Corporate Presentation. March 2018
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1 Corporate Presentation March 2018
2 Forward-looking Statements This presentation may contain forward-looking statements, that should be considered as good faith estimates. Such statements are subject to risks and uncertainties outside of CMPC s control that could cause the CMPC s actual results to differ materially from those set forth in the forward-looking statements. These risks include in particular those described in CMPC s Financial Statements, Note 3 ( Gestión de Riesgos ). Forward-looking statements speak only as of the date they are delivered, CMPC undertake no obligation to publicly update or revise them considering developments which differ from those anticipated.
3 I. CMPC at a glance
4 A global leader in P&P CMPC is a P&P company, established in 1920, that produces solid wood products, pulp, paper and packaging products and tissue in Latin America +1 million hectáreas of land 33 productive mills CMPC s Figures Sales: $5,143 mm EBITDA: $1,078 mm EBITDA Margin: 21% Net Debt: $3,198 mm Assets: $14,951 mm Figures for the LTM as of December, 2017 (US$ million) Market capitalization of US$9.7 billion as of February 28 th, 2018 Shareholders Structure Chilean Pension Funds 10% International corporate rating BBB (stable) - Fitch BBB- (negative) - S&P Baa3 (stable) - Moodys Chilean and Foreign Investors 34% Matte Group 56% +25 product lines Local rating AA- (Fitch) AA (ICR) As of December 31 st, Source: CMPC 4
5 Successful growth history over the past decades 4,125 5,143 14,951 1, ,312 Plantations Th. hectares Tissue Capacity Th. tons EBITDA US$ million Pulp Capacity Th. tons Revenues US$ million Assets US$ million 5
6 II. CMPC s Value Proposal Source: CMPC, RISI 15-year Forecast ( ) & PPPC- Dec 2016 I 6
7 CMPC s Value Proposal 2. Low cost producer with worldclass assets 4. Prudent financial management 1. Industry leader and well diversified P&P producer 3. Investments in high growth potential businesses 5. Commitment to sustainable development 7
8 Paper division Tissue division Pulp division 1 Large-scale vertically-integrated producer of multiple products Main Figures % of total sales % of consolidated EBITDA Total capacity & Employees Sales: $2,676 mm Sales 3 rd parties: $2,406 mm EBITDA: $798 mm EBITDA margin: 30% 47% 67% Forests 686 Th. has. planted 15.9 mm m3 harvested Capacity 1.6 million m3/y solid wood 4.1 million tons/y pulp capacity Employees 5,081 employees Sales:$1,924 mm Sales 3 rd parties: $1,923 mm EBITDA: $215 mm EBITDA margin: 11% 37% 19% Capacity 700 Th. tons/y Employees 8,276 employees Sales: $843 mm Sales 3 rd parties: $814 mm EBITDA: $86 mm EBITDA margin: 10% 16% 10% Capacity 430mm tons/y boxboard 270mm tons/y containerboard 220mm tons/y corrugated boxes 730mm units/y multiwall bags 370mm units/y molded fiber trays Employees 3,430 employees Total: $5,143 $1,078 Source: CMPC. Figures in US$ million for the LTM as of December, 2017 / Figures do not include Holding and Intercompany Sales. 8
9 1 Geographic & product diversity provides flexibility & cash flow stability Source: CMPC. Figures in US$ million for the LTM as of Diciembre, 2017 / Figures do not include Holding and Intercompany Sales. 9
