Empresas CMPC S.A. First Quarter 2009 Results th May 29 , 2009
1Q09 in Brief
2
Income Statement Analysis
3
Balance Sheet Analysis
7
Relevant Events
8
Balance Sheet
9
Income Statement
10
Cash Flow Statement
11
Sale Volumes
12
IQ09
“CMPC has maintained during 89 years its long-term business vision, with faith in its proven capability to increase potential for generating wealth through its traditional stamp of innovation, effort, precision, austerity and prudence in all its business activities.�
Conference Call th Date: June 5 , 12:00 PM Eastern Time US Toll Free: (+1 866) 8008648 International Dial: (+1 617) 6142702 Password: 96586140
IQ09
1Q09 in Brief
During the first quarter of 2009, there was a decline in the total sales of the company, which was mainly due to a decrease in pulp prices. On the other hand, there was a decline in total costs, because of price decreases in raw materials, energy and freights. Nevertheless, this was not enough to compensate the decrease registered in sales. This is the first quarter in which the company reports its results under the IFRS accounting standard. For comparing 1Q09's income statement it will be used 1Q08’s numbers, while to compare 1Q09’s balance sheet figures it will be used numbers as of December 31st, 2008. •
CMPC’s consolidated sales for 1Q09 reached US$698 million, registering a 17% decrease when compared to 1Q08. During this quarter, there were lower sale prices in all business divisions, except from Paper and Paper Products. Sale volumes increased only in the Pulp and Tissue businesses.
•
•
EBITDA during 1Q09 reached US$140 million, showing a 37% decrease when compared to that of 1Q08. This lower EBITDA is mainly explained by a decrease in consolidated sales. The only business division that increased its sales during the quarter was Tissue. All the above was partially offset by a decrease in total costs. Net Income in 1Q09 amounted to US$22 million; 75% lower than that of 1Q08. This decrease is mainly explained by a decrease in consolidated sales.
•
CMPC’s net debt as of the end of 1Q09 stood at US$1,357 million, increasing US$16 million when compared to that of December 31st.
•
During this quarter, a new tissue paper machine started operations in Mexico. Additionally, on April 19th, CMPC signed the purchase of 100% of Melhoramentos Papéis Ltda., a Brazilian tissue paper company. This acquisition improved significantly CMPC’s position in the Latin-American tissue market.
•
During 1Q09, CMPC issued a Chilean local bond for UF10.000.000 (US$365 million prox.). A 30% of the placement was subscribed as a five year bullet bond, which was issued at BCU5 + 125 Bps (3.25% final interest rate). The other 70% was placed as a twenty one year bullet bond, which was issued at BTU20 + 135 Bps (4.55% final interest rate).
Key Figures Th. US$ Sales EBITDA EBITDA Margin Net Income CAPEX Total Assets Net Debt Market Capitalization Closing Exchange Rate Average Exchange Rate
2
Forestry
1Q08
4Q08
1Q09
∆%Q/Q
∆%Y/Y
FY 2008
FY 2009
∆%Y/Y
844,928 221,617 26% 86,677
-
698,394 139,800 20% 21,749
-
-17% -37% -24% -75%
844,928 221,617 26% 86,677
698,394 139,800 20% 21,749
-17% -37% -24% -75%
68,182
-
57,365
-
19%
68,182
57,365
-16%
8,310,525
9,679,668 1,341,007 3,158,143
10,037,829 1,357,339 4,149,436
4% 1% 31%
-50%
8,310,525
10,037,829 1,357,339 4,149,436
-50%
437.71 452.33
636.45 656.99
583.26 599.80
-8% -9%
33% 33%
437.71 452.33
583.26 599.80
33% 45%
Pulp
Papers
Tissue
Paper Products
IQ09
Income Statement Analysis
Total revenues during the quarter reached US$698 million, registering a 17% decrease when compared to that of 1Q08. During the quarter there were lower prices in all business divisions, except from Paper and Paper Products. At the same time, the Pulp and Tissue divisions registered higher sale volumes; which where respectively consequence of the higher demand for pulp coming from Asia, while the second was consequence of the strong investment plan which expanded Tissue’s operations around Latin America. The Forestry division showed a 27% decrease in its sale volumes, which was mainly due to the negative effects of the housing slowdown. The businesses of Paper and Paper Products also experienced a decline in its sale volumes, although in a lesser extent.
