Empresas CMPC S.A. First Quarter 2013 Results th May 17 , 2013
1Q13
New double width Tissue Paper Machine – Talagante, Chile The new machine started its operations on April, 2013 and has an annual capacity of 50,000 Tons.
MANAGEMENT COMMENT
1Q13 in Brief
2
Income Statement Analysis
3
Balance Sheet Analysis
7
Relevant Events
8
Balance Sheet
9
Income Statement
10
Cash Flow Statement
11
Sales Volumes
12
CMPC delivered solid financial results in the first quarter of 2013, despite a series of one-off factors and planned maintenance downtime that temporarily lowered pulp volumes. Revenues fell 1% from the previous quarter, while EBITDA rose 3%, thanks to stronger pricing for pulp and an improved performance from our tissue business, on lower expenses as compared to our seasonal increase in the fourth quarter. With our new double-width tissue machine now online at Talagante, maintenance completed at our pulp plants and the end of the port strike in Chile, we are confident that CMPC is poised to deliver further growth as we move through 2013. We have also made important progress at our Guaíba expansion project in Brazil, a pulp plant that will be among the most efficient in the world and help to further lower our cost of production while we gain additional scale. We have reached an agreement with six vendors regarding work that will account for around 70% of our planned budget for the project, and we remain on schedule and on budget. Financially, CMPC has also begun executing on the financing package for Guaíba that was announced in December, with a successful international bond deal and the beginning of the preferential rights period for an US$500 million equity raise. CMPC is committed to financing its growth in a responsible fashion, and will continue to work to efficiently finance this cutting edge project while limiting the Company's leverage.
Conference Call th Date: Friday, May 17 , 1:00 PM NY Time US Toll Free: 1-800-860-2442 International Dial: 1-412-858-4600
www.cmpc.cl
Trinidad Valdés / mtvaldes@gerencia.cmpc.cl / +562 2441 2713 Colomba Henríquez / chenriquezb@gerencia.cmpc.cl / +562 2441 2791
1Q13
1Q13 in Brief
In the first quarter of 2013, CMPC's revenues decreased 1% when compared to the fourth quarter of 2012. The decrease was mainly due to the Chilean Port Strikes at the end of the quarter which delayed pulp, boxboard and wood products shipments. 1Q13 sales were 1% higher when compared to those of 1Q12, mainly because of higher domestic sales in Chile and in our Foreign Subsidiaries mainly due to higher Tissue sales. EBITDA in the first quarter increased 3% when compared to the fourth quarter of 2012 mainly due, better pricing environment for pulp which helped offset the lower pulp sales volumes. Compared to a year earlier, EBITDA decreased 5%. Effective sales prices rose 3% QoQ for softwood, and 4% for hardwood, while YoY prices decreased 3% for softwood and increased 10% in hardwood. 1Q13 Highlights CMPC’s consolidated revenues rose to US$1,194 million, representing a 1% decline when compared to 4Q12 and a 1% increase when compared to 1Q12. The QoQ decrease corresponds to lower sales due to the port strike in Chile which delayed shipments of pulp and other products, and also because of lower softwood sales due to maintenance downtimes in the PacĂfico and Laja mills. The YoY increase was the result of higher Tissue sales and higher hardwood prices. Consolidated EBITDA totaled US$212 million during 1Q13, 3% higher compared to 4Q12, and 5% lower compared to 1Q12. The QoQ increase was a result of higher EBITDA generation in the Pulp, Tissue and Paper Products divisions, partly offset the lower results in Forestry and Paper due to higher operational costs and lower sales volumes respectively. The lower YoY EBITDA was driven by lower sales of softwood and newsprint, and higher production costs mainly in the Forestry business. This was partly offset by higher revenues from Domestic sales in Chile and in the Foreign Subsidiaries. CMPC's EBITDA margin for the quarter was 18%, compared with 17% in 4Q12 and 19% in 1Q12. CMPC recorded a Net Income of US$84 million during 1Q13, registering a $48 million increase when compared to 4Q12 and a US$40 million decrease when compared to 1Q12. The QoQ increase was mainly caused by a higher EBITDA generation and the impact of an appreciated Chilean peso on exchange rates differences and diferred taxes. The YoY decrease is a result of lower EBITDA in 1Q13, lower net biological assets income and higher taxes.
