presentación de powerpoint · 2015-06-22 · asset sale loss us$ 1.3 million and fishing...

May 29, 2015

2

25.1

80.1

6.2

111.4

19.4

76.9

7.4

103.8

Fishing Salmon Other Seafood TOTAL

Revenues

-4%

2014 2015 Jan – Mar (MMUS$)

-23%

+19%

-7%

Delay in catches and fishmeal sales, and weak Atlantic salmon price affected revenues

3

25.1

80.1

6.2

111.4

19.4

76.9

7.4

103.8


Q1 Revenues - Fishing

Volume (Ton) Average price (US$/Ton) Revenues (US$ million)

-45% +51% -18%

MU

S$

Fishmeal 2014 2015

2,550

4,670

Q1 2015

Q1 2014

2,247

1,492

5.7

7.0

-23%

Low fishmeal inventory rotation due to high prices

4

25.1

80.1

6.2

111.4

19.4

76.9

7.4

103.8


Volume (Ton) Average price (US$/Ton) Revenues (US$ million)

-46% -20% -57%

Fish oil

MU

S$

2014 2015

1,209

2,249

Q1 2015

Q1 2014

1,774

2,212

2.1

5.0

-23%

Q1 Revenues - Fishing

5

25.1

80.1

6.2

111.4

19.4

76.9

7.4

103.8


+19% -20% -4%

Volume (Ton WFE) Average price (US$/Kg WFE)

Atlantic Salmon

Revenues (US$ million)

No trout this year (US$ 4 million in 2014) and 50% drop in services to third parties margin

MU

S$

2014 2015

11,518

9,664

Q1 2015

Q1 2014

4.8

6.0

55

58

-4%

Q1 Revenues - Salmon

6

+31% +2% +34%

Volume (Ton) Average price (US$/Kg)

Mussels

Revenues (US$ million)

Low inventories in late 2013 and decreased sales in Q1 2014 explain strong sale volume increase in 2015

2014 2015

2,235

1,701

1T 2015

1T 2014

2.8

2.7

6.2

4.7

Q1 Revenues - Mussels

7

Results Q1 (MUS$)

Profit/ Loss

-5.3

4.2

-0.8 -1.9

-7.0

4.3

-0.3

-3.0


2014 2015

-0.2

12.1

-0.3

11.5

-4.3

8.2

0.3

4.1


EBITDA before Fair Value

Asset sale loss US$ 1.3 million and fishing inactivity

Near -US $ 13 million due to lower price effect and and +US$ 9 million due to lower cost in Salmon

8

7.2 4.9 2.0

11.9

25.5

53.0 60.0

66.1 58.7

419

437

448

439

459

483 485

496

489

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

EBITDA (MUS$) Revenues (MUS$)

1.7% 1.1% 0.4%

2.7%

5.6%

11%

12.4% 13.3%

X% EBITDA/Revenues

12%

Development: Last 4 mobile quarters

9

Sardine: Lower quota for 2015, more bans due to lower fish size. Jack Mackerel: Similar quota for 2015, but with a mixture of big with small fish due to temperatures. Anchovy: 14% lower industrial quota for 2015, but in 2015 we are buying from third parties. We maintain our forecast to catch 100% of the fishing quotas for 2015.

28 20

43 38

18

40

19

4

23 31

3

38

19

38 30

4

16

2014 2015 2014 2015 E 2014 2015 2014 2015

Q1 Q2 Q3 Q4

In the case of the sardine, and anchovy, catches include own and third parties. Company’s estimations are based on current information, which could change due to deviations

Thousands of tons

129 130

46 42

96 54

2014 2015 E

Year

Driver: Pelagic Fishing

Jack Mackerel

Anchovy

Sardine

10

Use of Jack Mackerel in Production as of May 2015 (week 20)

% Catch Uses as of May

2015

% Catch Uses as of May

2014

% Catch Uses as of May 2015 (Industry)

% Catch Uses as of May 2014 (Industry)

Frozen (Th Ton) 2.1 12% 39% 28% 51%

Canned (Th boxes) 522 61% 54% 32% 28%

Fishmeal-Fish oil (Th Ton) 3.7 27% 7% 40% 21%

Human Consumption 73% 93% 60% 79%

Catch development (over the annual quota):

