Copeinca: COPEINCA ASA PRESENTS FIRST QUARTER 2013 FINANCIAL RESULTS

Fishmeal and fish oil stocks at January 1^st 2013 were 7,848 MT, compared to 76,829 MT as of January 1^st 2012.

During the first quarter of 2013, average revenue per ton was USD 1,957/MT up from USD 1,274/MT in the same period of 2012.

Revenues for the first quarter of 2013 were USD 36 million (18,429 MT) down from USD 99 million (77,734 MT) in the first quarter of 2012 due to lower inventory levels of fishmeal and fish oil from the second fishing season of the prior year as a result of significantly reduced volumes.

5,942 MT of mackerel and jack mackerel were caught during the first quarter of 2013, generating revenues amounting to USD 3 million, representing approximately 12% of the quota allocated by Peruvian authorities.

CAPEX approved was USD 14 million, out of which USD 4.4 million were executed during Q1'13.

On January 2013, Copeinca S.A.C. reopened its USD 175 million 9% senior notes due in 2017 raising gross proceeds of USD 75 million, which are guaranteed by Copeinca ASA. The issue of these notes corresponded to a single issue of, the USD 175 million 9% senior notes due 2017. The total aggregate principal amount of the 9.00% senior notes due in 2017 outstanding following such reopening amounts to USD 250 million. The net proceeds from the additional bond issue were used to repay lease obligations, to fund capital expenditures and for general corporate purposes.

For further information, please contact:
CEO Pablo Trapunsky, ptrapunsky (mailto:[e-mail])@copeinca.com.pe (mailto:[e-mail])
CFO Angel Chiri, [e-mail] (mailto:[e-mail])  
Tel. [phone]

About Copeinca ASA
Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company 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.  Copeinca ASA runs its operations out of Lima and has its own fleet.  Copeinca ASA operates 5 plants located in strategic locations all around the Peruvian coast line. The company has around 1,400 part and full time employees.

Please visit www.copeinca.com (http://www.copeinca.com/)  

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

Q1 2013 Report (http://hugin.info/137275/R/1702439/562557.pdf)
Q1 2013 Presentation (http://hugin.info/137275/R/1702439/562558.pdf)

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Source: Copeinca via Thomson Reuters ONE

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