Demonstra

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

Information at September 30, 2013
and Report on Review of Interim
Financial Information

2

Report on review of interim financial information

To the Board of Directors and Shareholders

Introduction

We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A.,
for the quarter ended September 30, 2013, comprising the balance sheet at that date and the statements of
income, comprehensive income for the quarter and nine-month periods then ended, and the statements of
changes in equity and cash flows for the nine-month period then ended, and a summary of significant
accounting policies and other explanatory information.

Management is responsible for the preparation of the consolidated interim accounting information in
accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting
Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34 - Interim Financial
Reporting issued by the International Accounting Standards Board (IASB). Our responsibility is to express
a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim
Financial Information (NBC TR 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity, respectively). A review of interim information consists of
making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with Brazilian and International Standards on Auditing and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.

Conclusion on the consolidated
interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying
consolidated interim accounting information referred to above has not been prepared, in all material
respects, in accordance with CPC 21 and IAS 34.

3

Other matters

Statement of value added

We have also reviewed the consolidated interim statement of value added for the nine-month period
ended September 30, 2013. This statement is the responsibility of the Company's management, and is
required to be presented in accordance with standards issued by the Brazilian Securities Commission
(CVM) and is considered supplementary information under IFRS, which do not require the presentation of
the statement of value added. This statement has been submitted to the same review procedures described
above and, based on our review, nothing has come to our attention that causes us to believe that it has not
been prepared, in all material respects, in a manner consistent with the consolidated interim accounting
information taken as a whole.

So Paulo, October 21, 2013

PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5

Luciano Jorge Moreira Sampaio Junior
Accountant CRC 1BA018245/O-1 "S" SP


Consolidated balance sheet at
In thousands of Reais

4 of 52

Assets
September 30,
2013
December 31,
2012

January 1
st
,
2012
(Restated)

(Restated)
Current
Cash and cash equivalents (Note 6) 770,312 943,856

381,915
Marketable securities (Note 7) 842,936 2,351,986

1,677,926
Derivative financial instruments (Note 8) 29,166 18,344

31,638
Trade accounts receivable, net (Note 9) 611,717 754,768

945,362
Inventory (Note 10) 1,385,137 1,183,142

1,178,707
Recoverable taxes (Note 11) 210,584 209,462

327,787
Assets held for sale 589,849 589,849

644,166
Other assets 159,929 194,526

108,062

4,599,630 6,245,933

5,295,563

Non-current

43,446
Related parties receivables (Note 13) 6,805 6,245

5,469
Deferred taxes (Note 12) 1,211,131 879,606

995,368
Recoverable taxes (Note 11) 731,370 657,830

677,232
Advances to suppliers 718,139 740,310

760,611
Judicial deposits (Note 19) 173,350 157,567

137,060
Other assets 179,540 172,612

95,060
Investments (Note 14) 40,674 40,674

7,506
Biological assets (Note 15) 3,366,274 3,325,604

3,264,210
Property, plant and equipment (Note 16) 10,704,613 11,174,561

11,841,247
Intangible assets (Note 17) 4,653,509 4,717,163

4,809,448

21,857,559 21,898,647

22,636,657

Total assets 26,457,189 28,144,580

27,932,220


Consolidated balance sheet at
In thousands of Reais (continued)

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

5 of 52

Liabilities and shareholders' equity
September 30,
2013
December 31,
2012

January 1
st
,
2012
(Restated)

(Restated)
Current
Loans and financing (Note 18) 1,287,643 1,138,005

1,092,108
Trade payables 577,360 435,939

373,692
Payroll, profit sharing and related charges 131,103 128,782

134,024
Taxes payable 41,096 41,368

53,463

163,534
Liabilities related to assets held for sale 470,000 470,000
Dividends payable 274 2,076

1,520
Other payables 96,000 204,833

142,367

2,682,864 2,475,255

1,960,708

Non-current
Loans and financing (Note 18) 8,198,963 9,629,950

10,232,309

125,437
Taxes payable 79,274 77,665

76,510
Deferred taxes (Note 12) 176,362 227,923

739,878
Provision for contingencies (Note 19) 84,919 104,813

101,594
Other payables 185,034 194,521

163,096

9,113,099 10,498,518

11,438,824

Total liabilities 11,795,963 12,973,773

13,399,532

Shareholders' equity
Capital 9,729,006 9,729,006

8,379,397
Capital reserves 2,688 2,688

2,688
Treasury shares (10,346 ) (10,346 ) (10,346 )
Statutory reserves 3,815,703 3,815,584

4,520,290
Other reserves 1,596,666 1,596,666

1,611,837
Accumulated losses (519,417 )

Equity attributable to the shareholders of the Company 14,614,300 15,133,598

14,503,866
Equity attributable to non-controlling interests 46,926 37,209

28,822

Total shareholders' equity 14,661,226 15,170,807

14,532,688

Total liabilities and shareholders' equity 26,457,189 28,144,580

27,932,220


Unaudited consolidated statement of income
In thousand of Reais, except for the income (loss) per share


6 of 52

September 30,
2013
September 30,
2012

Net revenue (Note 21) 4,959,655 4,320,991
Cost of sales (Note 23) (3,909,888 ) (3,758,005 )

Gross profit 1,049,767 562,986

Operating expenses

Selling expenses (Note 23) (252,681 ) (225,420 )
General and administrative (Note 23) (211,912 ) (208,260 )
Equity in the losses of associate (320 )
Other operating expenses, net (Note 23) (1,299 ) 217,372

(465,892 ) (216,628 )

Income (loss) before financial income and expenses 583,875 346,358

Financial income (Note 22) 87,120 136,485
Financial expenses (Note 22) (851,886 ) (742,862 )
Results of derivative financial instruments (Note 22) (112,666 ) (152,949 )
Foreign exchange gains (Note 22) (577,353 ) (676,521 )

(1,454,785 ) (1,435,847 )

Income before taxes on income (870,910 ) (1,089,489 )

Taxes on income

Current (Note 12) (27,351 ) (14,527 )
Deferred (Note 12) 386,156 357,647

Losses for the period (512,105 ) (746,369 )

Attributable to

Shareholders of the Company (519,417 ) (751,530 )
Non-controlling interests 7,312 5,161


Basic and diluted losses per share - (in Reais) (Note 24) (0.938 ) (1.458 )


Unaudited consolidated statement of comprehensive income
In thousand of Reais, except for the income (loss) per share


7 of 52

September 30,
2013
September 30,
2012


Other comprehensive losses for the period

Total comprehensive losses for the period (512,105 ) (746,369 )

Attributable to:
Shareholders of the Company (519,417 ) (751,530 )
Non-controlling interests 7,312 5,161
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Unaudited consolidated statement of cash flow
In thousand of Reais

9 of 52

September 30,
2013

September 30,
2012

Losses before taxes on income (870,910 ) (1,089,489 )

Adjusted by
Depreciation, depletion and amortization 1,266,597

1,259,356
Depletion of wood from forestry partnership programs 90,821

79,816
Unrealized foreign exchange (gains) losses, net 577,353

676,521
Change in the fair value of derivative financial instruments 112,666

152,949
Equity in the losses of associate

320
Losses on disposals of property, plant and equipment 27,349

(1,408 )
Interest and gains and losses on marketable securities (70,903 ) (118,317 )
Interest expenses 438,315

516,814
Change in fair value of biological assets (36,100 ) (265,798 )
Financial charges on Bonds partial repurchase transactions 343,413

150,917
Impairment of recoverable ICMS 69,301

63,333
Tax credits (13,531 )
Reversal of provision for contingencies (14,250 )
Provisions and other 22,554

68,848

Decrease (increase) in assets
Trade accounts receivable 180,134

238,799
Inventory (141,937 ) (64,592 )
Recoverable taxes (121,270 ) 7,127
Other assets/advances to suppliers (69,676 ) 3,067

(Decrease) increase in liabilities
Trade payables 129,013 18,143
Taxes payable 751 (32,708 )
Payroll, profit sharing and related charges 2,320 (2,374 )
Other payables (77,891 ) (46,701 )

Cash provided by operating activities 1,844,119 1,614,623

Interest received 117,964

110,385
Interest paid (477,529 ) (471,908 )
Income taxes paid (20,477 ) (4,121 )

Net cash provided by operating activities 1,464,077

1,248,979

Cash flow from investment activities
Acquisitions of property, plant and equipment, intangible assets and forests (872,727 ) (745,370 )
Advances for wood acquisition from forestry partnership program (68,650 ) (66,146 )
Marketable securities, net 1,477,186 (326,080 )
Proceeds from sales of property, plant and equipment 47,441 20,805
Advances received from the disposal of assets

200,000
Derivative transactions settled (Note 8) (19,129 ) (110,426 )
Other 554

199

Net cash provided by (used in) investment activities 564,675

(1,027,018 )


Unaudited consolidated statement of cash flows
In thousand of Reais (continued)


10 of 52

Cash flow from financing activities
Borrowing 1,142,715

661,759
Repayments - principal amount (3,102,460 ) (1,973,494 )
Net of capital increase

1,343,546
Premiums paid on partial Bonds repurchase transaction (230,735 ) (62,158 )
Other 1,348

2,448

Net cash provided by (used in) financing activities (2,189,132 ) (27,899 )

Effects of exchange rate changes on cash and cash equivalents (13,164 ) 66,554

Net increase (decrease) in cash and cash equivalents (173,544 ) 260,616

Cash and cash equivalents at the beginning of the period 943,856

381,915

Cash and cash equivalents at the end of the period 770,312

642,531

Unaudited consolidated statement of value added
In thousand of Reais

11 of 52

September 30,
2013

September 30,
2012

Revenue
Gross sales 5,057,029

4,420,791
Provision for trade receivables 1,300
Revenue relating to the construction of own assets and other 799,186

905,884

5,857,515

5,326,675

Inputs acquired from third parties
Cost of sales (2,845,224 ) (2,567,150 )
Materials, energy, outsourced services and other (335,592 ) (301,223 )

(3,180,816 ) (2,868,373 )

Gross value added 2,676,699

2,458,302

Retentions
Depreciation and amortization (1,266,597 ) (1,259,356 )
Depletion of wood from forestry partnership programs (90,821 ) (79,816 )

Net value added generated from operations 1,319,281

1,119,130

Value added received through transfer
Equity in the results of investees

(320 )
Finance income 760,513

788,719

760,513

788,399

Total value added for distribution 2,079,794

1,907,529

Distribution of value added
Personnel and social charges 429,836

420,560
Direct compensation 330,855

319,440
Benefits to employees 79,670

79,645
Government Severance Indemnity Fund for Employees (FGTS) 19,311

21,475

Taxes and contributions (146,283 ) (89,344 )
Federal (234,213 ) (175,234 )
State 61,523

63,775
Municipal 26,407

22,115

Interest, foreign exchange, rentals and leases 2,308,346

2,322,682
Non-controlling interests 7,312

5,161

Value added distributed 2,079,794

1,907,529


Notes to the unaudited consolidated interim
financial information at September 30, 2013
In thousands of Reais, unless otherwise indicated

12 of 52

1 Operations and current developments

(a) General information

Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held
company. Fibria Celulose S.A. and its subsidiaries are referred to in these interim financial information
as the "Company", "Fibria", or "we". We have the legal status of a share corporation, operating under
Brazilian corporate law. Our headquarters and principal executive office is located in So Paulo, SP,
Brazil.

We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange
(NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores
Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC).

Our activities are focused on the growth of renewable and sustainable forests and the manufacture and
sale of bleached eucalyptus kraft pulp. We operate in a single operational segment, which is the
producing and selling of short fiber pulp.

Our bleached pulp is produced from eucalyptus trees, resulting in a variety of high quality hardwood
pulp with short fibers, which is generally used in the manufacture of toilet paper, uncoated and coated
paper for printing and writing, and coated cardboard for packaging. We use different energy sources
including thermal and electric, including black liquor, biomass derived from wood debarking, bark and
scraps.

Our business is affected by global pulp prices, which are historically cyclical and subject to significant
volatility over short periods. The most common factors that affect global pulp prices are: (i) global
demand for products derived from pulp, (ii) global production capacity and the strategies adopted by the
main producers, (iii) availability of substitutes for these products and (iv) fluctuations on US dollar. All
of these factors are beyond our control.

In 2012, we established a strategic alliance with Ensyn Corporation ("Ensyn"), to leverage our forestry
expertise and our competitive position in Brazil to develop alternatives with high value aggregated to
complement our global leadership position and excellence in the production of pulp. We believe that the
combination of our expertise and Ensyn's technology can generate a relevant business in the biofuels
segment in the future.

(b) Operational facilities and forest base

The Company operates the following manufacturing facilities as at September 30, 2013 to produce
bleached eucalyptus kraft pulp with a total annual capacity of approximately 5.3 million tons:

Pulp
production
facility Location (Brazil)
Annual
production
capacity - tons

Aracruz Esprito Santo 2,340,000
Trs Lagoas Mato Grosso do Sul 1,300,000
Jacare So Paulo 1,100,000
Veracel (*) Bahia 560,000

5,300,000



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(*) Represents 50% of the annual production capacity of Veracel's pulp mill, consistently with our portion of the results,
representing 50% of the operations of Veracel in our consolidated statement of operations.

Fibria produces hardwood pulp from plantations of eucalyptus trees (referred to as forests), with an
average extraction cycle of between six and seven years. These forests are located in six Brazilian States,
consisting of approximately 966 thousand hectares, including reforested and protected areas, as follow
(in thousands of hectares):

Area of forest Total area

State
So Paulo 78,171 144,955
Minas Gerais 13,326 27,353
Rio de Janeiro 1,636 3,367
Mato Grosso do Sul 226,592 346,289
Bahia 134,760 264,002
Esprito Santo 104,222 180,101

558,707 966,067

The forest base of the Losango project in the State of Rio Grande do Sul is excluded from the above table,
as these assets qualify as assets held for sale, and are being presented as such, as detailed in item (d)(i)
of Note 35 to the most recent annual financial statements.

(c) Logistics

The pulp produced for export is delivered to customers by means of sea vessels on the basis of long-term
contracts with the owners of these vessels. Fibria has four long-term contracts with the South Korean
company STX Pan Ocean (STX) valid for a period of 25 years. This operator has a dedicated fleet of 20
sea vessels, having the capacity to transport 54 thousand tons of pulp each, to be delivered until 2015.
However, three of these contracts which predicted the delivery of 15 sea vessels are in process of
termination, due to STXs financial difficulties.

Regarding the remaining contract, four sea vessels have been delivered to us and are operating and
another sea vessel will be delivered to us until December 2013. These vessels are dedicated to optimize
the Companys international logistics and ensure its operational stability and competitiveness.

Independently of the termination of the three contracts mentioned above, the exports of pulp and the
related logistics costs should not be impacted, since the Company has contracts of affreightment with
other logistics companies, which will be able to meet the export demand.

The company operates in two ports, Santos and Barra do Riacho. The port of Santos is located on the
coast of the State of So Paulo and seeps the pulp produced in the Jacare and Trs Lagoas plants. The
port is operated under a concession from the Federal Government, through the Companhia Docas do
Estado de So Paulo (CODESP).

The port of Barra do Riacho is a port specializing in the transportation of pulp, located about three
kilometers from the Aracruz unit, in the State of Esprito Santo, and seeps the pulp produced in the
Aracruz and Veracel plants. This port is operated by Portocel - Terminal Especializado Barra do


14 of 52

Riacho S.A . ("Portocel") - a company controlled by Fibria (which has a 51% interest in its share capital).
Portocel operates with the authorization of the federal government, through a contract signed on
November 14, 1995.

The concession period of one of the terminals at the port of Santos ends in 2017. However, we are
looking for alternative means of shipping the pulp produced, in order to maintain our export capacity in
the long term.

(d) Current assets held for sale

During the year 2012, the Company approved the sale of certain Cash Generating Units (CGUs) and of
certain assets, as presented in the following table:

CGU/Asset

Reference

Classification for
accounting purposes

Date when classified
for accounting
purposes

Date when
the sale was
consummated
.
Losango project assets Note 1(d)(i) Assets held for sale June 2011 Not yet
consummated
.
Forests and land Note 1(d)(ii) Assets held for sale March 2012 December 2012
located in the south of
Bahia State

(i) Losango project assets

On June 30, 2011, we decided to classify as held for sale the assets related to the Losango project
assets, comprising approximately 100 thousand hectares of land owned by Fibria and approximately 39
thousand hectares of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul.

On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the
definitive Purchase and Sale Agreement for the sale of all of the Losango project assets. The transaction
was approved by the Conselho Administrativo de Defesa Econmica (CADE), the competition
authority, and on this date the first installment of the purchase price, amounting to R$ 470 million, was
paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account
and will be released to us once additional government approvals are obtained. The final installment of
R$ 5 million is payable to us upon the completion of the transfer of the existing land lease contracts for
the assets, and the applicable government approvals. The sale and purchase agreement establishes a
period of 48 months, renewable at the option of CPMC for an additional 48 months, to obtain the
required government approvals. If this approval is ultimately not obtained, we will be required to return
to CMPC the first installment it paid to us, plus interest, and the escrow deposits made by CMPC will
revert. We have recorded the amount of the first installment received as a liability under "Advances
received in relation to assets held for sale".

Since the signing of the Purchase and Sale Agreement with CMPC, we have been working to obtain the
approvals needed, as well as the fulfillment of all other conditions precedent, with an emphasis on
obtaining the documentation to be presented to the applicable government agencies.