Key Figures US$ Million
1Q12
4Q12
1Q13
QoQ
YoY
YTD 2012
YTD 2013
YTD '13 / YTD '12
Sales EBITDA EBITDA Margin Net Income
1,177 224 19% 124
1,211 205 17% 36
1,194 212 18% 84
-1% 3% 5% 135%
1% -5% -7% -32%
1,177 224 19% 124
1,194 212 18% 84
1% -5% -1% -32%
CAPEX
2
164
479
143
-70%
-13%
164
143
-13%
Total Assets Net Debt Market Capitalization
13,536 2,493 9,528
14,046 3,004 8,175
14,073 3,043 7,993
0% 1% -2%
4% 22% -16%
13,536 2,493 9,528
14,073 3,043 7,993
4% 22% -16%
Closing Exchange Rate (CLP/US$) Average Exchange Rate (CLP/US$)
487.44 487.05
479.96 477.72
472.03 472.40
-2% -1%
-3% -3%
487.44 487.05
472.03 472.40
-3% -3%
Forestry
Pulp
Papers
Tissue
Paper Products
1Q13
Income Statement Analysis
Total revenues were US$1,194 million during the quarter, 1% lower QoQ and 1% higher YoY. The higher QoQ volumes in Forestry and Paper Products were offset by lower volumes in Pulp, Papers and Tissue, resulting in relatively flat QoQ revenues. The decreases in volumes were mainly due to the port strike in Chile at the end of the quarter which delayed some pulp, boxboard and wood products shipments. Also, the lower pulp volumes were partially caused by the programmed maintenance downtime at the Laja and Pacifico mills, and also by some operational problems in the Santa Fe mill, which have since been resolved. The QoQ increase in Paper Products volumes was mainly seasonal, as demand from the Chilean fruit industry increased. The YoY increase was mainly driven by the increase of Tissue sales, as a result of CMPC’s expansion process through Latin America. Effective sales prices rose 3% QoQ for softwood, and 4% for hardwood, while YoY prices decreased 3% for softwood and increased 10% in hardwood.
Revenues Analysis to Third Parties
Total Revenues 1,177
1,211
1,194
1Q12
4Q12
1Q13
CMPC’s consolidated EBITDA totaled US$212 million, up 3% from 4Q12 and down 5% from 1Q12. The QoQ increase was partly driven by the higher EBITDA generation in Pulp, Tissue and Paper Products. The 1Q13 Pulp division EBITDA also includes US$9 million from the Energy business, compared with US$17 million registered in 4Q12.
Total EBITDA
EBITDA Variation by Business
224
205 +2 -15
+5
+4
+19
212
-8
212 205
1Q12
4Q12
EBITDA 4Q12
1Q13
Forestry
Pulp
Papers
Tissue
Paper Holding & EBITDA Products Others 1Q13
Net Income amounted to US$84 million, up US$48 million when compared to 4Q12 and down US$40 million from 1Q12. The QoQ increase was mainly caused by a higher EBITDA generation as well as other non operational items, as a result of the appreciation of the Chilean peso and its effect on exchange rates differences and diferred taxes.The YoY decrease is a result of lower EBITDA generation in 1Q13, lower net biological assets income and higher taxes.
Net Income Analysis
Net Income
+54
124 -19
84 + 10 -3
+7
36
-1
84
36
1Q12
Forestry
4Q12
Pulp
1Q13
Net Income 4Q12
Papers
EBITDA
Depreciation & Stumpage
Tissue
Net Biol. Income
Net Fin. Costs
Other Non Oper.
Paper Products
FX Diff. & Index. Results
Net Income 1Q13
3
1Q13
Income Statement Analysis FORESTAL
Revenues to Third Parties Breakdown by Destination A breakdown of CMPC’s revenues to third parties by destination in 1Q13 shows that 42% of revenue corresponds to exports, 27% to domestic revenues in Chile and 31% to local revenues of foreign subsidiaries.
