1Q12
Empresas CMPC S.A. First Quarter 2012 Results th April 27 , 2012
Santa Fe II mill – Nacimiento, Chile This mill concluded the second stage of its expansion project in 4Q11 – 1Q12
1Q12 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
In the 90’s, CMPC began an internationalization process, which has accelerated during the recent years. 92 years after its establishment, CMPC operates in 8 countries, generating over 15,500 direct jobs, contributing with the development of the communities where the Company operates, satisfying the needs of more than 20,000 direct clients in 50 countries. All the above confirms CMPC’s long term business vision, which is focused on generating value through its traditional seal of innovation and prudence in all its business activities.
Conference Call th Date: Friday, April 27 , 3:00 PM NY’s Time US Toll Free: (+1 800) 688 0796 International Dial: (+1 617) 614 4070 Password: 253 850 09
1Q12
1Q12 in Brief
During the first quarter, CMPC registered an increase in its sales and EBITDA when compared with those reached in the fourth quarter of 2011. The increase in sales is mainly explained by the higher revenues of the Tissue, Pulp and Paper Products divisions which were benefited by higher prices and volumes. Pulp prices decreased by 1% in the case of softwood and increased 7% in the case of hardwood. In addition, it is important to highlight the positive effect in volumes and cash costs derived from the start up of the second stage of the Santa Fe II mill expansion project, which implied a prolonged maintenance downtime related with the final works of this investment during 4Q11. The increase in EBITDA is explained by higher margins in all business divisions, except from Paper.
CMPC’s consolidated sales for 1Q12 reached US$1,177 million, registering a 4% increase when compared to those of 4Q11. During the quarter, sale volumes increased in the Pulp, Paper Products and Tissue businesses. Sale prices were higher in all business divisions, except from Forestry. Consolidated EBITDA reached US$224 million during 1Q12, showing a 25% increase when compared to that of 4Q11. The above responds to the increment registered in margins due to higher sales and lower unitary costs when compared to those of the previous quarter. As a result, CMPC's EBITDA margin for the quarter increased 3 bps up to 19%. CMPC registered a Net Income of US$116 million during 1Q12, showing a 58% increment when compared to that of 4Q11. This is mainly explained by the higher EBITDA registered during the quarter, as well as by a gain in income taxes. This increment was partially offset by a lower net biological assets income. CMPC’s net debt as of the end of 1Q12 stood at US$2,494 million, presenting a US$42 million increase when compared to that as of December 31st, 2011. Total debt stood at US$3,276 million, remaining at the same level than the previous quarter. The Company closed the quarter with US$783 million of Cash (defined as: cash and cash equivalents + term deposits within 90 to 360 days of maturity). During the quarter, the Santa Fe II mill concluded the second stage of its expansion project: in 1Q12 the Santa Fe II mill achieved full production capacity. Moreover, on April 1 st the mill reached 3,619 tons of hardwood production, which is the second highest daily production reached by a single pulp line worldwide.
