EMPRESAS COPEC S.A. January 2015 www.empresascopec.cl
2 EMPRESAS COPEC Empresas Copec participates in natural resources and energy. FORESTRY FISHING/ MINING FUELS COAL MINING NATURAL RESOURCES ENERGY
3 80 YEARS OF HISTORY 1934 INCORPORATION 1970-1980 DIVERSIFICATION 1986-2000 INVESTMENTS AND GROWTH Alto Paraná Arauco II Licancel Metrogas 2003 CORPORATE RESTRUCTURING Creation of Empresas Copec 2013-2014 NEW BUSINESSES Montes del Plata pulp mill in Uruguay started operations Consolidation of the panel business Terpel completes its restructiring process EC sold its stake in Guacolda 1950-1960 EXPANSION IN FUELS Abastible Sonacol 1986 ENTRY OF ANGELINI GROUP Financial restructuring Strategic development plan 2000-2005 CONSOLIDATION AND STRATEGIC FOCUS Angelini assumes control of the Company Divestiture of shares in non-core businesses Focus in fuels, forestry and fishing. 2005-2012 EC, A WORLD SCALE PLAYER Arauco becomes the second main producer of market pulp in the world and 3rd main Panel producer Empresas Copec expands to Colombia in liquid fuels and LPG
4 OWNERSHIP STRUCTURE ANGELINI GROUP PENSION FUNDS 74,36% 25,64% ANTARCHILE S.A. 60,82% 4,77% 34,41% OTHERS OTHERS FORESTRY FUELS FISHING OTHER INVESTMENTS 99,98% 99,99% 99,05% 39,83% 81,93% 99,87% 50,00% 40,80% 12,00% 58,89% 66,80% 30,64% 51,00% Inversiones del Nordeste Fuente: Empresas Copec
5 SIZE Empresas Copec is among Chile s largest publicly traded companies. MARKET CAPITALIZATION OF CHILEAN COMPANIES [US$ million] As of January 07, 2015 9,0% 15.681 15.535 14.339 It represents around 9,0% of total market capitalization and 9,25% of the IPSA Index. 12.263 10.832 9.198 6.816 6.558 6.111
BUSINESS SECTORS CONSOLIDATED ASSETS CONSOLIDATED SALES FUELS FORESTRY Total: MMUS$ 22,368 78,0% Total: MMUS$ 24,339 FISHING 64,8% 26,0% OTHERS INVESTMENTS 3,3% 21,1% 6,0% 0,8% CONSOLIDATED NET INCOME CONSOLIDATED EBITDA* CONSOLIDATED INVESTMENTS Total: MMUS$ 786 Total: MMUS$ 1,979 Total: MMUS$ 1,273 47,7% 41,2% 67,9% 49,1% 57,1% 27,6% 3,2% 6 1,3% -0,4% Figures as of December 2013 4,4% 0,1% * EBITDA: Operating income + Depreciation + Stumpage
LEADERSHIP IN ALL BUSINESSES IN WHICH IT PARTICIPATES 2 nd producer largest market pulp producer in the world* 1 st Latin of sawn timber in America* 3 rd largest panel producer in the world Th. tons Th. m 3 Th. m 3 Fibria Arauco 3.882 APRIL CMPC Koch Ind. Paper ex. UPM Metsaliitto Weyerhaeuser Suzano Installed capacity includes 50% of Montes del Plata West Fraser Weyerhaeuser Canfor Stora Enso Timber Tolko Arauco 2.770 Sierra Pacific Ind. AbitibiBowater Hampton Affiliates Interfor Georgia Pacific Installed capacity as of December 2010 7 Kronospan Egger Arauco 6.663 Sonae Pfeiderer Kastamonu Duratez Swiss Krono Masisa Ikea Mohawk Source: Hawkins Wright, Risi, Arauco, Empresas Copec
Terpel 8,5% Shell 15,1% LEADERSHIP IN ALL BUSINESSES IN WHICH IT PARTICIPATES 1 st Largest fuels Largest lubricants distributor in distributor in Chile* Chile* Otros 5,7% Copec 58,3% 1 st 1 st Largest fuels distributor in Colombia** Castrol 2,4% Texaco Lubrax 5,4% Shell 23,7% Otros 16,5% Mobil 50,0% Petromil 5% Biomax 10% Petrobras 3% Ecospetroleo 1% Zeuss 1% Texaco 12% Otros 2% Terpel 43% Otros 63,7% Petrobras 12,5% Abastible 36,3% Inversiones GLP (Gasco) 18% Roscogas 3% Rayogas 4% CLC (Urbina y Ecopetrol) 3% Gas Zipa 3% Otros 16% Esso 2,3% 2 nd 2nd largest player Largest player in in LPG distribution LPG distribution in in Chile* Colombia* 1 st 1 st Main fishing company in Chile and 3rd largest player in the 8 Grupo Chilco (Lipigas) 12% Grupo IN 34% Montagas (IN y Gasco) 7% Exxon Mobil 23% (*) Market share as of 2013 (**) Market share as of 2013, currently at 45% Source: Empresas Copec Landes 3,5% Marfood (Alimar + FoodCorp) 6,3% Camanchaca Pescasur (Bío-Bío + Camanchaca) 5,8% Orizon 7,8% world* Corpesca 51,2% Blumar (Itata + El Golfo) 22,5%
