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Corporate Presentation June 2014
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Disclaimer
The information contained in this presentation may include statements which
constitute forward-looking statements, within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Such forward-looking statements involve a certain degree of
risk and uncertainty with respect to business, financial, trend, strategy and other
forecasts, and are based on assumptions, data or methods that, although considered
reasonable by the company at the time, may turn out to be incorrect or imprecise, or
may not be possible to realize. The company gives no assurance that expectations
disclosed in this presentation will be confirmed. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may differ materially from
those in the forward-looking statements, due to a variety of factors, including, but not
limited to, the risks of international business and other risks referred to in the
company’s filings with the CVM and SEC. The company does not undertake, and
specifically disclaims any obligation to update any forward-looking statements, which
speak only for the date on which they are made.

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The Company
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Shareholder Structure
(1) Position as of January 31, 2014. Under the shareholders' agreement between BNDESPar and Votorantim Industrial, BNDESPar must hold at least 11% of the total capital between Oct/12 and Oct/2014.
Votorantim
Industrial S.A.
29.42%
BNDES
Participações
30.38%
(1)
Free
Float
40.20%
(2)
29%
71%
NYSE
Average Daily Trading Volume (LTM):
US$ 32 million
BM&FBOVESPA
HIGHLIGHTS
Listed on Novo Mercado, highest level of Corporate
Governance at BM&FBovespa:
• Only 1 class of shares →100% voting rights
• 100% tag along rights (Brazilian corporate law establishes 80%)
• Board of Directors with minimum 20% independent members
• Financial Statements in International Standards – IFRS
• Adoption of Arbitration Chamber
Policies approved by the Board of Directors
• Liability and liquidity management
• Market risk Management
• Risk Management
• Corporate governance
• Information disclosure
• Stock trading
Listed in the most important sustainability indexes
Level III
(2) Free Float 40.14% + Treasury 0.06%
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A Winning Player
Pulp capacity million tons
5.3
Net revenues R$ billion
7,1
Total area
(1)
thousand hectares
962

Planted area
(1)
thousand hectares
557

Net Debt R$ billion
7.0
Net Debt/EBITDA (in Dollars)
(2)
X
2.4
Net Debt/EBITDA (in Reais) X
2.4
Source: Fibria
(1) Including 50% of Veracel, excluding forest partnership areas and excluding the forest base linked to the sale of forest assets in Southern Bahia State and Losango.
(2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.
Port Terminal Pulp Unit
Três Lagoas
Santos
Aracruz
Portocel
Caravelas
Belmonte
Veracel
Jacareí
Superior Asset Combination
Main Figures – 1Q14
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Fibria’s Units Industrial Capacity
Três Lagoas – Mato Grosso do Sul – 1,300 thousand t/year

Jacareí – São Paulo – 1,100 thousand t/year
Aracruz – Espírito Santo – 2,340 thousand t/year Veracel – Bahia – 560 thousand t/year *
* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year
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Fibria’s Strategy
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Leadership Position
(1)
Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013
(2)
Hawkins Wright – Outlook for Market Pulp, December 2013
Market Pulp Capacity Ranking 2013
(2)
(000t)
0 1000 2000 3000 4000 5000 6000
Canfor
ENCE
West Fraser
Eldorado
Metsa Fibre
Mercer
IP
Ilim
Domtar
Stora Enso
Weyerhaeuser
Paper Excellence
Suzano
Sodra
UPM-Kymmene
CMPC
Georgia Pacific
Arauco
APRIL
Fibria
Bleached Softwood Kraft Pulp (BSKP)
Bleached Hardwood Kraft Pulp (BHKP)
Unbleached Kraft Pulp (UKP)
Mechanical
5,300
Recycled Fiber
234 million t
49% 51%
60%
18%
82%
58% 42%
40%
35% 65%
29% 71%
Fiber Consumption
403 million t
Pulp
169 million t
Chemical
139 million t
Mechanical
31 million t
Integrated Mills
84 million t
Market Pulp
55 million t
Hardwood
28 million t
Other Eucalyptus
Pulp producers:
13 million t
Softwood/Other
27 million t
Acacia/Other
10 million t
Eucalyptus
18 million t
Industry Outlook
(1)
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Fibria’s Commercial Strategy
Source: Fibria – 1Q14
• Differentiation: Customized pulp products to specific paper grades
• Sole supplier to key customers
• Long term contracts
• Competitive logistics set up

