Company Overview. Larraín Vial 6 th Annual Andean Conference. March 19 th 20 th, 2012
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1 Company Overview Larraín Vial 6 th Annual Andean Conference March 19 th 20 th, 2012
2 Agenda Company Overview Business Divisions Financial Review 2
3 CMPC is one of the most important players in the P&P industry CMPC participates in many segments of the P&P business; producing pulp, paper and other forest products. One of the highest rated credits in the industry (BBB+) by S&P and Fitch. Market capitalization of US$9.7 billion as of February 29 th, 2012, among he highest of the P&P industry. Controlled by the Matte Family, one of Chile s leading economic groups. Figures for 2011 (MUS$): Sales: 4,797 EBITDA: 1,078 Net Income: 494 Assets 13,294 Net Debt: 2,451 P&P companies by market cap (BUS$)* 15,4 12,6 *As of February 29 th, Source: Bloomberg Shareholders Structure* Foreign Investors 8,9% Chilean Pension Funds 11,4% 9,7 IP SCA CMPC Stora Enso Fibria Suzano 6,2 4,2 Local Investors 24,2% Matte Group 55,4% 2,2 *As of December 31 st, Source: CMPC 3
4 CMPC has expanded significantly in the region over the last two decades : Beginning of the eucalyptus plantation program in Chile 1991: Acquisition of Química Estrella San Luis in Argentina, becoming CMPC s first foreign investment 1993: JV Prosan with Procter & Gamble 1994: Acquisition of IPUSA in Uruguay : Acquisition of La Papelera del Plata 1997: Acquisition of 100% of Santa Fe and Pacífico mills 1998: Maule boxboard mill starts up its operations 1998: Sale of Prosan to Procter & Gamble : Acquisition of Monteáguila, with plantations of eucalyptus 2006: Acquisition of assets of Forestal Copihue 2006: Santa Fe II mill starts up its operations 2006: Acquisition of ABSORMEX in Mexico Business Forestry and Pulp Papers and Tissue 2006 Nowadays 2007: Acquisition of Drypers Andina in Colombia 2007: Plywood mill starts up its operations 2009: Acquisition of Melhoramentos in Brazil 2009: Acquisition of Guaíba for US$1.4 billions 4
5 Nowadays, CMPC is 1 credit rating (BBB+) of the P&P industry worldwide 5 largest producer of market pulp globally 2 largest producer of sawn wood in Latin America 2 largest producer of remanufactured wood in Latin America 2 largest producer of tissue paper in Latin America and 8 globally Only producer in the world of NSKP in Chile and NEKP in Chile and Brazil 2 largest producer of paper bags in Latin America and 7 globally 2 largest producer of news paper in Latin America 2 largest producer of boxboard in Latin America 2 largest market cap of the P&P industry in Latin America and 4 globally Source: CMPC 5
6 Paper Products Tissue Paper Pulp Forestry A balanced growth in all business segments provides CMPC a diversified revenue mix Main Figures % of third parties total sales % of consolidated EBITDA Total capacity & Employees Sales: 778 Sales 3rd parties: 486 EBITDA: 135 EBITDA margin: 17% 10% 13% 1,038 Th. has 680 Th. has. planted 12.3 MM m 3 /y harvested 1,969 employees Sales: 1,757 Sales 3rd parties: 1,496 EBITDA: 573 EBITDA margin: 33% 31% 53% Plywood 2.6 MM tons/y 1,778 employees Sales: 965 Sales 3rd parties: 801 EBITDA: 174 EBITDA margin: 18% 17% 16% MM MM tons/y tons/y 1,791 employees Sales: 1,610 Sales 3rd parties: 1,606 EBITDA: 175 EBITDA margin: 11% 33% 16% 570,000 tons/y 7,337 employees 500,000 tons/y Sales: 432 Sales 3rd parties: 407 EBITDA: 33 EBITDA margin: 8% 8% 3% 375,000 tons/y 2,197 employees Source: CMPC. Figures in US$ million for the LTM as of December 2011 / Figures do not include Holding and Intercompany Sales and EBITDA 6
