CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

CAMPOSOL
Real Food for Life

Fourth Quarter and Preliminary Full Year 2016 Report

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Fourth Quarter 2016 Highlights

- For the year ended December 31st 2016, EBITDA from continuing operations amounted to
USD 76.6 million, up 121.1% from 2015. EBITDA margin from continued operations
increased to 27.7% from 14.6% in 2015. EBITDA margin from discontinued operations
decreased to -17.3% from 15.5% in 2015. During 4Q-16, EBITDA from continued operations
was USD 35.4 million, up 118.7% from the same period last year. During 4Q-16, EBITDA
margin from continued operations increased to 34.7% from 20.9%% in the same period last
year.
- Volume sold during 4Q-16, including discontinued operations volume, was 21,454 net MT,
down 14.6% from 4Q-15 mainly explained by a decrease in volumes of asparagus, artichokes,
peppers, net of an increase in volumes of blueberries and grapes. For the full year 2016,
volume sold, including discontinued operations volume, was 82,009 net MT.
- Average realized price during 4Q-16, including discontinued operations sales, was USD 4.77
per net KG, up 38.7% from 4Q-15 mainly explained by higher prices of shrimp and other
seafood products and higher prices of grapes. For the full year 2016, average realized price,
including discontinued operations sales, was USD 3.66 per net KG.
- Sales during 4Q-16, including discontinued operations sales, were USD 102.3 million, up
18.4% from 4Q-15, mainly due to higher volumes of blueberries and higher volumes and
higher prices of shrimp and other seafood products. For the full year 2016, sales, including
discontinued operations sales, were USD 300.5 million.
- Average cost of goods sold during 4Q-16, including discontinued operations costs, was USD
2.82 per net KG, up 12.1% from 4Q-15 mainly explained by higher costs of other seafood
products, asparagus and blueberries. For the full year 2016, average cost of goods sold,
including discontinued operations costs, was USD 2.58 per net KG.
- On December 2016, Camposol obtained a mid-term facility from a local bank for up to USD
15 million dollars, these funds were used to pay in part the outstanding Senior Secured
Notes due 2017.
- As of December 31st 2016, the Company maintained a cash balance of USD 84.7 million.
- On February 2nd, 2017, Camposol successfully made the maturity payment of its 9.875%
Senior Secured Notes due 2017. As a consequence, Camposol now only has its 10.5% Senior
Secured Notes due 2021 trading on the financial markets, these notes represent USD
147,490,000.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

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

For the year

Fourth Quarter Through December 31st ended
31 December
USD thousands (if not otherwise
2016* 2015* 2016* 2015** 2015***
stated)
Volume sold (MT 000) 21.5 25.1 82.0 99.7 104.2
Sales
From continued operations 102,075 77,364 276,691 236,638 272,692
From discontinued operations 245 9,037 23,856 52,692 16,637
102,320 86,401 300,547 289,330 289,329

Gross profit
From continued operations 42,195 24,409 95,084 54,890 79,489
From discontinued operations (472) (1,339) (6,511) 3,459 514
41,723 23,070 88,573 58,349 80,003

Operating profit
From continued operations 86,073 45,699 135,139 60,881 57,884
From discontinued operations (155) (1,339) (6,697) 3,459 514
85,918 44,360 128,442 64,340 58,398

Loss / Profit before income tax

From continued operations 78,179 40,239 109,541 30,956 27,959
From discontinued operations (472) (1,339) (6,511) 3,459 514
77,707 38,900 103,030 34,415 28,473

Loss / Profit for the period

From continued operations 65,421 24,680 96,906 19,939 16,904
From discontinued operations (8,004) (1,339) (13,195) (2,521) 514
57,417 23,341 83,711 17,418 17,418

EBITDA From continued operations 35,436 16,203 76,620 34,658

EBITDA From discontinued 42,888
351 3,099 (4,130) 8,192
operations
EBITDA 35,787 19,302 72,490 42,850 42,888

Gross Margin** 41.3% 31.6% 34.4% 23.2% 29.1%

EBITDA b.f.v.a. Margin** 34.7% 20.9% 27.7% 14.6% 15.7%
All figures according to IFRS
* Non audited
** Non Audited Considers artichoke business and asparagus business as
discontinued operations
*** Audited Considers only artichoke business as
discontinued operations

