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CAMPOSOL
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1
CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Key Figures of Camposol Holding Ltd and Subsidiaries (CAMPOSOL or the Company)
Gross profit
From continued operations 42,195 24,409 95,084 54,890 79,489
From discontinued operations (472) (1,339) (6,511) 3,459 514
41,723 23,070 88,573 58,349 80,003
Operating profit
From continued operations 86,073 45,699 135,139 60,881 57,884
From discontinued operations (155) (1,339) (6,697) 3,459 514
85,918 44,360 128,442 64,340 58,398
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Financial Review for the Fourth Quarter and Full Year 2016
The figures below describe developments in 26.6 million (24.9), and fixed selling
the fourth quarter and the preliminary full expenses amounted to USD 8.2 million
year 2016, with figures for the (8.7).
corresponding periods of 2015 in
parenthesis. As a result, operating profit from continued
operations was USD 86.1 million during the
Results fourth quarter of 2016 (45.7). For the full
Revenue for the fourth quarter of 2016, year 2016, operating profit from continued
without discontinued operations revenue, operations was USD 135.1 million (60.9).
was USD 102.0 million (77.4), up 31.9% from
the same period last year. For the full year Financial costs amounted to USD 6.1 million
2016, revenues without discontinued during the fourth quarter of 2016 (6.0). For
operations revenue, was USD 276.7 million the full year 2016, financial cost amounted
(236.6), up 16.9% from the year before, an to USD 24.7 million (25.0), the decrease is
increase mainly explained by higher volume mainly explained by lower use of working
sold of blueberries and grapes as well as capital credit lines.
higher prices of shrimp and other seafood
products. Profit from continued operations was USD
65.4 million during the fourth quarter of
Average realized price for the fourth 2016 (24.7). For the full year 2016, profit
quarter of 2016, without discontinued from continued operations was USD 96.9
operations sales, was USD 4.85 per net KG, million (19.9).
up 26.5% from 2015. For the full year 2016,
average realized price, without For the fourth quarter of 2016, the
discontinued operations sales, was USD Company recorded an EBITDA of USD 35.8
3.66 per net KG, up 29.9% from the year million (19.3). For the year ended of 2016,
before, an increase mainly explained by EBITDA increased to USD 72.5 million (42.9).
higher prices of shrimp and other seafood EBITDA margin increased to 24.1% for the
product, avocados, mangos and grapes. full year 2016 (14.8%).
Gross profit for the fourth quarter of 2016, Balance Sheet and Cash Flow
without discontinued operations, was USD At the end of 2016, non-current assets
42.2 million (24.4). For the full year 2016, increased to USD 522.3 million compared to
gross profit, without discontinued USD 497.6 million at the end of 2015, mainly
operations, was USD 95.1 million (54.9), due to investment in property, plant and
which resulted in a gross margin of 34.4% equipment.
(23.2%). EBITDA margin for the fourth
quarter 2016, without discontinued Inventories decreased to USD 32.8 million at
operations, was 34.7% (20.9%). For the full the end of 2016, compared to USD 47.1
year 2016, EBITDA margin, without million at the end of 2015, mainly due to a
discontinued operations, was 27.7% (14.6 decrease in finished products inventory
%). such as asparagus and peppers.
During fourth quarter 2016, administrative Trade accounts receivable increased to USD
expenses amounted to USD 8.6 million (6.0), 42.8 million at the end of 2016 from USD
and fixed selling expenses amounted to USD 40.7 million at the end of 2015.
2.5 million (2.5). For the full year 2016,
administrative expenses amounted to USD
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Trade accounts payables increased to USD
37.8 million at the end of 2016, from USD At the end of 2016, the Company generated
34.4 million at the end of 2015. As a result, USD 64.9 million (generated USD 33.6
total working capital (accounts receivable + million at the end of 2015) from operations,
inventories - accounts payable) decreased made a net investment of USD 22.6 million
to USD 37.9 million at the end of 2016, from (net investment USD 9.8 million at the end
USD 53.4 million at the end of 2015. of 2015) in property, plant and equipment,
Current working capital as of December and in financing activities the Company
31st, 2016 is 12.6% of total last twelve recorded a net cash inflow of USD 15.7
month sales, including discontinued million (payment of USD 27.6 million at the
operations sales. Such significant reduction end of 2015), resulting in a net increase in
is the result of the companys effort to cash of USD 58.1 million (decrease of USD
improve working capital needs. 3.9 million at the end of 2015). The
Company ended the year 2016 with USD
Total liabilities decreased to USD 376.0 84.7 million in cash (USD 26.6 at the end of
million at the end of 2016, compared to USD 2015).
