CAMPOSOL Holding Ltd. Reports Record Fourth Quarter and Preliminary Full Year 2016 Financial Results
During 4Q-16 Camposol generated a record EBITDA(1) of USD 35.4 million, 118.7% higher than 4Q-15, due to an increase in volume of blueberries and an increase of volume and prices of both grapes and shrimp from intensive ponds. As a result, EBITDA(1) margin reached 34.7%, 13.8 percentage points higher than 4Q-15.
For the full year 2016, CAMPOSOL generated a record EBITDA(1) of USD 76.6 million, 121.1% higher than for 2015. EBITDA (1) margin reached 27.7%, 13.1 percentage points higher than for 2015. Net debt(2) was USD 174.3 million, resulting in a net leverage ratio(3) of 2.3x.
CAMPOSOL sold(1) 21,048 net MT during 4Q-16, up 4.3% from 4Q-15, due to higher blueberries, shrimps and grapes volumes net of lower volumes of peppers and mangos.
During 4Q-16 average realized price (1) was USD 4.85 per net KG, up 26.5% from 4Q-15, mainly driven by higher prices from grapes and shrimps. As a result, total sales (1) reached USD 102.0 million, up 31.9% from 4Q-15.
On December 2016, CAMPOSOL obtained a mid-term facility from a local bank for up to USD 15 million.
As of December 31st 2016, CAMPOSOL maintained a cash balance of USD 84.7 million.
On February 2nd, 2017, CAMPOSOL successfully made the maturity payment of its 9.875% Senior Unsecured Notes due 2017. As a consequence, CAMPOSOL now only has its 10.5% Senior Secured Notes due 2021 trading on the financial markets, these notes represent USD 147,490,000.
The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries and tangerines) and Seafood Segment (conversion to intensive shrimp ponds), as well as continue to reinforce the Trading Segment (direct sales to retailers), adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.
"2016 was a great year for CAMPOSOL , we successfully increased volumes in blueberries and shrimps from intensive ponds, and our avocados remained as one of the most stable and profitable crops in the portfolio. After exchanging 73.75% of the Senior Unsecured Notes due on 2017 last May, we successfully paid the remaining USD 46.9 million outstanding balance as of February 2nd, 2017. With favorable market trends and highly focused on our strategy, we will continue strengthening CAMPOSOL as a world class company", stated Jorge Luis Ramirez Rubio, CEO 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. The Company expects good demand for all fresh produce in general in both the United States and Europe.
Mr. Jorge Luis Ramirez Rubio, CEO and Ms. Maria Cristina Couturier, CFO, will host a conference call today, Wednesday February 15th at 10:00 a.m. (Lima). For details on the conference call, please see attached invitation details.
Please see the full fourth quarter and preliminary full year 2016 financial results' report and presentation enclosed (or click on the links below of this release if received by e-mail).
(1) Without discontinued operations
(2) Net Debt: Total Gross Debt - Cash
(3) Net Leverage ratio: (Total Gross Debt - Cash) / LTM EBITDA(1)
For further information, please contact:
Jorge Luis Ramirez Rubio, CEO
Maria Cristina Couturier, CFO
Jossue Yesquen, Head of IR
Phone: +511 621 0800 Ext.: 7171
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.