The completion of the sale depends on these government approvals, the assets continue to be classified
as assets held for sale as at September 30, 2013, and will remain so until the sale is completed. Upon
classification as assets held for sale, the carrying amounts of the assets held for sale (all of which are


15 of 52

non-current) were compared to their estimated fair values less cost of sale, and no impairment losses
were identified.

The Losango assets did not generate any significant results in the nine months ended September 30,
2013 and 2012.

(ii) Forests and land located
in the south of Bahia

On March 8, 2012, as part of our strategy to strengthen our capital structure, we entered into a binding
agreement with Fundo Florestas do Brasil (the "Fund"), through its subsidiary Caravelas Florestal S.A.,
for the sale of certain forests and land located in the south of the State of Bahia, consisting of 16,152
hectares of eucalyptus forests for timber and pulp, with an average annual production of 660 cubic
meters of wood.

On June 29, 2012, Fibria signed a sale and purchase agreement for these assets, at a total amount of R$
235 million. A cash payment of R$ 200 million was received as an advance on the same date. On
December 7, 2012, the transaction was completed upon the purchaser signing an acceptance notice.

As result of the due diligence process conducted by the purchaser, the sale price was adjusted to
R$ 210 million. The remaining balance of R$ 10 million will be received by the Company until December
2013 and is recorded under "Other receivables" in current assets.

The amount of R$ 19,551 was recognized in the statement of profit and loss in the last quarter of 2012, of
which further details are presented in Note 35 to the most recent annual financial statements.

(e) Change in the international
corporate structure

In November 2011, management approved, subject to certain conditions, a project for the corporate
restructuring of our international activities. The transfer of the current commercial, operational,
logistical, administrative and financial operations of Fibria Trading International KFT to another
subsidiary, named Fibria International Trading GmbH, was performed on July 1
st
, 2013.

This international corporate reorganization and restructuring has different stages, and its total
completion is expected to be completed by December 2015. However, the implementation of the steps of
the planned total restructuring depends on the approval from the local authorities of each country
involved.

(f) Incorporated Company without effect
on the consolidated interim financial information

On September 30, 2013, the subsidiary Normus Empreendimentos e Participaes Ltda. (Normus) was
incorporated by the Company. The Company held a 100% interest in Normus, which was located in
Brazil. With this the indirect subsidiaries Fibria International Trading GmbH, Fibria Overseas Holding
KFT and Fibria International Celulose GmbH
(1)
were considered as direct subsidiaries of the Company.

(1)
Company in the pre-operating phase, incorporated in July 2013, with its headquarter located in Austria.

2 Presentation of consolidated interim financial information


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and summary of significant accounting policies

2.1 Consolidated interim financial information - basis of preparation

(a) Accounting policies used

The consolidated interim financial information has been prepared and is being presented in accordance
with IAS 34 and CPC 21(R1) - Interim Financial Reporting issued by the International Accounting
Standards Board (IASB) and the Accounting Statements Committee Standards (CPC), approved by the
Brazilian Securities and Exchange Commission (CMV).

The consolidated interim financial information should be read in conjunction with the financial
statements for the year ended December 31, 2012, considering that its purpose is to provide an update
on the activities, events and significant circumstances in relation to those presented in the annual
financial statements.

From January 1, 2013, the companies Veracel Celulose S.A., Asapir Produo Florestal e Comrcio Ltda.
and VOTO Votorantim Overseas Trading Operations IV Limited met the definition of joint operations
under IFRS 11 and CPC 19(R2) - Joint Arrangements, and are classified accordingly, meaning that the
balance of the assets, liabilities, revenue and expenses should be accounted for by the entities
participating in the joint operation proportionally to their ownership stakes. The changes in the
classification of the companies as joint operations did not impact the consolidated balances of the
Company compared to the proportional consolidation method allowed by the standard until December
31, 2012.

The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this interim
financial information and the estimates used, are the same as those used in the preparation of the most
recent annual financial statements, except to the extent disclosed in Note 3.

(b) Approval of the interim financial information

The consolidated interim financial information was approved by Management on October 21, 2013.

2.2 Critical accounting estimates
and assumptions

Estimates and assumptions are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.

Accounting estimates will seldom equal the related actual results. In the nine months ended September
30, 2013, there were no significant changes in the estimates and assumptions which are likely to result in
significant adjustments to the carrying amounts of assets and liabilities during the next financial year,
compared to those disclosed in Note 3 to our most recent annual financial statements.

3 Adoption of new standards, amendments
and interpretations issued by IASB and CPC



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A number of new standards and amendments to standards and interpretations were issued by the IASB
and CPC, and are effective for annual periods beginning as from January 1, 2013, as follow:

IAS 1/CPC 26(R1) - Presentation of financial statements
IAS 19/CPC 33(R1) - Employee benefits
IAS 28/CPC 18(R2) - Investments in associates
IFRS 11/CPC 19(R2) - Joint Arrangements
IFRS 12/CPC 45 - Disclosure of interest in other entities
IFRS 9/CPC 38 - Financial instruments
IFRS 10/CPC 36(R3) - Consolidated financial statements
IFRS 13/CPC 46 - Fair value measurement

As a result of the new standards, amendments and interpretations issued by the IASB and the CPC
mentioned above, are applicable to us: IFRS 11/CPC 19(R2) - Joint Arrangements, with the effect
described in Note 2.1 (a); IFRS 13/CPC 46 - Fair value measurement, with impacts of disclosure in the
annual financial statements; and, IAS 19/CPC 33(R1) - Employee benefits, with the effect described
below:

IAS 19 / CPC 33(R1) Employee benefits

It was the Companys practice, up to December 31, 2012 to book actuarial gains and losses using the
corridor method, and such actuarial gains and losses were recognized in the income statement if they
exceeded the corridor carrying amount, and amortized over the remaining estimated average life of the
people which have the benefit, considering that the actuarial gains and losses do not exceed the
corridor amount; therefore, the gains and losses measured were not immediately recognized. As its
method outcome the carrying amount recognized as liabilities differed from the estimated present
carrying amounts of obligations by actuarial gains and losses carrying amounts are not yet recognized.

The main impact of the adoption of this standard on the interim financial information for the nine
months ended September 30, 2013, with retrospective effect on the financial statements for the year
ended December 31, 2012, and the respective opening balances as at January 1, 2012, are as follow: (a) to
immediately recognize all actuarial gains and losses directly in Other comprehensive income, with the
extinction of the corridor method for the recognition of actuarial gains and losses resulting from re-
measurement, (b) to replace the interest costs and expected return on plan assets with a net interest
amount calculated by applying the discount rate to the net defined benefit liability (asset), which should
increase the cost of the plan. However, this situation did not have any impact on the Company, due to
the fact that we do not have any plan assets.

The reconciliation of the adjusted actuarial obligations as at December 31, 2012 and the opening balance
as at January 1, 2012, impacted by the adoption, are as follow:



18 of 52

December 31,
2012
January 1
st
,
2012

Present value of actuarial obligations from previous accounting
practices 60,362 55,715

Impact of the adoption of CPC 33(R1) 33,572 10,587

Present value of actuarial obligations after adoption
(*)
93,934 66,302

(*) The actuarial obligation is recorded as non-current Other payables, on the interim financial information at September 30,
2013 and in the December 31, 2012 financial statements and the opening balance as at January 1
st
, 2012.

As a result of the adjustments described above, the accounting balances of Deferred taxes classified as
non-current assets, Other payables classified as non-current liabilities and Other reserves in
shareholders equity as at December 31, 2012 and January 1
st
, 2012, regarding the comparative period
for this interim financial information, were adjusted as follow:

December 31, 2012 January 1
st
, 2012

Original
balance Adjustment
Adjusted
balance
Original
balance Adjustment
Adjusted
balance

Non-current assets
Deferred assets 868,192 11,414 879,606 991,768 3,600 995,368

Non-current liabilities
Other payables 160,949 33,572 194,521 152,509 10,587 163,096

Shareholders equity
Other reserves 1,618,824 (22,158 ) 1,596,666 1,618,824 (6,987 ) 1,611,837

4 Risk management

The risk management policies and financial risk factors disclosed in the annual financial statements
(Note 4) did not show any significant changes. The Companys financial liabilities which present
liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), capital risk
management position, including indexes ratios of financial leverage (Note 4.3) and sensitivity analysis
(Note 5).

4.1 Liquidity risk

The table below classifies Fibria's financial liabilities into the relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table represent the contracted cash flow amounts, discounted, and as such they differ from the
amounts presented in the consolidated balance sheet.



19 of 52

Less than
one year
Between
one and
two years
Between
two and
five years
Over five
years

At September 30, 2013
Loans and financing 1,646,326 1,542,466 4,350,014 4,430,222
Derivative financial instruments 65,765 102,300 390,163 144,302
Trade and other payables 672,296 26,382 20,729 38,475

2,384,387 1,671,148 4,760,906 4,612,999

At December 31, 2012

2,348,164 2,986,098 4,424,792 6,028,107

At January 1
st
, 2012

2,287,582 2,776,921 4,039,034 7,968,105

4.2 Foreign exchange risk

The following table presents the carrying amounts of the assets and liabilities denominated in foreign
currency:

September 30,
2013
December 31,
2012
January 1
st
,
2012

Assets in foreign currency
Cash and cash equivalents (Note 6) 759,832 891,046 318,926
Marketable securities (Note 7) 65,981 432,706
Trade accounts receivable (Note 9) 600,051 714,142 916,391

1,425,864 2,037,894 1,235,317

Liabilities in foreign currency
Loans and financing (Note 18) 6,968,966 8,542,851 9,230,592
Trade payables 102,812 105,194 35,676
Derivative financial instruments (Note 8) 366,615 273,079 213,887

7,438,393 8,921,124 9,480,155

Liability exposure (6,012,529 ) (6,883,230 ) (8,244,838 )



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4.3 Capital risk management

Management monitors indebtedness on the basis of a consolidated indebtedness ratio. This ratio is
calculated as net debt divided by net income before interest, income taxes including social contribution,
depreciation and amortization and other items as further described below ("Adjusted EBTIDA"). This is
part of our strategy of reducing indebtedness and maintaining an appropriate level of leverage in
accordance with our internal policies, as presented in the most recent annual financial statements in
Note 4.2. Net debt represents total loans and financing, less cash and cash equivalents and marketable
securities and the fair value of derivative financial instruments.

The indebtedness ratios at September 30, 2013, December 31, 2012 and January 1
st
, 2012 were as follow
(measured in Reais):

September 30,
2013
December 31,
2012
January 1
st
,
2012

Loans and financing (Note 18) 9,486,606 10,767,955 11,324,417
Less - cash and cash equivalents (Note 6) 770,312 943,856 381,915
Plus - derivative financial instruments (Note 8) (366,615 ) (273,079 ) (213,887 )
Less - marketable securities (Note 7) 842,936 2,351,986 1,677,926

Net debt 8,239,973 7,745,192 9,478,463

Adjusted EBITDA (last twelve months) 2,726,172 2,253,326 1,981,031

Indebtedness ratio in reais 3.0 3.4 4.8

The indebtedness ratio decreased from 3.4 on December 31, 2012 to 3.0 at September 30, 2013, due to
increments of EBITDA and the decrease of loans and financing, due to the early payments made in the
period, with reflect on the cash and cash equivalents and marketable securities.

From June 2012 debt-related financial covenants including the indebtedness ratio are measured in
US Dollars, as further described in Note 23 to the most recent annual financial statements. Since the
above ratios used for the periods presented are measured in Reais, there are likely to be differences
between the ratios presented above and the ratios measured in compliance with the debt covenant
requirements.

The Company continues to focus on actions including reductions in fixed and variable costs, selling
expenses, capital expenditure and improvements in working capital. We have also focused on actions
that may result in the additional liquidity of non-strategic assets. These actions are intended to
strengthen the capital structure of the Company, resulting in an improved Net Debt to Adjusted EBITDA
ratio.

5 Sensitivity analysis

The analysis below presents the sensitivity analysis of the effects of changes in the relevant risk factors to
which the Company is exposed at the end of the period. Management believes that it is a reasonably
likely scenario that the exchange rate between the US Dollar and the Real will reach R$ 2.30, and that
changes will be observed in the pulp price over a three month period in line with current market


21 of 52

expectations and historical changes in the prices of pulp.

Instruments denominated in foreign
currency - mainly in US Dollars Scenario
Impact on income
(expense) -
in Reais

Loans and financing Depreciation of 3.14% of the Real against the US Dollar
compared to the Ptax rate as at September 30, 2013 -
from R$ 2.23 to R$ 2.30
(208,843 )
Cash, cash equivalents and marketable securities 25,992
Derivative financial instruments (105,906 )
Accounts receivable 18,836
Accounts payable (3,227 )

Total of estimated impact (273,148 )

As shown above, the depreciation of the Real against the US Dollar, considering the closing rate and the
balance of financial instruments as at September 30, 2013, would lead to a increase in the liabilities
recognized in the balance sheet and a corresponding loss of approximately R$ 273,148.

In this projected scenario, compared to the average exchange rate of R$ 2.1181 observed during the
period, net revenue would have increased by 8.3%, representing an approximate amount of R$ 409
million given the volume and sales prices for the nine months ended September 30, 2013.

According to CVM Decision No. 550/08, the following table presents the changes in the fair values of
derivative financial instruments, loans and financing and marketable securities, in two adverse
scenarios, that could generate significant losses for the Company. The probable scenario was stressed,
considering additions of 25% and 50% to the probable scenario of R$ 2.30 per US Dollar:

Impact of the appreciation of the Real against
the US Dollar on the fair value

Probable

Possible (25%)

Remote (50%)

R$ 2,30

R$ 2,875

R$ 3,45

Derivative financial instruments

(105,906 ) (958,204 ) (2,004,409 )
Loans and financing

(208,843 ) (1,924,335 ) (3,639,827 )
Marketable securities

25,992

238,856

451,790
Total impact

(288,757 ) (2,643,683 ) (5,192,446 )

6 Cash and cash equivalents

Average
yield - %
September 30,
2013
December 31,
2012
January 1
st
,
2012

Cash and banks 83,205 52,810 62,989
Foreign currency
Fixed-term deposits CDB 687,107 891,046 318,926

Cash and cash equivalents 770,312 943,856 381,915

CDBs are highly liquid, readily convertible into a known amount of cash and subject to an immaterial


22 of 52

risk of changes of value if early redemption is requested.

During the nine months ended September 30, 2013 there were no relevant changes compared to the
information presented in the most recent annual financial statements (Note 9).

7 Marketable securities

Marketable securities include financial assets classified held for trading as follow:

September 30,
2013
December 31,
2012
January 1
st
,
2012

Brazilian federal government securities, including
under reverse repurchase agreements
LFT 109,330 268,984 208,602
LTN 182,146 111,907 149,730
NTN-F 46,718 186,374
Other 4,666

Private securities including securities under
reverse repurchase agreements
Reverse repurchase agreements 214,326 766,281 1,282,236
CDB 223,450 584,734 31,750
CDB Box 942
RDB - fixed interest rate 985 1,000

In foreign currency
Private securities including securities under
reverse repurchase agreements
Time deposits 65,981 432,706

Marketable securities 842,936 2,351,986 1,677,926

Private securities are mainly composed of short term investments in CDBs and reverse repurchase
agreements, and bear interest based on the Interbank Deposit Certificate (CDI) interest rate.
Government securities are composed of National Treasury Bills and Notes all issued by the Brazilian
federal government. The average yield of marketable securities in the nine months ended September 30,
2013 was 102.14% of the CDI (102.66% of the CDI as at December 31, 2012 and 102.47% of the CDI as at
January 1, 2012). Securities in foreign currency mainly represent time deposits with maturities longer
than 90 days and average remuneration of 0.99% p.a.

The decrease in the balance during the nine months ended September 30, 2013 was, mainly, related to
the early payments made by Fibria on loans and financing during the period, as described in Note 18(e)
to this report.



23 of 52

8 Derivative financial instruments

The following tables present the Companys derivative instruments, segregated by type, presenting both
the asset and liability positions of the swap contracts, the fair value and paid by hedge strategy adopted,
and also the maturity schedule based on their contractual maturities.

(a) Derivative financial instruments by type

Reference value (notional) -
in US Dollars Fair value

Type of derivative
September 30,
2013
December 31,
2012
January 1
st
,
2012
September 30,
2013
December 31,
2012
January 1
st
,
2012

NDF (US$) (*) 170,000 921,900 (26,432 ) (134,206 )
Swap JPY x US$ (JPY) 45,000 27,804
Swap DI x US$ (US$) 427,514 306,226 233,550 (106,175 ) (78,345 ) 11,373
Swap LIBOR x Fixed (US$) 571,235 564,012 227,891 12,305 (8,145 ) (10,655 )
Swap TJLP x US$ (US$) 294,249 349,860 416,478 (199,276 ) (148,123 ) (92,165 )
Swap Pre x US$ (US$) 283,801 97,737 41,725 (60,226 ) (13,205 ) (9,084 )
Zero cost collar (*) 912,000 410,000 162,000 (13,243 ) 1,171 (6,954 )

(366,615 ) (273,079 ) (213,887 )

Classified
In current assets 29,166 18,344 31,638
In non-current assets 72,154 26,475 43,446
In current liabilities (79,388 ) (54,252 ) (163,534 )
In non-current liabilities (388,547 ) (263,646 ) (125,437 )

Total, net (366,615 ) (273,079 ) (213,887 )

(*) There was a reduction in the notional NDFs which were offset by the increase in the notional zero cost collar. Considering the
current scenario for the volatility of the Dollar, these operations have remained more attractive than the NDFs.