347.0 million at the end of 2015.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Segment Reporting for the Fourth Quarter and Full Year 2016
Fourth Quarter 2016 Results
Period ended December 31st 2016
Blueberries Avocados
Blueberries are currently the most Avocados are one of the most important
profitable crop in the portfolio, on which products in the portfolio of the Company,
the most important investments were made with a gross margin of 36.8% during 2016.
during the last three years.
CAMPOSOL sold 20,921 net MTs of fresh
CAMPOSOL sold 10,941 net MTs of fresh avocados during 2016, at an average price
blueberries during 2016, at an average price of USD 2.18 per net KG representing a
of USD 9.16 per net KG. This represents an decrease of 17.5% in volume sold and an
increase of 146.6% in volume sold and a increase of 20.6% in price compared to the
decrease of 15.5% in price compared to the 2015.
same period last year.
CAMPOSOL sold 2,026 net MTs of frozen
During 2016, total gross margin for avocados during 2016, at an average price
blueberries was 61.3%, down 4.9 pp of USD 3.57 per net KG, representing an
(percentage points) compared to 2015. increase of 5.0% in volume sold and a
decrease of 9.2% in price compared to 2015.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
During the 2016, total gross margin for increase of 28.0% in volume sold and an
avocados was 36.8%, down 0.6 pp increase of 4.2% in price compared to 2015.
(percentage points) from 2015.
CAMPOSOL sold 195 net MTs of preserved
Shrimp and other seafood products mangos during 2016, at an average price of
CAMPOSOL sold 8,876 net MTs of shrimp USD 1.91 per net KG. This represents a
and other seafood products during 2016, at decrease of 31.2% in volume sold and a
an average price of USD 7.91 per net KG. decrease of 0.9% in price compared to the
This represents a decrease of 13.9% in 2015.
volume sold and an increase of 42.6% in
price compared to 2015. During the 2016 total gross margin for
mango was 20.1%, down 1.4 pp (percentage
During 2016 total gross margin for shrimp points) from 2015.
and other seafood products was 9.1%, up
11.9 pp (percentage points) from same Grapes
period last year. CAMPOSOL sold 7,475 net MTs of fresh
grapes during 2016, at an average price of
Mangos USD 1.82 per net KG, representing an
CAMPOSOL sold 7,774 net MTs of fresh increase of 95.1% in volume sold and an
mangos during the 2016, at an average price increase of 5.8% in price compared to 2015.
of USD 1.26 per net KG. This represents a
decrease of 22.7% in volume sold and a During 2016, total gross margin for grapes
decrease of 14.9% in price compared to was -0.0%, up 12.0 pp (percentage points)
2015. from 2015.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Investment Program
During 2016, the Company invested USD 24.8 million, of which USD 14.3 million were invested
in blueberries (for permanent plantations, 540 has 2016 investment program and part of 252
has which are the 2016 second blueberries investment program), USD 4.6 million in machinery
and equipment (for plant and fields), USD 2.4 million for other crops permanent plantations
and other (tangerines, grapes, avocados and mangos), USD 2.0 million in shrimp and other
seafood products segment and USD 1.5 million in technological and administrative
improvements, among other.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Subsequent events
Limassol, Cyprus
February 14, 2017
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Financial Tables
Non-current liabilities
Long-term debt 155,430 204,851
Deferred income tax 56,432 46,201
Other payables 6,727 4,930
218,589 255,982
Current liabilities
Current portion of long-term debt 62,761 9,924
Trade payables 37,698 34,355
Other payables 16,047 10,571
Bank loans 40,850 36,120
157,356 90,970
Total liabilities 375,946 346,952
Total equity and liabilities 776,062 657,665
* Non audited
** Audited
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Share of gain (loss) of associated companies 940 578 728 253 253
Finance income 89 (30) 846 13 13
Finance costs (6,136) (6,047) (24,717) (24,969) (24,969)
Currency translation differences (2,787) 39 (2,455) (5,222) (5,222)
Profit (loss) before income tax 78,179 40,239 109,541 30,956 27,959
Income tax (12,758) (15,559) (12,635) (11,017) (11,055)
Profit (loss) for the period from continuing operations 65,421 24,680 96,906 19,939 16,904
Gross profit for the period from discontinued operations (472) (1,339) (6,511) 3,459 514
Administrative expense from discontinued operations 317 - (186) - -
Other income and expense from discontinued operations (7,849) (5,980) (6,498) (5,980) -
Profit for the period 57,417 17,361 83,711 17,418 17,418
Depreciation & Amortization from continued operations 3,007 (1,040) 11,172 7,953 12,686
Depreciation & Amortization from discontinued
506 4,438 2,567 4,733
operations
Amortization without IAS-41 1,326 1,399 5,157 5,422 5,422
* Non audited.
