140k. 90k DIVERSIFICATION AND FLEXIBILITY. TOTAL FIBERS 3.5 million tpy. TOTAL LAND 490k hectares. TOTAL CAPACITY 3.5 million tpy. 1.

Transcription

1 PRESENTATION 2Q18 1

2 DIVERSIFICATION AND FLEXIBILITY TOTAL LAND 490k hectares TOTAL FIBERS 3.5 million tpy BLEACHED PULP 1.5 mi tpy TOTAL CAPACITY 3.5 million tpy MARKET PULP 1.5 mi tpy Long fiber / Fluff 400 k tpy Short fiber 1.1 mi tpy PLANTED FORESTS 230k hectares PINE 140k hectares EUCALYPTUS 90k INTEGRATED FIBERS Coated boards 1.8 mi tpy hectares OCC PAPER 2.0 mi tpy 265 k tpy PACKAGING 935k tpy 750 k tpy CORRUGATED BOXES Containerboards 750k tpy INDUSTRIAL BAGS 185k tpy 1.25 mi tpy 2

3 PINE Forest Productivity m³/ha/year k EUCALYPTUS Forest Productivity m³/ha/year * Source: Ibá and Klabin 3

4 PINE Mean annual increment (MAI) m³/ha/year < EUCALYPTUS Mean annual increment (MAI) m³/ha/year < * Source: Ibá and Klabin 4

5 Long fiber 174 Short fiber Source: Hawkins Wright FOB US$/tonnes 5 million tonnes 10 million tonnes 15 million tonnes 20 million tonnes 25 million tonnes 30 million tonnes ANNUAL CAPACITY 5

6 * Of Brazilian installed capacity 6

7 939 1,027 1,089 1,180 1,286 1,351 1,424 1,452 1,504 1,562 1,602 1,627 1,652 1,718 1,755 1,812 1,881 1,975 2,026 2,173 2,238 2,288 2,314 2,371 2,536 2,738 2,959 3, sep-11 dec-11 mar-12 jun-12 sep-12 dec-12 mar-13 jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16 sep-16 dec-16 mar-17 jun-17 sep-17 dec-17 mar-18 jun-18 7

8 8

9 Sales Volume Excluding wood tsd tonnes Net revenue R$ millions Adjusted EBITDA R$ millions % -8% % Exports +13% 1,984 39% 2,235 43% +49% Results 2Q18 50% 52% Domestic market 61% 57% N E T R E V E N U E A N D E B I T D A 2Q17 2Q18 2Q17 2Q18 2Q17 2Q18 9

10 pulp business unit Exports Sales volume tsd tonnes Net revenue R$ million % % 77% 582 Domestic market 23% 23% 2Q17 2Q18 2Q17 2Q18 10

11 2Q18 paper business unit COATED BOARDS KRAFTLINER Sales volume tsd tonnes % -9% % Net revenue R$ million Sales volume Net revenue +2% Exports tsd tonnes % % 74% R$ million +33% % 63% Domestic market 26% 40% 2Q17 2Q18 2Q17 2Q18 2Q17 2Q18 2Q17 2Q18 11

12 packaging business unit Sales volume tsd tonnes -2% Net revenue R$ million +4% Q17 2Q18 2Q17 2Q18 12

13 puma CASH COST Pulp production cash cost R$ per tonne Q17 2Q18 June 13

14 cash cost 2Q18 Unit cash cost 2Q18 1,791 +6% 1,895 Cash cost Breakdown 2Q18 R$/tonnes 2Q17 2Q18 14

15 capex C A P E X R $ m i l l i o n Maintenance Special projects and growth PUMA project 2,242 4,053 1, Total 2,945 4,627 2,

16 F r e e c a s h f l o w R $ m i l l i o n s 2 Q Q Q 1 7 LT M free cash flow * Excluding dividends and growth projects LTM: last twelve months 16

17 dividends GROWING DIVIDENDS ALONG WITH EBITDA Dividend Yield (%) Dividends payed (R$ million) LTM LTM: last twelve months 17

18 In 06/30/2018 Gross debt Cash Net debt Net debt and leverage ,009 11,382 11,473 12,005 11,377 11,748 11,147 11,278 11,108 12,597 2,026 2,173 2,238 2,288 2,314 2,371 2,536 2,738 2,959 3,248 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Adjusted Ebitda (LTM) Net debt(r$ million) Net debt/ebitda (R$) Net debt/ebitda (US$) LTM: last twelve months 18

19 debt maturity 6,895 R$ millon 3,596 2,814 2,781 2, ,002 1,455 1,824 2,246 2,330 2,268 1,293 2,372 1,914 Foreign Currency 14,499 Gross debt 19,492 Cash position 761 1, , Q18 4Q Local Currency 4,992 Local Currency: R$ 5.0 billions Avarage tenor: 37 months Foreign Currency: R$ 14.5 billions Avarage tenor: 50 months 19

20 w w w. k l a b i n. c o m. b r / r i i n v e s k l a b i n. c o m. b r ( 1 1 )

21 21

22 CAGR +3% CAGR +2% Latin America North America 26.2 Asia/Africa Europe China Source: Hawkins Wright million tones per year 22

23 610 3,377 CAGR +17% 3,042 2,733 2,430 2,133 1,861 1,605 1,363 1,183 1, CAGR +9% 7,297 6,790 6,272 3,398 4,000 4,645 4,827 5,279 5,768 7,864 8,468 9, Source: Euromonitor 23

