First Quarter Report 2013

CAMPOSOL
The Worlds Largest Asparagus exporter

First Quarter 2013 Results
CAMPOSOL Holding Plc First Quarter Report 2013
The Worlds Largest Asparagus exporter
Results

First Quarter 2013 Highlights

- Volue sold during Q113 !as 1"#1
increase in $olues o% %res&
%ro t&e sae period in 2012
- Sales o% 'S( )0*+ illion# up
%res& ango and &ig&er prices o% %res& !&ite asparagus*
- A$erage cost o% goods sold during Q1
period last ,ear*
- Asparagus gross argin increased in 'S(
season# in !&ic& our entire $olue !as sold t&roug& our coercial o%%ice in -urope
directl, to retail c&ains*
- -./0(A 1e%ore %air $alue ad2ustents 31*%*$*a*4
-./0(A 31*%*$*a*4 argin increase
- As o% Marc& 31
st
# t&e Copan, aintained a Cas& .alance o% 'S( 23*0 illion*

Key Figures of CA!"#"L Holdi$g !l%& a$d #u'sidiaries

USD Thousands (if not otherwise stated)
Volue sold 3M0 0004
Sales
5ross pro%it
Operating pro%it
3Loss4 Pro%it 1e%ore incoe ta6
3Loss4 Pro%it %or t&e period
-./0(A 1e%ore %air $alue ad2ustent
5ross Margin
-./0(A 1*%*$*a* Margin
All %igures according to /FRS
7 8on audited
77 Audited

Highlights
Volue sold during Q113 !as 1"#139 net M0# up 11*:; %ro Q112 e6plained ainl, 1, an
increase in $olues o% %res& ango* A$erage price !as 'S( 2*2) per net <5# do!n 3*0;
%ro t&e sae period in 2012 due to a slig&t c&ange in product i6 t&is period*
illion# up "*1; %ro Q112 ainl, due to an increase in $olue sales o%
%res& ango and &ig&er prices o% %res& !&ite asparagus*
A$erage cost o% goods sold during Q113 !as 'S( 1*+) per net <5# do!n 9*2; %ro sae
Asparagus gross argin increased in 'S( 1*"MM copared to 2012 ainl, %ro t&e %res&
-./0(A 1e%ore %air $alue ad2ustents 31*%*$*a*4 o% 'S( )*0 illion# 11*2; &ig&er
creased to :*:;*
# t&e Copan, aintained a Cas& .alance o% 'S( 23*0 illion*
Key Figures of CA!"#"L Holdi$g !l%& a$d #u'sidiaries

For the (uarter e$ded
31 ar%h
For the year
e$ded 31
)e%e*'er
otherwise stated) 2013+ 2012+ 201277
1,&1
1+*2
-0.//0 3=#901
10.030 :#)33
,-2 1#00)
3Loss4 Pro%it 1e%ore incoe ta6 1-./1,2 33#:=+4
13.3212 33#)914
-./0(A 1e%ore %air $alue ad2ustent -.004 3#+0+
23&/52 29*2;
4&4522 :*+;

2

; %ro Q112 e6plained ainl, 1, an
A$erage price !as 'S( 2*2) per net <5# do!n 3*0;

ainl, due to an increase in $olue sales o%
; %ro sae
copared to 2012 ainl, %ro t&e %res&
&ig&er t&an Q112*

For the year
e$ded 31
)e%e*'er
201277
=0*:
1"3#1"1
))#""2
2"#1"1
:#""3
=#)="
1+#"="
2)*9;
:*2;

Last T6el7e o$ths 89:T)A 1rolli$g2 of Ca*posol Holdi$g !LC
Fi$a$%ial ;e7ie6 for the Quarter
The figures below describe developments in
the first quarter 201! with figures for the
quarter of 2012 in parenthesis"

;esults

As ost o% t&e copan,>s in$estents
&a$e 1een in a$ocados and grapes !&ic&
are ainl, produced in Q2?Q3 and Q)
respecti$el,# %irst @uarter %igures are lo!er
and can 1e copared onl, to t&e sae
period on a pre$ious ,ear and not to a
pre$ious @uarter*

Re$enue %or t&e %irst @uarter o% 2013 !as
'S( )0*+ illion 33=*94# up "*3; %ro t&e
sae period last ,ear* 0&e ai
%or t&e increased re$enues !ere &ig&er
$olues sold o% %res& angos
prices o% %res& !&ite asparagus
note!ort&, t&at suc& increase in $olues
o% ango cae ostl, %ro t&ird parties*

-./0(A 31*%*$*a*4 argin slig&tl,
to :*:; in t&e %irst @uarter 2013 3:*+;4*

0&e Copan,>s gross pro%it increased to
'S( 10*= illion t&is @uarter 3:*)4# !&ic&
Last T6el7e o$ths 89:T)A 1rolli$g2 of Ca*posol Holdi$g !LC a$d #u'sidiaries
Fi$a$%ial ;e7ie6 for the Quarter
The figures below describe developments in
! with figures for the
As ost o% t&e copan,>s in$estents
&a$e 1een in a$ocados and grapes !&ic&
Q3 and Q)
respecti$el,# %irst @uarter %igures are lo!er
and can 1e copared onl, to t&e sae
period on a pre$ious ,ear and not to a
%or t&e %irst @uarter o% 2013 !as
'S( )0*+ illion 33=*94# up "*3; %ro t&e
sae period last ,ear* 0&e ain reasons
%or t&e increased re$enues !ere &ig&er
and &ig&er
prices o% %res& !&ite asparagus* /t is
note!ort&, t&at suc& increase in $olues
o% ango cae ostl, %ro t&ird parties*
slig&tl, increased
to :*:; in t&e %irst @uarter 2013 3:*+;4*
0&e Copan,>s gross pro%it increased to
'S( 10*= illion t&is @uarter 3:*)4# !&ic&
resulted in a gross argin o% 2+*9; 329*2;4
ainl, due to &ig&er prices in selected
products suc& as %res& !&ite aspara

0&e net ad2ustent %ro c&ange in %air
$alue o% 1iological assets in t&e @uarter !as
'S( 1*1 illion 31*)4*

Adinistrati$e e6penses aounted to
'S( )*: illion in t&e %irst @uarter o% 201
3)*)4 out o% t&e 'S( 0*9 MM increase#
0*2 MM coe %ro non cas& pro$isions

Selling e6penses increased to 'S(
illion in t&e %irst @uarter# %ro
illion in t&e sae period t&e ,ear 1e%ore#
e6plained 1, &ig&er $olues sold*

Operating pro%it decreased to 'S(
illion# slig&tl, lo!er t&an in t&e %irst
@uarter o% t&e pre$ious ,ear 31*04

0&e net %oreign e6c&ange trans
loses increased to 'S( 1*2 illion
%irst @uarter o% 2013 %ro 'S( 0*1
sae period t&e ,ear 1e%ore
e6plained 1, o$eents in currenc,
e6c&ange rates*
3

resulted in a gross argin o% 2+*9; 329*2;4
ainl, due to &ig&er prices in selected
asparagus*
0&e net ad2ustent %ro c&ange in %air
$alue o% 1iological assets in t&e @uarter !as
aounted to
@uarter o% 2013
out o% t&e 'S( 0*9 MM increase# 'S(
coe %ro non cas& pro$isions*
creased to 'S( 9*9
@uarter# %ro 'S( )*"
illion in t&e sae period t&e ,ear 1e%ore#
sold*
creased to 'S( 0*"
# slig&tl, lo!er t&an in t&e %irst
31*04*
transactions
increased to 'S( 1*2 illion in t&e
%ro 'S( 0*1 in t&e
sae period t&e ,ear 1e%ore# ainl,
in currenc,

