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Quiñenco S.A QUIÑENCO S.A. 1 May 2012 1 Quiñenco Overview 2 Recent Events 3 Financial Overview 4 Main Operating Companies 5 Conclusions 2 Quiñenco Quiñenco is one of Chile’s largest business conglomerates with US$49 billion in assets under management Companies managed by Quiñenco generated sales revenue of US$12 billion in 2011 The Quiñenco group of companies employs around 34,500 people in Chile and abroad 3 Ownership Structure Luksic Group Minority Shareholders (Chilean Stock Exchanges) 81% 19% Mining Industrial/ Financial Services Market Capitalization US$ 4.2(1) billion (1): Market Capitalization as of April 30, 2012. 4 Quiñenco: Main Operating Companies % Control as of March 2012 59.3% 66.1% 54.4% 37.4% 37.4% 100% Banco de CCU Madeco CSAV SAAM Enex Chile (1) (1) (1) (1) (1) Mkt.Cap :US$ 13.5 bln Mkt.Cap V.:US$ Bursátil: 4.6 bln MMUS$Mkt.Cap 1,9 mil: US$ 344 mln Mkt.Cap :US$ 1.0 bln Mkt.Cap :US$ 1.2 bln US$ 633 mln 1st bank in Chile N°1 Chilean beer Manufacturer of Largest shipping Leading port, cargo N°2 retail Jointly controlled producer with 80% copper, aluminum company in Latin & shipping services distributor of fuels with Citigroup market share and flexible America company: port with 292 service Main beverage packaging Main business is concessions, tug stations producer in Chile products containerized boats, and logistics Transaction 2nd largest beer Main shareholder cargo 2nd largest port closed on May 31, producer in of French cable transportation operator in Latin 2011 Argentina producer Nexans America Jointly controlled with 19.86% stake 4th largest tug boat 5 with Heineken company worldwide (1) Market Capitalization as of April 30, 2012 First Class Board and Management Board of Directors Guillermo Luksic Andrónico Luksic Jean-Paul Luksic Gonzalo Menéndez Hernán Büchi Buc Matko Koljatic Fernando Cañas Craig Craig Fontbona Duque Director Maroevic Berkowitz Chairman Vice Chairman Director Director Director Director Senior Management Francisco Pérez Mackenna Luis Fernando Antúnez Bories Chief Executive Officer Chief Financial Officer Martín Rodríguez Guiraldes Oscar Henríquez Vignes Manager of Strategy and Performance Appraisal General Accountant Manuel José Noguera Eyzaguirre Davor Domitrovic Grubisic Chief Counsel Legal Advisor Pilar Rodríguez Alday Pedro Marín Loyola Investor Relations Manager Manager of Performance Appraisal and Internal Auditor Felipe Joannon Vergara Manager of Business Development 6 Over 50 years of history 1957-1996 1997-2004 2005-2011 1957: Sociedad Forestal Quiñenco S.A is 1997: Quiñenco’s subsidiary VTR sells 2008: Banco de Chile and Citibank Chile created. 100% of mobile phone company, Startel, to merge on January 1st. CTC. Historical transaction between Madeco and 1960’s: Sociedad Forestal Quiñenco S.A. French cable producer Nexans. adds Empresas Lucchetti S.A. and Forestal 1999: Quiñenco sells stake in OHCH, later Colcura S.A. to its scope of activities. acquiring 51.2% of Banco de A. Edwards and 8% of Banco de Chile 2009: Sale of remaining Entel shares (2,9%) 1970’s: Hoteles Carrera S.A. is added to Quiñenco sells its stake in VTR Hipercable. Quiñenco. It then buys a 14,3% stake in Entel S.A. 2010: Quiñenco divests Telsur. 1980’s: Acquisition of shares of Banco Citigroup exercises its options for 17.04% O’Higgins and of Banco Santiago 2001: Quiñenco becomes the controller of of LQIF, controlling entity of Banco de Banco de Chile. Chile, increasing its share to 50%. Controlling share of Madeco and Compañía Cervecerías Unidas is acquired. 2002: Banco de Chile and Banco de A. 2011: Quiñenco acquires a 20.6% stake in Edwards are merged. shipping company CSAV. In early 2012 this stake reached 37.4% 2004: Quiñenco divests Lucchetti Chile, 1993: The OHCH group is established, to then buys Calaf through a joint venture with later control Banco de Santiago in 1995. CCU. Madeco signs agreement with Nexans and Quiñenco buys 11.4% of Almacenes París, increases its stake up to 19.86%. 1996: Quiñenco is established as the later sold off with profits. In March, Quiñenco signs agreement to financial and industrial parent company of purchase Shell’s assets in Chile. The the Group. transaction is closed on May 31. 