Total Revenues Evolution
Sales Breakdown Analysis to Third Parties
845
■=∆Price ■=∆Volumes
-8
698 -27
845 +7
+6 +27
+4
698 -107
-9
-16 -23
1T08 1Q08
Ventas forestal celulosa 1T08 Sales Pulp Forestry
1T09 1Q09
1Q08
papeles
-100
-35
tissue
Papers -10
papel
Tissue +4
Ventas
Paper Products -5
1T09 Sales 1Q09
CMPC’s consolidated EBITDA reached US$140 million, 37% lower than 1Q08’s EBITDA. This reduction is mainly explained by the lower EBITDA in the Pulp business. The Forestry and Tissue businesses also experienced a decrease in its EBITDA, although in a lesser amount. Finally, Paper and Paper Products were the only business divisions that showed an increase in its EBITDA when compared with the same quarter of the previous year.
EBITDA Variation by Business
EBITDA Evolution 222
-1 +4
+ 21
140
222
-2
-1 03
1 40
1T08 1Q08
E BITD A 1Q 08
1T09 1Q09
Fo rest ry
Pu lp
Pap ers
T iss ue
Pap er P rod u cts
EB IT DA 1Q 09
Net Income during the quarter reached US$22 million, registering a 75% decrease when compared to that of 1Q08. This decrease was primarily due to the lower EBITDA generated during the quarter. This decline was partially offset by lower price level restatements, depreciation and stumpage and other non operational costs, specifically tax provisions, which were significantly lower than those of 1Q08.
Net Income Evolution
Net Income Analysis
87
87
+19
22
+1
+9
22
-8 2 -1
-11
1T08 1Q08
Forestry
Net In come 1Q08
1T09 1Q09
Pulp
Papers
EBIT DA
Tissue
Depreciation Net Biol. and In come S tumpag e
F inan cial Cost s
Other non Op er.
Paper Products
Net In come Price L evel 1T09 Res tateme nt
33
IQ09
Income Statement Analysis Sales to Third Parties Breakdown by Destination FORESTAL
A breakdown of CMPC’s sales to third parties by destination during 1Q09 shows that 46% of the sales corresponded to exports, 32% to the domestic market in Chile and 22% to domestic markets from foreign subsidiaries. The last one has been increasing its participation during the recent quarters, in response to the strong investment plan undertaken by the company at a regional level.
Filiales
Foregin Subsidiaries Extranjeras 22% 22%
Domésticas Domestic Sales in32% Chile 32%
Exportaciones Export Sales 46% 46%
CMPC’s sales breakdown to third parties by business for 1Q09 shows that the Tissue business contributed with 28% of total revenues, followed by Pulp and Paper contributing with 27% and 22% of total sales respectively. Finally, the Paper Products and Forestry divisions represented 13% and 10% of total revenues respectively. During this quarter, Tissue sales were once again higher than those of Pulp. This was mainly due to a decrease in pulp prices, as well as to an increase in the production of tissue paper, as a result of the investment plan undertaken by this business in Latin America.
1Q08’s Sales Breakdown by Business Area Paper Products MMUS$95 (11%)
1Q09’s Sales Breakdown by Business Area Paper Products MMUS$89 (13%)
Forestry MMUS$105 (12%)
Tissue MMUS$197 (23%)
Forestry MMUS$70 (10%)
Pulp MMUS$186 (27%)
Tissue MMUS$200 (28%)
Pulp MMUS$285 (35%)
Paper MMUS$163 (19%)
Papers MMUS$153 (22%)
CMPC’s EBITDA breakdown by business for 1Q09 shows that the Pulp division significantly reduced its contribution to total EBITDA, which was mainly due to reductions in its average sale price. The above increased the participation of the Paper, Tissue and Paper Products divisions in their relative contribution to consolidated EBITDA. The Paper business recorded a substantial increase in its contribution to EBITDA due to the higher prices reached by some of its products, such as newsprint, which registered an 18% increase in its selling price, compared to that of 1Q08. On the other hand, the EBITDA of the Forestry division was affected by lower sale volumes, due to the slowdown in the housing industry; however, this was partially offset by lower production costs, especially those related to harvesting and transportation. Furthermore, Tissue’s EBITDA has been benefied by the raise registered in its sales, which is consequence of strong investment plan undertaken by the company at a regional level. Nevertheless, this increase in sales was completely offset by the start up costs associated to the new projects. Finally, the rise in the Paper Products EBITDA is due to the higher price reached during 1Q09.
