Comunicado ao Mercado sobre Reuni?o P?blica com Analistas e Investidores ...

8/20/2019 Comunicado ao Mercado sobre Reuni?o P?blica com Analistas e Investidores ...

1/68

Fibria Day


2/68

DISCLAIMER

The information contained in thispresentation may include statements whichconstitute forward-looking statements, within

the meaning of Section 27A of the USSecurities Act of !"##, as amended, andSection 2!$ of the US Securities $%changeAct of !"#&, as amended Such forward-looking statements in'ol'e a certain degreeof risk and uncertainty with respect to

business, financial, trend, strategy and other forecasts, and are based on assumptions,data or methods that, although consideredreasonable by the company at the time,may turn out to be incorrect or imprecise, or may not be possible to reali(e The company

gi'es no assurance that e%pectations

disclosed in this presentation will beconfirmed )rospecti'e in'estors arecautioned that any such forward-looking

statements are not guarantees of futureperformance and in'ol'e risks anduncertainties, and that actual results maydiffer materially from those in the forward-looking statements, due to a 'ariety offactors, including, but not limited to, the risks

of international business and other risksreferred to in the company*s filings with the+ and S$+ The company does notundertake, and specifically disclaims anyobligation to update any forward-lookingstatements, which speak only for the date on

which they are made

2


3/68

+.)$T/T/$ST1AT$3

arcelo +astelli+hief $%ecuti'e .fficer

1 +.1).1AT$

.$14A4+$ 5F/4A4+/A6 ST1AT$3

uilherme +a'alcanti+hief Financial .fficer

2 2!8 .UT6..9uilherme +a'alcanti+hief Financial .fficer

3 )U6) A4D)A)$1 A19$T:enri )hilippe an 9eer +hief +ommercial .fficer

4

A$4DA

#


4/68

A$4DA

+.1).1AT$.$14A4+$ 5F/4A4+/A6 ST1AT$3

uilherme +a'alcanti+hief Financial .fficer

2 2!8 .UT6..9uilherme +a'alcanti+hief Financial .fficer

3 )U6) A4D)A)$1 A19$T:enri )hilippe an 9eer +hief +ommercial .fficer

4arcelo +astelli+hief $%ecuti'e .fficer

1 +.)$T/T/$ST1AT$3

&


5/68

Results were achieved with continuous improvementoperational e!cellence"

;< $%cludes +onpacel =

2!< 2!! 2!2 2!# 2!& #?!; 6T

;"& 8; ;>& 8&> 8;! 8"2

>7; >&278# > 7;>

2!< 2!! 2!2 2!# 2!& #?!; 6T

2,;28!,"8&

2,2;#2,7"8 2,7"!

&,82

2!< 2!! 2!2 2!# 2!& #?!; 6T

&@

#&@ #8@

&@ #"@

;!@

#4$ %14$

%21$

&roduction 'olume tBCest )ractices and .perating Stability

Cash Cost 1EtonB

S()A 1 millionBStructure and )rocess Simplification

E*I+DA 1 millionB % E*I+DA Mar,in @B

;


6/68

-I+./0+ E/&ARDII( CREDI+ ME+RICS

)

"and now i5ria is a5le to create value6or its shareholders with capital discipline

REE CAS. L/-

ID0S+R7

C/S/LIDA+I/

&0L&- rowth with discipline

- Cest portfolio

of proects

DI'IDEDS- *I/%*usiness

- )ortocel

- 6and and forest

))

8


7/68

i5ria8s strate,9 at a ,lance

7

IMMEDIA+E S./R+ +ERM MEDI0M +ERM L/( +ERMS

&ro6ita5ilit9

.perational

$%cellence

oderni(ation

Financial DisciplineCiotechnology

Solid o'ernance

(rowth

Forest CaseFormation -

Sustainability.rganic rowth

Transparency +onsolidation

:igh )erformance+ulture

Diversi6ication

Cio Strategy

6ogistics

.rgani(ational+limate 1eal $state

.ptions

.2

/perationalE!cellence

inancial Discipline

Solid (overnance

Sustaina5ilit9

+ransparenc9

.i,h &er6ormanceCulture

/r,ani:ationalClimate


8/68


>


&ro6ita5ilit9

.perational

$%cellence

oderni(ation


Solid o'ernance

(rowth

Forest CaseFormation -




Diversi6ication

Cio Strategy

6ogistics


.ptions

.2

/perationalE!cellence

inancial Discipline

Solid (overnance

Sustaina5ilit9

+ransparenc9

.i,h &er6ormanceCulture

/r,ani:ationalClimate


9/68

Structural competitiveness

! Third-party wood reduction

2 Forestry operations producti'ity

# /ndustrial

4)G 1!& billion

4)G 12 billion

4)G 1; million

+otal ; R 5illion

"


