Demonstra??es Financeiras em Padr?es Internacionais

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

Information at March 31, 2015
and Report on Review of Interim
Financial Information
Report on review of interim financial information

To the Board of Directors and Shareholders
So Paulo - SP
Introduction
We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A.,
for the quarter ended March 31, 2015, comprising the balance sheet at that date and the statements of
income and comprehensive income, the statements of changes in equity and cash flows for the threemonth 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 Deliberation CVM 673/11 (which approved accounting standard CPC 21(R1) - Interim
Financial Reporting), 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 the 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 Deliberation CVM 673/11 and IAS 34.
So Paulo, April 22, 2015.
Eduardo Affonso de Vasconcelos

Accountant CRC-1SP166001/O-3
Baker Tilly Brasil Auditores Independentes S/S
CRC-2SP016754/O-1

Unaudited consolidated balance sheet at
In thousands of Reais
March 31,
2015
December 31,
2014
566,673
664,439
25,483
646,600
1,391,229
184,237
116,624
461,067
682,819
29,573
538,424
1,238,793
162,863
147,638
3,595,285
3,261,177
Non-current
Marketable securities (Note 8)
Derivative financial instruments (Note 9)
Related parties receivables (Note 14)
Recoverable taxes (Note 12)
Advances to suppliers (Note 20)
Judicial deposits (Note 20)
Deferred taxes (Note 13)
Assets held for sale (Note 1(b))
Other assets
52,410
188,411
9,624
1,767,887
697,440
193,831
1,891,943
598,257
87,406
51,350
161,320
7,969
1,752,101
695,171
192,028
1,190,836
598,257
91,208
Investments (Note 15)

Biological assets (Note 16)
Property, plant and equipment (Note 17)
Intangible assets (Note 18)
97,193
3,751,350
9,115,429
4,538,626
79,882
3,707,845
9,252,733
4,552,103
22,989,807
22,332,803
26,585,092
25,593,980
Assets
Current
Cash and cash equivalents (Note 7)
Trade accounts receivable, net (Note 10)
Inventory (Note 11)
Recoverable taxes (Note 12)
Other assets
Total assets
4 of 42

Unaudited consolidated balance sheet at
(continued)
March 31,
2015
December 31,
2014
948,374
445,811
579,547
76,673
92,786
38,649
131,000
965,389
185,872
593,348
135,039
56,158
38,649
124,775
2,312,840
2,099,230
8,404,050
690,775
111
262,277
149,560
477,000
229,180
7,361,130
422,484
124
266,528
144,582
477,000
207,197
10,212,953
8,879,045
Total liabilities
12,525,793
10,978,275
Shareholders' equity
Share capital
Share capital reserve
Treasury shares
Statutory reserves
Other reserves
Accumulated losses
9,729,006
4,220
(10,346 )
3,228,145
1,622,599
(569,360)
Liabilities and shareholders' equity

Current
Loans and financing (Note 19)
Trade payables
Payroll, profit sharing and related charges
Taxes payable
Dividends payable
Other payables
Non-current
Taxes payable
Deferred taxes (Note 13)
Provision for contingencies (Note 20)
Liabilities related to the assets held for sale (Note 1(b))
Other payables
Equity attributable to shareholders of the Company
9,729,006
3,920
(10,346 )
3,228,145
1,613,312
14,004,264
14,564,037
55,035
51,668
Total shareholders' equity
14,059,299
14,615,705
Total liabilities and shareholders' equity
26,585,092
25,593,980
Equity attributable to non-controlling interests
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
5 of 42

Unaudited consolidated statement of profit or loss
In thousands of Reais, except for the income per shares
March 31,
2015
Revenues (Note 21)

Cost of sales (Note 23)
1,997,066
(1,272,265 )
March 31,
2014
1,642,331
(1,247,794 )
Gross profit
724,801
394,537
Operating income (expenses)

Selling expenses (Note 23)
General and administrative (Note 23)
Equity in income of associate
Other operating income (expenses), net (Note 23)
(95,331 )
(72,768 )
790
(20,595 )
(79,204 )
(68,371 )
(187,904 )
(141,834 )
536,897
252,703
36,542
(110,430 )
(548,797 )
(1,123,125 )
32,687
(472,970 )
119,578
150,828
(1,745,810 )
(169,877 )
(1,208,913)
82,826
Income before financial income and expenses

Financial income (Note 22)
Financial expenses (Note 22)
Result of derivative financial instruments, net (Note 22)
Foreign exchange loss, net (Note 22)
Income (loss) before income taxes

Income taxes
Current (Note 13)
Deferred (Note 13)
5,741
(59,858 )
702,778
(11,823 )
(51,599 )
Net income (loss) for the period
(565,993)
19,404
Attributable to
Shareholders of the Company
(569,360 )
17,069
Non-controlling interest
Net income (loss) for the period
3,367
2,335
(565,993)
19,404
Basic earnings (loss) per share - in Reais (Note 24(a))
(1.028)
0.031
Diluted earnings (loss) per share - in Reais (Note 24(b))
(1.028)
0.031
6 of 42

Unaudited consolidated statement of comprehensive income
In thousands of Reais, except for the income per shares
March 31,
2015
Net income for the period

Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign exchange effect on available-for-sale financial assets - Ensyn
Tax effect thereon
Total other comprehensive income (loss) for the period, net of taxes
(565,993 )
March 31,
2014
19,404
14,071
(4,784)
9,287
Total comprehensive income for the period, net of taxes
(556,706 )
19,404
Attributable to
Shareholders of the Company
Non-controlling interest
(560,073 )
3,367
17,069
2,335
(556,706 )
19,404
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Unaudited statement of changes in shareholders' equity
In thousands of Reais, unless otherwise indicated
Capital
As at December 31, 2013
9,740,777
Capital
Transaction
costs of the
capital
increase
(11,771 )
Other reserves
Capital
reserve
2,688
Treasury
shares
Statutory reserves
Other
comprehensive
income
Legal
Investments
1,614,270
303,800
2,805,481
(10,346 )
Total income
Net income and other comprehensive
income for the period
As at March 31, 2014
9,740,777
(11,771 )
2,688
(10,346 )
1,614,270
303,800
2,805,481
As at December 31, 2014
9,740,777
(11,771 )
3,920
(10,346 )
1,613,312
311,579
2,916,566
Total income
Net income for the period
Other comprehensive income for the
period
9,287
9,287
Transactions with shareholders

Stock options program
As at March 31, 2015
Total
Noncontrolling
interest
Total
14,444,899
46,355
14,491,254
17.069
17.069
2.335
19.404
17,069
14,461,968
48,690
14,510,658
14,564,037
51,668
14,615,705
(569,360 )
(569,360 )
3,367
(565,993 )
(569,360 )
9,287
(560,073 )
3,367
9,287
(556,706 )
300
9,740,777
(11,771 )
4,220
300
(10,346 )
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Retained
earnings
(accumulated
losses)
1,622,599
311,579
2,916,566
(569,360 )
14,004,264
300
55,035
14,059,299

Unaudited consolidated statement of cash flows
March 31,
2015
Income (loss) before income taxes
Adjusted by
Depreciation, depletion and amortization
Depletion of wood from forestry partnership programs
Foreign exchange losses, net
Change in fair value of derivative financial instruments
Equity in losses of jointly-venture
Loss on disposal of property, plant, equipment and biological assets, net
Interest and gain/losses from marketable securities
Interest expense from loans and financing
Financial charges on bonds upon partial repurchase
Impairment of recoverable taxes - ICMS
Tax credits
Stock options program
Provisions and other
Decrease (increase) in assets
Trade accounts receivable
Inventory
Recoverable taxes
Other assets
(1,208,913)
433,779
14,043
1,123,125
548,797
(790 )
3,488
(14,046 )
98,961
19,784
300
(1,164 )
March 31,
2014
82,826
384,884
27,246
(150,828 )
(119,578 )
733
(22,599 )
136,732
302,869
25,147
(10,830 )
13,655
39,857
(115,083 )
(54,586 )
26,254
(57,587)
(82,960 )
(12,271)
(1,663 )
Increase (decrease) in liabilities

Trade payables
Taxes payable
Other payables
(61,634 )
(16,631 )
(58,366 )
9,544
1,737
(25,532 )
(34,140 )
(5,549)
Cash provided by operating activities
786,719
452,292
16,635
(65,755 )
(8,307 )
22,809
(161,305 )
(3,033 )
729,292
310,763
Interest received - marketable securities

Interest paid - loans and financing
Income taxes paid
Net cash provided by operating activities
9 of 42

Unaudited consolidated statement of cash flows
(continued)
March 31,
2015
Cash flows from investing activities
Proceeds from sale of land and building - Asset Light project
Acquisition of property, plant and equipment, intangible assets and forests
Advances for acquisition of wood from forestry partnership program
Subsidiary incorporation - Fibria Innovations (Note 15)
Marketable securities, net
Proceeds from sale of property, plant and equipment
Derivative transactions settled (Note 9(c))
Others
Net cash provided by (used in) investing activities
Cash flows from financing activities
Borrowings - loans and financing
Repayments - loans and financing - principal amount
Premium paid on bond repurchase transaction
Others
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
(340,075 )
(16,041 )
(11,630 )
25,780
4,374
(43,569)
(10)
(381,171)
139,455
(456,237 )
3,603
(313,179)
March 31,
2014
882,584
(305,384 )
3,064
268,840
(16,087)
(11,751)
(129)
821,137
909,773
(2,123,882 )
(182,709)
2,859
(1,393,959)
70,664
(51,668 )
Net increase (decrease) in cash and cash equivalents
105,606
(313,727 )
Cash and cash equivalents at beginning of the period
461,067
1,271,752
Cash and cash equivalents at end of the period
566,673
958,025
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Notes to the unaudited consolidated interim
financial information at March 31, 2015
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 this 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. Forests in formation are located in the States of So Paulo, Mato
Grosso do Sul, Minas Gerais, Rio de Janeiro, Esprito Santo and Bahia.
We operate in a single operating segment, which is the producing and selling of short fiber pulp, with
our pulp production facilities located in the cities of Aracruz (State of Esprito Santo), Trs Lagoas (State
of Mato Grosso do Sul), Jacare (State of So Paulo) and Veracel (State of Bahia) (jointly- controlled
entity).
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, through the ports of Santos, located in the State of So Paulo (operated
under a concession from Federal Government until 2017) and Barra do Riacho, located in the State of
Esprito Santo (operated by our subsidiary Portocel - Terminal Especializado Barra do Riacho S.A.).
(b)
Non-current assets held for sale

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. On November 2014, we
received an additional R$ 7 million as an advance from CMPC. 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 amount paid to us, plus interest and the escrow deposits made by CMPC will revert. We have
recorded the amount 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 taken action to obtain the
approvals needed, such as the fulfillment of all conditions precedent, the partial renewal of the operating
license of the areas and obtaining the documentation to be presented to the applicable government
11 of 42

agencies. The consistent progress in obtaining these approvals indicates that favorable resolution will be
achieved.
We have concluded that these assets should remain classified as assets held for sale. However, the
completion of the sale is not under our sole control and it depends on various government approvals,
which have been slower than expected. Accordingly we have concluded that they should continue to be
classified as non-current assets held for sale as at March 31, 2015.
Upon classification as assets held for sale, the carrying amounts of the 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 losses for the three-month period ended March 31, 2014 and 2013.
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 Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission
(CVM), which approved the CPC 21(R1) - Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC).
The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2014, 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 items related to the adoption of the new standards,
amendments and interpretations issued by IASB and CVM, as detailed in Note 3 below.
(b)
Approval of the consolidated

interim financial information
The consolidated unaudited interim financial information was approved by the Board of Directors on
April 22, 2015.
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 three-month period
ended March 31, 2015, there were no significant changes in the estimates and assumptions which are
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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 issued by IASB and CVM
The standards below have been issued and are effectives for future periods. We have not early adopted
these standards.
Standard
IFRS 9 - Financial
Instruments
Effective
date
January 1,
2018
IFRS 15 - Revenue
January 1,
2017
IAS 41 - Agriculture
(equivalent to CPC 29 Biological Assets and
Agricultural Produce)
January 1,
2016
Main points introduced by the

standard
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.
This accounting standard establishes the
accounting principles to be followed by
entities to determine and measure
revenue and when the revenue should be
recognized.
The bearer plants should be accounted
for as property, plant and equipment (IAS
16/CPC 27), i.e., at cost less depreciation
or impairment provision. Bearer plants
are defined as those used to produce fruit/
regenerate for several years, but the plant
itself, once mature, does not suffer
relevant changes.
Impacts of the
adoption
The Company is currently
assessing the impacts of
the adoption.

the adoption.

