Form 6-K Fibria Celulose S.A. For: Jul 22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Dated July 22, 2015
Commission File Number: 1-15018
Fibria Celulose S.A.
Fidêncio Ramos, 302 3rd and (part of) 4th floors
Edifício Vila Olímpia, Torre B, Bairro Vila Olímpia
04551-010, São Paulo, SP, Brazil
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F: x Form 40-F: o
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)):
Yes: o No: x
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)):
Yes: o No: x
(Indicate by check mark whether the registrant by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes: o No: x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Fibria Celulose S.A.
Unaudited Consolidated Interim Financial
Information at June 30, 2015
and Report on Review of Interim
Financial Information
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
To the Board of Directors and Shareholders
Fibria Celulose S.A
São Paulo SP
Introduction
We have reviewed the accompanying consolidated interim accounting information of Fibria Celulose S.A., for the quarter ended June 30, 2015, comprising the balance sheet at that date the statements of income and comprehensive income for the quarter and six-month periods then ended, the statements of changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory information.
Management is responsible for the preparation of the consolidated interim accounting information in accordance with the Deliberation CVM 673/11 (which approved accounting standard CPC 21(R1) - Interim Financial Reporting), and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this interim accounting information based on our review.
Scope of the review
We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the consolidated interim information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information referred to above has not been prepared, in all material respects, in accordance with Deliberation CVM 673/11 and IAS 34.
São Paulo, July 21, 2015.
Eduardo Affonso de Vasconcelos
Accountant CRC-1SP166001/O-3
Baker Tilly Brasil Auditores Independentes S/S
CRC-2SP016754/O-1
Fibria Celulose S.A.
Unaudited consolidated balance sheet at
In thousands of Reais
Assets |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Current |
|
|
|
|
|
Cash and cash equivalents (Note 7) |
|
684,536 |
|
461,067 |
|
Marketable securities (Note 8) |
|
701,361 |
|
682,819 |
|
Derivative financial instruments (Note 9) |
|
26,338 |
|
29,573 |
|
Trade accounts receivable, net (Note 10) |
|
691,493 |
|
538,424 |
|
Inventory (Note 11) |
|
1,454,708 |
|
1,238,793 |
|
Recoverable taxes (Note 12) |
|
183,306 |
|
162,863 |
|
Other assets |
|
120,466 |
|
147,638 |
|
|
|
|
|
|
|
|
|
3,862,208 |
|
3,261,177 |
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
Marketable securities (Note 8) |
|
71,518 |
|
51,350 |
|
Derivative financial instruments (Note 9) |
|
175,026 |
|
161,320 |
|
Related parties receivables (Note 14) |
|
9,308 |
|
7,969 |
|
Recoverable taxes (Note 12) |
|
1,857,580 |
|
1,752,101 |
|
Advances to suppliers |
|
700,572 |
|
695,171 |
|
Judicial deposits (Note 20) |
|
195,582 |
|
192,028 |
|
Deferred taxes (Note 13) |
|
1,511,358 |
|
1,190,836 |
|
Assets held for sale (Note 1(b)) |
|
598,257 |
|
598,257 |
|
Other assets |
|
85,529 |
|
91,208 |
|
|
|
|
|
|
|
Investments (Note 15) |
|
95,163 |
|
79,882 |
|
Biological assets (Note 16) |
|
3,810,293 |
|
3,707,845 |
|
Property, plant and equipment (Note 17) |
|
9,007,120 |
|
9,252,733 |
|
Intangible assets (Note 18) |
|
4,520,937 |
|
4,552,103 |
|
|
|
|
|
|
|
|
|
22,638,243 |
|
22,332,803 |
|
|
|
|
|
|
|
Total assets |
|
26,500,451 |
|
25,593,980 |
|
Fibria Celulose S.A. |
|
|
|
Unaudited consolidated balance sheet at |
|
In thousands of Reais |
(continued) |
Liabilities and shareholders equity |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Current |
|
|
|
|
|
Loans and financing (Note 19) |
|
893,931 |
|
965,389 |
|
Derivative financial instruments (Note 9) |
|
247,662 |
|
185,872 |
|
Trade payables |
|
636,575 |
|
593,348 |
|
Payroll, profit sharing and related charges |
|
110,664 |
|
135,039 |
|
Taxes payable |
|
97,633 |
|
56,158 |
|
Dividends payable |
|
152 |
|
38,649 |
|
Other payables |
|
99,109 |
|
124,775 |
|
|
|
|
|
|
|
|
|
2,085,726 |
|
2,099,230 |
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
Loans and financing (Note 19) |
|
8,121,375 |
|
7,361,130 |
|
Derivative financial instruments (Note 9) |
|
593,017 |
|
422,484 |
|
Taxes payable |
|
98 |
|
124 |
|
Deferred taxes (Note 13) |
|
256,719 |
|
266,528 |
|
Provision for contingencies (Note 20) |
|
146,363 |
|
144,582 |
|
Liabilities related to the assets held for sale (Note 1(b)) |
|
477,000 |
|
477,000 |
|
Other payables |
|
256,745 |
|
207,197 |
|
|
|
|
|
|
|
|
|
9,851,317 |
|
8,879,045 |
|
|
|
|
|
|
|
Total liabilities |
|
11,937,043 |
|
10,978,275 |
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
Share capital |
|
9,729,006 |
|
9,729,006 |
|
Share capital reserve |
|
6,567 |
|
3,920 |
|
Treasury shares |
|
(10,378 |
) |
(10,346 |
) |
Statutory reserves |
|
3,117,291 |
|
3,228,145 |
|
Other reserves |
|
1,620,826 |
|
1,613,312 |
|
Accumulated earnings |
|
42,388 |
|
|
|
|
|
|
|
|
|
Equity attributable to shareholders of the Company |
|
14,505,700 |
|
14,564,037 |
|
|
|
|
|
|
|
Equity attributable to non-controlling interests |
|
57,708 |
|
51,668 |
|
|
|
|
|
|
|
Total shareholders equity |
|
14,563,408 |
|
14,615,705 |
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
26,500,451 |
|
25,593,980 |
|
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
Fibria Celulose S.A.
Unaudited consolidated statement of profit or loss
In thousands of Reais, except for the income per shares
|
|
2015 |
|
2014 |
| ||||
|
|
April 1 to |
|
June 30, |
|
April 1 to |
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
Revenues (Note 21) |
|
2,309,319 |
|
4,306,385 |
|
1,693,845 |
|
3,336,176 |
|
Cost of sales (Note 23) |
|
(1,441,056 |
) |
(2,713,321 |
) |
(1,450,976 |
) |
(2,698,770 |
) |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
868,263 |
|
1,593,064 |
|
242,869 |
|
637,406 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (expenses) |
|
|
|
|
|
|
|
|
|
Selling expenses (Note 23) |
|
(106,637 |
) |
(201,968 |
) |
(87,857 |
) |
(167,061 |
) |
General and administrative (Note 23) |
|
(81,158 |
) |
(153,926 |
) |
(62,344 |
) |
(130,715 |
) |
Equity in income/losses of associate |
|
(40 |
) |
750 |
|
|
|
|
|
Other operating income (expenses), net (Note 23) |
|
6,384 |
|
(14,210 |
) |
914,702 |
|
920,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(181,451 |
) |
(369,354 |
) |
764,501 |
|
622,667 |
|
|
|
|
|
|
|
|
|
|
|
Income before financial income and expenses |
|
686,812 |
|
1,223,710 |
|
1,007,370 |
|
1,260,073 |
|
|
|
|
|
|
|
|
|
|
|
Financial income (Note 22) |
|
44,449 |
|
80,991 |
|
37,365 |
|
70,052 |
|
Financial expenses (Note 22) |
|
(136,689 |
) |
(247,119 |
) |
(277,679 |
) |
(750,649 |
) |
Result of derivative financial instruments, net (Note 22) |
|
229,825 |
|
(318,972 |
) |
58,973 |
|
178,551 |
|
Foreign exchange losses/gains, net (Note 22) |
|
183,323 |
|
(939,802 |
) |
113,011 |
|
263,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
320,908 |
|
(1,424,902 |
) |
(68,330 |
) |
(238,207 |
) |
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
1,007,720 |
|
(201,192 |
) |
939,040 |
|
1,021,866 |
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
|
|
|
|
|
|
|
Current (Note 13) |
|
(18,743 |
) |
(78,601 |
) |
(89,567 |
) |
(101,390 |
) |
Deferred (Note 13) |
|
(374,557 |
) |
328,221 |
|
(218,475 |
) |
(270,074 |
) |
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
614,420 |
|
48,428 |
|
630,998 |
|
650,402 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to |
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
611,748 |
|
42,388 |
|
629,692 |
|
646,761 |
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
2,672 |
|
6,040 |
|
1,306 |
|
3,641 |
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
614,420 |
|
48,428 |
|
630,998 |
|
650,402 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share - in Reais (Note 25(a)) |
|
1.105 |
|
0.077 |
|
1.137 |
|
1.168 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share - in Reais (Note 25(b)) |
|
1.104 |
|
0.076 |
|
1.137 |
|
1.168 |
|
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
Fibria Celulose S.A.
Unaudited consolidated statement of comprehensive income
In thousands of Reais, except for the income per shares
|
|
2015 |
|
2014 |
| ||||
|
|
April 1 to |
|
June 30, |
|
April 1 to |
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
614,420 |
|
48,428 |
|
630,998 |
|
650,402 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Foreign exchange effect on available-for-sale financial assets Ensyn |
|
(2,688 |
) |
11,384 |
|
|
|
|
|
Tax effect thereon |
|
914 |
|
(3,870 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for the period, net of taxes |
|
(1,774 |
) |
7,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period, net of taxes |
|
612,646 |
|
55,942 |
|
630,998 |
|
650,402 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to |
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
609,974 |
|
49,902 |
|
629,692 |
|
646,761 |
|
Non-controlling interest |
|
2,672 |
|
6,040 |
|
1,306 |
|
3,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
612,646 |
|
55,942 |
|
630,998 |
|
650,402 |
|
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
Fibria Celulose S.A.
