ApresentaoCorporativa_14_abr

8/4/2019 ApresentaoCorporativa_14_abr

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Fibria Cor orate Presentation

April 2010

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Disclaimer

The information contained in this resentation ma include statements which constitute

forward-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 riskan uncerta nty w t respect to us ness, nanc a , tren , strategy an ot er orecasts,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 be

ossible to realize. The com an ives no assurance that ex ectations 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 theorwar - oo ng s a emen s, ue o a var e y o ac ors, nc u ng, u no m e o, e

risks of international business and other risks referred to in the companys filings withthe CVM and SEC. The company does not undertake, and specifically disclaims anyobli ation to u date an forward-lookin statements which s eak onl for the date onwhich they are made.

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Agenda

The Company

Market Positioning

Pulp and Paper Market

Recent Events

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4


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VCP and Aracruz Merged to Create Fibria

ShareholderStructure

Votorantim

IndustrialS.A.BNDESPar FreeFloat

29.3% 33.6%(1) 37.1%

50.0%50.0%

Conpacel

Veracel

CeluloseS.A.

PresentvalueofR$4.5billionofannouncedpostmergersynergies

Upto2012,90%ofactionstoextractsynergiesareexpectedtobeinplace

6%2%

Logistics Others

Industrial

16%

15%

11% 27%

23%

Forestry

Commercial

5(1) PositionasofDec30,2009.BNDESParhas21%linkedtoashareholdersagreementwithVIDduringthefirst3years,and10.9%duringthefollowing2years.

SG&A


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Improved Corporate Governance

BoardAdvisoryCommitteesBoardofDirectors

JosLucianoPenido ChairmanoftheBoard

Auditing

PersonnelandRemuneration

RaulCalfat IndicatedbyVotorantim

WangWeiChang IndicatedbyVotorantim

Joo

Miranda Indicated

by

Votorantim

AlexandreDAmbrosio IndicatedbyVotorantim

Finance

Sustainability

ArmandoMarianteCarvalhoJunior IndicatedbyBNDES

EduardoRathFingerl IndicatedbyBNDES

JosArmandodeFigueiredoCampos IndependentMember

AlexandreGonalvesSilva IndependentMember

Boardof

Directors

ExecutiveBoard

CEO

CarlosA.Aguiar*

Ind.Ops&

Engineering

FranciscoValrio

Comm.&Intl

Logistics

JooFelipeCarsalade

Paper,

Planning,

Procurement,

andForestry

Ops.&Tech

MarceloCastelli

Controllership

&Risk

Management

EvandroCoura

Humanand

Org.

Development

MiguelCaldas

6

Eachofficerwithmorethan20yearsexperienceinthesector

*The Companys Board of DirectorshavedecidedthatFIBRIAsCEO,CarlosAugustoLiraAguiar,willaccumulatethepositionofTreasuryandInvestorRelationsOfficeruntilfurtherdecision.


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Creation of a Winning Player

CompetitiveStrengthsSuperiorAssetCombination

PulpMillPaperMillPortTerminal

LeadershipinMarket

BelmonteVeracelCaravelas

Portocel

u pScaleandIntegrated

Operations

CostDNA

Aracruz

PiracicabaJacareiSantos

TrsLagoasConpacel UniqueForestry

Management:AdvancedForestry

Techniquesand

Strong/ReliableCustomerBase

.

Paperproductioncapacity:358kT/year

Totalarea:1.0millionha(1)|Eucalyptusplantation:585thousandha(1)

4plantsandoperationof3portterminals,includingtheonlyspecializedwood

ShortHarvestCycle

pulpterminalinBrazil,ownedbyus

Highyieldineucalyptusproduction(avg45m3/ha/year)andcertifiedforests

Shortharvestcycle:6yearsvs.2570yearsinSouthernU.S.,CanadaandScandinavia

IntegrationTrough

EfficientLogistics

ModernIndustrialPlants

8

DataasofDec30,2009.(1)Doesnotincludepartnershipprogramwhichrepresents128thousandha.


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Undisputable Leadership in the Global Market Pulp

MarketShare(1)Pul ProductionCa acit

DominantPositioninaGrowingMarket

Fibria

2009Einktons

5,4001st

~

3%

11%

Botnia

Sodra

CMPC

APRIL

thesize

Total

Canfor

APP

Weyerhaeuser

Suzano

Tembec Pulp:

188milliont

48.5milliont

Georgia PacificI l i m

IP

Domtar 22%

32%

Stora Enso

Cenibra

WestFraserMercer

ENCE

BSKP BHKP UKP Mech.

