EMPRESAS CMPC PRESENTATION PREPARED FOR THE LARRAIN VIAL ANNUAL ANDEAN CONFERENCE - SANTIAGO
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1 EMPRESAS CMPC PRESENTATION PREPARED FOR THE LARRAIN VIAL ANNUAL ANDEAN CONFERENCE - SANTIAGO MARCH, 2014
2 AGENDA I. Company description II. Our Value proposal 1. Leading diversified Latin American P&P player and low cost producer 2. Diversified investment portfolio in high growth potential businesses 3. Strong balance sheet and financial track record 4. Committed to sustainable development 5. Prestigious Controller Group and experienced management
3 CMPC AT A GLANCE CMPC is a P&P company, established in 1920, that produces solid wood products, pulp, paper, packaging products and tissue in Latin America CMPC s Figures Sales: 4,974 EBITDA: 964 Net Income: 196 Net Debt: 2,707 Assets: 14,188 Figures for the LTM as of Dec (US$ million) Market capitalization of US$5.7 billion as of February 28 th, 2014 Controlled by the Matte Family, one of Chile s leading economic groups BBB+ rating by Fitch and BBB- rating by S&P P&P companies by market capitalization (US$ billion)* IP SCA Stora Enso *As of February 28th, Source: Bloomberg KCM Fibria CMPC Klabin Suzano Shareholders Structure* Local & Foreign Investors 34% Chilean Pension Funds 11% * As of December 31 st, Source: CMPC Matte Group 56% Operations in 8 countries, selling to over 30 thousand clients in more than 45 countries ~16,000 Employees worldwide 3
4 CMPC DIVERSIFICATION AND GROWTH THROUGH LATIN AMERICA CMPC has expanded significantly through Latin America over the last two decades. CMPC maintains operations in Chile, Brazil, Argentina, Mexico, Peru, Colombia, Uruguay and Ecuador Today * Growth Plantations 237 th. hectares 677 th. hectares 2.9x Wood Products 267 th. m 3 1,690 th. m 3 6.3x Pulp 308 th. tons 2.8 million tons 9.1x Boxboard 31 th. tons 431 th. tons 13.9x Corrugated Boxes 55 th. tons 285 th. tons 5.2x Multiwall bags 74 million units 660 million units 8.9x Tissue Paper 43 th. tons 617 th. tons 14.3x Source: CMPC Forests Pulp Operations Paper Operations Tissue Operations Paper Products Operations Assets MUS$1,312 MUS$14, x Shareholders Equity Capex and M&A *As of December 31 st, Source: CMPC MUS$1,071 MUS$8, x > MUS$10,656 4
5 CMPC S DIFFERENCIATED BUSINESS MODEL CMPC has a long term business vision, which is focused on generating value through its traditional seal of innovation and prudence in all its business activities. Focus and Selectiveness Enter niche markets with competitive advantages and high growth potential in the P&P industry Cost Efficiency Constantly investing in the latest equipment and production efficiency to further lower costs Diversification Participate in several markets (products and geography), diminishing financial and commercial risks, identifying new opportunities Synergies Identify and develop business synergies, letting each business focus and adapt to its own market dynamics 5
6 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: 841 Sales 3 rd parties: 541 EBITDA: 119 EBITDA margin: 14% 11% 12% 677 Th. has. planted 12.7 M m 3 /y harvested 2,597 employees US$4.5 billion in assets Sales: 1,794 Sales 3 rd parties: 1,520 EBITDA: 481 EBITDA margin: 27% 31% 2.8 M tons/y 1,911 employees US$5.4 billion in assets Sales: 1,312 Sales 3 rd parties: 1,226 EBITDA: 201 EBITDA margin: 15% 21% 18% 1,297 Th. tons/y 4,060 employees US$1.6 billion in assets Sales: 1,854 Sales 3 rd parties: 1,850 EBITDA: 214 EBITDA margin: 12% 37% 22% 617 Th. tons/y 8,117 employees US$2.2 billion in assets Source: CMPC. Figures in US$ million for the LTM as of December 2013 / Figures do not include Holding and Intercompany Sales and EBITDA 6
7 AGENDA I. Company description II. Our Value proposal 1. Leading diversified Latin American P&P player and low cost producer 2. Diversified investment portfolio in high growth potential businesses 3. Strong balance sheet and financial track record 4. Committed to sustainable development 5. Prestigious Controller Group and experienced management
