Company structures, financing and costs of Dutch pelagic freezer trawler companies A research paper prepared for Stichting Greenpeace Nederland

Company structures, financing and costs of Dutch pelagic freezer trawler companies

A research paper prepared for Stichting Greenpeace Nederland Final Report: 16 May 2011 Jan Willem van Gelder Petra Spaargaren Profundo Radarweg 60 1043 NT Amsterdam The Netherlands Tel: +31-20-820 83 20 E-mail: profundo@profundo.nl Website: www.profundo.nl

Contents

Summary ....................................................................................................................1

Introduction................................................................................................................3

Chapter 1 Parlevliet en van der Plas ...............................................................4

1.1 Introduction ..............................................................................................4

1.2 Fleet ..........................................................................................................4

1.3 Revenues ..................................................................................................5

1.4 Dutch subsidiaries ...................................................................................6

1.4.1 Kilda BV .....................................................................................................6

1.4.2 Fladen Gronden BV ...................................................................................7

1.4.3 Vikingbank BV............................................................................................7

1.4.4 Silver Pit BV ...............................................................................................7

1.4.5 Parlevliet en van der Plas BV.....................................................................7

1.4.6 Parlevliet en van der Plas Haringhandel BV...............................................7

1.4.7 Sawad Food International BV.....................................................................8

1.5 German subsidiaries................................................................................8

1.5.1 Doggerbank Seefischerei ...........................................................................8

1.5.2 Westbank Hochseefischerei .......................................................................9

1.5.3 Oderbank Hochseefischerei GmbH............................................................9

1.5.4 Ostbank Hochseefischerei GmbH ............................................................10

1.5.5 Mecklenburger Hochseefischerei GmbH ..................................................10

1.5.6 Ocean Food GmbH..................................................................................10

1.5.7 Euro-Baltic Fischverarbeitungs.................................................................11

1.5.8 German Seafrozen Fish Handelsgesellschaft GmbH ...............................11

1.6 Other subsidiaries..................................................................................11

1.6.1 Atlantic High Sea Fishing Company .........................................................11

1.6.2 Tronderbas AS.........................................................................................12

1.6.3 UK Fisheries Ltd.......................................................................................12

1.7 Revenues and profits per subsidiary....................................................12

1.8 Loans ......................................................................................................16

Chapter 2 Cornelis Vrolijk/Jaczon.................................................................17

2.1 Introduction ............................................................................................17

2.2 Fleet ........................................................................................................17

2.3 Revenues ................................................................................................18

2.4 Dutch subsidiaries .................................................................................19

2.4.1 Introduction ..............................................................................................19

2.4.2 Cornelis Vrolijks Visserij Maatschappij Diepzee II BV...............................19

2.4.3 Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV .............................19

2.4.4 Jaczon Visserijmaatschappij Afrika BV.....................................................20

2.4.5 Jaczon Visserijmaatschappij Johanna Maria BV ......................................20

2.4.6 Jaczon Visserijmaatschappij Zeeland BV.................................................20

2.4.7 Jaczon Visserijmaatschappij Wiron BV ....................................................20

2.4.8 Cornelis Vrolijk’s Visserij Maatschappij BV...............................................20

2.4.9 Jaczon Visgroothandel BV .......................................................................21

2.5 Foreign subsidiaries ..............................................................................21

2.5.1 Introduction ..............................................................................................21

2.5.2 France Pelagique S.a.r.l...........................................................................21

2.5.3 North Atlantic Fishing Co..........................................................................22

2.5.4 Valiant Trawlers .......................................................................................22

2.6 Revenues and profits per subsidiary....................................................22

2.7 Other subsidiaries..................................................................................24

2.7.1 Jaczon BV................................................................................................24

2.7.2 Vroko International Holding ......................................................................24

2.8 Loans ......................................................................................................25

Chapter 3 Willem van der Zwan en Zonen ....................................................26

3.1 Introduction ............................................................................................26

3.2 Fleet ........................................................................................................26

3.3 Revenues ................................................................................................27

3.4 Most important subsidiaries..................................................................27

3.4.1 AZ Ocean Fisheries II BV.........................................................................27

3.4.2 AZ Ocean Pelagic Fisheries BV ...............................................................28

3.4.3 AZ Pelagic Fisheries BV...........................................................................28

3.4.4 W. Van der Zwan Zonen Visserij Maatschappij BV...................................28

3.4.5 Afrex Fisheries BV ...................................................................................28

3.4.6 W. van der Zwan en Zonen BV ................................................................28

3.5 Revenues and profits per subsidiary....................................................28

3.6 Other subsidiaries..................................................................................29

3.6.1 Introduction ..............................................................................................29

3.6.2 W.Z. Canaria BV ......................................................................................29

3.6.3 Trachurus BV ...........................................................................................29

3.6.4 Biomarine BV ...........................................................................................30

3.7 Loans ......................................................................................................30

Chapter 4 Further research – fuel costs .......................................................31

Appendix 1 Corporate structure of the companies ........................................32

Appendix 2 Subsidiaries of Parlevliet en van der Plas...................................36

Appendix 3 Direct subsidiaries of Jaczon BV.................................................37

Appendix 4 Indirect subsidiaries of Jaczon BV ..............................................38

Appendix 5 Subsidiaries Willem van der Zwan en Zonen..............................39

Appendix 6 References .....................................................................................40

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Summary This report provides information on company structures, financing and costs of three Dutch pelagic freezer trawler companies and their subsidiaries: Parlevliet en van der Plas, Cornelis Vrolijk/Jaczon and Willem van der Zwan en Zonen. Together, these three companies own 32 pelagic freezer trawlers, of which: • 14 with a Dutch flag; • 6 with a German flag; • 7 with a UK flag; • 3 with a French flag; • 2 with a Lithuanian flag; • 1 with an Irish flag. Willem van der Zwan en Zonen only has trawlers with a Dutch flag, which are operated by Dutch subsidiaries.1 Also the trading/processing activities of the group are executed by Dutch subsidiaries. Parlevliet en van der Plas and Cornelis Vrolijk/Jaczon execute a large part of their operations through foreign subsidiaries. Parleviet en van der Plas has a total of 11 foreign subsidiaries, based in Germany, Lithuania, Norway and the UK, which either operate vessels or trading/processing centres. Cornelis Vrolijk/Jaczon has three foreign subsidiaries which operate vessels or trading/processing centres, based in France and the UK. In addition, all three groups have other foreign subsidiaries, which do not own vessels or important processing/trading centres but which could be important. These subsidiaries could be found in Appendix 2 for Parlevliet en van der Plas, Appendix 3 and Appendix 4 for Cornelis Vrolijk/Jaczon and Appendix 5 for Willem van der Zwan en Zonen. Table 1 provides an overview of the revenues and profits of the three companies. For Cornelis Vrolijk/Jaczon, no recent data were available. It is assumed that the data for the most recent year (2007/2008 for revenues and different years from 2004 for profits) can be used as an estimate for 2008 and 2009. When adding the revenues of the three companies, it can be shown that revenues of the three companies combined in 2008 were approximately € 537.1 million, resulting in a net profit of € 56.9 million. In 2009, revenues and profits were lower: an estimated € 402 million revenues resulting in a net profit of € 45.2 million.

Table 1 Revenues and profits of Dutch pelagic freezer trawler companies

Group Year Vessels Revenues (€ mln) Profits (€ mln)

Parlevliet en van der Plas 2008 278.0 22.6

Parlevliet en van der Plas 2009 15

146.3 14.9

Cornelis Vrolijk/Jaczon 2007/2008 12 181.4 24.0*

Willem van der Zwan en Zonen 2008 77.7 10.3

Willem van der Zwan en Zonen 2009 5

74.3 6.3

Total 2008 32 537.1 56.9

Total 2009 32 402.0 45.2

*Based on most recent year for all ships, years range between 2004 and 2009.

1 This information applies to the period researched (2008/2009). In February 2010 one vessel changed to Peruvian flag because the vessel went fishing in Peru.

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These results can be compared to a recent report by Dutch LEI, which focuses on the Dutch pelagic freezer trawlers only. The report by LEI presents a revenues figure of Dutch pelagic freezer trawlers of € 142 million in 2008 and € 115 million in 2009 (see Table 2). Profits are negative in both years. The reason that the figures used by the Dutch LEI is much lower than our estimates as presented in Table 1 can be explained by two reasons: • We focus on all ships of the three companies and not only the ones with a Dutch flag.

Around 45% of the ships owned by the companies have a Dutch flag. Solely focusing on the Dutch fleet would approximately halve our estimate;

• We focus on the whole business of the three companies, including vessel owning subsidiaries and trading subsidiaries. The vessel owning subsidiaries catch fish, which is then entirely sold to the trading and processing subsidiaries of the group. These trading and processing subsidiaries add value to the fish they bought from the vessel owning subsidiaries of the group and from external suppliers, and then sell the fish to external buyers.

Table 2 Revenues Dutch fishing sector

Dutch pelagic freezer trawlers Dutch fishing sector Year

Vessels Revenues (€ mln) Profits (€ mln) Vessels Revenues (€ mln) % pelagic

2005 15 137 1 447 439 31.2

2006 13 125 7 446 426 29.3

2007 14 135 6 442 477 28.3

2008 14 142 (4) 615 473 30.0

2009 14 115 (6) 590 386 29.8

Source: LEI, “Visserij in Cijfers 2010”, LEI, September 2010.

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Introduction The objective of this research project is expand information gathered in an earlier report by SOMO on the Dutch pelagic freezer trawler industry, to get some detailed answers on specific questions with regard to company structures, financing and costs of three Dutch pelagic freezer trawler companies and their subsidiaries: Parlevliet en van der Plas, Cornelis Vrolijk/Jaczon and Willem van der Zwan en Zonen. The following specific research questions will be researched: • Dutch subsidiaries: Is additional information available on the Dutch subsidiaries of the

three companies which SOMO has already researched, or foreign companies owned by these Dutch subsidiaries?

• Foreign subsidiaries: What are the revenues and profits of the Dutch companies over the last 5 years, taking into account the complete picture of Dutch, other EU and non-EU parts of the company structure?

• Company structure Dutch companies: A map of the company structure outlining the involvement of the three Dutch companies in other fisheries in the form of subsidiaries or other type of stakes in companies.

Chapter 1 will discuss Parlevliet en van der Plas, commenting on Dutch and foreign vessel owning and trading subsidiaries, their revenues and profits and activities. Chapter 2 will provide this information for Cornelis Vrolijk/Jaczon, and Chapter 3 will discuss Willem van der Zwan en Zonen. Chapter 4 shortly discusses options for further research focused on fuel costs. An overview of the corporate structures of the groups, outlining the relationships that exist between the different subsidiaries discussed in this report, can be found in Appendix 1. A summary of the findings of this report can be found on the first pages of this report.

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Chapter 1 Parlevliet en van der Plas

1.1 Introduction

Pelagic trawler company Parlevliet & Van der Plas was founded in 1949 by Dirk Parlevliet and the brothers Dirk and Jan van der Plas. The ultimate owner of the group is PP Groep Katwijk BV, based in Valkenburg, the Netherlands. The company's fishing fleet consists of 15 freezer-trawlers, operated by a range of subsidiaries based in the Netherlands, Germany, the United Kingdom, Norway and Lithuania. The total catch of the group as a whole is estimated at 300,000 tonnes in 2008 (see paragraph 1.7). The company also owns and operates multiple cold stores, trading offices, factories and own transport. These facilities are based in the Netherlands and Germany.1 Appendix 1 provides an overview of the corporate structure of Parlevliet en van der Plas, outlining the relationships that exist between the different subsidiaries discussed in this chapter. This chapter is organised as follows: Paragraph 1.2 will provide an overview of the fleet of the company. Paragraph 1.3 will estimate the amount of revenues generated by the group as a whole. Paragraph 1.4 will provide more details on the Dutch subsidiaries of the group, paragraph 1.5 will discuss the German subsidiaries and paragraph 1.6 will discuss the subsidiaries based in other countries. Paragraph 1.7 will present a summary of the revenues and profits generated by each subsidiary. Finally, paragraph 1.8 sheds light on bank loans provided to Parlevliet en van der Plas over the past few years.

