Académique Documents
Professionnel Documents
Culture Documents
NET REVENUE
R$1,463 million
4% growth
SALES VOLUME
ADJUSTED EBITDA
R$512 million
INVESTMENTS
R$853 million
PUMA PROJECT
Start of operations
March 31, 2016
Klabin
Market Cap R$23 billion
KLBN11
Closing Price R$19.37
Daily traded vol. 1Q16: R$63 million
Conference Call
Portuguese (with simultaneous translation)
Friday, 4/29/16, 11h00 (Braslia)
Phone: (11) 3193-1133 - Password: Klabin
http://cast.comunique-se.com.br/Klabin/1Q16
IR
Antonio Sergio Alfano
Tiago Rocha Brasil
Daniel Rosolen
Marcos Maciel
Lucia Reis
Natasha Utescher
Albert Shih Liu
www.klabin.com.br/ri
invest@klabin.com.br
+55 11 3046-8401
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FINANCIAL HIGHLIGHTS
R$ million
1Q16
4Q15
455
499
437
% Domestic Market
64%
62%
67%
Net Revenue
1,463
1,596
1,308
-9%
4%
2 p.p.
-3 p.p.
-8%
12%
2016
455
64%
1,463
% Domestic Market
65%
62%
70%
3p.p.
-5 p.p.
Adjusted EBITDA
512
603
461
-15%
11%
512
35%
37%
35%
-2 p.p.
0 p.p.
35%
1,074
521
(729)
106%
n/a
1,074
(1
12,009
12,411
-3%
61%
12,009
12
5.9x
Capex
853
6.3x
1,364
7,440
4.2x
1,000
5.9x
-37%
-15%
Klabin's consolidated financial statements are presented in accordance with International Financial Reporting Standards (IFRS), as determined by CVM Instructions 457/07 and
485/10. Vale do Coriscos information is not consolidated, being represented in the financial statements by equity income. Adjusted EBITDA is in accordance with CVM Instruction
527/12.
Notes:
Due to rounding, some figures in tables and graphs may not result in a precise sum. The EBITDA margin includes the effects of Vale do Corisco.
LTM - last twelve months
On March 4 , exactly within the deadline and budget established when the project was approved in 2013, the
Company produced the first pulp bales at the Puma Unit, in Ortigueira (PR). With the plant, Klabin begins a new
stage in its history, moving into new markets and becoming the only Brazilian company to simultaneously provide
bleached pulps from hardwood, softwood and fluff produced in a mill entirely designed for this purpose.
The Puma Unit reinforces Klabins commitment to the best global sustainability practices by combining high forestry
productivity, low operating costs, efficient logistics and cutting-edge environmental technology, ensuring highly
competitive end products. Coupled with its vocation for manufacturing paper and packaging, the new plant enables
a new growth cycle and represents Klabins ability to dream and achieve.
It is important to remember that the first sales from this new unit took place during the month of April and further
details will be included in a chapter about Pulp in the Quarterly Report for the second quarter.
65%
853
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SUMMARY
The sharp deterioration of the Brazilian economy over
the last year continued into the beginning of 2016. As
the economy awaits a solution to the political crisis
that has generated high volatility in the equity and
foreign exchange markets, continued to decline, with
rising unemployment, reduced investment and
inflation still at high levels.
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EBITDA GROWTH
1.5
1.7
1,027
939
922
2.5900
2.0
1.7
1.7
1.7
1.7
1.7
1.7
1.7
1.7
1.8
1.8
1.7
1.8
1.8
1.8
1.8
1.8
1.8
1.8
2,026
1,881
1,812
1,755
1,718
1,652
1,627
1,504
1,452
1,286
1,089
3.0
1,180
3.5
1,351
4.0
1,424
4.5
1,400
1,562
5.0
1,602
1,900
1,976
2,400
1.9
1.0
0.5
400
-
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Exchange Rate
The real remained at a level close to R$4.00/US$ in the first two months of the year, still reflecting the countrys
economic and political crisis. However, after the strong appreciation of the real over the month of March, caused by
changes in the domestic political scenario and the maintenance of interest rates in the United States, the exchange
rate at the end of the quarter was R$3.56/US$ , 9% down from the close of 2015. In turn, the average exchange rate,
which reflects the impact of the high levels of the first two months of the year, was R$3.90, up 2% over 4Q15 and up
36% over 1Q15.
