Form 6-K/A Fibria Celulose S.A. For: Apr 14

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Dated April 14, 2016

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):

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Explanatory Note: The Company is resubmitting this Form 6-K/A to amend the original submission dated March 28, 2016, regarding the Management Proposal (Exhibits II and VI).

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FIBRIA CELULOSE S.A.

CNPJ/MF N.º 60.643.228/0001-21

NIRE 35.300.022.807

MANAGEMENT’S PROPOSAL

Dear Sirs,

The Management of FIBRIA CELULOSE S.A. (“FIBRIA” or “the Company”) submits for the appreciation of its shareholders its proposal regarding the matters that will be covered at its Annual General Shareholders’ Meeting, which is scheduled to take place at the Company’s head office on April 27, 2016, under the terms proposed below (“Proposal”).

SUMMARY

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GENERAL CONSIDERATIONS

Matters to be examined, discussed and voted on by the Annual General Shareholders’ Meeting, according to the following agenda:

(i)             management’s accounts, management’s report and the financial statements of the Company, accompanied by the independent auditors’ report, the opinion of the Fiscal Council, and the opinion of the Statutory Audit Committee regarding the fiscal year ended December 31, 2015;

(ii)          capital expenditure budget proposal for the fiscal year of 2016;

(iii)       management’s proposal for allocation of income for the year ended on December 31, 2015;

(iv)      setting up of the Fiscal Council;

(v)         determination of the number of Fiscal Council members;

(vi)      election of the Fiscal Council members and the respective alternates; and

(vii)   annual global compensation of the managers and Fiscal Council members for the fiscal year of 2016.

All the information and the documents referred to in this Proposal and provided for in articles 9, 10 and 12, of CVM Instruction No. 481, of December 17, 2009, as amended (“ICVM 481/2009”), is available to the shareholders at the Company’s head office and on its website (www.fibria.com.br), on the website of the Brazilian Securities Commission — CVM (www.cvm.gov.br), as well as being covered, as applicable, in the Exhibits to this Proposal.

Exhibit I corresponds to the copies of the opinion of the Company’s fiscal council and of the Statutory Audit Committee’s report, in favor of approving management’s accounts and the financial statements.

Exhibit II, prepared in the way recommended by item 10 of the Company’s Reference Form, under the terms of CVM Instruction No. 480, of December 7, 2009, as amended (“ICVM No. 480/2009”), registers management’s comments regarding the Company’s financial condition and is intended to provide the shareholders with an overall analysis of the Company’s business activities.

Exhibit III, prepared in the way recommended in Exhibit 9-1-II to ICVM 481/2009, refers to the proposed allocation of income for the year ended on December 31, 2015.

Exhibit IV corresponds to the Company’s Proposed Capital Expenditure Budget for the fiscal year of 2016.

Exhibit V, containing the information regarding the candidates for election to the Fiscal Council, was drawn up in the way recommended in items 12.5 to 12.10 of the content of the Reference Form, as provided for in ICVM No. 480/2009, as applicable to the

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case of election of members to make up the Fiscal Council, under the terms of ICVM 481/2009.

Exhibit VI, regarding compensation of the Company’s management, was drawn up in accordance with item 13 of the Company’s Reference Form, under the terms of ICVM No. 480/2009. The proposed total compensation of management for the year 2016 is given in item 7 of this Proposal.

1. MANAGEMENT’S ACCOUNTS, THE MANAGEMENT’S REPORT AND THE COMPANY’S FINANCIAL STATEMENTS, ACCOMPANIED BY THE INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED ON DECEMBER 31, 2015.

Fibria’s financial statements and management’s report were drawn up by the Company’s Board of Officers, audited by the independent auditors Baker Tilly Brasil Auditores Independentes S/S, currently BDO RCS Auditores Independentes S/S, and approved by the Company’s Board of Directors at the meeting held on January 27, 2016, with the aforementioned documents being published in the newspaper Valor Econômico and in the Official Gazette of the State of São Paulo on January 28, 2016.

On January 27, 2016, the Fiscal Council issued a favorable opinion, and the Statutory Audit Committee issued its report, both arguing in favor of forwarding the aforementioned documents for approval at the Annual General Shareholders’ Meeting, according to the copies included in Exhibit I to this Proposal.

Management’s comments regarding the Company’s financial condition can be found in Exhibit II to this Proposal.

Therefore, based on the documents and information available, the Management requests that the Annual General Shareholders’ Meeting give full approval of management’s accounts, of the management’s report and of the Company’s financial statements, accompanied by the annual report of the independent auditors regarding the fiscal year ended on December 31, 2015.

