Demonstra??es Financeiras em Padr?es Internacionais

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

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

2

Report on review of interim financial information

To the Board of Directors and Shareholders

Introduction

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

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

Scope of review

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

Conclusion on the consolidated
interim information

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

3

Other matters

Statement of value added

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

So Paulo, October 21, 2014

PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5

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


Consolidated balance sheet at
In thousands of Reais

4 of 58

Assets
September 30,
2014
December 31,
2013

Current
Cash and cash equivalents (Note 7) 709,059 1,271,752
Marketable securities (Note 8) 902,157 1,068,182
Derivative financial instruments (Note 9) 29,502 22,537
Trade accounts receivable, net (Note 10) 547,119 382,087
Accounts receivable - land and building sold (Note 1(e)) 902,584
Inventory (Note 11) 1,263,892 1,265,730
Recoverable taxes (Note 12) 194,824 201,052
Assets held for sale 591,257 589,849
Other assets 114,526 103,228

4,352,336 5,807,001

Non-current
Marketable securities (Note 8) 49,748 48,183
Related parties receivables (Note 14) 7,353 7,142
Recoverable taxes (Note 12) 1,682,171 743,883
Advances to suppliers 695,769 726,064
Judicial deposits (Note 20) 200,352 197,506
Deferred taxes (Note 13) 1,061,195 968,116
Other assets (Note 10) 86,426 252,135

Investments (Note 15) 46,922 46,922
Biological assets (Note 16) 3,683,786 3,423,434
Property, plant and equipment (Note 17) 9,449,254 9,824,504
Intangible assets (Note 18) 4,573,427 4,634,265

21,616,724 20,943,171

Total assets 25,969,060 26,750,172


Consolidated balance sheet at
In thousands of Reais (continued)

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

5 of 58

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

Current
Loans and financing (Note 19) 1,269,255 2,972,361
Trade payable 664,661 586,541
Payroll, profit sharing and related charges 125,700 129,386
Taxes payable 91,524 55,819
Liabilities related to the assets held for sale (Note 1(d)) 470,000 470,000
Dividends payable 274 2,374
Other payables 101,204 125,081

2,870,714 4,448,355

Non-current
Taxes payable 121 159
Deferred taxes (Note 13) 324,156 235,896
Provision for contingencies (Note 20) 131,128 128,838

8,316,074 7,810,563

Total liabilities 11,186,788 12,258,918

Shareholders' equity
Share capital 9,729,006 9,729,006
Share capital reserve 2,688 2,688
Treasury shares (10,346 ) (10,346 )
Statutory reserves 3,109,281 3,109,281
Other reserves 1,614,270 1,614,270
Retained earnings 285,101

Equity attributable to shareholders of the Company 14,730,000 14,444,899
Equity attributable to non-controlling interests 52,272 46,355

Total shareholders' equity 14,782,272 14,491,254

Total liabilities and shareholders' equity 25,969,060 26,750,172


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


6 of 58

September 30,
2014
September 30,
2013

Continuing operations

Revenues (Note 21) 5,082,541 4,959,655
Cost of sales (Note 23) (4,159,174 ) (3,909,888 )

Gross profit 923,367 1,049,767

Operating income (expenses)
Selling expenses (Note 23) (262,016 ) (252,681 )
General and administrative (Note 23) (204,988 ) (211,912 )
Other operating income (expenses), net (Note 23) 890,176 (1,299 )

423,172 (465,892 )

Income before financial income and expenses 1,346,539 583,875

Financial income (Note 22) 103,926 87,120
Financial expenses (Note 22) (882,041 ) (851,886 )
Result of derivative financial instruments (Note 22) 36,012 (112,666 )
Foreign exchange income, net (Note 22) (281,194 ) (577,353 )

(1,023,297 ) (1,454,785 )

Income before taxes on income 323,242 (870,910 )

Taxes on income
Current (Note 13) (35,520 ) (27,351 )
Deferred (Note 13) 3,296 386,156

Net income for the period 291,018 (512,105 )

Attributable to
Shareholders of the Company 285,101 (519,417 )
Non-controlling interest 5,917 7,312


Basic and diluted earnings per share (in Reais) (Note 24) 0.515 (0.938 )


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


7 of 58

September 30,
2014
September 30,
2013


Other comprehensive income

Total comprehensive income for the period, net of taxes 291,018 (512,105 )

Attributable to
Shareholders of the Company 285,101 (519,417 )
Non-controlling interest 5,917 7,312

291,018 (512,105 )

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Unaudited consolidated statement of cash flows
In thousand of Reais

9 of 58

September 30,
2014
September 30,
2013

Income before taxes on income (loss) 323,240 (870,910 )

Adjusted by
Depreciation, depletion and amortization 1,306,135 1,266,597
Depletion of wood from forestry partnership programs 68,487 90,821
Foreign exchange losses, net 281,194 577,353
Change in fair value of derivative financial instruments (36,012 ) 112,666
Loss on disposal of property, plant and equipment 23,696 27,349
Interest and gain and losses in marketable securities (65,403 ) (70,903 )
Interest expense 364,097 438,315
Change in fair value of biological assets (87,192 ) (36,100 )
Financial charges of Bonds partial repurchase transaction 463,585 343,413
Impairment of recoverable ICMS 72,152 69,301
Tax credits (849,520 ) (13,531 )
Provision for impairment of investments (Note 15(i)) 6,716
Reversal of provision for contingencies and disposal of judicial deposits, net (3,037 ) (14,250 )
Provisions and other 20,082 22,554

(Increase) decrease in assets
Trade accounts receivable (143,427 ) 180,134
Inventory 42,815 (141,937 )
Recoverable taxes (118,944 ) (121,270 )
Other assets/advances to suppliers 136,177 (69,676 )

Increase (decrease) in liabilities
Trade payable 75,156 129,013
Taxes payable (23,788 ) 751
Payroll, profit sharing and related charges (10,829 ) 2,320
Other payable (27,975 ) (77,891 )

Cash provided by operating activities 1,817,407 1,844,119

Interest received 57,660 117,964
Interest paid (329,226 ) (477,529 )
Income taxes paid (8,614 ) (20,477 )

Net cash provided by operating activities 1,537,227 1,464,077

Cash flows from investing activities
Proceeds from sale of land and building - Asset Light project (Note 1(e)) 902,584
Acquisition of property, plant and equipment and intangible assets and forest (1,126,384 ) (872,727 )
Advance for wood acquisition from forestry partnership program (37,689 ) (68,650 )
Acquisition of interest in subsidiary (Note 15(i)) (6,716 )
Marketable securities, net 190,897 1,477,186
Effects regarding sale of property, plant and equipment (2,550 ) 47,441
Derivative transactions settled (Note 8) (28,762 ) (19,129 )
Others (1,018 ) 554

Net cash (used in) provided by investing activities (109,638 ) 564,675


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


10 of 58

Cash flows from financing activities
Borrowings 2,575,847 1,142,715
Repayments - principal amount (4,222,785 ) (3,102,460 )
Premium on Bonds repurchase transaction (325,668 ) (230,735 )
Other 3,444 1,348

Net cash used in financing activities (1,969,162 ) (2,189,132 )

Effect of exchange rate changes on cash and cash equivalents (21,120 ) (13,164 )

Net decrease in cash and cash equivalents (562,693 ) (173,544 )

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

Cash and cash equivalents at end of the period 709,059 770,312


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

11 of 58
1 Operations and current developments

(a) General information

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

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

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

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

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

(b) Operating facilities and forest base

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

Pulp
production
facility Location (Brazil)
Annual
production
capacity - tons

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

5,300,000

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

Fibria produces hardwood pulp from planted eucalyptus trees (which we refer to as forests). The average
extraction cycle of the forest is approximately seven years and are they located in six Brazilian states,


12 of 58
consisting of approximately 962 thousand hectares as of September 30, 2014, including reforested and
protected areas, as follows (in thousand hectares):

Area of forest Total area

State
So Paulo 77,900 144,814
Minas Gerais 13,278 27,634
Rio de Janeiro 1,637 3,376
Mato Grosso do Sul 225,373 342,272
Bahia 134,316 263,641
Esprito Santo 107,329 180,084

559,833 961,821

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

(c) Logistics

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

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

The port of Barra do Riacho is a port specializing in the transportation of pulp, located approximately
three kilometers from the Aracruz unit, in the s tate of Esprito Santo, and seeps the pulp produced in
the Aracruz and Veracel plants. This port is operated by Portocel - Terminal Especializado Barra do
Riacho S. A. ("Portocel") - a company controlled by Fibria (which has a 51% interest in its share capital).
Portocel operates with the authorization of the federal government, through a contract signed on
November 14, 1995.

(d) Current assets held for sale

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

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

Losango project assets Assets held for sale June 2011

Not yet consummated
expected for December 2014



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Losango project assets

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

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

The completion of the sale depends on these government approvals, expected for December 2014, and
therefore, the assets continue to be classified as assets held for sale as at September 30, 2014, and will
remain so until the sale is completed. 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 loss for the nine months ended September 30, 2014 and 2013.

(e) Asset Light project

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

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

An additional value, limited to R$ 247,515, may be received by the Company in three separate payments,
of up to one third of the value each payment, on the 7
th
, 14
th
and 21
st
anniversaries of the agreement. The
collection of this value is contingent to the appreciation of the land in each of the anniversaries,


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measured according to predefined measurement assumptions established in the agreement and adjusted
by the variation of the IGP-M index through the actual payment dates.

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

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

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

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

The Share Purchase Agreement has a clause that allows Parkia to withdraw up to 30% of the total land
subject to the Forestry Partnership Agreement and the Standing Timber Supply Agreement, pursuant to
a pre-defined withdrawal schedule. Additionally, in relation to the areas not subject to the withdrawal,
Fibria has a first refusal right to acquire the land at market value in the event Parkia receives an offer to
sell the land to a third party.

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

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

Accounting treatment of the transaction

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

Based on the above, for accounting purposes, and according to IFRIC 4, Determining whether an
Arrangement Contains a Lease, the contracts are deemed to be within the scope of the technical


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pronouncement IAS 17 (R1) Leases. Therefore, the Company accounts for this transaction as a sale
leaseback transaction. The lease is considered to be an operating in nature, with exclusively contingent
payments.

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

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

Gain on sale

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

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

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

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

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

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

2.1 Consolidated interim financial information - basis of preparation

(a) Accounting policies adopted

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

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

The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this interim


16 of 58
financial information and the estimates used, are the same as those used in the preparation of the most
recent annual financial statements, except to the extent disclosed in Note 3.

(b) Approval of the consolidated
interim financial information

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

2.2 Critical accounting estimates
and assumptions

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

3 New standards, amendments and interpretations

The standards below have been issued and are effectives for future periods. We have not early adopted
these standards.

. IFRS 9, Financial instruments, addresses the classification, measurement and recognition of
financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It
replaces the parts of IAS 39 that relate to the classification and measurement of financial
instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those
measured as at fair value and those measured at amortized cost. The determination is made at initial
recognition. The classification depends on the entitys business model for managing its financial
instruments and the contractual cash flow characteristics of the instrument. For financial liabilities,
the standard retains most of the IAS 39 requirements. The main change is that, in cases where the
fair value option is taken for financial liabilities, the part of a fair value change which is due to an
entitys own credit risk is recorded in other comprehensive income rather than the income statement,
unless this creates an accounting mismatch. The Company is currently assessing the impacts of
adopting IFRS 9.

. IFRS 15 - Revenue - This accounting standard establishes the accounting principles to be followed by
entities to determine and measure revenue and when the revenue should be recognized. This
standard will take effect in 2017 and replaces the IAS 11 - Construction contracts, IAS 18 - Revenue
and corresponding interpretations. The Company is currently assessing the impacts of adopting IFRS
15.

. IAS 41 - Agriculture (equivalent to CPC 29 - Biological Assets and Agricultural Produce) - This
standard currently requires that biological assets related to agricultural activity are measured at fair
value less costs to sell. IASB has determined that bearer plants should be accounted for as property,
plant and equipment (IAS 16/27 CPC), 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. The unique future economic benefit of the bearer
plants comes from the agricultural production that it generates. As example of the bearer plants


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are apple and oranges trees and vines, among others. When roots of plants are kept in the soil for a
second crop or are harvested but the root is not sold, the root meets the definition of a bearer plant.
This situation applies to forests harvested more than once during its management. This revision will
take effect as from January 1, 2016. The Company is currently assessing the impacts of the adoption.

