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<strong>Company</strong> <strong>structures</strong>, <strong>financing</strong> <strong>and</strong><br />
<strong>costs</strong> <strong>of</strong> <strong>Dutch</strong> pelagic freezer trawler<br />
companies<br />
A research paper prepared for Stichting <strong>Greenpeace</strong><br />
Nederl<strong>and</strong>
<strong>Company</strong> <strong>structures</strong>, <strong>financing</strong> <strong>and</strong><br />
<strong>costs</strong> <strong>of</strong> <strong>Dutch</strong> pelagic freezer trawler<br />
companies<br />
A research paper prepared for Stichting <strong>Greenpeace</strong><br />
Nederl<strong>and</strong><br />
Final Report: 16 May 2011<br />
Jan Willem van Gelder<br />
Petra Spaargaren<br />
Pr<strong>of</strong>undo<br />
Radarweg 60<br />
1043 NT Amsterdam<br />
The Netherl<strong>and</strong>s<br />
Tel: +31-20-820 83 20<br />
E-mail: pr<strong>of</strong>undo@pr<strong>of</strong>undo.nl<br />
Website: www.pr<strong>of</strong>undo.nl
Contents<br />
Summary ....................................................................................................................1<br />
Introduction................................................................................................................3<br />
Chapter 1 Parlevliet en van der Plas ...............................................................4<br />
1.1 Introduction ..............................................................................................4<br />
1.2 Fleet ..........................................................................................................4<br />
1.3 Revenues ..................................................................................................5<br />
1.4 <strong>Dutch</strong> subsidiaries ...................................................................................6<br />
1.4.1 Kilda BV .....................................................................................................6<br />
1.4.2 Fladen Gronden BV ...................................................................................7<br />
1.4.3 Vikingbank BV............................................................................................7<br />
1.4.4 Silver Pit BV...............................................................................................7<br />
1.4.5 Parlevliet en van der Plas BV.....................................................................7<br />
1.4.6 Parlevliet en van der Plas Haringh<strong>and</strong>el BV...............................................7<br />
1.4.7 Sawad Food International BV.....................................................................8<br />
1.5 German subsidiaries................................................................................8<br />
1.5.1 Doggerbank Seefischerei ...........................................................................8<br />
1.5.2 Westbank Hochseefischerei.......................................................................9<br />
1.5.3 Oderbank Hochseefischerei GmbH............................................................9<br />
1.5.4 Ostbank Hochseefischerei GmbH ............................................................10<br />
1.5.5 Mecklenburger Hochseefischerei GmbH ..................................................10<br />
1.5.6 Ocean Food GmbH..................................................................................10<br />
1.5.7 Euro-Baltic Fischverarbeitungs.................................................................11<br />
1.5.8 German Seafrozen Fish H<strong>and</strong>elsgesellschaft GmbH ...............................11<br />
1.6 Other subsidiaries..................................................................................11<br />
1.6.1 Atlantic High Sea Fishing <strong>Company</strong> .........................................................11<br />
1.6.2 Tronderbas AS.........................................................................................12<br />
1.6.3 UK Fisheries Ltd.......................................................................................12<br />
1.7 Revenues <strong>and</strong> pr<strong>of</strong>its per subsidiary....................................................12<br />
1.8 Loans ......................................................................................................16<br />
Chapter 2 Cornelis Vrolijk/Jaczon.................................................................17<br />
2.1 Introduction ............................................................................................17<br />
2.2 Fleet ........................................................................................................17<br />
2.3 Revenues ................................................................................................18<br />
2.4 <strong>Dutch</strong> subsidiaries .................................................................................19<br />
2.4.1 Introduction ..............................................................................................19<br />
2.4.2 Cornelis Vrolijks Visserij Maatschappij Diepzee II BV...............................19<br />
2.4.3 Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV .............................19<br />
2.4.4 Jaczon Visserijmaatschappij Afrika BV.....................................................20<br />
2.4.5 Jaczon Visserijmaatschappij Johanna Maria BV ......................................20<br />
2.4.6 Jaczon Visserijmaatschappij Zeel<strong>and</strong> BV.................................................20<br />
2.4.7 Jaczon Visserijmaatschappij Wiron BV ....................................................20<br />
2.4.8 Cornelis Vrolijk’s Visserij Maatschappij BV...............................................20
2.4.9 Jaczon Visgrooth<strong>and</strong>el BV .......................................................................21<br />
2.5 Foreign subsidiaries ..............................................................................21<br />
2.5.1 Introduction ..............................................................................................21<br />
2.5.2 France Pelagique S.a.r.l...........................................................................21<br />
2.5.3 North Atlantic Fishing Co..........................................................................22<br />
2.5.4 Valiant Trawlers .......................................................................................22<br />
2.6 Revenues <strong>and</strong> pr<strong>of</strong>its per subsidiary....................................................22<br />
2.7 Other subsidiaries..................................................................................24<br />
2.7.1 Jaczon BV................................................................................................24<br />
2.7.2 Vroko International Holding ......................................................................24<br />
2.8 Loans ......................................................................................................25<br />
Chapter 3 Willem van der Zwan en Zonen ....................................................26<br />
3.1 Introduction ............................................................................................26<br />
3.2 Fleet ........................................................................................................26<br />
3.3 Revenues ................................................................................................27<br />
3.4 Most important subsidiaries..................................................................27<br />
3.4.1 AZ Ocean Fisheries II BV.........................................................................27<br />
3.4.2 AZ Ocean Pelagic Fisheries BV ...............................................................28<br />
3.4.3 AZ Pelagic Fisheries BV...........................................................................28<br />
3.4.4 W. Van der Zwan Zonen Visserij Maatschappij BV...................................28<br />
3.4.5 Afrex Fisheries BV ...................................................................................28<br />
3.4.6 W. van der Zwan en Zonen BV ................................................................28<br />
3.5 Revenues <strong>and</strong> pr<strong>of</strong>its per subsidiary....................................................28<br />
3.6 Other subsidiaries..................................................................................29<br />
3.6.1 Introduction ..............................................................................................29<br />
3.6.2 W.Z. Canaria BV ......................................................................................29<br />
3.6.3 Trachurus BV ...........................................................................................29<br />
3.6.4 Biomarine BV ...........................................................................................30<br />
3.7 Loans ......................................................................................................30<br />
Chapter 4 Further research – fuel <strong>costs</strong> .......................................................31<br />
Appendix 1 Corporate structure <strong>of</strong> the companies ........................................32<br />
Appendix 2 Subsidiaries <strong>of</strong> Parlevliet en van der Plas...................................36<br />
Appendix 3 Direct subsidiaries <strong>of</strong> Jaczon BV.................................................37<br />
Appendix 4 Indirect subsidiaries <strong>of</strong> Jaczon BV ..............................................38<br />
Appendix 5 Subsidiaries Willem van der Zwan en Zonen..............................39<br />
Appendix 6 References.....................................................................................40
Summary<br />
This report provides information on company <strong>structures</strong>, <strong>financing</strong> <strong>and</strong> <strong>costs</strong> <strong>of</strong> three <strong>Dutch</strong><br />
pelagic freezer trawler companies <strong>and</strong> their subsidiaries: Parlevliet en van der Plas, Cornelis<br />
Vrolijk/Jaczon <strong>and</strong> Willem van der Zwan en Zonen.<br />
Together, these three companies own 32 pelagic freezer trawlers, <strong>of</strong> which:<br />
• 14 with a <strong>Dutch</strong> flag;<br />
• 6 with a German flag;<br />
• 7 with a UK flag;<br />
• 3 with a French flag;<br />
• 2 with a Lithuanian flag;<br />
• 1 with an Irish flag.<br />
Willem van der Zwan en Zonen only has trawlers with a <strong>Dutch</strong> flag, which are operated by<br />
<strong>Dutch</strong> subsidiaries. 1 Also the trading/processing activities <strong>of</strong> the group are executed by <strong>Dutch</strong><br />
subsidiaries.<br />
Parlevliet en van der Plas <strong>and</strong> Cornelis Vrolijk/Jaczon execute a large part <strong>of</strong> their operations<br />
through foreign subsidiaries. Parleviet en van der Plas has a total <strong>of</strong> 11 foreign subsidiaries,<br />
based in Germany, Lithuania, Norway <strong>and</strong> the UK, which either operate vessels or<br />
trading/processing centres. Cornelis Vrolijk/Jaczon has three foreign subsidiaries which<br />
operate vessels or trading/processing centres, based in France <strong>and</strong> the UK. In addition, all<br />
three groups have other foreign subsidiaries, which do not own vessels or important<br />
processing/trading centres but which could be important. These subsidiaries could be found<br />
in Appendix 2 for Parlevliet en van der Plas, Appendix 3 <strong>and</strong> Appendix 4 for Cornelis<br />
Vrolijk/Jaczon <strong>and</strong> Appendix 5 for Willem van der Zwan en Zonen.<br />
Table 1 provides an overview <strong>of</strong> the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the three companies. For<br />
Cornelis Vrolijk/Jaczon, no recent data were available. It is assumed that the data for the<br />
most recent year (2007/2008 for revenues <strong>and</strong> different years from 2004 for pr<strong>of</strong>its) can be<br />
used as an estimate for 2008 <strong>and</strong> 2009. When adding the revenues <strong>of</strong> the three companies,<br />
it can be shown that revenues <strong>of</strong> the three companies combined in 2008 were approximately<br />
€ 537.1 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 56.9 million. In 2009, revenues <strong>and</strong> pr<strong>of</strong>its were<br />
lower: an estimated € 402 million revenues resulting in a net pr<strong>of</strong>it <strong>of</strong> € 45.2 million.<br />
Table 1 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> <strong>Dutch</strong> pelagic freezer trawler companies<br />
Group Year Vessels Revenues (€ mln) Pr<strong>of</strong>its (€ mln)<br />
Parlevliet en van der Plas 2008<br />
15<br />
278.0 22.6<br />
Parlevliet en van der Plas 2009<br />
146.3 14.9<br />
Cornelis Vrolijk/Jaczon 2007/2008 12 181.4 24.0*<br />
Willem van der Zwan en Zonen 2008<br />
5<br />
77.7 10.3<br />
Willem van der Zwan en Zonen 2009<br />
74.3 6.3<br />
Total 2008 32 537.1 56.9<br />
Total 2009 32 402.0 45.2<br />
*Based on most recent year for all ships, years range between 2004 <strong>and</strong> 2009.<br />
1 This information applies to the period researched (2008/2009). In February 2010 one vessel changed<br />
to Peruvian flag because the vessel went fishing in Peru.<br />
-1-
These results can be compared to a recent report by <strong>Dutch</strong> LEI, which focuses on the <strong>Dutch</strong><br />
pelagic freezer trawlers only. The report by LEI presents a revenues figure <strong>of</strong> <strong>Dutch</strong> pelagic<br />
freezer trawlers <strong>of</strong> € 142 million in 2008 <strong>and</strong> € 115 million in 2009 (see Table 2). Pr<strong>of</strong>its are<br />
negative in both years. The reason that the figures used by the <strong>Dutch</strong> LEI is much lower than<br />
our estimates as presented in Table 1 can be explained by two reasons:<br />
• We focus on all ships <strong>of</strong> the three companies <strong>and</strong> not only the ones with a <strong>Dutch</strong> flag.<br />
Around 45% <strong>of</strong> the ships owned by the companies have a <strong>Dutch</strong> flag. Solely focusing on<br />
the <strong>Dutch</strong> fleet would approximately halve our estimate;<br />
• We focus on the whole business <strong>of</strong> the three companies, including vessel owning<br />
subsidiaries <strong>and</strong> trading subsidiaries. The vessel owning subsidiaries catch fish, which is<br />
then entirely sold to the trading <strong>and</strong> processing subsidiaries <strong>of</strong> the group. These trading<br />
<strong>and</strong> processing subsidiaries add value to the fish they bought from the vessel owning<br />
subsidiaries <strong>of</strong> the group <strong>and</strong> from external suppliers, <strong>and</strong> then sell the fish to external<br />
buyers.<br />
Year<br />
Table 2 Revenues <strong>Dutch</strong> fishing sector<br />
<strong>Dutch</strong> pelagic freezer trawlers <strong>Dutch</strong> fishing sector<br />
Vessels Revenues (€ mln) Pr<strong>of</strong>its (€ mln) Vessels Revenues (€ mln) % pelagic<br />
2005 15 137 1 447 439 31.2<br />
2006 13 125 7 446 426 29.3<br />
2007 14 135 6 442 477 28.3<br />
2008 14 142 (4) 615 473 30.0<br />
2009 14 115 (6) 590 386 29.8<br />
Source: LEI, “Visserij in Cijfers 2010”, LEI, September 2010.<br />
-2-
Introduction<br />
The objective <strong>of</strong> this research project is exp<strong>and</strong> information gathered in an earlier report by<br />
SOMO on the <strong>Dutch</strong> pelagic freezer trawler industry, to get some detailed answers on<br />
specific questions with regard to company <strong>structures</strong>, <strong>financing</strong> <strong>and</strong> <strong>costs</strong> <strong>of</strong> three <strong>Dutch</strong><br />
pelagic freezer trawler companies <strong>and</strong> their subsidiaries: Parlevliet en van der Plas, Cornelis<br />
Vrolijk/Jaczon <strong>and</strong> Willem van der Zwan en Zonen.<br />
The following specific research questions will be researched:<br />
• <strong>Dutch</strong> subsidiaries: Is additional information available on the <strong>Dutch</strong> subsidiaries <strong>of</strong> the<br />
three companies which SOMO has already researched, or foreign companies owned by<br />
these <strong>Dutch</strong> subsidiaries?<br />
• Foreign subsidiaries: What are the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the <strong>Dutch</strong> companies over the<br />
last 5 years, taking into account the complete picture <strong>of</strong> <strong>Dutch</strong>, other EU <strong>and</strong> non-EU parts<br />
<strong>of</strong> the company structure?<br />
• <strong>Company</strong> structure <strong>Dutch</strong> companies: A map <strong>of</strong> the company structure outlining the<br />
involvement <strong>of</strong> the three <strong>Dutch</strong> companies in other fisheries in the form <strong>of</strong> subsidiaries or<br />
other type <strong>of</strong> stakes in companies.<br />
Chapter 1 will discuss Parlevliet en van der Plas, commenting on <strong>Dutch</strong> <strong>and</strong> foreign vessel<br />
owning <strong>and</strong> trading subsidiaries, their revenues <strong>and</strong> pr<strong>of</strong>its <strong>and</strong> activities. Chapter 2 will<br />
provide this information for Cornelis Vrolijk/Jaczon, <strong>and</strong> Chapter 3 will discuss Willem van<br />
der Zwan en Zonen. Chapter 4 shortly discusses options for further research focused on fuel<br />
