EMPRESAS AQUACHILE S.A. as of September 30th, 2017 November 28th, - - PowerPoint PPT Presentation

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EMPRESAS AQUACHILE S.A. as of September 30th, 2017 November 28th, - - PowerPoint PPT Presentation

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Q3 2017 RESULTS PRESENTATION EMPRESAS AQUACHILE S.A. as of September 30th, 2017 November 28th, 2017 Highlights Financial Review Production s Performance Sales Outlook Highlights Atlantic Salmon s price at similar levels compared

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SLIDE 1

Q3 2017 RESULTS PRESENTATION EMPRESAS AQUACHILE S.A.

as of September 30th, 2017

November 28th, 2017

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SLIDE 2

Highlights

Financial Review Production’s Performance Sales Outlook

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SLIDE 3

Pág. Nº3

Highlights

♦ Atlantic Salmon’s price at similar levels compared to Q3 2016 but 40% up if comparing on a YoY basis. ♦ Trout’s price rose 7% compared to Q3 2016 and 28% if comparing whole cumulative periods (2017 YTD vs. 2016 YTD). ♦ Better sale prices and lower costs allowed an increase of 100% in the Operational Margin and of 203% in the EBITDA on a QoQ basis. ♦ Five quarters in a row with positive EBIT, EBITDA and Net Income ♦ Net Financial Debt presents a reduction of US$ 25,7 millions compared to December of 2016. ♦ Recovery of the Company’s productive capacity in progress.

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SLIDE 4

Highlights

Financial Review

Production’s Performance Sales Outlook

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SLIDE 5

Pág. Nº5 (1) “Cost of Goods Sold” minus the “Adjustment by depreciation and amortization” (2) “Costs of Distribution” plus “Administration Expenses” (3) “Fair Value of harvested and sold biologic assets” plus “Fair Value of biologic assets of the exercise” (4) “Other Income” minus “Other Expenses” plus “Exchange Rate differences” plus “Result of units adjustments”

Consolidated P&L

Figures in thousands US$ Q3-17 Q3-16 ∆QoQ 2017 YTD 2016 YTD ∆YoY 2016 Revenues 106.283 121.315

  • 12%

423.889 403.580 +5% 618.628 Cost of Goods Sold (1)

  • 84.213
  • 110.267
  • 24%
  • 312.060
  • 389.463
  • 20%
  • 535.395

Operational Margin 22.070 11.048 +100% 111.829 14.117 +692% 83.233 Other costs and operating expenses (2)

  • 6.629
  • 5.951

+11%

  • 19.949
  • 20.427
  • 2%
  • 26.999

EBITDA pre FV adj. 15.441 5.096 +203% 91.880

  • 6.310
  • 56.235

% EBITDA / Revenues 14,5% 4,2% 21,7%

  • 1,6%

9,1%

Adjustment by depreciation and amortization

  • 8.354
  • 6.567

+27%

  • 24.731
  • 24.104

+3%

  • 32.748

EBIT pre FV adj. 7.087

  • 1.470
  • 67.149
  • 30.414
  • 23.487

Net efect of biomass Fair Value Adj. (3) 10.043 23.402

  • 57%
  • 4.416

57.731

  • 59.916

EBIT post FV adj. 17.130 21.932

  • 22%

62.733 27.318 +130% 83.402 Financial expenses

  • 4.579
  • 5.188
  • 12%
  • 13.923
  • 13.262

+5%

  • 18.957

Financial Income 226 147 +53% 752 451 +67% 664 Other non operational income/expenses (4) 903 1.695

  • 47%
  • 395
  • 44.265

+99%

  • 46.480

Income taxes

  • 3.270
  • 9.700
  • 66%
  • 15.454

1.082

  • 11.733

Net Income 10.410 8.886 +17% 33.713

  • 28.676
  • 6.896

% Revenues 9,8% 7,3% 8,0%

  • 7,1%

1,1%

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SLIDE 6

Pág. Nº6

25

  • 12
  • 18 -21
  • 12
  • 2

19 39 15 2 22 5

  • 19 -26
  • 17
  • 10
  • 1

5 63 50 26

15 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

EBITDA* (US$ millions)

