CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

CAMPOSOL

Fourth Quarter and Preliminary Full Year 2017 Report

1
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

Fourth Quarter and Full Year 2017 Highlights

- For the year ended December 31st, 2017, EBITDA from continuing operations amounted to
USD 125.5 million, up 65.0% compared to 2016. EBITDA margin from continued operations
increased to 34.0% from 27.5% in 2016.
- For the year ended December 31st, 2017, Sales from continuing operations amounted to
USD 368.4 million, up 33.2% compared to 2016, mainly due to higher volume and prices of
avocadoes, higher volumes of blueberries and shrimps.
- As of December 31st, 2017, the company maintained cash balance of USD 34.3 million.
- Net leverage maintained stable at 1.1x in 4Q-17.
- S&P Global Ratings upgraded Camposol’ s rating to B+ from B- on January 18th 2018 while
Moody’s did it to B2 from B3 on February 5th 2018.
- Camposol begins internationalization of its agricultural operations by acquiring land in
Colombia, to be used to expand the avocado business.
- Camposol filed a Registration Statement in the United States Securities and Exchange
Commission (SEC).
- Camposol launched and terminated a Tender Offer and Consent Solicitation for Any and All
of its outstanding 10.50% Senior Secured Notes due 2021.

2
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

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

For the year ended

For the Quarter ended
December 31th
USD thousands (if not otherwise stated) 2017* 2016* 2017* 2016**
Volume sold (MT 000) 15.8 21.4 93.3 75.6
Sales
Avocado 3,814 1,497 122,042 53,413
Blueberry 90,927 62,919 121,064 100,202
Shrimp 24,864 17,489 82,595 70,173
Other continued operations 8,187 19,418 42,739 52,903
127,792 101,323 368,440 276,691

Gross profit
Avocado 2,626 321 70,111 19,674
Blueberry 45,053 38,380 57,801 61,417
Shrimp 3,480 2,080 12,071 6,389
Other continued operations (3,814) 1,623 (361) 7,604
47,345 42,404 139,622 95,084

Operating profit *** 47,760 38,350 107,972 37,077

Loss / Profit before income tax *** 41,522 29,636 87,199 10,659

Income tax (6,136) (616) (12,087) (8,802)

Loss / Profit from discontinued operations - (8,156) (915) (12,394)

Loss / Profit for the period 35,386 20,864 74,197 (10,537)

Adjusted EBITDA****
From continued operations 45,768 36,196 125,450 76,046
From discontinued operations - (261) (999) (3,556)
Adjusted EBITDA TOTAL 45,768 35,935 124,451 72,490

Gross Margin *** 37.0% 41.9% 37.9% 34.4%

EBITDA b.f.v.a. Margin *** 35.8% 35.7% 34.0% 27.5%
All figures according to IFRS
* Non audited
** Audited
*** From continued operations
**** Please refer to Note 13 – Use of Non-
GAAP measures for the reconciliation of
Adjusted EBITDA to Total Profit before
Income Tax.

