Salmones Camanchaca S A : Earnings Report 2024 - Q3

About this update from Salmones Camanchaca Sa

This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Salmones Camanchaca S.A. and Subsidiaries Earnings Report on the Consolidated Financial Statements for the period ended September 30, 2024 About Salmones Camanchaca Salmones Camanchaca S.A. is a vertically integrated salmon producer engaged in breeding, egg production, recirculating hatcheries for Atlantic salmon and pass-through or lake hatcheries for Coho salmon, fish farming sites in estuary, fjord and oceanic waters used mainly for Atlantic salmon, primary and secondary processing, and marketing and sales of Atlantic and Coho salmon through five sales offices in its main markets. The Company's Atlantic and Coho salmon harvest target for 2024 is between 51,000 and 54,000 MT WFE and for 2025 is between 55,000 and 58,000 MT WFE. Salmones Camanchaca participates in trout farming through a one third share of a joint venture, which uses Salmones Camanchaca farming sites in coastal-estuarine waters. Salmones Camanchaca has 1,900 employees on average, 60% of whom work in its value-added plant. The main Atlantic salmon sales markets are USA and Mexico. 1 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Key Highlights of Q3 2024 Revenues reached USD 72.4 million in Q3 2024, 12% lower than Q3 2023, mainly due to lower sales volumes of Atlantic (-21%) as a result of lower harvest and sales prices for Atlantic (-3%) and Coho (-5%). However, revenues for the first nine months of 2024 were USD 284 million, 10% higher than the same period in 2023, mainly due to higher sales of the 2023-2024 season of Coho (124% higher) and due to higher Atlantic sales (+7%). Atlantic salmon harvests in Q3 2024 were 12,418 MT WFE, 30% lower than Q3 2023 (17,760 MT WFE), explained by the harvest shift to gain weight in the last 4 months of 2024. The harvest weight reached 5.1 Kg WFE in Q3 2024, recovering the situation of the first half of the year, but somewhat lower than the 5.5 Kg WFE of Q3 2023. As of September 2024, Atlantic harvests reached 33,972 MT WFE, 4% lower than the first nine months of the previous year. Atlantic inventories reached 6.6 thousand MT WFE as of September 30, 2024, 29% lower than the same period in 2023, but 21% higher than December 2023. There were no Coho harvests in the quarter and accumulated sales for the year were 9.8 thousand MT WFE, where practically all the production of the 2023-2024 season was sold, leaving an inventory of 336 MT WFE only, that is 71% lower than the same period of 2023 and 96% lower than December 2023. Prices have recovered since the end of last year but are still 5% lower in Q3 2024 than those that prevailed in Q3 2023. The quarterly cost of harvested Atlantic salmon (ex-cage, live weight) was USD 4.08/Kg , 13% lower than Q3 2023, a decrease explained by the recovery of harvest weight, a good sanitary condition of the harvested sites and a downward trend in the cost of feed. With this, the accumulated ex-cage costs this year reach USD 4.52/Kg live weight (USD 4.86/Kg WFE), lower than the USD 4.61/Kg live weight for the same period in 2023. The total processing cost of the Atlantic salmon, including the transportation of the harvested biomass, was USD 1.11/Kg WFE, higher than the USD 0.98/Kg WFE in Q3 2023, explained by lower processed volumes and a higher proportion of value-added products. Accumulated costs as of September 2024 were USD 1.13/Kg WFE, higher than the long-term objective of USD 1/Kg, although somewhat lower than the cost as of September 2023 (USD 1.15/Kg WFE). Consequently, Gross Margin in the quarter was USD 8.9 million , that is, USD 4.6 million higher than what was achieved in Q3 2023. As of September 2024, this margin reached USD 29.7 million , a decrease of USD 6.6 million compared to what was obtained in the same period of 2023, that had a profit record during Q1. EBIT reached USD 3.5 million , well above the negative USD 1.9 million in Q3 2023. E BITDA reached USD 9.2 million in Q3 2024 , compared to USD 2 .9 million in Q3 2023. Accumulated EBITDA as of September was USD 28.2 million, lower than USD 32.6 million in 2023. EBIT/Kg 1 WFE of Atlantic salmon was