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Camposol Holding Plc. (OSL:CSOL) Third Quarter 2008 Financial Results

Camposol Holding Plc. (OSL:CSOL) Camposol Holding Plc. reported sales of USD 45.0 million in the third quarter 2008 compared to USD 37.1 million in the second quarter. EBITDA before fair value adjustment was USD 4.5 million in the third quarter compared to USD 8.3 million in the second quarter.

Sales in the first nine months of the year were USD 113.6 million, whilst EBITDA before fair value adjustment was USD 13.1 million.

The current financial markets turmoil is hurting our sales through lower build-up of distributor inventory levels and the weakening of the Euro against the US dollar. As a result, visibility going forward is low. Thus, we will suspend new investments into 2009, as well as artichoke production for next year, which will generate a slightly better cash flow scenario, says CEO Juan Jose Gal'lino.

In the third quarter of 2008, Camposol eliminated 270 Has of asparagus that have passed their productivity peak and were no longer profitable. The company has also planted 42 Has of avocado. As of September 30, 2008, the group has also planted 446 Has of pepper, 889 Has of artichoke, and has 246 Has of shrimp ponds.

Camposol introduced two new products into its product mix during the third quarter; red table grapes and tangerine. 100 Has of red grapes and 100 Has of tangerine will be planted during the remainder of the year.

Camposol has been affected by the current international financial turmoil in two ways. First of all, distributors for Camposol products have had limited lines of credit, which have forced them to lower their inventory levels, thereby decreasing Camposol sales. Secondly, sales in terms of Euros have decreased due to the weakening of the US dollar. These two events have only partially been offset by the strengthening of the Peruvian Sol and the significant drop in fertilizer prices.

Although approximately 50 percent of Camposol prices going into Q4 were fixed in Q2 and Q3, the above mentioned circumstances are expected to lower prices in US dollars, as well as margins, for the remainder of the year. As a result, Camposol will have difficulties in achieving a previously expected EBITDA level for 2008.

CEO Juan Jose Gal'lino and CFO Piero Dyer Coriat will hold a conference call presentation and Q&A session for investors, analysts and media today, November 28th, 2008 at 4:00 pm Central European Time (3:00 p.m. GMT, 10:00 a.m. EST, 7:00 a.m. PST).

For full report, please see attached.

About Camposol Camposol is the leading agro industrial company in Peru, involved in the cultivation, processing and commercialization of agricultural products such as asparagus, sweet peppers, artichoke, avocado and mango. These are exported as fresh, preserved or frozen products mainly to markets in Europe and the United States of North America. Camposol encompasses a totally integrated business from the production of raw material in the fields to processing in the industrial plant and subsequent commercialization in Europe and the United States. Camposol has about 20,000 own hectares of agricultural land in 3 different locations in the Peruvian coast of which over 4,800 are already planted, and has one fully owned processing plant for fresh, preserved and frozen products. The company has around 10,000 part and full time employees.

Please visit www.camposol.com.pe

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/138464/R/1273743/283033.pdf

Camposol Holding Plc.

http://www.camposol.com.pe/

ISIN: CY0110601115

Stock Identifier: OSE.CSOL

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Camposol Holding Plc.

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