3Q2014 Financial Results

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1 3Q2014 Financial Results

2 Perú: leading producer & exporter Leading producer & exporter of fishmeal and fish oil. World fishmeal production (2013) World fishmeal exports (2013) 47% 24% 12% 10% 7% Peru China Thailand Chile Others 45% 6% 8% 32% 9% Peru Chile Denmark USA Others Opportunity to generate added value. Production is oriented to international markets. Highly demanded for aquaculture. Unique geographic aspects: Convergence of Humboldt and El Niño currents. Length of the coast with more than 2,000 km. Source: IFFO. 2

3 Perú: leading producer & exporter Limited supply and increasing demand has led to a gradual increase in fishmeal and fish oil prices. Fishmeal and Fish Oil average prices 2,500 US$ / MT Fishmeal 2,000 1,500 1, Fish oil Price depends on: Annual volumen of anchovy fishing quota. Quality of the fishmeal which depends on the quantify of protein (TVN) and the freshness of the anchovy (histamine). Increase of fishmeal prices mainly driven by increasing demand and flat supply (catch restrictions) and also the low grade of substitution. Increase of fish oil prices due to high content of Omega 3. (*) Average prices per year as of November, Source: IFFO. (*) 3

4 Perú: leading producer & exporter lmportant development of lndirect Human Consumption. Anchovy: only authorized resource for IHC industry. Local unloading of IHC resources Thousand MT 10,000 8,000 6,000 4,000 2, Peruvian anchovy has significant advantages over other species: Not a migratory fish. Short development: reproduction cycle of 6 months. Close presence to the coast. Source: PRODUCE. 4

5 Perú: leading producer & exporter Effective regulatory system: Individual Fishing Quotas (ITQ), leads the industry to focus on quality and efficient usage of fleet and plants. Before - Global Quota System ( Olympic Race ): Competition between participants. Focus on increasing speed. Inefficient operations and low quality. Environmental contamination. Short fishing season. Since ITQ System: Individual quota assigned by vessel. Overall fleet reduction (1,200 to 500). Lower fixed costs. Extension of the fishing season. Efficiency and better quality. Better planning of production and diversification. Fishing days ITQ Olympic race Source: PRODUCE. 5

6 Pesquera Exalmar S.A.A. Fishing company with more years of operation in Perú. More than 30 years in the industry. FROZEN FISH PLANT 108 FISHMEAL PLANT 10 FISHMEAL PLANT 100 FISHMEAL PLANT 90 FISHMEAL PLANT 84 DISCHARGE FISH FISHMEAL PLANT 50 FROZEN FISH PLANT 575 FISHMEAL PLANT 100 MT/ Day MT/ Hour MT/ Hour MT/ Hour MT/ Hour MT/ Hour MT/ Day MT/ Hour Paita Chicama Chicama Port Salaverry Port North - Center South Chimbote Chimbote Port Supe Port Huacho Huacho Port Callao Callao Port Tambo de Mora Pisco Port Plants strategically located: 6 processing plants, 2 frozen plants and 1 unloading line. Diversification in Direct Human Consumption (DHC). 21 vessels in operation with 7,730 m 3 storage capacity and 6 with Refrigerated Sea Water RSW (2,600 m 3 ) also used for DHC. Plants capacity: IHC: 434 MT/ hour. DHC: 683 MT/ day. 6

7 Pesquera Exalmar S.A.A Investments in Plants and Vessels Fenómeno del Niño Strategic Financial Decisions ITQ System IPO and Quota Acquisition Direct Human Consumption Acquisition of processing plants: 1992: Casma. 1995: Tambo de Mora. New vessels. Revenues1998: US$ 19.5 MM 1997: Huacho plant. 1999: Chicama plant. Russian crisis. Asian crisis. Crisis of overproduction of soy. 2004: issuance of short term notes. 2007: Private Equity (22.7% of the company). 2008: Syndicated loan (US$ 80MM). Revenues 2008: US$ 117 MM Fix costs reduction: only 14 vessels operate the first year. Investments in Direct Human Consumption (DHC). Revenues 2009: US$ 128 MM IPO: US$ 100MM. Acquisition of additional quotas reaching 6.45% of north center area and 4.34% in the south area. Strengthen DHC. RSW system to 6 vessels. Revenues 2010: US$ 183 MM 2011: Syndicated loan US$ 140 MM. 2012: DHC Plant in Paita. 2013: DHC Plant in Tambo de Mora. Fishmeal plants with Steam Dried System. Bonds issuance US$ 200 MM (January 2013). Revenues 2012: US$ 217 MM 7

