SECOND QUARTER AND FIRST HALF 2010 FINANCIAL RESULTS
(Thomson Reuters ONE) -
As of 30 June 2010, volumes of production are lower than in previous years due
to a moderate "El Niño" during January and February, USD 24 million out of the
USD 55 million CAPEX budget have already been executed, and the construction of
the 3 new vessels is 70% advanced.
In the first half of the year, volumes sold were 79,799 MT, down from 120,084 MT
in H1'09 due to shipments delayed to July resulting from the late beginning of
the first fishing season. A higher percentage of steam dried fishmeal was sold
(79% of total volume equivalent to 62,844 MT) in H1'10 vs. 47% in H1'09
equivalent to 56,294 MT.
Revenue per ton sold was USD 1,475 in H1´10, up 72% from USD 857 in H1´09.
Revenue per ton was USD 1,577/MT in Q2´10, up 77% from USD 888 in Q2´09.
Fishmeal price had an average of USD 1,494/MT in H1'10 vs. USD 834/MT in H1'09
and fish oil price was USD 876/MT in H1'10 vs. USD 694/MT in H1'09. Operating
profit for the six months ended on 30 June 2010 was USD 9.5 million after a USD
10 million provision due to a reduction in the number of vessels used, compared
to the operating profit of USD 10.9 million for the same period in 2009.
EBITDA per ton for the six months ended on 30 June 2010 was USD 485/MT compared
USD 225/MT in 2009. EBITDA per ton for the Q2'10 was USD 543/MT vs. USD 310/MT
in Q2'09.
For the first half of the year, COPEINCA ASA achieved an EBITDA of USD 38.7M on
revenues of USD 117.7M, 43% greater than in H1´09 when it reached USD 27 M on
revenues of USD 102.9 M.
Operating profit was USD 9.5 M in the first half of 2010 compared to the
operating profit of USD 10.9 M for the same period in 2009.
Cost of goods sold (COGS) as of H1´10 was USD 73.1 M (USD 916/MT) up from USD
73 M (USD 608/MT) in the corresponding period of 2009 due to changes in raw
material costs, ban period expenses and other expenses.
COPEINCA finished its first fishing season and it processed 13.13% of the total
Peruvian quota (2,466,236 MT), of which 10.88% came from own fleet and 2.25%
from third parties.
During the season COPEINCA produced 76,139 MT of fishmeal and 22,625 MT of fish
oil
Fishmeal production had a 23.5% yield while fish oil production had a 7.0%
yield. The total production yield was 30.5%.
"Increased focus in our own fleet production has contributed to have 80% SD
(steam dried) fishmeal production, of which over 80% was high quality Super
Prime and Prime fishmeal which results on higher efficiency, prices and margins.
Once the vessels under construction and the investment on the plants are ready
in 2011, we expect to have over 95% SD production," says Samuel Dyer Coriat, CEO
of Copeinca ASA.
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#1438551]
Presentation of 2nd quarter 2010:
http://hugin.info/137275/R/1438551/383059.pdf
2nd quarter 2010:
http://hugin.info/137275/R/1438551/383060.pdf
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Source: Copeinca via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 18.08.2010 - 08:02 Uhr
Sprache: Deutsch
News-ID 39770
Anzahl Zeichen: 0
contact information:
Town:
Lima 13
Kategorie:
Business News
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