10/68

@

2@

&@

8@

>@

!@

2" 2! 2!! 2!2 2!# 2!& 2!; 2!8 2!7 2!> 2!" 22 22! 222 22# 22& 22;

1= +hird%part9 wood reductionWood supply recovering to normal condition

► )eaking in 2!8H

► 1eturning to 2!2*s le'els by the end of 2!7H

►

4) of 1!& billion from peak to normali(ed le'el

Estimated levelfor 2015

+hird%part9 wood decrease will5ene6it ope! and cape!

!


11/68

► ost part of the standing wood was already paid

► Despite the higher forest to mill distance, the wood from Losango is less expensive

than the available wood from around Espírito Santo and Bahia States

► )ositi'e impact o'er industrial costs due to better producti'ity

!!

1= +hird%part9 wood reductionLosango


12/68

The distribution costs by classes helps us to apply resources

in order to optimi(e wood production

1?$

2?$

4?$

2?$

1?$1?$

3@$33$

1$

@$

@

;@

!@

!;@

2@

2;@

#@

#;@

&@

&;@

! - Diamond 2 - old # - Sil'er & - Cron(e ; - 6ead

+urrent effecti'e area Future effecti'e area

2= orestr9 operations productivit9

CLASSI7I( +.E /RES+ *ASE *7 CA+E(/RIES

!2

Structural change improving competitiveness


13/68

)ossible 1estrictions

Declivit9G :igher than #;I

!G Ctw 2&Iand #;I

2G Ctw I and 2&I

ConservationAreas

G Jithin +As!B

!G Jithin $)A2Band $CK#B

2G .ut of $)Asand $CK

MunicipalRestrictions

G Total

restrictions!G )artialrestrictions2G 4o restrictions

E&A Altitude

G :igher than!>m

!G 6ower than!>m

0r5an ones

G Urban Kones!G .utside urban

areas

Remnants o6nativeve,etation

G 1emnantsareas!G .utsideremnants areas

)ossible /mpediments

&ossi5le com5inations

B ? 1 and 2 removed

4 e hi,h potential!B +onser'ation Areas

2B $n'ionmental )rotection Areas#B $n'ironmental Cuffer Kones

!#

2= orestr9 operations productivit9Identifying opportunities based on these combinations


14/68

Roads

+ransportation

Silviculture.arvest

!&

2= orestr9 operations productivit9Cost and Capex KPI’s were also included in this geomodel


15/68

Mi!ed .arvest Mechani:ation .ill9 areasFMi!ed .arvest Mechani:ation .ill9 areasF

2= orestr9 operations productivit9

► i%ed cutting operation with highdemand for . and high risk to safetyH

► :ar'est limitations in areas abo'e2& degreesH

► /ncrease annual capacity to har'est inareas up to #; degrees , pre'iously Llocked upL

by har'esting capacity of manual staffH

► 4)G 17! million

► +ape%G 1; million

► .perational since Aug 2!;

&R/EC+ DESCRI&+I/ ACAREG 0I+F

!;

