Camposol Holding Ltd. reports First Quarter 2017 financial results
During the 1Q-17, Camposol generated an EBITDA[1] of USD 9.8 million, 9.7% higher than the EBITDA reported the 1Q-16. EBITDA margin increased to 16.8% from 16.2% reported in 1Q-16. As of March 31st, 2017, Camposol's LTM EBITDA amounted to USD 77.5MM and net debt[2] was USD 165.9 million, the resulting net leverage[3] ratio was 2.1x. down from the 2.3x reported last December. As of March 31st, 2017, the Company maintained a cash balance of USD 32.0 million.
During the 1Q-17, sales 1 were USD 58.2 million, up 5.6% from 1Q-16. This increase was explained by higher sales on the Trading division due to the higher volume of blueberries from the 4Q-16 campaign, an increase in revenues from Marinasol (Aquaculture division) due to higher volumes and prices of shrimp, net of lower sales on the F&V division due to lower price of mango.
The Coastal "El Niño" phenomenon impacted the country, bringing heavy rains, river overflows and landslides in different areas of the country. Camposol' s assets were not materially affected by this events.
The Company expects to continue its diversification strategy by; increasing production of the F&V Division (blueberries and tangerines), more volumes in Marinasol - Aquaculture Division (conversion to intensive shrimp ponds), and reinforcing Camposol Trading, adding value to its clients through commercial, marketing and service initiatives.
Perspectives of long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocado and blueberry consumption is growing, with headroom for increased per capita consumption in key markets. The Company expects good demand for all fresh produce in general in both the United States and Europe.
"First quarter of 2017 has been favorable for Camposol, our results continue the growth trend that began during the previous years. Coastal "El Niño" phenomenon severely impacted the coastal areas of Peru. Camposol, together with the authorities and other companies located in the Chavimochic area diligently worked to protect the trees and infrastructure, guarantee the safety of the operations, and to assist neighboring communities with all our available resources. Today I am happy to inform that our operations continue normally according to plan" stated Jorge Ramirez Rubio, CEO of Camposol Holding Ltd.
Mr. Jorge Ramirez Rubio, CEO and Mr. Andrés Colichón Sas, CFO, will host a conference call today, Wednesday May 31st at 11:00 a.m. (Lima). For details on the conference call, please see attached invitation details.
Please see the full first quarter financial results' report and presentation enclosed (or click on the links below of this release if received by e-mail).
For further information, please contact:
Andrés Colichón Sas, CFO
Jossue Yesquen, Head of IR
Phone: +511 621 0800 Ext.: 7171
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, blueberries, grapes, mangos, 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 and frozen products. It is the third largest private employer of the country, with more than 15 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
[1] Without discontinued operations
[2] Net Debt: Total Gross Debt - Cash
[3] Net leverage ratio: (Total Gross Debt - Cash) / LTM EBITDA (1)
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