Francisca Manuschevich fmanuschevich@gerencia.cmpc.cl (56-2) 441 2867 José Antonio Correa jacorrea@gerencia.cmpc.cl (56-2) 441 2410
EMPRESAS CMPC S.A.
1st Quarter 2008 Results (1Q08) April 30th, 2008
During the first quarter of 2008, pulp prices continued increased, both in hardwood and softwood. At the same time, the commercialization of plywood has helped to offset the negative effects associated to the slowdown in the US housing market. The Chilean peso showed a 12% appreciation against the US dollar. CMPC’s consolidated sales for 1Q08 reached US$865 million, registering a 9% increase when compared to 4Q07. During this quarter, there were higher volumes and sale prices in every division; except pulp, which registered a slight decrease in volumes.
EBITDA during 1Q08 reached US$222 million, showing a 5% increase when compared to that of 4Q07. This higher EBITDA is mainly explained by an increase in consolidated sales, which was partially offset by higher costs due to the effect of the peso appreciation and higher costs of some raw materials, energy and transport. EBITDA margin registered a 1% decrease compared to the previous quarter, reaching 26%.
FINANCIAL REPORT
Net Income in 1Q08 amounted to US$123 million; 8% higher than that of 4Q07, mainly due to the increase in EBITDA and other non operational results.
CMPC’s net debt as of the end of 1Q08 stood at US$1,474 million, increasing US$112 million during the last quarter. 38% of this increment is explained by the effect of the appreciation of the Chilean peso over the debt denominated in local currency.
During this quarter, the new tissue paper machine in Argentina started operations. Financial Highlights (1 ) In million USD % Change
Sales EBITDA Depreciation & Stumpage Net Income Net Debt Net Debt / Capitalization (2 ) Market Capitalization Closing exchange rate
www.cmpc.cl Conference Call: Monday, May 5th 11:00 AM ET US Toll Free: 1.888.482.0024 International dial: (1 617) 801-9702 Password: 64592088
(1)
1Q07 666 191 (69) 77 1,469 18.5% 6,491 539.21
4Q07 791 211 (84) 114 1,362 19.4% 7,567 496.89
1Q08 865 222 (91) 123 1,474 18.5% 8,311 437.71
QoQ
YoY
9%
30%
5%
16%
8%
33%
8%
60%
8%
0%
-1%
0%
10%
28%
-12%
-19%
Figures in USD million. Income Statement and Cash Flow Statement figures have been translated according to quarterly average exchange rate. Balance Sheet’s figures have been translated according to the closing exchange rate as of the end of each quarter. This criteria has been adopted starting 1Q05, since in CMPC´s opinion, this criteria reflects the company’s results in a better way. (2) As of the end of each quarter.
INCOME STATEMENT ANALYSIS
Net Income for 1Q08 reached US$123million, 8% higher than the previous quarter. This increase is mainly explained by the higher EBITDA, and a higher non operational result. (Figure 1).
Figure 1: Net Income Analysis In USD million 150
10
11
130
123
114 4
7
2
110
90
70
50
∆ EBITDA
Net Inco me 4Q07
Total revenues reached US$865 million, registering a 9% increase compared to the previous quarter, and 30% higher than the same period of the previous year. During 1Q08 all business areas showed price increases, except in the forestry division, which showed no variations in its sale prices. Although value added woods suffered a decrease in prices, this was partially offset by the strong increase in plywood sales. On the other hand, there was an increase in volumes in all the divisions except pulp, which showed a slight decrease in volumes. (Figure 2).
Empresas CMPC – 1Q08 Report
∆ Dep reciatio n
∆ Financial Exp .