Souther Fishing: Jack Mackerel

92%

81%

60%

0%

25%

50%

75%

100%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2013 2014 2015

11

Prices hit a peak in Q1 2015 and fell after normalization of Peruvian quota (2.6 M ton), which they’ve catched 70% as of week 20. US$ x ton (Camanchaca)

1,605

May to Jul: 2,5 M Ton (68% capturado)

Nov to Jan: 2.5 M Ton

May to Jul: 2 M Ton

1,810

Prime Fishmeal Price (Chile) IFFO Week 20 2015

Peru’s Fishing Quota:

1,763

Nov to Jan: No quota

1,813 1,803

1,532

1,398 1,492

1,567

1,850

2,013

2,247

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

May to July: 2.6 M Ton

Driver: Fishmeal Price

12

Low stocks in China and lower shipments to final consumers

Source: IFFO

China: Port off-takes and Stocks

13

March 31, 2015 March 31, 2014

VOLUME Months of

Production ThUS$ VOLUME ThUS$

SALMON

Atlantic Salmon and Trout (Tons) 5,038 2.3 34,036 6,021 37,889

Salmon Total 34,036 37,889

FISHING

Fishmeal (Tons) 11,415 2.6 12,454 4,879 5,492

Fish oil (Tons) 1,831 1.8 1,534 692 984

Frozen Jack Mackerel (Tons) 15 0.0 14 1,418 1,058

Canned Fish (thousands of boxes) 170 2.1 2,100 169 3,211

Langostino Lobster (Tons) 311 4.1 3,880 382 4,789

Fishing Total 19,982 15,534

OTHER SEAFOOD

Mussels (Tons) 2,161 3.0 3,884 1,230 3,026

Abalone (Tons) 149 8.4 3,711 117 2,915

Scallops (Tons) 73 3.8 857 80 1,108

Other Seaafood Total (Tons) 8,452 7,049

COMPANY TOTAL 62,470 60,472

Higher Fishing Stocks (valued at cost)

At March 31: High Fishmeal and Fish Oil stocks in the business of fishing.

14

4.0%

8.0%

10.2% 8.7% 9.0%

5.0%

11.7% 9.8% 9.8% 10.0%

Q1 Q2 Q3 Q4 Year

Economic Feed Conversion Rate – Atlantic Salmon

2014 2015

Company’s estimations are based on current information, which could change due to deviations

1.33 1.34

1.41 1.35

1.55

1.36 1.34 1.44 1.42 1.38

1.00

Q1 Q2 Q3 Q4 Year

Driver: Salmon Farm Sanitary Conditions

Mortality – Atlantic Salmon % in closed cycle

15

4.5 4.5

6.0

4.8

5.8

4.8

5.4 5.2

5.6

4.8

E E

Q1 Q2 Q3 Q4 Year

Drop in prices due to devaluations of currencies against the USD US$ x kg WFE (Salmones Camanchaca)

Harvest (Thousands of Tons)

10.8

5.0

9.2

39.3 11.6

Δ-20%

2014 2015

14.3

38-40

4 - 6


Driver: Atlantic Salmon Price

16

Urner Barry Trim C 2-3 - US$/Lb

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

jan

-04

may

-04

sep

-04

jan

-05

may

-05

sep

-05

jan

-06

may

-06

sep

-06

jan

-07

may

-07

sep

-07

jan

-08

may

-08

sep

-08

jan

-09

may

-09

sep

-09

jan

-10

may

-10

sep

-10

jan

-11

may

-11

sep

-11

jan

-12

may

-12

sep

-12

jan

-13

may

-13

sep

-13

jan

-14

may

-14

sep

-14

jan

-15

abr-

15

During April, market prices 22% below trend line

Atlantic Salmon Price: Long-term trend

17

Camanchaca vs Market (Salmonex, January 2012 = Base 100)

100

74

100

117

89

124

60

80

100

120

140

160

180

Jan

-12

Feb

-12

Mar

-12

Ap

r-1

2

May

-12

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

Dec

-13

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

Urner Barry Salmonex Camanchaca

Camanchaca’s RMP (Raw Material Return) higher than the Urner Barry and Salmonex indexes.