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Financial Review for the Fourth Quarter and Full Year 2016
The figures below describe developments in
the fourth quarter and the preliminary full
year 2016, with figures for the
corresponding periods of 2015 in
parenthesis.
Results
Revenue for the fourth quarter of 2016,
without discontinued operations revenue,
was USD 102.0 million (77.4), up 31.9% from
the same period last year. For the full year
2016, revenues without discontinued
operations revenue, was USD 276.7 million
(236.6), up 16.9% from the year before, an
increase mainly explained by higher volume
sold of blueberries and grapes as well as
higher prices of shrimp and other seafood
products.
Average realized price for the fourth
quarter of 2016, without discontinued
operations sales, was USD 4.85 per net KG,
up 26.5% from 2015. For the full year 2016,
average realized price, without
discontinued operations sales, was USD
3.66 per net KG, up 29.9% from the year
before, an increase mainly explained by
higher prices of shrimp and other seafood
product, avocados, mangos and grapes.
Gross profit for the fourth quarter of 2016,
without discontinued operations, was USD
42.2 million (24.4). For the full year 2016,
gross profit, without discontinued
operations, was USD 95.1 million (54.9),
which resulted in a gross margin of 34.4%
(23.2%). EBITDA margin for the fourth
quarter 2016, without discontinued
operations, was 34.7% (20.9%). For the full
year 2016, EBITDA margin, without
discontinued operations, was 27.7% (14.6
%).
During fourth quarter 2016, administrative
expenses amounted to USD 8.6 million (6.0),
and fixed selling expenses amounted to USD
2.5 million (2.5). For the full year 2016,
administrative expenses amounted to USD
26.6 million (24.9), and fixed selling
expenses amounted to USD 8.2 million
(8.7).
As a result, operating profit from continued
operations was USD 86.1 million during the
fourth quarter of 2016 (45.7). For the full
year 2016, operating profit from continued
operations was USD 135.1 million (60.9).
Financial costs amounted to USD 6.1 million
during the fourth quarter of 2016 (6.0). For
the full year 2016, financial cost amounted
to USD 24.7 million (25.0), the decrease is
mainly explained by lower use of working
capital credit lines.
Profit from continued operations was USD
65.4 million during the fourth quarter of
2016 (24.7). For the full year 2016, profit
from continued operations was USD 96.9
million (19.9).
For the fourth quarter of 2016, the
Company recorded an EBITDA of USD 35.8
million (19.3). For the year ended of 2016,
EBITDA increased to USD 72.5 million (42.9).
EBITDA margin increased to 24.1% for the
full year 2016 (14.8%).
Balance Sheet and Cash Flow
At the end of 2016, non-current assets
increased to USD 522.3 million compared to
USD 497.6 million at the end of 2015, mainly
due to investment in property, plant and
equipment.
Inventories decreased to USD 32.8 million at
the end of 2016, compared to USD 47.1
million at the end of 2015, mainly due to a
decrease in finished products inventory
such as asparagus and peppers.
Trade accounts receivable increased to USD
42.8 million at the end of 2016 from USD
40.7 million at the end of 2015.
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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Trade accounts payables increased to USD
37.8 million at the end of 2016, from USD
34.4 million at the end of 2015. As a result,
total working capital (accounts receivable +
inventories - accounts payable) decreased
to USD 37.9 million at the end of 2016, from
USD 53.4 million at the end of 2015.
Current working capital as of December
31st, 2016 is 12.6% of total last twelve
month sales, including discontinued
operations sales. Such significant reduction
is the result of the companys effort to
improve working capital needs.
Total liabilities decreased to USD 376.0
million at the end of 2016, compared to USD
347.0 million at the end of 2015.
At the end of 2016, the Company generated
USD 64.9 million (generated USD 33.6
million at the end of 2015) from operations,
made a net investment of USD 22.6 million
(net investment USD 9.8 million at the end
of 2015) in property, plant and equipment,
and in financing activities the Company
recorded a net cash inflow of USD 15.7
million (payment of USD 27.6 million at the
end of 2015), resulting in a net increase in
cash of USD 58.1 million (decrease of USD
3.9 million at the end of 2015). The
Company ended the year 2016 with USD
84.7 million in cash (USD 26.6 at the end of
2015).

The Companys debt, gross of capitalized

fees, increase to USD 264.2 million at the
end of the fourth quarter 2016, compared
to USD 252.6 million at the end of 2015,
mainly due to an increase of working capital
credit lines. The Companys debt includes
USD 147.5 million of senior secured notes
due 2021 (0.0), USD 46.8 million of senior
secured notes due 2017 (200.0), USD 9.2
million interest of long term debt (8.4), USD
40.9 million of working capital credit lines
(36.1), USD 4.7 million in leasing and other
(8.0), and USD 15.0 million in a mid-term
debt (0.0).