<strong>costs</strong>.<br />
An overview <strong>of</strong> the corporate <strong>structures</strong> <strong>of</strong> the groups, outlining the relationships that exist<br />
between the different subsidiaries discussed in this report, can be found in Appendix 1.<br />
A summary <strong>of</strong> the findings <strong>of</strong> this report can be found on the first pages <strong>of</strong> this report.<br />
-3-
Chapter 1 Parlevliet en van der Plas<br />
1.1 Introduction<br />
Pelagic trawler company Parlevliet & Van der Plas was founded in 1949 by Dirk Parlevliet<br />
<strong>and</strong> the brothers Dirk <strong>and</strong> Jan van der Plas. The ultimate owner <strong>of</strong> the group is PP Groep<br />
Katwijk BV, based in Valkenburg, the Netherl<strong>and</strong>s. The company's fishing fleet consists <strong>of</strong> 15<br />
freezer-trawlers, operated by a range <strong>of</strong> subsidiaries based in the Netherl<strong>and</strong>s, Germany, the<br />
United Kingdom, Norway <strong>and</strong> Lithuania. The total catch <strong>of</strong> the group as a whole is estimated<br />
at 300,000 tonnes in 2008 (see paragraph 1.7). The company also owns <strong>and</strong> operates<br />
multiple cold stores, trading <strong>of</strong>fices, factories <strong>and</strong> own transport. These facilities are based in<br />
the Netherl<strong>and</strong>s <strong>and</strong> Germany. 1<br />
Appendix 1 provides an overview <strong>of</strong> the corporate structure <strong>of</strong> Parlevliet en van der Plas,<br />
outlining the relationships that exist between the different subsidiaries discussed in this<br />
chapter.<br />
This chapter is organised as follows: Paragraph 1.2 will provide an overview <strong>of</strong> the fleet <strong>of</strong><br />
the company. Paragraph 1.3 will estimate the amount <strong>of</strong> revenues generated by the group as<br />
a whole. Paragraph 1.4 will provide more details on the <strong>Dutch</strong> subsidiaries <strong>of</strong> the group,<br />
paragraph 1.5 will discuss the German subsidiaries <strong>and</strong> paragraph 1.6 will discuss the<br />
subsidiaries based in other countries. Paragraph 1.7 will present a summary <strong>of</strong> the revenues<br />
<strong>and</strong> pr<strong>of</strong>its generated by each subsidiary. Finally, paragraph 1.8 sheds light on bank loans<br />
provided to Parlevliet en van der Plas over the past few years.<br />
1.2 Fleet<br />
Table 3 provides an overview <strong>of</strong> the fleet <strong>of</strong> Parlevliet en van der Plas. In total, the company<br />
has 15 pelagic freezer trawlers, <strong>of</strong> which three operate under a <strong>Dutch</strong> flag, six operate under<br />
a German flag, two operate under Lithuanian flag, one operates under a Norwegian flag <strong>and</strong><br />
three operate under a UK flag.<br />
Table 3 Fleet <strong>of</strong> Parlevliet en van der Plas<br />
Vessel Flag Engine<br />
KW 170 Annie Hillina <strong>Dutch</strong><br />
KW 172 Dirk Diederik <strong>Dutch</strong><br />
2,738 KW<br />
(3,670 HP)<br />
6,565 KW<br />
(8,800 HP)<br />
-4-<br />
Freezing<br />
capacity<br />
(metric<br />
ton/day)<br />
Subsidiary<br />
100 Kilda BV 2<br />
200 Fladen Gronden<br />
KW 174 Annelies Ilena <strong>Dutch</strong> 14,400 KW 300 Vikingbank<br />
BX 786 Atlantic Peace German 2,724 KW 40 Ocean Food GmbH & Co<br />
BX 791 Jan Maria German<br />
ROS 171 Maartje Theadora German<br />
6,155 KW<br />
(8,250 HP)<br />
6,416 KW (2<br />
x 4,300 HP)<br />
250 Doggerbank Seefischerei<br />
300 Westbank Hochseefischerei<br />
ROS 784 Dirk Dirk German 3,282 KW 200 Ostbank Hochseefischerei<br />
2 Since end 2009: Ostbank Hochseefischerei GmbH
Vessel Flag Engine<br />
ROS 785 Helen Mary German<br />
ROS 786 Gerda Maria German<br />
(4,400 HP)<br />
6,416 KW (2<br />
x 4,300 HP)<br />
2,954 KW<br />
(3,960 HP)<br />
-5-<br />
Freezing<br />
capacity<br />
(metric<br />
ton/day)<br />
KL 749 Margiris Lithuanian 9,880 KW 275<br />
KL 759 Nida Lithuanian<br />
1,760 KW (2<br />
x SKL 8VD<br />
26/20)<br />
Subsidiary<br />
275 Oderbank Hochseefischerei<br />
26 Mecklenburger<br />
Hochseefischerei<br />
NT 500-V Tronderbas Norwegian 7,000 (?) ? Tronderbas<br />
H 135 Farnella UK<br />
H 771 Marbella UK<br />
1,825 KW<br />
(2,447 HP)<br />
2,458 KW<br />
(3,295 HP)<br />
20<br />
Atlantic High Sea Fishing<br />
<strong>Company</strong><br />
Atlantic High Sea Fishing<br />
<strong>Company</strong><br />
? UK Fisheries<br />
0 UK Fisheries<br />
H 176 Arctic Warrior UK 2,400 KW 48 UK Fisheries<br />
1.3 Revenues<br />
Source: Annual reports <strong>of</strong> all subsidiaries, websites Parlevliet en van der Plas.<br />
As PP Groep Katwijk BV is the ultimate owner <strong>of</strong> the group, its revenues <strong>and</strong> pr<strong>of</strong>its should<br />
represent the consolidated revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> all group companies. In 2008, revenues <strong>of</strong><br />
PP Groep Katwijk BV were € 278.0 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 22.6 million. In 2009,<br />
revenues were much lower: € 146.3 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 14.9 million.<br />
Table 4 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> PP Groep Katwijk<br />
Year Revenues (€ mln) Pr<strong>of</strong>its (€ mln)<br />
2007 270.6 19.6<br />
2008 278.0 22.6<br />
2009 146.3 14.9<br />
Source: PP Groep Katwijk BV, “Financial report 2008”, PP Groep Katwijk BV,<br />
November 2009; Brauw, C. <strong>and</strong> van der Wal, S., “The Pelagic Freezer Trawler<br />
Association: An assessment <strong>of</strong> activities in <strong>and</strong> outside Europe”, SOMO, June 2010.<br />
The following paragraphs will try to estimate how much each <strong>of</strong> the subsidiaries <strong>of</strong> the<br />
Parlevliet en van der Plas Group contribute to the consolidated revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> PP<br />
Groep Katwijk BV. Because many subsidiaries <strong>of</strong> the group have not yet deposited an annual<br />
report for 2009, we will focus on revenues <strong>and</strong> pr<strong>of</strong>its generated in 2008. If available, the<br />
data for 2009 are mentioned as well.
1.4 <strong>Dutch</strong> subsidiaries<br />
A full list <strong>of</strong> the subsidiaries <strong>of</strong> Parlevliet en van der Plas can be found in Appendix 2. Table 5<br />
presents an overview <strong>of</strong> the financial accounts <strong>of</strong> a range <strong>of</strong> <strong>Dutch</strong> subsidiaries <strong>of</strong> PP Group<br />
Katwijk BV. The subsidiaries with a relatively large amount <strong>of</strong> revenues are generally the<br />
subsidiaries that are actively operating, either as a vessel owning subsidiary or as a<br />
trading/processing subsidiary.<br />
Table 5 Most important <strong>Dutch</strong> subsidiaries, 2008 data<br />
Subsidiary Revenues (€ mln) Pr<strong>of</strong>its (loss) (€ mln)<br />
Parlevliet en van der Plas BV 153.0 14.3<br />
Parlevliet en van der Plas Haringh<strong>and</strong>el BV 11.0 1.9<br />
Kilda BV 7.8 (0.4)<br />
Vikingbank BV 23.5 (0.9)<br />
Fladen Gronden BV 10.1 0.3<br />
Silver Pit BV 5.2 1.4<br />
Sawad Food International BV 22.3 0.5<br />
The <strong>Dutch</strong> subsidiaries <strong>of</strong> the group that own vessels <strong>and</strong> sell fish to other subsidiaries <strong>of</strong> the<br />
group are:<br />
• Kilda BV<br />
• Fladen Gronden BV<br />
• Vikingbank BV<br />
• Silver Pit BV (until recently)<br />
In addition, the following subsidiaries are important processing <strong>and</strong> trading subsidiaries:<br />
• Parlevliet en van der Plas Haringh<strong>and</strong>el BV sells herring in the EU<br />
• Sawad Food International BV sells different species to non-EU markets<br />
• Parlevliet en van der Plas BV sells different species to EU <strong>and</strong> non-EU markets<br />
These subsidiaries are each discussed below:<br />
1.4.1 Kilda BV<br />
Kilda BV is based in Valkenburg. This subsidiary engages in catching, producing <strong>and</strong> trading<br />
in pelagic fish products. The company owns the vessel ROS 170 Annie Hillina, which the<br />
company acquired in 2007 from another group company for € 1 million. In 2008, the<br />
company realised revenues <strong>of</strong> € 7.8 million, resulting in a net loss <strong>of</strong> € 0.4 million.<br />
In 2008, revenue was generated by the sale <strong>of</strong> horse mackerel (€ 3.4 million), herring (€ 2.7<br />
million) <strong>and</strong> mackerel (€ 1.7 million) to group companies. 2<br />
In December 2009, the vessel ROS 170 Annie Hillina was sold to a German subsidiary <strong>of</strong> the<br />
Parlevliet en van der Plas group: Ostbank Hochseefischerei GmbH (see paragraph 1.5.4). 3<br />
-6-
1.4.2 Fladen Gronden BV<br />
Fladen Gronden BV is based in Valkenburg. This subsidiary engages in catching, producing<br />
<strong>and</strong> trading in pelagic fish products. The company owns the vessel KW 172 Dirk Diederik. In<br />
2008, Fladen Gronden BV generated revenues <strong>of</strong> € 10.1 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> €<br />
0.3 million.<br />
In 2008 the company generated its revenues by selling blue whiting (€ 3.2 million), horse<br />
mackerel (€ 1.7 million), mackerel (€ 1.6 million), herring (€ 1.0 million) <strong>and</strong> other species (€<br />
2.6 million) to group companies. 4<br />
1.4.3 Vikingbank BV<br />
Vikingbank BV is based in Valkenburg. This subsidiary engages in the catching, producing<br />
<strong>and</strong> trading pelagic fish products. The company owns the vessel KW 174 Annelies Ilena<br />
(previously called Atlantic Dawn), which had in 2008 been operational the whole year<br />
(compared to eight months in 2007). Vikingbank BV acquired this vessel in 2007 for € 50<br />
million. In 2008, the company realized revenues <strong>of</strong> € 23.5 million, resulting in a net loss <strong>of</strong> €<br />
0.9 million. This loss was mainly due to repairs that had to be carried out in this year.<br />
In 2008 the company generated its revenues by selling horse mackerel (€ 17.8 million), blue<br />
whiting (€ 3.9 million) <strong>and</strong> mackerel (€ 1.8 million) to group companies.<br />
At the end <strong>of</strong> December 2008, total assets <strong>of</strong> the company were € 43.0 million. These assets<br />
were mainly financed by an outst<strong>and</strong>ing loan with Rabobank (see paragraph 1.8). 5<br />
1.4.4 Silver Pit BV<br />
In 2008, Silver Pit BV generated revenues <strong>of</strong> € 5.2 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 1.4<br />
million. The company sells fish to group companies. However, in 2007 the company sold its<br />
vessel KW 171 Maartje Theodora to German subsidiary Westbank Hochseefischerei (see<br />
paragraph). Because the subsidiary is yet to receive (part <strong>of</strong>) the payments for the ship, in<br />
2008 the company had accounts receivables outst<strong>and</strong>ing to group companies <strong>of</strong> € 23.7<br />
million. 6<br />
1.4.5 Parlevliet en van der Plas BV<br />
Trading subsidiary Parlevliet & van der Plas BV is based in Valkenburg, the Netherl<strong>and</strong>s. In<br />
2008, this subsidiary generated € 153.0 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 14.3 million. The<br />
company generates its revenues by selling fish <strong>and</strong> fish products. More than 50 per cent <strong>of</strong><br />
the revenues <strong>of</strong> the company are generated through sales outside the EU. 7<br />
In IJmuiden (the Netherl<strong>and</strong>s), Parlevliet & van der Plas BV has cold stores where the cargo<br />
<strong>of</strong> the freezer trawlers are discharged <strong>and</strong> stored <strong>and</strong> from where international distribution<br />
takes place. In Harderwijk (the Netherl<strong>and</strong>s) Parlevliet en van der Plas BV has a factory for<br />
processing herring <strong>and</strong> herring products. 8<br />
1.4.6 Parlevliet en van der Plas Haringh<strong>and</strong>el BV<br />
Parlevliet en van der Plas Haringh<strong>and</strong>el BV is based in Valkenburg. In 2008, the company<br />
generated revenues <strong>of</strong> € 11.0 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 1.9 million. This company<br />
engages in the wholesale <strong>of</strong> herring. The raw material is partly coming from the company's<br />
own vessels <strong>and</strong> partly from British, Irish, Danish, French <strong>and</strong> Norwegian fishing vessels.<br />
The company sells its products in the Benelux, Germany <strong>and</strong> France. In 2008, about 70 per<br />
cent <strong>of</strong> the subsidiary’s pr<strong>of</strong>its are incurred in the Netherl<strong>and</strong>s, <strong>and</strong> 19 per cent in Germany. 9<br />
-7-
1.4.7 Sawad Food International BV<br />
This subsidiary sells pelagic fish products, purchased from group companies, in foreign<br />
markets. The bulk <strong>of</strong> the net sales are gained in Africa. In 2008, the company generated<br />
revenues <strong>of</strong> € 22.3 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 0.5 million. In 2008, Sawad Food<br />
International BV has purchased the fish from group companies for a total price <strong>of</strong> € 19.4<br />
million. 10<br />
1.5 German subsidiaries<br />
A full list <strong>of</strong> the subsidiaries <strong>of</strong> Parlevliet en van der Plas can be found in Appendix 2. The<br />
most important German subsidiaries <strong>of</strong> the group, because they operate vessels or are<br />
important processing <strong>and</strong> trading subsidiaries, are summarized in Table 6.<br />
Table 6 German vessel owning <strong>and</strong> trading subsidiaries, 2008 data<br />
Subsidiary Revenues (€ mln) Pr<strong>of</strong>its (loss) (€ mln)<br />
Ostbank Hochseefischerei GmbH 12.3 0.0*<br />
Doggerbank Seefischerei GmbH 15.5 2.3<br />
Oderbank Hochseefischerei GmbH 15.5 0.0*<br />
Westbank Hochseefischerei GmbH 20.6 0.0*<br />
Euro Baltic Fishverarbeitungs GmbH 47.9 1.0<br />
German Seafrozen Fish H<strong>and</strong>elsgesellschaft GmbH 63.8 0.7<br />
Mecklenburger Hochseefischerei GmbH Unknown Unknown<br />
Ocean Food GmbH Unknown Unknown<br />
*Pr<strong>of</strong>it included in pr<strong>of</strong>it <strong>of</strong> Doggerbank Seefischerei<br />
The German subsidiaries <strong>of</strong> the group that are owning vessels <strong>and</strong> sell fish to other<br />
subsidiaries <strong>of</strong> the group are:<br />
• Doggerbank Seefischerei GmbH<br />
• Oderbank Hochseefischerei GmbH<br />
• Ostbank Hochseefischerei GmbH<br />
• Westbank Hochseefischerei GmbH<br />
• Mecklenburger Hochseefischerei GmbH<br />
• Ocean Food GmbH<br />
In addition, the following subsidiaries are important processing <strong>and</strong> trading subsidiaries:<br />
• Euro Baltic Fishverarbeitungs GmbH sales <strong>of</strong> group fish <strong>and</strong> external fish (mainly EU)<br />
• German Seafrozen Fish H<strong>and</strong>elsgesellschaft GmbH sales <strong>of</strong> deep sea fish (mainly EU)<br />
1.5.1 Doggerbank Seefischerei<br />
Doggerbank Seefischerei GmbH is based in Bremerhaven. The vessels <strong>of</strong> Parlevliet en van<br />
der Plas discharge their fish in the cold stores <strong>of</strong> Doggerbank. The total storage capacity <strong>of</strong><br />
the coldstore is 15.000 mt. The goods are transported worldwide by trucks, reefer containers<br />
<strong>and</strong> reefer vessels. 11<br />
-8-
In addition, the company owns the vessel BX 791 Jan Maria. In 2008, a total <strong>of</strong> 4 trips were<br />
made with this vessel, catching 15,114 tonnes <strong>of</strong> fish (2007: 38,368 tonnes). The fishing<br />
days decreased from 209 fishing days in 2007 to 76 fishing days in 2008. 12 In 2008, the<br />
subsidiary generated total revenues <strong>of</strong> € 15.5 million. Through its pr<strong>of</strong>it transfer agreements<br />
(see Box 1), the company received € 7.6 million in this year. Net pr<strong>of</strong>it <strong>of</strong> the subsidiary was<br />
€ 2.3 million.<br />
In 2008, the company sold its fish to Germany (€ 2.4 million), other EU countries (€ 4.3<br />
million), <strong>and</strong> countries outside the EU (€ 8.8 million). 13<br />
At the end <strong>of</strong> December 2008, Doggerbank Seefischerei GmbH owned total assets <strong>of</strong> € 47.9<br />
million. These assets were mainly financed by intercompany loans (€ 25.8 million) <strong>and</strong> a loan<br />
provided by Rabobank <strong>of</strong> € 10.5 million (see paragraph 1.8).<br />
BOX: Pr<strong>of</strong>it transfer agreements<br />
A pr<strong>of</strong>it transfer agreement, a feature <strong>of</strong> German law, is a legal contract between two<br />
companies entering into a working relationship. Under the agreement, one company agrees<br />
to transfer its pr<strong>of</strong>its to another company. The pr<strong>of</strong>it transfer agreement is part <strong>of</strong> a<br />
consolidation between companies. The arrangement is essentially that <strong>of</strong> a parent company<br />
<strong>and</strong> subsidiary, in which the parent receives the pr<strong>of</strong>its <strong>of</strong> the subsidiary. The main reason<br />
for companies to enter into a pr<strong>of</strong>it transfer agreement is for the tax benefits that it<br />
produces. A pr<strong>of</strong>it transfer agreement allows the controlling company in the agreement to<br />
receive credit for the taxes that are paid for the controlled company. The agreement is also<br />
