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Report Annual $118$/5(3257 WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f JURZLQJQDWXUDO« WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f growing natural … WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f 7KH&RPSDQ\ 06 Letter from the Chairman 08 Company History 10 Board of Directors 12 Subsidiaries 6XVWDLQDELOLW\DQG(QYLURQPHQW 28 Sustainability, Community and Environment )LQDQFLDO,QIRUPDWLRQ 32 Financial Analysis 46 Ownership Structure 48 General Information )LQDQFLDO6WDWHPHQWV 66 Consolidated Financial Statements 70 Summarized Financial Statements 77 Subsidiaries 94 Related Companies 96 Overseas Representatives 101 Banks 102 General Information AnnualReport09LTWYLZHZcmpc / 03 WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f While a tree grows, it rises with a unique character and with no rush. Our business follows the development and progress course. *XDtED0LOO&HOXORVH5LRJUDQGHQVH 04 WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f (PSUHVDV&03&&RUSRUDWH%XLOGLQJ [OV\ZHUK DQQXDOWRQQHVRISXOSDQGWKRXVDQGDQQXDOWRQQHVRISDSHUDUHSURGXFHG E\WKHUHFXQWO\DFTXLUHGPLOOLQ*XDtED%UD]LO 7KH&RPSDQ\ AnnualReport09LTWYLZHZcmpc / 05 WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f the company letter from the chairman Dear Shareholders: In 2010, CMPC turns 90 years of steady progress. were affected, resulting in net losses for over US$10 Our organization is branded by professionalism, million. excellence, innovation, austerity and our permanent Regarding the pulp business, the reactivation of betting on the future. This is the legacy, of Messer’s the world global demand was perceived stronger Luis and Arturo Matte Larraín, Jorge Alessandri, during the last quarter of the year. CMPC’s annual Ernesto Ayala and so many others. Their effort production reached 1.85 million tonnes compared and intelligence showed us the path to follow, and to 1.95 million tonnes of the previous year. This contributed to build CMPC not only in its business lower production is explained by the definite shut environment but also as a company caring for the down of Laja mill line 1 at the beginning of 2009. country’s development. Among the projects foreseen for this business is the This anniversary arrives in a special moment. The modernization of Laja Mill which for its first phase acquisition of the forestry, pulp and paper industrial will require an investment close to US$ 300 million assets related to the Guaíba unit of Aracruz, located that will enable the mill to recover its former produc- in the state of Río Grande Do Sul and the acquisition tion capacity of 370 thousand tonnes per year. This of Melhoramentos Papéis in the Tissue business, investment includes the systems and equipment to both in Brazil, constitute relevant milestones for the reduce the mill’s dependency on external power as company’s future. well as to improve its environmental performance. I 2009 was marked by the important global financial believe this project is the best tribute to Laja Mill on crisis that strongly slashed the markets. However its 50th anniversary. CMPC was able to carry out these acquisitions In Santa Fe I Mill, an environmental enhancement based on its financial position and reputation, both project is being executed involving a US$ 24 million resulting from a prudent management of its opera- investment. At Santa Fe II Mill, work is being done to tions and finances. expand its capacity to 940 thousand tonnes per year During the year, CMPC reached consolidated sales and, additionally, environmental permits are being of US$ 3,124 million, 4.5% lower than the previous processed to be able to expand such capacity in the year. On the other hand, 2009 profit reached US$ future to 1.14 million tonnes per year. 268 million, similar to the one reached in 2008. CMPC paper businesses have been less affected These figures are the result of a strong reduction in by the global growth decrease. This is due to the prices and costs in most of our products, as well as strong competitive position of these business units, the effect of the foreign exchange rate evolution and the significant specialization of applications and the its impact over the financial debt and deferred taxes. diversification of clients. The total paper production Conditions remained adverse in sawn wood markets. of this business area reached 879 thousand tones The deep depression, both in prices and volumes, during 2009. led CMPC Maderas to stop the production of all CMPC Tissue achieved a 26% growth in sale sawmills for a three week period at the beginning of volumes even though the countries where our the year and to the indefinite closure of Las Cañas operations are held showed a lower growth pace sawmill, located in Constitución. than in previous years. A great part of the growth 8.4 million m3 of wood were harvested in 2009, achieved this year is explained by the volume contri- substantially lower than 2008’s 9.9 million m3. This buted by Melhoramentos Papéis in Brazil since the decrease is mainly explained by a lower demand date of its acquisition, in June 