Empresas CMPC S.A. Second Quarter 2009 Results th August 12 , 2009
2Q09 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
2Q09
“On April 19th, CMPC anounced a US$61 million acquisition of the Brazilian tissue company Melhoramentos Papeis. This purchase allowed CMPC to increase its production capacity to 420 thousand tons per year, transforming CMPC in the leading producer of tissue paper in Latin America�
Conference Call th Date: Wednesday August 19 , 10:00 AM Eastern Time US Toll Free: (+1 888) 4195570 International Dial: (+1 617) 8969871 Password: 36319696
2Q09
2Q09 in Brief
During the second quarter, consolidated sales remained unwavering when compared with those of 1Q09. The good performance showed by the Paper and Tissue businesses, has compensated low prices reached by pulp. Nevertheless, it is important to note that there has been an upward trend in pulp effective sale prices since April. This is consequence of high cash cost mill closures, as well as the growth In the Asian pulp demand, especially the one coming from China. However, pulp prices still remain at significantly lower levels than those reached by the end of the second semester of 2008.
•
CMPC’s consolidated sales for 2Q09 reached US$691 million, registering a 1% decrease when compared to those of 1Q09. During the quarter, there were lower sale prices in all business divisions, except from Forestry. Sale volumes decreased only in the Paper Products division, which is mainly explained by the seasonality of the fruit export business in Chile.
•
EBITDA reached US$130 million during 2Q09, showing a 7% decrease when compared to that of 1Q09. This inferior EBITDA is mainly explained by lower sales, besides the increase in Other operating expenses during the quarter. The EBITDA Margin reached 19%, even in a scenario of prices historically low and negative market conditions.
•
CMPC registered a Net Income of US$28 million during 2Q09; showing a 47% decrease when compared to that of 1Q09, which was primarily due to a lower EBITDA generation. It is important to highlight that from now on there will be recognized Price-level restatements arising from Deferred taxes. To Includee this effect, 1Q09's Net income was adjusted from $ 21.7 million to $ 53.4 million.
•
•
CMPC’s net debt as of the end of 2Q09 stood at US$1,432.6 million, increasing US$75 million when compared to that showed at the end of 1Q09. On April 19th, CMPC Tissue signed the puschase of 100% of the Brazilian tissue paper company Melhoramentos Papeis Ltda. The transaction meant an increase of 75 thousand tons of production capacity per year, which transforms CMPC in the leader of the Latin American tissue paper market.
Key Figures Th. US$ Sales EBITDA EBITDA Margin Net Income CAPEX Total Assets Net Debt Market Capitalization Closing Exchange Rate Average Exchange Rate
2
Forestry
2Q08
1Q09
2Q09
∆%Q/Q
∆%Y/Y
FY 2008
FY 2009
∆%Y/Y
877,461 255,537 29% 141,076
698,394 139,308 20% 53,393
691,295 129,862 19% 28,119
-1% -7% -6% -47%
-21% -49% -35% -80%
1,722,389 473,228 27% 289,709
1,389,689 269,170 19% 81,512
-19% -43% -30% -72%
67,889
57,365
84,741
48%
25%
136,071
142,106
4%
- 10,107,805 10,105,303 - 1,357,340 1,432,559 6,094,098 4,149,436 5,264,405
0% 6% 27%
-14%
6,094,098
10,105,303 1,432,559 5,264,405
-14%
-9% -7%
1% 14%
526.05 470.68
531.76 578.64
1% 23%
526.05 489.03
Pulp
583.26 599.80
531.76 557.48
Papers
Tissue
Paper Products
2Q09
Income Statement Analysis
Total revenues reached US$691 million during the quarter, a 1% decrease when compared to those of 1Q09. During the quarter there were lower prices in all business divisions, except from Forestry. Sale volumes decreased only in the Paper Products division, which is mainly explained by the seasonality of the fruit export business in Chile. During the quarter, there were higher forestry volumes, especially those of sawn wood. On the other hand, pulp volumes continue growing during the second quarter, which was mainly explained by the increase in demand for pulp from Asia, specially the one coming from China. At the same time, there was an increase in Paper sale volumes, which was primarily due to an increment in newsprint sale volumes. Finally, the increase in Tissue sale volumes was consequence of the strong investment plan undertaken by this business at a regional level.