8 1. LEADING DIVERSIFIED LATIN AMERICAN P&P PLAYER AND LOW COST PRODUCER
9 Main Destinations Main Uses Facilities FORESTRY DIVISION: HIGH QUALITY TIMBER ASSETS AND STATE OF ART FACILITIES Key Facts 100% planted and certified forests Strategic locations of industrial facilities: near to the forests and ports Average ratio planting/harvesting (LTM as of December 2013) : 1.1 times Forestal Mininco Sawn wood 1.0 M m 3 /y Remanufactured wood 190 Th. m 3 /y Plywood 500 Th. m 3 /y Chile: 733,923 has. 499,545 planted has. Chile : Bucalemu, Mulchén, Nacimiento Chile : Coronel, Los Angeles Chile : Mininco Brazil*: 219,962 has. 120,419 planted has. Construction, Industrial Packaging and Furniture Construction and Remodeling Construction, Industrial Packaging and Furniture Argentina: 94,297 has. 57,052 planted has. Middle East, Japan, Mexico, China, South Korea United States, Japan, Australia, South Korea, Spain United States, Mexico, Italy, Australia, Netherlands *There is an agreement to acquire from Fibria aprox. 100 Th. hectares of which 39 Th. are planted. CMPC is waiting the approval of Brazilian authorities to consolidate this land. 9
10 FORESTRY DIVISION: HIGH QUALITY TIMBER ASSETS AND STATE OF ART FACILITIES Faster growth cycle in the southern hemisphere Lower average distance to mills Less capital investment in land Southern Hemisphere Northern Hemisphere Plywood Proximity of forests to industrial facilities and ports Genetic and sylvicultural practices / forest management to enhance yield Source: CMPC 10
11 PULP DIVISION: LARGE SCALE PRODUCER WITH GLOBAL CLIENT BASE Market Pulp Capacity Ranking Fibria APRIL Arauco Georgia Pacific CMPC UPM-Kymmene Paper Excellence Metsa Pacífico (Pine) 500 Th. tons/y Laja (Pine) 340 Th. tons/y Suzano Stora Enso Source: CMPC and Hawkins Wright as of December 2013 (million tons) BHKP BSKP Other Diverse customer base with more than 370 customers over 35 countries Others Latin America 2% 9% Middle East 2% Asia (excluding China) 26% Europe 34% Guaíba Santa Fe China 27% (Eucalyptus) 455 Th. tons/y (Eucalyptus) 1,500 Th. tons/y Source: CMPC for the LTM as of December
12 (US$/Ton c.i.f. N. Europe) (US$/Ton c.i.f. N. Europe) CMPC HAS ONE OF THE LOWEST CASH COSTS OF THE PULP INDUSTRY CMPC s average distance from to 80 Km. 80 Km. 93 Km. 99 Km. Laja Guaíba I Pacífico Santa Fe 93 Km. (By train) 260 Km. (By barges) 163 Km. (By train) 119 Km. (By train) Source: CMPC BSKP 1 Supply Curve (US$/ton) BHKP 2 Supply Curve (US$/ton) CMPC s pulp facilities CMPC s pulp facilities ,000 10,000 15,000 20,000 25,000 ( Thousand metric tonnes) 0 0 5,000 10,000 15,000 20,000 25,000 30,000 (Thousand metric tonnes) Source: CMPC and Hawkins Wright as of December 2013 (1) BSKP: Bleached Softwood Kraft Pulp (2) BHKP: Bleached Hardwood Kraft Pulp 12
13 Main Destinations Main Uses Operations PAPER DIVISION: STRATEGICALLY FOCUSED ON NICHE PAPER GRADES Key Facts State of art technology & low cost producer Extensive use of recycled paper with over 650 th. tons recollected in 2012 Most important paper distributor in Chile with 34% of total market share Market leader in corrugated boxes and multiwall bags in Chile Plywood Boxboard 431 Th. tons/y Paper bags 93 Th. tons/y 660 MM bags/y Other papers 140 Th. tons/y Corrugated Paper 330 Th. tons/y Corrugated boxes 285 Th. tons/y Molded pulp trays 18 Th. tons/y 296MM units/y Chile: Maule, Valdivia Consumer packaging Chile: Chillán Argentina: Hinojo Peru: Lima Mexico: Guadalajara Cement, building materials, chemicals and food Chile: Laja (Sackraft) Brazil: Riograndense (Printing & Writing) Chile: Puente Alto Industrial packaging Chile : Quilicura, Til Til, Osorno, Buin Industrial packaging, salmon, wine and fruit exports Chile: Puente Alto Apples, avocados and eggs Chile, UK, Colombia, Peru, USA Chile, Peru, Argentina, Mexico, United States Brazil Chile, Argentina, Ecuador, Colombia Chile and Chilean export industries Chile, Argentina, Mexico, Peru 13
