Fibria Corporate Presentation April 2010
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1 Fibria Corporate Presentation April
2 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 company s filings with the CVM and SEC. The company does not undertake, and specifically disclaims any obligation to update any forward-looking statements, which speak only for the date on which they are made. 2
3 Agenda The Company Market Positioning Pulp and Paper Market 4Q09 Financials Recent Events 3
4 The Company 4
5 VCP and Aracruz Merged to Create Fibria Shareholder Structure Votorantim Industrial S.A. BNDESPar Free Float 29.3% 33.6% (1) 37.1% 50.0% 50.0% Veracel Celulose S.A. Conpacel Present value of R$4.5 billion of announced post-merger synergies Up to 2012, 90% of actions to extract synergies are expected to be in place Logistics Tax 6% 2% 11% Others 27% Industrial Commercial 15% 16% SG&A 23% Forestry (1) Position as of Dec 30, BNDESPar has 21% linked to a shareholder s agreement with VID during the first 3 years, and 10.9% during the following 2 years. 5
6 Improved Corporate Governance Board of Directors Board Advisory Committees José Luciano Penido Raul Calfat Chairman of the Board Indicated by Votorantim Auditing Wang Wei Chang João Miranda Indicated by Votorantim Indicated by Votorantim Personnel and Remuneration Alexandre D Ambrosio Armando Mariante Carvalho Junior Indicated by Votorantim Indicated by BNDES Finance Eduardo Rath Fingerl Indicated by BNDES José Armando de Figueiredo Campos Independent Member Sustainability Alexandre Gonçalves Silva Independent Member Executive Board Board of Directors CEO Carlos A. Aguiar * Ind. Ops & Engineering Comm. & Int l Logistics Paper, Planning, Procurement, and Forestry Ops. & Tech Controllership & Risk Management Human and Org. Development Francisco Valério João Felipe Carsalade Marcelo Castelli Evandro Coura Miguel Caldas Each officer with more than 20 years experience in the sector *The Company s Board of Directors have decided that FIBRIA s CEO, Carlos Augusto Lira Aguiar, will accumulate the position of Treasury and Investor Relations Officer until further decision of the Board of Directors. 6
7 Market Positioning 7
8 Creation of a Winning Player Superior Asset Combination Competitive Strengths Três Lagoas Conpacel Pulp Mill Paper Mill Port Terminal Belmonte Veracel Caravelas Portocel Aracruz Piracicaba Jacarei Santos Pulp production capacity: 5.4 MT / year Paper production capacity: 358 kt / year Total area: 1.0 million ha (1) Eucalyptus plantation: 585 thousand ha (1) 4 plants and operation of 3 port terminals, including the only specialized wood pulp terminal in Brazil, owned by us High yield in eucalyptus production (avg 45 m 3 /ha/year) and certified forests Short harvest cycle: 6 years vs years in Southern U.S., Canada and Scandinavia Leadership in Market Pulp Scale and Integrated Operations Unique Forestry Management: Advanced Forestry Techniques and Short Harvest Cycle Forest to Port Integration Trough Efficient Logistics Low Production Cost DNA Strong / Reliable Customer Base Modern Industrial Plants Data as of Dec 30, (1)Does not include partnership program which represents 128 thousand ha. 8
9 Undisputable Leadership in the Global Market Pulp Dominant Position in a Growing Market Pulp Production Capacity Market Share (1) 2009E in ktons 1 st Fibria 5,400 Ara uco ~ Twice APRIL CMPC Sodra Botnia Tembec Suzano Weyerha eus er APP Canfor Domta r IP Ilim Georgia Pacific ENCE Mercer Wes t Fra ser Cenibra Stora Ens o the size BSKP BHKP UKP Mech % Total Pulp: 188 million t 22% Total Hardwood Pulp: 25 million t 11% Total Market Pulp: 48.5 million t 32% Total Eucalyptus Pulp: 17 million t Source: PÖYRY, 2007 / As for Market Pulp: Pulp and Paper Products Council (PPPC) 2009 and Fibria. (1) Market Share estimated considering 2009 nominal capacity. 9
10 Low Production Cost DNA Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability Fibria s Margin vs. Macroeconomic Fundamentals (1) Cash Costs (2) Average Price BEKP (US$/ton) (1) Cash Cost (US$/t) Wood Others 2, Exchange Rate Average (RS/US$) (1) 2,18 1,95 1, ,00 1, Iberia (3) 37% 39% Hardwood Cash Cost (US$/t) vs. Capacity (kt) US$/ton EBITDA Margin 34% 37% % EBITDA (R$ million) % Iberia Q09 (1) Source: Companies earnings releases, RISI and Brazilian Central Bank (2) Source: Hawkins Wright Estimate for 4Q09 (3) Fibria's 4Q09 figures Capacity (kt) 10