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Segment Reporting for the Fourth Quarter and Full Year 2016
Fourth Quarter 2016 Results
Period ended December 31st 2016

Shrimp & Asparagus Artichokes

Blueberries Avocados Mangos Grapes Peppers Other Total
other SP. (*) (*)
USD thousands
Revenues 62,919 1,497 17,489 1,257 12,772 525 5,616 218 27 102,320
Gross profit 38,380 321 2,080 78 445 (228) 1,119 (469) (3) 41,723
Gross margin % 61.0% 21.4% 11.9% 6.2% - -43.4% 19.9% -215.1% -11.1% 40.8%

Net million tons

Volume
7,824 1 2,945 3,907 8,209 - (155) - - 22,731
produced
Volumes sold 6,807 378 2,182 1,069 6,884 1,633 2,095 315 91 21,454
USD/kg
Weighted avg.
9.24 3.96 8.02 1.18 - 0.32 2.68 0.69 0.30 4.77
price
(*) Discontinued operations

Year ended December 31st 2016

Shrimp & Asparagus Artichokes

Blueberries Avocados Mangos Grapes Peppers Other Total
other SP. (*) (*)
USD thousands
Revenues 100,202 53,413 70,173 21,495 13,583 4,170 13,655 20,640 3,216 300,547
Gross profit 61,417 19,674 6,389 4,329 (1) (527) 3,803 (6,568) 57 88,573
Gross margin % 61.3% 36.8% 9.1% 20.1% 0.0% -12.6% 27.9% -31.8% 1.8% 29.5%

Net million tons

Volume
12,863 21,730 9,032 13,477 8,488 - 5,076 976 - 71,642
produced
Volumes sold 10,941 22,947 8,876 12,328 7,475 7,397 5,661 4,980 1,404 82,009
USD/kg
Weighted avg.
9.16 2.33 7.91 1.74 1.82 0.56 2.41 4.14 2.29 3.66
realized price
(*) Discontinued operations

Blueberries
Blueberries are currently the most
profitable crop in the portfolio, on which
the most important investments were made
during the last three years.
CAMPOSOL sold 10,941 net MTs of fresh
blueberries during 2016, at an average price
of USD 9.16 per net KG. This represents an
increase of 146.6% in volume sold and a
decrease of 15.5% in price compared to the
same period last year.
During 2016, total gross margin for
blueberries was 61.3%, down 4.9 pp
(percentage points) compared to 2015.
Avocados
Avocados are one of the most important
products in the portfolio of the Company,
with a gross margin of 36.8% during 2016.
CAMPOSOL sold 20,921 net MTs of fresh
avocados during 2016, at an average price
of USD 2.18 per net KG representing a
decrease of 17.5% in volume sold and an
increase of 20.6% in price compared to the
2015.
CAMPOSOL sold 2,026 net MTs of frozen
avocados during 2016, at an average price
of USD 3.57 per net KG, representing an
increase of 5.0% in volume sold and a
decrease of 9.2% in price compared to 2015.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
During the 2016, total gross margin for
avocados was 36.8%, down 0.6 pp
(percentage points) from 2015.
Shrimp and other seafood products
CAMPOSOL sold 8,876 net MTs of shrimp
and other seafood products during 2016, at
an average price of USD 7.91 per net KG.
This represents a decrease of 13.9% in
volume sold and an increase of 42.6% in
price compared to 2015.
During 2016 total gross margin for shrimp
and other seafood products was 9.1%, up
11.9 pp (percentage points) from same
period last year.
Mangos
CAMPOSOL sold 7,774 net MTs of fresh
mangos during the 2016, at an average price
of USD 1.26 per net KG. This represents a
decrease of 22.7% in volume sold and a
decrease of 14.9% in price compared to
2015.
CAMPOSOL sold 4,359 net MTs of frozen
mangos during 2016, at an average price of
USD 2.21 per net KG. This represents an
increase of 28.0% in volume sold and an
increase of 4.2% in price compared to 2015.
CAMPOSOL sold 195 net MTs of preserved
mangos during 2016, at an average price of
USD 1.91 per net KG. This represents a
decrease of 31.2% in volume sold and a
decrease of 0.9% in price compared to the
2015.
During the 2016 total gross margin for
mango was 20.1%, down 1.4 pp (percentage
points) from 2015.
Grapes
CAMPOSOL sold 7,475 net MTs of fresh
grapes during 2016, at an average price of
USD 1.82 per net KG, representing an
increase of 95.1% in volume sold and an
increase of 5.8% in price compared to 2015.
During 2016, total gross margin for grapes
was -0.0%, up 12.0 pp (percentage points)
from 2015.
For further segment information please
refer to page 17 and 18.
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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Investment Program
During 2016, the Company invested USD 24.8 million, of which USD 14.3 million were invested
in blueberries (for permanent plantations, 540 has 2016 investment program and part of 252
has which are the 2016 second blueberries investment program), USD 4.6 million in machinery
and equipment (for plant and fields), USD 2.4 million for other crops permanent plantations
and other (tangerines, grapes, avocados and mangos), USD 2.0 million in shrimp and other
seafood products segment and USD 1.5 million in technological and administrative
improvements, among other.

