Empresas CMPC S.A. Fourth Quarter 2011 Results March, 2012
4Q11
New corrugated box mill in Osorno, Chile – Start up: November 2011
4Q11 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. 91 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: Thursday, March 8 , 5:00 PM Santiago de Chile’s Time US Toll Free: (+1 866) 800 8648 International Dial: (+1 617) 614 2702 Password: 325 709 44
4Q11
4Q11 in Brief
During the fourth quarter, CMPC registered a decrease in its sales and EBITDA when compared with those reached in the third quarter of 2011. The decrease in sales is mainly explained by lower prices and volumes in Pulp, Tissue and Paper divisions which were affected by lower prices and volumes. Pulp prices decreased by 15% and 16% for softwood and hardwood respectively, whereas volumes were affected by the lower production of the Santa Fe II mill in response to a prolonged maintenance downtime related with the final works of the expansion project. The decrease in EBITDA is explained by lower margins in response to inferior prices, as well as cost pressures.
CMPC’s consolidated sales for 4Q11 reached US$1,129 million, registering an 8% decrease when compared to those of 3Q11. During the quarter, sale volumes decreased in the Pulp, Tissue and Papers businesses, whereas those from Forestry and Paper Products were higher. Sale prices were lower for all business divisions. Consolidated EBITDA reached US$180 million during 4Q11, showing a 35% decrease when compared to that of 3Q11. This decrease relates mainly to a reduction in margins due to lower sales and to the increase in operational costs. As a result, CMPC's EBITDA margin for the quarter declined to 16%. CMPC registered a Net Income of US$73 million during 4Q11, showing a 33% decrement when compared to that of 3Q11. This is mainly explained by the lower EBITDA registered during the quarter, as well as the inferior Other non operational income. This decline was partially offset by lower income taxes, net financial costs and currency exchange differences. CMPC’s net debt as of the end of 4Q11 stood at US$2,451 million, presenting a US$97 million decrease when compared to that as of September 30st, 2011. Total debt stood at US$3,273 million, showing an US$143 million increment. All the above let CMPC to close the quarter with US$822 million of Cash (defined as: cash and cash equivalents + term deposits within 90 to 360 days of maturity).
Key Figures US$ Million
4Q10
3Q11
4Q11
QoQ YoY
2010
2011
2011 / 2010
Sales EBITDA EBITDA Margin Net Income
1,150 302 26% 182
1,228 278 23% 109
1,129 180 16% 73
-8% -35% -7% -33%
-2% -40% -39% -60%
4,219 1,138 27% 640
4,797 1,078 22% 494
14% -5% -4% -23%
160
193
194
1%
22%
582
766
32%
CAPEX Total Assets Net Debt Market Capitalization
12,876 13,181 13,294 2,185 2,354 2,451 11,699 7,553 8,081
1% 4% 7%
3% 12% -31%
12,876 2,185 11,699
13,294 2,451 8,081
3% 12% -31%
Closing Exchange Rate Average Exchange Rate
468.01 521.76 519.20 481.53 471.07 512.95
0% 9%
11% 7%
468.01 510.08
519.20 512.95
11% 1%
2
Forestry
Pulp
Papers
Tissue
Paper Products
4Q11
Income Statement Analysis
Total revenues reached US$1,128 million during the quarter, 8% lower when compared to those of 3Q11. During the quarter, there were higher sale volumes in the Forestry and Paper Products businesses, however in the Pulp, Tissue and Papers businesses volumes decreased when compared to those of the previous quarter. Regarding the Forestry business, volumes increased due to higher sales of pulpwood, sawing logs, sawn wood and remanufactured wood. In Paper Products, the higher volumes are explained by better sales in Chile due to the seasonality of the fruit business and the additional new capacity in Osorno. In Pulp, volumes were down at the Santa Fe II mill, due to maintenance and other adjustments needed by the expansion project. In the Tissue business the decrease in volumes is mainly due to lower sales of toilet paper and kitchen towels. Finally, In terms of prices, they were lower in all business areas. The most important decrement was in softwood and hardwood, which fell 15% and 16% respectively. In the case of Tissue, we had a decrease of 3% in prices of tissue paper and 5% in diapers and wet towels due to the depreciation of local currencies.