the adoption.
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), sensitivity
analysis (Note 5) and fair value estimates (Note 6), which was considered relevant by Fibrias
management to be accompanied quarterly.
4.1
Liquidity risk
The table below presents the 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.
13 of 42

At March 31, 2015

Loans and financing
Derivative instruments
Trade and other payables
At December 31, 2014

Loans and financing
Trade and other payables
4.2
Less than
one year
Between
one and
two years
Between
two and
five years
Over five
years
1,243,951
470,662
710,547
2,300,169
231,873
45,744
5,449,769
873,155
36,882
2,625,757
112,275
39,045
2,425,160
2,577,786
6,359,806
2,777,077
1,156,951
178,964
725,123
2,105,192
142,662
36,927
4,353,071
504,133
30,546
2,203,134
74,545
34,087
2,061,038
2,284,781
4,887,750
2,311,766
Foreign exchange risk
Assets in foreign currency

Cash and cash equivalents (Note 7)
Trade accounts receivable (Note 10)
Liabilities in foreign currency

Trade payables
Derivative instruments (Note 9(a))
Liability exposure
March 31,
2015
December 31,
2014
500,509
25,821
603,122
279,664
61,352
496,493
1,129,452
837,509
7,392,581
50,495
1,084,515
6,280,545
72,263
538,451
8,527,591
6,891,259
(7,398,139)
(6,053,750)
Sensitivity analysis
Sensitivity analysis of changes in foreign currency
The Companys significant risk factor, considering the period of three-month period for the evaluation is
its U.S. Dollar exposure. We adopted as the probable scenario the fair value considering the market yield
as At March 31, 2015.
To calculate the probable scenario the closing exchange rate at the date of these consolidated interim
financial information was used (R$ x USD = 3.2080). 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 US Dollar is deemed to
14 of 42

appreciate/depreciate by 25% and 50%, respectively, before tax, when compared to the Probable
scenario:
Impact of an appreciation/depreciation of the
real against the U.S. Dollar
on the fair value - absolute amounts
Options
Swap contracts
Loans and financing
Marketable securities
Possible (25%)
Remote (50%)
726,351
623,041
1,707,985
105,101
1,708,847
1,246,991
3,415,970
210,203
Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as At March 31, 2015. 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 are deemed to increase/decrease by 25% and 50%, respectively, before tax, when
compared to the Probable scenario:
Impact of an increase/decrease of the interest
rate on the fair value - absolute amounts
Possible (25%)
Remote (50%)
Loans and financing

LIBOR
Currency basket
TJLP
Interbank Deposit Certificate (CDI)
296
1,561
1,400
1,517
525
3,118
2,785
2,997
LIBOR
TJLP
15,002
4,079
35,178
29,100
7,214
70,061
Marketable securities (a)

3,234
6,168
(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.
15 of 42

Sensitivity analysis in changes in the

United States Consumer Price Index - US-CPI
To calculate the Probable scenario, we used the US-CPI index at March 31, 2015. The Probable
scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI.
Impact of an appreciation of the
US-CPI at the fair value - absolute amounts
Embedded derivative in forestry partnership and

standing timber supply agreements
Possible (25%)
Remote (50%)
134,216
276,985
Fair value estimates

In the three-month period ended March 31, 2015, there were no changes in the criteria of classification
of the assets and liabilities in the levels of the fair value hierarchy when compared to the criteria used in
the classification of those instruments disclosed in Note 6 to our most recent annual financial statements
as at December 31, 2014.
March 31, 2015
Level 1
Level 2
Level 3
Total
14,241
213,894
14,240
Recurring fair value measurements

Assets
At fair value through profit and loss
Derivative instruments (Note 9)
Warrant to acquire Ensyn's shares (Note 15)
213,894
134,146
530,293
Available for sale financial assets

Other investments - Ensyn (Note 15)
Biological asset (Note 16) (*)
Total assets
134,146
744,187
664,439
81,804
81,804
3,751,350
3,751,350
3,847,395
4,725,727
Liabilities
1,136,586
1,136,586
Total liabilities
1,136,586
1,136,586
16 of 42

December 31, 2014

Level 1
Level 2
Level 3
Total
11,791
190,893
11,791
682,819
67,733
67,733
3,707,845
3,707,845
3,787,369
4,661,081
Recurring fair value measurements

Assets
Warrant to acquire Ensyn's shares (Note 15)
190,893
193,131
489,688
Available for sale financial assets

Other investments Ensyn (Note 15)
Biological asset (Note 16) (*)
Total assets
193,131
680,581
Liabilities
608,356
608,356
Total liabilities
608,356
608,356
(*) See the changes in the fair value of the biological assets in Note 16.
There were no transfers between levels 1, 2 and 3 during the periods presented.
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, for which 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 fair value of loans and financing are classified as Level 2 on
the fair value hierarchy. The following table presents the fair value of loans and financing:
17 of 42

Yield used to discount (*)

Quoted in the secondary market
In foreign currency
Bonds - VOTO IV
Bonds - Fibria Overseas
Estimative based on discounted cash flow
In foreign currency
Export credits
Export credits (ACC/ACE)
In local currency
BNDES TJLP
BNDES Fixed rate
Currency basket
FINEP
FINAME
NCE in Reais
Midwest Fund
LIBOR USD
DDI
Brazilian interbank rate (DI 1)
March 31,
2015
December
31, 2014
349,217
1,906,765
292,188
1,598,708
4,534,435
155,499
3,824,319
260,345
997,803
75,446
465,239
2,530
8,347
710,057
29,477
1,072,412
77,980
400,233
2,675
9,457
707,872
32,304
9,234,815
8,278,493
(*) It used to calculate the present value of the loans.
6.2
Fair value measurement of derivative

financial instruments (including embedded derivative)
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 Markto-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.
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, considering both of Fibrias and counterpart credit risk. 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,
considering both of Fibrias and counterpart credit risk. 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.
18 of 42

The yield curves used to calculate the fair value in March 31, 2015 are as follows:
Interest rate curves
Brazil
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
12.64
13.38
13.52
13.33
13.16
13.00
12.93
United States
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
0.18
0.32
0.47
0.83
1.15
1.57
2.08
Dollar coupon
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
23.59
5.57
4.46
4.00
3.89
3.89
3.99
Cash and cash equivalents

Average
yield - %
Cash and banks
Fixed-term deposits
Local currency
Foreign currency
101.3
0.16
March 31, December 31,

2015
2014
149,713
122,515
22,318
394,642
157,883
180,669
566,673
461,067
The increase of R$ 105,606 in the three-month period ended March 31, 2015 refers, mainly, to our
strategy of keeping the minimum cash balance available and higher liquidity, which will be used to early
payment of less attractive debts.
8
Average
yield p.a.- %
March 31,
2015
December 31,
2014
68 of CDI
133.12 of CDI
101.18 of CDI
212
186,344
504,472
30
244,451
428,336
0.90
25,821
61,352
716,849
734,169
Current
664,439
682,819
52,410
51,350
In local currency
Brazilian federal provision fund
Brazilian federal government securities
Private securities
In foreign currency
Private securities
Non-Current
19 of 42

Derivative financial instruments (including embedded derivative)
(a)
Derivative financial instruments by type
Type of derivative
Instruments contracted of economic hedge strategy
Operational hedge
Cash flow hedges of exports
Zero cost collar
Reference value (notional)

- in U.S. Dollars
Fair value

2015
2014

2015
2014
(19,443)
1,345,000
1,465,000
(182,553)
Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (US$)
534,382
538,207
(12,518)
Hedges of foreign currency

Swap DI x US$ (US$)
Swap TJLP x US$ (US$)
Swap Pre x US$ (US$)
400,991
157,667
171,382
405,269
180,771
191,800
(455,118)
(256,375)
(177,951)
(215,654)
(196,818)
(109,889)
(1,084,515)
(538,451)
Embedded derivative in forestry partnership and

standing timber supply agreements (*)
Swap changes in US-CPI
161,823
120,988
Classified
In current assets
In non-current assets
In current liabilities
In non-current liabilities
25,483
188,411
(445,811)
(690,775)
29,573
161,320
(185,872)
(422,484)
Total, net
(922,692)
(417,463)
891,128
902,267
3,353
(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and
Standing Timber Supply Agreements.
20 of 42

(b)
Derivative financial instruments of economic

hedge strategy by type and broken down by
nature of the exposure
Type of derivative and

protected risk
Swap contracts - Hedges of debts
Asset
USD LIBOR (LIBOR to fixed)
BRL fixed rate (BRL to USD)
BRL TJLP (BRL to USD)
BRL Pre (BRL to USD)
Liability
USD fixed rate (LIBOR to fixed)
USD fixed rate (BRL to USD)
USD fixed rate (BRL TJLP to USD)
USD fixed rate (BRL to USD)
Reference value (notional) in currency of origin
Fair value

2015
2014

2015
2014
534,382
779,989
256,168
354,783
538,207
788,208
293,676
395,697
1,613,176
1,091,551
244,701
289,363
1.352.345
1.082.215
279.328
323.898
534,382
400,991
157,667
171,382
538,207
405,269
180,771
191,800
(1,625,694)
(1,546,669)
(501,076)
(467,314)
(1.348.992)
(1.297.868)
(476.146)
(433.788)
(901,962)
(519.008)
(182,553)
(19.443)
(1,084,515)
(538.451)
Total of swap contracts

Options
Cash flow hedge - zero cost collar
(c)
1,345,000
1,465,000
Derivative financial instruments by type of

economic hedge strategy contracts
Fair value
Type of derivative
Operational hedges
Cash flow hedges of exports
Hedges of debts
Hedges of interest rates
Hedges of foreign currency
21 of 42
March 31,
2015
December 31,
2014
Amount paid
March 31,
2015
December 31,
2014
(182,553)
(19,443)
(2,946)
(13)
(12,518)
(889,444)
3,353
(522,361)
(1,155)
(39,468 )
(5.445)
(47.641)
(1,084,515)
(538,451)
(43,569)
(53.099)

(d)
Fair value and counterparty by maturity

date of economic hedge strategy contracts
Fair values by maturity:
March 31,
2015
2015
2016
2017
2018
2019
2020
December 31,
2014
(366,932)
(193,535)
(258,020)
(180,229)
(53,052)
(32,747)
(158,095)
(99,947)
(134,814)
(87,208)
(35,401)
(22,986)
(1,084,515)
(538,451)
Notional and fair value by counterparty:

March 31, 2015
Notional in
U.S. Dollars
Banco Ita BBA S.A.
Deutsche Bank S.A.
Banco CreditAgricole Brasil S.A.
Banco Citibank S.A.
Bank of America Merrill Lynch
Banco Santander Brasil S.A.
Banco Safra S.A.
Banco BNP Paribas Brasil S.A.
HSBC Bank Brasil S.A.
Banco Bradesco S.A.
Banco J. P. Morgan S.A.
Goldman Sachs do Brasil
Banco Votorantim S.A.
Morgan Stanley & CO.
Fair value
December 31, 2014

Notional in
U.S. Dollars
Fair value
487,322
207,175
62,304
87,313
300,000
184,219
195,945
130,000
150,450
182,228
512,857
65,000
29,609
15,000
(194,097 )
(19,870)
(16,273)
(62,679)
(10,527)
(150,616)
(262,511)
(12,955)
(64,771)
(218,263)
(48,220)
(8,403)
(12,750)
(2,580)
603,906
253,450
68,623
45,671
300,000
196,987
198,598
210,000
160,446
182,229
467,857
65,000
13,280
15,000
(67,675)
12
(10,085)
(48,612)
(1,385)
(95,818)
(132,726)
(1,741)
(40,675)
(126,785)
(3,446)
(1,007)
(8,237)
(271)
2,609,422
(1,084,515)
2,781,047
(538,451)
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 March 31, 2015 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).
22 of 42

10
Domestic customers
Export customers
Allowance for doubtful accounts
March 31,
2015
December 31,
2014
51,676
603,122
50,729
496,493
654,798
547,222
(8,198)
646,600
(8,798)
538,424
In the three-month period ended March 31, 2015, we made some factoring transactions without recourse
for certain customers receivables, in the amount of R$ 1,240,460 (R$ 1,230,143 at December 31, 2014),
that were derecognized from accounts receivable in the balance sheet.
11
Inventory
2015
2014
Finished goods
At plants/warehouses in Brazil
Outside Brazil
Work in process
Raw materials
Supplies
Imports in transit
Advances to suppliers
23 of 42
190,479
607,432
13,828
420,848
155,806
2,439
397
137,741
515,522
16,942
402,293
161,758
3,873
664
1,391,229
1,238,793

