RESULTS PRESENTATION EMPRESAS AQUACHILE S.A. As of March 31st, 2018 June 12, 2018
Highlights Financial Review Productive Performance Sales Outlook
Highligts of the Period ♦ Prices of Salmon and Trout decreased by 16% compared to the same period of 2017 ♦ Harvest volumes of Salmon and Trout increased by 9,8% in comparison with Q1 2017 ♦ The firm achieved a gross margin of 25% and an EBITDA margin of 21%, regardless the lower prices ♦ Seven quarters in a row with positive EBIT, EBITDA and Net Income ♦ ROE of 17,5% on a LTM basis ♦ Net Financial Debt decreased by US$ 23 million since the Q4 2017, reaching a level of US$155 million ♦ By the end of Q1-2018 the company has 31% more biomass than at the same period of the previous year Pág. Nº3
Highlights Financial Review Productive Performance Sales Outlook
Consolidated P&L Statement Figures in ThUS$ Q1-18 Q1-17 ∆QoQ 2017 Sales 183,982 196,776 -7% 632,738 Operational cost (1) -137,653 -139,791 -2% -462,133 Operational margin 46,328 56,986 -19% 170,606 Other cost and operating expenses (2) -8,088 -6,759 +20% -28,664 EBITDA pre FV adj. 38,240 50,226 -24% 141,942 % EBITDA / Sales +20.8 +25.5% +22.4% Depreciation & Amortization -7,349 -8,662 -15% -34,273 EBIT pre FV adj. 30,892 41,564 -26% 107,669 Net Revenues from biological assets (3) 6.195 -10,222 - -3,610 EBIT post FV adj. 37,086 31,342 +18% 104,059 Financial expenses -3,552 -4,696 -24% -18,215 Financial income 362 196 +84% 664 Other non operating items (4) -53 -1,073 +95% -1,678 Income taxes -8,897 -7,578 +17% -26,278 Net income 24,946 18,191 +37% 58,912 % Net Income / Sales +13.6% +9.2% +9.3% (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 ” Pág. Nº5
Financial Ratios Evolution Sales (US$ million) EBITDA* (US$ million) 226 224 63 215 209 202 197 192 193 191 184 151 159 50 50 172158 146 158 152 121 39 38 135 121 124 26 25 22 106 100 96 19 15 15 5 5 56 2 0 -1 -2 -10 -12 -12 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 Q4-17 Q1-18 -18 -21 -17 -19 -26 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 Q4-17 Q1-18 EBIT** (US$ / Kg WFE) Net Income (US$ million) 36 1.75 1.73 25 25 26 1.56 1.22 18 1.16 1.03 0.82 10 9 0.74 11 0.52 5 0.40 0.34 2 0.01 -2 -3 -0.08 -2 -5 -5 -0.24 -0.22 -0.28 -8 -0.35 -10 -12 -0.63 -0.69 -17 -17 -0.92 -0.89 -1.13 -21 -1.23 -1.25 -1.48 -30 -30 -28 -36 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 Q4-17 Q1-18 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 Q4-17 Q1-18 Pág. Nº6 * EBITDA and EBIT Pre Fair Value ** EBIT Salmon and Trout
Financial summary by species Q1 2018 Q1 2017 Sales Q1 2018 (US$) Atlantic Salmon Volume (Ton WFE): 15,331 12,037 Sales (Th.US$): 94,680 86,076 60% EBIT (Th.US$): 18,453 20,434 EBIT / Kg (US$/Kg WFE): 1.20 1.70 Volume (Ton WFE): 2,590 2,857 Trout Sales (Th.US$): 14,860 19,705 EBIT (Th.US$): 3,095 7,066 9% EBIT / Kg (US$/Kg WFE): 1.20 2.47 Pacific Salmon Volume (Ton WFE): 7,811 9,247 Sales (Th.US$): 36,327 45,719 23% EBIT (Th.US$): 8,262 14,343 EBIT / Kg WFE (US$/Kg WFE): 1.06 1.55 7% Volume (Ton WFE): 4,309 5,734 Tilapia Sales (Th.US$): 11,675 13,683 EBIT (Th.US$): 1,081 -280 EBIT / Kg WFE (US$/Kg WFE): 0.25 -0.05 Pág. Nº7
Balance Sheet Statement ∆ YoY Figures in ThUS$ Q1-18 2017 Total Assets 824,546 794,890 +3,7% Cash and cash equivalents 65,888 40,772 +61,6% Accounts receivables 68,952 76,125 -9,4% Biological assets - Inventory 304,988 288,256 +5,8% Properties, plants & equipments 195,382 191,448 +2,1% Others Assets 189,336 198,290 -4,5% Total Liabilities 414,212 403,365 +2,7% Financial Debt 220,929 218,731 +1,0% Accounts payable 138,928 132,004 +5,2% Others Liabilities 54,355 52,630 +3,3% Equity 410,334 391,525 +4,8% Total Equity and Liabilities 824,546 794,890 +3,7% ♦ Total Assets grew by 3.7% in comparison with the close of the 2017 exercise. This variation is mainly explained by the increase in the Cash and Cash Equivalents due to the returns from the Pacific Salmon season, but also because of a bigger on-growing biomass in the sea ( ∆ +10,000 tons WFE QoQ). ♦ Total Liabilities grew by 2.7%, due to an increase in the Accounts Payables, which in turn is explained by the bigger on-growing biomass. Pág. Nº8
