Results 4Q17 Agenda 01 04 03 02 General Financial SKs - - PowerPoint PPT Presentation
Asesores Financieros 4Q17 Results Presentation| March 2018 Larrainvial 12 Annual Andean Conference Santiago Results 4Q17 Agenda 01 04 03 02 General Financial SKs subsidiaries Main Background Highlights Exhibits Consolidated
Asesores Financieros
Larrainvial 12 Annual Andean Conference Santiago
Results 4Q17
Main Consolidated figures
SK’s subsidiaries Highlights
Financial Exhibits
General Background
▪3
121 286
Source: Company Note: The percents correspond to the ownership of Sigdo Koppers over its subsidiaries, as of March 2017 (1) Net Profit of 2011 have an extraordinary effect of US$157 millions mainly due to the sale of CTI (2) Net Profit of 2013 have an extraordinary loss of US$29.2 millions mainly due to the sale of Sigdopack
Corporate Presentation |
Sigdo Koppers Sales
(US$ millions)
Consolidated EBITDA
(US$ millions)
Net Profit
(US$ millions)
Sigdo Koppers, Chilean conglomerate founded in
industrial groups in Chile. Our commitment is a long term investment industrial approach, aiming to be a comprehensive supplier of products and services for the mining and industrial operations worldwide.
SK Comercial Ingeniería y Construcción Enaex Magotteaux
60,62% 60,72% 97,75% 87,20%
Enaex Magotteaux SK Comercial SKBergé Puerto Ventanas SK Godelius
50,01% 58,19% 40,00%
▪4
Ownership Structure Board of Directors
Source: Santiago Stock Exchange.
(1) Last 12 month
Corporate Presentation
Sigdo Koppers ▪ Daily Average vol. traded (1): US$0.6 millions ▪ Market Cap: US$2.2 billions (As of Feb 28th 2018)
1. Juan Eduardo Errázuriz Ossa Chairman
Takahashi Vicepresident
Director
Talavera Director
Independent Director
Director
Director
5
ORE PROCESSING
✓ Strategic Focus: Provide products and services for the mining and industry ✓ Involved in the main stages of the mining value chain ✓ aprox. 75% of the SK’s Consolidated EBITDA comes from the exposure to the mining activities
Corporate Presentation |
Investment approach
Anglo American - Minera Los Bronces:
…
MINING OPERATION SALES & LOGISTICS MINING DEVELPOMENT
1 3 4 2 1 2 3 4
+ + +
BHP Billiton - Minera Escondida:
1 2 3 4
+ + +
Codelco – Andina:
1 2 3
+ +
Results 4Q17
Main Consolidated figures
SK’s subsidiaries Highlights
Financial Exhibits
General Background
7
▪ Consolidated revenues amounted to US$2.20 billion, a similar
level compared to Dic-16.
✓
Magotteaux sales rose 6%, inline with a higher level
✓
Lower sales at SK Comercial, mainly due to a decrease in Chile and Perú.
▪ Consolidated EBITDA amounted to US$286 millions (-2%) ✓
Higher level of EBITDA in Puerto Ventanas by greater transfer of cargo.
▪ Net profit totaled US$83 millions (-2%), a decrease explained
by:
✓
Lower performance
the Engineering and Construction business due to the low level of activity and lower yields than expected in some works
✓
The negative impact of the increase in raw materials (ferrochrome and scrap) in Magotteaux
✓
Lower level of sales in the machinery distribution business in Chile.
▪ Sigdo Koppers is executing plans of reorganization and cost
efficiency in its different subsidiaries
▪
Sigdo Koppers has a good consolidated Cash liquidity of US$311 millions and a conservative level of consolidated debt
▪
The net financial debt-to-EBITDA ratio is 2.62x and if we add consortiums net profit is 2.54x
(1) EBITDA = Ganancia Bruta + Otros Ingresos por Función – Costos de Distribución - Gastos
de Administración – Otros Gastos por Función + Gastos de Depreciación y Amortización
(3) EBITDA Pro-forma: considera las utilidades de empresas relacionadas que no consolidan.
Results 4Q17 Dic-16 Dic-17
Var.
Sales 2.191.918 2.204.618
0,6%
EBITDA (1) 291.018 285.930
EBITDA Margin 13,3% 13,0%
EBITDA Pro Forma (2) 336.471 318.038
Profit (Loss) 125.764 127.081
1,0%
Sigdo Koppers Net Profit (non recurrent) 85.009 83.386
Dec-16 Dic-17
Var.