!arvest


16/68

&I

► Freight cost reductionH

► /ncreased load bo% fortimberEwoodchip transport

► Use of lightweight steelH

► .perational risk reduction flippingBH

► /n'estmentG 1## million

► 4)G 1!#" million

► StartupG 2!; E 2!8

&R/EC+ DESCRI&+I/ ARACR0 ACAREG AD +RHS LA(/AS 0I+SF

Timber transportation Joodchip transportation

!8

2= orestr9 operations productivit9"ransportation


17/68

Maritime -ood Shippin, &roectMaritime -ood Shippin, &roect

► +ape% and .pe% reductionH

► /ncrease in cargo handling due to

increase in stack height 'olume

► 1eduction in hea'y truck road traffic

► +ape%G 1#> million

► 4)G 1"; million

► StartupG ManE2!7

&R/EC+ DESCRI&+I/ ARACR0 0I+F

!7

2= orestr9 operations productivit9"ransportation


18/68

!@

#@

;@

7@

"@

!@

@

2@

&@

8@

>@

!@

2!; 2!8 2!7 2!> 2!" 22

2= Structural chan,e in 6orestr9 operations productivit9

Structural cost reduction of R


19/68

3= Industrial; maintenance downtimes schedule chan,e

► 1egulatory Standard !# Coiler and )ressure essel /nspectionB e%tended the ma%imum

period between reco'ery boiler inspections from !2 to !; months

► Fibria was the first company to use the e%tended period benefit

► 4)G 1#>; million

2?14 2?1 2?1@ 2?1J 2?1

1K14 2K14 3K14 4K14 1K1 2K1 3K1 4K1 1K1@ 2K1@ 3K1@ 4K1@ 1K1J 2K1J 3K1J 4K1J 1K1 2K1 3K1 4K1

Mills

Aracru( A 4o maintenance

downtime

Aracru( C 4o maintenance

downtime

Aracru( +

MacareN 4o maintenance

downtime

TrOs 6agoas 4o maintenance

downtime

eracel 4o maintenance

downtime

!"


20/68

*iolo,ical Slud,e Dr9ness &rocess

3= Industrial; *iolo,ical Slud,e Dr9er

► ariable cost reduction associated

with the disposal of sludge operations

in e%ternal landfill

► +ape%G 1!> million

► 4)G 1! million

► StartupG DecE2!8

&R/EC+ DESCRI&+I/ ACAREG 0I+F

/perational 4low L Conditionin, and 5iolo,ical slud,e 5urn

P77E66luent#Slud,e

Aeration +anM

*iolo,icalSlud,e +anM

P77*iomass &ile

Slud,e Dr9er

*iomass

*oiler

Slud,e dr9in, and 5urn in 5iomass 5oiler

2


21/68


2!


.perational

$%cellence

&ro6ita5ilit9

.perational

$%cellence

Asset light


Solid o'ernance

(rowth

Forest Case

Formation -




Diversi6ication

Cio industry

6ogistics


.ptions


22/68

(rowth % .ori:onte 2 &roectCapacit9 Increase o6 3$ startin, on 4K1J

E!istin, mill

.2 &roectArea

.2 &roectArea

.2 &roectArea

22


23/68

-here the competitiveness comes 6rom

► /ndustrial plant with minimal en'ironmental impact emissions, consumption and wasteB

► :ighly efficient reco'ery boiler, ma%imi(ing electricity generation

► +oncept si(ed for future biorefinery

► ore modern processes for wood use impro'ement

► :igh-yield automated nursery

► /ntegrated management

► Steering +ommittee with 'ast pulp sector e%perience

+imin,; fa'orable market conditions for plant acQuisitionEconstruction

► $conomic recession

► +urrency de'aluation

*rown6ield; synergies with e%isting facilities and operations

Access to wood; certified forest base with "; km forest-to-mill distance

Ener,9G 12? Jh surplus

+EC./L/(7AD

I/'A+I/

MAA(EME+

C/M&E+I+I'EESS

2#


24/68

.eadcount s9ner,959 department

$ngineering

/ndustrial

)rocurement

+ommercial

6ogistics

Forestry

.thers !B

Full synergy Strong synergy 6ittle synergy

*rown6ield; s9ner,ies with e!istin,6acilities and operations

#ixed cost dilution

!B Accounting, 6egal, :1, 15D, $n'ironmental, 1+, /T and +ommunicationdepartments

2&


25/68

/ut5ound lo,istics

)orts :ighways

1ailroads Jaterways

Data Collection N&reliminar9 Anal9sis 6ogistics +osts

.pe% - 1ates +ape%

?ualitati'e odal conditions

Anal9sis

atorosso

atorossodo Sul

oiRs

Crasilia

2;


26/68

(rowth 6rom consolidation present challen,es5ut 5ene6its are undisputed"

