Salmones Camanchaca S A : Earnings Report 2024 - Q4

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 December 31, 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 2025 is between 56,000 and 59,000 MT WFE and for 2026 is between 63,000 and 68,000 MT WFE. Salmones Camanchaca participated in trout farming through a one third share of a joint venture, and which was early terminated, thereby, its financial effects will end when the stock of finished product is sold, which is estimated to occur in 2025. 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, Brazil 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 Q4 2024 Revenues reached USD 121 million in Q4 2024, 27% higher than Q4 2023 , mainly due to higher sales volumes of Atlantic (+35%) and Coho (+28%) with similar prices for Atlantic and better in Coho (+43%). Total Revenues for 2024 were USD 405 million , 14% higher than 2023, mainly explained by 15% higher sales of Atlantic and by doubling Coho sales volume from the 2023-2024 season , despite lower prices in Atlantic (-6%) and Coho (- 16%). Atlantic salmon harvests in Q4 2024 were 13,689 MT WFE , 56% higher than Q4 2023 (8,783 MT WFE), due to moving harvest from Q3 to Q4 2024 to gain weight, which reached 5.5 Kg WFE in Q4 2024, higher than the 4.5 Kg WFE of Q4 2023. In 2024, Atlantic harvests reached 47,661 MT WFE , 8% higher than the same period of the previous year, leaving an inventory as of December 31 of 3.6 thousand MT WFE, 35% lower than December 2023. Coho salmon harvest volumes for the quarter were 3,354 MT WFE , a decrease of 63% from Q4 2023 due to the expected decrease in stockings that reduced the number of grow out sites from three to one site. In the full year 2024, Coho harvests reached 4,493 MT WFE , 61% lower than the previous year resulting in a Coho inventory as of December 31, 2024, of 2.3 thousand MT WFE, 75% lower than December 2023. The quarterly cost of harvested Atlantic salmon (ex-cage, live weight) was USD 4.05/Kg (USD 4.35/Kg WFE) , 11% lower than Q4 2023, a decrease explained by the recovery of harvest weight, good sanitary conditions of the harvested sites and a decrease in feed cost. With this, the accumulated ex-cage costs this year reach USD 4.38/Kg live weight (USD 4.71/Kg WFE), lower than the USD 4.60/Kg live weight in 2023. The total processing cost of the Atlantic salmon, including the transportation of the harvested biomass, was USD 0.96/Kg WFE, lower than the USD 1.10/Kg WFE in Q4 2023 and lower than the target of USD 1/kg, explained by higher processed volumes and for the operational and productive efficiencies implemented. Accumulated processing costs for 2024 were USD 1.08/Kg WFE, 5% lower than in the same period of 2023 (USD 1.14/Kg WFE). Minimal extraordinary mortalities with an impact on results of only USD 0.1 million in Q4 2024 , significantly lower than the USD 1.7 million in Q4 2023, and only USD 0.8 million for the full year 2024 (USD 3.6 in 2023), with lower mortality levels when compared to the rest of the industry. Consequently, Gross Margin in the quarter was USD 21.1 million , that is, USD 19 million higher than Q4 2023. For the full year 2024, gross margin was USD 50.9 million , an increase of USD 12.5 million compared to what was obtained in the same period of 2023. EBIT reached USD 15.1 million , well above the negative USD 4.2 million in Q4 2023. EBITDA reached USD 20.9 million in Q4 2024 , compared to USD 0.9 million in Q4 2023. For the full year 2024, EBITDA was USD 49.1 million, 47% higher than the EBITDA of USD 33.5 million in 2023. EBIT/Kg 1 WFE of Atlantic salmon was USD 0.90 in Q4 2024 and USD 0.62 in 2024 , which compares to USD 0.30 in Q4 2023 and USD 0.61 in Q4 2022 (cycle with comparable areas). 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, and due to the sale of inventories and better realization prices than those estimated in the provision, these effects in Q4 2024 were positive USD 0.5 million for Atlantic and null for Coho. In the accumulated as of December 2024, the effects totaled positive USD 2.4 million for Atlantic and positive USD 5.4 million for Coho. 