USD 0.39 in Q3 2024 and USD 0.47 as of September 2024 , which compares to USD 0.15 in Q3 2023 and USD 0 .74 as of September of the previous year. 1 EBIT/Kg calculation presented by Salmones Camanchaca as an indicator of profitability of the units actually sold and shipped to final buyers/customers, therefore excludes any provision made on inventories. These provisions are made on the inventory of finished products both in Chile and in international offices and are related to eventual situations where the estimated sales prices are lower than the cost of those products (Net Realization Value or NRV). The variation of these effects, which are shown in EBITDA and EBIT, totaled USD 1.3 million positive in Q3 2024 in the case of Coho, and positive USD 0.9 million in the case of Atlantic. In the accumulated as of September, the effects totaled positive USD 5.4 million in the case of Coho, and USD 1.9 million positive in the case of Atlantic. 2 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. As for Coho salmon, the EBIT/Kg WFE was negative USD 1.28 in Q3 2024 and negative USD 1.05 as of September 2024 , compared with a negative EBIT/Kg of USD 0.79 in Q3 2023 and USD 0.16 positive in the first 9 months of the previous year. The factor that explained the unfavorable evolution was the achieved price. Net income for Q3 2024 was a profit of USD 4.1 million , well above the loss of USD 5.5 million in Q3 2023. There was a positive Fair Value effect of USD 6.2 million compared to the negative USD 1.6 million of the previous period. Accumulated net income as of September 2024 reached USD 10.0 million , higher than the USD 0.5 million as reported in 2023, with a positive effect of USD 16.3 million from Fair Value compared to USD million negative in 2023. The Trout Joint Venture (JV) business left a loss for Salmones Camanchaca of USD million in the quarter, USD 0.9 million better than Q3 2023. In reference to this association, an early termination agreement has been achieved, therefore, the financial implications of this association will end in the first half of 2025 or as soon as the finished product in stock at the end of September 2024 is sold. The Cash balance as of September 30 2024, was USD 12.8 million. The Net Financial Debt was USD 115 million compared to USD 136 million as of September 2023 and USD 122 million in December 2023. Thus, the Net Debt to EBITDA ratio for the last 12 months reached 3.95 times, an indicator that is once again within the range agreed with the syndicated credit banks (4 times). For the last 12 months ended in September 2024, an improvement was achieved in all biological indicators compared to the end of September 2022 (comparable sites from the same areas) with a 40% reduction in antibiotic use; a 20% reduction in antiparasitic use; and an improvement in the biological conversion factor from 1.12 in 2022 to 1.11 in 2024. With the stockings carried out and under normal productive parameters , the Atlantic salmon harvests for 2024 are estimated in the range of 47 to 49 thousand MT WFE, while Coho is estimated between 4 and 5 thousand MT WFE. For 2025 , harvests are estimated in the range of 52 to 54 thousand MT WFE of Atlantic and between 3 and 4 thousand MT WFE of Coho. 3 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Key Figures ThUSD Q3 2024 Q3 2023 Δ% 9m 2024 9m 2023 Δ% Operating revenue 72,369 82,053 (11.8%) 283,994 259,267 9.5% EBITDA* before fair value adjustments 9,235 2,923 215.9% 28,212 32,600 (13.5%) EBIT** before fair value adjustments 3,537 (1,852) - 12,319 18,738 (34.3%) EBIT margin % 4.9% (2.3%) 714 Pb 4.3% 7.2% (289 Pb) Net fair value adjustments to biological assets 6,214 (1,583) - 16,324 (7,760) - Net income (loss) for the period 4,072 (5,494) - 10,043 533 1784.2% Earnings per share (USD) 0.0549 (0.0740) - 0.1354 0.0072 1784.2% Atlantic salmon Harvest volumes (MT WFE) 12,418 17,760 (30.1%) 33,972 35,272 (3.7%) Sales volumes (MT WFE) 8,892 11,311 (21.4%) 32,155 29,976 7.3% Ex-cage harvesting costs (USD/kg live weight) 4.08 4.69 (12.9%) 4.52 4.61 (2.1%) Ex-cage harvesting costs (USD/kg WFE) 4.39 5.04 (12.9%) 4.86 4.96 (2.1%) Processing costs (USD/kg WFE) 1.11 0.98 13.8% 1.13 1.15 (1.6%) Price (USD/kg WFE)*** 6.70 