8 Indirect Human Consumption Fishmeal exports (*) Fish oil exports (*) 5% China 6% Germany Vietnam 20% Indonesia 63% Taiwan Others 6% 6% Denmark 9% Norway 9% China Chile 70% Japan Historical processing (North-Center) 622 Thousand MT % % % % 45% 39% 35% 43% 47% 60% 53% 65% 74% 55% 55% 57% 61% 55% Own catch (%) Third parties (%) (*) Data as of 3Q14. 8

9 North-Center Quota Fourth largest producer of fishmeal and fish oil in Peru in terms of volume, supplementing its quota with purchase of third parties catch. North-Center Quota Company 1 st season 2014 % of Total Processed Company 2 st season nd season Others Source: Produce % 10.67% 8.50% 6.87% 6.66% 6.45% 6.20% 40.69% Source: Produce. Anchovy individual fishing quota: 6.45% in North- Center and 4.34% in the South. Exalmar s ability to buy third party catch allows it to increase its share of production. Strong business relationship with independent vessel owners: (i) Providing financial and operational advisory, (ii) Offering onshore and offshore fishing logistical support, (iii) Structuring tailor-made anchovy purchase agreements Others 23.77% 8.25% 16.16% 11.83% 9.85% 8.70% 7.35% 14.09% 25.77% 13.14% 12.76% 12.69% 9.90% 8.87% 6.79% 10.08% 9

10 North-Center Quota As of December 2013 As of December 2014 Thousand MT 2nd season st season 2013 Total 2nd season st season 2014 Total Global Quota 810 2,050 2,860 2,304 2,530 4,834 Effective catch 732 1,993 2,725 2,274 1,679 3,954 Effective catch/ Quota 90.4% 97.2% 95.3% 98.7% 66.4% 81.8% Exalmar s effective catch 92.0% 86.0% 87.7% 98.3% 72.5% 85.7% Exalmar s participation 11.2% 10.8% 11.8% 12.7% Season 22/11-31/01 17/05-31/07 12/11-31/01 23/04-10/ : would include a quota of 3,954 thousand MT in financial statements of companies of the industry, while 2013 included 2,725 thousand MT (+44%). 1 st season 2014: it was caught 66.4% of the quota of the industry, versus 97.2% of 1 st season 2013, mainly due to the warm-up of the sea, as a consequence of Fenómeno del Niño. 10

11 North-Center Quota As of December 2011 As of December 2012 Thousand MT 2nd season st season 2011 Total 2nd season st season 2011 Total Global Quota 2,500 3,700 6,200 2,500 2,700 5,200 Effective catch 790 3,686 4,475 2,448 2,623 5,071 Effective catch/ Quota 31.6% 99.6% 72.2% 97.9% 97.1% 97.5% Historical catch suggest that there could be an important increase after a season affected by environmental conditions, as happened in A warm- up of the sea temperatures makes the anchovy look for its habitat with cooler waters, then the biomass can be dispersed. It is said that it could be further than 100 miles and also within 5 milles. 11

12 Direct Human Consumption Consolidating its presence in DHC segment. Investment: US$ 40 MM aprox. Mackerel Jack Mackerel Giant Squid Mahi Mahi Scallops Seafood mix Development of new products lines: fresh and frozen fish. Monitoring of the world market trends to diversify and generate products with increased added value. Extension of relationship with independent fishermen. 2013: public bidding for tuna quota. Exalmar awarded part of lot 1, corresponding to m 3. 12

13 Direct Human Consumption Exports to 15 countries worldwide. Mahi mahi Anchovy Mahi mahi Scallops Giant squid Giant squid Giant squid Mahi mahi Scallops Giant squid Anchovy Mackerel Giant squid Giant squid Giant squid Giant squid Jack Mackerel Jack Mackerel Giant squid Giant squid Jack Mackerel Anchovy 13

14 Mackerel and Jack Mackerel Thousand MT (*) Global Quota Effective catch Exalmar s catch 9.3 Total Exalmar s participation 4.0% 6.0% 6.5% 9.7% (*) Data as of 3Q14. Season started on January 16th and will finish on December 31 st. February 2014: definitive license to operate the freezing plant of Tambo de Mora and final authorization to operate three more mackerel and jack mackerel fishing vessels. It has been caught 7.8 thousand MT, higher than total effective catch of year 2013 (3.9 thousand MT). 14

15 Other Species (Paita Plant) Production (as of 2Q13) Production (as of 3Q14) Giant squid Scallops 5% Mahi mahi Squid 90% Others 89% July 2014: BRC (British Retail Consortium) and TMFS (Tesco Food Manufacturing Standard) certifications recognize Exalmar as an authorized supplier of TESCO Supermarkets worldwide. MT 37% 8,326 As of 3Q13 As of 3Q14 5,578 Paita Plant Production 15

