Balanco Finance I

Demonstraes Financeiras 2011
Financial Statements 2011
Relatrio dos auditores independentes sobre as demonstraes financeiras

Demonstraes financeiras em 31 de dezembro de 2011 e relatrio dos auditores independentes Aos Administradores e Acionistas Celulose Nipo-Brasileira S.A. - CENIBRA Examinamos as demonstraes financeiras individuais da Celulose Nipo-Brasileira S.A. - CENIBRA (a Companhia) que compreendem o balano patrimonial em 31 de dezembro de 2011 e as respectivas demonstraes do resultado, das mutaes do patrimnio lquido e dos fluxos de caixa para o exerccio findo nessa data, bem como as demonstraes financeiras consolidadas da Celulose Nipo-Brasileira S.A. - CENIBRA e suas controladas (Consolidado) que compreendem o balano patrimonial consolidado em 31 de dezembro de 2011 e as respectivas demonstraes consolidadas do resultado, das mutaes do patrimnio lquido e dos fluxos de caixa para o exerccio findo nessa data, assim como o resumo das principais polticas contbeis e as demais notas explicativas.
Responsabilidade da administrao sobre as demonstraes financeiras

A Administrao da Companhia responsvel pela elaborao e adequada apresentao dessas demonstraes financeiras de acordo com as prticas contbeis adotadas no Brasil e pelos controles internos que ela determinou como necessrios para permitir a elaborao de demonstraes financeiras livres de distoro relevante, independentemente se causada por fraude ou por erro.
Demonstraes Financeiras
Relatrio de Sustentabilidade 2011
Responsabilidade dos auditores independentes

Nossa responsabilidade a de expressar uma opinio sobre essas demonstraes financeiras com base em nossa auditoria, conduzida de acordo com as normas brasileiras e internacionais de auditoria. Essas normas requerem o cumprimento de exigncias ticas pelo auditor e que a auditoria seja planejada e executada com o objetivo de obter segurana razovel de que as demonstraes financeiras esto livres de distoro relevante. Uma auditoria envolve a execuo de procedimentos selecionados para obteno de evidncia a respeito dos valores e das divulgaes apresentados nas demonstraes financeiras. Os procedimentos selecionados dependem do julgamento do auditor, incluindo a avaliao dos riscos de distoro relevante nas demonstraes financeiras, independentemente se causada por fraude ou por erro. Nessa avaliao de riscos, o auditor considera os controles internos relevantes para a elaborao e adequada apresentao das demonstraes financeiras da Companhia para planejar os procedimentos de auditoria que so apropriados nas circunstncias, mas no para expressar uma opinio sobre a eficcia desses controles internos da Companhia. Uma auditoria inclui tambm a avaliao da adequao das polticas contbeis utilizadas e a razoabilidade das estimativas contbeis feitas pela administrao, bem como a avaliao da apresentao das demonstraes financeiras tomadas em conjunto. Acreditamos que a evidncia de auditoria obtida suficiente e apropriada para fundamentar nossa opinio.
ndice
Balanos patrimoniais...................................................................................................................................................................... 6 Demonstrao do resultado............................................................................................................................................................ 7 Demonstrao das mutaes do patrimnio lquido..................................................................................................................... 8 Demonstraes dos fluxos de caixa................................................................................................................................................ 10
Notas explicativas da administrao s demonstraes financeiras

1. 2. 3. Contexto operacional.............................................................................................................................................................. 11 Apresentao das demonstraes financeiras..................................................................................................................... 11 Principais prticas contbeis.................................................................................................................................................. 11 a. Moeda funcional e converso das demonstraes financeiras.................................................................................... 11 b. Caixa e equivalentes de caixa.......................................................................................................................................... 12 c. Ativos e passivos financeiros........................................................................................................................................... 12 d. Contas a receber de clientes............................................................................................................................................ 13 e. Estoques............................................................................................................................................................................ 13 f. Investimentos (Controladora).......................................................................................................................................... 13 g. Imobilizado........................................................................................................................................................................ 13 h. Intangvel........................................................................................................................................................................... 14 i. Ativos biolgicos.............................................................................................................................................................. 14 j. Ativos mantidos para venda............................................................................................................................................ 14 k. Demais ativos circulantes e no circulantes................................................................................................................... 14 l. Provises........................................................................................................................................................................... 14 m. Imposto de renda e contribuio social......................................................................................................................... 14 n. Juros sobre capital prprio............................................................................................................................................... 14 o. Reconhecimento de receita............................................................................................................................................. 15 p. Lucro por ao.................................................................................................................................................................. 15 q. Benefcios a empregados e plano de previdncia privada............................................................................................ 15 r. Novos pronunciamentos tcnicos, revises e interpretaes...................................................................................... 15 Uso de estimativas.................................................................................................................................................................. 15 Consolidao das demonstraes financeiras...................................................................................................................... 16 Reapresentao das cifras comparativas.............................................................................................................................. 16 Caixa e equivalentes de caixa................................................................................................................................................. 19 Contas a receber...................................................................................................................................................................... 20 Estoques.................................................................................................................................................................................. 20 Impostos a recuperar.............................................................................................................................................................. 21 Ativos classificados como mantidos para venda.................................................................................................................. 21 Investimentos em controladas e coligadas e outros............................................................................................................ 22 Saldos e transaes com partes relacionadas...................................................................................................................... 23 Imobilizado.............................................................................................................................................................................. 24 Intangvel................................................................................................................................................................................. 26 Ativos biolgicos..................................................................................................................................................................... 26 Fornecedores........................................................................................................................................................................... 28 Emprstimos e financiamentos............................................................................................................................................. 28 Impostos a recolher................................................................................................................................................................. 29 Imposto de renda e contribuio social diferidos................................................................................................................. 29 Provises para contingncias................................................................................................................................................. 31 Patrimnio lquido................................................................................................................................................................... 33 Receitas.................................................................................................................................................................................... 33 Informaes sobre a natureza das despesas reconhecidas na demonstrao do resultado............................................ 34 Resultado financeiro, lquido.................................................................................................................................................. 34 Benefcios a empregados....................................................................................................................................................... 35 Cobertura de seguros.............................................................................................................................................................. 35 Instrumentos financeiros........................................................................................................................................................ 35 Eventos subsequentes............................................................................................................................................................ 37 Aprovao das demonstraes financeiras........................................................................................................................... 37
Opinio
Em nossa opinio, as demonstraes financeiras acima referidas apresentam adequadamente, em todos os aspectos relevantes, a posio patrimonial e financeira da Celulose Nipo-Brasileira S.A. - CENIBRA e da Celulose Nipo-Brasileira S.A. - CENIBRA e suas controladas em 31 de dezembro de 2011, o desempenho de suas operaes e os seus fluxos de caixa, bem como o desempenho consolidado de suas operaes e os seus fluxos de caixa consolidados para o exerccio findo nessa data, de acordo com as prticas contbeis adotadas no Brasil.
nfase
Chamamos ateno para a nota explicativa 13 s demonstraes financeiras, que descreve que a Companhia mantm saldos e realiza transaes com sua controladora e outras partes relacionadas em montantes significativos em relao sua posio patrimonial e financeira e aos resultados de suas operaes. Nossa opinio no est ressalvada em relao a esse assunto.
Outros assuntos - Valores correspondentes ao exerccio anterior

O exame das demonstraes financeiras em 1 de janeiro e 31 de dezembro de 2010 e para o exerccio findo em 31 de dezembro de 2010, apresentadas para fins de comparao e preparadas originalmente antes dos ajustes descritos na nota de n 6, foi conduzido sob a responsabilidade de outros auditores independentes, que emitiram relatrio de auditoria com data de 4 de maro de 2011, sem ressalvas. Como parte de nosso exame das demonstraes financeiras do exerccio findo em 31 de dezembro de 2011, examinamos tambm os ajustes descritos na nota de n 6, que foram efetuados para alterar as demonstraes financeiras em 1 de janeiro e 31 de dezembro de 2010. Em nossa opinio, tais ajustes so apropriados e foram corretamente efetuados. No fomos contratados para auditar, revisar ou aplicar quaisquer outros procedimentos sobre as demonstraes financeiras da Companhia referentes ao exerccio findo em 31 de dezembro de 2010 e, portanto, no expressamos opinio ou qualquer forma de assegurao sobre as demonstraes financeiras de 2010 tomadas em conjunto. Belo Horizonte, 2 de abril de 2012 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 F MG Carlos Augusto da Silva Contador CRC 1SP197007/O-2 S MG
4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.
Balanos patrimoniais levantados em 31 de dezembro de 2011 e 31 de dezembro de 2010 (Em milhares de reais)
Controladora
ATIVO CIRCULANTE Caixa e equivalentes de caixa Contas a receber Estoques Impostos a recuperar Ativos classificados como mantidos para venda Outros crditos Total do ativo circulante NO CIRCULANTE Impostos a recuperar Outros ativos de longo prazo Investimentos em controladas e coligadas e outros Imobilizado Intangvel Ativos biolgicos Total do ativo no circulante TOTAL ATIVO 12 14 15 16 10 42.645 609 33.837 895.527 5.107 973.911 1.951.636 2.549.030 43.634 1.867 22.600 778.458 5.269 724.100 1.575.928 2.193.609 43.262 1.867 32.736 817.459 6.221 694.950 1.596.495 2.319.461 42.645 609 31.384 909.417 5.179 973.911 1.963.145 2.516.094 43.634 1.867 21.404 788.039 5.306 724.100 1.584.350 2.178.552 43.262 1.867 22.906 821.534 6.285 694.950 1.590.804 2.325.373 7 8 9 10 11 78.562 303.913 145.240 34.959 870 33.850 597.394 59.207 336.469 137.925 49.881 771 33.428 617.681 129.973 300.764 150.365 101.662 1.333 38.869 722.966 83.624 199.223 209.294 34.959 870 24.979 552.949 109.014 218.979 186.481 49.881 771 29.076 594.202 165.517 236.700 192.027 101.662 1.333 37.330 734.569
Demonstrao do Resultado - Exerccios findos em 31 de dezembro de 2011 e de 2010 (Em milhares de reais, exceto lucro lquido por ao)
Controladora Consolidado 31/12/2011
1.219.355 202.651 (884.518) 537.488 (157.146) (70.082) 4.510 (23.393) 12.865 10.077 17.991 (205.178) 332.310 (66.569) (69.069) (135.638) 196.672 1,06
Consolidado 31/12/2010 01/01/2010

RECEITA OPERACIONAL LQUIDA Variao do valor justo dos ativos biolgicos CUSTOS DOS PRODUTOS VENDIDOS LUCRO BRUTO RECEITAS (DESPESAS) OPERACIONAIS Com vendas Gerais e administrativas Participaes em Companhias controladas e coligadas Despesas financeiras Receitas financeiras Ganho (perda) lquido(a) na converso de itens monetrios Outras receitas operacionais, lquidas LUCRO ANTES DO IMPOSTO DE RENDA E DA CONTRIBUIO SOCIAL IMPOSTO DE RENDA E CONTRIBUIO SOCIAL Corrente Diferido 20 (c) LUCRO LQUIDO DO EXERCCIO Lucro lquido por ao do capital social no fim do exerccio (Bsico e Diludo em R$) (65.845) (69.069) (134.914) 196.672 1,06 (61.591) (11.087) (72.678) 315.368 1,70 (61.842) (11.087) (72.929) 315.368 1,70 24 24 12 25 25 25 24 (136.881) (67.762) (12.082) (22.813) 12.861 10.189 15.607 (200.881) 331.586 (159.813) (77.380) (34.665) (31.889) 6.622 (10.546) (24) (307.695) 388.046 (191.270) (79.311) 4.326 (32.857) 6.628 (10.991) 2.750 (300.725) 388.297
Nota explicativa 31/12/2011 31/12/2010 01/01/2010 31/12/2011
Nota explicativa
23 16 (b) 24
31/12/2011
1.214.021 202.651 (884.205) 532.467
31/12/2010
1.424.890 72.509 (801.658) 695.741
31/12/2010
1.409.621 72.509 (793.108) 689.022
Controladora
PASSIVO E PATRIMNIO LQUIDO CIRCULANTE Fornecedores Emprstimos e financiamentos Salrios, provises e contribuies sociais Impostos a recolher Juros sobre capital prprio a pagar Transaes com controladas, coligadas e outros Outras obrigaes Total do passivo circulante PASSIVO NO CIRCULANTE Emprstimos e financiamentos Imposto de renda e contribuio social diferidos Provises para contingncias Outras obrigaes Total do passivo no circulante PATRIMNIO LQUIDO Capital social Reservas de capital Reserva de lucros Outros Resultados Abrangentes Total do patrimnio lquido TOTAL PASSIVO E DO PATRIMNIO 22 185.448 131.947 980.511 (7.760) 1.290.146 2.549.030 185.448 131.947 799.774 (55.497) 1.061.672 2.193.609 185.448 131.947 638.063 (41.384) 914.074 2.319.461 185.448 131.947 980.511 (7.760) 1.290.146 2.516.094 185.448 131.947 799.774 (55.497) 1.061.672 2.178.552 18 20 21 467.729 107.230 94.578 219 669.756 469.631 50.944 92.252 557 613.384 693.127 56.798 78.855 926 829.706 468.411 106.598 94.578 219 669.806 471.855 50.151 92.252 557 614.815 13 19 17 18 67.730 309.312 25.943 16.538 106.240 45.332 18.033 589.128 64.083 252.500 26.959 23.872 104.682 30.529 15.928 518.553 50.219 377.245 23.686 18.206 91.536 14.789 575.681 76.686 310.854 27.156 17.292 106.240 17.914 556.142 75.075 254.600 27.521 24.480 104.682 15.707 502.065
Consolidado
31/12/2011 31/12/2010 01/01/2010
57.601 377.914 24.053 18.566 91.536 11.938 581.608 693.779 56.131 78.855 926 829.691 185.448 131.947 638.063 (41.384) 914.074 2.325.373
Nota explicativa 31/12/2011 31/12/2010 01/01/2010
As notas explicativas da Administrao so parte integrante das demonstraes financeiras .
Demonstrao das Mutaes do Patrimnio Lquido (Em milhares de reais) Reservas de capital Correo monetria Nota explicativa
EM 01 DE JANEIRO DE 2010 Ajuste de exerccios anteriores EM 01 DE JANEIRO DE 2010 - AJUSTADO Lucro lquido do exerccio: Juros sobre capital prprio AGO de 30 de setembro de 2010 (R$0,57 por ao) Juros sobre capital prprio AGE de 31 de dezembro de 2010 (R$0,08 por ao) Ajustes de converso para moeda de reporte no exerccio Reserva de lucro a realizar - ativos biolgicos Transferncia para reserva estatutria EM 31 DE DEZEMBRO DE 2010 - AJUSTADO Lucro lquido do exerccio: Juros sobre capital prprio AGE de 31 de maro de 2011 (R$0,10 por ao) Juros sobre capital prprio AGO de 30 de junho de 2011 (R$0,10 por ao) Juros sobre capital prprio AGO de 30 de setembro de 2011 (R$0,09 por ao) Juros sobre capital prprio AGO de 31 de dezembro de 2011 (R$0,10 por ao) Dividendos AGO de 31 de maro de 2011 (R$0,05 por ao) Ajustes de converso para moeda de reporte no exerccio Reserva de lucro a realizar - ativos biolgicos Transferncia para reserva estatutria EM 31 DE DEZEMBRO DE 2011 22 22 6
Exerccios findos em 31 de dezembro de 2011 e de 2010

Reservas de lucros Outros Resultados Abrangentes
(41.384) (41.384) (14.113) (55.497) 47.737 (7.760)
Capital social
185.448 185.448 185.448 185.448
Especial Lei 8.200/91

82.918 82.918 82.918 82.918
Para De aumento Incentivos orestas de capital fiscais

17.736 17.736 17.736 17.736 26.518 26.518 26.518 26.518 4.775 4.775 4.775 4.775
Legal
37.090 37.090 37.090 37.090
Estatutria
439.341 12.049 451.390 (105.000) (14.636) (51.783) 335.204 615.175 (18.321) (18.605) (16.026) (18.214) (10.000) 196.672 730.681
Especial
328.275 (178.692) 149.583 (2.074) 147.509 65.231 212.740
Lucros acumulados
315.368 19.836 (335.204) 196.672 (196.672) -
Total
1.080.717 (166.643) 914.074 315.368 (105.000) (14.636) (14.113) (34.021) 1.061.672 196.672 (18.321) (18.605) (16.026) (18.214) (10.000) 47.737 65.231 1.290.146
As notas explicativas da Administrao so parte integrante das demonstraes financeiras.
Demonstraes dos Fluxos de Caixa Mtodo indireto Exerccios findos em 31 de dezembro de 2011 e de 2010
(Em milhares de reais) Controladora 31/12/11
FLUXO DE CAIXA DAS ATIVIDADES OPERACIONAIS Lucro lquido do exerccio Ajustes para reconciliar o lucro lquido do perodo com o caixa gerado pelas atividades operacionais: Depreciao e amortizao Variao valor justo - ativos biolgicos Exausto de ativos biolgicos Equivalncia patrimonial Ganho na venda de ativo imobilizado e intangvel Encargos financeiros e variao cambial sobre financiamentos, emprstimos e obrigaes fiscais Provises fiscais, previdencirias, trabalhistas e cveis Imposto de renda e contribuio social diferidos Ajuste de converso - Itens monetrios Reduo nos ativos operacionais: Contas a receber de clientes Estoques Impostos a recuperar Crditos diversos Aumento (reduo) nos passivos operacionais: Fornecedores Impostos a recolher Salrios, provises e encargos sociais Outras obrigaes e contas a pagar Juros pagos Efeitos da converso Caixa lquido gerado pelas atividades operacionais FLUXO DE CAIXA DAS ATIVIDADES DE INVESTIMENTO Aquisio de imobilizado e diferido Aumento de capital em controlada (Portocel) Caixa lquido aplicado nas atividades de investimento FLUXO DE CAIXA DAS ATIVIDADES DE FINANCIAMENTO Captao de financiamentos - terceiros Pagamento de financiamentos Pagamento de dividendos e juros sobre o capital prprio Caixa lquido aplicado nas atividades de financiamento AUMENTO LQUIDO DO SALDO DE DISPONIBILIDADES AJUSTE DE CONVERSO DE CAIXA E EQUIVALENTES DE CAIXA Disponibilidades no incio do exerccio Disponibilidades no fim do exerccio 212.530 (242.233) (70.713) (100.416) 31.791 (12.436) 59.207 78.562 107.007 (426.959) (91.479) (411.431) (74.143) 3.377 129.973 59.207 212.530 (244.686) (70.713) (102.869) (12.887) (12.503) 109.014 83.624 113.153 (430.719) (91.479) (409.045) (59.355) 2.852 165.517 109.014 (186.255) 2.921 (183.334) (143.034) (143.034) (195.574) 2.921 (192.653) (150.195) (150.195) 13.241 (3.094) 3.396 11.028 (26.771) (2.388) 315.541 13.733 153 30.633 1.523 (32.387) (70.121) 480.322 11.190 (2.948) 4.047 11.130 (27.226) 4.542 282.635 17.364 1.491 1.645 4.237 (34.406) (3.958) 499.885 57.983 (7.315) (15.252) (1.637) (47.216) 12.440 64.277 3.123 45.152 (22.813) (15.252) 2.882 (1.242) 5.546 36.397 4.412 40.193 (202.651) 154.649 12.082 (2.651) 19.809 9.367 69.069 (10.189) 43.233 (72.508) 129.569 34.665 3.014 28.199 991 11.087 10.546 40.193 (202.651) 154.649 (4.510) (1.399) 20.618 9.367 69.069 (10.077) 43.233 (72.508) 129.569 (4.326) 4.857 29.137 991 11.087 10.991 196.672 315.368 196.672 315.368
Notas explicativas da Administrao s demonstraes financeiras para o exerccio findo em 31 de dezembro de 2011
(Em milhares de reais, exceto quando indicado de outra forma)
Consolidado 31/12/11 31/12/10
Contexto operacional
A Celulose Nipo-Brasileira S.A. - CENIBRA (Companhia ou CENIBRA) tem como atividade preponderante a fabricao de celulose, por meio da utilizao de madeira de eucalipto colhida de florestas prprias, cujos servios de plantio, manuteno e colheita so prestados por empresas contratadas e madeiras adquiridas de terceiros. A CENIBRA est domiciliada no Brasil e sua sede est localizada em Belo Oriente, Minas Gerais. Com o objetivo de apoiar a exportao de seus produtos, foi constituda a controlada Cenibra Internacional - Servios e Comrcio (Sociedade Unipessoal) Lda., com sede na Ilha da Madeira, tendo como subsidirias integrais as empresas Cenibra Trading Ltd, sediada nas Ilhas Cayman, e Cenibra Inc, sediada nos Estados Unidos da Amrica. A Companhia, com o intuito de aperfeioar a logstica da planta industrial, constituiu a Cenibra Logstica Ltda.. A Companhia tambm participa com 49% do capital da Portocel - Terminal Especializado de Barra do Riacho S.A. (Portocel). Com exceo da empresa Portocel - Terminal Especializado de Barra do Riacho S.A., que contabilizada pelo mtodo de equivalncia patrimonial, todas as investidas so consolidadas e os critrios de consolidao esto descritos na nota explicativa n 5.
31/12/10
Apresentao das demonstraes financeiras

As demonstraes financeiras individuais da CENIBRA, aqui apresentadas sob o ttulo de Controladora, e as demonstraes financeiras consolidadas, aqui apresentadas sob o ttulo de Consolidado, foram elaboradas e esto apresentadas em conformidade com as prticas contbeis adotadas no Brasil e com observncia s disposies contidas na Lei das Sociedades por Aes e incorporam as alteraes nas prticas contbeis promovidas pelas Leis n 11.638/07 e n 11.941/09, abrangendo os Pronunciamentos, Interpretaes e Orientaes emitidos pelo Comit de Pronunciamentos Contbeis - CPC e aprovados pelo Conselho Federal de Contabilidade - CFC. Na elaborao das referidas demonstraes financeiras, a Companhia adotou as modificaes ocorridas nas prticas contbeis adotadas no Brasil introduzidas pelos pronunciamentos tcnicos CPCs nmeros 15 a 40. As demonstraes financeiras individuais e consolidadas da CENIBRA foram preparadas e esto sendo apresentadas de acordo com o CPC 26 (R1).
Principais prticas contbeis