24 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 dez-16 jan-17 fev-17 mar-17 abr-17 mai-17 jun-17 jul-17 ago-17 set-17 out-17 nov-17 dez-17 jan-18 fev-18 mar-18 abr-18 mai-18 jun-18 SBSK vs BSK NBSK vs BEK Fluff vs SBSK Source: Datamar 24

25 Demand growth per year 4% FOCUS IN LARGE AND GROWING MARKETS 3% 2% 1% 0% -1% -2% -3% -4% 0% 20% 40% 60% 80% 100% Source: Poyry Share of consumption in

26 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 1,400.0 US$/tonelada 1, , BHKP NBSK Coated Boards Coated boards* NBSK Source: FOEX and RISI *SBS Solid Bleached Sulfate folding carton EUA BHKP 26

27 WWF Environmental Paper Company Index Disclosing environmental footprint since 2006 LEADERSHIP rating for forestry category in 2017 "Management" rating for climate change and water categories in th consecutive year One of the most sustainable companies of Brazil WWF EPECI recognizes transparency and continual improvement Elected in 2017 by Guia Exame the most sustainable company of the pulp & paper sector Recognized as the most sustainable pulp & paper company, with ratings above average in key-criteria such as: climate change,, human rights, management of suppliers, among others ,5% 81,6% 2017 sustainability 27

28 Gross R evenue 2,586,863 2,523,182 2,241,657 3% 15% 5,110,045 4,481,849 14% Net Revenue 2,235,178 2,189,154 1,984,195 2% 13% 4,424,332 3,850,887 15% Change in fair value - biological assets 69, , ,845-42% -32% 188, ,151-68% Cost of Products Sold (1,451,332) (1,557,653) (1,738,226) -7% -17% (3,008,985) (3,266,075) -8% Gross profit 852, , ,814 14% 145% 1,603,605 1,169,963 37% Selling Expenses (172,658) (170,913) (152,008) 1% 14% (343,571) (307,377) 12% General & Administrative Expenses (132,159) (126,340) (136,726) 5% -3% (258,499) (261,797) -1% Other Revenues (Expenses) (460) (15,266) 11,131-97% n/a (15,726) 4,084 n/a Total Operating Expenses (305,277) (312,519) (277,603) -2% 10% (617,796) (565,090) 9% Operating Income (before Fin. Results) 547, ,135 70,211 25% 680% 985, ,873 63% Equity pickup 1,762 1,629 (1,177) 8% n/a 3,391 5,412-37% Financial Expenses (326,304) (345,628) (339,952) -6% -4% (671,932) (665,373) 1% Financial Revenues 157, , ,123 16% -31% 293, ,665-41% Net Foreign Exchange Losses (1,842,763) (52,260) (557,367) 3426% 231% (1,895,023) (179,095) 958% Net Financial Revenues (2,011,639) (262,176) (669,196) 667% 201% (2,273,815) (350,803) 548% Net Income before Taxes (1,462,203) 177,588 (600,162) n/a 144% (1,284,615) 259,482 n/a Income Tax and Soc. Contrib. 507,569 (52,933) 222,579 n/a 128% 454,636 (35,040) n/a Net income (954,634) 124,655 (377,583) n/a 153% (829,979) 224,442 n/a Depreciation and amortization 405, , ,785-8% -35% 846,127 1,076,262-21% Change in fair value of biological assets (69,105) (119,153) (101,845) -42% -32% (188,258) (585,151) -68% Vale do Corisco n/a n/a - 9,124 n/a Adjusted EBITDA 884, , ,689 16% 49% 1,643,678 1,133,311 45% 28

29 Current Assets 9,983,947 10,290,857 Current Liabilities 2,916,014 3,550,861 Cash and banks 97, ,501 Loans and financing 1,708,080 2,136,784 Short-term investments 5,231,578 5,517,185 Debentures 77,553 61,686 Securities 1,260,828 1,269,779 Suppliers 617, ,059 Receivables 1,673,378 1,706,115 Taxes payable 46,495 54,174 Inventories 984,105 1,041,103 Salaries and payroll charges 192, ,543 Recoverble taxes and contributions 488, ,320 Dividends to pay 0 0 Other receivables 248, ,854 REFIS Adherence 72,007 72,627 Other accounts payable 201, ,988 Noncurrent Assets 18,530,048 18,545,988 Long term Noncurrent Liabilities 18,396,849 19,193,319 Taxes to compensate 1,253,563 1,419,231 Loans and financing 15,273,193 16,681,594 Judicial Deposits 83,759 86,363 Debentures 639, ,521 Other receivables 360, ,653 Deferred income tax and social contribution 1,538, ,388 Other investments 170, ,898 Other accounts payable - Investors SCPs 277, ,715 Property, plant & equipment, net 12,420,961 12,297,060 REFIS Adherence 299, ,658 Biological assets 4,152,320 4,149,689 Other accounts payable 369, ,443 Intangible assets 88,806 89,094 Stockholders Equity 7,201,132 6,092,665 Capital 4,076,035 4,076,035 Capital reserve (361,268) (361,231) Revaluation reserve 48,704 48,705 Profit reserve 2,653,234 1,546,599 Valuation adjustments to shareholders'equity 981, ,138 Treasury stock (196,581) (196,581) Total 28,513,995 28,836,845 Total 28,513,995 28,836,845 29