6.88 (2.7%) 6.84 7.46 (8.3%) EBIT/kg WFE (USD)*** 0.39 0.15 157.3% 0.47 0.74 (36.5%) Inventories (MT WFE) 6,605 9,338 (29.3%) Coho salmon Harvest volumes (MT WFE) 0 0 - 1,139 2,491 (54.3%) Sales volumes (MT WFE) 1,726 438 293.9% 9,779 4,376 123.5% Ex-cage harvesting costs (USD/kg WFE) 0.00 0.00 - 3.51 4.28 (18.0%) Processing costs (USD/kg WFE) 0.00 0.00 - 1.26 1.03 22.6% Price (USD/kg WFE)*** 4.55 4.80 (5.2%) 4.66 6.31 (26.2%) EBIT/kg WFE (USD)*** (1.28) (0.79) - (1.05) 0.16 - Inventories (MT WFE) 336 1,170 (71.3%) Financial Debt 127,659 148,392 (14.0%) Net Financial Debt 114,868 136,105 (15.6%) Equity Ratio 45.8% 43.3% 250 Pb Net Financial Debt / LTM EBITDA 3.95 2.46 60.5% EBITDA: Gross margin before fair value adjustments + depreciation - administrative expenses - distribution costs EBIT: Gross margin before fair value adjustments - administrative expenses - distribution costs EBIT/kg and price per kg are presented by Salmones Camanchaca as profitability indicators on sales to end customers and they exclude any inventory provisions. These provisions apply to finished goods inventories in Chile and at international sales offices and are related to situations where the estimated sales prices are lower than the cost of those products (Net Realization Value or NVR). Operating revenue (USD million) 117,1 82,1 94,6 94,5 72,4 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Harvest (Th MT WFE) 17,8 17,7 12 10 12,4 08 11,1 11,6 06 04 02 00 -02 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 -04 -06 EBIT (USD million) EBIT Margin (%) 9,5 3,5 10% -2% -1% 5% -4% -0,7 -1,9 -4,2 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 4 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Financial Review Results of the 3rd quarter of 2024 Salmones Camanchaca harvested 12,418 MT WFE of Atlantic salmon in Q3 2024, 30% lower than the harvest in Q3 2023 (17,760 MT WFE), since there was a harvest shift to gain weight in the last 4 months of 2024, in addition to a lower harvest weight in Q3 2024 of 5.1 Kg WFE (5.5 Kg WFE in Q3 2023). The volume sold reached 8,892 MT WFE, 21.4% lower than the same period in 2023, leaving 6,605 MT WFE in inventory at the end of September 2024, that is, 29.3% lower than September 2023. In relation to Coho, there are no harvests in the third quarter, but sales were 1,726 MT WFE, compared to 438 MT WFE in Q3 2023, leaving an inventory of only 336 MT WFE of the 2023-2024 season. This is 71% lower than September 2023 and 96% lower than at the end of 2023. The average sales price of Atlantic salmon was USD 6.70/Kg WFE, 3% lower than Q3 2023. For Coho, the price was USD 4.55/Kg WFE, a decrease of 5% compared with Q3 2023. These sales generated total revenues of USD 72.4 million, 12% lower than those registered in Q3 2023. During the quarter, Atlantic salmon prices remained stable, and Salmones Camanchaca achieved a raw material return above the estimated Urner Barry of USD 0.76/Kg, resulting from the flexibility of opportunities in products and markets with better conditions. The ex-cage cost of live weight for Atlantic salmon was USD 4.08/Kg in the quarter, 13% lower than Q3 2023, explained by a better health situation at the harvested sites, and a reduction in feed costs from lower prices of the main vegetable and animal inputs. The processing costs (primary and secondary) of Atlantic salmon totaled USD 1.11/Kg WFE, higher than the USD 0.98/Kg WFE in Q3 2023, mainly explained by lower processed volumes and a greater proportion destined for products of added value. During the quarter there were USD 0.7 million in extraordinary mortalities versus USD 1.0 million in Q3 2023, exhibiting survival rates higher than those recorded in the industry. Thus, the Gross Margin recorded was USD 8.9 million, higher than what was achieved in Q3 2023 when it reached USD 4.3 million. The Company's administration and sales expenses decreased 13% compared to Q3 2023, reaching USD 5.4 million, mainly due to lower distribution costs (-28%) associated with lower cold storage costs. As a percentage of revenue, SG&A decreased from 7.5% to 7.4% in the quarter. EBIT before Fair Value (FV) for Q3 2024 was USD 3.5 million, compared to the negative USD 1.9 million in Q3 