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Camposol Holding Plc reports Second Quarter and First Half Year 2011 Results


August 12, 2011 - London

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@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, 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
CSOL Q2 2011



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

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