Unaudited statement of changes in shareholders equity
In thousands of Reais, unless otherwise indicated
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Transaction |
|
|
|
|
|
Other reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs of the |
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Non- |
|
|
|
|
|
|
|
capital |
|
Capital |
|
Treasury |
|
comprehensive |
|
Statutory reserves |
|
Retained |
|
|
|
controlling |
|
|
| ||
|
|
Capital |
|
increase |
|
reserve |
|
shares |
|
income |
|
Legal |
|
Investments |
|
earnings |
|
Total |
|
interest |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2013 |
|
9,740,777 |
|
(11,771 |
) |
2,688 |
|
(10,346 |
) |
1,614,270 |
|
303,800 |
|
2,805,481 |
|
|
|
14,444,899 |
|
46,355 |
|
14,491,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and other comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
646,761 |
|
646,761 |
|
3,641 |
|
650,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2014 |
|
9,740,777 |
|
(11,771 |
) |
2,688 |
|
(10,346 |
) |
1,614,270 |
|
303,800 |
|
2,805,481 |
|
646,761 |
|
15,091,660 |
|
49,996 |
|
15,141,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2014 |
|
9,740,777 |
|
(11,771 |
) |
3,920 |
|
(10,346 |
) |
1,613,312 |
|
311,579 |
|
2,916,566 |
|
|
|
14,564,037 |
|
51,668 |
|
14,615,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,388 |
|
42,388 |
|
6,040 |
|
48,428 |
|
Other comprehensive income for the period |
|
|
|
|
|
|
|
|
|
7,514 |
|
|
|
|
|
|
|
7,514 |
|
|
|
7,514 |
|
|
|
|
|
|
|
|
|
|
|
7,514 |
|
|
|
|
|
42,388 |
|
49,902 |
|
6,040 |
|
55,942 |
|
Transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of shares |
|
|
|
|
|
|
|
(32 |
) |
|
|
|
|
|
|
|
|
(32 |
) |
|
|
(32 |
) |
Dividends distributed |
|
|
|
|
|
|
|
|
|
|
|
|
|
(110,854 |
) |
|
|
(110,854 |
) |
|
|
(110,854 |
) |
Stock options program |
|
|
|
|
|
2,647 |
|
|
|
|
|
|
|
|
|
|
|
2,647 |
|
|
|
2,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2015 |
|
9,740,777 |
|
(11,771 |
) |
6,567 |
|
(10,378 |
) |
1,620,826 |
|
311,579 |
|
2,805,712 |
|
42,388 |
|
14,505,700 |
|
57,708 |
|
14,563,408 |
|
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
Fibria Celulose S.A.
Unaudited consolidated statement of cash flows
In thousands of Reais
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
(201,192 |
) |
1,021,866 |
|
|
|
|
|
|
|
Adjusted by |
|
|
|
|
|
Depreciation, depletion and amortization |
|
896,126 |
|
847,601 |
|
Depletion of wood from forestry partnership programs |
|
29,866 |
|
51,536 |
|
Foreign exchange losses, net |
|
939,802 |
|
(263,839 |
) |
Change in fair value of derivative financial instruments |
|
318,972 |
|
(178,551 |
) |
Equity in losses of jointly-venture |
|
(750 |
) |
|
|
Loss on disposal of property, plant, equipment and biological assets, net |
|
2,658 |
|
3,792 |
|
Interest and gain/losses from marketable securities |
|
(38,380 |
) |
(45,380 |
) |
Interest expense from loans and financing |
|
207,856 |
|
245,718 |
|
Change in fair value of biological assets |
|
(29,831 |
) |
(87,192 |
) |
Financial charges on bonds upon partial repurchase |
|
|
|
456,417 |
|
Impairment of recoverable taxes - ICMS |
|
42,682 |
|
47,606 |
|
Tax credits |
|
|
|
(849,520 |
) |
Stock options program |
|
2,647 |
|
|
|
Provisions and other |
|
1,539 |
|
15,168 |
|
|
|
|
|
|
|
Decrease (increase) in assets |
|
|
|
|
|
Trade accounts receivable |
|
(17,531 |
) |
(115,024 |
) |
Inventory |
|
(151,571 |
) |
(27,274 |
) |
Recoverable taxes |
|
(165,356 |
) |
(69,953 |
) |
Other assets |
|
(7,023 |
) |
151,996 |
|
|
|
|
|
|
|
Increase (decrease) in liabilities |
|
|
|
|
|
Trade payables |
|
(9,452 |
) |
42,109 |
|
Taxes payable |
|
7,678 |
|
(23,753 |
) |
Payroll, profit sharing and related charges |
|
(24,375 |
) |
(34,537 |
) |
Other payables |
|
8,700 |
|
(10,735 |
) |
|
|
|
|
|
|
Cash provided by operating activities |
|
1,813,065 |
|
1,178,051 |
|
|
|
|
|
|
|
Interest received - marketable securities |
|
36,784 |
|
42,994 |
|
Interest paid - loans and financing |
|
(178,726 |
) |
(239,020 |
) |
Income taxes paid |
|
(45,807 |
) |
(5,147 |
) |
|
|
|
|
|
|
Net cash provided by operating activities |
|
1,625,316 |
|
976,878 |
|
Fibria Celulose S.A.
Unaudited consolidated statement of cash flows
In thousands of Reais |
(continued) |
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Proceeds from sale of land and building - Asset Light project |
|
|
|
902,584 |
|
Acquisition of property, plant and equipment, intangible assets and forests |
|
(751,593 |
) |
(703,719 |
) |
Advances for acquisition of wood from forestry partnership program |
|
(34,371 |
) |
(16,679 |
) |
Subsidiary incorporation - Fibria Innovations (Note 15) |
|
(11,630 |
) |
|
|
Marketable securities, net |
|
(26,636 |
) |
136,996 |
|
Proceeds from sale of property, plant and equipment |
|
30,291 |
|
(7,861 |
) |
Derivative transactions settled (Note 9(c)) |
|
(97,122 |
) |
(20,371 |
) |
Others |
|
(10 |
) |
(615 |
) |
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
(891,071 |
) |
290,335 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Borrowings - loans and financing |
|
422,891 |
|
2,427,458 |
|
Repayments - loans and financing - principal amount |
|
(827,050 |
) |
(3,513,267 |
) |
Premium paid on bond repurchase transaction |
|
|
|
(325,668 |
) |
Dividends paid |
|
(149,350 |
) |
|
|
Others |
|
4,400 |
|
6,290 |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
(549,109 |
) |
(1,405,187 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
38,333 |
|
(76,570 |
) |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
223,469 |
|
(214,544 |
) |
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period |
|
461,067 |
|
1,271,752 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
|
684,536 |
|
1,057,208 |
|
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
1 Operations and current developments
(a) General information
Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held company. Fibria Celulose S.A. and its subsidiaries are referred to in this consolidated interim financial information as the Company, Fibria, or we. We have the legal status of a share corporation, operating under Brazilian corporate law. Our headquarters and principal executive office is located in São Paulo, SP, Brazil.
We are listed on the stock exchange of São Paulo (BM&FBOVESPA) and the New York Stock Exchange (NYSE) and we are subject to the reporting requirements of the Brazilian Comissão de Valores Mobiliários (CVM) and the United States Securities and Exchange Commission (SEC).
Our activities are focused on the growth of renewable and sustainable forests and the manufacture and sale of bleached eucalyptus kraft pulp. Forests in formation are located in the States of São Paulo, Mato Grosso do Sul, Minas Gerais, Rio de Janeiro, Espírito Santo and Bahia.
We operate in a single operating segment, which is the producing and selling of short fiber pulp, with our pulp production facilities located in the cities of Aracruz (State of Espírito Santo), Três Lagoas (State of Mato Grosso do Sul), Jacareí (State of São Paulo) and Veracel (State of Bahia) (jointly- controlled entity).
The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts with the owners of these vessels, through the ports of Santos, located in the State of São Paulo (operated under a concession from Federal Government until 2017) and Barra do Riacho, located in the State of Espírito Santo (operated by our subsidiary Portocel - Terminal Especializado Barra do Riacho S.A.).
(b) Non-current assets held for sale
Losango project assets
On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. (CMPC) signed the definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of R$ 615 million. On this date the first installment of the purchase price, amounting to R$ 470 million, was paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account and will be released to us once additional government approvals are obtained. On November 2014, we received an additional R$ 7 million as an advance from CMPC. The final installment of R$ 5 million is payable to us upon the completion of the transfer of the existing land lease contracts for the assets, and the applicable government approvals. The sale and purchase agreement establishes a period of 48 months, renewable at the option of CMPC for an additional 48 months, to obtain the required government approvals. If this approval is ultimately not obtained, we will be required to return to CMPC the amount paid to us, plus interest and the escrow deposits made by CMPC will revert. We have recorded the amount received as a liability under Advances received in relation to assets held for sale.
Since the signing of the Purchase and Sale Agreement with CMPC, we have taken action to obtain the approvals needed, such as the fulfillment of all conditions precedent, the partial renewal of the operating license of the areas and obtaining the documentation to be presented to the applicable government
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
agencies. The consistent progress in obtaining these approvals indicates that favorable resolution will be achieved.
We have concluded that these assets should remain classified as assets held for sale. However, the completion of the sale is not under our sole control and it depends on various government approvals, which have been slower than expected. Accordingly we have concluded that they should continue to be classified as non-current assets held for sale as at June 30, 2015.
The Losango assets did not generate any significant impact in the unaudited consolidated statement of profit or losses for the six-month period ended June 30, 2015 and 2014.
(c) Approval of the expansion plan of the Três Lagoas Unit
On May 14, 2015, the Board of Directors approved the expansion plan of the Company consisting of the construction of the second line of pulp production in the unit of Três Lagoas, state of Mato Grosso do Sul, called Horizonte 2 Project.
The Horizonte 2 Project consists in the construction of a new bleached eucalyptus pulp production line with capacity of 1.75 million tons per year and an estimated investment of R$ 7.7 billion. The startup of the new production line is projected for the fourth quarter of 2017.
The Project will be financed by the free cash flow of the Company and financing, in accordance to the limits established on the Indebtedness Management Policy.
2 Presentation of consolidated interim financial information and summary of significant accounting policies
2.1 Consolidated interim financial information - basis of preparation
(a) Accounting policies adopted
The consolidated interim financial information has been prepared and is being presented in accordance with IAS 34 and Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission (CVM), which approved the CPC 21(R1) - Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC).
The consolidated interim financial information should be read in conjunction with the audited financial statements for the year ended December 31, 2014, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those presented in the annual financial statements.
The current accounting practices, which include the measurement principles for the recognition and valuation of the assets and liabilities, the calculation methods used in the preparation of this interim financial information and the estimates used, are the same as those used in the preparation of the most recent annual financial statements, except to the items related to the adoption of the new standards, amendments and interpretations issued by IASB and CVM, as detailed in Note 3 below.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(b) Approval of the consolidated interim financial information
The consolidated unaudited interim financial information was approved by the Board of Directors on July 21, 2015.
2.2 Critical accounting estimates and assumptions
Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates will seldom match the actual results. In the six-month period ended June 30, 2015, there were no significant changes in the estimates and assumptions which are likely to result in significant adjustments to the carrying amounts of assets and liabilities during the current financial year, compared to those disclosed in Note 3 to our most recent annual financial statements.
