Institutional Presentation
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1 Institutional Presentation
2 Disclaimer Certain statements in this presentation may constitute forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause the Company s actual results to differ materially from those set forth in the forward-looking statements. These risks include changes in customer demand for the Company s products, changes in raw material costs, seasonal fluctuations in customer orders, pricing actions by competitors, significant changes in the applicable rates of exchange of the Brazilian real against the US dollar, and general changes in the economic environment in Brazil, emerging markets or internationally. 2
3 01 Corporate Overview 02 Strategy 03 Pulp & Paper Industry 04 Results
4 Corporate Overview Suzano is a forestry-based company, publicly traded, controlled by Suzano Holding. Suzano operates in the pulp and paper businesses Forestry Competitive Advantages Biotechnology Eucalyptus cycle: 7 years Pulp Low production costs Certified products Energy self-sufficient Diversified markets Commercial strategy Paper Regional leader Vertically integrated operations Distribution Forests Ports Mills Capital Structure (June/15) 56% Controlling Group Maranhão Limeira Suzano Embu Rio Verde 42% Free Float 2% Santos Treasury Itaqui Port Mucuri Portocel Vitória Market Value: R$ 18.3 billion 4
5 Production Capacity Production Capacity ( 000 tons) 4,210 4,750 2,850 1,750 3,210 3,210 3,210 1,920 1,920 1,920 2,920 3,460 1,100 1,290 1,290 1,290 1,290 1, Paper Pulp ( 000 ton) Pulp Paper Unit Integrated Market Pulp Fluff Uncoated Coated Paperboard Maranhão - 1, Mucuri 200 1, Suzano * 270* 90* 200 Limeira Rio Verde Embu Total 960 3, * 850* 190* 250 *Note: Flexibility to produce Fluff or Printing and Writing paper from 2016 on. 5
6 Diversified and Complementing Product Portfolio Suzano s products portfolio is made of market pulp, paperboard, uncoated paper and coated paper Net Revenues 64% Exports / 36% Domestic Market R$ 8.7 billion Market Pulp 2 nd eucalyptus market pulp producer Paper 60% 40% Paperboard Printing and Writing Uncoated Coated Note: Figures of last 12 months ending on 6/30/2015. Other paper represented 1% of net revenue on the period. 6
7 Positioning on Pulp Segment In 2015, the market pulp capacity¹ totalizes 63 million tons. The top 20 biggest producers represent 74% of the market Pulp Production Capacity Top 20¹ (million ton) Fibria Arauco CMPC² APRIL Suzano UPM-Kymmene Stora Enso Georgia Pacific Ilim Metsa Group Weyerhaeuser IP Paper Excelence Eldorado Mercer Domtar Sodra Resolute FP Cenibra Canfor Total: 46 million tons¹ Eucalyptus Pulp Production Capacity (million ton) Fibria Suzano CMPC ² Eldorado Arauco Cenibra Stora Enso UPM-Kymmene Altri Ence Mondi Portucel Lwarcel IP Grupo Orsa Total: 22 million tons Includes Sotfwood, Hardwood, Unbleached and Sulphite; excludes mechanical pulp / ² Guaiba 2 total capacity Source: Hawkins Wright (Jul/15) and Suzano 7
8 Forestry Assets Suzano s investment in R&D over many years allows the Company to expand its forestry assets to the northeast region of Brazil 2015 Total area (k ha)¹ 1,064 Total planted area (k ha)² 522 Own planted area (k ha)¹ 438 Forest Partnership Program (k ha) 84 Own Preserved Area (k ha)¹ 462 Average Distance in Bahia (km)² 73 Average Distance in São Paulo (km)² 212 Average Distance in Maranhão (km)² 150 Base 6/30/ Own and leased areas 2 Figures consider own, leased and third-parties areas 2015 Annual planting (k ha) 85 Nursery in Mucuri Planted seedlings / day (k) 276 Note: Both own and leased land can suffer variation up to 5% quarter over quarter. The total amount can differ due to rounding. 8
9 Sustainability Certifications Our responsible socioenvironmental management results in competitive advantages as the Forest Stewardship Council certification. Biodiversity We invest in technology, environmental monitoring and encourage the rational use of natural resources to minimize the impacts of our activities. Socioenvironmental Responsability We have tools aimed at strengthening the relationship with stakeholders. Also, we develop projects focused on income generation and education in the communities. 9