7 Focused Diversification Food & Beverage Food & Beverage Food & Beverage Food & Beverage Food & Beverage Food & Beverage Hotels Hotels Hotels Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Telecom Financial Services Financial Services Telecom Telecom Financial Services Transport Financial Services Financial Services Energy 1970s1980s 1990s 2000 2010 2011 8 Quiñenco – Investment Criteria Î Brand & consumer franchise development potential Î Sufficient critical mass Î Prior operating or industry experience Î Access to strategic partners/commercial alliances/ synergies Î Growth platform or add-on acquisition potential Î Controlling stakes 9 Quiñenco: World Class Strategic & Commercial Alliances Beverage & Food Quiñenco partners with world class players to develop its markets and products to take advantage of combined know-how, experience and financial capacity 10 Value Creation System Quiñenco has developed a value creation system through the professional management of its investments Acquisitions Restructurings Development & maximization of profitability of business portfolio Divestments Divest Continuous growth of Shareholder value Acquisition 11 Corporate LevelTransactions Quiñenco has carried out various transactions throughout its history, generating close to US$1.9 billion in profits over the last 15 years from divestments of US$4.4 bln 1,880 Startel VTR LD Hipercable 1,013 OHCH 786 * Hotels 64 -11 -12 41 Telecom Retail Real estate/Hotels Beverage & Food Utility Financial Services Total (1): Figures translated from constant Chilean pesos as of December 31, 2011, at the exchange rate of Ch$519.20= 1US$ * Includes the gain generated by Citigroup’s first option for 8.52% share of LQIF, before taxes. The second option for an additional 8.52% generated an increment in equity of US$285.8 million, after taxes. 12 . Leading Market Positions The company’s investment strategy allows it to maintain a leading position in all of its business areas and product segments: Business Industry Product Ranking(1) Market Share (1) Financial Loans 1 19% Servicies Deposits 1 23% Beer Chile 1 80% Beer Argentina 2 23% Carbonated Beverages 2 25% Juices (2) 1 56% Beverages Mineral Water (3) 1 58% Wine Exports 2 12% Domestic Wine 3 25% Pisco 1 49% Flexible Packaging Chile 1 31% Flexible Packaging Peru 1 55% Manufacturing Brass Mills Chile 1 63% Aluminum profiles Chile 1 42% Fuels 2 13% Energy Service Stations 2 17% Transport Containers (Latinoamerica) 1 - Port operator (Latin America) 2 - Maritime services Tug Boats (Worldwide) 4 - (1): Ranking and Market Share as of December 2011 (2): Bottled juice (3) 13 : Excludes flavored mineral water Source: Quiñenco and subsidiaries Diversified Investments Quiñenco is one of the most diversified holding companies in Chile. During its history it has invested in sectors where it has a recognized track-record and experience in the industry. Investments by Sector Net Asset Value(1) (NAV) (US$ 3.2 billion as of December 31, 2011) (US$ 5.1 billion as of December 31, 2011) Other Cash Others Cas h 6% Ener gy 3% 9% Energy 5% 14% 10% Transport Financial Services Transport 2% 50% 7% Manufacturing 3% Manufacturing 8% Beverage & Food Financial Services 24% Beverage & Food 47% 12% (1): Market Value of Quiñenco’s operating companies + Market Value of Financial Investments + Book value of other assets, net of other 14 liabilities + Cash at the Corporate level - Debt at the Corporate level. NAV & Share Price Trend NAV/Share Price Trend as of December 31, 2011 3.000 2.367 2.436 2.330 2.500 2.314 2.009 2.000 1.500 1.701 1.745 1.649 1.000 1.187 1.250 500 0 Dec‐10 Mar‐11 Jun‐11 Sep‐11 Dec‐11 Share price (Ch$) NAV per share (Ch$) Note: Market information and book values as of December 31, 2011 NAV: US$5.1 billion Market Cap: US$2.8 billion 15 Diversified Revenues and Results Quiñenco has achieved diversified revenues and results, thus generating stable cash flows Aggregate Revenues by Sector(1) Net Income (2) (YTD December 2011) (YTD December 2011, MUS$) Financial Energy Services 185,3 19% 20% Beverage & Food 9,0 15% 5,8 Transport Manufacturing Financial Energy Other Manufacturing 43% Services -30,6 3% (1) Includes proforma sales of Enex for the year. Quiñenco does not consolidate with CCU (Beverage & Food) or with CSAV ( Transport). (2) Corresponds to the contribution of each segment to Quiñenco’s net income. As of December 2011 the investment in CSAV is accounted for as an 16 equity investment. The Energy segment corresponds to seven month’s results from June to December, following the acquisition on May 31, 2011. Stable Dividend Cashflow Good operating company performance allows a strong dividend flow to the parent company Dividends Composition of Dividends (Millions of US$) (YTD December 2011) 293 CSAV 6% 205 207 CCU 31% 111 92 Banco de Chile 63% 2007 2008 2009 2010 2011 Other CSAV Entel Telsur Madeco CCU LQIF (additional) Banco de Chile Note: Figures translated from nominal Chilean pesos at the exchange rate of: Ch$519.20 = 1US$ Additional dividend paid by LQIF in 2010 in accordance with Agreement between Quiñenco and Citigroup. 17 Quiñenco – Strong Fundamentals Dominant position Quiñenco’s companies are leaders in their respective markets. in its markets Proven track record in Holding has proven track record in value creation by evidenced by sale of investments for approximately US$ 4.4 bln and gains on value creation sale of US$ 1.9 bln over the last 15 years. Sound financial Low levels of debt and cash for approximately US$309 mln allow position business opportunities to be undertaken. Controlling interest in its investments Quiñenco currently holds a controlling interest in the majority of its investments.
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