beneficial for tax reasons because it allows the parent company to consolidate its pr<strong>of</strong>its<br />
<strong>and</strong> losses.<br />
1.5.2 Westbank Hochseefischerei<br />
Westbank Hochseefischerei is based in Sassnitz, Germany. It is a 100% subsidiary <strong>of</strong><br />
Doggerbank Seefischerei. The company owns the vessel ROS 171 Maartje Theadora.<br />
In 2008, total revenues <strong>of</strong> the subsidiary were € 20.6 million, <strong>of</strong> which € 17.3 million was<br />
generated by fish caught by the company’s own vessels <strong>and</strong> € 3.3 million by fish purchased<br />
from other companies. The company has a pr<strong>of</strong>it share agreement with Doggerbank. 14<br />
In 2008, Maartje Theadora undertook nine trips <strong>and</strong> caught a total <strong>of</strong> 42,581 tonnes <strong>of</strong> fish.<br />
There were 207 fishing days in this year. 15<br />
The ROS 171 Maartje Theadora is equipped with Skysail, a giant kite <strong>of</strong> 160m 2 that is aimed<br />
to reduce the use <strong>of</strong> fuel. The kite will be used on the trips to the African coast <strong>and</strong> South<br />
Pacific. 16<br />
1.5.3 Oderbank Hochseefischerei GmbH<br />
Oderbank Hochseefischerei GmbH is based in Sassnitz, Germany. It is a 100% subsidiary <strong>of</strong><br />
Doggerbank Seefischerei. The purpose <strong>of</strong> the company is deep-sea fishing, the operation <strong>of</strong><br />
fishing vessels, processing <strong>of</strong> fish on board, <strong>and</strong> the sale <strong>of</strong> fish <strong>and</strong> fish products. The<br />
company operates the vessel ROS 785 Helen Mary.<br />
In 2008, total revenues <strong>of</strong> the subsidiary were € 15.5 million. The company has a pr<strong>of</strong>it share<br />
agreement with Doggerbank. In 2008, the Helen Mary undertook 12 trips <strong>and</strong> caught <strong>of</strong><br />
36,998 tonnes <strong>of</strong> fish. There were 225 fishing days in this year. The company has sailed for<br />
five months in the South Pacific. 17<br />
The sales <strong>of</strong> fish in 2008 per species were as follows: mackerel (€ 10.1 million), herring (€<br />
2.6 million), blue whiting (€ 1.7 million), <strong>and</strong> horse mackerel (€ 1.0 million).<br />
-9-
In 2009, Oderbank Hochseefischerei GmbH realised sales <strong>of</strong> € 14.9 million, by undertaking 9<br />
trips <strong>and</strong> catching 29,906 tonnes <strong>of</strong> fish: Mackerel (€ 6.2 million), herring (€ 3.2 million), jack<br />
mackerel (€ 3.5 million) <strong>and</strong> horse mackerel (€ 1.9 million). In 2009, the company sailed for<br />
six months in the South Pacific. 18<br />
At the end <strong>of</strong> December 2008, Oderbank Hochseefischerei GmbH owned total assets <strong>of</strong> €<br />
16.4 million. These assets were mainly financed by a loan outst<strong>and</strong>ing with Rabobank <strong>of</strong> €<br />
14 million (see paragraph 1.8). 19<br />
1.5.4 Ostbank Hochseefischerei GmbH<br />
Ostbank Hochseefischerei GmbH is based in Sassnitz, Germany. It is a 100% subsidiary <strong>of</strong><br />
Doggerbank Seefischerei. The purpose <strong>of</strong> the company is deep-sea fishing, the operation <strong>of</strong><br />
fishing vessels, processing <strong>of</strong> fish on board, <strong>and</strong> the sale <strong>of</strong> fish <strong>and</strong> fish products. The<br />
company operates the vessel ROS 784 Dirk Dirk.<br />
In 2008, total revenues <strong>of</strong> the subsidiary were € 12.3 million, <strong>of</strong> which € 6.1 million was<br />
generated by sales in the Netherl<strong>and</strong>s. The company has a pr<strong>of</strong>it share agreement with<br />
Doggerbank. In 2008, the Dirk Dirk undertook 14 trips <strong>and</strong> caught a total <strong>of</strong> 27,940 tonnes <strong>of</strong><br />
fish. The exact amounts <strong>of</strong> catch per species are unknown. The company does report that its<br />
mackerel sales were € 3.3 million higher than the previous year, <strong>and</strong> that its horse mackerel<br />
sales were € 2.0 million higher. 20<br />
In 2009, the Dirk Dirk undertook 10 trips <strong>and</strong> caught a total <strong>of</strong> 17,016 tonnes <strong>of</strong> fish. The<br />
company realized revenues <strong>of</strong> € 7.7 million, which his significantly lower than in 2008.<br />
Especially the sales <strong>of</strong> herring (€-2.6 million), horse mackerel (€-0.6 million) <strong>and</strong> blue whiting<br />
(€-1.0 million) were much lower than in 2008. 21<br />
In October 2009, Ostbank Hochseefischerei GmbH sold its vessel ROS 784 Dirk Dirk. In<br />
2009, Parlevliet en van der Plas took over a fish processing company on the Faroe Isl<strong>and</strong>s<br />
<strong>and</strong> bought shares in a fishing company on the Faroe Isl<strong>and</strong>s <strong>of</strong> the Norwegian company<br />
Aker Biomarine (a biotechnology company specialised in Krill fishing <strong>and</strong> processing). The<br />
Dirk Dirk was reflagged to the Faroe Isl<strong>and</strong>s, renamed “KG 14 Naeraberg” <strong>and</strong> brought to the<br />
Faroe Isl<strong>and</strong>s. 22<br />
In December 2009 Ostbank Hochseefischerei GmbH acquired another vessel from a <strong>Dutch</strong><br />
subsidiary <strong>of</strong> the Parlevliet <strong>and</strong> van der Plas group: ROS 170 Annie Hillina (see paragraph<br />
1.4.1).<br />
1.5.5 Mecklenburger Hochseefischerei GmbH<br />
Mecklenburger Hochseefischerei GmbH (MHF), is a 100 % subsidiary <strong>of</strong> Parlevliet en van<br />
der Plas since November 1998. MHF owns one trawler, ROS 786 Gerda Maria, specialized<br />
in catching <strong>and</strong> processing bottomfish, especially black halibut <strong>and</strong> redfish. The fishing<br />
grounds are in the Irminger Sea (southwest <strong>of</strong> Icel<strong>and</strong>), East- <strong>and</strong> West Greenl<strong>and</strong> waters,<br />
but also <strong>of</strong>f Canada <strong>and</strong> in the Barentz Sea. No information could be found on revenues <strong>and</strong><br />
pr<strong>of</strong>its <strong>of</strong> this company. 23<br />
1.5.6 Ocean Food GmbH<br />
Ocean Food GmbH is based in Bremerhaven. The subsidiary owns the vessel BX 786<br />
Atlantic Peace, which fishes in the North Sea, Barents Sea, Bear Isl<strong>and</strong>, Spitzbergen, Faroer<br />
Isl<strong>and</strong>s, Icel<strong>and</strong>, Irminger Sea, Greenl<strong>and</strong> East <strong>and</strong> West <strong>and</strong> Newfundl<strong>and</strong>. 24 Ocean Food<br />
GmbH was only taken over by Parlevliet en van der Plas in January 2009. 25 Therefore, no<br />
revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> BX 786 Atlantic Peace are yet available.<br />
-10-
1.5.7 Euro-Baltic Fischverarbeitungs<br />
Euro-Baltic Fischverarbeitungs GmbH is based in Sassnitz, Germany. The company is a<br />
100% subsidiary <strong>of</strong> Parlevliet & van der Plas Haringh<strong>and</strong>el BV. The Euro-Baltic fish<br />
processing centre, in which € 40 million was invested by the Parlevliet en van der Plas, is<br />
located in the port <strong>of</strong> Sassnitz-Mukran on the German isl<strong>and</strong> Rügen. The processing centre<br />
was set up because German fishing vessels were forced to sell their catch in Denmark <strong>and</strong><br />
Holl<strong>and</strong> for filleting, after which they were being transported back into Germany. The plant<br />
has the capacity to fillet about 50,000 tonnes <strong>of</strong> fish annually. 26<br />
Total revenues <strong>of</strong> Euro-Baltic Fischverarbeitungs GmbH in 2008 were € 47.9 million, which<br />
resulted primarily from the sale <strong>of</strong> finished goods from the group’s own production. The<br />
company generated revenues <strong>of</strong> € 38.6 million by selling fish caught by the group, the<br />
remainder <strong>of</strong> the revenues being accounted for by goods purchased from other parties. In<br />
2008, the company sold its fish in Germany (€ 24.2 million), other EU countries (21.3 million)<br />
<strong>and</strong> non-EU countries (€ 2.4 million). 27<br />
1.5.8 German Seafrozen Fish H<strong>and</strong>elsgesellschaft GmbH<br />
German Seafrozen Fish H<strong>and</strong>elsgesellschaft GmbH (GSF) is based in Bremerhaven. GSF is<br />
100% owned by <strong>of</strong> MHF. GSF was founded in 1999 <strong>and</strong> is responsible for the worldwide<br />
marketing <strong>of</strong> P&P‘s ground fish product range. The company is a commission agent for<br />
related companies Westbank Hochseefischerei, Nordbank Hochseefischerei <strong>and</strong><br />
Warnemünder Hochseefischerei, <strong>and</strong> for external companies. In 2008, GSF generated<br />
revenues <strong>of</strong> € 63.7 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 0.7 million. The subsidiary has<br />
concluded a pr<strong>of</strong>it-<strong>and</strong> loss transfer agreement with its parent company MHF, but because<br />
the pr<strong>of</strong>its <strong>of</strong> MHF are unknown, we attribute the pr<strong>of</strong>it to GSF.<br />
€ 25.1 million was accounted for by sales in Germany, € 23.7 million by sales in other EU<br />
countries <strong>and</strong> € 14.7 million by sales to non-EU countries. 28<br />
The GSF is trying to open up new markets for new products such as redfish <strong>and</strong> catfish<br />
(Vietnamese farmed fish). 29<br />
1.6 Other subsidiaries<br />
Three subsidiaries based in the United Kingdom, Norway <strong>and</strong> Lithuania also belong to<br />
Parlevliet en van der Plas:<br />
• Atlantic High Sea Fishing <strong>Company</strong> Lithuania 100% owned<br />
• Tronderbas AS Norway 40% owned<br />
• UK Fisheries Ltd UK 50% owned<br />
These subsidiaries all operate vessels. Each subsidiary is discussed below:<br />
1.6.1 Atlantic High Sea Fishing <strong>Company</strong><br />
The Atlantic High Sea Fishing <strong>Company</strong> is located in Klaipeda, Lithuania. The subsidiary<br />
operates two vessels: The KL 749 Margiris <strong>and</strong> the KL 759 Nida. In 2008, Atlantic High Sea<br />
Fishing <strong>Company</strong> generated revenues <strong>of</strong> LTL 54.7 million (€ 15.7 million), resulting in a net<br />
pr<strong>of</strong>it <strong>of</strong> LTL 0.8 million (€ 0.2 million). 30<br />
-11-
1.6.2 Tronderbas AS<br />
Tronderbas AS is based in Rørvik, Norway. It is a 40% subsidiary <strong>of</strong> Parlevliet en van der<br />
Plas. The other 60% is owned by the Norwegian Ulsund family. Tronderbas AS owns the<br />
vessel NT 500-V Tronderbas. In 2008, the company generated revenues <strong>of</strong> NOK 52.9 million<br />
(€ 5.3 million), resulting in a net pr<strong>of</strong>it <strong>of</strong> NOK 3.1 million (€ 0.3 million). 31 The NT 500-V<br />
Tronderbas sails in European waters. 32<br />
1.6.3 UK Fisheries Ltd<br />
UK Fisheries Ltd is based in Hull, the United Kingdom. UK Fisheries jointly owned by<br />
Onward Fishing <strong>Company</strong>, which is part <strong>of</strong> Icel<strong>and</strong>ic sea food company Samherji hf, <strong>and</strong><br />
Tory BV, a subsidiary <strong>of</strong> Parlevliet en van der Plas in the Netherl<strong>and</strong>s. 33<br />
UK Fisheries operates three vessels through its subsidiaries Jacinta Ltd, Armana Ltd <strong>and</strong><br />
Lionman Ltd: H 176 Arctic Warrior, H 771 Marbella <strong>and</strong> H 135 Farnella. In 2008, UK<br />
Fisheries Ltd <strong>and</strong> its subsidiaries generated total revenues <strong>of</strong> £ 16.0 million (€ 16.4 million),<br />
resulting in a net pr<strong>of</strong>it <strong>of</strong> £ 2.3 million (€ 2.4 million). The Farnella fishes in the North Sea<br />
<strong>and</strong> mainly catches saithe <strong>and</strong> Atlantic cod. The other two vessels are pelagic freezer<br />
trawlers. 34<br />
In December 2010, UK Fisheries acquired Spanish company Pesquera Ancora for € 20<br />
million. This company has three pelagic trawler vessels. The main reason for the acquisition<br />
is the fishing quota <strong>of</strong> Pesquera Ancora: 3,300 tonnes in the Barents Sea <strong>and</strong> Canada. 35<br />
1.7 Revenues <strong>and</strong> pr<strong>of</strong>its per subsidiary<br />
As discussed in paragraph 1.3, total revenues <strong>of</strong> the Parlevliet en van der Plas Group as<br />
specified in the annual report <strong>of</strong> PP Groep Katwijk BV were € 278 million in 2008.These<br />
revenues resulted in a pr<strong>of</strong>it <strong>of</strong> € 22.6 million.<br />
To underst<strong>and</strong> where revenues <strong>and</strong> pr<strong>of</strong>its are generated <strong>and</strong> how all subsidiaries contribute<br />
to the total revenues <strong>of</strong> the group, it is crucial to group all subsidiaries in two groups:<br />
• Vessel owning subsidiaries<br />
• Trading <strong>and</strong> processing subsidiaries<br />
The vessel owning subsidiaries catch fish, which is then entirely sold to the trading <strong>and</strong><br />
processing subsidiaries <strong>of</strong> the group. According to the annual reports <strong>of</strong> Parlevliet en van der<br />
Plas, the fish is sold based on the arm’s length principle, in which the price is equal to the<br />
price two unrelated parties would charge each other (the market price). These trading <strong>and</strong><br />
processing subsidiaries add value to the fish they bought from the vessel owning subsidiaries<br />
<strong>of</strong> the group <strong>and</strong> from external suppliers, <strong>and</strong> then sell the fish to external buyers. This<br />
means that the consolidated revenue <strong>of</strong> the group is equal to the total <strong>of</strong> the revenues <strong>of</strong> the<br />
trading <strong>and</strong> processing subsidiaries. As the revenues <strong>of</strong> the vessel owning subsidiaries are<br />
realised by selling fish to the trading <strong>and</strong> processing subsidiaries <strong>of</strong> the group, their revenues<br />
are accounted as the cost <strong>of</strong> supplies for the trading <strong>and</strong> processing subsidiaries. In other<br />
words, when consolidating the revenues <strong>of</strong> all group subsidiaries, the revenues <strong>of</strong> the vessel<br />
owning subsidiaries “disappear” because they are realised by internal sales within the group.<br />
For consolidating pr<strong>of</strong>its, the calculation is different <strong>and</strong> more straightforward: the<br />
consolidated pr<strong>of</strong>it <strong>of</strong> the group equals the sum <strong>of</strong> the pr<strong>of</strong>its made by all subsidiaries.<br />
-12-
We therefore take a look firsts at the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the vessel owning subsidiaries<br />
(see Table 7). In 2008, these subsidiaries together earned revenues <strong>of</strong> € 137.5 million by<br />
selling fish to the trading <strong>and</strong> processing companies mentioned in Table 8. Because they are<br />
realised by internal sales within the group, these revenues do not contribute to consolidated<br />
revenues <strong>of</strong> the group.<br />
The pr<strong>of</strong>its realised by the vessel owning subsidiaries amounted to € 5.6 million in 2008. Of<br />
this total pr<strong>of</strong>it, € 4.2 million can be attributed to the Parlevliet en der Plas Group, because<br />
the company only owns a minority interest in some subsidiaries.<br />
Table 7 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> vessel owning subsidiaries, 2008 data 3<br />
Subsidiary Vessel(s)<br />
Doggerbank<br />
Seefischerei<br />
UK Fisheries<br />
Atlantic High Sea<br />
Fishing <strong>Company</strong><br />
Revenues<br />
(€ mln)<br />
-13-<br />
Pr<strong>of</strong>its<br />
(€ mln)<br />
Species Tonnes<br />
BX 791 Jan Maria 6.4 2.3** Unknown 15,114<br />
H 135 Farnella, H 771<br />
Marbella <strong>and</strong> H 176<br />
Arctic Warrior<br />
KL 749 Margiris <strong>and</strong> KL<br />
759 Nida<br />
Kilda KW 170 Annie Hillina 7.8 (0.4)<br />
Fladen Gronden KW 172 Dirk Diederik 10.1 0.3<br />
Vikingbank KW 174 Annelies Ilena 23.5 (0.9)<br />
Silver Pit BV<br />
KW 171 Maartje<br />
Theodora (until 2007)<br />
16.4 2.4 Unknown 38,881<br />
15.7 0.2 Unknown 37,221<br />
Horse mackerel,<br />
herring, mackerel<br />
Blue whiting, horse<br />
mackerel, herring,<br />
other<br />
Horse mackerel,<br />
blue whiting,<br />
mackerel<br />
18,492<br />
23,945<br />
55,714<br />
5.2 1.4 Unknown 12,328<br />
Tronderbas NT 500-V Tronderbas 5.3 0.3 Unknown 12,565<br />
Westbank<br />
Hochseefischerei<br />
Ostbank<br />
Hochseefischerei<br />
Oderbank<br />
Hochseefischerei<br />
Mecklenburger<br />
Hochseefischerei<br />
ROS 171 Maartje<br />
Theadora<br />
ROS 784 Dirk Dirk 12.3 0.0*<br />
ROS 785 Helen Mary 15.5 0.0*<br />
17.3 0.0* Unknown 42,581<br />
Mackerel, horse<br />
mackerel, herring,<br />
blue whiting<br />
Mackerel, herring,<br />
blue whiting, horse<br />
mackerel<br />
27,940<br />
36,998<br />
ROS 786 Gerda Maria 2.0 0.0 Unknown 4,741<br />
Total 137.5 5.6 326,520<br />
Share P&P (based on 50% ownership UK<br />
Fisheries <strong>and</strong> 40% ownership Trondenbas)<br />
126.1 4.2 307,079<br />
*Included in pr<strong>of</strong>it <strong>of</strong> Doggerbank Seefischerei ** includes pr<strong>of</strong>its <strong>of</strong> subsidiaries<br />
Estimates, based on average revenue per tonne <strong>of</strong> € 421.8 Estimate based on size ship<br />
3 The vessel Atlantic Peace is not included in this overview, because this vessel was acquired by<br />
Ocean Food GmbH in January 2009.
