CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

CAMPOSOL
Real Food for Life

Fourth Quarter and Preliminary Full Year 2015 Report

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Fourth Quarter 2015 Highlights

- Volume sold during Q415 was 25,115 net MT, up 9.1% from Q414 mainly explained by an
increase in volumes of blueberries, tangerines, mangos, shrimp and other seafood products.
- Average price was USD 3.44 per net KG, up 8.6% from the same period in 2014 mainly
explained by increasing volumes of blueberries, higher volumes and prices of peppers as
well as higher prices of avocados.
- Sales of USD 86.4 million, up 18.4% from Q415, mainly due to an increase in volume sold of
blueberries, tangerines, mangos, shrimp and other seafood products.
- Average cost of goods sold during Q415 was USD 2.32 per net KG, down 4.6% from the same
period last year mainly explained by higher volumes of artichokes, peppers, mangos,
blueberries shrimp and other seafood products.
- EBITDA of USD 19.2 million, up 209.6% from the same period in 2014 mainly explained by
higher volumes of blueberries, tangerines, mangos, shrimp and other seafood products, as
well as higher prices of avocados. EBITDA margin increased to 22.3% in 2015 from 9.2% in
2014.
- As of December 31st 2015, the Company maintained a cash balance of USD 26.6 million.
- On October 16th 2015, Mr. Jorge Ramirez was appointed as General Manager of Camposol
Seafood.
- On November 2nd 2105, Mr. Manuel Salazar was appointed as CEO of Camposol Holding Ltd.
- On November 5th 2015 a new composition of the Board of Directors was approved. The new
Board of Directors is composed of Samuel Dyer Coriat, Chairman, Piero Dyer Coriat, Sheyla
Dyer Coriat, William P. Dyer Osorio, Carmen Graham, Susana Elespuru and Raul U.
Fernandez.

Highlights 2015
- Volume sold in 2015 was 99,729 net MT, down 3.8% from 2014 mainly explained by lower
volumes of avocados, asparagus and grapes net of higher volumes of blueberries,
tangerines, shrimp and other seafood products. Average price of USD 2.90 per net KG, up
12.4% from 2014, mainly driven by increasing volumes and higher prices of blueberries, as
well as higher prices of avocados and mangos.
- Sales of USD 289.3 million, up 8.1% from 2014, mainly due to increasing volumes and higher
prices of blueberries, as well as higher volumes of peppers, shrimp and other seafood
products, as well as higher prices of mangos.
- EBITDA of USD 42.8 million, up 24.1% from 2014 mainly explained by increasing volumes
and higher prices of blueberries, as well as the significant reduction of administrative
expenses (13.2%) and selling expenses (19.1%). EBITDA margin increased to 14.8% in 2015
from 12.9% in 2014.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Key Figures of Camposol Holding Ltd and Subsidiaries (“CAMPOSOL” or the “Company”)

Fourth quarter For the year ended

USD thousands(if not otherwise stated) 2015* 2014* 2015* 2014**

Volume sold (MT 000) 25.1 23.0 99.7 104.2
Sales 86,400 72,959 289,329 267,554
Gross Profit 28,058 16,882 80,480 83,165
Operating profit 38,370 (52,521) 58,350 (21,440)
Loss / Profit before income tax 32,908 (59,248) 28,423 (46,267)
Loss / Profit for the period 17,534 (45,429) 17,591 (33,644)
EBITDA 19,251 6,702 42,799 34,494
Gross Margin 32.5% 23.1% 27.8% 31.1%
EBITDA Margin 22.3% 9.2% 14.8% 12.9%
All figures according to IFRS
* Non audited 187.2% 24.1%
** Audited

Last Twelve Months EBITDA (rolling) of CAMPOSOL

60 25%
20%

56.2

50
20%
18% 18% 14%
46.0 15%
44.2
40 42.6 42.70
15% 13% 15%
34.5 11%
30 31.6 10%
30.20
10% 28.6
9%
10%

