tao citi 25 mar.ppt mododecompatibilidade
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1
Citi 18th Annual Latin America Conference
March 2010
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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. Securities
Act 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
reasonable by the company at the time, may turn out to be incorrect or imprecise, orma not be ossible to realize. The com an ives no assurance that ex ectations
Disclaimer
2
disclosed in this presentation will be confirmed. Prospective investors are cautionedthat any such forward-looking statements are not guarantees of future performanceand 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 notlimited 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, andspecifically disclaims any obligation to update any forward-looking statements, whichspeak only for the date on which they are made.
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Agenda
The Company
Market Positioning
Pulp and Paper Market
3
Recent Events
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4
The Company
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VCP and Aracruz Merged to Create Fibria
Shareholder Structure
Votorantim
Industrial S.A.BNDESPar Free Float
29.3% 33.6% (1) 37.1%
50.0%50.0%
5(1) Position as of Dec 30, 2009. BNDESPar has 21% linked to a shareholder’s agreement with VID during the first 3 years, and 10.9% during the following 2 years.
Present value of R$4.5 billion of announced post-merger synergies
Up to 2012, 90% of actions to extract synergies are expected to be in place
16%
15%
6%
11%
2%
27%
23%
Forestry SG&A
Commercial
Tax
Logistics OthersIndustrial
ConpacelVeracel
Celulose S.A.
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Improved Corporate Governance
Board Advisory CommitteesBoard of Directors
Auditing
Personnel and Remuneration
Finance
Sustainability
José Luciano Penido Chairman of the Board
Raul Calfat Indicated by Votorantim
Wang Wei Chang Indicated by Votorantim
João Miranda Indicated by Votorantim
Alexandre D’Ambrosio Indicated by Votorantim
Armando Mariante Carvalho Junior Indicated by BNDES
Eduardo Rath Fingerl Indicated by BNDES
José Armando de Figueiredo Campos Independent Member
Alexandre Gonçalves Silva Independent Member
6
CEO
Board of
Directors
Executive Board
Ind. Ops &
Engineering
Francisco Valério
Comm. & Int’l
Logistics
João Felipe Carsalade
Paper,
Planning,
Procurement,
and Forestry
Ops. & Tech
Marcelo Castelli
Controllershi
p & Risk
Management
Evandro Coura
Human and
Org.
Development
Miguel Caldas
Treasury & IR
Marcos Grodetzky
Each officer with more than 20 years experience in the sector
Carlos A. Aguiar
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7
Market Positioning
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Competitive Strengths
Creation of a Winning Player
Pulp MillPaper Mill
BelmonteVeracelCaravelas
Portocel
Superior Asset Combination
Port Terminal
Leadership in MarketPulp
Scale and Integrated Operations
Low ProductionCost DNA
8
• Pulp production capacity: 5.4 MT / year
• Paper production capacity: 358 kT / year
•Total area: 1.0 million ha
(1)
|Eucalyptus plantation: 585 thousand ha(1)
• 4 plants and operation of 3 port terminals, including the only specialized woodpulp terminal in Brazil, owned by us
• High yield in eucalyptus production (avg 45 m3/ha/year) and certified forests
– Short harvest cycle: 6 years vs. 25-70 years in Southern U.S., Canadaand Scandinavia
AracruzPiracicabaJacareiSantos
Três LagoasConpacel
Data as of Dec 30, 2009.(1)Does not include partnership program which represents 128 thousand ha.
Unique ForestryManagement:
Advanced Forestry Techniques and
Short Harvest Cycle
Forest to Port
Integration Trough
Efficient Logistics
Strong / ReliableCustomer Base
Modern IndustrialPlants
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Market Share (1)
Undisputable Leadership in the Global Market Pulp
Pulp Production Capacity
Botnia
Sodra
CMPC
APRIL
Arauco
Fibria
2009E in ktons
5,400
Dominant Position in a Growing Market
1st
~ Twice
the size
TotalTotal Market Pul :
3%11%
9
0 1.000 2.000 3.000 4.000 5.000 6.000
Stora Enso
Cenibra
West Fraser
Mercer
ENCE
Georgia Pacific
I l im
IP
Domtar
Canfor
APP
Weyerhaeuser
Suzano
Tembec
BSKP BHKP U KP Mech.
