Demonstra

Fibria Celulose S.A.
Consolidated Interim Financial Information at March 31, 2013 and Review Report of Independent Registered Public Accountant firm
Review Report of Independent Registered Public Accountant firm

To the Board of Directors and Shareholders Fibria Celulose S.A.
Introduction We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A., for the quarter ended March 31, 2013, comprising the balance sheet as at that date and the statements of income, comprehensive income, changes in equity and cash flows for the quarter 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 accounting standard CPC 21 (R1) and International Accounting Standard (IAS) 34 "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of Review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the Consolidated Interim Information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information referred to above is not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM.
Other Matters Statements of value added We have also reviewed the consolidated statements of value added for the quarter ended March 31, 2013. These statements are the responsibility of the Companys management, and are required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under IFRS, which does not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they have not been prepared, in all material respects, in a manner consistent with the consolidated interim accounting information taken as a whole.
So Paulo, April 22, 2013
PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5
Carlos Eduardo Guaran Mendona Accountant CRC 1SP196994/O-2

Consolidated balance sheet at
In thousands of Reais
Assets Current Cash and cash equivalents (Note 6) Marketable securities (Note 7) Derivative financial instruments (Note 8) Trade accounts receivable, net (Note 9) Inventories (Note 10) Recoverable taxes (Note 11) Assets held for sale Other assets
March 31, 2013
December 31, 2012
January 1 , 2012
st
858,691 1,732,479 21,774 583,160 1,295,982 200,308 589,849 136,046 5,418,289
943,856 2,351,986 18,344 754,768 1,183,142 209,462 589,849 194,526 6,245,933
381,915 1,677,926 31,638 945,362 1,178,707 327,787 644,166 108,062 5,295,563
Non-current Derivative financial instruments (Note 8) Related parties receivables (Note 13) Deferred taxes (Note 12) Recoverable taxes (Note 11) Advances to suppliers Judicial deposits (Note 19) Other assets Investments (Note 14) Biological assets (Note 15) Property, plant and equipment (Note 16) Intangible assets (Note 17)
30,590 6,156 827,395 680,396 719,050 159,042 164,963 40,674 3,306,905 11,007,089 4,696,913 21,639,173
26,475 6,245 879,606 657,830 740,310 157,567 172,612 40,674 3,325,604 11,174,561 4,717,163 21,898,647 28,144,580
43,446 5,469 995,368 677,232 760,611 137,060 95,060 7,506 3,264,210 11,841,247 4,809,448 22,636,657 27,932,220
Total assets
27,057,462
4 of 52

Consolidated balance sheet at
In thousands of Reais (continued)
Liabilities and shareholders' equity Current Loans and financing (Note 18) Trade payables Payroll, profit sharing and related charges Taxes payable Derivative financial instruments (Note 8) Liabilities related to the assets held for sale Dividends payable Other payables
March 31, 2013
December 31, 2012
January 1 , 2012
st
818,967 411,709 85,754 38,032 31,607 470,000 2,076 128,840 1,986,985
1,138,005 435,939 128,782 41,368 54,252 470,000 2,076 204,833 2,475,255
1,092,108 373,692 134,024 53,463 163,534 1,520 142,367 1,960,708
Non-current Loans and financing (Note 18) Derivative financial instruments (Note 8) Taxes payable Deferred taxes (Note 12) Provision for contingencies (Note 19) Other payables
9,078,795 230,375 78,700 199,515 110,315 178,121 9,875,821
9,629,950 263,646 77,665 227,923 104,813 194,521 10,498,518 12,973,773
10,232,309 125,437 76,510 739,878 101,594 163,096 11,438,824 13,399,532
Total liabilities Shareholders' equity Capital Capital reserves Treasury shares Statutory reserves Other reserves Accumulated income Equity attributable to the shareholders of the Company Equity attributable to non-controlling interests Total shareholders' equity Total liabilities and shareholders' equity
11,862,806
9,729,006 2,688 (10,346 ) 3,815,584 1,596,666 21,852 15,155,450 39,206 15,194,656 27,057,462
9,729,006 2,688 (10,346 ) 3,815,584 1,596,666
8,379,397 2,688 (10,346) 4,520,290 1,611,837
15,133,598 37,209 15,170,807 28,144,580
14,503,866 28,822 14,532,688 27,932,220
The accompanying notes are an integral part of these unaudited consolidated interim financial information. 5 of 52

Unaudited consolidated statement of income
In thousand of Reais, except for the income (loss) per share
March 31, 2013
March 31, 2012
Net revenue (Note 21) Cost of sales (Note 23) Gross profit Operating expenses Selling expenses (Note 23) General and administrative (Note 23) Equity in losses of associate Other operating expenses, net (Note 23)
1,449,414 (1,192,487) 256,927
1,273,712 (1,229,902) 43,810
(70,903) (65,747) (2,173) (138,823)
(70,361) (61,918) (19) (12,884) (145,182) (101,372) 48,002 (202,494) 106,573 239,865 191,946 90,574
Income (loss) before financial income and expenses Financial income (Note 22) Financial expenses (Note 22) Results of derivative financial instruments (Note 22) Foreign exchange gains (Note 22)
118,104 34,364 (238,077) 51,171 86,580 (65,962)
Income before taxes on income Taxes on income Current (Note 12) Deferred (Note 12) Net income (loss) Attributable to Shareholders of the Company Non-controlling interests Net income (loss) Basic and diluted earnings (loss) per share - (in Reais) (Note 24)
52,142
(11,027) (17,266) 23,849
(3,168) (97,288) (9,882)
21,852 1,997 23,849 0.039
(11,149) 1,267 (9,882) (0.024)
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
6 of 52

Unaudited consolidated statement of comprehensive income
In thousand of Reais, except for the income (loss) per share
March 31, 2013
March 31, 2012
Income (loss) for the period Other comprehensive income (loss) of the period Total comprehensive income (loss) of the period
23,849
(9,882)
23,849
(9,882)
Attributable to: Shareholders of the Company Non-controlling interests
21,852 1,997
(11,149) 1,267
7 of 52

Unaudited statement of changes in shareholders' equity
In thousands of Reais, unless otherwise indicated
Capital As of January 1 , 2012 Impacted of the adoption - CPC 33(R1), net of deferred taxes As of January 1 , 2012 - adjusted Total loss Net income (loss) for the period As of March 31, 2012 As of January 1 , 2013 Impacted of the adoption - CPC 33(R1), net of deferred taxes As of January 1 , 2013 - adjusted Total income Net income for the period As of March 31, 2013 9,740,777
st st st st
Capital Transaction costs of the capital increase
Other reserves Other comprehensive income 1,618,824
Statutory reserves Retained earnings (accumulated losses ) Noncontrolling interest 28,822
Capital reserve 2,688
Treasury shares (10,346 )
Legal 303,800
Investments 4,216,490
Total 14,510,853
Total 14,539,675
8,379,397
(6,987 ) 8,379,397 2,688 (10,346 ) 1,611,837 303,800 4,216,490
(6,987 ) 14,503,866 28,222
(6,987 ) 14,532,688
(11,149 ) 8,379,397 9,740,777 (11,771 ) 2,688 2,688 (10,346 ) (10,346 ) 1,611,837 1,611,837 303,800 303,800 4,216,490 3,511,784 (11,149 )
(11,149 ) 14,492,717 15,148,769
1,267 30,089 37,209
(9,882 ) 14,522,806 15,185,978
(15,171 ) 9,740,777 (11,771 ) 2,688 (10,346 ) 1,596,666 303,800 3,511,784
(15,171 ) 15,133,598 37,209
(15,171 ) 15,170,807
21,852 (11,771 ) 2,688 (10,346 ) 1,596,666 303,800 3,511,784 21,852
21,852 15,155,450
1,997 39,206
23,849 15,194,656
8 of 52

Unaudited consolidated statement of cash flow
In thousand of Reais
March 31, 2013 Income before taxes on income Adjusted by Depreciation, depletion and amortization Depletion of wood from forestry partnership programs Unrealized foreign exchange (gains) losses, net Change in the fair value of derivative financial instruments Equity in the losses of associate (Gains) losses on disposals of property, plant and equipment Interest and gains and losses on marketable securities Interest expenses Financial charges on Eurobond partial repurchase transactions Impairment of recoverable ICMS Provisions and other Decrease (increase) in assets Trade accounts receivable Inventories Recoverable taxes Other assets/advances to suppliers (Decrease) increase in liabilities Trade payables Taxes payable Payroll, profit sharing and related charges Other payables Cash provided by operating activities Interest received Interest paid Income taxes paid Net cash provided by operating activities Cash flow from investment activities Acquisitions of property, plant and equipment and forests Advances for wood acquisition from forestry partnership program Marketable securities, net Proceeds from sales of property, plant and equipment Derivative transactions settled (Note 8) Other Net cash provided by (used in) investing activities Cash flow from financing activities Borrowing Repayments - principal amount Premiums paid on the partial Eurobonds repurchase transaction Other Net cash used in financing activities Effects of exchange rate changes on cash and cash equivalents
52,142
March 31, 2012

90,574
403,221 28,928 (86,580) (51,171) (8,455) (26,902) 154,262 63,064 22,748 8,281
438,411 19,586 (239,865) (106,573) 19 2,948 (41,155) 169,438 18,107 24,357
162,681 (80,470) (31,053) (19,921)
309,343 (32,592) (39,607) 18,140
(19,298) (2,995) (43,028) (25,947) 499,507 56,357 (136,083) (4,472) 415,309
(25,722) (21,768) (40,655) 4,149 547,135 36,870 (112,607) (2,438) 468,960
(240,869) (7,668) 579,628 21,872 (12,289) 68 340,742
(220,569) (26,519) 123,496 3,683 7,630 (2,562) (114,841)
18,704 (808,333) (42,187) (2,963) (834,779) (6,437)
136,200 (242,771) 3,467 (103,104) (10,836)
9 of 52

Unaudited consolidated statement of cash flows
In thousand of Reais (continued)
March 31, 2013
March 31, 2012
Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period
(85,165) 943,856 858,691
240,179 381,915 622,094
10 of 52

Unaudited consolidated statement of value added
In thousand of Reais
March 31, 2013 Revenue Gross sales Revenue relating to the construction of own assets and others
March 31, 2012
1,482,736 228,902 1,711,638
1,302,753 187,940 1,490,693
Inputs acquired from third parties Cost of sales Materials, energy, outsourced services and others
(833,153) (95,419) (928,572)
(793,508) (88,432) (881,940) 608,753
Gross value added Retentions Depreciation and amortization Depletion of wood from forestry partnership programs Net value added generated from operations Value added received through transfer Equity in results of investees Finance income
783,066
(403,221) (28,928) 350,917
(438,411) (19,586) 150,756
405,028 405,028
(19) 898,470 898,451 1,049,207
Total value added for distribution Distribution of value added Personnel and social charges Direct compensation Benefits to employees Government Severance Indemnity Fund for Employees (FGTS) Taxes and contributions Federal State Municipal Interest and rentals Income (loss) of the period Non-controlling interest Value added distributed
755,945
133,252 103,049 24,288 5,915 97,117 68,810 21,166 7,141 501,727 21,852 1,997 755,945
139,924 103,982 26,978 8,964 179,504 152,377 18,652 8,475 739,661 (11,149) 1,267 1,049,207
11 of 52

Notes to the unaudited consolidated interim financial information at March 31, 2013
1 (a)
Operations and current developments General information Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held company. Fibria Celulose S.A. and its subsidiaries are referred to in these financial statements 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 office is located in So Paulo, SP, Brazil. We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange (NYSE) and we are subject to 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 manufacturing and sale of bleached eucalyptus kraft pulp. We operate in a single operational segment, which is the producing and selling of short fiber pulp. Our bleached pulp is produced from eucalyptus trees, resulting in a variety of high quality hardwood pulp with short fibers, which is generally used in the manufacture of toilet paper, uncoated and coated paper for printing and writing, and coated cardboard for packaging. We use different energy sources such as thermal and electric, including black liquor, biomass derived from wood debarking, bark and scraps. Our business is affected by global pulp prices, which are historically cyclical and subject to significant volatility over short periods. The most common factors that affect global pulp prices are: (i) global demand for products derived from pulp, (ii) global production capacity and the strategies adopted by the main producers, and (iii) availability of substitutes for these products. All of these factors are beyond our control. In 2012, we established a strategic alliance with Ensyn Corporation ("Ensyn"), to leverage our forestry expertise and our competitive position in Brazil to develop alternatives with high value aggregated to complement our global leadership and excellence in the production of pulp. We believe that the combination of our expertise and Ensyn's technology can generate a relevant business in the biofuel segment in the future.
(b)
Operational facilities and forest base The Company operates the following facilities as at March 31, 2013 to produce bleached eucalyptus kraft pulp with a total annual capacity of approximately 5.3 million tons:
Pulp production facility Aracruz Trs Lagoas Jacare Veracel (*) Annual production capacity - tons 2,340,000 1,300,000 1,100,000 560,000 5,300,000
Location (Brazil) Esprito Santo Mato Grosso do Sul So Paulo Bahia
12 of 52

(*) Represents 50% of the annual production capacity of Veracel's pulp mill consistently with our portion of the results, representing 50% of operations of Veracel in our consolidated statement of operations.
Fibria produces hardwood pulp from plantations of eucalyptus trees (referred to as forests), with an average extraction cycle of between six and seven years, which are located in six Brazilian States, consisting of approximately 967 thousand hectares as at December 31, 2012, including reforested and protected areas, as follow (in thousands of hectares): Area of forest State So Paulo Minas Gerais Rio de Janeiro Mato Grosso do Sul Bahia Esprito Santo Total area
78,439 13,300 1,638 228,425 134,834 105,330 561,966
144,761 27,202 3,367 347,485 263,976 180,300 967,091
The forest base of the Losango project in the State of Rio Grande do Sul is excluded from the above table as these assets qualify as assets held for sale, and are being presented as such, as detailed in item (d)(i) of Note 35 to the most recent annual financial statements. (c) Logistics The pulp produced for export is delivered to customers by means of sea vessels on the basis of long-term contracts with the owners of these vessels. Fibria has a long-term contract for 25 years with a dedicated fleet of 20 sea vessels, with the capacity to transport 54 thousand tons of pulp each, to optimize the international logistics and ensure operational stability and competitiveness. Two of these vessels were delivered for us and are operating. The company operates in two ports, Santos and Barra do Riacho. The port of Santos is located on the coast of the State of So Paulo and seeps the pulp produced in the Jacare and Trs Lagoas plants. The port is operated under a concession from the Federal Government, through the Companhia Docas do Estado de So Paulo (CODESP). The port of Barra do Riacho is a port specializing in the transportation of pulp, and is located about three kilometers from the Aracruz unit, in the State of Esprito Santo, and seeps the pulp produced in the Aracruz and Veracel plants. This port is operated by Portocel - Terminal Especializado Barra do Riacho S.A . ("Portocel") - a company controlled by Fibria (which has a 51% interest in its share capital). Portocel operates with the authorization of the federal government through a contract signed on November 14, 1995. The concession period of one of the terminals at the port of Santos ends in 2017. However, we are looking for alternative means of shipping the pulp produced, in order to maintain our export capacity in the long term.
13 of 52

(d)
Current assets held for sale During the year of 2012 the Company approved the sale of certain Cash Generating Units (CGUs) and of certain assets, as presented in the following table:
Date when classified for accounting purposes June 2011 Date when the sale was consummated Not yet consummated (*) December 2012
CGU/Asset Losango project assets
Reference Note 1(d)(i)
Classification for accounting purposes Assets held for sale
Forests and land located in the south of Bahia State
Note 1(d)(ii)
Assets held for sale
March 2012
(*) On December 28, 2012, the Company signed with CMPC Celulose Riograndense S.A. ("CMPC") the final sale and purchase agreement for the sale of these assets with a total sale price of R$ 615 million. The completion of the sale is subject to grant of government approvals as described in the Note 1(d)(i).
(i)
Losango project assets On June 30, 2011, we decided to classify as held for sale the assets related to the Losango project assets, comprised of approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul. On September 10, 2012, we entered into a binding agreement for the sale of all Losango project assets for up to a total maximum price of R$ 615 million, and on December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the a definitive Sale and Purchase and Sale Agreement. The transaction was approved by the Conselho Administrativo de Defesa Econmica (CADE), athe competition authority, and on suchthis date the first installment of the purchase price in the amounting to of R$ 470 million was paid to us. The second installment, in the amounting to of R$ 140 million, was deposited in an escrow account and will be released to us once additional government approvals are obtained. The final remaining installment of R$ 5 million is payable to us upon the consummation completion of the transfer of the existing land lease contracts related to the assets, and the applicable government approvals. The sale and purchase and sale agreement establishes a period of 48 months, renewable, at the option of CPMC, for an additional 48 months, to obtain the required government approvals. If the approvalthis is ultimately not obtained, we are required to return to CMPC the first installment it paid to us, plus interest, rate and the escrow deposits made by CMPC will revert to it. We have recorded the amount of the first installment received as a liability under "Advances received related to assets held for sale". Since the completion of the sale is dependenting on such government approvals, the assets continue to beare still classified as assets held for sale as at March 31, 2013, until the sale is consummatedcompleted. Upon classification as assets held for sale the carrying amount of the assets held for sale (all of which are non-current) was compared to its estimated fair value less cost of sale and no impairment loss was identified. The Losango assets did not generated any significant results in the quarters ended March 31, 2013 and 2012. 14 of 52