TotalHardwoodPulp:

25milliont

TotalEucalyptusPulp:

17milliont

9

0 1.000 2.000 3.000 4.000 5.000 6.000

Source:PYRY,2007/AsforMarketPulp:PulpandPaperProductsCouncil(PPPC)2009andFibria.(1) MarketShareestimatedconsidering2009nominalcapacity.


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Low Production Cost DNA

Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability

CashCosts(2)FibriasMarginvs.MacroeconomicFundamentals(1)

530497

456 454 443 416 408

W ood O the rsCashCost(US$/t)

AveragePrice

BEKP(US$/ton)(1)

641

705

783

680

2,44

2,18

276322

249151

266177

305

171 135 106 96

207303

177239

103

119135 155 163

290 269 261 259

3

1,95

1,84

2,00

1,74

HardwoodCashCost(US$/t)vs.Capacity(kT)Iberia

US ton

ExchangeRate

Average(RS/US$)(1)

2.196

37%39%

400

500

600

Iberia1.013

1.115

1.697

30%37%

28%

34%

EBITDAMargin

EBITDA(R$million)

100

200

300

259

880

503

10

(1)Source:Companiesearningsreleases,RISIandBrazilianCentralBank(2) Source:HawkinsWrightEstimatefor4Q09(3) Fibria's4Q09figures

0

0 2.000 4.000 6.000 8.000 10.000 12.000

Capacity(kT)2005 2006 2007 2008 2009 4Q09


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State-of-the-Art Production Facilities

ModernPlants

AdvancedTechnologyandProductionProcessLeadtoLowerUsageofRawMaterials,ReducingCosts

Com etitiveAdvanta es

StreamlinedandefficientAracruzCapacity 2.3 mt

Average PlantCapacity

plants

Trs LagoasCapacity 1.3 mtTechnical age: 0

2,500

2,000

LARGESTSINGLE

LINEPULP

PRODUCTION

FACILITYINTHE

WORLD

Environmentalfriendly

productionprocessJacareCapacity 1.1 mtTechnical age: 5

1,500

IndonesiIndonesia

Reducedemissionsanddispositionofresidues

1,000

500

CanadaPortugalFinland

ChileSouth

Brazil

Uruguay

VeracelCapacity 1.1 mtTechnical age: 3

BESTYIELDPER

HECTARE OFTHE

WORLD

Efficientuseofchemicals40 30 20 10

Russia

JapanSweden France

Spain

r ca

Technicalageoftheequipment (years)

11

andAllowingforaUniqueTrackRecordofQualityProducts


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Unique Brownfield Potential Growth

Fibria has the Best Sites Ready to Almost Duplicate Capacity

HistoricalandPlannedCa acit Increase

Inmillionoftones 1978:Startupofmill"A"atAracruz(BarradoRiacho)

unitBestsitesforadditionalcapacity

1988:AcquisitionofCelpav

1992:AcquisitionofPapelSimo(Jacareunit)

1996:NewpulplineatJacaremill

1991:Startupofmill"B"atBarradoRiachounit BarradoRiachoIV

10.7

1.5

5.3

2003:ExpansionofJacaremill

2003:AcquisitionofRiocell(GuaibaUnit)

2005:StartupofVeracel

2002:Startupofmill"C"atBarradoRiachounitLosangoI 1.5

2007:AssetswapLuisAntnioforTrsLagoas

2008:EstablishmentofConpacelconsortium

2009:StartupofTrsLagoasmill

5.4

TrsLagoasII 1.5

9 2 5 8 1 4 7 0 3 6 9

VeracelII

B ro wn fie ld B ro wn fie ld G ree nf iel d B row nf iel d

0.8

12

197

198

198

198

199

199

199

200

200

200

200

Ara cruz VCP Fi bri a

Expansion


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Long Term Relationship With Key Clients

Premium Paper Producers Value High Quality Pulp Customized Products

GlobalFoot rint

Suppliescustomizedpulpproductstospecificpapergrades

Solesuppliertokeycustomersfocusedoneucalyptuspulptothetissuemarket

UsesofFibriasPulp 2009

Top10maincustomersrepresentonaverage65%ofsalesTissue

pec a y

Europe

24%

43%

33%

P&W31%

NorthAmerica

23%Asia

36%

Beijing

Switzerland

Miami

Hungary

Brazil

Sales

Destination(1)

Offices

10%

13

NY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worWhichImpliesinLessVolatilityinSalesVolumeThroughoutEconomicCycles

1 Breakdownofsalesdestinationinthe last12monthsendingDecember31,2009.


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Positive Commodity Cycle and Demand Recovery