20 7%
19.9 19.40
17.3
5%
10

0 0%
Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

LTM EBITDA EBITDA LTM/Sales LTM

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Financial Review for the Fourth Quarter and Full Year 2015
The figures below describe developments in a loss adjustment from change in fair value
the fourth quarter and the preliminary full of biological assets of USD 46.8 million by
year 2015, with figures for the periods of the end of 2014. The main factor of the
2014 in parenthesis. effect on the change in gain value was the
increase in the planted Has of blueberries,
Results as well as increasing expected volumes of
Blueberries are currently the most blueberries.
profitable crop in the portfolio, on which
the most important investments were made Administrative expenses amounted to USD
during the last two years. 6.0 million in the fourth quarter of 2015
(9.0). In 2015, these expenses amounted to
Revenue for the fourth quarter of 2015 was USD 24.9 million (28.7).
USD 86.4 million (72.9), up 18.4% from the
same period last year. For the full year, During the fourth quarter of 2015, selling
revenues amounted to USD 289.3 million expenses amounted to USD 7.5 million
(267.6). The main reasons for the increased (6.1). In 2015, these expenses decreased to
revenues for the full year 2015 were USD 30.8 million (38.1). Such decrease is
increasing volumes and higher prices of mainly explained by lower volumes sold and
blueberries, as well as higher volumes of changes in commercial conditions of sale
tangerines, peppers, shrimp and other (change from FOB to CFR / CIF terms).
seafood products, as well as higher prices of
avocados and mangos. Average price As a result, operating profit amounted to
during 2015 was USD 2.90 per net KG, up USD 38.4 million in the fourth quarter of
12.4% from 2014, mainly driven by 2015 compared to an operating loss of USD
increasing volumes and higher prices of 52.5 million during the same period last
blueberries, as well as higher prices of year. In 2015, operating profit amounted to
avocados and mangos. USD 58.4 million compared to an operating
loss of USD 21.4 million during 2014 due to
The Company’s gross profit increased to
the reasons mentioned above.
USD 28.1 million (16.9) during the fourth
quarter of 2015. For the full year, the gross
Financial costs decreased to USD 6.0 million
profit decreased to USD 80.5 million (83.2),
in the fourth quarter of 2015 (6.1). In 2015,
which resulted in a lower gross margin of
financial costs increased to USD 24.9 million
27.8% (31.1), mainly due to lower volumes
(USD 22.8). Such increase is mainly
of preserved asparagus and avocados as
explained by the interest incurred from the
well as lower prices of tangerines, grapes,
additional USD 75 million, 9.875% senior
shrimp and other seafood products. EBITDA
unsecured notes issued during the second
margin increased to 14.8% in 2015 from
quarter of 2014.
12.9% in 2014.
For the fourth quarter of 2015, the
The gain adjustment from change in fair
Company recorded a profit of USD 17.5
value of biological assets amounted to USD
million compared to a loss of USD 45.4
31.4 million during the fourth quarter of
million during the same period last year. In
2015 compared to a loss adjustment from
2015, the profit amounted to USD 17.6
change in fair value of biological assets of
million compared to a loss of USD 33.6
USD 67.7 million in the fourth quarter 2014.
million during the same period last year,
The gain adjustment from change in fair
due principally to a loss adjustment from
value of biological assets amounted to USD
change in fair value of biological assets.
37.6 million by the end of 2015 compared to

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

For the fourth quarter of 2015, the end of 2014 to USD 242.5 million at the end
Company recorded an EBITDA of USD 19.3 of 2015, mainly due to a decrease of the
million (6.7 million). For the full year 2015, working capital financing. The Company’s
EBITDA increased to 42.8 million (34.5), debt includes USD 200.0 million of senior
mainly due to increasing volumes and unsecured notes (200.0), USD 36.1 million
higher prices of blueberries, as well as the of working capital financing (59.6), USD 5.6
significant reduction of administrative million in leasing and other (10.5) and USD
expenses (13%) and selling expenses 0.8 million to sellers of acquired companies
(19.1%). (1.7).

Cash Flow and Balance Sheet During 2015, the Company generated USD
37.9 million (used 38.3) in operations
During 2015, non-current assets increased related to strategic and operational
to USD 510.8 million compared to USD services, invested USD 24.7 million (54.8) in
452.9 million at the end of 2014, mainly due property, plant and equipment. In financing
to an increase in the non-current portion of activities, the Company paid USD 26.2
biological assets and in property, plant and million (raised 96.4) related to the senior
equipment. unsecured notes due 2017, resulting in a net
decrease in cash of USD 3.9 million. The
Inventories decreased to USD 50.8 million at Company ended the year 2015 with USD
the end of 2015, compared to USD 95.2 26.6 million in cash (30.5).
million at the end of 2014, mainly due to a
decrease in inventory of finished products
such as asparagus, peppers and artichokes.

Trade accounts receivable decreased to

USD 40.7 million at the end of 2015 from
USD 45.9 million at the end of 2014, mainly
due to more effective collection
management during 2015.

As of December 31st 2015, trade accounts

payables decreased to USD 34.4 million at
the end of 2015 from USD 48.3 million at the
end of 2014. As a result, the total working
capital (accounts receivable + inventories -
accounts payable) decreased to USD 57.2
million at the end of 2015 from USD 92.9
million at the end of 2014. Current working
capital as of December 31st 2015 is 19.8% of
sales (34.7%). Such significant reduction is
the result of the company´s effort to
improve working capital needs.

Total liabilities decreased to USD 355.0

million at the end of 2015, compared to USD
377.7 million at the end of 2014.
The Company’s debt, gross of capitalized
fees, decrease from USD 268.7 million at the

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Segment Reporting for the Fourth Quarter 2015

Fourth quarter 2015 Results
Period ended December 31st 2015

Shrimp &
Asparagus Avocados Artichokes Peppers Mangos Grapes Other SP Blueberries Other Total
USD thousands
Revenues 9,104 831 6,712 7,391 2,222 9,860 11,536 36,291 2,453 86,400
Gross profit (1,275) 204 545 234 182 488 (895) 28,172 403 28,058
Gross margen % -14.0% 24.5% 8.1% 3.2% 8.2% 4.9% -7.8% 77.6% 16.4% 32.5%

Net million tons

Volume produced* 881 3 1,502 31 2,293 6,255 1,672 2906 - 15,543
Volumes sold* 2,631 310 2,574 3,200 1,618 5,973 1,936 3178 3,694 25,115
USD/kg
Weighted avg price 3.46 2.68 2.61 2.31 1.37 1.65 5.96 11.42 3.44

Twelve months ended December 31st 2015 Results

Shrimp &
Asparagus Avocados Artichokes Peppers Mangos Grapes Other SP Blueberries Other Total
USD thousands
Revenues 42,833 53,678 16,637 21,214 23,082 16,844 57,156 48,071 9,814 289,329
Gross profit 5,498 26,547 991 368 7,278 (115) 877 36,070 2,966 80,480
Gross margen % 12.8% 49.5% 6.0% 1.7% 31.5% -0.7% 1.5% 75.0% 30.2% 27.8%

Net million tonnes

Volume produced* 6,559 25,113 3,725 4,394 13,935 6,720 5,718 4,693 5,048 75,905
Volumes sold* 10,653 27,274 6,448 10,066 13,753 9,806 10,309 4,436 6,984 99,729
USD/kg
Weighted avg price 4.02 1.97 2.58 2.11 1.68 1.72 5.54 10.84 2.90

Avocados Blueberries
Avocados are one of the most profitable CAMPOSOL sold 4,436 net MTs of fresh
products in the product portfolio of the blueberries during 2015, at an average price
company, with a gross margin of 49.5% and of USD 10.84 per net KG. This represents an
thus, reductions of price affect significantly increase of 386% in volume sold and an
the company´s profitability in comparison increase of 3.6% in price compared to the
to other crops. year 2014.