1.2 Fleet

Table 3 provides an overview of the fleet of Parlevliet en van der Plas. In total, the company has 15 pelagic freezer trawlers, of which three operate under a Dutch flag, six operate under a German flag, two operate under Lithuanian flag, one operates under a Norwegian flag and three operate under a UK flag.

Table 3 Fleet of Parlevliet en van der Plas

Vessel Flag Engine

Freezing capacity

(metric ton/day)

Subsidiary

KW 170 Annie Hillina Dutch 2,738 KW (3,670 HP)

100 Kilda BV2

KW 172 Dirk Diederik Dutch 6,565 KW (8,800 HP)

200 Fladen Gronden

KW 174 Annelies Ilena Dutch 14,400 KW 300 Vikingbank

BX 786 Atlantic Peace German 2,724 KW 40 Ocean Food GmbH & Co

BX 791 Jan Maria German 6,155 KW (8,250 HP)

250 Doggerbank Seefischerei

ROS 171 Maartje Theadora German 6,416 KW (2 x 4,300 HP)

300 Westbank Hochseefischerei

ROS 784 Dirk Dirk German 3,282 KW 200 Ostbank Hochseefischerei

2 Since end 2009: Ostbank Hochseefischerei GmbH

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Vessel Flag Engine

Freezing capacity

(metric ton/day)

Subsidiary

(4,400 HP)

ROS 785 Helen Mary German 6,416 KW (2 x 4,300 HP)

275 Oderbank Hochseefischerei

ROS 786 Gerda Maria German 2,954 KW (3,960 HP)

26 Mecklenburger Hochseefischerei

KL 749 Margiris Lithuanian 9,880 KW 275 Atlantic High Sea Fishing Company

KL 759 Nida Lithuanian 1,760 KW (2

x SKL 8VD 26/20)

20 Atlantic High Sea Fishing Company

NT 500-V Tronderbas Norwegian 7,000 (?) ? Tronderbas

H 135 Farnella UK 1,825 KW (2,447 HP)

? UK Fisheries

H 771 Marbella UK 2,458 KW (3,295 HP)

0 UK Fisheries

H 176 Arctic Warrior UK 2,400 KW 48 UK Fisheries

Source: Annual reports of all subsidiaries, websites Parlevliet en van der Plas.

1.3 Revenues

As PP Groep Katwijk BV is the ultimate owner of the group, its revenues and profits should represent the consolidated revenues and profits of all group companies. In 2008, revenues of PP Groep Katwijk BV were € 278.0 million, resulting in a net profit of € 22.6 million. In 2009, revenues were much lower: € 146.3 million, resulting in a net profit of € 14.9 million.

Table 4 Revenues and profits of PP Groep Katwijk

Year Revenues (€ mln) Profits (€ mln)

2007 270.6 19.6

2008 278.0 22.6

2009 146.3 14.9

Source: PP Groep Katwijk BV, “Financial report 2008”, PP Groep Katwijk BV, November 2009; Brauw, C. and van der Wal, S., “The Pelagic Freezer Trawler

Association: An assessment of activities in and outside Europe”, SOMO, June 2010.

The following paragraphs will try to estimate how much each of the subsidiaries of the Parlevliet en van der Plas Group contribute to the consolidated revenues and profits of PP Groep Katwijk BV. Because many subsidiaries of the group have not yet deposited an annual report for 2009, we will focus on revenues and profits generated in 2008. If available, the data for 2009 are mentioned as well.

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1.4 Dutch subsidiaries

A full list of the subsidiaries of Parlevliet en van der Plas can be found in Appendix 2. Table 5 presents an overview of the financial accounts of a range of Dutch subsidiaries of PP Group Katwijk BV. The subsidiaries with a relatively large amount of revenues are generally the subsidiaries that are actively operating, either as a vessel owning subsidiary or as a trading/processing subsidiary.

Table 5 Most important Dutch subsidiaries, 2008 data

Subsidiary Revenues (€ mln) Profits (loss) (€ mln)

Parlevliet en van der Plas BV 153.0 14.3

Parlevliet en van der Plas Haringhandel BV 11.0 1.9

Kilda BV 7.8 (0.4)

Vikingbank BV 23.5 (0.9)

Fladen Gronden BV 10.1 0.3

Silver Pit BV 5.2 1.4

Sawad Food International BV 22.3 0.5

The Dutch subsidiaries of the group that own vessels and sell fish to other subsidiaries of the group are: • Kilda BV • Fladen Gronden BV • Vikingbank BV • Silver Pit BV (until recently) In addition, the following subsidiaries are important processing and trading subsidiaries: • Parlevliet en van der Plas Haringhandel BV sells herring in the EU • Sawad Food International BV sells different species to non-EU markets • Parlevliet en van der Plas BV sells different species to EU and non-EU markets These subsidiaries are each discussed below:

1.4.1 Kilda BV

Kilda BV is based in Valkenburg. This subsidiary engages in catching, producing and trading in pelagic fish products. The company owns the vessel ROS 170 Annie Hillina, which the company acquired in 2007 from another group company for € 1 million. In 2008, the company realised revenues of € 7.8 million, resulting in a net loss of € 0.4 million. In 2008, revenue was generated by the sale of horse mackerel (€ 3.4 million), herring (€ 2.7 million) and mackerel (€ 1.7 million) to group companies.2 In December 2009, the vessel ROS 170 Annie Hillina was sold to a German subsidiary of the Parlevliet en van der Plas group: Ostbank Hochseefischerei GmbH (see paragraph 1.5.4).3

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1.4.2 Fladen Gronden BV

Fladen Gronden BV is based in Valkenburg. This subsidiary engages in catching, producing and trading in pelagic fish products. The company owns the vessel KW 172 Dirk Diederik. In 2008, Fladen Gronden BV generated revenues of € 10.1 million, resulting in a net profit of € 0.3 million. In 2008 the company generated its revenues by selling blue whiting (€ 3.2 million), horse mackerel (€ 1.7 million), mackerel (€ 1.6 million), herring (€ 1.0 million) and other species (€ 2.6 million) to group companies.4

1.4.3 Vikingbank BV

Vikingbank BV is based in Valkenburg. This subsidiary engages in the catching, producing and trading pelagic fish products. The company owns the vessel KW 174 Annelies Ilena (previously called Atlantic Dawn), which had in 2008 been operational the whole year (compared to eight months in 2007). Vikingbank BV acquired this vessel in 2007 for € 50 million. In 2008, the company realized revenues of € 23.5 million, resulting in a net loss of € 0.9 million. This loss was mainly due to repairs that had to be carried out in this year. In 2008 the company generated its revenues by selling horse mackerel (€ 17.8 million), blue whiting (€ 3.9 million) and mackerel (€ 1.8 million) to group companies. At the end of December 2008, total assets of the company were € 43.0 million. These assets were mainly financed by an outstanding loan with Rabobank (see paragraph 1.8).5

1.4.4 Silver Pit BV

In 2008, Silver Pit BV generated revenues of € 5.2 million, resulting in a net profit of € 1.4 million. The company sells fish to group companies. However, in 2007 the company sold its vessel KW 171 Maartje Theodora to German subsidiary Westbank Hochseefischerei (see paragraph). Because the subsidiary is yet to receive (part of) the payments for the ship, in 2008 the company had accounts receivables outstanding to group companies of € 23.7 million.6

1.4.5 Parlevliet en van der Plas BV

Trading subsidiary Parlevliet & van der Plas BV is based in Valkenburg, the Netherlands. In 2008, this subsidiary generated € 153.0 million, resulting in a net profit of € 14.3 million. The company generates its revenues by selling fish and fish products. More than 50 per cent of the revenues of the company are generated through sales outside the EU.7 In IJmuiden (the Netherlands), Parlevliet & van der Plas BV has cold stores where the cargo of the freezer trawlers are discharged and stored and from where international distribution takes place. In Harderwijk (the Netherlands) Parlevliet en van der Plas BV has a factory for processing herring and herring products.8

1.4.6 Parlevliet en van der Plas Haringhandel BV

Parlevliet en van der Plas Haringhandel BV is based in Valkenburg. In 2008, the company generated revenues of € 11.0 million, resulting in a net profit of € 1.9 million. This company engages in the wholesale of herring. The raw material is partly coming from the company's own vessels and partly from British, Irish, Danish, French and Norwegian fishing vessels. The company sells its products in the Benelux, Germany and France. In 2008, about 70 per cent of the subsidiary’s profits are incurred in the Netherlands, and 19 per cent in Germany.9

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1.4.7 Sawad Food International BV

This subsidiary sells pelagic fish products, purchased from group companies, in foreign markets. The bulk of the net sales are gained in Africa. In 2008, the company generated revenues of € 22.3 million, resulting in a net profit of € 0.5 million. In 2008, Sawad Food International BV has purchased the fish from group companies for a total price of € 19.4 million.10

1.5 German subsidiaries

A full list of the subsidiaries of Parlevliet en van der Plas can be found in Appendix 2. The most important German subsidiaries of the group, because they operate vessels or are important processing and trading subsidiaries, are summarized in Table 6.

Table 6 German vessel owning and trading subsidiaries, 2008 data

Subsidiary Revenues (€ mln) Profits (loss) (€ mln)

Ostbank Hochseefischerei GmbH 12.3 0.0*

Doggerbank Seefischerei GmbH 15.5 2.3

Oderbank Hochseefischerei GmbH 15.5 0.0*

Westbank Hochseefischerei GmbH 20.6 0.0*

Euro Baltic Fishverarbeitungs GmbH 47.9 1.0

German Seafrozen Fish Handelsgesellschaft GmbH 63.8 0.7

Mecklenburger Hochseefischerei GmbH Unknown Unknown

Ocean Food GmbH Unknown Unknown

*Profit included in profit of Doggerbank Seefischerei

The German subsidiaries of the group that are owning vessels and sell fish to other subsidiaries of the group are:

• Doggerbank Seefischerei GmbH • Oderbank Hochseefischerei GmbH • Ostbank Hochseefischerei GmbH • Westbank Hochseefischerei GmbH • Mecklenburger Hochseefischerei GmbH • Ocean Food GmbH In addition, the following subsidiaries are important processing and trading subsidiaries: • Euro Baltic Fishverarbeitungs GmbH sales of group fish and external fish (mainly EU) • German Seafrozen Fish Handelsgesellschaft GmbH sales of deep sea fish (mainly EU)

1.5.1 Doggerbank Seefischerei

Doggerbank Seefischerei GmbH is based in Bremerhaven. The vessels of Parlevliet en van der Plas discharge their fish in the cold stores of Doggerbank. The total storage capacity of the coldstore is 15.000 mt. The goods are transported worldwide by trucks, reefer containers and reefer vessels.11

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In addition, the company owns the vessel BX 791 Jan Maria. In 2008, a total of 4 trips were made with this vessel, catching 15,114 tonnes of fish (2007: 38,368 tonnes). The fishing days decreased from 209 fishing days in 2007 to 76 fishing days in 2008.12 In 2008, the subsidiary generated total revenues of € 15.5 million. Through its profit transfer agreements (see Box 1), the company received € 7.6 million in this year. Net profit of the subsidiary was € 2.3 million. In 2008, the company sold its fish to Germany (€ 2.4 million), other EU countries (€ 4.3 million), and countries outside the EU (€ 8.8 million).13 At the end of December 2008, Doggerbank Seefischerei GmbH owned total assets of € 47.9 million. These assets were mainly financed by intercompany loans (€ 25.8 million) and a loan provided by Rabobank of € 10.5 million (see paragraph 1.8).

