Francisca Manuschevich fmanuschevich@gerencia.cmpc.cl (56-2) 441 2867 Trinidad Valdés mtvaldes@gerencia.cmpc.cl (56-2) 441 2713
EMPRESAS CMPC S.A.
2nd Quarter 2008 Results (2Q08) August 7th, 2008
During the second quarter of 2008, the forestry business registered an increase in its value added products sales, such as remanufactured wood and plywood. The tissue business also registered an increase in its sales, due to the startup of the new issue machines in Argentina and Peru. During this quarter, the Chilean peso showed a 20% depreciation against the US dollar. The inflation index reached 2.4% during the same period.
CMPC’s consolidated sales for 2Q08 reached US$925 million, registering a 7% increase when compared to 1Q08. During this quarter, there were higher volumes and sale prices in all the divisions; except Paper and Paper Products, which registered a decrease in volumes and sale prices. The average pulp price showed a 4% increase during the quarter.
EBITDA during 2Q08 reached US$244 million, showing a 10% increase when compared to that of 1Q08. This higher EBITDA is mainly explained by an increase in consolidated sales. On the other hand, costs of raw materials, fuels and transportation continued to be high. The EBITDA margin reached 26%, showing no variations when compared to the previous quarter.
FINANCIAL REPORT
Net Income in 2Q08 amounted to US$109 million; 11% lower than that of the 1Q08. This increase is due to a higher tax provision, and a lower result from price level restatement, due to the depreciation of the peso.
CMPC’s net debt as of the end of 2Q08 stood at US$1,380 million, decreasing US$94 million during the last quarter mainly due to the cash generated during the quarter.
During this quarter, a new tissue paper machine started operations in Peru. In June, the Company subscribed a syndicated loan for US$250 million. Financial Highlights In millio n USD (1) % Change
Sales EBITDA Depreciation & Stumpage Net Income Net Debt Net Debt / Capitalization Market Capitalizatio n (2) Closing exchange rate
www.cmpc.cl Conference Call: Friday, August 8th 12:00 PM ET US Toll Free: 1.888.339.2688 International dial: (1 617) 847.3007 Password: 706 681 06
(1)
2Q0 7 73 1 21 3 (76) 12 5 1.42 8 23,0% 7.40 2 526,8 6
1Q08 865 222 (91) 123 1.474 18,5% 8.311 437,71
2Q08 925 244 (89) 109 1 .380 19,2% 6 .094 52 6,05
QoQ
YoY
7%
26%
10%
15%
-3%
16%
-11%
-13%
-6%
-3%
1%
-4%
-27%
-18%
20%
0%
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 (2) 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 2Q08 reached US$109 million, 11% lower than the previous quarter. Despite the fact that during this quarter there was an increase in the EBITDA, this increase was offset by a lower result from price level restatement and the increase in non-operational expenditures, especially by a higher tax provision. (Figure 1).
Figure 1: Net Income Analysis In USD million
2
22
150
2 130
123 21
109
110
16 90
70
50 Net Income 1Q08
Total revenues reached US$925 million, registering a 7% increase compared to the previous quarter, and 26% higher than the same period of the last year.
Empresas CMPC – 2Q08 Report
∆ Dep reciatio n
∆ Financial Exp .
∆ Other No n Op erating
∆ Price Level Net Income 2Q08 Res tatement
Figure 2: Sales Breakdown Analysis to Third Parties (Price & Quantity Effect) In USD million +16
1000
+29
-13
+42
-15 29
950 1
28 900
During 2Q08 the Forestry, Pulp and Tissue divisions showed higher prices. On the other hand, there were increases in the Forestry and Pulp volumes. The Tissue division also presented higher volumes, because of the startup of new tissue machines in Argentina and Peru. The Paper division saw a decrease in the corrugating paper volumes, whereas the Paper products division also registered lower volumes, both explained by the seasonality of the fruit industry and the contraction of the Chilean industrial market. (Figure 2).
