UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of
November 2009
Votorantim Celulose e Papel S.A.
Votorantim Pulp and Paper Inc.
(Translation of Registrant’s name
into English)
Alameda Santos, 1357 - 8° andar
01419-908, São Paulo, SP, Brazil
(Address of principal executive
office)
(Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form
40-F.)
Form 20-F
þ
Form
40-F
¨
(Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1))
Yes
¨
No
þ
(Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7))
Yes
¨
No
þ
(Indicate by check mark whether the
registrant by furnishing the information contained in this Form is also thereby
furnishing information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes
¨
No
þ
(If “Yes” is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b).
82-________.)
3Q09
Results
1
The Três
Lagoas mill reaching its full capacity helped the company to post a record
production
level of
1.4 million tons of pulp, 30% higher than that of the 3Q08
.
Leading
Indicators
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3Q08
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9M08
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LTM
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3Q09
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2Q09*
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|
pro
forma
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QoQ
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YoY
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9M09
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|
|
pro
forma
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|
|
Change
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|
|
pro
forma
|
|
Pulp Production
(' 1000
t)
|
|
|
1.428
|
|
|
|
1.334
|
|
|
|
1.099
|
|
|
|
7
|
%
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|
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30
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%
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|
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3.790
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|
|
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3.343
|
|
|
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13
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%
|
|
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4.821
|
|
Pulp Sales
('1000
t)
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|
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1.276
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|
|
1.349
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|
|
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946
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|
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-5
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%
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|
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35
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%
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|
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3.788
|
|
|
|
3.085
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|
|
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23
|
%
|
|
|
4.821
|
|
Paper
Production
('1000
t)
|
|
|
93
|
|
|
|
94
|
|
|
|
95
|
|
|
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-1
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%
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|
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-2
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%
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281
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|
|
|
279
|
|
|
|
1
|
%
|
|
|
379
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|
Paper Sales
('1000
t)
|
|
|
110
|
|
|
|
104
|
|
|
|
122
|
|
|
|
6
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%
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|
|
-10
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%
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|
|
307
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|
|
|
324
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-5
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%
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430
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|
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Net Revenue
(R$
millions)
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|
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1.402
|
|
|
|
1.471
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|
|
|
1.407
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|
|
|
-5
|
%
|
|
|
0
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%
|
|
|
4.302
|
|
|
|
4.360
|
|
|
|
-1
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%
|
|
|
6.173
|
|
Adjusted EBITDA
(R$
millions)
|
|
|
426
|
|
|
|
389
|
|
|
|
498
|
|
|
|
9
|
%
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|
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-14
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%
|
|
|
1.194
|
|
|
|
1.651
|
|
|
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-28
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%
|
|
|
1.792
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EBITDA margin
(%)
|
|
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30
|
%
|
|
|
26
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%
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|
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35
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%
|
|
|
15
|
%
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|
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-14
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%
|
|
|
28
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%
|
|
|
38
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%
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|
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-27
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%
|
|
|
29
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%
|
Net Financial Result
(1)
|
|
|
571
|
|
|
|
1.368
|
|
|
|
(3.143
|
)
|
|
|
-58
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%
|
|
|
-118
|
%
|
|
|
1.837
|
|
|
|
(2.774
|
)
|
|
|
-166
|
%
|
|
|
(2.671
|
)
|
Income before
minority interest
(R$
millions)
|
|
|
385
|
|
|
|
943
|
|
|
|
(2.042
|
)
|
|
|
-59
|
%
|
|
|
-119
|
%
|
|
|
1.328
|
|
|
|
(1.421
|
)
|
|
|
-193
|
%
|
|
|
(2.251
|
)
|
Minority
Interest
(R$
millions)
|
|
|
(204
|
)
|
|
|
(410
|
)
|
|
|
1.456
|
|
|
|
-50
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%
|
|
|
-114
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%
|
|
|
(620
|
)
|
|
|
1.079
|
|
|
|
-157
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%
|
|
|
1.991
|
|
Net Income
(Loss)
(R$
millions)
|
|
|
181
|
|
|
|
533
|
|
|
|
(586
|
)
|
|
|
-66
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%
|
|
|
-131
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%
|
|
|
708
|
|
|
|
(342
|
)
|
|
|
-307
|
%
|
|
|
(260
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
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|
|
|
|
|
|
|
Gross Debt
(R$
millions)
|
|
|
15.678
|
|
|
|
16.286
|
|
|
|
7.809
|
|
|
|
-4
|
%
|
|
|
101
|
%
|
|
|
15.678
|
|
|
|
7.809
|
|
|
|
101
|
%
|
|
|
15.678
|
|
Cash Position
(R$
millions)
|
|
|
2.594
|
|
|
|
2.861
|
|
|
|
1.898
|
|
|
|
-9
|
%
|
|
|
37
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%
|
|
|
2.594
|
|
|
|
1.898
|
|
|
|
37
|
%
|
|
|
2.594
|
|
Net
Debt
(R$
milli
ons)
|
|
|
13.084
|
|
|
|
13.425
|
|
|
|
5.911
|
|
|
|
-3
|
%
|
|
|
121
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%
|
|
|
13.084
|
|
|
|
5.911
|
|
|
|
121
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%
|
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13.084
|
|
*LTM :
Last Twelve Months
Highlights:
·
|
PPPC
(2)
figures show that market pulp sales up to the end of September were stable
compared to the same period of 2008, due to the continued upturn in
demand. Eucalyptus pulp sales were up by 17%, to 10.6 million tons, with
2.8 million tons exported to China.
|
·
|
Record
pulp production reached 1.4 million tons, a 7% quarter-on-quarter increase
and 30% year-on-year, due to the additional volume from Três
Lagoas.
|
·
|
1.3
million tons in pulp sales, 5% lower than in the 2Q09, as a result the
alignment of VCP’s and Aracruz’s practices, which will be fully
implemented as from the 4Q09.
|
·
|
Paper
sales were up by 6% quarter-on-quarter, despite the appreciation of the
real against the dollar and the consequent supply of foreign products. On
a year-on-year comparison, paper sales volume was down by
10%.
|
·
|
Production
cash cost was R$433/ton, benefited by lower costs at Veracel and Três
Lagoas. Excluding the effects of maintenance downtime, cost was R$403/ton
(2Q09 without stoppages:
R$422/ton).
|
·
|
Adjusted EBITDA
(3)
of R$426 million, with a 30%
margin, 4 p.p. higher than in 2Q09. EBITDA/t was 15% higher QoQ, to
R$307/t.
|
·
|
Net income reached R$181 million,
or R$0.46/share.
|
·
|
Net
Debt / EBITDA ratio of 7.2x in 3Q09, in line with 2Q09
figures.
|
Subsequent
Events:
·
|
The
sale of the Guaíba Unit and a long-term bond issue marked the beginning of
the liability management strategy.
|
·
|
Fibria
Shareholders’ Agreement signed between Votorantim Industrial and the BNDES
on Oct. 29
th
.
|
·
|
Listing
in the “Novo Mercado” Corporate Governance level to be completed by year
end.
|
(1) Includes
the results of financial investments, monetary and exchange variations,
mark-to-market of derivative instruments and interest calculation;
(2) Pulp
and Paper Products Council (3) adjusted for non-recurring items and without
impact on cash;
Market
capitalization at 30/09:
R$11.34 billion
US$6.40
billion
VCPA3:
R$29.07
VCP:
US$16.41
Outstanding
shares:
390,164,352
Conference
Call
Date:
11/16/2009
12h00
a.m. English
14h00
p.m. Portuguese
Replay:
11/16/09 to 11/23/09
+55 11
2188 0188
Code:
Fibria
Webcast:
www.fibria.com.br/ri
IR
Contacts:
Marcos
Grodetzky
Treasury
& IR Director
André
Gonçalves
IR
Manager
Anna
Laura L. Rondon
Lívia L.
Baptista
+55 11
3301 4131
ir@fibria.com.br
The
operational and financial information of VOTORANTIM CELULOSE E PAPEL S.A. for
the third quarter of 2009 (3Q09) is disclosed in the press release in
consolidated format and expressed in Brazilian reais (R$), in accordance with
the requirements of the Brazilian Corporate Law, and include the full
consolidation of Aracruz’s results. In order to provide better understanding and
allowing a comparison to be made with the 2Q09 and 3Q08 figures, the
pro-forma
figures for VCP and
Aracruz are also presented. To this end, the results of VCP’s stake in Ahlstrom
VCP Indústria de Papéis S.A. ("JV"), up to the moment immediately prior to the
sale of VCP’s stake, in August 2008, and Ripasa S.A. Celulose e Papel’s (50%),
up to the establishment of the consortium, are recognized according to the
equity accounting method, while the results of Veracel Celulose S.A. shown in
the press release, unlike previous years, reflect the proportional consolidation
(50%), thereby eliminating the effects of all inter-company transactions. For a
better comparison and understanding of historic growth of results, balance
sheets, cash flows, Ebitda and other operating data, as well as sales volume, we
present the pro forma 3Q08 or 9M08 consolidated information.
2
Contents
Executive
Summary
|
04
|
|
|
Pulp
Market
|
06
|
|
|
Paper
Market
|
08
|
|
|
Pulp
& Paper - Production and Sales
|
09
|
|
|
Results
Analysis
|
10
|
|
|
EBITDA
Analysis
|
12
|
|
|
CAPEX
|
13
|
|
|
Net
Income
|
13
|
|
|
Net
Financial Result and Debt
|
14
|
|
|
Liability
Management
|
17
|
|
|
Capital
Markets
|
17
|
|
|
Appendix
I
|
20
|
|
|
Appendix
II
|
21
|
|
|
Appendix
III
|
22
|
|
|
Appendix
IV
|
23
|
|
|
Appendix
V
|
24
|
3
Executive
Summary
Recent
data indicate that the upturn already noted in the emerging economies has
extended to other areas, notably the USA, Japan and the Eurozone. Meanwhile, the
market pulp segment, which had seen an accumulated reduction of 5% up to June,
grew by 10% in September, in a year-on-year comparison, thereby helping to
stabilize demand for the period from January to September, in relation to the
same period of 2008. – for further information, refer to the “Pulp & Paper
Market” section.
Fibria’s
consolidated pulp production attained 1,428,000 tons, respectively 7% and 30%
higher quarter-on-quarter and year-on-year, due to increased production from the
Três Lagoas Unit, despite the impact of maintenance downtime at Jacareí,
Conpacel and Guaíba units. Pulp sales totaled 1,276,000 tons, 5% lower than in
2Q09, as a result of alignment of VCP’s and Aracruz’s practices,
there being no further impacts on
coming quarters
. Asia is still Fibria’s main pulp sales destination, 36%
of market share (2Q09: 37%; 3Q08: 16%). The company’s pulp inventories remain
low, closing the 3Q09 at 45 days.