12
Recoverable taxes
2015
2014
Current
Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL)
Value-added Tax on Sales and Services (ICMS) on purchases of property, plant and equipment
Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw materials and
supplies
Federal tax credits
Credit related to Reintegra Program (a)
Social Integration Program (PIS) and Social Contribution on Revenue (COFINS) Recoverable
Provision for the impairment of ICMS credits
Current
Non-current
717,378
18,708
680,927
19,465
918,534
418,654
57,178
570,764
(749,092)
896,460
444,906
37,027
570,333
(734,154)
1,952,124
1,914,964
184,237
162,863
1,767,887
1,752,101
During the three-month period ended March 31, 2015, there were no relevant changes to our
expectations regarding the recoverability of the tax credits presented in this note and the Note 14 to the
most recent annual financial statements.
(a)
Reintegra Special Tax Regime

Fibria is beneficiary of the Special Tax Refund Regime for Exporting Companies (known as Reintegra),
stablished by Provisional Measure n 651/2014 (enacted as Law 13.043/2014 on November 13, 2014),
With the issuance of the Act n 8,415, on February 27, 2015, the percentage to be applied over the export
revenue for calculation of the tax credit was changed from 3% to 1% between March 1, 2015 and
December 31, 2016. In 2017, the percentage to be used will be 2% and in 2018, 3% over the export
revenue.
In the three-month period ended March 31, 2015, the Company recognized Reintegra credits of
R$24.705, under Cost of sales in the Statement of profit and loss.
13
Income taxes
The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The
subsidiaries located outside of Brazil use methods established by the respective local jurisdictions.
Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at
the date of the interim financial information.
The Company pays income taxes on the profits generated by foreign subsidiaries in accordance with the
Law 12,973/14, which revoked the Article 74 of Provisional Measure 2,158/01, but kept the
determination 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.
24 of 42

(a)
Deferred taxes
2015
2014
Tax loss carryforwards (i)
Provision for contingencies
Sundry provisions (impairment, operational and other)
Results of derivative contracts - cash basis for tax purposes
Exchange losses (net) - cash basis for tax purposes
Tax amortization of the assets acquired in the business combination - Aracruz
Actuarial gains on medical assistance plan (SEPACO)
Provision for income tax and social contribution from foreign subsidiaries
Tax accelerated depreciation
Reforestation costs already deducted for tax purposes
Fair values of biological assets
Effects of business combination - acquisition of Aracruz
Tax benefit of goodwill - goodwill not amortized for accounting purposes
Other provisions
258,205
104,723
468,208
313,716
1,521,135
101,852
6,609
(165,315)
(9,228)
(353,137)
(137,842)
(1,048)
(469,658)
(8,554)
192,647
111,799
447,273
141,938
913,219
102,335
6,609
(25,977)
(9,889)
(348,398)
(153,020)
(3,165)
(447,293)
(3,770)
Total deferred taxes asset, net
1,629,666
924,308
Deferred taxes - asset (net by entity)
1,891,943
1,190,836
262,277
266,528
Deferred taxes - liability (net by entity)
(i) The balance as at March 31, 2015 is presented net of Hungarian Forint HUF 25,752 million (equivalent to R$ 295,201
as of March 31, 2015 and R$ 263,297 as of December 31, 2014) related to the provision for impairment for foreign tax
credits.
Changes in the net balance of deferred income tax are as follows:

March 31,
2015
At the beginning of the period
Tax loss carryforwards
Temporary differences regarding provisions
Provision for income tax and social contribution from foreign subsidiaries
Derivative financial instruments taxed on a cash basis
Amortization of goodwill
Reforestation costs
Exchange losses (net) taxed on a cash basis
Fair value of biological assets
Actuarial losses on medical assistance plan (SEPACO)
Other
At the end of the period
25 of 42
924,308
65,558
13,859
(139,338)
171,778
(22,848)
(4,078)
607,916
15,178
(2,667)
1,629,666
December 31,
2014
732,220
20,128
23,261
(25,977)
(15,933)
(98,063)
(36,804)
266,933
46,841
2,478
9,224
924,308

(b)
Reconciliation of taxes on income

March 31,
2015
Income (loss) before tax
Income tax and social contribution benefit (expense)
at statutory nominal rate - 34%
(1,208,913)
411,030
March 31,
2014
82,826
(28,161)
Reconciliation to effective expense:

Benefits to directors
Equity in losses of jointly-venture
Taxes on earnings of foreign subsidiaries
Difference in tax rates of foreign subsidiaries
Credit of Reintegra Program
Foreign exchange effects on foreign subsidiaries (i)
Other, mainly non-deductible provisions
(5,587)
269
(2,846)
(7,566)
11,226
32
8,400
225,182
3,594
(35,609)
(466)
Income tax and social contribution benefit (expense) for the period
642,920
(63,422)
Income tax and social contribution current
(59,858)
(11,823)
Income tax and social contribution - deferred
702,778
(51,599)
642,920
(63,422)
Effective rate - %
53.2
76.6
(i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the real as the functional currency. As the
real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the
foreign country nor will it ever be subject to tax in Brazil.
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, 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.
In the three-month period ended March 31, 2015, there were no changes in the terms of the contracts,
agreements and transactions, and there were no new contracts, agreements or transactions with distinct
nature between the Company and its related parties when compared to the transactions disclosed in
Note 16 to the most recent financial statements as at December 31, 2014.
26 of 42

(i)
Balances recognized in assets and liabilities

Balances receivable (payable)
Nature
Transactions with controlling shareholders
Votorantim Industrial S.A.
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES)
Transactions with Votorantim Group companies

Votorantim Participaes S.A.
Votener - Votorantim Comercializadora e Energia
Votorantim Cimentos S.A.
Votorantim Metais
Votorantim Metais
Companhia Brasileira de Alumnio (CBA)
Rendering of services
Financing
Financing
Energy supplier
Financial instruments
Input supplier
Chemical products
supplier
Leasing of land
Leasing of land

2015
2014
(386)
(172)
(1,758,794)
(1,756,133)
(1,759,180)
(1,756,305)
9,624
10,355
6,454
(12,750)
(236)
(216)
(773)
(39)
12,419
Net
Presented in the following lines

In assets
Related parties - non-current
Other assets - current
In liabilities
Suppliers
27 of 42
(1,746,761)
6,454
9,624
10,355
7,969
20,719
(8,237)
(269)
(773)
(39)
19,370
(1,736,935)
7,969
20,719
(1,758,794)
(12,750)
(1,650)
(1,756,133)
(8,237)
(1,253)
(1,746,761)
(1,736,935)

(ii)
Transactions recognized in the

Statement of profit and loss
Income (expense)
March 31,
2015
Nature
Transactions with controlling shareholders
Votorantim Industrial S.A.
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES)
Rendering of services
Financing
Transactions with associates

Bahia Produtos de Madeira S.A.
Sales of wood
Transactions with Votorantim Group companies

Votorantim Participaes S.A.
Votener - Votorantim Comercializadora de Energia
Sitrel Siderurgia Trs Lagoas
Votorantim Metais Ltda.
Votorantim Metais Ltda.
Companhia Brasileira de Alumnio (CBA)
Financing
Energy supplier
Financial instruments
Energy supplier
Input supplier
Energy supplier
Chemical products supplier
Leasing of lands
Leasing of lands
(2,747)
(3,180)
(136,336)
(19,346)
(139,083)
(22,526)
2,402
1,655
28,586
10
(4,513)
1,425
(32)
848
(1,058)
(2,318)
(117)
24,486
(b)
March 31,
2014
(11,700)
2,955
1,762
(2,435)
602
(87)
(2,252)
(110)
(11,265)
Remuneration of officers and directors

The remuneration expenses, including all benefits, are summarized as follows:
Short-term benefits to officers and directors

Benefit program - Phantom Stock Options and Stock
Options plans
March 31,
2015
March 31,
2014
9,536
7,410
2,208
1,140
11,744
8,550
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 longterm benefits refer to the variable compensation program and Phantom Stock Options and Stock
Options plans.
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$ 248 for the three28 of 42

month period ended March 31, 2015 (R$ 383 for the three-month period ended March 31, 2014).
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 and in the shareholders equity:
2015
2014
Current liability
15
3,525
20,883
Non-current liability
Other payables
19,013
13,665
Shareholders equity
Capital reserve
1,218
918
23,756
35,466
Investments
March 31,
2015
Investment in associate and joint-venture - equity method (i)
Impairment of investments (i)
Other investments at fair value (ii)
December 31,
2014
14,777
(13,629)
96,045
13,987
(13,629)
79,524
97,193
79,882
(i) On July 31, 2014, the Company acquired 100% of the capital of Weyerhaeuser Brasil Participaes Ltda., for R$ 6,716, which
held 66.67% of the capital of our associate Bahia Produtos de Madeira S.A. As from that date, the Company holds, directly and
indirectly, 100% of the capital of Bahia Produtos de Madeira S.A. We recognized provision for impairment in these
subsidiaries.
(ii) Fair value change in our interest in Ensyn was not significant in the three-month period ended March 31, 2015. The increase in
the balance refers to the foreign currency effect on the investment.
None of the subsidiaries and jointly-operated entities has publicly traded shares.
The provisions and contingent liabilities related to the entities of the Company are described in Note 20.
Additionally, the Company does not have any significant restriction or commitments with regards to its
associates and joint-venture.
29 of 42

Incorporation of subsidiary
In January 2015, the Company concluded the process of incorporation of the subsidiary Fibria
Innovations LLC., located in Vancouver - Canada, whose purpose is the research and development of
bio-products from biomass.
16
Biological assets
2015
2014
Historical cost
Fair value - step up
Additions
Harvests in the period
Historical cost
Fair value
Change in fair value - step up
Reversal of disposals (disposals)
Borrowing costs capitalized
Transfer (i)
Historical cost
Fair value - step up
3,172,431
535,414
3,707,845
2,730,510
692,924
3,423,434
282,385
1,185,189
(204,809)
(48,512)
(749,986)
(209,265)
51,755
1,817
5,160
(259)
14,439
2
3,751,350
3,260,665
490,685
3,707,845
3,172,431
535,414
(i) Includes transfers between biological assets and inventory.
In accordance with our accounting policies, the valuation of the biological assets at the fair value is
performed semiannually. On December 31, 2014, the changes in fair value of the biological assets
recognized by us was R$ 51,755, as detailed in Note 18 of the most recent financial statements for the
year ended December 31, 2014.
30 of 42

17
Property, plant and equipment
Land
Additions
Disposals
Depreciation
Transfers and others (*)
1,249,332

Additions
Disposals
Depreciation
1,200,512
At March 31, 2015
1,197,589
(57,202)
8,382
(2,923)
Buildings
Machinery,
equipment
and facilities
1,426,592
18
(10,140)
(128,368)
70,614
6,902,717
6,325
(44,467)
(657,191)
250,403
24,317
(18,912)
(3,726)
1,358,716
2
(1,086)
(27,985)
15,159
6,457,787
4,573
(1,236)
(164,676)
45,997
1,745
1,664
308
1,344,806
6,342,445
3,717
(*) Includes transfers between property, plant and equipment, intangible assets and inventory.
31 of 42
Advances to
suppliers
66
Construction
in progress
191,029
360,348
Other
Total
30,517
1,715
(11,306)
(12,081)
9,246
9,824,504
349,494
(126,841)
(797,640)
3,216
(77,326)
18,091
117
(43)
(3,522)
18,097
9,252,733
57,690
(5,288)
(196,183)
6,477
194,132
32,740
9,115,429
(335,495)
215,882
55,576

18
Intangible assets
March 31,
2015
December 31,
2014

Additions
Amortization
Disposals
4,552,103
7,388
(22,764)
4,538,626
4,552,103
4,230,450
23,471
4,230,450
26,703
171,000
182,400
5,160
100,547
13,158
103,125
4,265
4,538,626
4,552,103
Composed by
Goodwill Aracruz
Systems development and deployment
Acquired from business combination
Databases
Patents
Relationships with suppliers
Chemical products
Other
(*) Includes transfers between property, plant and equipment and intangible assets.
32 of 42
1,899
4,634,265
40
(90,854)
(20)
8,672

19
Loans and financing
(a)
Breakdown of the balance by type of loan

Current
Type/purpose
In foreign currency
BNDES
Bonds
Export credits (prepayment)
Export credits (ACC/ACE)
In Reais
BNDES
BNDES
FINAME
NCE
Midwest Region Fund
(FCO and FINEP)
Interest
Short-term borrowing
Long-term borrowing
Non- current
Total
March 31,
2015
December 31,
2014