Key Figures MMUS$
1T11
4T11
1T12
ToT
AoA
Acum. 2011
Acum. 2012
Ac.´12 / Ac.´11
Ventas EBITDA Margen EBITDA Utilidad Neta
1,242 317 26% 143
1,129 180 16% 73
1,177 224 19% 116
4% 25% 3% 58%
-5% -29% -6% -19%
1,242 317 26% 143
1,177 224 19% 116
-5% -29% -6% -19%
166
194
164
-15%
-1%
166
164
-1%
CAPEX
2
Total Activos Deuda Neta Capitalización de Mercado
13,567 13,294 2,158 2,451 10,692 8,152
13,521 2,494 9,528
2% 2% 17%
0% 16% -11%
13,567 2,158 10,692
13,521 2,494 9,528
0% 16% -11%
Dólar Observado Cierre Dólar Observado Promedio
479.46 519.20 481.81 512.43
487.44 489.04
-6% -5%
2% 2%
479.46 481.81
487.44 489.04
2% 2%
Forestry
Pulp
Papers
Tissue
Paper Products
1Q12
Income Statement Analysis
Total revenues reached US$1,177 million during the quarter, 4% higher when compared to those of 4Q11. During the quarter, there were higher sale volumes in all business divisions except from Forestry and Paper, when compared to those of the previous quarter. Regarding the Pulp business, softwood volumes increased 20% due to higher exports worldwide. Hardwood sales remained practically unchanged due to a delay in a shipment with destination to Asia, which offset the increment in volumes in response to the start up of the Santa Fe II mill expansion. The higher volumes of Paper Products respond mainly to the better sales in Chile due to the seasonality of the fruit business and the additional new capacity in Osorno. In the case of Paper, newsprint volumes reduced significantly due to a decrease in production in response to limitations in the energy supply under contract for this mill. In addition, the lower third party sales of corrugated paper is explained by higher intercompany sales. Finally, in terms of prices, they were higher in all business areas, except from Forestry. Softwood average price decreased 1%, whereas hardwood average price increased by 7% when compared to those registered in 4Q11. In the case of Tissue, prices were benefitted by the local currencies appreciation.
Sales Breakdown Analysis to Third Parties
Total Revenues Evolution
= Δ Volumes
= Δ Prices
1,242
1,177
1,129
+18
+2
+20
+8 -2
+8
+1
+19
-22
-3
1,177 1,129
1Q11
4Q11
Sales 4Q11
1Q12
Forestry -5
Pulp +26
Papers -20
Tissue +28
Paper Prod. +20
Sales 1Q12
CMPC’s consolidated EBITDA reached US$224 million, 25% higher than 4Q11’s EBITDA. This increment is mainly explained by the higher EBITDA of the Pulp, Tissue, Forestry and Paper Products divisions. All the above was slightly offset by a decrease in the EBITDA of the Paper business.
EBITDA Evolution
EBITDA Variation by Business
317
+8
+24 180
+8
EBITDA 4Q11
Forestry
+7
+1
224
-3
224 180
1Q11
4Q11
1Q12
Pulp
Papers
Tissue
Paper Holding & Products Others
EBITDA 1Q12
Net Income during the quarter reached US$116 million, 58% higher than that of 4Q11. This increment is mainly explained by the higher EBITDA and other non operational items, as a result of the appreciation of the Chilean peso and its effect over exchange rates differences and differed taxes. This increment was partially offset by a lower net biological assets income.
Net Income Analysis
Net Income Evolution
+43
+44
116 -2
143
3
-9
116 73
-34
-1
Net Biol. Income
Net Fin. Costs
73
1Q11
Forestry
4Q11
Net Income 4Q11
1Q12
Pulp
Papers
EBITDA
Tissue
Depreciation & Stumpage
Other Non Oper.
FX Diff. & Index. Results
Paper Products
Net Income 1Q12
3
1Q12
Income Statement Analysis FORESTAL
Sales to Third Parties Breakdown by Destination Foreign Subsidiaries Sales 30%
A breakdown of CMPC’s sales to third parties by destination during 1Q12 shows that 44% of the sales correspond to exports, 26% to domestic sales in Chile and 30% to domestic sales of foreign subsidiaries. It is important to highlight that foreign subsidiaries sales have been increasing its shares in total sales during the last years. This is mainly explained by the strong internationalization process undertaken by the Company through Latin America.
Export Sales 44% Domestic Sales in Chile 26%
CMPC’s sales breakdown to third parties by business for 1Q12 shows that the Tissue and Pulp businesses contributed with 36% and 28% of total revenues respectively, followed by Paper business contributing with 15% of total sales. Finally, the Forestry and Paper Products divisions represented each 10% of total revenues. CMPC’s EBITDA breakdown by business for 1Q12 shows that all business areas increased their contribution, except from Papers. The latter was mainly explained by lower sale volumes, especially those of newsprint and corrugated paper. Pulp EBITDA was benefited by higher sales, as well as by lower direct costs related to maintenance when compared to 4Q11. The Forestry division increased its contribution to consolidated EBITDA despite the reduction on it sales. This was mainly explained by lower costs, as well as by higher production efficiency. Finally, both Tissue and Paper Products increased its contribution to EBITDA mainly due to higher sales and lower raw materials costs, especially those of fiber when compared to those of the previous quarter.
