April 2021
2020 & 4Q20 EARNINGS CONFERENCE CALL
4Q20 & 2020EARNINGS CONFERENCE CALL
P2
Content P3 Disclaimer P4 Largest Exporters Paraguay 2020 USD P5 FrigoNorte P6 Frigorifico BFC Expansion P7 Covid-19 Mitigation Actions in 2020 P8 Highlights 2020 & 4Q20 P9 Consolidated Revenue P10 Export Share P11 Capacity Utilization P12 EBITDA 2020 P13 Net Income P14 Debt Profile
2020 & 4Q20EARNINGS CONFERENCE CALL
P32020 & 4Q20EARNINGS CONFERENCE CALL
This presentation provides general information about Frigorífico Concepción S.A., and its subsidiaries (“Frigorífico Concepción” or “Company”) and was prepared on the date of its presentation by Frigorífico Concepción. Information herein is provided in summary form and is not intended to be complete or to be interpreted as advice to potential investors.
We do not make any declaration or guarantee, express or implied, regarding the suitability, impartiality, completeness or scope of the information contained herein. Information obtained from public sources, contained in this presentation, has not been independently verified.
This presentation contains forward-looking statements which were carefully prepared by management and are intended to indicate possible future trends in relation to Frigorífico Concepción in accordance with the management’s reasonable expectations. The use of such terms as “project”, “estimate”, “anticipate”, “envisage”, “plan”, “may” and “expect”, among others, should not be interpreted as “projections“ or “guidance” in accordance with the current legislation, but should be regarded as mere management’s views which clearly involve risks and uncertainties. These statements are based on various factors and assumptions, including market conditions, government regulations, pressures from competitors, industry perfomance and the global and Paraguayan economy, among others. Any alterations to these factors or assumptions may lead actual results to differ from current views. We advise not placing undue trust in these forward-looking statements, the Company’s past performance being no indicator of future results.
Although Frigorífico Concepción believes that the forward-looking statements contained herein are reasonable and based on data currently available to management, it cannot guarantee future results or events. The information and statements contained in this presentation apply only to the date on which they were prepared and Frigorífico Concepción is not obliged to update them in the light of new information or future developments, except for its accepted periodic obligations to report to investors and partners.
This presentation and its contents should not be considered an offer or invitation to an offer to subscribe to or acquire any securities. The information contained in this presentation should not serve as the basis of any agreement or commitment. Frigorífico Concepción takes no responsibility for transactions or investment decisions based on the information herein.
No one is authorized to provide any information or make any representation that is inconsistent with this presentation. If any such information has been provided or representation made, it should not be construed as having been authorized by or on behalf of the Company.
This presentation is strictly confidential and is presented to a select audience. It may not be reproduced, fully or partially, distributed or transmitted to any other person without prior written consent from Frigorífico Concepción. This presentation is not meant for distribution or use by any person or entity in any jurisdiction or country where such distribution or use is against law or regulations.
Disclaimer
P42020 & 4Q20EARNINGS CONFERENCE CALL
Largest Exporters Paraguay 2020 US$
Cargill
ADM
Frigorífico Concepción
Beef (Minerva)
Compañia Paraguaya de Granos (AGD)
Viterra (ex Glencore)
Agrofértil (Grupo Saravia)
Sodrugetsvo
Bunge
Cofco
717,073,678
521,088,704
382,611,874
373,740,795
283,587,766
