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Camposol: resultados del año 2012

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Presentación del resultado anual del año 2012 de la empresa Camposol SA. En la lista de accionista todavía está Iván Orlic (Andean Fishing), quien vendió sus acciones el 12 de marzo del 2013

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Camposol: resultados del año 2012

  1. 1. CAMPOSOLTHE WORLD’S LARGEST ASPARAGUS EXPORTERCatering to a growing world affluence and higher demand for quality agricultural products Fourth Quarter and Preliminary Full Year 2012 Results 28 February 2013 Executive Chairman Samuel Dyer Coriat CFO Jorge Ramirez Not for reproduction or distribution. The information contained herein may be subject to change without prior notice 1
  2. 2. Disclaimer• This presentation has been prepared by Camposol Holding Plc. (the “Company”). The presentation and its contents may not be reproduced, redistributed or passed on, directly or indirectly to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose. Specifically, the presentation may not be distributed, forwarded or published, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia or Japan, or in any other jurisdiction in which such distribution, or publication would be prohibited by applicable law.• The information contained in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase the securities discussed herein in any jurisdiction, nor does it constitute a recommendation regarding the securities of the Company. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever.• Specifically, this presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities in the Company have not been and will not be registered under the Securities Act.• The presentation is the sole responsibility of the Company. The information may be subject to updating, completion, revision and amendment and such information may change materially. No representation or warranty, express or implied, is or will be made by the Company, its advisors, parent or subsidiary undertakings of any of the foregoing or any such person’s affiliates, directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, the Company, its advisors, parent or subsidiary undertakings of any of the foregoing and any such persons’ affiliates, directors, officers or employees do not and will not accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed in it are subject to change without notice.• This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company or its advisors nor any parent or subsidiary undertakings of any of the foregoing or any such person’s affiliates, directors, officers or employees make any guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments.• The presentation is disclosed pursuant to, and is governed by, Norwegian law and regulations. Any dispute arising out hereof shall be resolved in Norway, with the ordinary courts of Norway as legal venue. 2
  3. 3. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  4. 4. Highlights: Lower avocado volumes due climatic conditions (mostlymature fields) and lower prices from US market Revenues and EBITDA (USD MM) Q4 2012 Volume sold during Q412 was 24,131 net MT, up 15.2% from Q411 explained mainly by an increase in volumes EBITDA Sales of preserved asparagus and artichokes. Average price70 was USD 2.79 per net KG, up 12.0% from the same60 period in 2011.50 Sales of USD 67.4 million, up 29% from Q411.40 67.430 52.3 EBITDA before fair value adjustments (b.f.v.a.) of USD 5.3 million, 43.9% lower than Q411. EBITDA margin20 decreased to 7.9%.10 9.5 5.3 0 Q4 2011 Q4 2012 Revenues and EBITDA (USD MM) Q4 YTD 2012 Volume sold in 2012 was 70,949 MT, down 4.1% from 2011 mainly explained by lower volumes of avocado. EBITDA Sales Average price of USD 2.58 per net KG, up 13.7% from180 2011.160 Sales of USD 183.2 million, up 9.2% from 2011.140 183.2120 EBITDA (b.f.v.a.) of USD 16.9 million compared to USD100 167.8 30.8 million for the 2011, mainly explained by lower 80 volumes of avocado, due to climate conditions in Peru 60 40 and record high production in California and Mexico, 20 which adversely affected prices in the US market. 30.8 16.9 0 Q4 YTD 2011 Q4 YTD 2012 As of December 31st, the Company maintains a Cash Balance of USD 28.5 million. 4