2009. This affiliate of sawn products. During the year 26,132 hectares has two productive mills in the state of Sao Paulo, were planted on own land and other 1,277 hectares in the cities of Caieiras and Mogi das Cruzes, with under forestry development agreements. Regarding a capacity of 75,000 tonnes per year, and approxi- forestry fires, 2008-2009 season was one of the mately 10% share of the Brazilian market. In order most negatives and 6,298 hectares of plantations (OLRGRUR0DWWH/DUUDtQ&KDLUPDQ (PSUHVDV&03& 06 WorldReginfo - b3fbd52f-650d-4252-b9f7-c7ca7dcfd54f to provide an adequate local production support to multiwall paper sack plant in Guadalajara, Mexico, tion has become a moral and strategic imperative. the expected growth on sales, US$ 80 million were with a capacity of 60 million sacks per year. This mill Thus, during 2009 the foundation provided profes- approved for new projects. This includes a new started its commercial operation in January 2010. sional support to schools, focusing its training on paper machine, effluent treatment systems, and teachers, libraries, and early stimulation. Currently, In the financial field, in order to have flexibility conversion equipments. it collaborates with education in ten municipali- and to keep the capability to execute investment ties, benefiting approximately 7,000 children, 400 In Mexico, the successful start up in early 2009 of a projects in its various business areas, CMPC struc- teachers and principals, and more than 50 schools. new paper machine, added to new conversion lines tured several financing operations. In fact, in order and a variety of innovation projects applied to diaper to fund the Guaíba acquisition, CMPC issued and The educational, cultural, and recreational activities machines, provided the required support to the sales placed a US$ 500 million bond in the United States of the Jorge Alessandri Educational Park, which increase. During 2009, a purchase of a new paper of America and increased its capital in the same hosted more than 100,000 visitors in 2009, can be machine was approved, which will enable to sustain amount by issuing 20 million common stocks. In added to this task. the foreseen sales growth and our entry into the addition, two bonds were placed in Chile for 10 Contributing to a sustainable development is a Central American market. millions Unidades de fomento,(U.F.); two series of fundamental part of our way of doing businesses. commercial papers; and bank loans were obtained In Colombia, our presence in the market has gene- One of our priorities is to reduce the environmental one for US$ 250 million in Chile, and another in rated a significant competitive activity. Nonetheless, impact of our operations and to bring benefits to Brazil for US$ 150 million. important advances have been achieved with the their neighbor communities. Our Good Neigh- introduction of Elite and Babysec brands into the The celebration of our 90 years will coincide with borhood Program has made possible bringing main supermarket chains. The project involving the a period of important challenges. There is no our Company and the community closer together, installation of a paper machine and its conversion doubt that we will face them upholding our tradi- expanding social and economic development line suffered delays in its initial phase. However, we tional values and principles. In my last year’s letter, opportunities for the neighbors. expect that the start up will take place during the I expressed my confidence in CMPC capability Likewise, we started the measurement of Laja, second half of 2010. to overcome the crisis and even more to emerge Pacífico and Santa Fe mills carbon footprints, strengthened from this difficult process. Even when This set of investments will provide the competitive information that is relevant to our clients given the the adverse scenario is not yet over, the Company tools required to improve products quality, develop worldwide concern regarding the climate change. has proven its capability to adapt and to take advan- of innovations, and sustain the projected sales tage of opportunities. The challenge to integrate and I conclude by thanking our shareholders on behalf growth. It is important to mention that during 2009 meet the potential of the recently performed acquisi- of myself and of the Board of Directors that I chair CMPC Tissue consolidated itself as the second tions is huge. In order to achieve this objective, the for the trust placed in our institution. tissue producer in Latin America and 10th world- collaboration of all CMPC workers will be essen- wide, with production facilities in 8 countries and tial, maintaining a fluent, open, and constructive sales in more than 18. relationship. On this regard, I would like to reaffirm The Paper products area, which includes corrugated my recognition to our workers, union leaders, and boxes, industrial sacks and molded pulp trays, had executives for their permanent dedication and effort a good performance despite facing a scenario of to fulfill their responsibilities.
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