CAMPOSOL sold 25,344 net MTs of fresh During 2015, total gross margin for
avocados during 2015, at an average price blueberries was 75.0%, up 3.9pp
of USD 1.81 per net KG representing a (percentage points) from the previous year.
decrease of 34% in volume sold and an
increase of 5% in price compared to the year Asparagus
2014. One of CAMPOSOL’s main products, which
represented 14.8% of the company’s total
CAMPOSOL sold 1,930 net MTs of frozen sales during 2015.
avocados during 2015 at an average price of
USD 3.93 per net KG, representing an CAMPOSOL sold 4,107 net MTs of fresh
increase of 8.4% in volume sold and an asparagus during 2015, at an average price
increase of 2.6% in price compared to the of USD 4.67 per net KG, representing a
year 2014. decrease of 37.6% in volume sold and an
During 2015 total gross margin for avocados increase of 7.4% in price compared to the
was 49.5%, up 2.9pp (percentage points) year 2014.
from the previous year.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

CAMPOSOL sold 6,158 net MTs of preserved price of USD 3.22 per net KG. This
during 2015, at an average price of USD 3.49 represents an increase of 4,399% in volume
per net KG, representing a decrease of sold and an increase of 22.8% in price
34.5% in volume sold and a decrease of 2% compared to the year 2014.
in price compared to the year 2014.
During 2015 total gross margin for peppers
CAMPOSOL sold a total of 388 net MTs of was 1.7%, down 2.4pp (percentage points)
frozen asparagus during 2015, at an average from the previous year.
price of USD 4.30 per net KG, representing a
decrease of 35.7% in volume sold and a Mangos
decrease of 2.5% in price compared to the CAMPOSOL sold 10,063 net MTs of fresh
year 2014. mangos during 2015, at an average price of
USD 1.48 per net KG. This represents an
During 2015 total gross margin for increase of 3.8% in volume sold and an
asparagus was 12.8%, down 8.6pp increase of 12.8% in price compared to the
(percentage points) from the previous year. year 2014.

Grapes CAMPOSOL sold 3,406 net MTs of frozen

The Company sold 9,806 net MTs of fresh mangos during 2015, at an average price of
grapes during 2015, at an average price of USD 2.12 per net KG. This represents a
USD 1.72 per net KG, representing a decrease of 40.4% in volume sold and an
decrease of 16.9% in volume sold and a increase of 21.0% compared to the year
decrease of 14.0% in price compared to the 2014.
year 2014.
CAMPOSOL sold 283 net MTs of preserved
During 2015, total gross margin for grapes mangos during 2015, at an average price of
was -0.7%, down 18.9pp (percentage USD 1.92 per net KG. This represents a
points) from the previous year. decrease of 26.1% in volume sold and an
increase of 2.8% in price compared to the
Artichokes year 2014.
CAMPOSOL sold 6,448 net MTs of preserved
and frozen artichoke during 2015, at an Total gross margin for mango was 31.5%,
average price of USD 2.58 per net KG, down 3.1pp (percentage points) from the
representing an increase of 16.2% in volume previous year.
sold and an increase of 1.6% in price
compared to the year 2014. Shrimp and other seafood products
CAMPOSOL sold 10,309 net MTs of shrimp
During 2015 total gross margin for artichoke and other seafood products during 2015, at
was 6.0%, down 1.2pp (percentage points) an average price of USD 5.54 per net KG.
from the previous year. This represents an increase of 244% in
volume sold and a decrease of 50.9% in
price compared to the year 2014.
Peppers
CAMPOSOL sold 9,203 net MTs of preserved
During 2015 total gross margin for shrimp
piquillo peppers during 2015, at an average
and other seafood products was 1.5%,
price of USD 1.92 per net KG. This
down 26.4pp (percentage points) from
represents an increase of 41.9% in volume
2014.
sold and an increase of 3.11% in price
compared to the year 2014.
For further segment information please
CAMPOSOL sold 864 net MTs of frozen
refer to pages 18-19.
piquillo peppers during 2015, at an average

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Investment Program

During 2015 the Company invested USD 24.7 million, of which USD 13.7 million were in
permanent plantations (blueberries, avocados and other crops), USD 3.4 million in irrigation
infrastructure and equipment, USD 2.5 million in IT and logistic infrastructure, USD 2.8 million in
machinery and equipment in general (for plant and fields), USD 4.4 million in shrimp ponds and
USD 2.8 million in the purchase of the company Agroindustrial Santa Angela S.A.C., among other.