Source: PÖYRY, 2007 / As for Market Pulp: Pulp and Paper Products Council (PPPC) 2009 and F ibria.(1) Market Share estimated considering 2009 nominal capacity.
Pulp:
188 million t
Total Hardwood Pulp:
25 million t
48.5 million t
Total Eucalyptus Pulp:
17 million t
22%
32%
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2,44
2,18
276
322
249 151 266 177305
171 135 106 96
254 175207
303177
239103
119135 155 163
530497
456 454 443416 408
290 269 261 259
W oo d O th er s
Low Production Cost DNA
Unique Expertise Enabling the Lowest Cash Cost in the Market and High Profitability
Cash Cost (US$/t)
Cash Costs (2)Fibria’s Margin vs. Macroeconomic Fundamentals (1)
(3)
Average Price
BEKP (US$/ton) (1)
583
641
705
783
565
680
10
1,95
1,84
2,00
1,74
(1) Source: Companies’ earnings releases, RISI and Brazilian Central Bank(2)
Source: Hawkins Wright Estimate for 4Q09(3) Fibria's 4Q09 figures
Hardwood Cash Cost (US$/t) vs. Capacity (kT)
Iberia
0
100
200
300
400
500
600
0 2.000 4.000 6.000 8.000 10.000 12.000
Iberia
259
Capacity (kT)
US$/ton
Exchange Rate
Average (RS/US$) (1)
1.0131.115
880
2.196
1.697
503
30%37%
28%
37%
34%
39%
2005 2006 2007 2008 2009 4Q09
EBITDA Margin
EBITDA (R$ million)
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State-of-the-Art Production Facilities
Modern Plants
Advanced Technology and Production Process Lead to Lower Usage of Raw Materials, Reducing Costs…
Streamlined and efficientoperations due to modernplants
Competitive Advantages
AracruzCapacity 2.3 mtTechnical age: 9
Três LagoasCapacity 1.3 mtTechnical age: 0
Average PlantCapacity(‘000 tons)
2,500
2,000
LARGEST SINGLE
LINE PULP
PRODUCTION
FACILITY IN THE
WORLD
11
… and Allowing for a Unique Track Record of Quality Products
Environmental-friendlyproduction process
Reduced emissions anddisposition of residues
Efficient use of chemicals
JacareíCapacity 1.1 mtTechnical age: 5
1,500
1,000
500
40 30 20 10
Russia
Japan
USASweden
CanadaPortugal
FinlandFranceSpain
ChileSouthAfrica China
Brazil
Indonesia
Uruguay
Technical age of the equipment (years)
VeracelCapacity 1.1 mtTechnical age: 3
BEST YIELD PER
HECTARE OF THE
WORLD
Indonesia
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Unique Brownfield Potential Growth
Fibria has the Best Sites Ready to Almost Duplicate Capacity
In million of tones
Historical and Planned Capacity Increase
• 1978: Start-up of mill "A" at Aracruz (Barra do Riacho)unit
• 1988: Acquisition of Celpav
• 1992: Acquisition of Papel Simão (Jacareí unit)
• 1996: New pulp line at Jacareí mill
• 1991: Start-up of mill "B" at Barra do Riacho unitBarra do Riacho IV
10.7
Best sites for additional capacity
1.5
5.3
12
1 9 7 9
1 9 8 2
1 9 8 5
1 9 8 8
1 9 9 1
1 9 9 4
1 9 9 7
2 0 0 0
2 0 0 3
2 0 0 6
2 0 0 9
Ara cruz VCP Fi bri a
• 2003: Expansion of Jacareí mill
• 2003: Acquisition of Riocell (Guaiba Unit)
• 2005: Start-up of Veracel
• 2002: Start-up of mill "C" at Barra do Riacho unit
• 2007: Asset swap Luis Antônio for Três Lagoas
• 2008: Establishment of Conpacel consortium
•2009: Start-up of Três Lagoas mill
5.4
Veracel II
Três Lagoas II
… Expansion …
Losango I
Bro wn field Bro wn field G re en field Bro wn field
0.8
1.5
1.5
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Long Term Relationship With Key Clients
Premium Paper Producers Value High Quality Pulp Customized Products…
Global Footprint
Supplies customized pulp products to specific paper grades
Sole supplier to key customers focused on eucalyptus pulp to the tissue market
Top 10 main customers represent on average 65% of salesTissue
Specialty
Uses of Fibria’s Pulp – 2009
Europe
24%
43%
33%
13
NY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.worNY004GAK_1.wor… Which Implies in Less Volatility in Sales Volume Throughout Economic Cycles
