Camposol Holding Ltd. reports record third quarter 2016 financial results
(Thomson Reuters ONE) -
During the 3(rd) quarter 2016 Camposol generated record EBITDA((1)) of USD 24.8
million, 71.9% higher than 3Q-15, due to an increase in volume and prices of
both blueberries and shrimps from intensive ponds. As a result, EBITDA((1))
margin reached 34.4%, 10.6 percentage points higher than the 3(rd) quarter last
year.
For the nine months ended September 2016, EBITDA((1)) reached USD 43.1 million.
LTM EBITDA((1)) amounted to USD 59.9 million, net debt((2)) was USD 195.0
million, resulting in a net leverage ratio((3)) of 3.3x.
Camposol sold((1)) 23,209 net MT during 3Q-16, down 8.7% from 3Q-15, with higher
blueberries and shrimps volumes partly offsetting the reduction in volumes of
avocados and other seafood products. Average realized price((1)) was USD 3.11
per net KG during 3Q-16, up 30.7% from 3Q-15 mainly driven by higher prices from
avocados and shrimps. As a result, total sales((1)) reached USD 72.1 million,
up 19.2% from 3Q-15.
As of September 30(th) 2016, the Company maintained a cash balance of USD 31.5
million.
The Board of Directors approved the discontinuation of asparagus operations in
August 2016, as a result of our focus in fresh produce. The profit (loss) from
discontinued operations was USD (5.2) million.
On October 11th, 2016, the Board of Directors promoted Mr. Jorge Ramirez Rubio
as Camposol Foods' new Chief Executive Officer (CEO), retaining in the interim,
responsibility as General Manager of Camposol Seafood which he holds since
October 2015.
The Company expects to continue its diversification strategy by increasing the
production in the F&V Segment (blueberries and tangerines) and Seafood Segment
(conversion to intensive shrimp ponds), as well as continue to reinforce the
Trading Segment (direct sales to retailers), adding value to its clients through
commercial, marketing and service initiatives which should result in higher
margins.
"During the first three quarters of 2016 Camposol has delivered. It has
successfully increased volumes and margins in blueberries, of which 83% was sold
directly by our commercial offices, and in shrimps from intensive ponds. The
entire value chain was properly aligned to achieve such results, with still
plenty of opportunities to improve in the future. With favorable market trends
and highly focused on our strategy, we will continue strengthening Camposol as a
world class company", stated Jorge Luis Ramirez Rubio, 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. The Company expects good demand
for all fresh produce in general in both the United States and Europe.
Mr. Jorge Ramirez Rubio, CEO and Ms. Maria Cristina Couturier, CFO, will host a
conference call today, Wednesday October 26(th) at 10:00 a.m. (Lima). For
details on the conference call, please see attached invitation details.
Please see the full third 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:
Jorge Luis Ramirez Rubio, CEO
jramirez(at)camposol.com.pe
Maria Cristina Couturier, CFO
mcouturier(at)camposol.com.pe
Jossue Yesquen, Head of IR
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, 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 private 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 and 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 3Q 2016 Presentation:
http://hugin.info/138464/R/2051693/767679.pdf
Camposol 3Q 2016 Report:
http://hugin.info/138464/R/2051693/767680.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Camposol Holding Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2016 - 16:00 Uhr
Sprache: Deutsch
News-ID 503019
Anzahl Zeichen: 5567
contact information:
Town:
Lima
Kategorie:
Business News
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