LIMA, Peru, June 1, 2016 (GLOBE NEWSWIRE) -- During the first quarter, Camposol Holding Ltd. reported an EBITDA of USD 7.7 million, 417.1% higher than 1Q-2015 mainly explained by higher volumes of blueberries and mangos, and seafood segment turnaround to positive EBITDA. EBITDA margin for 1Q-2016 increased to 11.8% from 2.1% in 1Q-2015. This is record EBITDA for a first quarter for Camposol Holding Ltd. As of March 31st, 2016, Camposol Holding Ltd. reported record last twelve month EBITDA of USD 49.1 million. Camposol Holding Ltd.'s leverage ratio improved from 5.3x at the end of 2015 to 4.2x at the end of 1Q-2016.
The Company sold 19,878 net MT during the first quarter of 2016, down 19.2% from 1Q-2015 mainly explained by a decrease in volumes of asparagus, peppers and artichokes (as a result of the exit from the preserved business); and a decrease in volumes of grapes, shrimp and other seafood products, net of an increase in volumes of blueberries and mangos. The average price was USD 3.30 per net KG, up 13% from 1Q-2015, mainly explained by an increase in realized prices of shrimp and other seafood products as well as higher prices of asparagus.
As a result, Camposol Holding Ltd. reported sales of USD 65.7 million in the first quarter of 2016, down 8.4% from 1Q-2015. Average cost of goods sold during the first quarter of 2016 was USD 2.80 per net KG, up 4.9% from 1Q-2015 mainly explained by higher cost in asparagus.
As of March 31st, 2016, the Company maintained a cash balance of USD 28.0 million.
On May 27th, 2016, the Company successfully closed its Exchange Offer for its 9.875% Senior Notes due 2017 (the "Existing Notes") for newly issued 10.50% Senior Secured Notes due 2021 (the "New Notes"), with a participation of 73.75% of holders of Existing Notes, representing USD 147'490,000, of the aggregate USD 200'000,000 principal amount of Existing Notes outstanding.
Camposol's shareholders have confirmed their support to the Company by committing a total financing facility of up to USD 30.0 million, through a subordinated loan of up to USD 10.0 million and a working capital credit line of up to USD 20.0 million to be used in case the Company should require it. This important support confirms the shareholder's confidence in the fundamentals and growth perspective of the Company.
The Company expects to continue its diversification strategy by increasing the blueberries 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.
"First quarter results were good and in line with our expectations. By year-end, the Company results will reflect an important increase of our blueberries segment as well as the outcome of our continued work to increase our bottom line. We are grateful to our stakeholders for the confidence placed in us, we will continue making of Camposol a world-class company", 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. In the case of asparagus, although consumption is stable, supply is falling due mainly to reduced exports from China. The Company expects good demand for all fresh produce in general and for avocados specifically in both the United States and Europe.
Please see the full first quarter 2016 report and presentation enclosed (or click on the links below of this release if received by e-mail).
For further information, please contact:
CFO, Maria Cristina Couturier
Investor Relations Officer, Jossue Yesquen
Phone: +511 621 0800 - Ext. 7171
CAMPOSOL is the leading agro industrial company in Peru, the first producer of avocados and soon the first producer of blueberries in the world. It is involved in the harvest, processing and marketing of high quality agricultural products such as avocados, asparagus, blueberries, grapes, mangos, tangerines and shrimp; which are exported to Europe, the United States of America and Asia.
CAMPOSOL is a vertically integrated company located in Peru, offering fresh 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 social responsibility policies and projects aimed to increase the shared-value for all of its stakeholders.
CAMPOSOL was the first Peruvian agro industrial company to present annual audited Sustainability Reports. CAMPOSOL has achieved the following international certifications: BSCI, Global Gap, IFS, HACCP and BRC among others.
To learn more about CAMPOSOL please visit: www.camposol.com.pe
Source:Camposol Holding Plc.