BOARD OF DIRECTORS REPORT

www.camposol.com.pe
Board of Directors’ report
4 5
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL
1.1. Main Activities 1.1 Main Activities
1.2. Market Situation
1.3. Company Strategy CAMPOSOL is an agro-industrial company that
1.4. Summary of the Year integrally manages its supply chain: its own fields,
1.5. Operations processing and distribution. CAMPOSOL’s portfolio
1.6. Working Environment includes the following products: asparagus, avocado,
piquillo and sweet peppers, mangoes, grapes,
1.7. Research & Development
artichokes and citrus (tangerines) which are packed
1.8. Social Responsibility
fresh, frozen or canned, and exported to the world.
1.9. Financial Results It also operates a shrimp farming business under its
1.10. Allocation of Net Income subsidiary Marinazul.
1.11. Shares and Shareholders
1.12. Contingency Plan, Risk Management and Uncertainties The company is located in Chao, Viru, Piura and
1.13. Financial Calendar Tumbes regions in Peru, and owns most of the fields
1.14. Future Prospects where its products are sowed and harvested, having
1.15. Auditors total control of the growing, harvesting and packing
1.16. Corporate Governance phases of its final products.
1.2 Market Situation
CAMPOSOL’s main markets Europe, North America,
and Asia have been showing good interest of
imported products throughout the year despite the
financial crisis; however by evaluating the individual
performance of each product, we can see that each
one behaved differently.
During 2011 higher levels of inventories of preserved
piquillo pepper, especially in Spain, started to build
up, but overall prices rose throughout the year. The
financial crisis continued to affect Spain strongly, which
is the Peruvian preserved piquillos´ main market, and
lack of liquidity implied reductions in lines of credit
and resulted on limited trade. As for Asparagus, China,
our main competitor, had another low output season,
entering the market with previous year´s stocks and
limited volumes of production at relatively higher
prices than in 2010. That factor plus CAMPOSOL´s
diversification of volume into the German market
helped to increase prices significantly and still move all
production without restriction.
In relation to frozen products, the market continued
to be strong and CAMPOSOL managed to position
itself as a supplier of diverse presentations of mango,
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL
avocados and asparagus entering new countries
with new presentations. This business has grown
consistently and current demand has surpassed
capacity and owned raw material availability, giving us
the opportunities to further invest in infrastructure and
pursue an aggressive third party sourcing program for
raw material.
The fresh products market – a market much more price
sensitive to supply behaved differently depending on
the product.
CAMPOSOL´s Avocado prices increased significantly
despite more than 40% volume increase over previous
year, helped by the fact that Peru entered the US
market for the first time without restrictions.
The US market is the largest avocado market in the
world and one of the highest growing markets as well,
with over 10% of growth per year during the last 10
years. The opening of the US market helped to drive
prices up in Europe, and as a result, we obtained
much higher results on the last avocado season. Key
European countries such as France, Spain, Germany
and UK continued to reflect an increasing trend in per
capita consumption year after year, while Peru and
South Africa are still the regular suppliers of Europe in
the April to September window.
As for table grapes, worldwide production has
remained stable with exception of Peru, which has
increased volumes over 20% in the last 3 years, but
still remains a small player in the world market. On the
other hand, consumption trends continue to increase
specially in Russia and China. In 2011 CAMPOSOL
increased exports of grapes in more than 300% from
the previous year and at higher prices.
Regarding fresh white asparagus, prices and volumes
exported from Peru continue to increase year after
year, especially to Germany, where we were able
to run direct promotions into retail chains at fixed
prices, supported by direct supply agreements, which
helped it to further increase consumption and reduce
dependency on spot market sales.
6 7
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL
The 2010-2011 mango seasons were in an “on”
year from Peru, so there were significantly higher
volumes resulting in low prices. CAMPOSOL started
harvesting early in the season jumping onto the same
production window as most of the Peruvian mango
exports producing a significantly higher pick of volume
during mid January and early February which affected
the capabilities of US and EU importers to move the
volume consistently, resulting in further product quality
decay. Even though the season had higher production
volumes than expected, CAMPOSOL was able to
commercialize its Kent variety at much better prices
than average providing good returns for the category.
The long term growth prospects for exotic fruits and
vegetables markets are excellent. For Avocados, with
the new US market openness for Peru, for table grapes
with the new fast growing markets in the Far East, and
with Germany demanding more fresh asparagus, we
are confident that we have headroom for increased
consumption.
1.3 Company Strategy
In line with the Company’s vision of becoming an
internationally admired provider of high quality
branded agricultural products, CAMPOSOL´s strategy
is supported by the following rationale:
Be an internationally
admired provider of high
quality branded agricultural products.
Build a Company with USD 500 million of sales and 20%
of EBIT margin in 2015 while creating social value to
our prioritized stakeholders and reducing
our environmental impact.
Growth of Profitable Cost and Risk Capacities
Sales Optimization
Get key Create high Implement Ensure Implement
strategic performance SRC priority strategy IT tools to
skills culture programs financing improve
decision
making
1.4 Summary of the Year
2011 was an iconic year for CAMPOSOL in various
ways: production volumes were significantly higher
as 671 Has of Avocado, 351 Has of Grapes and 46
Has of Citrus (tangerines) entered into early stage of
production. In addition, the US market, the largest
and fastest growing market for avocado in the world,
was effectively open for Peruvian Hass Avocado, which
impacted prices with a 40% premium and allowed
the Company to reach the self imposed barrier of an
EBITDA (b.f.v.a) of USD 30 million.
It is noteworthy, the Company had been preparing
itself since 2008 by directing most of its expansion
projects into more than tripling its avocado planted
area to fully take advantage of such market, and is now
starting to do so.
In order to successfully implement its strategy, the
company migrated its organization into a matrix
structure where business unit managers on one
side, oversee all processes of a crp ensuring its
profitability, and on the other side, support areas that
provide services to the entire organization. This new
structure required other capacities and strengths,
and accordingly, a Chief Commercial Officer was
strategically hired. Furthermore, Samuel Dyer Coriat,
Chairman of the Board, also took the role of CEO after
the resignation of Mr. Fabio Matarazzo who is now a
member of the Board of Directors.
Along with these changes, three business units were
implemented: Asparagus, Fruits (Avocado, Grapes) and
Rotational Crops (Piquillo Peppers, Artichokes, others),
which are complemented by the already existing
Shrimp unit. These new business units are now led
by a well balanced team of professionals, some from
within the company and some new, which together
form an enthusiastic and solid team. Additionally,
there are support areas for these business units such
as logistics, human resources, legal, corporate affairs
and finance that operate transversally to the entire
organization generating synergies.
We believe with these changes, the Company will
achieve its vision while building a much bigger and
profitable company for our stockholders, creating social
value to our prioritized stakeholders and reducing our
environmental impact.
Also noteworthy, at the beginning of 2012, the
Company was able to restructure its long term debt by
the successful issuance of a USD 125 million 9.875%
senior unsecured notes due 2017. Settlement of the
bond issue occurred on February 2nd, 2012 and the
net proceeds were and will be used to pay long term
debt, to finance capital expenditures and for general
corporate uses.
1.5 Operations
CAMPOSOL competitive advantages in operations
consist in its complete and integrated control in the
whole production chain.
CAMPOSOL is one of the few companies in the world,
which produces with its own harvest materials. Its
operations have undergone a process of change since
its creation in 1997, and are now headed by business
unit managers that are responsible for the results, from
top to bottom line, of each crop.
In 2011, operations were located in the geographical
centers of Chao/Viru with 5,197 seeded hectares
and Piura with more than 1,100 seeded hectares. In
Chao/Viru, White and Green Asparagus, Avocado,
Tangerines, Piquillo Peppers are cultivated. The
Company also has a processing plant there which
processes, packages and stores our products. In Piura,
the company produces Mangoes, Peppers and Grapes.
The Shrimp is produced in Tumbes.
During 2011, the operation consisted of crop
management, harvesting and processing of our three
major categories: fresh, preserved and frozen. We
strengthened our focus on improving production
efficiencies and continued on our plan to automate
labor intense process. In line with this, 6 asparagus
peeling machines were installed which together with
the 2 installed in 2010 are able to process 36 MT / day
or 36% of total volume to be peeled on peak season.
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL
Throughout 2011, the Company also worked on
further improving its crop protection system, having as
a fundamental pillar the use of biological control and
plant extracts with very low impact on the ecosystem.
Habanero pepper extract also allowed significant
savings in key pest control for the asparagus, peppers
and avocado. In addition, we established a modern
bio-technology lab (Biotec CMC) in Tumbes, which will
introduce important improvements in our agricultural
operations in the future.
During 2011, the Company invested USD 19.7 million
(18.0 at the end of 2010), of which USD 6.3 million
was invested in equipment and infrastructure in order
to improve the packing facility, USD 4.1 million on
improving the shrimp ponds, USD 0.7 million in the
planting of the last 30 Has of grapes to complete the
350 Has investment started in 2010 and USD 8.6
million in the maintenance of the new planted areas
of avocado and grapes.
As of 31 December 2011, CAMPOSOL had 2,633
Has of asparagus, 2,488 Has of avocado, 415 Has of
mango, 451 Has of grapes and 102 Has of tangerines
planted. In addition it also has 628 Has of shrimp
ponds farmed and 590 Has of pepper.
1.6 Working Environment
CAMPOSOL offers equal opportunities and working
conditions to all its employees, irrespective of their race,
color, sex, political affiliation religion or discriminatory
conduct.
In 2011, CAMPOSOL hired (in its peak seasons) a
total of 11,317 workers, representing a 9 % increase
versus 2010. One of the key factors that reinforce the
company’s leadership is the constant attention paid to
the training of its employees. During 2011, we achieved
over 2,300 hours training of our employees which were
aimed at strengthening technical knowledge, capacity
building and aspects of human development as well as
support for the various certification programs performed
by the company such as BASC, GLOBAL GAP, HACCP,
the Global Compact, BSCI, and TESCO.
8 9
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL
In 2011, training efforts were also directed at reinforcing
personal development and technical knowledge in addition
to support the certification programs mentioned above.
In the region of La Libertad (Chao/Viru) where
the company has its main operations, the level of
unemployment is very low and during peak seasons, the
Company has to attract workers from other regions of
the country. During 2011, the company built a facility to
provide proper accommodations to up to 1000 persons.
This initiative helped us reduce the staff turnover during
peak seasons which permitted to shorten the learning
curves and thus improved productivity in key areas as
sorting and peeling of asparagus.
By means of the Human Resources Social Welfare area,
CAMPOSOL also offers its personnel the services of health
campaigns in ophthalmology, dentistry, gynecology and
others addressed to the employees and their families;
there are also programs of family orientation, medical
insurance, allowances in case of death and loans for
studies, housing or emergencies. Also, the company offers
useful vacation schemes for all our workers children and
a nursery facility, among other things.
1.7 Research & Development
CAMPOSOL believes that innovation is a key aspect to
boost competitiveness and growth in the mid and long
term. Through market research and analysis of potential
new products that could benefit us from the Peruvian
climatic advantages and the development of field trials
to evaluate the technical, economic and commercial
viability of new crops, we seek to diversify our portfolio of
products and clients.
Also R&D gives support to the Agricultural Production
Area for the evaluation of variety trials in our main current
crops, asparagus and avocados, in an effort to improve the
productivity and/or quality.
1.8 Social Responsibility
Since 2008, CAMPOSOL chooses to develop business
under the sustainable development approach as an
intelligent way of doing business, while respecting
human rights and committing to support the society
through sustainable projects. Thus, to ensure business
sustainability it is a prerequisite to assure that ethical
principles, respect for people and the environment
are met by acting according to the challenges of
sustainability defined by the Company with the
advisory support of Pricewaterhouse Coopers.
CAMPOSOL was the first Peruvian agro-industrial
company to present a Sustainability Report two years
ago. This year our goal is to achieve a “B+” Global
Reporting Initiative (GRI) validation, which will
demonstrate our commitment to excellence in the
management of social responsibility within and outside
the organization, developing the highest sustainability
among international standards.
We invite you to review our Sustainability Report 2011
on our website: www.camposol.com.pe
1.9 Financial Results
In 2011 CAMPOSOL’s total sales amounted to USD
167.8 million (USD 119.3 million in 2010). The
main reasons for the increase were higher sales of
avocados and grapes, which represented additional
USD 19.2 million and USD 11.5 million respectively,
mainly because of the new plantations becoming
more productive and the opening of the US market
for Peruvian Hass avocado. Other products as shrimp,
asparagus, pepper and mangoes, also grew in USD 6.6
million, USD 3.1 million, USD 2.9 million and USD
2.6 million, respectively, when compared to the same
period the year before.
Total COGS was USD 109.5 million (USD 82.8 million
in 2010), representing around 65% of total sales (69%
in 2010).
Gross profit increased to USD 58.3 million (USD 36.5
million in 2010), which resulted in a healthy gross
margin of 34.7% as opposed to 30.6% in 2010. The
main reasons for the increased gross profit and margin
were higher volumes sold and higher prices in selected
products such as avocado, asparagus and grapes.
Administrative expenses amounted to USD 19.1
million (USD 13.3 million in 2010). The increase in
administrative expenses for the full year was mainly due
to the reallocation of operations overheads previously
treated as production costs. Such costs include USD
1.5 million of personnel expenses and USD 1.9 million
of expenses on third party services such as security and
communications. Additionally, the Company incurred
consultancy fees for marketing development and other
strategic projects in the amount of USD 1.9 million.
Selling expenses amounted to USD 20.6 million (USD
14.2 million in 2010), as a result of higher variable costs
from higher volumes sold of avocado, mangoes and
pepper. Freight and shipping rates remained stable.
Financial costs amounted to USD 8.5 million (USD 9.2
million in 2010 after isolating USD 5.7 million of extra
ordinary expenses from termination of previous loan
facility). These costs decreased as a consequence of
the lower interest rate on the long term debt.
In 2011, the Company recorded a profit of USD 33.3
million compared to USD 6.8 million during the same
period last year. This was mainly due to the increased
gross margin as explained above as well as lower
financial costs.
EBITDA (b.f.v.a.) amounts to USD 30.8 million (USD
20.4 million in 2010).
During 2011, non-current assets increased to USD
333.5 million compared to USD 282.3 million at the
end 2010 mainly due to an increase in the non-current
portion of biological assets.
Inventories increased to USD 44.3 million at the end
of 2011, compared to USD 33.6 million at the end of
2010. The increase is mainly explained by an increase
in the inventory of finished products.
Trade accounts receivable increased from USD 18.7
million at the end of 2010 to USD 29.4 million at the
end of 2011. This was mainly due to higher volumes
sold and higher prices of grapes and asparagus.
As of 31 December 2011, trade payables were USD
40.1 million, USD 12.8 million higher than at the end
of the year 2010. Such increase is mainly explained by
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL
the extension of credit terms with selected suppliers
and higher purchases.
As a result, total working capital (trade accounts
receivable + inventories – accounts payable)
increased to USD 33.7 million at the end of 2011
from USD 25.0 million at the end of 2010. Current
working capital as 31 December 2011 is 20% of sales
(21% at the end of 2010).
Total liabilities increased to USD 160.8 million
compared to USD 132.9 million at the end of 2010.
The Company’s debt increased from USD 82.3 million
at the end of 2010 to USD 90.5 million at the end
of 2011, mainly due to short-term debt. Company’s
debt includes USD 85.0 million (78.7 million) to
banks and USD 5.5 million (3.6 million) to sellers of
acquired companies.
During the year the Company invested USD 19.7
million (18.0 million at the end of 2010), of which
USD 6.3 million was directed to equipment and
infrastructure in order to improve the packing facility,
USD 4.1 million to upgrading the shrimp ponds, USD
0.7 million to the planting of the last 30 Has of grapes
and USD 8.6 million to maintain the new planted
areas of avocados and grapes. These investments
were financed with bank debt and cash.
At the end of 2011, cash flow from operating activities
was USD 9.9 million, while the Company had a
negative cash flow of USD 20.0 million from investing
activities and a cash flow of USD 6.8 million from
financing activities, resulting in a net decrease in cash
of USD 3.3 million and a cash balance at the end of
2011 of USD 6.6 million.
1.10 Allocation of Net Income
The Board of Directors has proposed the net income
of CAMPOSOL to be attributed to Retained earnings.
The proposal is a reflection of the wish to strengthen
the equity position of the company.
10 11
BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL BOARD OF DIRECTORS´ REPORT 2011 CAMPOSOL

1.11 Shares and shareholders which reflect its commitment to health, safety and CAMPOSOL will continue positioning itself in the
environment. US market, the largest and fastest growing market for
avocado in the world, now open for Peruvian produce
Largest 20 Shareholders as of 31 December, 2011 The preservation of the environment is one of and in other markets with high growth potential. With
CAMPOSOL’s main concerns. The production process only one third of the new fields having given first
Investors Shares Percentage
involves factors and conditions that interact with the harvest during this year, current results are in line with
1 DYER – CORIAT HOLDING 8 571 000 28.73% environment, such as the use of water, fertilizers, the Company’s expectations.
2 QVT FINANCIAL 6 538 223 21.92% generation of waste through emissions and solid waste
3 ANDEAN FISCHING L.L. 3 380 100 11.33% management. Among some of the Company’s practices
4 FONDO DE INVERSIóN A Y FORESTAL 1 908 750 6.40% to ensure the preservation of the environment,
5 SOUTH WINDS 1 753 000 5.88% CAMPOSOL is currently implementing environmental 1.15 Auditors
6 ALDOFLOR INC 1 681 415 5.64% education, internal campaigns, specialized treatment
7 WEILHEIM INVESTMENTS 1 421 668 4.77% systems, quality management systems, certifications
The auditors, PricewaterhouseCoopers Limited (PwC)
8 PERU LAND FARMING LLC 960 695 3.22% and community relations programs.
have expressed their willingness to continue in office.
9 CLEARSTREAM BANKING 838 099 2.81%
10 SANTANDER PRIVATE BANKING 720 033 2.41%
11 COMPASS GROUP 535 906 1.80%
12 JP MORGAN CHASE BANK 266 005 0.89% 1.13 Financial Calendar
13 JUSTNES REDERI AS 170 300 0.57% 1.16 Corporate Governance
14 CLARIDEN LEU 153 878 0.52%
15 MP PENSJON PK 137 000 0.46% CAMPOSOL Holding PLC Financial Calendar 2011
0.35%
CAMPOSOL is committed to sound corporate
16 GOLDMAN SACHS 105 000
0.25% 26.02.2011 Non-audited Results 2010 / Q4 2010 governance practices that strengthen the trust in the
17 JAHRMANN AS 74 800
0.20% 19.04.2011 Audited Financial Results 2010 Company and thereby contribute to the greatest
18 MILLCOM NORGE AS 60 000
19 DNB NOR MARKET MAKING 0.10% 05.05.2011 Q1 2011 possible value creation over time, for the benefit of
29 107
20 CARUSE HOLDING AS 28 000 0.09% 12.08.2011 Q2 2011 its shareholders, collaborators and other stakeholders
TOTAL TOP 20 29,332,979 98.32% in accordance with the Norwegian Code of Practice
19.10.2011 Q3 2011
OTHERS 500 841 1.68% for Corporate Governance. Camposol´s Corporate
TOTAL 29,833,820 100.00% Governance rules are set in the Annual Report,
CAMPOSOL Holding PLC Financial Calendar 2012 section 6.