Age of Fields / Has Planted by Segment

As of December 31st 2015

White Green
Age Asparagus Asparagus Avocados Mangos Grapes Tangerine Blueberries
(years) (Ha) (Ha) (Ha) (Ha) (Ha) (Ha) (Ha) Total (Ha)
0-1 6 - 10 - 16 42 776 850
1-2 - - - - - 1 70 71
2-3 - - 112 35 - - 150 297
3-4 - - 39 - - - 54 93
4-5 - - 213 - 210 - - 423
5-6 - - 1,084 - 49 56 1 1,190
6-7 204 169 336 - 51 46 - 806
7-8 585 - 35 - - - - 620
8-9 295 - - - - - - 295
9-10 - - 104 - - - - 104
10-11 3 - - 11 - - - 14
11-12 - - 72 36 - - - 108
12-13 - - 649 368 - - - 1,017
Total Ha. 1,093 169 2,655 450 326 145 1,050 5,888

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Important events during 2015

Annual General Meeting previously worked for Amanco Group

(1995-2008), holding various positions in
Ecuador, Costa Rica and Brazil, his last one
On July 23rd 2015, the Annual General being CFO for Latin America. He was
Meeting of Camposol Holding Ltd was held previously CFO of Camposol Holding Ltd.
at the Company´s registered office in from 2008 thru 2013, and also served as
Limassol, Cyprus. CFO of Copeinca ASA during 2012. His last
experience was as CFO of Grupo EFE, which
All matters on the agenda were owns Tiendas EFE, La Curacao and
unanimously adopted. Among these were Financiera Efectiva.
the approval of the audited financial
statements and annual report, the approval
of the reappointment of
Mr. Manuel Salazar
PricewaterHouseCoopers as auditors of the appointed as CEO of
Company, approval of the remuneration for
Board members for the period 2014-2015,
Camposol Holding Ltd.
and the composition of the Board of
Directors for the period 2015-2016. On November 2nd 2015, Mr. Manuel Salazar
was appointed as CEO of Camposol Holding
The Board composition approved for the Ltd. Mr. Manuel Salazar holds a Bachelor in
period 2015-2016 was the following: Economics from Clark University, MBA from
Georgetown University and has a PhD in
 Samuel Dyer Coriat (Executive Management from the University of Lleida.
Chairman) He has over 20 years of professional
 Samuel Dyer Ampudia (Deputy experience on managerial roles of local and
Chairman) regional responsibility in international
 Rosa Coriat Valera companies with exceptional trajectory. He
 Susana Elespuru has a solid background as CEO including the
 Carmen Rosa Graham design of strategic, commercial and
 William Dyer Osorio financial planning for large and complex
organizations, operating in different
markets, as well as broad experience in
Mr. Jorge Ramirez appointed leadership, culture transformation
as General Manager of management and control systems.
Camposol Seafood. Mr. Manuel Salazar replaces Mr. Samuel
Dyer Coriat as CEO, who continues as
On October 16th 2015, Mr. Jorge Ramirez Chairman of the Board of Camposol Holding
was appointed as General Manager of Ltd.
Camposol Seafood. Mr. Jorge Ramirez
graduated in Business Administration with a Extraordinary General
Master’s Degree in Finance from Loyola
University, New Orleans, USA, and with an Meeting
MBA from ITESM (México) - ESPOL
(Ecuador). He has vast international On November 5th 2015 an Extraordinary
experience in Strategic Planning, Corporate General Meeting of Camposol Holding Ltd.
Finance, Mergers & Acquisitions and was held at the Company´s registered office
International Affairs. Mr. Jorge Ramirez in Limassol, Cyprus. All matters on the

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

agenda were unanimously adopted. Among The Company expects good demand for all
these was the approval of the new fresh produce in general and for avocados
composition of the Board of Directors for and blueberries specifically in both the
the period 2015-2016. United States and Europe.

The new Board of Directors is composed of The Company expects to continue its
the following members: diversification strategy by increasing the
production capacity of Blueberries and
 Samuel Dyer Coriat, Chairman shrimp and other minor related products.
 Piero Dyer Coriat
 Sheyla Dyer Coriat
 William P. Dyer Osorio
Outlook
 Susana Elespuru
The Company is currently focused on adding
 Carmen Rosa Graham
value to its clients through commercial,
 Raul U. Fernandez
marketing and service initiatives which
should result in higher margins.

Market Additionally, CAMPOSOL is analyzing new

opportunities to consolidate its leadership
The long term growth prospects for exotic through additional planting of current
fruits and vegetables markets are excellent. crops, planting of new crops, strategic
Avocados, blueberries and mangos are alliances and acquisitions.
growing, with headroom for increased per
capita consumption in key markets. In the CAMPOSOL will continue positioning itself
case of asparagus, although consumption is in the US market, the largest and fastest
stable, supply is falling due mainly to growing market for avocados in the world,
reduced exports from China. now open for Peruvian produce and in other
markets with high growth potential.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Subsequent events

Camposol focuses on Fresh opportunities for growth and consolidation

of their business.
and Frozen Segment
In this regard, CAMPOSOL has signed an
In recent years, in line with its strategic plan, agreement with Sociedad Agrícola Virú,
CAMPOSOL has invested significantly in whereby it has transferred assets from its
specializing the company in the fresh fruits preserved business. Such assets include
& vegetables segment, diversifying its machinery from CAMPOSOL’s canning
portfolio of products and customers, as well plant, as well as equipment and inventories,
as increasing its presence in key markets for excluding agricultural and industrial fields
the company with favorable and where those operations took place, which
encouraging results. remain as CAMPOSOL’s property.

