CSOL Holding's, or Camposol´s, 2019 EBITDA from continuing operations amounted to USD 120.2 million and the corresponding EBITDA margin was 36.8%. Sales amounted to USD 326.6.4 million, down 12.7% compared to 2018, mainly due to a lower volume of avocado and lower blueberry prices. As of December 31st, 2019, the Company maintained a cash balance of USD 27.8 million and a Net leverage ratio of 3.1x.
The Company continues executing its strategy to become a year-round supplier of fresh fruit to our global clients complementing its Peruvian window operations with investments in Colombia, Uruguay and lately in Chile and capitalizing on its commercial and logistic platforms, for which it executed a CAPEX program of over USD 138.9MM in 2019 which also included the automation of packing facilities as well as several key technological initiatives.
"Despite an off-year in avocado due to its alternate bearing cycle and the more competitive environment in blueberry, we have been able to keep a strong performance in 2019, which led us to successfully issue an international bond (early in 2020), which will improve our financial flexibility and liquidity, which are key financial variables given the global volatility caused by the COVID-19 epidemic." stated Jorge Ramirez Rubio, CEO of Camposol.
For the full fourth quarter and preliminary full year 2019 financial results’ report, please click here.