C.ALLE(ES

► Strate,ic motivation

► +imin, o6 the other part9

► Relative valuation► Corporate (overnance

*EEI+S

► .u,e potential s9ner,ies

► Maret and client port6olioconsolidation

► Rationali:ation new proectpipeline

(R/-+. R/M C/S/LIDA+I/ IS A OE7 DRI'ER / 'AL0E CREA+I/

28


27/68

&ulp Suppl9 A,reement;

► )ulp 'olumesG

► inimum of " kt of hardwood for the first & years

► 7;@ of " kt for the fifth year phase out !B

►

;@ of " kt for the si%th year phase out 2B► Selling price based on the a'erage net price charged by

Fibria at the )ort of )aranaguR /* &arana,uPB

► Sales destinationG lobally, e%cept for South America

► .perational startupG arE2!8

► A,reement 5ene6its;

Puma Pro$ect

utual 'alue creation, with better ser'icing for both +ompanies customer*s base

6ogistics and commercialstructure synergiesH

$nsure sales 'olumesH

$nsure pulp market access with9labin brand

6ogistics and commercialoptimi(ation and synergiesH

Support customers* growth andenhance customers* needsH

)otential de'elopment of new customers

27


28/68


29/68

CLIMA+E C.A(E % an overview

(lo5al warmin, isan uneuivocal 6act Concentrations o6C/2 haveincreased 4?$

since pre%industrialtimes

+here is a clearhuman impact on

the climate

2"


30/68

-A+ER +A*LE

+REE +RAS&IRA+I/

S/IL ER/SI/ CAR*/ *ALACE

CREEO L/- R0%/F

22 9ears o6 R)D; understandin, the 5asics-atershed studies; water car5on and nutrients c9cles

#


31/68

Ris Miti,ation Actions; +ree Improvement

E!=; CL/AL +ES+ I M/+E0MA M( @? mm o6 rain6all per 9earF

Clone A Clone *

Clone IMAm3Nha=9r

A 43=@

* 4?=3

C 3>=JD 3>=

E 3=1

3J=3

( 3J=1

. 34=

9ears old

#!


32/68

Lon, term ,oals; e!pressive ,ains in 6orest productivit9

#2


33/68

-ater C9cle on Industrial /perations

►Fibria returns about >@ of the water withdrawn from theri'er as treated effluent

►As a result, water consumption 'aries between&> mEadt and 87 mEadt, depending on the mill

►:igh efficiency in the use of water water withdrawn is belowthe CAT of /))+ /ntegrated )ollution )re'ention and +ontrolB,which is in the range of #-; mEadt

&ulpproduction

2?$

-ater 5od9 riversF

returns astreatedeffluent

Evaporation1=$

&ulp 6inal product1=$

Recirculation

5etween 3= and =? timesF

-ater withdrawn24=2 mNadt 33=@mNadt

?$

-ater consumption 4= mNadt @=J mNadt

##


34/68

Corporate (overnance ) inancial Strate,9uilherme +a'alcanti +F.

#&


35/68

!B Cefore e%pansion cape%

Oe9 Messa,es % 3K1

► Double digit 1.$G !>@ = Annuali(ing #?!; dataG #2@

► Free +ash FlowG #?!; 6T 12! billion!B = #?!; 1!! billion

► rowthG brownfield capacity increase of #;@

► Di'idendsG 7@ yield

► 1atingG /n'estment rade by all rating agencies

► 4et debt E $CT/DA USBG !;>%

► +orporate o'ernanceG 4o'o ercado C5F Co'espaEAD1 le'el ///B

► :ighest daily 'olume traded among 6atin American )eers

► SustainabilityG listed at the Dow Mones Sustainability $ /nde% and C5Fbo'espa*s+orporate Sustainability /nde% /S$B

#;


36/68

!B +ontrolling group 2B Free Float &!&&@ Treasury 8@

'otorantimIndustrial S=A= !B

29!2"

*DES&articipaTUes!B

290#"

reeloat 2B

!150"