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 0.65 in Q4 2024 and negative USD 1.00 for the full year 2024 , compared with a negative EBIT/Kg of USD 3.78 in Q4 2023 and USD 0.65 negative for the full year 2023. This is due to the unfavorable evolution of achieved prices, which, although recovered during 2024, still are below historical levels. Net income for Q4 2024 was a profit of USD 3.9 million , well above the loss of USD 6.5 million in Q4 2023. There was a negative Fair Value effect of USD 5.1 million compared to the negative USD 0.1 million of the previous period. For the full year 2024 net income was USD 13.9 million , almost USD 20.0 million higher than the USD 6.0 million negative reported in 2023, with a positive effect of USD 11.2 million from Fair Value compared to USD 7.9 million negative in 2023. Additionally, Financial expenses increased from USD 11.1 million to USD 14.1 million due to a higher average level of debt during the year and a higher interest rate. The Trout Joint Venture (JV) business left a loss for Salmones Camanchaca of USD 1.1 million in the quarter, although USD 0.8 million better than Q4 2023. In reference to this, an early termination has been agreed, and the financial impact of this JV will end when the finished products in stock are sold, estimated to be completed during 2025. Net Distributable Income for the year 2024 reached USD 5.7 million (there were none in 2023). The Cash balance as of December 31, 2024, was USD 38.0 million. The Net Financial Debt was USD 91.4 million lower than the USD 122.5 million as of December 2023. Thus, the Net Debt to EBITDA ratio for the last 12 months reached 1.86 times, being within the range agreed with the syndicated credit banks (4 times). With the stockings carried out and under normal productive parameters , Atlantic salmon harvests for 2025 are estimated in the range of 54 to 56 thousand MT WFE, while Coho is estimated at approximately 3 thousand MT WFE. For 2026, the combined harvest of both species is estimated in the range of 63 to 68 thousand MT WFE. 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 Q4 2024 Q42023 Δ% 2024 2023 Δ% Operating revenue 27.3% 353,914 14.3% 120,510 94,647 404,504 EBITDA* before fair value adjustments 20,931 861 2330.4% 49,143 33,461 46.9% EBIT** before fair value adjustments 15,118 (4,152) - 27,437 14,586 88.1% EBIT margin % 12.5% (4.4%) 1,693 Pb 6.8% 4.1% 266 Pb Net fair value adjustments to biological assets (5,106) (107) 4672.0% 11,218 (7,867) - Net income (loss) for the period 3,875 (6,524) - 13,918 (5,991) - Earnings per share (USD) 0.0522 (0.0879) - 0.1876 (0.0807) - Atlantic salmon Harvest volumes (MT WFE) 13,689 8,783 55.9% 47,661 44,055 8.2% Sales volumes (MT WFE) 17,210 12,793 34.5% 49,365 42,769 15.4% Ex-cage costs (USD/kg live weight) 4.05 4.55 (10.9%) 4.38 4.60 (4.7%) Ex-cage costs (USD/kg WFE) 4.35 4.89 (10.9%) 4.71 4.94 (4.7%) Processing costs (USD/kg WFE) 0.96 1.10 (12.5%) 1.08 1.14 (5.1%) Price (USD/kg WFE)*** 6.56 6.54 0.4% 6.74 7.19 (6.2%) EBIT/kg WFE (USD)*** 0.90 0.30 196.3% 0.62 0.61 1.3% Inventories (MT WFE) 3,575 5,464 (34.6%) Coho salmon Harvest volumes (MT WFE) 3,354 8,948 (62.5%) 4,493 11,439 (60.7%) Sales volumes (MT WFE) 1,455 1,140 27.6% 11,234 5,516 103.7% Ex-cage costs (USD/kg WFE) 3.79 4.30 (11.8%) 3.72 4.30 (13.4%) Processing costs (USD/kg WFE) 1.21 1.22 (0.9%) 1.22 1.18 3.3% Price (USD/kg WFE)*** 5.11 3.58 42.6% 4.81 5.75 (16.4%) EBIT/kg WFE (USD)*** (0.65) (3.78) - (1.00) (0.65) - Inventories (MT WFE) 2,263 8,947 (74.7%) Financial Debt 129,367 146,764 (11.9%) Net Financial Debt 91,405 122,495 (25.4%) Equity Ratio 45.7% 41.3% 438 Pb Net Financial Debt / LTM EBITDA 1.86 3.66 (49.2%) 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) 117,1 120,5 94,6 94,5 72,4 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 EBIT (USD million) Harvest (Th MT WFE) EBIT Margin (%) 17,7 20 17,0 15,1 15 11,1 11,6 12,4 10 9,5 05 10% 3,5 13% -4% -1% 5% 00 -05 -0,7 -4,2 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -10 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 50% 40% 30% 20% 10% 0% -10% -20% 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 for the 4th quarter of 2024 Salmones Camanchaca harvested 13,689 MT WFE of Atlantic salmon in Q4 2024, 56% higher than the harvest in Q4 2023 (8,783 MT WFE), partly influenced by moving some harvest