10 E. Globulus Iberian E. Globulus Chile Acacia Mangium Eucalyptus Brazil E. Nitens Chile Russia Scandinavia Canada USA Chile 2 Pulp production in low-cost, high-yield geographies CMPC has a high quality and sustainable forestry base with fast growth cycles which optimizes capital invested in land, reduces average distance to mills and increases gains due to genetic and sylvicultural practices Eucalyptus Average hardwood growth rate (m 3 ssc/ha/year) Radiata Pine Average softwood growth rate (m 3 ssc/ha/year) Km. 93 Km. 99 Km. 208 Km. Laja Pacífico Santa Fe Guaíba 93 Km. (by train) 163 Km. (by train) 119 Km. (by train) 260 Km. (by barges) Source: CMPC 10
11 2 Pulp production in low-cost, high-yield geographies BHKP CASH COST US$/ton cif China BSKP CASH COST US$/ton cif China CMPC s pulp facilities 100 CMPC s pulp facilities ,000 10,000 15,000 20,000 25,000 30, ,000 10,000 15,000 20,000 25,000 Th. metrics Tons Th. metrics Tons Source: CMPC and Hawkins Wright as of December
12 2 Unique region-wide tissue operation 9% 4% Mexico 23% 12% Ecuador 9% 6% Colombia CMPC s Tissue paper market share CMPC s baby diaper market share More than 40 years of expertise in the LatAm consumer business Top 5 tissue and sanitary products producer in every major Latin American market Range of brands & products to take advantage of economic cycles Focused on growth in key markets and underpenetrated sanitary product markets Steady expanding capacity, combination of organic & inorganic growth 57% Peru 24% 70% 31% Chile 11% 3% Brazil 83% 70% Uruguay Source: CMPC 44% 24% Argentina 12
13 2 Operational productivity and efficiency programs in all segments of CMPC Working capital reduction Productivity optimization program Renegotiation of electric contracts Sale of realestate land Renegotiation of logistic contracts 13
14 Million tons 3 Global paper demand evolution Newsprint Printing & Writing Containerboard Tissue Other Paper and Board Source: CMPC and RISI 14
15 3 Dynamics of the pulp market FIBER WORLD CONSUMPTION required to produce 411 million tons of Paper&Board VIRGIN FIBER used to produce Paper&Board (M tons) MARKET PULP consumed to manufacture Paper&Board (M tons) UKP Mec 2 5 Sulphite Recover Paper 244 million tons (57%) Virgin Pulp 181 million tons (43%) Integrated 117 million tons (65%) Market Pulp 64 million tons (35%) BSKP 25 BHKP million tons of total fibers 64 million tons of market pulp 32 million tons of BHKP Source: CMPC, Hawkins Wright and RISI 15
16 Tissue Paper App.Consumption (k/hab) 3 Tissue Paper Demand Dynamics Per capita annual consumption of tissue paper (in kilograms) Spain Costa Rica Chile Portugal Italy France Hungary Croatia Mexico Peru China Brazil Venezuela Ecuador Colombia Argentina Malaysia Russia Finland UK Israel New Zealand Canada Austria Sweden Germany Denmark Netherlands Australia Taiwan USA Hong Kong Switzerland Ireland Thailand Vietnam Indonesia Philippines 0 India Source: CMPC as of December 2015 (Countries in green are CMPC operation countries) GDP per capita in US$ 000 DEMAND DRIVERS Population Growth & Urbanization Economic Growth Increase in AfH and non-higienic paper categories Product Quality Increase in Market Share & Product Consumption 16
17 Packaging Paper Demand Dynamics 3 Macroeconomics & Demographic - Population growth - Urbanization - Rising disposable income E-commerce Sustainability - Circular economy - New packaging materials - Packaging redesign Digitalization - Intelligent packaging - Technology integration 17
18 4 Strong balance sheet & conservative debt profile Debt breakdown Total debt: $4,031mm Net debt: $3,198mm Debt by currency Debt by interest rate Debt by type BRL 4% Other 4% CLP 3% Variable Rate 2% BNDES 12% ECA 7% Banks 7% USD 89% Fixed Rate 98% Bonds 74% Amortization schedule Bonds Banks Interests , / / /2040 Note: Figures in US$ million as of December
