8/3/2019 Fibria Itau Oct2011 v2
1/36
1
Itau BBA Corporate Debt Investor Trip
October, 2011
8/3/2019 Fibria Itau Oct2011 v2
2/36
2
Disclaimer
The information contained in this presentation may include statements which constitute 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 tobusiness, 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 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 the companys 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.
2
8/3/2019 Fibria Itau Oct2011 v2
3/36
3
The Company
8/3/2019 Fibria Itau Oct2011 v2
4/36
4
VCP and Aracruz Merged to Create Fibria
Shareholder StructureShareholder Structure
Votorantim Industrial
S.A. BNDESPar Free Float
29.34% 30.42(1) 40.24%(2)
(1) Position as of August 31, 2011. BNDESPar has 21% linked to a Shareholders Agreement with Votorantim Industrial S.A. during the first 3 years and 10.9% during the following 2 years.(2) Free Float 40.17% + Treasury 0.07%
4
Bovespa
60%
NYSE
40%
Average Daily Trading
Volume (LTM):
US$ 45 million
8/3/2019 Fibria Itau Oct2011 v2
5/36
5
Improved Corporate Governance
Shareholders
Meeting
Shareholders
Meeting
Executive OfficersExecutive Officers
Board Advisory
Committees(1)Board Advisory
Committees(1)
Fiscal CouncilFiscal CouncilBoard of
Directors
Board of
Directors
9 Members: 20% Independent
Chairman CEO
Audit and Risks
Personnel and Remuneration
Finance
Sustainability
Board and CommitteesBoard and CommitteesImproved Corporate GovernanceImproved Corporate Governance
Listed on Novo Mercado, highest level of Corporate
Governance at BM&F Bovespa
Only 1 class of shares 100% vong rights
100% tag along rights (Brazilian corporate law establishes 80%)
Board of Directors with minimum 20% independent members
Financial Statements in International Standards IFRS
Adoption of Arbitration Chamber
Listed in the most important sustainability indexes
Policies approved by the Board of Directors
Liability and liquidity management
Market risks
Corporate governance
Information disclosure
Stock trading
(1) Members performance assessed by independent consulting firm
5
8/3/2019 Fibria Itau Oct2011 v2
6/36
6
A Winning Player
Port Terminal Pulp Unit
Main Figures(1)Main Figures(1)Superior Asset CombinationSuperior Asset Combination
Pulp capacity million tons 5.25
Net revenues R$ billion 6.2
Total area thousand ha 1,062(2)
Planted area thousand ha 599(2)
Net Debt R$ billion 7.9
Net Debt/EBITDA X 3.2
Trs Lagoas
Santos
Aracruz
Portocel
Caravelas
Belmonte
Veracel
Jacare
Source: Fibria(1) Last Twelve Months as of 2Q11.(2) As of June 30, 2011, including 50% of Veracel and excluding forest partnership areas (124 thousand ha).
8/3/2019 Fibria Itau Oct2011 v2
7/36
7
Modern Plants Lead to a Competitive Position in the Cost Curve
7
Trs Lagoas Mato Grosso do Sul 1.3 million t/year Jacare So Paulo 1.1 million t/year
Aracruz Esprito Santo 2.3 million t/year Veracel Bahia 1.1 million t/year
8/3/2019 Fibria Itau Oct2011 v2
8/36
8
Fibrias Strategy
8/3/2019 Fibria Itau Oct2011 v2
9/36
9
Clear Leadership Position
Market Pulp Capacity Ranking 2010(2) (000t)Market Pulp Capacity Ranking 2010(2) (000t)Industry Outlook (1)Industry Outlook (1)
0 1000 2000 3000 4000 5000 6000
Cenibra
Canfor
West Fraser
ENCE
IP
Mercer
Ilim
Domtar
UPM-Kymmene
Botnia/M-realSuzano
Weyerhaeuser
Stora Enso
Sodra
CMPC
Georgia Pacific
APP
Arauco
APRIL
Fibria
Bleached Softwood Kraft Pulp (BSKP)
Bleached Hardwood Kraft Pulp (BHKP)
Unbleached Kraft Pulp (UKP)
Mechanical
Recycled Fiber
224 million t
46% 54%
66%
20% 80%
57% 43%
34%
36% 64%
31%69%
Paper & Board
392 million t
Pulp
167 million t
Chemical
134 million t
Mechanical
33 million t
Integrated Mills
85 million t