Sales Breakdown Analysis to Third Parties
Total Revenues Evolution
+12 -7
1,228
1,150
= Δ Volumes
= Δ Prices
1,129
-51 -32
-4
+18 -3
-16
-14
-2
1,228
1,129
4Q10
3Q11
4Q11
Sales 3Q11
Forestry +5
Pulp -83
Papers -7
Tissue -30
Paper Prod. +16
Sales 4Q11
CMPC’s consolidated EBITDA reached US$180 million, 35% lower than 3Q11’s EBITDA. This decrement is mainly explained by the lower EBITDA of the Forestry and Pulp divisions due to the lower prices. This was slightly offset by an increase in the EBITDA of the Papers, Tissue and Paper Products businesses.
EBITDA Evolution 302
EBITDA Variation by Business
278
278 12
180
6
3
2
180
1
97
4Q10
3Q11
EBITDA 3Q11
4Q11
Forestry
Pulp
Papers
Tissue
Paper Holding & Products Others
EBITDA 4Q11
Net Income during the quarter reached US$73 million, 33% inferior than that of 3Q11. This decrement is mainly explained by the lower EBITDA and the increase in Other Non Operational Losses. This decline was partially offset by lower income taxes, net financial costs and foreign exchange differences.
Net Income Analysis
109
Net Income Evolution
182
6
73
FX Diff. & Index. Results
Net Income 4Q11
28
109 27
3
73
4Q10 Forestry
3Q11 Pulp
Net Income 3Q11
4Q11 Papers
98
1
EBITDA
Depreciation & Stumpage
Tissue
Net Biol. Income
Net Fin. Costs
Other Non Oper.
Paper Products
3
3
4Q11
Income Statement Analysis Sales to Third Parties Breakdown by Destination FORESTAL Foreign Subsidiaries Sales 28%
A breakdown of CMPC’s sales to third parties by destination during 4Q11 shows that 48% of the sales correspond to exports, 24% to domestic sales in Chile and 28% to domestic sales of foreign subsidiaries. It is important to highlight that foreign subsidiaries sales have been increasing its participation 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 48%
Domestic Sales in Chile 24%
CMPC’s sales breakdown to third parties by business for 4Q11 shows that Tissue and Pulp businesses contributed with 35% and 27% of total revenues respectively, followed by Paper business contributing with 18% of total sales. Finally, the Forestry and Paper Products divisions represented 11% and 9% share of total revenues respectively. CMPC’s EBITDA breakdown by business for 4Q11 shows that Pulp and Forestry divisions decreased their EBITDA when compared to that of the previous quarter. This is mainly explained by a decrement in the prices of softwood, hardwood, sawn wood and plywood. On the other hand, the Paper, Tissue and Paper Products divisions showed an increment of its EBITDA during the fourth quarter of 2011. In Papers and Tissue, the increment is mainly explained by the decline in its operation costs. Finally, in the case of Paper Products, the growth is mainly explained by the higher sales of corrugated boxes, due to the seasonality of the fruit export season in Chile, as well as for the start up of CMPC’s new box plant near Osorno.
3Q11 Sales Breakdown by Business Area Paper Products 7%
4Q11 Sales Breakdown by Business Area Paper Products 9%
Forestry 10%
Tissue 35%
Pulp 31%
Pulp 27%
Tissue 35%
Paper 18%
Paper 17%
3Q11 EBITDA Breakdown by Business Area
4Q11 EBITDA Breakdown by Business Area Tissue 26%
Tissue Paper 16% Products 1%
Papers 15%
Forestry 11%
Paper Products 4% Forestry 17%
Forestry 15%
Papers 25% Pulp 28%
Pulp 53%
4
Forestry
Pulp
Papers
Tissue
Paper Products
4Q11
Income Statement Analysis
The Forestry and wood products business registered a 4% increase in sales (+US$5 million) during this period when compared to those of 3Q11. Forestry sale volumes increased 10%, mainly due to increments in sale volumes of pulpwood (4%), sawing logs (9%), and sawn wood (5%) and remanufactured wood (10%). The latter is mainly explained by a seasonal increase of demand in North American market. On the other hand, plywood decreased its volumes by 8%, mainly explained by an operational mill downtime.
