3rd Quarter of October/08
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- April Quinn
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1 3rd Quarter of 2008 October/08 1
2 Forward Looking Statement The statements contained in this presentation related to the business outlook, operating and financial projections, and growth prospects of Klabin S.A. are merely projections, and as such are based exclusively on the expectations of the Company s management concerning the future of the business. These forward-looking statements depend substantially on the market conditions, the performance of the Brazilian economy, the industry and international markets, and therefore are subject to change without prior notice. This presentation on Klabin s performance includes non-accounting and accounting data, such as operating and financial information, as well as projections based on Management s expectations. Note that the non-accounting data has not been reviewed by the Company s independent auditors. The Company s management believes EBITDA may provide useful information on the Company s operating performance and allow for comparisons with other companies in the same industry. Note however that EBITDA is not a measure established in accordance with generally accepted accounting principles in Brazil (Brazilian Corporate Law or BR GAAP) or with U.S. generally accepted accounting principles (US GAAP), and may be defined and calculated differently by other companies. 2
3 Contents Company Profile 4 Businesses and Markets 13 Financial Performance 36 Expansion of Coated Boards 51 Future 55 3
4 Company Profile A forestry based company focused on wood, coated boards, packaging paper and paper packaging products: 17 plants in Brazil and 1 in Argentina Largest Brazilian producer and exporter of paper (packaging paper and coated boards) Installed production capacity: 2.0 million tpy Market Capitalization: US$ 1.3 billion (10/28/2008) Net Revenue: R$ 2,291 million in 9M08 Forestry Packaging Paper Paper Packaging Wood logs Kraftliner Coated Boards Industrial Bags Corrugated Boxes 7% 17% 30% 13% 31% Note: In 9M08, 2% of net revenue was composed of other products. 4
5 Integrated Business Concept After MA 1100 Expansion Project Forests Wood million tpy Lands 446,000 ha Planted Forests Pine 156,000 ha Eucalyptus 64,000 ha OCC 380,000 tpy Pulp NBSK BEKP CTMP 1.7 million tpy 100% Integrated Sack Kraft 155,000 tpy Coated Boards 740,000 tpy Kraftliner 770,000 tpy Recycled Paper 300,000 tpy 100% Integrated Liquid Packaging Board Carrier Board Folding Box Board 740,000 tpy Exports Exports 410, ,000 tpy tpy 35% Integrated 100% Integrated Industrial Bags 155,000 tpy Domestic Market 90,000 tpy Corrugated Boxes 540,000 tpy (*) Finished Products Domestic and Export Sales 2.0 million tpy (*) All figures refer to installed production capacity 5
6 Klabin's presence Corrugated Boxes Forestry Recycled Papers Pulp and Paper Mills Industrial Bags 6
7 Shareholder Structure 09/30/2008 Family control + Professional management Common Preferred Brazilian Investors 28% Monteiro Aranha 20% Brazilian Investors 38% BNDESPAR 31% Klabin Irmãos 52% Treasury Stock 2% Foreign Investors 29% 316,827,563 shares 600,855,733 shares IPO in 1979 Total shares 918 million Average daily trading volume R$ 9.3 million 7
8 Corporate Governance Highlights Joined BOVESPA s level 1 of Corporate Governance Tag along rights of 70% for preferred shares Liquidity:1,105 daily trades in 3Q08 Compensations for members of the Executive Board are linked to metrics that take into account the opportunity cost of investments Level 1 ADRs program Adopted insider trading policy for securities issued by the company and strict separation of Board of Directors and Executive Board 8
9 Investment Thesis Market Leadership and Growth Opportunities Solid Financial Performance Best global LPB supplier Top Sustainability Standards Successful R&D Track-Record Alternative fuels research Lowest Cash- Cost Producer 9