Market Pulp
46 million t
Hardwood
24 million t
Other Eucalyptus
Pulp producers:
11 million t
Softwood/Other
22 million t
Acacia/Other
8 million t
Eucalyptus
16 million t
(1) RISI and PPPC: considers 2010 capacity(2) Hawkins Wright January 2011 9
5,250
8/3/2019 Fibria Itau Oct2011 v2
10/36
10
Relevant Market Share and Competitive Position in the Cost Curve
Average Cash Cost of BHKP delivered to Europe(2) (US$/t)Average Cash Cost of BHKP delivered to Europe(2) (US$/t)Fibrias Market Share (1)Fibrias Market Share (1)
11%
Total Hardwood Market Pulp:
24.9 million t
Total Market Pulp:
49.8 million t
Total Eucalyptus Market Pulp:
15.8 million t
(1) PPPC World Chemical Market Pulp Global 100 Report December 2010 (World Demand by Grade)
(2) Source: Hawkins Wright as July 2011 Report and Fibria 2Q11
21%
33%
10
10 million t
Hardwood Cash Cost (US$/t) vs Capacity ('000 t)
Capacity ('000s t)
200
300
400
500
600700
800
100
Cashcost(US$/t)
5000 10000 15000 20000 25000 30000
Bleached hardwood kraft
0
464 500 501 493 423 456 426 359 316 310 288
120 70 39 4185 42 33
5769 51 55
0
200
400
600
800
1000
Mill Cash Delivery SG&AMaintenance Capex
Financial Expenses
8/3/2019 Fibria Itau Oct2011 v2
11/36
11
Pulp Price
Historical Pulp Price FOEX BHKP Europe (R$/t)Historical Pulp Price FOEX BHKP Europe (R$/t)Historical Pulp Price FOEX BHKP Europe (US$/t)Historical Pulp Price FOEX BHKP Europe (US$/t)
0
100
200
300
400
500
600
700
800
900
1.000
May-98
Mar-99
Jan-00
Nov-00
Sep-01
Jul-02
May-03
Mar-04
Jan-05
Nov-05
Sep-06
Jul-07
May-08
Mar-09
Jan-10
Nov-10
Sep-11
4 months
5 months
3 months
3 months
US$750/t
Oct 10
0
500
1.000
1.500
2.000
2.500
May-98
Mar-99
Jan-00
Nov-00
Sep-01
Jul-02
May-03
Mar-04
Jan-05
Nov-05
Sep-06
Jul-07
May-08
Mar-09
Jan-10
Nov-10
Sep-11
Average:R$1,284/t
8/3/2019 Fibria Itau Oct2011 v2
12/36
12
Exchange Rates and Inflation Affect the 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
Real:91%
Canadian Dollar: 53%
Chilean Peso: 40%
Rupia: -2%
Exchange Rate Currencies Evolution versus Dollar (Index: Jan03 = 100)Exchange Rate Currencies Evolution versus Dollar (Index: Jan03 = 100)
Cost StructureCost Structure
50
70
90
110
130
150
170
190
210
230
jan-03
mai-03
set-03
jan-04
mai-04
set-04
jan-05
mai-05
set-05
jan-06
mai-06
set-06
jan-07
mai-07
set-07
jan-08
mai-08
set-08
jan-09
mai-09
set-09
jan-10
mai-10
set-10
jan-11
mai-11
set-11
8/3/2019 Fibria Itau Oct2011 v2
13/36
13
Global Presence
Miami
Nyon Csomd
Hong Kong
So Paulo
29%
N.America
11%L.America
46%Europe
14%Asia
Fibria Sales Distribution Fibria OfficesSource: Fibria 2Q11
Fibrias Commercial StrategyFibrias 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
Over 20 years of relationship with many of the main clients
Global contractsTissue
58%P&W
23%
Speciali
ties
19%
End Use 2Q11 Current List Pulp Price:
North America: US$900/t Europe: US$820/t Asia: US$730/t
8/3/2019 Fibria Itau Oct2011 v2
14/36
14
Focus on Premium End-Uses
Source: Fibria 2Q11 Earnings Results, PPPC, RISI and Fibria
Fibria's Pulp
Destination
Fibria's Pulp
Destination
2010-2025
Demand Growth (CAGR)
2010-2025
Demand Growth (CAGR)
14
Market Pulp
Destination
Market Pulp
Destination
8/3/2019 Fibria Itau Oct2011 v2
15/36
15
Innovation and Competitiveness
8/3/2019 Fibria Itau Oct2011 v2
16/36
16
Enhanced Forestry Techniques
Current Elite Clone
2 years old
New Elite Clone
2 years old
8/3/2019 Fibria Itau Oct2011 v2
17/36
17
Forest Competitiveness
45
25 25 25
15
8
5
Brazil
(eucalyptus)
Indonesia S.Africa Chile Portugal /
Spain
USA / Canada Finland /
Sweden
6 years7 - 8
years
7 - 15
years
10 - 12
years
12 - 15
years
15 - 25
years
30 - 40
years
Source: ABRAF, STCP, Poyry and Fibria.
