Press release 2Q 2015 by AquaChile

EMPRESAS AQUACHILE S.A. RESULTS FOR 2ND QUARTER 2015

September 2015

About AquaChile

Quarterly Summary

Analysis of Results

Balance Sheet Analysis

Cash Flow Analysis

Financial Covenants and Production Indicators

Relevant Events

Outlook

Consolidated Balance Sheet

10.

Income Statement

11.

Historical Harvests and Smolts Stocking

ABOUT AQUACHILE S.A.

Is a Chilean company that produces food from aquaculturefarmed species such as Atlantic salmon, Pacific Salmon, Sea Trout and Tilapia. AquaChile has operations in Chile, Costa Rica, Panama and the United States, selling and marketing their products around the world. The company is made up of a group of companies that strategically farm, produce and sell food. It gives employment to more than 5,600 people in Chile, the United States, Costa Rica and Panama (on December 31, 2014) and it is one of the biggest producers of Sea Trout and Pacific Salmon in the world, as well as the main supplier of fresh Tilapia to the United States. AquaChile is the main Salmon and Sea Trout producer in Chile with a 11.9% market share in 2014 in terms of exported net volumes (source: SalmonChile). The company has 150 aquaculture water licenses, giving them a solid base to grow and diversify. The company exports its products to more than 340 customers in more than 30 countries. The company is also an important Tilapia producer in Costa Rica and is starting to harvest Tilapia in Panama, being one of the main suppliers of fresh Tilapia to the United States, with a 20% market share in 2014 (source: Urner Barry)

CONTACT EMPRESAS AQUACHILE S.A. Investor Relations investor.relations@aquachile.com Tel. (56- 65) 2433600 / 550 For more information, visit www.aquachile.com

QUARTERLY SUMMARY

AquaChile reported accumulated sales of US$337.9 million on June 30, 2015. This is a 15% decrease in comparison to the same period in 2014 (Δ−US$59.6 million). At operating level the EBITDA pre fair value adjustment accumulated for June 2015 (this is before the value adjustment of the fish biomass at fair value) achieved US$-13.8 million, which is less than the US$54.2 million reported during the same period the previous year.

The exporting price scenario for 2015 in comparison to the same period the previous year was unfavorable for all of species, where the prices dropped for Sea trout (Δ−26%), Atlantic salmon (Δ-20%), Pacific salmon (Δ−10%) and Tilapia (Δ−4%). In spite of the lower values of the sales reported for the first semester, the farmed fish biomass has presented low mortalities and the harvest weight is good in all the species.

The company presented a loss of US$47.6 million in June 2015, this is lower than the US$6.1 million profit reported during the same period the previous year.

QUARTERLY SUMMARY

The Company’s consolidated sales were a total of US$145.7 million during the 2Q15, which represents a 15% decrease in comparison with the valued sales reported for the 2Q14. It is true that during the second quarter there was a decrease in the sales price of all the species and a decrease in the physical sales of Pacific salmon (Δ-68%), Sea trout (Δ-11%), and Tilapia (Δ-3%) in comparison to the same period the previous year. This could not be compensated by an increase in the physical sales of the Atlantic salmon (Δ+50%). The consolidated EBITDA reached US$-19.0 million during the 2Q15, in comparison to the US$15.0 million reported for the same period 2014. This is due to the lower margins in all the species sold by the company, mainly explained by the low exporting prices.

AquaChile reported a US$35.9 million loss during the 2Q15, in comparison to the US$5.0 million loss reported during the same period the previous year. The main reason for this decrease was the low margin reported for all the species and a recognition of the loss for net effect of valuation of the biomass at fair value of US$-21.1 million. This includes a provision of US$-9.4 million for lower disposal value at harvest of the biomass that is currently in the water (deterioration test), due to the low international price situation. Their projected costs have been compared against the projection of the market prices. The Company’s net financial debt totaled US$259.3 million for the 2Q15, showing a US$2.2 million increase at the close of the 4Q14.

ANALYSIS OF RESULTS

SUMMARY OF MAIN CONSOLIDATED FIGURES figures in thus$ SALES EBIT PRE FV ADJ.

2q15

2q14

145.707

171.737

-15%

337.904

∆yoy

2014

397.528

-15%

779.106

∆qoq acum 2015 acum 2014

-26.702

7.908

-29.333

38.898

48.016

-19.008

15.030

-13.751

54.160

78.444

EBITDA PRE FV ADJ. MARGIN

-13,0%

8,8%

-4,1%

13,6%

10,1%

NET INCOME

-35.913

-5.045

-612%

-47.584

6.101

1.421

SALMON AND SEA TROUT SALES - WFE TO

20.483

18.527

11%

48.824

49.302

-1%

101.541

EBIT / KG WFE SALMON AND SEA TROUT

-1,23

0,40

-0,56

0,80

0,50

TILAPIA SALES - WFE TONS

4.774

4.914

-3%

9.514

10.520

-10%

18.577

EBIT / KG WFE TILAPIA

-0,31

0,11

-0,19

-0,03

-562%

-0,13

(1)

EBITDA PRE FV ADJ. (2)

(1) EBIT Pre FV Adj. (hereinafter, EBIT): Income from ordinary activities minus Cost of Sales (i.e. Gross Earnings pre Fair value), minus Administration Expenses minus Distribution Costs. All these figures are obtained directly from the company Income Statement. (2) EBITDA Pre FV Adj. (hereinafter, EBITDA): Income from ordinary activities minus Cost of Sales (i.e. Gross Earnings pre Fair value), minus Administration Expenses minus Distribution Costs plus Adjustment from Depreciation and Amortization Expenses. All these figures are obtained directly from the Income Statement and the note 16 (PP&E) from the company Financial Statements. Source: AquaChile

The Sales Revenue for the quarter reached US$145.7 million, which is less than the US$171.7 million reported during the same period 2014. In fact, the sales revenue for the finished product of Pacific salmon decreased 81% (Δ-US$11.6 million), the Sea Trout by 40% (Δ-US$16.6 million) and Tilapia by 11% (Δ-US$1.6

million). There has also been a 19% decrease in the “Other Sales” (Δ-US$6.6 million). Even though the sales reported for the Atlantic salmon increased 16% (Δ-US$9.2 million) and the fish feed sales increased 13% (Δ-US$1.2 million) it could not compensate the above.

This includes selling the finished products of third parties, organic wastes, eggs, smolts, processing for third parties and laboratory and genetic services.