Table 8 demonstrates the total revenues per trading <strong>and</strong> processing subsidiary <strong>of</strong> the group.<br />
As these subsidiaries are the only ones selling to external buyers, their combined revenues<br />
equal the consolidated revenues <strong>of</strong> the group. Table 8 shows that their total revenues are a<br />
little higher (€ 298 million) than the consolidated revenues <strong>of</strong> PP Groep Katwijk BV (€ 278<br />
million). The difference is probably explained by a modest amounted <strong>of</strong> sales between<br />
trading subsidiaries.<br />
Table 8 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> processing <strong>and</strong> trading subsidiaries, 2008 data<br />
Subsidiary Based in Revenues (€ mln) Pr<strong>of</strong>its (€ mln)<br />
Parlevliet en van der Plas BV Netherl<strong>and</strong>s 153.0 14.3<br />
Parlevliet en van der Plas Haringh<strong>and</strong>el BV Netherl<strong>and</strong>s 11.0 1.9<br />
Sawad Food International BV Netherl<strong>and</strong>s 22.3 0.5<br />
Euro-Baltic Fischverarbeitungs GmbH Germany 47.9 1.0<br />
German Seafrozen Fish H<strong>and</strong>elsgesellschaft<br />
GmbH<br />
Germany 63.8 0.7<br />
Total 298.0 18.4<br />
The <strong>Dutch</strong> trading subsidiaries account for around 63% <strong>of</strong> the sales <strong>of</strong> the Parlevliet en van<br />
der Plas group, while the German trading subsidiaries account for 37%.<br />
Of the total sales <strong>of</strong> € 298 million, around € 182 million (61%) is sold to customers in the EU,<br />
while € 116 million (39%) is sold to customers in non-EU countries.<br />
Table 8 shows that total pr<strong>of</strong>its <strong>of</strong> the trading subsidiaries in 2008 were € 18.4 million, while<br />
Table 7 showed that the vessel owning subsidiaries generated a pr<strong>of</strong>it <strong>of</strong> € 4.2 million.<br />
Together, the trading subsidiaries <strong>and</strong> the vessel owning subsidiaries made a pr<strong>of</strong>it <strong>of</strong> € 22.6<br />
million for the Parlevliet en van der Plas Group. This is equal to the amount indicated in the<br />
consolidated statements <strong>of</strong> PP Katwijk Groep BV.<br />
Figure 1 provides an overview <strong>of</strong> the amounts <strong>of</strong> revenues generated by the sale <strong>of</strong> fish to<br />
group companies <strong>of</strong> vessels under different flags. The figure shows that the vessels under<br />
German flag generate the highest amount <strong>of</strong> revenues for the group.<br />
An exact indication for pr<strong>of</strong>its per flag is not possible, because it is unknown which vessel<br />
sells to which trading centre. However, under the assumption that one tonne <strong>of</strong> fish,<br />
irrespective <strong>of</strong> the type <strong>of</strong> fish, generates a certain amount <strong>of</strong> pr<strong>of</strong>its, the indication as<br />
presented in Figure 1 can apply to pr<strong>of</strong>its as well.<br />
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Figure 1. Revenues from the sale <strong>of</strong> fish per flag, 2008<br />
Figure 1 does not take into account the partial ownership <strong>of</strong> Parlevliet en van der Plas in the<br />
vessels under Norwegian <strong>and</strong> UK flags. Taking this into account results in Figure 2. This<br />
figure shows that the share <strong>of</strong> revenues generated for Parlevliet en van der Plas by vessels<br />
under the UK <strong>and</strong> Norwegian flag decreases.<br />
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1.8 Loans<br />
Figure 2. Revenues from the sale <strong>of</strong> fish per flag, 2008 (share P&P)<br />
The following loans secured by companies in the Parlevliet en Van der Plas Group could be<br />
found:<br />
• Vikingbank BV has a loan outst<strong>and</strong>ing with Rabobank (Netherl<strong>and</strong>s) <strong>of</strong> € 35 million. This<br />
loan was secured in 2007 <strong>and</strong> has a maturity date <strong>of</strong> 2017. It has to be repaid in quarterly<br />
payments <strong>of</strong> € 875,000, starting June 2007. The loan is secured by a mortgage on the<br />
ship owned by the subsidiary: Annelies Ilena. 36<br />
• In December 2005, Doggerbank Seefischerei <strong>and</strong> Oderbank, two German subsidiaries <strong>of</strong><br />
Parlevliet en van der Plas, secured a € 35 million loan from Rabobank (Netherl<strong>and</strong>s). The<br />
loan to Doggerbank Seefischerei amounted to € 15 million, <strong>of</strong> which at the end <strong>of</strong><br />
December 2008 € 10.5 million was outst<strong>and</strong>ing. The loan to Oderbank amounted to € 20<br />
million, <strong>of</strong> which at the end <strong>of</strong> December 2008 € 14 million was outst<strong>and</strong>ing. The maturity<br />
date <strong>of</strong> the loan is 2015. The loan is secured by mortgages on the ships owned by the<br />
subsidiaries: Jan Maria (Dogger Bank) <strong>and</strong> Helen Mary (Oderbank). 37<br />
• In 2009, German subsidiary Ocean Food GmbH & Co. KG entered into a € 4.1 million loan<br />
with ING Bank (Netherl<strong>and</strong>s). 38<br />
• WHF, MHF, GSF <strong>and</strong> Dogger Bank have a joint liability, in the form <strong>of</strong> credit lines with<br />
ABN AMRO Bank (Netherl<strong>and</strong>s) taken as a current account (€ 1.4 million), guarantees (€<br />
0.4 million) <strong>and</strong> letters <strong>of</strong> credit (€ 0.5 million). 39 ABN AMRO was acquired in 2007 by a<br />
consortium led by Royal Bank <strong>of</strong> Scotl<strong>and</strong> (RBS), including Fortis Group <strong>of</strong> Belgium <strong>and</strong><br />
Banco Sant<strong>and</strong>er <strong>of</strong> Spain. It is uncertain if the liability <strong>of</strong> the Parlevliet en van der Plas<br />
subsidiaries is still with the present ABN Amro bank, or with RBS.<br />
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Chapter 2 Cornelis Vrolijk/Jaczon<br />
2.1 Introduction<br />
The Cornelis Vrolijk/Jaczon group was established in November 2005, when a merger took<br />
place between Cornelis Vrolijk <strong>and</strong> Jaczon, two important pelagic freezer companies from<br />
the Netherl<strong>and</strong>s. Shareholders <strong>of</strong> Jaczon sold a 100% interest in Scheveningen-based<br />
Jaczon BV to Cornelis Vrolijk Holding from IJmuiden. Initially, relying on sources dating back<br />
to the time <strong>of</strong> the takeover, the companies were supposed to remain operating as separate<br />
companies. However, information on one <strong>of</strong> the Cornelis Vrolijk websites show further<br />
integration <strong>of</strong> Jaczon assets in Cornelis Vrolijk, as it lists vessels (formally) belonging to the<br />
Jaczon fleet as its own.<br />
From the first <strong>of</strong> January 2009, both companies have further integrated their activities by<br />
establishing a combined trade company called Cornelis Vrolijk BV. 40<br />
The fishing fleet <strong>of</strong> Cornelis Vrolijk/Jaczon consists <strong>of</strong> 12 freezer-trawlers, operated by<br />
subsidiaries based in the Netherl<strong>and</strong>s, France <strong>and</strong> the United Kingdom. The group also owns<br />
<strong>and</strong> operates cold stores, trading <strong>of</strong>fices, factories <strong>and</strong> own transport, which are based in the<br />
Netherl<strong>and</strong>s. 41<br />
An overview <strong>of</strong> the corporate structure <strong>of</strong> the Cornelis Vrolijk/Jaczon group, outlining the<br />
relationships that exist between the different subsidiaries discussed in this chapter, is<br />
presented in Appendix 1.<br />
This chapter is organised as follows: Paragraph 2.2 will provide an overview <strong>of</strong> the fleet <strong>of</strong><br />
the company. Paragraph 2.3 will give the amount <strong>of</strong> revenues generated by the group as a<br />
whole. Paragraph 2.4 will provide more details on the most important <strong>Dutch</strong> subsidiaries <strong>of</strong><br />
the group, <strong>and</strong> paragraph 2.5 will discuss the most important foreign subsidiaries <strong>of</strong> the<br />
group. Paragraph 2.6 gives a summary <strong>of</strong> the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the most important<br />
subsidiaries. Paragraph 0 provides a brief overview <strong>of</strong> other subsidiaries <strong>of</strong> the group.<br />
Finally, paragraph 2.8 sheds light on bank loans provided to Cornelis Vrolijk/Jaczon over the<br />
past few years.<br />
2.2 Fleet<br />
Table 9 presents an overview <strong>of</strong> the fleet <strong>of</strong> Cornelis Vrolijk/Jaczon. The group owns 12<br />
vessels, <strong>of</strong> which six carry a <strong>Dutch</strong> flag, two carry a UK flag, three carry a French flag <strong>and</strong><br />
one carries an Irish flag.<br />
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Vessel Flag Subsidiary<br />
Table 9 Fleet <strong>of</strong> Cornelis Vrolijk/Jaczon<br />
SCH 81 Carolien <strong>Dutch</strong> Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV<br />
SCH 72 Frank Bonefaas <strong>Dutch</strong> Cornelis Vrolijks Visserij Maatschappij Diepzee II BV<br />
SCH 24 Afrika <strong>Dutch</strong> Jaczon Visserijmaatschappij Afrika BV<br />
SCH 123 Zeel<strong>and</strong> <strong>Dutch</strong> Jaczon Visserijmaatschappij Zeel<strong>and</strong> BV<br />
SCH 22 Wiron 5 <strong>Dutch</strong> Jaczon Visserijmaatschappij Wiron BV<br />
SCH 23 Wiron 6 <strong>Dutch</strong> Jaczon Visserijmaatschappij Wiron BV<br />
H 171 Cornelis Vrolijk Fzn UK North Atlantic Fishing Co. Ltd<br />
H 90 Atlantic Princess UK Valiant Trawlers Ltd<br />
FC 716900 Prins<br />
Bernhard<br />
French France Pelagique S.a.r.l. (90%) <strong>and</strong> other subsidiaries<br />
FC 716630 Scrombrus French France Pelagique S.a.r.l.<br />
FC 716999 S<strong>and</strong>ettie French France Pelagique S.a.r.l. (10%) <strong>and</strong> other subsidiaries<br />
SO 117 Johanna Maria Irish<br />
Jaczon Visserijmaatschappij Johanna Maria BV (with Atlantic<br />
Dawn)<br />
Although online sources, including the website <strong>of</strong> Cornelis Vrolijk, indicate that the FC-<br />
716999 S<strong>and</strong>ettie is owned by France Pelagique, in its annual report <strong>of</strong> 2009 this subsidiariy<br />
mentions that it only owns 10% <strong>of</strong> the vessel. It is unknown which subsidiary owns the<br />
remaining 90%. According to the website shipspotting.com with data from October 2010, the<br />
vessel is owned by Klipper S.a.r.l. <strong>and</strong> France Pelagique S.a.r.l. However, in its annual report<br />
<strong>of</strong> 2009, Klipper does not mention anything about this vessel. 42<br />
According to the SOMO report, H-108 Westella <strong>and</strong> the pair-trawlers Wiron 1 <strong>and</strong> 2 (PH-110<br />
<strong>and</strong> PH-220) also belong to the fleet <strong>of</strong> the group. However, the H-108 Westella was sold to<br />
Norwegian company Austevoll in 2008, <strong>and</strong> the Wiron 1 <strong>and</strong> 2 trawlers belong to Interfish<br />
Wirons Ltd. These companies are (to our knowledge) not owned by Cornelis Vrolijk/Jaczon. 43<br />
2.3 Revenues<br />
Consolidated accounts <strong>of</strong> the merged Cornelis Vrolijk/Jaczon group are not (yet) available.<br />
The most recent accounts <strong>of</strong> Cornelis Vrolijk Holding BV (before the takeover) <strong>of</strong> 2004<br />
indicate that the company generated revenues <strong>of</strong> € 83.9 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> €<br />
1.5 million. The most recent accounts <strong>of</strong> Jaczon BV for the financial year 2004/2005 (1 June<br />
2004-31 May 2005) indicate that this company generated revenues <strong>of</strong> € 128.9 million,<br />
resulting in a net loss <strong>of</strong> € 3.4 million. The company also specifies its revenues <strong>and</strong> pr<strong>of</strong>its in<br />
the period 1 June 2005-31 December 2005; in this period, the company generated revenues<br />
<strong>of</strong> € 101.7 million <strong>and</strong> a pr<strong>of</strong>it <strong>of</strong> € 13.0 million. 44 Pr<strong>of</strong>its ranged substantially for the Jaczon<br />
group before the merger, so it is difficult to provide a reliable estimate.<br />
This brings the total annual revenues before the merger <strong>of</strong> the Cornelis Vrolijk/Jaczon group<br />
to around € 210 million.<br />
The next paragraphs will discuss a range <strong>of</strong> vessel owning <strong>and</strong> trading subsidiaries <strong>of</strong><br />
Cornelis Vrolijk/Jaczon, <strong>and</strong> provide details <strong>of</strong> their most recent financial accounts. In this<br />
way, a more complete picture <strong>of</strong> the recent revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the merged group is<br />
presented.<br />
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2.4 <strong>Dutch</strong> subsidiaries<br />
2.4.1 Introduction<br />
The <strong>Dutch</strong> subsidiaries <strong>of</strong> the Cornelis Vrolijk/Jaczon group that own vessels <strong>and</strong> sell fish to<br />
other subsidiaries <strong>of</strong> the group are:<br />
• Cornelis Vrolijks Visserij Maatschappij Diepzee II BV<br />
• Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV<br />
• Jaczon Visserijmaatschappij Afrika BV<br />
• Jaczon Visserijmaatschappij Johanna Maria BV<br />
• Jaczon Visserijmaatschappij Wiron BV<br />
• Jaczon Visserijmaatschappij Zeel<strong>and</strong> BV<br />
In addition, the following subsidiaries are important processing <strong>and</strong> trading subsidiaries:<br />
• Cornelis Vrolijk’s Visserij Maatschappij BV<br />
• Jaczon Visgrooth<strong>and</strong>el BV<br />
Until 2009, these trading subsidiaries continued to operate separately. It is likely that the<br />
vessel owning subsidiaries <strong>of</strong> (former) Jaczon BV supply their fish to Jaczon Visgrooth<strong>and</strong>el<br />
BV <strong>and</strong> that the vessel owning subsidiaries <strong>of</strong> (former) Cornelis Vrolijk supply their fish to<br />
Cornelis Vrolijk’s Visserij Maatschappij BV. However, from the first <strong>of</strong> January 2009 Jaczon<br />
Visgrooth<strong>and</strong>el BV <strong>and</strong> Cornelis Vrolijk’s Visserij Maatschappij BV have integrated their<br />
activities in a new trade company: Cornelis Vrolijk BV. The sales <strong>of</strong>fices <strong>of</strong> both companies<br />
remain on separate locations.<br />
No accounts for Cornelis Vrolijk BV have been released yet, so therefore the trading<br />
subsidiaries are discussed separately, using 2008 data.<br />
An overview <strong>of</strong> the corporate structure <strong>of</strong> the Cornelis Vrolijk/Jaczon group, including the<br />
subsidiaries mentioned above, is presented in Appendix 1.<br />
The <strong>Dutch</strong> vessel owning <strong>and</strong> fish trading subsidiaries are discussed below:<br />
2.4.2 Cornelis Vrolijks Visserij Maatschappij Diepzee II BV<br />
Cornelis Vrolijks Visserij Maatschappij Diepzee II BV is based in IJmuiden <strong>and</strong> owns the<br />
vessel SCH 72 Frank Bonefaas. According to the annual report <strong>of</strong> 2006 <strong>of</strong> Cornelis Vrolijks<br />
Visserij Maatschappij Diepzee II, this vessel fishes in European waters. The subsidiary sells<br />
its fish to a sister company, probably Cornelis Vrolijks Visserij Maatschappij BV. In 2009,<br />
Cornelis Vrolijks Visserij Maatschappij Diepzee II BV realized a net pr<strong>of</strong>it <strong>of</strong> € 1.4 million. The<br />
net pr<strong>of</strong>it for 2008 was € 2.5 million. Revenues <strong>of</strong> the subsidiary are unknown. 45<br />