3
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report
Financial Review for the Full Year 2017
The figures below describe the preliminary
full year 2017, with figures for the
corresponding period of 2016 in
parenthesis. This figures do not include
discontinued operations1
Results
Revenues were USD 368.4 million (276.7),
up 33.2% from the year before, principally
due to higher volumes and prices in
avocados and higher volumes of blueberry
and shrimp.
Gross profit was USD 139.6 million (95.1)
and the gross margin was 37.9% (34.4%).
EBITDA amounted to USD 125.5 million
(76.0) and the EBITDA margin was 34.0%
(27.5%). Financial costs amounted to USD
20.2 million (24.9). Profit for the period was
USD 75.1 million (1.8).
Balance Sheet and Cash Flow
At the end of 2017, non-current assets
increased to USD 383.7 million compared to
USD 379.8 at the end of 2016, due to an
increase in property, plant and equipment
mainly driven by the conversion of
additional intensive shrimp ponds and new
equipment on the fruits packing facility.
At the end of 2017, inventories increased to
USD 37.4 compared to USD 32.6 million at
the end of 2016, mainly explained by
supplies, raw materials and product in
process, net of a decrease on packaging
supplies.
At the end of 2017, trade accounts
receivable increased to USD 49.1 from USD
42.8 million at the end of 2016.
At the end of 2017, trade accounts payables
increased to USD 39.4 million from USD 37.7
million at the end of 2016.
1Discontinued operations refers to products that had been
discontinued, such as asparagus and artichokes, and that
are registered below the operating line.
As a result, operating working capital
(accounts receivable + inventories -
accounts payable) increased to USD 47.0
million at the end of 2017, from USD 37.7
million at the end of 2016. Operating
working capital at the end of 2017 was
12.8% of 2017 sales.
At the end of 2017 total liabilities decreased
to USD 299.8 million from USD 367.2 million
at the end of 2016. The Company’s debt,
grossed up of capitalized fees, decreased to
USD 185.6 million compared to USD 264.2
million at the end of 2016, mainly explained
by the maturity payment of the senior
unsecured notes due on 2017 and the lower
use of working capital credit lines. The
Company’s debt includes USD 147.5 million
of senior secured notes due 2021 (200), USD
10.3 million in a mid-term debt facility
(15.0), USD 19.3 million of working capital
credit lines (40.9) and USD 1.4 million in
leasing and other (4.7).
At the end of 2017, the Company generated
USD 99.9 million of cash from operations
(generated USD 70.5 million at the end
2016), made a net disbursement for
investment of USD 52.2 million (made a net
investment USD 22.6 million at the end of
2016) in different crops such as blueberry
and avocado, the conversion of semi-
intensive ponds to intensive ponds and
other investments in property, plant and
equipment, and in financing activities the
Company made a net payment of USD 98.0
million (net cash inflow of USD 10.1 million
at the end of 2016), resulting in a net
decrease in cash of USD 50.4 million (net
increase of USD 58.0 million at the end of
2016).
4
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

Segment Reporting for the Full Year 2017

Year ended December 31st 2017

USD (000) Avocado Blueberry Seafood* Other** Total

Revenues 122,042 121,064 82,595 42,739 368,440

Cost of goods sold (41,666) (57,376) (68,002) (35,171) (202,215)
Costs associated to sales (10,265) (8,887) (2,522) (4,929) (26,603)
Gross profit 70,111 54,801 12,071 2,639 139,622

Gross margin % 57.4% 45.3% 14.6% 6.2% 37.9%

Net million tons

Volume produced 42,146 13,990 11,589 22,230 89,955
Volumes sold 42,506 13,661 11,733 25,410 93,310
USD/kg
Weighted avg. price 2.87 8.86 7.04 1.68 3.95

*Includes shrimp and other seafood products

** Includes mangoes, grapes and tangerines

Year ended December 31st 2016

USD (000) Avocado Blueberry Seafood* Other** Total

Revenues 53,413 100,202 70,173 52,903 276,691

Cost of goods sold (28,349) (31,138) (61,761) (40,960) (162,208)
Costs associated to sales (5,390) (7,647) (2,023) (4,339) (19,399)
Gross profit 19,674 61,417 6,389 7,604 95,084

Gross margin % 36.8% 61.3% 9.1% 14.4% 34.4%

Net million tons

Volume produced 21,730 12,863 9,032 27,041 70,666
Volumes sold 22,947 10,941 8,876 32,858 75,622
USD/kg
Weighted avg. price 2.33 9.16 7.91 1.61 3.66

Avocados campaign were the “El Niño” phenomenon

CAMPOSOL sold 42,506 (22,947) net MTs of
avocados during 2017, at an average price
of USD 2.87 (2.33) per net KG representing
an increase of 85.2% in volume sold and an
increase of 23.3% in price compared to
2016. Increase in volumes is due to normal
temperatures during the flowering phase,
as well as, more hectares entering into high
yield phase, compared to the previous
was present.
During 2017, total gross margin for
avocados was 57.4%, up 20.6 pp
(percentage points) compared to 2016.
Blueberries
CAMPOSOL sold 13,661 (10,941) net MTs of
fresh blueberries during 2017, at an average
price of USD 8.86 (9.16) per net KG and at

5
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report
average cost of USD 4.63 (3.54) per net KG.
This represents an increase of 24.9% in
volume sold, a decrease of 3.2% in price and
an increase of 30.6% in cost. Increase in
unitary costs mainly by an increase in labor
costs related with the new planted hectares
and the impact of the profit sharing scheme
due to the higher profitability of Camposol
vis a vis the consumption of its tax credit
during 2016.
During 2017, total gross margin for
blueberries was 47.7%, down 13.5 pp
(percentage points) compared to 2016.
Seafood
CAMPOSOL sold 11,733 (8,876) net MTs of
shrimp and other seafood products during
2017, at an average price of USD 7.04 (7.91)
per net KG. This represents an increase of
32.2% in volume sold and a decrease of
11.0% in price compared to 2016. During
2017, the Company decided to change the
product mix favoring the whole format
(Head On Shell On – HOSO) instead tail only
format. This decision led to an improvement
of the overall profitability of the segment.
During 2017 total gross margin for seafood
was 14.6%, up 5.5 pp (percentage points)
compared to 2016.
6
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