3 New standards, amendments and interpretations issued by IASB and CVM
The standards below have been issued and are effectives for future periods. We have not early adopted these standards.
Standard |
|
Effective |
|
Main points introduced by the |
|
Impacts of the |
IFRS 9 - Financial Instruments |
|
January 1, 2018 |
|
The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change which is due to an entitys own credit risk is recorded in other comprehensive income rather than the income statement. |
|
The Company is currently assessing the impacts of the adoption. |
|
|
|
|
|
|
|
IFRS 15 - Revenue |
|
January 1, 2017 |
|
This accounting standard establishes the accounting principles to be followed by entities to determine and measure revenue and when the revenue should be recognized. |
|
The Company is currently assessing the impacts of the adoption. |
|
|
|
|
|
|
|
IAS 41 - Agriculture (equivalent to CPC 29 - Biological Assets and Agricultural Produce) |
|
January 1, 2016 |
|
The bearer plants should be accounted for as property, plant and equipment (IAS 16/CPC 27), i.e., at cost less depreciation or impairment provision. Bearer plants are defined as those used to produce fruit/ regenerate for several years, but the plant itself, once mature, does not suffer relevant changes. |
|
The Company is currently assessing the impacts of the adoption. |
There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expect to have a material impact on the Companys financial position and results of operations.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
4 Risk management
The risk management policies and financial risk factors disclosed in the annual financial statements (Note 4) did not show any significant changes. The Companys financial liabilities which present liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), sensitivity analysis (Note 5) and fair value estimates (Note 6), which was considered relevant by Fibrias management to be accompanied quarterly.
4.1 Liquidity risk
The table below presents the financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as such they differ from the amounts presented in the consolidated balance sheet.
|
|
Less than |
|
Between |
|
Between |
|
Over five |
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2015 |
|
|
|
|
|
|
|
|
|
Loans and financing |
|
1,128,158 |
|
2,046,055 |
|
4,991,813 |
|
2,567,315 |
|
Derivative instruments |
|
257,063 |
|
208,473 |
|
729,007 |
|
102,115 |
|
Trade and other payables |
|
735,683 |
|
74,333 |
|
35,668 |
|
35,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,120,904 |
|
2,328,861 |
|
5,756,488 |
|
2,705,112 |
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
|
|
|
|
|
|
|
|
Loans and financing |
|
1,156,951 |
|
2,105,192 |
|
4,353,071 |
|
2,203,134 |
|
Derivative instruments |
|
178,964 |
|
142,662 |
|
504,133 |
|
74,545 |
|
Trade and other payables |
|
725,123 |
|
36,927 |
|
30,546 |
|
34,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,061,038 |
|
2,284,781 |
|
4,887,750 |
|
2,311,766 |
|
4.2 Foreign exchange risk
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Assets in foreign currency |
|
|
|
|
|
Cash and cash equivalents (Note 7) |
|
669,178 |
|
279,664 |
|
Marketable securities (Note 8) |
|
|
|
61,352 |
|
Trade accounts receivable (Note 10) |
|
621,779 |
|
496,493 |
|
|
|
|
|
|
|
|
|
1,290,957 |
|
837,509 |
|
|
|
|
|
|
|
Liabilities in foreign currency |
|
|
|
|
|
Loans and financing (Note 19) |
|
7,093,849 |
|
6,280,545 |
|
Trade payables |
|
47,964 |
|
72,263 |
|
Derivative instruments (Note 9(a)) |
|
789,322 |
|
538,451 |
|
|
|
|
|
|
|
|
|
7,931,135 |
|
6,891,259 |
|
|
|
|
|
|
|
Liability exposure |
|
(6,640,178 |
) |
(6,053,750 |
) |
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
5 Sensitivity analysis
Sensitivity analysis of changes in foreign currency
The Companys significant risk factor, considering the period of three-month period for the evaluation is its U.S. Dollar exposure. We adopted as the probable scenario the fair value considering the market yield as at June 30, 2015.
To calculate the probable scenario the closing exchange rate at the date of these consolidated interim financial information was used (R$ x USD = 3.1026). As the amounts have already been recognized in the consolidated interim financial information, there are no additional effects in the income statement in this scenario. In the Possible and Remote scenarios, the US Dollar is deemed to appreciate/depreciate by 25% and 50%, respectively, before tax, when compared to the Probable scenario:
|
|
Impact of an appreciation/depreciation of the |
| ||
|
|
Possible (25%) |
|
Remote (50%) |
|
|
|
|
|
|
|
Derivative instruments |
|
|
|
|
|
Options |
|
344,594 |
|
958,547 |
|
Swap contracts |
|
577,949 |
|
1,155,798 |
|
Loans and financing |
|
1,634,019 |
|
3,268,038 |
|
Marketable securities |
|
120,226 |
|
240,452 |
|
Sensitivity analysis in changes in interest rate
We adopted as the probable scenario the fair value considering the market yield as at June 30, 2015. As the amounts are already recognized in the consolidated interim financial information, there are no additional effects in the income statement in this scenario. In the Possible and Remote scenarios, the interest rates are deemed to increase/decrease by 25% and 50%, respectively, before tax, when compared to the Probable scenario:
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
|
|
Impact of an increase/decrease of the interest |
| ||
|
|
Possible (25%) |
|
Remote (50%) |
|
|
|
|
|
|
|
Loans and financing |
|
|
|
|
|
LIBOR |
|
372 |
|
669 |
|
Currency basket |
|
1,604 |
|
3,207 |
|
TJLP |
|
1,402 |
|
2,878 |
|
Interbank Deposit Certificate (CDI) |
|
1,557 |
|
3,072 |
|
|
|
|
|
|
|
Derivative instruments |
|
|
|
|
|
LIBOR |
|
13,668 |
|
27,442 |
|
TJLP |
|
2,597 |
|
5,307 |
|
Interbank Deposit Certificate (CDI) |
|
20,587 |
|
39,711 |
|
|
|
|
|
|
|
Marketable securities (a) |
|
|
|
|
|
Interbank Deposit Certificate (CDI) |
|
3,180 |
|
6,110 |
|
(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.
Sensitivity analysis in changes in the United States Consumer Price Index - US-CPI
To calculate the Probable scenario, we used the US-CPI index at June 30, 2015. The Probable scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI.
|
|
Impact of an appreciation of the |
| ||
|
|
Possible (25%) |
|
Remote (50%) |
|
|
|
|
|
|
|
Embedded derivative in forestry partnership and standing timber supply agreements |
|
137,434 |
|
284,214 |
|
6 Fair value estimates
In the six-month period ended June 30, 2015, there were no changes in the criteria of classification of the assets and liabilities in the levels of the fair value hierarchy when compared to the criteria used in the classification of those instruments disclosed in Note 6 to our most recent annual financial statements as at December 31, 2014.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
|
|
June 30, 2015 |
| ||||||
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Recurring fair value measurements |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
At fair value through profit and loss |
|
|
|
|
|
|
|
|
|
Derivative instruments (Note 9) |
|
|
|
201,364 |
|
|
|
201,364 |
|
Warrant to acquire Ensyns shares (Note 15) |
|
|
|
|
|
14,939 |
|
14,939 |
|
Marketable securities (Note 8) |
|
105,665 |
|
589,217 |
|
|
|
694,882 |
|
|
|
|
|
|
|
|
|
|
|
Available for sale financial assets |
|
|
|
|
|
|
|
|
|
Other investments - Ensyn (Note 15) |
|
|
|
|
|
79,116 |
|
79,116 |
|
|
|
|
|
|
|
|
|
|
|
Biological asset (Note 16) (*) |
|
|
|
|
|
3,810,293 |
|
3,810,293 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
105,665 |
|
790,581 |
|
3,904,348 |
|
4,800,594 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
At fair value through profit and loss |
|
|
|
|
|
|
|
|
|
Derivative instruments (Note 9) |
|
|
|
840,679 |
|
|
|
840,679 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
840,679 |
|
|
|
840,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
| ||||||
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Recurring fair value measurements |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
At fair value through profit and loss |
|
|
|
|
|
|
|
|
|
Derivative instruments (Note 9) |
|
|
|
190,893 |
|
|
|
190,893 |
|
Warrant to acquire Ensyns shares (Note 15) |
|
|
|
|
|
11,791 |
|
11,791 |
|
Marketable securities (Note 8) |
|
193,131 |
|
489,688 |
|
|
|
682,819 |
|
|
|
|
|
|
|
|
|
|
|
Available for sale financial assets |
|
|
|
|
|
|
|
|
|
Other investments Ensyn (Note 15) |
|
|
|
|
|
67,733 |
|
67,733 |
|
|
|
|
|
|
|
|
|
|
|
Biological asset (Note 16) (*) |
|
|
|
|
|
3,707,845 |
|
3,707,845 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
193,131 |
|
680,581 |
|
3,787,369 |
|
4,661,081 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
At fair value through profit and loss |
|
|
|
|
|
|
|
|
|
Derivative instruments (Note 9) |
|
|
|
608,356 |
|
|
|
608,356 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
608,356 |
|
|
|
608,356 |
|
(*) See the changes in the fair value of the biological assets in Note 16.
There were no transfers between levels 1, 2 and 3 during the periods presented.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
6.1 Fair value of loans and financing
The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is estimated as follows: (a) bonds, for which fair value is based on the observed quoted price in the market (based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities that do not have a secondary market, or for which the secondary market is not active, fair value is estimated by discounting the future contractual cash flows by current market interest rates, also considering the Companys credit risk. The fair value of loans and financing are classified as Level 2 on the fair value hierarchy. The following table presents the fair value of loans and financing:
|
|
Yield used to discount (*) |
|
June 30, |
|
December |
|
|
|
|
|
|
|
|
|
Quoted in the secondary market |
|
|
|
|
|
|
|
In foreign currency |
|
|
|
|
|
|
|
Bonds - VOTO IV |
|
|
|
340,400 |
|
292,188 |
|
Bonds - Fibria Overseas |
|
|
|
1,874,219 |
|
1,598,708 |
|
Estimative based on discounted cash flow |
|
|
|
|
|
|
|
In foreign currency |
|
|
|
|
|
|
|
Export credits |
|
LIBOR USD |
|
4,310,234 |
|
3,824,319 |
|
Export credits (ACC/ACE) |
|
DDI |
|
153,203 |
|
260,345 |
|
In local currency |
|
|
|
|
|
|
|
BNDES TJLP |
|
Brazilian interbank rate (DI 1) |
|
947,796 |
|
1,072,412 |
|
BNDES Fixed rate |
|
Brazilian interbank rate (DI 1) |
|
91,956 |
|
77,980 |
|
Currency basket |
|
Brazilian interbank rate (DI 1) |
|
465,357 |
|
400,233 |
|
FINEP |
|
Brazilian interbank rate (DI 1) |
|
2,403 |
|
2,675 |
|
FINAME |
|
Brazilian interbank rate (DI 1) |
|
7,232 |
|
9,457 |
|
NCE in Reais |
|
Brazilian interbank rate (DI 1) |
|
723,657 |
|
707,872 |
|
Midwest Fund |
|
Brazilian interbank rate (DI 1) |
|
26,770 |
|
32,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,943,227 |
|
8,278,493 |
|
(*) Used to calculate the present value of the loans.
