1Q15 Results. Paseo de la Reforma 725 Col. Lomas de Chapultepec, Miguel Hidalgo, CP , Distrito Federal, México.

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1 1Q15 Results 1

2 Highlights 3 Independent Proteak Valuation 3 Capital Increase 4 MDF Project 4 Forestry Development 6 Results and Key Indicators 7 Balance Sheet Analysis 10 Cash Flow Analysis 11 Stock Development 13 Proteak Informs 14 Financial Statements 15 2

3 Highlights 1Q15 Proteak signed a Cooperation Agreement with Financiera Maderera S.A. (Finsa). The Agreement includes the joint operation of Proteak s MDF plant, technology transfer and the marketing of Finsa products in Mexico. Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero (FND) authorized a credit line for MXP 200MM to Proteak destined for Eucalytpus plantations. The Extraordinary Shareholders Meeting declared a capital increase through the emission of 25,000,000 OPCs at a price of MXP 15. Arrowhead increased the target price for Proteak s OPCs placing it in a range between MXP and as of April The methodology is based on discounted cash flows. The construction of the MDF plant in Huimanguillo, Tabasco continues according to schedule. The 2014 external audit was completed successfully. Independent Valuation of Proteak Arrowhead updated its independent valuation of Proteak, placing the value of the Company s OPC between MXP and MXP as of April The valuation was performed using discounted cash flows and considering Proteak s Teak and Eucalyptus business units, as well as the development of the MDF plant in Huimanguillo, Tabasco. The valuation report is currently published on Proteak s website: 3

4 Capital Increase The Extraordinary Shareholders Meeting celebrated on March 20 declared a capital increase through the emission of 25,000,000 Ordinary Participation Certificates (OPCs) at a price of MXP 15 per OPC. The OPCs issued were offered for subscription to shareholders of Proteak on April 21 at a rate of 1 (one) new OPC for every 9.73 OPC held. Over a period of 15 days, the shareholders may exercise their preemptive right. Once the period is over, the remaining OPCs may be subscribed in terms approved by the Extraordinary General Shareholders Meeting. MDF Project The development of the country s most important industrial forestry project continues according to schedule. During the quarter, Finnfund deposited USD 2.4MM to complete its total investment of USD 10MM. In line with the Cooperation Agreement with Finsa, including technology transfer and the joint operation of Proteak s MDF plant, the Planning Director from the Spanish timber company is already on site. Also as part of the Agreement, the marketing of Finsa products began in the in Central Zone of Mexico. In line with the turnkey agreement with Dieffenbacher, their team started assembling equipment. During the quarter, the platforms and piles for the MDF plant in Huimanguillo, including those for the electrical substation, were completed. The key foundations for the assembly of machinery were released and 95% of the main industrial structure was completed. 4

5 The land where the gas duct will pass has ben purchased. It will supply the energy turbine. In addition, work for the connection to the Pemex line started. The CFE has approved the layout for the electrical supply and the energy supply is ready for the equipment assembly. A video of the construction of the MDF plant is available on the website of Proteak using the following links:

6 Forestry Development The annual plantation program continues according to schedule. For Eucalyptus, the first 100 hectares were prepared for planting, in time before the rains. For Teak, strategic plantations were thinned in Tabasco in order to allow for the best trees to grow during the coming years. As part of its Research and Development Program, Proteak received four Eucalyptus clones from Brazil. These clones will allow Proteak to continue improving quality and growth rate of its plantations. During the quarter, FND authorized a MXP 200MM credit line for Proteak. The purpose of these funds will be the establishment and maintenance of up to 6,000 hectares of Eucalyptus plantations in the southeast of the country. The wood will be used to supply the MDF plant that Proteak is currently building in Huimanguillo, Tabasco. 6

