Académique Documents
Professionnel Documents
Culture Documents
February, 2017
Disclaimer
2
1 Company Overview
2 Pulp and Paper Market
3 Financial and Operational Highlights
4 2017 Outlook CAPEX and Cash Cost
5 Expansion Project Horizonte 2
6 Back up
Agenda
3
Company Overview
4
Shareholder Structure and Corporate Governance
General
Votorantim BNDES Free
Meeting
S.A. (1) Participaes (1) Float (2)
Fiscal
29.42% 29.08% 41.50% Council 20% independent
members
Board of Role of CEO and
Directors chairman is split
Personnel
Statutory
Finance and Sustainability Innovation
Audit
Committee Remuneratio Committee Committee
Committee
n Committee
30% 100% 50% 45%
independent independent independent independent -
members members members members
5
A Winning Player
Source: Fibria
(1) Volume does not include Horizonte 2 project pulp capacity
(2) Including 50% of Veracel, excluding forest partnership areas and forest bases linked to the sales of Losango and forest assets in Southern Bahia State; As of December 31, 2016.
(3) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.
6
Fibrias Units Industrial Capacity
* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year
7
Fibrias Commercial Strategy
9% 10% 9% 10%
Efficient logistics set up
8
Leadership Position
Industry Outlook(1)
Fiber Consumption
412 million t
59% 41%
Recycled Fiber Pulp
242 million t 169 million t
18% 82%
Mechanical Chemical
30 million t 140 million t
59% 41%
46% 54%
Softwood/Other Hardwood
26 million t 31 million t
30% 70%
Acacia/Other Eucalyptus
9 million t 21 million t
75% 25%
Other Eucalyptus
Pulp producers:
16 million t
(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Global 100 Report December 2015
9
Pulp Supply Agreement: Puma Project
Puma Project
Pulp volumes:
Minimum of 900 kt of hardwood for the first 4 years
Klabins sales volume (kt)
75% of 900 kt for the fifth year (phase out 1)
2016 4T16 3T16 2T16
50% of 900 kt for the sixth year (phase out 2)
478 183 164 131
Selling price based on the average net price charged by
Fibria at the Port of Paranagu (FOB Paranagu)
Sales destination: Globally, except for South America
Operational startup: Mar/2016
Agreement benefits:
Mutual value creation, with better servicing for both Companies customers base
10
Pulp and Paper Market
11
What happened in 2016 ? Compared to our Forecast
**Source: Fibrias estimates **Source: Total year Fibria estimates and PPPC G100 BEKP demand growth Jan-Nov 2016 12
Actually...
2016 has been even more balanced than previous 2 years !
870
Eucalyptus Demand Growth
370
605
(Kt)
Hardwood Net Capacity
Increase (Kt)
30
Source: PPPC - Global 100 (historical demand), Outlook for Eucalyptus Market Pulp Oct 2016 and Fibrias estimates 13
Yet
Prices performance has been much worse than forecasted!
BHKP DELIVERED TO EUROPE (USD/T)
758
696 697
671
655
Consultants: Hawkins Wright, RISI and Brian McClay (published in the end 2015 for 2016 prices) 14
In our view, there is one major reason for this lousy market price
scenario: 2016 Global growth has ONLY been relying on China
BHKP DEMAND (KT AND % CHANGE, Y-O-Y)
2013 2014
5.3% 1500
1500 19.0%
1200 3.3%
1200
900
900
600 600 5.2%
300 5.5% 300 5.2% 2.0%
0 0
-300 -0.2% -300
Global NA WE China Global NA WE China
2015 2016
1500 1500
1200 1200 20,2%
3.3% 4.3%
900 900
6.2%
600 3.7% 600
300 300
0 0
-300 -3.5% -300 -4.4% -2.6%
Global NA WE China Global NA WE China
FIBRIA EXPECTED SCENARIO FOR 2017 IN THE END 2016 SCENARIO IN 2017
Klabin 500 2012 2013 2014 2015 2016 2017
APP OKI 1,000 1,770
** Fibrias estimates | Source: PPPC - Global 100 (historical demand), Outlook for Eucalyptus Market Pulp Oct 2016 and Fibrias estimates 16
We dont think so !