ANALYSIS OF RESULTS

QUARTERLY SALES TREND (US$ MILLIONS)

226 193 158

224

202

191

192

172

158

152 100

146

96 56

1Q12 2Q12

3Q12

4Q12 1Q13

2Q13 3Q13 4Q13 1Q14

2Q14 3Q14

4Q14 1Q15

2Q15

QUARTERLY CONSOLIDATED SALES ANALYSIS (PRICE AND VOLUME EFFECT) (US$ MILLIONS) Sales 2Q14

Atlantic Salmon

Sea Trout

172 -13

-13

-3

Pacific Salmon

-6

∆ Price

-6

Tilapia

-1

Fish Feed

Other Income

1 0

-7

Sales 2Q15

146

∆ Volume

ANALYSIS OF RESULTST

QUARTERLY EBITDA TREND (US$ MILLIONS)

39 25

15 5 2

0 -2 -12

-12 -18

1Q12

2Q12

3Q12

4Q12

-19

-21

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

-2

-3

1Q15

2Q15

QUARTERLY NET INCOME TREND (US$ MILLIONS)

11 2 -2

-5

-10 -17

-12

-17 -28

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

-36

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

ANALYSIS OF RESULTS

Consolidated EBITDA pre Fair Value adjustments for the 2Q152 (*) reached US$-19.0 million, in comparison to the US$15.0 million of the same period the previous year. The main reason for this decrease was the lower exporting prices. That is why the EBITDA margin (EBITDA over the revenues) reported during the 2Q15 is -13.0%, in comparison with the 8.8% reported during the same period 2014. The company recognizes a US$-21.1 million loss during the second quarter 2015 for the â&#x20AC;&#x153;Net Effect of valuing the biomass at fair valueâ&#x20AC;?, which is less than the US$-12.5 million loss reported during the 2Q14. The reasons for this are mainly: i) recognition of an adjustment by valuing the fish biomass in the water at US$-25.1 million3 , this is less than the US$+2.6 million reported for the same period the previous year, mainly due to the lower market prices observed for the Salmon and Sea Trout (See Note 10 Biological Assets); and

ii) reporting a US$-9.4 million provision for less value of harvest for the biomass that is currently in the water (deterioration test). These projected costs have been compared to the projected market prices. This provision was not necessary to do during the second quarter the previous year. This was partially compensated by, iii) the report of a higher cost due to the effect of valorizing at fair value the harvested and sold biomass during the period at US$+12.6 million, which is higher than the high cost of US$-13,3 million reported for the same period the previous year. This is mainly due to the negative difference presented between the prices that the biological assets of the Atlantic salmon and Sea trout were valued with during the first semester 2014; and ii) the net reversal provision for lower costs of the finished product carried out during the period of US$+0.7 million, this is higher than the US$-1.8 million provision carried out during the same period the previous year.

(*): In order to measure financial performance under the IFRS, AquaChile used the EBIT pre Fair Value adjustments parameters (before adjusting the revalue of the fish biomass at fair value). The fair value adjustments of the fish biomass come from a regulation under the IFRS to value the biomass at a fair value. Changes in the price and composition of the biomass during the period can have an impact on its value. AquaChile reported its EBIT before the fair value adjustments to show the performance of its operations during the period.

It is important to emphasize that the fish biomass that is being reared and is now at a commercial weight is valued at fair value in accordance to the IFRS and for the effect AquaChile considers the market price, which is obtained for the sales most recently made by the company for the previous month and/or conservatively the price that was observed in the market that could be applied to future sales. Furthermore, AquaChile considers the product that is mainly sold by the company and where there does not exist a niche allowing the company to obtain higher revenues. The company uses the fillet Trim D of Atlantic salmon and the HG (Headed and Gutted) for sea trout and Pacific salmon. It is important to point out that among the fish species that it farms and sells, the company has Pacific salmon, which is a highly seasonal species. For this reason, it normally stocks the farm sites between the months of November and March of each year and harvests between the months of October and February when the fish reach the optimal commercial weights. However, many times the fish that are being reared reach an average weight that is higher than 2.5 kg WFE at the end of December or the 4th quarter of each year, and in accordance to the companyâ&#x20AC;&#x2122;s policies, are classified to be valued at fair value, generating an effect on the results due to the natural growth of the biomass. For the fish that have a lower weight than what is established for applying the fair value, the accumulated cost is considered at the end of the year. Furthermore, the company carries out a deterioration test on the biomass that are in the water that are to be harvested when there are adverse situations that could occur that might affect. 3

Includes US$ - 8,3 million change in the fair value of the on-growing biomass as of June 30, 2015

ANALYSIS OF RESULTS

ANALYSIS OF PHYSICAL SALES, VALUED, AND MARGIN BY SEGMENT 2q15

2q14

13.676

9.127

∆qoq acum 15 acum 14

∆yoy

2014

38%

54.335 318.527

ATLANTIC SALMON SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

TON WFE MUS$ US$ / KG WFE MUS$

50%

30.816

22.259

16%

154.615

140.355

10%

-23%

5,02

6,31

-20%

5,86

-1.185 -1167% -20.479

15.582

13.841

-0,66

0,70

0,25

-21%

23.182

66.118 56.954 4,83 -15.017

6,24

US$ / KG WFE

-1,10

-0,13 -746%

TON WFE

5.961

6.734

-11%

10.282

12.995

25.009

41.645

-40%

47.940

82.419

4,20

6,18

-32%

4,66

6,34

-26%

6,06

-9.467

4.941

-9.951

14.148

16.534

US$ / KG WFE

-1,59

0,73

-0,97

1,09

0,71

TON WFE

847

2.666

-68%

7.726

14.048

-45%

24.023 114.396

SEA TROUT SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

MUS$ US$ / KG WFE MUS$

-42% 140.395

PACIFIC SALMON SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

2.800

14.384

-81%

33.450

67.584

-51%

US$ / KG WFE

MUS$

3,31

5,40

-39%

4,33

4,81

-10%

4,76

MUS$

-718

3.613

2.894

9.469

-69%

20.079

US$ / KG WFE

-0,85

1,36

0,37

0,67

-44%

0,84

TON WFE

4.774

4.914

-3%

9.514

10.520

-10%

18.577

MUS$

13.862

15.489

-11%

27.987

32.317

-13%

57.213

2,90

3,15

-8%

2,94

3,07

-4%

3,08

-1.499

540

-1.797

-300

-498%

-2.438

-0,31

0,11

-0,19

-0,03

-562%

-0,13

25.257

23.441

58.338

59.822

-2%

120.117

-16% 263.993

322.676

-18%

630.531

4,53

5,39

-16%

5,25

- -29.333

38.898

48.016

0,65

0,40

TILAPIA SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

US$ / KG WFE MUS$ US$ / KG WFE

The Atlantic salmon business saw a 16% increase (Δ US$+9.2 million) in its income during the 2Q15 in comparison to the same period 2014, due to a 50% increase in the sales volume (Δ+4.548 WFE tons), which was partially compensated by the 23% decrease in the sales price. On its part the EBIT Pre FV Adj. showed a US$-15.0 million loss in comparison to the US$-1.2 million reported during the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$-1.10 / Kg WFE (in comparison to the US$-0.13 / Kg WFE for the same time the previous year). The main reason for the decrease observed in the margins is the decrease in the exporting price, which was partially compensated by a decrease in the sales cost.

