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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Masisa SA (New) Ads | NYSE:MYS | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
For
further information, please contact:
|
Investor
Relations
(56
2) 350 6038
investor.relations@masisa.com
Internet:
www.masisa.com
|
Q3’0
7
HIGHLIGHTS
·
Sales
in the third quarter of 2007 were 6.3% up on the same period of 2006,
amounting to US$247.7 million, driven by higher prices of wood boards
for
furniture (MDF and PB), which offset the lower sales of MDF mouldings,
finger joint mouldings and sawn wood, products from the solid wood
business unit, mainly due to the slowdown of the housing sector in
the
United States.
·
The
gross margin on sales improved, increasing from 24.9% to 25.1% compared
with the same quarter in 2006, mainly driven by the Company’s ability to
transfer more than its cost increases into prices, especially in
the wood
boards business. Also, the Company has been successful in its commercial
efforts of opening new markets and re-routing exports that were initially
destined to the United States towards other markets, this is especially
true for OSB boards´ exports.
·
The
ratio, of sales and administrative expenses to sales, increased in
the
third quarter of 2007, accounting for 13.5% of sales, which was higher
than the third quarter of 2006 when they accounted for 12.9 % of
sales.
This was mainly due to an increase in commercial activity along with
higher logistic costs.
·
Operating
income increased by US$0.7 million (+2.6%) when compared to the same
quarter in 2006, amounting to US$28.8 million, boosted by a higher
sales
margin (on account of the successful commercial efforts), thus offsetting
the higher sales and administrative expenses.
·
Third
quarter net income was US$7.0 million, which was a 49.5% decrease
on the
same quarter of 2006. This lower net income is explained by (i) lower
non-operating results and (ii) higher income taxes due to increased
deferred taxes, especially in Brazil. Regarding income taxes, it
is worth
noting that from the total income tax expenses accounted during the
third
quarter of 2007 (US$ 10.9 million), less than 25% of such expenses
correspond to cash payments (US$ 2.4 million).
·
The
Company had a sound operating performance, which was reflected by
an
operating working capital to sales ratio for the last trailing twelve
month period ended on September 30 of 2007, of 31.8%, thus exhibiting
an
improvement when compared with the same period ended on September
30, 2006
when it was 36.1%.
·
In
September 2007, Masisa´s Board approved the construction of an MDP plant
(Medium Density Particleboard) in the city of Montenegro, in the
state of
Rio Grande do Sul in Brazil. This investment includes (i) a 550,000
annual
cubic meter production plant and (ii) a melamine line with a capacity
of
220,000 annual cubic meters. The total amount of the investment is
approximately US$ 119 millions. Beginning of operations is scheduled
for
late 2009. With this new investment, Masisa consolidates its market
leadership in the wood boards for furniture industry in Latin America
and
completes its product mix in the Brazilian market.
·
In
October 2007, the new MDF plant in Cabrero (Chile) initiated the
commercial production of boards. The plant will add an additional
production capacity of 340,000 annual cubic meters, which represents
a 15%
of additional wood boards total production capacity. This plant will
positively impact the cash flow generation capacity and Masisa´s results
by benefiting from the current good market momentum that is experiencing
the wood boards for furniture industry in the Latin American region,
both
in terms of price and demand.
|
Quarter
ended
|
||||||||||||||||
Sep
30,
2006
|
Dic
31,
2006
|
Mar
31,
2007
|
Jun
30,
2007
|
Sep
30,
2007
|
||||||||||||
(in
millions of US$, except per share information in %)
|
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Sales
|
233.0
|
222.7
|
216.5
|
241.9
|
247.7
|
|||||||||||
Gross
margin
|
58.1
|
53.9
|
53.5
|
57.7
|
62.2
|
|||||||||||
%
over sales
(2)
|
24.9
|
%
|
24.2
|
%
|
24.7
|
%
|
23.9
|
%
|
25.1
|
%
|
||||||
Selling
and Administrative Expenses
|
(30.1
|
)
|
(35.8
|
)
|
(30.8
|
)
|
(32.6
|
)
|
(33.4
|
)
|
||||||
%
over sales
(2)
|
-12.9
|
%
|
-16.1
|
%
|
-14.2
|
%
|
-13.5
|
%
|
-13.5
|
%
|
||||||
Operating
Income
|
28.0
|
18.1
|
22.7
|
25.1
|
28.8
|
|||||||||||
%over
sales
(2)
|
12.0
|
%
|
8.1
|
%
|
10.5
|
%
|
10.4
|
%
|
11.6
|
%
|
||||||
EBITDA
(3)
|
44.9
|
35.4
|
39.0
|
43.5
|
46.2
|
|||||||||||
%over
sales
|
19.3
|
%
|
15.9
|
%
|
18.0
|
%
|
18.0
|
%
|
18.7
|
%
|
||||||
Net
Income for the Period
|
13.8
|
10.4
|
3.2
|
16.3
|
7.0
|
|||||||||||
Earnings
per Share (US$)
|
0.0024
|
0.0018
|
0.0006
|
0.0029
|
0.0012
|
|||||||||||
Earnings
per ADS (US$)
(1)
|
0.12
|
0.09
|
0.03
|
0.14
|
0.06
|
(1): |
An
ADS equals 50 common
shares.
|
(2): |
As
% of Sales for the
quarter.
|
(3): |
EBITDA
represents Operating Income + Depreciation + Amortization +
Depletion.
|
Q3’07
HIGHLIGHTS
|
1
|
FINANCIAL
OVERVIEW
|
1
|
|
|
INDEX
|
2
|
|
|
Q3'07
EARNINGS' CONFERENCE CALL
|
3
|
CONSOLIDATED
INCOME STATEMENT
|
4
|
NET
SALES
|
4
|
OPERATING
INCOME
|
6
|
EBITDA
|
7
|
NON-OPERATING
INCOME
|
7
|
NET
INCOME
|
8
|
CONSOLIDATED
BALANCE SHEET
|
9
|
ASSETS
|
9
|
LIABILITIES.
