CAMPOSOL HOLDING PLC PRESENTS FOURTH QUARTER AND PRELIMINARY YEAR 2011 FINANCIAL RESULTS
(Thomson Reuters ONE) -
Camposol Holding Plc reported sales of USD 52.3 million and EBITDA of USD 9.5
million in Q411, which were 45.9% and 89.8% greater than in the corresponding
period the year before due to a significant increase in sales of grapes and
avocados as company's investments start entering into productive stage.
For 2011, sales reached USD 167.8 million and EBITDA before fair value
adjustments (b.f.v.a.) reached USD 30.8 million, up 40.7% and 50.7% from 2010
respectively, mainly due to a significant increase in avocado price as a
consequence of the opening of the US market, higher grape volumes from the first
harvest of the fields planted in 2010 and price improvements in other important
products. Avocado and grapes are the products with the highest gross margin in
the Company's portfolio. As a result, EBITDA margin increased to 18.4% in 2011
from 17.1% in 2010.
The US avocado market opened for Peruvian produce in July 2011 and the Company
started its shipments immediately. As planned, such event had a material
positive impact in this year's results. After its listing process in 2008, the
Company directed most of its expansion projects in more than tripling its
avocado planted area foreseeing that the US market, the largest and fastest
growing market for avocado in the world, would open for Peruvian produce. With
only one third of the new fields having given first harvest during this year,
the results are in line with the Company expectations.
On October 10(th), Mr. Fabio Matarazzo resigned from the Chief Executive Officer
position for personal reasons. The Board of Directors invited him to join as a
member, offer that he gladly accepted.
Samuel Dyer Coriat, Chairman of the Board, also took the role as CEO, becoming
Executive Chairman. He has broad experience in the Peruvian fishing industry,
having occupied various positions in Copeinca ASA, among them CEO and Chairman
of the Board. He has served as member of the Board of Camposol since 2008 and
as Chairman of the Board since 2011.
On January 26th 2012, Camposol S.A., Camposol Holding Plc's subsidiary,
successfully issued a USD 125 MM 9.875% senior unsecured notes due 2017, which
will be guaranteed by Camposol Holding Plc as parent guarantor and Marinazul
S.A. and Campoinca S.A. as subsidiary guarantors. Settlement of the bond issue
occurred on February 2nd, 2012.
The net proceeds from the bond issue, are to be used to pay long term debt, to
finance capital expenditures and for general corporate uses.
"We are delighted to announce the first bond issue of the agricultural sector
outside Brazil. It is noteworthy it was announced right after the sovereign and
quasi sovereign bonds, and when compared to other bonds in the industry, from
larger and more liquid companies, price is quite comparable," says Samuel Dyer
Coriat, Executive Chairman of Camposol Holding Plc.
The Company is currently focused on adding value to its clients through
commercial, marketing and service initiatives which should result on higher
margins. Additionally, Camposol is analyzing new opportunities to consolidate
its leadership through additional planting of current crops, planting of new
crops, strategic alliances and acquisitions.
Camposol will continue positioning itself in the US market, the largest and
fastest growing market for avocado in the world, now open for Peruvian produce
and in other markets with high growth potential. With only one third of the new
fields having given first harvest during this year, current results are in line
with the Company expectations.
Executive Chairman, Samuel Dyer Coriat and CFO Jorge Ramirez will host a
conference call presentation today, Tuesday 28(th) February 2012 at 4:00 p.m.
CET / 3:00 p.m. GMT / 10:00 a.m. EST.
Please find presentation material, report and conference call details attached.
For more information, please see the Company's website: www.camposol.com.pe
For further information, please contact:
Executive Chairman, Samuel Dyer Coriat
sdyerc(at)camposol.com.pe
CFO, Jorge Ramirez
jramirez(at)camposol.com.pe
Phone: +511 621-0800
About CAMPOSOL
CAMPOSOL is the leading agro industrial Company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, peppers, avocados, mangos, grapes and easy peelers. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of America. CAMPOSOL encompasses a totally integrated business
from the production of raw material in the fields to processing in the
industrial plant and subsequent commercialization in Europe and the United
States. CAMPOSOL has 24,216 own hectares of which about 6,440 are already used
for agricultural purposes, operates in 2 different locations in the Peruvian
coast, and has one fully owned processing plant for fresh, preserved and frozen
products. The Company has on average 10,000 part and full time employees.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CAMPOSOL Invitation Q4 2011 Results:
http://hugin.info/138464/R/1589446/499131.pdf
Q4 2011 Presentation:
http://hugin.info/138464/R/1589446/499133.pdf
Q4 2011 Report:
http://hugin.info/138464/R/1589446/499132.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: Camposol Holding Plc. via Thomson Reuters ONE
[HUG#1589446]
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2012 - 08:02 Uhr
Sprache: Deutsch
News-ID 119226
Anzahl Zeichen: 6626
contact information:
Town:
Lima 13
Kategorie:
Business News
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