Feb
13
Pescanova billed more than EUR 1,2 billion in 2013
Filed Under EN
Pescanova products. (Photo: Pescanova)
Pescanova billed more than EUR 1,2 billion in 2013
SPAIN
Friday, February 14, 2014, 02:30 (GMT + 9)
Despite the crisis Pescanova is immersed in, the good turnover achieved by the Galician multinational in 2013 will allow it to have liquidity at least until next April to pay salaries and debts to suppliers.
The company billed more than EUR 1.2 billion, thanks to a good sales volume and an “outstanding” Christmas campaign. This represents only EUR 200 million less than in 2012, newspaper La Voz de Galicia informed.
Sources close to Pescanova argue that the group is viable and has a future, and that its sales are a good indicator that the firm keeps its market position.
The billing data puts the company in line with the viability plan prepared by PwC.
The report, sent by the Company to the National Securities Market Commission (CNMV), projects its plans with a capital injection, which would be the zero point.
A year later, the consultant firm estimated that the turnover would amount to EUR 1,338 million. In addition, it anticipated an increase of 8 per cent in second year, and 6.3 per cent the following one.
For the fourth year, the estimated sales would reach EUR 1,624 million.
On the other hand, meetings with creditor banks in an effort to secure the future of the Galician multinational continue, just two weeks from the non-extendable deadline set by the court for an agreement to prevent the liquidation process beginning, Invertia reported.
The banks insist on that their intention is not to keep the company for themselves, but to reach an agreement with an investor. On the one hand, the Damm Group offers an “industrial project” with the preservation of the group, and an injection of EUR 250 million to gain control of 51 per cent of the company.
Centerbridge and BlueCrest also want to acquire Pescanova and have the support of major bondholders. Their proposal is to inject around EUR 300 million — EUR 50 million more than Damm — and a debt cut between 70 and 80 per cent.
It is worth noting that the figures Pescanova recorded last year occurred in a context of no activity at the turbot plant in Mira (Portugal), adding to the problems with Acuinova and Nova Austral salmon plants in Chile, and vannamei shrimp in Guatemala.
Furthermore, Argenova (Argentina) and Pescanova Brazil are also undergoing bankruptcy procedures, and Deloitte, the receiver, had to renegotiate the liability of the Mozambican subsidiary, Faro de Vigo reported.
Related article:
– The situation of Pescanova is ‘critical’, its president warns
By Analia Murias
editorial@fis.com
www.fis.com
Open all references in tabs: [1 – 9]
Comments
Leave a Reply
You must be logged in to post a comment.