∆ Other No n Op erating
∆ Price Level Res tatement
Net Inco me 1Q08
Figure 2: Sales Breakdown Analysis to Third Parties (Price & Quantity Effect) In USD million +7
+10
+9
+30
+19
1000 950 900 850
9
791 13
1
21
14
5
865
8
7
800
0
3
750 700 650 Q = Volume
600 P = Price
550 500 Total Sales 4Q07
Forest
Pulp
Papers
Tissue
Paper Products
Total Sales 1Q08
2
Income Statement ANALYSIS The Forestry and solid wood business registered a 7% increase in sales (US$+7 million) during this period, mainly due to an increment in sale volumes. The total sales volume increased 8%, due to the significant increase in plywood sales, together with a higher volume in both, pulpwood (+49%) and other wood sub products. This was partially offset by a reduction in sawnwood (-10%) and remanufactured wood (-13%). The average sale price showed no variations compared to the previous quarter. Although both sawnwood and remanufactured wood registered a decrease in their sale price, the incorporation of plywood in the products mix sold offset the effect of this reduction in the average sale price. The effect of the weakness of the North American market in the sales of this division has been partially offset by a reallocation of some products in markets like Australia and Japan. Pulp sales increased 3% (US$+10 million) during 1Q08 compared to 4Q07, due to an increase in the price of both fibers. This higher average price was partially offset by a reduction in volumes (-2%). Hardwood volumes increased 2%, which was not enough to offset the 5% decrease in softwood volumes. These lower volumes are explained by a seasonal reduction due to the fact that some markets in the southern hemisphere normally reduce their purchases during january and february, after strong purchases in december. The average pulp price showed a 4% increase when compared to 4Q07, reaching CIF 746 US$/ton and CIF 698US$/ton for softwood and hardwood respectively. During this period, the spread between both fibers reached 47 US$/ton. Paper business during 1Q08 registered a 6% increase (US$+ 9million) in its consolidated sales compared to 4Q07 explained mainly by higher prices and to a lesser extent, to slightly higher volumes. A breakdown of the different paper grades in this business shows that Newsprint volumes registered a decrease during the quarter explained by lower production due to energy optimization. On the other hand, prices increased 4%, following the rises in the foreign markets. Boxboard average sale price registered an increment, mainly in the local market (+10%), due to the appreciation of the chilean peso, and to a lesser extent in the export market. On the other hand, volumes increased 2%. Finally, Packaging paper showed a reduction in volumes while its prices continued to increase. Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Brazil, Mexico and Colombia showed a 17% increase in sales (US$+30 million) during the 1Q08, explained by higher prices and volumes in both, tissue paper and diapers and Feminine Care Products. Tissue paper volumes increased 3% whereas those of diapers and Feminine Care Products increased by 16%. Paper products business during 1Q08 registered a 24% increment (US$+19 million) in sales compared to 4Q07. This rise is mainly attributable to higher sale volumes (+17%), especially in corrugated boxes (+20%) and moulded pulp trays (+139%) explained by the proper seasonality of this business (fruit export season in Chile). The average sale price increased 6%.
Empresas CMPC – 1Q08 Report
3
Income Statement ANALYSIS
A breakdown of CMPC’s sales to third parties by destination during 1Q08 shows that 52% of the sales corresponded to exports, 32% to the domestic market in Chile and 16% to domestic markets from foreign subsidiaries (Figure 3).
Figure 3: Sales to Third Parties Breakdown by Destination Based in USD sales
Domestic Sales from Foreign Subsidiaries 16%
Export Sales 52%
Domestic Sales in Chile 32%
CMPC’s sales breakdown to third parties by business for 1Q08 shows that the Pulp business contributed with 34% of total revenues, followed by Tissue and Paper contributing with 24% and 19% of total sales respectively. Finally, Forestry and Paper Products’ businesses represented 12% and 11% of total revenues respectively (Figure 4).
