Asesores Financieros Corporate · PDF file(2) Net Profit of 2013 ... Paper, and Civil Works...
Transcript of Asesores Financieros Corporate · PDF file(2) Net Profit of 2013 ... Paper, and Civil Works...
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Company Overview
Source: Company Note: The percents correspond to the ownership of Sigdo Koppers over its subsidiaries, as of June 2014, (1) Net Profit of 2011 have an extraordinary effect of US$157 millions mainly due to the sale of CTI(2) Net Profit of 2013 have an extraordinary loss of US$29.2 millions mainly due to the sale of Sigdopack
Corporate Presentation |Sigdo Koppers
Sales(US$ millions)
Consolidated EBITDA(US$ millions)
Net Profit (US$ millions)
Sigdo Koppers, Chilean conglomerate founded in 1960. One of the most dynamic and important industrial groups in Chile. Our commitment is a
long term investment industrial approach, aiming to be a comprehensive supplier of products and
services for the mining and industrial operations worldwide.
SK ComercialIngeniería y
ConstrucciónEnaex Magotteaux
60.43% 60.72% 95.00% 85.77%
Enaex Magotteaux SK Comercial
SKBergéPuerto
VentanasCHBBSK Godelius
50.01% 58.19% 74.59% 40.00%
286(1)
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lance
121(2) 115(2)
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Corporate Governance
Ownership StructureBoard of Directors
Source: Santiago Stock Exchange. (1) Last 12 month
Corporate PresentationSigdo Koppers
Successful US$440 millions capital increased (Issued between Dec-11 and mid Jan-12)
Daily Average vol. traded (1): US$0,73 millions
Market Cap: US$1,780 millions (As of Sep 4th 2014)
4,69% Stock Brokers
7,49% Mutual Funds and other institutional investors
8,63% Pension Funds and Insurance companies
2,77% Others
Ownership structure as of July 20141. Juan EduardoErrázuriz OssaChairman
2. Naoshi MatsumotoTakahashiVicepresident
3. Juan Andrés FontaineTalaveraDirector
4. Horacio Pavez García Director
5. Norman Hansen RosésDirector
6. Canio Corbo LioiDirector
7. Jaime Vargas Serrano Director
14 752 63
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Corporate Presentation |
Corporate Social Responsibility (CSR)
Sigdo Koppers
SK seeks sustainable development, with a business vision that favors respect for ethics, people, communities and environment.
Sigdo Koppers is part of UN Global Compact, under which it committs to respect principles of responsible behavior, in order to achieve the objectives of building a sustainable and inclusive global economy
Environment: Carbon credit (CERs)
project (Enaex) ISO 14001 certification
Community: CFT Talcahuano. Improving community
environment (SquareSKBergé, Program “Un contrato, un árbol” SKC)
Dialog programs(PVSA)
Labor Relations: Emphasis on occupational
health and risk prevention Training and labor
certification (ICSK) Integration of people with
disabilities(SKBergé)
Corporate Governance: Code of Ethics Investor Relations
Customers and Suppliers : ISO 9001 Studies
SK manages and measures the development of CSR under ISO 26.000 certification
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Supplier of products and services for the mining
Strategic Focus: Provide products and services for the mining and industry
Involved in the main stages of the mining value chain
aprox 75% of the SK’s Consolidated EBITDAcomes from the exposure to the mining activities
Corporate Presentation |Corporate Strategy
Str
ate
gic
focus
on the m
inin
g indust
ry
…
Anglo American - Minera Los Bronces: 1 2 3 4+ + +
BHP Billiton - Minera Escondida:
1 2 3 4+ + +Codelco – Andina:
1 2 3+ +
ORE PROCESSING
MINING OPERATION SALES & LOGISTICSMINING DEVELPOMENT
1 3 42
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ICSKIndustrial Construction Services
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
Ingeniería y Construcción Sigdo Koppers (ICSK) is a leading company in the execution of engineering, construction and industrial erection projects with a solid reputation both in Chile and abroad
+50 years of experience in construction and industrial erection
The company has participated in the execution of the main relevant projects for the development of Chile , and has also executed large scale works in Peru and Argentina
The company has ample experience in projects in the areas of Mining and Metallurgy, Chemistry and Petrochemistry, Energy Generation and Transmission, Industrial Buildings , Pulp and Paper, and Civil Works
ICSK owns a large fleet of new construction machinery
Long term relationship with Bechtel
Consolidated Sales(US$ millons)
Source: ICSK
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Environmental
solutions for
the local
industry
through
services and
consultancies.