6.2 Fair value measurement of derivative financial instruments (including embedded derivative)
The Company estimates the fair value of its derivative financial instruments and acknowledges that it may differ from the amounts payable/receivable in the event of early settlement of the instrument. This difference results from factors such as liquidity, spreads or the intention of early settlement from the counterparty, among others. The amounts estimated by management are also compared with the Mark-to-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed by an independent financial advisor.
A summary of the methodologies used for purposes of determining fair value by type of instrument is presented below.
· Swap contracts - the present value of both the asset and liability legs are estimated through the discount of forecasted cash flows using the observed market interest rate for the currency in which the swap is denominated, considering both of Fibrias and counterpart credit risk. The contract fair value is the difference between the asset and liability.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
· Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model, considering both of Fibrias and counterpart credit risk. Volatility information and interest rates are observable and obtained from BM&FBOVESPA exchange information to calculate the fair values.
· Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index, obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS), issued by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in the embedded derivative instrument. The fair value of the embedded derivative instrument is the present value of the difference between both positions.
The yield curves used to calculate the fair value in June 30, 2015 are as follows:
Interest rate curves |
|
|
|
|
| ||||||
Brazil |
|
United States |
|
Dollar coupon |
| ||||||
Vertex |
|
Rate (p.a.) - % |
|
Vertex |
|
Rate (p.a.) - % |
|
Vertex |
|
Rate (p.a.) - % |
|
1M |
|
13.68 |
|
1M |
|
0.20 |
|
1M |
|
15.76 |
|
6M |
|
14.24 |
|
6M |
|
0.35 |
|
6M |
|
3.80 |
|
1Y |
|
14.27 |
|
1Y |
|
0.52 |
|
1Y |
|
3.05 |
|
2Y |
|
13.60 |
|
2Y |
|
0.91 |
|
2Y |
|
3.07 |
|
3Y |
|
13.07 |
|
3Y |
|
1.27 |
|
3Y |
|
3.17 |
|
5Y |
|
12.72 |
|
5Y |
|
1.81 |
|
5Y |
|
3.60 |
|
10Y |
|
12.58 |
|
10Y |
|
2.52 |
|
10Y |
|
4.07 |
|
7 Cash and cash equivalents
|
|
Average |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
Cash and banks |
|
|
|
200,832 |
|
122,515 |
|
Fixed-term deposits |
|
|
|
|
|
|
|
Local currency |
|
|
|
2,804 |
|
157,883 |
|
Foreign currency |
|
0.16 |
|
480,900 |
|
180,669 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
684,536 |
|
461,067 |
|
The increase of R$ 223,469 in the six-month period ended June 30, 2015 refers, mainly, to our strategy of keeping cash balance available with higher liquidity.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
8 Marketable securities
|
|
Average |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
In local currency |
|
|
|
|
|
|
|
Brazilian federal provision fund |
|
75 of CDI |
|
235 |
|
30 |
|
Brazilian federal government securities |
|
|
|
|
|
|
|
At fair value |
|
109.8 of CDI |
|
105,430 |
|
193,101 |
|
Held to maturity (i) |
|
109.8 of CDI and 6 |
|
77,997 |
|
51,350 |
|
Private securities |
|
101.7 of CDI |
|
589,217 |
|
428,336 |
|
|
|
|
|
|
|
|
|
In foreign currency |
|
|
|
|
|
|
|
Private securities |
|
|
|
|
|
61,352 |
|
|
|
|
|
|
|
|
|
Marketable securities |
|
|
|
772,879 |
|
734,169 |
|
|
|
|
|
|
|
|
|
Current |
|
|
|
701,361 |
|
682,819 |
|
|
|
|
|
|
|
|
|
Non-Current |
|
|
|
71,518 |
|
51,350 |
|
(i) The yield of 109.8% of CDI refers to the investment fund - Pulp and the yield of 6% p.a. refers to the agrarian debt bounds.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
9 Derivative financial instruments (including embedded derivative)
(a) Derivative financial instruments by type
|
|
Reference value (notional) |
|
Fair value |
| ||||
Type of derivative |
|
June 30, |
|
December 31, |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
Instruments contracted of economic hedge strategy |
|
|
|
|
|
|
|
|
|
Operational hedge |
|
|
|
|
|
|
|
|
|
Cash flow hedges of exports |
|
|
|
|
|
|
|
|
|
Zero cost collar |
|
920,000 |
|
1,465,000 |
|
(24,787 |
) |
(19,443 |
) |
|
|
|
|
|
|
|
|
|
|
Hedges of debts |
|
|
|
|
|
|
|
|
|
Hedges of interest rates |
|
|
|
|
|
|
|
|
|
Swap LIBOR x Fixed (US$) |
|
530,557 |
|
538,207 |
|
(10,822 |
) |
3,353 |
|
|
|
|
|
|
|
|
|
|
|
Hedges of foreign currency |
|
|
|
|
|
|
|
|
|
Swap DI x US$ (US$) |
|
396,767 |
|
405,269 |
|
(398,895 |
) |
(215,654 |
) |
Swap TJLP x US$ (US$) |
|
134,742 |
|
180,771 |
|
(208,419 |
) |
(196,818 |
) |
Swap Pre x US$ (US$) |
|
150,964 |
|
191,800 |
|
(146,399 |
) |
(109,889 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(789,322 |
) |
(538,451 |
) |
|
|
|
|
|
|
|
|
|
|
Embedded derivative in forestry partnership and standing timber supply agreements (*) |
|
|
|
|
|
|
|
|
|
Swap changes in US-CPI |
|
879,989 |
|
902,267 |
|
150,007 |
|
120,988 |
|
|
|
|
|
|
|
|
|
|
|
Classified |
|
|
|
|
|
|
|
|
|
In current assets |
|
|
|
|
|
26,338 |
|
29,573 |
|
In non-current assets |
|
|
|
|
|
175,026 |
|
161,320 |
|
In current liabilities |
|
|
|
|
|
(247,662 |
) |
(185,872 |
) |
In non-current liabilities |
|
|
|
|
|
(593,017 |
) |
(422,484 |
) |
|
|
|
|
|
|
|
|
|
|
Total, net |
|
|
|
|
|
(639,315 |
) |
(417,463 |
) |
(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and Standing Timber Supply Agreements.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(b) Derivative financial instruments of economic hedge strategy by type and broken down by nature of the exposure
|
|
Reference value (notional) - |
|
Fair value |
| ||||
Type of derivative and |
|
June 30, |
|
December 31, |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
Swap contracts - Hedges of debts |
|
|
|
|
|
|
|
|
|
Asset |
|
|
|
|
|
|
|
|
|
USD LIBOR (LIBOR to fixed) |
|
530,557 |
|
538,207 |
|
1,582,195 |
|
1,352,345 |
|
BRL fixed rate (BRL to USD) |
|
771,874 |
|
788,208 |
|
1,112,327 |
|
1,082,215 |
|
BRL TJLP (BRL to USD) |
|
218,953 |
|
293,676 |
|
209,759 |
|
279,328 |
|
BRL Pre (BRL to USD) |
|
313,869 |
|
395,697 |
|
255,636 |
|
323,898 |
|
Liability |
|
|
|
|
|
|
|
|
|
USD fixed rate (LIBOR to fixed) |
|
530,557 |
|
538,207 |
|
(1,593,017 |
) |
(1,348,992 |
) |
USD fixed rate (BRL to USD) |
|
396,767 |
|
405,269 |
|
(1,511,222 |
) |
(1,297,868 |
) |
USD fixed rate (BRL TJLP to USD) |
|
134,742 |
|
180,771 |
|
(418,178 |
) |
(476,146 |
) |
USD fixed rate (BRL to USD) |
|
150,964 |
|
191,800 |
|
(402,035 |
) |
(433,788 |
) |
|
|
|
|
|
|
|
|
|
|
Total of swap contracts |
|
|
|
|
|
(764,535 |
) |
(519,008 |
) |
|
|
|
|
|
|
|
|
|
|
Options |
|
|
|
|
|
|
|
|
|
Cash flow hedge - zero cost collar |
|
920,000 |
|
1,465,000 |
|
(24,787 |
) |
(19,443 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(789,322 |
) |
(538,451 |
) |
(c) Derivative financial instruments by type of economic hedge strategy contracts
|
|
Fair value |
|
Amount paid |
| ||||
Type of derivative |
|
June 30, |
|
December 31, |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
Operational hedges |
|
|
|
|
|
|
|
|
|
Cash flow hedges of exports |
|
(24,787 |
) |
(19,443 |
) |
(5,879 |
) |
(13 |
) |
Hedges of debts |
|
|
|
|
|
|
|
|
|
Hedges of interest rates |
|
(10,822 |
) |
3,353 |
|
(2,210 |
) |
(5.445 |
) |
Hedges of foreign currency |
|
(753,713 |
) |
(522,361 |
) |
(89,033 |
) |
(47.641 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(789,322 |
) |
(538,451 |
) |
(97,122 |
) |
(53.099 |
) |
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(d) Fair value and counterparty by maturity date of economic hedge strategy contracts
Fair values by maturity:
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
2015 |
|
(145,980 |
) |
(158,095 |
) |
2016 |
|
(166,647 |
) |
(99,947 |
) |
2017 |
|
(235,578 |
) |
(134,814 |
) |
2018 |
|
(160,991 |
) |
(87,208 |
) |
2019 |
|
(49,516 |
) |
(35,401 |
) |
2020 |
|
(30,610 |
) |
(22,986 |
) |
|
|
|
|
|
|
|
|
(789,322 |
) |
(538,451 |
) |
Notional and fair value by counterparty:
|
|
June 30, 2015 |
|
December 31, 2014 |
| ||||
|
|
Notional in |
|
Fair value |
|
Notional in |
|
Fair value |
|
|
|
|
|
|
|
|
|
|
|
Banco Itaú BBA S.A. |
|
362,363 |
|
(116,960 |
) |
603,906 |
|
(67,675 |
) |
Deutsche Bank S.A. |
|
175,900 |
|
(1,137 |
) |
253,450 |
|
12 |
|
Banco CreditAgricole Brasil S.A. |
|
55,985 |
|
(9,239 |
) |
68,623 |
|
(10,085 |
) |
Banco Citibank S.A. |
|
78,955 |
|
(44,277 |
) |
45,671 |
|
(48,612 |
) |
Bank of America Merrill Lynch |
|
300,000 |
|
(10,178 |
) |
300,000 |
|
(1,385 |
) |
Banco Santander Brasil S.A. |
|
151,629 |
|
(109,640 |
) |
196,987 |
|
(95,818 |
) |
Banco Safra S.A. |
|
193,326 |
|
(231,495 |
) |
198,598 |
|
(132,726 |
) |
Banco BNP Paribas Brasil S.A. |
|
45,000 |
|
(1 |
) |
210,000 |
|
(1,741 |
) |
HSBC Bank Brasil S.A. |
|
90,454 |
|
(46,686 |
) |
160,446 |
|
(40,675 |
) |
Banco Bradesco S.A. |
|
180,625 |
|
(201,320 |
) |
182,229 |
|
(126,785 |
) |
Banco J. P. Morgan S.A. |
|
427,856 |
|
(10,728 |
) |
467,857 |
|
(3,446 |
) |
Goldman Sachs do Brasil |
|
40,000 |
|
(824 |
) |
65,000 |
|
(1,007 |
) |
Banco Votorantim S.A. |
|
25,937 |
|
(6,723 |
) |
13,280 |
|
(8,237 |
) |
Morgan Stanley & CO. |
|
5,000 |
|
(114 |
) |
15,000 |
|
(271 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
2,133,030 |
|
(789,322 |
) |
2,781,047 |
|
(538,451 |
) |
Fair value does not necessarily represent the cash required to immediately settle each contract, as such disbursement will only be made on the date of maturity of each transaction, when the final settlement amount will be determined.