4Q11 Sales Breakdown by Business Area Paper Products 9%
1Q12 Sales Breakdown by Business Area Paper Products 10%
Forestry 11%
Pulp 28%
Pulp 27%
Tissue 35%
Tissue 36%
Paper 15%
Paper 18%
4Q11 EBITDA Breakdown by Business Area
Tissue 26%
Forestry 10%
1Q12 EBITDA Breakdown by Business Area
Paper Products 4%
Tissue 24%
Paper Products 6% Forestry 17%
Forestry 17% Papers 19%
Papers 25% Pulp 28%
4
Forestry
Pulp
Pulp 33%
Papers
Tissue
Paper Products
1Q12
Income Statement Analysis
The Forestry and wood products business registered a 4% decrease in sales (-US$5 million) during this period when compared to those of 4Q11. Forestry volumes decreased 3%, mainly due to decrements in the sales of sawing logs (9%), pulpwood (5%), sawn wood (6%) and remanufactured wood (1%). On the other hand, plywood increased its sale volumes by 11%, mainly explained by higher exports with destination to Europe and the United States.
FORESTRY
As for the average price, there was a 1% decline in the forestry mix, due to slight decreases in all the categories, except from plywood. Δ% Sales: -4% Δ% Volumes: -3% Δ% Price: -1%
Pulp sales increased by 8% (+US$26 million) during 1Q12 when compared to those of 4Q11. This is mainly explained by the increment in sale volumes for both softwood (20%) and hardwood (0.4%), in response to a restocking process undertaken by the whole paper producers’ business chain. The increase in softwood volumes is mainly attributable to higher exports to Asia (26%), Europe (15%), and Latin America (14%). Hardwood sale volumes remained practically unchanged because of a delay in a shipment with destination to Asia, which offset the increment in volumes due to the start up of the second stage of the Santa Fe II mill expansion. On the other hand, during 1Q12 pulp registered a 2% increment on the effective average price (including a small tonnage of P&W papers produced in integrated pulp mills). Average effective price reached CIF 679 US$/ton for softwood and CIF 602 US$/ton for hardwood. During this period, the spread price between both fibers reached CIF 77 US$/ton, 38% less than the previous quarter.
PULP
Δ% Sales: +8% Δ% Volumes: +6% Δ% Price: +2%
Paper business during 1Q12 registered a 10% decrease (-US$20 million) in consolidated sales, when compared to those of 4Q11, mainly explained by lower sale volumes.
PAPERS
If we analyze each of the paper businesses, newsprint volumes registered a 22% decrement when compared to those of 4Q11. The above responds to a decrease in newsprint production due to limitations in the electric energy supply under contract for this mill, as well as by the high purchase cost of energy in the spot market. Sale price went up 1%. On the other hand, boxboard prices increased 1% when compared with those of 4Q11, whereas sale volumes were down by 1%. Finally, packaging paper sale volumes to third parties decreased by 29% when compared to those of the previous quarter. However, if we consider both sales to third parties and intercompany sales the decrement in volumes is reduced to 7%. Corrugated paper price registered a decrement of 1% when compared to that of 4Q11.
