Diapositiva 1

December 2013
MASISA OVERVIEW
COMPANY HIGHLIGHTS
FINANCIAL PERFORMANCE
Masisa Overview
Company focused on the wood boards industry for furniture and interior design
in Latin America.
#1 in installed capacity in Latin America excluding Brazil
#1 in sales in 5 countries in Latin America
#1 in retail distribution with 345 stores in Latin America (Placacentro)
#1 Top of Mind brand in Latin America
#1 in environmental and social standards in the region
Business model
Forests
Sawmill
Residuals
Industrial plant
boards
MASISA OVERVIEW
Distribution
3
Solid growth track record in sales and investments
focused on Mexico, Chile and Brazil
Sales experienced a CAGR of 8.9% during 2005-2012 and investments in capacity during the period
were focused on Mexico, Chile and Brazil
(USD million)
Acquisition
Start-up
of the
MDF
Cabrero
Plant in
Chile
Merger
MasisaTerranova
Start-up
of the
MDP
Cabrero
Plant in
Chile
Start-up of
the MDP
Montenegro
Plant in
Brazil
of resin
plant in
Mexico
(Arclin)
Acquisition of
Rexcel in
Mexico for
USD 54 million.
Announcement
of new MDF
plant in Mexico
New Lines of
coating in Chile
and Brazil
1,166
1,251
966
887
1,058
914
1,349
1,017
744
2005
2006
2007
2008
2009
2010
2011
2012
2013
Source: Masisa
(1) CAGR: Compound annual growth rate.
MASISA OVERVIEW
4
Masisa Summary
5.1% Foreign Investors (CAP XIV)
Principal figures (Sept. 2013)
OWNERSHIP
STRUCTURE
September
2013
14.4% Pension Funds
Shareholders'
Equity
USD 1.42 billion
13.5% Others
Market Cap
USD 572 million
Sales
USD 1.16 billion
EBITDA
USD 233 million
Assets
USD 2.75 billion
67.0% Grupo Nueva
43.0% MDF Boards
Total:
USD 1,166 mn
SALES BY
PRODUCT
September
2013
4.1% MDF Moldings
26.1% MDP/PB Boards
7.9% Saw logs
7.9% Others
6.8% Sawn wood
2.5% Doors
Placacentros
345
Forests
225 Th. ha.
10.9% Argentina
Industrial
Complexes
10
10.4% Mexico
Wood boards
3,427 Th. m3
3.8%
2.1%
1.7%
1.0%
Coating
capacity
1,801 Th. m3
Sawmill
capacity
487 Th. m3
MDF Moldings
204 Th. m3
15.7% Brazil
SALES BY
COUNTRY
September
2013
USA
Colombia
Peru
Ecuador
7.2% Others
Chile 16.7%
Venezuela 30.5%
MASISA OVERVIEW
5
Integrated operations focused on the manufacturing
and commercialization of wood boards
Forestry Assets
Industrial Unit
Installed production capacity by
product and by country
(thousands of m3)
Forest assets by country
Eucaliptus (thousand of Ha.)
Pine (thousand of Ha.)
Value (USD mm)
MDP/MDF coated
MDP/MDF raw
Sawmills and others
84
81
590
1.050,0
46

33% of sales through the
Placacentro retail network
615
Forest area of 225 thousand Ha.
valued at USD 935 million (IFRS)
39% of the timber needs comes
from owned forests (Potential of
90%)
Source: Masisa


150
445
104
Argentina
-150,0
Brazil
50,0
0
Mexico
0
Venezuela
250,0
Chile
Venezuela
Argentina
30
430
437
450,0
79
Brazil
Chile

Multichannel strategy
850,0
237
Source: Masisa


1.030
907
650,0
12
Distribution
10 industrial complexes in 5 countries in
the region.
75% of the MDF/PB/MDP capacity in
México, Chile and Brazil
MASISA OVERVIEW
6
MASISA OVERVIEW
COMPANY HIGHLIGHTS
FINANCIAL PERFORMANCE
Wood boards industry growing at 2.3x regional GDP
Sustained growth of MDF and PB consumption in Latin America1
(millions of m3/year)
MDF
PB
8.8
5.2
3.6
4.1
4.3
2000
2001
2002
2003
6.0
6.3
2004
2005
7.6
8.0
2006
2007
2008
9.5
9.4
2010
2011
8.2
2009
Source: FAO Stat. (1) Considers Argentina, Brazil, Chile, Ecuador, Mexico, Colombia, Peru, Venezuela. (2) CAGR: Compound annual growth rate
Growth of MDP and MDF
consumption Latam
(Year 2000 base 100)
Real GDP growth Latam
(Year 2000 base 100)
300,0
300,0
250,0
250,0
200,0
200,0
150,0
150,0
259
100,0
50,0
100,0
50,0
100
0,0
155
100
Elasticity
consumption of
boards / real
country GDP3:
2.3x
0,0
2000
Source: FAO Stat
2011
2000
2011
Source: IMF
(3) Calculated as the MDF and PB consumption CAGR2000-2011 divided by the real
GDP CAGR2000-2011 in Latin America
COMPANY HIGHLIGHTS
8
Latin America has a low penetration level compared
to more developed economies
The annual consumption of wood boards per inhabitant in Latin America is 4 times lower compared to
more developed countries
MDP + PB consumption per capita en 2011 (m3)
0,16
0,14
Region
4
x
Average annual
consumption
Latin America
0.02 m3/inhabitant
Developed
countries
0.08 m3/inhabitant
CAN
SWE
AUT
0,12
GER
0,10
0,08
ITA
FRA
UK
CHI
AUS
SUI
USA
0,06
IRL
0,04
0,02
BRA
ESP
JPN
ARG
PER
MEX
ECU
COL VEN
0,00
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
GDP per capita 2011 (USD)
Source: FAO Stat and IMF
COMPANY HIGHLIGHTS
9
The region is experiencing elevated housing needs