2. CAPITAL EXPENDITURE BUDGET PROPOSAL FOR THE FISCAL YEAR OF 2016

The investment plan for 2016, duly approved at the meeting of the Board of Directors which was held on December 17, 2015, comes to a total amount of R$8,189 million, distributed as follows:

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These investments will be made primarily using the retained earnings of the Profit Reserve in the amount of R$830,945 thousand. The difference, in the amount of R$7,358 million, for the total investments proposed by management, will be paid using own funds (obtained through its operational activities during the fiscal year), and funds from third parties.

Sources and Uses Summary Table

The Company’s management proposes to the General Shareholders’ Meeting the approval of the capital expenditure budget for the fiscal year of 2016, in accordance with Exhibit IV.

3. MANAGEMENT’S PROPOSAL FOR ALLOCATION OF INCOME FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2015

In the fiscal year ended on December 31, 2015, the Company posted net income of

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three hundred forty-two million, one hundred eighty-five thousand, two hundred forty-seven Reais, and seventeen cents (R$342,185,247.17). The Company did not declare or pay interim dividends, or interest on equity during the fiscal year of 2015.

Deducting the amount of seventeen million, one hundred and nine thousand, two hundred sixty-two Reais, and thirty six cents (R$17,109,262.36), allocated to the creation of the Company’s legal reserve, which corresponds to five per cent (5%) of net income for the year, the Company’s net income, adjusted in accordance with the terms of article 202 of Law No. 6404, of December 15, 1976, as amended (“Brazilian Corporate Law”), comes out to the sum of three hundred twenty-five million, seventy five thousand, nine hundred eighty-four Reais, and eighty one cents (R$325.075.984,81).

The Company’s Management proposes the following allocation for the adjusted net income:

(i)                                     the sum of eighty-one million, two hundred sixty-eight thousand, nine hundred ninety-six Reais, and twenty cents (R$81.268.996,20), which equals R$0.146803424 per common share, corresponding to twenty-five per cent (25%) of the adjusted net income, distributed to the shareholders as minimum compulsory dividend, under the terms of Brazilian Corporate Law and article 31, sub-section II of the Company’s by-laws;

(ii)                                  the sum of two hundred eighteen million, seven hundred thirty-one thousand, three Reais, and eighty cents (R$218,731,003.80), which equals R$0.395113288 per common share, distributed to the shareholders as additional dividends, under the terms of Brazilian Corporate Law and article 31, sub-section II of the Company’s by-laws; and

(iii)                               the sum of twenty-five million, seventy-five thousand, nine hundred eighty-four Reais, and eighty-one cents (R$25,075,984.81), corresponding to approximately seven point seventy-one per cent (7.71%) of the adjusted net income, retained for allocation to the Company’s Investment Reserve, as provided for in the Company’s capital expenditure budget for the year 2016.

The amounts to be declared as dividends will not be subject to monetary restatement or compensation between the declaration date and the date of actual payment.

Moreover, dividends are exempt from Income Tax, according to articles 10 of Law No. 9249/95, and 72 of Law No. 12973/14.

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For better understanding of the proposed allocation of the Company’s net income, Exhibit III contains the minimum information provided for under Exhibit 9-1-II to ICVM 481/2009.

4. SETTING UP OF THE FISCAL COUNCIL ON A NON-PERMANENT BASIS

Bearing in mind that the workings of the Company’s Fiscal Council come to an end at the Annual General Shareholders’ Meeting, which is scheduled to take place on April 27, 2016, as provided for in paragraph 5 of article 161 of Brazilian Corporate Law, Management proposes that the Fiscal Council be set up once again and that it operate until the annual general shareholders’ meeting that will examine, discuss and vote on management’s accounts and on the financial statements for the fiscal year ended on December 31, 2016.

5. DETERMINATION OF THE NUMBER OF FISCAL COUNCIL MEMBERS

Under the terms of article 27 of the Company’s By-Laws, the Fiscal Council, when set up, will consist of, at least, 3 (three) and, at most, 5 (five) permanent members and an equal number of alternates.

With a view to always ensuring the existence of an uneven number of members, it is proposed that the number of members for the Company’s Fiscal Council be fixed at 3 (three) permanent members and an equal number of alternates, with a mandate until the annual general shareholders’ meeting that will examine, discuss and vote on management’s accounts and on the financial statements for the fiscal year ended on December 31, 2016.