Foreign Subsidiaries Sales 31%
It is important to highlight that revenues from foreign subsidiaries have increased its contribution to total revenues, rising to 31% of total sales in 1Q13, compared with 30% in 1Q12 and 25% in 1Q11. This growth demonstrates CMPC’s progress in internationalizing its business, expanding production and sales in major markets throughout Latin America. Export Sales 42% Domestic Sales in Chile 27%
CMPC’s sales breakdown to third parties by business for 1Q13 shows that the Tissue and Pulp businesses had the largest share of sales, contributing 38% and 30% of total revenues respectively, followed by the Paper business which contributed 15% of total sales. Finally, the Forestry and Paper Products divisions represented 10% and 8% of total revenues respectively. These figures showed a higher contribution from Tissue and Pulp compared with 1Q12, reflecting the higher sale volumes from these two divisions. CMPC’s EBITDA breakdown by business for 1Q13 shows an increased contribution from the Pulp division, which rose to 45% of total EBITDA from 33% in 1Q12. This increase reflects the higher pulp volumes, due to the expansion of the Santa Fe II line and the revamping of the Laja mill, an improved pricing environment and CMPC’s status as a low-cost producer. Compared with 4Q12, there was a higher EBITDA contribution from the Tissue division because of seasonally lower expenses related to the end of the holiday season, while the Paper Products business increased its contribution to EBITDA due to the greater economies of scale reached combined with higher seasonal sales. The lower EBITDA in the Forestry business was mainly caused by lower prices and higher operational costs. In addition, the lower EBITDA registered in the Paper business was mainly the result of lower sales volumes of newsprint.
4Q12 Sales Breakdown by Business Area Paper Products 8%
1Q13 Sales Breakdown by Business Area Paper Products 8%
Forestry 10%
Pulp 30%
Pulp 29%
Tissue 37%
Tissue 38%
Paper 16%
Paper 14%
4Q12 EBITDA Breakdown by Business Area Tissue 17%
1Q13 EBITDA Breakdown by Business Area
Paper Products 5%
Papers 19%
Forestry 10%
Tissue 26%
Paper Products 7% Forestry 8%
Forestry 15% Papers 14%
Pulp 45%
Pulp 44%
4
Forestry
Pulp
Papers
Tissue
Paper Products
Paper Products
Forestry
1Q13
Income Statement Analysis
The Forestry and wood products business revenues increased 4% from 4Q12 (US$4 million), and 4% (US$4 million) from a year earlier. The QoQ increase was the result of higher volumes, which increased 6%. This was caused by higher sales volumes of pulpwood, sawing logs and remanufactured wood, which increased 21%, 21% and 11%, respectively. The result was partly offset by lower sales volumes of sawn wood and plywood which both declined by 6%.
FORESTRY
The average forestry mix price decreased 2% when compared with the previous quarter mainly due to lower sawing logs prices. Δ% Revenues: +4% Δ% Volumes: +6% Δ% Price: -2%
Pulp recorded an 8% decrease (US$23 million) in revenue from 4Q12 and a 1% decrease (US$2 million) from 1Q12. The QoQ change was mainly due to the decline in sales volumes for softwood (27%) and hardwood (5%). This was explained by the strikes in the Chilean Ports at the end of the quarter which delayed some shipments and the maintenance downtimes in Laja and Pacifico mills. Also, CMPC had some operational problems in the Santa Fe II line which decreased hardwood production. The YoY decrease was the result of lower volumes of softwood (26%) which were partially offset by higher hardwood volumes (4%), as a result of the Santa Fe II line expansion. During 1Q13, pulp recorded a 4% increase in effective average price, including a small tonnage of P&W papers and energy sold to the SIC grid. Average effective price was CIF 653 US$/ton for softwood and CIF 648 US$/ton for hardwood. During this period, the price spread between the two fibers decreased in 5 US$/ton down to CIF 5 US$/ton.
PULP
Δ% Revenues: -8% Δ% Volumes: -11% Δ% Price: +4%
The Paper business recorded a 15% decline (US$28 million) in revenues from 4Q12, and a 15% decrease (US$26 million) in sales from a year earlier. QoQ, total paper volumes fell 14%. This was driven in by a 44% decrease in Newsprint volumes, as the Company closed a production line of the Nacimento mill due to high energy spot prices. In addition, Boxboard volumes were affected by the ports strikes in Chile which lowered our exports. Packaging paper sales volumnes decreased 20% mainly due to the seasonality of the first quarter. Also, prices went down by 28% because of the lower Chilean sales. The YoY decline was driven by lower volumes of Boxboard and Newsprint, partly offset by higher volumes of Packaging Paper. Average sale prices decreased by 1% when compared to the previous quarter.