Note: Pulp trees differ depending on the country: Indonesia acacia, S.Africa tropical and temperate eucalyptus, Chile temperate eucalyptus, Portugal/Spain temperate eucalyptus,
USA/Canada aspen, Finland/Sweden betula.
Harvesting Cycle (avg. years) Yield (m3/ha/year)
6
8
10
11
14
70's 80's 90's 00's Next decade
(expected)
Air Dry Ton / ha / year
Genetic and Technological Development at FibriaGenetic and Technological Development at FibriaFibria : Forest CompetitivenessFibria : Forest Competitiveness
8/3/2019 Fibria Itau Oct2011 v2
18/36
18
Pulp and Paper Market
8/3/2019 Fibria Itau Oct2011 v2
19/36
19
Industry Outlook
World Printing&Writing paper shipments to capacityWorld Printing&Writing paper shipments to capacityWorld chemical market pulp shipments to capacityWorld chemical market pulp shipments to capacity
World pulp consumers' days of supplyWorld pulp consumers' days of supplyWorld pulp producers' average days of supplyWorld pulp producers' average days of supply
93%
95%
90%92%
90%
86%
96%
89%
95%
87%
96%
88%
83%
98%
87%
92%
102%
87%
92%
101%
88%87%
94%
82%
85%
A
ug-09
S
ep-09
Oct-09
N
ov-09
D
ec-09
Jan-10
F
eb-10
M
ar-10
Apr-10
M
ay-10
Jun-10
Jul-10
A
ug-10
S
ep-10
Oct-10
N
ov-10
D
ec-10
Jan-11
Fev-11
M
ar-11
Apr-11
M
ay-11
Jun-11
Jul-11
A
ug-11
81%
89%88%88%
84%
82%
88%87%
88%
86%
90%
85%
87%
91%91%
88%88%
82%
85%
87%
85% 85%
88%
84%
87%
Aug-09
Sep-09
O
ct-09
Nov-09
D
ec-09
Jan-10
Feb-10
M
ar-10
A
pr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
O
ct-10
Nov-10
D
ec-10
Jan-11
Fev-11
M
ar-11
A
pr-11
May-11
Jun-11
Jul-11
Aug-11
Source: PPPC World 20 Total Chemical Market Pulp Source: PPPC Global 100 World Printing & Writing Report
Source: PPPC World 20 Source: Utipulp
10
20
30
40
50
Aug-06
Fev-07
Aug-07
Feb-08
Aug-08
Fev-09
Aug-09
Fev-10
Aug-10
Feb-11
Aug-11
15
20
25
30
35
Aug-06
Fev-07
Aug-07
Feb-08
Aug-08
Fev-09
Aug-09
Fev-10
Aug-10
Feb-11
Aug-11
days
days
41
21
19
8/3/2019 Fibria Itau Oct2011 v2
20/36
20
Industry Outlook
China: Eucalyptus pulp shipments ('000 t)China: Eucalyptus pulp shipments ('000 t)Market pulp: world demand growth (%)Market pulp: world demand growth (%)
Announced List Pulp PriceAnnounced List Pulp PriceEuropean List Price (BHKP) x Commodity Index (CRB)European List Price (BHKP) x Commodity Index (CRB)
5%
-4%-1%
-3%
5%
36%
Total North America Europe Latin America Japan China
8M2011 x 8M2010
Source: Fibria
Source: PPPC World 20 Chemical Market Pulp Source: PPPC World 20
Source: CRB (Commodity Research Bureau) Bloomberg | BHKP: FOEX
238
307
458
368
300
318310323
256233
299
247
153
242 229
152
202 219
163
100
198
125
224
311
198
141
332
152138
222
161
232
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Average
305 ktons
Average
193 ktons
Average
197 ktons
EuropeanListPrice(US$/
t)BHKP
CommodityPriceIndex(CRB)
US$840/t
US$920/t
300
400
500
600
700
800
900
1.000
250
350
450
550
650
S
ep-08
D
