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3Q2014 FinancialResultsPESQUERA EXALMAR S.A.A.
Corporate Presentation
3Q2016
Fishing Industry
Peru: Peruvian Sea
3
Convergence of “Humboldt” and “El Niño” currents.Length of the coast with more than 3,000 km.
Peru: unique geographic aspects, biodiversity of the Peruvian sea with plenty of marine resources.
El Niño Current (hot waters)
North-Center area
South area
HumboldtCurrent (coldwaters)
Unique geographic aspects:
Peru: Peruvian Anchovy
4
Peruvian anchovy has signi�cant advantages over other species.
Scien�fic name:
Engraulis ringens.
Not a migratory
fish.
Only authorized resource for
fishmeal and fish oil.
Close presence to
the coast.
Extensive shoals.
Short development
and reproduc�on
cycle.
High volumes of biomass and landings for Indirect Human Consumption.
Source: INEI.
Thousand MT
5
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
+6 %
2001 2002 200319991998 2000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Peru: Biomass and Landings
Average biomass (thousand MT)1998- 2008: 8,354 2009-2014: 8,837
Landings Biomass of anchovy Average biomass
Use of �shmeal
5 6
Leading producer and exporter of �shmeal and �sh oil.
Peru: Leading Producer & Exporter
World fishmeal production (1) World fishmeal exports (1)
Perú
China
Thailand
Chile
Others
51%
21%
10%
9%
44%35%
9%
6%
Peru
Chile
Germany
Denmark
Others
Poultry
Swine
Aquaculture
Others
1960 1980 2015
50%
48% 50%
36%70%
22%6%
10%
(1)Average 2011-2014. The category “Others” considers 25 countries. Source: IFFO.
9% 6%
Limited supply and increasing demand has led to a gradual increase in fishmeal and fish oil prices.
Peru- Leading Producer & Exporter
7
Fishmeal and Fish Oil average prices
US$ / MT2,500
2,000
1,500
1,000
500
02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fishmeal (Superprime)
Fish Oil
Fishmeal (Standard)
Price depends on annual volume of anchovy �shing quota and quality of �shmeal.
Increase of �shmeal prices due to increasing demand, �at supply and low grade of substitution.
Increase of �sh oil prices due to high content of Omega 3.
Source: IFFO.
Salmon feed formula evolution
World �sh supply
Million MT
Fishmeal and�sh oil
Plant ingredients
Novel ingredients
Others
Wild catchAquaculture
1990´s Today Future?
12%
69%
31%
53% 69%
6%
16%
New strategic role of fishmeal and fish oil.
Peru- Leading Producer & Exporter
Strategic ingredient increasing appetite for �sh and improving health.
Expectation is that the inclusion in the formula could represent 10% in the future.
Bene�ts that make it irreplaceable. Soy bean meal and vegetable oil are no longer true substitute products.
Advantages for peruvian �shing companies: increase of the value of quotas and upward trend in prices.
Market rationalization: strategic role in the future formula. Could be used for critical stages of the life cycle or when performance requires.
19%
10%
10%11%
200
150
100
50
01981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014
+ 1,308%
+ 33%
5 8Source: Rabobank,FAO
Peru- Individual Fishing Quotas
5 9
ITQ leads the industry to focus on quality and e�cient usage of �eet and plants.
Before - Global Quota System (”Olympic Race”): Individual quota assigned by vessel.
Overall �eet reduction (1,200 to 500). Lower �xed costs. Extension of the �shing season. E�ciency and better quality. Better planning of production and diversi�cation.
Since 2009- ITQ System:
Competition between participants.Focus on increasing speed.Ine�cient operations and low quality.Environmental contamination.Short �shing season.
227200
175147
10548 47 49
179
128174 161
157 141 159
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fishing days ITQ
Olympicrace
Source: PRODUCE.
Pesquera Exalmar S.A.A.
10
1992 - 1997 1997 - 2000 2000 - 2008 2009 2010
Revenues1998:US$ 19.5 MM
Revenues 2008:US$ 117 MM
Revenues 2009:US$ 128 MM
Revenues 2010:US$ 183 MM
Investments: Plants and Vessels ITQ system IPO and Quota
AcquisitionPhenomenon
El NiñoStrategic Financial
Decisions
Acquisition of plants:1992: Casma.1995: Tambo de Mora.