Total Assets 3.546.436 3.628.916
2,3%
Total Equity (3) 1.680.342 1.767.172
5,2%
Net Debt 811.317 750.573
Net Debt / EBITDA
2,79 2,62
ROE 255,41% 254,37% ROCE 6,70% 6,26% Consolidated Income Statement Figures in ThUS$
Results 4Q17
Main Consolidated figures
SK’s subsidiaries Highlights
Financial Exhibits
General Background
9
▪…
OPERACIÓN VENTA Y LOGÍSTICA ▪ DESARROLLO PROCESO
Resultados Dic-16
60,43% 60,72% 87,2% 97,75% 40,0% 50,01% 51,82%
53 años de experiencia en más de 300 proyectos de gran envergadura
(Presencia en Chile y Perú)
Producción de Nitrato de Amonio y Servicios de Tronadura Venta, Arriendo y Servicio de Maquinaria de prestigiosas marcas
(Presencia en Chile, Perú Brasil y Colombia)
Comercialización de automóviles
(Presencia en Chile, Perú Argentina y Colombia)
Producción de Bolas de Molienda y Piezas de desgaste (casting)
(Presencia en 11 países)
Puerto de Carga a granel y combustible. Dueña de 52% Fepasa (tpte. ferroviario)
Cadena de valor de la minería e industria Results 4Q17
Resultados Dic-16
10
Results 4Q17
▪ Lower level of investments in Chile and Peru evidenced in recent years
has affected the performance of the company
▪ Sale of fixed assets with profit of $ 5,051 million ▪ ICSK Brasil
➢ Construction of electric transmission lines in Brazil for State Grid through a consortium with Alumini and
Fujian has already started.
▪ Backlog
➢ Projects awarded for US$519 million (Jan-Dec-2017): Main transportation system in Chuquicamata
subterráneo (Codelco), transfer project in Codelco Andina (Codelco), modification of tailings thickeners (Minera Escondida), Talara refinery modernization project ( PetroPerú), refurbishment of ball mills (Collahuasi) and the disassembly and assembly of transformers (Minera Escondida)
➢ Main projects in progress: Repowering of ball mills / Collahuasi (70% advance), Projects Vulnerability of
Gases in Cellulose Plants / Arauco (95% advance) and tunnels dress Chuquicamata subterráneo / Codelco (95% advance)
Dic-16 Dic-17 Var. 4Q16 4Q17 Var. MM$ MM$ % MM$ MM$ % Revenue 308.230 290.598
73.995 70.055
EBITDA
10.100 3988,8% 2.554 11.051 332,7%
EBITDA Margin
3,5% 3,5% 15,8%
Pro-Forma EBITDA(*) 15.389 13.754
5.247 10.859 106,9%
Pro-Forma EBITDA Margin 5,0% 4,7% 7,1% 15,5%
Controller's net profit 8.592 5.103
1.627 6.379
292,0%
Horas (Miles) Horas (Miles) Var. Horas (Miles) Horas (Miles) Var. Total man-hours executed 17.346 18.252 5,2% 4.969 6.077 22,3% Ingeniería y Construcción Sigdo Koppers
(*) Pro-Forma EBITDA: EBITDA + Related company profit
➢ Higher Cooper Concentrate transfers (+3%) and grain
(+99%).
(+12%)
➢ New warehouse for Cu Concentrate up and running. ➢ Upgrade Site No.3: Ramp up period
11
Resultados Dic-16 Results 4Q17
➢ Cargo movement of Cu Concentrate (+33%) due to
new contract with Codelco Teniente.
➢ Movement of wood pulp cargo (-26%), impacted
by the collapse of the Toltén bridge on August 18, 2016 (lower volumes and
costs). This situation will continue until the repair of the bridge by EFE.
➢ Higher
EBITDA (+81%) due to a significant decrease in direct operational costs
➢ Start in cargo transfer from Anglo American by rail,
transport of the copper concentrate from the Las Tórtolas plant (Los Andes) to Puerto Ventanas.
Dic-16 Dic-17 Var. 4Q16 4Q17 Var. ThUS$ ThUS$ % ThUS$ ThUS$ % Revenue 132.398 136.773 3,3% 35.080 35.356 0,8% EBITDA 34.222 40.403
18,1%
9.416 10.167
8,0% EBITDA Margin 25,8% 29,5% 26,8% 28,8%
Controller's net profit 19.457 20.063
3,1%
5.041 4.636
PVSA - Tons transferred 5.216.118 5.412.814 3,8% 1.394.214 1.253.773
Fepasa - Th Ton-Km 1.138.959 948.597
251.818 231.881
Puerto Ventanas Consolidated
12
▪ Chemical business (Amonium Nitrate)
➢ Lower AN sales associated with lower consumption in Chile, together with
lower consumption of certain deposits in the region and decreases in the Peruvian market.