28.02.2012 Non-audited Results 2011 / Q4 2011 Limassol, Cyprus

1.12 Contingency Plan, Risk Management and
Uncertainties
CAMPOSOL annually identifies and evaluates risks
that could affect the achievement of its objectives,
and establishes permanent specific control and
monitoring activities to mitigate these risks accordingly.
The internal controls are detailed in the Company’s
main rules and procedures which are incorporated
as systematic controls through SAP, supporting a good
internal control environment. The risk, control and
fraud master templates have been completed for most
of the core processes and activities which encompass
all internal control, enterprise risk management and
fraud detection policy based on the COSO framework
model. Furthermore, the Enterprise Risk Management
23.04.2012 Audited Financial Results 2011 23 April 2012
10.05.2012 Q1 2012
15.08.2012 Q2 2012
30.10.2012 Q3 2012
project started in 2011 will be completed by mid 2012
and it will include strategic and projects risks by year
Samuel Dyer Coriat
end. Chairman
During 2011, the Company consolidated its 1.14 Future Prospects
Information Technology and Business Contingency
Plan driving it to ensure operational continuity and The Company is currently focused on adding value
improving its capacity for contingencies detection and to its clients through commercial, marketing and
service initiatives which should result in higher Samuel Dyer Ampudia
response by implementing alternate system servers Deputy Chairman
basically for the ERP SAP and e-mail at corporate level margins. Additionally, CAMPOSOL is analyzing new
opportunities to consolidate its leadership through
CAMPOSOL also applies integrated business additional planting of current crops, planting of new
principles in accordance with international standards, crops, strategic alliances and acquisitions.
CAMPOSOL HOLDING PLC AND SUBSIDIARIES
REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Report and Consolidated Financial Statements 31 December 2011 Report and Consolidated Financial Statements 31 December 2011

CAMPOSOL HOLDING PLC AND SUBSIDIARIES Camposol Holding PLC and Subsidiaries
General information
31 December 2011
REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2010
GENERAL INFORMATION

CONTENTS Page Directors

Samuel Barnaby Dyer Coriat Chairman
Samuel Edward Dyer Ampudia
General information 3 Pavlos Aristodemou

Report of Board of Directors’ 4-6 Mimi Kristine Berdal

Richard Christopher Yetter (resigned 27 February 2012)
Consolidated balance sheet 7 Fabio Matarazzo Di Licosa (appointed 09 October 2011)
Hugo Walter Chumbez Panesi
Samuel Aguirre (appointed 27 February 2012)
Consolidated statement of comprehensive income 8
Company Secretary
Consolidated statement of changes in equity 9 Altruco Secretarial Limited
Arch. Kyprianou & Ag. Andreou,
Consolidated statement of cash flows 10 th
Loukaides Court, 5 Floor
3036 Limassol,
Notes to the consolidated financial statements 11 - 71 Cyprus

Independent Auditor’s report 72 - 73 Registered office

Arch. Kyprianou & Ag. Andreou,
Loukaides Court, 5th Floor
3036 Limassol,
Cyprus

Independent auditors
PricewaterhouseCoopers Limited
Cyprus

USD = United States dollar

PEN = Nuevo sol
€ = Euros

-2- -1-
-3-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Report and Consolidated Financial Statements 31 December 2011 Report and Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries

31 December 2011 31 December 2011

BOARD OF DIR Directors

The Directors of the Company at the date of this report are as shown on page 1.
The Board of Directors presents its report together with the audited consolidated financial statements
The Directors who served during the year and up to the date of this report, except for Mr. Richard
for the year ended 31 December 2011. Christopher Yetter are the following:
Principal activities Appointed Resigned
Camposol Holding PLC is the holding company of the Camposol Group (hereinafter
During the year the Group continued its agricultural activities and is the largest exporter of asparagus Samuel Edward Dyer Ampudia 15 January 2008 -
in the world. Samuel Barnaby Dyer Coriat 15 January 2008 -
Pavlos Aristodemou 27 May 2010 -
Financial results 10 June 2008 -
page 8. The Board of Directors does not recommend Mimi Kristine Berdal 19 June 2009 -
the payment of a dividend and the net profit for the year is retained. Richard Christopher Yetter 19 June 2009 27 February 2012
Hugo Walter Chumbez Panesi 19 June 2009 -
tion Fabio Matarazzo Di Licosa 10 October 2011 -
The profit of the Group for the year ended 31 December 2011 was USD 33,345,000 (2010: profit of Samuel Aguirre 27 February 2012 -
USD6,782,000). Turnover in 2011 increased to USD168 million, compared to sales for 2010 of
USD119 million. On 31 December 2011 the total assets of the Group were USD442 million (2010: All of the Directors, except for Mr. Richard Christopher Yetter shall hold office until the next Annual
USD376 million) and the net assets were USD277 million (2010: net assets USD243 million). The General Meeting and are eligible for re-appointment by the shareholders.
financial position, development and performance of the Group as presented in these consolidated
financial statements are considered satisfactory. During 2011, there were changes in the assignment of responsibilities and remuneration (Note 36) of
the Board of Directors.
Future developments
The Group sets as its strategic priorities for the four years from 2012 to 2015 the maintenance of its Samuel Dyer Coriat, becoming Chairman of the Board on May 2011 who replaced Samuel Dyer
position as a global leader in the asparagus and avocados markets and the diversification in new Ampudia.
products to satisfy demand, such as red table grapes and mandarins.
Events after the consolidated balance sheet date
During 2011 the US market of avocado opened for Peruvian produce, which as planned, had an On 26
important positive impact on this year's results. Due to the importance of this market for the growth in USD125 million 9.875% senior unsecured notes due in 2017, which will be guaranteed by Camposol
avocado volumes coming from its young plantations, it will be a strategic priority for the Group to Plc as parent guarantor and Marinazul S.A. and Campoinca S.A. as subsidiary guarantors. Settlement
consolidate its commercial presence there during this period. of the bond issue occurred on 2 February 2012. The net proceeds from the bond issue are to be used
to pay long term debt, to finance capital expenditures and in general corporate uses.
Risk management
Like other agricultural businesses the Group is exposed to risks, the most significant of which are With this transaction, the Company increased the maturity of its long term debt to 4.9 years under
natural much more flexible conditions than the previous long-term debt facility, which will allow it to better face
agricultural production, adverse movements in the market prices for fruit and vegetables, interest rate its strategic challenges in the next years.
risk and liquidity risk.
Camposol SA, a subsidiary of Camposol Holding PLC has purchased 732,000 shares in Camposol
The Group monitors and manages these risks through various control mechanisms. Detailed Holding PLC at a price of NOK 23 per share on 5 March 2012 After this transaction Camposol Holding
information relating to risk management is set out in Notes 3 and 4 to the financial statements. PLC and its subsidiaries hold 732,000 of its own shares.
Branches
On 12 March 2012, Camposol Holding PLC launched a tender offer to all its shareholders to buy up to
The Group did not operate through any branches during the year.
2.2 million shares at a price of 24NOK. This offer continued until 26 March 2012. The purpose of this
Share capital offer is to give its shareholders the opportunity to monetize a portion of their investment due to the low
During 2011, there were no significant transactions related to the issue of share capital, share-based liquidity of the stock. These stocks will remain in treasury until further notice. At the end of this
payments or warrants. transaction 355,372 shares were transferred to Camposol Holding PLC from ex shareholders. After
this transaction, Camposol Holding PLC and its subsidiaries hold 1,087,372 of its own shares.

-- 4
2 -- --35--
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Report and Consolidated Financial Statements 31 December 2011 Report and Consolidated Financial Statements 31 December 2011

The notes on pages 11 to 71 are an integral part of these consolidated financial statements.

-6- -7-
 Revenue

Income tax
Gross profit
Cost of sales

Other income

Financial cost
Other expenses

Attributable to:

Attributable to:
Financial income
Selling expenses

Operating profit

Profit for the year

Profit for the year

Owners of the parent

- Continuing operations
Non-controlling interest

Non-controlling interests
Administrative expenses
Continuing operations:

- Discontinued operations
Profit before income tax

Discontinued operations:

Currency translation adjustment

Other comprehensive income:

Equity shareholders of the parent

Profit / (loss) attributable to associate

Statement of comprehensive income

Net foreign exchange transactions losses
Profit after adjustment for biological assets

Total comprehensive income for the year

Basic and diluted earnings per ordinary share
Loss for the year from discontinued operations
Profit for the year from continuing operations
Camposol Holding PLC and Subsidiaries

CAMPOSOL HOLDING PLC AND SUBSIDIARIES

Gain arising from change in fair value of biological assets

-8-
-8-
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

- From continuing operations (expressed in U.S. Dollars per share)

- From discontinued operations (expressed in U.S. Dollars per share)
Report and Consolidated Financial Statements 31 December 2011

Total comprehensive income attributable to equity shareholders arises from:

Note

33

34
34
32
30
30
7
9

29
29
27
26
25
24

The notes on pages 11 to 71 are an integral part of these consolidated financial statements.

The notes on pages 11 to 69 are an integral part of these consolidated financial statements.
2011
USD000

33.345
111
868

33.603
33.337
9
33.336
33.620
41.634

9
33.328
33.337
33.345
27
51.314
92.379
34.112
58.267
167.810

1,118
1,127

33.345
(275)

(275)
(109.543)

33.328
(8)
(0,009)
(8.014)
(1.316)
(8.502)
(2.302)
(19.050)
(20.581)
31 December
For the year ended

2010
USD000

6.782
45
1.367
119.306

8.532
1.382

8.604
44
6.738
7.150

6.898
44
6.854
6.898
116
6.782
24.777
53.998
17.478
36.520

0,227
0,286

6.782
(1.750)

(1.750)
(40)
(13.320)
(14.199)
(82.786)

(0,059)
(2.761)

6.854
(14.871)
(3.069)

CAMPOSOL HOLDING PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the years ended 31 December 2011 and 2010

Attributable to owners of the parent

Non-
Number of Share Share Share Share Retained controlling Total
Note shares capital premium warrants options earnings Total interest equity
000 USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000

Balances as of 1 January, 2010 32.404 507 212.318 2.050 914 19.851 235.640 88 235.728
Comprehensive income:
Profit for the year - - - - - 6.738 6.738 44 6.782
Other comprehensive income:
Currency translation adjustment - - - - - 116 116 - 116
Total comprehensive income - - - - - 6.854 6.854 44 6.898
Transactions with owners:
Share-based payments 16 - - - - 106 - 106 - 106
Expired share opti ons and warrants 16 - - - (2.050) (98) 2.148 - - -
Non-controlling interest's acquisition 16 - - - - - - - 428 428
Total transactions with owners - - - (2.050) 8 2.148 106 428 534
Balances as of December 31, 2010 32.404 507 212.318 - 922 28.853 242.600 560 243.160

Comprehensive income:
Profit for the year - - - - - 33.336 33.336 9 33.345
-9-

Other comprehensive income:

Currency translation differences - - - - - (8) (8) - (8)
Total comprehensive income - - - - - 33.328 33.328 9 33.337
Transactions with owners:
Share-based payments 16 - - - - 155 - 155 - 155
Expired share options 16 - - - - (150) 150 - - -
Total transactions with owners - - - - 5 150 155 - 155
Balances as of December 31, 2011 32.404 507 212.318 - 927 62.331 276.083 569 276.652

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, by the end of the two years after the end of the year
of assessment to which the profits refer, will be deemed to have distributed this amount as dividend. Special contribution for defence at 15% will be payable on such deemed dividend to the extent
that the shareholders for deemed dividend distribution purposes at the end of the period of t wo years from the end of the year of assessment to which the profits refer, are Cyprus tax residents.
Special contribution for defence rate increased to 17% in respect of profits of year of assessment 2009, and to 20% in respect of profits of years of assessment 2010 and 2011. The amount of
this deemed dividend distribution is reduced by any actual dividend paid out of the profits of the relevant year by the end of the period of two years from the end of the year of assessment to
which the profits refer. This special contribution for defence is paid by the Company for the account of the shareholders.

The notes on pages 11 to 71

69 are
are an
an integral
integral part
part of
of these
these consolidated
consolidated financial
financialstatements.
statements.
Camposol Holding PLC and Subsidiaries
Report and Consolidated Financial Statements 31 December 2011

-9-
Camposol Holding PLC and Subsidiaries
Report and Consolidated Financial Statements 31 December 2011
CAMPOSOL HOLDING PLC AND SUBSIDIARIES
Overview of Notes to the Consolidated Financial Statements
CAMPOSOL HOLDING PLC AND SUBSIDIARIES
31 December 2011
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended
31 December
Note 2011 2010
USD000 USD000

CASH FLOWS FROM OPERATING ACTIVITIES

Collections 157.058 121.707
Payment to suppliers and employees (146.515) (110.782)
Interest paid (8.094) (8.882)
Custom duties refund collections 6.647 7.498
Other collections 442 484
Income tax paid - (1.069)
Net cash generated from operating activities 31 9.538 8.956

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property, plant and equipment and biological assets 6 (10.611) (6.126)
Investment in biological assets (8.711) (11.871)
Purchase of intangibles, excluding goodwill 8 (408) (767)
Acquisition of subsidiary, net of cash acquired 23 (259) 113
Proceeds from sale of property, plant and equipment 372 3.657
Net cash generated from investing activities (19.617) (14.994)

CASH FLOWS FROM FINANCING ACTIVITIES

Bank loans proceeds 22 94.394 54.539
Bank loans payments 22 (85.297) (47.124)
Debt termination fee 19 - (3.682)
Loan repayment of Credit Suisse 19 - (50.086)
New Syndicated loan and long-term debt proceeds 19 1.615 62.630
Payments of long-term debt 19 (3.944) (5.850)
Net cash generated from financial activities 6.768 10.427

Net (decrease) / increase in cash and cash equivalents (3.311) 4.389

Cash and cash equivalents at beginning of year 9.915 5.526
Cash and cash equivalents at end of year 15 6.604 9.915

The notes on pages 11 to 69 are an integral part of these consolidated financial statements.
The notes on pages 11 to 71 are an integral part of these consolidated financial statements.

- 10 -
- 10 -
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries

Notes to the consolidated financial statements
31 December 2011
CONTENTS
CAMPOSOL HOLDING PLC AND SUBSIDIARIES
Note
1 General information
2 Summary of significant accounting policies NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 Risk management 31 DECEMBER 2011
4 Critical accounting estimates and judgments 1 GENERAL INFORMATION
5 Segment information
6 Property, plant and equipment a) Business activities -
7 Investment in associate
8 Intangible assets Camposol Holding PLC (hereinafter the Company) was incorporated as a private company and is
9 Biological assets domiciled in Cyprus from 9 July 2007, under the name Halemondi Holdings Limited, in accordance with
10 Financial instruments by category the provisions of the Cyprus Companies Law, Cap. 113. The Company was converted into a public
limited liability company on 8 November 2007. The name of the Company was changed to Camposol
11 Credit quality of financial assets Holding PLC on 11 February 2008. The Group is engaged in investing in the agriculture business and
12 Inventories managing the export of agricultural products mainly to the United States and to the E
13 Other accounts receivable
14 Trade accounts receivable is Arch. Kyprianou & Ayiou Andreou, Loukaides Court 5th Floor, 3036
15 Cash and cash equivalents Limassol, Cyprus.
16 Shareholders equity
17 Deferred income tax As from May 2008 the shares of the Company are listed on the Oslo Axess Stock Exchange.
18 Worker´s profit sharing The subsidiaries and their activities are as follows:
19 Long-term debt
20 Trade accounts payable Direct or indirect equity
21 Other accounts payable interest as of
Country of 31 December
22 Bank loans Company Principal activity incorporation 2011 2010
23 Business combinations % %
24 Revenue
25 Cost of sales Camposol S.A. Agribusiness Peru 100 100.00
Campoinca S.A. Agriculture Peru 100 100.00
26 Selling expenses Preco Precio Econ mico S.A.C. (*) Retail Peru 50 50.00
27 Administrative expenses Sociedad Agr cola
28 Personnel expenses Las Dunas S.R.L. Agriculture Peru 99.99 99.99
Prodex S.A.C. Agriculture Peru 100 100.00
29 Other income and expenses Balfass S.A. Agriculture Peru 100 100.00
30 Financial income and costs Vegesol S.A. Agriculture Peru 100 100.00
31 Cash generated from operations Muelles y Servicios
32 Income tax Paita S.R.L. Services Peru 100 100.00
Nor A Agriculture 100 -
33 Discontinued operations Marinazul S.A. (*) Shrimp farming Peru 94.55 94.55
34 Basic and diluted earnings per share Domingo Rodas S.A. Shrimp farming Peru 100 100.00
35 Contingent liabilities Camarones S.A.C. Shrimp farming Peru 100 100.00
Marinasol S.A. Fish canning Peru 100 100.00
36 Transactions with shareholders and other related parties Camposol Europa S.L. Distribution Spain 100 100.00
37 Commitments and guarantees Camposol Fresh B.V. Distribution Netherlands 100 100.00
38 Events after the consolidated balance sheet date Madoca Corp. Holding Panama 100 100.00
Grainlens Ltd. Holding Cyprus 100 100.00
Blacklocust Ltd. Holding Cyprus 100 100.00
Siboure Holding Ltd. Holding Cyprus 100 100.00

(*) The non-controlling interests have granted the control of this entity in favor of Camposol Holding PLC.

Camposol Holding PLC and its subsidiaries are hereinafter referred to as the Group.
Camposol S.A. is one of the subsidiaries of the Group which is a Peruvian agribusiness corporation

- 12 - - 13- 11
-
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

incorporated in the city of Lima on 31 January 1997. Camposol S.A. contributes substantially with all of b) Group reorganization -
the consolidated
Camposol AS was established on 5 September 2007. On 17 October 2007 Camposol AS acquired
100% of the shares in Siboure Holding Ltd (previously Siboure Holdings Inc. which held 100% of
operating and commercial office is located in Carretera Panamericana Norte Km. 497.5, Chao, Viru, Camposol S.A.) through a loan obtained from the Credit Suisse amounting to USD65 million in
La Libertad., three production establishments or agricultural lands are located in Carretera November 2007.
Panamericana Norte Kms. 510, 512 and 527 in the department of La Libertad, Peru. In addition
Camposol S.A. operates two administrative offices in the department of Piura. On 3 March 2008, the Company made a voluntary offer for the acquisition of all the outstanding shares
of Camposol AS in exchange of its own shares. The shareholders of Camposol AS became
The Group controls Preco Precio Econ mico S.A.C., which was dormant and had no income or shareholders of the Company, holding the same number of shares and warrants as the number held in
expenses in 2011 and 2010. Camposol AS. As a result of this exchange, Camposol AS became a wholly-owned subsidiary of the
Company. This transaction does not represent a business combination and is outside the scope of
On 21 May 2011, Muelles y Servicios Paita S.R.L. (a subsidiary of the Company) acquired Nor Agro IFRS 3 (2007). There was no economic substance in terms of any real alteration of the composition or
. (Note 23). As of 31 December 2011, the percentage of ownership in its ownership of the Group. Accordingly the consolidated financial statements are presented as a
subsidiaries has not changed with respect to that at 31 December 2010. continuation of the Camposol AS group using a method similar to the pooling of interests. The
application of this method implied that, the items of the financial statement of the combining
The table below presents details of the agricultural land where the Group carries out its activities: enterprises for the period in which the combination occurred and for any comparative periods disclosed
were presented as if they had been combined from the beginning of the earliest period presented.
Area in Hectares (Ha)
Land Peruvian region 2011 and 2010 Camposol AS was liquidated on 22 December 2008 with no impact on the Group s financial statements
as all its rights and obligations were transferred to Camposol Holding PLC.
Mar Verde La Libertad 2,496
Huangala - Terra Piura 2,662 c) Approval of the financial statements -
Agricultor La Libertad 1,726
Gloria La Libertad 1,018 The 2011 consolidated financial statements of the Group were approved by the Board of Directors
La Libertad 414 Meeting held in the offices of the Company in Cyprus on 23 April 2012.
- La Libertad 616
Compositan La Libertad 3,778
Yakuy Minka La Libertad 2,770 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Santa Ana Piura 3,370
Santa Anita Piura 128 The principal accounting policies applied in the preparation of these consolidated financial statements
Santa Julia Piura 2,105 are set out below. These policies have been consistently applied to all the years presented, unless
Piura 1,980 otherwise stated.
La Merced Piura 1,000
Ocoto Alto Piura 112 2.1 Basis of preparation -
Ocoto Bajo Piura 31
Ica Ica 175 The consolidated financial statements of the Group have been prepared in accordance with
Tumbes Tumbes 933 International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), IFRIC
25,314 Interpretations and the requirements of the Cyprus Companies Law, Cap. 113.
The Group carries out its activities over the following planted areas: The financial statements have been prepared under the historical cost convention, as modified by
biological assets recognized at fair value.
Area in Hectares (Ha)
2011 2010
The preparation of financial statements in conformity with IFRSs requires the use of certain critical
Asparagus 2,633 2,633 accounting estimates. It also requires management to exercise its judgment in the process of applying
Avocados 2,488 2,488 the Group The areas involving a higher degree of judgment or complexity, or
Mangoes 415 415 areas where assumptions and estimates are significant to the consolidated financial statements are
Grapes 451 420 disclosed in Note 4.
Shrimp 628 510
Pepper 294 290 2.2 Going concern -
Tangerine 102 102
7,011 6,858 As a result of the issue of the senior unsecured notes for USD125 million maturing in 2017, which will
finance capital expenses and general corporate uses; the Group has started a sustained growth
process of its operations to ensure a growth in EBITDA in the coming years. EBITDA for the year
ended December 31, 2011 amounts to USD 30,794,000 (USD 20,440,000 at December 31, 2010).

