Corporate Presentation
Corporate Presentation
Corporate Presentation
May, 2012
Disclaimer
The information contained in this presentation may include statements which constitute forwardlooking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to business, financial, trend, strategy and other forecasts, and are based on assumptions, data or methods that, although considered reasonable by the company at the time, may turn out to be incorrect or imprecise, or may not be possible to realize. The company gives no assurance that expectations disclosed in this presentation will be confirmed. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forwardlooking statements, due to a variety of factors, including, but not limited to, the risks of international business and other risks referred to in the companys filings with the CVM and SEC. The company does not undertake, and specifically disclaims any obligation to update any forwardlooking statements, which speak only for the date on which they are made.
The Company
Shareholder Structure
BNDESPar 30.42%(1)
(1) (2)
Position as of May 31, 2012. BNDESPar has 21% linked to a Shareholders Agreement with Votorantim Industrial S.A. during the first 3 years and 11% during the following 2 years. Free Float 40.17% + Treasury 0.07%
Shareholders Meeting
Fiscal Council
Board of Directors
Executive Officers
A Winning Player
Superior Asset Combination Main Figures(1)
Net Debt
Net Debt/EBITDA
R$ billion
X
Port Terminal
Pulp Unit
Source: Fibria (1) 2011. (2) As of May 31, 2011, including 50% of Veracel and excluding forest partnership areas (117 thousand ha).
Fibrias Strategy
5,250
Ilim
Mercer IP
Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical
ENCE
37% Acacia/Other 9 million t 63% Eucalyptus 16 million t
1000
2000
3000
4000
5000
6000
RISI and PPPC (nov 2011): considers 2010 demand Hawkins Wright January 2011
Mill Cash
10% 19%
Delivery
1000 800
600
120 400 200 464
70
39
41
85 423
42 456
33 426
57 359
69 316
51 310
500
501
493
55 246
29%
10 million t
Capacity ('000s t)
10
170
150 130 110 90 70 50 Rupia: -3%
Cost Structure
Global producers have been impacted by: Wood: cost of land and minimum wage growth above inflation Chemicals / energy / water: global demand for commodities add pressure on main raw materials On top of that, Brazilian producers have also been impacted by: Freight: low governmental investment in infra-structure (ports, roads, etc) and higher oil prices Labor: cost in Brazil in dollar terms is higher than in some developed countries
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Global Presence
Fibrias Commercial Strategy
Differentiation: Customized pulp products to specific paper grades Sole supplier to key customers focused on eucalyptus pulp to the tissue market The top 10 customers represent, on average, 70% of sales
Specialities 21% Tissue 52%
P&W 27%
18%
N.America
Europe
44%
Nyon Miami
Csomd
2%
Asia
Hong Kong
L.America
10%
So Paulo
Fibria Offices
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Tissue
54%
24%
4%
Specialities
24%
14%
3%
Newsprint
0%
Containerboard
8%
5%
Others
11%
3%
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Financial Highlights
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Quarter Highlights
1Q12 Results
1Q12 Pulp production (000t) Pulp sales (000t) Net revenues (R$ MM) Pro Forma EBITDA1 (R$ MM) EBITDA margin (%) Financial results (R$ MM) Net income (loss) R$ MM)
1
1Q11
1Q12
+4%
28%
30%
471 448
607
390 377
4Q10
3Q11
4Q11
2009
2010
2011
1Q11
4Q11
1Q12
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Synergies
Net Present Value of Synergies (R$ billion)
Others 2% Industrial 27%
0.5
2009 2010 2011 2012 2013 2014
3 years ahead of schedule for our synergy capture goal of R$4.5 billion at NPV driven by: Additional production in the existing units Cost control (cash cost below inflation) Maintenance Capex reduced for 2012 >>> best practices adopted on the forest and industrial fronts
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Debt
Key Figures
5.6 (R$ million) Gross Debt Cash(1) Net Debt Pro Forma Cash(1) (2) Pro Forma Net Debt(2)
(1) Includes (2) Includes
4.7
3.9 3.6 2.9 3.2
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
1.80 1.79
1.69 1.75
1.67 1.70
1.63 1.67
1.56 1.60
1.85 1.63
1.88 1.80
1.82 1.77
the hedge fair value of R$115 million negative the proceeds from the equity offering and BPM sale which total R$ 1.6bn
twelve months adjusted EBITDA the proceeds from the equity offering and BPM sale which total R$ 1.6bn
Highlights
7,219
R$ 3.6 bi
- Cash position = 3.3x short term debt - Average debt maturity = 71 months
1,056 2012 508 2013 919 2014 693 2015 636 2016 2017-2021
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Investor Relations
E-mail: [email protected] Phone: +55 (11) 2138-4565 Website: www.fibria.com.br/ir
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