|
9
|
SHAREHOLDERS'
EQUITY
|
10
|
FINANCIAL
OVERVIEW (TABLES)
|
11
|
THIRD
QUARTER AT SEPT 2007
|
11
|
ACCUMULATED
AT THIRD QUARTER OF 2007
|
11
|
BREAKDOWN
BY GEOGRAPHICAL SEGMENT (US$)
|
12
|
SALES
BY COUNTRY (%)
|
13
|
SALES
BY PRODUCT (US$ and M
3
)
|
14
|
BREAKDOWN
OF PRODUCTION COSTS
|
15
|
|
|
CONSOLIDATED
FINANCIAL STATEMENTS
|
16
|
STATEMENT
OF INCOME AT SEPT 2007
|
16
|
BALANCE
SHEET AT SEPT 2007
|
17
|
STATEMENT
OF CASH FLOW AT SEPT 2007
|
19
|
CASH
FLOW-NET INCOME RECONCILIATION
|
20
|
FORECASTS
AND ESTIMATES
|
21
|
·
|
MDF
board sales were up US$16.9 million (+19.6%), mainly driven by
the price
increase across all markets (consolidated increase of 19.8%),
except in
Mexico where prices dropped slightly (-3.5%) due to higher competition
coming from the United States. The commercialized volume keeps
steady at
approximately 255,000 cubic meters, given that the Company is
operating at
full capacity. However, we note that the MDF production mix has
been
partially modified as a result of the lower production of boards
for
mouldings. This change in the production mix from ultra-light
boards
(mouldings) towards thin and ultra-thin boards has resulted in
a reduction
in the production capacity in terms of cubic meters, however,
these
products exhibit a higher commercialization margin.
|
·
|
Particleboard
(PB) sales were also up and increased by US$ 2.5 million (+5.2%),
largely
due to a 15.5% price increase (equivalent to US$7.5 million),
on account
of a price increase across most of the markets, mainly in Brazil,
Colombia, Argentina, Chile and Venezuela with rises of 25.5%,
24.5%,
21.7%, 17.2% and 13.1% respectively, which reflects the strong
demand for
PB in the region. The increase in prices offsets the lower volumes
sold
(-8.9%). The lower volume of PB sales is mainly explained by:
(i) a
decrease of 4,100 m
3
(-6.0%) in Chile because of non programmed plant stoppages; (ii)
a
decrease of 8,200 m
3
(-20.9%) in Mexico due to lower product availability and to higher
competition from wood boards coming from the United States and;
(iii) a
decrease of 3,900 m
3
(-22.9%) in Venezuela.
|
·
|
OSB
board sales continues to show a recovery with an increase in
sales of
US$3.4 million (+32.4%), which is mainly explained by the successful
re-routing of exports that were initially destined the United
States, to
other markets, mainly to China, and to other markets outside
the Latin
American region for US$4.9 million (+460.7%). Additionally, OSB
sales in
Brazil increased in 64.0% compared with the third quarter of
2006,
amounting total sales to US$6.8 million, being the most important
market
for Masisa’s OSB. It is also worth noting that the OSB plant in Brazil is
operating at levels close to full
capacity.
|
·
|
Sales
of finger joint mouldings were down US$11.4 million (-39.5%),
mainly due
to a 22.9% drop in price in the United States along with a decrease
in
volume of 21.6% in that market. This reflects the contraction
in the
construction sector in the United States. Sales of MDF mouldings
were down
US$2.9 million (-18.2%). The drop in the sales volume of MDF
mouldings is
part of the Company’s commercial strategy to focus on the profitability of
its exports, thereby sacrificing volume by maintaining relatively
high
prices. This volume was marketed as boards in Latin American
markets,
where demand remains strong.
|
·
|
Solid
wood doors had a recovery, increasing sales by US$0.8 million
(+8.2%),
explained by a 2.3% increase in the volume sold, and an increase
of 5.8%
in price. The volume increase is mainly explained by: (i) a normalization
in the level of inventories in the United States; (ii) a better
product
mix and; (iii) diversification of distribution
channels.
|
·
|
Sawn
lumber sales were down in US$1.2 million (-6.0%), which is explained
by a
17.3% drop in volume, which offsets a 13.7% price increase. This
drop is
mainly explained by the lower green sawn lumber exports to Mexico,
which
due to regulatory changes announced in the first quarter of 2007,
have not
been able to stabilize at normal levels. Green lumber can now
no longer be
exported to Mexico, and the Company has therefore partially and
increasingly replaced such exports with dry
lumber
|
·
|
Higher
saw log sales of US$2.9 million (+29.8%), due to a 14.2% price
increase
along with a 14.2% increase in
volume.
|
·
|
MDF
sales were up by US$5.4 million (+5.5%). This increase is mainly
explained
by the higher sales volumes in the period (+2.0%), along with
a
consolidated price increase of 3.5%. This increase is mainly
explained by
the excellent commercial conditions in all Latin American markets
which
are facing strong demand, specially in: (i) Argentina, with higher
sales
by US$3.2 million (+31.9%), due to an important increase in volume
(+19.3%), explained by improved inventory management and due
to stronger
demand in the local market, and; (ii) Venezuela, with higher
sales by
US$2.3 million (+9.6%), mainly explained by a higher price of
5.6%.
|
·
|
Particleboard
(PB) sales slightly decrease by US$1.0 million (-1.9%). This
is explained
by lower volume (-4.4%), that could not be offset by an increase
of price
(+2.6%). The slightly lower sales are mainly explained by: (i)
the lower
commercialized volume in Colombia due to higher competition from
an
Ecuadorian producer, namely Cotopaxi, whose PB plant just began
operations, and to the lack of melaminated boards, which affected
prices.
|
·
|
OSB
sales were up US$1.3 million (+10.0%), which is mainly explained
by higher
volumes (+11.4%). The Company has continued with the successful
strategy
of re-routing OSB exports that were initially destined to the
United
States, to other markets, mainly to the local Brazilian market.
Brazil had
an increase in OSB sales of US$1.2 million (+20.9%), with higher
volume
(+27.5%) that was partially offset by a decrease in price (-5.1%).