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

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

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

4 Risk management

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

4.1 Liquidity risk

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

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

At September 30, 2014
Loans and financing 1,528,168 1,426,528 4,679,373 3,091,161
Derivative instruments 133,974 123,239 408,317 64,974
Trade and other payables 765,865 40,440 26,329 39,493

2,428,007 1,590,207 5,114,019 3,195,628

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

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



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4.2 Foreign exchange risk

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

September 30,
2014
December 31,
2013

Assets in foreign currency
Cash and cash equivalents (Note 7) 612,974 1,218,001
Marketable securities (Note 8) 164,692 98,153
Trade accounts receivable (Note 10) 498,862 375,711

1,276,528 1,691,865

Liabilities in foreign currency
Trade payables 82,772 98,996
Derivative instruments (Note 9(a)(e)) 399,555 464,326

6,680,173 7,844,499

Liability exposure (5,403,645 ) (6,152,634 )

4.3 Capital risk management

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

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

September 30,
2014
December 31,
2013

Cash and cash equivalents (Note 7) (709,059 ) (1,271,752 )
Derivative instruments (Note 9(a) and (e)) 399,555 464,326
Marketable securities (Note 8) (951,905 ) (1,116,365 )

Net debt 7,312,852 7,849,306
Adjusted EBITDA (for the accumulated period of 12 months) 2,707,725 2,795,675

Indebtedness ratio in Reais 2.7 2.8

Indebtedness ratio in Dollar 2.5 2.6



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The indebtedness ratio decreased from 2.8 at December 31, 2013 to 2.7 at September 30, 2014, as a
result a reduction of gross indebtedness level due to debt prepayments in the period.

Debt financial covenants including the indebtedness ratio have are measured in US dollars as further
described in Note 23 to the most recent annual financial statements. Since the ratios used above for the
periods presented are measured in Reais there are differences between the ratio presented above and the
ratio measured following the debt financial covenant requirements. See Note 19 for further information.

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

5 Sensitivity analysis

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

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

Sensitivity analysis of changes in foreign currency

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

To calculate the probable scenario the closing exchange rate at the date of these consolidated interim
financial information was used (R$ x USD = 2.4510). As the amounts have already been recognized in
the consolidated interim financial information, there are no additional effects in the income statement in
this scenario. In the Possible and Remote scenarios, the USD was appreciated by 25% and 50%,
respectively, when compared to the Probable scenario:

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

Possible (25%) - Remote (50%) -
R$ 3.0638 R$ 3.6765

Derivative instruments (776,158 ) (1,930,605 )
Loans and financing (1,439,557 ) (2,879,113 )
Marketable securities 179,056 358,113

Total impact (2,036,659 ) (4,451,605 )

In a projected scenario where the exchange rate of the sales over the nine-month period ended
September 30, 2014 had been made at the closing exchange rate at the date of these consolidated
interim financial information (R$ x USD 2.4510), when compared with the average exchange rate of R$
2.2900 in the period, our net revenue would have increased by 6.9%, representing an approximate gain


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of R$ 352 million considering the volume and sale prices in the nine-month period ended September 30,
2014.

Sensitivity analysis in changes in interest rate

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

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

Possible (25%) Remote (50%)

Loans and financing
LIBOR 214 440
Currency basket 714 1,428
TJLP 1,356 2,699
Interbank Deposit Certificate (CDI) 1,847 3,654

4,131 8,221

Derivative instruments
LIBOR 20,314 40,646
TJLP 4,510 8,894
Interbank Deposit Certificate (CDI) (33,515 ) (64,847 )

(8,691 ) (15,307 )

Marketable securities (a)
Interbank Deposit Certificate (CDI) (3,302 ) (6,314 )

(3,302 ) (6,314 )

Total impact (7,862 ) (13,400 )

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

6 Fair value estimates

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

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

The fair value of the assets and liabilities traded in active markets is based on quoted market prices at
the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices


21 of 58
represent actual and regularly occurring market transactions on an arm's length basis. The Company has
only marketable securities comprised of Brazilian federal government securities, classified as Level 1.

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

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

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

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

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

. quoted market prices or dealer quotes for similar instruments;

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

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

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

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

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



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September 30, 2014

Level 1 Level 2 Level 3 Total

Recurring fair value measurements

Assets
At fair value through profit and loss

Derivative instruments (Note 9)

109,823 109,823
Warrant to acquire Ensyn's shares (Note 15) 7,098

7,098
Marketable securities (Note 8)
190,147 712,010 902,157

Available for sale financial assets

Other investments - Ensyn (Note 15)

39,824

39,824

Biological asset (Note 16) (*)
3,683,786 3,683,786

Total assets
190,147 821,833 3,730,708 4,742,688

Liabilities
509,378 509,378

Total liabilities
509,378 509,378

December 31, 2013

Level 1 Level 2 Level 3 Total

Recurring fair value measurements

Assets



93,554

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

7,098

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

478,577

1,068,182

Available for sale financial assets

Other investments Ensyn (Note 15)

39,824

39,824

Biological asset (Note 16) (*)

3,423,434

3,423,434

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

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

Total liabilities 557,880 557,880

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

There were no transfers between levels 1, 2 and 3 during the periods presented.


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6.1 Fair value of loans and financing

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

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

Quoted in the secondary market
In foreign currency
Bonds - VOTO IV 281,485 428,329
Bonds - Fibria Overseas 1,947,879 3,372,843
Estimated based on discounted cash flow
In foreign currency
Export credits LIBOR USD 3,347,659 2,888,240
Export credits (ACC/ACE) DDI 162,111 455,141
Export credits (Finnvera) LIBOR USD 234,809
In local currency
BNDES TJLP DI 1 1,121,607 1,267,976
BNDES fixed rate DI 1 58,436 36,668
Currency basket DI 1 371,420 297,964
FINEP DI 1 2,820 1,970
FINAME DI 1 10,594 13,643
NCE in Reais DI 1 962,095 938,248
Midwest Fund DI 1 35,049 42,902

8,301,155 9,978,733

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

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

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

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

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



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

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

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

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

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

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

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

Interest rate curves

Brazil United States Dollar coupon

Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % Vertex Rate (p.a.) - %
1M 10.84 1M 0.17 1M 4.45
6M 11.23 6M 0.25 6M 1.87
1Y 11.78 1Y 0.36 1Y 1.92
2Y 12.23 2Y 0.83 2Y 2.32
3Y 12.30 3Y 1.32 3Y 2.77
5Y 12.30 5Y 1.96 5Y 3.61
10Y 12.25 10Y 2.71 10Y 4.32



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7 Cash and cash equivalents

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

Cash and banks 66,114 63,767
Local currency
Fixed-term deposits 101.26% of CDI 91,134 878
Foreign currency
Fixed-term deposits 0.22 551,811 1,207,107

Cash and cash equivalents 709,059 1,271,752

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



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8 Marketable securities

Marketable securities include financial assets classified as trading as follows:

September 30,
2014
December 31,
2013

Brazilian federal provision fund
LFT 12
LTN Over 112

Brazilian federal government securities, including under
reverse repurchase agreements
LFT 87,102 52,151
LTN 89,349
LTN-Over 13,572 47,645
NTN-F 489,809
NTN-B
(*)
49,748 48,183

Private securities including securities under reverse
repurchase agreements

Reverse repurchase agreements 414,006 241,084
CDB 133,312 138,340
RDB - fixed interest rate 1,000

In foreign currency
Private securities including securities under reverse
repurchase agreements

Time deposits 164,692 98,153

Marketable securities 951,905 1,116,365

Current 902,157 1,068,182

Non-Current 49,748 48,183

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

Private securities are mainly composed of short-term investments in CDB and reverse repurchase
agreements which have immediate liquidity and bear interest based on the Interbank Deposit
Certificate (CDI) interest rate. Government securities are composed of National Treasury Bills and Notes
all issued by the Brazilian federal government. The average yield of marketable securities as at
September 30, 2014 was 103.18% of the CDI (102.56% of the CDI as at December 31, 2013). Securities in
foreign currency correspond to Time deposits with maturity over 90 days and average yield of 0.92% p.a.

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



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9 Derivative financial instruments

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

(a) Derivative financial instruments by type

Reference value (notional) -
in US dollars Fair value

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

Operational hedge
Cash flow hedges of exports
Zero cost dollar 1,395,000 1,122,000 (17,474 ) (12,451 )

Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (US$) 714,916 540,309 15,752 15,332

Hedges of foreign currency
Swap DI x US$ (US$) 409,602 422,946 (149,170 ) (149,807 )
Swap TJLP x US$ (US$) 204,127 275,712 (184,022 ) (225,340 )
Swap Pre x US$ (US$) 212,218 273,472 (86,595 ) (92,060 )

(421,509 ) (464,326 )

Classified
In current assets 29,444 22,537
In non-current assets 58,091 71,017
In current liabilities (147,779 ) (106,793 )
In non-current liabilities (361,265 ) (451,087 )

Total, net (421,509 ) (464,326 )



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

in currency of origin Fair value

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

Swap contracts
Asset
USD LIBOR (LIBOR to fixed) 714,916 540,309 1,676,353 1,266,940
BRL fixed rate (BRL to USD) 796,532 822,168 1,065,044 1,036,022
BRL TJLP (BRL to USD) 331,606 447,925 316,727 425,413
BRL Pre (BRL to USD) 436,611 559,353 358,428 450,066
Liability
USD fixed rate (LIBOR to fixed) 714,916 540,309 (1,660,601 ) (1,251,608 )
USD fixed rate (BRL to USD) 409,602 422,946 (1,214,214 ) (1,185,829 )
USD fixed rate (BRL TJLP to USD) 204,127 275,712 (500,749 ) (650,753 )
USD fixed rate (BRL to USD) 212,218 273,472 (445,023 ) (542,126 )

Total of swap contracts (404,035 ) (451,875 )

Options
Cash flow hedge - zero cost collar 1,395,000 1,122,000 (17,474 ) (12,451 )

(421,509 ) (464,326 )

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

Fair value Value (paid) or received

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

Operational hedges
Cash flow hedges of exports (17,474 ) (12,451 ) (13 ) (14,554 )
Hedges of debts
Hedges of interest rates 15,752 15,332 (5,850 ) (10,767 )
Hedges of foreign currency (419,787 ) (467,207 ) (22,897 ) 1,256

(421,509 ) (464,326 ) (28,760 ) (24,065 )



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

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

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

September 30, 2014

2014 2015 2016 2017 2018 2019 2020 Total

January (4,924 ) (5,170 ) (3,842 ) (878 ) (1,694 ) (16,508 )
February (11,195 ) (6,803 ) (5,709 ) 1,482 7 239 (21,979 )
March (6,814 ) (5,303 ) (3,360 ) (604 ) (1,223 ) (17,304 )
April (8,067 ) (4,773 ) (4,137 ) (1,174 ) (1,803 ) (19,954 )
May (12,475 ) (6,997 ) (5,804 ) (362 ) (1,432 ) (27,070 )
June (12,899 ) (8,771 ) (6,070 ) (895 ) (1,871 ) (30,506 )
July (11,544 ) (3,398 ) (705 ) (1,434 ) (1,906 ) (18,987 )
August (10,137 ) (5,517 ) (3,085 ) (17,694 ) (19,043 ) (20,123 ) (75,599 )
September (18,434 ) (12,168 ) (53,136 ) (32,612 ) (116,350 )
October (5,433 ) (6,622 ) (3,521 ) (3,834 ) (1,591 ) (21,001 )
November (7,794 ) (9,041 ) (5,612 ) (3,150 ) (602 ) (26,199 )
December (8,620 ) (11,097 ) (6,381 ) (3,161 ) (793 ) (30,052 )

(21,847 ) (123,249 ) (74,414 ) (95,993 ) (57,157 ) (28,965 ) (19,884 ) (421,509 )

December 31, 2013

2014 2015 2016 2017 2018 2019 2020 Total

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

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



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

September 30, 2014 December 31, 2013

Notional in
US Dollars

Fair value
Notional in
US Dollars Fair value

Banco Ita BBA S.A. 649,346 (46,364 ) 371,800 (44,568 )
Deutsche Bank S.A. 263,450 (330 ) 342,450 247
Banco CreditAgricole Brasil S.A. 159,416 (5,857 ) 245,457 (8,473 )
Banco Citibank S.A. 54,117 (47,497 ) 234,732 (65,783 )
Bank of America Merrill Lynch 340,000 3,501 229,657 1,120
Banco Santander Brasil S.A. 206,565 (85,556 ) 211,958 (143,371 )
Banco Safra S.A. 201,284 (96,466 ) 209,559 (102,127 )
Banco BNP Paribas Brasil S.A. 210,000 (1,123 ) 207,000 (3,336 )
HSBC Bank Brasil S.A. 214,647 (33,467 ) 190,810 (41,271 )
Banco Bradesco S.A. 182,229 (99,456 ) 141,618 (45,960 )
Banco J. P Morgan S.A. 412,857 (1,505 ) 125,000 274
Goldman Sachs do Brasil 25,000 (92 ) 64,650 (1,073 )
Banco Votorantim S.A. 16,952 (7,297 ) 27,966 (9,668 )
Banco Mizuho do Brasil S.A. 20,000 (195 )
Morgan Stanley & CO. 11,782 (142 )

2,935,863 (421,509 ) 2,634,439 (464,326 )

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

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

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

(i) LIBOR versus fixed rate swap

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

(ii) DI versus US dollar swap

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

(iii) TJLP versus US dollar swap

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



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(iv) Zero cost collar

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

(v) Pre swap versus US dollar swap

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

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

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

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

The value of the adjustment regarding the fair value of those embedded derivative in nine-month period
ended September 30, 2014 was a gain of R$ 21,954 (on December 31, 2013 the fair value was close to
zero) as detailed below:



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in US dollars Fair value

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

Embedded derivative
Forestry partnership and standing
timber supply agreements 913,406

935,684 21,954

21,954

Classified
In current assets 58
In non-current assets 22,230
In current liabilities (317 )
In non-current liabilities (17 )

Total, net 21,954

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

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

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

Possible (25%) Remote (50%)

Embedded derivative in forestry partnership and
standing timber supply agreements (129,100 ) (268,254 )

Total impact (129,100 ) (268,254 )

10 Trade accounts receivable and other assets

(a) Trade accounts receivable

September 30,
2014
December 31,
2013

Domestic customers 41,787 14,553
Intercompany 15,868 3,981
Export customers 498,862 375,711

556,517 394,245

Allowance for doubtful accounts (9,398 ) (12,158 )

547,119 382,087



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

In nine-month period ended September 30, 2014, we made some factoring transactions without
recourse for certain customers receivables, in the amount of R$ 1,052,476 (R$ 1,331,898 at December
31, 2013), that were derecognized from accounts receivable in the balance sheet.

