acquisition of peruplast

FOLLOW-ON OFFERING
OCTOBER 2014
DISCLAIMER
This document has been prepared by Tech Pack S.A. (“Techpack” or the “Company”) and their
subsidiaries, together with IM Trust S.A. Corredores de Bolsa (“IM Trust”), with the purpose
of delivering general information about Techpack, in the context of Techpack’s shares
placement (referred to as the “Offering”), in order to allow each investor to evaluate,
individually and independently, their decision to invest in the Offering. This document does
not constitute an investment recommendation and may not be used for different purposes
than the ones above mentioned.
The information used to elaborate this document is public information and information
provided by Techpack, which has not been independently verified by IM Trust. Therefore, IM
Trust does not assume any legal responsibility for the accuracy of such information. This
document does not intend to contain all the information that may be required to assess the
decision of acquiring the shares of Techpack that are part of the Offering, and does not
constitute in any scenario a recommendation to invest in them. Every reader of this
document must execute its own independent analysis of the Company and the data
contained herein.
All figures contained in this document that have comparative purposes, have been
consolidated and expressed in United States Dollars, as of December of every year, according
to the current accountancy standard in the respective moment, unless the contrary is
expressed explicitly.
The information contained in this publication is a brief description of the characteristics of
the shares issued and of the issuer, not this being all the information required to make an
investment decision. Further information is available in the headquarters of the issuer and in
the offices of the bookrunner and the Superintendence of Securities and Insurance
(“Superintendencia de Valores y Seguros”).
Dear Investor:
Before making your investment you must be fully informed about the financial situation of
the issuer and must assess the convenience of the acquisition of these securities.
The bookrunner must deliver to the investor the information contained in the Prospect
presented by the Company when it requested the registration in the Securities Registry
(“Registro de Valores”), before it executes its investment.
www.techpack.com
2
3
Felipe Joannon
Claudio Inglesi
Chairman of the Board
CEO
• Chief Development Officer at Quiñenco
• Alusa’s CEO since 2008
• Economist, PUC
• Industrial Engineer, PUC
• MBA Wharton, UPenn
• MBA Anderson, UCLA
• 15 years in Luksic Group
• 8 years in Luksic Group
AGENDA
INTRODUCTION
4
INVESTMENT
HIGHLIGHTS
THE OFFERING
1. INTRODUCTION
5
TECHPACK AT A GLANCE
Latin American leader
in flexible packaging
• #1 in revenues (USD ~400 mm)(1)
• Sole regional provider with manufacturing
facilities in 4 countries
• + 50 years of experience in the flexible
São Paulo
(sales office)
packaging business
• Ownership
structure(2)
Others
26,8%
Quiñenco
65,9%
Pension Funds
7,3%
Buenos Aires
(sales office)
• Summarized
corporate
structure
(1)
6
(2)
76%
100%
Real Estate
Proforma revenues estimated for the last twelve months as of June 2014. Considers consolidation of Productos Plásticos HYC S.A. (“HYC Packaging”) during the last twelve
months
As of September 30, 2014
TECHPACK: A NEW COMPANY WITH MORE THAN 50 YEARS
OF EXPERIENCE
1944 – 2013
•
Incorporation of Madeco
•
Incorporation of Alusa
and acquisition of Indalum
•
•
7
Sale of the cables unit to
Nexans
Madeco spin-off:
Invexans – Techpack
1961+
•
Incorporation of Alusa
•
Incorporation of Aluflex
•
Acquisition of controlling
interest in Peruplast
•
Madeco Mills and Indalum
close their operations
•
Acquisition of controlling
interest in Flexa
•
Legal name change to
Tech Pack S.A.