Because, we expect a combination of the following factors:
Not only, a good BEKP Demand/Net Capacity increase ratio: 1,75, which is well above the last 3 years
But also, a more WIDESPREAD demand between the regions!
U$ strengthening / loss
of competitiveness of
local pulp producers
(integrated or not)
Apr-14
Apr-15
Apr-16
Oct-13
Dec-13
Oct-14
Dec-14
Oct-15
Dec-15
Oct-16
Dec-16
Aug-13
Aug-14
Aug-16
Jun-13
Jun-14
Jun-15
Jun-16
Feb-13
Feb-14
Feb-15
Feb-16
18
Technical Age and Scale in the Pulp Industry
Further closures are expected due to lack of adequate investments in the industry
Hardwood (BHKP) Producers Integrated and Market Softwood (BSKP) Producers Integrated and Market
Pulp Mills Pulp Mills
700
1500
Veracel 600
Jacare
Weighted average Trs Lagoas 500
capacity 1,350,000 t/a
1000 400
100
0 0
WEAK
30 25 20 15 10 5 0 30 WEAK 25 20 15 10 5 0
Technical age, years Technical age, years
More than 6.6 million tons of capacity above 25 years and with annual capacity below 500,000 t/y.
Source: Poyry
19
Capacity closures DO happen
-85 -105
-315
-445
-540 -500
-985
-910
Potential
Additional
-1,085 Conversions
-1,180
-1,260
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-2018 (1)
BHKP
capacity 1,130 1,105 2,075 2,290 4,915 3,420 15,275 TOTAL: 30,210
(000 t)
BHKP (USD/t)
508
481
52 451 441 WC=($29/t)
54 35
108 369 383
351 336 126
30 35 Interest
56 57 269 6
43
92 Capex
6 Income tax
456 52 49 37 SG&A
427
343 339 58
295 279
217 211
155
USA China Canada Iberia Chile/Uruguay Indonesia Brazil Fibria 2016 Estimated
Fibria w/ H2 -
2021
Cash Cost (US$/t) Delivery CIF Europe
Source: Hawkins Wright (Production Costs December 2016) and Fibrias 4Q16 Earnings Release-FX considered by the consultant at BRL/USD = 3.19.
Fibria with Horizonte 2 (H2) cash cost was estimated according to weighted average cost, after mill balance, converted at BRL/USD=3.19. Includes energy sales.
21
Gross capacity addition should not be counted as the only factor
influencing pulp price volatility.(1)
1000
Horizonte 2 2
Pulp prices - CIF Europe (US$/ton)
Eldorado
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
BHKP BSKP
(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Apr/16), Brian McClay (Jun/16) and RISI (Apr/16)
(2) Partially integrated production.
(3) Source: Bloomberg
22
In the last 15 years, pulp volatility has been just 8%...why?
