Camposol Holding Plc reports third quarter 2011 results
(Thomson Reuters ONE) -
Due to climatic conditions there was a delay on the harvest season which is why
over 55% of this year harvested avocado volume was concentrated in Q3. This
high volume combined with the opening of the US market for Peruvian Hass
avocado, which had a positive price impact of 40% compared to previous year,
resulted in record high sales and EBITDA figures in this quarter.
Camposol Holding Plc. reported sales of USD 49.4 million in Q311, which was
62.3% greater than in the corresponding period the year before, mainly due to a
significant increase in avocado sales. EBITDA before fair value adjustments
(b.f.v.a.) reached USD 15.1 million, up 165% from Q310.
EBITDA (b.f.v.a.) margin increased to 30.5% from 18.7% in Q310 due to a
significant increase in avocado sales, the product with the highest gross margin
in the Company's portfolio.
As of 30 September 2011, sales were USD 115.5 million compared to USD 83.5
million during the same period the year before. At the end of the first nine
months of 2011 EBITDA b.f.v.a. reached USD 21.3 million, up 38% from 30
September 2010.
Last twelve months (LTM) EBITDA as of 30 September 2011 was USD 26.3 million
compared to USD 18.1 million for the LTM as of 30 September 2010.
On October 10(th), Mr. Fabio Matarazzo resigned from the Chief Executive Officer
position for personal reasons. The Board of Directors invited him to join as a
member, offer that he has gladly accepted.
Samuel Dyer Coriat, Chairman of the Board, also took the role as CEO, becoming
Executive Chairman. He has broad experience in the Peruvian fishing industry,
having occupied various positions in Copeinca ASA, among them CEO and Chairman
of the Board. He has served as member of the Board of Camposol since 2008 and
as Chairman of the Board since 2011.
The Company is currently focused on adding value to its clients through
commercial, marketing and service initiatives which should result on higher
margins. Additionally CAMPOSOL is analyzing new opportunities to consolidate
its leadership through additional planting of current crops, planting of new
crops, strategic alliances and acquisitions; therefore, obtaining additional
sources of long term financing is central to achieve profitable growth going
forward.
CAMPOSOL will continue positioning itself in the US market, the largest and
fastest growing market for avocado in the world, now open for Peruvian produce
and in other markets with high growth potential. With only one third of the new
fields having given first harvest during this year, current results are in line
with the Company expectations.
"Last twelve months (LTM) EBITDA of USD 26.3 million (at the end of the third
quarter) clearly reflects Camposol's growth during 2011 as a result of our focus
on developing our avocado planted area foreseeing that the US market, the
largest and fastest growing market for avocado in the world, would open for
Peruvian produce. With only one third of the new fields having given first
harvest during this year, the results are in line with the Company
expectations;" says Samuel Dyer Coriat, Executive Chairman of the Board of
Directors of Camposol Holding Plc.
Executive Chairman Samuel Dyer Coriat and CFO Jorge Ramirez will host a
conference call today, Wednesday 19 October 2011 at 03:00 pm CET/ 08:00 am
Lima. For details on the conference call, please visit Camposol's website:
www.camposol.com.pe (Press / News)
Please see the full third quarter 2011 report and presentation enclosed (or
click on the links below of this release if received by e-mail.
For more information, please see the Company's website, www.camposol.com.pe
For further information, please contact:
Executive Chairman, Samuel Dyer Coriat
sdyerc(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 6,407 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.
Please visit www.camposol.com.pe
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CSOL Q3 2011:
http://hugin.info/138464/R/1555823/479972.pdf
CSOL Q3 2011 Report:
http://hugin.info/138464/R/1555823/479973.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#1555823]
Unternehmensinformation / Kurzprofil:
Datum: 19.10.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 77688
Anzahl Zeichen: 6332
contact information:
Town:
Lima 13
Kategorie:
Business News
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