Services of
construction
and erection of
medium- scale
projects.
Support to
clients in the
areas of
operation, long
term
maintenance
of their
productive
assets and
operation of
Industrial
assets.
Technical
training
organization
committed to
the
development of
qualified
human
resources.
Engaged in
construction
and erection
projects in
Peru.
Civil works
construction,
submarine pipe,
electro
mechanics
erections,
utilities and port
works.
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Puerto VentanasLogistics and transport
Leading private port in the central region ofChile
Puerto Ventanas engages in two lines ofbusiness: Loading and unloading solid and liquid
bulk Storage of the cargo if necessary
Main cargo associated to mining and energyclients: mineral concentrates, coal, fuel
It has ample stockpiling yards and modernfacilities that offer significant comparativeadvantages
Ferrocail del Pacífico S.A. (Fepasa) is the mainsubsidiary of Puerto Ventanas (51,82%)
Fepasa is the largest railroad freight companyin the central and south zone of Chile
Tons transfered(Thousands tons)
Source: PVSA
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Puerto VentanasLogistics and transport
.
Port Business
Loading & unloading
Warehousing
Railroad
Business
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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EnaexRock fragmentation services
Founded in 1920, Enaex is the most importantproducer of ammonium nitrate, miningexplosives and provider of integral rock-breakingservices in Chile and Latin America
The company is vertically integrated in its mostimportant raw materials and conducts virtuallyall activities in the value chain of rock-blasting
Enaex is the leader in the Chilean market (60%)
Enaex has four production plants: Loa River, LaChimba, Teatinos Point and Prillex America
The company developed the largest CarbonEmission Project in Chile. The greenhouse gasemission rights have been assigned toMitsubishi
Jun-12: Enaex and the Brescia Group (Peru)acquired 66,7% of the Britanite (Brazil)
Consolidated Sales(US$ millons)
Source: Enaex
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Largest Ammonium Nitrate Plant in the region
Prillex America (Chile) 850 thousands tons/year
Factory Trucks: 71
Service Plants: 23
Río Loa: Cartridge Explosives Plant
La Chimba: Cartridge Emulsions Plant
50 years of experience in explosives manufacturing and rock blasting services
Leader in Brazil with 41% of MkSh
Services and Explosives(Chile)
International BusinessPetrochemical Area
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Magotteaux, based on Belgium, is a leading global provider of high chrome grinding media (GM) and castings
Principal end markets for Magotteaux’s products are the mining and cement industries
The company has 19 wholly-owned manufacturing facilities across 11 countries and 25 commercial offices worldwide
The main facilities are located in Belgium, Brazil, United States and Thailand
Magotteaux has a Joint Venture with Scaw Metals in South Africa
Installed capacity (tons/year)
High chrome GM: 249.000
Low chrome GM: 55.000
Forged steel GM: 55.000
Castings: 68.500
JV with Scaw Metals: 100.000 (high chrome GM)
Magotteaux provides high value-added products, being recognized as an innovation and technology leader
MagotteauxHigh performance wear resistant consumables
(1) Figures 2009-2011 does not consolidate Sabo Chile and 50% of Proacer. After 2011, Figure consolidates both SK Sabo Chile and 100% of Proacer
Consolidated Sales(1)
(US$ millions)
Source: Magotteaux
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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MagotteauxHigh performance wear resistant consumables
41.4
54.0
37.9
80.0
100.0
9.0
5.0
3.8
5.0
7.3
4.5 (2)
33.22.5
9.0
9.7 6.5
9.0
Castings Scaw Metals – Technical Assistance
60.050.0
High chrome GM (1) Low chrome GM Forged steel GM
Source: Magotteaux Capacity installed in thousands tons, as of June 2014
(1) GM: Grinding Media(2) Capacity installed in Thailand will increase to 9.0 ths tons by 2015
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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CHBBCompañía de Hidrogeno del Bío Bío S.A.
Compañía de Hidrógeno Bio Bio S.A. (CHBB) owns a highly pure hydrogen production plant that supplies only the Bio Bio Refinery owned by Empresa Nacional del Petróleo (ENAP) in in the borough of Talcahuano.
Sigdo Koppers S.A. owns 82,87% of the shares in SK Inversiones Petroquímicas (SKIP), which holds 90% of the shares in CHBB.
ENAP pays a fixed annual fee to CHBB regardless the production of the plant.