There
was a slight decrease in OSB sales to other markets outside the
region,
especially to China, by US$0.2 million (-3.8%). However, we continue
observing favorable commercial conditions, which are reflected
in a price
increase of 2.7%.
|
·
|
MDF
mouldings sales showed some signs of recovery increasing by US$0.4
million
(+2.8%). Finger joint mouldings sales decreased in US$1.4 million
(-7.2%),
mainly explained by the lower demand for these kind of products
in the
United States.
|
·
|
There
were higher sales of solid wood doors by US$0.6 million (+5.5%),
due to an
increase in prices in (+6.0%). This increase in prices is explained
by (i)
the commercial efforts made by the Company, (ii) approximately,
70% of the
sales go to the house improvement market (a less affected sector
by the
housing downturn in the United Sates) and (iii) this product
is oriented
to medium-high income consumers.
|
·
|
Sawn
lumber sales increased in US$4.9 million (+36.4%), due to an
increase in
the volume (+27.6%), which an increase in price of 6.9%. This
is mainly
explained by the higher commercialized volume in Venezuela due
to the
higher availability of internally produced wood, and a slight
increase in
the exported volume of dry sawn lumber to Mexico.
|
·
|
Higher
saw log sales of US$0.2 million (+1.7%), due to a 2.0% price
increase.
|
·
|
Operating
income increased due to higher MDF and PB prices (+19.8% and
15.5%,
respectively), coupled with stable MDF volume sales (-0.1%) which
offset
the lower volume sales of PB (-8.9%). OSB sales have recovered,
showing a
considerable increase of 32.4% in sales. The successful commercial
efforts
carried out by the Company, have enabled it to do a pass through
from
costs to prices and to diversify end markets (especially in OSB).
All
these actions have allowed the Company to face and offset the
more
difficult price and demand scenario of the solid wood business,
due to the
slowdown in the construction industry in the United States. The
Company
has been successful in transferring cost pressures to prices,
especially
resins, wood and energy, which jointly account for approximately
66.6% of
the total consolidated board manufacturing cost. This has enabled
the
Company to recover its consolidated gross margin as a percentage
of the
total consolidated sales.
|
·
|
Drop
in sales of all the solid wood products (MDF mouldings, fingerjoint
mouldings and sawn lumber) except in solid wood doors, which
showed a
sales increase of 8.3%. This is explained by the slowdown in
the United
States construction sector, the main end market for Masisa´s solid wood
products. Despite of the Company’s commercial efforts, cost pressures
related to an increase in the price of wood, greater logistical
costs due
to the higher oil price, the appreciation of the Brazilian real
and the
Chilean peso, and changes in phitosanitary regulations affecting
green
lumber exports to Mexico, all these factors have reduced the
contribution
to the operational margin of the solid wood business
unit.
|
·
|
Both
PB and MDF benefited from a price increase (+2.6% and 3.5% respectively),
which enabled the Company to continue with a healthy consolidated
gross
margin. This more than offset the higher board production costs,
mainly in
energy (accounting for approximately 11.5% of the total board
cost) and in
wood (24.5% of the total board
cost).
|
·
|
There
was a slight drop in the margins of both finger joint and MDF
mouldings
business and in solid wood doors in the period, due to an appreciation
of
the Brazilian real (+4,5%) and the Chilean peso (+3.0%) against
the US
dollar. Along with these appreciations, there were also some
cost
pressures especially in the cost of wood and energy. The Company,
in order
to minimize the effect of such cost pressures, increased prices
in all the
solid wood products between 5.8% and 6.9%.
|
Q3’07
|
Q3’06
|
|
(i)
Accounts Receivable Turnover (times) (*)
|
6.74
|
7.01
|
(ii)
Inventory Turnover (times) (**)
|
3.63
|
3.23
|
(iii)
Operating Working Capital/Sales (%) (***)
|
31.8
|
36.1
|
(*) |
Accounts
Receivable Turnover corresponds to (TTM Sales / TTM Average Accounts
Receivable).
|
(**) |
Inventory
Turnover corresponds to (TTM Sales / TTM Average
Inventories).
|
(***) |
Operating
Working Capital/Sales corresponds to ((Accounts receivable +
Documents
receivable + Sundry debtors + Doc. & Accts. Receivable from related
companies - Accounts payable - Documents payable - Sundry creditors
- Doc.
& Acct. Payable to related companies)/ TTM
Sales)).
|
|
Quarter
ended
|
|||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
|||||||
|
2007
|
2006
|
%
|
|||||||
|
(in
millions of US$)
|
|||||||||
Sales
|
247.7
|
233.0
|
6.3
|
%
|
||||||
Gross
Margin
|
62.2
|
58.1
|
7.0
|
%
|
||||||
Selling
and Administrative Expenses
|
(33.4
|
)
|
(30.1
|
)
|
11.2
|
%
|
||||
Operating
Income
|
28.8
|
28.0
|
2.6
|
%
|
||||||
Net
Income for the Period
|
7.0
|
13.8
|
-49.5
|
%
|
||||||
|
||||||||||
Depreciation
+ Amortization
|
12.70
|
12.37
|
2.7
|
%
|
||||||
|
||||||||||
Depletion
(1)
|
4.7
|
4.5
|
5.5
|
%
|
||||||
EBITDA
|
46.2
|
44.9
|
2.9
|
%
|
||||||
Earnings
per Share (US$)
(2)
|
0.0012
|
0.0024
|
-49.5
|
%
|
||||||
Earnings
per ADS (US$)
(2)
|
0.06
|
0.12
|
-49.5
|
%
|
(1) |
Corresponds
to the sold/consumed saw log cost in the period which does not
represent
cash flow.
|
(2) |
One
ADS is equivalent to 50 common shares. The ADS of Masisa (former
Terranova) started to be traded on August 5, 2005.
