Quarterly Results 1Q14

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1 Quarterly Results 1Q14 1

2 Highlights 3 Proteak Valuation 4 New Projects 4 Results and Key Indicators 5 Balance Sheet Analysis 6 Cash Flow Analysis 7 Environmental and Social Development 8 Proteak Informs 9 Financial Statements 10 Results Conference Call Tuesday, April :00 a.m. Mexico City, CST Tres Picos #65 Col. Bosques de Chapultepec, Miguel Hidalgo, CP , Distrito Federal, México. 2

3 Highlights 414 Capital completed an independent valuation of Proteak. 414 Capital concluded that the fair value of Proteak OPCs lies between MXP 21.9 and MXP Proteak made the down payment to start production of the machinery for the MDF plant. The plant s Master Layout was finalized, in line with the budget. Proteak received authorization for the MDF Project s Environmental Impact Manifest (Manifestación de Impacto Ambiental, MIA) from the Ministry of the Environment and Natural Resources (SEMARNAT) and the Feasability (Factibilidad) from the Federal Electricity Commission (CFE). The Company signed a contract for the extraction of 2,000m 3 of wood in Costar Rica, thereby eliminating operating risk up to port. Proteak signed an agreement to sell 45,000 m 3 of eucalyptus wood in 2014 and 45,000 m 3 in The annual FSC Audit of FOMEX plantations concluded successfully. Proteak adhered voluntarily to the United Nations World Pact. The 2013 Annual Audit of PriceWaterhouseCoopers (PWC) concluded without caveats. 3

4 Proteak Valuation In January 2014, 414 Capital concluded an independent valuation of Proteak. According to 414 Capital, the fair value of Protak s OPCs (Ordinary Participation Certificates) lies between MXP 21.9 and MXP This valuation considers Proteak s teak plantations and their inherent long-term investment horizon, as well as the company s recent diversification into the wood panel industry through the acquisition of FOMEX and construction of an MDF plant. The Valuation Report is published on Proteak s web page: New Projects I. Acquisition of FOMEX The operation of FOMEX continued without setbacks, improving its forestry platform in line with Proteak Standards. The Las Choapas nursery (FOMEX) was revamped and is currently producing at full capacity the necessary plants for Proteak s 2014 eucalyptus plantation program (approximately 2,000 has). The company signed an agreement for the sale of 45,000 m 3 of eucalyptus wood in 2014 and 45,000 m 3 in II. MDF Project During the quarter, Proteak made the down payment to Dieffenbacher, thereby ensuring the production start of the machinery for the MDF plant. The plant s construction process continued, with important milestones during the quarter: The Master Layout was finalized according to budget. SEMARNAT approved the Project s Environmental Impact Manifest. Proteak received the Feasability for the project from the Federal Electricity Commission (CFE). During the quarter, Proteak hired the plant s Project Manager, with over 18 years of experience in the wood panel industry. 4

5 Results and Key Indicators SUMMARY OF RESULTS AND KEY INDICATORS I. Income Statement Analysis Quarterly results showed positive trends in sales as well as costs. Total sales reached MXP 45MM, 34% higher than 1Q13 figures and the highest quarterly sales in Proteak history. In addition, it is important to note, that the operating margin was positive in all of its lines. Regarding Income from Revaluation, it should be noted that its increase reflects a methodology change in the way this item is registered in the company s income statement. Previously, most of the revaluation was reflected in the last quarter of the year; starting in 2Q13, however, it is shown through quarterly provisions. Regarding cost of sales, it decreased as a proportion of total sales. In Colombia alone, logistics costs (shipping and handling) as a percentage of roundlog sales decreased from 42% in 1Q13 to 35% in 1Q14. In Costa Rica, Proteak successfully entered into an agreement to extract 2,000 m 3 of wood, thereby eliminating operating risk up to port. 5