2014
2015
62,307
11,154
190,707
263,120
488,037
2,203,932
4,155,314
409,594
1,825,189
3,518,474
560,491
2,248,166
4,427,800
156,124
471,901
1,836,343
3,709,181
263,120
545,298
527,288
6,847,283
5,753,257
7,392,581
6,280,545
Interest
rate
Average
annual
interest
rate - %
March 31,
2015
December 31,
2014
UMBNDES
Fixed
LIBOR 3M
Fixed
6.4
5.6
2.8
0.9
72,454
44,234
272,486
156,124
TJLP
Fixed
TJLP and
Fixed
CDI
8.8
4.4
287,219
18,534
320,838
16,654
821,530
71,020
870,720
76,020
1,108,749
89,554
1,191,558
92,674
4.0
13.9
4,974
80,243
4,978
83,507
4,211
638,039
5,451
630,742
9,185
718,282
10,429
714,249
Fixed
8.1
12,106
12,124
21,967
24,940
34,073
37,064
403,076
438,101
1,556,767
1,607,873
1,959,843
2,045,974
948,374
965,389
8,404,050
7,361,130
9,352,424
8,326,519
82,812
156,124
709,438
51,957
262,739
650,693
78,258
65,710
8,325,792
7,295,420
161,070
156,124
9,035,230
117,667
262,739
7,946,113
948,374
965,389
8,404,050
7,361,130
9,352,424
8,326,519
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.
33 de 42

(b)
Breakdown by maturity
In foreign currency
BNDES
Bonds
Export credits (prepayment)
In Reais
BNDES - TJLP
BNDES - Fixed
FINAME
NCE
Midwest Region Fund (FCO e FINEP)
34 de 42
2016
2017
2018
2019
2020
2021
2022
40,152
71,937
64,376
52,620
122,461
305,534
574,001
118,326
18,165
1,856,718 1,001,996
118,326
18,165
150,136
43,772
8,737
821,530
71,020
4,211
638,039
21,967
1,556,767
1,804,098
2023
2024
Total
1,898,398
488,037
2,203,932
4,155,314
1,898,398
6,847,283
215,337
577,293
984,585
255,489
649,230
1,048,961
122,399
15,001
1,985
79,740
8,920
156,281
20,001
2,059
247,784
11,893
112,538
19,066
167
224,066
659
84,783
13,290
142,884
3,662
43,225
495
43,224
228,045
438,018
356,496
141,793
189,770
150,136
43,772
8,737
483,534
1,087,248
1,405,457
1,998,511
1,191,766
268,462
61,937
8,737 1,898,398
8,404,050

(c)
Breakdown by currency
2015
2014
Real
U.S. Dollar
Currency basket
(d)
1,959,843
6,832,090
560,491
2,045,974
5,808,644
471,901
9,352,424
8,326,519
Roll forward
March 31,
2015
At the beginning of period
Borrowings
Interest expense
Foreign exchange
Repayments - principal amount
Interest paid
Expense of transaction costs of Bonds early redeemed
Addition of transaction costs
Other (*)
8,326,519
139,455
101,084
1,301,736
(456,237)
(65,755)
9,352,424
5,622
December 31,
2014
9,773,097
4,382,345
475,780
690,271
(6,636,153)
(491,173)
133,233
(36,736)
35,855
8,326,519
(*) it includes amortization of transactions costs.
(e)
Relevant operations settled in the period

Export credits - ACC and ACE
In the three-month period ended March 31, 2015, the Company paid in the maturity date the amount of
US$ 35 million (equivalents then to R$ 91,777) and, US$ 29 million (equivalents then to R$ 84,078),
through its jointly-operation Veracel, regarding exports credits (ACC and ACE), with interest rates
between 0.18% and 0.93% p.a.
(f)
Relevant operations contracted in the period

Export credits - ACC
In the three-month period ended March 31, 2015, the Company, through its jointly-operation Veracel,
entered into export contracts (ACC) in the amount of US$ 17 million (equivalent then to R$ 48,750),
with maturities between August and September 2015 and fixed interest rate between 1.02% and 1.09%
p.a.
35 de 42

(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.
The Companys debt financial covenants are measured based on consolidated information translated
into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as
defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2014))
cannot exceed 4.5x.
The Company is in full compliance with the covenants established in the financial contracts at March 31,
2015.
The loan indentures with debt financial covenants also present the following events of default:
20
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.
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.
Provision for contingencies

March 31, 2015
Nature of claims
Tax
Labor
Civil
36 de 42
December 31, 2014
Judicial
deposits
Provision
Net
Judicial
deposits
Provision
Net
89,895
52,468
16,559
103,970
176,666
27,846
14,075
124,198
11,287
88,858
52,304
16,400
100,604
174,179
27,361
11,746
121,875
10,961
158,922
308,482
149,560
157,562
302,144
144,582

The change in the provision for contingencies is as follows:

March 31,
2015
December 31,
2014

Disposals
Reversal
New litigation
Accrual of financial charges
302,144
(1,168)
(7,017)
6,758
7,765
280,512
(7,280)
(37,458)
17,723
48,647
308,482
302,144
In the three-month period ended March 31, 2015, there were no significant changes in the possible loss
contingencies in comparison with the most recent annual financial statements as at December 31, 2014.
See below the main update in the period:
(i)
Swap of industrial and forestry assets with International Paper

On March 4, 2015, the Tax Federal Administrative Court (CARF - Conselho Administrativo de Recursos
Fiscais), declared that they partially sustained the position of the tax authorities in regards to the
administrative process related to the tax assessment notice issued by the Federal Revenue Service Office
regarding the swap of industrial and forestry assets between Fibria and International Paper in 2007 and
reduced the applicable fines from 150% to 75%. Following the decision, the updated amount involved
was reduced from R$ 1,957 million to R$ 1,452 million, of which R$557 million refers to the principal,
R$417 million to fines and R$478 million to interest.
Against the decision, the Company will present the applicable appeals. In the event of failure at the
administrative level, the Company emphasizes that they will discuss the debt at the judicial level.
The Company reinforces that the CARF decision does not present any financial impact and maintain its
position of not to constitute any provision for contingencies in relation to this matter, based on its
understanding and in the internal and external advisors opinion that the probability of gain on the case
is possible.
37 de 42

21
Revenue
(a)
Reconciliation
March 31,
2015
March 31,
2014
Gross amount
Sales taxes
Discounts and returns (*)
2,535,146
(44,789)
(493,291)
1,986,923
(34,642)
(309,950)
Net revenues
1,997,066
1,642,331
March 31,
2015
March 31,
2014
170,682
1,804,663
21,721
136,144
1,485,861
20,326
1,997,066
1,642,331
(*) Related mainly to trade discounts.
(b)
Information about markets
Revenue
Domestic market
Export market
Services
(c)
Information by geographic areas

The geographic areas are determined based on the customer location. The Company's revenue classified
by geographic areas is described below:
Europe
North America
Asia
Brazil and others
38 de 42
March 31,
2015
March 31,
2014
936,679
345,745
521,864
192,778
749,238
305,222
431,401
156,470
1,997,066
1,642,331

22
Financial results
March 31,
2015
Financial expenses
Interest on loans and financing
Capitalized financing costs
Loans commissions
Financial charges upon partial repurchase of Bond
Others
Financial income
Financial investment earnings
Others (i)
Gains (losses) on derivative financial instruments

Gain
Losses
Gains (losses) on foreign exchange

Loans and financing
Other assets and liabilities (ii)
Net
(101,084)
2,123
(2,343)
March 31,
2014
(136,732)
(9,126)
(15,127)
(302,869)
(18,241)
(110,430)
(472,970)
15,987
20,555
25,637
7,049
36,542
32,687
20,980
(569,777)
178,652
(59,074)
(548,797)
119,578
(1,301,736)
178,611
227,156
(76,328)
(1,123,125)
150,828
(1,745,810)
(169,877)
(i) It includes the updating of the tax credits.

(ii) Includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and
others.
39 de 42

23
Expenses by nature
March 31,
2015
Cost of sales
Depreciation, depletion and amortization
Freight
Labor expenses
Variable costs (raw materials and miscellaneous materials)
Selling expenses
Selling expenses (i)
Labor expenses
Operational leasing
Depreciation and amortization charges
Other expenses
General and administrative

Labor expenses
Third-party services
Depreciation and amortization
Taxes and contributions
Operating leases and insurance
Other expenses
Other operating (expenses) income

Program of variable compensation to employees
Tax credits
(Provision)/reversal of contingencies
Loss on disposal of property, plant and equipment
Others
March 31,
2014
(441,432)
(196,148)
(115,535)
(519,150)
(404,869)
(180,094)
(105,151)
(557,680)
(1,272,265)
(1,247,794)
(81,177)
(6,492)
(417)
(2,529)
(4,716)
(67,854)
(5,832)
(338)
(1,800)
(3,380)
(95,331)
(79,204)
(31,387)
(28,098)
(3,861)
(1,996)
(1,974)
(5,452)
(29,862)
(22,729)
(5,461)
(1,881)
(1,495)
(6,943)
(72,768)
(68,371)
(16,973)
523
(2,486)
(3,488)
1,829
(18,988)
12,374
8,502
(733)
4,586
(20,595)
(i) Includes handling expenses, storage and transportation expenses and sales commissions and others.
40 de 42
5,741

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.
March 31,
2015
Numerator
Net income (loss) attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
(569,360)
553,591,822
Basic earnings (loss) per share - in Reais
(1.028)
March 31,
2014
17,069
553,591,822
0.031
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 three-month period ended March 31, 2015 and
2014, without considering treasury shares, for total of 342,824 shares in the three-month period ended
March 31, 2015 and 2014. In the three-month period ended March 31, 2015 and 2014 there were no
changes in the number of shares of Company.
(b)
Diluted
Diluted earnings per share are calculated by dividing net income attributable to the Companys
shareholders common shares by the weighted average number of common shares available during the
year plus the weighted average number of common shares that would be issued when converting all
potentially dilutive common shares into common shares:
March 31,
2015
Numerator
Loss attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
Dilution effect
Stock options
Weighted average number of common shares outstanding adjusted according to dilution effect
Diluted loss per share - in Reais
There was no dilutive effect in the three-month period ended March 31, 2014.
41 de 42
(569,360)
553,591,822
349,091
553,940,913
(1.028)

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), compensation program based on shares (Note 29), insurance (Note 34), non-current assets
held for sale (Note 36) and impairment testing (Note 37), that we omitted in the March 31, 2015
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, 2014.
In addition, the Company no longer has reportable segments to present as at March 31, 2015, therefore
the Note regarding segment information was excluded.
42 de 42
1Q15 Results
1Q15 Results
Quarterly EBITDA record of R$1,007 million, with a margin of 50%
Key Figures
1Q15 vs
1Q15 vs 1Q14
4Q14
Last 12
months
(LTM)
Unit
1Q15
4Q14
1Q14
Pulp Production
000 t
1,291
1,381
1,277
-6%
1%
5,288
Pulp Sales
000 t
1,229
1,410
1,188
-13%
3%
5,346
Net Revenues
R$ million
1,997
2,001
1,642
0%
22%
7,438
Adjusted EBITDA(1)
R$ million
1,007
906
679
11%
48%
3,119
50%
45%
41%
5 p.p.
9 p.p.
42%
EBITDA margin
Net Financial Result(2)
R$ million
(1,746)
(611)
(170)
(3,211)
Net Income (Loss)
R$ million
(566)
(128)
19
(423)
Free Cash Flow (3)
1,001
R$ million
373
263
42%
ROE(5)
9.9%
6.6%
8.9%
3 p.p.
1 p.p.
9.9%
ROIC(5)
10.2%
8.5%
11.0%
2 p.p.
-1 p.p.
10.2%
Gross Debt (US$)
US$ million
2,915
3,135
3,732
-7%
-22%
2,915
Gross Debt (R$)
R$ million
9,352
8,327
8,445
12%
11%
9,352
R$ million
1,284
1,195
1,808
7%
-29%
1,284
Cash(3)
R$ million
361
778
1,475
-54%
-76%
361
Net Debt (R$)
R$ million
8,991
7,549
6,970
19%
29%
8,991
US$ million
Net Debt (US$)
2,803
2,842
3,080
-1%
-9%
2,803
Net Debt/EBITDA LTM
2.9
2.7
2.4
0.2 x
0.5 x
2.9
Net Debt/EBITDA LTM (US$)(4)
2.3
2.4
2.4
-0.1 x
-0.1 x
2.3
(1) Adjusted by non-recurring and non-cash items | (2) Includes results from financial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Includes the hedge fair value | (4) For covenants purposes | (5) For more details p. 16
1Q15 Highlights
Pulp production of 1,291 thousand tons, 6% down on 4Q14, but 1% up year-on-year. LTM production totaled 5,288 thousand tons.
Scheduled maintenance downtime at the Aracruz Mills C Plant successfully concluded.
Pulp sales of 1,229 thousand tons, 13% less than in 4Q14 but 3% more than in 1Q14. LTM sales were 1% higher than production in the
same period.
Net revenue of R$1,997 million (4Q14: R$2,001 million | 1Q14: R$1,642 million). LTM net revenue totaled R$7,438 million, 5% up on 2014
and a new 12-month record.
Cash cost of R$572/t, 21% and 4% up on 4Q14 and 1Q14, respectively, and below LTM inflation. Excluding the foreign exchange
variation, the cash cost edged up by 1% year-on-year.
EBITDA Margin of 50%, a new quarterly record.
Adjusted EBITDA of R$1,007 million, 11% and 48% higher than in 4Q14 and 1Q14, respectively, and also a quarterly record. LTM
EBITDA totaled R$3,119 million.
EBITDA/ton of R$819/t (US$285/t), 27% more than in the previous three months and 43% up year-on-year.
Free cash flow of R$373 million, 42% up on 4Q14 and R$364 million more than in 1Q14.
Net loss of R$566 million (4Q14: net loss of R$128 million | 1Q14: net income of R$19 million).
Gross debt in dollars of US$2,915 million, 7% and 22% down on 4Q14 and 1Q14, respectively.
Net debt in dollars reached its lowest level since Fibria began operations, falling by 9% over 1Q14.
Net Debt/EBITDA ratio of 2.3x in dollars (Dec/14: 2.4x | Mar/14: 2.4x).
Total cost of debt, including the full swap of debt in reais, of 3.5% p.a. (4Q14: 3.4% p.a. | 1Q14: 3.7% p.a.).
Average debt term of 54 months (4Q14: 55 months | 1Q14: 47 months).
Subsequent Events
Annual and Extraordinary Shareholders Meetings to be held on April 28, 2015.
Market Cap March 31, 2015:
Conference Call: April 24, 2015
Investor Relations
R$25.0 billion| US$7.8 billion
Portuguese: 11 am (Braslia) | Phone: +55 11 3193-1001
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
FIBR3: R$45.20
FBR: US$14.13
English: 12 pm (Braslia) | Phone: 1-412-317-6776
Shares Issued:
553,934,646 common shares
Webcast: www.fibria.com.br/ri
2
The operating and financial information of Fibria Celulose S.A. for the 1st quarter of 2015 (1Q15) presented in this document is based on consolidated figures and expressed in reais, is unaudited and was prepared in
accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with the elimination of all intercompany transactions.
1Q15 Results
Contents
Executive Summary ..................................................................................................................... 4