The outstanding contracts at June 30, 2015 are not subject to margin calls or anticipated liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at CETIP (a clearing house).
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
10 Trade accounts receivable
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Domestic customers |
|
77,307 |
|
50,729 |
|
Export customers |
|
621,779 |
|
496,493 |
|
|
|
|
|
|
|
|
|
699,086 |
|
547,222 |
|
|
|
|
|
|
|
Allowance for doubtful accounts |
|
(7,593 |
) |
(8,798 |
) |
|
|
|
|
|
|
|
|
691,493 |
|
538,424 |
|
In the six-month period ended June 30, 2015, we made some factoring transactions without recourse for certain customers receivables, in the amount of R$ 1,281,310 (R$ 1,230,143 at December 31, 2014), that were derecognized from accounts receivable in the balance sheet.
11 Inventory
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Finished goods |
|
|
|
|
|
At plants/warehouses in Brazil |
|
165,854 |
|
137,741 |
|
Outside Brazil |
|
695,933 |
|
515,522 |
|
Work in process |
|
14,946 |
|
16,942 |
|
Raw materials |
|
414,616 |
|
402,293 |
|
Supplies |
|
159,408 |
|
161,758 |
|
Imports in transit |
|
3,578 |
|
3,873 |
|
Advances to suppliers |
|
373 |
|
664 |
|
|
|
|
|
|
|
|
|
1,454,708 |
|
1,238,793 |
|
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
12 Recoverable taxes
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
|
|
|
Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL) |
|
776,525 |
|
680,927 |
|
Value-added Tax on Sales and Services (ICMS) on purchases of property, plant and equipment |
|
19,198 |
|
19,465 |
|
Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw materials and supplies |
|
940,975 |
|
896,460 |
|
Federal tax credits |
|
404,506 |
|
444,906 |
|
Credit related to Reintegra Program (a) |
|
67,152 |
|
37,027 |
|
Social Integration Program (PIS) and Social Contribution on Revenue (COFINS) Recoverable |
|
600,144 |
|
570,333 |
|
Provision for the impairment of ICMS credits |
|
(767,614 |
) |
(734,154 |
) |
|
|
|
|
|
|
|
|
2,040,886 |
|
1,914,964 |
|
|
|
|
|
|
|
Current |
|
183,306 |
|
162,863 |
|
|
|
|
|
|
|
Non-current |
|
1,857,580 |
|
1,752,101 |
|
During the six-month period ended June 30, 2015, there were no relevant changes to our expectations regarding the recoverability of the tax credits presented in this note and the Note 14 to the most recent annual financial statements.
(a) Reintegra Special Tax Regime
Fibria is beneficiary of the Special Tax Refund Regime for Exporting Companies (known as Reintegra), established by Provisional Measure nº 651/2014 (enacted as Law 13.043/2014 on November 13, 2014),
With the issuance of the Act nº 8,415, on February 27, 2015, the percentage to be applied over the export revenue for calculation of the tax credit was changed from 3% to 1% between March 1, 2015 and December 31, 2016. In 2017, the percentage to be used will be 2% and in 2018, 3% over the export revenue.
In the six-month period ended June 30, 2015, the Company recognized Reintegra credits of R$ 39,060, under Cost of sales in the Statement of profit and loss.
13 Income taxes
The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The subsidiaries located outside of Brazil use methods established by the respective local jurisdictions. Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at the date of the interim financial information.
The Company pays income taxes on the profits generated by foreign subsidiaries in accordance with the Law 12,973/14, which revoked the Article 74 of Provisional Measure 2,158/01, but kept the determination that the profits earned each year by foreign controlled subsidiaries are subject to the payment of income tax and social contribution in Brazil in the same year, at a rate of 34%, applied to the subsidiaries accounting profits before income tax. The repatriation of these profits in subsequent years is not subject to future taxation in Brazil. The Company records a provision for income taxes on foreign subsidiaries on an accruals basis. As from 2014, the Company decided to start paying these taxes primarily to mitigate any risk of future tax assessments on this matter.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(a) Deferred taxes
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Tax loss carryforwards (i) |
|
245,035 |
|
192,647 |
|
Provision for contingencies |
|
107,663 |
|
111,799 |
|
Sundry provisions (impairment, operational and other) |
|
484,855 |
|
447,273 |
|
Results of derivative contracts - cash basis for tax purposes |
|
217,368 |
|
141,938 |
|
Exchange losses (net) - cash basis for tax purposes |
|
1,427,813 |
|
913,219 |
|
Tax amortization of the assets acquired in the business combination - Aracruz |
|
101,134 |
|
102,335 |
|
Actuarial gains on medical assistance plan (SEPACO) |
|
6,609 |
|
6,609 |
|
Provision for income tax and social contribution from foreign subsidiaries |
|
(327,950 |
) |
(25,977 |
) |
Tax accelerated depreciation |
|
(8,406 |
) |
(9,889 |
) |
Reforestation costs already deducted for tax purposes |
|
(359,157 |
) |
(348,398 |
) |
Fair values of biological assets |
|
(139,658 |
) |
(153,020 |
) |
Effects of business combination - acquisition of Aracruz |
|
(1,004 |
) |
(3,165 |
) |
Tax benefit of goodwill - goodwill not amortized for accounting purposes |
|
(492,023 |
) |
(447,293 |
) |
Other provisions |
|
(7,640 |
) |
(3,770 |
) |
|
|
|
|
|
|
Total deferred taxes asset, net |
|
1,254,639 |
|
924,308 |
|
|
|
|
|
|
|
Deferred taxes - asset (net by entity) |
|
1,511,358 |
|
1,190,836 |
|
|
|
|
|
|
|
Deferred taxes - liability (net by entity) |
|
256,719 |
|
266,528 |
|
(i) The balance as at June 30, 2015 is presented net of Hungarian Forint HUF 25,752 million (equivalent to R$ 282,314 as of June 30, 2015 and R$ 263,297 as of December 31, 2014) related to the provision for impairment for foreign tax credits.
Changes in the net balance of deferred income tax are as follows:
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
At the beginning of the period |
|
924,308 |
|
732,220 |
|
Tax loss carryforwards |
|
52,388 |
|
20,128 |
|
Temporary differences regarding provisions |
|
33,446 |
|
23,261 |
|
Provision for income tax and social contribution from foreign subsidiaries |
|
(301,973 |
) |
(25,977 |
) |
Derivative financial instruments taxed on a cash basis |
|
75,430 |
|
(15,933 |
) |
Amortization of goodwill |
|
(45,931 |
) |
(98,063 |
) |
Reforestation costs |
|
(9,276 |
) |
(36,804 |
) |
Exchange losses (net) taxed on a cash basis |
|
514,594 |
|
266,933 |
|
Fair value of biological assets |
|
13,362 |
|
46,841 |
|
Actuarial losses on medical assistance plan (SEPACO) |
|
|
|
2,478 |
|
Other |
|
(1,709 |
) |
9,224 |
|
|
|
|
|
|
|
At the end of the period |
|
1,254,639 |
|
924,308 |
|
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(b) Reconciliation of taxes on income
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Income (loss) before tax |
|
(201,192 |
) |
1,021,866 |
|
|
|
|
|
|
|
Income tax and social contribution benefit (expense) at statutory nominal rate - 34% |
|
68,405 |
|
(347,434 |
) |
|
|
|
|
|
|
Reconciliation to effective expense: |
|
|
|
|
|
|
|
|
|
|
|
Benefits to directors |
|
(6,067 |
) |
(3,335 |
) |
Equity in net income of jointly-venture |
|
255 |
|
|
|
Taxes on earnings of foreign subsidiaries |
|
|
|
(3,484 |
) |
Difference in tax rates of foreign subsidiaries |
|
(7 |
) |
12,987 |
|
Credit of Reintegra Program |
|
13,281 |
|
|
|
Benefit - Tax on net income (Imposto sobre o Lucro Líquido - ILL) |
|
|
|
32,117 |
|
Foreign exchange effects on foreign subsidiaries (i) |
|
180,550 |
|
(62,375 |
) |
Other, mainly non-deductible provisions |
|
(6,797 |
) |
60 |
|
|
|
|
|
|
|
Income tax and social contribution benefit (expense) for the period |
|
249,620 |
|
(371,464 |
) |
|
|
|
|
|
|
Income tax and social contribution current |
|
(78,601 |
) |
(101,390 |
) |
|
|
|
|
|
|
Income tax and social contribution deferred |
|
328,221 |
|
(270,074 |
) |
|
|
|
|
|
|
|
|
249,620 |
|
(371,464 |
) |
|
|
|
|
|
|
Effective rate - % |
|
124.1 |
|
36.4 |
|
(i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the real as the functional currency. As the real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the foreign country nor will it ever be subject to tax in Brazil.
14 Significant transactions and balances with related parties
(a) Related parties
The Company is governed by a Shareholders Agreement entered into between Votorantim Industrial S.A. (VID), which holds 29.42% of our shares, and BNDES Participações S.A. (BNDESPAR), which holds 30.38% of our shares (together the Controlling Shareholders).