  5. 5. Avocado volumes in US market have been record high in 2012,volumes up 23% and prices down 40% compared to 2011 800 $2.68 700 600 $1.98 500 VOLUME (000 MT) $1.84 $1.86 $1.74 $1.61 $1.57 400 $1.47 $1.19 300 200 100 0 $0.00 2004 2005 2006 2007 2008 2009 2010 2011 2012* California 196.0 137.1 273.7 111.8 149.6 79.5 249.0 130.8 191.6 Chile 97.0 121.2 70.0 112.3 65.4 113.0 64.9 70.0 60.7 Mexico 38.5 34.6 38.0 46.3 30.9 Peru 0.0 0.0 0.0 0.0 0.0 0.0 0.1 9.0 16.8 Total Volume YTD 366.0 414.6 473.9 482.5 488.9 530.6 613.2 568.9 699.5 Price Fob/kg Peru $1.74 $1.47 $1.19 $1.84 $1.98 $1.86 $1.57 $2.68 $1.61• Others = Florida, Dominican Republic, New Zealand• Source :HASS AVOCADO BOARD, USDA 5
  6. 6. During the Peruvian window (may-sep) in US market volumes up 34%and prices down 46% compared to last year 350 $3.50 300 $3.00 $2.94 250 $2.50 $2.23 $2.23 VOLUME (000 MT) 200 $2.03 $2.00 $1.71 $1.71 $1.66 $1.60 150 $1.50 $1.20 100 $1.00 50 $0.50 0 $0.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 California 118 78 165 79 101 53 175 102 145 Chile 19 30 10 23 8 39 4 16 4 Mexico 1 54 29 87 78 101 84 89 138 Others * 16 11 9 18 19 17 14 23 14 Peru 0 0 0 0 0 0 0 8 17 Q2-Q3 154.77 172.55 212.77 207.64 206.18 210.36 276.41 237.27 318.73 Price Fob Peru $1.66 $1.71 $1.20 $2.03 $2.23 $2.23 $1.71 $2.94 $1.60• Others = Florida, Dominican Republic, New Zealand• Source :HASS AVOCADO BOARD, USDA 6
  7. 7. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  8. 8. Camposol at a glance Largest asparagus exporter in the world (volumes). Main operations Largest producer of Hass avocados (planted area). Tumbes Positioned in the healthy food segments: fruits and Shrimp vegetables. Piura Mangoes, Peppers, Large bank of lands: 18,600 net hectares(1) out of which Grapes Chao approximately 7,000 hectares have been planted. Avocado, White/ Green asparagus Fields managed using advanced agricultural practices; Lima processing plants fitted with state of the art equipment. Favorable tax and labor regime. Employs on average 10,000 workers . Strong Volume Growth without additional substantial CAPEX. Strong Corporate Governance: – Adheres to Norwegian Code of Practice on Corporate Governance. – Listed in Oslo Stock Exchange. – Board members: 5 of 8 members are independent.(1) 1 hectare = 2.47 acres 8
  9. 9. Strong expected growth without substantial additional CAPEX Avocado Grapes Asparagus Mango Tangerines Total Crop yield as % of peak Planted hectares yields production Unproductive 449 35 102 586 0% phase 0 0 (17% of total) (8% of total) (100% of total) (10% of total) yield phase Medium 1,342 351 0 47 0 1,740 25 to 80% (51% of total) (78% of total) (10% of total) (28% of total) High yield 825 100 2,516 368 3,809 80 to 100% phase (32% of total) (22% of total) (100% of total) (82% of total) 0 (62% of total) Total 2,616 451 2,516 450 102 6,135 hasMargin(1) Profit Gross 51.8% 34.9% 18.0% 12.9% 73.5% 24.5% Only 32% of avocado planted areas have reached peak yields. Source: Company data. Note: Table excludes approximately 300 hectares planted with rotational crops such as piquillo pepper. (1) As of December 31, 2012. 9
  10. 10. World wide demand for avocado has increased significantly due togrowing awareness of its health benefits Demand Global imports (US$ million) 2001 global imports US$422 millionGlobal consumption of avocado has been growing at a very fast pace 2010 global imports US$1,655 millionmainly due to the growing popularity of the fruit and for its proved healthbenefits. 6.2x 705 2.8x 675 4.8xEurope had been the traditional importer of avocado. However, since 246early 2000’s imports by the US and Japan have grown at even faster rates. 