Presentation of Results for 1Q2014 SMSAAM

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Clement Lindsey
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1 Presentatin f Results fr SMSAAM May 27,

2 Agenda Executive Summary Results 1Q 2014 Prjectins 2 2

Leader in Latin America The Cmpany prvides integral carg transfer services fr clients in the exprt and imprt business, and t the shipping and airline cmpanies present in all Latin American markets.

3 Leader in Latin America The Cmpany prvides integral carg transfer services fr clients in the exprt and imprt business, and t the shipping and airline cmpanies present in all Latin American markets. Prt Terminals Tugbats Lgistics MEXICO USA 10 Prt Terminals Tns transferred in Tugbats +300 ha. Supprt areas and warehuses wrkers GUATEMALA COSTA RICA ECUADOR PERU HONDURAS COLOMBIA BRAZIL Funded in Psitive results every year, during mre than Furth glbal tugbat peratr. Majr prt peratr in Latin America (lng- CHILE URUGUAY five decades. Prfitable 41% investments and substantial term cncessins) Accelerated and selective grwth ARGENTINA synergies amng its business segments. Explres new markets jintly with lcal Lw indebtedness and available cash. partners. Greatest service cverage in America: services in 64 prts in 12 cuntries. 3 3

4 Recent Events Rerganizatin int three business segments: Prt Terminals, Tugbats and Lgistics Agreement with SMIT fr jint peratin in Brazil, Mexic, Canada and Panama. Incrpratin t IPSA, in its first year f transactins Extensin f cncessins in Iquique Terminal Internacinal and San Antni Terminal Internacinal Strategic revisin f the Lgistics business: value prpsal in cntract lgistics. Fcus in cre business and sale f dispensable assests: Puert Panul, Carg Park and TIBSA. Assciatin with Carica Engenharia and GP Investiments t explre investment pprtunities in prt terminals in Brazil. 4 4

SM SAAM Sharehlders as f March 31, 2014 Ttal: 3.

2% Quiñenc (Luksic Grup) 42.4% Free Flat 45.1% Dividend yield 2013 2.8% Dividend yield 2014 4.

5 SM SAAM Sharehlders as f March 31, 2014 Ttal: sharehlders Market Cap* MUS$836 Other - institutinal 9.6% Freign 9.4% Others (retail) 16.2% Quiñenc (Luksic Grup) 42.4% Free Flat 45.1% Dividend yield % Dividend yield % 11 Directrs Auditing Cmmittee Shares with equal rights AFPs 10.0% *Cnsiders share price as $47.5 as f 23/04/2014 Transceánica (Schiess Grup) 5.1% Marinsa (Clar Grup) 7.4% 5 5

6 Agenda Executive Summary Results Prjectins 6 6

7 SMSAAM Results Revenues (US$ millins) % Q2013 Cnslidated Affiliated Nte: values fr affiliates are prprtinal (weighted by wnership). 60,0 50,0 40,0 30,0 20,0 10,0 0,0 EBITDA (US$ millins) 23.2% % Q % 20,0% 15,0% 10,0% 5,0% 0,0% Cnslidated Affiliated EBITDA Mg Nte: values fr affiliates are prprtinal (weighted by wnership). Gain (US$ millins) Gegraphic Diversificatin (EBITDA ) 17-34% 11 Chile 34% Freign 66% 1Q2013 Gain 7

8 SMSAAM Results Revenues (US$ millins) EBITDA (US$ millins) Abrad Chile Abrad Chile Q2013 1Q2013 Nte: Affiliates values are prprtinal (wqeighted by share in wnership 8

Prt Wrkers Strikes in Latin America and the Caribbean 2010-2014 Distributin f strike-days by cuntry 2010-2014

Surce: USI, ECLAC, based n jurnalists publicatins analyzed Left t Right: Against Outsurcing f prt peratins 10% ;

9 Prt Wrkers Strikes in Latin America and the Caribbean Distributin f strike-days by cuntry Distributin strike-days by mtive Surce: USI ECLAC, based n jurnalists publicatins analyzed. Surce: USI, ECLAC, based n jurnalists publicatins analyzed Left t Right: Against Outsurcing f prt peratins 10% ; Prt Privatizatins 7% ; Fishing cnditins - 4% ; Fee fr Trucks 2% ; Re-emplyment f persnnel 1% ; Imprvement in wages and wrking cnditins - 76% 9 9