10 Successful R&D Track-Record Forest productivity: 5% increase in yield over the past three years Expectation of 50% yield growth over the next 10 years Genetic improvement, cloning and silvicultural development Savings with new forests of approximately US$50 million per year Allow for brownfield expansion more productivity at low fixed costs Ensure sustained competitiveness 10
11 Outstanding Product Quality Different fibers enable very specific and high quality products Coated boards with lower basis weight and same mechanical properties (due to internal R&D efforts) Sole supplier of Liquid Packaging Boards (LPB) in southern hemisphere Diversity of products Higher margins 11
12 Market Leadership and Growth Opportunities Market leadership in all segments in Brazil with space to grow: 20% of Brazil s Paper production 55% market share in Industrial Bags 20% market share in Corrugated Boxes 50% market share in Kraftliner 18% market share in Coated Boards 100% market share in Liquid Packaging Boards (LPB) Largest paper exporter more than 50 countries Regular exporter more than 25 years Coated boards growing twice the market average in Brazil 12
13 Business and Markets 13
14 Global Market Growth of Paper Demand ,5 4 3,5 4,2% 3,8% Average Growth in Demand (%) 3 2,5 2 1,5 CAGR Average = 2.8% 1,9 % 2,5% 1 0,5 0 0,6% Accumulated Participation in Global Demand 2007 (%) Source: RISI Printing and writing Newsprint Tissue Containerboard Others 14
15 Production of Packaging Paper Global Production Europe 22% Brazil Production Klabin 35% Latin America 6% Rigesa 9% Noth America 27% Africa/ Oceania 5% Asia 40% Others 35% Irani 3% Inpa 3% S Roberto 3% Orsa 8% Trombini 4% 128 million tonnes 3.6 million tonnes Source: RISI and Bracelpa 15
16 Wood Products: wood logs Customers: Sawmills and laminators Species Main Products Destinations Pine Sawn Lumber Fence Clear Blocks Finger - Joint - Blanks Mouldings Plywood USA Europe Domestic Market Eucalyptus Sawn Lumber Veneer Plywood Glued Laminated Beams Edge Glued Panels Outdoor Furniture Europe Asia USA Domestic Market 16
17 Forests Forestry base Land and Forests 09/30/2008 Company Land Planted Forests Pine Eucalyptus Native preserved forests thousand ha Average Hauling Distance Paraná Km 42 Santa Catarina Correia Pinto Otacílio Costa São Paulo 95 17
18 Forests Competitive advantage Average Productivity (m 3 /ha/year) 09/30/2008 Paraná Santa Catarina São Paulo Pine Eucalyptus Softwood - Rotation (years) Hardwood - Rotation (years) Klabin 20 Klabin 7 South Africa 25 South Africa 9 Chile 25 Chile 11 Australia 35 Portugal 13 USA 45 Sweden 37 Sweden 100 Finland Source: Pöyry 18
19 Kraftliner Pioneerism and leadership in the production of kraftliner in Latin America Largest producer and exporter of packaging paper - 74% of Brazilian exports 6% share of the global market, exporting to more than 50 countries Supplies Klabin s 9 corrugated boxes converting plants 19
20 Kraftliner Price evolution US$/tonne % % % 720 5% Jan-04 Jan-05 Jan-06 Jan-07 Jan Kraftliner price (free delivered Europe) Average Source: FOEX/Kraftliner Brown 175 g/m 2 20
21 Kraftliner Cost competitiveness Average cash cost (delivered Northern Europe) US$ / tonne Klabin - MA Portugal Brazil France USA Poland Austria Russia Sweden Source: RISI Analytical Conerstone 2Q08 converted to October's exchange rate. 21
22 Coated Boards Liquid Packaging Boards (LPB) Folding Box Boards Carrier Boards 22
23 Global Board Market 28 million tpy 1.5 Eastern Europe 8.4 North America 5.6 Europe 10.5 Asia 0.6 Africa and Middle East 1.4 Latin America Klabin focus on the virgin fiber based segment, which amounts to 10 million tpy: - Liquid Packaging Board: 3.1 million tpy - Carrier Board: 2.7 million tpy - Folding Boxboard: 4.3 million tpy 23
24 Coated Boards Klabin - 6 th Largest Producer of Virgin Fiber Coated Boards MeadWestvaco Stora Enso International Paper Graphic Packaging Korsnas/Frovi Klabin M Real Iggesund Potlatch Georgia Pacific ,000 1,500 2,000 2,500 3,000 1,000 tpy Liquid Packaging Board Folding Box Board Carrier Board Solid Bleached Sulphate Source: Pöyry 24
