Pescanova seafood product. (Photo: Pescanova)

Pescanova's sales grow, but loss amounts to EUR 24.7 million in H1

The multinational firm Pescanova settled the first half of its 2015 fiscal year with a loss of EUR 24.7 million compared with profits of EUR 1,790 million that were recorded in the first half of 2014. However, its sales grew by 15 per cent to EUR 501 million.

In addition, operating income before depreciation, amortization, impairment and other not strictly operating results (EBITDA) was positive at EUR 17 million.

It is important to stress that the report that the company sent to the National Securities of Market Commission (CNMV) covers the six months from December 2014 to May 2015 due to the change of fiscal year up to 30 November. Therefore, the first half is not fully comparable to the previous one.

Pescanova sources told EFE agency that this gap is to a large extent explained in the 90 per cent reduction of the parent firm's debt, amounting to EUR 2,700 million, performed in the past year. Instead, the reduction that was approved last June for the subsidiaries do not count in this balance.

Anyway, in its latest report the multinational firm highlighted that the business "continues to grow and strengthen its position."

The net financial debt of the company currently stands at below EUR 1 billion, which means that its consolidated equity is positive.

Pescanova's goal is to consolidate the increase in sales and EBITDA improvement in the next semesters, to mitigate the impact that may have specific negative developments of relevant variables, such as prices and the exchange rate.

It must be recalled that this semester creditors’ agreements of the 10 Spanish subsidiaries that were pending restructuring at the beginning of the year have been definitely approved.

As several decisions of judicial approval of such agreements were not taken until 11 June, the first-half of the year’s financial statements do not include the impact of approved debt.

Related articles:

- Preferential treatment to minor shareholders annoys Pescanova’s board
- Creditor banks ensure future of Pescanova’s subsidiaries
 

By Analia Murias
[email protected]
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
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