Total Revenues Evolution
Sales Breakdown Analysis to Third Parties
■=∆Price ■=∆Volumes
877 698
691
698
+ 23
+3
+7
+8
+ 16
691
-2 -17
V entasfores tal
2Q08
1Q09
2Q09
1T08 Sales 1Q09
c elulos a
Forestry +10
-6
-18 papeles
Pulp -9
-21
tis s ue
Papers -2
P. Papel
Tissue +17
Paper Products -23
V entas 2T09 Sales
2Q09
CMPC’s consolidated EBITDA reached US$130 million, 7% lower than 1Q09’s EBITDA. This reduction is mainly explained by the lower EBITDA of the Forestry, Paper and Paper Products divisions. The only business that showed a higher EBITDA compared to the previous quarter was Pulp. Finally, the EBITDA of the Tissue business division remained unchanged during 2Q09 when compared to that of the previous quarter.
EBITDA Variation by Business
EBITDA Evolution
+16
256
2Q08
-16
-3
139
130
139
1Q09
2Q09
EBITDA 1Q09
0
-7
130
Forestry
Pulp
Paper
Tissue
Paper Products
EBITDA 2Q09
Net Income during the quarter reached US$28 million, 47% lower than that of 1Q09. This decrease was primarily due to the lower EBITDA generated during the quarter, besides the lesser increase in the Net value of biological assets as well as lower Price level restatements. All the above could not be offset by the gain resulting from Price-level restatements arising from Deferred taxes, which are originated in the difference between the functional currencies used by CMPC’s finance accounting (US Dollar) and CMPC’s main tax accounting currency (Chilean Peso).
Net Income Evolution
Net Income Analysis
141 -9 -3 +10 53 -13
53
-7 -3
28 28
2Q08
1Q09
2Q09
N e t Inc o m e 1Q 0 9
E B IT D A
D e pre c ia t io n & S t um pa ge
N e t B io l. Inc o m e
F ina nc ia l C o st s
O t he r N o n O pe r.
P ric e Le v e l R e s t a t e m e nt
N e t Inc o m e 2Q09
3 Forestry
Pulp
Papers
Tissue
Paper Products
3
2Q09
Income Statement Analysis Sales to Third Parties Breakdown by Destination FORESTAL
A breakdown of CMPC’s sales to third parties by destination during 2Q09 shows that 48% of the sales corresponded to exports, 29% to the domestic market in Chile and 23% 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.
Foreign Subsidiaries Sales 23%
Domestic Sales in Chile 29%
Export Sales 48%
CMPC’s sales breakdown to third parties by business for 2Q09 shows that the Tissue business contributed with 31% of total revenues, followed by Pulp and Paper contributing with 26% and 22% of total sales respectively. Finally, the Forestry and Paper Products divisions represented 11% and 10% of total revenues respectively. During this quarter, Tissue sales were once again higher than those of Pulp. This was mainly due to lower 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. CMPC’s EBITDA breakdown by business for 2Q09 shows that the Pulp division increased its contribution to total EBITDA, which was mainly due to reductions on its direct production costs. On the other hand, Tissue’s EBITDA has been benefited 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 offset by the start up costs associated to the new projects. Finally, the decrease in the Paper Products’ EBITDA is due to a decrement in sales, resulting from the seasonality of the fruit business in Chile.
1Q09 Sales Breakdown by Business Area Paper Products (13%)
2Q09 Sales Breakdown by Business Area Paper Products (10%)
Forestry (10%)
Pulp (26%)
Tissue (28%)
Pulp (26%)
Tissue (31%)
Paper (22%)
Paper (22%)
1Q09 EBITDA Breakdown by Business Area Paper Products (11%)
Forestry (11%)
2Q09 EBITDA Breakdown by Business Area Paper Prod. (7%)
Forestry (5%) Pulp (21%)
.
