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Klabin S.A.
Quarterly Information (ITR)
at March 31, 2016
and report on review of
quarterly information
Introduction
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of Klabin S.A.
("Company"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2016, comprising the
balance sheet at March 31, 2016 and the respective statements of operations, comprehensive income (loss), changes in
equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other
explanatory information.
Management is responsible for the preparation of the parent company and 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), as well as the presentation of this
information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the
preparation of the Quarterly Information (ITR). 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 interim information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent
company and consolidated interim accounting information included in the quarterly information referred to above has
not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the
Quarterly Information, and presented in accordance with the standards issued by the CVM.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the quarter ended March
31, 2016. These statements are the responsibility of the Company's management, are required to be presented in
accordance with the standards issued by the CVM applicable to the preparation of Quarterly Information, and are
considered supplementary information under IFRS, which do not require the presentation of the statement of value
added. These statements have 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 they have not been prepared, in all material
respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a
whole.
So Paulo, April 27, 2016
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
Klabin S.A.
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
CONTENTS
ASSETS
LIABILITIES AND EQUITY
STATEMENT OF OPERATIONS
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CASH FLOW
STATEMENT OF VALUE ADDED
1 GENERAL INFORMATION
2 BASIS OF PRESENTATION OF THE QUARTERLY INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
3 CONSOLIDATED QUARTERLY INFORMATION
4 CASH AND CASH EQUIVALENTS
5 MARKETABLE SECURITIES
6 TRADE RECEIVABLES
7 RELATED PARTIES
8 INVENTORY
9 TAXES RECOVERABLE
10 INCOME TAX AND SOCIAL CONTRIBUTION
11 INVESTMENTS IN SUBSIDIARIES AND JOINTLY-CONTROLLED ENTITIES
12 PROPERTY, PLANT AND EQUIPMENT
13 BIOLOGICAL ASSETS
14 BORROWING
15 DEBENTURES
16 TRADE PAYABLES
17 PROVISION FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL CONTINGENCIES
18 EQUITY
19 NET SALES REVENUE
20 COSTS, EXPENSES AND INCOME, BY NATURE
21 FINANCE RESULT
22 STOCK OPTION PLAN
23 EARNINGS (LOSS) PER SHARE
24 OPERATING SEGMENTS
25 RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
26 EVENTS AFTER THE REPORTING PERIOD
Page
32
33
34
36
37
38
39
40
40
41
42
42
43
44
46
46
47
50
51
53
56
58
60
60
63
65
66
67
68
69
71
75
80
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
BALANCE SHEET AT MARCH 31, 2016 AND DECEMBER 31, 2015
(All amounts in thousands of Reais)
Not e
Pa r en t com pa n y
3/31/2016
12/31/2015
3/31/2016
A SSET S
Cu r r en t
Ca sh a n d ca sh equ iv a len t s
Ma r k eta ble secu r ities
A ccou n ts r eceiv a ble:
. T r a de r eceiv a bles
. Pr ov ision for im pa ir m en t of tr a de r eceiv a bles
. Rela t ed pa r t ies
In v en t or y
T a x es r ecov er a ble
Pr epa id ex pen ses - r ela t ed pa r t ies
Pr epa id ex pen ses - t h ir d pa r ties
Ot h er a ssets
T ot a l cu r r en t a sset s
Non -cu r r en t
Lon g t er m r ecei v a bles
Rela t ed pa r t ies
Ju dicia l deposit s
T a x es r ecov er a ble
Ot h er a ssets
In v est m en ts:
. In ter est s in in v est ees
. Ot h er
Pr oper t y , pla n t a n d equ ipm en t
Biolog ica l a sset s
In ta n g ible a ssets
T ot a l n on -cu r r en t a sset s
T ot a l a sset s
4
5
4 , 4 8 8 ,8 9 2
5 7 5 ,0 7 0
4 ,0 3 1 ,1 8 4
5 5 7 ,1 4 3
5 ,3 0 4 ,8 5 0
5 7 5 ,0 7 0
5 ,0 5 3 , 7 2 3
5 5 7 ,1 4 3
6
6
7
8
9
7
1 , 0 9 2 ,0 0 6
(3 5 , 7 3 3 )
8 5 4 ,7 3 6
7 3 9 ,6 5 1
4 7 6 ,3 1 1
97 8
1 2 ,8 3 7
8 1 ,6 4 5
8 , 2 8 6 ,3 9 3
1 ,1 7 1 ,5 4 0
(3 7 , 9 0 7 )
7 7 1 ,3 4 4
6 1 3 ,81 1
7 2 3 ,7 4 8
1 ,0 8 1
9 ,7 2 3
1 1 3 ,1 9 8
7 , 9 5 4 ,8 6 5
1 ,3 5 4 , 2 1 9
(3 5 ,7 8 5 )
8 3 4 ,6 7 6
4 86 ,4 1 9
97 8
1 2 ,8 3 7
8 3 ,3 6 9
8 ,6 1 6 ,6 3 3
1 ,5 3 9 ,07 1
(3 7 ,9 7 2 )
7 01 ,1 2 6
7 3 6 ,5 01
1 ,081
9 ,7 2 3
1 1 5 ,3 4 8
8 ,6 7 5 , 7 4 4
7
17
9
2 ,5 6 5
7 7 ,9 7 6
1 , 2 9 7 ,7 2 9
2 3 0 ,0 5 8
1 , 6 0 8 ,3 2 8
2 ,5 4 9
7 5 ,9 5 6
1 ,1 5 9 ,6 3 8
2 1 8 ,6 9 7
1 , 4 5 6 ,8 4 0
7 9 ,4 1 1
1 ,2 9 7 ,7 2 9
2 3 1 , 08 1
1 , 6 0 8 ,2 2 1
7 7 ,3 9 1
1 ,1 5 9 ,6 3 8
2 1 9 ,82 0
1 ,4 5 6 , 8 4 9
11
1 ,6 0 4 ,1 6 1
1 1 ,4 3 6
1 2 ,4 1 4 ,0 1 2
2 , 7 0 8 ,8 6 9
1 2 ,7 9 0
1 6 ,7 5 1 ,2 6 8
1 8 , 3 5 9 ,5 9 6
1 , 3 9 9 ,2 9 2
1 1 ,4 3 6
1 1 ,7 5 8 ,9 3 1
2 ,8 5 7 ,1 4 2
1 2 ,7 4 6
1 6 ,0 3 9 ,5 4 7
1 7 ,4 9 6 ,3 8 7
5 0 3 ,6 2 0
1 1 ,4 3 6
1 2 ,6 5 9 ,2 7 6
3 ,5 2 2 ,0 6 8
1 2 ,8 2 1
1 6 ,7 0 9 ,2 2 1
1 8 ,3 1 7 ,4 4 2
26,645,989
25,451,252
26,934,075
12
13
4 9 5 ,83 9
1 1 ,4 3 6
1 2 , 0 09 , 1 4 6
3 ,6 0 6 , 3 8 9
1 2 ,7 7 7
1 6 ,1 3 5 ,5 87
1 7 ,5 9 2 , 4 3 6
26,268,180
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
BALANCE SHEET AT MARCH 31, 2016 AND DECEMBER 31, 2015
(All amounts in thousands of Reais)
Not e
Pa r en t com pa n y
3/31/2016
12/31/2015
3/31/2016
Con sol i da t ed
12/31/2015
14
15
16
1 ,8 7 7 ,5 6 2
4 9 0 ,5 2 2
6 4 4 ,8 3 2
3 2 ,6 4 5
1 4 9 ,2 2 7
1 7 ,8 0 7
6 3 ,0 1 5
1 0 6 ,5 5 5
3 ,3 8 2 ,1 6 5
1 ,7 0 0 ,4 9 4
3 2 9 ,8 1 0
6 9 6 ,2 7 7
3 6 ,3 8 4
1 9 2 ,2 3 9
6 ,7 1 6
6 1 ,7 7 2
8 5 ,1 5 4
3 ,1 0 8 ,8 4 6
1 ,8 7 0 ,5 1 4
4 9 0 ,5 2 2
6 5 3 ,4 9 7
4 2 ,5 1 4
1 5 1 ,1 4 6
4 ,4 7 1
6 3 ,0 1 5
1 0 6 ,9 9 7
3 ,3 8 2 ,6 7 6
1 ,7 1 6 ,3 0 6
3 2 9 ,8 1 0
7 0 2 ,1 9 9
4 5 ,4 0 0
1 9 5 ,3 4 9
4 ,5 0 0
6 1 ,7 7 2
1 0 6 ,9 5 9
3 ,1 6 2 ,2 9 5
14
15
1 4 ,5 7 9 ,0 7 5
9 0 0 ,8 4 1
1 4 ,4 5 0 ,8 7 6
1 ,1 4 0 ,6 7 9
1 4 ,6 2 6 ,8 0 1
9 0 0 ,8 4 1
1 4 ,8 3 4 ,9 3 5
1 ,1 4 0 ,6 7 9
10
8 3 8 ,3 1 8
7 1 7 ,7 2 4
9 2 7 ,5 7 5
9 5 4 ,2 6 9
17
6 5 ,0 9 8
6 5 ,7 9 7
6 5 ,0 9 8
6 5 ,7 9 6
3 5 6 ,5 5 2
2 4 2 ,4 3 2
1 6 ,9 8 2 ,3 1 6
2 0 ,3 6 4 ,4 8 1
3 6 1 ,2 4 0
2 5 3 ,7 5 0
1 6 ,9 9 0 ,0 6 6
2 0 ,0 9 8 ,9 1 2
1 5 0 ,7 9 1
3 5 6 ,5 5 2
2 4 2 ,2 3 3
1 7 ,2 6 9 ,8 9 1
2 0 ,6 5 2 ,5 6 7
1 4 3 ,1 1 6
3 6 1 ,2 4 0
2 5 3 ,5 1 0
1 7 ,7 5 3 ,5 4 5
2 0 ,9 1 5 ,8 4 0
2 ,3 8 4 ,4 7 4
1 ,3 0 1 ,9 1 6
4 8 ,7 0 5
6 1 0 ,4 1 2
1 ,0 4 4 ,3 0 9
1 ,0 7 3 ,5 1 2
(1 8 1 ,8 2 0 )
6 ,2 8 1 ,5 0 8
2 ,3 8 3 ,1 0 4
1 ,2 9 3 ,9 6 2
4 8 ,7 0 5
7 4 8 ,1 6 2
1 ,0 6 4 ,1 8 1
(1 8 5 ,7 7 4 )
5 ,3 5 2 ,3 4 0
2 ,3 8 4 ,4 7 4
1 ,3 0 1 ,9 1 6
4 8 ,7 0 5
6 1 0 ,4 1 2
1 ,0 4 4 ,3 0 9
1 ,0 7 3 ,5 1 2
(1 8 1 ,8 2 0 )
6 ,2 8 1 ,5 0 8
2 ,3 8 3 ,1 0 4
1 ,2 9 3 ,9 6 2
4 8 ,7 0 5
7 4 8 ,1 6 2
1 ,0 6 4 ,1 8 1
(1 8 5 ,7 7 4 )
5 ,3 5 2 ,3 4 0
26,645,989
25,451,252
26,934,075
26,268,180
7
17
17
18
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
STATEMENT OF OPERATIONS FOR THE QUARTER ENDED
MARCH 31, 2016 AND 2015
(All amounts in thousands of Reais unless otherwise stated)
Pa r en t com pa n y
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
From 1/1 t o
Not e
3/31/2016
3/31/2015
3/31/2016
3/31/2015
1 ,3 0 8 , 4 4 9
Net sa l es rev en u e
19
1 ,4 5 3 ,4 06
1 ,2 8 5 ,086
1 ,4 6 3 , 4 7 7
13
1 ,2 5 6
5 5 ,2 4 5
6 3 ,4 4 7
20
(1 ,0 1 1 , 9 9 1 )
4 4 2 ,6 7 1
Gr oss pr ofit
(9 2 0 , 1 2 5 )
4 2 0,2 06
(1 , 0 0 4 ,1 6 0 )
5 2 2 ,7 6 4
5 5 ,5 3 8
(9 3 0 , 0 6 7 )
4 3 3 ,9 2 0
20
(1 0 1 , 3 7 1 )
(8 8 , 6 5 7 )
(1 0 5 , 2 6 4 )
(9 4 ,4 6 1 )
Gen er a l a n d a dm in ist r a t iv e
20
(9 8 , 2 7 1 )
(7 3 , 2 8 6 )
(1 0 0 , 0 3 7 )
(7 4 , 9 6 4 )
Ot h er , n et
20
11
21
(7 , 4 6 2 )
(6 , 5 8 5 )
(5 , 0 5 0 )
(6 , 0 3 3 )
(2 0 7 , 1 0 4 )
(1 6 8 , 5 2 8 )
(2 1 0 ,3 5 1 )
(1 7 5 , 4 5 8 )
2 1 9 ,1 4 6
1 1 ,6 4 0
7 ,09 4
7 ,5 3 5
4 5 4 ,7 1 3
2 6 3 ,3 1 8
3 1 9 ,5 07
2 6 5 ,9 9 7
1,021,348
(1,384,649)
1,012,630
(1,384,611)
1 ,4 7 6 ,06 1
(1 ,1 2 1 , 3 3 1 )
1 , 3 3 2 ,1 3 7
(1 ,1 1 8 ,6 1 4 )
10
(2 6 4 , 7 4 7 )
11
. Defer r ed
10
(1 3 7 , 8 0 2 )
3 9 2 ,7 5 4
(4 0 2 , 5 4 9 )
3 9 2 ,7 6 5
(2 5 8 , 6 2 5 )
3 9 0,04 8
1,073,512
(728,566)
1,073,512
(728,566)
(2 6 8 ,1 2 8 )
9 ,5 03
(2 , 9 6 3 )
3 9 3 ,01 1
23
0.1 9 89
(0 . 1 3 5 0 )
0.1 9 8 9
(0 . 1 3 5 0 )
23
0.1 9 89
(0 . 1 3 5 0 )
0.1 9 8 9
(0 . 1 3 5 0 )
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE QUARTER ENDED MARCH 31, 2016 AND
2015
(All amounts in thousands of Reais)
1,073,512
Fr om 1/1 t o
3/31/2015
(728,566)
(1 4 ,9 6 4 )
1,058,548
9 ,0 7 5
(719,491)
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
STATEMENT OF CHANGES IN EQUITY
FOR THE QUARTER ENDED MARCH 31, 2016 AND 2015
(All amounts in thousands of Reais)
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
STATEMENT OF CASH FLOW FOR THE QUARTER ENDED
MARCH 31, 2016 AND 2015
(All amounts in thousands of Reais)
Pa r en t com pa n y
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
Net ca sh pr ov i ded by oper a t i n g a ct iv i t i es
Ca sh pr ov i ded by oper a t ion s
Pr ofit (loss) for t h e per iod
Depr ecia t ion a n d a m or t iza t ion
Ch a n g e in fa ir v a lu e of biolog ica l a ssets
Deplet ion of biolog ica l a sset s
Defer r ed in com e t a x a n d socia l con t r ibu t ion
In t er est a n d for eig n ex ch a n g e v a r ia tion s on bor r ow in g s
In t er est , m on et a r y v a r ia t ion a n d sh a r e of r esu lt s of deben t u r es
A m or t iza t ion - a dju st m en t to pr esen t v a lu e of deben t u r es
Pa y m en t of in t er est on bor r ow in g s
A ccr u ed in t er est - REFIS
Resu lt on disposa l of a sset s
Equ it y in t h e r esu lt s of in v est ees
In com e t a x a n d socia l con t r ibu t ion pa id
Ot h er
Ch a n ges i n a sset s a n d l i a bi l it i es
T r a de r eceiv a bles a n d r ela t ed pa r t ies
In v en t or ies
T a x es r ecov er a ble
Ma r k et a ble secu r ities
Pr epa id ex pen ses
Ot h er a sset s
T r a de pa y a bles
T a x oblig a t ion s
Socia l secu r it y a n d la bor oblig a t ion s
Ot h er lia bilit ies
Net ca sh u sed i n i n v est i n g a ct i v i t i es
Pu r ch a se of pr oper t y , pla n t a n d equ ipm en t
Pla n tin g cost of biolog ica l a sset s
Pr oceeds fr om disposa l of a sset s
A cqu isit ion of in v estm en t s a n d pa y m en t of ca pit a l in su bsidia r ies
Div iden ds r eceiv ed fr om su bsidia r ies
Net ca sh pr ov i ded by fi n a n cin g a ct i v i t i es
New bor r ow in g s
Repa y m en t of bor r ow in g s
Pa y m en t of in t er est on deben t u r es a n d m on et a r y v a r ia t ion
Pu r ch a se of t r ea su r y sh a r es
Disposa l of t r ea su r y sh a r es
W it h dr a w a l of in v est or s - SPCs
Div iden ds pa id
In cr ea se in ca sh a n d ca sh equ i v a l en t s
Ca sh a n d ca sh equ i v a l en t s a t t h e begi n n in g of t h e per iod
Ca sh a n d ca sh equ i v a l en t s a t t h e en d of t h e per i od
811,164
707,840
1 ,0 7 3 ,5 1 2
8 6 ,7 5 1
(1 ,2 5 6 )
1 6 8 ,1 0 2
1 3 7 ,8 0 2
(2 8 0 ,3 3 1 )
2 6 ,6 0 0
7 ,2 5 4
(2 7 9 ,1 4 5 )
1 2 ,2 1 0
444
(2 1 9 ,1 4 6 )
(1 0 ,3 7 1 )
(1 4 ,5 8 6 )
103,324
(6 ,0 3 2 )
(1 2 5 ,8 4 0 )
1 1 9 ,7 1 7
(1 7 ,9 2 7 )
(3 ,0 1 1 )
1 5 ,0 9 8
1 6 2 ,5 5 1
(3 ,7 3 9 )
(4 3 ,0 1 2 )
5 ,5 1 9
(843,041)
(8 2 7 ,6 1 3 )
(1 8 ,5 7 3 )
3 ,8 3 2
(6 8 7 )
489,585
1 ,1 4 1 ,8 0 4
(4 0 7 ,7 0 1 )
(1 3 0 ,7 1 8 )
6 ,2 1 5
(1 2 0 ,0 1 5 )
457,708
4,031,184
4,488,892
313,578
542,828
(7 2 8 ,5 6 6 )
7 9 ,6 2 6
(5 5 ,2 4 5 )
1 7 3 ,8 6 6
(3 9 2 ,7 5 4 )
1 ,4 3 6 ,3 5 1
1 8 8 ,7 8 3
1 0 ,2 2 3
(1 3 7 ,0 8 8 )
1 4 ,9 9 7
5 05
(1 1 ,6 4 0 )
(1 3 ,6 5 7 )
(2 2 ,5 7 3 )
(229,250)
(1 4 3 ,7 0 8 )