|
|
Aggregate
|
|||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
|||||||
|
2007
|
2006
|
%
|
|||||||
|
(in
millions of US$)
|
|||||||||
Income
|
706.1
|
663.9
|
6.4
|
%
|
||||||
Gross
Margin
|
173.4
|
153.6
|
12.9
|
%
|
||||||
Selling
and Administrative Expenses
|
(96.8
|
)
|
(88.2
|
)
|
9.8
|
%
|
||||
Operating
Income
|
76.6
|
65.4
|
17.0
|
%
|
||||||
Net
Income for the Period
|
26.5
|
19.1
|
38.7
|
%
|
||||||
|
||||||||||
Depreciation
+ Amortization
|
38.3
|
38.0
|
0.8
|
%
|
||||||
|
||||||||||
Depletion
(1)
|
13.9
|
14.9
|
-7.1
|
%
|
||||||
EBITDA
|
128.8
|
118.4
|
8.8
|
%
|
||||||
Earnings
per Share (US$)
(2)
|
0.0047
|
0.0034
|
38.7
|
%
|
||||||
Earnings
per ADS (US$)
(2)
|
0.23
|
0.17
|
38.7
|
%
|
(1) |
Corresponds
to the sold/consumed saw log cost in the period which does
not represent
cash flow.
|
(2)
|
One
ADS is equivalent to 50 common shares. The ADS of Masisa (former
Terranova) started to be traded on August 5, 2005.
|
|
Quarter
ended
|
Aggregate
|
|||||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||
|
(in
millions of US$)
|
(in
millions of US$)
|
|||||||||||
|
|
|
|
|
|||||||||
Net
Sales
|
|||||||||||||
Chile
|
72.7
|
79.1
|
243.2
|
232.3
|
|||||||||
Brazil
|
53.8
|
48.3
|
158.7
|
141.9
|
|||||||||
Venezuela
|
38.3
|
34.3
|
121.7
|
91.8
|
|||||||||
Mexico
|
21.0
|
32.5
|
66.9
|
91.5
|
|||||||||
USA
|
43.2
|
56.7
|
125.4
|
163.3
|
|||||||||
Argentina
|
39.4
|
31.9
|
105.0
|
90.3
|
|||||||||
Colombia
|
7.5
|
6.9
|
23.3
|
18.9
|
|||||||||
Peru
|
6.5
|
5.9
|
19.6
|
15.5
|
|||||||||
Ecuador
|
3.3
|
2.6
|
9.0
|
7.6
|
|||||||||
Others
(1)
|
(38.0
|
)
|
(65.1
|
)
|
(166.7
|
)
|
(189.2
|
)
|
|||||
Total
|
247.7
|
233.0
|
706.1
|
663.9
|
|||||||||
|
|||||||||||||
Gross
Margin
|
|||||||||||||
Chile
|
14.4
|
21.1
|
43.5
|
51.7
|
|||||||||
Brazil
|
14.0
|
11.8
|
38.7
|
30.5
|
|||||||||
Venezuela
|
12.8
|
7.7
|
32.7
|
19.1
|
|||||||||
Mexico
|
2.7
|
5.8
|
9.7
|
13.4
|
|||||||||
USA
|
1.9
|
5.4
|
5.0
|
13.8
|
|||||||||
Argentina
|
13.0
|
8.9
|
31.5
|
24.6
|
|||||||||
Colombia
|
1.1
|
1.7
|
4.8
|
4.3
|
|||||||||
Peru
|
1.6
|
1.4
|
5.1
|
3.9
|
|||||||||
Ecuador
|
0.7
|
0.9
|
2.3
|
2.3
|
|||||||||
Others
(1)
|
0.0
|
(6.5
|
)
|
0.0
|
(10.0
|
)
|
|||||||
Total
|
62.2
|
58.1
|
173.4
|
153.6
|
|||||||||
|
|||||||||||||
Operating
Income
|
|||||||||||||
Chile
|
1.0
|
10.3
|
4.6
|
20.3
|
|||||||||
Brazil
|
8.5
|
7.4
|
22.9
|
18.2
|
|||||||||
Venezuela
|
7.3
|
3.4
|
17.9
|
6.1
|
|||||||||
Mexico
|
0.1
|
2.6
|
1.8
|
3.8
|
|||||||||
USA
|
0.4
|
2.1
|
(0.6
|
)
|
3.5
|
||||||||
Argentina
|
10.1
|
6.4
|
23.3
|
17.3
|
|||||||||
Colombia
|
0.3
|
1.2
|
2.5
|
2.8
|
|||||||||
Peru
|
1.0
|
0.8
|
3.2
|
2.1
|
|||||||||
Ecuador
|
0.2
|
0.4
|
0.9
|
1.0
|
|||||||||
Others
(1)
|
0.0
|
(6.5
|
)
|
0.0
|
(9.6
|
)
|
|||||||
Total
|
28.8
|
28.0
|
76.6
|
65.4
|
|||||||||
|
|||||||||||||
Depreciation
(2) + Amortization
|
|||||||||||||
Chile
|
3.8
|
3.7
|
11.4
|
11.0
|
|||||||||
Brazil
|
3.4
|
3.2
|
10.0
|
9.6
|
|||||||||
Venezuela
|
2.8
|
2.9
|
8.0
|
9.5
|
|||||||||
Mexico
|
0.4
|
0.3
|
1.2
|
1.1
|
|||||||||
USA
|
0.0
|
0.1
|
0.2
|
0.4
|
|||||||||
Argentina
|
2.2
|
2.1
|
6.4
|
6.2
|
|||||||||
Colombia
|
0.1
|
0.0
|
0.2
|
0.1
|
|||||||||
Peru
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Ecuador
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Others
(1)
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Total
|
12.7
|
12.4
|
37.4
|
38.0
|
|||||||||
|
|||||||||||||
Depletion
|
|||||||||||||
Chile
|
2.2
|
1.9
|
7.1
|
6.9
|
|||||||||
Brazil
|
1.4
|
1.4
|
3.7
|
4.4
|
|||||||||
Venezuela
|
0.9
|
0.9
|
2.4
|
2.7
|
|||||||||
Mexico
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
USA
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Argentina
|
0.2
|
0.3
|
0.6
|
0.9
|
|||||||||
Colombia
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Peru
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Ecuador
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Others
(1)
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||
Total
|
4.7
|
4.5
|
13.9
|
14.9
|
(1): |
Inter-Company
sales adjustments.