114 121 25Currently, the US is the largest importer of avocado, representing close to37% of global imports, and has one of the fastest growth rates of N. America Europe Japanconsumption in the world, estimated a 10% per annum by the HassAvocado Board. 2001 2010 Health Benefits of AvocadoAvocado’s health benefits are due mainly to its high levels of vitamins A,B, E and G, high levels of potassium (higher than bananas), and also highlevels of monosaturated fat.The American Journal of Medicine (December 1999) showed that avocadosare rich in beta-sitosterol, a natural substance shown to significantlylower blood cholesterol levels.The oil produced by the fruit’s skin is also widely used in the beautyproducts industry, mostly for the production of facial creams, handlotions and fine soap, and the remaining pulp residue after oil extractionis used as stockfeed for livestock.Camposol is positioned to take advantage of the increased global demand for avocadoconsumption.Source: International Trade Center, American Journal of Medicine. 10
  11. 11. Due to prior investments, Camposol is ideally positioned to capture the growth opportunities in the US avocado market… Evolution of US local production and imports of avocado Forecasted US supply gap(in 000 MT) (in 000 MT) 578 295 221 156 249 98 46 653 Supply growth @3.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 Local production Imports Supply (imports + local production) Gap (demand - supply) Price and per capita consumption of avocado in US market Decreasing production from California has increased the need for Price growth 1980 – 2011E: 4.0x avocado imports: Consumption per capita growth 1980 – 2011E: 1.9x − Imported volumes have grown by 450% since 2000. 2.1 $2.0 − Local supply remains erratic due to seasonality. 1.1 Projections show demand outpacing supply even with the addition 1.0 of increased imports from new countries like Peru. Although Peruvian avocado was cleared halfway through the $0.5 export campaign (early in Q311), thus increasing avocado supply to the US market, average export prices increased as growing US 1980 1985 1990 1995 2000 2005 2010 demand outpaced supply. Consumption - kg per capita US market price - US$ per Kg The US market dynamics will be a key driver for growth in average prices of fresh avocado. Source: Hass Avocado Board, US Avocado Price Trend Analysis and Forecast (2011-2014), Maximice. 11
  12. 12. World grape demand has been growing steadily and Peru maintains astrong competitive advantage due to its high yields. Production Global imports(1) (US$ million) 2001 global imports US$2,902 million Grapes are mostly consumed fresh and grown in two different varieties: 2010 global imports US$7,032 million seedless and seeded. Uniquely for Peru, grapes produce their first harvest within one year and 2.0x 2.2x 3001 2.7x are fully productive after three years. Increasing volume contribution from Camposol. 1929 1387 – Camposol’s first grape harvest produced during 2011. 963 159 435 Field management improvements to increase labor efficiency and product quality. N. America Europe China – Still challenges in field, pre-packing and packing operations, to be mitigated with 2012 CAPEX plan. 2001 2010 – Customized packing for supermarkets needs. Demand Major grape producers – 2010 yields (metric tons per hectare) Consumption growing worldwide, especially in Asia. All year round consumption . 18.7 16.3 16.3 15.6 Good positioning of Peruvian grapes in major markets. 14.6 9.5 Favorable trends in volumes and prices for seedless varieties. – Changes in customer preference, from seeded to seedless in Asian markets, in tandem with growth in income per capita. South World Peru Brazil U.S. Chile Africa (avg.) Grapes are set to contribute to the Company’s growth profile, with particularly attractive economics in place for the seedless varieties.Source: International Trade Organization, FaoStat, Company data.(1) Includes only fresh grapes. 12
