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Disclaimer
The information contained in this presentation may include statements which constitute forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to business, financial, trend, strategy and other forecasts, and are based on assumptions, data or methods that, although considered reasonable by the company at the time, may turn out to be incorrect or imprecise, or may not be possible to realize. The company gives no assurance that expectations disclosed in this presentation will be confirmed. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements, due to a variety of factors, including, but not limited to, the risks of international business and other risks referred to in the companys filings with the CVM and SEC. The company does not undertake, and specifically disclaims any obligation to update any forwardlooking statements, which speak only for the date on which they are made.
Agenda
The Company Market Positioning Pulp and Paper Market 2Q10 Financials Synergies Corporate Restructuring
4 8 15 22 26 28
The Company
Shareholder Structure
BNDESPar
Treasury
Free Float
29.34%
30.42%1
0.07%
40.17%
50.0%
Veracel
Conpacel
Position as of August 31, 2010. BNDESPar has 21% linked to a Shareholders Agreement with Votorantim Industrial S.A. during the first 3 years and 10.9% during the following 2 years.
Shareholder Meeting
Fiscal Council
Board of Directors
Executive Officers
Market Positioning
Belmonte Veracel Caravelas Portocel Trs Lagoas Conpacel Piracicaba Jacare Santos Aracruz
Unique Forestry Management: Advanced Forestry Techniques and Short Harvest Cycle
Pulp production capacity: 5.4 million t / year Paper production capacity: 358 thousand t / year Total area: 1.0 million ha1|Eucalyptus plantation: 585 thousand ha1 4 pulp plants; 2 paper plants and operation of 3 port terminals High yield in eucalyptus production (avg 45 m3/ha/year) and certified forests Short harvest cycle: 6 years vs. 25-70 years in Scandinavia
1 Data
as of June 30, 2010. Does not include partnership program which represents 125 thousand ha.
Modern Plants
Aracruz IV
1.500
2.000
Trs Lagoas Capacity: 1.300 Technical age : 0
Losango I
1.500
1.500
Indonesia 1.000 Uruguay
Jacare Capacity: 1.100 Technical age : 5
Trs Lagoas II
1.500 Chile
Veracel II(1)
South Africa China
Russia
USA
750
Veracel (1) Capacity: 550 Technical age : 3
40
30
20
10
Brownfield
Brownfield
Greenfield
Brownfield
Expansion
10
Trs Lagoas II
1,500 1,500 1,500 750 5,400
Veracel II Trs Lagoas II Losango Aracruz IV
10,650
Social-environmental licensing process initiated Feasibility study to start in 2011 Startup slated for 2014
Fibria 2010 Brownfield Brownfield Greenfield Brownfield Fibria 2025
11
Market Share1
1st
Fibria Arauco APRIL CMPC Sodra Botnia Tembec Suzano Weyerhaeuser APP Canfor Domtar IP Ilim Georgia Pacific ENCE Mercer West Fraser Cenibra Stora Enso 0 1.000 2.000 3.000 4.000 5.000
5,400
3% 11%
22% Bleached Hardwood Kraft Pulp (BHKP) Bleached Softwood Kraft Pulp (BSKP) Unbleached Kraft Pulp (UKP) Mechanical 32%
6.000
Source: PYRY, 2007 / As for Market Pulp: Pulp and Paper Products Council (PPPC) 2009 and Fibria. 1 Market Share estimated considering 2009 nominal capacity
12
475
468 437
225
436
152
416
320
199
2502
155
243 155
238