FORESTRY
As for the average price, there was a 5% decline in the forestry mix, due to decreases in plywood and sawn wood prices, in response of currency exchange differences. Δ% Sales: +4% Δ% Volumes: +10% Δ% Price: -5%
PULP
Pulp sales decreased by 21% (-US$83 million) during 4Q11 when compared to those of 3Q11. This mainly explained by a decrement in sale volumes for both softwood (-8%) and hardwood (-10%). The decrease in hardwood volumes was explained by the downtime of the Santa Fe II pulp mill due to maintenance and final works of the mill’s expansion project. Complementing the above, during the quarter, export volumes of softwood and hardwood to China decreased by 8%. On the other hand, during the fourth quarter of 2011, pulp registered a 14% decrement on the effective average price (including a small tonnage of P&W papers produced in integrated pulp mills).
Δ% Sales: -21% Δ% Volumes: -9% Δ% Price: -14%
Average effective price reached CIF 688 US$/ton for softwood and CIF 563 US$/ton for hardwood. During this period, the spread price between both fibers reached CIF 125 US$/ton, 8% less than the previous quarter.
PAPERS
Paper business during 4Q11 registered a 3% decrease (-US$7 million) in consolidated sales, when compared to those of 3Q11. If we analyze each of the paper businesses, newsprint volumes registered a 4% decrement when compared to those of 3Q11, however prices were up 1%. On the other hand, boxboard prices decreased 3% when compared with those of 3Q11 and sale volumes were down by 1%. Finally, packaging paper sale volumes increased by 23% compared to those of the previous quarter, due to higher corrugated boxes sales, and average price registered a decrement of 4% when compared to that of 3Q11.
Δ% Sales: -3% Δ% Volumes: -1% Δ% Price: -2% TISSUE
Δ% Total Sales: -7% Δ% Volumes: Paper: -3% / Diapers&FCP: -5% Δ% Price: Paper: -3% / Diapers&FCP: -6%
Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Mexico, Colombia, Ecuador and Brazil, registered a 7% decrement in its sales (-US$30 million) during 3Q11, when compared to those of 3Q11. Tissue paper volumes showed a 3% decrement mainly due to lower sales of toilet paper and kitchen towels. Moreover, sanitary products decreased their volumes in 5% due to a decline in sales of diapers. Finally, average sale price (measured in US Dollars) decreased 5% in the case of diapers & feminine care products; whereas those of tissue paper decreased by 3% when compared to those of 3Q11. The decline in prices is mainly explained by the depreciation of the local currencies against the dollar.
Paper products business during 4Q11 registered an 18% increment (+US$16 million) in sales compared to those of 3Q11. This increase is mainly attributable to the seasonality of the fruit 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 21% increase in corrugated boxes sale volumes. On the other hand, molded pulp trays sale volumes registered a 17% decrease when compared to those of the previous quarter. Finally, paper bags sale volumes increased by 3%. The average selling price registered a 2% decrement.
PAPER PRODUCTS
Δ% Sales: +18% Δ% Volumes: +21% Δ% Price: -2%
Forestry
Pulp
Papers
Tissue
Paper Products
5
4Q11
Income Statement Analysis
Operating costs excluding depreciation, stumpage and decrease due to harvest amounted US$795 million, in line with those of 3Q11, registering an increase of only US$ 900 thousand. At a consolidated level, Operating costs in 4Q11 were 70% of total sales, five points higher than that of 3Q11. Other operating expenses reached US$154 million, 1% lower than that of 3Q11. This is mainly explained by a decrease in Distribution costs due to lower sale volumes. This account represented 14% of total sales, 1% more than that of 3Q11. Financial expenses decreased 1% during 4Q11 when compared with those of 3Q11 reaching US$42 millions. On the other hand, CMPC’s Financial Income registered a 28% increment when compared to that of 3Q11, mainly explained by the higher amount of cash handled by the Company. During this period there were higher Share of profit in associated companies, which increased from –US$42 thousand to +US$3.6 million. Regarding Currency Exchange differences, the depreciation of the Dollar against the Chilean peso during the year had slight negative results during 4Q11, registering a US$5 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 (or Unidades de Fomento). The US$8 million loss recorded during the quarter was primarily due to the positive variation of the UF (inflation adjusted index), 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$11 million loss (-135%) was recognized under this account, primarily due to an increase on the provision of legal claims and contingencies. Income taxes for the period implied a US$146 thousand expense, US$65 million lower than that of the previous quarter. This is mainly explained by the increment in deferred tax provision due to the appreciation of local currencies against the dollar. This appreciation reduces the tax base of assets measured in dollars and therefore increases the differed taxes.