2.4.3 Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV<br />
Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV is based in IJmuiden <strong>and</strong> owns the<br />
vessel SCH 81 Carolien. According to the company’s annual report <strong>of</strong> 2006, the vessel fishes<br />
solely in Mauritania. The subsidiary sells its fish to a sister company, probably Cornelis<br />
Vrolijks Visserij Maatschappij BV. In 2009, Cornelis Vrolijks Visserij Maatschappij Diepzee IV<br />
BV realized a pr<strong>of</strong>it <strong>of</strong> € 0.7 million, after four years <strong>of</strong> losses (2005: loss <strong>of</strong> € 3.1 million,<br />
2006: loss <strong>of</strong> € 3.1 million, 2007: loss <strong>of</strong> € 0.2 million, 2008: loss <strong>of</strong> € 1.6 million). The<br />
revenues <strong>of</strong> the subsidiary are unknown. 46<br />
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2.4.4 Jaczon Visserijmaatschappij Afrika BV<br />
Jaczon Visserijmaatschappij Afrika BV is based in The Hague <strong>and</strong> owns the vessel SCH 24<br />
Afrika. The activity <strong>of</strong> this subsidiary is fishing in international waters, <strong>and</strong> selling the fish to<br />
group companies (probably Jaczon Visgrooth<strong>and</strong>el BV). In 2008, this subsidiary generated<br />
revenues <strong>of</strong> € 9.0 million, resulting in a net loss <strong>of</strong> € 0.8 million. In 2007, the subsidiary<br />
generated revenues <strong>of</strong> € 10.7 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 0.4 million. 47<br />
2.4.5 Jaczon Visserijmaatschappij Johanna Maria BV<br />
Jaczon Visserijmaatschappij Johanna Maria BV is based in The Hague <strong>and</strong> owns the vessel<br />
SO 117 Johanna Maria. The activity <strong>of</strong> this subsidiary is fishing in international waters <strong>and</strong><br />
selling the fish to group companies (probably Jaczon Visgrooth<strong>and</strong>el BV). The most recent<br />
year for which accounts could be found is 2004. In this year, the company realized revenues<br />
<strong>of</strong> € 8.2 million, resulting in a net loss <strong>of</strong> € 0.6 million. 48<br />
2.4.6 Jaczon Visserijmaatschappij Zeel<strong>and</strong> BV<br />
Jaczon Visserijmaatschappij Zeel<strong>and</strong> BV is based in The Hague <strong>and</strong> owns the vessel SCH<br />
123 Zeel<strong>and</strong>. The activity <strong>of</strong> this subsidiary is fishing in international waters <strong>and</strong> selling the<br />
fish to group companies (probably Jaczon Visgrooth<strong>and</strong>el BV). No recent pr<strong>of</strong>it <strong>and</strong> loss<br />
statements could be found for this company. The most recent year for which accounts could<br />
be found is 2004. In this year, the company realized revenues <strong>of</strong> € 8.4 million, resulting in a<br />
net pr<strong>of</strong>it <strong>of</strong> € 0.9 million. 49<br />
2.4.7 Jaczon Visserijmaatschappij Wiron BV<br />
Jaczon Visserijmaatschappij Wiron BV is based in The Hague. The subsidiary owns the<br />
vessels SCH 22 Wiron 5 <strong>and</strong> SCH 23 Wiron 6. The activity <strong>of</strong> this subsidiary is fishing in<br />
international waters, <strong>and</strong> selling the fish to group companies (probably Jaczon<br />
Visgrooth<strong>and</strong>el BV). In 2008, Jaczon Visserijmaatschappij Wiron BV generated revenues <strong>of</strong><br />
€ 5.4 million, resulting in a net loss <strong>of</strong> € 1.0 million. 50<br />
2.4.8 Cornelis Vrolijk’s Visserij Maatschappij BV<br />
Cornelis Vrolijk’s Visserij Maatschappij BV is based in IJmuiden. This subsidiary engages in<br />
the sale <strong>of</strong> fish <strong>and</strong> fish products, supplied by group companies. In 2006, the company<br />
generated revenues <strong>of</strong> € 78.4 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 9.9 million. In 2007 (the<br />
most recent year for which data are available), the company generated revenues <strong>of</strong> € 80.4<br />
million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 11.7 million. 51 In 2006, the sales <strong>of</strong> the company per<br />
country/region were: 52<br />
• Africa € 49.5 million 63.1%<br />
• EU excluding the Netherl<strong>and</strong>s € 14.6 million 18.6%<br />
• Asia € 9.4 million 12.0%<br />
• Middle- <strong>and</strong> South America € 1.6 million 2.0%<br />
• Netherl<strong>and</strong>s € 0.5 million 0.6%<br />
• Australia € 0.5 million 0.6%<br />
• Other Europe € 2.2 million 2.8%<br />
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2.4.9 Jaczon Visgrooth<strong>and</strong>el BV<br />
Jaczon Visgrooth<strong>and</strong>el BV is based in The Hague. The subsidiary engages in the processing<br />
<strong>and</strong> trading <strong>of</strong> fish <strong>and</strong> fish products, purchased from group companies. In 2008, the<br />
subsidiary realised revenues <strong>of</strong> € 101.0 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 16.8 million. Of<br />
these revenues, € 31.7 million were generated by selling fish to related companies. In 2008,<br />
the revenues <strong>of</strong> the company per region were: 53<br />
• Non-EU countries € 85.0 million 84.2%<br />
• EU excluding the Netherl<strong>and</strong>s € 11.5 million 11.4%<br />
• Netherl<strong>and</strong>s € 4.4 million 4.4%<br />
2.5 Foreign subsidiaries<br />
2.5.1 Introduction<br />
The most important foreign subsidiaries <strong>of</strong> Cornelis Vrolijk/Jaczon, which own vessels <strong>and</strong><br />
sell fish to other subsidiaries <strong>of</strong> the group are:<br />
• France Pelagique S.a.r.l. France<br />
• North Atlantic Fishing Co United Kingdom<br />
• Valiant Trawlers United Kingdom<br />
These subsidiaries are discussed below:<br />
2.5.2 France Pelagique S.a.r.l.<br />
France Pelagique S.a.r.l. owns the following vessels:<br />
• FC 716630 Scrombrus 100%<br />
• FC 716900 Prins Bernhard 90%<br />
• FC 716999 S<strong>and</strong>ettie 10%<br />
It is unknown which subsidiary owns the remaining 90% <strong>of</strong> S<strong>and</strong>etti <strong>and</strong> the remaining 10%<br />
<strong>of</strong> Prins Bernhard. According to the website shipspotting.com with data from October 2010,<br />
the FC 716999 S<strong>and</strong>ettie is owned by Klipper S.a.r.l. <strong>and</strong> France Pelagique S.a.r.l. However,<br />
in its annual report <strong>of</strong> 2009, Klipper does not mention anything about this vessel. 54<br />
In 2009, France Pelagique generated revenues <strong>of</strong> € 20.6 million, resulting in a net loss <strong>of</strong> €<br />
6.0 million. In 2008, the revenues <strong>of</strong> the company were € 16.2 million, resulting in a loss <strong>of</strong> €<br />
4.6 million. In 2007 the net loss was € 1.6 million. 55<br />
The company sells its fish to group companies. In its annual report <strong>of</strong> 2008, France<br />
Pelagique mentions sales to Jaczon <strong>of</strong> € 6.9 million <strong>and</strong> sales to Cornelis Vrolijk <strong>of</strong> € 8.8<br />
million. The company mentions that in 2008, the vessel Prins Bernhard realised sales <strong>of</strong> €<br />
2.2 million, resulting in a net loss <strong>of</strong> € 4.6 million (share France Pelagique). This huge loss<br />
was mainly due to the fact that the vessel had been taken out <strong>of</strong> service in May 2007 for<br />
modernisation, <strong>and</strong> has only been returned to service in July 2008. The vessel Scrombus<br />
realised sales <strong>of</strong> € 6.9 million <strong>and</strong> a net pr<strong>of</strong>it <strong>of</strong> € 34,000. The S<strong>and</strong>ettie realised sales <strong>of</strong> €<br />
7.1 million <strong>and</strong> a net loss <strong>of</strong> € 17,000 (share France Pelagique). 56<br />
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In 2009, France Pelagique mentions sales to Jaczon <strong>of</strong> € 6.7 million <strong>and</strong> sales to Cornelis<br />
Vrolijk <strong>of</strong> € 10.8 million. Again, the Prins Bernhard vessel has been very unpr<strong>of</strong>itable. The<br />
ship had dry-docked in June <strong>and</strong> July 2009, because the freezing system had to be replaced.<br />
The Prins Bernhard vessel realised sales <strong>of</strong> € 5.3 million, resulting in a net loss <strong>of</strong> € 5.6<br />
million (share France Pelagique). The Scrombus realised sales <strong>of</strong> € 5.8 million <strong>and</strong> a net<br />
pr<strong>of</strong>it <strong>of</strong> € 0.3 million. The S<strong>and</strong>etti realised sales <strong>of</strong> € 7.0 million <strong>and</strong> a net loss <strong>of</strong> € 7,866<br />
(share France Pelagique). 57<br />
The subsidiary mentions in its annual report <strong>of</strong> 2008 that the vessel Prins Bernhard continues<br />
to be operating in Mauritanian waters. The unloading <strong>of</strong> its catch is made either at the port <strong>of</strong><br />
Nouadhibou (Mauritania) or at the port <strong>of</strong> Las Palmas (Canary Isl<strong>and</strong>s). 58<br />
2.5.3 North Atlantic Fishing Co<br />
North Atlantic Fishing Co Ltd, based in the United Kingdom, operates the vessel H 171<br />
Cornelis Vrolijk Fzn. In its annual report <strong>of</strong> 2009, North Atlantic Fishing Co mentions that this<br />
vessel takes advantage <strong>of</strong> EU fishing agreements with West African states. In 2009, North<br />
Atlantic Fishing Co generated revenues <strong>of</strong> € 12.9 million, resulting in a net loss <strong>of</strong> € 0.2<br />
million. The company attributes this loss to high fuel <strong>costs</strong> in the beginning <strong>of</strong> 2009 <strong>and</strong> some<br />
poor fishing in Mauritania in May <strong>and</strong> June 2009. In 2008, the company generated revenues<br />
<strong>of</strong> € 10.2 million <strong>and</strong> a net pr<strong>of</strong>it <strong>of</strong> € 0.3 million. 59<br />
2.5.4 Valiant Trawlers<br />
Valiant Trawlers Ltd, based in the United Kingdom, operates the vessel H 90 Atlantic<br />
Princess. In 2009, this vessel operated 200 sea-days, which the company mentions is a<br />
relatively low amount, due to repairs. In 2009, the company generated revenues <strong>of</strong> € 8.1<br />
million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 0.4 million. In 2008, the company generated revenues <strong>of</strong><br />
€ 8.4 million <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> € 0.5 million. 60<br />
2.6 Revenues <strong>and</strong> pr<strong>of</strong>its per subsidiary<br />
Table 10 presents an overview <strong>of</strong> the most recent revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the most important<br />
trading subsidiaries <strong>of</strong> Cornelis Vrolijk/Jaczon. The table shows that the total annual<br />
revenues <strong>of</strong> these subsidiaries are around € 180 million, resulting in substantial pr<strong>of</strong>it: € 28.5<br />
million in the most recent years.<br />
As will be discussed in paragraph 2.7, it is possible that Cornelis Vrolijk/Jaczon has other<br />
trading subsidiaries as well.<br />
Table 10 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> processing <strong>and</strong> trading subsidiaries (most recent<br />
year)<br />
Subsidiary Based in Data for Revenues (€ mln) Pr<strong>of</strong>it (€ mln)<br />
Cornelis Vrolijk’s Visserij<br />
Maatschappij BV<br />
Netherl<strong>and</strong>s 2007 80.4 11.7<br />
Jaczon Visgrooth<strong>and</strong>el BV Netherl<strong>and</strong>s 2008 101.0 16.8<br />
Total 181.4 28.5<br />
Of the revenues <strong>of</strong> the subsidiaries mentioned in Table 10, only € 31 million (17.1%) is<br />
generated by sales to customers in the EU. A very large share <strong>of</strong> revenues are generated in<br />
Africa. The exact percentage as well as more details about which African countries are<br />
important markets for the fish <strong>of</strong> the group are unknown.<br />
-22-
Table 11 provides an overview <strong>of</strong> the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the vessel owning subsidiaries.<br />
These subsidiaries together earn annual revenues <strong>of</strong> around € 90 million by selling fish to the<br />
companies mentioned in Table 10 (<strong>and</strong> possibly also other trading subsidiaries). 4 This<br />
estimate is however not perfectly reliable, because it is based for some subsidiaries on data<br />
from 2004. The loss which resulted from these activities was € 4.5 million, mainly caused by<br />
the huge loss incurred by France Pelagique S.a.r.l.<br />
Table 11 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> vessel owning subsidiaries (most recent year)<br />
Subsidiary Vessel(s) Flag Data<br />
for<br />
Cornelis Vrolijks Visserij<br />
Maatschappij Diepzee IV BV<br />
Cornelis Vrolijks Visserij<br />
Maatschappij Diepzee II BV<br />
Jaczon Visserijmaatschappij<br />
Afrika BV<br />
Jaczon Visserijmaatschappij<br />
Zeel<strong>and</strong> BV<br />
Jaczon Visserijmaatschappij<br />
Wiron BV<br />
-23-<br />
Revenues<br />
(€ mln)<br />
Pr<strong>of</strong>it (loss)<br />
(€ mln)<br />
SCH-81 Carolien NL 2009 9.0 0.7<br />
SCH-72 Frank Bonefaas NL 2009 9.0 1.4<br />
SCH-24 Afrika NL 2008 9.0 (0.8)<br />
SCH-123 Zeel<strong>and</strong> NL 2004 6.9 0.9<br />
SCH-22 Wiron 5 <strong>and</strong> SCH-<br />
23 Wiron 6<br />
NL 2008 5.4 (1.0)<br />
North Atlantic Fishing Co Ltd H-171 Cornelis Vrolijk Fzn UK 2009 12.9 (0.2)<br />
Valiant Trawlers Ltd H-90 Atlantic Princess UK 2009 8.1 0.4<br />
France Pelagique S.a.r.l. (<strong>and</strong><br />
other subsidiaries)<br />
France Pelagique S.a.r.l. (<strong>and</strong><br />
other subsidiaries)<br />
FC-716900 Prins Bernhard FR 2009 5.3 (5.6)<br />
FC-716630 Scrombrus FR 2009 5.8 0.3<br />
France Pelagique S.a.r.l. FC-716999 S<strong>and</strong>ettie FR 2009 7.0 0.0<br />
Jaczon Visserijmaatschappij<br />
Johanna Maria BV (with<br />
Atlantic Dawn)<br />
SO-117 Johanna Maria IR 2004 8.2 (0.6)<br />
Total 86.6 (4.5)<br />
Estimate based on the size <strong>of</strong> the ship <strong>and</strong> the pr<strong>of</strong>its<br />
Combining the pr<strong>of</strong>it data <strong>of</strong> the vessel owning subsidiaries <strong>and</strong> the trading subsidiaries<br />
leads to an estimate <strong>of</strong> € 181.4 million revenues <strong>and</strong> € 24 million pr<strong>of</strong>its for the most recent<br />
year. However, as argued above, this estimate is not perfectly reliable because it uses dates<br />
as old as 2004.<br />
Figure 3 provides an indication <strong>of</strong> the amounts <strong>of</strong> revenues generated by the sale <strong>of</strong> fish to<br />
group companies <strong>of</strong> vessels under different flags. The figure shows that the vessels under<br />
<strong>Dutch</strong> flag generate the highest amount <strong>of</strong> revenues for the group. The vessels under UK<br />
<strong>and</strong> French flags also account for a significant share <strong>of</strong> revenues.<br />
An exact indication for pr<strong>of</strong>its per flag is not possible. However, under the assumption that<br />
one tonne <strong>of</strong> fish, irrespective <strong>of</strong> the type <strong>of</strong> fish, generates a certain amount <strong>of</strong> pr<strong>of</strong>its, the<br />
indication as presented in Figure 3 can apply to pr<strong>of</strong>its as well.<br />
4 According to the annual reports <strong>of</strong> Cornelis Vrolijk/Jaczon, the fish is sold based on the arm’s length<br />
principle, in which the price is equal to the price two unrelated parties would charge each other (the<br />
market price).