∆ EBITDA
865
14
13 7
2
925 11
4
5
850 800
750 Q = Volume
700
P = Price
650 Total Sales 1Q08
Forest
Pulp
Papers
Tissue
Paper Products
Total Sales 2Q08
2
Income Statement ANALYSIS The Forestry and solid wood business registered a 15% increase in sales (US$+16 million) during this period, mainly due to an increment in sale prices. The total sales volume increased 2%, due to the increase in value added products such as plywood (+15%) and remanufactured wood (+19%). Sawing logs and pulpwood volumes also increased, although on a smaller proportion. This was partially offset by a reduction in sawnwood volumes (-7%). The timber exports to North America showed a slight recovery during the current quarter, which starts to reverse the decline recorded in U.S. demand in the recent months, due to the subprime crisis. The average sale price registered a positive variation (+13%) compared with the previous quarter. This was primarily because the value added products increased their participation in the solid wood product mix. Pulp sales increased 10% (US$+29 million) during 2Q08 compared to 1Q08, due to an increase in the volumes of both fibers. Hardwood volumes increased 15%, while the softwood volumes increased 2%. These higher volumes are explained by the recovery during this quarter of part of the shipments that could not be dispatched during the previous quarter. The average pulp price showed a 4% increase when compared to 1Q08, reaching CIF 753 US$/ton and CIF 739 US$/ton for softwood and hardwood respectively. During this period, the spread between both fibers reached 14 US$/ton. Paper business during 2Q08 registered a 7% decrease (US$-13 million) in its consolidated sales compared to 1Q08, explained mainly by lower prices and volumes. A breakdown of the different paper grades in this business shows that Newsprint volumes registered a 6% increase during this quarter, explained by higher production due to the recovery of its factory production capacity. On the other hand, prices increased 1%, following the rises in the foreign markets. Boxboard average sale price registered a 0,5% increment. Meanwhile, sales volume increased by 2%, despite the problems generated by the strike in May at the Port of San Antonio. Finally, Packaging paper showed a 42% reduction in volumes, this is due to a lower demand mainly explained by the seasonality of the fruit business, the decrease of industrial activity in Chile and inventory adjustments during this quarter. The average price of packaging paper decrease 3% compared to the previous quarter. Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Brazil, Mexico and Colombia showed a 20% increase in sales (US$+42 million) during the 2Q08, explained by higher prices and volumes in both, tissue paper and diapers and Feminine Care Products. The increase in volumes is mainly due to higher production of foreign subsidiaries, highlighting the additional volumes generated by the new machines in Argentina and Peru. The tissue paper, diapers and Feminine Care Products increased their volumes in 6%. On the other hand, the average sale price increased 14%, mainly due to price increases in some of the markets and foreign currency translation of the off-shore subsidiaries Paper products business during 2Q08 registered a 15% decrease (US$-15 million) in sales compared to 1Q08. This decrease is mainly attributable to lower sale volumes (-11%), especially in corrugated boxes (-26%) and moulded pulp trays (26%) explained by the proper seasonality of this business (fruit export season in Chile) and a lower industrial activity. The average sale price decreased 4%. Empresas CMPC – 2Q08 Report
3
Income Statement ANALYSIS
A breakdown of CMPC’s sales to third parties by destination during 2Q08 shows that 53% of the sales corresponded to exports, 26% to the domestic market in Chile and 21% to domestic markets from foreign subsidiaries. (Figure 3)
Figure 3: Sales to Third Parties Breakdown by Destination Based in USD sales
Export Sales 53%
Domestic Sales from Foreign Subsidiaries 21%
Domestic Sales in Chile 26%
CMPC’s sales breakdown to third parties by business for 2Q08 shows that the Pulp business contributed with 34% of total revenues, followed by Tissue and Paper contributing with 27% and 17% of total sales respectively. Finally, Forestry and Paper Products’ businesses represented 13% and 9% of total revenues respectively. (Figure 4)