Consolidated Income Statement at December 31st, 2011 2010 4Q10
Figures in Th. US$
Sales Operating Costs(1)
6
1,150,396 (705,812)
2011 3Q11
4Q11 4Q11
QoQ
YoY
-8% 0%
-2% 13%
333,453
-23%
-25%
(154,904) (153,565)
-1%
7%
-35% -30%
-40% -39%
1,227,646 1,128,711 (794,358) (795,258)
Operating Margin
444,583
Other Operating Expenses(2)
(143,041)
EBITDA(3) EBITDA Margin (%)
301,543 26%
Depreciation and Stumpage Variation on Net Value of Biological Assets
(106,300) (10,751)
Operating Income
184,492
197,958
124,869
-37%
Non-Operating Income Taxes
11,107 (13,294)
(23,056) (65,693)
(51,589) (146)
124% -564% -100% -99%
Net Income
182,304
109,209
73,134
Forestry
Pulp
Papers
433,288
278,384 23%
179,888 16%
(103,772) (104,950) 23,346 49,931
Tissue
1% -1% 114% -564%
-33%
-32%
-60%
Paper Products
4Q11
Balance Sheet Analysis st
st
As of December 31 2011, Current assets registered a 1% decrement when compared with those as of September 30 , 2011, mainly as a consequence of the decrease in the Trade and Other Receivables account. On the other hand, Non current assets increased 1% st when compared to those as of September 30 , 2011. st
Current liabilities were down by 20% when compared with those as of September 30 , 2011 because short term loans were prepaid during this period. On the other hand, Non current liabilities presented an 8% increment when compared with those as of September st 30 , 2011. st
CMPC’s financial debt stood at US$3,273 million as of December 31 2011, showing a US$143 million increment when compared to st st that as of September 30 , 2011. On the other hand, CMPC’s net financial debt reached US$2,451 million as of December 31 2011, st registering a decrement of US$97 million when compared to that as of September 30 , 2011. It is important to highlight that CMPC closed the quarter with US$822 million of Cash. The Net financial debt/EBITDA ratio registered a negative QoQ variation from 1.96 to 2.27 times. The interest coverage ratio showed an unfavorable movement during the quarter falling from 8.0 times to 6.88 times, when compared to that observed in 3Q11. Finally, the Financial debt / Tangible net worth ratio showed an increment from 0.41 to 0.43 times. At the end of 4Q11, 77% of CMPC’s debt was denominated in US$, 17% was denominated in Chilean pesos (or Unidades de Fomento) and the balance in other local currencies. On the other hand, 84% of CMPC’s total financial debt has a fixed interest rate, whereas the balance has a floating interest rate. st
Debt Breakdown as of December 31 , 2011
(i) (ii) (iii) (iv) (v) (vi)
Δ% QoQ Δ% YoY
In Million US$
4Q10
3Q11
4Q11
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
468 2.516 (53) (86) (4) (7)
463 2.800 (51) (70) (3) (8)
274 3.137 (51) (74) (4) (9)
-41% 12% -1% 6% 47% 19%
-41% 25% -4% -14% 7% 31%
Total Debt ( (i) + (ii) + (iii) + (iv) + (v) + (vi) )
2.834
3.131
3.273
5%
15%
650
777
822
6%
26%
Net Debt
2.185
2.354
2.451
4%
12%
Average Cost of Debt
4,4%
4,5%
4,3%
-5%
-3%
Cash*
*Cash and cash equivalents + Term deposits w ithin 90 to 360 days of maturity st
Financial Ratios Evolution
Amortization Schedule as of December 31 , 2011
7.98x 8.60x 6.88x
552 347
365
498
499
399
1.92x
1.96x
0.37x
0.41x
2.27x
461
0.43x
244 4Q10
4 2012
2013
2014
2015
2016
2017
2018
2019
≥2020
3Q11
Net Financial Debt / EBITDA
