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Third Quarter Report:
Camposol revenues up 37% reaching $240M
Financial Review for the Third Quarter of Year 2017
Camposol saw revenues reach USD 240.6 million (175.4), up 37.2% from the same period last year, principally due to higher volumes and prices in avocados and higher volumes in seafood.
Gross profit was USD 92.3 million (52.7) and the gross margin for the same period was 38.3% (30.0%). EBITDA amounted to USD 79.7 million (39.9) and the EBITDA margin was 33.1% (22.7%). Financial costs amounted to USD 15.4 million (18.6). Profit was USD 39.3 (-24.6).
Balance Sheet and Cash Flow At the end of the third quarter of 2017, noncurrent assets decreased to USD 374.7 million compared to USD 379.8 at the end of 2016, mainly due to a reduction in property, plant and equipment because the replanting of avocado’s and grape’s fields.
At the end of the third quarter 2017, the Company generated USD 71.6 million of cash from operations (generated USD 37.4 million at the end of 2Q-16).
Camposol sold 41,883 net MTs (22,569) of avocados during the first nine months of 2017, at an average price of USD 2.82 (2.30) per net KG representing an increase of 85.6% in volume sold and an increase of 22.7% in price compared to the same period in 2016.
This increase in volume is due to the entrance of more hectares into high yield phase. During first nine months of 2017, total gross margin for avocados was 57.1%, up 19.8 pp (percentage points) from the same period in 2016.
Blueberry is one of the most profitable product in the portfolio, on which the most important investments were made during the last three years. CAMPOSOL sold 4,305 (4,038) net MTs of fresh blueberries during the first nine months of 2017, at an average price of USD 7.00 (9.23) per net KG.
This represents an increase of 6.6% in volume sold and a decrease of 24.2% in price compared to the same period last year. During first nine months of 2017, total gross margin for blueberries was 42.3%, down 24.2 pp (percentage points) from the same period in 2016.
During the first nine months of 2017, the Company invested USD 28.3 million, of which USD 11.2 million were invested in blueberries, USD 2.2 million in grape, USD 1.7 million in tangerine, USD 1.6 million in avocados, USD 3.4 in machinery, plant and equipment, among others.
For further information:
Andrés Colichón Sas & Jossue Yesquen
Tel: +511 621 0800
Publication date: 10/27/2017
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