- 12
- 14 - - - 15- 13
-
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

The Directors have the reasonable expectation that the Group has adequate resources to continue
operational existence in the foreseeable future. Therefore the Group continues to adopt the going and Financial Liabilities (effective for annual periods beginning on or after 1 January 2013).
concern basis in preparing its consolidated financial statements. Amendment
and Financial Liabilities (effective for annual periods beginning on or after 1 January 2014).
2.3 Adoption of new and revised IFRSs -
New IFRICs
During the current year the Company adopted all the new and revised International Financial Reporting
Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning ction Phase of a Surface Mine (effective for annual
on 1 January 2011. This adoption did not have a material effect on the accounting policies of the periods beginning on or after 1 January 2013).
Company.
The Board of Directors expects that the adoption of these financial reporting standards in future
At the date of approval of these financial statements the following financial reporting standards were periods will not have a material effect on the financial statements of the Company, with the exception
issued by the International Accounting Standards Board but were not yet effective: of the following:

i) Adopted by the European Union (i)

definition of a related party and removes the requirement for government related entities to
Amendments disclose details of all transactions with the government and other government related entities. The
Company will apply the standard from 1 January 2011. When the revised standard is applied, the
Company will need to disclose any transactions between its subsidiaries and its associates. The
instruments (effective for annual periods beginning on or after 1 July 2011). Company is currently putting systems in place to capture the necessary information. It is,
therefore, not possible at this stage to disclose the impact, if any, of the revised standard on the
ii) Not yet adopted by the European Union related party disclosures.

New standards (ii)

instruments. These amendments will promote transparency in the reporting of transfer

for annual periods beginning on or after 1 January 2015). financial as

involving securitisation of financial assets. These amendments are effective for annual periods
after 1 January 2013). beginning on or after 1 July 2011 and have not yet been endorsed by the European Union.

2013). 2.4 Consolidation -

beginning on or
after 1 January 2013). The consolidated financial statements include the assets, liabilities, results and cash flows of the
Company and its subsidiaries detailed in Note 1-a).
January 2013).
a) Subsidiaries -
beginning on or after 1 January 2013).
Subsidiaries are all entities over which the Group has the power to govern the financial and operating
policies generally accompanying a shareholding of more than one half of the voting rights. The
on or after 1 January 2013).
existence and effect of potential voting rights that are currently exercisable or convertible are
considered when assessing whether the group controls another entity. Subsidiaries are fully
Amendments
consolidated from the date on which control is transferred to the group. They are deconsolidated from
the date that control ceases.
assets (effective for annual periods beginning on or after 1 January 2012).
The Group uses the acquisition method of accounting to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred,
severe hyperinflation and removal of fixed dates for First Time Adopters (effective for annual the liabilities incurred and the equity interests issued by the group. The consideration transferred
periods beginning on or after 1 July 2011). includes the fair value of any asset or liability resulting from a contingent consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the
tive for annual periods beginning on or after acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling
1 January 2013). interest in the acquiree either at fair value or at the non- ortionate share of the

- 14
- 16 - - - 15
- 17 -
-
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
The fair value of services received in relation with business combinations are recognized in equity
when they are settled
The excess of the consideration transferred the amount of any non-controlling interest in the acquire
and the fair value at acquisition-date of any previous equity interest in the acquiree over the fair value
of the identifiable net assets acquired is recorded as goodwill (note 2.8 - a)). If this is less than the fair
value of the net assets of the subsidiary acquired the difference is recognized directly in profit or loss.
Inter-company transactions, balances and unrealized gains on transactions between group companies
are eliminated. Unrealized losses are also eliminated, unless the transaction evidences the impairment
of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the Group.
b) Associates -
Associates are all entities over which the Group has significant influence but not control, generally
accompanying a shareholding of between 20% and less than 50% of the voting rights. Investments in
associates are accounted for using the equity method of accounting and are initially recognized at cost.
accumulated impairment loss.
-acquisition profits or losses is recognized in profit or loss,
and its share of post-acquisition other comprehensive income movements are recognized in other
comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying
amount of the investment. When the G
interest in the associate, including any other unsecured receivables, the Group does not recognize
further losses, unless it has incurred obligations or made payments on behalf of the associate.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of
the G
provides evidence of an impairment of the asset transferred. Accounting policies of associates have
been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in associates are recognized in the consolidated
statement of comprehensive income.
2.5 Segment information -
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating
resources, assessing performance of the operating segments and making strategic decisions, has
been identified as the Board of Directors.
2.6 Foreign currency translation -
a) Functional and presentation currency -
Items included in the financial statements of each of the G sured using the
currency of the
The consolidated financial statements are presented in USD Dollars, which is the G
currency.
- 16
- 18 - -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
b) Transactions and balances -
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are re-measured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognized in the consolidated statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings, cash and cash equivalents and other
accounts are presented in the consolidated statement of comprehensive income net foreign
exchange transactions losses
c) Group companies -
The results and financial position of all the Group entities (none of which has the currency of a hyper
inflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
(a) assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet;
(b) income and expenses for each income statement are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the rate
on the dates of the transactions);
(c) equity balances, except for retained earnings, are translated at the historical exchange rates; and
(d) all resulting exchange differences are recognized as profit or loss and included in retained
earnings.
On consolidation, exchange differences arising from the translation of the net investment in foreign
operations, and of borrowings and other currency instruments designated as hedges of such
investments, are taken to other comprehensive income. When a foreign operation is partially disposed
of or sold, exchange differences that were recorded in other comprehensive income in the
consolidated statement of comprehensive income recognized as income from continuing operations in
the consolidated statement of comprehensive income as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at the closing rate.
2.7 Property, plant and equipment -
Property, plant and equipment are stated at cost less accumulated depreciation and impairment
losses.
Historical cost comprises the purchase price and any cost directly attributable to bringing the asset into
working condition for its intended use. Cost of replacing part of the plant and equipment is recognized
in the carrying amount of the plant and equipment if the recognition criteria are satisfied. All other
repair and maintenance costs are recognized in profit or loss as incurred. The present value of the
expected cost for the decommissioning of the asset after its use is included in the cost of the
respective asset if the recognition criteria for a provision are met. Borrowing costs that are directly
attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of
the cost of that asset.
n
Subsequent costs recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group and the cost of the item can be measured reliably. The carrying amounts of replaced parts
- 19- 17
-
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

are derecognized. All other repairs and maintenance are charged to profit or loss during the financial impairment is recognized immediately as an expense. After initial recognition, goodwill is carried at
period in which they are incurred. cost less any accumulated impairment losses.

The cost less the residual value of each item of property, plant and equipment is depreciated over its For the purpose of impairment testing, goodwill acquired in a business combination is, from the
useful life. acquisition date, allocated to each of the Group s cash-generating units that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities of the acquire
Depreciation is calculated on a straight-line basis over the estimated useful life of individual assets, as are allocated to those units. Impairment is determined for goodwill by assessing the recoverable
follows: amount of each cash-generating unit (or group of cash-generating units) to which the goodwill relates.
Where the recoverable amount of the cash-generating unit is less than their carrying amount an
Years impairment loss is recognized.

Buildings and other constructions 33 Where goodwill is allocated to a specific cash-generating unit and part of the operation within that unit
Irrigation structure 70 is disposed of, the goodwill associated with the operation disposed of is included in the carrying
Plant and equipment Between 5 and 10 amount of the operation when determining the gain or loss on disposal of the operation. Goodwill
Furniture and fixtures 10 disposed of in this circumstance is measured based on the relative values of the operation disposed of
Other equipment Between 3 and 10 and the portion of the cash-generating unit retained.
Vehicles 5
When the acquisition is made under favorable conditions (when the fair value of the net assets and
Depreciation commences when assets are available for use as intended by management. Land is not liabilities acquired is higher than the purchase consideration), the Group recognizes such amount as
depreciated. income in its consolidated statement of comprehensive income.

The assets residual values and useful lives are reviewed, and adjusted prospectively if appropriate, at b) Customer relationships -
each financial year end.
Customer relationships are initially recognized at fair value at the date of acquisition in a business
- combination and subsequently at cost less amortization over their estimated useful lives of between 2
carrying amount is greater than its estimated recoverable amount (Note 2.9). to 20 years.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount -
and are recognized income and expenses consolidated statement of method. The excess of earnings is defined as the difference between after-tax operating cash flow
comprehensive income. generated by the existing customers at the acquisition date; and, the cost contribution required by the
remaining assets (tangible and intangible) for maintaining the relationships with the customer. The
2.8 Intangible assets - - the following estimations:

a) Goodwill -
Goodwill is initially measured at cost which is the excess of the cost of the consideration paid over the
fair value of the net identifiable assets, liabilities, contingent liabilities and non-controlling
interest at the date of acquisition. When the accounting for a business combination is not completed
by the end of the reporting period in which the business combinations took place, the Group reports
provisional amounts for the items the valuation process of which is incomplete.
The net identifiable assets acquired and liabilities assumed accounted at provisional fair values at
acquisition date may be retroactively adjusted to reflect additional information gathered on facts and
circumstances existing at acquisition date which, if known, would have affected the measurement of
the amounts originally recognized. The period allowed by the IFRS 3 for the amendment of provisional
amounts recognized should not exceed one year from the acquisition date.
Goodwill on acquisition of subsidiaries is consolidated balance
sheet.
Goodwill is tested for impairment annually or more frequently whenever events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the
recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any
Future sales attributable to the existing customer list at the acquisition date, excluding any sales
from other customers without an established and clear relationship. The sales forecast for each
customer, or customer category, takes into consideration organic sales growth as well as the
deterioration rate for this customer list.
Calculation of operating margins (EBIT), taking into account only costs related to the existing
customer base at the acquisition date.
c) Computer software -
Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and
bring to use the specific software. These costs are amortized over their estimated useful lives (four
years).
Costs associated with maintaining computer software or programs are recognized as an expense as
they are incurred. Development costs that are directly attributable to the design and testing of
identifiable and unique software products controlled by the group are recognized as intangible assets
when the following criteria are met:
It is technically feasible to complete the software product so that it will be available for use;
Management intends to complete the software product and use or sell it;

- 18
- 20 - - - 19
- 21 -
-
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
There is an ability to use or sell the software product;
It can be demonstrated how the software product will generate probable future economic benefits;
Adequate technical, financial and other resources to complete the development and to use or Sell
the software product are available; and
The expenditure attributable to the software product during its development can be reliably
measured.
Directly attributable costs capitalized include: software development, employee costs and an
appropriate portion of relevant overheads.
Other development expenditures that do not meet these criteria are expensed as incurred.
Development costs previously recognized as an expense are not recognized as an asset in a
subsequent period.
2.9 Impairment of non-financial assets -
The carrying amounts of assets that are subject to depreciation or amortization are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not
be recoverable. At each reporting date the Group assesses if there are indicators of impairment and if
so, or if an impairment test for an asset is required, an assessment is undertaken to determine whether
the carrying values are in excess of their recoverable amount. Such review is undertaken on an asset
by asset basis, except where such assets do not generate cash flows independent of other assets, in
which case the assessment is undertaken at cash-generating unit level. If the carrying amount of an
asset or of a cash-generating unit exceeds its recoverable amount, the asset is considered to be
impaired and is written down to its recoverable amount. Impairment losses are recognized in
consolidated statement of comprehensive income.
The recoverable amount of assets is the greater of their value in use or their fair value less costs to
sell. Fair value is based on an estimate of the amount that the Group may obtain in a sale transaction
transaction. In assessing the value in use of an asset, its estimated future cash
flows are discounted to their present value using a post-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For an asset that does not
generate cash inflows largely independent of those from other assets, the recoverable amount is
determined for the cash -gene -generating
units are the smallest identifiable groups of assets that generate cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.
For non-financial assets excluding goodwill, an impairment loss is reversed if there has been a change
in the estimates used to determine their recoverable amount. An impairment loss is reversed only to
the extent that the adjusted carrying amount that would
have been determined, net of depreciation or amortization, if no impairment loss had been recognized
in prior periods. Impairment losses relating to goodwill are not reversed in future periods.
2.10 Financial assets -
Classification -
The Group classifies its financial assets in the following categories: at fair value through profit and loss,
loans and receivables, held-to-maturity and available-for-sale. The classification depends on the
purpose for which the financial assets were acquired. Management determines the classification of its
financial assets at initial recognition. As of December 31, 2011 and 2010 the Group only holds financial
assets in the category of loans and receivables.
- 20
- 22 - -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and for which there is no intention of trading the receivable. They are
included in current assets, except for maturities greater than 12 months after the end of the reporting
period. These are classified as non-current assets. The G
and other accounts cash and cash equivalents in the consolidated balance sheet
(Notes 14, 13 and 15, respectively).
Recognition and measurement -
Loans and receivables are initially recognized at fair value plus transaction costs .Loans and
receivable are derecognized when the rights to receive cash flows from the assets have expired or
have been transferred and the group has transferred substantially all risks and rewards of ownership.
Loans and receivables are subsequently carried at amortized cost using the effective interest method.
Offsetting financial instruments -
Financial assets and liabilities are offset and the net amount reported in the consolidated balance
sheet when there is a legally enforceable right to offset the recognized amounts and there is an
intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
2.11 Impairment of financial assets -
The Group assesses at the end of each reporting period whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of financial assets
is impaired and impairment losses are incurred only if there is objective evidence of impairment as a
that loss event (or events) has an impact on the estimated future cash flows of the financial asset or
group of financial assets that can be reliably estimated.
The criteria that the Group uses to determine that there is objective evidence of an impairment loss
include:
- Significant financial difficulty of the issuer or obligor;
- A breach of contract, such as a default or delinquency in interest or principal payments;
- The G granting to
the borrower a concession that the lender would not otherwise consider;
- It becomes probable that the borrower will enter bankruptcy or other financial reorganization;
- The disappearance of an active market for that financial asset because of financial difficulties; or
- Observable data indicating that there is a measurable decrease in the estimated future cash flows
from a portfolio of financial assets since the initial recognition of those assets, although the
decrease cannot yet be identified with the individual financial assets in the portfolio, including: i)
adverse changes in the payment status of borrowers in the portfolio; and ii) national or local
economic conditions that correlate with defaults on the assets in the portfolio.
The Group first assesses whether objective evidence of impairment exists.
present value of estimated future cash flows (excluding future credit losses that have not been
effective interest rate.
amount is reduced and the amount of the loss is recognized in the consolidated statement of
comprehensive income. If a loan has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract. As a practical
- 23- 21
-
-
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
expedient, the Group measures impairment on the basis of the
observable market price.
A provision for impairment of trade accounts receivable is estimated when there is objective evidence
that the Group will not be able to collect all amounts due according to the original terms of the invoice.
The amount of the provision is determined as explained in the paragraph above. Bad debts are written-
off when they are assessed as uncollectible.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be
related objectively to an event occurring after the impairment was recognized (such as an improvement
in the de recognized impairment loss is recognized in
profit or loss.
2.12 Biological assets -
Biological assets are living animals or plants managed by the Group for sale. These are asparagus,
avocados, mangoes, artichokes, pepper, grapes and shrimp which are to be harvested as agricultural
produce.
Biological assets are those assets capable of producing more than one harvest or are able to sustain
regular harvests (as for example: asparagus, mangoes, avocados and grapes). Costs of producing and
harvesting biological assets are expensed as incurred. Costs that increase the number of units
produced of the biological asset owned or controlled by the Group are added to the carrying amount of
the relevant assets. Biological assets are classified as current and non-current depending on their
maturity period.
Expenses that relate to the agricultural activity include planting, harvesting, seedlings, irrigation,
agrochemicals, fertilizers and others. Costs of producing and harvesting biological assets are charged
to expense when incurred and the costs that increased the number of units of the biological assets
owned or controlled by the Group are added to the carrying amount cost
of agric : i) the cost of
agricultural produce held in inventory, ii) biological assets valued at fair value less costs to sell, and
iii) the costs of providing agricultural services. The cost of producti
cost of agricultural produce and
biological assets expensed when sold.
Biological assets are measured at fair value less costs to sell on initial recognition and at each
statement of financial position date, except where fair value cannot be reliably measured. Cost
approximates fair value when little or no biological transformation has taken place since the costs were
originally incurred or the impact of biological transformation on price is not expected to be material.
Costs to sell include all incremental costs directly attributable to the sale of the biological assets,
excluding finance costs and income taxes. The fair value of a biological asset in its present location
and condition is determined based on the present value of expected net cash flows from the biological
asset discounted at a current market-determined pre-tax rate.
In determining the fair value of a biological asset based on the expected net discounted cash flows, the
following factors have been taken into account:
i) the productive life of the asset;
ii) the period over which the asset will mature;
iii) the expected future sales price;
- 22
- 24 - -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
iv) the cost expected to arise through the life of the asset; and
v) a pre-tax nominal discount rate.
Expected future sale prices for all biological assets are determined by reference to observable data in
the relevant market. Costs expected to arise through the life of the biological assets are estimated
based on historical and statistical data.
The gain or loss arising from initial recognition of a biological asset at fair value less costs to sell and
from a change in fair value less costs to sell of a biological asset is recognized in the consolidated
statement of comprehensive income in the period in which they arise. Agricultural produce harvested
is initially measured at its fair value less costs to sell at the point of
harvest. The fair value of agricultural produce is determined based on market prices. The gain or loss
arising from initial recognition of agricultural produce as a result of harvesting is recognized in the
consolidated statement of comprehensive income for the period in which it arises. The cost of the
agricultural produce included in inventories for subsequent sale is deemed to be the fair value of the
produce less costs to sell at the point of harvest in the local market.
2.13 Inventories -
Inventories are valued at the lower of average cost and net realizable value.
The cost of biological products is determined as the fair value less estimated point of sale costs at the
time of harvest (Note 2.12).
The net realizable value is the estimated sale price in the ordinary course of business, less estimated
costs to place inventories in selling condition and commercialization and distribution expenses.
The cost of inventories may not be recovered if: i) the inventories are damaged or become wholly or
partially obsolete; and ii) their selling prices decline or the estimated necessary costs to be incurred to
produce their sale increase. In such circumstances, inventories are written-off to their net realizable
value. The Group determines the provision for obsolescence as follows:
Fresh and frozen products 100% of cost at expiration
Preserved products 50% of cost after 2 years
100% of cost at expiration
The provision for obsolescence is estimated on an item by item basis or for groups of items with similar
characteristics (with same crop, market and similar other characteristics).
2.14 Trade receivables -
Current trade receivables are recognized initially at fair value and subsequently re-measured at
amortized cost using the effective interest method, less any provision for impairment.
A provision for impairment of trade receivables is estimated when there is objective evidence that the
Group will not be able to collect all amounts due according to the original terms of the invoice. The
amount of the provision is the difference between the carrying amount and the present value of the
recoverable amounts and this difference is recognized in the consolidated statement of comprehensive
income. Bad debts are written off when they are assessed as uncollectible.
- 25- -23 -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
2.15 Cash and cash equivalents -
For the purposes of the consolidated statement of cash flow, cash and cash equivalents comprise cash
in hand, short-term deposits held with banks with an original maturity of three months.
2.16 Share capital -
Ordinary shares are classified as equity. Any excess over the par value of issued shares is classified
as share premium.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
2.17 Share warrants -
Share warrants are measured at fair value at the acquisition date and are part of the acquisition cost.
At the date in which the warrants expire, fair value is transferred to retained earnings.
2.18 Trade accounts payable -
Trade accounts payable are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Trade accounts payable are classified as current liabilities
if payment is due within one year or less (or in the normal operating cycle of the business if longer). If
not, they are presented as non-current liabilities.
Trade accounts payable are recognized initially at fair value and subsequently measured at amortized
cost using the effective interest method when the effect of cost of money is important; otherwise these
accounts are subsequently measured at their face value.
2.19 Borrowings -
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are
subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs)
and the redemption value is recognized in the consolidated statement of comprehensive income over
the period of the borrowing using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is
deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and
amortized over the period of the facility to which it relates.
The amortized costs of the loans that are settled in advance are immediately affected to consolidated
statement of comprehensive income. For those loans that replace existing loans, they can be
regarded as an extinguishment of debt to the extent that the present value of new loans recognized at
amortized cost is different from previous funding by more than 10 percent of its value.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the consolidated balance sheet date.
- 26- -24 -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
2.20 Leases -
The determination of whether an arrangement is or contains a lease is based on the substance of the
arrangement at inception date: whether the fulfillment of the arrangement is dependent on the use of a
specific asset or assets or the arrangement conveys a right to use the asset.
Leases that transfer to the Group substantially all risks and benefits incidental to ownership of the
leased items are capitalized as finance leases at the inception of the lease at the fair value of the
leased property, or if lower, at the present value of the minimum lease payments. Finance lease
payments are apportioned between finance charges and reduction in the lease liability so as to achieve
a constant rate of interest on the remaining balance of the liability. Finance costs are recognized in the
consolidated statement of comprehensive income. Capitalized leased assets are depreciated over the
shorter of their estimated useful life and the lease term, if there is no reasonable certainty that the
Group will obtain ownership at the end of the lease term.
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor
are classified as operating leases. Payments made under operating leases are charged to the
statement of comprehensive income on a straight line basis over the period of the lease.
2.21 Current and deferred income tax -
Income tax expense for the period comprises current and deferred income tax. Income tax is
recognized in the consolidated statement of comprehensive income, except to the extent that it relates
to items recognized in profit or loss or directly in equity. In this case the income tax is also recognized
in profit or loss or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the consolidated balance sheet date in the countries where the Company and its
subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
Deferred income tax is recognized, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, the deferred income tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction other than a business combination that at the time of
the transaction affects accounting for either the taxable profit or loss. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by the
consolidated balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and
associates, except where the timing of the reversal of the temporary difference is controlled by the
Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right
exists to set off current tax assets against current income tax liabilities and the deferred income taxes
relate to the same taxable entity and the same taxation authority.
- 25
- 27 -
-
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
2.22 Share-based payments -
The Group operates a number of equity-settled share-based compensation plans. The cost of equity
settled transactions is measured by reference to the fair value of the equity instruments at the date on
which they are granted using the Black-Scholes-Merton model. The cost, together with the
corresponding increase in equity, is recognized on a straight-line basis over the vesting period in which
the performance and/ or service conditions are fulfilled. At each consolidated balance sheet date, the
Group revises its estimates of the number of options that are expected to vest and recognizes the
change in cost if any, in the consolidated statement of comprehensive income, with a corresponding
adjustment to equity.
2.23 Provisions -
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. If the effect of the time value of money
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate
that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of
time is recognized as a financial expense.
2.24 Employee benefits
Workers profit sharing and other employee benefits -
In accordance with Peruvian Legislation the Group is required to provide for workers profit sharing
equivalent to 10% of taxable income in Peru of each year. This amount is charged to the statement of
comprehensive income (distributed among cost of sales, administrative expenses and selling
expenses, as appropriate). This charge is a deductible expense for income tax purposes.
Statutory bonuses -
The Group recognizes the expense in bonuses and the related liabilities under legal tax regulations.
Statutory bonuses consist of two (02) annual one-month salaries paid in July and December every
year.
Employees' severance indemnities -
Employees' severance indemnities of the Group personnel comprise indemnities determined under
local laws and regulations and which has to be credited to bank accounts selected by employees in
May and November every year. The annual employees' severance indemnities equal one-month
salary. The Group does not have obligations of additional payments once these annual deposits, to
which each worker is entitled to, are made.
2.25 Revenue recognition -
Revenue comprises the fair value of the consideration received or receivable for the sale of goods in
the ordinary course of the Group activities. Revenue is shown net of value-added tax, returns, rebates
and discounts and after eliminating sales within the Group.
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group
and the revenue can be reliably measured. The following specific recognition criteria must also be met
before revenue is recognized:
- 26
- 28 - -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
a) Sale of goods -
Sales of goods are recognized when all risks and rewards of ownership have been transferred to the
buyer, usually on delivery of the goods. Sales of goods comprise:
Exports of fresh products. This mainly includes fresh products of asparagus, avocado and mango.
Some of these exports are invoiced at a fixed price while others on a preliminary liquidation basis
(provisionally priced), which is determined on current market prices at the date of issuance of the
export invoice. In the case of sales on a preliminary liquidation basis, an adjustment to the
provisional price is made based on current market prices at the date agreed with the customer,
usually within a period ranging from 7 to 30 days after the export delivery. The value of the
provisionally priced fresh products is re-measured using the forward selling price for the respective
quotational period agreed with the customer until this quotational period ends. The selling price of
fresh products can be measured reliably as these products are actively traded on international
markets. The change in value of provisionally priced contracts is recorded as an adjustment to
revenue and to trade receivables.
Exports of preserved products. Revenue is recognized when export delivery conditions are met.
Export of frozen products. Revenue is recognized when export delivery conditions are met.
Domestic sales. Revenue is recognized on delivery.
b) Interest income -
Revenue is recognized as interest accrues using the effective interest method.
2.26 Costs and expenses -
Cost of sales corresponds to the cost of production of goods sold, and is recorded simultaneously with
the recognition of revenue. Other costs and expenses are recognized on an accrual basis and
recorded in the periods to which they are related.
2.27 Dividend distribution -
consolidated
balance sheet in the period in which the dividends are approved by the shareholders.
2.28 Contingent liabilities and assets -
Contingent liabilities are not recognized in the financial statements and are disclosed in notes to the
financial statements unless their occurrence is estimated as remote. Contingent assets are not
recognized in the financial statements and are disclosed only if their realization is assessed as
probable.
2.29 Custom duties refunds
Custom duties refunds (drawback) correspond to a tax benefit granted by the Peruvian Government by
means of which the Company is reimbursed for the custom duties paid on the importation of goods that
are a component of the FOB value of the exported products. The refund of these custom duties is
credited to the cost of sales in the consolidated statement of comprehensive income when the Group
has the right to claim the refund (when the exportation is completed).
- 27
- 29 -
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

