Jacobo González-Robatto, president of Nueva Pescanova Group. (Photo: Banco Popular)
Nueva Pescanova improves its turnover and operating result
SPAIN
Wednesday, June 28, 2017, 01:50 (GMT + 9)
Nueva Pescanova obtained a gross operating profit (EBITDA) of EUR 68 million in 2016, a result that doubles that of the previous year and is in line with the forecasts established in the company's 2016-2020 Strategic Plan.
The company also reported that its turnover was EUR 1,060 million, 5.2 per cent more than in 2015.
According to the group, this development was due to the implementation of the new strategic plan for 2020, which, among other challenges, sets a quadruple EBITA, meaning a move from EUR 35 million in 2015 to EUR 139 million in a term of four years.
Other challenges include a new commercial initiative focusing on the so-called Big 5 (Spain, Portugal, France, Italy and the US); cost optimization; the management of the processes and the centralization of all the subsidiaries of the organization in a single vertical organization.
During the General Meeting of Partners held this Tuesday in Chapela (Redondela), the president of Nueva Pescanova Group, Jacobo Gonzalez-Robatto, said that the company has resolved the "delicate equity situation" and that it is moving forward towards the "expected normality".
The board approved the accounts for the year and the termination of the directors of Pescanova SA and Gestión de Participaciones Ría de Vigo SL, the former shareholders of the refloated group, having been diluted its share of 20 per cent to 1.65 per cent after a recent capital increase. In this way, the number of directors has been reduced to 10.
La Caixa, Sabadell, Banco Popular, Abanca, BBVA, Bankia, Ubi, HSBC and SVP are the majority shareholders of Nueva Pescanova, which has a share capital of EUR 144 million after the recent enlargement.
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