Financial costs decreased to 'S( )*+
illion in t&e %irst @uarter t&is ,ear 39*14*
Suc& decrease is ainl, e6plained 1,
e6penses incurred to e6it t&e s,ndicated
loan in 2012*

(uring t&is period# t&e Copan, recorded
an -./0(A o% 'S( )*0 MM# 11*
t&an in t&e %irst @uarter o% 2012
o% 'S( 3*+ illion 33*94*

Cash Flo6 a$d 9ala$%e #heet

(uring t&e %irst t&ree ont&s o% t&e ,ear
2013# non?current assets increased to 'S(
3"3*" illion copared to 'S(
illion at t&e end 2012 ainl, due to an
increase in t&e non?current portion o%
1iological assets*

/n$entories decreased to 'S( 91*"
at t&e end o% t&e %irst @uarter o% 201
copared to 'S( 92*= illion at t&e end o%
2012*

0rade accounts recei$a1le decreased %ro
'S( 3:*+ illion at t&e end o% 201
2+*" illion at t&e end o% %irst @uarter o%
2013* Suc& decrease !as ainl, due to t&e
collection o% t&e accounts recei$a1le %ro
t&e pre$ious @uarter*

At t&e end o% t&e %irst @uarter 201
pa,a1les !ere 'S( )1*) illion# 'S(
illion lo!er t&an at t&e end o% 201
Suc& decrease is ainl, e6plained 1, lo!er
purc&ases during t&e period as copared
to t&e pre$ious @uarter !&ic& is peaA
season o% asparagus production*

As a result# total !orAing capital 3trade
accounts recei$a1le B in$entories
accounts pa,a1le4 decreased to 'S( 3
illion at t&e end o% t&e %irst @uarter o%
2013 %ro 'S( )1*0 illion at t&e end o%
2012* Current !orAing capital as
31
st
2013 !as 20*0; o% L0M sales 32
t&e end o% 20124*

Financial costs decreased to 'S( )*+
illion in t&e %irst @uarter t&is ,ear 39*14*
Suc& decrease is ainl, e6plained 1,
e6it t&e s,ndicated
t&e Copan, recorded
1*1; &ig&er
2# and a loss
Cash Flo6 a$d 9ala$%e #heet
(uring t&e %irst t&ree ont&s o% t&e ,ear
current assets increased to 'S(
illion copared to 'S( 3==*"
ainl, due to an
current portion o%
91*" illion
at t&e end o% t&e %irst @uarter o% 2013#
illion at t&e end o%
a1le decreased %ro
illion at t&e end o% 2012 to 'S(
illion at t&e end o% %irst @uarter o%
!as ainl, due to t&e
collection o% t&e accounts recei$a1le %ro
At t&e end o% t&e %irst @uarter 2013# trade
illion# 'S( :*:
illion lo!er t&an at t&e end o% 2012*
Suc& decrease is ainl, e6plained 1, lo!er
purc&ases during t&e period as copared
to t&e pre$ious @uarter !&ic& is peaA
n*
As a result# total !orAing capital 3trade
accounts recei$a1le B in$entories C
creased to 'S( 3=*2
illion at t&e end o% t&e %irst @uarter o%
illion at t&e end o%
* Current !orAing capital as o% Marc&
; o% L0M sales 322*); at
0otal lia1ilities decreased to 'S( 29
illion copared to 'S( 2+0*)
t&e end o% 2012*

0&e Copan,>s de1t increased %ro
'S( 1+9*0 illion at t&e end o% 201
'S( 1=9*2 illion at t&e end o% t&e %irst
@uarter o% 2013# %ro an increase in s&ort
ter loans* 0&e Copan,>s de1t includes
'S( 121*" illion 3121*+4 o% t&e senior
unsecured notes# 'S( 3"*1 illion o%
!orAing capital %inancing 32:*:4# 'S(
illion in leasings 310*24# and 'S( 3*0
illion to sellers o% ac@uired copanies
33*34*

As o% Marc& 31
st
2013# t&e copan,Ds
le$erage ratio 38et (e1t E -./0(A L0M4
reac&ed "*"6* Our 1ond indenture sets a
a6iu target o% 3*96# o$er !&ic& t&e
copan, ust not raise an,
de1t e6cept %or !orAing capital %inancing
3up to 29; o% total re$enues4 and up to
additional 'S( 20 illion %or ot&er needs#
!&ic& gi$es t&e Copan, enoug& %le6i1ilit,
to continue its noral operations until
le$erage ratio goes 1acA under 3*96*

(uring t&e %irst @uarter o% 2013# t&e
Copan, in$ested 'S( )*1 illion 32)*= o%
20124# o% !&ic& 'S( 3*2 illion !ere
in$ested in t&e aintenance o% t&e ne!
planted areas# ainl, o% a$ocados and
1lue1erries# 'S( 0*= illion in t&e
additional planting o% current and ne!
products and 'S( 0*2 illion in e@uipent
and in%rastructure in order to ipro$e t&e
pacAing %acilit, and %ields*

., t&e end o% t&e %irst @uarter o% 201
copan, used 'S( 11*) illion
operations and in$ested 'S( )*2 illion
32)*:4* /n %inancing acti$ities# copan,
raised 'S( 10*1 illion 3+1*)4# resulting in
a net decrease in cas& o% 'S( 9*9 illion
3increase o% 21*: illion in 20124* 0&e
copan, ended t&e period !it& 'S( 23*0
illion in cas& 32"*94*

)

to 'S( 29)*9
2+0*) illion at
0&e Copan,>s de1t increased %ro
illion at t&e end o% 2012 to
illion at t&e end o% t&e %irst
%ro an increase in s&ort
0&e Copan,>s de1t includes
o% t&e senior
'S( 3"*1 illion o%
!orAing capital %inancing 32:*:4# 'S( 12*3
s 310*24# and 'S( 3*0
illion to sellers o% ac@uired copanies
2013# t&e copan,Ds
le$erage ratio 38et (e1t E -./0(A L0M4
6* Our 1ond indenture sets a
a6iu target o% 3*96# o$er !&ic& t&e
copan, ust not raise an, additional
de1t e6cept %or !orAing capital %inancing
3up to 29; o% total re$enues4 and up to
additional 'S( 20 illion %or ot&er needs#
!&ic& gi$es t&e Copan, enoug& %le6i1ilit,
to continue its noral operations until
le$erage ratio goes 1acA under 3*96*
illion 32)*= o%
illion !ere
o% a$ocados and
illion in t&e
urrent and ne!
illion in e@uipent
and in%rastructure in order to ipro$e t&e
., t&e end o% t&e %irst @uarter o% 2013# t&e
11*) illion 31)*94 in
and in$ested 'S( )*2 illion
/n %inancing acti$ities# copan,
# resulting in
a net decrease in cas& o% 'S( 9*9 illion
3increase o% 21*: illion in 20124* 0&e
!it& 'S( 23*0

#eg*e$t ;eporti$g for the
First Quarter 2013 ;esults
!eriod e$ded 31 ar%h 2013

Asparagus A$ocado
USD thousands
;e7e$ues 19#3"=
<ross profit +#20=
<ross *argi$ 5 -0&35
#et $etric Tons
=olu*e produ%ed+ )#+2"
=olu*es sold+ )#2+3
USD%&g
Weighted a7g& !ri%e 3*+1
' (lease note the figures below were usuall) presented in drained weight! and are from now on presented in net weight"
'' *orresponds to blueberries"

Asparagus
One o% CAMPOSOL>s ain products is t&e
!&ite asparagus !&ic& represents
Copan,>s total sales and ":*+
asparagus sales o% %irst @uarter o% 2013*
An, $ariation in prices# costs and $olues
o% t&is product a, &a$e an iportant
ipact o$er t&e Copan,>s %inancial
per%orance*