3 RISK MANAGEMENT 2011 Total 2010 Total

PEN000 000 USD000 PEN000 000 USD000
3.1 Financial risk factors Assets -
Cash and cash equivalents 4,961) 317 2,247) 7,784) 204 3,033)
The G it to a variety of financial risks: operational risk, market risk (including Trade and other accounts
currency risk, fair value interest rate risk, cash flows interest rate risk and price risk), credit risk and receivable 17,373) 4,739 ( 12,522) 18,298) 10,533 ( 19,956)
liquidity risk. 22,334) 5,056 ( 14,769) 26,082) 10,737 ( 22,989)

Directors oversee the management of these risks The remaining balance of cash nad cash equivalents and trade and other accounts receivable
and implement a risk management program aiming at reducing at a minimum any potential adverse amounting to USD32,816,000 relates to balances denominated in United States Dollar (2010:
USD17,341,000).

2011 Total 2010 Total

a) Operational risk -
PEN000 000 USD000 PEN000 000 USD000
The financial position and future development of the Group will depend significantly on the sales prices Liabilities -
of its fruit and vegetables production. The Group produces fresh, frozen and preserved products. Fresh Accounts payable 56,658) 761 ( 22,048) 84,417) 1,705 ( 32,334)
products tend to be more profitable, followed by frozen products and finally preserved goods. However, (Liability) asset position, net ( 34,324) 4,295 ( 7,279) ( 58,335) 9,032 (( 9,345)
the complexity of production and the distribution logistics are greater in the case of fresh and frozen
products compared to preserved goods. In this way there is an inversely proportional relationship The remaining balance of liabilities, except the deferred income tax, amounting to
between profitability and commercial complexity of the product type. USD119,744,000 relates to balances denominated in United States Dollar (2010:
USD86,932,000).
Fresh products, because of their very nature, have a much quicker rotation and almost no inventory of
finished products. Preserved products may be stored for up to 5 years and this means that in the The following table demonstrates the sensitivity to a reasonably possible change in Nuevo Sol
distribution chain there are times of very high or very low inventories that have a significant impact on exchange rate and Euro exchange rate for twelve months, with all other variables held constant,
prices. on pre-tax profit:

Natural phenomena such as the warmer and colder ocean currents called Increase/ Effect on Increase/ Effect on
respectively present a threat to farming during half of each year. decrease in profit decrease in profit
PEN rate before tax rate before tax
ally means that the winter is colder than usual and this has a positive or negative USD000 USD000
repercussion on our activities according to the crop. For example, in the case of avocado, the cold
weather reduces the rate at which the fruit grows and it reaches its period for harvesting at a lower 2011 +4% 716) +4% 364)
weight per fruit than usual. In the case of asparagus; however, although growth is slow during the -4% ( 716) -4% ( 364)
period of the cold current, the plants that are maturing and will be harvested at the end of the year 2010 + 4% ( 548) + 4% 398)
have volumes well in excess of the average. - 4% ( 548) - 4% ( 398)
ii) Interest rate risk -

summer and winter. This phenomenon benefits the avocado plant, producing a fruit of higher weight Changes in interest rates impact primarily loans and borrowings by changing either their fair value
but on the other hand it reduces the harvest levels of asparagus in the months following warmer (fixed rate debt) or their future cash flows (variable rate debt).
weather.
Since all interest-bearing loans and borrowings have a fixed interest rate, the Group is not
exposed to cash flow interest rate risk.
b) Market risk -
i) Foreign exchange risk - Fixed rate borrowings of the Group are renegotiated at market rates on a timely basis, in order to
reduce the exposure to fair value interest rate risk.
The Group buys and sells its products and services and obtains funding for its working capital and
investments mainly in its functional currency. A third Nuevo iii) Price risk
Sol and therefore its financial results are not significantly affected by exchange rate fluctuations
between the US Dollar and the Nuevo Sol. However, upon significant transactions management
evaluates and decides the use of economically hedge contracts to hedge any possible risk of slowdown in the key markets may cause lower sales volumes and prices, and losses on trade
adverse changes in the foreign currency rate that will affect the cash outflows. receivables. Produce prices have a material impact on the results of operations. Prices
are significantly affected by changes in global economic conditions and related industry cycles.
As of 31 December 2011 and 2010 the Group had the following assets and liabilities in the Nuevo Generally, agricultural producers are unable to influence prices directly; however, the Group
Sol (PEN) and Euros: profitability is managed through the control of its cost base and the efficiency of its operations.
- 28
- 30 - - - 29
- 31 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries

Notes to the consolidated financial statements
31 December 2011 Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
The Group manages its price risk mainly with price sales commitments built into sales contracts.
The Group does not use hedge instruments to manage its price risks. Between 1 Between 2
Within 1 year and 2 years and 6 years Total
The following table shows the sensitivity of the outstanding balance of the trade accounts USD000 USD000 USD000 USD000
receivable at the date of the financial statements in the profit before income and related tax if the 2011 -
forward price of its produce had weakened/strengthened by 5%: Long - term debt 15,042 13,093 51,815 79,950
Trade accounts payable 40,074 - - 40,074
Increase/decrease Effect in profit before Other accounts payable 7,395 - - 7,395
in price income and related taxes Bank loans 26,089 - - 26,089
88,600 13,093 51,815 153,508
2010 -
2011 +5% 1,471) Long - term debt 9,907 14,116 61,624 85,647
-5% ( 1,471) Trade accounts payable 27,294 - - 27,294
2010 +5% 936) Other accounts payable 4,937 - - 4,937
Bank loans 16,815 - - 16,815
-5% ( 936) 58,953 14,116 61,624 134,693
c) Credit risk -
3.2 Capital risk management
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or
customer contract leading to a financial loss. The Group is exposed to credit risk on trade and other
receivables and deposits with banks. going concern and to maintain an optimal capital structure to reduce the cost of capital. In order to
maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
The maximum exposure to credit risk is the carrying amount of accounts receivable as shown on the shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
consolidated balance sheet. Sales transactions are carried out with a number of different
The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt
counterparties, which mitigates credit risk concentration.
divided by total capital plus net debt. Net debt is calculated as total borrowings, less cash and cash
equivalents. Total capital is calculated as equity as shown in the consolidated balance sheet, less
The Group seeks for external assistance to evaluate the rating of the possible new customer. With this unrealized gains reserve.
information, a credit limit for the customer is set. Management makes efforts in building long-lasting
relationships with customers (over 6 months). As of 31 December 2011 and 2010, no credit limits had As of 31 December 2011 and 2010
been breached. than 1.

The accounts receivable from a single customer represent 13 per cent of the balance as of 31 The gearing ratios at 31 December 2011 and 2010 were as follows:
December 2011 (8 per cent as of 31 December 2010). All new transactions with this customer are
being executed with letters of credit to mitigate credit risk exposure. 2011 2010
USD000 USD000
In addition, the Group has a multimarket credit insurance coverage over the exports of fresh and
preserved products in an aggregate amount up to USD40 million at 31 December 2011 and 2010. Bank loans 25,797) 16,700)
Long - term debt 64,743) 65,615)
d) Liquidity risk - Less available funds ( 6,604) ( 9,915)
Net debt (a) 83,936) 72,400)
The Group has sufficient credit capacity to have access to credit lines with top-ranked financial
Total capital as per balance sheet (b) 279,112) 243,160
institutions (institutions with no history of default and prestigious locally) under market terms. In
addition, the Group develops new bank relationships in order to have adequate funding available all Total capital and net debt (a) + (b) 363,048) 315,560)
the time. However, with the current world financial crisis there is risk that banks may revise the terms
of the lines of credit. Gearing ratio (a) / (a) + (b) 0.23) 0.23)
The table below analyses the G -derivative financial liabilities and allocates them into 3.3 Fair value estimation -
relevant maturity groupings based on the remaining period at the balance sheet date to the contractual
maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows: The carrying value less impairment provision of trade accounts receivable and accounts payable are
assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is
estimated by discounting the future contractual cash flows at the current market interest rate that is
available to the group for similar financial instruments.

- 30
- 32 - - - 31
- 33 -
-
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
The different levels have been defined as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
- Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
- Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs) (Level 3).
As of 31 December 2011 and 2010, the financial assets and liabilities are measured at the amortized
cost.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
4.1 Critical accounting estimates and assumptions -
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
Critical accounting estimates made by management are continually evaluated and are based on
historical experience and other factors, including expectation of future foreseeable events that are
believed to be reasonable under the circumstances. Management performs sensitivity analyses of the
estimates made as a way of determining the related error margins.
The most significant use of judgment is the estimation of the fair value of biological assets, including
asparagus, avocados, mangoes, artichokes, grapes, pepper and shrimp. The inputs to the valuation
models are derived from observable market data where possible, but where observable market data
are not available, judgment is required to establish fair values. The judgments include considerations
of plantation volumes, cost per ton, depletion and the discount rate used to estimate the present
values. The valuation of biological assets is described in more detail in Note 9. Management performs
sensitivity analyses of the cash flow performed as a way of determining the related error margins.
The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are addressed below.
- Recognition and determination of useful lives of customer relationships - Notes 2.8.b and 8
At the date of acquisition, the Group valued the customer relationships (trained and assembled
workforce, customer and distribution relationships) using an income approach and the -period
the accounting value that should be recognized as intangible assets.
The useful life of this intangible asset was determined to be between 2 to 20 years and based on the
estimated cash flows to be generated in the future.
Customer relationships are amortized on a straight-line basis over their estimated useful lives.
actual revenues earned for similar assets and such forecasts are reviewed by management at last
amortization of
intangibles are: growth expectation, future financial crisis and political risk.
- 34--32 -
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements
31 December 2011
If any one of the factors or assumptions, on which the revenue forecasts above are based, were to
decrease by more than 10%, then the carrying amount of the customer relationships would decrease
by more than USD750,000.
- Estimation of income tax - Notes 2.21, 17 and 32
Determination of the tax obligations and expenses requires interpretations of the applicable tax laws
and regulations. The Group receives advice from its professional legal tax counsel before making any
decision on tax matters. Even though Management considers its estimates are prudent and
appropriate, differences of interpretation may arise with Tax Authorities that may require future tax
adjustments. The Group recognizes liabilities for situations observed in preliminary tax audits based on
estimates as to whether the payment of additional taxes is required. When the final tax result of these
situations is different from the amounts that were initially recorded, the differences are charged to the
current and deferred income tax assets and liabilities in the period in which this fact is determined. The
Group performed sensitivity analysis on the possibility of inappropriate interpretations of tax law. In this
it has assessed the probability of error to quantify its impact on the financial statements. Where the
would need to:
Effect on income tax
2011 2010
USD000 USD000
Decrease the income tax liability ( 555) 138)
Increase the income tax liability 555) ( 138)
- Estimation of fair value of biological assets - Note 2.12 and 9
To assess the fair value of biological assets the Company takes into account the criteria set out in IAS
41, which requires that a biological asset should be measured at its fair value less the estimated point-
of-sale costs. The fair value indicated is determined by using the present value of net cash flows
expected to be obtained from the assets. Determining the fair value of an asset requires the application
of judgment to decide on the way in which biological asset will be recovered and assumptions to be
used in its determination.
In this regard, to determine the fair value, the Management uses estimates for plantation volumes, cost
per ton and exhaustion to the point of harvest. The changes in assumptions or estimates used in the
calculations could influence the outcome thereof. The growth model inputs involve estimates that are
updated regularly. The fair value has been determined in US dollars and the discounted net cash flows
included in estimates of management consider a discount rate determined in relation to the cost of
financing of the Company (Weighted Average Cost of Capital). The Company carries out a sensitivity
analysis of the biological assets taking into consideration the WACC discount, and taking into account
the discount rate that the most representative companies used in the market and determines the
interest rate to use as a middle point of the market rates.
Management considers that volatility levels of higher/lower than 5% would give rise to a material effect
in its profits for the year. These sensitivity percentages have been determined based on the effect on
profits for the year resulting of the application of the fair value of biological assets under IAS 41. The
variables used in the determination of the fair values of the biological assets that may be subject to
variance are: i) the forecast of revenue and costs, and ii) determination of the discount rate under
WACC. With respect to the revenue and costs forecasts, it should be noted that it has been
determined based on the harvest and investment forecast for the coming years, which Management
considers their error margins depend on quality factors of the produce. These quality factors are
- 33
- 35 -
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

monitored by Production Management through a detailed ongoing follow-up. With respect to the The products include asparagus, avocado, pepper, mangoes, artichoke and shrimp. These are further
discount rate under WACC, its determination has been subject to sensitivity analysis in relation with distinguished in fresh, canned and frozen products. In 2008, the Group decided to discontinue the
comparable companies having a similar financial structure. production of artichoke and to plant grapes and tangerines which need at least 3 years to start
production.
Increase/ Effect on
decrease in profit All production and related assets are in Peru.
rate before tax
USD000 The analysis of sales below is based on the country/area in which the customer is located.

