3Q09
Income Statement Analysis
The Forestry and solid wood business registered a 16% increase in sales (+US$12 million) during this period when compared to that of 2Q09. Total sale volumes increased by 16%, due to an increment in plywood (+38%), pulpwood (+30%), sawing logs (+23%) and remanufactured wood volumes (+2%). Sawn wood volumes remained stable when compared to those of the previous quarter. Average sale price decreased 1% when compared to that of 2Q09.
FORESTRY
∆% Sales: +16% ∆% Volumes: +16% ∆% Price: -1%
Pulp sales increased by 6% (+US$11 million) during 3Q09 when compared to 2Q09, which was mainly explained by a 21% increase in CMPC’s pulp average effective price. This rise was slightly offset by a decrement in sale volumes (-13%). Hardwood volumes decreased 19%, while those of softwood increased 2%. The lower volumes reached by hardwood are mainly explained by a delayed shipment with destination to Asia, which resulted in a 34% reduction in CMPC’s export volumes to that continent. The above was partially offset by a 58% increase in the company’s exports to Latin America. On the other hand, the higher volumes reached by softwood are mainly explained by an increase in the company’s exports to Europe (+13%), as well as Latin America (+16%). Average effective price reached CIF 566 US$/ton and CIF 486 US$/ton for softwood and hardwood respectively. During this period, the spread between both fibers reached 80 US$/ton.
PULP
∆% Sales: +6% ∆% Volumes: -13% ∆% Price: +21%
Paper business during 3Q09 registered a 6% increase (+US$9 million) in consolidated sales, when compared to those of 2Q09. This was mainly due to the higher sale volumes, especially those reached by boxboard and packaging paper.
PAPERS
A breakdown of the different paper grades in this business shows that Newsprint volumes registered a 9% decrease when compared to those of 2Q09. On the other hand, prices decreased 8%, following the trend in the foreign markets. On the other hand, Boxboard prices remained stable when compared with those of 2Q09. Nevertheless, sale volumes were up by 11%. Finally, Packaging Paper sale volumes increased 15% compared to those of the last quarter. This was mainly explained by the higher industrial activity as well as the increased demand from the corrugated boxes producers, who are already preparing themselves for the next fruit season. Average sale price also remained stable when compared to that of the previous quarter.
∆% Sales: +6% ∆% Volumes: +7% ∆% Price: -1% TISSUE
Tissue business, including operations in Chile, Argentina, Peru, Uruguay, Mexico, Colombia, Ecuador and recently Brazil, showed a 44% increase in sales (+US$95 million) during 3Q09 when compared to those of 2Q09. This was mainly explained by an increase in sale volumes, because of the higher production of the new tissue paper machines in Argentina, Peru, Uruguay and Mexico, as well as the recent acquisition of Melhoramentos in Brazil. Tissue paper volumes increased 34%, whereas those of diapers and Feminine Care Products increased 13%. On the other hand, average sale price (measured in US Dollars) increased 10% for tissue paper, whereas those of diapers & feminine care products increased 15%, when compared to those of 2Q09.
∆% Total Sales: +44% ∆% Volumes: Paper:+34%/Diapers&FCP:+13% ∆% Price: Paper:+10%/Diapers&FCP:+15% PAPER PRODUCTS
Paper products business during 3Q09 registered a 3% increase (+US$2 million) in sales compared to 2Q09. This increment is mainly attributable to the higher industrial activity level, which positively affected sale volumes. Corrugated boxes volumes were down by 3%, in response to the proper seasonality of the fruit export business in Chile. On the other hand, molded pulp trays volumes decreased by 32%, mainly in response to the weak apple season. All the above was completely offset by a 23% increase in paper bags volumes. Average sale price increased 2%, when compared to the last quarter.
∆% Sales: +3% ∆% Volumes: +1% ∆% Price: +2%
Forestry
Pulp
Papers
Tissue
Paper Products
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