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Updated on 27.04.2016

MídiaReleases

April 27, 2016 - Fibria posts first-quarter net income of R$ 978 million and Ebitda margin of 52% and sets new records for its financial performance

  • Net revenue in the first three months of 2016 advances 20% on the prior-year period to R$2.4 billion.
  • EBITDA in the first quarter of R$1.3 billion, increasing 25% on the year-ago period and leading EBITDA in the last 12 months to a new record of R$5.6 billion.
  • Free cash flow in the quarter of R$615 million and in the last 12 months of R$3.1 billion, representing another new record.

São Paulo, April 27, 2016 – Fibria, a Brazilian forestry company and the world’s leading eucalyptus pulp producer, posted net income of R$978 million in the first three months of 2016, driven primarily by its good operating performance and its vocation as an exporter, which allows it to benefit from the country’s weaker currency.

“Net income in the first quarter, combined with the new records for net revenue, EBITDA and cash flow in the last 12 months, highlights the intense operating and financial discipline that the company has maintained since its founding,” said Fibria CEO Marcelo Castelli.

Fibria’s net revenue in the quarter came to R$2.4 billion, advancing 20% on the first quarter of 2015. In the last 12 months, net revenue amounted to R$10.5 billion, which is Fibria’s best result ever.

Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was R$1.3 billion, increasing 25% on the year-ago quarter. Another record set by the company in the first quarter was the EBITDA in the last 12 months of R$5.6 billion. EBITDA margin in the first quarter stood at 52%, or two percentage points higher than in the prior-year period.

Another Fibria highlight in the first quarter of 2016 was free cash flow, which reached R$615 million before investments in the Horizonte 2 Project (to expand the company’s unit in Três Lagoas, Mato Grosso do Sul), an increase of 65% on the year-ago period. In the last 12 months, free cash flow before dividends, investments in the Horizonte 2 Project and the land acquisition in late 2015 surpassed R$3 billion, which represents a new record for the company.

Fibria ended the first quarter of 2016 with net debt of US$2.9 billion. Financial leverage measured by the ratio of net debt to EBITDA in U.S. dollar ended the period at 1.86 times, which is below the limit established in the company’s Financial Policy.

“This year, the risk rating agencies Fitch and S&P reaffirmed Fibria’s investment grade rating of BBB- with a stable outlook, citing the company’s strong cash generation capacity due to its cost competitiveness and disciplined financial management, despite the scenario marked by deteriorating economic conditions and political instability that led to downgrades in Brazil’s sovereign credit rating,” said Guilherme Cavalcanti, Fibria’s Chief Financial and Investor Relations Officer.

 

Other highlights

The expansion project at the Três Lagoas Unit in the state of Mato Grosso do Sul reached 27% completion at the end of the first quarter of 2016. The highlights include the launch of assembly operations for the recovery boiler and the 100% automated eucalyptus seedling nursery, which represents an innovation in the global forestry industry. The Horizonte 2 Project will expand the plant’s pulp production capacity from 1.75 million to 3.05 million tons/year for investment of R$8.7 billion and in turn expand Fibria’s overall production capacity to over 7 million tons/year, which will improve its leadership position and competitiveness in the global hardwood pulp industry.

Today, Fibria’s Annual Shareholders’ Meeting will consider and vote on management’s proposal for the distribution of dividends in the amount of R$300 million. The proposed amount exceeds the minimum mandatory dividend and complies with the Dividend Policy adopted by the company in October 2015. See highlights from Fibria’s results for the first quarter of 2016 on social media using the hashtag #FIBR3_1Q16.

 

About Fibria

The world leader in eucalyptus pulp production, Fibria strives to meet the growing global demand for forestry products in a sustainable manner. With production capacity of 5.3 million tons of pulp per year, it has industrial units in Aracruz (Espírito Santo), Jacareí (São Paulo) and Três Lagoas (Mato Grosso do Sul), as well as in Eunápolis (Bahia), where it operates Veracel in a joint operation with Stora Enso. Fibria has 969,000 hectares of forests, with 568,000 hectares of planted forests, 338,000 hectares of environmental preservation and conservation areas and 63,000 hectares destined for other uses. The pulp manufactured by Fibria is exported to more than 40 countries. In May 2015, Fibria announced the expansion of its Três Lagoas unit, which will receive a new line with annual pulp production capacity of 1.75 million tons and is slated for startup in the fourth quarter of 2017.

With stock listed on the Novo Mercado listing segment of the São Paulo Stock Exchange (BM&FBovespa) and Level 1 ADRs listed on the New York Stock Exchange (NYSE). Fibria has 29.42% of its capital held by Votorantim Industrial S.A., 29.08% held by BNDESPAR and 41.50% represent by its free-float.

 

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