10 01 Corporate Overview 02 Strategy 03 Pulp & Paper Industry 04 Results
11 Suzano s strategy Structural Competitiveness Maximize the return of our assets and cash flow generation Benchmark in operational efficiency Adjacent Business Increase profitability through innovative businesses that innovate and break paradigms Reshaping of the Industry Reduce the variability of the industry s returns 11
12 Structural Competitiveness Forestry Industrial Average distance reduction Wood swap Standardization and insourcing harvesting Precision Forestry Productivity increase Retrofitting investments Energy efficiency Operational efficiency Structural debottlenecking Commercial Logistics Costumer focus Price discipline Expansion of client base Service level improvement Integrated logistics with synergy gains New logistics modes 12 12
13 Adjacent Business FuturaGene innovation Fluff First genetically modified clone approved by CTNBio for commercial purposes Potential to increase productivity by nearly 20% First company in the world to use hardwood to produce fluff Capacity to replace up to 70% of fluff to produce sanitary pads and up to 30% for diapers Lignin Replacement of petrochemicals with renewable source Can be used in several high valueadded applications 13
14 Reshaping of the Industry Consistent progress in the company s balance sheet and in the market s risk perception leaves the company well prepared for the reshaping of the industry Net Debt/ Adjusted EBITDA LTM* 4.8x 4.8x 4.7x 4.2x 5.2x 4.8x 4.6x 4.5x 3.7x 4.1x 3.1x 3.9x 2.9x Strategies M&A 3.3x Commercial Agreements Joint Ventures Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15 Jun/15 Leverage in BRL Leverage in USD *Last twelve months ending on 6/30/
15 01 Corporate Overview 02 Strategy 03 Pulp & Paper Industry 04 Results
16 World Paper Supply and Demand by Region World paper demand is estimated to grow +1.7% p.a. from 2014 to 2019, driven by emerging economies, while supply is projected to grow +1.6% p.a. during the period Paper Global Demand (million tons) e Paper Global Supply (million tons) e North America Western Europe Eastern Europe Asia Latin America Others* CAGR Demand e North America -1.8% -0.7% Western Europe -0.9% -0.4% Eastern Europe +4.1% +2.9% Asia +4.1% +2.9% Latin America +3.0% +2.3% Others* +2.7% +2.7% Total +1.7% +1.7% CAGR Supply e North America -1.4% -0.6% Western Europe -0.5% -0.2% Eastern Europe +3.7% +3.5% Asia +4.2% +2.9% Latin America +2.6% +2.7% Others* +2.7% +3.6% Total +1.6% +1.6% Note: *Others includes Middle East and Africa Source: Poyry (2013) 16
17 World Paper Supply and Demand by Segment World paper demand growth is driven by tissue and paperboard segments Paper Global Demand (million tons) e Paper Global Supply (million tons) e Printing & Writing Tissue Paperboard Specialties Others* Newsprint CAGR Demand e Printing & Writing +0.2% +0.4% Tissue +3.5% +3.2% Paperboard +2.7% +2.4% Specialties +0.3% +0.5% Others* +3.3% +2.7% Newsprint -1.8% -1.2% Total +1.7% +1.7% CAGR Supply e Printing & Writing -0.1% +0.3% Tissue +3.5% +3.2% Paperboard +2.3% +2.3% Specialties +1.0% +0.6% Others* +3.4% +2.7% Newsprint -1.9% -1.2% Total +1.6% +1.6% Note: *Others Includes corrugated and sackkraft paper, products with little or no virgin fiber consumption Source: Poyry (2013) 17
18 USA Canada Sweden Norway Macau Switzerland Finland Hong Kong Denmark Austria Germany UK Iceland Chile Mexico Uruguay Argentina Brazil Colombia China India Per-capita Consumption of Tissue Demand for tissue is impacted by cultural factors, the economic growth (GDP) and the development of the country (urbanization). The share of this segment in total paper demand should increase driven by higher demand in emerging countries Per-capita Consumption of Tissue (Kg/person/year) Source: World Tissue Business Outlook RISI (2013) 18
