Demonstra??es Financeiras em Padr?es Internacionais

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

Information at June 30, 2014
and Report on Review of Interim
Financial Information

2

Report on review of interim financial information

To the Board of Directors and Shareholders

Introduction

We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A.,
for the quarter ended June 30, 2014, comprising the balance sheet at that date and the statements of
income and comprehensive income for the quarter and six-month periods then ended, and the statements
of changes in equity and cash flows for the six-month period then ended, and a summary of significant
accounting policies and other explanatory information.

Management is responsible for the preparation of the consolidated interim accounting information in
accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting
Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34 - Interim Financial
Reporting issued by the International Accounting Standards Board (IASB). Our responsibility is to express
a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim
Financial Information (NBC TR 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity, respectively). A review of interim information consists of
making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with Brazilian and International Standards on Auditing and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.

Conclusion on the consolidated
interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying
consolidated interim accounting information referred to above has not been prepared, in all material
respects, in accordance with CPC 21 and IAS 34.

3

Other matters

Statement of value added

We have also reviewed the consolidated interim statement of value added for the six-month period ended
June 30, 2014. This statement is the responsibility of the Company's management, and is required to be
presented in accordance with standards issued by the Brazilian Securities Commission (CVM) and is
considered supplementary information under IFRS, which do not require the presentation of the
statement of value added. This statement has been submitted to the same review procedures described
above and, based on our review, nothing has come to our attention that causes us to believe that it has not
been prepared, in all material respects, in a manner consistent with the consolidated interim accounting
information taken as a whole.

So Paulo, July 21, 2014

PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5

Luciano Jorge Moreira Sampaio Junior
Contador CRC 1BA018245/O-1 "S" SP


Consolidated balance sheet at
In thousands of Reais

4 of 58

Assets
June 30,
2014
December 31,
2013

Current
Cash and cash equivalents (Note 7) 1,057,208 1,271,752
Marketable securities (Note 8) 934,006 1,068,182
Derivative financial instruments (Note 9) 40,031 22,537
Trade accounts receivable, net (Note 10) 452,118 382,087
Accounts receivable - land and building sold (Note 1(e)) 902,584
Inventory (Note 11) 1,322,767 1,265,730
Recoverable taxes (Note 12) 355,196 201,052
Assets held for sale 589,849 589,849
Other assets (Note 10) 123,779 103,228

4,874,954 5,807,001

Non-current
Marketable securities (Note 8) 50,080 48,183
Related parties receivables (Note 14) 6,607 7,142
Recoverable taxes (Note 12) 1,497,034 743,883
Advances to suppliers 691,178 726,064
Judicial deposits (Note 20) 199,957 197,506
Deferred taxes (Note 13) 768,394 968,116
Other assets (Note 10) 78,709 252,135

Investments (Note 15) 46,922 46,922
Biological assets (Note 16) 3,588,970 3,423,434
Property, plant and equipment (Note 17) 9,597,963 9,824,504
Intangible assets (Note 18) 4,592,554 4,634,265

21,189,898 20,943,171

Total assets 26,064,852 26,750,172


Consolidated balance sheet at
In thousands of Reais (continued)

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

5 of 58

Liabilities and shareholders' equity
June 30,
2014
December 31,
2013

Current
Loans and financing (Note 19) 1,401,840 2,972,361
Trade payable 611,692 586,541
Payroll, profit sharing and related charges 94,849 129,386
Taxes payable 160,718 55,819
Liabilities related to the assets held for sale (Note 1(d)) 470,000 470,000
Dividends payable 274 2,374
Other payables 118,596 125,081

2,931,058 4,448,355

Non-current
Taxes payable 133 159
Deferred taxes (Note 13) 308,706 235,896
Provision for contingencies (Note 20) 134,048 128,838

7,992,138 7,810,563

Total liabilities 10,923,196 12,258,918

Shareholders' equity
Share capital 9,729,006 9,729,006
Share capital reserve 2,688 2,688
Treasury shares (10,346 ) (10,346 )
Statutory reserves 3,109,281 3,109,281
Other reserves 1,614,270 1,614,270
Retained earnings 646,761

Equity attributable to shareholders of the Company 15,091,660 14,444,899
Equity attributable to non-controlling interests 49,996 46,355

Total shareholders' equity 15,141,656 14,491,254

Total liabilities and shareholders' equity 26,064,852 26,750,172


Unaudited consolidated statement of profit or loss
In thousand of Reais, except for the income per shares


6 of 58

June 30,
2014
June 30,
2013

Continuing operations

Revenues (Note 21) 3,336,176 3,118,592
Cost of sales (Note 23) (2,698,770 ) (2,529,851 )

Gross profit 637,406 588,741

Operating income (expenses)
Selling expenses (Note 23) (167,061 ) (162,086 )
General and administrative (Note 23) (130,715 ) (138,341 )
Other operating income (expenses), net (Note 23) 920,443 9,623

622,667 (290,804 )

Income before financial income and expenses 1,260,073 297,937

Financial income (Note 22) 70,052 59,636
Financial expenses (Note 22) (750,649 ) (629,942 )
Result of derivative financial instruments (Note 22) 178,551 (148,844 )
Foreign exchange income (Note 22) 263,839 (509,226 )

(238,207 ) (1,228,376 )

Income before taxes on income 1,021,866 (930,439 )

Taxes on income

Current (Note 13) (101,390 ) (12,046 )
Deferred (Note 13) (270,074 ) 372,924

Net income for the period 650,402 (569,561 )

Attributable to
Shareholders of the Company 646,761 (573,878 )
Non-controlling interest
3,641 4,317

Net income for the period 650,402
(569,561 )

Basic and diluted earnings per share (in Reais) (Note 24) 1.168
(1.037 )


Unaudited consolidated statement of comprehensive income
In thousand of Reais, except for the income per shares


7 of 58

June 30,
2014
June 30,
2013

Net income for the period 650,402 (569,561 )

Other comprehensive income

Total comprehensive income for the period, net of taxes 650,402 (569,561 )

Attributable to
Shareholders of the Company
646,761 (573,878 )
Non-controlling interest
3,641 4,317

650,402 (569,561 )

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Unaudited consolidated statement of cash flows
In thousand of Reais

9 of 58

June 30,
2014
June 30,
2013

Income before taxes on income 1,021,866 (930,439 )

Adjusted by
Depreciation, depletion and amortization 847,601 834,611
Depletion of wood from forestry partnership programs 51,536 63,396
Foreign exchange losses, net (263,839 ) 509,226
Change in fair value of derivative financial instruments (178,551 ) 148,844
Loss (gain) on disposal of property, plant and equipment 3,792 30,875
Interest and gain and losses in marketable securities (45,380 ) (47,881 )
Interest expense 245,718 294,659
Change in fair value of biological assets (87,192 ) (36,100 )
Financial charges of Bonds partial repurchase transaction 456,417 287,402
Impairment of recoverable ICMS 47,606 45,536
Tax credits (849,520 ) (10,331 )
Reversal of provision for contingencies (1,824 ) (14,250 )
Provisions and other 16,992 16,417

(Increase) decrease in assets
Trade accounts receivable (115,024 ) 312,585
Inventory (27,274 ) (137,875 )
Recoverable taxes (69,953 ) (79,385 )
Other assets/advances to suppliers 151,996 (47,585 )

Increase (decrease) in liabilities
Trade payable 42,109 94,033
Taxes payable (23,753 ) 14,722
Payroll, profit sharing and related charges (34,537 ) (20,946 )
Other payable (10,735 ) (44,691 )

Cash provided by operating activities 1,178,051 1,282,823

Interest received 42,994 84,679
Interest paid (239,020 ) (352,661 )
Income taxes paid (5,147 ) (15,987 )

Net cash provided by operating activities 976,878 998,854

Cash flows from investing activities
Proceeds from sale of land and building - Asset Light project (Note 1(e)) 902,584
Acquisition of property, plant and equipment and intangible assets and forest (703,719 ) (569,634 )
Reversal/(advance) for wood acquisition from forestry partnership program (16,679 ) (28,735 )
Marketable securities, net 136,996 858,694
Effects regarding sale of property, plant and equipment (7,861 ) 38,299
Derivative transactions settled (Note 8) (20,371 ) (14,741 )
Others (615 ) 4

Net cash provided by investing activities 290,335 283,887


Unaudited consolidated statement of cash flows
In thousand of Reais (continued)


10 of 58

Cash flows from financing activities
Borrowings 2,427,458 980,824
Repayments - principal amount (3,513,267 ) (2,398,040 )
Premium on Bonds repurchase transaction (325,668 ) (188,206 )
Other 6,290 3,995

Net cash used in financing activities (1,405,187 ) (1,601,427 )

Effect of exchange rate changes on cash and cash equivalents (76,570 ) (7,617 )

Net decrease in cash and cash equivalents (214,544 ) (326,303 )

Cash and cash equivalents at beginning of the period 1,271,752 943,856

Cash and cash equivalents at end of the period 1,057,208 617,553


Notes to the unaudited consolidated interim
financial information at June 30, 2014
In thousands of Reais, unless otherwise indicated

11 of 58
1 Operations and current developments

(a) General information

Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held
company. Fibria Celulose S.A. and its subsidiaries are referred to in these consolidated interim financial
information as the "Company", "Fibria", or "we". We have the legal status of a share corporation,
operating under Brazilian corporate law. Our headquarters and principal executive office is located in
So Paulo, SP, Brazil.

We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange
(NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores
Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC).

Our activities are focused on the growth of renewable and sustainable forests and the manufacture and
sale of bleached eucalyptus kraft pulp. We operate in a single operating segment, which is the producing
and selling of short fiber pulp.

Our bleached pulp is produced from eucalyptus trees, resulting in a variety of high quality hardwood
pulp with short fibers, which are generally used in the manufacturing of toilet paper, uncoated and
coated paper for printing and writing, and coated cardboard for packaging. We use different energy
sources including thermal and electric, including black liquor, biomass derived from wood debarking,
bark and scraps. The main inputs and raw materials used by us during production are: wood, energy,
chemical products and water.

Our business is affected by global pulp prices, which are historically cyclical and subject to significant
volatility over short periods. The most common factors that affect global pulp prices are: (i) global
demand for products derived from pulp, (ii) global production capacity and the strategies adopted by the
main producers, (iii) availability of substitutes for these products and (iv) fluctuations of the US dollar.
All of these factors are beyond our control.

In 2012, we established a strategic alliance with Ensyn Corporation ("Ensyn"), through the acquisition of
approximately 6% of its capital stock for an amount of US$ 20,000 thousand (equivalent to R$ 40,674
at the date), with the purpose of leveraging our forestry expertise and our competitive position in Brazil
and to develop alternatives with high added value to complement our global leadership position and
excellence in the production of pulp. We believe that the combination of our expertise and Ensyn's
technology can generate a relevant and successful business in the biofuels segment in the future.

(b) Operating facilities and forest base

The Company operates the following facilities as of June 30, 2014 to produce bleached eucalyptus kraft
pulp, with a total annual capacity of approximately 5.3 million tons:



12 of 58
Pulp
production
facility Location (Brazil)
Annual
production
capacity - tons

Aracruz Esprito Santo 2,340,000
Trs Lagoas Mato Grosso do Sul 1,300,000
Jacare So Paulo 1,100,000
Veracel (*) Bahia 560,000

5,300,000

(*) Represents 50% of the annual production capacity of the jointly-controlled entity Veracel Celulose S.A.

Fibria produces hardwood pulp from planted eucalyptus trees (which we refer to as forests). The average
extraction cycle of the forest is between six and seven years and are they located in six Brazilian states,
consisting of approximately 962 thousand hectares as of June 30, 2014, including reforested and
protected areas, as follows (in thousand hectares):

Area of forest Total area

State
So Paulo 78,012 144,867
Minas Gerais 13,050 27,350
Rio de Janeiro 1,638 3,368
Mato Grosso do Sul 225,158 342,306
Bahia 134,328 263,641
Esprito Santo 106,325 180,099

558,511 961,631

The forest base of the Losango project in the State of Rio Grande do Sul is excluded from the table above
as such assets qualify as assets held for sale and are being presented as such as detailed in item (d)(i)
and Note 36 to the most recent annual financial statements.

(c) Logistics

The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts
with the owners of these vessels.

The company operates in two ports, Santos and Barra do Riacho. The port of Santos is located on the
coast of the State of So Paulo and seeps the pulp produced in the Jacare and Trs Lagoas plants. The
port is operated under a concession from the Federal Government, through the Companhia Docas do
Estado de So Paulo (CODESP). The concession period of one of the terminals at the port of Santos
ends in 2017. However, we are looking for alternative means for shipping the pulp produced, in order to
maintain our export capacity in the long term.

The port of Barra do Riacho is a port specializing in the transportation of pulp, located approximately
three kilometers from the Aracruz unit, in the s tate of Esprito Santo, and seeps the pulp produced in
the Aracruz and Veracel plants. This port is operated by Portocel - Terminal Especializado Barra do
Riacho S. A. ("Portocel") - a company controlled by Fibria (which has a 51% interest in its share capital).


13 of 58
Portocel operates with the authorization of the federal government, through a contract signed on
November 14, 1995.

In October 2010, four long-term contracts were signed with the South Korean Pan Ocean Co. Ltd.
(former STX Pan Ocean), valid for a period of 25 years for the construction of 20 sea vessels. Five have
been already delivered and are dedicated to the transportation of pulp.

Due to Pan Oceans financial difficulties, the long-term contracts are in process of renegotiation between
the parties involved (Fibria, banks and Pan Ocean).

Due to the renegotiation in progress, it is expected that the exports of pulp and the related logistics costs
will not be impacted, since the Company has contracts of affreightment with other logistics companies,
which will be able to meet the export demand, with guaranteed service quality and cost efficiency.

(d) Current assets held for sale

During 2011, the Company approved and consummated the sale of certain assets, as presented in the
following table:

CGU/Asset
Classification for
accounting purposes
Date when classified for
accounting purposes
Date when the sale was
consummated

Losango project assets Assets held for sale June 2011 Not yet consummated

Losango project assets

On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the
definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising
approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares
of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of R$
615 million. On this date the first installment of the purchase price, amounting to R$ 470 million, was
paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account
and will be released to us once additional government approvals are obtained. The final installment of
R$ 5 million is payable to us upon the completion of the transfer of the existing land lease contracts for
the assets, and the applicable government approvals. The sale and purchase agreement establishes a
period of 48 months, renewable at the option of CPMC for an additional 48 months, to obtain the
required government approvals. If this approval is ultimately not obtained, we will be required to return
to CMPC the first installment it paid to us, plus interests, and the escrow deposits made by CMPC will
revert. We have recorded the amount of the first installment received as a liability under "Advances
received in relation to assets held for sale".

Since the signing of the Purchase and Sale Agreement with CMPC, we have been working to obtain the
approvals needed, as well as the fulfillment of all other conditions precedent, with an emphasis on
partial renewal of the operating license of the areas and obtaining of the documentation to be presented
to the applicable government agencies on the third quarter of 2014.

The completion of the sale depends on these government approvals, expected for December 2014, and
therefore, the assets continue to be classified as assets held for sale as at June 30, 2014, and will remain
so until the sale is completed. Upon classification as assets held for sale, the carrying amounts of the


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assets held for sale were compared to their estimated fair values less cost of sale, and no impairment
losses were identified.

The Losango assets did not generate any significant impact in the unaudited consolidated statement of
profit or loss for the six months ended June 30, 2014 and 2013.

(e) Asset Light project

On November 15, 2013, the Company (through the Parent Company Fibria Celulose S.A. and its
subsidiary Fibria-MS Celulose Sul Mato-Grossense Ltda.) entered into a Share Purchase Agreement and
Other Covenants with the company Parkia Participaes S.A. (Parkia), for the sale of certain land
located in the states of So Paulo, Mato Grosso do Sul, Bahia and Esprito Santo, for a total of
approximately 210 thousand hectares.

On December 30, 2013, after obtaining the mandatory regulatory approvals as well as the completion of
an audit by Parkia, the First Amendment to the Share Purchase Agreement and Other Covenants was
concluded and signed, under which the total area subject to the transaction was adjusted to
approximately 206 thousand hectares of lands, for the total amount of R$ 1,402,584, of which R$
500,000 has been received by the Company upon signing the agreement. The remaining balance, in the
amount of R$ 902,584, was received by us during the first quarter of 2014, after the fulfillment of
certain obligations and legal registers performed by the Company.

An additional value, limited to R$ 247,515, may be received by the Company in three separate payments,
of up to one third of the value each payment, on the 7
th
, 14
th
and 21
st
anniversaries of the agreement. The
collection of this value is contingent to the appreciation of the land in each of the anniversaries,
measured according to predefined measurement assumptions established in the agreement and adjusted
by the variation of the IGP-M index through the actual payment dates.

On December 30, 2013, the Company also signed with the Parkias subsidiaries (Counterparty) a
Forestry Partnership Agreement and a Standing Timber Supply Agreement, both with a term up to 24
years (or four harvesting cycles of approximately 7 years), during which the Company will continue to
operate its forests located in the sold areas. The agreement does not provide any renewal or extension
provisions to its original term.

In exchange for the right to use the land by the Company for its forestry activities, the forestry
partnership agreement grants to the Counterparty and land owner, the right to receive 40% of the
volume of wood (in cubic meters m
3
), produced by the Company on the land during each harvesting
cycle, limited to a cap contractually established.

As established in the standing timber supply agreement, the Company will acquire the 40% wood
volume that the Counterparty has the right to pursuant to the forestry partnership agreement at a m
3

price established in each agreement. The m
3
price is determined in USD and will be readjusted based on
the consumer price index of the U.S. economy - US-CPI index. The payments will be due on a quarterly
basis. At the end of each harvesting cycle, any difference between the total quarterly payments paid by
the Company and the equivalent to 40% of the actual timber harvested during the harvesting cycle will
be settled, only in the event that the quarterly payments made by the Company were higher than the
equivalent to 40% of the actual timber harvested at the end of the harvesting cycle, in which case the
Company will be reimbursed for the excess amount.

