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The information contained in this presentation may include statements which constitute
forward-looking statements, as defined by Section 27A of the U.S. Securities Act of 1933, as
amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such
forward-looking statements involve a certain degree of risk uncertainty with respect to
business, financial, trend, strategy and other forecasts, and are based on assumptions, data or
methods that, although considered reasonable by the company at the time, may be incorrect
or imprecise, or may not be possible to realize. The company gives no assurance that
expectations disclosed in this presentation will be confirmed. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may differ materially from those in
the forward-looking statements, due to a variety of factors, including, but not limited to, the
risks of international business and other risks referred to in the company’s filings with the CVM
and SEC. The company does not undertake, and specifically disclaims any obligation to update
any forward-looking statements, which are valid only for the date on which they are made.
2
Agenda
• Key highlights 4
• Pulp Market
5
• 1Q17 results
6
• Cash production cost
7
• Indebteness
8
• Liquidity
9
• Net results
10
• Free cash flow
11
• Horizonte 2 Project
12
3
Key Highlights
• 1Q17:
Net revenues: R$2,074 million | EBITDA: R$644 million | EBITDA margin(1): 37% |
Operational FCF(2): R$426 million
• LTM:
Results
Net revenues: R$9,294 million | EBITDA: R$3,132 million | EBITDA margin(1): 38% |
FCF(2): R$1,586 million
Dec-13
Apr-14
Apr-15
Apr-16
Dec-14
Dec-15
Dec-16
Mar-13
May-13
Aug-13
Aug-14
Aug-15
Jan-13
Jun-13
Oct-13
Jun-14
Oct-14
Jun-15
Oct-15
Aug-16
Jun-16
Oct-16
Feb-14
Feb-15
Feb-16
Feb-17
America
BHKP BEKP
Dec-14
Dec-15
Dec-16
Mar-13
May-13
Apr-14
Apr-15
Jun-15
Apr-16
Oct-13
Oct-14
Oct-15
Oct-16
Jan-13
Aug-13
Aug-14
Aug-15
Aug-16
Jun-13
Feb-14
Jun-14
Feb-15
Feb-16
Jun-16
Feb-17
Specialties
LaAm 22%
10%
(1) Fonte: PPPC G100 – February/2017
(1) Considering Klabin volumes 5
1Q17 Results
Pulp Production and Sales(1) (000 t) Net Revenues(1) (R$ million)
1,291 2,395
1,277
1,188 1,229 1,203 1,136 1,204 1,307 1,997 2,074
Klabin
Volume 1,642
+1.8%
26 12 2
668 680
(16) (9) (3)
Transportation Higher
mix (higher road operational
contribution) efficiency
+4.9%
754
727 680
27 2 3
699 74
31 79 648
668 680
648
Interest Expense/Income (US$ million), Cost of Debt in US$(1) and Debt maturity
6.3 5.9 Debt Maturity (months)
5.5 5.2
473 4.6 57
414 408
350 3.4 3.6 3.8 50 51
3.3
268 260
200 209
143 144
96 108 78 79
45 39 39 59
2009 2010 2011 2012 2013 2014 2015 2016 LTM 1Q17 1Q16 4Q16 1Q17
Cost of
Average costdebt
in US$ (% p.a.) Interest Expense (Gross) Interest on Financial Investments
Cash 933
on hand(1) 2,121 804
646 701 702
567 566
363 369
99 34
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Cash receipt
287
273 (146)
Mtm
644 effect
(436) deferred
current 329
(61)
Adjusted ∆ FX Debt ∆ MtM Net interest Deprec., Income Taxes Others (1) Net income
EBITDA hedge amortiz. and
depletion
Non-recurring effects
(1) Includes other Exchange rate/monetary variations, other financial income/expense and other operating income/expenses
10
Free Cash Flow – FCF(1) 1Q17 (R$ million)
644
Klabin 426
effect 282 6
(9)
(463)
(34)
Adjusted EBITDA Capex Net interest Working Capital Income Taxes Others FCF
(ex-H2 and
logistics projects)
H2 interest paid: R$ 20 million
(1) Not considering capex related to Horizonte 2 project and pulp logistics projects.
(2) Includes Klabin volume.
11
Projeto Horizonte 2
995
292 205 436
13