(b) Other assets

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

11 Inventory

September 30,
2014
December 31,
2013

Finished goods
At plants/warehouses in Brazil 160,752 128,893
Outside Brazil 552,513 587,032
Work in process 19,573 15,592
Raw materials 379,373 385,447
Supplies 148,172 140,873
Imports in transit 2,964 7,587
Advances to suppliers 545 306

1,263,892 1,265,730



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12 Recoverable taxes

September 30,
2014
December 31,
2013

Current

Withholding tax and prepaid Income Tax (IRPJ) and
Social Contribution (CSLL) (i) 59,806 8,958
Value-added Tax on Sales and Services (ICMS) on purchases
of property, plant and equipment 6,416
of raw materials and supplies 114,893 127,282
Federal credits (ii) 82,571
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 28,339 162,583
Provision for the impairment of ICMS credits (97,201 ) (97,771 )

194,824 201,052

Non-current

Withholding tax and prepaid Income Tax (IRPJ) and
Social Contribution (CSLL) (i) 544,095 217,451
of property, plant and equipment 13,276 21,418
of raw materials and supplies 766,649 685,897
Federal credits (ii) 454,459
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 527,492 379,654
Provision for the impairment of ICMS credits (623,800 ) (560,537 )

1,682,171 743,883

(i) The increase refers to the prepaid Income Tax (IRPJ) and Social Contribution (CSLL) in July 2014, due to the recognition of
the credit related to IPI premium credit (BEFIEX Program), as described in Note 20.

(ii) Refers to the tax credit recognized after the approval of the application for the qualification of the IPI premium credit by
Federal Tax authority (Receita Federal do Brasil), in June 2014, as detailed in Note 20 and to the tax credit of Tax on Net
Income (Imposto sobre o Lucro Lquid0 - ILL), as mentioned in Note 13(b).

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

13 Income taxes

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

Starting in 2013, the Company began paying income taxes on the profits generated by foreign
subsidiaries in accordance with Article 74 of Provisional Measure 2,158/01 which states that the profits
earned each year by foreign controlled subsidiaries are subject to the payment of income tax and social
contribution in Brazil in the same year, at a rate of 34%, applied to the subsidiaries accounting profits
before income tax. The repatriation of these profits in subsequent years is not subject to future taxation
in Brazil. The Company records a provision for income taxes on foreign subsidiaries on an accruals basis.


35 of 58
The Company decided to start paying these taxes primarily to mitigate any risk of future tax assessments
on this matter, among other things. In 2014, the taxation on foreign subsidiaries profits began to be
regulated by Law 12.973/14, which expressly revokes the mentioned Article 74.

(a) Deferred taxes

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

September 30,
2014
December 31,
2013

Tax loss carryforwards 153,906 172,519
Losses from foreign subsidiary 53,812
Provision for contingencies 122,014 118,237
Sundry provisions (impairment, operational and other) 398,233 417,574
Results of derivative contracts recognized on a cash
basis for tax purposes 135,849 157,871
Exchange variations - recognized on a cash basis for tax purposes 738,222 646,286
Tax amortization of goodwill 104,137 110,940
Actuarial gains on medical assistance plan (SEPACO) 4,131 3,729
Tax depreciation (10,952 ) (9,518 )
Reforestation costs already deducted for tax purposes (336,728 ) (311,965 )
Fair values of biological assets (192,163 ) (199,861 )
Effects of business combination - acquisition of Aracruz (6,708 ) (13,972 )
Tax benefit of goodwill not amortized for accounting purposes (424,929 ) (357,835 )
Other provisions (1,785 ) (1,785 )

Total deferred taxes, net 737,039 732,220

Deferred taxes - asset (net by entity) 1,061,195 968,116

Deferred taxes - liability (net by entity) 324,156 235,896



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

September 30,
2014
December 31,
2013

At the beginning of the period 732,220 651,683
Tax loss carryforwards (18,613 ) (136,206 )
Losses from foreign subsidiary 53,812
Provision for impairment of foreign deferred tax assets (40,285 )
Temporary differences regarding provisions (15,564 ) 69,120
Derivative financial instruments taxed on a cash basis (22,022 ) 65,024
Amortization of goodwill (73,897 ) (91,697 )
Reforestation costs (26,197 ) (10,460 )
Exchange gains/losses taxed on a cash basis 91,936 175,461
Fair value of biological assets 7,698 39,233
Actuarial gains (losses) on medical assistance plan (SEPACO) 402 (7,685 )
Other 7,264 18,032

At the end of the period 737,039 732,220

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

September 30,
2014
September 30,
2013

Income (loss) before taxes on income 323,242 (870,910 )

Income tax and social contribution benefit (expense)
at statutory nominal rate - 34% (109,902 ) 296,109

Reconciliation to effective expense

Benefits to directors (3,440 ) (2,269 )
Taxes from foreign subsidiaries (4,169 )
Tax on net income (Imposto sobre o Lucro Lquido - ILL) (i) 15,974
Difference in tax rates of foreign subsidiaries 32,117 74,131
Foreign exchange effects on foreign subsidiaries 38,659
Other, mainly non-deductible provisions (1,463 ) (9,166 )

Income tax and social contribution (expense) benefit for the period (32,222 ) 358,805

Effective rate - % 9.97 41.2

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



37 of 58
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. Balances and transactions with related parties
are as follows:



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

Balances receivable (payable)

Nature
September 30,
2014
December 31,
2013

Transactions with controlling shareholders
Votorantim Industrial S.A. Rendering of services (716 )
BNDES Financing (1,745,191 ) (1,796,757 )

(1,745,191 ) (1,797,473 )

Transactions with Votorantim
Group companies
Votorantim Participaes S.A. Loan 7,353
Votener Votorantim
Comercializadora de Energia Energy supplier 12,094
Banco Votorantim S.A.
Financial investments and
financial instruments (7,297 ) (9,668 )
Votorantim Cimentos S.A. Energy supplier 8 74
Votorantim Cimentos S.A. Input supplier (236 ) (34 )
Votorantim Siderurgia S.A. Sales of waste 24
Sitrel Siderurgia Trs Lagoas Energy supplier 267
Votorantim Metais
Chemical products
supplier (241 )
Votorantim Metais Leasing of land (751 ) (788 )
Companhia Brasileira de Alumnio (CBA) Leasing of land (39 ) (37 )

11,132 (10,403 )

Net (1,734,059 ) (1,807,876 )

Presented in the following lines
In assets
Trade accounts receivable (Note 10) 12,102 251
Related parties - non-current 7,353 7,142
In liabilities
Loans and financing (Note 19) (1,745,191 ) (1,796,757 )
Derivative financial instruments (Note 9) (7,297 ) (9,668 )
Suppliers (1,026 ) (8,844 )

(1,734,059 ) (1,807,876 )



39 of 58
(ii) Transactions recognized in the
Statement of profit and loss

Income (expense)

Nature
September 30,
2014
September 30,
2013

Transactions with controlling shareholders
Votorantim Industrial S.A. Rendering of services (9,707 ) (7,355 )
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES) Financing (115,307 ) (121,672 )

(125,014 ) (129,027 )

Transactions with subsidiaries
Bahia Produtos de Madeira S.A. Sales of wood 7,477 8,486

Transactions with Votorantim Group
companies
Votorantim Participaes S.A. Loan 324
Votener - Votorantim Comercializadora
de Energia Energy supplier 50,108 (27,592 )
Banco Votorantim S.A. Investments and financial
instruments
2,371 (2,275 )
Votorantim Cimentos S.A. Energy supplier 5,164
Votorantim Cimentos S.A. Input supplier (3,013 ) (389 )
Votorantim Siderurgia S.A. Sale of waste 83
Sitrel Siderurgia Trs Lagoas Energy supplier 2,892 258
Votorantim Metais Ltda. Chemical products
supplier
(87 ) (3,309 )
Votorantim Metais Ltda. Leasing of lands (6,755 ) (6,912 )
Companhia Brasileira de Alumnio (CBA) Leasing of lands (340 ) (331 )

50,664 (40,467 )

Comments on the main transactions and
contracts with related parties

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

. Controlling shareholders

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

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



40 of 58
The Company has financing contracts with BNDES, the majority shareholder of BNDESPAR, for the
purpose of financing investments in infrastructure and the acquisition of equipment and machines,
as well as the expansion and modernization of its plants (Note 19).

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

. Subsidiaries

The Company has a contract to sale of wood with Bahia Produtos de Madeira S.A., with maturity in
2019, renewable for 15 years.

. Votorantim Group companies

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

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

The Company, through its joint operation VOTO IV has an account receivable in the amount of US$
3,000 (then equivalent to R$ 7,353) with Votorantim Participaes S.A., with maturity in July 2015.

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

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

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

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

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



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(b) Remuneration of officers and directors

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

September 30,
2014
September 30,
2013

Short-term benefits to officers and directors 31,671 19,273
Rescission of contract benefits 1,587
Benefit program - Phantom Stock Options 1,342 4,754

33,013 25,614

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

Short-term benefits to officers and directors do not include the compensation for the Statutory Audit
Committee, Finance, Compensation and Sustainability Committees' members of R$ 1,107 for the nine-
month period ended September 30, 2014 (R$ 572 for the nine-month period ended September 30, 2013
regarding the Audit and Risk Committee).

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

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

September 30,
2014
December 31,
2013

Current liability
Payroll, profit sharing and related charges 13,835 8,080

Non-current liability

26,024 20,907



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15 Investments

September 30,
2014
December 31,
2013

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

46,922 46,922

(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.

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 with regards to its subsidiaries and
jointly-operated entities and does not have any commitment related to its jointly-operated entities.

(a) Other investment

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

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

16 Biological assets

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

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



43 of 58

September 30,
2014
December 31,
2013

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

Additions 860,275 860,134
Harvests in the period
Historical cost (536,684 ) (580,192 )
Fair value (150,431 ) (283,333 )
Change in fair value 87,192 102,265
Disposals (822 )
Transfer (i) (222 )

At the end of the period 3,683,786 3,423,434
Historical cost 3,054,101 2,730,510
Fair value 629,685 692,924

(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 June 30, 2014, the changes in fair value of the biological assets recognized
by us was R$ 87,192, as detailed in Note 16 of the interim financial statements for the period ended June
30, 2014.

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

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45 of 58
18 Intangible assets

September 30,
2014
December 31,
2013

At the beginning of the period 4,634,265 4,717,163
Additions 22
Amortization (68,064 ) (95,085 )
Disposals (20 )
Transfers and others (*) 7,246 12,165


Composed by
Goodwill Aracruz 4,230,450 4,230,450
Systems development and deployment 28,930 32,349
Acquired from business combination
Databases 193,800 228,000
Patents 10,320 25,800
Relationships with suppliers
Chemical products 105,703 113,438
Other 4,224 4,228

4,573,427 4,634,265

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



46 of 58
19 Loans and financing

(a) Breakdown of the balance by type of loan

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

In foreign currency
BNDES - currency basket 6.4 57,577 53,038 382,043 304,091 439,620 357,129
Export credits (Finnvera) 52,210 173,244 225,454
Bonds - US$ 6.0 203,819 1,547,708 1,972,087 1,816,385 2,175,906 3,364,093
Export credits (prepayment) 3.2 362,484 457,523 3,057,291 2,425,260 3,419,775 2,882,783
Export credits (ACC/ACE) 0.9 162,545 451,718 162,545 451,718

786,425 2,562,197 5,411,421 4,718,980 6,197,846 7,281,177

In Reais
BNDES - TJLP 7.8 330,237 339,702 905,141 1,055,776 1,235,378 1,395,478
BNDES - fixed rate 3.8 11,664 6,891 58,529 37,259 70,193 44,150
FINAME 4.3 4,979 4,853 6,691 10,410 11,670 15,263
NCE 13.0 123,815 46,770 895,310 942,665 1,019,125 989,435
Midwest Region Fund
(FCO and FINEP) 8.1
12,135
11,948 27,914 35,646
40,049
47,594

482,830 410,164 1,893,585 2,081,756 2,376,415 2,491,920

1,269,255 2,972,361 7,305,006 6,800,736 8,574,261 9,773,097

Interest 77,879 94,946 86,472 35,337 164,351 130,283
Short-term borrowing 162,545 29,670 162,545 29,670
Long-term borrowing 1,028,831 2,847,745 7,218,534 6,765,399 8,247,365 9,613,144

1,269,255 2,972,361 7,305,006 6,800,736 8,574,261 9,773,097

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

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

Currency

September 30,
2014
December 31,
2013

Real 2,376,415 2,491,920
Dollar 5,758,226 6,924,048
Currency basket 439,620 357,129

8,574,261 9,773,097

Loans and financing are broken-down by interest rate:

Interest rate

September 30,
2014
December 31,
2013

CDI 1,019,125 989,435
TJLP 1,236,881 1,397,463
Libor 3,419,775 3,107,014
Currency basket 439,620 357,129
Fixed 2,458,860 3,922,056

8,574,261 9,773,097

(d) Roll forward

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

September 30,
2014
December 31,
2013

At the beginning of period 9,773,097 10,767,955
Borrowings 2,601,528 1,279,414
Interest expense 364,097 575,877
Foreign exchange 251,787 927,278
Repayments - principal amount (4,222,785 ) (3,320,157 )
Interest paid (329,226 ) (602,112 )
Expense of transaction costs of Bonds early redeemed 130,749 113,759
Addition of transaction costs (25,681 )
Other (*) 30,695 31,083


(*) Includes amortization of transactions costs.