The
successive increases in the US$pulp list prices during t3Q09, reflect: i) the
continued appreciation of the producing countries’ currencies against the US
dollar; and ii) the positive situation in the pulp market, as demonstrated by
the low inventories level, at 25 days of supply worldwide. The price increases
recently implemented have raised the European list price to US$700/ton. However,
the higher value of the real in 3Q09 (average rate: +10%), led to a 1.2% drop in
the net average price in reais.
The 3Q09
cash cost of production was R$433/ton, up 2% quarter-on-quarter, and 17% lower
year-on-year. The increase over 2Q09 figures was mainly a result of maintenance
downtime. The year-on-year drop is basically due to: (i) lower chemical and
energy costs; (ii) the impact of Três Lagoas operations, which are now at full
capacity, thereby lowering the consolidated cash cost; (iii) the low cash cost
of production at Veracel; and (iv) the benefits deriving from operational
efficiency gains and the cost reduction plan that has been introduced as from
the 3Q08.
As a
result, adjusted EBITDA was R$426 million, a 10% increase in relation to 2Q09,
with the margin up from 26% to 30%. It is important to note that the main reason
for the EBITDA margin increase in 3Q09 was the reduction of the Cost of Goods
Sold (COGS), due to the improvements in operational efficiency and the greater
share Três Lagoas’ production on the overall cash cost. Another result of
Fibria’s increased profitability was EBITDA per ton, which was R$307/ton in
3Q09, up by 15% quarter-on-quarter. There was a decline of 19% in relation to
3Q08, or R$72 million, mainly due to lower average net price.
The net
financial income of R$571 million was affected by the 10% appreciation of the
real against the US dollar during the quarter, which generated a R$875 million
exchange variation, since about 63% of Fibria’s gross debt is denominated in
foreign currency. After eliminating the R$204 million impact of minority
interest, mainly resulting from the consolidation of Aracruz, net income came to
R$181 million, equivalent to R$0.46/share.
The
company’s cash position on September 30
th
posted
a balance of R$2,594 million, of which 87% was in local currency. Gross debt
amounted to R$15,678 million, with an average term of 50 months. Of this total,
30% matures in the short term, compared to 38% at the end of the
2Q09.
An EGM
held on November 5
th
,
approved, among other things, the new company name (Fibria Celulose S.A.) and
the alignment of the Company’s Bylaws to the listing regulations of the BM&F
Bovespa “Novo Mercado” (New Market); it also authorized the management to
perform all the actions necessary for the Company to be listed in the highest
corporate governance level in Brazil. The listing in the New Market should be
completed by the end of 2009.
Once
Aracruz shares are incorporated, which will be completed on November 18
th
,2009,
Fibria will be amogst the companies with the greatest weighting in the Bovespa
index (Ibovespa), which will raise both the visibility of and demand for the
company’s stock, particularly amongst investment funds that replicate the index
portfolio.
The
efforts to obtain the previously announced synergies of R$4.5 billion are
proceeding well, focused on actions that can be rapidly implemented and have the
greatest value to the company, notably the renegotiating of contracts with
suppliers and the reduction of fixed costs.
The
company’s debt management plan, which began with the sale of the Guaíba Unit and
proceeded with a US$1 billion bond issue, is aimed at optimizing the capital
structure and conciliating the current debt amortization schedule. Moreover, the
company is working to fund approximately US$1.2 billion in export pre-payments,
which will enable the Company to reduce the remaining debt from derivative
operations to less than 20% of its original amount. These measures, along with
cash generation, will provide Fibria with the ability to make its growth
opportunities feasible, and at the same time to recover its investment grade
rating.
In this
context, the company is well positioned to maintain its outstanding
leadership in the pulp market. It also relies on its product portfolio, most of
them brownfield, that will enable the company to double its present production
capacity. These projects will be made feasible as sson as the market is ready to
absorb new capacity, always bearing in mind the importance of maintaining strict
control of supply.
5
Pulp
Market
There are
signs that the international crisis is over and economic growth is getting back
on track, thanks to sweeping government intervention to sustain demand and
reduce the uncertainties, thus providing a favorable scenario for the pulp and
paper industry.
Global
demand for Printing and Writing papers (P&W) continued to recover in 3Q09.
Having bottomed out in February, at 4.5 million tons, it bounced back to 5.3
million tons by the end of September. P&W shipments in Europe increased from
85% of capacity, in July, to 91% in September. In China, as shown on the chart
below, Paper and Board production continues to be strong, at over 850,000
tons/month. The Tissue segment also continues to perform well in the global
markets, and production is expected to grow by 3.9% in 2010.
According
to World-20 figures, total accumulated chemical pulp demand for the nine months
ended in September 2009 reached the same level as in the same period of 2008,
with softwood decreasing by 4.4% (0.7 million tons) and hardwood increasing by
about 4.9 % (0.9 million tons). By the end of September, the demand
for Eucalyptus pulp increased by 17%, or 1.6 million tons, driven mainly by
demand from China.
The
commercial downtime that occurred in the first 9 months of the year, taking
around 4.7 million tons off the market, and strong demand from China caused
inventory levels to reduce substantially. The availability of market pulp in the
distribution chain continues to be limited. By the end of September, world
producers’ inventories were 18 days below the level in the same period of 2008,
closing at 25 days of supply, which is the lowest level in more than 9 years. In
Europe, the pulp in the hands of paper consumers represented 23 days of
consumption at the end of September, also an extremely low level.
6
It is
also worth noting that the appreciation of the currencies in pulp producing
countries in the Northern Hemisphere against the US dollar continues to shape
the market. The combination of tight inventories and a weaker USD has led to the
announcement of successive price increases, without impact on the final Euro
price. For November, the list prices announced for BEKP (eucalyptus pulp) were
$700/ton in Europe, $730/ton in North America and $660/ton in Asia.
We are
optimistic about the short-term trend for market pulp. Little capacity is being
added and the outlook is for pulp demand to remain steady, in the light of the
positive world economic scenario.
7
Paper
Market
The
domestic paper market is also showing signs that it is starting to recover from
the effects of the international crisis. According to Bracelpa, the Brazilian
paper market recovered slightly in September, with production up by 2.6% and
domestic sales up by 2.7%, when compared to August. Even so, the levels are
still below those of the same period of 2008.
Year-to-date
figures for apparent consumption in the domestic paper market are also lower
than those of 2008, except for the Cut Size segment, where there has been an
increase of approximately 5% to the end of September/2009. The biggest decline
was in the Carbonless segment, which was down by 27%, mainly due to
technological replacement (the Electronic Invoice). In the first nine months of
2009, P&W, Coated and Thermal papers showed respective accumulated
variations of -7%, -12% and -5%, respectively, as a result of the financial
crisis earlier in the year, which has not yet been offset by the subsequent
improved performance of 3Q09.
Inventory
surpluses among the international paper manufacturers, together with the 10%
appreciation of the real during the quarter helped to make imports more
attractive. According to Bracelpa, paper imports in 3Q09 were up by 33%
quarter-on-quarter, although the imports in the first nine months of this year
are still down by 26% year-on-year.
For 4Q09,
we expect that the traditional seasonal effects, together with increased
consumer confidence, in the wake of the crisis, will help to keep up the demand
for papers in the Fibria portfolio. This leads us to believe in a volume
increase for 4Q09 versus 3Q09.
8
Pulp
& Paper – Production and Sales
Fibria’s
pulp production reached 1.428 million tons, compared to 1.334 million in 2Q09 in
2Q09 and 1.099 million in 3Q08, driven mainly by the additional production from
the Três Lagoas Unit. Note that, in September, 100% of the pulp production
output at Três Lagoas was classified as extra-prime, thereby confirming the
operational excellence of that unit.
Pulp
sales in 3Q09 totaled 1.276 million tons, 5% lower than in 2Q09, due to the
alignment between Fíbria and Aracruz practices, which postponed the billing of
112,000 tons of pulp from September to October. We emphasize that
this
adjustment only impacted the analyzed quarter, there being no further
impacts on
coming quarters.
There was an increase of
35%, or 330,000 tons, in relation to 3Q08, due specifically to strong demand for
eucalyptus pulp, principally by the Asian market. Excluding the 112,000-ton
adjustment, sales
would have
totaled 1.387 million tons, 3% higher than in 2Q09. Sales volume in the last
twelve months amounts to 4.821 million tons.
Exports
accounted for 89% of total pulp sales. Once again, most of the demand came from
Asia, accounting for 36% of the total, while year-to-date sales to Asia
represented 37% of the total.
Pulp
inventories amounted to a total of 694,000 tons at the end of 3Q09, equivalent
to 45 days of production, up 28% on the 543,000 tons (34 days) at the end of
2Q09 and down 2% when compared to the 710,000 tons (56 days) at the end of 3Q08.
This increase is directly related to the volume of 112,000 tons whose billing
was postponed to October, as described above.
In the
domestic paper market, the apparent consumption in the segments where Fibria
operates remained lower than in 2008, still reflecting the crisis. The 10%
appreciation of the real against the US dollar during the quarter made imported
products relatively more attractive, leading Fibria to make strategic
adjustments to certain premiums, in order to protect its market share. In
relation to 2Q09, the local market prices that were most affected were those of
Coated papers (10%) and Specialty papers (3%), while paper sales volumes in the
domestic market were up by 11%.
Analyzing
the overall sales mix, Specialty papers maintained their 43% revenue share, the
same as in the previous quarter and higher than the 41% in the third quarter of
2008, which also had a positive impact on the average paper price. The seasonal
effect on sales also had a positive impact on the results, particularly in the
uncoated (3% up in the mix), Specialty papers (6%) and Coated papers (13%)
segments, spurred by the economic recovery and the sales campaign aimed at book
publishers (for P&W paper).
