PRELIMINARY 2010 AND FOURTH QUARTER FINANCIAL RESULTS
(Thomson Reuters ONE) -
PRELIMINARY 2010 AND FOURTH QUARTER FINANCIAL RESULTS
In 2010 EBITDA increased by 29% and reached USD 76.2 million on revenues of USD
233 million from an EBITDA of USD 59 million on revenues of USD 203.2 million in
2009 despite significantly lower sales volume (166,871 MT vs. 232,662 MT).
EBITDA per ton improved from USD 254/MT in 2009 to USD 457/MT in 2010 due to the
favorable price trends of fishmeal and fish oil linked to a sustained demand and
a limited supply for these products.
Gross profit increased from USD 58.5 million (29%) in 2009 to USD 86.8 million
(37%) in 2010.
In 2010 both a moderate "El Niño" and "La Niña" occurred, which significantly
reduced volumes by around 40% when compared to an average year (3,245,602 MT vs.
5,500,000 MT) since these phenomenons resulted in a late start and a reduced
quota of the first fishing season and triggered a high presence of juveniles and
consequently a suspension of the second fishing season before quotas were
caught.
Copeinca has increased its quality of fishmeal production as well as increased
its total yield. In 2010, 85% of the total fishmeal production was Steam Dried
(SD), compared to 70% in 2009 (82,325 MT and 123,016 MT respectively).
Out of the USD 55 million CAPEX budget, USD 54.8 million were executed. USD 21
million were used in the construction of 3 new vessels and USD 32.8 million were
mainly used for the conversion of all Flame Dried (FD) processing lines to
modern Steam Dried (SD) processing lines and USD 1 million in other business
areas.
As a result of the CAPEX invested and the restructuration of the utilization of
assets, Copeinca will fully take advantage of the benefits under the Individual
Transferable Quota (ITQ) law. In 2011 the Company will operate with 27 vessels,
5 plants and 1,200 employees as opposed to 64, 12 and 2,200 respectively in
2008. This will allow the Company to obtain better yields, produce 100% SD
fishmeal, and therefore sell at higher prices.
In line with the restructuring of the utilization of assets, Copeinca decided to
close plants and write-off vessels, which will result in savings on fixed costs
such as plant workers and maintenance. Along with this, the Company recognized
an impairment loss of USD 20.6 million on plants and USD 21.8 million on
vessels.
Eduardo Castro Mendivil, CFO, will be hosting a presentation and Q&A session for
investors, analysts and media today Friday February 25th, 2011, at 11:30 a.m.
(CET), at Felix Conference Centre, Bryggetorget 3, Oslo, Norway.
Samuel Dyer Coriat, CEO, and Eduardo Castro Mendivil, CFO will be hosting a
conference call presentation and Q&A session for investors, analysts and media
Friday, February 25(th), 2010 at 4:00 p.m. (CET) (3:00 p.m. GMT, 10:00 a.m. EST,
7:00 a.m. PST).
Please find presentation material and conference call details attached.
For further information, please contact:
CEOSamuel 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 pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q4 2010 Report:
http://hugin.info/137275/R/1492358/428115.pdf
COPEINCA Invitation Q4 2010 Results:
http://hugin.info/137275/R/1492358/428117.pdf
Q4 2010 Presentation:
http://hugin.info/137275/R/1492358/428116.pdf
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originality of the information contained therein.
Source: Copeinca via Thomson Reuters ONE
[HUG#1492358]
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 51899
Anzahl Zeichen: 5082
contact information:
Town:
Lima 13
Kategorie:
Business News
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