1 Breakdown of sales destination in the last 12 months ending December 31, 2009.
P&W 31%
Offices
North America
23%Asia
36%
Brazil
10%
Beijing
Switzerland
Sales
Destination (1)
Miami Hong Kong
Hungary
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14
Pulp and Paper Market
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Positive Commodity Cycle and Demand Recovery
World market pulp shipments to capacity World P&W paper shipments to capacity
85%
93%92%
94%
91%91%
89%
82%
86%
83%
79%
90%
77%
88%
92%
97%
86%
95%
92%93%
95%
90%
92%
90%
86%
93%
98%
93%
95%
88%
92%
89%
87%
97%
92%
85%
78%
76%
79%79%
77%
73%
79%79%78%
89%
87%86%
81%
10
2030405060
J a n - 0 5
M a y - 0 5
S e p - 0 5
J a n - 0 6
M a y - 0 6
S e p - 0 6
J a n - 0 7
M a y - 0 7
S e p - 0 7
J a n - 0 8
M a y - 0 8
S e p - 0 8
J a n - 0 9
M a y - 0 9
S e p - 0 9
J a n - 1 0
15
20
25
30
35
J a n - 0 5
M a y - 0 5
S e p - 0 5
J a n - 0 6
M a y - 0 6
S e p - 0 6
J a n - 0 7
M a y - 0 7
S e p - 0 7
J a n - 0 8
M a y - 0 8
S e p - 0 8
J a n - 0 9
M a y - 0 9
S e p - 0 9
J a n - 1 0
15
World pulp producers’ average days of supply European pulp consumers’ days of supply
Source: PPPC Source: Utipulp
Source: PPPC Source: PPPC
j a n
/ 0 8
f e b / 0 8
m a r / 0
8
a p r / 0
8
m a y
/ 0 8
j u n
/ 0 8
j u l / 0 8
a u g
/ 0 8
s e p
/ 0 8
o c
t / 0 8
n o v
/ 0 8
d e c
/ 0 8
j a n
/ 0 9
f e b / 0 9
m a r / 0
9
a p r / 0
9
m a y
/ 0 9
j u n
/ 0 9
j u l / 0 9
a u g
/ 0 9
s e p
/ 0 9
o c
t / 0 9
n o v
/ 0 9
d e c
/ 0 9
j a n
/ 1 0
30 23
j a n
/ 0 8
f e b / 0 8
m a r / 0
8
a p r / 0
8
m a y
/ 0 8
j u n
/ 0 8
j u l / 0 8
a u g
/ 0 8
s e p
/ 0 8
o c
t / 0 8
n o v
/ 0 8
d e c
/ 0 8
j a n
/ 0 9
f e b / 0 9
m a r / 0
9
a p r / 0
9
m a y
/ 0 9
j u n
/ 0 9
j u l / 0 9
a u g
/ 0 9
s e p
/ 0 9
o c
t / 0 9
n o v
/ 0 9
d e c
/ 0 9
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101146 132
6593
210
419
238
307
368
307 299247
233256
98
323307
186 181192
134
318
458