25 Coated Boards Klabin 3 rd Largest Tetra Pak Supplier in 2009 Stora Enso Korsnas/Frovi Klabin International Paper Potlatch MeadWestvaco Graphic Packaging M Real Iggesund ,000 1,200 1,400 1,600 1,000 tpy Liquid Packaging Board Folding Box Board Carrier Board Source: Pöyry 25
26 Coated Boards Klabin's Market Share Evolution Sales in the domestic market (excluding LPB) 1995 / 2008* 16 % 19 % 10 % 9 % 8 % 7% 13 % 13 % 13 % 6 % 10 % 13 % 12 % 2 7% 11% 12 % 2 1% 15% 3% 15% 18% 3 2 % 3 4 % 3 1% 3 2 % * Suzano Klabin R ipasa P apirus Ibema Itapagé Outro s Source: Bracelpa - * Jan to Sep,
27 Coated Boards Brazilian Consumption per Main Industries and Market Share Consumption Main Industries 2007 Market Share 2007 Others 4% Personal Care 3% Food/ Beverages 93% Klabin 38% Nobrecel 1% Ramenzoni 2% Miguel Forte Bonet 4% 3% Ibema 10% Suzano 25% Papirus 9% Ripasa/MD 8% Includes LPB Source: BRACELPA 27
28 Coated Boards List price evolution (Free delivered USA) 1,200 1, US$/tonne ,003 1, Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Coated Board List Price (USA) Average Source: RISI Index List Price 20Pt. Clay-Coated Unbleached Folding Cartonboard 28
29 Coated Boards FBB cost competitiveness Average cash cost (delivered Northern Europe) US$ / tonne Klabin - MA Brazil USA Poland France Sweden Finland Germany UK Source: RISI Analytical Conerstone 2Q08 converted to October's exchange rate. 29
30 Industrial Bags Market leadership in the segments of multiwall and SOS bags Recognized for high quality products and customized customer service Supplies for a variety of industries, highlighting the building industry, food, chemical products and agribusiness 30
31 Industrial Bags Brazilian Consumption per Main Industries Consumption Main Industries 2007 Building Industry 71% Food 3% Others 13% Seeds 4% Minerals 5% Chemicals 4% Source: Klabin 31
32 Industrial Bags Brazilian Consumption of Cement 5,0 Million tonnes 4,0 3,0 2,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: SNIC 32
33 Corrugated Boxes Leadership of the corrugated boxes market in Brazil Largest production capacity in Brazil with nine corrugated boxes converting plants Klabin s products reach every industry sector, providing total protection for packaged products transported 33
34 Corrugated Boxes Brazilian Consumption per Main Industries and Market Share Consumption Main Industries 2007 Market Share 2007 Rigesa 12% Orsa 10% Chemicals 9% Food / Beverages 38% Klabin 20% Trombini 7% Penha 6% Fruits 6% Others 47% Others 34% São Roberto 4% Adami INPA 4% 4% Ibéria 3% Source: ABPO 34
35 Corrugated Boxes Brazilian shipments 210 Thousand tonnes Jan- 02 May- 02 Sep- 02 Jan- 03 May- 03 Sep- 03 Jan- 04 May- 04 Sep- 04 Jan- 05 May- 05 Sep- 05 Jan- 06 May- 06 Sep- 06 Jan- 07 May- 07 Sep- 07 Jan- 08 May- 08 Sep- 08 Shipments Annual Average Source: ABPO 35
36 Financial Performance 36
37 Income Statement Consolidated R$ Million M07 9M08 3Q08 Volume (1,000 tonnes) 1,377 1,393 1,437 1,097 1, Net Revenue 2,706 2,713 2,796 2,128 2, Gross Profit 1, Gross Margin 38% 35% 34% 35% 27% 24% Total Operating Expenses (516) (497) (455) (334) (372) (133) Operating Profit (before fin Results) (48) (398) Net Financial (Expenses)/Revenue (154) (284) (447) Net Income (loss) (1) (253) 37
38 Financial Highlights Consolidated R$ Million M07 9M08 EBITDA EBITDA Margin 28% 26% 27% 28% 24% EBIT EBIT Margin 19% 17% 18% 20% 10% Total Assets 4,696 6,123 7,806 7,647 8,302 Net Debt ,007 1,755 2,771 Equity 2,245 2,461 2,741 2,789 2,623 Minority Interest Total Captalization 2,661 3,385 4,997 4,664 5,649 Net Debt / Capitalization 12% 21% 40% 38% 49% 38
39 Klabin's Performance Volume and Net Revenue growing Sales Volume tonnes Net Revenue R$ million 8% 8% 1,097 1,186 2,128 2,291 9M07 9M08 9M07 9M08 Does not include wood Includes wood 39
40 Klabin's Performance Domestic Market Volume and net revenue growing with stable prices Sales Volume 1,000 tonnes Net Revenue R$ million 9% 9% ,569 1,718 9M07 9M08 9M07 9M08 Does not include wood Includes wood 40
41 Klabin's Performance Export Market Growth of coated boards exports Sales Volume 1,000 tonnes Net Revenue R$ million Net Revenue US$ million 8% 3% 22% M07 9M08 9M07 9M08 9M07 9M08 41
