THIRD QUARTER 2010 FINANCIAL RESULTS
(Thomson Reuters ONE) -
As of 30 September 2010, volumes of production are lower than in previous years
due to a moderate "El Niño" during January and February, which resulted in a
late start of the fishing season and a lower quota authorized in the first
fishing season in 2010 (2,500,000 MT vs. 3,500,000 MT). USD 39.6 million out of
the USD 55 million CAPEX budget have already been executed, and the construction
of the 3 new vessels is 85% advanced.
In the first nine months of the year, volumes sold were 156,309 MT, down from
199,573 MT in the same period in 2009 due to the lower quota authorized in the
first fishing season in 2010. However, a higher percentage of steam dried
fishmeal was sold (70% of total volume equivalent to 108,684 MT) as of 30
September 2010 vs. 48% in 2009 equivalent to 95,954 MT.
Revenue per ton sold for the nine months of 2010 had an average of USD
1,432/MT, up 68% from USD 855/MT in 2009. Meanwhile, costs per ton had an
average of USD 819/MT in 2010 up from USD 560/MT in 2009.
Fishmeal had an average price of USD 1,513/MT in 2010 vs. USD 855/MT in 2009 and
fish oil had an average price of USD 856/MT in 2010 vs. USD 642/MT in 2009.
Operating profit for the nine months ended 30 September 2010 was USD 26.1
million after a USD 30.2 million noncash provision due to a reduction in the
number of vessels used and non-operative plants, as well as USD 9.3 million of
employee severance payments, compared to operating profit of USD 9.9 million for
the same period in 2009.
EBITDA per ton for the nine months ended 30 September 2010 was USD 540/MT
compared to USD 258/MT in 2009. EBITDA per ton for the Q3'10 was USD 597/MT vs.
USD 307/MT in Q3'09.
For the first nine months of the year, COPEINCA ASA achieved an EBITDA of USD
84.4 million on revenues of USD 223.9 million, 64% greater than in the same
period in 2009 when it reached an EBITDA of USD 51.5 million on revenues of USD
170.9 million.
Operating profit for the nine months ended 30 September 2010 was USD 26.1
million compared to an operating profit of USD 9.9 million for the same period
in 2009.
Cost of goods sold (COGS) in the third quarter 2010 was USD 819/MT (128.1
million), up from USD 560/MT (111.8 million) in the corresponding period of
2009 due to changes in the purchase price of raw material from third parties,
fishing ban period expenses and other expenses.
Last twelve months (LTM) EBITDA as of 30 September 2010 was USD 92 million
compared to USD 65 million for the LTM as of 30 September 2009.
"The third quarter financial results clearly show that we are in line with the
2006-2007 guidance we provided. As of 2010 we have already delivered on our
promises: acquisitions and consolidation of the industry (we grew from 4.4% to
10.7% of the Peruvian quota), ITQ implementation, and we are already
experiencing around 30% increase in EBITDA expected from ITQ. By 2011, we
expect to deliver +40% increase in EBITDA, which does not include the benefits
from our USD 80 million CAPEX Plan," 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 visit www.copeinca.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1452838]
Presentation of 3rd quarter 2010 :
http://hugin.info/137275/R/1452838/393549.pdf
3rd quarter 2010:
http://hugin.info/137275/R/1452838/393548.pdf
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other applicable laws; and
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originality of the information contained therein.
Source: Copeinca via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 19.10.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 45876
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contact information:
Town:
Lima 13
Kategorie:
Business News
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