1 C O P E C C O M P A N I E S FINANCIAL STATEMENTS Consolidated CONSOLIDATED BALANCE SHEET 114 CONSOLIDATED STATEMENT OF INCOME 116 CONSOLIDATED STATEMENT OF CASH FLOWS 117 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 119 REPORT OF INDEPENDENT ACCOUNTANTS 175 Ch$ - Chilean pesos - Thousands of Chilean pesos US$ - United States dollars ThUS$ - Thousands of United States dollars MUS$ - Millions of United States dollars UF - Unidad de Fomento - Official index - linked units ThUF - Thousands of Unidades de Fomento - European Union monetary unit CPI - Consumer Price Index
2 C O P E C C O M P A N I E S CONSOLIDATED BALANCE SHEET A S S E T At December 31, CURRENT ASSETS Cash and banks 11,466,280 33,172,232 Time deposits 44,779,073 36,848,192 Marketable securities (net) 413,611, ,021,574 Trade accounts receivable (net) 202,694, ,971,274 Notes receivable (net) 44,040,742 46,311,983 Sundry debtors (net) 22,113, ,198,356 Notes and accounts receivable from related companies 10,662,536 5,240,454 Inventories (net) 305,334, ,310,643 Recoverable income taxes 28,557,865 11,448,570 Prepaid expenses 17,410,620 16,108,203 Deferred income taxes 5,673,641 6,933,445 Other current assets 65,586,168 75,640,074 Total current assets 1,171,930,522 1,143,205, FIXED ASSETS Land 304,098, ,009,624 Buildings and infrastructure 1,107,118,118 1,239,316,010 Machinery and equipment 1,054,121, ,591,624 Other fixed assets 1,536,442,763 1,483,163,455 Incremental value following technical appraisal 46,700,443 47,326,298 Accumulated depreciation (1,249,920,467) (1,182,037,083) Total fixed assets 2,798,560,814 2,845,369,928 OTHER ASSETS Investments in related companies 176,893, ,535,807 Investments in other companies 148, ,344 Goodwill 23,264,508 24,085,889 Negative goodwill (30,898,370) (60,644,011) Long-term debtors 11,736,572 13,030,462 Notes and accounts receivable from related companies 3,048,812 9,604,330 Intangible assets 2,449,645 1,711,241 Amortization (342,538) (563,094) Other 55,060,268 51,153,668 Total Other Assets 241,360, ,202,636 Total Activos 4,211,852,015 4,211,777,564 The accompanying Notes 1 to 35 are an integral part of these consolidated financial statements.
3 FINANCIAL STATEMENTS Consolidated L I A B I L I T I E S At December 31, CURRENT LIABILITIES Due to banks and financial institutions - short term 39,598, ,925,329 Current portion of long-term bank borrowings 27,371, ,622,976 Bonds payable 21,079,536 16,085,433 Current portion of long-term obligations 1,093,779 1,329,728 Dividends payable 3,580,087 1,539,528 Accounts payable 128,568, ,232,538 Notes payable 71,551 1,416,860 Sundry creditors 8,811,694 13,768,973 Notes and accounts payable to related companies 1,572,931 1,715,140 Provisions 21,914,131 27,112,390 Withholdings 4,943,109 4,767,332 Income taxes - 11,510,017 Unearned income 1,593,263 1,533,476 Other current liabilities 200,652 2,224,167 Total current liabilities 260,399, ,783,887 LONG-TERM LIABILITIES Bank borrowings 396,963, ,278,906 Bonds payable 840,071, ,844,788 Notes payable ,405 Sundry creditors 7,900,163 24,933,773 Notes and accounts payable to related companies 86, ,675 Provisions 10,409,641 11,324,476 Deferred income taxes 56,320,281 58,347,164 Other long-term liabilities 22,988,679 27,135,367 Total long-term liabilities 1,334,739, ,004,554 Minority Interest 42,147,227 35,634,271 SHAREHOLDERS' EQUITY Paid-in capital 266,540, ,540,460 Share premium account 14,898,437 14,898,437 Other reserves 1,050,173, ,353,379 Accumulated development period deficit (1,353,337) (740,721) Reserve for future dividends 9,615,776 9,160,828 Retained earnings 955,265,928 1,193,022,144 Net income for the year 368,611, ,152,120 Interim dividends (89,185,572) (50,031,795) Total shareholders' equity 2,574,565,878 2,687,354,852 Total liabilities, minority interest, and shareholders' equity 4,211,852,015 4,211,777,564