42 Performance 9M08 Per Market Sales Volume Net Revenue Domestic Market 62% Exports 25% Domestic Market 75% Exports 38% Does not include wood 1,186 thousand tonnes Includes wood R$ 2, million 42
43 Exports Destination 9M08 Africa 9% Sales Volume North America 5% Latin America 43% Africa 7% Net Revenue North America 6% Latin America 46% Asia 15% Asia 16% Europe 28% Europe 25% 454 thousand tonnes R$ 452 million 43
44 Performance 9M08 Per Product Sales Volume Net Revenue Industrial Others Bags 3% 8% Kraftliner 28% Others 2% Wood 7% Kraftliner 17% Industrial Bags 13% Coated Boards 30% Corrugated Boxes 29% Coated Boards 32% Corrugated Boxes 31% Does not include wood 1,186 thousand tonnes Includes wood R$ 2,291 million 44
45 EBITDA EBITDA Margin of 24% in the 9 months of % 26% 27% 28% 24% M07 9M08 EBITDA - R$ million EBITDA Margin 45
46 Capex and Net Debt MA-1100 Project: Final phase of implementation Capex R$ million Net Debt R$ million 1,914 2, , M08 Capex MA , x 2.7x EBITDA EBITDA x EBITDA M08 46
47 Debt Amortization Schedule 09/30/08 Low debt repayment in 4Q08 and 2009 Local Currency (50%) Others 21% 2,130 Average Debt Maturity Average Annual Cost Local Foreign 44 months 57 months 10.9% 5.1% BNDES 79% Total 51 months Foreign Currency (50%) Trade Finance 72% Others 28% 58 Cash 4Q Foreign Currency Local Currency After
48 Export and trade finance operations Low exposure level of the company s s exports to trade finance operations. US$ MM Oct / Dec Free exports Pre payment Export credit note Exposure 4% 21% 29% 32% 44% 57% 33% 15% 13% 0% 0% 5% 9% 48
49 Net Income and Dividends R$ million 6.0%* 6.1%* %* H08 Net Income Declared Dividends * Dividend Yield 49
50 Share s s Performance at Bovespa Market capitalization and daily trading volume US$ million US$ billion Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct -07 Nov-07 Dec-08 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Daily Trading Volum e Market Capitalization
51 Expansion of Coated Boards 51
52 Projeto MA 1100 Brownfield project New coated board machine moving forward along the industrial and commercial learning curves Start up of the new power boiler (Biomass) Completed the energy source of the Monte Alegre mill 70% of electric energy consumption provided by self-generation 52
53 Paper machine #9 PM9 average daily production evolution 1,000 tonnes / day Forecast 2008 = 280,000 tonnes Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep onwards Average Daily Production (tonnes) Nominal Capacity 53
54 Electrical Energy Reduced dependence on purchased energy 65% of electric energy self-sufficiency sufficiency 70% of electric energy self-sufficiency sufficiency Biomass 38% After MA-1100 Biomass 55% 85 MWh 150 MWh Hidro- Electric 27% Purchased E.Energy 35% Hidro- Electric 15% Purchased E.Energy 30% 54
55 Future 55
56 Growth Strategy Wood Coated boards Domestic Market Maintain leadership in every business segment Corrugated Boxes Industrial Bags 56
57 Growth Strategy Exports Increase share in the coated boards market Coated boards More value added products Less volatile prices Growing market Costs competitiveness Entrance barriers Financial capacity Technology: use of long and short fibers and coating Capacity increase opportunities Costs competitiveness Technology Kraftliner 57
58 Growth Strategy Operational stability and continuity Increase production capacity from 2.0 million tpy to 3.0 million tpy by 2013 / 2014 Cost reduction and higher productivity To prepare Klabin for the next growth cycle R$ 2.2 billion investments concluded to reach 2.0 million tonnes capacity Financial discipline Value creation Expansion program Future 4 3 Improving efficiencies Maturation of MA-1100 project 2 1 Solid Growth Prospects 58
59 Future 3.0 Million tonnes/year Feasibility studies for the capacity increase and modernization projects are under review, aiming to achieve higher profitability Capacity increase to 3 million tonnes by 2013 / 2014 Cost reduction and higher productivity 59
60 Value in all we do IR Contact Phone: (55 11) / 8415 / invest@klabin.com.br 60
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