Q Financial Report Presentation

Transcription

1 Nourishing the future Q Financial Report Presentation Andrés Lyon, CEO Cristián García-Huidobro, CFO Santiago, November 7, 2014

2 Agenda I. Highlights II. III. IV. Financial Statements Productive Performance Supply, Demand and Market Prices V. Perspectives

3 Highlights Good sanitary condition of the industry Atlantic salmon average harvest weight Q Kg WFE & Avg. Monthly mortality rates < 0.6% Multiexport Foods productive performance improvement continues Multiexport 2014 ytd harvests reached tons WFE +24% vs Jan-Sep 2013 Atlantic Salmon EBIT strongly increased versus Jan-Sep vs USD/Kg WFE Beginning of Coho season harvests 864 tons in Q3-14 Positive but temporary impact on prices due to Russian salmon ban 3

4 Agenda I. Highlights II. III. IV. Financial Statements Productive Performance Supply, Demand and Market Prices V. Perspectives

5 Consolidated Financial Statement Main Indicators Q3-14 Q3-13 VAR vs Q3-13 Jan/Sep 2014 Jan/Sep 2013 VAR vs 2013 Harvest (Tons WFE) 13,103 12,034 9% 47,757 38,373 24% Atlantic Salmon 11,807 11,045 7% 44,470 37,191 20% Trout % 2,424 1, % Coho n/a n/a Sales (Tons WFE) 13,662 11,132 23% 42,710 41,121 4% Atlantic Salmon 13,056 10,413 25% 40,835 36,370 12% Trout % 1,816 4,751-62% Coho 60 - n/a 60 - n/a EBIT (USD/Kg WFE) % % Atlantic Salmon % % Trout % % Coho n/a n/a Income Statement (Th USD) Q3-14 Q3-13 VAR vs Q3-13 Jan/Sep 2014 Jan/Sep 2013 VAR vs 2013 Operating revenues 90,014 73,580 22% 287, ,057 19% Cost of Sales -85,985-73,889 16% -271, ,124 3% Operational EBIT* 174-4, % 4,500-34, % Fair Value adjustment of biological assets 7,068 5,300 33% 10,114 9,246 9% Net Income 5, % 10,007 1, % Operational EBITDA* 3,739-1, % 15,137-24, % * Pre Fair Value adjustment ** Net Income in Q2-13 include non-operating income of 30% subsidiary Multiexport Pacific Farms S.A sale 5

6 Efficiency and Profitability Atlantic Salmon USD/Kg WFE USD/Lb EBIT pre-ifrs (USD/kg WFE) ISA VIRUS USD/ kg WFE USD/ kg WFE 0.15 USD/ kg WFE 6

7 Consolidated Balance Sheet Balance Sheet (Th USD) Q Q Cash and cash equivalents 10,345 3,319 Inventories and biological assets 251, ,349 Other current assets 35,927 31,593 Property, Plant and Equipment 106, ,986 Other assets 77,361 71,977 Total Assets 481, ,224 Financial Debt 180, ,124 Accounts and notes payable 101,038 88,855 Other liabilities 30,725 26,824 Total Equity 169, ,421 Total Liabilities and Equity 481, ,224 Cash: +USD 7.0 MM (increased harvest and sales volume) Inv. + Biological assets: +USD24.1 MM (higher growth due better productive performance) Accounts payable: +USD12.2 MM (Higher production & larger operation) Financial obligations: +USD 5.2 MM - USD 7.2 MM of LT Debt amortization + USD 13.0 MM of Multiexport Pacific Farms Short Term Debt Financial Ratios Q Q Net Financial Debt (Th USD) 169, ,805 Total Liabilities/Equity (x) Net Total Liabilities/Equity (x) Current ratio (x)

8 Consolidated Cash Flow (ThUSD) Reduction of payment terms to feed suppliers - 3,98% Tranche A LT Debt Amortization USD 3.5 MM - Tranche A LT Debt Interest USD 2.0 MM - Subsidiary MPF ST Debt USD 13.0 MM Reposition / Maintenance Jun-2014 Sep

9 Agenda I. Highlights II. III. IV. Financial Statements Productive Performance Supply, Demand and Market Prices V. Perspectives