** Non Audited Considers artichoke business and asparagus business as discontinued operations
*** Audited Considers only artichoke business as discontinued operations.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Equity
attributable to Non-
Share Share Other Retained shareholders of controlling Total
capital premium reserves earnings the parent interests equity
USD 000 USD 000 USD 000 USD 000 USD 000 USD 000 USD 000
Balance as of 1 January 2016 507 212,318 825 89,222 302,872 7,841 310,713 (**)
Increase of capital 6 4,994 - - 5,000 - 5,000
CTA - - - 1,049 1,049 903 1,952
Adjustment - - - (852) (852) - (852)
Net result - - - 96,906 96,906 - 96,906
Dividends distribution - - - (89) (89) - (89)
Result of non-controlling
- - - - - (319) (319)
interest
Other comprehensive Income - - - (13,195) (13,195) - (13,195)
Balance as of 31 December 2016 513 217,312 825 173,041 391,691 8,425 400,116
- - - - - -
At December 2015, we had 29,833,820 ordinary shares and 2,570,000 dormant shares.
At December 2016, there was an increase of capital for 521,376 ordinary shares.
** Audited 2015
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
31.12.16* 31.12.15**
USD 000 USD 000
Cash flow from operating activities
Collections 304,700 285,932
Payment to suppliers and employees (229,302) (232,118)
Interest paid (20,691) (23,564)
Income tax paid - (2,734)
Custom duties refund collections 5,348 7,660
Other collections 4,834 -
Other payments - (1,587)
Net cash (used in) provided by operating activities 64,889 33,589
Net increase (decrease) in cash and cash equivalents during the period 58,053 (3,858)
Cash and cash equivalents at beginning of period 26,647 30,505
Cash and cash equivalents at end of period 84,700 26,647
* Non-audited
** Audited
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
31.12.16* 31.12.15**
Reconciliation USD 000 USD 000
Operating activities:
Profit before income tax 109,541 27,959
Depreciation 13,016 12,140
Amortization 723 648
Transfer to biological assets 5,157 5,422
Impairment of trade accounts receivable 1,376 299
Impairment of plant and equipment - 1,148
Obsolescence of inventories 3,576 4,969
Net realizable value impairment - 2,482
Disposal of discontinued operations assets 5,213 -
Fair value of biological assets (79,718) (58,042)
Loss / (Gain) on sale of property, plant and equipment 746 (6,697)
Impairment of goodwill - 3,778
(Profit)attributable to associate (728) (254)
Gain on leaseback (12) -
Deferred Income tax - 11,055
Net exchange difference (2,380) 518
Write-off of products in process 456 -
Write-off trade accounts receivable (5,729) (268)
Write-off inventories (4,393) (1,710)
Write-off investments of lands 569 -
Reversal of payable accounts (1,418) -
Adjustment 697 (853)
Reversal of NRV provision (1,906) -
(Gross profit) for the period from discontinued operations (13,195) -
* Non-audited
** Audited
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
1. Basis of preparation
This condensed consolidated financial information for the fourth quarter ended December 31st,
2016 has been prepared in accordance with IAS-34, Interim financial reporting (IFRS). The
condensed consolidated interim financial information should be read in conjunction with the
annual financial statements for the year ended December 31st, 2015 which have been prepared
in accordance with IFRS.
The consolidated financial statements have been prepared on historical cost basis, except for
biological assets and derivative financial instruments, which have been measured at fair value
and in accordance with IFRS.
The financial statements are presented in United States dollars (USD) and all monetary amounts
are rounded to the nearest thousand (USD 000) except when otherwise indicated. The financial
statements do not include all the information and disclosures required in the annual financial
statements, and should be read in conjunction with the financial statements as of December
31st, 2015.
