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DISCLAIMER
The statements contained in this presentation related to the business outlook, operating and financial projections, and growth
prospects of Klabin S.A. are merely projections, and as such are based exclusively on the expectations of the Company’s
management concerning the future of the business.
These forward-looking statements depend substantially on the market conditions, the performance of the Brazilian economy,
the industry and international markets, and therefore are subject to change without prior notice.
This presentation on Klabin’s performance includes non-accounting and accounting data, such as operating and financial
information, as well as projections based on Management’s expectations. Note that the non-accounting data has not been
reviewed by the Company’s independent auditors.
The Company’s management believes EBITDA may provide useful information on the Company’s operating performance and
allow for comparisons with other companies in the same industry. Note however that EBITDA is not a measure established in
accordance with generally accepted accounting principles of the International Financial Reporting Standards – IFRS, and may be
defined and calculated differently by other companies.
!
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CONSISTENTPERFORMANCE
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INTEGRATED BUSINESSESCOMPETITIVENESS TROUGH ALL THE CHAIN
750thousand tonnes
220thousandtonnes
1,050thousand tonnes
COATEDBOARDS
INDUSTRIAL BAGSand SACK KRAFT
CORRUGATED BOXESand KRAFTLINER
EUCALYPTUS AND
PINE FORESTS
243thousand ha
1.7million tonnes
OLD CORRUGATED
CONTAINERS
330thousand
tonnes
HIGH YIELDFOREST
FOREST PULP PAPER and CONVERSION
#
INDUSTRIALEFFICIENCY
HIGH QUALITYand FLEXIBILITY
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DIVERSIFIED PRODUCT LINEMARKET POSITIONLOW COST
QUALITY
INDUSTRIALBAGS
CORRUGATEDBOXES
50%market share market share
16%
source: ABPO, IBÁ$
sole suppliero f l i q u i dp a c k a g i n gboard in LatinAmerica
40%installedcapacity
COATEDBOARDS
50%market share
KRAFTLINER
68%
food
13%otherconsumergoods
12%
others
7%building
SALES VOLUME DESTINATIONPAPER AND PACKAGING
STRONGLY LINKED TORESILIENT MARKETS
LEADER IN BRAZILIN ALL MARKETS
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2016
PUMAPULP MILL
3,5 MILLION TONNES
%
2011- 2013
PERFORMANCEIMPROVEMENT
1,7 MILLION TONNES
2014 - 2015
PAPEREXPANSIONS -COMPLETED
2,0 MILLION TONNES
BUSINESS EVOLUTION
TIMELINE
"#$%&'(&) %&(*+,( '#)
(&, ,-& .',- /0% /*,*%& 1%02,-
NEW GROWTHOPPORTUNITIES
2016 on
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&'() * '+,- -./01/ 234-5,
% CHANGE VS PREVIOUS YEAR
EBITDA GROWTHCONSISTENT RESULTS DESPITE CHALLENGING SCENARIOS
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6
PERFORMANCE IMPROVEMENT STABLE MARGINS +EXPANSION OF CAPACITY
a d j u s t e d E B I T D A
L T M -
R $ m i l l i o n
2014 - 2015 2011 - 2013
EBITDA GROWTH
SUSTAINABLE PERFORMANCE
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PUMAPROJECT
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78
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PRODUCTION OF
270 MWhof ENERGY
SELF SUFFICIENT
120 MWhFOR PUMAUSE
150 MWhFOR SALE INTHE MARKET
ANNUAL PRODUCTIONCAPACITY
1.5 MILLIONTONNES OF PULP
LOW OPERATIONCOST
1.1 MILLIONTONNES OF
SHORT FIBER 400 THOUSANDTONNES OFLONG FIBERPART CONVERTED TO FLUFF
77
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CURRENT STATUS
areas delivered toEPC´s
100% of earthmoving
concluded
Assembly started
EPC´s with Klabincoordination
dedicated team: strongfeedback and control
95% ofequipment
supplies,materials and
servicesconcluded
lower dependencyon importedequipments
EUR 365 million(55% already paid)
COMPLETION COST
OF THE PROJECT COMPLETED58%0% 100%
OF THE CAPEX DISBURSED41%0% 100%
7!
