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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.
3
Agenda
01 | Corporate Overview and Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
4
Corporate Overview
Suzano is a forestry-based company, publicly traded, controlled by Suzano Holding. Suzano operates in the pulp and paper businesses.
Capital Structure (9/30/11)
Free Float Controlling
Group
Treasury
54%
3%
43%
2nd largest eucalyptus pulp producer in the
world
8th largest market pulp producer in the world
Pulp production costs: one of the lowest in
the world
Leader in the regional paper market
Certified plantations and products
Organic Growth in pulp: +3 MM/ton/year
New businesses: biotechnology and wood
pellets for energy
Market cap: R$3.4 billion on 9/30/11
Forests
Miils
Ports
Railroad
Portocel
Vitória
Pecém Port
Itaqui Port
Mucuri
Santos
Limeira
Suzano
Rio Verde
Embu
“Norte e Sul”
Railroad
“Carajás”
Railroad
Piauí Maranhão
Transnordestina
5
Organizational Structure
The Business Units model provides performance and return assessments in each business independently.
Audit
Paper BU
BU: Business Units
SP: Service Providers
BD Commitees
SP Corporate Dev.
Board of Directors (BD)
9 members (4 independent)
CEO and Strategy
SP Operations
SP Finance and IR
SP Human Resources
Pulp BU Forestry BU
Sustainability
and Strategy
Management
6
Products and Diversified Markets
Suzano’s products portfolio is made of market pulp, paperboard, uncoated paper and coated paper.
Net Revenue 55% Exports / 45% Domestic Market
R$4.7 billion
Market Pulp 2nd eucalyptus market pulp producer
43%
Paper
57%
Printing and Writing
42%
Uncoated 2nd in Brazil with 30% market share
35%
Coated 1st in Brazil with 19% market share
7%
Paperboard 2nd in Brazil with 26% market share
13%
Note: Figures of last 12 months ending on 9/30/2011.
Other paper represented 2% of net revenue on the period.
The market share data includes paper imports.
7
Timeline
Suzano has over 80 years of operation.
1924 until 1940 1950 1960 until 1990 2000 2024
7
1939
1955
1956
1960
1975
1982 2005
2004
2010
1992
2007
2008
1924
Consolidation as one of the
largest Brazilian Groups
Growth and diversification in the
pulp and paper businesses
Beginning of
operations in the
paper industry
First investment in
the pulp sector
Suzano 2024
Acquisition of
Suzano mill Beginning of paper
exports to Europe
Acquisition of Ripasa (50%)
Start up of the first
paper mill
Start up of Bahia Sul
Pioneerism in
eucalyptus plantation
Leon Feffer starts
paper trading
activities
Acquisition of
Indústrias de Papel
Rio Verde’s control
Launch of Report
Adoption of Bovespa’s Level I
corporate governance
standards and Professional
Management
Start up of Line 2
at Mucuri
Merger with
Bahia Sul
New Growth Cycle
Suzano Renewable
Energy
Acquisition of
FuturaGene,
PLC.
Acquisition of 50%
of Conpacel and
KSR.
8
Strategy – Suzano 2024
Forestry competency consolidates the pulp business and enables new business opportunities
in Biotechnology and Renewable Energy.
Operational
excellence
in paper
Wood pellets
Organic
growth
in pulp
Biotechnology
Forestry
Competency
9
Organic Growth in Pulp
Suzano’s production capacity has increased by 130% in the last 6 years. The Company is prepared for a new growth cycle that will increase its capacity to 6.2 MM ton/year of pulp and paper by 2016.
784 915 1,080 1,100 1,100 1,100 1,100 1,290 1,290 1,290 1,290 1,290 1,290 456 570
640 820 1,650 1,750 1,750
1,920 1,920
3,420 3,420 3,420
4,920
1,240 1,485
1,720 1,920
2,750 2,850 2,850 3,210 3,210
4,710 4,710 4,710
6,210
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e 2014e 2015e 2016e
Piauí
Unit
Maranhão
Unit
Paper Pulp
Note: Investment decision on Piauí Project expected for 1H14.
10
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
Agenda
Forestry Assets
Suzano’s forestry expertise, developed over years of consistent investments in R&D, allows the Company to expand its forestry assets to a new frontier: the northeast region of Brazil.