2.7 Other subsidiaries<br />
Figure 3. Revenues from the sale <strong>of</strong> fish per flag 5<br />
Next to the subsidiaries mentioned in the previous paragraphs, the Cornelis Vrolijk/Jaczon<br />
group owns a range <strong>of</strong> other <strong>Dutch</strong> <strong>and</strong> foreign subsidiaries, which are not engaged in<br />
owning the vessels <strong>of</strong> the group <strong>and</strong> are not the most important trading subsidiaries <strong>of</strong> the<br />
group. However, some <strong>of</strong> these subsidiaries can still be important.<br />
The subsidiaries are owned through two subsidiaries <strong>of</strong> Cornelis Vrolijk/Jaczon: Jaczon BV<br />
<strong>and</strong> Vroko International Holding BV.<br />
2.7.1 Jaczon BV<br />
Cornelis Vrolijk/Jaczon owns a range <strong>of</strong> subsidiaries directly through Jaczon BV (see 0) <strong>and</strong><br />
indirectly through subsidiaries <strong>of</strong> Jaczon BV (see Appendix 4). P/F Northwest Pacific (Faroe<br />
Isl<strong>and</strong>s), Jade Fisheries Partnership (Irel<strong>and</strong>) <strong>and</strong> Irish Pelagic Ltd (Irel<strong>and</strong>) for example, are<br />
indirectly owned by Jaczon BV through subsidiary Jaczon Trawler Visserij BV (Netherl<strong>and</strong>s).<br />
It is unknown what the activities <strong>of</strong> all these subsidiaries are, <strong>and</strong> how important they are for<br />
Cornelis Vrolijk/Jaczon. It seems like some subsidiaries (like Jac. Den Dulk en Zonen BV)<br />
engage in trading activities <strong>and</strong> some subsidiaries (like Western Pacific Tuna company NV)<br />
engage in fishing activities other than pelagic trawling. A more detailed analysis <strong>of</strong> these<br />
subsidiary would require more research.<br />
2.7.2 Vroko International Holding<br />
Vroko International Holding is jointly owned by E.J. Koppers Holding BV (50%) <strong>and</strong> Cornelis<br />
Vrolijk Holding BV (50%). Vroko International Holding has the following subsidiaries: 61<br />
• Vroko Star I BV Netherl<strong>and</strong>s 100%<br />
• Vroko Star II BV Netherl<strong>and</strong>s 100%<br />
• Vroko Star III BV Netherl<strong>and</strong>s 100%<br />
• Vroko Star IVBV Netherl<strong>and</strong>s 100%<br />
• Vroko Star V BV Netherl<strong>and</strong>s 100%<br />
5 Based on data <strong>of</strong> the most recent year for all subsidiaries<br />
-24-
• Vroko Star VI BV Netherl<strong>and</strong>s 100%<br />
• Vroko Star VII BV Netherl<strong>and</strong>s 100%<br />
• Prim7Stars BV (Primstar BV) Netherl<strong>and</strong>s 100%<br />
• Vrokolux SARL Luxembourg 100%<br />
• Vroko Star BV Netherl<strong>and</strong>s 100%<br />
• Caledonian Servicos Internacionais LDA Madeira Portugal 100%<br />
• Star Trade SA Luxembourg 50%<br />
• Atlantic Shrimpers Ltd Nigeria 50%<br />
• China Starfish International Limited Hong Kong 41%<br />
• China Starfish Co. Limited China 41%<br />
• Grupo Pecis S.A. de C.V. Mexico 30%<br />
One <strong>of</strong> these companies, Primstar BV, which is a <strong>Dutch</strong> registered (<strong>and</strong> Hendrik Ido Ambacht<br />
based) 100% subsidiary <strong>of</strong> Vroko International Holding BV, is the exclusive marketer <strong>and</strong><br />
distributor <strong>of</strong> the products that are produced, packed, <strong>and</strong> exported by Atlantic Shrimpers Ltd<br />
in Nigeria. According to the Primstar website, Atlantic Shrimpers Limited is the largest fishing<br />
company in Nigeria, <strong>and</strong> arguably in West Africa. With over 1,250 employees, the company<br />
exports close to 4,000 metric tons <strong>of</strong> high value <strong>of</strong> seafood to Primstar BV per annum for<br />
worldwide distribution. Atlantic Shrimpers Limited catches shrimps, crab, cuttlefish, red<br />
mullet, lobster, <strong>and</strong> octopus using modern shrimp trawlers. Nearly 85% <strong>of</strong> the exported<br />
quantity consists <strong>of</strong> shrimp. 62<br />
In 2009, Primstar BV realised pr<strong>of</strong>its <strong>of</strong> € 0.5 million. 63<br />
A more detailed analysis <strong>of</strong> the subsidiaries mentioned above would require more research.<br />
2.8 Loans<br />
The following information could be found on bank loans provided to subsidiaries <strong>of</strong> Cornelis<br />
Vrolijk/Jaczon:<br />
• Valiant Trawlers Ltd, a subsidiary <strong>of</strong> Cornelis Vrolijk/Jaczon, mentions ABN AMRO Bank<br />
(Netherl<strong>and</strong>s) <strong>and</strong> Royal Bank <strong>of</strong> Scotl<strong>and</strong> (United Kingdom) as its principal bankers. 64<br />
• In 2009, France Pelagique S.a.r.l., a subsidiary <strong>of</strong> the Cornelis Vrolijk/Jaczon group, had a<br />
€ 3.6 million loan outst<strong>and</strong>ing with ABN AMRO Bank (Netherl<strong>and</strong>s). The loan has a<br />
maturity date <strong>of</strong> 2017. 65<br />
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Chapter 3 Willem van der Zwan en Zonen<br />
3.1 Introduction<br />
Willem van der Zwan en Zonen is a family-owned company that has been active in the<br />
fishing industry since 1888. The main <strong>of</strong>fice <strong>of</strong> Willem van der Zwan en Zonen is located in<br />
Scheveningen (the Hague).<br />
The fishing fleet <strong>of</strong> Willem van der Zwan en Zonen consists <strong>of</strong> five freezer-trawlers, operated<br />
by subsidiaries based in the Netherl<strong>and</strong>s. The group also owns trading subsidiaries based in<br />
the Netherl<strong>and</strong>s. Willem van der Zwan en Zonen does not seem to own cold store facilities or<br />
own transportation for its products.<br />
An overview <strong>of</strong> the corporate structure <strong>of</strong> the Willem van der Zwan en Zonen group, outlining<br />
the relationships that exist between the different subsidiaries discussed in this chapter, is<br />
presented in Appendix 1.<br />
This chapter is organised as follows: Paragraph 3.2 provides an overview <strong>of</strong> the fleet <strong>of</strong> the<br />
company. Paragraph 3.3 discusses the revenues <strong>and</strong> pr<strong>of</strong>its generated by the group over the<br />
past few years. Paragraph 3.4 provides more information on the most important subsidiaries<br />
<strong>of</strong> the group. Paragraph 3.5 gives a summary <strong>of</strong> the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the most<br />
important subsidiaries. Paragraph 3.6 briefly discusses other subsidiaries <strong>of</strong> the group.<br />
Paragraph 3.7 provides information on the bank loans that have been provided to the group<br />
over the past few years.<br />
3.2 Fleet<br />
Table 12 presents an overview <strong>of</strong> the fleet <strong>of</strong> Willem van der Zwan en Zonen group. The<br />
group owns five vessels.<br />
Table 12 Fleet <strong>of</strong> Willem van der Zwan en Zonen<br />
Vessel Flag Subsidiary<br />
SCH 6 Alida NL W. Van der Zwan Zonen Visserij Maatschappij B.V.<br />
6 A.Z. Pelagic Fisheries BV (since recently: Pelagic<br />
SCH 54 Franziska NL/Peru<br />
Fishing Group SAC)<br />
SCH 303 Ariadne NL W. Van der Zwan Zonen Visserij Maatschappij B.V.<br />
SCH 333 Oceaan VII NL A.Z. Ocean Fisheries II B.V.<br />
SCH 302 Willem van der Zwan NL<br />
A.Z. Ocean Pelagic Fisheries BV (since 2009: Afrex<br />
Fisheries)<br />
Source: Annual reports <strong>of</strong> all subsidiaries, websites Cornelis Vrolijk <strong>and</strong> Jaczon.<br />
The vessel SCH 302 Willem van der Zwan experienced a major fire at the start <strong>of</strong> 2007.<br />
While some parts <strong>of</strong> this vessel were completely destroyed, Willem van der Zwan en Zonen<br />
decided to completely renovate the vessel. At the end <strong>of</strong> 2009 the vessel was fully restored<br />
<strong>and</strong> ready to fish again. The vessel will be transferred to the subsidiary Afrex Fisheries BV.<br />
Total investments for rebuilding the ship were € 38.6 million in 2008 <strong>and</strong> € 22.8 million in<br />
2009. 66<br />
6 In February 2010 renamed FRANZISKA 8802997 <strong>and</strong> changed to Peruvian flag because the vessel<br />
went fishing in Peru (Scheepsruilbeurs Nieuwsbrief 164, 10 April 2010). See more information in<br />
paragraph 3.6.3.<br />
-26-
In February 2009 the vessel SCH Alida also suffered a fire. Although not as big as the fire in<br />
the SCH-302 Willem van der Zwan, it took until September 2009 until the vessel was ready<br />
to fish again. 67<br />
3.3 Revenues<br />
Data in financial reports <strong>of</strong> Willem van der Zwan en Zonen on the years 2006-2009 show that<br />
revenues <strong>of</strong> the company have varied. Pr<strong>of</strong>its went down considerably in the four years. This<br />
is probably (partly) due to the fact that fires in two vessels led to significant <strong>costs</strong> <strong>of</strong> repair<br />
<strong>and</strong> lower catch.<br />
Table 13 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> Willem van der Zwan en Zonen<br />
Year Revenues (€ mln) Pr<strong>of</strong>its (€ mln)<br />
2006 93.2 21.0<br />
2007 74.7 18.4<br />
2008 77.7 10.3<br />
2009 74.3 6.3<br />
Source: Willem van der Zwan en Zonen BV, “Financieel jaarverslag”, Willem van der<br />
Zwan en Zonen BV, January 2011; Brauw, C. <strong>and</strong> van der Wal, S., “The Pelagic<br />
Freezer Trawler Association: An assessment <strong>of</strong> activities in <strong>and</strong> outside Europe”,<br />
SOMO, June 2010.<br />
3.4 Most important subsidiaries<br />
The <strong>Dutch</strong> subsidiaries <strong>of</strong> the Willem van der Zwan en Zonen group that own vessels <strong>and</strong><br />
sell fish to other subsidiaries <strong>of</strong> the group are:<br />
• AZ Ocean Fisheries II BV<br />
• AZ Ocean Pelagic Fisheries BV<br />
• AZ Pelagic Fisheries BV<br />
• W. Van der Zwan Zonen Visserij Maatschappij BV<br />
• Since end 2009: Afrex Fisheries BV<br />
In addition, the following company is a major processing/trading subsidiary:<br />
• W. van der Zwan en Zonen BV<br />
All subsidiaries are based in The Hague.<br />
Appendix 1 provides an overview <strong>of</strong> the corporate structure <strong>of</strong> the group. The subsidiaries<br />
are discussed below:<br />
3.4.1 AZ Ocean Fisheries II BV<br />
This subsidiary owns the vessel SCH 333 Oceaan VII. The revenues <strong>of</strong> this subsidiary are<br />
unknown. In 2009, the subsidiary incurred a loss <strong>of</strong> € 0.7 million. 68<br />
-27-
3.4.2 AZ Ocean Pelagic Fisheries BV<br />
AZ Ocean Pelagic Fisheries BV until 2007 owned the vessel SCH 302 Willem van der Zwan.<br />
This vessel suffered a major fire in January 2007 (see paragraph 3.2). Therefore, the most<br />
recent pr<strong>of</strong>it <strong>and</strong> loss account for this subsidiary is <strong>of</strong> the year 2006. In this year, the<br />
subsidiary reported a loss <strong>of</strong> € 1.2 million. 69<br />
AZ Ocean Pelagic Fisheries BV mentions in its annual report <strong>of</strong> 2007 that the SCH 302<br />
Willem van der Zwan vessel was completely destroyed after the fire. However, at the end <strong>of</strong><br />
2009 the vessel was completely restored <strong>and</strong> ready to fish again. 70 The vessel will now<br />
probably continue under the operation <strong>of</strong> subsidiary Afrex Fisheries BV (see paragraph<br />
3.4.5). 71<br />
3.4.3 AZ Pelagic Fisheries BV<br />
This subsidiary until recently owned the vessel SCH 54 Franziska. This vessel was sold to<br />
Icel<strong>and</strong> by the group but bought back in 2007, when the major fire in the SCH 302 Willem<br />
van der Zwan took place. 72 The revenues <strong>of</strong> this subsidiary are unknown. In 2009, the<br />
subsidiary reported a loss <strong>of</strong> € 1.8 million. In 2008, the subsidiary reported a loss <strong>of</strong> € 6.4<br />
million. 73<br />
Recently, the SCH-54 Franziska was sold to Peruvian group company Pelagic Fishing Group<br />
(see paragraph 3.6.3). The vessel now fishes under the Peruvian flag.<br />
3.4.4 W. Van der Zwan Zonen Visserij Maatschappij BV<br />
This subsidiary owns the vessels SCH 6 Alida <strong>and</strong> SCH 303 Ariadne. The revenues <strong>of</strong> this<br />
subsidiary are unknown. In 2009, the subsidiary incurred a loss <strong>of</strong> € 1.6 million. 74<br />
3.4.5 Afrex Fisheries BV<br />
In 2009, this subsidiary owned machinery, installations <strong>and</strong> ships <strong>of</strong> € 60.8 million. These<br />
assets result from the complete rebuilding <strong>of</strong> the vessel SCH 302 Willem van der Zwan,<br />
which burned down in January 2007. In 2009, this subsidiary realised a loss <strong>of</strong> € 1.9 million. 75<br />
3.4.6 W. van der Zwan en Zonen BV<br />