The Companys commercial and financial transactions with its subsidiaries, companies of the Votorantim Group and other related parties are carried out at normal market prices and conditions, based on usual terms and rates applicable to third parties.
In Abril 2015, the subsidiary Fibria-MS made a marketable security investment with Banco Votorantim, maturing in Abril 2016 and average interest rate of 102.1% of CDI.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
In the six-month period ended June 30, 2015, except for the transaction mentioned above, there were no changes in the terms of the contracts, agreements and transactions, and there were no new contracts, agreements or transactions with distinct nature between the Company and its related parties when compared to the transactions disclosed in Note 16 to the most recent financial statements as at December 31, 2014.
(i) Balances recognized in assets and liabilities
|
|
Balances receivable (payable) |
| ||||
|
|
Nature |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
Transactions with controlling shareholders |
|
|
|
|
|
|
|
Votorantim Industrial S.A. |
|
Rendering of services |
|
(28 |
) |
(172 |
) |
Banco Nacional de Desenvolvimento Econômico e Social (BNDES) |
|
Financing |
|
(1,706,742 |
) |
(1,756,133 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1,706,770 |
) |
(1,756,305 |
) |
|
|
|
|
|
|
|
|
Transactions with Votorantim Group companies |
|
|
|
|
|
|
|
Votorantim Participações S.A. |
|
Financing |
|
9,308 |
|
7,969 |
|
Votener - Votorantim Comercializadora e Energia |
|
Energy supplier |
|
8,915 |
|
20,719 |
|
Banco Votorantim S.A. |
|
Marketable securities |
|
30,645 |
|
|
|
Banco Votorantim S.A. |
|
Financial instruments |
|
(6,723 |
) |
(8,237 |
) |
Votorantim Cimentos S.A. |
|
Input supplier |
|
(241 |
) |
(269 |
) |
Votorantim Metais |
|
Chemical products supplier |
|
(230 |
) |
|
|
Votorantim Metais |
|
Leasing of land |
|
|
|
(773 |
) |
Companhia Brasileira de Alumínio (CBA) |
|
Leasing of land |
|
(39 |
) |
(39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
41,635 |
|
19,370 |
|
|
|
|
|
|
|
|
|
Net |
|
|
|
(1,665,135 |
) |
(1,736,935 |
) |
|
|
|
|
|
|
|
|
Presented in the following lines |
|
|
|
|
|
|
|
In assets |
|
|
|
|
|
|
|
Marketable securities (Note 8) |
|
|
|
30,645 |
|
|
|
Related parties - non-current |
|
|
|
9,308 |
|
7,969 |
|
Other assets - current |
|
|
|
8,915 |
|
20,719 |
|
In liabilities |
|
|
|
|
|
|
|
Loans and financing (Note 19) |
|
|
|
(1,706,742 |
) |
(1,756,133 |
) |
Derivative financial instruments (Note 9) |
|
|
|
(6,723 |
) |
(8,237 |
) |
Suppliers |
|
|
|
(538 |
) |
(1,253 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1,665,135 |
) |
(1,736,935 |
) |
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(ii) Transactions recognized in the Statement of profit and loss
|
|
Income (expense) |
| ||||
|
|
Nature |
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
Transactions with controlling shareholders |
|
|
|
|
|
|
|
Votorantim Industrial S.A. |
|
Rendering of services |
|
(4,647 |
) |
(6,661 |
) |
Banco Nacional de Desenvolvimento Econômico e Social (BNDES) |
|
Financing |
|
(149,166 |
) |
(40,311 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(153,813 |
) |
(46,972 |
) |
|
|
|
|
|
|
|
|
Transactions with associates |
|
|
|
|
|
|
|
Bahia Produtos de Madeira S.A. |
|
Sales of wood |
|
|
|
4,647 |
|
|
|
|
|
|
|
|
|
Transactions with Votorantim Group companies |
|
|
|
|
|
|
|
Votorantim Participações S.A. |
|
Financing |
|
1,339 |
|
|
|
Votener - Votorantim Comercializadora de Energia |
|
Energy supplier |
|
49,380 |
|
23,207 |
|
Banco Votorantim S.A. |
|
Marketable securities |
|
666 |
|
|
|
Banco Votorantim S.A. |
|
Financial instruments |
|
1,514 |
|
|
|
Votorantim Cimentos S.A. |
|
Energy supplier |
|
3,104 |
|
3,654 |
|
Votorantim Cimentos S.A. |
|
Input supplier |
|
(43 |
) |
(2,479 |
) |
Sitrel Siderurgia Três Lagoas |
|
Energy supplier |
|
1,773 |
|
1,633 |
|
Votorantim Metais Ltda. |
|
Chemical products supplier |
|
(1,862 |
) |
(87 |
) |
Votorantim Metais Ltda. |
|
Leasing of lands |
|
(2,318 |
) |
(4,503 |
) |
Companhia Brasileira de Alumínio (CBA) |
|
Leasing of lands |
|
(235 |
) |
(221 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
53,318 |
|
21,204 |
|
(b) Key management compensation
The remuneration effects on the statement of profit or loss, including all benefits, are summarized as follows:
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Benefits to officers and directors |
|
23,968 |
|
20,675 |
|
Benefit program - Phantom Stock Options and Stock Options plans |
|
4,893 |
|
(1,333 |
) |
|
|
|
|
|
|
|
|
28,861 |
|
19,342 |
|
Benefits include fixed compensation (salaries and fees, vacation pay and 13th month salary), social charges and contributions to the National Institute of Social Security (INSS), the Government Severance Indemnity Fund for Employees (FGTS) and the variable compensation program.
Benefits to key management do not include the compensation for the Statutory Audit Committee, Finance, Compensation and Sustainability Committees members of R$ 577 for the six-month period ended June 30, 2015 (R$ 819 for the six-month period ended June 30, 2014).
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
The Company does not have any additional post-employment active plan and does not offer any other benefits, such as additional paid leave for time of service.
The balances to be paid to the Companys key management are recorded in the following lines items of the current and non-current liabilities and in the shareholders equity:
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Current liability |
|
|
|
|
|
Payroll, profit sharing and related charges |
|
11,710 |
|
18,748 |
|
|
|
|
|
|
|
Non-current liability |
|
|
|
|
|
Other payables |
|
25,281 |
|
13,665 |
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
Capital reserve |
|
2,860 |
|
918 |
|
|
|
|
|
|
|
|
|
39,851 |
|
33,331 |
|
15 Investments
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Investment in associate and joint-venture - equity method (i) |
|
14,737 |
|
13,987 |
|
Impairment of investments (i) |
|
(13,629 |
) |
(13,629 |
) |
Other investments - at fair value (ii) |
|
94,055 |
|
79,524 |
|
|
|
|
|
|
|
|
|
95,163 |
|
79,882 |
|
(i) On July 31, 2014, the Company acquired 100% of the capital of WOP - Wood Participações Ltda. (former Weyerhaeuser Brasil Participações Ltda.), for R$ 6,716, which held 66.67% of the capital of our associate Bahia Produtos de Madeira S.A. As from that date, the Company holds, directly and indirectly, 100% of the capital of Bahia Produtos de Madeira S.A. We recognized provision for impairment in these subsidiaries.
(ii) Fair value change in our interest in Ensyn was not significant in the six-month period ended June 30, 2015. The increase in the balance refers to the foreign currency effect on the investment.
None of the subsidiaries and jointly-operated entities has publicly traded shares.
The provisions and contingent liabilities related to the entities of the Company are described in Note 20.
Additionally, the Company does not have any significant restriction or commitments with regards to its associates and joint-venture.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
Incorporation of subsidiary
In January 2015, the Company concluded the process of incorporation of the subsidiary Fibria Innovations LLC., located in Vancouver - Canada, whose purpose is the research and development of bio-products from biomass.
16 Biological assets
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
At the beginning of the period |
|
|
|
|
|
Historical cost |
|
3,172,431 |
|
2,730,510 |
|
Fair value - step up |
|
535,414 |
|
692,924 |
|
|
|
3,707,845 |
|
3,423,434 |
|
|
|
|
|
|
|
Additions |
|
612,706 |
|
1,190,349 |
|
Harvests in the period |
|
|
|
|
|
Historical cost |
|
(442,570 |
) |
(749,986 |
) |
Fair value |
|
(84,309 |
) |
(209,265 |
) |
Change in fair value - step up |
|
29,831 |
|
51,755 |
|
Reversal of disposals (disposals) |
|
|
|
1,817 |
|
Transfer (i) |
|
(13,210 |
) |
(259 |
) |
|
|
|
|
|
|
At the end of the period |
|
3,810,293 |
|
3,707,845 |
|
Historical cost |
|
3,329,357 |
|
3,172,431 |
|
Fair value - step up |
|
480,936 |
|
535,414 |
|
(i) Includes transfers between biological assets and property, plant and equipment.