R$ / US$
Average Rate
End Rate
1Q16
4Q15
3.90
3.56
3.84
3.90
2%
-9%
36%
11%
Source: Bacen
3.9022
3.558
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Much like at the end of last year, for the first quarter of 2016 the higher average exchange rate over the same period
last year and the slowdown of the Brazilian economy have created a more favorable environment for exports and
Klabin again increased its sales to export markets. On the other hand, a strong presence in more resilient segments
of the domestic market has enabled the Company to maintain its stable sales in Brazil, even with significant signs of
worsening in various sectors of the economy.
In this context, the volume of exports in 1Q16 grew 13% over the same quarter last year to 164 thousand tonnes in
the period. The volume of domestic sales totaled 291 thousand tonnes in 1Q16, the same level as the volume sold in
1Q15. Thus, the share of exports in the overall sales volume was 36% in the quarter, versus 33% in the same period
last year, highlighting once again the Company's agility in positioning itself in different market settings.
Sales volume
(excluding wood tsd tonnes)
437
33%
67%
1Q15
Domestic Market
Others
3%
455
36%
Kraftliner
24%
64%
Conversion
36%
Coated Board
37%
1Q16
Exports
Net Revenue
In the first quarter, net revenue, including wood, totaled R$1,463 million, up 12% over 1Q15. With the increasing
share of exports in the total volume, net revenue from sales to export markets totaled R$517 million in 1Q16, up
32% over 1Q15 and now accounting for 35% of total revenue, up from 30% in the same quarter last year.
Despite the impact of the economic weakness on the packaging paper markets in Brazil and the lower log sales in the
quarter with the start of supply to the new pulp plant, Klabins positioning in more resilient segments also increased
revenue in the domestic market, which was R$946 million for the quarter, up 3% over the same period last year.
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Net revenue
(R$ milion)
1.463
1.308
Wood
5%
Kraftliner
17%
35%
30%
70%
65%
Conversion
38%
Coated Board
38%
1Q15
1Q16
Domestic Market
Exports
Pro forma net revenue, including Klabins proportional revenue in Florestal Vale do Corisco S.A., totaled R$1,483
million for the quarter.
Electricity Others
6%
9%
Maintenance
materials /
stoppage
9%
Others
6%
Labor / third
parties
32%
Labor / third
parties
34%
Fuel Oil
2%
Fuel Oil
3%
Freight
11%
Freight
11%
Chemicals
15%
Wood / Fibers
13%
Chemicals
14%
Wood / Fibers
15%
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The increase of the consumption of OCC (old corrugated containers) after the startup of the new Goiana recycling
machine, in addition to inflationary pressure on labor, exerted pressure on costs for the period. The higher export
sales volume, which increased the cost of freight, and the new hires to cope with the growth of the Company
operations also impacted the variation between the periods of comparison. On the other hand, lower costs of
energy, as well as the dilution of fixed costs through the increased sales volume, resulted in the increase in the per
ton cash cost in line with the governments official price index for the comparison between the quarters.
Selling expenses totaled R$105 million in the quarter, up 11% over 1Q15, accompanying the increase in sales
revenue for the period. Thus, 1Q16 selling expenses represented 7% of net revenues, the same rate recorded in
1Q15, despite the increase in volume to the export market.
General and administrative expenses totaled R$100 million for the quarter, 33% over 1Q15 and 1% below the last
quarter of 2015. The new level of general and administrative expenses, already recorded in 4Q15, is mainly due to
extinction of payroll reduction programs by the government and the strengthening of corporate structures to cope
with the expansion of Klabin regarding its new pulp operations.
Other operating income/expenses resulted in a R$6 million expense in 1Q16.
1Q16
4Q15
1Q15
1Q16/4Q15 1Q16/1Q15
1.074
259
(1.013)
251
521
264
(232)
268
(729)
(390)
1.385
250
106%
-2%
336%
-6%
n/a
n/a
n/a
0%
(63)
(7)
12
512
35%
(227)
(7)
15
603
37%
(56)
(8)
8,17
461
35%
-72%
0%
-20%
-15%
-2 p.p.
14%
-7%
47%
11%
0 p.p.
The larger volume of papers available for sale after the increase in capacity introduced in 2015 enabled Klabin to
increase its share in export markets over the same quarter last year. Additionally, even with the sharp slowdown of
the domestic economy, Klabin was able to maintain the total volume of sales in Brazil steady with the rate seen in
1Q15, reinforcing the competitiveness of its products and the consistency of the markets in which it operates.
