third quarter 2011 reviews1.q4cdn.com/597881801/files/doc_presentations/2011/ip_3q11ear… · 2011...

Third Quarter 2011 Review October 27, 2011

John V. Faraci

Chairman &

Chief Executive Officer

Tim S. Nicholls

Senior Vice President &

Chief Financial Officer

2

Forward-Looking Statements

Certain statements in these slides and made during this presentation may be considered forward-looking

statements. These statements reflect management's current views and are subject to risks and

uncertainties that could cause actual results to differ materially from those expressed or implied in these

statements. Factors which could cause actual results to differ include but are not limited to: (i) increases in

interest rates; (ii) industry conditions, including but not limited to changes in the cost or availability of raw

materials, energy and transportation costs, competition we face, cyclicality and changes in consumer

preferences, demand and pricing for our products; (iii) global economic conditions and political changes,

including but not limited to the impairment of financial institutions, changes in currency exchange rates,

credit ratings issued by recognized credit rating organizations, the amount of our future pension funding

obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures related

to the cost of compliance with existing and new environmental and other governmental regulations and to

actual or potential litigation; (v) whether we experience a material disruption at one of our manufacturing

facilities and risks inherent in conducting business through a joint venture; (vi) the receipt of Temple-Inland

Inc. (“Temple-Inland”) shareholder and regulatory approvals for the pending transaction with Temple-Inland

and the successful fulfillment or waiver of all other conditions to closing the transaction without unexpected

delays or conditions; (vii) the failure to realize synergies and cost savings from the Temple-Inland

transaction or delay in realization thereof; and (viii) our ability to achieve the benefits we expect from all

other strategic acquisitions and divestitures. These and other factors that could cause or contribute to

actual results differing materially from such forward looking statements are discussed in greater detail in

our Securities and Exchange Commission (“SEC”) filings. Other important factors that could cause or

contribute to actual results differing materially are included but are not limited to those discussed in the

SEC filings of Temple-Inland. We undertake no obligation to publicly update any forward-looking

statements or other information related to this presentation, whether as a result of new information, future

events or otherwise.

3

Statements Relating to Non-GAAP Financial Measures

During the course of this presentation, certain non-U.S. GAAP financial information will be presented.

A reconciliation of those numbers to U.S. GAAP financial measures is available on the company’s website at internationalpaper.com under Investors.

4

$0.91

$0.80 $0.92

3Q10 2Q11 3Q11

Earnings per Share

Third Quarter 2011 Sustained Strong Results

Global Balance and Focused Business

Portfolio Continue to Produce Strong

Earnings and Cash Flow

Steady Volumes

Stable Pricing

Outstanding Operations

Strong Contribution from Ilim JV

Cost-of-Capital Returns

Offset Input Cost Escalation Earnings from continuing operations

before special items

5

Balanced Segment & Global Portfolio Driving Earnings

Industrial Packaging

41%

Printing Papers

32%

Consumer Packaging

15%

Ilim 10%

Distribution 2%

North America

70% Russia

12%

Europe 10%

Brazil 6%

Asia 2%

Operating Earnings

by Segment Operating Earnings

by Region

Based on 9M11 earnings before special items Russia includes the Svetogorsk mill and IP’s share of Ilim JV equity earnings IP’s share of Ilim JV equity earnings reflect approximate proportional adjustments for interest & tax

6

Significantly Improved EBITDA Margins

18%

22% 21%

27%

19%

23%

0%

5%

10%

15%

20%

25%

30%

N.A. Industrial Packaging

N.A. Printing Papers

N.A. Pulp

Brazil European Papers

U.S. Coated

Paperboard

9M11 Margins

9M10

Margin 15% 19% 20% 25% 23% 15%

Earnings before special items

Weighted Average

7

3Q11 Financial Snapshot Continued Strong Cash Generation

3Q102 2Q11 3Q11

Sales ($B) $6.5 $6.6 $6.6

EBITDA1 ($MM) $1,012 $912 $977

EBITDA Margin 16% 14% 15%

Capital Investment ($MM) ($184) ($229) ($315)