10 Effects f Prt Stppage in Chile during January 2014 Affected all f SMSAAM prt terminals in Chile, during 22 days in January, generating tw significant impacts: 1. Deteriratin f activities in Chile during January, affecting the results f the three business segments: San Antni (STI): 29% fewer ships reaching prt and 19% fewer tns transferred Tugbats Chile: 6% fewer peratins Lgistics Chile: 9% fewer cntainers gate in/ut 2. Fr SMSAAM, the bnus payment t wrkers meant: Ttal SMSAAM Prt Terminals Lgistics Ttal Cst US$10 millin US$9.1 millin US$0.8 millin PV Cst US$5 millin US$4.5 millin US$0.5 millin 10

11 Leverage Capacity NET FINANCIAL DEBT (March 2014) Net Debt / EBITDA Net Debt / Equity Financial Debt Cash Net Financial Debt Cnslidated Affiliated 11 11

12 Prt Terminals Abrad Flrida Internatinal Terminal, USA Terminal Marítim Mazatlán, Mexic Puert Buenavista S.A., Clmbia Terminal Prtuari de Guayaquil, Ecuadr TMAZ FIT PBV Chile TPG Terminal Puert Arica S.A. Iquique Terminal Internacinal S.A. Antfagasta Terminal Internacinal S.A. San Antni Terminal Internacinal S.A. San Vicente Terminal Internacinal S.A. TPA ITI ATI STI SVTI CORRAL Prtuaria Crral S.A. 12

13 Prt Terminals Chile San Antni Terminal Internacinal San Vicente Terminal Internacinal Terminal Puert Arica Antfagasta Terminal Internacinal Iquique Terminal Internacinal Prtuaria Crral Abrad Terminal Prtuari Guayaquil Flrida Internatinal Terminal Terminal Maritima Mazatlán Puert Buenavista Vlume Transferred 2013 (millins f tns) Ownership % Cncessin Extensin ptin 50% 2024 Extended 5 añs Optin +5 50% 2029 Extended 15% 2034 Extended 35% years in prcess 85% 2030 Extended 50% Private n.a 100% % years 100% years 33% Private n.a. 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14, millin tns transferred in

14 Prt Terminals: Majr peratr in Suth America Ranking Owner Ttal Traffic 2012 ('000 TEUs) Main Prt Terminal 1 SAAM 2,480 San Antni 2 DP Wrld 1,900 Calla 3 SSA Marine 1,804 San Antni 4 Grup Ultramar 1,791 Valparaís 5 Sants Brasil 1,775 Sants 6 Sc. Prtuaria de Cartagena 1,470 Cartagena 7 ICTSI 1,391 Guayaquil 8 APM Terminals 1,227 Buens Aires 9 Libra Terminais 1,109 Sants 10 Terminal de Cntêineres de Paranaguá 730 Paranaguá Surce: Drewry 14 14

15 Prt Terminals - Results Revenues (US$ millin) EBITDA (US$ millin) % Q2013 Cnslidated Affiliated % % 19.9% T2013 1T2014 Cnslidated Affiliated Ebitda Mg 24,0% 22,0% 20,0% 18,0% 16,0% 14,0% 12,0% 10,0% Nte: Affiliates values are prprtinal (weighted by share in wnership) 15 15

16 Prt Terminals - Results Revenues (US$ millin) EBITDA (US$ millin) Abrad Chile Abrad Chile 1Q2013 1Q2013 PV Bnus Cst US$4.56 millin EBITDA withut effect bnus payment: US$15.1 millin +9% with respect t 1Q2013 Nte: Affiliates values are prprtinal (weighted by share in wnership) ) 16 16

Tugbats MEXICO GUATEMALA COSTA RICA HONDURAS COLOMBIA ECUADOR PERU BRAZIL CHILE URUGUAY Fleet f 132 tugbats ARGENTINA Operatins in 11 cuntries Cuntry Ttal RAMs Cnventinal ASD Brazil 31 9 22 Mexic 27