from Q3 2024 to Q4 2024 to gain additional weight of the biomass. The volume sold reached 17,210 MT WFE, 35% higher than the same period in 2023. In relation to Coho, harvest was 3,354 MT WFE, 63% lower than Q4 2023 (8,948 MT WFE), due to the planned decrease in the Company's stocking plan from 3 to 1 grow out sites, and sales were 1,455 MT WFE, compared to 1,140 MT WFE in Q4 2023. The average sale price of Atlantic salmon was USD 6.56/Kg WFE, in line with Q4 2023. For Coho, the price was USD 5.11/Kg WFE, an increase of 43% compared with the same period of 2023. These sales generated total revenues of USD 121 million, 27% higher than those registered in Q4 2023. During the quarter, Atlantic salmon prices have been increasing, and Salmones Camanchaca achieved an average raw material return that was USD 0.28/Kg higher than the Urner Barry index. The ex-cage cost of live weight for Atlantic salmon was USD 4.05/Kg in the quarter, 11% lower than Q4 2023, explained by a better health situation at the harvested sites, and a reduction in feed costs driven by lower prices of the main vegetable and animal inputs. The processing costs (primary and secondary) of Atlantic salmon totaled USD 0.96/Kg WFE, lower than the USD 1.10/Kg WFE in Q4 2023, and lower than the target of USD 1/Kg, mainly explained by higher processed volumes. During the quarter there were USD 0.1 million in extraordinary mortalities versus USD 1.7 million in Q4 2023, exhibiting higher survival rates than reported industry levels. Thus, the Gross Margin in Q4 2024 was USD 21.1 million, compared to negative USD 4.2 million in Q4 2023. The Company's administration and sales expenses decreased from USD 6.3 million in Q4 2023 to USD 6.0 million in Q4 2024, mainly due to lower distribution costs associated with lower cold storage costs (lower average inventories) and due to a depreciation of the Chilean peso against dollar. As a percentage of revenue, SG&A decreased from 6.6% to 5.0% in the quarter. EBIT before Fair Value (FV) for Q4 2024 was USD 15.1 million, compared to the negative USD 4.2 million in Q4 2023. EBIT/Kg WFE of Atlantic salmon was USD 0.90/Kg WFE in Q4 2024, which compares to USD 0.30/Kg WFE in Q4 2023. In the case of Coho, EBIT/Kg WFE was negative USD 0.65/Kg WFE in Q4 2024, versus negative USD 3.78/Kg WFE in Q4 2024. The EBIT/Kg calculation presented by Salmones Camanchaca as an indicator of profitability of the units sold and shipped to final buyers/customers, excludes provisions of realizable value made on inventories, and which had zero effect in Q4 2024 in the case of Coho, and a positive USD 0.5 million for Atlantic. The net Fair Value adjustment for Q4 2024 was USD 5.1 million negative, compared to a negative USD 0.1 million in Q4 2023, a favorable difference of USD 5.0 million mainly explained by lower margins expected at the end of December 2024 vs December 2023, combining lower prices and/or higher expected costs for the following months. 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. Financial Expenses decreased 3% to USD 3.3 million in Q4 2024, mainly associated with a lower level of financial debt. Other Gains/Losses were negative USD 1.6 million in Q4 2024 (negative USD 2.0 million in Q4 2023), explained mainly by the Trout business (Joint Venture, or JV) that generated a loss of USD 1.1 million for the Company in the quarter (USD 1.9 million loss in Q4 2023). As a result, the Company recorded Net Income of USD 3.9 million in Q4 2024, compared to the loss of USD 6.5 million in Q4 2023. Cash Flow Q4 2024 In Q4 2024, a positive Net Cash Flow of USD 25.2 million was generated compared to the positive USD 12.0 million in Q4 2023, explained by: An Operating Cash Flow of USD 28.2 million, compared to USD 16.7 million in Q4 2023. This increase is explained by higher sales volumes and their respective collections. An Investment Cash Flow that used USD 7.2 million in Q4 2024, compared to USD 4.9 million in Q4 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 4.5 million positive in Q4 2024 due to the use of available credit lines to finance the biomass growth plan, compared to Q4 2023 where no credit lines were used or paid). As of December 31, 2024, Salmones Camanchaca maintained a Cash balance