Pulp Market .................................................................................................................................. 5
Production and Sales ................................................................................................................... 6
Results Analysis ........................................................................................................................... 6
Financial Result............................................................................................................................ 9
Net Result .................................................................................................................................. 11
Indebtedness.............................................................................................................................. 12
Capital Expenditure .................................................................................................................... 15
Free Cash Flow .......................................................................................................................... 15
Capital Market ............................................................................................................................ 16
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 Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) ......... 22
Appendix VI Economic and Operational Data ......................................................................... 23
1Q15 Results
Executive Summary
The pulp market remained balanced in the first quarter of 2015. Positive demand was confirmed by the decline in
inventories and the increase in eucalyptus pulp exports over the same period last year, especially to Asia. Thanks to the
favorable fundamentals, Fibria was able to introduce a new US$20/t increase in pulp prices for all regions as of April
(Europe: US$790/t) and allowing sales to move up 3% year-on-year. As a result of the price hikes announced by other
producers, the PIX/FOEX BHKP Europe price averaged US$750/t in the quarter, 2% more than in the previous three
months. The average dollar recorded a consistent upturn throughout the period, climbing by 13%, which, together with
higher pulp prices in dollars, helped push up the average net price in reais by 14% in comparison to 4Q14. In addition,
EBITDA reached a new quarterly record.
Pulp production totaled 1,291 thousand tons in 1Q15, 6% down on 4Q14 due to the reduced number of production days
and the scheduled maintenance downtime at the Aracruz Mills C Plant. Compared to the same period the year before,
output increased by 1%, thanks to improved operating efficiency. Sales volume came to 1,229 thousand tons, 13% down
on the previous quarter due to period seasonality, and 3% up on 1Q14 due to higher demand, mainly in Europe and
Asia. Pulp inventories closed the quarter at 52 days.
The production cash cost was R$572/t, 21% up on 4Q14, primarily due to the scheduled maintenance stoppages, the
lower utilities result, the higher cost of wood (higher average distance from forest to mill and increased use of third-party
wood, especially in the forestry partnership program) and exchange rate effect. In comparison with 1Q14, the cash cost
increased by 4% (LTM IPCA inflation: 8.1%) primarily due to the foreign exchange variation and higher wood costs (for
more details, see page 7). Fibria will continue to seek initiatives to minimize its cost structure and ensure that the upturn
in its 2015 production cash cost lags inflation.
Adjusted 1Q15 EBITDA totaled R$1,007 million, 11% up on 4Q14 and a new quarterly record, thanks to the higher
average net price in reais and lower cash COGS. The EBITDA margin stood at 50%. The increase over 1Q14 was also
due to the higher average net price in reais, as well as the upturn in sales volume. LTM EBITDA came to R$3,119
million, 12% up on 2014. Free cash flow for the quarter amounted to R$373 million, 42% more than in the previous three
months, mainly due to higher EBITDA and the decline in interest payments (thanks to the liability management
initiatives), partially offset by the variation in working capital. The year-on-year increase was driven by the same factors
(for more details, see page 16).
The 1Q15 financial result was a net expense of R$1,746 million, versus net expenses of R$611 million in 4Q14 and
R$170 million in 1Q14. The variation was chiefly due to the 21% appreciation of the closing dollar against the real,
resulting in higher foreign-exchange losses on dollar-denominated debt and hedge instruments. It is worth noting the
39% reduction in interest expenses in dollars over 1Q14, thanks to more effective liability management aimed at
reducing the principal and cost of debt. Gross debt in dollars totaled US$2,915 million, 7% and 22% down on 4Q14 and
1Q14, respectively. The Company closed the quarter with a cash position of R$361 million, including the mark-to-market
of the derivative instruments.
As a result of all the above, Fibria reported a 1Q15 net loss of R$566 million, versus a net loss of R$128 million in 4Q14
and net income of R$19 million in 1Q14.
1Q15 Results
Pulp Market
The pulp market began 2015 on a high note. Increased supply from the operational start-up of new capacities in 2014,
was accompanied by strong growth of eucalyptus pulp sales, especially to Asia, creating a favorable environment for the
hardwood pulp producers to increase their prices at the beginning of the year.
According to the World-20 report published by the Pulp and Paper Products Council (PPPC), global eucalyptus pulp
sales increased by a substantial 18% year-on-year (or 680 thousand tons) in the three months of 2015, with positive
results in all markets. China continued to drive demand, accounting for 40% of the additional volume. North American
demand also performed well in the annual comparison, partially due to the sales recovery in 1Q15 after the harsh winter
that impacted the market in 1Q14.
18%
Global Eucalyptus Shipments

(Jan to Mar 2015 vs. 2014)
+680
32%
23%
+78
Total
7%
23%
+264
+224
China
All Others
+114
North America West Europe
Source: PPPC World-20 March 2015
The scheduled maintenance downtimes in Europe and South America played an important role in controlling producers
inventory levels throughout the quarter. In Brazil alone, the scheduled stoppages prevented around 130 thousand tons of
hardwood pulp from reaching the market in the first three months. Despite the usual beginning-of-year upturn due to
seasonally weaker demand, producers hardwood pulp inventories closed March at 38 days.
BHKP Schedule Maintenance Downtimes - Brasil (000 t)
1Q15
2Q15
3Q15
4Q15
(59)
(85)
(98)
(128)
Source: ABTCP and Fibria
The healthy market fundamentals at the end of the quarter, together with prospects of consistent demand and controlled
supply thanks to maintenance downtimes in the coming months, created a favorable scenario for a further US$20/t price
increase in all markets as of April 1.
1Q15 Results
Production and Sales
Production ('000 t)
1Q15
4Q14
1Q14
1Q15 vs
4Q14
1Q15 vs
1Q14
Last 12
months
Pulp
1,291
1,381
1,277
-6%
1%
5,288
129
146
116
-12%
12%
531
Export Market Pulp
1,100
1,264
1,072
-13%
3%
4,815
Total sales
1,229
1,410
1,188
-13%
3%
5,346
Sales Volume ('000 t)

Domestic Market Pulp
Pulp production totaled 1,291 thousand t in 1Q15, 6% down on the previous quarter, due to the lower number of
production days (1Q15: 90 days | 4Q14: 92 days) and the scheduled maintenance downtime at the Aracruz Mills C
Plant. In comparison with 1Q14, production edged up by 1% due to improved operating efficiency. Pulp inventories
closed the quarter at 772 thousand tons (52 days), 9% up on the 710 thousand tons recorded in 4Q14 (48 days) and 7%
down on the 834 thousand tons registered in 1Q14 (56 days).
Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between recovery boiler
inspections from 12 to 15 months. Consequently, downtimes that used to take place on an annual basis, almost always
at the same time of the year, are undergoing planning changes in accordance with the new regulation. In the long term,
this extension will reduce costs and increase output. The calendar for scheduled maintenance downtimes in Fibrias mills
in 2015 is shown below, in which these changes become clear.
Fibria's Maintenance Downtimes Schedule 2015
Mill
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Aracruz "A"
Aracruz "B"
Aracruz "C"
Jacare
Trs Lagoas
Veracel
Sales volume totaled 1,229 thousand tons, 13% less than in the previous three months due to period seasonality, and
3% more than in 1Q14, mainly due to increased sales to Europe and Asia. In the quarter, sales to Europe accounted for
46% of total sales, followed by Asia with 26%, North America with 17% and Latin America with 11%.
Results Analysis
1Q15
4Q14
1Q14
1Q15 vs
4Q14
1Q15 vs
1Q14
Last 12
months
171
172
136
-1%
25%
625
Export Market Pulp
1,805
1,810
1,486
0%
21%
6,731
Total Pulp
1,975
1,982
1,622
0%
22%
7,357
22
19
20
13%
7%
82
1,997
2,001
1,642
0%
22%
7,438
Net Revenues (R$ million)

Domestic Market Pulp
Portocel
Total
Net revenue totaled R$1,997 million in 1Q15, virtually flat in relation to 4Q14, thanks to the higher average net price in
reais, in turn the result of the 13% average appreciation of the dollar, which offset the decline in sales volume. The 22%
6
1Q15 Results
increase over 1Q14 was fueled by the higher average net price in reais and the upturn in sales volume. LTM net revenue
came to R$7,438 million, 5% higher than in 2014 and a new 12-month record.
The cost of goods sold (COGS) fell by 8% over 4Q14 and increased by 2% over 1Q14. In relation to the previous
quarter, the reduction was due to the decline in sales volume and the positive inventory turnover effect, which was
reflected in the previous quarters production cash cost, and by lower freight expenses (lower volume partially offset by
the appreciation of the dollar against the real). The 2% year-on-year upturn was mainly due to higher sales volume.
Nevertheless, cash COGS fell by 1%, mainly thanks to the positive effect of REINTEGRA, partially offset by the increase
in production costs and higher freight expenses.
The pulp production cash cost totaled R$572/t in 1Q15, 21% up on the quarter before, due to the following factors: (i)
higher wood costs, in turn explained by the extended average transportation radius (1Q15: 195 km | 4Q14: 184 km) and
the increased participation of third-party wood in the mix, mainly in forestry partnership operations (1Q15: 13% | 4Q14:
10%), (ii) the scheduled maintenance downtime at the Aracruz Mills C Plant, and (iii) the lower utilities result (mostly
energy sales), among other factors, as shown in detail in the table below. The 4% increase over 1Q14 was mainly due to
the foreign exchange effects (approximately 13% of the production cash cost is dollar-pegged) and higher wood
expenses, the increase in the average transportation radius (1Q15: 195 km | 1Q14: 180 km), and the higher share of
third-party wood in the mix, mostly acquired form forestry partnership operations. Excluding the effects of the downtime,
the cash cost was R$548/t, 16% up on 4Q14 and 5% more than in 1Q14, while period inflation, measured by the IPCA
consumer price index, came to 8.1%. Fibria will continue pursuing its goal of keeping the increase in its 2015 production
cash cost below inflation.
Pulp Cash Cost
R$/t
4Q14
472
Wood - higher distance from forest to mill (1Q15: 195 km | 4Q14: 184 km) and higher third party
contribution - forestry partnership (1Q15: 13% | 4Q14: 10%)
27
Maintenance downtimes
24
Lower results with utilities (enegy sale)
14
Higher energy and chemicals consumption
11
Higher materials and services costs
10
572
549
Exchange Rate
Higher chemicals price
Others
1Q15
Cash Cost
(R$/t)
572
472
1Q14
4Q14
1Q15
Cash Cost ex-Downtime