•
Acquisition of HYC
Packaging
•
Ticker change (TECHPACK)
•
New corporate image
•
Capital increase
2013 - present
THE WORLD OF PACKAGING
8
Techpack currently participates only in the flexible packaging business
THE PACKAGING INDUSTRY
Global packaging industry(1)
(1)(2) (1)(2)
GlobalGrowth
growthbybypackaging
packagingtype
segment
Revenues 2013E: USD 797 billion
CAGR 2008-2013E
Glass Others
5%
7%
CAGR 2013E-2018E
4,3%
4,1%
PaperBoard
30%
3,4%
3,1%
Metal
14%
2,5%
3,0%
2,4%
5,3%
4,5%
3,3%
2,8%
0,9%
Flexible
22%
Rigid plastic
22%
Metal
Global flexible packaging industry(1)(3)
CAGR 2008-2013E
2,3%
0,6%
2,8%
4,5%
2,8%
Industry
Paperboard
Flexible
Rigid Plastic
LatAm flexible packaging industry(4)
% of revenues 2013E
CAGR 2013E-2018E
5,7%
Glass
7,0%
6,0%
6,4%
4,3%
Australasia
LatAm
1,3%
Others
LatAm
9,6%
Argentina
9,0%
Chile
Colombia
6,1%
4,1%
Peru
2,3%
-1,6%
North
America
Europe
World
Africa
Revenues 2013E: USD 172 billion (market share %)
19%
(1)
9
(2)
(3)
(4)
27%
2%
46%
Mexico
33,6%
Brazil
35,3%
6%
The Future of Global Packaging to 2018, Smithers Pira, 2013. Figures in USD. Current prices and exchange rates to 2012; constant (2012) prices and exchange rates for 2013 and
2018
“Other Packaging” is excluded, which has a CAGR 2008-2013E of -1,9% and a CAGR 2013E-2018E of 0,5%. CAGR: compound annual growth rate
Australasia region includes Asia, Middle East and Oceania; North America includes USA and Canada; and LatAm includes South America, Central America and Mexico
Company estimates based on Smithers Pira 2013 and PCI Films
2. INVESTMENT
HIGHLIGHTS
10
REASONS TO INVEST IN TECHPACK
1
2
Leader in an industry
in consolidation
Industry with high
growth potential
6
3
Support of Quiñenco /
Luksic Group
5
4
Experienced Board and
management team
11
Corporate strategy
focused on packaging
Successful track record of
inorganic growth
1
MARKET LEADER AND DIVERSIFIED COMPANY…
Location: Lima
Capacity: 36,000 tons/year
Acquisition: 1996/2007
Market share: 47% (#1)
Location: Cali
Capacity: 10,500 tons/year
Acquisition: 2012
Market share: 10% (#3)
Revenues (USD mm)(1)
146
146
2012
2013
Revenues (USD mm)(2)
148
60
56
60
2012
2013
jun-14
LTM
140
2011
jun-14
LTM
Location: Quilicura and Huechuraba
Capacity: 24,300 tons/year
Alusa incorporation: 1961 / HYC acquisition: 2014
Market share(3): 24% (#1)
Revenues (USD mm)(3)
94
90
89
2011
2012
2013
Location: San Luis
Capacity: 10,200 tons/year
Incorporation: 1993
Market share: 7% (#3)
Revenues (USD mm)
125
63
64
63
63
jun-14
LTM*
2011
2012
2013
jun-14
LTM
Regional platform with manufacturing facilities in 4 countries, selling its products throughout the region
12
Note: market share figures are based on Techpack’s calculations for year 2013. jun-14 LTM: Last twelve months as of June 30, 2014
(1) Peruplast figures for 2011 and 2012 consolidated at 100% for comparative purposes
(2) Flexa figures for 2012 consolidated at 100% for comparative purposes. The period from June to December 2012 (USD 34 mm) was consolidated by the Company, and the period from
January to May 2012 (USD 26 mm, highlighted in green) was prior to the acquisition by Techpack
(3) June 2014 LTM* revenues are proforma figures assuming HYC Packaging consolidation during the last twelve months. The market share does not include HYC Packaging
1
…IN AN INDUSTRY IN CONSOLIDATION
Consolidation
in global
industry(1)
Segment
1980
2012
Glass
19 players
3 leaders: 90% market share
Can
25 players
3 leaders: 80% market share
Paperboard
Several players
5 leaders: 74% market share
Flexible
packaging
Several
players
4 leaders: 34% market share