16 Financial Performance

17 P&L Composition MM US$ As of 3Q13 As of 3Q14 Var. Revenues % Gross Profit % Operating Income % Pre-Tax Income 27.3 (4.8) Net Income % EBITDA % Gross Margin Operating Margin Net Income Margin EBITDA Margin 27% 16% 10% 28% 24% 12% 0% 25% 25% 16% 5% 25% 28% 20% 11% 28% 17

18 Revenues Composition Revenues (as of 3Q13) Revenues (as of 3Q14) 9% Fishmeal 13% 16% Fish Oil 20% 75% DHC 67% MM US$ Total revenues increased (+34%) due to higher beginning stocks and production, because of 2 nd season 2013 higher quota. 21% As of 3Q13 As of 3Q14 66% % Fishmeal Fish Oil DHC 18

19 IHC Revenues 60 Fishmeal Volume (Thousand MT) Average sales price (US$/MT) 2,000 Fishmeal Revenues 45 1,750 As of 3Q13 As of 3Q Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1,500 1,250 1,000 MT US$/ MT Revenues (MM US$) 60,559 1, ,429 79,631 1, , Fish Oil (*) Volume (Thousand MT) Average sales price (US$/MT) 2,500 Fish Oil Revenues 9 2,100 As of 3Q13 As of 3Q14 6 1,700 MT US$/ MT 10,436 2,090 17,936 2, Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1, Revenues (MM US$) 21,810 36,206 (*) Fish Oil considers also low quality production surplus. 19

20 Stocks & Sales & Prices Fishmeal Fishmeal (Thousand MT) Thousand MT As of 3Q13 As of 3Q14 Var. Begininng stock % 98.7 Production Sales % 31% Reprocessing Ending stock % Available for sales As of 3Q13 Sales As of 3Q14 Thousand MT Fish Oil As of 3Q13 As of 3Q14 Var. Fish Oil (Thousand MT) Begininng stock % Production Sales % 72% Reprocessing Ending stock % 38% Available for sales As of 3Q13 Sales As of 3Q14 20

21 Stocks & Sales & Prices Fishmeal (Thousand MT) Fish Oil (Thousand MT) % 18% st season st season 2014 Production Stocks (*) % % st season st season 2014 Production Stocks (*) US$ /TM Average Sales Price Per Season 1 st season nd season st season 2014 Fishmeal stocks (as of 3Q14) Thousand MT US$ / MT Fishmeal (**) Fish Oil 1,576 2,060 1,434 2,417 1,790 2,053 Stocks (**) ,100 (*) Data as of 3Q13 and 3Q14. (**) Current market prices of fishmeal for Exalmar are around US$ 2,100 (data as of November, 2014). 21

22 DHC Revenues DHC Revenues (as of 3Q14) 14% 5% 52% Giant squid Mackerel, Jack mackerel Scallops Increase in revenues (+99%), explained by higher sales of frozen products (+124%) as a consequence of the beginning of production of Tambo de Mora Plant. 27% Mahi Mahi Others 3% 1% MM US$ 99% 10% Others As of 3Q13 As of 3Q14 86% 97% Fresh Frozen DHC revenues As of 3Q13 As of 3Q14 22

23 Cost of Production As of 3Q13 As of 3Q14 Var. Ban days % Total Processed(*) Own Catch(*) Third Party(*) % 1% 11% Ban & Processed Volume Third parties buying price(**) % Catch Cost(**) % Cash Catch Cost(**) % Costs Processing Cost (***) % Cash Processing Cost (***) % Ban Expenses (US$MM) % (*) Thousand MT. (**) US$/MT of anchovy. (***) US$/MT Fishmeal & Fish Oil. Lower catch cost (-2%) due to a decrease of variable costs associated to personnel and maintenance. Third parties purchase cost decreased (-17%), due to lower price of fishmeal. The processing cost was higher (+20%) because of an increase of personnel and maintenance costs, as a consequence of more labor days. 23

24 Gross Profit and Margins Gross profit (+52%): Higher catch of 2 nd season Increase of volume of production of DHC. Higher revenues (+34%). 15% 10% 25% 28% 60% 62% Ban Expense Gross Profit Cost of Sales As of 3Q13 As of 3Q14 As of 3Q13 As of 3Q14 25% 28% 16% 20% 5% 11% 25% 28% Gross margin Operating margin Net Income margin EBITDA margin 24