➢ AN exports dropped by 2%.
▪ Rock Blasting Services
➢ Chile: more complex scenario with lower volumes in some clients (-13%
v/s 4Q16).
➢ Brazil / Britanite: Slight economic recovery in Brazil and new awarded
contracts, particularly in mining, has increased sales volume (+23%) and EBITDA (+141%).
▪ Davey Bickford:
➢ Higher revenues (+12%) explained mainly by a recovery in the American
and Australian market.
➢ Growth in EBITDA (+ 103%) in line with higher revenues and greater
Resultados Dic-16
Physical sales evolution (Thu Tons)
Results 4Q17
Dic-16 Dic-17 Var. 4Q16 4Q17 Var. ThUS$ ThUS$ % ThUS$ ThUS$ % Revenue 691.731 705.173 1,9% 174.979 191.445 9,4% EBITDA 165.259 164.373
44.567 44.132
EBITDA Margin 23,9% 23,3% 25,5% 23,1%
Controller's net profit 85.337 80.184
23.711 21.474
Enaex
▪ Volume
➢ Grinding Balls Business: Higher volumes of HiCr, particularly in the mining
market in North America (+5%).
➢ Casting business: higher volumes, particularly in aggregates (+6%) and
mining (+32%).
▪ Quick increase in the price of FeCr and scrap at an international level
that has not yet been completely transferred to customers, affecting the margins both grinding balls and casting.
▪ US$16 million loss in net result due to this effect
▪ Reorganization Plan
➢ SG&A expenses decreased 6% compared to Dic-16 (-8% vs. Dic-15) ➢ New provisions affected the EBITDA of 4Q17. Recurring EBITDA reached
US$ 51 million
Resultados Dic-16
13
Results 4Q17
Dic-16 Dic-17 Var. 4Q16 4Q17 Var. MUS$ MUS$ % MUS$ MUS$ % Revenue 628.520 667.376 6,2% 156.371 169.182 8,2% EBITDA 63.362 43.323
11.962 6.556
EBITDA Margin 10,1% 6,5% 7,6% 3,9%
Controller's net profit 22.936 13.627
4.576 6.679
45,9%
Magotteaux Group
Dic-16 Dic-17 Mill Balls 306.993 319.467 4,1% Casting 47.254 49.183 4,1% Total 354.248 368.650 4,1% Magotteaux Group Var. %
14
➢ Machinery sales in Chile remain depressed (-12% units vs. Dic-16). ➢ Mainly the industrial machinery market (-28% units vs. Dic-16).
➢ Fleet: US$152 million (-16% vs. Dec-16) ➢ Rental markets in Chile and Peru remain stable. ➢ SKRental continues in a fleet reduction strategy in Chile and Peru to fit the size
➢ Continuing a project to reduce costs and synergies between different
subsidiaries of SKC, Dic-17 reports US$2 million higher costs for this concept.
➢ Synergy projects in warehouses and workshops. ➢ Rationalisation of branches and maximizing the use of offices and
Resultados Dic-16 Results 4Q17
Dic-16 Dic-17 Var. 4Q16 4Q17 Var. ThUS$ ThUS$ % ThUS$ ThUS$ % Revenue 299.837 254.266
73.004 63.591
Distribution Business
194.380 158.173
49.442 41.575
Rental Business
111.827 100.958
24.985 23.122
Consolidation adjust
0,0%
0,0%
EBITDA 27.046 23.864
5.341 6.589
23,4% EBITDA Margin 9,0% 9,4% 7,3% 10,4%
Controller's net profit
52,6%
93,0%
SK Comercial
Dic-16 Dic-17 Var. 4Q16 4Q17 Var. MM$ MM$ % MM$ MM$ % Controller's net profit 15.045 17.393
15,6%
5.107 3.721
SK Inversiones Automotrices
▪ SKIA had profits of MM$17,393 Chilean Pesos
(US$27 millions) (+16%).
✓
Result explained by higher margins of SKBergé in Chilean market (Positive effect of exchange rate)
✓
Higher sales volume in Chile, Peru and Colombia
▪ SKBergé accounted sales for 78,197 units, an
increase of 15% compared to September 2016.