Forestry (3%)
Tissue (24%)
Pulp (35%)
Tissue (22%)
Paper (41%)
4
Forestry
Pulp
Paper (31%)
Papers
Tissue
Paper Products
2Q09
Income Statement Analysis
The Forestry and solid wood business registered a 14% increase in sales (+US$9 million) during this period when compared to that of 1Q09. Total sale volumes increased by 3%, due to an increment in sawn wood (+49%), remanufactured wood (+15%), sawing logs (+13%), and plywood volumes (+8%). However, this increase was partially offset by a 36% decrease in pulpwood volumes. Average sale price increased 10% when compared to that of 1Q09.
FORESTRY
∆% Sales: +14% ∆% Volumes: +3% ∆% Price: +10%
Pulp sales decreased by 5% (-US$9 million) during 2Q09 when compared to 1Q09, which was mainly explained by a 9% reduction in CMPC’s pulp average effective price. This decline was slightly offset by an increase in sale volumes (+4%). Hardwood volumes increased 25%, while those of softwood decreased 24%. The higher volumes reached by hardwood are explained by the increase in the company’s exports to Asia (+30%) and Europe (+18%). On the other hand, the lower volumes reached by softwood are explained by the decrease in the company’s exports to Europe (-42%). Average effective price reached CIF 491 US$/ton and CIF 414 US$/ton for softwood and hardwood respectively. During this period, the spread between both fibers reached 77 US$/ton.
PULP
∆% Sales: -5% ∆% Volumes: +4% ∆% Price: -9%
Paper business during 2Q09 registered a 1% decrease (-US$2 million) in consolidated sales compared to those of 1Q09. This is mainly due to the lower sale prices registered by boxboard and packaging paper.
PAPERS
A breakdown of the different paper grades in this business shows that Newsprint volumes registered a 50% increase when compared to that of 1Q09, which is mainly explained by the recovery in the Company’s exports to Latin America. On the other hand, prices decreased 22%, following the trend in the foreign markets. On the other hand, boxboard prices remained stable when compared with those of 1Q09. This was partially offset by a 2% increase in sale volumes. Finally, Packaging Paper sale volumes increased 3% compared to those of the last quarter. Average sale prices decreased 20% during the period.
∆% Sales: -1% ∆% Volumes: +11% ∆% Price: -11% TISSUE
Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Mexico and Colombia showed an 8% increase in sales (+US$17 million) during 2Q09 when compared to those of 1Q09. This is mainly explained by an increase in sale volumes, because of the higher production of new tissue paper machines in Argentina, Peru, Uruguay and Mexico. Tissue paper volumes increased 14%, whereas those of diapers and Feminine Care Products increased 4%. On the other hand, average sale price (measured in US Dollars) increased 3% for tissue paper, whereas those of diapers & feminine care products decreased 22%, when compared to 1Q09.
∆% Total Sales: +8% ∆% Volumes: Paper:+14%/Diapers&FCP:+4% ∆% Price: Paper:+3%/Diapers&FCP:-22% PAPER PRODUCTS
Paper products business during 2Q09 registered a 26% decrease (-US$23 million) in sales compared to 1Q09. This reduction is mainly attributable to the proper seasonality of the fruit export business in Chile. Total sales of this business division were 6% lower than those of 2Q08, which is mainly explained by the lower industrial activity. Average sale price decreased 2%, when compared with the last quarter.