The Share Purchase Agreement has a clause that allows Parkia to withdraw up to 30% of the total land
subject to the Forestry Partnership Agreement and the Standing Timber Supply Agreement, pursuant to


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a pre-defined withdrawal schedule. Additionally, in relation to the areas not subject to the withdrawal,
Fibria has a first refusal right to acquire the land at market value in the event Parkia receives an offer to
sell the land to a third party.

In case of the sale of any portion of lands to a third party, regarding the lands not included in the 30%
mentioned above, the new land owner is committed with all rights and obligations of the agreements
signed between Fibria and former land owner until the end of the period of the Forestry Partnership
Agreement.

The Share Purchase Agreement does not provide the Company with a right to repurchase the land
during or at the end of the term of the agreement.

Accounting treatment of the transaction

The share purchase agreement, the forestry partnership and standing timber supply agreements result
in a quarterly payment obligation by the Company towards the Counterparty for the right to use of the
land, with a settlement provision based on the pre-cutting wood inventory counts. The final settlement
amount payable is limited to the cap defined in the agreements. The annual estimated payment by the
Company under the transaction is approximately US$ 46 million. Fibria has the contractual right to
operate the land or direct others to operate the land during the term of the agreement in a manner it
determines while ultimately retaining 100% of the harvested timber in such land, through the 60% that
Fibria will contractually retain and the rest of the 40% that it will purchase from the Counterparty.

Based on the above, for accounting purposes, and according to IFRIC 4, Determining whether an
Arrangement Contains a Lease, the contracts are deemed to be within the scope of the technical
pronouncement IAS 17 (R1) Leases. Therefore, the Company accounts for this transaction as a sale
leaseback transaction. The lease is considered to be an operating in nature, with exclusively contingent
payments.

In accordance with IAS 39, Financial Instruments: Recognition and Measurement, the Company the
transaction contains an embedded derivative in the standing timber supply agreement, corresponding to
the USD m
3
price which is adjusted by the U.S.-CPI index, that is not closely related to the economic
environment where the areas are located.

The Company did not recognize separately the fair value of the embedded derivative regarding to the
price in US dollar from the standing timber supply agreement due to the fact of the functional currency
of the Counterparty is the US dollar and, consequently, the embedded derivative is considered to be
closely related to the host agreement.



16 of 58
Gain on sale

The Company recognized in 2013 a gain on sale, as described in the following table:

Sale amount (excluding the contingent asset amount) 1,402,584
(-) Cost of net assets derecognized
Fixed Assets Lands and improvements (Consolidated) (Note 19) (596,528 )
(-) Others (7,016 )

(=) Gain on sale before income tax and social contribution 799,040

(-) Income tax and social contribution expense (271,674 )

(=) Gain on sale, net of income tax and social contribution 527,366

(f) Change in the international
corporate structure

In November 2011, management approved, subject to certain conditions, a project for the corporate
restructuring of our international activities.

On July 1
st
, 2013 the current commercial, operational, logistical, administrative and financial operations
of Fibria Trading International KFT were transferred to another subsidiary, located in Austria, Fibria
International Trade GmbH.

In December 2013, the direct investment held in Fibria, International Trade GmbH, was contributed to
Fibria International Celulose GmbH, a wholly owned subsidiary of Fibria.

This international corporate reorganization and restructuring has different stages, and it is expected to
be completed by December 2015. However, the implementation of the steps of the planned total
restructuring is subject to the approval of the local authorities of each country involved.

(g) Merged Company without effect
on the consolidated interim financial information

On September 30, 2013, the subsidiary Normus Empreendimentos e Participaes Ltda. (Normus) was
merged by the Company. The Company held a 100% interest in Normus, which was located in Brazil. As
a result the indirect subsidiaries Fibria International Trade GmbH
(*)
, Fibria Overseas Holding KFT and
Fibria International Celulose GmbH became direct subsidiaries of the Company.

(*) As mentioned in Note 1(f) above, this direct investment was contributed to Fibria International Celulose GmbH
in December 2013.



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2 Presentation of consolidated interim financial information
and summary of significant accounting policies

2.1 Consolidated interim financial information - basis of preparation

(a) Accounting policies adopted

The consolidated interim financial information has been prepared and is being presented in accordance
with IAS 34 and CPC 21(R1) - Interim Financial Reporting as issued by the International Accounting
Standards Board (IASB) and the Accounting Statements Committee Standards (CPC), as approved by
the Brazilian Securities and Exchange Commission (CMV).

The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2013, considering that its purpose is to provide an update
on the activities, events and significant circumstances in relation to those presented in the annual
financial statements.

The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this interim
financial information and the estimates used, are the same as those used in the preparation of the most
recent annual financial statements, except to the extent disclosed in Note 3.

(b) Approval of the consolidated
interim financial information

The consolidated unaudited interim financial information was approved by the Board of Directors and
Fibrias Management on July 21, 2014.

2.2 Critical accounting estimates
and assumptions

Estimates and assumptions are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. Accounting estimates will seldom match the actual results. In the six months ended June
30, 2014, there were no significant changes in the estimates and assumptions which are likely to result
in significant adjustments to the carrying amounts of assets and liabilities during the current financial
year, compared to those disclosed in Note 3 to our most recent annual financial statements.

3 New standards, amendments and interpretations

The standard below has been issued and is effective for future periods. We have not early adopted this
standard.

. IFRS 9, Financial instruments, addresses the classification, measurement and recognition of
financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It
replaces the parts of IAS 39 that relate to the classification and measurement of financial
instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those
measured as at fair value and those measured at amortized cost. The determination is made at initial
recognition. The classification depends on the entitys business model for managing its financial
instruments and the contractual cash flow characteristics of the instrument. For financial liabilities,


18 of 58
the standard retains most of the IAS 39 requirements. The main change is that, in cases where the
fair value option is taken for financial liabilities, the part of a fair value change which is due to an
entitys own credit risk is recorded in other comprehensive income rather than the income statement,
unless this creates an accounting mismatch. The Company is currently assessing the impacts of
adopting IFRS 9.

The following new interpretation was issued by the IASB and is effective for annual periods beginning
after January 1, 2014:

. IFRIC 21, Levies, provides guidance on when to recognize a liability for a levy imposed by a
government, both for levies that are accounted for in accordance with IAS 37 Provisions, Contingent
Liabilities and Contingent Assets and those where the timing and amount of the levy is certain. It
does not include income taxes. Since the Company is not currently subject to significant levies and for
that reason the impact of the adoption of this new interpretation is not material.

There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expect to
have a material impact on the Companys financial position and results of operations.

4 Risk management

The risk management policies and financial risk factors disclosed in the annual financial statements
(Note 4) did not show any significant changes. The Companys financial liabilities which present
liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), capital risk
management position, including indexes ratios of financial leverage (Note 4.3) and sensitivity analysis
(Note 5) and fair value estimates (Note 6).

4.1 Liquidity risk

The table below presents Fibria's financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows and as such they differ from the amounts
presented in the consolidated balance sheet.



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Less than
one year
Between
one and
two years
Between
two and
five years
Over five
years

At June 30, 2014
Loans and financing 1,663,417 1,678,887 4,475,757 2,548,167
Derivative instruments 57,225 84,180 248,692 187,317
Trade and other payables 730,289 36,679 23,482 37,179

2,450,931 1,799,746 4,747,931 2,772,663

At December 31, 2013
Loans and financing 3,259,720 2,375,473 4,041,476 1,922,459
Derivative instruments 99,259 136,072 479,812 173,044
Trade and other payables 710,198 34,873 24,617 43,080

4,069,177 2,546,418 4,545,905 2,138,583

4.2 Foreign exchange risk

The following table presents the carrying amount of the assets and liabilities denominated in US dollars:

June 30,
2014
December 31,
2013

Assets in foreign currency
Cash and cash equivalents (Note 7) 828,887 1,247,404
Marketable securities (Note 8) 119,069 98,153
Trade accounts receivable (Note 10) 393,821 375,711

1,341,777 1,721,268

Liabilities in foreign currency
Trade payables 44,375 98,996
Derivative instruments (Note 9(a)(e)) 265,404 464,326

6,330,690 7,844,499

Liability exposure (4,988,913 ) (6,123,231 )

4.3 Capital risk management

Management monitors indebtedness on the basis of a consolidated indebtedness ratio. This ratio is
calculated as net debt divided by net income before interest, income taxes including social contribution,
depreciation and amortization and other items as further described below ("Adjusted EBITDA"). This is
part of our strategy of reducing indebtedness and maintaining an appropriate level of leverage in
accordance with our internal policies, as presented in the most recent annual financial statements in
Note 4.2. Net debt represents total loans and financing, less cash and cash equivalents and marketable
securities and the fair value of derivative financial instruments.



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The indebtedness ratios were as follow (measured in Reais):

June 30,
2014
December 31,
2013

Less - cash and cash equivalents (Note 7) 1,057,208 1,271,752
Less (plus) - derivative instruments (Note 9(a) and (e)) (265,404 ) (464,326 )
Less - marketable securities (Note 8) 984,086 1,116,365

Net debt 6,680,858 7,849,306
Adjusted EBITDA (for the accumulated period of 12 months) 2,856,976 2,795,675

Indebtedness ratio in Reais 2.3 2.8

Indebtedness ratio in Dollar 2.4 2.6

The indebtedness ratio decreased from 2.8 at December 31, 2013 to 2.3 at June 30, 2014, as a result an
increase of EBITDA and a reduction of gross indebtedness level due to debt prepayments in the period.

As from June 2012 debt financial covenants including the indebtedness ratio have been measured in
US dollars as further described in Note 23 to the most recent annual financial statements. Since the
ratios used above for the year ended December 31, 2013 and 2012 are measured in Reais there are
differences between the ratio presented above and the ratio measured following the debt financial
covenant requirements. See Note 19 for further information.

The Company continues to focus on actions including reductions in fixed and variable costs, selling
expenses, capital expenditure and improvements in working capital. We have also focused on actions
that may result in the additional liquidity through the disposal of non-strategic assets. These actions are
intended to strengthen the capital structure of the Company, resulting in an improved Net Debt to
Adjusted EBITDA ratio.

5 Sensitivity analysis

The analysis below presents the sensitivity analysis of the effects of changes in relevant risk factors to
which the Company is exposed to at the end of the semester.

According to the local CVM Decision n
o
550/08, the following tables present the change in the fair value
of derivative financial instruments, loans and financings and marketable securities, in two adverse
scenarios, that could generate significant gain or losses to the Company.

Sensitivity analysis of changes in foreign currency

The Companys significant risk factor, considering the period of three months for the evaluation is its US
Dollar exposure. We adopted as the probable scenario the fair value considering the market yield as at
June 30, 2014.

Considering this projected scenario compared with the average exchange rate of R$ 2.2969 observed
during the six-month period ended June 30, 2014, net revenue would have decreased by 3.8%,
representing an approximate amount of R$ 128 million considering the volume and sale prices of the


21 of 58
six-month period ended June 30, 2014.

To calculate the probable scenario the closing exchange rate at the date of these consolidated financial
statement was used (R$ x USD = 2.2025). As the amounts have already been recognized in the
consolidated interim financial information, there are no additional effects in the income statement in
this scenario. In the Possible and Remote scenarios, the USD was appreciated by 25% and 50%,
respectively, when compared to the Probable scenario:

Impact of an appreciation of the real
against the US dollar on the fair value

Possible (25%) - Remote (50%) -
R$ 2.7531 R$ 3.3038

Derivative instruments (571,326 ) (1,354,986 )
Loans and financing (1,414,561 ) (2,829,122 )
Marketable securities 213,958 427,916

Total impact (1,771,929 ) (3,756,192 )

Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as at June 30, 2014. As
the amounts are already recognized in the consolidated interim financial information, there are no
additional effects in the income statement in this scenario. In the Possible and Remote scenarios, the
interest rates were appreciated by 25% and 50%, respectively, when compared to the Probable
scenario:

Impact of an appreciation of the
interest rate on the fair value

Possible (25%) Remote (50%)

Loans and financing (a)
LIBOR (925 ) (1,335 )
Currency basket (525 ) (1,052 )
TJLP (1,297 ) (2,580 )
Interbank Deposit Certificate (CDI) (2,211 ) (4,101 )

(4,958 ) (9,068 )

Derivative instruments
LIBOR 9,373 18,622
TJLP 5,485 10,978

(18,202 ) (33,177 )

Marketable securities (b)

(5,730 ) (11,017 )

Total impact (28,890 ) (53,262 )



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(a) Only our exposure regarding loans and financing, for which we did not enter into derivative financial instruments to hedge our
exposure, was considered in sensitivity analysis above.

(b) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.

6 Fair value estimates

The assets and liabilities measured at fair value in the balance sheet are classified in the following levels
based on the fair value hierarchy:

(a) Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.

The fair value of the assets and liabilities traded in active markets is based on quoted market prices at
the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices
represent actual and regularly occurring market transactions on an arm's length basis. The Company has
only marketable securities comprised of Brazilian federal government securities, classified as Level 1.

(b) Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

The fair value of assets and liabilities that are not traded in an active market (for example, over-the-
counter derivatives) is determined by using valuation techniques. These valuation techniques maximize
the use of observable market data where it is available and rely as little as possible on entity specific
estimates. If all significant inputs required to fair value an asset or liability are observable, the asset or
liability is included in Level 2.

(c) Level 3 - inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).

If one or more of the significant inputs is not based on observable market data, the asset or liability is
included in Level 3.

Specific valuation techniques used to calculate the fair value of the assets and liabilities are:

. quoted market prices or dealer quotes for similar instruments;

. the fair value of interest rate swaps is calculated as the present value of the estimated future cash
flows based on observable yield curves;

. the fair value of forward foreign exchange contracts is determined using forward exchange rates at
the balance sheet date, with the resulting value discounted back to present value;

. other techniques, such as discounted cash flow analysis, are used to determine fair value for the
remaining assets and liabilities.

. the fair value of future contracts on inflation rate (such as embedded derivative contained in
contracts accounted for as capital leases, as described in Note 1 (e)), based on future inflation rates at
the balance sheet date, with the resulting value discounted to present value.

The table below presents the assets and liabilities measured by the fair value as at:



23 of 58
June 30, 2014

Level 1 Level 2 Level 3 Total

Recurring fair value measurements

Assets
At fair value through profit and loss

Derivative instruments (Note 9)

111,561 111,561
Warrant to acquire Ensyn's shares (Note 15) 7,098 7,098
Marketable securities (Note 8) 328,397 605,609 934,006

Available for sale financial assets
Other investments - Ensyn (Note 15)

39,824

39,824

Biological asset (Note 16) (*) 3,588,970 3,588,970

Total assets 328,397 717,170 3,635,892 4,681,459

Liabilities
Derivative instruments (Note 9) 376,965 376,965

Total liabilities 376,965 376,965

December 31, 2013

Level 1 Level 2 Level 3 Total

Recurring fair value measurements

Assets


Derivative instruments (Note 9)

93,554

93,554
Warrant to acquire Ensyn's shares (Note 15)

7,098

7,098
Marketable securities (Note 8) 589,605

478,577

1,068,182

Available for sale financial assets

Other investments Ensyn (Note 15)

39,824

39,824

Biological asset (Note 16) (*)

3,423,434

3,423,434

Total assets 589,605 572,131 3,470,356 4,632,092

Liabilities
Derivative instruments (Note 9) 557,880 557,880

Total liabilities 557,880 557,880

(*) See the changes in the fair value of the biological assets in Note 16.

There were no transfers between levels 1 and 2 during the periods presented.


24 of 58

6.1 Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is
estimated as follows: (a) bonds, whose fair value is based on the observed quoted price in the market
(based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities
that do not have a secondary market, or for which the secondary market is not active, fair value is
estimated by discounting the future contractual cash flows by current market interest rates, also
considering the Companys credit risk. The following table presents the fair value of loans and financing:

Yield used to
discount (*)
June 30,
2014
December 31,
2013

Quoted in the secondary market
In foreign currency
Bonds - VOTO IV 260,861 428,329
Bonds - Fibria Overseas 1,763,542 3,372,843
Estimated based on discounted cash flow
In foreign currency
Export credits LIBOR USD 3,252,374 2,888,240
Export credits (ACC/ACE) DDI 398,588 455,141
Export credits (Finnvera) LIBOR USD 234,809
In local currency
BNDES TJLP DI 1 1,196,886 1,267,976
BNDES fixed rate DI 1 51,544 36,668
Currency basket DI 1 309,270 297,964
FINEP DI 1 2,970 1,970
FINAME DI 1 11,726 13,643
NCE in Reais DI 1 948,971 938,248
Midwest Fund DI 1 37,934 42,902

8,234,666 9,978,733

(*) Used to calculate the present value of the loans.

6.2 Fair value measurement of derivative
financial instruments (including embedded derivative)

Derivative financial instruments (including embedded derivative) are recorded at fair value as detailed
in Note 19. All derivative financial instruments are classified as Level 2 in the fair value hierarchy.

The Company estimates the fair value of its derivative financial instruments and acknowledges that it
may differ from the amounts payable/receivable in the event of early settlement of the instrument. This
difference results from factors such as liquidity, spreads or the intention of early settlement from the
counterparty, among others. The amounts estimated by management are also compared with the Mark-
to-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.

Management believes that the fair value estimated for those instruments following the methods
described below, reliably reflect fair values.



25 of 58
The methods used for the measurement of the fair value of the derivative financial instruments
(including embedded derivative) used by the Company consider methodologies commonly used in the
market and which are based on widely tested theoretical bases.

The methodologies used to estimate the MtM and to record the financial instruments is defined in the
manual developed by the Company's risk and compliance management area.

A summary of the methodologies used for purposes of determining fair value by type of instrument is
presented below.

. Swap contracts - the present value of both the asset and liability legs are estimated through the
discount of forecasted cash flows using the observed market interest rate for the currency in which
the swap is denominated. The contract fair value is the difference between the asset and liability.

. Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model.
Volatility information and interest rates are observable and obtained from BM&FBOVESPA exchange
information to calculate the fair values.

. Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,
obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS) issued
by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in
the embedded derivative instrument. The fair value of the embedded derivative instrument is the
present value of the difference between both positions.