Figure 4: Sales to Third Parties Breakdown by Business In USD million 100%
9%
11%
80%
19%
19%
60%
23%
24%
9% 17%
Paper products Papers Tissue
27%
Pulp Forestry
40% 35%
34%
34%
14%
12%
13%
2Q07
1Q08
2Q08
20%
0%
Empresas CMPC – 2Q08 Report
4
Income Statement ANALYSIS
Costs of goods sold excluding depreciation amounted to US$514 million, 7% above than those of 1Q08. The rise in costs is mainly explained by the growth in the Company’s total sales. Additionally, there were increases in energy, transportation and production costs due to higher prices of oil and its derivatives. At the same time, the prices of certain raw materials have continued high; such as timber, chemicals and recycled paper cuttings. At a consolidated level, CMPC has translated the higher operating costs to higher prices. Costs of goods sold in 2Q08 were 56% of total sales, which represents the same percentage of the previous quarter. Sales, General and Administrative expenses increased 4% when compared with expenses during 1Q08 closing at US$166 million. The SG&A expenses represented 18% of total sales. CMPC’s consolidated EBITDA reached US$244 million, 10% higher than EBITDA in the 1Q08. Higher EBITDA is mainly explained by the higher EBITDA in the Forestry and Pulp business. (Figure 5)
Figure 5: EBITDA Variation by Business In USD million 270
11 21
250 230
244 4
222
1
4
210 190 170 150 130 110 90 70 50 EB ITDA 1Q08
Empresas CMPC – 2Q08 Report
Forest
P ulp
Papers
Tissue
P aper Products
E BITDA 2Q08
5
Income Statement ANALYSIS
Figure 6: EBITDA Breakdown by Business
Higher EBITDA in the Forestry division is mainly explained by the higher sales of value added products. The increase in EBITDA in the Pulp division is due to the rise in volumes registered during the quarter; whereas in the case of Tissue, the decline was due to exchange rate effects, specifically by the appreciation of the dollar in the last quarter. On the other hand, the decrease in EBITDA in the Paper division is mainly due to a decrease in sales and some costs pressures (especially in boxboard) related to the higher cost of wood, pulp and fuels. Finally, the decrease in the Paper Products’ EBITDA is due the lesser industrial activity in Chile and the seasonal decrease in sales. (Figures 5 and 6).
In USD million 240 220 200 180 160
13
8 27
34
31
29
25
30
7
Paper products Papers Tissue
140 Pulp
120 100 80
148 117
Forestry
137
60 40 20
28
0
2Q07
32 11
1Q08
2Q08
Financial expenses during 2Q08 increased 8% compared to 1Q08, amounting to US$19.9 million. This increase is mainly due to the structuring costs of the syndicated loan subscribed during the quarter. The average cost of debt for 2Q08 was 4.3%, decreasing 0.2% when compared to the previous quarter. Interest coverage ratios such as EBITDA/Financial Expenses and Average Debt/EBITDA reached levels of 12.28 and 1.95 times respectively, considering the last twelve months. Price Level Restatement and FX Differences resulted in a net gain of US$10.8 million during the 2Q08. Income Tax in 2Q08 was US$42.6 million. The effective tax rate for the year comes to 20%.
Empresas CMPC – 2Q08 Report
6
Income Statement ANALYSIS
Current assets increased 8% in dollars when compared to the previous quarter. This rise was mainly explained by higher cash and marketable securities, because of the subscription of the syndicated loan. As of the end of 1Q08, 26% of cash and marketable securities were denominated in Chilean pesos, 73% in US dollars, and the balance mainly in euros and other currencies.
Fixed assets decreased 15% in dollars from the end of 1Q08, mainly due to the effect of the depreciation of the Chilean peso. Current liabilities as of the end of 2Q08 decrease 10% when compared to 1Q08. The decrease in the short term finantial liablities is mainly explained by the subscription of a US$ 250 million syndicated loan, which pretends to switch shortterm debt to long-term debt. Long term liabilities were up 10% during 2Q08. This is explained by the syndicated loan subscribed during the quarter. Total CMPC debt reached US$1,851 million as of the end of 2Q08, 7% above than that of the previous quarter. As of the end of 2Q08, 59% of CMPC´s debt was denominated in USD, 34% was denominated in Chilean pesos (or Unidades de Fomento) and the balance in Mexican pesos and other currencies.
