Klabin Institutional Presentation May 2008
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1 Klabin Institutional Presentation May
2 Forward Looking Statement The statements contained in this presentation related to the business outlook, operating and financial projections, and growth prospects of Klabin S.A. are merely projections, and as such are based exclusively on the expectations of the Company s management concerning the future of the business. These forward-looking statements depend substantially on the market conditions, the performance of the Brazilian economy, the industry and international markets, and therefore are subject to change without prior notice. This presentation on Klabin s performance includes non-accounting and accounting data, such as operating and financial information, as well as projections based on Management s expectations. Note that the non-accounting data has not been reviewed by the Company s independent auditors. The Company s management believes EBITDA may provide useful information on the Company s operating performance and allow for comparisons with other companies in the same industry. Note however that EBITDA is not a measure established in accordance with generally accepted accounting principles in Brazil (Brazilian Corporate Law or BR GAAP) or with U.S. generally accepted accounting principles (US GAAP), and may be defined and calculated differently by other companies. 2
3 Contents Company Profile 4 Businesses and Markets 11 Financial Performance 39 Expansion of Coated Boards 51 Future 56 3
4 Company Profile A forestry based company focused on wood, coated boards, packaging paper and paper based packaging products: 17 plants in Brazil and 1 in Argentina Largest Brazilian producer and exporter of paper (packaging paper and coated boards) Installed production capacity: 2.0 million tpy Market Capitalization: US$ 3.4 billion (14/04/2008) Net Revenue: US$ 1.4 billion in 2007 Forestry Packaging Paper Paper Based Packaging Wood logs Kraftliner Coated Boards Industrial Bags Corrugated Boxes 8% 21% 25% 14% 32% 4
5 History With 108 years of history and tradition, Klabin grows sustainably, supported by projects structured towards value creation. Already Advanced on the packaging Klabin and Lafer families founded Klabin Irmãos & Cia. positioned among the largest Brazilian paper producers Launched production of newsprint and packaging paper segment, producing corrugated boxes, bags and envelopes and became the major pulp, paper and paper products producer in Latin America Sale of non core assets and focus on packaging Capacity of 2 million tonnes s s A company in the office supplies trading and Founded Klabin do Parana, the first integrated pulp and Consolidated Leadership Acquisition of Igaras Papéis e Embalagens MA 1100 Expansion Project PM #9 printing businesses paper mill in Brazil 5
6 Integrated Business Concept After MA 1100 Expansion Project Forests Wood million tpy Lands 431,000 ha Planted Forests Pine 157,000 ha Eucalyptus 58,000 ha Pulp NBSK BEKP CTMP 1.7 million tpy 100% Integrated Sack Kraft 155,000 tpy Coated Boards 740,000 tpy Kraftliner 770,000 tpy 100% Integrated Industrial Bags 155,000 tpy Liquid Packaging Board Carrier Board Folding Box Board 740,000 tpy Exports 500,000 tpy Domestic and Export Sales OCC 380,000 tpy Recycled Paper 300,000 tpy 35% Integrated 100% Integrated Corrugated Boxes 540,000 tpy (*) Finished Products 2.0 million tpy (*) All figures refer to installed production capacity 6
7 Shareholder Structure 31/03/2008 Total Shares (Common + Preferred) Local Price Share (KLBN4) 14/04/08 Book Value (31/03/08) Average Daily Trading Volume - 4Q07 917,683,296 R$ 6.24 R$ 3.07 R$ 8.7 million Brazilian Investors 17% Common Foreign Investors 3% Monteiro Aranha 20% Brazilian Investors 38% Preferred BNDESPAR 31% Klabin Irmãos 60% Treasury Stock 2% Foreign Investors 29% 316,827, ,855,733 7
8 Klabin's presence Corrugated Boxes Forestry Recycled Papers Pulp and Paper Mills Industrial Bags 8