The yield curves used to calculate the fair value in June 30, 2014 are as follows:

Interest rate curves

Brazil United States Dollar coupon

Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % Vertex Rate (p.a.) - %
1M 10.81 1M 0.17 1M (7.28 )
6M 10.78 6M 0.24 6M (0.51 )
1Y 10.91 1Y 0.28 1Y 0.42
2Y 11.41 2Y 0.59 2Y 1.27
3Y 11.68 3Y 1.01 3Y 1.92
5Y 11.96 5Y 1.73 5Y 3.00
10Y 12.26 10Y 2.72 10Y 5.00



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7 Cash and cash equivalents

Average
yield - %
June 30,
2014
December 31,
2013

Cash and banks 64,934 24,348
Local currency
Fixed-term deposits 102% of CDI 219,557
Foreign currency
Fixed-term deposits 0.20 772,717 1,247,404

Cash and cash equivalents 1,057,208 1,271,752

The decrease in the balance during the six-month period ended June 30, 2014 was mainly related to the
payments made by us on loans and financing during the period, as detailed in Note 19(e) to this report.

8 Marketable securities

Marketable securities include financial assets classified as trading as follows:

June 30,
2014
December 31,
2013

Brazilian federal government securities, including under
reverse repurchase agreements
LFT 138,177 52,151
LTN 87,167
LTN-Over 103,053 47,645
NTN-F 489,809
NTN-B
(*)
50,080 48,183

Private securities including securities under reverse
repurchase agreements

Reverse repurchase agreements 360,439 241,084
CDB 126,101 138,340
RDB - fixed interest rate 1,000

In foreign currency
Private securities including securities under reverse
repurchase agreements

Time deposits 119,069 98,153

Marketable securities 984,086 1,116,365

Current 934,006 1,068,182

Non-Current 50,080 48,183

(*) These Notes, issued by the Brazilian federal government, are classified as held-to-maturity investments, they bear an average
interest rate of 5.97% p.a. plus the average inflation for the period (IPCA) and a have a maturity date of August 15, 2020.


27 of 58

Private securities are mainly composed of short-term investments in CDB and reverse repurchase
agreements which have immediate liquidity and bear interest based on the Interbank Deposit
Certificate (CDI) interest rate. Government securities are composed of National Treasury Bills and Notes
all issued by the Brazilian federal government. The average yield of marketable securities in the six-
month period ended June 30, 2014 was 103.22% of the CDI (102.56% of the CDI as at December 31,
2013). Securities in foreign currency correspond to Time deposits with maturity until 90 days and
average yield of 0.20% p.a.

The decrease in the balance during the six-month period ended June 30, 2014 was mainly related to the
prepayments made by Fibria on loans and financing during the period.

9 Derivative financial instruments

The following tables presents the Companys derivative instruments, segregated by type, presenting both
asset and liability position of swap contracts, by hedge strategy adopted, and the maturity schedule
based on contractual terms.

(a) Derivative financial instruments by type

Reference value (notional) -
in US dollars Fair value

Type of derivative
June 30,
2014
December 31,
2013
June 30,
2014
December 31,
2013

Operational hedge
Cash flow hedges of exports
Zero cost dollar 1,031,000 1,122,000 16,977 (12,451 )

Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (US$) 501,036 540,309 9,474 15,332

Hedges of foreign currency
Swap DI x US$ (US$) 413,991 422,946 (62,408 ) (149,807 )
Swap TJLP x US$ (US$) 227,988 275,712 (154,186 ) (225,340 )
Swap Pre x US$ (US$) 232,636 273,472 (50,034 ) (92,060 )

(240,177 ) (464,326 )

Classified
In current assets 40,031 22,537
In non-current assets 70,390 71,017
In current liabilities (72,586 ) (106,793 )
In non-current liabilities (278,012 ) (451,087 )

Total, net (240,177 ) (464,326 )



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(b) Derivative financial instruments by type and
broken down by nature of the exposure
(asset and liability exposure for swaps)

in currency of origin Fair value

Type of derivative
June 30,
2014
December 31,
2013
June 30,
2014
December 31,
2013

Swap contracts
Asset
USD LIBOR (LIBOR to fixed) 501,036 540,309 1,104,446 1,266,940
BRL fixed rate (BRL to USD) 804,965 822,168 1,056,772 1,036,022
BRL TJLP (BRL to USD) 370,379 447,925 354,909 425,413
BRL Pre (BRL to USD) 477,525 559,353 392,524 450,066
Liability
USD fixed rate (LIBOR to fixed) 501,036 540,309 (1,094,973 ) (1,251,608 )
USD fixed rate (BRL to USD) 413,991 422,946 (1,119,180 ) (1,185,829 )
USD fixed rate (BRL TJLP to USD) 227,988 275,712 (509,094 ) (650,753 )
USD fixed rate (BRL to USD) 232,636 273,472 (442,558 ) (542,126 )

Total of swap contracts (257,154 ) (451,875
)

Options
Cash flow hedge - zero cost collar 1,031,000 1,122,000 16,977 (12,451 )

(240,177 ) (464,326 )

(c) Derivative financial instruments by type of
economic hedge strategy

Fair value Value (paid) or received

Type of derivative
June 30,
2014
December 31,
2013
June 30,
2014
December 31,
2013

Operational hedges
Cash flow hedges of exports 16,977 (12,451 ) (13 ) (14,554 )
Hedges of debts
Hedges of interest rates 9,474 15,332 (4,280 ) (10,767 )
Hedges of foreign currency (266,628 ) (467,207 ) (16,078 ) 1,256

(240,177 ) (464,326 ) (20,371 ) (24,065 )



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(d) Fair value of derivative financial instruments
by maturity date and counterparty

The following tables present information about derivative financial instruments grouped by maturity
and counterparty.

The following table presents the fair values by month of maturity:

June 30, 2014

2014 2015 2016 2017 2018 2019 2020 Total

January 2,526 (3,604 ) (2,850 ) (526 ) (1,284 ) (5,738 )
February (3,657 ) (5,256 ) (4,439 ) 2,109 455 401 (10,387 )
March 444 (1,956 ) (2,002 ) (844 ) (1,361 ) (5,719 )
April (3,167 ) (3,455 ) (3,128 ) (760 ) (1,387 ) (11,897 )
May (7,025 ) (5,439 ) (4,560 ) (11 ) (1,038 ) (18,073 )
June (6,479 ) (5,784 ) (5,217 ) (976 ) (1,455 ) (19,911 )
July (1,894 ) (4,115 ) (2,418 ) (390 ) (1,036 ) (1,491 ) (11,344 )
August (4,159 ) (6,482 ) (4,274 ) (2,177 ) (13,268 ) (15,195 ) (16,429 ) (61,984 )
September 359 (4,727 ) (4,077 ) (25,853 ) (10,841 ) (45,139 )
October (2,419 ) (4,525 ) (2,555 ) (2,939 ) (1,181 ) (13,619 )
November (4,192 ) (6,799 ) (4,364 ) (2,297 ) (230 ) (17,882 )
December (2,893 ) (6,321 ) (4,786 ) (3,246 ) (1,238 ) (18,484 )

(15,198 ) (50,327 ) (47,968 ) (59,098 ) (28,802 ) (22,756 ) (16,028 ) (240,177 )

December 31, 2013

2014 2015 2016 2017 2018 2019 2020 Total

January (3,923 ) (6,285 ) (5,215 ) (3,814 ) (857 ) (1,698 ) (21,792 )
February (7,632 ) (8,889 ) (6,652 ) (5,296 ) 2,126 429 419 (25,495 )
March (5,441 ) (6,278 ) (4,097 ) (3,590 ) (1,468 ) (1,759 ) (22,633 )
April (6,544 ) (7,187 ) (4,802 ) (4,074 ) (1,122 ) (1,777 ) (25,506 )
May (10,307 ) (9,637 ) (6,772 ) (5,353 ) 173 (1,176 ) (33,072 )
June (9,701 ) (10,182 ) (7,968 ) (6,832 ) (1,637 ) (1,832 ) (38,152 )
July (5,063 ) (6,407 ) (3,423 ) (693 ) (1,474 ) (1,862 ) (18,922 )
August (8,266 ) (8,810 ) (5,253 ) (2,732 ) (16,953 ) (18,222 ) (19,081 ) (79,317 )
September (5,360 ) (15,188 ) (12,574 ) (55,700 ) (33,734 ) (122,556 )
October (6,106 ) (6,676 ) (3,535 ) (3,768 ) (1,611 ) (21,696 )
November (7,967 ) (8,961 ) (5,276 ) (2,749 ) (371 ) (25,324 )
December (7,947 ) (9,440 ) (6,484 ) (4,334 ) (1,656 ) (29,861 )

(84,257 ) (103,940 ) (72,051 ) (98,935 ) (58,584 ) (27,897 ) (18,662 ) (464,326 )



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Additionally, we present a table breaking down the notional and fair value by counterparty:

June 30, 2014 December 31, 2013

Notional in
US Dollars

Fair value
Notional in
US Dollars Fair value

Banco Ita BBA S.A. 417,336 (9,570 ) 371,800 (44,568 )
Deutsche Bank S.A. 284,450 5,114 342,450 247
Banco CreditAgricole Brasil S.A. 220,824 (2,927 ) 245,457 (8,473 )
Banco Citibank S.A. 122,740 (40,971 ) 234,732 (65,783 )
Bank of America Merrill Lynch 140,000 2,182 229,657 1,120
Banco Santander Brasil S.A. 185,436 (97,884 ) 211,958 (143,371 )
Banco Safra S.A. 204,006 (51,493 ) 209,559 (102,127 )
Banco BNP Paribas Brasil S.A. 205,000 4,848 207,000 (3,336 )
HSBC Bank Brasil S.A. 223,368 (21,935 ) 190,810 (41,271 )
Banco Bradesco S.A. 141,618 (27,623 ) 141,618 (45,960 )
Banco J. P Morgan S.A. 175,000 4,547 125,000 274
Goldman Sachs do Brasil 46,250 (57 ) 64,650 (1,073 )
Banco Votorantim S.A. 20,623 (4,447 ) 27,966 (9,668 )
Banco Mizuho do Brasil S.A. 20,000 39 20,000 (195 )
Morgan Stanley & CO. 11,782 (142 )

2,406,651 (240,177 ) 2,634,439 (464,326 )

Fair value does not necessarily represent the cash required to immediately settle each contract, as such
disbursement will only be made on the date of maturity of each transaction, when the final settlement
amount will be determined.

The outstanding contracts at June 30, 2014 are not subject to margin calls or anticipated liquidation
clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at
CETIP (a clearing house).

Find below the description of the types of contracts and risks being hedged.

(i) LIBOR versus fixed rate swap

The Company has plain-vanilla swaps of quarterly LIBOR versus fixed rates with the objective of
hedging debt carrying interest based on LIBOR against any increase in LIBOR.

(ii) DI versus US dollar swap

The Company has plain-vanilla swaps of Interbank Deposit (DI) versus the US dollar with the objective
of changing our debt exposure in Reais, subjected to DI into a debt in US dollars with fixed interest. The
swaps are matched to debt with respect to underlying amounts, maturity dates and cash flows.

(iii) TJLP versus US dollar swap

The Company has plain-vanilla swaps of Long-term Interest Rate (TJLP) versus the US dollar with the
objective of changing our debt exposure in Reais subject to interest based on TJLP, to debt in US dollars
with fixed interest. The swaps are matched to the related debt with respect to underlying amounts,
maturity dates and cash flows.



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(iv) Zero cost collar

The Company entered into a zero cost collar (a purchased option (put) to purchase dollars and a written
option (call) to sell dollars) with no leverage, with the objective of protecting our exposure to export sales
denominated in US Dollar, with a strike price of the put (floor) and the call (ceiling) results in a floor and
cap of the dollar exchange rate.

(v) Pre swap versus US dollar swap

The Company has plain-vanilla swaps to transform fixed interest debt in Reais to a debt in US dollar
with fixed rate. The swaps are matched to debt with respect to underlying amounts, maturity dates and
cash flows.

(e) Embedded derivative in forestry partnership
and standing timber supply agreements

As described in Note 1(e), the Forestry Partnership and Standing Timber Supply Agreements signed on
December 30, 2013 determine that the price of the wood volume to be purchased by Fibria from the
Counterparty, be denominated in US Dollars per m
3
of standing timber readjusted according to the US-
CPI index. The US-CPI index is not closely related to inflation of the economic environment where the
land is located.

The embedded derivative is a swap of sale of the US-CPI variations during the term of the Forestry
Partnership and Standing Timber Supply Agreements. Considering that the price of the lease is
contingent (determined as 40% of the volume of timber that is actually harvested in each harvesting
cycle, multiplied by the purchase price of standing timber per m
3
, as established in the agreement), the
Company has considered as the notional value of the embedded derivative, the maximum possible
payment amount contractually agreed (the "cap"). The notional value of the derivative is reduced as the
payments are made by the Company every quarter. Since it is an embedded derivative, there were no
disbursements or receivables relating to the derivative, and the disbursements will only be related to the
corresponding standing timber supply pursuant to the contractual terms.

The value of the adjustment regarding the fair value of those embedded derivative in six-month period
ended June 30, 2014 was a loss of R$ 25,227 (on December 31, 2013 the fair value was close to zero) as
detailed below:

in US dollars Fair value

Type of derivative
June 30,
2014
December 31,
2013
June 30,
2014
December 31,
2013

Embedded derivative
Forestry partnership and standing
timber supply agreements 924,545

935,684 (25,227 )

(25,227 )

Classified
In non-current assets 1,140
In current liabilities (503 )
In non-current liabilities (25,864 )

Total, net (25,227 )


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The following table presents the change in the fair value of embedded derivative, in two adverse
scenarios, that could generate significant losses to the Company.

To calculate the probable scenario, the US-CPI index at June 30, 2014 was considered. The probable
scenario was stressed considering an additional appreciation of 25% and 50%.

Impact of an appreciation of the
US-CPI at the fair value

Possible (25%) Remote (50%)

Embedded derivative in forestry partnership and
standing timber supply agreements (120,259 ) (250,831 )

Total impact (120,259 ) (250,831 )

10 Trade accounts receivable and other assets

(a) Trade accounts receivable

June 30,
2014
December 31,
2013

Domestic customers 66,036 14,553
Intercompany 2,794 3,981
Export customers 393,821 375,711

462,651 394,245

Allowance for doubtful accounts (10,533 ) (12,158 )

452,118 382,087

In six-month period ended June 30, 2014, we made some factoring transactions without recourse for
certain customers receivables, in the amount of R$ 813,804 (R$ 1,331,898 at December 31, 2013), that
were derecognized from accounts receivable in the balance sheet.

(b) Other assets

The decrease of the balance of other assets in the non-current assets refers, mainly, to the cession of
credit rights made by the Company regarding to the account receivable related to IPI credit premium.
The amount received by the Company was R$ 158,500.



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11 Inventory

June 30,
2014
December 31,
2013

Finished goods
At plants/warehouses in Brazil 162,125 128,893
Outside Brazil 608,870 587,032
Work in process 19,360 15,592
Raw materials 382,663 385,447
Supplies 145,396 140,873
Imports in transit 4,020 7,587
Advances to suppliers 333 306

1,322,767 1,265,730

The balance increased by 5% or R$ 57,037, mainly due to the high level of inventory of finished products
(increase of 52,000 tons) in the six-month period ended June 30, 2014.

12 Recoverable taxes

June 30,
2014
December 31,
2013

Current

Withholding tax and prepaid Income Tax (IRPJ) and
Social Contribution (CSLL) 8,051 8,958
Value-added Tax on Sales and Services (ICMS) on purchases
of property, plant and equipment 6,883
of raw materials and supplies 110,928 127,282
Federal credits (i) 291,658
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 37,006 162,583
Provision for the impairment of ICMS credits (99,330 ) (97,771 )

355,196 201,052

Non-current

Withholding tax and prepaid Income Tax (IRPJ) and
Social Contribution (CSLL) 234,987 217,451
of property, plant and equipment 13,353 21,418
of raw materials and supplies 744,341 685,897
Federal credits (i) 606,036
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 498,546 379,654
Provision for the impairment of ICMS credits (600,229 ) (560,537 )

1,497,034 743,883

(i) Refers to the tax credit recognized after the approval of the application for the qualification of the IPI premium credit by


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Federal Tax authority (Receita Federal do Brasil), in June 2014, as detailed in Note 20 and to the tax credit of Tax on Net
Income (Imposto sobre o Lucro Lquid0 - ILL), as mentioned in Note 13(b).

During the six months ended June 30, 2014 there were no relevant changes to our expectations
regarding the recoverability of the tax credits presented in Note 14 to the most recent annual financial
statements.

13 Income taxes

The Company and the subsidiaries located in Brazil are taxed based on their taxable income (profit). The
subsidiaries located outside of Brazil use methods established by the respective local regulations. Income
taxes have been calculated and recorded considering the applicable statutory tax rates enacted at the
date of the consolidated interim financial information.

Starting in 2013, the Company began paying income taxes on the profits generated by foreign
subsidiaries in accordance with Article 74 of Provisional Measure 2,158/01 which states that the profits
earned each year by foreign controlled subsidiaries are subject to the payment of income tax and social
contribution in Brazil in the same year, at a rate of 34%, applied to the subsidiaries accounting profits
before income tax. The repatriation of these profits in subsequent years is not subject to future taxation
in Brazil. The Company records a provision for income taxes on foreign subsidiaries on an accruals basis.
The Company decided to start paying these taxes primarily to mitigate any risk of future tax assessments
on this matter, among other things. In 2014, the taxation on foreign subsidiaries profits began to be
regulated by Law 12.973/14, which expressly revokes the mentioned Article 74.

(a) Deferred taxes

Deferred income tax and social contribution tax assets arise from tax loss carryforwards and temporary
differences related to (i) the effect of foreign exchange gains/losses mainly of loans and financings
(which for tax purposes are taxed/deductible on a cash basis); (ii) adjustments to the fair value of
derivative instruments; (iii) provisions not currently deductible for tax purposes; (iv) investments in
rural activity; and (vi) temporary differences arising from the adoption of IFRS/CPCs.