PAPERS
Δ% Revenues: -15% Δ% Volumes: -14% Δ% Price: -1%
The Tissue business, recorded a 3% decrease (US$14 million) in sales from the previous quarter, and a 6% increase (US$29 million) in sales from a year earlier. The QoQ decline was the result of lower tissue paper volumes in Colombia and Brazil. The YoY growth reflects CMPC’s expanded tissue operation throughout Latin America, with increases in capacity in Chile, Mexico and Brazil.
TISSUE
Average sale price (measured in US Dollars) increased 1% for tissue paper and increased 7% for sanitary products when compared to 4Q12. Δ% Total Revenues: -3% Δ% Volumes: Paper: -4% / Diapers&FCP: -6% Δ% Price: Paper: +1% / Diapers&FCP: +7%
The Paper products business recorded a 22% increase (US$20 million) in sales from 4Q12 and a 6% decline (US$7 million) in revenues from 1Q12. The YoY decline was the result of weaker volumes of Corrugated Boxes and Molded pulp trays, thanks to a weaker than usual demand from the Chilean fruit industry, which has seen a shortened fruit season. This decline was offset by the 7% increase in Paper Bags sale volumes, due to new capacity in Mexico. The sharply higher revenue from 4Q12 reflects seasonal demand from the fruit industry which also contributed to a 135% increase in volumes of Molded pulp trays. Average selling price declined 3% from 4Q12.
PAPER PRODUCTS
Δ% Revenues: +22% Δ% Volumes: +26% Δ% Price: -3%
Forestry
Pulp
Papers
Tissue
Paper Products
5
1Q13
Income Statement Analysis
Operating costs excluding depreciation, stumpage and decrease due to harvest amounted to US$820 million, unchanged when compared to 4Q12. This line also showed a 3% increase from 1Q12, corresponding to an increase of US$20 million. The YoY increase is partly the result higher operating costs in the Forestry division, such as higher harvesting and transportation costs and higher raw material prices. At a consolidated level, operating costs in 1Q13 were 69% of total revenues, compared with 68% in 4Q12 and in 1Q12. Other operating expenses amounted to US$162 million, 14% lower than in 4Q12 and 5% higher than in 1Q12. The QoQ change is attributed to higher cost related with the seasonality of the fourth quarter, especially in Forestry and Tissue, as well as a reduction in freight expenses related to lower pulp sales. The YoY change was mainly caused by the lower net value of biological assets. Financial expenses fell 3% from 4Q12 but rose 1% from a year earlier, reaching US$42 million. In addition, CMPC’s Financial Income decreased 29% when compared with 4Q12 and 31% YoY. During this quarter there was a lower Share of profit in associated companies, which decreased to US$3 million. Regarding Currency Exchange rate differences, the appreciation of the Chilean peso against the US Dollar resulted in a US$13 million loss. These results are generated by the mismatch between the US Dollar, CMPC’s functional currency, and assets and liabilities denominated in other currencies, most notably the Chilean peso. Indexation Unit Results are caused by the variation experienced by the balance sheet accounts recorded in UF (Chile’s inflationindexed currency unit). The US$1 million loss recorded during the quarter was primarily due to the appreciation of the UF, applied to the Company’s UF denominated debt. Other gains (losses) amounted to a US$15 million gain. This category includes non-core business revenues and other items, such as insurance deductible in losses, donations, and the relative effects of changes in the fair value of financial instruments including forwards, forwards investments related to synthetic swaps, cross currency swaps and swaps, different from those under hedge accounting, among others. Income taxes for the period implied a US$4 million gain, compared with a loss of approximately US$27 million in 4Q12 and a profit of US$49 million in 1Q12. The QoQ change is the result of the appreciation of the Chilean peso and its effect on exchange rates differences and diferred taxes.This is because CMPC’s tax accounting is in Chilean Pesos and the appreciation of this currency reduces the tax base of assets measured in dollars, and therefore decreased diferred taxes.