Shareholder Structure and Corporate (overnance

► .nly ! class of shares V!@ 'oting rights

► !@ tag along rights Cra(ilian corporate law

establishes >@B

► Coard of Directors with minimum 2@ independent

members

► Financial Statements in /nternational Standards /F1S

► Adoption of Arbitration +hamber

► S$+ 1egistered AD1 6e'el /// program

Listed on $ovo %er&adohi,hest level at *M)*ovespa;

&olicies approved59 the *oard o6 Directors;

iscalCouncil

*oard o6Directors

2@ independentmembers

1ole of +$. andchairman is split

&ersonneland

Remuneration Committee

Statutor9Audit

Committee

inanceCommittee

Sustaina5ilit9Committee

InnovationCommittee

3?$independent

mem5ers

1??$independent

mem5ers

?$independent

mem5ers

4$independent

mem5ers%

(eneralMeetin,

► /ndebtedness and 6iQuidity

► arket 1isk anagement

► 1isk anagement

►

+orporate o'ernance► 1elated )arties Transactions

► Anti-+orruption

► /nformation Disclosure

► Securities Trading

► Antitrust

► enetically odified $ucalyptus

► Dividend &olic9 E-

#8

.i h t A D il + d d ' l AD+'F


37/68

.i,hest Avera,e Dail9 +raded 'olume AD+'Famon, LA+AM &eers

131

3

>

14 1?

Fibria2B )eer ! )eer 2 )eer # )eer &

!B From 4o'ember !, 2!& to .ctober #, 2!;2B A'erage Daily Traded olume from F/C1# FC1

AD+' R< millionF L+M1F

#7


38/68

L+M 3K1 .i,hli,hts

>@

&&@7!@

;&@

!7>@

#!7@

2!! 2!2 2!# 2!& 6T #?!; Annuali(ed#?!;

1F Adusted E*I+DA CA&EB et Interest +a!es2F International accountin, standards 6or 5iolo,ical assets=3F Adusted E*I+DA CA&EB +a!es

2"@

8>@"!@

78@

!77@

2"&@

2!! 2!2 2!# 2!& 6T #?!; Annuali(ed#?!;

1=@JA'erageFW

1=> 2=1@ 2=3 3=?1 3=4 1=@JA'erageFW

1=> 2=1@ 2=3 3=?1 3=4

R/E V Adusted E*I+1FNEuit9 5e6ore IAS 412F

R/IC V Adusted E*I+3FNInvested Capital 5e6ore IAS 412F

#>


39/68

447 421

338 358280 279

174 171 151

6886

10225

60 47

58 49

515 507

440

383

340 326

232351

83

13342

China 0SA Canada I5eria ChileN0ru,ua9 Indonesia *ra:il i5ria 3K1 i5ria wN .2

Cash Cost (US$/t) Delivery CIF Europe

Even more competitive cash production cost wN .2

%!KP &'S()t*

SourceG :awkins Jright )rice Forecast .ctober 2!;B and Fibria*s #?!; $arnings 1elease - FW considered by theconsultant at 1EUS#>8 :2 cash cost was estimated according to weighted a'erage cost, after mill balance,

con'erted at 1#>8 /ncludes energy sales

/nterest

+ape%

S5A

/ncome Ta%

-orin, capitalrelease; 0S


40/68

2F

!B $%cludes +onpacel = 2B 2!; market consensus = #B According to Focus 1eport Cra(ilian +entral Cank 4o'ember 2, 2!;B

12222@

1>@4223

2J>@ 2J>1

4@2?

11

2??>1F 2?1?1F 2?11 2?12 2?13 2?14 L+M 3K1 3K1

E!chan,e RateAvera,e R$4?$

34$ 3@$4?$ 3>$

1$@$

>1211J> 1?@J 1133

1311 13441J2

1>?

Each $ depreciation o6 the Real increases E*I+DA59 around R


41/68

ree Cash low

+( million

E*I+DA Mar,in

3>$

!B Cefore e%pansion cape%

Avera,e B

3?3

%4?