35 of 58

June 30,
2014
December 31,
2013

Tax loss carryforwards 170,675 172,519
Losses from foreign subsidiary 75,573
Provision for contingencies 121,485 118,237
Sundry provisions (impairment, operational and other) 368,651 417,574
Results of derivative contracts recognized on a cash
basis for tax purposes 90,238 157,871
Exchange variations - recognized on a cash basis for tax purposes 476,825 646,286
Tax amortization of goodwill 106,515 110,940
Actuarial gains on medical assistance plan (SEPACO) 4,131 3,729
Tax depreciation (9,518 )
Reforestation costs already deducted for tax purposes (333,963 ) (311,965 )
Fair values of biological assets (207,074 ) (199,861 )
Effects of business combination - acquisition of Aracruz (9,019 ) (13,972 )
Tax benefit of goodwill not amortized for accounting purposes (402,564 ) (357,835 )
Other provisions (1,785 ) (1,785 )

Total deferred taxes, net 459,688 732,220

Deferred taxes - asset (net by entity) 768,394 968,116

Deferred taxes - liability (net by entity) 308,706 235,896



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Changes in the net balance of deferred income tax are as follows:

June 30,
2014
December 31,
2013

At the beginning of the period 732,220 651,683
Tax loss carryforwards (1,844 ) (136,206 )
Losses from foreign subsidiary 75,573
Provision for impairment of foreign deferred tax assets (40,285 )
Temporary differences regarding provisions (45,675 ) 69,120
Derivative financial instruments taxed on a cash basis (67,633 ) 65,024
Amortization of goodwill (49,154 ) (91,697 )
Reforestation costs (12,480 ) (10,460 )
Exchange gains/losses taxed on a cash basis (169,461 ) 175,461
Fair value of biological assets (7,213 ) 39,233
Actuarial gains (losses) on medical assistance plan (SEPACO) 402 (7,685 )
Other 4,953 18,032

At the end of the period 459,688 732,220

(b) Reconciliation of income tax and social
contribution benefit (expense)

June 30,
2014
June 30,
2013

Income (loss) before taxes on income 1.021.866 (930,439 )

Income tax and social contribution benefit (expense)
at statutory nominal rate - 34% (347.434 ) 316,349

Reconciliation to effective expense

Benefits to directors (3.335 ) (1,612 )
Taxes from foreign subsidiaries (3.484 )
Tax on net income (Imposto sobre o Lucro Lquido - ILL) (i) 32.117
Difference in tax rates of foreign subsidiaries 12.987 54,487
Foreign exchange effects on foreign subsidiaries (62.375 )
Other, mainly non-deductible provisions 60 (8,346 )

Income tax and Social Contribution (expense) benefit for the period 371,464 360,878

Effective rate - % 36.4 38.8

(i) In May 2014, after the final judgment, we recognized a tax credit related to Tax on Net Income (Imposto sobre o Lucro Lquid0
- ILL), overpaid by the Company in April 1990, which was judged as unconstitutional by the Supreme Federal Court
(Supremo Tribunal Federal (STF)).



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14 Significant transactions and
balances with related parties

(a) Related parties

The Company is governed by a Shareholders Agreement entered into between Votorantim
Industrial S.A. ("VID"), which holds 29.42% of our shares, and BNDES Participaes S.A.
("BNDESPAR"), which holds 30.38% of our shares (together the "Controlling Shareholders").

The Company's commercial and financial transactions with its subsidiaries, associates, companies of the
Votorantim Group and other related parties are carried out at normal market prices and conditions,
based on usual terms and rates applicable to third parties. Balances and transactions with related parties
are as follows:



38 of 58
(i) Balances recognized in assets and liabilities

Balances receivable (payable)

Nature
June 30,
2014
December 31,
2013

Transactions with controlling shareholders
Votorantim Industrial S.A. Rendering of services (30 ) (716 )
BNDES Financing (1,732,109 ) (1,796,757 )

(1,732,139 ) (1,797,473 )

Transactions with associates
Bahia Produtos de Madeira S.A. Sales of wood 3.027 3,815

Transactions with Votorantim
Group companies
Votorantim Participaes S.A. Loan 6,607
Votener Votorantim
Comercializadora de Energia Energy supplier (627 )
Banco Votorantim S.A.
Financial investments and
financial instruments (9,668 )
Votorantim Cimentos S.A. Energy supplier 16 74
Votorantim Cimentos S.A. Input supplier (26 ) (34 )
Votorantim Siderurgia S.A. Sales of waste 16 24
Sitrel Siderurgia Trs Lagoas Energy supplier 267
Votorantim Metais
Chemical products
supplier (241 )
Votorantim Metais Leasing of land (751 ) (788 )
Companhia Brasileira de Alumnio (CBA) Leasing of land (37 ) (37 )

5,198 (10,403 )

Net (1,723,914 ) (1,804,061 )

Presented in the following lines
In assets
Trade accounts receivable (Note 10) 2,794 3,981
Related parties - non-current 6,607 7,142
In liabilities
Loans and financing (Note 19) (1,732,109 ) (1,796,757 )
Derivative financial instruments (Note 9) (9,668 )
Suppliers (1,206 ) (8,759 )

(1,723,914 ) (1,804,061 )



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(ii) Transactions recognized in the
Statement of profit and loss

Income (expense)

Nature
June 30,
2014
June 30,
2014

Transactions with controlling shareholders
Votorantim Industrial S.A. Rendering of services (6,661 ) (4,909 )
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES) Financing (40,311 ) (79,026 )

(46,972 ) (83,935 )

Transactions with associates
Bahia Produtos de Madeira S.A. Sales of wood 4,647 5,064

Transactions with Votorantim Group
companies
Votener - Votorantim Comercializadora
de Energia Energy supplier 23,207 (19,224 )
Banco Votorantim S.A.
Investments and financial
instruments (4,076 )
Votorantim Cimentos S.A. Energy supplier 3,654
Votorantim Cimentos S.A. Input supplier (2.479 ) (308 )
Votorantim Siderurgia S.A. Sale of waste 67
Sitrel Siderurgia Trs Lagoas Energy supplier 1,633
Votorantim Metais Ltda. Chemical products
supplier (87 ) (2,254 )
Votorantim Metais Ltda. Leasing of lands (4,503 ) (4,751 )
Companhia Brasileira de Alumnio (CBA) Leasing of lands (221 ) (218 )

21,204 (30,764 )

Comments on the main transactions and
contracts with related parties

The following is a summary of the nature and conditions of the transactions with the related parties:

. Controlling shareholders

The Company has a contract with VID related to services provided by the Votorantim Shared Service
Center, which provides outsourcing of operational services relating to administrative activities,
personnel department, back office, accounting, taxes and the information technology infrastructure
shared by the companies of the Votorantim Group. The contract provides for an overall remuneration
of R$ 10,706 and has a one-year term, with annual renewal upon formal confirmation by the parties.

Additionally, VID provide various services related to technical advice, training, including
management improvement programs. These services are also provided to the entire Votorantim
Group and the Company reimburses VID at cost for the charges related to the services used.

The Company has financing contracts with BNDES, the majority shareholder of BNDESPAR, for the


40 of 58
purpose of financing investments in infrastructure and the acquisition of equipment and machines,
as well as the expansion and modernization of its plants (Note 19).

Management believes that these transactions were contracted at terms consistent with those entered
with independent parties, based on technical studies performed when these contracts were executed.

. Associates

The Company has balance receivable of R$ 3,027 from Bahia Produtos de Madeira S.A.,
corresponding to sale of wood, with maturity in 2019, renewable for 15 years.

. Votorantim Group companies

The Company has a contract to purchase energy from Votener - Votorantim Comercializadora de
Energia Ltda. to supply our unit in Jacare. The total amount contracted is R$ 15,000, guaranteeing
115,700 megawatt-hours, and maturing in five years through December 31, 2014. Should either party
request an early termination of the contract, that party is required to pay 50% of the remaining
contract amount. In addition, the Company entered into a contract to purchase energy from Votener,
expiring on December 31, 2014, to supply the Trs Lagoas and Aracruz units. Since these units
already generate its own energy, the contract has the purpose of maximizing the competitiveness of
the energy matrix. The total amount contracted may change based on the needs and consumption of
energy by those plants.

The Company has a derivative instrument contract with Banco Votorantim S.A., as detailed in Note 9.
The Shareholders Agreement limits the intercompany investments to R$ 200 million for securities
and R$ 100 million of notional value for derivative instruments.

The Company, through its joint operation VOTO IV has an account receivable in the amount of US$
3,000 (then equivalent to R$ 6,607) with Votorantim Participaes S.A., with maturity in July 2015.

On January, 2012, the Company entered into a contract to purchase sulfuric acid 98% from
Votorantim Metais, for R$ 18,500, in exchange for the supply of 36,000 metric tons of acid for two
years, up to December 31, 2013.

The Company has an agreement with Votorantim Cimentos for the supply of road construction
supplies, such as rock and calcareous rock, in the approximate amount of R$ 11,706 through
December 12, 2014. This agreement may be terminated at any time with prior notice of 30 days,
without any contractual penalties.

The Company has land lease agreements, for approximately 22,400 hectares, with Votorantim
Metais Ltda., which matures in 2019, totaling R$ 76,496.

The Company has land lease agreements, for approximately 2,062 hectares, with Companhia
Brasileira de Alumnio - CBA and Votorantim Cimentos, which mature in 2023, totaling R$ 4,062.

In the six-month period ended June 30, 2014 and other periods presented, no provision for
impairment was recognized on assets involving related parties.



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(b) Remuneration of officers and directors

The remuneration expenses, including all benefits, are summarized as follows:

June 30,
2014
June 30,
2014

Short-term benefits to officers and directors 20,675 12,605
Rescission of contract benefits 1,587
Benefit program - Phantom Stock Options (1,333 ) 2,438

19,342 16,630

Short-term benefits include fixed compensation (salaries and fees, vacation pay and 13
th
month salary),
social charges and contributions to the National Institute of Social Security (INSS), the Government
Severance Indemnity Fund for Employees (FGTS) and the variable compensation program. The long-
term benefits refer to the variable compensation program.

Short-term benefits to officers and directors do not include the compensation for the Statutory Audit
Committee, Finance, Compensation and Sustainability Committees' members of R$ 819 for the six-
month period ended June 30, 2014 (R$ 241 for the six-month period ended June 30, 2013 regarding the
Audit and Risk Committee).

The Company does not have any additional post-employment active plan and does not offer any other
benefits, such as additional paid leave for time of service.

The balances to be paid to the Companys officers and directors are recorded in the following lines items
of the current and non-current liabilities:

June 30,
2014
December 31,
2013

Current liability
Payroll, profit sharing and related charges 5,387 8,080

Non-current liability

22,983 20,907



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15 Investments

June 30,
2014
December 31,
2013

Investment in associate - equity method (a) 6,913 6,913
Provision for impairment of investments (a) (6,913 ) (6,913 )
Other investment at fair value (b) 46,922 46,922

46,922 46,922

(a) Investment in associate

Our ownership

Associate's
information On equity On profit and loss

Equity
Profit
and
loss %
June 30,
2014
December 31,
2013
June 30,
2014
June 30,
2013

Associate recorded under the equity method
Bahia Produtos de Madeira S.A. 20,740 33.3 6,913 6,913

Provision for impairment
Bahia Produtos de Madeira S.A. (6,913 ) (6,913 )

None of the associates or jointly-operated entity has publicly traded shares.

There are no contingent liabilities related to the Companys interest in the associate. The provisions and
contingent liabilities related to the jointly-operated entities of the Company are described in Note 20.

Additionally, the Company does not have any significant restriction with regards to its associate and
jointly-operated entities and does not have any commitment related to its jointly-operated entities.

(b) Other investment

We have, approximately, 6% of ownership in Ensyns share capital. We performed an assessment
regarding the rights related to these shares and concluded that we do not have a significant influence
over Ensyn, as such this investment has been recorded at fair value.

Fair value change in our interest in Ensyn was not significant in the six-month period ended June 30,
2014.



43 of 58
16 Biological assets

The Company's biological assets are substantially comprised of growing forests intended for the supply
of wood for pulp production. Forests in formation are located in the states of So Paulo, Mato Grosso do
Sul, Minas Gerais, Rio de Janeiro, Esprito Santo and Bahia.

The reconciliation of the book balances at the beginning and at the end of the period is as follows:

June 30,
2014
December 31,
2013

At the beginning of the period
Historical cost 2,730,510 2,451,612
Fair value 692,924 873,992
3,423,434 3,325,604

Additions 514,577 860,134
Harvests in the period
Historical cost (351,090 ) (580,192 )
Fair value (85,143 ) (283,333 )
Change in fair value 87,192 102,265
Disposals (822 )
Transfer (i) (222 )

At the end of the period 3,588,970 3,423,434
Historical cost 2,893,997 2,730,510
Fair value 694,973 692,924

(i) Includes transfers between biological assets and inventory.

In accordance with our accounting policies, at the end of the semester ended June 30, 2014 we
performed a valuation of the biological assets at their fair value. In the following table we present the
main inputs used to estimate the fair value of biological assets:

June 30,
2014
December 31,
2013

Actual planted area (hectare) 448,636 446,544
Average annual growth (IMA) - m
3
/hectare 41 41
Net average sale price - R$/m
3
59.77 56.53
Remuneration of own contributory assets - % 5.6 5.6
Discount rate - % 6.26 6.26



44 of 58
The changes in the fair value of the biological assets in June 30, 2014 are presented as follows:

June 30,
2014
December 31,
2013

Fair value of the forest renovations during the year (38,786 ) (13,127 )
Growing of plantation (IMA, area and age) 4,413 (88,738 )
Variations in price 121,565 204,130

87,192 102,265

The biological assets are classified within Level 3 of the fair value hierarchical level. There were no
transfers between levels during the periods presented.

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46 of 58
18 Intangible assets

June 30,
2014
December 31,
2013

At the beginning of the period 4,634,265 4,717,163
Additions 22
Amortization (45,339 ) (95,085 )
Disposals (9 )
Transfers and others (*) 3,637 12,165


Composed by
Goodwill Aracruz 4,230,450 4,230,450
Systems development and deployment 28,914 32,349
Acquired from business combination
Databases 205,200 228,000
Patents 15,611 25,800
Relationships with suppliers
Chemical products 108,150 113,438
Other 4,229 4,228

4,592,554 4,634,265

(*) Includes transfers between property, plant and equipment and intangible assets.



47 of 58
19 Loans and financing

(a) Breakdown of the balance by type of loan

Current Non- current Total
Type/purpose
Average
annual
interest
rate - %
June 30,
2014
December 31,
2013
June 30,
2014
December 31,
2013
June 30,
2014
December 31,
2013

In foreign currency
BNDES - currency basket 6.3 51,557 53,038 311,111 304,091 362,668 357,129
Export credits (Finnvera) 52,210 173,244 225,454
Bonds - US$ 6.0 16,895 1,547,708 1,910,559 1,816,385 1,927,454 3,364,093
Export credits (prepayment) 2.9 509,777 457,523 2,810,492 2,425,260 3,320,269 2,882,783
Export credits (ACC/ACE) 2.2 410,520 451,718 410,520 451,718

988,749 2,562,197 5,032,162 4,718,980 6,020,911 7,281,177

In Reais
BNDES - TJLP 7.8 337,476 339,702 970,649 1,055,776 1,308,125 1,395,478
BNDES - fixed rate 3.8 10,117 6,891 51,199 37,259 61,316 44,150
FINAME 4.1 4,980 4,853 7,931 10,410 12,911 15,263
NCE 12.4 48,364 46,770 962,080 942,665 1,010,444 989,435
Midwest Region Fund
(FCO and FINEP) 8.1 12,154 11,948 30,887 35,646 43,041 47,594

413,091 410,164 2,022,746 2,081,756 2,435,837 2,491,920

1,401,840 2,972,361 7,054,908 6,800,736 8,456,748 9,773,097

Interest 62,374 94,946 74,238 35,337 136,612 130,283
Short-term borrowing 29,670 13,484 13,484 29,670
Long-term borrowing 1,339,466 2,847,745 6,967,186 6,765,399 8,306,652 9,613,144

1,401,840 2,972,361 7,054,908 6,800,736 8,456,748 9,773,097

The average rates were calculated based on the forward yield curve of benchmark rates to which the
loans are indexed, weighted through the maturity date for each installment, including the
issuing/contracting costs, when applicable.
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49 de 58
(c) Breakdown by currency and interest rate

Loans and financing are broken-down in the following currencies:

Currency

June 30,
2014
December 31,
2013

Real 2,435,837 2,491,920
Dollar 5,658,243 6,924,048
Currency basket 362,668 357,129

8,456,748 9,773,097

Loans and financing are broken-down by interest rate:

Interest rate

June 30,
2014
December 31,
2013

CDI 1,010,444 989,435
TJLP 1,309,788 1,397,463
Libor 3,320,269 3,107,014
Currency basket 362,668 357,129
Fixed 2,453,579 3,922,056

8,456,748 9,773,097

(d) Roll forward

The roll forward of the carrying amounts at the presented period is as follows:

June 30,
2014
December 31,
2013

At the beginning of period 9,773,097 10,767,955
Borrowings 2,452,747 1,279,414
Interest expense 245,718 575,877
Foreign exchange (391,269 ) 927,278
Repayments - principal amount (3,513,267 ) (3,320,157 )
Interest paid (239,020 ) (602,112 )
Expense of transaction costs of Bonds early redeemed 130,749 113,759
Addition of transaction costs (25,289 )
Other (*) 23,282 31,083


(*) Includes amortization of transactions costs.



50 de 58
(e) Relevant operations settled during the period

Export credit (Finnvera)

On February 2014, through Fibria-MS we made an early repayment, with available funds, in the amount
of US$ 96 million (equivalent then to R$ 233,996) regarding the loan agreement with Finnvera (Finnish
Development Agency, which provides credit to companies committed to sustainability programs), signed
on September 2009, with original maturity in February 2018 and bearing an interest rate of semi-annual
LIBOR plus 2.825% p.a. As a result of the early repayment, we recognized financial expenses amounting
to R$ 3,540, related to the amortization of corresponding transaction costs.