The accounting policies adopted in the preparation of the financial statements are consistent
with those followed in the preparation of the financial statements for the year ended December
31st, 2015.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
3. Segment information
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
USD thousands Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4
Revenues 62,919 36,291 1,497 831 17,489 11,536 1,257 2,221 12,772 9,860 525 7,391 5,616 9,233 218 2,326 27 6,711 102,320 86,400
Cost of goods sold (24,539) (11,277) (1,176) (599) (15,409) (12,879) (1,179) (2,099) (12,327) (10,127) (753) (7,481) (4,497) (8,492) (687) (4,100) (30) (6,276) (60,597) (63,330)
Cost of goods sold (20,079) (8,469) (1,139) (662) (15,297) (12,870) (1,101) (2,069) (11,862) (9,637) (691) (7,375) (4,419) (8,413) (775) (4,302) 34 (6,402) (55,329) (60,199)
Drawback 201 350 40 35 290 439 46 29 382 265 8 219 8 46 27 239 4 235 1,006 1,857
Costs associated to
(4,661) (3,158) (77) 28 (402) (448) (124) (59) (847) (755) (70) (325) (86) (125) 61 (37) (68) (109) (6,274) (4,988)
sales
Gross profit 38,380 25,014 321 232 2,080 (1,343) 78 122 445 (267) (228) (90) 1,119 741 (469) (1,774) (3) 435 41,723 23,070
Volumes produced (net
7,824 2,857 1 3 2,945 1,672 3,907 2,293 8,209 6,255 - (110) (155) - - 881 - 2,188 22,731 16,039
MT) (1)
Volumes sold (net MT) 6,807 3,178 378 311 2,182 1,936 1,069 1,618 6,884 5,973 1,633 3,199 2,095 3,971 315 2,365 91 2,574 21,454 25,125
Planted area (Has) 1,460 954 2,653 2,655 1,003 967 448 536 391 310 20 216 - - 151 1,615 - 137 6,125.5 7,390
Volume Harvested (MT) (2) 8,051 3,104 - - 2,186 1,405 1,957 426 9,047 - 375 12 - - -4,952 896 - 447 16,664 6,290
Third party supply (MT) - - - - 55 245 5,792 3,904 - - - -559 - - -14 340 - 4,007 5,833 7,937
Fresh % * 100% 100% 86% 96% 100% 0% 53% 73% 100% 100% 0% 0% 0% 0% 0% 39% 0% 0% 66% 69%
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
USD thousands YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD
Revenues 100,202 48,071 53,413 53,678 70,173 57,156 21,495 23,082 13,583 16,844 4,170 21,214 13,655 16,592 20,640 36,055 3,216 16,637 300,547 289,329
Cost of goods sold (38,785) (16,237) (33,739) (33,580) (63,784) (58,745) (17,166) (18,102) (13,584) (18,866) (4,697) (22,011) (9,852) (14,206) (27,208) (33,072) (3,159) (16,161) (211,974) (230,980)
Cost of goods sold (31,953) (12,804) (29,168) (28,220) (63,459) (58,253) (15,874) (16,532) (12,767) (17,338) (4,554) (21,507) (8,979) (13,394) (26,936) (32,406) (3,121) (16,253) (196,811) (216,707)
Drawback 815 803 819 1,089 1,698 1,974 559 728 392 379 55 661 208 230 331 1,387 79 607 4,956 7,858
Costs associated to
(7,647) (4,236) (5,390) (6,449) (2,023) (2,466) (1,851) (2,298) (1,209) (1,907) (198) (1,165) (1,081) (1,042) (603) (2,053) (117) (515) (20,119) (22,131)
sales
Gross profit 61,417 31,834 19,674 20,098 6,389 (1,589) 4,329 4,980 (1) (2,022) (527) (797) 3,803 2,386 (6,568) 2,983 57 476 88,573 58,349
Volumes produced (net
12,863 4,693 21,730 25,113 9,032 5,718 13,477 13,935 8,488 6,720 - 4,394 5,076 5,048 976 6,559 - 2,223 71,642 74,403
MT) (1)
Volumes sold (net MT) 10,941 4,436 22,947 27,274 8,876 10,309 12,328 13,753 7,475 9,806 7,397 10,066 5,661 8,400 4,980 9,237 1,404 6,448 82,009 99,729
Planted area (Has) 1,460 954 2,653 2,655 1,003 967 448 536 391 310 20 216 - - 151 1,615 - 137.0 6,125.5 7,390
Volume Harvested (MT) (2) 13,197 5,122 23,480 26,822 8,286 5,640 7,329 10,575 9,343 529 4,994 4,875 - - - 8,603 - 447.0 66,629 62,613
Third party supply (MT) - - 1,269 3,135 515 442 13,534 8,930 - - - 1,217 - - - 1,947 - 4,011 15,318 19,682
Fresh % * 100% 100% 86% 96% 100% 0% 53% 73% 100% 100% 0% 0% 0% 0% 0% 39% 0% 0.0% 67% 61%
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
4. Administrative expenses
Administrative expenses increased from USD 24.9 million in 2015 to USD 26.6 million in 2016.
The increase of USD 1.7 million is mainly explained by higher personal expenses and professional
fees.
