The captain signaled a new direction for Nueva Pescanova as the group seeks to steer its course amid significant ownership changes. Investors watch closely as Abanca’s fishing stake could be sold to Canadian processor Cooke, a move that would realign ownership with partners across Asia. In leadership circles, Jorge Escudero is noted for his prior tenure as Coca-Cola’s chief in Indonesia and Papua New Guinea, a background that signals a strategic push toward global markets. The company emphasizes that its leadership has deep experience across Europe, Asia, and Latin America, underscoring a global perspective that supports a durable growth plan. This moment marks a critical push toward greater commercial assertiveness in a year meant to reinforce momentum after a challenging period.
Inflation, the euro’s depreciation against the dollar, and, most notably, disruptions in fisheries production in Nicaragua contributed to a challenging fiscal year. The group reported red numbers, with Faro de Vigo of the Prensa Ibérica group noting a loss of 53.4 million euros after adopting new reporting on the MARF market. Raw material costs, rising financial expenses, and productivity pressures narrowed margins, even as the company maintained its operations. Revenue edged down by less than 2 percent to 1,074 million euros.
Overall turnover remained resilient because declines in Spain (about 6 percent), France (just under 9 percent), and Italy (nearly 26 percent) were offset by gains in other markets, notably Portugal, Greece, and Asia. The domestic market share adjusted slightly as the region accounted for a bit more than a third of activity, with growth helping to stabilize overall performance.
The commercial and industrial segment represented the vast majority of revenue, contributing roughly 94.5 percent of total turnover. Vannamei aquaculture accounted for 3.9 percent, while fishing in Africa contributed 0.9 percent and the Southern Cone 0.2 percent; turbot farming contributed 0.1 percent. Among the group’s subsidiaries tied to fishing and farming, the Southern Cone operations posted the most favorable results, with profits of 5.1 and 11.3 million euros respectively. The shrimp division stood out, generating around 37.3 million euros in value during the period.
As of March 31, 2023, Nueva Pescanova carried net debt of 331.5 million euros, following a roughly 15 percent debt reduction in the prior year. Interest costs rose quickly, with the average rate moving from about 3.9 percent in 2022 to 4.86 percent in the recent period. The balance sheet still reflected a cash position of around 60 million euros, a current line of credit of 3.8 million, and a healthy operating condition despite the headwinds. Equity stood at approximately 56 million.
After the May 12 closing date, the company, with its largest shareholder Abanca, formalized a loan facility amounting to up to 150 million euros, backed by ICO guarantees to support companies affected by the Ukraine conflict. The facility carries an eight-year maturity and a nominal interest rate of 6.1 percent, reinforcing a financial strategy aimed at stabilizing liquidity while pursuing growth priorities.