Export credits - ACC

During the six-month period ended June 30, 2014, we paid the amount of US$ 65 million (equivalent
then to R$ 152,565) regarding to export credit (ACC), with interest rate were between 0.95% p.a. and
1.40% p.a.

Loans - Fibria 2020 (Bond)

On March 26, 2014, we early redeemed and canceled a total of US$ 690 million (then equivalent to
R$ 1,595,706), with available funds, related to the remaining outstanding balance of the Bond Fibria
2020, issued in May 2010, with original maturity in May 2020, with a fixed interest rate of 7.5% p.a. As
a result of the early redemption, we recognized financial expenses amounting to R$ 299,768, of which
R$ 179,809 related to the premiums paid on the repurchase transaction and R$ 119,959 relating to the
full amortization of the transaction costs of the Bond.


On January 13, 2014, we early redeemed and canceled a total of US$ 12.5 million (then equivalent to
R$ 29,774), with available funds, related to the Bond Fibria 2021, issued in March 2011, with original
maturity in March 2021, with a fixed interest rate of 6.75% p.a. As a result of the early redemption, we
recognized financial expenses amounting to R$ 3,101, of which R$ 2,900 related to the premiums paid
on the repurchase transaction and R$ 201 relating to the proportional amortization of the transaction
costs of the Bond.

On May 12, 2014, we early redeemed and canceled a total of US$ 430 million (then equivalent to
R$ 953,925), with funds obtained with the raise of the Bond Fibria 2024, related to the Bond Fibria
2021, issued in March 2011, with original maturity in March 2021, with a fixed interest rate of 6.75%
p.a. As a result of the early redemption, we recognized financial expenses amounting to R$ 122,258, of
which R$ 114,471 related to the premiums paid on the repurchase transaction and R$ 7,787 relating to
the proportional amortization of the transaction costs of the Bond. As part of this transaction, the
outstanding balance of the Bond Fibria 2021 was US$ 118 million (equivalent than to R$ 261,775).

Loans - VOTO IV (Bond)

On June 16, 2014, we early redeemed a total of US$ 61 million (then equivalent to R$ 136,448), with
available funds, related to the Bond VOTO IV, issued by our joint operation VOTO IV, with original
maturity in June 2020, with a fixed interest rate of 7.75% p.a. As a result of the early redemption, we
recognized financial expenses amounting to R$ 31,291, of which R$ 28,488 related to the premiums paid
on the repurchase transaction and R$ 2,802 relating to the proportional amortization of the transaction
costs of the Bond. As part of this transaction, the outstanding balance of the Bond VOTO IV was US$
97 million (equivalent than to R$ 214,479).


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Revolving credit facility

On March 2014, the Company canceled a revolving credit facility with Banco Bradesco, contracted in
May 2011, through Fibria International Trade GmbH with eleven foreign banks. The facility was for four
years, for a total amount of US$ 500 million. Payments were to be made quarterly for costs with interest
at between 1.4% p.a.to 1.7% p.a., plus quarterly LIBOR, when used. The Company did not use this credit
facility.

(f) Relevant operations contracted during the period

Unused credit lines

In the first quarter 2014, the Company obtained two revolving credit facility in local currency with Banco
Bradesco and Banco Ita, in the total amounts of R$ 300 million and R$ 250 million, respectively,
which are available for four years and interest rate of 100% of the CDI plus 2.1% p.a. when fully used.
During the unused period the Company will pay a commission in Reais of 0.35% p.a. and 0.33% p.a.
quarterly and monthly, respectively. The Company has not used this credit facility. The value related to
this commission is recorded as current liability under Other payable.

On March 2014, the Company, through Fibria International Trade GmbH obtained a revolving credit
facility with eleven foreign banks in the amount of US$ 280 million available for four years, with
interest payable quarterly at quarterly LIBOR rate plus from 1.55% p.a. to 1.70% over the disbursed
amounts. For unused amounts the Company is charged an equivalent to 35% of the agreed interest cost
on a quarterly basis. The Company has not used this credit facility. The value related to this commission
is recorded as current liability under Other payable.

Export credits (prepayments)

On March 2014, the Company through Fibria International Trade GmbH entered into an export
prepayment contract with four foreign banks, in the amount of US$ 200 million (equivalents then to R$
464,960) with quarterly interest payable at quarterly LIBOR rate plus of 1.75% p.a. (which can be
reduced to 1.55% p.a.) with a term of five years, annual installments of US$ 57 million in 2017, US$ 86
million in 2018 and US$ 57 million in 2019.

On March 2014, the Company through Fibria International Trade GmbH entered into an export
prepayment contract with Citibank, in the amount of US$ 100 million (equivalents then to R$ 232,480),
with quarterly interest payable at quarterly LIBOR rate plus of 1.625% p.a., with a term of five years,
annual installments of US$ 7 million in 2014, US$ 21 million in 2017, US$ 43 million in 2018 and US$
28 million in 2019.

Export credits - ACC

In the six-month period ended June 30, 2014, the Company, through Veracel, entered into an export
prepayment contract, in the amount of US$ 69 million (equivalents then to R$ 159,326) maturing
between July and November 2014 and fixed interest rate between 0.93% and 0.98% p.a.

BNDES

In the six-month period ended June 2014, a total amount of R$ 142,991 were released from BNDES
contracts, maturing between 2014 and 2023, subject to interest ranging from TJLP plus 2.02% to 3.42%


52 de 58
p.a. and UMBNDES plus 2.42% p.a. The amount released was earmarked for projects in the industrial and
forestry areas and IT project financing.


On May 7, 2014, after the management approval, the Company, through its subsidiary Fibria Overseas
Finance Ltd., raised US$ 600 million (through the Bond "Fibria 2024" then equivalent to R$ 1,329,840),
maturing in ten years, subject to fixed interest rate of 5.25% p.a. The funds were received on May 12,
2014 and a portion of the fund raised was used to the early redeemed of the Bond Fibria 2021.

(g) Covenants

Some of the financing agreements of the Company contain covenants establishing maximum
indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.

Covenants requirements as
of June 30, 2014

On June 6, 2012, the Company concluded the renegotiation of the debt financial covenants, which
resulted on the following changes: (a) covenants are measured based on consolidated information
translated into US dollars (as opposed to consolidated financial information in Reais), and (b) the
indebtedness ratio (Net debt to EBITDA) was increased to a maximum ratio of 4.5x as from June 2012.
Under the revised criteria by translating the EBITDA from Reais to US dollar at the average exchange
rate of each quarter the impact of the depreciation of the Brazilian real is mitigated.

The measurement of the ratios based on information translated into US dollars reduces the of effects
changes in exchanges rates as compared to ratios based on information measured in Reais. A substantial
portion of the debt of the Company is denominated in US dollars and as a result particularly
depreciation of the real against the US dollar had significant impacts on the ratio when measured in
Reais. Under the prior computation criteria in the event of a depreciation the amount of net debt as of
the end of the period would increase when measured in Reais.

The following table presents the financial covenant ratios:

December,
2012 and
after

Ratio of debt service coverage (i) - Minimum ratio More than 1.00

Indebtedness ratio (ii)- Maximum ratio Less than 4.50

(i) The ratio of debt service coverage is defined as (a) adjusted EBITDA (for the last four social quarters)
in accordance with practices adopted in Brazil and adjusted translated into US dollars at the average
exchange rate of each quarter, plus the balance of cash, cash equivalents and marketable securities at
period-end translated into US dollar at period-end exchange rates divided by (b) debt service
payment requirements for the following four consecutive quarters plus interest paid during the past
four quarters translated into US dollars at the average exchange rate of each quarter.

(ii) The indebtedness ratio is defined as (a) consolidated net debt translated into US dollars at the
period-end closing rate divided by (b) Adjusted EBITDA for the last four social quarters translated


53 de 58
into US dollars at the average exchange rate of each quarter.

The Company is in full compliance with the covenants established in the financial contracts at June 30,
2014, for which the debt service ratio totaled 2.4 and indebtedness ratio totaled 2.4, measured in US
dollars.

The debt agreements that have debt financial covenants also have the following events of default:

. Non-payment, within the stipulated period, of the principal or interest.

. Inaccuracy of any declaration, guarantee or certification provided.

. Cross-default and cross-judgment default, subject to an agreed minimum of US$ 50 million or US$
75 million, depending on the corresponding contract.

. Subject to certain periods for resolution, breach of any obligation under the contract.

. Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel
Celulose S.A.

20 Contingencies

The Company is party to labor, civil and tax lawsuits at various court levels. The provisions for
contingencies against probable unfavorable outcome of claims in progress are established and updated
based on management evaluation, as supported by external legal counsel. Provisions and corresponding
judicial deposits are as follows:

June 30, 2014 December 31, 2013

Judicial
deposits Provision Net
Judicial
deposits Provision Net

Nature of claims
Tax 88,794 108,281 19,487 86,921 102,906 15,985
Labor 54,456 152,749 98,293 55,250 152,442 97,192
Civil 10,074 26,342 16,268 9,503 25,164 15,661

153,324 287,372 134,048 151,674 280,512 128,838

The change in the provision for contingencies is as follows:

June 30,
2014
December 31,
2013

At the beginning of the period 280,512 282,827
Reversal (18,598 ) (125,203 )
New litigation 1,424 60,633
Accrual of financial charges 24,034 62,255



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At the end of the period 287,372 280,512

See below the relevant changes in relation to lawsuits and discussions in the six months ended June 30,
2014:

(i) BEFIEX Program

In March 2014, we filed with the Federal Tax authority an application for qualification of the IPI premium
credit, related to the final favorable court decision obtained by us on October 2013, due to tax incentives
on exports in the period between December of 1993 and May of 1997, as described in Note 24 (d)(ii) to our
most recent annual financial statements.

The IPI Premium Credit was a fiscal financial benefit to exporting companies, established as a form of
compensation paid for the acquisition of raw materials. This benefit was regulated by Decree n
64,833/69, after being introduced by Decree 461/69, valid until the year of 1983, when it was
terminated. However, the rules which governed the deadline for the use of the benefit were repealed by
Decree - Law n 1,724/79 and 1,894/81, so that there was no mention over the deadline of use the
benefit.

Subsequently, the Decree-laws were declared unconstitutional, which led to numerous legal disputes
about the date of termination of the benefit. The precedent is consolidating to limit the use of such
credits to before the year 1990; however, the case of the Company is different, since it joined the BEFIEX
Program, which in the case of tax benefit granted under specific conditions and for a definite period
resulted in vested right, as recognized in the records of the injunction mentioned above.

On June 2, 2014, we obtained by the Federal Tax authority approval of the application for qualification
of the IPI premium credit, in the amount of R$ 860,764 (R$ 568,104, net of taxes), regarding the
exports during the term of the BEFIEX Program, which was filed in March 2014 with the Federal Tax
authority.

The credit was recorded by us and will be used to offset future payments of federal taxes.

(ii) Tax assessment - IRPJ/CSLL - Fibria Trading International II

On June 2014, the Company received a tax assessment notice with respect to the earnings of Fibria
Trading International, related to 2010, which was recognized by Fibrias former subsidiary Normus
(incorporated by the Company on June 2013) based on the equity method. Therefore, this tax
assessment issued by the Brazilian Federal Revenue Service did not reflect the accumulated losses in
previous years. The updated value of the cause is R$ 271,816, as at June 30, 2014. Based on our internal
and external legal advisors, the probability of losses was classified as possible, without the need to record
a provision.



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21 Revenue

(a) Reconciliation

June 30,
2014
June 30,
2013

Gross amount 4,059,572 3,680,567
Sales taxes (68,629 ) (61,301 )
Discounts and returns (*) (654,767 ) (500,674 )

Net revenues 3,336,176 3,118,592

(*) Related mainly to the export customers' performance rebate.

(b) Information about products

June 30,
2014
June 30,
2013

Pulp
Volumes (tons)
Domestic market 232,678 219,813
Foreign market 2,289,808 2,235,843

2,522,486 2,455,656

Pulp revenue
Foreign market 3,028,615 2,851,357

3,294,049 3,082,851

Average price (in Reais per ton) 1,306 1,255

Revenue
Foreign market 3,028,615 2,851,357
Services 42,127 35,741

3,336,176 3,118,592



56 de 58
22 Financial results

June 30,
2014
June 30,
2013

Financial expenses
Interest on loans and financing (245,718 ) (294,659 )
Loans commissions (20,478 ) (20,476 )
Financial charges in the partial repurchase of Bond (456,417 ) (287,402 )
Others (28,036 ) (27,405 )

(750,649 ) (629,942 )

Financial income
Financial investment earnings 48,419 53,148
Others 21,633 6,488

70,052 59,636

Gains (losses) on derivative financial instruments
Gain 263,412 133,065
Losses (84,861 ) (281,909 )

178,551 (148,844 )

Foreign exchange and (loss) gain
Loans and financing 391,269 (524,539 )
Other assets and liabilities (*) (127,430 ) 15,313

263,839 (509,226 )

Net financial result (238,207 ) (1,228,376 )

(*) Includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and
others.



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23 Expenses by nature

June 30,
2014
June 30,
2013

Cost of sales
Depreciation, depletion and amortization (886,163 ) (883,260 )
Freight (386,852 ) (345,595 )
Labor expenses (221,448 ) (199,493 )
Variable costs (1,204,307 ) (1,101,503 )

(2,698,770 ) (2,529,851 )

Selling expenses
Labor expenses (11,896 ) (8,229 )
Commercial expenses (i) (144,440 ) (142,979 )
Operational leasing (847 ) (814 )
Depreciation and amortization charges (3,884 ) (3,445 )
Other expenses (5,994 ) (6,619 )

(167,061 ) (162,086 )

General and administrative and directors' compensation expenses
Labor expenses (53,935 ) (53,612 )
Third-party services (consulting, legal and others) (ii) (55,305 ) (61,176 )
Depreciation and amortization charges (9,090 ) (11,302 )
Other expenses (12,385 ) (12,251 )

(130,715 ) (138,341 )

Other operating expenses, net
Program of variable compensation to employees (34,832 ) (27,086 )
Tax credits (iii) 860,764
Reversal of provision for contingencies 11,796
Changes in fair value of biological assets 87,192 36,100
Others (4,477) 609

920,443 9,623

(i) Includes handling expenses, storage and transportation expenses and sales commissions, among others.
(ii) Includes expenses with external lawyers assessors, advisory services, audit services, administrative among
others.
(iii) Refers to the BEFIEX Program, as mentioned in Note 20.



58 de 58
24 Earnings per share

(a) Basic

The basic earnings per share is calculated by dividing net income attributable to the Company's
shareholders by the weighted average of the number of common shares outstanding during the period,
excluding the common shares purchased by the Company and maintained as treasury shares.

June 30,
2014
June 30,
2013

Net income (loss) attributable to the shareholders of the Company 646,761 (573,878 )

Weighted average number of common shares outstanding 553,591,822 553,591,822

Basic earnings per share (in Reais) 1.168 (1.037 )

The weighted average number of shares in the presented periods is represented by a total number of
shares of 553,934,646 issued and outstanding for the six-month period ended June 30, 2014 and 2013,
without considering treasury shares, for total of 342,824 shares in the six-month period ended June 30,
2014 and 2013. During the six-month period ended June 30, 2014 and 2013 there was no changes in the
number of shares of Company.

(b) Diluted

The Company has no convertible securities or share purchase options that would have a diluted effect in
earnings per share.

25 Explanatory notes not presented

According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/
No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial
instruments by category (Note 7), credit quality of financial assets ( Note 8), financial and operational
lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program
(Note 25), long term commitments (Note 26), shareholder's equity (Note 27), benefits to employees
(Note 28), and insurance (Note 34), assets held for sale and discontinued operations (Note 36) and
impairment testing (Note 37), that we omitted in the March 31, 2014 consolidated interim financial
information because the assumptions, operations and policies have not seen any relevant changes
compared to the position presented in the financial statements as at December 31, 2013.

In addition, the Company no longer has reportable segments to present as at June 30, 2014, therefore
the Note regarding segment information was excluded.