4Q11 Financial Debt / Tangible Net Worth
Interest Coverage Ratio
Shareholders’ Equity presented a US$41 million increase when compared to that of 3Q11. This is mainly due to the higher Retained Earnings registered during the quarter, as well as the superior Other reserves. Forestry
Pulp
Papers
Tissue
Paper Products
7
4Q11
Relevant Events
A new corrugated box plant was inaugurated in Osorno, Chile: This new plant which is located near Osorno city, involved an investment in the order of US$ 25 million, and was inaugurated in November, 2011. The merger between Inforsa and Empresas CMPC was completed: In order to accomplish the resolutions accorded at th CMPC´s shareholders meeting, on September 16 , 2011, was materialized the split of the shares of the Empresas CMPC, where each share was exchanged by 10 new ones, without increasing the social capital. Thus, the capital came to be divided th by 2,200 million shares. After that, on October 20 , 2011, Empresas CMPC subscribed 26,773,533 shares to pay Inforsa’s th shareholders. Finally the merger was completed on October 30 , 2011. th
Forest Bioenergy Company: On December 9 , 2011, CMPC incorporated a new company called Bioenergías forestales which was designed to operate and develop our current and future energy generation. th
Inversiones CMPC signed a bank loan for US$600 millions: On October 14 , 2011, Empresas CMPC, through its subsidiary Inversiones CMPC S.A., subscribed a US$600 million credit facility in two tranches: th
US$ 400 million, withdrawn on October 19 , for a period of five years with four semiannual amortizations starting on month 42 accruing an annual interest of Libor + 0.65%. US$ 200 million, that corresponds to a committed line freely available for three years and if is used at the end of the period, it will have four semiannual amortizations starting on month 42 accruing an annual interest of Libor + 0.70%. The loan was led by Bank of Tokyo-Mitsubishi UFJ, Bank of America Merrill Lynch, Export Development Canada, JPMorgan and Scotiabank. And it was also integrated by Banco Santander, Citibank, Deutsche Bank, HSBC and Nordea Bank.
8
Forestry
Pulp
Papers
Tissue
Paper Products
4Q11
Consolidated Balance Sheet
2010 1Q10
Figures in Th. US$*
2Q10
2011 3Q10
4Q10
1Q11
Current Assets Cash and Cash Equivalents Operative Receivables Inventories Biological Assets Tax Assets Other Current Assets
2.410.879 631.495 703.626 722.127 157.499 64.329 131.803
2.546.913 565.451 793.189 790.956 177.037 89.326 130.954
2.926.057 641.364 894.398 883.862 198.072 113.883 194.478
3.027.727 364.529 920.779 958.477 219.169 138.873 425.900
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
9.796.378 92.991 198.736 6.057.860 3.115.910 156.794 174.087
9.775.173 95.765 222.139 6.065.060 3.091.345 114.934 185.930
9.806.466 124.388 140.702 6.132.445 3.085.314 134.745 188.872
9.848.729 11.712 164.866 6.204.558 3.142.319 136.663 188.611
9.955.125 10.991 166.476 6.279.916 3.178.917 134.733 184.092
TOTAL ASSETS
12.207.257
12.322.086
12.732.523
12.876.456
13.566.609
Current Liabilities Other Financial Liabilities Operative Liabilities Other Current Liabilities
1.065.964 472.208 429.293 164.463
1.214.397 487.455 502.444 224.498
1.311.004 513.857 571.905 225.242
1.320.951 501.376 583.723 235.852
1.382.564 499.635 591.878 291.051
