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News

Spain: Tomalia has refinanced its debt

20/02/2018 - François-Xavier Branthôme - Lire en français

Tomalia has launched into 2018 with renewed confidence after refinancing its debt

In the first half of February, the Spanish press revealed that the Tomalia cooperative, based in Santa Amalia (Badajoz) and specializing in tomato processing, had concluded at the end of December an agreement with banks and other partners for refinancing its debt and avoiding bankruptcy.
The initial debt that has been refinanced by the bank amounts to EUR 25.5 million (slightly less than USD 31 million, val. 14 Feb.), which will be increased to EUR 29 million thanks to the contributions of other partners. As confirmed by the General director of the company, Javier Béjar, "the bank has opted for a restructuring program, thanks to the commitment of all the cooperative's members, who have supported the refinancing plan and have also committed themselves to delivering fresh tomatoes" over the next ten years.

This financial agreement was concluded on 27 December and represents a real boost for Tomalia, which closed its 2016/2017 fiscal year last 30 June with revenue of EUR 21.8 million (up 5.5% compared to the previous year) and a net loss of EUR 4.64 million, whereas the previous fiscal (2015/2016) had ended with a profit of EUR 0.8 million. By refinancing its debt in this way, the company has "ensured its survival", explained Javier Béjar, who also pointed out that "a similar turnover is expected, without losses" for the 2017/2018 marketing year. As CEO, Javier Béjar is part of the new team of leaders, along with Isidro Escobar, who took over the cooperative in 2017.

Along with Tomates del Guadiana and Pronat, Tomalia is one of the three tomato processing cooperatives still operational in the region, while the other Extremadura companies belong to the private sector. Tomalia is a second-level cooperative, as it includes several other cooperatives: its main shareholder is the cooperative Amalia de Sajonia, based in Santa Amalia, which holds close on 53% of the capital. Other cooperatives own shares in the capital, along with the Acorex group, which holds 16.5%.

In terms of production, Tomalia has undergone "major growth in terms of processing volumes in recent years". The 2016 season ended with an increase of 3.75% in terms of volume compared to the 2015 season, with 193 000 tonnes of tomatoes processed. For the next harvest, the company expects volumes to be reduced, mainly because of lack of rainfall. In any case, Tomalia intends to reduce the quantities under contract, in order to achieve a degree of balance between offer and demand, and encourage a recovery in market prices. Tomalia exports 90% of its production.
The company has a processing capacity of more than 4 700 tonnes of raw tomato per day (or approximately 200 000 tonnes per season) at its Santa Amalia plant, mobilizing 230 growers. It specializes in the production of tomato pastes and diced tomatoes in aseptic packaging (95% of its volumes) but it also produces canned tomatoes and sauces in cans and in glass jars (5%). Its production line for sliced or chopped tomatoes is one of the biggest automatic lines in Europe, with an industrial capacity of 16 tonnes of finished products per hour.
"Tomalia is an integral part of the future of Extremadura, because the future of our region is in the hands of the operators of our agriculture and our industry, particularly sectors in which we are leading players, like the tomato sector," concluded Javier Béjar.

Sources: Alimarket, Hoy

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