2023. EBIT/Kg WFE of Atlantic salmon was USD 0.39/Kg WFE in Q3 2024, which compares to USD 0.15/Kg WFE in Q3 2023. Coho salmon sales this quarter were 1,726 MT WFE, 4 times the sales in Q3 2023 (438 MT WFE), but with an EBIT/Kg WFE of USD 1.28 negative (USD 0.79 negative in Q3 2023), explained mainly by reduced sales prices. The EBIT/Kg calculation presented by Salmones Camanchaca as an indicator of profitability of the units actually sold and shipped to final buyers/customers, excludes provisions of realizable value made on inventories, and this year registered positive USD 1.3 million in Q3 2024 in the case of Coho, and positive USD 0.9 million in the case of Atlantic, that is, provisions made in December 2023 have been reversed when prices reached levels below cost. 5 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. The net Fair Value adjustment for Q3 2024 was USD 6.2 million positive, compared to a negative USD 1.6 million in Q3 2023, a favorable difference of USD 7.8 million mainly explained by the better margins expected at the end of September 2024 vs September 2023, combining better prices and/or lower expected costs for the following months. Financial Expenses increased 25% from USD 2.9 million in Q3 2023 to USD 3.6 million in Q3 2024, mainly associated with a higher interest rate on bank loans. Other Gains/Losses account recorded negative USD 1.2 million (negative USD 2.0 million in Q3 2023), explained entirely by the Trout business (Joint Venture, or JV) that generated a loss of USD 1.1 million for the Company in the quarter (USD 2.0 million loss in Q3 2023), explained by lower prices obtained in the Japanese market and lower volumes of sale. As a result, the Company recorded Net Income of USD 4.1 million in Q3 2024, compared to the loss of USD 5.5 million in Q3 2023. Cash Flow Q3 2024 In Q3 2024, a negative Net Cash Flow of USD 1.8 million was generated compared to the positive USD 4.8 million in Q3 2023, explained by: An Operating Cash Flow of USD 10.6 million, compared to the negative USD 28.6 million in Q3 2023. This increase is explained by lower payments to suppliers, and a corresponding lower working capital from a reduced Coho grow-out operation in 2024. An Investment Cash Flow that used USD 4.6 million in Q3 2024, compared to the USD 4.9 million used in Q3 2023, mainly related to asset maintenance and preparation of Atlantic sites in the XI region within the Company's production plan. A Financing Cash Flow of USD 8.0 million negative in Q3 2024 due to debt payment in July, which compares to a positive flow of USD 39.0 million in Q3 2023 when additional debt was taken to finance Coho grow-out operation. As of September 30, 2024, Salmones Camanchaca maintained a Cash balance of USD 12.8 million. The company also has unused and available credit lines at that date of USD 30.2 million, with a total liquidity available of approximately USD 43 million as of September 30, 2024, compared to USD 31 million at the end of December 2023. 6 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Results as of September 30, 2024 During the first nine months of 2024, Salmones Camanchaca harvested 33,972 MT WFE of Atlantic salmon, 4% lower than the harvest in the same period of 2023 (35,272 MT WFE). Coho harvests were 1,139 as of September 2024, coming from the last part of the 2023 season compared to 2,491 in Q3 2023. Thus, total harvests reached 35,111 MT WFE, 7% less than the 37,763 MT WFE of 2023. Revenues as of September 2024 reached USD 284 million, 10% higher than the previous year (USD 259 million). The higher volume sold of Atlantic salmon (32,155 MT WFE against 29,976 MT WFE of 9m 2023) and Coho salmon (9,779 MT WFE against 4,376 MT WFE of 2023) was partially mitigated by lower prices (Atlantic -8% and Coho -26 %). The costs of goods sold decreased compared to the first nine months of 2023, mainly due to the decrease in harvest costs and, to a lesser extent, a decrease in processing costs for Atlantic salmon, where the savings from the efficiency plan started in 2023 have materialized, and whose year was affected by the scheduled stoppage of the Tomé plant. The accumulated ex-cage cost as of September was therefore USD 4.52/Kg live weight (USD 