Coupled with the Companys disciplined cost matrix, the increase in net revenue from the higher volume of sales and
the devaluation of the real was reflected in higher earnings compared to the same quarter last year, with operating
cash flow (adjusted EBITDA) at R$512 million and an EBITDA margin of 35%.
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This amount represents an 11% increase over the same quarter last year and includes Klabins R$12 million stake in
the company Florestal Vale do Corisco S.A.
6.2
12,009
4,028
Sep-14
2,824
Jun-14
3,985
Dec-13
2,711
3,595
Sep-13
Mar-14
3,437
Jun-13
(1,000)
3,136
1,000
Mar-13
3,000
Mar-16
2.3
5,000
11,614
1.8
Sep-15
1.7
2.4
8,144
2.3
2.7
Jun-15
2.2
1.7
7,440
2.2
7,000
2.4
1.7
3.3
Mar-15
2.4
3.8
3.0
2.6
4.6
5,242
2.2
9,000
2.4
Dec-14
11,000
5.4
4.5
12,411
4.2
13,000
5.9
6.0
Dec-15
15,000
6.3
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
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03/31/2016
12/30/2015
Short term
Local currency
Foreign currency
Total short term
984
1,383
2,367
5%
8%
13%
978
1,068
2,046
5%
6%
11%
Long term
Local currency
Foreign currency
Total long term
4,397
11,126
15,523
25%
62%
87%
4,701
11,275
15,976
26%
63%
89%
5,381
12,508
17,889
5,880
12,009
5.9x
30%
70%
5,679
12,343
18,022
5,611
12,411
6.3x
32%
68%
Financial Result
Even with the increase in the Company's gross debt in the last twelve months due to the contracting inflows of credit
lines linked to the Puma Project, financial expenses remained stable in the first quarter of 2016. The contracting of
credit lines at attractive costs kept financial expenses at R$224 million in 1Q16, compared to R$216 million in 1Q15
and R$234 million in 4Q15.
Financial revenue came to R$157 million for the quarter, stable compared to 4Q15, but 32% higher compared to the
R$119 million registered in 1Q15. This increase is explained by the increase in Brazilian interest rates, and the
increase in the Company's cash position.
As a result, the positive impact from higher financial revenue and the maintenance of financial expenses left the
financial result, excluding exchange rate variations, steady with a net loss of R$67 million in the first quarter of 2016,
a gain of R$30 million compared to net loss of R$97 million in 1Q15.
The exchange rate ended the quarter 9% below the level seen at the end of 2015. As a result, due to the impact on
the foreign currency debt, the net foreign exchange variation was positive by R$1,080 million in 1Q16. It is valid to
point out that the exchange variation has an exclusively accounting effect on the Companys balance sheet, with no
significant cash impact in the short term.
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BUSINESS PERFORMANCE
Consolidated information by business unit in 1Q16:
R$ million
Forestry
Domestic market
Exports
Third part revenue
Segments revenue
Total net revenue
Change in fair value - biological assets
Cost of goods sold
Gross income
Operating expenses
Operating results before financial results
Papers
79
371
452
823
286
1,109
(666)
443
(105)
338
79
222
301
63
(371)
(7)
(13)
(20)
497
65
562
3
565
(469)
96
(67)
29
(1)
(1)
(511)
(512)
502
(10)
(17)
(27)
946
517
1,463
1,463
63
(1,004)
522
(202)
320
Note: In this table, total net revenue includes sales of other products.
* Forestry COGS includes the exaustion of the fair value of biological assets in the period.
1Q16
4Q15
1Q15
1Q16/4Q15 1Q16/1Q15
2016
Wood
490
865
749
-43%
-35%
490
Wood
80
77
90
4%
-11%
80
R$ million
During the first quarter the log sales to third parties totaled 490 thousand tons, 35% below the 1Q15 volume. The
heavy rains that hit the forest regions of Paran and Santa Catarina hampered the operation of timber harvesting,
impacting the log sales in the period. In addition to this factor, the beginning of the wood supply for new pulp
operation also contributed to lower sales to third parties.
With the difficulty in harvesting and timber transport over the period, selling prices to third parties were elevated
and revenue in log sales totaled R$80 million, down 11% compared to the 1Q15.
