Copeinca fishing vessels. (Photo Credit: Copeinca)

Copeinca reports solid Q4, but poorer full year 2013 results

Copeinca saw a solid growth in Q4’13 revenue, with EBITDA and volume reflecting a positive trend for the business following the historically low TAC set for Peruvian anchovy in 2012 fishing season. However, full-year results for 2013 show a drop in revenue, which was mainly attributed to lower inventory levels of fishmeal and fish oil.

The company reported that EBITDA for Q4’13 increased 115.4 per cent to USD 16.8 million from USD 7.8 million for the same period in the previous year.

Revenue for Q4’13 increased 7.9 per cent to USD 53.2 million from USD 49.3 million for the fourth quarter of 2012. Volume sold increased 11.6 per cent to 35,547 tonnes in Q4’13 from 31,841 tonnes in Q4’12.

During Q4’13, the average fishmeal price was USD 1,381/tonne (Q4’12: USD 1,533/tonne) and average fish oil price was USD 1,853/tonne (Q4’12: USD 1,849/tonne). Weighted average price per tonne was USD 1,498/tonne in Q4’13 compared to USD 1,549/tonne in Q4’12.

Despite the good results obtained in Q4’13, revenue for the year ended 31 December 2013 dropped 33.3 per cent to USD 209.7 million from USD 314.2 million for the same period last year.

EBITDA for the whole year dropped 37.8 per cent to USD 64.6 million from USD 103.8 million in 2012.

The decrease in revenue is explained mainly by lower inventory levels of fishmeal and fish oil carried over from the 2012 second fishing season as a result of a significant reduction in TAC to 810,000 tonnes (TAC for 2011 second fishing season was 2,500,000 tonnes).

The volume sold in 2013 decreased 42.9 per cent to 126,099 tonnes from 220,685 tonnes in 2012.

Total production volume in 2013 increased 16.3 per cent to 178,065 tonnes from 152,997 tonnes in 2012.

Fort he full year, fishmeal and fish oil revenues were USD 204.2 million (2012: USD 308.1 million), direct human consumption fish (mackerel and jack mackerel) revenues were USD 4.5 million (2012: USD 4.3 million) and other revenues were USD 1.0 million (2012: USD 1.8 million).  

In 2013, average fishmeal price was USD 1,559/tonne, while average fish oil price was USD 2,089/tonne and average direct human consumption (mackerel and jack mackerel) price was USD 586/tonne.  The corresponding figures for 2012 were USD 1,350/tonne, USD 1,595/tonne and USD 366/tonne respectively.

Weighted average price was USD 1,663/tonne in 2013 compared to USD 1,424/tonne in 2012.

Copeinca highlighed that revenue per tonne for the year increased 16.8 per cent to USD 1,663/tonne from USD 1,424/tonne in 2012. This included revenue of USD 4.5 million from the sale of mackerel and jack mackerel as compared to revenue of USD 4.3 million in 2012.

The company’s catches  of mackerel and jack mackerel decreased 35.0 per cent to 7,712 tonnes during 2013 from 11,869 tonnes in 2012, and represented approximately 7.4 per cent of the quota allocated by Peruvian authorities.

editorial@seafood.media
www.seafood.media

Address:	Calle Francisco Graña 155, Urb. Sta. Catalina
City:	Lima
State/ZIP:	(Lima 13)
Country:	Peru
Phone:	+51 1213 4000
Fax:	+51 1213 4034
E-Mail:	sales@copeinca.com.pe
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