As principais prticas contbeis adotadas pela Companhia e suas controladas e coligadas na preparao das demonstraes financeiras so descritas como segue:
(a)
Moeda funcional e converso das demonstraes financeiras: As principais prticas de converso das demonstraes financeiras foram como segue: i. Moeda funcional - As demonstraes financeiras foram preparadas em dlar norte-americano (US$), que a moeda funcional da Companhia, e foram convertidas para real (R$), que a moeda de apresentao. Os valores em reais apresentados nas demonstraes financeiras individuais e consolidadas da Companhia foram mensurados utilizando-se a moeda funcional dlar, que melhor reflete o ambiente econmico no qual a Controladora est inserida e a forma como , de fato, administrada. ii. Moeda de reporte - O resultado e os balanos patrimoniais da Companhia para o exerccio findo em 31 de dezembro de 2011 e para o exerccio findo em 31 de dezembro de 2010 foram convertidos da moeda funcional para a moeda de apresentao, reais, por meio dos seguintes procedimentos: Ativos e passivos para cada balano patrimonial apresentado (incluindo os balanos comparativos) so convertidos, utilizando-se a taxa de fechamento na data do respectivo balano;
As notas explicativas da Administrao so parte integrante das demonstraes financeiras.
10
11
Receitas e despesas para cada demonstrao do resultado abrangente ou demonstrao do resultado apresentado (incluindo as demonstraes comparativas) so convertidas pelas taxas de cmbio vigentes nas datas de ocorrncia das transaes ou mdias mensais nessas datas se o efeito no for relevante; As variaes cambiais resultantes dos itens acima foram reconhecidas em conta especfica no patrimnio lquido, chamada ajustes acumulados de converso. (iv)
vel so reconhecidas se, e apenas se, houver evidncia objetiva da reduo ao valor recupervel do ativo financeiro como resultado de um ou mais eventos que tenham ocorrido aps seu reconhecimento inicial, com impacto nos fluxos de caixa futuros estimados desse ativo. Baixa de ativos e passivos financeiros A Companhia baixa um ativo financeiro apenas quando os direitos contratuais aos fluxos de caixa provenientes desse ativo expiram. Na baixa de um ativo financeiro em sua totalidade, a diferena entre o valor contbil do ativo e a soma da contrapartida recebida reconhecida no resultado. A baixa de passivos financeiros ocorre somente quando as obrigaes da Companhia so extintas e canceladas ou quando vencem. A diferena entre o valor contbil do passivo financeiro baixado e a contrapartida paga e a pagar reconhecida no resultado. Os passivos financeiros so mensurados pelo valor de custo amortizado utilizando o mtodo de juros efetivos. (d) Contas a receber de clientes: So registradas e mantidas pelo valor nominal dos ttulos decorrentes das vendas de produtos, acrescidos de variaes cambiais, quando aplicvel. A proviso para crdito de liquidao duvidosa (PCLD) constituda com base em uma anlise individual dos valores a receber e em montante considerado pela Administrao necessrio e suficiente para cobrir provveis perdas a realizao desses crditos. Estoques: Os estoques de matrias-primas esto demonstrados pelo custo mdio das compras, lquido dos impostos compensveis quando aplicveis. Os estoques de produtos acabados compreendem as matrias-primas processadas e envolvimento de mo de obra direta e custos de produo na valorizao dos itens. Quando necessrio, os estoques so deduzidos de proviso para perdas com estoques, constituda em casos de desvalorizao de estoques e obsolescncia de produtos. (f) Investimentos (Controladora): So representados por investimentos em empresas controladas e coligadas, sendo avaliados pelo mtodo de equivalncia patrimonial no balano individual, em decorrncia da participao da Companhia nessas empresas. As demonstraes financeiras das controladas e coligadas so elaboradas para o mesmo perodo de divulgao que o da Controladora. Os ganhos e perdas no realizados, resultantes de transaes entre a Companhia e as controladas e coligadas, so eliminados para fins de equivalncia patrimonial no balano individual e para fins de consolidao, de acordo com a participao mantida na controlada. Aps a aplicao do mtodo da equivalncia patrimonial, a Companhia determina se necessrio reconhecer perda adicional do valor recupervel sobre o investimento da Companhia. A Companhia determina, em cada data de fechamento do balano patrimonial, se h evidncia objetiva de que o investimento sofreu perda por desvalorizao. Se assim for, a Companhia calcula o montante da perda por desvalorizao como a diferena entre o montante a receber da controlada ou coligada e o valor contbil e reconhece o montante na demonstrao do resultado. A variao cambial sobre o investimento em controlada no exterior que no possua caracterstica de filial reconhecido como ajuste de avaliao patrimonial no patrimnio lquido e realizado mediante a realizao do investimento a que se refere. (g) Imobilizado: Est demonstrado ao valor de custo, deduzido de depreciao acumulada. A depreciao calculada pelo mtodo linear pelas taxas descritas na nota explicativa n 14. Um item do imobilizado baixado aps alienao ou quando no h benefcios econmicos futuros resultantes do uso contnuo do ativo. Quaisquer ganhos ou perdas na venda ou baixa de um item do imobilizado so determinados pela diferena entre os valores recebidos na venda e o valor contbil do ativo e so reconhecidos no resultado. Os gastos com manuteno dos ativos da Companhia so alocados diretamente aos custos da referida atividade conforme so efetivamente realizados. Os encargos financeiros de emprstimos e financiamentos so capitalizados no ativo imobilizado, quando incorridos sobre imobilizaes em andamento, se aplicveis. De acordo com as novas prticas contbeis, a Companhia teve a opo de realizar uma avaliao do seu ativo imobilizado e estabelecer um novo custo para tais ativos na data do balano de abertura (01/01/2009). Conforme avaliao
Todos os efeitos apurados pelos critrios de converso para a moeda funcional foram registrados nos livros da Companhia em reais, considerando a metodologia de converso para a moeda de reporte. Demonstraes financeiras de controladas no exterior: Os investimentos em Companhias controladas, nas demonstraes financeiras da Controladora, so avaliados pelo mtodo de equivalncia patrimonial. As operaes das controladas com caractersticas de filial no exterior (Cenibra Internacional - Servios e Comrcio Lda, tendo como subsidirias integrais as Companhias Cenibra Trading Ltd. e Cenibra Inc.) tambm foram avaliadas pelo mtodo de equivalncia patrimonial e convertidos da moeda funcional para a moeda de apresentao, reais, conforme requerido pelo CPC 02 (R2) - Efeitos das Mudanas nas Taxas de Cmbio e Converso das Demonstraes Contbeis. (b) Caixa e equivalentes de caixa: Esto representados por contas bancrias disponveis e tambm compreendem numerrio em espcie. As aplicaes financeiras so investimentos de curto prazo, com alta liquidez, que so prontamente conversveis em um montante conhecido de caixa e que esto sujeitas a um insignificante risco de mudana de valor. Ativos e passivos financeiros: So inicialmente mensurados pelo valor justo. Os custos da transao diretamente atribuveis aquisio ou emisso de ativos e passivos financeiros (exceto por ativos reconhecidos ao valor justo no resultado) so acrescidos ou deduzidos do valor justo dos ativos, se aplicvel, aps o reconhecimento inicial. Os custos da transao diretamente atribuveis aquisio de ativos financeiros ao valor justo por meio do resultado so reconhecidos imediatamente no resultado. Ativos financeiros Os ativos financeiros esto classificados nas seguintes categorias especficas: ativos financeiros ao valor justo por meio do resultado e emprstimos e recebveis. A classificao depende da natureza e finalidade dos ativos financeiros e determinada na data do reconhecimento inicial. (i) Ativos financeiros ao valor justo por meio do resultado Os ativos financeiros so classificados ao valor justo por meio do resultado quando so mantidos para negociao ou designados pelo valor justo por meio do resultado. Um ativo financeiro classificado como mantido para negociao se: (ii) for adquirido principalmente para ser vendido a curto prazo; no reconhecimento inicial parte de uma carteira de instrumentos financeiros identificados que a Companhia administra em conjunto e possui um padro real recente de obteno de lucros a curto prazo; ou os ativos financeiros ao valor justo por meio do resultado so demonstrados ao valor justo e quaisquer ganhos ou perdas resultantes so reconhecidos no resultado. Emprstimos e recebveis Emprstimos e recebveis so ativos financeiros no derivativos com pagamentos fixos ou determinveis e que no so cotados em um mercado ativo. Os emprstimos e recebveis (inclusive valores a receber de clientes) so mensurados pelo valor de custo amortizado utilizando o mtodo de juros efetivos, deduzidos de qualquer perda por reduo do valor recupervel. A receita de juros reconhecida por meio da aplicao da taxa de juros efetiva. (iii) Reduo ao valor recupervel de ativos financeiros Ativos financeiros, exceto aqueles designados pelo valor justo por meio do resultado, so avaliados por indicadores de reduo ao valor recupervel no final de cada perodo de relatrio. As perdas por reduo ao valor recuper-
(e)
(c)
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13
da administrao, a Companhia optou por no remensurar seus ativos imobilizados ao valor justo, mantendo-os ao custo de aquisio. (h) Intangvel: Est registrado ao custo de aquisio, deduzidas as amortizaes acumuladas. A amortizao calculada pelo mtodo linear a taxas que levam em considerao a vida til econmica estimada desses ativos. Um ativo intangvel baixado quando no h benefcios econmicos futuros resultantes do uso ou da alienao. Os ganhos ou as perdas resultantes da baixa de um ativo intangvel, mensurados como a diferena entre as receitas lquidas da alienao e o valor contbil do ativo, so reconhecidos no resultado. (i) Ativos biolgicos: Os ativos biolgicos correspondem a florestas de eucalipto, as quais so destinadas a produo de celulose. O processo de colheita e replantio tem um ciclo aproximado de sete anos, varivel com base na cultura e material gentico a que se refere. Os ativos biolgicos so mensurados ao valor justo. A avaliao dos ativos biolgicos realizada anualmente pela Companhia, sendo o ganho ou perda na variao do valor justo dos ativos biolgicos reconhecido no resultado do exerccio em que ocorre, em linha especfica no resultado, denominada variao do valor justo dos ativos biolgicos. O aumento ou diminuio no valor justo determinado pela diferena entre os valores justos dos ativos biolgicos no incio do exerccio e no final do exerccio, menos os custos incorridos de plantio no desenvolvimento dos ativos biolgicos e a exausto do perodo. A exausto das florestas de eucalipto imputada ao custeio da madeira consumida na produo e calculada aplicando-se a relao entre o volume de rvores colhidas e o volume potencial existente, sobre os custos de formao, manuteno e variao do valor justo do ativo biolgico, acumulados at o incio de cada colheita. (j) Ativos mantidos para venda: Os ativos so classificados como mantidos para venda caso o seu valor contbil seja recuperado principalmente por meio de uma transao de venda e no por meio do uso contnuo. Essa condio atendida somente quando a venda altamente provvel e o ativo estiver disponvel para venda imediata em sua condio atual. Demais ativos circulantes e no circulantes: So apresentados ao valor de realizao, incluindo, quando aplicvel, os rendimentos e as variaes monetrias auferidos at a data do balano. Provises: So reconhecidas para obrigaes presentes (legal ou presumida) resultantes de eventos passados, em que seja possvel estimar os valores de forma confivel e cuja liquidao seja provvel. O valor reconhecido como proviso a melhor estimativa das consideraes requeridas para liquidar a obrigao no final de cada perodo de relatrio, considerando-se os riscos e as incertezas relativos obrigao. Quando a proviso mensurada com base nos fluxos de caixa estimados para liquidar a obrigao, seu valor contbil corresponde ao valor presente desses fluxos de caixa (em que o efeito do valor temporal do dinheiro relevante). Quando alguns ou todos os benefcios econmicos requeridos para a liquidao de uma proviso so esperados que sejam recuperados de um terceiro, um ativo reconhecido se, e somente se, o reembolso for virtualmente certo e o valor puder ser mensurado de forma confivel. (m) Imposto de renda e contribuio social: A Companhia calcula o imposto de renda e a contribuio social com base na legislao vigente, considerando as adies e excluses legais previstas. Sobre as adies temporrias que se tornaro dedutveis quando realizadas e prejuzo fiscal, so constitudos crditos tributrios diferidos. Tambm so constitudos dbitos tributrios diferidos sobre as excluses temporrias, as quais sero tributadas quando cessarem as condies que atualmente afastam a tributao. A recuperao do saldo dos impostos diferidos ativos revisada no final de cada perodo de relatrio e, quando no for mais provvel que lucros tributveis futuros estaro disponveis para permitir a recuperao de todo o ativo ou parte dele, o saldo do ativo ajustado pelo montante que se espera que seja recuperado. Os impostos correntes e diferidos so reconhecidos diretamente no resultado do exerccio. (n) Juros sobre capital prprio: Os juros sobre o capital prprio, originalmente, so registrados nos livros contbeis e fiscais como receita financeira quando declarados por controladas e despesa financeira, por ocasio da apropriao dos valores a pagar aos acionistas. Entretanto, para fins de preparao dessas demonstraes financeiras, utiliza-se a essncia da transao e, portanto, so considerados como dividendos recebidos e pagos e no transitam pelo resultado. Consequentemente, nessas demonstraes, os lanamentos mencionados anteriormente so reclassificados, ou seja, os juros sobre o capital (o)
recebidos ou a receber so creditados conta de investimentos e os juros sobre o capital pagos ou a pagar so registrados a dbito de lucros acumulados. Reconhecimento de receita: A receita de vendas mensurada pelo valor justo da contrapartida recebida ou a receber, deduzida de quaisquer estimativas de devolues, descontos comerciais e/ou bonificaes concedidos ao comprador e outras dedues similares. A receita de vendas de produtos reconhecida quando todas as seguintes condies forem satisfeitas: (p) (q) a Companhia transferiu ao comprador os riscos e benefcios significativos relacionados propriedade dos produtos; a Companhia no mantm envolvimento continuado na gesto dos produtos vendidos em grau normalmente associado propriedade nem controle efetivo sobre tais produtos; o valor da receita pode ser mensurado com confiabilidade; provvel que os benefcios econmicos associados transao fluam para a Companhia; e os custos incorridos ou a serem incorridos relacionados transao podem ser mensurados com confiabilidade.
Lucro por ao: Calculado com base no nmero mdio de aes no ano. Benefcios a empregados e plano de previdncia privada: A Companhia oferece aos empregados uma rede conveniada em todas as reas de sade, onde assume os gastos e efetua os respectivos descontos em percentuais predefinidos diretamente na folha de pagamento e mantm convnio de adeso com a Fundao Vale do Rio Doce de Seguridade Social - VALIA, cuja finalidade suplementar benefcios previdencirios aos empregados participantes do plano. Novos pronunciamentos tcnicos, revises e interpretaes: Durante o ano de 2011, foram emitidas e revisadas normas de IFRS pelo IASB, porm estas ainda no esto disponveis para o Brasil, uma vez que ainda no foram analisadas pelo CPC. Em decorrncia do compromisso do CPC de manter atualizado o conjunto de normas emitido com base nas atualizaes feitas pelo International Accounting Standards Board - IASB, esperado que esses pronunciamentos e modificaes sejam editados pelo CPC at a data de sua aplicao obrigatria.
(r)
(k) (l)
Uso de estimativas
A preparao das demonstraes financeiras requer que a Administrao efetue estimativas e adote premissas, no seu melhor julgamento, que afetem os montantes apresentados de ativos e passivos, assim como os valores das receitas, custos e despesas. Os valores reais podem diferir daqueles estimados. As estimativas e premissas subjacentes so revisadas continuamente. Os efeitos decorrentes das revises feitas s estimativas contbeis so reconhecidos no perodo em que as estimativas so revistas, se a reviso afetar apenas este perodo, ou tambm em perodos posteriores se a reviso afetar tanto o perodo presente como perodos futuros. A seguir so apresentados os principais julgamentos e estimativas efetuados pela Administrao durante o processo de aplicao das polticas contbeis da Companhia e que afetam os valores reconhecidos nas demonstraes financeiras. i. Reduo ao valor recupervel dos ativos: A entidade julgou no haver evidncias, internas e externas, que justificassem a adoo de impairment de seus ativos tangveis e intangveis. ii. Imposto de renda e contribuio social diferidos: So reconhecidos at o limite dos lucros tributveis futuros. A estimativa dos lucros tributveis futuros leva em considerao premissas de mercado, tais como taxa de juros, cmbio, aumento ou reduo de demanda, preo de commodities e outros. iii. Avaliao dos instrumentos financeiros: A nota explicativa n 28 oferece informaes detalhadas sobre as principais premissas utilizadas na determinao do valor justo de instrumentos financeiros. A Administrao acredita que as tcnicas de avaliao selecionadas e as premissas utilizadas so adequadas para a determinao do valor justo dos instrumentos financeiros. iv. Provises: O valor reconhecido como proviso a melhor estimativa das consideraes requeridas para liquidar a obrigao no final de cada perodo de relatrio, considerando-se os riscos e as incertezas relativos obrigao. v. Ativos biolgicos: A avaliao dos ativos biolgicos por seu valor justo considera certas estimativas, tais como: preo da madeira, taxa de desconto, plano de colheita das florestas e volume de produtividade, as quais esto sujeitas a incertezas, podendo gerar efeitos nos resultados futuros em decorrncia de suas variaes.
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Consolidao das demonstraes financeiras

As demonstraes financeiras consolidadas abrangem a Celulose Nipo-Brasileira S.A. - CENIBRA (Companhia Controladora) e as Companhias controladas nas quais mantm participao direta mencionadas na nota explicativa n 12. As demonstraes financeiras consolidadas foram elaboradas em conformidade com as prticas contbeis adotadas no Brasil. O processo de consolidao das contas patrimoniais e de resultado corresponde soma das contas de ativo, passivo, receitas e despesas, segundo a sua natureza, complementado pelas seguintes eliminaes: Das participaes no capital, reservas e resultados acumulados mantidos entre elas, cabendo ressaltar que no existem participaes recprocas. Dos saldos de contas correntes e outras integrantes do ativo e/ou passivo, mantidas entre as Companhias controladas, cujos balanos patrimoniais foram consolidados. Dos efeitos decorrentes das transaes realizadas entre as Companhias controladas, incluindo os lucros no realizados. Original
ATIVOS CIRCULANTES: Disponibilidades Contas a receber Estoques Impostos a recuperar Ativos classificados como mantidos para venda Depsitos judiciais e outros crditos Total dos ativos circulantes ATIVOS NO CIRCULANTES: Imposto de renda e contribuio social diferidos Impostos a recuperar Depsitos judiciais Outros ativos de longo prazo Investimentos em controladas e coligadas Imobilizado Ativos biolgicos Intangvel Diferido Total dos ativos no circulantes TOTAL DOS ATIVOS 218.932 43.262 87.292 1.867 32.736 817.459 965.696 6.221 8.339 2.181.804 2.878.176 129.973 300.764 123.771 101.662 1.333 38.869 696.372 26.594 26.594
Balano patrimonial 01/01/2010 Controladora Ajuste Ajustado

129.973 300.764 150.365 101.662 1.333 38.869 722.966 43.262 1.867 32.736 817.459 694.950 6.221 1.596.495 2.319.461
Consolidado Original
177.898 236.700 165.433 105.081 1.333 37.991 724.436 223.920 43.262 87.292 2.204 7 875.148 965.696 6.474 8.339 2.212.342 2.936.778
Ajuste
(12.381) 26.594 (3.419) (661) 10.133 (223.920) (87.292) (337) 22.899 (53.614) (270.746) (189) (8.339) (621.538) (611.405)
Ajustado
165.517 236.700 192.027 101.662 1.333 37.330 734.569 43.262 1.867 22.906 821.534 694.950 6.285 1.590.804 2.325.373
(218.932) (87.292) (270.746) (8.339) (585.309) (558.715)
Reapresentao das cifras comparativas

Correo de erro Foram ajustados e esto sendo reapresentados como previsto no CPC 23 Polticas Contbeis, Mudanas nas Estimativas Contbeis e Correes de Erros os seguintes saldos: - ajustes dos exerccios de 2009 e 2010, relacionados retificao de erros no clculo do valor justo do ativo biolgico da Controladora, ocorridos devido utilizao incorreta de base de dados, reas (ha) e volumes (m). As diferenas apuradas no esto intrinsecamente ligadas a critrios tcnicos de mensurao florestal utilizados pela Companhia. - baixa do ativo diferido, com o objetivo de adequar ao CPC 43 (R1) Adoo Inicial dos Pronunciamentos Tcnicos CPC 15 ao 40. A contrapartida deste ajuste foi a conta de lucros acumulados. - alterao no critrio de contabilizao da coligada Portocel Terminal Especializado de Barra do Riacho S.A., de consolidao proporcional a 49% para equivalncia patrimonial. Com essa alterao, a coligada Portocel Terminal Especializado de Barra do Riacho S.A. deixou de ser consolidada proporcionalmente nas demonstraes financeiras consolidadas da Companhia. - ajuste para apresentao lquida dos saldos de imposto de renda diferido (ativo e passivo), conforme CPC 32 Tributos sobre o Lucro, bem como apresentao lquida dos saldos de proviso para contingncias e respectivos depsitos judiciais. - ajuste referente correo da converso do investimento da Cenibra Internacional Lda., em decorrncia de erro na converso da moeda funcional para a moeda de apresentao. O ajuste no montante de R$2.059 est registrado no passivo, na conta de empresas ligadas. As demonstraes financeiras individuais e consolidadas de 1 de janeiro e 31 de dezembro de 2010, apresentadas para fins de comparao, foram ajustadas e esto sendo reapresentadas. Os efeitos dessa reapresentao so demonstrados a seguir: Patrimnio lquido
Controladora Consolidado
Balano patrimonial 01/01/2010 Controladora Original

