Page 1

Company Overview

Presentation prepared for ABG Sundal Collier Alfonso Mรกrquez de la Plata, CEO Puerto Montt, Chile January 2012


Agenda

1. Overview

2. AquaChile

3. Financial Review

4. Growth Plan

5. New Developments


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$ )** 907 417

• Is the largest producer in Chile of Salmon and Sea Trout. Owns 149 aquacultures licenses which provides a solid basis for its growth.

405

380 101

• Has more than 400 customers, in 50 countries and leads the world production of Pacific Salmon and Sea Trout. Source: Bloomberg

• 54 th tons of Salmon and Trout and 19 th tons of Tilapia (2010) • 70 th tons of Salmon and Trout and 18 th tons of Tilapia (2011E)

Shareholder’s Structure***

• Figures as of September 2011 (MUS$ ) • Sales:

335.4

• EBITDA*:

62.4

• Net Income:

17.7

• Net Debt:

62.2

Puchi Family 33,0%

Others 33,92%

• Public since May 19, 2011 • Market capitalization of US$ 907 millions as of January 5, 2011

Fischer Family 33,0%

• Main Shareholders: Puchi and Fischer Family *Before fair value biomass adjustment **As of January 5, 2011

Pension Funds 6,0%

3

*** As of December 31, 2011

Others 28,0%

Source: The Company


25 Years of Successful Track Record Annual Sales

Today

Crisis

In MUS$

• ISA virus effects • Financial restructuring • New legal framework focused on long term sustainability • Advantages of diversification

2006 – 2007 Period • 3rd largest world producer • Global presence and reputation • IPO and acquisition plans

Beginnings • 25 years of history • Merger with Salmones Pacífico Sur • Track record forming strategic alliances • Sustained growth

501

• Diversified business model • Full vertical integration • High growth potential • Industry consolidation capacity

553 484 440 388

326 213

1986

93

79

2000

2001

138

128

2002

2003

2004

2005

2006

2007

2008

2009

Source: The Company

4

2010

2011


Focus in Diversification for Success

Pacific Salmon

Sea Trout

Atlantic Salmon

Main Figures*

% of Consolidated EBIT

% of Consolidated Sales

Geographic Diversification

15%

X and XI Region

Sales LTM MUS$ 51.6

18%

WFE Tons Sales: 8,902 EBIT LTM MUS$ 12.8

Sales LTM MUS$ 131 WFE Tons Sales: 25,049

41%

39%

36%

31%

EBIT LTM MUS$ 28.6

Sales LTM MUS$105 WFE Tons Sales: 25,604

X and XI Region

EBIT LTM MUS$ 25.2

Guanacaste

Sales LTM MUS$ 50.9

Tilapia

X and XI Region

4%

WFE Tons Sales: 17,265

15% Lake Bayano

EBIT LTM MUS$ 2.6 * Figures in MUS$ as of September 30, 2011

Source: The Company

5


Agenda

1. Overview

2. AquaChile

3. Financial Review

4. Growth Plan

5. New Developments


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


Vertical integration throughout the value chain 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.

Integration

SALMON AND SEA TROUT

FRESH WATER Eggs & Smolts

SEA WATER Farming PROCESSING

GENETICS

COMMERCIALIZATION

FEED Source: The Company

TILAPIA

FRY PRODUCTION

FARMING

PROCESSING GENETICS

COMMERCIALIZATION

FEED* Source: The Company

* The feed plant will be finished during 2012

8


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


Genetic: 15 Years of Successful and Proven Genetic Development Aquainnovo: Created to be a world class center for genetic improvement in aquaculture AquaChile 83%

Increase in harvest weight of the Pacific Salmon In WFE kg 3,56

Universidad de Chile 15%

D 40%

2,54

Others 2% 1999

2009 Source: The Company

Improvement in Tilapia conversion factor of ACI Group

Reduction in the Tilapia’s on growing cycle In number of days 456

2,09 1,95

384

1,92 1,70

2007

Source: The Company

2008

2009

2010

1,65

345

D 19%

290

2007

2011e

10

Source: The Company

2008

2009

2010

D 36%


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


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

Atlantic Salmon

Sea Trout

41.6 26.5 17,8

25,2

4,8

8,6

21,7

17,8 Capacity Own Capacity

7,8

Capacity Long Term Contract

Capacity Projects Under Construction Source: The Company

Concrete projects to support growth Type of Facility Capacity Disease free eggs and smolts Property

