Fibria Celulose S.A

Fibria Celulose S.A.
Unaudited consolidated interim financial

information at September 30, 2016
and Report on Review of Interim
Financial Information
REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the Board of Directors and Shareholders
Fibria Celulose S.A
So Paulo SP
Introduction
We have reviewed the accompanying consolidated interim accounting information of Fibria
Celulose S.A., for the quarter ended September 30, 2016, comprising the balance sheet at that
date, the statements of income and comprehensive income for the quarter and nine-month period
then ended, 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 Deliberation CVM 673/11 (which approved accounting standard CPC
21(R1) - Interim Financial Reporting), 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 the review
We conducted our review in accordance with Brazilian and International Standards on Reviews of
Interim Financial Information (Brazilian audit standard NBC TR 2410, wholly converged to 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 Deliberation CVM 673/11 and IAS 34.
Prior year and period corresponding balances

The amounts corresponding to the financial statements for the year ended December 31, 2015,
and to the interim accounting information for the quarter ended on September 30, 2015, presented
for comparison purposes, were audited by other auditors who issued reports dated January 27,
2016 and October 22, 2015, respectively, without qualification.
So Paulo, October 25, 2016.
BDO RCS Auditores Independentes SS

CRC 2SP 013846/O-1
Eduardo Affonso de Vasconcelos
Accountant CRC-1SP166001/O-3
Francisco de Paula dos Reis Jnior
Accountant CRC 1 SP 139268/O-6

Unaudited consolidated interim balance sheet at
In thousands of Reais
September 30,
2016
December 31,
2015
1,133,852
2,371,858
199,836
474,778
1,787,650
224,069
190,703
1,077,651
1,411,864
26,795
742,352
1,571,146
462,487
168,283
6,382,746
5,460,578
Non-current
Marketable securities (Note 8)
Derivative financial instruments (Note 9)
Related parties receivables (Note 14)
Recoverable taxes (Note 12)
Advances to suppliers
Judicial deposits
Deferred taxes (Note 13)
Assets held for sale (Note 1(b))
Other assets
70,661
315,248
9,739
1,610,412
640,747
192,156
1,122,895
598,257
108,218
68,142
273,694
11,714
1,511,971
630,562
195,344
2,399,213
598,257
92,714
Investments (Note 15)

Biological assets (Note 16)
Property, plant and equipment (Note 17)
Intangible assets (Note 18)
117,170
4,323,741
11,990,534
4,584,105
137,771
4,114,998
9,433,386
4,505,634
25,683,883
23,973,400
32,066,629
29,433,978
Assets
Current
Cash and cash equivalents (Note 7)
Trade accounts receivable, net (Note 10)
Inventory (Note 11)
Recoverable taxes (Note 12)
Other assets
Total assets
4 of 46

Unaudited consolidated interim balance sheet at
(continued)
September 30,
2016
December 31,
2015
1,509,772
250,750
1,342,709
155,964
137,944
4,126
113,058
1,072,877
302,787
668,017
170,656
564,439
86,288
90,235
3,514,323
2,955,299
12,682,567
268,410
371,522
185,753
477,000
237,574
11,670,955
825,663
270,996
165,325
477,000
253,420
14,222,826
13,663,359
Total liabilities
17,737,149
16,618,658
Shareholders' equity
Share capital
Share capital reserve
Treasury shares
Statutory reserves
Other reserves
Retained earnings
9,729,006
10,186
(10,378 )
1,625,977
1,159,634
1,747,103
9,729,006
15,474
(10,378 )
1,639,901
1,378,365
14,261,528
12,752,368
67,952
62,952
Total shareholders' equity
14,329,480
12,815,320
Total liabilities and shareholders' equity
32,066,629
29,433,978
Liabilities and shareholders' equity

Current
Loans and financing (Note 19)
Trade payables (Note 20)
Payroll, profit sharing and related charges
Taxes payable
Dividends payable
Other payables
Non-current
Deferred taxes (Note 13)
Provision for legal proceeds (Note 21)
Liabilities related to the assets held for sale (Note 1(b))
Other payables
Equity attributable to shareholders of the Company

Equity attributable to non-controlling interests
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
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Unaudited consolidated interim statement of profit or loss
In thousands of Reais, except for the earnings per share
2016
July 1 to
September 30,
(three months)
Revenues (Note 22)

Cost of sales (Note 24)
Gross profit
Selling expenses (Note 24)
General and administrative (Note 24)
Equity in results of joint-venture
Other operating income and expense, net (Note 24)
Income before financial income and expenses
2,299,846
(1,849,485)
450,361
September 30,
(nine months)
2015
July 1 to
September 30,
(three months)
September 30,
(nine months)
7,081,010
(5,016,556 )
2,789,667
(1,533,244 )
7,096,052
(4,246,565)
2,064,454
1,256,423
2,849,487
(114,549 )
(68,285 )
31
(27,574 )
(345,528)
(201,507)
(758)
(175,854)
(110,590)
(65,805 )
(6 )
(43,935)
(312,558 )
(194,807)
744
(83,070)
(210,377 )
(723,647)
(220,336 )
(589,691)
1,036,087
2,259,796
189,557
(534,503)
683,334
1,475,123
51,191
(150,827 )
(570,507 )
(1,687,242 )
132,182
(397,946)
(889,479)
(2,627,044)
1,813,511
(2,357,385)
(3,782,287)
36,637
3,154,318
(1,321,298)
(1,522,491)
(13,765)
8,794
(36,076)
(1,363,108)
(68,501 )
788,373
(147,102)
1,116,594
Net income (loss) for the period
31,666
1,755,134
(601,426)
(552,999)
Attributable to
Shareholders of the Company
28,637
1,747,103
(605,674 )
(563,286)
3,029
8,031
31,666
1,755,134
(601,426)
(552,999)
Basic earnings (loss) per share (in Reais) (Note 25(a))
0.05
3.16
(1.09)
(1.02)
Diluted earnings (loss) per share (in Reais) (Note 25(b))
0.05
3.15
(1.09)
(1.02)
Financial income (Note 23)

Financial expenses (Note 23)
Result of derivative financial instruments, net (Note 23)
Foreign exchange loss and indexation charges, net (Note 23)
Income (loss) before income taxes

Income taxes
Current (Note 13)
Deferred (Note 13)
Non-controlling interest
239,984
1,340,807
88,573
(211,157 )
(31,492)
(49,271 )
(203,347 )
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4,248
10,287

Unaudited consolidated interim statement of comprehensive income
2016

Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign exchange effect on available-for-sale
financial assets Ensyn
Tax effect thereon
Total other comprehensive income (loss) for the
period, net of taxes
July 1 to
September 30,
(three months)
September 30,
31,666
1,755,134
(nine months)
2015
July 1 to
September 30,
(three months)
September 30,
(nine months)
(601,426)
(552,999)
1,166
(397)
(21,096)
7,172
22,194
(7,546)
33,577
(11,416)
769
(13,924)
14,648
22,161
Total comprehensive income (loss) for the period, net of

taxes
32,435
1,741,210
(586,778)
(530,838)
Attributable to
Shareholders of the Company
Non-controlling interest
29,406
3,029
1,733,179
8,031
(591,026)
4,248
(541,125)
10,287
32,435
1,741,210
(586,778)
(530,838)
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(11,771)
(11,771)
(11,771)
(11,771)
10,186
(5,288 )
15,474
11,829
7,909
3,920
(10,378 )
(10,378 )
(10,378 )
(32 )
(10,346)
1,625,977
(13,924)
(13,924)
1,639,901
1,635,473
22,161
22,161
1,613,312
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As at September 30, 2016
Transactions with shareholders

Dividends distributed
Stock option program
Additional dividends declared non-controlling interest Portocel
9,740,777
9,740,777
As at December 31, 2015
Net income
Other comprehensive loss
9,740,777
9,740,777
Other
comprehensive
income
Share
issuance
Capital
costs
Capital Treasury
reserve
shares
Other reserves
Capital
As at September 30, 2015
Transactions with shareholders

Repurchase of shares
Dividends distributed
Net income (loss)

Other comprehensive income
As at December 31, 2014
Unaudited interim statement of changes in shareholders' equity
328,689
328,689
311,579
311,579
Legal
830,945
830,945
2,805,712
(110,854 )
2,916,566
(218,731)
218,731
Additional
dividends
Investments
proposed
Statutory reserves
1,747,103
1,747,103
1,747,103
(563,286 )
(563,286 )
(563,286 )
Retained
earnings
(accumulated
losses)
14,261,528
(218,731)
(5,288 )
1,747,103
(13,924)
1,733,179
12,752,368
13,919,935
(32)
(110,854)
7,909
(563,286)
22,161
(541,125)
14,564,037
Total
67,952
(3,031)
8,031
8,031
62,952
61,955
10,287
10,287
51,668
Noncontrolling
interest
14,329,480
(3,031)
(218,731)
(5,288 )
1,755,134
(13,924)
1,741,210
12,815,320
13,981,890
(32)
(110,854)
7,909
(552,999 )
22,161
(530,838)
14,615,705
Total

Unaudited consolidated interim statement of cash flows
September 30,
2016
Income (loss) before income taxes
Adjusted by
Depreciation, depletion and amortization
Depletion of timber resources from forestry partnership programs
Foreign exchange (gains) losses, net
Change in fair value of derivative financial instruments
Loss on disposal of property, plant and equipment and biological assets, net
Interest and gain/losses from marketable securities
Interest expense
Change in fair value of biological assets
Impairment of recoverable taxes - ICMS, net
Tax credits
Amortization of transaction costs and other
Decrease (increase) in assets
Trade accounts receivable
Inventory
Recoverable taxes
Other assets/advances to suppliers
Increase (decrease) in liabilities
Trade payables
Taxes payable
Other payables
Cash provided by operating activities
Interest received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Acquisition of property, plant and equipment, intangible assets and forests
Advances for acquisition of timber from forestry partnership program
Subsidiary incorporation - Fibria Innovations
Marketable securities, net
Capital increase on joint-venture
Proceeds from sale of property, plant and equipment
Derivative transactions settled (Note 9(c))
Others
Net cash used in investing activities
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September 30,
2015
3,154,318
(1,522,491)
1,359,388
43,462
(1,475,123 )
(683,334 )
758
22,127
(118,494 )
426,776
108,014
74,701
(5,288)
(8,962 )
14,883
1,361,642
48,714
2,627,044
889,479
(744 )
15,665
(64,406 )
329,689
(29,831 )
61,084
7,909
168,033
(141,419 )
85,574
(68,721)
209,153
(220,193 )
(260,544 )
(49,458)
705,831
(366,602 )
(14,693 )
25,670
(43,305 )
8,551
12,739
34,449
3,306,899
109,669
(359,539 )
(90,804 )
4,126
3,419,272
59,064
(264,469 )
(50,941 )
2,966,225
3,162,926
(4,380,310)
(53,724)
(1,253,489)
(22,299)
(11,630)
(602,294)
(953,688)
(3,267)
8,798
(140,553)
(5,522,744)
32,084
(305,890)
(8)
(2,163,526)

Unaudited consolidated interim statement of cash flows
(continued)
September 30,
2016
Cash flows from financing activities
Borrowings
Repayments of principal
Dividends paid
Others
5,225,097
(2,175,817 )
(303,926 )
(3,660 )
Net cash provided by financing activities
2,741,694
Effect of exchange rate changes on cash and cash equivalents

Net increase in cash and cash equivalents
(128,974 )
September 30,
2015
1,965,416
(1,095,233 )
(149,350 )
(1,190 )
719,643
417,016
56,201
2,136,059
Cash and cash equivalents at beginning of period
1,077,651
461,067
Cash and cash equivalents at end of period
1,133,852
2,597,126
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Notes to the unaudited consolidated interim
financial information at September 30, 2016
In thousands of Reais, unless otherwise indicated
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 this consolidated interim financial
information as the "Company", "Fibria", or "we". We have the legal status of a share corporation,
operating under Brazilian corporate law. Our headquarter and principal executive officers are 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. Forests in formation are located in the States of So Paulo, Mato
Grosso do Sul, Minas Gerais, Rio de Janeiro, Esprito Santo, Bahia and Rio Grande do Sul.
We operate in a single operating segment, which is the producing and selling of short fiber pulp, with
our pulp production facilities located in the cities of Aracruz (State of Esprito Santo), Trs Lagoas (State
of Mato Grosso do Sul), Jacare (State of So Paulo) and Eunpolis (State of Bahia) (Veracel Celulose
S.A. (Veracel), a jointly- controlled entity).
The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts
with the owners of these vessels, through the ports of Santos, located in the State of So Paulo (operated
under a concession from Federal Government until 2017) and Barra do Riacho, located in the State of
Esprito Santo (operated by our subsidiary Portocel - Terminal Especializado Barra do Riacho S.A.).
On December 9, 2015, we participated in the public auction n 03/2015, promoted by Agncia
Nacional de Transportes Aquavirios - ANTAQ, a regulatory agency, for the leasing of the public areas
and infrastructures for handling and storage of paper, pulp and general cargo, for 25 years (renewable
for 25 years). The Company was awarded the contract based on its proposal for the Macuco Terminal
(STS07), located in the port of Santos, State of So Paulo, in the amount of R$ 115,047, which the
approval of the public auction and the adjudication were published in the Federal Official Gazette on
March 2, 2016. On September 29, 2016, we signed the instrument of investiture of the terminal.
With the approval of the result and based on the standards ICPC 01 (R1) / IFRIC 12 - Service Concession
Arrangements and OCPC 05 - Concession Contracts, the subsidiary Fibria Terminal de Celulose de
Santos SPE S.A., recently established by the Company for the administration of Macuco Terminal,
recognized on March 2016, the amount of R$ 115,047 related to the grant concession rights into the
group of "Intangible assets", which will be amortized over the concession period.
The main investments according to the contract include:
(i)
a new storage facility, handling and transshipment of cargo equipment, with static capacity of
75,000 tons at least, ensuring the movement of 1,800,000 tons of pulp bales per year; and,
(ii) the implementation of new railway lines for access to port facilities.
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The startup of the terminal is expected for the second semester of 2017.
In May 2016, we started the acquisition of hardwood pulp produced by Klabin S.A. (Klabin), at its
plant located in the city of Ortigueira, in the state of Paran, as supply agreement signed between the
parties and subject of disclosure to the market on May 4, 2015.
The agreement term is six years from the beginning of the plant operations (which may be extended
upon agreement between the parties), being four years at a minimum volume of 900,000 tons of short
fiber pulp (except if otherwise agreed between the parties) and two years of a gradual reduction of
volume (phase out), equivalents to, respectively, 75% and 50% of the volume delivered in the fourth year
of the agreement. The purchase price of the volume from Klabin will be based on the average net price
charged by the Company and the volume acquired might be sold for countries outside South America.
(b)
Non-current assets held for sale

Losango project assets
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, 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, in the amount of
R$615 million.
The amount of R$ 477 million was received in advance the amount of R$ 477 million, recognized under
"Liabilities related to the assets held for sale". Another installment, amounting to R$ 140 million, was
deposited in an escrow account and will be released to us once additional government approvals are
obtained. In case of the approvals is not obtained after the period of 96 months, will be returned to
CMPC the amount paid to us, plus interest and the escrow deposits made by CMPC will revert.
Since the signing of agreement with CMPC, we have taken action to obtain the approvals needed, such as
the fulfillment of all conditions precedent, the partial renewal of the area operating license and filing the
documentation required by the government agencies. Managements best estimate is that approval will
be granted.
We have concluded that these assets should remain classified as assets held for sale as non-current
assets as at September 30, 2016. However, the completion of the sale is not under our sole control and
depends on various government approvals, which have been slower than expected.
The Losango assets did not generate any significant impact in the nine-month period ended September
30, 2016 and 2015, since that at this moment, the result of the transaction has not been recognized.
(c)
Expansion plan of the Trs Lagoas Unit