Δ% Sales: -10% Δ% Volumes: -11% Δ% Price: +1% TISSUE
Δ% Total Sales: +7% Δ% Volumes: Paper: +2% / Diapers&FCP: +2% Δ% Price: Paper: +4% / Diapers&FCP: +8%
Paper products business during 1Q12 registered a 19% increment (+US$20 million) in sales compared to those of 4Q11. This increase is mainly attributable to the seasonality of the fruit export business in Chile, which raises demand for fruit boxes during this period, as well as to the start up of the new corrugated box plant in Osorno, Chile. All the above resulted in a 22% increase in corrugated boxes sale volumes. If we compare 1Q12 with 1Q11 sale volumes (to isolate the seasonal effect) we appreciate a 3% reduction, which is mainly attributable to a decrement in the boxes for apples and grapes, which offset the increment in the volumes for the boxes used for avocados, apricots, peaches and citric fruits. On the other hand, molded pulp trays sale volumes registered a 149% increase in response to the apple business seasonality when compared to those of the previous quarter. Finally, paper bags sale volumes decreased by 10%. The average selling price registered a 1% increment.
PAPER PRODUCTS
Δ% Sales: +19% Δ% Volumes: +18% Δ% Price: +1%
Forestry
Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Mexico, Colombia, Ecuador and Brazil, registered a 7% increment in its sales (+US$28 million) during 1Q12, when compared to those of 4Q11. Tissue paper volumes showed a 2% increment mainly due to higher sales in the Mexican, Chilean and Colombian markets. Also, sanitary products increased their volumes in 2%. It is important to highlight that the Brazilian market has leaded the increment in sale volumes of sanitary products, due to the successful entrance of CMPC in this category. Finally, average sale price (measured in US Dollars) increased 8% in the case of diapers & feminine care products; whereas those of tissue paper increased by 4% when compared to those of 4Q11. The increment in prices is mainly explained by the appreciation of the local currencies against the US dollar.
Pulp
Papers
Tissue
Paper Products
5
1Q12
Income Statement Analysis
Operating costs excluding depreciation, stumpage and decrease due to harvest amounted US$799 million, in line with those of 4Q11, registering an increase of US$4 million. At a consolidated level, Operating costs in 1Q12 were 68% of total sales, two points lower than that of 4Q11. Other operating expenses reached US$153 million, in line with those of 4Q11, registering a decrease of US$200 thousand when compared to that of 4Q11. This account represented 13% of total sales, 1% less than that of 4Q11. Financial expenses decreased 2% during 1Q12 when compared with those of 4Q11 reaching US$41 million. On the other hand, CMPC’s Financial Income registered a 16% decrement when compared to that of 4Q11, mainly explained by a lower average amount of cash. During this period there was a lower Share of profit in associated companies, which decreased to US$3.4 million, due to the disvesture in El Raulí during 4Q11. Regarding Currency Exchange differences, the depreciation of the Dollar against the Chilean peso during the quarter had negative result in net income, registering a US$14 million loss. These results are generated by the mismatch between assets and liabilities denominated in Chilean pesos and other currencies other than U.S. dollars (functional currency). Indexation Unit Results is caused by the variation experienced by the balance sheet accounts registered in UF (inflation adjusted index). The US$8 million loss recorded during the quarter was primarily due to the positive variation of the UF, applied to UF nominated debts held by the company. Other gains (losses) includes sales of goods not belonging to any of the company line of business 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. During this quarter, a US$5 million loss was recognized under this account, registering a US$5 million decrement when compared with the previous quarter. Income taxes for the period implied a US$38 million gain, whereas in the previous quarter this account was close to US$0. This is because CMPC’s tax accounting is in Chilean Pesos and the appreciation of this currency reduced the tax base of assets measured in dollars, and therefore decreases differed taxes.
