Company Overview. Presentation prepared for ABG Sundal Collier Alfonso Márquez de la Plata, CEO Puerto Montt, Chile
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1 Company Overview Presentation prepared for ABG Sundal Collier Alfonso Márquez de la Plata, CEO Puerto Montt, Chile January 2012
2 Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments
3 Empresas AquaChile at a glance AquaChile is a Chilean company producing and commercializing Atlantic Salmon, Pacific Salmon, Sea Trout and Tilapia. Chilean Salmon Companies by Market Cap (MUS$ )** 907 Is the largest producer in Chile of Salmon and Sea Trout. Owns 149 aquacultures licenses which provides a solid basis for its growth. Has more than 400 customers, in 50 countries and leads the world production of Pacific Salmon and Sea Trout. 54 th tons of Salmon and Trout and 19 th tons of Tilapia (2010) Source: Bloomberg 70 th tons of Salmon and Trout and 18 th tons of Tilapia (2011E) Figures as of September 2011 (MUS$ ) Sales: EBITDA*: 62.4 Net Income: 17.7 Net Debt: 62.2 Public since May 19, 2011 Market capitalization of US$ 907 millions as of January 5, 2011 Main Shareholders: Puchi and Fischer Family *Before fair value biomass adjustment **As of January 5, Fischer Family 33,0% Shareholder s Structure*** Puchi Family 33,0% Pension Funds 6,0% *** As of December 31, 2011 Others 33,92% Others 28,0%
4 25 Years of Successful Track Record Annual Sales In MUS$ Beginnings 25 years of history Merger with Salmones Pacífico Sur Track record forming strategic alliances Sustained growth Period 3 rd largest world producer Global presence and reputation IPO and acquisition plans 326 Crisis ISA virus effects Financial restructuring New legal framework focused on long term sustainability Advantages of diversification Today 440 Diversified business model Full vertical integration High growth potential Industry consolidation capacity
5 Tilapia Pacific Salmon Sea Trout Atlantic Salmon Focus in Diversification for Success Main Figures* % of Consolidated EBIT % of Consolidated Sales Geographic Diversification Sales LTM MUS$ 51.6 WFE Tons Sales: 8,902 18% 15% X and XI Region EBIT LTM MUS$ 12.8 Sales LTM MUS$ 131 WFE Tons Sales: 25,049 41% 39% X and XI Region EBIT LTM MUS$ 28.6 Sales LTM MUS$105 WFE Tons Sales: 25,604 36% 31% X and XI Region EBIT LTM MUS$ 25.2 Sales LTM MUS$ 50.9 Guanacaste WFE Tons Sales: 17,265 EBIT LTM MUS$ 2.6 4% 15% Lake Bayano * Figures in MUS$ as of September 30,
6 Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments
7 AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 7
8 Vertical integration throughout the value chain Integration AquaChile is completely vertical integrated in the Salmon and Tilapia business. The Company adds value to all of its productive chain, from genetics up to sales. SALMON AND SEA TROUT GENETICS FRESH WATER Eggs & Smolts SEA WATER Farming PROCESSING COMMERCIALIZATION FEED TILAPIA FRY PRODUCTION FARMING PROCESSING COMMERCIALIZATION GENETICS FEED* * The feed plant will be finished during
9 AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 9
10 Genetic: 15 Years of Successful and Proven Genetic Development Aquainnovo: Created to be a world class center for genetic improvement in aquaculture AquaChile 83% Universidad de Chile 15% Increase in harvest weight of the Pacific Salmon In WFE kg 2,54 3,56 D 40% Others 2% Improvement in Tilapia conversion factor of ACI Group 2,09 1,95 1,92 1,70 1,65 Reduction in the Tilapia s on growing cycle In number of days D 19% D 36% e
11 AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 11
12 Fresh water: Wide Capacity and Flexibility AquaChile will produce smolts to not only supply its needs but also to eventually sell to third parties Production capacity in million of smolts Pacific Salmon Sea Trout Atlantic Salmon ,8 17,8 Capacity ,8 21,7 Capacity 25,2 8,6 7,8 Capacity Own Capacity Long Term Contract Projects Under Construction Concrete projects to support growth Chaicas Project Smolts Project Type of Facility Recirculation Hatchery Recirculation Hatchery Capacity 120 million eggs and 12.6 million smolts 12.6 million smolts Disease free eggs and smolts Yes Yes Property Call option for 100% of the ownership 100% 12