Investment Program
During 2017, the Company made investment commitments amounting to USD 63.0 million, and
had net disbursements of USD 52.2 million, of which USD 20.3 million were invested in
blueberries, USD 13.6 million on the conversion of intensive shrimp ponds, USD 4.8 million in
tangerine, USD 4.8 in machinery, plant and equipment, USD 4.2 million in grape, USD 2.9 million
in avocados and USD 1.1 million in technological and administrative improvements, among
other.

Age of Fields / Net Has Planted by product

As of December 31st 2017

Age Blueberries Avocados Tangerines Grapes Mangos Total

(years) (Ha) (Ha) (Ha) (Ha) (Ha) (Ha)
0-1 405 143 159 141 211 1,059
1-2 404 97 58 46 - 605
2-3 482 - 6 11 - 499
3-4 366 10 - - - 376
4-5 150 - - - - 150
5-6 54 151 - - 33 238
6-7 - - - - - -
7-8 - 214 - - - 214
8-9 1 1,097 103 - - 1,201
9-10 - 187 - - - 187
10-11 - 24 - - - 24
11-12 - - - - - -
12-13 - 11 - - - 11
13-14 - - - - 11 11
14 + - 721 - - 307 1,028
Total
1,862 2,655 326 198 562 5,603
Ha.

Marinasol
Semi-intensive Ponds Intensive Ponds Total
(Ha) (Ha) (Ha)
1,155 75 1,229

7
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report
Important events during 2017
Camposol filed a Registration
Statement in the United
States Securities and
Exchange Commission (SEC)
to execute an IPO on the New
York Stock Exchange (NYSE).
On November 14, 2017 Camposol filed with
the SEC a Registration Statement. The
objective of the IPO is to finance Camposol’s
long term investment plans and is in line
with the shareholder’s decision of returning
to the equity capital markets. Camposol will
keep working on this strategic decision
during 2018.
Camposol begins the
internationalization of its
agricultural operations.
Camposol’s vision is to become the
preferred global supplier of healthy, fresh
and convenient food. In order to achieve
this vision, Camposol will expand its existing
agricultural operations in and outside of
Perú. This will allow the company to extend
its presence in the markets to other
commercial windows. For this reason,
during the last quarter of 2017, Camposol
acquired land in Colombia for avocado
planting.
Camposol introduces “The
Berry that Cares”
Through its new brand “The Berry That
Cares”, Camposol transmits to the end
consumers its commitment to the
environment, communities, workers, and
the health and wellbeing of the consumer.
This new brand corroborates Camposol’ s
commitment to excellence in quality,
consistency and service, but additionally
highlights its efforts in social and
environmental. “The Berry that Cares” was
launched in October 2017 and was
distributed by leading supermarkets in the
United States, Canada, Europe, and China.
For more information, please visit us at
www.theberrythatcares.com, also available
on Facebook and Instagram.
Opening of our new
commercial office in China.
On August, 2017 Camposol opened its third
commercial office in Shanghai – China in
order to strengthen its commercial and
distribution capabilities in such important
market.
Coastal “El Niño”
Phenomenon 2017.
Coastal “El Niño” phenomenon impacted
Peru during the months of March and April,
bringing heavy rains, river overflows and
landslides in different areas of the country.
Camposol’ s assets were not materially
affected and during this episode the
company was focused on providing help to
the affected communities.
Camposol wins the Walmart
“Supplier of the Year Award”
in the Produce Category.
On February 15th, 2017, during the last
Supplier Growth Forum organized by
Walmart in Bentonville, Arkansas, USA, that
was attended by thousands of Walmart’s
suppliers, Camposol was recognized as
“Supplier of the Year” in the Produce
Category. The Company was also
nominated for “Supplier of the Year” in the
broader Food Category.
8
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

Market
The long term growth prospects for exotic
fruits and vegetables markets remain
favorable. Avocados, blueberries, and
tangerines per capita consumption in the
US2 continue to show solid growth.
The Company expects good demand for all
fresh produce in general, and for avocados
and blueberries specifically in the United
States, Europe and China.
Outlook
The Company is currently focused on adding
value to its clients through commercial,
marketing and service initiatives in order to
strengthened is value proposition.
Additionally, CAMPOSOL is analyzing new
opportunities to consolidate its leadership
through additional planting of current
products, strategic alliances and
acquisitions.