0&e Copan, sold 1#:99 net M0s o% %res&
!&ite asparagus at an a$erage price o%
'S( )*+3 per net <5 during t&e %irst
@uarter o% 2013# representing a de
11*+; in $olue sold and an
32*3; in price copared to t&e sae
period o% 2012*

/t is !ort& &ig&lig&ting t&at t
$olue !as pre sold# 1, our coercial
o%%ice in -urope# to retail progras at
prices 33; &ig&er t&an in 2012# supported
1, a success%ul counication progra
t&at e6plained recent costs increases and
t&e sustaina1ilit, o% t&e crop*

CAMPOSOL sold a total o% 1#:1)
preser$ed !&ite asparagus in t&e %irst
@uarter o% 2013 at an a$erage price o% 'S(
2*)) per net <g# !&ic& represented a
eg*e$t ;eporti$g for the First Quarter 2013
A$ocado

Artic&oAe Pepper

Mango 5rapes S&rip

1#)1+ 1#:9+ 2#3)9 12#=:0 1#:=2
33+ 19" 1+1 3#113 19:
23&05 ,&15 3&45 2-&35 ,&15

? 101 ? 12#9"" ?
)00 =21 1#123 10#919 =)3

3*9) 2*=1 2*0: 1*22 2*+9
One o% CAMPOSOL>s ain products is t&e
asparagus !&ic& represents 3)*0; o%
":*+; o% total
asparagus sales o% %irst @uarter o% 2013*
An, $ariation in prices# costs and $olues
o% t&is product a, &a$e an iportant
ipact o$er t&e Copan,>s %inancial
net M0s o% %res&
!&ite asparagus at an a$erage price o%
per net <5 during t&e %irst
decrease o%
increase o%
in price copared to t&e sae
/t is !ort& &ig&lig&ting t&at t&e entire
coercial
# to retail progras at
# supported
success%ul counication progra
costs increases and
1#:1) net M0 o%
preser$ed !&ite asparagus in t&e %irst
@uarter o% 2013 at an a$erage price o% 'S(
per net <g# !&ic& represented a
decrease o% )+*1; in $olue and
increase o% 10*:; in price o$er t&e sae
period in 2012*

/n t&e %irst @uarter o% 2013# total gross
argin %or asparagus !as )0*3;# up
3percent points4 %ro t&e sae period t&e
,ear 1e%ore* 0&e increase is e6plained due
an increase in prices o% %res& !&ite
asparagus*

A7o%ado
A$ocados are usuall, &ar$ested during t&e
second and t&ird @uarterF t&ere%ore
signi%icantl, lo!er $olues# ainl, o%
%roGen product# are noral during t&e
ot&er @uarters*

CAMPOSOL sold 223 net M0s o% %roGen
a$ocado during t&e %irst @uarter o% 201
an a$erage price o% 'S( )*)"
representing a decrease o% 3*0; in $olue
sold and an increase o% 1+*=; in price o$er
t&e sae period in 2012*

(uring t&e %irst @uarter o% 2013
argin %or a$ocado !as 23*=
1:*9pp 3percent points4 %ro t&e sae
period t&e ,ear 1e%ore*

S&rip Ot&er 0otal
3#:0" ="3 )0#99=
:19 33124 10#=3=
23&-5 >34&,5 23&/5
301 2"77 1=#+)+
33: 3177 1"#139
11*93 2*2)
; in $olue and an
; in price o$er t&e sae
# total gross
*3;# up 1)*0pp
0&e increase is e6plained due
%res& !&ite
are usuall, &ar$ested during t&e
second and t&ird @uarterF t&ere%ore
signi%icantl, lo!er $olues# ainl, o%
%roGen product# are noral during t&e
net M0s o% %roGen
a$ocado during t&e %irst @uarter o% 2013# at
per net <5
; in $olue
; in price o$er
3 total gross
23*=;# do!n
points4 %ro t&e sae

!epper
CAMPOSOL sold 1#123 net M0s o%
preser$ed pi@uillo peppers !it& an a$erage
price o% 'S( 1*:3 per net <5* 0&is
represents a decrease o% 0*:; in $olue
sold and a price decrease o%
copared to t&e sae period in 201

argin %or pepper !as +*:;# do!n
,ear 1e%ore*

a$go
CAMPOSOL sold "#993 net M0s o% %res&
ango !it& an a$erage price o% 'S( 1*
per net <5* 0&is represents an
92*); in $olue sold and a price
o% )*=; copared !it& t&e sae period in
2012* 0&e signi%icant increase in $olue is
e6plained 1, 1ot& an increase in o!n
production in t&e aount o% 2#+)2 M0 and
an increase in purc&ases %ro t&ird part
in 2#=): M0*

/n t&e %irst @uarter o% 2013 CAMPOSOL
1#"93 net M0s o% %roGen ango !it& an
a$erage price o% 'S( 1*=9 per net <5* 0&is
represents an increase o% +3*=; in $olue
sold and a price decrease o%

argin %or ango !as 2)*3;# do!n

(uring t&e %irst @uarter o% 2013#
net M0s o%
preser$ed pi@uillo peppers !it& an a$erage
per net <5* 0&is
; in $olue
crease o% 2*9;
copared to t&e sae period in 2012*
3 total gross
;# do!n :*:pp
%ro t&e sae period t&e
(uring t&e %irst @uarter o% 2013#
net M0s o% %res&
ango !it& an a$erage price o% 'S( 1*0:
increase o%
; in $olue sold and a price decrease
; copared !it& t&e sae period in
0&e signi%icant increase in $olue is
ase in o!n
production in t&e aount o% 2#+)2 M0 and
%ro t&ird parties
CAMPOSOL sold
net M0s o% %roGen ango !it& an
per net <5* 0&is
; in $olue
crease o% 13*3;
3 total gross
;# do!n 3*:pp
3percent points4 %ro t&e sae period
,ear 1e%ore*

<rapes
5rapes are usuall, &ar$ested during t&e
%ourt& @uarterF t&ere%ore signi%icantl,
lo!er $olues are noral during t&e ot&er
@uarters*

copan, sold =)3 net M0s o% %res& grapes
!it& an a$erage price o% 'S( 2*
<5* 0&is represents a decrease o%
$olue sold and a price increase o%
copared !it& t&e sae period in 201

argin %or grape !as "*1;# do!n
3percent points4 %ro t&e pre$ious ,ear*

#hri*p
CAMPOSOL sold 33: net M0s o% s&rip
during t&e %irst @uarter o% 201
a$erage price o% 'S( 10*+2 per net <5* 0&is
represents a decrease o% )2*3; in $olue
sold and a price increase o%

argin %or s&rip !as 23*);#
3percent points4 %ro t&e sae period in
2012*

For %urt&er segent in%oration please
re%er to page 19*

+

5rapes are usuall, &ar$ested during t&e
%ourt& @uarterF t&ere%ore signi%icantl,
lo!er $olues are noral during t&e ot&er
net M0s o% %res& grapes
!it& an a$erage price o% 'S( 2*+9 per net
crease o% 31*9; in
crease o% 21*+;
copared !it& t&e sae period in 2012*
3 total gross
do!n 39*3pp
3percent points4 %ro t&e pre$ious ,ear*
net M0s o% s&rip
during t&e %irst @uarter o% 2013 at an
per net <5* 0&is
; in $olue
crease o% 2"*);
3 total gross
;# up 0*1pp
3percent points4 %ro t&e sae period in
For %urt&er segent in%oration please

