Camposol Holding Ltd. reported a record EBITDA
of USD 19.2 million during the fourth quarter of
2015, 209.4% higher than Q414 mainly explained
by higher volumes of blueberries, tangerines,
mangoes, shrimp and other seafood products, as
well as higher prices of avocados and blueberries.
For the full year 2015, the Company reported a record EBITDA of USD 42.8 million, up 24.1% from 2014 mainly explained by the reasons above mentioned. EBITDA margin in the fourth quarter of 2015 increased to 22.3% from 9.2% in 2014. For the full year 2015, the Company recorded an EBITDA margin of 14.8% from 12.9% in 2014.
Camposol Holding Ltd. reported record sales of USD 86.4 million in the fourth quarter of 2015, up 18.4% from Q414, mainly due to an increase in volume sold of blueberries, tangerines, mangoes, shrimp and other seafood products. For the full year 2015, the Company reported record sales of USD 289.3 million, up 8.1% from 2014 because of higher volumes of blueberries, shrimp and other seafood products.
Camposol Holding Ltd. sold 25,115 net MT during the fourth quarter of 2015, up 9.1% from Q414, mainly explained by an increase in volumes of blueberries, tangerines, mangoes, shrimp and other seafood products. During 2015, the Company sold 99,729 net MT, down 3.8% from 2014, caused by the lower volumes of avocados, asparagus and grapes not of higher volumes of blueberries, tangerines, shrimp and other seafood products.
The average price during the fourth quarter of 2015 was USD 3.44 per net KG, up 8.6% from Q414 due to increasing volumes of blueberries, higher volumes and prices of peppers as well as higher prices of avocados. The average price for the full year 2015 was USD 2.90 per net KG, up 12.4% from 2014, principally driven by increasing volumes and higher prices of blueberries, as well as higher prices of mangoes.
As of December 31st 2015, the Company maintained a cash balance of USD 26.6 million.
On October 16th 2015, Mr. Jorge Ramirez was appointed as General Manager of Camposol Seafood.
On November 2nd 2015, Mr. Manuel Salazar was appointed as CEO of Camposol Holding Ltd.
On November 5th 2015, a new composition of the Board of Directors was approved. The new Board of Directors is composed of Samuel Dyer Coriat, Chairman, Piero Dyer Coriat, Sheyla Dyer Coriat, William Dyer Osorio, Susana Elespuru, Carmen Rosa Graham and Raul U. Fernandez.
The Company expects to continue its diversification strategy by increasing the blue berries production in the Fruits & Vegetables (F&V) segment and by increasing the conversion of shrimp ponds in the Seafood segment. The Company also expects to continue to reinforce the Trading segment through more direct sales to retailers, adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.
In line with this strategy, the Company has invested significantly in specializing the company in the F&V segment, diversifying its portfolio of products and customers, as well as increasing its presence in key markets with favorable and encouraging results. In line with this vision, the Company has decided to continue empowering its fresh and frozen business segments, and exit the preserved business. The Company considers these strategic changes in Camposol's businesses will allow for greater specialization, efficiency and focus on product categories in which the Company has made significant investments in recent years, and thus maximize opportunities for growth and consolidation of its business.
"Fourth quarter and preliminary full year results are in line with our expectations (considering "El Niño" effect) and reflect the significant increase in volume of our blueberries segment (4x compared to 2014). The company's growth without any substantial additional capex will continue in the next years, as we continue to produce increasing volumes of avocados, blueberries and shrimp," stated Manuel Salazar Diez Canseco, CEO of Camposol Holding Ltd.
The long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and blueberries consumption is growing, with headroom for increased per capita consumption in key markets. The Company expects good demand for all fresh produce in general and for avocados specifically in both the United States and Europe.
For more information, please contact:
CFO, Maria Cristina Couturier
Investor Relations Officer, Maria Elena Olmos
Tel: +511 634 4100