Conference Call 2Q14 Results

July 23, 2014

2
The information contained in this presentation may include statements which constitute
forward-looking statements, as defined by ection 2!" of the #$$ ecurities "ct of 1%33, as
amended, and ection 21& of the #$$ ecurities &'change "ct of 1%34, as amended$ uch
forward-looking statements in(ol(e a certain degree of risk uncertainty with respect to
business, financial, trend, strategy and other forecasts, and are based on assumptions, data or
methods that, although considered reasonable by the company at the time, may be incorrect
or imprecise, or may not be possible to reali)e$ The company gi(es no assurance that
e'pectations disclosed in this presentation will be confirmed$ *rospecti(e in(estors are
cautioned that any such forward-looking statements are not guarantees of future performance
and in(ol(e risks and uncertainties, and that actual results may differ materially from those in
the forward-looking statements, due to a (ariety of factors, including, but not limited to, the
risks of international business and other risks referred to in the company+s filings with the ,-.
and &,$ The company does not undertake, and specifically disclaims any obligation to update
any forward-looking statements, which are (alid only for the date on which they are made$
Disclaimer
3
Key Highlights - 2Q14
Pulp Maret
2Q14 Results
Cash Pro!uction Cost
"n!e#te!ness
$et Result - 2Q14
%ree Cash %lo&
4
/
0
'gen!a
!
1
%
10
Key Highlights
4
(perational
Results
)ia#ility
Management
$et !e#t*+#it!a ratio sta#le at 2,4- in ./0 an! !o&n to 2,1- in 2R)3
Re!uction in cost of !ollar-!enominate! !e#t from 4456 p4a4 78une*119 to 14:6 p4a4 78une*1493
Repurchase of 5:6 of 2on! 2;21, e<ui=alent to ./0 41; million3
"ssuance of ./0 >;; million in #on!s !ue 2;24 &ith a ?42?6 coupon4
Pulp Maret
/ales =olume of 14114 million tons in the <uarter, ?6 higher year-on-year3
Pulp sales reache! ?42>? million tons )@M, o=er 1;;6 the pro!uction =olume in the same perio!3
16 increase of 2+KP glo#al !eman! y-o-y 7?M14 vs. ?M1194
2Q14A
$et Re=enuesA R0 1,>B4 million C +2"@D'A R0 ?B4 million C +2"@D' MarginA 1?6
)@MA
$et Re=enuesA recor! of R0 5,11? million C +2"@D'A R0 2,:?5 million C +2"@D' MarginA 4;6
16
-?6
46
56
26
Total 2orth
"merica
3estern
&urope
,hina 4thers
+ 185 kt + 99 kt + 94 kt - 34 kt
+ 26 kt
400
/00
000
!00
100
%00
1000
1100
0
/0
100
1/0
200
2/0
pread "(erage spread 567* 257
Pulp Maret
/
/hipments of +ucalyptus Pulp
719
/ales Distri#ution 2Q14 - %i#ria
719
/ourceA PPPC Dorl! 2; May 2;14
$2/K =s4 2HKP Price
719
426
226
256
B6
+urope
$orth
'merica
'sia
)at'm4
2y region
@issue
4B6
Printing E
Driting
116
/pecialties
1:6
2y en!-use
5M14 vs. 5M13
'=erage sprea!A
./0 1;1
/prea! 8une*14A
./0 1:4
719
/ourceA %(+F C '=erage sprea! in the last ? years4
71159
71;49
71419
7B9
1Q14 2Q14 1Q14 4Q14
2HKP /che!ule! Maintenance Do&ntimes - 2raGil 7;;; t9
729
729
/ourceA '2@CP an! %i#ria
1B6
416
1?6
>45
>5B
?B4
2Q11 1Q14 2Q14
Resulta!os - 2@14
0
+2"@D' 7R0 million9 an! +2"@D' Margin 769 Cash Pro!uction Cost 7R0*t9
Pulp Pro!uction an! /ales 7;;; t9 $et Re=enue 7R0 million9
1,>>B
1,>42
1,>B4
2Q11 1Q14 2Q14
1,2B1 1,255
1,251 1,2>B
1,1::
1,114
2Q11 1Q14 2Q14
*roduction ales
4::
?24
4:>
?4> ?4B
??B
2Q11 1Q14 2Q14
,ash cost e'-scheduled downtimes ,ash cost
Cash Pro!uction Cost 7R0*t9 2Q14
!
.tilities results #ooste! #y energy sales4
72Q14A R0 1>*t " 1Q14A R0 1:*t " 2Q11A R0 14*t9
?4>
??B
14
13
/
4
8 2! 9
4
2Q11 Maintenance
!o&ntimes
Doo! %F Maintenance .tilities (thers 2Q14
H 2426
"n!e#t!eness
1
$et De#t 7Million9
141
244
241
14;
244
244
B4B1>
:444?
:44?5
444:?
14512 14:4;
8un*11 Mar*14 8un*14
R0 ./0
@otal De#t an! "nterest +-penses 7Million9
:42?1
>4B5;
>4>:1
1452?
14;:;
14;11
8un*11 Mar*14 8un*14
R0 ./0
$et De#t*+2"@D' 7./09 $et De#t*+2"@D' 7R09
De#t 'mortiGation /che!ule 7R0 million9
'=erage @enor 7months9 an! Cost of ./0 De#t 76p4a49
445
441
14:
1,55>
1,4>5
1,241
1,;>:
551 5>B
1,1??
1,21?
B21
?4?
4?1
4:
>
1,1;2
)i<ui!eG 2;14 2;1? 2;1> 2;15 2;1: 2;1B 2;2; 2;21 2;22 2;21 2;24
*re-payment 52:& &,2 ",,;",& -oto <- 5onds
7cash9
7re=ol=er9
?5
45
?2
8un*11 Mar*14 8un*14
14;
115
1;B
"nterest 7R09
?B4
144B4
>11
B;;
221 71?49
7:>9
74:59
71;:9
7?19
'!Iuste!
+2"@D'
2+%"+F * (ther
ope-
+#it!a %F De#t *
MtM he!ge
2on!s
repurchase
$et interest Deprec4,
amortiG4an!
!epletion
@a-es (thers $et "ncome

5&=<&>
5&=<&>
=>
:ebt
.t.
hedge

$et Result 7R0 million9 2Q14
%
2on!s repurchase &ill pro=i!e annual sa=ings of ./0 >1 million in interest payments4
819
<ncludes other e'change rate and monetary (ariations$
819
%ree Cash %lo&
719
7R0 million9 - )@M
10
24:?5
1412?
7 144;B 9
7 1:> 9
111
7 2; 9 7 2: 9
'!Iuste! +2"@D' Cape- "nterest
7pai!*recei=e!9
Doring Capital @a-es (thers %ree Cash %lo&
:oes not include asset sales, e'penses on bonds repurchase, e'penses related to the ?&=< on subsidiaries profits abroad and ta' credits from the 5&=<&> program$
11
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