Press Offices Contacts

Fleishman HillardNational
Andrea Donadio
Tel.: (11) 3185 9934
Cel.: (11) 99686 5073
Célia Nogueira
Phone.:
+ 55 11 3185 9923
+55 11 98999 0069
Pauta 6 ComunicaçãoEspirito Santo and Bahia
Rogéria Gomes
Phone.:
+ 55 27 3235 6996
Performa ComunicaçãoInterior of São Paulo
Kamilla Barboza
Phone.:
+ 55 12 3939 2699
+ 55 12 99188 7437
Performa ComunicaçãoMato Grosso do Sul
Kamilla Barboza
Phone.:
+ 55 12 3939 2699
+ 55 12 99188 7437
Luciana Navarro
Phone.:
+ 55 67 9803 7092

Updated on 24.04.2015

MídiaReleases

April 24, 2015 - Fibria post record Ebitda and Ebitda margin of R$ 1 billion and 50% in the first quarter of 2015

  • USD appreciation has a positive impact on the operating results.
  • Net revenue grows 22% year over year to R$ 1.997 billion.
  • Free cash flow of R$ 373 million in the quarter and R$ 1 billion in the last 12 months.
  • Sales volume of 1.229 million tons, up 3% year over year.
  • Net debt and the leverage ratio in U.S. dollar fall to their lowest levels ever.

 

São Paulo, April 24, 2015 – Global pulp demand remained strong in the first quarter of the year, creating a favorable environment for the announcement of new price increases for all regions as of April. Combined with the 13% appreciation in the USD against the BRL (average in period), the improvement in the pulp price resulted in a 14% increase in the average pulp price in BRL. Supported by these fundamentals, a Brazilian forestry company that is the world’s leading eucalyptus pulp producer, Fibria closed the first quarter of 2015 with one its best operating results ever.

“In the first quarter of the year, we delivered important results, with record-high EBITDA and EBITDA margin, and a significant increase in free cash flow. As an exporter, with our revenues in U.S. dollar and costs mostly in Brazilian real, Fibria benefits from a weaker local currency and from a pulp price that reflects the rebalancing of global supply and demand,” said Marcelo Castelli, Fibria CEO.

In the quarter, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was a record R$ 1 billion, increasing 48% on the year-ago period and 11% on the fourth quarter of 2014. EBITDA margin also set a new record to reach 50%, expanding by 5 percentage points sequentially and 9 percentage points on the same period last year. Free cash flow amounted to R$ 373 million in the quarter and R$ 1 billion in the last 12 months. The company posted net revenue of R$ 1.997 billion, increasing 22% year over year and remaining flat sequentially, despite the 13% contraction in sales due to industry seasonality.

Fibria produced 1.291 million tons of pulp in the quarter, 1% more than in the same period last year, reflecting the capture of operating efficiency gains at its plants. Sales came to 1.229 million tons, up 3% on the first quarter of 2014, with pulp inventory of 52 days at the close of March. In the last 12 months, the company’s sales corresponded to 101% of its production in the period.

Gross debt closed March at US$ 2.915 billion, declining 22% from a year earlier and 7% from the end of 2014. Measured in USD, net debt reached its lowest since Fibria’s creation, at US$ 2.803 billion, declining 9% from the first quarter of 2014. This decline, coupled with EBITDA growth, led the company’s leverage, as measured by Net Debt/EBITDA ratio in USD, to decline to 2.3 times, its lowest level ever.

Since Fibria is primarily an exporter and holds more than 90% of its debt in U.S. dollar, any depreciation in the BRL causes an increase in its debt balance when translated into local currency. As a result, USD appreciation in the quarter impacted the company’s financial result, which posted a noncash expense of R$ 566 million in the period. Excluding exchange variation, net income in the quarter amounted to R$ 513 million.

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