:$7est*e$t !rogra*
Copan, in$ested 'S( )*1 illion 32)*= o%
20124# o% !&ic& 'S( 3*2 illion !ere
planted areas# ainl, o% a$ocados and
1lue1erries# 'S( 0*= illion in t&e
products and 'S( 0*2 illion !as in$ested
in e@uipent and in%rastructure in order to
ipro$e t&e pacAing %acilit, and %ields

Age of Fields
As o% Marc& 31# 2013
Age
3,ears4
H&ite
Asparagus
3Has4
5reen
Asparagus
3Has4
0 ? 1 ? ?
1 ? 2 ? ?
2 ? 3 ? ?
3 ? ) 19) ?
) ? 9 =20 1:0
9 ? + ):: 1+2
+ ? = )): :0
= ? " 1+) "=
" ? : 1 ?
: ? B ? ?
Total
Has 1.4,0 /24


illion 32)*= o%
illion !ere
o% a$ocados and
illion in t&e
illion !as in$ested
in e@uipent and in%rastructure in order to
o$e t&e pacAing %acilit, and %ields*

As o% 31 Marc& 2013# CAMPOSOL &ad
2#91+ Has o% asparagus# 2#+
a$ocado# )90 Has o% ango# )91 Has o%
grapes and 102 Has o% tangerines planted*
/n addition it also &as +39 Has o% s&rip
ponds %ared# 2:1 Has o% pepper and 212
Has o% 1lue1erries*

0&e Copan, &ad t&e %ollo!ing planted
areas 1, t&e end o% %irst @uarter o%

A$ocado
3Has4
Mangos
3Has4
5rapes
3Has4
0angerines
3Has4
.lue1err,
191 3) ? ?
)2 ? 391 ?
1#112 ? ? 9+
)== ? 100 )+
39 ? ? ?
? ? ? ?
10) ? ? ?
? 11 ? ?
? 3+ ? ?
=22 3+: ? ?
2.3-3 -/0 -/1 102

# CAMPOSOL &ad
+)3 Has o%
Has o% ango# )91 Has o%
and 102 Has o% tangerines planted*
/n addition it also &as +39 Has o% s&rip
Has o% pepper and 212
d t&e %ollo!ing planted
%irst @uarter o% 2013I

.lue1err,
3Has4

0otal
3Has4
19" 3)3
93 ))+
? 1#1+"
1 =="
? :)9
? ++1
? +)3
? 2+2
? 3=
? 1#0:1
212

3.30-

:*porta$t 87e$ts duri$g first (uarter of 201
ar?et
0&e long ter gro!t& prospects %or e6otic
%ruits J $egeta1les arAets are e6cellent*
A$ocado and ango are gro!ing# !it&
&eadroo %or increased per capita
consuption in Ae, arAets* /n t&e case o%
asparagus# alt&oug& consuption is sta1le#
suppl, is %alling due ainl, to reduced
e6ports %ro C&ina*

Copan, e6pects good deand %or all
%res& produce in general and %or a$ocado
speci%icall, in 1ot& t&e 'nited States and
-urope*

$ts duri$g first (uarter of 2013
0&e long ter gro!t& prospects %or e6otic
%ruits J $egeta1les arAets are e6cellent*
ango are gro!ing# !it&
&eadroo %or increased per capita
consuption in Ae, arAets* /n t&e case o%
asparagus# alt&oug& consuption is sta1le#
is %alling due ainl, to reduced
Copan, e6pects good deand %or all
%res& produce in general and %or a$ocado
speci%icall, in 1ot& t&e 'nited States and
"utloo?

0&e Copan, is currentl, %ocused on
adding $alue to its clients t&roug&
coercial# arAeting and ser$ice
initiati$es !&ic& s&ould result on &ig&er
argins*

Additionall,# CAMPOSOL is anal,Ging ne!
opportunities to consolidate its leaders&ip
t&roug& additional planting o% current
crops# planting o% ne! crops# strategic
alliances and ac@uisitions*

CAMPOSOL !ill continue positioning itsel%
in t&e 'S arAet# t&e largest and %astest
gro!ing arAet %or a$ocado in t&e !orld#
no! open %or Peru$ian produce a
ot&er arAets !it& &ig& gro!t& potential*

0&e .oard o% (irectors#
CAMPOSOL Holding Plc*

Liassol# C,prus
19 Ma,# 2013
"

0&e Copan, is currentl, %ocused on
adding $alue to its clients t&roug&
coercial# arAeting and ser$ice
initiati$es !&ic& s&ould result on &ig&er
Additionall,# CAMPOSOL is anal,Ging ne!
opportunities to consolidate its leaders&ip
additional planting o% current
crops# planting o% ne! crops# strategic
CAMPOSOL !ill continue positioning itsel%
in t&e 'S arAet# t&e largest and %astest
gro!ing arAet %or a$ocado in t&e !orld#
no! open %or Peru$ian produce and in
ot&er arAets !it& &ig& gro!t& potential*

Fi$a$%ial Ta'les

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

C"@#"L:)AT8) #TAT88@T "F C"!;8H8@#:=8 :@C"8
A# "F A;CH 31. 2013

Co$ti$ui$g operatio$sB
Re$enue
Cost o% sales
<ross profit
5ain arising %ro c&ange in %air $alue o% 1iological assets
!rofit after adCust*e$t fro* 'iologi%al assets

Adinistrati$e e6penses
Selling e6penses
Ot&er incoe
Ot&er e6penses
"perati$g profit

Pro%it E 3loss4 attri1uta1le to associate
Finance incoe
Finance cost
8et %oreign e6c&ange transactions losses
1Loss2 profit 'efore i$%o*e tax
/ncoe ta6
1Loss2 profit for the period fro* %o$ti$ui$g operatio$s

)is%o$ti$ued operatio$sB
Loss %or t&e period %ro discontinued operations
1Loss2 profit for the period

9asi% ear$i$gs per ordi$ary share
1expressed i$ A# dollars per share2

)iluted ear$i$gs per ordi$ary share
1expressed i$ A# dollars per share2

(epreciation J AortiGation
AortiGation !it&out /AS?)1
StocA options e6pense
89:T)A 'efore fair 7alue adCust*e$t

+ @o$ audited
++ Audited

CAMPOSOL Holding Plc /nteri Report ? First Quarter 2013
CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

C"@#"L:)AT8) #TAT88@T "F C"!;8H8@#:=8 :@C"8

For the period
e$ded

31&03&13+ 31&03&12+
@otes A#) 000 A#) 000
)0#99= 3=#90144
32:#"204 32"#0+"4
10#=3= :#)334
5ain arising %ro c&ange in %air $alue o% 1iological assets 1#0+0 1#3=04
!rofit after adCust*e$t fro* 'iologi%al assets 11#=:= 10#"034

- 3)#:2"4 3)#3=04
/ 39#92:4 3)#=="4
3+0 9:4
3"9"4 3=104
")2 1#00)4

)03 10=4
2 1:"4
3)#9:34 39#1)+4
31#1=24 313:4
3)#91"4 33#:=+4
:01 =104
%o$ti$ui$g operatio$s 33#+1=4 33#2++4

Loss %or t&e period %ro discontinued operations 3)4 31"94
33#+214 33#)914

30*21)4 30*11+4

30*21)4 30*11+4

2#902 2#1+14
1#22= 1#19+4
? )4
-.004 3.3032

First Quarter 2013

:

For the year
e$ded
31&12&12++
A#) 000
1"3#1"1
313"#2::4
))#""2
2+#:++
=1#")"

320#1194
322#:+14
1#1)9
31#=3+4
2"#1"1

++
1#99=
31=#"=:4
32#0)24
:#""3
32#29"4
=#+29

31)=4
=#)="