284
250
104 95
200 100 0
Iberia
2.000
4.000
6.000
8.000
10.000
12.000
Wood
Others
Capacity ('000 t)
1 2
Source: Hawkins Wright Estimate 2Q10 Fibria 2Q10 Cash cost without downtimes
13
Global Footprint
Supplies customized pulp products to specific paper grades Sole supplier to key customers focused on eucalyptus pulp to the tissue market Top 10 main customers represent on average 65% of sales
Specialty
21%
Tissue
26%
Europe 38% Switzerland North America 27% Miami Sales Destination1 Hungary Asia 24% Beijing P&W
53%
Hong Kong
Brazil 11%
Headquarters
Subsidiaries
Representative offices
NY004GAK_1.wor NY004GAK_1.wor
14
15
95% 90% 88% 88% 86% 82% 82% 78% 79% 92% 90% 93% 92% 90%91% 89%89%89%
95% 91% 87% 89% 88%88% 85% 79% 79%80%80% 78% 76% 82%83% 81% 89% 88% 88% 86% 85%
86%
85%
85%
84% 82%
Jul-08 -08
Oct-08 -08
Apr-09 -09
Jul-09 -09
Oct-09 -09
Apr-10 -10
Aug-08 -08
Sep-08 -08
Nov-08 -08
Dec-08 -08
Jan-09 -09
Feb-09 -09
Mar-09 -09
Jun-09 -09
Aug-09 -09
Sep-09 -09
Nov-09 -09
Dec-09 -09
Jan-10 -10
Feb-10 -10
Mar-10 -10
May-09 09
May-10 10
Jun-10 -10
Jul-10 -10
Jul-08 08
Oct-08 08
Apr-09 09
Jul-09 09
Oct-09 09
Apr-10 10
Aug-08 08
Sep-08 08
Nov-08 08
Dec-08 08
Jan-09 09
Feb-09 09
Mar-09 09
Jun-09 09
Aug-09 09
Sep-09 09
Nov-09 09
Dec-09 09
Jan-10 10
Feb-10 10
Mar-10 10
May-09 09
days
40
30
30
29
days
25
20
20
10 Nov-05 Jun-06 Jan-07 Aug-07 Dec-09 Apr-05 Oct-08 Jul-10 Mar-08 May-09
15 Nov-05 Jun-06 Jan-07 Aug-07 Dec-09 Apr-05 Oct-08 Mar-08 May-09 Jul-10
May-10 10
20
Jun-10 10
16
Jul-10 10
Industry Outlook
Market pulp: world demand growth (%) China: Eucalyptus pulp shipments ('000 t)
518 412
Average 240 ktons
495
264
276 267
0%
210
Jul-08 Jul
Aug Aug-08
Sep-08 Sep
Nov-08 Nov
Dec-08 Dec
Apr-09 Apr
Jul-09 Jul
Aug-09 Aug
Sep-09 Sep
Oct-09 Oct
Nov-09 Nov
Dec-09 Dec
Apr-10 Apr
Jun-08 Jun
Out-08 Out
Jan-09 Jan
Feb-09 Feb
Mar-09 Mar
Jun-09 Jun
Jan-10 Jan
Feb Feb-10
Mar-10 Mar
May-08 May
May May-09
Total
North America
Europe
Latin America
Japan
7M2010 x 7M2009
Source: PPPC Global 100 World Chemical Market Pulp Source: PPPC Global 100
US$920/t US$840/t
CRB
May-10 May
Jun-10 Jun
17
Jul-10 Jul
-27% China
0.3 Others
2% p.a.
28.3
1.3 0.6
Rizhao (3Q10/2011) Fibria TLS (2010)
0.3
-0.1
Others2
28.0
24.8 Asia
4.5% p.a.
+3.5 MT Demand
2009 BHKP Demand Demand
2009 BHKP
+2.1 MT Supply
Others
2012 BHKP 2012 BHKP 2012 BHKP 2009 BHKP Demand Supply Demand Demand
Asia
Europe
USA
Asia
Europe
USA
Others
OR3: 94%
OR3: 89%
1
18
Effective Date Jan 2009 Feb 2009 Jul 2009 Oct 2009 Oct 2009 2010 March 2010 March 2010 April 2010 May 2010 1H 2010 Q32010 late 2010 December 2010 2011 Q1 2011 Q1 2011 Q1 2011 late 2011 Q1 2011 late 2011 early 2012 early 2013
'000 t 350 150 200 200 200 200 100 350 200 1,200 2010 = 3.1 million t 200 400 150 200 200 300 500 1,250 340 300 450 450 450 8,400 2012-13 = 0.9 million t 2011 = 3.3 million t 2009 = 1.1 million t
Puyang Longfeng Tralin, Gaotang MCC Yinhe Paper Yeuyang Paper Fujian Nanping Paper Yeuyang Paper
19
10.000
+59%
2008
Eucaplyptus
Hardwood
Total
21%
6.000
12% 10%
4.000
10% 16%
1.000 0 Indonesia
+51% +12%
2.000
+117% +38% +151% +142% +2% 9% 7% 11%
9%
10% 13%
Russia
Chile
BHKP Total
Thailand
Uruguay
Canada
Others
Brazil
USA
Brazil is the leading exporter of BHKP to China, accounting to approximately 41% of China's total imports in 2009.