Free Cash Flow ($MM) $5933 $419 $561

1 Earnings from continuing operations before special items 2 Excludes Forest Products: $199 MM of Sales, $50 MM of EBITDA and $160 MM of Free Cash Flow 3 Excludes $1,150 MM cash paid for voluntary pension contributions

8

.80

.92

(.03) (.01)

(.05) (.01)

.03

.12 .03 .01 .03

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

2Q11 Volume Price Operations & Other Costs

Maintenance Outages

Input Costs

Vicksburg Flood

Interest Tax Ilim JV 3Q11

3Q11 vs. 2Q11 EPS


Strong Quarter in a Tough Environment

9

.83

.92

(.06)

(.01) (.22)

(.03) .07

.23

.04 .01 .06

.08

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

3Q10 Volume Price Operations & Other Costs

Maintenance Outages

Input Costs

Bad Debt Interest Tax Ilim JV 3Q11

3Q11 vs. 3Q10 EPS


Forest

Products

.91

Input Costs Offset by Price, Operations and Ilim JV

10

9M11 Financial Snapshot Continued Strong Cash Generation

9M102 9M11 Δ

Sales ($B) $18.4 $19.7 7%

EBIT1 ($B) $0.9 $1.4 56%

EPS1 $1.22 $2.44 100%

Cash Provided by Operations ($B)

$1.43 $2.14 50%

Cash Balance ($B) $1.2 $2.7 125%

1 Earnings from continuing operations before special items 2 Excludes Forest Products: $220 MM of Sales, $97 MM of EBIT, $210 MM of Cash Provided by Operations and $210 MM of Cash Balance 3 Excludes $132 MM of cash received from alternative fuel credits and $1,150 MM cash paid for voluntary pension contributions 4 Excludes a $209 MM increase in working capital related to the cessation of the European A/R securitization program and a $123 MM tax

receivable collected related to pension contributions

11

.60

.75

.28

.05

.13 .12 .12

.35 .33

.14 .19

.23

.12

.33

.43

.36 .31

.12 .12

.35

.47 .45

.52

.69

.41

.56

.21

.08

.20 .24

.04

.42

.68

.74 .80

.53

.14

.32

.24

.43

.29

.40

.57

.42 .37

.83

.92

.42

.08

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

3Q11 Operating Business EPS Demonstrated Step Change in Performance

2003 2004 2005 2006 2007 2010 2002 2000 2001 2008

Impact of Mineral Rights Gain

2009

Earnings from continuing operations before special items as reported at the time

.84

2011

.91 Final Land Sale

Transformation

12

($12) ($12)

($10)

Fiber Energy Chemicals

North America

Outside North America

($21)

($9)

($4)


Printing Papers

Consumer Packaging

Wood Energy Chemicals

Freight OCC

Global Input Costs vs. 2Q11 $34 MM Unfavorable, or ($0.05)/Share

By Business By Input Type

13

269

301

(8) (16)

(21) 59 18

$0

$50

$100

$150

$200

$250

$300

$350

2Q11 Price & Mix

Volume Maintenance Outages

Input Costs

Vicksburg 3Q11

Industrial Packaging 3Q11 vs. 2Q11


14

N.A. Industrial Packaging Relative EBITDA Margins

IP EBITDA margins based on North American Industrial Packaging operating profit before special items. Competitor EBITDA margin estimates obtained from public filings and IP analysis. Excludes revenue from trade volumes.

21.9% 22.0%

17.3% 17.6%

16.1%

12.2%

19.6%

16.8%

12.2%

IP Competitor A Competitor B

3Q10 2Q11 3Q11

15

98 103

(1) (4) (4)