PASSIVOS E PATRIMNIO LQUIDO PASSIVOS CIRCULANTES: Fornecedores Emprstimos e financiamentos Salrios, provises e contribuies Impostos a recolher Juros sobre capital prprio a pagar Outras obrigaes Total dos passivos circulantes PASSIVOS NO CIRCULANTES: Emprstimos e financiamentos Imposto de renda e contribuio social diferidos Proviso para contingncias Outras obrigaes Total dos passivos no circulantes PATRIMNIO LQUIDO: Capital social Reservas de capital Reservas de lucros Outros resultados abrangentes Total do patrimnio lquido TOTAL DO PASSIVO E DO PATRIMNIO LQUIDO 185.448 131.947 804.706 (41.384) 1.080.717 2.878.176 (166.643) (166.643) (558.715) 185.448 131.947 638.063 (41.384) 914.074 2.319.461 185.448 131.947 804.706 (41.384) 1.080.717 2.936.778 (166.643) (166.643) (611.405) 185.448 131.947 638.063 (41.384) 914.074 2.325.373 693.127 361.578 166.147 926 1.221.778 (304.780) (87.292) (392.072) 693.127 56.798 78.855 926 829.706 723.056 361.578 166.147 7.429 1.258.210 (29.277) (305.447) (87.292) (6.503) (428.519) 693.779 56.131 78.855 926 829.691 50.219 377.245 23.686 18.206 91.536 14.789 575.681 50.219 377.245 23.686 18.206 91.536 14.789 575.681 59.159 386.649 26.180 19.125 91.536 15.202 597.851 (1.558) (8.735) (2.127) (559) (3.264) (16.243) 57.601 377.914 24.053 18.566 91.536 11.938 581.608
Consolidado Original Ajuste Ajustado
Ajuste
Ajustado
31/12/10
Patrimnio lquido original Variao do valor justo dos ativos biolgicos IR/CS diferido sobre os ajustes Baixa do ativo diferido Efeito no estoque Patrimnio lquido ajustado 1.248.543 (298.995) 93.147 (5.535) 24.512 1.061.672
01/01/10
1.080.717 (270.746) 85.847 (8.339) 26.595 914.074
31/12/10
1.248.543 (298.995) 93.147 (5.535) 24.512 1.061.672
01/01/10
1.080.717 (270.746) 85.847 (8.339) 26.595 914.074
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ATIVOS CIRCULANTES: Disponibilidades Contas a receber Estoques Impostos a recuperar Ativos classificados como mantidos para venda Depsitos judiciais e outros crditos Total dos ativos circulantes ATIVOS NO CIRCULANTES: Imposto de renda e contribuio social diferidos Impostos a recuperar Depsitos judiciais Outros ativos de longo prazo Investimentos em controladas e coligadas Imobilizado Ativos biolgicos Intangvel Diferido Total dos ativos no circulantes TOTAL DOS ATIVOS 194.888 43.634 87.423 1.867 22.600 778.458 1.023.095 5.269 5.535 2.162.769 2.755.938 (194.888) (87.423) (298.995) (5.535) (586.841) (562.329) 43.634 1.867 22.600 778.458 724.100 5.269 1.575.928 2.193.609 198.564 43.634 87.423 2.285 7 840.591 1.023.095 5.459 5.535 2.206.593 2.785.487 (198.564) (87.423) (418) 21.397 (52.552) (298.995) (153) (5.535) (622.243) (606.935) 43.634 1.867 21.404 788.039 724.100 5.306 1.584.350 2.178.552 59.207 336.469 113.413 49.881 771 33.428 593.169 24.512 24.512 59.207 336.469 137.925 49.881 771 33.428 617.681 112.641 218.979 161.969 53.187 771 31.347 578.894 (3.627) 24.512 (3.306) (2.271) 15.308 109.014 218.979 186.481 49.881 771 29.076 594.202 DEMONSTRAO DO RESULTADO RECEITA OPERACIONAL LQUIDA VARIAO DO VALOR JUSTO DOS ATIVOS BIOLGICOS CUSTO DOS PRODUTOS VENDIDOS EXAUSTO VALOR JUSTO DOS ATIVOS BIOLGICOS LUCRO BRUTO RECEITAS (DESPESAS) OPERACIONAIS: Com vendas Gerais e administrativas Participaes em Companhias controladas Despesas financeiras Receitas financeiras Ganho lquido na converso de itens monetrios Outras receitas operacionais, lquidas Total LUCRO (PREJUZO) OPERACIONAL LUCRO ANTES DO IMPOSTO DE RENDA E DA CONTRIBUIO SOCIAL IMPOSTO DE RENDA E CONTRIBUIO SOCIAL Corrente (80.031) (3.504) (83.535) LUCRO LQUIDO DO EXERCCIO Lucro lquido por ao do capital social no final do exerccio (R$) 335.204 1,81 18.440 (7.583) 10.857 (19.836) (0,11) (61.591) (11.087) (72.678) 315.368 1,70 (81.259) (4.816) (86.075) 1,81 19.417 (6.271) 13.146 (0,11) (61.842) (11.087) (72.929) 315.368 1,70 Diferido (159.813) (78.620) (34.665) (31.889) 6.622 (10.546) (24) (308.935) 1.240 1.240 (159.813) (77.380) (34.665) (31.889) 6.622 (10.546) (24) (307.695) 388.046 388.046 (176.087) (85.752) (37.151) 7.723 (10.991) 2.046 (300.212) (15.183) 6.441 4.326 4.294 (1.095) 704 (513) (191.270) (79.311) 4.326 (32.857) 6.628 (10.991) 2.750 (300.725) 388.297 388.297 1.424.890 111.685 (808.901) 727.674 (39.176) 7.243 (31.933) 1.424.890 72.509 (801.658) 695.741 1.409.621 111.685 (799.815) (39.176) 6.707 1.409.621 72.509 (793.108) 689.022
Consolidado Original Ajuste Ajustado Original
Demonstraes do Resultado 31/12/2010 Controladora Ajuste Ajustado Original Consolidado Ajuste Ajustado
Ajuste
Ajustado
721.491 (32.469)
418.739 (30.693) 418.739 (30.693)
421.279 (32.982) 421.279 (32.982)

PASSIVOS E PATRIMNIO LQUIDO PASSIVOS CIRCULANTES: Fornecedores Emprstimos e financiamentos Salrios, provises e contribuies Impostos a recolher Juros sobre capital prprio a pagar Empresas ligadas Outras obrigaes Total dos passivos circulantes PASSIVOS NO CIRCULANTES: Emprstimos e financiamentos Imposto de renda e contribuio social diferidos Proviso para contingncias Outras obrigaes Total dos passivos no circulantes PATRIMNIO LQUIDO: Capital social Reservas de capital Reservas de lucros Outros resultados abrangentes Total do patrimnio lquido TOTAL DO PASSIVO E DO PATRIMNIO LQUIDO 185.448 131.947 1.036.845 (105.697) 1.248.543 2.755.938 (237.071) 50.200 (186.871) (562.329) 185.448 131.947 799.774 (55.497) 1.061.672 2.193.609 185.448 131.947 1.036.845 (105.697) 1.248.543 2.785.487 (237.071) 50.200 (186.871) (606.935) 185.448 131.947 799.774 (55.497) 1.061.672 2.178.552 469.631 341.038 179.675 557 990.901 (290.094) (87.423) (377.517) 469.631 50.944 92.252 557 613.384 491.920 341.038 179.675 5.784 1.018.417 (20.065) (290.887) (87.423) (5.227) (403.602) 471.855 50.151 92.252 557 614.815 64.083 252.500 26.959 23.872 104.682 28.470 15.928 516.494 2.059 2.059 64.083 252.500 26.959 23.872 104.682 30.529 15.928 518.553 76.007 263.955 29.567 25.124 104.682 19.192 518.527 (932) (9.355) (2.046) (644) (3.485) (16.462) 75.075 254.600 27.521 24.480 104.682 15.707 502.065
Consolidado Original Ajuste Ajustado
Ajuste
Ajustado
335.204 (19.836)
Caixa e equivalentes de caixa

Controladora 31/12/11 31/12/10 01/01/10
1.117 109.872 18.984 128.856 129.973
Consolidado 31/12/11
21.716 60.331 1.570 7 61.908 83.624
31/12/10
52.163 54.459 2.384 8 56.851 109.014
01/01/10
36.661 109.872 18.984 128.856 165.517
Depsitos em contas remuneradas Certificado de depsito bancrio - CDB Aplicaes financeiras - Exterior Outras Total de aplicaes financeiras Total de caixa e equivalentes de caixa
16.654 60.331 1.570 7 61.908 78.562
2.364 54.451 2.384 8 56.843 59.207
As aplicaes financeiras em moeda nacional, correspondentes a Certificados de Depsitos Bancrios CDBs, so indexadas pela variao do Certificado de Depsito Interfinanceiro - CDI, com taxa mdia de 101% do CDI (101% em 31 de dezembro de 2010), com liquidez a partir do trigsimo dia da aplicao (podendo ser resgatado a qualquer momento).
18
19
Contas a receber
Controladora 31/12/11 31/12/10
314.711 21.758 336.469 336.469
A despesa com a constituio da proviso para perdas com estoques registrada na demonstrao do resultado, sob a rubrica Proviso para perda com estoques. Consolidado 31/12/11
184.393 13 14.817 199.223 199.223
A Administrao espera que os estoques de matrias-primas e celulose sejam recuperados em um perodo inferior a 12 meses.
01/01/10
280.179 20.585 300.764 300.764
31/12/10
197.219 2 21.758 218.979 218.979
01/01/10
214.253 2.067 20.585 236.905 (205) 236.700 ICMS (a) PIS/COFINS no cumulativo (b) Imposto de renda retido na fonte
Do exterior Partes relacionadas (Nota 13) Terceiros Do pas 289.096 14.817 303.913 Proviso para crditos de liquidao duvidosa Total do Contas a Receber 303.913
10 Impostos a recuperar
Controladora 31/12/11
45.682 23.939 5.514 978 1.491 77.604 Circulante No circulante 34.959 42.645
45.682 23.939 5.514 978 1.491 77.604 34.959 42.645
31/12/10
64.857 20.268 5.581 971 1.838 93.515 49.881 43.634
01/01/10
76.199 45.942 6.662 7.099 9.022 144.924 101.662 43.262
31/12/10
64.857 20.268 5.581 971 1.838 93.515 49.881 43.634
01/01/10
76.199 45.942 6.662 7.099 9.022 144.924 101.662 43.262
Ttulos vencidos Ttulos a vencer: 0 a 30 dias 31 a 60 dias 61 a 90 dias 91 a 120 dias 121 a 150 dias 6.790 297.123 11.353 82.811 93.757 48.479 60.723 303.913
11.412 187.811 109.426 62.626 15.278 481 199.223
IPI Outros impostos
31/12/10
173 336.296 13.132 118.585 85.452 68.230 50.897 336.469
01/01/10
1.198 299.566 28.013 90.464 73.009 61.151 46.929 300.764
31/12/10
10.850 208.129 118.796 60.732 27.568 1.033 218.979
01/01/10
13.008 223.897 113.431 63.584 44.700 2.182 236.905
(a)
O prazo mdio de recebimento de contas a receber corresponde aproximadamente a 76 dias para as vendas realizadas no mercado interno e aproximadamente 45 dias para as vendas realizadas no mercado externo (clientes finais). A Companhia possui normas para o monitoramento de crditos e duplicatas vencidas e de risco de no recebimento dos valores decorrentes das operaes de venda no mercado interno, sendo que para estas transaes possui garantia contratual segurada. Para as vendas no mercado externo, a Companhia realiza suas transaes com partes relacionadas. Dessa forma, a Administrao entende no ser necessria a constituio da proviso para crditos de liquidao duvidosa sobre esse saldo. (b)
Refere-se basicamente ao ICMS - Imposto sobre Circulao de Mercadorias e Servios a recuperar sobre a aquisio de materiais relacionados atividade operacional da Companhia. Para o saldo de ICMS mantido no circulante, h expectativa pela Administrao de recuper-lo nos prximos 12 meses, por meio de aquisies de bens destinados ao ativo imobilizado, conforme Regime Especial protocolado na AFMG, art. 27 do anexo VIII do Dec. 43.080 de 13/12/2002, transferncia de crditos a terceiros, conforme art. 2, anexo VIII do Dec. 43.080 de 13/12/2002; transferncias para outros estabelecimentos no estado de Minas Gerais em fase de expanso, conforme previsto no art.14, anexo VIII do Dec. 43.080 de 13/12/2002 e utilizao para pagamentos de crditos tributrios de mesma natureza e os devidos na importao de ativos imobilizados conforme incisos I e II respectivamente do art. 3, anexo VIII do Dec. 43.080 de 13/12/2002. A partir de janeiro de 2005, em funo da opo pelo regime de tributao do Lucro Real, a Companhia tornou-se obrigada sistemtica da no cumulatividade (neutralidade tributria) para os casos das Contribuies para o PIS e para a COFINS. A no cumulatividade obtida por meio da concesso de crdito fiscal sobre as compras (custos e despesas) definidas em lei, na mesma proporo da alquota que so registradas as vendas (receitas), 1,65% PIS e 7,6% para COFINS. Por ser uma Companhia basicamente exportadora, compensa os crditos excedentes com os demais impostos devidos administrados pela Receita Federal do Brasil, como: Imposto de Renda e Contribuies Sociais Retidos na Fonte, de terceiros, sobre salrios e JSCP, Imposto de Renda da Pessoa Jurdica e Contribuio Social a Recolher. Os crditos de PIS e COFINS mantidos no circulante esto previstos para serem compensados nos prximos 12 meses, com base em anlises e projees oramentrias aprovadas pela Administrao.
Estoques
Controladora 31/12/11 31/12/10
24.012 70.760 44.019 (866) 137.925
81.055 71.595 57.771 (1.127) 209.294
11 Ativos classificados como mantidos para venda

Controladora e Consolidado 31/12/11
Mquinas e Equipamentos (a) Custo Depreciao 5.589 (4.719) 870 5.506 (4.735) 771 7.620 (6.287) 1.333
01/01/10
31.330 71.213 48.881 (1.059) 150.365
31/12/10
72.273 70.760 44.314 (866) 186.481
01/01/10
72.704 71.213 49.169 (1.059) 192.027
Celulose Matrias-primas Materiais de manuteno, consumo e outros Proviso para perdas
18.628 71.595 56.144 (1.127) 145.240
31/12/10
01/01/10
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21
(a)
Os ativos classificados como mantidos para venda referem-se a mquinas e equipamentos que a Companhia pretende comercializar no prazo de 12 meses e est procurando por compradores. No foi reconhecida perda por reduo ao valor recupervel na reclassificao como mantido para venda em 31 de dezembro de 2011.
13 Saldos e transaes com partes relacionadas

Controladora Os saldos da Companhia com partes relacionadas tm a seguinte composio:
12 Investimentos em controladas e coligadas e outros

Cenibra Internacional Lda. Portocel - Terminal Especializado de Barra do Riacho S.A. Cenibra Logstica Ltda. Outros 31.377 2.453 7 33.837
31/12/11 Consolidado 31/12/11

31.377 7 31.384
31/12/10 Ativos
314.709 2 6.201 1.983 322.895
01/01/10 Ativos
280.177 2 2.314 2.018 284.511
Ativos
Cenibra Trading Ltd. Itochu Corporation Cenibra Logstica Portocel Total 289.094 2 12.667 301.763
Passivos
2.861 884 3.745
Passivos
1.189 1.189
Passivos
213 201 414
31/12/10
21.397 1.196 7 22.600
01/01/10
8.733 23.050 946 7 32.736
31/12/10
21.397 7 21.404
01/01/10
22.899 7 22.906
As transaes com partes relacionadas resultaram nos seguintes montantes: A movimentao das controladas e coligadas so assim demonstradas: 31/12/11 Participaes Ajuste Equivalncia Lucro no Aumento acumulado 01/01/2010 patrimonial realizado Dividendos de capital de converso 31/12/2010
Cenibra Internacional Lda.(*) Portocel Terminal Especializado de Barra do Riacho S.A. Cenibra Logstica Ltda. Outros 8.733 23.050 946 7 32.736 (11.801) 4.326 128 (7.347) (27.318) (27.318) (3.920) (3.920) (143) (2.059) 122 (2.080) (30.529) 21.397 1.196 7 (7.929) Cenibra Trading Ltd. Cenibra Logstica Portocel Total
31/12/10 Receitas Despesas

1.317.320 1.317.320 15.192 15.183 30.375
01/01/10 Receitas
813.660 813.660
Receitas Despesas
1.142.281 1.142.281 25.255 15.600 40.855
Despesas
15.274 13.992 29.266
Consolidado Os saldos consolidados com partes relacionadas tm a seguinte composio:
31/12/11 Ativo Participaes Ajuste Equivalncia Lucro no Aumento acumulado 31/12/2010 patrimonial realizado Dividendos de capital de converso 31/12/2011
Cenibra Internacional Lda.(*) Portocel Terminal Especializado de Barra do Riacho S.A. Cenibra Logstica Ltda. Outros (30.529) 21.397 1.196 7 (7.929) (31.332) 4.510 1.001 (25.821) 13.739 13.739 1.983 1.983 2.790 3.487 256 6.533 (45.332) 31.377 2.453 7 (11.495) Itochu International Inc. (*) Itochu Corporation (*) Itochu Europe (*) Itochu Hong Kong Ltd. (*) Total (Nota 8) 13.226 58.837 85.784 26.546 184.393
31/12/10 Ativo
49.537 19.947 88.065 39.670 197.219
01/01/10 Ativo
44.499 83.409 86.345 214.253
Passivo
-
Passivo
-
Passivo
-
(*) O investimento na controlada Cenibra Internacional Lda. foi apresentado no passivo circulante em 31 de dezembro de 2010 e 2011.
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23
O valor consolidado das transaes com partes relacionadas so como segue: (b)
No foram identificados indicativos de impairment do ativo imobilizado e no foi necessria a contabilizao de proviso de perdas por desvalorizao conforme CPC 01 (R1). 31/12/10 01/01/10 Receitas
261.427 522.644 147.737
31/12/11 Receitas Despesas

Venda de celulose (*) Itochu International Inc. Itochu Corporation Itochu Europe Itochu Hong Kong Ltd. Despesas comerciais Itochu International Inc. Itochu Corporation Itochu Europe Itochu Hong Kong Ltd. Total 1.145.920 2 1.840 149 1.985 3.976 1.300.154 142.276 399.135 454.694 149.815 429.408 212.502 501.865 156.379
A movimentao sumria do ativo imobilizado demonstrada a seguir:
Receitas Despesas
2.734 4.727 885 4.530 12.876
Despesas Controladora
-
Terrenos Saldo 01 de janeiro de 2010

Adies Baixas Adies Depreciao Baixas Depreciao Transferncias Internas Outros - Ajuste de converso de moeda Saldo 31 de dezembro de 2010 Adies Baixas Depreciao Transferncias Outros - Ajuste de converso de moeda Saldo 31 de dezembro de 2011 124.764 33 (5.376) 119.421 24 15.023 134.468
Edifcios e construes
61.546 (57) (3.770) 33 2.695 (2.593) 57.854 (15) (3.739) 862 7.216 62.178
Mquinas, equipamentos e instalaes

599.445 (5.079) (37.481) 5.026 23.384 (25.099) 560.196 (109) (36.512) 8.075 70.733 602.383
Obras e instalaes em andamento

26.431 43.685 (629) (31.521) (1.749) 36.217 59.397 (13.682) 10.091 92.023
Outros
5.273 (921) (1.121) 786 964 (211) 4.770 (110) (1.027) 260 582 4.475
Total
817.459 43.685 (6.686) (42.372) 5.845 (4.445) (35.028) 778.458 59.397 (234) (41.278) (4.461) 103.645 895.527
931.808
2.788 13.325 16.113
(*)Estas Companhias so partes relacionadas do acionista Japan Brazil Paper and Pulp Resources Development Co, Ltd. - JBP.
As transaes com partes relacionadas foram efetuadas em condies estabelecidas pela Companhia e as respectivas partes relacionadas.
14 Imobilizado
(a) A composio do ativo imobilizado demonstrada a seguir:
Consolidado Edifcios e construes

61.805 7 (57) (3.799) 33 2.694 (2.593) 58.090 29 (15) (3.771) 862 7.222 62.417
Controladora 31/12/2011 Depreciao/ Custo exausto corrigido acumuladas

Terrenos Edificaes e benfeitorias Equipamentos e instalaes Veculos Mveis e utenslios Obras em andamento (*) 134.468 112.736 1.840.228 4.315 13.603 2.105.350 92.023 2.197.373 50.558
Consolidado 31/12/2011 31/12/2010 Taxas anuais de Lquido depreciao

119.421 58.089 560.542 9.859 3.905 751.816 36.223 788.039 4 4 18 10
Terrenos Saldo 01 de janeiro de 2010

Adies Baixas Adies Depreciao Baixas Depreciao Transferncias Internas Outros (*) Saldo 31 de dezembro de 2010 Adies Baixas Depreciao Transferncias Outros (*) Saldo 31 de dezembro de 2011 (*) Ajuste de converso da moeda. 124.764 33 (5.376) 119.421 24 15.023 134.468
Mquinas, equipamentos e instalaes

599.803 28 (5.080) (37.521) 5.026 23.384 (25.099) 560.541 3.915 (281) (37.753) 8.075 70.806 605.303
Obras e instalaes em andamento

26.431 44.054 (992) (31.521) (1.749) 36.223 59.422 (27) (13.682) 10.091 92.027
Outros
8.731 7.923 (2.854) (2.755) 1.966 964 (211) 13.764 5.154 (1.161) (3.670) 260 855 15.202
Total
821.534 52.012 (8.983) (44.075) 7.025 (4.446) (35.028) 788.039 68.520 (1.484) (45.194) (4.461) 103.997 909.417
31/12/2010
Lquido
134.468 62.178
Depreciao/ Custo exausto Lquido corrigido acumuladas