1*1:"

1*1:"

10#192
)#:19
9
13.,0,

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

C"@#"L:)AT8) 9ALA@C8 #H88T
A# "F A;CH 31. 2013

A##8T#
@o$>%urre$t assets
Propert,# plant and e@uipent
/n$estent in associate
/ntangi1le assets
8on?current portion o% 1iological assets

Curre$t assets
Prepaid e6penses
Current portion o% 1iological assets
/n$entories
Ot&er accounts recei$a1le
0rade accounts recei$a1le
Cas& and cas& e@ui$alents

Total assets

8(uity atti'uta'le to
shareholders of the pare$t
S&are capital
S&are Preiu
0reasur, s&are
Retained earnings

@o$>%o$trolli$g i$terest
Total e(uity

L:A9:L:T:8#
@o$>%urre$t lia'ilities
Long?ter de1t
(e%erred incoe ta6

Curre$t lia'ilities
Current portion o% long?ter de1t
0rade accounts pa,a1les
Ot&er accounts pa,a1les
.anA loans

Total lia'ilities
Total e(uity a$d lia'ilities

+ @o$ audited
++ Audited

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

For the
period
e$ded
Fort the
year e$ded
31&03&13+ 31&12&12++
@otes A#) 000 A#) 000

3 12+#9+9 12=#=33
:+2 99:
4 20#0"" 20#3)3
current portion o% 1iological assets 23+#231 22:#139
3"3#")+ 3==#==0

1#++9 "21
1=#93+ 1+#9+)
, 91#"3+ 92#+:+
0 1"#9)= 1+#"+9
2+#"2) 3:#9+9
23#0)+ 2"#923
13:#)9) 199#03)
923#300 932#"0)

90= 90=
212#31" 212#31"
311#9:24 311#9:24
++#:": =0#+22
2+"#222 2=1#"99

9:2 9"0
2+"#"1) 2=2#)39

133#=)3 132#392
29#10) 2+#03"
19"#")= 19"#3:0

3#3": 2#=9:
)1#)3) 91#2""
12#=3+ 1"#092
3"#0"0 2:#""0
:9#+3: 101#:=:
29)#)"+ 2+0#3+:
923#300 932#"0)

First Quarter 2013

10

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

C"@#"L:)AT8) #TAT88@T "F CHA@<8 :@ 8QA:TD
A# "F A;CH 31. 2013

#hare
%apital
A#E000

.alance as o% 1 Kanuar, 2013 90=
StocA options ?4
S&are 1u,1acA ?
Options e6pired ?4
Ad2ustent ?4
8et result ?4
Result o% non?controlling interest ?4
.alance as o% 31 Mac& 2013 90=

0&e total paid in nu1er o% ordinar, s&ares as o% 31 Marc& 201

0&e Copan, &as also 2#9=0#900 dorant s&ares !it&out an, $oting or di$idend rig&ts*
CAMPOSOL Holding Plc /nteri Report
11

C"@#"L:)AT8) #TAT88@T "F CHA@<8 :@ 8QA:TD

8(uity
attri'uta'le to @o$
#hare Treasury ;etai$ed shareholders of %o$trolli$g
pre*iu* #hares 8ar$i$gs the pare$t i$terests
A#E000 A#E000 A#E000 A#E000 A#E000

90=

212#31"

311#9:244

=0#+224

2=1#"994

4

?4

?4

?4

?4

?

?4

?

?

4

?4

?

?4

?4

4

?4

?4

?4

?4

4

?4

?4

33#+214

33#+214

4

?4

?4

3124

3124

212#31"

311#9:244

++#:":4

2+"#2224

s&ares as o% 31 Marc& 2013 is 2:#"33#"20 s&ares !it& a par $alue o% -uro 0*01 per s&are*
0&e Copan, &as also 2#9=0#900 dorant s&ares !it&out an, $oting or di$idend rig&ts*


@o$>
%o$trolli$g Total
i$terests e(uity
A#E000 A#E000

9"04

2=2#)394
?4

?4
?4

?4
?4

?4
?4

?4
?4

33#+214
124

?4
9:24

2+"#"1)4

is 2:#"33#"20 s&ares !it& a par $alue o% -uro 0*01 per s&are*

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

C"@#"L:)AT8) CA#H FL"W #TAT88@T F"; TH8 !8;:")
A# "F A;CH 31. 2013

Cash flo6 fro* operati$g a%ti7ities
Collections

Pa,ent to suppliers and eplo,ees
/nterest paid

Custo duties re%und collections

Ot&er collections

(e1t terination %ee

@et %ash ge$erated fro* operati$g a%ti7ities

Cash flo6 fro* i$7esti$g a%ti7ities

Purc&ases o% propert,# plant and e@uipent

/n$estents in 1iological assets

Purc&ases o% intangi1les# e6cluding good!ill

Ac@uisition o% su1sidiar,# net o% cas& ac@uired

Proceeds %ro sale o% propert,# plant and e@uipent

@et %ash used fro* i$7esti$g a%ti7ities

Cash flo6 fro* fi$a$%ial a%ti7ities

.anA loans proceeds

.anA loans pa,ents

S&are 1u,1acA

Prepa,ent o% s,ndicated loan

.ond issue# net o% transaction costs
8e! long?ter proceeds
Pa,ents o% long?ter de1t

@et %ash ge$erated fro* fi$a$%ial a%ti7ities

8et increase 3decrease4 in cas& and cas& e@ui$alents during t&e period

Cas& and cas& e@ui$alents at 1eginning o% period

Cash a$d %ash e(ui7ale$ts at e$d of period

+ @o$>audited
++ Audited

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#


31&03&13+ 31&12&12++
Cash flo6 fro* operati$g a%ti7ities
93#331
1=2#"""
Pa,ent to suppliers and eplo,ees 3+)#93"4
31"+#)29
32#3+14
310#9":4
Custo duties re%und collections 1#")3 =#09=
3+2 2#:2:
? 3)0=
@et %ash ge$erated fro* operati$g a%ti7ities 111.3332 11-./-0
Cash flo6 fro* i$7esti$g a%ti7ities
Purc&ases o% propert,# plant and e@uipent 31#19+4 31)#)=14
32#:+=4 310#+034
Purc&ases o% intangi1les# e6cluding good!ill 31==4 32""4
Ac@uisition o% su1sidiar,# net o% cas& ac@uired ?
Proceeds %ro sale o% propert,# plant and e@uipent 13+ )2:
@et %ash used fro* i$7esti$g a%ti7ities 1-.13-2 12-.4332
Cash flo6 fro* fi$a$%ial a%ti7ities
30#+"0 9:#3=0
322#)"04 399#2"=4
? 311#9:24
? 39"#92)4
.ond issue# net o% transaction costs ? 121#013
1)3 "#9++
1#=0= 32#1)=4
@et %ash ge$erated fro* fi$a$%ial a%ti7ities 10.0/0 31.344

8et increase 3decrease4 in cas& and cas& e@ui$alents during t&e period 39#)==4 21#:1:
Cas& and cas& e@ui$alents at 1eginning o% period 2"#923 +#+0)
Cash a$d %ash e(ui7ale$ts at e$d of period 23.0-3 2,./23

First Quarter 2013

12

++

1=2#"""

)294

310#9":4
=#09=
2#:2:
)0=4

1-./-04

)=14
310#+034
32""4
?
)2:

332

9:#3=0
399#2"=4
311#9:24
39"#92)4
013
"#9++
32#1)=4
1.344

21#:1:
+#+0)
2,./23

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

A# "F A;CH 31. 2013
Co$%iliatio$
"perati$g a%ti7itiesB
Reconciliation o% loss 3pro%it4 %or t&e period 3,ear4 to net cas&
%ro 3used in4 operating acti$itiesI
3Loss4 Pro%it 1e%ore incoe ta6
(epreciation
AortiGation
0rans%erence to 1iological assets
Pro$ision %or dou1t%ul accounts recei$a1le
Pro$ision %or o1solescence o% in$entories
Reco$er, o% dou1t%ul
/nterest e6penses
Hrite do!n o% in$entories
Fair $alue assets
Loss on sale o% propert,# plant and e@uipent
(isposals o% intangi1les
S&are?1ased pa,ents e6pense
Pro%it o% in$estents in associates
/ncoe ta6
8et e6c&ange di%%erence
/ncrease 3decrease4 on t&e operations %lo! %or net
$ariations
0rade recei$a1les
Ot&er recei$a1les
/n$entories
Prepaid e6penses
0rade pa,a1les
Ot&er pa,a1les
@et %ash ge$erated fro* operati$g a%ti7ities

+ @o$>audited
++ Audited

CA!"#"L H"L):@< !LC A@) #A9#:):A;:8#

CA#H FL"W #TAT88@T F"; TH8 !8;:")

31&03&13+ 31&12&12++

Reconciliation o% loss 3pro%it4 %or t&e period 3,ear4 to net cas&
3)#91"4 :#""3
2#0+" =#9:=
)3) 2#999
1#22= )#:19
Pro$ision %or dou1t%ul accounts recei$a1le ? 120
Pro$ision %or o1solescence o% in$entories 910 :1"
? 3224
)#9:3 1=#"=:
3=+"4 31#+014
3"#0+"4 33+#93:4
Loss on sale o% propert,# plant and e@uipent 3914 322=4
? ?
? 9
3)034 3++4
3:3)4 2#11:
33"4 3):
/ncrease 3decrease4 on t&e operations %lo! %or net
12#==) 310#3:14
31#+==4 39#3334
1#11" 3=#++94
3"))4 3:4
3:#"9)4 11#21)
3+#:324 310#2)"4
@et %ash ge$erated fro* operati$g a%ti7ities 111.3332 11-./-02

First Quarter 2013

13

#ele%ted dis%losure $otes

1& 9asis of preparatio$

0&is condensed consolidated %inancial in%oration %or t&e
&as 1een prepared in accordance !it& /AS
condensed consolidated interi %inancial in%oration s&ould 1e read in con2unction !it& t&e
annual %inancial stateents %or t&e ,ear ended (ece1er 31# 20
in accordance !it& /FRS*

2& #ig$ifi%a$t a%%ou$ti$g poli%ies

0&e consolidated %inancial stateents &a$e 1een prepared on &istorical cost 1asis# e6cept
1iological assets and deri$ati$e %inancial instruents !&ic& &a$e 1een easured at %air $alue
and in accordance !it& /FRS*

0&e %inancial stateents are presented in 'nited States dollars 3'S(4 and
aounts are rounded to t&e nearest t&ousand 3'S( >0004 e6cept !&en ot&er!ise indicated*
0&e %inancial stateents do not include all t&e in%oration and disclosures re@uired in t&e
annual %inancial stateents# and s&ould 1e read in con2unction
as o% (ece1er 31# 2012*

0&e accounting policies adopted in t&e preparation o% t&e %inancial stateents are consistent
!it& t&ose %ollo!ed in t&e preparation o% t&e %inancial stateents %or t&e ,ear ended
(ece1er 31# 2012*

#ele%ted dis%losure $otes
0&is condensed consolidated %inancial in%oration %or t&e %irst @uarter ended Marc&
&as 1een prepared in accordance !it& /AS?3)# L/nteri %inancial reporting> 3/FRS4* 0&e
interi %inancial in%oration s&ould 1e read in con2unction !it& t&e
annual %inancial stateents %or t&e ,ear ended (ece1er 31# 2012# !&ic& &a$e 1een prepared
2& #ig$ifi%a$t a%%ou$ti$g poli%ies
eents &a$e 1een prepared on &istorical cost 1asis# e6cept
0&e %inancial stateents are presented in 'nited States dollars 3'S(4 and all onetar,
annual %inancial stateents# and s&ould 1e read in con2unction !it& t&e %inancial stateents

First Quarter 2013

1)
Marc& 31# 2013
3)# L/nteri %inancial reporting> 3/FRS4* 0&e
interi %inancial in%oration s&ould 1e read in con2unction !it& t&e
# !&ic& &a$e 1een prepared
eents &a$e 1een prepared on &istorical cost 1asis# e6cept
all onetar,
!it& t&e %inancial stateents

3& #eg*e$t i$for*atio$

;esult of First Quarter 2013

Asparagus A7o%ado
20134 20124 20134
A#) thousa$ds Q14 Q14 Q14
Re$enues 19#3"= 1+#"2)4 1#)1+
Cost o% goods sold 3:#1"04 312#3:"4 31#0"04
<ross profit 3.200 -.-234 333
Volue produced 3net M04
314
)#+2" +#)+94 ?
Volue sold 3net M04 )#2+3 +#11)4 )00
Heig&ted A$erage prices 3'SM E<g*4 3*+1 2*=94 3*9)
Planted area 3Ha4 2#91+ 2#9)+4 2#+)3
Volue Har$ested 3M04
324
9#:)9 :#0)24 ?
0&ird part, suppl, 3M04 3+3 12=4 ?
Fres& ; 7 90; 3+;4 ));
Preser$ed ; 7 )=; +0;4 0;
FroGen ; 7 3; );4 9+;

314 /ncludes processed ra! aterial %ro suppliers
324 Onl, o!n production
7 1, net $olue sold
77 Corresponds to 1lue1erries

CAMPOSOL Holding Plc /nteri Report
19
A7o%ado

Arti%ho?e
!eppers a$go <rapes
20124 20134 20124 20134 20124 20134 20124 20134 20124 201
Q14 Q14 Q14 Q14 Q14 Q14 Q14 Q14 Q14
")24 1#:9+ :124 2#3)9 2#2)+4 12#=:0 "#=124 1#:=2 2#3+) 3#:0"
3)="4 31#=:"4 3++14 32#1")4 31#"+"4 3:#+==4 3+#29:4 31#"134 31#33=4 32#::34
33-4 1/, 2/14 131 30,4 3.113 2.-/34 1/4 1.020
?4 101 +4 ? 2:04 12#9"" "#9=:4 ? +11
22)4 =21 3234 1#123 1#1334 10#919 +#=)+4 =)3 1#0")
3*=+4 2*=1 2*"24 2*0: 1*:"4 1*22 1*2:4 2*+9 2*1" 11*93
2#+034 ? ?4 2:1 3:+4 )90 )194 )91 )91
?4 ? ?4 ? ?4 :#+02 "#:)=4 ? ==2
?4 1:0 194 ? ?4 +#+)= 3#":"4 ? ?
0;4 0; 0;4 0;4 0;4 "1; "3;4 100; 100;
0;4 100; 100;4 100;4 100;4 1; 0;4 0; 0;
100;4 0; 0;4 0;4 0;4 1"; 1=;4 0; 0; 100;


#hri*p "thers Total
20134 20124 20134 20124 20134 20124
Q14 Q14 Q14 Q14 Q14 Q14
3#:0" 9#0)24 ="3 99:4 )0#99= 3=#9014
32#::34 33#"++4 31#0:94 31#2014 32:#"204 32"#0+"4
41/ 1.1034 13122 13-22 10.030 4.-334
301 9=)4
2" 77 ?77 1=#+)+ 1+#929
33: 9""4
3177 ?77 1"#139 1+#212
11*93 "*9=4
2*2) 2*31
+39 +2)4
+#:"+ =#039
))2 "304
19#:": 1:#9:1
? ?4
=#200 )#0)0
0;4 0;4
)0; 31;
0;4 0;4
39; 3=;
100;4 100;4
29; 32;