(R$/t)
548
524
472
Pulp Cash Cost
R$/t
1Q14
549
Wood - higher distance from forest to mill (1Q15: 195 km | 1Q14: 180 km) and higher third party
contribution - forestry partnership (1Q15: 13% | 1Q14: 11%)
19
Exchange Rate
15
Higher materials and services costs
10
Lower energy consumption
4Q14
1Q15
(11)
Better results with utilities (enegy sale)
(7)
Other
(3)
1Q15
1Q14
572
1Q15 Results
Production Cash Cost
1Q14
Production Cash Cost

1Q15
Other Fixed
Personnel 3%
5%
Maintenance
14%
Other Fixed
Personnel 3%
6%
Maintenance
13%
Wood
44%
Other Variable
4%
Energy
9%
Wood
46%
Other Variable
4%
Energy
6%
Chemicals
22%
Chemicals
21%
Variable costs
Fixed costs
Selling expenses totaled R$95 million in 1Q15, 8% down on 4Q14 due to the reduction in sales volume, partially offset by
the foreign exchange impact. The increase over 1Q14 was primarily due to higher terminal expenses, the appreciation of
the dollar against the real and higher sales volume. The selling expenses to net revenue ratio remained flat over both
periods at 5%.
Administrative expenses came to R$73 million, 10% down on 4Q14 due to reduced payroll and third-party service
expenses, and 6% up on 1Q14 due to higher expenses with the same items.
Other operating income (expenses) totaled an expense of R$21 million in 1Q15, versus an expense of R$120 million in
4Q14 and income of R$6 million in 1Q14. The quarter-on-quarter variation was chiefly due to the non-revaluation of
biological assets and the reduction in the average negative net effect of the write-down of property, plant and equipment.
The annual variation was due to lower tax benefits.
EBITDA (R$ million) and
EBITDA Margin (%)
41%
45%
EBITDA/t
(R$/t)
50%
1,007
819
906
643
679
1Q14
571
4Q14
1Q15
1Q14
4Q14
1Q15
Adjusted EBITDA totaled R$1,007 million in 1Q15 with a margin at 50%. In comparison with 4Q14, EBITDA increased by
11%, due to higher average net price in reais, in turn impacted by the 13% average appreciation of the dollar and the
reduction in cash COGS. The 12-month upturn was due to the 22% average dollar appreciation, which offset the decline
in pulp prices in dollars (the average Europe list price fell by 3%), and higher sales volume. The graph below shows the
main variations in the quarter:
1Q15 Results
EBITDA 1Q15 x 4Q14
(R$ million)
906
COGS
S&M
G&A
249
809
(97)
63
101
985
22
1,007
Other oper.
Expenses
1Q15 EBITDA
Non-recurring
effects / noncash(1)
1Q15 EBITDA
Ajustado
(253)
4Q14 Adjusted Non-recurring

EBITDA
effects / noncash
4Q14 EBITDA
Volume
Price/Exchange
Variation
(1) Write-down of property, plant and equipment, provisions for ICMS tax credit losses, equity income and tax credits, and recovery of contingencies.
Financial Result
(R$ million)
Financial Income (including hedge result)
Interest on financial investments
1Q15
(533)
4Q14
1Q14
(22)
16
20
Hedging(1)
(549)
(42)
Financial Expenses
146
26
1Q15 vs
4Q14
1Q15 vs
1Q14
-20%
-39%
120
(101)
(112)
(137)
-10%
-26%
Interest - loans and financing (local currency)
(45)
(53)
(52)
-16%
-14%
Interest - loans and financing (foreign currency)
(56)
(59)
(85)
-5%
-34%
Monetary and Exchange Variations
(1,123)
(441)
151
Foreign Exchange Variations - Debt
(1,302)
(438)
227
Foreign Exchange Variations - Other

Other Financial Income / Expenses(2)
Net Financial Result
179
(3)
(76)
11
(36)
(330)
(611)
(170)
(1,746)
(1) Change in the marked to market (1Q15: R$(923) million | 4Q14: R$(417) million) added to received and paid adjustments.
(2) Financial expenses in dollars decreased 40% year-on-year
Income from interest on financial investments came to R$16 million in 1Q15, 20% down on 4Q14, due to the use of
resources to pay period commitments, and the strategy of working with a minimum cash balance, using surplus funds to
pre-settle less attractive debt in 2014. Cash and cash equivalents and securities totaled R$1,284 million (excluding the
mark-to-market of derivative instruments), 29% less than in 1Q14, mainly due to the use of funds to pre-settle debt in
4Q14. Hedge transactions generated a loss of R$549 million, R$506 million of which from the negative variation in the
fair value of the hedge instruments, especially debt swaps (for more details, see the derivative section on page 10).
Interest expenses on loans and financing totaled R$101 million in 1Q15, 10% down on the previous quarter, primarily
due to settlements in 4Q14 (US$118 million related to the Fibria 2021 bonds, US$439 million in Export Prepayment debt
and R$326 million in Export Credit Notes). The 26%, or R$36 million, reduction over 1Q14 was chiefly due to the
Companys liability management initiatives.
Foreign-exchange losses on dollar-denominated debt (94% of total debt) including real/dollar swaps, stood at R$1,302
million, versus a loss of R$438 million in 4Q14 and income of R$227 million in 1Q14. This expense was due to the 21%
and 42% devaluations of the real against the closing dollar in 1Q14 and 4Q14, respectively (1Q15: R$3.2080 | 4Q14:
R$2.6562| 1Q14: R$2.263).
1Q15 Results
Other financial income (expenses) amounted to income of R$11 million in 1Q15, versus an expense of R$36 million in
4Q14, mainly due to the accounting and financial impacts incurred on the prepayment of debt in 4Q14. In 1Q14, there
was an expense of R$330 million, chiefly due to the total repurchase of the 2020 bonds.
On March 31, 2015, the mark-to-market of derivative financial instruments was negative by R$923 million (a negative
R$183 million from operational hedges, a negative R$902 million from debt hedges, and a positive R$162 million from
embedded derivatives), versus a negative R$417 million on December 31, 2014, giving a negative variation of R$506
million. This result was mainly due to the period devaluation of the real, impacting outstanding debt swaps. Cash
disbursements from transactions that matured in the period totaled R$43 million (R$3 million of which in operational
hedges and R$40 million in debt hedges). As a result, the net impact on the financial result was negative by R$549
million. The following table shows Fibrias derivative hedge position at the end of March 2015:
Swaps
Maturity
Notional (MM)
mar/15
Fair Value
dec/14
mar/15
dec/14
Receive
US Dollar Libor (2)
may/19
$ 534
$ 538
R$ 1,613
R$ 1,352
Brazilian Real CDI (3)
aug/20
R$ 780
R$ 788
R$ 1,092
R$ 1,083
Brazilian Real TJLP (4)
dec/17
R$ 256
R$ 294
R$
245
R$
279
Brazilian Fixed (5)
dec/17
R$ 355
R$ 396
R$
289
R$
324
Receive Total (a)
R$ 3,239
R$ 3,038
Pay
US Dollar Fixed (2)
may/19
$ 534
$ 538
R$ (1,626) R$ (1,349)
US Dollar Fixed (3)
aug/20
$ 401
$ 405
R$ (1,547) R$ (1,298)
US Dollar Fixed (4)
dec/17
$ 158
$ 181
R$
(501) R$
(476)
US Dollar Fixed (5)
dec/17
$ 171
$ 192
R$
(467) R$
(434)
Pay Total (b)
R$ (4,141) R$ (3,557)
Net (a+b)
R$
(902) R$
(519)
R$
(183) R$
(19)
R$
(183) R$
(19)
Option
US Dollar Options
up to 12M
$ 1,345 $ 1,465
Options Total (d)
Embedded Derivatives - Forestry Partnership and Standing Timber Supply

Agreements
Receive
US Dollar Fixed
Pay
US Dollar CPI
Embedded Derivatives
Total (e)
Net (a+b+c+d+e)
dec/34
$ 891
$ 902
R$
162
R$
dec/34
$ 891
$ 902
R$
R$
R$
162
R$
R$
(923) R$
121
(0)
121
(417)
Zero cost collar operations (ZCCs) have proved to be more appropriate in the current exchange scenario, especially due
to the volatility of the dollar, as they lessen the impact of an upturn in the real, limiting the exchange rate decline to levels
favorable to the Company while also limiting negative impacts in the event of a significant depreciation of the real. In
addition to protecting the company in these scenarios, this feature also allows it to achieve greater benefits in terms of
export revenues should the dollar move up. In 1Q15, there was a sharper appreciation of the dollar against the real
(2.6562 R$/US$ in 4Q14, versus R$3.2080 in 1Q15), resulting in a negative ZCC mark-to-market of R$183 million,
versus a negative R$19 million in 4Q14. However, these instruments allow for the protection of a foreign exchange band
favorable to cash flows, within which Fibria does not pay or receive the amount of the adjustments As the band
10
1Q15 Results
comprises an ample exchange variation, even with the hefty devaluation of the real in 1Q15, cash disbursements came
to only R$3 million, related to the adjustment of transactions maturing in the period (notional amount of US$420 million).
Currently, these operations have a maximum term of 12 months, covering 60% of net foreign exchange exposure, and
their sole purpose is to protect cash flow exposure. Average strike prices for the next 12 months are R$2.40 (put) and
R$3.56 (call) and the total notional amount is US$1,345 million. Given the dollar oscillation risk, the Company conducted
a sensitivity analysis (below) for changes in the exchange rate, which shows the cash adjustments on the maturity of
each ZCC operation for each exchange level, which is different from the mark-to-market amount (for further information,
please refer to note 5 in Financial Statements):
1Q15 - Cash adjustment next
12 months
Cash Adjustment
FX
(R$ million)
2.90
3.00
3.10
(4)
3.20
(40)
3.30
(102)
3.50
(246)
Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollardenominated debt or protect existing debt against adverse swings in interest rates. Consequently, all of the swap asset
legs are matched with the flows of the respective hedged debt. The fair value of these instruments corresponds to the net
present value of the expected flows until maturity (average of 38 months in 1Q15) and therefore has a limited cash
impact.
The forestry partnership and standing timber supply contracts entered into on December 30, 2013 are denominated in
U.S. dollars per cubic meter of standing timber, adjusted in accordance with U.S. inflation measured by the CPI
(Consumer Price Index), which is not related to inflation in the areas where the forests are located, constituting,
therefore, an embedded derivative. This instrument, presented in the table above, is a sale swap of the variations in the
U.S. CPI for the period of the above-mentioned contracts. See note 5 (e) of the 1Q15 financial statements for more
details and a sensitivity analysis of the fair value in the event of a substantial variation in the U.S. CPI.
All financial instruments were entered into in accordance with the guidelines established by the Market Risk Management
Policy, and are conventional instruments without leverage or margin calls, duly registered with the CETIP (Securities
Custody and Financial Settlement Clearinghouse), which only have a cash impact on 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 reports directly and independently to the CEO and the other areas and bodies
involved in the process, ensuring implementation of the policy. Fibrias Treasury area is responsible for executing and
managing the financial operations.
Net Result
The Company posted a 1Q15 net loss of R$566 million, versus a loss of R$128 million in 4Q14 and net income of R$19
million in 1Q14. The variation in both periods was chiefly due to the increase in the negative financial result, partially
11
1Q15 Results
offset by the improved operating result. Excluding non-recurring effects (tax credits) and the impact of the exchange
variation (mainly on debt and hedge instruments), Fibria would have recorded net income of R$513 million in 1Q15.
Analyzing the result in terms of earnings per share, i.e. excluding depreciation, depletion and monetary and exchange
variations (see the reconciliation on page 23), the indicator was 11% higher than in 4Q14, thanks to the increase in the
average net price in reais and the reduction in cash COGS. The 52% year-on-year upturn was due to the 42% average
appreciation of the dollar against the real, which offset the decline in pulp prices, and higher sales volume. The chart
below shows the main factors impacting the 1Q15 net result, beginning with EBITDA in the same period:
Net Income (R$ million)

1,007
Exchange
variation Debt
MtM
Debt hedge
swap
ZCC
(566)
(22)
(1.685)
179
(123)
(44)
(85)
deferred
current
(448)
Adjusted
EBITDA
(1)
MtM
Exchange
variation debt / operational
hedge
MtM debt
hedge
Swap/ZCC
settlement
Net interest
643
Deprec.,
amortiz.and
depletion
Income Tax
Other
exchange
variation
Other
(1)
Net income
(loss)
Includes non recurring expenses/non cash and other financial income/expenses.
Indebtedness
Unit
Gross Debt
R$ million
Gross Debt in R$
(1)
Gross Debt in US$

Average maturity
Cost of debt (foreign currency)