Non Current Liabilities Other Financial Liabilities Deferred Tax Liabilities Other Non Current Liabilities
3.829.770 2.487.931 1.096.927 244.912
3.726.105 2.395.293 1.092.689 238.123
3.758.762 2.533.938 949.857 274.967
3.733.774 2.516.437 934.315 283.022
4.238.561 3.001.426 952.281 284.854
157.508
158.321
159.649
156.321
156.975
Non Controlling Participations Equity Attributable to the Owners of the Controller TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
7.154.015
7.223.263
7.503.108
7.665.410
7.788.509
12.207.257
12.322.086
12.732.523
12.876.456
13.566.609
2Q11
4Q11 3Q11
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
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
QoQ -1%
7%
10%
11%
-6%
-1%
1%
7%
2%
1%
-3%
-1%
-2%
30%
1%
2%
-5%
-14%
-1%
-6%
1%
2%
2%
4%
-6%
-6%
17%
-4%
1%
3%
-20%
-20%
-39%
-41%
0%
2%
-29%
-29%
8%
17%
12%
25%
-2%
3%
4%
2%
56%
-95%
1%
2%
1%
3%
* 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
YoY
9
4Q11
Consolidated Income Statement
2009 1Q09
Figures in Th. US$
2Q09
2010 3Q09
937.568 (603.701)
1.006.624 (595.643)
2011 3Q10
1.124.584 (666.884)
4Q10 1.150.396 (705.812)
1Q11
2Q11
4Q11 3Q11
1.241.629 1.198.533 1.227.646 (786.736) (743.943) (794.358)
4Q11 1.128.711 (795.258)
QoQ
YoY
-8% 0%
-2% 13%
-23%
-25%
-1%
7%
Operating Margin
208.851
230.836
282.539
335.471
333.867
410.981
457.700
444.583
454.893
454.590
433.288
333.453
Other Operating Expenses (2)
(69.544)
(100.974)
(118.114)
(125.556)
(101.005)
(130.024)
(135.284)
(143.041)
(137.841)
(151.508)
(154.904)
(153.565)
EBITDA(3) EBITDA Margin (%)
139.307 20%
129.862 19%
164.425 20%
209.915 23%
232.862 25%
280.957 28%
322.416 29%
301.543 26%
317.052 26%
303.082 25%
278.384 23%
179.888 16%
-35% -7%
-40% -39%
Depreciation and Stumpage (75.583) (78.517) Increase in Biological Assets due to Forests Growth and 49.105 Price Effects 38.318 Decrease in Biological Assets due to Harvest (32.513) (34.315)
(81.552) 38.318 (35.853)
(91.179) 54.815 (26.050)
(96.183) 56.335 (24.263)
(96.151) 72.061 (50.895)
(88.092) 63.360 (46.473)
(106.300) 38.605 (49.356)
(100.644) 57.481 (44.428)
(104.049) 71.378 (47.352)
(103.772) 70.865 (47.519)
(104.950) 91.559 (41.628)
1% 29% -12%
-1% 137% -16%
Net Income
914.770 (579.299)
2Q10
698.394 (489.543)
Financial Expenses Financial Income Share Results in Associated Companies Foreign Exchange Difference Indexation Unit Results Other Gains (Losses) Income Taxes
819.150 (536.611)
1Q10
Sales Operating Costs (1)
Operating Income
691.295 (460.459)
4Q09
80.316
55.348
85.338
147.501
168.750
205.973
251.211
184.492
229.461
223.059
197.958
124.869
-37%
-32%
(18.410) 3.289 2.968 (38.943) 9.372 (12.320) 27.121
(21.905) 2.812 6.805 (41.213) 1.940 (7.207) 31.541
(26.601) 1.694 3.486 11.622 2.702 2.791 (17.638)
(33.850) 2.608 3.991 710 (3.061) (35.164) 40.528
(33.135) 1.450 3.750 1.930 (2.172) (27.467) (32.885)
(32.674) 1.936 2.244 5.894 (7.832) (1.535) (50.881)
(34.383) 4.254 6.449 (21.843) (5.660) 32.656 21.685
(34.480) 6.440 5.037 (10.308) (4.920) 49.338 (13.294)
(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)
-1% 28% -8738% -61% 48% -135% -100%
22% 66% -28% -48% 58% -122% -99%
53.393
28.072
63.442
123.262
80.222
123.126
254.370
182.304
142.622
169.508
109.209
73.134
-33%
-60%
(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
10
Forestry
Pulp
Papers
Tissue
Paper Products