(3 0 ,8 0 3 )
(3 3 5 ,8 3 3 )
(8 ,3 3 0 )
638
(8 ,4 6 8 )
2 9 5 ,5 3 9
(1 2 ,3 9 1 )
(2 8 ,2 2 0 )
4 2 ,3 2 6
(1,034,958)
(9 7 6 ,8 3 7 )
(1 3 ,4 7 0 )
1 ,8 0 0
(4 7 ,3 8 6 )
935
654,197
1 ,0 2 1 ,8 4 4
(3 6 1 ,7 5 8 )
(1 1 ,1 5 1 )
5 ,2 6 2
(67,183)
4,030,951
3,963,768
Fr om 1/1 t o
3/31/2016
960,592
694,097
1 ,0 7 3 ,5 1 2
7 7 ,4 0 5
(6 3 ,4 4 7 )
1 7 3 ,3 7 4
(9 , 5 0 3 )
(2 6 6 ,3 8 9 )
2 6 ,6 0 0
7 ,2 5 4
(3 0 2 ,7 7 9 )
1 2 ,2 1 0
444
(7 , 0 9 4 )
(1 1 , 7 3 0 )
(1 5 ,7 6 0 )
266,495
1 8 2 ,6 6 5
(1 3 3 , 5 5 0 )
1 2 3 ,7 2 1
(1 7 ,9 2 7 )
(3 ,0 1 1 )
1 5 ,6 4 0
1 6 5 ,2 9 4
(2 , 8 8 6 )
(4 4 ,2 0 3 )
(1 9 ,2 4 8 )
(849,549)
(8 2 7 ,7 7 5 )
(2 5 ,6 0 6 )
3 ,83 2
140,084
7 9 2 ,1 1 4
(4 0 7 ,5 1 2 )
(1 3 0 ,7 1 8 )
6 ,2 1 5
(1 2 0 ,0 1 5 )
251,127
5,053,723
5,304,850
Con sol i da t ed
Fr om 1/1 t o
3/31/2015
430,622
637,907
(7 2 8 ,5 6 6 )
7 5 ,1 6 6
(5 5 ,5 3 8 )
1 7 5 ,1 5 0
(3 9 3 ,0 1 1 )
1 ,5 6 3 ,1 1 4
1 8 8 ,7 8 3
1 0 ,2 2 3
(1 8 0 ,3 8 4 )
1 4 ,9 9 7
5 05
(7 ,5 3 5 )
(1 4 ,8 1 5 )
(1 0 ,1 8 2 )
(207,285)
(1 2 5 ,0 0 7 )
(3 6 ,0 8 5 )
(3 3 2 ,2 7 0 )
(8 ,3 3 0 )
516
(9 ,8 7 6 )
2 9 5 ,4 8 5
(1 6 ,8 0 7 )
(2 8 ,2 0 9 )
5 3 ,2 9 8
(997,850)
(9 7 8 ,1 8 9 )
(2 1 ,4 6 1 )
1 ,8 0 0
390,545
7 5 5 ,7 4 4
(3 5 9 ,0 9 7 )
(1 1 ,1 5 1 )
5 ,2 6 2
(2 1 3 )
(176,683)
5,245,833
5,069,150
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais
STATEMENT OF VALUE ADDED FOR THE QUARTER ENDED
MARCH 31, 2016 AND 2015
(All amounts in thousands of Reais)
Pa r en t com pa n y
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
Fr om 1/1 t o
3/31/2015
Rev en u e
. Sa les of pr odu c t s
1 ,7 5 0 ,3 1 2
1 ,5 8 2 ,5 6 7
1 ,7 6 9 ,9 8 3
1 ,6 1 3 ,6 5 6
1 ,2 5 6
5 5 ,2 4 5
6 3 ,4 4 7
5 5 ,5 3 8
. Ot h er in com e
3 ,8 3 2
1 ,8 0 0
3 ,8 3 2
1 ,8 0 0
9 ,3 4 9
1,764,749
95
9 ,3 7 4
1,639,707
1,846,636
85
1,671,079
In pu t s a cqu ir ed fr om t h i r d pa r t ies
. Cost of pr odu c t s sold
(2 5 5 ,2 8 3 )
(2 3 2 , 1 8 9 )
(2 6 2 ,7 1 0 )
(2 4 8 ,7 6 7 )
(5 9 6 ,8 5 2 )
(5 2 8 , 7 1 6 )
(5 9 1 ,7 1 5 )
(5 3 3 ,4 6 7 )
(852,135)
(760,905)
(854,425)
(782,234)
912,614
878,802
992,211
888,845
(2 5 4 ,8 5 3 )
(2 5 3 ,4 9 2 )
(2 5 0 ,7 7 9 )
(2 5 0 ,3 1 6 )
657,761
625,310
741,432
638,529
Gr oss v a l u e a dded
Ret en t ion s
. Depr ecia t ion , a m or t iza t ion a n d deplet ion
Net v a l u e a dded gen er a t ed by t h e Com pa n y
V a l u e a dded r eceiv ed t h r ou gh t r a n sfer
. Equ it y in t h e r esu lt s of in v est ees
2 1 9 ,1 4 6
1 1 ,6 4 0
7 ,0 9 4
7 ,5 3 5
1 5 ,4 1 4
2 8 9 ,8 9 5
2 1 3 ,3 8 5
2 9 2 ,2 1 3
234,560
301,535
220,479
299,748
892,321
926,845
961,911
938,277
2 0 4 ,6 7 7
1 6 0,02 0
2 1 0 ,3 6 2
1 6 5 ,3 0 8
5 0 ,9 4 4
. G ov er n m en t Sev er a n ce In dem n it y Fu n d for Em ploy ees (FGT S)1 5 ,1 4 0
3 9 ,6 7 8
5 1 ,1 1 0
3 9 ,8 4 2
1 2 ,4 6 9
1 5 ,1 7 5
1 2 ,4 9 8
270,761
212,167
276,647
217,648
5 3 3 ,6 1 4
(2 7 2 ,9 3 8 )
3 9 0 ,6 2 9
(2 6 9 ,2 6 7 )
1 7 ,3 3 3
3 9 ,4 9 4
1 7 ,3 3 3
3 ,0 3 7
2 ,1 4 4
3 ,0 3 7
3 9 ,4 9 4
2 ,1 4 4
553,984
(231,300)
410,999
(227,629)
(1 ,0 0 5 ,9 3 4 )
1 ,6 7 4 ,5 4 4
(7 9 9 ,2 4 5 )
1 ,6 7 6 ,8 2 4
(1,005,934)
1,674,544
(799,245)
1,676,824
9 3 5 ,7 6 0
(7 2 8 ,5 6 6 )
9 3 5 ,7 6 0
(7 2 8 ,5 6 6 )
1,073,510
(728,566)
1,073,510
(728,566)
1 3 7 ,7 5 0
892,321
1 3 7 ,7 5 0
926,845
961,911
938,277
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
GENERAL INFORMATION
Klabin S.A. (the "Company") and its subsidiaries operate in segments of the paper and pulp industry
supplying the domestic and foreign markets, supplying with wood, packaging paper, paper sacks,
and corrugated cardboard boxes. Their operations are fully integrated, from forestry activities to the
production of the final products. Klabin S.A. is a publicly held corporation whose shares and
certificates of deposit of shares (Units) are traded on the So Paulo Commodities, Futures and Stock
Exchange (BM&FBOVESPA). The Company is domiciled in Brazil and headquartered in So Paulo.
The Company also has investments in Special Partnership Companies (SPCs) for the specific
purpose of raising funds from third parties for reforestation projects. The Company, as an ostensible
partner, has contributed forest assets, mainly forests and land, by means of the granting of the right
to use, whereas the other investing stockholders have contributed cash to these SPCs. The SPCs give
Klabin S.A. a preemptive right to acquire forestry products at market prices and conditions.
The Company also has ownership interests in other companies (Notes 3 and 11) whose operational
activities relate to the Company's business objectives.
The issue of this interim accounting information of the Company and its subsidiaries was authorized
by the Finance Director on April 28, 2016.
1.1 Contract for the sale of pulp
On May 4, 2015, the Company, together with Fibria Celulose S.A. ("Fibria"), announced to the
market a six-year contract agreed for the supply of short-fiber pulp, to be produced in the new pulp
plant which is under construction in the city of Ortigueira, in the state of Paran.
The beginning of the contract is expected for 2016. It is effective for six years and can be renewed if
mutually agreed by the parties. A commitment to purchase at least 900 thousand annual metric
tons is established by Fibria, for the first four years, with phased-in reduction in the subsequent two
years, for sale in countries outside South America. The price will be the average net price offered by
Fibria in the market.
The commercial operation resulting from the contract is an innovation in the global pulp market
which will benefit both companies, since it combines Fibria's commercial expertise with Klabin's
acknowledged production abilities.
2
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
The accounting practices adopted by the Company and its subsidiaries for the preparation of the
quarterly information are consistent with those used for the preparation of the last annual financial
statements at December 31, 2015, and are disclosed in Note 2.2 to those financial statements.
This quarterly information should be read together with those annual financial statements.
3
Subsidiaries are fully consolidated from the date of acquisition of control and continue to be
consolidated until the date on which such control ceases to exist, except for jointly-controlled
entities (joint ventures), which are accounted for using the equity accounting method both in the
parent company quarterly information and in the consolidated quarterly information.
The subsidiaries' quarterly information is prepared for the same reporting period as that of the
parent company, using accounting policies that are consistent with the policies adopted by the
parent company. The following criteria are adopted for consolidation purposes: (i) investments in
subsidiaries and equity in the results of investees are eliminated, and (ii) profits from intercompany
transactions and the related assets and liabilities are also eliminated. The consolidated quarterly
information covers Klabin S.A. and its subsidiaries at March 31, 2016, December 31, 2015 and
March 31, 2015, as follows:
Own er sh ip - %
Cou n t r y
Su bsi di a r ies:
Kla bin A r g en t in a S.A .
Kla bin Lt d.
A r g en t in a
Ca y m a n
Isla n ds
Un ited
Kin g dom
A ct i v i t y
Pa r t i ci pa t i on
3/31/2016 12/31/2015
3/31/2015
In du st r ia l sa ck s
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
In dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Dir ect
1 00
1 00
1 00
Br a zil
Br a zil
Br a zil
Dir ect
1 00
1 00
1 00
Lu x em bou r g
Fin a n ce
Dir ect
1 00
1 00
1 00
Br a zil
Dir ect
89
89
88
CG For est
Br a zil
Dir ect
75
77
76
Mon te A leg r e
Br a zil
Dir ect
72
76
73
Br a zil
Dir ect
51
51
51
. Kla bin T r a de
Kla bin For est Pr odu cts C om pa n y
IKA P Em pr een dim en tos Lt da .
USA
Br a zil
SPCs:
In accordance with its policy, the Company has made low-risk investments with no significant risk
of changes in value with financial institutions considered by management as prime banks both in
Brazil and abroad, based on the ratings assigned to them by risk ratings agencies. Management
records these financial assets as cash and cash equivalents due to their immediate liquidity with
financial institutions, and their insignificant risk of changes in value.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Pa r en t com pa n y
Ca sh a n d ba n k deposit s - loca l cu r r en cy
Ca sh a n d ba n k deposit s - for eig n cu r r en cy (i)
Fin a n cia l in v estm en t s - loca l cu r r en cy
Fin a n cia l in v estm en t s - for eig n cu r r en cy (i)
Con sol i da t ed
3/31/2016
12/31/2015
3/31/2016
12/31/2015
8 ,0 1 4
2 0 ,4 1 6
8 ,7 0 3
2 1 ,5 9 0
4 ,1 3 7 ,3 5 0
3 4 3 ,5 2 8
4,488,892
1 3 ,7 5 1
3 4 ,9 2 1
3 ,6 6 1 ,8 2 7
4 ,2 3 8 ,3 7 6
3 ,7 6 7 ,0 2 1
1 ,0 4 4 ,0 2 0
5,304,850
1 ,2 3 0 ,1 9 1
5,053,723
3 4 8 ,9 4 1
4,031,184
Financial investments in local currency, relating to Bank Deposit Certificates (CDBs) and
repurchase transactions, are indexed to the Interbank Deposit Certificate (CDI) rate with an average
annual yield of 14.33% (14.32% at December 31, 2015). Financial investments in foreign currency,
relating to time deposits in US Dollars, have an average annual yield of 1.90% (1.90% at December
31, 2015). These investments have daily liquidity, as guaranteed by the financial institutions.
5
MARKETABLE SECURITIES
Marketable securities comprise National Treasury Bills (LFTs), with yields indexed to the Special
System for Settlement and Custody (SELIC) interest rate, and with maturities up to 2020. At March
31, 2016, the balance of these securities was R$ 575,070 (R$ 557,143 at December 31, 2015).
Management has classified these securities as available-for-sale financial assets. There is an active
trading market for securities with these characteristics, and their fair value substantially represents
the principal plus originally established interest.
Marketable securities are included in Level 1 of the fair value measurement hierarchy, according to
the hierarchy defined in CPC 46 (equivalent to IFRS 13), "Fair value measurement", since they are
assets with prices quoted in the market.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
TRADE RECEIVABLES
Pa r en t com pa n y
3/31/2016
12/31/2015
12/31/2015
9 2 0,2 3 2
T r a de r eceiv a bl es
. Loca l
8 6 6 ,7 8 7
9 2 0,1 7 1
8 6 6 ,8 4 9
. For eig n
2 2 5 ,2 1 9
2 5 1 ,3 6 9
4 8 7 ,3 7 0
6 1 8,83 9
1,092,006
1,171,540
1,354,219
1,539,071
T ot a l t r a de r ecei v a bl es
Pr ov ision for im pa ir m en t of t r a de
r eceiv a bles
(3 5 ,7 3 3 )
(3 7 ,9 0 7 )
(3 5 ,7 8 5 )
(3 7 ,9 7 2 )
1,056,273
1,133,633
1,318,434
1,501,099
Ov er du e
% on t ot a l por t folio (w it h ou t pr ov ision
for im pa ir m en t of t r a de r eceiv a bles)
1 t o 1 0 da y s
70,796
91,490
74,081
92,594
3 .2 1 %
4 .5 7 %
2 .8 3 %
3 .5 5 %
1 ,3 5 8
4 ,6 8 5
1 ,3 5 8
4 ,6 8 5
1 1 t o 3 0 da y s
1 0 ,9 5 3
1 0,4 8 3
1 3 ,6 2 2
1 0,87 5
3 1 t o 6 0 da y s
1 2 ,7 7 5
6 ,9 6 1
1 3 ,3 3 9
7 ,6 08
6 1 t o 9 0 da y s
2 ,3 4 6
1 4 ,3 4 4
2 ,3 4 6
1 4 ,3 4 4
Ov er 9 0 da y s
4 3 ,3 6 4
5 5 ,01 7
4 3 ,4 1 6
5 5 ,08 2
9 8 5 ,4 7 7
1,092,006
1 ,0 4 2 , 1 4 3
1,171,540
1 ,2 4 4 ,3 5 3
1,354,219
1 ,4 0 8 , 5 0 5
1,539,071
Not y et du e
T ot a l por t fol io
The average collection period for trade receivables is approximately 85 days for domestic market
sales and approximately 120 days for foreign market sales, and interest is charged after the
contractual maturity date. As mentioned in Note 25, the Company has rules for monitoring
receivables and overdue notes as well as for the risk of not receiving the amounts arising from credit
sale transactions.