24 of 52

(b) Derivative financial instruments by type and
broken down by the nature of the exposure
(asset and liability exposure for swaps)

Reference value (notional) -
in currency of origin Fair value

Type of derivative
September 30,
2013
December 31,
2012
January 1,
2012
September 30,
2013
December 31,
2012
January 1,
2012

Future contracts - NDF
Cash flow hedge (US$) 170,000 921,900 (26,432 ) (134,206 )

Swap contracts
Asset
JPY fixed rate (JPY to USD) 4,754,615 136,077
USD LIBOR (LIBOR to fixed) 571,235 564,012 227,891 1,275,088 1,153,420 427,843
BRL fixed rate (BRL to USD) 830,945 551,195 399,370 1,024,005 706,349 514,257
BRL TJLP (BRL to USD) 478,371 569,708 679,784 456,917 572,177 611,091
BRL Pre (BRL to USD) 579,576 183,427 66,468 465,289 170,934 64,391
Liability
USD fixed rate (JPY to USD) 45,000 (108,273 )
USD fixed rate (LIBOR to fixed) 571,235 564,012 227,891 (1,262,783 ) (1,161,565 ) (438,498 )
USD fixed rate (BRL to USD) 427,514 306,226 233,550 (1,130,180 ) (784,694 ) (502,884 )
USD fixed rate (BRL TJLP to USD) 294,249 349,861 416,478 (656,193 ) (720,300 ) (703,256 )
USD fixed rate (BRL to USD) 283,801 97,737 41,725 (525,515 ) (184,139 ) (73,475 )

Total of swap contracts (353,372 ) (247,818 ) (72,727 )

Options (13,243 )
Cash flow hedge - zero cost collar 912,000 410,000 162,000 1,171 (6,954 )

(366,615 ) (273,079 ) (213,887 )
(c) Derivative financial instruments by type of
economic hedging strategy

Fair value Value (paid) or received

Type of derivative
September 30,
2013
December 31,
2012
January 1
st
,
2012
September 30,
2013
December 31,
2012

Operational hedges
Cash flow hedges of exports (13.243 ) (25,261 ) (141,160 ) (14.554 ) (151,109 )
Hedges of receivables from the sale
of investments

Hedges of debts
Hedges of interest rates 12.304 (8,145 ) (10,655 ) (8.181 ) (8,743 )
Hedges of foreign currency (365.676 ) (239,673 ) (62,072 ) 3.606 33,484)

(366.615 ) (273,079 ) (213,887 ) (19.129 ) (126,368 )



25 of 52

(d) Fair value of derivative financial instruments
by maturity date and counterparty

The following tables present information about derivative financial instruments grouped by maturity
and counterparty.

The following table presents the fair values by month of maturity:

September 30, 2013

2013 2014 2015 2016 2017 2018 2019 2020 Total

January (3,757 ) (4,882 ) (4,257 ) (3,132 ) (584 ) (1,386 ) (17,998 )
February (6,711 ) (7,290 ) (5,655 ) (4,551 ) 2,095 362 312 (21,438 )
March (3,834 ) (4,235 ) (3,008 ) (3,101 ) (1,078 ) (1,452 ) (16,708 )
April (5,264 ) (5,743 ) (3,956 ) (3,384 ) (863 ) (1,472 ) (20,682 )
May (8,355 ) (8,015 ) (5,792 ) (4,641 ) 139 (994 ) (27,658 )
June (6,961 ) (8,110 ) (6,609 ) (5,726 ) (1,228 ) (1,531 ) (30,165 )
July (2,645 ) (5,117 ) (2,765 ) (478 ) (1,167 ) (1,562 ) (13,734 )
August (5,507 ) (7,328 ) (4,479 ) (2,254 ) (14,291 ) (15,728 ) (16,471 ) (66,058 )
September (2,575 ) (10,126 ) (8,913 ) (40,458 ) (22,724 ) (84,796 )
October (821 ) (4,327 ) (5,434 ) (2,874 ) (3,124 ) (1,303 ) (17,883 )
November (3,376 ) (6,554 ) (7,546 ) (4,521 ) (2,193 ) (182 ) (24,372 )
December (418 ) (6,847 ) (7,655 ) (5,364 ) (3,494 ) (1,345 ) (25,123 )

(4,615 ) (63,337 ) (81,481 ) (58,193 ) (76,536 ) (42,531 ) (23,763 ) (16,159 ) (366,615 )

December 31, 2012

2013 2014 2015 2016 2017 2018 2019 2020 Total

January (11,875 ) (2,652 ) (4,065 ) (4,067 ) (3,311 ) (25,970 )
February (10,120 ) (3,188 ) (4,586 ) (3,882 ) (2,976 ) 1,651 1,096 292 (21,713 )
March (2,092 ) (1,856 ) (2,784 ) (2,403 ) (2,238 ) (80 ) (11,453 )
April (3,195 ) (3,095 ) (4,511 ) (3,932 ) (3,420 ) 15 (18,138 )
May (1,873) (3,590 ) (4,915 ) (3,952 ) (2,987 ) 628 279 (16,410 )
June 93 (3,578 ) (5,154 ) (4,499 ) (3,674 ) (116 ) (16,928 )
July (1,058 ) (3,453 ) (3,852 ) (3,077 ) (1,683 ) (13,123 )
August (1,965 ) (3,993 ) (4,176 ) (2,969 ) (1,231 ) (9,170 ) (11,040 ) (12,195 ) (46,739 )
September 770 (2,111 ) (7,304 ) (6,637 ) (27,668 ) (15,716 ) (58,666 )
October (1,459 ) (3,791 ) (3,980 ) (3,202 ) (1,722 ) (14,154 )
November (1,813 ) (4,189 ) (4,228 ) (3,051 ) (1,288 ) 500 (14,069 )
December (1,320 ) (4,546 ) (4,465 ) (3,567 ) (1,818 ) (15,716 )

(35,907 ) (40,042 ) (54,020 ) (45,238 ) (54,016 ) (22,288 ) (9,665 ) (11,903 ) (273,079 )



26 of 52

January 1
st
, 2012

2012 2013 2014 2015 2016 2017 2018 Total

January (23,146 ) (447 ) 25,680 (3,000 ) (2,820 ) (2,483 ) (6,216 )
February (16,878 ) (540 ) (2,049 ) (2,966 ) (2,879 ) (2,475 ) (27,787 )
March (11,919 ) 1,045 (1,874 ) (2,951 ) (2,980 ) (2,415 ) 86 (21,008 )
April (17,225 ) (355 ) (2,756 ) (3,228 ) (2,933 ) (2,764 ) (29,261 )
May (13,148 ) (565 ) (2,571 ) (3,262 ) (2,932 ) (2,782 ) (25,260 )
June (1,991 ) 1,414 (2,208 ) (3,055 ) (2,908 ) (2,675 ) 104 (11,319 )
July (18,880 ) (1,520 ) (2,796 ) (2,658 ) (2,548 ) (1,289 ) (29,691 )
August (18,824 ) (1,396 ) (2,662 ) (2,695 ) (2,539 ) (1,286 ) (29,402 )
September (668 ) (48 ) (2,461 ) (3,018 ) (2,290 ) 2,973 8,745 3,233
October (6,905 ) (1,519 ) (2,908 ) (2,897 ) (2,499 ) (1,281 ) (18,009 )
November (420 ) (1,289 ) (2,854 ) (2,926 ) (2,476 ) (1,288 ) (11,253 )
December 1,484 (240 ) (2,736 ) (2,769 ) (2,431 ) (1,222 ) (7,914 )

(128,520 ) (5,460 ) (2,195 ) (35,425 ) (32,235 ) (18,987 ) 8,935 (213,887 )

Notional and fair value by counterparty:

September 30, 2013 December 31, 2012 January 1
st
, 2012

Notional in
US Dollars
Fair
value
Notional in
US Dollars
Fair
value
Notional in
US Dollars
Fair
value

Banco Ita BBA S.A. 429,660 (30,461 ) 243,261 (17,865 ) 382,812 (49,975 )
Deutsche Bank S.A. 242,450 91 143,450 (2,033 ) 37,500 (3,699 )
Banco Safra S.A. 212,392 (78,055 ) 221,226 (55,131 ) 233,550 11,372
Banco BNP Paribas Brasil S.A. 232,000 (3,765 ) 125,000 853
Banco Santander Brasil S.A. 226,954 (122,569 ) 248,918 (93,734 ) 255,556 (57,139 )
Banco CreditAgricole Brasil S.A. 228,918 (3,797 ) 213,950 (3,844 )
HSBC Bank Brasil S.A. 195,117 (31,854 ) 154,601 (21,101 ) 135,046 (22,460 )
Banco Citibank S.A. 203,030 (56,973 ) 138,181 (39,734 ) 240,376 (6,695 )
Goldman Sachs do Brasil 76,800 (1,137 ) 123,250 (3,107 ) 186,850 (17,507 )
Banco Bradesco S.A. 141,618 (31,808 ) 85,000 (23,214 )
Morgan Stanley & CO. 23,565 (393 ) 58,912 (1,747 ) 229,042 (22,415 )
Banco Votorantim S.A. 31,638 (6,858 ) 42,086 200
Banco ABC Brasil S.A. 25,000 (256 )
Rabobank Brasil S.A. 50,000 (2,389 )
Bank of America Merrill Lynch 199,657 1,167 96,400 (20,041)
Banco Standard de Investimentos 35,000 (6,821 ) 14,500 (1,791)
Standard Chartered Bank 57,500 (8,285)
Banco Barclays S.A. 15,000 (3,412 ) 124,500 (10,959)
Banco WestLB do Brasil 45,500 (2,521)
Banco Mizuho do Brasil S.A. 20,000 53
BES Investimento do Brasil S.A. 10,000 (1,772)

2,488,799 (366,615 ) 1,897,835 (273,079 ) 2,049,132 (213,887 )

The fair value does not necessarily represent the cash required to immediately settle each contract, as
this disbursement will only be made on the date of maturity of each transaction, when the final
settlement amount can be determined.

The outstanding contracts at September 30, 2013 are not subject to margin calls or anticipated
liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and
registered with CETIP (a clearing house).

The descriptions of the types of contracts and risks being hedged against are as follow:


27 of 52

(i) Non-Deliverable Forwards (NDF)

The Company did not enter into US Dollar forwards, and there is no outstanding balance at September
30, 2013.

(ii) LIBOR versus fixed rate swaps

The Company has plain-vanilla swaps of quarterly LIBOR against fixed rates, with the objective of
hedging debt carrying interest based on LIBOR against any increase in the LIBOR rate.

(iii) DI versus US Dollar swap

The Company has plain vanilla swaps of the Interbank Deposit (DI) rate against the US Dollar, with the
objective of converting our debt exposure in Reais subject to the DI rate into a debt in US Dollars at fixed
interest. The swaps are matched to the debts in terms of the underlying amounts, maturity dates and
cash flow.

(iv) TJLP versus US Dollar swap

The Company has plain vanilla swaps of the Long-term Interest Rate (TJLP) against the US Dollar
with the objective of converting our debt exposure in Reais subject to interest based on the TJLP, to debt
in US Dollars at fixed interest. The swaps are matched to the related debts in terms of the underlying
amounts, maturity dates and cash flow.

(v) Zero cost collar

The Company has a zero cost collar, which is an option (put) to purchase US Dollars and a written option
(call) to sell US Dollars, with no leverage. The difference between the strike price of the put (floor) and of
the call (ceiling) options gives a floor and cap to the Dollar exchange rate, thereby forming a "Collar".

(vi) Pre-swap versus US Dollar swap

The Company has plain vanilla swaps to transform fixed interest debt in Reais into debt in US Dollars at
fixed rates. The swaps are matched to the debts in terms of the underlying amounts, maturity dates and
cash flow.

(vii) Fair value measurement of
derivative financial instruments

The Company estimates the fair values of its derivative financial instruments, and acknowledges that
these may differ from the amounts payable/receivable in the event of the early settlement of the
instrument. This difference arises due to factors such as liquidity, spreads or the intention regarding
early settlement by the counterparties, among other factors. The amounts estimated by management are
also compared to the Mark-to-Market (MtM) prices provided as a reference by the banks
(counterparties), and to estimates performed by an independent financial advisor.

Management believes that the fair values estimated for those instruments, using the methods described
below, reliably reflect their fair values.

The methods used by the Company to measure the fair values of its derivative financial instruments
reflect the methodologies commonly used by the market, and are based on widely tested theoretical


28 of 52

bases.

The methodologies used to estimate the MtM prices and to record the values of financial instruments are
defined in the manual developed by the Company's risk and compliance management area.

A summary of the methodologies used for the purpose of determining the fair value by type of
instrument is presented below:

. Non-deliverable forwards - a projection of the future exchange rate is made, using the observable
foreign currency coupon and the observed fixed yield curve in Reais at each maturity date. The
difference between the forward exchange rate obtained using this method and the contractual
forward exchange rate is determined. This difference is multiplied by the notional amount of each
contract and discounted to its present value using the observed fixed yields in Reais.

. Swap contracts - the present value of both the asset and liability positions are estimated by
discounting the forecast cash flow using the observed market interest rate for the currency in which
the swap is denominated. The contracts fair value is the difference between the asset and liability
amounts. The only exemption refers to TJLP versus US Dollar swaps, where the cash flow of the asset
position (TJLP versus Pre swap) is projected using a straight yield of 5% over the period of the swap
contract, as disclosed by BM&FBOVESPA.

. Options (Zero Cost Collar) - the fair value was calculated based on the Garman Kohlhagen model.
Volatility information and interest rates are observable and were obtained from BM&FBOVESPA
exchange information and used to calculate the fair values.

The yield curves used to calculate the fair values of financial instruments at September 30, 2013 are as
follow:

Interest rate curves

Brazil United States Dollar coupon

Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % Vertex Rate (p.a.) - %

1M 9.12 1M 0.19 1M 20.32
6M 9.64 6M 0.27 6M 4.59
1A 10.08 1A 0.31 1A 3.17
2A 10.93 2A 0.46 2A 2.65
3A 11.39 3A 0.78 3A 2.72
5A 11.74 5A 1.57 5A 3.48
10A 11.93 10A 2.90 10A 5.62



29 of 52

9 Trade accounts receivable

September 30,
2013
December 31,
2012
January 1
st
,
2012

Domestic customers 66,741 99,601 102,305
Intercompany 3,423 2,980 2,878
Export customers 600,051 714,142 916,391

670,215 816,723 1,021,574

Allowance for doubtful accounts (58,498 ) (61,955 ) (76,212 )

611,717 754,768 945,362

During the nine months ended September 30, 2013, we made credit assignments without recourse for
certain customers, amounting to R$ 847,496 (R$ 686,619 at December 31, 2012 and R$ 306,787 at
January 1, 2012) meaning that these amounts were not recognized as trade accounts receivable and are
not included in the balance above. The combination of the sales volume, the average pulp price and the
effect of the exchange currency in the period, contributed to minimizing the decrease in the balance. The
credit assignments without resources made by us represent, substantially, the change in the balance in
the period.

10 Inventory

September 30,
2013
December 31,
2012
January 1
st
,
2012

Finished goods
At plants/warehouses in Brazil 115,383 131,806 135,110
Outside Brazil 694,953 470,082 518,305
Work in process 11,053 13,438 31,141
Raw materials 413,204 422,288 360,473
Supplies 147,422 142,288 129,298
Imports in transit 2,793 2,333 2,140
Advances to suppliers 329 907 2,240

1,385,137 1,183,142 1,178,707

The balance increased by 17 % or R$ 201,995, mainly due to the high level of inventory of finished
products (increase of 134,000 tons) in the nine months period ended September 30, 2013.



30 of 52

11 Recoverable taxes

September 30,
2013
December 31,
2012
January 1
st
,
2012

Withholding tax and prepaid Income Tax (IRPJ) and Social
Contribution (CSLL) 233,011 187,941 208,993
Value-added Tax on Sales and Services (ICMS) on purchases
of property, plant and equipment 18,199 16,140 19,520
Value-added Tax on Sales and Services (ICMS) on purchases
of raw materials and supplies 792,420 715,904 614,274
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 537,468 526,410 669,805
Provision for the impairment of ICMS credits (639,144 (579,103 ) (507,573 )

941,954 867,292 1,005,019

Non-current 731,370 657,830 677,232

Current 210,584 209,462 327,787

During the nine months ended September 30, 2013 there were no relevant changes to our expectations
regarding the recoverability of the tax credits presented in Note 14 to the most recent annual financial
statements.

12 Taxes on income

The Company and its subsidiaries based in Brazil are taxed based on their net income/losses for
accounting purposes as adjusted for tax purposes. The subsidiaries outside of Brazil use the methods
established by the respective local regulations. Income taxes have been calculated and recorded
considering the applicable statutory tax rates enacted as at the date of the interim financial information.

(a) Deferred taxes

Deferred income tax and social contribution tax assets arise from tax losses and temporary differences
related to: (i) the effect of foreign exchange gains/losses, mainly on loans and financing (which for tax
purposes are taxed/deductible on a cash basis), (ii) adjustments to the fair values of derivative financial
instruments, (iii) provisions not currently deductible for tax purposes, (iv) investments in rural activity,
and (vi) temporary differences arising from the adoption of CPCs/IFRS.