The Sea trout business saw a 40% (Δ-US$16.6 million) decrease in its income during the 2Q15 in comparison to the same period 2014, due to a 11% decrease (∆- 773 WFE tons) in the sales volume and a 32% decrease in the sales price. As for the EBIT Pre FV Adj., it presented a US$-9.5 million loss in comparison to the US$+4.9 million reported for the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$-1.59 / Kg WFE (in comparison to the US$+0.73 / Kg WFE the same time last year). The observed decrease in margins is mainly explained by the decrease in the exporting price and slightly because of the increase in the sales cost in comparison to the same period 2014.

The Pacific or Coho Salmon business saw an 81% (Δ-US$11.6 million) decrease in its income during the 2Q15 in comparison with the same period 2014, due to a 68% decrease in its sales volume (∆-1,819 WFE tons) and a 39% decrease in the sales price. For its part, the EBIT Pre FV Adj. demonstrated a US$-0.7 million loss, in comparison to the US$+3.6 million reported for the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$-0.85 / Kg WFE (in comparison to the US$+1.36 / Kg WFE the same period the previous year). The observed decrease in the margins is mainly explained by the decrease in the exporting price.

The Tilapia business saw an 11% (Δ-US$ 1.6 million) decrease in its income during the 2Q15 in comparison to the same period 2014, due to a 3% decrease (Δ- 140 tons WFE) in the sales volume and an 8% decrease in the sales price. The EBIT Pre FV Adj. showed a US$-1.5 million loss in comparison to the US$+0.5 million reported during the same period 2014. At unit level the EBIT Pre FV Adj. / Kg WFE reached US$-0.31 / Kg WFE (in comparison to the US$+0.11 / Kg WFE the same time the previous year). The decrease observed in the margins is mainly explained by the decrease in the exporting price and slightly because there was an increase in the sales cost in comparison to the same period in 2014.

TOTAL SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE Source: AquaChile

TON WFE MUS$ US$ / KG WFE MUS$ US$ / KG WFE

107.789 128.471 4,27

5,48

-26.702

7.909

-1,06

0,34

-22% -

-0,50

ANALYSIS OF RESULTS

CONSOLIDATED INCOME STATEMENT figures in thus$ SALES OPERATIONAL COST

(1)

OPERATIONAL MARGIN OTHER COST AND OPERATING EXPENSES (2)

2q15

2q14

∆qoq acum 2015

acum 2014

∆yoy

2014

145.707

171.737

-15%

337.904

397.528

-15%

779.106

-156.395

-147.136

-10.687

24.601

-333.808

-325.776

-665.880

4.096

71.753

-94%

113.226

-8.321

-9.570

-13%

-17.847

-17.592

-34.781

-19.008

15.030

-13.751

54.160

78.444

% EBITDA /Sales

-13,0%

8,8%

-4,1%

13,6%

DEPRECIATION & AMORTIZATION

-7.694

-7.122

-15.582

-15.262

-30.428

-26.702

7.908

-29.333

38.898

48.016

EBITDA PRE FV ADJ.

EBIT PRE FV ADJ. NET REVENUES FROM BIOLOGICAL ASSETS (3) EBIT POST FV ADJ. FINANCIAL EXPENSES FINANCIAL INCOME OTHER NON OPERATING ITEMS

(4)

10,1%

-21.134

-12.486

-69%

-32.146

-28.058

-15%

-31.606

-47.836

-4.578

-945%

-61.479

10.840

16.411

-1.973

-2.259

-13%

-4.001

-4.587

-13%

-8.643

138

195

-29%

285

329

-13%

595

-1.205

-86

-1295%

-21

1.145

-1.764

INCOME TAXES

14.964

1.684

789%

17.632

-1.626

-5.178

NET INCOME

-35.913

-5.045

-612%

-47.584

6.101

1.421

% Net Income / Sales

-24,6%

-2,9%

-14,1%

1,5%

0,2%

(1) “Cost of sales” deducted “Adjustment from depreciation and amortization expenses” (2) “Distribution costs” plus “Administration expenses” (3) “Fair Value of biological assets harvested and sold” plus “Fair Value of biological assets for the year” (See Note 11 to the Financial Statements. Biological Assets) (4) “Other income, by function” plus “Other expenses, by function” plus “Exchange rate differences” plus “Results from adjustment units” Note: All the figures are obtained directly from the Income Statement and the note 16 (PP&E) from the company Financial Statements Source: AquaChile

ANALYSIS OF RESULTS

Operating Costs , saw a total of US$156.4 million in the quarter, 6% higher than the levels reached for the 2Q14. This is explained by the increase in the total exported volume as also the increase of sales costs for the Sea trout and Tilapia. Furthermore, if one compares operating costs (measured as a percentage over sales), this reached 107.3% of revenues, 22 percentage points over the reported percentage for the 2Q14.

part that was harvested and sold taken from this revaluation is reported in the Income statement under the concept “Fair Value of the harvested and sold biological assets” which saw a US$+13.3 million profit for the 2Q15 (US$-15.0 million for the 2Q14). This is broken down the following way: i) US$+12.6 million (US$-13.3 million during the 2Q14) correspond to the higher cost for fair value of the harvested and sold biological assets; and ii) US$+0.7 million (US$-1.8 million in the 2Q14) correspond to the provision of the lower net value of the finished products carried out in the period.

THE NET FAIR VALUE ADJUSTMENT OF THE BIOMASS Fair Value of the biological assets of the year: The natural growth effect of the fish biomass being reared expressed by its reasonable value at the close of each period (the sales prices minus the estimated costs at the point of sale), is recognized in accordance to the assessment done at each farm site and is based on the existing fish biomass at the close of each month. The details include the total number of fish being reared, their estimated average weight and the cost of the fish biomass. The value is estimated in the calculation according to the average weight the biomass has, multiplied by the value per kilogram seen at market price. The market price is obtained from the international price index or if not from the most recent sales made by the company. The higher or lower resulting value is reported in the Income Statement, under the concept “Fair Value of the biological assets of the year”. This concept had a US$-34.5 million loss during the 2Q15, in comparison to the US$+2.6 million profit reported for the 2Q14. This concept can be broken down in the following manner: i) US$-25.1 million (US$2.6 million reported for the 2Q14) corresponds to “Value adjustment for the fish biomass being raised”; and ii) US$-9.4 million (US$0 million for the 2Q14) correspond to the lower value of the harvesting the biomass currently being raised, which does not affect the fair value, these projected costs have been compared with the projected market prices. On its part the higher cost of the

The net value of both revaluation effects are expressed in the line of “Net effect of the fair value adjustment of the biomass” which reached US$-21.1 million for the 2Q15. This is lower than the US$-12.5 million reported for the 2Q14. (To see more details see Note 10 of the Financial Statements: Biological Assets). Other Operating Costs and Expenses showed a 13% decrease in comparison with the same period of the previous year. In effect, the distribution costs presented a 16.0% decrease due to a decrease in storage and shipping expenses during the period. The Administration expenses presented an 8.4% decrease. Non-operating results showed a US$-3.0 million loss for the quarter, in comparison with the US$-2.2 million loss for the same period the previous year. Exp en se fo r I n co m e Tax p re sented a U S $ 1 5 . 0 million provision which is a positive comparison with the US$1.7 million the same period the previous year. The company presented a US$-35.9 million loss for the 2Q15 in comparison to the US$-5.0 million loss reported for the same period 2014.