17 Tugbats MEXICO GUATEMALA COSTA RICA HONDURAS COLOMBIA ECUADOR PERU BRAZIL CHILE URUGUAY Fleet f 132 tugbats ARGENTINA Operatins in 11 cuntries Cuntry Ttal RAMs Cnventinal ASD Brazil Mexic Chile Peru Csta Rica Ecuadr Uruguay Clmbia Leaders in peratins in Latin America Furth peratr at wrld level Hnduras Guatemala Ttal

Tugbats: Agreement with SMIT Transactin prgress Initial authrizatins

The binding Framewrk Agreement signed n September 2013 establishes that

entered int with third parties must prvide written authrizatin f their

As f this dcument s date, all, with the exceptin f ne in Mexic and ne in

As t the pending authrizatins, we expect t have all apprvals and

18 Tugbats: Agreement with SMIT Transactin prgress Initial authrizatins agreed t in Framewrk Agreement (FA). The binding Framewrk Agreement signed n September 2013 establishes that certain financial institutins, antitrust entities and ther cntracts entered int with third parties must prvide written authrizatin f their apprval regarding the transactin. As f this dcument s date, all, with the exceptin f ne in Mexic and ne in Canada, have apprved the transactin withut cnditins. As t the pending authrizatins, we expect t have all apprvals and authrizatins stipulated in the FA by mid-june Given the abve, SAAM and Bskalis have prjected that cmmencement f jint peratins will be n July 1, % 49% 50% 50% JV 1 JV 2 18

Tugbats: Agreement with SMIT Executive Summary Figures as f December 2013 SMIT Canada Tugbats 21 REVENUES (US$ B) TOTALS AS OF DECEMBER 2013 SAAM SMIT TOTAL 130.8 121.6 252.

19 Tugbats: Agreement with SMIT Executive Summary Figures as f December 2013 SMIT Canada Tugbats 21 REVENUES (US$ B) TOTALS AS OF DECEMBER 2013 SAAM SMIT TOTAL TUGBOATS SAAM Mexic Tugbats 27 SAAM Brazil Market Share 12% Tugbats 24 SMIT Panama Tugbats 10 Market Share 11% SMIT Brazil Tugbats Market share Brazil: calculated n the basis f the Nº f peratins carried ut in prt peratins fr clients f each cmpany (nt private terminals under cncessin)

20 Tugbats - Results Revenues (US$ millin) EBITDA (US$ millin) % Q2013 Cnslidated Affiliated % 30.7% % Q2013 Cnslidated Affiliated Ebitda Mg 35,0% 30,0% 25,0% 20,0% 15,0% 20 20

21 Tugbats - Results Revenues (US$ millin) EBITDA (US$ millin) Abrad Chile Abrad Chile Q2013 1Q

22 Lgistics Serves t Shipping Cmpanies / Airlines Services t Imprters / Exprters Special Services 22

23 Lgistics Services Services t Vessels / Aircrafts Agency Services Services t Aircrafts & Passengers Prts Stevedring (1) Cntainer Depts Services t Exprters / Imprters Warehusing, Strage & Refrigeratin Cntainers (De)cnslidatin Bulk & Break Bulk Grund Transprtatin & Distributin Special Services Cntainers / Mdules Sale / Lease Oil Discharge & Tubes (Dis)cnnectin Liquid Strage Timber Industry Distributin f Revenues Special Services and ther businesses 6% Services t Imp/Exp 53% Services t Shipping Cmpanies 41% (1) Stevedring in multi-peratr prts, different frm Prts Terminals 23 23

24 Lgistics - Results Sales (US$ millin) EBITDA (US$ millin) % Q2013 Cnslidated Affiliated % 14.8% 15,0% ,0% 11,0% ,0% ,0% 5,0% 1Q2013 Cnslidated Affiliated Ebitda Mg 24 24

25 Lgistics - Results Revenues (US$ millin) EBITDA (US$ millin) Abrad Chile 6 6 Abrad Chile 1Q2013 1Q2013 PV Bnus Cst: US$0.5 millin Recvery EBITDA margin with respect t 4Q % t 15.9% in 25 25

