LIMA, Peru, Aug. 15, 2014 (GLOBE NEWSWIRE) -- Camposol Holding Ltd reported sales of USD 72.8 million in the second quarter of 2014, up 55.6% from Q213 mainly due to an increase in volume sold of fresh avocadoes as well as higher prices of preserved asparagus.
During the second quarter of 2014, EBITDA was USD 16.3 million, 165.5% higher than Q213, explained mainly by higher volumes of avocadoes. EBITDA margin for Q214 increased to 22.4%.
Volume sold during Q214 was 31,786 net MT, up 68.3% from Q213 explained mainly by an increase in volumes of fresh avocadoes.
Average price was USD 2.29 per net KG, down 7.7% from the same period in 2013 mainly explained by a decrease in prices of shrimps.
As of June 30th 2014, the Company maintained a cash balance of USD 27.6 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 April 16th 2014 Camposol S.A. announced that it had received the requisite consents from the holders of a majority in principal outstanding amount of its 9.875% senior Notes due 2017 pursuant to the Camposol S.A.'s previously announced consent solicitation (the "Consent Solicitation") dated April 8, 2014.
Camposol S.A. successfully reopened its 9.875% USD 125 million senior Notes due 2017 raising gross proceeds of USD 75 million. The net proceeds from the bond issue will be used for capital expenditures, mainly for the expansion of the blueberries' and shrimps' businesses. The Notes were issued as additional notes of, and will form a single issue with, the USD 125 million 9.875% Notes due 2017 issued on February 2nd 2012. The total aggregate principal amount of the 9.875% notes due 2017 outstanding following this reopening is USD 200 million.
On May 15th 2014, the Annual General Meeting of Camposol Holding Ltd was held at the Company's registered office in Limassol, Cyprus. All matters on the agenda were unanimously adopted. Among these were the approval of the audited financial statements and annual report, the approval of the reappointment of PricewaterHouseCoopers as auditors of the Company, approval of the remuneration for Board members for the period 2013-2014, and the composition of the Board of Directors for the period 2014-2016. The new Board is composed by Samuel Dyer Coriat, Executive Chairman, Samuel Dyer Ampudia, Deputy Chairman, Rosa Coriat Valera, Susana Elespuru, Carmen Rosa Graham and Mariano Paz Soldan.
Executive Chairman Samuel Dyer Coriat and CFO Maria Cristina Couturier will host a conference call today, Friday August 15th at 11:00 a.m. PET (Lima), 12:00 p.m. EST (NY). For details on the conference call, please see attached invitation details.
Please see the full second quarter 2014 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 avocadoes, asparagus, blueberries, grapes, mangoes, peppers, artichokes, tangerines and shrimps; which are exported to 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 Q2 2014 Report http://hugin.info/138464/R/1849090/645332.pdf
Camposol Q2 2014 Presentation http://hugin.info/138464/R/1849090/645331.pdf