9 EMPRESAS COPEC CAPEX US$16,2 billion 2014 CAPEX DISTRIBUTION Total estimated: US$980 million US$16,2 billion investment over the last 20 years CAPEX (US$ million) 61% 36% 2.000 1.800 1.600 1.400 1.200 1.000 800 600 400 200 0 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 980 FORESTRY FUELS FISHING OTHERS 1% 2%
10 FINANCIAL STRENGTH Profitability 2008 2009 2010 2011 2012 2013 3Q14 Empresas Copec generates healthy cash flows which allow it to finances its investment plan, distribute attractive dividends and maintain low levels of indebtedness. BBB BBB Operating margin 6,9% 6,2% 9,4% 5,2% 2,9% 4,6% 4,5% EBITDA margin 10,9% 11,1% 15,3% 9,6% 6,8% 8,1% 8,4% ROCE 9,6% 6,1% 9,6% 9,3% 5,9% 8,6% * 8,6% Leverage EBITDA / net interest expense 7,8x 5,3x 7,6x 6,6x 4,7x 6,3x 6,6x Net debt / EBITDA 1,6x 2,3x 1,7x 2,0x 3,9x 2,8x * 2,6x *Annualized 4,5 4,0 NET DEBT Net / Debt EBITDA / Ebitda 3,9 2.500 2.000 2.125 CONSOLIDATED DEBT SCHEDULE As of September 2013 3,5 3,0 2,5 2,0 1,5 1,0 3,5 3,4 3,2 3,0 2,8 2,7 2,5 2,6 2,6 2,0 2,0 2,5 1,9 1,9 1,6 1,7 1,8 1,6 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 1.500 1.000 500 0 167 1.190 1.035 688 271 643 474 490 593 1.251 0 0 Cash 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Balance 333
STRONG COMMITMENT WITH SOCIETY AND THE ENVIRONMENT Community Environmental Biodiversity Important contribution to Education, Culture, Sports and the Community EDUCATION: Arauco Foundation (59 programs in 29 districts, benefitting 470 schools, 4,066 teachers and 71,268 students) Arauco, Constitución and Cholguán schools Belén Educa and Enseña Chile initiatives SPORTS: Copec and Arauco soccer cups, and Rally Mobil. APPLIED R&D: Copec Catholic University Foundation. Reduction and management of environmental impact Efficient use of non dangerous residuals: Biomass for the production of energy in Arauco Treatment and permanent monitoring of effluents Reduction of greenhouse gas emissions (Kyoto Protocol) Vía Limpia project System of collection of unloadings in Coronel Monitoring of carbon footprint Conservation and protection of biodiversity Certified chains of custody 390 th. hectares declared as Areas of High Environmental Value in danger of extinction or vulnerable Marine ecosystem environmental surveillance Program Certifications Improvements in management systems and industrial & logistic processes CERTFOR, ISO 9001, ISO 14001 and OHSAS 18001 certifications in Arauco. Protocols for handling of industrial residuals (1) License code: FSC C108276 Forestal Arauco 11
12 MAIN RELATED COMPANIES FORESTRY FUELS FISHING OTHER INVESTMENTS 99,98% 99,99% 99,05% 39,83% 81,93% 99,87% 50,00% 40,80% 12,00% 58,89% 66,80% 30,64% 51,00% Inversiones del Nordeste Source: Empresas Copec