2011
Total area (tsd ha) 1 800
Total planted area (tsd ha) 2 446
Own planted area (tsd ha) 1 343
Forest Partnership Program (tsd ha) 103
Own Preserved Area (tsd ha) 1 299
Average Distance in Bahia (km) 75
Average Distance in São Paulo (km) 246
Base 9/30/2011 1 Own and leased areas 2 Figures consider own, leased and third-parties areas
2011
Annual planting (tsd ha) 90
Planted seedlings / day (tsd) 368 Total: 188 tsd ha
Planted: 118 tsd ha
Total: 226 tsd ha
Planted:
131 tsd ha
Total: 385 tsd ha
Planted: 94 tsd ha
SP
BA, ES and MG
MA, PI and TO
SP
MG
BA
ES
TO
PI
MA
11 Note: Both own and leased land can suffer variation up to 5% quarter over quarter.
The total amount can differ due to rounding.
Forestry Competitiveness
Suzano’s innovation present in its DNA, responsible forest management and operational excellence enabled the leverage of competitiveness.
Investments in technology guarantee a highly
diversified genetic portfolio, which is suitable for
different regions
+ 14 mil thousand clones developed | 800 field trials | 4 thousand hectares
Genetic enhancement
Biotechnology
Forestry management
Sustainability
Operational excellence
Productivity + +
12
Evolution of Maranhão Forests
80’s 90’s 00’s 10’s
Forestry Technology
Nurseries with high technology standards guarantees production efficiency.
Suzano’a pioneering and innovation
enable the development of extensive
genetic base and improvement of
stewardship techniques
Highly qualified forestry technology
team(42 researchers: 2 PhDs and 8
Masters Degrees)
Suzano/Futuragene technology center
Technology Center
Nurseries (85mm total seedling capacity)
Suzano
Seedling
capacity of
12mm
Limeira
Seedling
capacity of
8mm
Mucuri
Seedling
capacity of
20mm
Maranhão
Seedling
capacity of
15mm
Piauí
Seedling
capacity of
30mm
Brazil’s most
modern nursery
13
Forestry Competitiveness in Brazil
Brazil presents competitive advantages to support continuous increase of its global forestry standing.
14
44 41
25 25 20
13
6 4
Source: ABRAF, BRACELPA, Poyry, Adapted by STCP Consulting
Hardwood Productivity (m³/ha/year)
Suzano’s
Eucalyptus
Brazil Australia South
Africa Portugal USA Finland Chile
Competitive Advantages
Availability of productive land
Excellent soil and climate conditions
Short harvesting cycle for planted forests
Opportunity to recovery degraded areas
Low establishments and maintenance costs
Pulp Productivity
5.5 admt1/ha/year 11 admt1/ha/year
Biotechnology
1980 2011
+100%
Source: Suzano
More wood / hectare
More pulp / m³
Superior quality
Smaller area
Decreasing costs / m³
1Admt: air dried metric ton
15
Agenda
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
Paperboard 2nd in Brazil
Paper Assets Operational excellence in paper: revenue and products portfolio management, asset
optimization, and strengthening of distribution channels.
658 591 643 733
504 524 513 518
1,162 1,115 1,156 1,251
2008 2009 2010 UDM
Sales Volume (tsd ton) Sales Destination – LTM1
Others
Europe
North Am.
South/Central Am. Brazil 59%
3%
17%
9% 12%
Domestic Market Exports
Leadership in printing & writing and white paperboard in South America
More than 90% integrated production (pulp + paper)
Fx hedge: approximately 65% of paper revenue in local currency
Lower price volatility in the domestic market
Paper merchants: KSR e SPP NEMO: largest in Latin America Stenfar: top 5 in Argentina
26%
Paper
Printing & Writing
Coated 1st in Brazil
Uncoated 2nd in Brazil
30%
19%
16 1 LTM - last 12 months ending on 9/30/2011
Suzano Market Share in the Domestic Market – LTM1
Focus in the Domestic Market Lower price volatility, better margins and important cash flow generator.