11 State-of-the-Art Production Facilities Advanced Technology and Production Process Lead to Lower Usage of Raw Materials, Reducing Costs Modern Plants Competitive Advantages Average Plant Capacity ( 000 tons) 2,500 2,000 1,500 1, Russia USA Japan Portugal Canada Sweden Indonesia Indonesi a Brazil Chile Finland France Spain South Africa China Uruguay Aracruz Capacity 2.3 mt Technical age: 9 Três Lagoas Capacity 1.3 mt Technical age: 0 Jacareí Capacity 1.1 mt Technical age: 5 Veracel Capacity 1.1 mt Technical age: 3 LARGEST SINGLE LINE PULP PRODUCTION FACILITY IN THE WORLD BEST YIELD PER HECTARE OF THE WORLD Streamlined and efficient operations due to modern plants Environmental-friendly production process Reduced emissions and disposition of residues Efficient use of chemicals Technical age of the equipment (years) and Allowing for a Unique Track Record of Quality Products 11
12 Unique Brownfield Potential Growth Fibria has the Best Sites Ready to Almost Duplicate Capacity Historical and Planned Capacity Increase In million of tones 1978: Start-up of mill "A" at Aracruz (Barra do Riacho) unit 1988: Acquisition of Celpav 1992: Acquisition of Papel Simão (Jacareí unit) 10.7 Best sites for additional capacity : New pulp line at Jacareí mill 1991: Start-up of mill "B" at Barra do Riacho unit Barra do Riacho IV : Expansion of Jacareí mill 2003: Acquisition of Riocell (Guaiba Unit) 2005: Start-up of Veracel 2002: Start-up of mill "C" at Barra do Riacho unit 2007: Asset swap Luis Antônio for Três Lagoas 2008: Establishment of Conpacel consortium 2009: Start-up of Três Lagoas mill 5.4 Três Lagoas II Losango I Veracel II 0.8 Brownfield Brownfield Greenfield Brownfield Expansion Aracruz VCP Fibria 12
13 Long Term Relationship With Key Clients Premium Paper Producers Value High Quality Pulp Customized Products 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 Uses of Fibria s Pulp Specialty 24% 43% Tissue Europe 31% Switzerland P&W 33% North America 23% Hungary Asia 36% Beijing Miami Hong Kong Sales Destination (1) Brazil 10% Offices Which Implies in Less Volatility in Sales NY004GAK_1.wor Volume Throughout Economic Cycles 1 Breakdown of sales destination in the last 12 months ending December 31,
14 Pulp and Paper Market 14
15 Positive Commodity Cycle and Demand Recovery World market pulp shipments to capacity World P&W paper shipments to capacity 97% 95% 95% 94% 93% 92% 92% 92% 93% 92% 91%91% 90% 90% 90% 89% 88% 86% 86% 86% 85% 83% 82% 79% 77% 98% 97% 95% 93% 93% 92% 92% 89% 88% 87% 85% 78% 76% 79%79% 77% 73% 89% 87% 86% 81% 79%79% 78% jan/08 feb/08 mar/08 apr/08 may/08 jun/08 jul/08 aug/08 sep/08 oct/08 nov/08 dec/08 jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09 dec/09 jan/10 jan/08 feb/08 mar/08 apr/08 may/08 jun/08 jul/08 aug/08 sep/08 oct/08 nov/08 dec/08 jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09 dec/09 Source: PPPC World pulp producers average days of supply Source: PPPC European pulp consumers days of supply Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep Jan Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 Source: PPPC Source: Utipulp 15
16 Pulp Supply / Demand Expected to Rebalance in the Medium Term Market Pulp: world demand growth China: Eucalyptus pulp shipments ( 000 t) 55% 2% -11% -11% 10% -17% Average 163 k tons Average 305 k tons Total North America Europe Latim America 2009 vs 2008 Japan China BHKP List pulp price (FOEX) vs BRL/US$ Jan/08 Feb/08 Mar/09 Apr/08 May/08 Jun/08 Jul/08 Aug/08 Sep/08 Oct/08 Nov/08 Dec/08 Jan/09 Feb/09 Mar/09 Apr/09 Global market recovery May/09 Jun/09 Jul/09 Aug/09 Sep/09 Oct/09 Nov/09 Dec/ % Demand Paper demand recovery; China keeping up the pace. Low consumers and producers inventories Market downtimes; Currency Appreciation of local currencies against the US$ Jan/09 Feb/09 Mar/09 Apr/09 May/09 Jun/09 BRL/USD Jul/09 Aug/09 Sep/09 Oct/09 Nov/09 FOEX BHKP List Price Dec/09 Jan/10 Feb/10-20% Successive announcements of list price increases (as of April.10) North America: US$870/t Europe: US$840/t Asia: US$800/t 16