In 2009, trading company W. van der Zwan en Zonen BV generated revenues <strong>of</strong> € 70.9<br />
million by selling fish. The net pr<strong>of</strong>it <strong>of</strong> the subsidiary was € 12.6 million. In 2008, the<br />
company generated revenues <strong>of</strong> € 74.2 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> € 14.5 million. 76<br />
3.5 Revenues <strong>and</strong> pr<strong>of</strong>its per subsidiary<br />
As mentioned in paragraph 3.3, total revenues <strong>of</strong> Willem van der Zwan en Zonen in 2009<br />
were € 74.3 million, <strong>and</strong> pr<strong>of</strong>its were € 6.3 million.<br />
Table 14 provides an overview <strong>of</strong> the revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> the most important trading<br />
subsidiary <strong>of</strong> the group. The revenues <strong>of</strong> this subsidiary in 2009 were € 3.4 million lower than<br />
the total revenues generated by the group. Part <strong>of</strong> the remaining revenues are generated by<br />
W.Z. Canaria BV (see paragraph 3.6.2).<br />
The pr<strong>of</strong>its <strong>of</strong> this subsidiary in 2009 were much higher than the total pr<strong>of</strong>its generated by the<br />
group. This is because many vessel owning subsidiaries <strong>and</strong> other subsidiaries incurred<br />
losses in this year.<br />
-28-
Table 14 Revenues <strong>and</strong> pr<strong>of</strong>its <strong>of</strong> processing <strong>and</strong> trading subsidiaries<br />
Subsidiary Based in Data for Revenues (€ mln) Pr<strong>of</strong>it (€ mln)<br />
W. van der Zwan en Zonen BV Netherl<strong>and</strong>s 2009 70.9 12.6<br />
Total 70.9 12.6<br />
Table 15 provides an overview <strong>of</strong> the pr<strong>of</strong>its <strong>of</strong> the vessel owning subsidiaries <strong>of</strong> Willem van<br />
der Zwan en Zonen. 7 Revenues <strong>of</strong> these subsidiaries are unknown. Together, these<br />
subsidiaries generated a loss <strong>of</strong> € 5.3 million in the most recent year for which data were<br />
available. This partly explains why the pr<strong>of</strong>it <strong>of</strong> W. van der Zwan en Zonen BV is much higher<br />
than the group pr<strong>of</strong>it.<br />
Table 15 Pr<strong>of</strong>its <strong>of</strong> vessel owning subsidiaries before changes in ownership<br />
Subsidiary Vessel(s) Flag<br />
W. Van der Zwan Zonen Visserij<br />
Maatschappij B.V.<br />
SCH-6 Alida, SCH-303<br />
Ariadne<br />
-29-<br />
Data<br />
for<br />
Pr<strong>of</strong>it<br />
(loss)<br />
NL 2009 (1.6)<br />
A.Z. Pelagic Fisheries BV SCH-54 Franziska NL 2009 (1.8)<br />
A.Z. Ocean Fisheries II B.V. SCH-333 Oceaan VII NL 2009 (0.7)<br />
A.Z. Ocean Pelagic Fisheries BV<br />
SCH-302 Willem van der<br />
Zwan<br />
NL 2006 (1.2)<br />
Total (5.3)<br />
3.6 Other subsidiaries<br />
3.6.1 Introduction<br />
In addition to the subsidiaries mentioned in the previous paragraphs, three other<br />
subsidiaries, which own interests in foreign subsidiaries <strong>of</strong> the group, are:<br />
• W.Z. Canaria BV<br />
• Trachurus BV<br />
• Biomarine BV<br />
3.6.2 W.Z. Canaria BV<br />
This trading subsidiary is based in The Hague. The subsidiary has a 99.8% interest in the<br />
Nigerian company African Fish Nigeria Limited. In 2009, W.Z. Canaria BV generated net<br />
revenues (revenues minus <strong>costs</strong> <strong>of</strong> goods sold) <strong>of</strong> € 1.7 million, resulting in a net pr<strong>of</strong>it <strong>of</strong> €<br />
2,799. 77<br />
3.6.3 Trachurus BV<br />
Trachurus BV owns 99% <strong>of</strong> the foreign subsidiary Pelagic Fishing Group SAC in Peru. This<br />
foreign subsidiary was very recently acquired by the group, probably in 2009 or 2010. 78<br />
7 According to the annual reports <strong>of</strong> Willem van der Zwan en Zonen, the fish is sold based on the<br />
arm’s length principle, in which the price is equal to the price two unrelated parties would charge each<br />
other (the market price).
Online sources indicate that Pelagic Fishing Group recently (in 2008 or 2009) disbursed US$<br />
35 million (€ 22 million) for the purchase <strong>of</strong> a boat that has a storage capacity <strong>of</strong> 4,000 MT. 79<br />
It is likely that concerns the Franziska vessel <strong>of</strong> the Willem van der Zwan en Zonen group<br />
which has been reflagged to Peru recently. Sources, including Peruvian institute Instituto<br />
Tecnológico Pesquero, confirm this. 80<br />
3.6.4 Biomarine BV<br />
While not certain, when looking at the company structure <strong>of</strong> the Willem van der Zwan en<br />
Zonen group it is likely that Biomarine BV owns 90% <strong>of</strong> the foreign subsidiary Friogha<br />
Limited, based in Ghana. The annual report <strong>of</strong> Biomarine BV does not contain any useful<br />
information or confirm this information.<br />
3.7 Loans<br />
The following information could be found on bank loans provided to subsidiaries <strong>of</strong> the<br />
Willem van der Zwan en Zonen group:<br />
• In its annual report <strong>of</strong> 2007, AZ Ocean Pelagic Fisheries mentions that it has a green loan<br />
(‘Groenlening’) outst<strong>and</strong>ing with ABN AMRO Bank (Netherl<strong>and</strong>s). The outst<strong>and</strong>ing<br />
amount at the end <strong>of</strong> December 2007 was € 2.7 million. 81<br />
• In its annual report <strong>of</strong> 2009, Willem van der Zwan en Zonen Holding, the ultimate parent<br />
company <strong>of</strong> the group, indicates that it has loans outst<strong>and</strong>ing with financial institutions <strong>of</strong> €<br />
36.5 million, compared to € 14.9 million in 2008. In addition, the group mentions that it has<br />
€ 7.7 million green loans (‘Groenleningen’) outst<strong>and</strong>ing. 82<br />
-30-
Chapter 4 Further research – fuel <strong>costs</strong><br />
To come to an estimate <strong>of</strong> fuel <strong>costs</strong> for the pelagic freezer trawler companies, specified<br />
information from three subsidiaries <strong>of</strong> Parlevliet en van der Plas can be used.<br />
Table 16 presents an overview <strong>of</strong> the fuel <strong>costs</strong> incurred by Kilda BV, Fladen Gronden BV<br />
<strong>and</strong> Vikingbank BV in 2007 <strong>and</strong> 2008.<br />
Table 16 Fuel <strong>costs</strong> <strong>of</strong> Kilda BV, Fladen Gronden BV <strong>and</strong> Vikingbank BV<br />
Vessel Owner<br />
ROS 170 Annie<br />
Hillina<br />
KW 172 Dirk<br />
Diederik<br />
KW 174 Annelies<br />
Ilena<br />
-31-<br />
2007 2008<br />
€ % total <strong>costs</strong> € % total <strong>costs</strong><br />
Kilda BV 1,315,657 22.9 1,624,847 19.7<br />
Fladen Gronden BV 1,861,911 19.4 2,301,512 23.4<br />
Vikingbank BV 4,318,692 24.0 4,744,619 22.2<br />
Source: Kilda BV, “Annual Report 2008”, Kilda BV, November 2009; Fladen Gronden<br />
BV, “Annual Report 2008”, Fladen Gronden BV, November 2009; Vikingbank BV,<br />
“Annual Report 2008”, Vikingbank BV, November 2009.<br />
An estimate <strong>of</strong> the fuel <strong>costs</strong> for the whole fleet <strong>of</strong> the different companies could use these<br />
percentages <strong>of</strong> total <strong>costs</strong> as an approximation. A more detailed estimate would use the data<br />
mentioned above complemented with information about engines, yearly routes <strong>and</strong> fishing<br />
days etc.
Appendix 1 Corporate structure <strong>of</strong> the companies<br />
Key:<br />
Light grey = holding subsidiary<br />
Medium grey = vessel owning subsidiary<br />
White with stripes = trading subsidiary<br />
Dark grey = other activities/dormant subsidiary<br />
-32-
Parlevliet en van<br />
der Plas Beheer<br />
B.V.<br />
(Netherl<strong>and</strong>s)<br />
100%<br />
J. Marr (Fishing) Ltd<br />
(UK)<br />
Parlevliet en van<br />
der Plas Rusl<strong>and</strong><br />
B.V. (Netherl<strong>and</strong>s)<br />
Rederij<br />
Samenwerking II B.V.<br />
(Netherl<strong>and</strong>s)<br />
Vikingbank B.V.<br />
(Netherl<strong>and</strong>s)<br />
Fladen Gronden B.V.<br />
(Netherl<strong>and</strong>s)<br />
Parlevliet en Van der<br />
Plas B.V.<br />
(Netherl<strong>and</strong>s)<br />
Rona B.V.<br />
(Netherl<strong>and</strong>s)<br />
Silver Pit B.V.<br />
(Netherl<strong>and</strong>s)<br />
Kilda B.V.<br />
(Netherl<strong>and</strong>s)<br />
Tory B.V.<br />
(Netherl<strong>and</strong>s)<br />
50%<br />
UK Fisheries Ltd<br />
(UK)<br />
100% 100%<br />
Boyd Line Ltd (UK)<br />
100%<br />
100%<br />
100%<br />
Lionman Ltd (UK)<br />
Armana Ltd (UK)<br />
Jacinta Ltd (UK)<br />
Rederij<br />
Samenwerking I.<br />
B.V. (Netherl<strong>and</strong>s)<br />
Tronderbas AS<br />
(Norway)<br />
Doggerbank<br />
Seefischerei GmbH<br />
(Germany)<br />
100%<br />
94%<br />
28%<br />
PP Groep Katwijk B.V.<br />
(Netherl<strong>and</strong>s)<br />
100%<br />
-33-<br />
100%<br />
Parlevliet en Van<br />
der Plas Faeröer<br />
B.V. (Netherl<strong>and</strong>s)<br />
Atlantic High Sea<br />
Fishing <strong>Company</strong><br />
(Lithuania)<br />
Ostbank<br />
Hochseefischerei<br />
GmbH (Germany)<br />
Oderbank<br />
Hochseefischerei<br />
(Germany)<br />
Nordbank<br />
Hochseefischer<br />
(Germany)<br />
C. C.H. Bösch GmbH<br />
(Germany)<br />
Warnemünder<br />
Hochseefischerei<br />
Gmbh (Germany)<br />
Westbank<br />
Hochseefischerei<br />
GmbH (Germany)<br />
Rockall Seefischerei<br />
GmbH (Germany)<br />
Ocean Food<br />
Beteiligungs GmbH<br />
(Germany)<br />
Ocean Food GmbH<br />
& Co KG (Germany)<br />
P & P Kühlhaus<br />
GmbH (Germany)<br />
Seefrostvertrieb<br />
GmbH (Germany)<br />
100%<br />
Parlevliet en van der<br />
Plas Vastgoed B.V.<br />
(Netherl<strong>and</strong>s)<br />
100%<br />
Mecklenburger<br />
Hochseefischerei<br />
GmbH (Germany)<br />
100%<br />
German Sea Frozen<br />
H<strong>and</strong>elsgesellschaft<br />
GmbH (Germany)<br />
Sawad Food<br />
International B.V.<br />
(Netherl<strong>and</strong>s)<br />
Ouweh<strong>and</strong><br />
Visverwerking B.V.<br />
(Netherl<strong>and</strong>s)<br />
Frigo 2000 IJmuiden<br />
B.V. (Netherl<strong>and</strong>s)<br />
Parlevliet en van der<br />
Plas Haringh<strong>and</strong>el<br />
B.V. (Netherl<strong>and</strong>s)<br />
100%<br />
Rostocker<br />
Hochseefischerei<br />
GmbH (Germany)<br />
100%<br />
Euro Baltic<br />
Fishverarbeitungs<br />
GmbH (Germany)<br />
Key<br />
Light grey = holding subsidiary<br />
Medium grey = vessel owning<br />
subsidiary<br />
Dark grey = other activities/dormant<br />
subsidiary<br />
White with stripes = trading subsidiary
Cornelis Vrolijks Visserij<br />
Maatschappij Diepzee II BV<br />
(Netherl<strong>and</strong>s)<br />
Cornelis Vrolijks Visserij<br />
Maatschappij Diepzee IV BV<br />
(Netherl<strong>and</strong>s)<br />
Cornelis Vrolijk's Visserij<br />
Maatschappij B.V.<br />
(Netherl<strong>and</strong>s)<br />
100%<br />
North Atlantic (Holdings)<br />
Limited (UK)<br />
100%<br />
Valiant Trawlers Limited (UK)<br />
100%<br />
100%<br />
100%<br />
E.J. Koppers Holding BV<br />
(Netherl<strong>and</strong>s)<br />
50%<br />
Vroko International Holding BV<br />
(Netherl<strong>and</strong>s)<br />
50%<br />
Cornelis Vrolijk Holding BV<br />
(Netherl<strong>and</strong>s)<br />
100%<br />
France Pelagique S.a.r.l.<br />
(France)<br />
North Atlantic Fishing Co (UK)<br />
-34-<br />
30-100%<br />
100%<br />
Jaczon BV (Netherl<strong>and</strong>s)<br />
100%<br />
Several subsidiaries based in<br />
Portugal, Luxembourg,<br />
Nigeria, Hong Kong, China,<br />
Mexico<br />
Several subsidiaries based in<br />
Germany, France, Latin<br />
America, North America<br />
10-100%<br />
Jaczon Visgrooth<strong>and</strong>el BV<br />
(Netherl<strong>and</strong>s)<br />
Jaczon Visserij Maatschappij<br />
Afrika BV (Netherl<strong>and</strong>s)<br />
Jaczon Visserij Maatschappij<br />
Wiron BV (Netherl<strong>and</strong>s)<br />
Jaczon Visserijmaatschappij<br />
Johanna Maria BV<br />
(Netherl<strong>and</strong>s)<br />
Jaczon Visserijmaatschappij<br />
Zeel<strong>and</strong> BV (Netherl<strong>and</strong>s)<br />
Key<br />
Light grey = holding subsidiary<br />
Medium grey = vessel owning subsidiary<br />
Dark grey = other activities/dormant<br />
subsidiary<br />
White with stripes = trading subsidiary
100%<br />
100%<br />
AZ Fisheries Holding BV<br />
(Netherl<strong>and</strong>s)<br />
Willem van der Zwan en<br />
Zonen Holding BV<br />
(Netherl<strong>and</strong>s)<br />
100%<br />
AZ International BV<br />
(Netherl<strong>and</strong>s)<br />
W. van der Zwan en Zonen<br />
BV (Netherl<strong>and</strong>s)<br />
W. Van der Zwan Zonen<br />
Visserij Maatschappij B.V.<br />
(Netherl<strong>and</strong>s)<br />
A.Z. Ocean Fisheries II B.V<br />
(Netherl<strong>and</strong>s)<br />
A.Z. Ocean Pelagic Fisheries<br />
BV (Netherl<strong>and</strong>s)<br />