9 Corporate Governance Highlights Klabin s preferred shares are traded at IBOVESPA, IBX-50 e MSCI Brazil Joined BOVESPA s Level I of Corporate Governance Tag Along rights of 70% for preferred shares Adopted insider trading policy for securities issued by the company Strict separation of Board of Directors and Executive Board Compensations for members of the Executive Board are linked tovalue creation metrics(eva ) that take into account the opportunity cost of investments Independent Auditors are rehired only after a formal and documented evaluation by the Board of Directors Permanent Fiscal Council with frequent communication with Internal and External Auditors 9
10 Sustainability Policy Principles 1. To seek competitive quality, aiming at sustained improvement of results, continuously perfecting processes, products and services so as to meet customers, employees, shareholders, suppliers and communities expectations. 2. To ensure supply of its industrial units with wood from planted forests, in a sustainable way and without any damage to either natural or associated ecosystems. 3. To practice and promote the recycling of pulp fiber in its production chain. 4. To prevent and avoid pollution by means of reducing environmental impact from effluents, solid residues and emissions to air. 5. To promote employees personal and professional advancement, and to strive for continuous improvement of their working environment, health and safety. 6. To exercise social responsibility with focus on the communities where the Company is present. 7. To comply with laws and regulations applicable to product, environment, health and safety. 10
11 Business and Markets 11
12 Global Packaging Market EUR 400 billion Global Packaging Market Flexibles 17% Corrugated 19% Forestry based packaging: Rigid Plastics 18% Source: Poÿry Metallic 20% Brazilian Market Glass 10% Coated Boards 9% Bags 2% Others 5% 30 % of the World Packaging Market Market of EUR 120 billion per year Plastic 32% Wood 2% Paper 8% Paperboard 31% 40% of the Brazilian market Source: IBGE Metallic 21% Glass 6% 12
13 Global Market Demand increase for paper and boards Projected Demand Growth: (%) Tissue Other Uncoated Mechanical Newsprint Coated Mechanical Printing and Writing Papers Uncoated Woodfree Coated Woodfree Industrial Grades Corrugating Material Avg. Demand Growth 2.2% Cartonboards Other Paper and Board Sack Paper Share of Consumption in 2003 (%) Source: Pöyry 13
14 Wood Products: wood logs Customers: Sawmills and laminators Species Main Products Destinations Pine Sawn Lumber Fence Clear Blocks Finger - Joint - Blanks Mouldings Plywood USA Europe Domestic Market Eucalyptus Sawn Lumber Veneer Plywood Glued Laminated Beams Edge Glued Panels Outdoor Furniture Europe Asia USA Domestic Market 14
15 Jan-08 Wood Housing starts "US New Privately Owned Housing Units Started" Seasonally Adjusted Annual Rate Thousands Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Housing Units Average Source: US Census Bureau
16 Forests Forestry base Land and Forests 31/03/2008 Company Land Planted Forests Pine Eucalyptus Native preserved forests thousand ha Average Hauling Distance Paraná Km 58 Santa Catarina Correia Pinto Otacílio Costa São Paulo
17 Forests Competitive advantage Average Productivity (m 3 /ha/year) 31/03/2008 Paraná Santa Catarina São Paulo Pine Eucalyptus Softwood - Rotation (years) Hardwood - Rotation (years) Klabin 20 Klabin 7 South Africa 25 South Africa 9 Chile 25 Chile 11 Australia 35 Portugal 13 USA 45 Sweden 37 Sweden 100 Finland Source: Pöyry 17
18 Kraftliner Pioneerism and leadership in the production of kraftliner in Latin America Largest producer and exporter of packaging paper - 74% of Brazilian exports 6% share of the global market, exporting to more than 50 countries Supplies Klabin s 9 corrugated boxes converting plants 18
19 Kraftliner Price evolution US$/tonne % % % 720 8% Jan-04 Jan-05 Jan-06 Jan-07 Jan Kraftliner price (free delivered) Average Source: FOEX/Kraftliner Brown 175 g/m 2 19
20 Coated Boards Liquid Packaging Boards (LPB) Folding Box Boards Carrier Boards 20
21 Global Board Market 28 million tpy 1.5 Eastern Europe 8.4 North America 5.6 Europe 10.5 Asia 0.6 Africa and Middle East 1.4 Latin America Klabin focus on the virgin fiber based segment, which amounts to 10 million tpy: - Liquid Packaging Board: 3.1 million tpy - Carrier Board: 2.7 million tpy - Folding Boxboard: 4.3 million tpy 21
22 Coated Board Global Market Demand Growth 150 Inception 1990 = 100 CAGR Boards: 2.6% CAGR Paper: 2.1% Paper Boards Source: Pöyry 22