Flexible packaging industry is still fragmented and without significant presence of global competitors in LatAm
• Only Bemis (Brazil, Argentina and Mexico) and Constantia (Mexico) are present in LatAm
• Global leaders grow along with their multinational FMCG(2) customers, who are expanding in fast-growing
emerging markets
(1)
13
(2)
Source: Blaige & Company: Western Plastic Association Mergers & Acquisition Conference - Global Consolidation Among Plastics Processors: Lead, Follow, or Get Out of the
Way (September 2013)
FMCG: Fast-moving consumer goods
2
INDUSTRY WITH HIGH GROWTH POTENTIAL
Strategic presence in countries with high growth…(1)
Real GDP variation (%)
…and with room for an increase in formal retail
penetration…(2)
Low supermarket penetration in LatAm
CAGR 2000-2013
Formal
CAGR 2013-2019E
Informal
5,8% 5,8%
4,3% 4,2%
9%
4,3% 4,5%
4,5%
37%
57%
59%
52%
70%
2,7%
Ch
91%
1,8%
1,5%
0,9%
Ar
Pe
Co
EU
1,5%
UE
…opening room for additional growth through a
deeper penetration of consumption…(3)
Per capita consumption of packaging (USD per year)
USA
Ar
Br
62
32
Pe
Co
Es
2007
2013
57%
45%
44%
40%
39%
32%
30%
86
Argentina
48%
30%
…and in markets where global FMCG customers are
focusing on(4)
100
Mexico
14
43%
156
Brazil
(1)
(2)
(3)
(4)
41%
Revenues in emerging markets (% of total revenues)
472
Chile
Peru
Ch
491
Europe
Colombia
63%
25%
15%
10%
Global
average: 221
24
Source: IMF, April 2014
Source: ILACAD and US Census Bureau, December 2013
Source: PIRA International Ltd., The Future of Global Packaging, IMF, 2009
Source: Information provided by each company
Uni
Ne
Kr
PG
He
3
CORPORATE STRATEGY FOCUSED ON PACKAGING
• Purchasing power consolidation
• Multi plant production for
cross-supply and backup
• Standardization of processes
and systems (SAP / Radius)
• Exchange of best practices
Regional
Management
Sustainability
Growth
•
•
•
•
15
Commercial synergies / innovation
Growth in capacity along with customers
Successful M&A track record
Talent attraction
• Service on time (OTIF) and
quality
• Focus on human capital
(Great Place to Work)
• Reduction of waste,
recovery of solvents and
recycling
4
SUCCESSFULL TRACK RECORD OF INORGANIC GROWTH
CASE STUDY 1: ACQUISITION OF PERUPLAST
Rationale
• Local leader, with more than 40 years of operation
• Population of 30 million people with expected increase
in retail penetration
• Family-owned
company
in
process
of
professionalization
• Positioned Techpack as a leader in the flexible
packaging market in LatAm
Solid growth in revenues and EBITDA
Revenues (USD mm)
86
EBITDA (USD mm)
140
146
26
26
2011
2013
94
22
13
2007
The transaction
• On March 1, 2007, Techpack increases its stake in
Peruplast to 50% (in partnership with Nexus Group)
• EV: USD 42,3 mm
16
Source: The Company
2009
Growth strategy
EBITDA growth through
investments in
technology, increase of
exports and transition
from family business
Construction of new
plant in Lurin and sale
of real estate
4
SUCCESSFULL TRACK RECORD OF INORGANIC GROWTH
CASE STUDY 2: ACQUISITION OF EMPAQUES FLEXA
Rationale
• Entering the Colombian market provided access to a
market of 47 million people
• High growth in flexible packaging demand in a
fragmented industry
• Purchase the only flexible packaging operation of
Grupo Carvajal due to its focus on rigid packaging
• Plant specialized in high complexity packaging
Turnaround of costs, volume and EBITDA
EBITDA (USD mm)
Manufacturing cost (USD / kg)
738
613
5,6
1,9
2,0
jun-12 LTM
jun-13 LTM
Arrival plan
Organization
Processes
Capacity
Investments
Source: The Company
1,4
jun-14 LTM
Growth strategy: restructuring