4 10

$0

$20

$40

$60

$80

$100

$120

2Q11 Price & Mix

Volume Operations & Costs

Maintenance Outages

Input Costs

3Q11

Consumer Packaging 3Q11 vs. 2Q11


16

N.A. Coated Paperboard Outstanding Operational Performance

Manufacturing

$30 MM cash costs savings YTD

Supply Chain

Realized $7 MM of benefits YTD

Supply Chain 3Q11

vs. 4Q10

Miles Per Shipment 4%

Inventory Turns 17%

Inventory (M Tons) 9%

17

N.A. Coated Paperboard 2011 YTD Earnings Exceed FY10


$108

1Q11

2Q11

3Q11

$0

$40

$80

$120

$160

$200

2010 Full Year

2011

EB

IT

$190

18

Foodservice New Products Driving Volume Recovery

ecotainer® introduced

Hold&Go® introduced


Foodservice utilizes ~100% IP Coated Paperboard for its cup production

95%

98%

100%

103%

105%

2005 2006 2007 2008 2009 2010 9M11 Annualized

Volume Indexed to 2005 Baseline

Hu

nd

red

s

19

222 238

(1) (5)

(9) 25

6

$0

$50

$100

$150

$200

$250

2Q11 Price & Mix

Volume Operations & Other Costs

Maintenance Outages

Input Costs

3Q11

Printing Papers 3Q11 vs. 2Q11


20

$ Million 3Q10 2Q11 3Q11

Sales $1,755 $1,655 $1,710

Earnings $22 $14 $27

xpedx 3Q11 vs. 2Q11

Daily Sales Change vs. 3Q10 vs. 2Q11

Printing (10%) 8%

Packaging 5% 2%

Facility Solutions (9%) (2%)


Average daily sales rate in Printing up 8%

Strong in publishing grades

Realization of S&A and cost reduction initiatives

Headcount down 8% vs. 3Q10; 3% vs. 2Q11

21

xpedx 9M11

$25

$26

$27

1Q11 2Q11 3Q11

Daily Sales

90

95

100

1Q11 2Q11 3Q11

N.A. Headcount

Indexed to 4Q10 Baseline

$MM

22


Sales (100%) $465 $580 $580

Earnings (IP Share) $22 $57 $51

Ilim’s results are reported on a one-quarter lag.

IP’s shares of Ilim’s reported earnings for 3Q11 & 2Q11 include an after-tax foreign exchange gain of $9MM for each period.

3Q10 earnings include an after-tax foreign exchange loss of $5.7MM.

Ilim Joint Venture 3Q11 vs. 2Q11

3Q11 vs. 2Q11 3Q11 vs. 3Q10

Business Volume Price /

Ton Volume

Price / Ton

Pulp (10%) $47 2% $32

Containerboard (3%) $11 4% $193

IP received a $40 MM dividend in 3Q11; $82 MM YTD

23

Ilim Joint Venture Capital Expansion Update

Bratsk Mill

New NBSK pulp line

550 M ton net capacity increase

Start-up in 2012

New recovery boiler

$700 MM capital

Projected return > 20%

Koryazhma Mill

Install paper machine

165 M tons of uncoated freesheet

55 M tons of coating base

Start-up in 2012

$270 MM capital

Projected return > 20%

24

3Q11 Summary

Global Balance and Focused Business

Portfolio Continue to Produce Strong

Earnings and Cash Flow

Steady Volumes

Stable Pricing

Outstanding Operations

Strong Contribution from Ilim JV

Cost-of-Capital Returns

Offset Input Cost Escalation

25

Improving Returns on Invested Capital Transformation Driving ROI

4%

5%

6%

7%

4%

6%

8%

0%

2%

4%

6%

8%

2000 - 2005 Avg

2006 2007 3Q08 Run Rate

2009 2010 2011 YTD

RO

I

Global Economic Recession


26

Fourth Quarter Outlook Changes from 3Q11

North America Europe Brazil Asia

Volume

Paper Stable Seasonal Increase

Seasonal Increase

Packaging Seasonal Decrease

Seasonal Increase

Stable

Pricing

Paper Stable,

Pulp Decrease Stable Stable

Packaging Stable Stable Stable

Maintenance Outages Increase ($60 MM)

Decrease $23 MM

Decrease $10 MM

Input & Freight Costs Decrease Stable Slight

Decrease Slight

Decrease

xpedx Slight

Decrease Ilim

Currency ~($55MM)