Cash Flow Statemet ♦ Operating Activities generated Summary (Th. US$) US$35.9 million in cash during Q1- 2018. The lower level of cash ∆ QoQ Q1-18 Q1-17 generation is explained in part due Operating activities 35,882 77,745 -54% to the higher requirements of Investment activities -9,106 -4,764 +91% working capital due to a bigger Financing activities -1,853 -20,419 -91% biomass in the sea (extra 30% on a Net change in cash 25,116 52,960 -53% QoQ basis) Cash at the end of the period 65,888 89,953 -27% ♦ The disbursement of US$9.1 million Cash variation (Figures in ThUS$) in Investment Activities is related to CAPEX investments oriented to +35,882 support the organic growth plan of the company. These investments 65,888 -9,106 -1,853 were mainly concentrated on the grow-out stage (sea operations) 40,772 ♦ During Q1-2018 no capital re- payments were recorded 31 Dec 2017 Operating Investment Financing 31 Mar 2018 Pág. Nº9
Highlights Financial Review Productive Performance Sales Outlook
Summary by Species: Atlantic Salmon Harvest weight evolution (Kg WFE) Harvests (Th. ton WFE) 21.4 20.1 6,0 18.7 18.1 17.6 16.4 15.9 16.1 15.3 15.2 14.7 4,5 13.8 13.6 11.8 4.27 10.0 3,0 10.1 7.6 5.9 5.4 1,5 0,0 jul-13 nov-13 mar-14 jul-14 nov-14 mar-15 jul-15 nov-15 mar-16 jul-16 nov-16 mar-17 jul-17 nov-17 mar-18 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 Q4-17 Q1-18 FCRe* Monthly mortality (%) Quarterly 8% 7% 2.27 Algae Bloom 6% 1.73 1.73 1.59 1.57 5% 1.56 1.53 1.50 1.51 1.49 1.46 1.43 1.46 4% 3% 2% 0.69% 1% 0% jul-12 jul-13 jul-14 jul-15 jul-16 jul-17 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1-18 nov-12 mar-13 nov-13 mar-14 nov-14 mar-15 nov-15 mar-16 nov-16 mar-17 nov-17 mar-18 * Economic Conversion Rate Pág. Nº11
* Economic Conversion Rate FCRe* Harvests (Th . ton WFE) Summary by Species: Trout 1.35 2006 Q3-13 5.8 5.1 Q4-13 1.48 2007 11.1 Q1-14 1.88 5.8 Q2-14 2009 Q3-14 4.7 1.53 2010 4.2 Q4-14 4.6 Q1-15 1.53 2011 Q2-15 5.1 5.7 1.53 Q3-15 2012 4.0 Q4-15 1.75 2013 4.5 Q1-16 Q2-16 0.3 1.50 2014 1.9 Q3-16 3.4 1.53 Q4-16 2015 Q1-17 3.6 1.32 2016 Q2-17 1.9 3.3 Q3-17 1.35 2017 1.3 Q4-17 Quarterly 3.7 1.56 Q1-18 Q1-18 0% 2% 4% 6% 8% 0,0 1,5 3,0 4,5 Monthly mortality (%) Harvest weight evolution (Kg WFE) jul-12 jul-13 nov-12 nov-13 mar-13 mar-14 jul-13 jul-14 nov-13 nov-14 mar-14 jul-14 mar-15 nov-14 jul-15 mar-15 nov-15 jul-15 mar-16 nov-15 jul-16 mar-16 jul-16 nov-16 nov-16 mar-17 mar-17 jul-17 jul-17 Pág. Nº12 nov-17 nov-17 2.93 2.49% mar-18 mar-18
Summary by Species: Pacific Salmon Harvests (Th. ton WFE) Harvest weight evolution (Kg WFE) Season 17-18 Season 13-14 Season 14-15 Season 15-16 Season 16-17 4,5 3.91 17.9 17.8 14.5 3,0 12.2 11.6 11.1 6.6 1,5 6.4 4.9 4.7 0.6 0.2 0,0 jul-13 nov-13 mar-14 jul-14 nov-14 mar-15 jul-15 nov-15 mar-16 jul-16 nov-16 mar-17 jul-17 nov-17 mar-18 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 Q4-17 Q1-18 FCRe* Monthly mortality (%) 6% 1.42 Quarterly 4% 1.32 1.32 1.32 1.31 1.30 1.28 1,28 1.25 1.23 1.23 1.22 1.20 2% 1.13% 0% jul-12 nov-12 mar-13 jul-13 nov-13 mar-14 jul-14 nov-14 mar-15 jul-15 nov-15 mar-16 jul-16 nov-16 mar-17 jul-17 nov-17 mar-18 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1-18 * Economic Conversion Rate Pág. Nº13
Highlights Financial Review Productive Performance Sales Outlook
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