Corporate Presentation (November)

8/10/2019 Corporate Presentation (November)

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Corporate PresentationNovember 2014


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Disclaimer

The information contained in this presentation may include statements whichconstitute forward-looking statements, within the meaning of Section 27A of the U.S.

Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange

Act of 1934, as amended. Such forward-looking statements involve a certain degree of

risk and uncertainty with respect to business, financial, trend, strategy and other

forecasts, and are based on assumptions, data or methods that, although considered

reasonable by the company at the time, may turn out to be incorrect or imprecise, ormay 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 thecompanys filings with the CVM and SEC. The company does not undertake, and

specifically disclaims any obligation to update any forward-looking statements, which

speak only for the date on which they are made.


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The Company


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Shareholder Structure

(1) Controlling group

(2) Free Float 40.14% + Treasury 0.06%

VotorantimIndustrial S.A.

(1)

29.42%

BNDESParticipaes (1)

30.38%

FreeFloat (2)

40.20%

Only 1 class of shares 100% voting rights

100% tag along rights (Brazilian corporate law establishes 80%)

Board of Directors with minimum 20% independent members

Financial Statements in International StandardsIFRS

Adoption of Arbitration Chamber

SEC Registered ADR Level III program

Indebtedness and Liquidity

Market Risk Management

Risk Management

Corporate Governance

Related Parties Transactions

Anti-Corruption

Information Disclosure

Securities Trading

Fiscal

Council

Board of

Directors

20% independentmembers

Role of CEO andchairman is split

Personnel andRemuneration

Committee

StatutoryAudit

Committee

Finance

Committee

Sustainability

Committee

Innovation

Committee

General

Meeting

Listed on Novo Mercado, highest CG level at BM&FBovespa: Policies approved by the Board of Directors:

30%independent

members

100%independent

members

50% independent

members

45% independent

members-


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A Winning Player

Pulp capacity million tons 5,300

Net revenues R$ billion 7.0

Total Forest Base(1) thousand hectares 970

Planted area(1) thousand hectares 562

Net Debt R$ billion 7.3

Net Debt/EBITDA (in Dollars)(2) X 2.5

Net Debt/EBITDA (in Reais) X 2.7

Source: Fibria

(1) Including 50% of Veracel, excluding forest partnership areas and excluding the forest base linked to the sale of forest assets in Southern Bahia State and Losango.(2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.

Port Terminal Pulp Unit

Trs Lagoas

Santos

AracruzPortocel

Caravelas

BelmonteVeracel

Jacare

Superior Asset Combination Main Figures 3Q14 LTM


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Fibrias Units Industrial Capacity

Trs Lagoas Mato Grosso do Sul 1,300 thousand t/year Jacare So Paulo 1,100 thousand t/year

Aracruz Esprito Santo 2,340 thousand t/year Veracel Bahia 560 thousand t/year *

* Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year


7/24Fibrias Strategy


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Leadership Position

(1) Fiber Consumption, Recycled Fiber and Pulp: RISI | Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013(2) Hawkins Wright Outlook for Market Pulp, August 2014

Market Pulp Capacity Ranking 2014(2) (000t)

- 1.000 2.000 3.000 4.000 5.000 6.000

Canfor

ENCE

Eldorado

Resolute

Domtar

Mercer

Sodra

Ilim

IP

Weyerhaeuser

Metsa Group

Paper Excellence

Stora Enso

UPM-Kymmene

CMPC

Georgia Pacific

Suzano

Arauco

APRIL

Fibria

Bleached Softwood Kraft Pulp (BSKP)

Bleached Hardwood Kraft Pulp (BHKP)

Unbleached Kraft Pulp (UKP)

Mechanical

5,300

Recycled Fiber

234 million t

49% 51%

60%

18% 82%

58% 42%

40%

35% 65%

29%71%

Fiber Consumption

403 million t

Pulp

169 million t

Chemical139 million t

Mechanical31 million t

Integrated Mills

84 million t

Market Pulp

55 million t

Hardwood

28 million t

Other Eucalyptus

Pulp producers:

13 million t

Softwood/Other

27 million t

Acacia/Other

10 million t

Eucalyptus

18 million t

Industry Outlook(1)


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Fibrias Commercial Strategy

Source: Fibria 3Q14 LTM

Differentiation: Customized pulp products to specific paper grades

Sole supplier to key customers

Long term contracts

Competitive logistics set up

Miami

Lustenau

Hong Kong

So Paulo

Fibrias Sales Distribution

Fibria s Offices

N.America

25%

L.America

9%

Europe

40%

Asia

26%

Fibrias Pulp End Use

Tissue51%

Printing &

Writing

30%

Speciatilies

19%


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Forest

Outbound

Logistics

Pulp mill

PortClient

Low forest to mill average distance

Easy access to the most efficient

transportation network:rail, barging and road

Portocel: specialized port for the

pulp and paper industry

Integrated logistics solutions

Efficient Logistics Setup

Sea Freight

Door to Door Operations

10


11/24Pulp and Paper Market


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Paper Consumption

(1) Source: RISI

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Developed Markets Emerging Markets

CAGR 1996 2006

Developed Markets: + 1.7%

Emerging Markets : + 6.0%

85,291

117,611

15,548

37,474

P&W

Consumption

(000 tons)(1)

Tissue

Consumption

(000 tons)(1)

114,507

CAGR 2007 2016

Developed Markets: - 4.0%


CAGR 1996 2006



CAGR 2007 2016



26,877

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Developed Markets Emerging Markets


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Million tons 1998 2008 2018Growth

1998-2008Growth

2008-2018

Hardwood 15.0 24.5 32.8 63% 34%

Eucalyptus 6.0 14.2 23.4 137% 63%

Softwood 17.6 21.6 24.8 23% 15%

Market Pulp 32.6 46.1 57.1

Source: PPPC

Global Market Pulp Demand

2013 - 2018 CAGR:

Hardwood: +2.8%

Softwood: +0.7%

Hardwood demand will continue to increase at faster pace than Softwood

Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Hardwood Softwood


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Gross capacity addition should not be counted as the only factor

influencing pulp price volatility.(1)

14

List Price bottoming at US$650/t in 2011 and US$724/t in 2014

Capacity(000

ton)

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0

0

100

200

300

400

500

600

700

800

900

1.000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Valdivia

APP

Hainan

Veracel Nueva Aldea

Santa F

Mucuri

Fray

Bentos

Kerinci

PL3

Trs

Lagoas

Rizhao

APP Guangxi

Chenming

Zhanjiang

Eldorado Montes

del Plata

Maranho

Guaba II

APP South

Sumatra(2)

Klabin

BHKP

prices-CIFEurope

(US$/ton)

(1) Source: Hawkins Wright , Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Sep/14), Brian McClay(Nov/14) and RISI (Nov/14)(2) Partially integrated production


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Capacity closures DO happen

Source: PPPC and Fibria

15

Closures of Hardwood Capacity Worldwide

(000 ton)

-910

-85

-1,260-1,180

-540 -500

-105

-1,085

-830

2006 2007 2008 2009 2010 2011 2012 2013 2014-2016 Eas of Oct14


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Total delivered cash cost will also have an influence on bottom prices

16

Total Cash Cost of BHKP delivered to Europe (US$/t)

3Q14 net price:

US$ 554/t

Positive Working

Capital: US$5/t

SG&A

Capex

Interest

498 508 456 468 420 404 424 424 406342 315 311 297

235 221

71 46

69 41 86 12134 38 41

4855 38 67

11166

54

142

24

Custo Caixa (US$/t) Entrega (US$/t)

Income Tax1

Interest

Capacity

(k tons):1,775 660 595 570 1,570 1,045 2,415 335 625 340 7,450 = 31,3853,745 1,010 3,950 5,300

Source: Hawkins Wright (Outlook for Market Pulp, September 2014) | Fibrias 3Q14 considering a FX of R$/US$2.27.