  13. 13. Peru has positioned itself as a major supplier of asparagus… Production 2010 global exports of asparagus Total global exports: US$1,164 million Asparagus is a spring vegetable that is grown in 2 ways: – Green asparagus is usually preferred in the US. Rest of world 27% Peru – White asparagus is usually preferred by Europeans. 34% In the past 10 years, Peru has almost tripled its global exports of asparagus. Unlike most countries, Peru’s unique climate permits year round China production of asparagus. 9% China, previously a major exporter, has reduced its exports, mainly due to Mexico US a rise in internal demand. 19% 11% Demand Global imports (US$ million) 2001 global imports US$787 million China is the largest global consumer of asparagus as well as the largest 2010 global imports US$1,400 million producer. 3.3x 1.3x 664 0.8x 601 White asparagus is very popular in Germany, France and other European 503 countries. 184 95 79 In the past 10 years the US has significantly increased consumption of fresh green asparagus and is growing in popularity. N. America Europe Japan 2001 2010 Peru has positioned itself as the world’s top exporter of asparagus, an increasingly popular product in new markets such as the US.Source: International Trade Organization, company data. 13
  14. 14. ´ …and Camposol has become the world´s largest exporter of asparagus, a status it expects to maintain. Asparagus volume sold and total hectares planted Asparagus revenues and gross margin Average price US$ / MT: 2,190 2,240 2,530 2,860 2,702 23.1% 2,633 2,633 19.4% 17.9% 2,516 9.7% 67.7 26,840 58.8 57.9 24,455 22,842 23,783 54.8 2009 2010 2011 2012 2009 2010 2011 2012 Volume sold (MT) Total Hectares Planted Revenues (US$ mm) Gross Margin (%) Camposol’s asparagus average yield during life cycle(1) Camposol is Peru’s largest producer and world largest exporter of asparagus, benefiting from the country’s climatic advantage. 19 Camposol produces and exports green and white asparagus. 17 18 16 17 16 It is also sold in three formats: i) fresh, ii) preserved and iii) frozen. 15 18 15 15 15 Due to larger volumes produced, Camposol has historically exported 12 12 asparagus at lower prices than its main competitors. 9 4 To reduce the price gap and take advantage of its superior scale, 5 4 Camposol is increasing its exports to Germany and has signed a commercial agreement with Riberebro . 1 2 3 4 5 6 7 8 9 10 11 China´s supply (Peru´s main competitor in white asparagus) is Actual Expected decreasing. Asparagus will continue to be a core product for Camposol, allowing the company to bolster its global position by increasing sales to growing markets for imports, such as Germany.Source: Company Data(1) Yields taken from historical production of asparagus in Camposol’s fields 14
  15. 15. Other products – Mango, peppers and artichoke. Mango Peppers (rotational crop) Artichoke (rotational crop) ShrimpMarket overview/trends: Market overview/trends: Market overview/trends: Market overview/trends: Consumption growing worldwide Consumption limited to Spain, France, Increasing demand from channels in the Consumption has kept growing despite Considered premium Italy, Greece & US US market recent economic downturn Still exotic in Europe, room for growth Limited availability outside of these Low barriers for entry (no crop Climatic phenomena has affected countries specialization required) plus attractive output in Asian countries Lower yields from Peru resulting in current price level may encourage higher prices during current season Overall exports declining Peru’s shrimp exports have grown volume increases during 2012 consistently since 2005 to satisfy global demandCamposol outlook: Camposol outlook: Camposol outlook: Camposol outlook: Capture more value through tree ripped Consolidate direct sales to Growth opportunities in value added Second largest shrimp producer in the and air freighted mango supermarkets presentations: grilled, tapenades and country with 492 hectares of shrimp Increase demand for frozen product Growth opportunities in value added frozen farms Implement reliable 3rd party sourcing presentations Shrimp farming has important synergies business model with Camposol’s frozen business In addition to these products Camposol produces tangerines, which provide the Company with additional growth opportunities. 15
