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Camposol Holding Plc reports Fourth Quarter and Preliminary Year 2012 Results


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-02-28 08:14:25 -

Camposol Holding Plc. reported sales of USD 67.4 million in the fourth quarter
of 2012, up 29% from Q411 and total sales of USD 183.2 million for 2012, up
9.2% from 2011.

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 thru 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 31(st) 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 enclosed (or click on the links below of this release if received by e-mail). Executive Chairman Samuel Dyer Coriat and CFO Jorge Ramirez will host a conference call today, Thursday February 28th at 03:00 pm CET/ 09:00 am Lima. For details on the conference call, please visit Camposol's website: www.camposol.com.pe (Press / News) Please see the full fourth quarter and preliminary year 2012 report and presentation enclosed (or click on the links below of this release if received by e-mail). For further information, please contact: Executive Chairman, Samuel Dyer Coriat sdyerc@camposol.com.pe CFO, Jorge Ramirez jramirez@camposol.com.pe Phone: +511 621-0804 About CAMPOSOL CAMPOSOL is the leading agro industrial company in Peru, the largest exporter of asparagus and soon the first producer of avocado in the world. It is involved in the harvest, processing and marketing of high quality agricultural products such as asparagus, avocados, grapes, mangoes, peppers, artichokes, mandarins and blueberries; which are exported to key markets in Europe, the United States of America and Asia. CAMPOSOL is a vertically integrated company located in Peru, offering fresh, preserved and frozen products. It is the third largest employer of the country, with more than 13 thousand workers in high season, and is committed to support sustainable development through a social responsibility policy and projects that increases the shared-value for all of its stakeholders. CAMPOSOL was the first Peruvian agro industrial company to present annual audited Sustainability Reports and has achieved the following international certifications: BSCI, Global Gap, IFS, HACCP and BRC among others. To learn more about CAMPOSOL please visit us at www.camposol.com.pe. Please visit www.camposol.com.pe This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Camposol Q4 2012 Presentation: hugin.info/138464/R/1681876/549985.pdf Camposol Q4 2012 Report: hugin.info/138464/R/1681876/549986.pdf Camposol Q4 2012 Invitation: hugin.info/138464/R/1681876/549984.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Camposol Holding Plc. via Thomson Reuters ONE [HUG#1681876]


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