2

  • 17
  • 10
  • 17
  • 5
  • 28
  • 2

26 11

  • 5
  • 2
  • 3
  • 12
  • 36
  • 21
  • 30
  • 30
  • 8

9 36 18 5

10 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Net Income (US$ millions)

158 100 96 56 152 193 191 202 226 172 158 224 192 146 135 151 159 124 121 215 197 121106

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Sales (US$ millions)

0,82

  • 0,28
  • 1,13
  • 1,25
  • 0,92
  • 0,63
  • 0,24

0,52 1,03 0,40

  • 0,22

0,34

  • 0,08
  • 1,23
  • 1,48
  • 0,89
  • 0,69
  • 0,35

0,01 1,75 1,73 1,56

0,74 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

EBIT** (US$ / Kg WFE)

* EBITDA & EBIT Pre Fair Value ** EBIT of Salmons and Trout

Quarterly Financial Ratios Evolution

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SLIDE 7

Pág. Nº7

62% 18% 2% 14%

Atlantic Salmon Q3 Sales (US$) Trout Pacific Salmon Tilapia 2017 YTD Q3-2017 Volume (Ton WFE): 7.682 28.971 Sales (Th. US$): 47.730 200.259 EBIT (Th. US$): 4.216 37.159 EBIT / Kg (US$/Kg WFE): 0,55 1,28 Volume (Ton WFE): 2.725 8.103 Sales (Th. US$): 18.200 55.485 EBIT (Th. US$): 3.558 17.077 EBIT / Kg (US$/Kg WFE): 1,31 2,11 Volume (Ton WFE): 31 9.765 Sales (Th. US$): 186 48.246 EBIT (Th. US$):

  • 89

14.395 EBIT / Kg WFE (US$/Kg WFE):

  • 2,87

1,47 Volume (Ton WFE): 4.050 14.352 Sales (Th. US$): 10.553 35.744 EBIT (Th. US$):

  • 599
  • 1.482

EBIT / Kg WFE (US$/Kg WFE):

  • 0,15
  • 0,10

Financial Summary by Specie

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SLIDE 8

Pág. Nº8

Balance Sheet

♦ Total Assets grew 4,1% between December 2016 and September 2017, mostly because of a higher collection of sales during the period and also due to a bigger volume of growing biomass. Adding to that, the consolidation of Salmones Chaicas also had an effect on the asset base’s growth. ♦ Total Liabilities show a decrease of 1,4%, pushed by the reduction of Financial Debt and the lower volume

  • f Accounts Payables.

Figures in Th. US$

Sep 17 Dec 16 ∆ YTD Total Assets 790,730 759,552 +0.5% Cash and cash equivalents 42,577 36,993 +93.7% Accounts receivables 49,093 82,383

  • 48.5%

Biological assets - Inventory 301,844 257,327

  • 2.8%

PP&A 188,586 179,413 +5.3% Others Assets 208,630 203,435 +3.2% Total Liabilities 425,088 430,972 +5.3% Financial Debt 254,609 274,648

  • 8.7%

Accounts payable 114,902 124,379

  • 13.8%

Others Liabilities 55,576 31,944 +56.5% Equity 365,642 328,580 +8.1% Total Equity and Liabilities 790,730 759,552 +0.5%

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SLIDE 9

Pág. Nº9

Cash Flow

Summary (Thousands of US$)

♦ The Operation Activities show an increase of MMUS$ 45 if compared to Q3 2016 ♦ The disbursement of MMUS$ 11,1 for Investment Activities is made up by 31% destined to the acquisition of Salmones Chaicas S.A. and by 69% related to

