Camposol Holding Plc. reported sales of USD 37.5 million in Q1'12, up 2.9% from Q1'11, mainly due to an increase in sales of asparagus and grapes.
EBITDA before fair value adjustments (b.f.v.a.) was USD 3.6 million, up 16.3% from Q1'11.
EBITDA (b.f.v.a.) margin is 9.6%, up 1.1% from 2011 due to an increase in sales of asparagus and grapes.
Last twelve months (LTM) EBITDA as of 30 March 2012 was USD 31.3 million compared to USD 18.9 million for the LTM as of 30 March 2011.
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. Settlement of the bond issue occurred on February 2nd, 2012. The net proceeds from the bond issue were used to pay long term debt, to finance capital expenditures and for general corporate uses. With this transaction, the Company secured its access to a long term source of financing which is far greater and deeper that the options it had previously developed.
On 27 February, Mr. Christopher Yetter, a member of the Board of Directors of Camposol Holding Plc since 2007, presented his resignation. On that same date, Mr. Sam Aguirre was appointed member of the Board of Directors of Camposol Holding Plc.
On 12 March, the Company announced an offer to repurchase own shares. As of 26 March, after the settlement of the offer, Camposol Holding Plc owns 1,087,372 own shares, equivalent to approximately 3.64% of the total shareholding.
The Company is currently focused on adding value to its clients through commercial, marketing and service initiatives which should result on higher margins. Additionally CAMPOSOL is analyzing new opportunities to consolidate its leadership through additional planting of current crops, planting of new crops, strategic alliances and acquisitions.
Company expects good demand for all fresh produce in general and for avocado specifically in both the United States and Europe. In 2012, the US market is open for Camposol avocados since the beginning of the season.
Executive Chairman Samuel Dyer Coriat and CFO Jorge Ramirez will host a conference call today, Thursday 10 May 2012 at 04:00 pm CET/ 08:00 am Lima. For details on the conference call, please visit Camposol's website: www.camposol.com.pe (Press / News)
Please see the full first quarter 2012 report and presentation enclosed (or click on the links below of this release if received by e-mail.
For more information, please see the Company's website, www.camposol.com.pe
For further information, please contact:
Executive Chairman, Samuel Dyer Coriat
sdyerc@camposol.com.pe
CFO, Jorge Ramirez
jramirez@camposol.com.pe
Phone: +511 621-0800
About CAMPOSOL
CAMPOSOL is the leading agro industrial Company in Peru, involved in the cultivation, processing and commercialization of agricultural products such as asparagus, peppers, avocados, mangos, grapes and easy peelers. These are exported as fresh, preserved or frozen products mainly to markets in Europe and the United States of America. CAMPOSOL encompasses a totally integrated business from the production of raw material in the fields to processing in the industrial plant and subsequent commercialization in Europe and the United States. CAMPOSOL has 24,216 own hectares of which about 6,440 are already used for agricultural purposes, operates in 2 different locations in the Peruvian coast, and has one fully owned processing plant for fresh, preserved and frozen products. The Company has on average 10,000 part and full time employees.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