4 C O P E C C O M P A N I E S CONSOLIDATED STATEMENT OF INCOME For the years ended December 31, OPERATING RESULTS Sales 2,342,057,040 2,135,536,168 Cost of sales (1,805,747,962) (1,571,873,556) Gross margin 536,309, ,662,612 Administrative and selling expenses (258,396,497) (215,381,906) Operating income 277,912, ,280, NON-OPERATING RESULTS Financial income 20,855,856 12,970,919 Income from investments in related companies 10,359,870 11,319,251 Other non-operating income 256,046,602 68,283,821 Loss on investments in related companies (2,349,184) (3,361,511) Amortization of goodwill (3,235,728) (4,830,439) Financial expenses (84,612,634) (78,918,657) Other non-operating expenses (16,122,907) (57,360,587) Price-level restatements 13,691,931 24,522,156 Foreign exchange differences (108,869,170) (48,066,871) Non-operating results 85,764,636 (75,441,918) Income before income taxes 363,677, ,838,788 Less: Income tax (21,558,853) (39,716,107) Income Before Minority Interest 342,118, ,122,681 Minority interest (3,660,644) (3,116,601) Net Income Before Negative Goodwill Amortization 338,457, ,006,080 Amortization of negative goodwill 30,153,390 27,146,040 Net Income For The Year 368,611, ,152,120 The accompanying Notes 1 to 35 are an integral part of these consolidated financial statements.
5 FINANCIAL STATEMENTS Consolidated CONSOLIDATED STATEMENT OF CASH FLOWS For the years ended December 31, CASH FLOW FROM OPERATING ACTIVITIES Collection of trade accounts receivable 2,513,979,208 2,303,502,891 Financial income 39,327,121 15,432,117 Dividends and other distributions received 2,467,522 9,158,151 Other income 64,516,223 75,061,594 Payments to suppliers and personnel (less) (2,144,854,807) (1,870,821,660) Interest paid (89,855,016) (73,559,878) Income tax paid (49,199,954) (32,498,404) Other expenses paid (less) (15,073,915) (21,282,544) Value Added Tax and other similar payments (44,059,834) (44,568,191) Cash flow from operating activities 277,246, ,424,076 CASH FLOW FROM FINANCING ACTIVITIES Share placement - 255,085 Loans drawn 270,042, ,886,814 Bonds issued 268,497, ,635,306 Other funding sources 5,371,346 26,894,332 Dividends paid (531,476,575) (84,573,920) Loans repaid (318,938,559) (243,037,827) Bonds repaid (84,435,712) (4,326,685) Loans repaid to related companies (59,919) (24,417) Bond issue and placement expenses (11,122,066) (3,310,667) Other financing disbursements (6,224,545) (30,845,684) Cash flow (used in) from financing activities (408,345,976) 81,552,337 CASH FLOW FROM INVESTMENT ACTIVITIES Sales of fixed assets 6,236,623 3,573,146 Sales of permanent investments 435,472, ,654 Sales of other investments 241,382,268 76,567,181 Collection of loans to related companies - 581,484 Collection of other loans to related companies 3,392,075 - Other investment receipts 57,009,718 48,266,698 Fixed asset purchases (less) (170,567,090) (189,611,496) Permanent investments (less) (4,142,951) (195,274,453) Investments in securities (less) (34,039,107) (74,808,095) Documented loans to related companies (less) (2,106,836) (584,070) Other loans to related companies (less) - (26,725) Other investment disbursements (less) (40,444,840) (62,024,108) Cash flow from (used in) investment activities 492,192,548 (393,187,784) Net cash flow for the year 361,093,120 48,788,629 Effect of Inflation on Cash and Cash Equivalents (9,497,007) (4,830,650) Net Change In Cash And Cash Equivalents 351,596,113 43,957,979 Beginning Balance Of Cash And Cash Equivalents 158,161, ,203,834 Ending Balance Of Cash And Cash Equivalents 509,757, ,161,813