Consolidated Income Statement as of March 31st, 2012
2011 1Q11
Figures in Th. US$
Sales Operating Costs(1)
4Q11
1,241,629 1,128,711 (786,736) (795,258)
Operating Margin
454,893
Other Operating Expenses(2) EBITDA(3) EBITDA Margin (%) Depreciation and Stumpage Variation on Net Value of Biological Assets
6
2012 1Q12 1,176,975 (799,287)
YoY
4% 1%
-5% 2%
13%
-17%
0%
11%
333,453
377,688
(153,565)
(153,331)
317,052 26%
179,888 16%
224,357 19%
25% 20%
-29% -25%
(100,644) 13,053
(104,950) 49,931
(106,535) 16,109
2% -68%
6% 23%
7%
-42%
229,461
124,869
133,931
Non-Operating Income Taxes
(23,516) (63,323)
(51,589) (146)
(56,060) 37,679
Net Income
142,622
73,134
115,550
Pulp
QoQ
(137,841)
Operating Income
Forestry
1Q12
Papers
Tissue
9% 138% -25908% -160% 58%
-19%
Paper Products
1Q12
Balance Sheet Analysis Balance Sheet Analysis st
st
As of March 31 2012, Current assets registered a 2% increment when compared with those as of December 31 , 2011, mainly as a consequence of the increase in the Trade and other receivables account. Also, Non current assets increased in 2% when compared st to those as of December 31 , 2011. st
Current liabilities were up by 4% when compared with those as of December 31 , 2011 mainly because of the 9% increase in the trade payables account. On the other hand, Non current liabilities presented a 1% increment when compared with those as of st December 31 , 2011. st
CMPC’s financial debt stood at US$3,276 million as of March 31 2012, showing a US$3 million increment when compared to that as st st of December 31 , 2011. On the other hand, CMPC’s net financial debt reached US$2,494 million as of March 31 2012. This st represents an increment of US$42 million when compared to that as of December 31 , 2011, mainly explained by the lower amount of cash in hand. It is important to highlight that CMPC closed the quarter with US$783 million of Cash. The Net financial debt/EBITDA ratio registered a negative QoQ variation from 2.3 to 2.5 times. The interest coverage ratio showed an unfavorable movement during the quarter falling from 6.88 times to 6.19 times, when compared to that observed in 4Q11. Finally, the Financial debt / Tangible net worth ratio showed a decrement from 0.43 to 0.42 times. At the end of 1Q12, 71% of CMPC’s debt was denominated in US$, 19% was denominated in Chilean pesos (or Unidades de Fomento) and the balance in other local currencies. On the other hand, 81% of CMPC’s total financial debt has a fixed interest rate, whereas the balance has a floating interest rate.
st
Debt Breakdown as of March 31 , 2012
(i) (ii) (iii) (iv) (v) (vi)
Δ% QoQ Δ% YoY
In Million US$
1Q11
4Q11
1Q12
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
464 3,000 (52) (76) (0) (1)
274 3,137 (51) (74) (4) (9)
208 3,218 (50) (92) (2) (6)
Total Debt ( (i) + (ii) + (iii) + (iv) + (v) + (vi) )
3,333
3,273
3,276
0%
-2%
Cash*
1,176
822
783
-5%
-33%
Net Debt
2,158
2,451
2,494
2%
16%
Average Cost of Debt
4.4%
4.3%
4.3%
0%
0%
-24% 3% -1% 24% -48% -37%
-55% 7% -4% 20% 14160% 320%
*Cash and cash equivalents + Term deposits w ithin 90 to 360 days of maturity
st
Amortization Schedule as of March 31 , 2012
Financial Ratios Evolution
8.95x
6.88x
6.19x
547 371
499
498
496
1.8x
405
0.44x
2.3x 2.5x 0.43x
0.42x
246 1Q11
1Q12
4
48 2012
4Q11
2013
2014
2015
2016
2017
2018
2019
≥2020
Net Financial Debt / EBITDA
Financial Debt / Tangible Net Worth
Interest Coverage Ratio
Shareholders’ Equity presented a US$161 million increase when compared to that of 4Q11. This is mainly due to the higher Retained Earnings registered during the quarter.
Forestry
Pulp
Papers
Tissue
Paper Products
7
1Q12
Relevant Events th
Inversiones CMPC issued a US$500 million international credit note: On April 18 , 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 effective rate is 4.64%, which was equivalent to CT10 + 265 bps of spread. Bank of America Merrill Lynch, HSBC, JPMorgan and Mitsubishi UFJ Securities acted as joint book-running managers.