In accordance with our accounting policies, in the six-month period ended June 30, 2015 we performed a valuation of the biological assets at their fair value. In the following table we present the main inputs used to estimate the fair value of biological assets:
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Actual planted area (hectare) |
|
452,937 |
|
459,487 |
|
Average annual growth (IMA) - m3/hectare |
|
40 |
|
40 |
|
Net average sale price - R$/m3 |
|
64.83 |
|
62.78 |
|
Remuneration of own contributory assets - % |
|
5.6 |
|
5.6 |
|
Discount rate - % |
|
6.43 |
|
6.65 |
|
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
The changes in the fair value of the biological assets in June 30, 2015 are presented as follows:
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Fair value of the forest renovations during the year |
|
(73,355 |
) |
(197,088 |
) |
Growing of plantation (IMA, area and age) |
|
43,453 |
|
69,153 |
|
Variations in price |
|
59,733 |
|
179,690 |
|
|
|
|
|
|
|
|
|
29,831 |
|
51,755 |
|
The biological assets are classified within Level 3 of the fair value hierarchical level. There were no transfers between levels during the periods presented.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
17 Property, plant and equipment
|
|
Land |
|
Buildings |
|
Machinery, |
|
Advances to |
|
Construction |
|
Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2013 |
|
1,249,332 |
|
1,426,592 |
|
6,902,717 |
|
24,317 |
|
191,029 |
|
30,517 |
|
9,824,504 |
|
Additions |
|
|
|
18 |
|
6,325 |
|
(18,912 |
) |
360,348 |
|
1,715 |
|
349,494 |
|
Disposals |
|
(57,202 |
) |
(10,140 |
) |
(44,467 |
) |
(3,726 |
) |
|
|
(11,306 |
) |
(126,841 |
) |
Depreciation |
|
|
|
(128,368 |
) |
(657,191 |
) |
|
|
|
|
(12,081 |
) |
(797,640 |
) |
Transfers and others (*) |
|
8,382 |
|
70,614 |
|
250,403 |
|
66 |
|
(335,495 |
) |
9,246 |
|
3,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
1,200,512 |
|
1,358,716 |
|
6,457,787 |
|
1,745 |
|
215,882 |
|
18,091 |
|
9,252,733 |
|
Additions |
|
|
|
135 |
|
1,136 |
|
5,515 |
|
131,693 |
|
401 |
|
138,880 |
|
Disposals |
|
(3,485 |
) |
(2,414 |
) |
(2,483 |
) |
|
|
|
|
(697 |
) |
(9,079 |
) |
Depreciation |
|
|
|
(56,202 |
) |
(328,999 |
) |
|
|
|
|
(7,035 |
) |
(392,236 |
) |
Acquisition of assets - Fibria Innovations (Note 15) |
|
|
|
|
|
4,212 |
|
|
|
|
|
|
|
4,212 |
|
Transfers and others (*) |
|
|
|
28,154 |
|
66,346 |
|
321 |
|
(116,280 |
) |
34,069 |
|
12,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2015 |
|
1,197,027 |
|
1,328,389 |
|
6,197,999 |
|
7,581 |
|
231,295 |
|
44,829 |
|
9,007,120 |
|
(*) Includes transfers between property, plant and equipment, biological assets, intangible assets and inventory.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
18 Intangible assets
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
At the beginning of the period |
|
4,552,103 |
|
4,634,265 |
|
Additions |
|
7 |
|
40 |
|
Amortization |
|
(40,734 |
) |
(90,854 |
) |
Disposals |
|
(66 |
) |
(20 |
) |
Acquisition of assets - Fibria Innovations (Note 15) |
|
7,388 |
|
|
|
Transfers and others (*) |
|
2,239 |
|
8,672 |
|
|
|
|
|
|
|
At the end of the period |
|
4,520,937 |
|
4,552,103 |
|
|
|
|
|
|
|
Composed by |
|
|
|
|
|
Goodwill - Aracruz |
|
4,230,450 |
|
4,230,450 |
|
Systems development and deployment |
|
20,185 |
|
26,703 |
|
Acquired from business combination |
|
|
|
|
|
Databases |
|
159,600 |
|
182,400 |
|
Patents |
|
|
|
5,160 |
|
Relationships with suppliers |
|
|
|
|
|
Chemical products |
|
97,969 |
|
103,125 |
|
Other |
|
12,733 |
|
4,265 |
|
|
|
|
|
|
|
|
|
4,520,937 |
|
4,552,103 |
|
(*) Includes transfers between property, plant and equipment and intangible assets.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
19 Loans and financing
(a) Breakdown of the balance by type of loan
|
|
|
|
Average |
|
Current |
|
Non- current |
|
Total |
| ||||||
Type/purpose |
|
Interest |
|
interest |
|
June 30, |
|
December 31, |
|
June 30, |
|
December 31, |
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES |
|
UMBNDES |
|
6.4 |
|
68,770 |
|
62,307 |
|
489,003 |
|
409,594 |
|
557,773 |
|
471,901 |
|
Bonds |
|
Fixed |
|
5.6 |
|
12,550 |
|
11,154 |
|
2,132,434 |
|
1,825,189 |
|
2,144,984 |
|
1,836,343 |
|
Export credits (prepayment) |
|
LIBOR |
|
2.9 |
|
279,245 |
|
190,707 |
|
3,958,748 |
|
3,518,474 |
|
4,237,993 |
|
3,709,181 |
|
Export credits (ACC/ACE) |
|
Fixed |
|
1.1 |
|
153,099 |
|
263,120 |
|
|
|
|
|
153,099 |
|
263,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
513,664 |
|
527,288 |
|
6,580,185 |
|
5,753,257 |
|
7,093,849 |
|
6,280,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Reais |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES |
|
TJLP |
|
9.3 |
|
254,209 |
|
320,838 |
|
785,746 |
|
870,720 |
|
1,039,955 |
|
1,191,558 |
|
BNDES |
|
Fixed |
|
4.4 |
|
22,547 |
|
16,654 |
|
86,467 |
|
76,020 |
|
109,014 |
|
92,674 |
|
FINAME |
|
TJLP and Fixed |
|
4.0 |
|
4,394 |
|
4,978 |
|
3,549 |
|
5,451 |
|
7,943 |
|
10,429 |
|
NCE |
|
CDI |
|
13.9 |
|
87,037 |
|
83,507 |
|
646,435 |
|
630,742 |
|
733,472 |
|
714,249 |
|
Midwest Region Fund (FCO and FINEP) |
|
Fixed |
|
8.1 |
|
12,080 |
|
12,124 |
|
18,993 |
|
24,940 |
|
31,073 |
|
37,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
380,267 |
|
438,101 |
|
1,541,190 |
|
1,607,873 |
|
1,921,457 |
|
2,045,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
893,931 |
|
965,389 |
|
8,121,375 |
|
7,361,130 |
|
9,015,306 |
|
8,326,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
60,881 |
|
51,957 |
|
91,898 |
|
65,710 |
|
152,779 |
|
117,667 |
|
Short-term borrowing |
|
|
|
|
|
153,100 |
|
262,739 |
|
|
|
|
|
153,100 |
|
262,739 |
|
Long-term borrowing |
|
|
|
|
|
679,950 |
|
650,693 |
|
8,029,477 |
|
7,295,420 |
|
8,709,427 |
|
7,946,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
893,931 |
|
965,389 |
|
8,121,375 |
|
7,361,130 |
|
9,015,306 |
|
8,326,519 |
|
The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the maturity date for each installment, including the issuing/contracting costs, when applicable.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(b) Breakdown by maturity
|
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES |
|
26,297 |
|
71,884 |
|
64,168 |
|
50,658 |
|
126,795 |
|
127,265 |
|
21,936 |
|
|
|
|
|
489,003 |
|
Bonds |
|
|
|
|
|
|
|
|
|
295,712 |
|
|
|
|
|
|
|
1,836,722 |
|
2,132,434 |
|
Export credits (prepayment) |
|
148,086 |
|
558,327 |
|
952,371 |
|
1,744,823 |
|
555,141 |
|
|
|
|
|
|
|
|
|
3,958,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
174,383 |
|
630,211 |
|
1,016,539 |
|
1,795,481 |
|
977,648 |
|
127,265 |
|
21,936 |
|
|
|
1,836,722 |
|
6,580,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Reais |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES - TJLP |
|
77,568 |
|
159,227 |
|
114,992 |
|
84,783 |
|
144,100 |
|
151,959 |
|
44,380 |
|
8,737 |
|
|
|
785,746 |
|
BNDES - Fixed |
|
12,558 |
|
25,116 |
|
24,181 |
|
18,076 |
|
6,536 |
|
|
|
|
|
|
|
|
|
86,467 |
|
FINAME |
|
1,323 |
|
2,059 |
|
167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,549 |
|
NCE |
|
71,440 |
|
257,325 |
|
231,221 |
|
43,225 |
|
43,224 |
|
|
|
|
|
|
|
|
|
646,435 |
|
Midwest Region Fund (FCO e FINEP) |
|
5,947 |
|
11,893 |
|
659 |
|
494 |
|
|
|
|
|
|
|
|
|
|
|
18,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
168,836 |
|
455,620 |
|
371,220 |
|
146,578 |
|
193,860 |
|
151,959 |
|
44,380 |
|
8,737 |
|
|
|
1,541,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
343,219 |
|
1,085,831 |
|
1,387,759 |
|
1,942,059 |
|
1,171,508 |
|
279,224 |
|
66,316 |
|
8,737 |
|
1,836,722 |
|
8,121,375 |
|
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
(c) Breakdown by currency
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
Real |
|
1,921,457 |
|
2,045,974 |
|
U.S. Dollar |
|
6,536,077 |
|
5,808,644 |
|
Currency basket |
|
557,772 |
|
471,901 |
|
|
|
|
|
|
|
|
|
9,015,306 |
|
8,326,519 |
|
(d) Roll forward
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
At the beginning of period |
|
8,326,519 |
|
9,773,097 |
|
Borrowings |
|
422,891 |
|
4,382,345 |
|
Interest expense |
|
209,029 |
|
475,780 |
|
Foreign exchange |
|
1,054,050 |
|
690,271 |
|
Repayments - principal amount |
|
(827,050 |
) |
(6,636,153 |
) |
Interest paid |
|
(178,726 |
) |
(491,173 |
) |
Expense of transaction costs of Bonds early redeemed |
|
|
|
133,233 |
|
Addition of transaction costs |
|
|
|
(36,736 |
) |
Other (*) |
|
8,593 |
|
35,855 |
|
|
|
|
|
|
|
At the end of the period |
|
9,015,306 |
|
8,326,519 |
|
(*) It includes amortization of transactions costs.
(e) Relevant operations settled in the period
Export credits - ACC and ACE
In the three-month period ended March 31, 2015, the Company paid in the maturity date the amount of US$ 35 million (equivalents then to R$ 91,777) and, US$ 29 million (equivalents then to R$ 84,078), through its jointly-operation Veracel, regarding exports credits (ACC and ACE), with interest rates between 0.18% and 0.93% p.a.
During the second quarter of 2015, the Company, through its jointly-operation Veracel, paid in the maturity date the amount of US$ 32 million (equivalents then to R$ 98,958), regarding exports credits (ACC), with interest rates between 0.87% and 0.92% p.a.
(f) Relevant operations contracted in the period
Export credits - ACC
In the three-month period ended March 31, 2015, the Company, through its jointly-operation Veracel, entered into export contracts (ACC) in the amount of US$ 17 million (equivalent then to R$ 48,750), with maturities between August and September 2015 and fixed interest rate between 1.02% and 1.09% p.a.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
During the second quarter of 2015, the Company, through its jointly-operation Veracel, entered into export contracts (ACC) in the amount of US$ 26 million (equivalent then to R$ 78,948), with maturities between October and December 2015 and fixed interest rate between 1.10% and 1.14% p.a.
BNDES
In the six-month period ended June 30, 2015, was released from BNDES the amount of R$ 72,109, with maturities between 2015 and 2022, subject to interest rate between TJLP plus 2.42% p.a. and 3.42% p.a., UMBNDES plus 2.42% p.a. and fixed interest rate between 4.00% and 6.00%. The value was used in industrial, forestry and IT projects.
(g) Covenants
Some of the financing agreements of the Company contain covenants establishing maximum indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.
The Companys debt financial covenants are measured based on consolidated information translated into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2014)) cannot exceed 4.5x.
The Company is in full compliance with the covenants established in the financial contracts at June 30, 2015.
The loan indentures with debt financial covenants also present the following events of default:
· Non-payment, within the stipulated period, of the principal or interest.