6. ELECTION OF THE FISCAL COUNCIL MEMBERS AND THEIR RESPECTIVE ALTERNATES

Bearing in mind the above proposal for the setting up of the Company’s Fiscal Council, and definition of 3 (three) permanent members and an equal number of alternates to compose this group, Management proposes to the Shareholders’ Meeting that the following candidates be elected to the Fiscal Council with a one-year mandate, until the annual general shareholders’ meeting that will examine, discuss and vote on management’s accounts and on the financial statements for the fiscal year ended on December 31, 2016:

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It should be stressed that the candidates Maurício Aquino Halewicz and Gilsomar Maia Sebastião and their respective alternates Geraldo Gianini and Antonio Felizardo Leocadio were appointed by shareholders holding a majority of FIBRIA’s shares and that the candidate Antônio Sérgio Riede and his alternate José Ismar Alves Tôrres were appointed by the shareholder Caixa de Previdência dos Funcionários do Banco do Brasil — PREVI.

According to article 162 of the Brazilian Corporate Law, only individuals residing in the country and holding an academic degree, or persons who have worked as business managers or fiscal council members for a minimum term of three (3) years, are entitled to hold a position in the fiscal council.

In addition to the persons mentioned in article 147 of the Brazilian Corporate Law, the members of management bodies and employees at the Company, its subsidiaries, or group companies, and managers’ spouses and relatives up to the 3rd degree, are not eligible for the fiscal council.

Additional information about the candidates for the Fiscal Council can be found in Exhibit V.

7. COMPENSATION OF THE MEMBERS OF THE COMPANY’S BOARD OF DIRECTORS AND FISCAL COUNCIL FOR THE YEAR 2016

For the fiscal year of 2016, Management is proposing that the Annual General Shareholders’ Meeting approve a total compensation sum of up to sixty six million, one hundred thirty-two thousand, eight hundred sixty-seven Reais, and forty eight cents (R$66,132,867.48) for the Company’s management and Fiscal Council members, with it being up to the Board of Directors, under the terms of article 17, sub-section III of the Company’s By-Laws, to set and apportion the individual compensation sums of the managers and Fiscal Council members, in accordance with the limit proposed here, if approved. The global compensation sum proposed here includes the compensation of the Company’s Statutory Board of Officers, of its Board of Directors and of the Fiscal Council during the period between January and December 2016, and includes both direct and indirect fixed and variable compensation (this taking into account the maximum level achievable), as well as benefits of any whatsoever type and the amounts to be borne by the Company as a result of share options granted under the Company’s share options plan(1). The proposed amount does not include taxes and

(1)The information disclosed by the Company in this Management’s Proposal is based on CVM regulations and the accounting standards applicable. However, we must stress that, considering the characteristics of the Company’s Stock Options Plan, the amounts regarding share-based compensation should not be treated as “compensation” for labor, tax and social security purposes. For accounting purposes, as provided for in Pronouncement No. 10 of the Accounting Pronouncements Committee (CPC 10), the amounts relating to the stock options plans granted to the Company’s employees are recorded as share-based payments and indicated as so in the financial statements.

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contributions to Brazil’s social security system.

If the Fiscal Council is set up for the year 2016, management proposes individual monthly compensation of the permanent members of the Fiscal Council of, at least ten per cent (10%), and, at most twenty per cent (20%) of the compensation, which on average is allocated to each of the Company’s Officer, with this calculation not including the charges, bonuses or 13th salary, and complying with the total compensation limit for management approved here. The members of the Fiscal Council will receive 12 monthly salaries and there will be no benefits, entertainment allowances or profit sharing.

Additional information about management’s expected compensation for the fiscal year of 2016 can be found in Exhibit VI.

(i)                Comparison between the amounts proposed in the previous year and the amounts actually paid out

Difference — Amounts in the 2015 proposal and the amounts paid out

(1) Includes share-based compensation (stock options).

(ii)            Comparison between the proposed compensation and the proposed compensation of the previous year and item 13 of the Company’s Reference Form

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Difference — Amounts in the current proposal and in the previous proposal

(1) Includes share-based compensation (stock options).

Difference — Amounts approved in 2015 and amounts informed in 2015 Reference Form

Please do not hesitate to contact us if you have any question.

Sincerely,

José Luciano Duarte Penido

Chairman of the Board of Directors

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EXHIBIT I — OPINION OF THE FISCAL COUNCIL AND REPORT OF THE STATUTORY AUDIT COMMITTEE

FIBRIA CELULOSE S.A.