of USD 38 million. The company also has unused and available credit lines at that date of USD 15 million, resulting in a total liquidity available of approximately USD 53 million as of December 31, 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 December 31, 2024 Salmones Camanchaca harvested 47,661 MT WFE of Atlantic salmon in 2024, 8% higher than the harvest in the same period of 2023 (44.055 MT WFE). The volume sold reached 49,365 MT WFE, 15% higher than in 2023, leaving 3,575 MT WFE in inventory at the end of December 2024, that is, 35% lower than December 2023. As for Coho, the harvest was 4,493 MT WFE, 61% lower than 2023 (11,439 MT WFE), due to the decrease in stockings that has been commented earlier, and sales were 11,234 MT WFE, compared to 5,516 MT WFE in 2023, leaving an inventory of 2,263 MT WFE, 75% lower than in 2023. Revenues for full year 2024 reached USD 405 million, 14% higher than the previous year (USD 354 million), mainly from the higher volume sold of Atlantic salmon, that was partially mitigated by lower prices (Atlantic -6% and Coho -16%). Total production costs decreased USD 0.2/Kg WFE compared to 2023, mainly due to the decrease in ex cage costs and, to a lesser extent, a decrease in processing costs for Atlantic salmon that was affected in 2023 by the scheduled stoppage of the Tomé plant. The accumulated ex-cage cost for 2024 was therefore USD 4.38/Kg live weight (USD 4.71/Kg WFE), lower than the USD 4.60/Kg live weight in 2023. The total processing cost of Atlantic salmon, including the harvest cost, decreased USD 0.6/Kg to USD 1.08/Kg WFE. For 2024, there were USD 0.8 million in extraordinary mortalities versus USD 3.6 million in 2023, exhibiting survival rates higher than those recorded in the industry. As a result, the Gross Margin for full year 2024 was USD 50.9 million, an improvement of USD 12.5 million, or 32% compared to what was obtained in 2023. The Gross Margin in 2024 includes USD 6.4 million of non-recurring positive effects related to operational contracts with certain strategic counterparties. Administrative Expenses in2024 increased 3% but, as a proportion of revenues, decreased from 2.9% to 2.6%, influenced by higher sales volume. Distribution and Sales Expenses decreased 5% compared to 2023 from 3.8% to 3.2% as a percentage of revenues. Thus, Administration and Sales Expenses decreased by 2% to USD 23.4 million, and decreased as a percentage of revenues from 6.7% to 5.8% in the period. EBIT of the operation before FV adjustments was USD 27.4 million for full year 2024, 88% higher than the USD 14.6 million for the same period in 2023. Sales of Atlantic salmon in 2024 generated an EBIT/Kg WFE of USD 0.62, in line with what was obtained in 2023 (+1%) with a higher volume sold, but with lower salmon prices. Sale of Coho generated an EBIT/Kg WFE of negative USD 1.00, lower than the negative USD 0.65/Kg WFE in 2023, explained by a sharp drop in prices (USD 4.81 in 2024 vs USD 5.75 in 2023) due to a lower demand from Japan, its main market, and a higher Chilean supply. The EBIT/Kg calculation presented by Salmones Camanchaca as an indicator of profitability of the units sold and shipped, excludes realization provisions made on inventories. This year, the variation of said effect - which is shown in the EBITDA and EBIT - totals positive USD 5.4 million (release of provisions) for 2024 in the case of Coho, and positive USD 2.4 million in the case of Atlantic. The total of these provisions in 2024 is USD 0.7 million for Coho and USD 0.4 million for Atlantic, and may vary with price and/or cost movements. The result of the net Fair Value adjustment in 2024 was USD 11.2 million positive, compared to the negative USD 7.9 million in the same period of 2023, mainly due to the higher margins and volumes expected at the end of December 2024 vs December 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 27% from USD 11.1 million in 2023 to USD 14.1 million in 2024, due to a higher level of average financial debt and a higher interest rate on loans with its banks. Other Gains/Losses reached USD 7.0 million negative compared to negative USD 5.3 million as of December 2023, explained by the results of the joint venture in the Trout farming