23 Coated Boards Structure Triple clay coating Bleached Pulp mixed hard/soft fibers Unbleached Pulp mixed hard/soft fibers + CTMP Unbleached Pulp softwood fibers Starch Attributes Softwood Hardwood + 3 coating State of the art equipment Stiffness Printability Runnability 23
24 Coated Boards Grades 1) LPB - Liquid Packaging Board Packaging Products Aseptic Packaging Long Life Isolates product and free of contamination Non-aseptic Packaging Product must be kept refrigerated Technical Attributes Wet tear resistance Stiffness Edge Weakening Printability Runability 24
25 Coated Boards Aseptic package structure The layers of aseptic package, from the outer layer inwards: Polyethylene Printed design Paper Paper makes the packages stiff Plastic renders them liquid-tight Aluminium foil blocks out light and oxygen Polyethylene Aluminium foil Polyethylene Polyethylene 25
26 Coated Boards Grades 2) Carrier Board Packaging Products Beverages Tins and bottles Dairy Products Plastic bottles and pots Technical Attributes Wet tear resistance Printability Runability 26
27 Coated Boards Grades 3) Folding Box Board Packaging Products Powder Detergent Cereals Frozen Foods Technical Attributes Printability Runability Stiffness + Stacking 27
28 Commercial Agreements Coated Boards Tetra Pak MeadWestvaco Perez Trading These agreements represent 530,000 tonnes of coated boards, or 72% of the 740,000 tpy installed capacity. 28
29 Coated Boards Brazilian Consumption per Main Industries and Market Share Consumption Main Industries 2006 Market Share 2006 Klabin 37% Suzano 25% Others 4% Personal Care 3% Food/ Beverages 93% Nobrecel 1% Bonet 3% Miguel Forte 5% Ibema 8% Papirus 10% Ripasa 11% Includes LPB Source: BRACELPA 29
30 Coated Boards Free delivered (USA) price evolution US$/tonne ,003 1, Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Coated Board Price Average Source: RISI Index List Price 20Pt. Clay-Coated Unbleached Folding Cartonboard 30
31 Coated Boards Klabin - 6 th Largest Producer of Virgin Fiber Coated Boards MeadWestvaco Stora Enso International Paper Graphic Packaging Korsnas/Frovi Klabin M Real Iggesund Potlatch Georgia Pacific ,000 1,500 2,000 2,500 3,000 1,000 tpy Liquid Packaging Board Folding Box Board Carrier Board Solid Bleached Sulphate Source: Pöyry 31
32 Coated Boards Klabin 3 rd Largest Tetra Pak Supplier in 2009 Stora Enso Korsnas/Frovi Klabin International Paper Potlatch MeadWestvaco Graphic Packaging M Real Iggesund ,000 1,200 1,400 1,600 1,000 tpy Liquid Packaging Board Folding Box Board Carrier Board Source: Pöyry 32
33 Industrial Bags Market leadership in the segments of multiwall and SOS bags Recognized for high quality products and customized customer service Supplies for a variety of industries, highlighting the building industry, food, chemical products and agribusiness 33
34 Industrial Bags Brazilian Consumption per Main Industries Consumption Main Industries 2006 Building Industry 67% Source: Klabin Food 20% Others 10% Agribusines 8% 34
35 Industrial Bags Brazilian Consumption of Cement Production Million tonnes jan feb mar apr may jun jul aug sep oct nov dec Source: SNIC 35
36 Corrugated Boxes Leadership of the corrugated boxes market in Brazil Largest production capacity in Brazil with nine corrugated boxes converting plants Klabin s products reach every industry sector, providing total protection for packaged products transported 36
37 Corrugated Boxes Brazilian Consumption per Main Industries and Market Share Personal Care 8% Consumption Main Industries 2006 Tobacco 10% Fruits 8% Food/ Beverages 50% Others 24% Klabin 20% Others 34% Market Share 2006 Rigesa 12% Orsa 10% Trombini 7% Penha 5% São Roberto 4% Adami 4% INPA 4% Source: ABPO 37
38 Corrugated Boxes Brazilian shipments 210 Thousand tons Jan- 02 May- 02 Sep- 02 Jan- 03 May- 03 Sep- 03 Jan- 04 May- 04 Sep- 04 Jan- 05 May- 05 Sep- 05 Jan- 06 May- 06 Sep- 06 Jan- 07 May- 07 Sep- 07 Jan- 08 Shipments Annual Average Source: ABPO 38
39 Financial Performance 39
40 Klabin's Performance 1Q08 Volume and Net Revenue growing Sales Volume 1,000 tonnes Net Revenue R$ million Q08 4Q07 1Q07 Does not include wood 1Q08 4Q07 1Q07 Includes wood 40
41 Performance 1Q08 Per Market Sales Volume Net Revenue Domestic Market 58% Domestic Market 72% Exports 28% Exports 42% Does not include wood 386 thousand tonnes Includes wood R$ million 41