IT / Systems
17
3,5
2,1
The transaction
• March 14, 2012: Techpack and Nexus Group
announced the acquisition of Flexa (50/50)
• EV: USD 35,4 mm for a stake of 100%
• Financing of acquisition with funds from real estate
divestiture in Peru
637
Increase in revenues from cross-selling in
customer portfolio
Restructuring of commercial and
production areas
Internalize processes outsourced to
Carvajal
ERP implementation and integration with
Alusa
50% capacity increase due to machinery
acquisitions
Investments in real estate (2013) and
plant (2015+)
SUCCESSFULL TRACK RECORD OF INORGANIC GROWTH
CASE STUDY 3: ACQUISITION OF HYC PACKAGING
4
Tons sold and EBITDA(1)
Rationale
•
•
•
•
•
40 years of presence in Chile
Manufacturing plant near Alusa, in Huechuraba
Main customers are local enterprises
#1 in flexo-printing in Chile
High complementarity with Alusa Chile
+
Rotogravure
80%
+
100%
Flexography
Growth in volume through quality and market positioning
EBITDA (USD mm)
555
428
5,5
4,2
Rotogravure
4,7
55%
=
45%
20%
Flexography
2011
Flexography
The transaction
• On June 10, 2014: Techpack announced the acquisition
of HYC Packaging by Alusa
• EV: USD 34,3 mm for 100% of HYC
• Funding: 100% debt in Alusa, repayment through
follow-on offering resources
18
Tons / month
579
Source: The Company
(1) Total tons include manufactured and commercialized tons
2012
2013
Merger strategy
Creation of an integration department for different areas:
Operations
Cross-production and exchange of best
practices
Development
Product design optimization
IT / Systems
Standardization of systems (SAP/Radius)
Supply
Consolidation of suppliers and inventory
5
Board WITH REMARKABLE TRACK RECORD…
Felipe Joannon
Chairman
Francisco Pérez
Mackenna(1)
Vicepresident
Andrónico
Luksic
Director
Hernán Büchi
Director
Martín
Rodríguez
Director
Alejandro
Ferreiro(1)
Director
Abel Bouchon(1)
Independent
Director
19
(1)
• Chief Development Officer of Quiñenco since 1999, Chairman of the Board of SM SAAM
• Economist, Universidad Católica de Chile
• MBA at Wharton School, University of Pennsylvania (USA)
• CEO of Quiñenco since 1998, Chairman of the Board of CSAV and Enex
• Commercial Engineer, Universidad Católica de Chile
• MBA at Booth School of Business, University of Chicago (USA)
• Chairman of Quiñenco since 2013. Vice Chairman of the Board of Banco de Chile, Chairman of the
Board of LQ Inversiones Financieras and Compañía Cervecerías Unidas
• Director of Quiñenco since 1990. Previously, Minister of Finance from 1985 to 1989 and
Superintendent of Banks and Financial Institutions from 1984 to 1985
• Civil Engineer, Universidad de Chile. Master in Economics, University of Columbia (USA)
• M&A Manager of Quiñenco since 1999
• Commercial Engineer, Universidad Católica de Chile
• MBA at Anderson School of Management, University of California, Los Angeles (USA)
• Member of the Council for Transparency of the Republic since 2008. Previously, Minister of Economy
from 2006 to 2008 and Superintendent of Securities and Insurance between 2003 and 2006
• Lawyer, Universidad de Chile. Master of Arts, University of Notre Dame (USA)
• CEO of Embotelladora Andina from 2009 to 2014
• Commercial Engineer, Universidad de Chile
• MBA at Wharton School, Universidad de Pennsylvania (USA)
Members of Director’s Committee, chaired by Abel Bouchon
5
…AND MANAGEMENT TEAM WITH SOLID EXPERIENCIE IN
THE INDUSTRY
Claudio Inglesi
CEO
Carlos Cepeda
CEO Chile
Christian
Urazán
CEO Peru
Greizy Florez
CEO Colombia
Daniel Arye
CEO Argentina
Manuel Tamés
CFO Alusa
Carlos
Bragagnini
TechnicalCommercial Dev.