  16. 16. DiversificationContinuous positive trend towards Fresh Produce, direct sales and market diversification Net Volume Sold by format (MT 000 / % of Total) Sales by destination (USD MM / %) Fresh Preserved Frozen USA Europe Asia Others 59.0 59.8 73.9 70.9 121.4 119.3 167.8 183.2 9% 9% 5% 1% 5% 1% 7% 8% 12% 12% 7% 9% 47% 36% 38% 1 56% 1 73% 78% 56% 64% 52% 50% 44% 35% 21% 22% 27% 16% 0 0 2009 2010 2011 2012 2009 2010 2011 2012 Sales by Channel USD MM (direct* / importers) Volume Raw material MT 000 (own and suppliers) Direct Importers Suppliers Own Vol Raw M at erial %Suppliers 121.4 119.3 167.8 183.2 23% 1 77% 76% 73% 1 10% 87% 93% 92% 88% 94% 6% 7% 105.7 100.0 75.4 82.1 23% 24% 27% 13% 8% 12% 0 0 6% 7% 2009 2010 2011 2012 20092009 2010 2010 2011 2011 Jun-12 YTD 2012 * Direct Sales include all sales performed by our commercial offices in Europe and US, as well direct shipments from Lima to Supermarkets, retails, etc. 16
  17. 17. Selling Prices with favorable trend in company´s main productsFresh avocado prices lower than 2011 but above 2008 - 2010, before opening of US market Fresh Products Prices (USD/KNE) Preserved Products Prices (USD/KNE) White Asparagus Green Asparagus Avocado Mango Grapes White Asparagus Green Asparagus Pepper5 54 43 32 21 10 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Frozen Products Prices (USD/KNE) White Asparagus Green Asparagus Avocado Mango 5 4 3 2 1 0 2008 2009 2010 2011 2012Note: Prices shown are based on company sales. These are not market prices.Source: Camposol. 17
  18. 18. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  19. 19. Financial HighlightsEBITDA margin at 9% while net leverage up to 8.1x Volume Harvested (000 MT) Total Sales per Product (USD MM) Asparagus Avocado Mangoes Grapes Pepper Other Asparagus Avocado Mangoes Grapes Pepper Other 94.9 183.2 2.8 88.1 77.5 167.8 35.5 76.7 17.5 18.9 14.1 140.7 71,1 1.4 4.9 7.5 20.4 15.3 2.0 121.4 119.3 14.0 17.7 12.2 25.1 14.8 18.2 15.2 13.6 9.8 2.2 13.3 17.8 8.6 8.9 16.0 14.7 1.3 8.6 17.5 6.3 9.4 18.0 10.6 3.2 20.9 2.0 13.4 31.4 21.5 11.5 13.2 31.6 8.5 39.9 15.2 16.4 20.5 34.8 32.8 32.6 62.1 68.1 29.9 58.7 54.8 57.9 25.7 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 EBITDA (USD MM) / EBITDA Margin (% of Sales) Net Debt / Leverage (USD MM / x EBITDA B.F.V.A.) EBITDA BFVA M argin BFVA Debt Debt / EBITDA bf va 18% 17% 7.8x 8.1x 6.9x 9% 7% 7% 3.5x 2.7x 136.5 30.8 20.4 77.2 72.4 83.9 16.9 60.5 9.9 8.8 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Source: Camposol Holding PLC 19
  20. 20. Cash FlowCompany maintains a strong cash balance of + USD 28 million Cash Flow (USD Million) Q4 2012 Q4 2011 2012 2011 EBITDA 5.3 9.5 16.9 30.8 Working Capital Changes 6.6 (1.3) (14.5) (12.8) Interest Expense Net (3.7) (2.3) (16.3) (8.5) Income Tax 0.0 0.9 (0.0) (0.0)Net Cash Flow from Operations 8.2 6.8 (13.9) 9.5Net Cash Flow from Investments (11.1) (4.7) (24.9) (19.6)Net Cash Flow from Financing 5.6 (0.7) 60.7 6.8Net Cash Flow during the period 2.7 1.4 21.9 (3.3)Cash beginning of the period 25.8 5.2 6.6 9.9Cash end of the period 28.5 6.6 28.5 6.6 20
  21. 21. Funding Mix Camposol increased its debt’s average life from 3.2 to 4.9 years after the bond issuance. Long-term Debt Schedule Before Issuance of Bonds Debt Breakdown before Issuance of BondsLong term debt: US$ 64.7mm Total debt: US$ 90.2 millionAverage life: 3.2 years Short-term bank debt Syndicated 28% Lo an 0.9 65% 0.9 0.5 1.5 1.3 17.7 7.4 13.5 11.8 8.1 0.2 0.3 Other lo ng- 2012 2013 2014 2015 2016 2017 2018 term debt 7% Syndicated Loan Other Long-term Debt Current Long-term Debt Schedule Current Debt Breakdown(1) Long term debt: US$ 131.3mm Average life: 4.9 years 0.2 Other lo ng- Sho rt-term term debt bank debt 5% 4% Senio r 125.0 Unsecured No tes 1.5 1.3 0.0 0.9 0.9 0.5 0.3 91% 2012 2013 2014 2015 2016 2017 2018 Bond Other Long-term DebtSource: Company data.(1) Assumes USD 125 million Senior Unsecured Notes issuance. 21
