Compania Chilena De Fosforos S.a. · BCS:FOSFOROS
Compania Chilena De Fosforos — Investor Presentation (April 2015)
21 slides from Compania Chilena De Fosforos's investor presentation, April 2015
Slide 1: April 2015
Draft version :: do not distribute April 2015
Slide 2: Disclaimer
Disclaimer Statements made in this presentation related to VSPT’s future performance or financial results are “forward-looking statements” within the meaning of section 27ª of the U.S. Securities Act of 1933, as amended, which are not statements of fact and involve uncertainties that could cause act
Slide 3: VSPT
VSPT (1) • VSPT is an affiliate company of CCU, the largest Chilean beverage company, 30.0% 64.7% Others accounting revenues for USD 2,277 million 5.3% and EBITDA for USD 439 mn(2). CCU is controlled by Luksic Group, one of the largest Chilean industrial conglomerates. • USD 302.4 million in revenue
Slide 4: VSPT's financial summary
VSPT’s financial summary Volume 2014 Revenues 2014 EBITDA 2014 64% 24% (1) 130.6 USD 302.4 USD 56.0 52% mn Lt mn(3) mn(3) 48% 76% 36% (2) Domestic wines Export wines (1) Does not consider bulk wine sales (2) Considers exports from Argentina. 4 (3) Average exchange rate as of Dec-2014 LTM: 1 USD = $5
Slide 5: Vineyard & brand diversification, covering full price spectrum
Vineyard & brand diversification, covering full price spectrum 5
Slide 6: Presence in Chile's major wine-producing valleys
Presence in Chile’s major wine-producing valleys During 2014 VSPT acquired Max. 350 Ha Cellar in Colchagua Vineyard valley Packaging capacity capacity (MLt) (M9LC/yr) Maipo Valley Molina 7.0 38.8 Casablanca Valley 87 Lontué 7.4 13.3 851 Isla de Maipo 2.0 27.5 Leyda Valley 163 374 Uco Valley La Celia
Slide 7: Remarkable performance in international markets…
Remarkable performance in international markets… Bottled and packaged wine exports 2014 (1) Market Share (bottled and packaged wine Revenue Volume exports by volume) (1) Vineyard (USD mn) (Th. 9LC) 40% Viña Concha y Toro 463.7 17,092 VAR ’08-’14 Viña San Pedro Tarapacá 179.1 7,237 36.4% -4.3% Viña S
Slide 8: … and leadership in China…
… and leadership in China… Bottled and packaged wine exports (1) VSPT brands commercialized in 2013 2014 China: Market Market Revenue Volume Revenue Volume Vineyard share share (USD mn) (Th. 9LC) (USD mn) (Th. 9LC) (volume) (volume) Viña San Pedro 10,9 0,37 12,8% 10,8 0,38 10,5% Tarapacá Viña Concha
Slide 9: …alongside a Chilean wine industry that presents sustained growth…
…alongside a Chilean wine industry that presents sustained growth… Chilean bottled wine exports(2) Chilean wine production(1) Th. hectares Th. 9LC USD/9LC Million Lt. 60,000 32 135 1,255 1,284 50,000 30 1,200 130 1,009 1,046 1,003 40,000 28 868 915 845 828 125 800 30,000 26 120 20,000 24 400 115 10,
Slide 10: …in absolute terms and relative to new world comparable countries…
…in absolute terms and relative to new world comparable countries… (1) New world countries bottled wine exports Chile Australia Mn. 9LC Mn. 9LC 57 60 53 60 50 40 50 40 40 35 30 30 20 20 10 10 0 0 2008 LTM 2014 Sep 2014 2008 LTM Sep 2014 USA Argentina Mn. 9LC Mn. 9LC 60 60 50 50 40 40 26 25 23 30 30
Slide 11: … with exports exceeding USD 100mn within several markets…