7 Results and Key Indicators SUMMARY OF RESULTS AND KEY INDICATORS 000 MXP 1Q'15 1Q'14 T vs T YTD 2015 YTD 2014 YoY Teak Sales 19,473 31,496 (38%) 19,473 31,496 (38%) Eucalyptus Sales 10,111 13,235 (24%) 10,111 13,235 (24%) Income from Revaluations 45,437 21, % 45,437 21, % Other Income 1, % 1, % Teak Sales Cost 16,808 25,930 (35%) 16,808 25,930 (35%) Eucalyptus Sales Cost 9,585 12,748 (25%) 9,585 12,748 (25%) Gross Margin 49,681 27,753 79% 49,681 27,753 79% Teak Gross Margin Without Revaluation 2,664 5,566 (52%) 2,664 5,566 (52%) Eucalyptus Gross Margin Without Revaluation % % Operating Income 25,167 5, % 25,167 5, % Debt 642, ,239 94% 642, ,239 94% Total Liabilities / Total Assets % % Debt / Equity % % Debt / Total Assets % % Debt / Current Assets % % N/C Not Comparable Sales I. Income Statement Analysis During the first quarter of 2015 profits were reported in all business lines of the Company. Quarterly Sales amounted MXP 30MM. During the quarter, the Sales strategy continues to privilege prices over volume, strengthening sales in India and reactivating export to China. In the case of Eucalyptus, after honoring all sales contracts of FOMEX, Proteak decided to modify its Sales strategy. Only wood in stock and/or marginal places will be sold, decreasing Eucalyptus Sales considerably during As part of the Agreement with Finsa and the Company s commercial strategy, Proteak started marketing Finsa products in the in Central region of Mexico. 7

8 (' MXP) 50 Total Sales FY15 vs FY14 (' MXP) 60 Historic Sales per Quarter YTD14 Teak Sales Eucalyptus Sales YTD15-1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 Teak Sales Euc. Sales Net quarterly Sales totaled MXP 76MM, growing 15% over the same quarter last year, mainly driven by the 1Q15 revaluation increase. Net Sales include the sale of goods, Subsidies received, and revaluations resulting from the change in fair value of Biological Assets. Proteak prices continued to strengthen in Asia. 80% of the volume was sold at a price 20% above target price. Furthermore, prices were 7% higher than those obtained in Teak Prices 180% % % % 300 USD 100% 80% Cubic Meters 60% % % 50 0% P2 P3 P4 P5 P6 P7 P8 P9 Volume 1Q15 Anual Standing Average Price 2014 Standing Average Price 1Q15 Target Price - 8

9 During the 1Q15 the Company delivered more than 90 containers of Teak in Asia, all from Proteak s plantations in Colombia. The Company s Income includes subsidies from CONAFOR s PRONAFOR plantation program for MXP 1MM and income from the revaluation of biological assets. The latter is determined projecting the reasonable value of the plantations based on their historical growth rate, according to international accounting standards. Sales Costs, General Expenses and Net Income The Gross Profit of the first quarter 2015 (including other income) was 65%, 24 percentage points, above the first quarter of Moreover, profits were obtained in every line of business. Sales and Good Costs Teak Eucalyptus Other Species and Products Income Costs General Expenses totaled MXP 26MM during the quarter; these are in line with the Company budget and reflect the investment phase in which Proteak is currently in. The result of the increase in Net Sales, combined with an important improvement in margins, coupled with the significant growth of Biological Assets and a strict control of General Expenses, resulted in an Operating Income of MXP 25MM, higher than the one registered the same quarter last year for MXP 6MM. Net Income for the quarter reached MXP 17MM, higher than the MXP 2MM registered in 1Q14. 9

