Camposol Holding reports 2nd quarter 2010
(Thomson Reuters ONE) -
Camposol reported sales of USD 27.2 million in the second quarter 2010, which
was 12.8% lower than in the corresponding period last year, while EBITDA before
fair value adjustments (b.f.v.a.) was up for the sixth consecutive quarter, by
141% to USD 5.1 million. The EBITDA margin also improved from 6.8% to 18.7%.
The main reasons for the reduced revenues for the quarter were that CAMPOSOL
exited sales of artichokes, which had an impact of USD 2.4 million, and that the
company had USD 3.1 million lower revenues from the sales of peppers and USD
1.7 million lower revenues from the sales of shrimp. However, the Company
managed to reduce all its unitary costs and to increase prices on selected
products, resulting in a healthy gross profit of USD 16.9 million, up from USD
12.0 million in the same period in 2009, and a gross margin of 33.5%, up from
21.7% in the same period in 2009.
During the last year, Camposol has had a strong focus on improving operational
efficiency and reducing its cost base. Consequently EBITDA (b.f.v.a.) has
improved significantly from USD 2.1 million in the second quarter last year to
USD 5.1 million in the second quarter this year.
Furthermore, the company can look back on an eventful period. In June, Camposol
signed a new loan facility of USD 60 million with a syndicate of banks, which
enabled the company to both significantly reduce its debt services for the next
years and to plant an additional 350 Has of Grapes. In July, the company
announced an expansion of its shrimp business by acquiring the two shrimp
companies Domingo Rodas S.A. and Camarones S.A., as well as an additional shrimp
farm of 170 Has, and last week, the company entered into a strategic alliance
with the Spanish logistics and commercial services provider Riberebro Group,
which enables Camposol to be more involved in the distribution channel and
branding of its products in the important Spanish market.
"This has been a really exciting year. I am proud of how, through a continuous
and strong focus on operational efficiencies we are again delivering an
increased EBITDA margin. It is noteworthy to mention that the last three months
have been eventful in the way that we are re-positioning our company for future
growth" says Fabio Matarazzo, CEO of Camposol.
Also, Camposol's focus on liquidity and financial position has resulted in a
further decrease in the company's total working capital to USD 25.7 million,
representing only 23% of sales.
Going forward, Camposol will continue to focus on operational improvements and
strengthening the financial position, as well as analyzing new opportunities to
consolidate its market leadership.
CEO Fabio Matarazzo and CFO Jorge Ramirez will present the company's result
today, Tuesday 10 August 2010, at 08:30 am CET at Felix Konferansesenter in
Oslo, and also host a conference call at 4:00 pm CET. For details on the
conference call, please visit Camposol's website; www.camposol.com.pe (Press).
Please see the full second quarter and first half year 2010 report and
presentation enclosed (or click on the links below of this release is received
by e-mail.)
For further information, please contact:
CEO, Fabio Matarazzo
fmatarazzo(at)camposol.com.pe
CFO, Jorge Ramirez
jramirez(at)camposol.com.pe
Phone: +511 621-0804
Fax: +511 221-4478
www.camposol.com.pe
About CAMPOSOL
Camposol is the leading agro industrial company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, sweet peppers, avocado, mango, grapes and tangerines. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of North 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 24,496 own hectares of which over 6,407 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 around 10,000 part and full time employees.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1436771]
Q2 2010 Presentation:
http://hugin.info/138464/R/1436771/381727.pdf
Q2 2010 Report:
http://hugin.info/138464/R/1436771/381726.pdf
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All reproduction for further distribution is prohibited.
Source: Camposol Holding Plc. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 10.08.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 39266
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