(ii)
Forests and land located in the south of Bahia On March 8, 2012, as part of our strategy to of strengthening our capital structure, we entered into a binding agreement with Fundo Florestas do Brasil (the "Fund"), through its subsidiary Caravelas Florestal S.A., for the sale of certain forests and land located in the south of Bahia, consisting of 16,152 thousand hectares of forests of eucalyptus for timber and pulp, with an average annual production of 660 cubic meters of wood. On June 29, 2012, Fibria signed a sale and purchase and sale agreement for these assets, in thefor a total amount of R$ 235 million. A cash payment of R$ 200 million was received as an advance at on the same date. On December 7, 2012, the transaction was completed upon the purchaser signing an acceptance notice. As result of the due diligence process conducted by the purchaser, the sale price was adjusted to R$ 210 million. The remaining balance of R$ 10 million will be received by the Company during 2013 and is registered under "Other receivables", in the current assets. The amount of R$ 19,551 was recognized in the statement of profit and loss in the fourth quarter of 2012, which is the further details are presented in Note 35 to the most recent annual financial statements presented.
(e)
Companies merged and liquidated not affecting the consolidated financial statements During the year ended December 31, 2012, management undertook certain corporate reorganizations in order to simplify the organizational structure of Fibria, including mergers and liquidations of direct and indirect subsidiaries in Brazil and abroad. The following is a summary of events occurring during the year then ended:
Date of merger or beginning of liquidation Interest on share capital - %
Company Liquidation Newark Financial
Country British Virgin Islands
Relationship
Direct subsidiary
June 2012
100
The company that was liquidated did not have any significant assets or liabilities and as a result there was no significant impacts on the results of Fibria. (f) Change in the international corporate structure In November 2011, management approved, subject to certain conditions, a project for athe corporate restructuring of our international activities, which considered the transfer of the current commercial operational, logisticals, administrative and financial operations of Fibria Trading International KFT to another subsidiary of Fibria. The international corporate reorganization and restructuring includes different stages, and its 15 of 52

completion is expected to be completed by around December 2014. However, the implementation of the steps of the planned of the restructuring depends on approval of the local authorities of each country involved. 2 2.1 (a) Presentation of consolidated interim financial information and summary of significant accounting policies Consolidated interim financial information - basis of preparation Accounting policies used The consolidated interim financial information has been prepared and is being presented in accordance with IAS 34 and CPC 21(R1) - Interim Financial Reporting issued by the International Accounting Standards Board (IASB) and the Accountant Statements Committee Standards (CPC), approved by the Brazilian Securities and Exchange Commission (CMV). The consolidated interim financial information should be read in conjunction with the financial statements for the year ended December 31, 2012, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those presented in those annual financial statements. From January 1, 2013, the companies Veracel Celulose S.A., Asapir Produo Florestal e Comrcio Ltda. and VOTO Votorantim Overseas Trading Operations IV Limited meet the definition of joint operations under IFRS 11 and CPC 19(R2) - Joint Arrangements, and are classified accordingly, meaning that the balance of the assets, liabilities, revenue and expenses should be accounted for by the entity participating in the joint operation proportionally to its ownership. The change in the classification of the companies as joint operations did not impact the consolidated balances of the Company. The current accounting practices, which include the measurement principles for the recognition and valuation of the assets and liabilities, the calculation methods used in the preparation of this interim financial information and the estimates used are the same as those used in the preparation of the most recent annual financial statements, except to the extent disclosed in Note 3. (b) Approval of the interim financial information The consolidated interim financial information were approved by Management on April 22, 2013. 2.2 Critical accounting estimates and assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates will seldom equal the related actual results. In the quarter ended March 31, 2013, there were no significant changes in the estimates and assumptions which are likely to result in significant adjustments to the carrying amounts of assets and liabilities during the next financial year, compared to those disclosed in Note 3 to our most recent annual financial statements.
16 of 52

Adoption of new standards, amendments and interpretations issued by IASB and CPC A number of new standards and amendments to standards and interpretations were issued by the IASB and CPC and are effective for annual periods beginning after January 1, 2013, as follow: IAS 1/CPC 26(R1) - Presentation of financial statements IAS 19/CPC 33(R1) - Employee benefits IAS 28/CPC 18(R2) - Investments in associates IFRS 11/CPC 19(R2) - Joint Arrangements IFRS 12/CPC 45 - Disclosure of interest in other entities IFRS 9/CPC 38 - Financial instruments IFRS 10/CPC 36(R3) - Consolidated financial statements IFRS 13/CPC 46 - Fair value measurement
As a result of the new standards, amendments and interpretations issued by IASB and CPC mentioned above, are applicable to us: IFRS 11/CPC 19(R2) - Joint Arrangements, with the effect described in Note 2.1 (a); and, IAS 19/CPC 33(R1) - Employee benefits, with the effect described below: IAS 19 / CPC 33(R1) Employee benefits Booking actuarial gain and loss by the corridor method, used to be a Company practice until December 31, 2012, and such actuarial gains and losses would be recognized the income statement as it exceeded the corridor carrying amount, and amortized over the remaining esteem average life of the population which has the benefit; therefore, the gains and losses measured were not immediately recognized. As its method outcome the carrying amount recognized as liabilities differed from the estimated present carrying amount of obligations by actuarial gains and losses carrying amount not yet recognized. The main impact of the adoption of this standard on the interim financial information for the quarter ended March 31, 2013, with retrospective effect on the financial statements for the year ended December 31, 2012 and the respective opening balances as at January 1, 2012, are as follow: (a) to immediately recognize all actuarial gains and losses directly in Other comprehensive income, with the extinction of the corridor method for the recognition of actuarial gains and losses from remeasurement, (b) to replace the interest costs and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit liability (asset), which should increase the cost of the plan. However, this situation did not have any impact on the Company, due the fact that we do not have any plan assets. The reconciliation of the adjusted actuarial obligations related to December 31, 2012 and the opening balance as at January 1, 2012, impacted by the adoption, is as follows:
17 of 52

December 31, 2012 Present value of actuarial obligations from previous accounting practices Impacted of the adoption of CPC 33(R1) Present value of actuarial obligations after adoption (*)
January 1st, 2012
60,362 22,985 93,934
55,715 10,587 66,302
(*) The actuarial obligation is recorded as non-current Other payable, on the interim financial information at March 31, 2013 and in the December 31, 2012 financial statements and the opening balance as of January 1st, 2012.
As result of the adjustment described above, the accounting balances of Deferred taxes classified as non-current assets, Other payable classified as non-current liabilities and Other reserves in shareholders equity as of December 31, 2012 and January 1st, 2012, regarding the comparative period for this interim financial information, were adjusted as follow:
December 31, 2012 Original balance Non-current asset Deferred assets Non-current liability Other payable Shareholders equity Other reserves Adjustment Adjusted balance Original balance January 1st, 2012 Adjustment Adjusted balance
868,192 160,949 1,618,824
11,414 33,572 (22,158)
879,606 194,521 1,596,666
991,768 152,509 1,618,824
3,600 10,587 (6,987)
995,368 163,096 1,611,837
Risk management The risk management policies and financial risk factors disclosed in the annual financial statements (Note 4) did not have any significant changes. The Companys financial liabilities presenting liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), the capital risk management position, including indexes ratios of financial leverage (Note 4.3) and also sensitivity analysis (Note 5).
4.1
Liquidity risk The table below classifies Fibria's financial liabilities into the relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table represent the contracted cash flow amounts, discounted and as such they differ from the amounts presented in the consolidated balance sheet.
18 of 52

Less than one year At March 31, 2013 Loans and financing Derivative financial instruments Trade and other payables
Between one and two years
Between two and five years
Over five years
1,302,597 42,422 540,084 1,885,103
2,190,897 61,674 24,621 2,277,192
3,766,287 184,048 20,005 3,970,340
5,261,610 60,228 40,009 5,361,847
At December 31, 2012 Loans and financing Derivative financial instruments Trade and other payables
1,739,139 44,853 564,172 2,348,164
2,881,125 50,739 54,234 2,986,098
4,163,566 246,710 14,516 4,424,792
5,878,870 117,785 31,452 6,028,107
At January 1st, 2012 Loans and financing Derivative financial instruments Trade and other payables
1,636,635 134,886 516,061 2,287,582
2,723,403 6,321 47,197 2,776,921
3,919,605 104,913 14,516 4,039,034
7,916,925 16,099 35,081 7,968,105
4.2
Foreign exchange risk The following table presents the carrying amount of the assets and liabilities denominated in foreign currency:
March 31, 2013 Assets in foreign currency Cash and cash equivalents (Note 6) Marketable securities (Note 7) Trade accounts receivable (Note 9) December 31, 2012 January 1st, 2012
820,330 537,733 549,560 1,907,623
891,046 432,706 714,142 2,037,894
318,926 916,391 1,235,317
Liabilities in foreign currency Loans and financing (Note 18) Trade payables Derivative financial instruments (Note 8)
7,728,437 61,933 209,618 7,999,988
8,542,851 105,194 273,079 8,921,124 (6,883,230)
9,230,592 35,676 213,887 9,480,155 (8,244,838)
Asset (liability) exposure
(6,092,365)
19 of 52

4.3
Capital risk management Management monitors indebtedness on the basis of a consolidated indebtedness ratio. This ratio is calculated as net debt divided by net income before interest, income taxes including social contributions, depreciation and amortization and other items as further described below ("Adjusted EBTIDA"), keeping focus on our strategy to reduce indebtedness and maintaining an appropriate level of leverage in accordance with our internal policies, as presented in the most recent annual financial statements in Note 4.2. Net debt represents total loans and financing, less cash and cash equivalents and marketable securities and the fair value of derivative financial instruments. The indebtedness ratios at March 31, 2013, December 31, 2012 and January 1st, 2012 were as follows (measured in Reais): Millions of Reais March 31, 2013 Loans and financing (Note 18) Less - cash and cash equivalents (Note 6) Plus - derivative financial instruments (Note 8) Less - marketable securities (Note 7) Net debt Adjusted EBITDA (last twelve months) Indebtedness ratio 9,898 859 (210) 1,733 7,516 2,440 3.1 December 31, 2012 10,768 944 (273) 2,352 7,745 2,253 3.4 January 1st, 2012 11,324 382 (214) 1,678 9,478 1,981 4.8
The indebtedness ratio decreased from 3.4 on December 31, 2012 to 3.1 at March 31, 2013, mainly due to increments of EBITDA and reductions in the level of net indebtedness during the period. From June 2012 debt-related financial covenants including the indebtedness ratio are measured in US Dollars, as further described in Note 23 to the most recent annual financial statements. Since the above ratios used for the periods presented are measured in Reais, there are likely to be differences between the ratio presented above and the ratios measured in compliance with the debt covenant requirements. The Company continues to focus on actions including reductions in fixed and variable costs, selling expenses, capital expenditure and improvements in working capital. We have also focused on actions that may result in additional liquidity of non-strategic assets. These actions are intended to strengthen the capital structure of the Company, resulting in improved Net Debt to Adjusted EBITDA ratios. 5 Sensitivity analysis The analysis below presents the sensitivity analysis of the effects of changes in relevant risk factors to which the Company is exposed at the end of the quarter. Management believes that a reasonably likely scenario is that the exchange rate between the US Dollar and the Real will reach R$ 2.00, and that changes will be observed in the pulp price over a three-month period in line with current market expectation and historical changes in the prices of pulp. 20 of 52

The other risk factors were not considered to have a significant effect on the results of financial instruments.
Impact on income (expense) in Reais
Instruments denominated in foreign currency - mainly in US Dollars Loans and financing Cash, cash equivalents and marketable securities Derivative financial instruments Accounts receivables Accounts payable Total of estimated impact
Scenario Depreciation of 0.69% of the Real against the US Dollar compared to the Ptax rate as at March 31, 2013 - from R$ 2.00 to R$ 2.0138
51,156 (9,306) 13,808 (3,766)

424 52,316
As shown above, a depreciation of the Real against the US Dollar, considering the closing rate and the balance of financial instruments as at March 31, 2013, would lead to a reduction in the liabilities recognized in the balance sheet and a corresponding gain of approximately R$ 52,316. In this projected scenario, compared to the average exchange rate of R$ 1.9971 observed during the period, net revenue would have increased by 0.3%, representing an approximate amount of R$ 4.6 million given the volume and sales prices for the quarter ended March 31, 2013. According to CVM Decision No. 550/08, the following table presents the change in the fair values of derivative financial instruments, loans and financing and marketable securities, in two adverse scenarios, that could generate significant losses for the Company. The probable scenario was stressed, considering an additional 25% and 50% with respect to the probable scenario of R$ 2.00 per US Dollar:
Impact of an appreciation of the real against the US Dollar on the fair value Probable R$ 2.00 Derivative financial instruments Loans and financing Marketable securities Total impact Possible (25%) R$ 2.50 Remote (50%) R$ 3.00
13,808 51,156 (9,306) 55,658
(505,144) (1,802,325) 327,863 (1,979,606)
(1,208,681) (3,655,807) 665,032 (4,199,456)
Cash and cash equivalents Average yield - % Cash and banks Foreign currency Fixed-term deposits CDB Cash and cash equivalents March 31, December 31, 2013 2012 38,361 0.41 820,330 858,691 52,810 891,046 943,856 January 1st, 2012 62,989 318,926 381,915
CDBs are highly liquid, readily convertible into a known amount of cash and subject to an immaterial risk of change of value if early redemption is requested. 21 of 52

During the quarter ended March 31, 2013 there were no relevant changes in relation to the information presented in the most recent annual financial statements (Note 9). 7 Marketable securities Marketable securities include financial assets classified as held for trading as follows: March 31, 2013 Brazilian federal government securities including under reverse repurchase agreements LFT LTN Over MTN Over Other Private securities including securities under reverse repurchase agreements Reverse repurchase agreements CDB CDB Box RDB - fixed interest rate In foreign currency Private securities including securities under reverse repurchase agreements Time deposits Marketable securities December 31, 2012 January 1st, 2012
173,353 207,931
268,984 111,907 186,374
208,602 149,730 4,666
420,566 391,940 956
766,281 584,734 1,000
1,282,236 31,750 942
537,733 1,732,479
432,706 2,351,986
1,677,926
Private securities are mainly composed of short-term investments in CDB and reverse repurchase agreements which have immediate liquidity and carry interest based on the Interbank Deposit Certificate (CDI) interest rate. Government securities are composed of National Treasury Bills and Notes all issued by the Brazilian federal government. The average yield of marketable securities in the quarter ended March 31, 2013 was 102.37% of the CDI (102.66% of the CDI as of December 31, 2012 and 102.47% of the CDI as of January 1st, 2012). Securities in foreign currency correspond, substantially, to time deposits with maturities longer than 90 days and average remuneration of 1.13% p.a. During the quarter ended March 31, 2013 there were no relevant changes to the operations presented in the most recent annual financial statements and detailed in Note 10 to these financial statements. The decrease in the balance during the quarter ended March 31, 2013 was mainly related to the payments made by Fibria on loans and financing during the period, as described in Note 18(e) to this report.
22 of 52

Derivative financial instruments The following tables present the derivatives, segregated by type, presenting both the asset and liability positions of the swap contracts, the fair value and paid by hedge strategy adopted, and also the schedule of the maturities based on their contractual maturities.
(a)
Derivative financial instruments by type

Reference value (notional) in US Dollars Type of derivative NDF (US$) (*) Swap JPY x US$ (JPY) Swap DI x US$ (US$) Swap LIBOR x Fixed (US$) Swap TJLP x US$ (US$) Swap Pre x US$ (US$) Zero cost collar (*) March 31, 2013 20,000 303,303 533,086 331,323 91,736 785,000 December 31, 2012 170,000 306,226 564,012 349,860 97,737 410,000 January 1st, 2012 921,900 45,000 233,550 227,891 416,478 41,725 162,000 March 31, December 31, 2013 2012 (1,315) (53,945) (3,961) (141,599) (12,506) 3,708 (209,618) Classified In current assets In non-current assets In current liabilities In non-current liabilities Total, net 21,774 30,590 (31,607) (230,375) (209,618) (26,432) (78,345) (8,145) (148,123) (13,205) 1,171 (273,079) 18,344 26,475 (54,252) (263,646) (273,079) Fair value January 1st, 2012 (134,206) 27,804 11,373 (10,655) (92,165) (9,084) (6,954) (213,887) 31,638 43,446 (163,534) (125,437) (213,887)
(*) There was a reduction of in notional NDFs which was offset by the increase in notional Dollar options, considering that with given the low volatility of the Dollar, these operations have remained more attractive than the NDFs in terms of cost at the same time minimizing the negative impacts in case of a high significant depreciation of the Real against the US Dollar.
23 of 52