Thus, in line with this vision, CAMPOSOL has Additionally, through this agreement,
decided to continue empowering its fresh Sociedad Agrícola Virú will use CAMPOSOL´s
and frozen business segments, and exiting packing plant services for the processing of
the preserved business. The Company its fresh fruits and vegetables, given the
considers these strategic changes in high degree of specialization and efficiency
CAMPOSOL’s businesses will allow for of CAMPOSOL in these product categories.
greater specialization, efficiency and focus
on product categories in which the
Company has made significant investments
in recent years, and thus maximize

The Board of Directors,

Camposol Holding Ltd

Limassol, Cyprus
February 4th 2016

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Financial Tables

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

AS OF DECEMBER 31st 2015
For the quarter For the Year
ended ended

31.12.15* 31.12.14* 31.12.15* 31.12.14**

Notes USD 000 USD 000 USD 000 USD 000

Continuing operations:
Revenue 86,400 72,959 289,329 267,554
Cost of sales (58,342) (56,077) (208,849) (184,389)
Gross profit 28,058 16,882 80,480 83,165
Gain (loss) arising from change in fair value of biological assets 31,374 (67,653) 37,597 (46,807)
Profit (loss) after adjustment from biological assets 59,432 (50,771) 118,077 36,358

Administrative expenses 4 (6,042) (8,953) (24,904) (28,703)

Selling expenses 5 (7,510) (6,092) (30,834) (38,115)
Other income 6 2,072 15,717 9,936 18,431
Other expenses 6 (9,582) (2,422) (13,925) (9,411)
Operating profit (loss) 38,370 (52,521) 58,350 (21,440)

Profit (loss) attributable to associate 578 687 253 918

Finance income (30) 34 13 116
Finance cost (6,047) (6,075) (24,969) (22,798)
Net foreign exchange transactions 37 (1,373) (5,224) (3,063)
Profit (loss) before income tax 32,908 (59,248) 28,423 (46,267)

Income tax credit (expense) (15,374) 13,819 (10,832) 12,623

Profit (loss) for the period from continuing operations 17,534 (45,429) 17,591 (33,644)

Basic and diluted earnings (loss) per ordinary share

(expressed in USD dollars per share) 0.642 (0.559) 0.644 (1.232)

Depreciation & Amortization 3,346 3,475 12,634 12,535

Amortization without IAS-41 1,399 1,390 5,422 5,612

EBITDA 19,251 6,702 42,799 34,494

* Non audited
** Audited

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

AS OF DECEMBER 31st 2015
31.12.15* 31.12.14**
Notes USD 000 USD 000
Assets
Non-current assets
Property, plant and equipment, net 7 182,360 194,102
Investments in associated companies 2,036 1,782
Intangibles assets 10 14,059 16,584
Non-current portion of biological assets 298,998 237,725
Deferred income tax 1,418 2,667
498,871 452,860

Current assets
Current assets held for sale 2,738 -
Prepaid expenses 970 1,142
Current portion of biological assets 13,959 19,227
Inventories 9 50,841 95,236
Accounts receivable to related company 40 -
Other accounts receivable 8 20,224 23,606
Trade accounts receivable 40,709 45,994
Cash subject to restrictions - 7,500
Cash and cash equivalents 26,645 30,505
156,126 223,210
Total assets 654,997 676,070

Equity attributable to
shareholders of the parent
Share capital 507 507
Share premium 212,318 212,318
Other reserves 825 825
Cumulative Translation Adjustment - -
Retained earnings 88,780 76,570
302,430 290,220
Non-controlling interests 8,744 8,142
Total equity 311,174 298,362

Non-current liabilities
Long-term debt 204,851 206,117
Deferred income tax 43,302 35,139
Other payables 4,930 4,833
253,083 246,089
Current liabilities
Current portion of long-term debt 1,524 2,992
Trade accounts payables 34,355 48,315
Other accounts payables 18,741 20,709
Income tax payable - -
Bank loans 36,120 59,603
90,740 131,619
Total liabilities 343,823 377,708
Total equity and liabilities 654,997 676,070

* Non audited
** Audited

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

AS OF DECEMBER 31st 2015

Equity
attributable to Non-
Share Share Other Retained shareholders of controlling Total
capital premium reserves earnings the parent interests equity
USD000 USD000 USD000 USD000 USD000 USD000 USD000

Balance as of 1 January 2014 507) 212,318) 825 76,570 290,220) 8,142 298,362)
Cumulative Translation Adjustment - - - (4,349) (4,349) - (4,349)
Adjustment - - - (430) (430) - (430)
Net result - - - 17,591 17,591 - 17,591
Result of non-controlling interest - - - (790) (790) 790 -
Dividends - - - 188 188 (188) -
Balance as of 31 December 2014 507 212,318 825 88,780 302,430 8,744 311,174

The total paid in number of ordinary shares as of 31 December 2015 is 29,833,820 shares with a par value of Euro 0.01 per share.