%12@%12

221J 1J

3>>

1@J234

122

J4@

>24

11J2@3

3J3 344

11221F

!?!! 2?!! #?!! &?!! !?!2 2?!2 #?!2 &?!2 !?!# 2?!# #?!# &?!# !?!& 2?!& #?!& &?!& !?!; 2?!; #?!;

34$ 33$ 2$ 3?$ 3J$ 3J$ 41$ 3>$ 3>$ 41$ 42$ 41$ 3$ 3$ 4$ ?$ ?$ @$

1=@J 1=@? 1=@3 1=? 1=JJ 1=>@ 2=?3 2=?@ 2=?? 2=?J 2=2> 2=2J 2=3J 2=23 2=2J 2= 2=J 3=?J 3=4

&!


42/68

+he onl9 commodit9 with lower volatilit9 than B

#;@ #;@ #&@

27@ 28@2&@ 2&@ 2&@

!8@!&@

8@

JT/+rude .il

Sugar 4ickel +opper Soy /ron .re 6$etals

/bo'espa +attle FW F.$W )/WC:9)

Since 2"

Updated on 4o', 28th

.IS+/RICAL '/LA+ILI+7 / C/MM/DI+IES 0S


43/68

In the last 1 9earspulp volatilit9 has 5een ust $===wh9Q

► arket price closer to producer*s marginal cost

► The marginal cost producers are based in $urope and 4orth America

► Flattish industry cost cur'e

► :igher fle%ibility to adust supply side during imbalanced market

► 6ower dependency on Asian market X2;@B compared to hard commodities 7@B

► arket end users are linked to consumer goods, such as tissue

► /ncipient pulp price futures market and low liQuidity

SourceG Cloomberg 4o'ember 28, 2!;

0

40

80

120

160

D e ! " "

# a y ! 0 0

$ t ! 0 0

# a r ! 0 1

% u & ! 0 1

' a ( ! 0 2

' u ( ! 0 2

) o v ! 0 2

% p r ! 0 *

S e p ! 0 *

F e + ! 0 4

' u l ! 0 4

D e ! 0 4

# a y ! 0 ,

$ t ! 0 ,

# a r ! 0 6

% u & ! 0 6

' a ( ! 0 -

' u ( ! 0 -

) o v ! 0 -

% p r ! 0 8

S e p ! 0 8

F e + ! 0 "

' u l ! 0 "

D e ! 0 "

# a y ! 1 0

$ t ! 1 0

# a r ! 1 1

% u & ! 1 1

' a ( ! 1 2

' u ( ! 1 2

) o v ! 1 2

% p r ! 1 *

S e p ! 1 *

F e + ! 1 4

' u l ! 1 4

D e ! 1 4

# a y ! 1 ,

$ t ! 1 ,

BHKP - FOEX Europe (base 100) CP (base 100)


44/68

& t .2 6i i l


45/68

&roect .2 6inancials

0I+ R< 0S<

&ulp productionN9ear tons 1? 1?E!pansion cape!1F < 5illion =J 2=2

E!pansion cape!1F

Sustainin, cape!2F 3 4

Cash cost3F


46/68

2!7

2

>J=J

=J

.riginal 1e'ised

C16 $U1 USD and others

p prom 0S 2!" andthereafter

+imeta5le

2= 5n 2=2 5n0SD

&8

undin,


47/68

undin,

&7

Amorti:ation Schedule 3K1 &ro6orma with +LS II 0S< million

!& 2&

#2!

;78

!,!!!

&>!

87#

!#" !!"

7!;

!!; !#&; !#

2!; 2!8 2!7 2!> 2!" 22 22! 222 22# 22& 22; 228 227 22>

C4D$S Cond ))$ 4+$ A++EA+$

3K1 3K1 # .2

A'erage +ost US paB

A'erage aturity yearsB

##@

&#

2>@

;

Cost and maturit9;

!B Debt FW #?!;G #"72" E FW considering new funding for the T6S // )roectG #"2B +ash on handsG US ""& million

.2

2@

8#

re'ol'er

+ash 2B

&"&

7&2

!,2#8

6iQuidity

Cape! .2 @@ 1=32? J2@ @@ 22

/ne o6 the 5est per6ormances amon, *ra:ilian


48/68

p ,corporate issuers1F

32@ 333 343@ 3@3

412

2@ ?