1Q08’s EBITDA Breakdown by Business Area
.
Tissue MMUS$33 (15%)
1Q09’s EBITDA Breakdown by Business Area
Paper Forestry Prod. MMUS$8 MMUS$12 ( 4%) ( 6%)
Paper Products MMUS$16 (11%)
Forestry MMUS$7 (5%) Pulp MMUS$29 (21%)
Tissue MMUS$31 (22%)
Paper MMUS$35 (16%)
Pulp MMUS$133 (59%) Paper MMUS$56 (41%)
4
Forestry
Pulp
Papers
Tissue
Paper Products
IQ09
Income Statement Analysis
The Forestry and solid wood business registered a 33% decrease in sales (-US$35 million) during this period when compared to that of 1Q08. The total sale volumes decreased 27%, due to a decline in sawn wood (-50%), sawing logs (-36%), and pulpwood volumes (-6%). However, this decline was partially offset by an 11% increase in remanufactured wood volumes (especially those exported to USA) and plywood volumes (+105%). The latter is explained by the advance in the knowledge curve of the plywood mill, which started operations during 4Q07. The average sale price decreased 9% when compared to the same quarter of the previous year.
FORESTRY
∆% Sales: -33% ∆% Volumes: -27% ∆% Price: -9%
Pulp sales decreased 35% (-US$100 million) during 1Q09 when compared to 1Q08, due to the strong reduction in the prices of both fibers. This lower average price was slightly offset by an increase in sale volumes (+3%). Hardwood volumes decreased 0.2%, while those of softwood increased 8%. These higher volumes are explained by the increase in the company’s exports to Asia, which showed an improvement close to 18% in hardwood and 28% in softwood, which offsets the drop in the European and American demand. The average pulp price showed a 37% decrease when compared to 1Q08, reaching CIF 475 US$/ton and CIF 424 US$/ton for softwood and hardwood respectively. During this period, the spread between both fibers reached 51 US$/ton.
PULP
∆% Sales: -35% ∆% Volumes: 3% ∆% Price: -37%
Paper business during 1Q09 registered a 6% decrease (-US$10 million) in its consolidated sales compared to 1Q08, mainly explained by lower sale volumes, which were consequence of inventories adjustments undertaken by some customers.
PAPERS
A breakdown of the different paper grades in this business shows that Newsprint volumes registered a 14% decrease during the quarter when compared to that of 1Q08. On the other hand, prices increased 18%, following the strong rises in the foreign markets. Boxboard average sale price registered a 6% decrease. On the other hand, volumes kept at the same level when compared to that of 1Q08. Finally, Packaging Paper sale volumes decreased 21% compared to the same quarter of the previous year, which was mainly due to a decrease in demand, in response to the lower industrial activity registered during the quarter. Average sale prices decreased 6% during the period.
∆% Sales: -6% ∆% Volumes: -10% ∆% Price: 4% TISSUE
∆% Total Sales: +2% ∆% Volumes: Paper:+12%/Diapers&FCP:+22% ∆% Price: Paper:-9%/Diapers&FCP:-16% PAPER PRODUCTS
Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Mexico and Colombia showed a 2% increase in sales (+US$4 million) during 1Q09 when compared with the same quarter of the previous year. This was mainly explained by higher volumes in both, tissue paper and diapers and Feminine Care Products. Tissue paper volumes increased 12%, whereas those of diapers and Feminine Care Products increased 22%. This was mainly explained by the higher production of foreign subsidiaries, highlighting the additional volumes generated by the new machines in Argentina, Peru, Uruguay and Mexico. On the other hand, the average sale price (measured in US Dollars) decreased for both tissue paper and diapers & feminine care products, when compared to 1Q08. This was mainly due to the higher exchange rate presented during this quarter in comparison with the same quarter of the previous year.