119.421 57.853 560.196 891 3.880 134.468 113.069 1.844.681 19.244 13.819 50.652
Lquido
134.468 62.417
1.237.845 602.383 4.242 9.201 73 4.402
1.239.378 605.303 8.637 9.224 10.607 4.595
1.301.846 803.504 92.023
742.241 2.125.281 36.217 92.027
1.307.891 817.390 92.027
1.301.846 895.527
778.458 2.217.308
1.307.891 909.417
(*) Em 31 de dezembro de 2011, o saldo de obras em andamento refere-se a investimentos correntes, basicamente relacionados com a modernizao de mquinas e equipamentos, com previso de incorporao durante o exerccio de 2012. Em 31 de dezembro de 2011 ocorreu capitalizao de juros de financiamentos ao ativo imobilizado, no valor de R$ 1.821, utilizando-se taxa mdia anual ponderada de 1,94%.
(c)
Mtodo de depreciao. A Companhia efetuou a reviso da taxa de depreciao de seu ativo imobilizado no exerccio de 2010, a qual alterou a estimativa de vida til individual dos ativos includos nos grupos de mquinas e equipamentos. A avaliao da vida til dos ativos foi efetuada internamente por profissionais especializados no assunto. No ocorreram alteraes na vida til dos ativos imobilizados para o exerccio de 2011.
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25
15 Intangvel
Softwares e direitos de uso Custo Depreciao 28.994 (23.887) 5.107 24.482 (19.213) 5.269 24.928 (18.707) 6.221 29.200 (24.021) 5.179 24.617 (19.311) 5.306 25.064 (18.779) 6.285 8,50%
iii
A metodologia utilizada na mensurao do valor justo dos ativos biolgicos corresponde projeo dos fluxos de caixa futuros de acordo com o ciclo de produtividade projetado das florestas, levando-se em considerao as variaes de preo e crescimento dos ativos biolgicos; A taxa de desconto utilizada nos fluxos de caixa corresponde ao Weighted-Average Cost of Capital (WACC) da Companhia, o qual revisado periodicamente pela Administrao; Os volumes de produtividade projetados das florestas so definidos com base em uma estratificao em funo de espcie, material gentico, regime de manejo florestal, potencial produtivo, rotao e idade das florestas. O conjunto dessas caractersticas compe um ndice denominado IMA (Incremento Mdio Anual), expresso em metros cbicos por hectare/ano utilizado como base na projeo de produtividade. O plano de corte de eucalipto mantido pela Companhia em torno de sete anos; Os preos dos ativos biolgicos, denominados R$/metro cbico, so obtidos por meio de contratos prprios de compra de madeira de terceiros (fomentados), ou seja, partes independentes entre si; Os gastos com plantio referem-se aos custos de formao dos ativos biolgicos; A apurao da exausto dos ativos biolgicos realizada com base no valor justo dos ativos biolgicos colhidos no perodo; A Companhia definiu por efetuar a reavaliao do valor justo de seus ativos biolgicos anualmente, sob o entendimento de que este intervalo suficiente para que no haja defasagem do saldo de valor justo dos ativos biolgicos registrado em suas demonstraes financeiras.
Consolidado 31/12/11 31/12/10 01/01/10
Taxa
iv v
31/12/10
01/01/10
vi No foram identificados indicativos de impairment do ativo intangvel e no foi necessria a contabilizao de proviso de perdas por desvalorizao CPC 01 (R1). vii viii ix
16 Ativos biolgicos
Os ativos biolgicos da Companhia compreendem o cultivo e plantio de florestas de eucalipto para abastecimento de matria-prima utilizada no processo de produo de celulose. Em 31 de dezembro de 2011, a Companhia possui 129.356,99 hectares (128.972,09 hectares em 31 de dezembro de 2010) de florestas plantadas (informao no auditada pelos auditores independentes), desconsiderando as reas de preservao permanente e reserva legal que devem ser mantidas para atendimento legislao ambiental brasileira. O saldo dos ativos biolgicos da Companhia composto pelo custo de formao das florestas e do diferencial do valor justo sobre o custo de formao, para que o saldo de ativos biolgicos como um todo seja registrado a valor justo, da seguinte forma: (b)
Conforme descrito na nota de n 6, foram identificados ajustes no valor justo do ativo biolgico de exerccios anteriores, e em decorrncia disso as cifras comparativas esto sendo reapresentadas. Movimentaes das variaes do valor justo dos ativos biolgicos As movimentaes dos perodos so demonstradas abaixo:
Controladora e Consolidado
31/12/2011
Custo de formao dos ativos biolgicos Valor justo dos ativos biolgicos Ativos biolgicos 651.578 322.333 973.911
31/12/2010
500.601 223.499 724.100
01/01/2010
468.310 226.640 694.950 Saldo em 01 de janeiro de 2010 - ajustado Plantio Exausto Variao moeda funcional/outros Variao de valor justo por:
Controladora e Consolidado 694.950 99.349 (129.569) (13.139) 90.437 (17.928) 724.100 126.859 (154.649) 74.950 141.346 61.305 973.911
A Companhia no possui ativos biolgicos dados em garantia. A distribuio das florestas em diversas reas distintas, as prticas florestais de manuteno, preveno e combate de incndios e outros riscos florestais, o histrico favorvel e o alto custo da aplice fizeram com que a Companhia optasse tecnicamente pela no contratao do seguro de suas florestas. A Companhia entende que as polticas atuais de preveno e combate a eventuais riscos florestais so adequadas sua sade operacional. (a) Premissas para o reconhecimento do valor justo dos ativos biolgicos Com base no CPC 29 - Ativo Biolgico e Produto Agrcola, a Companhia reconhece seus ativos biolgicos a valor justo seguindo as seguintes premissas em sua apurao: i Sero mantidas a custo histrico as florestas de eucalipto at o terceiro ano de plantio, em decorrncia do entendimento da Administrao de que durante esse perodo o custo histrico dos ativos biolgicos se aproxima de seu valor justo; As florestas, a partir do terceiro ano de plantio, so valorizadas por seu valor justo, o qual reflete o preo do ativo negociado entre partes independentes, menos os custos necessrios para colocao do produto em condies de venda ou consumo;
. Preo . Expectativa de crescimento Saldo em 31 de dezembro de 2010 Plantio Exausto Variao moeda funcional/outros Variao de valor justo por: . Preo . Expectativa de crescimento Saldo em 31 de dezembro de 2011
ii
A exausto dos ativos biolgicos do perodo foi apropriada diretamente ao custo de produo, aps alocao nos estoques mediante colheita das florestas e utilizao no processo produtivo.
26
27
17 Fornecedores
Vencimento Controladora 31/12/11
Moeda nacional Moeda estrangeira Total 67.722 8 67.730
309.305 149.807 5.437 748 2.432 467.729
309.898 149.866 5.467 748 2.432 468.411
31/12/10
191.603 137.055 133.108 4.871 705 2.289 469.631
01/01/10
202.843 200.219 143.169 139.031 5.022 669 2.174 693.127
31/12/10
193.169 137.611 133.165 4.916 705 2.289 471.855
01/01/10
203.298 200.416 143.169 139.031 5.022 669 2.174 693.779
68.496 8.190 76.686
2011 2012 2013 2014 2015 2016 2017 em diante Total
31/12/10
63.589 494 64.083
01/01/10
50.118 101 50.219
31/12/10
63.976 11.099 75.075
01/01/10
50.504 7.097 57.601
A Companhia coloca em prtica suas polticas de gerenciamento dos riscos financeiros para garantir que todas as obrigaes sejam pagas conforme os termos originalmente acordados.
19 Impostos a recolher 18 Emprstimos e financiamentos

Controladora Controladora Juros anuais %
Pr-pagamento (2011 - US$370,806 mil; 2010 US$341,090 mil; 2009 US$463,570 mil) (a) Moeda nacional (Variao monetria) Resoluo do BACEN 2.746 (b) Para capital de giro Adiantamentos cambiais (2010 - US$10,022 mil; 2009 US$73,592 mil) Emprstimo bancrio (NCE) (US$29,396 mil; 2010 US$58,384 mil; 2009 US$61,380 mil) Outros Passivo circulante Passivo no circulante Variao cambial + juros de 1.13% a 7% a.a. Variao cambial + juros de 5.15% e 8.7% a.a. Diversos Variao cambial + LIBOR +0.70% a 1.25% a.a. 1.16% a 9.37% a.a. 6.75% a.a.
7.631 2.831 3.609 1.367 1.854 17.292
Consolidado 31/12/11 31/12/10 01/01/10

Natureza do Imposto: Imposto de renda (a) Contribuio social (a) IRRF s/ Salrios e Outros (b) INSS Outros Total
31/12/11
7.135 2.831 3.596 1.362 1.614 16.538
31/12/10
11.559 5.726 2.919 1.406 2.262 23.872
01/01/10
1.689 13.983 1.167 1.367 18.206
31/12/10
12.167 5.726 2.919 1.406 2.262 24.480
01/01/10
1.689 13.983 1.167 1.727 18.566
31/12/11
31/12/10
01/01/10
695.558 5.639 20.703
568.324 5.554 34.275
807.168 6.115 22.075
695.558 5.972 20.703
568.324 6.127 34.275
807.168 6.580 22.075
(a)
16.699 128.139 16.699 128.139
A Companhia optou pelo Regime Tributrio de Transio (RTT) institudo pela Lei 11.941/09 para tratamento fiscal do imposto de renda e da contribuio social que so realizados trimestralmente. A Companhia vem utilizando o critrio de reconhecimento fiscal das variaes cambiais de seus direitos e obrigaes com base no regime de caixa desde o ano calendrio de 2007, no qual as diferenas temporais da CSLL e do IRPJ sobre variao cambial so realizadas em funo das liquidaes dos crditos e obrigaes denominadas em reais. Refere-se a Imposto de Renda Retido na Fonte sobre salrios, servios prestados por fornecedores, pessoas fsicas e proviso para pagamento de juros a scio residente no exterior a ttulo de remunerao sobre capital prprio ao final dos ltimos trimestres dos anos de 2008, 2009 e 2010 e trimestralmente no ano de 2011.
55.141 777.041 309.312 467.729
97.279 722.131 252.500 469.631
106.875 1.070.372 377.245 693.127
55.141 1.891 779.265 310.854 468.411
97.279 3.751 726.455 254.600 471.855
106.875 856 1.071.693 377.914 693.779
(b)
20 Imposto de renda e contribuio social diferidos

Referem-se aos efeitos fiscais diferidos decorrentes de prejuzos fiscais, de bases negativas de contribuio social e diferenas temporrias ativas e passivas, os quais no possuem prazo de prescrio para sua recuperao. (a) Imposto de renda e contribuio social diferidos classificados no ativo Controladora 31/12/11
Diferenas intertemporais Prejuzo fiscal Base negativa de contribuio social Diferena de converso de ativos no monetrios Total do crdito tributrio 33.983 19.083 45.543 98.609
(a) (b)
As operaes de pr-pagamento foram realizadas junto a instituies financeiras nacionais e possuem vencimentos entre janeiro de 2012 e maro de 2015. Essas operaes esto garantidas por notas promissrias. Os emprstimos obtidos na modalidade da Resoluo BACEN 2.746 com vencimento em junho de 2013 foram contratados para financiar a aquisio de ativo imobilizado e so garantidos por notas promissrias.
Os vencimentos dos financiamentos da Companhia, classificados no passivo no circulante, so demonstrados da seguinte forma:
34.416 19.282 45.543 99.241
31/12/10
36.524 3.960 25.928 89.062 155.474
01/01/10
25.083 37.677 37.850 121.159 221.769
31/12/10
36.525 4.752 25.928 89.062 156.267
01/01/10
25.083 38.345 37.850 121.158 222.436
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29
A realizao dos crditos diferidos de imposto de renda e contribuio social est condicionada a eventos futuros que iro tornar dedutveis as provises que lhes deram origem, nos termos da legislao fiscal em vigor. As estimativas da Administrao indicam que os crditos relativos s provises temporariamente no dedutveis, referentes, principalmente, proviso para riscos, sero realizados medida que os processos correspondentes sejam concludos. A Administrao, com base em oramento que projeta os resultados tributveis futuros, espera que os crditos relativos a prejuzos fiscais e bases negativas de contribuio social sejam realizados durante os prximos trs exerccios sociais. (b) Imposto de renda e contribuio social diferidos classificados no passivo
21 Provises para contingncias

A Companhia parte em processos judiciais em razo do curso normal de suas operaes. A Administrao acompanha o desenvolvimento desses processos e, com base na opinio de seus consultores jurdicos, para todos aqueles processos cujo desfecho desfavorvel avaliado como provvel, constituda proviso para perda eventual. Em 31 de dezembro de 2011, o montante de R$141.494 (R$179.675 em 31 de dezembro de 2010) encontra-se provisionado. O valor dos depsitos judiciais correspondentes s provises para contingncias de R$46.915 (R$87.423 em 31 de dezembro de 2010). Sumrio dos principais valores contabilizados:
Controladora e Consolidado
Controladora e Consolidado 31/12/11

Incentivos fiscais: Variao cambial Imposto de renda - atividade rural/silvicultura - (i) Contribuio social - atividade rural/silvicultura - (i) Contribuio social diferida - Desconto 25% Lei 11.051/04 - (ii) Valor justo dos Ativos Biolgicos - (iii) Total do imposto diferido 1.452 49.997 17.999 29.705 106.686 205.839 47.902 67.025 24.129 24.431 42.931 206.418 59.677 84.609 30.659 17.522 86.100 278.567
Proviso para Contingncias 31/12/11

Natureza do processo: Imposto de renda Contribuio social ICMS PIS/COFINS Previdencirias Cveis e trabalhistas Processos Tributrios Outras Total 77.700 25.639 8.807 2.732 16.198 8.429 1.987 141.492 72.891 41.026 23.028 8.807 6.763 17.093 8.090 1.977 179.675 69.103 41.026 20.961 8.807 6.206 10.302 9.742 166.147 30.822 9.333 962 3.810 1.987 46.914
Depsitos Judiciais 31/12/11 31/12/10

30.943 41.026 9.333 866 3.278 1.977 87.423
31/12/10
01/01/10
31/12/10
01/01/10
01/01/10
30.943 41.026 9.333 776 3.275 1.939 87.292
(i) (ii)
Referem-se excluso dos gastos com silvicultura e aquisio de mquinas e equipamentos destinados utilizao na atividade rural. Refere-se a crdito relativo CSLL, razo de 25% sobre a depreciao contbil de mquinas, aparelhos, instrumentos e equipamentos novos, relacionados em regulamento, destinados ao ativo imobilizado e empregados em processo industrial da Companhia (Lei n 11.051/04). Refere-se ao clculo do IR e CSLL diferido sobre a valorizao dos ativos biolgicos correspondentes a florestas de eucalipto, destinadas produo de celulose.
A movimentao das provises para contingncias como segue:
(iii) (c)
Controladora e Consolidado Proviso para riscos

Longo Prazo Tributrias Cveis Trabalhistas Previdencirias Total 149.639 3.688 6.614 6.206 166.147 38 1.582 15.227 90 16.937 (3.404) (6.614) (10.018) 6.143 466 6.609 155.820 1.866 15.227 6.762 179.675 11 1.649 14.393 96 16.149 (41.268) (1.710) (15.227) (4.733) (62.938) 8.000 606 8.606 122.563 1.805 14.393 2.731 141.492
Imposto de renda e contribuio social - conciliao entre as despesas nominal e efetiva A reconciliao entre a taxa efetiva e a taxa nominal do imposto de renda e da contribuio social est apresentada a seguir:
01/01/10
Adies
Baixas
Atualizao / Juros
31/12/10
Adies
Baixas
Atualizao / Juros
31/12/11
Lucro antes do imposto de renda e da contribuio social Taxas nominais Imposto de renda e contribuio social conforme taxas oficiais Diferena da converso de ativos no monetrios Efeito dos juros sobre capital prprio Diferena sobre ganho e perda da moeda de reporte Imposto de renda e contribuio social sobre Diferenas Permanentes Efeito da equivalncia patrimonial Outros Imposto de renda e contribuio social conforme resultado 331.586 34% 112.739 49.273 (18.004) (27.433) 10.060 4.108 4.171 134.914
332.310 34% 112.985 49.273 (18.004) (27.433) 10.060 4.108 4.649 135.638
31/12/10
388.046 34% 131.936 (13.478) (40.677) (5.455) 1.831 (1.479) 72.678
31/12/10
388.297 34% 132.021 (13.478) (40.677) (6.308) 1.831 (460) 72.929
Controladora e Consolidado Depsitos judiciais

Longo Prazo Tributrias Cveis Trabalhistas Previdencirias Total 83.241 52 3.223 776 87.292 38 20 1.411 90 1.559 (1.428) (1.428) 83.279 72 3.206 866 87.423 11 1.960 96 2.067 (41.147) (1.429) (42.576) 42.143 72 3.737 962 46.914
01/01/10
Adies
Baixas
31/12/10
Adies
Baixas
31/12/11
30
31
A Companhia possui outros processos trabalhistas e cveis, surgidos no curso normal dos seus negcios, no montante de R$ 9.817 para os trabalhistas e R$ 1.316 para os cveis. Com base na anlise individual dos processos judiciais e suportados por opinio de seus consultores jurdicos, a Administrao entende que esses processos no necessitam de provisionamento. Uma sntese dos principais processos tributrios da Companhia est apresentada a seguir, segregada por natureza: Imposto de renda Sobre o valor da proviso para contingncias relacionado ao Imposto sobre a Renda no montante de R$ 77.700 em 31 de dezembro de 2011, as principais aes judiciais so apresentadas a seguir: (a) Majorao da alquota de 6% para 18% sobre o lucro da explorao proveniente da receita de exportao incentivada - BEFIEX Ano Base 1989. O valor da proviso para riscos contabilizada R$ 15.168, e o valor depositado judicialmente de R$ 15.168. (b) Majorao da alquota de 18% para 30% sobre o lucro da explorao proveniente da receita de exportao incentivada - BEFIEX Ano Base 1990. O valor da proviso para riscos contabilizada de R$ 34.847. (c) (d) Expurgo de correo monetria do IPC/1989 - Plano Vero. O valor da proviso para riscos contabilizada de R$ 7.385, e o valor depositado judicialmente de R$ 7.385. Outras i Ainda quanto ao imposto de renda, a Companhia possui uma ao que questiona o IRRF sobre as aplicaes financeiras de que trata o art. 36 da Lei n. 8.541/92, que se encontra pendente de julgamento com proviso para riscos contabilizada no montante de R$ 8.269 e depsito judicial no mesmo valor. Ao de inexigibilidade de imposto de renda na fonte sobre comisses de exportao, na qual foi deferido o pedido de liminar e em sentena foi concedida a segurana. Foi interposto recurso de apelao pela Fazenda Nacional, a qual est pendente de julgamento. O valor da proviso para riscos contabilizada de R$ 11.853 em 31/12/2011.
ICMS Processos Judiciais - Medida cautelar e ao anulatria referentes ao crdito de ICMS sobre uso e consumo na produo. O valor da proviso para riscos contabilizada de R$ 25.639.
22 Patrimnio lquido
Capital social - O capital social subscrito e integralizado em 31 de dezembro de 2011 e de 2010 composto por 185.448 mil aes, subdividido em 170.847 mil aes ordinrias e 14.601 mil aes preferenciais classes A, B, C e D, sendo que cada ao tem valor nominal de R$ 1,00. O capital do acionista no residente, registrado no Banco Central do Brasil, de US$ 219.762 mil e 2.524.488 mil. Direitos das aes - As aes ordinrias tm direito a voto. As aes preferenciais, com exceo da classe D, tm direito restrito de voto. As aes preferenciais no so resgatveis, gozam de prioridade no reembolso do capital no caso de liquidao da Companhia e tm direito ao dividendo que for assegurado s aes ordinrias. Dividendos e reteno de lucros - De acordo com o estatuto da Companhia, aos acionistas assegurado um dividendo mnimo de 25% do lucro lquido de cada exerccio, calculado conforme a Lei das Sociedades por Aes. A Assembleia Geral dos Acionistas pode, entretanto, deliberar a distribuio de dividendos inferiores ao percentual estabelecido acima, ou a reteno de todo o lucro lquido. Em 31 de maro de 2011, a Assembleia Geral Extraordinria aprovou a distribuio de juros sobre o capital prprio no montante de R$ 18.321, a serem pagos at maro de 2013, e dividendos no valor de R$ 10.000, a serem pagos at o final de 2013. Em 30 de junho de 2011, a Assembleia Geral Extraordinria aprovou a distribuio de juros sobre o capital prprio no montante de R$ 18.605, a serem pagos at maro de 2013. Em 24 de agosto de 2011, foram pagos dividendos no montante de R$ 70.713, provisionados em setembro de 2010. Em 30 de setembro de 2011, a Assembleia Geral Extraordinria aprovou a distribuio de juros sobre o capital prprio no montante de R$ 16.026, a serem pagos at maro de 2013. Em 31 de dezembro de 2011, a Assembleia Geral Extraordinria aprovou a distribuio de juros sobre o capital prprio no montante de R$ 18.214, a serem pagos at maro de 2013.
ii
Contribuio social Inconstitucionalidade dos arts. 42 e 58, da Lei n. 8.981/95, e 15 e 16, da Lei n. 9.065/95 - Limitao de 30% para a compensao de prejuzos fiscais. Trata-se de mandado de segurana objetivando a concesso de liminar autorizando o recolhimento das parcelas do Imposto sobre a Renda e da Contribuio Social sobre o Lucro, aps a deduo integral do prejuzo acumulado, tendo em vista a manifesta inconstitucionalidade dos arts. 42 e pargrafo nico, e 58 da Lei n. 8.981/95, bem como dos arts. 15 e 16, e respectivos pargrafos nicos, da Lei n. 9.065/95. Referidos dispositivos estariam a impossibilitar que as empresas efetivassem a plena compensao dos prejuzos fiscais, relativamente ao IR e CSLL. Tal compensao foi permitida somente at o limite de 30% do lucro real para os prejuzos verificados at 31/12/94, o que fora repetido pela Lei n. 9.065/95, cujos artigos 15 e 16 mantiveram as restries contidas nos arts. 42 e 58 da Lei n. 8.981/95. Tendo em vista provimento apelao da Unio Federal e a remessa oficial, a Companhia, em setembro de 2003, efetuou os depsitos judiciais e suas provises dos valores devidos em 28/10/03 referentes aos anos de 1995 e 1996. Foi enviada em 16/10/2007, pela Receita Federal do Brasil, a cobrana administrativa n. 10630.001523/2007-95, no valor de R$ 14.314, referente a perda do efeito suspensivo nos recursos ajuizados pela Companhia. Nesse sentido, visando suspender a exigibilidade do referido dbito e a manuteno dos efeitos da sentena de 1 grau at o julgamento do AI n. 602.556-8/MG, a Companhia ajuizou junto ao STF a Ao Cautelar n. 1.830, a qual foi deferida. O valor da proviso para riscos contabilizados era de R$ 41.026, e o valor depositado judicialmente de R$ 41.026. Tendo em vista a adeso ao Programa de Recuperao Fiscal (REFIS IV) institudo pela Lei 11.941/09, em 20/07/2011, a MM Juza da 12 Vara Federal da Seo Judiciria do Estado de Minas Gerais autorizou o levantamento do saldo remanescente decorrente do encontro de contas entre depsitos judiciais e dbitos inscritos na dvida ativa. Aps as devidas correes, a diferena foi depositada em conta corrente da Companhia no montante de R$ 4.664.
23 Receitas
A conciliao entre a receita bruta e a receita lquida de vendas como segue:
Vendas de celulose: Receita bruta Menos: Impostos sobre vendas Devoluo e abatimentos Receita lquida Mercado externo Mercado interno (19.195) (274) 1.214.021 1.142.281 71.740 (28.988) (651) 1.424.890 1.317.320 107.570 (19.195) (415) 1.219.355 1.147.615 71.740 1.233.490 1.454.529 1.238.965
Consolidado 31/12/11 31/12/10

1.439.335 (28.988) (726) 1.409.621 1.302.051 107.570
31/12/10
32
33
24 Informaes sobre a natureza das despesas reconhecidas na demonstrao do resultado

Est apresentado a seguir o detalhamento da demonstrao do resultado por natureza:
26 Benefcios a empregados
Previdncia privada A Companhia mantm convnio de adeso com a Fundao Vale do Rio Doce de Seguridade Social - VALIA, cuja finalidade suplementar benefcios previdencirios aos empregados, participantes do plano, do qual a Companhia participante. Para formao das reservas tcnicas correspondentes ao valor atual dos benefcios concedidos e a conceder, relativos a direitos adquiridos pelos participantes, so utilizados clculos efetuados por aturio independente. Dessa forma, em 31 de dezembro de 2011, a Companhia contribuiu com o montante de R$ 2.689 (R$ 748 em 31 de dezembro de 2010) para, em conjunto com a contribuio desses beneficirios, assegurarem a cobertura do plano de custeio. Em 31 de dezembro de 2011 e de 2010, todos os participantes ativos esto registrados no plano de contribuio definida. A Companhia possui tambm alguns participantes assistidos remanescentes em um plano de benefcio definido. O plano de benefcio definido apresentou superavit nos exerccios de 2005 a 2010. A Companhia no espera impactos nas suas demonstraes financeiras oriundos dos assistidos remanescentes do plano de benefcio definido. Seguro de vida A Companhia oferece o benefcio de seguro de vida para todos os seus empregados, no qual o custo compartilhado, sendo 60% custeados pela Companhia e o restante descontado em folha mensal de pagamento. Apresenta tambm cobertura para morte natural, acidental e invalidez permanente. No perodo findo em 31 de dezembro de 2011, as despesas com seguro de vida foram de R$ 151 (R$ 134 em 31 de dezembro de 2010). Seguro sade
Depreciao, amortizao e exausto Custos com pessoal Custos com materiais Servios contratados Provises para contingncias Outras Outras despesas/receitas lquidas Total do custo das vendas, despesas com vendas, administrativas e outras receitas lquidas (194.842) (110.610) (280.407) (459.817) (11.383) (31.789) (1.088.848) 15.607 (1.073.241)
(194.842) (110.610) (280.721) (482.401) (11.383) (31.789) (1.111.746) 17.991 (1.093.755)
31/12/10
(172.802) (105.637) (242.898) (463.120) (23.923) (30.471) (1.038.851) (24) (1.038.875)
31/12/10
(172.802) (105.637) (229.148) (501.185) (23.923) (30.994) (1.063.689) 2.750 (1.060.939)
25 Resultado financeiro, lquido

