Peru: Camposol reports Q4 and Preliminary Year 2012 Results
During the fourth quarter of 2012, EBITDA before fair value adjustments (b.f.v.a.) was USD 5.3 million, 43.9% lower than Q411, while EBITDA margin decreased to 7.9%. For the full year 2012, EBITDA before fair value adjustments (b.f.v.a.) was USD 16.9 million, 45.1% lower than 2011, while EBITDA margin decreased to 9.2% in 2012 from 18.4% in 2011.
During 2012 we experienced a moderate "El Niño" effect, which increased the average temperature from April through August. The adverse climate conditions had a negative impact on company volumes, especially on avocado and asparagus with a volume decrease for the year of 26.8% and 18.4% respectively. This resulted in higher unitary costs by the absorption of fixed costs on lesser volumes. In addition, total volume of avocado available in the US market during the Peruvian window was higher than in 2011 due to record high production in California and Mexico, the main suppliers of avocado to the US, which affected prices negatively.
As of December 31st 2012, the Company maintains a Cash Balance of USD 28.5 million.
The long term growth prospects for exotic fruits & vegetables markets are excellent. Avocado 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. Company expects good demand for all fresh produce in general and for avocado specifically in both the United States and Europe.
On January 26th, 2012 Camposol S.A., Camposol Holding Plc's subsidiary, successfully issued a USD 125 MM 9.875% senior unsecured notes due 2017, which are guaranteed by Camposol Holding Plc as parent guarantor and Marinazul S.A. and Campoinca S.A. as subsidiary guarantors. The net proceeds were used to pay long term debt, to finance capital expenditures and for general corporate uses.
On February 27th, 2012 the Board of Directors of Camposol Holding Plc appointed Mr. Sam Aguirre as member of the Board of Directors. As of the same date, Mr. Christopher Yetter, a member of the Board of Directors of Camposol Holding Plc since 2007, presented his resignation.
On March 12th, 2012 pursuant to the authorization to acquire own shares granted by the Annual General Meeting held on May 24th 2011, Camposol Holding PLC made an offer to buy back own shares at a share price of NOK 26. The Offer was valid until March 26th 2012 and limited to an aggregate total of 2,250,000 shares (7.55% of the total shareholding). On June 7th 2012, a new offer was made to buy back own shares at a share price of NOK 22.25. Such offer was valid until June 15th and limited to an aggregate total of 142,712 shares (0.48% of the total shareholding). After settlement of the above mentioned offers, the Company owns 2,968,502 shares (9.95% of the total shareholding).
Please see the full report and presentation:
Camposol Q4 report.
Camposol Q4 presentation.
For more information:
Jorge Ramirez
Camposol
Phone: +511 621-0804
[email protected]
www.camposol.com.pe
