ApresentaoCall_3Q09_Ingls

8/4/2019 ApresentaoCall_3Q09_Ingls

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3Q09 Conference Call

November 16, 2009


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The information contained in this presentation may include statements which constituteforward-looking statements, within the meaning of Section 27A of the U.S. SecuritiesAct of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of1934, as amended. Such forward-looking statements involve a certain degree of riskand uncertainty with respect to business, financial, trend, strategy and other forecasts,and are based on assumptions, data or methods that, although considered reasonableby the company at the time, may turn out to be incorrect or imprecise, or may not bepossible to realize. The company gives no assurance that expectations disclosed in

this presentation will be confirmed. Prospective investors are cautioned that any suchforward-looking statements are not guarantees of future performance and involve risksand uncertainties, and that actual results may differ materially from those in theforward-looking statements, due to a variety of factors, including, but not limited to, therisks of international business and other risks referred to in the companys filings withthe CVM and SEC. The company does not undertake, and specifically disclaims anyobligation to update any forward-looking statements, which speak only for the date onwhich they are made.

Disclaimer


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1. 3Q09 Highlights ......................................................................................................page 4

2. Pulp Market..............................................................................................................page 5

3. Paper Market............................................................................................................page 7

4. Financial Performance..............................................................................................page 8

5. Indebtedness..........................................................................................................page 10

6. Recent events.........................................................................................................page 11

Agenda


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3Q09 Highlights

Merge of shares

Pulp production record

Pulp market recovery

EBITDA margin recovery

Capital structure improvement and debt maturity extension


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Pulp market (1/2)

World market pulp shipments to capacity World P&W paper shipments to capacity

World pulp producers average days of supply World pulp consumers days of supply

Source: PPPC Source: Utipulp

25

10

20

3040

50

60

Jan-0

4

May-0

4

Sep-0

4

Jan-0

5

May-0

5

Sep-0

5

Jan-0

6

May-0

6

Sep-0

6

Jan-0

7

May-0

7

Sep-0

7

Jan-0

8

May-0

8

Sep-0

8

Jan-0

9

May-0

9

Sep-0

9

23

15

20

2530

35

Jan-0

4

May-0

4

Sep-0

4

Jan-0

5

May-0

5

Sep-0

5

Jan-0

6

May-0

6

Sep-0

6

Jan-0

7

May-0

7

Sep-0

7

Jan-0

8

May-0

8

Sep-0

8

Jan-0

9

May-0

9

Sep-0

9

93%

98%

93%95%

88%

92%

89%87%

97%

92%

85%

78%76%

79%77%

73%

79%

89%

78%79%79%

Jan

-08

Mar-

08

May

-08

Ju

l-08

Sep

-08

Nov

-08

Jan

-09

Mar-

09

May

-09

Ju

l-09

Sep

-09

85%

93%94%

91%89%

82%

86%

83%

79%

90%

77%

88%

92%

86%

95%93%

95%

92%

97%

92% 91%

Jan-0

8

Mar-0

8

May-0

8

Jul-0

8

Sep-0

8

Nov-0

8

Jan-0

9

Mar-0

9

May-0

9

Jul-0

9

Sep-0

9


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List pulp price (RISI) vs BRL/US$

Pulp market (2/2)

Market Pulp: world demand growth China: Eucalyptus pulp shipments (000 t)

Global market recovery

Demand

Paper demand recovery; China keeping up the pace.

Low consumers and producers inventories

Market downtimes;Currency Appreciation of local currencies against the US$.

Successive announcements of list price increases (as ofNov.09)

North America: US$730/t. Europe: US$700/t; Asia: US$660/t;

101

146186181192

13213498

6593

210

419

238

307

368

307318307323

256

458

Jan

/08

Fe

b/08

Mar/

09

Apr/

08

May

/08

Jun

/08

Ju

l/08

Aug

/08

Sep

/08

Oc

t/08

Nov

/08

Dec

/08

Jan

/09

Fe

b/09

Mar/

09

Apr/

09

May

/09

Jun

/09

Ju

l/09

Aug

/09

Sep

/09

Average

320

k tons

Average: 163

k tons

-13%-21% -23%

-10%

-23%

62%

-14% -15%

5,5%

-21%

76%

-0,2%

Total North America WesternEurope

Latin America Japan China

Jan 2009 vs. Jan 2008 9M09 vs. 9M08

+27%

-26%

60

70

80

90

100

110

120

130

Jan.0

9

Feb.0

9

Mar.09

Apr.09

May.0

9

Jun.0

9

Jul.09

Aug.0

9

Sep.0

9

Oct.09

Nov.0

9

Europe List Price BRL/USD


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Paper Market

Paper market recovery

Market

Imports more attractive with the US$ devaluation; Demand starting to grow again, but apparent

consumption is still below 2008 levels.

