27/02-2010 00:36:00: (CSOL.OAX) Camposol Holding reports Fourth Quarter 2009 Results
CAMPOSOL reported sales of USD 32.7 million in the fourth quarter 2009, which
was an improvement of 21 percent compared to the corresponding period in 2008.
Also, gross profit increased from USD 1.4 million in the fourth quarter 2008 to
USD 6.7 million in the fourth quarter 2009. The main reason for the improved
revenues and gross profit was higher volumes sold and lower costs.
The company had an increase in EBITDA before fair value adjustments (b.f.v.a) to
USD 2.7 million, up from minus USD 3.2 million in the fourth quarter of 2008.
CAMPOSOL has maintained a positive trend on increasing EBITDA for the last five
consecutive quarters. EBITDA b.f.v.a for 2009 was lower than 2008 mainly due to
a 47 percent lower avocado volume harvested in 2009 due to natural alternate
bearing of the trees and a 15 percent lower average selling price for asparagus.
The EBITDA margin decreased slightly in the fourth quarter, due to a change in
During the quarter, the company sold an office building of USD 4 million with a
gain of USD 0.9 million - both improving the company liquidity.
In January, CAMPOSOL announced that the company had appointed Fabio Matarazzo di
Licosa as the new CEO of the company. Also, Piero Dyer and Jorge Ramirez were
promoted to Deputy CEO and CFO respectively.
The new and strengthened management team will continue the ongoing and
continuous process of optimizing the company's operations. As a part of this,
the company started an automation process during the fourth quarter to reduce
its dependency on labor in critical parts of the operations, as well as
improving efficiency. Also, the company has hired Synergos, an experienced group
of consultants, to assist the company in identifying further measures to be
taken to improve operational efficiency.
CAMPOSOL expects the current market conditions to continue for the following
quarters and sees exciting opportunities in the US market after it was announced
that this market opened up for import of fresh avocados from Peru in January
Deputy CEO Piero Dyer and CFO Jorge Ramirez will host a conference call today,
Thursday 25 February 2010 at 01:30 pm CET. For details on the conference call,
please visit Camposol's website; www.camposol.com.pe
aa&URL=http%3a%2f%2fwww.camposol.com.pe%2f> (Press/ News).
Please see the full fourth quarter 2009 report and presentation enclosed (or
click on the links below of this release is received by e-mail.)
For more information, please see the Company's website, www.camposol.com.pe
For further information, please contact:
CEO, Fabio Matarazzo
Deputy CEO, Piero Dyer Coriat
CFO, Jorge Ramirez
Phone: +511 621-0804
Fax: +511 221-4478
Camposol is the leading agro industrial company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, sweet peppers, avocado, mango, grapes and tangerines. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of North 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 around 25,000 own hectares of which over 6,000 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 around 10,000 part and full time employees.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Camposol Q4 2009 and Preliminary 2009 report: http://hugin.info/138464/R/1389326/347537.pdf
Camposol Q4 2009 Results Presentation: http://hugin.info/138464/R/1389326/347538.pdf
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