31 of 52

September 30,
2013
December 31,
2012
January 1
st
,
2012

Tax losses 814,326 587,211 521,693
Provision for contingencies 63,873 65,578 30,506
Sundry provisions (impairment, operational and other) 421,550 401,113 383,395
Results of derivative contracts recognized on a cash
basis for tax purposes 124,649 92,847 72,537
Exchange variations - recognized on a cash basis for tax
purposes 644,552 470,825 73,412
Tax amortization of goodwill 113,098 113,178 110,936
Actuarial gains (losses) on medical assistance plan
(SEPACO) 11,414 11,414 3,600
Provision for losses on foreign deferred tax assets (*) (260,909 ) (238,201 ) (200,711 )
Tax depreciation (10,674 ) (11,391 ) (14,986 )
Reforestation costs already deducted for tax purposes (329,497 ) (299,632 ) (284,020 )
Fair values of biological assets (196,974 ) (239,094 ) (214,952 )
Effects of business combination - acquisition of Aracruz (23,378 ) (31,998 ) (45,212 )
Tax benefit of goodwill not amortized for tax purposes (335,470 ) (268,376 ) (178,917 )
Other provisions (1,791 ) (1,791 ) (1,791 )

Total deferred taxes, net 1,034,769 651,683 255,490

Deferred taxes - asset (net by entity) 1,211,131 879,606 995,368

Deferred taxes - liability (net by entity) 176,362 227,923 739,878

Changes in the net balances of deferred income tax are as follow:

September 30,
2013
December 31,
2012

At the beginning of the period 651,683

251,890
Tax losses 204,407

28,558
Provision for the impairment of foreign deferred tax assets

(37,490 )
Temporary differences relating to provisions 27,352

52,790
Derivative financial instruments taxed on a cash basis 31,802

20,310
Amortization of goodwill (67,174 ) (87,217 )
Reforestation costs and tax depreciation (29,148 ) (12,018 )
Exchange gains/losses taxed on a cash basis 173,727 434,373
Fair value of biological assets 42,120 (24,141 )
Actuarial losses on medical assistance plan (SEPACO) 11,414
Other 13,214

At the end of the period 1,034,769 651,683



32 of 52

(b) Reconciliation of income tax and social
contribution benefit (expenses)

September 30,
2013

September 30,
2012

Income before taxes on income (870,910 ) (1,089,489 )

Income tax and social contribution at statutory nominal rates - 34% 296,109

370,426

Reconciliation against effective expenses

Non-taxable equity in the earnings (losses) of associates (109 )
Differences in the tax rates of foreign subsidiaries 74,131 (7,084 )
Benefits to directors (2,269 ) (5,281 )
Other, mainly non deductible provisions (9,166 ) (14,832 )

Income Tax and Social Contribution benefits (expenses) for the year 358,805 343,120

Effective rate - % 41.2 31.5

13 Significant transactions and
balances with related parties

(a) Related parties

The Company is governed by a Shareholders Agreement entered into between Votorantim
Industrial S.A. ("VID"), which holds 29.42% of its shares, and BNDES Participaes S.A.
("BNDESPAR"), which holds 30.38% of the shares (together the "Controlling shareholders").

The Company's commercial and financial transactions with its subsidiaries, associates, companies
belonging to the Votorantim Group and other related parties are carried out at normal market prices and
conditions, based on the usual terms and rates applicable to third parties. The balances and transactions
with related parties are as follow:



33 of 52

(i) Balances recognized in assets and liabilities

Balances receivable (payable )

Nature

September 30,
2013
December 31,
2012

January 1
st
,
2012

Transactions with controlling shareholders

Votorantim Industrial S.A.
Rendering of
services

(456 ) (722 ) (63 )
BNDES Financing

(1,778,508 ) (1,747,272 ) (1,773,842 )

(1,778,964 ) (1,747,994 ) (1,773,905 )

Transactions with associates

Bahia Produtos de Madeira S.A. Sales of wood

3,463 2,980

2,878

Transactions with Votorantim
Group companies

VOTO III Bonds

(117,767 )
Votener - Votorantim Comercializadora
e Energia Energy supplier

(2 ) (388 ) (388 )
Banco Votorantim S.A.
Financial
investments

33,847 197,782

176,156
Votorantim Cimentos S.A. Input supplier

(25 ) (11 ) (87 )
Votorantim Cimentos S.A. Sales of land

31,362 31,362

Votorantim Metais
Chemical products
supplier

(271 ) (228 ) (214 )
Votorantim Metais Leasing of land

(713 ) (1,476 )
Companhia Brasileira de Alumnio (CBA) Leasing of land

(37 ) (33 ) (33 )

64,161 227,008

57,667

Net

(1,711,340 ) (1,518,006 ) (1,713,360 )

Presented in the following lines

In assets

Marketable securities (Note 7)

33,847 191,537

170,687
Trade accounts receivable (Note 9)

3,423 2,980

2,878
Related parties - non-current

6,805 6,245

5,469
Other assets - current

31,362 31,362
In liabilities

Loans and financing (Note 18)

(1,785,198 ) (1,747,272 ) (1,891,609 )
Suppliers

(1,579 ) (2,858 ) (785 )

(1,711,340 ) (1,518,006 ) (1,713,360 )



34 of 52

(ii) Transactions recognized in the
statement of operations

Income (expenses )

Nature

September 30,
2013

September 30,
2012

Transactions with controlling shareholders
Votorantim Industrial S.A. Rendering of services

(7,355 ) (7,472 )
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES) Financing

(121,672 ) (122,222 )
.

(129,027 ) (129,694 )
Transactions with associates
Bahia Produtos de Madeira S.A. Sales of wood

8,486

8.035
.
Transactions with Votorantim Group
companies
VOTO III Bond

12,149
Votener - Votorantim Comercializadora
de Energia Energy supplier

(27,592 ) (13,307 )
Banco Votorantim S.A. Investments

(2,275 ) 12,638
Votorantim Cimentos S.A. Leasing of land

(389 ) (225 )
Votorantim Metais Ltda.
Chemical products
supplier

(3,309 ) (4,205 )
Votorantim Metais Ltda. Leasing of land

(6,912 ) (4,688 )
Companhia Brasileira de Alumnio (CBA) Leasing of land

(331 ) (392 )

(40,808 ) 1, 970

Comments on the main transactions and
contracts with related parties

The following is a summary of the nature and conditions of the transactions with related parties:

Controlling shareholders

The Company has a contract with VID related to services provided by the Votorantim Shared Services
Center, which provide the outsourcing of operational services relating to administrative activities, the
personnel department, back office, accounting, taxes and the information technology infrastructure,
which are shared by the companies of the Votorantim Group. The contract provides for overall
remuneration of R$ 9,767 and has a one-year term, to be renewed annually upon formal
confirmation by the parties.

Additionally, VID provides various services related to technical advice and training, including
management improvement programs. These services are provided to the entire Votorantim Group,
and the Company reimburses VID at cost for the expenses related to the services used.

The Company has financing contracts with BNDES, the majority shareholder of BNDESPAR, for the
purpose of financing investments in infrastructure, forestry, the acquisition of equipment and
machines and research and development, as well as the expansion and modernization of its plants.
There have been no changes in the contracts with BNDES since December 31, 2012, which were
presented in Note 23(e) in the most recent annual financial statements.


35 of 52

Management believes that these transactions were contracted at terms equivalent to those which
applyto transactions with independent parties, based on technical studies performed when these
contracts were executed.

Subsidiaries, joint operations and associates

Fibria shares its administrative structure with its wholly-owned subsidiary Fibria - MS, and allocates
these administrative expenses to the subsidiary at cost without any profit margin. These receivables
have an average maturity of 90 days. The other operating subsidiaries have their own management,
and no sharing of expenses is necessary. In June 2010 and May 2011, there were purchases of
intercompany receivables from this subsidiary amounting to R$ 239,123, relating to export
shipments, which were fully settled in 2012.

Port services for the shipping of the products of the Aracruz plant are contracted from Portocel -
Terminal Especializado Barra do Riacho. Portocel is controlled by the Company, and Cenibra -
Celulose Nipo-Brasileira holds the remaining 49% interest in Portocel. The prices and conditions are
identical for both shareholders.

The Company has accounts receivable relating to the sale of pulp to its wholly-owned subsidiary
Fibria International Trading GmbH, which is responsible for the management, sale, operation,
logistics, control of and accounting for products in Europe, Asia and North America. The pulp sales
prices and payment terms for this subsidiary follow the strategic and finance plan of the Company
and observe the transfer price limits under the tax regulations. In addition, the Company contracted
intercompany export prepayments with this subsidiary, at the rate of quarterly LIBOR plus an
average spread of 3.99% p.a. with quarterly payments of principal and interest and final maturity in
2018.

On July 1
st
, 2013, due to the transfer of the commercial, logistics, administrative and financial
operations from the subsidiary Fibria Trading International Kft. to the subsidiary Fibria
International Trading GmbH, the balance of trade accounting receivables and export credits
(prepayments) up to June 30, 2013 were partially transferred between the subsidiaries and the
remaining balance keeps with the same conditions previously agreed.

On June 24, 2005, we entered into a loan contract with VOTO IV, which raised US$ 200,000
thousand, bearing interest at 8.5% p.a. and maturing in 2020. In September 2013, Fibria prepaid the
amount of US$ 24,700 (equivalent to R$ 55,471).

The Company has balances receivable from Asapir, corresponding to cash advances made by the
Company for the purpose of ensuring that Asapir has working capital at levels considered adequate to
carry out its operational activities.

The Company has a receivables balance of R$ 3,463 from Bahia Produtos de Madeira S.A.,
corresponding to sales of wood, with a contract value of around R$ 9 million per year, with maturity
in 2019, renewable for 15 years.

Votorantim Group companies

The Company has a contract to purchase energy from Votener - Votorantim Comercializadora de
Energia Ltda. to supply power to our unit in Jacare. The total amount contracted is R$ 15,000,
guaranteeing 115,704 megawatt-hours over five years, maturing in December 31, 2014. Should either
party request the early termination of the contract, that party will be required to pay 50% of the


36 of 52

remaining contract amount. In addition, the Company entered into a contract to purchase energy
from Votener, expiring on December 31, 2014, to supply the Trs Lagoas and Aracruz units. Since
these units already generate their own energy, the contract is intended to maximize the
competitiveness of the energy matrix. The total amount contracted may change based on the needs
and consumption of energy by those plants.

The Company maintains investments in CDBs and securities purchased under resale agreements
("reverse repos") issued by Banco Votorantim S.A., with average remuneration of 103.5% of the CDI
rate, daily liquidity from September 2013 and maturing in April 2015. The Company's cash
management policy is intended to provide efficiency in investment returns and to maximize liquidity,
based on market practices. The Company has also entered into derivative financial instruments with
Banco Votorantim. The Shareholders Agreement limits intercompany investments to R$ 200 million
for securities and R$ 100 million in notional value for derivative financial instruments.

On January, 2012, the Company entered into a contract to purchase 98% sulfuric acid from
Votorantim Metais, for R$ 18,500, in exchange for the supply of 36,000 metric tons of acid for two
years through December 31, 2013. In the event of contract termination, no penalties are due, and the
parties should pay any outstanding invoices for goods provided prior to the termination.

The Company has an agreement with Votorantim Cimentos for the supply of road construction
supplies, such as rock and calcareous rock, with an approximate value of R$ 7,165. This agreement
may be terminated at any time with prior notice of 30 days, without any contractual penalties.

In December 2012, the Company entered into a contract with Votorantim Cimentos for the sale of
land amounting to R$ 31,362, which matures in December 2013.

The Company has land leasing agreements, covering approximately 22,400 hectares, with
Votorantim Metais Ltda., which matures in 2019, totaling R$ 76,496.

The Company has land leasing agreements, covering approximately 2,062 hectares, with Companhia
Brasileira de Alumnio - CBA and Votorantim Cimentos, which mature in 2023, totaling R$ 4,062.

In the nine months ended September 30, 2013 and the other periods presented, no provision for
impairment was recognized on assets with related parties.

(b) Remuneration of officers and directors

The remuneration expenses, including all benefits, are summarized as follow:

September 30,
2013
September 30,
2012

Short-term benefits to officers and directors 19.273 21,169
Rescission of contract benefits 1.587 2,839
Long-term benefits to officers and directors 4.754

25,614 24,008

Short-term benefits include fixed compensation (salaries and fees, vacation pay and 13
th
month salary),
social charges and contributions to the National Institute of Social Security (INSS), the Government


37 of 52

Severance Indemnity Fund for Employees (FGTS) and the variable compensation program. The long-
term benefits related to the benefit program (Phantom Stock Options) and the variable compensation
program.

Short-term benefits to officers and directors do not include the amount of R$ 572 for the nine months
ended September 30, 2013 (R$ 693 for the nine months ended September 30, 2012) regarding the
compensation for the Audit, Risk, Compensation and Sustainability Committee members of.

The Company does not have any additional active post-employment plans and does not offer any other
benefits, such as additional paid leave for time of service.

14 Investments

September 30,
2013

December 31,
2012
January 1
st
,
2012

Investments in associates - equity method (a) 6,913 6,913 7,506
Provision for impairment of investments (a) (6,913 ) (6,913 )
Other investments - fair value method (b) 40,674 40,674

40,674 40,674 7,506

(a) Investments in associates

Our ownership

Associate's
information

On equity
On profit and loss

Equity

Profit
and
loss

%

September 30,
2013
December 31,
2012

January 1
st
,
2012
September 30,
2013
September 30,
2012

Associate measured using
the equity method

Bahia Produtos de Madeira S.A. 20,740

33.3

6,913 6,913

7,506 (320 )

Provision for impairment

Bahia Produtos de Madeira S.A.

(6,913 ) (6,913 )

7,506 (320 )

(b) Other investments

We hold 6% ownership of the capital of Ensyn, represented by shares. We performed an assessment of
the rights related to these shares and concluded that we did not have significant influence over the
management of Ensyn. Therefore, this investment cannot be considered as an investment in an
associate. No significant changes in the fair value of our interest in Ensyn occurred between the date of
our investment (October 2012) and September 30, 2013 and for that reason the carrying amount as at
September 30, 2013 is equal to the cost of the investment.



38 of 52

15 Biological assets

The reconciliation of the book balances at the beginning and at the end of the period presented is as
follows:

September 30,
2013
December 31,
2012

At the beginning of the period
Historical cost 2,451,612 2,477,271
Fair value 873,992 786,939
3,325,604 3,264,210

Additions 647,894 755,531
Depletion during the period
Historical cost (425,618 ) (502,691 )
Fair value (216,661 ) (365,726 )
Change in fair value 36,100 297,686
Disposal (822 ) (129,745 )
Transfer (i) (223 ) 6,339

At the end of the period 3,366,274 3,325,604

(i) Includes transfers between biological assets, property, plant and equipment and intangible assets.

In accordance with our accounting policies, the valuation of the biological assets at the fair value is
performed semiannually. On June 30, 2013, the changes in fair value of the biological assets recognized
by us was R$ 36,100, as detailed in Note 15 of the interim financial statements for the period ended June
30, 2013.

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40 of 52

17 Intangible assets

The rolling forward of the carrying amounts for the period presented is as follows:

September 30,
2013
December 31,
2012

At the beginning of the period 4,717,163 4,809,448
Amortization of databases, patents and suppliers (60,133 ) (83,124 )
Acquisition and disposal of software (7,581 ) (9,192 )
Other 4,060 31


Composed by
Goodwill - Aracruz 4,230,450 4,230,450
Systems development and deployment 32,455 40,004
Acquired from business combination
Databases 239,400 273,600
Patents 31,187 46,820
Relationships with suppliers
Diesel and ethanol 2,668
Chemical products 115,788 123,420
Other 4,229 201

4,653,509 4,717,163

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43 de 52
(c) Breakdown by currency and interest rate

Loans and financing are broken down into the following currencies:

Currency

September 30,
2013
December 31,
2012
January 1
st
,
2012

Real 2,517,640 2,225,104 2,093,825
Dollar 6,653,126 8,260,379 8,843,564
JPY 117,767
Currency basket 315,840 282,472 269,261

9,486,606 10,767,955 11,324,417

Loans and financing broken down by interest rate are as follow:

Interest rate

September 30,
2013
December 31,
2012
January 1
st
,
2012

CDI 988,456 686,326 509,190
TJLP 1,419,730 1,449,587 1,504,491
Libor 2,977,669 2,756,150 2,929,970
Currency basket 315,840 282,472 269,261
Fixed 3,784,911 5,593,420 6,111,505

9,486,606 10,767,955 11,324,417

(d) Rollforward

September 30,
2013
December 31,
2012

At the beginning of the period 10,767,955 11,324,417
Borrowing 1,142,715 864,334
Interest expenses 438,315 681,840
Foreign exchange 581,019 803,641
Repayments - principal amount (3,102,460 ) (2,410,719 )
Interest paid (477,529 ) (651,288 )
Expenses of transaction costs of Bonds redeemed early 112,678 88,759
Other (*) 23,913 66,971


(*) Includes the amortization of transaction costs.



44 de 52

(e) Relevant operations settled during the period

Bonds

In the nine months ended September 30, 2013, Fibria prepaid and canceled a total of US$ 879 million
(equivalents to R$ 1,811,857) related to the Bonds Fibria 2020, Fibria 2021 and VOTO IV issued in
May 2010, March 2011 and June 2005, for which the original maturities were May 2020, March 2021
and June 2020, with fixed interest rates of 7.5%, 6.75% and 7.75% per year, respectively. As a result of
the early redemption, we recognized financial expenses amounting to R$ 343,413, of which R$ 230,735
relating to the premiums paid in the repurchase transaction and R$ 112,678 relating to the proportional
amortization of the transaction costs of the Bonds.