Receitas financeiras: Aplicaes financeiras de curto prazo Outras receitas financeiras Total das receitas financeiras Despesas financeiras: Emprstimos e financiamentos Outras despesas financeiras Total das despesas financeiras Variaes cambiais, lquidas: Variaes cambiais passivas Variaes cambiais ativas Total das variaes cambiais, lquidas Total resultado financeiro, lquido 51.902 (41.713) 10.189 237 (29.740) 19.194 (10.546) (35.813) 51.879 (41.802) 10.077 (451) (28.883) 17.892 (10.991) (37.220) (17.854) (4.959) (22.813) (27.925) (3.964) (31.889) (18.251) (5.142) (23.393) (28.622) (4.235) (32.857) 8.211 4.650 12.861 5.737 885 6.622 8.215 4.650 12.865 5.743 885 6.628
Consolidado 31/12/11 31/12/10
A assistncia mdica oferecida aos colaboradores de acordo com os critrios definidos pela poltica da Companhia. A Companhia disponibiliza benefcios de sade na modalidade de autogesto, nas reas mdica, hospitalar, odontolgica, farmacutica, tica e laboratorial em vrios municpios de abrangncia. A Companhia assume como cobertura um rol de procedimentos que ultrapassam o exigido pela ANS (Agncia Nacional de Sade Suplementar), reembolsando ainda, no mesmo percentual da rede conveniada, servios prestados por instituies ou profissionais no conveniados.
31/12/10
27 Cobertura de seguros
Face natureza de suas atividades, a Companhia adota a poltica de contratar cobertura de seguro, segundo as diferenas clssicas dos riscos (industriais e porturios). Com base em anlise sistemtica de riscos, conjugada com modernas tcnicas securitrias, a Companhia contrata seguro, utilizando o conceito de Perda Mxima Provvel, o qual corresponde ao valor mximo passvel de destruio em um mesmo evento. A Companhia no contrata seguros florestais, pois mantm um rigoroso sistema de preveno de combate a incndios florestais. Em 31 de dezembro de 2011, o parque industrial da Companhia apresentava-se segurado contra sinistros pelo limite mximo de indenizao, por evento, de US$ 260.000 mil, equivalentes a R$ 487.708 mil (US$ 260.000 mil, equivalentes a R$ 433.212 mil em 31 de dezembro de 2010).
28 Instrumentos financeiros
A Companhia participa de operaes envolvendo instrumentos financeiros que se destinam a atender s necessidades prprias, no sentido de reduzir sua exposio a riscos de mercado, de moeda e de taxas de juros. A administrao desses riscos efetuada por meio de polticas de controles, estabelecimento de estratgias de operaes, determinao de limites e outras tcnicas de acompanhamento das posies. Os valores apresentados como ativos e passivos financeiros so assim demonstrados por categoria:
34
35
Controladora 31/12/11 Valor Contbil

Ativos financeiros Depsitos em contas remuneradas Ativos financeiros ao valor justo por meio do resultado Aplicaes financeiras Emprstimos e recebveis mensurados ao custo amortizado (*) Clientes Passivos financeiros Custo amortizado (*) Fornecedores Emprstimos e financiamentos 67.730 777.041 67.730 777.041 64.083 722.131 64.083 722.131 50.219 1.070.372 50.219 1.070.372 303.913 303.913 336.469 336.469 300.764 300.764 61.908 61.908 56.843 56.843 128.856 128.856 16.654 16.654 2.364 2.364 1.117 1.117
Os principais fatores de riscos inerentes s operaes da Companhia so expostos a seguir: Exposio a riscos cambiais A Companhia utiliza emprstimos e financiamentos de longo prazo para financiar suas operaes, incluindo o fluxo de caixa e o financiamento de aquisies de ativos imobilizados. A maior parte dos emprstimos de longo prazo vinculada ao dlar norte-americano equivalente. Os riscos desses emprstimos e financiamentos so parcialmente reduzidos pelas contas a receber, lquido dos adiantamentos cambiais, pelo caixa vinculado ao dlar e pelas aplicaes financeiras. Exposio a riscos de taxas de juros A Companhia est exposta a taxas de juros flutuantes, principalmente relacionadas s variaes da LIBOR relativa aos emprstimos denominados em dlares norte-americanos. A taxa de juros nas aplicaes financeiras , na sua maioria, vinculada variao do CDI. Concentrao de risco de crdito Instrumentos financeiros que potencialmente sujeitam a Companhia a concentraes de risco de crdito consistem, primariamente, de caixa e bancos, aplicaes financeiras e contas a receber. A Companhia mantm contas correntes bancrias e aplicaes financeiras com instituies financeiras de grande porte. A Companhia no possui instrumentos financeiros derivativos para proteger da exposio cambial em dlar na medida em que suas vendas so substancialmente efetuadas nesta moeda. Os instrumentos financeiros registrados nas demonstraes financeiras da Companhia, geralmente, se aproximam do valor de mercado, devido ao curto prazo de vencimento ou frequente giro desses instrumentos financeiros. O valor de mercado das obrigaes em moeda estrangeira similar aos valores registrados. A estimativa do valor de mercado efetuada em um momento especfico, baseada em informaes de mercado relevantes e informaes sobre os instrumentos financeiros. Estimativas so subjetivas em sua natureza e envolvem incertezas e questes de julgamento. Por esta razo, no podem ser determinadas com preciso. Mudanas nessas posies podem afetar significativamente as estimativas. No existem operaes envolvendo derivativos registrados nas demonstraes financeiras da Companhia.
31/12/10 Valor Contbil Valor Justo Valor Contbil
01/01/10 Valor Justo
Valor Justo
Consolidado 31/12/11 Valor Contbil

Ativos financeiros Disponibilidades Ativos financeiros ao valor justo por meio do resultado Aplicaes financeiras Emprstimos e recebveis mensurados ao custo amortizado (*) Clientes Passivos financeiros Custo amortizado (*) Fornecedores Emprstimos e financiamentos 76.686 779.265 76.686 779.265 75.075 726.455 75.075 726.455 57.601 1.071.693 57.601 1.071.693 199.223 199.223 218.979 218.979 236.700 236.700 61.908 61.908 56.851 56.851 128.856 128.856 21.716 21.716 52.163 52.163 36.661 36.661
31/12/10 Valor Contbil Valor Justo Valor Contbil
01/01/10 Valor Justo
Valor Justo
29 Eventos subsequentes
At a data da apresentao das referidas demonstraes financeiras, a Companhia no possui quaisquer eventos subsequentes que meream destaque em nota explicativa ou ajuste em seus balanos patrimoniais.
(*) Os valores justos dos instrumentos financeiros mensurados ao custo amortizado se aproximam dos valores contbeis na data dos balanos.
O sumrio dos valores vinculados ao dlar norte-americano como segue:
30 Aprovao das demonstraes financeiras

750.699 (21.391) (1.570) (184.404) 543.334
Emprstimos e financiamentos Depsitos em contas remuneradas Aplicaes financeiras Contas a Receber Total da exposio cambial lquida 750.699 (16.436) (1.570) (289.096) 443.597
31/12/10
682.302 (2.117) (2.384) (314.711) 363.090
01/01/10
1.042.182 (372) (18.984) (271.473) 751.353
31/12/10
682.302 (51.828) (2.384) (197.219) 430.871
01/01/10
1.042.182 (35.891) (18.984) (216.321) 770.986
As demonstraes financeiras foram consideradas aprovadas nesta data e autorizadas para publicao pelos diretores da Companhia.
36
37
DIRETORIA
PAULO EDUARDO ROCHA BRANT Diretor-Presidente
NAOHIRO DOI Diretor Administrativo e Financeiro
KENJI TAKASHIMA Diretor Industrial e Tcnico
SATOSHI MIYAKE Diretor Comercial Financial statements at December 31, 2011 and independent auditors report CONSELHO CONSULTIVO
ELIEZER BATISTA DA SILVA FERNANDO HENRIQUE DA FONSECA SHOICHIRO SUZUKI KAZUHISA SHINODA EIZO KOBAYASHI
RESPONSVEL TCNICO
OLDAIR DE SOUZA MOURO Contador CRC-MG 053484/O-5
38
Sustainability Report 2011
Financial Statements
39
Independent Auditors Report

To the Board of Directors and Shareholders Celulose Nipo-Brasileira S.A. - CENIBRA We have audited the accompanying financial statements of Celulose Nipo-Brasileira S.A. - CENIBRA (Company), which comprise the balance sheet as at December 31, 2011 and the statements of income, changes in equity and cash flows for the year then ended, as well as the consolidated financial statements of Celulose Nipo-Brasileira S.A. - CENIBRA and its subsidiaries (Consolidated), which comprise the consolidated balance sheet as at December 31, 2011 and the related consolidated statements of income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managements responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting practices adopted in Brazil, and for such internal control as management determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Brazilian and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Celulose Nipo-Brasileira S.A. - CENIBRA and of Celulose Nipo-Brasileira S.A. - CENIBRA and its subsidiaries as at December 31, 2011, and the parent company financial performance and cash flows, as well as the consolidated financial performance and cash flows for the year then ended, in accordance with the accounting practices adopted in Brazil.
41
Emphasis of Matter
We draw attention to note 13 to these financial statements, which states that the Company maintains balances and carries out transactions with its parent company and other related parties in amounts which are significant in relation to its financial position and results of operations. Our opinion is not qualified in respect of this matter.
Other matters Comparative financial statements

The audit of the financial statements as at January 1 and December 31, 2010 and for the year ended December 31, 2010, presented for comparison purposes and originally prepared before the adjustments described in note 6 to these financial statements, were conducted by other independent auditors, who issued an unqualified report thereon dated March 4, 2011. As part of our audit of the financial statements for the year ended December 31, 2011, we also audited the adjustments described in note 6, which were made to alter the financial statements as at January 1, and December 31, 2010. In our opinion, these adjustments are appropriate and were correctly recorded. We were not engaged to audit, review or apply any other procedures to the Companys financial statements for the year ended December 31, 2010 and, therefore, we do not express any opinion or any form of assurance on the financial statements for 2010 taken as a whole. Belo Horizonte, April 2, 2012 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 F MG Carlos Augusto da Silva Contador CRC 1SP197007/O-2 S MG
Contents
Balance sheets.................................................................................................................................................................................. 44 Statements of income...................................................................................................................................................................... 45 Statements of changes in equity..................................................................................................................................................... 46 Statements of cash flows................................................................................................................................................................. 48
Notes to the financial statements

1. 2. 3. Operations................................................................................................................................................................................ 49 Presentation of the financial statements.............................................................................................................................. 49 Significant accounting practices............................................................................................................................................ 49 a. Functional currency and translation of the financial statements................................................................................. 49 b. Cash and cash equivalents.............................................................................................................................................. 50 c. Financial assets and liabilities......................................................................................................................................... 50 d. Trade receivables.............................................................................................................................................................. 51 e. Inventories........................................................................................................................................................................ 51 f. Investments (Parent company)........................................................................................................................................ 51 g. Property, plant and equipment........................................................................................................................................ 51 h. Intangible assets.............................................................................................................................................................. 51 i. Biological assets............................................................................................................................................................... 52 j. Assets held for sale.......................................................................................................................................................... 52 k. Other current and non-current assets............................................................................................................................. 52 l. Provisions.......................................................................................................................................................................... 52 m. Income tax and social contribution ................................................................................................................................ 52 n. Interest on capital............................................................................................................................................................. 52 o. Revenue recognition........................................................................................................................................................ 52 p. Earnings per share............................................................................................................................................................ 53 q. Employee benefits and private pension plan................................................................................................................. 53 r. New technical pronouncements, revisions and interpretations................................................................................... 53 Use of estimates...................................................................................................................................................................... 53 Consolidation of the financial statements............................................................................................................................ 54 Restatement of comparative amounts.................................................................................................................................. 54 Cash and cash equivalents..................................................................................................................................................... 57 Trade receivables..................................................................................................................................................................... 58 Inventories............................................................................................................................................................................... 58 Taxes recoverable.................................................................................................................................................................... 59 Assets classified as available for sale.................................................................................................................................... 59 Investments in subsidiaries, associates and other investments......................................................................................... 60 Balances and transactions with related parties................................................................................................................... 61 Property, plant and equipment............................................................................................................................................... 62 Intangible assets..................................................................................................................................................................... 64 Biological assets...................................................................................................................................................................... 64 Trade payables......................................................................................................................................................................... 66 Borrowings............................................................................................................................................................................... 66 Taxes payable........................................................................................................................................................................... 67 Deferred income tax and social contribution........................................................................................................................ 67 Provision for contingencies..................................................................................................................................................... 69 Equity........................................................................................................................................................................................ 71 Revenue.................................................................................................................................................................................... 71 Information on the nature of the expenses recognized in the statement of income........................................................ 72 Finance income (costs), net.................................................................................................................................................... 72 Employee benefits................................................................................................................................................................... 73 Insurance.................................................................................................................................................................................. 73 Financial instruments.............................................................................................................................................................. 73 Subsequent events................................................................................................................................................................. 75 Approval of the financial statements..................................................................................................................................... 75
4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.
42
43
Balance sheets at December 31, 2011 and 2010 and January 1, 2010 (In thousands of reais)
Parent company ASSETS
CURRENT ASSETS Cash and cash equivalents: Trade receivables Inventories Taxes recoverable Assets classified as held for sale Other receivables Total current assets NON-CURRENT ASSETS Taxes recoverable Other long-term assets Investments in subsidiaries, associates and other Property, plant and equipment Intangible assets Biological assets Total non-current assets TOTAL ASSETS 12 14 15 16 10 42,645 609 33,837 895,527 5,107 973,911 1,951,636 2,549,030 43,634 1,867 22,600 778,458 5,269 724,100 1,575,928 2,193,609 43,262 1,867 32,736 817,459 6,221 694,950 1,596,495 2,319,461 42,645 609 31,384 909,417 5,179 973,911 1,963,145 2,516,094 43,634 1,867 21,404 788,039 5,306 724,100 1,584,350 2,178,552 43,262 1,867 22,906 821,534 6,285 694,950 1,590,804 2,325,373 7 8 9 10 11 78,562 303,913 145,240 34,959 870 33,850 597,394 59,207 336,469 137,925 49,881 771 33,428 617,681 129,973 300,764 150,365 101,662 1,333 38,869 722,966 83,624 199,223 209,294 34,959 870 24,979 552,949 109,014 218,979 186,481 49,881 771 29,076 594,202 165,517 236,700 192,027 101,662 1,333 37,330 734,569
Statements of income Years ended December 31, 2011 and 2010 (In thousands of reais, except for earnings per share)
1/1/2010 note
NET OPERATING REVENUE Changes in the fair value of biological assets COST OF SALES GROSS PROFIT OPERATING INCOME (EXPENSES) Selling General and administrative Share of results of investees Finance costs Finance income Net gain (loss) on translation of monetary items Other operating income (expenses), net PROFIT BEFORE TAXATION INCOME TAX AND SOCIAL CONTRIBUTION Current Deferred 20 (c) PROFIT FOR THE YEAR Earnings per share at the end of the year (Basic and Diluted - in R$) (65,845) (69,069) (134,914) 196,672 1.06 (61,591) (11,087) (72,678) 315,368 1.70 (66,569) (69,069) (135,638) 196,672 1.06 (61,842) (11,087) (72,929) 315,368 1.70 24 24 12 25 25 25 24 (136,881) (67,762) (12,082) (22,813) 12,861 10,189 15,607 (200,881) 331,586 (159,813) (77,380) (34,665) (31,889) 6,622 (10,546) (24) (307,695) 388,046 (157,146) (70,082) 4,510 (23,393) 12,865 10,077 17,991 (205,178) 332,310 (191,270) (79,311) 4,326 (32,857) 6,628 (10,991) 2,750 (300,725) 388,297 23 16 (b) 24
Consolidated 12/31/2011 12/31/2010 Parent company 12/31/2011

1,214,021 202,651 (884,205) 532,467
Note 12/31/2011
12/31/2010
1/1/2010
Consolidated 12/31/2011
1,219,355 202,651 (884,518) 537,488
12/31/2010
1,424,890 72,509 (801,658) 695,741
12/31/2010
1,409,621 72,509 (793,108) 689,022
Parent company
LIABILITIES AND EQUITY CURRENT LIABILITIES Trade payables Borrowings Salaries, provisions and social contributions Taxes payable Interest on capital payable Transactions with subsidiaries, associates and other Other payables Total current liabilities NON-CURRENT LIABILITIES Borrowings Deferred income tax and social contribution Provision for contingencies Other liabilities Total non-current liabilities EQUITY Share capital Capital reserves Revenue reserves Other comprehensive results Total equity TOTAL LIABILITIES AND EQUITY 22 185,448 131,947 980,511 (7,760) 1,290,146 2,549,030 185,448 131,947 799,774 (55,497) 1,061,672 2,193,609 185,448 131,947 638,063 (41,384) 914,074 2,319,461 185,448 131,947 980,511 (7,760) 1,290,146 2,516,094 18 20 21 467,729 107,230 94,578 219 669,756 469,631 50,944 92,252 557 613,384 693,127 56,798 78,855 926 829,706 468,411 106,598 94,578 219 669,806 13 19 17 18 67,730 309,312 25,943 16,538 106,240 45,332 18,033 589,128 64,083 252,500 26,959 23,872 104,682 30,529 15,928 518,553 50,219 377,245 23,686 18,206 91,536 14,789 575,681 76,686 310,854 27,156 17,292 106,240 17,914 556,142
Consolidated 12/31/2010 1/1/2010
Note 12/31/2011
12/31/2010
1/1/2010 12/31/2011
75,075 254,600 27,521 24,480 104,682 15,707 502,065 471,855 50,151 92,252 557 614,815 185,448 131,947 799,774 (55,497) 1,061,672 2,178,552
57,601 377,914 24,053 18,566 91,536 11,938 581,608 693,779 56,131 78,855 926 829,691 185,448 131,947 638,063 (41,384) 914,074 2,325,373
The accompanying notes are an integral part of these financial statements.
44
45
Statements of changes in equity Years ended December

(In thousands of reais, unless otherwise stated) Capital reserves Ination adjustments Share capital
185,448 6 185,448 -
31, 2011 and 2010

Revenue reserves
note
AT JANUARY 1, 2010 Prior year adjustments AT JANUARY 1, 2010 - ADJUSTED Profit for the year: Interest on capital approved at the Ordinary Shareholders Meeting of September 30, 2010 (R$0.57 per share) Interest on capital approved at the Extraordinary Shareholders Meeting of December 31, 2010 (R$0. 08 per share) Adjustments arising from translation into the presentation currency in the year Unrealized revenue reserve - biological assets Transfer to statutory reserve AT DECEMBER 31, 2010 - ADJUSTED Profit for the year: Interest on capital approved at the Extraordinary Shareholders Meeting of March 31, 2011 (R$0.10 per share) Interest on capital approved at the Ordinary Shareholders Meeting of June 30, 2011 (R$0.10 per share) Interest on capital approved at the Ordinary Shareholders Meeting of September 30, 2011 (R$0.10 per share) Interest on capital approved at the Ordinary Shareholders Meeting of December 31, 2011 (R$0.10 per share) Dividends approved at the Ordinary Shareholders Meeting of March 31, 2011 (R$0.05 per share) Adjustments arising from translation into the presentation currency in the year Unrealized revenue reserve - biological assets Transfer to statutory reserve AT DECEMBER 31, 2011 22 22
Special Law 8200/91 (*)

82,918 82,918 -
Forests
17,736 17,736 -
For capital increase

26,518 26,518 -
Tax incentives
4,775 4,775 -
Legal
37,090 37,090 -
Statutory
439,341 12,049 451,390 -
Special
328,275 (178,692) 149,583 -
Other comprehensive results

(41,384) (41,384) -
Retained earnings
315,368
Total
1,080,717 (166,643) 914,074 315,368
(105,000)
(105,000)
185,448 -
82,918 -
17,736 -
26,518 -
4,775 -
37,090 -
(14,636) (51,783) 335,204 615,175 -
(2,074) 147,509 -
(14,113) (55,497) -
19,836 (335,204) 196,672
(14,636) (14,113) (34,021) 1,061,672 196,672
(18,321)
(18,321)
(18,605)
(18,605)
(16,026)
(16,026)
185,448
82,918
17,736
26,518
4,775
37,090
(18,214) (10,000) 196,672 730,681
65,231 212,740
47,737 (7,760)
(196,672)
(18,214) (10,000) 47,737 65,231 1,290,146
46
47
Statements of cash flows - indirect method Years ended December 31, 2011 and 2010 (In thousands of reais)
Parent company 12/31/2011 12/31/2010
CASH FLOWS FROM OPERATING ACTIVITIES Profit for the year Adjustments to reconcile profit for the year to the cash provided by operating activities: Depreciation and amortization Changes in the fair value of biological assets Depletion of biological assets Share of results of investees Result on disposal of property, plant and equipment and intangible assets Financial charges and exchange variations on borrowings and tax liabilities Provisions for tax, social security, labor and civil contingencies Deferred income tax and social contribution Translation adjustment - monetary items Change in operating assets: Trade receivables Inventories Taxes recoverable Sundry receivables Increase (decrease) in operating liabilities Trade payables Taxes payable Salaries, provisions and social charges Other payables Interest paid Translation effects Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment and intangible assets Capital increase in subsidiary (Portocel) Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES New loans - third parties Repayment of borrowings Payment of dividends and interest on capital Net cash used in financing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ADJUSTMENT ARISING FROM TRANSLATION OF CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 212,530 (242,233) (70,713) (100,416) 31,791 (12,436) 59,207 78,562 107,007 (426,959) (91,479) (411,431) (74,143) 3,377 129,973 59,207 212,530 (244,686) (70,713) (102,869) (12,887) (12,503) 109,014 83,624 113,153 (430,719) (91,479) (409,045) (59,355) 2,852 165,517 109,014 (186,255) 2,921 (183,334) (143,034) (143,034) (195,574) 2,921 (192,653) (150,195) (150,195) 13,241 (3,094) 3,396 11,028 (26,771) (2,388) 315,541 13,733 153 30,633 1,523 (32,387) (70,121) 480,322 11,190 (2,948) 4,047 11,130 (27,226) 4,542 282,635 17,364 1,491 1,645 4,237 (34,406) (3,958) 499,885 57,983 (7,315) (15,252) (1,637) (47,216) 12,440 64,277 3,123 45,152 (22,813) (15,252) 2,882 (1,242) 5,546 36,397 4,412 40,193 (202,651) 154,649 12,082 (2,651) 19,809 9,367 69,069 (10,189) 43,233 (72,508) 129,569 34,665 3,014 28,199 991 11,087 10,546 40,193 (202,651) 154,649 (4,510) (1,399) 20,618 9,367 69,069 (10,077) 43,233 (72,508) 129,569 (4,326) 4,857 29,137 991 11,087 10,991 196,672 315,368 196,672 315,368
Notes to the financial statements for the year ended December 31, 2011 (All amounts in thousands of reais, unless otherwise stated)
1 Operations
The principal activities of the Company comprise the manufacture and sale of cellulose using wood extracted from eucalyptus trees grown in its own forests, the planting, maintenance and harvesting services of which are provided by outsourced companies, and wood purchased from third parties. Celulose Nipo-Brasileira S.A. - CENIBRA is domiciled in Brazil and its headquarters are located in the municipality of Belo Oriente, State of Minas Gerais. The subsidiary Cenibra Internacional - Servios e Comrcio (Sociedade Unipessoal) Ltda. was formed in order to provide support for the export of its products. This subsidiary is based in Madeira Island, and its wholly-owned subsidiaries are Cenibra Trading Ltd., headquartered in the Cayman Islands, and Cenibra Inc., headquartered in the United States. For the purpose of improving the logistics of its plant, the Company established Cenibra Logstica Ltda. The Company also holds a 49% ownership interest in Portocel - Terminal Especializado de Barra do Riacho S.A. (Portocel). Except for Portocel, which is accounted for by the equity method, all investees are consolidated. The consolidation criteria adopted are described in note 5 to these financial statements.
Consolidated 12/31/2011 12/31/2010
Presentation of the financial statements