1.5.2 Westbank Hochseefischerei

Westbank Hochseefischerei is based in Sassnitz, Germany. It is a 100% subsidiary of Doggerbank Seefischerei. The company owns the vessel ROS 171 Maartje Theadora. In 2008, total revenues of the subsidiary were € 20.6 million, of which € 17.3 million was generated by fish caught by the company’s own vessels and € 3.3 million by fish purchased from other companies. The company has a profit share agreement with Doggerbank.14 In 2008, Maartje Theadora undertook nine trips and caught a total of 42,581 tonnes of fish. There were 207 fishing days in this year.15 The ROS 171 Maartje Theadora is equipped with Skysail, a giant kite of 160m2 that is aimed to reduce the use of fuel. The kite will be used on the trips to the African coast and South Pacific.16

1.5.3 Oderbank Hochseefischerei GmbH

Oderbank Hochseefischerei GmbH is based in Sassnitz, Germany. It is a 100% subsidiary of Doggerbank Seefischerei. The purpose of the company is deep-sea fishing, the operation of fishing vessels, processing of fish on board, and the sale of fish and fish products. The company operates the vessel ROS 785 Helen Mary. In 2008, total revenues of the subsidiary were € 15.5 million. The company has a profit share agreement with Doggerbank. In 2008, the Helen Mary undertook 12 trips and caught of 36,998 tonnes of fish. There were 225 fishing days in this year. The company has sailed for five months in the South Pacific.17 The sales of fish in 2008 per species were as follows: mackerel (€ 10.1 million), herring (€ 2.6 million), blue whiting (€ 1.7 million), and horse mackerel (€ 1.0 million).

BOX: Profit transfer agreements A profit transfer agreement, a feature of German law, is a legal contract between two companies entering into a working relationship. Under the agreement, one company agrees to transfer its profits to another company. The profit transfer agreement is part of a consolidation between companies. The arrangement is essentially that of a parent company and subsidiary, in which the parent receives the profits of the subsidiary. The main reason for companies to enter into a profit transfer agreement is for the tax benefits that it produces. A profit transfer agreement allows the controlling company in the agreement to receive credit for the taxes that are paid for the controlled company. The agreement is also beneficial for tax reasons because it allows the parent company to consolidate its profits and losses.

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In 2009, Oderbank Hochseefischerei GmbH realised sales of € 14.9 million, by undertaking 9 trips and catching 29,906 tonnes of fish: Mackerel (€ 6.2 million), herring (€ 3.2 million), jack mackerel (€ 3.5 million) and horse mackerel (€ 1.9 million). In 2009, the company sailed for six months in the South Pacific.18 At the end of December 2008, Oderbank Hochseefischerei GmbH owned total assets of € 16.4 million. These assets were mainly financed by a loan outstanding with Rabobank of € 14 million (see paragraph 1.8).19

1.5.4 Ostbank Hochseefischerei GmbH

Ostbank Hochseefischerei GmbH is based in Sassnitz, Germany. It is a 100% subsidiary of Doggerbank Seefischerei. The purpose of the company is deep-sea fishing, the operation of fishing vessels, processing of fish on board, and the sale of fish and fish products. The company operates the vessel ROS 784 Dirk Dirk. In 2008, total revenues of the subsidiary were € 12.3 million, of which € 6.1 million was generated by sales in the Netherlands. The company has a profit share agreement with Doggerbank. In 2008, the Dirk Dirk undertook 14 trips and caught a total of 27,940 tonnes of fish. The exact amounts of catch per species are unknown. The company does report that its mackerel sales were € 3.3 million higher than the previous year, and that its horse mackerel sales were € 2.0 million higher.20 In 2009, the Dirk Dirk undertook 10 trips and caught a total of 17,016 tonnes of fish. The company realized revenues of € 7.7 million, which his significantly lower than in 2008. Especially the sales of herring (€-2.6 million), horse mackerel (€-0.6 million) and blue whiting (€-1.0 million) were much lower than in 2008.21 In October 2009, Ostbank Hochseefischerei GmbH sold its vessel ROS 784 Dirk Dirk. In 2009, Parlevliet en van der Plas took over a fish processing company on the Faroe Islands and bought shares in a fishing company on the Faroe Islands of the Norwegian company Aker Biomarine (a biotechnology company specialised in Krill fishing and processing). The Dirk Dirk was reflagged to the Faroe Islands, renamed “KG 14 Naeraberg” and brought to the Faroe Islands.22 In December 2009 Ostbank Hochseefischerei GmbH acquired another vessel from a Dutch subsidiary of the Parlevliet and van der Plas group: ROS 170 Annie Hillina (see paragraph 1.4.1).

1.5.5 Mecklenburger Hochseefischerei GmbH

Mecklenburger Hochseefischerei GmbH (MHF), is a 100 % subsidiary of Parlevliet en van der Plas since November 1998. MHF owns one trawler, ROS 786 Gerda Maria, specialized in catching and processing bottomfish, especially black halibut and redfish. The fishing grounds are in the Irminger Sea (southwest of Iceland), East- and West Greenland waters, but also off Canada and in the Barentz Sea. No information could be found on revenues and profits of this company.23

1.5.6 Ocean Food GmbH

Ocean Food GmbH is based in Bremerhaven. The subsidiary owns the vessel BX 786 Atlantic Peace, which fishes in the North Sea, Barents Sea, Bear Island, Spitzbergen, Faroer Islands, Iceland, Irminger Sea, Greenland East and West and Newfundland.24 Ocean Food GmbH was only taken over by Parlevliet en van der Plas in January 2009.25 Therefore, no revenues and profits of BX 786 Atlantic Peace are yet available.

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1.5.7 Euro-Baltic Fischverarbeitungs

Euro-Baltic Fischverarbeitungs GmbH is based in Sassnitz, Germany. The company is a 100% subsidiary of Parlevliet & van der Plas Haringhandel BV. The Euro-Baltic fish processing centre, in which € 40 million was invested by the Parlevliet en van der Plas, is located in the port of Sassnitz-Mukran on the German island Rügen. The processing centre was set up because German fishing vessels were forced to sell their catch in Denmark and Holland for filleting, after which they were being transported back into Germany. The plant has the capacity to fillet about 50,000 tonnes of fish annually.26 Total revenues of Euro-Baltic Fischverarbeitungs GmbH in 2008 were € 47.9 million, which resulted primarily from the sale of finished goods from the group’s own production. The company generated revenues of € 38.6 million by selling fish caught by the group, the remainder of the revenues being accounted for by goods purchased from other parties. In 2008, the company sold its fish in Germany (€ 24.2 million), other EU countries (21.3 million) and non-EU countries (€ 2.4 million).27

1.5.8 German Seafrozen Fish Handelsgesellschaft GmbH

German Seafrozen Fish Handelsgesellschaft GmbH (GSF) is based in Bremerhaven. GSF is 100% owned by of MHF. GSF was founded in 1999 and is responsible for the worldwide marketing of P&P‘s ground fish product range. The company is a commission agent for related companies Westbank Hochseefischerei, Nordbank Hochseefischerei and Warnemünder Hochseefischerei, and for external companies. In 2008, GSF generated revenues of € 63.7 million, resulting in a net profit of € 0.7 million. The subsidiary has concluded a profit-and loss transfer agreement with its parent company MHF, but because the profits of MHF are unknown, we attribute the profit to GSF. € 25.1 million was accounted for by sales in Germany, € 23.7 million by sales in other EU countries and € 14.7 million by sales to non-EU countries.28 The GSF is trying to open up new markets for new products such as redfish and catfish (Vietnamese farmed fish).29

1.6 Other subsidiaries

Three subsidiaries based in the United Kingdom, Norway and Lithuania also belong to Parlevliet en van der Plas: • Atlantic High Sea Fishing Company Lithuania 100% owned • Tronderbas AS Norway 40% owned • UK Fisheries Ltd UK 50% owned These subsidiaries all operate vessels. Each subsidiary is discussed below:

1.6.1 Atlantic High Sea Fishing Company

The Atlantic High Sea Fishing Company is located in Klaipeda, Lithuania. The subsidiary operates two vessels: The KL 749 Margiris and the KL 759 Nida. In 2008, Atlantic High Sea Fishing Company generated revenues of LTL 54.7 million (€ 15.7 million), resulting in a net profit of LTL 0.8 million (€ 0.2 million).30

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1.6.2 Tronderbas AS

Tronderbas AS is based in Rørvik, Norway. It is a 40% subsidiary of Parlevliet en van der Plas. The other 60% is owned by the Norwegian Ulsund family. Tronderbas AS owns the vessel NT 500-V Tronderbas. In 2008, the company generated revenues of NOK 52.9 million (€ 5.3 million), resulting in a net profit of NOK 3.1 million (€ 0.3 million).31 The NT 500-V Tronderbas sails in European waters.32

1.6.3 UK Fisheries Ltd

UK Fisheries Ltd is based in Hull, the United Kingdom. UK Fisheries jointly owned by Onward Fishing Company, which is part of Icelandic sea food company Samherji hf, and Tory BV, a subsidiary of Parlevliet en van der Plas in the Netherlands.33 UK Fisheries operates three vessels through its subsidiaries Jacinta Ltd, Armana Ltd and Lionman Ltd: H 176 Arctic Warrior, H 771 Marbella and H 135 Farnella. In 2008, UK Fisheries Ltd and its subsidiaries generated total revenues of £ 16.0 million (€ 16.4 million), resulting in a net profit of £ 2.3 million (€ 2.4 million). The Farnella fishes in the North Sea and mainly catches saithe and Atlantic cod. The other two vessels are pelagic freezer trawlers.34 In December 2010, UK Fisheries acquired Spanish company Pesquera Ancora for € 20 million. This company has three pelagic trawler vessels. The main reason for the acquisition is the fishing quota of Pesquera Ancora: 3,300 tonnes in the Barents Sea and Canada.35

1.7 Revenues and profits per subsidiary

As discussed in paragraph 1.3, total revenues of the Parlevliet en van der Plas Group as specified in the annual report of PP Groep Katwijk BV were € 278 million in 2008.These revenues resulted in a profit of € 22.6 million. To understand where revenues and profits are generated and how all subsidiaries contribute to the total revenues of the group, it is crucial to group all subsidiaries in two groups: • Vessel owning subsidiaries • Trading and processing subsidiaries The vessel owning subsidiaries catch fish, which is then entirely sold to the trading and processing subsidiaries of the group. According to the annual reports of Parlevliet en van der Plas, the fish is sold based on the arm’s length principle, in which the price is equal to the price two unrelated parties would charge each other (the market price). These trading and processing subsidiaries add value to the fish they bought from the vessel owning subsidiaries of the group and from external suppliers, and then sell the fish to external buyers. This means that the consolidated revenue of the group is equal to the total of the revenues of the trading and processing subsidiaries. As the revenues of the vessel owning subsidiaries are realised by selling fish to the trading and processing subsidiaries of the group, their revenues are accounted as the cost of supplies for the trading and processing subsidiaries. In other words, when consolidating the revenues of all group subsidiaries, the revenues of the vessel owning subsidiaries “disappear” because they are realised by internal sales within the group. For consolidating profits, the calculation is different and more straightforward: the consolidated profit of the group equals the sum of the profits made by all subsidiaries.