Paper products business during 1Q09 registered a 5% decrease (-US$5 million) in sales compared to 1Q08. This reduction is mainly attributable to lower sale volumes (-9%), especially in corrugated boxes (-2%), moulded pulp trays (-17%), and multiwall bags (-4%). This is mainly explained by the lower industrial activity (which affected corrugated boxes volumes), and by the disminution in the apples sales (which affected moluded pulp trays volumes). The average sale price increased 4%, when compared with the same quarter of the previous year.
∆% Sales: -5% ∆% Volumes: -9% ∆% Price: +4%
Forestry
Pulp
Papers
Tissue
Paper Products
5
IQ09
Income Statement Analysis
Operating costs excluding depreciation, stumpage and decrease due to harvest amounted to US$489 million, 8% lower than that of 1Q08. The decrease in costs is mainly explained by the reduction in raw materials, energy, and transportation costs during this quarter when compared to the same period of the previous year. At a consolidated level, operating costs in 1Q09 were 70% of total sales, seven points higher than that of 1Q08. This increase is mainly due to the lower consolidated sales. Other operating expenses decreased 25% when compared to that of 1Q08, reaching US$70 million. This account represented 10% of total sales, which was slightly lower than that of the same quarter of the previous year. Financial expenses during 1Q09 increased 7% compared to 1Q08, amounting to US$19 million. This increase is primarily explained by the raise in the cost of funding, in response to the global financial situation. Moreover, during this period there was a higher Share results in associated companies. Exchange rate differences are generated by the accounting mismatch between assets and liabilities denominated in currencies st different from the US Dollar (functional currency) at a specific point in time. As of March 31 , 2009, non-US Dollar denominated liabilities where higher than assets denominated in non functional currencies. Based on the foregoing, the appreciation of local currencies against the US dollar during the period, generated losses which totaled US$41 million. Price level restatement is caused by the variation experienced by the balance sheet accounts registered in UF (or Unidades de Fomento). The US$9 million gain during the quarter was primarily due to the negative variation of the UF during the quarter, applied to UF debts held by the company. Other gains include sales of products that are not purely of the company business and other items such as losses not covered by insurance companies, financial income, donations, among others. During this quarter there was a US$6 million loss in this account, which was mainly due to the negative result origninated by the fire season in Chile. Income taxes for the period amounted to US$5 million, a figure significantly lower than that of 1Q08. This is mainly due to the lower generation of profits during this period.
6
Forestry
Pulp
Papers
Tissue
Paper Products
IQ09
Balance Sheet Analysis st
st
As of March 31 , 2009 Current assets showed a US$ 313 million increase when compared with that of December 31 , 2008. This was mainly due to the US$315 million increase in Cash and Cash Equivalents and by the US$31 million increase in Current biological assets (which corresponds to the annual harvesting plan). This was partially offset by a US$31 million decrease in Inventories. The increase in Cash and Cash equivalents is primarly explained by a UF10.000.000 (US$365 million proxy) Chilean local bond issue. As the end of 1Q09, 65.2% of the Cash and cash equivalents were denominated in Chilean Pesos, 34.5% in US Dollars, and the balance mainly in Euros and other currencies. st
Non current assets presented a US$20 million increase when compared with that of December 31 , 2008. The main changes in non current assets were: • • •
New fixed assets for US$57 million. US$65 million decrease in 1Q09’s depreciation. US$27 million increase in Biological Assets, because of forests growth.
