COPEINCA ASA REPORTS THIRD QUARTER 2011 FINANCIAL RESULTS
(Thomson Reuters ONE) -
The first fishing season of 2011 finished successfully as vessels and plants
were operating normally. Q3'11 volumes sold were slightly higher than budgeted
and prices were in line with our projections. Prices lowered during 2011 but as
of 30 September they have recovered. Around 30%-40% of the second fishing season
production is already sold.
As of 30 September 2011, volumes sold were 151,838 MT, down from 156,309 MT in
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,
volumes sold in Q3'11 were 78,759 MT, up from 76,510 MT in Q3'10. It is
noteworthy that as of 30 September, 100% of fishmeal sold was Steam Dried (SD)
while in 2010 only 86% was SD.
Revenue per ton sold for the nine months of 2011 had an average of USD 1,405/MT
including USD 4.5 million revenues from the sale of mackerel and jack mackerel
up from USD 1,392/MT in 2010.
Fishmeal price had an average of USD 1,381/MT in 2011 vs. USD 1,513/MT in 2010
and fish oil price had an average of USD 1,330/MT in 2011 vs. USD 856/MT in
2010. Operating profit for the nine months ended 30 September 2011 was USD 65.5
million, significantly higher than the operating profit of USD 26.1 million
during the same period in 2010. The difference is mainly explained by the USD
30.2 million non-operating assets provision and USD 9.2 million crew severance
payments recorded in 2010.
EBITDA for the nine months ended 30 September 2011 was USD 90.6 million on
revenues of USD 213.3 million (151,838 MT) representing 42.5% of net sales
compared to an EBITDA of USD 84.2 million on revenues of USD 217.5 million
(156,309 MT) representing 38.7% of net sales for the same period in 2010. EBITDA
per ton was USD 597/MT compared to USD 539/MT in 2010. EBITDA per ton for the
Q3'11 was USD 601/MT vs. USD 655/MT in Q3'10, mainly due to a decrease in price
in the last quarter 2011.
Operating profit for the nine months ended 30 September 2010 was USD 65.5
million compared to an operating profit of USD 26.1 million for the same period
in 2009.
Costs of goods sold (COGS) in the third quarter 2011 was USD 688/MT (USD 54.2
million), down from USD 696/MT (USD 53.2 million) in the corresponding period of
2010.
Out of the USD 26.3 million CAPEX budget comprised of USD 5.3 million ordinary
and USD 21.0 million extraordinary CAPEX, USD 27.9 million have been executed.
Out of the total CAPEX, USD 18.2 million was plant CAPEX, USD 9.4 million was
fleet CAPEX, while USD 0.3 million CAPEX was executed in other business and
administrative areas.
In 2011, USD 5.2 million were spent on finishing the construction of the 3 new
vessels (INCAMAR I,II & III), totaling USD 26.2 million, including 2010
investments. New engines were installed in key vessels, amounting to USD 1.5
million, improvements in nets of USD 2.0 million and other modification of
storage amounted to USD 0.7 million.
Copeinca has now completed the USD 80.0 million two-year CAPEX plan announced in
early 2010, converting all Flame Dried /FD) plants to Steam Dried (SD)
technology, expanding plant processing capacity and having 75% of our fleet
improved with RSW systems.
For further information, please contact:
CEO Pablo Trapunsky,ptrapunsky(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.
Q3 2011 REPORT:
http://hugin.info/137275/R/1555862/479993.pdf
Q3 2011 PRESENTATION :
http://hugin.info/137275/R/1555862/479994.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#1555862]
Unternehmensinformation / Kurzprofil:
Datum: 19.10.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 77686
Anzahl Zeichen: 5501
contact information:
Town:
Lima 13
Kategorie:
Business News
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