10 II. Balance Sheet Analysis Assets As of March 2015, total assets of the Company amounted to MXP 3,470MM, 11% higher than year-end 2014, mainly driven by the incorporation of the equipment of the MDF plant that began arriving in January 2015, and the exchange rate that affects the Teak Biological Assets. Among Current Assets, accounts receivable stand out as a natural consequence of a more efficient portfolio rotation. Real Estate reflects a value increase of 10% compared to year-end 2014, the key factor being the construction of the main industrial structure of the MDF plant. Machinery and Industrial Equipment reflects a value increase of MXP 367MM driven by the equipment integration for the MDF plant, which is already being installed. With this increase, Machinery and Forestry Equipment totaled MXP 421MM. Biological Assets (Current and non-current) reflect an increase of 5% compared to December 2014 mainly due to the growth provision of the Biological Assets corresponding to the first quarter of According to Proteak s policy, the company has to provision the growth of Biological Assets every quarter. The value of Proteak s plantations is mainly modified by four factors: (i) capitalized forestry expenses, (ii) Exchange rate, (iii) revaluations representing the growth of biological assets, and (iv) outflows from the wood s cost of sales. So far this year, the following has been registered: (i) MXP 27MM in capitalized forestry expenses, destined for the maintenance of existing plantations to improve their expected return by promoting higher growth rates, (ii) MXP 10MM from revaluation of the USD, (iii) MXP 45MM in revaluation derived from the previously discussed growth, and (iv) MXP 13MM, which represent the wood s cost of sales. During the quarter, harvested wood amounted to 9.4Mm 3 (thinning and harvest). Long-Term Assets Kept for Sale is mainly non-strategic land that will be sold in the medium term. These assets are located in Costa Rica and were worth MXP 89MM as of year-end

11 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Debt/Equity Historic Total Assets MXP MM Equity Liabilities Liabilities and Equity Deferred Tax Liabilities reflect the provisions that were generated by the annual calculation of 2014 taxes. Other Liabilities with Cost recorded an increase of MXP 311MM, mainly due to the first disbursements of the credit Proteak has with AKA-Commerzbank for the MDF plant. Total Equity of the Company at the end of the 1Q15 totaled MXP 2,516MM and Proteak s solvency continues strong with and Equity to Liabilities ratio of 3 to 1. III. Cash Flow Analysis The Company s Cash Flow position had a net decrease of MXP 45MM, most of which was used to finance investment activities and new plantations. The main adjustments to Income derive from the following; (i) Revaluations, (ii) Cost of Sales, and (iii) Capitalized Interest. Investment activities reflected the use of MXP 356MM, net of the sale of certain Assets Available for Sale, destined mainly to Advanced Payments to suppliers and Civil Works costs related to the MDF plant. The difference between Operating Flows and Investment Activities was mainly financed with capital contributions from institutional investors and Finnfund (USD 2.4 MM). The period s cash flow evolved in line with the Company s investment plan, ending in a cash position of MXP 79MM. 11

12 Environmental Development The annual FSC Forest Manangement audit for Eucalyptus plantations in Mexico concluded succesfully as well as the Chain of Custody audit for Proteak Renewable Forestry. The IFC Annual Monitoring Report, which reviews indicators regarding health and security, pollutant control, implementation of the Environmental and Social Action, among others, was presented according to shedule. The United Nation s Global Compact Communication on Progress Report was presented according to schedule. Proteak joined this organiztaion voluntarily and reported on its performance regarding human rights, labor standards, environment, anti-corruption, among others, in its business strategies and operations. 12

13 OPC Price Development In January 2015, the OPC reached a maximum price of MXP During the quarter, the market continued to recognize the fundamental value of Proteak and the price of its OPC was stable with an average of MXP 15.13, vs. MXP during 1Q14. Average Jan-Mar $15.13 Volume Average: 16,464 Average Jan-Mar $10.95 Volume Average: 6,352 Price Volume 13

14 Proteak Informs Independent Analyst As part of the independent analyst program, follow-up of Proteak s OPC is performed by: Ernesto Gustavo O Farrill Santoscoy eofarrills@bursametrica.com Tel: (55) Bahía de Todos los Santos #26 Col. Verónica Anzures Delegación Miguel Hidalgo C.P , México, D.F. Investor Relations Agency Alejandro Ramírez Arcia alejandro.ramirez@irconsulting.mx Tel: +52 (55)

