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8/4/2019 call 4T09 ENG Final
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4Q09 Conference call
March 1st, 2010
8/4/2019 call 4T09 ENG Final
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Disclaimer
The information contained in this presentation may include statements which constituteforward-looking statements, within the meaning of Section 27A of the U.S. SecuritiesAct of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of1934, as amended. Such forward-looking statements involve a certain degree of riskand uncertainty with respect to business, financial, trend, strategy and other forecasts,and are based on assumptions, data or methods that, although considered reasonableby the company at the time, may turn out to be incorrect or imprecise, or may not bepossible to realize. The company gives no assurance that expectations disclosed in
this presentation will be confirmed. Prospective investors are cautioned that any suchforward-looking statements are not guarantees of future performance and involve risksand uncertainties, and that actual results may differ materially from those in theforward-looking statements, due to a variety of factors, including, but not limited to, therisks of international business and other risks referred to in the company’s filings withthe CVM and SEC. The company does not undertake, and specifically disclaims anyobligation to update any forward-looking statements, which speak only for the date onwhich they are made.
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1. 4Q09 Highlights ......................................................................................................page 4
2. Pulp Market..............................................................................................................page 5
3. 4Q09 Performance...................................................................................................page 7
4. CAPEX 2010 / Working Capital................................................................................page 8
5. Indebtedness............................................................................................................page 9
Agenda
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4Q09 Highlights
Pulp Market
Record pulp sales volume
Liability management plan
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5
30
790
20
25
3035
40
45
50
55
J a n - 0 8
M a r - 0 8
M a y - 0 8
J u l - 0 8
S e p - 0 8
N o v - 0 8
J a n - 0 9
M a r - 0 9
M a y - 0 9
J u l - 0 9
S e p - 0 9
N o v - 0 9
J a n - 1 0
M a r - 1 0
D a y s
o f S u p p l y
300
400
500
600
700
800
900
B E K
P
C I F E U
Days of Supply BEKP CIF EU list price
Demand: 3% p.a. growth until 2023
Pulp Market
Market pulp: global demand growth
Supply: capacity expansions announced until 2012
Source: PPPC, Nov. 09
BEKP CIF EU vs. World Producers’ Inventories
Sources: PPPC and FibriaSource: PPPC
45000
50000
55000
60000
65000
70000
75000
80000
85000
2007 2009 2011 2013 2015 2017 2019 2021 2023
Supply Demand
‘ 0 0 0
t
Demand growth: 3%
p.a.
Sources: RISI e PPPC
DateCapacity
(‘000 t)
FiberCountryCompany
Chile
Russia
USA
China
Indonesia
HW
SW
SW
HW
HW
2,565 (~855/year)
275
210
280
1,300
500
3Q12CMPC
TOTAL
2012Ilim Group
4Q10Domtar
2007 – 2010APP
2010APRIL
2%
-11% -11%
10%
-17%
55%
Total North America Western
Europe
Latin America Japan China
2009 vs 2008
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Pulp Market: China
China: BHKP imports per country
China: market pulp demand (‘000 t)
Source: PPPC
New P&W capacity (UFS/CFS)*
0
1.000
2.000
3.000
4.000
5.000
6.000
T o t a l B H K P
B r a z i l
I n d o n e s i a
C h i l e
R u s s i a
U r u g u a y
C a n a d a
U S A
O t h e r s
T h a i l a n d
+59%
+107%
+1,5%
+51%
+12%+117%
+38% +151%+142% +2%
2009 Growth
2008
‘ 0 0 0
t
Source: Hawkins Wright
Growth opportunities in tissue
Source: RISI
Source: Terrachoice
200Lee & Man
400Jiangsu Oji Paper
350Sun Paper / IP200Guangxi Yongkai Sugar
200Guangxi Jindaxing Paper
200Yeuyang Paper
1,200APP, Hainan Island
150Shandong Huatai Paper
240
2010: +3.1 million t
Guangxi Huacheng Paper
800Shandong Chenming
300Sun Paper