-& Ad*i$istrati7e expe$ses

Adinistrati$e e6penses increased %ro 'S(
illion in t&e sae period o% 201

Personnel e6penses
0&ird parties ser$ices
(epreciation J aortiGation
5eneral ser$ices
0ra$el and 1usiness e6penses
/nsurance
Ot&er e6penses
Total

/& #elli$g expe$ses

Selling e6penses increased %ro 'S(
in t&e sae period o% 2013*

Freig&t
AortiGation o% custoer relations&ips
Personnel e6penses including pro%it s&aring
Custos
0ra$el and 1usiness e6penses
/nsurance
Ot&er e6penses
Total

Adinistrati$e e6penses increased %ro 'S( )*) illion in t&e %irst @uarter o% 2012
illion in t&e sae period o% 2013*
For the period e$ded
31&03&13 31&03&12
A#) 000 A#) 000
2#+39 2#)"+
="+
(epreciation J aortiGation 2:0
9")
0ra$el and 1usiness e6penses 13=
1+
?
)"0
-.42, -.300
%ro 'S( )*" illion in t&e %irst @uarter o% 2012 to 'S(
For the period e$ded
31&03&13 31&03&12
A#) 000 A#) 000
2#911 2#))1
AortiGation o% custoer relations&ips 320
Personnel e6penses including pro%it s&aring 31=
1#)21 1#09=
and 1usiness e6penses 300
111
9):
/./24 -.00,

First Quarter 2013

1+
2 to 'S( )*:

31&03&12
A#) 000
2#)"+4
=+04
30+4
3:94
19+4
1"4
)4
2)94
-.3004
to 'S( 9*9 illion

31&03&12
A#) 000
2#))14
3204
31+4
1#09=4
"24
=24
):04
-.00,4

3& !roperty. pla$t a$d e(uip*e$t

Main additions are part o% t&e in$estent in t&e irrigation and e@uipent %or t&e ne! planted
areas and ipro$eents in pacAing %acilit,*

Opening net 1ooA aount as o% Kanuar, 01# 201
3 B 4 Additions
3 ? 4 Hrite C o%%
3 ? 4 (epreciation
3 B E ? 4 Ad2ustents

Closing net 1ooA aount as o%

0& "ther a%%ou$ts re%ei7a'le

Ot&er accounts recei$a1le increase
illion 1, t&e end o% %irst @uarter

As o%#

(ra!1acA /port duties
Value added ta6
/ncoe ta6 credit
Ot&ers 374

Less I
Allo!ance to dou1t%ul accounts

374 /ncludedI
Prepa,ents to suppliers
-plo,ees
Loans to t&ird parties
Sales o% %i6ed assets
(ou1t%ul accounts
Ot&ers

3& !roperty. pla$t a$d e(uip*e$t
pacAing %acilit,*
A#) 000
Opening net 1ooA aount as o% Kanuar, 01# 2013 120.033
32#0+"4

Closing net 1ooA aount as o% Marc& 31# 2013 123./3/
increased %ro 'S( 1+*: illion in (ece1er 31 2012# to
@uarter o% 2013*
31&03&13 31&12&12
A#) 000 A#) 000
(ra!1acA /port duties 1#":= 2#103
9#"3: )#=="
+#+:3 +#=:2
)#":: 3#:="
14.32, 10.3/1

Allo!ance to dou1t%ul accounts 3="14 3="+4
1,./-0 13.,3/

Prepa,ents to suppliers =)) +30
2"3 1)9
parties 929 )="
Sales o% %i6ed assets ? 93
="1 ="+
2#9++ 1#""+

First Quarter 2013

1=
A#) 000
120.0334
1#19+
3"94
32#0+"4
31=14
123./3/4
to 'S( 1"*9

,& :$7e$tory

0otal in$entories increased %ro 'S(
t&e end o% t&e %irst @uarter o% 201

As o%I

Finis&ed product
Supplies
PacAaging
Ra! aterial and ot&ers
Product in process
/n?transit ra! aterial and supplies
Total

4& :$ta$gi'les

As o%I

5ood!ill
Custoer relations&ip
So%t!are
Ot&ers
Total

creased %ro 'S( 92*= illion in (ece1er 31 2012# to 'S( 91*"
2013*
31&03&13 31&12&12
A#) 000 A#) 000
2:#::2 32#02+
=#0)2 =#+11
"#10" =#==2
Ra! aterial and ot&ers 2#1"0 2#0"1
3#)01 1#19)
aterial and supplies 1#113 2#092
/1.,33 /2.343
31&03&13 31&12&12
A#) 000 A#) 000
12#::= 12#::=
3#:)9 )#2+9
2#:"+ 2#:23
1+0 19"
20.0,, 20.3-3

First Quarter 2013

1"
" illion 1,
32#02+
=#+11
=#==2
2#0"1
1#19)
2#092
/2.3432
12#::=
)#2+9
2#:23
19"
20.3-3

10& Tra$sa%tio$s 6ith related parties

0&e ain transactions carried out 1et!een t&e 5roup and related copanies are as %ollo!sI

8*pa%adora de Frutos Tropi%ales #&A&C&
Purc&ase o% ser$ices

Apoyo Co$sultorFa #&A&C&

<estiG$ del !a%ifi%o #&A&C&
Sales o% ser$ices
Purc&ase o% %i6ed assets

Corpora%iG$ !es(uera :$%a #&A&
Sales o% ser$ices

Aounts due %ro E to related partiesI

"ther a%%ou$ts re%ei7a'le
CorporaciNn Pes@uera /nca S*A*

Trade a%%ou$ts paya'le
-pacadora de Frutos 0ropicales S*A*C
5estiNn del Paci%ico S*A*C*
Apo,o ConsultorOa S*A*C*

10& Tra$sa%tio$s 6ith related parties
For the period
e$ded
For the year
e$ded
31&03&13 31&12&12
A#) 000 A#) 000

8*pa%adora de Frutos Tropi%ales #&A&C&
:9: 1#+33

Apoyo Co$sultorFa #&A&C&
3

<estiG$ del !a%ifi%o #&A&C&
? 1
3+0 1#299
9 1"

Corpora%iG$ !es(uera :$%a #&A&
=2 392

Aounts due %ro E to related partiesI

"ther a%%ou$ts re%ei7a'le
Pes@uera /nca S*A* "9 39

-pacadora de Frutos 0ropicales S*A*C 11: 30"
5estiNn del Paci%ico S*A*C* =2 103
2

First Quarter 2013

1:
For the year

+334

=4

1
1#2994
1"=

3924

39

30"
103
3

11& #easo$ality
Copan, production is su12ect to seasonal %luctuations# !it& peaA production in t&e t&ird to
%ourt& @uarter o% t&e ,ear* 0&is is due to seasonal !eat&er conditions !&ic& a%%ect production*

12& Ase of @"@><AA! *easures
/n t&e discussion o% operating resul
easures suc& as -./0(A* CAMPOSOL>s anageent aAes regular use o% t&ese easures to
e$aluate t&e per%orance# 1ot& in a1solute ters and coparati$el, %ro period to period*
-./0(A 1e%ore %air $alue ad2ustent# !&ic& CAMPOSOL de%ines as sales inus cost o% goods
sold# adinistrati$e and selling e6penses plus depreciation# aortiGation# aortiGation !it&out
/AS?)1 and stocA option costs# is an appro6iation o% cas& %lo! %ro continuing operating
acti$ities 1e%ore ta6 and net operating capital c&anges* AortiGation !it&out /AS
assigned to cost o% goods sold t&at under an accounting !it&out /AS
aortiGation*

