Fibria Celulose S.A.

CIK:0001110649|SEC Filings

Consolidated statement of profit or loss - BRL BRL in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated statement of profit or loss
Net revenues (Note 32)	BRL 11,739,153	BRL 9,614,817	BRL 10,080,667
Cost of sales (Note 34)	(8,248,416)	(7,108,346)	(5,878,209)
Gross Profit	3,490,737	2,506,471	4,202,458
Selling expenses (Note 34)	(547,232)	(481,306)	(437,253)
General and administrative (Note 34)	(285,707)	(275,797)	(265,621)
Equity in results of joint-venture	49	(751)	393
Other operating income and expense, net (Note 34)	(339,713)	(321,167)	24,347
Total operating income (expenses)	(1,172,603)	(1,079,021)	(678,134)
Income before financial income and expenses	2,318,134	1,427,450	3,524,324
Financial income (Note 33)	419,429	282,465	221,679
Financial expenses (Note 33)	(1,162,617)	(751,710)	(569,793)
Result of derivative financial instruments, net (Note 33)	237,561	700,927	(830,128)
Foreign exchange gain (loss) and indexation charges, net (Note 33)	(277,058)	1,384,535	(2,507,023)
Net financial result	(782,685)	1,616,217	(3,685,265)
Income (loss) before income taxes	1,535,449	3,043,667	(160,941)
Income taxes
Current (Note 15 (b))	(315,865)	(53,265)	(684,246)
Deferred (Note 15 (b))	(126,240)	(1,326,786)	1,202,172
Net income for the year	1,093,344	1,663,616	356,985
Attributable to
Shareholders of the Company	1,085,265	1,654,848	342,185
Non-controlling interest	BRL 8,079	BRL 8,768	BRL 14,800
Basic earnings per share (in Reais) (Note 36)	BRL 1.96	BRL 2.99	BRL 0.62
Diluted earnings per share (in Reais) (Note 36)	BRL 1.96	BRL 2.98	BRL 0.62

Consolidated statement of cash flows - BRL BRL in Thousands	12 Months Ended
Consolidated statement of cash flows - BRL BRL in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated statement of cash flows
Income (loss) before income taxes	BRL 1,535,449	BRL 3,043,667	BRL (160,941)
Adjusted by
Depreciation, depletion and amortization (Note 34)	2,149,305	1,922,741	1,827,097
Depletion of timber resources from forestry partnership programs (Note 22 and Note 34)	55,692	60,702	65,141
Foreign exchange (gain) loss and indexation charges, net (Note 33)	277,058	(1,384,535)	2,507,023
Change in fair value of derivative financial instruments	(237,561)	(700,927)	830,128
Equity in results of joint-venture	(49)	751	(393)
Loss (gain) on disposal of property, plant and equipment and biological assets, net (Note 34)	35,782	31,342	(135,347)
Gain on sale of investment - Losango Project (Note 1(b))	(61,648)
Interest and gain/losses from marketable securities	(273,379)	(185,832)	(128,825)
Interest expense	966,598	608,661	470,139
Change in fair value of biological assets (Note 18 and Note 34)	326,349	212,248	(184,583)
Impairment of recoverable taxes - ICMS (Note 14)	114,383	96,524	247,870
Tax credits	(4,742)	(6,600)
Stock option program	3,090	(4,124)	11,554
Transaction costs and other	76,070	22,126	8,124
Decrease (increase) in assets
Trade accounts receivable	(512,529)	2,481	207,542
Inventory	(107,639)	(47,110)	(213,897)
Recoverable taxes	(386,012)	39,972	(261,544)
Other assets	(122,848)	(53,515)	(85,573)
Increase (decrease) in liabilities
Trade payables	1,195,197	1,213,678	(67,037)
Taxes payable	(200,423)	(428,478)	(100,509)
Payroll, profit sharing and related charges	33,892	(2,600)	35,617
Other payables	50,336	29,410	(18,159)
Cash provided by operating activities	4,912,371	4,470,582	4,853,427
Interest received	275,362	166,188	107,532
Interest paid	(1,046,117)	(606,282)	(405,546)
Income taxes paid	(35,855)	(106,411)	(76,395)
Net cash provided by operating activities	4,105,761	3,924,077	4,479,018
Cash flows from investing activities
Acquisition of property, plant and equipment, intangible assets and forests	(4,636,308)	(6,087,674)	(2,357,307)
Advances for acquisition of timber from forestry partnership program (Note 22)	(36,388)	(94,496)	(608)
Proceeds from sale of investment - Losango Project (Note 1(b))	201,999
Subsidiary incorporation - Fibria Innovations			(11,630)
Cash paid for acquisition of investment - Spinnova (Note 17(b))	(18,633)
Marketable securities, net	(744,814)	(539,199)	(714,065)
Cash paid for acquisition of investment - CelluForce		(13,379)
Cash paid for additional acquisition of investment			(19,593)
Capital increase on joint-venture		(3,267)
Proceeds from sale of property, plant and equipment	26,658	12,619	207,643
Derivative transactions settled (Note 11(c))	121,770	(145,446)	(419,631)
Others			(9)
Net cash used in investing activities	(5,085,716)	(6,870,842)	(3,315,200)
Cash flows from financing activities
Borrowings (Note 23)	8,498,973	7,741,537	3,087,989
Repayments of principal (Note 23)	(5,710,288)	(2,746,808)	(1,800,670)
Repurchase of shares (Note 29(d))	(17,046)
Exercise of stock option program	3,259
Dividends paid	(394,842)	(306,376)	(2,147,840)
Others	6,719	(3,837)	7,879
Net cash provided by (used in) financing activities	2,386,775	4,684,516	(852,642)
Effect of exchange rate changes on cash and cash equivalents	(15,176)	(155,329)	305,408
Net increase (decrease) in cash and cash equivalents	1,391,644	1,582,422	616,584
Cash and cash equivalents at beginning of year	2,660,073	1,077,651	461,067
Cash and cash equivalents at end of year	BRL 4,051,717	BRL 2,660,073	BRL 1,077,651