Debt breakdown In millionUSD Short term debt
% Change
1Q07
4Q07
1Q08
QoQ
YoY
192,1
318,4
256,8
-19%
34%
58,6
285,8
288,0
1%
392%
Long term debt
1.301,6
1.124,0
1.306,2
16%
0%
Total debt
1.552,3
1.728,2
1.851,1
7%
19%
124,2
253,9
471,1
86%
279%
1.428,1
1.474,3
1.379,9
-6%
-3%
4,9%
4,5%
4,3%
-0,2%
-0,6%
Short term portion of long term debt
Cash & cash equivalents Net debt Average cost of debt
Total Shareholder’s Equity as of the end of 2Q08 was US$5,404 million, 15% lower than that of 1Q08. This rise is mainly attributable to the depreciation of the Chilean peso during the quarter. During 2Q08, the company paid a total amount of US$ 89.6 million in dividends, 27% higher than the last dividend paid in January.
Empresas CMPC – 2Q08 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 (tim es)
Other Non-Operational Income / (Expenses) Price Level Restatement Income Taxes Minority Interest Net Income % Incom e/sales
2008
1Q
2Q
3Q
4Q
1Q
2Q
541,26
525,97
518,55
498,47
452,33
489,03
2Q 08
3Q
4Q
% YoY
8%
-7%
666,2
731,2
787,4
791,0
864,8
924,5
7%
26%
(350,5)
(382,1)
(407,2)
(423,9)
(482,9)
(514,4)
53%
52%
52%
54%
56%
56%
7% 0%
35% 3%
(125,0)
(136,4)
(141,7)
(156,5)
(159,9)
(166,0)
19%
19%
18%
20%
18%
18%
4% -1%
22% -1%
190,6
212,7
238,6
210,6
222,0
244,1
29%
29%
30%
27%
26%
26%
10% 1%
15% -3%
(68,6)
(76,2)
(79,8)
(84,5)
(91,1)
(88,6)
-3%
16%
19%
14%
73%
177%
8% 0,3 x
1% 1,6 x
-190%
224%
-59%
-66%
122,0
136,5
158,9
126,1
130,9
155,5
1,7 (18,5)
1,6 (19,7)
2,1 (19,3)
2,3 (16,7)
2,6 (18,3)
4,6 (19,9)
10,4 x
10,9 x
12,5 x
12,8 x
12,3 x
12,5 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
3,3 10,8 (42,6) (2,7) 109,0
12%
17%
19%
14%
14%
12%
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
177%
70%
-965%
267%
-11% -2%
-13% -5%
Exhibit 1b: Consolidated Income Statement
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
2Q 08
1Q
2Q
3Q
4Q
361.958
383.933
414.176
395.532
404.247
420.288
4%
9%
(190.438) (200.611) (214.160) (211.955)
4% 0%
17% 3%
1% -1%
5% -1%
(225.714)
(233.847)
54%
56%
56%
(67.939) (71.639) (74.507) (78.264)
53%
52%
52%
(74.749)
(75.473)
20%
18%
18%
103.580 111.684 125.509 105.313
19%
19%
18%
3Q
4Q
%Q oQ
% YoY
103.784
110.967
27%
26%
26%
7% 1%
-1% -3%
Depreciation & Stumpage
(37.289) (40.020) (41.948) (42.249)
(42.577)
(40.284)
-5%
1%
Operating Income
66.291
61.208
70.682
15%
-1%
Financial Income Financial Expenses
896 865 1.104 (10.062) (10.352) (10.166)
68%
140%
5% 0,3 x
-13% 1,6 x
-188%
180%
-60%
-71%
% EBITDA/sales
(EBITDA + F. Income)/F. Expenses (times)
Other Non-Operational Income / (Expenses) Price Level Restatement Income Taxes Minority Interest Net Income % Income/sales
29%
29%
71.664
30%
83.562
63.064 1.154 (8.350)
1.231 (8.569)