∆% Sales: -26% ∆% Volumes: -24% ∆% Price: -2%
Forestry
Pulp
Papers
Tissue
Paper Products
5
2Q09
Income Statement Analysis
Operating costs excluding depreciation, stumpage and decrease due to harvest amounted to US$460 million, 6% lower than that of 1Q09. The decrease in costs is mainly explained by the reduction in raw materials, energy, and transportation costs during this quarter when compared to 1Q09. At a consolidated level, Operating costs in 2Q09 were 67% of total sales, three points lower than that of 1Q09. Other operating expenses increased 45% when compared to that of 1Q09, reaching US$101 million. This account represented 15% of total sales, five points higher than that of 1Q09. Financial expenses during 2Q09 increased 14% compared to 1Q09, amounting to US$22 million. This increase is primarily explained by the higher level of consolidated debt, due to the increase in cash. Moreover, during this period there were higher Share results in associated companies. Exchange rate differences are generated by the accounting mismatch between assets and liabilities denominated in currencies th different from the US Dollar (functional currency) at a specific point in time. As of June 30 , 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$2 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$4.4 million loss in this account, 25% lower that that of 1Q09. Income taxes for the period amounted a gain of US$31.5 million, resulting from Price-level restatements arising from Deferred taxes, which are originated in the difference between the functional currencies used by CMPC’s finance accounting (US Dollar) and CMPC’s tax accounting (Chilean Peso).
6
Forestry
Pulp
Papers
Tissue
Paper Products
2Q09
Balance Sheet Analysis st
st
As of March 31 , 2009 Current assets showed a 2% decrease when compared with those of March 31 , 2009. This was mainly due to the diminution registered in Inventories and Trade and Other Receivables accounts. All the above was slightly offset by the increase registered in Cash and Cash Equivalents, as a result of new issuance of debt. st
Non current assets presented a 1% increase when compared with those of March 31 , 2009. This was mainly due to an increment registered in the Other assets account. The above was slightly offset by a decrease in Biological assets as well as a decrease in the Properties, Plant and Equipment account. The current liquidity ratio decreased from 2.8 to 2.5 times because of the Current assets decrease as well as the Current liabilities th increase. CMPC’s financial debt stood at US$2,009 millions as of June 30 , 2009 showing a US$117 million increase when st compared to that of March 31 , 2009. This was mainly explained by the issue of new credits, which were destinated to refinance liabilities and to increase cash. From this quarter on, the non current portion of Interest bearing borrowings will consider the mark to market of CMPC’s derivatives debt instruments for hedging currencies and interest rates. Because of that, 1Q09’s non current portion of Interest bearing borrowings was adjusted from US$1,543 million to US$1,613 million. For estimating CMPC’s financial debt it is necessary to consider this effect.
th
Debt Breakdown as of June 30 , 2009 In Th. US$
1Q09
2Q09
348,493 741 1,598,910 (55,829)
449,464 4,611 1,612,979 (58,029)
29% 522% 1% 4%
Total Debt ( (i) + (ii) + (iii) + (iv) )
1,892,316
2,009,025
6%
Cash and Cash Equivalents
(534,976)
(576,466)
8%
Net Debt
1,357,340
1,432,559
6%
4.8%
4.6%
(i) Interest-bearing Borrowings (ii) Hedging Liabilities (iii) Non Current Interest-bearing Borrowings (iv) Mark to market of derivatives debt instruments for hedging currencies and interests rates (1)
Average Cost of Debt (1)
∆% QoQ
-0,2%
Information included in Note 9 of CMPC's Financial Statements: Financial Assets
st
Amortization Schedule as of March 31 , 2009
337
117
133
2009
2010
126
2011
252
222
174
2012
144
108
2013
2014
2015
2027
2030
Shareholders’ Equity presented a US$155 million decrease when compared to that of 1Q09. This is mainly due to the lower Retained earnings as well as the lower recognition of financial instruments’ cash flow hedges; wich was partially offset by the higher conversion recognition provinent from foreign subsidiaries.