According to one of the latest studies by the Inter-American Development Bank, the housing need in Latin
America is close to 51.4 million homes (families without housing or substandard housing)

Countries in which Masisa operates require approximately 19.5 million m3 of boards to supply their housing
deficits (assuming 0.38 m3 of MDF/PB per home). That is 2.1 times the current consumption of the region
Demand
25
Consumption
MDF/PB Latam
2011
Demand
MDF/PB per
housing deficit
21.2
20
MDF/PB
15
10
9.4 million m3
2.1x
19.5 million m3
10.6
5
5,3
5.3
4.8
4.2
1,2
1.2
2.1
2.0
0
Argentina
Brazil
Chile
Colombia
Ecuador
Mexico
Peru
Venezuela
Source: Inter-American Development Bank “A space for development” and CEPAL
COMPANY HIGHLIGHTS
10
…with a client-focused business model, in which the
Placacentro network plays an important role…
Masisa has a business model focused on the
end client that differentiates it from the
competition
The number of Placacentro stores has grown
continuously over time
314
316
46
42
27
31





Customized multichannel distribution
Premium price in the market and products
with high value add
Masisa is the only competitor with an
extensive retail network in 11 countries in
the region (Placacentro)
Top of Mind brand in the industry in Latin
America
335
41
31
331
345
53
62
46
51
64
40
72
73
43
61
38
39
50
45
45
54
58
59
60
60
51
51
50
54
53
2009
2010
2011
2012
3T´2013
54
35
Chile
Mexico
Argentina
Colombia
Brazil
Others
Venezuela
Source: Masisa
Contact and knowledge of the end-client
allowing for access to primary source
information
COMPANY HIGHLIGHTS
11
… and with a strategic growth plan focused on
Mexico, Chile and Brazil
Investment plan 2013-2015
(US$ mm)
14
60
133
Forestry maintenance capex
Industrial maintenance capex
Industrial growth
228
Greenfield forestry Inv.
165
Placacentro stores
Total: US$ 600 mm
Financing Plan:
•
•
•
US$90 mm
US$300 mm
US$210 mm
Capital Increase
Cash flow from operations
Structured divestments of non-strategic forest assets
COMPANY HIGHLIGHTS
12
MASISA OVERVIEW
COMPANY HIGHLIGHTS
FINANCIAL PERFORMANCE
Financial Performance
Revenues evolution
(US$ mm)
Gross Margin evolution
(US$ mm)
914
350
1,349
1,251
1.166300
1,017
1.009
306
293
254
250
200
203
211
22.2%
20.7%
35,0%
30,0%
211
25,0%
20,0%
150
100
20.3%
21.7%
26.2%
20.9%
50
10,0%
0
2009
2010
2011
2012
sep-12
5,0%
sep-13
2009
2010
2011
2012
Gross profit
Source: Masisa’s Financial Statements
Source: Masisa’s Financial Statements
Net Income evolution
(US$ mm)
EBITDA Evolution
(US$ mm)
72
80
69
300
One off
US$ 26.4 mm
250
70
60
50
7.1%
39
43
45
5.5%
40
4.2%
3.3%
10
3.6%
0
2009
2010
2011
Net Income
Source: Masisa’s Financial Statements
34150
2012
sep-12
Income margin
50
2.9%
sep-13
sep-13
Gross margin
8,0%
209
207
233
224
30,0%
7,0%
165
162
25,0%
20,0%
5,0%
20.6%
4,0%
17.7%
15,0%
16.6%
3,0%
16.6%
19.9%
16.3%
2,0%
0
sep-12
35,0%
6,0%
100
30
20
200
15,0%
10,0%
5,0%
1,0%
2009
2010
2011
EBITDA
2012
sep-12
sep-13
EBITDA margin
Source: Masisa’s Financial Statements
FINANCIAL PERFORMANCE
14
Main Financial Ratios
Net Debt¹ / EBITDA
(multiple)
3.6
3.1
Net Debt / Equity
(%)
3.4
53.8%
3.2
51.1%
52.4%
2.3
46.9%
46.2%
2009
2010
2011
2012
LTM
Sept-2013
Source: Masisa’s Financial Statements
2009
2010
2011
2012
Sept-2013
Source: Masisa’s Financial Statements
(¹) Net from mark to market of derivatives.
EBITDA / Interest Expenses
(multiple)
6.0
4.3
4.4
2011
2012
3.6
2.9
2009
2010
LTM
Sept-2013
Source: Masisa’s Financial Statements
FINANCIAL INFORMATION
15