st
Consolidated Income Statement as of March 31 , 2013 2012 1Q12
Figures in Th. US$
Sales Operating Costs(1)
1,176,975 (799,287)
Operating Margin
377,688 (153,331)
2013 4Q12
1Q13
1Q13 QoQ
YoY
-1% 0%
1% 3%
-5% 0% -14%
-1% 0% 5%
3% 5%
-5% -7%
1,210,807 (817,770) 393,037 -
1,193,670 (819,774) 373,896 0
224,357 19%
(187,850) 205,187 17%
(161,715) 212,181 18%
(106,085) 14,118
(115,842) 8,871
(105,380) 5,769
-9% -35%
-1% -59%
Operating Income
132,390
-15%
(57,316) 49,280
Net Income
124,354
112,570 (32,587) 4,332 -84,315
15%
Non-Operating Income Taxes
98,216 (35,150) (27,132) -35,934
-7% -116% 0% 135%
-43% -91% 0% -32%
Other Operating Expenses(2) EBITDA(3) EBITDA Margin (%) Depreciation and Stumpage Variation on Net Value of Biological Assets
(1) Operating Co sts are calculated as: Co sts o f Sales minus Stumpage minus Decrease in B io lo gical A ssets due to Havest minus Depreciatio n (2) Other Operating Expenses are calculated as: Distributio n Co sts plus A dministratio n Expenses plus Other Functio nal Expenses (3) EB ITDA is calculated as: Sales minus Operating Co sts minus Other Operating Expenses
6
Forestry
Pulp
Papers
Tissue
Paper Products
1Q13
Balance Sheet Analysis Cash remained unchanged when compared to 4Q12, at US$744 million.
Capital expenditures in the quarter totaled US$143 million during the 1Q13, representing a 70% decrease compared with US$479 million during 4Q12 due to the Losango acquisition executed in that quarter. Also, compared to 1Q12, CMPC reported a 13% decline in Capital expenditures. st
st
As of March 31 2013, Current assets remained unchanged when compared with those as of December 31 2012. Non-current st assets also remained unchanged when compared with those as of December 31 2012. st
Current liabilities were up 7% when compared with those as of December 31 2012, mainly due to higher levels of short term loans. st Non-current liabilities decreased 3% December 31 2012, due to a lower volume of long-term loans. st
st
CMPC’s financial debt stood at US$3,787 million as of March 31 2013, 1% higher when compared with December 31 2012. Net st st financial debt amounted to US$3,043 million as of March 31 2013, 1% higher than financial debt as of December 31 2012. The Net financial debt/EBITDA ratio rose from 3.3 to 3.4 times from the end of 4Q12 to the end of 1Q13. The interest coverage ratio decreased from 5.45 times to 5.24 times. Finally, the Financial debt / Tangible net worth ratio remained unchanged in 0.48 times. At the end of 1Q13, 79% of CMPC’s debt was denominated in US Dollars, 16% was denominated in Chilean Pesos (or Unidades de Fomento) and the balance was denominated in other Latin American currencies. Moreover, 91% of CMPC’s total financial debt has a fixed interest rate, demonstrating CMPC’s conservative approach to debt management. Average cost of debt was 4.1%, unchanged when compared to 4Q12 and 20 basis points lower than in 1Q12. st
Debt Breakdown as of March 31 , 2013 (i) (ii) (iii) (iv) (v) (vi)
Δ% QoQ Δ% YoY
In Million US$
1Q12
4Q12
1Q13
Current Interest-bearing Liabilities Non Current Interest-bearing Liabilities Other Obligations Mark to Market of Derivatives Debt Instruments for Hedging Currencies and Interest Rates Net Hedging Current Liabilities Net Hedging Non Current Liabilities
208 3,218 (50) (92) (2) (6)
668 3,229 (48) (98) (3) (3)
843 0 3,094 0 (48) (106) 5 (1)
26% -4% -1% 8% -293% -59%
305% -4% -5% 15% -340% -80%
Total Debt ( (i) + (ii) + (iii) + (iv) + (v) + (vi) )
3,276
3,745
3,787 0
1%
16%
783
741
744 0
0%
-5%
Net Debt
2,493
3,004
3,043 0
1%
22%
Average Cost of Debt
4.3%
4.1% #
4.1% #
0%
-5%
Cash*
*Cash and cash equivalents + Term deposits w ithin 90 to 360 days of maturity
st
Amortization Schedule as of March 31 , 2013
Financial Ratios Evolution
(US$ million) Net Financial Debt / EBITDA
Financial Debt / Tangible Net Worth
Interest Coverage Ratio
5.45x 6.19x
1,016
5.24x 3.3x 3.4x
2.5x
503
574
456
504
339
0.42x
165 2013
2014
2015
2016
12 2017
2018
2019
≥2020
1Q12
0.48x
4Q12
0.48x
1Q13
Shareholders’ Equity increased 1% when compared to 4Q12 reaching US$ 8,046 million.