13 FORESTRY PULP SAWNTIMBER PANELS ENERGY Chile 718,336 hectares 5 mills 2.88 million tons. 8 sawmills 5 facilities 2.5 million m 3 Plywood: 710 Th m 3 MDF: 515 Th m 3 Hardboard: 60 Thm 3 MDP: 300 Thm 3 10 plants 606 MW Surplus: 209 MW Argentina 131,516 hectares 1 mill 350 Th. tons 1 sawmill 2 facilities 320,000 m 3 MDF: 300 Th m 3 PB : 260 Th m 3 2 plants 78 MW Surplus: 8 MW Uruguay Brasil 71,182 hectares 74,041 hectares 1 mill *650 Th. tons 2 facilities MDF: 1,255 Th. m 3 PB: 310 Th. m 3 1 plant 76 MW Surplus: 39 MW U.S.A Canada 8 facilities MDF: 1.5 mill. m 3 PB: 1.42 mill. m 3 998,476 hectares (73% pine 25% eucalyptus) 7 mills 3.88 million tons 9 sawmills 2.8 million m 3 17 facilities 6.6 millon m 3 13 plants 760 MW Surplus: 236 MW * Corresponds to the 50% of Montes del Plata ** Capacity as of June 2014
FORESTRY COMPETITIVE ADVANTAGES Arauco s position in the supply curve assures a superior operating performance. ARAUCO S CASH COST Total Cash Cost: US$ 365/ ton WORLD PULP SUPPLY CURVE US$/ton Labor Chemichals Others * 13% 18% 15% 700 600 500 400 300 200 Chile Sweden France Germany Austria U.S.A. Brazil Indonesia Chile Canada U.S.A Sweden Portugal Spain Finland Canada Finland Wood 55% 100 0 0 5.000 10.000 15.000 20.000 Thousand Tons Softwood Hardwood * Includes: energy, materials and other production costs Source: Arauco 20-F 2013 14
15 FORESTRY COMPETITIVE ADVANTAGES The integral and efficient use of resources allows Arauco to maximize the value of the forest. Energy to the Grid (239 MW) 606 MW
FORESTRY GEOGRAPHIC AND PRODUCT DIVERSIFICATION Arauco has exposure to different markets Resto de América 15% PULP SALES (US$ 2,181 million) Otros 3% PANELS SALES (US$ 1,941 million) Europa 18% Chile 7% Asia 57% SAWN TIMBER SALES (US$ 830 million) CONSOLIDATED SALES BY REGION Resto de América 23% Total: US$ 5,146 million Chile 10% Otros 3% Europa 1% Otros 2% Resto de Latinoamérica 36% Chile 12% Otros 10% Resto de América 11% America del Norte 33% América del Norte 26% Europa 8% Asia 30% Norteamérica 54% Chile 7% Asia 34% 16 Figures as of 2013
FORESTRY SIGNIFICANT EXPANSIONS IN PULP AND PANELS IN 2012-2013 Proyecto MAPA* (Chile, EIS approved) EXPANSION IN PULP +1,000,000 Potential Nueva Aldea (Chile Plywood, December 2012) Teno (Chile, MDP July 2012) Jaguariaíva (Brazil, MDF Q1 2013) EXPANSION IN PANELS 300.000 350.000 +500,000 Montes del Plata (Uruguay, June 2014) +650,000 +26% Moncure (USA MDF/PB, February 2012) +650,000 +20% Flakeboard (USA, MDF/PB October 2012) +2,300,000 +166% +150% Arauco s Pulp Capacity As of January 2013 +3,222,000 Panels Capacity Arauco January 2012 +2,470,000 17 (*) Final decision pending
18 FORESTRY LATEST DEVELOPMENTS: CONSOLIDATION OF THE PARANÁ CLUSTER Latest acquisitions allow for progressive integration of previous operations: 2005 Aquisition of panel companies and plantations in Brazil and Argentina 2007 Arauco finished negotiating with Stora Enso, resulting in the acquisition of plantations, a sawmill and a paper mill 08/2009 Arauco acquires Tafisa Brazil 11/2011 Arauco and Klabin announce the acquisition of land and ALTO PARANÁ 2006 Acquisition of land and plantations in Brazil 05/2009 Arauco and Stora Enso agreed to purchase the majority of Ence operations in Uruguay 01/2011 Arauco and Stora Enso announce investment in a pulp plant in Uruguay 2013 Jaguariaiva expansion in Brazil is finished and currently under operation Santiago Constitución Arauco Valdivia Buenos Aires Cholguán FORESTS PULP MILL HEAD OFFICES SAW MILL PANEL MILL PORT