  • ther investments in Fixed

Assets. ♦ On the Financing Activities side, as of 30th of September 2017, the Company registers two amortizations of MMUS$ 15 each related to the Syndicated Debt . 2017 YTD 2016 ∆ YoY Operating activities 55,612 58,522

  • 5%

Investment activities

  • 11,110

8,532

  • Financing activities
  • 40,180
  • 39,369

+2% Net change in cash 5,584 27,547

  • 80%

Cash at the end of the period 42,577 36,993 +15%

36,993 +55,662

  • 11,110
  • 40,230

42,577 31 Dec 2016 Operating Investment Financing 30 Sep 2017

Cash variation (Figures in ThUS$)

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SLIDE 10

Highlights Financial Review

Production’s Performance

Sales Outlook

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SLIDE 11

Pág. Nº11

Harvests (Thousand tons. WFE)

7,5 16,5 15,2 13,8 14,7 10,1 17,6 16,4 20,1 13,6 15,9 18,1 21,4 5,9 5,4 16,1 11,8 10,0

7,6 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Harvest weight evolution (Kg WFE)

5,35

0,0 1,5 3,0 4,5 6,0

mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17

1,46 1,53 1,49 2,27 1,73 1,43 1,51 1,73 1,59 1,57 1,56 1,53 1,42 1,39

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1-17 Q2-17 Q3-17

FCRe* Monthly mortality (%)

0,75% 0% 1% 2% 3% 4% 5% mar-12 jun-12 sept-12 dic-12 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17 Algae Bloom * Economic Feed Convertion Ratio

Summary by Specie: Atlantic Salmon

Quarterly

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SLIDE 12

Pág. Nº12

Harvests (Thousand tons. WFE)

11,9 5,3 5,8 5,1 11,1 5,8 4,7 4,2 4,6 5,1 5,7 4,0 4,5 0,3 1,9 3,4 3,6 1,9

3,3 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 3,1

0,0 1,5 3,0 4,5

mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17

Harvest weight evolution (Kg WFE) FCRe*

1,35 1,48 1,88 1,53 1,53 1,53 1,75 1,50 1,53 1,32 1,54 1,38

1,29 2006 2007 2009 2010 2011 2012 2013 2014 2015 2016 Q1-17 Q2-17 Q3-17 0,82% 0% 2% 4% 6% 8% mar-12 jun-12 sept-12 dic-12 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17

Monthly mortality (%)

Summary by Specie: Trout

Quarterly * Economic Feed Convertion Ratio

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Pág. Nº13

Harvests (Thousand tons. WFE) Harvest weight evolution (Kg WFE)

1,20

0,0 1,5 3,0 4,5

mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17

FCRe*

1,30 1,32 1,23 1,42 1,32 1,28 1,23 1,31 1,32 1,25 1,20 1,05 1,20

1,31 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1-17 Q2-17 Q3-17 Quarterly 1,56% 0% 2% 4% 6% mar-12 jun-12 sept-12 dic-12 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17

Monthly mortality (%)

Summary by Specie: Pacific Salmon

* Economic Feed Convertion Ratio

0,6 20,1 9,4 11,6 11,1 12,2 6,6 0,6 14,5 4,7 0,2 17,9 6,4

0,03

Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Temp 13-14 Temp 14-15 Temp 15-16 Temp 16-17 Temp 12-13

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Highlights Financial Review Production’s Performance

Sales

Outlook

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Pág. Nº15

23 13 13 16 29 32 27 28 31 19 18 34 28 20 22 27 30 18 13 32 24 12 10

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Atlantic Salmon Trout Pacific Salmon

2,0 3,0 4,0 5,0 6,0 7,0 dic-10 mar-11 jun-11 sept-11 dic-11 mar-12 jun-12 sept-12 dic-12 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17

Atlantic Salmon Price Evolution - Fob Miami

(US$ / Trim D 2-3 Lb)

Sales Volume (Th. tons WFE)

Source: Urner Barry

Sales’ Revenues

♦ Physical sales of 10.000 tons WFE of salmonids during Q3 2017 (∆-20,6% QoQ) ♦ Pacific Salmon experienced a reduction of its physical sales (∆-99,3%) ♦ Atlantic Salmon and Trout experienced a growth of ∆+10% y ∆+49,2% respectively on their physical sales ♦ Lower QoQ market price (∆ -9% QoQ) ♦ Nevertheless, the Q3-17 sales price for the mix of salmonids of AquaChile grew by 15,7% compared to Q3-16.

