The Belgian subsidiary of the French frozen food group Picard has just been bailed out for the fifth time in six years by its shareholder. The group erased its deferred losses, which amounted to EUR3.9m. Although it has not yet released its latest figures, it can be inferred that it has reduced its net losses in the last two years, according to Belgium media.
The business remains complicated in Belgium for the French group Picard. Six years after having landed on the market, the frozen food specialist has still not managed to make a profit. Its local subsidiary Picard Belgium has accumulated, over the years, a loss of EUR3.98m. The group has just raised its own funds and cleared its losses, in order to put its accounts flat and its equity in the green.
Last September, Picard International SAS, the company of the French group controlling the Belgian subsidiary, increased its capital by EUR511.000 by converting debt into shares, bringing it to EUR4.7m.