A.Z. Pelagic Fisheries BV<br />
(Netherl<strong>and</strong>s)<br />
-35-<br />
100%<br />
AZ Fisheries Vastgoed<br />
Holding BV (Netherl<strong>and</strong>s)<br />
99.8%<br />
WZ Canaria BV (Netherl<strong>and</strong>s)<br />
African Fish <strong>Company</strong> Nigeria<br />
Ltd (Nigeria)<br />
Trachurus BV (Netherl<strong>and</strong>s) 99.0%<br />
Pelagic Fishing Group SAC<br />
(Peru)<br />
90.0%<br />
Biomarine BV (Netherl<strong>and</strong>s)<br />
Friogha Ltd (Ghana)<br />
Key<br />
Light grey = holding subsidiary<br />
Medium grey = vessel owning subsidiary<br />
Dark grey = other activities/dormant<br />
subsidiary<br />
White with stripes = trading subsidiary
Appendix 2 Subsidiaries <strong>of</strong> Parlevliet en van der Plas<br />
-36-
Appendix 3 Direct subsidiaries <strong>of</strong> Jaczon BV<br />
-37-
Appendix 4 Indirect subsidiaries <strong>of</strong> Jaczon BV<br />
-38-
Appendix 5 Subsidiaries Willem van der Zwan en Zonen<br />
-39-
Appendix 6 References<br />
1 Parlevliet en van der Plas BV, “History”, Website Parlevliet en van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/history.php),<br />
Visited in March 2011.<br />
2 Kilda BV, “Annual Report 2008”, Kilda BV, November 2009.<br />
3 Ostbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum<br />
31.12.2009”, Ostbank Hochseefischerei GmbH, May 2010.<br />
4 Fladen Gronden BV, “Annual Report 2008”, Fladen Gronden BV, November 2009.<br />
5 Vikingbank BV, “Annual Report 2008”, Vikingbank BV, November 2009.<br />
6 Silver Pit BV, “Annual Report 2008”, Silver Pit BV, November 2009.<br />
7 Parlevliet & van der Plas BV, “Annual Report 2008”, Parlevliet & van der Plas BV, November 2009.<br />
8 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/establishment.php),<br />
Visited in March 2011.<br />
9 Parlevliet en van der Plas Haringh<strong>and</strong>el BV, “Annual Report 2008”, Parlevliet en van der Plas Haringh<strong>and</strong>el<br />
BV, November 2009; Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV<br />
(http://www.parlevliet-v<strong>and</strong>erplas.nl/establishment.php), Visited in March 2011.<br />
10 Sawad Food International, “Annual Report 2008” , Sawad Food International, November 2009.<br />
11 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/establishment.php),<br />
Visited in March 2011.<br />
12 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.<br />
13 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.<br />
14 Westbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Westbank Hochseefischerei GmbH, May 2009.<br />
15 Westbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Westbank Hochseefischerei GmbH, May 2009.<br />
16 Brauw, C. <strong>and</strong> van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment <strong>of</strong> activities in<br />
<strong>and</strong> outside Europe”, SOMO, June 2010.<br />
17 Oderbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Oderbank Hochseefischerei GmbH, May 2009.<br />
18 Oderbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum<br />
31.12.2009”, Oderbank Hochseefischerei GmbH, May 2010.<br />
19 Oderbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Oderbank Hochseefischerei GmbH, May 2009.<br />
20 Ostbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Ostbank Hochseefischerei GmbH, May 2009.<br />
21 Ostbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum<br />
31.12.2009”, Ostbank Hochseefischerei GmbH, May 2010.<br />
22 Brauw, C. <strong>and</strong> van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment <strong>of</strong> activities in<br />
<strong>and</strong> outside Europe”, SOMO, June 2010.<br />
23 Mecklenburger Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Mecklenburger Hochseefischerei GmbH, May 2009.<br />
24 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/establishment.php),<br />
Visited in March 2011; Ocean Food, “About us”, Website Ocean Food<br />
(http://www.oceanfood.de/frames.htm), Visited in March 2011.<br />
25 Visserij Nieuws, “BX 786 Nieuwe aanwinst P&P”, Visserij Nieuws, 13 January 2009, available at<br />
http://visserijnieuws.punt.nl/?id=415376&r=1&tbl_archief=&<br />
-40-
26 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/establishment.php),<br />
Visited in March 2011.<br />
27 Euro-Baltic Fischverarbeitungs GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Euro-Baltic Fischverarbeitungs GmbH, May 2009.<br />
28 German Seafrozen Fish H<strong>and</strong>elsgesellschaft mbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008<br />
bis zum 31.12.2008”, German Seafrozen Fish H<strong>and</strong>elsgesellschaft mbH, May 2009. Parlevliet & van der<br />
Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/establishment.php),<br />
Visited in March 2011.<br />
29 German Seafrozen Fish H<strong>and</strong>elsgesellschaft mbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008<br />
bis zum 31.12.2008”, German Seafrozen Fish H<strong>and</strong>elsgesellschaft mbH, May 2009. Parlevliet & van der<br />
Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevlietv<strong>and</strong>erplas.nl/establishment.php),<br />
Visited in March 2011.<br />
30 Atlantic High Sea Fishing <strong>Company</strong> UAB, “Pr<strong>of</strong>it And Loss Account 2008”, Atlantic High Sea Fishing<br />
<strong>Company</strong> UAB, June 2009.<br />
31 Trønderbas AS “Årsregnskapet For Regnskapsåret 2009 - Generell Informasjon (Annual Report 2009)”,<br />
Trønderbas AS, June 2010.<br />
32 Ivan Ulsund AS, “Catching areas”, Website Ivan Ulsund (www.ivanulsund.no/), Visited in March 2011.<br />
33 UK Fisheries Ltd, “Annual Return”, UK Fisheries Ltd, September 2009.<br />
34 Enever, R., “Northern North Sea Saithe (<strong>and</strong> Cod) “A self-sampling project”, Fisheries Science Partnership,<br />
2008/2009.<br />
35 Visserijnieuws.nl, “P&P koopt Spaanse rederij”, Visserijnieuws.nl, 25 December 2010.<br />
36 Vikingbank BV, “Annual Report 2008”, Vikingbank BV, November 2009.<br />
37 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.<br />
38 Ocean Food GmbH & Co. KG, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum 31.12.2009”,<br />
Ocean Food GmbH & Co. KG, May 2010.<br />
39 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum<br />
31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.<br />
40 Brauw, C. <strong>and</strong> van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment <strong>of</strong> activities in<br />
<strong>and</strong> outside Europe”, SOMO, June 2010.<br />
41 Cornelis Vrolijk, “Fleet”, Website Cornelis Vrolijk (www.cornelisvrolijk.eu/index.php?id=3&parent=3), Visited<br />
in March 2011.<br />
42 Shipspotting.com, “FC-716999 S<strong>and</strong>ettie - IMO 8012085”, Website Shipspotting.com<br />
(www.shipspotting.com/gallery/photo.php?lid=1201032), Visited in March 2011; Klipper S.a.r.l., “Annual<br />
Report 2009”, Klipper S.a.r.l., August 2010.<br />
43 Interfish Limited, “Annual Return”, Interfish Limited, March 2009; Visserijnieuws.nl, “H 108 ‘Westella’<br />
verkocht naar Peru”, Visserijnieuws.nl, 20 October 2008.<br />
44 Jaczon BV, “Annual Report 2005”, Jaczon BV, March 2007.<br />
45 Diepzee Visserij Mij. Cornelis Vrolijk II BV, “Vennootschappelijke jaarrekening over 2008”, Diepzee Visserij<br />
Mij. Cornelis Vrolijk II BV, 2009; Diepzee Visserij Mij. Cornelis Vrolijk II BV, “Vennootschappelijke<br />
jaarrekening over 2009”, Diepzee Visserij Mij. Cornelis Vrolijk II BV, 2010.<br />
46 Diepzee Visserij Mij.Cornelis Vrolijk IV BV, “Meest recente vennootschappelijke jaarrekeningen”, Diepzee<br />
Visserij Mij.Cornelis Vrolijk IV BV, 2010; Diepzee Visserij Mij.Cornelis Vrolijk IV BV, “Publicatiestukken<br />
2006”, Diepzee Visserij Mij.Cornelis Vrolijk IV BV, January 2008.<br />
47 Jaczon Visserij Maatschappij Afrika BV, “Publicatiestukken 2008”, Jaczon Visserij Maatschappij Afrika BV,<br />
February 2010.<br />
48 Jaczon Visserij Maatschappij Johanna Maria BV, “Vennootschappelijke jaarrekening over 2004”, Jaczon<br />
Visserij Maatschappij Johanna Maria BV, 2005.<br />
49 Jaczon Visserij Maatschappij Zeel<strong>and</strong> BV, “Vennootschappelijke jaarrekening over 2004”, Jaczon Visserij<br />
Maatschappij Zeel<strong>and</strong> BV, 2005; Jaczon Visserij Maatschappij Zeel<strong>and</strong> BV, “Publicatiestukken 2009”,<br />
Jaczon Visserij Maatschappij Zeel<strong>and</strong> BV, February 2011.<br />
-41-
50 Jaczon Visserij Maatschappij Wiron BV, “Publicatiestukken 2008”, Jaczon Visserij Maatschappij Wiron BV,<br />
February 2010.<br />
51 Cornelis Vrolijk’s Visserij Maatschappij BV, “Jaarstukken 2006”, Cornelis Vrolijk’s Visserij Maatschappij BV,<br />
May 2008.<br />
52 Cornelis Vrolijk’s Visserij Maatschappij BV, “Vennootschappelijke voorlopige jaarrekening over 2007”,<br />
Cornelis Vrolijk’s Visserij Maatschappij BV, 2008.<br />
53 Jaczon Visgrooth<strong>and</strong>el BV, “Publicatiestukken 2009”, Jaczon Visgrooth<strong>and</strong>el BV, February 2011.<br />
54 Shipspotting.com, “FC-716999 S<strong>and</strong>ettie - IMO 8012085”, Website Shipspotting.com<br />
(www.shipspotting.com/gallery/photo.php?lid=1201032), Visited in March 2011; Klipper S.a.r.l., “Annual<br />
Report 2009”, Klipper S.a.r.l., August 2010.<br />
55 France Pelagique, “Annual Report 2009”, France Pelagique, June 2010.<br />
56 France Pelagique, “Annual Report 2008”, France Pelagique, May 2009.<br />
57 France Pelagique, “Annual Report 2009”, France Pelagique, June 2010.<br />
58 France Pelagique, “Annual Report 2008”, France Pelagique, May 2009.<br />
59 North Atlantic Fishing Co, “Annual Report 2009”, North Atlantic Fishing Co, July 2010.<br />
60 Valiant Trawlers, “Annual Report 2009”, Valiant Trawlers, July 2010.<br />
61 Vroko International Holding BV, “Annual Report 2009”, Vroko International Holding BV, February 2011.<br />
62 Brauw, C. <strong>and</strong> van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment <strong>of</strong> activities in<br />
<strong>and</strong> outside Europe”, SOMO, June 2010.<br />
63 Primstar BV, “Annual Report 2009”, Primstar BV, February 2011.<br />
64 Valiant Trawlers, “Annual Report 2009”, Valiant Trawlers, July 2010.<br />
65 France Pelagique, “Annual Report 2008”, France Pelagique, May 2009; France Pelagique, “Annual Report<br />
2009”, France Pelagique, June 2010.<br />
66 Afrex Fisheries BV, “Deponeringsstukken 2009”, Afrex Fisheries BV, January 2011.<br />
67 Blankwaard, P., “Gerenoveerde SCH 6 Alida opgeleverd”, Koopvaardij, 19 September 2009, available at<br />
http://koopvaardij.web-log.nl/koopvaardij/2009/09/gerenoveerde-sc.html; Visserijnieuws.nl, “Grote br<strong>and</strong><br />
SCH 6 bij scheepswerf Reimerswaal”, Visserijnieuws.nl, 14 February 2009.<br />
68 A.Z. Ocean Fisheries II BV, “Deponeringsstukken 2009”, A.Z. Ocean Fisheries II BV, January 2011.<br />
69 A.Z. Ocean Pelagic Fisheries BV, “Deponeringsstukken 2007”, A.Z. Ocean Pelagic Fisheries BV, October<br />
2008.<br />
70 Visserijnieuws.nl, “Herbouwde SCH 302 sterker teruggekomen”, Visserijnieuws.nl, 7 November 2009.<br />
71 Kingdom <strong>of</strong> the Netherl<strong>and</strong>s, “SECTION VIII. Fishery products, Freezing Vessel”, Kingdom <strong>of</strong> the<br />
Netherl<strong>and</strong>s, available at http://www3.vwa.nl/EULijst%20SECTION%20VIII-Fishery%20products-<br />
Freezing%20vessel.pdf<br />
72 Visserijnieuws.nl, “Herbouwde SCH 302 sterker teruggekomen”, Visserijnieuws.nl, 7 November 2009.<br />
73 AZ Pelagic Fisheries BV, “Deponeringsstukken 2009”, AZ Pelagic Fisheries BV, January 2011.<br />
74 Visserij Mij W. van der Zwan & Zonen BV, “Deponeringsstukken 2009”, Visserij Mij W. van der Zwan &<br />
Zonen BV, January 2011.<br />
75 Afrex Fisheries BV, “Deponeringsstukken 2009”, Afrex Fisheries BV, January 2011.<br />
76 W. van der Zwan en Zonen BV, “Financieel jaarverslag 2009”, W. van der Zwan en Zonen BV, January<br />
2011.<br />
77 W.Z. Canaria BV, “Deponeringsstukken 2009”, W.Z. Canaria BV, January 2011.<br />
78 Trachurus BV, “Deponeringsstukken 2009”, Trachurus BV, January 2011.<br />
79 El Comercio, “Peru - Pelagic Fishing Group replantea expansión”, El Comercio, 23 March 2009; Aqua,<br />
“Pelagic Fishing Group invertirá US$ 35 millones en Perú”, Aqua, 8 July 2008, available at<br />
http://www.aqua.cl/noticias/imprimir_noticia.php?doc=25114<br />
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80 Instituto Tecnológico Pesquero, “Permiso De Pesca De Embarcaciones”, Website Instituto Tecnológico<br />
Pesquero (http://www.itp.gob.pe/autorizaciones-licencias/2010/permisos-a.php), Visited in March 2011.<br />
81 A.Z. Ocean Pelagic Fisheries BV, “Deponeringsstukken 2007”, A.Z. Ocean Pelagic Fisheries BV, October<br />
2008.<br />
82 Willem van der Zwan en Zonen Holding BV, “Financieel jaarverslag 2009”, Willem van der Zwan en Zonen<br />
Holding BV, January 2011.<br />
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