Cost of debt (local currency)
(2)
(2)
Short-term debt
Cash and cash Equivalents in R$
Mar/15
Dec/14
Mar/14
Mar/15 vs
Dec/14
Mar/15 vs
Mar/14
9,352
8,327
8,445
12%
11%
R$ million
576
601
491
-4%
17%
R$ million
10%
8,776
7,726
7,954
14%
months
54
55
47
-1
% p.a.
3.8%
3.7%
4.1%
0.1 p.p.
-0.3 p.p.
% p.a.
8.0%
7.6%
7.2%
0.4 p.p.
0.8 p.p.
10%
12%
17%
-1 p.p.
-7 p.p.
R$ million
772
854
958
-10%
-19%
Cash and cash Equivalents in US$
R$ million
512
341
850
50%
-40%
Fair value of derivative instruments
R$ million
(923)
(417)
(333)
121%
177%
Cash and cash Equivalents (3)
R$ million
361
778
1,475
-54%
-76%
Net Debt
R$ million
29%
8,991
7,549
6,970
19%
Net Debt/EBITDA (in US$)
2.9
2.7
2.4
0.2
0.5
Net Debt/EBITDA (in US$)(4)
2.3
2.4
2.4
-0.1
-0.1
(1) Includes BRL to USD sw ap contracts. The original debt in dollars w as R$ 7,392 million (79% of the total debt) and debt in reais w as R$ 1,960 million (21% of the debt)
(2 The costs are calculated considering the debt sw ap
(3) Includes the fair value of derivative instruments
(4) For covenant purposes
12
1Q15 Results
The Company closed March 2015 with gross debt of R$9,352 million, 12% up on 4Q14 and 11% more than in 1Q14,
primarily due to the impact of the increase in the negative exchange variation on foreign-currency debt (R$1,302 million).
The chart below shows the changes in gross debt during the quarter:
Gross Debt (R$ million)
139
8,327
1,302
9,352
Foreign Exchange
Variation
Others
Gross Debt Mar/15
101
(522)
Gross Debt Dec/14
Loans
Principal/Interest
Payment
Interest Accrual
The financial leverage ratio in dollars narrowed to 2.3x on March 31, 2015 (versus 2.4x at the close of 4Q14). The
average total cost(*) of Fibrias dollar debt was 3.5% p.a. (Dec/14: 3.4% p.a. | Mar/14: 3.7% p.a.) comprising the average
cost of local currency bank debt of 8.0% p.a. (Dec/14: 7.6% p.a. | Mar/14: 7.2% p.a.), which moved up due to the impact
on the yield curve of the 0.5 p.p. increase in long-term interest rates as of the second quarter of 2015, and the cost in
dollars of 3.8% p.a. (Dec/14: 3.7% p.a. | Mar/14: 4.1% p.a.). The Company will continue to seek opportunities to reduce
the cost of its debt and extend its terms. The graphs below show Fibrias indebtedness by instrument, indexing unit and
currency (including debt swaps):
(*) Average total cost, considering debt in reais adjusted by the market swap curve on March 31, 2015.
Gross Debt by Type
Gross Debt by Index
6%
10%
10%3%
Gross Debt by Currency
6%
27%
44%
21%
57%
22%
Pre-Payment
BNDES
Others
Bond
NCE
94%
Libor
Pre Fixed
TJLP
Others
Local currency
Foreign currency
The average maturity of the total debt was 54 months in Mar/15, versus 55 months in Dec/14 and 47 months in Mar/14,
in line with the liability management initiatives implemented by the Company in 2014. The graph below shows the
amortization schedule of Fibrias total debt:
13
1Q15 Results
Amortization Schedule
(US$ million)
623
44
600
0
438
339
241
205
105
113
2015
2016
600
59
579
137
327
92
136
363
111
304
84
202
47
37
2017
2018
2019
2020
Foreign Currency
2021
19
14
6
2022
3
3
0
2023
2024
Local Currency
Cash and cash equivalents closed March 2015 at R$361 million, including the mark-to-market of hedge instruments
totaling a negative R$923 million. Excluding this impact, 56% of cash was invested in local currency, in government
bonds and fixed-income securities, and the remainder in short-term investments abroad.
The Company has four revolving credit facilities totaling R$1,748 million available for a period of four years (as of the
contract date), three of which in local currency totaling R$850 million (contracted in Mar/13 and Mar/14) at 100% of the
CDI plus 1.5% p.a. to 2.1% p.a. when utilized (0.33% p.a. to 0.35% p.a. when on stand-by) and one in foreign currency
totaling US$280 million (contracted in Mar/14), at the 3-month LIBOR plus 1.55% p.a. when utilized (35% of this spread
when on stand-by). These funds, despite not being utilized, help improve the Companys liquidity. Given the current cash
position of R$361 million, these lines totaling R$1,748 million have resulted in an immediate liquidity position of R$2,109
million. As a result, the cash to short-term debt ratio (including these stand-by credit facilities) closed 1Q15 at 2.2x.
The graph below shows the evolution of Fibrias net debt and leverage since March 2014:
Net Debt / EBITDA (x)
(R$)
2.9
2.4
(US$)
2.4
2.3
2.4
2.7
2.7
2.5
2.4
2.3
8,991
6,970
3,080
Mar/14
6,681
3,033
Jun/14
7,313
2,984
Sep/14
Net Debt (R$ million)
7,549
2,842
Dec/14
2,803
Mar/15
Net Debt (US$ million)
14
1Q15 Results
Capital Expenditure
Last 12
months
1Q15 vs
4Q14
1Q15 vs
1Q14
-76%
-68%
34
26
26
-61%
-61%
58
12
34
32
-65%
-62%
92
216%
184%
22
288
319
213
-9%
35%
1,255
50
72
55
-30%
-9%
277
Subtotal Maintenance
344
392
270
-12%
27%
1,553
Total Capex
356
427
302
-17%
18%
1,645
(R$ million)
1Q15
4Q14
1Q14
Industrial Expansion
Forest Expansion
10
Subtotal Expansion
Safety/Environment
Forestry Renewal
Maintenance, IT, R&D, Modernization
Capex totaled R$356 million in 1Q15, 17% down on the previous three months, primarily due to reduced expenditure on
forest maintenance and lower expenses from truck acquisitions, which should move up in the second half. The18% yearon-year increase was mainly due to higher expenditure with replanting and standing timber purchases. The third-party
wood participation decreased to 25% in 1Q15 (4Q14: 35% | 1Q14: 26%).
Free Cash Flow

(R$ million)
Adjusted EBITDA
(-) Capex including advance for wood puchase
(-) Interest (paid)/received
(-) Income tax
(+/-) Working Capital
(+/-) Others
Free Cash Flow
(1)
1Q15
4Q14
1Q14
Last 12
months
1,007
906
679
3,119
(356)
(427)
(302)
(1,645)
(49)
(139)
(138)
(322)
(8)
(20)
(3)
(34)
(231)
(66)
(218)
(149)
11
(8)
32
373
263
1,001
(1) Does not include the Bond redemption disbursement
Free cash flow was positive by R$373 million in 1Q15, versus a positive R$263 million in 4Q14 and a positive R$9 million
in 1Q14. The improvement over the previous quarter was mainly due to the increase in EBITDA and the decline in
interest payments, thanks to the liability management initiatives, partially offset by the negative working capital variation.
The year-on-year upturn was also due to higher EBITDA and reduced interest payments, partially offset by the increase
in Capex. The working capital downturn over 4Q14 was largely due to higher inventories and lower accounts payable.
ROE and ROIC

In regard to return metrics, it is worth noting certain adjustments in the accounting indicator, given the differences in
accounting treatment under IFRS (CPC 29 and CPC 15). Specifically regarding CPC 15, the Company took part in an
M&A transaction in 2009, which resulted in an additional accounting effect, which is being adjusted in the calculations as
shown below:
15
1Q15 Results
Return on Equity
Unit
1Q15
4Q14
1Q14
1Q15 vs
4Q14
1Q15 vs
1Q14
Shareholders' Equity
R$ million
14,059
14,616
14,511
-4%
-3%
IFRS 3 and IAS 41 adjustments
R$ million
(2,891)
(2,946)
(3,180)
-2%
-9%
Shareholders' Equity (adjusted)
R$ million
11,168
11,670
11,331
-4%
-1%
R$ million
11,250
11,456
11,492
-2%
-2%
Shareholders' Equity (adjusted) - average
(1)
Adjusted EBITDA LTM
R$ million
3,119
2,791
2,910
12%
7%
Total Capex LTM
R$ million
(1,645)
(1,591)
(1,340)
3%
23%
Net interest LTM
R$ million
(322)
(411)
(516)
-22%
-38%
Income Tax LTM
R$ million
(34)
(29)
(30)
18%
16%
R$ million
1,118
760
1,024
47%
9%
9.9%
6.6%
8.9%
3.3 p.p.
1.0 p.p.
Adjusted Income LTM
ROE
(1) Average of current and same quarter of the previous year.
Return on Invested Capital
Unit
1Q15
4Q14
1Q14
1Q15 vs
4Q14
1Q15 vs
1Q14
Accounts Receivable
R$ million
647
538
410
20%
58%
Inventories
R$ million
1,391
1,239
1,398
12%
-1%
Current Liabilities (ex-debt)
R$ million
1,364
1,134
1,386
20%
-2%
Biological Assets
R$ million
3,751
3,708
3,448
1%
9%
Fixed Assets
R$ million
9,115
9,253
9,683
-1%
-6%
Invested Capital
R$ million
16,269
15,872
16,326
3%
0%
IFRS 3 and IAS 41 adjustments
R$ million
(2,093)
(2,163)
(2,389)
-3%
-12%
Adjusted Invested Capital
R$ million
14,176
13,708
13,937
3%
2%
Adjusted EBITDA LTM
R$ million
3,119
2,791
2,910
12%
7%
Total Capex LTM
R$ million
(1,645)
(1,591)
(1,340)
3%
23%
Income Tax LTM
R$ million
(34)
(29)
(30)
18%
16%
Adjusted Income LTM
R$ million
1,440
1,171
1,540
23%
-6%
ROIC
R$ million
10.2%
8.5%
11.0%
1.6 p.p.
-0.9 p.p.
Capital Market
Equities
80
70
Average Daily Trading Volume

(US$ million)
6
Daily average:
US$34.5 million
60
50
Daily average:
2.8 million shares
40
30
20
10
0
Jan-15
Average Daily Trading Volume

(million shares)
Feb-15
BM&FBovespa
Mar-15
NYSE
0
Jan-15
Feb-15
BM&FBovespa
Mar-15
NYSE
16
1Q15 Results
Fibrias average daily traded volume in 1Q15 was approximately 2.8 million shares, 3% down on 4Q14, while daily
financial volume averaged US$35 million, up by 3% in the same period (US$18 million on the BM&FBovespa and US$17
million on the NYSE.
Fixed Income
Yield
Mar/15 vs
Dec/14
Mar/15 vs
Mar/14
0.2 p.p.
100.3
-1%
2.2
2.7
-0.2 p.p.
-0.8 p.p.
Unit
Mar/15
Dec/14
Mar/14
Fibria 2024 - Yield
5.4
5.2
Fibria 2024 - Price
USD/k
99.1
1.9
Treasury 10 y
Subsequent Events
Ordinary and Extraordinary General Shareholders Meetings (O/EGM)
The Companys Ordinary Extraordinary General Shareholders Meetings will be held on April 28 at Fibrias headquarters
(Rua Fidncio Ramos, n 302, 3 e 4 (parte) andares, Vila Olimpia, So Paulo). Fibria has published its Manual for
Participation in the Ordinary and Extraordinary General Meetings to facilitate understanding and access to information
regarding the matters to be resolved on at the O/EGM. The Call Notices, Management Proposals and Participation
Manual are available on Fibrias Investor Relations website (www.fibria.com.br/ri).
17
1Q15 Results
Appendix I Revenue x Volume x Price*
1Q15 vs 4Q14
Sales (Tons)
1Q15
Net Revenue (R$ 000)