On May 14, 2015, the Board of Directors approved the Horizonte 2 Project for the construction of the
second Trs Lagoas pulp production line.
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The construction of Horizonte 2 Project has already started and consists of a new bleached eucalyptus
pulp production line with a capacity of 1.95 million tons per year and an estimated investment of US$2.3
billion. The startup of the line is projected for the fourth quarter of 2017 and the physical execution is
approximately 60% concluded.
The Project is being financed from the Companys operating cash flows and financing agreements
negotiated with financial institutions.
2
Presentation of consolidated interim financial information

and summary of significant accounting policies
2.1
Consolidated interim financial information - basis of preparation

The consolidated interim financial information have been prepared under the historical cost convention,
as modified by available-for-sale financial assets, other assets and financial liabilities (including
derivative instruments) measured at fair value.
(a)
Accounting policies adopted

The consolidated interim financial information have been prepared and is being presented in accordance
with IAS 34 and Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission
(CVM), which approved the CPC 21(R1) - Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC), and
disclose all (and only) the applicable significant information related to the financial statements, which is
consistent with the information utilized by management in the performance of its duties.
The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2015, 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.
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
consolidated interim financial information and the estimates used, are the same as those used in the
preparation of the most recent annual financial statements, except for the item 2.2.1 below and items
related to the adoption of the new standards, amendments and interpretations issued by IASB and CVM,
as detailed in Note 3 below.
(b)
Approval of the consolidated

interim financial information
The unaudited consolidated interim financial information were approved by the Board of Directors on
October 25, 2016.
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
13 of 46

circumstances. Accounting estimates will, by definition, seldom match the actual results. In the ninemonth period ended September 30, 2016, except for the item 2.2.1 below, there were no significant
changes in the critical estimates and assumptions which are likely to result in significant adjustments to
the carrying amounts of assets and liabilities during the current period, compared to those disclosed in
Note 3 to our most recent annual financial statements.
2.2.1
Changing on critical accounting

estimates and assumptions
(a) Biological assets

The Company reviewed the assumptions used in the calculating of the fair value of biological assets and
concluded as appropriate changing, from 2016, the assumption called "actual planted area", so that the
immature forests (up to two years from the date of planting) are maintained at historical cost, as a result
of the Management's understanding that during this period, the historical cost of biological assets
approximates of their fair value. The purpose of this change is reflect the experience acquired in the
measurement process of biological assets and the alignment of the calculation methodology to the
Company's forest management, which considers continuous forest inventories with the purpose of
estimate the volume of timber stock or future production projections, represented by the average annual
growth ("IMA"), from the third year of planting.
The assumption regarding the net average sale price of biological assets (measured in R$/m) is now
supported only in market prices research, in order to maximize the usage of external and independent
data to measure the fair value of the forests.
If the aforementioned changes would not have been made, the fair value adjustment of biological assets
would have generated a lower expense of R$ 30,471 in relation to the amount recognized in the ninemonth period ended September 30, 2016.
The other assumptions used by the Company to calculate the fair value of biological assets have not
changed. See details about the biological assets in Note 16.
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New standards, amendments and

interpretations issued by IASB and CVM
The standards below have been issued and are effectives for future periods, as from January 1, 2018. We
have not early adopted these standards.
IFRS 9 - Financial
Instruments
Effective
date
January 1,
2018
IFRS 15 - Revenue
recognition
January 1,
2018
IFRS 16 - Leases
January 1,
2019
Standard
Main points introduced by the

standard
The main change is that, in cases where
the fair value option is taken for financial
liabilities, the part of a fair value change
which is due to an entitys own credit risk
is recorded in Other comprehensive
income rather than the Statement of
profit or loss.
This accounting standard establishes the
accounting principles to determine and
measure revenue and when the revenue
should be recognized.
This accounting standard replaces the
previous leases standard, IAS 17 Leases,
and related interpretations and sets out
the principles for the recognition,
measurement, presentation and
disclosure of leases for both parties to a
contract, i.e., the customers (lessees) and
the suppliers (lessor).
Lessees are required to recognize a lease
liability reflecting future lease payments
and a right-of-use asset for virtually all
lease contracts, except for certain shortterm leases and leases of low-value assets.
For lessors, the accounting stays almost
the same and continues to classify its
leases as operating leases or finance
leases, and to account for those two types
of leases differently.
Impacts of the
adoption
The Company is currently
assessing the impacts of
the adoption.

the adoption.
the adoption.
There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expects to
have a material impact on the Companys financial position and results of operations.
15 of 46

Risk management
On July 28, 2016, the Board of Directors approved the revision of the finance policy, with effective date
as from August 2016, which main changes are related to the following risk factors:
Cash flow and fair value interest rate risk
The Company shall evaluate on an annual basis the optimal percentage between fixed-rate debts and
debts with floating rates. This review will be made by the Treasury department and Governance, Risks
and Compliance (GRC) department, who will report annually the results to the Finance Committee.
The Finance and Investor Relations Director is responsible for evaluating the hedging strategy of interest
rate and inflation, considering the results of evaluation of the optimal percentage and market factors.
Banks and financial institutions
i) if the Company decides working with private issuers that have more than one rating assessment, the
median of the rating classifications will be considered if three risks rating are available and, the lower
rating classification if two credit rating are available, issued by the following rating agencies: Fitch,
Moody's and Standard & Poor's.
ii) the rating required for the counterparties at the local level (Brazil), is "A" (or "A2") or "BBB+" (or
"Baa1) at the global level.
iii) any private counterpart must have lonely concentration of, more than 25% of the resources under
management for the Company and its Brazilians subsidiaries and, more than 27.5% for the foreign
subsidiaries.
The rest of the policies disclosed in the annual financial statements (Note 4) as at December 31, 2015 has
no significant changes.
The Companys financial liabilities which present liquidity risk are presented below by maturity (Note
4.1), exchange risk exposure (Note 4.2), sensitivity analysis (Note 5) and fair value estimates (Note 6),
which were considered relevant by Fibrias management to be accompanied quarterly.
4.1
Liquidity risk
The table below presents the financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows and as such they differ from the amounts
presented in the consolidated balance sheet.
16 of 46

At September 30, 2016

Loans and financing
Derivative financial instruments
Trade and other payables
At December 31, 2015

Loans and financing
Trade and other payables
4.2
Less than
one year
Between
one and
two years
Between
two and
five years
2,454,930
235,041
1,455,767
3,563,903
206,924
50,210
9,986,441
161,225
37,328
4,821,846
4,145,738
3,821,037
10,184,994
4,847,758
1,358,138
319,954
758,252
4,451,707
560,572
68,327
7,326,394
902,136
44,902
2,817,802
2,436,344
5,080,606
8,273,432
2,857,358
Over five
years
25,912
39,556
Foreign exchange risk
Assets in foreign currency

Cash and cash equivalents (Note 7)
Trade accounts receivable (Note 10)
Liabilities in foreign currency

Trade payables
Derivative financial instruments (Note 9(a))
Liability exposure
17 of 46
September 30,
2016
December 31,
2015
890,165
392,690
1,068,180
674,224
1,282,855
1,742,404
(9,300,200)
(232,010)
(231,335)
(10,215,115)
(76,304)
(1,081,533)
(9,763,545)
(11,372,952)
(8,480,690)
(9,630,548)

Sensitivity analysis
Sensitivity analysis of changes in foreign currency
The probable scenario is the closing exchange rate at the date of these consolidated interim financial
information (R$ x USD = 3.2462). As the amounts have already been recognized in the consolidated
interim financial information, there are no additional effects in the Statement of profit or loss in this
scenario. In the Possible and Remote scenarios, the U.S. Dollar is deemed to appreciate/depreciate
by 25% and 50%, before tax, when compared to the Probable scenario:
Impact of appreciation/depreciation of the Real
against the U.S. Dollar
on the fair value - absolute amounts

Loans and financing
Cash and cash equivalents
Possible (25%)
Remote (50%)
768,171
2,183,685
207,121
1,574,280
4,367,370
414,241
Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as at September 30,
2016. As the amounts have already been recognized in the consolidated interim financial information,
there are no additional effects in the Statement of profit or loss in this scenario. In the Possible and
Remote scenarios, the interest rates are deemed to increase/decrease by 25% and 50%, respectively,
before tax, when compared to the Probable scenario:
Impact of increase/decrease of the interest rate on
the fair value - absolute amounts
Possible (25%)
Remote (50%)
Loans and financing

LIBOR
Currency basket
TJLP
Interbank Deposit Certificate (CDI)
1,303
1,735
1,622
5,103
2,507
3,466
3,221
10,067

LIBOR
TJLP
9,897
2,286
53,596
18,140
2,913
101,659
Marketable securities (a)

2,512
4,848
(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.
18 of 46

Sensitivity analysis in changes in the

United States Consumer Price Index - US-CPI
To calculate the Probable scenario, we used the US-CPI index at September 30, 2016. The Probable
scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI for the
definition of the scenarios Possible and Remote, respectively.
Impact of appreciation of the
US-CPI at the fair value - absolute amounts
Possible (25%)
Remote (50%)
109,137
224,254
Embedded derivative in forestry partnership and

standing timber supply agreements
Fair value estimates

In the nine-month period ended September 30, 2016, there were no changes in the criteria of
classification of the assets and liabilities in the levels of the fair value hierarchy when compared to the
criteria used in the classification of those instruments disclosed in Note 6 to our most recent annual
financial statements as at December 31, 2015. There were no transfers between levels 1, 2 and 3 during
the periods presented.
September 30, 2016
Level 1
Recurring fair value measurements
Assets
At fair value through profit and loss
Warrant to acquire Ensyn's shares (Note 15)
Level 2
Total
9,933
515,084
9,933
2,365,300
103,977
103,977
4,323,741
4,323,741
4,437,651
7,318,035
515,084
58,821
2,306,479
Available for sale financial assets

Other investments fair value method - Ensyn (Note 15)
Biological asset (Note 16)
Total assets
Level 3
58,821
2,821,563
Liabilities
(519,160)
(519,160)
Total liabilities
(519,160)
(519,160)
19 of 46

December 31, 2015

Level 1
Recurring fair value measurements
Assets
Warrant to acquire Ensyn's shares (Note 15)
Level 2
40,364
11,949
300,489
11,949
1,405,842
125,071
125,071
4,114,998
4,114,998
4,252,018
5,958,349
1,365,478
Biological asset (Note 16)
6.1
Total
300,489
Available for sale financial assets

Other investments fair value method - Ensyn (Note 15)
Total assets
Level 3
40,364
1,665,967
Liabilities
(1,128,450)
(1,128,450)
Total liabilities
(1,128,450)
(1,128,450)
Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is
estimated as follows: (a) bonds, for which fair value is based on the observed quoted price in the market
(based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities
that do not have a secondary market, or for which the secondary market is not active, fair value is
estimated by discounting the future contractual cash flows by current market interest rates, also
considering the Companys credit risk. The fair value of loans and financing are classified as Level 2 on
the fair value hierarchy. The following table presents the fair value of loans and financing:
20 of 46

September
30, 2016
December
31, 2015
340,259
2,052,410
387,939
2,237,193
LIBOR USD
LIBOR USD
DDI
5,088,307
847,418
454,517
6,831,364
Brazilian interbank rate (DI 1)

797,293
111,379
22,436
498,557
2,633,647
1,803
2,735
653,137
13,832
355,043
809,793
107,797
11,110
549,246
658,573
2,063
4,951
694,859
21,303
13,872,773
12,362,636
Yield used
to discount (*)
Quoted in the secondary market
In foreign currency
Bonds - VOTO IV
Bonds - Fibria Overseas
Estimated based on discounted cash flow
In foreign currency
Export credits (Pre-payments)
Finnvera
Export credits (ACC/ACE)
In local currency
BNDES TJLP
BNDES Fixed rate
BNDES Selic
Currency basket
CRA
FINEP
FINAME
NCE in Reais
FCO
FDCO
46,445
(*) Used to calculate the present value of the loans.
6.2
Fair value measurement of derivative

financial instruments (including embedded derivative)
The Company estimates the fair value of its derivative financial instruments and acknowledges that it
may differ from the amounts payable/receivable in the event of early settlement of the instrument. This
difference results from factors such as liquidity, spreads or the intention of early settlement from the
counterparty, among others. The amounts estimated by management are also compared with the Markto-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.
A summary of the methodologies used for purposes of determining fair value by type of instrument is
presented below.
.
Swap contracts - the present value of both the asset and liability legs are estimated through the
discount of forecasted cash flows using the observed market interest rate for the currency in which
the swap is denominated, considering both of Fibrias and counterpart credit risk. The contract fair
value is the difference between the asset and liability. The only exception is the TJLP x US$ swap,
where the cash flow of the asset leg (TJLP x fixed) are projected using a stable yield, as current TJLP
value, during the duration of the swap contract, obtained from Banco Nacional de Desenvolvimento
Econmico e Social (BNDES).
Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model,
considering both of Fibrias and counterpart credit risk. Volatility information and interest rates are
observable and obtained from BM&FBOVESPA exchange information to calculate the fair values.
21 of 46

Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,
obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS), issued
by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in
the embedded derivative instrument. The fair value of the embedded derivative instrument is the
present value of the difference between both positions.
The yield curves used to calculate the fair value in September 30, 2016 are as follows:
Interest rate curves
Brazil
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
14.03
13.33
12.48
11.73
11.58
11.60
11.78
United States
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
0.55
0.91
0.94
1.01
1.07
1.18
1.47
Dollar coupon
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
(6.17)
0.54
1.39
2.09
2.49
3.37
3.93

Average yield p.a. - %
Cash and banks
Fixed-term deposits
Local currency
Foreign currency (i)
101.69 of CDI
0.47
(i) Mainly Time Deposit maturing within 90 days.
22 of 46
September 30, 2016
December 31, 2015
101,788
196,274
203,583
828,481
3,985
877,392
1,133,852
1,077,651

Marketable securities
Average
yield p.a.- %
September 30,
2016
December 31,
2015
77 of CDI
250
79.80 of CDI
6 and 79.80 of CDI
100.43 of CDI
58,821
77,210
2,306,479
40,364
73,914
1,365,478
2,442,519
1,480,006
Current
2,371,858
1,411,864
70,661
68,142
In local currency
Brazilian Federal provision fund
Brazilian Federal Government securities
Held to maturity (i)
Private securities (repurchase agreements)
Non-Current
(i) The yield of 79.80% of CDI refers to the investment fund Pulp and the yield of 6% p.a. refers to the agrarian
debt bonds.
The increase of R$ 962,513 in the nine-month period ended September 30, 2016 refers, mainly, to the
funds raised in the period, as detailed in Note 19.
23 of 46

Derivative financial instruments (including embedded derivative)
(a)
Derivative financial instruments by type

Reference value
(notional) - in U.S Dollars
Fair value
September
30, 2016
December
31, 2015
September
30, 2016
1,475,000
310,000
249,134
Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (USD)
604,670
622,907
(17,133)
(8,902)
Hedges of foreign currency

