Forestal Constructora Y Comercial Del Pacifico Sur S.a. · BCS:PASUR
Forestal Constructora Y Comercial Del Pacifico Sur — Q2 2024 Earnings Presentation
35 slides from Forestal Constructora Y Comercial Del Pacifico Sur's earnings presentation, August 2024
Slide 1: 2nd Quarter 2024 Results
June, 2024 Santiago, Chile August, 2024
Slide 2: 2nd Quarter 2024 Results Agenda
2nd Quarter 2024 Results 1. PASUR at a glance 2. Corporate Governance 3. 2nd 2024 Quarterly Results 4. Highlights 2Q2024 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile August, 2024 2
Slide 3: PASUR at a glance
Santiago, Chile August, 2024
Slide 4: Forestal, Constructora y Comercial del Pacífico Sur SA
2nd Quarter 2024 Results Forestal, Constructora y Comercial del Pacífico Sur SA Investment Company of the Matte Group Company Description ▪ PASUR is a long-standing investment company that carries out its main activities and businesses in the fields of Pulp & Paper. ▪ It stands out for its significa
Slide 5: Main Subsidiaries and Affiliates of the Matte Group
2nd Quarter 2024 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 98.1% 45.4% 32.5% 10.6% 10.0% Through Pasur 19.2% 48.2% 6.7% 0.0% 8.5% 6.5% 7.0% Mkt Cap2 $4,688 $2,263 $1,848 $199 $399 $9,984 $511 Total Assets2 $16,940 $6,625 $19,335 $422 $6,324 $28,140 $1,853 Net
Slide 6: Corporate Governance
Santiago, Chile August, 2024
Slide 7: PASUR Board of Directors
2nd Quarter 2024 Results PASUR Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Banco BICE (Chile) i
Slide 8: Management Team
2nd Quarter 2024 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 2nd 2024 Quarterly Results
Santiago, Chile August, 2024
Slide 10: Net Income and Earnings from Associates
2nd Quarter 2024 Results Net Income and Earnings from Associates CMPC Results Summary 2Q24/2Q23: Quarterly Net Income ▪ Pulp sales decreased: mainly due to lower volumes, explained by Figures in US$ millions the impact of the floods in May in Brazil and port activity. 76 ▪ Softy’s sales decreased, d
Slide 11: Highlights 2Q2024
Santiago, Chile August, 2024
Slide 12: Period Highlights
2nd Quarter 2024 Results Period Highlights 1. CMPC ▪ On April 29th, CMPC signed an agreement with the State of Rio Grande do Sul in Brazil to advance in the evaluation of a project we have named Natureza, which will include the construction of a new pulp mill in Barra do Ribeiro, as well as improvem
Slide 13: Corporate Strategy
Santiago, Chile August, 2024
Slide 14: Corporate Strategy
2nd Quarter 2024 Results Corporate Strategy Our Strategy is defined in 6 Key Elements Capital Sector Structure Diversification Long Term Portfolio Growth Management Asset Value Trends Environmental Core Business Social Expansion Governance Santiago, Chile August, 2024 14
Slide 15: Sector diversification: underlying value by sector
2nd Quarter 2024 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector Capital Diversification Pulp & Paper Structure 79.31% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy Materia
Slide 16: Sector diversification: sales by geography
2nd Quarter 2024 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 3% Long Term USA: 4% Portfolio China: 4% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 17: Global and local economy growth and long term trends
2nd Quarter 2024 Results Corporate Strategy Global and local economy growth, plus evolutionary long term growth trends ✓ Increasing GDP Per cápita ✓ Global Consumption Sector ✓ Global trade Capital Diversification Structure ✓ Packaging away from plastics ✓ Power generation using renewables - solar a
Slide 18: Innovative, forward-looking and stronger business lines
2nd Quarter 2024 Results Corporate Strategy Innovative, forward-looking and stronger business lines in the region Sector Capital Diversification Structure Long Term Portfolio Growth Management Asset Value Trends Environmental Social Core Business Governance Expansion 1 1: Conditional upon the comple
Slide 19: Sustainable growth and stakeholder relationships
2nd Quarter 2024 Results Corporate Strategy Sustainable growth and active and transparent relationships with stakeholders are key to the strategy Sector Capital Diversification Structure Long Term Portfolio Growth Management Asset Value Trends Environmental Social Core Business Governance Expansion
Slide 20: Profound knowledge of assets, markets and portfolio management
2nd Quarter 2024 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1990 - 2000 ▪ BICE Vida is founded 1970 - 1980 ▪ Chilquinta Acquires 19.99% 2010 - Today ▪ 55% control stake in CMPC Sector of Entel Capital is achieved ▪ Puertos y Logística D
Slide 21: Consistent, prudent and flexible capital structure
2nd Quarter 2024 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $553 $906 $1,184 Capital Diversification Structure Net Debt/ 3.75x 1.75x 11.72x1 EBITDA LTM # Bonds 15 4 2 Long Term Portfolio Growth Management Asset V
Slide 22: Performance
Santiago, Chile August, 2024
Slide 23: Performance and NAV
0 200 400 600 800 1000 ene-00 jun-00 1,606 3Q '21 nov-00 abr-01 Figures in US$ millions sept-01 Net Asset Value 2nd Quarter 2024 Results feb-02 jul-02 1,245 4Q '21 dic-02 may-03 oct-03 mar-04 Stock Performance (base=100) ago-04 1,374 1Q '22 ene-05 Performance and NAV jun-05 nov-05 abr-06 sept-06 1,2
Slide 24: Holding Discount
2nd Quarter 2024 Results Holding Discount Market Value NAV Market Value PASUR Stake (%) (USD mm) (USD mm) (USD mm) 22% 1,013 44.9% (discount) 6% 119 1,444 3% 15 3% 257 796 2% 8 1% 28 Net Debt 5 Santiago, Chile August, 2024 24
Slide 25: Holding Discount Evolution
2nd Quarter 2024 Results Holding Discount Evolution Historical Evolution of PASUR’s Holding Discount 61.7% Average: 42.3% 52.7% 48.8% 46.5% 43.3% 45.5% 43.0% 43.1% 41.3% 43.7% 44.9% 40.2% 42.4% 41.4% 41.0% 42.8% 40.2% 34.5% 34.6% 35.1% 34.3% 35.1% 36.6% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1
Slide 26: Historical Dividends
2nd Quarter 2024 Results Historical Dividends PASUR’s Received Dividends per company1 Figures in US$ millions $200 CMPC $158 COLBUN $150 $10 COPEC $20 $129 BICECORP $15 $14 $100 ALMENDRAL $68 MOLYMET $62 $7 $51 $45 $7 $109 $107 $11 PUERTO $50 $8 $10 ENELAM $44 $12 $45 $38 $26 ENELCHILE $0 2018 2019
Slide 27: Dividend Payout Policy
2nd Quarter 2024 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $400 $350 $300 $250 $183 $200 $150 $100 $171 $138 $50 $54 $46 $39 $0 $18 2018 2019 2020 2021 2022 2023 LNP2 39% 81% 80% 100% 54% 30% Note: 1:Regular dividends
Slide 28: Financial Position
Santiago, Chile August, 2024
Slide 29: Financing Strategy
2nd Quarter 2024 Results Financing Strategy We follow 4 main indicators1 Net Debt to Net Debt to Non-Controlling Debt to NAV Net Debt to Equity3 LTM Dividends Asset Value2 Forestal, Constructora y Comercial del Pacífico Sur 0.06x 1.16x 0.23x 0.03x Covenant: 0.5x Credit Ratings International Local BB
Slide 30: Main Financial Aspects
2nd Quarter 2024 Results Main Financial Aspects Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.10x 0.10x 0.10x 0.09x 0.09x 0.09x 0.09x 0.08x 0.06x 0.05x 0.06x 0.06x 0.05x 0.05x 0.06x 0.06x 0.03x 0.03x 2Q '22 3Q '22 4Q '22 1Q '23 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 2Q '22 3Q '22 4Q '22 1Q
Slide 31: Annexes
Santiago, Chile August, 2024
Slide 32: PASUR's Investment Portfolio
2nd Quarter 2024 Results PASUR’s Investment Portfolio Electric power generation 26 power plants in Chile and 1 in Peru. Installed capacity 3,980 MW Production and marketing of wood and cellulose World’s largest molybdenum processor and rhenium products, being the 4th largest cellulose producer in th
Slide 33: Income Statement
2nd Quarter 2024 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Income Statement Income Statement (US$ millions) jun-24 jun-23 Administrative Expenses -0.8 -0.5 Other Gains (Losses) 1.4 2.6 Operating Gains (Losses) 0.6 2.1 Financial Income 1.6 9.9 Financial Costs -1.9 -2.1 Share of
Slide 34: Balance Sheet
2nd Quarter 2024 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Balance Sheet Balance Sheet (US$ millions) jun-24 dic-23 Assets Cash and Cash Equivalents 16.8 8.4 Other current financial assets 0.0 41.1 Accounts receivable from related parties 0.0 23.4 Current Tax Assets 1.0 0.5 To
Slide 35: Investor Relations
Investor Relations: investor@pasur.cl Santiago, Chile August, 2024