2011 (+ 5% 1,706) 2011 2010

- 5% ( 1,706) USD000 USD000
2010 + 5% 874)
- 5% ( 874) Europe 107,483 91,985
USA 35,987 21,801
- Review of long lived assets carrying amounts and impairment charges - Notes 6 and 8 Canada 6,046 2,334
Asia 11,012 1,652
The Group estimates that the value of its non-financial assets will be recovered in the normal course of Other 7,282 1,534
its operations. Its estimates are supported by assumptions regarding the international price of its 167,810 119,306
products, world production levels and the estimates of future production of the Group. At the date of
the consolidated financial statements the available projections of these variables show trends The following table shows revenues and gross profit by product:
favorable to the interests of the Group which supports the recovery of its non-financial assets.
Management performs sensitivity analyses of the impairment tests performed on its assets as a way of Asparagus
USD000
Avocado
USD000
Artichoke
USD000
Pepper
USD000
Mango
USD000
Shrimp
USD000
Grapes
USD000
Other
USD000
Total
USD000
determining the related error margins.
2011
Revenues 57,870 39,873 1,973) 20,420 16,021 13,300 ) 14,755) 3,598) 167,810
4.2 Critical judgments Cost of sales 44,521 13,324 1,333) 15,227 11,830 10,579 ) 7,948) 4,781) 109,543
Gross profit 13,349 26,549 640) 5,193 4,191 2,721) 6,807) ( 1,183) 58,267
- Determination of functional currency - Note 2.6 Gain arising from
changes in fair value
of biological assets ( 638) 37,046 - ( 608) ( 674) ( 510) ( 245) ( 259) 34,112
Management has determined the functional currency of the Group's principal operating entities to be Current portion of
the US Dollar. These entities sell their products in international markets to customers in a number of biological assets 4,683 ) 2,707 - 79) 1,212) 3,099) 4,365) - ) 16,145
Non-current portion of
countries and sales are influenced by a number of currencies. Most operating costs are incurred in biological assets 28,765 ) 132,629 - - 9,805) - 20,290) 1,526) 193,015
Peru but many are invoiced in US Dollars and the price of some raw materials and supplies are Goodwill 3,778 ) 9,219 - - - - - - 12,997
influenced by the US Dollar. The borrowings and cash balances of these entities are held in US 2010 -
Dollars. Management has used its judgment to determine the functional currency, taking into account Revenues 54,774 ) 20,649 62) 17,497) 13,414 6,654) 3,227) 3,029) 119,306
the secondary factors and concluded that the currency that most faithfully represents the economic Cost of sales 44,136 ) 7,989 138) 11,741) 7,406 5,682) 1,990) 3,704) 82,786
Gross profit 10,638 ) 12,660 ( 76) 5,756) 6,008 972) ( 1,237) ( 675) 36,520
environment and conditions of these entities is the United States Dollar. Gain arising from
changes in fair value
of biological assets ( 1,671) 12,819 - ( 600) 2,860 ( 251) 3,141) ( 20) 17,478
5 SEGMENT INFORMATION Current portion of
biological assets 9,483 ) 2,730 - 1,462) 1,474 2,279) 422) 1,128) 18,978
The Group's Chief Operating Decision Maker uses product information to manage resources and to Non-current portion of
identify those production lines which may eventually cease to generate value for the Group, and based biological assets 28,449 ) 90,373 - - 9,868 - 20,671) - 149,361
Goodwill 3,778 ) 9,219 - - - - - - 12,997
on that information, decisions are made to develop other production lines. The Group has five
operating segments which are also cash-generating units, namely asparagus, avocado, pepper, The following table shows revenues and gross profit by customer:
mango and shrimp. Goodwill arising from the acquisition of Camposol S.A. was allocated to the cash
generating units of asparagus and avocado. Major 10 Major 11 to 20 Major 21 to 28 Other
customers customers customers customers Total
The five operating segments are engaged in producing, processing and commercializing a number of USD000 USD000 USD000 USD000 USD000
agricultural products, as fresh, preserved and frozen, which are mainly exported to European markets Year 2011
Revenues 63,365 25,726 13,901 64,818 167,810
and the United States of America. Gross profit 23,838 9,483 4,684 20,262 58,267

Disclosure of segment profit measure is made using the gross profit, which is critical in assessing the Year 2010
performance of each segment. Revenues 44,364 15,410 10,342 49,190 119,306
Gross profit 11,926 5,461 5,618 13,515 36,520

- 36- 34
- - - 35
- 37 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Gross profit by type of produce for the year ended 31 December is as follows: Opening Adjust- Closing Net book
balance Additions Disposals ments (**) Transfers balance value
2011 2010 USD000 USD000 USD000 USD000 USD000 USD000 USD000
Cost of Gross Cost of Gross
Brought forward: 122,993) 6,126) ( 4,199) 7,408) - ) 132.328)
Revenue sales profit Revenue sales profit
USD000 USD000 USD000 USD000 USD000 USD000 Accumulated depreciation
Land - - - - - - 40,945
Fresh 78,994 ( 38,205) 40,789) 48,601 ( 26,503) 22,098) Buildings and other
Preserved 56,687 ( 45,508) 11,179) 51,559 ( 40,891) 10,668) constructions ( 1,426) ( 659) 72) ( 2,447) ( 17) ( 4,477) 20,570
Frozen 28,998 ( 21,217) 7,781) 16,120 ( 11,687) 4,433) Plant and equipment ( 7,388) ( 4,356) 1,245) ( 201) ( 107) ( 10,807) 33,583
Others 3,131 ( 4,613) ( 1,482) 3,026 ( 3,705) ( 679) Furniture, fixtures and
other equipment ( 1,376) ( 751) 5) ( 163) 15) ( 2,270) 2,822
167,810 ( 109,543) 58,267) 119,306 ( 82,786) 36,520)
Vehicles ( 877) ( 561) 20) ( 1,580) 109) ( 2,889) 2,375
Units in transit - - - - - - 822
6 PROPERTY, PLANT AND EQUIPMENT Construction in progress - ) - ) - ) - ) - ) - ) 10,768
Total ( 11,067) ( 6,327) 1,342) ( 4,391) - ) ( 20.443) 111,885

Opening Adjust- Closing Net book (**) The transactions shown in this column mainly refer to assets acquired in the business combination described in Note 23;
balance Additions Disposals ments (*) Transfers balance value the remaining adjustments by USD2.6 million correspond to the variation of permanent investments of the year and other
USD000 USD000 USD000 USD000 USD000 USD000 USD000 minor adjustments amounting to USD647,000.

2011 a) As of 31 December 2011 the Group made acquisitions of assets amounting to USD1,500,000
Cost
Land 40,945 42)) - 878) 206) 42,071)
related to the purchase of machinery and plant equipment, packing machines and facilities;
Buildings and other USD2,800,000 related to the construction of field infrastructures in Frusol and Arbus, the
constructions 25,047) - - - ) 3,961) 29,008) construction of reservoirs and wells in Piura and equipment for planting mango and pomegranate;
Plant and equipment 44,390) 34) ( 733) 1,539)) 2,254) 47,484) USD2,200,000 related to the implementation and restructuring of Noragro plant as well as the
Furniture, fixtures and
other equipment 5,092) 18) ( 3) 64) 800) 5,971)
installation of systems and others; USD4,100,000 related to the construction of shrimp ponds,
Vehicles 5,264) - ( 99) - ) 142) 5,307) earthworks, bridges and the implementation of offices in Tumbes, Mar Norte, Campana and
Construction in progress 11,590) 10,517) - ) 629) ( 7,363) 15,373) Paracas. As of 31 December 2010 the Group made acquisitions amounting to USD1,600,000
132,328) 10,611) ( 835) 3,110) - ) 145,214) related to the purchase of machinery and plant process improvements of asparagus, pepper and
Accumulated depreciation
maintenance shop; USD2,300,000 field infrastructure, irrigation equipment, scales and others;
Land - - - - - - 42,071 USD1,400,000 related to the installation of systems; USD80,000 related to the construction of
Buildings and other shrimp ponds and USD1,000,000 related to the acquisition of land in Mar Norte.
constructions ( 4,477) ( 795) - - - ( 5,272) 23,736
Plant and equipment ( 10,807) ( 4,620) - ( 757) - ( 16,184) 31,300
Furniture, fixtures and b) As of 31 December 2011 the loss on disposal of property, plant and equipment amounts to
other equipment ( 2,270) ( 644) 3) ( 33) - ( 2,944) 3,027 USD404,000 (gain of USD800,000 as of 31 December 2010).The net book value of assets
Vehicles ( 2,889) ( 627) 56) - - ( 3,460) 1,847 disposed of during 2011 amounts to USD776,000 (USD2,857,000 as of 31 December 2010).
Construction in progress - ) - ) - ) - ) - ) - ) 15,373
Total ( 20,443) ( 6,686) 59) ( 790) - ) ( 27,860) 117,354
c) As of 31 December 2011, property, plant and equipment include fixed assets acquired under
(*) The transactions shown in this column mainly refer to assets acquired in the business combination described in Note 23; finance leases which book value amounts to USD2,327,000 (USD4,806,000 as of 31 December
the remaining adjustments by USD 0.6 million correspond to the variation of permanent investments of the year. 2010) net of their corresponding accumulated depreciation. The payment of these obligations are
secured with the assets acquired under the lease contracts.
Opening Adjust- Closing Net book
balance Additions Disposals ments (**) Transfers balance value
USD000 USD000 USD000 USD000 USD000 USD000 USD000 d) As of 31 December 2011 and 2010, property, plant and equipment is insured up to a value of
2010 USD40 million. Management believes that this policy is consistent with international practices in
Cost
Land 38,687) 1,060) ( 1,696) 2,868) 26) 40,945) the industry and takes into account the risk of eventual losses due to the nature of the assets.
Buildings and other
constructions 23,519) - ( 945) 2,133) 340) 25,047) e) The total depreciation for the years 2011 and 2010 includes USD 1,569,000 and USD1,624,000
Plant and equipment 46,133) - ( 1,520) ( 1,338) 1,115) 44,390)
Furniture, fixtures and that corresponds to the depreciation of the fair value of acquired assets in business combinations
other equipment 4,976) 21) ( 9) 162) ( 58) 5,092) (see Note 8).
Vehicles 3,239) - ( 29) 2,076) ( 22) 5,264)
Units in transit - 783) - - 39) 822)
Construction in progress 6,439) 4,262) - ) 1,507) ( 1,440) 10,768)
f) The allocation of the depreciation charge is as follows:
Carried forward: 122,993) 6,126) ( 4,199) 7,408) - ) 132.328)

- 38- -36 - - 39- 37

-
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

2011 2010 Opening Closing Net book

USD000 USD000 balance Additions Disposals Adjustments balance value
USD000 USD000 USD000 USD000 USD000 USD000
Cost of sales (Note 25) 5,856 5,669
Accumulated amortization
Selling expenses (Note 26) 6 16 Goodwill - - - - - 12,997)
Administrative expenses (Note 27) 824 642 Customer relationships 2,722 447 - - 3,169 6,397)
6,686 6,327 Software 694 409 ( 10) - 1,093 3,058)
Others 4 - - - 4 158)
g) Bank borrowings are secured by fixed assets the value of which amounts to USD60 million in 2011 3,420 856 ( 10) - 4,266 22,610)
and 2010 (Note 19).
2010
7 INVESTMENT IN ASSOCIATE Cost
Goodwill 9,542 1,047 - - 10,589
% share Customer relationships 9,566 - - - 9,566
in the capital stock 2011 2010 Software 3,041 739 - - 3,780
% USD000 USD000 Others 341 28 ( 207) - 162
22,490 1,814 ( 207) - 24,097
Empacadora de Frutos Tropicales S.A.C. 40.00 493 382 Accumulated amortization
Goodwill - - - - - 10,589
On 30 September 2006 Camposol S.A. participated in the incorporation of Empacadora de Frutos Customer relationships 2,257 465 - - 2,722 6,844
Tropicales S.A.C (Empafrut), a Peruvian company engaged in the processing and commercialization of Software 384 310 - - 694 3,086
fresh fruits products, mainly mangoes. The cost of the investment amounted to USD600,000. Others - 4 ( - - 4 158
2,641 779 ( - - 3,420 20,677
2011 income of this company amounted to USD111,000 which are shown
separately in the consolidated statement of comprehensive income (loss of USD40,000 in 2010). In 2011 the Group recorded an adjustment of USD2,408,000 to the deferred tax liability, which has
been recognized in goodwill instead of the result for the year, since it related to Peruvian tax laws
The summarized financial information at 100% for this associated company for the year ended 31 which existed at the date of Group reorganization and affected fixed assets acquired as part of that
December is as follows: transaction (see Note 1(b)).

2011 2010 The amortization of costumer relationship of USD447,000 (USD465,000 for 2010) was charged to
USD000 USD000 selling expenses (Note 26) and the amortization of software was charged to administrative expenses
(Note 27) by USD397,000 (USD278,000 for 2010) and to cost of sales (Note 25) by USD12,000
Total assets 2,491) 2,629) (USD32,000 for 2010) in the consolidated statement of comprehensive income.
Total liabilities 1,185) 1,676)
Total revenue 4,267) 3,578) Goodwill -
(Loss) / gain for the year 278) ( 100)
Total equity 1,306) 953) On 17 October 2007, Camposol AS acquired 100% of the outstanding shares of Siboure Holding Inc,
parent of Camposol S.A.; as a result of this transaction the Group recognized a goodwill amounting to
USD9,542,000.
8 INTANGIBLE ASSETS
During 2010 Marinazul S.A. acquired 100% of the outstanding shares of Domingo Rodas S.A. for a
The movement of the cost and the accumulated amortization of intangibles assets is a follows:
consideration of USD165 thousand. The fair value of the net liabilities acquired amounted to
Opening Closing Net book USD883,000 giving rise to a goodwill amounting to USD1,047,000. In addition the Group acquired
balance Additions Disposals Adjustments balance value during 2010 100% of the outstanding shares of Camarones S.A. for a consideration of USD321,000.
USD000 USD000 USD000 USD000 USD000 USD000 The fair value of the net assets acquired amounted to USD399,000, giving rise to the recognition of a
2011 negative goodwill amounting to USD78,000 which was recognized as other income (Note 23) in the
Cost consolidated statement of comprehensive income.
Goodwill 10,589 - - 2,408 12,997)
Customer relationships 9,566 - - - 9,566) Impairment tests on goodwill -
Software 3,780 408 ( 37) - 4,151)
Others 162 - ( - ) - 162)
24,097 408 ( 37) 2,408 26,876)
An impairment test on goodwill was performed by comparing the fair value less costs to sell of the
cash-generating units and their carrying amount (including goodwill). To estimate the fair value less
costs to sell, the Group has used the following assumptions:

- 40- 38
- - - 39
- 41 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Projections are based on the Group 2011 2010

A 5-year term of cash flows has been used in the calculation, as the forecasted cash flows can be USD000 USD000
based on reasonable and reliable assumptions.
Projections do not include cash inflows or outflows from financing activities. Avocado
Future cash flows are post-tax. 61% 258,760 298,332
The discount rate is the `Group 8.71% as this rate is affected by the specific industry 62% 263,645 303,547
and market risks; therefore it represents the rate that a market participant would use. 63% 268,526 308,782
Goodwill is allocated to two cash-generating units (asparagus and avocado).
Despite the large growth rate in avocado, there is enormous potential for growth based on the opening
Cash flows projections comprise the entire cash flows expected to be generated in the normal of new markets for the coming years, improvements in production processes, and improvement in the
course of business, including the cash flows that relate to biological assets. All non-current assets performance of harvest.
have been allocated to each CGU.
Customer relationships -
The recoverable amount of a CGU is determined based on fair value less costs to sell calculations.
These calculations use post-tax cash flow projections based on financial budgets approved by The relationships with customers established over time become a valuable intangible for the Group.
management covering a five-year period. Cash flows beyond the five-year period are extrapolated The loyalty of the customers had positive impacts on sales and profits during the last 10 years of
using the estimated growth rates of zero. The growth rate does not exceed the long-term average operation of Camposol Group enabling the Group to reach a foreseeable growth.
growth rate for a similar business in which the CGU operates.
Predictable commercial relationships generate a set of economic benefits to the Group, including
The key assumptions used for fair value less costs to sell calculations in 2011 and 2010 are as follows: increased sales and minimization of sharp fluctuations in sales. Currently, The Group has a base of
194 customers, 40 of which explain 63 per cent of its sales (according to 2011 and 2010 commercial
2011 2010
statistics).
Asparagus Avocado Asparagus Avocado
% % % % At the date of the acquisition of Camposol S.A., the fair value was assigned to customer relationships
by -
Gross margin 22 62 22 62 of earnings attributable to customer relationships during their economic life. The excess of earnings is
Growth rate 3 20 6 43 defined as the difference between:
Discount rate 8.71 8.71 8.71 8.71
After-tax operating cash flows generated by the existing customers at the acquisition date; and,
Management determined budgeted gross margin based on past performance and its expectations of Cost contribution required by the remaining assets (tangible and intangible) for maintaining the
market development. The average growth rates used are consistent with the actual performance in the relationships with customer
avocado segment and with the forecasts included in industry reports. The discount rates used are
post-tax and reflect specific risks relating to the relevant operating segment. The application of -

Management performs a sensitivity analysis to assess the impact of changes in the assumptions used
in the valuation model. In this respect, during 2011 the WACC rate used by the Group of 8.71%, if be
increased to 9.9%, would lead to impairment of USD700,000 in the carrying amount of the asparagus
CGU.
Sensitivity analysis of asparagus and avocado -
The recoverable amounts based on the sensitivity analysis performed are as follows:
Future sales attributable to the existing customers with an established relationship. The sales
forecast for each customer, or customer category, must take into consideration organic sales
growth as well as the deterioration rate for this customer list.
Calculation of operating margins (EBIT), taking into account only costs related to the existing
customer base at the acquisition date.
The useful life of customer relationships is amortized over their estimated useful lives which range from
2 to 20 years.