ANALYSIS OF RESULTS

CONSOLIDATED BALANCE SHEET

2013 figures in thus$

1q13

2015

2014

2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

∆2q15 o 4q14

432.476

386.987

-19,4%

CURRENT ASSETS

486.530

440.131

420.735

469.657

496.337

468.978

464.748

480.425

NON CURRENT ASSETS

396.059

409.874

410.542

423.345

410.387

413.430

442.181

419.477

TOTAL ASSETS

882.589 850.005

831.277 893.002

906.724

882.408

906.929

CURRENT LIABILITIES

200.549

214.043

195.261

221.375

224.698

309.574

307.567

NON CURRENT LIABILITIES

290.840

272.680

274.664

268.149

267.681

163.534

173.965

150.089

TOTAL LIABILITIES

491.389 486.723 469.925 489.524

492.379

473.108

481.532

478.494

EQUITY

382.443 354.309 352.709

394.173

405.205

400.113

416.401

413.105

9.305

9.140

9.187

8.996

8.303

831.277 893.002

906.724

882.408

906.929

MINORITY INTEREST

TOTAL EQUITY AND LIABILITIES

8.757

8.973

882.589 850.005

8.643

433.614 440.680

899.902 866.090

5,1%

827.667

-8,0%

321.393

-2,1%

146.500

132.450

-11,8%

456.357

453.843

-5,2%

401.584

366.060

-11,4%

8.149

7.764

-6,5%

899.902 866.090

827.667

-8,0%

328.405

309.857

Source: AquaChile

Current Assets presented a 19.4% decrease (Δ-US$93.4 million) in comparison with the observed numbers of the 4Q14. This is mainly explained by: i) a US$51.8 million decrease in the “Trade and other receivable accounts, bank accounts” mainly associated with the sale of the 2Q15 in comparison to the 4Q14; ii) a US$26.5 million decrease in the “Current Biological Assets”, associated to the harvesting and selling of salmon during the first semester of the year, to a lower valuation for fair value of the biomass that is being raised reported in June 2015 in comparison to December 2014 and the US$-9.4 million provision for the lower value of harvesting the biomass that is currently being raised, and that has not been valued at fair value; iii) a decrease in the Accounts Receivable of affiliated companies for US$12.1 million; and iv) a US$5.0 million decrease in the account “Cash and Cash Equivalent”.

Non-current assets presented a 5.1% increase (Δ+US$21.2 million) in comparison with the observed numbers of the 4Q14. This is mainly explained by, i) a US$7.6 million increase in the “Accounts Receivable with the non-current affiliated companies associated to their reclassification from short to long term; and ii) a US$18.2 million increase in the “Assets of the Deferred Taxes”. All of the above was partially compensated with a US$5.6 million decrease in the account “Properties, Plants and Equipment”. The Current Liability showed a 2.1% decrease (Δ−US$7.0 million) in comparison with the observed numbers of the 4Q14. The above is explained by the US$21.4 million decrease in the “Trade accounts payable and other accounts payable”; and ii) a US$1.2 million decrease in the “Accounts payable to current

BALANCE SHEET

related companies”. The above is partially compensated by the US$15.0 million increase in the account “Other current financial liabilities” mainly due to reclassifying the debt that is due in the next twelve months from the long to short term. The Non-current Liability showed an 11.8% decrease (Δ- US$17.6 million) in comparison with the numbers observed for the 4Q14. This is explained by a US$17.8 million decrease in “Other Fi-

nancial Non-Current Liabilities” associated to the reclassifying of debt from long to short term. Total Equity (including the non-controlling interests) of the company, saw a US$47.6 million decrease in comparison to December 2014, explained by the US$47.6 accumulated loss during the period.

AQUACHILE FINANCIAL DEBT 2013

2014

2015

figures in thus$

1q13 2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

∆2q15 o 4q14

(I) OTHERS FINANTIAL LIABITIES CURRENT

11.259

31.409

31.579

34.251

128.546

129.970

133.214

136.232

148.192

11,2%

(II) OTHERS FINANTIAL LIABITIES NON CURRENT

281.356 266.039 266.446 262.894

262.812

158.949

158.915

143.312

138.935

125.527

-12,4%

TOTAL INTEREST BEARING DEBT (I) + (II)

292.615 291.293 297.854 294.473 297.063 287.495 288.885 276.526

275.167

273.719

-1,0%

19.483

24.507

14.461

-25,8%

255.430 280.091 283.828 276.537 247.366 243.044 266.955 257.043

250.661

259.258

0,9%

CASH AND CASH EQUIVALENTS NET INTEREST BEARING DEBT

37.185

25.253

11.201

14.026

17.935

49.697

44.451

21.930

Source: AquaChile

On the other hand, AquaChile’s Net financial debt reached US$259.2 million, this is higher than the US$257.0 million reported on December 31, 2014.

CASH FLOW ANALYSIS

CONSOLIDATED CASH FLOW

figures in thus$

acum 2015

2014

acum 2014

NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

14.000

53.696

47.845

NET CASH FLOWS FROM (USED IN) INVESTMENT ACTIVITIES

-12.819

-26.811

-10.276

NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES

-6.051

-24.527

-10.579

NET INCREASE (DECREASE) OF CASH AND CASH EQUIVALENTS

-4.870

1.548

26.990

CASH AND CASH EQUIVALENT AT THE START OF THE PERIOD

19.483

17.935

CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD

14.461

19.483

44.451

Source: AquaChile

The behavior of the consolidated Cash Flow main components on June 30, 2015 in comparison to June 30, 2014 is the following:

The investment activity meant an expenditure of US$-12.8 million on June 30, 2015. At the same period the previous year the expenditure was US4-10.3 million.

The company presented a total net cash flow of US$-4.9 million on June 30, 2015. At the same time the previous year there was a US$+27.0 million cash flow reported.

Financing activities generated a US$-6.1 million cash flow on June 30, 2015, which is less than the US$-10.6 million generated for the same period 2014.

The operating activities on June 30, 2015 generated a US$+14.0 million cash flow, lower than the US$+47.8 million reported for the same period 2014.