Forestry
Pulp
Papers
Tissue
Paper Products
7
7
1Q13
Relevant Events
CMPC issued a US$500 million international bond: On May 13th, Inversiones CMPC S.A. acting through its Cayman Island Agency, issued a US$500 million international credit note under the 144A-S regulation of the United States Securities Act. The transaction was under the guaranty of Empresas CMPC. This bullet note has a maturity of 10 years, with semiannual interest payments. The bond priced at UST +270bp and was 6.7x oversubscribed, highlighting the privileged rates that CMPC can access as a large scale producer with a track record of financial responsibility. Proceeds from the bond will go towards to financing the Guaíba expansion project in Brazil, as well as general corporate purposes CMPC initiated a US$500 million capital increase process: As a part of the Guaíba II Project financing plan, CMPC initiated the preferential subscription period for a capital increase, which will consist of the issue of up to 155,602,948 common shares at a price of CLP1,480 each. From May 9th, 2013 until June 8th, 2013 shareholders of record as of May 3rd, 2013 have the right to subscribe shares in proposition to their existing holdings. The capital increase was approved at th an extraordinary shareholders meeting on January 24 , 2013 and the pricing was fixed at a meeting of the Board of th Directors on April 19 , 2013. th
Chilean ports strikes ends: The nation-wide ports strike begun by the workers of Puerto de Angamos on March 16 , and th followed by 10 other Chilean ports, ended on Saturday April 6 , 2013. The strike delayed the shipment of several of 3 CMPC’s products, including 42,000 tons of pulp, 6,400m of wood, and 12,000 tons of boxboards. All of these backlogs have now been cleared, and CMPC’s shipments are operating as normal. Agreement with vendors at Guaíba II Project: CMPC has reached agreement with six vendors for the project: Metso, Chemetics, Demuth, Veolia, Siemens and Weg. These vendors will supply equipment and services including setting up the fiber line, dryer machines, recovery boiler, recuasticizing, wood yard, water treatment facilities, turbogenerators, power systems and the integrated chemical plant. In total, this equipment and services will cost a total of $1.5 billion, or 70% of the total planned investment in the project. During April 2013, a new tissue paper machine in the Talagante mill started operations. A new double width tissue paper machine started its operations in the Talagante mill, for a total investment of US$78 million. This machine has a 50,000 tons/year capacity and is expected to reach 90% production capacity by December 2013.
8
Forestry
Pulp
Papers
Tissue
Paper Products
1Q13
Consolidated Balance Sheet
2012 1Q12
Figures in Th. US$*
Current Assets Cash and Cash Equivalents Operative Receivables Inventories Biological Assets Tax Assets Other Current Assets
2Q12
2013 3Q12
4Q12
1Q13
1Q13
QoQ
3,312,451 366,687 969,757 1,042,859 223,459 148,402 561,287
3,535,234 542,303 936,319 1,063,490 218,363 127,275 647,484
3,478,679 550,670 944,389 1,090,726 217,544 147,301 528,049
3,368,402 431,242 969,941 1,098,369 244,886 154,964 469,000
3,366,465 433,767 946,419 1,111,044 236,858 167,205 471,172
-
Non Current Assets Intangible Assets, Different from Goodwill Goodwill Property, Plant and Equipment, Net Biological Assets Deferred Tax Assets Other Non Current Assets
10,223,760 10,071 156,878 6,464,886 3,267,626 133,783 190,516
10,225,874 9,586 149,942 6,436,472 3,288,415 156,418 185,041