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We therefore take a look firsts at the revenues and profits of the vessel owning subsidiaries (see Table 7). In 2008, these subsidiaries together earned revenues of € 137.5 million by selling fish to the trading and processing companies mentioned in Table 8. Because they are realised by internal sales within the group, these revenues do not contribute to consolidated revenues of the group. The profits realised by the vessel owning subsidiaries amounted to € 5.6 million in 2008. Of this total profit, € 4.2 million can be attributed to the Parlevliet en der Plas Group, because the company only owns a minority interest in some subsidiaries.

Table 7 Revenues and profits of vessel owning subsidiaries, 2008 data3

Subsidiary Vessel(s) Revenues

(€ mln) Profits (€ mln)

Species Tonnes

Doggerbank Seefischerei

BX 791 Jan Maria 6.4 2.3** Unknown 15,114

UK Fisheries H 135 Farnella, H 771 Marbella and H 176 Arctic Warrior

16.4 2.4 Unknown 38,881

Atlantic High Sea Fishing Company

KL 749 Margiris and KL 759 Nida

15.7 0.2 Unknown 37,221

Kilda KW 170 Annie Hillina 7.8 (0.4) Horse mackerel, herring, mackerel 18,492

Fladen Gronden KW 172 Dirk Diederik 10.1 0.3 Blue whiting, horse mackerel, herring, other

23,945

Vikingbank KW 174 Annelies Ilena 23.5 (0.9) Horse mackerel, blue whiting, mackerel

55,714

Silver Pit BV KW 171 Maartje Theodora (until 2007) 5.2 1.4 Unknown 12,328

Tronderbas NT 500-V Tronderbas 5.3 0.3 Unknown 12,565

Westbank Hochseefischerei

ROS 171 Maartje Theadora

17.3 0.0* Unknown 42,581

Ostbank Hochseefischerei ROS 784 Dirk Dirk 12.3 0.0*

Mackerel, horse mackerel, herring, blue whiting

27,940

Oderbank Hochseefischerei ROS 785 Helen Mary 15.5 0.0*

Mackerel, herring, blue whiting, horse mackerel

36,998

Mecklenburger Hochseefischerei

ROS 786 Gerda Maria 2.0 0.0 Unknown 4,741

Total 137.5 5.6 326,520

Share P&P (based on 50% ownership UK Fisheries and 40% ownership Trondenbas)

126.1 4.2 307,079

*Included in profit of Doggerbank Seefischerei ** includes profits of subsidiaries

Estimates, based on average revenue per tonne of € 421.8 Estimate based on size ship

3 The vessel Atlantic Peace is not included in this overview, because this vessel was acquired by Ocean Food GmbH in January 2009.

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Table 8 demonstrates the total revenues per trading and processing subsidiary of the group. As these subsidiaries are the only ones selling to external buyers, their combined revenues equal the consolidated revenues of the group. Table 8 shows that their total revenues are a little higher (€ 298 million) than the consolidated revenues of PP Groep Katwijk BV (€ 278 million). The difference is probably explained by a modest amounted of sales between trading subsidiaries.

Table 8 Revenues and profits of processing and trading subsidiaries, 2008 data

Subsidiary Based in Revenues (€ mln) Profits (€ mln)

Parlevliet en van der Plas BV Netherlands 153.0 14.3

Parlevliet en van der Plas Haringhandel BV Netherlands 11.0 1.9

Sawad Food International BV Netherlands 22.3 0.5

Euro-Baltic Fischverarbeitungs GmbH Germany 47.9 1.0

German Seafrozen Fish Handelsgesellschaft GmbH

Germany 63.8 0.7

Total 298.0 18.4

The Dutch trading subsidiaries account for around 63% of the sales of the Parlevliet en van der Plas group, while the German trading subsidiaries account for 37%. Of the total sales of € 298 million, around € 182 million (61%) is sold to customers in the EU, while € 116 million (39%) is sold to customers in non-EU countries. Table 8 shows that total profits of the trading subsidiaries in 2008 were € 18.4 million, while Table 7 showed that the vessel owning subsidiaries generated a profit of € 4.2 million. Together, the trading subsidiaries and the vessel owning subsidiaries made a profit of € 22.6 million for the Parlevliet en van der Plas Group. This is equal to the amount indicated in the consolidated statements of PP Katwijk Groep BV. Figure 1 provides an overview of the amounts of revenues generated by the sale of fish to group companies of vessels under different flags. The figure shows that the vessels under German flag generate the highest amount of revenues for the group. An exact indication for profits per flag is not possible, because it is unknown which vessel sells to which trading centre. However, under the assumption that one tonne of fish, irrespective of the type of fish, generates a certain amount of profits, the indication as presented in Figure 1 can apply to profits as well.

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Figure 1. Revenues from the sale of fish per flag, 2008

Figure 1 does not take into account the partial ownership of Parlevliet en van der Plas in the vessels under Norwegian and UK flags. Taking this into account results in Figure 2. This figure shows that the share of revenues generated for Parlevliet en van der Plas by vessels under the UK and Norwegian flag decreases.

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Figure 2. Revenues from the sale of fish per flag, 2008 (share P&P)

1.8 Loans

The following loans secured by companies in the Parlevliet en Van der Plas Group could be found: • Vikingbank BV has a loan outstanding with Rabobank (Netherlands) of € 35 million. This

loan was secured in 2007 and has a maturity date of 2017. It has to be repaid in quarterly payments of € 875,000, starting June 2007. The loan is secured by a mortgage on the ship owned by the subsidiary: Annelies Ilena.36

• In December 2005, Doggerbank Seefischerei and Oderbank, two German subsidiaries of Parlevliet en van der Plas, secured a € 35 million loan from Rabobank (Netherlands). The loan to Doggerbank Seefischerei amounted to € 15 million, of which at the end of December 2008 € 10.5 million was outstanding. The loan to Oderbank amounted to € 20 million, of which at the end of December 2008 € 14 million was outstanding. The maturity date of the loan is 2015. The loan is secured by mortgages on the ships owned by the subsidiaries: Jan Maria (Dogger Bank) and Helen Mary (Oderbank).37

• In 2009, German subsidiary Ocean Food GmbH & Co. KG entered into a € 4.1 million loan with ING Bank (Netherlands).38

• WHF, MHF, GSF and Dogger Bank have a joint liability, in the form of credit lines with ABN AMRO Bank (Netherlands) taken as a current account (€ 1.4 million), guarantees (€ 0.4 million) and letters of credit (€ 0.5 million).39 ABN AMRO was acquired in 2007 by a consortium led by Royal Bank of Scotland (RBS), including Fortis Group of Belgium and Banco Santander of Spain. It is uncertain if the liability of the Parlevliet en van der Plas subsidiaries is still with the present ABN Amro bank, or with RBS.

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Chapter 2 Cornelis Vrolijk/Jaczon

2.1 Introduction

The Cornelis Vrolijk/Jaczon group was established in November 2005, when a merger took place between Cornelis Vrolijk and Jaczon, two important pelagic freezer companies from the Netherlands. Shareholders of Jaczon sold a 100% interest in Scheveningen-based Jaczon BV to Cornelis Vrolijk Holding from IJmuiden. Initially, relying on sources dating back to the time of the takeover, the companies were supposed to remain operating as separate companies. However, information on one of the Cornelis Vrolijk websites show further integration of Jaczon assets in Cornelis Vrolijk, as it lists vessels (formally) belonging to the Jaczon fleet as its own. From the first of January 2009, both companies have further integrated their activities by establishing a combined trade company called Cornelis Vrolijk BV.40 The fishing fleet of Cornelis Vrolijk/Jaczon consists of 12 freezer-trawlers, operated by subsidiaries based in the Netherlands, France and the United Kingdom. The group also owns and operates cold stores, trading offices, factories and own transport, which are based in the Netherlands.41 An overview of the corporate structure of the Cornelis Vrolijk/Jaczon group, outlining the relationships that exist between the different subsidiaries discussed in this chapter, is presented in Appendix 1. This chapter is organised as follows: Paragraph 2.2 will provide an overview of the fleet of the company. Paragraph 2.3 will give the amount of revenues generated by the group as a whole. Paragraph 2.4 will provide more details on the most important Dutch subsidiaries of the group, and paragraph 2.5 will discuss the most important foreign subsidiaries of the group. Paragraph 2.6 gives a summary of the revenues and profits of the most important subsidiaries. Paragraph 0 provides a brief overview of other subsidiaries of the group. Finally, paragraph 2.8 sheds light on bank loans provided to Cornelis Vrolijk/Jaczon over the past few years.

2.2 Fleet

Table 9 presents an overview of the fleet of Cornelis Vrolijk/Jaczon. The group owns 12 vessels, of which six carry a Dutch flag, two carry a UK flag, three carry a French flag and one carries an Irish flag.

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Table 9 Fleet of Cornelis Vrolijk/Jaczon

Vessel Flag Subsidiary

SCH 81 Carolien Dutch Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV

SCH 72 Frank Bonefaas Dutch Cornelis Vrolijks Visserij Maatschappij Diepzee II BV

SCH 24 Afrika Dutch Jaczon Visserijmaatschappij Afrika BV

SCH 123 Zeeland Dutch Jaczon Visserijmaatschappij Zeeland BV

SCH 22 Wiron 5 Dutch Jaczon Visserijmaatschappij Wiron BV

SCH 23 Wiron 6 Dutch Jaczon Visserijmaatschappij Wiron BV

H 171 Cornelis Vrolijk Fzn UK North Atlantic Fishing Co. Ltd

H 90 Atlantic Princess UK Valiant Trawlers Ltd

FC 716900 Prins Bernhard

French France Pelagique S.a.r.l. (90%) and other subsidiaries

FC 716630 Scrombrus French France Pelagique S.a.r.l.

FC 716999 Sandettie French France Pelagique S.a.r.l. (10%) and other subsidiaries

SO 117 Johanna Maria Irish Jaczon Visserijmaatschappij Johanna Maria BV (with Atlantic Dawn)

Although online sources, including the website of Cornelis Vrolijk, indicate that the FC-716999 Sandettie is owned by France Pelagique, in its annual report of 2009 this subsidiariy mentions that it only owns 10% of the vessel. It is unknown which subsidiary owns the remaining 90%. According to the website shipspotting.com with data from October 2010, the vessel is owned by Klipper S.a.r.l. and France Pelagique S.a.r.l. However, in its annual report of 2009, Klipper does not mention anything about this vessel.42 According to the SOMO report, H-108 Westella and the pair-trawlers Wiron 1 and 2 (PH-110 and PH-220) also belong to the fleet of the group. However, the H-108 Westella was sold to Norwegian company Austevoll in 2008, and the Wiron 1 and 2 trawlers belong to Interfish Wirons Ltd. These companies are (to our knowledge) not owned by Cornelis Vrolijk/Jaczon.43

2.3 Revenues

Consolidated accounts of the merged Cornelis Vrolijk/Jaczon group are not (yet) available. The most recent accounts of Cornelis Vrolijk Holding BV (before the takeover) of 2004 indicate that the company generated revenues of € 83.9 million, resulting in a net profit of € 1.5 million. The most recent accounts of Jaczon BV for the financial year 2004/2005 (1 June 2004-31 May 2005) indicate that this company generated revenues of € 128.9 million, resulting in a net loss of € 3.4 million. The company also specifies its revenues and profits in the period 1 June 2005-31 December 2005; in this period, the company generated revenues of € 101.7 million and a profit of € 13.0 million.44 Profits ranged substantially for the Jaczon group before the merger, so it is difficult to provide a reliable estimate. This brings the total annual revenues before the merger of the Cornelis Vrolijk/Jaczon group to around € 210 million. The next paragraphs will discuss a range of vessel owning and trading subsidiaries of Cornelis Vrolijk/Jaczon, and provide details of their most recent financial accounts. In this way, a more complete picture of the recent revenues and profits of the merged group is presented.