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SLIDE 16

Pág. Nº16

♦ The lower volumes of Pacific Salmon sold during Q3-17 (∆ -4.305 tons WFE) explain most of the reduction in sales of the third quarter of the year if compared to the same period of 2016. This couldn’t be compensated by the higher sale prices of this specie neither by the higher sale volumes of Atlantic Salmon and Trout.

Figures in million US$

Analysis of the QoQ Income Variation

121

+4 +1 +6 +9

  • 26

+0

  • 1
  • 2
  • 8

106

∆ Price ∆ Volume Atlantic Salmon Sales Q3-16 Trout Pacific Salmon Tilapia Feed Sales Q3 -17 Other Income

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SLIDE 17

Pág. Nº17

17

  • 20
40 60 80 100 120 140

19 2 9

20 40 60 80 100 120 140

10 4 5

20 40 60 80 100 120 140

Europe (6%)

Salar

50 2 4

20 40 60 80 100 120 140

99 12

20 40 60 80 100 120 140

USA (37%) LATAM (18%) Asia ex–Japan (6%) Russia (10%) 4 36 31

20 40 60 80 100 120 140

Trout Coho

Final Products’ Sales by Market (as of September 2017)

Figures in millions US$

Japan (23%)

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SLIDE 18

Highlights Financial Review Production’s Performace Sales

Outlook

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SLIDE 19

Pág. Nº19

Atlantic Salmon (Th. tons)

Source: ABG Sundal Collier

945 1.006 1.183 1.144 1.199 1.234 1.171 1.195 1.277 130 221 364 468 583 598 505 548 582 559 407 453 430 446 485 486 512 539

1.634 1.634 2.000 2.042 2.228 2.317 2.162 2.255 2.398

2010 2011 2012 2013 2014 2015 2016 2017E 2018E Norway Chile Others

World’s Harvests Projection

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SLIDE 20

Pág. Nº20 Source: ABG Sundal Collier

Norway Chile

♦ By the 27th week of the year the price of the chilean Atlantic Salmon in Miami (Trim D and average weight of 3–4 Lb) began to show a downward trend, but since the 31st week it has stabilized around 4,7 US$/lb.

Atlantic Salmon Price Evolution

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SLIDE 21

Pág. Nº21

Harvests CAPEX (Figures in million US$)

30 49 22 5 6 38 70 25 20 17 3 13 32

`06 `07 `08 `09 `10 `11 `12 13 14 15 16 17E 18E

AquaChile’s Production Outlook

Tons WFE Q1-16 Q2-16 Q3-16 Q4-16 2016 Q1-17 Q2-17 Q3-17 Q4-17 2017E 2018 E Atlantic Salmon 21.404 5.945 5.353 16.060 48.762 11.755 10.039 7.586 19.836 49.216 52.784 Trout 4.483 259 1.850 3.447 10.039 3.554 1.908 3.332 1.329 10.124 19.852 Pacific Salmon 4.728 186 17.902 22.815 6.404 32 17.761 24.197 23.429 Total Salmonids 30.615 6.204 7.388 37.409 81.616 21.714 11.947 10.950 389.126 83.537 96.065 Tilapia 4.275 4.462 4.667 4.019 17.424 5.068 4.342 4.091 4.160 17.662 16.895 Total Salmonids & Tilapia 34.891 10.666 12.055 41.428 99.040 26.782 16.290 15.041 43.086 101.199 112.960

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SLIDE 22

Investor.relations@aquachile.com

Thank you