Camanchaca’s Atlantic Salmon RMP

18

2014 2015

0.55 0.58

0.84

0.54

0.84

0.65

0.82

0.70 0.81

0.64

E E

Q1 Q2 Q3 Q4 Year

At constant volume, cost save in Q1 2015 of US$ 1.3 million and in 2015(e) of US$ 3.5 million.

Driver: Diesel Price

Drop from Q4 2014 US$ x lt


19

80

100

120

140

160

180

200

Raw Material Cost and RMP (Raw Material Return) Base 100 = RMP January 2013

RM cost before processing RMP

Porcelana

Benjamín

Tahuenahuec

Izaza Cabudahue

Fiordo Largo

Pilpilehue

Ahoní

Loncochalgua

Significant cost improvements in recent harvested sites: -30% (2015 vs 2013)

Leptepu

Cahuelmó

Lamalec

Licha |Puelche|

Contao

|--Mañihueico--|

|-------------Islotes----------|

|-Ed.-|

|-Izaza-

Development of Atlantic Salmon Margins

10th region Sites 11th region Sites


20

0.46

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

EBIT (US$/Kg WFE) before Fair Value

Atlantic Salmon Business includes other Revenues and Costs due to services and sales to third parties, and intercompany salmon sales to our offices abroad.

Development of Atlantic Salmon Margins

21

Farmed salmon markets

Source: Kontali

Annual world consumption close to 2.3-2.4 million tons with +/- 7% growth

4 "traditional" markets account for ~ 72% of global consumption of Atlantic salmon: Europe, Russia, Japan and USA.

Europe, Japan and USA: consistent growth in demand. Russia: Fall of annual consumption from 160 to 80 thousand tons WFE (-4% of world demand) due to:

Sanctions on imports of products from Europe. Devaluation of its currency against the USD.

"Other markets" (Brazil and China among them): Growth from 320 to 690 thousand tons in the last 5 years.

22

Salmon Global Trade 2014

23

Salmon Supply: Norway

Source: Kontali

70% of Norwegian salmon is sold in Europe.

Sanctions in Russia (world’s 2nd market) to European imports => Norway relocates 150 thousand tons in other markets: 2/3 to Europe, 1/6 to USA and 1/6 to other markets.

Devaluation of the NOK (Max +35%) meant a more competitive Norwegian product at global level aggressive relocation of its surplus production, focusing on the stable currency market (USA).

24

Source: Kontali

Salmon Supply: Chile

The Russian market that Norway left is exploited by Chile, replacing fresh by frozen salmon.

Development of other markets like Brazil and China.

25

Eruption of Calbuco Volcano

Río Petrohué Hatchery (smolts).

14.4 million fish at the time of the eruption.

7.1 million survived: 3.2 million alevines. 3.5 million pre-smolts. 400 thousand smolts.

Survivors were relocated in: Grow-out sites: Puelche and Mañihueico. Alevin hatchery in Río de la Plata. Smolt hatchery in Playa Maqui.

Camanchaca already has a lease agreement for an alternative hatchery during repairs in Petrohué.

Hatcheries in Polcura (genetics) and Río del Este (spawning): No impact, operating perfectly.

Grow-out sites: Developments within the expected parameters without extraordinary events.

Smotl transfer and harvest plans for 2015 – 2017: Unchanged.

Current efforts: Studies to define a repair plan for the hatchery in Petrohué.

We estimate that the infrastructure and biomass insurances are sufficient to cover the reconstruction of the hatchery in Petrohué to operate normally in 2016.

26

0.75 0.73

0.56

0.50

0.60

0.70

0.80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2013 2014 2015

Net Leverage

32.9

8.7 3.0

.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2013 2014 2015

Net Debt/EBITDA 12 months

Debt: Payment conditions

Current Debt: US$ 209 million.

05/26/2015: Payment of fees ~US$ 15 million related to Camanchaca Holding / Salmones Camanchaca (fee payments of

May-15 and Nov-15).

Extraordinary payment of US$ 3 million related to Camanchaca Pesca Sur.

Debt is renewed at 11/27/2015.

presentación de powerpoint · 2015-06-22 · asset sale loss us$ 1.3 million and fishing...

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