Margins down for Copeinca

The first fishing season ended with good catch results. Biomass and oceanographic conditions are back to normal. At the end of the first half year 2013, Copeinca reached an EBITDA of USD 11.7 million, USD 47.0 million lower than the USD 58.7 million reached over the same period last year, and an EBITDA margin of 21.5% in H1'13 down from 34.9% in H1'12. Such significant decrease is mainly explained by the late start of the season as well as by the small quota from the 2nd fishing season last year.

During the first half of the year, average revenue per ton was USD 2,035/MT up from USD 1,317/MT in the same period of 2012. 7,386 MT of mackerel and jack mackerel were caught during the first quarter of 2013, generating revenues amounting to USD 4 million, representing approximately 14% of the quota allocated by Peruvian authorities.

CAPEX approved for 2013 was USD 14 million, out of which USD 8 million were executed during H1'13.