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Camposol seen as stable by investors

Camposol is a leading agro-industrial vertically integrated company in Peru, offering fresh, preserved and frozen products. It is also involved in the harvest, processing and marketing of agricultural products such as avocados, asparagus and blueberries. Asparagus and avocados represented 52% (26% each) of Camposol's total revenues for the latest twelve months (LTM) ended September 2014. Camposol's competitive advantages are due to its vertical integration on production and strategic location which allow high product yields. Camposol also benefits from the worldwide trends toward the consumption of healthy products and the opening of the U.S. market for the Peruvian Hass avocados since 2011.

Camposol has been growing rapidly at a CAGR of 18.5% over the last five years. This growth was mainly driven by volumes rather than prices. Camposol's total revenue was US$276 million while EBITDA was US$44.2 million for LTM ended September 2014.

Camposol did however, report weak third-quarter 2014 (3Q'14) results due to lower prices because of an unanticipated overproduction of avocados in that period as a result of mild climatic factors and inefficiencies on the distribution system at end market. Fitch expects that revenues will continue to grow in portion of its new planted hectares which are entering into maturity phases. For 2014, Fitch projects EBITDA at about US$40 million, reaching US$52 million in 2015, and factors an EBITDA margin in the range of 16-18% through the cycle.

Camposol's product, customer and regions are concentrated. 100% of production is located in the north of Peru and about 50% of Camposol's revenues are explained by two products (asparagus and avocados). Any variation in prices, costs and volumes of these products have an important impact over the company's results. In addition, 92% of Camposol's revenues are originated in Europe (41%) and the United States (51%).

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