(b)
Derivative financial instruments by type and broken down by the nature of the exposure (asset and liability exposure for swaps)
Reference value (notional) in currency of origin Type of derivative Future contracts - NDF Cash flow hedge (US$) Swap contracts Asset JPY fixed rate (JPY to USD) USD LIBOR (LIBOR to fixed) BRL fixed rate (BRL to USD) BRL TJLP (BRL to USD) BRL Pre (BRL to USD) Liability USD fixed rate (JPY to USD) USD fixed rate (LIBOR to fixed) USD fixed rate (BRL to USD) USD fixed rate (BRL TJLP to USD) USD fixed rate (BRL to USD) Total of swap contracts Options Cash flow hedge - Zero cost collar 785,000 410,000 162,000 March 31, 2013 20,000 December 31, 2012 170,000 January 2012 921,900 1st, March 31, 2013 (1,315) December 31, 2012 (26,432) Fair value January 1st, 2012 (134,206)
533,086 546,197 539,262 171,987 533,086 303,303 331,323 91,736
564,012 551,195 569,708 183,427 564,012 306,226 349,861 97,737
4,754,615 227,891 399,370 679,784 66,468 45,000 227,891 233,550 416,478
1,074,294 705,605 528,955 159,492 (1,078,255) (759,550) (670,554) (171,998) (212,011) 3,708 (209,618)
1,153,420 706,349 572,177 170,934 (1,161,565) (784,694) (720,300) (184,139) (247,818) 1,171 (273,079)
136,077 427,843 514,257 611,091 64,391 (108,273) (438,498) (502,884) (703,256) (73,475) (72,727) (6,954) (213,887)
41,725
(c)
Derivative financial instruments by type of economic hedge strategy

Fair value Type of derivative Operational hedge Cash flow hedge of exports Hedge of receivable from sale of investments Hedge of debt Hedge of interest rate Hedge of foreign currency
March 31, 2013 December 31, 2012 January 1st, 2012
Value (paid) or received

March 31, 2013 December 31, 2012
2,393
(25,261)
(141,160)
(13,788)
(151,109)
(3,961) (208,050) (209,618)
(8,145) (239,673) (273,079)
(10,655) (62,072) (213,887)
(2,728) 4,227 (12,289)
(8,743) 33,484) (126,368)
24 of 52

(d)
Fair value of derivative financial instruments by maturity date and counterparty The following tables present information about derivative financial instruments grouped by maturity and counterparty. The following table presents the fair values by month of maturity:
March 31, 2013 2013 January February March April May June July August September October November December 2014 (2,312) (2,260) (637) (2,800) (3,299) (3,593) (3,175) (3,716) (1,080) (3,524) (3,926) (4,130) (34,452) 2015 (3,809) (4,329) (1,887) (4,273) (4,681) (4,799) (3,675) (4,007) (4,984) (3,843) (4,080) (4,199) (48,566) 2016 (3,940) (3,770) (1,703) (3,831) (3,859) (4,251) (3,018) (2,883) (4,214) (3,143) (2,917) (3,298) (40,827) 2017 (3,263) (2,982) (1,298) (3,376) (2,900) (3,321) (1,654) (1,002) (20,845) (1,702) (1,070) (1,653) (45,066) 2018 1,881 (26) 16 657 5 (8,617) (9,167) 656 (14,595) (9,279) (11,742) 2019 1,278 306 (10,863) (12,058) 2020 316 Total (13,324) (9,866) (5,551) (16,057) (15,303) (15,500) (11,951) (44,443) (38,104) (12,586) (12,593) (14,340) (209,618)
(1,793) (1,527) 459 (429) (1,297) 2,186 (374) (1,256) (1,060) (5,091)
December 31, 2012 2013 January February March April May June July August September October November December (11,875) (10,120) (2,092) (3,195) (1,873) 93 (1,058) (1,965) 770 (1,459) (1,813) (1,320) (35,907) 2014 (2,652) (3,188) (1,856) (3,095) (3,590) (3,578) (3,453) (3,993) (2,111) (3,791) (4,189) (4,546) (40,042) 2015 (4,065) (4,586) (2,784) (4,511) (4,915) (5,154) (3,852) (4,176) (7,304) (3,980) (4,228) (4,465) (54,020) 2016 (4,067) (3,882) (2,403) (3,932) (3,952) (4,499) (3,077) (2,969) (6,637) (3,202) (3,051) (3,567) (45,238) 2017 (3,311) (2,976) (2,238) (3,420) (2,987) (3,674) (1,683) (1,231) (27,668) (1,722) (1,288) (1,818) (54,016) 2018 1,651 (80) 15 628 (116) (9,170) (15,716) 500 (22,288) (9,665) (11,903) 2019 1,096 279 (11,040) (12,195) 2020 292 Total (25,970) (21,713) (11,453) (18,138) (16,410) (16,928) (13,123) (46,739) (58,666) (14,154) (14,069) (15,716) (273,079)
25 of 52

January 1st, 2012 2012 January February March April May June July August September October November December (23,146) (16,878) (11,919) (17,225) (13,148) (1,991) (18,880) (18,824) (668) (6,905) (420) 1,484 (128,520) 2013 (447) (540) 1,045 (355) (565) 1,414 (1,520) (1,396) (48) (1,519) (1,289) (240) (5,460) 2014 25,680 (2,049) (1,874) (2,756) (2,571) (2,208) (2,796) (2,662) (2,461) (2,908) (2,854) (2,736) (2,195) 2015 (3,000) (2,966) (2,951) (3,228) (3,262) (3,055) (2,658) (2,695) (3,018) (2,897) (2,926) (2,769) (35,425) 2016 (2,820) (2,879) (2,980) (2,933) (2,932) (2,908) (2,548) (2,539) (2,290) (2,499) (2,476) (2,431) (32,235) 2017 (2,483) (2,475) (2,415) (2,764) (2,782) (2,675) (1,289) (1,286) 2,973 (1,281) (1,288) (1,222) (18,987) 2018 Total (6,216) (27,787) (21,008) (29,261) (25,260) (11,319) (29,691) (29,402) 3,233 (18,009) (11,253) (7,914) (213,887)
86 104 8,745
8,935
Notional and fair value by counterparty:

March 31, 2013 Notional in US Dollars
Banco Ita BBA S.A. Deutsche Bank S.A. Banco Safra S.A. Banco BNP Paribas Brasil S.A. Banco Santander Brasil S.A. Banco CreditAgricole Brasil S.A. HSBC Bank Brasil S.A. Banco Citibank S.A. Goldman Sachs do Brasil Banco Bradesco S.A. Morgan Stanley & CO. Banco Votorantim S.A. Banco ABC Brasil S.A. Rabobank Brasil S.A. Bank of America Merrill Lynch Banco Standard de Investimentos Standard Chartered Bank Banco Barclays S.A. Banco WestLB do Brasil BES Investimento do Brasil S.A. 363,595 248,450 218,303 215,000 206,225 195,489 150,294 134,883 101,100 85,000 47,129 38,980 25,000 25,000 10,000
December 31, 2012 Notional in US Dollars

243,261 143,450 221,226 125,000 248,918 213,950 154,601 138,181 123,250 85,000 58,912 42,086 50,000 35,000 15,000
January 1st, 2012 Notional in US Dollars

382,812 37,500 233,550 255,556 135,046 240,376 186,850 229,042
Fair value
(13,780) 1,637 (36,121) 1,013 (83,954) (311) (19,286) (37,691) (2,182) (17,825) (1,148) 217 (255) 182 (114)
Fair value
(17,865) (2,033) (55,131) 853 (93,734) (3,844) (21,101) (39,734) (3,107) (23,214) (1,747) 200 (2,389) (6,821) (3,412)
Fair value
(49,975) (3,699) 11,372 (57,139) (22,460) (6,695) (17,507) (22,415)
96,400 14,500 57,500 124,500 45,500 10,000 2,049,132
(20,041) (1,791) (8,285) (10,959) (2,521) (1,772) (213,887)
2,064,448
(209,618)
1,897,835
(273,079)
The fair value does not necessarily represent the cash required to immediately settle each contract, as this disbursement will only be made on the date of maturity of each transaction, when the final settlement amount can be determined. The outstanding contracts at March 21, 2013 are not subject to margin calls or anticipated liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and registered with CETIP (a clearing house). The descriptions of the types of contracts and risks being hedged against are as follow: 26 of 52

(i)
Non-Deliverable Forwards (NDF) The Company entered into US Dollar forwards in order to hedge a portion of its future export revenue, which is considered highly likely to be collected, against any devaluation of the Real against the US Dollar.
(ii)
LIBOR versus fixed rate swap The Company has plain-vanilla swaps of quarterly LIBOR against fixed rates, with the objective of hedging debt carrying interest based on LIBOR against any increase in LIBOR.
(iii)
DI versus US Dollar swap The Company has plain-vanilla swaps of Interbank Deposit (DI) against the US Dollar, with the objective of converting our debt exposure in Reais subject to the DI rate into a debt in US Dollars with fixed interest. The swaps are matched to debt in terms of the underlying amounts, maturity dates and cash flow.
(iv)
TJLP versus US Dollar swap The Company has plain-vanilla swaps of Long-term Interest Rate (TJLP) against the US Dollar with the objective of changing our debt exposure in Reais subject to interest based on the TJLP, to debt in US Dollars with fixed interest. The swaps are matched to the related debt in terms of underlying amounts, maturity dates and cash flow.
(v)
Zero cost collar The Company has a zero cost collar, which is a purchased option (put) to purchase US Dollars and a written option (call) to sell US Dollars, with no leverage. The difference between the strike price of the put (floor) and of the call (ceiling) results in a floor and cap of the Dollar exchange rate, thereby forming a "Collar".
(vi)
Pre swap versus US Dollar swap The Company has plain-vanilla swaps to transform fixed interest debt in Reais into a debt in US Dollars with fixed rates. The swaps are matched to debt in terms of the underlying amounts, maturity dates and cash flow.
(vii)
Fair value measurement of derivative financial instruments The Company estimates the fair values of its derivative financial instruments and acknowledges that these may differ from the amounts payable/receivable in the event of early settlement of the instrument. This difference results from factors such as liquidity, spreads or the intention for early settlement by the counterparties, among other factors. The amounts estimated by management are also compared to the Mark-to-Market (MtM) prices provided as a reference by the banks (counterparties) and to estimates performed by an independent financial advisor. Management believes that the fair value estimated for those instruments following the methods described below, reliably reflect their fair values. The methods used by the Company to measure the fair values of its derivative financial instruments 27 of 52

reflect the methodologies commonly used by the market, and are based on widely tested theoretical bases. The methodologies used to estimate the MtM and to record the financial instruments is defined in the manual developed by the Company's risk and compliance management area. A summary of the methodologies used for the purpose of determining the fair value by type of instrument is presented below. . Non-deliverable forwards - a projection of the future exchange rate is made, using the observable foreign currency coupon and the observed fixed yield curve in Reais at each maturity date. The difference between the forward exchange rate obtained through this method and the contractual forward exchange rate is determined. This difference is multiplied by the notional amount of each contract and discounted to its present value using the observed fixed yields in Reais. Swap contracts - the present value of both the asset and liability position are estimated by discounting the forecast cash flow using the observed market interest rate for the currency in which the swap is denominated. The contracts fair value is the difference between the asset and liability amounts. The only exemption refers to TJLP versus US Dollar swaps, where the cash flow of the asset position (TJLP versus Pre swap) is projected using a straight yield of 5% during the period of the swap contract, disclosed by BM&FBOVESPA. Options (Zero Cost Collar) - the fair value was calculated based on the Garman Kohlhagen model. Volatility information and interest rates are observable and were obtained from BM&FBOVESPA exchange information to calculate the fair values.
The yield curves used to calculate the fair values of financial instruments at March 31, 2013 are as follow:
Interest rate curves Brazil Vertex 1M 6M 1A 2A 3A 5A 10A Rate (p.a.) - % 7.02% 7.48% 7.93% 8.63% 9.11% 9.64% 10.16% Vertex 1M 6M 1A 2A 3A 5A 10A United States Rate (p.a.) - % 1.63% 1.39% 1.58% 1.87% 2.14% 2.87% 4.17% Vertex 1M 6M 1A 2A 3A 5A 10A Dollar coupon Rate (p.a.) - % 0.27% 0.31% 0.35% 0.42% 0.53% 0.96% 2.08%
28 of 52

Trade accounts receivable

Domestic customers Intercompany Export customers
4,349 91,196 549,560 645,105
99,601 2,980 714,142 816,723 (61,955) 754,768
102,305 2,878 916,391 1,021,574 (76,212) 945,362
Allowance for doubtful accounts
(61,945) 583,160
During the quarter ended March 31, 2013, we made credit assignments without recourse for certain customers, amounting to R$ 566,689 (R$ 686,619 at December 31, 2012 and R$ 306,787 at January 1, 2012) meaning that these amounts were not recognized as trade accounts receivable and are not included in the balance above. The combination of the sales volume, average pulp price and the effect of the exchange currency in the period, contributed to minimizing the decrease in the balance. 10 Inventories
Finished goods At plant/warehouses in Brazil Outside Brazil Work in process Raw materials Supplies Imports in transit Advances to suppliers
179,182 537,999 8,265 422,972 134,164 9,972 3,428 1,295,982
131,806 470,082 13,438 422,288 142,288 2,333 907 1,183,142
135,110 518,305 31,141 360,473 129,298 2,140 2,240 1,178,707
The balance increased by 9.5% or R$ 112,840, mainly due to carried by the high level of inventories of finished products (increase of 74 kilotons) in the first quarter of 2013. 11 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 Recoverable ICMS and Excise Tax (IPI) Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) Recoverable Provision for impairment of ICMS credits
203,294 17,609 736,509 521,871 (598,579) 880,704
187,941 16,140 715,904 526,410 (579,103) 867,292 657,830 209,462
208,993 19,520 614,274 669,805 (507,573) 1,005,019 677,232 327,787
Non-current Current
680,396 200,308
29 of 52

During the quarter ended March 31, 2013 there were no relevant changes in terms of our expectations regarding the recoverability of the tax credits presented in Note 14 to the most recent annual financial statements. 12 Taxes on income The Company and its subsidiaries based in Brazil are taxed based on their net income/loss for accounting purposes and then adjusted for tax purposes. The subsidiaries outside of Brazil use methods established by the respective local regulations. Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted as at the date of the interim financial information. (a) Deferred taxes Deferred income tax and social contribution tax assets arise from tax losses and temporary differences related to (i) the effect of foreign exchange gains/losses mainly on loans and financing (which for tax purposes are taxed/deductible on a cash basis), (ii) adjustments to the fair values of derivative financial instruments, (iii) provisions not currently deductible for tax purposes, (iv) investments in rural activity, and (vi) temporary differences arising from the adoption of CPCs/IFRS.
30 of 52

March 31, 2013 Tax losses Provision for contingencies Sundry provisions (impairment, operational and other) Results of derivative contracts recognized for tax purposes on a cash basis Exchange variation - recognized for tax purposes on a cash basis Tax amortization of goodwill Actuarial gain (loss) over medical assistance plan (SEPACO) Provision for losses on foreign deferred tax assets (*) Tax depreciation Reforestation costs already deducted for tax purposes Fair values of biological assets Effect of business combination - acquisition of Aracruz Tax benefit of goodwill not amortized for tax purposes Other provisions Total deferred taxes, net Deferred taxes - asset (net by entity) Deferred taxes - liability (net by entity) 679,951 68,788 357,619 71,270 415,179 113,291 11,414 (217,464) (11,500) (316,036) (223,161) (28,939) (290,741) (1,791) 627,880 827,395 199,515
December 31, 2012 587,211 65,578 401,113 92,847 470,825 113,178 11,414 (238,201) (11,391) (299,632) (239,094) (31,998) (268,376) (1,791) 651,683 879,606 227,923
January 1st, 2012 521,693 30,506 383,395 72,537 73,412 110,936 3,600 (200,711) (14,986) (284,020) (214,952) (45,212) (178,917) (1,791) 255,490 995,368 739,878
Changes in the net balance of deferred income tax are as follow:

March 31, 2013 December 31, 2012
At the beginning of the period Tax losses Provision for the impairment of foreign deferred tax assets Temporary differences relating to provisions Derivative financial instruments taxed on a cash basis Amortization of goodwill Reforestation costs Exchange gains/losses taxed on a cash basis Fair value of biological assets Actuarial gain (loss) over medical assistance plan (SEPACO) Other At the end of the period
651,683 92,740 20,737 (40,284 ) (21,577 ) (22,252 ) (16,513 ) (55,646 ) 15,933 3,059 627,880
251,890 28,558 (37,490) 52,790 20,310 (87,217) (12,018) 434,373 (24,141) 11,414 13,214 651,683
31 of 52

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

March 31, 2013 Income from continuing operations taxes on income Income tax and social contribution at statutory nominal rate - 34% Reconciliation to effective expense Non-taxable equity in earnings (losses) of associates Difference in tax rates of foreign subsidiaries Benefits to directors Transfer pricing Other, mainly non deductible provisions Income tax and Social Contribution benefit (expense) for the year Effective rate - % (1,812) (2,260) (6,047) (446) (28,293) 54.3
(6) (61,367)
March 31, 2012

90,574 (30,795)
52,142 (17,728)
(2,108) (6,180) (100,456) 110.9
13
Significant transactions and balances with related parties Related parties The Company is governed by a Shareholders Agreement entered into between Votorantim Industrial S.A. ("VID"), which holds 29.42% of its shares, and BNDES Participaes S.A. ("BNDESPAR"), which holds 30.38% of the shares (together the "Controlling shareholders"). The Company's commercial and financial transactions with its subsidiaries, associates, companies of the Votorantim Group and other related parties are carried out at normal market prices and conditions, based on usual terms and rates applicable to third parties. Balances and transactions with related parties are as follow:
(a)
32 of 52

(i)
Balances recognized in assets and liabilities

Balances receivable (payable)
Nature Transactions with controlling shareholders Votorantim Industrial S.A. BNDES
March 31, December 31, 2013 2012

(65) (1,671,578) (1,671,643) (722) (1,747,272) (1,747,994)
January 1st, 2012

(63) (1,773,842) (1,773,905)
Rendering of services Financing
Transactions with associates Bahia Produtos de Madeira S.A. Transactions with Votorantim Group companies VOTO III Votener - Votorantim Comercializadora de Energia Banco Votorantim S.A. Votorantim Cimentos S.A. Votorantim Cimentos S.A. Votorantim Metais Votorantim Metais Companhia Brasileira de Alumnio (CBA)
Sales of wood
3,852
2,980
2,878
Eurobonds Energy supplier Financial investments Input supplier Sale of lands Chemical products supplier Leasing of lands Leasing of lands 41,809 (41) 31,362 (140) (713) (34) 72,243 (388) 197,782 (11) 31,362 (228) (1,476) (33) 227,008 (1,518,006)
(117,767) (388) 176,156 (87) (214) (33) 57,667 (1,713,360)
Net Presented in the following lines In assets Marketable securities (Note 7) Trade accounts receivable (Note 9) Related parties - non-current Other assets - current In liabilities Loans and financing (Note 18) Suppliers
(1,595,548)
35,077 4,349 6,156 31,362 (1,671,578) (914) (1,595,548)
191,537 2,980 6,245 31,362 (1,747,272) (2,858) (1,518,006)
170,687 2,878 5,469 (1,891,609) (785) (1,713,360)
33 of 52

(ii)
Transactions recognized in the statement of operations

Income (expense) March 31, March 31, 2013 2012
(1,967) (25,824) (27,791) (2,297) (26,801) (29,098)
Nature Transactions with controlling shareholders Votorantim Industrial S.A. Banco Nacional de Desenvolvimento Econmico e Social (BNDES)
Transactions with associates Bahia Produtos de Madeira S.A.
Rendering of services Financing

Sales of wood
2,095
2,973
Transactions with Votorantim Group companies VOTO III Votener - Votorantim Comercializadora de Energia Banco Votorantim S.A.
Anfreixo S.A.
Eurobond Energy supplier Investments

Material and services supplier (7,091) 2,962 (153) (1,364) (2,139) (115) (7,900)
9,404 (2,948) 4,680 (695) (85) (1,619) (1,739) (99) 6,899
Votorantim Cimentos S.A. Votorantim Metais Ltda. Votorantim Metais Ltda. Companhia Brasileira de Alumnio (CBA)
Leasing of lands Chemical products supplier Leasing of lands Leasing of lands
Comments on the main transactions and contracts with related parties The following is a summary of the nature and conditions of the transactions with related parties: Controlling shareholders The Company has a contract with VID related to services provided by the Votorantim Shared Services Center, which provides outsourcing of operational services relating to administrative activities, personnel department, back office, accounting, taxes and the information technology infrastructure shared by the companies of the Votorantim Group. The contract provides for overall remuneration of R$ 9,767 and has a one-year term, to be renewed annually upon formal confirmation by the parties. Additionally, VID provides various services related to technical advice and training, including management improvement programs. These services are provided to the entire Votorantim Group, and the Company reimburses VID at cost for the expenses related to the services used. The Company has financing contracts with BNDES, the majority shareholder of BNDESPAR, for the purpose of financing investments in infrastructure, forestry and the acquisition of equipment and machines, as well as the expansion and modernization of its plants. There have been no changes in the contracts with BNDES since December 31, 2012, which were presented in Note 23(e) in the most recent annual financial statements. Management believes that these transactions were contracted at terms equivalent to those which prevail in transactions with independent parties, based on technical studies performed when these 34 of 52

contracts were executed. Subsidiaries, joint operations and associates Fibria shares its administrative structure with its wholly-owned subsidiary Fibria - MS, and allocates these administrative expenses to the subsidiary at cost without any profit margin. These receivables have an average maturity of 90 days. The other operating subsidiaries have their own management, and no sharing of expenses is necessary. In June 2010 and May 2011, there were purchases of intercompany receivables from this subsidiary amounting to R$ 239,123 relating to export shipments, which were fully settled in 2012. Port services for shipping the products of the Aracruz plant are contracted from Portocel - Terminal Especializado Barra do Riacho. Portocel is controlled by the Company, and Cenibra - Celulose NipoBrasileira holds the remaining 49% interest in Portocel. The prices and conditions are identical for both shareholders. The Company has accounts receivable relating to the sale of pulp to its wholly-owned subsidiary Fibria Trading International KFT, which is responsible for the management, sale, operation, logistics, control and accounting of products in Europe, Asia and North America. The pulp sales prices and payment terms for this subsidiary follow the strategic and finance plan of the Company and observe the transfer price limits under the tax regulations. In addition, the Company contracted intercompany export prepayments with this subsidiary, at the rate of quarterly LIBOR plus an average spread of 4.1% p.a., with quarterly payments of principal and interest and final maturity in 2018. On June 24, 2005, we entered into a loan contract with VOTO IV, which raised US$ 200,000 thousand bearing interest at 8.5% p.a., maturing in 2020. The Company has balances receivable from Asapir, corresponding to cash advances made for the purpose of ensuring Asapir has adequate working capital at levels considered appropriate to carry out its operational activities. The Company has a receivables balance of R$ 3,852 from Bahia Produtos de Madeira S.A., corresponding to sales of wood, with a contract value of around R$ 9 million per year with maturity in 2019, renewable for 15 years. Votorantim Group companies The Company has a contract to purchase energy from Votener - Votorantim Comercializadora de Energia Ltda. to supply power to our unit in Jacare. The total amount contracted is R$ 15,000, guaranteeing 115,700 megawatt-hours over five years maturing in December 31, 2014. Should either party request an early termination of the contract, that party is required to pay 50% of the remaining contract amount. In addition, the Company entered into a contract to purchase energy from Votener, expiring on December 31, 2014, to supply the Trs Lagoas and Aracruz units. Since these units already generate their own energy, the contract is intended to maximize the competitiveness of the energy matrix. The total amount contracted may change based on the needs and consumption of energy by those plants. The Company maintains investments in CDB and securities purchased under resale agreements ("reverse repos") issued by Banco Votorantim S.A., with average remuneration of 104.20% of the CDI rate, maturing on January 2015. The Company's cash management policy is intended to provide efficiency in investment returns and to maximize liquidity, based on market practices. The Company 35 of 52

has also entered into derivative financial instrument contracts with Banco Votorantim. The Shareholders Agreement limits the intercompany investments to R$ 200 million for securities and R$ 100 million of notional value for derivative financial instruments. On January, 2012, the Company entered into a contract to purchase 98% sulfuric acid from Votorantim Metais, for R$ 18,500, in exchange for the supply of 36,000 metric tons of acid for two years through December 31, 2013. In the event of contract termination, no penalties are due and the parties should pay any outstanding invoices for goods provided prior to the termination. The Company has an agreement with Votorantim Cimentos for the supply of road construction supplies, such as rock and calcareous rock, at an approximate amount of R$ 7,165 through May 30, 2013. This agreement may be terminated at any time with prior notice of 30 days, without any contractual penalties. In December 2012, the Company entered into a contract with Votorantim Cimentos for the sale of land amounting to R$ 31,362 which matures in December 2013. The Company has land leasing agreements, for approximately 22,400 hectares, with Votorantim Metais Ltda., which mature in 2019, totaling R$ 76,496. The Company has land leasing agreements, for approximately 2,062 hectares, with Companhia Brasileira de Alumnio - CBA and Votorantim Cimentos, which mature in 2023, totaling R$ 4,062. In the quarter ended March 31, 2013 and the other periods presented, no provision for impairment was recognized on assets involving related parties. (b) Remuneration of officers and directors The remuneration expenses, including all benefits, are summarized as follow: March 31, 2013 Short-term benefits to officers and directors Rescission of contract benefits Benefit program - Phantom Stock Options 7,281 739 8,020 10,454 March 31, 2012 8,416 2,038
Short-term benefits include fixed compensation (salaries and fees, vacation pay and 13th month salary), social charges and contributions to the National Institute of Social Security (INSS), the Government Severance Indemnity Fund for Employees (FGTS) and the variable compensation program. The longterm benefits refer to the variable compensation program. Short-term benefits to officers and directors do not include the compensation for the Audit, Risk, Compensation and Sustainability Committee members of R$ 115 for the quarter ended March 31, 2013 (R$ 199 for the quarter ended March 31, 2012). The Company does not have any additional active post-employment plans and does not offer any other benefits, such as additional paid leave for time of service. 36 of 52

14
Investments
Investments in associates - equity method (a) Provision for impairment of investments (a) Others investments - fair value method (b)
6,913 (6,913) 40,674 40,674
6,913 (6,913) 40,674 40,674
7,506
7,506
(a)
Investments in associates
Our ownership Associate's information Profit and loss March 31, 2013 December 31, 2012 On equity January 1st, 2012 On profit and loss March 31, 2013 March 31, 2012
Equity Associate measured by equity method Bahia Produtos de Madeira S.A. Provision for impairment Bahia Produtos de Madeira S.A.
20,252
(480)
33,33
6,913
6,913
7,506
(19 )
(6,913)
(6,913) 7,506 (19 )
(b)
Others investments We hold 6% ownership of the capital of Ensyn, represented by shares. We performed an assessment regarding the rights related to these shares and concluded that we did not have significant influence over the management of Ensyn and, therefore, this investment cannot be considered as an investment in an associate. No significant change occurred in the fair value of our interest in Ensyn between the date of our investment (October 2012) and March 31, 2013 and for that reason the carrying amount as at March 31, 2013 equals the cost of the investment.
37 of 52

15
Biological assets The reconciliation of the book balances at the beginning and at the end of the periods presented is as follows: March 31, 2013 At the beginning of the period Additions Depletion during the period Historical cost Fair value Change in fair value Disposal Transfer (i) At the end of the period 3,325,604 185,654 (136,258) (67,872) (223) 3,306,905 December 31, 2012 3,264,210 755,531 (502,691) (365,726) 297,686 (129,745) 6,339 3,325,604
(i) Includes transfers between biological assets, property, plant and equipment, and intangible assets, as well the transfer of PIS and COFINS tax credits.
According to our accounting policies, in the second semester of 2012, we performed a valuation of the biological assets at fair value, which resulted in a gain of R$ 297,686. In the three month period ended March 31, 2013, no valuation of the fair value of biological assets was performed, as management noted that there are no indicators that could result in a significant change in the fair value of these assets. During the quarter ended March 31, 2013 there have been no significant changes to the information presented in the most recent annual financial statements and detailed in Note 18 to these financial statements. According to our policies, the calculation of the fair value of the biological assets is performed semiannually and, for the quarter ended March 31, 2013, management believes that there are no significant changes in the fair value of the biological assets.
38 of 52

16
Property, plant and equipment The rollforward of the carrying amounts at the presented period is as follows:
Machinery, equipment and facilities 7,975,675 2,886 (14,509) (676,576) 115,201 7,402,677 Advances to suppliers 205,783 3,061 Construction in progress 197,866 230,475
Land At December 31, 2011 Additions Disposals Depreciation Transfers and others (i) (ii) At December 31, 2012 Additions Disposals Depreciation Transfers and others (i) (ii) At March 31, 2013 1,853,243 32 (56,768) 19,179 1,815,686
Buildings 1,562,120 299 (5,201) (122,268) 54,809 1,489,759
Other 46,560 950 (518) (15,389) 11,568 43,171
Total 11,841,247 237,703 (76,996) (814,233) (13,160) 11,174,561
63 208,907
(213,980) 214,361
(11,414)
162 (2) (30,214) 31,832 1,491,537
1,655 (14,154) (167,808) 37,254 7,259,624
(2,716)
55,756
358
(66)
(77,659) 206,191 192,458
(3,550) 13,094 53,007
55,215 (25,636) (201,572) 4,521 11,007,089
1,804,272
(i) Includes transfers between the biological assets, property, plant and equipment, intangible assets as well the transfer of PIS and COFINS taxes credits. (ii) Includes the fair value of land allocated in to the subsidiary Mucuri Agroflorestal due to the acquisition of Aracruz, in the amount of R$ 478,925, which was also incorporated into the property, plant and equipment, as presented in Note 17 of to the most recent annual financial information.
39 of 52

During the quarter ended March 31, 2013 there have been no significant changes with respect to the information presented in the most recent annual financial statements and detailed in Note 19 to these financial statements. 17 Intangible assets The rollforward of the carrying amounts at the presented period is as follow:
March 31, 2013 At the beginning of the period Amortization of databases, patents and suppliers Acquisition and disposal of software Other At the end of the period 4,717,163 (20,781) (3,529) 4.060 4,696,913 December 31, 2012 4,809,448 (83,124) (9,192) 31 4,717,163
Composed by Goodwill - Aracruz Systems development and deployment Acquired from business combination Databases Patents Relationships with suppliers Diesel and ethanol Chemical products Others
4,230,450 36,507 262,200 41,684 1,022 120,821 4,229 4,696,913
4,230,450 40,004 273,600 46,820 2,668 123,420 201 4,717,163
During the quarter ended March 31, 2013 there have been no significant changes to the information presented in the most recent annual financial statements and detailed in Note 20 to these financial statements. In relation to the impairment testing of goodwill, the details are being presented in Note 26.
40 of 52

18 (a)
Loans and financing Breakdown of the balance by type of loan

Current
Average annual charges % March 31, 2013 December 31, 2012 January 1st, 2012 March 31, 2013 December 31, 2012
Non- current
January 1st, 2012 March 31, 2013 December 31, 2012
Total
January 1st, 2012
Type/purpose In foreign currency BNDES - currency basket Export credits (Finnvera) Eurobonds - US$ Eurobonds - JPY Export credits (prepayment) Export credits (ACC/ACE) EIB Europe Inv. Bank Leasing
5.89 3.27 7.33 2.55 3.07
43,483 43,275 94,371 203,462 99,817
49,075 46,319 65,763 218,662 440,604
48,790 42,731 34,575 2,223 29,051 623,632 784 8,773 790,559
219,872 169,691 4,196,001 2,447,016 211,449
233,397 193,959 4,577,197 2,503,308 214,567
220,471 217,218 5,103,839 115,544 2,777,003 5,958
263,355 212,966 4,290,372 2,650,478 311,266
282,472 240,278 4,642,960 2,721,970 655,171
269,261 259,949 5,138,414 117,767 2,806,054 623,632 784 14,731 9,230,592
484,408
In Reais BNDES - TJLP FINAME Rural credit note NCE Midwest Region Fund (FCO and FINEP)
820,423
7,244,029
7,722,428
8,440,033
7,728,437
8,542,851
7.75 6.10 5.50 10.00 8.26
264,804 4,893 6,030 46,827 12,005 334,559 818,967
248,731 7,483 49,344 12,024 317,582 1,138,005 117,992 111,898 908,115 1,138,005
242,321 2,336 45,203 11,689 301,549 1,092,108 114,432 98,667 879,009 1,092,108
1,143,419 6,443 640,526 44,378 1,834,766 9,078,795 116,441 8,962,354 9,078,795
1,216,069 7,182 636,982 47,289 1,907,522 9,629,950 105,053 9,524,897 9,629,950
1,262,260 7,516 463,987 58,513 1,792,276 10,232,309 65,828 10,166,481 10,232,309
1,408,223 11,336 6,030 687,353 56,383 2,169,325 9,897,762 240,049 6,000 9,651,713 9,897,762
1,464,800 14,665 686,326 59,313 2,225,104 10,767,955 223,045 111,898 10,433,012 10,767,955
1,504,581 9,852 509,190 70,202 2,093,825 11,324,417 180,260 98,667 11,045,490 11,324,417
Interest Short-term borrowings Long-term borrowings
123,608 6,000 689,359 818,967
41 de 52

