR 52 million, which the banks will be paying within seven years.

For now, it will have a fixed annual income of EUR 255,000 that Nueva Pescanova will pay to cover general operating expenses, in accordance with the provisions in the creditors’ agreement.

According to the company, revenues and current expenditures will be "not very significant" from now on, due to the significant reduction in the cost structure to have become a holding company.

Related articles:

- Campofrio’s CEO to take over as Nueva Pescanova’s executive leader
- National Court confirms EUR 200,000 fine to Pescanova ex-president
- CNMV imposes severe fines on Pescanova and its former president
- Banks assume effective control of Nueva Pescanova

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