14 TISSUE DIVISION: CMPC IS A LEADING LATIN AMERICAN PLAYER Key facts Second-largest tissue player in Latin America Strong branding across broad range of tissue and sanitary products Broad market segmentation and extensive distribution network with presence in all main categories of tissue and sanitary products Domestic Consumption Sanitary Products Away from home Products Extensive use of recycled paper High growth opportunities, due to low per capita consumption Currency hedge: sales in local currencies 14
15 Thousand tons TISSUE DIVISION: CMPC IS A LEADING LATIN AMERICAN PLAYER % 90% % Tissue Paper Capacity Tissue Paper Market Share 80% Chile 44% 99 Argentina (1991) 35 Uruguay (1994) 56% 71 Peru (1996) 84 6% Mexico (2006) 11% 23% 27 - Colombia (2007) Ecuador (2009) 135 7% Brazil (2009) 70% 60% 50% 40% 30% 20% 10% 0% Countries were CMPC has a recognized track record Long presence Strong brands and market shares Countries where CMPC is building markets Short history High expenditures in brands, marketing and distribution in order to gain presence Source: CMPC as of December
16 CMPC HAS A PRODUCT AND GEOGRAPHIC DIVERSIFICATION OF SALES THAT PROVIDES FLEXIBILITY Plywood Source: CMPC. Figures in US$ million for the LTM as of December 2013/ Figures do not include Holding and Intercompany Sales. 16
17 2. DIVERSIFIED INVESTMENT PORTFOLIO IN BUSINESSES WITH HIGH GROWTH POTENTIAL
18 CMPC HAS A DIVERSE PROJECT PORTFOLIO WITH GROWTH IN ALL BUSINESS AREAS PULP Guaíba Expansion 1.3 million ton/year US$ 2.1 billion 2Q15 FORESTRY Land purchases for forestry uses and associations with 3 rd parties. TISSUE Increase in conversion capacity of tissue paper and sanitary products ENERGY Continuing investments in energy based on biomass and cogeneration TISSUE Tissue Machine + Cogeneration Altamira Mill (Mexico) 50 th. tons /year 21MW + 30 tons steam/hour US$ 161 million 3Q15 TISSUE / ENERGY Cogeneration plant Talagante Mill 20MW + 25 tons steam/hour US$32 million 3Q15 PAPERS / ENERGY Cogeneration plant Puente Alto Mill 44MW + 80 tons steam/hour US$70 million 3Q15 18
19 THE GUAÍBA II PROJECT WILL BE ONE OF THE MOST EFFICIENT IN THE PULP INDUSTRY GUAÍBA II Project Overview BRAZIL Industrial 1.3 million tons/year of eucalyptus market pulp 30 MW excess energy Estimated Capex: US$2.1 billion Startup: 2Q15 Forestry 100% wood self sufficient Over 162,000 hectares planted with FSC TM Certification Average distance from forests: 180 km Logistics Exports through port of Rio Grande do Sul Distance to ports by barges: 260 km Financing Plan Capital Increase (2Q13): ~US$500 million Debt issuance (2Q13): US$500 million BNDES Credit: BRL$ 2,510 million Sale of non-core assets BICECORP (4Q13): ~US$106 million ECA Financing: US$340 million Additional funding available Guaíba 2 December
20 Tíssue Paper App. Consumption (k/hab.) Key facts CMPC WANTS TO TAKE ADVANTAGE OF LATAM UNDERPENETRATED TISSUE MARKETS High growth opportunities, due to low per capita consumption Growing market share in countries were CMPC last entered, such as Brazil, Mexico and Colombia Being a Latin American player allows CMPC Tissue to be more flexible in terms of paper supply Regional player, but with local strategies and know how R&D in order to increase customer satisfaction Tissue per Capita Consumption UK Germany Switzerland 15 T&T Portugal Netherland Japan SPAIN Australia Costa Rica Italy France CHILE 10 Panama URUGUAY South Korea El Salvador MEXICO Taiwan Guatemala BRAZIL ARGENTINA 5 Venezuela China, Ecuador, Peru, Honduras Colombia Indonesia 0 0 India Source: CMPC Finland GNI p/c (thousand US$ at ppp) Canada Sweden USA Market Penetration of Sanitary Products in Latin America 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: CMPC Baby Diapers Adult Diapers Femenine Care 20
21 3. STRONG BALANCE SHEET AND FINANCIAL TRACK RECORD