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. (b) Breakdown by maturity Non-current portion of the debt at March 31, 2013 by maturity:
2014 In foreign currency BNDES - currency basket Export credits (Finnvera) Eurobonds - US$ Export credits (prepayment) Export credits (ACC/ACE) 2015 2016 2017 2018 2019 2020 2021 Total
31,671 21,006 362,547 211,449 626,673
38,952 42,406 245,651
29,520 42,406 353,064
40,577 42,406 548,067
38,448 21,467 452,782
20,726 118,353 393,370
10,892 2,681,726 91,535
9,086 1,395,922
219,872 169,691 4,196,001 2,447,016 211,449
327,009
424,990
631,050
512,697
532,449
2,784,153
1,405,008
7,244,029
In Reais BNDES - TJLP FINAME NCE Midwest Region Fund (FCO and FINEP)
249,187 2,216 33,019 8,733 293,155 919,828
308,571 2,954 74,736 11,643 397,904 724,913
167,978 1,220 70,761 11,643 251,602 676,592
154,200 53 196,818 11,643 362,714 993,764
114,948 178,743 409 294,100 806,797
72,018 43,225 307 115,550 647,999
43,724 43,224
32,793
1,143,419 6,443 640,526 44,378
86,948 2,871,101
32,793 1,437,801
1,834,766 9,078,795
42 de 52

(c)
Breakdown by currency and interest rate Loans and financing are broken down into the following currencies: Currency March 31, December 31, 2013 2012 Real Dollar JPY Currency basket 2,169,325 7,465,082 263,355 9,897,762 Loans and financing are broken down by interest rate: Interest rate March 31, December 31, 2013 2012 CDI TJLP Libor Currency basket Fixed 687,353 1,377,539 2,659,871 263,355 4,909,644 9,897,762 686,326 1,449,587 2,756,150 282,472 5,593,420 10,767,955 January 1st, 2012 509,190 1,504,491 2,929,970 269,261 6,111,505 11,324,417 2,225,104 8,260,379 282,472 10,767,955 January 1st, 2012 2,093,825 8,843,564 117,767 269,261 11,324,417
(d)
Rollforward The rollforward of the carrying amounts during the presented period are as follow: March 31, 2013 At the beginning of the period Borrowing Interest expenses Foreign exchange Repayments - principal amount Interest paid Expense of transaction costs of Eurobonds redeemed early Other (*) At the end of the period 43 de 52 10,767,955 18,704 154,262 (125,186) (808,333) (136,083) 20,877 5,566 9,897,762 December 31, 2012 11,324,417 864,334 681,840 803,641 (2,410,719) (651,288) 88,759 66,971 10,767,955

(*) Includes the amortization of transactions costs. (e) Relevant operations settled during the period Eurobonds In the quarter ended March 31, 2013, Fibria prepaid the a total of US$ 169.6 million (equivalents to R$ 336,483) regarding to Eurobonds Fibria 2020 and Fibria 2021 issued in May 2010 and March 2011, for which the original maturities were May 2020 and March 2021 with a fixed interest rate of 7.5% and 6.75% per year, respectively. As the results of the early redemption, we recognized a financial expenses in the amounting to of R$ 63,064 being, of which R$ 42,187 regarding relating to the premiums paid in the repurchase transaction and R$ 20,877 regarding relating to the proportional amortization of the transaction costs related to issue of the Eurobonds. Export credits (ACC) In the quarter ended March 31, 2013, Fibria paid athe total of US$ 125 million (equivalents to R$ 255,111) regarding in relation to export credits (ACC) with fixed interest rates of between 2.05% p.a. and 2.09% p.a. At Over the same period, Veracel (Fibrias joint operation) paid the a total of US$ 22.8 million (equivalents to R$ 45,766), of export credits (ACC), with fixed interest rates of between 2.07% p.a. and 4.75% p.a. (f) Covenants Some of the financing agreements of the Company contain covenants establishing maximum indebtedness and leverage levels, as well as minimum coverage of outstanding amounts. Covenants requirements On June 6, 2012, the Company concluded the renegotiation of the debt financial covenants, which resulted in the following changes: (a) covenants are now measured based on consolidated information translated into US Dollars (as opposed to consolidated financial information in Reais), and (b) the indebtedness ratio (Net debt to EBITDA) was increased to a maximum ratio of 4.5x. The measurement of the ratios based on information translated into US Dollars reduces the of effects of changes in exchanges rates compared to ratios based on information measured in Reais. A substantial portion of the debt of the Company is denominated in US Dollars and as a result the depreciation of the Real against the US Dollar has a significant impact on the ratio when it is measured in Reais. Under the prior computation criteria in the event of a depreciation of the Real, the amount of net debt as at the end of the period would increase when measured in Reais. Under the revised criteria by translating the EBITDA from Reais to US Dollars at the average exchange rate for each quarter the impact of the depreciation of the Brazilian Real is mitigated.
44 de 52

The following table presents the financial covenant ratios: December, 2012 and after Ratio of debt service coverage (i) - Minimum ratio Indebtedness ratio (ii)- Maximum ratio More than 1.00 Less than 4.50
(i) The ratio of debt service coverage is defined as (a) adjusted EBITDA (for the last four quarters) in accordance with the practices adopted in Brazil and adjusted translated into US Dollars at the average exchange rate for each quarter, plus the balance of cash, cash equivalents and marketable securities at the period-end translated into US Dollars at period-end exchange rates divided by (b) debt service payment requirements for the following four consecutive quarters plus interest paid during the past four quarters translated into US Dollars at the average exchange rate for each quarter. (ii) The indebtedness ratio is defined as (a) consolidated net debt translated into US Dollars at the period-end closing rate divided by (b) Adjusted EBITDA for the last four quarters translated into US Dollars at the average exchange rate for each quarter. The Company is in full compliance with the covenants established in the financial contracts at March 31, 2013, for which the debt service ratio totaled 3.3 and indebtedness ratio totaled 3.1. The debt agreements that have debt financial covenants also have the following events of default: . . . . . Non-payment, within the stipulated period, of the principal amount or interest. Inaccuracy of any declaration, guarantee or certification provided. Cross-default and cross-judgment default, subject to an agreed minimum of US$ 50 million. Subject to certain periods for resolution, breaches of any obligation under the contract. Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel Celulose S.A.
45 de 52

19
Contingencies The Company is party to labor, civil and tax lawsuits at various court levels. The provisions for contingencies against probable unfavorable outcomes of claims in progress are established and updated based on management evaluation, as supported by the opinion of external legal counsel. Provisions and the corresponding judicial deposits are as follow:
March 31, 2013 Judicial deposits Nature of claims Tax Labor Civil Judicial deposits December 31, 2012 Judicial deposits January 1st, 2012
Provision
Net
Provision
Net
Provision
Net
124,709 50,448 6,730 181,887
168,813 110,578 12,811 292,202
44,104 60,130 6,081 110,315
123,791 47,703 6,520 178,014
162,222 108,014 12,591 282,827
38,431 60,311 6,071 104,813
119,572 47,819 821 168,212
173,823 88,834 7,149 269,806
54,251 41,015 6,328 101,594
The change in the provision for contingencies is as follows: March 31, 2013 At the beginning of the period Reversal New litigation Accrual of financial charges At the end of the period 282,827 (2,422) 4,197 7,600 292,202 December 31, 2012 269,806 (39,129) 8,923 43,227 282,827
See below the relevant changes in relation to lawsuits and discussions in the quarter ended March 31, 2013: (i) Income tax assessment - Normus In March 2013, Fibrias subsidiary Normus Empreendimentos e Participaes Ltda. received an income tax assessment from the Brazilian Federal Revenue Service (Receita Federal do Brasil) amounting to R$ 264,741, being R$ 124,222 of principal and R$ 140,519 of penalties and interest. Despite the Company maintaining business transactions with countries with which Brazil has signed international double taxation treaties, the Brazilian Federal Revenue Service claimed Income Tax (Imposto de Renda) and Social Contribution (Contribuio Social sobre o Lucro Lquido) on the earnings of its foreign subsidiary for the year 2008. Based on the position of legal counsel, the probability assessment of loss was considered reasonably possible, such as the other income tax assessment involving Normus. (ii) Class Action In November 2008, a securities class action lawsuit was filed against the Company and some of its current and former officers and directors on behalf of purchasers of the Company's ADRs between April 7 and October 2, 2008. The complaint alleges violations of the US Securities Exchange Act, asserting that the Company failed to disclose information in connection with, and losses arising from, certain derivatives transactions. 46 de 52

During our Board of Directors meeting in December 2012, the Company ratified, the agreement under judicial mediation, where the Company and the other co-defendants agreed to pay the full amount of US$ 37.5 million (equivalent to R$ 76.6 million) to all holders of American Depositary Receipts (ADRs), from April 7 to October 2, 2008. The Company has an active Directors and Officers(D&O) insurance policy, that will cover the full disbursement mentioned above, with no material effect on the company. On March 28, 2013, Fibria paid an amount of US$ 37.5 million (equivalent to R$ 75.4 million) and was reimbursed under the D&O policy, as agreed by the Company and the other co-defendants in 2012. 20 (a) Employee benefits Medical assistance provided to retirees The Company entered into an agreement with the So Paulo State Pulp and Paper Industry Workers' Union to provide funding for a lifetime medical assistance plan (SEPACO) for all of the Company's employees, their dependents (until they come of age), and their spouses (for life). The Company's policy determines that the cost of the benefit be allocated from the date of hiring to the date on which the employee becomes eligible to receive the medical assistance benefit. From the adoption of the IAS 19/CPC 33(R1) - Employee benefits, the corridor method for recognizing actuarial gains and losses is no longer permitted, and for that reason the Company should recognize immediately in the balance sheet the effects of the actuarial gains or losses in the period in which they occur, within Other comprehensive income. The outstanding balance of actuarial obligations for the quarter ended March 31, 2013 was R$ 93,934, as presented in Note 3 to this interim financial information. 21 (a) Net revenue Reconciliation
March 31, 2013 Gross amount Sales taxes Discounts and returns (*) Net revenues (*) Mainly rRelated mainly to the export customers' performance rebate. 1,719,908 (33,322) (237,172) 1,449,414 March 31, 2012 1,498,270 (29,040) (195,518) 1,273,712
47 de 52

(b)
Information about products The following table presents the net revenue segregated by type of product, the volume and the respective destinations for the domestic and foreign markets: March 31, 2013 Pulp Volumes (kilotons) Domestic market Foreign market March 31, 2012
118,282 1,068,108 1,186,390
130,095 1,183,035 1,313,130
Pulp revenue Domestic market Foreign market
123,596 1,308,119 1,431,715
105,865 1,152,744 1,258,609 958
Average price (in Reais per ton) Revenue Domestic market Foreign market Services
1,207
123,596 1,308,119 17,699 1,449,414
105,865 1,152,744 15,103 1,273,712
48 de 52

22
Financial results The financial results were summarized as follows: March 31, 2013 Financial expenses Interest on loans and financing Loans commission Financial charges on the partial repurchase of Eurobonds Other March 31, 2012
(154,262) (8,642) (63,064) (12,109) (238,077)
(169,438) (23,741) (9,315) (202,494)
Financial income Financial investment earnings Other
31,435 2,929 34,364
43,374 4,628 48,002
Gains (losses) on derivative financial instruments Gains Losses
93,187 (42,016) 51,171
117,928 (11,355) 106,573
Gain (losses) of monetary and foreign exchange Loans and financing Other assets and liabilities
125,186 (38,606) 86,580
270,361 (30,496) 239,865 191,946
Net financial result
(65,962)
49 de 52

23
Expenses by nature Expenses classified as cost of sales, selling expenses, and general and administrative expenses are as follow: March 31, 2013 Cost of sales Depreciation, depletion and amortization Freight Salaries and benefits to employees Variable costs (424,807) (165,576) (93,816) (508,288) (1,192,487) Selling expenses Salaries and benefits to employees Commercial expenses (*) Operational leasing Depreciation and amortization charges Other expenses March 31, 2012 (448,707) (160,307) (115,330) (505,558) (1,229,902)
(3,736) (61,937) (288) (1,699) (3,243) (70,903)
(6,370) (57,188) (267) (3,432) (3,104) (70,361) (24,819) (25,083) (5,858) (2,000) (4,158) (61,918) (12,512) (372) (12,884)
General and administrative and directors fees expenses Salaries and benefits to employees Third-party services (consulting, legal and others) Depreciation and amortization charges Donations and sponsorship Other expenses
(26,406) (24,864) (5,643) (1,215) (7,619) (65,747)
Other operating expenses, net Program of variable compensation to employees Other
(14,074) 11,901 (2,173)
(*) Includes handling expenses, storage and transportation expenses and sales commissions, among other items.
50 de 52

24 (a)
Earnings per share Basic The following table presents the basic earnings per share reconciliation for the quarter ended March 31, 2013 and 2012:
Continued operations March 31, 2013 Net income (loss) attributable to the shareholders of the Company Weighted average number of common shares outstanding Basic earnings per share (in Reais) March 31, 2012
21,852
(11,149)
553,591,822
0.039
467,591,824 (0.024)
The weighted average number of shares in the presented periods are represented by the total number of shares number which makes up the capital of the Company, a total of 553,934,646 shares for the quarter ended March 31, 2013 and 467,934,646 shares for the quarter ended March 31, 2012, not including treasury shares, which have a total of 342,824 shares in the quarter ended March 31, 2013 and 342,822 shares in the quarter ended March 31, 2012. In the quarter ended March 31, 2013 and 2012 there were no changes in the Company quantity of shares. (b) Diluted The Company has no debt convertible into shares or share purchase options. Consequently, there are no potential common shares for dilution purposes. 25 Explanatory notes not presented According to the requirements for disclosure contained in the Circular-Letter CVM/SNC/SEP/ No. 003/2011, we presented explanatory notes to the annual financial statements detailing estimate under the fair value of financial instruments (N0te 6), financial instruments by category (Note 7) credit quality of financial assets ( Note 8), financial and operational lease agreements (Note 21), advances to suppliers (Note 22), tax amnesty and refinancing program (Note 25), long term commitments (Note 26), shareholder's equity (Note 27), benefits to employees (Note 28), and insurance (Note 33), that we omitted in the March 31, 2013 interim financial information because the assumptions, operations and policies have not seen relevant changes compared to the position presented in the financial statements as at December 31, 2012. In addition, the Company no longer has reportable segments to present at March 31, 2013, therefore the segment information Note was excluded, and the relevant is regarding information the revenue segregated by type of product, geographical area and the concentration of the customers locations.
51 de 52

26
Impairment tests As t December 31, 2012, in line with the accounting policy described in Note 2.11(a) to the most recent financial statements, the Company performed its annual impairment test of the CGUs Aracruz, Jacare and Trs Lagoas to which goodwill is allocated as described on the item (a) and (b) of Note 36 to the financial statements for the year ended December 31, 2012. The testing did not indicate the need to recognize any impairment. As the result of the economic values of the CGUs being higher than the book value on the date of the impairment testing, the Company performed a sensible impairment analysis of the assumptions used and the scenarios present on March 31, 2013 which did not indicate a need to recognize any impairment. * * *
52 de 52
1Q13 Results
1Q13 Results
LTM EBITDA totaled R$2.440 billion with margin at 38%, driving leverage down to 3.1x in 1Q13.
Key Figures Pulp Production Pulp Sales Unit 000 t 000 t 1Q13 1,263 1,186 4Q12 1,370 1,510 1Q12 1,332 1,313 1Q13 vs 4Q12 -8% -21% 1Q13 vs 1Q12 -5% -10% Last 12 months (LTM) 5,231 5,230
Net Revenues Adjusted EBITDA(1) EBITDA margin Net Financial Result(2) Net Income (Loss)
R$ million R$ million % R$ million R$ million
1,449 565 39% (66) 24
1,853 753 41% (260) 48
1,274 377 30% 192 (10)
-22% -25% -2 p.p. -51%
14% 50% 9 p.p. -
6,350 2,440 38% (1,954) (664)
Free Cash Flow (3)
R$ million
167
399
221
-58%
-24%
782
Gross Debt Cash