13 Sea water: Largest and Non-Replicable Licenses Base Largest licenses base and neighborhood presence in the industry Capacity for organic growth Operational and productive continuity Continuous supply to clients Los Lagos Region INDUSTRY Total of 24 neighborhoods AQUACHILE 56 Licenses in 12 neighborhoods Species diversification Natural, climate and sanitary risks diversification Licenses and neighborhood by producer Company # Licenses % # Neighborhood % AquaChile % % Marine Harvest % % Multiexport % % Camanchaca % % Los Fiordos % % Mainstream % % 50% of neighborhoods Of the Los Lagos region Aysén Region INDUSTRY Total of 34 neighborhoods AQUACHILE 93 Licenses and 17 neighborhoods Unimarc % % Australis % % Pesca Chile % % Otras ,1% Total 1, % of neighborhoods Of the Aysén region Licenses Neighborhoods /Subpesca
14 Processing : Installed Capacity to Absorb Growth 6 plants with a total capacity of 191,000 tons, including one of the largest plants in the World Current production capacity of Chilean processing plants In thousands of WFE tons Cardonal Cailín Hueñocoihue Antarfood Calbuco Costa Rica Plant Type Value Added Whole Salmon Whole Salmon Value Added Value Added Value Added PAC-HACCP Certification Yes Yes Yes Yes Yes Yes Location Puerto Montt Quellón Dalcahue Chonchi Calbuco Guanacaste Diversity of Salmon Products Diversity of Tilapia Products Whole HG Trim C Whole Filets Trim D Trim E 14 Portions Breaded Filets
15 AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 15
16 Commercialization : Global Presence and Reputation AquaChile has over 400 clients in more than 50 countries in the five continents Destination of AquaChile s main Salmon, Sea Trout and Tilapia sales In WFE tons Operations Exports from Chile in 2010 in nets tons Exports from Costa Rica in 2010 in nets tons 16
17 Our Brands and Our Main Clients Renowned Brands Reputable Clients 17
18 Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments
19 Recovery and Profitability Revenues In MUS$ EBITDA In MUS$ 20% 43 25% 27% % 49-3% -9% 15% 18% IFRS Net Income In MUS$ 26 12% % 17% 15 3% % % IFRS 45 12% 58 15% IFRS EBITDA EBIT In MUS$ EBITDA Margin 120 Sanitary Crisis: Caligus and ISA Virus Legal change: Industry Revival IFRS Net Income Net Margin Note: The gray bars represent values in Chilean GAAP 19
20 Recovery and Profitability (Cont..) Sales Volume, by specie In thousands of WFE tons EBIT per kg Pre IFRS Adj. In US$ per WFE kg Acum. 3Q 2010 Acum. 3Q ,3 Acum. 3Q 2010 Acum. 3Q ,8 8,9 11,5 18,6 15,1 13,5 1,4 0,4 0,9 0,5 1,1 0,3 0,3 0,8 Atlantic Salmon Pacific Salmon Sea Trout Tilapia EBITDA Pre IFRS Adj. In MUS$ 120% 62,4-1,1 Atlantic Salmon Pacific Salmon Sea Trout Tilapia Net Income In MUS$ 305% 17,7 28,4 4,4 Acum. Q Acum. Q Acum. Q Acum. Q
21 Solid Financial Position Net Debt / EBITDA In times PCGA IFRS Net Debt In MUS$ PCGA IFRS 6,07 6, ,07 1,79 1, , Sep-11 LTM sep-11 Restructured Financial Debt Maturity Total Restructured Debt: MUS$ ,5 33,7 41,2 18,7 22,5 0,0 0,0 7,
22 Financial Summary In mus$ 3Q Q11 2Q11 3Q11 LTM QoQ YoY Sales % 31% Operational Cost (1) % 21% OPERATIONAL MARGIN % 76% Other Cost and Operating Expenses (2) % -5% EBITDA pre FV adj % 120% Depreciation % 67% EBIT pre FV adj % 142% Net revenues from Biological Assets (3) % 125% EBIT post fair value adj % 150% Other Non Operating Items % 78% NET INCOME % 305% EBITDA Margin Q11 Total Assets % 336% Total Liabilities % 146% Total Equity % -4423% (1) Operational Costs are calculated considering: Cost of Goods Sold minus depreciation, minus the higher cost of the biomass of fish sold arising from the revaluation for their natural growth (2) Other Costs and Operating Expense includes the accounts: "Distribution Costs" and "Sales General & Administration Expenses" (3) Net Revenues from Biological Assets, is the profit for the natural growth of the biomass of unsold fish, plus the higher cost of the biomass of fish arising from the revaluation for their natural growth, minus the profit for the natural growth of the biomass of fishes sold (See note 11. Biological Assets ). 22
23 Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments
24 Growth Plan Sowing In million of smolts e 2012e 2013e 2014e 2015e 2016e Sea Trout Pacific Salmon Total Sales Volume 1 In thousands of WFE tons per species CAGR 20% e 2012e 2013e 2014e 2015e 2016e (1) For estimates, we assume that tons harvested equal sales volume Atlantic Salmon Sea Trout Pacific Salmon Total 24
25 Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments
26 New Developments 1. AquaInnovo CITA 2. Salmones Chaicas 26
27 New Developments (Cont ) 27
28 New Developments (Cont ) Alejandro Cristian Verlasso salmon Verlasso farms 28
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