Worldmarketpulpshipmentstocapacity WorldP&Wpapershipmentstocapacity

94%

97%

95% 95%

98%

93%

98%

93%

95%

97%

85%

92%91%91%

89%

82%

86%

83%

79%

90%

88%

92%

86%

92%

90%

92%

90%

86%

88%

92%

89%

87%

92%

85%

78%79%79% 79%79%

78%

89%

87%86%

81%79%

88%

77% 76%77%

73%

Source:PPPCJan-0

8

Fe

b-0

8

Mar-

08

Apr-

08

May-0

8

Jun-0

8

Ju

l-08

Aug-0

8

Sep-0

8

Oc

t-08

Nov-0

8

Dec-0

8

Jan-0

9

Fe

b-0

9

Mar-

09

Apr-

09

May-0

9

Jun-0

9

Ju

l-09

Aug-0

9

Sep-0

9

Oc

t-09

Nov-0

9

Dec-0

9

Jan-1

0

Fe

b-1

0

Jan-0

8

Fe

b-0

8

Mar-

08

Apr-

08

May-0

8

Jun-0

8

Ju

l-08

Aug-0

8

Sep-0

8

Oc

t-08

Nov-0

8

Dec-0

8

Jan-0

9

Fe

b-0

9

Mar-

09

Apr-

09

May-0

9

Jun-0

9

Ju

l-09

Aug-0

9

Sep-0

9

Oc

t-09

Nov-0

9

Dec-0

9

Jan-1

0

Fe

b-1

0

Source:PPPC

Worldpulpproducersaveragedaysofsupply Europeanpulpconsumersdaysofsupply

50

60

35

28

10

20

30

4022

15

20

25

15Source:PPPCSource:Utipulp

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-1

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-0

Ma

y-0

Se

p-0

Ja

n-1


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Pulp Supply / Demand Expected to Rebalance in theMedium Term

MarketPulp:worlddemandgrowth China:Eucalyptuspulpshipments(000t)

Average305 k

12% 11%9%

37%

17%

146186181192

210

419

238

307

458

368

307318307323

256233

299

247153

242

Average

169 ktons

tons

Average198 ktons

-4%

TotalTotal NorthNorthAmericaAmerica

WesternWesternEuropeEurope

LatinLatinAmericaAmerica

JapanJapan ChinaChina

98

6593

Fe

b-0

8

Mar-

08

Apr-

08

ay-0

8

Jun-0

8

Ju

l-08

ug-0

8

ep-0

8

Oc

t-08

ov-0

8

ec-0

8

Jan-0

9

Fe

b-0

9

Mar-

09

Apr-

09

ay-0

9

Jun-0

9

Ju

l-09

ug-0

9

ep-0

9

Oc

t-09

ov-0

9

ec-0

9

Jan-1

0

Fe

b-1

0

150

BHKPListpulpprice(FOEX)vs BRL/US$ Globalmarketrecovery

Demand

Pa erdemandrecover ;+41%

.

100

110

120

130

140 Chinakeepingupthepace.Lowconsumersandproducersinventories

Marketdowntimes;Currency

AppreciationoflocalcurrenciesagainsttheUS$.

60

70

80

90

Successiveannouncements oflistpriceincreases(asofApril.10)

-23%

16

Jan/0

Feb/0

Mar/0

Apr/0

May/0

Jun/0

Jul/0

Aug/0

Sep/0

Oct/0

Nov/0

Dec/0

Jan/1

Feb/1

Mar/1

BRL/USD FOEX BHKP List Price

Europe: US$840/t

Asia: US$800/t


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China's presence in the market pulp sector

China'sHardwoodimportsofBHKPbycountry China'sshareofmarketpulp(%)

Growth in 2009 Pulp shipments ('000 t) and market share (%)

6.000

7.000

+59%

8.000

9.000

10.000

BEKP

2008

BHKP

Total Market Pulp

21%

4.000

5.000

5.000

6.000

7.000

22%

12%

14%

oot

oot

2.000

3.000

+107%

+2% 2.000

3.000

4.000

13%

16%

26%

9% 10%

12%

10%10% ' '

0

1.000

otal

raz

il

esia

hile

ssia

gua

y

nad

a

US

A

hers

ndia

+51%

+12%

+117%

+38% +151% +142% +2%0

1.000

2005 2006 2007 2008 2009

9%

BHKP

Indo R

Uru

Ca O

Tail

BrazilistheleadingexporterofBHKPtoChina,accountingtoapproximately41%ofChina'stotal

Between2005and2009,Chinesemarketshareofeucalyptusshipmentsincreasedby

17Source:PPPC W20.Coverageforchemicalmarketpulpis80%ofworldcapacity.Source:HawkinsWright

mpor s n . p.p. o a mar e pu p: p.p.