Operations Costs

Seasonal Increase

27

IP India - APPM Update

Completed acquisition of 75 percent stake in

Andhra Pradesh Paper Mills on October 14th

Initial entry into India – platform for paper and

packaging growth

Hyderabad IP India HQ

Successful Farm Forestry Program Newly Installed PM6

AP Integrated Mill – 175M tons Coastal Recycled Mill – 65M tons

28

Temple-Inland Update

Key steps to closing

Post closing planning

September 2011 October 2011 November 2011 December 2011

October 25, 2011

Revised TIN preliminary proxy statement filed with SEC

November / December 2011 Sept. 6, 2011 Sept. 23, 2011

TIN Preliminary proxy statement filed with SEC

Oct 21, 2011

IP and TIN certify substantial compliance with

DOJ second request

Dec 31, 2011

Expiration of DOJ timing agreements

Merger agreement executed

Expect TIN will finalize proxy and hold special shareholder meeting

Regulatory Timeline

Merger Timeline

29

Additional Information

In connection with the proposed Temple-Inland merger, Temple-Inland has filed a preliminary

proxy statement with the SEC. When completed, a definitive proxy statement and a form of

proxy will be mailed to shareholders of Temple-Inland. Investors and security holders are

advised to read the definitive proxy statement because it will contain important

information about the merger and the parties to the merger. Investors and security holders

may obtain a free copy of the definitive proxy statement (when available) and other relevant

documents filed by Temple-Inland at the SEC website at http://www.sec.gov. The definitive proxy

statement and other relevant documents also may be obtained (after it has been filed with the

SEC) for free from International Paper by directing such request to International Paper, Investor

Relations, telephone (800) 678-8715.

CERTAIN INFORMATION REGARDING PARTICIPANTS

International Paper and certain of its respective directors and executive officers may be deemed

to be participants in the proposed transaction under the rules of the SEC. Security holders may

obtain information regarding the names, affiliations and interests of International Paper's

directors and executive officers in International Paper's Annual Report on Form 10-K for the year

ended December 31, 2010 which was filed with the SEC on February 25, 2011, and its proxy

statement for the 2011 Annual Meeting, which was filed with the SEC on April 8, 2011. Additional

information regarding the interests of participants in the solicitation of proxies in connection with

the merger will be included in the definitive proxy statement that Temple-Inland intends to file

with the SEC. These documents can be obtained free of charge from the sources indicated

above.

30

Appendix Investor Relations Contacts

Glenn R. Landau 901-419-1731

Emily Nix 901-419-4987

Media Contact

Tom Ryan 901-419-4333

31

$ Million (Except as noted)

2009 2010 2011 Estimate

Capital Spending $534 $775 $1.2 B

Depreciation &

Amortization $1.5 B $1.5 B $1.4 B

Net Interest Expense $669 $608 $550

Corporate Items $181 $226 $150 - $175

Effective Tax Rate 30% 30% 32%

Before special items and excluding Ilim

Key Financial Statistics

32

$ Million 1Q11 2Q11 3Q11 4Q11E 2011E

Industrial Packaging $31 $72 $13 $26 $142

Printing Papers Total $39 $49 $43 $41 $172

North America 39 29 21 41 130

Europe 0 13 12 0 25

Brazil 0 7 10 0 17

Consumer Packaging Total $0 $21 $11 $27 $59

North America 0 17 0 27 44

Europe 0 4 11 0 15

Total Impact $70 $142 $67 $94 $373

Dollar impact of planned maintenance outages are estimates and subject to change

Maintenance Outages Expenses

33

3Q11 vs. 2Q11 3Q11 vs. 3Q10


Ton Volume

Price / Ton

N.A. Container1 0% ($6) (1%) ($2)

European Container2 (9%) €36 3% €78


1 Volumes reflect FBA reporting basis, which excludes Display and Bulk products and shipments from facilities in Mexico and Latin

America; but includes domestic sheet plant shipments 2 European Container volumes reflect box shipments only. These shipments include the non-consolidated joint venture in Turkey

and reflect its acquisition of D.S. Smith in 3Q10

34 Average IP price realization (includes the impact of mix across all grades)

3Q11 vs. 2Q11 3Q11 vs. 3Q10

Business Volume Price / Ton Volume Price / Ton

N.A. Paper 0% $12 (3%) $25

N.A. Pulp 3% ($52) (7%) ($41)