120
80
40
Apr-15
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Jan-10
Apr-06
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Oct-15
Apr-16
Oct-16
Mar-00
Jun-00
Mar-01
Jun-01
Mar-02
Jun-02
Mar-03
Jun-03
Oct-06
Apr-07
Oct-07
Apr-08
Mar-04
Jun-04
Sep-04
Mar-05
Jun-05
Jan-07
Jan-08
Jan-09
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Sep-00
Sep-01
Sep-02
Sep-03
Sep-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Market price closer to producers marginal cost
The marginal cost producers are based in Europe and North America
230
100 = January 1, 2012
200
170 168
140
110 101
87
80 86
60
50 54
20
May-12
Aug-12
Oct-12
May-13
Aug-13
Oct-13
May-14
Aug-14
Oct-14
May-15
Aug-15
Oct-15
May-16
Aug-16
Oct-16
Mar-12
Apr-12
Jul-12
Sep-12
Nov-12
Mar-13
Apr-13
Jul-13
Sep-13
Nov-13
Mar-14
Apr-14
Jul-14
Sep-14
Nov-14
Mar-15
Apr-15
Jul-15
Sep-15
Nov-15
Mar-16
Apr-16
Jul-16
Sep-16
Nov-16
Feb-12
Dec-12
Feb-13
Dec-13
Feb-14
Dec-14
Feb-15
Dec-15
Feb-16
Dec-16
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14
Jun-14
Jan-15
Jun-15
Jan-16
Jun-16
Jan-17
Iron Ore Soy Bean Crude Oil Sugar BHKP - FOEX Europe Exchange Rate (R$/US$)
WTI Crude Oil Sugar Nickel Iron Ore Copper Soy Ibovespa LME Metals Cattle FX BHKP
Source: Bloomberg January 31st, 2017 2Since January 1, 2009 up to January 31st, 2017
24
Financial and Operational Highlights
25
Each 5% depreciation of the Real increases EBITDA by around
R$420m and FCF by R$550m
53%
43%
40% 40% 39%
EBITDA Margin 34% 36%
29%
1,488 1,560
1,295
1,173 1,153 1,185
1,073
815,0
(1) According to Focus Report (Brazilian Central Bank January 31th, 2017) I (2) 2017 market consensus
26
Cash Production Cost (R$/t) 4Q16
External factors
35 10 4 737 727
42
658 (12) (10)
+4.5%
680
649
648 618
620 624 581
2015 2016
4Q15 3Q16 4Q16 With downtimes Without downtimes
27
Cash Production Cost in dollars saw a decrease over the last years
Consistently
281 controlling the cash
264 production cost
242 234
231
220
But lately, it has been
195
186 influenced
by non-recurring
effects:
Wood
2009(2) 2010(2) 2011 2012 2013 2014 2015 2016 Energy price
Input consumption
Average 1.99 1.76 1.67 1.95 2.16 2.35 3.33 3.49
FX
(BRL/USD)
(118)
201
1,073
(569) deferred
488
current
(396) 477
(202)
Adjusted FX Debt MtM Net interest Deprec., Income Taxes Others (1) Net income
EBITDA hedge amortiz. and
depletion
Non-recurring effects
(1) Includes other Exchange rate/monetary variations, other financial income/expense and other operating income/expenses
244
Klabin
H2 funding effect
interest 109
104
(58) (5)
(187)
Adjusted EBITDA 4T16 Capex Net interest Working Capital Income Taxes FCF 4T16
(ex-H2 and logistics
projects)
1.073
216 542
(30) (8)
(583) (126)
Adjusted EBITDA 2016 Capex Net interest Working Capital Income Taxes Others FCF 2016
(ex-H2 and logistics projects)
(1) Does not consider Horizonte 2 Project and pulp logistics projects. (2) Includes other financial results. 30
ROE and ROIC (R$)
ROE = Adjusted EBIT(1)/ Equity before IAS 41(2) ROIC = Adjusted EBIT(3)/ Invested Capital before IAS 41(2)
25.1%
22.8%
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
Average Average
FX 1.95 2.16 2.35 3.33 3.49 FX 1.95 2.16 2.35 3.33 3.49
(R$/US$) (R$/US$)
Average Average
Net Pulp 581 610 561 586 496 Net Pulp 581 610 561 586 496
Price Price
(US$) (US$)
31
Indebtdeness
Gross Debt and Cash Position (million) Net Debt (Million) and Leverage
Net debt/EBITDA (R$) Net debt/EBITDA (US$)
Gross debt Cash position 3.30
2.64
2.06 3.06
16,153
2.33
12,744 H2 4,717 1.78
11,015 10,620 11,435
CRA(2)
4,956 1,730
3,264 1,447
443 2,821 3,272 3,509
6.3 5.9
5.5 5.2
473
4.6
414 408
350 3.4 3.3 3.6
268
200 209
143 144
96 108
78 59
45 39 39
4.6 Cost
Averageof
costdebt
in US$ (% p.a.) Interest Expense (Gross) Interest on Financial Investments
Revolver 541
Cash 919
786 691 714
on hand(1) 1,442 559 629 534