@J

J4@

i5ria *R Em5raer (lo5opar *ra:il Ola5in 'ale *rasem (erdau &etro5ras

!B spread on 4o'ember 2;, 2!;

***% ***% *aa3

/5tainin, o6 Investment (rade 6rom the three Ratin, a,encies

&>

E!traordinar9 Dividend o6 R


49/68

E!traordinar9 Dividend o6 R 2?1= 43S$G Dec= 1@ 2?1=

Dividend 9ieldW V J$

< +onsidering di'idend of 1!&" million paid in ay and the proposed payment of 12 bill ion onarket +ap on September #th, 2!;

DRI'ERS

► Strong cash generation

► +ash position abo'eminimum cash

► 6ow le'erage le'el

► 6ow a'erage cost of debt

► Funding status of :ori(onte 2 proect

► +apital discipline

&"

i5ria8s structural 6undamentals driveth l di t t i


50/68

the leadin, return metrics

► 6ess 'olatile commodity in US

► +osts in C16

► The highest forest producti'ityworldwide

► .perational e%cellence

► UniQue customer base with steadysales 'olumes through long-termcontracts

► 6ow cost of debt

► Strong corporate go'ernance

:igh 1.$E1./+ in the long-term

;


51/68

2?1@ /0+L//Ouilherme +a'alcanti +F.

;!

Cape! i5ria e!cept .2 &roect R< million


52/68

1J2? 1J@4

2??3F

2!;uidance

FW Y /nflation +ape%reduction

2!;uidance

Update

Trucks)urchase 2nd

phaseB

:igher non-recurringsustaining

in'estments

:igher in'estments in

other moderni(ation

proects

:igher thirdpart wood

participation

Y FW /nflation 2!8uidance

Mana,ementInitiatives

E!ternal actors


!B +on'erted by #?!; 6T FW - USDEC16 #!2B +on'erted by #?!; end of period FW - USDEC16 #"7#B Subect to board appro'al

0SDJ1 M1F 0SD4 M1F

0SD1@ M2F

%12$

;2



53/68

2,050(2)

1,682 1,613

2016 Guidance Modernization IndustrialMaintenance

/ Forestequipment

Losango Higher Spendingon

turbogeneratoroverhaul in 2016

WoodPurchase

Structural Capex EstructuralWood CostReduction

Structural Capex


0SD1@ M1F

0SD424 M1F0SD4?@ M1F

!B +on'erted by #?!; end of period FW - USDEC16 #"72B Subect to board appro'al

Forestry

operatios

proutivity

irease

;#



54/68

14?

1@2

1@13

Structural +ape% asshown last yearB

/nflation and Y FW Structural +ape% $structural Jood+ost 1eduction

Structural +ape%

p p <

0SD4?@ M2F0SD42 M1F

!B +on'erted by #?!; 6T FW - USDEC16 #!2B +on'erted by #?!; end of period FW - USDEC16 #"7

%1@$

;&

Forestry .perations)roducti'ity /ncrease


55/68

&0L& MAROE+ 0&DA+E:$41/ ):/6/))$ +.$1+/A6 .FF/+$1

;;

+he X5etter than e!pected scenarioY has 5eena,ain a realit9 in 2?1


56/68

a,ain a realit9 in 2?1"

%!KP C,P,CI"- C!,./0S

EB&EC+ED SCEARI/ /R 2?1 I DEC814 7EAR%+/%DA+E SCEARI/ I 2?1

!";

-#!;

-8;

!!;

>;#

2

7;

28;

7;

&

C$9) demand growth, tEyrB


57/68

%!KP 1elivered to 0urope &'S1)t*

J3

J21

J?>

J3

J2@

J?

J1

?4 ?W

J3W

1K1 2K1 3K1 4K1 Annual 2?1

Consultants avera,e at the end previous 9ear Reali:ed &IBN/EB price

< A'erage until !!E2&E!;

+onsultantsG :awkins Jright, 1/S/ and Crian c+lay published in the end 2!& for 2!; pricesB

;7

*ut this time demand has 5een the X,oodsurpriseY


58/68

surprise

%!KP C,P,CI"- C!,./0S

EB&EC+ED SCEARI/ /R 2?1 I DEC814 7EAR%+/%DA+E SCEARI/ I 2?1

!";

-#!;

-8;

!!;

>;#

2

7;

28;

7;

&

C$9) demand growth, tEyrB

A ,ood demand 6rom all maor marets


59/68

!ardwood and 0ucalyptus Shipments &222 t and 3 change 4 months 5267 vs8 5269*

@=$

%2=4$

3=@$

21=J$

=>$

=@$

=$

=?$

1>=2$

@=>$

%2??