European Paper (6%) €1 (7%) €44

Printing Papers

35 Average IP price realization (includes the impact of mix across all grades)

3Q11 vs. 2Q11 3Q11 vs. 3Q10

Volume Price/Ton Volume Price/Ton

N.A. Coated Paperboard (5%) $12 (4%) $46

Revenue Price Revenue Price

Converting Businesses 13% NA 12% NA

Consumer Packaging

36

Special Items Before Tax & Noncontrolling Interest

Special Items Pre-Tax ($Million) 3Q10 2Q11 3Q11


Acquisition Costs ($8)

Printing Papers

Facility Closure Costs $21 $1

Consumer Packaging

Fixed Asset Impairment or Adjustment ($129) ($82)

Reorganization ($2) $1

xpedx Reorganization ($10) ($18)

Corporate Restructuring & Other Charges ($26) ($9)


Total Special Items Before Tax & Noncontrolling Interest $0 ($146) ($131)

37

Special Items Net of Taxes

3Q11

$ Million EPS

Earnings Before Special Items $402 $0.92

Special Items Net of Taxes:

Fixed Asset Market Value Adjustment $148


Reorganization ($18)

Mill & Machine Shutdowns $1

Total Special Items Net of Taxes $116 $0.27

Net Earnings $518 $1.19

38

3Q11 EBITDA

Operating Profit

$ Million

D & A $ Million

Tons Thousand

EBITDA per Ton

EBITDA Margin


North America1 $290 $121 2,547 $161 20%

Europe $9 $7 244 $66 6%

Printing Papers

North America2 $127 $51 684 $260 25%

Europe3 $47 $20 289 $232 22%

Brazil $37 $38 283 $265 26%

U.S. Market Pulp $26 $15 260 $158 22%

Consumer Packaging

N.A. Coated Paperboard $66 $36 342 $298 24%

1 Excludes Recycling & Bag businesses; includes Saturating Kraft business 2 Includes Bleached Kraft business 3 Excludes Market Pulp

39

Operating Profits by Industry Segment


Industrial Packaging $332 $269 $301

Printing Papers $278 $222 $238

Consumer Packaging $71 $98 $103

Distribution $22 $14 $27

Forest Products $49 $0 $0

Operating Profit $752 $603 $669

Net Interest Expense ($152) ($137) ($130)

Noncontrolling Interest / Equity Earnings Adjustment $5 $9 $7

Corporate Items ($58) ($36) ($34)

Special Items $0 ($146) ($131)

Earnings from continuing operations before income taxes, equity earnings & noncontrolling interest

$547 $293 $381

Equity Earnings, net of taxes - Ilim $22 $57 $51

40

Geographic Business Segment Operating Results Before Special Items

$ Million Sales Operating Profit

3Q10 2Q11 3Q11 3Q10 2Q11 3Q11


North American $2,210 $2,220 $2,210 $320 $253 $291

European $235 $295 $275 $14 $16 $9

Asian $165 $190 $175 ($2) $0 $1

Printing Papers

North American $715 $695 $705 $125 $101 $127

European $325 $380 $350 $58 $47 $48

Brazilian $275 $295 $290 $46 $39 $37

U.S. Market Pulp $210 $195 $185 $49 $35 $26

Consumer Packaging

North American $615 $625 $640 $51 $62 $76

European $85 $95 $90 $17 $23 $19

Asian $170 $225 $225 $3 $13 $8

xpedx $1,755 $1,655 $1,710 $22 $14 $27

Does not reflect total company sales and operating profit

41

1 Assuming dilution 2 A reconciliation to GAAP EPS is available at www.internationalpaper.com under the Investors tab at Webcasts and Presentations

Pre-Tax $MM

Tax $MM

Non-controlling

Interest $MM

Equity Earnings

Net Income

$MM

Estimated Tax Rate

Average Shares1

MM

Diluted EPS2

Before Special Items

3Q11 $512 ($155) ($5) $50 $402 30% 435 $0.92

Special Items

3Q11 ($131) $239 $8 $0 $116 182% 435 $0.27

Earnings

3Q11 $381 $84 $3 $50 $518 (22%) 435 $1.19

2011 Earnings from Continuing Operations

42

332

301 (17)