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INDUSTRIAL CAPEX46%
national equipments andmaterials
14%
importedequipments
14%
engineeringand other
services
27%
civil constructionand assembly
TOTAL CAPEX
R$ 7.2 BI
INDUSTRIAL CAPEXR$ 5.8 BINET OF
RECOVERABLETAXES
PROJECT
FULLY FUNDED79
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LOGISTICSMULTIMODAL
72 Kmforestry average
distance
PULP MILLFORESTS
441 Kmrailway to the port
PARANAGUÁPORT
INBOUND OUTBOUND
7#
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Investor Relationswww.klabin.com.br/[email protected]: +55 (11) 3046-8401
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APPENDIXEARNINGS1Q15
PUMA MARKETCOMMERCIAL CONTRACT
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EARNINGS1Q15
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HIGHLIGHTSSALES VOLUME
excluding wood– tsd tonnes
65%
35%443
1Q14
67%
33%437
1Q15
NET REVENUE R$ million
74%
26%1,203
1Q14
72%
28%1,308
1Q15
exports domesticmarket
- 1%
ADJUSTED EBITDA R$ million
424
1Q14
461
1Q15
76
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KRAFTLINER (3)
RECYCLED (2)
KRAFTLINER ANDCOATED BOARDS (1)
KRAFTLINER
31%
69%
34%
66%
1Q14
105thousand
tonnes
1Q15
96 thousand
tonnes
171R$
million
182R$million
1Q14 1Q15
PAPER
BUSINESS UNITCOATEDBOARDS
55%
45%
55%
45%
1Q14
161thousand
tonnes
1Q15
163thousand
tonnes
1%
415R$million
474R$
million
1Q14 1Q15
exports domesticmarket
7:
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CORRUGATED BOXES (7)
INDUSTRIAL BAGS (3)
CORRUGATED BOXES ANDINDUSTRIAL BAGS (1)
1Q14
173thousand
tonnes
1Q15
169thousand
tonnes
525R$million
536R$
million
1Q14 1Q15
CONVERSION
MARKET POSITION
+ !8
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CASH COST
1,782R$/tonne
1Q14
1,900R$/tonne
1Q15*
+7 %
*Excluding non-recurring effects of stoppages in Otacílio Costa mill (SC)
and in the Turbo Generator 8, in Monte Algre (PR) mill
!7
CASH COSTBREAKDOWN
UNITCASH COST
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NET DEBT
!!
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DEBT PROFILE
!9
MATURITY SCHEDULER$ million
Local currency : R$ 4.1 billion Average tenor: 45 months
Foreign currency: R$ 6.9 billion Average tenor : 57 months
5,600
CASHPOSITION
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maintenance
CAPEX
CAPEXR$ million 2011
3T14296
special projects and growth 159
vale do corisco 428
PUMA project -
total 883
2012
3T14390
264
-
-
654
2013
3T14369
431
-
99
899
2014
3T14384
319
-
2,242
2,945
2015E
3T14350
385
-
3,437
4,172
!#
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PUMAPULP MARKET
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PULP MARKET
33%
eucalyptus
45%
long fiber
22%othershort fibers
PULP MARKETDISTRIBUTION
2014
Source: Hawkins Wright; RISI
52.6milliontonnes
market pulp
112million tonnes
integrated pulp
164 mm t
VIRGINFIBERPULP
!%
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PUMA: 6th LARGEST PULP MILLLARGEST MARKET PULP MILLS OF THE WORLD
Fibria Aracruz 2,340
April Riau 2,200
April Rizhao 1,700
Eldorado 1,500
CMPC Guaíba 1,690Suzano Mucuri 1,565
Klabin 1,500
Suzano Maranhão 1,500
Source: Hawkins Wright (jul/14)
28.6short fiber 52.6 marketpulp
17.5
eucalyptus
WORLD DEMANDmillion tonnes per year in 2014
Montes del Plata 1,300
million tonnes per year in 2014
!;
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4th LARGEST IN FLUFF
Source: Hawkins Wright
WORLD CAPACITY OF FLUFFthousand tonnes per year in 2014
GP2,296
Weyco1,420
IP1,045
PumaKlabin
400
Domtar 334
Resolute290
Stora255
Arauco250
Rock Tenn170
Rayonier
110
UPM100
millsconverted influff mills
the only designed to producefluff from the start
fibra longa
6,4fluff and
SBSK
WORLD DEMANDmillion tonnes per year in 2014
23,7
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FOCUS ON CONSUMER MARKETS
Source: RISI, Euromonitor
96% USA
50% BRA
72% ARG
MARKET PENETRATION INDISPOSABLE DIAPERS2013
high potentialof growth
SOPHISTICATION AND INNOVATION INHIGHER VALUE ADDED PRODUCTS
!:
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BRAZIL IS THE 3RD LARGEST MARKETOF DISPOSABLE DIAPERS IN THE WORLD
3.3
2008
4.2
2009
4.9
2010
5.7
2011
6.0
2012
6.5
2013
SALES OF DIAPERSFOR INFANT
R$ billion
Source: Euromonitor
0.4
2008
0.5
2009
0.6
2010
0.8
2011
1.0
2012
1.2
2013
SALES OF DIAPERSFOR ADULTSR$ billion
98
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COMPOSITION OF DIAPERS
30% TO 50% OF THE AVERAGE WEIGHT OF A DIAPER IS COMPOSED OF FLUFF (20 TO 40G)
97
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5milliontonnes
ANNUAL
CAPACITY
CIF: COST, INSURANCE AND FREIGHT INCLUDED
GLOBAL CASH COST (SHORT FIBER)
PUMA
CIF EUROPEUS$/TONNE
400
500
600
10milliontonnes
15milliontonnes
20milliontonnes
25milliontonnes
Source: Hawkins Wright99
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KLABIN & FIBRIA
COMMERCIAL CONTRACTHARDWOOD PULP
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1.1 mt
of hardwood
400 ktof softwood,
part converted to fluff
Sale minimum
900 ktof hardwood / year
344 563F 5+EI.33I J K/+E
744 563F ,3L.33I J K/+E
MNOPQ(< MNRMO(
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hardwood 900 kt
F3E/,-EK
?A0?
?0+4-
Paranaguá Port(PR)
(;C? H:I
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INCOME STATEMENT
numbers in thousand R$ #8
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BALANCE SHEET
numbers in thousand R$ #7