6 C O P E C C O M P A N I E S CONSOLIDATED STATEMENT OF CASH FLOWS RECONCILIATION OF NET CASH FLOW FROM OPERATING ACTIVITIES AND RESULTS FOR THE YEAR For the years ended December 31, Net Income For The Year 368,611, ,152,120 Results on sale of assets (Gain) loss on sale of fixed assets (1,132,025) 614,938 Gain on sale of investments (234,353,810) (49,811,137) Loss on sale of investments - 33,758,546 Gain on sale of other assets (9,642) (104,614) 2001 CHARGES (CREDITS) TO INCOME NOT REPRESENTING CASH FLOW: Depreciation for the year 112,942,392 91,938,563 Amortization of intangible assets 911, ,379 Write-offs and provisions 8,424,340 8,655,349 Accrued income from investments in related companies (10,359,870) (11,319,251) Accrued loss on investments in related companies 2,349,184 3,361,511 Amortization of goodwill 3,235,728 4,830,439 Amortization of negative goodwill (30,153,390) (27,146,040) Net price-level restatements (13,691,931) (24,522,156) Net foreign exchange losses 108,869,170 48,066,871 Other credits to income not representing cash flow (37,433,256) (38,640,819) Other charges to income not representing cash flow 62,849,225 59,620,351 CHANGES IN ASSETS AFFECTING CASH FLOW Increase in trade accounts receivable (58,897,669) (38,894,517) Decrease (increase) in inventories 48,578,634 (50,619,174) Decrease (increase) in other assets 30,520,039 (68,459,099) CHANGES IN LIABILITIES AFFECTING CASH FLOW (Decrease) increase in accounts payable related to operating activities (73,080,062) 121,066,710 Increase in interest payable 6,120,473 15,380,353 (Decrease) increase in income tax payables (21,017,625) 10,069,030 Increase in other accounts payable related to non-operating activities 10,609,125 1,810,663 (Decrease) increase in Value Added Tax and similar payables (10,305,664) 9,564,459 Minority interest profit 3,660,644 3,116,601 Cash flow from operating activities 277,246, ,424,076 The accompanying Notes 1 to 35 are an integral part of these consolidated financial statements.
7 FINANCIAL STATEMENTS Consolidated N O T E S Compañia de Petroleos de Chile S.A. Notes to the Consolidated Financial Statements As at december 31, 2001 and 2000 (A free translation from the original in Spanish for use in Chile) Note 1 Company Registration The Parent Company and its subsidiaries Pesquera Iquique Guanaye S.A. and Forestal Cholguán S.A. are quoted stock corporations, registered under Nos. 0028, 0044 and 0030, respectively, in the Securities Register and regulated by the Chilean Superintendency of Securities and Insurance Companies. The subsidiaries Celulosa Arauco y Constitución S.A. (No. 0042), Forestal Arauco S.A. (No. 0703), Bosques Arauco S.A. (No. 0701) and Forestal Celco S.A. (No. 0705) are closely-held corporations also registered in the Securities Register. Note 2 Summary of Significant Accounting Policies a) Accounting period These consolidated financial statements cover the twelve-month period from January 1 to December 31, 2001 and are shown compared with the same period of b) Bases of preparation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Chile, issued by the Chilean Institute of Accountants, and the accounting standards of the Chilean Superintendency of Securities and Insurance Companies. Where there are differences between the two, the latter prevail. c) Bases of presentation The consolidated financial statements for the year ended December 31, 2000 and the related figures appearing in the Notes have been reclassified according to criteria defined for this year and restated off the books by 3.1%, for comparison purposes, to show them at December 31, 2001 peso values. d) Bases of consolidation In the consolidated financial statements, the asset, liability, income accounts and cash flows of the Parent Company have been combined with those of its subsidiaries, eliminating investments, current accounts and significant transactions between consolidating companies and unrealized results arising from operations between such companies. In addition, in order to correctly arrive at net income before negative goodwill amortization, that part of this amortization related to the minority interest has been eliminated from the Minority interest and Amortization of negative goodwill accounts in the consolidated statement of income (Note 21). The financial statements of the subsidiaries Compañía Latinoamericana Petrolera S.A. and Sociedad Contractual Minera Vilacollo are not included in the consolidation since they are currently in a development period.