✓
Higher level of sales in Chile: 42,919 units (+30%).
✓
Higher sales performance abroad: 35,278 units (+ 1%).
▪ In Chile, ANAC recorded sales of 360,900 units in
4Q17 (+ 18%).
▪ High growth potential in countries such as Peru
and Colombia
Resultados Dic-16 Results 4Q17
15
Argentina Chile
15
Perú Colombia
Results 4Q17
Main Consolidated figures
SK’s subsidiaries Highlights
Financial Exhibits
General Background
17
Resultados Dic-16 Results 4Q17
Dic-16 Dic-17 Var. 4Q16 4Q17 Var.
Sales 2.191.918 2.204.618
0,6%
551.808 569.049
3,1%
Sales expenses
Gross income 485.311 482.320
124.150 133.874
7,8%
Other operating income 21.190 14.932
3.898 772
Distribution costs
11,1%
Administrative expenses
0,5%
Other operating expenses
5,4%
Operating income 167.904 162.893
46.928 47.558
1,3%
EBITDA 291.018 285.930
79.948 86.278
7,9% % EBITDA Margin 13,3% 13,0% 14,5% 15,2%
Interest income 4.410 5.731
30,0%
1.363 1.796
31,8%
Interest expenses
1,2%
4,1%
Related companies income 45.453 32.228
11.729 5.285
Exchange differentials
3.048
308,9%
93,7%
Price - level restatement
248
Other income (losses) 4.482 907
4.437 3.310
Gain (losses) between book value and fair value (financial assets)
Income before taxes 165.141 148.919
48.653 43.698
Income tax
44,5%
3.208
125,8%
Income 125.764 127.081
1,0%
36.220 46.906
29,5%
Gain (losses) from uncontinnued
Net income 125.764 127.081
1,0%
36.220 46.906
29,5% Income attributable to Sigdo Koppers
85.009 83.386
23.939 31.598
32,0%
Income attributable to non-controlling interests 40.755 43.695
7,2%
12.282 15.308
24,6% Sigdo Koppers Consolidated Income Statement Figures in ThUS$ Cifras en MUS$
Dic-16 Dic-17 Var. 4Q16 4Q17 Var.
Services 587.841 584.791
146.257 146.070
Ingeniería y Construcción SK 455.443 448.018
111.177 110.714
Puerto Ventanas 132.398 136.773 3,3% 35.080 35.356 0,8% Industrial 1.323.386 1.375.338 3,9% 332.099 361.285 8,8% Enaex 691.731 705.173 1,9% 174.979 191.445 9,4% Magotteaux (1) 628.520 667.376 6,2% 156.371 169.182 8,2% SK Inv. Petroquímicas 3.135 2.789
749 658
Commercial & Automotive 299.837 254.266
73.004 63.591
SK Comercial 299.837 254.266
73.004 63.591
SKIA (2)
50,6% 448
Consolidated Sales 2.191.291 2.204.618 0,6% 551.808 569.049 3,1% Figures in ThUS$ Revenue Business Areas Figures in ThUS$
18
Resultados Dic-16
(1) Magotteaux’s figures include income of SKSabo Chile S.A. The profits attributable to the controller were adjusted in the different companies
through which Sigdo Koppers controls Magotteaux.
(2) SK Inversiones Automotrices S.A. (SKIA) does not account for the income of SKBergé because it holds 40% of its shares and, therefore,
does not consolidate its financial statements.