9 BIOLOGICAL ASSETS
2011 2010
USD000 USD000 The Group measures the value of agricultural plants and shrimps using the expected cash flows for the
production of each of its biological assets. The cash flows included in the projections are discounted at
Asparagus the rate of 10.7%.
21% 71,633 84,081
22% 74,521 87,454 The net effect of the IAS 41 fair value adjustment is USD28,995,000 (USD14,867,000 in 2010), and is
23% 77,440 90,851 determined as follows:

- 42- 40
- - - 43- 41
-
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Asparagus Avocados Mangoes Pepper Shrimp Grapes Tangerine Total The main assumptions used to estimate the fair values of the biological assets were as follows:
USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000
2011
Change in fair value less
Asparagus:
cost to sell of biological - s, Pur Pur, Mar Verde, Gloria, Agricultor, Aeropuerto, Oasis, San Jos , Sincromax,
assets ( 4,484) 42,233) ( 325) ( 1,383) 820) 3,562) 398) 40,821) Terra and Yakuy Minka.
Net cost of permanent - Lots have a useful life of 10 years.
plantations and
maintenance 3,846) ( 5,187) ( 349) ( 775) ( 1,330) ( 3,807) ( 657) ( 6,709) - Each harvest cycle lasts 6 months.
Gain arising from change -
in fair value of biological
assets ( 638) 37,046) ( 674) ( 608) ( 510) ( 245) ( 259) 34,112) Avocados:
Deferred income tax 96) ( 7,627) ( 78) ( 91) ( 76) ( 341) 39) ( 7,588)
IAS 41 adjustment, net of -
deferred taxes ( 542) 29,419) ( 596) ( 517) ( 434) ( 586) ( 220) 26,524) - Lots have a useful life of 20 years.
- Every harvest cycle lasts 1 year.
2010
Change in fair value less
-
cost to sell of biological - Lots have their first harvest after 3 years from planting
assets ( 4,454) 17,902) 2,904) 975) 201) 9,623) 355) 27,506)
Net cost of permanent Mangoes:
plantations and
maintenance 2,783) ( 5,083) ( 44) ( 375) ( 452) ( 6,482) ( 375) ( 10,028)
- 8 lots in Atypsa, Balfass and Dunas.
Gain arising from change - Parcels have a useful life of 20 years.
in fair value of biological - Every harvest cycle lasts 1 year.
assets ( 1,671) 12,819) 2,860) 600) ( 251) 3,141) ( 20) 17,478) -
Deferred income tax 251) ( 1,923) ( 429) ( 90) 48) ( 471) 3) ( 2,611)
IAS 41 adjustment, net of
- Lots have their first harvest after 3 years from planting
deferred taxes ( 1,420) 10,896) 2,431) 510) ( 203) 2,670) ( 17) 14,867)
Grapes:
The net cost of permanent plantations and maintenance of farms is as follows: - 2 lots in Agroalgre.
- The lots have a useful life of 20 years.
Asparagus Avocados Mangoes Pepper Shrimp Grapes Tangerine Total - Each harvest cycle last 1 year.
USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000
Pepper:
2011
New plantations 3,526) ( 4,087) 179) ( 21) - ( 3,032) ( 657) ( 4,092) - 6 lots lands from Terra
Change products in - The lots have a useful life of 8 months.
process 320) ( 1,100) ( 528) ( 796) ( 1,330) ( 775) - ) ( 2,617) - Each harvest cycle last 8 months including preparation, maintenance and harvest.
IAS 41 adjustment 3,846) ( 5,187) ( 349) ( 775) ( 1,330) ( 3,807) ( 657) ( 6,709)

2010 Shrimps:
New plantations 3,587) ( 5,661) 288) - - ( 6,274) ( 375) ( 8,435) - 48 shrimp farms that cover an area of 252 Area
Change products in - Each has a useful life of 180 days, approximately 25 weeks.
process ( 804) 578) ( 332) ( 375) ( 452) ( 208) - ( 1,593)
IAS 41 adjustment 2,783) ( 5,083) ( 44) ( 375) ( 452) ( 6,482) ( 375) ( 10,028)
- Each harvest cycle of shrimps lasts approximately 25 weeks, including preparation, maintenance and
harvest.
The transfer of permanent plantations at cost for the year 2011 is USD4,461 thousand (USD4,227
thousand in 2010) (Note 31). The movement for the period in the fair value of biological assets is as follows:
Additions and
The following table demonstrates the sensitivity to a reasonably possible change in the discount rate, Opening balance deductions Closing balance
Market Less Non
Market value Final current current
Area value Area (Note 31) Area balance portion portion
Increase/ Effect on Has USD000 Has USD000 Has USD000 USD000 USD000
decrease in profit
discount rate before tax 2011
Asparagus 2,633 37,932 - ) ( 4,484) 2,633 33,448 ( 4,683) 28,765
USD000 Avocados 2,488 93,103 - ) 42,233) 2,488 135,336 ( 2,707) 132,629
Mangoes 415 11,342 - ) ( 325) 415 11,017 ( 1,212) 9,805
+1% ( 9,412) Pepper 510 1,462 ( 216) ( 1,383) 294 79 ( 79) -
-1% 10,266) Shrimp 290 2,279 338) 820) 628 3,099 ( 3,099) -
Grapes 420 21,093 31) 3,562) 451 24,655 ( 4,365) 20,290
+0.5% ( 4,804) Tangerine 102 1,128 - ) 398) 102 1,526 - 1,526
-0.5% 5,022) 6,858 168,339 153) 40,821) 7,011 209,160 ( 16,145) 193,015

- 42
- 44 - - - 45- 43
-
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Additions and Other financial

Opening balance deductions Closing balance liabilities Total
Market Less Non
Market value Final current current USD000 USD000
Area value Area (Note 31) Area balance portion portion 2011
Has USD000 Has USD000 Has USD000 USD000 USD000 Trade accounts payable (Note 20) 40,074 40,074
2010
Other accounts payable 7,395 7,395
Asparagus 2,702 42,386 ( 69) ( 4,454) 2,633 37,932 ( 9,483) 28,449
Avocados 2,278 75,201 210) 17,902) 2,488 93,103 ( 2,730) 90,373 Bank loans (Note 22) 25,797 25,797
Mangoes 415 8,438 - ) 2,904) 415 11,342 ( 1,474) 9,868 Long-term debt (Note 19) 64,743 64,743
Pepper 216 487 294) 975) 510 1,462 ( 1,462) - 138,009 138,009
Shrimp 371 2,078 ( 81) 201) 290 2,279 ( 2,279) -
2010
Grapes 100 11,470 320) 9,623) 420 21,093 ( 422) 20,671
Tangerine 101 773 1) 355) 102 1,128 ( 1,128) - Trade accounts payable (Note 20) 27,294 27,294
6,183 140,833 675) 27,506) 6,858 168,339 ( 18,978) 149,361 Other accounts payable 4,937 4,937
Bank loans (Note 22) 16,700 16,700
The movement in the fair value of biological assets is as follows: Long-term debt (Note 19) 65,615 65,615
Asparagus Avocados Mangoes Pepper Shrimp Grapes Tangerine Total
114,546 114,546
USD000 USD000 USD000 USD000 USD000 USD000 USD000 USD000
31 December 2011 11 CREDIT QUALITY OF FINANCIAL ASSETS
Initial balance of fair value 37,932)) 93,103) 11,343) 1,461) 2,279) 21,093) 1,128 168,339)
Harvest ( 6,110)) ( 2,697) ( 1,516) ( 2,399) ( 3,513) ( 819) - ( 17,054)
Price change ( 3,079)) 61,350) 478) 1,648) 2,761) 16,908) 398 86,622)
The Group assesses the credit quality of its trade accounts receivable by reference to historical
Projected change in Kg ( 1,453)) ( 16,988) 712) - - ( 14,028) - ( 31,757) information about the counterparties default rates as follows:
New plantings - )) ( 568) - ) ( 631) 1,572) 1,501) - 3,010)
Final balance of fair value 33,448)) 135,336) 11,017) 79) 3,099) 24,655) 1,526 209,160)) 2011 2010
USD000 USD000
31 December 2010 Trade accounts receivable
Initial balance of fair value 42,386)) 75,201) 8,438) 487) 2,078) 11,470) 773 140,833) Group 1 - new customers (less than 6 months as a customer) - -
Harvest ( 5,963)) ( 1,459) ( 793) ( 1,021) ( 4,051) ( 428) - ( 13,715)
Price change 2,359)) 17,697) 2,768) 1,347) 4,077) ( 1,755) 355 26,848)
Group 2 - existing customers (more than 6 months)
Projected change in Kg ( 695)) ( 199) 930) - - 2,566) - 2,602) without non-compliance experience in the past 29,296 18,404
New plantings ( 155)) ( 1,863) - ) 648) 175) 9,240) - 11,771) Group 3 - existing customers (more than 6 months)
Final balance of fair value 37,932)) 93,103) 11,343) 1,461) 2,279) 21,093) 1,128 168,339) with some non-compliance experience in the past 133 323
29,429 18,727
10 FINANCIAL INSTRUMENTS BY CATEGORY Other accounts receivable
Group 2 - existing customers (more than 6 months)
Financial assets as per the balance sheet as of 31 December 2011 and 2010 are as follow: without non-compliance experience in the past 2,183 5,136

Loans and See credit quality of deposits in banks in Note 15.

receivables Total
2011 12 INVENTORIES
Trade accounts receivable (Note 14) 29,429 29,429
Other accounts receivable 1,417 1,417 2011 2010
Cash and cash equivalents (Note 15) 6,604 6,604 USD000 USD000
37,450 37,450 Finished products:
Artichokes 1,661) 210)
2010 Asparagus 15,384) 12,109)
Trade accounts receivable (Note 14) 18,727 18,727 Peppers 9,560) 5,602)
Other accounts receivable 4,003 4,003 Shrimp 627) 1,635)
Cash and cash equivalents (Note 15) 9,915 9,915 Avocados 845) 367)
32,645 32,645 Mangoes 446) 397)
Supplies 5,997) 3,998)
Financial liabilities as per the balance sheet as of 31 December 2011 and 2010 are as follow: Containers 7,795) 8,094)
Raw material and others 1,908) 1,903)
Product in process 410) 571)
In-transit raw material and supplies 1,025) 168)
Other 857) 199)
46,515) 35,253)
Provision for obsolescence of inventories ( 2,166) ( 1,645)
44,349) 33,608)

- 44
- 46 - - - 47- -45 -
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

As of 31 December 2011 and 2010 the Group has not pledged its inventories as guarantee on Trade accounts receivable mainly comprise invoices for the sale of fresh, preserved and frozen
liabilities. products. Turnover ranges between 90 and 180 days and are not interest-bearing.

2011 2010 Trade accounts receivable in foreign currency (in thousands) amounts to USD 4,739, USD115 and
USD000 USD000 USD30 (in 2010 USD6,428, USD114 and USD0) in Euros, Pounds and Nuevo Sol, respectively.
Movement in the provision for obsolescence of inventories:
Opening balance ( 1,645) ( 2,500) The movement of the provision for impairment of trade accounts receivable is as follows:
Additions (Notes 29 and 31) ( 1,237) ( 854)
Write-off 716) 1,709 2011 20010
Balance at the end of the year ( 2,166) ( 1,645) USD000 USD000

13 OTHER ACCOUNTS RECEIVABLE Opening balance ( 4,702) ( 4,386)

2011 2010 Additions (Notes 29 and 31) ( 219) ( 381)
USD000 USD000 Recoveries (Note 29) 212) 56)
Adjustments ( 37) 9)
Value added tax 3,395) 1,979) Balance at the end of the year ( 4,746) ( 4,702)
Drawback import duties 1,218) 1,417)
Due from employees 350) 523) The Group does not ask for collaterals to secure the full collection of its trade accounts receivable.
Prepayments to suppliers 429) 664)
Accounts receivable for sale of fixed assets 118) 2,455) At 31 December 2011 and 2010, the accounts provided for impairment have more than one year past
Related companies (Note 36) 13 13) due.
Other ( 1,714) 2,145)
7,225) 9,196) As of 31 December 2011 and 2010, the ageing analysis of trade accounts receivable is as follows:
Less:
31-90 91-180 181-360 More than
Provision for impairment of other accounts receivable ( 766) ( 1,133) Total Current days days days 361 days
( 6,459) 8,063) USD000 USD000 USD000 USD000 USD000 USD000

At December 31, 2011 29,429 22,013 7,283 - - 133

The Movement of the provision for impairment of other accounts receivable is as follows:
At December 31, 2010 18,727 17,666 537 201 195 128
2011 2010
USD000 USD000 As of 31 December 2011, trade accounts receivable amounting to USD133,000 (USD128,000 in 2010)
although past due for more than one year, are not impaired; therefore no provision for impairment on
Opening balance ( 1,133) ( 596) these accounts has been accounted for. As of December 31, 2011, trade accounts receivable
Additions (Note 29) ( 1) ( 45) amounting to USD4,746,000 (USD4,702,000 in 2010) are impaired; for which the Group has
Recoveries 13) - recognized a provision for impairment. The individually impaired accounts relate to customers who are
Discontinued operations (included in note 33) - ( 485) in unexpected difficult economic situations or and under litigation. These accounts are past due for
Write-Off 524) - more than a year.
Reclassification ( 169) ( 7)
Balance at the end of the year ( 766) ( 1,133) As of 31 December 2011 and 2010 these impaired customers have not pledged any security for their
debt.
Other accounts receivables are current and are not impaired. The fair value of accounts receivable approximates their carrying amounts due to their short-term
maturities.
The drawback (import duty refund) recovered during the year 2011 amounted to USD6,550,000
(USD6,931,000 in 2010). Receivables from employees are not interest-bearing and are unsecured. 15 CASH AND CASH EQUIVALENTS

14 TRADE ACCOUNTS RECEIVABLE 2011 2010

2011 2010 USD000 USD000
USD000 USD000
Cash 24 18
Third parties 34,175) 23,429) Bank current accounts 6,580 7,897
Less: Time deposits - 2,000
Provision for impairment of trade accounts receivable ( 4,746) ( 4,702) 6,604 9,915
29,429) 18,727)

- 48- 46
- - - 49- 47
-
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

The Group bank current accounts (in thousands) amounts to USD4,366, USD1,938 and USD276 (in Warrants to shareholders -
2010 USD4,868, USD2,731 and USD298) in U.S. Dollars, Nuevo Sol and Euros, respectively. The
2010 time deposits are denominated in U.S. Dollars. Dyer Coriat Holding S.L was granted by Camposol AS 3.628.344 warrants to acquire shares in that
company. These were replaced by warrants to acquire shares in Camposol Holding PLC as follows:
The time deposits comprise balance in banks with maturities of less than three months. At December
31, 2011 the time deposits have generated interest for USD45,000 (USD15,000 to 31 December 2010) Number of
(Note 30).Their credit classification is as follows: warrants Exercise price Exercise period

2011 2010 Class A 1,375,000 NOK 40 8 April 2008 - 8 Oct. 2008

USD000 USD000 Class B 1,195,652 NOK 46 8 Oct. 2008 - 8 Oct. 2009
Bank deposits Class C 1,057,692 NOK 52 8 Oct. 2009 - 8 Oct. 2010
Classification A + 2,524 3,797
Classification A 3,877 5,811 The warrants represent a type of finder's fee to Dyer Coriat Holding S.L for identifying the acquisition of
Others 179 289 Camposol S.A. and are included in the cost of the business combination. The fair value of the
6,580 9,897
warrants at the grant date was estimated using the Black-Scholes-Merton pricing model (using inputs
for the share issue price, the exercise price, option life, volatility and risk free interest rate) at
The balances above do not include the balance of cash in hand.
USD6,133,000.
Credit ratings by financial institution have been assigned by the following rating entities: The Class A, B and C warrants with a fair value at grant date of USD2,019,000, USD2,064,000 and
USD2,050,000 respectively, expired without being exercised and were reclassified to retained earnings
Financial entity Rating source
within equity.
Viabcp
Interbank Classrating/Standardandpoors
Share-based payments -
Classrating
BBVA Banco Continental
In previous years, the Group granted 150,000 share-based payments to a former manager, valued at
Inversores.bbva
USD257,000. The exercise price of these options ranges from NOK 40 to 52 and 1/3 could be
Ratingspcr
exercised in each of the years between 2008 and 2010. As of 31 December 2010, all options expired
Mercantil Commerce Bank SNL
without being exercised and were reclassified to retained earnings within equity.
Banco Interamericano de Finanzas Classrating
In 2008 the Group granted 300,000 share-based payments to Directors and 585,000 options to
16 SHARE
management. The fair value of the options was estimated at the grant date by an external expert using
the Black-Scholes-Merton option pricing formula, at USD561.000. The exercise price of the options to
Share capital and premium -
Directors and management was set between
2009 and 2012.
The share capital and premium are as follow:
During 2010, there were changes in some management positions of the Group, so that 100,000
Number of Share Share
shares capital premium Total options granted were terminated. Also, share-based payments granted to replaced Directors of the
USD000 USD000 USD000 Group remain effective.

31 December 2011 and 2010 32,403,820 507 212,318 212,825 The conditions to be met in order to exercise the options are based on the time frame that each person
worked as employee of the Group.
In 2011 and 2010, the total authorized numbers of ordinary shares are 40,000,000 shares with a par
value shares issued have been fully paid-in. Movements in the number of share-based payments outstanding and their related weighted average
The 2,570,000 initial shares do not entitled the holder to any voting rights or the right to exercise prices are as follows:
dividend distribution. These shares correspond to the first capital contribution for purposes of creating 2011 2010
Average Average
the entity.
exercise price in exercise price in
NOK per Share Options NOK per Share Options
In April 2008, the Company issued 27,925,070 shares to the shareholders of Camposol AS (Norway)
in exchange for an equal number of shares in that company (Note 1-b). At 1 January 40 585,000) 40 735,000)
Forfeited 40 ( 95,000) 40 ( 100,000)
In May 2008, the Company issued 1,908,750 new ordinary shares at a price of USD7,859 per share. Expired 40 - ) 40 ( 50,000)
At 31 December 70 490,000) 40 585,000)
Share-based payments expressed in U.S. Dollars 927,000) 922,000)

- 50- 48
- - - 51- 49
-
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Share-based payments outstanding at the end of 2011 and 2010 have the following expiration date Investor Shares %
and exercise prices:
1 Dyer-Coriat Holding S.L. 8,571,000 28.73
Exercise 2 QVT Financial 6,538,223 21.92
price in 3 Andean Fishing L.L.C. 3,380,100 11.33
NOK per Shares 4 AY Forestal 1,908,750 6.40
Expiration date share 2011 2010 5 South Winds AS 1,753,000 5.88
6 Aldoflor INC 1,681,415 5.64
February 2012 40 490,000 585,000 7 Welheim Investments 1,421,668 4.77
Total 490,000 585,000 8 Peru Land & Farming LLC 960,695 3.22
9 Clearstream Banking 838,099 2.81
In calculating the fair value of NOS uses the Black-Scholes-Merton option pricing model. The model 10 Santander Private Banking 720,033 2.41
uses the following input. 11 Compass Group 535,906 1.80
12 JP Morgan Chase Bank Nordea Re:Non-Treaty 266,005 0.89
- Issue date share price (Close): 13 Justnes Rederi AS 170,300 0.57
14 Clariden Leu 153,878 0.52
27.03.2008 and 27.08.2008 15 MP Pensjon 137,000 0.46
16 Goldman Sachs Security Client Segr 105,000 0.35
- Exercise Price: 17 Jahrmann AS 74,800 0.25
18 Millcom Norge AS 60,000 0.20
The exercise price for the options is NOK 40.00. If the share price exceeds three 19 DNB Nor Market Making 29,107 0.10
times the strike price (NOK 120.00), the strike will be adjusted upwards so that the 20 Caruse Holding AS 28,000 0.09
difference between the share price and the strike price would not be greater than 21 Others 500,841 3.68
NOK 80.00. Effectively, there is a cap on the option gain. This cap is included in the 29,833,820 100.00
fair value calculation. Non-controlling interest -

- Option Life: The non-controlling interest is related to the change in the shareholding in Marinazul S.A.

Vesting / Grant Date 27.03.2008 27.08.2008 17 DEFERRED INCOME TAX

25% 01.02.2009 01.06.2009
The movement in the deferred income tax liabilities is as follows:
25% 01.02.2010 01.06.2010
25% 01.02.2011 01.06.2011 2011 2010
25% 01.02.2012 01.06.2012 USD000 USD000

- Volatility: 45% based on similar companies.

Opening balance 13,618)) 14,792)
- Risk free rate: Rates from Norges Bank on issue date are used (Bonds and Treasury bills). Expense (profit) for the year (Note 32) 7,817)) ( 1,382)
Business combinations ( 79)) 97)
- Dividend: Expected dividend, if any, should be taken into account when measuring the fair value of Adjustment ) 2,563)) 111)
the options issued. In this case, no dividends were included as the strike prices of the options are ( 23,919)) 13,618)
to be adjusted for dividend payouts.
Deferred tax relates to the following items:
Largest 20 Shareholders -
Opening Income Business Closing
As of December 31, 2011 the largest 20 shareholders are: balance statement combination Adjustments balance
USD000 USD000 USD000 USD000 USD000

2011 -
Deferred tax assets -
Tax losses carried-forward 8,176 ( 385) 326) 97) 8,214
Loss on investments in associates 67 ( 16) - - 51
Provisions 1,157 (( 161) ( - ) - ) 1,318
Carried forward: 9,400 (( 240)) ( 326) 97( 9,583

- 50
- 52 - - - 51
- 53 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Opening Income Business Closing In Peru, tax losses can be carried forward by choosing one of the two tax-loss offsetting regimes
balance statement combination Adjustments balance available; by one of them, tax losses may be carried forward over 4 consecutive years after the year in
USD000 USD000 USD000 USD000 USD000 which they have been obtained and then they expire; by the second offsetting regime; tax losses are
offset at a 50% of the taxable income obtained year after year and they do not expire. The Group has
Brought forward: 9,400 (( 240)) ( 326) 97( 9,583

Deferred tax liabilities - losses, no tax loss would expire.