Publicly Held Company

CNPJ/MF n.º 60.643.228/0001-21

NIRE 35.300.022.807

OPINION OF THE FISCAL COUNCIL

The Fiscal Council of FIBRIA CELULOSE S.A. (“Fibria” or “the Company”), in accordance with the duties set forth in article 163 of Law 6404/76, at the meeting held on January 27, 2016, at the Company’s head office, examined Individual (parent company) and Consolidated (Fibria and its subsidiaries) Financial Statements and the accompanying notes which are an integral part of the aforementioned consolidated financial statements, Management’s Annual Report and the other statements drawn up by the Company, regarding the fiscal year ended on December 31, 2015, as well as the proposal contained therein, including the capital expenditure budget proposal for the fiscal year of 2016. Based on the examinations carried out and also taking into account the unqualified opinion of the independent auditors, Baker Tilly Brasil Auditores Independentes S/S, dated January 27, 2016, as well as on the information and clarifications provided by the Company’s representatives over the course of the year, the undersigned members of the Fiscal Council unanimously concluded, in accordance with the provision set forth in article 163 of Law 6404/76, to issue an opinion in favor of forwarding the aforementioned documents and proposals for the approval of the Annual General Shareholders’ Meeting for the year 2015.

São Paulo, January 27, 2016.

Antonio Sergio Riede

Board Member

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FIBRIA CELULOSE S.A.

CNPJ/MF nº 60.643.228/0001-21

NIRE 35.300.022.807

ANNUAL REPORT OF THE STATUTORY AUDIT COMMITTEE - 2015

About the Committee

The Statutory Audit Committee (CAE) of Fibria Celulose S.A. is a permanently operating statutory body which was set up in May 2013, in accordance with the best Corporate Governance practices.

The Statutory Audit Committee consists of three (3) members with a 5-year mandate, not eligible for reelection. All the members are independent and also hold positions as alternate board members, and Júlio Sergio S. Cardozo, took over as the financial specialist member.

According to its Internal Rules, it is the Committee’s job to oversee the quality and integrity of Fibria Celulose S.A.’s accounting statements, compliance with legal and regulatory requirements, the activities, independence and quality of the work of both the independent auditors and the internal auditors, as well as of the quality and effectiveness of the internal controls and risk management systems. The Committee’s assessments are based on the information received from management, the independent auditors, the internal audit, those responsible for risk management and internal control management, the managers of whistle-blowing channels and the ombudsman along with their own analysis based on direct observation.

Baker Tilly Brasil Auditores Independentes is the firm which is responsible for auditing the accounting statements in accordance with the professional rules issued by the Federal Accounting Council (the CFC) and certain specific requirements of the Brazilian Securities Commission (the CVM). The independent auditors are also responsible for the special review of the quarterly financial reports (ITRs) which are sent to the CVM. The independent auditors’ report reflects the result of its examinations and presents its opinion regarding the reliability of the accounting statements for the year in relation to the accounting principles prepared by the CFC in accordance with the rules issued by the International Accounting Standards Board (IASB), the CVM’s rules and the provisions of Brazilian corporate legislation. In relation to the year ended December 31, 2015, the aforementioned independent auditors issued a report on January 27, 2016 containing their unqualified opinion. Additionally, PriceWaterhouse Coopers Auditores Independentes is responsible for Fibria’s accounting statements and reporting regarding the international requirements, such as those issued by SEC - Securities Exchange Commission, and, jointly with Baker Tilly Brasil Auditores

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Independentes, is responsible for the proper disclosure of the accounting statements.

The Internal Audit work is carried out by Deloitte Touche Tohmatsu Auditores Independentes (“DTT”). The Statutory Audit Committee is responsible for hiring and approving the internal audit plan the execution of which is monitored and guided by the general manager of the GRC (Governance, Risks and Compliance) area, which is directly linked to the Board of Directors and develops its activities in a broad and independent way, mainly observing the coverage of the areas, processes and activities that show the greatest risks to the operation and that have the greatest impact on the implementation of Fibria’s strategy.

Audit Committee’s activities in 2015

The Committee met 12 times during the period between February 2015 and January 2016. Among the activities that were carried out during the fiscal year, it is worth highlighting the following aspects:

a)             approval and monitoring of the Annual Program of Internal Audit Work and of its execution by DTT, including in terms of the integration with the other activities related to risk management and compliance;

b)             looking at the key points and the recommendations resulting from the Internal Audit Work, as well as monitoring the corrective measures taken by Management;

c)              monitoring the internal control system in relation to its effectiveness and improvement processes, of the monitoring of risks of fraud based on the statements of and meetings with the Internal Auditors and the Independent Auditors, with the Internal Controls, Compliance and Ombudsman area;

d)             analysis of the certification process of the Internal Controls — SOX together with Management and the Independent Auditors;

e)              monitoring the methodology adopted for risk management and the results obtained, in line with the work presented and developed by the specialist area and by all the managers in charge of the risks under their responsibility, with the aim of ensuring disclosure of the risks that are relevant for the Company;

f)               analysis, approval and monitoring of the Annual Program of the Independent Audit work and its timely performance;

g)              monitoring the process of drawing up and reviewing Fibria’s financial statements, Management’s Report and the Earnings Release, especially, by means of meetings with management and with the independent auditors to