10
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1Q16
4Q15
1Q15
1Q16/4Q15 1Q16/1Q15
2016
Kraftliner DM
Kraftliner EM
Total Kraftliner
Coated boards DM
Coated boards EM
Total Coated boards
Total Paper
29
81
110
93
73
166
276
23
95
119
109
84
194
312
33
63
96
89
74
163
259
26%
-15%
-7%
-15%
-13%
-14%
-12%
-12%
29%
15%
4%
-1%
2%
7%
29
81
110
93
73
166
276
Kraftliner
Coated boards
Total Paper
244
555
799
261
637
898
182
474
655
-7%
-13%
-11%
35%
17%
22%
244
555
799
R$ million
Kraftliner
In the 1Q16, the sales volume of container boards totaled 110 thousand tons, an increase of 15% over the first
quarter of 2015. With the higher availability of recycled papers by recent increases in capacity for the production of
corrugated boxes, Klabin continued to target higher sales of virgin fiber papers to the foreign market.
Therefore, exports of kraftliner, driven by high average exchange rate during the period, grew 29% in volume and
48% in revenues compared to the 1Q15.
In the foreign market kraftliner prices in the 1Q16 released by FOEX remained stable over the same period of 2015 at
571/t. In the domestic market, even with the economic downturn, the cost pressure in the production chain, such
as personnel and old corrugated container (OCC), has been supporting prices for packaging.
Coated Boards
In 1Q16, coated boards sales reached to 166 thousand tons, up 2% increase over the same period last year. The
domestic market registered growth of 4% in volume compared to 1Q15, especially in the food and beverage sectors,
proving the resilience of these markets even amidst the deterioration of the Brazilian economy. In the export market
volumes remained stable in the same comparison.
Net revenue for the period totaled R$555 million, up 17% over the revenue recorded in the first quarter of 2015, due
to the higher sales volume and the higher exchange rate, which benefited the portion of the coated boards destined
for the export market.
1Q16
4Q15
1Q15
1Q16/4Q15 1Q16/1Q15
2016
Total conversion
165
176
169
-6%
-2%
165
Total conversion
553
586
536
-6%
3%
553
R$ million
11
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The year began with a greater decrease in the corrugated board box industry, which was down 5.3% compared to
1Q15, according to data released by the Brazilian Corrugated Board Association (ABPO). Despite the unfavorable
scenario, Klabin intensified its sales initiatives and improved existing contracts, resulting in a decline that was less
than the industry average in 1Q16.
With regard to industrial bags, the economic deterioration in Brazil also impacted the construction industry, and
data released by the National Cement Industry Union (SNIC) showed decrease of 15% in 1Q16 from the same period
last year. The impact of this decrease was mitigated by Klabin with higher sales to the export market, as well as the
Company's strong presence in the Northeast, where demand has been higher compared to other regions. Klabin is
increasing its presence in countries as Mexico and the USA and is obtaining success in the diversification of bag sales
not only to construction markets, but also for others uses as with fertilizers, animal feed, coffee and other goods.
In this context, Klabins conversion sales fell by only 2% in 1Q16 compared to 1Q15, again demonstrating its
resilience and flexibility of action in several markets. Quarterly revenue increased 3% in the same comparison due to
the transfer of increases for some raw materials and services that had been impacting Klabins production costs.
INVESTMENTS
Klabin invested R$853 million in 1Q16, including
investments in the new pulp mill in Ortigueira (PR). Of the
total invested in the quarter, R$80 million was allocated to
the operational continuity of the plants, R$25 million was
allocated to forestry operations, R$14 million was invested
in special projects and capacity expansions and R$734
million in the Project Puma.
The 1Q16 marked the startup of Klabins new pulp mill (Puma Unit) located in Ortigueira, Paran. The first pulp
bale was produced on March 4, 2016, already with Chain of Custody certification from the Forest Stewardship
Council - FSC (FSC-C129105). The new units construction was completed in 24 months and on budget. Total
investment in the project was R$8.5 billion, which included the infrastructure, taxes and contractual corrections.
The Puma Unit have the capacity to produce 1.5 million tonnes of pulp, with 1.1 million tonnes of bleached
hardwood pulp (eucalyptus) and 400 thousand tonnes of bleached softwood pulp (pine), a portion of which will be
converted into fluff pulp, making it the worlds only industrial unit designed to produce the three fibers. Klabins
production will help substitute imports of fluff pulp, which is an important input used to make diapers and sanitary
pads and will represent hard currency out flow savings form the country.
After the start up, the operations of the plant has taken place within the learning curve established by Klabin. During
the month of April the production of fibers has grown continuously and has already achieved daily production levels
equivalent to 80% of the nominal capacity. The first sales of pulp were also made in April.
CAPITAL MARKETS
Shares
In the first quarter of 2016, Klabins shares (KLBN11) depreciated 17%, against an increase of 15% for the Ibovespa.