The provision for the impairment of trade receivables is considered sufficient to cover any losses on
the outstanding receivables. The changes in the provision for the impairment of trade receivables
were as follows:
Pa r en t com pa n y
(45,177)
(45,245)
(1 6 , 3 4 9 )
(1 6 ,3 4 7 )
Rev er sa ls
1 ,7 5 0
1 ,7 5 0
Defin it iv e w r it e-off
2 1 ,86 9
2 1 ,87 0
(37,907)
(37,972)
(2 , 3 7 5 )
(2 ,3 6 2 )
4 02
402
4 ,1 4 7
4 ,1 4 7
(35,733)
(35,785)
The balance of the provision for the impairment of trade receivables relates mainly to trade notes
overdue for more than 90 days. The expense incurred on the recognition of the provision for the
impairment of trade receivables is recorded in the statement of operations, under "Selling
expenses".
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
RELATED PARTIES
3/31/2016
T y pe of r el a t ion sh ip
Ba l a n ces
Cu r r en t a sset s
Non -cu r r en t a sset s
Cu r r en t lia bilit ies
Non -cu r r en t lia bilit ies
T r a n sa ct ion s
Sa les r ev en u e
Pu r ch a ses
In t er est ex pen ses on fin a n cin g
Gu a r a n t ee com m ission - ex pen ses
Roy a lt y ex pen ses
(i)
(ii)
(iii)
(iv )
(v )
(v i)
(v ii)
(v iii)
Kla bin
Kla bin
Kla bin
Soc. Con t a de
Pa r t icipa o
Mon t eir o
A ranha
Kla bin
Ir m os
T r a de
A r g en t in a
Fin a n ce
S.A .
& Cia .
BNDES
Ot h er
(i) a nd (vi)
(i)
(vi)
(ii) a nd (v)
(iii)
(iii),(iv) a nd (viii)
(vi)
(vii) a nd (viii)
S ubs idia ry
S ubs idia ry
S ubs idia ry
S to c kho lde r
S to c kho lde r
S to c kho lde r
8 1 4 ,3 5 5
3 4 ,9 8 2
1 ,7 2 2
91
2 9 7 ,4 7 3
(5 5 )
1 ,4 3 1
2 3 ,7 4 9
1 , 7 2 6 ,0 6 7
2 3 ,4 4 8
97 8
1 ,5 7 9
656
3 ,2 00
4 7 0,4 8 3
3 , 8 8 1 ,1 8 3
3 ,9 6 8
2 ,5 6 5
1 2 ,3 7 2
1 08
1 ,9 2 8
(2 ,4 1 3 )
(2 9 , 6 0 9 )
(8 2 , 0 6 3 )
(1 , 7 9 4 )
Balance receivable from product sale transactions carried out under terms and conditions established between the parties;
Purchases of timber at usual market prices and on normal terms and conditions;
Licensing for the use of brands;
Prepaid expenses for guarantee commission, calculated based on the BNDES financing balance of 1% semiannually;
Supply of seedlings, seeds and services at usual market prices and under normal terms and conditions;
Loans raised based on normal market conditions;
Advances on future capital subscriptions;
Other
Pa r en t com pa n y
12/31/2015 3/31/2015
(7 , 3 3 3 )
(8 , 7 5 4 )
(1 ,4 0 8 )
T ot a l
T ot a l
855,714
2,565
513,761
5,607,449
772,425
1,799
457,287
5,285,610
322,849
(2,413)
(111,727)
(7,333)
(11,956)
T ot a l
233,638
(2,616)
(59,108)
(4,079)
(10,731)
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
T y pe of r el a t ion sh i p
Mon t eir o
Kla bin
Aranha
Ir m os
S.A .
& Cia .
BNDES
Ot h er
(i)
(iii)
(iv)
Stockholder
Stockholder
Stockholder
656
3 ,2 0 0
3/31/2016
12/31/2015
3/31/2015
T ot a l
T ot a l
T ot a l
Ba l a n ces
Cu r r en t a ssets
97 8
4 7 0 ,4 8 3
978
1,081
474,954
425,044
3,881,183
3,723,450
61 5
3 , 8 8 1 ,1 8 3
T r a n sa ct ion s
In t er est ex pen ses on fin a n cin g
(8 2 ,0 6 3 )
(82,063)
(7 ,3 3 3 )
(1 ,7 9 4 )
(8 ,7 5 4 )
(1 ,4 0 8 )
(48,033)
(7,333)
(4,079)
(11,956)
(10,731)
Sh or t t er m
3/31/2016
3/31/2015
Boa r d of Dir ect or s a n d
St a t u t or y A u dit Boa r d
7 ,8 5 0
7 ,3 8 1
1 ,4 3 6
1 0,05 7
8 ,8 1 7
Management remuneration includes the fees paid to the Board members, along with the fees paid
to, and variable remuneration of, officers. Long term benefits relate to contributions made by the
Company to the pension plan. These amounts are mainly recorded under "Operating expenses administrative".
In addition, the Company grants a stock option plan to the statutory directors and other executives,
as described in Note 22.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
INVENTORY
Pa r en t com pa n y
3/31/2016
12/31/2015
12/31/2015
1 7 3 ,03 7
1 2 4 ,4 1 3
2 1 7 ,2 9 3
1 6 2 ,8 9 9
Ra w m a t er ia ls
1 8 3 ,7 7 0
1 6 2 ,88 9
2 2 6 ,7 0 1
1 9 6 ,4 5 9
2 0 0 ,4 6 6
1 5 0,84 2
2 0 0 ,4 6 6
1 5 0 ,8 4 2
Fu el a n d lu br ica n t s
8,9 03
7 ,1 3 7
8 ,9 0 3
7 ,1 3 7
Ma in t en a n ce su pplies
1 7 3 ,5 3 1
1 6 1 ,9 5 6
1 7 8 ,1 8 8
1 6 7 ,4 7 8
(1 7 , 0 9 4 )
(1 3 ,6 3 3 )
(1 7 , 2 7 5 )
(1 3 , 8 6 2 )
1 7 ,0 3 8
739,651
2 0,2 07
613,811
2 0,4 00
834,676
3 0,1 7 3
701,126
Ot h er
Raw materials inventory includes paper rolls transferred from paper units to conversion units.
The expenses incurred for the recognition of provision for inventory losses is recorded in the
statement of operations under "Cost of products sold".
The Company does not have any inventory pledged as collateral.
9
TAXES RECOVERABLE
3/31/2016
Cu r r en t
a sset s
1 4 1 ,5 5 1
4 4 ,5 1 3
1 9 8,4 2 9
6 1 ,4 5 1
3 0,3 6 7
476,311
Su bsidia r ies
1 0 ,1 0 8
Con sol i da t ed
486,419
12/31/2015
Non -cu r r en t
a sset s
1 , 1 8 7 ,2 1 3
1 0,7 7 4
6 1 ,9 1 6
3 7 ,82 6
1,297,729
1,297,729
Cu r r en t
a sset s
1 2 2 ,3 9 7
4 0,05 6
1 7 9 ,3 2 9
3 2 4 ,0 4 1
5 7 ,9 2 5
723,748
Non -cu r r en t
a sset s
1 ,04 8,89 7
1 0,89 7
6 2 ,5 7 8
3 7 ,2 6 6
1,159,638
1 2 ,7 5 3
736,501
1,159,638
The Company recognizes credits of taxes and contributions levied on purchases of property, plant
and equipment, as permitted by the prevailing legislation, in addition to the ICMS government
grant obtained from the Government of the State of Paran in relation to the new pulp plant (the
"Puma Project"). The credits are being offset against taxes payable of the same nature or against
other taxes.
Based on analyses and the budget projections approved by management, the Company does not
foresee any risk of non-realization of these tax credits.
PIS/COFINS and ICMS on current assets are expected to be offset against the same taxes payable in
the next 12 months, according to management's estimate.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
10
12/31/2015
Con sol i da t ed
3/31/2016
12/31/2015
2 0 ,9 1 9
2 4 ,5 5 6
2 0 ,9 1 9
6 ,0 5 4
6 ,3 8 5
6 ,0 5 4
6 ,3 8 5
7 7 0 ,2 4 9
2 0 ,3 1 4
8 9 2 ,3 9 2
2 0 ,3 1 4
7 7 0 ,2 4 9
2 0 ,3 1 4
8 9 2 ,3 9 2
2 0 ,3 1 4
5 6 ,5 3 9
874,075
6 4 ,8 9 7
1,008,544
5 6 ,6 0 6
874,142
6 4 ,9 8 1
1,008,628
6 4 1 ,3 5 7
6 9 2 ,3 4 0
6 5 8 ,0 6 1
8 5 6 ,3 6 9
3 3 2 ,5 0 8
3 2 2 ,0 3 2
3 3 2 ,5 0 8
3 2 2 ,0 3 2
4 8 9 ,1 7 8
4 8 9 ,1 7 8
5 6 1 ,7 9 8
5 6 1 ,7 9 8
4 5 ,2 6 8
4 5 ,6 4 1
4 5 ,2 6 8
4 5 ,6 4 1
2 5 ,0 9 2
2 5 ,0 9 2
2 5 ,0 9 2
2 5 ,0 9 2
1 7 6 ,3 5 7
1 3 1 ,9 3 9
1 7 6 ,3 5 7
1 3 1 ,9 3 9
2 ,6 3 3
1,712,393
2 0 ,0 4 6
1,726,268
2 ,6 3 3
1,801,717
2 0 ,0 2 6
1,962,897
838,318
717,724
927,575
954,269
Non -cu r r en t l ia bi l i t i es
2 4 ,5 5 6
Management, based on the budgets approved by the Board of Directors, estimates that tax credits
arising from temporary differences and tax losses will be realized as follows:
3/31/2016
Pa r en t com pa n y
2 01 7
2 5 6 ,0 3 6
2 5 6 ,03 6
2 01 8
1 9 4 ,9 1 3
1 9 4 ,9 1 3
2 01 9
1 5 8,9 00
1 5 8,800
2 02 0
2 6 4 ,2 2 6
874,075
2 6 4 ,3 9 3
874,142
The above projection of the realization of the balance might not materialize if the estimates utilized
for the preparation of the quarterly information differ from the actual amounts.
Information regarding the Company's taxes that are subject to litigation is disclosed in Note 17.
b) Analysis of income tax and social contribution in the results
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Pa r en t com pa n y
Cu r r en t t a x ex pen se
Cu r r en t
Rec og n it ion a n d r ev er sa l of t em por a r y differ en ces
Rev ision s t o u sefu l liv es of pr oper t y , pla n t a n d equ ipm en t
V a r ia t ion in fa ir v a lu e a n d deplet ion of biolog ica l a sset s
Defer r ed
Pa r en t com pa n y
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
3/31/2016
3/31/2015
(2 6 4 ,7 4 7 )
(264,747)
11
11
(2 6 8 ,1 2 8 )
(268,128)
(2 ,9 6 3 )
(2,963)
(9 7 ,2 9 5 )
3 6 7 ,09 4
2 9 ,6 2 6
3 6 7 ,6 0 7
1 0 ,4 7 6
5 9 ,9 01
1 0,4 7 6
5 9 ,9 0 1
(5 0 ,9 8 3 )
(137,802)
(3 4 ,2 4 1 )
392,754
(3 0,5 9 9 )
9,503
(3 4 ,4 9 7 )
393,011
c) Reconciliation of income tax and social contribution with the result of applying the
statutory tax rate
Pa r en t com pa n y
Fr om 1/1 t o Fr om 1/1 t o
3/31/2016
3/31/2015
In com e befor e in com e t a x a n d soci a l con t r i bu t i on
1,476,061
Pa r en t com pa n y
Fr om 1/1 t o Fr om 1/1 t o
3/31/2016
3/31/2015
(1,121,331)
1,332,137
(1,118,614)
(5 0 1 ,8 6 1 )
3 8 1 ,2 5 3
(4 5 2 ,9 2 7 )
3 8 0 ,3 2 9
7 4 ,5 1 0
2 4 ,802
3 ,9 5 8
7 ,5 5 4
1 7 0,6 2 3
(2 ,4 1 2 )
2 6 ,0 9 1
1 ,1 5 4
2 ,5 6 2
6 ,0 0 3
(402,549)
392,765
(258,625)
390,048
(2 6 4 , 7 4 7 )
(1 3 7 , 8 0 2 )
11
3 9 2 ,7 5 4
(2 6 8 ,1 2 8 )
9 , 5 03
(2 , 9 6 3 )
3 9 3 ,0 1 1
(402,549)
392,765
(258,625)
390,048
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
11
Kla bin
Lim it ed
(i)
67,913
18
Kla bin
A r g en t in a
S. A .
55,721
Kla bin
Fin a n ce
S.A .
(25,382)
1 0 9 ,8 8 0
3 ,5 7 9
1 9 ,1 1 2
(3 0 , 3 7 8 )
71,510
(5 ,0 4 4 )
69,789
2 ,8 9 4
74,404
3 ,2 5 3
(1 4 ,9 6 4 )
58,078
Flor est a l
V a le do Cor isco
S.A . (ii)
483,204
Soc. Con t a de
Pa r t icipa o
Cor r eia Pin t o
463,605
(1 7 ,0 0 7 )
(4 ,9 0 0 )
2 9 ,6 4 1
(1 ,0 0 7 )
Soc. Con t a de
Pa r t icipa o
CG For est
68,403
Soc. Con t a de
Pa r t icipa o
Mt A leg r e
118,763
1 4 ,6 4 7
3 4 ,7 08
7 4 ,4 0 5
7 4 ,4 0 5
1 0 ,4 0 0
1 1 3 ,9 1 5
5 4 ,1 1 6
5 9 ,7 9 9
3 ,2 5 4
495,838
457,698
83,050
153,471
7 ,0 9 4
1 4 6 ,7 2 2
2 1 ,4 6 6
4 2 ,7 8 0
13,816
687
(8 7 3 )
49,930
502,932
604,420
104,516
196,251
13,630
1 ,84 2 ,1 7 5
1 ,7 9 2 ,2 4 4
4 9 ,9 3 1
3 ,9 4 0
1 ,3 4 6 ,1 6 3
3 5 8 ,6 7 4
9 8 7 ,4 8 9
1 9 ,5 8 0
7 5 8 ,4 7 6
8 4 ,7 0 4
6 7 3 ,7 7 2
1 4 8 ,2 0 5
1 3 9 ,4 6 8
3 ,5 1 2
1 3 5 ,9 5 6
2 7 ,9 0 8
2 5 4 ,6 9 2
8,4 4 3
2 4 6 ,2 4 9
4 2 ,7 8 0
14
54,120
(4 , 1 9 0 )
Ot h er
11,432
2 ,3 7 0
T ot a l
1,243,659
1 1 2 ,2 6 8
(2 1 ,9 0 7 )
7 0,3 1 6
(5 ,0 4 4 )
1,399,292
687
2 1 9 ,1 4 6
(1 4 ,9 6 4 )
1,604,161
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
12
Pa r en t com pa n y
La n d
Bu ildin g s a n d con st r u ct ion
Ma ch in er y , equ ipm en t a n d fa cilit ies
Con st r u ct ion in pr og r ess
Ot h er (i)
Con sol ida t ed
La n d
Bu ildin g s a n d con st r u ct ion
Ma ch in er y , equ ipm en t a n d fa cilit ies
Con st r u ct ion in pr og r ess
Ot h er (i)
3/31/2016
12/31/2015
Cost
1 ,7 7 6 ,7 6 0
6 7 8,3 1 1
5 ,04 7 ,1 2 4
7 ,2 7 3 ,2 4 4
4 6 0 ,6 0 8
15,236,047
A ccu m u l a t ed
depr ecia t ion
(2 4 3 ,3 5 1 )
(2 ,3 3 8 ,9 1 0 )
(2 3 9 , 7 7 4 )
(2,822,035)
Net
1,776,760
434,960
2,708,214
7,273,244
220,834
12,414,012
Net
1,776,761
438,188
2,718,311
6,620,794
204,877
11,758,931
2 ,0 0 8 ,5 0 7
6 8 3 ,2 0 5
5 ,06 7 ,1 2 9
7 ,2 7 4 ,3 81
4 6 2 ,5 8 0
15,495,802
(2 4 5 ,4 8 1 )
(2 , 3 4 9 , 9 9 6 )
(2 4 1 , 0 4 9 )
(2,836,526)
2,008,507
437,724
2,717,133
7,274,381
221,531
12,659,276
2,008,613
441,580
2,726,086
6,627,185
205,682
12,009,146
Information about property, plant and equipment pledged as collateral in transactions carried out
by the Company is disclosed in Note 14.