19 FORESTRY EXPANSION TO NORTH AMERICA IN THE PANEL BUSINESS US$ 298.5million 2012: Arauco acquires Flakeboard panel company and Moncure Panel mill. Significant synergies between facilities Access to commercial channels Significant upside potential Total investment reaches US$ 298.5 million EUGENE SAULT STE. MARIE DURAFLAKE (ALBANY) ST. STEPHEN MONCURE MALVERN BENNETTSVILEE (CAROLINA Y BENNETTSVILLE)
FORESTRY MONTES DEL PLATA PROJECT Joint Venture between Arauco and Stora Enso in Uruguay Investment of around US$2.3 billion plus a port of aprox US$ 200 million Total installed capacity: 1,300,000 Adt / year of hardwood pulp Started operations on June 05 th Production costs comparable to the most efficient plants BRAZIL ARGENTINA URUGUAY 20 Mill location ATLANTIC
21 FORESTRY VALDIVIA DISSOLVING PULP PROJECT US$ 180 million Arauco filed an environmental impact make an innovative investment at its Valdivia mill in producing dissolving pulp. This initiative entails an investment of US$180 million and will enable the company to offer a new product, mainly in the Asian market, which is used as a raw material to make textile fibers like rayon or viscose, cellophane, filters, etc. The main features of this fiber are smoothness, shininess, purity and the ability to absorb water.
22 FORESTRY MARKET OUTLOOK Drivers Long term No softwood capacity coming on stream Substitution increasingly difficult Strong potential for consumption growth in China and other emerging economies Short term Stability in prices for long-fiber for the next months Following months in hardwood pulp with a good outlook. During the previous two months EKP increased US$ 20/ton, and new increases are expected in the next months. World demand increased 2.0% as of September 2014 Inventories below normal levels for long-fiber and above historical levels for short-fiber Gap between fibers increasing, currently at 190 US$/ton 1150 1050 950 850 750 650 550 450 350 60 50 Market Pulp Prices US$ / ton Softwood Hardwood Inventories Days of supply 40 30 20 10 Softwood Hardwood
23 East Europe Oceania Latinoamérica Others in Asia/Africa China West Europe North America Japan Total FORESTRY WORLD DEMAND GROWTH World demand increased 2.4% in 2013 As of October 2014 Chinese demand increased 4.1%, North American demand decreased 1.1% and Western Europe demands decreased 0.3%, with respect to 2013 40 Aggregated Demand Million tons World Demand Changes (10-months accumulated 2014 vs. 2013) 30 20,2% 20 4,8% 4,6% 4,2% 4,1% 2,0% 10-0,3% -1,1% -1,3% 0 dic-05 dic-06 dic-07 dic-08 dic-09 dic-10 dic-11 dic-12 dic-13 Oct-14* North America West Europe East Europe Latin America Japan China Others in Asia/Africa Oceania
FORESTRY SOFTWOOD AND HARDWOOD CHANGES IN CAPACITY Market reasonably balanced for the next years. Source: Hawkins Wright 24
FORESTRY GROWTH DRIVERS 36% Kg. Per capita 300 With 36% of the world s population, China and India still have a long path to walk. 250 200 150 Germany USA Japan Sweden Italy Korea UK Spain France Canada 100 50 0 Chile China Mexico Brazil Russia India 0 10 20 30 40 50 60 GDP* per capita (thousand US$). * GDP is measured in thousands of US dollars and adjusted by PPP The size of the circles represents the relative total volume of consumption Source: Bloomberg, Arauco 25
26 MAIN RELATED COMPANIES FORESTRY FUELS FISHING OTHER INVESTMENTS 99,98% 99,99% 99,05% 39,83% 81,93% 99,87% 50,00% 40,80% 12,00% 58,89% 66,80% 30,64% 51,00% Inversiones del Nordeste Source: Empresas Copec