|
(2): |
Includes
only operational depreciation. Note: For rounding-up effects,
the sum of
the figures stated may differ from the
total.
|
|
Quarter
ended
|
Aggregate
|
|||||||||||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
|||||||||||||
|
2007
|
2006
|
%
|
2007
|
2006
|
%
|
|||||||||||||
|
(in
millions of US$)
|
(in
millions of US$)
|
|||||||||||||||||
Brazil
|
48.3
|
39.7
|
21.70
|
%
|
137.1
|
106.8
|
28.40
|
%
|
|||||||||||
USA
|
44.5
|
59.8
|
-25.60
|
%
|
131.4
|
179.5
|
-26.80
|
%
|
|||||||||||
Venezuela
|
39.1
|
25.5
|
53.30
|
%
|
100.4
|
63.0
|
59.30
|
%
|
|||||||||||
Chile
|
35.7
|
34.8
|
2.40
|
%
|
107.2
|
109.6
|
-2.20
|
%
|
|||||||||||
Argentina
|
25.5
|
18.2
|
39.60
|
%
|
64.1
|
49.9
|
28.50
|
%
|
|||||||||||
Mexico
|
25.0
|
32.1
|
-21.90
|
%
|
77.3
|
90.8
|
-14.90
|
%
|
|||||||||||
Colombia
|
7.5
|
6.9
|
9.00
|
%
|
23.3
|
18.9
|
23.10
|
%
|
|||||||||||
Peru
|
6.5
|
5.9
|
9.80
|
%
|
19.6
|
15.5
|
26.60
|
%
|
|||||||||||
Ecuador
|
3.3
|
2.6
|
29.00
|
%
|
9.0
|
7.6
|
18.90
|
%
|
|||||||||||
Others
|
12.2
|
7.5
|
64.10
|
%
|
36.7
|
22.2
|
65.00
|
%
|
|||||||||||
Total
|
247.7
|
233.0
|
6.30
|
%
|
706.1
|
663.8
|
6.40
|
%
|
|
Quarter
ended
|
Aggregate
|
|||||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||
Brazil
|
19.50
|
%
|
17.00
|
%
|
19.40
|
%
|
16.10
|
%
|
|||||
USA
|
18.00
|
%
|
25.70
|
%
|
18.60
|
%
|
27.00
|
%
|
|||||
Venezuela
|
15.80
|
%
|
11.00
|
%
|
14.20
|
%
|
9.50
|
%
|
|||||
Chile
|
14.40
|
%
|
14.90
|
%
|
15.20
|
%
|
16.50
|
%
|
|||||
Argentina
|
10.30
|
%
|
7.80
|
%
|
9.10
|
%
|
7.50
|
%
|
|||||
Mexico
|
10.10
|
%
|
13.80
|
%
|
10.90
|
%
|
13.70
|
%
|
|||||
Colombia
|
3.00
|
%
|
3.00
|
%
|
3.30
|
%
|
2.90
|
%
|
|||||
Peru
|
2.60
|
%
|
2.50
|
%
|
2.80
|
%
|
2.30
|
%
|
|||||
Ecuador
|
1.30
|
%
|
1.10
|
%
|
1.30
|
%
|
1.10
|
%
|
|||||
Others
|
4.90
|
%
|
3.20
|
%
|
5.20
|
%
|
3.30
|
%
|
|||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
|
|
|
|
|
|
|||||||||||||
|
Quarter
ended
|
|
Aggregate
|
|
|||||||||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
|||||||||||||
|
2007
|
2006
|
%
|
2007
|
2006
|
%
|
|||||||||||||
|
(in
millions of US$)
|
(in
millions of US$)
|
|||||||||||||||||
|
|
|
|
|
|
||||||||||||||
MDF
|
102.9
|
86.0
|
19.60
|
%
|
286.7
|
231.9
|
23.70
|
%
|
|||||||||||
Particle
Boards
|
51.0
|
48.5
|
5.20
|
%
|
151.9
|
138.2
|
9.90
|
%
|
|||||||||||
Sawn
Lumber
|
18.5
|
19.7
|
-6.00
|
%
|
46.1
|
58.9
|
-21.80
|
%
|
|||||||||||
Finger-joint
mouldings
|
17.5
|
28.9
|
-39.50
|
%
|
55.0
|
74.2
|
-25.80
|
%
|
|||||||||||
OSB
|
14.1
|
10.6
|
32.40
|
%
|
37.0
|
39.8
|
-7.10
|
%
|
|||||||||||
MDF
mouldings
|
13.2
|
16.1
|
-18.20
|
%
|
37.1
|
48.4
|
-23.20
|
%
|
|||||||||||
Saw
Logs
|
12.5
|
9.6
|
29.80
|
%
|
36.5
|
31.2
|
16.90
|
%
|
|||||||||||
Solid
Wood Doors
|
11.1
|
10.3
|
8.20
|
%
|
30.1
|
28.9
|
4.40
|
%
|
|||||||||||
Others
Products
|
6.9
|
3.3
|
108.70
|
%
|
25.5
|
12.3
|
107.30
|
%
|
|||||||||||
|
|||||||||||||||||||
Total
|
247.7
|
233.0
|
6.30
|
%
|
706.1
|
663.8
|
6.40
|
%
|
|
|
|
|
|
|
|
|||||||||||||
|
Quarter
ended
|
|
Aggregate
|
|
|||||||||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
Sep
30
th
,
|
Sep
30
th
,
|
Variation
|
|||||||||||||
|
2007
|
2006
|
%
|
2007
|
2006
|
%
|
|||||||||||||
|
(thousands
of m
3
)
|
(thousands
of m
3
)
|
|||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
||||||||||||||
Saw
Logs
|
347.5
|
305.7
|
13.70
|
%
|
1,071.30
|
1,045.00
|
2.50
|
%
|
|||||||||||
MDF
|
254.6
|
255.0
|
-0.10
|
%
|
734.3
|
731.6
|
0.40
|
%
|
|||||||||||
Particle
Boards
|
175.1
|
192.2
|
-8.90
|
%
|
537.7
|
572.9
|
-6.10
|
%
|
|||||||||||
Sawn
Lumber
|
75.4
|
91.1
|
-17.30
|
%
|
197.2
|
282.1
|
-30.10
|
%
|
|||||||||||
OSB
|
59.2
|
51.6
|
14.70
|
%
|
158.1
|
179.4
|
-11.90
|
%
|
|||||||||||
Finger-joint
mouldings
|
42.3
|
53.8
|
-21.50
|
%
|
135.4
|
150.8
|
-10.20
|
%
|
|||||||||||
MDF
mouldings
|
30.7
|
38.2
|
-19.60
|
%
|
90.0
|
121.0
|
-25.70
|
%
|
|||||||||||
Solid
Wood Doors
|
11.1
|
10.9
|
2.30
|
%
|
31.0
|
31.4
|
-1.30
|
%
|
|||||||||||
Others
Products
|
127.7
|
254.2
|
-49.80
|
%
|
587.2
|
739.0
|
-20.50
|
%
|
|||||||||||
Total
