Mangoes, grapes and white asparagus main reason for growth
Camposol increase sales by 49% in 1st quarter sales
During the fourth quarter of 2013, EBITDA was USD 7.4 million, 83.9% higher than Q1 2013, explained by higher volumes of frozen mangoes, as well as increasing prices of preserved white asparagus, fresh mangoes and shrimps. EBITDA margin for Q1 2014 increased to 12.2%.
Volume sold during Q1 2014 was 24,359 net MT, up 34.3% from Q1 2013 explained mainly by an increase in volumes of frozen mangoes and grapes.
Average price was USD 2.48 per net KG, up 10.7% from the same period in 2013 mainly explained by an increase in prices of preserved white asparagus, fresh mangoes and shrimps.
As of March 31st 2014, the Company maintained a cash balance of USD 25.0 million.
The long term growth prospects for exotic fruits and vegetables markets are excellent. Avocadoes 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. The Company expects good demand for all fresh produce in general and for avocadoes specifically in both the United States and Europe.
On April 16th 2014 Camposol S.A. announced that it had received the requisite consents from the holders of a majority in principal outstanding amount of its 9.875% senior Notes due 2017 pursuant to the Camposol S.A.'s previously announced consent solicitation (the "Consent Solicitation") dated April 8, 2014.
Camposol S.A. successfully reopened its 9.875% USD 125 million senior Notes due 2017 raising gross proceeds of USD 75 million. The net proceeds from the bond issue will be used for capital expenditures, mainly for the expansion of the blueberries' and shrimps' businesses. The Notes were issued as additional notes of, and will form a single issue with, the USD 125 million 9.875% Notes due 2017 issued on February 2nd 2012. The total aggregate principal amount of the 9.875% notes due 2017 outstanding following this reopening is USD 200 million.
On May 15th 2014, the Annual General Meeting of Camposol Holding Ltd was held at the Company's registered office in Limassol, Cyprus. All matters on the agenda were unanimously adopted. Among these were the approval of the audited financial statements and annual report, the approval of the reappointment of PricewaterHouseCoopers as auditors of the Company, approval of the remuneration for Board members for the period 2013-2014, and the composition of the Board of Directors for the period 2014-2016. The new Board is composed by Samuel Dyer Coriat, Executive Chairman, Samuel Dyer Ampudia, Deputy Chairman, Rosa Coriat Valera, Susana Elespuru, Carmen Rosa Graham and Mariano Paz Soldan.
For further information, please visit: www.camposol.com.pe