Camposol Holding Ltd. sold 21,020 net MT during the second quarter of 2015, down 33.9% from Q214 mainly explained by deferred results of avocados (retail to Q3), lower yields of asparagus and shrimp and lower shrimp prices. The average price was USD 2.75 per net KG, up 20.1% from Q214 mainly explained by an increase in prices of fresh avocados and preserved asparagus.
As a result, Camposol Holding Ltd. reported sales of USD 57.7 million in the second quarter of 2015, down 20.7% from Q214. Average cost of goods sold during Q215 was USD 2.02 per net KG, up 56.6% from Q214 mainly explained by lower volumes of avocados, asparagus and shrimp.
During the second quarter of 2015, EBITDA was USD 7.1 million, 56.1% lower than Q214 explained by lower results in peppers, fresh avocados and shrimp. EBITDA margin for Q215 decreased to 12.4%.
As of June 30th 2015, the Company maintained a cash balance of USD 30.4 million.
Results in H1 have been lower than expected due to lower yields and prices for our shrimp segment and deferred results of avocados.
The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries) and Seafood Segment (conversion of shrimp ponds), as well as continue to reinforce our 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 second half of this year we will have an important increase of our blueberries segment, which are mostly sold directly to retailers. Within the next 2 years, we will see an important growth in volumes (blueberries, shrimp and avocados), without additional substantial CapEx." stated Samuel Dyer Coriat, Executive Chairman 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. 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.
Mr. Samuel Dyer Coriat, Executive Chairman, and Mrs. Maria Cristina Couturier, CFO, will host a conference call today, Tuesday August 25th at 11:00 a.m. (Lima). For details on the conference call, please see attached invitation details.
Please see the full second quarter 2015 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 avocados, 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
