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Maura Maxwell



Camposol hits new record

Company expects to continue its diversification strategy by increasing blueberry production in the coming years

Camposol hits new record

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Camposol reported a record EBITDA of US$19.2m during the fourth quarter of 2015, 209.4 per cent higher than in the year-earlier period.

The increase was mainly due to higher volumes of blueberries, tangerines, mangoes, shrimp and other seafood products, as well as higher prices of avocados and blueberries, the company said.

For the full year, EBITDA reached a record US$42.8m, up 24.1 per cent.

EBITDA margin in the fourth quarter of 2015 increased to 22.3 per cent from 9.2 per cent in 2014. For the full year 2015, the Company recorded an EBITDA margin of 14.8 per cent, up from 12.9 per cent in 2014.

Sales during the fourth quarter reached a record US$86.4m, an increase of 18.4 per cent on the year-earlier period. Full-year sales also reached a record US$289.3m, up 8.1 per cent on 2014, mainly due to higher volumes of blueberries, shrimp and other seafood products.

Q4 sales volume reached 25,115 tonnes, an increase of 9.1 per cent from the year-earlier period. However, sales volumes for the whole of 2015 fell 3.8 per cent to 99,729 tonnes, largely because of lower volumes of avocados, asparagus and grapes.

The average price during the fourth quarter of 2015 was US$3.44 per net kg, up 8.6 per cent from the fourth quarter of 2014, due to the increase in high value-added lines such as blueberries, higher volumes and prices for peppers, and higher prices for avocados.

The average price for the full year 2015 was US$2.90 per kg, up 12.4 per cent from 2014, mainly driven by increasing volumes and higher prices of blueberries, as well as higher prices of mangoes.

As of 31 December 2015, the company maintained a cash balance of US$26.6m.

The company made a number of key appointments last year, including the naming of Manuel Salazar as CEO in November, and Jorge Ramirez as general manager for the seafood division in October.

Also in November, a new board of directors was approved. It is composed of Samuel Dyer Coriat, Chairman; Piero Dyer Coriat, Sheyla Dyer Coriat, William Dyer Osorio, Susana Elespuru, Carmen Rosa Graham and Raul U. Fernandez.

The company said it expects to continue its diversification strategy by increasing blueberry production in the fruits and vegetables segment and by increasing the conversion of shrimp ponds in the seafood segment.

The company also expects to continue to reinforce the Trading segment through more direct sales to retailers, adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.

In line with this strategy, the company has invested significantly in specialising its fresh produce division, diversifying its portfolio of products and customers, as well as increasing its presence in key markets with favourable and encouraging results.

“In line with this vision, the company has decided to continue empowering its fresh and frozen business segments, and exit the preserved business. The company considers these strategic changes in Camposol's businesses will allow for greater specialisation, efficiency and focus on product categories in which the company has made significant investments in recent years, and thus maximise opportunities for growth and consolidation of its business,” Camposol said in a press statement.

"Fourth quarter and preliminary full year results are in line with our expectations (considering the effect of El Niño) and reflect the significant increase in volume of our blueberries segment, which has quadrupled compared to 2014.

“The company's growth without any substantial additional capex will continue in the next years, as we continue to produce increasing volumes of avocados, blueberries and shrimp," said CEO Manuel Salazar.

Camposol said 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 and for avocados specifically in both the US and Europe.

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