20
• In Techpack since 2008. Previously, at Quiñenco, BCG and Deutsche Bank
• Industrial Civil Engineer, Universidad Católica de Chile
• MBA at Anderson School of Management, University of California, Los Angeles (USA)
Years in the
industry
6
• In Techpack since 2010. Previously, at Sigdopack, Salinas y Fabres, Entel and Dow Chemical
• Commercial Engineer, Universidad Católica de Chile
6
• In Techpack since 2013. Previously, at Seguros Falabella Colombia, BCG and ExxonMobil
• Industrial Engineer, Universidad de Los Andes (Colombia)
• MBA at Haas School of Business, University of California, Berkeley (USA)
1
• In Techpack since 2003. Previously, at Colgate Palmolive
• Industrial Engineer, Universidad Icesi (Colombia)
• MBA at Universidad Icesi (Colombia)
11
• In Techpack since 2013. Previously, at Sigdopack, ALL-América Latina Logística, BASF and 3M
• Industrial Engineer, Universidad del Norte Santo Tomás de Aquino (Argentina)
9
• In Alusa since 2012. Previously, at BYP, D&S Walmart, Donnelley and Eurocapital
• Civil Engineer, Universidad Católica de Chile
• MBA at IESE Business School, Universidad de Navarra (Spain)
2
• In Techpack since 1992, playing various roles in Peruplast
• Industrial Engineer, Universidad de Lima (Peru)
• MBA at Universidad del Pacífico (Peru), AMP at Harvard Business School (USA)
22
6
SUPPORT OF QUIÑENCO / LUKSIC GROUP, ONE OF THE
LEADING BUSINESS CONGLOMERATES IN CHILE
Luksic Group
Mining
Financial
services
Food and
beverage
Cables
Flexible
packaging
Shipping
Port
services
Energy
Quiñenco
holding
51,2%
60,0%
80,5%
65,9%
54,5%
42,4%
100,0%
Market Cap
(USD mm)
11.775
3.985
242
‒
763
799
868(1)
(2)
Partners
+
Real Estate
21
Source: Bloomberg as of October 3, 2014.Note: Real estate held for sale (Madeco Mills, Decker and Indalum) is held by Techpack
(1) Book value as of June 30, 2014
(2) Subject to final signing of contracts / partnerships
3. OPERATIONAL AND
FINANCIAL
INFORMATION
22
OPERATIONAL AND FINANCIAL INFORMATION (1/2)
Tons sold(1) (thousands)
Chile
Peru
Colombia
Revenues by destination as of June 2014 LTM(2)
Argentina
65,4
54,1
57,8
8,0
4,7
7,8
8,1
27,0
28,4
28,7
13,8
13,2
13,7
19,7
2011
2012
2013
jun-14 LTM
48,4
7,7
8,3
8,9
29,0
Revenues(2) (USD million)
Chile
Peru
Colombia
Total revenues: USD 394,5 mm
Chile
24,7%
Other
0,5%
Mexico
1,2%
Other South
America
5,7% Brasil
6,4%
Other Central
America
9,8%
Peru
20,4%
Colombia
16,7%
Argentina
14,5%
Revenues by origin as of June 2014 LTM(3)
Argentina
Total revenues: USD 394,5 mm
394,5
295,9
63,3
62,6
63,7
34,5
62,5
55,9
139,9
145,7
146,3
94,4
89,5
88,6
125,1
2012
2013
jun-14 LTM
2011
23
332,5
350,9
60,5
Peru
37,3%
Chile
31,5%
147,8
Colombia
15,2%
Argentina
16,0%
Source: The Company. Flexa is consolidated from June 2012 onwards. Peru and Colombia figures are consolidated at 100% for comparison purposes.