Figure 4: Sales to Third Parties Breakdown by Business In USD million 100% 80%
10%
10%
11%
24%
20%
19%
Paper products Papers Tissue
60%
22%
23%
24%
Pulp Forestry
40% 27%
35%
34%
17%
12%
12%
1Q07
4Q07
1Q08
20% 0%
Empresas CMPC – 1Q08 Report
4
Income Statement ANALYSIS
Costs of goods sold excluding depreciation amounted to US$483 million, 14% above than those of 4Q07. The rise in costs is mainly explained by the effect of the appreciation of the chilean peso over the costs denominated in that currency. Additionally, the quarter registered higher costs of certain raw materials, especially wood (affected by the appreciation of the chielan peso), together with an increase in the cost of energy due to higher fuel prices. Costs of goods sold in 1Q08 represented 66% of total sales, 2% higher than in the previous quarter. Sales, General and Administrative expenses increased 2% when compared with expenses during 4Q07 closing at US$160 million. As a percentage of total sales, SG&A expenses represented 18% of them. Higher SG&A expenses are basically explained by the increment in sales, since when expressed as a percentage of otal sales they decreased 2%.
Figure 5: EBITDA Variation by Business In USD million 250
CMPC’s consolidated EBITDA reached US$222 million, 5% higher than EBITDA in the 4Q07.
230
4
17
211 210
5
222
2 11
190 170
Higher EBITDA is mainly explained by better margins in all the business divisions except forestry and paper.
150 130 110 90 70 50 EBITDA 4Q07
Empresas CMPC – 1Q08 Report
Forest
Pulp
Papers
Tissue
Paper Products
EBITDA 1Q08
5
Income Statement ANALYSIS
Lower EBITDA in the Forestry division is explained mainly by higher harvesting and transport costs, due to the increase in the cost of fuels and the appreciation of the chilean peso, together with higher expenses associated to forest protection. The increase in EBITDA in the Pulp division, is due to the rise in prices registered during the quarter; whereas in the Tissue business, this increment stems from the sharp increase in sales. On the other hand, the decrease in EBITDA in the Paper division is mainly due to costs pressures related to the higher cost of wood and fuels. Finally, the rise in the Paper Products EBITDA is due the seasonal increase in sales. (Figures 5 and 6).
Figura 6: Detalle EBITDA trimestral por divisiĂłn Millones de USD
240 220 200 180 160 140 120 100 80 60 40 20 0
9 12 34
33 27
13 31 30
23
Productos Papel Papeles T issue Celulosa Forestal
120
137
15
22
11
1Q07
4Q07
1Q08
106
Financial expenses during 1Q08 increased 10% compared to 4Q07, amounting to US$18.3 million. This rise is mainly due the higher interests expenses as a result of a higher total debt. The average cost of debt for 1Q08 was 4.5%, decreasing 0.4% when compared to the previous quarter. Interest coverage ratios such as EBITDA/Financial Expenses and Average Debt/EBITDA reached levels of 11.93 and 1.86 times respectively, considering the last twelve months. Price Level Restatement and FX Differences resulted in a net gain of US$26.3 million during the 1Q08. Income Tax in 1Q08 was US$15.4 million. The effective tax rate for the year comes to 11%.
Empresas CMPC – 1Q08 Report
6
Income Statement ANALYSIS
Current assets increased 18% in dollars when compared to the previous quarter, an increment largely attributable to a higher cash and marketable securities, together with a rise in accounts receivable and inventories. As of the end of 1Q08, 28% of cash and marketable securities were denominated in Chilean pesos, 69% in US dollars, and the balance mainly in euros and other currencies.