(4)
R$ million R$ million R$ million x

(5)
9,898 2,382 7,516 3.1 3.1
10,768 3,023 7,745 3.4 3.3
11,031 2,066 8,965 5.2 4.8
-8% -21% -3% -0.3 -0.2
-10% 15% -16% -2.1 -1.7
9,898 2,382 7,516 3.1 3.1
Net Debt Net Debt/EBITDA LTM Net Debt/EBITDA LTM (US$)
(1) Adjusted by non-recurring and non-cash items | (2) Includes results from financial investments, monetary and exchange variation, mark-to-market of hedging and interest (3) Does not include the sale of assets and the equity acquisition of Ensyn | (4) Includes the hedge fair value | (5) For covenants purposes
1Q13 Highlights
Gross debt of R$9,898 million, down 8% and 10% quarter-on-quarter and year-on-year, respectively, and the lowest in Fibrias history. Net Debt/EBITDA ratio of 3.1x, compared to 3.4x as of Dec/12 and 5.2x as of Mar/12. Fibrias pulp production reached 1.3 million tons, down 8% and 5% compared to 4Q12 and 1Q12, respectively, due to the scheduled maintenance downtimes at the Aracruz C Mill and Veracel units. LTM production reached 5.231 million tons. Pulp sales totaled 1.2 million tons, down 21% over 4Q12 due to seasonality of that quarter, and down 10% over the 1Q12. LTM sales reached 5.230 million tons, equivalent to 100% of production in the period. Cash cost was at R$507/t, up 14% and 11% over 4Q12 and 1Q12, respectively, largely due to the effect of scheduled maintenance downtimes. Excluding these effects, cash cost was R$463/t, up 4% over 4Q12 and 1Q12 and below LTM inflation (6.6%). EBITDA of R$565 million, increasing 50% over 1Q12 due to the increased pulp price in reais. In relation to 4Q12, the 25% decline was explained by a lower sales volume. LTM EBITDA totaled R$2.440 billion. EBITDA Margin of 39%, up 9 p.p. over 1Q12 but down 2 p.p. over 4Q12. EBITDA/t of R$476/t (US$238/t), increasing 66% over 1Q12 but down 5% over 4Q12. Net income of R$24 million, compared to R$48 million in 4Q12 and loss of R$10 million in 1Q12. Free cash flow of R$167 million in 1Q13 and R$782 million in the last 12 months. S&P upgraded Fibrias rating to BB+/Stable and Fitch upgraded the outlook from BB+/Stable to BB+/Positive. Two price increases in January and March raised the European list price to US$820/t, compared to US$780/t in December of 2012. Fibria released its 2012 Sustainability Report rated A+ under GRI guidelines. Subsequent Events Annual and Extraordinary General Meeting to be held on April 26. US$30/t increase in pulp list prices for all regions, effective as of May 1. Market Value March 31, 2013: R$13.5 billion | US$6.7 billion FIBR3: R$24.40 FBR: US$12.07 Outstanding Shares: 553,934,646 common shares Conference Call: April 23, 2013 Conference call and Webcast in Portuguese
(with simultaneous translation into English)
Investor Relations Guilherme Cavalcanti Andr Gonalves Fernanda Naveiro Roberto Costa Isabela Cerbasi ir@fibria.com.br | +55 (11) 2138-4565
Tel: +55 11 4688-6361 | +1 786 924-6977 Webcast: www.fibria.com.br/ri
The operating and financial information of Fibria Celulose S.A. for the first quarter of 2013 (1Q13) is presented in this document on a consolidated basis and expressed in Brazilian Reais (R$), unaudited and elaborated in accordance with the requirements of Brazilian Corporate Law. The results of Veracel Celulose S.A. are proportionally consolidated (50%) in this press release, thereby eliminating the effects of all intercompany transactions.
1Q13 Results
Contents
Executive Summary .......................................................................................................... 4 Pulp Market ...................................................................................................................... 5 Production and Sales ........................................................................................................ 6 Results Analysis ............................................................................................................... 7 Financial Result ...............................................................................................................10 Net Income ......................................................................................................................11 Debt .................................................................................................................................12 CAPEX ............................................................................................................................14 Free Cash Flow ...............................................................................................................14 Capital Markets ................................................................................................................15 Subsequent Events ..........................................................................................................16 Appendix I Revenues x Volume X Price* ......................................................................17 Appendix II Income Statement ......................................................................................18 Appendix III Balance Sheet ...........................................................................................19 Appendix IV Cash Flow .................................................................................................20 Appendix V EBITDA and adjusted EBITDA (CVM Instruction n 527/2012) ..................21 Appendix VI Economic and Operating Information ........................................................22
1Q13 Results
Executive Summary
In 1Q13, Fibria remained focused on its strategy of debt reduction and free cash flow, achieving positive results. The pulp industry, on the other hand, reversed market expectations, with continuous price increases despite the operational startup of new projects. This demonstrates that new capacities are not a factor driving pulp prices deterioration. For its part, the dollar remained appreciated, helping increase the competitiveness of export-oriented companies with positive impacts on Fibria as well, which we will discuss in the next paragraphs. Pulp production reached 1,263 thousand tons in 1Q13, down 8% and 5% over 4Q12 and 1Q12, respectively. This result was mainly impacted by scheduled maintenance downtimes during the quarter at the Aracruz C Mill and Veracel, both according to the Companys annual maintenance schedule and successfully completed. Production for the quarter was also influenced by the lesser number of production days (Feb/13: 28 days). The sales volume reached 1,186 thousand t, down 21% and 10% over 4Q12 and 1Q12, respectively. This decrease was mainly due to lower pulp availability as a result of scheduled downtimes. The decline in sales as compared to 4Q12 was also explained by the seasonality characteristic of the last quarter of the year. In the last twelve months, the Company sold 5,230 thousand t, representing 100% of its production in the period. The cash cost of production was R$507/t, 14% and 11% higher than in 4Q12 and 1Q12, respectively, primarily due to scheduled maintenance downtimes at the Aracruz C Mill and Veracel units, the former of which occurred in the second quarter in 2012. Excluding the effects of the downtimes, cash cost was R$463/t, increasing 4% quarter-on-quarter and year-on-year and below LTM inflation of 6.6% (IPCA), in line with the Companys goal to keep costs and expenses increase below inflation. For more information, see page 8.
In 1Q13, adjusted EBITDA totaled R$565 million with margin at 39%. As compared to 4Q12, the 25% decline was chiefly explained by the reduced sales volume and lower average net price in reais as a result of the 3% decline in the average exchange rate. However, the 50% rise in EBITDA and 9 p.p. expansion in margin as compared to the same period of the previous year was driven by the 26% higher average net pulp price in reais, in turn the result of the 11% higher net pulp price in dollars, together with the dollars 13% average appreciation against the real. LTM EBITDA totaled R$2,440 million, up 8% over the 2012 EBITDA of R$2,253 million, while margin was at 38%.
The financial result was negative R$66 million in 1Q13 against negative R$260 million in 4Q12. The better result in 1Q13 was mainly explained by the impacts of foreign exchange variation on dollar-denominated debt with the 1.5% depreciation of the closing dollar, in addition to the positive result of marked-to-market hedge instruments in the amount of R$51 million. In 1Q12, the financial result was positive R$192 million due to the greater impact of foreign exchange variation on debt in that quarter at R$270 million resulting from the dollars 3% depreciation against the real that affected a higher debt balance. It should be noted that financial expenses fell 7% and 9% quarter-on-quarter and year-on-year, respectively, demonstrating the Company's efforts to reduce expenses with servicing the debt.
As a result of these factors, Fibria recorded net income of R$24 million in 1Q13, compared to net income of R$48 million in 4Q12 and a loss of R$10 million in 1Q12.
Using the proceeds from the first payment from the Losango sale in the amount of R$470 million, received in December of 2012, and as part of Fibria's deleveraging strategy, the Company reduced its gross debt by 10% as compared to the same period of the previous year to R$9,898 million the lowest in Fibrias history. The cash balance at the close of 1Q13 was
1Q13 Results
R$2,382 million, representing 2.9x short term debt. Net debt totaled R$7,516 million, down 3% and 16% over 4Q12 and 1Q12, respectively. Considering LTM EBITDA of R$2,440 million, the Company's leverage fell from 3.4x at the end of 2012 to 3.1x in March of 2013. Fibria will continue to seek opportunities to reduce leverage as established in its Indebtedness and Liquidity Policy as part of its focus on recovering the investment grade.
Pulp Market
The global pulp market remained strong in 1Q13, supporting two price increases announced for January and March. Although consolidated statistics for the quarter have not yet been published, preliminary information indicates that demand for market pulp increased gradually in the period, driven by strong demand from China after the Chinese New Year holiday.
According to the Pulp and Paper Products Council (PPPC), there was a 1.1% increase in world pulp sales between January and February. Year-on-year, however, sales fell 2.2% in the first two months, chiefly the result of pulp unavailability, hindering the realization of higher volumes in the quarter. In addition to below-normal levels of producers inventories in early 2013 as a result of strong demand at the end of last year, a new maintenance downtime schedule reduced pulp production in the first months of the year, limiting the amount of pulp available for sale. In Brazil alone, about 100 thousand tons were taken off the market in 1Q13.
The maintenance downtimes will continue to play an important role in controlling volumes available on the market in the coming months. Nonetheless, the list of factors that will keep market fundamentals favorable, especially with regards to hardwood, is not limited to producers inventory control.
Despite rising volumes available on the market deriving from new capacities, pulp supply will remain restricted due to: capacity conversion to dissolving pulp, integration of market pulp production to paper machines and market pulp mill closures.
In 2013, an estimated 900 thousand tons of hardwood pulp are expected to be taken off the market, with the closure of Jari Celulose in Brazil, the conversion of the SAPPI Cloquet mill in the United States and the recently announced divestment in the Sodra factory located in Tofte, Norway. Historically, the introduction of new capacities to the market is accompanied by closures of existing capacities, allowing for a long-term balance between market supply and demand.
Hardwood capacity closures (000 t) vs. BHKP FOEX Europe Price (US$/t)
1400 1200 639 1000 702 561 843 789 810 751 788 900 800 700 600
000 t
800
500
1260
600
400
910
910
300 200
400 200 0
540
500
105
85
410
100 0
Source: PPPC, FOEX and Fibria
2006 2007 2008 2009 2010 2011 2012 1T13 2013E Closures Price
US$/t
1180
1Q13 Results
Possible delays in projects expected to startup in South America later this year, should have limited impacts on hardwood pulp supply levels toward the end of 2013.
In China alone, about 2.5 million tons of new capacity for tissue and Printing and Writing papers came on-stream throughout 2012 and is gradually generating additional demand for market pulp in 2013. We expect more than 1.1 million tons of paper to be added to the Chinese market this year.
The combination of these factors supports the expectation of a positive supply and demand relationship that, over the coming months, will provide a more stable business environment than previously anticipated.
Production and Sales

Production ('000 t) Pulp Sales Volume ('000 t) Domestic Market Pulp Export Market Pulp Total sales 118 1,068 1,186 141 1,369 1,510 130 1,183 1,313 -16% -22% -21% -9% -10% -10% 519 4,711 5,230 1Q13 1,263 4Q12 1,370 1Q12 1,332 1Q13 vs 4Q12 -8% 1Q13 vs 1Q12 -5% Last 12 months 5,231
In 1Q13, Fibria scheduled maintenance downtimes at the Aracruz C Mill and Veracel units. Both occurred according to the Companys annual plan and budget and have been successfully completed. Pulp production reached 1,263 thousand tons in 1Q13, down 8% and 5% over 4Q12 and 1Q12, respectively. This decrease was explained by (i) the maintenance downtimes (Aracruz Units C Mill in 2012 was performed in 2Q12); (ii) the lesser days of production in 1Q13 (1Q13: 90 days | 4Q12: 92 dyas | 1Q12: 91 days) and (iii) in a lesser extent due to non-recurring occurrences during the 1Q13. Pulp inventories totaled 764 thousand t (51 days), growing 11% over 4Q12's 690 thousand t (46 days) but below 1Q12 inventories of 766 thousand t (52 days). The calendar below shows the scheduled maintenance downtimes for Fibrias units in 2013. The downtime at Trs Lagoas Unit was anticipated and will occur entirely in 2Q13. Therefore, 3Q13 will only be impacted by the downtime at Jacare Unit.
Fibria's Maintenance Downtimes Schedule 2013 Mill Aracruz "A" Aracruz "B" Aracruz "C" Jacare Trs Lagoas Veracel Jan Feb Mar May Jun Jul Aug
The sales volume reached 1,186 thousand tons, down 21% and 10% over 4Q12 and 1Q12, respectively. This decrease was mainly due to lower pulp availability as a result of scheduled downtimes. The decline in sales as compared to 4Q12 was also explained by the seasonality characteristic of the last quarter of the year. In the last twelve months, Fibria sold
1Q13 Results
5,230 thousand t, representing 100% of its production in the period. Sales to Europe accounted for 42% of total sales, followed by North America at 22%, Asia at 26% and Latin America at 10%.
Results Analysis
Net Revenues (R$ million) Domestic Market Pulp Export Market Pulp Total Pulp Portocel Total 1Q13 124 1,308 1,432 18 1,449 4Q12 147 1,688 1,835 18 1,853 1Q12 106 1,153 1,259 15 1,274 1Q13 vs 4Q12 -16% -22% -22% -2% -22% 1Q13 vs 1Q12 17% 13% 14% 15% 14% Last 12 months 526 5,753 6,279 70 6,350
Net revenues from pulp totaled R$1,432 million in 1Q13, down 22% over 4Q12, mainly due to the 21% decline in the sales volume (21%) as the average net price in reais remained stable because the 2% rise in the price in dollars was offset by the average dollars 3% depreciation. In relation to 1Q12, the 14% increase in revenues from pulp was driven by the 26% rise in the average net price in reais, itself derived from the 11% increase in the net pulp price in dollars and the average dollars 13% appreciation in the period, offsetting the lower sales volume. LTM total revenues summed R$6,350 million, up 3% over 2012 revenues. The cost of goods sold (COGS) totaled R$1,192 million, down 19% and 3% over 4Q12 and 1Q12, respectively. This result was explained by the 21% and 10% quarter-on-quarter and year-on-year declines in the sales volume, respectively. The cash cost of pulp production in 1Q13 was R$507/t, up 14% as compared to 4Q12, mainly due to the scheduled maintenance downtimes at Aracruz C Mill and Veracel units. Also contributing to this result was the higher cost of wood (increased third-party wood and higher logistics costs). The 11% rise over 1Q12 was due to (i) downtime at the Aracruz Units C Mill, performed in the second quarter in 2012; (ii) higher input price (chemicals and energy) and (iii) the impact of the average dollars appreciation of 13% on items with dollar exposure. In both periods, these impacts were partially offset by payroll tax cuts for the industry as announced in 2012, effective for 2013 and 2014. Excluding the effects of scheduled maintenance downtimes, cash cost was at R$463/t, up 4% over 4Q12 and 1Q12. It should be noted that LTM inflation was 6.6% (IPCA) while the dollar rose 13% against the real. Fibria is committed to keep the increase of costs and expenses below inflation. The table below shows the evolution of the cash cost of production and the explanations for the main variations in the quarter and year:
1Q13 Results
Pulp Cash Cost 4Q12 Maintenance downtimes Wood (higher third party wood and higher logistics cost) Higher input consumption (wood and energy) Volume Lower fixed costs (payroll benefits in 1Q13) Exchange rate Others 1Q13 R$/t 446 45 15 10 4 (7) (2) (4) 507
Cash Cost (R$/t)

507 455 446
1Q12
4Q12
1Q13
Pulp Cash Cost 1Q12 Maintenance downtimes Higher expenses with chemicals and energy (price) Exchange rate Wood (higher logistics cost) Higher utilities results (power sale) Lower fixed costs (payroll benefits in 1Q13) Higher fixed cost (annual labor agreement) Others 1Q13
R$/t 455 33 10 9 8 (11) (7) 6 4 507
Cash Cost ex-Downtime (R$/t)