CAMPOSOL>s de%inition o% -./0(A a, di%%er %ro t&at o% ot&er c
1e considered as an alternati$e to operating incoe and incoe 1e%ore ta6 as an indicator o%
t&e Copan,>s operations in accordance !it& /FRS* 8or is -./0(A an alternati$e to cas& %lo!
%ro operating acti$ities in accordance !it
1e%ore incoe ta6 is pro$ided as %ollo!sI

89:T)A 'efore fair 7alue adCust*e$t

(epreciation J AortiGation
AortiGation !it&out /AS?)1
Ot&er incoe 3e6penses4
C&ange in %air $alue o% .iological assets
"perati$g profit

S&are o% gain o% associated copanies
Finance incoe
Finance costs
Currenc, translation di%%erences
1Loss2 H !rofit 'efore i$%o*e tax

<AA! *easures
/n t&e discussion o% operating results# CAMPOSOL re%ers to certain non?5AAP %inancial
tent# !&ic& CAMPOSOL de%ines as sales inus cost o% goods
)1 and stocA option costs# is an appro6iation o% cas& %lo! %ro continuing operating
1e%ore ta6 and net operating capital c&anges* AortiGation !it&out /AS?)1 is t&e cost
assigned to cost o% goods sold t&at under an accounting !it&out /AS?)1 !ould 1e considered
CAMPOSOL>s de%inition o% -./0(A a, di%%er %ro t&at o% ot&er copanies* -./0(A s&ould not
%ro operating acti$ities in accordance !it& /FRS* A reconciliation o% -./0(A to total pro%it
1e%ore incoe ta6 is pro$ided as %ollo!sI
For the
(uarter e$ded
For the year
e$ded
31&03&13 31&03&12 31&12&12
A#) 000 A#) 000 A#) 000

-.004 3.3032 13.,0,

32#9024 32#1+14 310#1924
31#22=4 31#19+4 3)#:194
? 3)4 394
3):"4 3+914 39:14
%air $alue o% .iological assets 1#0+0 1#3=02 2+#:++
,-2 1.00-2 2,.1,1

)03 10=4 ++
2 1:"2 1#99=
3)#9:34 39#1)+4 31=#"=:4
31#1=24 313:4 32#0)24
1-./1,2 13.40322 4.,,3

First Quarter 2013

20
5AAP %inancial
tent# !&ic& CAMPOSOL de%ines as sales inus cost o% goods
)1 and stocA option costs# is an appro6iation o% cas& %lo! %ro continuing operating
)1 is t&e cost
)1 !ould 1e considered
opanies* -./0(A s&ould not
& /FRS* A reconciliation o% -./0(A to total pro%it

Largest 20 #hareholders as of ay 1-

:$7estor
1
(P-R?COR/A0 HOL(/85# S*L
2
(-'0SCH- .A8< A5 LO8 PR/M- .RO<-RA5- F'LL
3
5OL(-8 0AR5-0 PAC/F/
-
-'ROCL-AR .A8< S*A*E8*V* 3Q.AQ4
/
CAMPOSOL S*A*
3
FO8(O (- /8V-RS/R8 A5RO/8('S0R/AL
0
H-/LH-/M /8V-S0M-80S S*L*
,
P-R' LA8( FARM/85 LLC
4
(-'0SCH- .A8< A5 LO8
10
CAMPOSOL HOL(/85 PLC
11
KPMOR5A8 CHAS- .A8<
12
K'S08-S R-(-R/ AS
13
MP P-8SKO8 P<
1-
KAHRMA88 AS
1/
S/S S/S A5 29PC0
13
CL-ARS0R-AM .A8</85
10
5OL(MA8 SACHS /80* ?
1,
M/LLCOM 8OR5- AS
14
<ARLA8(-R SH/PP/85 S
20
0H- .A8< OF 8-H POR< .8PM SAE8V

T"TAL T"! 20

O0H-RS

T"TAL

ay 1-
th
. 2013
:$7estor #hares

"#9=1#000
(-'0SCH- .A8< A5 LO8 PR/M- .RO<-RA5- F'LL
9#=0:#3=3
3#3"0#100
-'ROCL-AR .A8< S*A*E8*V* 3Q.AQ4
2#:"2#999
2#+13#130
A5RO/8('S0R/AL
1#:0"#=90
H-/LH-/M /8V-S0M-80S S*L*
1#33"#:13
:+0#+:9
)99#+)9
399#3=2
290#=0=
1)9#300
13=#000
12=#000
"=#12"
=)#:2+
=)#1"0
+0#000
90#000
0H- .A8< OF 8-H POR< .8PM SAE8V ? .8P 5CM
):#900
24.331.20-
902#9)+
24.,33.,20

First Quarter 2013

21
5
2"*=3;
1:*1);
11*33;
10*00;
"*=+;
+*)0;
)*):;
3*22;
1*93;
1*1:;
0*");
0*):;
0*)+;
0*)3;
0*2:;
0*29;
0*29;
0*20;
0*1=;
0*1=;
4,&325
1*+";
100&005

For further i$for*atio$. please %o$ta%tB

-6ecuti$e C&airan# Mr* Sauel (,er
sd,ercTcaposol*co*pe

CFO# Mr* Korge RaireG
2raireGTcaposol*co*pe

P&oneI B+3) =100?0"0)
Fa6I B911 )=9?0=":

A'out CA!"#"L
CAMPOSOL is t&e leading agro industrial copan, in Peru# t&e largest e6porter o% asparagus
and soon t&e %irst producer o% a$ocado in t&e !orld* /t is in$ol$ed in t&e &ar$est# processing
and arAeting o% &ig& @ualit, agricultural products suc& as asparagus#
angoes# peppers# artic&oAes# andarins and 1lue1erriesF !&ic& are e6ported to Ae, arAets
in -urope# t&e 'nited States o% Aerica and Asia*
CAMPOSOL is a $erticall, integrated copan, located in Peru# o%%ering %res&# preser$ed and
%roGen products* /t is t&e t&ird largest eplo,er o% t&e countr,# !it& ore t&an 13 t&ousand
!orAers in &ig& season# and is coitted to support sustaina1le de$elopent t&roug& a social
responsi1ilit, polic, and pro2ects t&at increases t&e s&ared
CAMPOSOL !as t&e %irst Peru$ian agro industrial copan, to present annual audited
Sustaina1ilit, Reports and &as ac&ie$ed t&e %ollo!ing international certi%icationsI .SC/# 5lo1al
5ap# /FS# HACCP and .RC aong ot&ers*

To lear$ *ore a'out CA!"#"L please 7isit

For further i$for*atio$. please %o$ta%tB
-6ecuti$e C&airan# Mr* Sauel (,er Coriat
and arAeting o% &ig& @ualit, agricultural products suc& as asparagus# a$ocados# grapes#
in -urope# t&e 'nited States o% Aerica and Asia*
en products* /t is t&e t&ird largest eplo,er o% t&e countr,# !it& ore t&an 13 t&ousand
responsi1ilit, polic, and pro2ects t&at increases t&e s&ared?$alue %or all o% its staAe&olders*
5ap# /FS# HACCP and .RC aong ot&ers*
a'out CA!"#"L please 7isit !!!*caposol*co*pe

First Quarter 2013

22
a$ocados# grapes#
en products* /t is t&e t&ird largest eplo,er o% t&e countr,# !it& ore t&an 13 t&ousand
o% its staAe&olders*

First Quarter Report 2013

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First Quarter Report 2013

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CAMPOSOL

The Worlds Largest Asparagus exporter

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