J a n / 0 8
F e b / 0 8
M a r / 0 9
A p r / 0 8
M a y / 0 8
J u n / 0 8
J u l / 0 8
A u g / 0 8
S e p / 0 8
O c t / 0 8
N o v / 0 8
D e c / 0 8
J a n / 0 9
F e b / 0 9
M a r / 0 9
A p r / 0 9
M a y / 0 9
J u n / 0 9
J u l / 0 9
A u g / 0 9
S e p / 0 9
O c t / 0 9
N o v / 0 9
D e c / 0 9
Pulp Supply / Demand Expected to Rebalance in theMedium Term
Market Pulp: world demand growth China: Eucalyptus pulp shipments (‘000 t)
Average305 k tons
Average163 k tons
2%
-11% -11%
10%
-17%
55%
Tota l North
America
Europe Lat im
America
Japan China
16
60
70
80
90
100
110
120
130
140
J a n
/ 0 9
F e
b / 0 9
M a r / 0
9
A p r / 0
9
M a y
/ 0 9
J u n
/ 0 9
J u
l / 0 9
A u g
/ 0 9
S e p
/ 0 9
O c
t / 0 9
N o v
/ 0 9
D e c
/ 0 9
J a n
/ 1 0
F e
b / 1 0
BRL/USD FOEX BHKP List Price
BHKP List pulp price (FOEX) vs BRL/US$ 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 of Mar.10)
• North America: US$870/t
• Europe: US$840/t
• Asia: US$800/t
+36%
-20%
2009 vs 2008
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4.000
5.000
6.000
7.000
China's presence in the market pulp sector
China's Hardwood imports of BHKP by country China's share of market pulp (%)
+59%
5.000
6.000
7.000
8.000
9.000
10.000
BEKP
22%
Growth in 2009
2008
BHKP
Total Market Pulp
12%
14%
21%
o o t
o o t
Pulp shipments ('000 t) and market share (%)
17
0
1.000
2.000
3.000
B H K P T o
t a l
B r a z i l
I n d o n e s
i a
C h i l e
R u s s
i a
U r u g u a y
C a n a
d a
U S A
O t h e r s
T a
i l â n d i a
Source: PPPC – W20. Coverage for chemical market pulp is 80% of world capacity.Source: Hawkins Wright
+107%
+2%
+51%
+12%
+117%
+38% +151% +142% +2% 0
1.000
2.000
3.000
4.000
2005 2006 2007 2008 2009
9%11%
13%
16%
26%
7%9% 10%
12%
Brazil is the leading exporter of BHKP toChina, accounting to approximately 41% of China'stotal imports in 2009.
Between 2005 and 2009, Chinese market shareof eucalyptus shipments increased by17 p.p. (total market pulp: +11 p.p.)
