Salmones Camanchaca S A : SC ANNUAL REPORT 2024

About this update from Salmones Camanchaca Sa

Annual Report 2024 PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX 1 PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX Identification LEGAL NAME SALMONES CAMANCHACA S.A. CHILEAN TAXPAYER ID NUMBER 76.065.596-1 TYPE OF ENTITY Sociedad Anónima SECURITIES REGISTRY 1150 ADDRESS Casa Matriz: Diego Portales 2000, piso 13, Puerto Montt, Región de los Lagos POSTAL CODE 550364 PHONE (56 2) 2873 2900 CONTACT EMAIL [email protected] WEBSITE https://www.salmonescamanchaca.cl TICKER Santiago Stock Exchange: SALMOCAM 2 PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX Content 01 PRESENTATION 4 A word from our Chairman 5 Value Creation 7 02 WE ARE SALMONES CAMANCHACA 8 Our Company 9 Salmones Camanchaca's Mission, Vision and Values 12 Strategy 13 Value Footprint 17 Historical events 18 Highlights of the year 20 Articles of Incorporation 21 Corporate structure 22 Control 23 Ownership Structure 25 Agreements with subsidiaries and associates 25 Subsidiary companies 26 Associate companies 27 Board members and executives with positions at subsidiaries 28 03 or associates CORPORATE GOVERNANCE 29 Corporate Governance Report 30 The Board 37 Senior Executives 42 Directors' Committee Annual Report 47 Other Committees 49 Ethical management 51 Risk management 56 BUSINESS DESCRIPTION 66 04 Salmon industry 67 Our operations 72 Marketing network 82 Salmones Camanchaca around the world 85 05 SUSTAINABILITY 86 Sustainability model 87 Healthy, nutritious food 92 Meaningful employment 115 Prosperous Communities 144 Healthy Ecosystem 164 Profitable and responsible business 204 06 FINANCIAL INFORMATION 222 Key Financial Indicators 223 Net Income Statement 223 Statement of Financial Position 225 Statement of Cash Flows 226 Material facts 226 Share transactions 228 Main risks and uncertainties 230 Tax, investment and financing and dividend policies 234 Fees Paid to External Auditors 235 Financial statements 235 METHODOLOGY 236 07 About This Integrated Report 237 Contents 237 Double Materiality 237 Material Issues 238 Materiality matrix 239 08 APPENDIX 240 3 01 PRESENTATION PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX A word from our Chairman DEAR SHAREHOLDERS, 2024 marked a significant financial recovery for our company, driven by sustained efforts in operational efficiency that we have been implementing for nearly two years, and by our organic growth plan in Atlantic salmon production. All of this took place in a challenging context, characterized by lower sales prices due to weakened international demand caused by inflation and a drop in consumption in some of our main destination markets. In this scenario, we closed the year with revenues of US$ 405 million, representing a 14% increase compared to 2023. This growth was driven by higher sales volumes of Atlantic and Coho salmon, reaching a total of 61 thousand tons sold. EBITDA for the period was US$ 49.1 million, 47% higher than the US$ 33.5 million recorded in 2023, reflecting greater operational efficiency and cost reductions, while maintaining our high standards of quality and customer service. This result was mainly explained by the strong performance of Atlantic salmon, although it was partially offset by the operational loss from Coho, a species that continued to be affected by lower dollar prices in the Japanese market, the primary destination for Chilean Coho. The year's positive results allowed us to strengthen our financial position, reducing net financial debt by 25%, reaching US$ 91.4 million as of December 2024, compared to US$ 122.5 million at the end of 2023. One of the year's milestones was the operational recovery that led to a significant decrease in our total production costs. This improvement was driven by strong results in the main biological indicators of our farming operations, particularly lower mortality rates and better feed conversion, thanks to the implementation- more two years ago-of an excellence plan for salmon farming. This initiative has generated annual savings equivalent to US$ 11.7 million across the entire production chain. Additionally, we observed a reduction in feed costs, the main component of production cost. Also noteworthy was the progress in our Atlantic salmon growth plan, which allowed us to increase our harvests by 8% during the year. This plan, still in progress, projects further growth over the next two years, in line with our current capabilities. As for Coho salmon, we have taken a defensive stance while awaiting better market conditions, maintaining production at around 4,000 tons per year. In 2024, we also launched a risk mitigation and farming diversification plan, which included the development of farming sites in high-energy offshore areas in the Aysén Region. These sites, exposed to stronger currents, waves, and wind, pose significant operational challenges but also offer environmental and animal welfare benefits that are already reflected in our results. Furthermore, we completed the implementation of environmental risk mitigation systems at five sites through innovative upwelling systems designed to prevent the harmful effects of microalgae and improve farming conditions. Our relationship with local communities has also strengthened. In partnership with San Sebastián University, we continued developing the largest free dental care program in the Biobío region, under a nationwide social collaboration model. Additionally, we completed the construction of the necessary infrastructure to enable high school education at the Epson School in Ensenada, allowing young 5

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