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discuss the quarterly financial reports (ITRs) and the financial statements for the fiscal year ended on December 31, 2015;

h)             monitoring the whistle-blowing channel, which is open to shareholders, employees, establishments, issuers, suppliers and to the general public, with the Ombudsman being responsible for receiving and checking reports or suspicions of breach of the Code of Ethics, observing the confidentiality and independence of the process and, at the same time, ensuring the proper levels of transparency;

i)                 holding meetings at regular intervals with the Company’s main executives, in order to learn about the main business strategies, as well as monitoring the operational and systems improvements designed to strengthen the processing and security of the transactions;

j)                meetings with the independent auditors Baker Tilly Brasil Auditores Independentes and PricewaterhouseCoopers Auditores Independentes at various times, in order to discuss the quarterly financial reports (ITRs) submitted for its review and to find out about the audit report containing the opinion about the financial statements for the fiscal year ended on December 31, 2015, being satisfied with the information and clarifications provided;

k)             paying attention to transactions with related parties and assessment of the fair value of the Biological Assets, in order to ensure the quality and transparency of the information;

l)                 monitoring the Compliance and Loss Prevention programs and the reviews of the contracting process to make sure it is in line with the legislation and regulations, the risk management process, the updating of the ERM Matrix and of the support system (SAP GRC RM) and of the Crisis Management process.

Conclusion

The members of Fibria Celulose S.A.’s Audit Committee, in the performance of their tasks and legal obligations as set forth in the committee’s own Internal Rules, carried out tests and analysis of the financial statements, as well as of the audit report containing an unqualified opinion from the independent auditors, and of management’s annual report and the proposed allocation of net income, in relation to the fiscal year ended on December 31, 2015. Based on the information provided by the Company’s management and the audit work carried out by the independent auditors Baker Tilly Brasil Auditores Independentes and PricewaterhouseCoopers Auditores Independentes, they recommend, unanimously, that the above mentioned documents be approved by the Company’s Board of Directors.

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EXHIBIT II — MANAGEMENT’S COMMENTS (ITEM 10 OF CVM INSTRUCTION 480/2009)

10.1 — General financial and equity conditions

a. General financial and equity conditions

The following are comments from the company’s Board of Officers corresponding to the analysis of financial and equity condition of the Company, which include an overview of the performance of the global market for each of the financial years ended 2015, 2014 and 2013 and their impact on the company’s results as well as an analysis on the performance of the Company’s capital management and the actions addressed in this management over those years.

Financial Year 2015

The pulp market in 2015 exceeded expectations of agents, and was characterized by the increase in demand above the expectations and unforeseen interruptions in production. This scenario enabled the market to absorb new supplies; allowed successive price increases; and kept producers’ inventories in line with the historical average.

Despite the volatility observed, especially in Asia, which impacted the PIX/FOEX BHKP and caused Fibria to reduce its exposure in the region, short fiber pulp inventory levels reported by PPPC (39 days in December), together with the 7% growth in global eucalyptus pulp sales and supply limitations caused by unforeseen interruptions in production of short fiber, are still supporting positive market fundamentals.  In 2015, the Company’s recurring free cash flow totaled R$2.9 billion, while EBITDA was R$5,337 million, 91% greater than the amount recorded in 2014.

In March 2013, Standard & Poor’s (“S&P”) increased Fibria’s rating from ‘BB/Positive’ to ‘BB+’, with stable outlook. In September 2013, Moody’s revised the outlook from stable to positive. In February 2014, Fitch increased Fibria’s rating to ‘BBB-’, with stable outlook, and the Company reached the investment grade according to this ratings agency. In March 2014, S&P reviewed the Company’s credit rating outlook from stable to positive.  In April 2015, S&P increased Fibria’s credit rating to BBB-, with stable outlook. In November 2015, Moody’s increased the Company’s rating to Baa3 with stable outlook. As a result, Fibria achieved the “investment grade” status based on the ratings attributed by these 3 ratings agencies.  S&P, Fitch and Moody’s ratified their respective ratings, that is ‘BBB-/stable’ and ‘Baa3/stable’, attributed to the Company. Despite (i) the downgrade of Brazil’s sovereign rating from BBB- to BB+ by S&P and Fitch in September 2015 and December 2015 respectively; (ii) Brazil’s Baa3 sovereign rating attributed by Moody’s having been placed under review in December 2015 for possible downgrade; (iii) the new downgrade of Brazil sovereign rating from BB+ to BB/negative outlook attributed by S&P in February 2016; and (iv) Moody’s downgrade of the country’s sovereign rating to Ba2 in February 2016, Fibria’s ratings ‘BBB-/stable’ and ‘Baa3/stable’ were

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ratified in February 2016 by S&P and Fitch respectively, while Moody has downgraded the Company’s risk rating to Ba1 with negative outlook.