  22. 22. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  23. 23. Main Conclusions and Outlook Avocado harvested volumes from our fields are expected to be 50% higher than in 2012 (around 23,000 MT), an important increase from the 15,168 MT in 2012, product of a combination of higher yields from old fields and the new fields moving up the maturity curve. Positive trend in prices in most company’s products, specially for asparagus. Continue positive Diversification trend: – Direct Sales up from 24% in 2011 to 27% in 2012 – Fresh sales from 52% of total sales in 2011 to 50% of total sales in 2012 – Volume from third parties up from 10% in 2011 to 23% in 2012 CAPEX Plan for 2013 of USD 13 million. – Around 1/3 in maintenance CAPEX, 1/3 to increase operational efficiency and 1/3 in new plantations. Strong Growth in volumes by 2015 without substantial CAPEX. – 2012 volumes of avocado, asparagus, grapes affected by “El Niño”. – 2013 volumes from Avocados mostly from young plantations (less affected by climactic changes) The long term growth prospects for exotic fruits & vegetables markets are excellent. – Specially for the fresh avocados, asparagus and grapes. – Also for Preserved Asparagus due to China decrease in supply. Continue to reinforce Commercial Offices in EU and US. − Increase Direct Sales with own distribution. In 2013, we signed an agreement with AGRICOM, one of the major fruit exporters from Chile, to jointly commercialize its products in Europe. Such agreement will allow us to offer avocado almost year round to our clients. Among the products we will commercialize together are avocados, grapes, citrus, blueberries, pomegranates among others. 23
  24. 24. Volume Harvested & Average Yield of avocado and asparagus Avocado: Planted Area (Has) & Average Age of Plantation (Years) Avocado: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha) 128 357 229 26.4 22.1 993 16.2 763 763 13.9 13.4 1,665 1,462 10.6 7.4 3.9 4.6 671 671 671 382 3 12 825 825 825 825 825 825 22 6 18 11 13 11 9 2008 2009 2010 2011 2012 2013E 2008 2009 2010 2011 2012 2013E Production Expansion Old Fields New Fields Asparagus volume harvested vs. hectares productive phase Asparagus: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha) 2,634 12.4 12.460,000 2,634 2,634 2,633 12.2 2,516 2,516 10.0 10.2 12.350,00040,00030,000 30 35 33 33 3120,000 34,828 26 29,855 32,803 32,637 31,075 25,73810,000 0 2008 2009 2010 2011 2012 2013E 2008 2009 2010 2011 2012 2013E Tot al Tns Has Old Fields Average Yield 24
  25. 25. Estimated Volume Avocado volume Avocado 2012 2013E Volumes harvested (MT 000) 15,168 23,277 Third party supply (MT 000) 2,532 3,000 Volume produced KNE (MT 000) 13,911 21,019 Asparagus volume Asparagus 2012 2013E Volumes harvested (MT 000) 25,738 31,075 Third party supply (MT 000) 1,902 - Volume produced KNE (MT 000) 20,356 22,865 25
  26. 26. Q&A 26
  27. 27. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  28. 28. Largest Shareholders as of December 31st 2012 Investor Shares Percentage 1 DYER-CORIAT HOLDING, S.L 8,571,000 28.73% 2 EUROCLEAR BANK S.A./N.V. (BA) 6,602,098 22.13% 3 ANDEAN FISCHING L.L.C 3,380,100 11.33% 4 CAMPOSOL S.A. 2,613,130 8.76% 5 FONDO DE INVERSIÓN AGROINDUSTRIAL 1,908,750 6.40% 6 WEILHEIM INVESTMENTS S.L. 1,338,913 4.49% 7 PERU LAND FARMING LLC 960,695 3.22% 8 QVT FUND V LP I 893,741 3.00% 9 QVT FUND LP 707,287 2.37% 10 DEUTSCHE BANK AG LONDON 685,008 2.30% 11 CAMPOSOL HOLDING PLC 355,372 1.19% 12 JPMORGAN CHASE BANK 265,462 0.89% 13 QVT FUND IV LP I 152,329 0.51% 14 JUSTNES REDERIAS 145,300 0.49% 15 MP PENSJON PK 137,000 0.46% 16 JAHRMANN AS 125,200 0.42% 17 BANK OF NEW YORK MELLON SA/NV 107,110 0.36% 18 CLEARSTREAM BANKING 102,108 0.34% 19 SIX SIS AG 25PCT 87,128 0.29% 20 MILLCOM NORGE AS 60,000 0.20% TOTAL TOP 20 29,197,731 97.88% OTHERS 636,089 2.12% TOTAL 29,833,820 100.00% 28