19 World Market Pulp Supply and Demand Expectations of a scenario marked by supply and demand in balance. The growth in market pulp demand is driven by pulp consumption in Asia, which has invested in nonintegrated paper mills. Supply growth is driven by Latin America, the most competitive region for pulp production Market Pulp Global Demand (million tons) e 2020e Market Pulp Global Supply (million tons) e 2020e North America Europe Latin America Asia Others* CAGR Demand e 2020e North America -2.6% -1.8% Europe +0.2% +0.0% Asia +8.2% +4.1% Latin America +4.4% +2.7% Others* +5.8% +2.9% Total +3.8% +2.2% CAGR Supply e North America +1.0% +0.1% Europe +1.7% +1.2% Asia +4.2% +4.7% Latin America +5.7% +3.4% Others* +1.5% +0.3% Total +3.0% +2.2% Note: *Others includes Middle East, Oceania and Africa Source: Poyry (2013) 19
20 Million ton Million ton Pulp Consumption Globally, market pulp represents 14% of fiber consumption for paper production 57% 252 Total fiber consumption % Recycled Virgin fiber % Non-wood, Mechanical Pulp and Integrated Pulp 31% Paper Production Market Pulp Printing & Writing Paperboard Tissue Corrugated Newsprint Others BEKP 1 BHKP 2 Others 4 BSKP 3 1 Bleached Eucalyptus Kraft Pulp 2 Bleached Hardwood Kraft Pulp 3 Bleached Softwood Kraft Pulp 4 Includes Unbleached Kraft Pulp and sulphite 5 excludes dissolving pulp and fluff Source: Poyry (2013) and PPPC (May/2015) 20
21 Volume by Fiber Type (MM ton) Competitiveness of Eucalyptus Pulp BEKP competitiveness leads to fiber substitution CAGR BEKP: +8.2% p.a. Others BHKP: -2.1% p.a. CAGR BEKP: +3.5% p.a. Others BHKP: +1.8% p.a Total Market Volume (MM ton) e2016e2017e2018e2019e2020e ¹ Market Pulp: Excludes Mechanical Pulp ² Bleached Eucalyptus Kraft Pulp ³ Others Bleached Hardwood Kraft Pulp 4 Bleached Softwood Kraft Pulp 5 Includes sulphite and unbleached pulp Source: Poyry (2013) and PPPC (May/2015) Market Pulp ¹ BEKP² Other BHKP³ BSKP Others
22 China Japan Eastern Europe Chile Other World Finland Other Europe West Canada Cash Cost in Pulp Production New pulp projects are located in low-cost regions, most of them in South America 800 Cash Cost CIF / Europa (US$/ton) Other Asia Bel/Fra USA Sweden Brazil Africa Russia Indonesia Chile/Uruguay Iberia Finland Canada Sweden USA BC Coast Japan East Canada Hardwood Softwood 18.9 Mt 13.8 Mt 12.4 Mt 13.7 Mt Low Cost High Cost Low Cost High Cost *Others includes New Zeland, Argentina, China and South Africa Source: Hawkins Wright (Jul/15) 22 22
23 Forestry Competitiveness in Brazil Brazil presents competitive advantages to support continuous increase of its global forestry standing 38 Hardwood Productivity (m 3 /ha/year) Competitive Advantages - Brazil Availability of productive land Excellent soil and climate conditions Short harvesting cycle for planted forests Opportunity to recover degraded areas Brazil China Indonesia Australia Chile New Zealand South Africa USA Portugal Finland Sweden Low establishments and maintenance costs Source: ABRAF Pulp Productivity 10.5 adtm /ha/year adtm/ha/year +100% Biotechnology More wood / hectare More pulp / m³ Superior quality Smaller area Decreasing costs / m³ Source: Suzano 23
24 Euca Fluff Up to 70% softwood substitution for feminine hygiene and up to 30% for diapers Cost reduction for clients Annual Capacity: up to 100 kton Capex: approximately R$30 million Start-up: December/2015 Unit: Suzano Flexibility to produce fluff or printing and writing paper according to current production capacity First company in the world to produce fluff from hardwood 24
25 Lignin Replacement of petroleum-based chemicals for a renewable source Main applications: Lignin Fiber Cement Additives Lignin Production Process Lignin Phenolic Resins Rubber Components Energy Evaporation Recovery Boiler Lime Kiln Black Liquor Chemicals Digester Wood Wood Chips Bleaching Pulp/ Paper 25
26 Lignin Capacity: 20k tons per year at Limeira Suzano potential of approximately 185k tons Estimated implementation time: 22 months Estimated Capex: R$70 million 70% financed through innovation lines, at competitive costs Attractive return: 3x higher than energy sales Lignin Equivalent Energy 1 ton 2 MWh 26
