Camposol Holding Plc. reported sales of USD 67.4
million in the fourth quarter of 2012, up 29% from Q411 and total
sales of USD 183.2 million for 2012, up 9.2% from 2011.
During the fourth quarter of 2012, EBITDA before
fair value adjustments (b.f.v.a.) was USD 5.3 million, 43.9% lower
than Q411, while EBITDA margin decreased to 7.9%. For the
full year 2012, EBITDA before fair value adjustments (b.f.v.a.) was
USD 16.9 million, 45.1% lower than 2011, while EBITDA margin
decreased to 9.2% in 2012 from 18.4% in 2011.
During 2012 we experienced a moderate "El Niño"
effect, which increased the average temperature from April thru
August. The adverse climate conditions had a negative impact
on company volumes, especially on avocado and asparagus with a
volume decrease for the year of 26.8% and 18.4% respectively.
This resulted in higher unitary costs by the absorption of fixed
costs on lesser volumes. In addition, total volume of avocado
available in the US market during the Peruvian window was higher
than in 2011 due to record high production in California and
Mexico, the main suppliers of avocado to the US, which affected
prices negatively.
As of December 31st 2012, the
Company maintains a Cash Balance of USD 28.5 million.
The long term growth prospects for exotic fruits
& vegetables markets are excellent. Avocado and mango are
growing, with headroom for increased per capita consumption in key
markets. In the case of asparagus, although consumption is
stable, supply is falling due mainly to reduced exports from
China. Company expects good demand for all fresh produce in
general and for avocado specifically in both the United States and
Europe.
On January 26th, 2012 CAMPOSOL S.A., Camposol
Holding Plc's subsidiary, successfully issued a USD 125 MM 9.875%
senior unsecured notes due 2017, which are guaranteed by Camposol
Holding Plc as parent guarantor and Marinazul S.A. and Campoinca
S.A. as subsidiary guarantors. The net proceeds were used to pay
long term debt, to finance capital expenditures and for general
corporate uses.
On February 27th, 2012 the Board of Directors of
Camposol Holding Plc appointed Mr. Sam Aguirre as member of the
Board of Directors. As of the same date, Mr. Christopher
Yetter, a member of the Board of Directors of Camposol Holding Plc
since 2007, presented his resignation.
On March 12th, 2012 pursuant to the authorization
to acquire own shares granted by the Annual General Meeting held on
May 24th 2011, Camposol Holding PLC made an offer to buy back own
shares at a share price of NOK 26. The Offer was valid until
March 26th 2012 and limited to an aggregate total of 2,250,000
shares (7.55% of the total shareholding). On June 7th 2012, a
new offer was made to buy back own shares at a share price of NOK
22.25. Such offer was valid until June 15th and limited to an
aggregate total of 142,712 shares (0.48% of the total
shareholding). After settlement of the above mentioned
offers, the Company owns 2,968,502 shares (9.95% of the total
shareholding).
Please see the full report and presentation
enclosed (or click on the links below of this release if received
by e-mail).
Executive Chairman Samuel Dyer Coriat and CFO
Jorge Ramirez will host a conference call today, Thursday February
28th at 03:00 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 fourth quarter and preliminary
year 2012 report and presentation enclosed (or click on the links
below of this release if received by e-mail).
For further information,
please contact:
Executive Chairman, Samuel Dyer Coriat
sdyerc@camposol.com.pe
CFO, Jorge Ramirez
jramirez@camposol.com.pe
Phone: +511 621-0804
About CAMPOSOL
CAMPOSOL is the leading agro industrial company in
Peru, the largest exporter of asparagus and soon the first producer
of avocado in the world. It is involved in the harvest, processing
and marketing of high quality agricultural products such as
asparagus, avocados, grapes, mangoes, peppers, artichokes,
mandarins and blueberries; which are exported to key markets in
Europe, the United States of America and Asia.
CAMPOSOL is a vertically integrated company
located in Peru, offering fresh, preserved and frozen products. It
is the third largest employer of the country, with more than 13
thousand workers in high season, and is committed to support
sustainable development through a social responsibility policy and
projects that increases the shared-value for all of its
stakeholders.
CAMPOSOL was the first Peruvian agro industrial
company to present annual audited Sustainability Reports and has
achieved the following international certifications: BSCI, Global
Gap, IFS, HACCP and BRC among others. To learn more about CAMPOSOL
please visit us at www.camposol.com.pe.
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.