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2.4 Dutch subsidiaries

2.4.1 Introduction

The Dutch subsidiaries of the Cornelis Vrolijk/Jaczon group that own vessels and sell fish to other subsidiaries of the group are: • Cornelis Vrolijks Visserij Maatschappij Diepzee II BV • Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV • Jaczon Visserijmaatschappij Afrika BV • Jaczon Visserijmaatschappij Johanna Maria BV • Jaczon Visserijmaatschappij Wiron BV • Jaczon Visserijmaatschappij Zeeland BV In addition, the following subsidiaries are important processing and trading subsidiaries: • Cornelis Vrolijk’s Visserij Maatschappij BV • Jaczon Visgroothandel BV Until 2009, these trading subsidiaries continued to operate separately. It is likely that the vessel owning subsidiaries of (former) Jaczon BV supply their fish to Jaczon Visgroothandel BV and that the vessel owning subsidiaries of (former) Cornelis Vrolijk supply their fish to Cornelis Vrolijk’s Visserij Maatschappij BV. However, from the first of January 2009 Jaczon Visgroothandel BV and Cornelis Vrolijk’s Visserij Maatschappij BV have integrated their activities in a new trade company: Cornelis Vrolijk BV. The sales offices of both companies remain on separate locations. No accounts for Cornelis Vrolijk BV have been released yet, so therefore the trading subsidiaries are discussed separately, using 2008 data. An overview of the corporate structure of the Cornelis Vrolijk/Jaczon group, including the subsidiaries mentioned above, is presented in Appendix 1. The Dutch vessel owning and fish trading subsidiaries are discussed below:

2.4.2 Cornelis Vrolijks Visserij Maatschappij Diepzee II BV

Cornelis Vrolijks Visserij Maatschappij Diepzee II BV is based in IJmuiden and owns the vessel SCH 72 Frank Bonefaas. According to the annual report of 2006 of Cornelis Vrolijks Visserij Maatschappij Diepzee II, this vessel fishes in European waters. The subsidiary sells its fish to a sister company, probably Cornelis Vrolijks Visserij Maatschappij BV. In 2009, Cornelis Vrolijks Visserij Maatschappij Diepzee II BV realized a net profit of € 1.4 million. The net profit for 2008 was € 2.5 million. Revenues of the subsidiary are unknown.45

2.4.3 Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV

Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV is based in IJmuiden and owns the vessel SCH 81 Carolien. According to the company’s annual report of 2006, the vessel fishes solely in Mauritania. The subsidiary sells its fish to a sister company, probably Cornelis Vrolijks Visserij Maatschappij BV. In 2009, Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV realized a profit of € 0.7 million, after four years of losses (2005: loss of € 3.1 million, 2006: loss of € 3.1 million, 2007: loss of € 0.2 million, 2008: loss of € 1.6 million). The revenues of the subsidiary are unknown.46

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2.4.4 Jaczon Visserijmaatschappij Afrika BV

Jaczon Visserijmaatschappij Afrika BV is based in The Hague and owns the vessel SCH 24 Afrika. The activity of this subsidiary is fishing in international waters, and selling the fish to group companies (probably Jaczon Visgroothandel BV). In 2008, this subsidiary generated revenues of € 9.0 million, resulting in a net loss of € 0.8 million. In 2007, the subsidiary generated revenues of € 10.7 million, resulting in a net profit of € 0.4 million.47

2.4.5 Jaczon Visserijmaatschappij Johanna Maria BV

Jaczon Visserijmaatschappij Johanna Maria BV is based in The Hague and owns the vessel SO 117 Johanna Maria. The activity of this subsidiary is fishing in international waters and selling the fish to group companies (probably Jaczon Visgroothandel BV). The most recent year for which accounts could be found is 2004. In this year, the company realized revenues of € 8.2 million, resulting in a net loss of € 0.6 million.48

2.4.6 Jaczon Visserijmaatschappij Zeeland BV

Jaczon Visserijmaatschappij Zeeland BV is based in The Hague and owns the vessel SCH 123 Zeeland. The activity of this subsidiary is fishing in international waters and selling the fish to group companies (probably Jaczon Visgroothandel BV). No recent profit and loss statements could be found for this company. The most recent year for which accounts could be found is 2004. In this year, the company realized revenues of € 8.4 million, resulting in a net profit of € 0.9 million.49

2.4.7 Jaczon Visserijmaatschappij Wiron BV

Jaczon Visserijmaatschappij Wiron BV is based in The Hague. The subsidiary owns the vessels SCH 22 Wiron 5 and SCH 23 Wiron 6. The activity of this subsidiary is fishing in international waters, and selling the fish to group companies (probably Jaczon Visgroothandel BV). In 2008, Jaczon Visserijmaatschappij Wiron BV generated revenues of € 5.4 million, resulting in a net loss of € 1.0 million.50

2.4.8 Cornelis Vrolijk’s Visserij Maatschappij BV

Cornelis Vrolijk’s Visserij Maatschappij BV is based in IJmuiden. This subsidiary engages in the sale of fish and fish products, supplied by group companies. In 2006, the company generated revenues of € 78.4 million, resulting in a net profit of € 9.9 million. In 2007 (the most recent year for which data are available), the company generated revenues of € 80.4 million, resulting in a net profit of € 11.7 million.51 In 2006, the sales of the company per country/region were:52 • Africa € 49.5 million 63.1% • EU excluding the Netherlands € 14.6 million 18.6% • Asia € 9.4 million 12.0% • Middle- and South America € 1.6 million 2.0% • Netherlands € 0.5 million 0.6% • Australia € 0.5 million 0.6% • Other Europe € 2.2 million 2.8%

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2.4.9 Jaczon Visgroothandel BV

Jaczon Visgroothandel BV is based in The Hague. The subsidiary engages in the processing and trading of fish and fish products, purchased from group companies. In 2008, the subsidiary realised revenues of € 101.0 million, resulting in a net profit of € 16.8 million. Of these revenues, € 31.7 million were generated by selling fish to related companies. In 2008, the revenues of the company per region were:53 • Non-EU countries € 85.0 million 84.2% • EU excluding the Netherlands € 11.5 million 11.4% • Netherlands € 4.4 million 4.4%

2.5 Foreign subsidiaries

2.5.1 Introduction

The most important foreign subsidiaries of Cornelis Vrolijk/Jaczon, which own vessels and sell fish to other subsidiaries of the group are: • France Pelagique S.a.r.l. France • North Atlantic Fishing Co United Kingdom • Valiant Trawlers United Kingdom These subsidiaries are discussed below:

2.5.2 France Pelagique S.a.r.l.

France Pelagique S.a.r.l. owns the following vessels:

• FC 716630 Scrombrus 100% • FC 716900 Prins Bernhard 90% • FC 716999 Sandettie 10% It is unknown which subsidiary owns the remaining 90% of Sandetti and the remaining 10% of Prins Bernhard. According to the website shipspotting.com with data from October 2010, the FC 716999 Sandettie is owned by Klipper S.a.r.l. and France Pelagique S.a.r.l. However, in its annual report of 2009, Klipper does not mention anything about this vessel.54 In 2009, France Pelagique generated revenues of € 20.6 million, resulting in a net loss of € 6.0 million. In 2008, the revenues of the company were € 16.2 million, resulting in a loss of € 4.6 million. In 2007 the net loss was € 1.6 million.55 The company sells its fish to group companies. In its annual report of 2008, France Pelagique mentions sales to Jaczon of € 6.9 million and sales to Cornelis Vrolijk of € 8.8 million. The company mentions that in 2008, the vessel Prins Bernhard realised sales of € 2.2 million, resulting in a net loss of € 4.6 million (share France Pelagique). This huge loss was mainly due to the fact that the vessel had been taken out of service in May 2007 for modernisation, and has only been returned to service in July 2008. The vessel Scrombus realised sales of € 6.9 million and a net profit of € 34,000. The Sandettie realised sales of € 7.1 million and a net loss of € 17,000 (share France Pelagique).56

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In 2009, France Pelagique mentions sales to Jaczon of € 6.7 million and sales to Cornelis Vrolijk of € 10.8 million. Again, the Prins Bernhard vessel has been very unprofitable. The ship had dry-docked in June and July 2009, because the freezing system had to be replaced. The Prins Bernhard vessel realised sales of € 5.3 million, resulting in a net loss of € 5.6 million (share France Pelagique). The Scrombus realised sales of € 5.8 million and a net profit of € 0.3 million. The Sandetti realised sales of € 7.0 million and a net loss of € 7,866 (share France Pelagique).57 The subsidiary mentions in its annual report of 2008 that the vessel Prins Bernhard continues to be operating in Mauritanian waters. The unloading of its catch is made either at the port of Nouadhibou (Mauritania) or at the port of Las Palmas (Canary Islands).58

2.5.3 North Atlantic Fishing Co

North Atlantic Fishing Co Ltd, based in the United Kingdom, operates the vessel H 171 Cornelis Vrolijk Fzn. In its annual report of 2009, North Atlantic Fishing Co mentions that this vessel takes advantage of EU fishing agreements with West African states. In 2009, North Atlantic Fishing Co generated revenues of € 12.9 million, resulting in a net loss of € 0.2 million. The company attributes this loss to high fuel costs in the beginning of 2009 and some poor fishing in Mauritania in May and June 2009. In 2008, the company generated revenues of € 10.2 million and a net profit of € 0.3 million.59

2.5.4 Valiant Trawlers

Valiant Trawlers Ltd, based in the United Kingdom, operates the vessel H 90 Atlantic Princess. In 2009, this vessel operated 200 sea-days, which the company mentions is a relatively low amount, due to repairs. In 2009, the company generated revenues of € 8.1 million, resulting in a net profit of € 0.4 million. In 2008, the company generated revenues of € 8.4 million and profits of € 0.5 million.60

2.6 Revenues and profits per subsidiary

Table 10 presents an overview of the most recent revenues and profits of the most important trading subsidiaries of Cornelis Vrolijk/Jaczon. The table shows that the total annual revenues of these subsidiaries are around € 180 million, resulting in substantial profit: € 28.5 million in the most recent years. As will be discussed in paragraph 2.7, it is possible that Cornelis Vrolijk/Jaczon has other trading subsidiaries as well.

Table 10 Revenues and profits of processing and trading subsidiaries (most recent year)

Subsidiary Based in Data for Revenues (€ mln) Profit (€ mln)

Cornelis Vrolijk’s Visserij Maatschappij BV

Netherlands 2007 80.4 11.7

Jaczon Visgroothandel BV Netherlands 2008 101.0 16.8

Total 181.4 28.5

Of the revenues of the subsidiaries mentioned in Table 10, only € 31 million (17.1%) is generated by sales to customers in the EU. A very large share of revenues are generated in Africa. The exact percentage as well as more details about which African countries are important markets for the fish of the group are unknown.

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Table 11 provides an overview of the revenues and profits of the vessel owning subsidiaries. These subsidiaries together earn annual revenues of around € 90 million by selling fish to the companies mentioned in Table 10 (and possibly also other trading subsidiaries).4 This estimate is however not perfectly reliable, because it is based for some subsidiaries on data from 2004. The loss which resulted from these activities was € 4.5 million, mainly caused by the huge loss incurred by France Pelagique S.a.r.l.

