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MESSAGE FROM THE BOARD OF DIRECTORS
2019 was a challenging year for us at Athena Foods, despite the fact that the achievements exceeded all expectations in regards to efficiency, operational capacity, and economic-financial results. Our operations are carried out in five different countries, each with its own characteristics and market scenarios, and yet we were able to take advantage of the excellent business opportunities, especially those presented by the high demand from China. We have maintained our position as the leader in beef exports in South America, increasing our gross revenue to US$ 1.9 billion, 6.7% higher than in 2018.

It was the first year in which we acted from beginning to end under the pioneering vocation of our parent company, Minerva Foods, which throughout its history has faced all adversities and has positioned itself ahead of the development of its sector. It is a Company that keeps its eye on innovation and management discipline – characteristics that are also embedded within our own DNA.

Iain Anderson Mars

CEO
Profile
Athena Foods
Athena Foods is a privately held corporation, the leading exporter of fresh beef and its derivatives in South America and the most geographically diverse player in Latin America. It was founded in Chile by the Brazilian company Minerva S.A. in August 2018 to manage all the operations the parent company already had in Argentina, Colombia, Paraguay and Uruguay. 102-1 | 102-5
STRATEGY AND MANAGEMENT
The geographical diversification of operations in South America is at the heart of Athena Foods’ business strategy. Its plants in Argentina, Colombia, Paraguay and Uruguay are located near ports that provide the best access to markets around the world. This positioning also increases the company’s ability to export to different countries and allows it to increase its business opportunities.
CORPORATE GOVERNANCE
The corporate governance of Athena Foods is aligned with the criteria set by the laws governing public companies in Chile. These are Ley de Sociedades Anónimas No. 18,046 and the requirements of the Comisión para el Mercado Financiero (CFMCMF), a decentralized public service, of a technical nature, endowed with legal personality and its own assets, which is related to the President of the Republic through the Ministry of Finance.

The Company’s Bylaws establish the norms for acting in the capital markets, define the composition of the Board of Directors, the responsibilities of the directors and the election of members for ordinary and extraordinary general meetings. The document also establishes that auditing of accounting, inventory, balance sheet and other financial statements shall be performed by an external auditing firm.

OPERATIONAL PERFORMANCE
The surprising increase for the demand of beef from China mobilized the global market and boosted Athena Foods’ operating performance in 2019. The asian continent was the main destination of its exportations, corresponding to 46% of the total, of which, 42% was directed to China from the units located in Argentina and Uruguay.

This market shift has also benefited the performance of Athena Foods in Paraguay. This was a result of customers from countries that have redirected their sales to China, for example: Brazil, Argentina and Uruguay, have increased their purchases of beef from Paraguay.

ENVIRONMENTAL
MANAGEMENT
Athena Foods is committed to the constant search for excellence in the management of the use of natural resources, fully complying with the pertinent legislation in each of the countries of which it operates. The Company maintains instruments that enable the proper management of water consumption, solid waste generation, liquid effluents and atmospheric emissions in all its units.
RELATIONSHIPS
Internal Public
Athena Foods maintain formal policies and procedures on recruitment and job creation that define commitments regarding the achievement of employee growth and professional development, respect for diversity and to create equal opportunities with equal treatment for all and the rejection of the practice of labor analogous to slavery or child labor.

103-21: Employment

By the end of 2019, Athena Foods had 7,491 employees, of whom 6,368 were men and 1,123 women. The Company believes that the success of the company depends on the satisfaction, motivation and enthusiasm of all its employees. The Company has adopted measures and procedures that provide a healthy and enriching environment, in addition to stimulating the personal and professional development of those who work in its units. Likewise, it continuously invests in training and campaigns in order to engage its employees in safe and sustainable practices, providing information on health and well-being.