  29. 29. Key company strengthsStrong fundamentals, unique competitive advantages, solid strategy, management capacity and strongcorporate governance place Camposol in a unique position in its competitive landscape. 1) Strategic location 5) Strong growth without 2) Vertically integrated, substantial additional with presence throughout CAPEX the entire value chain 3) Diversified portfolio 4) Global reach and world- and leading position in its class customers main products 29
  30. 30. 1) Strategic location: yields, prices and agricultural risk Highlights Major asparagus producers – 2010 yields (metric tons per hectare) Climatic factors in Peru provide significantly better product yields. 10.8 Natural greenhouse conditions and stable temperatures 7.0 6.0 6.0 throughout the year: 5.1 4.9 − Humboldt current. World Peru Italy China Spain Germany − Proximity to the tropical equatorial regions. (avg.) − Little weather fluctuations. Major avocado producers – 2010 yields Sandy soils with drip irrigation systems along coastal (metric tons per hectare) desert plains. Year round supply of asparagus. 10.4 9.7 9.0 8.4 No extreme climate: 6.6 6.2 − All major agricultural risks (floods, frost, droughts) mitigated by the stable weather conditions. Peru Chile Mexico Colombia U.S. World (avg.) Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of production windows not available to competitors, and achieve higher than average yields.Source: FAOStat, ACM. 30
  31. 31. 1) Strategic location: yields, prices and agricultural risk Major asparagus producers - seasonality Main producers of avocado and grapes 30 2005 2006 2007 25000 MT per month 20 15 10 Equator 5 PERU PERU 0 Legend Emerging producing USA Mexico Peru Historically producing Year-round production cycle: Grapes and avocado have been traditionally grown and consumed in the northern hemisphere. – Unique production window; the only major exporting country during the July-February period As population expanded, regions in the southern hemisphere became the natural suppliers of these fruits. – Efficient asparagus production compared to competing countries – Consumers in the northern hemisphere were subject to natural Similar climatic benefits and unique export windows also present in seasonality and harvest of these fruits, lacking adequate supply during avocado production. a significant portion of the year. Peruvian products expected to gain enhanced access to international Countries such as Peru now take a lead role in supplying the northern markets through free trade agreements. hemisphere by taking advantage of a different seasonality, effectively creating ‘year-round’ supply, and accessing the market when supply from other regions is seasonally low. Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of production windows not available to competitors, and achieve higher than average yields.Source: FAOStat, ACM, company data. 31
  32. 32. 2) Vertically Integrated, with a presence throughout the entire valuechain1 Raw materials Processing 2 Company-owned fields Streamlined processing – Full control over production, – Only Peruvian company with including quality and logistics. fully integrated processing – No dependence on 3rd process (preserved, fresh and party production. frozen). – All major quality and process – Total product traceability certifications (HACCP, Global – Higher degree of control Gap, TNC, among others). over product quality and – Significant investments made consistency. in optimizing plant efficiency and reducing dependency on skilled labor.4 Distribution Products 3 Global customer base Focus on niche and high margin – Long-term relationships with crops leading retail chains in both – Producing 5 of the most Europe and the US (private important Peruvian non- labels). traditional exports, in three different presentations.Camposol’s vertical integration allows the Company to manage and benefit from each stage in theentire production and commercialization cycle. 32