June 2014 LTM is proforma incorporating HYC Packaging last 12 months
(1) Tons sold between related companies are subtracted from the total amount of tons sold (tons of each individual country does consider them)
(2) Revenues between related companies are subtracted from the total amount of revenues (revenues of each individual country does consider them)
(3) Percentages over total revenues prior to intercompany eliminations
OPERATIONAL AND FINANCIAL INFORMATION (2/2)
EBITDA(1) (USD mm)
Chile
Peru
Colombia
44,8
41,2
8,1
6,5
3,7
26,3
28,5
12,3
-5,4
12,4
-6,3
2011
2012
EBITDA as of June 2014 LTM(1)
Argentina
Corporate
6,1
3,5
42,8
4,9
5,6
25,5
23,8
10,8
-4,0
12,5
-4,8
42,1
2013
jun-14 LTM
Cash (June 2014)
Peru
50,7%
Colombia
12,0%
Argentina
10,6%
Financial Debt (June 2014)
USD 16,8 mm
Peru
18,9%
Chile
8,8%
USD 232,2 mm
Colombia
7,1%
Argentina
0,6%
Chile
27,2%
Peru
25,3%
Colombia
9,1%
Individual
64,5%
24
Chile
26,7%
(2)
Individual
35,2%
Argentina
3,1%
Source: The Company. Flexa is consolidated from June 2012 onwards. Peru and Colombia figures are consolidated at 100% for comparison purposes.
June 2014 LTM is proforma incorporating HYC Packaging last 12 months
(1) EBITDA between related companies is subtracted from the total amount of EBITDA (EBITDA of each individual country does consider them). Includes EBITDA from flexible
packaging segment and Techpack corporate expenses (corporate segment of Madeco S.A. for years 2011 and 2012). Percentages as of June 2014 LTM correspond to flexible
packaging segment
(2) Includes USD 0,76 million in other legal entities of Techpack
OPERATIONS HELD FOR SALE(1)
MADECO MILLS, DECKER AND INDALUM
Country
25
Company
Property
Area
(thousands m2)
Buildings
(thousands m2)
Plant in San Bernardo
73,4
24,4
Smelting plant in San Bernardo
42,9
21,8
Total San Bernardo
116,3
46,2
Warehouse in San Miguel
12,4
7,3
Plant in San Miguel
31,5
31,9
Total San Miguel
43,9
39,2
Plant in Lavallol
282,3
44,5
Total (thousands m2)
442,5
129,9
Source: The Company
(1) Discontinued operations: Madeco Mills (copper tubes in Chile), Decker Industrial (copper tubes in Argentina), and Indalum (aluminum and PVC profiles in Chile)
4. THE OFFERING
26
THE OFFERING
Issuer
Tech Pack S.A. / TECHPACK:CI
Quantity of shares prior to
the issuance
74.220.000
Quantity of shares offered
301.650.000
Subscription ratio
4,06426839 new shares for each share prior to the issuance
% of the ownership issued
post issuance
80,3%
Price
CLP 290 per share
Estimated placement
amount
USD 150 million
• Preferential subscription period (PSP) of 30 days
Offering structure
Bookrunner
27
• In case there are remaining unsubscribed shares after the PSP, there will be an additional special
subscription period of 5 consecutive days (within the following 30 days after the end of the PSP), for
the shareholders and option owners who have expressed interest in subscribing the above
mentioned remaining shares
USE OF PROCEEDS
~ 15%
Automation and high productivity equipment in
Chile
• Technology to increase production efficiency
New plant in Colombia
• Replacement and expansion of the existing
plant in a site owned by Flexa
Corporate debt prepayment
~ 35%
~ 15%
~ 35%
28
• USD 82 million debt at corporate level with Banco Itaú
• Bullet structure with maturity in December 2016
• Prepayment between USD 40 – 60 million
HYC Packaging acquisition financing
• Prepayment of debt related to the acquisition
• Partial prepayment of HYC Packaging / Alusa Chile debt
One or more acquisitions of companies in current or
new markets in Latin America
Source: The Company
Note: Techpack Board of directors agreed in this first stage to place 301.650.000 shares out of 461.850.000 new shares approved by the Shareholders' Meeting held on April 16,
2014. The remaining shares could be placed within the period of three years counting from the date when the above mentioned Shareholders’ Meeting was held
