Pescanova beats odds, earnings up 34%
By Chris Dove, SeafoodSource contributing editor, reporting from Malaga, Spain
31 January, 2012
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Proving resilient to the prevailing economic conditions, Pescanova recorded 2011 earnings of EUR 48.8 million (USD 64.3 million), up 34.4 percent from the previous year.
Spain represented 48 percent of Pescanova’s volume sales, a 3 percent increase from 2010. Overseas markets accounted for the remaining 52 percent of Pescanova’s volume sales, a 9.5 percent increase from 2010.
The group’s preliminary unaudited data submitted to the National Securities Market Commission in Portugal highlighted 2011 earnings compared to the previous year’s EUR 36.3 million (USD 47.8 million). Company turnover in 2011 increased 6.3 percent to EUR 1.66 billion (USD 2.18 billion), with earnings before interest, tax, depreciation and amortization of EUR 183 million (USD 241 million), up 11.9 percent.
Based in Galicia, Spain’s largest fishing port, Pescanova Chairman Manuel Fernández de Sousa-Faro said, “Pescanova has emerged gracefully despite the weak economic environment in Spain and Europe.”
Sousa-Faro welcomed “good results” in its salmon, vannamei (Pacific white shrimp) and turbot aquaculture projects, which accounted for EUR 465.8 million (USD 614.4 million) in 2011 turnover, up 14.4 percent, confirming the increasing importance of the sector to the company’s results as it reaps the benefits of previous investments.
Company assets after dividends rose EUR 40 million (USD 53 million) to EUR 637 million (USD 840 million) in 2011, “improving the group’s ability to finance its assets,” said Sousa-Faro.
Bloomberg estimated that Pescanova’s annual revenues will increase to EUR 1.8 billion (USD 2.3 billion) in 2012. The news outlet forecasted annual company earnings of EUR 3.33 (USD 4.35) per share in 2012 compared to EUR 2.78 (USD 3.36) per share in 2011. At press time, Pescanova’s share price was up 1.41 percent.
The group’s 2011 results were announced as it prepares a new intermediate supplier agreement with Spanish supermarket Mercadona, which will go into effect in 2013. Until then, Mercadona’s 100 percent-owned subsidiary, Caladero, will continue as intermediate supplier of fresh and ready-made seafood products.
Pescanova’s strong global presence is attributed to its FishCo operations via a fleet of more than 130 vessels, on which its finfish and shellfish catches are processed and frozen immediately after capture.
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31 January, 2012