Miami
Nyon
Csomád
Hong Kong
São Paulo
Fibria’s Sales Distribution
Fibria ‘s Offices
N.America
19%
L.America
9%
Europe
46%
Asia
26%
Fibria’s Pulp End Use
Tissue
46%
Printing &
Writing
36%
Speciatilies
18%
Forest
Outbound
Logistics
Pulp mill







Port
Client
Low forest to mill average distance
Easy access to the most efficient
transportation network:
rail, barging and road
Portocel: specialized port for the
pulp and paper industry
Integrated logistics solutions
Efficient Logistics Setup
Sea Freight
Door to Door Operations
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Pulp and Paper Market
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Paper Consumption
(1)
Source: RISI
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Developed Markets Emerging Markets
CAGR 1996 – 2006
Developed Markets: + 1.7%
Emerging Markets : + 6.0%
85,291
117,611
15,548
37,474
P&W
Consumption
(000 tons)
(1)
Tissue
Consumption
(000 tons)
(1)
114,507
CAGR 2007 – 2016
Developed Markets: - 4,0%
Emerging Markets : + 4.1%
CAGR 1996 – 2006
Developed Markets: + 2.4%
Emerging Markets : + 6.9%
CAGR 2007 – 2016
Developed Markets: + 1.4%
Emerging Markets : + 6.7%
26,877
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Developed Markets Emerging Markets
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Million tons 1998 2008 2018
Growth
1998-2008
Growth
2008-2018
Hardwood 15.0 24.5 32.8 63% 34%
Eucalyptus 6.0 14.2 23.2 137% 63%
Softwood 17.6 21.6 24.8 23% 15%
Market Pulp 32.6 46.1 57.1
Source: PPPC
Global Market Pulp Demand
2013 - 2018 CAGR:
Hardwood: +2.8%
Softwood: +0.7%
Hardwood demand will continue to increase at faster pace than Softwood
Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
1
9
9
8

1
9
9
9

2
0
0
0

2
0
0
1

2
0
0
2

2
0
0
3

2
0
0
4

2
0
0
5

2
0
0
6

2
0
0
7

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3

2
0
1
4

2
0
1
5

2
0
1
6

2
0
1
7

2
0
1
8

Hardwood Softwood
Gross capacity addition should not be counted as the only factor
influencing pulp price volatility
Source: Hawkins Wright
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B
H
K
P

p
r
i
c
e
s

-

c
i
f

E
u
r
o
p
e

(
U
S
$
/
t
o
n
)


0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0
100
200
300
400
500
600
700
800
900
1,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Valdivia
APP
Hainan
Veracel
Nueva Aldea
Santa Fé
Mucuri
Fray
Bentos
Kerinci
PL3
Três
Lagoas
Rizhao
APP Guangxi
Chenming
Zhanjiang
Eldorado
Montes del
Plata
Maranhão
Guaíba II
G
r
e
e
n
f
i
e
l
d

c
a
p
a
c
i
t
y

(
0
0
0

t
o
n
)


Capacity closures DO happen…
Source: PPPC and Fibria
15
-910
-85
-1260
-1180
-540
-500
-105
-1085
-130
-1400
-1200
-1000
-800
-600
-400
-200
0
2006 2007 2008 2009 2010 2011 2012 2013 2014-2015 E
Closures of Hardwood Capacity Worldwide
(000 ton)
Total delivered cash cost will also have an influence on bottom prices
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Total Cash Cost
of BHKP
delivered to
Europe

(US$/t)

Source: Hawkins Wright (Outlook for Market Pulp, March 2014) | Fibria’s 1Q14 LTM considering a FX of R$/US$2.25.
528
493 502
453
479
464
388
406
426
316
304 306
286
261
229
48
40
71
70
47
42
112
36
42
50
41 45
56
67
68
57
113
44
Cash Cost (US$/t) Delivery (US$/t)
519
SG&A
Others
CAPEX
Interest
Working Capital = +11
Capacity
(k tons):
660 595 1,775 585 565 355 1,005 2,410 1,960 1,095 12,750 = 31,930 330 3,680 4,165
FOEX
Net price
809
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Tissue Market
(1)
Source: RISI
Kg/capita
Per Capita Consumption of Tissue by Region, 2013
(1)
Growth
Potential
24.3
14.8
14.6
11.1
6.3
6.1
4.4
2.2
N
.