27 FUELS SIGNIFICANT PRESENCE IN LATIN AMERICA IN 3% EBITDA Fuels Last 12 months Total: MMUS$ 752 Sonacol 8% COLOMBIA Liquid Fuels LPG PANAMA Liquid Fuels ECUADOR Liquid Fuels Terpel 33% Copec 45% CHILE Liquid Fuels LPG Pipelines Natural Gas Import facilities Abastible 11%
28 FUELS COPEC LIQUID FUELS DIVISION SERVICE STATIONS 400 th. clients served on average per day 52,1% Chilean fuel sale market share 42,1% service stations market share High operational efficiency: 27% over the closest competitor CONVENIENCE STORES Largest convenience store network in Chile: 82 Pronto stores and 220 Punto stores Open 24/7 365 days of the year LUBRICANTS 108 million liters sold in 2011 52,2% market share More than 400 different products INDUSTRIAL CHANNEL More than 3,500 industrial clients Contracts with 30 large mining companies More than 60% market share in large mining 56% of share in aeronautical market
FUELS COPEC LIQUID FUELS DIVISION Coverage: 621 service stations 14 storage plants COPEC consistently outperforms the rest of the market in terms of operating efficiency: Prime locations Brand recognition 4,0 3,8 3,8 4,0 4,1 4,4 2,9 3,1 3,1 3,1 3,2 3,3 Fuel sales per Service Station (thousand tons) 4,8 5,0 5,3 3,7 3,8 3,8 5,8 6,2 6,5 4,0 4,2 4,2 6,8 4,4 Preference of service stations in Chilean highways 2013 market poll Copec 84% Shell 7% Other/none 4% Petrobras 3% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Terpel 2% Source: Internal Estimates Copec Others 29
30 FUELS COPEC HISTORICAL PERFORMANCE IN FUELS BUSINESS Copec has reached a stable market share of 58% - 60%. Copec s market share has gradually stabilized within this range following a period of peak demand related to shortages in gas imports from Argentina Consolidation of the new service stations network. Customer satisfaction has reached record levels. Improvements in logistics and service have allowed to increase market share in the industrial channel. 70 65 60 55 50 45 40 Liquid Fuels Share % Shell 20,9% Liquid Fuels - Market Share As of September 2014 Others Terpel7,4% 0,0% 35 30 sep-03 sep-04 sep-05 sep-06 sep-07 sep-08 sep-09 sep-10 sep-11 sep-12 sep-13 sep-14 Petrobras 12,7% Copec 59,1%
31 FUELS ACQUISITION OF TERPEL COLOMBIA US$ 760million Through a series of acquisitions in the open market between May 2010 and March 2012, Copec reached 58,89% of Terpel Total investment reaches US$760 million 98,2% 14,4% 52,8% 32,8% OTHERS 88,9%
32 FUELS ACQUISITION OF TERPEL COLOMBIA The acquisition included assets in Ecuador, Panama, Peru, Mexico and Chile (Chilean operations divested) % Market Share Business Lines Main player in the Colombian market with approx. 45% market share and more than 1,900 gas stations Figures as of September 2014
33 FUELS ACQUISITION OF TERPEL COLOMBIA Significant value drivers: Similar to Chilean market structure, which allows to take advantage of Copec s know-how High growth potential in the Colombian market: Colombia s vehicular penetration is lower than in Chile Low highway vehicular flows Low market penetration of convenience stores business Areas in which both company s expertise can generate mutual benefits Copec s efficiency in its gas stations operation Terpel s experience in the natural gas for vehicles (NGV) market