SK GodeliusCompañía de Tecnología e Información
SK Godelius is a system integrator which provides services,develops projects and implements technological solutions inthe mining and the natural resources industries.
Sigdo Koppers S.A. owns 100% of the shares in SK InversionesTecnológicas (SKIT), which holds 58,19% of the shares in SKGodelius.
SK Godelius has focused in providing technological solutionsfor the mining industry.
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Founded in 1975, SK Comercial S.A. (SKC),through its subsidiaries, conducts thebusinesses of the sale, rental of machinery,distribution of inputs and technical services
The SKC is present in Chile, Peru and Brazil
SKC and SKC Rental (SKC´s subsidiary) carryout their commercial activities in sectorssuch as mining, construction, agriculture,forestry, land and air transportation
SKC Rental is the leading company in the Rental industry in Chile. It has a machinery fleet of US$243 millions
Dic-12: SKC Rental began its operations in Colombia
SK ComercialSale, Rental and Service of machinery
Consolidated Sales(US$ millions)
Source: SKC
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Services and Parts
Machinery Rental
Machinery Distribution
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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SKBergéAutomotive Sales
SKBergé S.A. was formed by SK and theBergé Group (Spain) to develop the businessof the representation, sale and distributionof light vehicles in Chile, Peru, Colombia andArgentina
SKBergé is the leading automotive retailgroup in Chile in terms of revenue (n° 2 inunits)
In 2008 began the operations of SantanderConsumer Finance, a subsidiary of SKBergéthat specialize in automotive finance
The company has a dealership networkcomprised of 106 dealers, 223 points of saleand 218 service branches
Consolidated Sales(US$ millions)
Source: SKBergé
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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SKBergé – Brand representation by Country
Perú
Argentina
Chile
Colombia
Puerto Ventanas
ICSK
Industrial Services Industrial Commercial & Automotive
Enaex Magotteaux CHBB / SK Godelius SKC SKBergé
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Investment attractiveness
Global Network Global Network
Leadership in all business
areas
Leadership in all business
areas
Successful Industrial
history
Successful Industrial
history
Strategic focus on the mining and
industry
Strategic focus on the mining and
industry
Steady Growth &
Consistent Profitability
Steady Growth &
Consistent Profitability
Conservative Financial position
Conservative Financial position
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Succ
ess
ful In
dust
rial his
tory
Enlargementplant
was founded
1960
Foundation of Acquisition of
Joint Venture with Bergé Group in the automotive
commercialization business
1975 1987 1990 1997 1998 2001 2003 2005 2006 2009
Acquisition ofPlastic films
production initiated through
Foundation of our Rental business
Acquisition of
Acquisition of
Starts its operations
Foundation of
Foundation of
2010 2011
Divestment of
Acquisition of
Enlargementplant
Presentacion Corporativa |
Our Industrial development history
• Our solid 50+ years of track record have demonstrated our ability to managed and developed successful industrial
greenfield investments.
• Our businesses have has been developed in both organic and inorganic growth.
• We have a long term investment industrial approach, managing and optimizing our companies operations.
Source: Company
Consideraciones de Inversión .Corporate Presentation
Sigdo Koppers
1
Long term investment approach
and
and
2012
Acquired 33.3% of
SK enter to the property of
1999
Divestment of EMEC S.A.
Acquisition of EMEC S.A.
1986 2013
Divestment of
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Corporate Presentation |
Track record
Consistent and steady growth
Consolidated Sales Sigdo Koppers S.A.(1)
(US$ millions)
Investment approach
Consolidated EBITDA Sigdo Koppers S.A(1).(US$ millions)
Net Profit Sigdo Koppers S.A.(1)
(US$ millions)
Ste
ady
Gro
wth
& C
onsi
ste
nt
Pro
fitabili
ty2 Source: Company
(1) Figures of 2011 considers 4Q of Magotteaux and CTI accumulated until AugustCAGR: Compound annual growth rate.