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

Export credit (Finnvera)

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

Export credits (prepayment)

In July 2014, the Company settled US$ 100 million (equivalent then to R$ 222,765) for export credit
(prepayment), with interest rate of 0.87% p.a., plus quarterly LIBOR.

Export credits ACC/ACE

During the nine-month period ended September 30, 2014, the Company, through Veracel, settled US$
110 million (equivalent then to R$ 252,940) for the export credit (ACC), with interest rate were between
0.92% p.a. and 1.40% p.a.

During the nine-month period ended September 30, 2014, the Company settled US$ 105 million
(equivalent then to R$ 245,536) regarding to export credit (ACE), with interest rate were 2.96% p.a.

Loans - Fibria 2019 (Bond)

On September, 2014, we announced the early redemption of 100% of the outstanding balance of the
Bond Fibria 2019, in the amount of US$ 63 million (equivalent then to R$ 154,994), with original
maturity in October 2019 and fixed interest rate of 9.25% p.a. The payment will be made by us on
October 30, 2014.

Due to the announcement of the early redemption, we transferred from the non-current liabilities to the
current liabilities 100% of the outstanding balance and recognized as a provision for the premium to be
paid, in the amount of R$ 7,618.


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


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


50 de 58
proportional amortization of the transaction costs of the Bond.

On May 12, 2014, we early redeemed and canceled a total of US$ 430 million (then equivalent to
R$ 953,925), with funds obtained with the raise of the Bond Fibria 2024, related to the Bond Fibria
2021, with original maturity in March 2021, with a fixed interest rate of 6.75% p.a. As a result of the
early redemption, we recognized financial expenses amounting to R$ 122,258, following our accounting
practices, of which R$ 114,471 related to the premiums paid on the repurchase transaction and R$ 7,787
relating to the proportional amortization of the transaction costs of the Bond. As part of this transaction,
the outstanding balance of the Bond Fibria 2021 was US$ 118 million (equivalent than to R$ 291,576).

Loans - VOTO IV (Bond)

On June 16, 2014, we early redeemed a total of US$ 61 million (then equivalent to R$ 136,448), with
available funds, related to the Bond VOTO IV, issued by our joint operation VOTO IV, with original
maturity in June 2020, with a fixed interest rate of 7.75% p.a. As a result of the early redemption, we
recognized financial expenses amounting to R$ 31,291, of which R$ 28,488 related to the premiums paid
on the repurchase transaction and R$ 2,802 relating to the proportional amortization of the transaction
costs of the Bond. As part of this transaction, the outstanding balance of the Bond VOTO IV was US$
97 million (equivalent than to R$ 243,611).

Revolving credit facility

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

(f) Relevant operations contracted during the period

Unused credit lines

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

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

Export credits (prepayments)

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


51 de 58
million in 2018 and US$ 57 million in 2019.

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

Export credits - ACC

In the nine-month period ended September 30, 2014, the Company, through Veracel, entered into an
export prepayment contract, in the amount of US$ 103 million (equivalents then to R$ 236,708)
maturing in March 2015 and fixed interest rate between 0.93% and 0.98% p.a.

BNDES

In the nine-month period ended September 30, 2014, a total amount of R$ 207,697 were released from
BNDES contracts, maturing between 2014 and 2023, subject to interest ranging from TJLP plus 2.42% to
3.45% p.a. and UMBNDES plus 2.42% p.a. to 2.45% p.a. The amount released was earmarked for projects
in the industrial and forestry areas and IT project financing.


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

(g) Covenants

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

Covenants requirements

The Companys debt financial covenants, are measured based on consolidated information translated
into US dollars (as opposed to consolidated financial information in Reais), and the indebtedness ratio
(Net debt to EBITDA) should be a maximum ratio of 4.5x. Under the revised criteria by translating the
EBITDA from Reais to US dollar at the average exchange rate of each quarter the impact of the
depreciation of the Brazilian real is mitigated.

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

The following table presents the financial covenant ratios:

Ratios


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Ratio of debt service coverage (i) - Minimum ratio More than 1.00
Indebtedness ratio (ii)- Maximum ratio Less than 4.50

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

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

The Company is in full compliance with the covenants established in the financial contracts at
September 30, 2014, for which the debt service ratio totaled 2.4 and indebtedness ratio totaled 2.5,
measured in US dollars.

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

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

. Inaccuracy of any declaration, guarantee or certification provided.

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

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

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



53 de 58
20 Contingencies

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

September 30, 2014 December 31, 2013

Judicial
deposits Provision Net
Judicial
deposits Provision Net

Nature of claims
Tax 87,840 100,236 12,396 86,921 102,906 15,985
Labor 54,081 156,598 102,517 55,250 152,442 97,192
Civil 10,536 26,751 16,215 9,503 25,164 15,661

152,457 283,585 131,128 151,674 280,512 128,838

The change in the provision for contingencies is as follows:

September 30,
2014
December 31,
2013

At the beginning of the period 280,512 282,827
Disposals (5,399 ) (18,489 )
Reversal (28,103 ) (106,714 )
New litigation 2,282 60,633
Accrual of financial charges 34,293 62,255

At the end of the period 283,585 280,512

In the nine-month period ended September 30, 2014, 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 relevant changes in the period:

(i) BEFIEX Program

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

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


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

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

The credit was recorded by us as a debit in the asset under Other assets and as a credit in the profit or
loss under Other operating income, and will be used to offset future payments of federal taxes.

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

On June 2014, the Company received a tax assessment notice with respect to the earnings of Fibria
Trading International, related to 2010, which was recognized by Fibrias former subsidiary Normus
(incorporated by the Company on June 2013) based on the equity method. Therefore, this tax
assessment issued by the Brazilian Federal Revenue Service did not reflect the accumulated losses in
previous years. For that reason, on July 2014 we presented appeal. The updated value of the cause is R$
281,466, as at September 30, 2014. Based on our internal and external legal advisors, the probability of
losses was classified as possible, without the need to record a provision.



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21 Revenue

(a) Reconciliation

September 30,
2014
September 30,
2013

Gross amount 6,226,045 5,799,233
Sales taxes (108,254 ) (97,374 )
Discounts and returns (*) (1,035,250 ) (742,204 )

Net revenues 5,082,541 4,959,655

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

(b) Information about products

September 30,
2014
September 30,
2013

Pulp
Volumes (tons)
Domestic market 370,987 335,504
Foreign market 3,523,713 3,421,305

3,894,700 3,756,809

Pulp revenue
Foreign market 4,602,910 4,532,563

5,021,435 4,904,306

Average price (in Reais per ton) 1,289 1,305

Revenue
Foreign market 4,602,910 4,532,563
Services 61,106 55,349

5,082,541 4,959,655



56 de 58
22 Financial results

September 30,
2014
September 30,
2013

Financial expenses
Interest on loans and financing (364,097 ) (438,315 )
Loans commissions (23,182 ) (19,982 )
Financial charges in the partial repurchase of Bond (**) (463,585 ) (343,413 )
Others (31,177 ) (50,176 )

(882,041 ) (851,886 )

Financial income
Financial investment earnings 70,847 77,357
Others 33,079 9,763

103,926 87,120

Gains (losses) on derivative financial instruments
Gain 336,863 350,550
Losses (300,851 ) (463,216 )

36,012 (112,666 )

Foreign exchange and (loss) gain
Loans and financing (251,787 ) (581,019 )
Other assets and liabilities (*) (29,407 ) 3,666

(281,194 ) (577,353 )

Net financial result (1,023,297 ) (1,454,785 )

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

(**) Following our accounting practices, these values are presented as financing activities in the Statement of Cash Flows.



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23 Expenses by nature

September 30,
2014
September 30,
2013

Cost of sales
Depreciation, depletion and amortization (1,355,242 ) (1,335,190 )
Freight (593,536 ) (550,435 )
Labor expenses (335,818 ) (303,699 )
Variable costs (1,874,578 ) (1,720,564 )

(4,159,174 ) (3,909,888 )

Selling expenses
Labor expenses (18,384 ) (12,566 )
Commercial expenses (i) (226,702 ) (217,276 )
Operational leasing (1,300 ) (997 )
Depreciation and amortization charges (6,110 ) (5,193 )
Other expenses (9,520 ) (16,649 )

(262,016 ) (252,681 )

General and administrative and directors' compensation expenses
Labor expenses (79,312 ) (85,641 )
Third-party services (consulting, legal and others) (ii) (77,638 ) (79,259 )
Depreciation and amortization charges (13,270 ) (17,035 )
Donations and sponsorship (6,456 ) (4,205 )
Other expenses (28,312 ) (25,772 )

(204,988 ) (211,912 )

Other operating expenses, net
Program of variable compensation to employees (50,421 ) (41,205 )
Tax credits (iii) 851,795
Changes in fair value of biological assets 87,192 36,100
Others 1,610 3,806

890,176 (1,299 )

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



58 de 58
24 Earnings per share

(a) Basic

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

September 30,
2014
September 30,
2013

Net income (loss) attributable to the shareholders of the Company 285,101 (519,417 )

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

Basic earnings per share (in Reais) 0.515 (0.938 )

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 nine-month period ended September 30, 2014 and
2013, without considering treasury shares, for total of 342,824 shares in the nine-month period ended
September 30, 2014 and 2013. During the nine-month period ended September 30, 2014 and 2013 there
was no changes in the number of shares of Company.

(b) Diluted

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

25 Explanatory notes not presented

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

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

* * *

3Q14 Results

3Q14 Results
2

Sales of 1.4 million tons, a new third-quarter record
Production cash cost remains flat over 3Q13

3Q14 Highlights
Gross debt in dollars of US$3,498 million, 9% and 18% down on 2Q14 and 3Q13, respectively. The increase in reais was due to the
period appreciation of the dollar against the real.
Net debt in dollars reached its lowest level since Fibria began operations, falling by 19% over 3Q13.
Year-on-year reduction of 21% in financial expenses in dollars.
Net Debt/EBITDA ratio of 2.5x in dollars (Jun/14: 2.4x | Sep/13: 2.9x).
The cost of dollar-denominated debt came to 4.0% p.a. (2Q14: 3.8% p.a. | 3Q13: 4.5% p.a.).
Average debt term of 55 months (2Q14: 52 months | 3Q13: 54 months).
Announcement of the anticipated settlement of the balance of the 2019 bond totaling US$63 million, with payment scheduled for October
30, 2010.
Scheduled maintenance downtime at the Jacare Mill successfully completed.
Pulp production of 1,345 thousand tons, 6% up on 2Q14 and flat over 3Q13. LTM production totaled 5,251 thousand tons.
Pulp sales of 1,372 thousand tons, 3% and 5% higher than in 2Q14 and 3Q13, respectively. LTM sales came to 5,336 thousand tons, 2%
up over the period production.
Net revenue of R$1,746 million (2Q14: R$1,694 million | 3Q13: R$1,841 million). LTM net revenue reached R$7,040 million.
Stable cash cost in comparison with 3Q13 (R$502/t) and 10% down on 2Q14. Excluding the effect of the downtimes, the cash cost came
to R$478/t, 2% and 1% less than in 2Q14 and 3Q13, respectively. Excluding the additional result from energy sales, the cash cost
recorded LTM growth of 4.8%, below inflation in the same period.
Adjusted EBITDA of R$613 million, 3% up on 2Q14 and 19% down on 3Q13. LTM EBITDA totaled R$2,708 million. EBITDA margin of
35%, flat in relation to the previous quarter and 6 p.p. less than in 3Q13.
EBITDA/ton of R$450 (US$198/t), 1% up on 2Q14 and 23% down on 3Q13.
Free cash flow in the last 12 months of R$1,119 million (US$92/t), stable in relation to 2Q14 LTM free cash flow and representing a 7.5%
yield on 09/30/2014.
Net loss of R$359 million (2Q14: net income of R$631 million | 3Q13: net income of R$57 million). Year-to-date net income of R$291
million.
Fibria was included in the 2014/2015 portfolios of the NYSEs Dow Jones World Sustainability and Emerging Markets indices.
Subsequent Events
IV Annual Meeting with investors at NYSE Fibria Day to be held on December 3
rd
, 2014.

