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Modified on 01.29.2015

Media | Releases

January 29, 2015 - Fibria posts net income of R$ 163 million in 2014, generating minimum dividends of R$ 37 million

- Fourth quarter net revenue grows 15% to set a new record of R$ 2 billion.
- Record adjusted Ebitda of R$ 906 million in the fourth quarter, with 45% Ebitda margin increase.
- Gross debt declines R$ 1 billion (25%) in 2014.
- Dollar-denominated net debt fell to its lowest level since Fibria's creation; leverage closed at 2.4 times in Dollars.

São Paulo – Fibria, a 100% Brazilian forestry company and the world’s leading producer of eucalyptus pulp, closed 2014 with R$ 163 million net income, despite negative impact from local-currency depreciation. The outcome allows for R$ 37 million minimum in dividends to shareholders. The final amount of dividends to be distributed for fiscal year 2014 will be decided at the Annual Shareholders Meeting of the company scheduled for April.

In the fourth quarter of 2014, Fibria posted record-high R$ 2 billion net revenue, a 15% increase quarter over quarter. Full year, the company posted R$ 7.084 billion net revenue, 2% more than in 2013. Sales volume in the year grew by 2% to 5.305 million tons. "In a year that began with a challenging scenario, Fibria has set new records for its operational and financial indicators, reduced its stocks, implemented price increases and took advantage of a favorable exchange rate," said Marcelo Castelli, Fibria CEO.

Fourth quarter adjusted Ebitda (earnings before interest, tax, depreciation and amortization) of R$ 906 million was the highest quarterly result in the company's history. It amounts to a 48% increase over the third quarter and a 10% gain over the fourth quarter of last year. Ebitda margin also grew strongly to close the quarter at 45%. A 10 percentage points increase over the third quarter and 3 percentage points more than the same period of last year.

Always attentive to opportunities in the market, Fibria kept its liability management initiatives and reduced its gross debt in 2014 by 25% to US$ 3.135 billion, a 10% decline from third quarter 2014. The company closed the year with US$ 2.842 million net debt, its lowest level ever. Leverage, measured by Net Debt/Ebitda ratio in USD, was 2.4 times, within the target established by Fibria’s Debt and Liquidity Policy. In 2014, the total average cost of debt in USD fell from 4.3% per annum to 3.4% per annum, while the average debt maturity term increased from 52 months to 55 months.

Corporate Governance

At the end of October 2014, signatory shareholders, Votorantim Industrial S.A. and BNDESPAR, approved the renewal of the Company's Shareholders' Agreement that, among other terms and conditions, extended the agreement's term by five years.

Fibria has once more been selected for the portfolio of the sustainability index of BM&FBovespa’s (São Paulo stock exchange), called ISE. The selection of ISE component stocks is carried out by the BM&FBovespa in partnership with the center for sustainability studies (GVces) of Fundação Getulio Vargas (FGV) and school of economics and business (EAESP). The assessment is based on the balance among economic growth, social responsibility and environmental performance, through integrated analysis of the different aspects of sustainability.