Fixed assets increased 13% in dollars from the end of 4Q07, mainly due to the effect of the appreciation of the Chilean peso and the investments undertook during this period, which accounted for US$ 68 million. Current liabilities as of the end of 1Q08 rose 31% when compared to 4Q07, mainly explained by the increment in finantial liablities, both short term (+89%) and long term-short term portion (+75%). The rise in the short term finantial liablities is mainly explained by the increase in PAEs taken by the company; whereas the increase in the short term portion of the long term liabilities is due to the transfer of a US$ 116 million amortization of a bank loan from long to short term. Long term liabilities were up 1% during 1Q08. This is explained by the effect that the Chilean peso appreciation has over the portion denominated in that currency. Total CMPC debt reached US$1,728 million as of the end of 1Q08, 13% above than that of the previous quarter. As of the end of 1Q08, 59% of CMPC´s debt was denominated in USD, 36% was denominated in Chilean pesos and the balance in Mexican pesos and other currencies. De bt bre akdown
% Ch ange
In millionUSD
1Q07
4Q07
1Q08
Q oQ
Short term debt
246,6
168,6
318,4
89%
29%
Short term portion of long term debt
100,4
167,5
285,8
71%
185%
1.281,1
1.193,1
1.124,0
-6%
-12%
1.628,2
1.529,2
1.728,2
13%
6%
159,6
167,1
253,9
52%
59%
1.468,6
1.362,1
1.474,3
8%
0%
4,8%
4,9%
4,5%
-0,4%
-0,3%
Long term debt Total debt Cas h & cas h equivalents Net debt Average cost of debt
YoY
Total Shareholder’s Equity as of the end of 1Q08 was US$6,322 million, 15% higher than that of 4Q07. This rise is mainly attributable to the appreciation of the Chilean peso during the quarter.
Empresas CMPC – 1Q08 Report
7
Exhibit 1a: Consolidated Income Statement (1) Consolidated Income Statement
(1)
2007 Million of US$ Dollars as of the End of Each Quarter Exchange rate
Sales COGS without depreciation and stumpage % costs/sales
SG&A
(1)
% expenses/sales
EBITDA % EBITDA/sales
Depreciation & Stumpage Operating Income Financial Income Financial Expenses (EBITDA + F. Incom e)/F. Expenses (times)
Other Non-Operational Income / (Expenses) Price Level Restatement Income Taxes Minority Interest Net Income % Incom e/sales
2008
1Q
2Q
3Q
4Q
1Q
541.26
525.97
518.55
498.47
452.33
2Q
1Q 08
3Q
4Q
% YoY
-9%
-16%
666.2
731.2
787.4
791.0
864.8
9%
30%
(350.5)
(382.1)
(407.2)
(423.9)
(482.9)
53%
52%
52%
54%
56%
14% 4%
38% 6%
(125.0)
(136.4)
(141.7)
(156.5)
(159.9)
19%
19%
18%
20%
18%
2% -7%
28% -1%
190.6
212.7
238.6
210.6
222.0
29%
29%
30%
27%
26%
5% -4%
16% -10%
(68.6)
(76.2)
(79.8)
(84.5)
(91.1)
8%
33%
4%
7%
14%
60%
10% -4%
-1% 18%
-27%
-317%
-14%
-391%
122.0
136.5
158.9
126.1
130.9
1.7 (18.5)
1.6 (19.7)
2.1 (19.3)
2.3 (16.7)
2.6 (18.3)
10.4 x
10.9 x
12.5 x
12.8 x
12.3 x
1.7 (9.1) (19.3) (1.5) 77.0
1.0 31.9 (25.1) (0.7) 125.5
(0.1) 37.4 (30.4) (1.0) 147.6
(5.0) 30.6 (22.6) (0.7) 114.0
(3.7) 26.3 (15.4) 0.3 122.9
12%
17%
19%
14%
14%
Notes (1)
%Q oQ
Figures are based on the quarterly consolidated financial statements of Empresas CMPC S.A. filed in the "Superintendencia de Valores y Seguros" (SVS), and are denominated in millions of US Dollars as follows: Value TUS$ =[ FECU Value T - FECU Value T-1 * (1+ CPI) quarter ] / Average Exchange Rate