New vessels.
New plants:1997: Huacho.1999: Chicama.
Russian and Asian crisis and over production of soy.
2004:Issuance of short term notes.
2007:Private Equity (22.7%).
2008:Syndicated loan (US$ 80 MM).
Fix costs reduction:14 vessels the �rst year.
Direct Human Consumption (DHC)investments.
IPO US$ 100 MM.
Acquisition of additional quotas reaching6.45% North Center and 4.34% South.
Strengthen DHC.
RSW system to 6 vessels.
2011 - 2013
Revenues 2012:US$ 217 MM
Revenues 2014:US$ 221 MM
Direct Human Consumption
2014 - 2016
PhenomenonEl Niño
2011:Syndicated loanUS$ 140 MM.
2012:DHC Paita Plant.
2013:Bonds US$ 200 MM.
IHC:Proven ability to manage seasonwithout quota.
Lower quota and e�ective catch.
DHC:Tambo de Mora Plant.
Lower availability of species.
-
-
-
-
Pesquera Exalmar S.A.A.
11
Paita
Chicama
Chimbote
Huacho
Chicama PortSalaverry Port
Chimbote Port Supe Port
Huacho Port
Callao Callao Port
Tambo de MoraPisco Port
North - CenterSouth
FROZEN FISH PLANT 108
10
100
90
84
50
575
100
FISHMEAL PLANT
FISHMEAL PLANT
FISHMEAL PLANT
FISHMEAL PLANT
FISHMEAL PLANT
FISHMEAL PLANT
FROZEN FISH PLANT
DISCHARGE FISH
MT/ Day
MT/ Day
MT/ Hour
MT/ Hour
MT/ Hour
MT/ Hour
MT/ Hour
MT/ Hour
More than 35 years in the industry.
Plants strategically located: 6 processing plants, 2 freezing plants and 1 unloading line.
Diversi�cation in Direct Human Consumption (DHC).
22 vessels in operation with 7,730 m3 storage capacity and 6 with Refrigerated Sea Water “RSW” (2,600 m3) also used for DHC.
Plants capacity:434 MT/ hour for IHC and 683 MT/ day for DHC.
A clear vision for a sustainable growth.
Indirect Human Consumption
12
FISHMEAL:
Contains between 65% and 70% of high quality protein, rich in Omega 3.
FISH OIL:
Growing awareness of the health bene�ts of a diet with Omega 3 and Omega 6.
Strategic component Health benefits EPA and DHAAdvantages of its utilization
Essential in the formula for aquaculture, optimizing development of �sh.
Bene�ts for cardiovascular and immune systems, as well as brain functions.
Animal welfare and productivity, immunity, lower mortality and severity of in�ammatory diseases.
Energy and protein source with high content of essential aminoacids.
North - Center Quota % of Total Processed
Exalmar: fourth largest producer of fishmeal and fish oil.
Indirect Human Consumption
5 13
Company 1st season 2016 Company 1st season 20162nd season 2015
The ability to buy third party catch allows an increase of the share of production.
Strong business relationship with independent vessel owners: (i) Providing �nancial and operational advisory, (ii) O�ering onshore and o�shore �shing logistical support, (iii) Structuring tailor - made anchovy purchase agreements.
1
2
3
4
5
6
8
1
2
3
4
5
6
8
16.9%
14.2%
8.5%
6.8%
6.7%
6.7%
40.2%
23.0%
21.6%
11.9%
12.7%
11.0%
10.2%
9.6%
27.2%
20.0%
12.1%
11.1%
10.6%
8.8%
10.3%
Source: PRODUCE. Source: PRODUCE.
Other Other
North-Center Quota
Thousand MT2nd season
20141st season
2015Total
As at December 2015
2nd season2015
1st season2016
Total
As at December 2016
1,800
914
50.8%
45.8%
11.1%
26/06 - 27/07
1,110
1,084
97.6%
100.0%
12.7%
17/11 - 31/01
2,910
1,998
68.6%
66.4%
12.1%
Global Quota
E�ective catch
E�ective catch/Quota
Exalmar’s e�ective catch
Exalmar’s participation
Season
2,580
2,508
97.2%
100.0%
12.9%
09/04 - 31/07
2,580
2,508
97.2%
100.0%
12.9%
1114
Financial Statements 2015
The e�ective catch is 2,508
thousand MT.