• Sigdo Koppers has maintained a consistent
growth in all the businesses it manages, with an
special focus on the innovation and search of
new opportunities
• Our growth is accompanied by a consistent
investment policy, which is focused on return
over our investments
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Corporate Presentation |
Concrete growth plan
Source: Company
• Consolidate aquisition of Britanite in Brazil
• Growth Project in ammonium nitrate capacity
(Panna 5– Mejillones expansion)
• New grinding media balls and castings plants in Asia
and Latinamerica
• Consolidate the business in Chile and Peru,
enhancing synergies with SK
• Expansion of the Rental machinery business in Brazil
and Colombia focusing on the mining, industry and
civil works
• Current backlog of US$648 millions mainly in the
mining sector, which will be executed during 2014-
2016
Investment approachS
teady
Gro
wth
& C
onsi
ste
nt
Pro
fitab
ility
2
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Supply of products and services for the Mining and Industry
Mining Industry
Enaex
Magotteaux
ICSK
Puerto Ventanas
Fepasa
Sigdopack
Corporate Presentation |
Str
ate
gic
focu
s on the m
inin
g a
nd in
dust
ry3
Source: Company
Investment approach
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Corporate Presentation |Investment approach
Our clients – Mining and Industrial Blue Chip companiesF
oco
Est
raté
gic
o e
n la M
inerí
a e
Indust
ria
3S
trate
gic
focu
s on the m
inin
g a
nd in
dust
ry3
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Corporate Presentation |
Glo
bal N
etw
ork
International approach
Investment approach
4 Since 2011, SK became a company with Global Exposure
As of today, 40% of SK’s sales are outside Chile (60%)
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Leadership of our subsidiaries
Market Share Leadership by area
Biggest producer of Amonia Nitrate
and explosives for the mining in Latin
America
Regional leader in rock blasting
services
#1 worldwide provider of high-crome
grinding media balls
One of the main players in the
cement industry
Leader in the production of high
value-added wear resistant
consumable for the cement, mining,
fluid, dredging and utilities industries
Leader in the execution of
engineering, construction and
industrial erection in Chile
High prestige and long term
partnership with Bechtel
Main Ammonium Nitrate producer in the
region
#1Worldwide High-crome
grinding media balls producer
44%Market share in high-
crome grinding media balls for the cement industry (1)
33%Market share in construction
and industrial erection of large scale projects
Rock blasting services - Chile
Source: ENAEX, Magotteaux, ICSK.(1) Strategic Consultants, figures as of 2010
Corporate Presentation |Investment approach
Le
aders
hip
in a
ll busi
ness
are
as
5
#2Worldwide grinding
media balls producer
14%market share in high-
crome balls for the mining industry (1)
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Leadership of our subsidiariesMarket Share Leadership by area
Puerto Ventanas leads the load and
unload of commodities in the central
region of Chile, specially copper and
coal
Fepasa is the main railroad freight
company in the central zone of Chile
Leader in both distribution and rent of
industrial machinery and equipment
in Chile
#2 in the machinery rental business
in Peru (Aprox. 10% of market share)
SKBergé is the biggest distributor of
automobiles in terms of revenues
Important player in the Peruvian and
Colombian market
69%of the total load
transferred through the Chilean central zone
(excl. containers)
12,7%Of all the new cars
sold in Chile – units (3)
(As of March 2014)
Solid commodities loaded by portChilean central zone (1) (As of Jun 2014)
Source: (1) Puerto Ventanas (2) SKC internal research (3) Based on units sold published by ANAC Chile;
31%in fork lift
18%en mini-loaders
30%in excavators
24%in machinery loaders
13%Market share,
measured by salesin Chile
(As of June 2012)
13%Of all new cars sold
in Perú – units(As of June 2012)
Corporate Presentation |Investment apporach
Le
aders
hip
in a
ll busi
ness
are
as
5
18%(2)
in the machinery rental business in Chile (As of December 2011)
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Corporate Presentation |
Consolidated Balance Sheet(US$ millions)
Net Financial Leverage (Bonds Covenants)(Times)
Net Financial Debt / EBITDA(Times)
Credit rating - Local
Institution Rating Date
A+(1) July 2014
A+(2) July 2014
Source: Company. (1) Stable Outlook (2) Outlook Stable
Investment approach
Conservative Financial position
Covenant: 0,5X
Covenant: 1,2X
2010 2011 2012 2013 Jun-2014
Current Assets 938 1,042 1,262 1,251 1,247
Non-current Assets 1,266 2,058 2,388 2,348 2,341
Total Assets 2,204 3,100 3,650 3,599 3,588
Current Liabilities 653 972 1,103 845 845
Non-current Liabilites 490 832 964 1,149 1,126
Equity (Atributable to the controler) 615 963 1,176 1,190 1,193
Equity (Non attributable to the controler)
446 332 407 415 424
Total Equity 1,061 1,295 1,583 1,605 1,617
Total Equity and Liabilities 2,204 3,100 3,650 3,599 3,588
2,09x
Conse
rvativ
eF
inanci
alposi
tion
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