Lima, Peru, Oct. 26, 2016 (GLOBE NEWSWIRE) -- During the 3rd quarter 2016 Camposol generated record EBITDA(1) of USD 24.8 million, 71.9% higher than 3Q-15, due to an increase in volume and prices of both blueberries and shrimps from intensive ponds. As a result, EBITDA(1) margin reached 34.4%, 10.6 percentage points higher than the 3rd quarter last year.
For the nine months ended September 2016, EBITDA(1) reached USD 43.1 million. LTM EBITDA(1) amounted to USD 59.9 million, net debt(2) was USD 195.0 million, resulting in a net leverage ratio(3) of 3.3x.
Camposol sold(1) 23,209 net MT during 3Q-16, down 8.7% from 3Q-15, with higher blueberries and shrimps volumes partly offsetting the reduction in volumes of avocados and other seafood products. Average realized price(1) was USD 3.11 per net KG during 3Q-16, up 30.7% from 3Q-15 mainly driven by higher prices from avocados and shrimps. As a result, total sales(1) reached USD 72.1 million, up 19.2% from 3Q-15.
As of September 30th 2016, the Company maintained a cash balance of USD 31.5 million.
The Board of Directors approved the discontinuation of asparagus operations in August 2016, as a result of our focus in fresh produce. The profit (loss) from discontinued operations was USD (5.2) million.
On October 11th, 2016, the Board of Directors promoted Mr. Jorge Ramirez Rubio as Camposol Foods' new Chief Executive Officer (CEO), retaining in the interim, responsibility as General Manager of Camposol Seafood which he holds since October 2015.
The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries and tangerines) and Seafood Segment (conversion to intensive shrimp ponds), as well as continue to reinforce the Trading Segment (direct sales to retailers), adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.
"During the first three quarters of 2016 Camposol has delivered. It has successfully increased volumes and margins in blueberries, of which 83% was sold directly by our commercial offices, and in shrimps from intensive ponds. The entire value chain was properly aligned to achieve such results, with still plenty of opportunities to improve in the future. With favorable market trends and highly focused on our strategy, we will continue strengthening Camposol as a world class company", stated Jorge Luis Ramirez Rubio, 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. The Company expects good demand for all fresh produce in general in both the United States and Europe.
Mr. Jorge Ramirez Rubio, CEO and Ms. Maria Cristina Couturier, CFO, will host a conference call today, Wednesday October 26th at 10:00 a.m. (Lima). For details on the conference call, please see attached invitation details.
Please see the full third 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:
Jorge Luis Ramirez Rubio, CEO
Maria Cristina Couturier, CFO
Jossue Yesquen, Head of IR
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, 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 private 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 and 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
Camposol 3Q 2016 Presentation http://hugin.info/138464/R/2051693/767679.pdf
Camposol 3Q 2016 Report http://hugin.info/138464/R/2051693/767680.pdf
Source:Camposol Holding Plc.