Between 2005 and 2009, the Chinese market share of eucalyptus shipments increased by 17 p.p. (total market pulp: +11 p.p.)
Source: PPPC W20. Coverage for chemical market pulp is 80% of world capacity.
20
in million tons
120 100 80 60
kg/person/yr
70 60 50 40
Kg / capita
30 25 20 15
30 40 20 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
10
20 10 0
5 0 North America West Europe Japan Oceania LatAm East Europe China Africa
Consumption
Production
Per Capita
Chinese consumption of high quality tissue paper has a huge potential upside, as GDP per capita increases.
Source: RISI
21
2Q10 Financials
22
2Q10 Performance
Key figures Pulp sales mix
2Q10 Pulp Production (1000t) Pulp Sales (1000t) Paper Producton (1000t) Paper sales (1000t) 1,208 1,253 79 87
2Q09
1Q10
9%
21% 23%
11%
Net Revenue (R$ million) Adjusted EBITDA (R$ million) EBITDA Margin (%) Financial Income (R$ million) Net Income (R$ million)
North America
389
1Q10
Source: Fibria
23
Debt
Debt indicators
Average maturity(1) (months)
62 Gross Debt Cash Net Debt 13,209 2,364 10,846 13,540 2,684 10,856 16,145 2,953 13,192 -2% -12% -18% -20% -18% 47 5.6 4.7 70
(R$ million)
2Q10
1Q10
2Q09
2Q10 vs 1Q10
2Q10 vs 2T09
2Q09
(1)Does
1Q10
2Q10
Jun-09
Mar-10
Jun-10
(2)Last
12 months EBITDA
6% 3% 14%
2.1 1.6 1.1 1.9 1.4 0.9 1.7 1.3 1.7 1.8 1.1 1.2 1.9
37%
71%
2009
2010
2011
2012
2013
2014
2
2015
Jun-09
1
Jun-10
24
Financial Turnaround
Liability Management
Achievements Leverage (Net Debt / EBITDA) Cost of Foreign Debt Average Maturity (months) Collateral Debt (% of total debt) Derivatives debt Net Debt
Access to Capital Markets Eurobond Fibria 2019 @ 9.25% p.a. Eurobond Fibria 2020 @ 7.5% p.a. Pre Export Payment @ 3month Libor + 4.00% p.a.(tranche 1) Pre Export Payment @ 3month Libor + 4.25% p.a. (tranche 2) Pre Export Payment @ 3month Libor + 2.8% p.a.
Amount US$ 1 bi US$ 750 mi US$ 750 mi US$ 425 mi US$ 600 mi
25
Synergies
26
Synergies
4,5
Others
2% 21% 27%
Industrial
- Cost reduction of chemicals and energy - Production increase
2.0
2,3
- Optimization of logistics
Tax
0.5
0.5
1.4
SG&A
Forestry
- Reduction of forestry costs
dec/09
2Q10
dec/10
2011
2012
2013
2014
Accumulated
Estimated
27
Corporate Restructuring
28
Corporate Restructuring
Event Acquisition by VCP of additional 28% of Aracruz common shares VCP Capital Increase VCP conversion of prefered into common shares Tender Offer for Aracruz common shareholders Incorporation proposal for the 0.1347 ratio Merger of Aracruz shares into VCP approval Shareholderes Agreement - VID and BNDES End of withdrawal rights period End of Aracruz trading Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Approval of the merger of Aracruz into Fibria Migration to Novo Mercado listing segment at BM&FBovespa
Date Jan 20, 2009 Apr 14, 2009 Jun 12, 2009 Jul 02, 2009 Aug 24, 2009 Aug 24, 2009 Oct 29, 2009 Nov 12, 2009 Nov 17, 2009 Nov 18, 2009 Dec 22, 2009 May 20, 2010
29
Investor Relations Team: Joo Elek IRO Andr Gonalves General Manager Fernanda Naveiro Vaz Anna Laura Linkewitsch Roberto Costa
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