7 Product and geographic diversification provides flexibility Plywood Source: CMPC. Figures in US$ million for the LTM as of December
8 Agenda Company Overview Business Divisions Financial Review 8
9 Forestry Division: the root of CMPC s competitive advantage Strategically located high quality timber assets and state of the art facilities Plywood Forestry Sawn wood Ramanufactured wood Plywood Chile: 730,335 has. 504,406 planted has. Brazil: 213,104 has. 112,689 planted has. Argentina: 94,283 has. 62,821 planted has. Chile: 3 Sawmills: Bucalemu, Mulchén and Nacimiento Total capacity: 1,0 MM m 3 /y Chile: 2 Remanufacturing plants: Coronel and Los Ángeles Total capacity: 190 Th. m 3 /y Chile: 1 Plywood mill: Mininco Total capacity: 240 Th. m 3 /y Source: CMPC 9
10 Forestry Division: the root of CMPC s competitive advantage Key facts 100% planted and certified forests. Genetic and silvicultural practices / forest management to enhance yield. Faster growth cycle. Proximity of forests to industrial facilities and ports. Young and growing forestry base Harvesting (million m 3 ) Pine Eucaliptus 1.4x 6,0 3,1 3,3 3,2 5,4 5,7 5,2 5,2 5,7 6,6 Average age of CMPC s Pine Forests: 13.4 years Average age of CMPC s Eucalyptus Forests: 4.7 years Average ratio Planting / Harvesting: 1.4 times Source: CMPC What s ahead Chile and Brazil: acquisition of land, to increase CMPC s forestry base. New 240,000 m 3 /yr plywood line in Mininco, starting in Harvesting vs. Planting Harvest Plantations Source: CMPC 10
11 Pulp Division: CMPC has one of the lowest cash costs of the pulp industry Key facts First class assets. Strategic locations (mills near to forests and ports). One of the world s lowest cost producer. Sales diversification. ISO, OHSAS certifications. BSKP 1 Supply Curve (US$/ton) CMPC s pulp facilities What s ahead Chile: revamping of Laja mill (110,000 tons of additional BSKP capacity), starting in 2Q12. Debottlenecking of the Santa Fe II mill (200,000 tons of additional BEKP capacity), starting in 1Q12. New turbo generators at the Laja and Santa Fe II mills. Brazil: Guaíba II line (1.3 million tons of additional BEKP capacity), to be approved by the board. BHKP 2 Supply Curve (US$/ton) CMPC s pulp facilities Source: CMPC and Hawkins Wright as of February 2012 (1) BSKP: Bleached Softwood Kraft Pulp (2) BHKP: Bleached Hardwood Kraft Pulp 11
12 Pulp Division: CMPC has one of the lowest cash costs of the pulp industry Production capacity and distance from mills to forests and ports CMPC s average distance from to 80 Km. Laja 80 Km. Riograndense 93 Km. Pacífico Plywood 99 Km. Santa Fe Softwood Hardwood 93 Km. (By train) Laja Chile 2 mills: Pacífico (Pine) Laja (Pine) Chile 2 mills: Santa Fe I (Eucalyptus) Santa Fe II (Eucalyptus) 119 Km. (By train) 163 Km. (By train) Santa Fe Pacífico Brazil 1 mill: Riograndense (Eucalyptus) 260 Km. (By barges) Riograndense Total Capacity : 780 Th. tons/y (890 Th. tons/y after April 2012) Total Capacity: 1.8 M tons/y 12
13 The Riograndense acquisition: the biggest project in CMPC s History On December 15 th 2009, Fibria transferred CMPC the ownership of a group of assets known as the Riograndense Unit for a total price of US$1,370 million. The Riograndense Unit includes: 1 Pulp mill with annual production capacity of approx 450,000 tons Paper mill with annual production capacity of approx 60,000 tons Approximately 212,000 hectares of land of which 125,000 are plantable Licenses and authorizations to execute an expansion project for the pulp mill and increase its annual capacity to app 1.75 mm tons Sizable entry to Brazil. Plywood Strategic location, complementary to existing facilities, to serve customers worldwide. Ability to reconfigure sales, delivery and increase customers. Ability to easily increase production to 1.75 million tons of pulp in the near future. Potential to replicate CMPC Chile in one of the largest and most dynamic economies in the world. Substantial forestry base and sylvicultural know-how. Opportunity to further improve CMPC s low cost producer status. Riograndense 13