8 N O T E S TO THE CONSOLIDATED FINANCIAL STATEMENTS e) Price-level restatements The consolidated financial statements have been monetarily restated in accordance with generally accepted accounting principles in order to reflect changes in the purchasing power of the currency during the periods (Note 24). These restatements have been calculated based on variations in the official Consumer Price Index (CPI) measured one month in arrears, which during the period from January 1 to December 31, 2001 amounted to 3.1% (4.7% in the same period of 2000) f) Foreign currency Assets and liabilities in foreign currency (Note 31) correspond mainly to US dollar balances and have been translated into Chilean pesos at each year-end exchange rate published by the Central Bank of Chile. These were Ch$ per US$ 1 at December 31, 2001 (Ch$ per US$ 1 at December 31, 2000). Assets and liabilities in Unidades de Fomento (UF) have been converted at their equivalent in pesos at the date of closing the financial statements, of Ch$ 16, per UF 1 at December 31, 2001 (Ch$ 15, per UF at December 31, 2000). g) Marketable securities (Note 4) Investments in mutual funds are shown at their redemption value. Bonds are shown at the lower of their present value, calculated at the discount rate used in determining their cost, and their market value. Securities pledged in guarantee are shown in Other current assets. Quoted shares issued by companies where the investor has no significant influence are shown at the lower of restated cost and market value, calculated separately considering each investor s total financial investment in shares. h) Inventories Forests and plantations included under this category, which correspond to those intended to be exploited during the following twelve months, have been valued at standard commercial values Forestry products have been valued at each year s average unit cost of production which includes manufacturing expenses and fixed asset depreciation, or at cost in the case of wood bought from third parties. Fuels are shown at replacement cost. The daily replacement cost is used to determine the cost of sales. Manufacturing supplies and raw materials are valued at their latest or restated cost. Household appliances are valued at restated cost. Lubricants are shown at restated production cost. The weighted average cost of production is used to determine the cost of sales. Materials, supplies and spare parts are shown at restated cost and are classified based on their rotation under Other current assets (Note 9), or under Other fixed assets for those that will ultimately be incorporated under that heading, or under Other in Other assets (Note 14) in other cases. Fishmeal and fish-oil inventories are valued at the weighted average restated cost of production, which includes the depreciation of operating assets Other inventories are shown at restated cost. The resultant inventory amounts do not exceed their corresponding net realizable values, having adjusted to market value those products where this value is lower (Note 7).
