Copeinca finished successfully the first fishing season in the Centre-North zone. The allowed quota was 3.675 million tonnes, out of which the Company has 10.7% of quota. The Company processed 393,237 MT, equivalent to 13.1% from own fleet and 2.4% from third parties. Total production yield was 28.5%. Most of the catch was concentrated in the center of the country from Huacho to Pisco, as a result of the presence of juveniles in the north zone. This situation represented an extra effort for the Company due the location of its plants.
During the first fishing season, the 3 new vessels, INCAMAR I, II & III were put into operation and new plant improvements and expansions were implemented. Due to biological reasons the quality of the biomass was not at its best, which prevented the industry from producing large volumes of Prime and Super Prime fish meal. In spite of this, Copeinca was able to produce 65% of these qualities of fishmeal, due to an extensive use of refrigeration systems (RSW) in its vessels (approximately 68% of the catch was refrigerated) and due to the higher processing capacity in our plants.
Volumes sold were 73,079 MT in H1 2011 down from 79,799 MT in H1 2010 due to lower inventories from the second fishing season of the prior year (7,551 MT as of 31 December 2010 vs. 36,135 MT as of 31 December 2009). However, Q2 2011 volumes sold were 54,980 MT up from 37,430 MT in Q2 2010.
Revenue per ton sold for the first semester of 2011 had an average of USD 1,472/MT including USD 2.1 million revenues from the sale of mackerel and jack mackerel up from USD 1,416/MT in 2010.
Fishmeal price had an average of USD 1,466/MT in H1 2011 vs. USD 1,494/MT in H1 2010 and fish oil price had an average of USD 1,306/MT in H1 2011 vs. USD 876/MT in H1 2010. Operating profit was USD 27.6 million for 2011 compared to the operating profit of USD 8.1 million for the same period in 2010.
EBITDA for the six months ended 30 June 2011 was USD 43.3 million on revenues of USD 107.5 million (73,079 MT) representing 40.3% of net sales compared to an EBITDA of USD 34.1 million on revenues of USD 113.0 million (79,799 MT) representing 30.2% of net sales for the same period in 2010. EBITDA per ton was USD 593/MT compared to USD 427/MT in 2010.
EBITDA per ton for the Q2 2011 was USD 652/MT vs. USD 425/MT in Q2 2010, mainly due to lower costs per ton.
Costs of goods sold (COGS) as of 30 June 2011 was USD 816/MT (USD 59.6 million), down from USD 962/MT (USD 76.8 million) in the corresponding period of 2010.
In May, Samuel Dyer Coriat and Pablo Trapunsky were appointed as Executive Chairman of the Board of Directors and CEO of Copeinca ASA respectively.