4Q11
Consolidated Cash Flow Statement 2010 1Q10
Cash Flow from Operating Activities
179.015 0 0 80.222 32.885 84.139 1.617 242 (78.736) 0 120.220 (48.971) (12.603) 0 (258.568) 0
182.027 0 0 123.126 50.881 84.229 10.848 1.935 (76.114) (5.994) 86.352 (98.255) 5.019
195.203
233.064
254.370 (21.686) 73.370 4.942 27.505 (50.136) 5.994 40.628 (122.697) (17.087)
182.304 13.294 83.083 10.240 15.228 (43.249) (17.480) 39.629 (44.701) (5.284)
(33.372) 0
(232.858)
(375.641)
0 78.000 95 (103.133) (22.724) 0 8.491 5.408 1.496 (1.005) 0 (119.071) 0 0 12.818 57.117 69.935 0 (113.982) (32.551) (34.416) (8.057)
0 (78.000) 4.929 (102.747) (23.619) 0 (10.315) 0 8.378 (31.484)
0 (2.192) 2.870 (131.416) (26.153) 0 (15.702) 1.529 (1.214) (203.363)
(15.255)
(140.161)
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
0 (78.000) 0 (122.222) (43.480) 0 12.430 0 2.953 (30.249) 0 (31.712) 0 0 0 42.107 42.107 0 (37.848) (18.775) (17.196) 0
(12.818) 258.750 245.932 0 (201.198) (35.311) (32.735) 8.057
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
(111.265) (18.727) 761.487
29.584 (17.628) 631.495
631.495 29.736
643.451 (78.000)
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 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
Cash and Cash Equivalents at the End of the Period Term deposits within 90 to 360 days of maturity Cash at the End of the Period
Forestry
661.231
Pulp
Papers
2Q10
2011
Figures in Th. US
565.451
3Q10
4Q10
1Q11 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
2Q11
4Q11 3Q11
4Q11
QoQ
AoA
196.217
219.596
165.711
-25%
-29%
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)
-33% -100% 2% 32% -31% -7% -8738% 3% -142% 0%
-60% -99% 2% -40% -13% 113% -79% 147% -130% 420%
75.868
511
(182.668)
-35875%
-51%
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)
-100% -79% -6% 36% -353% -30% -105%
-100% -96% 15% 64% -100% -100% -584% -97%
(243.660)
(172.008)
43.475
-125%
-131%
158.709 58.819 217.528 0 (277.064) (56.332) (24.293) 0
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
(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
0 581.975 581.975 (57) (453.355) (51.241) (33.847) 0
597% 597% 171% 174% -8% -3% -100%
-100% 889% 168% 64% -9% 39% -
(52.910) 50.824 643.451
(282.739) 31.655 615.613
(45.706) (9.444) 364.529
28.425 10.491 309.379
48.099 (28.802) 348.294
26.519 10.247 367.590
-45% -136% 6%
-109% -68% -40%
641.365 60.043
364.529 285.396
309.379 866.248
348.294 602.121
367.590 409.430
404.357 417.464
10% 2%
11% 46%
821.821
6%
26%
701.408
649.925
Tissue
1.175.627
950.415
777.020
Paper Products
11
4Q11
Sale Volumes
Domestic Sales(1)
3
Exports
Total Sales
4Q10 3Q11 4Q11
4Q10 3Q11 4Q11
4Q10
3Q11
4Q11
612 59
668 66
760 76
196 196
216 216
214 214
808 254
884 281
4Q11 QoQ
YoY
974 290
14% 16%
24% 29%
Forestry and Wood Products Sawnwood, Remanufactured Wood & Plywood
(Th. m ssc)
Pulp
(Th. Tons)
31
28
30
475
500
451
506
528
481
7%
-4%
Packaging, Printing & Writing Paper, Newsprint and Boxboard Boxboard Newsprint
(Th. Tons)
87 16 11
86 16 11
87 15 11
130 82 39
132 82 39
128 81 36
217 98 50
218 98 49
215 96 47
1% -2% 4%
0% -4% 3%
Tissue Paper
(Th. Tons)
119
132
128
0
0
0
120
133
129
-3%
8%
Paper Products Corrugated Boxes
(Th. Tons)
68 50
60 40
72 51
4 2
3 1
5 3
73 52
64 41
77 54
19% 27%
5% 2%
(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