(3) Eliminations and adjustments as of June are mainly the result of consolidated intercompany eliminations
Area Servicios Area Industrial Area Comercial y Automotriz
Results 4Q17
▪D
19
Resultados Dic-16 ▪ December 2016 ▪December 2017 Results 4Q17
Chile Perú Colombia Brasil Asia Norte America Europa Otros Países MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ Área Servicios 86,7% 13,3% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% Ingeniería y Construcción SK 82,9% 17,1%
100%
41,3% 1,2% 0,3% 10,8% 9,5% 12,5% 20,9% 3,4% Enaex 67,6% 2,2% 0,7% 12,7%
2,6% Magotteaux 11,9%
20,0% 26,4% 28,4% 4,4% SK Inv. Petroquímicas 100%
57,4% 31,8% 6,4% 0,3% 0,0% 0,0% 0,0% 4,1% SK Comercial 83,3% 13,3% 1,8% 1,6%
51,6% 36,0% 7,4%
Ventas Empresas SK 56,2% 17,3% 3,1% 4,2% 3,5% 4,7% 7,8% 3,2%
Ventas Áreas de Negocios
Chile Perú Colombia Brasil Asia Norte America Europa Otros Países MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ Área Servicios 87,5% 12,5% 0,0% 6,7% 0,0% 0,0% 0,0% 0,0% Ingeniería y Construcción SK 83,7% 16,3%
100%
36,9% 4,6% 0,1% 12,9% 8,6% 14,7% 18,0% 4,2% Enaex 60,1% 8,9% 0,3% 16,6%
4,0% Magotteaux 12,2%
17,7% 30,3% 26,5% 4,4% SK Inv. Petroquímicas 100%
60,4% 27,8% 5,8% 0,5% 0,0% 0,0% 0,0% 5,5% SK Comercial 92,1% 2,4% 2,0% 3,6%
55,3% 31,9% 6,4%
Ventas Empresas SK 56,1% 17,0% 2,9% 5,9% 3,1% 5,3% 6,5% 4,2%
Ventas Áreas de Negocios
Dic-16 Dic-17 Var. 4Q16 4Q17 Var.
Services 32.710 55.975 71,1% 13.167 27.192 106,5% Ingeniería y Construcción SK
15.572 964,3% 3.751 17.025 353,9% Puerto Ventanas 34.512 40.403 17,1% 9.416 10.167 8,0% Industrial 230.611 210.493
56.940 51.006
Enaex 165.479 164.373
44.567 44.132
Magotteaux (1) 63.362 43.323
11.962 6.556
SK Inv. Petroquímicas 1.770 2.797 58,0% 411 318
Commercial & Automotive 27.921 23.772
5.323 6.556 23,2% SK Comercial 28.017 23.864
5.341 6.589 23,4% SKIA (3)
4,2%
Parent company & adjustment
4.518 1.524
Consolidated EBITDA 291.018 285.930
79.948 86.278 7,9%
EBITDA Margin 13,3% 13,0% 14,5% 15,2%
Consolidated pro-forma EBITDA 336.471 318.038
91.677 91.563
Figures in ThUS$ EBITDA Business Areas Figures in ThUS$
20
Resultados Dic-16
(1) Magotteaux’s figures through December include the EBITDA of SK Sabo Chile S.A. (2) SK Inversiones Automotrices S.A. (SKIA) does not account for the EBITDA of SKBergé because it owns 40% of its shares and, therefore, it
does not consolidate its financial statements.
(3) Pro Forma EBITDA = EBITDA + Related Company Profits.
Area Servicios Area Industrial Area Comercial y Automotriz
Results 4Q17
Pro-Forma EBITDA decreased a 11% in CLP due to lower level of activity in the mining sector (BSK) and Works with problems of recovery of "claims" Lower performance of rental business (-5%) Lower physical sales and lower operating margin because of plant maintenance Rapid increase of raw material affected the margins in business of grinding balls and casting.
21
By business área: Dic-16 v/s Dic-17 ( K US$ )
Results 4Q17
Higher margins and volumes Higher operational profit on PVSA (+3 MUS$) and in Fepasa (+3 MMUS$)
Dic-16 Dic-17 Var. Dic-17 Dic-16 Dic-17 Var.
Services 32.152 27.930
17.658 15.881
Ingeniería y Construcción SK 12.695 7.867
60,43% 7.672 5.019
Puerto Ventanas 19.457 20.063 3,1% 50,01% 9.986 10.862 8,8% Industrial 109.480 95.736
70.344 50.284
Enaex 85.337 80.184
60,72% 51.818 48.689
Magotteaux (1) 22.936 13.627
95,00% 17.526
SK Inv. Petroquímicas (2) 1.207 1.925 59,5% 74,59% 1.000 1.595 59,5% Commercial & Automotive 5.689 18.976 233,6% 8.015 19.972 149,2% SK Comercial
52,6% 87,20%
51,8% SKIA 22.263 26.831 20,5% 99,99% 22.231 26.818 20,6%
SK companies profit 147.321 142.641
96.017 86.137
Parent company & adjusments
Total consolidated profit 85.009 83.386
Total Companies Attributable to parent company Net profit Business Areas % SK Figures in ThUS$ Figures in ThUS$
22
Resultados Dic-16
(1) Magotteaux’s figures include income of SK Sabo Chile S.A. The profits attributable to the controller were adjusted in the different companies through which Sigdo Koppers controls Magotteaux. (2) The profit of CHBB was adjusted in SK Inversiones Petroquímicas S.A. through which Sigdo Koppers controls CHBB. Services Industrial Commercial & Automobile
Results 4Q17
23
Resultados Dic-16 Results 4Q17
Dec-16 Dic-17 Var.