The financial statements of CENIBRA, herein referred to as Parent Companyor Parent, and the consolidated financial statements, herein referred to as Consolidated, have been prepared and are presented in accordance with accounting practices adopted in Brazil and the provisions of Brazilian Corporate Law, including the changes in accounting practices introduced by Laws 11638/07 and 11941/09, and in compliance with the Pronouncements, Interpretations and Guidance issued by the Brazilian Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). The Company adopted the changes in Brazilian accounting practices introduced by technical pronouncements CPCS 15 to 40 in the preparation of these financial statements. The parent company and consolidated financial statements of CENIBRA have been prepared and are presented in accordance with CPC 26 (R1) - Presentation of Financial Statements.
Significant accounting practices

The main accounting practices adopted by the Company and its subsidiaries and associates in the preparation of these financial statements are as follows:
(a)
Functional currency and translation of the financial statements: The main practices adopted for translating the financial statements were as follows: i. Functional currency - The financial statements were prepared in US dollars (US$), which is the Companys functional currency, and were translated into reais (R$), which is the presentation currency. The amounts in reais presented in the parent company and consolidated financial statements were measured utilizing the US dollar as functional currency, which best reflects the economic environment in which the parent company operates and the manner in which it is, in fact, managed. ii. Presentation currency - The Companys balance sheets and results for the years ended December 31, 2011 and 2010 were translated from the functional currency into the presentation currency (reais), as follows: The assets and liabilities in each balance sheet (including comparative balance sheets) were translated at the exchange rate in effect at the balance sheet date;
48
49
Income and expenses in each statement of income presented (including comparative statements) were translated at exchange rates prevailing on the transaction dates, or the monthly average rates on these dates, if the effect is not material; Exchange variations arising from the items above were recognized under a specific caption in equity Other comprehensive results.
(iv)
Derecognition of financial assets and financial liabilities The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire. When a financial asset is fully derecognized, the difference between the assets carrying amount and the sum of the consideration received and receivable is recognized in the statement of income. Financial liabilities are only derecognized when the Companys obligations are discharged, cancelled or expire. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in the statement of income. Financial liabilities are measured at amortized cost using the effective interest method.
All the effects obtained utilizing the criteria for translation into the functional currency were recorded in the Companys books in reais, considering the methodology for translation into the presentation currency. Financial statements of foreign subsidiaries: In the Parent companys financial statements, investments in subsidiaries are accounted for under the equity method. The operations of subsidiaries with the characteristics of a foreign branch (Cenibra Internacional - Servios e Comrcio Ltda. and its fully-owned subsidiaries Cenibra Trading Ltd. and Cenibra Inc.) were also accounted for under the equity method and translated from the functional currency into the presentation currency, as required by CPC 02 (R2) Effects of Exchange Rate Variations and Translation of Financial Statements. (b) Cash and cash equivalents: consist of deposits held at call with banks, cash on hand, and highly-liquid short-term investments which are readily convertible into a known amount of cash, and are subject to an insignificant risk of change in value. Financial assets and liabilities: initially stated at fair value. Transaction costs directly attributable to the acquisition or issue of financial assets and liabilities (except for assets measured at fair value through profit or loss) are added to or deducted from the fair value of the assets, when applicable, after initial recognition. Transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are recognized immediately in the statement of income. Financial assets Financial assets are classified into the following specific categories: measured at fair value through profit or loss and loans and receivables. The classification is made according to the nature and purpose of the financial assets, and is determined at initial recognition. (i) Financial assets at fair value through profit or loss Financial assets are classified at fair value through profit or loss when they are held for trading or otherwise designated on this basis. A financial asset is classified as held for trading if: it has been acquired principally for the purpose of selling in the short-term; at initial recognition, it is part of a portfolio of identified financial instruments that are managed as a group by the Company and for which there is evidence of a recent pattern of short-term profit-taking; or (g) (d)
Trade receivables: recorded at the nominal amount of the trade notes arising from sales of products, plus foreign exchange variations, when applicable. The provision for impairment of trade receivables is established based on an individual analysis of the receivables, at an amount deemed sufficient by management to cover probable losses on the collection of these receivables. Inventories: inventories of raw materials are stated at the average acquisition cost, net of taxes recoverable, when applicable. The costs of finished products comprise processed raw materials, the direct labor, other direct costs and related and production overheads. When necessary, inventories are stated net of a provision for losses, established for cases of depreciation in the value of inventories and obsolescence of products.
(e)
(c)
(f)
Investments (Parent company): The investments in subsidiaries and associates are accounted for under the equity method in the parent companys balance sheet, based on the Companys ownership interests in these companies. The financial statements of subsidiaries and associates are prepared for the same reporting period as those of the parent company. Unrealized gains and losses arising from transactions between the Company and the subsidiaries and associates are eliminated for equity accounting purposes in the parent companys balance sheet, and also for consolidation purposes, in accordance with the ownership interest held in the investee. After the application of the equity accounting method, the Company determines whether it is necessary to recognize an impairment loss on its investment. The Company determines, at each reporting date, whether there is objective evidence that an investment has suffered impairment. If this is the case, the Company calculates the amount of the impairment loss as the difference between the recoverable value and the carrying amount, and recognizes the loss in the statement of income. Foreign exchange gains or losses on investments in foreign subsidiaries which are not branches are recognized as a carrying value adjustment in equity and realized on the disposal of the investment to which they relate. Property, plant and equipment: stated at cost, less accumulated depreciation. Depreciation is calculated on the straight-line method, at the rates disclosed in note 14. A property, plant and equipment item is derecognized on disposal or when there are no future economic benefits resulting from the continued use of the asset. Any gains or losses on sale or write-off of a property, plant and equipment asset are determined at the difference between the proceeds on sale and the assets carrying amount, and are recognized in the statement of income. Maintenance expenditures are allocated directly to the results of operations as incurred. Financial charges on borrowings are capitalized in property, plant and equipment when incurred in connection with construction in progress, if applicable. Pursuant to the new accounting practices, the Company had the option of realizing an appraisal of its property, plant and equipment and establishing a new cost for such assets at the opening balance sheet date (January 1, 2009). Management of the Company opted not to remeasure property, plant and equipment at fair value, and continued to record them at acquisition cost.
The financial assets at fair value through profit or loss are stated at fair value and any resulting gain or loss is recognized in the statement of income. (ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade receivables) are recorded at amortized cost using the effective interest method, less any impairment losses. Finance income is recognized using the effective interest method. (iii) Impairment of financial assets Financial assets, except for those stated at fair value through profit or loss, are assessed for indications of impairment at each balance sheet date. Impairment losses are recognized only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset and that loss event (or events) has an impact on the estimated future cash flows of the financial asset.
(h)
Intangible assets: stated at acquisition cost, net of accumulated amortization. Amortization is calculated on the straight-line basis, at rates which take into consideration the economic useful lives of these assets.
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An intangible asset is derecognized when there are no future economic benefits resulting from its use or on disposal. Gains or losses resulting from the derecognition of an intangible asset, measured as the difference between the net proceeds from the disposal and the assets carrying amount, are recognized in the statement of income. (i) Biological assets: correspond to eucalyptus forests, which are used to produce cellulose. The harvesting and replanting process has a cycle of approximately 7 years, a period which varies based on the type of cultivation and genetic material. Biological assets are measured at fair value. Biological assets are valued annually by the Company, and the gain or loss arising from changes in the fair value of these assets is recognized in the results for the period in which they occurred, under a specific caption in the statement of income Changes in the fair value of biological assets. The increase or decrease in fair value is calculated as the difference between the fair value of biological assets at the beginning of the period and that at the end of the period, less the planting costs incurred for the development of the biological assets and depletion for the period. The depletion of eucalyptus forests is added to the cost of the wood consumed in production. It is calculated by applying the ratio between the number of trees felled and the existing potential number of trees to formation and maintenance costs and the variation in the fair value of biological assets, accumulated up to the beginning of each harvest season. (j) Assets held for sale: assets are classified as held-for-sale when their carrying amount will be recovered mainly through a sale rather than through continued use. This condition is only met when the sale is highly probable and the asset is available for immediate sale in its present condition. Other current and non-current assets: stated at realizable amount, plus accrued income and monetary variations through the balance sheet date, when applicable. Provisions: recognized when the Company has a present legal or constructive obligations as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amounts can be reliably estimated. The amount recognized as a provision is the best estimate of that required to settle the obligation at the end of the reporting period, taking into consideration the risks and uncertainties related to the obligation. When the provision is measured based on the estimated cash flows to settle the obligation, its carrying amount corresponds to the present value of these cash flows (if the effect of the time value of money is material). When some or all the economic benefits required for the settlement of a provision are expected to be recovered from a third party, an asset is recognized if, and only if, the reimbursement is virtually certain and the amount can be reliably measured. (m) Income tax and social contribution: the Company calculates income tax and social contribution pursuant to prevailing legislation, considering the additions and deductions to accounting profit required by tax legislation. Deferred tax assets are recognized on temporary differences that will become deductible when realized, as well as on tax losses. Deferred taxes are also recognized on temporary deductions, which will be taxed when the current conditions that prevent taxation no longer apply. The recovery of the balance of deferred tax assets is reviewed at the end of each reporting period and, when it is no longer probable that future taxable profit will be available against which the balance can be fully or partially utilized, the balance is written down to the expected recoverable amount. Current and deferred taxes are recognized directly in the statement of income for the year. (n) Interest on capital: interest on capital receivable is originally recorded in the accounting and tax books as finance income, when declared by subsidiaries, and as a finance cost when amounts are payable to shareholders. However, for the purposes of these financial statements, the substance of the transaction is considered and, therefore, interest on capital is treated as dividends received and paid and is not recorded in the statement of income. Consequently, in these financial statements, the aforementioned entries are reclassified, that is, interest on capital received or receivable is credited to the Investments caption, whereas interest on capital paid or payable is charged to Retained earnings. (o) Revenue recognition: Sales revenue is measured at the fair value of the consideration received or receivable, net of any estimated returns, commercial discounts and/or bonuses granted to the customer and other similar deductions.
Revenue from sales of products is recognized when all the following conditions have been satisfied: (p) (q) the Company has transferred to the buyer the significant risks and rewards of ownership of the products; the Company has no continuing management involvement with the products to the extent usually associated with ownership, nor the effective control over such products; the amount of the revenue can be reliably measured; it is probable that the economic benefits associated with the transaction will flow to the Company; and the costs incurred or to be incurred in relation to the transaction can be reliably measured.
Earnings per share: calculated based on the average number of shares outstanding during the year. Employee benefits and private pension plan: the Company offers its employees an accredited network in all health care areas, where it assumes the costs and effects the respective discounts, at pre-defined percentages, directly from the payroll. The Company also has an agreement with Fundao Vale do Rio Doce de Seguridade Social - VALIA, the purpose of which is to provide supplementary benefits for the employees enrolled in the plan. New technical pronouncements, revisions and interpretations: During 2011, IFRS standards were issued and revised by the International Accounting Standards Board (IASB), but they are not yet applicable in Brazil, since they still need to be analyzed by the Brazilian Accounting Pronouncements Committee (CPC). In view of the commitment on the part of CPC to maintain an up-to-date set of standards issued based on the updates made by IASB, these pronouncements and amendments are expected to be enacted by CPC before the date of their mandatory application.
(r)
(k) (l)
Use of estimates
The preparation of financial statements requires management to make estimates and adopt assumptions, in its best judgment, that affect the reported amounts of assets, liabilities, revenues, costs and expenses. The actual amounts may differ from the estimates. The underlying estimates and assumptions are continually reviewed. The effects arising from revised accounting estimates are recognized in the period when the estimates are revised if the revision affects only this period, or also in subsequent periods, when the revision impacts both the current period and future periods. Presented below are the main judgments and estimates made by management in the process of applying the Companys accounting policies which affect the amounts recognized in the financial statements. i. Impairment of assets: The Company believes that there is no internal or external evidence that would justify the recognition of impairment of its tangible and intangible assets. ii. Deferred income tax and social contribution: These are recognized up to the limit of expected future taxable profit. The estimate of future taxable profit takes into consideration market assumptions, such as the interest rate, foreign exchange rate, an increase or decrease in demand, the prices of commodities etc. iii. Valuation of financial instruments: note 28 to these financial statements provides detailed information on the main assumptions used to determine the fair value of financial instruments. Management believes that the valuation techniques selected and the assumptions adopted are appropriate to determine the fair value of financial instruments. iv. Provisions: The amount recognized is the best estimate of that required to settle the obligations at the end of the reporting period, taking into consideration the risks and uncertainties related to the obligations. v. Biological assets: The valuation of biological assets at their fair value takes into consideration certain estimates, such as: 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 may have impacts on the Companys future results due to their fluctuations.
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Consolidation of the financial statements

The consolidated financial statements include the financial statements of Celulose Nipo-Brasileira S.A. - CENIBRA (parent company) and those of subsidiaries in which it has a direct ownership interest, as mentioned in note 12. The consolidated financial statements have been prepared in conformity with Brazilian accounting practices. The consolidation of the balance sheet and statement of income accounts corresponds to the sum of assets, liabilities, revenues and expenses, according to their nature, complemented by the following eliminations: interests of the parent company in the share capital, reserves and accumulated results of the subsidiaries; there are no reciprocal investments. the balances of current accounts and other components of assets and/or liabilities, held between the consolidated companies. the effects arising from transactions carried out between the consolidated companies, including unrealized profits. Original
CURRENT ASSETS: Cash and cash equivalents Trade receivables Inventories Taxes recoverable Assets classified as available for sale Judicial deposits and other receivables Total current assets NON-CURRENT ASSETS: Deferred income tax and social contribution Taxes recoverable Judicial deposits Other long-term assets Investments in subsidiaries and associates Property, plant and equipment Biological assets Intangible assets Deferred charges Total non-current assets TOTAL ASSETS 218,932 43,262 87,292 1,867 32,736 817,459 965,696 6,221 8,339 2,181,804 2,878,176 (270,746) (8,339) (585,309) (558,715) (218,932) (87,292) 129,973 300,764 123,771 101,662 1,333 38,869 696,372 26,594 26,594
Balance sheet at 1/1/2010 Parent Adjustment Adjusted

129,973 300,764 150,365 101,662 1,333 38,869 722,966 43,262 1,867 32,736 817,459 694,950 6,221 1,596,495 2,319,461
Consolidated Original Adjustment

177,898 236,700 165,433 105,081 1,333 37,991 724,436 223,920 43,262 87,292 2,204 7 875,148 965,696 6,474 8,339 2,212,342 2,936,778 (12,381) 26,594 (3,419) (661) 10,133 (223,920) (87,292) (337) 22,899 (53,614) (270,746) (189) (8,339) (621,538) (611,405)
Adjusted
165,517 236,700 192,027 101,662 1,333 37,330 734,569 43,262 1,867 22,906 821,534 694,950 6,285 1,590,804 2,325,373
Restatement of comparative amounts

Correction of errors In accordance with CPC 23 - Accounting Policies, Changes in Estimates and Correction of Errors, the following balances have been adjusted and are being restated: - adjustments made to the 2009 and 2010 financial statements, in order to rectify the fair value calculation of the parent companys biological assets, which had been based on incorrect data, related to area (ha) and volume (m). The differences identified are not directly linked to the technical forest measurement criteria utilized by the Company. - transfer of deferred charges, as required by CPC 43 (R1) - First-time Adoption of CPCs 15 to 40, with a corresponding entry to the Retained earnings account. - change in the criterion to account for the associated company Portocel - Terminal Especializado de Barra do Riacho S.A., from proportional consolidation to a recognition of 49% of equity in the results. After this change, Portocel - Terminal Especializado de Barra do Riacho S.A. is no longer being proportionally consolidated in the Companys consolidated financial statements. - adjustment to present the net balances of deferred income tax assets and liabilities, in accordance with CPC 32 - Taxes on Profit, as well as to present the net amounts of provisions for contingencies and judicial deposits. - adjustment in the amount of R$2,059, made to correct the translation of the investment of Cenibra Internacional Lda. from the functional to the presentation currency, which had been incorrectly recorded. This adjustment is recorded in liabilities, under the account Associated companies. The parent company and consolidated financial statements as at January 1, and December 31, 2010, presented for comparison purposes, have been adjusted and restated. The effects of this restatement are shown below: Equity
Parent Consolidated
Balance sheet at 1/1/2010 Parent Original Adjustment Adjusted

LIABILITIES AND EQUITY CURRENT LIABILITIES: Trade payables Borrowings Salaries, provisions and social contributions Taxes payable Interest on capital payable Other payables Total current liabilities NON-CURRENT LIABILITIES: Borrowings Deferred income tax and social contribution Provision for contingencies Other payables Total non-current liabilities EQUITY: Share capital Capital reserves Revenue reserves Other comprehensive results Total equity TOTAL LIABILITIES AND EQUITY 185,448 131,947 804,706 (41,384) 1,080,717 2,878,176 (166,643) (166,643) 185,448 131,947 638,063 (41,384) 914,074 185,448 131,947 804,706 (41,384) 1,080,717 2,936,778 (166,643) (166,643) (611,405) 185,448 131,947 638,063 (41,384) 914,074 2,325,373 693,127 361,578 166,147 926 1,221,778 (304,780) (87,292) (392,072) 693,127 56,798 78,855 926 829,706 723,056 361,578 166,147 7,429 1,258,210 (29,277) (305,447) (87,292) (6,503) (428,519) 693,779 56,131 78,855 926 829,691 50,219 377,245 23,686 18,206 91,536 14,789 575,681 50,219 377,245 23,686 18,206 91,536 14,789 575,681 59,159 386,649 26,180 19,125 91,536 15,202 597,851 (1,558) (8,735) (2,127) (559) (3,264) (16,243) 57,601 377,914 24,053 18,566 91,536 11,938 581,608
Consolidated Original Adjustment Adjusted
12/31/2010
Equity - originally stated Changes in the fair value of biological assets Deferred income tax and social contribution on the adjustments Transfer of deferred charges Impact on inventories Adjusted equity 1,248,543 (298,995) 93,147 (5,535) 24,512 1,061,672
1/1/2010
1,080,717 (270,746) 85,847 (8,339) 26,595 914,074
12/31/2010
1,248,543 (298,995) 93,147 (5,535) 24,512 1,061,672
1/1/2010
1,080,717 (270,746) 85,847 (8,339) 26,595 914,074
(558,715) 2,319,461
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Balance sheet at 12/31/2010 Parent Original

CURRENT ASSETS: Cash and cash equivalents Trade receivables Inventories Taxes recoverable Assets classified as available for sale Judicial deposits and other receivables Total current assets NON-CURRENT ASSETS: Deferred income tax and social contribution Taxes recoverable Judicial deposits Other long-term assets Investments in subsidiaries and associates Property, plant and equipment Biological assets Intangible assets Deferred charges Total non-current assets TOTAL ASSETS 194,888 43,634 87,423 1,867 22,600 778,458 1,023,095 5,269 5,535 2,162,769 2,755,938 (194,888) (87,423) (298,995) (5,535) (586,841) (562,329) 43,634 1,867 22,600 778,458 724,100 5,269 1,575,928 2,193,609 198,564 43,634 87,423 2,285 7 840,591 1,023,095 5,459 5,535 2,206,593 2,785,487 (198,564) (87,423) (418) 21,397 (52,552) (298,995) (153) (5,535) (622,243) (606,935) 43,634 1,867 21,404 788,039 724,100 5,306 1,584,350 2,178,552 59,207 336,469 113,413 49,881 771 33,428 593,169 24,512 24,512 59,207 336,469 137,925 49,881 771 33,428 617,681 112,641 218,979 161,969 53,187 771 31,347 578,894 (3,627) 24,512 (3,306) (2,271) 15,308 109,014 218,979 186,481 49,881 771 29,076 594,202 STATEMENT OF INCOME NET OPERATING REVENUE CHANGES IN FAIR VALUE OF BIOLOGICAL ASSETS COST OF SALES - DEPLETION OF THE FAIR VALUE OF BIOLOGICAL ASSETS GROSS PROFIT OPERATING INCOME (EXPENSES): Selling General and administrative Share of results of investees Finance costs Finance income Net gain on the translation of monetary items Other operating income (expenses), net Total PROFIT FROM OPERATIONS PROFIT BEFORE TAXATION INCOME TAX AND SOCIAL CONTRIBUTION Current (80,031) (3,504) (83,535) 335,204 1.81 18,440 (7,583) 10,857 (19,836) (0.11) (61,591) (11,087) (72,678) 315,368 1.70 (81,259) (4,816) (86,075) 335,204 1.81 19,417 (6,271) 13,146 (19,836) (0.11) (61,842) (11,087) (72,929) 315,368 1.70 Deferred Deferred PROFIT FOR THE YEAR Earnings per share at the end of the year (R$) (159,813) (78,620) (34,665) (31,889) 6,622 (10,546) (24) (308,935) 418,739 418,739 1,240 1,240 (30,693) (30,693) (159,813) (77,380) (34,665) (31,889) 6,622 (10,546) (24) (307,695) 388,046 388,046 (176,087) (85,752) (37,151) 7,723 (10,991) 2,046 (300,212) 421,279 421,279 (15,183) 6,441 4,326 4,294 (1,095) 704 (513) (32,982) (32,982) (191,270) (79,311) 4,326 (32,857) 6,628 (10,991) 2,750 (300,725) 388,297 388,297 1,424,890 111,685 (808,901) 727,674 (39,176) 7,243 (31,933) 1,424,890 72,509 (801,658) 695,741 1,409,621 111,685 (799,815) 721,491 (39,176) 6,707 (32,469) 1,409,621 72,509 (793,108) 689,022
Consolidated Original Adjustment Adjusted Parent Original Adjustment Adjusted
Adjustment
Adjusted
Statement of income at 12/31/2010 Consolidated Original Adjustment Adjusted
Balance sheet at 12/31/2010 Parent Original