2.073 (9.034)
12,8 x
12,3 x
12,5 x
915 536 (38) (2.516) (4.920) 16.731 19.689 15.303 (10.465) (13.169) (15.978) (11.289) (814) (383) (516) (348) 41.843 65.892 77.657 57.017
(1.711) 12.316 (7.192) 145 57.427
1.504 4.895 (19.360) (1.219) 49.541
14%
12%
10,4 x
12%
10,9 x
17%
12,5 x
19%
14%
169%
47%
-942%
218%
-14% -2%
-25% -5%
Exhibit 2a: Consolidated Balance Sheet Consolidated Balance Sheet 2007
2008
1Q
2Q
3Q
4Q
1Q
539,21
526,86
511,23
496,89
437,71
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
2.051,6 471,1 645,3 52,9 800,2 82,1
Fixed Assets (Net)
5.189,1 5.360,1 5.662,6 6.088,4
6.866,3
234,9
6.823,6 6.969,9 7.422,1 7.927,6
Million of US$ Dollars as of the End of Each Quarter
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
2Q 526,05
2Q08 3Q
4Q
QoQ 20%
YoY 0%
8%
44%
86%
279%
-3%
19%
-17%
23%
-4%
20%
4%
56%
5.841,4
-15%
9%
294,4
259,3
-12%
42%
9.055,6
8.152,3
-10%
17%
-10%
61%
1.063,0 318,4 285,8 373,2 64,0 21,7 1.513,3 381,3 798,2 4,0 329,8
959,7 259,4 288,0 360,1 52,1 0,0 1.657,1 635,2 723,5 0,0 298,4
-19%
35%
1%
392%
-3%
25%
-18%
-6%
-100%
-100%
10%
8%
67%
1%
-9%
5%
-100%
-100%
-10%
39%
139,0
156,9
131,1
-16%
11%
Shareholders' Equity
4.488,0 4.715,6 5.059,9 5.474,0
6.322,4
5.404,4
-15%
15%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
6.823,6 6.969,9 7.422,1 7.927,6
9.055,6
8.152,3
-10%
17%
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
2Q
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
503.484 135.069 151.527 189.456 27.432 0
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
662.374 166.882 349.361 1.758 144.374
873.860 335.530 380.595 0 157.735
65.305
62.368
64.003
69.048
68.695
Shareholders' Equity
2.419.965
2.484.465
2.586.755 2.719.955
TOTAL LIABILITIES AND EQUITY
3.679.341
3.672.179
3.794.389 3.939.138
Other Assets TOTAL ASSETS
Minority Interest
797.137 83.025 290.072 29.070 360.571 34.398
1Q
784.206 86.075 286.823 30.497 352.889 27.923
Fixed Assets (Net)
785.542 90.675 289.837 24.612 350.303 30.114
4Q
2.894.868 3.025.260
829.441 1.080.022 111.129 247.827 290.418 339.470 28.047 27.836 365.138 420.926 34.708 43.963
2Q08 3Q
4Q
QoQ
YoY
30%
44%
123%
279%
17%
19%
-1%
22%
15%
20%
27%
59%
3.005.452
3.072.869
2%
9%
116.742
128.845
136.404
6%
41%
3.794.389 3.939.138
3.963.738
4.289.296
8%
17%
8%
61%
113.980
-3%
33%
21%
391%
16%
25%
-2%
-6%
-100%
-100%
32%
8%
101%
1%
9%
5%
-100%
-100%
9%
39%
68.983
0%
11%
2.767.363
2.842.969
3%
14%
3.963.738
4.289.296
8%
17%
Exhibit 3: Consolidated Cash Flow Statement Cash Flow Statement
(1) 2Q 08
Millions of US$ Dollars as of the End of Each Quarter
2Q07
1Q08
2Q08
%Q oQ
% YoY
Exchange Rate
525,97
452,33
489,03
8%
Cash flows from operating activities
180,6
89,2
194,0
117%
7%
109,0
-11%