9 FINANCIAL STATEMENTS Consolidated The above assets are shown under Inventories when their effective rotation is expected to be within one year, the remainder being shown under Other, in Other assets. i) Allowance for doubtful accounts Allowances have been set up to cover the risk of non-collection of accounts receivable, determined on the basis of accounts receivable subject to judicial collection and/or overdue. The allowance covers 100% of debts in judicial collection and 50% of receivables overdue for more than 120 days, excluding fiscal debts or those with collateral. The subsidiaries maintain allowances determined on the basis of the age of accounts receivable, the economic background and the history of write-offs, criteria applied separately by each company. j) Fixed assets Forests ready to be exploited but which will not be harvested during the next twelve months are shown under Other fixed assets, valued at standard commercial values (Note 11). The incremental commercial value compared with the accumulated restated cost represents forest reserves, which are reversed as a credit to cost of sales when the respective forests are sold. Forests and plantations not yet ready to be exploited are also shown under Other fixed assets, valued at growing cost. The fixed assets of the Parent Company acquired prior to 1974 are valued based on a technical appraisal made during that year, as authorized under Decree Law Nº 110, plus price-level restatements. Fixed assets acquired by Saesa up to 1977 and by Frontel up to 1974 (subsidiaries sold in August 2001) are shown at values determined by appraisals carried out in 1980 and 1975, respectively, in accordance with Decree Law No. 4 of 1959, and authorized by the Chilean Superintendency of Electricity and Fuels, plus corresponding price-level restatements. Investments by these subsidiaries using third-party contributions have no net effect on the level of fixed assets nor on net income through depreciation. Part of the fixed assets of the subsidiary Alto Paraná S.A. acquired prior to December 31, 1997 are shown on the basis of appraisals made by independent experts in 1991 and 1997 (Note 11). The remaining fixed assets are shown at restated cost. The incremental values resulting from the technical appraisals made in 1979 and 1980 by the main subsidiaries of the forestry sector and by Pesquera Iquique-Guanaye S.A. and Abastible S.A., are shown under a separate heading. Some spare parts classified under Fixed assets have a provision for obsolescence (Note 11). k) Depreciation of fixed assets Depreciation for each year has been calculated on the straight-line basis considering the estimated useful life of each asset and based on the restated and reappraised values of the assets. As exceptions, imported machinery and equipment of Bosques Arauco S.A. is depreciated based on actual use, and trucks purchased as from 1994 by Transportes de Combustibles Chile Ltda. are depreciated using the declining balance method so that when they are sold (generally after 4 years), they do not generate any significant loss and, moreover, so that the total charge for depreciation and maintenance costs are spread evenly over their useful lives. The Parent Company has charged directly to Other reserves that part of depreciation which is attributable to the appraisals made in 1974 under Decree Law 110 (Note 22). l) Leased assets The subsidiaries have fixed assets acquired under financial leases and show these at the present value of the lease contract in accordance with Technical Bulletin No.22 of the Chilean Institute of Accountants. These assets do not belong to the subsidiaries until they exercise their corresponding purchase options (Note 11).
10 N O T E S TO THE CONSOLIDATED FINANCIAL STATEMENTS m)intangible assets These mainly correspond to disbursements made for connection rights to third-party plants, rights of way, rental premiums, water rights, mining concessions and other similar rights, which represent a service potential for the Parent Company and those subsidiaries making such payments. They are being amortized on the straight-line method based on the term set out in the contracts, the reserves identified for mining concessions or a maximum of 20 years. n) Investments in related companies Investments in related companies are adjusted to the proportional year-end equity values of the related companies after eliminating unrealized gains Investments in companies with business abroad are shown by applying the proportional equity value method to their financial statements after making the adjustments and translations required under Technical Bulletin No.64 of the Chilean Institute of Accountants. The corresponding share in income from these investments is included in the Consolidated income statement under Income or Loss on investments in related companies, as the case may be. The share in the deficit or surplus of companies in a start-up or development period is shown by charge or credit to Retained earnings under Shareholders equity in the case of subsidiaries (Note 22), or by charge or credit to income in the case of associate companies. The share in the Accumulated adjustment for translation differences arising from the application of the technical standards relating to investments in companies having activities abroad has been shown as a charge or credit to Other reserves under Shareholders equity (Note 22). The proportional effect of other variations in equity not arising from income has been recorded in Other reserves (Note 22), except variations arising from new share issues whose effects are reflected in income Subsidiaries with investments in Argentina have recorded the effects of the application of an exchange rate of 1.7 Argentine pesos per US$ 1 in the translation of the financial statements at December 31, 2001 of the companies in which they have invested, as required by Technical Bulletin No.64 of the Chilean Institute of Accountants and Circulars Nos.79 and 81 of the Superintendency of Securities and Insurance Companies (Note 12a). o) Goodwill/Negative goodwill Differences between the proportional equity value and the cost of investments in related companies, calculated at the date of the respective purchases, are amortized by charge or credit to income over the term of the expected return on the investment, in accordance with current regulations (Note 13). Amortization in each case has been calculated considering the estimated period of return of the investment, in accordance with the expected rates of return in each economic sector and market in which the respective investment is made. The share of Accumulated adjustment for translation differences arising from the application of the criteria for goodwill/negative goodwill on investments abroad is shown as a charge or credit to Other reserves under equity (Note 22). p) Transactions under repurchase and resale agreements (Note 9) Securities sold under repurchase agreements are shown at their investment value plus accrued interest to the end of the year, in Other current assets. The purchase commitment obligations are shown in Other current liabilities.