|
1,123.6
|
1,252.6
|
-10.30
|
%
|
3,542.0
|
3,853.2
|
-8.10
|
%
|
|
Quarter
ended
|
Aggregate
|
|||||||||||
Sep-30
|
Sep-30
|
Sep-30
|
Sep-30
|
||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||
|
|
|
|
|
|||||||||
Chemicals
|
30.60
|
%
|
34.10
|
%
|
32.60
|
%
|
35.20
|
%
|
|||||
Wood
|
24.50
|
%
|
23.40
|
%
|
23.90
|
%
|
23.30
|
%
|
|||||
Energy
|
11.50
|
%
|
8.50
|
%
|
10.50
|
%
|
8.50
|
%
|
|||||
Personnel
|
8.20
|
%
|
8.40
|
%
|
8.00
|
%
|
7.90
|
%
|
|||||
Depreciation
|
8.10
|
%
|
10.10
|
%
|
8.40
|
%
|
10.70
|
%
|
|||||
Others*
|
17.00
|
%
|
15.50
|
%
|
16.50
|
%
|
14.50
|
%
|
|||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
Quarter
ended
|
Aggregate
|
|||||||||||
|
Sep
30
th
,
|
Sep
30
th
,
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||
|
|
|
|
|
|||||||||
Personnel
|
28.90
|
%
|
25.10
|
%
|
25.80
|
%
|
24.30
|
%
|
|||||
Wood
|
27.70
|
%
|
32.90
|
%
|
31.70
|
%
|
34.30
|
%
|
|||||
Services
|
15.70
|
%
|
14.30
|
%
|
14.20
|
%
|
13.90
|
%
|
|||||
Energy
|
7.60
|
%
|
3.20
|
%
|
6.50
|
%
|
3.20
|
%
|
|||||
Materials
and Supplies
|
7.00
|
%
|
9.00
|
%
|
8.10
|
%
|
9.40
|
%
|
|||||
Depreciation
|
6.30
|
%
|
7.10
|
%
|
6.70
|
%
|
7.40
|
%
|
|||||
Others*
|
6.70
|
%
|
8.40
|
%
|
7.10
|
%
|
7.50
|
%
|
|||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
Aggregate
|
||||||
CONSOLIDATED
INCOME STATEMENTS
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||
2007
|
2006
|
||||||
|
(in
thousands of US$)
|
||||||
|
|||||||
Operating
Income
|
706,109
|
663,850
|
|||||
Operating
Costs (less)
|
(532,718
|
)
|
(510,207
|
)
|
|||
OPERATING
MARGIN
|
173,391
|
153,643
|
|||||
Selling
and Administrative Expenses (less)
|
(96,827
|
)
|
(88,197
|
)
|
|||
OPERATING
INCOME
|
76,564
|
65,446
|
|||||
Financial
Income
|
3,204
|
3,808
|
|||||
Financial
expenses (less)
|
(29,237
|
)
|
(26,037
|
)
|
|||
Net
financial expenses
|
(26,033
|
)
|
(22,229
|
)
|
|||
Net
income related company investments
|
0
|
573
|
|||||
Loss
related company investments (less)
|
(47
|
)
|
0
|
||||
Net
earnings related company investments
|
(47
|
)
|
573
|
||||
Other
non-operating income
|
1,305
|
2,711
|
|||||
Other
non-operating expenses (less)
|
(13,479
|
)
|
(7,837
|
)
|
|||
Amortization
of goodwill (less)
|
(85
|
)
|
(64
|
)
|
|||
Currency
correction
|
2,834
|
1,093
|
|||||
Exchange
differences
|
(5,252
|
)
|
(10,137
|
)
|
|||
NON-OPERATING
INCOME
|
(40,757
|
)
|
(35,890
|
)
|
|||
Income
before income taxes and extraordinary items
|
35,807
|
29,556
|
|||||
Income
tax
|
(20,072
|
)
|
(21,403
|
)
|
|||
Extraordinary
items
|
0
|
0
|
|||||
Net
Income (loss) before minoritary interest
|
15,735
|
8,153
|
|||||
Minoritary
interest
|
7,324
|
7,532
|
|||||
Net
Income (loss)
|
23,059
|
15,685
|
|||||
Amortization
of negative goodwill
|
3,429
|
3,411
|
|||||
NET
INCOME (LOSS) FOR THE PERIOD
|
26,488
|
19,096
|
|
Aggregate
|
||||||
CONSOLIDATED
BALANCE
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||
2007
|
2006
|
||||||
|
(in
thousands of US$)
|
||||||
ASSETS
|
|
|
|||||
CURRENT
ASSETS:
|
|||||||
Cash
and equivalents
|
14,275
|
11,148
|
|||||
Time
deposits
|
42,315
|
50,846
|
|||||
Negotiable
securities (net)
|
1,154
|
201
|
|||||
Sales
debtors (net)
|
144,674
|
141,052
|
|||||
Documents
receivables (net)
|
9,052
|
10,968
|
|||||
Sundry
debtors (net)
|
24,611
|
27,491
|
|||||
Documents
and accounts receivables to related companies
|
7,619
|
7,694
|
|||||
Inventories
(net)
|
193,320
|
187,953
|
|||||
Recoverable
taxes
|
55,065
|
47,437
|
|||||
Anticipated
paid expenses
|
9,190
|
7,794
|
|||||
Differed
taxes
|
5,324
|
3,551
|
|||||
Other
current assets
|
2,116
|
2,562
|
|||||
Total
Current assets
|
508,715
|
498,697
|
|||||
FIXED
ASSETS:
|
|||||||
Lands
|
157,868
|
135,386
|
|||||
Construction
and infrastructure works
|
214,345
|
212,511
|
|||||
Machinery
and equipments
|
853,011
|
843,304
|
|||||
Others
fixed assets
|
808,551
|
689,044
|
|||||
Higher
value for technical reappraisal of fixed assets
|
7,390
|
7,390
|
|||||
Depreciation
(less)
|
-453,279
|
-412,141
|
|||||
Total
Fixed assets
|
1,587,886
|
1,475,494
|
|||||
OTHERS
ASSETS:
|
|||||||
Related
company investments
|
4,319
|
4,633
|
|||||
Other
company investments
|
217
|
205
|
|||||
Lower
value of investments
|
2,345
|
1,186
|
|||||
Higher
value of investments (less)
|
-55,295
|
-59,412
|
|||||
Long
term debtors
|
5,385
|
4,661
|
|||||
Long
term documents and accounts receivable to related
companies
|
0
|
1,556
|
|||||
Long
term differed taxes
|
0
|
0
|
|||||
Intangibles
|
11,498
|
10,637
|
|||||
Amortization
(less)
|
-680
|
-28
|
|||||
Others
|
29,903
|
17,165
|
|||||
Total
Others Assets
|
(2,308
|
)
|
(19,397
|
)
|
|||
TOTAL
ASSETS
|
2,094,293
|
1,954,794
|
|
Aggregate
|
||||||
CONSOLIDATED
BALANCE
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||
|
2007
|
2006
|
|||||
|
(in
thousands of US$)
|
||||||
LIABILITIES
|
|
|
|||||
CURRENT
LIABILITIES:
|
|||||||
Short
term obligations with banks and financial institutions
|
117,691
|
65,904
|
|||||
Long
term obligations with banks and financial institutions
-
short term portion
|
42,358
|
57,741
|
|||||
Obligations
to the public -
short
term portion
(bonds)
|
57,848
|
34,359
|
|||||
Long
term obligations with one-year maturity
|
0
|
4
|
|||||
Dividends
payable
|
451
|
504
|
|||||
Accounts
payable
|
70,800
|
57,760
|
|||||
Documents
payable
|
997
|
719
|
|||||
Sundry
creditors
|
1,373
|
2,192
|
|||||
Documents
and accounts payable to related companies
|
10,718
|
4,948
|
|||||
Provisions
|
40,293
|
26,164
|
|||||
Retentions
|
15,628
|
18,166
|
|||||
Income
tax
|
11,871
|
7,801
|
|||||
Incomes
received in advance
|
230
|
866
|
|||||
Others
current liabilities
|
260
|
314
|
|||||
Total
Current Liabilities
|
370,518
|
277,442
|
|||||
LONG
TERM LIABILITIES:
|
|||||||
Obligations
with banks and financial institutions
|
146,423
|
181,051
|
|||||
Long
term obligations to the public (bonds)
|
283,769
|
283,264
|
|||||
Long
term sundry creditors
|
67
|
130
|
|||||
Long
term provisions
|
1,657
|
1,426
|
|||||
Long
term differed taxes
|
76,450
|
46,828
|
|||||
Others
long term liabilities
|
17,543
|
17,651
|
|||||
Total
Long Term Liabilities
|
525,909
|
530,350
|
|||||
MINORITARY
INTEREST:
|
10,277
|
17,354
|
|||||
NET
WORTH:
|
|||||||
Paid
in capital
|
812,880
|
812,880
|
|||||
Capital
revalorization reserve
|
0
|
0
|
|||||
Overpricing
in sale of treasury shares
|
0
|
0
|
|||||
Other
reserves
|
206,708
|
173,176
|
|||||
Retained
earnings
|
168,001
|
143,592
|
|||||
Future
dividend reserves
|
51,424
|
51,424
|
|||||
Earnings
aggregate
|
90,089
|
73,072
|
|||||
Loss
aggregate (less)
|
0
|
0
|
|||||
Net
income (loss) for the period
|
26,488
|
19,096
|
|||||
Provisory
Dividends (less)
|
0
|
0
|
|||||
Aggregate
deficit for development period
|
0
|
0
|
|||||
Total
Net Worth
|
1,187,589
|
1,129,648
|
|||||
TOTAL
LIABILITIES
|
2,094,293
|
1,954,794
|
|
Aggregate
|
||||||
CASH
FLOW STATEMENT - DIRECT
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||
|
2007
|
2006
|
|||||
|
(in
thousands of US$)
|
||||||
FLOW
ORIGINATED BY OPERATING ACTIVITIES:
|
|
|
|||||
Sales
debtors collection
|
989,075
|
824,231
|
|||||
Financial
income received
|
4,742
|
7,165
|
|||||
Dividends
and other distributions received
|
0
|
0
|
|||||
Other
incomes received
|
32,930
|
19,885
|
|||||
Supplier
and personnel payment (less)
|
(876,602
|
)
|
(694,340
|
)
|
|||
Interests
paid (less)
|
(25,804
|
)
|
(32,418
|
)
|
|||
Income
tax paid (less)
|
(11,415
|
)
|
(9,710
|
)
|
|||
Other
expenses paid (less)
|
(2,643
|
)
|
(2,772
|
)
|
|||
VAT
and similar others paid (less)
|
(38,654
|
)
|
(11,375
|
)
|
|||
Net
Flow Originated by Operating Activities
|
71,629
|
100,666
|
|||||
FLOW
ORIGINATED BY FINANCING ACTIVITIES:
|
|||||||
Payment
shares placement
|
0
|
44,012
|
|||||
Loans
granted
|
160,383
|
219,368
|
|||||
Obligations
to the public
|
87,842
|
162,965
|
|||||
Documented
loans to related companies
|
0
|
0
|
|||||
Others
loans granted to related companies
|
0
|
0
|
|||||
Other
financing sources
|
7,786
|
0
|
|||||
Dividend
payment (less)
|
(12,433
|
)
|
(11,491
|
)
|
|||
Capital
distribution (less)
|
0
|
0
|
|||||
Loan
payment (less)
|
(151,739
|
)
|
(266,445
|
)
|
|||
Obligations