Age of Fields / Net Has Planted by Segment

As of December 31st 2 016

Age Blueberries Avocados Mangos Grapes Tangerines Asparagus Total

(years) (Has) (Has) (Has) (Has) (Has) (Has) (Has)
0-1 791 97 - 126 64 6 1,307
1-2 384 10 - - - 1 251
2-3 182 - - - - - 150
3-4 49 149 33 - - - 235
4-5 54 - - 34 - - 34
5-6 - 242 - 150 - - 392
6-7 1 1,130 - - 103 - 1,234
7-8 - 269 - 82 - 1 352
8-9 - 24 - - - 59 83
9-10 - - - - - 84 84
10-11 - 11 - - - - 11
11-12 - - 11 - - 1 12
12-13 - 721 404 - - - 1,125
Total Has 1,460 2,653 448 391 167 151 5,270

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Important events during
2016
Camposol successfully
obtained a mid-term facility
from a local bank for up to
USD 15 million.
On December 28th, 2016, CAMPOSOL
obtained the disbursement of the mid-term
facility offered by a local bank for up to USD
15 million. This mid-term facility is a 3-year
loan with an annual interest rate of 6.7%
p.a.
Camposol cancelled USD 5.6
million of its 9.875% Senior
Secured Notes due on 2017.
On December 3rd, 2016, CAMPOSOL notified
Wells Fargo Bank, as Trustee of the 9.875%
Senior Secured Notes due 2017, that the
Company had purchased bonds for its own
account USD 5,563,000 aggregate principal
amount, and authorized and instructed
Wells Fargo Bank to accept the withdrawal
instruction trough The Depositary Trust
Company and finally cancel on Wells Fargo
books and records of these notes.
Market
The long term growth prospects for exotic
fruits and vegetables markets are excellent.
Avocados, blueberries, tangerines and
mangos are growing, with headroom for
increased per capita consumption in key
markets.
The Company expects good demand for all
fresh produce in general and for avocados
and blueberries specifically in both the
United States and Europe.
The Company expects to continue its
diversification strategy by increasing the
production capacity of blueberries and
shrimp and other related products.
Outlook
The Company is currently focused on adding
value to its clients through commercial,
marketing and service initiatives which
should result in higher margins.
Additionally, CAMPOSOL is analyzing new
opportunities to consolidate its leadership
through additional planting of current
crops, planting of new crops, strategic
alliances and acquisitions.
CAMPOSOL will continue positioning itself
in the fresh and frozen segments in which it
has made significant investments in recent
years, and thus maximize opportunities for
growth and consolidation of its business.
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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Subsequent events

Camposol successfully made

the maturity payment of its
9.875% Senior Secured Notes
due on 2017.
On February 2nd, 2017, CAMPOSOL
successfully made the maturity payment of
its 9.875% Senior Secured Notes due 2017.
As a consequence, CAMPOSOL now only has
its 10.5% Senior Secured Notes due 2021
trading on the financial markets, these
notes represent USD 147,490,000.

The Board of Directors,

Camposol Holding Ltd

Limassol, Cyprus
February 14, 2017

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Financial Tables

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF DECEMBER 31st, 2016
For the period For the year
ended ended
31.12.16* 31.12.15**
Notes USD 000 USD 000
Assets
Non-current assets
Property, plant and equipment, net 7 188,522 176,905
Investments in associated companies 2,764 2,036
Intangibles 10 13,813 13,717
Non-current portion of biological assets 314,808 300,783
Deferred income tax 2,360 4,131
522,267 497,572
Current assets
Assets held for sale 2,145 9,058
Prepaid expenses 988 970
Current portion of biological assets 74,377 14,211
Inventories 9 32,757 47,102
Other accounts receivable 8 16,029 21,396
Trade accounts receivable 42,799 40,709
Cash and cash equivalents 84,700 26,647
253,795 160,093
Total assets 776,062 657,665

Equity and liabilities

Capital and reserve attributable to
shareholders of the Company
Share capital 513 507
Share premium 217,312 212,318
Other reserves 825 825
Retained earnings 173,041 89,222
391,691 302,872
Minority interests 8,425 7,841
Total equity 400,116 310,713

Non-current liabilities
Long-term debt 155,430 204,851
Deferred income tax 56,432 46,201
Other payables 6,727 4,930
218,589 255,982
Current liabilities
Current portion of long-term debt 62,761 9,924
Trade payables 37,698 34,355
Other payables 16,047 10,571
Bank loans 40,850 36,120
157,356 90,970
Total liabilities 375,946 346,952
Total equity and liabilities 776,062 657,665

* Non audited
** Audited

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

THROUGH DECEMBER 31st, 2016

For the quarter For the period For the year

ended ended ended

31.12.16* 31.12.15** 31.12.16* 31.12.15** 31.12.15***

Notes USD 000 USD 000 USD 000 USD 000 USD 000
Revenue 102,075 77,364 276,691 236,637 272,692
Cost of sales (59,880) (52,955) (181,607) (181,748) (193,203)
Gross profit 42,195 24,409 95,084 54,890 79,489
Net adjustment from change in fair value of biological
49,817 33,411 79,718 39,634 39,634
assets
Profit after adjustment from biological assets 92,012 57,820 174,802 94,524 119,123