349 356
89
28
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Excess of
0,2 - 2017 2.4 US$0.2 bn
0,1 - 2017 0.2
0.3 Horizonte 2
0,1 2017 0.1 0.8
0,3 - 2017 Project
0.1 0.3
0,1 - 2018 US$2.2 bn
0.1
0.4
3Q15 1.6
0.3
3Q15 0.2
0.4
Export Prepayment CRA BNDES FDCO ECA Working capital Total
release (2)
Funds withdrawn until Dec 31, 2016. Contracted funds to be withdraw
(1) Capex to be executed on Horizonte 2 Project | (2) Related to the agreement with Klabin 33
Initiatives for Leverage Management
(USD (USD
(x) (x)
million) million)
Capex 96 0.10x
Forestry 31 0.03x
Capex H2 65 0.07x
34
Waiver on 4.5x Covenant was Fully Negotiated
Horizonte 2 start up in 4Q17 boosts EBITDA and FCF generation
(1) As stated on the Liquidity and Indebtedness Policy and Shareholders Agreement 35
Capital Structure: Fibria has achieved the lowest leverage ratio among
its Latin American peers
Net Debt/EBITDA (x)(1)
8.1
5.1
4.2
3.6
3.4
3.1
2.4
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
36
One of the best performances among Brazilian corporate issuers(1)
Historical G-spread (bps)
1400
Rating Outlook 1200
1000
600
200
0
2010 2011 2012 2013 2014 2015 2016
396 444
334 334 353 307,8
246 248 268 271 280 282 297 271 278 280
229
VALE BRAZIL EMBRAER FIBRIA BRFOODS RAZEN GLOPAR BRASKEM SUZANO KLABIN GERDAU PETROBRAS ELDORADO BRAZIL EMBRAER RAZEN FIBRIA PETROBRAS
3,011 5,213
USD630 mn(1)
(1) Converted at 2017 average FX - BRL/USD 3.40, according to Focus Report (Brazilian Central Bank Jan 31th, 2017)
39
Expansion Project Horizonte 2
40
What is the importance of growth for Fibria?
41
Fibrias nominal capacity
(1)The volumes in 2017 and 2018 will depend on the learning curve of the plants. The agreement with Klabin may be renewed by mutual consent. 42
Pulp sales destination: Fibria growing where the market grows
37%
36%
19%
22% 36%
32%
8%
10%
(1) Considers 4Q16 last twelve months. | (2) Includes Klabins sales volume
43
Horizonte 2 Project
Site Overview(1)
To be planted
62,000 ha 7,000 ha to be planted in 2016
55,000 ha to be planted in 2017 and 2018
Total
187,000 ha
Wood purchased
5.0 million m3
45
Logistics
Mato Grosso
Brasilia
Gois
Port Terminal 32
Mato
Grosso do
Sul
46
Capex
Flexibility in the Timetable, without changing the startup date
50%
39%
8.745
7.529
3% 4,026 8%
3,011
292 200
Nov. 2015 Current 2015 2016 2017 2018
Forecast Forecast
USD 2.396 bn(1) USD 2.213 bn(1) USD 80 mn USD 1,168 mn USD 886 mn USD 61 mn
(1) FX = 3.65 BRL/USD on previous forecast. FX = 3.40 BRL/USD on current forecast. (2) Average FX according to capex execution. 47
Historical Horizonte 2 Project Capex (USD billion)
8.7
7.5
BRL/
To be 3.2 USD
disbursed 3.39
BRL/
Executed 4.3 USD
3.46
48
Funding
Cost and maturity
Amortization Schedule (2) 4Q16 Proforma with TLS II + Bond 2027 (700 MM) US$ million
2,688
Revolver
541
Cash
on
hand
1,001
2,147 869
712 773 728
569 616
349 438
172
68
Caixa 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
BNDES Bond EPP ECN ACC/ACE CRA BNB Finnvera Finame Development Agencies (FCO, Finep & FDCO)
(1) Swap Bloomberg | (2) FX considering new funding for the TLS II Project: 3.2591
49
Horizonte 2 project assumptions
UNIT R$ US$
Pulp production/year k tons 1,950 1,950
Expansion capex(1) $ billion 7,492 2,254
Expansion capex(1) $/t 3,854 1,156
Sustaining capex(2) $/t 208 63
Cash production cost(3) $/t 340 103
Energy surplus MWh 130 130
Project approval FX BRL/USD 2.80 -
All in cash cost (estimated range)(4) $/t - 270-320
Net pulp price(5) $/t - 490
Free Cash Flow (estimated) $/t - 170-220
Payback period (estimated) years - 5.3-6.8
(1) Includes chemical leasing and to increase capacity to 1,950 kt/year (FX BRL/USD @3.32) (4) Cash cost + freight + SG&A + Sustaining Capex + Interest + taxes (FX BRL/USD @3.30)
(2) Estimated sustaining capex in perpetuity (FX BRL/USD @ 3.30) (5) 2017 market consensus.