The Companys shares were traded during all of the BM&FBovespa trading sessions, registering 544 thousand
12
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transactions involving 184 million shares and an average daily trading volume of R$63 million at the end of the
period. Over the last twelve months, Klabins shares appreciated by 6% against a decline of 2% for the Ibovespa.
Performance KLBN11 x Brazilian Index (Ibovespa)
106
98
KLBN11
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
100
Ibovespa Index
Klabins capital stock is represented by 4,733 million shares, made up of 1,849 million common shares and 2,884
million preferred shares. Klabins shares are also traded on the US market, as Level I ADRs, listed on the over-thecounter (OTC) market under the ticker KLBAY.
Klabin is a member of the BM&FBovespas Corporate Sustainability Index (ISE). The index is made up of the shares of
companies that stand out for their high degree of commitment to the sustainability of business and the country. The
participant companies are selected annually based on criteria established by the Getulio Vargas Foundations Center
for Sustainability (GVces). Klabin is part of the current portfolio until January 2017.
Dividends
nd
The payment of dividends was approved by the board meeting of February 2 . The total amount paid on February,
nd
22 was R$ 26,21 per 1000 stocks and R$ 131,07 per 1000 units totaling R$ 120 million disbursed.
Fixed Income
Klabins notes mature in July 2024, with an issue amount of US$500 million, and are being traded in the secondary
market of the Luxembourg Stock Exchange. The bonds were issued at a rate of 5.25% per year and interest payments
are made semi-annually, in January and July. Standard & Poor's and Fitch Ratings have maintained Klabin a BBBinvestment grade.
13
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CONFERENCE CALL
Portuguese
Friday, April 29, 2016 - 11:00 (Braslia).
Password: Klabin
Password: Klabin
Access: http://cast.comunique-se.com.br/Klabin/1Q16
With gross revenue of R$6.7 billion in 2015, Klabin is the largest integrated manufacturer, exporter and recycler of packaging
paper in Brazil, with an annual production capacity of 2 million tons. Klabin has adopted a strategic focus on the following
businesses: paper and coated boards for packaging, corrugated boxes, industrial sacks and wood logs. It is the leader in all of its
market segments.
The statements in this earnings release concerning the Company's business prospects, projected operating and financial results and potential
growth are merely projections and were based on Management's expectations regarding the Company's future. These expectations are highly
susceptible to changes in the market, the general performance of the Brazilian economy, the industry and the international markets, and are
therefore subject to change.
14
Appendix 1
Consolidated Income Statement (R$ thousand)
(R$ thousands)
1Q16
4Q15
Gross Revenue
1,715,342
1,877,204
1,555,081
-9%
10%
Net Revenue
1,463,477
1,595,507
1,308,449
-8%
12%
63,447
226,614
55,538
-72%
14%
-6%
8%
-31%
20%
(1,004,160)
(1,063,709)
(930,067)
Gross Profit
522,764
758,412
433,920
Selling Expenses
(105,264)
(121,389)
(94,461)
-13%
11%
(100,037)
(101,326)
(74,964)
-1%
33%
10,369
(6,033)
N/A
-16%
-1%
20%
(5,049)
(210,350)
(212,346)
(175,458)
312,414
546,066
258,462
-43%
21%
7,094
6,580
7,535
8%
-6%
Financial Expenses
(224,127)
(233,853)
(215,714)
-4%
4%
Financial Revenues
157,222
159,906
118,846
-2%
32%
1,079,535
306,158
(1,287,743)
253%
N/A
1,012,630
232,211
(1,384,611)
336%
N/A
1,332,138
784,857
(1,118,614)
70%
N/A
-2%
N/A
106%
N/A
(258,626)
1,073,512
(264,251)
520,606
(728,566)
0%
0%
250,779
268,446
250,316
-7%
0%
(63,447)