The Company expects to continue its
diversification strategy by mainly increasing
the production capacity of blueberries,
avocados and shrimp.
CAMPOSOL will continue positioning itself
in the fresh and frozen segments in which it
has made significant investments in recent
years, and thus seek to maximize
opportunities for growth and consolidate its
business.

Subsequent events

Camposol launched and
terminated a Tender Offer
and Consent Solicitation for
Any and All of its outstanding
10.50% Senior Secured Notes
due 2021.
On January 30th, 2018 Camposol announced
a Tender Offer and Consent Solicitation for
Any and All of Camposol’s outstanding
10.50% Senior Secured Notes due 2021. The
Tender Offer and Consent Solicitation were
subject to the conditions set forth in the
Offer to Purchase and Consent Solicitation
Statement, within which a Financing
Condition was defined, which included the
pricing of a New Offering on terms
satisfactory to Camposol. On February 12th,
2018 the Tender Offer and Consent
Solicitation were terminated because the
New Offering has been postponed due to
extremely volatile market conditions.

The Board of Directors,

Camposol Holding Plc
Limassol, Cyprus

2 USDA Consumption data

9
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

Financial Tables
CAMPOSOL HOLDING PLC AND
SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION USD (000)
AS OF DECEMBER 31st, 2017
For the period ended
31.12.17* 31.12.16**
Assets Notes
Non-current assets
Property, plant and equipment, net 7 376,366 370,755
Investments in associated companies 2,054 2,764
Intangibles 10 4,907 3,694
Deferred income tax 420 2,625
383,747 379,838
Current assets
Assets held for sale - 2,334
Prepaid expenses 806 988
Current portion of biological assets 94,113 68,063
Inventories 9 37,340 32,568
Other accounts receivable 8 14,191 16,030
Trade accounts receivable 49,123 42,799
Cash subject to restriction 1,285 -
Cash and cash equivalents 34,271 84,700
231,129 247,482
Total assets 614,876 627,320
Equity and liabilities
Capital and reserve attributable to
shareholders of the Company
Share capital 388 513
Share premium 217,312 217,312
Other reserves 825 825
Retained earnings 88,636 33,980
307,161 252,630
Minority interests 7,285 7,468
Total equity 314,446 260,098
Non-current liabilities
Long-term debt 149,934 155,430
Deferred income tax 45,985 46,255
Other payables 8,574 8,180
204,493 209,865
Current liabilities
Current portion of long-term debt 12,407 62,761
Trade payables 39,397 37,698
Other payables 24,869 16,048
Bank loans 19,264 40,850
95,937 157,357
Total liabilities 300,430 367,222
Total equity and liabilities 614,876 627,320
* Non audited
** Audited

10
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

CAMPOSOL HOLDING PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION USD (000)
FOR THE YEAR ENDED ON DECEMBER 31ST, 2017
For the year
ended
CONTINUED OPERATIONS Notes 31.12.17* 31.12.16**
Revenue 368,440 276,691
Cost of sales (228,818) (181,607)
Gross profit 139,622 95,084
Depreciation of assumed cost of bearer plants (11,239) (14,995)
Write off assumed cost of bearer plants (5,641) -
Impairment of assets - (2,501)
Net adjustment from change in fair value of biological
27,797 7,624
assets
Profit after adjustment from biological assets 150,539 85,212
Administrative expenses 4 (32,828) (26,610)
Selling expenses 5 (8,130) (8,183)
Other expenses (2,786) (17,782)
6
Other income 1,177 4,440
Operating profit 107,972 37,077
Share of gain (loss) of associated companies (710) 728
Finance income 430 174
Finance costs (20,208) (24,865)
Currency translation differences (285) (2,455)
Profit (loss) before income tax 87,199 10,659
Income tax (10,068) -
Deferred income tax (2,019) (8,802)
Profit (loss) for the period from continuing operations 75,112 1,857
DISCONTINUED OPERATIONS (915) (12,394)
Profit for the period 74,197 (10,537)