COVENANTS AND PRODUCTION INDICATORS

FINANCIAL COVENANTS In June 2015, Empresas AquaChile S.A. agreed with a group of creditors’ bank – leaded by Rabobank – the main terms and conditions of a new syndicated loan. To refine the above Empresas AquaChile S.A. and an affiliate on June 23, 2015 agreed with their current creditor banks to extend for thirty days the quotas of the tranches of the bank debt of the company that expired on this day for the amount of US$122,539,638, agreeing to pay in accordance to the stipulated time limit and more – on the same day – to pre-pay the total of the rest of the debt that expired in 2018. The new syndicated loan – on the date that this is published has already been refined – considers a financing of up to US$290,000,000 agreed to pay the totality of the bank debt of US$246,289,638 on July 23, 2015. Having generated this additional loan allows the necessary flexibility to assure an efficient and more effective admi-

nistration of the stocks in the present business cycle, including the existing bilateral feasibility with the DnB Bank, agency in Chile, under the same loan structure; reducing the number of creditor banks; y later, within the stipulated time limits – to restructure the totality of the company’s debt to long term in a more favorable market conditions with the prospect of a more stable international market. Even though the company still keeps an inforce credit contract of June 23, 2011 on June 30, 2015, new financial obligations were decided on by signing a new credit contract on July 23, 2015 calculated over the Consolidated Financial Statements of Empresas AquaChile S.A. on June 30, 2105, and on March 31st, June 30th, September 30th and December 31st of the following years which refer to the levels of Equity ratio, Net Financial Debt, Adjusted (NIBD Adjusted) / Adjusted EBITDA, Liquidity, and levels of Maximum Debt, just as it is seen in the following:

Financial Covenants*

2q-15

3q-15

4q-15

1q-16

2q-16

3q-16

4q-16

EQUITY RATIO 1

42,5%

NIBD ADJUSTED / EBITDA ADJUSTED 2

5,75X

7,25X

7,5X

5,0X

4,5X

LIQUIDITY 3

1,2X

MAXIMUM DEBT (M US$) 4

320

(1) Equity Ratio: Ratio between the consolidated cash accounts called “Total Equity” and “Total Assets”; (2) NIBD Adjusted / EBITDA Adjusted: the result of adding the following accounts to the consolidated balance: /a/ Other financial liabilities, current; plus /b/ Other financial liabilities, non-current; plus /c/ Liabilities with suppliers with more than 120 days of duration minus /d/ the cash and cash equivalent. All of the above without considering any financial liability, whether current or noncurrent, suppliers with more than 120 days of duration and cash and cash equivalent of Group ACl and Alitec S.A.. All of the above divided by the EBITDA Adjusted of the last 12 months defined as a result of the following operation: /a/ Total Sales; minus /b/ Sales cost; minus /c/ Administration expenses; minus /d/ Distribution expenses; and plus /e/ Depreciation and amortization expenses, excluding the following consignments /a/, /b/, /c/, /d/ and /e/ of the Group ACl S.A. and Alitec S.A. (3) Liquidity: All of the current assets divided by the total of the current liabilities, excluding from this last one the sum of the indebted amounts under the Restructured Obligations, and excluding from the current asset the fish biomass that is not considered in the harvesting plans of the next following twelve months to the corresponding Measurement Date. According to the agreement, the Current Liability exclude the short term portion of the syndicated loan in force on June 30, 2015. (4) Maximum Debt: Corresponds to the sum of the following accounts from the Consolidated Balance: /a/ Other financial liabilities, current; and /b/ Other financial liabilities, non-current.

Considering that the international exporting prices of the salmonid species have lately maintained a low level, the operating results on June 2015 have been affected and the accumulated EBITDA of the last twelve months have not been sufficient to comply with the NIBD adjusted / EBITDA

adjusted covenants. Once the banks have met with enough quorums, they have authorized that the 2Q-15 and 3Q-15 of the NIBD Adjusted / EBITDA Adjusted ratio not be measured.

COVENANTS AND PRODUCTION INDICATORS

measure as of june, 30th

2015

covenant

EQUITY RATIO

45,1%

> O EQUAL 42,5%

ACCOMPLISH

2,0

> O EQUAL A 1,2X

ACCOMPLISH

273,7

< O EQUAL US$ 320 MM

ACCOMPLISH

CURRENT LIQUIDITY MAX DEBT

The company and the owing companies have given a complete compliance to the determined obligations on June 30, 2015 and they have kept all of the substantial aspects of

status

the statements and decided insurances in the Contract for Reprogramming the Liabilities.

PRODUCTIVITY INDICATORS

2q15

2q14

18.617

15.892

49.980

52.807

1.330

1.222

1.922

2.031

2.701

TONS WFE

477

388

1.282

1.288

2.701

ATLANTIC SALMON

KG / M3

6,26

6,50

6,26

6,50

5,80

PACIFIC SALMON

KG / M3

3,22

2,90

3,22

2,90

7,90

SEA TROUT

KG / M

4,29

4,30

4,29

4,30

4,90

SALMON AND SEA TROUT HARVEST HARVESTED FISH FARMS OR FISH FARMS THAT ARE BEING HARVESTED

TONS WFE #

SALMON AND SEA TROUT HARVEST / HARVESTED FISH FARMS OR FISH FARMS THAT ARE TONS WFE BEING HARVESTED USED FISH FARMS* SALMON AND SEA TROUT HARVEST / USED FISH FARMS*

acum 15 acum 14

2014 108.025

FARMING DENSITY**

SURVIVAL CLOSED GROUP*** ATLANTIC SALMON

83%

87%

88%

86%

PACIFIC SALMON

95%

86%

89%

SEA TROUT

88%

89%

87%

86%

* Corresponds to fish farms that were in use at the end of the analyzed period. ** Farming density for sea licenses with farming at sea. *** Survival rate of the farmed fish groups closed Sourse: AquaChile

The company presented a Salmon and Sea trout harvest (in tons WFE) / harvested farm sites or in harvest ratio during the second quarter of 477 Tons WFE. Farming densities on June 30, 2015 at the aquaculture grow-out sea licenses per species are the following: i) At-

lantic salmon: 6.26 Kg/ m3; ii) Pacific salmon: 3.22 Kg/ m3; and iii) Sea trout: 4.29 Kg/m3. Furthermore, survival rates oobserved in the groups that closed during the 2Q15 were the following: i) Atlantic salmon: 83%; and iii) Sea trout: 88%.