* * *

2Q14 Results
2Q14 Results
2

Partial repurchase of debt securities and 2024 Bond issuance allowed the cost of foreign
currency denominated debt to reduce to 3.8% p.a. and to extend the average maturity to 52 months
2Q14 Highlights
Partial repurchase of bonds in the amount of US$486 million.
Issuance of US$600 million due in 2024 (2024 Bond), with coupon 5.25% p.a., allowed to extend the average debt tenor to 52 months.
Cost reduction of foreign currency denominated debt to 3.8% p.a. (1Q14: 4.1% p.a. | 2Q13 4.7% p.a.)
Net debt/EBITDA in reais at 2.3x (Mar/14: 2.4x | Jun/13: 3.3x).
Gross debt was R$8,457 million, stable compared to 1Q14 and 15% lower than 2Q13, respectively.
Scheduled maintenance downtimes at Aracruz, Veracel and Trs Lagoas Unit A and B Plant successfully concluded.
Pulp production of 1.3 million t, stable in comparison to 1Q14 and 1% lower than 2Q13. In LTM, the production reached 5.3 million t.
Pulp sales of 1.3 million t, 12% and 5% above 1Q14 and 2Q13, respectively. In the LTM, the sales reached 5.265 million t, meaning over
100% of the production volume in the period.
Net revenue of R$1,694 million (1Q14: R$1,642 million and 2Q13: R$1,669 million). In the LTM, net revenues totaled a record of R$7,135
million.
Additional R$23/t and R$27/t on energy sales quarter-on-quarter and year-on-year, respectively, which contributed the cash cost to reach
R$486/t, excluding the downtimes effects, that represents 7% lower than 1Q14 and in line with 2Q13. The cash cost was R$559/t, 2%
higher than 1Q14 and 2Q13.
Adjusted EBITDA of R$594 million, 13% and 8% lower than 1Q14 and 2Q13, respectively. LTM adjusted EBITDA totaled R$2,857
million. EBITDA margin of 35%, 6 p.p. and 4 p.p. lower than 1Q14 and 2Q13, respectively.
EBITDA/t for this quarter was of R$445 (US$200/t), 22% and 13% lower than 1Q14 and 2Q13, respectively.
Free cash flow in the past twelve months reached R$1,125 million (US$93/t), representing 9.5% of free cash flow yield on 06/30/2014.
BEFIEX tax credits in the amount of R$861 million, with a net effect in the net income of R$568 million. The credit will be used to pay
federal taxes.
Net income of R$631 million (1Q14: R$19 million | 2Q13: R$(593) million). In the first half of 2014, the net income was R$650 million.
Excluding non-recurring effects (repurchase of Bonds and BEFIEX tax credits), net income would have been R$139 million in the quarter
and R$358 million in the first half of 2014.
Subsequent Events
3 Investor Tour to take place at Jacare Unit in September 16, 2014.
Key Figures Unit 2Q14 1Q14 2Q13
2Q14 vs
1Q14
2Q14 vs
2Q13
6M14 6M13
6M14 vs
6M13
Last 12
months (LTM)
Pulp Production 000 t 1,271 1,277 1,291 0% -1% 2,548 2,554 0% 5,253
Pulp Sales 000 t 1,334 1,188 1,269 12% 5% 2,522 2,456 3% 5,265
Net Revenues R$ million 1,694 1,642 1,669 3% 1% 3,336 3,119 7% 7,135
Adjusted EBITDA
(1)
R$ million 594 679 647 -13% -8% 1,272 1,211 5% 2,857
EBITDA margin % 35% 41% 39% -6 p.p. -4 p.p. 38% 39% -1 p.p. 40%
Net Financial Result
(2)
R$ million (68) (170) (1,162) - - (238) (1,228) - (1,064)
Net Income (Loss) R$ million 631 19 (593) - - 650 (570) - 522
Free Cash Flow
(3)
R$ million 248 9 234 - 6% 257 400 - 1,125
Gross Debt (US$) US$ million 3,840 3,732 4,485 3% -14% 3,840 4,485 -14% 3,840
Gross Debt (R$) R$ million 8,457 8,445 9,936 0% -15% 8,457 9,936 -15% 8,457
Cash
(4)
R$ million 1,776 1,475 1,683 20% 6% 1,776 1,683 6% 1,776
Net Debt (R$) R$ million 6,681 6,970 8,253 -4% -19% 6,681 8,253 -19% 6,681
Net Debt (US$) US$ million 3,033 3,080 3,725 -2% -19% 3,033 3,725 -19% 3,033
Net Debt/EBITDA LTM x 2.3 2.4 3.3 -0.1 x -0.9 x 2.3 3.3 -0.9 x 2.3
Net Debt/EBITDA LTM (US$)
(5)
x 2.4 2.4 3.0 0.1 x -0.6 x 2.4 3.0 -0.6 x 2.4
(1) Adjusted by non-recurring and non-cash items | (2) Includes results f romf inancial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Does not include the sale of assets and the equity acquisition of Ensyn | (4) Includes the hedge f air value | (5) For covenants purposes
Market Cap June 30, 2014:
R$11.9 billion | US$5.4 billion
FIBR3: R$21.43
FBR: US$9.72
Shares Issued:
553,934,646 shares
The operational and financial information of Fibria Celulose S.A. for the 2nd quarter of 2014 (2Q14) is presented in this document on a consolidated basis and is expressed in reais, unaudited and prepared in
accordance with the Brazilian Corporation Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with elimination of all intercompany transactions.
Conference Call: July 23, 2014
Portuguese: 11 A.M. (Braslia) | Tel: +55 11 3193-1001
English: 12 A.M. (Braslia) | Tel: +1 412 317-6776
Webcast: www.fibria.com.br/ir
Investor Relations
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
2Q14 Results
3

Contents

Executive Summary ..................................................................................................................... 4
Pulp Market .................................................................................................................................. 5
Production and Sales ................................................................................................................... 6
Results Analysis ........................................................................................................................... 7
Financial Result .......................................................................................................................... 10
Net Income ................................................................................................................................. 12
Debt ........................................................................................................................................... 13
Capital Expenditures .................................................................................................................. 15
Free Cash Flow .......................................................................................................................... 16
Capital Market ............................................................................................................................ 16
Subsequent Events .................................................................................................................... 17
Appendix I Revenue x Volume x Price * .................................................................................. 18
Appendix II Income Statement ................................................................................................ 19
Appendix III Balance Sheet ..................................................................................................... 20
Appendix IV Statement of Cash Flows .................................................................................... 21
Appendix V EBITDA and adjusted EBITDA breakdowns (CVM Instruction 527/2012) ............ 22
Appendix VI Economic and Operational Data ......................................................................... 23

2Q14 Results
4

Executive Summary
The inventories of hardwood pulp in 1Q14, closed the month of May at 48 days of production, while the PIX/FOEX BHKP
Europe decreased 2% in the quarter. On the other hand, the increase of demand, especially during the month of June,
contributed to the positive development of Companys sales for the quarter (increase of 12% in the period). It allowed the
net revenue to have a small increase, although the interventions of the Brazilian Central Bank and the inflow of resources
into Brazil have pressured the average dollar, which caused a negative impact on the average net pulp price in reais. On
the other side, the Company kept chasing initiatives to obtain a production cash cost more competitive, evidenced by the
increase of energy sale through the quarter, in addition to continue with its strategy of debt cost reduction.
On May 9, 2014, Fibria announced the partial repurchase of its debt securities maturing in 2021 issued by Fibria
Overseas Finance Ltd. (wholly-owned subsidiary of Fibria) with coupon of 6.75% p.a., in the amount of US$430 million
that represents 78% of the total outstanding. With this transaction, the outstanding principal balance of 2021 Notes was
US$118 million. Concurrently, a new issuance of US$600 million debt bonds maturing in 2024 was contracted by the
same subsidiary, with coupon of 5.25% p.a. These transactions were consistent with Fibrias indebtedness strategy to
reduce its debt service costs and increase the average tenor of its total debt. The expenses incurred by the Company in
connection with the early redemption of the 2021 notes impacted the 2Q14 in approximately US$55 million, a portion of
which non-cash.
On June 05, the Company announced that the Brazilian Federal Revenue Service deferred the request for credit
qualification, filed in March, 2014, related to IPI premium-credit granted by the Committees Program for Granting of Tax
Benefits and Export Special Programs BEFIEX, according to judicial resolution in October, 2013, as detailed in
explanatory note 20 of the ITR. The value of the federal credit then qualified with accounting record by the Company in
June, 2014 was of R$861 million, with net effect in the income, after taxation, in the amount of R$568 million. The
Company will use this credit to compensate federal taxation payments, such as, Income Tax, Social Contribution, and
Pis/Cofins.
In 2Q14, pulp production was 1.271 million t, stable when compared to 1Q14, due to a higher number of production days
in the period and more operating efficiency, despite the stronger impacts with the scheduled maintenance downtimes. In
comparison to 2Q13, the production was 1% lower due to the stronger effect of the scheduled downtime of Veracel Unit,
which in 2013 was fully absorbed. The sales volume totaled 1.334 million t, 12% higher than 1Q14 due to the higher
sales volume to North America and Asia. Year-on-year, sales were 5% higher due to the increased volume to Asia. Pulp
inventories closed the quarter at 52 days.
The cash production cost in the quarter was R$559/t, 2% higher than 1Q14, mainly due to the scheduled maintenance
downtimes, partially compensated by the better result with the energy sales and lower wood cost. Year-on-year, the 2%
increase was chiefly due to the higher impact of scheduled maintenance downtimes, given that the downtime of Veracel
Unit had a major impact on 2Q14, and to the higher cost with wood from third-parties. Excluding the downtimes effects,
the production cash cost presented a decrease of 7% in comparison to 1Q14 and stability comparing to the same period
last year. These fluctuations are mainly due to the best utilities results (2Q14: R$36/t |1Q14: R$18/t | 2Q13: R$14/t),
chiefly explained by the higher energy sales (higher price and volume). Fibria continues to take actions seeking to
minimize its cost structure and aiming to maintain the cash production cost increase in 2014 below inflation. The
Company is prepared to face any adverse scenario regarding the possibility of energy shortage in 2014, considering that
it is self-sufficient. In the first semester, Fibria produced 114% of the energy necessary to pulp production.
2Q14 Results
5

Adjusted EBITDA in 2Q14 totaled R$594 million, with a 35% margin. This figure fell 13% and 8%, compared to 1Q14 and
2Q13, respectively, due to the lower net pulp price in reais and to the higher cost of product sold, which is chiefly due to
the higher sales volume. The reduction on the average pulp price in reais, when compared to 1Q14 is due to the
depreciation of 6% of the average dollar against the real and the reduction of the pulp price in dollar. Compared to 2Q13,
the reduction is due to the decrease in the price of pulp and to the sale mix by region, which had a negative impact for
the quarter. The EBITDA of the last 12 months totaled R$2,857 million, with a 40% margin. The free cash flow for the
quarter was R$248 million, an increase comparing to R$9 million and R$234 million for 1Q14 and 2Q13, respectively. In
the past 12 months the FCF was R$1,125 million, which is corresponded to 9.5% of free cash flow yield on 06/30/2014.
The financial result was R$68 million negative in 2Q14, compared to negative R$170 million in 1Q14. This variation is
mainly explained by the lower expenses incurred from the repurchase of bonds, partially offset by the lower revenue from
foreign exchange variations on the debt and hedge operations. Compared to 2Q13, the financial expense reduction is
mostly due to the weaker effect of the exchange variation on the debt, when compared to the previous year when the
dollar appreciated 10% against the real. It is worth mentioning the 22% decline in interest expenses year-on-year,
resulting from the liability management initiatives seeking the reduction of indebtedness.
Gross debt in reais was R$8,457 million, stable when compared to 1Q14 and 15% lower than 2Q13. Fibria closed the
quarter with a cash position of R$1,776 million. The repurchase of 78% of the outstanding 2021 bonds announced in
May, and the issuance of bonds with maturity in 2024, which the coupon was 5.25% p.a. reduced the cost of the debt in
dollars to 3.8% p.a. compared to 4.1% p.a. in the previous quarter, in addition to extend the average debt tenor to 52
months.
As a result of the above mentioned factors, Fibria closed 2Q14 with net income of R$631 million, compared to R$19
million in 1Q14 and a loss of R$593 million in 2Q13 (more information on page 12).
Pulp Market
The expectation for the arrival of the new pulp capacities volumes and the harsh winter in North America during the first
months of the year provided a scenario of pressure in the market, leading to a reduction in demand and price drops in
the beginning of 2Q14. However, with the consumers level of pulp inventory relatively low and prices reaching the
bottom, making some pulp producers to take market-related downtime, mainly in Asia, the demand soon started to gain
strength, resulting in a good development of sales started in mid-May and extended through June. As a result, Fibrias
sales in 2Q14 grew 5.2% (or 66 thousand t) related to 2Q13.
In general, the eucalyptus pulp sales have been presenting good results in 2014, despite the weak performance of the
global pulp market, which includes both softwood and hardwood grades. The market statistics disclosed in the World-20
report of the Pulp and Paper Products Council (PPPC) showed that, while the global pulp sales dropped 0.8% (-161
thousand t) in the first five months of the year, eucalyptus pulp sales increased by 2.9% (+185 thousand t) compared to
the same period of 2013. This positive result is partially related to the growth of eucalyptus pulp shipments associated to
the closures of other hardwood capacities that occurred throughout 2013. The improvement in sales has been
expressive especially in China and Europe, with a growth of 7% (+94 thousand t) and 4% (+109 thousand t) respectively.
The increasing spread between softwood and hardwood prices were also reflected in the performance of the pulp
demand through the quarter. At the end of June, the PIX/FOEX prices difference between both fibers in the European
market reached US$184/t, accumulating an increment of US$47/t since the beginning of the year.
2Q14 Results
6

Source: PPPC World 20 May 2014
The market scenario is expected to continue very competitive in the next months due to the new pulp capacities that are
gradually hitting to the market. However, the good performance of sales to China and the recovery in European demand
in August, after the seasonal weak period during the summer in the Northern Hemisphere, shall overlap the traditional
concentration of scheduled maintenance downtime that will take place in the third quarter of the year (around 140
thousand t are projected to be removed from the market), positively contributing to the stability of market fundamentals.
Production and Sales
In 2Q14, Fibria held the scheduled maintenance downtimes at the mill A and C of the Aracruz Unit, Trs Lagoas Unit and
Veracel Unit, the latter starting at the end of March and concluded on April 10. All were carried out as planned, in line
with the Companys budget and duration. Pulp production totaled 1,271 thousand t in 2Q14, stable comparing to 1Q14,
due to the higher number of production days (2Q14: 91 days | 1Q14: 90 days) and more operational efficiency, despite
the stronger impact of the scheduled downtimes. Year-on-year, production was 1% lower due to the Veracel downtime
concluded in second quarter, as opposed to this year. Pulp inventories totaled 767 thousand t (52 days), 8% less than
1Q14 834 thousand t (56 days) and 2% below 2Q13 781 thousand t (53 days).
Production ('000 t) 2Q14 1Q14 2Q13
2Q14 vs
1Q14
2Q14 vs
2Q13
6M14 6M13
6M14 vs
6M13
Last 12
months
Pulp 1,271 1,277 1,291 0% -1% 2,548 2,554 0% 5,253
Sales Volume ('000 t)
Domestic Market Pulp 117 116 101 1% 16% 232 220 6% 460
Export Market Pulp 1,217 1,072 1,168 14% 4% 2,290 2,236 2% 4,804
Total sales 1,334 1,188 1,269 12% 5% 2,522 2,456 3% 5,265
-0.8% -0.6%
-1.4%
2.9%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Total
Market Pulp
Softwood Hardwood Eucalyptus
Global market pulp shipments by grade (Jan - May - 000 t)
-161kt
-52kt -114kt
+185kt
2Q14 Results
7

Below is the 2014 schedule of maintenance downtimes for Fibrias mills.
Sales volume totaled 1,334 thousand t, up 12% quarter-on-quarter, as a result of increase in sales volume to North
America and Asia. When compared to 2Q13, the sales volume was 5% higher due to the increase in sales to Asia,
partially offset by the reduction of volumes destined to North America. In the past 12 months, Fibrias sales totaled 5,265
thousand t, corresponding to over 100% of the production over the same period. Sales to Europe represented 42% of
total sales, followed by Asia with 27%, North America with 22% and Latin America with 9%.

Results Analysis
Net revenue was R$1,694 million in 2Q14, 3% and 1% higher than 1Q14 and 2Q13, respectively, as a result of a larger
sales volume, compensated by the decrease of net average price in reais (8% and 4% respectively). Quarter-on-quarter,
the decrease of net average price is explained by the depreciation of 6% of the average dollar and by the decrease of the
pulp price in dollar (2%). Year-on-year, the variation is due to the decrease in the pulp price in dollar and the mix of sales
by region. In the past 12 months, the net revenue was a record of R$7,135 million.
The cost of goods sold (COGS) was 16% higher quarter-on-quarter, mainly due to the higher sales volume. Year-on-
year, COGS was up 9% due to the higher volume sold, foreign exchange effects, specially on the freight, and to the
higher production cost (see further details following).
The cash production cost in 1Q14 was R$559/t, up 2% compared to 1Q14, due to the scheduled maintenance
downtimes at mill A and B of the Aracruz Unit, Trs Lagoas Unit and Veracel Unit. The utilities results (specially energy
sale), that in the quarter posed an additional of R$23/t and the lower cost with wood, in turn explained by the lower cost
with transportation (modal, and contractual adjustments) positively contributed to performance of 2Q14. The Company
believes that it is prepared to face the possible energy shortage scenario, considering that it is self-sufficient. Energy
Mill
Aracruz "A"
Aracruz "B"
Aracruz "C"
Jacare
Trs Lagoas
Veracel
Fibria's Maintenance Downtimes Schedule ! 2014
Jan Feb Mar Apr May Jun Jul Aug
Net Revenues (R$ million) 2Q14 1Q14 2Q13
2Q14 vs
1Q14
2Q14 vs
2Q13
6M14 6M13
6M14 vs
6M13
Last 12
months
Domestic Market Pulp 129 136 108 -5% 20% 265 231 15% 538
Export Market Pulp 1,543 1,486 1,543 4% 0% 3,029 2,851 6% 6,519
Total Pulp 1,672 1,622 1,651 3% 1% 3,294 3,083 7% 7,057
Portocel 22 20 18 7% 21% 42 36 18% 79
Total 1,694 1,642 1,669 3% 1% 3,336 3,119 7% 7,135
2Q14 Results
8

generation is derived from the pulp production process and, therefore, it does not depend on energy generation from the
market. Year-on-year, the 2% increase was chiefly explained by the greater impact of scheduled maintenance downtime,
given that, as opposed to last year, the downtime in Veracel Unit took place mainly in April, and by the higher wood costs
(more expenses with third-party wood and transportation). These effects were partially offset by the better result with
utilities (R$27/t), boosted by energy sales. Excluding the downtime effects, the cash production cost was R$486/t, down
7% quarter-on-quarter and stable year-on-year. It is important to highlight that the depreciation of the average dollar was
7.9% in the last twelve months, while inflation was 6.5% (IPCA). Fibria will continue to pursue its goal of keeping the
cash production cost increase in 2014 below inflation.