Swap DI x US$ (USD)
Swap TJLP x US$ (USD)
Swap Pre x US$ (USD)
318,828
49,284
89,144
358,607
98,287
112,107
(293,686)
(80,431)
(89,219)
(648,052)
(230,433)
(185,519)
(231,335)
(1,081,533)
Type of derivative
Instruments contracted of economic hedge strategy
Operational hedge
Cash flow hedges of exports
Zero cost collar
Embedded derivative in forestry partnership and

standing timber supply agreements (*)
Swap of US-CPI
Classified
In current assets
In non-current assets
In current liabilities
In non-current liabilities
824,293
857,710
227,259
December
31, 2015
(8,627)
253,572
(4,076)
(827,961)
199,836
315,248
(250,750)
(268,410)
26,795
273,694
(302,787)
(825,663)
(4,076)
(827,961)
(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and
Standing Timber Supply Agreements.
24 of 46

(b)
Derivative financial instruments of economic

hedge strategy by type and broken down by
nature of the exposure
Reference value (notional) in currency of origin
Type of derivative and
protected risk
Swap contracts - Hedge of debts
Asset
LIBOR to fixed
Real CDI to USD
Real TJLP to USD
Real Pre to USD
Liability
LIBOR to fixed
Real CDI to USD
Real TJLP to USD
Real Pre to USD
September
30, 2016
December
31, 2015
September
30, 2016
December
31, 2015
US$
R$
R$
R$
604,670
622,134
80,519
191,666
622,907
698,559
159,938
236,072
1,911,706
1,006,536
79,875
164,467
2,308,517
1,058,346
153,963
182,240
US$
US$
US$
US$
604,670
318,828
49,284
89,144
622,907
358,607
98,287
112,107
(1,928,839)
(1,300,222)
(160,306)
(253,686)
(2,317,419)
(1,706,398)
(384,396)
(367,759)
(480,469)
(1,072,906)
Currency
Total of swap contracts

Options - Cash flow hedge
Zero cost collar
Fair value
US$
1,475,000
310,000
249,134
(231,335)
(c)
(8,627)
(1,081,533)
Derivative financial instruments by type of

economic hedge strategy contracts
Fair value
Type of derivative
Operational hedge
Cash flow hedge of exports
Hedge of debts
Hedge of interest rates
Hedge of foreign currency
25 of 46
September
30, 2016
249,134
December
31, 2015
(8,627)
Value (paid) or received

September
30, 2016
December
31, 2015
10,804
(125,107)
(17,133)
(463,336)
(8,902)
(1,064,004)
(14,205 )
(137,152)
(15,333)
(279,191)
(231,335)
(1,081,533)
(140,553)
(419,631)

(d)
Fair value and counterparty by maturity

date of economic hedge strategy contracts
September 30,
2016
2016
2017
2018
2019
2020
December 31,
2015
7,575
(34,417)
(121,735)
(51,623)
(31,135)
(281,423)
(396,982)
(280,340)
(76,408)
(46,380)
(231,335)
(1,081,533)
Fair value does not necessarily represent the cash required to immediately settle each contract, as such
disbursement will only be made on the date of maturity of each transaction, when the final settlement
amount will be determined.
The outstanding contracts at September 30, 2016 are not subject to margin calls or anticipated
liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and
registered at CETIP (a clearing house).
10
Domestic customers
Export customers
Allowance for doubtful accounts
September 30,
2016
December 31,
2015
88,921
392,690
75,281
674,224
481,611
749,505
(6,833)
474,778
(7,153)
742,352
In the nine-month period ended September 30, 2016, we made some credit assignment without recourse
for certain customers receivables, in the amount of R$ 1,794,735 (R$ 1,788,970 at December 31, 2015),
that were derecognized from accounts receivable in the balance sheet. The amounts regarding to these
credit assignment were received by us.
26 of 46

11
Inventory
September 30, December 31,
2016
2015
Finished goods at plants/warehouses
Brazil
Abroad
Work in progress
Raw materials
Supplies
Imports in transit
12
266,235
870,902
20,578
462,198
164,949
2,788
155,286
731,498
12,935
520,445
150,838
144
1,787,650
1,571,146
Recoverable taxes
Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL)
Value-added Tax on Sales and Services (ICMS) on purchases
of property, plant and equipment
Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw
materials and supplies
Federal tax credits
Credit related to Reintegra Program
Social Integration Program (PIS) and Social Contribution on Revenue (COFINS)
Recoverable
Provision for the impairment of ICMS credits
Current
Non-current
September 30,
2016
December 31,
2015
1,022,289
762,743
24,964
26,235
1,035,677
978,399
356,058
91,145
85,744
706,672
(1,040,865)
727,210
(967,332)
1,834,481
1,974,458
224,069
462,487
1,610,412
1,511,971
During the nine-month period ended September 30, 2016, there were no relevant changes to our
expectations regarding the recoverability of the tax credits presented in this note and the Note 14 to the
most recent annual financial statements.
13
Income taxes
The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The
subsidiaries located outside of Brazil use methods established by the respective local jurisdictions.
Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at
the balance sheet date.
The Company still believes in the previsions of the International Double Taxation Treaties signed by
Brazil. However, as the decision regarding its applicability is still pending on the Supreme Court
(Supremo Tribunal Federal STF), nowadays the Company taxes the foreign profits according to the
Law 12,973/14.
27 of 46

The Law 12,973/14 revoked the article 74 of Provisional Measure 2,158/01. The law determines that the
adjustment in the value of the investment, in the direct or indirect controlled company, domiciled
abroad, equivalent to its profits before tax, except for the foreign exchange, must be computed in the
taxation basis of the corporate income tax and social contribution over profits of the controller company
domiciled in Brazil, at the end of the fiscal year. The repatriation of these profits in subsequent years will
not be subject to taxation in Brazil. The Company has provisions regarding the Corporate Income Tax of
the subsidiaries on an accrual basis.
(a)
Deferred taxes
2016
2015
Tax loss carryforwards (i)
Provision for legal proceeds
Sundry provisions (impairment, operational and other)
Results of derivative contracts - payable on a cash basis for tax purposes
Exchange losses (net) - payable on a cash basis for tax purposes
Tax amortization of the assets acquired in the business combination - Aracruz
Actuarial gains on medical assistance plan (SEPACO)
Income tax and social contribution from foreign-domiciled
subsidiaries under IFRS
Tax accelerated depreciation
Reforestation costs already deducted for tax purposes
Fair values of biological assets
Tax benefit of goodwill - goodwill not amortized for accounting purposes
Transaction costs and capitalized financing costs
Other provisions
Total deferred taxes asset, net
Deferred taxes - asset (net by entity)
Deferred taxes - liability (net by entity)
421,686
133,693
537,457
1,386
1,425,504
97,872
3,743
54,888
119,924
637,176
281,507
2,396,243
99,196
3,743
(609,881)
(14,111)
(449,425)
(121,733)
(603,846)
(63,438)
(7,534)
(338,315)
(7,324)
(387,568)
(174,450)
(536,752)
(5,347)
(14,704)
751,373
2,128,217
1,122,895
2,399,213
371,522
270,996
(i) The balance as at September 30, 2016 is presented net of R$ 304,227 (R$ 346,291 as at December 31, 2015)
related to the provision for impairment for foreign tax losses.
28 of 46

Changes in the net balance of deferred income tax are as follows:

September 30,
2016
At the beginning of the period
Tax loss carryforwards
Temporary differences from provisions
Provision for tax on investments in foreign-domiciled subsidiaries
Derivative financial instruments taxed on a cash basis
Amortization of goodwill
Reforestation costs
Exchange losses (net) taxed on a cash basis
Fair value of biological assets
Actuarial losses on medical assistance plan (SEPACO)(*)
Transaction costs and capitalized financing costs
Other
At the end of the period
December 31,
2015
2,128,217
366,798
(85,950)
(271,566)
(280,121)
(68,418)
(68,644)
(970,739)
52,717
(58,091)
7,170
924,308
(137,759)
198,028
(312,338)
139,569
(92,598)
(36,605)
1,483,024
(21,430)
(2,866)
(5,347)
(7,769)
751,373
2,128,217
(*) Deferred taxes related to the other comprehensive income.
(b)
Reconciliation of taxes on income

September 30,
2016
Income (loss) before tax
Income tax and social contribution benefit (expense)
at statutory nominal rate - 34%
(1,072,468)
Reconciliation to effective expense:

Credit from Reintegra Program
Benefits to directors
Foreign exchange effects on foreign subsidiaries (i)
Other, mainly non-deductible provisions
(258)
1,372
(10,538)
(294,983)
(22,309)
Income tax and social contribution benefit (expense) for the period
Effective rate - %
3,154,318
(1,399,184)
44.4
September 30,
2015
(1,522,491)
517,647
253
18,604
(6,292)
452,174
(12,894)
969,492
63.7
(i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the Real as the functional currency. As the
Real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the
foreign country nor will it ever be subject to tax in Brazil.
29 of 46

14
Significant transactions and

balances with related parties
(a)
Related parties
The Company is governed by a Shareholders Agreement entered into between Votorantim S.A., which
holds 29.42% of our shares, and BNDES Participaes S.A. ("BNDESPAR"), which holds 29.08% of our
shares (together the "Controlling Shareholders"). The Company's commercial and financial transactions
with its subsidiaries, Votorantim Groups entities and other related parties are carried out at normal
market prices and conditions, based on usual terms and rates applicable to third parties.
In the nine-month period ended September 30, 2016, there were no significant changes in the terms of
the contracts, agreements and transactions, and there were no new contracts, agreements or
transactions with distinct nature between the Company and its related parties when compared to the
transactions disclosed in Note 16 to the most recent financial statements as at December 31, 2015.
30 of 46

(i)
Balances recognized in assets and liabilities

Balances receivable (payable)
Nature
Transactions with controlling shareholders
Votorantim S.A.
Votorantim S.A.
BNDES
Transactions with Votorantim Group entities

Votorantim S.A.
Votener - Votorantim Comercializadora e Energia
Banco Votorantim S.A.
Votorantim Cimentos S.A.
Polimix Concreto Ltda.
Votorantim Siderurgia
Sitrel Siderurgia Trs Lagoas
Pedreira Pedra Negra
Votorantim Metais Ltda.
Companhia Brasileira de Alumnio - CBA
Rendering of services
Land leases
Financing
Financing
Energy supplier
Investments
Financial instruments
Energy supplier
Input supplier
Input supplier
Standing wood supplier
Land leases
Input supplier
Chemical products supplier
Land leases
September
30, 2016
(418)
(1,573,654)
(9)
(851)
(1,851,408)
(1,574,072)
(1,852,268)
9,739
1,171
187,273
2,751
(51)
(2,176)
(10)
(491)
(699)
197,507
Net
Presented in the following lines

In assets
Related parties - non-current
Other assets - current
In liabilities
Suppliers
31 of 46
December
31, 2015
(1,376,565)
187,273
2,751
9,739
1,171
(1,573,654)
11,714
6,937
32,806
(1,066)
517
(50)
(143)
(4,164)
(21)
(277)
(695)
45,558
(1,806,710)
32,806
11,714
7,454
(3,845)
(1,851,408)
(1,066)
(6,210)
(1,376,565)
(1,806,710)

(ii)
Amounts transacted in the period
September
30, 2016
September
30, 2015
Nature
Transactions with controlling shareholders
Votorantim S.A.
BNDES
Transactions with Votorantim Groups entities

Votorantim S.A.
Votener - Votorantim Comercializadora de Energia
Votorantim CTVM Ltda.
Votorantim Siderurgia S.A.
Pedreira Pedra Negra
Companhia Brasileira de Alumnio - CBA
Financing
Financing
Energy supplier
Investments
Financial instruments
Energy supplier
Input supplier
Selling of wood
Standing wood supplier
Energy supplier
Land leases
Input supplier
Chemical products supplier
Land leases
Land leases
(8,357)
15,575
(7,592)
(352,205)
7,218
(359,797)
(1,975)
(13,588)
3,908
2,703
(1,500)
(119)
7,892
(224)
(9,734)
5,332
(10)
(78)
(7,566)
(399)
(15,358)
(b)
3,950
67,125
1,758
(1,016)
4,907
(79)
126
3,361
(219)
(3,155)
(2,318)
(2,541)
71,899
Key management compensation

The remuneration expenses of the Fibrias officers and directors, including all benefits, are summarized
as follows:
September 30, September 30,
2016
2015
Benefits to officers and directors (i)
Benefit program - Phantom Stock Options and Stock
Options plans
12,091
37,347
(8,974)
12,950
3,117
50,297
(i) Benefits to officers and directors include fixed compensation, social charges, profit sharing program and the
variable compensation program.
The amount of R$ 3,117 recognized as provision or reversal of provision in the nine-month period ended
September 30, 2016, was impacted by the change in the Companys stock price, which is considered for
the valuation of the variable compensation program and benefit program (Phantom Stock Options and
32 of 46

Stock Options plans) existing.

Benefits to key management do not include the compensation for the Statutory Audit Committee,
Finance, Compensation and Sustainability Committees' members of R$ 954 for the nine-month period
ended September 30, 2016 (R$ 713 for the nine-month period ended September 30, 2015).
The Company does not have any other post-employment plans and does not offer any other benefits,
such as additional paid leave for time of service.
The balances to be paid to the Companys officers and directors are recorded as follows:
2016
2015
Current liability
15
13,444
37,563
Non-current liability
Other payables
2,100
9,401
Shareholders equity
Capital reserve
4,637
9,329
20,181
56,293
September 30,
2016
December 31,
2015
3,260
113,910
751
137,020
117,170
137,771
Investments
Investment in joint-venture - equity method

Other investments - at fair value (i)
(i) Fair value change in our interest in Ensyn was not significant in the nine-month period ended September 30, 2016. The
decrease in the balance refers to the foreign currency effect on the investment.
None of the subsidiaries and jointly-operated entities has publicly traded shares.
The provisions and contingent liabilities related to the entities of the Company are described in Note 21.
Additionally, the Company does not have any significant restriction or commitments with regards to its
joint-venture.
33 of 46

16
Biological assets
2016
2015
4,114,998
3,707,845
Additions
Harvests in the year (depletion)
Change in fair value - step up
Disposals / provision for disposals
Transfer (i)
1,115,127
(796,600)
(108,014)
(1,770)
1,344,355
(1,102,725)
184,583
(19,063)
3
4,323,741
4,114,998
(i) Includes transfers between biological assets and property, plant and equipment.
17
Property, plant and equipment
Land
Additions
Disposals
Depreciation
Acquisition of assets - Fibria
Innovations
Transfers and others (iii)
1,200,512
453,775
(17,367)

Additions
Disposals
Depreciation
Transfers and others (iii)
1,636,920
At September 30, 2016
1,642,654
Buildings
1,358,716
335
(6,056)
(112,005)
50,294
(413)
6,147
Machinery,
equipment
and facilities
6,457,787
3,640
(16,005)
(653,595)
4,212
184,508
Property, plant
and equipment
in progress (i)
217,627
553,291
18,091
1,903
(887)
(14,368)
(303,900)
52,878
57,617
1,176
(423)
(13,151)
76,665
1,291,284
575
(4,964)
(88,567)
82,844
5,980,547
6,704
(17,916)
(489,999)
194,041
467,018
3,140,594
1,281,172
5,673,377
3,271,447
(336,165)
(i) Includes the amount of R$ 3,066,300 regarding the Horizonte 2 Project.