RELEVANT EVENTS

RELEVANT EVENTS On January 19, 2015 an Essential Fact was sent communicating that the Company had subscribed a memorandum of understanding (the CTA) with the Norwegian Company Marine Harvest ASA (“Marine Harvest”) with the idea of going forward with the agreements and necessary proceedings to merge Marine Harvest Chile S.A. (“Marine Harvest Chile”), Chilean affiliate of Marine Harvest, with Empresas AquaChile S.A. (“AquaChile”), this last one being the surviving entity (henceforth the “Operation”) in agreeing with the stipulated terms and conditions of the CTA. In virtue of the Operation, Marine Harvest Chile is going to merge by incorporation to AquaChile including the recently acquired assets of Acuinova. Immediately after the potential merge, the current shareholders of AquaChile will be owners of 57.2% of the combined entity’s shares and Marine Harvest will be owner of 42.8% of this entity’s shares. Under the context of the potential merge, Marine Harvest has accepted to keep its shareholding participation in the combined entity up to June 15, 2016. After this, from June 15, 2016 to June 15, 2017, Marine Harvest will have the option of acquiring a higher percentage of the AquaChile’s shares through a public acquisition offer (“OPA”) which allows them a minimum of 55% of all AquaChile’s shares. The price of this OPA will be the highest between US$0.8856 per share and the market price for the AquaChile share at the moment of the OPA. The minimum price of US$0.8856 per share represents an award of approximately 41% in comparison to the pondered average of AquaChile’s share during the last 30 days before this day. On their part, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A., entities where the Puchi and Fischer families currently have a 33.03% of AquaChile, each one, have accepted the compromise of selling a sufficient number of shares at the OPA to assure Marine Harvest 55% of the combined entity, if the OPA is launched. The respective obligations of keeping the share participation of Marine Harvest and the sale in the OPA of Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuicolas S.A. will be closed after June 15, 2017. Also, Marine Harvest ASA, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will subscribe a definite document with which Inversiones Patagonia Limitada and Holding Salmones S.A. and Inversiones Acuícolas S.A. will have the right to vote up to June 15, 2017 on the amount of shares owned by Marine Harvest that would be necessary for them to choose the majority of the Board of Directors of the combined entity. In virtue

of this disposition Marine Harvest, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will be members of a controlling group with the agreement of a joint action. Furthermore, Mr. Victor Hugo Puchi will remain as President of the combined entity and will lead the current administration teams in the process of the potential merge and combined business. In conformity to the CTA, the potential merge will be subjected – besides the respective agreement of the shareholders meeting of AquaChile – that an agreement be made between the parties related with the definite document of the Operation; to the approval of its respective Board of Directors; and in the case of AquaChile their shareholders also; to a reciprocal due diligence process of both Companies; and, to the approval of the relevant authorities. The parties expect that the Operation will be concreted during the third quarter 2015. On April 22, 2015 the Essential Fact was sent informing the eruption of the Calbuco Volcano. It was informed that the company’s personnel was evacuated and are safe and sound, and that there were no records that the facilities of Empresas AquaChile S.A. and affiliates were damaged. On April 30, 2015 the Ordinary Shareholders’ Meeting was held where the following agreements were adopted: The Annual Minutes, Balance, Financial Statements and report from the External Auditing Company were approved. All of these are in reference to the year finished on December 31, 2014. The members that were elected to form part of the Board were Mr. Victor Hugo Puchi Acuña, Mr. Humberto Fischer Llop, Mr. Mario Puchi Acuña, Mr. Claudio Fischer Llop, Mr. Alejandro Pérez Rodriguez, Mr. Piero Solari Donaggio and Ms. Pilar Lamana Gaete, she is as independent. The remuneration of the members of the Board was fixed for 2015; and the expense account of the Board for 2014 was approved. The remuneration for the members of the Board of Directors Committee was fixed as also the budget for the Board of Directors Committee for 2015. The firm PricewaterhouseCoopers was designated as the external independent auditors for examining the accounting, inventory, balance and financial statements of 2015. The El Mostrador Newspaper was designated for the company’s publications. On April 30, 2015 an Essential Fact was sent informing that the Board of Director’s Meeting was held on April 30, 2015 where they agreed to elect as President of the Board of Empresas AquaChile S.A. Mr. Victor Hugo Puchi Acuña. In the same meeting, la Independent Director Ms. Pilar La-

RELEVANT EVENTS

mana Gaete proceeded on designating Mr. Huberto Fischer Llop and Mr. Alejandro Pérez Rodriguez to have part in the Board of Directors Committee of the Company together with her, in conformity to what is stated in Article 50bis of the Law Nº 18.046.v On June 9, 2015 an Essential Fact was sent to inform that the possible merge operation with Marine Harvest Chile was cancelled by mutual consent since neither parties could reach a definite agreement. This possible merge was subject to a series of condition precedents, which includes concluding final agreements, a satisfactory conclusion of the due diligence from both parties and the approval of the relevant authorities. AquaChile firmly believes in the importance of consolidating the Chilean salmon industry and they will continue in this endeavor. In June 2015, Empresas AquaChile S.A. agreed with a group of creditors’ bank – leaded by Rabobank – the main terms and conditions of a new syndicated loan. To refine the above Empresas AquaChile S.A. and an affiliate on June 23, 2015 agreed with their current creditor banks to extend for thirty days the quotas of the tranches of the bank debt of the company that expired on this day for the amount of US$122,539,638, agreeing to pay in accordance to the stipulated time limit and more – on the same day – to prepay the total of the rest of the debt that expired in 2018. The new syndicated loan – on the date that this is published has already been refined – considers a financing of up to US$290,000,000 agreed to pay the totality of the bank debt of US$246,289,638. Having generated this additional loan allows the necessary flexibility to assure an efficient and more effective administration of the stocks in the present business cycle.

In the same meeting, the indebted companies make a novation of their loans thus concentrating the new debts in this contract in Empresas AquaChile S.A. making itself the only new debtor. The following is a summary of the main refinancing agreements: a.- The novated and reprogrammed debt is decided on an 18 month bullet time limit (expiration date December 23, 2016). This considers an amount of up to US$290,000,000 which will be destined to pay the totality of the bank debt. Having generated this additional loan allows the necessary flexibility to assure an efficient and more effective administration of the stocks in the present business cycle, including the existing bilateral feasibility with the DnB Bank Agency in Chile, with the same credit structure, to reduce the number of creditor banks, and later, within the time limit, restructure the totality of the Company’s debt to long term in favorable market conditions and with the international market expected to be more stable. b.- The applied interest rate corresponds to a Libor rate plus a margin: Libor (180) plus 3.5% annual up to June 23, 2016; Libor (180) plus 4.5% annual since June 23, 2016 to December 23, 2015. c.- Besides certain financial covenants were established. These obligations consider the compliance of some financial indexes (covenants) calculated over the Consolidated Financial Statements of Empresas AquaChile S.A. on June 30, 2105, and on March 31st, June 30th, September 30th and December 31st of the following years which refer to the levels of Equity ratio, Net Financial Debt, Adjusted (NIBD Adjusted) / Adjusted EBITDA, Liquidity, and levels of Maximum Debt.

RELEVANT EVENTS

financial covenants*

2q-15

3q-15

4q-15

1q-16

2q-16

3q-16

4q-16

EQUITY RATIO 1

42,5%

NIBD ADJUSTED / EBITDA ADJUSTED 2

5,75X

7,25X

7,5X

5,0X

4,5X

LIQUIDITY 3

1,2X

MAXIMUM DEBT (M US$) 4

320

d.- The contract also establishes the possibility of voluntary anticipated amortizations, as also certain information obligations of making or not making this type of agreement their own in favor of the participating banks e.- Also a pledge of 151 aquaculture sea licenses were established as a pledge (accounting value of MUS$21.592 on June 30, 2016) of Empresas AquaChile S.A., Aguas Claras S.A.; Salmones Maullin Ltda. AquaChile S.A. and Salmones Cailin S.A. that will be transformed into mortgages and 5 facilities (accounting value of MUS$32.169 on June 30, 2015) that would constitute a guarantee. f.- Aguas Claras S.A. and Salmones Maullin Ltda will be sureties and reciprocal solidary co-debtors in favor of the Banks to assure that the obligations assumed by the Debtors will be complied with in the terms, conditions and established limitations in the Contract. g.- The shares of AquaChile S.A., Salmones Maullin, Aguas Claras S.A., Antarfish S.A. will be a pledge in favor of the Creditors to guarantee that all the obligations assumed by them will be complied with.