b) Summary of changes in property, plant and equipment
Pa r en t com pa n y
La n d
1,784,065
7 ,3 4 8
(2 0 ,9 5 1 )
6 ,2 9 9
1,776,761
-
Bu i l di n gs
and
con st r u ct ion
449,862
(4 ,5 6 3 )
(7 9 0 )
(2 1 ,1 0 7 )
1 4 ,9 5 4
Ma ch i n er y ,
equ i pm en t
a n d fa cil it i es
2,740,247
(3 ,0 6 0 )
(2 7 4 ,2 4 1 )
2 5 5 ,8 6 0
Con st r u ct ion
i n pr ogr ess
2,948,566
3 ,6 8 7 ,3 0 4
(3 2 4 ,1 0 6 )
3 1 3 ,9 7 1
(4 ,9 4 1 )
6,620,794
6 1 3 ,6 9 2
(1 ,0 0 5 )
Ot h er
188,727
1 ,4 2 6
(5 8 2 )
(3 2 ,0 6 9 )
4 6 ,9 9 3
3 82
204,877
(2 8 )
(8 ,6 0 2 )
2 6 ,5 6 9
T ot a l
8,111,467
3 ,6 9 1 ,5 1 5
(2 5 ,3 8 3 )
(3 2 7 ,4 1 7 )
3 1 3 ,9 7 1
(5 ,2 2 2 )
11,758,931
6 1 3 ,6 1 7
(1 ,0 4 2 )
(8 5 ,6 6 0 )
-
(1 6 8 )
438,188
(5 ,2 9 9 )
2 ,0 7 1
(4 9 5 )
2,718,311
(7 5 )
(9 )
(7 1 ,7 5 9 )
6 1 ,7 9 3
1 3 0 ,6 4 0
1 3 0 ,6 4 0
(1 )
1,776,760
(4 7 )
2,708,214
(4 4 4 )
7,273,244
(1 ,9 8 2 )
220,834
(2 ,4 7 4 )
12,414,012
434,960
(9 0 ,4 3 3 )
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Con sol i da t ed
La n d
2,013,562
9 ,7 3 7
(2 0 , 9 5 1 )
6 ,2 9 9
(3 4 )
2,008,613
(1 0 6 )
2,008,507
Bu i ldi n gs
and
con st ru ct i on
453,484
(4 ,4 8 2 )
(7 8 9 )
(2 1 ,2 6 8 )
1 4 ,9 5 4
Ma ch i n er y ,
equ i pm en t
a n d fa cil i t i es
2,745,677
4 ,3 3 0
(3 ,0 7 7 )
(2 7 5 ,5 6 2 )
2 5 5 ,86 0
(3 1 9 )
441,580
(5 ,3 3 2 )
2 ,0 7 1
(5 9 5 )
437,724
(1 , 1 4 2 )
2,726,086
(1 2 )
(9 )
(7 2 , 0 2 1 )
6 5 ,1 7 6
(2 ,0 8 7 )
2,717,133
Con st r u ct i on
i n pr ogr ess
2,949,530
3 ,6 9 2 , 4 3 5
(3 2 4 ,1 0 6 )
3 1 3 ,9 7 1
(4 ,6 4 5 )
6,627,185
6 1 3 ,7 1 1
(1 ,0 0 5 )
(9 5 ,2 0 7 )
1 3 0,6 4 0
(9 4 3 )
7,274,381
Ot h er
189,134
2 ,0 9 1
(4 8 8 )
(3 2 ,2 7 6 )
4 6 ,9 6 3
25 8
205,682
80
76
(8 ,6 5 6 )
2 6 ,5 6 9
(2 ,2 2 0 )
221,531
T ot a l
8,351,387
3 ,7 0 4 , 1 1 1
(2 5 ,3 0 5 )
(3 2 9 , 1 0 6 )
(3 0 )
3 1 3 ,9 7 1
(5 ,8 8 2 )
12,009,146
6 1 3 ,7 7 9
(9 3 8 )
(8 6 ,0 0 9 )
(1 , 3 9 1 )
1 3 0 ,6 4 0
(5 , 9 5 1 )
12,659,276
Depreciation was mainly allocated to the production cost for the period.
c) Useful lives and depreciation method
The table below shows the annual depreciation rates calculated using the straight line method,
which were applicable in the quarters ended March 31, 2016 and 2015, defined based on the
economic useful lives of the assets:
Buildings and construction
Machinery, equipment and facilities
Other
Rate - %
2.86 to 3.33
2.86 to 10 (*)
4 to 20
d) Construction in progress
The balance of construction in progress at March 31, 2016 relates to the following main projects: (i)
construction of a new pulp plant ("Puma Project"); (ii) expansion of the unit at Angatuba (SP); (iii)
insourcing of forestry transportation; and (iv) current investments in the Company's continuing
operations.
Puma Project
At March 31, 2016, the general physical progress of the Puma Project was at 99% and financial
disbursement was at 84%, as planned. The total amount budgeted for the project is R$ 7.2 billion
(net of recoverable taxes). Disbursements made up to March 31, 2015 total R$ 7.3 billion, with an
estimated R$ 1.2 billion to be paid in 2016, totaling the gross amount invested of the R$ 8.5 billion.
The funds for the investment are guaranteed by financing contracts and debentures issued with
BNDES in 2014, totaling R$ 4.2 billion, in addition to R$ 1.2 billion to be made available by
Finnvera (the Finnish Export Credit Agency), and another R$ 1.2 billion from the Inter-American
Development Bank ("IDB"), totaling R$ 6.6 billion.
During the execution of the project, the Company capitalizes interest on borrowing used to finance
it. In 2016, interest capitalized in property, plant and equipment amounted to R$ 130,640, totaling
R$ 513,937 capitalized during the project, with a weighted average cost of 8% per annum.
The project is currently in the commissionment period for adjustments and tests of systems
performance, while the first pulp bale was produced on March 4, 2016.
e) Commitments
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Contracts with suppliers taking part in the construction of the pulp plant (i.e. the Puma Project)
have been negotiated. These contracts relate to the main machinery, equipment and services
involved in the construction of the plant. The total value of the contracts was R$ 1.1 billion at March
31, 2016. This amount should be disbursed until at the end of July 2016.
f) Impairment of property, plant and equipment
The Company did not identify indicators of impairment of its assets as at March 31, 2016 and 2015
and December 31, 2015.
13
BIOLOGICAL ASSETS
The Company's biological assets comprise the planting of pine and eucalyptus trees for the supply of
raw materials for the production of the pulp used in the manufacture of paper and for sales of logs
to third parties. Including its interest in the forestry area of its joint venture Florestal Vale do
Corisco, the Company owned 233 thousand hectares of planted areas at March 31, 2016 (235
thousand hectares at December 31, 2015), not considering the permanent preservation areas and
legal reserve that it maintains in compliance with Brazilian environmental legislation.
The balance of the Company's biological assets consists of the cost of the formation of forests and of
the fair value difference on the cost of formation, less the costs necessary to prepare the assets for
use or sale, resulting in a overall balance of biological assets recorded at fair value, as follows:
Pa r en t com pa n y
Cost of dev elopm en t of biolog ica l a sset s
Fa ir v a lu e a dju st m en t of biolog ica l a sset s
3/31/2016
1 , 8 7 0 ,4 6 8
8 3 8 ,4 0 1
2,708,869
12/31/2015
8 3 6 ,7 2 6
2 , 0 2 0 ,4 1 6
2,857,142
Con sol i da t ed
3/31/2016
1 ,1 0 9 ,2 7 3
2 ,4 1 2 ,7 9 5
3,522,068
12/31/2015
1 ,1 0 3 , 5 9 6
2 ,5 0 2 ,7 9 3
3,606,389
The fair value measurement of biological assets considers certain estimates, such as estimates of the
price of wood, the discount rate, the harvesting plan for the forests and the productivity level, all of
which are subject to uncertainties and fluctuations, which could have an impact on the Company's
future results.
a) Assumptions regarding the recognition of the fair value of biological assets
The Company recognizes its biological assets at fair value. In its calculation of this fair value, the
Company adopts the following assumptions:
(i) Eucalyptus forests are maintained at historical cost through the third year of planting and pine
forests through the fifth year of planting, based on management's understanding that during this
period the historical cost of biological assets approximates their fair value.
(ii) After the third and fifth years of the planting of eucalyptus and pine forests, respectively, the
forests are measured at fair value, which reflects the sales price of the asset less the costs necessary
to prepare the assets for their intended use or sale.
(iii) The methodology utilized in the fair value measurement of biological assets corresponds to the
discounted future cash flow estimated according to the projected productivity cycle of the forests,
taking into consideration price variations and the growth of biological assets.
(iv) The discount rate utilized for cash flow is the Company's weighted average cost of capital, which
is reviewed annually by management.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
(v) The projected productivity volumes of forests are determined based on a categorization which
considers the forest type, genetic material, handling system, productive potential, rotation and age.
Together, these characteristics form an index called the Average Annual Growth (AAG) index, which
is expressed in cubic meters per hectare/year, and which is utilized as the basis in the projection of
productivity. The Company's harvesting plan varies mainly from six to seven years for eucalyptus
trees and 14 to 15 years for pine trees.
(vi) The prices of biological assets, denominated in R$/cubic meter, are obtained through market
price surveys carried out by specialized firms. The prices obtained are adjusted by deducting the
cost of capital relating to land, since this asset contributes to the planting of forests, and other costs
necessary to prepare the assets for sale or consumption.
(vii) Planting expenses relate to the costs of the development of the biological assets.
(viii) The depletion of biological assets is calculated based on the fair value of the biological assets
harvested in the period.
(ix) The Company has decided to review the fair value of its biological assets on a quarterly basis,
since it understands that this period is sufficiently short to prevent any significant misstatement in
the fair value of the biological assets recorded in its financial information.
b) Reconciliation and movement in fair value
Pa r en t com pa n y
A t Decem ber 31, 2014
Pla n t in g
Con sol i da t ed
3,010,395
3,667,085
7 0 ,0 6 9
1 0 0 ,4 7 1
Deplet ion :
. Hist or ica l cost
. Fa ir v a lu e a dju st m en t
(7 7 ,7 2 8 )
(7 9 ,8 1 4 )
(5 9 8 ,3 1 6 )
(6 0 5 ,4 8 9 )
Ch a n g e in fa ir v a lu e du e t o:
. Pr ice
. Gr ow t h
Sa le of a sset s
A t Decem ber 31, 2015
Pla n t in g
1 1 ,9 5 0
3 6 ,1 1 4
4 5 2 ,7 4 9
4 9 9 ,9 9 9
(1 1 ,9 7 7 )
(1 1 ,9 7 7 )
2,857,142
3,606,389
1 8 ,5 7 3
2 5 ,6 0 6
Deplet ion :
. Hist or ica l cost
. Fa ir v a lu e a dju st m en t
(1 6 , 8 9 9 )
(1 9 ,9 3 1 )
(1 5 1 ,2 0 3 )
(1 5 3 ,4 4 3 )
Ch a n g e in fa ir v a lu e du e t o:
. Pr ice
1 0 ,1 1 2
1 6 ,1 0 5
. Gr ow t h
(8 ,8 5 6 )
4 7 ,3 4 2
A t Ma r ch 31, 2016
2,708,869
3,522,068
The depletion of biological assets in the periods presented was mainly included in production cost,
after allocation to inventory through the harvesting of forests and their use in the production
process or their sales to third parties.
c) Sensitivity analysis
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
In accordance with the hierarchy set out in CPC 46 (equivalent to IFRS 13), "Measurements at fair
value", the calculation of biological assets is classified as Level 3 due to its complexity and
calculation structure.
The assumptions applied include sensitivity to the prices used in the evaluation and the discount
rate used in the discounted cash flow. Prices refer to the prices obtained in the regions in which the
Company is located. The discount rate corresponds to the average cost of capital, taking into
consideration the basic interest rate (SELIC) and inflation levels.
Significant increases (decreases) in the prices used in the appraisal would result in an increase
(decrease) in the measurement at fair value of the biological assets. The weighted average price used
in the appraisal of the biological assets for the quarter ended March 31, 2015 was equivalent to
R$ 57/m3 (R$ 57/m3 at December 31, 2015).
The effects of a significant increase (decrease) in the discount rate used in the measurement of the
fair value of biological assets would result in a decrease (increase) in the values measured. The
Company's WACC is updated on an annual basis. The new rate is applied from the date of the first
quarterly evaluation for each year, and this rate remains unchanged for the year. The discount rate
used in the appraisal of the biological assets for the quarter ended March 31, 2016 was 6.4% in
constant currency (5.9% at December 31, 2015).
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
14
BORROWING
a) Composition of borrowing
A n n u a l i n t er est r a t e - %
3/31/2016
Cu r r en t
In l oca l cu r r en cy
. BNDES - Pr oject MA 1 1 0 0
. BNDES - Pr oject Pu m a
. BNDES Ot h er
. BNDES - FINA ME
. Ex por t c r edit n ot es (in R$)
. Ot h er
. Com m ission
Non cu r r en t
T ot a l
2 8,07 5
1 01 ,4 6 4
1 5 3 ,1 7 7
1 05 ,1 6 3
5 4 ,7 6 1
5 2 ,82 5
(2 , 09 8 )
1 ,6 4 7 , 1 2 6
4 7 1 ,5 1 6
2 86 ,89 1
9 6 1 ,5 00
1 3 7 ,1 6 0
(8 ,7 8 0 )
2 8,07 5
1 ,7 4 8 , 5 9 0
6 2 4 ,6 9 3
3 9 2 ,05 4
1 , 0 1 6 ,2 6 1
1 89 ,9 85
(1 0 ,8 7 8 )
4 9 3 ,3 6 7
3 ,4 9 5 , 4 1 3
3 ,9 8 8 , 7 8 0
USD + 6 .6
3 9 ,5 01
1 ,1 8 1 , 5 5 0
1 , 2 2 1 ,0 5 1
USD + 1 .7 1 t o 6 . 7
4 3 ,1 03
2 9 4 ,1 00
3 3 7 , 2 03
6 6 3 ,82 1
5 1 2 ,5 4 3
2 5 ,4 7 1
1 0 7 ,1 0 3
2 0 ,2 4 9
(2 7 ,5 9 6 )
1 ,3 4 2 ,3 1 1
4 ,8 7 8 , 4 5 7
1 , 7 2 6 ,0 6 7
7 1 1 ,7 8 0
9 6 3 ,9 2 3
1 0 4 ,2 5 9
(1 1 8 ,7 8 5 )
2 ,0 0 6 ,1 3 2
5 ,3 9 1 , 0 00
1 , 7 5 1 ,5 3 8
7 1 1 ,7 8 0
1 , 0 7 1 ,0 2 6
1 2 4 ,5 0 8
(1 4 6 ,3 8 1 )
1 ,3 8 4 , 1 9 5
1,877,562
1 1 ,0 8 3 , 6 6 2
14,579,075
1 2 ,4 6 7 , 8 5 7
16,456,637
1 9 ,2 03
(7 8 0 )
(2 5 ,4 7 1 )
(7 , 04 8 )
1,870,514
1 ,7 7 9 , 4 5 0
(5 ,6 5 7 )
(1 ,7 2 6 ,0 6 7 )
4 7 ,7 2 6
14,626,801
1 ,7 9 8 , 6 5 3
(6 ,4 3 7 )
(1 , 7 5 1 ,5 3 8 )
4 0,6 7 8
16,497,315
In for eign cu r r en cy (i i)
. BNDES - Pr oject Pu m a
. BNDES - Ot h er
.
.
.
.
.
.
.