Export credits (ACC)

In the first quarter of 2013, Fibria paid a total of US$ 125 million (equivalent to R$ 255,111) in relation to
export credits (ACC) with fixed interest rates of between 2.05% p.a. and 2.09% p.a. Over the same
period, Veracel (Fibrias joint operation) paid a total of US$ 22.8 million (equivalent to R$ 45,766), of
export credits (ACC), with fixed interest rates of between 2.07% p.a. and 4.75% p.a.

Export credits (prepayments)

In April 2013, the Company early repaid the amount of US$ 100 million (equivalents to R$ 199,390)
regarding two export credits prepayments, which were contracted in October and November 2010, with
maturity in October 2018 and a fixed-interest rate of 5.3% p.a.

Export Credit Note (NCE)

In June 2013, the Company repaid early the amount of R$ 205,924 of the NCE with Banco Safra (which
corresponds to 40% of the total) and signed an amendment for the remaining balance with a reduction
on the cost of the contract from 100% of the CDI plus 1.85% p.a. to 100% of the CDI plus 0.85% p.a. and
maturity in 2018.

(f) Relevant operations contracted during the period

Unused credit lines

In April 2013, the Company obtained a revolving credit facility with Banco Bradesco, in the amount of
R$ 300,000 with availability for five years and an interest rate of 100% of the CDI plus 1.5% p.a., when
fully used. During the unused period, the Company will pay a commission in Reais of 0.05% p.a.
quarterly. The Company has not used the credit.

Export credits (prepayments)

In April 2013, the Company, through Fibria Trading International KFT., entered into an export
prepayment contract with three banks in the amount of US$ 100 million (equivalent to R$ 201,540),
with maturity until 2018 and an initial interest rate of 1.63% p.a. over the quarterly LIBOR rate.

Export Credit Note (NCE)

In June 2013, the Company contracted, an NCE with Banco do Brasil in the amount of R$ 497,745, with
final maturity in 2018 and interest at 105.85% of the CDI.


45 de 52

BNDES

In the nine months ended September 30, 2013, BNDES funds in the amount of R$ 185,039 were
released, with maturity dates between 2018 and 2023, subject to interest of TJLP plus 2.42% p.a. to
3.45% p.a. and UMBNDES (currency basket) plus 2.42% p.a. to 3.45% p.a. The resources will be used for
projects in the forestry and industrial areas.

(g) Covenants

Some of the financing agreements of the Company contain covenants establishing maximum
indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.

Covenants requirements

On June 6, 2012, the Company concluded the renegotiation of the debt financial covenants, which
resulted in the following changes: (a) covenants are now measured based on the consolidated
information translated into US Dollars (as opposed to the consolidated financial information in Reais),
and (b) the indebtedness ratio (Net debt to EBITDA) was increased to a maximum of 4.5x.

The measurement of the ratios based on information translated into US Dollars reduces the effects of
changes in exchanges rates compared to ratios based on information measured in Reais. A substantial
portion of the debt of the Company is denominated in US Dollars and as a result the depreciation of the
Real against the US Dollar has a significant impact on the ratio when it is measured in Reais. Under the
prior computation criteria in the event of a depreciation of the Brazilian Real, the amount of net debt as
at the end of the period would increase when measured in Reais. Under the revised criteria by
translating the EBITDA from Reais to US Dollars at the average exchange rate for each quarter the
impact of the depreciation of the Brazilian Real is mitigated.

The following table presents the financial covenant ratios:

December,
2012 and
after

Ratio of debt service coverage (i) - Minimum ratio More than 1.00

Indebtedness ratio (ii) - Maximum ratio Less than 4.50

(i) The ratio of debt service coverage is defined as: (a) adjusted EBITDA (for the last four quarters) in
accordance with the practices adopted in Brazil and adjusted translated into US Dollars at the
average exchange rate for each quarter, plus the balance of cash, cash equivalents and marketable
securities at the period-end translated into US Dollars at period-end exchange rates divided by (b)
debt service payment requirements for the following four consecutive quarters plus interest paid
during the past four quarters translated into US Dollars at the average exchange rate for each
quarter.

(ii) The indebtedness ratio is defined as (a) consolidated net debt translated into US Dollars at the
period-end closing rate divided by (b) Adjusted EBITDA for the last four quarters translated into US
Dollars at the average exchange rate for each quarter.



46 de 52
The Company is in full compliance with the covenants established in the financial contracts at
September 30, 2013, for which the debt service ratio totaled2.27 and the indebtedness ratio totaled 2.86.

The debt agreements that have debt financial covenants also include the following events of default:

. Non-payment, within the stipulated period, of the principal or interest.

. Inaccuracy of any declaration, guarantee or certification provided.

. Cross-default and cross-judgment default, subject to an agreed minimum of US$ 50 million.

. Subject to certain allowable periods for resolution, breaches of any obligation under the contract.

. Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel
Celulose S.A.

19 Contingencies

The Company is party to labor, civil and tax lawsuits at various court levels. The provisions for
contingencies against probable unfavorable outcomes of claims in progress are established and updated
based on management evaluation, as supported by the opinion of external legal counsel. Provisions and
the corresponding judicial deposits are as follow:

September 30, 2013 December 31, 2012 January 1
st
, 2012

Judicial
deposits Provision Net
Judicial
Judicial

Nature of claims
Tax 128,838 138,543 9,705 123,791 162,222 38,431 119,572 173,823 54,251
Labor 54,502 115,847 61,345 47,703 108,014 60,311 47,819 88,834 41,015
Civil 8,990 22,859 13,869 6,520 12,591 6,071 821 7,149 6,328

192,330 277,249 84,919 178,014 282,827 104,813 168,212 269,806 101,594

The change in the provision for contingencies is as follows:

September 30,
2013
December
31, 2012

At the beginning of the period 282,827 269,806
Reversal (45,051 ) (39,129 )
New litigation 12,288 8,923
Accrual of financial charges 27,185 43,227

At the end of the period 277,249 282,827

See below the relevant changes in relation to lawsuits and discussions in the nine months ended
September 30, 2013:



47 de 52
(i) Income tax assessment - Fibria Celulose S.A. (Normus)

In March 2013, Fibrias subsidiary Normus Empreendimentos e Participaes Ltda. (incorporated by
Fibria) received an income tax assessment from the Brazilian Federal Revenue Service (Receita Federal
do Brasil) amounting to R$ 264,741, being R$ 124,222 of the principal and R$ 140,519 of penalties and
interest. Despite the Company maintaining business transactions with countries with which Brazil has
signed international double taxation treaties, the Brazilian Federal Revenue Service claimed Income Tax
(Imposto de Renda) and Social Contribution (Contribuio Social sobre o Lucro Lquido) on the
earnings of its foreign subsidiary for the year 2008. Based on the position of legal counsel, the
assessment of loss was considered reasonably possible, such as the other income tax assessment
involving Normus and, therefore, any provision for loss was recognized. Appeal was presented, on which
judgment is pending.

In addition to the tax assessment mentioned above, there are other tax assessments as disclosed in Note
24 to the most recent annual financial statements. The total amount of the all tax assessment received
updated as at September 30, 2013 is R$ 1,567,044, being R$ 556,303 of the principal, R$ 417,227 of
penalties and R$ 593,514 of interest.

(ii) Tax assessment (ICMS - So Paulo) Adherence to Special Installment Program

In August 2009, the Company was notified by the State Treasury of the State of So Paulo, in the amount
of R$ 21,841, including interest and penalties. The Company made a provision amounting to R$ 29,178
for the assessment received in August 2009. This assessment refers to transactions in which we, as
appointed by the customer, have informed to the Distrito Federal as a destination of the products,
applying the tax rate of 7%. However, the products were removed and delivered to another branch of the
same customer in the State of So Paulo. Thus, as there was not an interstate transaction, the State
Treasury of So Paulo applied the internal tax rate for the State of So Paulo, 18% in place of the tax rate
of 7% applied to the prior operation.

Considering that the loss was classified as probable, in June 2013 the Company adhered to the Special
Installment Program for the payment of the debt less penalties and interest, and paid the amount of R$
14.8 million, on July 8, 2013 in a single installment.

(iii) Class Action

In November 2008, a securities class action lawsuit was filed against the Company and some of its
current and former officers and directors on behalf of purchasers of the Company's ADRs between April
7 and October 2, 2008. The complaint alleges violations of the US Securities Exchange Act, asserting
that the Company failed to disclose information in connection with, and losses arising from, certain
derivatives transactions.

During our Board of Directors meeting in December 2012, the Company ratified the agreement under
judicial mediation, where the Company and the other co-defendants agreed to pay the full amount of
US$ 37.5 million (equivalent to R$ 76.6 million) to all holders of American Depositary Receipts
(ADRs), from April 7 to October 2, 2008.

On March 28, 2013, Fibria paid an amount of US$ 37.5 million (equivalent to R$ 75.4 million) and was
reimbursed under the D&O policy, as agreed by the Company and the other co-defendants in 2012.



48 de 52

(iv) Drawback Suspension tax benefit - Veracel

During the construction of the pulp mill of the Veracel, part of the mill was acquired from a specific
supplier. The mill was eligible to the tax benefit entitled Drawback Suspension which would provide
exemptions on imports, in case the funds received to pay the supplier were received abroad. However,
part of the mill was financed with funds from Brazil and, for this reason, the Federal Tax authority
issued a tax assessment to the supplier and canceled the Drawback benefit.

Veracels supplier entered an appeal according to the assessment received, which is still pending for
judgment, and in parallel, the supplier filed an arbitration proceeding against Veracel in order to
determine which company would be responsible for eventual damages in case supplier is considered
guilty.

In September 2013, the International Chamber of Commerce Arbitration Court decided that Veracel and
its supplier shall share the potential damages in a ratio of 75% to Veracel and 25% to its supplier. Our
exposure amounts to approximately R$ 45 million (equivalent to 50% of our interest in Veracel). Fibrias
management, based on its internal and external legal advisory is evaluating the possibility of success
regarding the matter and because of this, any provision for loss was recognized up now.

20 Employee benefits

(a) Medical assistance provided to retirees

The Company entered into an agreement with the So Paulo State Pulp and Paper Industry Workers'
Union to provide funding for a lifetime medical assistance plan (SEPACO) for all of the Company's
employees, their dependents (until they come of age), and their spouses (for life).

The Company's policy determines that the cost of the benefits should be allocated from the date of hiring
to the date on which the employee becomes eligible to receive the medical assistance benefit.

Following the adoption of IAS 19/CPC 33(R1) - Employee benefits, the corridor method for recognizing
actuarial gains and losses is no longer permitted, and for that reason the Company should recognize
immediately in the balance sheet the effects of the actuarial gains or losses in the period in which they
occur, within Other comprehensive income. The outstanding balance of actuarial obligations for the
nine months ended September 30, 2013 was R$ 99,747.



49 de 52
21 Net revenue

(a) Reconciliation

September 30,
2013
September 30,
2012

Gross amount 5,799,233 5,078,590
Sales taxes (97,374 ) (99,800 )
Discounts and returns (*) (742,204 ) (657,799 )

Net revenue 4,959,655 4,320,991

(*) Mainly related to export customers' performance rebates.

(b) Information about products

The following table presents the net revenue segregated by the type of product, the volume and the
respective destinations:

September 30,
2013
September 30,
2012

Pulp
Volumes (kilotons)
Domestic market 335,504 390,007
Foreign market 3,421,305 3,456,509

3,756,809 3,846,516

Pulp revenue
Foreign market 4,532,563 3,910,148

4,904,306 4,271,378

Average price (in Reais per ton) 1,305 1,110

Revenue
Foreign market 4,532,563 3,910,148
Services 55,349 49,613

4,959,655 4,320,991



50 de 52
22 Financial results

September 30,
2013
September 30,
2012

Financial expenses
Interest on loans and financing (438,315 ) (516,814 )
Loans commission (19,982 ) (55,201 )
Financial charges on the partial repurchase of
Bonds (343,413 ) (150,917 )
Other (50,176 ) (19,930 )

(851,886 ) (742,862 )

Financial income
Financial investment earnings 77,357 123,510
Other 9,763 12,975

87,120 136,485

Gains (losses) on derivative financial instruments
Gains 350,550 334,869
Losses (463,216 ) (487,818 )

(112,666 ) (152,949 )

Gain (losses) on monetary and foreign exchange
Loans and financing (581,019 ) (756,558 )
Other assets and liabilities 3,666 80,037

(577,353 ) (676,521 )

Net financial result (1,454,785 ) (1,435,847 )



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23 Expenses by nature

September 30,
2013
September 30,
2012

Cost of sales
Depreciation, depletion and amortization (1,335,190 ) (1,311,913 )
Freight (550,435 ) (486,607 )
Salaries and benefits to employees (303,699 ) (322,045 )
Variable costs (1,720,564 ) (1,637,440 )

(3,909,888 ) (3,758,005 )

Selling expenses
Commercial expenses (*) (217,276 ) (192,637 )
Operational leasing (997 ) (978 )
Depreciation and amortization charges (5,193 ) (9,517 )
Other expenses (16,649 ) (7,527 )

(252,681 ) (225,420 )

General and administrative and director fee expenses
Third-party services (consulting, legal and other) (79,259 ) (73,833 )
Depreciation and amortization charges (17,035 ) (17,742 )
Donations and sponsorship (4,205 ) (7,476 )
Other expenses (25,772 ) (28,225 )

(211,912 ) (208,260 )

Other operating expenses, net
Program of variable compensation to employees (41,205 ) (40,994 )
Changes in the fair value of biological assets 36,100 265,798
Other 3,806 (7,432 )

(1,299 ) 217,372

(*) Includes handling expenses, storage and transportation expenses and sales commission, among
other items.


52 de 52
24 Earnings per share

(a) Basic

Continued operations

September 30,
2013
September 30,
2012

Loss attributable to the
shareholders of the Company (519,417 ) (751,530 )

Weighted average number of
common shares outstanding 553,591,822 515,369,602
Basic loss per share (in Reais) (0.938 ) (1.458 )

The weighted average number of shares in the presented periods are represented by the total number of
shares which makes up the capital of the Company, a total of 553,934,646 shares for the nine months
period ended September 30, 2013 and 2012, not including treasury shares, of which there were a total of
342,824 in the nine months ended September 30, 2013 and 342,822 shares in the nine months ended
September 30, 2012. In the nine months ended September 30, 2013 and 2012 there were no changes in
the quantity of Companys shares.

(b) Diluted

The Company has no debt convertible into shares or share purchase options. Consequently, there are no
potential common shares for dilution purposes.

25 Explanatory notes not presented

According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/
No. 003/2011, we presented explanatory notes to the annual financial statements detailing estimates of
the fair value of financial instruments (Note 6), financial instruments by category (Note 7) credit quality
of financial assets ( Note 8), financial and operational lease agreements (Note 21), advances to suppliers
(Note 22), the tax amnesty and refinancing program (Note 25), long term commitments (Note 26),
shareholder's equity (Note 27), benefits to employees (Note 28), and insurance (Note 33), impairment
tests (Note 36), that we omitted in the September 30, 2013 interim financial information because the
assumptions, operations and policies have not seen any relevant changes compared to the position
presented in the financial statements as at December 31, 2012.

In addition, the Company no longer has reportable segments to present as at September 30, 2013,
therefore the Note regarding segment information was excluded.