As disclosed by the Company in note 16 to the Consolidated Financial Statements as of December 31, 2015, on December 28, 2015, Fibria announced to its shareholders and the market in general that it has entered into private instruments of purchase and sale of property with one of its controlling shareholders, Votorantim Industrial S.A. (“Votorantim”), former name of Votorantim S.A., according to which (i) the Company undertakes to sell and assign, and Votorantim undertakes to purchase and receive, 5,042 hectares of rural properties owned by the Company worth R$172 million; and (ii) Votorantim undertakes to sell and assign, and the Company undertakes to purchase and receive, 33,994 hectares of rural properties owned by Votorantim worth R$452 million. The Company explained that purchase and sale amounts were negotiated between the parties based on independent valuations.  This transaction is in line with Fibria’s objective to optimize its asset base by ensuring and expanding the structural competitiveness of its forestry activities.

In 2015, the Company’s pulp production was 5,185 tons, down by 2% against 2014, chiefly due to lower impact from scheduled maintenance interruptions in operations, which took place for the first time after 15 months. In previous years, these interruptions used to take place at each 12 months.  The volume of sales was 5,118 tons, down by 3.5% against 2014. Despite the positive performance in most part of 2015, which enabled the application of three consecutive price increases throughout the year, sales in the last quarter were impacted by the pressure on prices imposed by China, which led the Company to reduce its exposure in Asia below the historical average. Pulp inventories closed the year at 52 days, over 4 days compared to 2014.

Cash production costs in 2015 were R$618/t, up by 19% against 2014, chiefly due to increased wood costs (R$35/t), especially as a result of higher logistic costs (higher average radius and higher share of wood from third parties), and the effect from exchange rates (R$28/t). Other factors with impact on the increase in cash production costs were a greater impact from scheduled maintenance interruptions and lower income from utilities.   The same basis of comparison showed a 16% decrease by in US dollars.

The financial income totaled net expenses of R$3.7 billion compared to net expenses of R$1.6 billion in 2014, particularly due to effects of exchange rate variations on the Company’s indebtedness linked to the US dollar (which, in the period, appreciated 47% against the Real), which, due to its exporting nature, has a greater portion of its debt denominated in the US currency. This situation also resulted from the worsening in hedging results, partially offset by assets linked to the US dollar, which generated revenues in the period.

In 2015, Fibria’s adjusted EBITDA was R$5.3 billion (53% margin), 91% above that recorded in the previous year.  The appreciation of the US dollar against the Real and the increase in average net prices of pulp in US dollars impacted the Company’s performance, which was a record for the period, partially offset by the increase in Cash COGS and lower sales volume.

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The gross debt was R$12,744 million in 2015, or US$3,264 million, an increase of 4% in US dollars against 2014, as a result of funding activities for execution of the Horizonte 2 Project (which includes the expansion of the Três Lagoas unit through the construction of a new pulp production line). Fibria’s net debt in 2015 was R$11,015 million. The net debt/EBITDA index in US dollars was 1.78x, while the average debt term was 51 months.

As a result, the Company’s net income was R$357 million in 2015, against R$163 million in 2014. The Company’s by-laws provide for minimum mandatory dividends of 25% of the adjusted net income, after the constitution of the legal reserve. However, in December 17, 2013, the Board of Directors approved the proposal on the distribution of dividends of R$300 million, which will be submitted for approval by the Annual General Shareholders’ Meeting to be held in April 2016. Accordingly, taking into account minimum mandatory dividends of R$81 million, the additional dividends proposed amount to R$219 million.

Financial year 2014

The demand for pulp in 2014 exceeded expectations and increased by 11% compared to 2013. Regarding the supply of pulp, new unforeseen closing down of plants contributed to keeping the market balanced. This scenario enabled the market to absorb new supplies, keeping producers’ inventories in line with the historical average. In September, the PIX/FOEX BHKP Europe index reached its lowest level (US$724/ton). The positive fundamentals, especially with respect to demand, enabled the Company’s volume of sales in 2014 to be higher compared to 2013, and Fibria to announce in the last quarter a new increase in prices as from January 2015 (Europe: US$770/ton). The average US dollar recorded appreciation of 9% in 2014 compared to 2013. Lastly, the production cash cost for 2014 was up by 3% compared to 2013, below the inflation recorded in the period.