4.86/Kg WFE), lower than the USD 4.61/Kg live weight in 2023. The total processing cost of Atlantic salmon, including the harvest cost, reached USD 1.13/Kg WFE, higher than the long-term objective of USD 1/Kg, but lower than as of September 2023 (USD 1.15/Kg WFE). As of September 2024, there were USD 0.8 million in extraordinary mortalities versus USD 1.9 million in 2023. As a result, the Gross Margin as of September 2024 was USD 29.7 million, a decrease of USD 6.6 million compared to what was obtained in 2023, when there was a first quarter profit record. Administrative Expenses as of September 2024 decreased 2% and, as a proportion of income, went from 3.1% to 2.8% influenced by higher sales volume. Distribution and Sales Expenses remained in line with 2023, but went from 3.7% to 3.3% as a percentage of revenue. Thus, Administration and Sales Expenses decreased by 1% to USD 17.4 million, and decreased as a percentage of revenues from 6.8% to 6.1% in the period. EBIT of the operation before FV adjustments was USD 12.3 million as of September 2024, 57% lower than the same period in 2023 when it was USD 18.7 million. Sales of Atlantic salmon as of September 2024 generated an EBIT/Kg WFE of USD 0.47, lower than the USD 0.74 of 2023 due to lower salmon prices, partially offset by the higher volume sold. Coho, for its part, generated an EBIT/Kg WFE of USD 1.05 negative, lower than the positive USD 0.16/Kg WFE in 2023, a situation explained by a sharp drop in its price (USD 4.66 as of September 2024 vs USD 6.31 as of September 2023). The EBIT/Kg calculation presented by Salmones Camanchaca as an indicator of profitability of the units actually sold and shipped to final buyers/customers, excludes realization provisions made on inventories. This year, the variation of said effect - which is shown in the EBITDA and EBIT - was USD 5.4 million positive as of September 2024 in the case of Coho, and positive USD 1.9 million in the case of Atlantic. The total of these provisions as of September 30 was USD 0.7 million for Coho and USD 0.9 million for Atlantic, which could be reduced with price increases or cost reductions. The result of the net Fair Value adjustment as of September 2024 was USD 16.3 million positive, compared to the negative USD 7.8 million in the same period of 2023, mainly due to the higher margins and volumes expected at the end of September 2024 vs September 2023 for the following respective months. 7 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Financial Expenses increased 41% from USD7.6 million as of September 2023 to USD10.8 million as of September 2024, associated with a higher level of average debt and a higher interest rate on loans with banks. Other Gains/Losses reached USD 5.4 million negative compared to negative USD 3.4 million as of September 2023, explained by the results of the joint venture in the Trout farming activity (USD 5.2 million), affected by lower prices. With all the above, Net Income as of September 2024 reached USD 10.0 million, higher than the USD 0.5 registered in the same period of 2023. Cash Flow as of September 30, 2024 During the first 9 months of 2024, a negative Cash Flow of USD 11.5 million was recorded, compared to a negative USD 8.5 million in 2023, explained by: A positive Operating Cash Flow (generation) of USD 28.5 million , compared to USD 17.6 million negative in 2023. This increase is explained by lower payments to suppliers, and a corresponding lower working capital due to reduced Coho grow-out operation in 2024. A negative Investment Cash Flow (use) of USD 16.8 million , compared to the USD 15.3 million used in investments in 2023, aimed at asset maintenance and the preparation of Atlantic sites in the XI region within the Company's production plan, which grows in 2025. A negative Financing Cash Flow (use) of USD 15.0 million , due to the voluntary prepayment of long-term debt (USD 15 million), and payment of a short-term credit line for USD 8.0 million, which compares to a positive flow of USD 24.7 million as of September 2023, when financing was taken mainly for the largest grow-out operation of Coho. 8 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Balance Sheet Assets During the first 9 months