A
m
e
r
i
c
a

W
e
s
t

E
u
r
o
p
e

J
a
p
a
n

O
c
e
a
n
i
a

E
a
s
t

E
u
r
o
p
e

L
a
t
A
m

C
h
i
n
a

A
f
r
i
c
a

0
5
10
15
20
25
30
35
1991 1996 2001 2006 2009 2010 2011 2012 2013
N.America W.Europe E.Europe L.America Middle East
Japan China Asia FE Oceania Africa
LTM Growth of
+4.2%
Million tons
World Tissue Consumption, 1991-2013
(1)
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Pulp Projects Backlog
Main Projects
Project Country Capacity Timing Status
Arauco / Stora Uruguay 1.3 Mt 2Q2014 Confirmed
CMPC Guaíba II Brazil 1.3 Mt 2Q2015 Confirmed
Klabin Paraná Brazil 1.5 Mt* 2Q2016 Confirmed
APP South Sumatra Indonesia 1.5 Mt – 2.0 Mt 4Q2016 Confirmed
Fibria Três Lagoas II Brazil 1.75 Mt - Unconfirmed
• Minimum required return for new projects
• Closures due to increasing costs worldwide, reduction of maintenance capex (higher technical age of recovery boilers) and
exchange rates
• Fiber substitution: Softwood x Hardwood and Recycled x Virgin Fiber
Main Questions About Capacity
Even though there is an extensive pulp projects backlog, there are important question marks regarding
new projects
* 1.1 million tonnes of hardwood and 400 thousand tonnes of softwood
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Financial Highlights
39%
42%
41%
1,853
1,841
1,958
1Q13 4Q13 1Q14
565
823
679
1Q13 4Q13 1Q14
1Q14 Results
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1,370
1,347
1,358
1,510
1,301
1,441
1Q13 4Q13 1Q14
EBITDA (R$ million) and EBITDA MARGIN (%)
Production Sales
PRODUCTION AND SALES VOLUME (000 t)
NET REVENUES (R$ million)
+13%
463
466
524
507
466
549
1Q13 4Q13 1Q14
cah cost ex-downtimes cash cost
CASH COST (R$/t)
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Debt
Amortization
Schedule at
Mar/2014

(R$ Million)
Cost of Debt
Foreign Currency (% p.a.)
Debt by Currency
6%
94%
Local Currency
Foreign Currency
Debt Profile
5.2%
4.6%
Mar/13 Mar/14
1,475
1,484
2,959
1,288
777 773
1,386
1,230
943
650
1,367
26 5
1,356
Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Pre-payment BNDES NCE ACC/ACE/Other Voto IV Bond Pro Forma
(cash)
(revolving)

7,745
8,240
7,849
3,790
3,695 3,351
Mar/13 Dec/13 Mar/14
R$ US$
Debt
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NET DEBT(R$ million)
GROSS DEBT (R$ million)
Net Debt/EBITDA (US$) Net Debt/EBITDA (R$)
3.1
2.8
2.4
3.1
2.6
2.4
10,768
9,487
9,773
5,269
4,254
4,172
Mar/13 Dec/13 Mar/14
R$ US$
- 11%
- 24%

679
19
30
(111)
(303)
(412)
(64)
(117)
317
Adjusted EBITDA Debt Exchange
Variation /
MtM hedge debt
MtM
Operational
Hedge
Net Interest 2020 Bond
Redemption
Depreciation,
amortization and
depletion
IR/CS Other Net Profit (Loss)
Net Results (R$ million) – 1Q14
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Non-recurring impact
(1)
Concluded transaction with 111,3% premium over the face value (US$ 690.2 milhões), without additional broker fees.
(2)



Debt
Hedge
Debt
Exchange
Variation
(1)
(2)
Includes : other expenses/non-recurring incomes, other debt exchange variation and other financial incomes/expenses.
Investor Relations
E-mail: ir@fibria.com.br
Phone: +55 11 2138-4565
Website: www.fibria.com.br/ir
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