On October 28, 2014, Fibria informed its shareholders and the market in general that the amendment to the Shareholders’ Agreement of the Company had been approved by its signatory shareholders, Votorantim and BNDES Participações S.A. - BNDESPAR, which, among other terms and conditions, extends the term of effectiveness of the Shareholders’ Agreement for a period of 5 years, that is, until October 29, 2019. The Shareholders’ Agreement is available at the website of the Company (www.fibria.com.br/ri).

On July 9, 2014, Fibria joined the Special Tax Refund Regime for Exporting Companies - REINTEGRA, which aims to wholly or partially refund the tax residue remaining from the production chain of exported goods, entering into force on October 1, 2014. The credit refund is equivalent to 3% of the amount of the revenues from exports, based on the transfer price, and may occur in two ways: (i) offset by using own matured or maturing debts related to the taxes managed by the Brazilian Federal Revenue Office; or (ii) in kind, which can be requested within 5 years as from the end of the calendar quarter or the effective date of export, whichever occurs later. In the year ended December 31, 2014,

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the Company recognized REINTEGRA credits in the amount of R$37 million, which were recorded as “costs of goods sold” in the statement of income.

In 2014, the production of pulp reached 5,274 thousand tons, remaining stable compared to the year 2013. The volume of sales totaled 5,305 thousand tons (101% of the year’s production), up by 2% compared to 2013, which is explained by the increase in sales to the European market. The inventories of pulp ended the year at 48 days, 2 days less when compared to 2013.

The production cash cost in the year was R$519/ton, up by 3% compared to 2013, especially due to the higher cost of wood and foreign exchange effect, partially offset by the better result of utilities. Compared to the same period of the prior year, the cash cost was 1% higher, due to the higher cost of wood and foreign exchange effect, partially offset by the better result of utilities.

Fibria will continue to seek initiatives to minimize the structure of costs. The Company is ready to face with any adverse scenario with respect to the possibility of electricity rationing, as it is self-sufficient. In 2014, Fibria produced 117% of the electricity required for the pulp production process.

In 2014, Fibria recorded a decrease of 25% in US dollar-based interest expenses compared to 2013, as a result of actions taken to manage indebtedness, which seek to reduce the principal and the cost of debt.

In 2014, the gross debt in US dollars was US$3,135 million, down by 25% compared to 2013. Fibria ended the year with a cash position of R$778 million, including the marking to market of derivatives. The new liability management actions contributed to reducing the cost of debt in foreign currency to 3.7% p.a., and the average term remained within 55 months. In addition to the settlement of bonds maturing in 2019, on December 11, 2014, the Company informed the bondholders of the total redemption of bonds maturing in 2021, with a coupon of 6.75% p.a., at the price of 110.64% on the balance of the principal of US$118 million. The operation will enable annual interest savings of nearly US$8 million as from 2015.

In view of the foregoing, Fibria recorded consolidated net income of nearly R$163 million in 2014, compared to a loss of nearly R$698 million in 2013.

Financial year 2013

The pulp market in the year 2013 was characterized not only by the opening of new plants but also by the closures announced over the period in the approximate amount of 1.1 million tons, which helped balance the level of supply in the industry (a net increase of nearly 515 thousand tons). With respect to demand, an increase was observed in the number of accumulated shipments of eucalyptus pulp, especially to China and North America. Regarding hardwood producers’ inventories, a decrease was observed as from August, ending the year at 39 days, in line with the historical average. Because of these

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events, the average price of pulp in US dollars increased by 5% compared to 2012. At the same time, the appreciation of the US dollar over the year continued to raise the price of pulp in Brazilian Reais, and such increase contributed to the Company’s record annually adjusted EBITDA. In view of the increase in the EBITDA and the receipt of the first installment of the sale of land, as described below, leverage was reduced by 2.6x in US dollars.

On November 15, 2013, the Company and its subsidiary Fibria-MS Celulose Sul Matogrossense Ltda. (“Fibria-MS”) signed a Share Purchase Agreement and Other Covenants with Parkia Participações S.A. (“Parkia”) for the sale, on the part of Company and Fibria-MS, of nearly 210,000 hectares of land located in the states of São Paulo, Mato Grosso do Sul, Bahia and Espírito Santo, in the total amount of R$1,650,000 thousand.

This operation was concluded on December 30, 2013, upon signature, by the Company, Fibria-MS and Parkia, of the First Amendment to the Share Purchase Agreement and Other Covenants, in which the total area subject to the operation was adjusted to 205,722 hectares of gross area, in the potential total amount of R$1,650,099 thousand, R$500,000 thousand of which being received by the Company as down payment.