The second stage of the Santa Fe II mill expansion project was concluded: at the end of 2011 - beginning of 2012 the Santa Fe II mill concluded the start up of its expansion project which added 200 thousand tons of hardwood. Thus, annual total capacity at this mill reached 1.13 million tons, for a total investment of US$156 million. It is important to highlight that st this mill produced 3,619 tons on April 1 , which is the second highest production reached in one day by a single pulp line worldwide.
CMPC Pulp and Endesa finished the arbitrage process which determined the outstanding balance due from CMPC th Pulp to Endesa in relation to a specific amount of electrical energy consumption: on April 19 , CMPC Pulp and Endesa decided to end the arbitrage process maintained in order to determine the outstanding balance that CMPC Pulp has to pay Endesa regarding a specific amount of electric energy consumption. In accordance to a previous arbitrage, Endesa was not obligated to provide a specific amount of energy to CMPC at the same conditions that were established in 2003’s Energy Power Supply contract. Under this agreement, CMPC Pulp owes Endesa a sum of US$59.9 million. This amount will be paid as follows: US$25 million in 2012, and the balance by reducing energy consumption and by transferring the attributes of Unconventional Renewable Energy for the years 2012 and 2013. The Company has previously made some provisions regarding this arbitrage on its Financial Statements, so this agreement will not have effects on results.
8
Forestry
Pulp
Papers
Tissue
Paper Products
1Q12
Consolidated Balance Sheet
2011 1Q11
Figures in Th. US$*
Current Assets Cash and Cash Equivalents Operative Receivables Inventories Biological Assets Tax Assets Other Current Assets
3,611,484 309,379 1,010,359 937,909 221,405 145,891 986,541
Non Current Assets Intangible Assets, Different from Goodwill Goodwill Property, Plant and Equipment, Net Biological Assets Deferred Tax Assets Other Non Current Assets
9,955,125 10,991 166,476 6,279,916 3,178,917 134,733 184,092
TOTAL ASSETS
13,566,609
Current Liabilities Other Financial Liabilities Operative Liabilities Other Current Liabilities
1,382,564 499,635 591,878 291,051
Non Current Liabilities Other Financial Liabilities Deferred Tax Liabilities Other Non Current Liabilities
4,238,561 3,001,426 952,281 284,854
Non Controlling Participations
156,975
Equity Attributable to the Owners of the Controller
7,788,509
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
13,566,609
2Q11 3,462,621 348,294 1,015,085 997,620 223,112 145,944 732,566 10,204,886 11,591 169,842 6,432,746 3,241,553 148,366 200,788 13,667,507 1,395,645 564,786 611,219 219,640 4,200,773 2,933,387 959,069 308,317 118,315 7,952,774 13,667,507
2012 3Q11 3,276,351 367,590 968,372 1,016,476 216,305 141,273 566,335 9,904,984 10,568 155,811 6,253,094 3,193,798 136,702 155,011 13,181,335 1,314,945 482,552 595,650 236,743 4,062,302 2,799,759 986,763 275,780 5,493 7,798,595 13,181,335
4Q11 3,247,968 404,357 909,967 1,021,914 220,871 137,565 553,294 10,045,608 10,044 154,651 6,310,136 3,261,039 129,034 180,704 13,293,576 1,058,004 293,446 597,514 167,044 4,387,092 3,137,196 962,145 287,751 8,579 7,839,901 13,293,576