Chaicas Project

Smolts Project

Recirculation Hatchery

Recirculation Hatchery

120 million eggs and 12.6 million smolts

12.6 million smolts

Yes

Yes

Call option for 100% of the ownership

100%

12


Sea water: Largest and Non-Replicable Licenses Base Largest licenses base and neighborhood presence in the industry

Los Lagos Region INDUSTRY Total of 24 neighborhoods

Capacity for organic growth Operational and productive continuity

AQUACHILE 56 Licenses in 12 neighborhoods

Continuous supply to clients Species diversification

Natural, climate and sanitary risks diversification

50% of

neighborhoods Of the Los Lagos region

Licenses and neighborhood by producer Company

# Licenses

%

# Neighborhood

%

AquaChile

149

14.3%

29

50.0%

Marine Harvest

141

13.5%

26

44.8%

Multiexport

86

8.3%

22

37.9%

Camanchaca

73

7.0%

14

24.1%

Los Fiordos

64

6.1%

12

20.7%

Mainstream

63

6.1%

16

27.6%

Unimarc

52

5.0%

14

24.1%

Australis

50

4.8%

12

20.7%

Pesca Chile

50

4.8%

10

17.2%

Otras

313

30,1%

Total

1,041

Source: The Company/Subpesca 2009

Aysén Region INDUSTRY Total of 34 neighborhoods AQUACHILE 93 Licenses and 17 neighborhoods

50% of

neighborhoods Of the Aysén region

58 Source: The Company

13

Licenses

Neighborhoods


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 68 36 16

Cardonal Plant Type

PAC-HACCP Certification Location

Cailín

25

25

Hueñocoihue

Antarfood

Calbuco

Costa Rica

21

Value Added

Whole Salmon

Whole Salmon

Value Added

Value Added

Value Added

Yes

Yes

Yes

Yes

Yes

Yes

Puerto Montt

Quellón

Dalcahue

Chonchi

Calbuco

Guanacaste Source: The Company

Diversity of Salmon Products

Diversity of Tilapia Products

Whole

HG

Trim C

Whole

Trim D

Trim E

Portions

Breaded Filets

14

Filets


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


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

Source: The Company

16


Our Brands and Our Main Clients  Renowned Brands

 Reputable Clients

17


Agenda

1. Overview

2. AquaChile

3. Financial Review

4. Growth Plan

5. New Developments


Recovery and Profitability Revenues

EBITDA

In MUS$ 501

In MUS$

553 484

20%

440

388

326

25%

27% 10%

378 43

80

49

-3%

-9%

-16 2004

2005

2006

2007

2008

2009

2010

2010 IFRS

2005

EBITDA

Net Income

EBIT

In MUS$

In MUS$ 84

26 12%

45

15

2006

2007

2008

2009

16%

12% 3%

67

2010

2010 IFRS

EBITDA Margin Legal change: Industry Revival

120

58 68

17%

58

-40

Sanitary Crisis: Caligus and ISA Virus

51

18%

136

213

2004

15%

15%

35

33

44

50

2010

2010 IFRS

-75 -14%

-142

-35 -64

2004

2005

2006

2007

Net Income

2008

-32% 2009

2010

2004

2010 IFRS

Net Margin

Source: The Company

Note: The gray bars represent values in Chilean GAAP

19

2005

2006

2007

2008

2009


Recovery and Profitability (Cont..) Sales Volume, by specie

EBIT per kg Pre IFRS Adj.

In thousands of WFE tons

In US$ per WFE kg

Acum. 3Q 2010

Acum. 3Q 2011

Acum. 3Q 2010

Acum. 3Q 2011

23,3 1,4

18,6 15,1 8,9

8,8

11,5

1,1

0,9

13,5

0,5

0,4

0,3

0,3

0,8 Atlantic Salmon

Pacific Salmon

Sea Trout

Tilapia

-1,1 Atlantic Salmon

EBITDA Pre IFRS Adj.

