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2007 Annual Report

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2007 Annual Report 2007 ANNUAL REPORT Disclaimer It is expressly left on record that this document is merely for information and it has no legal purpose. Hence, it does not contain or intend to contain all the information included in the 2007 Annual Report of Masisa S.A. MASISA is the Leader in Latin America in the production and commercialization of wood boards for furniture and interior architecture. 2007 ANNUAL REPORT MASISA | 3 INDEX 4 ASPECTS REGARDING THIS ANNUAL REPORT 6 MESSAGE FROM THE CHAIRMAN 9 ABOUT MASISA 10 VISION, MISSION, BUSSINES PRINCIPLES, VALUES – BRAND OF LEADERSHIP 11 ACTIVITIES AND BUSINESSES 18 CORPORATE GOVERNMENT 21 GOVERNANCE AND TRANSPARENCY PRACTICES 22 MAIN SHAREHOLDERS 23 CORPORATE STRUCTURE 25 BUSINESS STRATEGY 27 PILLARS OF THE BUSINESS STRATEGY 27 VALUE PROPOSAL: MASISA IS MORE RELIABLE 29 MANAGEMENT REPORT 30 FINANCIAL RESULTS 33 BRAND MANAGEMENT - MASISA IS MORE RELIABLE 43 MANAGEMENT OF HUMAN CAPITAL 50 INTERNAL COMMUNICATIONS 51 PRODUCTIVE PROCESSES 54 SUSTAINABLE DEVELOPMENT 65 EXTERNAL VERIFICATION 69 CONSISTENCY WITH GRI INDICATORS 75 GENERAL BACKGROUND INFORMATION 91 RELATED COMPANIES 107 CONSOLIDATED FINANCIAL STATEMENTS 149 INDIVIDUAL FINANCIAL STATEMENTS 4 | MASISA ABOUT THIS ANNUAL REPORT This year MASISA’s Annual Report includes This Annual Report also had the backing of the information regarding the company’s perfor- WWF (World Wildlife Fund), organization that mance during 2007 both in the financial and offered a complete and useful critical analysis sustainable development areas. of the content of 2005-2006 Sustainability Re- port. Representatives from the WWF visited This new publication seeks to respond to the our operations in Chile and presented impor- interest of those who follow MASISA’s perfor- tant suggestions for this new Annual Report mance in its different aspects, assuring to in- (Their travel report and their evaluation of the clude topics demanded by current legislation prior report are available at www.masisa.com). and matters relevant to all stakeholders. It ad- ditionally reflects the importance of integrating The external verification of the Annual Report social and environmental issues in the com- was entrusted to Ernst & Young in the financial pany management. area and by a “Citizens’ Verification Panel”. The results of both processes can be inquired In the past MASISA published its Annual Re- in the respective reports published in this An- port in a separate manner, following the stan- nual Report (The complete report of the Citi- dards of Chilean legislation and a biannual zens’ Panel is available at www.masisa.com). Sustainability Report. This Annual Report in- cludes both documents. Information regarding our actions and manage- ment results of the Triple Bottom Line in 2007 MASISA’s report on social and environmental is presented around the fundamental axis of issues follows the guideline of the “Global Re- the company strategy: the creation of financial porting Initiative”-GRI-G3 (www.globalreporting. value, the value proposal for our clients and org) and the guideline (in its draft form) of WWF stakeholders, developments in human capital “Guidelines on Corporate Responsibility Report- and improvements in productive processes. ing for the Forest Industry” (www.wwf.org). 2007 ANNUAL REPORT MASISA | 5 For the WWF it is a pleasure to see the results of our collaboration with MASISA, and the future perspectives regarding such collaboration. This year we were invited to give our opinion regarding the Sustainabil- ity Report 2004-2005, seeking to have the 2007 Annual Report improve its content according to the definition of the WWF of an “ideal corpo- rate report”. Information on the social and environmental This work did not constitute an assessment on MASISA’s performance performance of all the companies controlled by per say in itself, although the general conclusion is that MASISA takes MASISA is included herein, i.e., either through its social and environmental responsibilities very seriously. Its Annual shareholding control or in those in which MA- Report is very complete and the level of detail offered regarding the im- SISA has administrative control. Similarly, infor- pacts is, in its most part, very good. MASISA achieved compliance of mation is offered regarding the management 76% in reference to the WWF guidelines. If such result is compared focus in relations where MASISA exercises a with the European pulp and paper industry (the 49 largest companies significant influence, but does not have control, according to their sales, analyzed by the WWF), MASISA would rank in mainly its service suppliers and neighboring the top 5%. Initial reviews regarding the MASISA competitors in the communities to its industrial operations, as well lumber/board products sector suggests that MASISA is also a leader in as those where it does not have any significant this industry sector in terms of its reports. influence but mean important challenges