Ex por t pr epa y m en t s
Ex por t c r edit n ot es
Ex por t pr epa y m en t s in su bsidia r ies
BID
Fin n v er a
Ot h er
Com m ission
USD + Libor 6 M + 1 . 7 t o 6 . 4
USD + 2 . 0 t o 8 . 0
USD + 3 . 1 t o 5 . 7
USD + Libor 6 M + 1 .4 t o 1 . 7 8
USD + Libor 6 M + 1 t o 3 . 4
USD + 1 .9
T ot a l pa r en t com pa n y
Su bsidia r i es:
In for eign cu r r en cy (i i)
. Bon ds (Not es)
. Com m ission
. Elim in a t ion of pr epa y m en t s in su bsidia r ies
T ot a l Con sol i da t ed
USD + 5 .2
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
A n n u a l in t er est r a t e - %
12/31/2015
Cu r r en t
In l oca l cu r r en cy
. BNDES - Pr oject MA 1 1 0 0
. BNDES - Pr oject Pu m a
. BNDES Ot h er
. BNDES - FINA ME
. Ex por t c r edit n ot es (in R$)
. Ot h er
. Com m ission
In for eign cu r r en cy (i i)
. BNDES - Pr oject Pu m a
. BNDES - Ot h er
. Ex por t pr epa y m en t s
. Ex por t c r edit n ot es
. Ex por t pr epa y m en t s in su bsidia r ies
. Fin n v er a
. Ot h er
. Com m ission
T ot a l
4 0,9 4 7
4 6 ,7 4 2
1 6 2 ,2 3 3
1 07 ,882
2 1 9 ,6 7 9
7 2 ,6 9 3
(2 ,1 7 4 )
6 4 8 , 0 02
5 07
1 ,6 9 2 , 0 5 4
4 4 1 ,6 6 9
3 1 2 ,3 1 1
9 6 1 , 5 00
1 5 5 ,9 9 5
(4 ,0 4 0 )
3 ,5 5 9 , 9 9 6
4 1 ,4 5 4
1 ,7 3 8 , 7 9 6
6 0 3 , 9 02
4 2 0 ,1 9 3
1 , 1 8 1 ,1 7 9
2 2 8,6 88
(6 ,2 1 4 )
4 ,2 0 7 , 9 9 8
USD + 6 . 6
USD + 1 . 7 1 t o 6 .7
USD + Libor 6 M + 1 .7 t o 6 .4
USD + 2 .0 t o 8 .0
USD + 3 .1 t o 5 .7
USD + Libor 6 M + 1 t o 3 .4
USD + 1 . 9
1 2 ,5 5 8
5 0 ,1 8 2
4 1 5 ,1 8 0
4 9 2 , 9 04
3 0 ,1 2 2
5 8 ,7 5 6
2 7 ,7 2 1
(3 4 ,9 3 1 )
1 ,0 5 2 , 4 9 2
1,700,494
9 9 2 ,04 2
2 84 ,86 7
1 ,5 8 1 , 4 4 4
5 ,3 4 7 , 6 02
1 , 5 6 1 ,9 2 0
1 , 1 1 6 ,3 6 5
1 1 6 ,6 7 1
(1 1 0 ,0 3 1 )
1 0 ,8 9 0 , 8 8 0
14,450,876
1 ,0 0 4 , 6 00
3 3 5 ,04 9
1 ,9 9 6 , 6 2 4
5 ,8 4 0 , 5 06
1 , 5 9 2 ,0 4 2
1 ,1 7 5 , 1 2 1
1 4 4 ,3 9 2
(1 4 4 ,9 6 2 )
1 1 ,9 4 3 , 3 7 2
16,151,370
USD + 5 . 2
4 6 ,7 9 0
(8 5 6 )
(3 0 ,1 2 2 )
1 5 ,8 1 2
1,716,306
1 ,9 5 2 , 4 00
(6 ,4 2 1 )
(1 , 5 6 1 ,9 2 0 )
3 8 4 ,0 5 9
14,834,935
1 ,9 9 9 ,1 9 0
(7 ,2 7 7 )
(1 , 5 9 2 ,0 4 2 )
3 9 9 ,8 7 1
16,551,241
T ot a l pa r en t com pa n y
Su bsidia r ies:
In for eign cu r r en cy (i i)
. Bon ds (Not es)
. Com m ission
. Elim in a t ion of pr epa y m en t s in su bsidia r ies
Non cu r r en t
T ot a l Con sol i da t ed
(i) C urre nc y ba s ke t m a inly c o m pris ing US Do lla rs
(ii) In US Do lla rs
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
of the Company and its subsidiaries in the normal course of business, in accordance with their
business objectives.
Finnvera (Finnish Export Credit Agency)
As part of the funds necessary for the execution of the Puma Project, the Company entered into a
loan agreement, for the financing of the assets acquired. The commitment amounts to US$ 385
million, divided into two tranches: the first of US$ 347 million with interest of 3.4% p.a. and the
second tranche of US$ 39 million, with interest of LIBOR 6M + 1% p.a., which two disembursments
occurred in 2015 and the remaining will be released over 2016, as the payments to the suppliers of
the project are made.
b) Schedule of non-current maturities
The maturity dates of the Company's borrowing at March 31, 2016, classified in non-current
liabilities in the consolidated balance sheet, are as follows:
Yea r
A m ou n t
2017
1 ,3 6 9 ,2 0 0
2018
2 ,3 7 8 ,7 0 0
2019
2 ,3 4 0 ,2 0 0
2020
2 ,2 6 4 ,4 0 0
2021
1 ,7 4 1 ,1 0 0
2022
1 ,4 0 8 ,2 0 0
2023
on wa r ds
3 ,1 2 5 ,0 0 1
T ot a l
14,626,801
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Con sol i da t ed
8,818,356
9,640,108
5 ,5 0 3 , 7 0 4
4 ,9 2 5 ,5 7 9
7 8 3 ,7 5 8
8 8 9 ,2 9 5
3 ,2 6 4 , 9 5 4
3 ,4 2 9 , 5 1 9
(2 ,1 6 9 , 4 2 4 )
(2 ,2 7 9 , 1 2 4 )
(4 9 , 9 7 8 )
(5 4 , 1 3 6 )
16,151,370
Bor r ow in g
1 ,1 5 9 , 3 8 7
8 0 9 ,6 9 7
2 5 4 ,6 6 4
2 5 2 ,5 9 2
(4 0 4 , 3 5 5 )
(3 8 8 , 1 5 1 )
A ccr u ed in t er est
For eig n ex ch a n g e a n d m on et a r y v a r ia t ion s
Repa y m en t s a n d pa y m en t of in t er est
A t Ma r ch 31,2016
(7 0 4 , 4 2 9 )
16,456,637
16,551,241
(7 2 8 ,0 6 4 )
16,497,315
d) Guarantees
The financing agreements with BNDES are guaranteed by the land, buildings, improvements,
machinery, equipment and facilities of the plants in Ptaclio Costa (SC), Telmaco Borba (PR) and
Ortigueira (PR), which are the object of the related borrowings and escrow deposits, as well as
sureties from the controlling stockholders.
The financing from Finnvera is guaranteed by the industrial plants in Angatuba (SP), Lages (SC),
Piracicaba (SP), Betim (MG), and Goiana (PE).
Export credits, export prepayments, and working capital loans are not collateralized.
e) Restrictive covenants
At the end of the reporting period, the Company and its subsidiaries did not have any financing
agreements containing restrictive covenants requiring compliance with financial ratios for the
contracted transactions, where non-compliance would automatically accelerate the maturity of the
debt.
15
DEBENTURES
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
The debentures have an effective term of five years, with maturity on January 8, 2019, and are
remunerated at 8% p.a., plus the variation in the Brazilian currency in relation to the US Dollar.
In addition, debentureholders are included in any profit distribution to the Company's stockholders,
which is calculated as if the shares that will be converted in the future already existed, with the
respective amount deducted from the equity due to the debentures nature as equity instruments.
With the end of the lock-up period of the debentures of the 6th issue mandatorily convertible into
shares, on July 6, 2015, the first payment of R$ 317 million of interest and profit sharing in the
amount of R$ 11.66 per debenture was carried out. As of July 7, the debentures started to be traded
on the So Paulo Commodities, Futures and Stock Exchange (BM&FBOVESPA), under the ticker
symbol KLBN-DCA61.
In accordance with CPC 39, "Financial instruments: Presentation", the Company recorded these
debentures as a hybrid instrument (compound), and the present value of the interest up to the
conversion was determined and recognized as a financial liability, whereas the carrying amount of
the equity instrument was recorded at the net amount - that is, the total amount of the debentures
less the present value of the interest payable and less the issuance costs of the security - in the
"Capital Reserve" account in equity.
b) Seventh issue of debentures
The Company concluded its seventh issue of debentures on June 23, 2014, issuing 55,555,000
simple debentures, with personal sureties, combined with a subscription bonus, at the nominal unit
value of R$ 14.40, totaling R$ 800 million, divided simultaneously into two series of 27,777,500
debentures each.
Number
First series
Second series
27,777,500
27,777,500
55,555,000
Unit
value
14.40
14.40
Total value
(R$ thousand) Interest rate
399,996
399,996
799,992
IPCA + 7.25%
IPCA + 2.50%
Maturity
6/15/2020
6/15/2022
Amortization
Without
amortization
Semi-annual
Interest
Nature
Semi-annual
Semi-annual
Convertible debt
Debt
Subscription
bonus
Yes
No
(i) First series - The first series debentures mature on June 15, 2020, and have a yield at the
Amplified Consumer Price Index (IPCA) + 7.25% per annum, with payment of interest on a semiannual basis, and a grace period of two years, without amortization of the principal. They represent
a convertible debt, since they can be utilized at any time until their maturity, at the discretion of the
holder, to subscribe and pay-up shares issued by the Company, in the form of Units (comprising one
common share and four preferred shares), in the proportion of one Unit for each debenture,
through the exercise of the subscription bonus, which will be attributed as an additional benefit to
the debenture holders.
(ii) Second series - The second series debentures mature on June 15, 2022, and have a yield of IPCA
+ 2.50% per annum, paid semi-annually, together with the amortization of the principal, and a
grace period of two years. This series of debentures is not convertible. They are, therefore, not
linked to the subscription bonus.
Those who acquired the first series are obliged to acquire debentures of the second series. The
amount of R$ 28,503 arising from the subscription bonus on the debentures issued was allocated to
equity.
A total of 98.86% of the debentures was subscribed by BNDES and the remaining debentures by
other stockholders in the market.
c) Composition of the balance of debentures
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
3/31/2016
6t h Issu e
7t h Issu e
T ot a l
12/31/2015
6t h Issu e
7t h Issu e
T ot a l
Cu r r en t l i a bil i t i es
. Pr in cipa l
. In t er est
. Mon et a r y r est a t em en t/pr ofit sh a r in g
Non -cu r r en t l ia bi l i t i es
. Pr in cipa l
. In t er est
. A dju st m en t t o pr esen t v a lu e of in ter est
. Mon et a r y r est a t em en t/pr ofit sh a r in g
. Su bscr iption bon u s
Equ i t y - ca pi t a l r eser v e
. Deben t u r es issu ed
. In t er est u p to m a t u r it y a t pr esen t v a lu e
. Su bscr iption bon u s
. Cost of t h e issu e of deben t u r es
T ot a l
16
6 1 ,5 3 7
6 1 ,5 3 7
6 1 ,5 3 8
6 1 ,5 3 8
1 3 6 ,0 0 0
7 5 ,1 9 5
211,195
2 1 7 ,7 9 0
279,327
3 5 3 ,7 9 0
7 5 ,1 9 5
490,522
6 9 ,7 00
2 2 ,6 5 9
92,359
1 7 5 ,9 1 3
237,451
2 4 5 ,6 1 3
2 2 ,6 5 9
329,810
1 3 6 ,0 0 0
(3 6 ,8 5 9 )
6 9 ,3 4 3
168,484
7 3 8,4 1 9
2 2 ,4 4 1
(2 8 ,5 0 3 )
732,357
7 3 8 ,4 1 9
1 3 6 ,0 0 0
(3 6 ,8 5 9 )
9 1 ,7 8 4
(2 8 ,5 0 3 )
900,841
2 7 2 ,0 0 0
(4 4 ,1 1 4 )
1 8 4 ,0 7 6
411,962
7 3 8 ,4 1 9
1 8 ,8 0 1
(2 8 ,5 0 3 )
728,717
7 3 8,4 1 9
2 7 2 ,0 0 0
(4 4 ,1 1 4 )
2 0 2 ,8 7 7
(2 8 ,5 0 3 )
1,140,679
1 ,6 9 1 ,5 6 2
(4 1 0 ,1 1 9 )
2 8 ,5 0 3
(2 9 ,8 4 1 )
1,280,105
2,671,468
1 ,6 9 2 ,9 3 2
(4 1 0 ,1 1 9 )
(2 9 ,8 4 1 )
1,252,972
1,757,293
1 , 6 9 1 ,5 6 2
(4 1 0 ,1 1 9 )
(2 9 ,8 4 1 )
1,251,602
1,631,281
2 8 ,5 0 3
28,503
1,040,187
2 8 ,5 0 3
28,503
994,671
1 , 6 9 2 ,9 3 2
(4 1 0 ,1 1 9 )
2 8 ,5 0 3
(2 9 , 8 4 1 )
1,281,475
2,751,964
TRADE PAYABLES
Pa r en t com pa n y
3/31/2016
12/31/2015
Con sol i da t ed
3/31/2016
12/31/2015
Loca l cu r r en cy
4 9 6 ,7 5 2
5 2 4 ,8 1 9
4 9 6 ,88 9
5 2 4 ,88 9
For eig n cu r r en cy
1 4 8 ,0 8 0
1 7 1 ,4 5 8
1 5 6 ,6 08
1 7 7 ,3 1 0
644,832
696,277
653,497
702,199
The Company's average payment term to operational suppliers is approximately 32 days. In the case
of suppliers of property, plant and equipment, the terms follow the commercial negotiations of each
operation; there is no specific average term.
Regarding this balance, we emphasize the amount due to suppliers relating to the Puma Project (see
Note 12).
17
a) Provisioned risks
Based on the individual analysis of lawsuits filed against the Company and its subsidiaries and the
opinion of legal counsel, provisions have been constituted and classified in non-current liabilities
for losses considered as probable, as follows:
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
3/31/2016
Pr ov ision ed
a m ou n t
In t h e pa r en t com pa n y :
Rest r i ct ed
ju dicia l
deposit s
Net
l ia bi l i t y
Un r est r ict ed
ju dicia l
deposit s
T a x:
. PIS/COFINS
2 7 ,5 0 2
. ICMS/IPI
2 2 ,3 1 9
. In com e t a x /socia l
con t r ibu t ion
. Ot h er
La bor
Civ il
(3 ,5 7 3 )
3 ,5 7 3
1 ,1 1 6
(1 ,8 9 0 )
1 ,8 9 0
2 ,8 3 2
5 3 ,7 6 9
(5 ,4 6 3 )
5 ,4 6 3
(4 9 ,8 3 9 )
1 7 ,0 0 1
(3 2 , 8 3 8 )
(9 ,7 9 6 )
1 ,7 4 3
(8 , 0 5 3 )
(65,098)
24,207
(40,891)
53,769
Su bsidia r i es:
Ot h er
Con sol ida t ed
(65,098)
24,207
(40,891)
1 ,4 3 5
55,204
12/31/2015
Pr ov ision ed
a m ou n t
In t h e pa r en t com pa n y :
Rest r i ct ed
ju dicia l
deposit s
Net
l ia bi l i t y
Un r est r ict ed
ju dicia l
deposit s
T a x:
. PIS/COFINS
2 7 ,1 9 4
. ICMS/IPI
. In com e t a x /socia l
con t r ibu t ion
. Ot h er
2 2 ,3 1 9
La bor
Civ il
(3 ,5 7 3 )
3 ,5 7 3
1 ,1 1 6
(1 ,8 9 0 )
1 ,8 9 0
1 ,9 5 9
5 2 ,5 8 8
(5 ,4 6 3 )
5 ,4 6 3
(5 0 ,6 6 2 )
1 6 ,1 7 4
(3 4 , 4 8 8 )
(9 ,6 7 2 )
1 ,7 3 1
(7 , 9 4 1 )
(65,797)
23,368
(42,429)
52,588
Su bsidia r i es:
Ot h er
Con sol ida t ed
1
(65,796)
23,368
1
(42,428)
1 ,4 3 5
54,023
The risks for which provisions were made by the Company at March 31, 2016 relate to (i) tax
lawsuits, comprising mainly challenges regarding income tax and social contribution on monetary
restatements under Law 8,200/91; (ii) labor lawsuits filed by former employees of the Company's
plants claiming labor rights (severance pay, overtime, hazardous duty and health hazard
premiums), indemnities and joint liability; (iii) civil lawsuits relating mainly to compensation
claims for tangible damage and/or pain and suffering resulting from accidents.
b) Summary of changes in the provisioned amounts
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Civ il
(6,906)
(51,674)
(2 ,1 6 8 )
(1 3 3 )
(2,301)
Net exposu r e
(44,768)
1 2 ,4 4 8
(9 0 2 )
11,546
(34,488)
(7,941)
(42,429)
931
719
(32,838)
(1 1 2 )
(8,053)
819
719
(40,891)
c) Provisions for tax, social security, labor and civil contingencies not recognized
At March 31, 2016, the Company and its subsidiaries were parties to other tax, labor and civil
litigation involving risks of loss evaluated as "possible", totaling approximately: R$ 848,881,
R$ 199,373 and R$ 95,453 respectively. Based on individual analyses of the disputes and the
opinion of the Company's legal counsel, management understands that they do not need to be
provided for, since the likelihood of loss is assessed as only possible.
d) Lawsuits filed by the Company
At March 31, 2016, the Company was a plaintiff in lawsuits of which there was no accounting
recognition in its quarterly information: the related assets will only be recognized after a final and
unappealable decision is rendered and the gain is virtually certain.
The Company's legal counsel assessed the likelihood of a favorable outcome in some of the lawsuits
as "probable", including claims for deemed Excise Tax (IPI) credits on purchases of electrical power,
fuel oil and natural gas used in the production process.
e) Enrollment in the Tax Recovery Program (REFIS)
The Tax Recovery Program (REFIS) (Law 11,941/09 and Law 12,865/13) balance payable recorded
in the parent company and consolidated totaled R$ 419,576 at March 31, 2016 (R$ 423,012 at
December 31, 2015), restated at the effective interest rate, which considers the future values and the
SELIC variation. The balance is being paid in monthly installments, with settlement projected for
2029.
f) Commitments
The Company and its subsidiaries did not have other material future commitments at the end of the
reporting period not disclosed in this quarterly information.