to the public payment(less)
|
(81,502
|
)
|
(169,605
|
)
|
|||
Documented
loans to related companies payment (less)
|
0
|
0
|
|||||
Others
loans granted to related companies payment (less)
|
0
|
0
|
|||||
Emission
and share placement expenses payment (less)
|
0
|
(903
|
)
|
||||
Emission
and obligations to the public placement expenses payment
(less)
|
0
|
0
|
|||||
Others
financing disbursements (less)
|
0
|
0
|
|||||
Net
Flow Originated by Financing Activities
|
10,337
|
(22,099
|
)
|
||||
FLOW
ORIGINATED BY INVESTMENT ACTIVITIES:
|
|||||||
Fixed
asset sales
|
1,441
|
38
|
|||||
Permanent
investment sales
|
0
|
0
|
|||||
Other
investment sales
|
16,677
|
0
|
|||||
Documented
loans to related companies collection
|
3,952
|
0
|
|||||
Other
loans to related companies collection
|
32,672
|
0
|
|||||
Others
investment income
|
0
|
0
|
|||||
Fixed
assets incorporation (less)
|
(99,176
|
)
|
(84,086
|
)
|
|||
Capitalized
interests payment (less)
|
(6,573
|
)
|
(5,149
|
)
|
|||
Permanent
investments (less)
|
(2,371
|
)
|
(24,340
|
)
|
|||
Financial
instrument investments (less)
|
(18,497
|
)
|
0
|
||||
Documented
loans to related companies (less)
|
0
|
(709
|
)
|
||||
Others
loans to related companies (less)
|
0
|
0
|
|||||
Others
investment disbursements (less)
|
0
|
0
|
|||||
Net
Flow Originated by Investment Activities
|
(71,875
|
)
|
(114,246
|
)
|
|||
TOTAL
NET FLOW FOR THE PERIOD:
|
10,091
|
(35,679
|
)
|
||||
Inflation
effect over cash and cash equivalents
|
(32
|
)
|
17
|
||||
Net
variation of cash and cash equivalents
|
10,059
|
(35,662
|
)
|
||||
Initial
balance of cash and cash equivalents
|
47,049
|
97,857
|
|||||
FINAL
BALANCE OF CASH AND CASH EQUIVALENTS
|
57,108
|
62,195
|
Aggregate
|
|||||||
FLOW-INCOME
CONCILIATION
|
Sep
30
th
,
|
Sep
30
th
,
|
|||||
|
2007
|
2006
|
|||||
|
(in
thousands of US$)
|
||||||
Net
Income for the period
|
26,488
|
19,096
|
|||||
ASSET
SALE INCOME
|
|||||||
(Net
Income) Loss in fixed asset sales
|
28
|
(26
|
)
|
||||
Net
Income in investment sales (less)
|
0
|
0
|
|||||
Loss
in investment sales
|
0
|
0
|
|||||
(Net
Income) Loss in others asset sales
|
0
|
0
|
|||||
Asset
sales income
|
28
|
(26
|
)
|
||||
CHARGES
(INCOME) TO INCOME WHICH DOES NOT REPRESENT CASH
FLOW
|
|||||||
Depreciation
for the period
|
37,567
|
37,664
|
|||||
Intangibles
amortization
|
746
|
337
|
|||||
Punishments
and provisions
|
5,038
|
0
|
|||||
Net
income paid for investments in related companies (less)
|
0
|
(573
|
)
|
||||
Loss
paid for investments in related companies
|
47
|
0
|
|||||
Amortization
of goodwill
|
85
|
64
|
|||||
Amortization
of negative goodwill (less)
|
(3,429
|
)
|
(3,411
|
)
|
|||
Net
currency correction
|
(2,834
|
)
|
(1,093
|
)
|
|||
Net
exchange
difference
|
5,252
|
10,137
|
|||||
Other
income to income which does not represent cash flow (less)
|
(3,013
|
)
|
0
|
||||
Other
charges to income which does not represent cash flow
|
13,883
|
14,944
|
|||||
Cargos
(Charges) to income which does not represent cash
flow
|
53,342
|
58,069
|
|||||
VARIATION
OF ASSET WHICH AFFECT CASH FLOW:
|
|||||||
Sale
debtors
|
(34,761
|
)
|
(29,977
|
)
|
|||
Inventories
|
(8,557
|
)
|
31,868
|
||||
Other
assets
|
(4,829
|
)
|
(1,740
|
)
|
|||
Variation
of assets which affect cash flow increase
(decrease)
|
(48,147
|
)
|
151
|
||||
VARIATION
OF LIABILITIES WHICH AFFECT CASH FLOW
|
|||||||
Accounts
payable related to operating income
|
14,914
|
21,967
|
|||||
Interests
payable
|
9,896
|
(4,880
|
)
|
||||
Income
tax payable (net)
|
2,985
|
(2,189
|
)
|
||||
Other
accounts payable related to non operating income
|
7,734
|
(369
|
)
|
||||
VAT
and similar others payable (net)
|
11,713
|
16,379
|
|||||
Variation
of liabilities which affect cash flow increase
(decrease)
|
47,242
|
30,908
|
|||||
Net
income (Loss) of minoritary interest
|
(7,324
|
)
|
(7,532
|
)
|
|||
NET
FLOW ORIGINATED BY OPERATING ACTIVITIES
|
71,629
|
100,666
|
Masisa
S.A.
|
||
|
|
|
By: | /s/ Patricio Reyes | |
Patricio
Reyes
General
Counsel
|
||
1 Year Masisa Chart |
1 Month Masisa Chart |
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