The 'Clasic' Rodolfo Langostino has survived several storms in Pescanova
Nueva Pescanova reduces its capital to 69 million Euros due to the accumulated losses of 2019
Tuesday, June 30, 2020, 08:00 (GMT + 9)
The ordinary shareholders' meeting of Nueva Pescanova has approved a reduction of the share capital from 147 million euros to 69 million to restore the balance between the nominal value of the shares and the entity's net worth, decreased by the accumulated losses of previous years
The Galician multinational closed the 2019 financial year with a negative net result of 41 million euros, despite the fact that its turnover amounted to 1,057 million.
The Group's management ebitda in 2019 decreased compared to the previous year, 50 million compared to 75 million euros, which the company attributes to "external factors", mainly the drop in prices of shrimp and vannamei shrimp, Argentina's tariffs and declining sales in Asia.
In a statement, Nueva Pescanova
points out that the rebalancing in the balance sheet - between the value of the shares and the net worth resulting from the approved capital reduction - puts the company in "a more advantageous situation to obtain financing in the market and choose to public subsidies. "
The general meeting of shareholders also approved the 2019 management report, the management of the board of directors and the appointment of KPMG as auditor of the company's accounts for the financial year 2020 and the delegation of powers for the formalization and execution of all agreements. adopted by the board.
From the 2019 management report, Nueva Pescanova highlights that it grew sales in Spain by 10% in the retail sector.