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1Q15 Results Presentation
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Disclaimer
Certain statements in this presentation may constitute
projections or forward-looking statements. Such statements are
subject to known and unknown risks and uncertainties that could
cause the expectations expressed to not materialize or the
actual results to differ materially from the expected results.
These risks include changes in future demand for the
Company’s products, changes in factors that affect domestic
and international product prices, changes in cost structures,
changes in the seasonality of markets, pricing actions by
competitors, foreign currency fluctuations and changes in the
political and economic environments in Brazil, in emerging
markets or internationally.
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1Q15 Highlights
Adjusted EBITDA LTM (R$ million) and Adjusted EBITDA Margin (%)
32.9%
32.7%
32.1%
33.8%
36.1%
2,895
2,452
1,944
Mar/14
2,057
Jun/14
2,169
Sep/14
Dec/14
Mar/15
 1Q15 record-high adjusted EBITDA − R$ 932 million, margin of 43.4%
 Increase in pulp sales volume of 84.2% vs 1Q14
 Leverage reduction: 3.9x net debt/ adjusted EBITDA vs 4.1x in 4Q14
 Consolidated cash cost reduction of 10.8% vs 1Q14
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Pulp
Sales (‘000 tons)
Production (‘000 tons)
2,982
602
3,176
857
796
1Q14 1Q15 2014
2,850
3,242
465
LTM1
1Q14 1Q15 2014
LTM1
Note: (1) last twelve months ended on 3/31/2015
 1Q15 Production: +32.2% vs 1Q14
 1Q15 Sales Volume: +84.2% vs 1Q14
 Increase in pulp prices in Dollars implemented over 1Q15 and positive
impact from Real depreciation
 Announced list price: US$790/ton in Europe; US$680/ton in Asia and
US$900/ton in North America
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Paper
Sales (‘000 tons)
Production (‘000 tons)
1,322 1,292
1,301 1,286
321
306
1Q14 1Q15 2014
289
LTM1
258
1Q14 1Q15 2014
LTM1
Note: (1) last twelve months ended on 3/31/2015
 Domestic market sales volume reduction : -12.9% vs 1Q14
 Paper average net price: +10.6% vs 1Q14
Market performance in 1Q15 below expectations
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Operating Performance
Record-High Net Revenue LTM of R$ 8.0 billion
COGS LTM ¹ (R$/ton)
Net Revenues LTM¹ (R$ million)
5,914 6,289
6,748
7,265
8,012
1,327 1,328
1,293 1,284
1,265
Mar/14 Jun/14
R$/US$
average
2.25
Sep/14 Dec/14 Mar/15
2.29
2.29
2.35
Sales Expenses / Net Revenue LTM 1 (%)
4.4%
6.1%
5.7%
Mar/14 Jun/14
5.4%
Sep/14 Dec/14 Mar/15
2.48
Adm. Expenses / Net Revenue LTM ¹ (%)
6.4%
Mar/14 Jun/14
4.3%
4.2%
4.0%
5.1%
Sep/14 Dec/14 Mar/15
4.1%
Mar/14 Jun/14
Sep/14 Dec/14 Mar/15
Note: (1) last twelve months
Operational efficiency and discipline on costs
and expenses
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Operating Performance
First maintenance downtime in Imperatriz Unit successfully
completed
Cash Cost1 (R$/ton)
629
8
561
(49)
1Q14
Cash Cost1 (R$/ton)
Wood Chemicals
484
(27)
FC
1Q15
4Q14
31
Wood
46
Chemicals
561
0
FC
1Q15
Note: (1) Ex-maintenance downtime
 Lower availability of energy for sale due to Imperatriz Unit downtime
 Higher wood cost: supply mix and average distance
Cost reduction driven by operation in
Maranhão
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Debt
Net Debt/Adjusted EBITDA* (x)
4.8x
4.5x
4.5x
4.1x
Mar/14
Jun/14
Sep/14
Dec/14
3.9x
Mar/15
Note: *Excludes non-recurring items
 Net debt of R$11.4 billion, an equivalent amount of US$3.6 billion
(-13.9% in USD vs 1Q14)
 Gross debt negatively impacted by mark to market of
foreign-denominated debt
 Continuous focus on debt profile improvement (Liability
Management)
Strong focus on deleveraging: higher EBITDA
and cash generation
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1Q15 Capex
R$192M
R$8M
R$423M
Others
1Q15
Capex
R$223M
Sustain
Retrofitting
 New digester at Suzano Unit is expected to start up in May as the
mill restarts from scheduled maintenance downtime
2015 estimated capex: R$ 1.52 billion, of which
R$ 1.1 billion is maintenance capex
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Operational Cash Generation
Operational Cash Generation LTM¹ (R$ million)
2,895
1,718
Adjusted
EBITDA
Nota: (1) last twelve months
(1,027)
(150)
Sustain
Capex
Working
Capital
Operational
Cash
Generation
Continuous search for maximizing operational
cash generation
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Maximizing the Asset Base
Value
Structural Competitiveness
Preference for adjacent business and
consolidation vs organic growth
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