Dec
8
Spanish seafood group Pescanova has reportedly closed 2014 with earnings before interest, taxes, depreciation, and amortization (ebitda) of €70 million, reported La Voz de Galicia.
Pescanova, that brought forward the end of its financial year to Nov. 30 in order to avoid corporate taxes, has seen ebidta up by 16.6% when compared to the end of 2013.
According to preliminary data from Pescanova’s accounts — official accounts will be out by Q1 2015 — sales remain above €1 billion, despite the year end not including December.
If Pescanova had included 12 months, the turnover of 2014 would have considerably exceeded the €1.2 bn posted in 2013, the newspaper said.
“What these numbers confirm is that Pescanova is still a money maker, the project has been always good, what failed is the management,” accountant sources told the Spanish newspaper.
Pescanova reported revenues of €706m for the first nine months of 2014, down 7.5% year-on-year, while its equity was still negative at minus €432m.
The drop was driven by lower sales in the first quarter of this year, down 21.7% compared to the same time a year ago.
“In [Q1, 2013] the stock settlement accelerated, seeking liquidity prior to the filing for bankruptcy,” said Pescanova in its latest financial update.
The company’s extraordinary shareholder meeting determined back in November that Pescanova will not be listed again on the Spanish stock market until, at least, mid-2015.
This is due to liquidation risks, that are still present, company’s board member Diego Fontan said.
As all subsidiaries of the Spanish seafood multinational — with the exception of Hasenosa — have filed for voluntary bankruptcy proceedings, Pescanova could face liquidation in case the agreement with creditors is not met, Fontan said.
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