19 4 Stable credit metrics and prudent financial policies Net Debt to EBITDA Interest coverage ratio 4.0x 3.5x 3.0x 2.5x 3.2x 3.4x 3.7x 3.8x 3.4x 3.1x 3.0x 6.30x 5.30x 4.30x 3.30x 2.30x 1.30x 5.66x 5.19x 4.66x 4.41x 4.63x 4.89x 5.00x 2.0x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Financial Debt to Equity Cash / (18M Net Financial Interest + Amortizations) 0.90x 0.80x 0.70x 0.60x 0.50x 0.40x 0.54x 0.53x 0.53x 0.53x 0.59x 0.57x 0.51x 1.30x 1.10x 0.90x 0.70x 0.50x 1.01x 0.53x 0.54x 0.59x 1.08x 1.23x 0.73x 0.30x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Source: CMPC Covenant Financial Policy 19
20 4 Positive free cash flow driving deleverage Free Cash Flow Evolution LTM Free Cash Flow Breakdown (Dec. 2017) , Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 EBITDA Capex Dividends Net Financial Expenses Income Tax Working Free Cash Capital Flow Variation Source: CMPC 20
21 5 Commitment to Sustainable Development Member of the DJSI Chile, for third consecutive year Member of the new DJSI Mila Member of the FTSE4Good Index, for third consecutive year First Chilean Company to issue a Green Bond Energy Efficiency Gold Seal granted by the Energy Ministry of Chile and the Agency for Energy Efficiency 21
22 5 CMPC s Corporate Governance High corporate governance standards, in line with international best practices to continue growing and generating value to all our stakeholders in a responsible and sustainable way. Board of Directors 9 members, 2 independent Directors Committee Audit Committee Financial Risk Committee Corporate Affairs Committee Ethics and Compliance Committee 3 Directors, 3 Directors 3 Directors 2 Directors 2 Directors Chief Legal Officer Internal Audit Compliance Division Each Board of Directors Committee counts with a functioning protocol which defines its members, attributions and topics addressed. 22
23 Appendix: Business divisions
24 LTM Dec-17 ($US Million) SALES EBITDA ASSETS $2,406 $798 $ % 67% 73% Pulp division FORESTRY ASSETS* Forestry base: 1,150,000 has. Chile Planted: 471,000 has. 64% Pine, 32% Eucalyptus Brazil Planted: 157,300 has. ~100% Eucalyptus Argentina Planted: 58,300 has. ~ 100% Pine SOLID WOOD PRODUCTS* Sawn Wood Capacity: 960,000 m 3 Remanufactured Wood Capacity: 190,000 m 3 Plywood Capacity: 480,000 m 3 PULP* Chile BSKP - Laja Mill Capacity: 364,000 tons BSKP - Pacifico Mill Capacity: 500,000 tons BEKP - Santa Fe Mill Capacity: 1,496,000 tons Brazil BEKP - Guaíba Mill Capacity: 1,765,000 tons *As of December
25 LTM Dec-17 ($US Million) SALES EBITDA ASSETS $1,923 $215 $2,365 Tissue division 37% 19% 17% MAIN CATEGORIES Consumer tissue products Sanitary products Away from home products TISSUE PAPER PRODUCTION CAPACITY* Chile 159,000 tons Brazil 131,000 tons Argentina 99,000 tons Mexico 123,000 tons Peru 125,000 tons Uruguay 34,000 tons Colombia 28,000 tons SANITARY PRODUCTS PRODUCTION CAPACITY* Diapers: 3,970 M units Feminine Care: 1,386 M units *As of December
26 LTM Dec-17 ($US Million) SALES EBITDA ASSETS $814 $86 $1,472 16% Paper division 10% 10% PRODUCTION CAPACITY* BOXBOARD 429,000 tons Chile PAPER BAGS 106,500 tons 672 MM bags Chile: ~31% Peru: ~ 34% Mexico: ~ 25% Argentina: ~ 10% OTHER PAPERS 80,000 tons Chile (Sackraft) 60,000 tons Brazil (Printing & Writing) MOLDED PULP TRAYS 21,200 tons 380 MM units Chile CORRUGATED PAPER 316,000 tons Chile CORRUGATED BOXES 240,000 tons Chile *As of December
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