444 446 463
1Q12
4Q12
1Q13
Production Cash Cost 1Q12

Other Fixed 4%
Production Cash Cost 1Q13

Personnel 5% Maintenance 17% Wood 45% Fuel 12% Wood 41% Other Fixed 3%
Personnel 6% Maintenance 12% Packaging 1% Fuel 10%
Chemicals 22% Variable costs Fixed costs
Chemicals 22%
Sales expenses totaled R$71 million in 1Q13, declining 2% over 4Q12. Despite the lower sales volume, this was partially offset by higher expenses with domestic and foreign terminals. Year-on-year, the 1% increase was explained by the average dollars appreciation against the real of 13%, as well as greater expenses with terminals.
1Q13 Results
Administrative expenses totaled R$66 million, falling 15% quarter-on-quarter, driven by payroll tax cuts announced in 2012 by the Brazilian government and effective for 2013 and 2014, in addition to lower expenditures with third parties services and consulting. The 6% increase over 1Q12 was due to rising expenses with advisory services and a collective pay raise that offset the positive effect of the payroll tax cuts. Other operating revenues (expenses) totaled an expense of R$2 million in 1Q13, as compared to a revenue of R$137 million in 4Q12. This quarter-on-quarter improvement was largely due to the bonus IPI tax credit in the amount of R$93 million and the fair value of biological assets in the amount of R$32 million, both recorded in the previous quarter. The improvement as compared to the R$13 million expense in 1Q12 is the result of the write-off of fixed assets.
EBITDA (R$ million) and EBITDA Margin (%) 41% 30% 753 39% EBITDA/t (R$/t) 565
499
476
377 287
1Q12
4Q12
1Q13
1Q12
4Q12
1Q13
Adjusted EBITDA totaled R$565 million in 1Q13 with margin at 39%. EBITDA fell 25% compared to 4Q12, primarily due to the 21% decline in pulp sales and lower average net price in reais as a result of the 3% decline in the average exchange rate. Year-on-year, EBITDA was up 50% with EBITDA margin expanding 9 p.p. This result was due to 26% higher average net pulp price in reais driven by the 11% LTM rise in the net pulp price in dollars, coupled with the 13% average appreciation of the dollar against the real, offsetting the 10% decline in the sales volume. The graph below shows the main variations in the quarter:
EBITDA 1Q13 x 4Q12 (R$ million)
2 12 550 (139) (397) (8) 15 565
117 753
870
210
4Q12 Adjusted Non-recurring 4Q12 EBITDA EBITDA effects
Volume
Price/FX
COGS
Selling
G&A
Other oper. expenses
EBITDA 1Q13 Non-recurring Adjusted effects / non- EBITDA 1Q13 cash
1Q13 Results
Financial Result
(R$ million) Financial Income (including hedge result) Interest on financial investments Hedging(1) Financial Expenses Interest - loans and financing (local currency) Interest - loans and financing (foreign currency) Monetary and Exchange Variations Foreign Exchange Variations - Debt Foreign Exchange Variations - Other Other Financial Income / Expenses(2) Net Financial Result
(1) (2)
1Q13 84 33 51 (154) (45) (109) 86 125 (39) (82) (66)
4Q12 (4) 28 (32) (165) (48) (117) (58) (52) (6) (33) (260)
1Q12 150 43 107 (170) (50) (120) 238 270 (32) (26) 192
1Q13 vs 4Q12 18% -7% -6% -7% 148% -
1Q13 vs 1Q12 -44% -23% -52% -9% -10% -9% -64% -54% 215% -
Change in the marked to market (1Q13: -R$210 million | 4Q12: -R$273 million) added to received and paid adjustments. Includes f inancial charges from early settlement of debt.
Financial revenue from interest on marketable securities was R$33 million, up 18% over 4Q12, mainly due to (i) returns on the cash proceeds from the Losango sale in the amount of R$470 million (received on December 28, 2012); and (ii) increased returns on investments in foreign currency in the 1Q13 . The 23% year-on-year reduction was primarily explained by lower returns as a result of the falling CDI rate (1Q13: 6.96% p.a. | 1Q12: 11.19% p.a.) and the 19% reduction in the cash balance invested in domestic currency. Hedge operations brought income of R$51 million, with R$63 million from the positive variation in the fair value of derivatives and R$12 million negative cash effect. Financial expenses with servicing the debt totaled R$154 million in 1Q13, down 7% over 4Q12 mainly as a result of (i) the reduction in the principal amount of gross debt resulting from amortizations and early settlement during the period; and (ii) the 3% depreciation of the average dollar (from R$2.0569 in 4Q12 to R$1.9966). The 9% or R$16 million year-on-year decrease was chiefly due to the R$1.1 billion reduction in dollar-denominated debt in the period. Foreign exchange variations on dollar-denominated debt, which accounted for 92% of gross debt, brought revenue of R$125 million, compared to an expense of R$52 million in 4Q12. This improvement was explained by the 1.5% depreciation of the closing dollar (R$2.0138) against the real in the period, compared to the dollars 0.6% appreciation in the previous quarter. The decline in revenue as compared to the same period of the previous year is the result of greater depreciation of the dollar against the real in the period (3%) that was applicable over a higher debt balance resulting in revenue of R$270 million in 1Q12. Other financial revenue (expense) totaled an R$82 million expense, up R$49 million quarter-on-quarter, primarily due to financial and accounting effects incurred in the early settlement of debt in the period. The same factor explains the yearon-year variation. On March 31, 2013 the marked-to-market financial derivatives position was negative at R$210 million, as opposed to negative R$273 million on December 31, 2012, for a positive variation of R$63 million. This improved fair value result was primarily explained by (i) the fall of the closing dollar on March 31, 2013 (R$2.0138) as compared to December 31, 2012 (R$2.0435), which generated a positive effect on the liability legs of the Swaps, as well as NDF and dollar option (zero cost collar) positions; and (ii) the positive result of the "Real CDI" to "Fixed Dollar" swap as a result of the higher CDI forward curve. The cash impact of operations that matured in the period was negative R$12 million. Thus, the net impact on financial income was positive at R$51 million. The table below shows the hedge positions at the end of March:
10
1Q13 Results
Swaps
Maturity
Notional mar/13 dec/12 $ 564 R$ 551 R$ 570 R$ 183
Fair Value mar/13 R$ 1,074 R$ R$ R$ 706 529 159 dec/12 R$ 1,153 R$ R$ R$ 706 572 171
Receive US Dollar Libor (2) Brazilian Real CDI (3) Brazilian Real TJLP (4) Brazilian Fixed (5) Receive Total (a) Pay US Dollar Fixed (2) US Dollar Fixed (3) US Dollar Fixed (4) US Dollar Fixed (5) Pay Total (b) Net (a+b) Forward Contract Short USD Position NDF (Dlar) Forward Total (c) Option US Dollar Option Option Total (d) Net (a+b+c+d) oct/12 $ 785 $ 410 R$ R$ R$ 4 4 R$ R$ 1 1 (273) up to 12M $ 20 $ 170 R$ R$ (1) R$ (1) R$ (26) (26) jul/14 sep/18 jun/17 dec/17 $ 533 $ 303 $ 331 $ 92 $ 564 $ 306 $ 350 $ 98 R$ (1,078) R$ (1,162) R$ R$ R$ (760) R$ (671) R$ (172) R$ (785) (720) (184) jul/14 sep/18 jun/17 dec/17 $ 533 R$ 546 R$ 539 R$ 172
R$ 2,468
R$ 2,603
R$ (2,680) R$ (2,851) R$ (212) R$ (248)
(210) R$
According to the parameters established in the Market Risk Management Policy, available on the Investor Relations website, and in line with the FX hedge strategy disclosed in previous quarters, the notional value of NDFs was reduced, offset by the increased notional value of dollar options. Dollar options have become more attractive than NDFs from a cost standpoint, especially with the dollar's reduced volatility, at the same time that they minimize negative impacts should the real fall sharply. The debt hedge derivative instruments used by the Company seek to transform debt in other currencies to debt in dollars, or floating-rate debt into pre-fixed debt. Thus, all asset legs are matched with the flows of the respective hedged debts. All financial instruments were contracted in accordance with the parameters in the Market Risk Management Policy and are conventional without leverage or stipulations for margin calls, duly registered with the Securities Clearinghouse (CETIP), and cash adjustments are only recognized upon the contracts maturity and amortizations.
Net Income
In 1Q13, the Company recorded net income of R$24 million, against net income of R$48 million in 4Q12. The 51% decline is chiefly the result of: (i) operating income in 1Q13 below 4Q12, mainly due to lower the sales volume; and (ii) receipt of
11
1Q13 Results
the bonus IPI tax credit-in the amount of R$93 million in 4Q12, positively impacting income in that period. These two effects fully offset the better financial result in 1Q13 of negative R$66 million, compared to negative R$260 million in 4Q12. The superior 1Q13 as compared to the R$10 million loss in 1Q12 was explained by: (i) better operating result in 1Q13 with the 26% increase in the pulp price in reais; (ii) partially offset by the lower financial result in 1Q13 of negative R$66 million when compared to positive financial result of R$192 million in 1Q12.
Net Income (R$ million)
565 550 (15) 125 51 (39) (154)
33 (432) (82)
(28) 1Q13 Adjusted EBITDA Non-recurring effects/ non-cash 1Q13 EBITDA Exchange Variation on Debt Hedging Other Exchange Variation Interest on loan Income on financial instruments Other financial income/expenses Depreciation, Depletion and Amortization Income tax
24 1Q13 Net income
Debt
Unit Gross Debt Gross Debt in R$ Gross Debt in US$ Average maturity Short-term debt Cash in R$ Cash in US$ Fair value of derivative instruments Cash(2) Net Debt Net Debt/EBITDA (in R$) Net Debt/EBITDA (in US$)
(3) (1)
Mar/13 9,898 792 9,106 62 8% 1,196 1,396 (210) 2,382 7,516 3.1 3.1
Dec/12 10,768 796 9,972 63 11% 1,927 1,369 (273) 3,023 7,745 3.4 3.3
Mar/12 11,031 816 10,215 71 10% 1,529 537 (115) 2,066 8,965 5.2 4.8
Mar/13 vs Dec/12 -8% -1% -9% -1 -3 p.p. -38% 2% -23% -21% -3% -0.3 -0.2
Mar/13 vs Mar/12 -10% -3% -11% -9 -2 p.p. -22% 160% 83% 15% -16% -2.1 -1.7
R$ million R$ million R$ million months % R$ million R$ million R$ million R$ million R$ million x x
(1) Includes BRL to USD sw ap contracts (2) Includes the fair value of derivative instruments (3) For covenant purposes
Using funds received from the Losango sale received in December of 2012 and in line with its strategy of reducing debt, in 1Q13 the Company reduced gross debt to R$9,898 million, down 8% and 10% over 4Q12 and 1Q12, respectively. The graph below shows the gross debt-related transactions in the quarter:
Gross Debt (R$ million)

10,768 19 9,898 154 (942) (125) 24
Gross Debt Dec/12
Loans
Principal/Interest Payment
Interest Accrual
Foreign Exchange Variation
Others
Gross Debt Mar/13
12
1Q13 Results
Of the total gross debt, 92% was indexed to foreign currency. The average cost of bank debt in domestic currency in 1Q13 was 7.7% p.a., compared to 8.3% p.a. in 4Q12 and 9.0% p.a. in 1Q12, and the cost in dollars was 5.2% p.a., versus 5.2% in 4Q12 and 5.5% in 1Q12. The graphs below show Fibrias debt by instrument, index and currency (including debt swaps):
Gross Debt by Index 3% 5% 26% 17%
Gross Debt by Type 6% 7% 18%
Gross Debt by Currency 8%
75% 43%
Pre-Payment BNDES Others Bond NCE
92%
Pre Fixed TJLP
Libor Local currency Others Foreign currency
The average maturity of total debt was 62 months as of Mar/13, compared to 63 months as of Dec/12 and 71 months as of Mar/12. The 9 month year-on-year reduction in the average maturity is primarily the result of the early settlement of debts with longer maturity and higher costs. The graph below shows the amortization schedule of Fibrias total debt:
Amortization Schedule (R$ million)
2,871 87
1,437 1,068 671 240 431 2013 725 388 680 2014 398 327 2015 677 252 425 2016 631 2017 994 363 807 648 294 513 2018 Local Currency 116 532 2019 2020 1,405 2,784 32
2021
Foreign Currency
Fibrias cash position on March 31 was R$2,382 million, including the negative R$210 million mark-to-market of hedge instruments. Of this total, 46% was invested in domestic currency in fixed-income public bonds and the remainder, in shortand medium-term investments abroad. The Companys cash position was 2.9x short term debt (principal and interest), reinforcing its capacity to fulfill its obligations for the next 12 months. Net debt on March 31 was R$7,516 million, the lowest in Fibrias history. The graph below shows the evolution of the net debt/EBITDA indicator:
13
1Q13 Results
Net Debt / EBITDA (x)
5.2 4.8
4.7 4.2
4.5 4.2
3.4 3.3
3.1
8,965 8,462 8,557
7,745 7,516
Mar/12
Jun/12
Sep/12
Dec/12
Mar/13
Net Debt (R$ million)
CAPEX
(R$ million) Industrial Expansion Forest Expansion Subtotal Expansion Safety/Environment Forestry Renewal Advance for wood purchase (partnership program) Maintenance, IT, R&D, Modernization Subtotal Maintenance 50% Veracel Total Capex 1Q13 24 24 3 153 8 46 210 14 249 4Q12 1 16 17 9 159 10 55 233 17 267 1Q12 2 20 22 12 135 27 38 212 14 248 1Q13 vs 4Q12 52% 43% -64% -4% -23% -17% -10% -15% -7% 1Q13 vs 1Q12 21% 11% -73% 13% -72% 20% -1% 3% 0% Last 12 months 2 71 73 39 672 58 173 941 65 1,079
Capital expenditures (Capex) in the quarter totaled R$249 million. Capex fell R$18 million or 7% quarter-on-quarter driven by lower maintenance costs. Year-on-year, Capex was stable. It should be noted that LTM Capex totaled R$1,079 million and the 2013 approved Capex of R$1,244 million is maintained.
Free Cash Flow

(R$ million) Adjusted EBITDA (-) Capex including advance for wood puchase (-) Interest (paid)/received (-) Income tax (+/-) Working Capital (+/-) Others Free Cash Flow (1)
(1)
1Q13 565 (249) (80) (4) (60) (5) 167
4Q12 753 (267) (158) (11) 115 (33) 399
1Q12 377 (248) (76) (2) 171 (2) 221
Last 12 months 2,440 (1,078) (524) (17) 5 (43) 782
Do es no t include the sale o f assets and the equity acquisitio n o f Ensyn
14
1Q13 Results
In 1Q13, Fibrias working capital was negative R$60 million, compared to positive R$115 million in 4Q12. This reduction was mainly due to the recomposition of pulp inventories in 1Q13 as a result of record sales in 4Q12. Compared to 1Q12s positive working capital of R$171 million, the reduction is chiefly due to the increase in receivable discount operations in that quarter that proved to be adequate in terms of costs for the Company. Some of the programs through December 2012 will be renewed and recurring from 2Q13 on. The working capital line explains the main variations in Fibrias free cash flow (FCF) compared to both periods analyzed. In 1Q13, FCF was R$167 million. As compared to the R$399 million in 4Q12, the reduction was explained by: (i) lower EBITDA and higher investment in working capital, offsetting (ii) the reduced interest payments due this quarter. The yearon-year decline was also due to the variation in working capital that offset the higher EBITDA. LTM free cash flow totaled R$782 million.
Capital Markets
Equity
Average Daily Trading Volume (US$ million)
Daily average: US$ 32.3 million 50 3 2 1 0 Jan-13 Feb-13 BM&FBovespa NYSE Mar-13 0 Jan-13 Feb-13 BM&FBovespa NYSE Mar-13
100
7 6 5 4
Average Daily Trading Volume (million shares)

Daily average: 2.8 million shares
The average daily trading volume of Fibrias shares was approximately 2.8 million, down 20% over 4Q12. The average daily financial volume in 1Q13 was US$32.3 million, 5% higher than in 4Q12, with US$17 million traded on the BM&FBovespa and US$15.1 million on the NYSE.
Fixed Income
Yield Fibria 2019 Fibria 2020 Fibria 2021 Treasury 10 Years Unit % % % % Mar/13 6.7 5.4 5.0 1.8 Dec/12 6.9 5.6 5.1 1.8 Mar/12 7.6 6.5 6.4 2.2 Mar/13 vs Dec/12 -0.2 p.p. -0.2 p.p. -0.1 p.p. 0.2 p.p. M ar/13 vs M ar/12 -1.0 p.p. -1.1 p.p. -1.4 p.p. -0.2 p.p.
Price Fibria 2019 Fibria 2020 Fibria 2021
Unit USD/k USD/k USD/k
Mar/13 113.6 112.3 111.5
Dec/12 112.6 111.3 110.8
Mar/12 109.1 106.3 102.6
Mar/13 vs Dec/12 1% 1% 1%
M ar/13 vs M ar/12 3% 5% 8%
15
1Q13 Results
S&P and Fitch ratings upgrade
Risk ratings agency Standard & Poors (S&P) upgraded Fibria from BB/Positive to BB+ with a stable outlook. According to S&P, the upgrade reflects the agencys expectations regarding the Companys continued debt reduction via free cash flow, excess liquidity or proceeds from non-strategic asset sales. With the upgrade to BB+/Stable, Fibria is just one notch below investment grade with S&P. Fitch Ratings upgraded its outlook from BB+/Stable to BB+/Positive.
Arrival of second ship from partner STX-PO