11 FINANCIAL STATEMENTS Consolidated Securities acquired under resale agreements are shown at their investment value plus accrued implicit interest at the year end. These are shown in Other current assets under Receivables under resale agreements. q) Bonds payable These obligations refer to bonds issued by the subsidiaries Celulosa Arauco y Constitución S.A. and Sociedad Austral de Electricidad S.A. (subsidiary sold in August 2001), and are shown under liabilities at their par value. The difference between par value and the proceeds of the placement of the bonds represents deferred interest which is amortized over the life of the instruments. The unamortized balance is included under Other in Other assets. r) Income taxes and deferred taxes (Note 8) The Parent Company and its subsidiaries have made provisions for income taxes against income in accordance with Chilean tax legislation and/or that of the countries in which income is generated. They have also recorded the effect on income for the year of timing differences arising from those items that temporarily have a different treatment for accounting and tax purposes, according to instructions of the Chilean Institute of Accountants, complemented by instructions of the Superintendency of Securities and Insurance Companies. s) Staff severance indemnities The Parent Company has made provisions for this concept calculated as the present value of the accrued benefit s cost, by applying estimates of payments due under current collective agreements and discounted at a real rate of 6% per annum over a capitalization period equivalent to the estimated average term remaining before the expiry of these obligations. Those subsidiaries that also make a provision of this kind mostly calculate this at the present value of the accrued cost of the benefit. The forestry subsidiaries apply a discount rate of 8% per annum and a capitalization period of 7 years, while electrical sector companies (sold on August 31, 2001) used a discount rate of 5% per annum and used a future permanence based on maximum years of service of 36 years (Note 19). t) Sales Sales of the consolidated businesses are shown on an accrued basis, recognized at the time that goods are delivered or services provided. The electrical sector also considered an estimate of electricity supply and tariff income pending billing at the year end (August 31 for the present year). u) Derivative contracts The Parent Company has forward contracts to cover exchange risks between the US dollar and the Unidad de Fomento. These hedge instruments are shown at their market value at the year end and unrealized differences are charged to income if losses result. On the other hand, any resultant gains are shown as a credit to short- or long-term Other liabilities, as appropriate. v) Computer software The Parent Company and those subsidiaries which make disbursements for developing computer systems internally charge these directly to income for the year in which they are incurred. Disbursements made in the acquisition or external development of specialized computer systems, and not intended for sale, are shown as fixed assets and are amortized over a term of four years from their start-up (Note11). w)research and development costs Disbursements by the Parent Company and subsidiaries in the research and development of new projects are charged directly to income for the year in which they are incurred, except those for the acquisition of fixed assets used in research and development which are included in fixed assets.
12 2001 N O T E S TO THE CONSOLIDATED FINANCIAL STATEMENTS x) Consolidated statement of cash flows For purposes of the Consolidated statement of cash flows, cash equivalents are considered to be all those short-term financial investments made as part of normal cash surplus management, in accordance with Technical Bulletin No. 50 of the Chilean Institute of Accountants. These include securities acquired under resale agreements, Central Bank of Chile notes, mutual fund (non-equity) units, etc., provided they represent investments intended to be redeemed or liquidated within 90 days of the closing date of the respective financial statements. They also include bank time deposits of any term provided the term is no longer than 90 days from the closing date of the respective financial statements or when it is intended to redeem them within that term Cash flow from operating activities includes all those flows related to the normal consolidated businesses, including interest paid, financial income, dividends and other distributions received and in general all cash flows not defined as being from financing or investment activities. The operating concept used in this statement has a broader meaning than that used in the consolidated statement of income. y) Bond issue costs The issue costs of bonds are capitalized and shown in Other current assets and Other long-term assets, and are amortized on the straight-line method over the term of the bonds. The charge for amortization is shown in Financial expenses in the Consolidated statement of income.
