Camposol Holding Ltd. reported sales of USD 73.0 million in the fourth quarter of 2014, down 10.3% from Q413 and total sales of USD 267.6 million for 2014, up 15.7% from 2013.
During the fourth quarter of 2014, EBITDA was USD 6.7 million, 59.1% lower than Q413, explained by lower volumes of preserved asparagus and mangos, as well as lower prices of shrimp and grapes. EBITDA margin decreased to 9.2% in the fourth quarter of 2014 from 20.2% in Q413.
For the full year 2014, EBITDA was USD 34.5 million, 19.1% lower than in 2013, explained by lower volumes of preserved asparagus, lower prices of avocados, shrimp and grapes, as well as increased administrative expenses, mainly due to one-time advisory fees and personnel expenses. EBITDA margin decreased to 12.9% in 2014 from 18.4% in 2013.
As of December 31st 2014, the Company maintained a cash balance of USD 38.0 million.
On November 17th 2014, in line with its growth strategy, Camposol acquired INY SA and Pesquera ABC S.A.C., which together, in 2014 had revenues in the amount of USD 43.8 million and EBITDA of USD 4.9 million. After these acquisitions, the Company now owns approximately 1,300 Has dedicated to shrimp farming, as well as three processing plants.
The long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and mangos 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 avocados specifically in both the United States and Europe.
The Company expects to continue its diversification strategy by increasing the production capacity of blueberries and shrimp and other minor related products.
Executive Chairman, Samuel Dyer Coriat, and CFO, Maria Cristina Couturier, will host a conference call today, Friday February 20th at 11:00 a.m. (Lima/NY). For details on the conference call, please see attached invitation details.
Please see the full fourth quarter and preliminary year 2014 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
mcouturier@camposol.com.pe
Investor Relations Officer, Maria Elena Olmos
molmosv@camposol.com.pe
Phone: +511 634 4100
About CAMPOSOL
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 avocadoes, asparagus, blueberries, grapes, mangos, peppers, artichokes, 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, preserved 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 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