ec-08
M
ar-09
Jun-09
S
ep-09
D
ec-09
M
ar-10
Jun-10
S
ep-10
D
ec-10
M
ar-11
Jun-11
S
ep-11
CRB BHKP List Price
Current List Pulp Price:
North America: US$900/t Europe: US$820/t Asia: US$730/t
20
8/3/2019 Fibria Itau Oct2011 v2
21/36
21
Financial Highlights
8/3/2019 Fibria Itau Oct2011 v2
22/36
22
46%
20%
25%
9%
1Q11
Europe North America Asia Brazil/Others
2Q11 Performance
Pulp Sales MixPulp Sales MixKey IndicatorsKey Indicators
EBITDA (R$ million) and EBITDA Margin (%)EBITDA (R$ million) and EBITDA Margin (%)Cash Cost without downtimes(R$/t)Cash Cost without downtimes(R$/t)
2Q11 1Q11 2Q10 2Q11 vs1Q112Q11 vs
2Q10
Pulp Production (000 t) 1,271 1,319 1,164 -4% 9%
Pulp Sales (000 t) 1,230 1,259 1,214 -2% 1%
Paper Production (000 t) 31 29 31 9% 2%
Paper Sales (000 t) 31 36 29 -15% 5%
Net Revenue (R$ million) 1,459 1,548 1,628 -6% -10%
Pro Forma EBITDA (R$ million) 490 607 672 -19% -27%
EBITDA Margin (%) 34% 39% 41% -5 p.p. -7 p.p.
Financial Income (R$ million) 277 11 (310) - -
Net Income (R$ million) 215 389 130 -45% 66%
46%
29%
14%
11%
2Q11
38%
27%
24%
11%
2Q10
448 446
462
2Q10 1Q11 2Q11
672
607
490
2Q10 1Q11 2Q11
41% 39%34%
22
8/3/2019 Fibria Itau Oct2011 v2
23/36
23
Competitiveness Project
Actions for increased operating efficiencyActions for increased operating efficiency
23
1,164
1,271
2Q10 2Q11
Pulp Production ('000 t)
448
462
2Q10 2Q11
Cash Cost without downtimes (R$/t)
+3% (lower than
Brazilian inflation:
+6.5%)
Production gain:+9%
Action 2011 2012 2013
2011 Capex reduction of R$201 million
New bleaching line of Plant A Aracruz Unit
Higher operating stability
Optimization of wood transportation by barges
Aracruz Unit
Energy Matrix Jacare Unit
Global Sourcing
Rail Extension Trs Lagoas Unit
Long-term international logistics contract (STX)
Future Forestry Project
8/3/2019 Fibria Itau Oct2011 v2
24/36
24
Debt
Debt IndicatorsDebt Indicators
(R$
million)2Q11 1Q11 2Q10
2Q11 vs
1Q11
2Q11 vs
2Q10
Gross Debt 10,448 10,256 13,209 2% -21%
Cash(1) 2,496 2,297 2,364 9% 6%
Net Debt 7,952 7,959 10,846 0% -27%
16%
12%14%
2Q10 1Q11 2Q11
Short Term Debt (%) Net Debt/ EBITDA(2)(x)
4.7
2.9
3.2
2Q10 1Q11 2Q11
Debt by currency and instrument (%)Debt by currency and instrument (%)Debt Amortization Schedule (R$ billion)Debt Amortization Schedule (R$ billion)
1.9
0.91.3
1.8
1.2
5.1
1.0 0.80.6
0.8 0.6
6.6
2011 2012 2013 2014 2015 2016-2021
Jun/10 Jun/2011
(2) LTM EBITDA includes the results from Conpacel and KSR
Short term debt:
14% of totaldebt 16%
84%
Debt by Currency
Domestic Foreign
44%
16%
6%
23%4%
7%
Debt by Instrument
Bonds BNDES
Former Aracruz Shareholders Pre-PaymentNCE Others
24
(1) Includes the MTM of the hegding instruments
8/3/2019 Fibria Itau Oct2011 v2
25/36
25
Fibria20 Bond: US$ 750MM
7.5% 10NC5
Exchange Bond Fibria19: 94%
to Fibria20
Operational cash generation
Derivatives debt settlement:
US$ 2.6bn
Debt: lower cost longer tenor