Basic earnings per ordinary share

(expressed in US dollars per share) 2.28 0.06
Diluted earnings per ordinary share
(expressed in US dollars per share) 2.28 0.06
EBITDA From continued operations 125,450 76,046
EBITDA From discontinued operations (999) (3,556)
EBITDA before fair value adjustment 124,451 72,490
* Non audited.
** Audited

11
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

CAMPOSOL HOLDING PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
AS OF DECEMBER 31st, 2017

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 2017 513 217,312 825 33,980 252,630 7,468 260,098 **
Increase of capital - - - - - - -
CTA - - - 450 450 (174) 276
Adjustment - - - - - - -
Net result - - - 74,206 74,206 (9) 74,197
Dividends distribution - - - (20,000) (20,000) - (20,000)
Depreciation of revalued assets - - - - - - -
Result of non-controlling interest - - - - - - -
Other Comprehensive Income (125) - - - (125) - (125)
Balance as of 31 December 2017 388 217,312 825 88,636 307,161 7,285 314,446 *
(125) - - 54,656 54,531 (183)

* Non audited
** Audited

12
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

CAMPOSOL HOLDING PLC AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD
AS OF DECEMBER 31st, 2017
31.12.17* 31.12.16**
USD 000 USD 000
Cash flow from operating activities
Collections 363,814 304,700
Payment to suppliers and employees (250,744) (223,270)
Interest paid (20,305) (20,691)
Income tax paid (590) (398)
Custom duties refund collections 5,916 5,348
Other collections / payments 1,791 4,834
Net cash (used in) provided by operating activities 99,882 70,523

Cash flow from investing activities

Purchases of property, plant and equipment (23,405) (7,305)
Investment in biological assets (27,223) (16,571)
Purchases of intangibles, excluding goodwill (1,719) (892)
Proceeds from sale of property, plant and equipment 128 2,156
Net cash used in investing activities (52,219) (22,612)

Cash flow from financial activities

Bank loans proceeds 88,240 102,650
Bank loans payments (109,890) (97,920)
Increase of capital - 5,000
Payment of Senior Unsecured Notes (46,947) (5,663)
Prepayments of dividends (20,000) -
Dividends paid to non-controlling interests in subsidiaries - (89)
Transaction costs (1,513) (5,381)
New long-term proceeds - 15,000
Payments of long-term debt (7,982) (3,455)
Net cash provided by financial activities (98,092) 10,142

Net (decrease) increase in cash and cash equivalents during the period (50,429) 58,053
Cash and cash equivalents at beginning of period 84,700 26,647
Cash and cash equivalents at end of period 34,271 84,700

* Non-audited
** Audited

13
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

CAMPOSOL HOLDING PLC AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD
AS OF DECEMBER 31st, 2017
31.12.17* 31.12.16**
Conciliation USD 000 USD 000
Operating activities:
Profit before income tax 87,199 10,659

Depreciation and amortization 29,771 38,440

Impairment of trade accounts receivable 344 1,376
Impairment of plant and equipment - 2,501
Obsolescence of inventories 360 3,576
Write off of bearer plants 13,895 -
Write off of inventories (1,477) -
Workers’ profit sharing 5,902 -
Fair value of biological assets (27,797) (7,624)
Gain on sale of property, plant and equipment 327 746
Impairment of goodwill and fixed assets - 8,472
Profit / (loss) attributable to associate 710 (728)
Net exchange difference (657) 1,430
Write off of bad debt (414) -
Net realizable value of inventories (1,049) (1,906)
Gross profit for the period from discontinued operations (999) (19,450)

Increase (decrease) of cash flows from operations due

to changes in assets and liabilities:
Trade accounts receivable (6,419) 2,777
Other accounts receivable 1,883 3,606
Inventories (884) 16,317
Cash subject to restriction (1,285) -
Prepaid expenses 182 (18)
Trade payables 1,699 3,343
Other payables (1,409) 7,006

Net cash (used in) provided by operating activities 99,882 70,523

* Non-audited
** Audited

14
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

Selected disclosure notes

1. Basis of preparation

This condensed consolidated financial information for the full year ended December 31st, 2017
should be read in conjunction with the annual financial statements for the year ended December
31st, 2016 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 which have been measured at fair value.

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, 2016.