10,313,818 9,491 149,244 6,481,189 3,298,355 202,815 172,724
10,677,675 10,546 142,691 6,569,815 3,280,990 206,038 467,595
10,706,656 14,952 143,114 6,554,675 3,310,103 207,352 476,460
-
TOTAL ASSETS
YoY
0%
2%
1%
18%
-2%
-2%
1%
7%
-3%
6%
8%
13%
0%
-16%
0%
5%
42%
48%
0%
-9%
0%
1%
1%
1%
1%
55%
2%
150%
13,536,211
13,761,108
13,792,497
14,046,077
14,073,121
-
0%
4%
Current Liabilities Other Financial Liabilities Operative Liabilities Other Current Liabilities
1,096,994 241,289 653,984 201,721
1,159,974 416,413 588,564 154,997
1,381,033 563,243 643,768 174,022
1,583,944 705,490 721,740 156,714
1,689,550 890,148 647,773 151,629
-
7%
54%
26%
269%
Non Current Liabilities Other Financial Liabilities Deferred Tax Liabilities Other Non Current Liabilities
4,418,533 3,218,130 931,633 268,770
4,611,063 3,387,947 972,220 250,896
4,399,002 3,143,351 1,094,060 161,591
4,477,099 3,230,886 1,107,435 138,778
4,332,489 3,097,142 1,095,247 140,100
9,508
4,713
4,723
4,722
8,011,176
7,985,358
8,007,739
13,536,211
13,761,108
13,792,497
Non Controlling Participations Equity Attributable to the Owners of the Controller TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
-10%
-1%
-3%
-25%
-
-3%
-2%
4,801
7,980,312 14,046,077
-4%
-4%
-1%
18%
1%
-48%
-
2%
-50%
8,046,281
-
1%
0%
14,073,121
-
0%
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
1Q13
Consolidated Income Statement
2012 1Q12
Figures in Th. US$
Sales Operating Costs (1)
2Q12
2013 3Q12
4Q12
1Q13
1Q13 QoQ
YoY
1,176,975 (799,287)
1,162,050 (751,445)
1,209,488 (794,926)
1,210,807 (817,770)
1,193,670 (819,774)
-1% 0%
1% 3%
377,688
410,605
414,562
393,037
373,896
-5%
-1%
(153,331)
(168,903)
(171,724)
(187,850)
(161,715)
-14%
5%
224,357 19%
241,702 21%
242,838 20%
205,187 17%
212,181 18%
3% 5%
-5% -7%
Depreciation, Amortizations and Stumpage (106,085) Increase in Biological Assets due to Forests Growth and Price Effects 58,222 Decrease in Biological Assets due to Harvest (44,104)
(102,156) 58,221 (52,743)
(100,691) 61,915 (53,596)
(115,842) 60,026 (51,155)
(105,380) 51,903 (46,134)
-9% -14% -10%
-1% -11% 5%
112,570
15%
-15%
(41,638) 6,202 2,631 (13,419) (1,016) 14,653 4,332
-3% -29% -36% -228% -84% -254% -116%
1% -31% -23% -10% -88% -383% -91%
84,315
135%
-32%
Operating Margin Other Operating Expenses
(2)
EBITDA(3) EBITDA Margin (%)
Operating Income
132,390
145,024
150,466
Financial Expenses Financial Income Share Results in Associated Companies Foreign Exchange Difference Indexation Unit Results Other Gains (Losses) Income Taxes
(41,310) 8,926 3,435 (14,971) (8,214) (5,182) 49,280
(45,809) 8,940 2,160 (1,345) (2,937) (12,592) (54,832)
(45,391) 10,694 3,093 (31,654) (765) 12,210 (95,140)
98,216 (42,721) 8,715 4,122 10,484 (6,213) (9,537) (27,132)
Net Income
124,354
38,609
3,513
35,934
(1) Operating Costs 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: Distribution Costs plus Administration Expenses plus Other Functional Expenses (3) EBITDA is calculated as: Sales minus Operating Costs minus Other Operating Expenses
10
Forestry
Pulp
Papers
Tissue
Paper Products
1Q13
Consolidated Cash Flow Statement 2012
1Q13
1Q12
4Q12
Cash Flow from Operating Activities
179,017
162,916
162,965
0%
10%
1,280,431 84,793
1,352,692 70,343
1,363,551 69,422
-1% 1%
-6% 22%
(1,042,197) (80,894) (97) (40,559) 201,477 (22,460) 0
(1,115,713) (84,552) (24,109) (19,406) 179,255 (16,339) 0
(1,082,802) (115,162) (1,062) (49,901) 184,046 (21,081) 0
3% -27% 2170% -61% -3% -22%
-4% -30% -91% -19% 9% 7%
