Company update: Copeinca (aquafeed)
In the first half of the year, Peruvian Copeinca ASA achieved an EBITDA of $27 million on revenues of $102.9 million, 23% lower than in the first half of 2008 when it reached $35 million on revenues of $135.3 million.
Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. It produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of its production is exported. Key countries for export are China, Japan, Germany, Canada, Chile and Denmark.
Typical customers are fish and animal feed producers as well as refineries for omega-3 products.
Lower volume
Volume sold during the first half of the year was 120,085 tonnes compared to 135,534 tonnes in 2008. Higher volumes where sold in 2008 due to sales from acquired inventories.
Revenue per tonne was $857 in H1’09, down 14.21% from $999 in H1’08.
Operating profit was $10.5 million in the first half of 2009 compared to the operating profit of $19.1 million for the same period in 2008.
Cost of goods sold (COGS) as of H1’09 was $73 million ($608/tonnes) down from $ 90.4 million ($667/tonne) in the corresponding period of 2008 due to changes in raw material cost, ban period expenses and other expenses.
Copeinca finished its first fishing season with ITQ (Individual Transferable/Fishing Quotas), and it processed 15.44% of the quota (3,420,000 tonnes) under the new system.
During the season Copeinca produced 120,000 tonnes of fishmeal and 30,500 tonnes of fish oil (5.81% yield).
Copeinca ASA runs its operations out of Lima and has its own fleet. The company operates 6 plants located in strategic locations all around the Peruvian coast line. The company has around 2,000 part and full time employees.
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