15
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

3. Segment information

Full Year ended December 31st 2017

Avocado Blueberries SeaFood* Other Total

2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
USD thousands YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD
Revenues 122,042 53,413 121,064 100,202 82,595 70,173 42,739 52,903 368,440 276,691
Cost of goods sold: - -
Cost of goods sold (41,666) (28,349) (57,376) (31,138) (68,002) (61,761) (35,171) (40,960) (202,215) (162,208)
Costs associated to sales (10,265) (5,390) (8,887) (7,647) (2,522) (2,023) (4,929) (4,339) (26,603) (19,399)
Gross profit 70,111 19,674 54,801 61,417 12,071 6,389 2,639 7,604 139,622 95,084
Volumes produced (net MT) (1) 42,146 21,730 13,990 12,863 11,589 9,032 22,230 27,041 89,955 70,666
Volumes sold (net MT) 42,506 22,947 13,661 10,941 11,733 8,876 25,410 32,858 93,310 75,622
Weighted Average prices (US$ /Kg.) 2.87 2.33 8.86 9.16 7.04 7.91 1.68 1.61 3.95 3.66
Planted area (Ha) 2,655 2,653 1,862 1,460 988 1,003 1,086 1,006 6,591 6,122
Volume Harvested (MT) (2) 47,616 23,480 14,781 13,197 12,956 8,286 26,204 27,793 101,557 72,756
Third party supply (MT) 81 1,269 - - 1,107 515 6,640 13,558 7,828 15,342
Fresh % ** 94% 91% 100% 100% 0% 0% 76% 65%
Preserved % ** 0% 0% 0% 0% 0% 0% 0% 12%
Frozen % ** 6% 9% 0% 0% 100% 100% 24% 24%

Information corresponds only for continued operations

(1) Includes processed raw material from suppliers
(2) Only own production
*Includes shrimp and other seafood products
** By net volume sold

16
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

4. Administrative expenses

Administrative expenses increased from USD 26.6 million in 2016 to USD 32.8 million in 2017.
The increase of USD 6.1 million is mainly explained by the increase of personal expenses related
to a profit sharing provision.

For the period ended

31.12.2017 31.12.2016
USD 000 USD 000
Personnel expenses and directors remuneration 20,050 15,433
Professional fees 4,342 2,873
Depreciation & amortization 1,454 1,345
Maintenance 453 623
General services 559 450
Travel and business expenses 835 510
Renting of machinery and equipment 1,516 1,391
Transport and telecommunications 277 843
Material, supplies and utilities 650 727
Insurance 84 73
Taxes 92 110
Other expenses 2,516 2,232
Total 32,828 26,610
Total without depreciation 31,374 25,265

5. Fixed Selling expenses

Fixed selling expenses decreased from USD 8.2 million in of 2016 to USD 8.1 million in 2017. This
decrease is mainly explained by lower insurance cost during the period.

For the period ended

31.12.2017 31.12.2016
USD 000 USD 000
Personnel expenses 4,196 3,586
Consulting services 785 713
Travel and business expenses 750 774
Insurance 1,201 1,913
General services 233 256
Other expenses 965 941
Total 8,130 8,183

17
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

6. Other expense (income)

Total other expense, net of other income decreased from USD 13.3 million in 2016 to USD 1.6
million in 2017.

Other income in 2017 is mainly explained by USD 0.8 million for insurance proceeds.

Other expenses in 2017 is mainly explained by USD 1.6 million assets disposal, USD 0.5 million
for legal claims from previous years.

For the year ended

31.12.2017 31.12.2016
USD 000 USD 000
Other expense (2,786) (17,782)
Other income 1,177 4,440
Total (1,609) (13,342)

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, 31.12.2017
USD 000
Opening net book amount as of January 1, 207 188,433
(+) Additions 31,471
(-) Write -off (327)
(-) Depreciation (12,582)
(-) Transfers (9,871)
(+/-
Exchange difference 5,640
)
Property Plant and equipment 202,764

Assumed cost of bearer plants 173,602

Closing net book amount as December 31st, 2017 376,366

18
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

8. Other accounts receivable

Other accounts receivable decreased from USD 16.0 million at December 31, 2016, to USD 14.2
million at December 31st, 2017. This decrease corresponds principally to a collection of Income
Tax credit.