?

2??

4??

@??

??

1=???

1=2??

(lo5al A -E China Rest o6 the world

BHKP BEKP

SourceG )))+ Jorld 2

;"

(ood worldwide macroeconomics are thee9 drivers


60/68

e9 drivers

+eal /1P 3 ,nnual /rowth

34

%?

22

JJ

33

%?3

1

JJ

34

?>

24

J3

31

12@

@

3@

1@

2

@3

-orld Euro Area 0SA China

2?12 2?13 2?14 2?1 2?1@

SourceG /nternational onetary Fund, Jorld $conomic .utlook Database, .ctober 2!;

8

*ut the special 6ocus is on Europe


61/68

+eal /1P 3 ,nnual /rowth

34

%?

22

JJ

33

%?3

1

JJ

34

?>

24

J3

31

12@

@

3@

1@

2

@3

-orld Euro Area 0SA China

2?12 2?13 2?14 2?1 2?1@

SourceG /nternational onetary Fund, Jorld $conomic .utlook Database, .ctober 2!;8!

*ut the special 6ocus is on Europe


62/68

!ardwood and 0ucalyptus Shipments &222 t and 3 annual growth and -"1*

%?=3$

%?=$

3=3$3=J$

%?=$ %?=@$

@=?$

=?$

%2??

?

2??

4??

2?12 2?13 2?14 7+D 2?1W

BHKP BEKP


63/68

8#

Is Europe ,ettin,5ac on tracQ

• Since the global financial crisis, theQuestion of whether the $uropeanscenario will get better has periodicallyarisen

• The latest economic data showsimpro'ement and for this reason thesur'eys, markets forecasts and e'en the$+C perception become more optimisticG

- $uro(one )/ stabili(ing abo'e ;2

- Unemployment rates decreasing

Euro:one indicators are improvin,


64/68

42

44

4@

4

?

2

4

@

2?13 2?14 2?1

&MI Manu6acturin, &MI Services

E0R//E &MIS E0R//E 0EM&L/7ME+ RA+E

SourceG CloombergEarkit and $urostat

?

2

4

@

1?

12

14

2 ? ?

4

2 ? ?

A

2 ? ?

@

2 ? ?

J

2 ? ?

D

2 ? ?

>

2 ? 1

?

2 ? 1

1

2 ? 1

2

2 ? 1

3

2 ? 1

4

2 ? 1

A

8&

Despite the slowdown China has postedphenomenal ,rowth in nominal (D&


65/68

Chinese .ominal /1P /rowth &'S( billion: yoy growth*

SourceG /nternational onetary Fund, Jorld $conomic .utlook Database, .ctober 2!;

?

2??

4??

@??

??

1???

12??

2?12 2?13 2?14 2?1

8;

E

China; Recent &lenum meetin,rein6orced plan to increase share o6


66/68

88

rein6orced plan to increase share o6

consumption in (D& ,rowth

• Double 2! D) by 22

• /ncreasing share of consumption in D) growth, with the de'elopment ofG

;Lifestylerelated businesses;< retail: health: travel and sports segments8

Service sectors related to families and the elderly: culture: law:accommodation and catering as well as education and training8

• $nd of the one-child policy and the introduction of a two-child policy

• ore rapid urbani(ation growth

• )o'erty reduction in rural areas

• reen and sustainable de'elopment

• Agriculture moderni(ation

• /ndustrial structure upgrade

&olic9 priorities emphasi:ed 59 the 13th ive 7ear &lan;

'rowth based on sustainable and &onsumption(led development)*ositive impa&t for the pulp + paper industr,


67/68


68/68

Investor Relations;JebsiteG wwwfibriacombrEri$-mailG ir[fibriacombr )honeG ;; !! 2!#>-&;8;

Comunicado ao Mercado sobre Reuni?o P?blica com Analistas e Investidores ...

Documents

Transcript of Comunicado ao Mercado sobre Reuni?o P?blica com Analistas e Investidores ...