FOLLOW-ON TIMETABLE
September - October 2014
(1)
29
November 2014
M
T
W
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F
M
T
W
T
F
29
30
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31
29-sep
28-oct
5 days
To be defined
Beginning of
preferential
subscription
period
End of
preferential
subscription
period
Special
subscription
period(1)
In case there are remaining unsubscribed shares after the preferential subscription period (PSP), there will be an additional special subscription period of 5 consecutive days
(within the following 30 days after the end of the PSP), for the shareholders and option owners who have expressed interest in subscribing the above mentioned remaining
shares. This period will be communicated in writing to the shareholders or holders entitled, by letter sent to the address registered in the company, and by an announcement
published in La Segunda newspaper
5. ANNEXES
30
SUMMARIZED CORPORATE STRUCTURE
Summarized Tech Pack S.A. corporate structure (as of June 30, 2014):
76%
100%
31
Source: The Company
50%
50%
100%
CONSOLIDATED BALANCE SHEET, JUNE 2014
Balance Sheet
thousands of USD
Assets
Cash and cash equivalent
Other current financial assets
Other current non financial assets
Trade and other current receivables
Current accounts receivable from related companies
Inventories
Current tax assets
Assets classified as held for sale or as held for distribution to owners
Total current assets
Balance Sheet
Liabilities
16.758
42
3.154
110.688
574
58.499
Other current financial liabilities
87.024
Current trade payables and other payables
79.002
Current accounts payable to related companies
58
Other current liabilities
10.489
Liabilities included in groups of assets classified as held for sale
29.742
Total current liabilities
206.315
Other non current financial liabilities
145.187
6.536
64.216
260.467
Non current trade payables and other payables
Other non current liabilities
Total non current liabilities
86
39.998
185.271
Intangible assets other than goodwill
29.348
Equity
Goodwill
38.564
Issued capital
92.467
Retained earnings
-2.030
Other reserves
-7.138
Property, plant and equipment (net)
Other non current assets
Total non current assets
Total assets
32
thousands of USD
Source: Superintendencia de Valores y Seguros (SVS)
229.237
17.333
314.482
574.949
Equity attributable to equity holders of the parent
83.299
Non-controlling interests
100.064
Total shareholders' equity
183.363
Total liabilities and shareholders' equity
574.949
CONSOLIDATED INCOME STATEMENT, JUNE 2014
Income Statement
thousands of USD
Accumulated from January 1, 2014 to June 30, 2014
Revenues
Cost of sales
Gross margin
Other income, by function
Distribution costs
Administrative expenses
-147.552
28.980
-11
-4.865
-15.775
Other expenses, by function
-145
Other gains (losses)
-629
Profits (losses) from operational activities
Financial income
Financial costs
Foreign currency exchange differences
Result as per adjustment units
Profits (losses) before tax
Income tax expense
7.555
46
-5.460
-306
135
1.970
-2.637
Profits (losses) from continuing operations
-667
Profits (losses) from discontinued operations (1)
-16.756
Profits (losses)
-17.423
Profits (losses) attributable to equity holders of the parent
-19.609
Profits (losses) attributable to non-controlling interests
Profits (losses)
33
176.532
2.186
-17.423
Source: Superintendencia de Valores y Seguros (SVS)
(1) Corresponds to the amount of profits (losses) from discontinued operations, net of tax (before extraordinary adjustments) accounting for USD 739 thousands, plus a one-time
loss related to subsidiary Indalum S.A. of USD 16.017 thousand (impairment of property, plant and equipment, severance provision for years of service, impairment of
inventories, intangibles and other minor effects)