Table 11 Revenues and profits of vessel owning subsidiaries (most recent year)

Subsidiary Vessel(s) Flag Data

for Revenues

(€ mln) Profit (loss)

(€ mln)

Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV

SCH-81 Carolien NL 2009 9.0 0.7

Cornelis Vrolijks Visserij Maatschappij Diepzee II BV

SCH-72 Frank Bonefaas NL 2009 9.0 1.4

Jaczon Visserijmaatschappij Afrika BV

SCH-24 Afrika NL 2008 9.0 (0.8)

Jaczon Visserijmaatschappij Zeeland BV

SCH-123 Zeeland NL 2004 6.9 0.9

Jaczon Visserijmaatschappij Wiron BV

SCH-22 Wiron 5 and SCH-23 Wiron 6 NL 2008 5.4 (1.0)

North Atlantic Fishing Co Ltd H-171 Cornelis Vrolijk Fzn UK 2009 12.9 (0.2)

Valiant Trawlers Ltd H-90 Atlantic Princess UK 2009 8.1 0.4

France Pelagique S.a.r.l. (and other subsidiaries)

FC-716900 Prins Bernhard FR 2009 5.3 (5.6)

France Pelagique S.a.r.l. (and other subsidiaries) FC-716630 Scrombrus FR 2009 5.8 0.3

France Pelagique S.a.r.l. FC-716999 Sandettie FR 2009 7.0 0.0

Jaczon Visserijmaatschappij Johanna Maria BV (with Atlantic Dawn)

SO-117 Johanna Maria IR 2004 8.2 (0.6)

Total 86.6 (4.5)

Estimate based on the size of the ship and the profits Combining the profit data of the vessel owning subsidiaries and the trading subsidiaries leads to an estimate of € 181.4 million revenues and € 24 million profits for the most recent year. However, as argued above, this estimate is not perfectly reliable because it uses dates as old as 2004. Figure 3 provides an indication of the amounts of revenues generated by the sale of fish to group companies of vessels under different flags. The figure shows that the vessels under Dutch flag generate the highest amount of revenues for the group. The vessels under UK and French flags also account for a significant share of revenues. An exact indication for profits per flag is not possible. However, under the assumption that one tonne of fish, irrespective of the type of fish, generates a certain amount of profits, the indication as presented in Figure 3 can apply to profits as well. 4 According to the annual reports of Cornelis Vrolijk/Jaczon, the fish is sold based on the arm’s length principle, in which the price is equal to the price two unrelated parties would charge each other (the market price).

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Figure 3. Revenues from the sale of fish per flag5

2.7 Other subsidiaries

Next to the subsidiaries mentioned in the previous paragraphs, the Cornelis Vrolijk/Jaczon group owns a range of other Dutch and foreign subsidiaries, which are not engaged in owning the vessels of the group and are not the most important trading subsidiaries of the group. However, some of these subsidiaries can still be important. The subsidiaries are owned through two subsidiaries of Cornelis Vrolijk/Jaczon: Jaczon BV and Vroko International Holding BV.

2.7.1 Jaczon BV

Cornelis Vrolijk/Jaczon owns a range of subsidiaries directly through Jaczon BV (see 0) and indirectly through subsidiaries of Jaczon BV (see Appendix 4). P/F Northwest Pacific (Faroe Islands), Jade Fisheries Partnership (Ireland) and Irish Pelagic Ltd (Ireland) for example, are indirectly owned by Jaczon BV through subsidiary Jaczon Trawler Visserij BV (Netherlands). It is unknown what the activities of all these subsidiaries are, and how important they are for Cornelis Vrolijk/Jaczon. It seems like some subsidiaries (like Jac. Den Dulk en Zonen BV) engage in trading activities and some subsidiaries (like Western Pacific Tuna company NV) engage in fishing activities other than pelagic trawling. A more detailed analysis of these subsidiary would require more research.

2.7.2 Vroko International Holding

Vroko International Holding is jointly owned by E.J. Koppers Holding BV (50%) and Cornelis Vrolijk Holding BV (50%). Vroko International Holding has the following subsidiaries:61 • Vroko Star I BV Netherlands 100% • Vroko Star II BV Netherlands 100% • Vroko Star III BV Netherlands 100% • Vroko Star IVBV Netherlands 100% • Vroko Star V BV Netherlands 100%

5 Based on data of the most recent year for all subsidiaries

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• Vroko Star VI BV Netherlands 100% • Vroko Star VII BV Netherlands 100% • Prim7Stars BV (Primstar BV) Netherlands 100% • Vrokolux SARL Luxembourg 100% • Vroko Star BV Netherlands 100% • Caledonian Servicos Internacionais LDA Madeira Portugal 100% • Star Trade SA Luxembourg 50% • Atlantic Shrimpers Ltd Nigeria 50% • China Starfish International Limited Hong Kong 41% • China Starfish Co. Limited China 41% • Grupo Pecis S.A. de C.V. Mexico 30% One of these companies, Primstar BV, which is a Dutch registered (and Hendrik Ido Ambacht based) 100% subsidiary of Vroko International Holding BV, is the exclusive marketer and distributor of the products that are produced, packed, and exported by Atlantic Shrimpers Ltd in Nigeria. According to the Primstar website, Atlantic Shrimpers Limited is the largest fishing company in Nigeria, and arguably in West Africa. With over 1,250 employees, the company exports close to 4,000 metric tons of high value of seafood to Primstar BV per annum for worldwide distribution. Atlantic Shrimpers Limited catches shrimps, crab, cuttlefish, red mullet, lobster, and octopus using modern shrimp trawlers. Nearly 85% of the exported quantity consists of shrimp.62 In 2009, Primstar BV realised profits of € 0.5 million.63 A more detailed analysis of the subsidiaries mentioned above would require more research.

2.8 Loans

The following information could be found on bank loans provided to subsidiaries of Cornelis Vrolijk/Jaczon: • Valiant Trawlers Ltd, a subsidiary of Cornelis Vrolijk/Jaczon, mentions ABN AMRO Bank

(Netherlands) and Royal Bank of Scotland (United Kingdom) as its principal bankers.64

• In 2009, France Pelagique S.a.r.l., a subsidiary of the Cornelis Vrolijk/Jaczon group, had a € 3.6 million loan outstanding with ABN AMRO Bank (Netherlands). The loan has a maturity date of 2017.65

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Chapter 3 Willem van der Zwan en Zonen

3.1 Introduction

Willem van der Zwan en Zonen is a family-owned company that has been active in the fishing industry since 1888. The main office of Willem van der Zwan en Zonen is located in Scheveningen (the Hague). The fishing fleet of Willem van der Zwan en Zonen consists of five freezer-trawlers, operated by subsidiaries based in the Netherlands. The group also owns trading subsidiaries based in the Netherlands. Willem van der Zwan en Zonen does not seem to own cold store facilities or own transportation for its products. An overview of the corporate structure of the Willem van der Zwan en Zonen group, outlining the relationships that exist between the different subsidiaries discussed in this chapter, is presented in Appendix 1. This chapter is organised as follows: Paragraph 3.2 provides an overview of the fleet of the company. Paragraph 3.3 discusses the revenues and profits generated by the group over the past few years. Paragraph 3.4 provides more information on the most important subsidiaries of the group. Paragraph 3.5 gives a summary of the revenues and profits of the most important subsidiaries. Paragraph 3.6 briefly discusses other subsidiaries of the group. Paragraph 3.7 provides information on the bank loans that have been provided to the group over the past few years.

3.2 Fleet

Table 12 presents an overview of the fleet of Willem van der Zwan en Zonen group. The group owns five vessels.

Table 12 Fleet of Willem van der Zwan en Zonen

Vessel Flag Subsidiary

SCH 6 Alida NL W. Van der Zwan Zonen Visserij Maatschappij B.V.

SCH 54 Franziska NL/Peru6 A.Z. Pelagic Fisheries BV (since recently: Pelagic Fishing Group SAC)

SCH 303 Ariadne NL W. Van der Zwan Zonen Visserij Maatschappij B.V.

SCH 333 Oceaan VII NL A.Z. Ocean Fisheries II B.V.

SCH 302 Willem van der Zwan NL A.Z. Ocean Pelagic Fisheries BV (since 2009: Afrex Fisheries)

Source: Annual reports of all subsidiaries, websites Cornelis Vrolijk and Jaczon.

The vessel SCH 302 Willem van der Zwan experienced a major fire at the start of 2007. While some parts of this vessel were completely destroyed, Willem van der Zwan en Zonen decided to completely renovate the vessel. At the end of 2009 the vessel was fully restored and ready to fish again. The vessel will be transferred to the subsidiary Afrex Fisheries BV. Total investments for rebuilding the ship were € 38.6 million in 2008 and € 22.8 million in 2009.66

6 In February 2010 renamed FRANZISKA 8802997 and changed to Peruvian flag because the vessel went fishing in Peru (Scheepsruilbeurs Nieuwsbrief 164, 10 April 2010). See more information in paragraph 3.6.3.

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In February 2009 the vessel SCH Alida also suffered a fire. Although not as big as the fire in the SCH-302 Willem van der Zwan, it took until September 2009 until the vessel was ready to fish again.67

3.3 Revenues

Data in financial reports of Willem van der Zwan en Zonen on the years 2006-2009 show that revenues of the company have varied. Profits went down considerably in the four years. This is probably (partly) due to the fact that fires in two vessels led to significant costs of repair and lower catch.

Table 13 Revenues and profits of Willem van der Zwan en Zonen

Year Revenues (€ mln) Profits (€ mln)

2006 93.2 21.0

2007 74.7 18.4

2008 77.7 10.3

2009 74.3 6.3

Source: Willem van der Zwan en Zonen BV, “Financieel jaarverslag”, Willem van der Zwan en Zonen BV, January 2011; Brauw, C. and van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment of activities in and outside Europe”,

SOMO, June 2010.

3.4 Most important subsidiaries

The Dutch subsidiaries of the Willem van der Zwan en Zonen group that own vessels and sell fish to other subsidiaries of the group are: • AZ Ocean Fisheries II BV • AZ Ocean Pelagic Fisheries BV • AZ Pelagic Fisheries BV • W. Van der Zwan Zonen Visserij Maatschappij BV • Since end 2009: Afrex Fisheries BV In addition, the following company is a major processing/trading subsidiary: • W. van der Zwan en Zonen BV All subsidiaries are based in The Hague. Appendix 1 provides an overview of the corporate structure of the group. The subsidiaries are discussed below:

3.4.1 AZ Ocean Fisheries II BV

This subsidiary owns the vessel SCH 333 Oceaan VII. The revenues of this subsidiary are unknown. In 2009, the subsidiary incurred a loss of € 0.7 million.68

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3.4.2 AZ Ocean Pelagic Fisheries BV

AZ Ocean Pelagic Fisheries BV until 2007 owned the vessel SCH 302 Willem van der Zwan. This vessel suffered a major fire in January 2007 (see paragraph 3.2). Therefore, the most recent profit and loss account for this subsidiary is of the year 2006. In this year, the subsidiary reported a loss of € 1.2 million.69 AZ Ocean Pelagic Fisheries BV mentions in its annual report of 2007 that the SCH 302 Willem van der Zwan vessel was completely destroyed after the fire. However, at the end of 2009 the vessel was completely restored and ready to fish again.70 The vessel will now probably continue under the operation of subsidiary Afrex Fisheries BV (see paragraph 3.4.5).71

3.4.3 AZ Pelagic Fisheries BV

This subsidiary until recently owned the vessel SCH 54 Franziska. This vessel was sold to Iceland by the group but bought back in 2007, when the major fire in the SCH 302 Willem van der Zwan took place.72 The revenues of this subsidiary are unknown. In 2009, the subsidiary reported a loss of € 1.8 million. In 2008, the subsidiary reported a loss of € 6.4 million.73 Recently, the SCH-54 Franziska was sold to Peruvian group company Pelagic Fishing Group (see paragraph 3.6.3). The vessel now fishes under the Peruvian flag.