17 China's presence in the market pulp sector China's Hardwood imports of BHKP by country China's share of market pulp (%) Growth in 2009 Pulp shipments ('000 t) and market share (%) Total Market Pulp % BHKP BEKP 21% 'o ooo t BHKP Total +107% Brazil +2% Indonesia +51% Chile +12% Russia +117% Uruguay Canada USA Others Tailândia 'o ooo t % +151% +142% +2% 0 14% 12% 22% 10% 10% 26% 12% 16% 9% 10% 13% 7% 11% 9% Brazil is the leading exporter of BHKP to China, accounting to approximately 41% of China's total imports in Between 2005 and 2009, Chinese market share of eucalyptus shipments increased by 17 p.p. (total market pulp: +11 p.p.) Source: Hawkins Wright Source: PPPC W20. Coverage for chemical market pulp is 80% of world capacity. 17
18 P&W Paper Capacity Changes P&W paper capacity withdrawls (1) China: P&W paper capacity changes (1) Company Region/Date 000's tonnes M Real Europe/ International Paper Europe/ Company / Mill Effective Date 000's tonnes Puyang Longfeng Jan Tralin, Gaotang Feb Others Europe/ Domtar North America/ = 1.9 million t MCC Yinhe Paper Jul Guangxi Jindaxing Paper Q = 1.3 million t International Paper North America/ Yeuyang Paper Oct Others North America/ Fujian Nanping Paper Oct Stora Enzo Europe/ Yeuyang Paper Sappi Europe/ APP, Hainan Island Q ,200 Others Europe/ = 1.4 million t Sun Paper/IP Q = 2.3 million t Domtar North America/ Lee&Man 1H International Paper North America/ Jiangsu Oji Paper May Total P&W capacity withdrawls in Europe and North America 3,300 China Metalurgical Meili Paper Q Shandong Huatai Paper Q Shandong Chenming Q , = 2.4 million t Guangxi Huajin Group late Total P&W capacity changes in China 6,040 (1) Source: TerraChoice Dec
19 4Q09 Financials 19
20 Paper Business Paper: Sales volume ('000 t) Paper market recovery Market Competition from imports Demand starting to grow again, but apparent consumption is still below 2008 levels 4Q08 3Q09 4Q09 Fibria Performance Sales volume and revenue mix: focus on specialty papers Seasonality: positive impact on sales volume Paper: Sales and Revenue mix Sales Volume Revenues 27% 30% 28% 21% 21% 23% Specialty/Other Coated Uncoated 40% 43% 42% 19% 19% 20% 52% 49% 49% 41% 38% 38% 4Q08 3Q09 4Q09 4Q08 3Q09 4Q09 20
21 Financial Performance Pulp: sales volume ('000 t) Pulp: sales mix ( 000 t) % 30% 31% 23% 8% 22% 10% 36% 4Q08 3Q09 4Q09 North America Asia Brazil Europe Net revenue (R$ million) Pulp Cash Cost (R$/t) Cash cost w/o stoppages (R$/t) Q08 3Q09 4Q09 4Q08 1Q09 2Q09 3Q09 4Q09 4Q08 3Q09 4Q09 21
22 Financial Performance EBITDA (R$ million) and EBITDA margin (%) CAPEX (R$ million) % % 30% 4Q08 3Q09 4Q Q E Others Manteinence Expansion Net Income (R$ million) Adjusted Ebitda Nonrecurring effects / noncash Ebitda Income tax expense Exchange Variation on Debt Derivatives Other Exchange Variation Interest on loan Income on financial instruments Other financial income Minority Interest Other (*) Net income 4Q09 (*) The amount is the sum of the Depreciation, Amortization and Exhaustion. 22
23 Debt Profile Maturity Schedule of Total Debt (R$ million) Local Currency Foreign Currency Gross Debt by Index Gross Debt by type Gross Debt by currency 10% 2% 2% 50% 6% 3% 3% 4% 34% 40% 60% 12% 36% Pre Fixed Libor TJLP Currency basket CDI 15% 25% Pre Payment Families/OPA Bonds BNDES Derivatives ACC/ACE NCE Others Local Currency Foreign Currency 23
24 Recent Events 24
25 Recent Events Event Date Acquisition by VCP of additional 28% of Aracruz common shares Jan 20 VCP Capital Increase Apr 14 VCP conversion of prefered into common shares Jun 12 Tender Offer for Aracruz common shareholders Jul 02 Incorporation proposal for the ratio Aug 24 Merger of Aracruz shares into VCP approval Aug 24 Shareholderes Agreement - VID and BNDES Oct 29 End of withdrawal rights period Nov 12 End of Aracruz trading Nov 17 Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Nov 18 Approval of the merger of Aracruz into Fibria Dec 22 Source: Fibria 25
26 Investor Relations Team: Carlos Aguiar IRO André Gonçalves IR General Manager Fernanda Naveiro Vaz IR Consultant Anna Laura Linkewitsch IR Specialist Livia Baptista IR Analyst 26
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