Global Forest, Paper & Packaging Industry Survey - Financiera Rural

Survey methodologyThe PricewaterhouseCoopers Global Forest, Paper & PackagingIndustry Survey examines the 100 largest forest, paper andpackaging products companies in the world — whether state,private, publicly owned, or a division of a larger entity — rankedby sales, provided there is sufficient public disclosure to allowmeaningful analysis.The data reported is drawn from a number of sourcesincluding annual reports, websites, press releasesand the companies. Information may be unaudited.There are known to be several companies, mainlyprivately-owned entities, that are of sufficient size towarrant inclusion in the Top 100, but which have beenexcluded due to no or limited financial informationbeing available. These companies include but are notlimited to:North AmericaGeorgia-Pacific (part of Koch Industries), Kruger, Tolkoand MenashaEuropeTetrapak (Sweden), SAICA (Spain), Fritz Egger (Austria),Elopak (Norway), Papierfabrik Palm (Germany),Fedrigoni Group (Italy) and Ilim Pulp (Russia)Asia PacificAsia Pulp and Paper (APP) (Indonesia and China),APRIL (Singapore/Indonesia), Rank Group (NewZealand) and Visy Industries (Australia)The PwC Top 100 results include only companieswhose forest, paper and fibre packaging productsbusiness comprise more than 50% of total sales.Companies are grouped based on the location of theirhead offices. Financial results are for the companies’fiscal year ends. The 2008 Japanese data is fortheir fiscal year ended March 31, 2008. The 2007comparative corporate data included in this Survey issourced from the data reported in the companies’ 2008annual reports. PwC has made adjustments to reportedfigures as footnoted on the PwC Top 100. PwC takes noresponsibility for the accuracy of the adjusted figures.Return On Capital Employed (ROCE) is calculated asnet income before unusual items, minority interestand interest expense, on an after-tax basis, divided byaverage total assets less average non-interest bearingcurrent liabilities. Cash flow from operations excludeschanges in working capital.Foreign exchange fluctuations can have a significantimpact on the data presented. This Survey hasdirectly adopted the results of companies that reportin US dollars; otherwise we have translated incomestatement items at the 2008 and 2007 average ratesfor the calendar years (irrespective of year ends within2008). Balance sheet items have been translated at therates as of December 31, 2008 and 2007 respectively.24PricewaterhouseCoopers’ Global Forest, Paper & Packaging Industry Survey: 2009 Edition – Survey of 2008 Results