OUTLOOK

GROWTH IN THE HARVESTING VOLUME PROJECTED FOR THE 3Q15 - A 4% decrease in total harvests in comparison with the same period the previous year - A 5% decrease in Salmon harvests in comparison with the same period the previous year - A 0.4% increase in Tilapia harvests in comparison with the same period the previous year The harvesting plans for the third quarter 2015 project 21,235 WFE tons of Salmon and Sea trout, and 4,513 WFE tons of Tilapia.

HISTORICAL AND PROJECTED HARVESTS 2011 tons wfe ATLANTIC SALMON

2012

2013

2015

2014

2011

2012

2013

1q14

2q14

3q14

4q14

2014

1q15

2q15

3q15

∆qoq

Real

Real.

Real

Proy.

2015/2014

15.224

17.132

53.119

14.720

10.108

17.636

16.431

58.895

20.092

13.554

14.416

-18%

TROUT

26.458

33.104

28.139

11.073

5.784

4.697

4.211

25.765

4.636

5.063

5.951

27%

PACIFIC SALMON

25.578

34.574

20.994

11.122

12.243

23.365

6.636

868

TOTAL SALMONIDS

67.260

84.811

102.252

36.915

15.892

22.332

32.886

108.025

31.363

18.617

21.235

-5%

17.232

21.341

23.806

5.633

4.853

4.493

3.605

18.584

4.924

4.731

4.513

84.492

106.152

126.058

42.548

20.745

26.826

36.490

126.609

36.287

23.348

25.748

-4%

2011

2012

2013

1q14

2q14

2014 3q14

4q14

2014

1q15

2015 2q15

3q15

2014%

13%

210%

96%

-39%

16%

19%

11%

36%

-23%

-18%

-9%

25%

-15%

-7%

-19%

-8%

-58%

27%

TILAPIA COSTA RICA & PANAMA TOTAL SALMONIDS AND TILAPIA

Var % AoA y ToT ATLANTIC SALMON TROUT PACIFIC SALMON

24%

35%

-39%

18%

11%

-40%

TOTAL SALMONIDS

34%

26%

21%

28%

-27%

-15%

-17%

-5%

TILAPIA COSTA RICA & PANAMA

-9%

24%

12%

-7%

-27%

-31%

-22%

-13%

TOTAL SALMONIDS AND TILAPIA

22%

26%

19%

22%

-27%

-3%

-15%

-13%

-4%

Source: AquaChile

It is not AquaChile’s policy to make public the projections of their results or the variables that can impact them in an important way. Nevertheless, we are expecting that Salmon and Sea Trout international export prices to remain the same or continue to rise, taking

into consideration that the Chilean industry has moderated its fish stocks, the Norwegian industry has reached its production limits and the supply of salmon is expected to grow in the short and medium term in accordance with the growth of demand, which still remains robust in all of the markets where the company sells to. 21

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE 2013 figures in thus$ CURRENT ASSETS CASH AND CASH EQUIVALENTS OTHER FINANCIAL ASSETS - CURRENT

2014

2015

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

486.530

440.131

420.735

469.657

496.337

468.978

464.748

480.425

432.476

386.987

-19%

37.185

11.201

14.026

17.935

49.697

44.451

21.930

19.483

24.507

14.461

-26%

2q15 o 4q14

OTHER NON FINANCIAL ASSETS - CURRENT

4.459

2.867

2.455

1.263

2.548

3.242

2.195

2.389

3.907

3.260

36%

ACCOUNTS RECEIVABLES - CURRENT

82.551

95.977

79.577

88.184

117.802

73.314

72.515

106.557

72.207

54.776

-49%

8.018

8.697

6.925

23.910

8.668

20.974

18.513

19.938

16.047

7.864

-61%

347.044

316.223

311.728

332.538

311.850

325.045

347.675

327.360

310.922

302.569

-8%

TAX ASSETS - CURRENT

7.273

5.166

6.024

5.827

5.772

1.952

1.919

4.697

4.886

4.057

-14%

NON CURRENT ASSETS

396.059

409.874

410.542

423.345

410.387

413.430

442.181

419.477

433.614

440.680

11.378

OTHER NON FINANCIAL ASSETS - NON CURRENT

1.117

1.052

1.071

1.013

933

857

790

737

684

675

-8%

DOCUMENTS RECEIVABLES - NON CURRENT

150

1.972

2.018

2.105

2.222

2.380

2.670

2.812

3.454

11.225

11.083

221% -6%

ACCOUNTS RECEIVABLESWITH RELATED COMPANIES - CURRENT BIOLOGICAL ASSETS - CURRENT - INVENTORY

OTHER FINANCIAL ASSETS - NON CURRENT

ACCOUNTS RECEIVABLES WITH RELATED COMPANIES - NON CURRENT

3.482

3.727

3.737

1.413

1.339

1.403

1.164

974

922

913

INTANGIBLE ASSETS

INVESTMENTS USING PARTICIPATION METHOD

37.479

37.652

37.712

40.728

40.707

40.676

40.856

40.949

40.987

41.016

GOODWILL

59.349

59.423

59.314

54.989

53.247

0% -3%

PROPERTIES, PLANTS & EQUIPMENTS

201.630

204.053

202.376

234.017

230.203

228.224

228.067

222.239

220.136

216.673

BIOLOGICAL ASSETS - NON CURRENT

23.395

27.062

28.409

26.251

20.515

23.715

24.019

24.425

29.228

25.379

ASSETS BY DEFERRED TAX

56.107

63.359

64.290

51.184

47.793

49.368

77.956

61.924

65.657

80.166

29%

TOTAL ASSETS

882.589

850.005

831.277

893.002

906.724

882.408

906.929

899.902

866.090

827.667

-8%

CURRENT LIABILITIES

200.549

214.043

195.261

221.375

224.698

309.574

307.567

328.405

309.857

321.393

-2%

11.259

25.253

31.409

31.579

34.251

128.546

129.970

133.214

136.232

148.192

11%

172.493

159.021

134.733

167.311

164.011

160.296

160.873

177.310

157.999

155.899

-12%

13.943

25.551

23.714

20.340

19.605

18.004

16.108

17.335

14.805

16.151

-7%

189

1.896

1.964

142

266% 99%

OTHER FINANCIAL LIABILITIES, CURRENT ACCOUNTS PAYABLE - CURRENT ACCOUNTS PAYABLES WITH RELATED COMPANIES - CURRENT LIABILITIES FOR CURRENT TAXES PROVISIONS FOR EMPLOEYEE BENEFITS - CURRENT