-32%
-20%
-144%
-121%
8% -1%
60% 23%
Exhibit 1b: Consolidated Income Statement (1)
Consolidated Income Statement 2007 Million of Ch Pesos as of the End of Each Quarter
Sales COGS without depreciation and stumpage % costs/sales
SG&A % expenses/sales
EBITDA
2008
1Q
2Q
3Q
4Q
351,876
393,763
428,937
422,447
(185,134) (205,747) (221,792) (226,378) 53%
4Q
%Q oQ
% YoY
11%
(218,417)
-4% 4%
18% 6%
-13% -7%
10% -1%
(66,047) (73,473) (77,162) (83,590)
(72,332)
18%
3Q
-7%
56%
19%
52%
2Q
391,178
54%
19%
52%
1Q
1Q 08
20%
18%
100,695 114,543 129,982 112,479
100,429
27%
26%
-11% -4%
0% -10%
Depreciation & Stumpage
(36,250) (41,044) (43,442) (45,124)
(41,200)
-9%
14%
Operating Income
64,445
59,229
-12%
-8%
-3%
37%
-7% -4%
-15% 18%
-38%
-286%
-27%
-349%
% EBITDA/sales
Financial Income Financial Expenses (EBITDA + F. Incom e)/F. Expenses (times)
Other Non-Operational Income / (Expenses) Price Level Restatement Income Taxes Minority Interest Net Income % Incom e/sales
29%
29%
73,499
30%
86,540
871 887 1,143 (9,781) (10,617) (10,529)
67,355 1,232 (8,918)
1,191 (8,292)
12.8 x
12.3 x
890 550 (39) (2,687) (4,783) 17,159 20,391 16,345 (10,173) (13,506) (16,548) (12,058) (791) (393) (534) (372) 40,677 67,580 80,424 60,897
(1,656) 11,917 (6,960) 140 55,570
10.4 x
12%
10.9 x
17%
12.5 x
19%
14%
14%
-42%
-32%
-138%
-118%
-9% -1%
37% 23%
Exhibit 2a: Consolidated Balance Sheet Consolidated Balance Sheet 2007
2008
1Q
2Q
3Q
4Q
526.86
511.23
496.89
437.7
-12%
-19%
Current Assets Cash and Marketable Securities Accounts Receivable Sundry Debtors Inventories Other Current Assets
1,454.4 1,426.9 1,536.6 1,604.3 159.6 124.2 177.4 167.1 531.9 542.8 566.9 583.8 56.6 43.1 48.1 58.5 654.5 664.1 685.2 725.7 51.8 52.6 58.9 69.2
1,895.0 253.9 663.5 64.1 834.2 79.3
18%
30%
52%
59%
14%
25%
10%
13%
15%
27%
15%
53%
Fixed Assets (Net)
5,189.1 5,360.1 5,662.6 6,088.4
6,866.3
13%
32%
234.9
294.4
25%
63%
6,823.6 6,969.9 7,422.1 7,927.6
9,055.6
14%
33%
1,063.0 318.4 285.8 373.2 64.0 21.7
31%
48%
Other Assets TOTAL ASSETS Current Liabilities Short Term Financial Liabilities Long Term Financial Liabilities - Short Term Portion Accounts Payable Provisions and Withholdings Other Current Liabilities Long Term Liabilities Liabilities to Banks and Financial Institutions Bonds Issued Notes Payable and Sundry Creditors (denominated in US Dollars) Other Long Term Liabilities Minority Interest
180.1
715.9 246.6 100.4 318.1 49.7 1.0
183.0
594.6 192.1 58.6 287.1 55.3 1.6
223.0
750.2 206.5 176.5 294.1 66.1 7.0
811.5 168.6 167.5 402.1 69.2 4.0
1,498.6 1,541.3 1,486.8 1,503.2 618.1 631.7 515.5 493.8 674.8 688.8 712.7 734.4 8.2 5.6 5.6 4.0 197.4 215.2 253.0 271.0 121.1
118.4
125.2
1Q
1,513.3 381.3 798.2 4.0 329.8
2Q
1Q08
539.21
Million of US$ Dollars as of the End of Each Quarter
3Q
4Q
QoQ
YoY
89%
29%
71%
185%
-7%
17%
-8%
29%
441%
2111%
1%
1%
-23%
-38%
9%
18%
2%
-51%
22%
67%
139.0
156.9
13%
30%
Shareholders' Equity
4,488.0 4,715.6 5,059.9 5,474.0
6,322.4
15%
41%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
6,823.6 6,969.9 7,422.1 7,927.6
9,055.6
14%
33%
Note: Figures on the Balance Sheet are based on quarterly FECUs of Empresas CMPC S.A. And are in USD million as of the end of each quarter.