22 FINANCIAL SUMMARY 4Q13 US$ Million 4Q Q13 4Q QoQ% YoY% 2406,7 Sales % 4% Operating Costs (817) (3.163) (795) (826) (3.312) 4% 1% Other Operating Expenses (187) (682) (177) (179) (699) 0 1% -4% EBITDA % 21% Depreciation & Stumpage (93) (425) (86) (86) (384) 1% -7% Change in Net Value of Biological Assets 9 37 (5) (5) (4) -3% -155% Operating Income % 38% Financial Costs (43) (175) (43) (46) (174) 5% 7% Other Non Operational Items (20) (148) (61) (59) (165) -4% 199% Net Income % -7% EBITDA Margin 17% 19% 21% 20% 19% 0% -4% 17% Total Assets % 2% Total Liabilities % -2% Shareholders' Equity % 4% Source: CMPC 22
23 CMPC S DEBT PROFILE AS OF DECEMBER 2013 Debt Profile Average term: 6.3 years Amortization schedule (as of today) Bonds Banks Banks 23% Other 9% CLP 11% Bonds 77% Source: CMPC as of December Last financial transactions: US$ 80% / /30 Source: CMPC Debt breakdown by interest rate (%) MUS$500 yankee bond (April 2012): 10 year UST bps MUS$80 bank loan to Tissue Mexico (Sept. 2012): 3.5 year Libor bps MUS$500 yankee bond (May 2013): 10 year UST bps Fixed Rate 26% 26% 74% 74% 16% 84% Floating Rate 9% 9% 91% 91% Source: CMPC 23
24 MAIN FINANCIAL METRICS Debt evolution (US$ million) Financial debt / equity Net Debt 822 Cash ,42x 0,37x 0,43x 0,48x 0,46x Plywood Net debt / EBITDA Source: CMPC EBITDA / interest expenses Source: CMPC 3,3x 3,3x 2,8x 8,6x 1,9x 2,3x 6,3x 6,9x 5,5x 5,7x Source: CMPC Source: CMPC 24
25 DEMONSTRATED CAPACITY TO MANAGE LEVERAGE Net Debt / EBITDA 5,0 Acquisition of 50% of Pacífico and Santa Fe I Santa Fe II investment period Acquisition of Guaíba I Investment in Guaíba II 4,5 4,5 4,0 3,5 3,3 3,4 3,0 2,8 2,8 2,5 2,3 2,0 1,5 1,5 1,5 1,8 1,0 0,5 0,9 0,0 Source: CMPC 25
26 4. COMMITTED TO SUSTAINABLE DEVELOPMENT
27 CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY CMPC is committed to social responsibility and building long-term value for all stakeholders. Relationship with suppliers Employee Relations Community Relations Sustainability policy CMPC s CSR ISO Certifications: 9001, 14001, Our objectives for the period: Increase of our renewable energy generation, reducing the purchase of fossil fuels and electricity 20% improvement of our energy efficiency in our pulp mills by 2020 Complement our current FSC certification management of our renewable forest plantations, with the respective chains of custody FSC of products manufactured by the Company Reduce water consumption and overall effluent volume CMPC, by modernizing older industrial processes 27
28 5. PRESTIGIOUS CONTROLLER GROUP AND EXPERIENCED MANAGEMENT
29 CORPORATE GOVERNANCE Board of Directors Elections are held every three years. Scheduled meetings held once a month. Name Elected By Years as director Eliodoro Matte (Chairman) Controller Group 32 Martín Costabal Controller Group 7 Erwin Hahn AFP 2 Jorge Gabriel Larraín Controller Group 33 Arturo Mackenna Controller Group 2 Directors Committee Represent minority shareholders. Current members: Erwin Hahn, Arturo Mackenna and Jorge Marín. Is responsible for, examining the reports prepared by the account inspectors and external auditors proposing external auditors and rating agencies examining the background information concerning related party transactions examining officers compensation systems and plans, among others matters. Jorge Marín Independent 17 Bernardo Matte Controller Group 28 Senior Management Appointed by the board of directors. The controlling family members can not exercise as CMPC s managers Top managers with over 23 years experience in CMPC 29
30 TAKEAWAYS 1. Leading diversified Latin American P&P player 2. Continually investing to reduce costs 3. Growing footprint while expanding product range 4. Demonstrated capacity to deleverage 5. Committed to sustainable development 30
31 Disclaimer: 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 in its web site ( 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. CONTACT INVESTOR RELATIONS Trinidad Valdés mtvaldes@gerencia.cmpc.cl +(562) Colomba Henríquez chenriquezb@gerencia.cmpc.cl +(562)
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