18
EQUITY
a) Share capital
The Company's subscribed and paid-up capital was R$ 2,384,474 at March 31, 2016 (R$ 2,383,104
at December 31, 2015), comprising 4,733,177,315 shares at March 31, 2016 (4,732,629,090 at
December 31, 2015), without par value, held as follows:
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
St ockh ol der s
Com m on
sh a r es
3/31/2016
Pr efer r ed
sh a r es
12/31/2015
Com m on
sh a r es
Pr efer r ed
sh a r es
BNDESPA R
4 2 ,5 7 3 ,1 2 8
1 7 0,2 9 2 ,5 1 2
4 9 ,4 2 5 ,9 2 8
1 9 7 ,7 0 3 , 7 1 2
T h e Ba n k of New Y or k Depa r t m en t
5 8 ,9 0 1 , 5 4 6
2 3 5 ,6 06 ,1 84
5 7 ,89 1 ,2 04
2 3 1 ,5 6 4 , 8 1 6
Ca pita l W or ld In v estor s
6 0,9 86 ,000
2 4 3 ,9 4 4 ,0 0 0
6 3 ,4 7 4 ,000
2 5 3 ,8 9 6 ,0 0 0
5 8 ,1 2 7 , 9 7 2
2 3 2 ,5 4 3 ,3 3 8
7 0,2 9 0,7 89
2 81 ,1 6 3 ,1 5 6
9 4 1 ,83 7 ,080
9 4 1 ,8 3 7 , 0 8 0
Nibla k Pa r t icipa es S. A .
1 4 2 ,0 2 3 ,0 1 0
1 4 2 , 0 2 3 ,0 1 0
Ot h er
5 1 4 ,4 9 7 ,7 1 4
1 ,8 8 0 , 2 2 8 , 3 3 1
4 9 3 ,2 3 4 ,5 9 4
1 ,7 9 5 ,2 0 7 , 3 0 1
3 0,3 2 3 ,3 00
1,849,269,750
1 2 1 ,2 9 3 ,2 0 0
2,883,907,565
3 0,9 83 ,5 00
1,849,160,105
1 2 3 ,9 3 4 ,0 0 0
2,883,468,985
T r ea su r y sh a r es
Besides common and preferred registered shares, the Company negotiates certificates of deposit of
shares, refered to as Units, each corresponding to one common share (ON) and four preferred
shares (PN).
The Company's authorized capital comprises 5,600,000,000 common shares (ON) and/or
preferred shares (PN) approved at the Extraordinary General Meeting held on March 20, 2014.
Capital increase due to the exercise of the debentures conversion
Due to the exercise of the right of conversion requested by the debentures holders of the 6th
emission, Board of Directors fo the Company, at an Extraordinary Meeting held on April 10, 2016
approved the increase of the subscribed and paid-up capital, within the authorized capital limit, of
R$ 8,474, with the issue of 677,550 common shares and 2,710,200 preferred shares, corresponding
to the conversion of 137,480 debentures.
The Company's subscribed and paid-up capital increased to R$ 2,384,474, represented by
1,849,269,750 common shares and 2,883,907,565 preferred shares, totaling 4,733,177,315 shares,
without par value.
b) Treasury shares
The Company maintained 151,616,500 shares of its own issue in treasury at March 31, 2016,
corresponding to 30,323,300 Units. The price on the So Paulo Stock Exchange was R$ 19.37 per
Unit at March 31, 2016 (code KLBN11 - BM&FBovespa).
The Company bought back 800,000 Units in January 2015, at an average price of R$ 13.94 per
Unit, totaling R$ 11,151. In December 2015, the Company bought back 900,000 Units at an average
price of R$ 23.86 per Unit, totaling R$ 21,472. During the first quarter of 2016, the Company did
not buy back any shares.
In accordance with the stock option plan described in Note 22, granted as long-term remuneration
to the Company's officers, 1,475,000 treasury shares were sold in February and March 2016,
corresponding to 295,000 Units. The right to use 3,006,000 shares, corresponding to 601,200
Units was also granted. The amount was derecognized from the treasury share account.
c) Carrying value adjustments
Created by Law 11,638/07, the group "Carrying value adjustments" in the Company's equity
comprises adjustments for increases and decreases in assets and liabilities, when applicable, that
are not computed in the results for the year, up to their effective realization.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
The balance maintained by the Company corresponds to: the adoption of the deemed cost of
property, plant and equipment for forestry land; an option exercised on the initial adoption of the
new accounting pronouncements for convergence with IFRS, at January 1, 2009; the foreign
exchange variations of the subsidiaries abroad with functional currencies different to the parent
company (Note 1); balances relating to the stock option plan granted to executives (Note 22); and
actuarial liability restatements (Note 26).
Pa r en t com pa n y a n d Con sol i da t ed
Deem ed cost of pr oper t y , pla n t a n d
equ ipm en t (la n d)
For eig n
ex ch a n g e
v a r ia t ion s
su bsidia r ies a br oa d
A ct u a r ia l lia bilit y
St ock opt ion pla n
3/31/2016
12/31/2015
1 , 0 9 0 ,5 5 0
1 ,0 9 0 , 5 5 0
(4 6 , 7 4 2 )
(3 1 ,7 7 8 )
(1 , 1 0 7 )
3 ,801
1 ,6 0 8
1 ,6 08
1,044,309
1,064,181
d) Dividends
Dividends represent a portion of the profits earned by the Company which are distributed to the
stockholders as remuneration of invested capital in the fiscal year. All stockholders are entitled to
receive dividends proportionately to their ownership interest, as guaranteed by the Brazilian
corporate legislation and the Company's bylaws. The bylaws also determine that management has
the option to prepay interim dividends during the year, "ad referendum" of the Ordinary General
Meeting held to consider the accounts for the year.
The basis of the calculation of the mandatory dividends, defined in the Company's bylaws, is
adjusted in accordance with the constitution, realization and reversal, during the year, of the
biological assets reserve, and entitles the Company's stockholders to receive, every year, a
mandatory minimum dividend of 25% of the annual adjusted profit.
In the first quarter of 2016, dividends of R$ 120,015 were paid from the revenue reserves, as
approved by the Board of Directors of the Company, at an Extraordinary Meeting held on February,
2, 2016.
e) Share of profits of mandatory convertible debentures
As mentioned in Note 15, the holders of debentures mandatorily convertible into shares of the sixth
issue are entitled to a share of the profits upon the distribution of dividends to the Company's
stockholders. The amount is calculated considering the number of shares that will be converted in
the future, corresponding to 135,434,550 common shares and 541,738,200 preferred shares, after
the conversions in advance occurred up to until March 31, 2016, at the amount per share effectively
distributed as dividends. In the first quarter of 2016 it was paid R$17,735 of share of profits to the
debentures holder of the 6th emission.
19
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Pa r en t com pa n y
Fr om 1/1 t o
Gr oss sa les r ev en u e
Discou n t s a n d r eba t es
T a x es on sa les
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
3/31/2016
3/31/2015
1 ,6 9 0 , 3 5 3
1 ,5 2 0 ,1 3 7
1 ,7 1 5 ,3 4 2
1 ,5 5 5 , 0 8 1
(7 , 0 9 5 )
(3 ,8 9 4 )
(1 2 , 4 8 8 )
(7 , 8 5 8 )
(2 2 9 , 8 5 2 )
(2 3 1 , 1 5 7 )
(2 3 9 , 3 7 7 )
(2 3 8 , 7 7 4 )
1,453,406
1,285,086
1,463,477
1,308,449
. Dom est ic m a r k et
9 5 3 ,3 8 0
9 1 7 ,8 3 1
9 4 6 ,4 3 3
9 1 5 ,4 1 7
. For eig n m a r k et
5 00,02 6
3 6 7 ,2 5 5
5 1 7 ,04 4
3 9 3 ,03 2
1,453,406
1,285,086
1,463,477
1,308,449
Net sa l es r ev en u e
20
3/31/2016
(5 0 6 ,3 8 1 )
Fr om 1/1 t o
Con sol i da t ed
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2015
(4 7 0 ,3 8 4 )
3/31/2016
(5 0 3 ,9 6 8 )
3/31/2015
(4 6 7 ,7 6 8 )
Per son n el
(2 6 1 ,0 1 8 )
(2 0 1 ,2 8 9 )
(2 6 3 ,6 5 5 )
(2 0 3 ,3 2 2 )
(2 5 4 ,8 5 3 )
(2 5 3 ,4 9 2 )
(2 5 0 ,7 7 9 )
(2 5 0 ,3 1 6 )
(6 4 ,7 2 3 )
(5 7 ,2 1 7 )
(6 6 ,1 0 4 )
(5 8 ,5 4 6 )
(2 ,6 1 6 )
(3 ,6 9 9 )
(3 ,4 3 7 )
(7 ,2 9 4 )
(6 8 ,7 8 4 )
(5 9 ,09 1 )
(6 9 ,4 7 9 )
(5 9 ,6 8 8 )
Fr eig h t
Com m ission
Ser v ices con t r a ct ed
Rev en u e fr om sa les of pr oper ty , pla n t a n d equ ipm en t
Cost of sa les a n d w r ite-offs of pr oper t y , pla n t a n d equ ipm en t
Ot h er
111
37 7
111
37 7
(5 5 5 )
(8 8 2 )
(5 5 5 )
(8 8 2 )
(6 0 ,2 7 6 )
(4 2 ,9 7 6 )
(5 6 ,6 4 5 )
(5 8 ,08 6 )
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
21
FINANCE RESULT
Pa r en t com pa n y
Fr om 1/1 t o
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
3/31/2016
Fr om 1/1 t o
3/31/2015
Fin a n ce i n com e
. In com e fr om fin a n cia l in v est m en t s
. Ot h er
1 3 7 ,3 8 4
1 1 2 ,7 7 1
1 4 8 ,6 1 1
8,6 1 2
4 ,3 1 9
8 ,6 1 1
1 1 4 ,5 2 3
4 ,3 2 3
145,996
117,090
157,222
118,846
Fin a n ce cost s
. In t er est on bor r ow in g a n d deben t u r es
. In t er est on REFIS (i)
(2 9 0 ,6 7 0 )
(1 7 5 , 1 6 6 )
(2 9 1 , 3 8 0 )
(1 8 6 ,3 1 9 )
(1 2 , 2 1 0 )
(1 4 ,9 9 7 )
(1 2 ,2 1 0 )
(1 4 ,9 9 7 )
5 1 ,5 7 8
(1 0 ,2 2 3 )
(7 , 2 5 4 )
(1 0 ,2 2 3 )
(7 ,3 3 3 )
(4 ,0 7 9 )
(7 , 3 3 3 )
(4 ,0 7 9 )
(9 , 7 4 3 )
(2 ,6 0 0 )
1 3 0,6 4 0
5 1 ,5 7 8
(1 9 , 0 0 1 )
(5 4 ,4 9 3 )
(2 6 , 8 4 8 )
(4 9 ,0 7 4 )
(205,828)
(207,380)
(224,128)
(215,714)
Exch a n ge v a r ia t ion s
. For eig n ex ch a n g e v a r ia t ion s on a sset s
. For eig n ex ch a n g e v a r ia t ion s on lia bilit ies
Fin a n ce r esu l t
(1 3 0 ,5 8 3 )
1 7 4 ,8 2 5
(1 2 9 , 5 5 2 )
1 7 3 ,3 6 7
1 , 2 1 1 ,7 6 3
(1 , 4 6 9 , 1 8 4 )
1 ,2 09 ,088
(1 ,4 6 1 , 1 1 0 )
1,081,180
(1,294,359)
1,079,536
(1,287,743)
1,021,348
(1,384,649)
1,012,630
(1,384,611)
22
The Extraordinary General Meeting of Stockholders held on July 10, 2012 approved the stock option
plan as a benefit for the members of the Executive Board and the Company's key personnel.
CVM authorized the Company, through Circular Letter/CVM/SEP/GEA-2/221/2012, to realize the
private transactions included in the incentive plan for its directors and employees, except for the
controlling stockholders, through the private transfer of treasury shares.
Pursuant to this plan, the Company established that its statutory and non-statutory directors could
utilize 25% to 70% of their variable remuneration for the acquisition of treasury shares, and the
Company would grant the right of use of the same amount of shares to the acquirers for three years,
transferring to them the ownership of the shares after three years, provided that the clauses
established in the plan are complied with.
The plan does not establish the acquisition of shares by the Company's key personnel, but only the
granting of the right to use a certain number of shares for three years, the ownership of which will
be transferred to the beneficiary, provided the established clauses are complied with.
The right of use grants to the beneficiary the right to the dividends distributed in the period during
which the benefit is valid.
The value of the acquisition of treasury shares by the beneficiaries of the plan will be calculated
based on the lower of the average of the market value quotations in the last 60 trading sessions of
the Company's shares and their quotation on the acquisition date. The value of shares granted with
right of use corresponds to the quotation of shares traded on BOVESPA on the transaction date.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
The clauses that grant the transfer of shares establish the participation of the beneficiary in the
Company and stipulate that the shares acquired on enrollment in the plan may not be sold. The
shares granted can be immediately assigned in the case of the termination of employment by the
Company, or the retirement or death of the beneficiary, in which case the right to the shares
becomes part of the estate of the deceased.
The shares granted and the expense proportional to the grant term, recorded in the results, is
accumulated in equity in the "Carrying value adjustments" group, up to the end of the grant, which
may occur due to the three-year maturity or any other clause of the plan that may terminate the
grant.
The table below presents information about the agreed-upon plans:
a) Statutory and non-statutory Board members
St a r t of t h e pla n
Pl a n 2011
0 3 /0 1 /2 0 1 2
Pl a n 2012
0 3 /0 1 /2 0 1 3
Pl a n 2013
0 3 /0 1 /2 0 1 4
Pl a n 2014
0 3 /0 1 /2 0 1 5
0 3 /0 1 /2 0 1 6
Fin a l g r a n t da t e
0 3 /0 1 /2 0 1 5
0 3 /0 1 /2 0 1 6
0 3 /0 1 /2 0 1 7
0 3 /0 1 /2 0 1 8
0 3 /0 1 /2 0 1 9
2 ,3 7 5 ,0 0 0
1 ,9 0 4 ,5 0 0
2 ,3 0 2 ,5 0 0
1 ,8 5 5 ,0 0 0
1 ,4 7 5 ,0 0 0
1 .5 6
2 .5 7
2 .3 4
2 .8 4
4 .2 3
2 ,3 7 5 ,0 0 0
1 ,9 0 4 ,5 0 0
2 ,3 0 2 ,5 0 0
1 ,8 5 5 ,0 0 0
1 ,4 7 5 ,0 0 0
1 .7 5
2 .6 7
2 .2 9
3 .2 6
4 .3 0
4 ,1 6 6
5 ,0 8 9
3 ,8 0 2
2 ,4 6 9
176
694
424
439
168
1 ,7 2 5
2 83
5 86
7 89
176
1 ,8 3 4
Pl a n 2015
T ot a l
9 ,9 1 2 ,0 0 0
9 ,9 1 2 ,0 0 0
1 5 ,7 0 2
b) Key personnel
St a r t of t h e pla n (ii)
Pl a n 2012
0 3 /0 1 /2 0 1 3
Pl a n 2013
4 /3 0 /2 0 1 4
Pl a n 2014
4 /3 0 /2 0 1 5
Fin a l g r a n t da t e
0 3 /0 1 /2 0 1 6
T r ea su r y sh a r es g r a n t ed w it h r ig h t t o u se (i)
T ot a l
3 /3 0 /2 0 1 6
4 /3 0 /2 0 1 7
4 /3 0 /2 0 1 8
3 /3 0 /2 0 1 9
6 8 2 ,5 0 0
5 4 2 ,5 0 0
3 7 2 ,5 0 0
3 5 1 ,0 0 0
2 .6 7
2 .3 0
3 .3 6
4 .3 4
457
Pl a n 2015
1 ,9 4 8 ,5 0 0
1 ,8 2 4
84 6
3 ,1 2 7
152
1 05
257
1 01
1 05
114
320
23
Basic earnings (loss) per share are calculated by dividing the profit or loss for the period attributable
to holders of the Company's common and preferred shares by the weighted average number of
common and preferred shares available during the period. The Company has debentures
mandatorily convertible into shares (see Note 15) recorded in equity - therefore, the future
conversion of the debentures into the total amount of shares is already reflected in the number of
shares used for calculation purposes.
The shares from the future conversion of the seventh issue of debentures (Note 15) were considered
in the calculation for the quarter ended March 31, 2016, because their issue value is greater than the
Unit value in the market at March 31, 2016, corresponding to R$ 19.37 per Unit. This is took into
consideration since, with the market value of the Unit greater than the unit value of the debenture,
the exercise of the conversion option is highly probable.
The diluted earnings (loss) per share are equal to the basic earnings (loss) per share since the
potential ordinary and preferred shares does not have dilutive effect.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
As mentioned in Note 18, the changes in the balance of treasury shares affect the weighted average
number of preferred shares held in treasury in the calculation for the quarter ended March 31, 2016.
The weighted average used in the calculation of earnings (loss) per share was determined as follows:
Wei gh t ed a v er a ge n u m ber of t r ea su r y sh a r es - Ma r ch 31, 2016 (*)
Ja n
Feb
Ma r
3 M16
1 5 4 . 9 1 7 .5 0 0 x 1 /3
+
1 5 1 .9 6 7 .5 0 0 x 1 /3
+
1 5 1 . 6 1 6 .5 0 0 x 1 /3 + = 1 5 2 ,5 9 3 ,8 3 3
(*) Because the Company only has Units held in treasury, the distribution between common and preferred shares is made
according to the composit ion of the Units.
