Deloitte sees aquaculture, Latin America shrimp farms as ‘key to Pescanova’ Pescanova invested around €380 million in its shrimp aquaculture sites based in Nicaragua, Ecuador, Honduras and Guatemala, as well as the processing plants in Spain, Italy and France, between 2007 and April this year, according to the Deloitte’s bankruptcy report. The Latin American sites, of about 11,500 hectares in the four countries, are key to Pescanova’s administrators, Francisco Vilar, from Spain’s largest trade union CCOO, told local newspaper El Faro de Vigo. The shrimp farms contributed a €63.2 million gross profit and a €293.5m turnover as seen in the latest Pescanova’s accounts released in 2011, according to Vilar, who attended a Pescanova meeting last week. He said Deloitte considers it key to keep Pescanova’s core business intact, without selling any strategic asset from the troubled Spanish multinational. Such views echo those of PriceWaterhouseCoopers, according to drafts of its viability plan leaked to the Spanish press. Pescanova’s newly elected chairman Juan Manuel Urgoiti has also been bullish about the company’s future. Deloitte reportedly also considers it vital to retain Pescanova’s operations for hake, mainly in Novanam, its Namibian subsidiary. Pesca Chile, which is being put up for sale by Herman Chadwick, was another important asset to Pescanova’s hake fishing activities, accountinf for 33% of Pescanova’s catches. Out of the 17,000 tons extracted by Pesca Chile, 63% were Southern hake and hoki. This makes it more important for Pescanova to retain Novanam, which contributes 39% of all Pescanova’s catches. Deloitte also sees Pescanova’s dual focus on aquaculture and fishing as a must to ensure the group’s viability, said Vilar. Undercurrents
Posted on: Mon, 21 Oct 2013 03:54:07 +0000
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