Financial Statements 2016
The e�ective catch is 1,998
thousand MT.
-20%
(2) Data as at 3Q16(1) Data as at 4Q16(MT).
Indirect Human Consumption
15
Fishmeal exports (1)
Historical processing (North - Center)Thousand MT
Fish oil exports (1)
China
Germany
Chile
Indonesia
Others
6%
67%
6% Denmark
Chile
Belgium
Canada
Others
Own catch
Third parties
2009 2010 2011 2012 2013 2014 2015 2016(2)
55%
45%
523
364
622
397466
264
418
14657%
43%
59%
41%
54%46%
55%
45%
61%
39%
55%
45%
54%
46%
7%
50%
6%6%
20%
17%15%
6%
Direct Human ConsumptionA clear vision for a management based on our ability to adapt and innovate.
Mahi Mahi
Mackerel Jack Mackerel
Jack Mackerel
Giant Squid
Scallops Seafood mix
Development of new products.
Diversi�cation with added value.
Extension of relationship with independent �shermen.
16
3
Direct Human Consumption
Exports to 16 countries worldwide.
17
1.Canada
2.United States
3.Mexico 4.Antilles
5.Guatemala 6.Peru
7.Brazil
SQUIDGIANT SQUIDANCHOVYMAHI MAHISILVERSMELTS
MAHI MAHIGIANT SQUID
SCALLOPSGIANT SQUIDSWORDFISH
ANCHOVYGIANT SQUIDSILVERSMELT
MACKERELGIANT SQUIDSQUID
SQUIDGIANT SQUID
JACK MACKEREL
MAHI MAHI
GIANT SQUID
GIANT SQUIDGIANT SQUID GIANT SQUID GIANT SQUID
GIANT SQUID
GIANT SQUID
GIANT SQUID
9.France10.Portugal12.Spain 11.Italy
8.Nigeria
16.Russia 15.China 14.Japan 13.Thailand
19
5 13
1210 111415
16
6
8
4
7
2
SCALLOPSSEAFOOD MIXTUREGIANT SQUID BREADED BURGERGIANT SQUID BURGERGIANT SQUID NUGGETS
SILVERSMELTSSWORDFISH
Tambo de Mora Plant Production
Tambo de Mora Plant
Thousand MT
Mackerel and Jack Mackerel
2011
Total
Global Quota
E�ective catch
Exalmar’s catch
Exalmar’s participation
240
233.7
9.3
4.0%
2012
160
112.3
6.8
6.0%
2013
106
60.3
3.9
6.5%
2014
152
89.7
7.8
8.7%
2016(1)
207
74.3
9.1
12.3%
2015
140
1.1
0.1
12.3%
MT
As at 3T15 As at 3T16As at 3Q15 As at 3Q16
117%
18
24%
67%
28%
73%12,699
5,857
Mackerel
Bonito
Giant Squid
Others
(1) Data as at 3Q16. The e�ective catch of 2016 corresponds to mackerel entirely.
Vision and strategic goals
Over 40 years growing, with a clear vision for a sustainable growth.
A clear vision for…
19
Strategic goals
a commitment to the preservation of
marine resources.
a management based on our ability to adapt and
innovate.
a transparent communication with
our stakeholders.
and committed to the development of human talent.
To be recognized by our stakeholders as a sustainable company, supplier of the best products with high protein value.
Indirect Human Consumption (IHC): consolidation with best standards of
quality and e�ciency.
Direct Human Consumption (DHC): develop of products with added value
and access to new markets.
Financial Performance
17
P&L Composition
21
MM US$ 2014
Revenues
Gross Pro�t
Operating Income
Pre-Tax Income
Net Income
EBITDA
Gross Margin
Operating Margin
Net Income Margin
EBITDA Margin
156.2
34.6
17.9
-6.7
1.3
38.2
22%
11%
1%
24%
220.9
56.3
37.4
18.1
14.3
57.0
25%
17%
6%
26%
2015 IHC
17.6
-6.7
-11.6
-13.4
-13.4
-8.9
-38%
-66%
-76%
-51%
113.8
30.4
22.5
7.4
11.3
34.8
27%
20%
10%
31%
DHC
131.4
23.7
10.9
-6.1
-2.1
25.9
18%
8%
-2%
20%
TOTAL
As at 3Q15
IHC
11.7
-4.9
-8.1
-10.2
-10.2
-5.2
-42%
-69%
-87%
-44%
109.5
23.5
14.4
3.5
2.8
26.1
21%
13%
3%
24%
DHC
121.3
18.6
6.3
-6.7
-7.4
21.0
15%
5%
-6%
17%
TOTAL
As at 3Q16
Revenues Composition
Total revenues decreased (-8%), due to lower e�ective catch on the �rst season 2016.
