Camposol Holding Plc reports Second Quarter and First Half Year 2011 Results
(Thomson Reuters ONE) -
Camposol Holding Plc. reported sales of USD 29.7 million in the second quarter
2011, up 9.9% from the corresponding period last year. For the first half year,
the Company had revenues of USD 66.1 million, up 24.7% from the USD 53.0 million
reported in 2010. The increase in sales is mainly due to higher sales volumes of
- and prices on the Company's main product, the asparagus. Also, the Company has
had higher sales volumes and prices on pepper and shrimp, as well as higher
prices on avocado.
EBITDA before fair value adjustments (b.f.v.a.) was USD 3.1 million and USD 6.2
million for the second quarter and first half year respectively, down from USD
5.1 million and USD 9.7 million in the corresponding periods last year. The
EBITDA (b.f.v.a.) margin decreased to 10.3% and 9.3% in the same periods. The
EBITDA is mainly affected by lower mango results.
The last twelve months (LTM) EBITDA (rolling) was at USD 16.9 million, or
12.8%, down from USD 18.9 million at the end of the first quarter 2011, but up
from USD 14.9 million at the end of second quarter last year.
As of 30 June 2011, the Company did not meet the covenant of the bank debt to
LTM EBITDA ratio of 3.5x. A waiver from syndicated banks was obtained, and the
target for the end of the year of 3.5x is maintained as the Company expects it
will reach such target with the results for the second half of the year.
As of July 2011, the US requirement for a quarantine treatment that affected the
ripening of the fruit was removed. As of 11 August 2011, CAMPOSOL has shipped
30 containers of avocadoes to the US. CAMPOSOL expects that the increase in
avocado harvest the coming years, based on the growth expected from current
planted areas reaching fully productive stages will mainly be exported to the
this market.
CAMPOSOL is working to achieve its ambition to become an internationally admired
provider of high quality branded agricultural products and in July, Mr. Jose
Antonio Gomez was appointed Chief Commercial Officer, CCO, of the Company. Mr.
Gomez has broad international experience in the fruit and vegetable sector and
previously occupied the position as General Manager in Florida, USA for
"Chiquita".
The Company is currently analyzing new opportunities to consolidate its
leadership through additional planting of current crops, planting of new crops
and strategic alliances and acquisitions.
Going forward, Camposol will continue to focus on operational improvements and
strengthening the financial position. Further costs reductions, working capital
optimization and obtaining additional sources of long term financing are all
central to achieve profitable growth going forward.
"Even though first semester results are a bit disappointing, company has
strengthen its processes to complement its strong fundamentals, which combined
with the opening of the US market for our avocadoes and positive price trends
for other products give us enough reasons to expect important improvement in
results for year end," says Fabio Matarazzo, CEO of Camposol Holding Plc.
CEO Fabio Matarazzo di Licosa and CFO Jorge Ramirez will host a conference call
today, Friday 12 August at 04:00 pm CET/ 09:00 am Lima. For details on the
conference call, please visit Camposol's website: www.camposol.com.pe (Press /
News)
Please see the full report and presentation enclosed (or click on the links
below of this release if received by e-mail.
Please visit www.camposol.com.pe
For further information, please contact:
CEO,Fabio Matarazzo
fmatarazzo(at)camposol.com.pe
CFO, Jorge Ramirez
jramirez(at)camposol.com.pe
Phone: +511 621-0804
About CAMPOSOL
CAMPOSOL is the leading agro industrial Company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, peppers, avocados, mangos, grapes and easy peelers. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of America. CAMPOSOL encompasses a totally integrated business
from the production of raw material in the fields to processing in the
industrial plant and subsequent commercialization in Europe and the United
States. CAMPOSOL has 24,496 own hectares of which about 6,600 are already used
for agricultural purposes, operates in 2 different locations in the Peruvian
coast, and has one fully owned processing plant for fresh, preserved and frozen
products. The Company has on average 8,000 part and full time employees.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CSOL Q2 2011 Report:
http://hugin.info/138464/R/1538117/469746.pdf
CSOL Q2 2011:
http://hugin.info/138464/R/1538117/469747.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Plc. via Thomson Reuters ONE
[HUG#1538117]
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 57208
Anzahl Zeichen: 6036
contact information:
Town:
Lima 13
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 211 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Camposol Holding Plc reports Second Quarter and First Half Year 2011 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Camposol Holding Plc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