(3) Estimated weighted average cost, after mill balance. Includes energy sales (FX BRL/USD @3.30)
50
Final Remarks
Economies of scale
51
BACK UP
52
Green Bond 2027
53
Bond Offering Summary
54
Sustainable Forest Management
55
Restoration of Native Trees and Conservation of Biodiversity
56
Waste Management
The process collects ash, grits, dregs and lime mud from
the production process and the transformed product
replaces the use of calcium carbonate
Note: Fibria has a long-term target to increase eco-efficiency, by reducing in 91% the quantity of industrial waste
disposed in own or third-party landfills. This project will contribute to meeting the companys long term goal to reduce
the amount of solid waste sent to landfill to 5kg/adt, by 2025.
57
Water Efficiency
Environmental Benefit & Impact: The various water efficiency projects are designed to achieve:
310 m3/h reduction in the water withdrawn from the total intake water to the industrial operation.
This reduction is equivalent to 3.9% in industrial water intake at the mill
58
Cost reduction initiatives and industry statistics
59
THIRD-PARTY WOOD REDUCTION
Non-recurring impacts starting to decrease
35% 250
30% 200
25%
311 307 290 150
20%
225 242 239
15% 193 788197 194 100
187 181 190 173 170 167 166
10% 164
50
5%
0% 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
35%
283 km
Third party wood increase from previous forecast due to recent rain shortage at Aracruz Unit forest
base and optimization of Trs Lagoas forest base
The average distance will drop sharply generating an Opex reduction
Despite the higher forest to mill distance, the wood from Losango is less expensive than the
available wood from around Esprito Santo and Bahia States
68
Industrial: maintenance downtimes schedule change
Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between
recovery boiler inspections from 12 to 15 months.
Fibria was the first company to use the extended period benefit
76
Global Market Pulp Demand
Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate
63
Benefiting From Chinas Growth
China's Share of Market Pulp(2) Per Capita Consumption of Tissue by World Region(3)
(Kg/capita/year)
Between 2005 and 2015, (million t)
30% the Chinese market share 14
of eucalyptus shipments 25% 26%
24% 25
increased by 20 p.p. (total 23% 23% 12
25% 22%
market pulp: + p.p.) 21%
10
20% 17%
8 15 15
15% 12% 14%
10% 10% 6 11
10%
4
6 6
5
5% 2
1
0% 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Nov.