4Q14
1Q15
4Q14
Price (R$/Ton)
1Q15 vs 4Q14 (%)
1Q15
4Q14
Tons
Revenue
Avge Price
Pulp
Domestic Sales
Foreign Sales
Total
1Q15 vs 1Q14
129,350
146,322
170,682
172,248
1,320
1,177
(11.6)
(0.9)
12.1
1,099,750
1,263,925
1,804,663
1,809,522
1,641
1,432
(13.0)
(0.3)
14.6
1,229,100
1,410,247
1,975,344
1,981,770
1,607
1,405
(12.8)
(0.3)
14.4
Sales (Tons)
Net Revenue (R$ 000)
Price (R$/Ton)
1Q15 vs 1Q14 (%)
1Q15
1Q14
1Q15
1Q14
1Q15
1Q14
Tons
129,350
115,615
170,682
136,144
1,320
1,178
11.9
Revenue
Avge Price
Pulp
Domestic Sales
Foreign Sales
Total
25.4
12.1
1,099,750
1,072,493
1,804,663
1,485,861
1,641
1,385
2.5
21.5
18.4
1,229,100
1,188,108
1,975,344
1,622,005
1,607
1,365
3.5
21.8
17.7
*Excludes Portocel
18
1Q15 Results
Appendix II Income Statement
INCOME STATEMENT - CONSOLIDATED (R$ million)
1Q15
R$
Net Revenue
Domestic Sales
Foreign Sales
Cost of sales
Cost related to production
Freight
Operating Profit
4Q14
AV%
R$
1Q14
AV%
AV%
R$
1Q15 vs 4Q14 1Q15 vs 1Q14

(%)
(%)
1,997
100%
2,001
100%
1,642
100%
0%
22%
192
10%
192
10%
156
10%
0%
23%
1,805
90%
1,810
90%
1,486
90%
0%
21%
(1,272)
-64%
(1,386)
-69%
(1,248)
-76%
-8%
2%
(1,076)
-54%
(1,170)
-58%
(1,068)
-65%
-8%
1%
(196)
-10%
(217)
-11%
(180)
-11%
-9%
9%
725
36%
615
31%
395
24%
18%
84%
Selling and marketing
(95)
-5%
(103)
-5%
(79)
-5%
-8%
20%
General and administrative
(73)
-4%
(81)
-4%
(68)
-4%
-10%
6%
(1,746)
-87%
(611)
-31%
(170)
-10%
0%
(1)
0%
0%
Financial Result
Equity
Other operating (expenses) income
Operating Income
Current Income taxes expenses
(21)
-1%
(120)
-6%
0%
(1,209)
-61%
(301)
-15%
83
5%
(60)
-3%
(11)
-1%
(12)
-1%
703
35%
184
9%
(52)
-3%
Net Income (Loss)
(566)
-28%
(128)
-6%
19
1%
Net Income (Loss) attributable to controlling equity interest
(569)
-29%
(130)
-6%
17
1%
0%
0%
44%
499
25%
412
25%
-10%
9%
40%
22%
48%
Deffered Income taxes expenses
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
0%
448
22%
985
Fixed Assets disposals

Accruals for losses on ICMS credits
Tax Credits/Reversal of provision for contingencies
EBITDA adjusted (*)
809
40%
665
0%
0%
0%
0%
35
2%
0%
0%
0%
45
2%
0%
-92%
20
1%
16
1%
25
2%
21%
-21%
(12)
-1%
52%
679
41%
11%
48%
Equity
Fair Value of Biological Assets
49%
(1)
-
(1)
1,007
0%
50%
(0)
906
0%
45%
19
1Q15 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ million)
ASSETS
LIABILITIES
Mar/14
Dec/14
Mar/15
3,595
3,261
4,509
567
461
958
Securities
664
683
802
25
30
31
CURRENT
Trade accounts receivable, net
Inventories
Recoverable taxes
Assets avaiable for sale
Accounts receivable - land and building sold
Others
Mar/14
Dec/14
Mar/15
2,313
2,099
2,840
Short-term debt
948
965
1,454
Derivative Instruments
446
186
80
Trade Accounts Payable
580
593
578
CURRENT
Payroll and related charges
77
135
95
Tax Liability
93
56
38
173
Dividends and Interest attributable to capital payable
39
39
590
Liabilities related to the assets held for sale
470
131
125
122
647
538
410
1,391
1,239
1,398
184
163
20
117
148
128
Others
5,487
4,740
2,967
NON CURRENT
10,213
8,879
7,919
52
51
48
Long-term debt
8,404
7,361
6,990
188
161
87
Accrued liabilities for legal proceedings
150
145
128
Deferred income taxes
1,892
1,191
919
Deferred income taxes , net
262
267
241
Recoverable taxes
1,768
1,752
760
Tax Liability
Fostered advance
697
695
696
691
422
371
598
598
477
477
Others
291
291
457
Others
229
207
188
14,004
14,564
14,462
9,729
9,729
9,729
NON CURRENT
SHAREHOLDERS' EQUITY - Controlling interest
97
80
47
Property, plant & equipment , net
9,115
9,253
9,683
Issued Share Capital
Biological assets
3,751
3,708
3,448
Capital Reserve
Intangible assets
4,539
4,552
4,615
Statutory Reserve
2,659
3,228
3,126
Equity valuation adjustment
1,623
1,613
1,614
(10)
(10)
(10)
55
52
49
TOTAL SHAREHOLDERS' EQUITY
14,059
14,616
14,511
TOTAL LIABILITIES
26,585
25,594
25,270
Investments
Treasury stock
Non controlling interest
TOTAL ASSETS
26,585
25,594
25,270
20
1Q15 Results
Appendix IV Statement of Cash Flows
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
1Q15
INCOME (LOSS) BEFORE TAXES ON INCOME
4Q14
(1,209)
1Q14
(301)
83
Adjusted by
(+) Depreciation, depletion and amortization
(+) Foreign exchange losses, net
(+) Change in fair value of derivative financial instruments
448
499
412
1,123
441
(151)
549
42
(120)
(+) Equity in losses of jointly-venture

(+) Fair value of biological assets
(1)
-
(+) (Gain)/loss on disposal of property, plant and equipment

(+) Interest and gain and losses in marketable securities
(+) Interest expense
(+) Financial charges of Bons "Fibria 2020" partial repurchase transaction
(18)
(23)
99
(1)
-
(+) Program Stock Options
Inventories
Recoverable taxes
Other assets/advances to suppliers
Increase (decrease) in liabilities
(14)
20
35
45
(+) Provisions and other
Decrease (increase) in assets
(+) Impairment of recoverable ICMS

(+) Tax Credits
112
137
35
303
16
25
14
(11)
1
40
59
(58)
(115)
35
(83)
(55)
(53)
(12)
26
(14)
(2)
-
Trade payable
(62)
(95)
Taxes payable
(17)
(25)
(26)
(58)
16
(34)
10
12
Other payable
Cash provided by operating activities
Interest received
Interest paid
Cash flows from investing activities

Acquisition of property, plant and equipment and forest
Advance for wood acquisition from forestry partnership program
Marketable securities, net
Cash from sale of investments - Asset Light project
Acquisition of interest in subsidary
23
23
(66)
(162)
(161)
(8)
(20)
729
-
Advances received on disposal of assets

Subsidiary incorporation - Fibria Innovations
(16)
26
Cash flows from financing activities

Borrowings
Repayments - principal amount
Premium paid in the Bonds "Fibria 2020" repurchase transaction
Other
NET CASH USED IN FINANCING ACTIVITIES
Effect of exchange rate changes on cash and cash equivalents
(3)
311
-
(413)
(305)
(13)
218
269
883
(27)
(16)
(44)
(24)
(12)
(12)
Others
NET CASH USED IN INVESTING ACTIVITIES
690
-
(340)
Proceeds from sale of property, plant and equipment

Derivative transactions settled
(6)
-
17
Income taxes paid

NET CASH PROVIDED BY OPERATING ACTIVITIES
(0)
(0)
(381)
(246)
(0)
821
-
139
1,770
(456)
(2,413)
(2,124)
(40)
(183)
910
(313)
(675)
(1,394)
71
(16)
(52)
Net increase (decrease) in cash and cash equivalents
106
(248)
Cash and cash equivalents at beginning of year
461
709
1,272
(314)
Cash and cash equivalents at end of year
567
461
958
21
1Q15 Results
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)
Adjusted EBITDA (R$ million)
1Q15
4Q14
1Q14
Income (loss) of the period
(566)
(128)
19
(+/-) Financial results, net
1,746
611
170
(+) Taxes on income
643
(173)
64
(+) Depreciation, amortization and depletion
448
499
412
EBITDA
985
809
665
(1)
(+) Equity
(-) Fair Value of Biological Assets
(+/-) Loss (gain) on disposal of property, plant and equipment
35
45
(+) Accrual for losses on ICMS credits
20
16
25
(-) Tax credits/reversal of provision for contingencies
(1)
(0)
(12)
1,007
906
679
EBITDA Adjusted
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 equity income, 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.
22
1Q15 Results
Appendix VI Economic and Operational Data
Exchange Rate (R$/US$)
1Q15
4Q14
3Q14
2Q14
1Q14
4Q13
1Q15 vs
4Q14
1Q15 vs
1Q14
4Q14 vs
3Q14
2Q14 vs
1Q14
1Q14 vs
4Q13
Closing
3.2080
2.6562
2.4510
2.2025
2.2630
2.3426
20.8%
41.8%
8.4%
-2.7%
-3.4%
Average
2.8737
2.5437
2.2745
2.2295
2.3652
2.2755
13.0%
21.5%
11.8%
-5.7%
3.9%
Pulp sales distribution, by region
1Q15
4Q14
1Q15 vs
4Q14
1Q14
1Q15 vs Last 12
1Q14 months
Europe
46%
40%
46%
7 p.p.
1 p.p.
42%
North America
17%
27%
19%
-10 p.p.
-1 p.p.
23%
Asia
26%
23%
26%
3 p.p.
-0 p.p.
25%
Brazil / Others
11%
10%
9%
0 p.p.
2 p.p.
10%
Pulp price - FOEX BHKP (US$/t)

Europe
Financial Indicators
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
755
748
743
741
734
735
725
728
733
742
751
759
Mar/15
Dec/14
Mar/14
Net Debt / Adjusted EBITDA (LTM*) (R$)
2.9
2.7
2.4
Net Debt / Adjusted EBITDA (LTM*) (US$)
2.3
2.4
2.4
Total Debt / Total Capital (gross debt + net equity)
0.4
0.4
0.4
Cash + EBITDA (LTM*) / Short-term Debt
3.7
3.7
3.0
*LTM: Last tw elve months
Reconciliation - net income to cash earnings (R$ million)

Net Income (Loss) before income taxes
(+) Depreciation, depletion and amortization
(+) Unrealized foreign exchange (gains) losses, net
(+) Change in fair value of derivative financial instruments
1Q15
4Q14
1Q14
(1,209)
(301)
83
448
499
412
1,123
441
(151)
549
42
(120)
(+) Equity
(+) Change in fair value of biological assets
(1)
-
(+) Loss (gain) on disposal of Property, Plant and Equipment

(+) Interest on Securities, net
45
(14)
(18)
(23)
99
112
137
35
303
(+) Interest on loan accrual

(+) Financial charges on BONDS redemption
1
35
(+) Accruals for losses on ICMS credits
20
16
25
(+) Provisions and other
(1)
14
(+) Tax Credits
(+) Stock Options program

Cash earnings (R$ million)
(11)
1
1,017
915
670
Outstanding shares (million)
554
554
554
Cash earnings per share (R$)
1.8
1.7
1.2
23

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Fibria Celulose S.A.

Unaudited Consolidated Interim Financial

Report on review of interim financial information

Conclusion on the consolidated interim information

So Paulo, April 22, 2015.

Eduardo Affonso de Vasconcelos

Fibria Celulose S.A.

Investments (Note 15)

Fibria Celulose S.A.

Liabilities and shareholders' equity

Equity attributable to shareholders of the Company

Total shareholders' equity

Total liabilities and shareholders' equity

Equity attributable to non-controlling interests

Fibria Celulose S.A.

Revenues (Note 21)

Operating income (expenses)

Income before financial income and expenses

Income (loss) before income taxes

Net income (loss) for the period

Basic earnings (loss) per share - in Reais (Note 24(a))

Diluted earnings (loss) per share - in Reais (Note 24(b))

Fibria Celulose S.A.

Net income for the period

Total comprehensive income for the period, net of taxes

Fibria Celulose S.A.

As at December 31, 2014

Transactions with shareholders

Fibria Celulose S.A.

Increase (decrease) in liabilities

Cash provided by operating activities

Interest received - marketable securities

Fibria Celulose S.A.

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

Fibria Celulose S.A.

Operations and current developments

Non-current assets held for sale

Fibria Celulose S.A.

Presentation of consolidated interim financial information

Consolidated interim financial information - basis of preparation

Accounting policies adopted

Approval of the consolidated

Critical accounting estimates

Fibria Celulose S.A.

New standards, amendments and

Main points introduced by the

The Company is currently

The Company is currently

Fibria Celulose S.A.

At March 31, 2015

At December 31, 2014

Foreign exchange risk

Assets in foreign currency

Liabilities in foreign currency

Fibria Celulose S.A.

Sensitivity analysis in changes in interest rate

Loans and financing

Marketable securities (a)

Fibria Celulose S.A.

Sensitivity analysis in changes in the

Embedded derivative in forestry partnership and

Fair value estimates