Consolidated balance sheet - BRL BRL in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current
Cash and cash equivalents (Note 9)	BRL 4,051,717	BRL 2,660,073
Marketable securities (Note 10)	2,619,424	2,033,159
Derivative financial instruments (Note 11)	124,340	256,723
Trade accounts receivable, net (Note 12)	1,193,157	634,987
Inventory (Note 13)	2,080,403	1,638,014
Recoverable taxes (Note 14)	272,623	144,182
Other assets	188,497	149,718
Total current assets	10,530,161	7,516,856
Non-current
Marketable securities (Note 10)	162,254	5,688
Derivative financial instruments (Note 11)	323,952	242,323
Related parties receivables (Note 16)	9,924	9,777
Recoverable taxes (Note 14)	1,868,294	1,717,901
Advances to suppliers (Note 22)	645,460	664,381
Judicial deposits	180,883	198,657
Deferred taxes (Note 15)	752,545	1,210,541
Assets held for sale (Note 1(b) and Note 37)		598,257
Other assets	119,945	111,032
Investments (Note 17)	152,905	130,388
Biological assets (Note 18)	4,253,008	4,351,641
Property, plant and equipment (Note 19)	15,101,738	13,107,192
Intangible assets (Note 20)	4,592,262	4,575,694
Total non-current assets	28,163,170	26,923,472
Total assets	38,693,331	34,440,328
Current
Loans and financing (Note 23)	1,692,905	1,138,287
Derivative financial instruments (Note 11)	151,571	245,839
Trade payables (Note 24)	3,110,462	1,866,831
Payroll, profit sharing and related charges	201,949	168,056
Taxes payable	246,388	85,573
Dividends payable	261,567	396,785
Other payables	124,965	121,750
Total current liabilities	5,789,807	4,023,121
Non-current
Loans and financing (Note 23)	17,605,658	15,014,224
Derivative financial instruments (Note 11)	162,519	234,795
Deferred taxes		409,266
Provision for legal proceeds, net (Note 25)	165,944	189,892
Liabilities related to the assets held for sale (Note 1(b) and Note 37)		477,000
Other payables	319,474	274,350
Total non-current liabilities	18,253,595	16,599,527
Total liabilities	24,043,402	20,622,648
Shareholders' equity (Note 29)
Share capital	9,729,006	9,729,006
Share capital reserve	13,361	11,350
Treasury shares	(23,086)	(10,378)
Other reserves	1,608,867	1,599,640
Statutory reserves	3,249,015	2,421,456
Equity attributable to shareholders of the Company	14,577,163	13,751,074
Equity attributable to non-controlling interests	72,766	66,606
Total shareholders' equity	14,649,929	13,817,680
Total liabilities and shareholders' equity	BRL 38,693,331	BRL 34,440,328