3.4.4 W. Van der Zwan Zonen Visserij Maatschappij BV

This subsidiary owns the vessels SCH 6 Alida and SCH 303 Ariadne. The revenues of this subsidiary are unknown. In 2009, the subsidiary incurred a loss of € 1.6 million.74

3.4.5 Afrex Fisheries BV

In 2009, this subsidiary owned machinery, installations and ships of € 60.8 million. These assets result from the complete rebuilding of the vessel SCH 302 Willem van der Zwan, which burned down in January 2007. In 2009, this subsidiary realised a loss of € 1.9 million.75

3.4.6 W. van der Zwan en Zonen BV

In 2009, trading company W. van der Zwan en Zonen BV generated revenues of € 70.9 million by selling fish. The net profit of the subsidiary was € 12.6 million. In 2008, the company generated revenues of € 74.2 million, resulting in a net profit of € 14.5 million.76

3.5 Revenues and profits per subsidiary

As mentioned in paragraph 3.3, total revenues of Willem van der Zwan en Zonen in 2009 were € 74.3 million, and profits were € 6.3 million. Table 14 provides an overview of the revenues and profits of the most important trading subsidiary of the group. The revenues of this subsidiary in 2009 were € 3.4 million lower than the total revenues generated by the group. Part of the remaining revenues are generated by W.Z. Canaria BV (see paragraph 3.6.2). The profits of this subsidiary in 2009 were much higher than the total profits generated by the group. This is because many vessel owning subsidiaries and other subsidiaries incurred losses in this year.

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Table 14 Revenues and profits of processing and trading subsidiaries

Subsidiary Based in Data for Revenues (€ mln) Profit (€ mln)

W. van der Zwan en Zonen BV Netherlands 2009 70.9 12.6

Total 70.9 12.6

Table 15 provides an overview of the profits of the vessel owning subsidiaries of Willem van der Zwan en Zonen.7 Revenues of these subsidiaries are unknown. Together, these subsidiaries generated a loss of € 5.3 million in the most recent year for which data were available. This partly explains why the profit of W. van der Zwan en Zonen BV is much higher than the group profit.

Table 15 Profits of vessel owning subsidiaries before changes in ownership

Subsidiary Vessel(s) Flag Data

for Profit (loss)

W. Van der Zwan Zonen Visserij Maatschappij B.V.

SCH-6 Alida, SCH-303 Ariadne

NL 2009 (1.6)

A.Z. Pelagic Fisheries BV SCH-54 Franziska NL 2009 (1.8)

A.Z. Ocean Fisheries II B.V. SCH-333 Oceaan VII NL 2009 (0.7)

A.Z. Ocean Pelagic Fisheries BV SCH-302 Willem van der Zwan

NL 2006 (1.2)

Total (5.3)

3.6 Other subsidiaries

3.6.1 Introduction

In addition to the subsidiaries mentioned in the previous paragraphs, three other subsidiaries, which own interests in foreign subsidiaries of the group, are: • W.Z. Canaria BV • Trachurus BV • Biomarine BV

3.6.2 W.Z. Canaria BV

This trading subsidiary is based in The Hague. The subsidiary has a 99.8% interest in the Nigerian company African Fish Nigeria Limited. In 2009, W.Z. Canaria BV generated net revenues (revenues minus costs of goods sold) of € 1.7 million, resulting in a net profit of € 2,799.77

3.6.3 Trachurus BV

Trachurus BV owns 99% of the foreign subsidiary Pelagic Fishing Group SAC in Peru. This foreign subsidiary was very recently acquired by the group, probably in 2009 or 2010.78

7 According to the annual reports of Willem van der Zwan en Zonen, the fish is sold based on the arm’s length principle, in which the price is equal to the price two unrelated parties would charge each other (the market price).

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Online sources indicate that Pelagic Fishing Group recently (in 2008 or 2009) disbursed US$ 35 million (€ 22 million) for the purchase of a boat that has a storage capacity of 4,000 MT.79 It is likely that concerns the Franziska vessel of the Willem van der Zwan en Zonen group which has been reflagged to Peru recently. Sources, including Peruvian institute Instituto Tecnológico Pesquero, confirm this.80

3.6.4 Biomarine BV

While not certain, when looking at the company structure of the Willem van der Zwan en Zonen group it is likely that Biomarine BV owns 90% of the foreign subsidiary Friogha Limited, based in Ghana. The annual report of Biomarine BV does not contain any useful information or confirm this information.

3.7 Loans

The following information could be found on bank loans provided to subsidiaries of the Willem van der Zwan en Zonen group: • In its annual report of 2007, AZ Ocean Pelagic Fisheries mentions that it has a green loan

(‘Groenlening’) outstanding with ABN AMRO Bank (Netherlands). The outstanding amount at the end of December 2007 was € 2.7 million.81

• In its annual report of 2009, Willem van der Zwan en Zonen Holding, the ultimate parent company of the group, indicates that it has loans outstanding with financial institutions of € 36.5 million, compared to € 14.9 million in 2008. In addition, the group mentions that it has € 7.7 million green loans (‘Groenleningen’) outstanding.82

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Chapter 4 Further research – fuel costs

To come to an estimate of fuel costs for the pelagic freezer trawler companies, specified information from three subsidiaries of Parlevliet en van der Plas can be used. Table 16 presents an overview of the fuel costs incurred by Kilda BV, Fladen Gronden BV and Vikingbank BV in 2007 and 2008.

Table 16 Fuel costs of Kilda BV, Fladen Gronden BV and Vikingbank BV

2007 2008 Vessel Owner

€ % total costs € % total costs

ROS 170 Annie Hillina

Kilda BV 1,315,657 22.9 1,624,847 19.7

KW 172 Dirk Diederik

Fladen Gronden BV 1,861,911 19.4 2,301,512 23.4

KW 174 Annelies Ilena Vikingbank BV 4,318,692 24.0 4,744,619 22.2

Source: Kilda BV, “Annual Report 2008”, Kilda BV, November 2009; Fladen Gronden BV, “Annual Report 2008”, Fladen Gronden BV, November 2009; Vikingbank BV,

“Annual Report 2008”, Vikingbank BV, November 2009.

An estimate of the fuel costs for the whole fleet of the different companies could use these percentages of total costs as an approximation. A more detailed estimate would use the data mentioned above complemented with information about engines, yearly routes and fishing days etc.

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Appendix 1 Corporate structure of the companies

Key: Light grey = holding subsidiary Medium grey = vessel owning subsidiary White with stripes = trading subsidiary Dark grey = other activities/dormant subsidiary

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PP Groep Katwijk B.V. (Netherlands)

100%

Parlevliet en van der Plas Rusland

B.V. (Netherlands)

Parlevliet en van der Plas Beheer

B.V. (Netherlands)

Rederij Samenwerking I.

B.V. (Netherlands)

Parlevliet en Van der Plas Faeröer

B.V. (Netherlands)

Parlevliet en van der Plas Vastgoed B.V.

(Netherlands)

Parlevliet en van der Plas Haringhandel B.V. (Netherlands)

Rederij Samenwerking II B.V. (Netherlands)

Vikingbank B.V. (Netherlands)

Fladen Gronden B.V. (Netherlands)

Rona B.V. (Netherlands)

Silver Pit B.V. (Netherlands)

Kilda B.V. (Netherlands)

Tory B.V. (Netherlands)

UK Fisheries Ltd (UK)

Boyd Line Ltd (UK)

Ouwehand Visverwerking B.V. (Netherlands)

Frigo 2000 IJmuiden B.V. (Netherlands)

100% 100%

50%

Oderbank Hochseefischerei (Germany)

Nordbank Hochseefischer (Germany)

C. C.H. Bösch GmbH (Germany)

Warnemünder Hochseefischerei Gmbh (Germany)

Westbank Hochseefischerei GmbH (Germany)

Ostbank Hochseefischerei GmbH (Germany)

Rockall Seefischerei GmbH (Germany)

Doggerbank Seefischerei GmbH (Germany)

100%

94%

Ocean Food Beteiligungs GmbH (Germany)

Ocean Food GmbH & Co KG (Germany)

German Sea Frozen Handelsgesellschaft GmbH (Germany)

Mecklenburger Hochseefischerei GmbH (Germany)

100%

Rostocker Hochseefischerei GmbH (Germany)

P & P Kühlhaus GmbH (Germany)

Euro Baltic Fishverarbeitungs GmbH (Germany)

100%

100%

100%

Atlantic High Sea Fishing Company

(Lithuania) 100%

100%

Tronderbas AS (Norway)

100%

J. Marr (Fishing) Ltd (UK)

Armana Ltd (UK)

Jacinta Ltd (UK)

Lionman Ltd (UK)

100% 100%

100%

Seefrostvertrieb GmbH (Germany)

28%

Sawad Food International B.V. (Netherlands)

Parlevliet en Van der Plas B.V. (Netherlands)

Key Light grey = holding subsidiary Medium grey = vessel owning subsidiary Dark grey = other activities/dormant subsidiary White with stripes = trading subsidiary

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North Atlantic (Holdings) Limited (UK)

Valiant Trawlers Limited (UK)

Cornelis Vrolijk Holding BV (Netherlands)

100%

100%

North Atlantic Fishing Co (UK)

100%

Jaczon BV (Netherlands)

Jaczon Visgroothandel BV (Netherlands)

Jaczon Visserij Maatschappij Afrika BV (Netherlands)

Jaczon Visserij Maatschappij Wiron BV (Netherlands)

100%

100%

Cornelis Vrolijks Visserij Maatschappij Diepzee IV BV

(Netherlands)

Cornelis Vrolijks Visserij Maatschappij Diepzee II BV

(Netherlands)

France Pelagique S.a.r.l. (France)

Jaczon Visserijmaatschappij Johanna Maria BV

(Netherlands)

100%

100%

Cornelis Vrolijk's Visserij Maatschappij B.V.

(Netherlands)

100%

Jaczon Visserijmaatschappij Zeeland BV (Netherlands)

E.J. Koppers Holding BV (Netherlands)

Vroko International Holding BV (Netherlands)

50%

50%

Several subsidiaries based in Portugal, Luxembourg,

Nigeria, Hong Kong, China, Mexico

Several subsidiaries based in Germany, France, Latin America, North America

10-100%

30-100%

Key Light grey = holding subsidiary Medium grey = vessel owning subsidiary Dark grey = other activities/dormant subsidiary White with stripes = trading subsidiary

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Willem van der Zwan en Zonen Holding BV

(Netherlands)

100%

AZ International BV (Netherlands)

AZ Fisheries Holding BV (Netherlands)

AZ Fisheries Vastgoed Holding BV (Netherlands)

W. Van der Zwan Zonen Visserij Maatschappij B.V.

(Netherlands)

A.Z. Ocean Fisheries II B.V (Netherlands)

A.Z. Ocean Pelagic Fisheries BV (Netherlands)

W. van der Zwan en Zonen BV (Netherlands)

WZ Canaria BV (Netherlands) African Fish Company Nigeria Ltd (Nigeria)

99.8%

Trachurus BV (Netherlands) Pelagic Fishing Group SAC (Peru)

A.Z. Pelagic Fisheries BV (Netherlands)

99.0%

Biomarine BV (Netherlands) Friogha Ltd (Ghana) 90.0%

100%

100% 100%

Key Light grey = holding subsidiary Medium grey = vessel owning subsidiary Dark grey = other activities/dormant subsidiary White with stripes = trading subsidiary

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Appendix 2 Subsidiaries of Parlevliet en van der Plas

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Appendix 3 Direct subsidiaries of Jaczon BV

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Appendix 4 Indirect subsidiaries of Jaczon BV

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Appendix 5 Subsidiaries Willem van der Zwan en Zonen

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Appendix 6 References

1 Parlevliet en van der Plas BV, “History”, Website Parlevliet en van der Plas BV (http://www.parlevliet-vanderplas.nl/history.php), Visited in March 2011.