22
Fishmeal Fish Oil DHC
4%
-34%9995
1016 1218
MM US$
Fishmeal
Fish Oil
DHC
Others
As at 3Q15 As at 3Q16
72%
12%
14%
82%
8%10%
As at 3Q15
As at 3Q16
-34%
IHC Revenues
23
As at 3Q15
Fish Oil Revenues
As at 3Q16As at 3Q15
Fishmeal Revenues
MT
US$/ MT
Thousand US$
56,736
1,676
95,102
62,767
1,578
99,020
MT
US$/ MT
Thousand US$
9,464
1,671
15,810
4,808
2,169
10,429
As at 3Q16
Average Sale Price and E�ective Catch
1,624 1,563 1,5781,822 2,358 2,168
2.51
1.08 0.91
1st Season of 2015 2nd Season of 2015 1st Season of 20160
1,500
3,000
4,500
0.0
1.4
0.7
2.1
2.8
US$/ MT Million MT
Fishmeal Fish Oil E�ective catch
24
Stocks & Sales
Thousand MT
Fishmeal
As at 3Q15 As at 3Q16 Var.
Begininng stock
Production
Sales
Reprocessing
Ending stock
32.1
33.8
62.8
0.4
3.5
7.1
73.0
56.7
0.2
23.6
352%
11%
-85%
Thousand MT
Fish Oil
Var.
Begininng stock
Production
Sales
Reprocessing
Ending stock
0.7
9.8
9.5
0.0
1.0
2.2
4.5
4.8
0.1
2.0
214%
-49%
-96%
As at 3Q15 As at 3Q16
DHC Revenues
Frozen fish revenues (3Q15) Frozen fish revenues (3Q16)
81%
6%
8% Giant Squid
Squid
Mackerel andJack Mackerel
Others
25
Scallops
71%
8% Giant Squid
Mahi Mahi
Scallops
Others
Bonito
MM US$
As at 3Q15 As at 3Q16
-34%
17.811.7
DHC revenues decreased by 34%:Lower availability of giant squid and mahi mahi.No presence of jack mackerel and mackerel until July.
DHC revenues represented 10% of total revenues (less than 14% of previous year).
4%
18%
67%
Cost of Production
As at 3Q15 As at 3Q16 Var.
Ban days
Total Processed(1)
Own Catch(1)
Third Party(1)
Third parties purchase cost (2)
Catch Cost(2)
Cash Catch Cost(2)
Processing Cost (3)
Cash Processing Cost (3)
Ban Expenses (US$MM)(4)
159
324
167
157
248
96
88
182
158
25
202
145
79
67
287
134
110
238
182
28
27%
-55%
-53%
-58%
15%
39%
26%
31%
15%
14%
Ban &Processed
Volume
Costs
There were 202 ban days, comparing to 159 ban days of the same period of the previous year, due to the delay on the beginning of the �rst season 2016.
(1) Thousand MT. (2) US$/MT of anchovy. (3) US$/MT Fishmeal & Fish Oil.(4) For purposes of comparative analysis, the information is presented without considering the reclassi�cation of ban expenses. These are now registered as deferred assets (US$ 5.5 MM) until the beginning of the 2nd season of 2016, when they will be included to stocks values.
26
Plant Capacity Utilization32%
28%
24%
20%
16%
12%
8%
4%
0%Jan Feb Mar Apr May Jun Jul Aug Sep
Low capacity utilization during 2016, due to:Lower availability of giant squid and mahi mahi.No presence of jack mackerel and mackerel. On July we increased our utilization because of the availability of mackerel.
Continues the development of new markets with products of higher added value.