(ii) Includes vehicles, furniture, IT equipment and others.
(iii) Includes transfers between property, plant and equipment, intangible assets and inventory.
34 of 46
Other (ii)
121,884
Total
9,252,733
1,012,944
(40,315)
(779,968)
4,212
(16,220)
9,433,386
3,149,049
(23,716)
(591,717)
23,532
11,990,534

18
Intangible assets
September 30,
2016
December 31,
2015

Additions
Amortization
Disposals
Transfers and others (*)
4,505,634
116,134
(50,704)
(98)
13,139
4,552,103
8
(76,021)
(67)
29,611
4,584,105
4,505,634
4,230,450
32,156
115,047
4,230,450
28,677
102,600
85,078
18,774
136,800
92,812
16,895
4,584,105
4,505,634
Composed by
Goodwill Aracruz
Systems development and deployment
Concession right Macuco Terminal (Note 1(a))
Acquired from business combination
Databases
Relationships with suppliers - chemical products
Other
(*) Includes transfers between property, plant and equipment and intangible assets.
35 of 46
TJLP
Fixed
Selic
TJLP/Fixed
CDI
CDI
Fixed
In Reais
BNDES
BNDES
BNDES
FINAME
CRA
NCE
FCO, FDCO and FINEP
6.5
5.75
6.9
3.1
11.46
12.39
8.0
6.5
5.6
2.5
2.5
1.6
1,072,877
1,509,772
1,072,877
1,509,772
94,172
44,905
933,800
337,526
620,126
257,301
454,468
798,003
186,937
29,745
18
3,236
16,687
88,855
12,048
735,351
889,646
170,651
33,069
753
2,226
96,941
304,498
11,988
595,795
45,123
78,632
15,801
December
31, 2015
72,141
44,764
4,389
313,583
454,769
September
30, 2016
Current
11,670,955
11,561,297
12,605,981
12,682,567
109,658
11,670,955
2,191,191
776,421
100,460
26,585
2,226
659,275
613,177
13,047
9,479,764
6,141,049
652,610
2,686,105
December
31, 2015
76,586
12,682,567
4,272,013
679,324
89,213
35,133
668
2,676,798
365,596
425,281
8,410,554
493,370
2,235,918
831,497
4,849,769
September
30, 2016
Non-current
14,192,339
333,887
454,468
13,403,984
14,192,339
4,892,139
849,975
122,282
35,886
2,894
2,773,739
670,094
437,269
9,300,200
565,511
2,280,682
835,886
5,163,352
454,769
September
30, 2016
12,743,832
203,830
44,905
12,495,097
12,743,832
2,528,717
963,358
130,205
26,603
5,462
675,962
702,032
25,095
10,215,115
6,736,844
45,123
731,242
2,701,906
December
31, 2015
Total
36 de 46
The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the
maturity date for each installment, including the issuing/contracting costs, when applicable.
Interest
Short-term borrowing
Long-term borrowing
UMBNDES
Fixed
LIBOR
LIBOR
Fixed
Interest
rate
In foreign currency
BNDES - currency basket
Bonds - US$
Finnvera
Export credits (prepayment)
Export credits (ACC/ACE)
Type/purpose
Breakdown of the balance by type of loan
(a)
Average
annual
interest
rate - %
Loans and financing
19

(b)
37 de 46
In Reais
BNDES - TJLP
BNDES - Fixed rate
BNDES - Selic
FINAME
CRA
NCE
FCO, FDCO and FINEP
In foreign currency
BNDES - currency basket
Bonds - US$
Finnvera
Export credits (prepayment)
Breakdown by maturity
121,486
33,197
1,419
167
257,894
659
414,822
1,738,769
21,252
2,974
77,966
255,304
1,323,947
177,338
44,351
8,533
355
501
103,937
2,450,621
103,937
1,153,532
154,703
2,819,247
210,702
43,225
47,448
91,517
27,093
1,419
2,608,545
53,987
2019
66,478
2018
22,635
2017

2,374,951
1,451,220
661,292
1,187,050
43,225
46,775
1,872,920
882,269
46,775
168,857
4,791
554
990,651
156,660
103,937
730,054
2021
157,551
15,200
1,419
923,731
148,392
310,543
103,937
360,859
2020
247,457
105,011
46,775
56,428
399
1,409
142,446
103,937
38,509
2022
1,027,443
916,797
46,775
2,102,213
72,901
46,775
13,658
14,900
828,456
12,468
2,029,312
1,925,375
103,937
2024
26,666
110,646
103,937
6,709
2023
150,713
46,775
46,775
103,938
103,938
2025
46,775
46,775
46,775
2026
46,775
46,775
46,775
2027
12,682,567
4,272,013
679,324
89,213
35,133
668
2,676,798
365,596
425,281
8,410,554
493,370
2,235,918
831,497
4,849,769
Total

(c)
Breakdown by currency
Real
U.S. Dollar
Selic
Currency basket
(d)
September 30,
2016
December 31,
2015
4,856,253
8,734,689
35,886
565,511
2,502,114
9,483,873
26,603
731,242
14,192,339
12,743,832
September 30,
2016
December 31,
2015
Roll forward
At the beginning of period

Borrowings
Interest expense
Foreign exchange losses (gains)
Repayments - principal amount
Interest paid
Additional transaction costs
Other (*)
12,743,832
5,330,223
497,106
(1,750,028)
(2,175,817)
(359,539)
(105,126)
11,688
8,326,519
3,118,475
479,287
3,037,653
(1,800,670)
(405,546)
(30,486)
18,600
14,192,339
12,743,832
(*) It includes amortization of transactions costs.
(e)
Relevant operations settled in the period

Export credits - ACC
During the nine-month period ended September 30, 2016, the Company paid some export contracts
(ACC) in the amount of US$ 404 million (equivalent then to R$ 1,387,578), which interest rate were
between 1.24% and 1.99% p.a.
(f)
Relevant operations contracted in the period

Export credits ACC and ACE
During the nine-month period ended September 30, 2016, the Company, through its subsidiary FibriaMS, entered into export contracts (ACC and ACE) in the amount of US$ 140 million (equivalent then to
R$ 462,252), which matures through October 2016 with a fixed interest rate between 1.55% and 1.60%
p.a.
Agribusiness Credit Receivable Certificates - CRA
During the nine-month period ended September 30, 2016, the Company concluded three public
distributions with restrict efforts of Agribusiness Credit Receivable Certificates issued by Eco
38 de 46

Securitizadora de Direitos Creditrios do Agronegcio S.A. In the first distribution, the total amount
released was R$ 1,350 million, in two tranches, being the first tranche in the amount of R$ 880 million,
with maturity for the principal in 2020, payments of interest semi-annually and an interest rate of 97%
of CDI and the second tranche in the amount of R$ 470 million, with maturity for the principal in 2023,
payments of interest annually and an interest rate of IPCA plus 5.9844% p.a. The funds were received by
the Company on June 23, 2016. In the second distribution, the total amount released was R$ 374
million, with maturity for the principal in 2023, payments of interest annually and an interest rate of
IPCA plus 5.9844% p.a. The funds were received by the Company on August 15, 2016. In the third
distribution, the total amount released was R$ 326 million, with maturity for the principal in 2020,
payments of interest semi-annually and an interest rate of 97% of CDI. The funds were received by the
Company on August 31, 2016. The events of default of the contract are reflected in the item (g) below.
Finnvera (Finnish Development Agency)
In May 2016, the Company, through its subsidiary Fibria-MS, entered into a loan agreement for the
financing of imported equipment for the second pulp production line in Trs Lagoas (Horizonte 2
Project). The total amount raised was U.S. Dollar equivalent to 383,873 thousand with the financial
institutions BNP Paribas, Finnish Export Credit, HSBC Bank and Nordea, totally guaranteed by
Finnvera (Export Credit Agency). During the nine-month period ended September 30, 2016, the amount
of US$ 275 million (equivalents then R$ 919,628) was released in three tranches of US$ 194 million,
US$ 67 million and US$ 14 million, maturing in December 2025 and interest rates at semi-annual
LIBOR plus 1.03% p.a. for the first tranche and semi-annual LIBOR plus 1.08% p.a. for the second and
third tranches. The remaining balance not released of U.S. Dollar equivalent to 140,120 thousand, will
be released according to the payments for the suppliers of the project. The events of default of the
contract are reflected in the item (g) below.
Middle West Development Fund (FDCO)
In September 2016, the Company, through its subsidiary Fibria-MS, raised R$ 423,621 from the total of
R$ 831,478 contracted with Banco do Brasil, with an interest rate of 8.0% p.a., monthly payments of
principal and interest as from June 2019 and final maturity in December 2027. The remaining balance
of R$ 407,857 might be released until the end of 2016.
(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.
The Companys debt financial covenants are measured based on consolidated information translated
into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as
defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2015))
cannot exceed 4.5 times.
The Company is in full compliance with the covenants established in the financial contracts at
September 30, 2016.
The loan and financing agreements with debt financial covenants also present the following events of
default:
.
Non-payment, within the stipulated period, of the principal or interest.
39 de 46

20
Inaccuracy of any declaration, guarantee or certification provided.
Cross-default and cross-judgment default, subject to an agreed.
Subject to certain periods for resolution, breach of any obligation under the contract.
Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.
Expropriation, confiscation or any other action affecting a significant portion of the Company's
assets;
Addiction, invalidity, ineffectiveness or unenforceability of the contract;
Extinction or termination the contract for any reason or person;
Split of the Company without the prior consent of the creditor;
Any direct or indirect controlling which does not integrate the Votorantim Group, to perform any act
aimed annul, revise, cancel or repudiate by judicial or extrajudicial means the contract;
Compliance with certain environmental and social conditions on the Horizon Project 2, for Finnvera's
contract.
Trade payables
Local currency
Related parties
Third parties (i)
Foreign currency
Third parties
September 30,
2016
December 31,
2015
4,885
1,105,814
5,738
585,975
232,010
76,304
1,342,709
668,017
(i) As mentioned in Note 1 (a), we have a long-term supply agreement of hardwood pulp with Klabin in different
conditions in terms of volume, exclusivity, guarantees and payment terms up to 360 days, whose prices were
practiced in market conditions, as established in the agreement.
As at September 30, 2016, the amount of R$ 489,127 (zero as at December 31, 2015) refers to pulp purchases of
the contract abovementioned.
40 de 46

21
Provision for contingencies

September 30, 2016
December 31, 2015
Judicial
deposits
Provision
Net
Judicial
deposits
Provision
Net
105,327
70,746
21,021
111,359
229,159
42,329
6,032
158,413
21,308
96,997
64,429
18,918
106,571
201,561
37,537
9,574
137,132
18,619
197,094
382,847
185,753
180,344
345,669
165,325
Nature of claims
Tax
Labor
Civil
The change in the provision for contingencies is as follows:

September 30,
2016
(i)
December 31,
2015

Settlement
Reversal
New litigation
Accrual of financial charges
345,669
(1,751)
(12,767)
14,503
37,193
302,144
(16,334)
(38,196)
37,089
60,966
382,847
345,669
Significant changes in the period

Tax assessment - IRPJ/CSLL - Swap of industrial and forestry assets
On January 19, 2016, the Tax Federal Administrative Court (CARF - Conselho Administrativo de
Recursos Fiscais) rejected as per the casting vote of CARFs President, the appeal filed by the Company
in the administrative process regarding the tax assessment received on the swap of industrial and
forestry assets with International Paper, as mentioned in Note 24(b)(iv) of our most recent annual
financial statements as at December 31, 2015. The Company was notified of the decision on May 25,
2016 and due to the impossibility of new resources and the consequent closure of the case at the
administrative level, decided to continue the discussion with the Judiciary and the presentation of
challenge is pending by the Union. The Company presented judicial guarantee, which was accepted and
maintains its position to not constitute provisions for contingencies, based on the Companys and its
external legal advisors opinion that the probability of loss on this case is possible. The updated amount
as at September 30, 2016 was R$ 1,646,813.
41 de 46

Tax assessment - IRPJ/CSLL - Fibria Trading International

On February 25, 2016, the Company was notified of the decision that rejected the appeal filed by the tax
authorities, in view of the favorable decision to the Company in the first administrative level. Since that
there were no new appeal by the tax authorities, on March 6, 2016, the tax assessment was extinguished.
Tax assessment - IRPJ/CSLL - Fibria Overseas Holding
On October 21, 2015, the Company was notified of the CARFs decision that judged favorably the appeal
presented. Since that there were no new appeal by the tax authorities, on January 21, 2016, the tax
assessment was extinguished.
Tax assessment - IRPJ/CSLL - Newark
On February 3, 2016, CARF judged favorably the appeal presented by the Company and rejected the
appeal filled by the tax authorities. On March 21, 2016, the tax authorities filled petitions regarding the
administrative proceedings informing they do not have interest in pursuing the discussion in the
Superior Chamber of Tax Appeals, which leads the tax assessment to be extinguished.
22
Revenue
(a)
Reconciliation
2016
2015
Gross amount
Sales taxes
Discounts and returns (*)
Net revenues
9,067,147
(173,295)
(1,812,842)
9,018,281
(143,054)
(1,779,175)
7,081,010
7,096,052
(*) Related mainly to trade discounts.
(b)
Information about markets

2016
2015
Revenue
Domestic market
Export market
Services
42 de 46
703,044
6,312,661
65,305
564,612
6,461,801
69,639
7,081,010
7,096,052

23
Financial results
2016
2015
Financial expenses
Interest on loans and financing (i)
Loans commissions
Others
Financial income
Financial investment earnings
Others (ii)
Gains (losses) on derivative financial instruments

Gains
Losses
Foreign exchange losses and monetary adjustment, net

Loans and financing
Other assets and liabilities (iii)
Net
(426,776)
(16,329)
(91,398)
(329,689)
(7,344)
(60,913)
(534,503)
(397,946)
126,127
63,430
65,756
66,426
189,557
132,182
1,063,671
(380,337)
480,198
(1,369,677)
683,334
(889,479)
1,750,028
(274,905)
(3,254,485)
627,441
1,475,123
(2,627,044)
1,813,511
(3,782,287)
(i) Does not include the amount of R$ 70,330 as at September 30, 2016 (R$ 2,438 as at September 30, 2015), related to
capitalized financing costs.
(ii) Includes interest accrual of the tax credits.
(iii) Includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and others.
43 de 46

24
Expenses by nature
2016
2015
Cost of sales
Depreciation, depletion and amortization
Freight
Labor expenses
Variable costs (raw materials, miscellaneous materials and
inventories for resale)
Selling expenses
Labor expenses
Selling expenses (i)
Operational leasing
Depreciation and amortization charges
Other expenses
General and administrative

Labor expenses
Third-party services
Depreciation and amortization
Taxes and contributions
Operating leases and insurance
Other expenses
Other operating (expenses) income

