LIMA, Peru, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Camposol Holding Plc. reported sales of USD 81.3 million in the fourth quarter of 2013, up 20.6% from Q412 and total sales of USD 231.2 million for 2013, up 26.2% from 2012.
During the fourth quarter of 2013, EBITDA before fair value adjustments (b.f.v.a.) was USD 16.4 million, 206.6% lower than Q412, explained by higher volumes of avocadoes, grapes and blueberries, as well as increasing prices of shrimp and asparagus. EBITDA margin increased to 20.2%.
For the full year 2013, EBITDA before fair value adjustments (b.f.v.a.) was USD 42.6 million, 152.7% higher than in 2012, also explained by higher volumes of avocadoes and grapes, as well as increasing prices of shrimp and asparagus. EBITDA margin increased to 18.4% in 2013 from 9.2% in 2012.
As of December 31st 2013, the Company maintained a cash balance of USD 27.2 million.
The long term growth prospects for exotic fruits and vegetables markets are excellent. Avocadoes 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. The Company expects good demand for all fresh produce in general and for avocadoes specifically in both the United States and Europe.
On September 24th 2013, Oslo Børs, in capacity as take-over supervisory authority, approved the Mandatory Offer to acquire the shares in Camposol Holding Plc by DCH at a price per NOK 25 (the "Offer"). The Offer was valid until October 23rd 2013. DCH received total acceptances for 4,985,550 shares, which included the 2,968,502 shares owned by Camposol Holding Plc and Camposol SA in the Company. Together with the 22,046,497 shares already held by DCH, at completion of the Offer, DCH held 26,992,047 shares in the Company, representing 90.47% of the total shareholding.
On December 12th 2013, following the settlement of the mandatory takeover bid offer dated September 24th 2013, CySEC approved the application submitted by DCH to acquire from the minority shareholders all the shares in the issued share capital of Camposol Holding Plc which DCH did not own (directly or indirectly) at that time. The squeeze-out was effective as of December 13th 2013.
As of December 20th 2013, the shares of Camposol Holding Plc were delisted from Oslo Børs.
On January 6th 2014, Maria Cristina Couturier was appointed CFO of Camposol Holding Plc, overseeing corporate finance, accounting, treasury, and business planning.
Executive Chairman Samuel Dyer Coriat and CFO Maria Cristina Couturier will host a conference call today, Friday January 31st at 2:00 p.m. GMT (London) / 9:00 a.m. PET/EST (Lima/NY). For details on the conference call, please see attached invitation details.
Please see the full fourth quarter and preliminary year 2013 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
CFO, Maria Cristina Couturier
Head of Investor Relations, Maria Elena Olmos
Phone: +511 634 4100
CAMPOSOL is the leading agro industrial company in Peru, the largest exporter of asparagus and soon the first producer of avocadoes in the world. It is involved in the harvest, processing and marketing of high quality agricultural products such as asparagus, avocadoes, grapes, mangoes, peppers, artichokes, tangerines 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 11 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.
Please visit www.camposol.com.pe
Camposol Q4 2013 Report http://hugin.info/138464/R/1758402/594480.pdf
Camposol Q4 2013 Presentation http://hugin.info/138464/R/1758402/594481.pdf
Camposol Q4 2013 Invitation http://hugin.info/138464/R/1758402/594482.pdf