469

518

592

249

700

721

578

507

754

1.009

2.196

3.689

4.813

4.167

1.984

290.840

272.680

274.664

268.149

267.681

163.534

173.965

150.089

146.500

132.450

-12%

OTHER FINANCIAL LIABILITIES, NON CURRENT

281.356

266.039

266.446

262.894

262.812

158.949

158.915

143.312

138.935

125.527

-12%

OTHER ACCOUNTS PAYABLE - NON CURRENT

1.151

1.020

1.018

1.267

1.125

1.048

967

1.409

1.179

1.156

-18%

OTHER NON FINANCIAL LIABILITIES - CURRENT NON CURRENT LIABILITIES

OTHER PROVISIONS - NON CURRENT

1.575

8.332

5.621

7.200

3.988

3.744

3.537

14.083

3.793

4.811

4.192

11%

TOTAL LIABILITIES

491.389

486.723

469.925

489.524

492.379

473.108

481.532

478.494

456.357

453.843

-5%

EQUITY

382.443

354.309

352.709

394.173

405.205

400.113

416.401

413.105

401.584

366.060

-11%

LIABILITIES BY DEFERRED TAX

MINORITY INTEREST TOTAL EQUITY AND LIABILITIES

8.757

8.973

8.643

9.305

9.140

9.187

8.996

8.303

8.149

7.764

-6%

882.589

850.005

831.277

893.002

906.724

882.408

906.929

899.902

866.090

827.667

-8%

Source: AquaChile

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT 2013 figures in thus$ SALES OPERATIONAL COST (1) OPERATIONAL MARGIN OTHER COST AND OPERATING EXPENSES (2) EBITDA PRE FV ADJ. DEPRECIATION & AMORTIZATION EBIT PRE FV ADJ.

2014

2015

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

∆ qoq

151.563

192.532

191.393

202.387

225.791

171.737

157.935

223.643

192.196

145.707

-15%

-164.948

-195.922

-184.697

-174.337

-178.639

-147.136

-147.086

-192.510

-177.413

-156.395

-13.385

-3.389

6.695

28.051

47.152

24.601

10.849

31.133

14.783

-10.687

-7.853

-8.497

-8.261

-8.862

-8.022

-9.570

-8.358

-9.340

-9.526

-8.321

13%

-21.238

-11.886

-1.566

19.189

39.130

15.030

2.491

21.793

5.257

-19.008

-5.927

-7.875

-6.384

-7.286

-8.140

-7.122

-7.010

-8.156

-7.888

-7.694

-8%

-27.166

-19.761

-7.950

11.902

30.990

7.908

-4.519

13.637

-2.631

-26.702

NET REVENUES FROM BIOLOGICAL ASSETS (3)

25.540

-10.810

8.246

24.716

-15.572

-12.486

2.316

-5.864

-11.012

-21.134

69%

EBIT POST FV ADJ.

-1.625

-30.571

296

36.619

15.418

-4.578

-2.203

7.773

-13.643

-47.836

-945%

FINANCIAL EXPENSES

-2.065

-2.324

-2.201

-2.679

-2.328

-2.259

-1.937

-2.119

-2.028

-1.973

-13%

210

121

162

134

195

123

143

147

138

-29%

FINANCIAL INCOME OTHER NON OPERATING ITEMS (4)

-226

-4.832

214

-1.388

1.231

-86

1.944

-4.852

1.183

-1.205

1295%

INCOME TAXES

-1.602

9.683

-335

-7.004

-3.310

1.684

-3.565

2.667

14.964

789%

NET INCOME

-5.308

-27.924

-1.930

25.709

11.146

-5.045

-2.060

-2.619

-11.675

-35.913

-612%

HISTORICAL HARVESTS AND SMOLTS STOCKING

HISTORICAL HARVESTS 2013 wfe tons ATLANTIC SALMON TROUT PACIFIC SALMON TOTAL SALMONIDS TILAPIA COSTA RICA & PANAMA TOTAL SALMONIDS AND TILAPIA

2014

1q13

2q13

3q13

4q13

7.527

16.529

15.249

11.876

5.298

5.780

real

2015

2013

1q14

2q14

3q14

4q14

2014

1q15

2q15

13.814

53.119

14.720

10.108

17.636

16.431

58.895

20.092

13.554

34%

5.186

28.139

11.073

5.784

4.697

4.211

25.765

4.636

5.063

-12%

real

∆ qoq

2015/2014

9.407

11.575

20.994

11.122

12.243

23.365

6.636

28.810

21.827

21.041

30.574

102.252

36.915

15.892

22.332

32.886

108.025

31.363

18.617

17%

6.074

6.627

6.485

4.620

23.806

5.633

4.853

4.493

3.605

18.584

4.924

4.731

-3%

34.884

28.454

27.525

35.195

126.058

42.548

20.745

26.826

36.490

126.609

36.287

23.348

13%

3q14

4q14

2014

Surce: AquaChile

HISTORICAL SMOLTS STOCKING 2013 thousands smolts

1q13

real

2q13 real

2014

3q13

4q13

real

2013

1q14

2q14

real

∆ yoy

2014/2013

ATLANTIC SALMON

4.486

2.534

5.511

4.706

17.237

3.479

3.329

5.128

5.022

16.958

-2%

SEA TROUT

2.040

3.999

2.150

2.196

10.385

2.254

1.912

3.254

1.494

8.914

-14%

PACIFIC SALMON TOTAL SALMONIDS

4.198

4.080

8.278

5.676

797

884

7.357

-11%

10.724

10.613

7.661

6.902

35.900

11.409

6.038

8.382

7.400

33.229

-7%

Source: AquaChile

NOTE ON FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements. These may include words like “anticipates”, “estimates”, “expects”, “projects”, “intends”, “plans”, “believes” or other comparable expressions. Forward-looking statements do not represent past events, including statements on the beliefs and expectations of the company. These statements are based on current plans, estimates and projections, and therefore cannot be overrated. Forward-looking statements entail certain risks and uncertainties. The company notes that a significant number of factors could result in current results to differ materially from those contained in any forward-looking statement. These factors and uncertainties include in particular those described in the document that the company submitted to the Chilean Securities and Insurance Commission (SVS), section on Risk Factors. Forwardlooking statements are related only to the date when they are made and the company assumes no obligation to publicly update any such statements in the presence of new information, future events or otherwise. This document purports to deliver general information on Empresas AquaChile S.A. Under no circumstance does it constitute an exhaustive analysis of the financial, productive, commercial and health situation of the company, and therefore any consideration on the advisability of acquiring or selling securities of the company would require the interested party to conduct an independent analysis. In accordance with applicable standards, Empresas AquaChile S.A. has sent its financial statements and notes to the Securities and Insurance Commission, which are available for consultation and analysis on its webpage at www.svs.cl and also at www. aquachile.com.