Copeinca: FOURTH QUARTER AND PRELIMINARY YEAR 2011 FINANCIAL RESULTS
(Thomson Reuters ONE) -
Copeinca reached better results and efficiencies due to the investments made
during the last two years in plants and fleet. Due to better gross margins and
the lower impairment losses in 2011 operating and net profit increased
substantially.
EBITDA increased by 32.1% and reached USD 100.0 million on revenues of USD
254.5 million (183,835 MT) representing 39.3% of net sales, compared to an
EBITDA of USD 75.7 million on revenues of USD 233.0 million (166,871 MT)
representing 32.5% of net sales in 2010.
Copeinca has increased significantly the quality of the fishmeal production. In
2011, 100% of the total fishmeal production was Steam Dried (SD), compared to
86% in 2010 (206,720 MT and 91,340 MT respectively).
Copeinca finished second in the year processing 13.7% of the total Peruvian
quota of 6,175,000 MT, of which 10.7% (659,985 MT) came from own catch, vs. a
total catch of 3,245,602 MT in 2010, of which 10.1% (328,263 MT) came from own
catch. Total production in 2011 was 243,649 MT reaching a yield of 29.2%
compared to a lower production of 119,921 MT and yield of 29.9% in 2010. In
2010, both a moderate "El Niño" and "La Niña", reduced volumes by around 40%
compared to an average year (3,245,602 MT vs. 5,500,000 MT).
During 2011, Copeinca reached an EBITDA of USD 3.3 million on revenues of USD
4.6 million from the sale of mackerel and jack mackerel, which did not represent
any material profits in 2010.
EBITDA per ton in 2011 was USD 544/MT, significantly higher than in 2010 (USD
454/MT), mainly due to the favorable price of fishmeal and fish oil in the first
nine months, linked to a sustained demand and a limited supply for these
products. Cost savings such as a lower raw material price, fixed costs better
absorbed by a higher volume of production and a shorter fishing season also
contributed to a higher EBITDA.
CAPEX of USD 28.7 million has been executed during the year. Out of the total
CAPEX, USD 18.3 million was spent in plants; USD 9.3 million was spent on fleet,
while USD 1.1 million was spent in other business and administrative areas.
CEO Pablo Trapunsky and CFO Eduardo Castro Mendivil will host a conference call
presentation today, Tuesday 28th February 2012 at 3:00 p.m. CET / 2:00 p.m. GMT
/ 9:00 a.m. EST.
Please find presentation material, report and conference call details attached.
For more information, please see the Company's website:www.copeinca.com.pe
For further information, please contact:
CEO Pablo Trapunsky,ptrapunsky(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 5 plants located in strategic locations all around the Peruvian coast
line. The Company has around 1,400 part and full time employees.
Please visit www.copeinca.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
COPEINCA Invitation Q4 2011 Results :
http://hugin.info/137275/R/1589442/499125.pdf
Q4 2011 Report :
http://hugin.info/137275/R/1589442/499122.pdf
Q4 2011 Presentation :
http://hugin.info/137275/R/1589442/499123.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Copeinca via Thomson Reuters ONE
[HUG#1589442]
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 119225
Anzahl Zeichen: 4724
contact information:
Town:
Lima 13
Kategorie:
Business News
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