256,841,840
250,518,439
245,441,991
238,605,860
230,998,095
Source: DNA/BCP/PLUS + magazine
P52020 & 4Q20EARNINGS CONFERENCE CALL
FrigoNorte
P62020 & 4Q20EARNINGS CONFERENCE CALL
Frigorifico BFC Expansion
P72020 & 4Q20EARNINGS CONFERENCE CALL
Covid-19 Mitigation Actions in 2020
P82020 & 4Q20EARNINGS CONFERENCE CALL
Highlights 2020 & 4Q20
US$ 514.6
million
REVENUES
US$ 64.5
million
EBITDA
US$38.3
million
NET INCOME
2.8x
LEVERAGE
2.3x
NET LEVERAGE
US$86.7
million
GROSS PROFIT
4Q204Q20
US$ 155.0 million
US$ 6.3million
4Q20
US$ 23.5 million
4Q20
US$ 15.2million
P92020 & 4Q20EARNINGS CONFERENCE CALL
Consolidated Revenue
BFC
12,531
FCSA
79,703
285,824
434,851
4Q19 1Q20 2Q20 3Q20 4Q20
101,474
121,864 114,184123,457
155,050
2018
344,103
2019
298,283
2020
514,555
Split By Business Unit*(Thousands of US$)
● 2019 | ● 2020
Quarterly(Thousands of US$)
Yearly(Thousands of US$)
72.5% 52.8% 536.2% 52.1%
*Includes operations between both units
P102020 & 4Q20EARNINGS CONFERENCE CALL
Export Share
Russia 26%
China15%
Israel6%
Chile16%
Brazil22%
Bolivia
Paraguay
Other destinations
10%
Taiwan5%
FCSA Business Unit Exports
BFC Business Unit Exports
● 2019 | ● 2020
● China | ● Others
30% 31%
25% 26%
16%
20%
11%
7%4%
6%
14%10%
Russia Brazil Chile Israel Taiwan Others
Consolidated Exports Breakdown By Country
2019 2020
95%
5% 9%
91%
P112020 & 4Q20EARNINGS CONFERENCE CALL
Capacity Utilization Quarterly Yearly
● 4Q19 | ● 4Q20 ● 2019 | ● 2020
FCSA
65.8%
BFC
59.8%
43.2%48.2%
Consolidated
47.9%
65.0%
BFC
81.5%
20.8%
FCSA
56.3%
38.9%
Consolidated
59.2%
37.6%
P122020 & 4Q20EARNINGS CONFERENCE CALL
EBITDA 2020
Yearly - Consolidated Quarterly - Consolidated EBITDA
EBITDA Margin
5.2% 9.6% 12.5%
2018 2019 2020
19,467
28,548
64,513
126.0%
4Q20
15,256
3Q20
17,965
2Q20
17,616
1Q20
13,677
4Q19
12,787
● 2019 | ● 2020
BFC FCSA
1,362
27,186
8,855
55,658
(Thousands of US$)(Thousands of US$)
(Thousands of US$)
550.0% 104.7%
P132020 & 4Q20EARNINGS CONFERENCE CALL
Net Income
Split By Business Unit*● 2019 | ● 2020
BFC FCSA
1,340
8,482
30,240
11,145
(Thousands of US$)
Yearly
2018 2019 2020
5,392
12,485
38,300
206.8%
(Thousands of US$)
532.9%
171.3%
*Includes operations between both units
P142020 & 4Q20EARNINGS CONFERENCE CALL
Debt ProfileDebt Breakdown by currency 2020 Debt profile
● In Gs● In USD
● Long term● Short term
1% 7%99% 93%
Source Breakdown Debt Amortization Schedule
● Local bonds● Local banks● International bonds
8%
3%
89%
2021 2022 2023 2024 2025
12,033 3,802
42,746
83,475
40,250
P152020 & 4Q20EARNINGS CONFERENCE CALL
2020 & 4Q20 Consolidated ResultsTwelve months ended December 31,
(US$ thousands) 4Q20 4Q19 % 2020 2019 %GROSS REVENUE 155,050 101,474 52.8% 514,555 298,283 72.5%Local sales 17,216 14,416 19.4% 50,641 53,815 -5.9%External sales 137,834 87,058 58.3% 463,914 244,468 89.8%Cost of sales -131,581 -85,574 53.8% -427,881 -256,928 66.5%GROSS PROFIT 23,469 15,900 47.6% 86,674 41,355 109.6%Operations and commerce expenses -3,867 -1,643 135.4% -11,707 -6,003 95.0%Salaries and other employee benefits -1,956 -1,088 79.8% -5,367 -4,856 10.5%Administrative expenses -2,390 -382 525.7% -5,087 -1,948 161.1%RESULTS OF OPERATING ACTIVITIES (EBITDA) 15,256 12,787 19.3% 64,513 28,548 126.0%Depreciation -45 -722 -93.8% -2,123 -2,964 -28.4%RESULTS OF OPERATING ACTIVITIES (EBIT) 15,211 12,065 26.1% 62,390 25,584 143.9%Financial resultsInterest expenses -348 -1,654 -79.0% -2,090 -7,031 -70.3%Interest on bond issue -5,384 -557 866.6% -12,756 -2,271 461.7%Other net income and expenses -192 370 -151.9% 138 237 -41.8%
-5,924 -1,841 221.8% -14,709 -9,065 62.3%Exchange difference -304 -165 84.2% -4,030 -1,712 135.4%RESULT BEFORE INCOME TAX 8,983 10,059 -10.7% 43,652 14,807 194.8%Income tax -1,091 -1,309 -16.7% -3,760 -1,735 116.7%RESULT BEFORE LEGAL RESERVE 7,892 8,750 -9.8% 39,892 13,072 205.2%Legal reserve -1,592 -587 171.2% -1,592 -587 171.2%NET INCOME 6,300 8,163 -22.8% 38,300 12,485 206.8%
2020 & 4Q20EARNINGS CONFERENCE CALL
Thank you