Liability Management
15.7
13.2 13.1
11.0 10.9 10.810.2
9.97.9 7.9
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Promises delivered, now more ahead to goPromises delivered, now more ahead to go
Sale of Guaba: US$ 1.4bn
Fibria19 Bond: US$ 1.0bn
9.25% 10NC5
Export pre-payment facilities:
US$ 1.175bn
Sale of Conpacel/KSR: R$ 1.5bn
Fibria21 Bond Fibria21: US$ 750MM 6.75% 10NC5
US$ 500MM Revolving facility + US$ 300MM EPP
Covenants: 4.0x YE2011
Tight cost and Capex control
2011 Capex reduced by R$ 201 million
Sale of Piracicaba: US$ 313MM
Commitment to investment grade level
NetDebt(R$ bi)
Net Debt/EBITDA (x)
25
7.8
7.2 7.2
6.5
5.6
4.73.9
3.6
2.93.2
8/3/2019 Fibria Itau Oct2011 v2
26/36
26
Historical Ratings
Aracruz VCP (2007-08) / Fibria (2009-10)
2005 BBB- N.A.
2006 BBB- N.A.
2007 BBB- BBB
2008 BBB BBB
2009 BB BB
2010 N.A. BB
2011 N.A. BB
Last Report Date: February 2011 / Rating: BB / Outlook: Positive
Aracruz VCP (2007-08) / Fibria (2009-10)
2005 Baa3 N.A.
2006 Baa3 N.A.
2007 Baa2 Baa3
2008 Baa2 Baa3
2009 Ba2 Ba1
2010 N.A. Ba1
2011 N.A. Ba1
Last Report Date: February 2011 / Rating: Ba1 / Outlook: Positive
MoodysMoodysS&PS&P
8/3/2019 Fibria Itau Oct2011 v2
27/36
27
Market Perception
Fibria2021 Rating
Moodys Ba1/positive
Fitch
BB+/stableS&P BB/positive
5,2
5,7
6,2
6,7
7,2
7,7
8,2
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Fibria'2021
80bps
Yield (%)Yield (%)
5,2
5,7
6,2
6,7
7,2
7,7
8,2
8,7
9,2
9,7
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Fibria'2019 Fibria'2020 Fibria'2021
8/3/2019 Fibria Itau Oct2011 v2
28/36
28
Investor Relations
E-mail: [email protected]
Phone: +55 (11) 2138-4565
Website: www.fibria.com.br/ir
8/3/2019 Fibria Itau Oct2011 v2
29/36
29
Backup
8/3/2019 Fibria Itau Oct2011 v2
30/36
30
State of the Art Facilities
30Source: PYRY
40 30 20 10
500
1,000
1,500
2,000
2,500
Technical age of the equipment (years)
Fibria (Veracel 50%)
Fibria (Jacare)
Fibria (Trs Lagoas)
Fibria (Aracruz)
Other Brazilian pulp mills
Indonesia
ChinaSouth Africa
Chile
France/Spain
FinlandPortugal
CanadaSweden
USAJapan
Russia
Average mill capacity (000 tons)Average mill capacity (000 tons)
8/3/2019 Fibria Itau Oct2011 v2
31/36
31
Trs Lagoas II and Veracel II
Production capacity: 1.5 million tons
Forestry Base :
- Total area: 230,000 ha
- Planted area: 150,000 ha
Status:
Trs Lagoas I surplus: 30,000 ha of effective planting
Leasing: 70,000 ha of effective planting
Change on the forestry base model: leased areasincreased to 70%
Social and environmental license granted on Aug 18th
Possible Start up: from 2014 on
Trs Lagoas II
Production capacity: 1.5 million tons
Forestry Base:
- Total area: 220,000 ha
- Planted area: 120,000 ha
Environmental Licensing in progress
Negotiation between partners in satisfactory progress
Veracel II
8/3/2019 Fibria Itau Oct2011 v2
32/36
32
Balanced Market Scenario for the Next 2 years
'000 tons'000 tons