546 549
559
2Q13 1Q14 2Q14
Cash Cost
(R$/t)
488
524
486
2Q13 1Q14 2Q14
Cash Cost ex-Downtime
(R$/t)
Pulp Cash Cost R$/t
1Q14 549
Maintenance downtimes 47
Higher maintenance costs 3
Higher labor costs 3
Better results with utilities (23)
Lower cost with wood transportation (9)
Lower input consumption (chemicals and energy) (8)
Volume (3)
Exchange Rate (4)
Other 4
2Q14 559
Pulp Cash Cost R$/t
2Q13 546
Maintenance downtimes 14
Third party wood (2Q14: 11%| 2Q13: 9%) and higher transportation costs 13
Exchange rate 5
Higher maintenance costs 4
Better results with utilities (27)
Other 4
2Q14 559
Wood
43%
Chemicals
20%
Energy
4%
Other Variable
4%
Maintenance
20%
Personnel
5%
Other Fixed
4%
Production Cash Cost
2Q14
Wood
41%
Chemicals
20%
Energy
9%
Other Variable
4%
Maintenance
17%
Personnel
6%
Other Fixed
3%
Production Cash Cost
2Q13
Fixed costs Variable costs
2Q14 Results
9

Selling expenses totaled R$88 million in 2Q14, up 11% quarter-on-quarter as a result of the higher sales volume. Year-
on-year, selling expenses were down 3% due to lower logistics expenses. The ratio of selling expenses over net revenue
remained stable (5%) as compared to both periods.
Administrative expenses totaled R$62 million, down 9% quarter-on-quarter due to reduced expenditures with
administrative salaries. Year-on-year, the 15% reduction is explained by lesser expenses with administrative salaries and
third-party services.
Other operating revenue (expense) totaled a revenue of R$915 million in 2Q14, as compared to a revenue of R$6 million
in 1Q14 and R$12 million in 2Q13. This variation is chiefly due to the effect of R$869 million resulting from IPI premium-
credit granted by BEFIEX Program, in addition to the biological assets revaluation that led to a positive variation of R$87
million. The annual variation was explained by the same reason (premium-credit by BEFIEX).
Adjusted EBITDA reached R$594 million in 2Q14 with margin at 35%. There were reductions of 13% and 8%, when
compared to 1Q14 and 2Q13, respectively, primarily due to the lower net pulp price in reais (-8% and -4%, respectively)
and the higher cost of product sold, in turn chiefly explained by the higher sold volume. The decrease of average net
price in reais quarter-on-quarter is related to the depreciation of 6% the average dollar against the real and to the
reduction of pulp price in dollar. On the other hand, year-on-year, the reduction is due to the decrease in pulp price and
to the mix of sales by region, which had a negative impact this quarter. The graph below shows the main variations in the
quarter:
647
679
594
2Q13 1Q14 2Q14
EBITDA (R$ million) and
EBITDA Margin (%)
39%
41%
35%
509
571
445
2Q13 1Q14 2Q14
EBITDA/t
(R$/t)
679
665
1,494
594
(14)
204
(51)
(101) (129)
(9)
6
909
(900)
1Q14 Adjusted
EBITDA
Non-recurring
effects / non-
cash
1Q14 EBITDA Volume Price FX COGS Selling G&A Other oper.
Expenses
2Q14 EBITDA Non-recurring
effects / non-
cash
2Q14 EBITDA
Ajustado
EBITDA 2Q14 x 1Q14
R$ million
2Q14 Results
10

Financial Result
Revenue from interest on investments was R$23 million, down 12% quarter-on quarter, due to the use of resources to
pay commitments especially in April, and in June closing with R$2,041 million, causing an impact, on accounting basis,
on the interest revenue result in the period. Year-on-year there was a 15% increase in this line mainly due to cash
reduction over that quarter, used for debt settlement (principal and interests) in the period. The result of hedge
operations was positive R$59 million, with R$68 million due to the positive variation in the fair value of debt hedge (see
further details on derivatives - page 11).
Financial expenses with interest on loans and financing totaled R$109 million in 2Q14, down 20% quarter-on-quarter,
chiefly due to the settlements in foreign currency occurred in the period (settlement of 2020 Bond at the end of march
and the repurchase of US$430 million in May, 2014, corresponding to 78% of the outstanding principal of 2021 Bond).
Year-on-year, the reduction of 22% (R$31 million) is mainly due to the reduction of debt in foreign currency.
Financial revenue with foreign exchange variations on dollar-denominated debt (95% of total gross debt) was R$164
million, compared to revenue of R$227 million in 1Q14. This revenue was due to the depreciation in the closing dollar in
the period (2Q14: R$2.2025 | 1Q14: R$2.2630). As compared to 2Q13, the variation is explained by the appreciation of
10% of the dollar against the real in that quarter.
Other financial revenue and expense totaled an expense of R$154 million, a decrease of R$176 million over 1Q14, due
to lower effect on accounting basis related to the repurchase of bonds maturing in 2020 (Voto IV) and 2021 (Fibria
2021), considering that the amounts were lower than the repurchase made in the previous quarter. Such factor explains
the variation when compared to 2Q13.
Mark-to-market of derivatives on June 30, 2014 was negative R$265 million (with positive R$17 million in operational
hedge, negative R$257 million in debt hedge and negative R$25 million in embedded derivatives), compared to negative
mark-to-market of R$333 million on March 31, 2014, a positive variation of R$68 million. This result is mainly explained
by the appreciation of the real in the period, impacting open debt swaps. The cash impact of swaps maturing in the
period was R$9 million, resulting in a positive impact on the financial result of R$59 million. The table below shows the
hedge derivative position at the end of June:
(R$ million) 2Q14 1Q14 2Q13 6M2014 6M2013
2Q14 vs
1Q14
2Q14 vs
2Q13
6M2014 vs
6M2013
Financial Income (including hedge result) 82 146 (180) 228 (96) -44% - -
Interest on financial investments 23 26 20 49 53 -12% 15% -8%
Hedging(1) 59 120 (200) 179 (149) -51% - -
Financial Expenses (109) (137) (140) (246) (294) -20% -22% -16%
Interest - loans and financing (local currency) (52) (52) (46) (104) (91) 0% 13% 14%
Interest - loans and financing (foreign currency) (57) (85) (94) (142) (203) -33% -39% -30%
Monetary and Exchange Variations 113 151 (595) 264 (509) -25% - -
Foreign Exchange Variations - Debt 164 227 (650) 391 (525) -28% - -
Foreign Exchange Variations - Other (51) (76) 55 (127) 16 -33% - -
Other Financial Income / Expenses(2) (154) (330) (247) (484) (329) -53% -38% 47%
Net Financial Result (68) (170) (1,162) (238) (1,228) -60% - -
(1)
Change in the marked to market (2Q14: R$(265) million | 1Q14: R$(333) million) added to received and paid adjustments.
(2)
Ref er to f inancial charges f rom bond buy-back in 2Q14.
2Q14 Results
11

Zero cost collar operations have become more appropriate in the current foreign exchange scenario, especially because
of the dollars volatility, as these operations allow the Company to lock in the exchange rate at the same time that it
minimizes the negative impacts of a rapid depreciation of the real. The instrument consists of hedging an exchange
range favorable to the cash flow, within which Fibria does not pay nor does it receive adjustments. At the same time that
the Company is protected in these scenarios, this feature allows Fibria to capture greater benefits in export revenues in
the event of a rising dollar. Currently, the operations have a maximum term of 12 months, coverage of 42% of net foreign
exchange exposure and are only used to hedge cash flow exposures.
Derivatives used to hedge the debt (swaps) seek to transform real-denominated debt into dollar-denominated debt or to
protect existing debt from unfavorable oscillations in interest rates. Thus, all swap asset legs are matched with the cash
flows of the respective hedged debt. The fair value of these operations corresponds to the net present value of expected
flows through maturity (44 month average in 2Q14) and, therefore, has a reduced cash impact.
Forestry partnership and the related standing wood sale contracts on December 30, 2013 are denominated in U.S.
dollars per cubic meter of standing wood, adjusted according to U.S. inflation as measured by the CPI (Consumer Price
Index), which is not considered to be related to inflation in the economies where these areas are located, for an inherent
derivative. This instrument, presented in the table above, is a swap of the variations in the US-CPI for the period of the
above mentioned contracts. See note 9 (e) of the 2Q14 Financial Statements for more details and sensitivity analysis of
the fair value in the event of acute variations in the US-CPI.
All of the financial instruments were contracted in accordance with the guidelines established by the Market Risk
Management Policy, and are conventional instruments without leverage or margin calls, duly registered with CETIP
jun/14 mar/14 jun/14 mar/14
Receive
US Dollar Libor (2) may/19 501 $ 512 $ 1,104 R$ 1,160 R$
Brazilian Real CDI (3) aug/20 805 R$ 814 R$ 1,057 R$ 1,042 R$
Brazilian Real TJLP (4) jun/17 370 R$ 409 R$ 355 R$ 388 R$
Brazilian Fixed (5) dec/17 478 R$ 518 R$ 393 R$ 418 R$
Receive Total (a) 2,909 R$ 3,008 R$
Pay
US Dollar Fixed (2) may/19 501 $ 512 $ (1,095) R$ (1,145) R$
US Dollar Fixed (3) aug/20 414 $ 419 $ (1,119) R$ (1,148) R$
US Dollar Fixed (4) jun/17 228 $ 252 $ (509) R$ (576) R$
US Dollar Fixed (5) dec/17 233 $ 253 $ (443) R$ (490) R$
Pay Total (b)
(3,166) R$ (3,359) R$
Net (a+b) (257) R$ (351) R$
Option
US Dollar Options up to 10M 1,031 $ 932 $ 17 R$ 8 R$
Options Total (d) 17 R$ 8 R$
Receive
US Dollar Fixed dec/34 925 $ 936 $ 1 R$ 19 R$
Pay
US Dollar CPI dec/34 925 $ 936 $ (26) R$ (9) R$
Embedded Derivatives
Total (e) (25) R$ 10 R$
Net (a+b+c+d+e)
(265) R$ (333) R$
Notional Fair Value
Embedded Derivatives - Forestry Partnership and Standing Timber Supply
Agreements
Swaps Maturity
2Q14 Results
12

(Securities Custody and Financial Settlement Clearinghouse), with cash impacts only upon their respective maturities
and amortizations. The Companys Governance, Risk and Compliance area is responsible for the verification and control
of positions involving market risk and independently reports directly to the CEO and to the other departments and bodies
involved in the process, ensuring implementation of the policy. Fibrias Treasury area is responsible for the execution and
management of financial operations.
Net Income
In 2Q14, the Company posted net income of R$631 million, profit account of R$19 million in 1Q14 and loss of R$593
million in 2Q13. Compared to 1Q14, the variation is mainly explained by i) revenue from accounting of IPI premium-
credits related to BEFIEX Program (see explanatory note Nr. 20 of the ITR) and ii) better financial income due to the
lower impact with financial charges related to the repurchase of debt bonds. In comparison to 2Q13, in addition to the
mentioned factors, the result with the foreign exchange variation on the debt also explains the increase in net income.
These effects were partially compensated by the increase in the cost of products sold in both periods.
If we disregard the revenue with the IPI premium-credits and the financial charges related to the repurchase of debt
bonds, the net income for the quarter would have had a profit of approximately R$139 million and R$358 million in the
first half of 2014.

S94
1,494
631
900
223 (1S4)
(86)
(487)
(308)
(S1)
Ad[usted
L8I1DA
8LIILk ] Cther
rev.] Cpex
L8I1DA exchange
rate debt ]
MtM hedge
8onds
kedempt|on
Net
Interest
Deprec., Amort.
and Dep|ec|t|on
Ik]CS Cther ' Net
Income
Net Income (R$ million)
8LllLx
8LllLx
exchange
raLe debL
MLM
hedge
(1)
ConslderlngoLher exchange andcurrency varlaLlon.
2Q14 Results
13

Debt

The balance of gross debt on June 30, 2014 was R$8,457 million, stable comparing to 1Q14, primarily explained by the
2020 and 2021 bonds repurchase and by the 2024 Bond in the period. As compared to 2Q13, gross debt fell R$1,479
million, primarily as a result of continued liability management initiatives. In the quarter, Fibria repurchased and cancelled
R$1,079 million (US$486 million) of the 2020 and 2021 Bonds at a rate of 7.75% p.a. and 6.75% p.a. and issued
R$1,330 million (US$600 million) due in 2024 (Fibria 2024) with interest of 5.25 p.a. The total repurchases in the year, to
date, will provide annual savings of US$63 million in interest payments, considering the new issuance. The graph below
shows changes in gross debt in the quarter:
Financial leverage in reais was at 2.3x on June 30, 2014, as a result of the net indebtedness level in the period.
8,445 8,457
1,518
(1,467)
109
(164)
16
Gross Debt Mar/14 Loans Principal/Interest
Payment
Interest Accrual Foreign Exchange
Variation
Others Gross Debt Jun/14
Gross Debt (R$ million)
Unit Jun/14 Mar/14 Jun/13
Jun/14 vs
Mar/14
Jun/14 vs
Jun/13
Gross Debt R$ million 8,457 8,445 9,936 0% -15%
Gross Debt in R$ R$ million 458 386 696 19% -34%
Gross Debt in US$
(1)
R$ million 7,999 8,059 9,241 -1% -13%
Average maturity months 52 47 57 5 -5
Cost of debt (foreign currency)
(2)
% p.a. 3.8% 4.1% 4.7% -0.3 p.p. -0.9 p.p.
Cost of debt (local currency)
(2)
% p.a. 7.3% 7.2% 8.4% 0.1 p.p. -1.1 p.p.
Short-term debt % 20% 17% 8% 3 p.p. 12 p.p.
Cash and cash Equivalents in R$ R$ million 1,057 958 1,434 10% -26%
Cash and cash Equivalents in US$ R$ million 984 850 656 16% 50%
Fair value of derivative instruments R$ million (265) (333) (407) -20% -35%
Cash and cash Equivalents
(3)
R$ million 1,776 1,475 1,683 20% 6%
Net Debt R$ million 6,681 6,970 8,253 -4% -19%
Net Debt/EBITDA (in R$) x 2.3 2.4 3.3 -0.1 -1.0
Net Debt/EBITDA (in US$)
(4)
x 2.4 2.4 3.0 0.0 -0.6
(1) Includes BRL to USD swap contracts. The original debt in dollars was R$ 6,021 million (71% of the total debt) and debt in reais was R$ 2,436 million (29% of the debt)
(2 The costs are calculated considering the debt swap
(3) Includes the f air value of derivative instruments
(4) For covenant purposes
2Q14 Results
14

The average cost of local currency denominated debt in June, 2014 was 7.3% p.a. (Mar/14: 7.2% p.a. | Jun/13: 8.4%
p.a.) and the cost in foreign currency denominated debt was 3.8% p.a. (Mar/14: 4.1% p.a. | Jun/13 4.7 p.a.). The
Company will continue to seek opportunities to reduce the cost of its debt. The graphs below show Fibrias debt by
instrument, indexer and currency (including debt swaps):
The average tenor of total debt was 52 months in Jun/2014, compared to 47 months in Mar/14 and 57 months in Jun/13.
The repurchase of 2021 and 2020 (Voto IV) bonds, and the issue of the 2024 Bond extended the average tenor of the
Companys debt. The graph below shows the amortization schedule of Fibrias total debt:
The cash and cash equivalents position on June 31, 2014 was R$1,776 million, including the negative R$265 million
mark-to-market of hedge instruments. Excluding the mark-to-market impact on cash, 53% was invested in local currency
in fixed-income public bonds and the remainder, in short-term investments abroad.
The Company has 4 revolving credit facilities in the total amount of R$1,467 million with availability of four years as of
contracting, with 3 in local currency that sum up to R$850 million (contracted in Mar/13 and Mar/14) with a cost of 100%
of the CDI + 1.5% p.a. to 2.1% p.a. when used (when not in use, the cost in reais will be 0.33% p.a. to 0.35% p.a.) and 1
facility in foreign currency in the amount of US$280 million (contracted in Mar/14) with a cost of 1.55% p.a. plus the 3-
month LIBOR when used (when not in use, the cost of 35% of the agreed upon spread). Even though they are not in use,
these funds help improve the Companys liquidity. Therefore, the cash position of R$1,776 million and these R$1,467
38%
23%
22%
12%
5%
Gross Debt by Type
Pre-Payment Bond
BNDES NCE
Others
26%
59%
11%
4%
Gross Debt by Index
Libor Pre Fixed
TJLP Others
7%
93%
Gross Debt by Currency
Local currency Foreign currency
855
314
451
831
778 790
371
318
1,269
1,302
213
459
318
524
437
133
174
135
37
6
1,068
773 769
1,355
1,215
923
545
453
48
6
1,302
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Amortization Schedule
(R$ million)
Foreign Currency Local Currency
2Q14 Results
15

million stand-by credit facilities equals an immediate liquidity position of R$3,243 million. That being considered, the ratio
between cash (including such stand by credit facilities) and short-term debt of 2.3x on June 30, 2014.
The graph below shows the evolution of Fibrias net debt and leverage since June of 2013:
Capital Expenditures

Capital expenditures (CAPEX) in the quarter totaled R$418 million, up 38% quarter-on-quarter, primarily due to
increased expenditures with acquisition of forest machinery and the purchase of a larger volume of Parkia agreement
standing wood. These same factors explain most of the year-on-year variation, and drove the increase in CAPEX of the
last 12 months, which was R$1,409 million.
(R$ million) 2Q14 1Q14 2Q13
2Q14 vs
1Q14
2Q14 vs
2Q13
6M14 6M13
6M14 vs
6M13
Last 12
months
Industrial Expansion 11 6 - 85% - 18 - - 26
Forest Expansion 7 26 15 -73% -53% 33 39 -15% 58
Subtotal Expansion 18 32 15 -43% 21% 51 39 30% 84
Safety/Environment 4 2 6 82% -45% 5 9 -42% 27
Forestry Renewal 278 203 219 37% 27% 481 380 26% 950
Maintenance, IT, R&D, Modernization 91 48 81 90% 12% 139 127 9% 265
Subtotal Maintenance 373 253 307 47% 21% 625 517 21% 1,241
50% Veracel 27 17 28 60% -1% 45 42 7% 83
Total Capex 418 302 350 38% 20% 721 598 21% 1,409
3.3 3.0
2.8
2.4
2.3
3.0
2.9
2.6
2.4
2.4
Net Debt / EBITDA (x)
(k5)
(US$)
8,253 8,240
7,849
6,970
6,681
Jun/13 Sep/13 Dec/13 Mar/14 Jun/14
Net Debt (R$ million)
2Q14 Results
16

Free Cash Flow
Working capital posted a negative result of R$131 million in 2Q14, compared to the negative result of R$218 million in
1Q14. This decline was mainly due to the reduction in inventories, increase in suppliers and reimbursement of credit
rights.
Capital Market
Equities

The average daily trade volume of Fibrias shares was approximately 2.7 million, up 8% as compared to 1Q14. The
average daily financial volume was US$27 million in 1Q14, stable quarter-on-quarter, with US$13.1 million traded on the
BM&FBovespa and US$14.1 million traded on the NYSE.
0
20
40
60
80
100
120
Apr-14 May-14 Jun-14
Average Daily Trading Volume
(US$ million)
BM&FBovespa NYSE
0
2
4
6
8
10
12
14
Apr-14 May-14 Jun-14
Average Daily Trading Volume
(million shares)
BM&FBovespa NYSE
Daily average:
US$27.3 million
Daily average:
2.7 million shares
(R$ million) 2Q14 1Q14 2Q13 6M14 6M13
Last 12
months
Adjusted EBITDA 594 679 647 1,272 1,211 2,857
(-) Capex including advance for wood puchase (418) (302) (350) (720) (598) (1,409)
(-) Interest (paid)/received (58) (138) (188) (196) (268) (386)
(-) Income tax (2) (3) (12) (5) (16) (20)
(+/-) Working Capital 131 (218) 151 (87) 91 111
(+/-) Others 1 (8) (14) (7) (19) (28)
Free Cash Flow
(1)
248 9 234 257 399 1,125
(1) Doesn't include the land deal and the assets solds in 2013
(2) Doesn't include the Bond redemption disbursement
(3) Doesn't include the IR/CS debt pay ment according to REFIS ov er the realized f oreign prof it in 2013
2Q14 Results
17

Fixed Income

Subsequent Events
3
rd
Investor Tour
Fibria will hold its 3rd Investor Tour on September 16, 2014 in Jacare Unit. The event will have the
participation of the Companys board of executive officers and managers.
Event scheduled to start in Jacare: 8:30 AM
Event scheduled to end in Jacare: 5:00 PM
Scheduled to arrive in So Paulo: 7:00 PM
Subscription must be made until 07/31/14 through e-mail fibriainvestortour@sbeventos.com.