The Company has also 2,570,500 dormant shares without any voting or dividend rights.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD

AS OF DECEMBER 31st 2015
31.12.15* 31.12.14**
Cash flow from operating activities
Collections 302,569 277,021
Payment to suppliers and employees (251,645) (302,928)
Interest paid (23,564) (19,201)
Custom duties refund collections 7,660 9,034
Other collections 2,949 (2,249)
Net cash generated from (used in) operating activities 37,969 (38,323)

Cash flow from investing activities

Purchases of property, plant and equipment (11,921) (34,941)
Investments in biological assets (11,183) (4,490)
Purchases of intangibles, excluding goodwill (1,633) (156)
Acquisition of subsidiary, net of cash acquired - (15,449)
Proceeds from sale of property, plant and equipment 9,126 203
Net cash used in investing activities (15,611) (54,833)

Cash flow from financing activities

Bank loans proceeds 128,383 121,590
Bank loans payments (151,866) (88,987)
Bonds issue, net of transaction costs - 73,374
Payments of long-term debt (2,735) (9,556)
Net cash generated from (used in) financing activities (26,218) 96,421

Net (decrease) increase in cash and cash equivalents (3,860) 3,265

Cash and cash equivalents at the beginning of the period 30,505 27,240
Cash and cash equivalents at the end of the period 26,645 30,505

*Non-audited
**Audited

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD

AS OF DECEMBER 31st 2015
31.12.15* 31.12.14**
Conciliation
Operating activities:
Reconciliation of profit for the period (year) to net cash generated
from (used in) operating activities:
Profit before income tax 28,423 (46,267)
Depreciation 12,137 9,879
Amortization 497 2,657
Transfer to biological assets 5,422 5,612
Impairment of trade accounts receivable 299 1,562
Obsolescence of inventories 7,451 5,102
Recovery of doubtful accounts (121) -
Fair value of biological assets (56,005) 45,217
Cost of crops on product in process (5,880) -
Loss (Gain) on sale of property, plant and equipment (6,732) 177
Disposal of Intangibles 3,611 73
Gain attributable to associate (254) (918)
Deferred income tax 10,832 (12,984)
Net exchange difference (1,587) 1,254
Write down off trade accounts receivable (268) -
Write down off inventories (1,710) (3,377)
Adjustment (1,300) -
Adjustment acquisition of subsidiaries - (15,112)
Increase (decrease) of cash flows from operations due to
changes in assets and liabilities:
Cash subject to restrictions 7,500 (7,500)
Trade accounts receivable 5,562 7,904
Other accounts receivable 3,357 (11,168)
Inventories 38,652 (34,103)
Prepaid expenses 172 (115)
Trade accounts payable (13,960) (12,340)
Other accounts payable 1,871 26,124
Net cash generated from (used in) operating activities 37,969 (38,323)

* Non-audited
** Audited

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Selected disclosure notes

1. Basis of preparation

This condensed consolidated financial information for the fourth quarter ended December 31st,
2015 has been prepared in accordance with IAS-34, ‘Interim financial reporting’ (IFRS). The
condensed consolidated interim financial information should be read in conjunction with the
annual financial statements for the year ended December 31st, 2015 which have been prepared
in accordance with IFRS.

2. Significant accounting policies

The consolidated financial statements have been prepared on historical cost basis, except
biological assets and derivative financial instruments, which have been measured at fair value
and in accordance with IFRS.

The financial statements are presented in United States dollars (USD) and all monetary amounts
are rounded to the nearest thousand (USD ’000) except when otherwise indicated. The financial
statements do not include all the information and disclosures required in the annual financial
statements, and should be read in conjunction with the financial statements as of December
31st, 2015.

The accounting policies adopted in the preparation of the financial statements are consistent
with those followed in the preparation of the financial statements for the year ended December
31st 2015.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

3. Segment information

Results of fourth quarter 2015

Shrimp and other

Avocados Asparagus Grapes Artichokes Peppers Mangos Blueberries Other** Total
seafood products

2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
USD thousands Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

Revenues 831 7,527 9,104 21,289 9,860 17,453 6,712 5,770 7,391 4,896 2,222 410 36,291 5,795 11,536 8,656 2,453 1,163 86,400 72,959

Cost of goods sold (627) (3,595) (10,379) (18,584) (9,372) (13,632) (6,167) (5,195) (7,157) (4,642) (2,040) (481) (8,119) (1,415) (12,431) (6,717) (2,050) (1,816) (58,342) (56,077)

Gross profit 204 3,932 (1,275) 2,705 488 3,821 545 575 234 254 182 (71) 28,172 4,380 (895) 1,939 403 (653) 28,058 16,882
Volume produced (net
MT) (1) 3 - 881 3,903 6,255 10,512 1,502 3,993 31 4,741 2,293 603 2,906 558 1,672 711 - - 15,543 25,021

Volume sold (net MT) 310 2,978 2,631 5,288 5,973 8,551 2,574 2,227 3,200 2,065 1,618 293 3,178 478 1,936 945 3,705 199 25,115 23,025
Weighted avg. effective
price (USD /Kg.) 2.68 2.53 3.46 4.00 1.65 2.04 2.61 2.56 2..31 1.89 1.37 1.40 11.42 12.12 5.96 9.16 3.44 3.17

Planted area (Has) 2,655 2,643 1,262 2,058 326 451 137 236 216 306 450 526 1,050 567 1,331 1,050 145 106 7,572 7,943
Volume Harvested (MT)
(2)
- 896 4,598 6,815 10,228 1,293 5,826 52 6,234 426 496 3,104 603 1,496 989 14,083 28,974

Third party supply (MT) - 340 1,422 1,450 1,565 2,335 0 1,017 3,904 1,178 - - 5,810 7,404

Fresh % * -8% 90% 31% 49% 100% 100% 0% 0% 0% 0% 83% 76% 100% 100% 0% 0% 76% 64%

Preserved % * 0% 0% 67% 49% 0% 0% 95% 100% 100% 100% 2% 17% 0% 0% 0% 0% 17% 30%

Frozen % * 108% 10% 3% 2% 0% 0% 5% 0% 0% 0% 15% 7% 0% 0% 100% 100% 7% 6%

(1) Includes processed raw material from suppliers

(2) Only own production

* by net volume sold

** include, basically, result of tangerine, pomegranate.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

Results as of December 31st 2015

Shrimp and other

Avocados Asparagus Grapes Artichokes Peppers Mangos Blueberries Other** Total
seafood products