26 Agenda Executive Summary Results Prjectins 26 26

27 Outlk f the prt cnflict in Chile Clarificatin f wrking cnditins: wages and safety. Gvernmental task frce t slve cnflict f prt wrkers. Strengthening f the Maritime Chamber. The sn t be enacted Ley Crta (Shrt Law) that slves the half hur lunch issue. Rund table n the Ley Larga (Lng Law) and the pssibility f having a new prt authrity

SMSAAM present in regins with greatest prjected grwth Cmpund Annual Grwth f Carg Mvement in Prts (2011-2017) Central America/Caribbean and Suth America are prjected t be tw f the three regins with

28 SMSAAM present in regins with greatest prjected grwth Cmpund Annual Grwth f Carg Mvement in Prts ( ) Central America/Caribbean and Suth America are prjected t be tw f the three regins with the greatest grwth in carg mvement in the wrld. Far East Central Am/ Suth Amer. Suthern Africa Wrld Suth-East Middle-East Oceania Nrth Am. Eurpe Caribbean Asia Asia Fuente: Drewry Maritime Research 28 28

29 CAPEX 2014 Divisin f Business int Segments 2014 Prjected Investments (cnslidated + PV) (Prprtinal Value) Majr Investments Prt Terminals ThUS 46,440 Extensin and recnstructin - San Vicente Terminal Internacinal (27F) Dck extensin and purchase f equipment - San Antni Terminal Internacinal Imprvements and rerganizatin in yard areas and dck prtectin in Iquique Terminal Internacinal Dck extensin in Terminal Prtuari Guayaquil Dck dredging and imprvements f yards in Puert Buenavista Tugbats ThUS$ 54,200 Renewal f tugbat cncessin cntracts in Mexican prts. Implementatin f tugbat rennvatin plans Lgistics ThUS$ 16,564 Rennvatin and purchase f equipment and cranes Fitting ut f warehuses and carg terminals Ttal Investment 2014 ThUS$ 117,204 29

30 Grwth Plan fr 2014 Prt Terminals : Participatin in prt terminals privatizatin and/r tender prcesses in Latin America SMSAAM- Carica Engenharia-GP Investiments Cnsrtium t explre the Brazilian prt business. A wrk team was made up including the CEO + ne representative f every cmpany with ffices in Sa Paul, reprting t a cmmittee frmed by SMSAAM Manager f Business Develpment, GP Infrastructure Manager and Carica s Investment Manager. Tugbats: Entry t new markets in Canada and Panama (jint venture with Smit/Bskalis) Keeping up the plan t mdernize the fleet and t acquire new tugbats Achieving synergies frm the jint venture with Smit/Bskalis Lgistics: Fcusing n the business f cntract lgistics (prvide the Prt t Dr service) Entering new markets in the Regin 30 30

31 Disclaimer This presentatin prvides general infrmatin abut Sciedad Matriz SAAM S.A. ( SM SAAM ) and related cmpanies. It is summarized infrmatin and des nt claim, in any way, t be cmplete. It is nt intended t be cnsidered as an advice t ptential investrs. N representatins r warranties, implicit r explicit, are made with respect t the accuracy, impartiality r integrity f the infrmatin presented r cntained in this presentatin. Neither SM SAAM nr any f its related cmpanies, advisrs r representatives, assumes any respnsibility whatsever fr any lss r damage that may arise frm any infrmatin presented r cntained in this presentatin and it will nt be mandatry fr them t update it after the date in which it is issued. Each investr must perfrm and trust its wn evaluatin at the time f making an investment decisin, as this presentatin des nt cnstitute, in any way whatsever, a legal, tax r investment advice. This presentatin des nt cnstitute an ffer r invitatin r request f an ffer, t subscribe r purchase shares. Neither this presentatin nr anything cntained in it shall cnstitute the basis f any eventual cntract r cmmitment whatsever

32 Cntact Paula Raventós Head f Investr Relatins Sciedad Matriz SAAM S.A. Hendaya 60, 8th Flr, Santiag, Chile (56-2) pravents@saamsa.cm 32

33 Presentatin f Results fr May 27,

Strategic Alliance With Delta December, 2011

Values Strategic Alliance With Delta December, 2011 Innvatin Results riented Sustainability Security Client riented 1 Agenda Operatin Resume 1 Operatin Benefits 2 2 Disclaimer The material that fllws is