The current liquidity ratio increased from 2.2 to 2.8 times because of the current assets increase. CMPC’s financial debt reached st st US$1,892 millions as of March 31 , 2009 showing a US$330 million increase when compared to that of December 31 , 2008. This was mainly explained by the issue of new credits, which were destinated to refinance liabilities and to increase cash. As the end of 1Q09, 54% of CMPC’s debt was denominated in US Dollars, 39% was denominated in Chilean pesos (or Unidades de Fomento) and the balance was denominated in other currencies.
st
Debt Breakdown as of March 31 , 2009 In Th. US$
4Q08
1Q09
∆%
Interest-bearing Liabilities Hedging Liabilities Non Current Interest-bearing Liabilities
408,064 0 1,152,809
348,493 741 1,543,081
-15% 34%
Total Debt
1,560,873
1,892,315
21%
219,866
534,976
143%
1,341,007
1,357,339
1%
4.7%
4.8%
0.1%
Cash and Cash Equivalents Net Debt Average Cost of Debt st
Amortization Schedule as of March 31 , 2009
337
117
133
2009
2010
174 126
2011
252
222
2012
144
108
2013
2014
2015
2027
2030
Shareholders’ Equity presented a US$31 million increase, which is mainly attributable to 1Q09’s net income, financial instruments’ cash flow hedges and foreign subsidiaires currencies adjusments.
Forestry
Pulp
Papers
Tissue
Paper Products
7
IQ09
Relevant Events
• Fire season: the Chilean summer presented very unfavorable conditions in terms of forests fires risk, due to the high th temperatures, low humidity, no precipitations and strong winds registered during the first months of the year. As of April 30 , there were fought 719 fires, which affected a total of 5.930 hectares of plantations (2.844 hectares of Eucalyptus, 3.068 hectares of Pine and th 18 hectares of other tree species). Moreover, during March 15 , there was a fire in Papeles Cordillera’s raw materials courtyard. The burned volume was in the order of 11,000 tons of recovered paper (20% of raw materials stock at that point in time). • Indefinite downtime of Las Cañas sawmill: given the global economic crisis and the slowdown in demand for wood, CMPC Forestry has decided to reduce its activities in order to decrease production, diminish costs and reduce inventory levels. Because of th that, on March 11 , CMPC Forestry decided to close indefinitely Las Cañas sawmill, which is located in Constitución. The decision was implemented after the expiration of a collective holidays period. This stoppage implied firing a total of 80 internal employees, in addition 3 to 250 external staff. The Las Cañas sawmill has a total capacity of 140,000 m per year, which represents 9.5% of CMPC’s sawnwood production. th
• Indefinite downtime of Laja’s Line 1: on March 16 , CMPC Pulp decided to stop indefinitely the Line 1 of the Laja mill, after completing a period of collective holidays. The stoppage was in response to the complex situation of the pulp market, as well as the high cash costs reached by this production line. This measure implied 110,000 less tons of softwood per year. Additionally, the decision implied the removal of a total of 150 internal employees, in addition to 120 external staff. th
• During January 2009, a new tissue paper machine started operations in Mexico: on January 19 , the second tissue paper machine of the Altamira mill started operating. This machine, which implied a total investment of US$30 million, has a total capacity of 27,000 tons annually. As a result, the Altamira mill reached a total capacity of 37,000 tons per year. th
• Acquisition of the Brazilian company Melhoramentos Papéis: on April 16 , CMPC Tissue signed a US$55 million contract for the total acquisition of the Brazilian company Melhoramentos Papéis. This company has US$190 million in annual sales and US$162 million in assets, which includes two production mills in cities of Mogi das Cruzes and Caieiras, both near Sao Paulo. Melhoramentos has a total capacity of 75,000 tons per year and a 10% of market share. After the purchase, CMPC’s installed capacity will increase by 22%, exceeding 400,000 tons of tissue paper per year. With this, CMPC will become the most important player of the Latin American tissue market. • CMPC approves the construction of a new double width tissue paper machine in Mexico: CMPC’s board approved the construction of a new double width tissue paper machine in the Altamira mill, Mexico. This new machine implies a total investment of US$60 million for 50,000 tons of production capacity per year. This new machine should start operations in October 2010. With this investment, the Mexican installed capacity will reach 87,000 tons of tissue paper annually. • CMPC approves the construction of a new tissue conversion mill in Ecuador: CMPC’s board approved the construction of the first tissue conversion plant in Guayaquil, Ecuador. This new mill implies a total investment of US$7 million, for 11,400 tons of capacity conversion per year. This new machine should start operations in July 2009. With this investment, CMPC Tissue will have operations in eight Latin American countries. • Local bond issue: Inversiones CMPC, subsidiary of Empresas CMPC, issued a UF10.000.000 (US$365 million proxy) th Chilean local bond on Mach 24 . A 30% of the placement was subscribed as a five year bullet bond, which was issued at BCU5 + 125 Bps (3.25% final interest rate). The other 70% was placed as a twenty one year bullet bond, which was issued at BTU20 + 135 Bps (4.55% final interest rate). Total demand for the bond was almost twice the amount subscribed. The funds raised will be used to refinance liabilities, working capital, investments and other corporate uses. • Commercial Papers issue: Inversiones CMPC, subsidiary of Empersas CMPC, issued two series of Commercial Papers, for a total of $30.000.000.000 (US$52 millions proxy), during May 2009. Half of this amount was issued as a 180 days term commercial paper, at TAB180 days – 21 Bps of spread (0,169% monthly final collocation rate), while the other half was issued as a 364 days term commercial paper, at TAB360 days +10 Bps of spread (0,21% monthly final collocation rate). The funds raised will be used to refinance liabilities, working capital, investments and other corporate uses.