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P&W Paper Capacity Changes

P&Wpapercapacitywithdrawls20092010(1) China:P&Wpapercapacitychanges20092011(1)

'Company/Mill EffectiveDate 000'stonnes

PuyangLongfeng Jan2009 350

Tralin,Gaotang Feb2009 150

MCCYinhePaper Jul2009 200

Company Region/Date stonnes

MReal Europe/2009 540

InternationalPaper Europe/2009 250

Others Euro e 2009 440

GuangxiJindaxingPaper Q32009 200

YeuyangPaper Oct2009 200

FujianNanpingPaper Oct2009 200

2009=1.3milliontDomtar NorthAmerica/2009 265

InternationalPaper NorthAmerica/2009 200

Others NorthAmerica/2009 255

2009=1.9milliont

YeuyangPaper 2010 200

APP,HainanIsland Q12010 1,200

SunPaper/IP Q22010 350

Lee&Man 1H2010 200

2010=2.3milliont

StoraEnzo Europe/2010 520

Sappi Europe/2010 220

Others Europe/2010 80

Domtar NorthAmerica/2010 200

2010=1.4milliont

JiangsuOjiPaper May2010 400

ChinaMetalurgicalMeiliPaper Q12011 300

Shandong

Huatai

Paper Q1

2011 500 2011=2.4milliont

InternationalPaper NorthAmerica/2010 340

TotalP&WcapacitywithdrawlsinEuropeandNorthAmerica

3,300

ShandongChenming Q12011 1,250

Guangxi HuajinGroup late2011 340

TotalP&WcapacitychangesinChina 6,040

18(1) Source:TerraChoiceDec2009


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19


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Paper Business

Papermarketrecovery

Market

Paper:Salesvolume('000t)

Competition from imports Demand starting to grow again, but apparent

consumption is still below 2008 levels

110 111

Fibria Performance

Sales volume and revenue mix: focus on specialtypapers

Seasonality: positive impact on sales volume

Paper:SalesandRevenuemix

4Q08 3Q09 4Q09

Specialty/Other

Sales Volume Revenues

27% 30% 28% 40% 42%

Uncoated21% 21% 23%

19% 19% 20%

20

52% 49% 49%

4Q08 3Q09 4Q09

41% 38% 38%

4Q08 3Q09 4Q09


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Financial Performance

Pulp:salesvolume('000t) Pulp:salesmix(000t)

23%31%30%

40%

2008 2009

1.032

1.276

1.460

36%10%

22%8%

Asia BrazilNorth America Europe4Q08 3Q09 4Q09

492

Cash cost w/o

stoppages (R$/t)

1.593

1.698509

441

1.402

473

426433

451

21

403

4Q08 3Q09 4Q094Q08 3Q09 4Q09 4Q08 1Q09 2Q09 3Q09 4Q09


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Financial Performance

CAPEX(R$million)EBITDA(R$million)andEBITDAmargin(%)

1.609546

426

503

34% 116

1.005

1.247

30%30%

469

896

135 235129

216

377

4Q08 3Q09 4Q094Q09 2009 2010E

Othe rs Mante ine nc e E x ans io n

32

+53

+22+165

424

-79503

-

-92 -193

-150

-84 -41

-374

Ad usted Non- Ebitda Income tax Exchan e Derivatives Other Interest on Income on Other Minorit Other * Net income

22

Ebitda recurring

effects / non-

cash

expense Variation on

Debt

Exchange

Variation

loan

financial

instruments

financial

income

Interest

4Q09

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


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Debt Profile

MaturityScheduleofTotalDebt(R$million)

824

Local Currency Foreign Currency3.908

3.084453

1.370

1.924

1.028

1.402

1.696

1.076910

1.741

1.471

262 272 326 289

766.

787811

508

99 45

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

553

130

348

2%2%

10%50%

Gross Debt by Index

3%4%

3%

34%

Gross Debt by type Gross Debt by currency

12%

6%

60%40%

23

36%

Pre Fixed Libor TJLP Currency basket CDI

25%15%

Pre Payment Families/OPA Bonds BNDES

Derivatives ACC/ACE NCE Others

Local Currency Foreign Currency


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24


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Recent Events

Event Date

Acquisition by VCP of additional 28% of Aracruz common shares Jan20

VCP Capital Increase Apr14

VCP conversion of prefered into common shares Jun

12

Tender Offer for Aracruz common shareholders Jul02

Incorporation proposal for the 0.1347 ratio Aug24

Shareholderes Agreement - VID and BNDES Oct29

End of withdrawal rights period Nov12

End of Aracruz trading Nov17

Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Nov18

Approval of the merger of Aracruz into Fibria Dec22

25Source: Fibria


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Investor Relations Team:

ar os gu ar

Andr Gonalves IR General Manager

Fernanda Naveiro Vaz IR Consultant

Anna Laura Linkewitsch IR Specialist

26

Livia Baptista IR Analyst

Documents

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