450Shandong Chenming
500Shandong Huatai Paper
200Guangxi Yongkai Sugar
300China Metalurgical Meili
Paper
340
2011: +2.9 million t
Guangxi Huajin Group
(*)Uncoated free sheet / Coated free sheet
0
2.000
4.000
6.000
8.000
10.000
12.000
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
0
5
10
15
20
25
30
N. America W. Europe Japan Oceania L. America E. Europe C hina Africa
K g / c a p i t a
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7Source: Fibria
Operating Performance
Pulp: sales mix
Key Figures
EBITDA (R$/t)
4Q09 3Q094Q08
pro forma2009
2008
pro forma
Pulp Production ('000 t) 1,395 1,428 1,027 5,188 4,370
Pulp Sales ('000 t) 1,460 1,276 1,032 5,248 4,117
Paper Production ('000 t) 88 93 98 369 376
Paper Sales ('000 t) 111 110 123 418 448
Production cash cost (R$/t) 451 433 509 444 487
Net Revenue (R$ million) 1,698 1,402 1,593 6,000 5,953
Adjusted EBITDA (R$ million)(2)
503 426 546 1,697 2,196
EBITDA margin (%) 30% 30% 34% 28% 37%
Net Financial Income(3)
/ (Loss) (67) 571 (4,511) 1 ,770 (7,286)
Income before minority interest (R$ million) (109) 385 (3,592) 1,218 (5,014)
Minority Interest(R$ million) (41) (204) 2,624 (660) 3,704
Net Income / (Loss) (R$ million) (150) 181 (968) 558 (1,310)
472
305264
307 320
-90
10
110
210
310
410
510
4Q08 1Q09 2Q09 3Q09 4Q09
4Q08
33%
25%
8%
34%
4Q09
22%
32%12%
34%
North America Asia Brazil / Others Western Europe
3Q09
22%
37%11%
30%
Cash cost (R$/t)
473
426 433
487
444
509
451
4Q08 1Q09 2Q09 3Q09 4Q09 2008 2009
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4Q09 3Q094Q08
pro forma
Changes in operating assets:
Securities - 9 -
Short-term Investment - - 87
Trade accounts receivable (279) (106) (71) Inventories 50 (110) 2
Taxes on income and other taxes 18 14 (63)
Credits from related parties 5 (2) -
Advance to suppliers and others (207) (11) 436
Judicial deposits 9 (13) 11
Changes in operating liabilities:
Trade Accounts Payable (99) 16 48
Taxes on income and other taxes 12 (9) (27)
Payroll , profit sharing and related charges (5) 26 (454)
Others (88) 5 (47)
Contingences paid - 21 73
Leasing - - (4)
Assets Drop Down - - - Source: Fibria
Capex 2010 / Working Capital
Industrial Expansion 211 948 53
Forest Expansion 5 57 63
Subtotal Expansion 216 1,005 116 Safety/Environment 7 25 98
Forest Renewal 86 310 549Maintenance, IT, R & D, Modernization 36 134 249
Subtotal Maintenance 129 469 896
Subsidiaries, Joint Ventures and Others 32 135 235
Fibria Total 377 1,609 1,247
CAPEX (R$ million) 4Q09 2009 2010 E
CAPEX
Working Capital (R$ million)
• Increase of 14% in pulp sales and 12% in net average pulp
price
• Accounting receivable of Guaíba second installment
• Effects of Guaíba asset sale
• Accounting record of operational leasing
• 2009 figures should not be used as comparison for a
benchmark as a required level for maintenance capex
• Due to the financial crisis, some activities,
particularly silviculture were minimized in 2009
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Indebtedness
Debt Amortization Profile (R$ billion)
Debt Profile Average maturity* (months)
Gross Debt by currency and by type
Guaíba sale conclusion: US$1.4 billion
10-year bond issuance: US$1 billion
Two export prepayment transactions
US$750 million – 5 years / US$425 million – 7 years
Derivative debt pay off: US$2.1 billion
*Does not include the debt with former Aracruz shareholders
52 49 47 46
60
4Q08 1Q09 2Q09 3Q09 4Q09
Gross Debt
by type
32%
25%
15%
12%
6%
4%
3%3%
Pre-Payment FamiliesBonds BNDESDerivatives ACC/ACENCE Others
Gross Debt
by currency
60%
40%
Local CurrencyForeign Currency
4Q09 3Q094Q08 pro
formaQoQ YoY
Gross Debt (R$ million) 14,715 15,678 14,808 -6% -1%
Cash Position (R$ million) 3,968 2,594 1,771 53% 124%
Net Debt (R$ million) 10,747 13,084 13,037 -18% -18%
0.326 0.289 0.144
0.824
0.453
0.7661.130
1.370
0.787
3.537
0.2720.262
1.471
3.084
2010 2011 2012 2013 2014 2015 2016 a 2020
Local Currency Foreign C urrency
3.908
1.924
1.028
1.402
1.696
1.076
3.682
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Investor Relations Team
Marcos Grodetzky – IRO
André Gonçalves – IR General Manager
Fernanda N. Vaz – IR Consultant
Anna Laura L. Rondon – IR Specialist
Livia Baptista – IR Analyst