8
Forestry
Pulp
Papers
Tissue
Paper Products
IQ09
Consolidated Balance Sheet 2008
2009
4Q08
Figures in Th. US$*
1Q09
Current Assets Cash and Cash Equivalents Operative Receivables Inventories Biological Assets Hedging Assets, Net Other Current Assets
1,877,445 219,866 654,613 768,786 142,470 2,618 89,092
2,189,957 534,976 647,847 737,341 173,246 6,117 90,429
Non Current Assets Hedging Assets, Net Property, Plant and Equipment Biological Assets Other Non Current Assets
7,802,223 7,687 4,984,034 2,572,986 237,516
7,847,873 15,229 5,015,039 2,561,814 255,791
TOTAL ASSETS
9,679,668
10,037,830
870,744 409,544 354,883 106,316
793,910 349,973 335,021 108,917
2,157,832 1,197,546 901,574 58,712
Current Liabilities Interest-Bearing Liabilities Operative Liabilities Other Current Liabilities
2Q09
1Q09 3Q09
4Q09
QoQ
YoY
17%
-
143%
-
-1%
-
-4%
-
22%
-
134%
-
2%
-
1%
-
98%
-
1%
-
0%
-
8%
-
4%
-
-9%
-
-15%
-
-6%
-
2%
-
2,561,163 1,587,398 918,507 55,258
19%
-
33%
-
156,194
Shareholders' Equity TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
Non Current Liabilities Interest-Bearing Liabilities Deferred Tax Liabilities Other Non Current Liabilities Minority Interests
2%
-
-6%
-
153,567
-2%
-
6,494,898
6,529,190
1%
-
9,679,668
10,037,830
4%
-
* Balance Sheet numbers are based on CMPC's quarterly financial data, w hich is presented to the "Superintendencia de Valores y Seguros" (SVS) .