  33. 33. 3) Diversified portfolio and leading position in its main products Main Peruvian agribusiness products Avocado Fresh grapes Asparagus Mango Pepper 2010 Camposol market position in Peru, measured as volume produced #1 # 10 #1 #1 #2 2010 US$ value of global imports and 2006 - 2010 global imports CAGR $1.7bn | 23.9% $7.0bn | 11.3% $1.4bn | 5.6% $1.6bn | 16.8% $2.3bn | 22.6% 2010 Peru market share of exports and 2006 – 2010 CAGR 5.8% | 118.2% 2.9% | 87.8% 34.1% | 12.0% 7.0% | 17.0% 4.3% | 10.4% 2012 Camposol’s Gross Profit Margin 51.8% 34.9% 18.0% 12.9% 16.2% Asparagus, avocado, pepper, mango and grapes represented ~77% of Peru’s total exports of fruits and vegetables during 2010. − Global avocado imports have grown at 24% CAGR over the last five years. Camposol is the largest asparagus exporter in the world, and the largest Hass avocado producer in the world. Camposol is the leading fruits and vegetable exporter in Peru.Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases. 33
  34. 34. …which allows for year-round use of labor and production facilities Gross (1) (1) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales profitAvocado 17.2% 36.3%Grapes 9.9% 14.1%Green asparagus 37.2% 27.4%White asparagusMango 8.0% 4.2%Piquillo pepper 8.4% 5.5%Shrimp 11.5% 9.3%Tangerines + other 7.8% 3.2% 100% 100%Total $183.2 MM $44.9 MM(1) Contribution to sales and gross profit as of December 31 2012. Camposol has year-round production that allows for cost-effective use of labor and productive resourcesSource: Company data. 34
  35. 35. 4) Global Reach and world-class customers World Class Customers Share of Sales by Continent (% ot Total) 1% 3% 7% 9% 75% 64% 56% 80% 35% 29% 24% 17% 2009 2010 2011 2012 Source: Company data Asia Europe America Global Presence 2012 Fresh products sold under own label: Camposol™, Andes™, Amazonas™. Company produces “Private Label” for major retailers. Sales to Asia began in 2009 with Grapes (Red Globe) and continued in 2010 with Fresh Mangoes. Growing export volume and destinations, with products reaching 33 countries in 2010 and 39 countries in 2012. − Significant growth opportunity in avocado sales to the US. 10 year contract with Riberebro (one of Europes leading specialists in canned vegetables) including exclusivity on preserved asparagus and piquillo peppers in Spain, Portugal and France. HQ & Operations Commercial Office Exports Camposol has a leading global distribution network with presence in the US, Europe and Asia.Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases. 35
  36. 36. There was a mild appearance of “El Niño” during H1 2012 which affected volumes of this year in avocado and asparagus mainly.Source: CLIMATE PREDICTION CENTER/NCEP/NWS and the International Research Institute for Climate and Society 36
  37. 37. “El Niño” Development Although models have reduced their forecast on intensity, it has to be closely monitored to determine impact in 2013 volumes. Concensus of different models about potential intensity of “El Niño”. “El Niño development must be closely followed in the next few months.Source: Geomap Consultores 37
  38. 38. …due to 67% of planted avocado areas reaching peak production yields by 2015. Avocado volume sold and total hectares planted Avocado revenues and gross margin Average price US$ / MT: 1,630 1,680 2,260 2,210 2,488 2,488 2,616 2,278 57.8% 61.3% 66.6% 52.5% 17,611 39.9 12,301 14,096 31.1 10,047 16.3 20.6 2009 2010 2011 2012 2009 2010 2011 2012 Volume sold (MT) Total Hectares Planted Revenues (US$ mm) Gross Margin (%) Note: Ovals represent average yearly price in US$ per Kg exported. Total avocado hectares, by year of first harvest Camposol’s avocado average yield during life cycle(1) Total Hectares Planted (MT / Hectares) 2015 2,616 2013 5% 2002 - 2010 9% 31% 29 30 18 18 18 825 ha 15 22 22 12 2012 671 ha 12 16 17 29% 13 763 ha 4 10 2011 229 ha 4 26% 128 ha 1 2 3 4 5 6 7 8 9 10 Actual Expected The opening of the US market has led to a substantial increase in the average price of avocado sold, increasing by 35% in 2011.Source: Company Data.(1) Yields taken from historical production of avocado in Camposol’s existing fields. 38

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