Administrative expenses 4 (8,603) (6,042) (26,610) (24,904) (30,319)

Selling expenses 5 (2,489) (2,522) (8,183) (8,703) (24,904)
Other income 3,010 1,288 5,274 9,152 9,518
6
Other expense 2,143 (4,845) (10,144) (9,188) (15,534)
Operating profit 86,073 45,699 135,139 60,881 57,884

Share of gain (loss) of associated companies 940 578 728 253 253
Finance income 89 (30) 846 13 13
Finance costs (6,136) (6,047) (24,717) (24,969) (24,969)
Currency translation differences (2,787) 39 (2,455) (5,222) (5,222)
Profit (loss) before income tax 78,179 40,239 109,541 30,956 27,959
Income tax (12,758) (15,559) (12,635) (11,017) (11,055)
Profit (loss) for the period from continuing operations 65,421 24,680 96,906 19,939 16,904
Gross profit for the period from discontinued operations (472) (1,339) (6,511) 3,459 514
Administrative expense from discontinued operations 317 - (186) - -
Other income and expense from discontinued operations (7,849) (5,980) (6,498) (5,980) -
Profit for the period 57,417 17,361 83,711 17,418 17,418

Basic earnings per ordinary share

(expressed in US dollars per share) 2.350 0.904 3.482 0.730 0.619

Diluted earnings per ordinary share

(expressed in US dollars per share) 2.350 0.904 3.482 0.730 0.619

Depreciation & Amortization from continued operations 3,007 (1,040) 11,172 7,953 12,686
Depreciation & Amortization from discontinued
506 4,438 2,567 4,733
operations
Amortization without IAS-41 1,326 1,399 5,157 5,422 5,422

EBITDA From continued operations 35,436 16,203 76,620 34,658 42,374

EBITDA From discontinued operations 351 3,099 (4,130) 8,192 514
EBITDA before fair value adjustment 35,787 19,302 72,490 42,850 42,888

* Non audited.
** Non Audited Considers artichoke business and asparagus business as discontinued operations
*** Audited Considers only artichoke business as discontinued operations.

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

AS OF DECEMBER 31st, 2016

Equity
attributable to Non-
Share Share Other Retained shareholders of controlling Total
capital premium reserves earnings the parent interests equity
USD 000 USD 000 USD 000 USD 000 USD 000 USD 000 USD 000

Balance as of 1 January 2016 507 212,318 825 89,222 302,872 7,841 310,713 (**)
Increase of capital 6 4,994 - - 5,000 - 5,000
CTA - - - 1,049 1,049 903 1,952
Adjustment - - - (852) (852) - (852)
Net result - - - 96,906 96,906 - 96,906
Dividends distribution - - - (89) (89) - (89)
Result of non-controlling
- - - - - (319) (319)
interest
Other comprehensive Income - - - (13,195) (13,195) - (13,195)
Balance as of 31 December 2016 513 217,312 825 173,041 391,691 8,425 400,116
- - - - - -

At December 2015, we had 29,833,820 ordinary shares and 2,570,000 dormant shares.
At December 2016, there was an increase of capital for 521,376 ordinary shares.
** Audited 2015

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD

AS OF DECEMBER 31st, 2016

31.12.16* 31.12.15**
USD 000 USD 000
Cash flow from operating activities
Collections 304,700 285,932
Payment to suppliers and employees (229,302) (232,118)
Interest paid (20,691) (23,564)
Income tax paid - (2,734)
Custom duties refund collections 5,348 7,660
Other collections 4,834 -
Other payments - (1,587)
Net cash (used in) provided by operating activities 64,889 33,589

Cash flow from investing activities

Transfer to cash subject to restriction - 7,500
Purchases of property, plant and equipment and biological assets (7,305) (11,921)
Investment in biological assets (16,571) (11,183)
Purchases of intangibles, excluding goodwill (892) (1,683)
Proceeds from sale of property, plant and equipment 2,156 7,461
Net cash used in investing activities (22,612) (9,826)

Cash flow from financial activities

Bank loans proceeds 102,650 128,383
Bank loans payments (97,920) (151,866)
Increase of capital 5,000 -
Prepayment of notes (5,563) -
New long-term proceeds 15,000 -
Payments of long-term debt (3,391) (4,138)
Net cash provided by financial activities 15,776 (27,621)

Net increase (decrease) in cash and cash equivalents during the period 58,053 (3,858)
Cash and cash equivalents at beginning of period 26,647 30,505
Cash and cash equivalents at end of period 84,700 26,647

