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15/05-2019 23:16:26: (SALMON) Salmones Camanchaca - Q1 2019 results

Salmones Camanchaca increases its harvests by 6.3% and its company-farmed salmon
sales by 10% in first quarter, with EBIT per kilo WFE at US$ 1.30, 3.8% higher.

o	Revenues from company-farmed Atlantic salmon increased by 4.6% to US$ 69
million, but total revenues were affected by unfavorable outcome of its JV in
trout, and the absence of buy/sell of third-party products. The total EBITDA was
US$ 17.4 million.
o	The net profit for the quarter were US$ 3.6 million, US$ 12 million lower than
same quarter 2018, due to a US$15 million lower net fair value adjustment.
o	Due to the environmental summer issues limiting fish feeding, and to a lesser
extent generating mortality, the guidance volume of Atlantic salmon harvests for
2019 decreased 5% to 52 thousand tons WFE, a 7% expected growth for the year
compared with 2018 harvests.
 
Santiago, May 15, 2018. Salmones Camanchaca S.A. released its Financial
Statements and reported that in the first quarter of 2019, it recorded an EBITDA
before Fair Value of US$ 17.4 million, 6.1% lower than the US$ 18.5 million of
the same period of 2018.
Revenues and EBITDA were affected by an unfavorable evolution of the trout joint
venture business, which reduced its outcome for Salmones Camanchaca by US$ 3.1
million. Excluding this trout business, the Atlantic EBITDA was US$ 18 million,
or 12% higher than the same period in 2018.
The net profit was US$ 3.6 million, reduced from the previous year due to lower
net fair value adjustments.
Salmones Camanchaca harvested 10,191 WFE tons of Atlantic salmon, in line with
the estimates and higher than the 9,589 WFE tons of the first quarter of 2018.
Ricardo García, vice chairman of Salmones Camanchaca, said that "the EBITDA and
EBIT results show a business that grows around 10% in terms of company-farmed
sales, with healthy EBIT per kilo of US$ 1.3, slightly higher than last year
despite lower prices. During the first months of the year, we had some
unfavorable environmental conditions with presence of algae and lower oxygen
levels in the sea, which forced us to limit feeding and hence biomass growth,
and to a lesser extend also generated mortalities. These conditions will result
in a higher estimated costs for the year close to 5%, as well as a 5% reduction
in our harvest guidance for 2019, now at 52,000 WFE tons". He also noted that
"despite these less favorable environmental conditions, they are now reduced and
we have identified solutions that will allow us to mitigate them in the coming;
we will be better prepared next time".
Finally, the Company reported that its estimate of Pacific salmon harvests, a
species in which it is venturing this year, remains unchanged.
_______________________________
Contact information
Ricardo García, Vice chairman, +56 2 2873 2992 / rgarcia@camanchaca.cl
Manuel Arriagada, CEO, +56 2 2873 2942 / manuel.arriagada@camanchaca.cl
Daniel Bortnik, CFO, +56 2 2873 2946 / dbortnik@camanchaca.cl
Alvaro Marín, Head of IR, +56 2 2873 2987 / alvaro.marin@camanchaca.cl
Joaquín Contente, IR, +56 2 2873 2932 / joaquin.contente@camanchaca.cl

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Ekstern link: https://newsweb.oslobors.no/message/477161

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