(226,614)
(55,538)
-72%
14%
12,403
15,074
8,167
-18%
52%
602,972
461,407
-15%
11%
Vale do Corisco
Adjusted EBITDA
512,149
390,048
15
15
Appendix 2
Consolidated Balance Sheet (R$ thousand)
Mar-16
Dec-15
Current Assets
Assets
8,616,633
8,675,744
22,454
56,511
5,282,396
4,997,212
575,070
557,143
1,318,434
1,501,099
Inventories
834,676
701,126
486,419
736,501
Dividends to pay
97,184
126,152
18,317,442
17,592,436
1,297,729
1,159,638
Judicial Deposits
79,411
77,391
Other receivables
227,427
Short-term investments
Securities
Receivables
Mar-16
Dec-15
3,382,676
3,162,295
1,870,514
1,716,306
Debentures
490,522
329,810
Suppliers
653,497
703,199
Current Liabilities
Loans and financing
Taxes payable
42,514
45,400
151,146
195,349
63,015
61,772
111,468
111,459
Noncurrent Liabilities
17,269,891
17,753,545
14,626,801
14,834,935
Debentures
900,841
1,140,679
219,820
927,575
954,269
518,710
507,275
150,791
143,116
12,659,276
12,009,146
REFIS Adherence
356,552
361,240
Biological assets
3,522,068
3,606,389
307,331
319,306
Intangible assets
12,821
12,777
6,281,508
5,352,340
Other receivables
REFIS Adherence
Other accounts payable
Noncurrent Assets
Long term
Taxes to compensate
Other investments
Property, plant & equipment, net
StockholdersEquity
Capital
2,384,474
2,383,104
Capital reserve
1,301,916
129,318,705
Revaluation reserve
48,706
48,705
Profit reserve
1,683,923
748,162
1,044,309
1,064,181
Treasury stock
Total
26,934,075
26,268,180
Total
16
16
(181,820)
26,934,075
(185,774)
26,268,180
Appendix 3
Loan Maturity Schedule - 12/31/2015
R$ million
2016
2017
2018
2019
2020
2021
2022
2023
2024 2025/26
Total
BNDES
104
74
90
268
476
476
415
301
250
245
234
188
2,855
Others
52
10
42
104
23
181
119
285
191
104
89
39
1,134
31
279
358
116
62
484
62
31
Debentures Interests
249
Local Currency
405
84
163
651
858
773
596
1,070
502
380
323
514
57
106
677
1,241
1,267
1,225
1,232
872
678
59
Fixed Assets
29
45
178
202
211
201
185
176
167
Bonds
18
19
ECA's
12
62
76
126
252
252
246
244
204
164
Foreign Currency
573
129
115
816
1,545
1,722
1,687
1,678
1,300
1,059
Gross Debt
977
212
278
1,468
2,402
2,495
2,283
2,748
1,803
1,439
Trade Finance
227
-
1
-
157
1,774
1,391
5,381
7,251
18
1,541
1,792
164
198
1,924
390
2,094
216
12,508
713
2,321
218
17,889
2.748
2.402
1.545
2.495
1.722
1.678
2.283
2.321
1.687
2.094
Foreign
Currency
12,508
1.803
1.300
1.468
816
1.059
1.070
405
2Q16
858
212
129
84
278
115
163
3Q16
4Q16
651
390
596
2016
2017
713
773
2018
2019
502
2020
2021
380
2022
11.6% p.y.
40 months
Foreign Currency
4.6 % p.y.
51 months
Gross Debt
Gross Debt
17,889
1.439
977
573
Local Currency
218
323
2023
227
2024
216
1
2025/26
17
17
Local
Currency
5,381
48 months
Appendix 4
Consolidated Cash Flow Statement (R$ thousand)
Cash flow from operating activities
Operating activities
1Q16
1Q15
171.857
430.622
(94.638)
1.073.512
. Net income
637.907
(728.566)
77.405
75.166
(63.447)
(55.538)
173.374
(9.503)
(1.055.124)
1.563.114
(302.779)
(180.384)
26.600
188.783
7.254
10.223
12.210
14.997
444
. Equity results
175.150
(393.011)
505
(7.094)
(7.535)
(11.730)
(14.815)
. Others
(15.760)
(10.182)
266.495
(207.285)
. Receivables
182.665
(125.007)
(133.550)
(36.085)
. Recoverable taxes
123.721
(332.270)
. Marketable Securities
(17.927)
. Inventories
. Prepaid expenses
(3.011)
. Other receivables
15.640
165.294
. Suppliers
(8.330)
516
(9.876)
295.485
(2.886)
(16.807)
(44.203)
(28.209)
. Other payables
(19.248)
53.298
(849.549)
(997.850)
(827.775)
(978.189)
(25.606)
(21.461)
3.832
1.800
390.545
1.581.733
755.744
(130.718)
. Loan amortization
(408.396)
. Dividends payed
(120.015)
. Stocks repurchase
928.819
(359.097)
-
(11.151)
6.215
5.262
. Stocks disposal
(213)
251.127
5.053.723
5.245.833
5.304.850
5.069.150
18
18
(176.683)