Blueberry performance lifts Camposol’s H1 revenues

August 23 , 2018

Peru-based Camposol boosted revenues by 9% to US$140.1 million during the first half of the year, mainly due to higher volumes and prices of blueberries offset by lower volumes and prices of avocados.

There was a slight decline in total EBITDA, which fell 2.5% year-on-year to US$34.1 million over the six-month period through June.

The company’s blueberry business was the standout segment, contributing almost a third of the total revenues with US$45.2 million – more than double the US$20.7 million achieved over the same period last year.

This result was due to a 72% rise in volume sold to 5,879 metric tons (MT) – mainly due to more hectares entering in medium or high phase yields – and an average price increase of 27% to US$7.70 against a cost increase of 18%.

Avocado revenues over the six month period were around half what they were last year, with US$29.1 million registered compared to US$42.7 million.

Volume sold fell by 40% year-on-year to 9,266MT while average prices fell by 15% to US$2.37 per kilo. Camposol explained the volume decrease is mainly explained by a delay on the harvesting season.

Meanwhile, the company’s seafood division registered a 4% rise in revenues to US$41.2 million, while the ‘other’ segment rose by 25% to US$31.7 million.

During the first six months of 2018, the company made investment commitments amounting to US$87.5 million. This includes US$26.7 million invested in blueberries, US$22.7 million in tangerines in Uruguay and Peru, and US$8.5 million in avocados in Colombia and Peru.

Withdrawal of IPO plans

In November 2017, Camposol announced it had applied for a listing on the New York Stock Exchange with an initial public offering (IPO).

In today’s financial report, it said that on Jan. 30 it had announced “a Tender Offer and Consent Solicitation for Any and All of Camposol’s outstanding 10.50% Senior Secured Notes due 2021.”

It continued: “The Tender Offer and Consent Solicitation were subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, within which a Financing Condition was defined, which included the pricing of a New Offering on terms satisfactory to Camposol.

“On February 12th, 2018 the Tender Offer and Consent Solicitation were terminated because the New Offering has been postponed due to
volatile market conditions.”

On April 27, Camposol announced against a tender offer, this time without consent solicitation, but on May 14 it was terminated because
the new offering has been postponed.

An article on NASDAQ reported that on July 5 the company withdrew its plans for an IPO.



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