activity (USD 6.3 million), affected by lower prices. Net Income for full year 2024 reached USD 13.9 million, higher than the USD 6.0 negative reported in the same period of 2023. Cash Flow as of December 31, 2024 During 2024, a positive Cash Flow of USD 13.7 million was recorded, compared to USD 3.5 million in 2023, explained by: A positive Operating Cash Flow (generation) of USD 56.8 million , compared to USD 0.9 million negative in 2023. This increase is explained by higher volumes sold and by a decrease in payments to suppliers, given the lower working capital required from the reduced Coho grow-out operation in 2024. A negative Investment Cash Flow (use) of USD 24.0 million , compared to the USD 20.2 million used in investments in 2023, aimed at asset maintenance and the preparation of Atlantic sites in the XI region, which is expected to grow in 2025 and 2026 as part of the Company's production plan. A negative Financing Cash Flow (use) of USD 18.5 million , due to the voluntary prepayment of long-term debt (USD 15 million), which compares to a positive flow of USD 24.7 million as of December 2023, when financial debt increased by USD 49 million mainly for the largest grow-out operation of Coho, net of the payment of dividends from 2022 earnings of USD 24.3 million 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 2024, the Company's total assets decreased by 4% compared to the end of 2023, to USD 452 million. There was a decrease in Current Assets of USD 19.1 million mainly due to the reduction in inventories of both species from the end of 2023 of USD 45.9 million (Coho 2,263 MT WFE in 2024 vs 8,946 MT WFE in 2023, and Atlantic 3,575 MT WFE in 2024 vs 5,442 MT WFE in 2023), offset by an increase of USD 14.7 million in accounts receivables due to higher sales and an increase in cash of USD 11.5 million. In the case of Non-Current Assets, there were no significant changes during the year and these assets remain unchanged (-0.1%), as a result of investments being fairly equal to the depreciation for the year. Liabilities and Equity The Company's Total Liabilities decreased 11% or USD 31.2 million, compared to the end of 2023, and reached USD 246 million as of December 2024. Current Liabilities decreased USD 20.6 million, reaching USD 119 million, due to a decrease in accounts payables from the lower stockings of Coho (-USD 14.2 million), and a decrease in provisions (-USD 4.7 million) due to liabilities driven by the closure of farming sites. Non-Current Liabilities decreased 8%, or USD 10.6 million, compared to the year end of 2023, reaching USD 127 million, mainly due to the decrease in non- current financial liabilities (-USD 14.1 million) associated with the voluntary prepayment of financial debt. Consequently, Net Financial Debt decreased by USD 31.1 million as of December, reaching USD 1.4 million, compared to USD 122.5 million in December 2023. The Company's Equity increased by USD 11.8 million as of December 2024, to USD 207 million, an increase explained by the results of the period of USD 13.9 million, net of provisions of dividends of USD 1.7 million, equivalent to the minimum legal of 30% of distributable net income. 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 of live weight cost at harvest. I. Product Prices Market prices have continued in a negative trend during 2024 due to weak demand in our main markets, with a recovery during the last quarter. The average price of Atlantic salmon sold by Salmones Camanchaca during Q4 2024 was USD 6.56 per kg WFE, 3 cents lower than in Q4 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 medium-term price above the market reference Urner Barry (UB). Additionally, the increase in value added allows for trade agreements that mitigate price volatility. In Q4 2024, the relative performance of Salmones Camanchaca's raw material return was USD 0.28/Kg higher than that of the market reference (UB). Salmones Camanchaca Atlantic Salmon Price (USD/kg WFE) 9,0 7,81 7,87 7,80 7,83 140 8,0 120 6,88 7,03 6,77 6,76 6,70 100 7,0 7,42 80 6,0 6,54 6,56 60 5,0 40 4,0 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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

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