9
Volume
(million tons)
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
3Q08
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
9M09
|
|
|
|
9M08
|
|
|
%
|
|
Domestic
Market Pulp
|
|
|
146
|
|
|
|
118
|
|
|
|
91
|
|
|
|
23,8
|
%
|
|
|
60,8
|
%
|
|
|
351
|
|
|
|
276
|
|
|
|
27
|
%
|
Foreign
Market Pulp
|
|
|
1.130
|
|
|
|
1.231
|
|
|
|
855
|
|
|
|
-8,2
|
%
|
|
|
32,1
|
%
|
|
|
3.438
|
|
|
|
2.809
|
|
|
|
22
|
%
|
Total
Pulp
|
|
|
1.276
|
|
|
|
1.349
|
|
|
|
946
|
|
|
|
-5,4
|
%
|
|
|
34,9
|
%
|
|
|
3.788
|
|
|
|
3.085
|
|
|
|
23
|
%
|
Domestic
Market Paper
|
|
|
102
|
|
|
|
92
|
|
|
|
110
|
|
|
|
10,6
|
%
|
|
|
-7,5
|
%
|
|
|
280
|
|
|
|
291
|
|
|
|
-4
|
%
|
Foreign
Market Paper
|
|
|
8
|
|
|
|
12
|
|
|
|
12
|
|
|
|
-31,9
|
%
|
|
|
-32,8
|
%
|
|
|
27
|
|
|
|
34
|
|
|
|
-20
|
%
|
Total
Paper
|
|
|
110
|
|
|
|
104
|
|
|
|
122
|
|
|
|
5,7
|
%
|
|
|
-10,0
|
%
|
|
|
307
|
|
|
|
324
|
|
|
|
-5
|
%
|
Total
|
|
|
1.386
|
|
|
|
1.453
|
|
|
|
1.068
|
|
|
|
-4,6
|
%
|
|
|
29,8
|
%
|
|
|
4.096
|
|
|
|
3.409
|
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (R$ million)
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
3Q08
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
9M09
|
|
|
|
9M08
|
|
|
%
|
|
Domestic
Market Pulp
|
|
|
100
|
|
|
|
87
|
|
|
|
97
|
|
|
|
14,8
|
%
|
|
|
3,2
|
%
|
|
|
270
|
|
|
|
290
|
|
|
|
-7
|
%
|
Foreign
Market Pulp
|
|
|
986
|
|
|
|
1.075
|
|
|
|
979
|
|
|
|
-8,3
|
%
|
|
|
0,7
|
%
|
|
|
3.120
|
|
|
|
3.178
|
|
|
|
-2
|
%
|
Total
Pulp
|
|
|
1.086
|
|
|
|
1.162
|
|
|
|
1.076
|
|
|
|
-6,5
|
%
|
|
|
0,9
|
%
|
|
|
3.390
|
|
|
|
3.468
|
|
|
|
-2
|
%
|
Domestic
Market Paper
|
|
|
286
|
|
|
|
273
|
|
|
|
302
|
|
|
|
4,9
|
%
|
|
|
-5,1
|
%
|
|
|
815
|
|
|
|
808
|
|
|
|
1
|
%
|
Foreign
Market Paper
|
|
|
16
|
|
|
|
24
|
|
|
|
20
|
|
|
|
-34,6
|
%
|
|
|
-21,2
|
%
|
|
|
56
|
|
|
|
55
|
|
|
|
1
|
%
|
Total
Paper
|
|
|
302
|
|
|
|
297
|
|
|
|
321
|
|
|
|
1,7
|
%
|
|
|
-6,1
|
%
|
|
|
871
|
|
|
|
863
|
|
|
|
1
|
%
|
Total
|
|
|
1.388
|
|
|
|
1.458
|
|
|
|
1.397
|
|
|
|
5,7
|
%
|
|
|
-10,0
|
%
|
|
|
4.261
|
|
|
|
4.331
|
|
|
|
-2
|
%
|
Income
Asapir* + Portocel
|
|
|
14
|
|
|
|
13
|
|
|
|
10
|
|
|
|
14,8
|
%
|
|
|
46,0
|
%
|
|
|
41
|
|
|
|
29
|
|
|
|
44
|
%
|
Total
|
|
|
1.402
|
|
|
|
1.471
|
|
|
|
1.407
|
|
|
|
-4,7
|
%
|
|
|
-0,4
|
%
|
|
|
4.302
|
|
|
|
4.360
|
|
|
|
-1
|
%
|
*
Asap
was formed as part of the net equity of the company Ripasa SA Celulose e Papel,
which occurred on August 31, 2008, aimed at enabling the implementation of the
Consortium Paulista de Papel e Celulose - Conpacel. Its corporate purpose is the
production and marketing of forest wood and wood waste. Revenue from ASAP it is
a sale of standing timber to third parties.
Results
Analysis
Fibria’s
net operating revenue totaled R$1,402 million, R$69 million less than in 2Q09
and in line with the R$1,407 million in 3Q08. If the 112,000 tons mentioned
previously had been recorded in 3Q09, total net revenue would have increased 7%
to R$1,505 million.
Net paper
operating revenue came to R$302 million, a 2% quarter-on-quarter increase but a
6% year-on-year decrease.
Net pulp
operating revenue came to R$1,086 million, compared to R$1,162 million in the
previous quarter. The 7% decline is due to the 5% drop in sales volume resulting
from the alignment of VCP and Aracruz accounting practices, as well as the lower
average net price in reals, since the real’s appreciation against the U.S.
dollar (average exchange rate) was greater than the increase in the average net
dollar price. The figure was stable year-on-year since the larger sales volume
(+35%) was offset by the 33% decrease in the dollar price, even despite the
dollar’s 12% appreciation against the real (average exchange rate) during the
period.
10
The
R$1,164 million cost of goods sold (COGS) was 9% lower than in 2Q09, mainly due
to the impact of inventory turnover on COGS, the lower sales volume and the
effect of the product mix resulting from the greater share of Três Lagoas pulp
production. Três Lagoas was responsible for 22% of total pulp production in the
quarter with 285,000 tonnes, compared to 148,000 tonnes or 11% in the
previous quarter. COGS was up 14% year-on-year, mainly due to the 35% increase
in sales volume.
The
consolidated cash production cost came to R$433/tonne, which was R$7/tonne more
than that of 2Q09, mainly due to maintenance downtime at the Jacareí, Conpacel
and Guaíba mills. Excluding the effect of downtime, the cash cost came to
R$403/t, while the cost without stoppages in 2Q09 was R$422/t. The changes in
the cash production cost and explanations for the principal changes in the
quarter and year are shown in the figures below.
Production
Cash Cost
|
|
R$/t
|
|
2Q09
|
|
|
426
|
|
Dilution
of fixed costs - maintainance stoppage
|
|
|
12
|
|
Cost
of raw materials - wood
|
|
|
11
|
|
Exchange
rate impact
|
|
|
(3
|
)
|
Cost
of raw material - lower cost of chemicals
|
|
|
(12
|
)
|
Others
|
|
|
(1
|
)
|
3Q09
|
|
|
433
|
|
|
|
|
|
|
Production
Cash Cost
|
|
R$/t
|
|
3Q08
|
|
|
521
|
|
Efeito
Cambial
|
|
|
5
|
|
Cost
of raw materials - wood
|
|
|
(6
|
)
|
Dilution
of fixed costs
|
|
|
(17
|
)
|
Cost
of raw materials - lower cost of chemicals and reduction of specific
consumption
|
|
|
(39
|
)
|
Others
- Três Lagoas
|
|
|
(31
|
)
|
3Q09
|
|
|
433
|
|
11
EBITDA
Analysis
Adjusted
EBITDA for 3Q09 came to R$426 million with a margin of 30%, compared to R$389
million with a 26% margin in 2Q09, mainly due to the lower COGS (R$125 million),
which in turn was affected by:
(i)
Inventory turnover (R$71 million);
(ii) 5%
year-on-year decrease in the sales volume (R$22 million);
(iii) 93%
year-on-year increase in the volume of Três Lagoas pulp sold (2Q09: 148,000
tonnes; 3Q09: 285,000 tonnes) that reduced weighted COGS (R$19
million);
EBITDA
per tonne sold (EBITDA/tonne) was R$307, a 15% increase over the 2Q09 figure
showing that, despite the negative exchange rate effect, the company’s
operational excellence and the growth of operations with more modern, efficient
plants have increased Fibria’s profitability.
The
non-recurring/non-cash expenses shown in the figure above chiefly derive from
provisions that include income tax and ICMS credits as part of the process of
standardizing Aracruz and VCP accounting practices.
12
CAPEX
CAPEX (R$ million)
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
|
|
|
|
|
|
|
Expansion
|
|
|
111
|
|
|
|
230
|
|
HSSE
|
|
|
7
|
|
|
|
7
|
|
Forests
|
|
|
84
|
|
|
|
96
|
|
.
Espírito Santo
|
|
|
21
|
|
|
|
20
|
|
.
São Paulo
|
|
|
16
|
|
|
|
18
|
|
.
Rio Grande do Sul
|
|
|
17
|
|
|
|
25
|
|
.
Três Lagoas (MS)
|
|
|
30
|
|
|
|
33
|
|
Maintenance,
IT, R&D, Modernization
|
|
|
36
|
|
|
|
21
|
|
Subtotal
|
|
|
238
|
|
|
|
354
|
|
50%
Conpacel
|
|
|
15
|
|
|
|
13
|
|
50%
Veracel
|
|
|
16
|
|
|
|
20
|
|
TOTAL
Fibria
|
|
|
269
|
|
|
|
387
|
|
CAPEX in
3Q09 totaled R$269 million. The 30% decrease in comparison to 2Q09 reflects the
reduced investments stemming from the conclusion of the Horizonte Project (Três
Lagoas Unit), in addition to Fibria’s discipline and focus on maintenance
CAPEX.
Net
Income
The chart
below presents the main factors that influenced net income between the second
and the third quarters of 2009.
(*) The
sum of Depreciation, Amortization and Depletion
13
Net
Financial Result and Debt
Total
financial income in 3Q09 came to R$974 million, mainly as a result of the real’s
10% appreciation against the US dollar in the period, which benefited our
dollar-denominated debt. Financial income derived from the exchange variation on
that debt amounted to approximately R$875 million. The R$47 million earned on
financial investments and R$52 million change on the mark-to-market
financial
derivatives also contributed to this result.
Financial
expenses totaled R$403 million, the principal components of which were the R$178
million for servicing the debt balance and R$148 million from exchange variation
on the conversion of the foreign asset balances, in accordance with accounting
rule CPC 02.
All
totaled, net financial income was positive R$571 million.
The
balance of Fibria’s total gross debt on September 30, 2009 was R$15,678 million,
comprised of obligations to financial institutions in the amount of R$12,109
million, accounts payable for the acquisition of Aracruz from its former
shareholders amounting to R$3,437 million, and to the related public tender
offering in the amount of R$132 million. Of that total debt, 63% was indexed to
foreign currency and 37% to domestic currency. Of the foreign currency total,
R$4,868 million relates to derivatives debt, of which R$1,044 million refers to
export pre-payment migrated to this facility signed in May, 2009. The
company currently pays interest of 3.82% p.a. on this debt.
During
3Q09, the company paid approximately R$700 million in amortization of principal
and service on its debt. At the same time, it raised new funds and renegotiated
loan terms for a total of R$842 million, of which R$302 (€125) million
represents a new 8.5 year debt at a cost pegged to the 6 month Libor + 3.325%
p.a. contracted with an export credit agency.
14
Fibria’s
cash position on September 30, 2009 was R$2,594 million. Of this sum, 88% is
invested in domestic currency and 12% in foreign currency. As a result, the net
debt was R$ 13,084 million, 3% lower than in the 2Q09.
The table
below shows the flow of debt amortization with banks and families.
|
|
2009
|
|
|
2010
|
|
|
2011
|
|
|
2012
|
|
|
2013
|
|
|
2014
|
|
|
2015 to 2020
|
|
|
Total
|
|
Financial
Institutions
|
|
|
803
|
|
|
|
2,184
|
|
|
|
1,344
|
|
|
|
1,366
|
|
|
|
1,488
|
|
|
|
1,629
|
|
|
|
3,295
|
|
|
|
12,109
|
|
Families
(Present Value)
|
|
|
0
|
|
|
|
2,087
|
|
|
|
1,482
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,569
|
|
Gross
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,678
|
|
Gross
Debt
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
3Q08
|
|
Total
Gross Debt
|
|
|
15.678
|
|
|
|
16.286
|
|
|
|
7.809
|
|
Gross
Debt R$
|
|
|
5.712
|
|
|
|
7.045
|
|
|
|
1.441
|
|
Gross
Debt USD
|
|
|
9.967
|
|
|
|
9.241
|
|
|
|
6.368
|
|
Average
maturity (months)
|
|
|
50
|
|
|
|
47
|
|
|
|
47
|
|
%
short-term portion
|
|
|
30
|
%
|
|
|
38
|
%
|
|
|
37
|
%
|
Total
Cash
|
|
|
2.594
|
|
|
|
2.861
|
|
|
|
1.898
|
|
Cash
and ST investments
|
|
|
2.594
|
|
|
|
2.861
|
|
|
|
1.898
|
|
Net
Debt*
|
|
|
13.084
|
|
|
|
13.425
|
|
|
|
5.911
|
|
* The
2Q09 and 3Q08 balances are
pro-forma
and do not include
derivative adjustments, nor securities held to maturity or held for trading and
recorded under long-term assets.
15
The
current cost of debt in domestic currency was 9.48% p.a. (if considered the debt
with the Families it would be 3.15% p.a.). The cost of debt in foreign currency
was 4.40% p.a.
Derivatives
Derivative
instruments are used by the company to manage risks and protect its short-term
cash flow. Fibria’s Financial Policy allows the company to use financial
derivatives to hedge dollar-denominated debt and operational cash flow — cash
generation in foreign currency net of costs and expenses in the same currency —
and to protect the pulp price. It should be emphasized that Fibria’s derivative
contracts do not stipulate margin calls and cash adjustments are only recognized
upon the contract’s maturity.
On
September 30, 2009, Fibria’s mark-to-market financial derivatives
were negative R$17 million, compared to negative R$69 million in
2Q09. This positive difference of R$52 million was the result of R$33 million in
net cash disbursements and an R$85 million positive MTM adjustment with no cash
impact. The table below shows the company’s current derivative
contracts.
The table
below shows the Fibria’s derivatives open position at the end of
3Q09.
R$
million
|
|
|
|
Nocional
amount
|
|
|
Fair
Value
|
|
Swap
contracts
|
|
Last
Maturity
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
3Q09
|
|
|
|
2Q09
|
|
Assets
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TJLP
|
|
apr-10
|
|
|
331
|
|
|
|
331
|
|
|
|
385
|
|
|
|
383
|
|
CDI
|
|
dec-13
|
|
|
85
|
|
|
|
85
|
|
|
|
85
|
|
|
|
100
|
|
Yen
(Yen to US$)
|
|
jan-14
|
|
|
103
|
|
|
|
103
|
|
|
|
113
|
|
|
|
118
|
|
Dolar
(CDI to US$)
|
|
apr-10
|
|
|
234
|
|
|
|
234
|
|
|
|
265
|
|
|
|
305
|
|
Interest:
Libor (floating)
|
|
jul-14
|
|
|
880
|
|
|
|
722
|
|
|
|
31
|
|
|
|
29
|
|
Total:
Assets position (a)
|
|
|
|
|
1633
|
|
|
|
1475
|
|
|
|
878
|
|
|
|
934
|
|
Liabilities
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dolar
(TJLP x US$)
|
|
apr-10
|
|
|
(331
|
)
|
|
|
(331
|
)
|
|
|
(335
|
)
|
|
|
(369
|
)
|
CDI
|
|
dec-13
|
|
|
(337
|
)
|
|
|
(337
|
)
|
|
|
(348
|
)
|
|
|
(359
|
)
|
Dolar
(Yen to US$)
|
|
jan-14
|
|
|
(103
|
)
|
|
|
(103
|
)
|
|
|
(102
|
)
|
|
|
(115
|
)
|
Dolar
(CDI to US$)
|
|
apr-10
|
|
|
(85
|
)
|
|
|
(85
|
)
|
|
|
(78
|
)
|
|
|
(85
|
)
|
Interest:
Libor (fixed rate)
|
|
jul-14
|
|
|
(777
|
)
|
|
|
(619
|
)
|
|
|
(36
|
)
|
|
|
(27
|
)
|
Total:
Liabilities position (b)
|
|
|
|
|
(1633
|
)
|
|
|
(1475
|
)
|
|
|
(899
|
)
|
|
|
(955
|
)
|
Net
(a+b)
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(21
|
)
|
|
|
(21
|
)
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NDF
|
|
jan-11
|
|
|
(265
|
)
|
|
|
22
|
|
|
|
8
|
|
|
|
(26
|
)
|
Option
|
|
may-10
|
|
|
(278
|
)
|
|
|
(384
|
)
|
|
|
(5
|
)
|
|
|
(21
|
)
|
Total:
Other Derivatives (c)
|
|
|
|
|
(543
|
)
|
|
|
(362
|
)
|
|
|
3
|
|
|
|
(47
|
)
|
Net
(a+b+c)
|
|
|
|
|
(543
|
)
|
|
|
(362
|
)
|
|
|
(17
|
)
|
|
|
(69
|
)
|
NDF and
options are used to hedge flow, while swaps are fot debt hedging
Liability
Management
In the
third quarter, Fibria launched its liability management plan in order to
harmonize its debt maturity profile with its cash flow generation, optimizing
its capital structure, resuming its growth strategy under favorable market
conditions, and recovering its investment grade rating.
The sale
of the Guaíba mill was the first stage of the plan and will yield US$1.430
billion, with US$1 billion expected on December 15
th
and
US$430 million within 45 days after payment of the first installment. The
company also raised funds abroad through a 10-year, US$1.0 billion bond issue
paying interest of 9.25% p.a. semiannually. In addition to these two events, the
plan also includes raising approximately US$1.2 billion by means of export
pre-payment facilities backed by firm commitments from financial institutions,
in two lines: US$750 million for 5 years with a 3-year grace period, and US$400
million for 7 years with a 5-year grace period.
The
approximately US$3.6 billion to be raised under the plan will be used to pre-pay
US$2.1 billion of derivative debt and to refinance part of the debt, most of
which matures in 2010 and 2011. At the same time, the company negotiated the
alignment of the terms of its derivative debt with those of its other contracts.
This deal has already been approved by 100% of creditors and is being
formalized. With this, a series of restrictive conditions that theretofore had
been in the derivatives contract were eliminated.
Capital
Markets
Corporate
Restructuring
The
stock-for-stock exchange at the swap ratio of 0.1347 VCP shares for
each Aracruz share was approved at an Extraordinary General Meeting of the
shareholders of both companies held on August 26, 2009.
As a
result of Fibria’s incorporation of 100% of Aracruz’s stock, the last trading
day of Aracruz-issued stock on BM&FBovespa will be November 17, 2009. If,
because of this incorporation, any shareholder is left with a fraction of
Fibria-issued shares, that shareholder will receive a whole share donated by
Votorantim Industrial S.A. in substitution of said fraction.
Aracruz-issued
Class “B” preferred shares held in custody that, on November 17, 2009 are linked
to Aracruz’s American Depositary Receipts - ADRs, will migrate to Fibria-issued
ordinary shares held in custody linked to Fibria’s ADRs. To operationalize the
issue of ADRs, November 17, 2009 will be the last day that Aracruz ADRs will be
traded on the New York Stock Exchange – NYSE. As of this date, Aracruz ADRs will
no longer be issued or canceled.
17
Because
VCP changed its name to Fibria, the last trading day of VCP ordinary shares on
the BM&FBovespa under the ticker symbol VCPA3 will also be November 17,
2009. Therefore, beginning on November 18, 2009, only Fibria-issued ordinary
shares will be traded under the corporate name Fibria and ticker symbol
FIBR3.
The
corporate name change of VCP to Fibria will also be processed on the NYSE. Thus,
VCP ADRs, currently traded on the NYSE under the ticker symbol VCP, will be
traded normally on the NYSE as of November 18, 2009 under the ticker symbol
FBR.
The
Shareholders’ Agreement between VID and the BNDES was signed on October 29, 2009
and duly filed with the Brazilian Securities Commission (CVM), and will be valid
for 5 years.
Stock
Performance
As of
August 12, 2009, trading of VCP shares on the Bovespa was limited to VCPA3
common shares, as decided at an EGM held on May 30, 2009. At the same time, the
company’s ADRs traded on the NYSE became linked to its common
shares.
The EGM
held on November 5, 2009 approved the adaptation of the company’s bylaws to
comply with Novo Mercado regulations and the management was authorized to take
all necessary measures for migration to that trading segment. The company
intends to join the Novo Mercado, Bovespa’s special trading segment for
companies with high levels of corporate governance, by the end of
2009.
During
3Q09, the Bovespa Index (Ibovespa) increased 20%, whereas VCPA3 shares
appreciated 38%. The average daily trading volume of VCPA3 shares was
approximately 1.04 million on the Bovespa and 1.17 million on the NYSE. The
average daily financial volume traded during 3Q09 was around US$33.0 million,
split 54% on the NYSE (US$17.8 million) and 46% on the Bovespa (US$15.2
million/R$28.3 million, equivalent to about 0.66% of the total Ibovespa
volume).
On the
NYSE, the value of Fibria’s Level III ADRs increased 39% in 3Q09, against a 15%
rise in the Dow Jones Index.
Ibovespa
Share
Fibria’s
common shares (VCPA3) account for 0.691% of the Ibovespa, a hypothetical
portfolio for the period from September to December 2009, while Aracruz’s Class
“B” preferred shares are still listed on the Ibovespa and account for
1.404%.
Once
Aracruz’s stock has been incorporated, a process which should be complete by the
end of November, Fibria will be close to the 10 companies with the largest
shares of the Ibovespa, which will raise the profile of and demand for its
stock, particularly among those investment funds that replicate the
index.
Appendix
I – Turnover / Volume / Price
Net Operating Revenues
Variation
|
|
|
|
BRGAAP
|
|
PRODUCTS
|
|
Tonnes
|
|
|
Net
Revenue -R$ 000
|
|
|
Price
-R$/ton
|
|
|
QoQ%
|
|
|
|
|
3Q09
|
|
|
|
2Q09*
|
|
|
|
3Q09
|
|
|
|
2Q09*
|
|
|
|
3Q09
|
|
|
|
2Q09*
|
|
|
Tonnes
|
|
|
Revenue
|
|
|
Average Price
|
|
Paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncoated
|
|
|
46,430
|
|
|
|
40,430
|
|
|
|
100,933
|
|
|
|
89,774
|
|
|
|
4,548
|
|
|
|
4,580
|
|
|
|
14.8
|
|
|
|
12.4
|
|
|
|
(0.7
|
)
|
Coated
|
|
|
23,747
|
|
|
|
21,000
|
|
|
|
56,954
|
|
|
|
56,041
|
|
|
|
2,398
|
|
|
|
2,669
|
|
|
|
13.1
|
|
|
|
1.6
|
|
|
|
(10.1
|
)
|
Special/Other
|
|
|
31,482
|
|
|
|
30,525
|
|
|
|
128,151
|
|
|
|
126,979
|
|
|
|
8,012
|
|
|
|
8,221
|
|
|
|
3.1
|
|
|
|
0.9
|
|
|
|
(2.5
|
)
|
Total
|
|
|
101,659
|
|
|
|
91,955
|
|
|
|
286,038
|
|
|
|
272,794
|
|
|
|
2,814
|
|
|
|
2,967
|
|
|
|
10.6
|
|
|
|
4.9
|
|
|
|
(5.2
|
)
|
Export
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncoated
|
|
|
7,081
|
|
|
|
11,494
|
|
|
|
12,907
|
|
|
|
22,681
|
|
|
|
3,397
|
|
|
|
3,647
|
|
|
|
(38.4
|
)
|
|
|
(43.1
|
)
|
|
|
(6.8
|
)
|
Coated
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Special/Other
|
|
|
981
|
|
|
|
335
|
|
|
|
2,693
|
|
|
|
1,172
|
|
|
|
2,745
|
|
|
|
3,498
|
|
|
|
192.7
|
|
|
|
129.8
|
|
|
|
(21.5
|
)
|
Total
|
|
|
8,062
|
|
|
|
11,829
|
|
|
|
15,600
|
|
|
|
23,853
|
|
|
|
1,935
|
|
|
|
2,016
|
|
|
|
(31.9
|
)
|
|
|
(34.6
|
)
|
|
|
(4.0
|
)
|
Total
Paper
|
|
|
109,720
|
|
|
|
103,784
|
|
|
|
301,638
|
|
|
|
296,648
|
|
|
|
2,749
|
|
|
|
2,858
|
|
|
|
5.7
|
|
|
|
1.7
|
|
|
|
(3.8
|
)
|
Pulp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Sales
|
|
|
146,312
|
|
|
|
118,155
|
|
|
|
99,628
|
|
|
|
86,788
|
|
|
|
681
|
|
|
|
735
|
|
|
|
23.8
|
|
|
|
14.8
|
|
|
|
(7.3
|
)
|
Export
Market
|
|
|
1,129,526
|
|
|
|
1,230,576
|
|
|
|
986,364
|
|
|
|
1,075,061
|
|
|
|
873
|
|
|
|
874
|
|
|
|
(8.2
|
)
|
|
|
(8.3
|
)
|
|
|
(0.0
|
)
|
Total
|
|
|
1,275,837
|
|
|
|
1,348,731
|
|
|
|
1,085,992
|
|
|
|
1,161,849
|
|
|
|
851
|
|
|
|
861
|
|
|
|
(5.4
|
)
|
|
|
(6.5
|
)
|
|
|
(1.2
|
)
|
Total
Domestic Sales
|
|
|
247,970
|
|
|
|
210,110
|
|
|
|
385,666
|
|
|
|
359,582
|
|
|
|
1,555
|
|
|
|
1,711
|
|
|
|
18.0
|
|
|
|
7.3
|
|
|
|
(9.1
|
)
|
Total
Export Market
|
|
|
1,137,587
|
|
|
|
1,242,406
|
|
|
|
1,001,964
|
|
|
|
1,098,915
|
|
|
|
881
|
|
|
|
885
|
|
|
|
(8.4
|
)
|
|
|
(8.8
|
)
|
|
|
(0.4
|
)
|
TOTAL
|
|
|
1,385,558
|
|
|
|
1,452,516
|
|
|
|
1,387,630
|
|
|
|
1,458,497
|
|
|
|
1,001
|
|
|
|
1,004
|
|
|
|
(4.6
|
)
|
|
|
(4.9
|
)
|
|
|
(0.3
|
)
|
Net
Operating Revenues Variation
|
|
|
|
BRGAAP
|
|
PRODUCTS
|
|
Tonnes
|
|
|
Net
Revenue -R$ 000
|
|
|
Price
-R$/ton
|
|
|
QoQ%
|
|
|
|
|
|
|
3Q08
pro
|
|
|
|
|
|
3Q08
pro
|
|
|
|
|
|
3Q08
pro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q09
|
|
|
forma
|
|
|
|
3Q09
|
|
|
forma
|
|
|
|
3Q09
|
|
|
forma
|
|
|
Tonnes
|
|
|
Revenue
|
|
|
Average
Price
|
|
Paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncoated
|
|
|
46,430
|
|
|
|
47,874
|
|
|
|
100,933
|
|
|
|
103,088
|
|
|
|
4,548
|
|
|
|
4,498
|
|
|
|
(3.0
|
)
|
|
|
(2.1
|
)
|
|
|
1.1
|
|
Coated
|
|
|
23,747
|
|
|
|
28,151
|
|
|
|
56,954
|
|
|
|
66,574
|
|
|
|
2,398
|
|
|
|
2,365
|
|
|
|
(15.6
|
)
|
|
|
(14.5
|
)
|
|
|
1.4
|
|
Special/Other
|
|
|
31,482
|
|
|
|
33,879
|
|
|
|
128,151
|
|
|
|
131,881
|
|
|
|
8,012
|
|
|
|
7,527
|
|
|
|
(7.1
|
)
|
|
|
(2.8
|
)
|
|
|
6.4
|
|
Total
|
|
|
101,659
|
|
|
|
109,904
|
|
|
|
286,038
|
|
|
|
301,543
|
|
|
|
2,814
|
|
|
|
2,744
|
|
|
|
(7.5
|
)
|
|
|
(5.1
|
)
|
|
|
2.6
|
|
Export
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncoated
|
|
|
7,081
|
|
|
|
11,340
|
|
|
|
12,907
|
|
|
|
18,756
|
|
|
|
3,397
|
|
|
|
3,415
|
|
|
|
(37.6
|
)
|
|
|
(31.2
|
)
|
|
|
(0.5
|
)
|
Coated
|
|
|
-
|
|
|
|
515
|
|
|
|
-
|
|
|
|
748
|
|
|
|
-
|
|
|
|
1,452
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Special/Other
|
|
|
981
|
|
|
|
138
|
|
|
|
2,693
|
|
|
|
302
|
|
|
|
2,745
|
|
|
|
2,192
|
|
|
|
613.1
|
|
|
|
793.0
|
|
|
|
25.2
|
|
Total
|
|
|
8,062
|
|
|
|
11,993
|
|
|
|
15,600
|
|
|
|
19,806
|
|
|
|
1,935
|
|
|
|
1,651
|
|
|
|
(32.8
|
)
|
|
|
(21.2
|
)
|
|
|
17.2
|
|
Total
Paper
|
|
|
109,720
|
|
|
|
121,897
|
|
|
|
301,638
|
|
|
|
321,349
|
|
|
|
2,749
|
|
|
|
2,636
|
|
|
|
(10.0
|
)
|
|
|
(6.1
|
)
|
|
|
4.3
|
|
Pulp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Sales
|
|
|
146,312
|
|
|
|
90,964
|
|
|
|
99,628
|
|
|
|
96,566
|
|
|
|
681
|
|
|
|
1,062
|
|
|
|
60.8
|
|
|
|
3.2
|
|
|
|
(35.9
|
)
|
Export
Market
|
|
|
1,129,526
|
|
|
|
854,946
|
|
|
|
986,364
|
|
|
|
979,244
|
|
|
|
873
|
|
|
|
1,145
|
|
|
|
32.1
|
|
|
|
0.7
|
|
|
|
(23.8
|
)
|
Total
|
|
|
1,275,837
|
|
|
|
945,910
|
|
|
|
1,085,992
|
|
|
|
1,075,810
|
|
|
|
851
|
|
|
|
1,137
|
|
|
|
34.9
|
|
|
|
0.9
|
|
|
|
(25.2
|
)
|
Total
Domestic Sales
|
|
|
247,970
|
|
|
|
200,868
|
|
|
|
385,666
|
|
|
|
398,109
|
|
|
|
1,555
|
|
|
|
1,982
|
|
|
|
23.4
|
|
|
|
(3.1
|
)
|
|
|
(21.5
|
)
|
Total
Export Market
|
|
|
1,137,587
|
|
|
|
866,939
|
|
|
|
1,001,964
|
|
|
|
999,050
|
|
|
|
881
|
|
|
|
1,152
|
|
|
|
31.2
|
|
|
|
0.3
|
|
|
|
(23.6
|
)
|
TOTAL
|
|
|
1,385,558
|
|
|
|
1,067,807
|
|
|
|
1,387,630
|
|
|
|
1,397,159
|
|
|
|
1,001
|
|
|
|
1,308
|
|
|
|
29.8
|
|
|
|
(0.7
|
)
|
|
|
(23.5
|
)
|
Net
Operating Revenues Variation accumulated 09/30/2009 X
09/30/2008
|
|
|
|
LEGISLAÇÃO
SOCIETÁRIA - BRGAAP
|
|
PRODUCTS
|
|
Tonnes
|
|
|
Net
Revenue -R$ 000
|
|
|
Price
-R$/ton
|
|
|
QoQ%
|
|
|
|
|
|
|
Jan-Sep/08
|
|
|
|
|
|
Jan-Sep/08
|
|
|
|
|
|
Jan-Sep/08
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan-Sep/09
|
|
|
pro
forma
|
|
|
Jan-Sep/09
|
|
|
pro
forma
|
|
|
Jan-Sep/09
|
|
|
pro
forma
|
|
|
Tonnes
|
|
|
Revenue
|
|
|
Average
Price
|
|
Paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncoated
|
|
|
126,978
|
|
|
|
125,711
|
|
|
|
281,056
|
|
|
|
271,290
|
|
|
|
4,578
|
|
|
|
4,467
|
|
|
|
1.0
|
|
|
|
3.6
|
|
|
|
2.5
|
|
Coated
|
|
|
65,907
|
|
|
|
71,935
|
|
|
|
169,550
|
|
|
|
169,052
|
|
|
|
2,573
|
|
|
|
2,350
|
|
|
|
(8.4
|
)
|
|
|
0.3
|
|
|
|
9.5
|
|
Special/Other
|
|
|
87,380
|
|
|
|
92,943
|
|
|
|
364,376
|
|
|
|
367,697
|
|
|
|
8,149
|
|
|
|
7,606
|
|
|
|
(6.0
|
)
|
|
|
(0.9
|
)
|
|
|
7.1
|
|
Total
|
|
|
280,265
|
|
|
|
290,589
|
|
|
|
814,982
|
|
|
|
808,039
|
|
|
|
2,908
|
|
|
|
2,781
|
|
|
|
(3.6
|
)
|
|
|
0.9
|
|
|
|
4.6
|
|
Export
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncoated
|
|
|
25,162
|
|
|
|
30,798
|
|
|
|
50,234
|
|
|
|
50,654
|
|
|
|
3,733
|
|
|
|
3,482
|
|
|
|
(18.3
|
)
|
|
|
(0.8
|
)
|
|
|
7.2
|
|
Coated
|
|
|
-
|
|
|
|
2,609
|
|
|
|
-
|
|
|
|
3,882
|
|
|
|
-
|
|
|
|
1,488
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Special/Other
|
|
|
1,824
|
|
|
|
344
|
|
|
|
5,707
|
|
|
|
798
|
|
|
|
3,129
|
|
|
|
2,323
|
|
|
|
430.9
|
|
|
|
615.0
|
|
|
|
34.7
|
|
Total
|
|
|
26,986
|
|
|
|
33,751
|
|
|
|
55,941
|
|
|
|
55,334
|
|
|
|
2,073
|
|
|
|
1,639
|
|
|
|
(20.0
|
)
|
|
|
1.1
|
|
|
|
26.4
|
|
Total
Paper
|
|
|
307,251
|
|
|
|
324,340
|
|
|
|
870,923
|
|
|
|
863,373
|
|
|
|
2,835
|
|
|
|
2,662
|
|
|
|
(5.3
|
)
|
|
|
0.9
|
|
|
|
6.5
|
|
Pulp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Sales
|
|
|
350,908
|
|
|
|
275,531
|
|
|
|
269,595
|
|
|
|
289,721
|
|
|
|
768
|
|
|
|
1,052
|
|
|
|
27.4
|
|
|
|
(6.9
|
)
|
|
|
(26.9
|
)
|
Export
Market
|
|
|
3,437,510
|
|
|
|
2,808,981
|
|
|
|
3,119,996
|
|
|
|
3,178,054
|
|
|
|
908
|
|
|
|
1,131
|
|
|
|
22.4
|
|
|
|
(1.8
|
)
|
|
|
(19.8
|
)
|
Total
|
|
|
3,788,418
|
|
|
|
3,084,512
|
|
|
|
3,389,591
|
|
|
|
3,467,775
|
|
|
|
895
|
|
|
|
1,124
|
|
|
|
22.8
|
|
|
|
(2.3
|
)
|
|
|
(20.4
|
)
|
Total
Domestic Sales
|
|
|
631,172
|
|
|
|
566,120
|
|
|
|
1,084,577
|
|
|
|
1,097,761
|
|
|
|
1,718
|
|
|
|
1,939
|
|
|
|
11.5
|
|
|
|
(1.2
|
)
|
|
|
(11.4
|
)
|
Total
Export Market
|
|
|
3,464,496
|
|
|
|
2,842,732
|
|
|
|
3,175,937
|
|
|
|
3,233,388
|
|
|
|
917
|
|
|
|
1,137
|
|
|
|
21.9
|
|
|
|
(1.8
|
)
|
|
|
(19.4
|
)
|
TOTAL
|
|
|
4,095,668
|
|
|
|
3,408,851
|
|
|
|
4,260,514
|
|
|
|
4,331,148
|
|
|
|
1,040
|
|
|
|
1,271
|
|
|
|
20.1
|
|
|
|
(1.6
|
)
|
|
|
(18.1
|
)
|
Appendix
II – Income Statements
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R$
million
|
|
|
|
3Q09
|
|
|
2Q09
*
|
|
|
3Q08
pro forma
|
|
|
QoQ
%
|
|
|
|
|
R$
|
|
|
AV%
|
|
|
|
R$
|
|
|
AV%
|
|
|
|
R$
|
|
|
AV%
|
|
|
3Q09/2Q09
|
|
|
3Q09/3Q08
|
|
Net
Revenue
|
|
|
1,402
|
|
|
|
100
|
%
|
|
|
1,471
|
|
|
|
100
|
%
|
|
|
1,407
|
|
|
|
100
|
%
|
|
|
-5
|
%
|
|
|
0
|
%
|
Domestic
Sales
|
|
|
347
|
|
|
|
25
|
%
|
|
|
317
|
|
|
|
22
|
%
|
|
|
324
|
|
|
|
23
|
%
|
|
|
10
|
%
|
|
|
7
|
%
|
Export
Sales
|
|
|
1,055
|
|
|
|
75
|
%
|
|
|
1,154
|
|
|
|
78
|
%
|
|
|
1,083
|
|
|
|
77
|
%
|
|
|
-9
|
%
|
|
|
-3
|
%
|
Cost
of sales
|
|
|
(1,164
|
)
|
|
|
-83
|
%
|
|
|
(1,283
|
)
|
|
|
-87
|
%
|
|
|
(1,019
|
)
|
|
|
-72
|
%
|
|
|
-9
|
%
|
|
|
14
|
%
|
Operating
Profit
|
|
|
238
|
|
|
|
17
|
%
|
|
|
188
|
|
|
|
13
|
%
|
|
|
388
|
|
|
|
28
|
%
|
|
|
27
|
%
|
|
|
-39
|
%
|
Selling
and marketing
|
|
|
(78
|
)
|
|
|
-6
|
%
|
|
|
(79
|
)
|
|
|
-5
|
%
|
|
|
(63
|
)
|
|
|
-4
|
%
|
|
|
-2
|
%
|
|
|
25
|
%
|
General
and administrative
|
|
|
(73
|
)
|
|
|
-5
|
%
|
|
|
(63
|
)
|
|
|
-4
|
%
|
|
|
(72
|
)
|
|
|
-5
|
%
|
|
|
16
|
%
|
|
|
1
|
%
|
Financial
Result
|
|
|
571
|
|
|
|
41
|
%
|
|
|
1,368
|
|
|
|
93
|
%
|
|
|
(3,143
|
)
|
|
|
-223
|
%
|
|
|
-58
|
%
|
|
|
-118
|
%
|
Equity
|
|
|
-
|
|
|
|
0
|
%
|
|
|
-
|
|
|
|
0
|
%
|
|
|
45
|
|
|
|
3
|
%
|
|
|
0
|
%
|
|
|
-100
|
%
|
Other
operating (expenses) income
|
|
|
(85
|
)
|
|
|
-6
|
%
|
|
|
(14
|
)
|
|
|
-1
|
%
|
|
|
(180
|
)
|
|
|
-13
|
%
|
|
|
507
|
%
|
|
|
-53
|
%
|
Operating
Income
|
|
|
573
|
|
|
|
41
|
%
|
|
|
1,400
|
|
|
|
95
|
%
|
|
|
(3,025
|
)
|
|
|
-215
|
%
|
|
|
-59
|
%
|
|
|
-119
|
%
|
Income
taxes expenses
|
|
|
(188
|
)
|
|
|
-13
|
%
|
|
|
(457
|
)
|
|
|
-31
|
%
|
|
|
983
|
|
|
|
70
|
%
|
|
|
-59
|
%
|
|
|
-119
|
%
|
Income
before Minority Interest
|
|
|
385
|
|
|
|
27
|
%
|
|
|
943
|
|
|
|
64
|
%
|
|
|
(2,042
|
)
|
|
|
-144
|
%
|
|
|
-59
|
%
|
|
|
-119
|
%
|
Minority
Interest
|
|
|
(204
|
)
|
|
|
-15
|
%
|
|
|
(410
|
)
|
|
|
-28
|
%
|
|
|
1,456
|
|
|
|
104
|
%
|
|
|
-50
|
%
|
|
|
-114
|
%
|
Net
Income (Loss)
|
|
|
181
|
|
|
|
13
|
%
|
|
|
533
|
|
|
|
36
|
%
|
|
|
(586
|
)
|
|
|
-41
|
%
|
|
|
-66
|
%
|
|
|
-131
|
%
|
Depreciation,
amortization and depletion
|
|
|
325
|
|
|
|
23
|
%
|
|
|
319
|
|
|
|
22
|
%
|
|
|
237
|
|
|
|
17
|
%
|
|
|
2
|
%
|
|
|
37
|
%
|
EBITDA
|
|
|
327
|
|
|
|
23
|
%
|
|
|
351
|
|
|
|
24
|
%
|
|
|
310
|
|
|
|
22
|
%
|
|
|
-7
|
%
|
|
|
5
|
%
|
Corporate
Restructuring expenses
|
|
|
19
|
|
|
|
1
|
%
|
|
|
22
|
|
|
|
1
|
%
|
|
|
-
|
|
|
|
0
|
%
|
|
|
-14
|
%
|
|
|
100
|
%
|
Amortization
of Intangible Assets
|
|
|
7
|
|
|
|
0
|
%
|
|
|
7
|
|
|
|
0
|
%
|
|
|
-
|
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
100
|
%
|
Goodwill
amortization
|
|
|
-
|
|
|
|
0
|
%
|
|
|
-
|
|
|
|
|
|
|
|
66
|
|
|
|
5
|
%
|
|
|
0
|
%
|
|
|
-100
|
%
|
Fixed
Assets disposals
|
|
|
13
|
|
|
|
1
|
%
|
|
|
-
|
|
|
|
|
|
|
|
9
|
|
|
|
1
|
%
|
|
|
100
|
%
|
|
|
44
|
%
|
Accruals
for losses on ICMS credits
|
|
|
16
|
|
|
|
1
|
%
|
|
|
3
|
|
|
|
0
|
%
|
|
|
93
|
|
|
|
7
|
%
|
|
|
433
|
%
|
|
|
-83
|
%
|
Accounting
practices standardization
|
|
|
44
|
|
|
|
3
|
%
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
0
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
Building
of inventories - Três Lagoas
|
|
|
-
|
|
|
|
0
|
%
|
|
|
6
|
|
|
|
0
|
%
|
|
|
-
|
|
|
|
0
|
%
|
|
|
-100
|
%
|
|
|
0
|
%
|
Effect
of Conpacel
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
20
|
|
|
|
1
|
%
|
|
|
0
|
%
|
|
|
-100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
consolidated (inc. 50% Conpacel)
|
|
|
426
|
|
|
|
30
|
%
|
|
|
389
|
|
|
|
26
|
%
|
|
|
498
|
|
|
|
35
|
%
|
|
|
9
|
%
|
|
|
-14
|
%
|
Nota : The Balance Sheet regarding
September/08 has been reclassified in order to have a better comparison with
changes introduced by Law 11.638/07.
INCOME
STATEMENT
|
|
Fibria
- Consolidated
|
|
|
|
|
R$
million
|
|
|
|
Jan-Sep
2009
|
|
|
Jan-Sep
2008 pro forma
|
|
|
|
|
R$
|
|
|
AV%
|
|
|
|
R$
|
|
|
AV%
|
|
Net
Revenue
|
|
|
4,302
|
|
|
|
100
|
%
|
|
|
4,360
|
|
|
|
100
|
%
|
Domestic
Sales
|
|
|
967
|
|
|
|
22
|
%
|
|
|
842
|
|
|
|
19
|
%
|
Export
Sales
|
|
|
3,335
|
|
|
|
78
|
%
|
|
|
3,518
|
|
|
|
81
|
%
|
Cost
of sales
|
|
|
(3,608
|
)
|
|
|
-84
|
%
|
|
|
(3,069
|
)
|
|
|
-70
|
%
|
Operating
Profit
|
|
|
694
|
|
|
|
16
|
%
|
|
|
1,291
|
|
|
|
30
|
%
|
Selling
and marketing
|
|
|
(233
|
)
|
|
|
-5
|
%
|
|
|
(188
|
)
|
|
|
-4
|
%
|
General
and administrative
|
|
|
(200
|
)
|
|
|
-5
|
%
|
|
|
(191
|
)
|
|
|
-4
|
%
|
Financial
Result
|
|
|
1,837
|
|
|
|
43
|
%
|
|
|
(2,774
|
)
|
|
|
-64
|
%
|
Equity
|
|
|
(1
|
)
|
|
|
0
|
%
|
|
|
(1
|
)
|
|
|
0
|
%
|
Other
operating (expenses) income
|
|
|
(87
|
)
|
|
|
-2
|
%
|
|
|
(359
|
)
|
|
|
0
|
%
|
Operating
Income
|
|
|
2,010
|
|
|
|
47
|
%
|
|
|
(2,222
|
)
|
|
|
-51
|
%
|
Income
taxes expenses
|
|
|
(682
|
)
|
|
|
-16
|
%
|
|
|
801
|
|
|
|
18
|
%
|
Income
before Minority Interest
|
|
|
1,328
|
|
|
|
31
|
%
|
|
|
(1,421
|
)
|
|
|
-33
|
%
|
Minority
Interest
|
|
|
(620
|
)
|
|
|
-14
|
%
|
|
|
1,079
|
|
|
|
25
|
%
|
Net
Income (Loss)
|
|
|
708
|
|
|
|
16
|
%
|
|
|
(342
|
)
|
|
|
-8
|
%
|
Depreciation,
amortization and depletion
|
|
|
902
|
|
|
|
21
|
%
|
|
|
665
|
|
|
|
15
|
%
|
EBITDA
|
|
|
1,076
|
|
|
|
25
|
%
|
|
|
1,218
|
|
|
|
28
|
%
|
Corporate
Restructuring expenses
|
|
|
44
|
|
|
|
1
|
%
|
|
|
-
|
|
|
|
-
|
|
Amortization
of Intangible Assets
|
|
|
14
|
|
|
|
0
|
%
|
|
|
-
|
|
|
|
0
|
%
|
Goodwill
amortization
|
|
|
-
|
|
|
|
0
|
%
|
|
|
201
|
|
|
|
5
|
%
|
Fixed
Assets disposals
|
|
|
(9
|
)
|
|
|
0
|
%
|
|
|
21
|
|
|
|
0
|
%
|
Accruals
for losses on ICMS credits
|
|
|
21
|
|
|
|
0
|
%
|
|
|
133
|
|
|
|
3
|
%
|
Accounting
practices standardization
|
|
|
44
|
|
|
|
1
|
%
|
|
|
-
|
|
|
|
0
|
%
|
Others
|
|
|
(2
|
)
|
|
|
0
|
%
|
|
|
(2
|
)
|
|
|
0
|
%
|
Building
of inventories - Três Lagoas
|
|
|
6
|
|
|
|
0
|
%
|
|
|
|
|
|
|
0
|
%
|
Effect
of Conpacel
|
|
|
|
|
|
|
|
|
|
|
80
|
|
|
|
2
|
%
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
consolidated (inc. 50% Conpacel)
|
|
|
1,194
|
|
|
|
28
|
%
|
|
|
1,651
|
|
|
|
38
|
%
|
21
Appendix
III – Balance Sheet
Balance
Sheet
|
|
|
|
|
|
|
|
|
|
R$
million
|
|
|
|
|
|
|
|
|
|
SEP/
08 pro
|
|
|
|
SEP/
09
|
|
|
JUN/
09*
|
|
|
forma
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
6,761
|
|
|
|
5,404
|
|
|
|
4,607
|
|
Cash
and cash equivalents
|
|
|
2,042
|
|
|
|
2,371
|
|
|
|
2,039
|
|
Securities
|
|
|
330
|
|
|
|
491
|
|
|
|
-
|
|
Held
to maturity securities
|
|
|
94
|
|
|
|
47
|
|
|
|
-
|
|
Derivative
instruments
|
|
|
57
|
|
|
|
29
|
|
|
|
-
|
|
Trade
Accounts Receivable, net
|
|
|
684
|
|
|
|
732
|
|
|
|
739
|
|
Inventories
|
|
|
1,020
|
|
|
|
973
|
|
|
|
1,130
|
|
Recoverable
taxes
|
|
|
407
|
|
|
|
450
|
|
|
|
505
|
|
Deferred
income taxes
|
|
|
40
|
|
|
|
47
|
|
|
|
72
|
|
Assets
available for sale
|
|
|
1,922
|
|
|
|
97
|
|
|
|
|
|
Others
|
|
|
165
|
|
|
|
167
|
|
|
|
122
|
|
NON-CURRENT
ASSETS
|
|
|
1,677
|
|
|
|
1,902
|
|
|
|
1,463
|
|
Held
to maturity securities
|
|
|
71
|
|
|
|
108
|
|
|
|
-
|
|
Financial
investments
|
|
|
-
|
|
|
|
-
|
|
|
|
6
|
|
Deferred
income taxes
|
|
|
912
|
|
|
|
1,071
|
|
|
|
741
|
|
Recoverable
taxes
|
|
|
256
|
|
|
|
283
|
|
|
|
266
|
|
Judicial
deposits and compulsory loans
|
|
|
32
|
|
|
|
23
|
|
|
|
21
|
|
Others
|
|
|
406
|
|
|
|
417
|
|
|
|
429
|
|
|
|
|
20,297
|
|
|
|
21,959
|
|
|
|
15,799
|
|
Investments
|
|
|
17
|
|
|
|
21
|
|
|
|
49
|
|
Property,
plant & equipment , net
|
|
|
15,039
|
|
|
|
16,848
|
|
|
|
14,927
|
|
Intangible
assets
|
|
|
5,241
|
|
|
|
5,090
|
|
|
|
823
|
|
TOTAL
ASSETS
|
|
|
28,735
|
|
|
|
29,265
|
|
|
|
21,869
|
|
LIABILITIES
|
|
SEP/
09
|
|
|
JUN/
09
|
|
|
SEP/
08
|
|
CURRENT
LIABILITIES
|
|
|
5,203
|
|
|
|
5,556
|
|
|
|
4,743
|
|
Short-term
debt
|
|
|
2,628
|
|
|
|
2,614
|
|
|
|
1,899
|
|
Trade
Accounts Payable
|
|
|
382
|
|
|
|
423
|
|
|
|
401
|
|
Payroll
and related charges
|
|
|
129
|
|
|
|
113
|
|
|
|
123
|
|
Tax
Liability
|
|
|
7
|
|
|
|
7
|
|
|
|
113
|
|
Taxes
on Income
|
|
|
11
|
|
|
|
29
|
|
|
|
38
|
|
Derivative
instruments
|
|
|
75
|
|
|
|
98
|
|
|
|
2,108
|
|
Dividends
and Interest attributable to capital payable
|
|
|
1
|
|
|
|
1
|
|
|
|
9
|
|
Stock
acquisition payable
|
|
|
1,816
|
|
|
|
2,204
|
|
|
|
-
|
|
Others
|
|
|
154
|
|
|
|
67
|
|
|
|
52
|
|
NON-CURRENT
LIABILITIES
|
|
|
13,582
|
|
|
|
14,121
|
|
|
|
8,496
|
|
Long-term
debt
|
|
|
9,405
|
|
|
|
9,954
|
|
|
|
5,909
|
|
Trade
Accounts Payable
|
|
|
13
|
|
|
|
13
|
|
|
|
-
|
|
Accrued
liabilities for legal proceedings
|
|
|
351
|
|
|
|
534
|
|
|
|
524
|
|
Deferred
income taxes , net
|
|
|
240
|
|
|
|
204
|
|
|
|
141
|
|
Negative
Goodwill VCP-MS
|
|
|
1,781
|
|
|
|
1,781
|
|
|
|
1,781
|
|
Stock
acquisition payable
|
|
|
1,621
|
|
|
|
1,515
|
|
|
|
-
|
|
Others
|
|
|
171
|
|
|
|
121
|
|
|
|
141
|
|
Minority
interest
|
|
|
1,106
|
|
|
|
924
|
|
|
|
3,490
|
|
SHAREHOLDERS'
EQUITY
|
|
|
8,844
|
|
|
|
8,663
|
|
|
|
5,140
|
|
Issued
Share Capital
|
|
|
7,057
|
|
|
|
7,057
|
|
|
|
3,052
|
|
Capital
Reserve
|
|
|
3
|
|
|
|
3
|
|
|
|
3
|
|
Revaluation
Reserve
|
|
|
11
|
|
|
|
11
|
|
|
|
13
|
|
Legal
Reserve
|
|
|
248
|
|
|
|
248
|
|
|
|
248
|
|
Retained
earnings
|
|
|
1,525
|
|
|
|
1,344
|
|
|
|
1,824
|
|
TOTAL
LIABILITIES
|
|
|
28,735
|
|
|
|
29,264
|
|
|
|
21,869
|
|
Note: The
Balance Sheet regarding september/08 has been reclassified in order to have a
better comparison with changes introduced by Law 11.638/07.