34 FUELS LPG: ABASTIBLE Distributor of liquefied petroleum gas (LPG) to residential and industrial customers More than 1.5 million residential customers More than 6 million gas cylinders
35 FUELS LPG: ABASTIBLE Stable sales growth and market share. Significant development potential: Substitution of firewood, currently 40% of residential needs Expansion of geographic coverage: Arica, Antofagasta, Calama and Iquique New applications: -Autogas and Nautigas 450 400 350 300 Sales Volumes (Thousand tons) LPG - Market Share As of December 2013 250 200 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Otros 63,7% Abastible 36,3%
36 FUELS ACQUISITION OF IN GROUP COLOMBIA Abastible acquired a 51% stake in Inversiones del Nordeste, parent company of eight societies engaged in the distribution of LPG in Colombia. It also includes a transportation company and a cylinder production company Total investment: US$ 77 million, including acquisition of shares and equity contribution for funding future capex Market leader: 34%
FUELS ACQUISITION OF IN GROUP COLOMBIA Significant value drivers: New regulatory framework with free prices and company-owned cylinders, very similar to Chile Favorable conditions to gain market share investing in cylinders Potential development of the industrial and vehicular market Atomized industry creates opportunities for consolidation Allows to project Abastible s know-how in the region Inversiones GLP (Gasco) 21% Roscogas 3% Rayogas 4% CLC (Urbina y Ecopetrol) 2% Gas Zipa 3% Otros 17% 37 Grupo IN 33% Montagas (IN y Gasco) 7% Grupo Chilco (Lipigas) 10%
38 FUELS NATURAL GAS: METROGAS Volumes Increase in clients base 803 698 664 (Million of m 3 ) 648 686 701 766 600 500 400 CAGR: 7.7% (Thousand) 489 397 391 300 278 200 100 04 05 06 07 08 09 10 11 12 13 0 1998 2000 2002 2004 2006 2008 2010 2012 Distributes natural gas to more than 480,000 customers in the Metropolitan Region and supplies 90% of industrial consumption. Was subject to supply shortages until 2009 as a result of price freezing within Argentina. LNG terminal operating since September 09 provides stable supply and generates new business opportunities Metrogas participates with Enap, Endesa and BG Long term supply contract allows to improve margins, sell to electricity generation companies and access new geographical zones
39 MAIN RELATED COMPANIES FORESTRY FUELS FISHING OTHER INVESTMENTS 99,98% 99,99% 99,05% 39,83% 81,93% 99,87% 50,00% 40,80% 12,00% 58,89% 50,10% 30,64% 51,00% Inversiones del Nordeste Source: Empresas Copec
40 OTHER INVESTMENTS MINA INVIERNO New 4-6 million tons/year coal mine started operations in 1H 2013 GOLDEN OMEGA Production of fish oil based Omega 3 concentrates Started operations in 4Q 2012 CAN-CAN Bronce de Petorca gold mine currently operating Diego de Almagro copper mine under studies
41 FORESTRY LATEST DEVELOPMENTS MONTES DEL PLATA STARTED OPERATIONS The first shipment was sent in July. By the second month of operations it reached 61% of its production capacity. Full capacity expected to be reached this year. For year 2014, production should range between 550 to 580 thousand ton. NUEVA ALDEA PLYWOOD MILL STARTED OPERATIONS Arauco completed the reconstruction of its new plywood mill at the Nueva Aldea forestry and industrial complex to replace the mill that was destroyed in a fire in 2012. The new mill has a plywood production capacity of 360,000 m3 a year. The mill started operations in December 2013.