25 Company Debt Indebtedness Position MM US$ As of 3Q13 Short-Term Debt (STD) 32 14% Long-Term Debt 200 Current Portion 3 Non-Current Portion % Total Debt 233 Cash 13 Net Debt 220 As of 3Q % % Bonds Issuance: US$ 200 MM international capital market. Issue Date: February 1 st, Maturity Date: January 31 st, Interest: 7.375% per annum. Use of proceedings: repay the syndicated loan and several company investments. MM US$ -27% As of 3Q13 As of 3Q14 MM U$$ Net accounts receivable Valued stocks (*) Accounts receivable + Valued Stocks Coverage STD As of 3Q % As of 3Q % Net Financial Expenses (*) Valued to average sales prices of season (fishmeal valued according to slide N 14). 25

26 CAPEX IHC Investments: Maintenance work on fishing nets. Environmental requirements. Fishmeal plants. DHC Investments: Tambo de Mora Plant. Paita Plant. CAPEX (as of 3Q14) 7% 25% 42% 26% IHC Plants DHC IHC Vessels Administratives MM US$ (*) (*) CAPEX executed as of 3Q14.

27 Others

28 IMARPE s Report On October 3 rd, 2014, IMARPE published the report Center- North stock of anchovy as of October, 2014, which states: That unusual environmental conditions caused by the presence of warm water (Kelvin Waves) affected the habitat of anchovy. Consequently, the biomass of anchovy was estimated in the North-Center area at a lower level than recent years. They recommend not catching anchovy in the North-Center area until the normalization of environmental conditions and a new research, wich was done on November,

29 Exalmar s decisions towards uncertain season CAPEX and maintenance expenses: no more than 3 MM US$ in first half. Just the strictly necessary, others will be postponed. Secure liquidity for fixed cost until April, Enough cash and credit bank facilities. Others costs reduction until April, 2015, such as insurances, security, energy, etc. Secure funds for interest payments of bonds on January, 2015 (7.5 MM US$). 29

30 Exalmar s Fixed Costs Operational Costs of IHC Vessels (Thousand US$) As of 3Q14 4Q Maintenance 3,550 1,183 4,734 Personnel ,247 Others 3,211 1,070 4,281 Total Operational Costs of IHC Vessels 7,696 2,565 10,262 Operational Costs of IHC Plants (Thousand US$) As of 3Q14 4Q Maintenance 1, ,654 Personnel 4,271 1,424 5,695 Others 5,078 1,693 6,770 Total Operational Costs of IHC Plants 10,589 3,530 14,119 30

31 Exalmar s Fixed Costs Others Operationals Costs (Thousand US$) As of 3Q14 4Q Commercial Administratives 4,867 1,622 6,490 Financial Expenses 12,675 4,225 16,900 Total Operational/ Financial Fixed Costs 17,830 5,944 23,774 Principal Repayments 2, ,639 TOTAL COSTS 38,162 12,633 50,795 31

32 Break Even Point Fixed Costs (Thousand US$) 2014 Operational Costs of IHC Plants 14,119 Operational Costs of IHC Vessels 10,262 Administratives 6,874 Financial Expenses and Principal Repayments 19,539 Total Fixed Costs 50,795 Fishmeal 2014 Factor 4.5 Production (Thousand MT) 29 Price (US$) 1,900 Sales (Thousand US$) 55,095 Variable Expenses and Costs (US$ / MT) 2014 Cash Catch Cost (anchovy) 76 Cash Catch Cost 342 Cash Processing Cost 159 Selling Expenses (fishmeal) 78 Selling Expenses (fish oil) 23 Financial Expenses 14 Total Variable Costs (Thousand US$) 17,349 FishOil 2014 Factor 5.0% Production (Thousand MT) 6 Price (US$) 2,000 Sales (Thousand US$) 13,049 Considers costs of 2014 and just own catch. Break Even Point (Exalmar covers all fixed costs): global quota of 1,992 thousand MT per year. Break Even Point (Thousand MT) 2014 Global Quota 1,992 Assigned Quota (Exalmar) 6.55% Exalmar s Catch

33 Conclusions With over thirty years of experience in the fishing industry, Pesquera Exalmar S.A.A. has successfully overcome difficult moments, consequence of international crises and bad environmental conditions. Historical catch suggests that there could be an important increase after a season affected by environmental conditions, as happened in A warm-up of the sea temperatures makes the anchovy look for its habitat with cooler waters, then the biomass can be dispersed. The current situation is temporary and doesn t threaten the viability of the business. Exalmar is financially prepared for these cases and has been making the appropriate decisions. The whole fishing industry must follow IMARPES s suggestions, encouraging the species sustainability. 33

34 T. (511) W. D. Av. Victor Andrés Belaunde 214, San Isidro, Lima Perú

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