* Non-audited
** Audited

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

CAMPOSOL HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD

AS OF DECEMBER 31st, 2016

31.12.16* 31.12.15**
Reconciliation USD 000 USD 000
Operating activities:
Profit before income tax 109,541 27,959
Depreciation 13,016 12,140
Amortization 723 648
Transfer to biological assets 5,157 5,422
Impairment of trade accounts receivable 1,376 299
Impairment of plant and equipment - 1,148
Obsolescence of inventories 3,576 4,969
Net realizable value impairment - 2,482
Disposal of discontinued operations assets 5,213 -
Fair value of biological assets (79,718) (58,042)
Loss / (Gain) on sale of property, plant and equipment 746 (6,697)
Impairment of goodwill - 3,778
(Profit)attributable to associate (728) (254)
Gain on leaseback (12) -
Deferred Income tax - 11,055
Net exchange difference (2,380) 518
Write-off of products in process 456 -
Write-off trade accounts receivable (5,729) (268)
Write-off inventories (4,393) (1,710)
Write-off investments of lands 569 -
Reversal of payable accounts (1,418) -
Adjustment 697 (853)
Reversal of NRV provision (1,906) -
(Gross profit) for the period from discontinued operations (13,195) -

Increase (decrease) of cash flows from operations due

to changes in assets and liabilities:
Trade accounts receivable 2,777 5,562
Other accounts receivable 3,606 2,037
Inventories 16,317 38,651
Prepaid expenses (18) 172
Trade payables 3,343 (13,960)
Other payables 7,274 (1,467)

Net cash provided by operating activities 64,889 33,589

* Non-audited
** Audited

15
 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Selected disclosure notes

1. Basis of preparation

This condensed consolidated financial information for the fourth quarter ended December 31st,
2016 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 for
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 2016 Report

3. Segment information

Results of fourth quarter 2016

Shrimp and other

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

2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015

USD thousands Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

Revenues 62,919 36,291 1,497 831 17,489 11,536 1,257 2,221 12,772 9,860 525 7,391 5,616 9,233 218 2,326 27 6,711 102,320 86,400

Cost of goods sold (24,539) (11,277) (1,176) (599) (15,409) (12,879) (1,179) (2,099) (12,327) (10,127) (753) (7,481) (4,497) (8,492) (687) (4,100) (30) (6,276) (60,597) (63,330)

Cost of goods sold (20,079) (8,469) (1,139) (662) (15,297) (12,870) (1,101) (2,069) (11,862) (9,637) (691) (7,375) (4,419) (8,413) (775) (4,302) 34 (6,402) (55,329) (60,199)

Drawback 201 350 40 35 290 439 46 29 382 265 8 219 8 46 27 239 4 235 1,006 1,857
Costs associated to
(4,661) (3,158) (77) 28 (402) (448) (124) (59) (847) (755) (70) (325) (86) (125) 61 (37) (68) (109) (6,274) (4,988)
sales
Gross profit 38,380 25,014 321 232 2,080 (1,343) 78 122 445 (267) (228) (90) 1,119 741 (469) (1,774) (3) 435 41,723 23,070
Volumes produced (net
7,824 2,857 1 3 2,945 1,672 3,907 2,293 8,209 6,255 - (110) (155) - - 881 - 2,188 22,731 16,039
MT) (1)
Volumes sold (net MT) 6,807 3,178 378 311 2,182 1,936 1,069 1,618 6,884 5,973 1,633 3,199 2,095 3,971 315 2,365 91 2,574 21,454 25,125

Weighted Average realized

9.24 11.42 3.96 2.67 8.02 5.96 1.18 1.37 1.86 1.65 0.32 2.31 2.68 2.33 0.69 0.98 0.30 2.61 4.77 3.44
prices (US$ /Kg.)

Planted area (Has) 1,460 954 2,653 2,655 1,003 967 448 536 391 310 20 216 - - 151 1,615 - 137 6,125.5 7,390

Volume Harvested (MT) (2) 8,051 3,104 - - 2,186 1,405 1,957 426 9,047 - 375 12 - - -4,952 896 - 447 16,664 6,290

Third party supply (MT) - - - - 55 245 5,792 3,904 - - - -559 - - -14 340 - 4,007 5,833 7,937

Fresh % * 100% 100% 86% 96% 100% 0% 53% 73% 100% 100% 0% 0% 0% 0% 0% 39% 0% 0% 66% 69%

Preserved % * 0% 0% 0% 0% 0% 0% 2% 2% 0% 0% 99% 91% 0% 0% 0% 58% 100% 97% 16% 15%

Frozen % * 0% 0% 14% 4% 0% 100% 45% 25% 0% 0% 1% 9% 0% 0% 0% 3% 0% 3% 18% 16%

(1) Includes processed raw material from suppliers

(2) Only own production
* by net volume sold
** include, principally, the result of tangerine.
***Discontinued operations

17
 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

Results as December 31st, 2016

Shrimp and other

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

2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015

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

Revenues 100,202 48,071 53,413 53,678 70,173 57,156 21,495 23,082 13,583 16,844 4,170 21,214 13,655 16,592 20,640 36,055 3,216 16,637 300,547 289,329