Programs of variable compensation (ii)
Loss on disposal of property, plant and equipment
Tax credits
Provision of contingencies
Changes in fair value of biological assets
Others
(1,385,378)
(656,553)
(406,822)
(1,390,903)
(656,709)
(358,997)
(2,567,803)
(1,839,956)
(5,016,556)
(4,246,565)
(24,492)
(293,224)
(1,609)
(7,418)
(18,785)
(21,526)
(266,897)
(1,340)
(7,398)
(15,397)
(345,528)
(312,558)
(77,922)
(77,019)
(10,054)
(4,805)
(8,309)
(23,398)
(73,849)
(77,786)
(12,055)
(4,837)
(6,552)
(19,728)
(201,507)
(194,807)
(42,215)
(22,127)
12,282
(14,129)
(108,014)
(1,651)
(95,531)
(15,665)
2,195
(7,928)
29,831
4,028
(175,854)
(83,070)
(i) Includes handling expenses, storage and transportation expenses and sales commissions and others.
(ii) Includes the provisions/reversals of the variable compensation program and benefit programs (Phantom Stock
Options and Stock Options plans), which consider the Companys stock price in its valuation.
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25
Earnings per share
(a)
Basic
September 30,
2016
Numerator
Net income (loss) attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
Basic earnings (loss) per share - in Reais
1,747,103
553,590,604
3.16
September 30,
2015
(563,286 )
553,591,281
(1.02 )
The weighted average number of shares in the presented periods is represented by a total number of
shares of 553,934,646 issued and outstanding for the nine-month period ended September 30, 2016 and
2015, without considering treasury shares, for total of 344,042 shares in the nine-month period ended
September 30, 2016 and 2015. In the nine-month period ended September 30, 2016 and 2015 there were
no changes in the number of shares of Company.
(b)
Diluted
September 30,
2016
Numerator
Net income (loss) attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
Dilution effect
Stock options
Weighted average number of common shares outstanding adjusted according
to dilution effect
Diluted earnings (loss) per share (in Reais)
45 de 46
1,747,103
September 30,
2015
(563,286)
553,590,604
553,591,281
894,976
687,840
554,485,580
554,279,121
3.15
(1.02)

26
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 the 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), asset retirement obligations (Note 26), long term commitments (Note 27), benefits to
employees (Note 29), compensation program based on shares (Note 30), insurance (Note 34), noncurrent assets held for sale (Note 36) and impairment testing (Note 37), that we omitted in the
September 30, 2016 consolidated 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, 2015.
27
Subsequent event
On October 7, 2016, the Company approved the public distributions of Agribusiness Credit Receivable
Certificates (CRA) to be issued by Eco Securitizadora de Direitos Creditrios do Agronegcio S.A., until
the amount of R$ 1,700,000, in two tranches, being the first tranche with maturity for the principal in
2022 and an interest rate of 99% of CDI and the second tranche with maturity for the principal in 2023
and an interest rate indexed to NTN-B 24. The Agribusiness Credit Receivable Certificates will be backed
in Export Credit Notes (NCEs) to be issued by the Company.
*
46 de 46
3Q16 Results
3Q16 Results
Horizonte 2 Project reduction to R$ 7.5 billion;
60% of the work concluded and only 38% of financial execution, with US$ 1.4 billion to be disbursed
9M16 vs Last 12 months
9M15
(LTM)
Unit
3Q16
2Q16
3Q15
3Q16 vs
2Q16
Pulp Production
000 t
1,311
1,287
1,275
Pulp Sales
000 t
1,442
1,342
1,298
Net Revenues
R$ million
2,300
2,386
2,790
-4%
-18%
7,081
Adjusted EBITDA(1)
R$ million
758
925
1,551
-18%
-51%
2,937
37%
43%
56%
-5 p.p.
-18 p.p.
41%
52%
-10 p.p.
48%
Net Financial Result(2)
R$ million
(203)
1,095
(2,357)
-119%
-91%
1,814
(3,782)
1,911
Net Income (Loss)
R$ million
32
745
(601)
-96%
-105%
1,755
(553)
2,665
Free Cash Flow (6)
R$ million
402
417
1,122
-4%
-64%
1,549
2,000
-23%
2,414
Dividends paid
R$ million
(0)
(304)
(304)
(149)
103%
(2,302)
Key Figures
EBITDA margin pro-forma (7)
3Q16 vs
3Q15
9M16
9M15
2%
3%
3,802
3,888
-2%
5,098
7%
11%
3,920
3,810
3%
5,228
7,096
0%
10,066
3,714
-21%
4,560
ROE(5)
16.1%
21.9%
17.8%
-5 p.p.
-2 p.p.
16.1%
17.8%
-1 p.p.
16.1%
ROIC(5)
15.6%
21.8%
17.9%
-6 p.p.
-2 p.p.
15.6%
17.9%
-2 p.p.
15.6%
Gross Debt (US$)
US$ million
4,372
3,958
3,153
10%
39%
4,372
3,153
39%
4,372
Gross Debt (R$)
R$ million
14,192
12,705
12,526
12%
13%
14,192
12,526
13%
14,192
Cash(3)
R$ million
3,572
2,983
2,948
20%
21%
3,572
2,948
21%
3,572
Net Debt (R$)
R$ million
10,620
9,722
9,578
9%
11%
10,620
9,578
11%
10,620
Net Debt (US$)
US$ million
3,272
3,029
2,411
8%
36%
3,272
2,411
36%
3,272
Net Debt/EBITDA LTM
2.33
1.82
2.07
0.51 x
0.26 x
2.33
2.07
0.26 x
2.33
Net Debt/EBITDA LTM (US$)(4)
2.64
2.10
1.58
0.54 x
1.05 x
2.64
1.58
1.05 x
2.64
(1) Adjusted by non-recurring and non-cash items | (2) Includes interest expenses, revenues from financial investments, mark-to-market of hedging instruments, monetary and exchange variation and others
(3) Includes the hedge fair value | (4) For covenants purposes | (5) For more details p. 16 | (6) Before dividend payment, expansion and logistics capex, and purchase of land
(7) Calculation excludes pulp sales from agreement w ith Klabin
3Q16 Highlights
Pulp production of 1,311 thousand tons, 2% and 3% more than in 2Q16 and 3Q15, respectively. LTM production stood at 5,098 thousand t.
Pulp sales, including pulp from Klabin, totaled 1,442 thousand t, 7% and 11% up on 2Q16 and 3Q15, respectively. LTM sales stood at 5,228
thousand t.
Net revenue of R$2,300 million (2Q16: R$2,386 million | 3Q15: R$2,790 million). LTM net revenue came to R$10,066 million (including net
revenue from Klabin pulp sales). Foreign net average price sales at R$1,594/t and domestic at R$1,458/t.
Cash cost of R$638/t, 4% and 3% less than in 2Q16 and 3Q15, respectively (for more details, see page 8). Excluding the impact of the
scheduled downtimes, the cash cost would have been 6% down on the previous quarter.
Third-quarter adjusted EBITDA totaled R$758 million, 18% and 51% less than in 2Q16 and 3Q15, respectively. LTM adjusted EBITDA amounted
to R$4,560 million. The EBITDA Margin stood at 37%, excluding pulp sales from the Klabin agreement.
EBITDA/ton, without considering Klabins volumes, of R$594/t (US$183/t) in the quarter, 24% and 56% down on 2Q16 and 3Q15, respectively.
Free cash flow in the quarter before expansion capex, logistics and dividends totaled R$402 million, 4% and 64% lower than in 2Q16 and
3Q15, respectively. LTM free cash flow came to R$2,415 million, with a free cash flow yield of 19.0% in R$ and 13.5% in US$.
Cash ROE and ROIC of 16.1% and 15.6%, respectively. For more details, see page 15.
Net income of R$32 million (2Q16: R$745 million | 3Q15: R$(601) million). 9M16 net income stood at R$1,755 million.
Gross debt in dollars of US$4,372 million, 10% and 39% more than in 2Q16 and 3Q15, respectively.
R$424 million of funds withdrawn from FDCO in September and R$423 million from BNDES in October. Regarding H2 Project, there are
still R$407 million to be withdrawn from FDCO, R$1.9 billion from BNDES and approximately US$150 million from ECA Finnvera.
Cash position of R$3.6 billion or US$1.1 billion, which added to the funds to be withdrawn related to H2 Project, is more than enough to
cover the remaining capex expenses needed for the H2 Project.
Net Debt/EBITDA ratio of 2.64x in dollars (Jun/16: 2.10x | Sep/15: 1.58x) and 2.33x in reais (Jun/16: 1.82x | Sep/15: 2.07x).
Total cost of debt in dollars, including the full swap of real-denominated debt, of 3.3% p.a. (2Q16: 3.4% p.a. | 3Q15: 3.3% p.a.).
Fibria was selected to be part of the 2016/2017 portfolio of the DJSI World and the DJSI Emerging Markets Indices of NYSE.
Horizonte 2 Project 60% physically concluded and only 38% of financial execution. Capex of US$1.4 billion to be executed.
Projects total capex updated from R$7.7 billion to R$7.5 billion.
Subsequent Events
Approval of the issue of export credit notes through the public distribution of agribusiness receivables certificates (CRAs) totaling up to R$1.7
billion.
R$ 423 million of funds withdrawn from BNDES for the H2 Project on October 18, 2016.
Market cap September 30, 2016:
Conference Call: October 31, 2016
R$12.7 billion | US$3.9 billion(1)
English (simultaneous translation into Portuguese):

10 a.m. (US-EDT)
FIBR3: R$23.01
FBR: US$7.09
Free float (common shares):
553,934,646 shares
(1) Market cap in R$ converted by the Ptax
Participants in Brazil: +55 11 2188-0155 | Other

participants: +1-646-843-6054
Webcast: www.fibria.com.br/ir
Investor Relations
Guilherme Cavalcanti
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
2
The operating and financial information of Fibria Celulose S.A. for the third quarter of 2016 (3Q16) presented in this document is based on consolidated figures and expressed in reais, is unaudited and was prepared in
accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with the elimination of all intercompany transactions.
3Q16 Results
Contents
Executive Summary .............................................................................................................4

Pulp Market ..........................................................................................................................5
Production and Sales ...........................................................................................................5
Results Analysis ...................................................................................................................6
Financial Result....................................................................................................................9
Net Result ..........................................................................................................................11
Indebtedness......................................................................................................................12
Capital Expenditure ............................................................................................................14
Free Cash Flow ..................................................................................................................15
ROE and ROIC ..................................................................................................................15
Capital Market ....................................................................................................................16
Sustainability ......................................................................................................................17
Subsequent Events ............................................................................................................17
Appendix I Revenue x Volume x Price* ...........................................................................18
Appendix II Income Statement ........................................................................................19
Appendix III Balance Sheet .............................................................................................20
Appendix IV Cash Flow ...................................................................................................21
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) .22
Appendix VI Economic and Operational Data .................................................................23
3Q16 Results
Executive Summary
Even though the seasonality has marked the period, an improved sales volume performance was observed when
compared to 2Q16, especially in August and September. This growth, coupled with a scenario of depreciated prices
especially in Asia, and a more balanced short-term outlook than expected with regard to the entry of new capacity, made
Fibria announce a US$20/t price increase for Asia effective as of October, 1st. Another development in the quarter was the
R$38/t drop in the production cash cost when compared to the previous quarter, taking into account the change without
the impact of the scheduled maintenance downtimes, and the overall physical completion of Horizonte 2 Project of 60%
by the end of September, higher than expected.
Pulp production totaled 1,311 thousand tons in 3Q16, 2% more than in 2Q16, due to the plant C retrofit in the Aracruz Mill
in 2Q16, the higher number of production days and better industrial performance, which were partially offset by the
scheduled maintenance downtime at the Veracel Mill. Compared to 3Q15, the 3% increase was primarily due to the lower
effect of scheduled maintenance downtimes. Sales volume came to 1,442 thousand tons, 7% up on 2Q16. In the year-onyear comparison, the impact of the Klabin agreement was the main factor behind the improvement. Total volume from
Klabin agreement totaled 164 thousand tons (2Q16: 130 thousand tons). Pulp inventories closed the quarter at 57 days.
The production cash cost was R$638/t, 4% down on 2Q16, primarily due to the lower consumption of energy (higher
operational stability), lower costs with wood, impact of the exchange rate and better utilities result, among other less
important factors (for more details, see page 7), which were partially offset by the scheduled maintenance downtime at the
Veracel Mill. Excluding the impact of the 3Q16 downtimes, production cash cost would have fallen by 6%. Compared to
3Q15, the 3% drop was primarily due to the lower effect of scheduled maintenance downtimes, which were partially offset
by higher costs with wood, the lower utilities result, and higher fixed costs.
Adjusted 3Q16 EBITDA totaled R$758 million, 18% down on 2Q16, due to the lower average net price in reais, which was
partially offset by the increase in sales volume, while the EBITDA margin, excluding the sale of pulp from Klabin, stood at
37% (33% including these sales). In relation to 3Q15, the 51% decline was due to the 26% slide in the average net price
in reais and the increased cash COGS per ton (for more details on COGS, see page 6). Free cash flow for the quarter
before expansion capex and dividend payments amounted to R$402 million, 4% and 64% less than in 2Q16 and 3Q15,
respectively, due to the EBITDA reduction and higher disbursement of income taxes, partially offset by the positive variation
in working capital. It is worth noting that the operation with Klabin has no impact on EBITDA.
The 3Q16 financial result was negative by R$203 million, versus a positive R$1,095 million in 2Q16 and negative R$2,357
million in 3Q15. The change when compared to 2Q16 and 3Q15 was largely due to the FX impact over debt and hedging
positions. Gross debt in dollars totaled US$4,372 million, 10% and 39% more than in 2Q16 and 3Q15, respectively. Fibria
closed the quarter with a cash position of R$3,572 million (or US$1,100 million), including the mark-to-market of derivatives.
As a result of all the above, the Company reported 3Q16 net income of R$32 million, versus R$745 million in 2Q16 and a
loss of R$601 million in 3Q15. When comparing the accumulated net income for the year, the amount was R$1,755 million
compared to a loss of R$553 million in the first 9 months of 2015.
3Q16 Results
Pulp Market
Fibria's sales in 3Q16 totaled 1,442 thousand tons, 11% higher than the volume sold year-over-year. Despite the seasonally
weaker demand over part of the quarter, due to summer vacations in the Northern Hemisphere, the first signs of recovery
appeared in mid-August and consolidated in September, especially in China. Sales recovery at the end of the quarter and
the hardly sustainable price levels in Asia resulted in the announcement of the US$20/t price increase to be in force as of
October 1 for the region.
The maintenance of the gap between hardwood and softwood pulp prices at high levels also contributed to the good sales
performance over the quarter. In Europe, the reference price gap between the two types of pulp reached US$148/t in the
last week of September, according to PIX/FOEX. In China, the price gap remained close to US$100/t over the entire
quarter.
According to the PPPCs Global-100 report data, softwood pulp sales rose by 4% in the 8 first months of 2016, driven by
the demand for eucalyptus pulp, which increased by 7% in the period (+1,031 thousand t). While eucalyptus pulp sales for
the European and North-American markets remained virtually stable, Chinas demand grew 23% between January and
August.
BHKP and BEKP Shipments - January to August 2016 vs 2015
(change % and k tons)
1,031
821
762
-5%
+4% +7%
123 122
15
-1% -1%
+1%
-83
-99
Global
943
North America
-49
+14% +22%
+2% +4%
China
Others
Western Europe
BHKP
BEKP
Source: PPPC Global 100
The market fundamentals should remain balanced over the next months. On the demand side, a traditionally busier market
is expected due to the favorable seasonality typical of the period. On the supply side, in addition to the likely delay in the
arrival to the market of the volume resulting from the new capacities expected for 4Q16, the new calendar for scheduled
maintenance downtimes in Brazil, which since last year takes into account the extension of the period between downtimes
to 15 months, should result in the withdrawal of approximately 115 thousand tons from the market in the last months of
2016.
Production and Sales

Production ('000 t)
3Q16
2Q16
3Q15
3Q16 vs
2Q16
3Q16 vs
3Q15
9M16
9M15
9M16 vs.
9M15
Last 12
months
Pulp
1,311
1,287
1,275
2%
3%
3,802
3,888
-2%
5,098
149
132
118
13%
26%
406
374
9%
531
Export Market Pulp
1,293
1,210
1,180
7%
10%
3,514
3,436
2%
4,697
Total sales
1,442
1,342
1,298
7%
11%
3,920
3,810
3%
5,228
Sales Volume ('000 t)