Net Income

In MUS$

In MUS$

120%

Pacific Salmon

Sea Trout

305%

62,4

17,7

28,4

4,4

Acum. Q3 2010

Source: The Company

Acum. Q3 2010

Acum. Q3 2011

20

Acum. Q3 2011

Tilapia


Solid Financial Position Net Debt / EBITDA

Net Debt

In times

PCGA

In MUS$

IFRS

PCGA 389

6,70

6,07

1,79

2004

2005

174

88

1,28

2006

389

300

144

2,07

IFRS 397

2007

-

-

2008

2009

62

0,68 2010

Sep-11 LTM

2004

2005

2006

2007

2008

2009

2010

sep-11

Source: The Company

Restructured Financial Debt Maturity Total Restructured Debt: MUS$ 182

58,5 41,2 33,7 22,5

18,7 7,5

0,0

0,0

2011

2012

2013

2014

2015

2016

2017

2018 Source: The Company

21


Financial Summary 2010

3Q11

2011

∆ QoQ ∆ YoY

In mUS$

3Q10

2010

1Q11

2Q11

3Q11

LTM

Sales

72.405

387.841

135.884

96.960

102.568

466.706

42%

31%

Operational Cost (1)

-61.814

-299.848

-93.231

-80.235

-85.024

-345.443

38%

21%

OPERATIONAL MARGIN

10.590

87.993

42.653

16.724

17.545

121.263

66%

76%

Other Cost and Operating Expenses (2)

-4.511

-30.269

-9.923

698

-5.297

-29.567

17%

-5%

EBITDA pre FV adj.

6.079

57.724

32.730

17.421

12.248

91.697

101%

120%

Depreciation

-2.118

-16.587

-4.890

-5.454

-4.105

-22.388

94%

67%

EBIT pre FV adj.

3.961

41.137

27.840

11.967

8.143

69.309

106%

142%

Net revenues from Biological Assets (3)

-512

9.290

-9.948

4.211

-7.648

1.854

1393%

125%

EBIT post fair value adj.

3.449

50.427

17.892

16.178

495

71.163

-86%

150%

Other Non Operating Items

2.189

7.667

-8.391

-6.402

-2.034

289

-193%

78%

NET INCOME

5.638

58.093

9.501

9.776

-1.539

71.451

-127%

305%

Total Assets

485.526

571.376

569.234

794.940

752.512

752.512

55%

336%

Total Liabilities

505.708

538.395

528.300

378.439

337.504

337.504

-33%

146%

Total Equity

-20.182

32.981

40.934

416.501

415.008

415.008

-2156%

-4423%

EBITDA Margin

(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

Source: The Company


Agenda

1. Overview

2. AquaChile

3. Financial Review

4. Growth Plan

5. New Developments


Growth Plan Sowing In million of smolts 54

57

57

13

13

13

16

16

16

16

50 42

37

12

11

24

21

10

9

15

13

9 9

16

22

25

28

28

12

2009

2010

2011e

2012e

2013e

2014e

2015e

2016e

15

Sea Trout

Pacific Salmon

Total

Source: The Company

Sales Volume1 In thousands of WFE tons per species

CAGR

20%

202

179 151

92 18 24 21 29

2009

72

88

110

27 29

19 23 30

18 27 28 15

24 27 37 22

2010

2011e

2012e

Atlantic Salmon

39

39

Sea Trout

(1) For estimates, we assume that tons harvested equal sales volume

24

36

31 32

215 41

32

32

39

39

55

77

95

102

2013e

2014e

2015e

2016e

Pacific Salmon

Total

Source: The Company


Agenda

1. Overview

2. AquaChile

3. Financial Review

4. Growth Plan

5. New Developments


New Developments

1.

AquaInnovo – CITA

2.

Salmones Chaicas

26


New Developments (Cont‌)

www.verlasso.com

Source: The Company

27


New Developments (Cont‌) www.verlasso.com Alejandro

Cristian

Verlasso salmon

Verlasso farms

Source: The Company

28

Ene - 2012 ABG Sundall Collier  
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