(9) (55) 0

50

$0

$50

$100

$150

$200

$250

$300

$350

$400

3Q10 Price & Mix

Volume Operations & Costs

Maintenance Outages

Input Costs

3Q11

Industrial Packaging 3Q11 vs. 3Q10


43

278

238

(3)

(60)

(16)

13 21 5

$0

$50

$100

$150

$200

$250

$300

$350

3Q10 Price & Mix

Volume Operations & Other Costs

Maintenance Outages

Input Costs

Bad Debt 3Q11

Printing Papers 3Q11 vs. 3Q10


44


Sales $275 $295 $290

Earnings $46 $39 $37

EBITDA Margin 29% 26% 26%

IP Brazil results are reported in the Printing Papers segment

IP Brazil

3Q11 vs. 2Q11 3Q11 vs. 3Q10


Ton Volume

Price / Ton

Uncoated Freesheet 5% ($3) 8% $10

Domestic 17% ($29) 4% ($72)

Export (3%) $17 11% $73

45

71

103 (8)

(2) (24)

32

34

$0

$20

$40

$60

$80

$100

$120

$140

3Q10 Price Volume Operations & Other Costs

Maintenance Outages

Input Costs

3Q11

Consumer Packaging 3Q11 vs. 3Q10


46

Total Cash Cost Components 3Q11 YTD

North American Mills Only

Wood/OCC 32%

Materials 14%

Labor 11%

Chemicals 11%

Freight 14%

Energy 10%

Overhead 8%

47

(65)

(30) (28)

(16)

($80)

($60)

($40)

($20)

$0

$20

Chemicals Fiber Freight Energy

Millio

n

North America Outside North America

Global Input & Freight Costs vs. 3Q10 $139 MM Unfavorable, or ($0.22)/Share

Input costs for continuing businesses

48

2005 2006 2007 2008 2009 2010 90

95

100

105

110

115

120

125

130

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul

U.S. Mill Wood Delivered Cost Trends 1% Decrease vs. 2Q11 Average Cost

2011

Cost Indexed to January 2005 values

49

2005 2006 2007 2008 2009 2010 40

60

80

100

120

140

160

180


U.S. OCC Delivered Cost Trends 13% Increase vs. 2Q11 Average Cost

2005-2007 represents WY PKG delivered costs; 2008-2010 represents delivered costs to the integrated system Cost Indexed to January 2005 values

2011

50

2005 2006 2007 2008 2009 2010 0

50

100

150

200

250


NYMEX Natural Gas closing prices

Natural Gas Costs 3% Decrease vs. 2Q11 Average Cost


2011

51

2006 2007 2008 2009 2010 40

60

80

100

120

140

160

180

200

220

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul

U.S. Fuel Oil 1% Decrease vs. 2Q11 Average Cost

WTI Crude prices


2011

52

2005 2006 2007 2008 2009 2010 75

100

125

150

175

200

225


U.S. Chemical Composite Index 1% Increase vs. 2Q11 Average Cost

Delivered cost to U.S. facilities; includes Caustic Soda, Sodium Chlorate, Starch and Sulfuric Acid 2005 - 2008 excludes WY PKG


2011

53

2011 Global Consumption Annual Purchase Estimates for Key Inputs

Does not include Asian or Ilim consumption Estimates are based on normal operations and may be impacted by downtime

Commodity U. S. Non – U. S.

Energy

Natural Gas (MM BTUs) 52,000,000 13,100,000

Fuel Oil (Barrels) 1,000,000 385,000

Coal (Tons) 670,000 390,000

Fiber Wood (Tons) 44,000,000 9,300,000

Old Corrugated Containers (Tons) 3,000,000 100,000

Chemicals

Caustic Soda (Tons) 340,000 117,000

Starch (Tons) 390,000 100,000

Sodium Chlorate (Tons) 210,000 44,000

LD Polyethylene (Tons) 43,000 -

Latex (Tons) 24,000 7,000

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