* * *

1

3Q13 Results
2
Record EBITDA of R$762 million in 3Q13, with margin of 41%.
The lowest dollar net debt to EBITDA ratio since Fibrias creation.
3Q13 Highlights
Another round of bond buybacks amounting to R$223 million. Gross dollar debt reduction of US$1.1 billion in the last twelve months.
Gross debt totaled R$9,487 million, 5% and 13% lower than in 2Q13 and 3Q12, respectively.
Net Debt/EBITDA ratio of 2.9x in dollars (Jun/13: 3.0x | Sept/12: 4.2x), the lowest level since Fibrias creation.
Rating outlook revision by Moodys from "Ba1/Stable" to "Ba1/Positive".
The cost of dollar-denominated debt was 4.5% p.a. (2Q13: 4.7% p.a. | 3Q12: 5.2% p.a.).
Scheduled maintenance downtime at the Jacare Mill successfully completed.
Pulp production of 1.3 million tons, 4% and 2% higher than 2Q13 and 3Q12, respectively. LTM, production totaled 5.271 million tons.
Pulp sales of 1.3 million tons, 3% higher than in 2Q13 and 3Q12. LTM sales reached 5.267 million tons, equivalent to 100% of period production.
Cash cost was at R$501/ton, 8% down on 2Q13, mainly due to the reduced impact from the scheduled maintenance downtimes. Compared to
3Q12, the increase was 2%. Excluding the effect of the downtimes, the cash cost was R$482/ton, 1% less than 2Q13 and 5% higher than 3Q12.
Adjusted EBITDA of R$762 million, 18% and 33% up on 2Q13 and 3Q12, respectively, mainly due to the average dollar appreciation against the
real. LTM EBITDA totaled R$2,726 million, 21% higher than 2012.
EBITDA margin of 41%, 2 p.p. and 4 p.p. higher than in 2Q13 and 3Q12, respectively.
EBITDA/ton for the quarter of R$585 (US$256/ton), 15% up on 2Q13 and 30% up year-on-year.
Free cash flow of R$122 million in 3Q13, down 46% in the quarter due to the increase in accounts receivable. In the last 12 months, free cash flow
reached R$922 million (US$90/ton), representing a 7% free cash flow yield on 09/30/2013.
Net income of R$57 million (2Q13: R$(593) million | 3Q12: R$(212) million).
Fibria was selected industry leader in 2013/2014 by the Dow Jones World and Emerging Markets Sustainability Indices of the NYSE.
Subsequent Events
Fibria received awards in the Governance, Profitability, Transparency and Sustainability areas (see page 16).
2nd Investor Tour held at the Trs Lagoas Mill on October 2
nd
.
Market Cap Sept/30/2013:
R$14.1 billion | US$6.4 billion
FIBR3: R$25.47
FBR: US$11.52
Shares Issued:
553,934,646 common shares
The operational and financial information of Fibria Celulose S.A. for the 3rd quarter of 2013 (3Q13) was presented in this document based on consolidated numbers and is
expressed in reais, unaudited and prepared in accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional
consolidation, with elimination of all intercompany transactions.
Conference Call: Oct/23/2013
9 am (US-EDT) Portuguese | Telephone: +55 11 4688-6361
10 am (US-EDT) English | Telephone: +1 412 317-6776
Webcast: www.fibria.com.br/ir
Investor Relations
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Isabela Cerbasi
ir@fibria.com.br | +55 (11) 2138-4565
Key Figures Unit 3Q13 2Q13 3Q12
3Q13 vs
2Q13
3Q13 vs
3Q12
9M13 9M12
9M13 vs
9M12
Last 12
months (LTM)
Pulp Production 000 t 1,347 1,291 1,322 4% 2% 3,901 3,929 -1% 5,271
Pulp Sales 000 t 1,301 1,269 1,268 3% 3% 3,757 3,846 -2% 5,267
Net Revenues R$ million 1,841 1,669 1,556 10% 18% 4,960 4,321 15% 6,813
Adjusted EBITDA
(1)
R$ million 762 647 573 18% 33% 1,973 1,500 32% 2,726
EBITDA margin % 41% 39% 37% 2 p.p. 4 p.p. 40% 35% 5 p.p. 40%
Net Financial Result
(2)
R$ million (226) (1,162) (393) -81% -42% (1,455) (1,436) 1% (1,715)
Net Income (Loss) R$ million 57 (593) (212) - - (512) (746) -31% (464)
Free Cash Flow
(3)
R$ million 122 234 157 -48% -22% 523 436 20% 922
Gross Debt (US$) US$ million 4,254 4,485 5,401 -5% -21% 4,254 5,401 -21% 4,254
Gross Debt (R$) R$ million 9,487 9,936 10,955 -5% -13% 9,487 10,955 -13% 9,487
Cash
(4)
R$ million 1,246 1,683 2,398 -26% -48% 1,246 2,398 -48% 1,246
Net Debt R$ million 8,240 8,253 8,557 0% -4% 8,240 8,557 -4% 8,240
Net Debt/EBITDA LTM x 3.0 3.3 4.5 -0.3 x -1.5 x 3.0 4.5 -1.5 x 3.0
Net Debt/EBITDA LTM (US$)
(5)
x 2.9 3.0 4.2 -0.1 x -1.3 x 2.9 4.2 -1.3 x 2.9
(1) Adjusted by non-recurring and non-cash items | (2) Includes results fromfinancial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Does not include the sale of assets | (4) Includes the hedge fair value | (5) For covenants purposes
3
Index
Executive Summary ................................................................................................................. 4
Pulp Market.. 5
Production and Sales..6
Results Analysis ...................................................................................................................... 7
Financial Result ....................................................................................................................... 9
Net Income ............................................................................................................................ 11
Indebtedness ......................................................................................................................... 12
Capital Expenditures .............................................................................................................. 14
Free Cash Flow ..................................................................................................................... 14
Capital Market........................................................................................................................ 15
Subsequent Events ................................................................................................................ 16
Appendix I - Revenue x Volume x Price ................................................................................ 17
Appendix II Income Statement ............................................................................................ 18
Appendix III - Balance Sheet .................................................................................................. 19
Appendix IV Statement of Cash Flows ................................................................................ 20
Appendix V - EBITDA and adjusted EBITDA breakdowns (CVM Instruction 527/2012) ......... 21
Appendix VI - Economic and Operational Data ...................................................................... 22
4
Executive Summary
Seasonality effects fueled the increase in pulp producers inventories at the beginning of the quarter. Despite the fact that
hardwood pulp inventories reached higher levels than in the previous year, signs of a recovery in demand were observed
throughout the quarter. This was demonstrated by both increases in market pulp sales as a whole and Fibrias own sales,
including in the year on-year comparison. Uncertainties in the Brazilian and global macroeconomic scenarios continued to drive
up the US currency, which reached R$2.45 in August. The strenghtening of the dollar during the quarter helped Fibria record its
highest-ever quarterly EBITDA figure. Coupled with the increase in operating income in the last twelve months, the focus on
debt reduction drove dollar leverage down to its lowest level since the Companys creation.
Pulp production totaled 1,347 thousand tons in 3Q13, 4% more than in 2Q13 due to the reduced impact of the scheduled
maintenance downtimes in the Jacare Mill. Compared to the same period the year before, output moved up by 2% given that in
addition to the Jacare stoppage, 3Q12 also had the scheduled maintenance downtime in the Trs Lagoas Mill. Sales volume
totaled 1,301 thousand tons, 3% higher than in 2Q13 and 3Q12, due to increased pulp availability and greater sales volume in
North America and Asia. In the last 12 months, Fibria's sales volume totaled 5,267 thousand tons, equivalent to 100% of period
production.
The cash cost of production was R$501/ton, 8% less than 2Q13, primarily due to the reduced impact of the scheduled
maintenance downtimes. Compared to 3Q12, there was a 2% increase due to higher costs with wood and foreign exchange
impacts. Excluding the effect of the downtimes, the cash cost came to R$482/ton, 5% more than in 3Q12, less than inflation
over the last twelve months. For more information, see page 7.
Adjusted 3Q13 EBITDA totaled R$762 million, the highest quarterly result since Fibrias creation, with a margin of 41%.
Compared to 2Q13, there was an increase of 18%, primarily due to the upturn in average net prices in reais (+8%) and higher
sales volume. Compared to 3Q12, EBITDA climbed by 33% and the margin widened by 4 p.p. This was also due to higher net
pulp prices in reais (+15%), reflecting the average dollar appreciation against the real (13%), as well as the upturn in dollar pulp
prices in the last 12 months. LTM EBITDA totaled R$2,726 million, 21% higher than the R$2,253 million recorded in 2012,
accompanied by a margin of 40%. FCF for the quarter was R$122 million, versus R$234 million in 2Q13 and R$157 million in
3Q12 (further details on page 15), due to an increase in accounts receivable, which impacted working capital. It is worth noting
that if we consider sales of R$161 million in September, whose letters of credit had a cash impact at the beginning of 4Q13,
FCF in the last 12 months came to R$1,083 million, with a yield of 7.7% at the close of September.
The financial result was a net expense of R$226 million in 3Q13 compared to a net expense of R$1,162 million in 2Q13. The
change was primarily due to the reduced impact of the exchange variation on debt (0.6% appreciation of the closing dollar rate).
This quarter, the Company conducted new bond buyback transactions (mainly of those maturing in 2020 and 2021), resulting in
non-recurring accounting and financial effects, which impacted the financial result. The 42% decline over 3Q12 was due to lower
costs incurred on the repurchase of bonds maturing in 2020, and a 13% reduction in interest expenses, despite the 10%
appreciation of the dollar against the real, reflecting the Company's efforts to reduce its debt costs.
The debt repurchases mentioned in the previous paragraph are in line with its strategy of reducing gross debt, which will
generate annual savings of US$16 million. Expenses related to these repurchases negatively impacted the financial result in the
amount of R$56 million. The average cost of foreign currency debt fell to 4.5% p.a. at the end of 3Q13.
As a result of period amortizations, gross dollar-denominated debt fell by 5% over 2Q13 and 21% (or US$1.1 billion) over 3Q12.
The net debt/EBITDA ratio in dollars was at 2.9x, Fibrias lowest ever figure.
5
The Company closed 3Q13 with a liquidity position of R$2.6 billion, representing 1.7x short-term debt, comprising cash of
R$1,246 million and revolving credit facilities of R$1,415 million that, unused, reinforces the company's liquidity. The cash
reduction was mainly due to bonds repurchase and adhered to the minimum cash policy.
As a result of the above factors, Fibria recorded net income of R$57 million in 3Q13, versus a loss of R$593 million in 2Q13 and
a loss of R$212 million in 3Q12 (for more information, see page 12). Excluding the effects of the dollar appreciation on foreign-
currency-denominated debt (R$55 million) and the expenses related to the bond buyback transaction (R$56 million), net income
for the quarter would have totaled approximately R$144 million.
Pulp Market
The beginning of 3Q13 was marked by seasonality in the Northern Hemisphere, due to a historical weakening of demand during
the European summer vacation period. Despite the fact that the recovery of European demand has taken longer than expected,
sales of eucalyptus pulp posted a positive result in the annual comparison, moving up by 4.9% year-on-year in the first eight
months of 2013, according to the Pulp and Paper Products Council (PPPC). In fact, there was a substantial sales upturn in most
of the regions of the world, especially in North America and China, where growth came to 16.7% and 15.5%, respectively.
Source: PPPC
The tissue market was the primary driver of the strong demand for eucalyptus pulp, pushed by the startup of new machines
since mid-2012. According to the PPPC, global production of tissue increased by 2.4% from January to July 2013. The list of
announced capacity expansion projects includes approximately 3.7 million tons of new tissue volume that will enter the global
market in 2013-2014.
The difference between hardwood and softwood pulp prices in the European market widened in 3Q13. Although the possibilities
for substitution between the two pulp grades have been limited recently, the increase in the price gap continues to be a positive
indicator for hardwood pulp demand. After peaking at almost US$200/ton at the end of 2011, the difference fell sharply
throughout 2012, reaching US$12.61 in September 2012 before increasing gradually over the last 12 months and reaching
US$87.83 in September 2013.
In August, the closure of the Sdra Tofte mill in Norway was confirmed, eliminating 170 thousand tons of hardwood pulp from
the market giving total closures of almost 1.2 million tons in 2013 to date. The list of closures this year also includes the Jari mill
in Brazil (420 thousand tons), SAPPIs Cloquet mill conversion to dissolving pulp, in the United States (450 thousand tons), and
the indefinite shutdown of the Cellulose du Maroc mill in Morocco (160 thousand tons).
600
800
1000
1200
1400
1600
1800
Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dec
Wor|d Luca|yptus Market u|p Sh|pments ('000 ton)
2012
2013
2012
2013
6
These closures together with the postponement of new capacities startup originally, scheduled to enter the market in the coming
months, should limit pulp supply in the last quarter. Additionally, demand traditionally increases in the final months of the year,
which should maintain the market pressured on the market during 4Q13.
Production and Sales
In 3Q13, Fibria undertook a scheduled maintenance stoppage at the Jacare Mill, which was in line with the Companys annual
plan and budget. Pulp production totaled 1,347 thousand tons in the quarter, 4% and 2% up on 2Q13 and 3Q12, respectively,
primarily due to fewer mills undergoing scheduled maintenance. In the first nine months, production fell 1% year-on-year. Pulp
inventories closed the quarter at 827 thousand tons (56 days), 6% higher than in 2Q13 (781 thousand tons and 53 days) and in
line with 3Q12 (828 thousand tons and 56 days).
The calendar for scheduled maintenance downtimes in Fibrias mills in 2013 is shown below. Only the downtime in the Jacare
Mill impacted 3Q13. There is no maintenance scheduled in the mills in 4Q13.
Production ('000 t) 3Q13 2Q13 3Q12
3Q13 vs
2Q13
3Q13 vs
3Q12
9M13 9M12
9M13 vs
9M12
Last 12
months
Pulp 1,347 1,291 1,322 4% 2% 3,901 3,929 -1% 5,271
Sales Volume ('000 t)
Domestic Market Pulp 116 101 127 15% -9% 336 390 -14% 476
Export Market Pulp 1,185 1,168 1,141 2% 4% 3,421 3,456 -1% 4,791
Total sales 1,301 1,269 1,268 3% 3% 3,757 3,846 -2% 5,267
Mill
Aracruz "A"
Aracruz "B"
Aracruz "C"
Jacare
Trs Lagoas
Veracel
Fibria's Maintenance Downtimes Schedule 2013
Jan Feb Mar May Jun Jul Aug
300
-420
-450
-170
-160
1500
-1000 -500 0 500 1000 1500 2000
Hardwood startups and closures until 3Q13
Eldorado, Trs Lagoas
Cellulose du Maroc
Sdra, Tofte
Sappi, Cloquet
Jari
Capacity Change
7
Pulp sales totaled 1,301 thousand tons, 3% more than in 2Q13, despite the typical seasonality of the period. Compared to
3Q12, sales were 3% higher, mainly due to the increased availability of production and higher sales volume to North America
and Asia. In the last 12 months, sales volume came to 5,267 thousand tons, equivalent to 100% of period output. In 3Q13, sales
to Europe accounted for 35% of the total, followed by North America with 31%, Asia with 26% and Latin America with 8%.
Results Analysis
Net revenue totaled R$1,841 million in 3Q13, 10% up on 2Q13, primarily due to the upturn in pulp prices in reais, in turn
explained by the 11% average appreciation of the dollar and higher sales volume. In relation to 3Q12, there was an 18%
increase in pulp revenue, due to the 15% increase in average net prices in reais, in turn caused by the 13% average dollar
appreciation, and the 4% upturn in pulp price in dollars. In the last 12 months, net revenue reached R$6,813 million, 10% higher
than in the previous 12-month period.
The cost of goods sold (COGS) was 3% and 8% higher than in 2Q13 and 3Q12, respectively. It is worth mentioning that due to
the effects of inventory turnover (56 days in 3Q13), COGS also reflects the production cash cost from the previous quarter.
Consequently, there was a quarter-on-quarter increase in cash COGS, despite the drop in the production cash cost in 3Q13, as
well as an upturn in logistics costs (mainly due to the foreign exchange effect), and higher sales volume. Compared to the same
period last year, the increase was due to the impact of foreign exchange and the sales mix on logistics costs, higher sales
volume and the increase in the production cash cost.
The cash cost of pulp production in 3Q13 was R$501/ton, 8% down on 2Q13, mainly due to fewer mills undergoing
maintenance (Jacare only in 3Q13), partially offset by the increase from the appreciation of the dollar of R$8/ton. The 2%
quarter-on-quarter upturn was due to the higher cost of wood (higher share from third parties 3Q13: 11% | 3Q12: 8% and
higher transportation costs), and the 13% average dollar appreciation, partially offset by the reduced impact from scheduled
maintenance stoppages and lower mill consumption as a result of initiatives to reduce the use of chemicals and energy (e.g. the
Energy Master Plan in Jacare a modernization project to improve energy efficiency and reduce gas and steam consumption).
Excluding the effects of the downtimes, the cash cost was R$482/ton, 1% below 2Q13 but 5% more than in 3Q12, due to the
factors explained above. Inflation over the last 12 months, as measured by the IPCA index, was 5.9% and the appreciation of
the dollar against the real was 13%. Currently almost 15% of the cash cost is tied to the dollar. The following table shows the
evolution of the production cash cost and contains explanations for the most significant annual and quarterly variations:
Net Revenues (R$ million) 3Q13 2Q13 3Q12
3Q13 vs
2Q13
3Q13 vs
3Q12
9M13 9M12
2012 vs
2011
Last 12
months
Domestic Market Pulp 140 108 135 30% 4% 372 361 3% 519
Export Market Pulp 1,681 1,543 1,403 9% 20% 4,533 3,910 16% 6,220
Total Pulp 1,821 1,651 1,538 10% 18% 4,904 4,271 15% 6,739
Portocel 20 18 18 11% 9% 56 50 12% 74
Total 1,841 1,669 1,556 10% 18% 4,960 4,321 15% 6,813
8

