Pescanova's sales by market share. (Graph: FIS)

Pescanova rakes in EUR 32.1 mln in 2009

SPAIN
Friday, February 26, 2010, 23:30 (GMT + 9)

The multinational Pescanova generated EUR 32.1 million in earnings over the last year, 24.9 per cent more than in 2008, the group informed the National Securities and Exchange Commission (CNMV).

Annual turnover reached EUR 1.473 billion, which translates into a growth of 9.7 per cent with respect to the previous fiscal year.

EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) was of EUR 149.7 million, a figure that represents an increase of 8.2 per cent with respect to 2008, notes the financial report released by the firm.

Pescanova attributed these results to the consolidation of the fishing business and to the good comportment of the investments realised over the last several years in aquaculture, that “have reinforced and diversified the vertical integration of the group” with shrimp, turbot, tilapia and salmon farming activities.

According to Manuel Fernandez de Sousa-Faro, president of the company,“They are the best results in our 50 years of history."

In 2009 the sales of Pescanova in international markets reached 47 per cent of the total, the greatest percentage in the company’s trajectory.

Concretely, 12 per cent of the sales correspond to the US, 24 per cent to Europe (excluding Spain) and 11 per cent to other countries, Europa Press reports.

Last year, the multinational raised its capital by EUR 100 million, in order to strengthen the company and to take on new opportunities in a growth market, such as food from marine protein.

Meanwhile this week it approved the convertible bond emission of another EUR 100 million.

Through both operations, Pescanova is strengthening its financial resources and diversifying its financing sources.

Meanwhile, Fernandez de Sousa-Faro explained that “insofar as the situation and expectations of the turbot brood business in Tourinan do not change,"  the investment “is not attractive."

As far as main projects go, the president of Pescanova referred to three farmed species: shrimp, turbot and salmon.

On the projection of shrimp production for 2010, the executive estimated it at 64,348 tonnes – 47,111 tonnes were sold in 2009 – and 77,589 tonnes for 2014.

In terms of turbot, the multinational will produce 10,000 tonnes in 2012, which will make up more than 50 per cent of this cultivated species in Europe.

It is also expected to produce 22,931 tonnes of salmon in 2010, reaching 72,817 tonnes by 2014.

Last week, the Xunta de Galicia initiated proceedings for the compulsory expropriation of lands necessary to carry out the expansion of the turbot fish farm owned by Insuina SL (subsidiary of Pescanova) in Lago beach, in Xove (Lugo).

The Diario Oficial de Galicia published the resolution by which the file for the embargo of lands is opened to public view in considering that the approval of the sectorial plan “follows the declaration of public utility – of the surface area affected – for the effects of compulsory expropriation."

The deed-holders of the affected assets and all persons and entities interested have a term of 15 days to present allegations they consider opportune before the Directorate-General of Marine Resources Ordinance and Management.

Related articles:

- Lands expropriated for Pescanova subsidiary
- Pescanova increases capital by EUR 100 mln

By Analia Murias
editorial@fis.com
www.fis.com

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