13 FINANCIAL STATEMENTS Consolidated z) Companies included in the consolidation Equity holding Equity holding Tax registration Companies at December 31, 2001 at December 31, 2000 No. Direct Indirect Total Total 91,806,000-6 Abastecedora de Combustibles S.A. 98, , , ,151,500-0 ABC Comercial Ltda. 3, , , , ,165,170-4 ABC Gestión Ltda. - 99, , , ,589,100-5 ABC Inversiones Ltda, - 99, , , ,927,130-3 Adm. Central de Estaciones de Servicios Ltda , , , ,126,990-7 Adm. de Establecimientos de Hostelería Ltda. - 70, , , ,689,550-0 Adm. de Estaciones de Servicios Serco Ltda , , , ,215,640-5 Adm. de Ventas al Detalle Ltda. - 70, , , ,614,700-1 Administradora de Servicios de Retail Ltda , , ,927,140-0 Administradora de Servicios Generales Ltda , , , ,547,510-9 Arauco Generación S.A. - 99, , , ,565,750-9 Aserraderos Arauco S.A. - 99, , , ,152,700-7 Bosques Arauco S.A. - 99, , , ,458,000-1 Celulosa Arauco y Constitución S.A. 99, , , ,874,200-0 Compañía de Inversiones Mobiliarias Ltda. 10, , , , ,840,100-3 Compañía de Turismo de Chile Ltda. 98,0000 2, , , ,531,500-4 Compañía Eléctrica de Osorno S.A , ,656,810-0 Cía. Latinoamericana Petrolera Número Dos S.A. 60, , , ,623,630-2 Compañía Minera Can-Can S.A. 51, , , ,657,900-5 Controladora de Plagas Forestales S.A. - 50, , , ,765,270-9 Distribuidora Centromaderas S.A. - 99, , , ,272,600-2 Empresa Eléctrica de Aisén S.A , , ,715,000-1 Empresa Eléctrica de La Frontera S.A , , ,573,310-8 Forestal Arauco S.A. 0, , , , ,805,200-9 Forestal Celco S.A. - 99, , , ,838,000-7 Forestal Cholguán S.A. - 97, , , ,567,940-5 Forestal Valdivia S.A. - 99, , , ,563,550-5 Inversiones Cholguán S.A. - 97, , , ,569,490-0 Inversiones Década S.A. 99, , , ,990,550-7 Investigaciones Forestales Bioforest S.A. - 99, , , ,768,760-K Paneles Arauco S.A. - 99, , , ,123,000-3 Pesquera Iquique-Guanaye S.A. 50, , , , ,932,590-K Pesquera Ligure S.A , ,840,700-6 Servicios de Combustibles Ltda. 99,9803 0, , , ,637,330-K Servicios Logísticos Arauco S.A , ,953,900-6 Servicios y Transportes Setracom Ltda. 1, , , , ,701,470-2 Sistema de Transmisión Del Sur S.A ,021,000-0 Sociedad Austral de Electricidad S.A ,929,960-7 Southpacific Korp. S.A. - 61, , , ,904,920-1 Transportes de Combustibles Chile Ltda. 99,0000 1, , , E Alto Paraná S.A. - 99, , , E Arauco Denmark Aps. - 99, , , E Arauco Ecuador S.A. - 99, , E Arauco Forest Products B.V. - 99, , , E Arauco Honduras S.R.L. de C.V. - 99, , , E Arauco Perú S.A. - 99, , , E Arauco Wood Products Inc. - 99, , , E Araucomex S.A. de C.V. - 99, , , E Copec Canal Inc. 100, , , E Copec International Inc. 100, , , E Forestal Arauco Guatemala S.A. - 99, , , E Forestal Cono Sur S.A. - 97, , , E Forestal Misiones S.A. - 99, , , E Igemar Overseas S.A. - 81, , , E Industrias Forestales S.A. (Argentina) - 99, , , E Patagonian Pride S.A.I. y C. - 81, , , E Trupán Argentina S.A. - 99, , , E Trupán Perú S.A ,9429