Domestic Market Pulp
3Q16 Results
In 3Q16, pulp production totaled 1,311 thousand tons, 2% up on 2Q16, primarily due to the plant C retrofit in the Aracruz
Mill in the previous quarter, the higher number of production days (3Q16: 92 days; 2Q16: 91 days) and better industrial
performance, which were partially offset by the scheduled maintenance downtime at the Veracel Mill. Compared to 3Q15,
the 3% increase was primarily due to the lower effect of scheduled maintenance downtimes (3Q16: Veracel Mill | 3Q15: A
and B plants of the Aracruz and Trs Lagoas Mills). Pulp inventories closed the quarter at 984 thousand t (57 days), 6%
more than in 2Q16 931 thousand t (54 days) and 25% up on 3Q15 786 thousand t (53 days).
Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between recovery boiler
inspections from 12 to 15 months. Consequently, downtimes that used to take place on an annual basis, almost always at
the same time of year, are undergoing planning changes in accordance with the new regulation. In the long term, this
extension will reduce costs and increase output. The calendar for scheduled maintenance downtimes in Fibrias mills up
to 2018 is shown in the following chart, in which these changes become clear.
2014
1Q14
2Q14
2015
3Q14
4Q14
1Q15
2Q15
3Q15
2016
4Q15
1Q16
2Q16
3Q16
2017
4Q16
1Q17
2Q17
2018
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
Mills
Aracruz A
No maintenance downtime
Aracruz B
Aracruz C
Jacare
Trs Lagoas
Veracel
12 months
15 months
Sales volume totaled 1,442 thousand tons, 7% up on 2Q16. When compared to 3Q15, the increase of 11% is explained
by the effect of the Klabin agreement. In 3Q16, Europe accounted for 35% of the net revenue, followed by Asia with 31%,
North America with 24% and Latin America with 10%.
Results Analysis
Net Revenues (R$ million)
Domestic Market Pulp
3Q16
2Q16
3Q15
3Q16 vs
2Q16
3Q16 vs
3Q15
9M16
9M15
9M16 vs.
9M15
Last 12
months
217
230
203
-6%
7%
703
565
25%
957
Export Market Pulp
2,062
2,135
2,558
-3%
-19%
6,313
6,462
-2%
9,020
Total Pulp
2,279
2,365
2,761
-4%
-17%
7,016
7,026
0%
9,977
21
21
28
-1%
-24%
65
70
-6%
89
2,300
2,386
2,790
-4%
-18%
7,081
7,096
0%
10,066
Portocel
Total
Net revenue totaled R$2,300 million in 3Q16, 4% down on 2Q16, due to the lower average net price in reais, which, in
turn, was due to the 7% devaluation of the average dollar against the real and the 3% decline in the net average dollar
pulp price. Compared to 3Q15, revenue decreased by 18% due to the 19% drop in the net average dollar pulp price and
the 8% devaluation of the average dollar against the real. In both comparisons, the sales volume increase partially offset
the reductions observed.
The cost of goods sold (COGS) moved up by 6% over 2Q16 due to the higher sales volume, including Klabin's pulp volume.
When compared to 3Q15, in addition to the volume impact, the 21% growth also reflects an increase in cash COGS per
ton, which, in turn, is explained by the positive effect of the inventory turnover in that quarter. Excluding this effect, there is
a drop in cash COGS (see below further details on the production cash cost per ton). It is worth noting that, despite the
increase in COGS, the operation with Klabin has no impact on the Companys EBITDA.
3Q16 Results
The pulp production cash cost came to R$638/t in 3Q16, 4% less than in 2Q16, primarily due to i) the lower consumption
of energy, due to the higher operational stability; ii) lower costs with wood; iii) the impact of the devaluation of the average
dollar against the real (3Q16: R$3.2460 | 2Q16: R$3.5076); and iv) the better utilities result (electricity sales), which were
partially offset by the impact of the scheduled maintenance downtime at the Veracel Mill, among other factors as detailed
below. Excluding the impact of the 3Q16 downtimes, production cash cost would have fallen by 6%. Compared to 3Q15,
the decrease occurred due to the lower impact of the scheduled maintenance downtimes, which were partially offset by
higher costs with wood (wider average transportation radius 273 km; and more wood acquired from third parties 39%),
the lower utilities result (electricity sales), and higher fixed cost (higher expenses with maintenance and labor force), among
other less important factors, shown in the table below. It is worth noting that the Company is experiencing higher nonrecurring wood costs, as announced to the market on previous occasions. Inflation in the last twelve months, as measured
by the IPCA consumer price index, stood at 8.5%.
Pulp Cash Cost
R$/t
2Q16
662
Maintenance downtimes
Lower consumption of energy
(8)
Wood
(7)
Exchange rate
(6)
Higher results with utilities (energy sales)
(5)
Lower price of chemicals
(3)
Lower fixed cost
(3)
Others
(1)
3Q16
Cash Cost
(R$/t)
659
662
638
3Q15
2Q16
3Q16
Cash Cost ex-Downtime

(R$/t)
638
662
589
Pulp Cash Cost
R$/t
3Q15
659
Wood (higher third party contribution and Losango effect - higher distance from forest to mill)
27
Lower results with utilities (energy price decrease)
14
Higher cost with materials and services

Maintenance downtimes
Exchange rate
Lower expenses of chemicals and energy
Others
3Q16
3Q15
2Q16
624
3Q16
6
(55)
(7)
(10)
4
638
3Q16 Results
Production Cash Cost
3Q15
Production Cash Cost

3Q16
Other Fixed
Personnel 4%
5%
Maintenance
12%
Other Fixed
Personnel 3%
5%
Maintenance
16%
Other Variable
3%
Wood
43%
Other Variable
4%
Wood
49%
Energy
7%
Energy
7%
Chemicals
20%
Chemicals
22%
Variable costs
Fixed costs
Selling expenses totaled R$115 million in 3Q16, 5% less than in 2Q16, primarily due to sales mix and the positive exchange
rate impact (devaluation of the average dollar against the real). Compared to 3Q15, the 4% increase was primarily due to
the higher sales volume. The selling expenses to net revenue ratio remained at 5%.
General and administrative expenses (G&A) totaled R$68 million, flat over 2Q16. When compared to 3Q15, there was a
4% upturn in expenses, as a result of higher expenses with salaries and benefits.
Other operating income (expenses) totaled an expense of R$28 million in 3Q16, versus an expense of R$138 million in
2Q16. The change when compared to 2Q16 was chiefly due to the impact of the reappraisal of biological assets that
occurred in the previous quarter. Compared to 3Q15, the explanation was due to the decline in the provision for variable
compensation and the granting of the tax benefit (claim regarding import taxes).
EBITDA (R$ million) and

EBITDA Margin (%)(1)
EBITDA/t
56%
43%
37%
1,551
1,194
925
690
758
526
337
438
234
3Q16
EBITDA (R$ million)
264
2Q16
197
162
3Q15
EBITDA (US$ million)
3Q16
2Q16
EBITDA R$/ton
3Q15
EBITDA US$/ton
(1) Excludes volume sold due to the agreement with Klabin
Adjusted EBITDA totaled R$758 million in 3Q16, with a margin of 37% (excluding sales volume resulting from the
agreement with Klabin). In comparison with 2Q16, adjusted EBITDA fell by 18%, due to the lower average net price in
reais, which was partially offset by the increase in sales volume (excluding the volumes from the Klabin agreement). The
51% reduction in the annual comparison was due to the lower average net price in reais and higher cash COGS per ton,
despite the drop in cash cost, as previously explained. The graph below shows the main variations in the quarter:
3Q16 Results
EBITDA 3Q16 x 2Q16
(R$ million)
177
925
786
(139)
2Q16 Adjusted
EBITDA
Non-recurring
effects / noncash
(263)
2Q16 EBITDA
S&M
G&A
111
724
34
758
Other oper.
Expenses
3Q16 EBITDA
Non-recurring
effects / noncash(1)
3Q16 EBITDA
Ajustado
(93)
Volume
COGS
Price/Exchange
Variation
(1) Write-down of property, plant and equipment, provisions for ICMS tax credit losses, equity income, tax credits, reappraisal of biological assets and recovery of contingencies.
Financial Result
(R$ milhes)
3T16 vs
2T16
3T16 vs
3T15
9M16 vs
9M15
3T16
2T16
3T15
9M16
9M15
Receitas Financeiras (incluindo resultado de hedge)
37
455
(544)
809
(824)
Juros sobre aplicaes financeiras
68
23
27
126
66
196%
152%
91%
Resultado de hedge(1)
432
(571)
683
(890)
Despesas Financeiras
(175)
(31)
(123)
(122)
(428)
(331)
42%
43%
29%
Juros sobre emprstimos e financiamentos em moeda local
(120)
(71)
(48)
(259)
(140)
69%
150%
85%
(79)
(76)
(74)
(239)
(191)
4%
7%
25%
24
24
70
Juros sobre emprstimos e financiamentos em moeda estrangeira

Juros capitalizados (2)
Variaes Cambiais e Monetrias
(50)
771
(1,687)
1,475
(2,626)
-106%
-97%
Variao cambial dvida
(89)
968
(2,202)
1,750
(3,256)
-109%
-96%
39
(197)
515
(275)
630
-120%
-92%
(15)
(8)
(4)
(43)
(1)
88%
275%
(203)
1,095
(2,357)
(3,782)
-119%
-91%
Outras variaes cambiais e monetrias

Outras Receitas e Despesas Financeiras
Resultado Financeiro Lquido
1,813
(1) Variao da marcao a mercado (3T16: R$ 5 milhes | 2T16: R$ 479 milhes | 3T15: R$ (362) milhes), somados aos ajustes pagos e recebidos.
(2) Capitalizao de juros referente a obras em andamento.
Income from interest on financial investments came to R$68 million in 3Q16, 196% and 152% up on 2Q16 and 3Q15,
respectively, due to the increase in cash and financial investments arising from the new funding operations that took place
over the period, mainly as a result of the Horizonte 2 Project funding. Consequently, there was a higher concentration of
cash in Brazil, where interest rates are higher . Additionally, there was the receipt of two Agribusiness Credit Receivable
Certificates operations that totaled R$ 700 million.
Interest expenses on loans and financing came to R$199 million in 3Q16, 35% up on 2Q16, primarily due to the increase
in gross debt. When compared to 3Q15, it represented a 63% increase, because, in addition to the gross debt change,
there was a rise in Brazil's basic interest rates, which impacted the appropriation of interest on real-denominated debt
(more details on page 12).
Foreign-exchange expenses on dollar-denominated debt (73% of total gross debt including real/dollar swaps) stood at
R$89 million, versus income of R$968 million in 2Q16 and expenses amounting to R$2,202 million in 3Q15. In relation to
2Q16, the negative impact was due to the depreciation of the real against the dollar (3Q16: R$3.2462 | 2Q16: R$3.2098 |
3Q15: R$3.9729).
On September 30, 2016, the mark-to-market of derivative financial instruments was negative by R$4 million (a positive
R$249 million from operational hedges, a negative R$480 million from debt hedges, and a positive R$227 million from
embedded derivatives), versus a negative R$9 million on June 30, 2016, giving a positive variation of R$5 million. Despite
the depreciation of the real against the dollar when compared to 2Q16 (3Q16: R$3.2462 | 2Q16: R$3.2098), the positive
change in the mark-to-market was explained by the change in the foreign exchange coupon curve, which had a positive
impact on the long legs of the swap transactions (debt hedges). Cash disbursements from transactions that matured in the
period totaled R$36 million (negative by R$47 million in relation to the debt hedges and positive by R$11 million in relation
9
3Q16 Results
to the operational hedges). As a result, the impact of the change on the financial result was a negative R$31 million. The
following table shows Fibrias derivative hedge position at the close of September:
Swaps
Maturity
Notional (MM)
sep/16
Fair Value
jun/16
sep/16
jun/16
Receive
US Dollar Libor (2)
dec/19
$ 605
$ 619
R$ 1,912
R$ 1,894
Brazilian Real CDI (3)
aug/20
R$ 622
R$ 684
R$ 1,007
R$ 1,093
Brazilian Real TJLP (4)
dec/17
R$ 81
R$ 101 R$
Brazilian Fixed (5)
dec/17
R$ 192
R$ 206
Receive Total (a)
R$
80
R$
100
164
R$
172
R$ 3,163
R$ 3,259
Pay
US Dollar Fixed (2)
dec/19
$ 605
$ 619
US Dollar Fixed (3)
aug/20
$ 319
$ 351
R$ (1,300) R$ (1,398)
US Dollar Fixed (4)
dec/17
49
62
R$
(160) R$
(199)
US Dollar Fixed (5)
dec/17
89
96
R$
(254) R$
(266)
Pay Total (b)
R$ (1,929) R$ (1,923)
R$ (3,643) R$ (3,786)
Net (a+b)
R$
(480) R$
(527)
Option
US Dollar Options
up to 20M
$ 1,475 $ 1,345
Options Total (d)
R$
249
R$
265
R$
249
R$
265
Embedded Derivatives - Forestry Partnership and Standing Timber Supply

Agreements
Receive
US Dollar Fixed
Pay
US Dollar CPI
Embedded Derivatives
Total (e)
dec/34
$ 824
$ 835
R$
227
R$
253
dec/34
$ 824
$ 835
R$
R$
R$
227
R$
253
Net (a+b+c+d+e)
R$
(4) R$
(9)
Zero cost collar operations have proved to be more appropriate in the current exchange scenario, especially due to the
volatility of the dollar, as they lock the exchange rate at levels favorable to the Company while also limiting negative impacts
in the event of a significant depreciation of the real. These instruments allow for the protection of a foreign exchange band
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. Currently, these operations have a maximum term of 20 months, covering 49% of net foreign exchange
exposure, and their sole purpose is to protect cash flow exposure. The following table shows the instruments exposure up
to the contract expiration date and the respective average strikes per quarter:
Settled in Settled in Settled in
1Q16
2Q16
3Q16
Maturity
in 4Q16
Maturity Maturity in
in 2017
2018
Notional (US$ milhes)
290
115
120
295
1,030
150
Average strike put (R$/US$)
2.74
3.25
3.27
3.36
3.45
3.63
Average strike call (R$/US$)
4.44
6.68
7.40
6.62
5.89
5.57
11
Cash impact on settlement (R$ million)
Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollardenominated debt or protect existing debt against adverse swings in interest rates. Consequently, all of the swap asset
10
3Q16 Results
legs are matched with the flows of the respective hedged debt. The fair value of these instruments corresponds to the net
present value of the expected flows until maturity (average of 28 months in 3Q16) and, therefore, has a limited cash impact.
The forestry partnership and standing timber supply contracts entered into on December 30, 2013 are denominated in U.S.
dollars per cubic meter of standing timber, adjusted in accordance with U.S. inflation measured by the CPI (Consumer
Price Index), which is not related to inflation in the areas where the forests are located, constituting, therefore, an embedded
derivative. This instrument, presented in the table above, is a sale swap of the variations in the U.S. CPI for the period of
the above-mentioned contracts. See note 5 of the 3Q16 financial statements for more details and a sensitivity analysis of
the fair value in the event of a substantial variation in the U.S. CPI.
All financial instruments were entered into 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 Clearinghouse), which only have a cash impact on 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 reports directly and independently to the CEO and the other areas and bodies involved
in the process, ensuring implementation of the policy. Fibrias Treasury area is responsible for executing and managing
the financial operations.
Net Result
The Company posted 3Q16 net income of R$32 million, versus net income of R$745 million in 2Q16 and a loss of R$601
million in 3Q15. The net income in the first 9 months of the year reached R$1,755 million, of which R$1,341 million of
operating income and R$1,814 million of financial result.
Analyzing the result in terms of earnings per share, i.e. excluding depreciation, depletion and monetary and exchange
variations (see the reconciliation on page 23), the indicator was 18% lower than in 2Q16, due to the reduction in the
average net price in reais. Compared to 3Q15, the 51% reduction was also largely due to the drop in the pulp price in reais
and the higher cash COGS. The chart below shows the main factors impacting the 3Q16 net result, beginning with EBITDA
in the same period:
Net income (R$ million)
758
(89)
(484)
(31)
Adjusted EBITDA 3Q16 Exchange variation

debt
(1)
MtM derivatives
(107)
Net Interest
Deprec.,amortiz. And
depletion
(5)
(10)
32
Income tax
Other (1)
Net Income 3Q16
Includes other foreign exchange and monetary variations, other financial income/expenses and other operating income/expenses.
11
3Q16 Results
Indebtedness
Gross Debt
Unit
Sept/16
Jun/16
Sept/15
R$ million
Sept/16 vs
Jun/16
Sept/16 vs
Sept/15
14,192
12,705
12,526
12%
13%
Gross Debt in R$
R$ million
3,804
2,649
626
44%
507%
Gross Debt in US$(1)
R$ million
10,388
10,056
11,900
3%
-13%
49
49
51
-2
Average maturity
months
Cost of debt (foreign currency)