Cash Flow from Investment Activities
(158,539)
(432,170)
(136,076)
218%
17%
Cash flows used for acquisition of subsidiaries Amounts raised from sale of property, plant and equipment Purchases of property, plant and equipment Amounts raised from sale of intangible assets Purchases of intangible assets Amounts raised from other long-term assets Purchases of other long-term assets Amounts provided by government subsidies Payments of future contracts, forwards, options and swaps Collections from future contracts, forwards, options and swaps Dividends received Interest paid Interest received Income taxes reimbursed (paid) Other cash inflows (outflows)
0 9,561 (158,039) 0 0 0 (15,646) 0 (6,700) 0 0 0 8,698 0 3,587
0 41 (167,476) 0 0 0 (13,383) 0 (11,312) 6,465 0 0 6,422 0 (252,927)
0 0 (130,544) 1,241 0 0 (13,948) 0 (5,923) 1,930 0 0 6,217 0 4,951
28% -100% -4% 91% 235% 3% -5209%
21% -100% 12% 13% -100% 40% -28%
(95,598)
159,775
(28,381)
-663%
237%
0 105,411 105,411 (156,526) 0 (149) 0 (44,334) 0 0
0 312,912 312,912 (79,665) 0 (32,404) 0 (41,068) 0 0
0 156,957 156,957 (146,143) 0 (79) 0 (39,116) 0 0
99% 99% -45% 40918% 5% -
-33% -33% 7% 89% 13% -
(75,120)
(109,479)
(1,492)
7238%
4935%
(9,949)
4,017
-348%
832%
2,525
-4830%
-1592%
Cash collection from operating activities Collections from sales of goods and services delivered Other cash receipts from operating activities Payments for operating activities Payments to suppliers for goods and services Payments to and on behalf of employees Premium payments, benefits, annuities, and other obligations from suscribed policies Other payments for operating activities Flujos de efectivo netos procedentes de (utilizados en) la operaci贸n Income taxes reimbursed (paid) Other cash inflows (outflows)
Cash Flow from Financing Activities Amounts raised from short-term loans Amounts raised from long-term loans Amounts raised from short-term loans Loans repayments Payments of finance lease liabilities Dividends paid Interest received Interest paid Dividends received Other cash inflows (outflows) Net increase (decrease) in cash and cash equivalents before effect of exchanges rate change Effects of variation in the exchange rate on cash and cash equivalents
Forestry
2013 1Q13
Figures in Th. US
37,450
QoQ
AoA
Net increase (decrease) in cash and cash equivalents
(37,670)
(119,428)
Cash and cash equivalents at beginning of period
404,357
550,670
431,242
28%
-6%
Cash and cash equivalents at end of period
366,687
431,242
433,767
-1%
-15%
Pulp
Papers
Tissue
Paper Products
11
1Q13
Sale Volumes
Domestic Sales(1)
Exports
Total Sales
1Q13
1Q12
4Q12
1Q13
1Q12
1Q12
4Q12
1Q13
QoQ
YoY
Forestry and Wood Products Sawnwood, Remanufactured Wood & Plywood
(Th. m3ssc)
751 87 0
643 76 0
723 95 0
198 198 0
219 219 0
189 189 0
949 285 0
862 296 0
912 284 0
6% -4% 0%
-4% 0% 0%
Pulp
(Th. Tons)
Packaging, Printing & Writing Paper, Newsprint and Boxboard Boxboard Newsprint
(Th. Tons)
30 0 74 14 9 0
40 0 90 16 8 0
36 0 73 15 7 0
479 0 118 81 28 0
501 0 107 76 20 0
444 0 96 74 8 0
510 0 191 95 37 0
542 0 197 92 28 0
480 0 169 88 16 0
-11% 0% -14% -4% -44% 0%
-6% 0% -12% -7% -57% 0%
Tissue Paper
(Th. Tons)
Paper Products Corrugated Boxes
(Th. Tons)
131 0 87 64
141 0 69 49
135 0 85 61
0 0 4 2
0 0 4 2
1 0 7 4
131 0 91 66
142 0 73 51
136 0 92 65
-4% 0% 26% 29%
3% 0% 1% -1%
4Q12 1Q13
(1) Considers Chile and Foreign Subsidiaries (2) The CTMP Tons produced by Melhoramentos were reclassified as Pulp
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