SECOND QUARTER AND FIRST HALF YEAR 2011 FINANCIAL RESULTS
(Thomson Reuters ONE) -
Copeinca finished successfully the first fishing season in the Centre-North
zone. The allowed quota was 3.675 million tonnes, out of which the Company has
10.7% of quota. The Company processed 393,237 MT, equivalent to 13.1% from own
fleet and 2.4% from third parties. Total production yield was 28.5%. Most of
the catch was concentrated in the center of the country from Huacho to Pisco, as
a result of the presence of juveniles in the north zone. This situation
represented an extra effort for the Company due the location of its plants.
During the first fishing season, the 3 new vessels, INCAMAR I, II & III were put
into operation and new plant improvements and expansions were implemented. Due
to biological reasons the quality of the biomass was not at its best, which
prevented the industry from producing large volumes of Prime and Super Prime
fish meal. In spite of this, Copeinca was able to produce 65% of these
qualities of fishmeal, due to an extensive use of refrigeration systems (RSW) in
its vessels (approximately 68% of the catch was refrigerated) and due to the
higher processing capacity in our plants.
Volumes sold were 73,079 MT in H1 2011 down from 79,799 MT in H1 2010 due to
lower inventories from the second fishing season of the prior year (7,551 MT as
of 31 December 2010 vs. 36,135 MT as of 31 December 2009). However, Q2 2011
volumes sold were 54,980 MT up from 37,430 MT in Q2 2010.
Revenue per ton sold for the first semester of 2011 had an average of USD
1,472/MT including USD 2.1 million revenues from the sale of mackerel and jack
mackerel up from USD 1,416/MT in 2010.
Fishmeal price had an average of USD 1,466/MT in H1 2011 vs. USD 1,494/MT in H1
2010 and fish oil price had an average of USD 1,306/MT in H1 2011 vs. USD
876/MT in H1 2010. Operating profit was USD 27.6 million for 2011 compared to
the operating profit of USD 8.1 million for the same period in 2010.
EBITDA for the six months ended 30 June 2011 was USD 43.3 million on revenues of
USD 107.5 million (73,079 MT) representing 40.3% of net sales compared to an
EBITDA of USD 34.1 million on revenues of USD 113.0 million (79,799 MT)
representing 30.2% of net sales for the same period in 2010. EBITDA per ton was
USD 593/MT compared to USD 427/MT in 2010.
EBITDA per ton for the Q2 2011 was USD 652/MT vs. USD 425/MT in Q2 2010, mainly
due to lower costs per ton.
Costs of goods sold (COGS) as of 30 June 2011 was USD 816/MT (USD 59.6 million),
down from USD 962/MT (USD 76.8 million) in the corresponding period of 2010.
In May, Samuel Dyer Coriat and Pablo Trapunsky were appointed as Executive
Chairman of the Board of Directors and CEO of Copeinca ASA respectively.
For further information, please contact:
Executive Chairman 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 5 plants located in strategic locations all around the Peruvian coast
line. The company has around 1,400 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.
Q2 2011 CONFERENCE CALL AND WEBCAST DETAILS:
http://hugin.info/137275/R/1539510/470505.pdf
Q2 2011 PRESENTATION:
http://hugin.info/137275/R/1539510/470504.pdf
Q2 2011 REPORT:
http://hugin.info/137275/R/1539510/470503.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: Copeinca via Thomson Reuters ONE
[HUG#1539510]
Unternehmensinformation / Kurzprofil:
Datum: 19.08.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 57400
Anzahl Zeichen: 4900
contact information:
Town:
Lima 13
Kategorie:
Business News
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