2 Kilda BV, “Annual Report 2008”, Kilda BV, November 2009.

3 Ostbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum 31.12.2009”, Ostbank Hochseefischerei GmbH, May 2010.

4 Fladen Gronden BV, “Annual Report 2008”, Fladen Gronden BV, November 2009.

5 Vikingbank BV, “Annual Report 2008”, Vikingbank BV, November 2009.

6 Silver Pit BV, “Annual Report 2008”, Silver Pit BV, November 2009.

7 Parlevliet & van der Plas BV, “Annual Report 2008”, Parlevliet & van der Plas BV, November 2009.

8 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-vanderplas.nl/establishment.php), Visited in March 2011.

9 Parlevliet en van der Plas Haringhandel BV, “Annual Report 2008”, Parlevliet en van der Plas Haringhandel BV, November 2009; Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-vanderplas.nl/establishment.php), Visited in March 2011.

10 Sawad Food International, “Annual Report 2008” , Sawad Food International, November 2009.

11 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-vanderplas.nl/establishment.php), Visited in March 2011.

12 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.

13 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.

14 Westbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Westbank Hochseefischerei GmbH, May 2009.

15 Westbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Westbank Hochseefischerei GmbH, May 2009.

16 Brauw, C. and van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment of activities in and outside Europe”, SOMO, June 2010.

17 Oderbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Oderbank Hochseefischerei GmbH, May 2009.

18 Oderbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum 31.12.2009”, Oderbank Hochseefischerei GmbH, May 2010.

19 Oderbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Oderbank Hochseefischerei GmbH, May 2009.

20 Ostbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Ostbank Hochseefischerei GmbH, May 2009.

21 Ostbank Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum 31.12.2009”, Ostbank Hochseefischerei GmbH, May 2010.

22 Brauw, C. and van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment of activities in and outside Europe”, SOMO, June 2010.

23 Mecklenburger Hochseefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Mecklenburger Hochseefischerei GmbH, May 2009.

24 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-vanderplas.nl/establishment.php), Visited in March 2011; Ocean Food, “About us”, Website Ocean Food (http://www.oceanfood.de/frames.htm), Visited in March 2011.

25 Visserij Nieuws, “BX 786 Nieuwe aanwinst P&P”, Visserij Nieuws, 13 January 2009, available at http://visserijnieuws.punt.nl/?id=415376&r=1&tbl_archief=&

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26 Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-

vanderplas.nl/establishment.php), Visited in March 2011.

27 Euro-Baltic Fischverarbeitungs GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Euro-Baltic Fischverarbeitungs GmbH, May 2009.

28 German Seafrozen Fish Handelsgesellschaft mbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, German Seafrozen Fish Handelsgesellschaft mbH, May 2009. Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-vanderplas.nl/establishment.php), Visited in March 2011.

29 German Seafrozen Fish Handelsgesellschaft mbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, German Seafrozen Fish Handelsgesellschaft mbH, May 2009. Parlevliet & van der Plas BV, “Establishments”, Website Parlevliet & van der Plas BV (http://www.parlevliet-vanderplas.nl/establishment.php), Visited in March 2011.

30 Atlantic High Sea Fishing Company UAB, “Profit And Loss Account 2008”, Atlantic High Sea Fishing Company UAB, June 2009.

31 Trønderbas AS “Årsregnskapet For Regnskapsåret 2009 - Generell Informasjon (Annual Report 2009)”, Trønderbas AS, June 2010.

32 Ivan Ulsund AS, “Catching areas”, Website Ivan Ulsund (www.ivanulsund.no/), Visited in March 2011.

33 UK Fisheries Ltd, “Annual Return”, UK Fisheries Ltd, September 2009.

34 Enever, R., “Northern North Sea Saithe (and Cod) “A self-sampling project”, Fisheries Science Partnership, 2008/2009.

35 Visserijnieuws.nl, “P&P koopt Spaanse rederij”, Visserijnieuws.nl, 25 December 2010.

36 Vikingbank BV, “Annual Report 2008”, Vikingbank BV, November 2009.

37 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.

38 Ocean Food GmbH & Co. KG, “Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum 31.12.2009”, Ocean Food GmbH & Co. KG, May 2010.

39 Doggerbank Seefischerei GmbH, “Jahresabschluss zum Geschäftsjahr vom 01.01.2008 bis zum 31.12.2008”, Doggerbank Seefischerei GmbH, May 2009.

40 Brauw, C. and van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment of activities in and outside Europe”, SOMO, June 2010.

41 Cornelis Vrolijk, “Fleet”, Website Cornelis Vrolijk (www.cornelisvrolijk.eu/index.php?id=3&parent=3), Visited in March 2011.

42 Shipspotting.com, “FC-716999 Sandettie - IMO 8012085”, Website Shipspotting.com (www.shipspotting.com/gallery/photo.php?lid=1201032), Visited in March 2011; Klipper S.a.r.l., “Annual Report 2009”, Klipper S.a.r.l., August 2010.

43 Interfish Limited, “Annual Return”, Interfish Limited, March 2009; Visserijnieuws.nl, “H 108 ‘Westella’ verkocht naar Peru”, Visserijnieuws.nl, 20 October 2008.

44 Jaczon BV, “Annual Report 2005”, Jaczon BV, March 2007.

45 Diepzee Visserij Mij. Cornelis Vrolijk II BV, “Vennootschappelijke jaarrekening over 2008”, Diepzee Visserij Mij. Cornelis Vrolijk II BV, 2009; Diepzee Visserij Mij. Cornelis Vrolijk II BV, “Vennootschappelijke jaarrekening over 2009”, Diepzee Visserij Mij. Cornelis Vrolijk II BV, 2010.

46 Diepzee Visserij Mij.Cornelis Vrolijk IV BV, “Meest recente vennootschappelijke jaarrekeningen”, Diepzee Visserij Mij.Cornelis Vrolijk IV BV, 2010; Diepzee Visserij Mij.Cornelis Vrolijk IV BV, “Publicatiestukken 2006”, Diepzee Visserij Mij.Cornelis Vrolijk IV BV, January 2008.

47 Jaczon Visserij Maatschappij Afrika BV, “Publicatiestukken 2008”, Jaczon Visserij Maatschappij Afrika BV, February 2010.

48 Jaczon Visserij Maatschappij Johanna Maria BV, “Vennootschappelijke jaarrekening over 2004”, Jaczon Visserij Maatschappij Johanna Maria BV, 2005.

49 Jaczon Visserij Maatschappij Zeeland BV, “Vennootschappelijke jaarrekening over 2004”, Jaczon Visserij Maatschappij Zeeland BV, 2005; Jaczon Visserij Maatschappij Zeeland BV, “Publicatiestukken 2009”, Jaczon Visserij Maatschappij Zeeland BV, February 2011.

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50 Jaczon Visserij Maatschappij Wiron BV, “Publicatiestukken 2008”, Jaczon Visserij Maatschappij Wiron BV,

February 2010.

51 Cornelis Vrolijk’s Visserij Maatschappij BV, “Jaarstukken 2006”, Cornelis Vrolijk’s Visserij Maatschappij BV, May 2008.

52 Cornelis Vrolijk’s Visserij Maatschappij BV, “Vennootschappelijke voorlopige jaarrekening over 2007”, Cornelis Vrolijk’s Visserij Maatschappij BV, 2008.

53 Jaczon Visgroothandel BV, “Publicatiestukken 2009”, Jaczon Visgroothandel BV, February 2011.

54 Shipspotting.com, “FC-716999 Sandettie - IMO 8012085”, Website Shipspotting.com (www.shipspotting.com/gallery/photo.php?lid=1201032), Visited in March 2011; Klipper S.a.r.l., “Annual Report 2009”, Klipper S.a.r.l., August 2010.

55 France Pelagique, “Annual Report 2009”, France Pelagique, June 2010.

56 France Pelagique, “Annual Report 2008”, France Pelagique, May 2009.

57 France Pelagique, “Annual Report 2009”, France Pelagique, June 2010.

58 France Pelagique, “Annual Report 2008”, France Pelagique, May 2009.

59 North Atlantic Fishing Co, “Annual Report 2009”, North Atlantic Fishing Co, July 2010.

60 Valiant Trawlers, “Annual Report 2009”, Valiant Trawlers, July 2010.

61 Vroko International Holding BV, “Annual Report 2009”, Vroko International Holding BV, February 2011.

62 Brauw, C. and van der Wal, S., “The Pelagic Freezer Trawler Association: An assessment of activities in and outside Europe”, SOMO, June 2010.

63 Primstar BV, “Annual Report 2009”, Primstar BV, February 2011.

64 Valiant Trawlers, “Annual Report 2009”, Valiant Trawlers, July 2010.

65 France Pelagique, “Annual Report 2008”, France Pelagique, May 2009; France Pelagique, “Annual Report 2009”, France Pelagique, June 2010.

66 Afrex Fisheries BV, “Deponeringsstukken 2009”, Afrex Fisheries BV, January 2011.

67 Blankwaard, P., “Gerenoveerde SCH 6 Alida opgeleverd”, Koopvaardij, 19 September 2009, available at http://koopvaardij.web-log.nl/koopvaardij/2009/09/gerenoveerde-sc.html; Visserijnieuws.nl, “Grote brand SCH 6 bij scheepswerf Reimerswaal”, Visserijnieuws.nl, 14 February 2009.

68 A.Z. Ocean Fisheries II BV, “Deponeringsstukken 2009”, A.Z. Ocean Fisheries II BV, January 2011.

69 A.Z. Ocean Pelagic Fisheries BV, “Deponeringsstukken 2007”, A.Z. Ocean Pelagic Fisheries BV, October 2008.

70 Visserijnieuws.nl, “Herbouwde SCH 302 sterker teruggekomen”, Visserijnieuws.nl, 7 November 2009.

71 Kingdom of the Netherlands, “SECTION VIII. Fishery products, Freezing Vessel”, Kingdom of the Netherlands, available at http://www3.vwa.nl/EULijst%20SECTION%20VIII-Fishery%20products-Freezing%20vessel.pdf

72 Visserijnieuws.nl, “Herbouwde SCH 302 sterker teruggekomen”, Visserijnieuws.nl, 7 November 2009.

73 AZ Pelagic Fisheries BV, “Deponeringsstukken 2009”, AZ Pelagic Fisheries BV, January 2011.

74 Visserij Mij W. van der Zwan & Zonen BV, “Deponeringsstukken 2009”, Visserij Mij W. van der Zwan & Zonen BV, January 2011.

75 Afrex Fisheries BV, “Deponeringsstukken 2009”, Afrex Fisheries BV, January 2011.

76 W. van der Zwan en Zonen BV, “Financieel jaarverslag 2009”, W. van der Zwan en Zonen BV, January 2011.

77 W.Z. Canaria BV, “Deponeringsstukken 2009”, W.Z. Canaria BV, January 2011.

78 Trachurus BV, “Deponeringsstukken 2009”, Trachurus BV, January 2011.

79 El Comercio, “Peru - Pelagic Fishing Group replantea expansión”, El Comercio, 23 March 2009; Aqua, “Pelagic Fishing Group invertirá US$ 35 millones en Perú”, Aqua, 8 July 2008, available at http://www.aqua.cl/noticias/imprimir_noticia.php?doc=25114

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80 Instituto Tecnológico Pesquero, “Permiso De Pesca De Embarcaciones”, Website Instituto Tecnológico

Pesquero (http://www.itp.gob.pe/autorizaciones-licencias/2010/permisos-a.php), Visited in March 2011.

81 A.Z. Ocean Pelagic Fisheries BV, “Deponeringsstukken 2007”, A.Z. Ocean Pelagic Fisheries BV, October 2008.

82 Willem van der Zwan en Zonen Holding BV, “Financieel jaarverslag 2009”, Willem van der Zwan en Zonen Holding BV, January 2011.