42 Performance 1Q08 Per Product Sales Volume Net Revenue Industrial Others Bags 2% 9% Kraftliner 31% Others 2% Wood 8% Kraftliner 18% Industrial Bags 14% Coated Boards 28% Corrugated Boxes 28% Coated Boards 30% Corrugated Boxes 30% Does not include wood 386 thousand tonnes Includes wood 740 million 42
43 Exports Destination 1Q08 Asia 15% Africa 4% Sales Volume North America 3% Latin America 44% Asia 16% Africa 4% Net Revenue North America 4% Latin America 46% Europe 30% Europe 34% 161 thousand tonnes US$ 118 thousand 43
44 EBITDA 1Q08 EBITDA Margin of 28% versus 21% in 4Q07 37% 33% % % % % % % % % % % % 205 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 EBITDA - R$ million EBITDA Margin 44
45 Capex and Net Debt MA-1100 Project: Final phase of implementation Capex R$ million Net Debt R$ million 1,914 2, , x EBITDA 3.1x EBITDA x EBITDA E Capex MA Q08 45
46 Debt Amortization Schedule - 31/03/08 Low debt repayment in ,159 R$ 4,446 Million ST: 3% LT: 97% Average Debt Maturity Average Annual Cost Local Foreign Total 49 months 59 months 54 months 10.8% 5.9% Cash 2Q08 3Q08 4Q After 2015 Foreign Currency Local Currency 2,
47 Participation of Local and Foreign Debt - 31/03/08 Balanced local and foreign currency debt Local Currency (52%) Foreign Currency (48%) BNDES 79% Others 24% Trade Finance 78% Other 21% 47
48 Dollar denominated Debt Spread over LIBOR and Average Maturity Months Spread 8% 70 7% Spread Over LIBOR 4,7% 58 Average Maturity 6% 5% 40 4,8% 4% ,5% 21 1,6% 3% 2% 1% 1,1% 1,1% 1,0% T08 0% 48
49 Net Income and Dividends R$ million 6.0%* 6.1%* %* Net Income Declared Dividends * Dividend Yield 49
50 Share s s Performance at Bovespa Market capitalization and daily trading volume US$ million US$ billion Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct -07 Nov-07 Dec-08 Jan-08 Feb-08 Mar-08 Apr-08 Daily Trading Volum e Market Capitalization
51 Expansion of Coated Boards 51
52 MA 1100 Project Brownfield Project Progressive start up of equipments New board machine moving forward along the industrial and commercial learning curves Start up of the new power boiler (Biomass) Completed the energy source of the Monte Alegre mill 80% of electric energy consumption provided by self-generation Reduction of variable costs Fixed cost does not grow by the same amount of the capacity expansion 52
53 Paper Machine #9 PM9 average daily production evolution 1,000 tonnes/day Forecast 2008 = 280,000 tonnes Oct'07 Nov'07 Dec'07 Jan'08 Feb'08 Mar'08 From 2009 onwards Average Daily Production (tonnes) Nominal Capacity 53
54 Other Equipments New Turbo Generator Capacity of 72 MWh energy Start up: Mar/08 New Power Boiler Installation (Biomass) Generation of 250 tonnes/hour of steam at 500ºC and 100 kg/cm² pressure Start up: Apr/08 54
55 Electrical Energy Reduced dependence on purchased energy 65% of electric energy self-sufficiency sufficiency 75% of electric energy self-sufficiency sufficiency Biomass 38% After MA-1100 Biomass 55% 85 MWh 150 MWh Hidro- Electric 27% Purchased E.Energy 35% Hidro- Electric 15% Purchased E.Energy 30% 55
56 Future 56
57 New Structure CEO Auditing Human Resources Legal Communication & Social Responsibility CFO & IR Officer Planning & Control Projects, Indl. Tech. & Procurement COO Executive Board BU Klabin Forestry BU Klabin Paper BU Klabin Packaging BU Klabin Industrial Bags 57
58 Management s Mission Obtain the best return on investments Mainly, the MA 1100 Project, with total investments of R$ 2.2 billion Value creation for the company and our shareholders Growth oriented by financial discipline To prepare Klabin for the next growth cycle 58
59 Future 3.0 Million tonnes/year Feasibility studies for the capacity increase and modernization projects are under review, aiming to achieve higher profitability Capacity increase to 3 million tonnes by 2012 Cost reduction and higher productivity 59
60 Creating Value and Growing IR Contact Phone: (55 11) / 8415 / invest@klabin.com.br 60
CAPACITY. Domestic market. 2.5 m t. 243 k ha 700 k t. Domestic and export markets. 1.7 m t. 145 k t. 960 k t. Domestic market 250 k t.
DISCLAIMER The statements contained in this presentation related to the business outlook, operating and financial projections, and growth prospects of Klabin S.A. are merely projections, and as such are
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