2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

USD thousands YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD

Revenues 53,678 73,400 42,833 65,222 16,844 23,694 16,637 14,098 21,214 14,681 23,082 23,499 48,071 9,542 57,156 33,755 9,814 9,663 289,329 267,554

Cost of goods sold (27,131) (34,910) (37,335) (51,286) (16,959) (19,381) -15,646 (13,089) (20,846) (14,075) (15,804) (15,362) (12,001) (2,756) (56,279) (24,343) (6,848) (9,187) (208,849) (184,389)

Gross profit 26,547 38,490 5,498 13,936 (115) 4,313 991 1,009 368 606 7,278 8,137 36,070 6,786 877 9,412 2,966 476 80,480 83,165

(1)
Volume produced (net MT) 25,113 39,790 6,559 15,349 6,720 11,600 3,725 6,977 4,394 9,258 13,935 15,603 4,693 1,037 5,718 2,866 5,048 3,399 75,905 104,879

Volume sold (net MT) 27,274 40,204 10,653 16,600 9,806 11,798 6,448 5,548 10,066 6,505 13,753 15,790 4,436 912 10,309 2,993 3,290 3,874 99,729 104,224
Weighted avg. effective price (USD
/Kg.) 1.97 1.81 4.02 3.90 1.72 2.01 2.58 2.53 2.11 1.87 1.68 1.48 10.84 10.46 5.54 11.28 2.90 2.57

Planted area (Has) 2,655 2,653 1,262 2,058 326 451 137 236 216 306 450 526 1,050 567 1,331 1,050 145 106 7,572 7,943

Volume Harvested (MT) (2) 26,822 39,069 8,603 17,335 7,344 11,717 1,740 8,482 4,875 13,121 10,575 10,771 5,122 1,110 5,640 3,824 70,721 105,429

Third party supply (MT) 3,135 2,905 1,947 3,884 1,481 5,576 5,336 1,217 1,339 8,930 11,671 2 442 - 21,247 26,618

Fresh % * 96% 96% 39% 40% 100% 100% 0% 0% 0% 0% 73% 61% 100% 100% 0% 0% 61% 68%

Preserved % * 0% 0% 58% 5% 0% 0% 97% 100% 91% 100% 2% 2% 0% 0% 0% 0% 20% 21%

Frozen % * 4% 4% 4% 4% 0% 0% 3% 0% 9% 0% 25% 37% 0% 0% 100% 100% 19% 11%

(1) Includes processed raw material from suppliers

(2) Only own production
* by net volume sold
** include, basically, result of tangerine, pomegranate.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

4. Administrative expenses

Administrative expenses decreased from USD 28.7 million in 2014 to USD 24.9 million in 2015.
The variation of USD 3.8 million is explained mainly by lower professional fees paid related to
strategic, operational advisory and travel expenses.

For the year ended

31.12.15 31.12.14
USD 000 USD 000
Personnel expenses 12,667 11,917
Professional fees 3,033 6,070
General services 914 1,921
Renting of machinery and equipment 2,428 1,919
Travel and business expenses 768 1,420
Depreciation & amortization 1,381 1,218
Maintenance 745 1,038
Other expenses 2,968 3,200
Total 24,904 28,703

5. Selling expenses

Selling expenses decreased from USD 38.1 million in 2014 to USD 30.8 million in 2015 mainly
due to changes in commercial conditions of sale (change of FOB to CFR / CIF terms).

The fixed selling expenses decreased by USD 3.9 million due to USD 1.3 million reduction in
travel expenses, USD 0.5 million reduction in professional fees, USD 0.7 million reduction in agro
industrial associations fees, and due to no amortization of intangible management portfolio,
which concluded during 2014.

For the year ended

31.12.15 31.12.14
USD 000 USD 000
Freight 15,062 15,763
Custom duties 6,047 8,877
Personnel expenses 4,003 3,832
Travel and business expenses 931 2,208
Amortization of customer relationships - 2,132
Consulting services 879 1,345
Insurance 1,119 990
Agro industrial associations fees - 691
Selling commissions 477 371
Other expenses 2,316 1,906
Total 30,834 38,115

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

6. Other income (expense)

Net other income (expense) change from net other income of USD 9.9 million in 2014 to net
other expenses of USD 3.9 million in 2015. In 2015, other income is mainly explained by the sale
of approximately 302.6 Has to Desarrollo Inmobiliario Marverde S.A.C., a real estate company
owned by Generación Del Pacífico Grupo SL., for USD 8.1 million. In 2015, other expense is
explained by goodwill impairment of the asparagus unit for USD 3.5 million and provisions for
inventory impairment and other, which include the cost related to the exit of the preserved
business.

For the year ended

31.12.15 31.12.14
USD 000 USD 000
Other income 9,936 18,431
Other expense (13,925) (8,436)
Total (3,989) 9,995

7. Property, plant and equipment

Additions are part of the investment program in equipment, infrastructure and land to improve
the production facility and fields. The adjustments are principally the net cost of fixed assets
from NIC 41.
USD 000
Opening net book amount as of January 1, 2015 194,102
(+) Additions 16,810
(-) Write – off (5,765)
(-) Depreciation (12,137)
(+/-) Adjustments (10,650)
Closing net book amount as of December 31, 2015 182,360

8. Other accounts receivable

Other accounts receivable decreased from USD 23.6 million at December 31st 2014, to USD 20.2
million at the end of 2015 mainly due to the decrease of tax credits provisions.