Forestry
Pulp
Papers
Tissue
Paper Products
7
2Q09
Relevant Events th
• Acquisition of the Brazilian company Melhoramentos Papéis: on April 19 , CMPC Tissue signed a US$61 million contract for the total acquisition of the Brazilian company Melhoramentos Papéis. CMPC took control of Melhoramentos on June st 1 , 2009. Nevertheless, CMPC is going to consolidate Melhoramentos numbers in the financial statements of September 2009. Melhoramentos 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 market share around 8% of. After the purchase, CMPC’s installed capacity increased by 22%, exceeding 420,000 tons of tissue paper per year. With this, CMPC became the most important player in the Latin American tissue paper market. • Commercial Papers issue: Inversiones CMPC, subsidiary of Empersas CMPC, issued two series of Commercial Papers, for a total of $30.000.000.000 (US$52 millions proxy), during May 2009. Half of this amount was issued as a 180 days term commercial paper, at TAB180 days – 21 Bps of spread (0,169% monthly final collocation rate), while the other half was issued as a 364 days term commercial paper, at TAB360 days +10 Bps of spread (0,21% monthly final collocation rate). The funds raised will be used to refinance liabilities, working capital, investments and other corporate uses. • CMPC Foundation signs an agreement to build an educational museum in Los Angeles, Chile: Los Angeles Council in partnership with CMPC Foundation, signed an agreement that kicks off the construction of the Artequín Museum, designed to teach art in a didactic and a funny way. Because of this, the initiative is mainly focused on children. The Artequín Museum will occupy 142 square meters and it hopes to be available on March 2010. • Empresas CMPC is one of the most admired companies in the country, according to the survey published th by" La Segunda" newspaper. On July 28 , there was published a traditional local survey called: “The most respected Companies of the year”. This study showed very positive results for CMPC, in financial, environmental, social responsibility and labour climate tasks, among others. At the general ranking, Empresas CMPC obtained the fourth place. This survey has been conducted for thirteen years in which CMPC has always occupied an outstanding place. In addition, the Company obtained the first place in “Honesty and transparency ", the second place in “Seriousness and solvency “as well as in “Innovation for the education and social assistance " and the third place in "Concern of the environment ", among other results.
8
Forestry
Pulp
Papers
Tissue
Paper Products
2Q09
Consolidated Balance Sheet 2008
2009
4Q08
Figures in Th. US$*
1Q09
2Q09
3Q09
Current Assets Cash and Cash Equivalents Trade and Other Receivables, net Inventories Biological Assets Hedging Assets, Net Other Current Assets
1,877,445 219,866 654,613 768,786 142,470 2,618 89,092
2,189,956 534,976 647,847 737,341 173,246 6,117 90,429
2,141,115 576,466 615,483 672,353 183,810 93,003
Non Current Assets Hedging Assets, Net Property, Plant and Equipment Biological Assets Other Non Current Assets
7,813,227 7,687 4,927,325 2,572,986 305,229
7,917,848 15,229 5,015,039 2,561,814 325,766
7,964,188 4,968,901 2,557,026 438,261
TOTAL ASSETS
9,690,672
10,107,805
10,105,303
870,744 408,064 356,363 106,316
793,912 348,493 336,501 108,918
853,018 449,464 297,733 105,821
2,319,072 1,220,522 995,101 103,449
2,599,492 1,613,056 886,863 99,573
2,685,498 1,612,979 951,040 121,479
156,194
153,567
153,675
Shareholders' Equity
6,344,662
6,560,834
6,413,112
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
9,690,672
10,107,805
10,105,303