10%10 '
'
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P&W Paper Capacity Changes
P&W paper capacity withdrawls 2009-2010 (1)
Company / Mill Effective Date 000's tonnes
Puyang Longfeng Jan 2009 350
Tralin, Gaotang Feb 2009 150
MCC Yinhe Paper Jul 2009 200
Guangxi Jindaxing Paper Q3 2009 200
Yeuyang Paper Oct 2009 200
Fujian Nanping Paper Oct 2009 200
2009 = 1.3 million t
China: P&W paper capacity changes 2009-2011(1)
Company Region/Date 000'stonnes
M Real Europe/2009 540
International Paper Europe/2009 250
Others Europe/2009 440
Domtar North America/2009 265
International Paper North America/2009 200
Others North America/2009 255
2009 = 1.9 million t
18
Yeuyang Paper 2010 200
APP, Hainan Island Q1 2010 1,200
Sun Paper/IP Q2 2010 350
Lee&Man 1H 2010 200
Jiangsu Oji Paper May 2010 400
China Metalurgical MeiliPaper Q1 2011 300
Shandong Huatai Paper Q1 2011 500
Shandong Chenming Q1 2011 1,250
Guangxi Huajin Group late 2011 340
Total P&W capacity changes in China 6,040
2010 = 2.3 million t
2011 = 2.4 million t
(1) Source: TerraChoice Dec 2009
Stora Enzo Europe/2010 520
Sappi Europe/2010 220
Others Europe/2010 80
Domtar North America/2010 200
International Paper North America/2010 340
Total P&W capacity withdrawls in Europe and
North America
3,300
2010 = 1.4 million t
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19
4Q09 Financials
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Paper Business
Paper market recovery
Market
• Competition from imports
• Demand starting to grow again, but apparentconsumption is still below 2008 levels
Fibria Performance
•Sales volume and revenue mix: focus on specialtypapers
Paper: Sales volume ('000 t)
123
110 111
20
• Seasonality: positive impact on sales volume
Paper: Sales and Revenue mix
Coated
Uncoated
Specialty/Other
Sales Volume Revenues
4Q08 3Q09 4Q09
52% 49% 49%
21%21% 23%
27% 30% 28%
4Q08 3Q09 4Q09
41% 38% 38%
19%19% 20%
40% 43% 42%
4Q08 3Q09 4Q09
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23%
36%10%
31%30%
22%8%
40%
Financial Performance
Pulp: sales volume ('000 t) Pulp: sales mix (‘000 t)
2008 2009
1.032
1.276
1.460
21
492
403
441
4Q08 3Q09 4Q09
Asia
Pulp Cash Cost (R$/t)Net revenue (R$ million)
Cash cost w/o
stoppages (R$/t)
BrazilNorth America Europe4Q08 3Q09 4Q09
1.593
1.402
1.698
4Q08 3Q09 4Q09
509
473
426433
451
4Q08 1Q09 2Q09 3Q09 4Q09
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Financial Performance
CAPEX (R$ million)EBITDA (R$ million) and EBITDA margin (%)
546
426
503
34%
30%30% 469
896
116
135 235129
1.005
216
377
1.609
1.247
22
-30
-92 -193
-150
+53
+22+165
424
-79
-84
503
-41
-374
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
4Q09
Net Income (R$ million)
(*) The amount is the sum of the Depreciation, Amortization and Exhaustion.
4Q08 3Q09 4Q094Q09 2009 2010E
O ther s Manteinenc e E xpansion
32
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Debt Profile
Maturity Schedule of Total Debt (R$ million)
3.084
824
453
1.370
Local Currency Foreign Currency3.908
1.924
1.028
1.402
1.696
1.076910
1.741
23
1.471
262 272 326 289
766.
787811
508
99 45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
36%
2%2%
10%50%
Pre Fixed Libor TJLP Currency basket CDI
Gross Debt by Index
3%
4%
3%
25%
12%
6%
15%
34%
Pre Payment Fami li es /OPA Bonds BNDES
Derivatives ACC/ACE NCE Others
Gross Debt by type
60%40%
Local Currency Foreign Currency
Gross Debt by currency
553
130348
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24
Recent Events
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Recent Events
Event Date
Acquisition by VCP of additional 28% of Aracruz common shares Jan 20
VCP Capital Increase Apr 14
VCP conversion of prefered into common shares Jun 12
Tender Offer for Aracruz common shareholders Jul 02
Incorporation proposal for the 0.1347 ratio Aug 24
25Source: Fibria
Shareholderes Agreement - VID and BNDES Oct 29
End of withdrawal rights period Nov 12
End of Aracruz trading Nov 17
Fibria trading start (Bovespa: FIBR3 / NYSE: FBR) Nov 18
Approval of the merger of Aracruz into Fibria Dec 22
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26
Investor Relations Team:
Marcos Grodetzky – IRO
André Gonçalves – IR General Manager
Fernanda Naveiro Vaz – IR Consultant
Anna Laura Linkewitsch – IR Specialist
Livia Baptista – IR Analyst