Cost of goods sold (38,785) (16,237) (33,739) (33,580) (63,784) (58,745) (17,166) (18,102) (13,584) (18,866) (4,697) (22,011) (9,852) (14,206) (27,208) (33,072) (3,159) (16,161) (211,974) (230,980)

Cost of goods sold (31,953) (12,804) (29,168) (28,220) (63,459) (58,253) (15,874) (16,532) (12,767) (17,338) (4,554) (21,507) (8,979) (13,394) (26,936) (32,406) (3,121) (16,253) (196,811) (216,707)

Drawback 815 803 819 1,089 1,698 1,974 559 728 392 379 55 661 208 230 331 1,387 79 607 4,956 7,858
Costs associated to
(7,647) (4,236) (5,390) (6,449) (2,023) (2,466) (1,851) (2,298) (1,209) (1,907) (198) (1,165) (1,081) (1,042) (603) (2,053) (117) (515) (20,119) (22,131)
sales
Gross profit 61,417 31,834 19,674 20,098 6,389 (1,589) 4,329 4,980 (1) (2,022) (527) (797) 3,803 2,386 (6,568) 2,983 57 476 88,573 58,349
Volumes produced (net
12,863 4,693 21,730 25,113 9,032 5,718 13,477 13,935 8,488 6,720 - 4,394 5,076 5,048 976 6,559 - 2,223 71,642 74,403
MT) (1)
Volumes sold (net MT) 10,941 4,436 22,947 27,274 8,876 10,309 12,328 13,753 7,475 9,806 7,397 10,066 5,661 8,400 4,980 9,237 1,404 6,448 82,009 99,729

Weighted Average realized

9.16 10.84 2.33 1.97 7.91 5.54 1.74 1.68 1.82 1.72 0.56 2.11 2.41 1.98 4.14 3.90 2.29 2.58 3.66 2.90
prices (US$ /Kg.)

Planted area (Has) 1,460 954 2,653 2,655 1,003 967 448 536 391 310 20 216 - - 151 1,615 - 137.0 6,125.5 7,390

Volume Harvested (MT) (2) 13,197 5,122 23,480 26,822 8,286 5,640 7,329 10,575 9,343 529 4,994 4,875 - - - 8,603 - 447.0 66,629 62,613

Third party supply (MT) - - 1,269 3,135 515 442 13,534 8,930 - - - 1,217 - - - 1,947 - 4,011 15,318 19,682

Fresh % * 100% 100% 86% 96% 100% 0% 53% 73% 100% 100% 0% 0% 0% 0% 0% 39% 0% 0.0% 67% 61%

Preserved % * 0% 0% 0% 0% 0% 0% 2% 2% 0% 0% 99% 91% 0% 0% 0% 58% 100% 98.0% 10% 20%

Frozen % * 0% 0% 14% 4% 0% 100% 45% 25% 0% 0% 1% 9% 0% 0% 0% 3% 0% 2.0% 23% 19%

(1) Includes processed raw material from suppliers

(2) Only own production
* by net volume sold
** include principally, the result of tangerine.
***Discontinued operations

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

4. Administrative expenses

Administrative expenses increased from USD 24.9 million in 2015 to USD 26.6 million in 2016.
The increase of USD 1.7 million is mainly explained by higher personal expenses and professional
fees.

For the period ended

31.12.16 31.12.15
USD 000 USD 000
Personnel expenses 15,433 12,226
Professional fees 2,757 2,581
Depreciation & amortization 1,404 1,381
Maintenance 623 745
General services 1,403 1,366
Travel and business expenses 510 768
Renting of machinery and equipment 1,391 2,428
Transport and telecommunications 843 923
Insurance 73 233
Back office 277 -
Other expenses 1,896 2,253
Total 26,610 24,904

5. Fixed Selling expenses

Fixed selling expenses decreased from USD 8.7 million in of 2015 to USD 8.2 million in 2016. The
decrease of USD 0.5 million is mainly explained by lower personal expenses and general services;
net of an increase of insurance expenses.

For the period ended

31.12.16 31.12.15
USD 000 USD 000
Personnel expenses 3,586 4,003
Consulting services 711 853
Travel and business expenses 774 931
Insurance 1,913 1,119
General services 628 1,141
Other expenses 571 656
Total 8,183 8,703

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

6. Other expense (income)

Total other expense (income) change from net other expense of USD 0.1 million in 2015 to net
other expense of USD 4.9 million in 2016.

Other income in 2016 is mainly explained by USD 1.8 million from recovery of funds in escrow
from Inversiones Agricolas, USD 0.8 million for income from previous years, USD 0.6 million for
the write-off of payable accounts from previous years, USD 0.6 million from the lease of the Nor
Agro pepper plant and USD 0.5 million of insurance proceeds among other.

Other expenses in 2016 is mainly explained by USD 4.0 million provisions for inventory
impairment, USD 2.2 million assets disposal, USD 1.4 million impairment of trade accounts
receivable, and 0.5 million for expenses from previous years, among other.