15 Financial Statements The following table presents a summarized quarterly Income Statement in MXP 000, and a comparison with the same periods of Regarding Gross Profit, Operating Profit and Net Income, the table shows the percentage of net sales plus revaluation income they represent. Income Statement 1Q15 % 1Q14 % Δ 1Q'15 vs 1Q'14 Teak Sales 19,473 26% 31,496 47% (38% ) Eucalyptus Sales 10,111 13% 13,235 47% N/A Income from Revaluations 45,437 60% 21,361 32% 113% Subsidies 1,053 1% 339 1% N/A Teak Cost of Sales 16,808 22% 25,930 39% (35% ) Eucalyptus Cost of Sales 9,585 13% 12,748 19% N/A GROSS PROFIT (LOSS) 49,681 65% 27,753-0% 42% 79% 0% 0% 0% General Expenses 25,653 34% 19,486 29% 32% Other Income/Expenses 1,138 1% - 2,510 (4% ) 145% OPERATING PROFIT (LOSS) 25,167 33% 5,757 9% 337% Products / Financial Expenses (8,718) (11% ) 3,402 5% (356% ) Other Financial Expenses 132 0% - 0% N/A Conversion Effect 16,495 22% - 0% N/A Financing Results (7,909) (10%) (3,402) (5%) (132%) (Loss) Profit Before Income Taxes 17,258 23% 2,355 4% 633% Income Taxes 0 0% 0 0% N/A Net Income 17,258 23% 2,355 4% 633% Conversion Effect 4,920 6% - 0% N/A Comprehensive Income 22,178 29% 2,355 4% 842% 15

16 The following table presents the consolidated Balance Sheet as of the first quarter of 2015 in MXP 000, and its comparison with 1Q14. Balance Sheet 1Q15 1Q14 Δ1Q15 vs Dec'14 % Cash & Equivalents 79, ,508 (45,358) (36% ) Accounts Receivable (Clients) 44,344 89,482 (45,138) (50% ) Other Accounts Receivable 98, ,654 (8,837) (8% ) Inventory 36,081 37,586 (1,505) (4% ) Current Biological Assets (Mature) 267, ,439 90,561 51% Assets Available for Sale 88,942 88,942 - (0% ) Other Assets 17, , % CURRENT ASSETS 632, , ,667 1% Property 1,016, ,637 95,609 10% Plant and Equipment 421,386 54, , % Other Equipment 15,181 14, % Accumulated Depreciation (29,611) (25,876) (3,735) 14% Non-Current Biological Assets 1,110,858 1,138,945 (28,087) (2% ) Long-Term Accounts Receivable 25,349 11,163 14, % ISR 19,205 42,519 (23,314) (55% ) Other 62,175 23,335 38, % Deferred Payment 197, ,087 (117,714) (37% ) NON-CURRENT ASSETS 2,838,162 2,494, ,476 14% ASSETS 3,470,325 3,120, ,143 11% Accounts Payable 41,675 40,092 1,583 4% Payable taxes N/A Other Current Liabilities 47,019 93,490 (46,471) (50% ) CURRENT LIABILITIES 88, ,582 92,911 (34%) Long Term Debt 642, , ,150 94% Deferred Taces 223, ,177 47,385 27% Other N/A LONG TERM LIABILITIES 865, ,417 96,061 71% LIABILITIES 954, , ,972 49% Capital Stock 698, ,716 - (0% ) Accumulated Earnings (Loses) 26,873 (61,072) 87,945 (144% ) Conversion Effect 268, ,678 (4,237) (2% ) Revaluation Surplus 101,295 89,692 11,603 13% Other Integral Results 111, ,086 5,899 6% TOTAL EQUITY 2,515,680 2,479,235 36,445 1% TOTAL LIABILITIES + EQUITY 3,470,325 3,120, ,417 11% 16

17 April 28 th, 2015, Mexico City. Today, Proteak Uno, S.A.B. de C.V. (BMV: TEAK) has published its 1Q15 results. This information is presented according to Financial Reporting Standards (NIF) in nominal terms. 17

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