Current Assets Cash and cash equivalent 299.606 310.805
3,7%
Account and sales receivables 552.061 578.018
4,7%
Inventories 272.910 296.385
8,6%
Other current assets 37.882 31.997
Total current assets 1.162.459 1.217.205
4,7%
Long-term assets Property, plants & equipment 1.188.101 1.185.268
Other long-term assets 1.195.876 1.226.443
2,6%
Total long-term assets 2.383.977 2.411.711
1,2%
Total assets 3.546.436 3.628.916
2,3%
Current liabilities Short-term financial debt 297.552 245.709
Accounts payable 299.555 328.496
9,7%
Other current liabilities 131.180 169.564
29,3%
Total current liabilities 728.287 743.769
2,1%
Long-term liabilities Long-term financial debt 813.371 815.669
0,3%
Other long-term liabilities 324.436 302.306
Total long-term liabilities 1.137.807 1.117.975
Total liabilities 1.866.094 1.861.744
Equity Attributable to the controller 1.268.867 1.331.192
4,9%
Attributable to non-controlling interests 411.475 435.980
6,0%
Total equity 1.680.342 1.767.172
5,2%
Total liabilities and equity 3.546.436 3.628.916
2,3%
Consolidated Balance Sheet
Figures in ThUS$
Indicators Dec-16 Dic-17 Net Financial Debt 811.317 750.573 Working Capital 525.416 545.907 Working Capital Days 88 90 Days of Consolidated Inventory 58 63 Accounts Receivable (Days) 92 96 Accounts Payable Days 64 70
Net Financial Debt/ EBITDA Financial Debt
24
Services Industrial Commercial & Automobile Parent Comp.
US$ 1,061 millions – Consolidated US$ 751 millions – Net Financial Debt
Current 23% Non Current 77%
Cash (US$ millions) Key financial Indicators
Resultados Dic-16
▪ Consolidated Leverage: 1.05x ▪ Financial Net Leverage**: 0.41x ▪ Net Financial Debt/EBITDA: 2.62x ▪ ND/(EBITDA+Consortium): 2.54x ▪ Rating:
✓ A+ Fitch-Ratings ✓ AA- ICR
* Including CHBB, SK Inv. Automotrices S.A. y SK Internacional S.A. ** Corporate Bonds Covenant < 1,2x
Results 4Q17 2,62x 2,54x
25
Resultados Dic-16 Results 4Q17 Dic-16 Dic-17 Var.
Operating cash flow 315.715 339.201
7,4%
Investment cash flow
Capex
21,4%
Fixed assets sales 2.393 3.051
27,5%
Other 14.123
Finance cash flow
Net variation in financial liabilities
Interest
9,9%
Dividends
21,1%
Capital increased 169
0,0%
Other 24.527
Total net cash flow 38.617 335
Effect of exchange rate changes 2.282 6.340
177,8%
Cash and cash equivalent 281.395 288.070
2,4%
Consolidated Cash Flow
Figures in ThUS$
26
Major investments in Fixed Assets:
▪ Puerto Ventanas:
✓ Ramp up of copper concentrate warehouse of
46,000 Tons capacity
✓ Upgrade of Site #3 (total investment US$32
million, beginning of operations during Dec-17)
▪ Enaex:
✓ Overhaul and Upgrade in Prillex plant (Panna 3)
(US$ 2.5 million)
✓ Construction plant in Los Bronces (US$ 2.6 million) ✓ Construction of a modular emulsion plant in the
USA (US$ 1.6 million)
▪ SK Comercial: Defleeting (divestment) of fleet of SK
Rental.
(1) Capex Neto: El Capex de SKC incluye la venta de maquinaria usada de SK Rental
Results 4Q17
Dic-16 Dic-17 MUS$ MUS$ Área Servicios 61.249 39.953 Ingeniería y Construcción SK 15.195 889 Puerto Ventanas 46.054 39.064 Área Industrial 70.156 52.009 Enaex 41.607 36.734 Magotteaux 28.549 15.275 SK Inv. Petroquímicas
SK Comercial (1)
SKIA
70.657 45.425
Capex Áreas de Negocios
▪Asesores Financieros