Conference Call 1Q15

April 24th, 2015

Disclaimer

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

Agenda

Key highlights

Pulp market

1Q15 results

Commodities prices

Cash production cost

Indebtedness

Net results

10

Free cash flow

11
3

Key Highlights
1Q15:
Net revenue: R$1,997 million | EBITDA: record of R$1,007 million | EBITDA margin: record of 50% |

Operational
Results

FCF: R$373 million

LTM(*):
Net revenue: record of R$7,438 million | EBITDA: record of R$3,119 million | EBITDA margin: record of 42% |
FCF: R$1,001 million

Sales volume of 1.229 million tons in the quarter, 3% higher year-on-year;

Pulp sales of 5.346 million tons LTM, equivalent to 101% of the production volume in the period;
Pulp Market

Higher sales to Europe, representing 46% of the sales mix;

18% increase on global eucalyptus pulp demand (3M15 vs. 3M14).

Gross debt reduction of US$800 million LTM, equivalent to 22%;

Liability
Management

(*) LTM: Last twelve months.

Net debt of US$2,803 million, the Fibrias lowest ever level;

Financial leverage reduction in US$ to 2.3x.
4

Pulp Market
Shipments of Eucalyptus Pulp (1)

Producer Inventories and Operating Rates Hardwood (1)

3M15 vs. 3M14

18%

80

99%
90%

65

+680 kt
32%
7%

23%

+264 kt

+114 kt

+78 kt

60%

50

23%

38 days
30%

35

+224 kt
20

0%
05

Total
(1)

North
America

Western
Europe

China

06

07

Others

2Q15

3Q15

(85)
(128)
and Fibria

12

13

14

15

Operating Rate (%)

By end-use

By region
North
America
17%

Europe
46%

Asia

(98)

Tissue
48%

Printing &
Writing
35%

26%
LatAm
11%

(1) Source: ABTCP

11

Sales Distribution 1Q15 - Fibria

4Q15

(59)

10

Source: PPPC World 20 March/2015

BHKP Schedule Maintenance Downtimes - Brasil (000 t)(1)

1Q15

09

Inventories (in days)

(1)

Source: PPPC World 20 March/2015

08

Specialties
17%

1Q15 Results
EBITDA (R$ million) and EBITDA Margin (%) FX Sensitivity
2.87
2.54

Average FX (BRL/USD)

2.37
Average pulp price - FOEX
Europe (USD/t)

2.27

2.23

768
752

749
729

734
50%
45%

EBITDA Margin

1.007

41%
35%
EBITDA (R$ million)

35%

906

679

1Q14

594

613

2Q14

3Q14

4Q14

1Q15

Commodities prices
100 = January 1st, 2012
180

172

170

160
150
140
130
120

116

110
100
90

81

80
70
60

51
48

50
40

Iron Ore

Soy Bean

Crude Oil

Sugar

BHKP (FOEX Europe)

Mar-15

Jan-15

Nov-14

Sep-14

Jul-14

May-14

Mar-14

Jan-14

Nov-13

Sep-13

Jul-13

May-13

Mar-13

Jan-13

Nov-12

Sep-12

Jul-12

May-12

Mar-12

37
Jan-12

30

Exchange Rate (USD/BRL)

Source: Bloomberg

Low volatility of hardwood pulp price, even though new capacities have
come on stream in the period.
7

Cash Production Cost (R$/t) 1Q15

572

549
19

1Q14

Wood

10

( 11 )

(7)

(3)

Materials and
Services

Energy
Consumption

Utilities

Others

15

FX

1Q15

+ 4.2%
Management initiatives seeking to maintain the cash cost below inflation.
(Utilities: 1Q15: R$25/t I 4Q14: R$37/t I 1Q14: R$18/t)

Cash Production Cost Total and Ex-Downtime (R$/t)

524 549

1Q14

548 572
472 472

4Q14

Cash Cost ex-Downtime

1Q15
Cash Cost

Indebtdeness
Net Debt (Million)

Gross Debt and Interest Expenses (Million)

2.9

2.7

2.4
2.4

8,991

7,549
3,080

2,842

Mar/14

8,445

44

35

Mar/15

9,352

8,327
3,732

2,803

Dec/14
R$

3,135

Mar/14

- 22%
2,915

Dec/14
R$

US$

Mar/15

US$

Average Tenor (months) and Cost of Debt* in US$ (% p.a.)

Debt Amortization Schedule (US$ Million)

657

- 40%

58

2.3

2.4

6,970

Interest (US$)

Net Debt/EBITDA (US$)

Net Debt/EBITDA (R$)

623

600

3.7
3.4

3.5

438

545
(revolver)

363

339
241

84
2016

Pre-payment

54

Dec/14

Mar/15

47

205

(cash) 113

Liquidity 2015

55

2017

2018

BNDES

2019
ECN

2020
ACC/ACE

2021
Voto IV

19

2022

2023

Bond

2024

Mar/14

(*) Considering the portion of debt in reais fully adjusted by the market swap curves at the end
of each period.

Net Results (R$ million) 1Q15

1,007
FX Debt

MtM
hedge
swap

ZCC

(1,685)
(123)

(44)

(22)

(566)

Others (1)

Net Income
(Loss)

179
(85)

deffered
current

(448)
Adjusted
EBITDA

(1)

FX Debt /

MtM

MtM Debt
Hedge

Operational
Hedge

Swap/ZCC
settlements

Net
Interest

Deprec.,
amortiz. and
depletion

643
Income
Taxes

Other FX and
monetary
variations

Includes non-recurring expenses/non-cash and other financial income/expenses.

10

Free Cash Flow (1) LTM

R$ million

3,119

1,001

(1,645)

Adjusted EBITDA

Capex

(322)

( 149 )

(34)

32

Interest
(paid/received)

Working Capital

Taxes

Others

Free Cash Flow

(1) Does not include non-recurring items.

11

Investor Relations:
Website: www.fibria.com.br/ri
E-mail: ir@fibria.com.br
Phone: +55 11 2138-4565

12