for the company, as well as relations with the Ma- The scope of the external certifications of MASISA’s activities is par- puche communities in Chile. ticularly impressive, including the FSC certification for forestry han- dling and custody chain, ISO 9001, ISO 14001 and OHSAS 18001. The detailed reference to the GRI and WWF guidelines is also relevant as CONTACT well as the fact that it is the only company in Latin America that offers 100% of its boards under the E-1 European Standard relative to low In order to obtain greater information on the 2007 formaldehyde emissions. Annual Report or regarding MASISA’s performance, please contact us. MASISA received the award “Leaders for a Living Planet 2006” from the WWF for its serious commitment to identify and protect High Value Eugenio Arteaga I. Preservation Forests in Chile and develop mechanisms to improve the Chief Financial Officer benefits of local communities in its operation areas certified by the FSC. Ignacio González G. Chief Communications and Corporate Affairs We hope that in this and future reports we will see more information María Emilia Correa P. regarding the progress and the milestones reached. WWF will closely Chief Sustainable Development Officerl work with MASISA in order to assure the achievement of these commit- ments and thus maintain MASISA’s involvement in leadership initia- Address tives in Latin America; we hope to jointly build a future where we can Av. Apoquindo 3650 10th floor Las Condes, Santiago all live in harmony with nature. Telephones (56 2) 707 88 00 – (56 2) 350 60 00 E-mail [email protected] Daniel Arancibia LAC Forest Coordinator Latin America & Caribbean Programme World Wildlife Fund 6 | MASISA MESSAGE FROM THE CHAIRMAN 2007 was a year of important achievements for proved the construction of an MDP board plant MASISA within a growth scenario for most of in Brazil, which will have a production capacity the countries in Latin America, notwithstanding of 750.000 m3 annually and a line of melamine the symptoms of a recession in the US econo- that will have the capacity to coat or overlay my – particularly in the construction sector and 300,000 m3 annually of boards. the financing of housing for the low income sectors -, the successive weakening of the US MASISA has decided to focus on its main busi- dollar with its effects in the exports of Latin ness, the production and commercialization of American countries, and the increase in costs, lumber boards for furniture and interior archi- mainly in energy and power. Within this out- tecture, which in December 2007 subscribed a look, I have accepted the immense challenge binding agreement for the sale to Louisiana- of succeeding Julio Moura, who was the com- Pacific South America S.A. (LP) of 75% of the pany’s Chairman of the Board of Directors until board plant Oriented Strand Board (OSB) of mid December 2007, having built along with the industrial complex of Ponta Grossa, Brazil, the MASISA team, an extraordinary platform to whose capacity is of 300,000 m3 annually. face with solvency and capacity the opportuni- The definite closing of this transaction is sub- ties and challenges of the near future. ject to normal commercial conditions for this type of events and verifications. It is expected Financial results show a positive and significant to happen during the first months of 2008. progress: the net goals up to 2007 increased 8.9% in comparison to 2006, reaching US$ Similarly, and with the objective of continuing 965.8 million. The Company’s net profit grew to reinforce our presence in Brazil, in January 39.3% reaching US$ 41.1 million. The good 2008 MASISA and Brascan Brasil Ltda., sub- performance of the Boards Business Unit off- scribed a shares purchase-sales contract set lower sales and results of the MDF mold- through which MASISA acquired an indirect ings, finger joint moldings and sawed lumber. shareholding participation in the Brazilian affili- ated company of Tafibrás called Tafisa Brasil MASISA was able to offset the decrease in S.A., controlled by the Sonae Group. The op- sales in the US market with important growth eration reached US$ 70 million. in volume and prices in the board business in Latin American countries. In addition, Sonae Industry and MASISA have taken on the commitment of working during It is worth underscoring the start-up of the new the next months in the implementation of a MDF boards plan located in the city of Cabrero, combination of the businesses of Tafisa Brasil Chile, with an annual production capacity of and MASISA’s Brazilian affiliate called MASISA 340,000 m3 of boards. Investment in this com- do Brasil, whether through the merger of the plex was of more than US$ 90 million, of which aforementioned companies or through another almost US$ 6 million were invested in state-of- legal structure of these characteristics, in order the-art technology in order to minimize the im- to position the new merged entity as a leading pacts on air, water and soil, allowing a cleaner company in the Brazilian market.
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