1Q12
2Q12
1Q12 3Q12
4Q12
3,307,170 366,687 969,757 1,041,828 223,459 144,152 561,287 10,213,531 10,071 156,580 6,432,107 3,286,224 138,033 190,516
QoQ
YoY
2%
-8%
-9%
19%
7%
-4%
2%
11%
1%
1%
5%
-1%
1%
-43%
2%
3%
0%
-8%
1%
-6%
2%
2%
1%
3%
7%
2%
5%
3%
13,520,701
2%
0%
1,096,994 241,289 653,984 201,721
4%
-21%
-18%
-52%
4,413,793 3,218,130 926,893 268,770
9%
10%
21%
-31%
1%
4%
3%
7%
-4%
-3%
-7%
-6%
9,508
11%
-94%
8,000,406
2%
3%
13,520,701
2%
0%
* 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
1Q12
Consolidated Income Statement
2011 1Q11
Figures in Th. US$
Sales Operating Costs (1)
2Q11
2012 3Q11
1,241,629 1,198,533 1,227,646 (786,736) (743,943) (794,358)
Operating Margin Other Operating Expenses (2) EBITDA(3) EBITDA Margin (%) Depreciation and Stumpage Increase in Biological Assets due to Forests Growth and Price Effects Decrease in Biological Assets due to Harvest
4Q11
1Q12
1,128,711 (795,258)
2Q12
1Q12 3Q12
4Q12
1,176,975 (799,287)
-5% 2%
13%
-17%
0%
11%
454,590
433,288
333,453
377,688
(151,508)
(154,904)
(153,565)
(153,331)
317,052 26%
303,082 25%
278,384 23%
179,888 16%
224,357 19%
25% 3%
-29% -25%
(100,644) 57,481 (44,428)
(104,049) 71,378 (47,352)
(103,772) 70,865 (47,519)
(104,950) 91,559 (41,628)
(106,535) 60,213 (44,104)
2% -34% 6%
6% 5% -1%
7%
-42%
229,461
223,059
197,958
124,869
133,931
(38,107) 7,734 3,546 30,496 (3,526) (23,659) (63,323)
(40,433) 9,952 4,412 20,107 (3,925) (27,099) (16,565)
(42,373) 8,322 (42) (13,958) (5,261) 30,256 (65,693)
(42,005) 10,665 3,628 (5,410) (7,793) (10,674) (146)
(41,310) 8,926 3,435 (13,715) (8,214) (5,182) 37,679
Net Income
142,622
169,508
109,209
73,134
115,550
-2% 8% -16% 15% -5% -3% 154% -145% 5% 133% -51% -78% -25908% -160% 58%
(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: Distribution Costs plus Administration Expenses plus Other Functional Expenses (3) EBITDA is calculated as: Sales minus Operating Costs minus Other Operating Expenses
Pulp
4% 1%
454,893
Financial Expenses Financial Income Share Results in Associated Companies Foreign Exchange Difference Indexation Unit Results Other Gains (Losses) Income Taxes
Forestry
YoY
(137,841)
Operating Income
10
QoQ
Papers
Tissue
Paper Products
-19%
1Q12
Consolidated Cash Flow Statement
2011 Figures in Th. US
1Q11
Cash Flow from Operating Activities
231,245 0 0 142,622 63,322 81,932 7,498 (26,970) (41,388) 0 102,764 (83,585) (14,950) 61 (726,323) 0
Net Income Income Taxes Adjustments Depreciation and Amortization Adjustments Provisions Adjustments Unrealized Exchange Losses Loss (Gain) from Fair Value Adjustments Adjustments for Undistributed Profits of Associates Other Non Cash Items Ajustments Working Capital Adjustments Income Tax Refund (Payment) Cash Flow from Investment Activities
2Q11
2012 3Q11
4Q11
196,217
219,596
165,711
169,508 16,566 83,555 7,868 (16,182) (56,814) (7,958) 94,212 (20,537) (74,001)
109,209 65,693 82,986 4,622 19,219 (98,801) 42 95,412 (31,355) (27,431)
73,134 146 84,930 6,100 13,203 (92,031) (3,628) 98,038 13,297 (27,478)