Exhibit 2b: Consolidated Balance Sheet Consolidated Balance Sheet 2007 Million of Ch Pesos as of the End of Each Quarter
Current Assets Cash and Marketable Securities Accounts Receivable Sundry Debtors Inventories Other Current Assets
1Q
2Q
2008 3Q
1Q
784,206 86,075 286,823 30,497 352,889 27,923
751,752 65,444 285,980 22,727 349,909 27,691
2,798,015
2,824,027
97,119
96,401
3,679,341
3,672,179
Current Liabilities Short Term Financial Liabilities Long Term Financial Liabilities - Short Term Portion Accounts Payable Provisions and Withholdings Other Current Liabilities
386,026 132,982 54,145 171,544 26,826 530
313,292 101,213 30,869 151,270 29,118 821
383,535 105,590 90,246 150,333 33,771 3,595
403,227 83,770 83,246 199,805 34,408 1,997
465,307 139,379 125,079 163,343 27,996 9510
Long Term Liabilities Liabilities to Banks and Financial Institutions Bonds Issued Notes Payable and Sundry Creditors (in US Dollars) Other Long Term Liabilities
808,043 333,298 363,866 4,413 106,466
812,055 332,802 362,924 2,932 113,396
760,097 263,560 364,337 2,851 129,349
746,908 245,353 364,916 1,964 134,674
65,305
62,368
64,003
Shareholders' Equity
2,419,965
TOTAL LIABILITIES AND EQUITY
3,679,341
Fixed Assets (Net) Other Assets TOTAL ASSETS
Minority Interest
785,542 90,675 289,837 24,612 350,303 30,114
4Q 797,137 83,025 290,072 29,070 360,571 34,398
829,441 111,129 290,418 28,047 365,138 34,708
2,894,868 3,025,260
2Q
1Q08 3Q
4Q
QoQ
YoY
4%
6%
34%
29%
0%
1%
-4%
-8%
1%
3%
1%
24%
3,005,452
-1%
7%
116,742
128,845
10%
33%
3,794,389 3,939,138
3,963,738
1%
8%
15%
21%
113,980
66%
5%
50%
131%
-18%
-5%
-19%
4%
376%
1695%
662,374 166,882 349,361 1,758 144,374
-11%
-18%
-32%
-50%
69,048
2,484,465 3,672,179
-4%
-4%
-10%
-60%
7%
36%
68,695
-1%
5%
2,586,755 2,719,955
2,767,363
2%
14%
3,794,389 3,939,138
3,963,738
1%
8%
This document provides selected general financial information about Empresas CMPC S.A. It is not a complete description of the financial condition or results of operation of the company. For additional information about the company we urge you to review the annual consolidated financial statements and corresponding notes (which are an integral part thereof) filed by Empresas CMPC S.A. with the Superintendency of Securities and Insurance of Chile [Superintendencia de Valores y Seguros, Chile] in accordance with applicable laws and regulations. You may obtain copies of these financial statements on our website at www.cmpc.cl on the investors section.