Yield Unit Jun/14 Mar/14 Jun/13
Jun/14 vs
Mar/14
Jun/14 vs
Jun/13
Fibria 2019 % 7.6 7.4 7.5 0.2 p.p. 0.1 p.p.
Fibria 2021 % 4.6 5.0 5.5 -0.4 p.p. -0.9 p.p.
Fibria 2024 % 5.2 - - - -
Treasury 10 Years % 2.5 2.7 2.5 0.2 p.p. -0.2 p.p.
Price Unit Jun/14 Mar/14 Jun/13
Jun/14 vs
Mar/14
Jun/14 vs
Jun/13
Fibria 2019 USD/k 107.3 108.3 108.8 -1% 0%
Fibria 2021 USD/k 112.4 110.2 107.6 2% 2%
Fibria 2024 USD/k 100.0 - - - -
2Q14 Results
18

Appendix I Revenue x Volume x Price *

2Q14 vs 1Q14
2Q14 1Q14 2Q14 1Q14 2Q14 1Q14 Tons Revenue Avge Price
Pulp
Domestic Sales 117,063 115,615 129,290 136,144 1,104 1,178 1.3 (5.0) (6.2)
Foreign Sales 1,217,316 1,072,493 1,542,755 1,485,861 1,267 1,385 13.5 3.8 (8.5)
Total 1,334,378 1,188,108 1,672,044 1,622,005 1,253 1,365 12.3 3.1 (8.2)
2Q14 vs 2Q13
2Q14 2Q13 2Q14 2Q13 2Q14 2Q13 Tons Revenue Avge Price
Pulp
Domestic Sales 117,063 101,531 129,290 107,898 1,104 1,063 15.3 19.8 3.9
Foreign Sales 1,217,316 1,167,735 1,542,755 1,543,238 1,267 1,322 4.2 (0.0) (4.1)
Total 1,334,378 1,269,267 1,672,044 1,651,137 1,253 1,301 5.1 1.3 (3.7)
6M14 vs 6M13
6M14 6M13 6M14 6M13 6M14 6M13 Tons Revenue Avge Price
Pulp
Domestic Sales 232,678 219,813 265,434 231,494 1,141 1,053 5.9 14.7 8.3
Foreign sales 2,289,809 2,235,843 3,028,616 2,851,357 1,323 1,275 2.4 6.2 3.7
Total 2,522,486 2,455,656 3,294,049 3,082,851 1,306 1,255 2.7 6.9 4.0
Price (R$/Ton) 6M14 vs 6M13 (%)
Price (R$/Ton) 2Q14 vs 1Q14 (%)
Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) 2Q14 vs 2Q13 (%)
Net Revenue (R$ 000)
Net Revenue (R$ 000)
Sales (Tons)
Sales (Tons)
*Does not include Portocel
2Q14 Results
19

Appendix II Income Statement

R$ AV% R$ AV% R$ AV%
Net Revenue 1,694 100% 1,642 100% 1,669 100% 3% 1%
Domestic Sales 151 9% 156 10% 126 8% -3% 20%
Foreign Sales 1,543 91% 1,486 90% 1,543 92% 4% 0%
Cost of sales (1,451) -86% (1,248) -76% (1,337) -80% 16% 9%
Cost related to production (1,244) -73% (1,068) -65% (1,157) -69% 17% 8%
Freight (207) -12% (180) -11% (180) -11% 15% 15%
Operating Profit 243 14% 395 24% 332 20% -38% -27%
Selling and marketing (88) -5% (79) -5% (91) -5% 11% -3%
General and administrative (62) -4% (68) -4% (73) -4% -9% -15%
Financial Result (68) -4% (170) -10% (1,162) -70% -60% -94%
Other operating (expenses) income 915 54% 6 0% 12 1% - -
Operating Income 939 55% 83 5% (983) -59% - -
Current Income taxes expenses (90) -5% (12) -1% (1) 0% - -
Deffered Income taxes expenses (218) -13% (52) -3% 390 23% - -
Net Income (Loss) 631 37% 19 1% (593) -36% - -
Net Income (Loss) attributable to controlling equity interest 630 37% 17 1% (596) -36% - -
Net Income (Loss) attributable to non-controlling equity interest 1 0% 2 0% 2 0% -44% -35%
Depreciation, amortization and depletion 487 29% 412 25% 466 28% 18% 4%
EBITDA 1,494 88% 665 40% 646 39% 125% 131%
Equity - 0% - 0% - 0% 0% 0%
Fair Value of Biological Assets (87) -5% - 0% (36) -2% 0% -
Fixed Assets disposals 3 0% 1 0% 39 2% 318% -92%
Accruals for losses on ICMS credits 22 1% 25 2% 23 1% -11% -4%
Tax Credits/Reversal of provision for contingencies (839) -50% (12) -1% (25) -1% - -
EBITDA adjusted (*) 594 35% 679 41% 647 39% -13% -8%
R$ AV% R$ AV%
Net Revenue 3,336 100% 3,119 100% 7%
Domestic Sales 308 9% 267 9% 15%
Foreign Sales 3,029 91% 2,851 91% 6%
Cost of sales (2,699) -81% (2,530) -81% 7%
Cost related to production (2,312) -69% (2,184) -70% 6%
Freight (387) -12% (346) -11% 12%
Operating Profit 637 19% 589 19% 8%
Selling and marketing (167) -5% (162) -5% 3%
General and administrative (131) -4% (138) -4% -5%
Financial Result (238) -7% (1,228) -39% -81%
Other operating (expenses) income 920 28% 10 0% -
LAIR 1,022 31% (930) -30% -
Current Income taxes expenses (101) -3% (12) 0% -
Deffered Income taxes expenses (270) -8% 373 12% -
Net Income (Loss) 650 19% (570) -18% -
Net Income (Loss) attributable to controlling equity interest 647 19% (574) -18% -
Net Income (Loss) attributable to non-controlling equity interest 4 0% 4 0% -9%
Depreciation, amortization and depletion 899 27% 898 29% 0%
EBITDA 2,159 65% 1,196 38% 80%
Equity - 0% 0% 0%
Fair Value of Biological Assets (87) -3% (36) -1% 142%
Property, Plant and Equipment disposal 4 0% 31 1% -88%
Accruals for losses on ICMS credits 48 1% 45 1% 6%
Tax Incentive (851) -25% (25) -1% 0%
EBITDA adjusted 1,272 38% 1,211 39% 5%
Income Statement - Consolidated (R$ million)
6M14 6M13 6M14 vs
6M13 (%)
INCOME STATEMENT - CONSOLIDATED (R$ million)
2Q14 1Q14 2Q13 2Q14 vs 1Q14
(%)
2Q14 vs 2Q13
(%)
2Q14 Results
20

Appendix III Balance Sheet

ASSETS Jun/14 Mar/13 Dec/13 LIABILITIES Jun/14 Mar/13 Dec/13
CURRENT 4,875 4,509 5,807 CURRENT 2,931 2,840 4,448
Cash and cash equivalents 1,057 958 1,272 Short-term debt 1,402 1,454 1,474
Securities 934 802 1,068 Reclassification related to the redemption - Bond 2020 - - 1,498
Derivative instruments 40 31 23 Derivative Instruments 73 80 107
Trade accounts receivable, net 452 410 382 Trade Accounts Payable 612 578 587
Inventories 1,323 1,398 1,266 Payroll and related charges 95 95 129
Recoverable taxes 355 173 201 Tax Liability 161 38 56
Assets avaiable for sale 590 590 590 Dividends and Interest attributable to capital payable 0 2 2
Accounts receivable - land and building sold - 20 903 Liabilities related to the assets held for sale 470 470 470
Others 124 128 103 Others 119 122 125
- - -
NON CURRENT 3,363 2,967 3,014 NON CURRENT 7,992 7,919 7,811
Marketable securities 50 48 48 Long-term debt 7,055 6,990 6,801
Derivative instruments 72 87 71 Accrued liabilities for legal proceedings 134 128 129
Deferred income taxes 768 919 968 Deferred income taxes , net 309 241 236
Recoverable taxes 1,497 760 744 Tax Liability 0 0 -
Fostered advance 691 696 726 Derivative instruments 304 371 451
Others 285 457 457 Others 190 188 194
Investments 47 47 47 SHAREHOLDERS' EQUITY - Controlling interest 15,092 14,462 14,445
Property, plant & equipment , net 9,598 9,683 9,826 Issued Share Capital 9,729 9,729 9,729
Biological assets 3,589 3,448 3,423 Capital Reserve 3 3 3
Intangible assets 4,593 4,615 4,634 Statutory Reserve 3,756 3,126 3,109
Equity valuation adjustment 1,614 1,614 1,614
Treasury stock (10) (10) (10)
Non controlling interest 50 49 46
TOTAL SHAREHOLDERS' EQUITY 15,142 14,511 14,491
TOTAL ASSETS 26,065 25,270 26,750 TOTAL LIABILITIES 26,065 25,270 26,750
BALANCE SHEET (R$ million)
2Q14 Results
21

Appendix IV Statement of Cash Flows

2Q14 1Q14 2Q13 6M14 6M13
INCOME (LOSS) BEFORE TAXES ON INCOME 939 83 (983) 1,022 (930)
Adjusted by
(+) Depreciation, depletion and amortization 487 412 466 899 898
(+) Unrealized foreign exchange (gains) losses, net (113) (151) 596 (264) 509
(+) Change in fair value of derivative financial instruments (59) (120) 200 (179) 149
(+) Fair value of biological assets (87) - (36) (87) (36)
(+) (Gain)/loss on disposal of property, plant and equipment 3 1 39 4 31
(+) Interest and gain and losses in marketable securities (23) (23) (21) (45) (48)
(+) Interest expense 109 137 140 246 295
(+) Financial charges of bonds repurchase transaction 154 303 224 456 287
(+) Impairment of recoverable ICMS 22 25 23 48 45
(+) Provisions and other 2 14 8 15 16
(+) Tax Credits (839) (11) (10) (850) (10)
(+) Reversal of provision for contingencies - - (14) - (14)
Decrease (increase) in assets - - - - -
Trade accounts receivable (57) (58) 150 (115) 313
Inventories 56 (83) (57) (27) (138)
Recoverable taxes (58) (12) (48) (70) (79)
Other assets/advances to suppliers 154 (2) (28) 152 (48)
Increase (decrease) in liabilities - - - - -
Trade payable 40 2 113 42 94
Taxes payable 2 (26) 18 (24) 15
Payroll, profit sharing and related charges (0) (34) 22 (35) (21)
Other payable (5) (6) (19) (11) (45)
Cash provided by operating activities - - - - -
Interest received 20 23 28 43 85
Interest paid (78) (161) (217) (239) (353)
Income taxes paid (2) (3) (12) (5) (16)
NET CASH PROVIDED BY OPERATING ACTIVITIES 666 311 583 977 998
Cash flows from investing activities - - - - -
Acquisition of property, plant and equipment and forest (398) (305) (329) (704) (570)
Advance for wood acquisition from forestry partnership program (20) 3 (21) (17) (29)
Marketable securities, net (132) 269 279 137 859
Cash from sale of investments - Asset Light project 20 883 - 903 -
Proceeds from sale of property, plant and equipment 8 (16) 17 (8) 39
Derivative transactions settled (9) (12) (2) (20) (15)
Others (0) (0) (0) (1) 0
NET CASH USED IN INVESTING ACTIVITIES (531) 821 (57) 290 284
Cash flows from financing activities - - - - -
Borrowings 1,518 910 962 2,427 981
Repayments - principal amount (1,389) (2,124) (1,590) (3,513) (2,398)
Premium paid in the Eurobonds "Fibria 2020" repurchase transaction (143) (183) (146) (326) (188)
Other 3 3 7 6 4
NET CASH USED IN FINANCING ACTIVITIES (11) (1,394) (767) (1,405) (1,601)
Effect of exchange rate changes on cash and cash equivalents (25) (52) (1) (77) (8)
Net increase (decrease) in cash and cash equivalents 99 (314) (241) (215) (326)
Cash and cash equivalents at beginning of year 958 1,272 859 1,272 944
Cash and cash equivalents at end of year 1,057 958 618 1,057 618
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
2Q14 Results
22

Appendix V EBITDA and adjusted EBITDA breakdowns (CVM Instruction 527/2012)
EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss)
in the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company
presents adjusted EBITDA according to CVM Instruction no. 527 of October 4, 2012, adding or subtracting from the
amount the provisions for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair value of biological
assets and tax credits from recovered contingencies to provide better information on its ability to generate cash, pay its
debt and sustain its investments. Neither measurement should be considered as an alternative to the Companys
operating income and cash flows or an indicator of liquidity for the periods presented.

Adjusted EBITDA (R$ million) 2Q14 1Q14 2Q13
Income (loss) of the period 631 19 (593)
(+/-) Financial results, net 68 170 1,162
(+) Taxes on income 308 64 (389)
(+) Depreciation, amortization and depletion 487 412 466
EBITDA 1,494 665 646
(-) Fair Value of Biological Assets (87) - (36)
(+/-) Loss (gain) on disposal of property, plant and equipment 3 1 39
(+) Impairment of recoverable ICMS 22 25 23
(-) Tax credits/reversal of provision for contingencies (839) (12) (25)
EBITDA Ajustado 594 679 647
2Q14 Results
23

Appendix VI Economic and Operational Data

Exchange Rate (R$/US$) 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13
2Q14 vs
1Q14
2Q14 vs
2Q13
1Q14 vs
4Q13
4Q13 vs
3Q13
3Q13 vs
2Q13
2Q13 vs
1Q13
Closing 2.2025 2.2630 2.3426 2.2300 2.2156 2.0138 -2.7% -0.6% -3.4% 5.0% 0.6% 10.0%
Average 2.2295 2.3652 2.2755 2.2880 2.0666 1.9966 -5.7% 7.9% 3.9% -0.5% 10.7% 3.5%
Pulp sales distribution, by region 2Q14 1Q14 2Q13
2Q14 vs
1Q14
2Q14 vs
2Q13
Last 12
months
Europe 42% 46% 43% -4 p.p. -2 p.p. 43%
North America 22% 19% 28% 4 p.p. -6 p.p. 23%
Asia 27% 26% 21% 1 p.p. 6 p.p. 24%
Brazil / Others 9% 9% 8% -0 p.p. 1 p.p. 10%
Pulp price - FOEX BHKP (US$/t)* Jun-14 May-14 Apr-14 Mar-14 Feb-14 Jan-14 Dec-13 Nov-13 Oct-13 Sep-13 Aug-13 Jul-13
Europe 742 751 759 766 768 770 771 770 770 777 794 810
Financial Indicators Jun/14 Mar/14 Jun/13
Net Debt / Adjusted EBITDA (LTM*) (R$) 2.3 2.4 3.3
Net Debt / Adjusted EBITDA (LTM*) (US$) 2.4 2.4 3.0
Total Debt / Total Capital (gross debt + net equity) 0.4 0.4 0.4
Cash + EBITDA (LTM*) / Short-term Debt 3.3 3.0 5.3
*LTM: Last twelve months
Reconciliation - net income to cash earnings (R$ million) 2Q14 1Q14 2Q13
Net Income (Loss) before income taxes 939 83 (983)
(+) Depreciation, depletion and amortization 487 412 466
(+) Foreign exchange and unrealized (gains) losses, net (113) (151) 596
(+) Fair value of financial instruments (59) (120) 200
(+) Fair value of biological assets (87) - (36)
(+) Loss (gain) on disposal of Property, Plant and Equipment 3 1 39
(+) Interest on Securities, net (23) (23) (21)
(+) Interest on loan accrual 109 137 140
(+) Financial charges on BONDS redemption 154 303 224
(+) Accruals for losses on ICMS credits 22 25 23
(+) Provisions and other 2 14 8
(+) Tax Credits (839) (11) (10)
(+) Reversal of provision for contingencies - - (14)
Cash earnings (R$ million) 595 670 632
Outstanding shares (million) 554 554 554
Cash earnings per share (R$) 1.1 1.2 1.1

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