BSK
Supply 23.5 23.8 25.0 25.3 3.2%
Demand 21.4 22.3 23.0 23.3 2.1%
Ratio 91% 93% 92% 92%
BHK
Supply 28.1 28.6 30.0 30.6 2.9%
Demand 24.8 25.0 26.5 27.4 4.7%
Ratio 88% 87% 88% 90%
BEKP
Supply 17.0 17.6 18.8 19.6 5.4%
Demand 15.9 15.9 17.1 18.3 7.4%Ratio 93% 90% 91% 94%
2011 2012 2010/201220102009
% Annual growthForecast
Million tons
Source: PPPC and Fibria 32
8/3/2019 Fibria Itau Oct2011 v2
33/36
33
Capex
2011 Capex Reduction2011 Capex Reduction
33
(R$ million) 2011E Current
Industrial Expansion 68
Forest Expansion 243
Subtotal Expansion 311
Safety/Environment 75
Forestry Renewal 602
Maintenance, IT, R&D and Modernization 356
Subtotal Maintenance 1,033
50% Veracel/Conpacel 96
Total Fibria 1,440 R$ 201 million reduction vs
original budget
R$ 201 million reduction vs
original budget
8/3/2019 Fibria Itau Oct2011 v2
34/36
34
Fibria in Summary
HIGHER SHAREHOLDERRETURNS
Larger scale
Global and strong
market
positioning
Low coststructure
Solid financial
performanceSustainability
ROI
above WACC
Innovation Growth
8/3/2019 Fibria Itau Oct2011 v2
35/36
35
China
China P&W Capacity Changes 2011-2013(2)China P&W Capacity Changes 2011-2013(2)Chinas Hardwood Imports of BHKP by Country (1)Chinas Hardwood Imports of BHKP by Country (1)
Company / Mill Effective Date '000 t
Shandong Huatai Paper Jan 2011 800
Nine Dragons Jul 2011 450
Zhumadian Baiyun Paper Apr 2011 250
China Metalurgical MeiliPaper Mar 2011 300
Sun Paper Ju 2011 350
Shandong Chenming Aug 2011 800
Shandong Chenming Q3 2011 450
April Q4 2011 450
Others 2011 810
Guangxi Tianyi Paper Mar 2012 130
Hengfeng Paper Sep 2012 125
April Q1 2013 450
Chengton Group 2013 600
Total P&W capacity changes in China 6,200
2011 = 4.7 mt
2012/2013 = 1.5mt
5,0
2,3
1,1 1,0
0,4 0,2 0,0
4,1
1,51,3
0,8 0,2 0,2
0,0
1,0
2,0
3,0
4,0
5,0
6,0
BHKP
Total
Latin
America
Others* Indonesia USA Canada Western
Europe
2010 8M 2011
* includes Russia, China, Thailand and New Zealand
China's Share of Market Pulp (1)China's Share of Market Pulp (1)
9% 11%13%
16%
26%
17%
17%7% 9%
10%12%
22%
16%
17%
10%10%
12%14%
21%
17%
20%
0
2.000
4.000
6.000
8.000
10.000
2005 2006 2007 2008 2009 2010 8M 2011
Eucaplyptus Hardwood Total
(1) PPPC (2) Source: TerraChoice Monthly Report Aug 2011
(Million tons)
8/3/2019 Fibria Itau Oct2011 v2
36/36
36
Tissue Market
World Tissue Consumption, 1991-2010(1)World Tissue Consumption, 1991-2010(1)Per Capita Consumption of Tissue by Region, 2010(1)Per Capita Consumption of Tissue by Region, 2010(1)
23,5
15,614,6
11,2
5,64,4
3,6 3,0
0,7 0,5
0
5
10
15
20
25
N.America
W.Europe
Japan
Oceania
L.America
E.Europe
China
N&MEast
AsiaFarEast
Africa
(1) RISI
Huge potential
growth
Huge potential
growth
0
5
10
15
20
25
30
35
1991 1996 2001 2006 2009 2010
N.America W.Europe E.Europe L.America NME
Japan China Asia FE Oceania Africa
Average
Growth Rate
+3.8%a.a.
Average
Growth Rate
+3.8%a.a.
Kg/capita Million tons