of 2024, the Company's total assets decreased by 5% compared to the end of 2023, to USD 448 million. There was a decrease in Current Assets of USD 25.6 million mainly due to the reduction in inventories from the end of the year 2023 of USD 35.7 million in Coho (336 MT WFE vs 8,947 MT WFE in December 2023), and a decrease in cash of USD 11.5 million due to voluntary reductions of financial liabilities. This was offset by an increase in biological assets of USD 21.2 million due to the increase in Coho biomass before harvest and a larger Atlantic biomass. In the case of Non-Current Assets, there were no significant movements since investments (USD 16.7 million) were similar to the depreciation of the year (USD 15.9 million). Liabilities and Equity The Company's Total Liabilities decreased 12% or USD 34.0 million, compared to the end of 2023, and reached USD 243 million as of September 2024. Current Liabilities decreased USD 26.0 million, reaching USD 114 million, due to the decrease in accounts payable due to the lower stockings of Coho (-USD 12.8 million), and the downpayment of a short-term financing line (-USD 8 million). Non-Current Liabilities decreased 6% compared to the year end of 2023, reaching USD 129 million, mainly due to the decrease in non-current financial liabilities (-USD 11 million) mainly associated with the voluntary prepayment of debt in June. Consequently, Net Financial Debt decreased by USD 7.6 million as of September, reaching USD 115 million, compared to USD 122 million in December 2023. The Company's Equity increased by USD 10.1 million as of September 2024, to USD 205 million, an increase explained by the results of the period. With this, the equity ratio reached 45.7%, higher than the 41.3% at the end of 2023. 9 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Operational Performance The results of Salmones Camanchaca are mainly related to three key factors: The price of Atlantic salmon , sensitive to Norwegian and Chilean supply conditions, and North American demand; Farming practices and performance at sea, and their environmental-sanitary conditions , which affect survival, feed conversion ratios, growth rates, the use of pharmaceutical tools to improve fish health and welfare, determining a large part of farming costs (ex-cage); The cost of feed , which explains approximately 45% of the unit live weight cost at harvest. I. Product Prices Market prices have maintained a negative bias due to weak demand. The average price of Atlantic salmon sold by Salmones Camanchaca during Q3 2024 was USD 6.70 per kg WFE, 18 cents lower than in Q3 2023. The company's flexibility and ability to react to market changes by seeking formats and destinations to achieve a better return on raw material, allows it to maintain a price above market conditions in the medium term compared to the Urner Barry (UB). Additionally, the increase in value added allows for trade agreements that mitigate price volatility. Q3 2024 saw a stability in market prices, where the relative performance of Salmones Camanchaca's raw material return was higher than the market reference (UB) throughout the quarter, ending with a positive gap of USD 0.64/kg in September 2024 (USD 0.76/kg in Q3 2024). Salmones Camanchaca Atlantic Salmon Price (USD/kg WFE) 9,0 7,81 7,87 7,83 140 8,0 7,80 120 6,88 7,03 6,77 6,76 6,70 100 7,0 7,42 80 6,0 6,54 60 5,0 40 4,0 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 Raw Material Return (USD/kg WFE) Salmones Camanchaca vs Market Urner Barry January 2022 = Base 100 Salmones Camanchaca Urner Barry Price per kg is presented by Salmones Camanchaca as a profitability indicator on sales to end customers. Raw Material Return is the final product price less distribution and specific secondary processing costs. It is a price measurement before selecting the final destination for harvested fish and provides a homogeneous aggregate indicator for the Company's products. The market RMR index is constructed from the "Urner Barry" spot price in Miami, net of Salmones Camanchaca's processing and distribution costs, in order to eliminate cost differences and isolate marketing differences. 10

View stock analysis, news, and events for Salmones Camanchaca Sa