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Pescanova sent CNMV a report rectifying its latest financial results. (Photo: CNMV/FIS)

Pescanova rectifies results due to 'super-loan' negative impact

  (SPAIN, 3/18/2016)

The old Pescanova firm has reformulated its financial statements for the fiscal year 2015 due to the impacts of super senior loan of EUR 125 million signed between Nueva Pescanova and its creditors on December 25, 2015.

In a significant event sent to the Comisión Nacional del Mercado de Valores (CNMV), the former shareholders of Pescanova explain that the negative net effect of the firm and credit available is estimated to exceed EUR 70 million, which was transferred to Nueva Pescanova.

Due to the incidence of such loan, Pescanova SA has amended and replaced the financial statements submitted to the CNMV on January 29, "to collect the impacts of the super senior credit and incorporate them in the closure of November 30, 2015."

Based on this new information, the company cut by EUR 14 million the net profit for the year 2015 (from December 1, 2014 to November 30, 2015), to EUR 68.5 million, compared to EUR 82.5 million which it had reported in February.

Nueva Pescanova activated said super senior credit in December to ensure liquidity and avoid liquidation of the company, at an interest rate of 15 per cent and a monitoring commission of EUR 300 million to be paid in 20 years, bearing interest at 1 per cent annually.

According to the old Pescanova, which owns 20 per cent of Nueva Pescanova, one of the negative effects of that decision on the new company is that it would reduce its assets with immediate effect.

"Since the equity of Nueva Pescanova was estimated in approximately EUR 70 million and the negative net effect of the firm and super senior credit availability was estimated to exceed that figure, the net effect would suppose to reduce to zero the net worth of Nueva Pescanova," said the formershareholders in relation to the value of their 20 per cent stake in the company.

In its communication to the CNMV, the old Pescanova indicates that it will formally request Nueva Pescanova to proceed to "cancel and reverse the negative effects" of this credit of EUR 125 million as well as to resume the financing of working in market conditions that previpously existed.

In addition, it reports it will submit to the ordinary general meeting, to be held before May 31, the adoption of measures where appropriate to take defense of "the legitimate interests of the company and its shareholders".

Related articles:

- Pescanova earned EUR 82 million in its last financial year
- 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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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:


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