Fair value of biological assets 16,570 7,588) - - 24,158
Fair value of fixed assets at 18 WORKERS PROFIT SHARING
acquisition of subsidiary 4,215 ( 235) - 2,408) 6,388
Fair value of customer In accordance with Peruvian Legislation Camposol S.A. shall provide for a workers profit sharing
relationships 1,025 ( 66) - - 959 equivalent to 10% of the taxable income of each year.
Differences in depreciation rates 885 290) - - 1,175 be paid during the second quarter of the following year of its determination (Note 2.24).
Other 323 - ) ) 247)) ( 252) 822
23,018 7,577) ( 247 ( ( 2,660) 33,502
13,618 7,817) ( 79)) ( 2,563) 23,919

2010 -
Deferred tax assets -
Tax losses carried-forward 6,033 ( 2,143) - -( ( 8,176
Loss on investments in associates 27 ( 40) - - 67
Provisions 691 ( 466) ( - ) - ( 1,157
6,751 ( 2,649) ( - ) - ( 9,400
Deferred tax liabilities -
Fair value of biological assets 13,959 ( 2,611) - ) ( - 16,570
Fair value of fixed assets at
acquisition of subsidiary 4,914 ( 699) ( - ) ( - 4,215
Fair value of customer
relationships 1,095 ( 70) - ( ( - 1,025
Differences in depreciation rates 539 ( 346) - ( ( - 885
Differences in amortization rates 156 ( 156) - ( ( - -
Other 880 ( 765) ( 97( ( 111( 323
21,543 ( 1,267) ( 97( ( 111( 23,018
14,792 ( 1,382) ( 97( ( 111( 13,618

In 2011 the Group recorded an adjustment of USD2,408,000 to the deferred tax liability, which has
been recognized in goodwill instead of the result for the year, since it related to Peruvian tax laws
which existed at the date of Group reorganization and affected fixed assets acquired as part of that
transaction (see Note 1(b)).

Deferred income tax assets are recognized for tax losses carried-forward to the extent that the
realization of the related tax benefit through future taxable profits is probable. The Group did not
recognize deferred income tax assets of USD0.7 million related to the tax losses carried-forward of
Marinasol S.A.

The deferred income tax from tax losses carried-forward can be applied to taxable income to be
generated in the following years:

2011 2010
USD000 USD000

2012 2,322) 2,201)

2013 5,331) 3,832)
2014 243) 2,143)
2015 318) - )
8,214) 8,176)

- 52
- 54 - - - 55- 53
-
-
 Camposol
Camposol HoldingHolding
PLC andPLC and Subsidiaries
Subsidiaries

31 December
31 December 2011 2011

19 19 LONG-TERM
LONG-TERM DEBT DEBT
Creditor
Creditor and type ofand type of debt
debt GuaranteeGuarantee Annual
Annual interest interest
rate and mrate and m aturity
aturity 2011 2011 2010 2010
USD000 USD000 USD 000 USD 000

Banco Interbank, Interbank,

Banco to finance to
thefinance the capital expenditure
capital expenditure Camposol
Camposol S.A. S.A. fixed assets
fixed assets 8.65% per 8.65%
year with year with installments
perinstallments payable
payable until 2016 until 2016 57,649 ) 57,649 ) 58,716) 58,716)
with 19 installments
with 19 installments due every
due every three monththree
untilmonth
2016 until 2016 1,049) 1,049) -) -)
58,698) 58,698) 58,716 58,716
) )
Santander Santander
for purchaseforofpurchase
asparagus of asparagus
peeler peeler Property Property
subject subject to
to financial financial
lease lease 7.50 % per 7.50
year %with year
per60 with 60 installments
installments every monthsevery months
until 2016 until 2016 1,303) 1,303) - -
ScotiabankScotiabank
for purchaseforofpurchase of a Spectrometer
a Spectrometer Property Property
subject subject to
to financial financial
lease lease 4.75 % per 4.75
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2014 until 2014 312) 312) - -
Banco Interbank Interbank
Bancofor purchase forofpurchase of a air
a air vacuum vacuum cleaner
cleaner Property Property
subject subject to
to financial financial
lease lease 6.22 % per 6.22
year %
with year
per12 with 12 installments
installments every threeevery
monthsthree months
until 2011 until 2011 242) 242) 353 353
Banco Interbank Interbank
Bancofor purchase forofpurchase of a air
a air vacuum clevacuum
aner cle aner Property Property
subject subject to
to financial financial
lease lease 6.18 % per 6.18
year %
with year
per12 with 12 installments
installments every threeevery
monthsthree months
until 2011 until 2011 262) 262) 382 382
BBVA Banco BBVA Banco Continental
Continental for purchase forofpurchase of a Lab larvaes
a Lab larvaes Property Property
subject subject to
to financial financial
lease lease 7.30 % per 7.30
year %with year
per12 with 12 installments
installments every threeevery
monthsthree months
until 2011 until 2011 ( ( 123) ( 123) ( 595) 595)
BBVA Banco BBVA Banco Continental
Continental for purchase forofpurchase
pipes of pipes Property Property
subject subject to
to financial financial
lease lease 7.30 % per 7.30
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2011 until 2011 97) 97) 679) 679)
Banco Interbank Interbank
Bancofor purchase forofpurchase a engine,
a engine,ofoxygen oxygen generator
generator Property Property
subject subject to
to financial financial
lease lease 6.93 % per 6.93
year %with year
per12 with 12
monthly monthly installments
installments until 2013 until 2013 76) 76) -)) -))
Banco Interbank Interbank
Bancofor purchase forofpurchase
a vehicleof a vehicle Property Property
subject subject to
to financial financial
lease lease 6.89 % per 6.89
year %
with year
per20 with 20
monthly monthly installments
installments until 2014 until 2014 52) 52) -)) -))
Banco Interbank Interbank
Bancofor purchase forofpurchase of a air
a air vacuum vacuum cleaner
cleaner Property Property
subject subject to
to financial financial
lease lease 6.18 % per 6.18
year %
with year
per12 with 12 installments
installments every threeevery
monthsthree months
until 2011 until 2011 33) 33) 48 48
Banco Interbank Interbank
Bancofor purchase forofpurchase
a vehicleof a vehicle Property Property
subject subject to
to financial financial
lease lease 6.99 % per 6.99
year %
with year
per20 with 20
monthly monthly installments
installments until 2014 until 2014 26) 26) -)) -))
Banco Interbank Interbank
Bancofor purchase forofpurchase
a electronic electronic boards
of a boards Property Property
subject subject to
to financial financial
lease lease 6.89 % per 6.89
year %with year
per20 month
withly20 month ly installments
installments until 2014 until 2014 23) 23) -)) -))
Banco Interbank Interbank
Bancofor purchase forofpurchase
an hydraulic hydraulic Excavator
of anExcavator Property Property
subject subject to
to financial financial
lease lease 8.90 % per 8.90
year %with year
per10 with 10 installments
installments every six
every six months months
until 2012 until 2012 16) 16) 45 45
Camposol Holding PLC and Subsidiaries

Banco Interbank Interbank

Bancofor purchase forofpurchase
a excavator excavator machine
of a machine Property Property
subject subject to
to financial financial
lease lease 9.11 % per 9.11
year %
with year
per20 with 20
monthly monthly installments
installments until 2012 until 2012 10) 10) 48) 48)
Banco Interbank Interbank
Bancofor purchase forofpurchase
tools andofma tools and ma chines
chines Property Property
subject subject to
to financial financial
lease lease 8.90 % per 8.90
year %with year
per36 with 36
monthly monthly installments
installments until 2011 until 2011 -)) -)) 24) 24)
Banco Interbank Interbank
Bancofor purchase forofpurchase of water equipment
water equipment Property Property subject to financial
subject to financial lease lease 7.95 % per 7.95
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2011 until 2011 -)) -)) 221) 221)
Banco Interbank Interbank
Bancofor purchase forofpurchase
a Neumatic Neumatic
of aseed drill seed drill Property Property
subject subject to
to financial financial
lease lease 7.95 % per 7.95
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2011 until 2011 -)) -)) 6) 6)
Banco Interbank Interbank
Bancofor purchase forofpurchase of a rotary labeler
a rotary labeler Property Property
subject subject to
to financial financial
lease lease 8.20 % per 8.20
year %
with year
per12 with 12 installments
installments every threeevery
monthsthree months
u ntil 2011 u ntil 2011 -)) -)) 78) 78)
Banco Interbank Interbank
Bancofor purchase forofpurchase
a Sprayer of a Sprayer Property Property
subject subject to
to financial financial
lease lease 8.20 % per 8.20
year %
with year
per12 with 12 installments
installments every threeevery
monthsthree months
until 2011 until 2011 -)) -)) 33) 33)

- 56 -
Banco Interbank Interbank
Bancofor purchase forofpurchase
valves of valves Property Property
subject subject to
to financial financial
lease lease 8.25 % per 8.25
year %
with year
per12 with 12 installments
installments every threeevery
monthsthree months
until 2010 until 2010 -)) -)) 3) 3)
BBVA Banco BBVA Banco Continental
Continental for purchase forofpurchase
pipes of pipes Property Property
subject subject to
to financial financial
lease lease 7.30 % per 7.30
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2011 until 2011 -)) -)) 698) 698)
BIF for purchase
BIF forofpurchase
a Power of generator generator Cummins
a Power Cummins Property Property
subject subject to
to financial financial
lease lease 9.00 % per 9.00
year %
with year
per48 with 48
monthly monthly installments
installments until 2011 until 2011 -)) -)) 7) 7)
Banco Interbank for purchase
Banco Interbank for purchase of a truck Daihatsuof a truckandDaihatsu
pick upand pick up Nissan
Nissan Property Property
subject subject to
to financial financial
lease lease 8.97 % per year with 48 monthly installments
8.97 % per year with 48 monthly installments until 2011 until 2011 -)) -)) 6) 6)
Banco Interbank Interbank
Bancofor purchase forofpurchase of Lab equipment
Lab equipment for larvaes for larvaes production
production Property Property
subject subject to
to financial financial
lease lease 9.10 % per 9.10
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2010 until 2010 -)) -)) 20) 20)
Banco Interbank Interbank
Bancofor purchase forofpurchase of a air
a air vacuum vacuum
cleaner cleaner Maofmadam
Maofmadam Property Property
subject subject to
to financial financial
lease lease 8.42 % per 8.42
year %with year
per12 with 12 installments
installments every threeevery
months three months
until 2011 until 2011 -)) -)) 21) 21)
2,575 )) 2,575 )) 3,257) 3,257)
Ferreyros
Ferreyros to to finance
finance capital capital expenditure
expenditure Domingo
Domingo Rodas S.A.Rodas S.A. fixed assets
fixed assets 3.00 % per 3.00
year %
with year
per26 with 26 installments
installments payable
payable every every six
six months months
until 2018 until 2018 3,470)) ( 3,470)) ( 3,642) 3,642)
64,743 )) 64,743 )) 65,615) 65,615)
Less-
Less- current current portion
portion ( (
9,712)) ( 9,712)) ( 4,429) 4,429)
55,031 ) 55,031 ) 61,186) 61,186)
Overview of Notes to the Consolidated Financial Statements 31 December 2011

- 54 - - 54 -

2 year
1 year

3 years

Fair values -
Accrued interest
Accrued interest

Cash transactions
Cash transactions

Bank borrowings

Other borrowings
More than 3 years
31 December 2011

Non-cash transactions
Non-cash transactions

a) Finance leases -
Finance lease liabilities
Balance as of 1 January 2011
Balances as of 1 January 2010

Proceeds Long-term borrowings

Proceeds Long-term borrowings

Balance as of 31 December 2011

Balance as of 31 December 2010

Repayment of long-term borrowings

Repayment of long-term borrowings

Proceeds from long-term borrowings

Proceeds from long-term borrowings

minimum lease payments are as follows:

Camposol Holding PLC and Subsidiaries

(
)
Notes to the consolidated financial statements

Other

-
US$000

-
-
-
-

2011
All loans are denominated in United States Dollars.

-
borrowings

- 57- 55
US$000

-
4,519)
3,642)

)
1,049)
3,642)
)
3,642)
)

172)

3,605
1,619
49,807

55,031
(
)
(
(
Bank

Carrying amount
-
-
-
US$000

2010
borrowings

US$000

686
57,650

61,186
2,850
57,649)
408)
1,476)
58,717)
58,717)
1,283)
60,000)
50,086)
50,086)

The maturity of the non - current portion of long - term debt is as follows:
(
(
(

2011
lease

USD000

2011
-
-
-
US$000
Finance

The carrying amounts and fair value of the non-current borrowings are as follows:
liabilities

US$000
13,170
14,539
18,626
8,696

55,031

Fair value

1,389
3,148
49,456

53,993
6,868))

2,296)
5,850)

2,575)
)
1,615)
3,256)
3,256)
392)
2,630)
the movement of long-term borrowings for the years ended 31 December 2011 and 2010:

(
(

)
(

2010
debt
Total

2010

The future minimum lease payments under finance leases together with the present value of net
US$000

USD000

US$000
long-term

599
57,650
17,498
8,760
9,110

60,633
61,186
25,818

2,533
For purposes of reconciliation with the information provided in the statement of cash flows, following is

55,936)

64,743)
408)
1,615)
65,615)
65,615)
62,630)
56,954)

1,049)
3,642)

3,944)
1,675)
Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

2011 2010 c) Credit Suisse loan -

Minimum Present value Minimum Present Value
payments of payments payments of payments In November 2007, Camposol S.A. signed a loan agreement with Credit Suisse for a total amount of
USD000 USD000 USD000 USD000 USD65 million to be repaid by November 2012, at a fixed interest rate of 7.85%. Interest was payable
monthly and amortization of the principal was performed during the term of the loan as established in
Within one year 1,112) 956 2,738) 2,571 the payment schedule attached to the credit agreement.
After one year but no more than
five years 1,767) 1,619 716) 686 On 24 December 2008, Camposol S.A. subscribed an amendment to the original USD65 million loan
Total minimum lease payments 2,879) 2,575 3,454) 3,257 agreement with Credit Suisse. New covenants were agreed, and an increased margin of 2% was
Less amounts representing finance added to the previous 7.85% interest rate beginning 26 August 2008 until the Group reached a debt to
charges ( 304) ( 197) EBITDA ratio of 2,5:1x. The interest rate remained at 9.85% until 31 December 2008.
Present value of minimum lease
payments ) 2,575 3,257) On October 2009, Camposol S.A. prepaid USD7 million of the loan. The comparison of the discounted
present value of the cash flows under the new terms of the loan, using the original effective interest
b) Syndicate loan - rate differs 1 per cent from the discounted present value of the remaining cash flows of the original
loan. Accordingly, the terms of the new loan and those from the original loans were not substantially
In June 2010, Camposol S.A. signed a loan agreement with a syndicate of banks led by Banco different, and the partial early repayment was not accounted for as an extinguishment of the original
Interbank for a total amount of USD60 million to be repaid by June 2016, at a fixed interest rate of loan. Accordingly, costs and fees incurred were recognized as part of the amortized cost of the loan.
8.65%. Interest are payable monthly and amortization of the principal will be performed during the loan
term as established in the repayment schedule attached to the credit agreement. Part of this loan was On 24 November 2009, Camposol S.A. subscribed a new amendment to the original USD65 million
used to pay the entire loan received from Credit Suisse AS of USD50.9 million and to pay the debt loan agreement with Credit Suisse. New covenants were agreed, and an increased margin of 2% was
termination fee of USD3.7 million (Note 30). The balance of the funds received was used in added to the previous 9.85% interest rate beginning 24 November 2009 until the Group reached a debt
investments in new plantations. to EBITDA ratio of 2,5:1x. The interest rate remained at 11.85% until 31 December 2009.

In accordance with the agreement between Camposol S.A. and the syndicate of banks, the Group has The Credit Suisse loan was fully repaid during 2010 with the funds received from a syndicate of banks
to comply with the following covenants at consolidated level: led by Banco Inter .A. (Interbank) (see b) above).

- Debt ratio less than 4.0x for the year 2010 and less than 3.5x from year 2011 onwards. 20 TRADE ACCOUNTS PAYABLE

- Debt service coverage ratio longer than 1.0x for the year 2010 and longer to 1,5x from year 2011 2011 2010
onwards. USD000 USD000

- Gearing ratio less or equal to 1.5x. Suppliers 26,693 20,713

Bills of exchange payable 13,050 6,465
- Flow coverage ratio longer than 3.0x, this ratio will be equal to channeled flows through collecting Payables to related parties (Note 36) 331 116
account into a period of twelve months divided debt services on the next twelve months. 40,074 27,294

As at 30 June 2011 the Group failed to meet its financial obligation on debt ratio. The breach was
promptly communicated to Interbank, together with the application for a temporary waiver on the
compliance of this ratio. At the time improve at
December 2011, allowing the Group to comply with this covenant in the future. In August 2011,
Interbank approved the waiver requesting a penalty (waiver fee) of USD150 thousand.
Payables to suppliers are mainly in US dollars, are due within 12 months and are not interest-bearing.
Bills of exchange represent payables to suppliers mainly in U.S. dollars (USD8,781,000 as of 31
December 2011 and USD5,836,000 as of 31 December 2010) which are due within 12 months and are
bear interest at an average annual rate of 12%.

The waiver given by Interbank on the breach of a covenant (debt/EBITDA ratio) at 30 June 2011 The average payment terms of trade payables are between 30 to 60 days.
states that Interbank is permanently giving up its right to claim the Group in the future on the basis of
this covenant beach.
As at 31 December 2011 and 31 December 2010, Camposol S.A. has complied with all its covenants
and with the terms of all other obligations contained in the Credit Agreement with the syndicate of
banks.

- 58- 56
- - - 57
- 59 -
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

21 OTHER ACCOUNTS PAYABLE Loans represent promissory notes with maturities up to 180 days, obtained for working capital. These
loans bear fixed annual interest rates that are between 3.55 per cent and 10.53 per cent (between 2.75
2011 2010 per cent and 6.80 per cent in 2010).
USD000 USD000
23 BUSINESS COMBINATION
Vacations and other payables to employees 4,942 3,853
Provisions (Note 29 and 35) 3,091 4,057 a) Muelles y Servicios Paita S.R.L. -
Taxes payable 692 663
Board remuneration 40 24 On 21 May 2011, Muelles y Servicios Paita S.R.L. (subsidiary of the Company) acquired 100% of the
Pension found 574 409 (At 31
Interest 382 145 December 2011 was paid USD301 thousand), the net assets value of the acquired entity at the
Business management services 391 - purchase date amounted to USD1,838,000, giving rise to the recognition of a gain in the consolidated
Others 1,066 506 statement of comprehensive income of USD488.
11,178 9,657
The acquired entity was engaged in packing of agricultural products. The purchase of this entity was
Other accounts payable are due within 12 months and are not interest-bearing and are mainly made aiming to facilitate the packaging process of agricultural products of the Group. From its
denominated in new Peruvian soles. acquisition date until 31 December 2011, the acquired entity generated a profit of USD1,038,000. The
profit for the year 2011 amounted to USD1,055,000. The acquired entity sold assets
2011 2010 in December 2011
USD000 USD000
The gain in the acquisition is detailed bellow:
Movement of provisions:
Opening balance 4,057) 2,707 USD000
Additions (Note 29 and 35) - 1,350
Deductions ( 966) - Purchase consideration (Cash) 1,350)
Balance at the end of the year 3,091) 4,057 Fair value of net assets acquired ( 1,838)
Gain in acquisition (Note 29) ( 488)
22 BANK LOANS
The fair value of the net assets of the acquired entity is detailed bellow:
2011 2010
USD000 USD000 USD000
Loans - Fair Value:
Banco Interbank 14,900 13,200) Cash and cash equivalents 42)
Banco Scotiabank 5,210 3,500) Property, plant and equipment 1,717)
Banco Santander 3,100 - ) Trade and other receivables 101)
Latin America Export Found 2,137 ) Expenses prepaid 17)
Banco de Comercio 450 - ) Trade and other payables ( 117)
25,797 16,700) Borrowings ( 1)
Deferred income tax ( 79)
For purposes of reconciliation with the information provided in the statement of cash flows, following is Net assets acquired ( 1,838)
the movement of bank loans for the years ended 31 December:
The cash movement in the acquisition of this entity, net of cash acquired amounts to USD259,000
2011 2010 (Note 23).
USD000 USD000
The gain on acquisition is supported by valuations performed by independent appraisers. The sale and
Initial balance 16,700 9,285) purchase agreement does not contemplate any contingent consideration that may affect the
Bank loans proceeds 94,394 54,539) consideration paid for the acquisition.
Bank loans payments ( 85,297) ( 47,124)
Final balance 25,797 16,700) The gain on acquisition is explained by the fact that the former owner needed to exit the specific
business of the acquired entity in order to pursue other businesses that is currently developing.