· Inaccuracy of any declaration, guarantee or certification provided.
· Cross-default and cross-judgment default, subject to an agreed.
· Subject to certain periods for resolution, breach of any obligation under the contract.
· Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
20 Provision for contingencies
|
|
June 30, 2015 |
|
December 31, 2014 |
| ||||||||
|
|
Judicial |
|
Provision |
|
Net |
|
Judicial |
|
Provision |
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax |
|
91,009 |
|
105,071 |
|
14,062 |
|
88,858 |
|
100,604 |
|
11,746 |
|
Labor |
|
56,589 |
|
180,366 |
|
123,777 |
|
52,304 |
|
174,179 |
|
121,875 |
|
Civil |
|
16,961 |
|
25,485 |
|
8,524 |
|
16,400 |
|
27,361 |
|
10,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,559 |
|
310,922 |
|
146,363 |
|
157,562 |
|
302,144 |
|
144,582 |
|
The change in the provision for contingencies is as follows:
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
At the beginning of the period |
|
302,144 |
|
280,512 |
|
Disposals |
|
(2,524 |
) |
(7,280 |
) |
Reversal |
|
(18,037 |
) |
(37,458 |
) |
New litigation |
|
12,016 |
|
17,723 |
|
Accrual of financial charges |
|
17,323 |
|
48,647 |
|
|
|
|
|
|
|
At the end of the period |
|
310,922 |
|
302,144 |
|
In the six-month period ended June 30, 2015, there were no significant changes in the possible loss contingencies in comparison with the most recent annual financial statements as at December 31, 2014. See below the main update in the period:
(i) Swap of industrial and forestry assets with International Paper
On March 4, 2015, the Tax Federal Administrative Court (CARF - Conselho Administrativo de Recursos Fiscais), declared that they partially sustained the position of the tax authorities in regards to the administrative process related to the tax assessment notice issued by the Federal Revenue Service Office regarding the swap of industrial and forestry assets between Fibria and International Paper in 2007 and reduced the applicable fines from 150% to 75%. Following the decision, the updated amount involved was reduced from R$ 1,957 million to R$ 1,550 million, of which R$ 557 million refers to the principal, R$ 417 million to fines and R$ 576 million to interest, as at June 30, 2015.
Against the decision, the Company presented the applicable appeals, which is pending of judgement. The National Finance (Fazenda Nacional) also appealed to reduce the qualified fine; however, the appeal was not received, making definitive the decision that reduced the fines from 150% to 75%. In the event of failure at the administrative level, the Company emphasizes that they will discuss the debt at the judicial level.
The Company reinforces that the CARF decision does not present any financial impact and maintain its position of not to constitute any provision for contingencies in relation to this matter, based on its understanding and in the internal and external advisors opinion that the probability of gain on the case
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
is possible.
21 Revenue
(a) Reconciliation
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Gross amount |
|
5,467,819 |
|
4,059,572 |
|
Sales taxes |
|
(91,388 |
) |
(68,629 |
) |
Discounts and returns (*) |
|
(1,070,046 |
) |
(654,767 |
) |
|
|
|
|
|
|
Net revenues |
|
4,306,385 |
|
3,336,176 |
|
(*) Related mainly to trade discounts.
(b) Information about markets
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Domestic market |
|
361,422 |
|
265,434 |
|
Export market |
|
3,903,525 |
|
3,028,615 |
|
Services |
|
41,438 |
|
42,127 |
|
|
|
|
|
|
|
|
|
4,306,385 |
|
3,336,176 |
|
|
|
4,306,385 |
|
3,336,176 |
|
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
22 Financial results
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Financial expenses |
|
|
|
|
|
Interest on loans and financing (i) |
|
(207,856 |
) |
(245,718 |
) |
Loans commissions |
|
(4,626 |
) |
(20,478 |
) |
Financial charges upon partial repurchase of Bond |
|
|
|
(456,417 |
) |
Others |
|
(34,637 |
) |
(28,036 |
) |
|
|
|
|
|
|
|
|
(247,119 |
) |
(750,649 |
) |
|
|
|
|
|
|
Financial income |
|
|
|
|
|
Financial investment earnings |
|
38,797 |
|
48,419 |
|
Others (ii) |
|
42,194 |
|
21,633 |
|
|
|
|
|
|
|
|
|
80,991 |
|
70,052 |
|
|
|
|
|
|
|
Gains (losses) on derivative financial instruments |
|
|
|
|
|
Gains |
|
450,269 |
|
263,412 |
|
Losses |
|
(769,241 |
) |
(84,861 |
) |
|
|
|
|
|
|
|
|
(318,972 |
) |
178,551 |
|
|
|
|
|
|
|
Gains (losses) on foreign exchange rates |
|
|
|
|
|
Loans and financing |
|
(1,054,050 |
) |
391,269 |
|
Other assets and liabilities (iii) |
|
114,248 |
|
(127,430 |
) |
|
|
|
|
|
|
|
|
939,802 |
|
263,839 |
|
|
|
|
|
|
|
Net |
|
(1,424,902 |
) |
(238,207 |
) |
(i) It includes the amount of R$ 1,173 as at June 30, 2015, of capitalized financing costs.
(ii) It includes the interest accrual of the tax credits.
(ii) It includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and others.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
23 Expenses by nature
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Cost of sales |
|
|
|
|
|
Depreciation, depletion and amortization |
|
(913,264 |
) |
(886,163 |
) |
Freight |
|
(413,125 |
) |
(386,852 |
) |
Labor expenses |
|
(236,675 |
) |
(221,448 |
) |
Variable costs (raw materials and miscellaneous materials) |
|
(1,150,257 |
) |
(1,204,307 |
) |
|
|
|
|
|
|
|
|
(2,713,321 |
) |
(2,698,770 |
) |
|
|
|
|
|
|
Selling expenses |
|
|
|
|
|
Labor expenses |
|
(13,794 |
) |
(11,896 |
) |
Selling expenses (i) |
|
(172,420 |
) |
(144,440 |
) |
Operational leasing |
|
(729 |
) |
(847 |
) |
Depreciation and amortization charges |
|
(4,972 |
) |
(3,884 |
) |
Other expenses |
|
(10,053 |
) |
(5,994 |
) |
|
|
|
|
|
|
|
|
(201,968 |
) |
(167,061 |
) |
|
|
|
|
|
|
General and administrative |
|
|
|
|
|
Labor expenses |
|
(75,173 |
) |
(53,935 |
) |
Third-party services |
|
(51,533 |
) |
(55,305 |
) |
Depreciation and amortization |
|
(7,756 |
) |
(9,090 |
) |
Taxes and contributions |
|
(3,986 |
) |
(4,238 |
) |
Operating leases and insurance |
|
(3,692 |
) |
(4,464 |
) |
Other expenses |
|
(11,786 |
) |
(3,683 |
) |
|
|
|
|
|
|
|
|
(153,926 |
) |
(130,715 |
) |
|
|
|
|
|
|
Other operating (expenses) income |
|
|
|
|
|
Program of variable compensation to employees |
|
(35,790 |
) |
(34,832 |
) |
Tax credits |
|
|
|
860,764 |
|
(Provision)/reversal of contingencies |
|
(7,022 |
) |
11,796 |
|
Changes in fair value of biological assets |
|
29,831 |
|
87,192 |
|
Loss on disposal of property, plant and equipment |
|
(2,658 |
) |
(3,792 |
) |
Others |
|
1,429 |
|
(685 |
) |
|
|
|
|
|
|
|
|
(14,210 |
) |
920,443 |
|
(i) Includes handling expenses, storage and transportation expenses and sales commissions and others.
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
24 Shareholders equity
(a) Dividends
On April 28, 2015, was approved in the Ordinary and Extraordinary Shareholders Meeting the payments to the shareholders in the amount of R$ 147,805, as dividends related to the net income of the fiscal year ended December 31, 2014, being R$ 36,951 corresponding to 25% of the adjusted net income and, R$110,854 as additional dividend. The payment was made on May 14, 2015.
25 Earnings per share
(a) Basic
The basic earnings per share is calculated by dividing net income attributable to the Companys shareholders by the weighted average of the number of common shares outstanding during the period, excluding the common shares purchased by the Company and maintained as treasury shares.
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
Numerator |
|
|
|
|
|
Net income attributable to the shareholders of the Company |
|
42,388 |
|
646,761 |
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
Weighted average number of common shares outstanding |
|
553,591,619 |
|
553,591,822 |
|
|
|
|
|
|
|
Basic earnings per share - in Reais |
|
0.077 |
|
1.168 |
|
The weighted average number of shares in the presented periods is represented by a total number of shares of 553,934,646 issued and outstanding for the six-month period ended June 30, 2015 and 2014, without considering treasury shares, for total of 344,042 shares in the six-month period ended June 30, 2015 (342,824 as at June 30, 2014). In the six-month period ended June 30, 2015 and 2014 there were no changes in the number of shares of Company.
(b) Diluted
Diluted earnings per share are calculated by dividing net income attributable to the Companys shareholders common shares by the weighted average number of common shares available during the year plus the weighted average number of common shares that would be issued when converting all potentially dilutive common shares into common shares:
Fibria Celulose S.A.
Notes to the unaudited consolidated interim
financial information at June 30, 2015
In thousands of Reais, unless otherwise indicated
|
|
June 30, |
|
|
|
|
|
Numerator |
|
|
|
Net income attributable to the shareholders of the Company |
|
42,388 |
|
|
|
|
|
Denominator |
|
|
|
Weighted average number of common shares outstanding |
|
553,591,619 |
|
Dilution effect |
|
|
|
Stock options |
|
687,840 |
|
Weighted average number of common shares outstanding adjusted according to dilution effect |
|
554,279,459 |
|
|
|
|
|
Diluted earnings per share - in Reais |
|
0.076 |
|
There was no dilutive effect in the six-month period ended June 30, 2014.
25 Explanatory notes not presented
According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/ No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial instruments by category (Note 7), credit quality of financial assets (Note 8), financial and operational lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program (Note 25), long term commitments (Note 26), benefits to employees (Note 28), compensation program based on shares (Note 29), insurance (Note 34), non-current assets held for sale (Note 36) and impairment testing (Note 37), that we omitted in the March 31, 2015 consolidated interim financial information because the assumptions, operations and policies have not seen any relevant changes compared to the position presented in the financial statements as At December 31, 2014.
In addition, the Company no longer has reportable segments to present as at June 30, 2015, therefore the Note regarding segment information was excluded.
* * *
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 22, 2015
|
Fibria Celulose S.A. | |
|
| |
|
By: |
/s/ Guilherme Perboyre Cavalcanti |
|
Name: |
Guilherme Perboyre Cavalcanti |
|
Title: |
CFO and IRO |
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