27 01 Corporate Overview 02 Strategy 03 Pulp & Paper Industry 04 Results
28 Operating Result Pulp Business Presence in main international markets and strategic relationship with clients Pulp Production ( 000 tons) Pulp Sales Volume ( 000 tons) 2,982 3,226 2,850 3, ,876 1,932 1,847 1, ,435 1,480 2,373 2,857 Domestic Market Export LTM* LTM* Pulp Sales Volume per Region Pulp Sales per Segment LTM* Europe 31% Asia 41% North America 12% South/ Central America 1% Brazil 15% LTM* Tissue 54% Specials 18% Other 6% P&W 15% Packaging 7% Note: Last twelve months ending on 6/30/
29 Operating Result Paper Business Operational excellence in paper: product portfolio and revenue management, optimization of assets, and strengthening of distribution channel Paper Production ( 000 tons) Paper Sales Volume ( 000 tons) 1,311 1,293 1,301 1,261 1,347 1,312 1,322 1, Domestic Market Export LTM* Paper Sales Volume per Region LTM* Brazil 70% North America 10% Europe 4% Other 2% South/ Central America 14% LTM* Suzano s Strategy Consolidation of the leadership position in the domestic market Improvement in sales mix between the domestic and export markets Unique model of joint operations with the distribution channel in Latin America Note: Last twelve months ending on 6/30/
30 Financial Result Cost performance bellow inflation Net Revenue (R$ million) 8,686 Consolidated Cash Cost* (R$/ton) 7,265 5,192 3,004 5,689 3,111 3,413 3, ,188 2,577 3,851 5,212 Average R$/US$ LTM* Pulp Paper LTM* Consolidated Cash Cost* (R$/ton) COGS (R$/ton) % -1.8% +0.1% (43) (5) 1,261 1,307 1,284 1,285 - R$ 41/ton 2Q14 LTM Wood Raw Materials Fixed Cost 2Q15 LTM LTM* *Ex-maintenance downtime Note: Last twelve months ending on 6/30/2015. Inflation +5.9% +6.2% +6.0% 30
31 Financial Result Continuous focus on increasing operational results Sales Expenses / Net Revenue LTM* (%) Adm. Expenses / Net Revenue LTM* (%) 7.8% 4.8% 4.4% 6.6% 4.1% 4.0% 5.4% 4.8% LTM* LTM* Adjusted EBITDA/ton LTM* (R$/ton) Adjusted EBITDA and Adjusted EBITDA Margin LTM* (R$ million) (%) % 33.8% 38.4% % 3, ,781 2,452 1, LTM* LTM* Note: Last twelve months ending on 6/30/2015. Adjusted EBITDA Adjusted EBITDA Margin 31
32 Debt on 6/30/2015 Gross debt of R$13.9 billion and net debt of R$11.0 billion, with average maturity of 3.8 years Average Debt Cost (%) Amortization (R$ million) 3,664 Dec/12 Dec/13 Dec/ % 5.5% 94.4% 4.8% 91.2% 4.7% R$ US$ 2, ,379 1,208 2,155 1,667 3,038 Jun/ % 4.0% Cash Position 6M onward Debt in BRL as a percentage of CDI Debt Profile and Index Exposure Net Debt / Adjusted EBITDA (x) Local Currency 44% Short Term 11% TJLP 10% Fixed (R$) 6% Basket of Currencies 4% Fixed (US$) 19% 5.1x 5.2x 4.1x 3.3x Foreign Currency* 56% Long Term 89% CDI 27% Libor 34% /30/2015 *The debt percentage in foreign currency, considering derivative adjustment, was 59%. 32
33 2015 CAPEX Competitiveness projects ongoing Digester and Boiler at Limeira Unit 2015 Estimated Capex: From R$1.7 to R$1.8 billion Insourcing and equipment modernization Reduction in forest average distance Energy efficiency programs Small projects, high returns Sustain R$1.1 billion Retrofitting From R$500 to R$600 million Advance Purchase of Wood R$100 million Euca Fluff R$30 million High return and fast payback investments 33
34 Operational Cash Generation Maximizing operational cash generation Operational Cash Generation LTM* (R$ million) 3,333 (1,158) (98) 2,077 Value to shareholder Adjusted EBITDA Sustain Capex *Last twelve months ending on 6/30/2015. Working Capital Operational Cash Generation 34
35 Stock Performance Daily Trade Number - SUZB5 (Trade number) Daily Financial Volume SUZB5 (R$ million) 11,279 12, ,574 8, LTM* LTM* *Last twelve months ending on 6/30/2015. Stock Performance - SUZB5 (100 basis: Jun/14 Jun/15) Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 SUZB5 +99% IBrX-50 +1% Ibovespa +0% Source: Bloomberg 35
36 Investor Relations 36
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