The amounts of the net identifiable assets and liabilities recognized in the consolidated financial
statements are final values as established by IFRS 3.
- 58
- 60 - - - 59
- 61 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

b) Camarones S.A.C. and Domingo Rodas S.A. - For the years ended 31 December, comprise the following (Note 5):

On 3 May 2010 Marinazul S.A. granted 914,221 shares for the acquisition of Camarones S.A.C. The 2011 2010
shares granted represent 5.45% interest of its total share capital. From the its acquisition and until 31 USD000 USD000
December 2010, the acquired entity generated a profit of USD114,000. The profit for
the year 2011 is USD 176,000 (USD223,000 in 2010). Asparagus 57,870) 54,774)
Avocado 39,873) 20,649)
Domingo Rodas S.A. from its acquisition and until 31 December 2010 generated a loss of Pepper 20,420) 17,497)
USD286,000. The acquir profit for the year 2011 amounted to USD661,000 (USD369,000 in Mango 16,021) 13,414)
2010). Shrimp 13,300) 6,654)
Grapes 14,755) 3,227)
Goodwill (gain) in acquisition is detailed bellow: Artichoke 1,973) 62)
Other 3,598) 3,029)
Domingo Camarones Total 167,810) 119,306)
Rodas S.A. S.A.
USD000 USD000 Included within asparagus, avocado and mango revenue is the net change in the fair value, which
amounted to USD381,000 for 2010.
Purchase consideration 164) 321)
Fair value of liabilities / (assets) acquired 883) ( 399) 25 COST OF SALES
Goodwill (gain) in acquisition (Note 29) 1,047) ( 78)
2011 2010
)
USD000 USD000
Goodwill of Domingo Rodas S.A.is attributable to the larger market share expected to be obtained by
the Company in the shrimp line of business of.
Cost of inventories recognized as expenses ( 71,872) 52,379)
Fair Value Personnel expenses (Note 28) ( 38,263) 30,920)
Domingo Camarones Depreciation (Note 6) 5,856) 5,669)
Rodas S.A. S.A. Custom duties refund ( 6,448) ( 6,182)
USD000 USD000 ( 109,543) 82,786)

Cash and cash equivalents 273) 4) In Peru, Camposol S.A and Marinazul S.A. are beneficiaries of a simplified procedure for customs
Property, plant and equipment 3,917) 1,052) duties refunding (Drawback), at a rate of 5.0% of FOB value of exports (6.5% (effective July 2010) and
Trade and other receivables 560) 117) 8% (until June 2010) of FOB value).
Inventories 453) 285)
Trade and other payables ( 1,849) ( 520)
Borrowings ( 4,140) ( 539) The cost of inventories recognized as expenses include amortization of software by USD12,000
Deferred income tax ( 97) - ) (USD32,000 for 2010) (Note 8).
Net (liabilities) / assets acquired ( 883) 399)
26 SELLING EXPENSES
The cash movement in the acquisition of these entities, net of cash acquired amounts to USD113,000
(Note 23). Selling expenses for the years ended December 31 comprise the following:

The gain on acquisition is supported by valuations performed by independent appraisers. The sale and 2011 2010
purchase agreement does not contemplate any contingent consideration that may affect the USD000 USD000
consideration paid for the acquisition. The purchase of these entities was made aiming to increase the
production of shrimp. Freight 11,574) 7,173)
Custom duties 4,403) 3,154)
The gain on acquisition is explained by the fact that the former owner needed to exit the specific Personnel expenses (Note 28) 987) 1,050)
business of the acquired entity in order to pursue other businesses that is currently developing. Selling commissions 637) 509)
Amortization of customer relationships (Note 8) 447) 465)
The amounts of the net identifiable assets and liabilities recognized in the consolidated financial Consulting services 670) 404)
statements are final values as established by IFRS 3. Travel and business expenses 558) 252)
Insurances 523) 234)
24 REVENUE Depreciation (Note 6) 6) 16)
Other expenses 776) 942)
Revenue represents the sale of fresh, preserved and frozen biological products. 20,581) 14,199)

- 62- -60 - - 63- 61

-
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

27 ADMINISTRATIVE EXPENSES 29 OTHER INCOME AND EXPENSES

Administrative expenses for the years ended December 31 are comprised of the following: 2011 2010
USD000 USD000
2011 2010
USD000 USD000 Other income -
Gain on acquisitions (Note 23) ( 488) ( 78)
Personnel expenses (Note 28) 9,744) 5,883) Recovery of accounts receivable (Note 14) 212) 56)
Professional fees 3,114) 2,861) Gain on sale of property, plant and equipment (Note 31) ( - ) 800)
Depreciation (Note 6) 824) 642) Other ( 168) ( 433)
Travel and business expenses 792) 525) ( 868) ( 1,367)
Transport and telecommunications 673) 331) Other expenses -
Directors remuneration (Note 28) 360) 330)
Obsolescence of inventories (Notes 12) ( 1,237) ( 854)
Renting of machinery and equipment 722) 293)
Donations and samples ( 312) ( 230)
Amortization of computer software (Note 8) 397) 278)
95) 70) Loss on sale of property, plant and equipment (Note 31) ( 404) -
- audit services 183) 186) Provisions (Notes 21 and 35) - ( 1,350)
Share-based payments (Note 28) 155) 106) Impairment of accounts receivable (Notes 13 and 14) ( 220) ( 426)
Materials and supplies 694) 334) Other ( 129) ( 209)
Maintenance 467) 343) ( 2,302) ( 3,069)
Insurances 123) 169)
Other expenses 707) 969) 30 FINANCIAL INCOME AND COSTS
19,050) 13,320)
2011 2010
USD000 USD000
due diligence engagements, tax consulting, financial advice and others. Income -
Interest 15) 45)
28 PERSONNEL EXPENSES Other finance income 12) - )
27) 45)
2011 2010 Costs -
USD000 USD000 Interest on bank loans ( 6,810) ( 9,564)
Debt termination fee (Note 19) - ( 3,682)
Salaries and wages 42,878) ( 33,546 Interest on finance leases ( 1,356) ( 852)
Vacations 2,117) ( 1,747 Tax on financial transactions ( 266) ( 544)
Other employees benefits 3,505) ( 1,728 Interest on accounts payable to suppliers ( 69) ( 213)
Share-based payments (Note 27) 155) ( 106 Other finance costs ( 1) ( 16)
Other expenses 699) ( 1,056 ( 8,502) ( 14,871)
49,354) ( 38,183
31 CASH GENERATED FROM OPERATIONS
Personnel expenses are allocated as follows:
2011 2010 Note 2011 2010
USD000 USD000 USD000 USD000

Cost of sales (Note 25) 38,263) 30,920) Reconciliation of profit for the year to net cash from
Selling expenses (Note 26) ( 987) 1,050) (used in) operating activities:
Administrative expenses (Note 27) 9,744) 5,883) Profit before income tax 41,634) 7,150)
Directors remuneration - Administrative expenses (Note 27) 360) 330) Depreciation 6 6,686) 6,327)
( 49,354) 38,183) Amortization 8 856) 779)
Transference to biological assets 9 4,461) 4,227)
Impairment of trade accounts receivable 13 and14 220) 426)
Obsolescence of inventories 12 1,237) 854)
Interest expenses 30 8,502) 14,871)
Recovery of doubtful accounts 13 and14 ( 225) ( 56)
Carried forward: 63,371) 33,799)

- 64- 62
- - - 63
- 65 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

Note 2011 2010 2011 2010

USD000 USD000 USD000 USD000

Brought forward: 63,371) 33,799)

Fair value of biological assets 9 ( 40,821) ( 27,506) Profit before income tax 41,634) ( 7,150)
Loss / (gain) on sale of property, plant and equipment 29 404) ( 800) At Peruvian statutory income tax rate at 15% 6,245) 1,073)
Disposals of intangibles 8 27) 207) Revenue no subject to tax ( 973) ( 940)
Share-based payments expense 28 155) 106) Expenses not deductible for tax purposes ( 359) ( 563)
(Profit)/loss attributable to associate 7 ( 111) 40) Adjustments ( 2,460) ( - )
Income tax 32 8,014) ( 1,382) Other ( 77) ( 2,078)
Net exchange difference 32) 114) Income tax expense / (credit) ) 8,014) ( 1,382)
Increase (decrease) of cash flows from operations due
to changes in assets and liabilities: Profit before income tax only corresponds to Peruvian subsidiaries; therefore taxation charge in
Trade accounts receivable ( 10,747) 1,546) the consolidated statement of comprehensive income corresponds to the Peruvian tax rate of 15%.
Other accounts receivable 132) ( 1,764)
Inventories ( 11,263) ( 721) c) The Peruvian Tax Authority may review and, if required, amend the income tax or the tax loss
Prepaid expenses 11) ( 180) carry forward determined by the Company and its subsidiaries in the last four years, as from
Trade accounts payable 12,780) 7,033 January 1 of the following year in which the tax return of the corresponding income tax was filed
Other accounts payable ( 12,446) ( 2,315) (years open to examination). Since discrepancies may arise over the proper interpretation of the
Net cash generated from operating activities 9,538) 8,956) tax law applicable to the Group, it is not possible to anticipate at this date whether additional tax
liabilities will arise as a result of eventual examinations. Additional tax, fines and interest, if any,
32 INCOME TAX will be recognized in results of the period in which the disagreement with the Peruvian tax
authorities is resolved. Management considers that no significant liabilities will arise as a result of
a) According to the Peruvian tax legislation in force the income tax is determined on separate basis. any eventual tax examinations.
Management has determined the taxable income under the general income tax regime, which
requires adding to and deducting from the result derived from the accounting records maintained in The following table shows the income tax and value added tax returns subject to review by the Tax
Nuevo Sol is those items considered as taxable and non-taxable, respectively. Authority corresponding to the Company and its subsidiaries.

As established under Law No.27360 dated 30 October 2000, that amends the Income Tax Law of Years open to tax review
individuals and legal persons engaged in the growing of crops and /or cattle as well as in industrial Company Income Tax Value Added Tax
agriculture, the applicable income tax rate is 15%. This income tax regulations is applicable until
31 December 31 2021. Camposol Holding PLC 2007-2011 2007-2011
Camposol S.A. 2007-2011 December 2007 - December 2011
The standard rate of Cyprus income tax for 2011 and 2010 is 10% and for the Peruvian Preco Precio Economico S.A.C. 2007-2011 December 2007 - December 2011
subsidiaries it ranges between 30% and 10%. Sociedad Agricola Las Dunas S.R.L. 2007-2011 December 2007 - December 2011
Prodex S.A.C. 2007-2011 October 2007 - December 2011
2011 2010 Belfast S.A. 2007-2011 October 2007 - December 2011
USD000 USD000 Vegetales del Norte S.A.C. 2007-2011 October 2007 - December 2011
Muelles y Servicios Paita S.A.C. 2007-2011 August 2007 - December 2011
2007-2011 January 2011 December 2011
Current income tax 197 - Marinasol S.A. 2007-2011 December 2007 - December 2011
Deferred income tax (Note 17) 7,817 ( 1,382) Marinazul S.A. 2007-2011 August 2007 - December 2011
Income tax expense / (credit) 8,014 ( 1,382) Grainlens Ltd. 2007-2011 2007 - 2011
Blacklocust Ltd. 2007-2011 2007 - 2011
b) For the years 2011 and 2010 the income tax credited to income differs from the theoretical amount Siboure Holding Ltd. 2007-2011 2007 - 2011
tax Madoca Corp. 2008-2011 2008 - 2011
as follows: Camposol Europa S.L. 2008-2011 2008 - 2011
Campoinca S.A. 2007-2011 2007 - 2011
Camposol Fresh B.V. 2009-2011 2009 - 2011
Domingo Rodas S.A. 2007-2011 2007 - 2011
Camarones S.A.C. 2007-2011 2007 - 2011

- 66- 64
- - - 65
- 67 -
-
 Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

33 DISCONTINUED OPERATIONS 2011 2010

In January 2010, the Board decided to discontinue operations of Marinasol S.A. which was devoted to Weighted average number of ordinary
fishing and harvesting of fish for human consumption. On 30 September 2010, the Company sold its outstanding shares (thousands) 29,834 29,834)
production plant in the city of Chimbote for USD 1,317 thousands. The loss from operations of this
company is shown under discontinued operations in the statement of comprehensive income of From continuing operations (expressed in U.S. dollars per share) 1.127) 0.286)
USD 275 thousands (USD1,750 thousands in 2010). From discontinued operations (expressed in U.S. dollars per share) ( 0.009) ( 0.059)
Basic earnings per share (USD) 1.118) 0.227)
A summary of the results of Marinasol S.A. is shown below:
The Company was incorporated on July 9, 2007. One class of 2,570,000 initial shares does not have
2011 2010 the voting rights or to participate in dividend distributions and are not taken into account for the
USD000 USD000 purposes of determining earnings per share.
Profit and loss
Revenue 1) 1,115) The share capital was increased through the exchange of shares with Camposol AS shareholders in
Cost of sales ( 1) (1,472) March 2008 of 27,925,070 shares and a private placement with Fondo de Inversion Agroindustrial
Gross loss - ( 357) (FIDAF) of 1,908,750 shares.

Administrative expenses ( 185) ( 575) Diluted earnings per share -

Selling expenses ( 5) ( 18)
Other income - ) 403) Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares
Other expenses ( 251) ( 864) outstanding to assume conversion of all dilutive potential ordinary shares. The Group has granted
Impairment of account receivable (Note 13) - ( 485) Share-based payments and warrants which are dilutive. The Group determines the number of potential
Operating loss ( 441) ( 1,896) year. However, since during
2011 and 2010 the exchange value of the potential shares was greater than the fair value of the
Financial income 114) 98) shares, the Group did not consider any potential ordinary shares for the determination of the dilutive
Financial expenses ( 2) ( 15) earnings per share, being the dilutive earnings per share the same as the basic earnings per share.
Currency translation differences 44) 457)
Loss before income tax ( 285) ( 1,356) 35 CONTINGENT LIABILITIES
Deferred income tax 10 ( 394)
Loss for the year from discontinued operations ( 275) ( 1,750) As of, December 31, 2011, the Group has several contingencies labor-related and others claims
amounting to USD2.2 million (USD 3.1 millions in 2010). In 2010 a provision was recognized for other
Cash flows labor claims and other claims for USD1.35 millions (Note 29), which is included in the balance of
Operating activities ( 110) ( 18) USD3.1 millions shown as provisions in other accounts payable (Note 21).
Investing activities - ) -)
Financing activities - ) - ) 36 TRANSACTIONS WITH SHAREHOLDERS AND OTHER RELATED PARTIES
( 110) ( 18)
a) Transactions -
34 BASIC AND DILUTED EARNINGS PER SHARE
The main transactions carried out between the Group and its related parties are as follows:
Basic earnings per share -
2011 2010
Basic earnings per share are calculated by dividing net profit attributable to equity holders of the parent USD000 USD000
by the weighted average number of ordinary shares in issue during the year.
i) Associate -
2011 2010
Empacadora de Frutos Tropicales S.A.C. -
Profit for the year from continuing operations (USD000) 33,620) 8,532) Sale of finished products 1 7
Loss for the period from discontinued operations (USD000) ( 275) ( 1,750) Sale of services - 145
Profit for the year 33,345) 6,782) Purchase of services 1,876 782

- 68- 66
- - - 67
- 69 -
-
Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Overview of Notes to the Consolidated Financial Statements 31 December 2011 Overview of Notes to the Consolidated Financial Statements 31 December 2011

Camposol Holding PLC and Subsidiaries Camposol Holding PLC and Subsidiaries
Notes to the consolidated financial statements Notes to the consolidated financial statements
31 December 2011 31 December 2011

2011 2010 and share-based payments (granted to Directors and management), the details of which are provided
USD000 USD000 in Note 16 and their balances are shown in the consolidated statement of equity.
ii) Entities related to Directors
c) Compensation of key management personnel of the Group
-
Purchase of services 10 7 2011 2010
USD000 USD000
Gestion del Pacifico S.A.C -
Sales of services 1 - Salaries of key management 2,123 1,615
Purchase of services and others 666 475 Remuneration of Directors (all of which are non - executives) 360 330
Purchase of fixed assets 47 -
37 COMMITMENTS AND GUARANTEES
-
Sales of services 293 - a) Commitments and guarantees in respect of the syndicate loan are set out in Note 19.
Purchase of raw material (fish) - 5
Purchase of services 19 14 b) On October, 2008, Camposol S.A. signed an agreement with Peru Land & Farming LLC (PL&F) by
means of which the Company gives first option to purchase avocado production from a designated
b) Amounts due from/to related parties - area of 800 Ha to be sold in the United States of America. When the US market opens for
Peruvian avocado, PL&F will have the right to purchase 100% of the production from that area.
2011 2010 The option will gradually decrease over ten years, after which it will maintain a lifetime option for
USD000 USD000 30% of the production in the designated area. The transactions will be settled at market price. At
Other accounts receivable (Note 13) the reporting date, no changes in the agreement with PL&F have occurred.

i) Associate 38 EVENTS AFTER THE CONSOLIDATED BALANCE SHEET DATE

Empacadora de Frutos Tropicales S.A.C. - 12
- On 26 sidiary, successfully issued a
ii) Entities related to Directors USD125 million 9.875% senior unsecured notes due in 2017, which will be guaranteed by
(*) 1 1 Camposol PLC as parent guarantor and Marinazul S.A. and Campoinca S.A. as subsidiary
1 13 guarantors. Settlement of the bond issue occurred on 2 February 2012. The net proceeds from the
bond issue are to be used to pay long term debt, to finance capital expenditures and in general
2011 2010 corporate uses.
USD000 USD000
Trade payables (Note 20) - Camposol SA, a subsidiary of Camposol Holding PLC has purchased 732,000 shares in Camposol
Holding PLC at a price of NOK 23 per share on 5 March 2012. After this transaction Camposol
i) Associates Holding PLC and its subsidiaries hold 732,000 of its own shares.
Empacadora de Frutos Tropicales S.A.C. 235 87
- On 12 March 2012, Camposol Holding PLC launched a tender offer to all its shareholders to buy
ii) Entities related to Directors up to 2.2 million shares at a price of 24NOK. This offer continued until 26 March 2012. The
(*) 94 28 purpose of this offer is to give its shareholders the opportunity to monetize a portion of their
(**) 2 1 investment due to the low liquidity of the stock. These stocks will remain in treasury until further
331 116 notice. At the end of this transaction 355,372 shares were transferred to Camposol Holding PLC
from ex shareholders. After this transaction, Camposol Holding PLC and its subsidiaries hold
(*) A manager of the Group is s 1,087,372 of its own shares.
(**) A Director of the Group is
Independent audito 5 to 6.
The transactions during the year with related companies correspond to purchase of consulting, legal Independent auditor’s report on pages 72 - 73
services, cash loans for working capital and purchase of raw materials.

These balances have no schedule date for collection or payment and do not bear interest; however the
effect on results, if interest would be charged, is not significant.

Other transactions with related parties correspond to warrants (granted to Dyer Coriat Holding S.L.)

- 68
- 70 - - - 69
- 71 -
-