Current Liabilities Interest-Bearing Liabilities Trade and Other Receivables, net Other Current Liabilities Non Current Liabilities Interest-Bearing Liabilities Deferred Tax Liabilities Other Non Current Liabilities Minority Interests
4Q09
* 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
2Q09
Consolidated Income Statement
2008 1Q08
1Q09
2Q09
YoY
877,461 (514,244)
698,394 (489,543)
691,295 (460,459)
-1% -6%
-21% -10%
310,345
363.217
208,851
230,836
11%
-36%
(92,654)
(107,680)
(69,543)
(100,974)
45%
-6%
EBITDA(3) EBITDA Margin (%)
217,691 26%
255,537 29%
139,308 20%
129,862 19%
-7% -1%
-49% -10%
Depreciation and Stumpage Increase in Biological Assets due to Forests Growth and Price Effects Decrease in Biological Assets due to Harvest
(77,171) 61,292 (29,267)
(80,240) 61,218 (42,458)
(75,583) 49,105 (32,513)
(78,517) 38,318 (34,315)
4% -76% 6%
-2% -79% -19%
Operating Income
172,545
194,057
80,317
55,348
-31%
-71%
Financial Expenses Share Results in Associated Companies Exchange Rate Differences Price Level Restatement Other Gains (Losses) Income Taxes
(18,029) (638) (47,860) (3,333) 2,935 43,013
(21,387) 3,724 80,101 (6,163) 7,968 (117,224)
(21,905) 6,805 (41,213) 1,940 (4,395) 31,541
14% 129% 0% -79% -25% 16%
2% 83% -151% -131% -155% -127%
Net Income
148,633
141,076
28,119
-47%
-80%
Sales Operating Costs(1)
844,928 (534,583)
Operating Margin Other Operating Expenses
(2)
3Q08
4Q08
2Q09 QoQ
Figures in Th. US$
2Q08
2009
(19,262) 2,969 (41,226) 9,372 (5,897) 27,121 53,393
3Q09
4Q09
(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 plus Research and Development (3) EBITDA is calculated as: Sales minus Operating Costs minus Other Operating Expenses
10
Forestry
Pulp
Papers
Tissue
Paper Products
2Q09
Consolidated Cash Flow Statement
2Q09 2Q08
Figures in Th. US
1Q09
2Q09
QoQ
YoY
Cash Flow from Operating Activities
173,170
92,854
184,596
99%
7%
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
141,076 154,739 62,623 (73,939) (22,694) (58,260) (30,375)
53,393 (736) 65,664 31,854 (16,592) 311 (41,040)
28,120 (1,007) 66,201 40,094 (4,002) 12,591 42,599
-47% 37% 1% 26% -76% 3949% -204%
-80% -101% 6% -154% -82% -122% -240%
100,453
269,672
(3,777)
-101%
-104%
405,116 0 (195,177) (17,272) (92,214)
141,485 361,840 (199,573) (17,867) (16,213)
59,923 44,018 (60,181) (17,014) (30,523)
-58% -88% -70% -5% 88%
-85% -69% -1% -67%
Cash Flow from Investment Activities
(51,122)
(56,218)
(151,520)
170%
196%
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
0 7,487 (67,889) 9,280
0 1,360 (57,365) (213)
276 24,877 (84,741) (91,932)
1729% 48% 43061%
232% 25% -1091%
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
222,501 2 0
306,308 8,802 219,866
29,299 12,191 0
-90% 39% -100%
-87% 609450% -
Cash and Cash Equivalents at the End of the Period
222,503
534,976
41,490
-92%
-81%
Cash Flow from Financing Activities Proceeds from New Long Term Debt Bonds Issued Payments of Loans Payments of Financial Interests Dividens Paid
Forestry
Pulp
Papers
Tissue
Paper Products
11
2Q09
Sale Volumes
Domestic Domestic Markets(1)
(Th. m 3ssc)
Forestry and Wood Products Sawnwood, Remanufactured Wood & Plywood
Exports
1Q09 ∆%Q/Q ∆%Y/Y
Total Sales
2Q08
1Q09
2Q09
2Q08
1Q09
2Q09
2Q08
1Q09
2Q09
673
512
459
212
120
195
885
632
654
3%
-26%
69
74
66
212
120
195
282
194
261
35%
-7%
Pulp
(Th. Tons)
5
3
11
421
396
405
425
399
416
4%
-2%
Paper, Boxboard and Newsprint
(Th. Tons)
50 15 14
42 12 10
41 13 10
106 66 35
107 68 30
129 68 50
156 81 49
148 79 40
170 81 60
15% 2% 50%
9% -1% 21%
Tissue Paper
(Th. Tons)
76
80
91
1
1
1
77
81
92
14%
19%
Paper Products
(Th. Tons)
65 40
72 57
53 38
8 4
5 1
6 3
74 44
78 59
59 41
-24% -30%
-20% -8%
Boxboard Newsprint
Corrugated Boxes (1) Considers Chile and Fo reign 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