Cost of debt (local currency)
(2)
(2)
Short-term debt
% p.a.
3.6%
3.5%
3.6%
0.1 p.p.
0.0 p.p.
% p.a.
10.7%
11.1%
8.8%
-0.4 p.p.
1.9 p.p.
11%
8%
9%
3 p.p.
2 p.p.
Cash and market securities in R$
R$ million
2,686
2,465
1,412
9%
90%
Cash and market securities in US$
R$ million
890
527
2,537
69%
-65%
Fair value of derivative instruments
R$ million
(1,001)
-56%
-100%
Cash and cash Equivalents
(3)
Net Debt
Net Debt/EBITDA (in US$)
(4)
Net Debt/EBITDA (in US$)
(4)
(9)
R$ million
3,572
2,983
2,948
20%
21%
R$ million
10,620
9,722
9,578
9%
11%
2.33
1.82
2.07
0.5
0.3
2.64
2.10
1.58
0.5
1.1
(1) Includes BRL to USD sw ap contracts. The original debt in dollars w as R$ 9,302 million (66% of the total debt) and debt in reais w as R$ 4,890 million (34% of the debt)
(2 The costs are calculated considering the debt sw ap
(3) Includes the fair value of derivative instruments
(4) For covenant purposes
On September 30, 2016, gross debt stood at R$14,192 million, R$1,487 million, or 12%, up on the close of 2Q16, due to
the initial disbursement of the FDCO (Midwest Development Fund) financing line in the amount of R$424 million for the
Horizonte 2 Project, through two CRA (Agribusiness Receivables Certificates) issues based on CVM Instruction 476 in the
total amount of R$700 million and also through ACC (Advance on Exchange Contracts) and ACE (Advance on Delivered
Shipping Documents) contracts, in the total amount of R$454 million, partially offset by period amortizations. On October
18, R$423 million were drawn from BNDES fund for the Project H2. Still regarding the Project, there are R$407 million
from FDCO, R$1.9 billion from BNDES and approximately US$150 million from ECA Finnvera to be withdrawn. The chart
below shows the changes in gross debt during the quarter:
Gross Debt (R$ million)
1,725
89
49
14,192
Interest Accrual
Foreign Exchange
Variation
Others
Gross Debt
Set/2016
(551)
12,705
Gross Debt
Jun/2016
175
Loans
Principal/Interest
Payment
The financial leverage ratio in dollars increased to 2.64x on September 30, 2016 (versus 2.10x in 2Q16). It is worth
mentioning that the level of leverage ratio is in accordance with Companys Indebtness and Liquidity Policy, which allows
a temporarily maximum leverage ratio of 3.5x in dollars during its expansion/investment cycle.
The total average cost(*) of Fibrias dollar debt was 3.3% p.a. (Jun/16: 3.4% p.a. | Sep/15: 3.3% p.a.) comprising the
average cost of local currency bank debt of 10.7% p.a. (Jun/16: 11.1% p.a. | Sep/15: 8.8% p.a.), which fell due to the
decline in the future DI interest rate curve, and the cost in dollars of 3.6% p.a. (Jun/16: 3.5% p.a. | Sep/15: 3.6% p.a.). The
graphs below show Fibrias indebtedness by instrument, indexing unit and currency (including debt swaps):
12
(*)Total average cost, considering debt in reais adjusted by the market swap curve.
3Q16 Results
10%
3%
13%
19%
28%
36%
6%
27%
6%
6%
12%
Gross Debt by Currency
Gross Debt by Index
Gross Debt by Type
73%
3%
15%
Pre-Payment
Bond
Finnvera
ARC
43%
ACC
BNDES
NCE
Others
Libor
TJLP
Others
Pre Fixed
CDI
Local currency
Foreign currency
The average maturity of the total debt was 49 months in Sep/16, stable when compared to Jun/16 and similar to the 51
months in Sep/15. The graph below shows the amortization schedule of Fibrias total debt:
Amortization Schedule
(R$ million)
Revolver
1,759
2,818
210
Cash
1,451
415
2,608
1,023
882
1,027
2,029
741
159
539
582
484
2016
2,102
73
1,875
1,739
3,572
Liquidity
2,375
2017
1,324
2018
924
2019
2020
993
2021
247
105
142
2022
916
111
2023
2024
151
47
104
2025
47
47
0
2026
47
47
0
2027
Cash and cash equivalents closed September 30, 2016 at R$3,572 million, including the mark-to-market of hedge
instruments totaling a negative R$4 million. Excluding this impact, 75% of cash was invested in local currency, in
government bonds and fixed-income securities, and the remainder in short-term investments abroad.
The Company has four revolving credit facilities totaling R$1,759 million available until 2018, three of which in local
currency totaling R$850 million at 100% of the CDI plus 1.5% p.a. to 2.1% p.a. when utilized (0.33% p.a. to 0.50% p.a.
when on stand-by) and one in foreign currency totaling US$280 million with a cost of 1.55% p.a. to 1.70% p.a. plus the 3month Libor when utilized (35% of this spread when on stand-by). These funds, despite not being utilized, help improve
the Companys liquidity. Given the current cash position of R$3,572 million, these lines totaling R$1,759 million have
resulted in an immediate liquidity position of R$5,331 million. As a result, the cash to short-term debt ratio (including these
stand-by credit facilities) closed September 30, 2016 at 3.5x.
13
3Q16 Results
The graph below shows the evolution of Fibrias net debt and leverage since September 2015:
Net Debt / EBITDA (x)
2.64
(R$)
2.07
(US$)
2.06
1.86
1.82
1.85
1.78
1.58
11,015
10,620
10,309
9,722
9,578
Sep/15
Dec/15
3,272
3,029
2,897
2,821
2,411
2.33
2.10
Mar/16
Jun/16
Net Debt (R$ million)
Sep/16
Net Debt (US$ million)
Capital Expenditure
(R$ million)
3Q16 vs
2Q16
3Q16 vs
3Q15
9M16 vs
9M15
Last 12
months
25%
2,967
217
45
20%
56%
81%
110
26
196%
69%
50
113
25%
3,082
293
3Q16
2Q16
3Q15
9M16
9M15
1,065
854
52
2,815
66
Forest Expansion - H2 Project
33
27
21
82
Expansion - Others
Subtotal Expansion
1,099
882
73
2,902
Industrial Expansion - H2 Project
Safety/Environment
2015
18
14
48%
39%
31%
29
25
Forestry Renewal
418
366
324
1,085
947
14%
29%
15%
1,410
1,271
Maintenance, IT, R&D, Modernization
129
85
87
309
203
51%
48%
52%
423
317
555
457
416
1,412
1,164
21%
33%
21%
1,862
1,613
452
Subtotal Maintenance
Land purchase
452
Pulp logistics
120
-78%
120
1,655
1,343
490
4,434
1,276
23%
238%
247%
5,516
2,358
Total Capex
Capex totaled R$1,655 million in 3Q16, 23% and 238% up on 2Q16 and 3Q15, respectively, primarily due to the higher
investments in the expansion of the Horizonte 2 Project, in line with the work's evolution curve, in addition to higher
expenses with the maintenance of forests (higher expenses purchasing standing timber).
Horizonte 2 Project
The third quarter 2016 ended in line with expectations, with the physical progress of 60% of the Project concluded. The
financial execution, however, ended the quarter at 38% of completion, with US$1.4 billion to be executed. The total
expansion capex was updated from R$7.7 billion to R$7.5 billion.
In the forestry area, it is worth to highlight the progress with planting, the beginning of the training of mechanics for forestry
operations, purchase of trucks for operational support, receipt of tractors for forestry and harvesters, and finally advances
on the works of the new nursery.
In the industrial area there has been the receiving of equipment and the progress of construction activities, installation and
commissioning.
14
3Q16 Results
In logistics, the highlight was the hiring of the supplier for the building of the new Port Terminal STS-07.
Free Cash Flow

3Q16
2Q16
3Q15
Last 12
months
758
925
1,551
4,560
(1,655)
(1,343)
(490)
(5,516)
(0)
(304)
(2,302)
(-) Interest (paid)/received
(60)
(159)
(63)
(342)
(-) Income tax
(67)
(19)
(5)
(116)
(+/-) Working Capital
329
127
50
199
(R$ million)
Adjusted EBITDA
(-) Total Capex
(-) Dividends
(+/-) Others
(2)
(0)
(18)
Free Cash Flow
(696)
(772)
1,048
(3,536)
Project H2 Capex
1,097
881
74
3,077
304
2,302
Dividends
Land purchases
452
Pulp logistics
120
402
417
1,122
2,414
Free Cash Flow ex-Project H2, dividends

and purchase and sale of land
Free cash flow was positive by R$402 million in 3Q16 (excluding the capex effect of the H2 Project, dividends and logistics),
versus a positive R$417 million in 2Q16 and a positive R$1,122 million in 3Q15. The quarter-on-quarter and year-on-year
declines were mainly due to the reduction in EBITDA and higher income tax disbursement, partially offset by the
improvement in working capital, impacted by the increase in the suppliers line, in turn related to the agreement to sell
Klabins pulp. Considering free cash flow before Horizonte 2 Project capex, dividend payments, pulp logistics and purchase
of land, the free cash flow yield stood at 19.0% in R$ and 13.5% in US$.
ROE and ROIC

In regard to return metrics, it is worth noting certain adjustments in the accounting indicator, given the differences in
accounting treatment under IFRS (CPC 29 | IAS 41).
Return on Equity
Unit
3Q16
2Q16
3Q15
3Q16 vs
2Q16
3Q16 vs
3Q15
Shareholders' Equity
R$ million
14,329
14,296
13,982
0%
2%
IAS 41 adjustments
R$ million
(221)
(233)
(282)
-5%
-22%
Shareholders' Equity (adjusted)
R$ million
14,108
14,063
13,699
0%
3%
Shareholders' Equity (adjusted) - average (1)
R$ million
13,904
14,154
14,033
-2%
-1%
Adjusted EBITDA LTM
R$ million
4,560
5,352
4,620
-15%
-1%
R$ million
(1,867)
(1,846)
(1,703)
1%
10%
Capex ex-H2 Project LTM
(2)
Net interest LTM
R$ million
(342)
(346)
(345)
-1%
-1%
Income Tax LTM
R$ million
(116)
(55)
(71)
113%
63%
R$ million
2,234
3,105
2,501
-28%
-11%
16.1%
21.9%
17.8%
-5.9 p.p.
-1.7 p.p.
Adjusted Income LTM
ROE
(1) Average of current and same quarter of the previous year.
(2) Calculation excludes H2 expansion Project, the land purchase occurred in 4Q15 and pulp logistics.
15
3Q16 Results
Return on Invested Capital
Unit
3Q16
2Q16
3Q15
3Q16 vs
2Q16
3Q16 vs
3Q15
Accounts Receivable
R$ million
599
620
636
-3%
-6%
Inventories
R$ million
1,675
1,593
1,413
5%
19%
Current Liabilities (ex-debt)
R$ million
1,807
1,312
1,605
38%
13%
Biological Assets
R$ million
4,093
3,987
3,773
3%
8%
Fixed Assets
R$ million
8,692
8,742
8,965
-1%
-3%
Invested Capital
R$ million
16,866
16,255
16,392
4%
3%
IAS 41 adjustments
R$ million
(382)
(417)
(529)
-8%
-28%
Adjusted Invested Capital (1)
R$ million
16,485
15,838
15,863
4%
4%
Adjusted EBITDA LTM
R$ million
4,560
5,352
4,620
-15%
-1%
(2)
R$ million
(1,867)
(1,846)
(1,703)
1%
10%
Income Tax LTM
R$ million
(116)
(55)
(71)
113%
63%
Adjusted Income LTM
R$ million
2,577
3,451
2,845
-25%
-9%
15.6%
21.8%
17.9%
-0.3 p.p.
-0.1 p.p.
Capex ex-H2 Project LTM
ROIC
(1) Average of current and same quarter of the previous year.