Market Cap Sep/30/2014:
R$14.9 billion | US$6.1 billion
FIBR3: R$26.84
FBR: US$11.00
Shares Issued:
553,934,646 common shares

The operating and financial information of Fibria Celulose S.A. for the 3rd quarter of 2014 (3Q14) 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.
Conference Call: Oct/22/2014
Portuguese: 9 A.M. (US-EST) | Phone: +55 11 3193-1001

English: 10 A.M. (US-EST) | Phone: 1-412-317-6776

Webcast: www.fibria.com.br/ir
Investor Relations
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
Key Figures Unit 3Q14 2Q14 3Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
9M14 9M13
9M14 vs
9M13
Last 12
months (LTM)
Pulp Production 000 t 1,345 1,271 1,347 6% 0% 3,893 3,901 0% 5,251
Pulp Sales 000 t 1,372 1,334 1,301 3% 5% 3,895 3,757 4% 5,336
Net Revenues R$ million 1,746 1,694 1,841 3% -5% 5,083 4,960 2% 7,040
Adjusted EBITDA
(1)
R$ million 613 594 762 3% -20% 1,885 1,973 -4% 2,708
EBITDA margin % 35% 35% 41% 0 p.p. -6 p.p. 37% 40% -3 p.p. 38%
Net Financial Result
(2)
R$ million (785) (68) (226) - - (1,023) (1,455) - (1,623)
Net Income (Loss) R$ million (359) 631 57 - - 291 (512) - 106
Free Cash Flow
(3)
R$ million 117 248 122 -53% -5% 373 523 -29% 1,119
ROE
(6)
% 7.1% 9.0% 8.5% -2 p.p. -1 p.p. 7.1% 8.5% -1 p.p. 7.1%
ROIC
(6)
% 8.3% 10.1% 10.0% -2 p.p. -2 p.p. 8.3% 10.0% -2 p.p. 8.3%
Gross Debt (US$) US$ million 3,498 3,840 4,254 -9% -18% 3,498 4,254 -18% 3,498
Gross Debt (R$) R$ million 8,574 8,457 9,487 1% -10% 8,574 9,487 -10% 8,574
Cash
(4)
R$ million 1,261 1,776 1,246 -29% 1% 1,261 1,246 1% 1,261
Net Debt (R$) R$ million 7,313 6,681 8,240 9% -11% 7,313 8,240 -11% 7,313
Net Debt (US$) US$ million 2,984 3,033 3,695 -2% -19% 2,984 3,695 -19% 2,984
Net Debt/EBITDA LTM x 2.7 2.3 3.0 0.4 x -0.3 x 2.7 3.0 -0.3 x 2.7
Net Debt/EBITDA LTM (US$)
(5)
x 2.5 2.4 2.9 0.1 x -0.3 x 2.5 2.9 -0.4 x 2.5
(1) Adjusted by non-recurring and non-cash items | (2) Includes results f romf inancial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Does not include the sale of assets and the equity acquisition of Ensyn | (4) Includes the hedge f air value | (5) For covenants purposes | (6) Excluding non-cash ef f ects. More details on page 15

3Q14 Results
3

Index

Executive Summary ..................................................................................................................... 4
Pulp Market .................................................................................................................................. 5
Production and Sales ................................................................................................................... 6
Results Analysis ........................................................................................................................... 6
Financial Result ............................................................................................................................ 9
Net Result .................................................................................................................................. 11
Indebtedness.............................................................................................................................. 12
Capital Expenditure .................................................................................................................... 14
Free Cash Flow .......................................................................................................................... 15
ROE and ROIC .......................................................................................................................... 15
Capital Market ............................................................................................................................ 16
Subsequent Events .................................................................................................................... 17
Appendix I Revenue x Volume x Price* ................................................................................... 18
Appendix II Income Statement ................................................................................................ 19
Appendix III Balance Sheet ..................................................................................................... 20
Appendix IV Statement of Cash Flows .................................................................................... 21
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) ......... 22
Appendix VI Economic and Operational Data ......................................................................... 23

3Q14 Results
4

Executive Summary
According to the Pulp and Paper Products Council (PPPC) exports in 2014 through August posted a year-on-year upturn
of 9% (+944 kt), led by China and Europe. Fibria sold 1,372 thousand tons, a record for the third quarter, which is
normally impacted by the typical seasonality of the period. Despite the 3% reduction in the average PIX/FOEX BHKP
Europe price over the previous quarter, higher demand, together with the capacity closures, which totaled 740 thousand
tons in 2014 to date, helped the announcement of price increase by Fibria as of October (Europe: US$750/t; North
America: US$840/t; Asia: US$640/t). The uncertainties surrounding the Brazilian elections and the volatility of the
international market led to an 11% appreciation of the dollar, which helped push up the average net price in reais,
offsetting the pulp price slide in dollars. Lastly, the production cash cost remained flat over 3Q13, chiefly due to energy
sales and improved operating efficiency.
Pulp production totaled 1,345 thousand tons in 3Q14, 6% more than in 2Q14, due to the reduced impact of the
scheduled maintenance downtimes and the higher number of production days. Compared to the same period the year
before, output remained flat. Sales volume came to 1.4 million tons, 3% up on 2Q14 due to higher sales to North
America despite typical third-quarter seasonality. Pulp inventories closed 3Q14 at 50 days, identical to the figure in
4Q13, a period when sales are normally higher.
The production cash cost was R$502/t, 10% down on 2Q14, primarily due to the reduced impact of the scheduled
maintenance stoppages, and stable in relation to 3Q13, given that higher wood costs were offset by the improved utilities
result. Excluding the effect of the downtimes, the cash cost fell by 2% and 1% over 2Q14 and 3Q13, respectively. Put
differently, if we exclude the utilities result, the figure comes to R$525/t, indicating that the positive performance was also
due to improved operating efficiency. Fibria is continuing to pursue initiatives designed to minimize its cost structure and
keep its 2014 production cash cost increase below period inflation. The Company is fully prepared to confront any
adverse scenario in regard to possible energy rationing in 2014 given that it is self-sufficient in electricity. In the first nine
months of the year, Fibria produced 116% of the energy needed for its pulp production process.

Adjusted 3Q14 EBITDA totaled R$613 million, with a margin of 35%, 3% up on 2Q14 due to the increase in sales volume
and the appreciation of the average dollar, and 19% less than in 3Q13 as a result of the lower net price in reais, in turn
caused by the reduction in the pulp price in dollars. LTM EBITDA came to R$2,708 million, with a margin of 38%. Free
cash flow for the quarter totaled R$117 million, less than in the previous three months, chiefly due to the working capital
variation. The decline over 3Q13 was largely due to the previously explained reduction in EBITDA. In the last 12 months,
free cash flow totaled R$1,119 million, representing a 7.5% yield on 09/30/2014.

The financial result was a net expense of R$785 million, versus a net expense of R$68 million in 2Q14 and R$226 million
in 3Q13. The variation was chiefly due to the 11% appreciation of the dollar against the real, resulting in higher foreign-
exchange losses on dollar-denominated debt and hedge instruments. It is worth noting the 21% reduction in interest
expenses in dollars over 3Q13, thanks to more effective liability management aimed at reducing the principal and cost of
debt.

Gross debt in reais totaled R$8,574 million, 1% up on 2Q14, impacted by the exchange variation, and 10% down on
3Q13. Fibria closed the quarter with a cash position of R$1,261 million, including the mark to market of derivatives.
Despite the higher cost of debt in 3Q14, the liability management measures should reduce it to 3.8% p.a. and extend the
average maturity to 57 months, in case current market parameters remain. The average term was extended from 52 to
55 months in September due to the efforts to improve the debt profile. On September 26, the Company informed its

3Q14 Results
5

bondholders that it would exercise the 2019 bond call, totaling US$63 million, with a coupon of 9.25% p.a., at the end of
October, helping reduce the cost of debt in the final quarter of the year.

As a result of all the above, Fibria reported a 3Q14 net loss of R$359 million, versus net income of R$631 million in 2Q14
and R$57 million in 3Q13 (for more details, see page 11).

Pulp Market
Fibria recorded its highest ever third-quarter sales in 3Q14, reaching 1.37 million tons, 5% more than in 3Q13.
Historically, pulp sales have been impacted by the summer vacation period in the northern hemisphere, due to the
temporary downtime of the European paper plants and the consequent drop in pulp demand. However, as we anticipated
last quarter, demand for eucalyptus pulp remained well above seasonal levels in all markets, led by China in 3Q14.
The latest PPPC figures indicated that eucalyptus pulp shipments to China totaled 676 thousand tons in July and August,
36% (or 180 thousand tons) higher than the same period of the previous year, due to the startup of new paper machines,
chiefly in the tissue and cartonboard segments. Robust Chinese demand was further sustained by the spread between
softwood and hardwood pulp prices.
Hardwood and Eucalyptus Shipments (000 t and % change 8 months 2014 vs. 2013)

Source: PPPC World August 20, 2014
There were also surprises on the supply side, with the announcement of two hardwood pulp mills closures due to a
combination of high production costs and the market situation. In August, the American firm Old Town Fuel & Fiber
announced the immediate closure of its 190 thousand t/year NBHK plant, followed by the Spanish Ences announcement
that it would halt production at its 420 thousand t/year Huelva BEKP plant on October 20
th
, 2014 in order to produce
renewable energy only.
Although the new pulp capacity that came on stream in the first half of 2014, these operations are still undergoing their
learning curve and not delivering their full volumes to the market. This factor, compounded by the capacity closures and
healthy demand throughout the year, should lead to a more optimistic outlook for the coming months, when demand is
seasonally higher.
0
100
200
300
400
500
600
700
800
900
1.000
Global North America Western Europe China Rest of the world
BHKP BEKP
3.8%
9.4%
2.9%
2.1%
2.2%
5.2%
13.1%
25.7%
6.7%
0.4%

3Q14 Results
6

Production and Sales

In 3Q14, as part of its annual plan and budget, Fibria implemented a scheduled maintenance stoppage at the Jacare Mill
which took place within the envisaged schedule. Pulp production totaled 1,345 thousand tons in the quarter, 6% up on
2Q14 due to fewer mills undergoing scheduled maintenance (only Jacare this quarter) and the higher number of
production days (3Q14: 92 days | 2Q14: 91 days). In relation to 3Q13, production remained flat. Fibria has held all the
scheduled maintenance downtimes in 2014 as planned. Pulp inventories totaled 739 thousand t (50 days), 4% down on
2Q14 767 thousand tons (52 days) and 5% less than in 3Q13 827 thousand tons (56 days).
Pulp sales volume totaled 1,372 thousand tons, 3% more than in the previous three months, thanks to higher sales to
North America. In comparison with 3Q13, sales volume climbed by 5% due to higher sales to Europe, partially offset by
reduced shipments to North America. In the last 12 months, Fibria sold 5,336 thousand tons, 2% higher than the
production in the same period. Sales to Europe accounted for 39% of total sales volume, followed by North America with
26%, Asia with 25% and Latin America with 10%.
Results Analysis

Net revenue totaled R$1,746 million in 3Q14, 3% up on 2Q14, mostly due to the upturn in sales volume. The reduction
over 3Q13 was due to the lower average net price in reais, in turn caused by the 8% reduction in pulp prices in dollars. In
the last 12 months, net revenue came to R$7,040 million.
The cost of goods sold (COGS) was 1% and 6% higher than in 2Q14 and 3Q13, respectively, thanks to the increase in
sales volume and the inventory turnover effect, which was reflected in the previous quarters production cash cost. As a
result, despite the reduction in the cash cost in the quarter, cash COGS/t (without freight costs) was higher than in both
comparative periods (3Q14: R$560/t | 2Q14: R$547/t | 3Q13: R$559/t).
The pulp production cash cost totaled R$502/t in 3Q14, 10% less than the quarter before, due to the reduced impact of
scheduled maintenance stoppages (only the Jacare Mill this quarter), lower expenditure on inputs (improved operating
efficiency) and lower maintenance costs. The utilities result (especially energy sales representing around 92% of this
item), which reached R$34/t, also made a positive contribution to the 3Q14 performance. The Company believes it is
Net Revenues (R$ million) 3Q14 2Q14 3Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
9M14 9M13
9M14 vs
9M13
Last 12
months
Domestic Market Pulp 153 129 140 18% 9% 419 372 13% 550
Export Market Pulp 1,574 1,543 1,681 2% -6% 4,603 4,533 2% 6,412
Total Pulp 1,727 1,672 1,821 3% -5% 5,021 4,904 2% 6,962
Portocel 19 22 20 -13% -5% 61 56 8% 78
Total 1,746 1,694 1,841 3% -5% 5,083 4,960 2% 7,040
Production ('000 t) 3Q14 2Q14 3Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
9M14 9M13
9M14 vs
9M13
Last 12
months
Pulp 1,345 1,271 1,347 6% 0% 3,893 3,901 0% 5,251
Sales Volume ('000 t)
Domestic Market Pulp 138 117 116 18% 19% 371 336 11% 483
Export Market Pulp 1,234 1,217 1,185 1% 4% 3,524 3,421 3% 4,853
Total sales 1,372 1,334 1,301 3% 5% 3,895 3,757 4% 5,336

3Q14 Results
7

fully prepared for any possible electricity rationing scenario as it is self-sufficient in energy. Power generation comes from
the pulp production process and is therefore independent of the energy market. In relation to 3Q13, the stability of the
cash cost was largely due to the improved utilities result (variation of R$23/t), which offset the increase in wood costs,
which in turn was impacted by higher distance from forest to mill (3Q14: 181 km | 3Q13: 165 km) and readjusted wood
transportation prices. It is important to note that part of this increase is non-recurring. Excluding the effects of the
downtimes, the cash cost was R$478/t, 2% down on 2Q14 and 1% less than in 3Q13. Even without the additional effect
from energy sales, Fibrias cash cost would have been R$525/t, which represents a 4.8% increase in 12 months,
primarily due to the operating efficiency of the mills, which in September recorded one of the lowest cash costs of the
recent years. Period inflation, as measured by the IPCA consumer price index, stood at 6.75%. Fibria will continue to
pursue its goal of maintaining its 2014 cash cost below inflation.