Pap
erb
oard
P
rin
tin
g &
Wri
tin
g
Average Net Price (base 100 in Oct/2008)
Paperboard
Domestic Market
Market dominance in high value added segments
Low level presence of imports
Growth of the consumer industry
Printing & Writing
Domestic Market
Imports: high concentration of coated
Exchange rate’s effects
Fiscal control of Immune paper operations
60
80
100
120
140
Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11
Domestic
Market
92
Exports
106
60
80
100
120
140
Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11
Domestic
Market
103
Exports
115
17 Note: Prices of domestic market in R$; prices of exports in US$
Average Net Price (base 100 in Oct/2008)
Paper Market Growth
Economic growth in emerging markets favors paper consumption.
1 Woodfree Printing & Writing paper I 2 Latin America excluding Brazil I 3 Paperboard + liquid packaging board
Source: RISI and Poyry (nov/2011)
Global
2011e Paper Demand (tsd ton)
2,989
Uncoated
Paperboard3
Coated
972 1.837
2.366 54.180
2,017 { 652
1,365
Printing &
Writing1
Brazil
4,994
1,816
812
2,366
Latin America2
3,178 { 2.366
128,601
46,948
27,473
54,180
{ 81,653
CAGR 2011e – 2016e Brazil Latin America2 Global
Paperboard3 +3.3% +3.8% +3.0%
Printing & Writing1 +3.4% +3.2% +1.0%
Coated +3.2% +3.3% +1.0%
Uncoated +3.5% +3.2% +1.1%
18
Paper Demand Growth Drivers
Historically there is a high correlation between GDP and paper consumption.
1 Excluding China and Japan
Source: 2010 paper consumption data from Poyry (nov/2011) and 2010 GDP per capita information from World Bank (sep/2011)
China
68 kg/ha/year
GDP per capita:
US$4 tsd
EUA
233 kg/ha/year
GDP per capita: US$47 tsd
India
9 kg/ha/year
GDP per capita: US$1 tsd
Brazil
47 kg/ha/year
GDP per capita: US$11 tsd
19
North America
226 kg/ha/year
Latin America
44 kg/ha/year
Asia1
19 kg/ha/year
Europe
Western: 185 kg/ha/year
Eastern: 47 kg/ha/year
Coated Paper
The share of coated paper imports is high as Brazilian production does not completely meet demand.
Coated Paper Production and Demand (tsd ton)
Imports share in the Brazilian Market (%)
Measures adopted by the
Brazilian authorities to reduce
deviation use for tax exempt
paper and BRL depreciation
helped decreasing imports
market share
317 304 285 294
182
450 525
486
632
432
2007 2008 2009 2010 9M11
Production Demand
40% 44% 47%
57%
70% 69% 72% 66%
56% 60%
55% 56% 53%
2007 2008 2009 2010 jan-11 fev-11 mar-11 abr-11 mai-11 jun-11 jul-11 ago-11 set-11
2.00 1.95 1.84 Average
R$/US$ 1.76 1.68 1.69 1.66 1.59 1.61 1.59 1.56 1.60 1.74
RECOPI1 Licenses Fees
20
1 Brazilian Government Program to control tax exempt paper imports
Source: Bracelpa
21
Agenda
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
Pulp Assets
Sustainable and organic growth: presence in main international markets and strategic relationship with clients.
Technical support in each international office:
China, Switzerland and USA
80% of total sales with long term contracts
More than 150 active clients
Strategic long-term partnerships with clients:
Logistics
Technology
Pre and post sale technical assistance
Strategic focus on high value added segments
Sales Volume (tsd ton)
Printing &
Writing
Tissue
Special
Others
Sales per Segment – LTM1
Europe
Asia
North Am.
South/Central Am.
Brazil
Pulp Sales Destinations – LTM1
20%
34%
34%
1%
11%
32%
37%
23%
8%
232 261 297 346
1,089
1,519 1,310 1,366
1,321
1,780 1,607
1,712
2008 2009 2010 LTM
Domestic Market Exports
22 1 Note: LTM - last 12 months ending on 9/30/2011
22
3
9
16
2011e
207
29 45
114
2011e
Pulp Organic Growth Fundamentals
Market pulp accounts for 13% of total fibers for paper production.
23 23
1 Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp
Source: Poyry (nov/2011) and Suzano
Mill
ion t
on
Printing &
Writing
Tissue
Paperboard
Corrugated
Newsprint
Others
395
Production (MM ton)
Minerals
51%
49%
72%
28%
8%
8%
128
50
Virgin fiber
Recycled
185
178
Global
production of
paper
Total fiber
consumption
363
395
BSKP3
50
Others
BHKP2
BEKP1
Pulp and Paper Production Chain – 2011e
Integrated
pulp
Market pulp
Market Pulp Demand opportunities:
1% reduction in recycled paper =
+1.9 MM ton/year of market pulp
1% reduction in integrated capacity =
+1.3 MM ton/year of market pulp
2% growth in paper consumption =
+1.0 MM ton/year of market pulp
Pulp Organic Growth Fundamentals
Demand for paper and paperboard is forecasted to grow 42 million tonnes (2010-2015e).
24 24 24
Paper and paperboard demand forecast until 2015e
0
50
100
150
200
250
300
350
400
450
1995 2000 2005 2010 2015e
Others1
Mill
ion t
on
Latin America1
Others Asia1
China1
Japan
Eastern Europe1
Western Europe
North America
CAGR: 2.1% p.a. Emerging economies: +4.3% p.a.
CAGR: 2.2% p.a. Emerging economies: +5.7% p.a.
1 Emerging economies includes Latin America, Asia (except for Japan), Middle East, Oceania, Africa and Eastern Europe
Source: Poyry (nov/2011)
Sack
20% 40% 100% 60% 80%
Pulp Organic Growth Fundamentals
Paper demand forecast is growing for grades that are Eucalyptus fiber users over the next years.
25 25 25
Main BEKP end-users
1.5
0.0
-1.5
3.0
4.5
-3.0
Uncoated
mechanical
News-
Coated
woodfree
Other
Grades1
Tissue Carton
board
Container board
CA
GR
20
11e –
20
16
e
(% p
.a.)
Uncoated
woodfree
Coated
mechanical
Paper demand forecast: CAGR (2011e – 2016e) 2.0% p.a.
1 Other grades includes special paper segment
Source: Poyry (nov/2011)
43 44 45 47 47 47 48 50 51 52 53 54
9 10
11
13 14
16 16 17
18 19
20 21
12 11
11 10 9 9 10 9 9 9 9
21 22 22 23
22 22 23
24 24 24 24 24
0
10
20
30
40
50
60
0
5
10
15
20
25
30
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Market BEKP Other BHKP BSKP
Pulp Organic Growth Fundamentals
Eucalyptus pulp has replaced other short fibers and the actual price spread between hardwood and softwood should continue to favor this replacement.
26 26 26
Vo
lum
e b
y fib
er
typ
e
(mill
ion
to
nn
es)
CAGR BEKP: +9.7%a.a | Other BHKP: -3.8%a.a.
.
CAGR BEKP: +5.5% a.a. | Other BHKP: -1.1%a.a.
Market Pulp Demand Projections (2011e – 2015e)
To
tal M
ark
et V
olu
me
(millio
n to
nn
es)
1 Bleached Eucalyptus Kraft Pulp | 2 Bleached Hardwood Kraft Pulp | 3 Bleached Softwood Kraft Pulp
Source: Suzano and data from Poyry (nov/2011) and PPPC (sep/2011)
1 2 3
Brazilian Competitiviness Suzano is in the lowest cash cost region.
BC
625
Eastern
Canada
619
678
France
601 533
Sweden
592
Japan Finland
577
700
Russia
379
Japan
646
China
581
Canada
567
France
527
USA USA BC
Coast
444
Chile
519
Sweden
508
Finland
484
Iberia
443
Indonesia
417
Chile
368
Brazil
330
15,8 million tonnes 8,5 million tonnes 15,4 million tonnes
Low Cost High Cost High Cost Low Cost
2,9 MM ton
Hardwood Softwood
27
Source: Hawkins Wright (Oct/ 2011)
Cash Cost CIF / Europe (US$/tonne)
28
Agenda
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
29 29 29
1. Wood yard
2. Cooking and Fiber lines
3. Dryer
4. Evaporation
5. Boiler
6. Lime kiln
9. Water treatment
10. Effluent treatment
7. Turbo generators
8. Energy distribution and substation
9
8
3
2 4
5
1
6
10
7
Maranhão Unit
State of the art facility technology and top tier suppliers contracted.
Conceptual engineering
Basic engineering
Detailed engineering:
BOP1 and infrastructure
Management of BOP1
implementation and
infrastructure
1 Balance of Plant
Fonte: Poyry and Suzano
Maranhão Unit Schedule
Track record of successfully executing projects on schedule, implementing business plans and meeting budgets.
30 30 30
Market study
Preliminary feasibility
study
Conceptual engineering
General planning
Purchases
Construction and
assembly
Commissioning
Phase IV
Start up
4Q13
Forestry
Purchase of land, licenses, permissions and
plantations
Industrial, port, railway
Environmental licenses
Conceptual and basic engineering
Phase I
BEGINNING
Concluded
Phase II
PLANNING
Ongoing
Phase III
EXECUTION
Ongoing
2011 2012 2013
Infrastructure
Civil work
Erection
Commissioning
Start up
Mar-12
Mar-13
4Q13
Aug-13
Sep - 13
Maranhão Project Construction Status 70% of suppliers already contracted.
31 31 31
Earth moving complete
Infrastructure work has started
Stacking in evaporation area (100% complete)
Stacking in boiler area (95% complete)
Construction of Water Treatment Facility and provisional Sewage Treatment
Facility (90% complete)
Construction of temporary sites (40% complete)
Approximately 1,800 people working on the construction of the Maranhão unit
Approximately 1,400 people working on the forestry base formation
The Secretary of the Environment of Maranhão State has issued:
Pre-Operational License
Planting License, which was renewed in October 2011
0% 20% 40% 60% 80% 100%
Industrial
Forest formation(planted area)
Completed Pending
Suppliers contracted
154,000 ha
Logistic Solution
Railway transportation from the plant to the port and strategic located to export to the main pulp markets.
32 32 32
Port in the São Luís1 region
500 Km through
Carajás railway
100 Km through
Norte-Sul railway
Capacity: 10 production
days
The train will go through the
warehouse, allowing for
loading from both sides
Transit time: around 4 days shorter
to main destinations compared to
ports in the South East of Brazil
Maranhão Unit Model
Warehouse
1 Drawing
Capex Long term financing, grace period and competitive cost.
33
Maranhão Unit
Estimated Forest Capex US$ 575 million
Estimated Industrial Capex1 US$ 2,3 billion
1 Considers exchange rate of R$ 1,80/US$
Maranhão Unit
2011 2012 2013
Estimated Industrial Capex
20% 60% 20%
Funding:
BNDES: R$2.7 billion, 12 years to pay and 3-year grace period
Mandatory convertible debentures: R$1.2 billion
Funding for the imported equipment supported by foreign credit agencies (ECA’s among others)
Cash flow generation
Capex (R$ million) 2009 2010 9M11 2011e
Forest 193 159 148 249
Industrial 0 4 547 905
34
Agenda
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
35 35 35
FuturaGene Biotechnology is on the right side of Sustainability.
Base Case: Suzano Pulp and Paper
907
tsd ha
Less land utilization
Lower forest formation cost
Innovation
Less land utilization
Less water consumption
Less chemical expenditure
Higher carbon sequestration
2015e Planted Area
Necessidade de terras (ha)
Pro
du
tiv
idad
e
Yield Increase
1% 5% 10% 15% 20% 30% 50%
-9 tsd ha -45 tsd ha -90 tsd ha -136 tsd ha -181 tsd ha -272 tsd ha -454 tsd ha
Lan
d
uti
liza
tio
n
36 36 36
FuturaGene is present in 60% of the eucalyptus market
Well positioned to be world leader in forest biotechnology
India
3.9 MM ha
Brazil
3.7 MM ha
China
2.6 MM ha
South Africa
0.6 MM ha
Tailand
0.5 MM ha
Global Eucalyptus Forest Map
Source: GIT Forestry Consulting, http://git-forestry-blog.blogspot.com
FuturaGene Biotechnology is on the right side of Sustainability.
Upside: new business
37
Agenda
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
Project update
Protocol signed with Maranhão government
Ongoing activities:
Forest: Specific clones selected, dedicated plantation (Energy Forests)
Engineering with Promon and Stolberg (Canadian)
Commercial: Advanced negotiation of final contracts with clients
Dedicated team
Suzano Renewable Energy
Forestry competency enables new business opportunities.
38 38 38
3 units: 1 MM ton/year each
Estimated start-up: 2014
Funding: definition of the capital structure
World leader
Initial focus on the European market
Wood pellets for energy, produced from renewable energy-oriented forests
39
Agenda
01 | Strategy
02 | Forestry
03 | Paper
04 | Pulp
05 | Maranhão Unit
06 | Biotechnology
07 | Suzano Renewable Energy
08 | Financial Results
40 40 40
Results Net Revenue and EBITDA
757 1,277 1,377
1,663 1,619 933
1,539 1,609 2,018 2,006
2007 2008 2009 2010 LTM
799
1,320
1,780 1,607 1,712
1,034
1,469 1,161
1,703 1,265
2007 2008 2009 2010 LTM
1,814 1,850 1,657 1,915 2,138
1,596 2,214 2,295
2,599 2,569 3,410
4,064 3,952 4,514 4,707
2007 2008 2009 2010 LTM
1,924
2,482 2,896 2,763
2,963
1,621 1,587 1,426 1,560 1,751
837 937 918 936 950
2,458 2,524 2,344 2,496 2,701
2007 2008 2009 2010 LTM
1,125 1,162
1,116 1,156
1,251
Net Revenue (R$ million) and Volume (tsd tonnes) EBITDA (R$ million) and EBITDA Margin (%)
Paper: Revenue (R$ million) and Volume (tsd tonnes) Pulp: Revenue (R$ million) and Volume (tsd tonnes)
1.65 1.95 1.84 2.00 1.76 Average
R$/US$
Domestic Market Exports Volume
1.65 1.95 1.84 2.00 1.76 Average
R$/US$
30.3%
36.2%
29.4%
37.7%
26.9%
Note: The amounts of 2009, 2010 and LTM include the adjustments introduced by the IFRS standards
LTM - last 12 months ending on 9/30/2011
Domestic Market Exports Volume Domestic Market Exports Volume
41 41 41
Debt Conservative financial policy.
41
Gross Debt (R$ million)
Short Term Long Term
1,492 1,864
5,707
310 34 699 8
6,386
Gross Debt(Jun/11)
Funding /Amortizations
Interest ForeignExchangeVariation
Others Gross Debt(Sep/11)
Debt increased, primarily due to the impact of the
exchange rate variation, with NO cash effect
Robust cash position: R$3.0 billion (Sep./11)
No short-term leverage difficulties: liquidity horizon
of approximately 28 months
The Company has been working on initiatives to
reduce leverage
7,199
8,250
Amortization Schedule (R$ million)
3,610
1,113
455 456
2,616
2011- 2013 2014 2015 2016 2017 onwards
Long-term debt profile
Funding: grace period and lengthier amortization, in
line with cash flow from the projects
Hedge for cash flow, but not for debt
No use of complex or exotic derivatives
42 42
Debt
Leverage can increase temporally due to the growth projects capex, but amortizations are in line with cash flows from these projects.
1.6x 1.6x
2.7x
3.8x 3.7x 3.7x 3.5x
2.0x
4.2x
Ripasa
Acquisition
Implementation
of
Mucuri Project
Start up of
line 2 at
Mucuri
World
economic
crisis
1,647 1,616
2,475
3,919 4,285
5,459
4,111
3,421
5,291
1,000 1,039 913 1,040 1,146 1,469
1,161 1,703
1,265
2003 2004 2005 2006 2007 2008 2009 2010 sep/11
Net Debt (R$ million) EBITDA (R$ million) Net Debt/EBITDA (x)
*
Conpacel
Acquisition
Note: The amounts of 2009, 2010 and LTM include the adjustments introduced by the IFRS standards
* EBITDA of the last 12 months ending on 9/30/2011
Primary
Offer
Bahia Sul
Incorporation
43
Investment Plan
Growth projects will be developed with discipline, respecting Company’s financial solidity.
0.5 0.5 0.5
3.0 3.5
1.7
3.5 4.0
2.2
2011e 2012e 2013e
Estimated Capex (R$ billion)
Sustain Growth
Note: figures do not include investments that may be outsourced
Divestment of Capim Branco (81 MW of installed capacity and 51 MW of assured energy)
Divestment of non-strategic lands
Strategic partnership for Suzano Renewable Energy
Energy pre-sale
Possibility of outsourcing activities
Sale of certain assets in the paper segment
Sale of interest in new projects in the pulp segment
Equity
Em
Es
tud
o
Un
de
r S
tud
y
On
go
ing
Actions to reduce leverage
Why to invest in Suzano?
44 44 44 44
High Level of Own
Energy Production
Low production
costs
Extensive
know-how and
high planted
forest
productivity
Balanced mix
of products
Experienced
Management
Team
Strong
operating
cash flow
Investor Relations
45 45 45 45
Investor Relations
www.suzano.com.br/ir
Board of Directors Experienced and active
46 46 46 46
DAVID FEFFER
Presidente
DANIEL FEFFER
V. Presidente
BORIS TABACOF
V. Presidente
CLÁUDIO SONDER
ANTONIO MEYER
OSCAR BERNARDES
MARCO BOLOGNA
NILDEMAR SECCHES
JORGE FEFFER
Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano
Pulp and Paper S/A and Coordinator of the Management Committee. CEO of IPLF Holding and Nemopar Investimentos Ltda. CEO
and Vice President of the Board of Directors of Polpar S/A. Vice President of Premesa S/A and Vocal.
Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory
Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum.
Executive Vice President of Suzano Holding S/A. Coordinator of Sustainability and Strategy Committee and member of Audit
Committee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO of
Hoechst of Brazil. Board of Directors member of Lojas Renner S/A, RBS Group, Cyrela Brazil Realty, OGX and Chemical Group
DSM/Holanda.
Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s
Board of Directors, President of Premesa, Corporate VP of Suzano Holding, IPLF Holding and Nemopar, President of Vocal and
Nemonorte, Chairman of Ecofuturo Institute’s Board of Directors.
Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy;
Director of Premesa, Corporate VP of Suzano Holding and IPLF Holding, Executive Officer of Nemonorte and Vocal.
Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and former member of the Board of Directors of OAB Brazil.
President of CESA. Former Legal Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and
Director of ABRASCA’s Legislative Committee. (Independent)
Member of Audit Committee. Senior partner of Integra Associates. Member of Gerdau S/A’s Board of Directors, Metalúrgica Gerdau,
Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil. Oscar was
President of Bunge International and Managing Partner in Booz-Allen & Hamilton. (Independent)
Coordinator of Suzano Pulp and Paper’s Audit Committee. Member of the Board of Directors of TAM Airlines and TAM Aviação
Executiva. Former CEO of TAM Airlines and WTorre. (Independent)
Co-Chairman of the Board of Directors of BRF-Brasil Foods. Board member of WEG S/A, Ultrapar Participações S/A and Iochpe-
Maxion S/A. Former CEO of Perdigão Group. Former Director of the National Bank for Economic and Social Development - BNDES,
and General Director of Corporate Group Iochpe-Maxion Industrial Holding. (Independent)
BERNARDO
SZPIGEL, 65
Executive Officers Distinguished management team
ANTONIO MACIEL NETO
ALBERTO MONTEIRO
ALEXANDRE YAMBANIS
ANDRÉ DORF
ERNESTO POUSADA
CARLOS ANIBAL
JOÃO COMÉRIO
CARLOS GRINER
47
Chief Executive Officer, also responsible for Strategy Department, 4 years at Suzano. Member of the Board of Director Member
of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE, Gradiente, Cecrisa and
Amcham. Former Chaiman of Ford Brasil and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and former Executive of
Petrobras and the Federal Government. Mechanical Engineer graduated at UFRJ.
Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for
Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former
Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco
Patrimônio/Salomon Brothers. Graduated in Business Administration at Fundação Getulio Vargas (FGV).
Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow
Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP.
Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and
Commercial Director of Aracruz. Graduated in Business Administration at Fundação Getulio Vargas (FGV).
Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales
General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree from Ibmec-SP. Electrical
Engineer from UFMG.
Forest Business Unit Executive Officer, 3 years at Suzano. Former executive of Champion Pulp and Paper and International Paper
as Global Forestry Strategy Officer in the USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba.
Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in General
Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and
Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business
Administration at COPPEAD-UFRJ.
Chief Financial Officer, also responsible for Investor Relations Department. Has worked as Chief Financial Officer at CSN and
as member of the Board of Director of Congonhas Minérios, NAMISA, Transnordestina S.A., among others. At Banco do Brasil, has
worked as Chief Financial Officer of Conglomerado BB S.A., CEO of BB DTVM and President of BESC DTVM. Graduated in
Business Administration from FCPE/RJ, MBA degree in Corporate Finance from FGV na Post graduated in Banking from FEA/USP.