Selling expenses totaled R$91 million in 3Q13, flat over 2Q13 and 21% up on 3Q12 due to higher spending on terminals related
to higher sales volumes and the 13% appreciation of the average dollar against the real. It is worth noting that the selling
expenses to net revenue ratio remained stable at 5% in both periods.
Administrative expenses totaled R$74 million, stable in relation to 2Q13 and 6% down on 3Q12, chiefly due to lower spending
on donations and outsourced services.
Other operating income (expenses) totaled an expense of R$11 million in 3Q13, compared with revenue of R$12 million in
2Q13. This was due in large part to the impact of the R$36 million fair value adjustment on biological assets in the previous
quarter. The reduction over the R$17 million expense recorded in 3Q12 was due to improved results from the write-off of certain
fixed asset items.
491
546
501
3Q12 2Q13 3Q13
Production Cash Cost
(R$/t)
457
488
482
3Q12 2Q13 3Q13
Cash Cost ex-Downtime
(R$/t)
Pulp Cash Cost R$/t
2Q13 546
Exchange rate 8
Maintenance Downtime (39)
Lower expenditure on chemicals and energy (higher operating stability) (9)
Others (5)
3Q13 501
Pulp Cash Cost R$/t
3Q12 491
Wood (higher third party wood and higher transportation costs) 27
Exchange rate 10
Maintenance Downtime (14)
Lower consumption of chemicals and energy (Cost reduction program - ex: Energy Master Plan) (8)
Higher utilities results (power sale) (3)
Others (2)
3Q13 501
Wood
44%
Chemicals
21%
Fuel
11%
Other Variable
1%
Maintenance
13%
Personnel
6%
Other Fixed
4%
3Q13
Wood
41%
Chemicals
21%
Fuel
11%
Other variable
2%
Maintenance
15%
Personnel
6%
Other Fixed
4%
3Q12
Fixed costs Variable costs
9
Adjusted EBITDA reached a record R$762 million in 3Q13, with a margin of 41%. In comparison with 2Q13, EBITDA increased
by 18%, mainly due to higher average net prices in reais, driven by higher sales volume and the 11% average appreciation of
the dollar against the real. Compared with 3Q12, EBITDA increased by 33%, followed by an increase of 4 p.p. in the EBITDA
margin, due to the 15% rise in the average net pulp price in reais, in turn driven by the 13% dollar appreciation against the real,
and the 4% rise in dollar pulp prices. The graph below shows the main variations during the quarter:
Financial Result
Interest from financial investments was R$24 million, 20% higher than in 2Q13, mainly due to the 12% period increase in the
CDI rate. The 33% year-on-year decline is largely explained by the 26% reduction in the total amount of cash invested in favor
573
647
762
3Q12 2Q13 3Q13
EBITDA (R$ million) and
EBITDA Margin (%)
37%
39%
41%
452
509
585
3Q12 2Q13 3Q13
EBITDA/t
(R$/t)
647 646
744 762
(1)
40
(42)
173
(50)
1
(1)
(23)
18
2Q13 Adjusted
EBITDA
Non-recurring
effects / non-
cash
2Q13 EBITDA Volume Price FX COGS Selling G&A Other oper.
expenses
EBITDA 3Q13 Non-recurring
effects / non-
cash
Adjusted
EBITDA 3Q13
EBITDA 2Q13 x 1Q13
(R$ million)
(R$ million) 3Q13 2Q13 3Q12
3Q13 vs
2Q13
3Q13 vs
3Q12
9M2013 9M2012
9M2013 vs
9M2012
Financial Income (including hedge result) 60 (180) (5) - - (36) (30) 20%
Interest on financial investments 24 20 36 20% -33% 77 122 -37%
Hedging(1) 36 (200) (41) - - (113) (152) -26%
Financial Expenses (144) (140) (166) 3% -13% (438) (518) -15%
Interest - loans and financing (local currency) (51) (43) (42) 19% 21% (135) (134) 1%
Interest - loans and financing (foreign currency) (93) (97) (124) -4% -25% (303) (384) -21%
Monetary and Exchange Variations (68) (595) (52) -89% 31% (577) (675) -15%
Foreign Exchange Variations - Debt (55) (650) (45) -92% 22% (581) (756) -23%
Foreign Exchange Variations - Other (13) 55 (7) - 86% 4 81 -95%
Other Financial Income / Expenses(2) (74) (247) (170) -70% -56% (404) (212) 91%
Net Financial Result (226) (1,162) (393) -81% -42% (1,455) (1,435) 1%
(1)
Change in the marked to market (3Q13: R$(367) million | 2Q13: R$(407) million) added to received and paid adjustments.
(2)
R$56 million out of R$74 million ref er to f inancial charges f rombonds buyback in 3Q13.
10
of period debt payments. Hedge transactions generated income of R$36 million, of which R$17 million was due to favorable
changes in the fair value of the debt hedging instruments (see derivatives section - page 11).
Interest expenses on loans and financing totaled R$144 million in 3Q13, 3% up on the previous quarter, mainly due to local
currency interest accruals on NCEs contracted at the end of 2Q13 in the amount of R$498 million. The 13% decrease (R$22
million) over 3Q12 was primarily due to the reduction in dollar-denominated debt between the periods.
Foreign-exchange on dollar-denominated debt (95% of the gross debt) amounted to R$55 million, versus an expense of R$650
million in 2Q13, mainly due to the lower period appreciation in the closing dollar rate (3Q13: R$ 2.23 | 2Q13: R$ 2.22), and the
2% reduction in the foreign currency debt. Compared to 3Q12, there was a R$10 million increase in the expense, as a result of
the higher appreciation of the dollar against the real.
Other financial income (expenses) amounted to an expense of R$74 million, R$173 million less than in 2Q13, chiefly due to
fewer pre-payments of bonds maturing in 2020 and 2021, resulting in reduced accounting impacts from the expenses incurred
with the buy-backs (R$56 million this quarter). The same factor explains the year-on-year variation.
On September 30, 2013, the mark-to-market of derivative financial instruments was negative by R$367 million (a negative R$13
million from the operational hedge and a negative R$354 million from the debt hedge), versus a negative R$407 million on June
30, 2013, resulting in a positive variation of R$40 million. This result was mainly due to the appreciation in the fair value of the
dollar options (zero cost collars), due to new transactions and the maturity of existing ones. Cash disbursements from
transactions that matured in the period totaled R$4 million. Thus, the net impact on the financial result was positive by R$36
million. The following table shows Fibrias open hedging instrument positions at the end of September:
Sept/13 Jun/13 Sept/13 Jun/13
Receive
US Dollar Libor (2) may/19 571 $ 602 $ 1,275 R$ 1,336 R$
Brazilian Real CDI (3) aug/20 831 R$ 541 R$ 1,024 R$ 711 R$
Brazilian Real TJLP (4) jun/17 478 R$ 509 R$ 457 R$ 487 R$
Brazilian Fixed (5) dec/17 580 R$ 600 R$ 465 R$ 479 R$
Receive Total (a) 3,221 R$ 3,013 R$
Pay
US Dollar Fixed (2) may/19 571 $ 602 $ (1,263) R$ (1,318) R$
US Dollar Fixed (3) aug/20 428 $ 300 $ (1,130) R$ (828) R$
US Dollar Fixed (4) jun/17 294 $ 313 $ (656) R$ (699) R$
US Dollar Fixed (5) dec/17 284 $ 294 $ (526) R$ (539) R$
Pay Total (b)
(3,575) R$ (3,384) R$
Net (a+b) (354) R$ (371) R$
Options
US Dollar Option up to 12M 912 $ 996 $ (13) R$ (36) R$
Total: Options (c) (13) R$ (36) R$
Net (a+b+c)
(367) R$ (407) R$
Notional Fair Value
Swaps Maturity
11
Zero cost collar operations have become more attractive than NDFs in the current foreign exchange scenario, especially due to
the volatility of the dollar, since they can lock-in exchange rates while limiting negative impacts in the event of a significant
depreciation of the real. These instruments allow for the protection of a foreign exchange interval favorable to cash flows, within
which Fibria does not pay or receive the amount of the adjustments. In addition to protecting the company in these scenarios,
this feature also allows it to achieve greater benefits in terms of export revenues should the dollar move up. The contracted
operations currently have a maximum term of 12 months, hedging 37% of foreign exchange exposure, and their sole purpose is
to protect cash flow exposure.
The derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollar-
denominated debt or hedge existing debt against adverse swings in interest rates. Consequently, all of the swap asset legs are
matched with the cash flows from the respective hedged debt. The fair value of these instruments corresponds to the net
present value of the expected cash flows until maturity (52 months average) and therefore has a limited cash impact.
All of the financial instruments were contracted in accordance with the guidelines established by the Market Risk Management
Policy, and are conventional instruments without leverage or margin calls, duly registered with the CETIP (Securities Custody
and Financial Settlement Center), with cash impacts only upon their respective maturities and amortizations. The Companys
Governance, Risk and Compliance area is responsible for the verification and control of positions involving market risk and
independently reports directly to the CEO and other areas and committees involved in the process, ensuring implementation of
the policy. Fibrias Treasury area is responsible for the execution and management of financial operations.
Net Income
The Company posted 3Q13 net income of R$57 million, versus a net loss of R$593 million in 2Q13, primarily due the improved
financial result, thanks to the reduced effects of the dollar appreciation (R$68 million) and the lower accounting and financial
impact of the debt security repurchases. Excluding the effects of the exchange variation and the bond buyback expense, net
income for the quarter would have come to approximately R$144 million. The year-on-year variation was due to the higher
operating and financial result.
762
(55)
(56)
36
(120)
(458)
(2)
(50)
57
Adjusted Ebitda Debt Exchange
Variation
Bond buy-back
expenses
Mtm change - debt
and operational
hedge
Interest net Depreciation,
Amortization and
Depletion
Income tax/Social
Contribution
Others (*) Net income 3 Tri
13
Net income (R$ million)
(*) Includes non recurring/non cash expenses, other exchange and currency variations and other financial income/expenses
12
Indebtedness
The Company closed September 2013 with gross debt of R$9,487 million, R$449 million (US$231 million) less than in 2Q13 and
R$1.5 billion (US$1.1 billion) down on 3Q12, mainly thanks to the results of the ongoing debt management initiatives. Fibria
prepaid R$502 million (US$223 million) in debt securities, whose rates were considered unfavorable, in the third quarter, R$434
million (US$193 million) of which from bonds maturing in 2020 and 2021 with interest rates of 7.50% p.a. and 6.75% p.a.,
respectively. Total buybacks will generate annual savings of US$16 million in interest payments. The graph below shows the
changes in gross debt during the quarter:
The average cost of local currency bank debt in September 2013 was 7.4% p.a. (Jun/13: 8.4% p.a. | Sept/12: 8.1% p.a.), and
the cost in foreign currency was 4.5% p.a. (Jun/13: 4.7% p.a. | Sept/12: 5.2% p.a.) 0.2 p.p. down on 2Q13, chiefly due to the
partial repurchase of bonds maturing in 2020 and 2021, with respective coupons of 7.5% p.a. and 6.75% p.a. The remaining
balance of these securities stood at R$ 2,804 million, with market rates of 6.02% (2020) and 5.56% (2021) at the close of 3Q13.
The Company will continue to seek opportunities to reduce its more expensive debt. The graphs below show Fibrias
indebtedness by instrument, index and currency (including debt swaps):
9,936
9,487
162
(829)
144
55
19
Gross Debt Set/13 Loans Principal/Interest
Payment
Interest Accrual Foreign Exchange
Variation
Others Gross Debt Set/13
Gross Debt (R$ million)
Unit Sept/13 Jun/12 Sept/12
Sept/13 vs
Jun/12
Sept/13 vs
Sept/12
Gross Debt R$ million 9,487 9,936 10,955 -5% -13%
Gross Debt in R$ R$ million 474 696 720 -32% -34%
Gross Debt in US$
(1)
R$ million 9,012 9,241 10,235 -2% -12%
Average maturity months 54 57 65 -3 -11
Cost of debt (foreign currency) % p.a. 4.5% 4.7% 5.2% -0.2 p.p. -0.7 p.p.
Cost of debt (local currency) % p.a. 7.4% 8.4% 8.1% -1.0 p.p. -0.7 p.p.
Short-term debt % 16% 8% 10% 8 p.p. 6 p.p.
Cash in R$ R$ million 787 1,434 1,499 -45% -47%
Cash in US$ R$ million 826 656 1,155 26% -28%
Fair value of derivative instruments R$ million (367) (407) (256) -10% 43%
Cash
(2)
R$ million 1,246 1,683 2,398 -26% -48%
Net Debt R$ million 8,240 8,253 8,557 0% -4%
Net Debt/EBITDA (in R$) x 3.0 3.3 4.5 -0.3 -1.5
Net Debt/EBITDA (in US$)
(3)
x 2.9 3.0 4.2 -0.1 -1.4
(1) Includes BRL to USD swap contracts. The original debt in dollars was R$6,969 million (73% of the total debt) and debt in reais was R$2,518 million.
(2) Includes the f air value of derivative instruments
(3) For covenant purposes
13
The average maturity of the total debt balance was 54 months in September 2013, versus 57 months in June 2013 and 65
months in September 2012. The prepayment of bonds maturing in 2020 and 2021 was not a significant factor in the average
maturity reduction in the quarterly comparison. The graph below shows the amortization schedule of Fibrias total debt:
Also on September 30, cash and cash equivalents totaled R$1,246 million, including the negative mark-to-market of hedging
instruments totaling R$367 million. Excluding this impact, 49% of cash was invested in local-currency government bonds and
fixed income, and the remainder in short and medium-term investments abroad.
Since May 2011, the Company has had revolving credit facilities in the amount of US$500 million available for a period of four
years (as of the contract date). This facility, although not used, helps improve the Company's liquidity position. In April 2013, the
Company took out a new 5-year credit line totaling R$300 million, at 100% of the CDI plus 1.5% p.a. when utilized (0.5% when
on stand-by). Thus, in addition to the current cash position of R$1,246 million, the Company has R$1,415 million available in
additional resources that have yet to be utilized in the form of stand-by credit facilities, which have immediate liquidity. Taking
this into consideration, the cash to short-term net debt ratio was 1.7x, in line with Fibrias minimum cash policy.
16%
76%
4%
3%
Gross Debt by Index
Libor Pre Fixed
TJLP Others
29%
34%
19%
10%
4%
3%
Gross Debt by Type
Prepayment Bond
BNDES ECN
Trade Finance (ST) ECAs
5%
95%
Gross Debt by Currency
Local currency Foreign currency
167
882
362
502
712
525
599
1,947
1,269
4 0
89
393
440
289
496
417
126
144
97
22 5
256
1,275
802 791
1,208
942
725
2,091
1,366
26
5
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Amortization Schedule
(R$ million)
14
The graph below shows the evolution of Fibrias debt balance since Sept/12:
Capital Expenditures
Capex totaled R$343 million in 3Q13, in line with the previous quarter. The year-on-year upturn was due to increased
expenditure on standing timber and larger payments in advance on wood purchases from third parties. Capex in the last 12
months came to R$1,208 million, in line with the Companys full-year guidance of R$1,244 million.
Free Cash Flow
(R$ million) 3Q13 2Q13 3Q12
3Q13 vs
2Q13
3Q13 vs
3Q12
9M13 9M12
9M13 vs
9M12
Last 12
months
Industrial Expansion 4 - - - - 4 3 - 5
Forest Expansion 12 15 17 -17% -27% 51 50 3% 67
Subtotal Expansion 16 15 17 8% -5% 55 53 4% 72
Safety/Environment 8 6 13 22% -40% 17 39 -56% 26
Forestry Renewal 213 198 183 8% 17% 565 495 14% 724
Advance for wood purchase (partnership
program)
40 21 16 89% 150% 69 67 3% 79
Maintenance, IT, R&D, Modernization 47 81 41 -42% 15% 175 110 59% 230
Subtotal Maintenance 308 307 253 0% 22% 825 711 16% 1,058
50% Veracel 19 28 16 -33% 16% 60 48 25% 77
Total Capex 343 350 286 -2% 20% 941 812 16% 1,208
4.5
3.4
3.1
3.3 3.0
4.2
3.3
3.1
3.0
2.9
Net Debt / EBITDA (x)
(R$)
(US$)
8,557
7,745
7,516
8,253 8,240
Jun/12 Sept/12 Dec/12 Mar/13 Sept/13
Net Debt (R$ million)
(R$ million) 3Q13 2Q13 3Q12 9M13 9M12
Last 12
months
Adjusted EBITDA 762 647 573 1,973 1,500 2,726
(-) Capex including advance for wood purchase (343) (350) (286) (941) (812) (1,208)
(-) Interest (paid)/received (92) (188) (111) (360) (362) (518)
(-) Income tax (4) (12) 3 (20) (4) (31)
(+/-) Working Capital (189) 151 (22) (99) 114 17
(+/-) Others (12) (14) - (30) - (64)
Free Cash Flow
(1)(2)
122 234 157 522 436 922
(1)
Does not include the sale of assets and the equity acquisition of Ensyn
(2)
Does not include the payment of the expenses related to bonds buyback
15
The working capital result was negative by R$189 million, versus a positive R$151 million in 2Q13. The reduction was mainly
due to the increase in the accounts receivable, which was driven by higher invoicing towards the end of the quarter and an
increase in the average receivables in the period. It is worth mentioning that Fibria closed the quarter with R$161 million in
receivables tied to letters of credit, with insufficient time to forfeit such invoices. If such transaction had taken place in 3Q13 this
revenue had been booked, working capital would have been negative by only R$28 million.
The working capital line accounts for the main variation in Fibrias free cash flow (FCF) in comparison with both previous
periods, which was partially offset by higher EBITDA and lower interest payments in the current quarter. Given sales of R$161
million in September, whose letters of credit had a cash impact at the beginning of 4Q13, LTM free cash flow came to R$1,083
million, representing a free cash flow yield of 7.7% on September 30.
Capital Market
Equities
Average daily trading volume of Fibrias stock was approximately 3 million shares, 9% down on 2Q13, while daily financial
volume averaged US$34.4 million (US$19.4 million on the BM&FBovespa and US$15 million on the NYSE), 6% less than in
2Q13.
Fixed Income
0
50
100
Jul-13 Aug-13 Sep-13
Average Daily Trading Volume
(US$ million)
BM&FBovespa NYSE
0
1
2
3
4
5
6
Jul-13 Aug-13 Sep-13
Average Daily Trading Volume
(million shares)
BM&FBovespa NYSE
Daily average:
US$ 34.4 million
Daily average:
3.0 million shares
Yield to call Unit
September
30, 2013
June 28,
2013
September
28, 2012
Sep/13 vs.
Jun/13
Sep/2013 vs.
Sep/2012
Fibria 2019 % 7.2 7.5 7.0 -0.3 p.p. 0.2 p.p.
Fibria 2020 % 6.0 5.8 6.1 0.2 p.p. -0.1 p.p.
Fibria 2021 % 5.6 5.6 5.8 -0.0 p.p. -0.2 p.p.
Treasury 10 Years % 2.6 2.5 1.6 0.1 p.p. 1.0 p.p.
Price Unit
September
30, 2013
June 28,
2013
September
28, 2012
Sep/13 vs.
Jun/13
Sep/2013 vs.
Sep/2012
Fibria 2019 USD/k 110.0 108.8 112.4 1% -2%
Fibria 2020 USD/k 108.0 109.4 108.3 -1% 0%
Fibria 2021 USD/k 107.1 107.2 106.3 0% 1%
16
Subsequent Events
Awards
Fibria received awards in the areas of transparency, financial performance, corporate governance and sustainability:
- The newspaper Valor Econmico named Fibria Company of the Year, from among all industries. The company was also
ranked first in value generation and net revenues in the pulp &paper segment.
- It was placed among the most transparent publicly-held companies in Brazil by ANEFAC-FIPECAFI-SERASA EXPERIAN for
the quality of its financial statements in 2012.
- Ranked 2
nd
in the "The Best Companies for Shareholders" award by Capital Aberto magazine, among those companies with
more than R$15 billion in assets. This award highlights business profitability, share profitability (EVA), liquidity, corporate
governance and sustainability.
- poca Negcios 360 magazine ranked Fibria in 1
st
place in the pulp & paper segment in both the Corporate Governance and
Vision for the Future categories.
- Selected for the fourth consecutive year by Institutional Investor's pulp & paper industry rankings in the CEO, CFO, IR Team
and IR professional categories.
- Selected by RobecoSAM (which evaluates the Dow Jones Sustainability Index family) as one of the 10 Game Changer
Companies of the Future, the only company in Latin America to be so honored.
- Selected as industry leader in the 2013/2014 NYSEs Dow Jones Sustainability Index (DJSI World) and Dow Jones
Sustainability Index Emerging Markets (DJSI Emerging Markets).
2
nd
Investor Tour at the Trs Lagoas Mill
On October 2, Fibria held its 2
nd
Investor Tour at the Trs Lagoas (MS) Mill, in which 70 people took part, including analysts and
local and foreign investors. It featured presentations by Guilherme Cavalcanti, CFO and IRO, Marcelo Castelli, CEO, and Pyry
representative Joo Cordeiro, as well as 20 other Fibria board members and executives. In the afternoon, participants visited
the mill. The presentations are available at: http://fibria.infoinvest.com.br/ptb/s-17-ptb.html?idioma=ptb.
17
Appendix I - Revenue x Volume x Price *