… with exports exceeding USD 100mn within several markets… (1) Chilean exports USD mn 824 758 779 800 745 99 668 90 91 89 611 92 113 571 74 600 67 62 89 95 93 110 71 63 52 63 73 52 93 113 129 6 markets over 43 400 USD 100mn for 201 214 212 206 202 191 178 Chilean exports 200 194 207 209 213 198 201
Slide 12: VSPT has consolidated its leadership in the domestic market…
VSPT has consolidated its leadership in the domestic market… • Domestic market size: 24 mn 9LC • Growing share of premium wines (46% of market share by revenues) • VSPT is the market leader accounting revenues for USD 108 mn • Imported wines penetration is relatively low (1) (1) Market Share Market
Slide 13: …based on the quality and recognition of its wines
…based on the quality and recognition of its wines Vineyard 1865 Single Tierras Gran Reserva Santa Helena Gran Reserva Rosé Reserva Syrah Lot 21 Vineyard Moradas Carmenère Selección del Cuveé Pinot Noir Wine Cabernet Carmenère Directorio Carmenère Sauvignon - Gran Reserva Syrah 2011: 93 Pts. 2013: T
Slide 14: …and his reputation
…and his reputation During 2014 Wines of Chile chose VSPT as the winery of the year 14
Slide 15: Financially, the industry begins to face a brighter cycle, with stable stocks
Financially, the industry begins to face a brighter cycle, with stable stocks (2) Wine cost (CLP/lt.) (1) Exchange rate (CLP/USD) 700 700 2013 2014 2015 Average 2013 311.7 Earthquake Average 495.2 567.8 622.8 600 Average 2014 296.2 650 500 600 400 550 Average 314.9 300 500 Average 519.3 200 450 100
Slide 16: Despite the challenging environment, VSPT has grown in the last years…
Despite the challenging environment, VSPT has grown in the last years… Revenues (USD mn) Operating income (USD mn) (4) 307.3 307.5 302.3 286.0 12.1 43.1 22.8 22.7 24.6 2011 2012 2013 2014 2011 2012 2013 2014 EBITDA (USD mn) Net income (USD mn) (4) (4) 20% 40.0 15% 60.0 9.5 15% 10% 40.0 12.1 10% 20.0
Slide 17: ….with solid results in relative and absolute terms….
….with solid results in relative and absolute terms…. EBITDA margin Operating margin 20.4% 15.9% 14.2% 16% 20% 18.5% 16.8% 11.1% 12% 11.1% 16% 14.5% 10.8% 16.0% 8% 9.9% 12% 13.5% 4% 8% 0% 2008¹ 2009 2010 2011² 2012 2013 2014 2008¹ 2009 2010 2011² 2012 2013 2014 VSPT Concha y Toro Santa Rita VSPT Con
Slide 18: …and a solvent financial position
…and a solvent financial position Financial debt (Dec-2014) Net Debt/Equity 1.1% 0.43x 0.39x 0.38x 0.34x 0.15x 0.13x USD 52.6 0.11x mn* 0.05x 98.9% 2011 2012 2013 2014 Banks Others VSPT Industry average (2) Net Debt/EBITDA EBITDA/Financial expenses 4.4x 3.5x 3.5x 12.9x 15.4x 10.4x 11.8x 2.0x 1.2x 1.
Slide 19: Solid corporate governance
Solid corporate governance Chairman Board of Directors Pablo Granifo Lavín Carlos Mackenna Iñiguez B.B.A Civil Engineer Chairman Banco de Chile Independent director Vice-chairman Felipe Joannon Vergara René Araneda Largo B.B.A. B.B.A. Chairman SAAM Chairman Vinos de Chile Patricio Jottar Nasrallah B
Slide 20: Investment highlights
Investment highlights 1. Leadership in the domestic market • Leader in premium and fine wine segment at a local level 2. Second largest Chilean winemaker in terms of exports with 14.0% market share 3. Balanced wine portfolio reflected in brands with great potential 4. Exports growth opportunity (Chi
Slide 21: April 2015
Draft version :: do not distribute April 2015
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