LIABILITIES AND EQUITY CURRENT LIABILITIES: Trade payables Borrowings Salaries, provisions and social contributions Taxes payable Interest on capital payable Related parties Other liabilities Total current liabilities NON-CURRENT LIABILITIES: Borrowings Deferred income tax and social contribution Provision for contingencies Other payables Total non-current liabilities EQUITY: Share capital Capital reserves Revenue reserves Other comprehensive results Total equity TOTAL LIABILITIES AND EQUITY 185,448 131,947 1,036,845 (105,697) 1,248,543 2,755,938 (237,071) 50,200 (186,871) (562,329) 185,448 131,947 799,774 (55,497) 1,061,672 2,193,609 185,448 131,947 1,036,845 (105,697) 1,248,543 2,785,487 (237,071) 50,200 (186,871) (606,935) 185,448 131,947 799,774 (55,497) 1,061,672 2,178,552 469,631 341,038 179,675 557 990,901 (290,094) (87,423) (377,517) 469,631 50,944 92,252 557 613,384 491,920 341,038 179,675 5,784 1,018,417 (20,065) (290,887) (87,423) (5,227) (403,602) 471,855 50,151 92,252 557 614,815 64,083 252,500 26,959 23,872 104,682 28,470 15,928 516,494 2,059 2,059 64,083 252,500 26,959 23,872 104,682 30,529 15,928 518,553 76,007 263,955 29,567 25,124 104,682 19,192 518,527 (932) (9,355) (2,046) (644) (3,485) (16,462) 75,075 254,600 27,521 24,480 104,682 15,707 502,065
Consolidated Original Adjustment Adjusted
Adjustment
Adjusted
Cash and cash equivalents

Parent 12/31/2011 12/31/2010
2,364 54,451 2,384 8 56,843 59,207
21,716 60,331 1,570 7 61,908 83,624
1/1/2010
1,117 109,872 18,984 128,856 129,973
12/31/2010
52,163 54,459 2,384 8 56,851 109,014
1/1/2010
36,661 109,872 18,984 128,856 165,517
Deposits in interest-earning accounts Bank Deposit Certificates (CDB) Financial investments abroad Other Total financial investments Total cash and cash equivalents
16,654 60,331 1,570 7 61,908 78,562
Financial investments denominated in local currency, comprising Bank Deposit Certificates (CDBs), earn average interest of 101% of the Interbank Deposit Certificate (CDI) rate (101% at December 31, 2010) and liquidity starting on the 30th day from the investment date (although they are redeemable at any time).
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Trade receivables
Parent 12/31/2011 12/31/2010
314,711 21,758 336,469 336,469
10 Taxes recoverable
184,393 13 14,817 199,223 199,223
1/1/2010
280,179 20,585 300,764 300,764
12/31/2010
197,219 2 21,758 218,979 218,979
1/1/2010
214,253 2,067 20,585 236,905 (205) 236,700 Current Non-current Value-added Tax on Sales and Services (ICMS) (a) Non-cumulative PIS/COFINS (b) Withholding income tax Excise Tax (IPI) Other taxes
Parent 12/31/2011
45,682 23,939 5,514 978 1,491 77,604 34,959 42,645
45,682 23,939 5,514 978 1,491 77,604 34,959 42,645
Abroad Related parties (note 13) Third parties In Brazil Provision for impairment of trade receivables Total trade receivables 289,096 14,817 303,913 303,913
12/31/2010
64,857 20,268 5,581 971 1,838 93,515 49,881 43,634
1/1/2010
76,199 45,942 6,662 7,099 9,022 144,924 101,662 43,262
12/31/2010
64,857 20,268 5,581 971 1,838 93,515 49,881 43,634
1/1/2010
76,199 45,942 6,662 7,099 9,022 144,924 101,662 43,262
Parent 12/31/2011
Past-due Falling due: From 0 to 30 days From 31 to 60 days From 61 to 90 days From 91 to 120 days From 121 to 150 days 6,790 297,123 11,353 82,811 93,757 48,479 60,723 303,913
11,412 187,811 109,426 62,626 15,278 481 199,223
12/31/2010
173 336,296 13,132 118,585 85,452 68,230 50,897 336,469
1/1/2010
1,198 299,566 28,013 90,464 73,009 61,151 46,929 300,764
12/31/2010
10,850 208,129 118,796 60,732 27,568 1,033 218,979
1/1/2010
13,008 223,897 113,431 63,584 44,700 2,182 236,905
(a)
Refers basically to recoverable Value-added Tax on Sales and Services (ICMS) paid on acquisition of materials related to the Companys operating activity. Management expects to recover the ICMS balance recorded in current assets within the next 12 months through (i) the acquisition of property, plant and equipment assets, pursuant to a Special System approved by the Minas Gerais State Finance Department, in accordance with article 27 of attachment VIII to Decree No. 43080, of December 13, 2002; (ii) transfer of credits to third parties, as provided for in article 2 of attachment VIII to Decree No. 43080, of December 13, 2002; (iii) transfers of credits to other establishments undergoing an expansion in the State of Minas Gerais, as established in article 14, attachment VIII of Decree No. 43080, of December 13, 2002; and (iv) utilization of tax credits for payment of taxes of the same nature, as well as of taxes due on imports of property, plant and equipment, in accordance with items I and II of article 3, attachment VIII to Decree No. 43080, of December 13, 2002. Beginning in January, 2005, as a result of its option for the taxation system based on book profit, the Company was obliged to start using the non-cumulative system (tax neutrality) for purposes of the Social Integration Program (PIS) and Social Contribution on Revenues (COFINS). Non-cumulativeness is obtained through the concession of tax credits on the purchases (costs and expenses) defined in legislation, in the same proportion as the tax rates applied to sales (revenues), which are 1.65% for PIS and 7.6% for COFINS. Since CENIBRA is basically an export company, it offsets the surplus credits against other taxes payable which are administered by the Federal Revenue Service, such as: third parties withholding income tax and social contribution on payroll and interest on capital, Corporate Income Tax and Social Contribution Payable. The PIS and COFINS tax credits recorded in current assets are expected to be offset within the next 12 months, based on analyses and budget projections approved by management.
(b)
The average period for collection of the receivables is approximately 76 days for sales in the domestic market and 45 days for sales in the foreign market (final customers). The Company has rules for the monitoring of credit, past-due receivables and the risk of default on the receivables from sales realized in the domestic market, which have contractual guarantees. As regards the sales made in the foreign market, the Companys transactions are realized with related parties. Consequently, management understands that there is no need to establish a provision for impairment on these receivables.
Inventories
Parent 12/31/2011 12/31/2010
24,012 70,760 44,019 (866) 137,925
11 Assets classified as available for sale

81,055 71,595 57,771 (1,127) 209,294
Parent and Consolidated 12/31/2011

Machinery and equipment (a) Cost Depreciation 5,589 (4,719) 870 5,506 (4,735) 771 7,620 (6,287) 1,333
1/1/2010
31,330 71,213 48,881 (1,059) 150,365
12/31/2010
72,273 70,760 44,314 (866) 186,481
1/1/2010
72,704 71,213 49,169 (1,059) 192,027
12/31/2010
1/1/2010
Cellulose Raw materials Maintenance, consumption and other materials Provision for losses
18,628 71,595 56,144 (1,127) 145,240
(a) The provision for inventory losses is reflected in the statement of income. Management expects the raw material and cellulose inventories to be recovered in less than 12 months.
Consist of machinery and equipment that the Company intends to sell within 12 months, and for which buyers are being sought. No impairment losses were recognized on available-for-sale assets at December 31, 2011.
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12 Investments in subsidiaries, associates and other investments

Parent 12/31/2011
Cenibra Internacional Ltda. Portocel-Terminal Especializado de Barra do Riacho S.A. Cenibra Logstica Ltda. Other 31,377 2,453 7 33,837
13 Balances and transactions with related parties

Parent company Consolidated The Companys balances with related parties were as follows:
12/31/2010
21,397 1,196 7 22,600
1/1/2010
8,733 23,050 946 7 32,736
12/31/2011
31,377 7 31,384
12/31/2010
21,397 7 21,404
1/1/2010
22,899 7 22,906 Cenibra Trading Ltd. Itochu Corporation Cenibra Logstica Portocel Total
12/31/2011 Assets
289,094 2 12,667 301,763
12/31/2010 Assets Liabilities

314,709 2 6,201 1,983 322,895 1,189 1,189
1/1/2010 Assets
280,177 2 2,314 2,018 284,511
Liabilities
2,861 884 3,745
Liabilities
213 201 414
The changes in investments were as follows: Transactions with related parties resulted in the following revenues and expenses:
1/1/2010 1/1/2010
Cenibra Cenibra Internacional Internacional Ltda.(*) Ltda.(*) Portocel Portocel Terminal Terminal Especializado Especializado de de Barra Barra do do Riacho Riacho S.A. S.A. Cenibra Cenibra Logstica Logstica Ltda. Ltda. Other Other 8,733 8,733 23,050 23,050 946 946 7 7 32,736 32,736
Share Cumulative Share of of Cumulative results Capital results of of Unrealized Unrealized Capital translation translation investees profi investees profit t Dividends Dividends increase increase adjustment adjustment 12/31/2010 12/31/2010
(11,801) (11,801) 4,326 4,326 128 128 -(7,347) (7,347) (27,318) (27,318) ---(27,318) (27,318) -(3,920) (3,920) --(3,920) (3,920) -----(143) (143) (2,059) (2,059) 122 122 -(2,080) (2,080) (30,529) (30,529) 21,397 21,397 1,196 1,196 7 7 (7,929) (7,929)
12/31/2011 Revenues Expenses

Cenibra Trading Ltd. Cenibra Logstica Portocel Total 1,142,281 1,142,281 25,255 15,600 40,855
12/31/2010 Revenues Expenses

1,317,320 1,317,320 15,192 15,183 30,375
1/1/2010 Revenues
813,660 813,660
Expenses
15,274 13,992 29,266
Consolidated Share Share of of results Capital results of of Unrealized Unrealized Capital investees profi investees profit t Dividends Dividends increase increase
(31,332) (31,332) 4,510 4,510 1,001 1,001 -(25,821) (25,821) 13,739 13,739 ---13,739 13,739 -----1,983 1,983 --1,983 1,983
12/31/2010 12/31/2010
Cenibra Cenibra Internacional Internacional Ltda.(*) Ltda.(*) Portocel Portocel Terminal Terminal Especializado Especializado de de Barra Barra do do Riacho Riacho S.A. S.A. Cenibra Cenibra Logstica Logstica Ltda. Ltda. Other Other (30,529) (30,529) 21,397 21,397 1,196 1,196 7 7 (7,929) (7,929)
Cumulative Cumulative translation translation adjustment adjustment

2,790 2,790 3,487 3,487 256 256 -6,533 6,533
The consolidated balances with related parties were as follows: 12/31/2011 12/31/2011
(45,332) (45,332) 31,377 31,377 2,453 2,453 7 7 (11,495) (11,495) Itochu International Inc. (*) Itochu Corporation (*) Itochu Europe (*) Itochu Hong Kong Ltd. (*) Total (note 8)

13,226 58,837 85,784 26,546 184,393 -

49,537 19,947 88,065 39,670 197,219 -
1/1/2010 Assets
44,499 83,409 86,345 214,253
Liabilities
-
(*)The (*)The investment investment in in the the subsidiary subsidiary Cenibra Cenibra Internacional Internacional Lda. Lda. was was recorded recorded in in current current liabilities liabilities as as at at December December 31, 31, 2010 2010 and and 2011. 2011.
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61
The consolidated revenues and expenses from transactions with related parties were as follows: 12/31/2011 Revenues Expenses
Sales of cellulose (*) Itochu International Inc. Itochu Corporation Itochu Europe Itochu Hong Kong Ltd. Selling expenses Itochu International Inc. Itochu Corporation Itochu Europe Itochu Hong Kong Ltd. Total 1,145,920 2 1,840 149 1,985 3,976 1,300,154 2,734 4,727 885 4,530 12,876 931,808 2,788 13,325 16,113 142,276 399,135 454,694 149,815 429,408 212,502 501,865 156,379 261,427 522,644 147,737 -
(b) 1/1/2010
The changes in property, plant and equipment can be summarized as follows:
12/31/2010 Revenues Expenses Revenues
Expenses Land Balances at January 1, 2010

Additions Reductions Additions - depreciation Reductions - depreciation Internal transfers Other- currency translation adjustment Balances at December 31, 2010 Additions Reductions Depreciation Transfers Other- currency translation adjustment Balances at December 31, 2011 124,764 33 (5,376) 119,421 24 15,023 134,468
Parent Buildings and improvements

61,546 (57) (3,770) 33 2,695 (2,593) 57,854 (15) (3,739) 862 7,216 62,178
Machinery, equipment and facilities

599,445 (5,079) (37,481) 5,026 23,384 (25,099) 560,196 (109) (36,512) 8,075 70,733 602,383
Construction in progress
26,431 43,685 (629) (31,521) (1,749) 36,217 59,397 (13,682) 10,091 92,023
Other
5,273 (921) (1,121) 786 964 (211) 4,770 (110) (1,027) 260 582 4,475
Total
817,459 43,685 (6,686) (42,372) 5,845 (4,445) (35,028) 778,458 59,397 (234) (41,278) (4,461) 103,645 895,527
(*)These companies are related parties of the stockholder Japan Brazil Paper and Pulp Resources Development Co., Ltd. - JBP.
The transactions with related parties were carried out under conditions established between the Company and its respective related parties.
14 Property, plant and equipment

(a) Property, plant and equipment are comprised as follows: Land Balances at January 1, 2010
Additions Reductions Additions - depreciation Reductions - depreciation Internal transfers 112,736 1,840,228 4,315 13,603 2,105,350 Construction in progress (*) 92,023 2,197,373 50,558 1,237,845 4,242 9,201 1,301,846 1,301,846 62,178 602,383 73 4,402 803,504 92,023 895,527 57,853 560,196 891 3,880 113,069 1,844,681 19,244 13,819 50,652 1,239,378 8,637 9,224 1,307,891 1,307,891 62,417 605,303 10,607 4,595 817,390 92,027 909,417 58,089 560,542 9,859 3,905 751,816 36,223 788,039 4 4 18 10 Other - Currency translation adjustment Balances at December 31, 2010 Additions Reductions Depreciation Transfers Other - Currency translation adjustment 36,217 92,027 Balances at December 31, 2011 778,458 2,217,308 124,764 33 (5,376) 119,421 24 15,023 134,468
Consolidated Buildings and improvements

61,805 7 (57) (3,799) 33 2,694 (2,593) 58,090 29 (15) (3,771) 862 7,222 62,417
Parent 12/31/2011 Accumulated Restated depreciation/ cost depletion

Land Buildings and improvements Equipment and facilities Vehicles Furniture and fittings 134,468 -
Consolidated 12/31/2011 12/31/2010 Annual depreciation Net rates

119,421
Machinery, equipment and facilities

599,803 28 (5,080) (37,521) 5,026 23,384 (25,099) 560,541 3,915 (281) (37,753) 8,075 70,806 605,303
Construction in progress
26,431 44,054 (992) (31,521) (1,749) 36,223 59,422 (27) (13,682) 10,091 92,027
Other
8,731 7,923 (2,854) (2,755) 1,966 964 (211) 13,764 5,154 (1,161) (3,670) 260 855 15,202
Total
821,534 52,012 (8,983) (44,075) 7,025 (4,446) (35,028) 788,039 68,520 (1,484) (45,194) (4,461) 103,997 909,417
12/31/2010
Net
134,468
Accumulated Restated depreciation/ Net cost depletion

119,421 134,468 -
Net
134,468
742,241 2,125,281
(*) The balance of construction in progress at December 31, 2011 referred to investments basically related to the modernization of machinery and equipment, which are expected to become operational during 2012. Interest on financing, in the amount of R$1,821, was capitalized in property, plant and equipment at December 31, 2011 at the weighted annual average of 1.94%. No indications of impairment losses were identified, and, therefore, there was no need to establish a provision for impairment (CPC 01) (R1).
(c)
Depreciation method The Company reviewed the depreciation rates of its property, plant and equipment in 2010, and changed the individual estimated useful lives of the assets included in machinery and equipment. The evaluation of the useful lives of the assets was effected internally by specialists. The useful lives of property, plant and equipment items remained unchanged in 2011.
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63
15 Intangible assets
Parent 12/31/2011
Software and software licenses Cost Amortization 28,994 (23,887) 5,107 24,482 (19,213) 5,269 24,928 (18,707) 6,221 29,200 (24,021) 5,179 24,617 (19,311) 5,306 25,064 (18,779) 6,285 8.50%
iii
The methodology utilized to determine the fair value of biological assets corresponds to the projection of future cash flows in accordance with the forecast productivity cycle of the forests, taking into consideration price fluctuations and the growth of the biological assets; The discount rate utilized in the discounted cash flow analysis corresponds to the Companys Weighted Average Cost of Capital (WACC), which is periodically reviewed by management; The forecast productivity rates of the forests are defined based on a stratification in terms of species, genetic material, forest management system, potential forest productivity, rotation and the age of the forests. These characteristics compose an index named Annual Average Increment (IMA), expressed in cubic meters per hectare/ year, used as a basis in production projections. The Companys eucalyptus forests are harvested in approximately seven years; The prices of biological assets, expressed in R$/ cubic meter, are obtained through contracts for purchases of wood entered into by the Company with third parties, i.e., on an arms length basis; Plantation expenditures refer to the costs to form the biological assets; The depletion of biological assets is calculated based on the fair value of the biological assets harvested in the period; The Company reviews the fair value of its biological assets annually, understanding that this interval is sufficient to achieve consistency in the fair values reported in its financial statements.
Consolidated 12/31/2011 12/31/2010 1/1/2010
Amortization rate
iv v
12/31/2010
1/1/2010
vi vii viii ix
No indications of impairment losses on intangible assets were identified, and, therefore, there was no need to establish a provision for impairment according to CPC 01 (R1).
16 Biological assets
The Companys biological assets comprise the planting and cultivation of eucalyptus forests to provide the raw material used in the production of cellulose. At December 31, 2011, the Company has 129,356.99 hectares (128,972.09 hectares at December 31, 2010) of planted forest (information not audited by the independent auditors), not considering permanent conservation areas and native species reserves which are maintained to comply with the Brazilian environmental legislation. The balance of the Companys biological assets comprises the cost of formation of forests and the difference between the fair value and the formation cost, in order for the balance of biological assets, as a whole, to be recognized at fair value, as follows:
As described in note 6, adjustments were made in the fair value of biological assets in prior years and, therefore, the comparative amounts were restated. (b) Reconciliation of the changes in the fair value of biological assets
Parent and Consolidated At January 01, 2010 - adjusted Planting Depletion Currency effects Change in fair value associated with: . Price . Growth expectation At December 31, 2010 Planting Depletion Currency effects Change in fair value associated with: . Price . Growth expectation At December 31, 2011 141,346 61,305 973,911 90,437 (17,928) 724,100 126,859 (154,649) 74,950 694,950 99,349 (129,569) (13,139)
Parent and Consolidated
12/31/2011
Cost of formation of biological assets Change in the fair value of biological assets Biological assets 651,578 322,333 973,911
12/31/2010
500,601 223,499 724,100
1/1/2010
468,310 226,640 694,950
The Company has no biological assets pledged as collateral. The distribution of the forests over various different areas, the forestry practices of maintenance, prevention and fighting of fire and other risks associated with the forests, the favorable history and the high cost of insurance led the Company to decide not to contract insurance coverage for its forests. The Company believes that the current policies for preventing and controlling the risks associated with the forests are appropriate considering its operations. (a) Assumptions for the recognition of the fair value of biological assets Pursuant to CPC 29 - Biological Assets and Agricultural Products, the Company recognizes its biological assets at fair value, based on the following: i ii Eucalyptus forests are recorded at historical cost up to the third year from planting, as management understands that, during this period, the historical cost of biological assets approximates their fair value; After the third year from planting, the forests are carried at fair value, which reflects the price of the asset traded on an arms length basis, less the costs required to bring the asset into a condition that enables its sale or consumption;
The depletion of biological assets in the period was allocated first to inventories at the time of the harvesting of the forests and subsequently directly to cost of production based on utilization in the production process.
64
65
17 Trade payables
Maturity Parent 12/31/2011
Local currency Foreign currency Total 67,722 8 67,730
Parent 12/31/2011
309,305 149,807 5,437 748 2,432 467,729
309,898 149,866 5,467 748 2,432 468,411
12/31/2010
191,603 137,055 133,108 4,871 705 2,289 469,631
1/1/2010
202,843 200,219 143,169 139,031 5,022 669 2,174 693,127
12/31/2010
193,169 137,611 133,165 4,916 705 2,289 471,855
1/1/2010
203,298 200,416 143,169 139,031 5,022 669 2,174 693,779
68,496 8,190 76,686
2011 2012 2013 2014 2015 2016 2017 onward Total
12/31/2010
63,589 494 64,083
1/1/2010
50,118 101 50,219
12/31/2010
63,976 11,099 75,075
1/1/2010
50,504 7,097 57,601
The Company practices policies for managing financial risks in order to ensure that all its obligations are settled within the originally agreed upon terms.
18 Borrowings
Parent Annual interest rate
Export prepayment (2011 US$370,806 thousand; 2010 - US$341,090 thousand; 2009 US$463,570 thousand) (a) Local currency (with monetary restatement) BACEN Resolution No. 2746 (b) For working capital purposes Foreign exchange advances (2010 - US$10,022 thousand; 2009 US$73,592 thousand) Exchange variation + Interest from 1.13% to 7% p.a. Exchange variation + LIBOR + 0.70% to 1.25% p.a. 1.16% a 9.37% a.a. 6.75% a.a.
19 Taxes payable
Parent Consolidated 1/1/2010
Nature of tax: Income tax (a) Social contribution (a) 695,558 5,639 20,703 568,324 5,554 34,275 807,168 6,115 22,075 695,558 5,972 20,703 568,324 6,127 34,275 807,168 6,580 22,075 Withholding income tax on salaries and other (b) National Institute of Social Security (INSS) Other Total 7,135 2,831 3,596 1,362 1,614 16,538 11,559 5,726 2,919 1,406 2,262 23,872 1,689 13,983 1,167 1,367 18,206 7,631 2,831 3,609 1,367 1,854 17,292 12,167 5,726 2,919 1,406 2,262 24,480 1,689 13,983 1,167 1,727 18,566
Consolidated 12/31/2011 12/31/2010 1/1/2010
12/31/2011
12/31/2010
1/1/2010
12/31/2011
12/31/2010 1/1/2010 12/31/2011 12/31/2010
(a)
16,699 128,139 16,699 128,139
Bank borrowing (Export Credit Exchange variation + Notes - NCE (US$29,396 thousand; 2010 -US$58,384 thousand; 2009 interest from US$61,380 thousand)) 5.15% to 8.7% p.a. Other Current liabilities Non-current liabilities Sundry
The Company elected to adopt the Transitional Tax System (RTT) introduced by Law 11941/09 to calculate the income tax and social contribution payable on a quarterly basis. The Company has been using the criterion of recognizing exchange variations on its rights and obligations on the cash basis since calendar year 2007, whereby the temporary differences relating to Social Contribution on Net Income (CSLL) and Corporate Income Tax (IRPJ) on foreign exchange variations are realized based on the settlement of the credits and obligations in reais. Refers to Withholding Income Tax on salaries, services provided by suppliers, individuals and a provision for payment of interest on capital to a partner resident abroad at the end of the last quarters of 2008, 2009 and 2010, and on a quarterly basis in 2011.
55,141 777,041 309,312 467,729
97,279 722,131 252,500 469,631
106,875 1,070,372 377,245 693,127
55,141 1,891 779,265 310,854 468,411
97,279 3,751 726,455 254,600 471,855
106,875 856 1,071,693 377,914 693,779
(b)
20 Deferred income tax and social contribution