In February, Fibria received the second of 20 ships under the logistics partnership with STX Pan Ocean. The STX Brassiana left Portocel in Aracruz, Esprito Santo State with a record shipment of approximately 54 thousand tons for Taiwan and China. By the end of 2013, Fibria will have 8 dedicated ships. The remaining 12 ships provided for in the STXPO contract will be operational until August 2015.
Subsequent Events
Annual and Extraordinary General Meeting (A/EGM)
On April 26, Fibria will hold its A/EGM at its headquarters on Alameda Santos, 1357, 6 andar So Paulo. Fibria published its General Meeting Participation manual to facilitate understanding and access to information on the matters to be discussed at the General Meeting. The Call Notice, Management Proposal and Participation Manual are available on Fibrias investor relations website (www.fibria.com.br/ri). Among the matters on the agenda for resolution by the General Meeting is the amendment of the Companys Bylaws to create a Statutory Audit Committee (SAC). The SAC is an advisory body that answers directly to the Board of Directors to oversee the quality and integrity of financial reports, compliance with legal, statutory and regulatory requirements, appropriateness of risk management processes and the activities of internal and independent auditors. The creation of this committee will strengthen the Companys governance, transparency and risk monitoring.
Fibria released its 2012 Sustainability Report rated A+ under GRI guidelines
In March, Fibria launched its 2012 GRI Report according to Global Reporting Initiative (GRI), guidelines for Sustainability Reports. With the work of more than 200 professionals across various divisions, the GRI Report presents the companys governance, economic and social and environmental responsibility performance.
16
1Q13 Results
Appendix I Revenues x Volume X Price*
1Q13 vs 4Q12
Sales (Tons) 1Q13 4Q12
Net Revenue (R$ 000) 1Q13 4Q12
Price (R$/Ton) 1Q13 4Q12
1Q13 vs 4Q12 (%) Tons Revenue Avge Price
Pulp Domestic Sales Foreign Sales Total 118,282 1,068,108 1,186,389 140,558 1,369,481 1,510,039 123,596 1,308,119 1,431,715 147,126 1,687,576 1,834,702 1,045 1,225 1,207 1,047 1,232 1,215 (15.8) (22.0) (21.4) (16.0) (22.5) (22.0) (0.2) (0.6) (0.7)
1Q13 vs 1Q12
Sales (Tons) 1Q13 1Q12
Net Revenue (R$ 000) 1Q13 1Q12
Price (R$/Ton) 1Q13 1Q12
1Q13 vs 1Q12 (%) Tons Revenue Avge Price
Pulp Domestic Sales Foreign Sales Total 118,282 1,068,108 1,186,389 130,095 1,183,035 1,313,130 123,596 1,308,119 1,431,715 105,865 1,152,744 1,258,609 1,045 1,225 1,207 814 974 958 (9.1) (9.7) (9.7) 16.7 13.5 13.8 28.4 25.7 25.9
*Does not include Portocel.
17
1Q13 Results
Appendix II Income Statement
INCOME STATEMENT - CONSOLIDATED (R$ million) 1Q13 R$ Net Revenue Domestic Sales Foreign Sales Cost of sales Cost related to production Freight Operating Profit Selling and marketing General and administrative Financial Result Other operating (expenses) income Operating Income Current Income taxes expenses Deffered Income taxes expenses Net Income (Loss) Net Income (Loss) attributable to controlling equity interest Net Income (Loss) attributable to non-controlling equity interest Depreciation, amortization and depletion EBITDA Equity Fair Value of Biological Assets Fixed Assets disposals Accruals for losses on ICMS credits Tax Incentive denominated "Crdito Prmio de IPI" Adjusted EBITDA 565 1,449 141 1,308 (1,192) (1,027) (166) 257 (71) (66) (66) (2) 52 (11) (17) 24 22 2 432 550 (8) 23 AV% 100% 10% 90% -82% -71% -11% 18% -5% -5% -5% 0% 4% -1% -1% 2% 2% 0% 30% 38% 0% 0% -1% 2% 0% 39% 4Q12 R$ 1,853 166 1,688 (1,479) (1,274) (205) 374 (73) (78) (260) 137 100 (28) (24) 48 47 2 509 870 (0) (32) (18) 27 (93) 753 AV% 100% 9% 91% -80% -69% -11% 20% -4% -4% -14% 7% 5% -1% -1% 3% 3% 0% 27% 47% -2% -2% -1% 1% -5% 41% 377 3 18 1Q12 R$ 1,274 121 1,153 (1,230) (1,070) (160) 44 (70) (62) 192 (13) 90 (3) (97) (10) (11) 1 458 356 (0) AV% 100% 9% 91% -97% -84% -14% 3% -6% -5% 15% -1% 7% 0% -8% -1% -1% 0% 36% 28% 0% 0% 0% 1% 0% 30% 1Q13 vs 4Q12 1Q13 vs 1Q12 (%) (%) -22% -15% -22% -19% -19% -19% -31% -2% -15% -75% -102% -48% -60% -28% -51% -53% 27% -15% -37% -15% -25% 14% 17% 13% -3% -4% 3% 486% 1% 6% -134% -83% -42% 268% -82% -350% 100% -6% 55% 26% 50%
18
1Q13 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ million) ASSETS CURRENT Cash and cash equivalents Securities Derivative instruments Trade accounts receivable, net Inventories Recoverable taxes Assets avaiable for sale Others NON CURRENT Derivative instruments Deferred income taxes Recoverable taxes Fostered advance Others Mar/13 5,418 859 1,732 22 583 1,296 200 590 136 2,588 31 827 680 719 330 Dec/12 6,246 944 2,352 18 755 1,183 209 590 195 2,640 26 880 658 740 336 Mar/12 5,294 622 1,559 17 609 1,217 361 825 84 2,045 38 345 644 767 250 LIABILITIES CURRENT Short-term debt Derivative Instruments Trade Accounts Payable Payroll and related charges Tax Liability Dividends and Interest attributable to capital payable Liabilities related to the assets held for sale Others NON CURRENT Long-term debt Accrued liabilities for legal proceedings Deferred income taxes , net Tax Liability Derivative instruments Others Investments Property, plant & equipment , net Biological assets Intangible assets 41 11,007 3,307 4,697 41 11,175 3,326 4,717 11,641 3,085 4,788 SHAREHOLDERS' EQUITY - Controlling interest Issued Share Capital Capital Reserve Statutory Reserve Equity valuation adjustment Treasury stock Non controlling interest TOTAL SHAREHOLDERS' EQUITY TOTAL ASSETS 27,057 28,145 26,853 TOTAL LIABILITIES Mar/13 1,987 819 32 412 86 38 2 470 129 9,876 9,079 110 200 79 230 178 15,155 9,729 3 3,837 1,597 (10) 39 15,194 27,057 Dec/12 2,475 1,138 54 436 129 41 2 470 205 10,499 9,630 105 228 78 264 195 15,134 9,729 3 3,816 1,597 (10) 37 15,171 28,145 Mar/12 1,768 1,057 90 349 93 33 2 145 10,589 9,975 79 188 77 81 189 14,466 8,379 3 4,509 1,585 (10) 30 14,496 26,853
19
1Q13 Results
Appendix IV Cash Flow
CASH FLOW STATEMENT (R$ million) 1Q13 4Q12 1Q12
INCOME (LOSS) BEFORE TAXES ON INCOME Adjusted by (+) Depreciation, depletion and amortization (+) Unrealized foreign exchange (gains) losses, net (+) Change in fair value of derivative financial instruments (+) Fair value of biological assets (+) (Gain)/loss on disposal of property, plant and equipment (+) Interest and gain and losses in marketable securities (+) Interest expense (+) Financial charges of Eurobons "Fibria 2020" partial repurchase transaction (+) Impairment of recoverable ICMS (+) Provisions and other Decrease (increase) in assets Trade accounts receivable Inventories Recoverable taxes Other assets/advances to suppliers Increase (decrease) in liabilities Trade payable Taxes payable Payroll, profit sharing and related charges Other payable 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 and forest Advance for wood acquisition from forestry partnership program Marketable securities, net Proceeds from sale of property, plant and equipment Derivative transactions settled Advance received related to assets held for sale Installments paid for acquisition of Ensyn Others NET CASH USED IN INVESTING ACTIVITIES Cash flows from financing activities Borrowings Repayments - principal amount Premium paid in the Eurobonds "Fibria 2020" repurchase transaction 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
52
100
91
432 (87) (51) (8) (27) 154 63 23 8
509 58 32 (32) (63) (25) 165 27 (52)
458 (240) (107) 3 (41) 169 18 24
163 (80) (31) (20)
8 110 (24) (24)
309 (33) (40) 18
(20) (3) (43) (26)
40 (6) (3) 15
(26) (22) (41) 4
56 (136) (4) 415
21 (179) (11) 665
37 (113) (2) 469
(241) (8) 580 22 (12) 0 341
(256) (10) (335) 254 (15) 270 (41) (1) (134)
(221) (27) 123 4 8 (3) (115)
19 (808) (42) (3) (835) (6) (85) (944) 859
203 (437) 4 (230) 301 643 944
136 (243) 3 (103) (11) 240 382 622
20
1Q13 Results
Appendix V EBITDA and adjusted EBITDA (CVM Instruction n 527/2012)
Adjusted EBITDA (R$ million) Income (loss) of the period (+/-) Financial results, net (+) Taxes on income (+) Depreciation, amortization and depletion EBITDA (+) Impairment of recoverable ICMS (+) Equity in loss of associate (+/-) Non-recurring sale of property, plant and equipment (+/-) Tax Incentive denominated "Crdito Prmio de IPI" (+/-) Fair Value of Biological Assets EBITDA Ajustado
1Q13 24 66 28 432 550 23 (8) 565
4Q12 48 260 52 509 870 27 (0) (18) (93) (32) 753
1Q12 (10) (192) 100 458 356 18 (0) 3 377
EBITDA is not a Brazilian or an international measure. It represents net income (loss) of the period before net finance income (expense), income taxes and depreciation, amortization and depletion. We present our Adjusted EBITDA according to CVM Instruction n 527 of October 4, 2012, adjusted by the impairment of recoverable ICMS, equity in losses of associates and non-recurring sale of property, plant and equipment, in order to provide a better information about our ability to pay debt, carry out investments and meet our working capital needs. Both measures should not be considered as substitutes for net income before financial results, profit-sharing and income taxes or as better liquidity measures than the operational cash flow for the periods above.
21
1Q13 Results
Appendix VI Economic and Operating Information
1Q13 vs 4Q12 -1.5% -2.9% 1Q13 vs 1Q12 10.5% 13.0% 4Q12 vs 3Q12 0.6% 1.4% 2Q12 vs 1Q12 10.9% 11.0% 1Q12 vs 4Q11 -2.9% -1.8%
Exchange Rate (R$/US$) Closing Average
1Q13 2.0138 1.9966
4Q12 2.0435 2.0569
3Q12 2.0306 2.0288
2Q12 2.0213 1.9618
1Q12 1.8221 1.7672
4Q11 1.8758 1.7999
Pulp sales distribution, by region Europe North America Asia Brazil / Others
1Q13 42% 22% 26% 10%
4Q12 36% 30% 25% 9%
1Q12 44% 18% 28% 10%
1Q13 vs 4Q12 6 p.p. -8 p.p. 1 p.p. 1 p.p.
1Q13 vs 1Q12 -2 p.p. 4 p.p. -2 p.p. 0 p.p.
Last 12 months 40% 26% 24% 10%
Pulp list price per region (US$/t) North America Europe Asia
Mar-13 870 820 720
Feb-13 850 800 700
Jan-13 850 800 700
Dec-12 830 780 670
Nov-12 830 780 670
Oct-12 830 780 670
Sep-12 860 800 700
Aug-12 860 800 700
Jul-12 860 800 700
Jun-12 860 800 700
May-12 860 800 700
Apr-12 820 760 670
Financial Indicators Net Debt / Adjusted EBITDA (LTM*) Total Debt / Total Capital (gross debt + net equity) Cash + EBITDA (LTM*) / Short-term Debt
*LTM: Last tw elve months
Mar/13 3.1 0.4 5.9
Dec/12 3.4 0.4 4.5
Mar/12 5.2 0.4 3.6
Reconciliation - net income to cash earnings (R$ million) Net Income (Loss) before income taxes (+) Depreciation, depletion and amortization (+) Foreign exchange and unrealized (gains) losses, net (+) Fair value of financial instruments (+) Fair value of biological assets (+) Gain (loss) on disposal of Property, Plant and Equipment (+) Interest on Securities, net (+) Interest on loan accrual (+) Financial charges on 2020 senior notes tender offer (+) Accruals for losses on ICMS credits (+) Accrued liabilities for legal proceedings and others Cash earnings (R$ million) Outstanding shares (million) Cash earnings per share (R$)
1Q13 52 432 (87) (51) (8) (27) 154 63 23 8 560 554 1.0
4Q12 100 509 58 32 (32) (63) (25) 165 27 (52) 719 554 1.3
1Q12 91 458 (240) (107) 3 (41) 169 18 24 376 468 0.8
22

Demonstra

Загружено:

Сведения о документе

Исходное описание:

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Demonstra

Загружено:

Авторское право:

Доступные форматы

Fibria Celulose S.A.

Review Report of Independent Registered Public Accountant firm

So Paulo, April 22, 2013

PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5

Carlos Eduardo Guaran Mendona Accountant CRC 1SP196994/O-2

Fibria Celulose S.A.

March 31, 2013

December 31, 2012

858,691 1,732,479 21,774 583,160 1,295,982 200,308 589,849 136,046 5,418,289

943,856 2,351,986 18,344 754,768 1,183,142 209,462 589,849 194,526 6,245,933

381,915 1,677,926 31,638 945,362 1,178,707 327,787 644,166 108,062 5,295,563

Fibria Celulose S.A.

March 31, 2013

December 31, 2012

818,967 411,709 85,754 38,032 31,607 470,000 2,076 128,840 1,986,985

1,138,005 435,939 128,782 41,368 54,252 470,000 2,076 204,833 2,475,255

1,092,108 373,692 134,024 53,463 163,534 1,520 142,367 1,960,708

9,078,795 230,375 78,700 199,515 110,315 178,121 9,875,821

9,629,950 263,646 77,665 227,923 104,813 194,521 10,498,518 12,973,773

10,232,309 125,437 76,510 739,878 101,594 163,096 11,438,824 13,399,532

9,729,006 2,688 (10,346 ) 3,815,584 1,596,666

8,379,397 2,688 (10,346) 4,520,290 1,611,837

15,133,598 37,209 15,170,807 28,144,580

14,503,866 28,822 14,532,688 27,932,220

Fibria Celulose S.A.

March 31, 2013

March 31, 2012

1,449,414 (1,192,487) 256,927

1,273,712 (1,229,902) 43,810

(70,903) (65,747) (2,173) (138,823)

118,104 34,364 (238,077) 51,171 86,580 (65,962)

(11,027) (17,266) 23,849

(3,168) (97,288) (9,882)

21,852 1,997 23,849 0.039

(11,149) 1,267 (9,882) (0.024)

Fibria Celulose S.A.

March 31, 2013

March 31, 2012

Attributable to: Shareholders of the Company Non-controlling interests

Fibria Celulose S.A.

Capital Transaction costs of the capital increase

Other reserves Other comprehensive income 1,618,824

Statutory reserves Retained earnings (accumulated losses ) Noncontrolling interest 28,822

Capital reserve 2,688

Treasury shares (10,346 )

(6,987 ) 8,379,397 2,688 (10,346 ) 1,611,837 303,800 4,216,490

(6,987 ) 14,503,866 28,222

(11,149 ) 14,492,717 15,148,769

1,267 30,089 37,209

(9,882 ) 14,522,806 15,185,978

(15,171 ) 9,740,777 (11,771 ) 2,688 (10,346 ) 1,596,666 303,800 3,511,784

(15,171 ) 15,133,598 37,209

21,852 (11,771 ) 2,688 (10,346 ) 1,596,666 303,800 3,511,784 21,852

Fibria Celulose S.A.

March 31, 2012

438,411 19,586 (239,865) (106,573) 19 2,948 (41,155) 169,438 18,107 24,357

162,681 (80,470) (31,053) (19,921)

309,343 (32,592) (39,607) 18,140

(19,298) (2,995) (43,028) (25,947) 499,507 56,357 (136,083) (4,472) 415,309

(25,722) (21,768) (40,655) 4,149 547,135 36,870 (112,607) (2,438) 468,960

(240,869) (7,668) 579,628 21,872 (12,289) 68 340,742

(220,569) (26,519) 123,496 3,683 7,630 (2,562) (114,841)

18,704 (808,333) (42,187) (2,963) (834,779) (6,437)