14 Paper Division: strategically focused on niche paper grades Key facts Geographical Sales Breakdown (Th. Tons) Well integrated with the forest and pulp divisions. Local Sales Export Sales State of art technology & low cost producer. Extensive use of recycled paper. Sales focused on developing countries. 88% 78% 39% 61% Source: CMPC 22% 12% Boxboard Newsprint Packaging Plywood Boxboard Corrugated Paper Newsprint Other papers Edipac Chile 2 mills: Maule Valdivia Chile 1 mill: Puente Alto Chile 1 mill: Nacimiento Chile 1 mill: Laja Brazil 1 mill: Riograndense Most important paper distributor in Chile, with 53% of total market share Total Capacity : 430,000 tons/y Total Capacity: 340,000 tons/y Total Capacity: 200,000 tons/y Total Capacity: 130,000 tons/y 14
15 Tissue Division: CMPC is a leading Latin American player Strong market share throughout the region Mexico (Since 2006) Colombia (Since 2007) Market Share: 11% Capacity: 22,000 tons/yr Tissue products Market Share: 5% Capacity: 89,000 tons/yr Ecuador (Since 2009) Brazil (Since 2009) Market Share: 11% Capacity: 125,000 tons/yr Plywood Baby & Adult diapers Market Share: 23% Only Conversion Process Peru (Since 1996) Market Share: 56% Capacity: 63,000 tons/yr Uruguay (Since 1994) Market Share: 87% Capacity: 37,000 tons/yr Feminine care Chile (since 1980) Argentina (Since 1991) Market Share: 79% Capacity: 127,000 tons/yr Market Share: 48% Capacity: 106,000 tons/yr Away from Home products 15
16 Tissue Paper App. Cons (k/hab) Tissue Division: CMPC is a leading Latin American player Key facts One of the largest tissue company in Latin America. Strong branding. Broad market segmentation and extensive distribution network. High growth opportunities. Flexible product mix and complete line of tissue products. What s ahead Chile: New Tissue Paper Machine (50,000 tons/y) in 1H13. Tissue per Capita Consumption Portugal Chile Mexico Uruguay Brazil Argentina Peru Colombia EcuadorChina Canada Spain Japan France Sweden 0 India GNI per capita, PPP (US$) Source: CMPC USA Switzerland Tissue Capacity Evolution (000 s of Tons) Brazil Colombia Mexico Uruguay Peru Argentina Chile Source: CMPC 16
17 Paper Products Division: Local sales mainly oriented to export industries Key drivers Market leader in corrugated boxes and multiwall bags markets in Chile. Well diversified sales among different segments of the market in corrugated boxes. Manufacturing process benefits from backward integration. Although a significant fraction of the sales of this business area are local, CMPC Paper Products is also expanding its exports. What s ahead Mexico: new 40,000 tons paper bags mill in Guadalajara, starting Corrugated boxes Chile 4 mills: Buin Quilicura Til Til Osorno Total Capacity : 287,000 tons/y Paper bags Chile 1 mill: Chillán Argentina 1 mill: Hinojo Peru 1 mill: Lima Mexico 1 mill: Guadalajara Total Capacity: 70,000 tons/y Plywood Molded pulp trays Chile 1 mill: Puente Alto Total Capacity: 18,000 tons/y 17
18 Agenda Company Overview Business Divisions Financial Review 18