(2) Calculation excludes H2 expansion Project, the land purchase occurred in 4Q15 and pulp logistics.
Dollar-based ROE and ROIC stood at 14.4% and 14.0%, respectively.
Capital Market
Equities
80
70
Average Daily Trading Volume

(US$ million)
Average Daily Trading Volume

(million shares)
Daily average:
US$ 31.2 million
10
Daily average:
4.7 million shares
60
8
50
40
30
20
2
10
0
Jul-16
Aug-16
0
Jul-16
Sep-16
BM&FBovespa
Aug-16
NYSE
Sep-16
BM&FBovespa
NYSE
Fibrias average daily traded volume in 3Q16 was approximately 4.7 million shares, 27% up on 2Q16, while daily financial
volume averaged US$31.2 million, up by 2% in the same period, US$19.2 million of which on the BM&FBovespa and
US$12.0 million on the NYSE.
Fixed Income
Unit
Sept/16
Jun/16
Sept/15
Fibria 2024 - Yield
4.6
4.8
5.6
Fibria 2024 - Price
USD/k
104.0
102.6
97.4
1.6
1.5
2.0
Treasury 10 y
Sept/16 vs
Jun/16
Sept/16 vs
Sept/15
-0.2 p.p.
-1.0 p.p.
1%
7%
0.1 p.p.
-0.4 p.p.
16
3Q16 Results
Sustainability
Fibria was selected, for the fifth time, to be part of the portfolio of the Dow Jones Global Sustainability Index (DJSI World),
of the New York Stock Exchange (NYSE). Fibria was the only company chosen from the Paper and Forest Products sector,
among nine companies competing to be part of the global index. The Company, which, for the fourth time, is part of the
Dow Jones Sustainability Index - Emerging Markets (DJSI Emerging Markets), was also the only company chosen among
the seven that took part in the selection. The announcement of the 2016-2017 portfolios of the Dow Jones Sustainability
Index was made on September 8 by RobecoSAM, an independent company focused on sustainable investments
headquartered in Switzerland.
Subsequent Events
On October 10, Fibria informed its shareholders and the market in general that its Board of Directors approved, in a meeting
held on October 7, 2016, the issue of export credit notes (NCEs), which will be used as security for the capital market
funding operation, through the public distribution of agribusiness receivables certificates (CRAs) to be issued by Eco
Securitizadora de Direitos Creditrios do Agronegcio S.A., in the total amount of up to R$1.7 billion.
17
3Q16 Results
Appendix I Revenue x Volume x Price*
3Q16 vs 2Q16
Sales (Tons)
Net Revenue (R$ 000)
Price (R$/Ton)
3Q16 vs 2Q16 (%)
3Q16
2Q16
3Q16
2Q16
3Q16
2Q16
Tons
Revenue
Avge Price
148,836
131,709
217,042
229,692
1,458
1,744
13.0
(5.5)
(16.4)
1,293,160
1,209,894
2,061,504
2,135,298
1,594
1,765
6.9
(3.5)
(9.7)
1,441,996
1,341,603
2,278,546
2,364,990
1,580
1,763
7.5
(3.7)
(10.4)
Pulp
Domestic Sales
Foreign Sales
Total
3Q16 vs 3Q15
Sales (Tons)
3Q16
3Q15

3Q16
Price (R$/Ton)
3Q16 vs 3Q15 (%)
3Q15
3Q16
3Q15
Tons
Revenue
Avge Price
Pulp
Domestic Sales
Foreign Sales
Total
9M16 vs 9M15
148,836
118,344
217,042
203,190
1,458
1,717
25.8
6.8
(15.1)
1,293,160
1,179,779
2,061,504
2,558,276
1,594
2,168
9.6
(19.4)
(26.5)
1,441,996
1,298,123
2,278,546
2,761,466
1,580
2,127
11.1
(17.5)
(25.7)
Sales (Tons)
9M16
9M15

9M16
Price (R$/Ton)
9M16 vs 9M15 (%)
9M15
9M16
9M15
Tons
Revenue
Avge Price
Pulp
Domestic Sales
Foreign sales
Total
405,412
373,323
703,045
564,612
1,734
1,512
8.6
24.5
14.7
3,513,771
3,436,207
6,312,661
6,461,800
1,797
1,881
2.3
(2.3)
(4.5)
3,919,183
3,809,530
7,015,706
7,026,412
1,790
1,844
2.9
(0.2)
(2.9)
* Excludes Portocel
18
3Q16 Results
Appendix II Income Statement
INCOME STATEMENT - CONSOLIDATED (R$ million)
3Q16
R$
Net Revenue
Domestic Sales
Foreign Sales
Cost of sales
Cost related to production
Freight
Operating Profit
Selling and marketing
Financial Result
Operating Income
Current Income taxes expenses
R$
3Q15
AV%
R$
AV%
3Q16 vs 2Q16 3Q16 vs 3Q15

(%)
(%)
2,300
100%
2,386
100%
2,790
100%
-4%
238
10%
251
11%
231
8%
-5%
3%
2,062
90%
2,135
89%
2,558
92%
-3%
-19%
-18%
(1,849)
-80%
(1,747)
-73%
(1,533)
-55%
6%
21%
(1,610)
-70%
(1,525)
-64%
(1,290)
-46%
6%
25%
(240)
-10%
(222)
-11%
450
20%
639
27%
(115)
-5%
(121)
-5%
(68)
-3%
(69)
-3%
(203)
-9%
1,095
46%
Equity
2Q16
AV%
(244)
-9%
8%
-2%
45%
-30%
-64%
(111)
-4%
-5%
4%
(66)
-2%
-1%
4%
(2,357)
-85%
-91%
1,256
0%
(0)
0%
(0)
0%
(28)
-1%
(138)
-6%
(44)
-2%
-37%
37
2%
59%
(1,321)
-47%
(14)
-1%
20
1%
(69)
-2%
Deffered Income taxes expenses
1,406
0%
(680)
-29%
788
28%
Net Income (Loss)
32
1%
745
31%
(601)
-22%
Net Income (Loss) attributable to controlling equity interest
29
1%
743
31%
(606)
-22%
0%
0%
0%
34%
-29%
484
21%
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
724
Equity
(0)
Fair Value of Biological Assets
31%
475
786
20%
33%
17%
2%
0%
1,520
484
55%
-8%
-52%
-
0%
0%
0%
0%
108
5%
0%
0%
0%
13
0%
56%
-18%
79%
Fixed Assets disposals
11
Accruals for losses on ICMS credits
33
1%
24
1%
18
1%
35%
Tax Credits/Reversal of provision for contingencies
(9)
0%
(0)
0%
(1)
0%
EBITDA adjusted
758
33%
925
39%
1,551
56%
-18%
-51%
EBITDA margin pro-forma(*)
758
37%
925
43%
1,551
56%
-18%
-51%
AV%
R$
AV%
2016 vs 2015
(%)
(*) Calculation excludes pulp sales from agreement hith Klabin

Income Statement - Consolidated (R$ million)
2016
R$
Net Revenue
Domestic Sales
Foreign Sales
Cost of sales
Cost related to production
Freight
Operating Profit
2015
7,081
100%
7,096
100%
0%
768
11%
634
9%
21%
6,313
89%
6,462
91%
-2%
(5,017)
-71%
(4,247)
-60%
18%
(4,360)
-62%
(3,590)
-51%
21%
(657)
-9%
(657)
-9%
0%
40%
-28%
2,064
29%
2,849
Selling and marketing
(346)
-5%
(313)
-4%
11%
(202)
-3%
(195)
-3%
3%
Financial Result
1,814
26%
(3,782)
-53%
(1)
0%
0%
0%
Equity
LAIR
Current Income taxes expenses
(176)
3,154
-2%
(83)
-1%
45%
(1,522)
-21%
-307%
-75%
(36)
-1%
(147)
-2%
(1,363)
-19%
1,117
16%
Net Income (Loss)
1,755
25%
(553)
-8%
-417%
Net Income (Loss) attributable to controlling equity interest
1,747
25%
(563)
-8%
0%
10
0%
-22%
Deffered Income taxes expenses
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
Equity
Fair Value of Biological Assets
Property, Plant and Equipment disposal
Accruals for losses on ICMS credits
Tax Incentive
1,403
2,744
20%
39%
1,410
3,670
20%
-1%
52%
-25%
0%
0%
(1)
0%
108
2%
(30)
0%
22
0%
16
0%
44%
75
1%
61
1%
22%
(12)
0%
(2)
0%
0%
EBITDA adjusted
2,937
41%
3,714
52%
-21%
EBITDA margin pro-forma(*)
2,937
45%
3,714
52%
-21%
(*) Calculation excludes pulp sales from agreement with Klabin
19
3Q16 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ million)
ASSETS
Sept/16
Jun/16
Dec/15
Sept/16
Jun/16
Dec/15
CURRENT
6,383
6,186
5,461
CURRENT
3,514
2,451
2,955
1,134
665
1,078
Short-term debt
1,510
1,018
1,073
Securities
2,372
2,255
1,412
Derivative Instruments
251
169
303
Derivative instruments
200
186
27
1,343
921
668
Trade accounts receivable, net
475
549
742
Payroll and related charges
156
125
171
1,788
1,732
1,571
Tax Liability
138
97
564
Recoverable taxes
224
652
462
Dividends and Interest attributable to capital payable
Others
191
146
168
Others
Inventories
NON CURRENT
LIABILITIES
Trade Accounts Payable
86
113
115
90
NON CURRENT
14,223
13,312
13,663
Long-term debt
12,683
11,687
11,671
Accrued liabilities for legal proceedings
186
181
165
372
339
271
826
4,668
4,064
5,782
71
71
68
315
377
274
Deferred income taxes
1,123
1,082
2,399
Deferred income taxes , net
Recoverable taxes
1,610
1,005
1,512
268
402
Fostered advance
641
641
631
Assets avaiable for sale
477
477
477
Assets avaiable for sale
598
598
598
Others
238
226
253
Others
310
290
300
14,262
14,231
12,752
9,729
9,729
9,729
10
15
Investments
117
115
138
11,991
10,930
9,433
Issued Share Capital
Biological assets
4,324
4,164
4,115
Capital Reserve
Intangible assets
4,584
4,599
4,506
Statutory Reserve
2,907
2,878
1,378
Equity valuation adjustment
1,626
1,625
1,640
(10)
(10)
(10)
68
65
63
TOTAL SHAREHOLDERS' EQUITY
14,329
14,296
12,815
TOTAL LIABILITIES
32,067
30,059
29,434
Property, plant & equipment , net
Equity attributable to shareholders of the Company
Treasury stock
Equity attributable to non-controlling interests
TOTAL ASSETS
32,067
30,059
29,434
20
3Q16 Results
Appendix IV Cash Flow
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
3Q16
INCOME (LOSS) BEFORE TAXES ON INCOME
37
2Q16
1,406
3Q15
(1,321)
9M16
9M15
3,154
(1,522)
Adjusted by
484
475
1,403
1,410
(+) Foreign exchange losses, net
(+) Depreciation, depletion and amortization
49
(771)
1,687
(1,475)
2,627
(+) Change in fair value of derivative financial instruments
31
(432)
571
(683)
889
(+) Equity in losses of jointly-venture
(0)
(+) Fair value of biological assets

(+) (Gain)/loss on disposal of property, plant and equipment
484
0
108
0
-
(1)
108
(30)
10
13
22
16
(+) Interest and gain and losses in marketable securities
(62)
(22)
(26)
(118)
(64)
(+) Interest expense
175
123
122
427
330
(+) Impairment of recoverable ICMS
33
24
18
75
61
(+) Provisions and other
(3)
(5)
227
(+) Program Stock Options

Decrease (increase) in assets
87
12
(31)
(23)
(210)
(87)
(62)
(50)
Trade payable
414
352
Taxes payable
93
30
7
Inventories
Recoverable taxes
Other assets/advances to suppliers
168
209
(141)
(220)
(95)
86
(261)
(42)
(69)
(49)
(34)
706
(43)
(367)
29
37
(15)
13
(114)
26
26
34
(69)
Increase (decrease) in liabilities

Other payable
Cash provided by operating activities
Interest received
Interest paid
Income taxes paid
NET CASH PROVIDED BY OPERATING ACTIVITIES
33
20
22
110
59
(93)
(179)
(86)
(360)
(264)
(67)
(19)
959
874
(5)
1,538
(91)
(51)
2,966
3,163
(4,380)
(1,254)
Cash flows from investing activities

(1,642)
(1,335)
Advances for acquisition of timber from forestry partnership program
Acquisition of property, plant and equipment and intangible assets and forests
(13)
(7)
Marketable securities, net
(88)
(1,420)
Proceeds from sale of property, plant and equipment

Derivative transactions settled
(36)
(47)
Capital Increase
Subsidiary incorporation - Fibria Innovations
Others
NET CASH USED IN INVESTING ACTIVITIES
(1)
-
(502)
12
(54)
(22)
(576)
(954)
(602)
2
(209)
9
(141)
(3)
-
32
(306)
(12)
(1,777)
(2,805)
(1,272)
(5,523)
(0)
1,745
3,081
1,543
(2,164)
Cash flows from financing activities

Borrowings
Repayments - principal amount
Dividendos pagos
Other
NET CASH USED IN FINANCING ACTIVITIES
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
(457)
(875)
(0)
(304)
(1)
(4)
1,287
1,898
(268)
(6)
1,269
(75)
379
469
(107)
1,913
5,225
1,965
(2,176)
(1,095)
(304)
(149)
(4)
2,742
(129)
56
(1)
720
417
2,136
665
773
685
1,078
461
1,134
665
2,597
1,134
2,597
21
3Q16 Results
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)
Adjusted EBITDA (R$ million)
3Q16
2Q16
3Q15
Income (loss) of the period
32
745
(601)
(+/-) Financial results, net
203
(1,095)
2,357
661
(720)
(+) Depreciation, amortization and depletion
484
475
484
EBITDA
724
786
1,520
(0)
108
(+/-) Loss (gain) on disposal of property, plant and equipment
11
13
(+) Accrual for losses on ICMS credits
33
24
18
(-) Tax credits/reversal of provision for contingencies
(9)
(0)
(1)
758
925
1,551
(+) Taxes on income
(+) Equity
(-) Fair Value of Biological Assets
EBITDA Adjusted
EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss) in the period
before interest, income tax and social contribution, depreciation, amortization and depletion. The Company presents adjusted EBITDA
in accordance with CVM Instruction 527 of October 4, 2012, adding or subtracting from this amount equity income, provisions for losses
on recoverable ICMS, non-recurring write-offs of fixed assets, the fair value of biological assets and tax credits/recovered contingencies,
in order 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 or an indicator of liquidity for the periods
presented.
22
3Q16 Results
Appendix VI Economic and Operational Data
3Q16
2Q16
1Q16
3Q15
3Q16 vs
2Q16
2Q16 vs
3Q15
2Q16 vs
1Q16
Closing
3.2462
3.2098
3.5589
3.9729
1.1%
-18.3%
-9.8%
Average
3.2460
3.5076
3.8989
3.5430
-7.5%
-8.4%
-10.0%
3Q16
2Q16
3Q15
3Q16 vs
2Q16
3Q16 vs Last 12
3Q15 months
Europe
35%
36%
42%
-1 p.p.
-6 p.p.
40%
North America
23%
21%
25%
3 p.p.
-2 p.p.
23%
Asia
31%
33%
25%
-2 p.p.
6 p.p.
27%
Brazil / Others
10%
10%
8%
0 p.p.
2 p.p.
10%
3Q16
2Q16
3Q15
3Q16 vs
2Q16
3Q16 vs
3Q15
Last 12
months
672
696
803
-3%
-16%
734
Sept/16
Jun/16
Sept/15
Net Debt / Adjusted EBITDA (LTM*) (R$)
2.33
1.82
2.07
Net Debt / Adjusted EBITDA (LTM*) (US$)
2.64
2.10
1.58
Total Debt / Total Capital (gross debt + net equity)
0.50
0.50
0.47
Cash + EBITDA (LTM*) / Short-term Debt
5.39
8.77
7.03
3Q16
2Q16
3Q15
37
1,406
-1,321
484
475
484
(+) Unrealized foreign exchange (gains) losses, net
49
-771
1,687
(+) Change in fair value of derivative financial instruments
31
-432
571
(+) Equity
(+) Change in fair value of biological assets
108
(+) Loss (gain) on disposal of Property, Plant and Equipment
10
13
(+) Interest on Securities, net
-62
-22
-26
(+) Interest on loan accrual
175
123
122
(+) Accruals for losses on ICMS credits
33
24
18
(+) Provisions and other
-3
(+) Stock Options program
Cash earnings (R$ million)
756
925
1,556
Outstanding shares (million)
554
554
554
Cash earnings per share (R$)
1.4
1.7
2.8
Exchange Rate (R$/US$)
Pulp net revenues distribution, by region
Pulp price - FOEX BHKP (US$/t)

Europe
Financial Indicators
*LTM: Last tw elve months
Reconciliation - net income to cash earnings (R$ million)

Net Income (Loss) before income taxes
(+) Depreciation, depletion and amortization
23

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Unaudited consolidated interim financial

REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL INFORMATION

Prior year and period corresponding balances

So Paulo, October 25, 2016.

BDO RCS Auditores Independentes SS