Forestal Constructora Y Comercial Del Pacifico Sur S.a. · BCS:PASUR
Forestal Constructora Y Comercial Del Pacifico Sur — Q3 2024 Earnings Presentation
35 slides from Forestal Constructora Y Comercial Del Pacifico Sur's earnings presentation, November 2024
Slide 1: 3rd Quarter 2024 Results
November, 2024 Santiago, Chile November, 2024
Slide 2: 3rd Quarter 2024 Results Agenda
3rd Quarter 2024 Results 1. PASUR at a glance 2. Corporate Governance 3. 3rd 2024 Quarterly Results 4. Highlights 3Q2024 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile November, 2024 2
Slide 3: PASUR at a glance
Santiago, Chile November, 2024
Slide 4: Forestal, Constructora y Comercial del Pacífico Sur SA
3rd 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
3rd 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 $4,355 $2,379 $1,800 $209 $401 $8,715 $511 Total Assets2 $17,181 $6,698 $20,047 $444 $6,589 $28,247 $1,715 Net
Slide 6: Corporate Governance
Santiago, Chile November, 2024
Slide 7: PASUR Board of Directors
3rd Quarter 2024 Results PASUR Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Banco BICE (Chile) i
Slide 8: Management Team
3rd Quarter 2024 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 3rd 2024 Quarterly Results
Santiago, Chile November, 2024
Slide 10: Net Income and Earnings from Associates
3rd Quarter 2024 Results Net Income and Earnings from Associates Quarterly Net Income CMPC Results Summary 3Q24/3Q23: Figures in US$ millions ▪ Pulp sales increased: mainly due to higher average prices, with a greater dynamism in foreign markets. 76 ▪ Softy’s sales decreased, due to challenging macr
Slide 11: Highlights 3Q2024
Santiago, Chile November, 2024
Slide 12: Period Highlights
3rd 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 Natureza, which will include the construction of a new pulp mill in Barra do Ribeiro, as well as improvements in roads and port i
Slide 13: Corporate Strategy
Santiago, Chile November, 2024
Slide 14: Corporate Strategy
3rd 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 November, 2024 14
Slide 15: Corporate Strategy: Underlying Value by Sector
3rd 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 79.00% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy Materia
Slide 16: Corporate Strategy: Sales by Geography
3rd 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: 3% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 17: Corporate Strategy: Long-term growth trends
3rd 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: Corporate Strategy: Stronger business lines in the region
3rd 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: Corporate Strategy: Sustainable growth and stakeholders
3rd 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: Corporate Strategy: Knowledge of assets and portfolio management
3rd 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: Corporate Strategy: Prudent and flexible capital structure
3rd Quarter 2024 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $690 $947 $820 Capital Diversification Structure Net Debt/ 3.08x 1.82x 11.37x1 EBITDA LTM # Bonds 14 4 1 Long Term Portfolio Growth Management Asset Val
Slide 22: Performance
Santiago, Chile November, 2024
Slide 23: Performance and NAV
0 200 400 600 1000 800 ene-00 1,606 jun-00 3Q '21 nov-00 abr-01 Figures in US$ millions sept-01 Net Asset Value 3rd Quarter 2024 Results feb-02 1,245 4Q '21 jul-02 dic-02 may-03 oct-03 mar-04 1,374 1Q '22 Stock Performance (base=100) ago-04 ene-05 jun-05 Performance and NAV nov-05 abr-06 1,212 2Q '2
Slide 24: Holding Discount
3rd Quarter 2024 Results Holding Discount Market Value NAV Market Value PASUR Stake (%) (USD mm) (USD mm) (USD mm) 22% 941 37.9% (discount) 6% 116 1,347 3% 15 3% 224 837 2% 8 1% 29 Net Debt 14 Santiago, Chile November, 2024 24
Slide 25: Holding Discount Evolution
3rd Quarter 2024 Results Holding Discount Evolution Historical Evolution of PASUR’s Holding Discount Average: 42.1% 52.7% 45.5% 46.5% 44.9% 41.0% 42.8% 43.0% 43.1% 41.3% 43.7% 40.2% 42.4% 41.4% 40.2% 37.9% 34.5% 34.6% 35.1% 34.3% 35.1% 36.6% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q2
Slide 26: Historical Dividends
3rd 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 $60 $7 $45 $7 $109 $107 $11 $8 PUERTO $50 $10 ENELAM $44 $12 $45 $47 $26 ENELCHILE $0 2018 2019
Slide 27: Dividend Payout Policy
3rd Quarter 2024 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $400 $350 $300 $250 $183 $200 $150 $100 $171 $138 $50 $54 $46 $39 $0 $18 2018 2019 2020 2021 2022 2023 LNP2 39% 81% 80% 100% 54% 30% Note: 1:Regular dividends
Slide 28: Financial Position
Santiago, Chile November, 2024
Slide 29: Financing Strategy
3rd Quarter 2024 Results Financing Strategy We follow 4 main indicators1 Net Debt to Net Debt to Non-Controlling Debt to NAV Net Debt to Equity3 LTM Dividends Asset Value2 Forestal, Constructora y Comercial del Pacífico Sur 0.06x 0.91x 0.23x 0.03x Covenant: 0.5x Credit Ratings International Local BB
Slide 30: Main Financial Aspects
3rd Quarter 2024 Results Main Financial Aspects Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.10x 0.10x 0.10x 0.09x 0.09x 0.09x 0.08x 0.06x 0.06x 0.06x 0.06x 0.05x 0.05x 0.06x 0.06x 0.03x 0.03x 0.03x 3Q '22 4Q '22 1Q '23 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 3Q '22 4Q '22 1Q '23 2Q
Slide 31: Annexes
Santiago, Chile November, 2024
Slide 32: PASUR's Investment Portfolio
3rd Quarter 2024 Results PASUR’s Investment Portfolio Electric power generation 26 power plants in Chile and 1 in Peru. Installed capacity 4,219 MW Production and marketing of wood and cellulose World’s largest molybdenum processor and rhenium products, being the 4th largest cellulose pulp producer
Slide 33: Income Statement
3rd Quarter 2024 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Income Statement Income Statement (US$ millions) sept-24 sept-23 Administrative Expenses -1.1 -0.8 Other Gains (Losses) 1.4 2.6 Operating Gains (Losses) 0.3 1.7 Financial Income 1.9 10.6 Financial Costs -3.4 -3.1 Share
Slide 34: Balance Sheet
3rd Quarter 2024 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Balance Sheet Balance Sheet (US$ millions) sept-24 dic-23 Assets Cash and Cash Equivalents 25.3 8.4 Other current financial assets 0.0 41.1 Accounts receivable from related parties 0.0 23.4 Current Tax Assets 1.5 0.5 T
Slide 35: Investor Relations: investor@pasur.cl
Investor Relations: investor@pasur.cl Santiago, Chile November, 2024
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