2016 N. West Japan Oceania East LatAm China Africa
Eucalyptus Hardwood Total % Compared to the global Market Pulp America Europe Europe
(1) PPPC Pulp China Flash Report October 2016
(2) PPPC W20. Coverage for chemical market pulp is 80% of world capacity
(3) RISI
64
Growth rate Chinese GDP vs. Eucalyptus Shipments to China
(Sept-09 = base 100)
300
273
250
200
150
100
75
50
65
Commodities Differentiation
47% 48% 48% 48% 48% 48% 46% 47% 45% 45%
44%
49% 49% 48% 49% 49% 50% 50% 52% 51% 53% 53%
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Consumption Investment Net Exports
201
194
172
152
124
100 115
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E
Source: Ita Macroeconomic Department and PPPC Oct/15
66
Global Paper Consumption
P&W
Consumption
(000 tons)(1)
2010
2016E
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2011
2012
2013
2014
2015E
2017E
2018E
2019E
2020E
Developed Markets Emerging Markets
30,357
20,979
Tissue
Consumption
2011
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
2015E
2016E
2017E
2018E
2019E
2020E
(000 tons)(1)
67
BHKP prices - CIF China (US$/ton)
0
100
200
300
400
500
600
700
900
800
(000s t)
mai-10
jun-10
jul-10
ago-10
set-10
out-10
2010
out-10
average:
250 ktons
nov-10
dez-10
Source: PPPC Global 100
jan-11
fev-11
mar-11
abr-11
mai-11
jun-11
jul-11
ago-11
set-11
2011
out-11
Average
379 ktons
nov-11
dez-11
jan-12
fev-12
mar-12
abr-12
mai-12
jun-12
jul-12
ago-12
set-12
out-12
2012
nov-12
Benefiting From Chinas Growth
Average
370 ktons
dez-12
jan-13
fev-13
mar-13
abr-13
mai-13
jun-13
jul-13
ago-13
set-13
out-13
nov-13
2013
dez-13
Average
439 ktons
jan-14
fev-14
mar-14
abr-14
mai-14
jun-14
jul-14
ago-14
set-14
out-14
nov-14
dez-14
China: Eucalyptus pulp shipments
jan-15
2014
Average
fev-15
504 ktons
mar-15
abr-15
mai-15
jun-15
jul-15
ago-15
set-15
out-15
nov-15
dez-15
2015
jan-16
Average
fev-16
531 ktons
mar-16
abr-16
mai-16
jun-16
jul-16
jul-16
ago-16
set-16
Shipments
BHKP Price
out-16
2016
nov-16
Average
612 ktons
dez-16
jan-17
0
100
200
300
400
500
600
700
900
800
Cost position
of marginal
producer
Source: Pyry.
69
Tightening plantation wood and chip supply could add to the cash
cost of Asian pulp mills
Source: Pyry.
70
Current Zero Cost Collars
ZCC Position 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Total
Notional (USD MM) 391 334 395 330 215 55 40 - 1,760 Notional (Total):
Strike mdio put (avg.) 3.29 3.34 3.3 3.46 3.43 3.48 3.49 - 3.36 USD 1,760
Strike mdio call (avg.) 5.04 5.26 5.35 6.03 5.04 5.38 5.35 - 5.36
Million
FWD (BRL/USD)EoP 3.31 3.38 3.46 3.52 3.58 3.64 3.71 3.77 3.55
USD million
329 317
225
194
158
125 113 111 103
130
112 118 124 105
77 84
53 51
29 4
-7
-77
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
EBITDA Margin
33% 28% 30% 37% 37% 41% 39% 39% 41% 42% 41% 35% 35% 45% 50% 50% 56% 54% 52% 43% 43% 36%
Average FX
1.63 1.80 1.77 1.96 2.03 2.06 2.00 2.07 2.29 2.27 2.37 2.23 2.27 2.55 2.87 3.07 3.45 3.84 3.90 3.51 3.25 3.26
(1) Excluding H2 Project, dividends, pulp logistics and land purchase effects. 72
Fibrias tax structure
Description and Amount Maturity
US$ 9 million US$ 2 million US$ 8 million US$ 14 million US$ 12 million US$ 23 million US$ 36 million
75
Approval of Dividend Policy
76
Dividends
2016
April 27, 2016 Mid-May, 2016 Mid-November, 2016
2017
April, 2017 Mid-May, 2017 Mid-November, 2017 Mid-December, 2017