FOURTH QUARTER AND PRELIMINARY 2009 FINANCIAL RESULTS
(Thomson Reuters ONE) -
For the full year 2009, Copeinca ASA achieved an EBITDA of USD 59.5 million and
revenues of USD 210.8 million. The corresponding figures in 2008 were USD 75.7
and USD 249.4 million, respectively.
In the fourth quarter of 2009 Copeinca ASA achieved an EBITDA of USD 8.0 million
and revenues of USD 39.9 million. This compares to an EBITDA of 13.2 million and
revenues of USD 44.0 million in the same period the year before. Operating loss
was USD 1.1 million in the fourth quarter of 2009 compared with a loss of USD
23.9 million in the same period of 2008.
Volume sold during the fourth quarter was 32,909 MT. This compares to 47,331 MT
in the corresponding period in 2008. The lower volumes in Q4 2009 are explained
by greater sales during the third quarter of 2009, and also by the fact that the
second fishing season for 2009 was extended until January 2010 whereas in 2008
the fishing season finished before year end.
Cost of goods sold during the fourth quarter was USD 879/MT, compared to USD
633/MT in the same period of 2008, and USD 605/MT for the full year 2009.
Production costs were higher in the fourth quarter 2009 due to increasing costs
of raw material from third parties.
Average prices of fishmeal and fish oil in the fourth quarter were USD
1,212/MT, whereas for the full year average prices of fishmeal and fish oil were
USD 906/MT. The average prices of fishmeal and fish oil in the fourth quarter
and full year 2008 were USD 930/MT and USD 1,007/MT, respectively. Fishmeal
prices have reached record levels with significantly stronger support due to
increasing demand for high protein sources for farming of carnivorous species in
aquaculture.
Copeinca finished second in the 2009 fishing season with an aggregate
participation of 15.21 percent and a total own fleet catch of 10.7 percent. In
sum, Copeinca produced 188,000 MT of fishmeal and 38,000 MT of fish oil during
the year. Aggregate fish oil yield was 4.7%.
Copeinca reiterates its previous prediction of an EBITDA improvement of 30-40%
under an individual quota system, to be achieved through fleet and plant
optimization and improvement in fishmeal quality.
"The first fishing year under the new ITQ system has been very successful, and
we continue to improve our efficiency and quality of production significantly.
For the next seasons, we expect to further improve our efficiency and quality of
production, due to better knowledge of the individual quota system and our
aggressive CAPEX plan in the next two years", says CEO Samuel Dyer Coriat.
Copeinca will be hosting a conference call presentation and Q&A session for
investors, analysts and media today Thursday, February 25th, 2010, at 4:00 p.m.
(Central European Time (3:00 p.m. GMT, 10:00 a.m. EST, 7:00 a.m. PST). Please
find presentation material and conference call details attached. The latter were
also posted viawww.newsweb.no
www.copeinca.com
For further information, please contact:
CEO Samuel Dyer,sdyerc(at)copeinca.com.pe
CFO Eduardo Castro-Mendivil,ecastromendi(at)copeinca.com.pe
Tel. (511) 213-4000
About Copeinca ASA
Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The
Company produces its fishmeal and fish oil from anchovy harvested off the coast
of Peru, and most of its production is exported. Key countries for export are
China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish
and animal feed producers as well as refineries for omega-3 products. Copeinca
ASA runs its operations out of Lima and has its own fleet. Copeinca ASA
operates 6 plants located in strategic locations all around the Peruvian coast
line. The company has around 2,000 part and full time employees.
Please visitwww.copeinca.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1388342]
4th quarter 2009 : http://hugin.info/137275/R/1388342/346557.pdf
Presentation of 4th quarter 2009: http://hugin.info/137275/R/1388342/346558.pdf
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2010 - 07:56 Uhr
Sprache: Deutsch
News-ID 12903
Anzahl Zeichen: 0
contact information:
Town:
Lima 13
Kategorie:
Business News
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"FOURTH QUARTER AND PRELIMINARY 2009 FINANCIAL RESULTS"
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