As of, 31.12.2017 31.12.2016

USD 000 USD 000
Custom duties refund - Drawback 378 897
Value added tax (IGV in Peru) 5,247 5,190
Income tax credit - 6,749
Prepayments to suppliers 2,158 209
Doubtful accounts 1,980 2,251
Loans to Employees 192 169
Loans to Third parties 364 342
Deposits in guarantee 381 572
Subsidies 235 284
Other 5,236 1,617
16,171 18,281
Less :
Allowance to doubtful accounts (1,980) (2,251)
14,191 16,030

9. Inventories

Total inventories increased from USD 32.6 million at December 31st, 2016 to USD 37.3 million at
December 31st, 2017. The increase of USD 4.8 million is mainly explained by the increase of
supplies, raw material and product in process, net of a decrease on packaging supplies.

As of: 31.12.2017 31.12.16

USD 000 USD 000
Finished product 18,994 18,685
Supplies 13,878 10,662
Packaging 3,613 4,945
Raw material 3,822 3,438
Product in process 1,032 279
In-transit raw material and supplies 447 1,147
41,786 39,156
Less:
Impairment of finished products (4,446) (6,588)
37,340 32,568

19
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

10. Intangible assets

As of: 31.12.2017 31.12.16

USD 000 USD 000
Goodwill 95 95
Software 4,812 3,599
Total 4,907 3,694

11. Transactions with related parties

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

For the year ended

31.12.2017 31.12.2016
USD 000 USD 000

Empacadora de Frutos Tropicales S.A.C.

Sales of services and fixes 5 3
Purchase of services and fixes 2,751 3,149

Gestión del Pacífico S.A.C.

Sales of services and fixes - 44
Purchase of services and fixes - 237

Gestora del Pacífico S.A.C.

Sales of services and fixes 147 77
Purchase of services and fixes 969 1,152

Integrity Packing S.A.

Sales of services and fixes 1 2
Purchase of services and fixes 2,651 1,599

Veggie pizza S.A.C.

Sales of services and fixes - 23
Purchase of services and fixes - 3

Amount dues / from to related parties

As of
31.12.2017 31.12.2016
USD 000 USD 000

Other accounts receivable

Empacadora de Frutos Tropicales S.A.C 1 29
Desarrollo Inmobiliario Mar Verde S.A.C. 45 45
Integrity Packing S.A. - -

Trade accounts payable

Empacadora de Frutos Tropicales S.A.C 297 1,072
Gestora del Pacifico S.A.C. - 93
Integrity Packing S.A. 1,073 887

20
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 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 year ended

31.12.2017 31.12.2016
USD 000 USD 000

EBITDA before fair value adjustment 125,450 76,046

Depreciation & Amortization (13,405) (11,172)

Amortization of bearer plant (16,366) (19,578)
Write off of assumed cost of bearer plants (5,641) -
Write off of historical cost of bearer plants (8,254) -
Impairment of assets - (2,501)
Other income expenses (1,609) (13,342)
Change in fair value of Biological assets 27,797 7,624

Operating profit 107,972 37,077

Gain (loss) of associated companies (710) 728

Finance income 430 174
Finance costs (20,208) (24,865)
Currency translation differences (285) (2,455)
Profit before income tax 87,199 10,659

21
 CAMPOSOL Holding Plc Fourth Quarter and Preliminary Full Year 2017 Report

For further information, please contact:

Andrés Colichón Sas, CFO

acolichon@camposol.com.pe

Jossue Yesquen, Deputy Manager of Investor Relations

jyesquen@camposol.com.pe

Phone: +511 621 0800 Ext.: 7171

About CAMPOSOL
CAMPOSOL is a vertically integrated producer of branded fresh and healthy food that offers high quality,
healthy and fresh food to consumers around the world, based on a sustainable management model.
CAMPOSOL is organized into two main business units: Camposol Fruits and Vegetables (fresh produce)
and Marinasol (aquaculture) and its portfolio includes superfoods like blueberries, avocados, shrimp,
mandarins, among others. Additionally, our international commercial platform is responsible for the
commercialization of the products of these two units, with offices in the US, The Netherlands and China.
CAMPOSOL guarantees the full traceability of its products and is committed to supporting sustainable
development through social and environmental responsibility policies and projects intended to increase
the shared-value for all its stakeholders. On the strength of this value proposition, CAMPOSOL’s
commercial offices have established long-term relationships with the top worldwide supermarket chains
and service them directly.
CAMPOSOL is also an active member of the Global Compact since 2008. It presents annual Sustainability
Reports aligned to the GRI Methodology 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

22