The deferred income tax and social contribution arose from income tax and social contribution losses and temporary differences on assets and liabilities, which can be carried forward indefinitely. (a) Deferred income tax and social contribution assets
(a) (b)
Export prepayment transactions were carried out with local financial institutions and fall due from January 2012 to March 2015. These transactions are collateralized by promissory notes. The purpose of the loans obtained pursuant to Brazilian Central Bank (BACEN) Resolution No. 2746 is to fund purchases of property, plant and equipment. These loans are collateralized by promissory notes and fall due in June 2013.
Parent 12/31/2011
Temporary differences Tax losses Social contribution losses Difference arising from the translation of non-monetary assets Total tax assets 33,983 19,083 45,543 98,609
34,416 19,282 45,543 99,241
The Companys borrowings, recorded in non-current liabilities, fall due as follows:
12/31/2010
36,524 3,960 25,928 89,062 155,474
1/1/2010
25,083 37,677 37,850 121,159 221,769
12/31/2010
36,525 4,752 25,928 89,062 156,267
1/1/2010
25,083 38,345 37,850 121,158 222,436
66
67
The realization of deferred income tax and social contribution assets relating to provisions is contingent upon future events that will make the provisions deductible, pursuant to the prevailing tax legislation. Managements estimates indicate that the credits relating to temporarily non-deductible provisions, which mainly refer to the provision for contingencies, will be realized as the related lawsuits are concluded. Management, based on a budget projecting future taxable income, expects the credits relating to income tax and social contribution losses to be realized in the next three fiscal years. (b) Deferred income tax and social contribution liabilities
21 Provision for contingencies

The Company is a party to lawsuits arising in the normal course of its business. Management monitors the progress of these lawsuits and, based on the opinion of its legal counsel, establishes a provision for losses for all lawsuits in which the likelihood of an unfavorable outcome is regarded as probable. At December 31, 2011, the amount of R$141,494 was provisioned at December 31, 2011 (R$179,675 at December 31, 2010). The amount of the judicial deposits referring to the provision for contingencies was R$46,915 (R$87,423 at December 31, 2010). Summary of the principal amounts recognized:
Parent and Consolidated
Parent and Consolidated 12/31/2011

Tax incentives: Foreign exchange losses Income tax - rural activity/ forestry - (i) Social contribution - rural activity/ forestry - (i) Deferred social contribution - 25% discount as permitted by Law 11051/04 - (ii) Fair value of biological assets - (iii) Total deferred tax 1,452 49,997 17,999 29,705 106,686 205,839 47,902 67,025 24,129 24,431 42,931 206,418 59,677 84,609 30,659 17,522 86,100 278,567
Provision for contingencies 12/31/2011

Nature of lawsuits: Income tax Social contribution ICMS PIS/COFINS Social security Civil and labor Tax Other Total 77,700 25,639 8,807 2,732 16,198 8,429 1,987 141,492 72,891 41,026 23,028 8,807 6,763 17,093 8,090 1,977 179,675 69,103 41,026 20,961 8,807 6,206 10,302 9,742 166,147 30,822 9,333 962 3,810 1,987 46,914
Judicial deposits 12/31/2011 12/31/2010 1/1/2010
12/31/2010
1/1/2010
12/31/2010
1/1/2010
30,943 41,026 9,333 866 3,278 1,977 87,423
30,943 41,026 9,333 776 3,275 1,939 87,292
(i) (ii)
Refers to the deduction from taxable profit of the expenditures related to forestries and the purchase of machinery and equipment to be utilized in the rural activity. Refers to a Social Contribution on Net Income (CSLL) credit, at the rate of 25% of the depreciation of new machinery, devices, instruments and equipment, listed in the pertinent regulations, classified as property, plant and equipment and utilized in the Companys manufacturing processes, as permitted by Law 11051/04. Refers to deferred income tax and social contribution calculated on the valuation of the biological assets corresponding to eucalyptus trees to be used in the production of cellulose.
The changes in the provision for contingencies were as follows:
Parent and Consolidated Provision for contingencies

Long-term Tax Civil Labor 149,639 3,688 6,614 6,206 166,147 38 1,582 15,227 90 16,937 (3,404) (6,614) (10,018) 6,143 466 6,609 155,820 1,866 15,227 6,762 179,675 11 1,649 14,393 96 16,149 (41,268) (1,710) (15,227) (4,733) (62,938) 8,000 606 8,606 122,563 1,805 14,393 2,731 141,492
(iii) (c)
Monetary Monetary restatement/ restatement/ 1/1/2010 Additions Reductions interest 12/31/2010 Additions Reductions interest 12/31/2011
Income tax and social contribution - reconciliation of statutory and effective tax rates The reconciliation between the statutory and effective income tax and social contribution rates is as follows:
Parent 12/31/2011
Profit before income tax and social contribution Statutory tax rates Income tax and social contribution at statutory rates Difference arising from the translation of non-monetary assets Effect of interest on capital Difference from gains and losses arising from the presentation currency Income tax and social contribution on permanent differences Share in the results of investees Other Income tax and social contribution in the statement of income 331,586 34% 112,739 49,273 (18,004) (27,433) 10,060 4,108 4,171 134,914
332,310 34% 112,985 49,273 (18,004) (27,433) 10,060 4,108 4,649 135,638
Social security Total
12/31/2010
388,046 34% 131,936 (13,478) (40,677) (5,455) 1,831 (1,479) 72,678
12/31/2010
388,297 34% 132,021 (13,478) (40,677) (6,308) 1,831 (460) 72,929
Parent and Consolidated Judicial deposits

Long-term Tax Civil Labor Social security Total 83,241 52 3,223 776 87,292 38 20 1,411 90 1,559 (1,428) (1,428) 83,279 72 3,206 866 87,423 11 1,960 96 2,067 (41,147) (1,429) (42,576) 42,143 72 3,737 962 46,914
1/1/2010
Additions
Reductions
12/31/2010
Additions
Reductions 12/31/2011
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69
The Company is a party to other labor and civil lawsuits arising in the normal course of its business, amounting to R$ R$9,817 for labor lawsuits and R$ 1,316 for civil lawsuits. Based on the individual analysis of the lawsuits and supported by the opinion of its legal counsel, Management understands that these lawsuits do not require provisions. A summary of the Companys main tax lawsuits is provided below, segregated by nature: Income tax The main lawsuits included in the provision for contingencies, and amounting to R$ 77,700 at December 31, 2011, can be summarized as follows: (a) Questioning of the tax rate increase from 6% to 18% calculated on the operating profit from incentive-based exports under the rules of the Committee for Fiscal Incentives and Special Export Programs (BEFIEX) for the 1989 base year. The amount of the provision constituted was R$ 15,168, and the amount deposited in court was also R$ 15,168. (b) Questioning of the tax rate increase from 18% to 30% calculated on the operating profit from incentive-based exports under the rules of the Committee for Fiscal Incentives and Special Export Programs (BEFIEX) for the 1990 base year. The amount of the provision constituted was R$ 34,847. (c) Contesting the elimination of the inflation effects of the Consumer Price Index (IPC)/1989 - Summer Economic Stabilization Plan. The provision constituted amounted to R$ 7,385, and the amount was deposited in court (d) Other i The Company has a lawsuit challenging the income tax withheld on financial investments determined in article 36 of Law 8541/92, which is pending judgment, and for which the Company has recorded a provision in the amount of R$ 8,269 and made a judicial deposit in the same amount. A motion to prevent collection of the income tax withheld on export commissions, in which a preliminary injunction was granted, was subsequently accepted through a court sentence. An appeal was filed by the National Treasury, which is currently pending judgment. The amount of the provision constituted at December 31, 2011 was R$ 11,853.
ICMS Lawsuits - Preliminary injunction and motion to dismiss collection referring to the ICMS credit on materials used and consumed in production. The amount of the provision constituted was R$ 25,639.
22 Equity
Share capital - As at December 31, 2011 and 2010, subscribed and paid-up share capital was represented by 185,448 thousand shares, 170,847 thousand of which were common shares and 14,601 thousand preferred shares of classes A, B, C and D, with a par value of R$ 1.00 each. The capital of the non-resident stockholder, registered at the Brazilian Central Bank, is US$ 219,762 thousand and 2,524,488 thousand. Share rights - Common shares have full voting rights and preferred shares, except for those of Class D, have restricted voting rights. The preferred shares are non-redeemable, have priority in the reimbursement of capital in case of the Companys liquidation, and are entitled to the same dividend as that paid to the common shares. Dividends and profit retention - Pursuant to the Companys bylaws, the shareholders are entitled to a minimum dividend of 25% of the profit for each year, calculated in accordance with Brazilian Corporate Law. However, the Shareholders General Meeting could decide on the payment of dividends below this percentage, as well as on the retention of the entire profit. On March 31, 2011, the Extraordinary Shareholders Meeting approved the distribution of interest on capital in the amount of R$ 18,321, to be paid by March 2013, and dividends of R$ 10,000, to be paid by the end of 2013. On June 30, 2011, the Extraordinary Shareholders Meeting approved the distribution of interest on capital in the amount of R$ 18,605, to be paid by March 2013. On August 24, 2011, dividends amounting to R$ 70,713 and provided for in September 2010 were paid. On September 30, 2011, the Extraordinary Shareholders Meeting approved the distribution of interest on capital in the amount of R$ 16,026, to be paid by March 2013. On December 31, 2011, the Extraordinary Shareholders Meeting approved the distribution of interest on capital in the amount of R$ 18,214, to be paid by March 2013.
ii
Compensation of tax losses Unconstitutionality of articles 42 and 58 of Law 8981/95, and articles 15 and 16 of Law 9065/95 - 30% limit for offsetting tax losses. This refers to an injunction requesting the authorization of the payment of Income Tax and Social Contribution on Net Income after the full deduction of accumulated tax losses, considering the clear unconstitutionality of article 42 and sole paragraph, and article 58 of Law 8981/95, as well as of articles 15 and 16, and respective sole paragraphs, of Law 9065/9515. These laws precluded companies from fully offsetting the tax losses related to Income Tax and Social Contribution on Net Income. The offset was restricted to 30% of taxable income for the tax losses up to December 31, 1994, which was upheld by Law 9065/95, whose articles 15 and 16 maintained the restrictions contained in articles 42 and 58 of Law 8981/95. In view of the acceptance of the Federal Governments appeal and the official notification, the Company made judicial deposits and recorded provisions for the amounts due at October 28, 2003, referring to 1995 and 1996. On October 16, 2007, the Brazilian Federal Revenue Service issued administrative collection notice No. 10630.001523/2007-95, in the amount of R$ 14,314, referring to the loss of the claim for suspension in the appeals lodged by the Company. Consequently, in order to suspend the payment of the aforementioned debt and to maintain the effects of the lower court decision until the judgment of tax assessment No. 602556-8/MG, the Company filed a motion for preliminary injunction No. 1830 before the Federal Supreme Court, which was subsequently granted. The amount of the provision recorded by the Company was R$ 41,026, and a judicial deposit was made in the same amount. In view of the Companys enrollment in the Tax Recovery Program (REFIS IV) introduced by Law 11941/09, on July 20, 2011, the 12th. Federal Court of the Judiciary Section of the State of Minas Gerais authorized the calculation of the remaining balance arising from the comparison between judicial deposits and debts to the Federal Government. After the proper corrections, the difference of R$ 4,664 was deposited in a current account of the Company.
23 Revenue
The reconciliation between gross and net sales revenue is as follows:
Parent 12/31/2011
Sales of cellulose: Gross revenue Less: Taxes on sales Returns and rebates Net sales revenue Foreign market Domestic market (19,195) (274) 1,214,021 1,142,281 71,740 (28,988) (651) 1,424,890 1,317,320 107,570 (19,195) (415) 1,219,355 1,147,615 71,740 1,233,490 1,454,529 1,238,965
Consolidated 12/31/2011 12/31/2010

1,439,335 (28,988) (726) 1,409,621 1,302,051 107,570
12/31/2010
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71
24 Information on the nature of the expenses recognized in the statement of income

The composition of the expenses presented in the statement of income is set out below, by nature:
26 Employee benefits
Private pension plan The Company has an agreement with Fundao Vale do Rio Doce de Seguridade Social - VALIA, the purpose of which is to supplement the social security benefits of the employees enrolled in the plan, of which the Company is a sponsor. The technical reserves corresponding to the amounts of the benefits granted and to be granted, referring to the rights acquired by the participants, are established based on calculations performed by an independent actuary. During the year ended December 31, 2011, the Company made a contribution of R$ 2,689 (2010 - R$ 748), which, together with the contribution made by the beneficiaries, covers the plan costs. All the active participants were enrolled in the defined contribution plan at December 31, 2011 and 2010. The Company also has some remaining participants enrolled in a defined benefit plan. The defined benefit plan had a surplus from 2005 to 2010. The Company does not expect any impacts on its financial statements relating to the participants who remain enrolled in the defined benefit plan. Life insurance The Company provides a life insurance benefit for all employees, where 60% of the costs are paid by the Company and the remaining costs are deducted each month from the payroll. This benefit provides coverage for death from natural causes, accidental death and permanent disability. In the year ended December 31, 2011, life insurance expenses totaled R$ 151 (R$ 134 as at December 31, 2010). Health care Medical assistance is provided for employees in accordance with the criteria defined by the Company. The Company provides private medical, hospital, dental, pharmacy and optician benefits, as well as laboratory tests, in various municipalities. The coverage includes certain procedures that exceed the requirements of the National Supplementary Health Care Agency (ANS). The Company also provides reimbursement, at the same percentage of the accredited network, for services rendered by unaccredited establishments or professionals.
Parent 12/31/2011
Depreciation, amortization and depletion Personnel Costs with materials Outsourced services Provision for contingencies Other Other income (expenses), net Total cost of sales, selling and administrative expenses and other income (expenses), net (194,842) (110,610) (280,407) (459,817) (11,383) (31,789) (1,088,848) 15,607 (1,073,241)
(194,842) (110,610) (280,721) (482,401) (11,383) (31,789) (1,111,746) 17,991 (1,093,755)
12/31/2010
(172,802) (105,637) (242,898) (463,120) (23,923) (30,471) (1,038,851) (24) (1,038,875)
12/31/2010
(172,802) (105,637) (229,148) (501,185) (23,923) (30,994) (1,063,689) 2,750 (1,060,939)
25 Finance income (costs), net

Parent 12/31/2011
Finance income: Short-term financial investments Other finance income Total finance income Finance costs: Borrowings Other finance costs Total finance costs Foreign exchange variations, net: Foreign exchange losses Foreign exchange gains Total foreign exchange variations, net Total finance income (costs), net 51,902 (41,713) 10,189 237 (29,740) 19,194 (10,546) (35,813) 51,879 (41,802) 10,077 (451) (28,883) 17,892 (10,991) (37,220) (17,854) (4,959) (22,813) (27,925) (3,964) (31,889) (18,251) (5,142) (23,393) (28,622) (4,235) (32,857) 8,211 4,650 12,861 5,737 885 6,622 8,215 4,650 12,865 5,743 885 6,628
Consolidated 12/31/2011 12/31/2010
12/31/2010
27 Insurance
In view of the nature of its activities, the Company adopts the policy of obtaining insurance coverage for the classical risks (industrial and port-related). Based on a systematic risk analysis, combined with modern insurance techniques, the Company contracts insurance policies using the Maximum Probable Loss concept, which corresponds to the maximum possible amount of destruction in a single event. The Company does contract insurance coverage for its forests, but has a rigorous system for preventing and fighting fires. As at December 31, 2011, the Companys industrial facilities were insured against losses at the maximum indemnity amount, by event, of US$ 260,000 thousand, equivalent to R$ 487,708 (US$ 260,000 thousand, equivalent to R$ 433,212 as at December 31, 2010).
28 Financial instruments
The Company enters into transactions involving financial instruments to meet its own needs, in order to reduce exposure to market, currency and interest rate risks. These risks are managed through control policies, operating strategies, determination of limits, and other techniques for monitoring positions. The amounts recognized as financial assets and liabilities, by category, are as follows:
72
73
Parent 12/31/2011 Carrying amount

Financial assets Deposits in interest-earning accounts Financial assets at fair value through profit or loss Financial investments Loans and receivables at amortized cost (*) Customers Financial liabilities Amortized cost (*) Trade payables Borrowings 67,730 777,041 67,730 777,041 64,083 722,131 64,083 722,131 50,219 1,070,372 50,219 1,070,372 303,913 303,913 336,469 336,469 300,764 300,764 61,908 61,908 56,843 56,843 128,856 128,856 16,654 16,654 2,364 2,364 1,117 1,117
The main risk factors inherent to the Companys operations are as follows: Exposure to foreign exchange risks The Company uses long-term borrowings to fund its operations, including cash flows and the financing of purchases of property, plant and equipment. Most long-term borrowings are linked to the US dollar. The risk associated with these borrowings is partially offset by trade receivables, net of advances on foreign exchange contracts, as well as by funds linked to the US dollar and financial investments. Exposure to interest rate risks The Company is exposed to floating interest rates, principally related to LIBOR rate variations on borrowings denominated in U.S. dollars. Most of the interest rates on financial investments are linked to the variation of the Interbank Deposit Certificate (CDI) rate. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and banks, financial investments and trade receivables. The Company has its bank current accounts and financial investments with large financial institutions. The Company does not have derivative financial instruments to hedge the foreign exchange exposure to the US dollar, since its sales are substantially made in this currency. The financial instruments recorded in the Companys financial statements, in general, approximate their market values, in view of the short maturity or redemption term of these financial instruments. The market values of the obligations denominated in foreign currency approximate the amounts recorded. The market value estimate is made at a specific time, based on relevant market data and other information on the financial instruments. Estimates are subjective in nature and involve uncertainties and matters of judgment. For this reason, they cannot be precisely determined. Changes in these factors can significantly impact the estimates. There are no transactions involving derivatives recorded in the Companys financial statements.
12/31/2010 Carrying amount Fair value Carrying amount
1/1/2010 Fair value
Fair value
Consolidated 12/31/2011 Carrying amount

Financial assets Cash and cash equivalents Financial assets at fair value through profit or loss Financial investments Loans and receivables at amortized cost (*) Customers Financial liabilities Amortized cost (*) Trade payables Borrowings 76,686 779,265 76,686 779,265 75,075 726,455 75,075 726,455 57,601 1,071,693 57,601 1,071,693 199,223 199,223 218,979 218,979 236,700 236,700 61,908 61,908 56,851 56,851 128,856 128,856 21,716 21,716 52,163 52,163 36,661 36,661
12/31/2010 Carrying amount Fair value Carrying amount
1/1/2010 Fair value
Fair value
29 Subsequent events
Up to the date of the presentation of these financial statements, these were no subsequent events that should be commented on in an explanatory note or that would require an adjustment to the financial statements.
(*) The fair values of financial instruments recorded at amortized cost approximated the carrying amounts at the reporting dates.
A summary of the amounts linked to the US dollar is as follows:
30 Approval of the financial statements

These financial statements were approved and authorized for disclosure by CENIBRAs directors. Parent Consolidated 12/31/2011
750,699 (21,391) (1,570) (184,404) 543,334
12/31/2011
Borrowings Deposits in interest-earning accounts Financial investments Trade receivables Total foreign exchange exposure, net 750,699 (16,436) (1,570) (289,096) 443,597
12/31/2010
682,302 (2,117) (2,384) (314,711) 363,090
1/1/2010
1,042,182 (372) (18,984) (271,473) 751,353
12/31/2010
682,302 (51,828) (2,384) (197,219) 430,871
1/1/2010
1,042,182 (35,891) (18,984) (216,321) 770,986
74
75
EXECUTIVE BOARD
PAULO EDUARDO ROCHA BRANT CEO
NAOHIRO DOI Administrative and Finance Officer
KENJI TAKASHIMA Industrial and Technical Officer
SATOSHI MIYAKE Commercial Officer
E-Mail Corporativo
Corporate E-Mail
ADVISORY COUNCIL
comunicacaocorporativa@cenibra.com.br Facebook
Facebook
ELIEZER BATISTA DA SILVA FERNANDO HENRIQUE DA FONSECA SHOICHIRO SUZUKI KAZUHISA SHINODA EIZO KOBAYASHI
www.facebook.com/pages/cenibra Twitter
Twitter
twitter.com/cenibra Site
Website
www.cenibra.com.br Sede Fbrica

Headquarters & Plant
CHIEF ACCOUNTANT
Rodovia BR 381 - km 172 Distrito de Perptuo Socorro Belo Oriente - Minas Gerais - Brasil CEP 35.196-972 - Caixa Postal 100 Tel.: (5531) 3829 5010 Fax: (5531) 3829 5260 Escritrio Belo Horizonte
Belo Horizonte Office
OLDAIR DE SOUZA MOURO Accountant CRC-MG 053484/O-5
Avenida Afonso Pena, 1964 - 7 andar Bairro Funcionrios - CEP 30130-005 Telefone: (5531) 3235.4041 Fax: (5531) 3235.4002
76

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Demonstraes Financeiras 2011

Financial Statements 2011

Relatrio dos auditores independentes sobre as demonstraes financeiras

Responsabilidade da administrao sobre as demonstraes financeiras

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Responsabilidade dos auditores independentes

Notas explicativas da administrao s demonstraes financeiras

Outros assuntos - Valores correspondentes ao exerccio anterior

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Consolidado 31/12/2010 01/01/2010

Nota explicativa 31/12/2011 31/12/2010 01/01/2010 31/12/2011

Nota explicativa 31/12/2011 31/12/2010 01/01/2010

As notas explicativas da Administrao so parte integrante das demonstraes financeiras .

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Exerccios findos em 31 de dezembro de 2011 e de 2010

Especial Lei 8.200/91

Para De aumento Incentivos orestas de capital fiscais

As notas explicativas da Administrao so parte integrante das demonstraes financeiras.

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Consolidado 31/12/11 31/12/10

Apresentao das demonstraes financeiras

Principais prticas contbeis

As notas explicativas da Administrao so parte integrante das demonstraes financeiras.

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Consolidao das demonstraes financeiras

Balano patrimonial 01/01/2010 Controladora Ajuste Ajustado

(218.932) (87.292) (270.746) (8.339) (585.309) (558.715)

Reapresentao das cifras comparativas

Balano patrimonial 01/01/2010 Controladora Original

Consolidado Original Ajuste Ajustado

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

Balano patrimonial 31/12/2010 Controladora Original

Consolidado Original Ajuste Ajustado Original

418.739 (30.693) 418.739 (30.693)

421.279 (32.982) 421.279 (32.982)

Balano patrimonial 31/12/2010 Controladora Original

Consolidado Original Ajuste Ajustado

Caixa e equivalentes de caixa

16.654 60.331 1.570 7 61.908 78.562

2.364 54.451 2.384 8 56.843 59.207

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

IPI Outros impostos

11 Ativos classificados como mantidos para venda

Celulose Matrias-primas Materiais de manuteno, consumo e outros Proviso para perdas

18.628 71.595 56.144 (1.127) 145.240

Relatrio de Sustentabilidade 2011

Relatrio de Sustentabilidade 2011

13 Saldos e transaes com partes relacionadas

12 Investimentos em controladas e coligadas e outros

31/12/11 Consolidado 31/12/11

31/12/10 Receitas Despesas

Consolidado Os saldos consolidados com partes relacionadas tm a seguinte composio: