March 20, 2015 1
Revenues Jan – Dec (MUS$) 2013 2014 +13% 496.4 438.8 +11% +18% 278.5 251.8 +10% 184.4 156.5 33.5 30.5 Fishing Salmon Other Seafood TOTAL Oct – Dec (MUS$) +9% 143.2 131.5 -12% +47% 79.7 70.3 65.9 44.7 7.1 7.1 Fishing Salmon Other Seafood TOTAL 2
Q4 Revenues - Fishing Fishmeal 2013 2014 Volume (Ton) Average price (US$/Ton) Revenues (US$ million) Q4 2013 20,439 1,398 29 Q4 2014 17,929 2,013 36 -12% +44% +26% 143.2 131.5 +47% 79.7 MUS$ 70.3 65.9 44.7 7.1 7.1 Fishing Salmon Other Seafood TOTAL 3
Q4 Revenues - Fishing Fish oil 2013 2014 Volume (Ton) Average price (US$/Ton) Revenues (US$ million) Q4 2013 1,338 1,916 2.6 Q4 2014 4,040 1,960 7.9 +202% +2% +209% 143.2 131.5 +47% 79.7 MUS$ 70.3 65.9 44.7 7.1 7.1 Fishing Salmon Other Seafood TOTAL 4
Q4 Revenues - Salmon Atlantic Salmon 2013 2014 Volume (Ton WFE) Average price (US$/Kg WFE) Revenues (US$ million) 64 5.8 Q4 2013 10,970 60 5.2 Q4 2014 11,384 +4% -10% -7% Other factors: • Trout: Drop of MUS$ 1,5. 143.2 131.5 -12% 79.7 MUS$ 70.3 65.9 44.7 7.1 7.1 Fishing Salmon Other Seafood TOTAL 5
Revenues 2014 - Mussels Mussels 2013 2014 Revenues (US$ million) Volume (Ton) Average price (US$/Kg) YTD Q4 2013 2.6 17 6,668 YTD Q4 2014 2.7 23 8,422 +26% +7% +36% Significant rise in mussel’s revenues with improvements in sale volume and price. 6
Results Jan – Dec (MUS$) 2013 2014 11.1 6.5 6.2 0.1 -1.5 -7.4 -9.5 -16.9 Fishing Salmon Other Seafood TOTAL Oct – Dec (MUS$) 14.3 11.0 7.2 1.0 -0.4 -1.7 -3.0 -4.5 Fishing Salmon Other Seafood TOTAL 7
Other Seafood Results Jan – Dec (MUS$) 2013 2014 11.1 6.5 6.2 0.1 -1.5 -7.4 -9.5 -16.9 Fishing Salmon Other Seafood TOTAL Northern Southern Other Seafood Other Seafood 52% of the losses due to the suspension of operations in Bahía 3.3 Inglesa (an extraordinary disbursement of US$ 2.5 million). • Severance and termination benefits: US$ 774 thousand -2.4 • Write-off of concessions: US$ 506 thousand -1.5 • Write-off of farm-related assets: US$ 511 thousand -2.5 • Write-off of plant and workshop-related assets: US$ 357 thousand -4.9 -5.9 This will lead to reductions in production to approximately 130-140 tons per year (only in Guanaqueros, 4th region). 8
EBITDA (before Fair Value) Jan – Dec (MUS$) 2013 2014 66.1 33.1 31.5 11.9 11.2 6.1 1.6 -5.3 Fishing Salmon Other Seafood TOTAL Oct – Dec (MUS$) 23.5 17.4 16.0 14.7 9.3 4.1 -0.4 -2.8 Fishing Salmon Other Seafood TOTAL 9
Development: Last 4 mobile quarters EBITDA (MUS$) Revenues (MUS$) X% EBITDA/Revenues 496 485 483 459 448 439 437 419 400 13.3% 12.4% 11% 66.1 60.0 53.0 5.6% 25.5 2.7% 1.7% 1.6% 1.1% 0.4% 11.9 7.2 6.5 4.9 2.0 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 10
Driver: Pelagic Fishing Sardine: Biomass recover. Catches rose 124% in 2014 over 2013 and represents the annual quota. Jack Mackerel: Catches equivalent to 2014’s quota in the south with 3 thousand tons in Q4 due to quota transfer from the north to the south. Anchovy: Catches equivalent to 2014’s quota, but lower than 2013 (-15%). Langostino 7 6 Sardine 6.5 96 43 Jack Mackerel 87 38 17 Anchovy 43 2 38 46 50 14 23 16 9 3 24 19 17 71 152 129 3 115 43 4 40 28 28 27 26 18 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 Quota 2015 E Q1 Q2 Q3 Q4 Year Thousands of tons In the case of the sardine, catches include own and third party. 11 Company’s estimations are based on current information, which could change due to deviations
Jack mackerel’s catches situation in the south As of week 11: % of catched quota 2013 2014 2015 49% 37% 7% Camanchaca Rest of the industry 50% 37% 9% Source: InPesca Slow start in 2015 ’s season. Despite the abundant biomass of jack mackerel between the 3rd and 5th region, fishing operations have been stopped by the mixture of big fish with juveniles. Late March or early April: the jack mackerel enters through the South in the 10th region, with the retreat of the masses of warm water northward. 12
Driver: Fishmeal Price Price recover from Q1 2014 with an important rise from Q3 2014. Peru’s Fishing Quota: No quota. US$ x ton (Camanchaca) Peru’s Fishing Quota: November to January: May to July: May to July: November to January: May to July: November to January: 2.5 M Ton 2.5 M Ton 2 M Ton No quota 2.7 M Ton 800 Th Ton (68% catched) 2,320 Prime 2,013 Fishmeal Price 1,850 1,813 1,803 (Chile) 1,777 IFFO Week 10 2015 1,567 1,532 1,504 1,492 1,398 1,337 1,192 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 1,478 1,605 1,763 13
China: Port off-takes and Stocks Drop in off-takes and stocks. Source: IFFO 14
Net stocks (valued at cost) Significant drop in Fishing stocks during Q4 2014. December 31, 2014 September 30, 2014 Months of VOLUME ThUS$ VOLUME ThUS$ Production SALMON Atlantic Salmon and Trout (Tons) 6,021 2.8 37,889 3,581 28,842 Salmon Total 37,889 28,842 FISHING 4,879 1.1 5,492 9,886 12,391 Fishmeal (Tons) Fish oil (Tons) 692 0.7 984 3,864 3,172 Frozen Jack Mackerel (Tons) 1,418 1.1 1,058 4,763 3,528 Canned Fish (thousands of boxes) 169 2.1 3,211 522 8,993 Langostino Lobster (Tons) 382 5.0 4,789 401 5,503 Fishing Total 15,534 33,587 OTHER SEAFOOD Mussels (Tons) 1,230 1.7 3,026 1,609 3,272 Abalone (Tons) 117 6.6 2,915 183 4,630 Scallops (Tons) 80 4.1 1,108 77 1,372 Other Seaafood Total (Tons) 7,049 9,274 COMPANY TOTAL 60,472 71,703 15
Driver: Salmon Farms Sanitary Conditions Mortality – Atlantic Salmon 2013 2014 % in closed cycle 19.8% 12.1% 11.8% 11.7% 10.2% 9.8% 9.8% 9.7% 9.0% 8.2% Q1 Q2 Q3 Q4 Year Economic Feed Conversion Rate – Atlantic Salmon 1.55 1.53 1.44 1.44 1.42 1.42 1.42 1.41 1.34 1.31 1.20 Q1 Q2 Q3 Q4 Year 16
Atlantic Salmon: Development in growth forecasts for 2015 Kontali Variation in projections within the same source: Contraction of Chile is minimized. Norway Chile World 8.0% 6.6% 6.0% 4.2% 4.2% 4.0% 4.0% 3.2% 2.8% 2.5% 1.9% 2.0% 0.0% -2.0% -4.0% -3.8% -4.2% -6.0% -6.6% -6.6% -8.0% Nov-14 Dec-14 Jan-15 Feb-15 17
Atlantic Salmon: Growth forecasts for 2015 Salmonex, Nordea and Kontali. Thousands of tons WFE Salmonex (March 2015) Nordea (March 2015) Kontali (February 2015) 2014 2015 2014 2015 2014 2015 Norway 1,198 1,254 1,198 1,254 1,199 1,249 Annual growth 4.7% 4.7% 4.7% 4.7% 4.8% 4.1% Chile 590 589 583 572 583 562 Annual growth 26% -0.2% 24% -1.9% 25% -3.7% Otros 460 485 456 483 445 480 Annual growth 5.3% 5.4% 4.7% 5.9% 3.5% 7.8% Total Global 2,248 2,328 2,237 2,309 2,227 2,290 Annual growth 9.6% 3.5% 9.1% 3.2% 9.1% 2.8% Global supply 2015 Chile's supply 2015 3.5% 3.2% 2.8% -0.2% -1.9% -3.7% Salmonex Nordea Kontali 18
Driver: Atlantic Salmon Price Stable prices with a drop in Q3 and Q4 2014 2013 2014 US$ x kg WFE (Salmones Camanchaca) Harvest (Thousands of Tons) Δ +10% 6.0 Δ -9% 5.8 5.8 Δ -5% 5.7 5.6 Δ +44% 5.4 Δ +23% 5.2 5.1 4.7 4.2 14.3 39.3 11.6 10.9 33.1 9.2 9.2 7.1 5.1 5.0 Q1 Q2 Q3 Q4 Year 2015 harvest (E): 38 – 40 Th tons 19
2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Urner Barry Trim C 2-3 - US$/Lb During March, market prices 14% below trend line. Atlantic Salmon Price: Long-term trend jan-04 may-04 sep-04 jan-05 may-05 sep-05 jan-06 may-06 sep-06 jan-07 may-07 sep-07 jan-08 may-08 sep-08 jan-09 may-09 sep-09 jan-10 may-10 sep-10 jan-11 may-11 sep-11 jan-12 may-12 sep-12 jan-13 may-13 sep-13 jan-14 may-14 sep-14 20 jan-15 mar-15
Camanchaca’s Atlantic Salmon RMP Camanchaca’s RMP (Raw Material Return) higher than the Urner Barry and Salmonex indexes . Camanchaca vs Market (Salmonex, January 2012 = Base 100) Urner Barry Salmonex Camanchaca 180 160 140 122 117 120 105 100 100 89 80 74 60 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 21
Driver: Diesel Price Drop from Q4 2014 2013 2014 US$ x lt 0.88 0.86 0.84 0.83 0.84 0.83 0.84 0.82 0.81 0.70 Q1 Q2 Q3 Q4 Year Fuel consumption 2013 2014 Δ dec-13 dec-14 Δ Diesel (Million lt) 15.4 13.9 -10% 1.5 0.7 -55% Price (US$/lt) 0.84 0.81 -4% 0.82 0.62 -24% Bunker (Million Kg) 11.6 13.0 12% 1.1 0.3 -77% Price (US$/Kg) 0.66 0.62 -6% 0.63 0.45 -29% Total expenditure (MUS$) 20.6 19.3 -6% 2.0 0.6 -72% 22
Atlantic Salmon and Mussels : Camanchaca’s main destination markets FOB exports 2014: US$ 241 million Others; 18% USA; 43% Russia; 6% Euro Zone; 7% Brazil; 8% Mexico; 8% Japan; 10% 23
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