19 Financial Summary 4Q Q11 4Q QoQ% YoY% Sales % -2% Operating Costs (706) (2.572) (794) (795) (3.120) 0% 13% Other Operating Expenses (143) (509) (155) (154) (598) 0-1% 7% EBITDA % -40% Plywood 4Q11 Depreciation & Stumpage (106) (387) (104) (105) (413) 1% -1% Change in Net Value of Biological Assets (11) % -564% Operating Income % -32% Financial Costs (34) (135) (42) (42) (163) -1% 22% Other Non Operational Items 32 (36) (46) (10) (118) 0-79% -130% Net Income % -60% EBITDA Margin 26% 27% 23% 16% 22% -7% -42% Total Assets % 2% Total Liabilities % 6% Shareholder's Equity % 0% 19
20 CMPC s debt description as of December 2011 Debt profile: Average term : 5.8 years Average cost : 4.6% Composition: 40% banks / 60% Bonds Debt breakdown by currencies: 17% UF / 77% US$ / 6% Other currencies Amortization schedule Bonds Banks Revolving Last financial transactions: Source: CMPC Debt breakdown by interest rate (%) MUS$500 senior term notes (January 2011): Fixed Rate Floating Rate 7 year bullet bond: for CT bps 14% 12% 26% 26% 16% MUS$600 syndicated loan (October 2011): 5 year MUS$400 credit at Libor + 65 bps 86% 88% 74% 74% 84% 3 year MUS$200 committed line at Libor + 70 bps Source: CMPC
21 Main financial metrics Debt evolution (US$ million)* Financial debt / equity* Net debt Cash ,28x 0,33x 0,42x 0,37x 0,43x Source: CMPC Net debt / EBITDA* Source: CMPC Plywood EBITDA / interest expenses* 1,5x 1,7x 3,3x 1,9x 2,3x 11,9x 10,1x 6,3x 8,6x 6,9x Source: CMPC Source: CMPC *Figures as of 2007 and 2008 are under Chilean GAAPs. Figures for 2009, 2010 and 2011 are under the IFRS accounting standard. 21
22 CMPC has the one of the highest credit ratings in the industry globally Issuer: International Paper Country: Plywood S&P Rating: BBB+ BBB+ BBB BBB BB+ BB EBITDA (US$ millions): 1,078 2,570 1,307 3, ,328 Net Debt (US$ millions): 2,451 5,248 2,897 5,914 1,468 4,972 Net Debt/EBITDA: 2.3x 2.1x 2.1x 1.6x 2,6x 4,2x Equity: 7,848 9,680 6,939 6,960 2,661 7,803 Source: Bloomberg. Figures for the LTM as of December 2011 for CMPC, Arauco, IP, Klabin and Fibria. Figures for the LTM as of September 2011 for SCA.. 22
23 CMPC: Blue chip in the Santiago Stock Exchange CMPC is listed at the Santiago Stock Exchange since 1922 CMPC has 2,226 million of common shares CMPC s stock ranked eighth in the IPSA-40 Index, representing 5.1% of the indicator as of December, 2011 CMPC Daily Stock Price (CLP$) Plywood Other Chilean Companies Market Cap (BUS$) CMPC Daily Traded Volume (N of Shares) ,0 22,2 14,9 14,7 14,5 13,9 9,7 9,3 5,1 4,7 0,
24 Investment Highlights CMPC is: World class company in the industry. Low cost producer in most of our product lines. Products and geographical diversification allows strong cash. generation in spite of economic and price cycles. One of the highest rated credits in the industry. Committed to sustainable growth. Strong balance sheet prepared for growth opportunities. Experienced management and strong shareholders. 24
25 Disclaimer The foregoing material is a presentation of general background information about CMPC s activities as of the date of the presentation. It is information given in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate. Forward Looking Statements This presentation contains statements that constitute forward-looking statements within the meaning of securities laws of applicable jurisdictions. Examples of these forward-looking statements include, but are not limited to (i) statements regarding our future results of operations and financial condition, (ii) statements of plans, objectives or goals, and (iii) statements of assumptions underlying those statements. Words such as may, will, expect, intend, plan, estimate, anticipate, believe, continue, probability, risk, and other similar words are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. 25
26 Q & A March 2012
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