501
559
502
3Q13 2Q14 3Q14
Cash Cost
(R$/t)
482
486
478
3Q13 2Q14 3Q14
Cash Cost ex-Downtime
(R$/t)
Pulp Cash Cost R$/t
2Q14 559
Exchange Rate 2
Wood - higher transportation costs 1
Lower maintenance costs (6)
Lower chemicals consumption (operational efficiency) (8)
Maintenance downtimes (49)
Other 3
3Q14 502
Pulp Cash Cost R$/t
3Q13 501
18
Maintenance downtimes 4
Higher input prices (chemicals and energy) 2
Better results with utilities (23)
Volume 1
Other (1)
3Q14 502
Higher distance from forest to mill (3Q14: 181 km | 3Q13: 165 km), transport price adjustment and third
party wood (3Q14: 13% | 3Q13: 11%)
Wood
48%
Chemicals
21%
Energy
5%
Other Variable
3%
Maintenance
13%
Personnel
6%
Other Fixed
4%
Production Cash Cost
3Q14
Wood
44%
Chemicals
21%
Energy
9%
Other Variable
3%
Maintenance
13%
Personnel
6%
Other Fixed
4%
Production Cash Cost
3Q13
Fixed costs Variable costs

3Q14 Results
8

Selling expenses totaled R$95 million in 3Q14, 8% and 4% up on 2Q14 and 3Q13, respectively, due to higher sales
volume and increased expenses with terminals. The selling expenses to net revenue ratio remained flat over both
periods at 5%.
Administrative expenses came to R$74 million, flat over the same period last year and 19% more than in 2Q14, due to
higher expenses with outsourced services and donations.
Other operating income (expenses) totaled an expense of R$30 million in 3Q14, versus income of R$915 million in 2Q14
and an expense of R$11 million in 3Q13. The quarter-on-quarter variation was due to the impact of R$869 million in IPI
tax export credits granted by the BEFIEX Program in 2Q14 and the non-revaluation of biological assets this quarter. In
the annual comparison, the R$20 million variation was due to the net effect of the write-down of property, plant and
equipment.

Adjusted EBITDA totaled R$613 million in 3Q14, with a margin of 35%. In comparison with 2Q14, EBITDA increased by
3%, due to the 3% upturn in sales volume and the 2% appreciation of the average dollar, partially offset by lower pulp
price in dollars and higher cash COGS. The reduction over 3Q13 was due to the slide in pulp prices in dollars and the
upturn in cash COGS, partially offset by higher sales volume. The graph below shows the main variations during the
quarter:

(1) Includes IPI tax export credits granted by the BEFIEX Program.
(2) Fixed assets disposal, accrual for losses on ICMS credits, tax credits and reversal of provisions for contingencies.

762
594
613
3Q13 2Q14 3Q14
EBITDA (R$ million) and
EBITDA Margin (%)
41%
35% 35%
585
445 446
3Q13 2Q14 3Q14
EBITDA/t
(R$/t)
594
1,494
562
613
900
42
(24)
35
(21)
(7) (12)
(945)
51
Adjusted
EBITDA 2Q14
Non-recurring
effects / non-
cash(1)
EBITDA 2Q14 Volume Price Exchange
Variation
Cogs S&M G&A Other
operational
expenses
EBITDA 3Q14 Non-recurring
effects / non-
cash(2)
Adjusted
EBITDA 3Q14
EBITDA 3Q14 x 2Q14
R$ million

3Q14 Results
9

Financial Result

Income from interest on financial investments came to R$22 million, 4% less than in 2Q14, mainly due to the use of
resources to pay period commitments, while cash and cash equivalents closed the quarter at R$1,661 million (excluding
the mark to market of derivatives). The 8% year-on-year decline is largely explained by the 14% reduction in the total
amount of cash invested in favor of period debt payments. Hedge transactions generated a loss of R$143 million, R$135
million of which from the negative variation in the fair value of the hedge instruments, mainly debt swaps (for more
details, see the derivative section on page 10).
Interest expenses on loans and financing totaled R$113 million, 4% up on the previous quarter, mainly due to period
funding operations (BNDES loans and export credit). The 22% (or R$31 million) reduction over 3Q13 was chiefly due to
the period decline in dollar-denominated debt.
Foreign-exchange losses on dollar-denominated debt (93% of total debt) stood at R$643 million, versus income of
R$164 million in 2Q14. This expense was due to the end-of-period devaluation of the real against the dollar (3Q14:
R$2.4510 | 2Q14: R$2.2025). The variation over 3Q13 was due to the reduced volatility of the end-of-period dollar in the
latter quarter (less than 1%).
Other financial income (expenses) amounted to an expense of R$7 million, R$147 million less than in 2Q14, due to the
reduced accounting impact of the bond buybacks, whose amounts were lower this quarter than in the previous three
months. In 3Q14, the Company announced the buyback of securities maturing in 2019, whose disbursement, totaling
US$63 million will take place on October 30. The same factor explains the year-on-year variation.
On September 30, 2014, the mark-to-market of derivative financial instruments was negative by R$400 million (a
negative R$17 million from operational hedges, a negative R$404 million from debt hedges, and a positive R$22 million
in embedded derivatives), versus a negative R$265 million on June 30, 2014, giving a negative variation of R$135
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$8 million. Thus, the net impact on the financial
result was negative by R$143 million. The following table shows Fibrias derivative hedge position at the end of
September:

(R$ million) 3Q14 2Q14 3Q13 9M2014 9M2013
3Q14 vs
2Q14
3Q14 vs
3Q13
9M2014 vs
9M2013
Financial Income (including hedge result) (121) 82 60 107 (36) - - -
Interest on financial investments 22 23 24 71 77 -4% -8% -8%
Hedging(1) (143) 59 36 36 (113) - - -
Financial Expenses (113) (109) (144) (359) (438) 4% -22% -18%
Interest - loans and financing (local currency) (54) (52) (51) (158) (135) 4% 6% 17%
Interest - loans and financing (foreign currency) (59) (57) (93) (201) (303) 4% -37% -34%
Monetary and Exchange Variations (544) 113 (68) (280) (577) - - -51%
Foreign Exchange Variations - Debt (643) 164 (55) (252) (581) - - -57%
Foreign Exchange Variations - Other 99 (51) (13) (28) 4 - - -
Other Financial Income / Expenses(2) (7) (154) (74) (491) (404) -95% -91% 22%
Net Financial Result (785) (68) (226) (1,023) (1,455) - - -30%
(1) Change in the marked to market (3Q14: R$(400) million | 2Q14: R$(265) million) added to received and paid adjustments.
(2) Ref er to f inancial charges f rom2019 Bond buy-back.

3Q14 Results
10

Zero cost collar operations have become more attractive in the current exchange scenario, especially due to the volatility
of the dollar, as they can lock in exchange rates at a favorable level for the Company, while limiting negative impacts in
the event of a significant depreciation of the real. 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. 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. Currently, these operations have a maximum term of 12 months, covering 56% of
net foreign exchange exposure, and their sole purpose is to protect cash flow exposure.
Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollar-
denominated 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 44 months in 3Q14) 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,
Sep/14 Jun/14 Sep/14 Jun/14
Receive
US Dollar Libor (2) May/19 715 $ 501 $ 1,677 R$ 1,104 R$
Brazilian Real CDI (3) Aug/20 797 R$ 805 R$ 1,065 R$ 1,057 R$
Brazilian Real TJLP (4) Jun-17 332 R$ 370 R$ 317 R$ 355 R$
Brazilian Fixed (5) Dec/17 437 R$ 478 R$ 358 R$ 393 R$
Receive Total (a) 3,417 R$ 2,909 R$
Pay
US Dollar Fixed (2) May/19 715 $ 501 $ (1,661) R$ (1,095) R$
US Dollar Fixed (3) Aug/20 410 $ 414 $ (1,214) R$ (1,119) R$
US Dollar Fixed (4) jun/17 204 $ 228 $ (501) R$ (509) R$
US Dollar Fixed (5) Dec/17 212 $ 233 $ (445) R$ (443) R$
Pay Total (b)
(3,821) R$ (3,166) R$
Net (a+b) (404) R$ (257) R$
Option
US Dollar Options up to 10M 1,395 $ 1,031 $ (17) R$ 17 R$
Options Total (d) (17) R$ 17 R$
Receive
US Dollar Fixed Dec/34 913 $ 925 $ 22 R$ 1 R$
Pay
US Dollar CPI Dec/34 913 $ 925 $ (0) R$ (26) R$
Embedded Derivatives
Total (e) 22 R$ (25) R$
Net (a+b+c+d+e)
(400) R$ (265) R$
Embedded Derivatives - Forestry Partnership and Standing Timber Supply
Agreements
Notional Fair Value
Swaps Maturity

3Q14 Results
11

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 9 (e) of the 3Q14 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 3Q14 net loss of R$359 million, versus net income of R$631 million in 2Q14 and R$57 million in
3Q13. The variation in relation to the previous quarter was chiefly due to the negative financial result, in turn caused by
the greater impact of the devaluation of the real against the dollar on the Companys debt, as well as the IPI tax export
credits granted by the BEFIEX Program in 2Q14. In comparison with 3Q13, in addition to the above-mentioned exchange
variation, the reduction in the net result was due to the decline in net revenue and higher COGS. Excluding non-recurring
effects, exchange variation and MtM hedge, the net income would have been R$94 million in 3Q14 and R$161 million in
9M14.
Analyzing the result in terms of earnings per share, i.e., excluding depreciation, depletion and the monetary and
exchange variations (see the reconciliation on page 23), the indicator was 2% higher than in 2Q14, thanks to the
increase in sales volume and the 2% average dollar appreciation. The 19% year-on-year reduction was due to the
decline in the average price in reais and the upturn in cash COGS, as explained previously. The chart below shows the
main factors impacting the 3Q14 net result, beginning with EBITDA in the same period:

613
562
(359)
(51)
13
(91)
(475)
339
92
(799)
3Q14 Adjusted
EBITDA
Non-recurring
effects / non-
cash(2)
EBITDA Debt Exchange
Variation /! MtM
hedge debt
! MtM
Operational Hedge
Net Interest Depreciation,
amortization and
depletion
IR/CS Other() 3Q14 Net Profit
(Loss)
3Q14 Net Income
(R$ million)
(1)
Includes other exchange variotions.
(2)
Fixed assets disposal, accrual for losses on ICMS credits, tax credits and reversal of provisions for contingencies.
Deffered
Current
! Mtm
Hedge
Debt
Debt
Exchange
Variation

3Q14 Results
12

Indebtedness

The Company closed September 2014 with gross debt of R$8,574 million, 1% higher than in 2Q14, mainly due to the
exchange variation (R$643 million). On the other hand, the gross debt in dollars fell by 9% due to period amortizations. In
relation to 3Q13, there was a reduction of US$756 million, thanks to the continuity of the liability management initiatives.
There were no bond disbursements this quarter, but provisions were constituted for the premium related to the Fibria
Bond 2019 buyback, which will be paid and canceled on October 30, as already disclosed to the market. The graph
below shows the changes in gross debt during the quarter:

The financial leverage ratio in reais closed 3Q14 at 2.7x, chiefly due to the devaluation of the real against the dollar at
the end of the quarter, increasing gross debt and higher negative derivative variation, also decreasing cash and
equivalents. There were also a reduction in LTM EBITDA, moving net debt up by 9% over 2Q14 and raising financial
leverage in reais.
Unit Set/14 Jun/14 Set/13
Set/14 vs
Jun/14
Set/14 vs
Set/13
Gross Debt R$ million 8,574 8,457 9,487 1% -10%
Gross Debt in R$ R$ million 564 562 462 0% 22%
Gross Debt in US$
(1)
R$ million 8,010 7,895 9,024 1% -11%
Average maturity months 55 52 54 3 1
Cost of debt (foreign currency)
(2)
% p.a. 4.0% 3.8% 4.5% 0.2 p.p. -0.5 p.p.
Cost of debt (local currency)
(2)
% p.a. 7.2% 7.3% 7.4% -0.1 p.p. -0.2 p.p.
Short-term debt % 15% 17% 16% -2 p.p. -1 p.p.
Cash and cash Equivalents in R$ R$ million 884 1,105 845 -20% 5%
Cash and cash Equivalents in US$ R$ million 777 936 768 -17% 1%
Fair value of derivative instruments R$ million (400) (265) (367) 51% 9%
Cash and cash Equivalents
(3)
R$ million 1,261 1,776 1,246 -29% 1%
Net Debt R$ million 7,313 6,681 8,240 9% -11%
Net Debt/EBITDA (in US$) x 2.7 2.3 3.0 0.4 -0.3
Net Debt/EBITDA (in US$)
(4)
x 2.5 2.4 2.9 0.1 -0.4
(1) Includes BRL to USD swap contracts. The original debt in dollars was R$ 6,198 million (72% of the total debt) and debt in reais was R$ 2,376 million (28% of the debt)
(2 The costs are calculated considering the debt swap
(3) Includes the f air value of derivative instruments
(4) For covenant purposes
8,457
8,574
148
(800)
113
643
13
Gross Debt
Jun/14
Loans Principal/Interest
Payment
Interest Accrual Foreign
Exchange
Variation
Others Gross Debt
Set/14
Gross Debt (R$ million)

3Q14 Results
13

The average cost of local currency bank debt in September 2014 was 7.2% p.a. (Jun/14: 7.3% p.a. | Sep/13: 7.4% p.a.),
while the cost in foreign currency was 4.0% p.a. (Jun/14: 3.8% p.a. | Sep/13: 4.5% p.a.), due to the maturity of lower-cost
foreign-currency debt and the recent upturn in yield curves. Fibrias total cost of debt(*) measured in dollars was 3.7%
p.a. The Company keeps implementing liability management initiatives that should support the cost of debt in dollars to
reduce to 3.8% p.a. (equivalent to 3.5% p.a. of total average cost) in 4Q14, depending on the interest curve. The graphs
below show Fibrias indebtedness by instrument, indexing unit and currency (including debt swaps):

The average maturity of the total debt was 55 months in Sep/14, versus 52 months in Jun/14 and 54 months in Sep/13.
The rescheduling of amortization flows related to a US$435 million Export Prepayment Facility (PPE) improved the
Companys average debt term. The graph below shows the amortization schedule of Fibrias total debt:

Also on September 30, cash and cash equivalents amounted to R$1,261 million, including the negative mark-to-market
of hedging instruments totaling R$400 million. Excluding this impact, 53% of cash was invested in local-currency
government bonds and fixed income securities and the remainder in short-term investments abroad.
The Company has four revolving credit facilities totaling R$1,536 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 rate plus 1.55% p.a. when utilized and 35% of this
spread when on stand-by. These funds, despite not being utilized, helped improve the Companys liquidity. Given the
current cash position of R$1,261 million, these lines totaling R$1,536 million have resulted in an immediate liquidity
39%
24%
22%
12%
3%
Gross Debt by Type
Pre-Payment Bond
BNDES NCE
Others
20%
64%
11%
5%
Gross Debt by Index
Libor Pre Fixed
TJLP Others
7%
93%
Gross Debt by Currency
Local currency Foreign currency
449 423
515
820 813
905
437
374
13
1,449
111
466 326
533
444
137
179
137
36
7
560
889 841
1,353
1,257
1,042
616
511
49
7
1,449
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Amortization Schedule
(R$ million)
Foreign Currency Local Currency
(*)Total average cost, considering debt in reais adjusted by the swap curve on 09/30/2014.

3Q14 Results
14

position of R$2,797 million. As a result, the cash to short-term debt ratio (including these stand-by credit facilities) closed
3Q14 at 2.2x.
The graph below shows the evolution of Fibrias debt and leverage since September 2013:

Capital Expenditure

Capex totaled R$444 million in 3Q14, 6% up on 2Q14, primarily due to the higher concentration of planting in the second
half, especially at the Aracruz Mill, partially offset by reduced spending on maintenance (dredging and forest machinery).
The year-on-year increase was due to the acquisition of higher volumes of standing timber (Parkia), also pushing up
Capex in the last 12 months, which came to R$1,509 million.

3.0
2.8
2.3
2.3
2.7
2.9
2.6 2.4
2.4
2.5
Net Debt / EBITDA (x)
(R$)
(US$)
8,240
7,849
6,970
6,681
7,313
Sep/13 Dec/13 Mar/14 Jun/14 Set/14
Net Debt (R$ million)
(R$ million) 3Q14 2Q14 3Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
9M14 9M13
9M14 vs
9M13
Last 12
months
Industrial Expansion 12 11 4 3% - 29 4 640% 34
Forest Expansion 15 7 12 114% 21% 48 51 -5% 61
Subtotal Expansion 27 18 16 45% 66% 77 55 41% 94
Safety/Environment 11 4 8 206% 38% 16 17 -7% 30
Forestry Renewal 332 278 253 19% 31% 813 634 28% 1,029
Maintenance, IT, R&D, Modernization 47 91 47 -48% 0% 186 175 7% 264
Subtotal Maintenance 390 373 308 5% 26% 1,015 825 23% 1,323
50% Veracel 27 27 19 -2% 45% 71 60 20% 92
Total Capex 444 418 343 6% 29% 1,164 941 24% 1,509

3Q14 Results
15

Free Cash Flow

Free cash flow was positive by R$117 million in 3Q14, versus a positive R$248 million in 2Q14, the reduction being
chiefly due to the variation in working capital. The year-on-year downturn was due to the decline in EBITDA and higher
Capex, partially offset by the improvement in working capital, especially in the customers and inventories lines, explained
by the quarters excellent sales performance.
ROE and ROIC
With regards to return metrics, some adjustments in the accounting indicator should be observed, considering
differences in accounting treatment under IFRS standards (IAS 41 and IFRS 3). Specially the IFRS 3, the Company has
participated in a M&A transaction in 2009, which resulted in additional effects, that are being adjusted in the calculations
as shown below:

(R$ million) 3Q14 2Q14 3Q13 9M14 9M13
Last 12
months
Adjusted EBITDA 613 594 762 1,885 1,973 2,708
(-) Capex including advance for wood puchase (444) (418) (343) (1,164) (941) (1,509)
(-) Interest (paid)/received (76) (58) (92) (272) (360) (370)
(-) Income tax (3) (2) (4) (9) (20) (20)
(+/-) Working Capital 16 131 (189) (71) (99) 317
(+/-) Others 10 1 (12) (4) (30) (7)
Free Cash Flow
(1)
117 248 122 366 522 1,119
(1) Doesn't include the land deal and the assets solds in 2013
(2) Doesn't include the Bond redemption disbursement
(3) Doesn't include the IR/CS debt pay ment according to REFIS ov er the realized f oreign prof it in 2013
Return on Equity (R$ million) 3Q14 2Q14 3Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
Shareholders' Equity 14,782 15,142 14,661 -2% 1%
IFRS 3 and IAS 41 adjustments (3,095) (3,173) (3,381) -2% -8%
Shareholders' Equity (adjusted) 11,688 11,968 11,280 -2% 4%
Shareholders' Equity (adjusted) - average 11,484 11,548 11,381 -1% 1%
Adjusted EBITDA LTM 2,708 2,857 2,726 -5% -1%
Total Capex LTM (1,509) (1,409) (1,208) 7% 25%
Net interest LTM (370) (386) (518) -4% -29%
Income Tax LTM (20) (20) (31) -2% -37%
Adjusted EBIT LTM 810 1,042 970 -22% -16%
ROE
7.1% 9.0% 8.5%
-2 p.p. -1 p.p.
(1) Average of current and same quarter of the previous year.

3Q14 Results
16

Capital Market
Equities

Fibrias average daily traded volume was approximately 2.7 million shares, 8% up on 2Q14, while daily financial volume
averaged US$27 million, flat over 2Q14, (US$13.1 million on the BM&FBovespa and US$14.1 million on the NYSE).

0
20
40
60
80
100
120
Jul-14 Aug-14 Sep-14
Average Daily Trading Volume
(US$ million)
BM&FBovespa NYSE
0
1
2
3
4
5
6
7
Jul-14 Aug-14 Sep-14
Average Daily Trading Volume
(million shares)
BM&FBovespa NYSE
Daily average:
US$29,8 million
Daily average:
2.8 million shares
Return on Invested Capital (R$ million) 3Q14 2Q14 3Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
Accounts Receivable 547 452 612 21% -11%
Inventories 1,264 1,323 1,385 -4% -9%
Current Liabilities (ex-debt) 1,594 1,529 1,395 4% 14%
Biological Assets 3,684 3,589 3,366 3% 9%
Fixed Assets 9,449 9,598 10,705 -2% -12%
Invested Capital 16,538 16,491 17,463 0% -5%
IFRS 3 and IAS 41 adjustments (2,303) (2,409) (2,654) -4% -13%
Adjusted Invested Capital 14,235 14,082 14,809 1% -4%
Adjusted EBITDA LTM 2,708 2,857 2,726 -5% -1%
Total Capex LTM (1,509) (1,409) (1,208) 7% 25%
Income Tax LTM (20) (20) (31) -3% -37%
Adjusted EBIT LTM 1,179 1,428 1,487 -17% -21%
ROIC 8.3% 10.1% 10.0% -2 p.p. -2 p.p.

3Q14 Results
17

Fixed Income

3rd Investor Tour held at the Jacare Mill
On September 16, Fibria held its 3rd Investor Tour at the Jacare Mill., in which around 130 people took part, including
analysts and local and foreign investors. It featured presentations by Guilherme Cavalcanti, CFO and IRO, Aires
Galhardo, Forestry Operations Officer, and representatives of FM Global, as well as other Fibria executives and senior
managers. In the afternoon, participants visited the Igarat watershed. The presentations are available at:
www.fibria.com.br/ir - Presentations and Conference Calls.

Subsequent Events
The 4th Fibria Day will take place on December 3, 2014 on the New York Stock Exchange (NYSE). The event will feature
the participation of executive officers and other senior executives.
Registration: 12:00 pm
Luncheon presentation and Q&A: 12:30 pm
Closing remarks: 2:30 pm

Yield Unit Sep/14 Jun/14 Sep/13
Sep/14 vs
Jun/14
Sep/14 vs
Sep/13
Fibria 2021 % 4.7 4.6 5.6 0.1 p.p. -0.9 p.p.
Fibria 2024 % 5.3 - - - -
Treasury 10 Years % 2.5 2.5 2.6 0.2 p.p. -0.2 p.p.
Price Unit Sep/14 Jun/14 Sep/13
Sep/14 vs
Jun/14
Sep/14 vs
Sep/13
Fibria 2021 USD/k 111.3 112.4 107.1 -1% 5%
Fibria 2024 USD/k 99.4 - - - -

3Q14 Results
18

Appendix I Revenue x Volume x Price*

* Does not include Portocel
3Q14 vs 2Q14
3Q14 2Q14 3Q14 2Q14 3Q14 2Q14 Tons Revenue Avge Price
Pulp
Domestic Sales 138,310 117,063 153,091 129,290 1,107 1,104 18.1 18.4 0.2
Foreign Sales 1,233,904 1,217,316 1,574,295 1,542,755 1,276 1,267 1.4 2.0 0.7
Total 1,372,214 1,334,378 1,727,386 1,672,044 1,259 1,253 2.8 3.3 0.5
3Q14 vs 3Q13
3Q14 3Q13 3Q14 3Q13 3Q14 3Q13 Tons Revenue Avge Price
Pulp
Domestic Sales 138,310 115,691 153,091 140,249 1,107 1,212 19.6 9.2 (8.7)
Foreign Sales 1,233,904 1,185,462 1,574,295 1,681,206 1,276 1,418 4.1 (6.4) (10.0)
Total 1,372,214 1,301,154 1,727,386 1,821,454 1,259 1,400 5.5 (5.2) (10.1)
9M14 vs 9M13
9M14 9M13 9M14 9M13 9M14 9M13 Tons Revenue Avge Price
Pulp
Domestic Sales 370,987 335,504 418,525 371,743 1,128 1,108 10.6 12.6 1.8
Foreign sales 3,523,713 3,421,305 4,602,910 4,532,563 1,306 1,325 3.0 1.6 (1.4)
Total 3,894,700 3,756,810 5,021,435 4,904,306 1,289 1,305 3.7 2.4 (1.2)
Net Revenue (R$ 000)
Sales (Tons)
Sales (Tons)
Price (R$/Ton) 3Q14 vs 2Q14 (%)
Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) 3Q14 vs 3Q13 (%)
Net Revenue (R$ 000)
Price (R$/Ton) 9M14 vs 9M13 (%)