The table below, presented in R$, reconciles the profit or loss for the quarter and three-month
period ended March 31, 2016 and 2015 with the amounts used in the calculation of basic and diluted
earnings (loss) per share:
Pa r en t com pa n y a n d Con sol i da t ed
Fr om 1/1 t o 12/31/2016
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om in a t or
T ot a l w eig h t ed a v er a g e n u m ber of sh a r es
1 ,8 4 9 ,2 6 9 , 7 5 0
2 ,8 8 3 ,9 0 7 ,5 6 5
1 6 3 ,1 0 2 , 4 0 5
6 5 2 ,4 0 9 ,6 2 0
8 1 5 ,5 1 2 ,0 2 5
W eig h t ed a v er a g e n u m ber of t r ea su r y sh a r es
(3 0 ,5 1 8 ,7 6 7 )
(1 2 2 ,0 7 5 ,0 6 7 )
(1 5 2 ,5 9 3 ,8 3 3 )
1,981,853,388
3,414,242,118
5,396,095,507
36.73%
63.27%
100%
394,274,599
679,237,401
1,073,512,000
1,981,853,388
3,414,242,118
5,396,095,507
% of sh a r es in r ela t ion t o t h e t ot a l
4 ,7 3 3 ,1 7 7 ,3 1 5
Nu m er a t or
Loss a t t r ibu t a ble t o ea ch cla ss of sh a r es (R$)
W eig h t ed a v er a g e n u m ber of ou t st a n din g sh a r es
Ba sic a n d dil u t ed l oss per sh a r e (R$ )
0.1989
0.1989
Pa r en t com pa n y a n d Con sol i da t ed
Fr om 1/1 t o 12/31/2015
Com m on
Pr efer r ed
(ON)
(PN)
T ot a l
Den om in a t or
T ot a l w eig h t ed a v er a g e n u m ber of sh a r es
1 ,8 4 8 ,5 9 2 , 2 0 0
2 ,8 8 1 ,1 9 7 ,3 6 5
1 6 3 ,7 7 7 , 5 0 0
6 5 5 ,1 1 0 ,0 0 0
8 1 8 ,8 8 7 ,5 0 0
W eig h t ed a v er a g e n u m ber of t r ea su r y sh a r es
(3 0 ,4 0 5 ,3 3 3 )
(1 2 1 ,6 2 1 ,3 3 4 )
(1 5 2 ,0 2 6 ,6 6 7 )
1,981,964,367
3,414,686,031
5,396,650,398
36.73%
63.27%
100%
(267,571,872)
(460,994,128)
(728,566,000)
1,981,964,367
3,414,686,031
5,396,650,398
(0.1350)
(0.1350)
% of sh a r es in r ela t ion t o t h e t ot a l
4 ,7 2 9 ,7 8 9 ,5 6 5
Nu m er a t or
24
OPERATING SEGMENTS
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
(i) Forestry segment: involves operations relating to planting and growing pine and eucalyptus trees
to supply the Company's plants. Also involves selling timber (logs) to third parties in the domestic
market.
(ii) Paper segment: mainly involves the production and sale of cardboard, kraftliner and recycled
paper rolls in the domestic and foreign markets.
(iii) Conversion segment: involves the production and sale of corrugated cardboard boxes,
corrugated cardboard and industrial sacks in the domestic and foreign markets.
(iv) Pulp segment: involves the operation of the Puma Project. In the future, the pulp segment will
include the production and sale of pulp in the domestic and foreign markets.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Pa per
Con v er si on
Pu l p
Cor por a t e/
el i m i n a t ion s
T ot a l
Con sol i da t ed
Net r ev en u e:
.Dom est ic m a r ket
7 8 ,9 3 6
3 7 0 ,6 1 9
4 9 7 ,3 8 6
(5 0 8 )
946,433
78,936
4 5 1 ,7 9 4
822,413
6 5 ,2 5 0
562,636
(508)
517,044
1,463,477
.For eig n m a r k et
Rev en u e fr om sa l es t o t h i r d pa r t i es
Rev en u e bet w een seg m en t s
2 2 2 ,3 7 8
2 8 6 ,0 9 0
2 ,9 0 9
(5 1 1 ,3 7 7 )
301,314
1,108,503
565,545
(511,885)
T ot a l n et sa l es
Ch a n g es in t h e fa ir v a lu e of biolog ica l a sset s
6 3 ,4 4 7
(3 7 0 ,8 9 9 )
Gr oss pr ofi t
(6 6 5 ,7 9 1 )
(6,138)
(4 6 9 ,0 5 3 )
5 0 1 ,5 8 3
1,463,477
63,447
(1,004,160)
442,712
96,492
(10,302)
522,764
(1 3 ,9 8 2 )
(1 0 4 ,3 9 1 )
(6 7 ,9 0 2 )
(4 4 9 )
(1 6 ,5 3 3 )
(203,257)
(20,120)
338,321
28,590
(449)
(26,835)
319,507
Sa l es of pr odu ct s (i n m et r i c t on s)
.Dom est ic m a r ket
1 3 5 ,5 3 9
1 5 5 ,1 4 8
290,687
.For eig n m a r k et
1 5 4 ,1 5 6
9 ,7 4 7
163,903
.In t er -seg m en t a l
1 8 1 ,1 1 3
555
470,808
165,450
(1 8 1 ,6 6 8 )
-
(181,668)
454,590
Sa l es of t im ber (i n m et r i c t on s)
.Dom est ic m a r ket
.In t er -seg m en t a l
4 8 9 ,9 9 5
2 ,4 3 7 ,3 8 3
(2 ,4 3 7 ,3 8 3 )
2,927,378
(2,437,383)
4 4 ,9 8 7
4 7 ,5 5 9
2 4 ,4 5 9
(1 7 7 ,1 0 4 )
(5 7 ,9 7 9 )
(1 3 ,9 4 4 )
In v est m en t s du r in g t h e y ea r
Depr eci a t i on , depl et i on a n d a m or t i za t i on
7 3 4 ,9 3 5
-
489,995
489,995
1 ,4 4 1
853,381
(1 ,7 5 2 )
(250,779)
T ot a l a sset s - 3/31/2016
6 ,7 5 5 ,2 0 6
5 ,4 1 6 ,4 0 1
1 ,3 4 6 ,7 2 7
8 ,1 7 9 ,6 0 0
5 ,2 3 6 ,1 4 2
26,934,076
T ot a l l i a bi l i t i es - 3/31/2016
1 ,2 6 4 ,3 5 6
7 6 2 ,4 6 0
2 0 4 ,1 1 0
5 4 8 ,8 1 0
1 7 ,8 7 2 ,8 3 1
20,652,567
Equ i t y - 3/31/2016
5 ,4 9 0 ,8 5 0
4 ,6 5 3 ,9 4 1
1 ,1 4 2 ,6 1 7
7 ,6 3 0 ,7 9 0
(1 2 ,6 3 6 ,6 8 9 )
6,281,509
Fr om 1/1 t o 3/31/2015
For est r y
Pa per
Con v er sion
Cor por a t e/
el im i n a t ion s
Pu l p
T ot a l
Con sol i da t ed
Net r ev en u e:
.Dom est ic m a r ket
.For eig n m a r ket
Rev en u e fr om sa l es t o t h ir d
Rev en u e bet w een seg m en t s
T ot a l n et sa l es
a sset s
Cost of pr odu ct s sold
8 8 ,5 3 2
3 2 9 ,8 9 6
4 9 6 ,9 1 1
88,532
3 4 3 ,8 0 9
673,705
4 9 ,2 2 3
546,134
1 5 2 ,7 2 0
2 6 6 ,4 4 2
3 ,3 0 7
241,252
940,147
549,441
5 5 ,5 3 8
(3 1 0 ,2 1 3 )
(5 8 5 ,7 0 4 )
78
-
(4 5 0 ,3 9 7 )
Gr oss pr ofit
(13,423)
354,443
99,044
(9 ,4 8 8 )
(9 4 ,9 3 5 )
(6 2 ,4 8 4 )
(22,911)
259,508
36,560
78
(4 2 2 ,4 6 9 )
(422,391)
4 1 6 ,2 4 7
915,417
393,032
1,308,449
1,308,449
55,538
(930,067)
(6,144)
433,920
(1 ,01 6 )
(167,923)
(7,160)
265,997
Sa l es of pr odu ct s (i n m et r i c t on s)
.Dom est ic m a r ket
1 3 2 ,04 0
1 6 0 ,02 4
292,064
1 3 6 ,4 9 7
8 ,5 4 4
145,041
.In t er -seg m en t a l
1 7 3 ,4 2 4
542
441,961
169,110
(1 7 3 ,9 6 6 )
-
(173,966)
437,105
Sa l es of t i m ber (i n m et r i c t on s)
.Dom est ic m a r ket
.In t er -seg m en t a l
In v est m en t s du r i n g t h e y ea r
7 4 8 ,6 9 6
1 ,8 7 3 ,6 8 6
(1 ,8 7 3 ,6 8 6 )
1,873,686
(1,873,686)
2 9 ,5 6 8
7 3 ,9 4 0
1 4 ,9 9 9
(6 0 ,7 8 9 )
(1 1 ,2 0 9 )
8 7 9 ,9 7 8
-
1 ,1 6 5
(9 1 8 )
748,696
748,696
999,650
(250,316)
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
The balance in the Corporate/eliminations column refers to the corporate unit's expenses not
apportioned among the segments, and eliminations refer to adjustments of operations between the
segments.
Information about the finance result and income tax was not disclosed in the segment reporting
because management does not utilize such data on a segmental basis, and the data is instead
managed and analyzed on a consolidated basis.
c) Information on net sales revenue
The Company's net revenue from sales to foreign customers, in the consolidated results for the
quarter ended March 31, 2016 and 2015, amounted to R$ 517,044 and R$ 393,032, respectively.
The table below shows the distribution of net revenue by country:
Con sol i da t ed
Con sol i da t ed
Fr om 1/1 t o 3/31/2016
Fr om 1/1 t o 3/31/2015
T ot a l r ev en u e
(R$ /m i l l i on )
% of t ot a l n et
r ev en u e
T ot a l r ev en u e
(R$ /m i l l i on )
% of t ot a l n et
r ev en u e
A r g en t in a
1 43
9 .8 %
Ch in a
72
4 .9 %
A r g en t in a
1 26
9 .6 %
Ch in a
77
Sin g a por e
58
5 .9 %
4 .0 %
Sin g a por e
41
3 .1 %
It a ly
T u r key
52
3 .6 %
It a ly
24
1 .8 %
21
1 .4 %
Belg iu m
11
0 .8 %
Ecu a dor
Belg iu m
20
1 .4 %
Ecu a dor
10
0 .8 %
13
0 .9 %
Colom bia
10
0 .8 %
Fr a n ce
13
0 .9 %
T u r key
0 .7 %
Mex ico
13
0 .9 %
Sou t h A fr ica
0 .7 %
Cou n t r y
Cou n t r y
Ch ile
11
0 .8 %
Fr a n ce
Oth er
1 01
6 .9 %
Oth er
517
35%
0 .7 %
67
5 .1 %
393
30%
(Unaudited)
Version: 1
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
The Company's net revenue from sales to domestic customers in the consolidated results for the
quarter ended March 31, 2016 and 2015, amounted to R$ 946,433 and R$ 915,417, respectively.
In the paper segment, in the quarter ended March 31, 2016, a single customer for cardboard
accounted for approximately 23% of the Company's net revenue, corresponding to approximately
R$ 336,600 (R$ 277,000 for the quarter ended March 31, 2015). The remaining customer base is
diluted as none of the other customers individually accounts for a material share (above 10%) of the
Company's net sales revenue.
c) Pro forma net sales revenue
As mentioned in Note 3, the Company is party to a joint venture that operates in the forestry
segment, named Florestal Vale do Corisco, which is not consolidated, and which is accounted for
using the equity accounting method, considering its share of the investment.
If the jointly-controlled investee were consolidated in the Company's financial statements, pro
forma net sales revenue for the quarter ended March 31, 2016 would be R$ 1,483,377 (R$ 1,322,000
in the quarter ended March 31, 2015).
25
a) Risk management
The Company and its subsidiaries enter into transactions involving financial instruments, all
recorded in balance sheet accounts, in order to meet their operational needs and reduce their
exposure to financial risks, mainly related to credit risks and investments of funds, market risks
(foreign exchange and interest rates) and liquidity risks, to which the Company understands that it
is exposed based on the nature of its business and operating structure.
These risks are managed through the definition of strategies prepared and approved by the
Company's management, linked to the establishment of control systems and determination of
limits. The Company does not enter into transactions involving financial instruments for speculative
purposes.
Management also carries out regular assessments of the Company's consolidated position, monitors
the financial results obtained, analyzes future projections to ensure compliance with the business
plan defined, and monitors the risks to which it is exposed.
The main risks to which the Company is exposed are described below:
Market risk
Market risk is the risk that the fair value of the future cash flow of a financial instrument will
fluctuate due to changes in market prices. In the case of the Company, market prices are affected by
two types of risk: interest rate and foreign exchange. The financial instruments affected by market
risk are financial investments, trade receivables, trade payables, loans payable, available-for-sale
instruments, and derivative financial instruments.
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
12/31/2015
1 , 0 5 7 ,7 7 1
1 ,2 6 5 , 1 1 2
4 8 7 ,3 1 8
6 1 8 ,7 7 4
(1 4 6 ,8 0 0 )
(1 5 4 ,4 0 0 )
(1 2 , 5 0 8 ,5 3 5 )
(1 2 ,3 7 6 ,0 0 0 )
(11,110,246)
(10,646,514)
The balance of this net exposure at March 31, 2016 was as follows:
Yea r
A m ou n t
2017
(8 3 8 , 6 4 6 )
2018
(1 ,7 2 1 , 9 0 0 )
2019
(1 ,8 0 6 ,1 0 0 )
2020
(1 , 6 7 8 , 4 0 0 )
2021
(1 , 3 0 0 , 3 0 0 )
2022
(1 ,0 5 8 ,5 0 0 )
2023 on wa r ds
(2 ,7 0 6 ,4 0 0 )
T ot a l
(11,110,246)
The Company did not have derivative contracts to hedge against long term foreign exchange
exposure at March 31, 2016. However, in order to hedge against this net liability exposure, the
Company has a sales plan under which the projected flow of export revenue is approximately
US$ 800 million annually and the related receipts, if realized, would exceed, or approximate, the
flow of payments of the related liabilities, offsetting the cash effect of this foreign exchange exposure
in the future.
(ii) Interest rate risk
The Company has loans indexed to the variations in the TJLP, LIBOR and the CDI and financial
investments indexed to the variations in the CDI and SELIC, which expose these assets and
liabilities to fluctuations in interest rates, as shown in the interest sensitivity analysis below. The
Company does not have derivative contracts to swap/hedge against the exposure to these market
risks.
The practice adopted by the Company in relation to interest rate risk is to continuously monitor
market interest rates in order to assess the possible need to contract derivatives to hedge against the
risk of volatility in these rates. The Company considers that the high cost associated with entering
into transactions at fixed interest rates in the Brazilian macroeconomic scenario justifies its choice
of floating rates.
The composition of the Company's interest rate risk is as follows:
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Con sol i da t ed
3/31/2016
Fin a n cia l in v est m en t s - CDI
Fin a n cia l in v est m en t s - Selic
4 , 2 3 8 ,3 7 6
12/31/2015
3 ,7 6 7 ,0 2 1
5 7 5 ,0 7 0
5 5 7 ,1 4 3
A sset exposu r e
4,813,446
4,324,164
(1 , 0 1 6 ,2 6 1 )
(1 ,1 8 1 ,1 7 9 )
(2 , 4 0 1 ,3 5 8 )
(2 ,3 8 4 ,1 5 2 )
(2 , 0 0 6 ,1 3 2 )
(1 ,9 9 6 ,6 2 4 )
Deben t u r es - IPCA
(1 , 0 1 1 ,6 8 4 )
(9 6 6 ,1 6 8 )
(6,435,435)
(6,528,123)
5 , 7 8 1 ,4 2 0
12/31/2015
5 ,4 6 5 ,4 6 6
9 8 ,5 0 0
1 4 5 ,4 0 0
5,879,920
5,610,866
(*) The Financial Treasury Bills (LFTs) are included in this group due to the low risk of the operation.
Credit risk
Credit risk is the risk that a counterparty to a transaction will not fulfill an obligation established in
a financial instrument or contract with a customer, leading to a financial loss. In addition to the
investments referred to above, the Company is exposed to credit risk in its operating activities
(mainly in connection with trade receivables).
At March 31, 2016, the maximum exposure to credit risk was the carrying amount of the trade
receivables shown in Note 6.
Credit risk in the Company's operating activities is managed based on specific rules regarding the
acceptance of customers, credit analysis and the establishment of exposure limits in respect of
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
customers, which are periodically reviewed. Overdue receivables are monitored on a regular basis to
ensure their realization.