Exhibit 3: Consolidated Cash Flow Statement Cash Flow Statement 1Q 08 Millions of US$ Dollars as of the End of Each Quarter
4Q07
4Q07
1Q08
%Q oQ
% YoY
Exchange Rate
541.3
498.5
452.3
-9%
-16%
Cash flows from operating activities
29.0
143.8
89.2
-38%
207%
Net income
77.0
114.0
122.9
8%
60%
Profit on sale of fixed assets
(0.1)
(0.3)
0.0
-107%
-115%
Charges not representing movement of funds
78.1
45.6
67.4
48%
-14%
Changes in assets which affect cash flows
(84.1)
(33.1)
(78.2)
136%
-7%
Changes in liabilities which affect cash flows
(43.3)
16.9
(22.6)
-234%
-48%
1.5
0.7
(0.3)
-144%
-121%
Cash flows from financing activities
63.0
(75.4)
64.2
-185%
2%
Loans received
161.3
263.7
347.3
32%
115%
0.0
0.0
0.0
-
-
Payment of dividends
(25.0)
1.7
(70.6)
-4209%
182%
Payment of loans
(73.3)
(340.8)
(212.5)
-38%
190%
Payment of bonds
0.0
0.0
0.0
-
-
Payment of bonds assuance costs
0.0
0.0
0.0
-
-
(83.0)
(72.7)
-12%
-3%
0.0
0.0
-
-
Minority interest
Bonds issued
Cash flows from investment activities Proceeds from sale of fixed assets Other income of investments
(75.1) 0.0 0.0
0.0
0.0
(75.1)
(66.2)
(67.9)
0.0
(15.8)
17.1
Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
Capital expenditures Permanent investments Net increase (decrease) in cash and cash equivalents
-
-
2%
-10%
0.0
-100%
-
(19.3)
60.7
-414%
254%
141.9
(0.0)
185.0
-986413%
30%
159.0
(19.3)
245.7
-1370%
54%
Exhibit 4: Sale Volumes 1Q 2008 vs 4Q 2007 Domestic Domestic Markets (Th. m3ssc)
Forestry and Wood Products Sawnwood & Plywood Pulp Tissue Products
(2)
Paper, Boxboard and Newsprint
(2)
QoQ
4Q 07
1Q 08
4Q 07
1Q 08
4Q 07
1Q 08
604.8
693.9
238.2
215.0
843.0
908.8
8%
72.1
67.5
197.7
181.9
269.8
249.4
-8%
3.6
5.4
388.4
382.4
392.0
387.8
-1%
(Th. Tons)
69.1
71.2
0.9
0.8
70.0
72.0
3%
(Th. Tons)
83.7
82.7
102.6
105.0
186.4
187.7
1%
14.3 15.6 61.4 45.1
12.7 13.3 74.7 54.6
63.8 35.8 6.7 2.0
66.8 33.0 5.2 2.0
78.1 51.4 68.2 47.1
79.5 46.2 79.9 56.6
2% -10% 17% 20%
(Th. Tons)
Corrugated Boxes (1)
Total Sales
(Th. Tons)
Boxboard Newsprint Converted Products
Exports (1)
Considers Chile and Foreign Subsidiaries Excluding sales of diapers and feminine care products.
Volumes 1Q 2008 vs 1Q 2007 Domestic Domestic Markets (Th. m3ssc)
Forestry and Wood Products Sawnwood & Plywood Pulp Tissue Products
(2)
Paper, Boxboard and Newsprint
(2)
YoY
1Q 07
1Q 08
1Q 07
1Q 08
1Q 07
1Q 08
703.6
693.9
199.0
215.0
902.6
908.8
1%
85.3
67.5
161.8
181.9
247.1
249.4
1%
3.2
5.4
318.7
382.4
321.9
387.8
20%
(Th. Tons)
62.7
71.2
1.2
0.8
63.9
72.0
13%
(Th. Tons)
75.9
82.7
88.1
105.0
164.0
187.7
14%
12.9 12.8
12.7 13.3
51.9 34.4
66.8 33.0
64.8 47.2
79.5 46.2
23% -2%
79.5
74.7
5.6
5.2
85.1
79.9
-6%
60.1
54.6
1.4
2.0
61.5
56.6
-8%
(Th. Tons)
Corrugated Boxes (1)
Total Sales
(Th. Tons)
Boxboard Newsprint Converted Products
Exports (1)
Considers Chile and Foreign Subsidiaries Excluding sales of diapers and feminine care products.