3Q14 Results
19

Appendix II Income Statement

R$ AV% R$ AV% R$ AV%
Net Revenue 1,746 100% 1,694 100% 1,841 100% 3% -5%
Domestic Sales 172 10% 151 9% 160 9% 14% 8%
Foreign Sales 1,574 90% 1,543 91% 1,681 91% 2% -6%
Cost of sales (1,460) -84% (1,451) -86% (1,380) -75% 1% 6%
Cost related to production (1,254) -72% (1,244) -73% (1,175) -64% 1% 7%
Freight (207) -12% (207) -11% (205) -11% 0% 1%
Operating Profit 286 16% 243 14% 461 25% 18% -38%
Selling and marketing (95) -5% (88) -5% (91) -5% 8% 4%
General and administrative (74) -4% (62) -4% (74) -4% 19% 0%
Financial Result (785) -45% (68) -4% (226) -12% - -
Other operating (expenses) income (30) -2% 915 54% (11) -1% - 188%
Operating Income (699) -40% 939 55% 60 3% - -
Current Income taxes expenses 66 4% (90) -5% (15) -1% - -
Deffered Income taxes expenses 273 16% (218) -13% 13 1% - -
Net Income (Loss) (359) -21% 631 37% 57 3% - -
Net Income (Loss) attributable to controlling equity interest (362) -21% 630 37% 54 3% - -
Net Income (Loss) attributable to non-controlling equity interest 2 0% 1 0% 3 0% 74% -24%
Depreciation, amortization and depletion 475 27% 487 29% 458 25% -2% 4%
EBITDA 562 32% 1,494 88% 744 40% -62% -24%
Equity - 0% - 0% - - - -
Fair Value of Biological Assets - 0% (87) -5% - - 0% -
Fixed Assets disposals 27 2% 3 0% (3) 0% 770% -
Accruals for losses on ICMS credits 25 1% 22 1% 24 1% 9% 2%
Tax Credits/Reversal of provision for contingencies (1) 0% (839) -50% (3) 0% - -
EBITDA adjusted (*) 613 35% 594 35% 762 41% 3% -20%
R$ AV% R$ AV%
Net Revenue 5,083 100% 4,960 100% 2%
Domestic Sales 480 9% 427 9% 12%
Foreign Sales 4,603 91% 4,533 91% 2%
Cost of sales (4,159) -82% (3,910) -79% 6%
Cost related to production (3,566) -70% (3,359) -68% 6%
Freight (594) -12% (550) -11% 8%
Operating Profit 923 18% 1,050 21% -12%
Selling and marketing (262) -5% (253) -5% 4%
General and administrative (205) -4% (212) -4% -3%
Financial Result (1,023) -20% (1,455) -29% -30%
Other operating (expenses) income 890 18% (1) 0% -
LAIR 323 6% (871) -18% -
Current Income taxes expenses (36) -1% (27) -1% 32%
Deffered Income taxes expenses 3 0% 386 8% -99%
Net Income (Loss) 291 6% (512) -10% -157%
Net Income (Loss) attributable to controlling equity interest 285 6% (519) -10% -
Net Income (Loss) attributable to non-controlling equity interest 6 0% 7 0% -15%
Depreciation, amortization and depletion 1,374 27% 1,356 27% 1%
EBITDA 2,721 54% 1,940 39% 40%
Equity - 0% 0% 0%
Fair Value of Biological Assets (87) -2% (36) -1% 142%
Property, Plant and Equipment disposal 30 1% 27 1% 13%
Accruals for losses on ICMS credits 72 1% 69 1% 4%
Tax Incentive (851) -17% (28) -1% 0%
EBITDA adjusted 1,885 37% 1,973 40% -4%
Income Statement - Consolidated (R$ million)
9M14 9M13 9M14 vs
9M13 (%)
INCOME STATEMENT - CONSOLIDATED (R$ million)
3Q14 2Q14 3Q13 3Q14 vs 2Q14
(%)
3Q14 vs 3Q13
(%)

3Q14 Results
20

Appendix III Balance Sheet

ASSETS Sept/14 Jun/13 Dec/13 LIABILITIES Sept/14 Jun/13 Dec/13
CURRENT 4,352 4,875 5,807 CURRENT 2,871 2,931 4,448
Cash and cash equivalents 709 1,057 1,272 Short-term debt 1,269 1,402 1,474
Securities 902 934 1,068 Reclassification related to the redemption - Bond 2020 - - 1,498
Derivative instruments 30 40 23 Derivative Instruments 148 73 107
Trade accounts receivable, net 547 452 382 Trade Accounts Payable 665 612 587
Inventories 1,264 1,323 1,266 Payroll and related charges 126 95 129
Recoverable taxes 195 355 201 Tax Liability 92 161 56
Assets avaiable for sale 591 590 590 Dividends and Interest attributable to capital payable 0 0 2
Accounts receivable - land and building sold - - 903 Liabilities related to the assets held for sale 470 470 470
Others 115 124 103 Others 101 119 125
NON CURRENT 3,863 3,363 3,014 NON CURRENT 8,316 7,992 7,811
Marketable securities 50 50 48 Long-term debt 7,305 7,055 6,801
Derivative instruments 80 72 71 Accrued liabilities for legal proceedings 131 134 129
Deferred income taxes 1,061 768 968 Deferred income taxes , net 324 309 236
Recoverable taxes 1,682 1,497 744 Tax Liability 0 0 -
Fostered advance 696 691 726 Derivative instruments 361 304 451
Others 294 285 457 Others 194 190 194
Investments 47 47 47 SHAREHOLDERS' EQUITY - Controlling interest 14,730 15,092 14,445
Property, plant & equipment , net 9,449 9,598 9,826 Issued Share Capital 9,729 9,729 9,729
Biological assets 3,684 3,589 3,423 Capital Reserve 3 3 3
Intangible assets 4,573 4,593 4,634 Statutory Reserve 3,394 3,756 3,109
Equity valuation adjustment 1,614 1,614 1,614
Treasury stock (10) (10) (10)
Non controlling interest 52 50 46
TOTAL SHAREHOLDERS' EQUITY 14,782 15,142 14,491
TOTAL ASSETS 25,969 26,065 26,750 TOTAL LIABILITIES 25,969 26,065 26,750
BALANCE SHEET (R$ million)

3Q14 Results
21

Appendix IV Statement of Cash Flows

3Q14 2Q14 3Q13 9M14 9M13
INCOME (LOSS) BEFORE TAXES ON INCOME (699) 939 60 323 (871)
Adjusted by
(+) Depreciation, depletion and amortization 475 487 459 1,375 1,357
(+) Unrealized foreign exchange (gains) losses, net 545 (113) 68 281 577
(+) Change in fair value of derivative financial instruments 143 (59) (36) (36) 113
(+) Fair value of biological assets - (87) - (87) (36)
(+) (Gain)/loss on disposal of property, plant and equipment 20 3 (4) 24 27
(+) Interest and gain and losses in marketable securities (20) (23) (23) (65) (71)
(+) Interest expense 118 109 144 364 438
(+) Financial charges of Eurobons "Fibria 2020" partial repurchase transaction 7 154 56 464 343
(+) Impairment of recoverable ICMS 25 22 24 72 69
(+) Provisions and other 2 2 6 17 23
(+) Tax Credits - (839) (3) (850) (14)
(+) Reversal of provision for contingencies - - - - (14)
(+) Provisions and investment 7 - - 7 -
Decrease (increase) in assets - - - - -
Trade accounts receivable (28) (57) (132) (143) 180
Inventories 70 56 (4) 43 (142)
Recoverable taxes (49) (58) (42) (119) (121)
Other assets/advances to suppliers (16) 154 (22) 136 (70)
Increase (decrease) in liabilities - - - - -
Trade payable 33 40 35 75 129
Taxes payable (0) 2 (14) (24) 1
Payroll, profit sharing and related charges 24 (0) 23 (11) 2
Other payable (17) (5) (33) (28) (78)
Cash provided by operating activities - - - - -
Interest received 15 20 33 58 118
Interest paid (90) (78) (125) (329) (478)
Income taxes paid (3) (2) (4) (9) (20)
NET CASH PROVIDED BY OPERATING ACTIVITIES 560 666 466 1,537 1,464
Cash flows from investing activities - - - - -
Acquisition of property, plant and equipment and forest (423) (398) (303) (1,126) (873)
Advance for wood acquisition from forestry partnership program (21) (20) (40) (38) (69)
Marketable securities, net 54 (132) 618 191 1,477
Cash from sale of investments - Asset Light project - 20 - 903 -
Proceeds from sale of property, plant and equipment 5 8 9 (3) 47
Derivative transactions settled (8) (9) (4) (29) (19)
Others (0) (0) 1 (1) 1
NET CASH USED IN INVESTING ACTIVITIES (400) (531) 281 (110) 565
Cash flows from financing activities - - - - -
Borrowings 148 1,518 162 2,576 1,143
Repayments - principal amount (710) (1,389) (704) (4,223) (3,102)
Premium paid in the Eurobonds "Fibria 2020" repurchase transaction - (143) (43) (326) (231)
Other (3) 3 (3) 3 1
NET CASH USED IN FINANCING ACTIVITIES (564) (11) (588) (1,969) (2,189)
Effect of exchange rate changes on cash and cash equivalents 55 (25) (6) (21) (13)
Net increase (decrease) in cash and cash equivalents (348) 99 153 (563) (174)
Cash and cash equivalents at beginning of year 1,057 958 618 1,272 944
Cash and cash equivalents at end of year 709 1,057 770 709 770
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)

3Q14 Results
22

Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)

EBITDA is not a measurement defined by Brazilian and International Financial Reporting Standards, and represents
income (loss) for the period before interest, income tax and social contribution, depreciation, amortization and depletion.
The Company is presenting adjusted EBITDA in accordance with CVM Instruction 527 of October 4, 2012, by adding or
subtracting from the amount the provision for losses on recoverable ICMS, losses (gains) from the write-down of
property, plant and equipment, the fair value of biological assets, and tax credits from recovered contingencies, in order
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 operational cash flow as
an indicator of liquidity for the periods in question.

Adjusted EBITDA (R$ million) 3Q14 2Q14 3Q13
Income (loss) of the period (359) 631 57
(+/-) Financial results, net 785 68 226
(+) Taxes on income (339) 308 2
(+) Depreciation, amortization and depletion 475 487 458
EBITDA 562 1,494 744
(-) Fair Value of Biological Assets - (87) -
(+/-) Loss (gain) on disposal of property, plant and equipment 27 3 (3)
(+) Impairment of recoverable ICMS 25 22 24
(-) Tax credits/reversal of provision for contingencies (1) (839) (3)
EBITDA Adjusted 613 594 762

3Q14 Results
23

Appendix VI Economic and Operational Data

Exchange Rate (R$/US$) 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13
3Q14 vs
2Q14
3Q14 vs
3Q13
2Q14 vs
1Q14
1Q14 vs
4Q13
4Q13 vs
3Q13
3Q13 vs
2Q13
Closing 2.4510 2.2025 2.2630 2.3426 2.2300 2.2156 11.3% 9.9% -2.7% -3.4% 5.0% 0.6%
Average 2.2745 2.3652 2.2755 2.2880 2.0666 2.0666 2.0% -0.6% -5.7% 3.9% -0.5% 10.7%
Pulp sales distribution, by region 3Q14 2Q14 2Q13
3Q14 vs
2Q14
3Q14 vs
2Q13
Last 12
months
Europe 39% 42% 35% -3 p.p. 4 p.p. 40%
North America 26% 22% 31% 4 p.p. -5 p.p. 25%
Asia 25% 27% 26% -3 p.p. -1 p.p. 26%
Brazil / Others 10% 9% 9% 1 p.p. 1 p.p. 9%
Pulp price - FOEX BHKP (US$/t)* Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14 Mar-14 Feb-14 Jan-14 Dec-13 Nov-13 Oct-13
Europe 725 728 733 742 751 759 766 768 770 771 770 770
Financial Indicators Set/14 Jun/14 Set/13
Net Debt / Adjusted EBITDA (LTM*) (R$) 2.7 2.3 3.0
Net Debt / Adjusted EBITDA (LTM*) (US$) 2.5 2.4 2.9
Total Debt / Total Capital (gross debt + net equity) 0.4 0.4 0.4
Cash + EBITDA (LTM*) / Short-term Debt 3.1 3.3 3.2
*LTM: Last twelve months
Reconciliation - net income to cash earnings (R$ million) 3Q14 2Q14 2Q13
Net Income (Loss) before income taxes (699) 939 60
(+) Depreciation, depletion and amortization 475 487 459
(+) Foreign exchange and unrealized (gains) losses, net 545 (113) 68
(+) Fair value of financial instruments 143 (59) (36)
(+) Fair value of biological assets - (87) -
(+) Loss (gain) on disposal of Property, Plant and Equipment 20 3 (4)
(+) Interest on Securities, net (20) (23) (23)
(+) Interest on loan accrual 118 109 144
(+) Financial charges on BONDS redemption - 154 56
(+) Accruals for losses on ICMS credits 25 22 24
(+) Provisions and other 2 2 6
(+) Tax Credits - (839) (3)
(+) Reversal of provision for contingencies - - -
Cash earnings (R$ million) 609 595 751
Outstanding shares (million) 554 554 554
Cash earnings per share (R$) 1.1 1.1 1.4

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Fibria Celulose S.A.

Unaudited Consolidated Interim Financial

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