FUELS LATEST DEVELOPMENTS SALE OF TERPEL CHILE S.A. IS COMPLETED Terpel Chile S.A. was sold in the quarter to Quiñenco S.A. for US$239 million. The operation gave Empresas Copec S.A. financial, pre-tax, consolidated earnings of US$ 27.7 million. TERPEL COMPLETES ITS RESTRUCTURING PROCESS The company completed the process of merging the companies Proenergía Internacional, Sociedad de Inversiones de Energía, Terpel del Centro and Organización Terpel with the listing of Organización Terpel on the Colombian Stock Exchange (BVC) on Tuesday, August 19th. This merger was unanimously approved by the shareholders and bondholder s meetings. The merger process was completed on August 15th with the approval of Colombia s Financial Superintendency and the registry of Organización Terpel s shares in the BVC. 42
43 OTHER INVESTMENTS LATEST DEVELOPMENTS NEW GOLDEN OMEGA PRODUCTION LINE EMPRESAS COPEC SOLD ITS STAKE IN GUACOLDA Golden Omega is commissioning its new selective crystallization line at its industrial facilities in the city of Arica, and the first production lots are scheduled for late October. Golden Omega will produce Omega-3 concentrates with up to 85% EPA and DHA, the two most important Omega-3 fatty acids for human health. Empresas Copec, together with Ultraterra, announced early this year the intention to offer its share in Guacolda to third parties. On March 28 th AES Gener agreed the sale offer proposed by Empresas Copec and Ultraterra. The agreed total sale price was US$ 728 million (50% for Empresas Copec and 50% for Ultraterra).
44 Sustainable Sustainable competitive advantages in every sector in which it participates EVOLUTION OF MARKET CAPITALIZATION (MMUS$) 30.000 25.000 Financial strength 20.000 15.000 Expansion Significant expansion plans 10.000 5.000 Diversification Business, country and market diversification 0
45 Analysts coverage Company Analyst Contact information Banchile Andrew McCarthy andrew.mccarthy@banchile.cl (56 2) 2873 6126 Banco Penta Juan Pablo Moraga juan.moraga@bancopenta.cl (56 2) 2873 3298 Barclays Pedro Grimaldi pedro.grimaldi@barclays.com (55 11) 3757 7297 BBVA Research Hernán Guerrero hguerreroh@bbva.cl (56 2) 2679 1127 BCI Corredores Felipe Ruiz fruizs@bci.cl (56 2) 2692 7457 BTG Pactual Cesar Perez cesar.perez@btgpactual.com (56 2) 2490 5012 Citigroup Juan Tavarez juan.g.tavarez@citi.com (1 212) 816 5791 Compass Group Paulina Rojas paulina.rojas@cgcompass.com (56 2) 2364 4803 Corp Research Vicente Meschi vicente.meschi@corpgroup.cl (56 2) 2660 3620 Credit Suisse Viccenzo Paternostro viccenzo.paternostro@credit-suisse.com (55 11) 3841 6043 Deutsche Bank Josh Milberg josh.milberg@db.com (55 11) 2113 5971 Euroamerica Andrés Galarce agalarce@euroamerica.cl (56 2) 2581 7124 GBM Ariane Gil agil@gbms.com.br (5511) 3238 4013 Goldman Sachs Diogo Miura diogo.miura@gs.com (55 11) 3371 0766 IM Trust José Manuel Edwards jedwards@imtrust.cl (56 2) 2446 1761 Invertir Online Felipe Burr fburr@invertironline.com (56 2) 2827 2134 JP Morgan Lucas Ferreira lucas.x.ferreira@jpmorgan.com (55 11) 4950-3629 Itaú BBA Barbara Angerstein barbara.angerstein@itau.cl (56 2) 2834 6297 Larrain Vial Vicente Rodriguez vrodriguez@larrainvial.com (56 2) 2339 8616 MBI Lorena Pizarro lorena.pizarro@mbi.cl (56 2) 2655 3716 Merrill Lynch Thiago Lofiego thiago_lofiego@ml.com (55 11) 2188 4010 Morgan Stanley Carlos de Alba Carlos.De.Alba@morganstanley.com (1 212) 761 4927 Santander GBM Alberto Ariztia aariztia@santander.cl (56 2) 2336 3359 Security Felipe Galleguillos lgalleguillos@security.cl (56 2) 2584 2391 NAU Pedro Baptista pedrobaptista@nau-securities.com (44 20) 7947 5510 Contact Information Director of IR and Investments Cristián Palacios cristian.palacios@empresascopec.cl (56 2) 2461 7042 Investor Relations Analyst Rodrigo Perera rodrigo.perera@empresascopec.cl (56 2) 2461 7065
EMPRESAS COPEC S.A. www.empresascopec.cl