Gray bar includes cash expenses as Interest, CAPEX, SG&A and Taxes (Source: RISI and Fibria).


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Tissue Market

(1) Source: RISI

Kg/capita

Per Capita Consumption of Tissue by Region, 2013(1)

Growth

Potential

0

5

10

15

20

25

30

35

1991 1996 2001 2006 2009 2010 2011 2012 2013

N.America W.Europe E.Europe L.America Middle East

Japan China Asia FE Oceania Africa

LTM Growth of

+4.2%

Million tons

World Tissue Consumption, 1991-2013(1)

24

1515

12

76

5

1

0

5

10

15

20

25

30

N.

America

West

Europe

Japan Oceania East

Europe

LatAm China Africa


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Pulp Projects Backlog

Main Projects

Project Country Capacity Timing Status

CMPC Guaba II Brazil 1.3 Mt 2Q2015 Confirmed

Klabin Paran Brazil 1.5 Mt* 2Q2016 Confirmed

APP South Sumatra Indonesia 1.5 Mt 2.0 Mt 4Q2016 Confirmed

Fibria Trs Lagoas II Brazil 1.75 Mt - Unconfirmed

Minimum required return for new projects

Closures due to increasing costs worldwide, reduction of maintenance capex (higher technical age of recovery boilers) andexchange rates

Fiber substitution: Softwood x Hardwood and Recycled x Virgin Fiber

Main Questions About Capacity

Even though there is an extensive pulp projects backlog, there are important question marks regarding

new projects

* 1.1 million tonnes of hardwood and 400 thousand tonnes of softwood


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Financial Highlights


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3Q14 Results

20

Cash Production Cost (R$/t)

Pulp Production and Sales (000 t) Net Revenue (R$ million)

EBITDA (R$ million) and EBITDA Margin (%)

1.347

1.271

1.3451.301

1.334

1.372

3Q13 2Q14 3Q14

Production Sales

1.841

1.694 1.746

3Q13 2Q14 3Q14

482 486 478501

559502

3Q13 2Q14 3Q14

Cash cost ex-scheduled downtimes Cash cost

762

594 613

3Q13 2Q14 3Q14

41%35% 35%


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Indebtedness

21

Debt (US$ million) x Leverage (US$) Interest (US$ million) x Cost of Debt (US$)

Free Cash FlowIncrease

InterestReduction

Cost of DebtReduction

This dynamicscreates a virtuous

cycle

8.6

3.5

6.3

3.0

2009 2010 2011 2012 2013 Sept/2014

Gross Debt Net Debt

7.5

4.1 4.23.3

2.6 2.5473

414 408350

268217

2009 2010 2011 2012 2013 LTM 3T14

6.3 5.95.5

5.2 4.6 3.7


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Debt

Amortization

Schedule atSep/2014

(R$ Million)

Debt Profile

Average Term: 55 months

Average Cost: 3.7% p.y.

Cost of Debt

Foreign Currency (% p.a.)Debt by Currency

7%

93%

Local Currency

Foreign Currency

4.5%4.0%

Sep/13 Sep/14

1.261

1.536

2.797

560

888 842

1.353 1.2581.041

616511

49 6

1.449

Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Pre-payment BNDES ECN ACC/ACE Voto IV Bonds

(cash)

(revolver)

Early redemption

bond 2019


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Net Result (R$ million) 3Q14

613562

(359)13

(91)

(475)

(51)

(799)

339

92

AdjustedEBITDA

Non-recurringeffects/

non-cash

EBITDA FX Debt /MtM hedge

MtMoperational

hedge

Net interest Deprec.,amortiz. and

depletion

Taxes Other Net Profit(Loss)

MtMDebt

hedge

FX Debt

Differed

(1) Includes other exchange rate/monetary variations and other financial income/expenses.

(1)

Current


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Investor Relations

E-mail: [email protected]

Phone: +55 11 2138-4565

Website: www.fibria.com.br/ir

Documents

Corporate Presentation (November)