*Does not include Portocel
3Q13 vs 2Q13
3Q13 2Q13 3Q13 2Q13 3Q13 2Q13 Tons Revenue Avge Price
Pulp
Domestic Sales 115,691 101,531 140,249 107,898 1,212 1,063 13.9 30.0 14.1
Foreign Sales 1,185,462 1,167,735 1,681,206 1,543,238 1,418 1,322 1.5 8.9 7.3
Total 1,301,154 1,269,267 1,821,454 1,651,137 1,400 1,301 2.5 10.3 7.6
3Q13 vs 3Q12
3Q13 3Q12 3Q13 3Q12 3Q13 3Q12 Tons Revenue Avge Price
Pulp
Domestic Sales 115,691 127,499 140,249 134,508 1,212 1,055 (9.3) 4.3 14.9
Foreign Sales 1,185,462 1,140,737 1,681,206 1,403,178 1,418 1,230 3.9 19.8 15.3
Total 1,301,154 1,268,236 1,821,454 1,537,686 1,400 1,212 2.6 18.5 15.5
9M13 vs 9M12
9M13 9M12 9M13 9M12 9M13 9M12 Tons Revenue Avge Price
Pulp
Domestic Sales 335,504 390,007 371,743 361,230 1,108 926 (14.0) 2.9 19.6
Foreign sales 3,421,305 3,456,509 4,532,563 3,910,148 1,325 1,131 (1.0) 15.9 17.1
Total 3,756,810 3,846,516 4,904,306 4,271,378 1,305 1,110 (2.3) 14.8 17.6
Net Revenue (R$ 000)
Sales (Tons)
Sales (Tons)
Price (R$/Ton) 3Q13 vs 2Q13 (%)
Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) 3Q13 vs 3Q12 (%)
Net Revenue (R$ 000)
Price (R$/Ton) 9M13 vs 9M12 (%)
18
Appendix II Income Statement
R$ AV% R$ AV% R$ AV%
Net Revenue 1,841 100% 1,669 100% 1,556 100% 10% 18%
Domestic Sales 160 9% 126 8% 153 10% 27% 4%
Foreign Sales 1,681 91% 1,543 92% 1,403 90% 9% 20%
Cost of sales (1,380) -75% (1,337) -80% (1,280) -82% 3% 8%
Cost related to production (1,175) -64% (1,157) -69% (1,109) -71% 2% 6%
Freight (205) -11% (180) -11% (171) -14% 14% 20%
Operating Profit 461 25% 332 20% 276 18% 39% 67%
Selling and marketing (91) -5% (91) -5% (75) -5% -1% 21%
General and administrative (74) -4% (73) -4% (78) -5% 1% -6%
Financial Result (226) -12% (1,162) -70% (393) -25% -81% -42%
Other operating (expenses) income (11) -1% 12 1% (17) -1% -193% -36%
Operating Income 60 3% (983) -59% (287) -18% -106% -121%
Current Income taxes expenses (15) -1% (1) 0% (6) 0% 1402% 155%
Deffered Income taxes expenses 13 1% 390 23% 81 5% -97% -84%
Net Income (Loss) 57 3% (593) -36% (212) -14% -110% -127%
Net Income (Loss) attributable to controlling equity interest 54 3% (596) -36% (215) -14% -109% -125%
Net Income (Loss) attributable to non-controlling equity interest 3 0% 2 0% 2 0% 29% 50%
Depreciation, amortization and depletion 458 25% 466 28% 433 28% -2% 6%
EBITDA 744 40% 646 39% 539 35% 15% 38%
Equity - 0% - 0% - 0% 0% 0%
Fair Value of Biological Assets - 0% (36) -2% - 0% 0% -
Fixed Assets disposals (3) 0% 39 2% 9 1% -108% -135%
Accruals for losses on ICMS credits 24 1% 23 1% 25 2% 6% -5%
Tax Credits/Reversal of provision for contingencies (3) 0% (25) -1% - 0% -87% -
EBITDA adjusted (*) 762 41% 647 39% 573 37% 18% 33%
R$ AV% R$ AV%
Net Revenue 4,960 100% 4,321 100% 15%
Domestic Sales 427 9% 412 10% 4%
Foreign Sales 4,533 91% 3,909 90% 16%
Cost of sales (3,910) -79% (3,758) -87% 4%
Cost related to production (3,359) -68% (3,271) -76% 3%
Freight (550) -11% (487) -11% 13%
Operating Profit 1,050 21% 563 13% 86%
Selling and marketing (253) -5% (225) -5% 12%
General and administrative (212) -4% (208) -5% 2%
Financial Result (1,455) -29% (1,436) -33% 1%
Other operating (expenses) income (1) 0% 217 5% -101%
LAIR (871) -18% (1,090) -25% -20%
Current Income taxes expenses (27) -1% (15) 0% 83%
Deffered Income taxes expenses 386 8% 358 8% 8%
Net Income (Loss) (512) -10% (747) -17% -31%
Net Income (Loss) attributable to controlling equity interest (519) -10% (753) -17% -31%
Net Income (Loss) attributable to non-controlling equity interest 7 0% 5 0% 42%
Depreciation, amortization and depletion 1,356 27% 1,338 31% 1%
EBITDA 1,940 39% 1,684 39% 15%
Equity - 0% - 0% 0%
Fair Value of Biological Assets (36) -1% (266) -6% -86%
Property, Plant and Equipment disposal 27 1% 17 0% 58%
Accruals for losses on ICMS credits 69 1% 63 1% 9%
Tax Incentive (28) -1% - 0% 0%
EBITDA adjusted 1,973 40% 1,500 35% 32%
INCOME STATEMENT - CONSOLIDATED (R$ million)
3Q13 2Q13 3Q12 3Q13 vs 2Q13
(%)
3Q13 vs 3Q12
(%)
Income Statement - Consolidated (R$ million)
9M13 6M12 9M13 vs
6M12 (%)
19
Appendix III - Balance Sheet
ASSETS Sep/13 Jun/13 Dec/12 LIABILITIES Sep/13 Jun/13 Dec/12
CURRENT 4,600 4,910 6,246 CURRENT 2,683 2,175 2,475
Cash and cash equivalents 770 618 944 Short-term debt 1,288 794 1,138
Securities 843 1,473 2,352 Derivative Instruments 79 93 54
Derivative instruments 29 27 18 Trade Accounts Payable 577 538 436
Trade accounts receivable, net 612 480 755 Payroll and related charges 131 108 129
Inventories 1,385 1,362 1,183 Tax Liability 41 44 41
Recoverable taxes 211 207 209 Dividends and Interest attributable to capital payable 0 2 2
Assets avaiable for sale 590 590 590 Liabilities related to the assets held for sale 470 470 470
Others 160 154 195 Others 96 125 205
NON CURRENT 3,092 3,030 2,640 NON CURRENT 9,113 10,081 10,499
Derivative instruments 72 77 26 Long-term debt 8,199 9,142 9,630
Deferred income taxes 1,211 1,195 880 Accrued liabilities for legal proceedings 85 84 105
Recoverable taxes 731 712 658 Deferred income taxes , net 176 174 228
Fostered advance 718 706 740 Tax Liability 79 79 78
Others 360 340 336 Derivative instruments 389 419 264
Others 185 185 195
Investments 41 41 41 SHAREHOLDERS' EQUITY - Controlling interest 14,614 14,560 15,134
Property, plant & equipment , net 10,705 10,850 11,175 Issued Share Capital 9,729 9,729 9,729
Biological assets 3,366 3,354 3,326 Capital Reserve 3 3 3
Intangible assets 4,654 4,675 4,717 Statutory Reserve 3,296 3,242 3,816
Equity valuation adjustment 1,597 1,597 1,597
Treasury stock (10) (10) (10)
Non controlling interest 47 44 37
TOTAL SHAREHOLDERS' EQUITY 14,661 14,604 15,171
TOTAL ASSETS 26,457 26,860 28,145 TOTAL LIABILITIES 26,457 26,860 28,145
BALANCE SHEET (R$ million)
20
Appendix IV Statement of Cash Flows

3Q13 2Q13 3Q12 9M13 9M12
INCOME (LOSS) BEFORE TAXES ON INCOME 60 (983) (287) (871) (1,088)
Adjusted by
(+) Depreciation, depletion and amortization 459 466 433 1,357 1,339
(+) Unrealized foreign exchange (gains) losses, net 68 596 52 577 677
(+) Change in fair value of derivative financial instruments (36) 200 41 113 152
(+) Fair value of biological assets - (36) - (36) (266)
(+) (Gain)/loss on disposal of property, plant and equipment (4) 39 (10) 27 (1)
(+) Interest and gain and losses in marketable securities (23) (21) (34) (71) (118)
(+) Interest expense 144 140 166 438 517
(+) Financial charges of bonds repurchase transaction 56 224 151 343 150
(+) Impairment of recoverable ICMS 24 23 25 69 63
(+) Provisions and other 6 8 36 23 75
(+) Tax Credits (3) (10) - (14) -
(+) Reversal of provision for contingencies - (14) - (14) -
Decrease (increase) in assets
Trade accounts receivable (132) 150 (27) 180 238
Inventories (4) (57) (4) (142) (65)
Recoverable taxes (42) (48) 62 (121) 7
Other assets/advances to suppliers (22) (28) (2) (70) 3
Increase (decrease) in liabilities
Trade payable 35 113 (26) 129 18
Taxes payable (14) 18 (15) 1 (33)
Payroll, profit sharing and related charges 23 22 24 2 (3)
Other payable (33) (19) (33) (78) (50)
Cash provided by operating activities
Interest received 33 28 34 118 110
Interest paid (125) (217) (146) (478) (473)
Income taxes paid (4) (12) 3 (20) (4)
NET CASH PROVIDED BY OPERATING ACTIVITIES 465 583 443 1,464 1,248
Cash flows from investing activities
Acquisition of property, plant and equipment and forest (303) (329) (270) (873) (745)
Advance for wood acquisition from forestry partnership program (40) (21) (16) (69) (66)
Marketable securities, net 618 279 237 1,477 (326)
Proceeds from sale of property, plant and equipment 9 17 14 47 21
Derivative transactions settled (4) (2) (74) (19) (110)
Advance received related to assets held for sale - - - - 200
Installments paid for acquisition of Ensyn - - - - -
Others 1 (0) 0 1 0
NET CASH USED IN INVESTING ACTIVITIES 281 (57) (109) 565 (1,027)
Cash flows from financing activities
Borrowings 162 962 512 1,143 662
Repayments - principal amount (704) (1,590) (1,609) (3,102) (1,973)
Premium paid in the bonds repurchase transaction (43) (146) (62) (231) (62)
Other (3) 7 2 1 2
NET CASH USED IN FINANCING ACTIVITIES (588) (767) (1,157) (2,189) (28)
Effect of exchange rate changes on cash and cash equivalents (6) (1) 1 (13) 7
Net increase (decrease) in cash and cash equivalents 153 (241) (817) (174) 261
Cash and cash equivalents at beginning of year 618 859 1,460 944 382
Cash and cash equivalents at end of year 770 618 643 770 643
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
21
Appendix V - EBITDA and adjusted EBITDA breakdowns (CVM Instruction 527/2012)
EBITDA is not a measurement defined by Brazilian and International Financial Reporting Standards, and represents income
(loss) for the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company
is presenting adjusted EBITDA in accordance with CVM Instruction 527 of October 4, 2012, by adding or subtracting from the
amount the provision for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair value of biological assets
and tax credits from recovered contingencies, to provide better information on its ability to generate cash, pay its debt and
sustain its investments. Neither measurement should be considered as an alternative to the Companys operating income and
cash flows, as an indicator of liquidity, for the periods presented.
Adjusted EBITDA (R$ million) 3Q13 2Q13 3Q12
Income (loss) of the period 57 (593) (212)
(+/-) Financial results, net 226 1,162 393
(+) Taxes on income 2 (389) (75)
(+) Depreciation, amortization and depletion 458 466 433
EBITDA 744 646 539
(-) Fair Value of Biological Assets - (36) -
(+/-) Non-recurring sale of property, plant and equipment (3) 39 9
(+) Impairment of recoverable ICMS 24 23 25
(-) Tax credits/reversal of provision for contingencies (3) (25) -
EBITDA Ajustado 762 647 573
22
Appendix VI - Economic and Operational Data
Exchange Rate (R$/US$) 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12
2Q13 vs
1Q13
2Q13 vs
2Q12
1Q13 vs
4Q12
3Q12 vs
2Q12
2Q12 vs
1Q12
Closing 2.2300 2.2156 2.0138 2.0435 2.0306 2.0213 0.6% 9.8% 10.0% 0.6% 0.5%
Average 2.2880 2.0666 1.9966 2.0569 2.0289 1.9617 10.7% 12.8% 3.5% 1.4% 3.4%
Pulp sales distribution, by region 3Q13 2Q13 3Q12
2Q13 vs
1Q13
2Q13 vs
2Q12
Last 12
months
Europe 35% 43% 41% -7 p.p. 0 p.p. 39%
North America 31% 28% 26% 2 p.p. 4 p.p. 28%
Asia 26% 21% 23% 5 p.p. 3 p.p. 24%
Brazil / Others 9% 8% 10% 1 p.p. -1 p.p. 9%
Pulp list price per region (US$/t) Sep-13 Aug-13 Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12
North America 900 900 900 900 900 870 870 850 850 830 830 830
Europe 850 850 850 850 850 820 820 800 800 780 780 780
Asia 750 750 750 750 750 720 720 700 700 670 670 670
Financial Indicators Sep/13 Jun/13 Sep/12
Net Debt / Adjusted EBITDA (LTM*) 3.0 3.3 4.5
Total Debt / Total Capital (gross debt + net equity) 0.4 0.4 0.4
Cash + EBITDA (LTM*) / Short-term Debt 3.2 5.3 3.9
*LTM: Last twelve months
Reconciliation - net income to cash earnings (R$ million) 3Q13 2Q13 3Q12
Net Income (Loss) before income taxes 60 (983) (287)
(+) Depreciation, depletion and amortization 459 466 433
(+) Foreign exchange and unrealized (gains) losses, net 68 596 52
(+) Fair value of financial instruments (36) 200 41
(+) Fair value of biological assets - (36) -
(+) Loss (gain) on disposal of Property, Plant and Equipment (4) 39 (10)
(+) Interest on Securities, net (23) (21) (34)
(+) Interest on loan accrual 144 140 166
(+) Financial charges on 2020 senior notes tender offer 56 224 151
(+) Accruals for losses on ICMS credits 24 23 25
(+) Provisions and other 6 8 36
(+) Tax Credits (3) (10) -
(+) Reversal of provision for contingencies - (14) -
Cash earnings (R$ million) 751 632 573
Outstanding shares (million) 554 554 554
Cash earnings per share (R$) 1.4 1.1 1.0

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Unaudited Consolidated Interim Financial

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