6 Total Sales 1Q14 vs. 1Q13 Quarterly Sales ( 000,000 MXP) % ( 000,000 MXP) % YTD13 Teak Sales YTD14 Eucal. Sales - 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Administrative costs generated by Proteak s business as usual were kept in line with the budget, decreasing 1% vs. 4Q13 and only 8% above 1Q13 figures. It is important to note, that total administrative expenses include expenses related to the operation of FOMEX and the MDF Project, non-existent in 1Q13. II. Balance Sheet Analysis Compared to the first quarter of 2013, Proteak s total assets increased 76%, evidencing the structural change the company has gone through with the MDF Project. Compared to to year-end 2013 figures, total assets declined 1%, reflecting mainly a reduction in cash related to the MXP 117MM down payment made to Dieffenbacher for the production of the MDF machinery. During the quarter, the company registered a MXP 21MM provision for biological asset revaluation, reaching total biological assets of MXP 918MM. The value of Proteak plantations is modified mainly due to four factors: (i) capitalized forestry expenses, (ii) exchange rate, (iii) revaluations that reflect the biological assets growth, and (iv) a reduction at the wood s cost of sales. During the first quarter of 2014, investments included: (i) MXP19MM in capitalized forestry expenses, aimed at improving existing plantations expected return by maintaining growth rates that exceed original plans, as well as the plantation of 1,200 new hectares of Teak and 2,000 new hectares of eucalyptus planned for 2014, (ii) MXP 8MM as a result of the US dollar revaluation, (iii) MXP 21MM from the previously discussed biological asset revaluation and (iv) MXP 24MM, which represent the wood s cost of sales. Total harvest for the quarter amounted to 31.4 Mm 3 (thinning and final harvest). 6

7 Assets held for sale include mainly non-strategic land that will be sold in the medium term. Most of these assets are located in Costa Rica and have a value of MXP 102MM. Total Capital vs. Liabilities 000,000 MXP Total Assets Evolution 100% 3 80% 60% 2 128% 40% 1 20% 0% Equity LiabiliLes Fixed assets include mainly 16,944 hectares of land, two nurseries, agricultural, forestry and transportation machinery and equipment, and other forestry assets. Long-term liabilities comprise MXP 172MM of the Financiera Rural loan, including interest, and MXP 62MM of the IFC credit line. Proteak s capital structure reflects the important events that took place in 2013: the capital increase for the MDF Project and the acquisition of FOMEX. Proteak s position continues to be solid with a 1:4.6 liabilities-to-capital ratio. III. Cash Flow Analysis Quarterly cash flow evolved as expected, with MXP 39MM in operating expenses. During the quarter, investments totaled MXP 163MM, including the down payment made to Dieffenbacher for the MDF Project, and commissions paid to AKA. Positive cash flow movements continued showing the company s collection efforts with a total of MXP 43MM in collections, and income from subsidies for MXP.2MM. Proteak s cash position at quarter-end amounted to MXP 179MM. 7

8 Environmental and Social Development FSC Certification FSC s annual certification of FOMEX plantations concluded successfully during the quarter. FSC provides third-party certification confirming that materials sold as FSC certified are harvested from well-managed forest operations. To accomplish the latter, Proteak has implemented sustainable practices and procedures in all its forestry activities in accordance with the FSC Principles and Criteria. Furthermore, it has integrated social and environmental considerations to achieve a sustainable operation within the forestry sector. In addition, the company concluded its flora and fauna monitoring report in Tabasco, identifying a larger number of species vs (90 species in 2014 vs. 54 in 2011), thanks to the protection efforts in Proteak s conservation areas. Proteak is also in the final stage of certifying its carbon credits, which will allow for the company to credit an annual capture of 387,906 carbon dioxide tons in a 20-year period. In line with its social development practices, Proteak voluntarily joined the United Nations World Pact, where it commits to comply with ten principles regarding human rights, labor standards, the environment and the fight against corruption. In addition, during the quarter Proteak personnel made improvements to the academic, sports and dining facilities of the Niños Héroes de Chaultepec rural elementary school in Huimaguillo, Tabasco 8

9 Proteak Informs Independen Analyst As part of the independent analyst Program, Proteak s OPC is followed by: Ernesto Gustavo O Farrill Santoscoy Tel: (55) Bahía de todos los santos #26 Col. Verónica Anzures Delegación Miguel Hidalgo C.P , México, D.F. Investor Relations Agency Alejandro Ramírez Arcia Tel: +52 (55)

10 Financial Statements The following table shows Proteak s summarized Income Statement in MXP 000 and its comparison to the same quarter in Regarding gross profit, operating profit and annual results, the table shows the percentage of net sales they represent. 10

11 The following table presents Proteak s consolidated Balance Sheet as of 1Q14, compared to yearend 2013 figures. 11

12 Mexico City, April 28, Today, Proteak Uno, S.A.B. de C.V. (BMV: TEAK) published its 1Q14 results. This information is presented in line with Financial Information Norms (NIFs), in nominal terms. 12

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