Camposol Holding Ltd. reports first quarter 2016 financial results
(Thomson Reuters ONE) -
During the first quarter, Camposol Holding Ltd. reported an EBITDA of USD 7.7
million, 417.1% higher than 1Q-2015 mainly explained by higher volumes of
blueberries and mangos, and seafood segment turnaround to positive EBITDA.
EBITDA margin for 1Q-2016 increased to 11.8% from 2.1% in 1Q-2015. This is
record EBITDA for a first quarter for Camposol Holding Ltd. As of March
31(st), 2016, Camposol Holding Ltd. reported record last twelve month EBITDA of
USD 49.1 million. Camposol Holding Ltd.'s leverage ratio improved from 5.3x at
the end of 2015 to 4.2x at the end of 1Q-2016.
The Company sold 19,878 net MT during the first quarter of 2016, down 19.2% from
1Q-2015 mainly explained by a decrease in volumes of asparagus, peppers and
artichokes (as a result of the exit from the preserved business); and a decrease
in volumes of grapes, shrimp and other seafood products, net of an increase in
volumes of blueberries and mangos. The average price was USD 3.30 per net KG, up
13% from 1Q-2015, mainly explained by an increase in realized prices of shrimp
and other seafood products as well as higher prices of asparagus.
As a result, Camposol Holding Ltd. reported sales of USD 65.7 million in the
first quarter of 2016, down 8.4% from 1Q-2015. Average cost of goods sold during
the first quarter of 2016 was USD 2.80 per net KG, up 4.9% from 1Q-2015 mainly
explained by higher cost in asparagus.
As of March 31(st), 2016, the Company maintained a cash balance of USD 28.0
million.
On May 27(th), 2016, the Company successfully closed its Exchange Offer for its
9.875% Senior Notes due 2017 (the "Existing Notes") for newly issued 10.50%
Senior Secured Notes due 2021 (the "New Notes"), with a participation of 73.75%
of holders of Existing Notes, representing USD 147'490,000, of the aggregate USD
200'000,000 principal amount of Existing Notes outstanding.
Camposol's shareholders have confirmed their support to the Company by
committing a total financing facility of up to USD 30.0 million, through a
subordinated loan of up to USD 10.0 million and a working capital credit line of
up to USD 20.0 million to be used in case the Company should require it. This
important support confirms the shareholder's confidence in the fundamentals and
growth perspective of the Company.
The Company expects to continue its diversification strategy by increasing the
blueberries production in the Fruits & Vegetables (F&V) segment and by
increasing the conversion of shrimp ponds in the Seafood segment. The Company
also expects to continue to reinforce the Trading segment through more direct
sales to retailers, adding value to its clients through commercial, marketing
and service initiatives, which should result in higher margins.
"First quarter results were good and in line with our expectations. By year-end,
the Company results will reflect an important increase of our blueberries
segment as well as the outcome of our continued work to increase our bottom
line. We are grateful to our stakeholders for the confidence placed in us, we
will continue making of Camposol a world-class company", stated Manuel Salazar
Diez Canseco, CEO of Camposol Holding Ltd.
The long-term growth prospects for exotic fruits and vegetables markets are
excellent. Avocados and blueberries consumption is growing, with headroom for
increased per capita consumption in key markets. In the case of asparagus,
although consumption is stable, supply is falling due mainly to reduced exports
from China. The Company expects good demand for all fresh produce in general and
for avocados specifically in both the United States and Europe.
Please see the full first quarter 2016 report and presentation enclosed (or
click on the links below of this release if received by e-mail).
For further information, please contact:
CFO, Maria Cristina Couturier
mcouturier(at)camposol.com.pe
Investor Relations Officer, Jossue Yesquen
jyesquen(at)camposol.com.pe
Phone: +511 621 0800 - Ext. 7171
About CAMPOSOL
CAMPOSOL is the leading agro industrial company in Peru, the first producer of
avocados and soon the first producer of blueberries in the world. It is involved
in the harvest, processing and marketing of high quality agricultural products
such as avocados, asparagus, blueberries, grapes, mangos, tangerines and shrimp;
which are exported to Europe, the United States of America and Asia.
CAMPOSOL is a vertically integrated company located in Peru, offering fresh and
frozen products. It is the third largest employer of the country, with more than
13 thousand workers in high season, and is committed to support sustainable
development through social responsibility policies and projects aimed to
increase the shared-value for all of its stakeholders.
CAMPOSOL was the first Peruvian agro industrial company to present annual
audited Sustainability Reports. CAMPOSOL has achieved the following
international certifications: BSCI, Global Gap, IFS, HACCP and BRC among others.
To learn more about CAMPOSOL please visit: www.camposol.com.pe
Camposol 1Q 2016 Report:
http://hugin.info/138464/R/2016936/748218.pdf
Camposol 1Q 2016 Presentation:
http://hugin.info/138464/R/2016936/748216.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 Limited via GlobeNewswire
[HUG#2016936]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2016 - 14:43 Uhr
Sprache: Deutsch
News-ID 475029
Anzahl Zeichen: 6494
contact information:
Town:
Lima
Kategorie:
Business News
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