Forestry
Pulp
Papers
Tissue
Paper Products
9
IQ09
Consolidated Income Statement
2008 1Q08
Figures in Th. US$
Sales Operating Costs (1)
2Q08
2009 3Q08
4Q08
1Q09
2Q09
1Q09 3Q09
4Q09
QoQ
YoY
844,928 (530,657)
698,394 (489,051)
-
-17% -8%
314,272
209,343
-
-33%
(92,654)
(69,543)
-
-25%
EBITDA(3) EBITDA Margin (%)
221,618 26%
139,800 20%
-
-37% -6%
Depreciation and Stumpage Increase in Biological Assets due to Forests Growth and Price Effects Decrease in Biological Assets due to Harvest
(77,163) 61,292 (33,202)
(76,076) 49,105 (32,513)
-
-1%
-
-2%
Operating Income
172,545
80,317
-
-53%
(18,029) (638,000) (47,860) (3,333) 2,935 (18,943)
(19,262) 2,969 (41,226) 9,372 (5,897) (4,523)
-
7% -100% -14% -381% -301% -76%
86,677
21,749
-
-75%
Operating Margin Other Operating Expenses
(2)
Financial Expenses Share Results in Associated Companies Exchange Rate Differences Price Level Restatement Other Gains (Losses) Income Taxes Net Income
(1) Operating Expenses are calculated as: Costs of Sales minus Stumpage minus Decrease in Biological Assets due to Havest minus Depreciation (2) Other Operating Expenses are calculated as: Marketing Costs plus Distribution Costs plus Administration Expenses plus Other Operational Costs (3) EBITDA is calculated as: Sales minus Operating Costs minus Other Operating Expenses
10
Forestry
Pulp
Papers
Tissue
Paper Products
IQ09
Consolidated Cash Flow Statement
1Q09 1Q08
Figures in Th. US
Cash Flow from Operating Activities Net Income Adjustments to Reconcile with Opertaing Income Depreciation Unrealized Exchange Losses Change in Fair Value of Biological Assets Adjustment for Significant Non-Cash Items Increase (Decrease) in Working Capital Cash Flow from Financing Activities
4Q08
1Q09
QoQ
YoY
118,042
-
92,854
-
-21%
82,881 43,607 68,804 51,193 (28,090) 2,328 (102,680)
-
20,347 32,310 65,664 31,854 (16,592) 311 (41,040)
-
-75% -26% -5% -38% -41% -87% -60%
28,287
-
269,672
-
853%
341,406 0 (225,143) (19,573) (68,402)
-
141,485 361,840 (199,573) (17,867) (16,213)
-59% -11% -9% -76%
Cash Flow from Investment Activities
(74,326)
-
(56,218)
-
Divestments in Property, Plants and Equipment Other Cash Flows used in Investment Activities Investments in Property, Plants and Equipment Payments to Acquire Other Financial Assets
23 (6,167) (68,182) 0
-
0 1,360 (57,365) (213)
-
-100% -122% -16% -
Net Increase (Decrease) in Cash and Cash Equivalents Effects of Changes in Exchange Rates on Cash and Cash Equivalents Cash and Cash Equivalents at the Beginning of the Period
72,005 9,765 167,090
-
306,308 8,802 219,866
-
325% -10% 32%
Cash and Cash Equivalents at the End of the Period
248,860
-
534,976
-
115%
Proceeds from New Long Term Debt Bonds Issued Payments of Loans Payments of Financial Interests Dividens Paid
Forestry
Pulp
Papers
Tissue
Paper Products
-24%
11
IQ09
Sale Volumes
Domestic (1) Domestic Markets 3
(Th. m ssc)
Forestry and Wood Products Sawnwood, Remanufactured Wood & Plywood
Exports
1Q09 ∆%Q/Q ∆%Y/Y
Total Sales
1Q08
4Q08
1Q09
1Q08
4Q08
1Q09
1Q08
4Q08
1Q09
653
572
512
215
190
120
868
762
632
-17%
-27%
74
81
74
215
190
120
289
271
194
-28%
-33%
Pulp
(Th. Tons)
4
3
3
382
403
396
387
406
399
-2%
3%
Paper, Boxboard and Newsprint
(Th. Tons)
82 13 13
73 15 13
62 12 10
105 67 33
112 65 38
107 12 30
187 79 46
185 80 51
169 23 40
-9% -71% -22%
-10% -71% -14%
Tissue Paper
(Th. Tons)
71
79
80
1
1
1
72
79
81
2%
12%
Paper Products
(Th. Tons)
80 58
64 45
72 57
5 2
6 2
5 1
85 60
70 47
78 59
10% 24%
-9% -2%
Boxboard Newsprint
Corrugated Boxes (1) Considers Chile and Foreign Subsidiaries
This document provides information about Empresas CMPC SA. In any case this constitutes a comprehensive analysis of the financial, production and sales situation of the company, so to evaluate whether to purchase or sell securities of the company, the investor must conduct its own independent analysis. In compliance with the applicable rules, Empresas CMPC SA. publishes this document on its Web site (www.cmpc.cl) and sends to the Superintendencia de Valores y Seguros, the financial statements of the company and its corresponding notes, which are available for consultation and review.
12
Forestry
Pulp
Papers
Tissue
Paper Products