Fibria Performance

Sales volume and revenue mix: focus on specialtypapers;

Seasonality: positive impact on sales volume

Sales Volume

50% 49%

20% 21%

28% 30% 30%

49%

24%

3Q08 2Q09 3Q09

Specialty/Other

Coated

Uncoated

Revenues

38% 38%

19% 19%

41% 43% 43%

38%

21%

3Q08 2Q09 3Q09

Paper: Sales and Revenue mix

Paper: Sales volume (000 t)

104110122

3Q08 4Q08 1Q09


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Financial Performance

Pulp Cash Cost (R$/t)Net revenue (R$ million)

Pulp: sales volume (000 t) Pulp: sales mix (000 t)

Cash cost w/o

stoppages (R$/t)

3Q09

21%

36%11%

30%

North America Asia Brazil Europe

3Q08

38%

16%10%

37%

509

473

426433

487

422

403

521

3Q08 4Q08 1Q09 2Q09 3Q09 3Q08 2Q09 3Q09

1.3491.276

946

3Q08 2Q09 3Q09

1.471 1.4021.407

3Q08 4Q08 1Q09


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Financial Performance

CAPEX 9M09: R$1,232 millionEBITDA (R$ million) and EBITDA margin (%)

Net Income (R$ million)

-148

-188

-178

181

+47

+52+875

327-99-77

426-204

-325

Adjusted

Ebitda

Non-

recurring

effects / non-

cash

Ebitda Income tax

expense

Exchange

Variation on

Debt

Derivatives Other

Exchange

Variation

Interest on

loan

Income on

financial

instruments

Other

financial

income

Minority

Interest

Other (*) Net income

3Q09

69%

59%

41%

17%

25%

31%

7%

5%

13%

7%

10%

14%

1Q09 2Q09 3Q09

Expansion Forestry Maintenance Other

576

387269

426389

498

35%

26%30%

3Q092Q093Q08

(*) The amount is the sum of the Depreciation, Amortization and Exhaustion.


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1 FX of September 30, 2009 R$ / US$ 1.7781

2 Does not include Sellers Financing

3T09 Cash position R$ 2.6 bi R$ 4.8 bi

Average Maturity 37 months 47 months

Average Cost 2 7.42% p.a. 7.50% p.a.

US$/ BRL 62%/38% 62%/38%

Subordination structure

Original After plan Cash

No Collateral

With Collateral

Receivables

56%

1%

43%

79%

1%

20%

IndebtednessBefore the plan x After the plan

Maturity Schedule 1

4,8

2,8

1,4 1,5

0,9 0,8

0,10,4

4,2

1,81,61,1

1.0

1,41,7

1,1

1,2

0,9

0,60,1

0,4

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

4,8

2,8

1,4 1,5

0,9 0,8

0,10,4

4,2

1,81,61,1

1.0

1,41,7

1,1

1,2

0,9

0,60,1

0,4

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Effects of the Liability Management Plan


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Recent Events

Dec.09*Fibria listing at Novo Mercado level of Corporate Governance

Nov 18Fibria trading start (Bovespa: FIBR3 / NYSE: FBR)

Nov 17End of Aracruz trading

Nov 12End of withdrawal rights period

Oct 29Shareholderes Agreement - VID and BNDES

Aug 24Merger of Aracruz shares into VCP approval

Aug 24Incorporation proposal for the 0.1347 ratio

Jul 02Tender Offer for Aracruz common shareholders

June 12VCP conversion of prefered into common shares

Apr 14VCP Capital Increase

Jan 20Acquisition by VCP of additional 28% of Aracruz common shares

Date/estimateEvent

*Estimate


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Investor Relations Team:Marcos Grodetzky IRO

Andr Gonalves IR Manager

Anna Laura Linkewitsch IR Specialist

Livia Baptista IR Analyst

Documents

ApresentaoCall_3Q09_Ingls