Appendix
IV – Cash Flow Statements
Cash
Flow Statement
|
|
|
|
|
|
|
|
|
|
3Q08 pro
|
|
|
|
|
3Q09
|
|
|
|
2Q09*
|
|
|
forma
|
|
|
|
|
|
|
|
|
|
|
|
R$
million
|
|
NET
INCOME
|
|
|
573
|
|
|
|
1,400
|
|
|
|
(3,025
|
)
|
Adjustments
to reconcile net income to cash provided by operating activities
:
|
|
|
|
|
|
|
|
|
|
|
|
|
(+)
Depreciation, depletion and amortization
|
|
|
325
|
|
|
|
319
|
|
|
|
237
|
|
(+)
Foreign exchange and unrealized (gains) losses, net
|
|
|
(692
|
)
|
|
|
(1,568
|
)
|
|
|
839
|
|
(+)
Fair value of financial instruments
|
|
|
(16
|
)
|
|
|
(167
|
)
|
|
|
-
|
|
(+)
Gain on swap contracts
|
|
|
-
|
|
|
|
-
|
|
|
|
2,143
|
|
(+)
Equity
|
|
|
-
|
|
|
|
-
|
|
|
|
(45
|
)
|
(+)
Minority interest
|
|
|
1
|
|
|
|
(10
|
)
|
|
|
(1
|
)
|
(+)
Gain on held to maturity securities
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
-
|
|
(+)
Loss (gain) on disposal of Property, Plant and Equipment
|
|
|
(3
|
)
|
|
|
(4
|
)
|
|
|
31
|
|
(+)
Debt present value adjustment - Aracruz shares
|
|
|
121
|
|
|
|
106
|
|
|
|
-
|
|
(+)
Negative goodwill realization
|
|
|
-
|
|
|
|
-
|
|
|
|
(16
|
)
|
(+)
Goodwill amortization
|
|
|
-
|
|
|
|
|
|
|
|
66
|
|
(+)
Assets amortization of business combination
|
|
|
23
|
|
|
|
21
|
|
|
|
-
|
|
(+)
Accrued liabilities for legal proceedings and others
|
|
|
(158
|
)
|
|
|
16
|
|
|
|
128
|
|
(+)
Interest on loan accrual
|
|
|
72
|
|
|
|
69
|
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in operating assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
|
9
|
|
|
|
306
|
|
|
|
-
|
|
Trade
accounts receivable
|
|
|
(106
|
)
|
|
|
1
|
|
|
|
112
|
|
Inventories
|
|
|
(110
|
)
|
|
|
53
|
|
|
|
(203
|
)
|
Taxes
on income and other taxes
|
|
|
14
|
|
|
|
(15
|
)
|
|
|
(80
|
)
|
Credits
from related parties
|
|
|
(2
|
)
|
|
|
(3
|
)
|
|
|
-
|
|
Advance
to suppliers and others
|
|
|
(11
|
)
|
|
|
25
|
|
|
|
(84
|
)
|
Judicial
deposits
|
|
|
(13
|
)
|
|
|
(3
|
)
|
|
|
(25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in operating liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
Accounts Payable
|
|
|
16
|
|
|
|
7
|
|
|
|
(72
|
)
|
Taxes
on income and other taxes
|
|
|
(9
|
)
|
|
|
11
|
|
|
|
47
|
|
Payroll,
profit sharing and related charges
|
|
|
26
|
|
|
|
25
|
|
|
|
36
|
|
Others
|
|
|
5
|
|
|
|
17
|
|
|
|
23
|
|
Contingences
paid
|
|
|
21
|
|
|
|
(3
|
)
|
|
|
(6
|
)
|
Leasing
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
paid on loans
|
|
|
(36
|
)
|
|
|
(119
|
)
|
|
|
(51
|
)
|
Taxes
on income and other taxes
|
|
|
(15
|
)
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
CASH
FLOW FROM OPERATING ACTIVITIES
|
|
|
32
|
|
|
|
481
|
|
|
|
108
|
|
Investment
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
of an interest in an affiliate net of cash acquired
|
|
|
(466
|
)
|
|
|
(522
|
)
|
|
|
(73
|
)
|
Property,
Plant and Equipment Acquisition
|
|
|
(269
|
)
|
|
|
(357
|
)
|
|
|
(873
|
)
|
Advances
for PPE acquisitions
|
|
|
(2
|
)
|
|
|
(30
|
)
|
|
|
-
|
|
Acquisition
(disposal) of Intangible assets
|
|
|
14
|
|
|
|
(5
|
)
|
|
|
(1
|
)
|
Purchase
of Held to Maturity Securities
|
|
|
-
|
|
|
|
(155
|
)
|
|
|
-
|
|
Financial
investments
|
|
|
81
|
|
|
|
(45
|
)
|
|
|
-
|
|
Short-term
investiments
|
|
|
-
|
|
|
|
-
|
|
|
|
(31
|
)
|
Revenues
on Property, Plant and Equipment Sales
|
|
|
(1
|
)
|
|
|
22
|
|
|
|
-
|
|
Net
effect of Ripasa / Drop down
|
|
|
|
|
|
|
|
|
|
|
44
|
|
Disposal
of investments
|
|
|
-
|
|
|
|
-
|
|
|
|
67
|
|
Settlement
of financial instruments
|
|
|
(33
|
)
|
|
|
(56
|
)
|
|
|
100
|
|
Credits
receivable from swap contracts
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOW FROM INVESTING ACTIVITIES
|
|
|
(676
|
)
|
|
|
(1,148
|
)
|
|
|
(760
|
)
|
Financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
774
|
|
|
|
619
|
|
|
|
1,081
|
|
Repayments
|
|
|
(426
|
)
|
|
|
(649
|
)
|
|
|
(279
|
)
|
Subscription
of capital in cash
|
|
|
-
|
|
|
|
632
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOW FROM FINANCING ACTIVITIES
|
|
|
348
|
|
|
|
602
|
|
|
|
802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
variation effect on cash and cash equivalents
|
|
|
(33
|
)
|
|
|
(54
|
)
|
|
|
77
|
|
Net
increase (decrease) in cash and cash equivalents
|
|
|
(329
|
)
|
|
|
(119
|
)
|
|
|
227
|
|
Cash
and cash equivalent at beginning of period
|
|
|
2,371
|
|
|
|
2,490
|
|
|
|
1,812
|
|
Cash
and cash equivalent at end of period
|
|
|
2,042
|
|
|
|
2,371
|
|
|
|
2,039
|
|
Note: The Balance Sheet
regarding september/08 has been reclassified in order to have a better
comparison with changes introduced by Law 11.638/07.
Appendix
V – Economic and Operational Data
Pulp
sales distribution, by region
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
3Q08
|
|
|
3Q09
vs.
2Q09
|
|
|
3Q09
vs.
3Q08
|
|
|
LTM
pro
forma
|
|
Europe
|
|
|
30
|
%
|
|
|
32
|
%
|
|
|
37
|
%
|
|
|
-10
|
%
|
|
|
12
|
%
|
|
|
31
|
%
|
North
America
|
|
|
21
|
%
|
|
|
21
|
%
|
|
|
38
|
%
|
|
|
-2
|
%
|
|
|
-24
|
%
|
|
|
25
|
%
|
Asia
|
|
|
36
|
%
|
|
|
37
|
%
|
|
|
16
|
%
|
|
|
-9
|
%
|
|
|
215
|
%
|
|
|
34
|
%
|
Brazil
|
|
|
11
|
%
|
|
|
9
|
%
|
|
|
10
|
%
|
|
|
24
|
%
|
|
|
61
|
%
|
|
|
9
|
%
|
Exchange Rate
(R$
/ US$)
|
|
|
3Q09
|
|
|
|
2Q09
|
|
|
|
1Q09
|
|
|
|
3Q08
|
|
|
|
2Q08
|
|
|
3Q09
vs.
2Q09
|
|
|
3Q09
vs.
3Q08
|
|
|
2Q09
vs.
1Q09
|
|
|
3Q08
vs.
2Q08
|
|
Closing
|
|
|
1,7781
|
|
|
|
1,9516
|
|
|
|
2,3152
|
|
|
|
1,9143
|
|
|
|
1,5919
|
|
|
|
-8,9
|
%
|
|
|
-7,1
|
%
|
|
|
-15,7
|
%
|
|
|
20,3
|
%
|
Average
|
|
|
1,8676
|
|
|
|
2,0728
|
|
|
|
2,3113
|
|
|
|
1,6687
|
|
|
|
1,6560
|
|
|
|
-9,9
|
%
|
|
|
11,9
|
%
|
|
|
-10,3
|
%
|
|
|
0,8
|
%
|
Pulp
list price per region
(US$/t)
|
|
Nov.08
|
|
|
Dec.08
|
|
|
Jan.09
|
|
|
Feb.09
|
|
|
Mar.09
|
|
|
Apr.09
|
|
|
May.09
|
|
|
Jun.09
|
|
|
Jul.09
|
|
|
Aug.09
|
|
|
Sep.09
|
|
North
America
|
|
|
745
|
|
|
|
680
|
|
|
|
640
|
|
|
|
610
|
|
|
|
570
|
|
|
|
540
|
|
|
|
540
|
|
|
|
560
|
|
|
|
590
|
|
|
|
610
|
|
|
|
650
|
|
Europe
|
|
|
660
|
|
|
|
600
|
|
|
|
550
|
|
|
|
515
|
|
|
|
500
|
|
|
|
475
|
|
|
|
500
|
|
|
|
500
|
|
|
|
530
|
|
|
|
560
|
|
|
|
600
|
|
Asia*
|
|
|
550
|
|
|
|
430
|
|
|
|
500
|
|
|
|
470
|
|
|
|
450
|
|
|
|
450
|
|
|
|
460
|
|
|
|
490
|
|
|
|
520
|
|
|
|
540
|
|
|
|
580
|
|
Source:
RISI
Financial Indicators
|
|
|
3Q09
|
|
|
|
2Q09*
|
|
|
1Q09
pro
forma
|
|
|
4Q08
pro
forma
|
|
|
3Q08
pro
forma
|
|
|
2Q08
pro
forma
|
|
|
1Q08
pro
forma
|
|
|
4Q07
pro
forma
|
|
Net
Debt / Adjusted EBITDA (LTM)
|
|
|
7,2
|
|
|
|
7,2
|
|
|
|
7,8
|
|
|
|
5,5
|
|
|
|
3,5
|
|
|
|
2,3
|
|
|
|
1,8
|
|
|
|
1,7
|
|
Net
debt / Total capital (gross debt + net equity)
|
|
|
0,6
|
|
|
|
0,7
|
|
|
|
0,7
|
|
|
|
0,6
|
|
|
|
0,5
|
|
|
|
0,4
|
|
|
|
0,4
|
|
|
|
0,4
|
|
Cash
+ EBITDA (LTM) / Short-term Debt
|
|
|
0,8
|
|
|
|
0,9
|
|
|
|
0,9
|
|
|
|
0,7
|
|
|
|
1,1
|
|
|
|
1,9
|
|
|
|
3,1
|
|
|
|
3,8
|
|
24
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
Votorantim Celulose e Papel S.A.
|
|
|
|
Date:
November 16, 2009
|
|
By:
|
|
/s/ Marcos
Grodetzky
|
|
|
Name:
|
|
Marcos
Grodetzky
|
|
|
Title:
|
|
Treasury and Investor Relations
Officer
|
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