Liquidity risk
The Company monitors the risk of shortages of funds by managing its resources through a recurring
liquidity-planning tool, so that it has funds available for the fulfillment of its obligations, mainly
concentrated on financing from financial institutions.
The table below shows the maturity of the financial liabilities contracted by the Company and
reported in the consolidated balance sheet: the amounts include principal and future interest on
transactions, calculated using the rates and indexes prevailing at March 31, 2016:
2022
T r a de pa y a bl es
Fi n a n ci n g/deben t u r es
T ot a l
2016
2017
2018
2019
2020
2021
on wa r ds
T ot a l
(6 5 3 ,4 9 7 )
(1 ,4 9 2 ,1 6 5 )
(2,145,662)
(2 ,8 7 2 ,4 6 6 )
(2,872,466)
(3 ,5 4 5 ,4 3 5 )
(3,545,435)
(3 ,0 0 7 ,8 6 8 )
(3,007,868)
(2 ,7 5 0 ,2 0 4 )
(2,750,204)
(2 ,1 4 4 ,2 0 2 )
(2,144,202)
(5 ,9 1 1 ,6 6 1 )
(5,911,661)
(653,497)
(21,724,001)
(22,377,498)
The budget projection for the coming years approved by the Board of Directors indicate that the
Company has the ability to meet these obligations.
Capital management
The Company's capital structure comprises net debt, consisting of borrowing (Note 14) and
debentures (Note 15) less cash and cash equivalents and marketable securities (Notes 4 and 5), and
equity, including the balance of issued capital and all of the constituted reserves.
The Company's net indebtedness ratio is comprised as follows:
Con sol i da t ed
Ca sh a n d ca sh equ iv a len t s a n d
m a r k et a ble secu r it ies
Bor r ow in g a n d deben t u r es
Net i n debt edn ess
Equ it y
Net i n debt edn ess r a t io
3/31/2016
12/31/2015
5 , 8 7 9 ,9 2 0
(1 7 , 8 8 8 ,6 7 8 )
(12,008,758)
5 ,6 1 0 ,8 6 6
(1 8 ,0 2 1 ,7 3 0 )
(12,410,864)
6 ,2 8 1 ,5 0 8
5 ,3 5 2 ,3 4 0
(1.91)
(2.32)
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
Con sol i da t ed
3/31/2016
12/31/2015
A sset s - l oa n s a n d r ecei v a bl es
. Ca sh a n d ca sh equ iv a len t s
. T r a de r eceiv a bles (n et of pr ov ision for
im pa ir m en t of t r a de r eceiv a bles)
. Ot h er a sset s
5 , 3 0 4 ,8 5 0
5 ,0 5 3 ,7 2 3
1 , 3 1 8 ,4 3 4
1 ,5 0 1 ,0 9 9
4 0 7 ,6 7 6
4 2 3 ,3 6 3
7,030,960
6,978,185
5 7 5 ,0 7 0
5 5 7 ,1 4 3
575,070
557,143
1 7 , 8 8 8 ,6 7 8
1 8 ,0 2 1 ,7 3 0
A sset s - a v a il a bl e for sa l e
. Ma r ket a ble secu r it ies
Lia bil it i es - a t a m or t ized cost
. Bor r ow in g a n d deben t u r es
. T r a de pa y a bles
6 5 3 ,4 9 7
7 0 2 ,1 9 9
. Ot h er pa y a bles
9 0 8 ,8 0 0
8 0 9 ,6 7 0
19,450,975
19,533,599
KLABIN S.A.
Notes to the quarterly information
at March 31, 2016
All amounts in thousands of reais unless otherwise stated
not considering the effect on the scenarios of projected export sales that, as previously mentioned,
will offset any future foreign exchange losses.
Accordingly, the table below shows a simulation of the effect of the foreign exchange variation on
the future results for the next 12 months, if all other variables remain constant:
A t 3/31/2016
US$
Scen a r io I
Ra t e
Scen a r io II
R$ ga in (l oss)
Ra t e
R$ ga in (l oss)
Scen a r io III
Ra t e
R$ ga in (l oss)
A sset s
Ca sh a n d ca sh equ iv a len t s
2 9 7 ,2 1 9
3 .5 3
(9 ,3 0 3 )
4 .4 1
2 5 2 ,9 6 3
5 .2 9
5 1 4 ,5 1 5
1 3 6 ,9 2 6
3 .5 3
(4 ,2 8 6 )
4 .4 1
1 1 6 ,5 3 7
5 .2 9
2 3 7 ,0 3 2
(4 1 ,2 4 9 )
3 .5 3
1 ,2 9 1
4 .4 1
(3 5 ,1 0 7 )
5 .2 9
(7 1 ,4 0 6 )
(3 ,5 1 4 ,7 1 9 )
3 .5 3
1 1 0 ,0 1 1
4 .4 1
(2 ,9 9 1 ,3 7 8 )
5 .2 9
(6 ,0 8 4 ,3 3 1 )
97,713
(2,656,985)
(5,404,190)
Scen a r io I
Ra t e
Scen a r io II
R$ ga i n (l oss)
Ra t e
R$ ga in (l oss)
Scen a r io III
Ra t e
R$ ga in (l oss)
CDI
4 ,2 3 8 ,3 7 6 1 3 .7 3 %
1 7 .1 6 %
1 4 5 ,4 8 2
2 0 .6 0 %
2 9 0 ,9 6 5
LFTs
Selic
5 7 5 ,0 7 0 1 4 .2 5 %
1 7 .8 1 %
2 0 ,4 8 7
2 1 .3 8 %
4 0 ,9 7 4
Fin a n cin g
Ex por t cr edit n ot es (R$)
(1 ,0 1 6 ,2 6 1 ) 1 3 .7 3 %
1 7 .1 6 %
(3 4 ,8 8 3 ) 2 0 .6 0 %
BNDES
T JLP
(2 ,4 0 1 ,3 5 8 )
7 .5 0 %
9 .3 8 %
(4 5 ,0 2 5 ) 1 1 .2 5 %
(9 0 ,0 5 1 )
Deben t u r es
IPCA
(1 ,0 1 1 ,6 8 4 )
9 .3 6 %
(4 ,3 5 0 ) 1 2 .2 4 %
(2 9 ,1 1 1 ) 1 4 .6 9 %
(5 3 ,8 7 2 )
Ex por t pr epa y m en t s
Libor
(5 ,3 9 1 ,0 0 0 )
0 .9 0 %
(1 2 ,2 7 4 )
(2 4 ,4 2 9 )
CDI
(1 1 9 )
(4,469)
1 .1 3 %
44,676
1 .3 5 %
(6 9 ,7 6 6 )
93,821
DISCLOSURE OF EBITDA
Pursuant to CVM Instruction 527/12, the Company has opted for the voluntary disclosure of nonfinancial information, as additional information included in its quarterly information, and presents
EBITDA for the quarters ended March 31, 2016 and 2015.
In general terms, EBITDA represents the Company's operational generation of cash, corresponding
to the funds generated by the Company through its operating activities only, without financial
effects or taxes. It is important to note that this does not represent the cash flows for the periods
presented, and it must not be considered as a basis for the distribution of dividends, as an
alternative to profit or loss, nor as an indication of liquidity.
Con sol i da t ed
(=)
(+)
EBITDA
Fr om 1/1 t o
Fr om 1/1 t o
3/31/2016
3/31/2015
1 ,0 7 3 ,5 1 2
2 5 8 ,6 2 5
(1 ,0 1 2 ,6 3 0 )
(7 2 8 ,5 6 6 )
(3 9 0 ,0 4 8 )
1 ,3 8 4 , 6 1 1
2 5 0 ,7 7 9
2 5 0,3 1 6
570,286
516,313
(5 5 ,5 3 8 )
(7 ,0 9 4 )
(7 ,5 3 5 )
1 2 ,4 04
8 ,1 6 7
Adjusted EBITDA
512,149
461,407
(Unaudited)
Version: 1
ON
PN
TOTAL
941,837,080
50.93%
0%
941,837,080
19.90%
142,023,010
7.68%
0%
142,023,010
3.00%
60,986,000
3.30%
243,944,000
8.46%
304,930,000
6.44%
58,901,546
3.19%
235,606,184
8.17%
294,507,730
6.22%
58,127,972
3.14%
232,543,338
8.06%
290,671,310
6.14%
42,573,128
2.30%
170,292,512
5.90%
212,865,640
4.50%
Treasury shares
30,323,300
1.64%
121,293,200
4.21%
151,616,500
3.20%
Other (**)
514,497,714
27.82%
1,880,228,331
65.20%
2,394,726,045
50.59%
1,849,269,750
100%
2,883,907,565
100%
4,733,177,315
100%
TOTAL
(Unaudited)
Version: 1
SHARES
ON
% Total
215,059,063
50.00
215,059,063
50.00
430,118,126
100.00
SHARES
ON
% Total
223,510,726
99.9999
344
0.0001
223,511,070
100.0000
SHARES
ON
% Total
981,094,312
99.9999
688
0.0001
981,095,000
100.0000
ON
PN
2,943,151
33.33
2,943,151
33.33
2,943,151
8,829,453
33.34
100.00
ON
4,233,864
%
99.99991
17,658,895
12
17,658,907
TOTAL
99.99993
0.00007
17,658,895
12
2,943,151
66.66662
0.00005
11.11111
2,943,151
11.11111
2,943,151
26,488,360
11.11111
100.00000
TOTAL
12,701,590
%
99.99992
100.00000
CONTROLLING STOCKHOLDER/
INVESTOR:
GL Holdings S.A.
SHARES
STOCKHOLDERS
Graziela Lafer Galvo
Other
TOTAL
PN
8,467,726
%
99.99993
0.00009
0.00007
4,233,868
100.00000
8,467,732
100.00000
10
12,701,600
0.00008
100.00000
ON
Israel Klabin
Alberto Klabin (*)
Leonardo Klabin (*)
PN
1,287,625
90.0520
TOTAL
1,287,625
%
38.198
323,502
323,502
16.6664
16.6664
23,707
23,707
1.6580
1.6580
347,209
347,209
10.300
10.300
323,502
16.6664
23,707
1.6580
347,209
10.300
323,502
323,502
323,502
16.6664
16.6664
16.6664
23,707
23,707
23,707
1.6580
1.6580
1.6580
347,209
347,209
347,209
10.300
10.300
10.300
32
1,941,044
0.0016
100.0000
1,429,867
100.0000
32
3,370,911
0.001
100.0000
(*) Shares subject to rights to use, with the beneficiary Israel Klabin having voting rights.
(Unaudited)
Version: 1
CONTROLLING STOCKHOLDER/INVESTOR:
DAWOJOBE Participaes S.A.
SHARES
STOCKHOLDERS
ON
%
Armando Klabin
4
0.20
Wolff Klabin (*)
516
24.95
Daniela Klabin (*)
516
24.95
Bernardo Klabin (*)
516
24.95
Jos Klabin (*)
516
24.95
TOTAL
2,068
100.00
(*) Shares subject to rights to use, with the beneficiary Armando Klabin having voting rights.
CONTROLLING STOCKHOLDER/INVESTOR:
ESLI Participaes S.A. (*)
SHARES
STOCKHOLDERS
ON
% Total
Cristina Levine Martins Xavier
5,891,253
33.3333
Regina Klabin Xavier
5,891,253
33.3333
Roberto Klabin Martins Xavier
5,891,254
33.3334
TOTAL
17,673,760 100.0000
(*) Special Contract for the Donation of Shares with Reserved Right to Use to Lilia K.Levine, on
December 22, 2010.
CONTROLLING STOCKHOLDER/INVESTOR:
LKL Participaes S.A.(*)
SHARES
STOCKHOLDERS
ON
% Total
Cristina Levine Martins Xavier
5,977,833
33.3333
Regina Klabin Xavier
5,977,833
33.3333
Roberto Klabin Martins Xavier
5,977,834
33.3334
TOTAL
17,933,500 100.0000
(*) Special Contract for the Donation of Shares with Reserved Right to Use to Lilia K.Levine, on
December 22, 2010.
CONTROLLING STOCKHOLDER/INVESTOR:
NIBLAK PARTICIPAES S.A.
SHARES
ON
% Total
3,038,036
12.521
3,038,035
12.521
3,038,061
12.521
2,686,869
11.074
2,686,869
11.074
2,562,686
10.562
124,183
0.512
4,050,722
16.695
3,038,061
12.520
24,263,522
100.000
STOCKHOLDERS
Miguel Lafer Part. S.A.
VFV Participaes S.A.
GL Holdings S.A.
Glimdas Participaes S.A.
Daro Participaes S.A.
Dawojobe Partic. S.A.
Armando Klabin
Esli Participaes S.A.
Pedro Franco Piva
TOTAL
3
CHANGES IN THE OWNERSHIP STRUCTURE
In the presentation of the number of shares described below, for the whole period, the Company
considered the stock split approved at the Meeting held on March 10, 2016, establishing the division
of each unit share into five of the same class and type.
M a rc h 3 1, 2 0 15
S TO C KH O LD E R S
T ype
S to c kho lde rs
M e m be rs o f the
B o a rd o f Dire c to rs
M e m be rs o f the
Exe c utive Bo a rd
M e m be rs o f the
S ta tuto ry Audit B o a rd
N um be r o f
s ha re s
C h a ng e s
P urc h a s e /
S u b s c ript io n
M a rc h 3 1, 2 0 16
New
in v e s t o rs
S a le
C o rp o ra t e
c ha nge s *
Wit hd ra wa ls
N um be r o f
s h a re s
C ha nge
%
ON
1,263,554,735
68.35
-2,266,450
-3,412,575
1,257,875,710
68.02 -
0.45
PN
446,647,965
15.50
4,190,484
-26,546,584
424,291,865
14.71 -
5.01
ON
41,509,996
2.25
1,300,000
-115500
42,694,496
2.31
2.85
PN
165,322,544
5.74
1,200,000
-462000
166,060,544
5.76
0.45
ON
3,116,500
0.17
428190
-461,200
3,083,490
PN
12,466,000
0.43
1712760
-1,844,800
12,333,960
0.17
0.43 -
1.06
ON
7,050
0.00
PN
25,300
0.00
7,050
0.00
25,300
0.00
ON
30,158,000
1.63
165300
30,323,300
1.64
PN
120,632,000
4.19
661200
121,293,200
4.21
0.55
ON
510,245,919
27.60
372,960
3,989,275
677,550
515,285,704
27.86
0.99
PN
2,136,103,556
74.14
-7,764,444
28,853,384
2,710,200
2,159,902,696
74.90
1.11
ON
1,8 4 8 ,5 9 2 ,2 0 0
10 0 .0 0
6 7 7 ,5 5 0
1,8 4 9 ,2 6 9 ,7 5 0
10 0 .0 0
0 .0 4
PN
2 ,8 8 1,19 7 ,3 6 5
10 0 .0 0
2 ,7 10 ,2 0 0
2 ,8 8 3 ,9 0 7 ,5 6 5
10 0 .0 0
0 .0 9
Tre as ury s ha re s
To tal
(*) Shares subject to rights to use, with the beneficiary Israel Klabin having voting rights.
S H A R ES
STO C KHO LDERS
Stockholders
Members of the Board of Directors
Members of the Executive Board
ON
Other stockholders
Total
PN
Total
1,257,875,710
68.02
42,694,496
2.31
166,060,544
5.76
208,755,040
4.41
3,083,490
0.17
12,333,960
0.43
15,417,450
0.33
7,050
0.00
25,300
0.00
32,350
0.00
30,323,300
1.64
121,293,200
4.21
151,616,500
3.20
515,285,704
27.86 2,159,902,696
1,849,269,750
100 2,883,907,565
100
At 3/31/2015
S H A R ES
STO C KHO LDERS
Stockholders
Members of the Board of Directors
Members of the Executive Board
ON
Other stockholders
Total
PN
Total
1,263,554,735
79.76
41,509,996
2.62
165,322,544
5.50
206,832,540
4.51
3,116,500
0.20
12,466,000
0.41
15,582,500
0.34
7,050
0.00
25,300
0.00
32,350
0.00
30,158,000
1.90
120,632,000
4.02
150,790,000
3.29
245,791,534
15.52 2,259,184,856
1,584,137,815
100 3,004,278,665
OTHER INFORMATION
100
(Unaudited)
Version: 1
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of Klabin S.A
("Company"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2016, comprising the
balance sheet at March 31, 2016 and the respective statements of operations, comprehensive income (loss) , changes in equity
and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory
information.
Management is responsible for the preparation of the parent company and 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), as well as the presentation of this information in accordance with the standards issued
by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). 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 interim information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and
consolidated interim accounting information included in the quarterly information referred to above has not been prepared,
in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and
presented in accordance with the standards issued by the CVM.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the quarter ended March 31, 2016.
These statements are the responsibility of the Company's management, and are required to be presented in accordance with
standards issued by the CVM applicable to the preparation of Quarterly Information (ITR), and are considered supplementary
information under IFRS, which do not require the presentation of the statement of value added. These statements have 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 they have not been prepared, in all material respects, in a manner consistent with the parent
company and consolidated interim accounting information taken as a whole.
So Paulo, April 27, 2016
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5