75,868
511
(182,668)
0 0 255 (144,244) (21,881) 0 5,640 0 7,346 (573,439) 0 449,372 0 0 495,078 128,699 623,777 0 (140,031) (50) (34,385) 61
0 0 246 (180,526) (32,592) (15,025) (5,640) 5,466 8,002 295,936
43,347 0 487 (161,212) (31,383) (4,812) 0 0 8,432 145,651
0 0 101 (151,264) (42,763) 12,195 0 0 5,881 (6,818)
(243,660)
(172,008)
43,475
(493) 71,759 71,266 (37,246) (142,754) (99,385) (34,886) (655)
0 83,501 83,501 (21) (165,558) (55,805) (34,719) 594
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
(45,706) (9,444) 364,529
28,425 10,491 309,379
Cash and Cash Equivalents at the End of the Period Term deposits within 90 to 360 days of maturity
309,379 866,248
348,294 602,121
Cash flows from loss of control of subsidiaries or other businesses Payments to Acquire Subsidiaries or other Businesses Divestments in Property, Plants and Equipment Investments in Property, Plants and Equipment Investments in Other Long Term Assets Payments arising from futures contracts, forwards, options and swap Derivative Contracts, Options and Swap Charges Dividends Received Interests Received Other Entries (Egresses) of Cash Cash Flow from Financing Activities Proceeds form the Issuance of Short Term Debt Proceeds form the Issuance of Long Term Debt Total Proceeds form the Issuance of Debt Payments to Acquire own Shares Payments of Loans Dividends Paid Interest Paid Other Entries (Egresses) of Cash
Cash at the End of the Period
Forestry
1,175,627
Pulp
Papers
950,415
1Q12
2Q12
1Q12 3Q12
4Q12
179,017 0 0 115,550 (37,679) 80,538 6,322 21,929 (54,440) 0 92,617 (22,082) (23,738) 0 (158,539) 0
QoQ
AoA 8%
-23%
58% -25908% -5% 4% 66% -41% -100% -6% -266% -14%
-19% -160% -2% -16% -181% 32% -10% -74% 59%
-13%
-78%
9366% 4% -63% -155% 48% -153%
3649% 10% -28% -100% 18% -101%
0 581,975 581,975 (57) (453,355) (51,241) (33,847) 0
0 0 9,561 (158,039) (15,646) (6,700) 0 0 8,698 3,587 0 (95,598) 0 0 0 105,411 105,411 0 (156,526) (149) (44,334) 0
48,099 (28,802) 348,294
26,519 10,247 367,590
367,590 409,430
404,357 417,464
777,020
821,821
Tissue
-320%
-121%
-82% -82% -100% -65% -100% 31% -
-100% -18% -83% 12% 198% 29% -100%
(75,120) 37,450 404,357
-383% 265% 10%
64% -497% 11%
366,686 416,152
-9% 0%
19% -52%
782,838
-5%
-33%
Paper Products
11
1Q12
Sale Volumes
Domestic Sales(1)
Exports
Total Sales
1Q12
1Q11
4Q11
1Q12
1Q11
4Q11
1Q12
1Q11
4Q11
1Q12
QoQ
YoY
Forestry and Wood Products Sawnwood, Remanufactured Wood & Plywood
(Th. m3ssc)
742 65
760 76
751 87
232 232
214 214
198 198
974 297
974 290
949 285
-3% -2%
-3% -4%
Pulp
(Th. Tons)
29
30
30
504
451
479
533
481
510
6%
-4%
Packaging, Printing & Writing Paper, Newsprint and Boxboard Boxboard Newsprint
(Th. Tons)
85 16 9
87 15 11
74 14 9
141 84 39
128 81 36
118 81 28
226 100 47
215 96 47
191 95 37
-11% -1% -22%
-15% -5% -22%
Tissue Paper
(Th. Tons)
122
128
131
0
0
0
122
129
131
2%
7%
Paper Products Corrugated Boxes
(Th. Tons)
87 65
72 51
87 64
5 3
5 3
4 2
93 68
77 54
91 66
18% 22%
-2% -3%
(1) Co nsiders Chile and Fo reign Subsidiaries (2) The CTM P To ns pro duced by M elho ramento s were reclassified as P ulp
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