DHC Fixed Costs & Plant Capacity Utilization
Paita Tambo de Mora
DHC (MM US$)
Revenues
Variable Cost of sales
Contribution margin
Sales expenses
EBITDA
Operating Income
-5.2
-8.1
11.7
-9.3
2.4
-2.1
11.7
-9.3
2.4
-2.1
As at 3Q16
Total Fixed Costs
Non- production costs
Fixed costs of sales
Administrative expenses
-3.8
-0.9
-0.8
-5.5
-2.4
-0.2
-0.3
-2.9
-6.2
-1.1
-1.1
-8.4
Cost Deprec. Total
27
Gross pro�t (-22%):Lower beginning stocks.Lower DHC sales (-34%).
Delay on the beginning of the �rst season 2016.
28
19%
15%18%
63% 66%
19%
As at 3Q15 As at 3Q16
Gross Profit and Margins
Cost of Sales
Cost of nomproduction
Gross Pro�t
Ban Expenses
As at 3Q15 As at 3Q16
Gross Margin Operating Incone Net Income EBITDA Margin
20%17%
18%15%
-6%5%
-2%
8%
29
Company Debt
MM U$$
Net accounts receivable
Valued stocks (1)
Accounts receivable +Valued Stocks + Cash
Coverage STD
US$ 200. Maturity: 2020.
September 2016: Tender O�er Reduction to US$ 170 MM.
BONDS:
US$ 25 MM. Maturity: 2022.
Two years grace period, balloon.
NEW LONG TERM DEBT:
Net Financial Expenses
MM US$ 29%
13.1 16.9
MM US$
Indebtedness Position
Short-Term Debt (STD)
Long-Term Debt
Current Portion
Non-Current Portion
Total Debt
Cash
Net Debt
57.0
22%
205.3
2.5
202.8
78%
265.3
8.8
253.5
30
45
84
147%
16
16
39
97%
40.2
17%
201.0
2.5
198.5
83%
241.2
7.0
234.2
As at 3Q15 As at 3Q16
As at3Q15
As at 3Q16
(1) Valued to average sales prices per quarter.As at 3Q15 As at 3Q16
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016(1)
MM US$
IHC Investments:
Maintenance work on �shing nets. Environmental requirements. Fishmeal plants.
DHC Investments:
Tambo de Mora Plant. Paita Plant.
CAPEX
30
1720
13
28
44 42
178
1514
As at 3Q15 As at 3Q16
Administratives
DHC Business
IHC Vessels
IHC Plants
51%
38%
7%
54%
36%
9%
(1) Data as at 3Q16.
Others
Corporate Governance
Recognized by the Lima Stock Exchange as one of the companies with highest standards in Corporate Governance.
Independent directors and Board Committees.
Investor Relations section at website: www.exalmar.com.pe
Quarterly Reports, Press Releases, One on One meetings, Call Conferences, etc.
Investor Relations: [email protected] Board(2 dependent
and 5 independentmembers)
CorporateGovernanceCommittee
Nominationsand
RemunerationCommittee
FinanceCommittee
RisksCommittee
AuditCommittee
32
A clear vision for a transparent communication with our stakeholders.
Dependent Directors Independent Directors
Víctor Matta Curotto
Víctor Matta Dall’orso
María Cecilia Blume
Cristian Celis Morgan
Andrés Muñoz Ramírez
Rodrigo Sarquis Said
Martín Ramos Rizo Patrón
Shareholder’s Structure
33
71%
17%
9%3%
Foreign institutional investors
Local investors
Economic Group
Bancard International Investment
EXALMC 1 2015 2016(1)
1.01 1.19
87 105
11% -
-17% 18%
-33% 58%
Listed in the Lima Stock Exchange since 2010.
Shares: 295’536,144.
(1)Data as at December 31st, 2016.Source: Bloomberg.
Closing price (S/.)
Dividend yield
Exalmar YTD
IGBVL YTD
Market Cap (MM US$)
5,000
10,000
15,000
20,000
0.7
0.9
1.1
1.3
1.5
Dic.-15 Mar.-16 Jun.-16 Set.-16 Dic.-16
EXALMC1 (S/.) S&P/BVL GENERAL
T. (511) 441.4420W. www.exalmar.com.peD. Av. Víctor Andrés Belaúnde 214, San Isidro, Lima - Perú