PRESS RELEASE

Carboclor reverses results

By
Friday, August 10, 2018

This press release from ANCAP was published using an automatic translation system.

Carboclor , the traditional petrochemical of ANCAP in Argentina, reverts the situation after a period marked by negative results. It achieved an increase of its net income of 90% of the devaluation process in Argentina with respect to 2017 and a cost reduction of 26% in the same period, despite inflation. A change in business orientation gave the historic company the opportunity to resurface.

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Carboclor is an organization known for its history, based in the city of Campana since 1968. A few months after its 50th birthday, today its main activity is focused on the provision of logistics services for renowned companies in the region. Its unbeatable location and its expertise in the handling of dangerous substances make Carboclor a strategic partner for its customers. And today, their results prove it.

Background

Carboclor was the first integrated producer of oxygenated, aliphatic and aromatic solvents and octane improvers in Latin America. For many years it was recognized nationally and internationally, for the quality of its products. But the path that this company has traveled has not been easy. In 2016 the firm was in difficulties when one of its main products, the MTBE, stopped joining local gasolines. And later, the external and internal conjuncture of the last years caused that in 2017 Carboclor went through its worst crisis.

In December 2016, Carboclor applied for the reorganization, and a few months later the industrial activity was terminated to focus on the logistics business of the port of Campana. This decision would allow the reorientation of the firm with the focus on developing its full potential, privileged to be in an exceptional location. Before this restructuring ANCAP had announced the intention to find alternatives such as the total or partial sale of its participation, associations, etc. Although no concrete proposal was captured, this process is still open.

The current authorities of the ANCAP group have committed themselves to concentrate on core businesses. In this context, it is considered strategic to minimize participations outside of Uruguay. Following this line is that in 2017 the interest of ANCAP was sold in the Aguada de la Arena deposit.

Carbochlor today

Today, Carboclor's situation took a fundamental turn. Thanks to a financial restructuring and its operations, the company has reached an agreement with the creditors and has reversed its negative results. During the month of June, the operational balance point was reached. Although the result of the first semester is negative, this is due to the accumulated of the first months and other effects of drag.

Since the industrial turnaround ended, efforts were directed to review and optimize the cost structure, develop the logistics business on a sustainable basis that could be projected in the future and regain confidence in the market. In addition, it focused on the search for new clients as well as the incorporation of new storage services.

In this line, in August of 2017 we started working with two clients and nowadays we have a dozen. It was also possible to expand the range of products and ratings, so today, in addition to chemical products and petroleum products, fat and animal bait began to be stored with the consequent authorization of SENASA.

This favorable result, product of the effort of the entire Carboclor team, is only the beginning. The biggest challenge is to achieve sustainability of these results and on that basis, begin to transit a stage of growth of the company that allows, once again, take it to its full potential.

These 50 years of Carboclor's history were marked by gratifying events and complex situations that could be overcome with a strong commitment from all his team and his shareholders. The half century of the company leaves as a learning the need to reinvent itself to face the future.

In this new stage, Carboclor is led by a team with strong female presence in key positions. The change in the company was driven by the General Manager Cr. Mariana Trentín, together with the Manager of Administration and Finance Cr.Mirna Florentín, the Head of Legal Affairs and relationship with the CNV, Dr. María Agustina Bermani, accompanied by the Manager Logistics Operations Ing. Eduardo Dimilito and Commercial Manager Lic. Gustavo Nogueira. The team worked in coordination with the Carboclor board chaired by another woman, Ing. Marta Jara, also President of ANCAP.