For the period ended

31.12.16 31.12.15
USD 000 USD 000
Other income 5,274 9,152
Other expense (10,144) (9,188)
Total (4,870) (36)

7. Property, plant and equipment

Additions are composed of part of the equipment investment program, infrastructure and land
to improve production facility and fields. The adjustments are principally the net cost of fixed
assets from IAS-41.

As of 31.12.16
USD 000
Opening net book amounts of January 1, 2016 176,905
(+) Additions 18,352
(-) Write off (7,090)
(-) Depreciation (13,016)
(+/-
Adjustments 13,371
)
Closing net book amount as December 31,2016 188,522

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

8. Other accounts receivable

Other accounts receivable decreased from USD 21.4 million at December 31st 2015, to USD 16.0
million at the end 2016.

As of 31.12.16 31.12.15
USD 000 USD 000
Custom duties refund - Drawback 897 1,240
Value added tax (IGV in Peru) 5,190 6,169
Income tax credit 6,749 7,281
Prepayments to suppliers 209 292
Doubtful accounts 2,251 866
Loans to Employees 169 209
Loans to Third parties 342 442
Deposits in guarantee 572 334
Subsidies 284 353
Other 1,616 5,076
18,280 22,262
Less :
Allowance to doubtful accounts (2,251) (866)
16,029 21,396

9. Inventories

Total inventories decreased from USD 47.1 million at December 31st 2015, to USD 32.8 million
by the end of 2016. The decrease of USD 14.3 million is mainly explained by the decrease of
finished products inventory such as asparagus and peppers.

As of: 31.12.16 31.12.15

USD 000 USD 000
Finished product 18,935 31,832
Supplies 10,662 11,385
Packaging 4,945 7,975
Raw material and others 3,438 2,186
Product in process 279 1,536
In-transit raw material and supplies 1,087 747
39,346 55,661
Less:
Impairment of finished products (6,589) (8,559)
32,757 47,102

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

10. Intangible assets

As of: 31.12.16 31.12.15

USD 000 USD 000
Goodwill 10,104 10,104
Software 3,696 3,612
Others 13 1
Total 13,813 13,717

11. Transactions with related parties

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

For the quarter ended

31.12.16 31.12.15
USD 000 USD 000

Empacadora de Frutos Tropicales S.A.C.

Sales of services - 3
Purchase of services 1,712 3,643
Gestin del Pacifico S.A.C.
Sales of services - 44
Purchase of services - 237
Gestora del Pacifico S.A.C.
Sales of services - -
Purchase of services 434 -
Integrity Packing S.A.
Sales of services 2 1
Purchase of supplies 807 371

Amount dues / from to related parties

As of
31.12.16 31.12.15
USD 000 USD 000

Other accounts receivable

Empacadora de Frutos Tropicales S.A.C 270 3
Gestin del Pacifico S.A.C. -
Gestora del Pacifico S.A.C. -
Desarrollo Inmobiliario Mar Verde S.A.C. 43

Trade accounts payable

Empacadora de Frutos Tropicales S.A.C 712 571
Gestin del Pacifico S.A.C. - 104
Gestora del Pacifico S.A.C. 92 -
Desarrollo Inmobiliario Mar Verde S.A.C. - -
Integrity Packing S.A. 887 271

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 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 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. CAMPOSOLs 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.

CAMPOSOLs 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 Companys 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 For the audit

fourth quarter period ended year ended **
31.12.16 31.12.15 31.12.16 31.12.15 31.12.15
USD 000 USD 000 USD 000 USD 000 USD 000

EBITDA before fair value adjustment 35,787 19,302 72,490 42,850 42,888

Discontinued operations 155 1,339 6,697 (3,459) (514)

Depreciation & Amortization (3,513) (3,398) (13,739) (12,686) (12,686)
Amortization without IAS-41 (1,326) (1,399) (5,157) (5,422) (5,422)
Other income (expenses) 5,153 (3,557) (4,870) (36) (6,016)
Change in fair value of Biological assets 49,817 33,411 79,718 39,634 39,634
Operating profit 86,073 45,699 135,139 60,881 57,884

Share of gain (loss) of associated companies 940 578 728 253 253
Finance income 89 (30) 846 13 13
Finance costs (6,136) (6,047) (24,717) (24,969) (24,969)
Currency translation differences (2,787) 39 (2,455) (5,222) (5,222)
Profit before income tax 78,179 40,239 109,541 30,956 27,959
** Audited

23
 CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report

For further information, please contact:

Jorge Luis Ramirez Rubio, CEO

jramirezr@camposol.com.pe

Maria Cristina Couturier, CFO

mcouturier@camposol.com.pe

Jossue Yesquen, Head of IR

jyesquen@camposol.com.pe

Phone: +511 621 0800 Ext.: 7171

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, 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 private 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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