10 Industry Sanitary Condition Caligus Source: ABG Sundal Collier 10

11 Chilean industry recovery Mortality rates: Atlantic Salmon Yield (kg/smolt): Atlantic Salmon Source: Aquabench * September Q3 mort. rate Industry MEF Atlantic Salmon 0.6% 0.4% Coho 1.0% 0.4% Avg weight Industry MEF Atlantic Salmon

12 Multiexport Foods performance improvement Atlantic Salmon harvest cost evolution Productive performance improvement continues, generating lower harvest costs Focus on efficiency and productivity (no stocking growth) Atlantic Salmon harvest cost evolution (Q basis) Sanitary Deterioration

13 Agenda I. Highlights II. III. IV. Financial Statements Productive Performance Supply, Demand and Market Prices V. Perspectives

14 Chilean supply 2014 YTD (Th USD FOB) Exporter Atlantic Trout Coho Total % Exp. Cermaq (Mitsubishi) 268,329 63,987 95, ,466 13% Aquachile 226, ,096 75, ,936 13% Marine Harvest / Acuinova 309,328 12,793 15, ,121 10% Los Fiordos 226,451-31, ,871 8% Multiexport Foods 211,271 18, ,442 7% Blumar 160,125 18, ,228 6% Camanchaca 152,882 13, ,121 5% Ventisqueros 68,282 34,837 24, ,689 4% Pacific Star / Trusal 36,911 51,795 30, ,108 4% Antártica - 111, ,628 3% Others 647, , , ,226 27% Total 2,307, , ,350 3,237, % Source: Publitecsa - SalmonChile Smoked Salmon Exports 40% share of total Chilean smoked exports 14

15 Atlantic Salmon Prices USA Market ATLANTIC SALMON PRICE: UB TRIM C 2-3 LBS 3.78 Q Price: 4.35 USD/lb (Q3 2013: 4.56 USD/lb) -4.6% Current Price (week 44, 2014); 3.78 USD/lb 15

16 Trout Prices Japanese Market TROUT PRICES: PREMIUM FROZEN HG 4-6 LBS 835 Source: FIS Q Price: 833 JPY/kg (Q3 2013: 712) +17.0% Current Price (week 44, 2014); 835 JPY/kg 16

17 Coho Prices Japanese Market COHO PRICES: PREMIUM FROZEN HG 4-6 LBS 780 Source: FIS Q Price: 786 JPY/kg (Q3 2013: 626) +25.5% Current Price (week 44, 2014); 780 JPY/kg 17

18 Agenda I. Highlights II. III. IV. Financial Statements Productive Performance Supply, Demand and Market Prices V. Perspectives

19 Price perspectives Atlantic Salmon NORWAY CHILE CANADA Source: ABG Sundal Collier/ Kontali 19

20 Stocking & Harvest Since 2011, our Atlantic Salmon stocking plan has remained at 12 million smolts and will not increase until productive performance improves. Th Smolts 2013 S1-14 S E Var vs 13 Atlantic Salmon 12,029 2,598 8,000 10,598(*) -11.9% Trout 1, % Coho - 2,002-2,002 n/a Total 13,846 4,600 8,400 13, % Tons WFE 2013 Q1-14 Q2-14 S E Var vs 13 Atlantic Salmon 39,262 13,776 18,887 27,000 59, % Trout 2, , , % Coho ,500 6,500 n/a Total 41,578 14,302 20,352 33,932 68, % (*) Stocking plan of 12 million smolts will be completed during the first half of January

21 Sea Water Total Fish (Million) Total Smolt release (Million) Chilean production stabilization The industry has moderated its growth Live Fish at Sea Water: All species Smolt release: All species sep-13 sep E Atlantic Salmon Trout Coho Atlantic Salmon Trout Coho Source: Aquabench 21

22 Live Fish weight distribution by end of Sep Total Chilean fish in sea water Fish in sea water at the end of September of each year: Chile (Atlantic Salmon, figures in million) sep-13 sep-14 - Total # of live fish: -1% 2014 vs Total # of live fish > 2kg: +2% 2014 vs Important reduction in # of live fish between 2.0 and 4.0 kg: Harvest decrease in Q2 / Q

23 Weight range distribution: Total Norwegian fish in sea water -1% 23

24 Harvest Projection by quarter

25 World Harvest Projection: Atlantic Salmon Source: ABG Sundal Collier 25

26 Multiexport Foods thanks