Fixed selling expenses decreased from USD 8.7 million in of 2015 to USD 8.2 million in 2016. The
decrease of USD 0.5 million is mainly explained by lower personal expenses and general services;
net of an increase of insurance expenses.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Total other expense (income) change from net other expense of USD 0.1 million in 2015 to net
other expense of USD 4.9 million in 2016.
Other income in 2016 is mainly explained by USD 1.8 million from recovery of funds in escrow
from Inversiones Agricolas, USD 0.8 million for income from previous years, USD 0.6 million for
the write-off of payable accounts from previous years, USD 0.6 million from the lease of the Nor
Agro pepper plant and USD 0.5 million of insurance proceeds among other.
Other expenses in 2016 is mainly explained by USD 4.0 million provisions for inventory
impairment, USD 2.2 million assets disposal, USD 1.4 million impairment of trade accounts
receivable, and 0.5 million for expenses from previous years, among other.
Additions are composed of part of the equipment investment program, infrastructure and land
to improve production facility and fields. The adjustments are principally the net cost of fixed
assets from IAS-41.
As of 31.12.16
USD 000
Opening net book amounts of January 1, 2016 176,905
(+) Additions 18,352
(-) Write off (7,090)
(-) Depreciation (13,016)
(+/-
Adjustments 13,371
)
Closing net book amount as December 31,2016 188,522
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
Other accounts receivable decreased from USD 21.4 million at December 31st 2015, to USD 16.0
million at the end 2016.
As of 31.12.16 31.12.15
USD 000 USD 000
Custom duties refund - Drawback 897 1,240
Value added tax (IGV in Peru) 5,190 6,169
Income tax credit 6,749 7,281
Prepayments to suppliers 209 292
Doubtful accounts 2,251 866
Loans to Employees 169 209
Loans to Third parties 342 442
Deposits in guarantee 572 334
Subsidies 284 353
Other 1,616 5,076
18,280 22,262
Less :
Allowance to doubtful accounts (2,251) (866)
16,029 21,396
9. Inventories
Total inventories decreased from USD 47.1 million at December 31st 2015, to USD 32.8 million
by the end of 2016. The decrease of USD 14.3 million is mainly explained by the decrease of
finished products inventory such as asparagus and peppers.
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
The main transactions carried out between the Group and related companies are as follows:
As of
31.12.16 31.12.15
USD 000 USD 000
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
12. Seasonality
Company production is subject to seasonal fluctuations, with peak production in the third to
fourth quarter of the year. This is due to seasonal weather conditions which affect production.
In the discussion of operating results, CAMPOSOL refers to certain non-GAAP financial measures
such as EBITDA. CAMPOSOLs management makes regular use of these measures to evaluate
the performance, both in absolute terms and comparatively from period to period. EBITDA,
which CAMPOSOL defines as sales minus cost of goods sold, administrative and selling expenses
plus depreciation, amortization and amortization without IAS-41, is an approximation of cash
flow from continuing operating activities before tax and net operating capital changes.
Amortization without IAS-41 is the cost assigned to cost of goods sold that under an accounting
without IAS-41 would be considered amortization.
CAMPOSOLs definition of EBITDA may differ from that of other companies. EBITDA should not
be considered as an alternative to operating income and income before tax as an indicator of
the Companys operations in accordance with IFRS. Nor is EBITDA an alternative to cash flow
from operating activities in accordance with IFRS. A reconciliation of EBITDA to total profit
before income tax is provided as follows:
EBITDA before fair value adjustment 35,787 19,302 72,490 42,850 42,888
Share of gain (loss) of associated companies 940 578 728 253 253
Finance income 89 (30) 846 13 13
Finance costs (6,136) (6,047) (24,717) (24,969) (24,969)
Currency translation differences (2,787) 39 (2,455) (5,222) (5,222)
Profit before income tax 78,179 40,239 109,541 30,956 27,959
** Audited
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CAMPOSOL Holding Ltd Fourth Quarter and Preliminary Full Year 2016 Report
About CAMPOSOL
CAMPOSOL is the leading agro industrial company in Peru, the first producer of avocados and
soon the first producer of blueberries in the world. It is involved in the harvest, processing and
marketing of high quality agricultural products such as avocadoes, blueberries, grapes, mangos,
tangerines and shrimp; which are exported to Europe, the United States of America and Asia.
CAMPOSOL is a vertically integrated company located in Peru, offering fresh and frozen
products. It is the third largest private employer of the country, with more than 13 thousand
workers in high season, and is committed to support sustainable development through social
responsibility policies and projects aimed to increase the shared-value for all of its stakeholders.
CAMPOSOL was the first Peruvian agro industrial company to present annual audited
Sustainability Reports and has achieved the following international certifications: BSCI, Global
Gap, IFS, HACCP and BRC among others.
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