Escolar Documentos
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Cultura Documentos
October, 2012
Disclaimer
The information contained in this presentation may include statements which constitute forwardlooking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to business, financial, trend, strategy and other forecasts, and are based on assumptions, data or methods that, although considered reasonable by the company at the time, may turn out to be incorrect or imprecise, or may not be possible to realize. The company gives no assurance that expectations disclosed in this presentation will be confirmed. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forwardlooking 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 forwardlooking statements, which speak only for the date on which they are made.
The Company
Shareholder Structure
BNDESPar 30.38(1)
Level III
NYSE 26%
Bovespa 74%
- 86 million shares issued - Unit price: R$15.83/share or US$8.43/ADR - VID and BNDESPar maintained their
previous stake in the company
(1)
Position as of September 30, 2012. BNDESPar has 21% linked to a Shareholders Agreement with Votorantim Industrial S.A. during the first 3 years (until October 2012) and 11% during the following 2 years (from October 2012 to October 2014). (2) Free Float 40.14% + Treasury 0.06%
Highlights
Listed on Novo Mercado, highest level of Corporate Governance at BM&FBovespa
Only 1 class of shares 100% voting rights 100% tag along rights (Brazilian corporate law establishes 80%) Board of Directors with minimum 20% independent members Financial Statements in International Standards IFRS
Fiscal Council
Board of Directors
Executive Officers
A Winning Player
Pulp capacity
million tons
Net revenues
Total area Planting area(1)
Belmonte Veracel Caravelas Portocel Aracruz Trs Lagoas Jacare Santos
R$ billion
thousand ha thousand ha R$ billion X X
Net Debt Net Debt/EBITDA (in Dollars)(2) Net Debt/EBITDA (in Reais)
Port Terminal
Pulp Unit
Source: Fibria (1) As of June 30, 2012, including 50% of Veracel, excluding forest partnership areas (114 thousand ha) and excluding the forest base linked to the sale of forest assets in Southern Bahia State. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.
Fibrias Strategy
5,250
Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical
Canfor
Metsa Fibre
Cenibra
30%
1000
2000
3000
4000
5000
6000
Paper&Board, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note Feb 2012 considers 2011 demand Hawkins Wright Outlook for Market Pulp, July 2012
800 600 70 400 200 0 489 427 124 86 422 40 456 41 425 33 33 388 53 323
61 303
52 269
411
55 232
30%
(1) (2)
PPPC Special Research Note Feb 2012 considers 2011 demand Source: Mill Cash and Delivery: Hawkins Wright July 2012 Report | SG&A, Maintenance Capex and Financial Expenses: Fibrias estimates | Fibria 2Q12 figures
25000
30000
10
90
70 50
Rupia: 2%
Cost Structure
Global producers have been impacted by: Wood: cost of land and minimum wage growth above inflation Chemicals / energy / water: global demand for commodities add pressure on main raw materials On top of that, Brazilian producers have also been impacted by: Freight: low governmental investment in infra-structure (ports, roads, etc) and higher oil prices Labor: cost in Brazil in dollar terms is higher than in some developed countries
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Global Presence
Fibrias Commercial Strategy
Differentiation: Customized pulp products to specific paper grades Sole supplier to key customers Long term contracts Competitive logistics set up
26%
N.America
Europe
43%
Nyon Miami
Csomd
20%
Asia
Hong Kong
L.America
11%
So Paulo
Fibria Offices
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76,499
1993 1994
Paper Consumption
(1) Source:
RISI
1995
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
CAGR: +1.9%
2006
2007 2008 2009 2010 2011 2012
109,791
15,548
1993
1994
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
CAGR: +3.8%
2005
2006 2007 2008 2009 2010 2011 2012
31,766
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Tissue Market
Per Capita Consumption of Tissue by Region, 2010(1)
Kg/capita
25 20
23,5
15,6
25
14,6 11,2
15 10
20 15 10
5 0 W. Europe Oceania
3,6
5 0
1991 1996 2001 2006 E.Europe Asia FE 2009 L.America Oceania 2010 NME Africa 2011 N.America Japan W.Europe China
E. Europe
N&M East
(1) Source:
RISI
N. America
L. America
Africa
Japan
China
15
+296%
+108% 47%
5.000
0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
50
0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 BHKP BEKP BSKP
Source: PPPC
BHKP
BSKP
BEKP
BHKP: Bleached Hardwood Kraft Pulp BSKP: Bleached Softwood Kraft Pulp BEKP: Bleached Eucalyptus Kraft Pulp
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Main Projects
Project Eldorado Arauco / Stora Suzano Fibria Trs Lagoas II CMPC Guaba II Klabin Paran APP South Sumatra Suzano Piau Cenibra Belo Oriente II Country Brazil Uruguay Brazil Brazil Brazil Brazil Indonesia Brazil Brazil Capacity 1.5 Mt 1.3 Mt 1.5 Mt 1.5 Mt 1.5 Mt ~1.0 Mt 1.5 Mt 2.0 Mt 1.5 Mt 800 kt Timing 4Q2012 2Q2013 4Q2013 3Q2014 4Q2014 2015 2015/16 2Q2016 2016 Status Confirmed Confirmed Confirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed Unconfirmed
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900
400
235
800 125 55 700
275 195
0 -45 -45
600 -240
-200
500 -265 -255 -400 400 -500 300 -800 -400 -600
200
100 -1125 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-1000
-1200
Net Closures*
Source: Hawkins Wright * Net closures: Canada, USA and Western Europe
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Financial Highlights
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2Q12 Results
EBITDA (R$ million) and EBITDA Margin (%) Pulp Production and Sales
1H12 x 1H11: 34% 37% 30% Production: +1% Sales: +4% 1,313 1,271 1,230 1,275 1,265
1,332
490 377 550
2Q11
1Q12
2Q12
2Q11
1Q12
2Q12
production (000 t)
sales (000 t)
Uso Final
Especiais 15%
Europa 43%
2Q11
1Q12
2Q12
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Debt Profile
Debt Amortization Schedule (R$ billion) Jun/12
2020 Senior Notes Reclassification 1.8 1.0 0.7 0.8 2012 2013 2014 2015 2016 2017 2018 2019 1.0 0.7 0.7 0.9 0.7
1.0 3.3
1.5
0.5
2020
2021
7%
6% 24% 68% 2%
5.0
5.5
7.2 5.2
93%
Local
Foreing
Libor
Other
Fixed
TJLP
4Q09
* Considering the Tender Offer for the 2020 Notes which totaled US$514mn and was concluded in July
4Q09
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Investor Relations E-mail: ir@fibria.com.br Phone: +55 (11) 2138-4565 Website: www.fibria.com.br/ir
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