As of 31.12.15 31.12.14
USD 000 USD 000
Value added tax (IGV in Peru) 6,169 8,074
Income tax credit 7,281 7,949
Custom duties refund - Drawback 1,240 2,491
Prepayments to suppliers 292 1,444
Doubtful accounts 865 883
Due from employees 209 344
Other 5,034 3,304
21,090 24,489
Less :
Allowance for doubtful accounts (866) (883)
20,224 23,606

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

9. Inventories

Total inventories decreased from USD 95.2 million at December 31st 2014, to USD 50.8 million
by the end of 2015. The variation of USD 44.4 million is explained mainly due to a decrease in
inventory of finished products such as asparagus, peppers and artichokes due to higher
volume sales of these products.

As of: 31.12.15 31.12.14

USD 000 USD 000
Finished product 27,012 57,365
Supplies 11,385 15,806
Packaging 7,975 13,602
Raw materials and others 2,186 4,005
Product in process 1,536 1,862
In-transit raw materials and supplies 747 2,596
Total 50,841 95,236

10. Intangible assets

As of: 31.12.15 31.12.14

USD 000 USD 000
Goodwill 10,470 14,006
Customer relationships - -
Software 3,614 2,478
Others (25) 100
Total 14,059 16,584

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

11. Transactions with related parties

The main transactions carried out between the Group and related companies are as follows:

For the year

ended
31.12.15 31.12.14
USD 000 USD 000

Empacadora de Frutos Tropicales S.A.C.

Sales of services 3 45
Purchase of services 3,643 4,372

Gestión del Pacifico S.A.C.

Sales of services 44 5
Purchase of services 194 2,440
Purchase of fixed assets 43 112

Integrity Packing S.A.

Sales of services 1 -
Purchase of supplies 371 -

Amounts due from / to related parties:

As of As of
31.12.15 31.12.14
USD 000 USD 000

Trade accounts payable

Empacadora de Frutos Tropicales S.A.C 570 720
Gestión del Pacifico S.A.C. 96 170
Apoyo Consultoría S.A.C.** 6
Gestión del Pacifico S.A.C. 8 -
Empacadora de Frutas Tropicales S.A.C. 1 -

** The legal representative of Apoyo Consultoria S.A.C. was Director of the Group until
November 2013.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

12. Seasonality

Company production is subject to seasonal fluctuations, with peak production in the third to
fourth quarter of the year. This is due to seasonal weather conditions which affect production.

13. Use of NON-GAAP measures

In the discussion of operating results, CAMPOSOL refers to certain non-GAAP financial measures
such as EBITDA. CAMPOSOL’s management makes regular use of these measures to evaluate
the performance, both in absolute terms and comparatively from period to period. EBITDA,
which CAMPOSOL defines as sales minus cost of goods sold, administrative and selling expenses
plus depreciation, amortization and amortization without IAS-41, is an approximation of cash
flow from continuing operating activities before tax and net operating capital changes.
Amortization without IAS-41 is the cost assigned to cost of goods sold that under an accounting
without IAS-41 would be considered amortization.

CAMPOSOL’s definition of EBITDA may differ from that of other companies. EBITDA should not
be considered as an alternative to operating income and income before tax as an indicator of
the Company’s operations in accordance with IFRS. Nor is EBITDA an alternative to cash flow
from operating activities in accordance with IFRS. A reconciliation of EBITDA to total profit
before income tax is provided as follows:

For the For the

quarter ended year ended
31.12.15 31.12.14 31.12.15 31.12.14
USD 000 USD 000 USD 000 USD 000

EBITDA 19,251 6,702 42,799 34,494

Depreciation & Amortization (3,346) (3,475) (12,634) (12,535)

Amortization without IAS-41 (1,399) (1,390) (5,422) (5,612)
Other income (expenses) (7,510) 13,295 (3,989) 9,020
Gain arising from change in fair value of 31,374 (67,653) 37,957 (46,807)
biological assets
Operating profit (loss) 38,370 (52,521) 58,350 (21,440)

Profit attributable to associate 578 687 253 918

Finance income (30) 34 13 116
Finance cost (6,047) (6,075) (24,969) (22,798)
Net foreign exchange transactions 37 (1,373) (5,224) (3,063)
Profit (loss) before income tax 32,908 (59,248) 28,423 (46,267)

24
 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2015 Report

For further information, please contact:

Manuel Salazar Diez Canseco, CEO

msalazar@camposol.com.pe

Maria Cristina Couturier, CFO

mcouturier@camposol.com.pe

Maria Elena Olmos, IR Officer

molmos@camposol.com.pe

Phone: +511 634 7141

About CAMPOSOL
CAMPOSOL is the leading agro industrial company in Peru, the first producer of avocados and
soon the first producer of blueberries in the world. It is involved in the harvest, processing and
marketing of high quality agricultural products such as avocadoes, asparagus, blueberries,
grapes, mangos, tangerines and shrimp; which are exported to Europe, the United States of
America and Asia.
CAMPOSOL is a vertically integrated company located in Peru, offering fresh and frozen
products. It is the third largest employer of the country, with more than 13 thousand workers in
high season, and is committed to support sustainable development through social responsibility
policies and projects aimed to increase the shared-value for all of its stakeholders.
CAMPOSOL was the first Peruvian agro industrial company to present annual audited
Sustainability Reports and has achieved the following international certifications: BSCI, Global
Gap, IFS, HACCP and BRC among others.

To learn more about CAMPOSOL please visit: www.camposol.com.pe

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