-13%
-890%
267% 77% -8%
Net income
-7%
125,5
122,9
Profit on sale of fixed assets
(0,0)
0,0
(0,2)
Charges not representing movement of funds
43,0
67,4
75,9
13%
(60,0)
(78,2)
(55,2)
-29%
71,5
(22,6)
61,8
-373%
-14%
0,7
(0,3)
2,7
-965%
267%
Changes in assets which affect cash flows Changes in liabilities which affect cash flows Minority interest Cash flows from financing activities Loans received Bonds issued Payment of dividends Payment of loans
(116,2)
64,2
115,0
79%
-199%
208,5
347,3
401,6
16%
93%
0,0
0,0
0,0
0%
0%
(40,3)
(70,6)
(96,1)
36%
138%
(293,3)
(212,5)
(190,4)
-10%
-35%
Payment of bonds
0,0
0,0
0,0
0%
0%
Payment of bonds assuance costs
0,0
0,0
0,0
0%
0%
Cash flows from investment activities Proceeds from sale of fixed assets Other income of investments Capital expenditures Permanent investments Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
(106,1) 0,0 0,0
(72,7) 0,0
(76,9)
6%
-28%
(0,0)
0%
-101%
0,0
0,0
0%
0%
(67,9)
(68,8)
1%
-35%
0,0
0,0
0,0
0%
0%
(42,0)
60,7
274,1
352%
-753%
0,1
185,0
-100%
-123%
(41,8)
245,7
12%
-755%
(106,1)
(0,0) 274,1
Notes (1)
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
Exhibit 4: Sale Volumes Volumes Domestic
2Q 2008 vs 1Q 2008
Exports
Total Sales
QoQ
Domestic Markets (1) Forestry and Wood Products
(Th. m3ssc)
Sawnwood & Plywood
1Q08
2Q08
1Q08
2Q08
1Q08
2Q08
653,3
672,7
215,0
212,4
868,3
885,1
2%
67,5
62,3
181,9
172,1
249,4
234,3
-6%
Pulp
(Th. Tons)
5,4
4,7
382,4
420,7
387,8
425,4
10%
Tissue Products (2)
(Th. Tons)
71,2
76,4
0,8
0,8
72,0
77,2
7%
Paper, Boxboard and Newsprint Boxboard Newsprint Converted Products
(Th. Tons)
82,7 12,7 13,3 74,3 59,7
74,0 15,0 14,3 61,6 42,5
105,0 66,8 33,0 5,2 2,0
106,1 66,3 34,7 8,3 4,1
187,7 79,5 46,2 79,5 61,7
180,1 81,3 49,0 69,9 46,6
-4% 2% 6% -12% -24%
(Th. Tons)
Corrugated Boxes (1) (2)
Considers Chile and Foreign Subsidiaries Excluding sales of diapers and feminine care products.
Volumes Domestic
2Q 2008 vs 2Q 2007
Exports
Domestic Markets Forestry and Wood Products
(Th. m3ssc)
Sawnwood & Plywood Pulp Tissue Products
(2)
Paper, Boxboard and Newsprint Boxboard Newsprint Converted Products
(2)
YoY
2Q07
2Q08
2Q07
2Q08
2Q07
2Q08
798,6
672,7
237,2
212,4
1.035,8
885,1
-15%
71,8
62,3
195,1
172,1
266,9
234,3
-12%
(Th. Tons)
5,2
4,7
382,3
420,7
387,5
425,4
10%
(Th. Tons)
67,3
76,4
1,6
0,8
68,9
77,2
12%
(Th. Tons)
70,9 13,3 13,7 56,7 45,8
74,0 15,0 14,3 61,6 42,5
101,0 60,2 35,8 7,8 3,8
106,1 66,3 34,7 8,3 4,1
171,9 73,5 49,5 64,5 49,6
180,1 81,3 49,0 69,9 46,6
5% 11% -1% 8% -6%
(Th. Tons)
Corrugated Boxes (1)
Total Sales
(1)
Considers Chile and Foreign Subsidiaries Excluding sales of diapers and feminine care products.
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.