The outstanding balance of R$902,584 thousand was received in the first quarter of 2014 after the fulfillment of certain obligations and legal registrations by the Company.

The Company may also receive the additional amount of R$247,515 thousand, totaling R$1,650,099 thousand , which is subject to the appreciation of land over the period of 21 years, and, if due, such amount will be paid in three installments, in the 7th, 14th and 21st years, as from the date of closing.

On December 30, 2013, the Company signed forestry partnership and standing timber supply agreements, both for a term of up to 24 years. The operation generated a capital gain, net of income and social contribution taxes, of R$527 million. There was no effective cash disbursement for the payment of these taxes as they were offset against the tax loss generated in the year 2013.

The Company opted for cash payment of the debts overdue until December 31, 2012 relating to Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), arising from the application of Article 74 of Provisional Measure 2.158-35/01, referring to the taxation on income earned by subsidiaries abroad. The total cash payment amount, with the reduction of 100% in the late payment and official fines, isolated fines, late payment interest and legal charges, totaled R$560 million, the effect of which was recorded in 4Q13. Of this amount, the Company used tax loss and negative social contribution base credits to offset R$168 million, equivalent to 30% of the amount of the principal, bringing the effective cash disbursement to the amount of R$392 million.

The Company’s gross debt in US dollars on December 31, 2013, was US$4,172 million, down by 21% compared to 2012. Considering the receipt of the first

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installment of the initial payment for the sale of land subject to Share Purchase Agreement and Other Covenants (in the amount of R$500 million) and the generation of cash from operations, the Company ended the year with a cash position of R$1,924 million. The net debt/EBITDA ratio in US dollars was 2.6x, and, if we considered the receipt of the second and third installments of the sale of land in the amount of R$903 million, the ratio would be 2.3x in US dollars (US$) and 2.5x in Brazilian Reais (R$). The repurchase of 100% of the outstanding balance of the Fibria 2020 bond, equivalent to US$690 million, and a coupon of 7.5% p.a., was announced in January 2013. The settlement occurred in March 2014. On February 18, 2014, Fibria opted for the early payment of the outstanding balance of a loan taken out in September 2009 from Finnvera (a Finnish development company supporting companies that are proven to be committed to sustainability) in the amount of US$96.5 million (R$237,912 thousand).

In 2013, Fibria’s pulp production totaled 5,259 thousand tons, down by 1% compared to 2012, which was primarily caused by the lower number of productive days in 2013 and the impact caused by the rain on the Aracruz Unit in December.

In 2013, the Company’s sales totaled 5,198 thousand tons (98% of the year’s production), down by 3% compared to 2012, when the Company set a record in volume sold and inventories were below 50 days. Additionally, the reduction in the volume produced caused lower availability of products. The inventories ended 2013 at 50 days.

The production cash cost for the year 2013 was R$505/ton, up by 6.7% compared to 2012, which can be primarily explained by the higher cost of wood, foreign exchange effect and higher price of inputs. If we ruled out the impact caused by the foreign exchange and the rain that hit the Aracruz Unit, the increase would be below the inflation rate for the year.

Capital Management

The Company made progress in debt management in the last financial years - an effort whose results were in part reduced by the appreciation of the US dollar against the real, merely accounting effect which contributed to increase the leverage of the Company in 2013. However, this index was lower in 2014 and 2015 due to the increase in average US dollar rates in these periods. The conclusion of the sales of Conpacel and KSR, in addition to the sales of land made in 2013, was an important milestone in the last 3 years: the operations enabled the strategy to reposition the Company in the pulp business and contributed to improve its capital structure. The proceeds from these transactions were used to reduce gross debt and in liquidity enhancement. The Company, following its financial policy, has a comfortable liquidity to cope with operational financial obligations.

The Company’s Management monitors the debt based on the consolidated financial leverage ratio (net debt divided by income before interest, income tax

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and social contribution tax on net income, depreciation and amortization) (“Adjusted EBITDA”). Net debt, in turn, corresponds to total loans less the amount of cash and cash equivalents, marketable securities and the fair value of derivative financial instruments.

On May 6, 2011, the Board of Directors approved a new company policy on debt management and liquidity, which aims to establish guidelines for the management of financial indebtedness and liquidity seeking the resumption and maintenance of investment grade, according to classification of the three major ratings agencies, S&P, Moodys and Fitch. This rating enables the Company to diversify its sources of financing, permanent access to debt markets, reduce the cost of debt and also the creation of shareholder value. The policy is part of internal and corporate governance controls and complements the Company’s “Market Risk Management Policy”. The area of Risk and Compliance Governance has the ability to control and report, regardless of the Treasury, the framework of the indicators described.

The policy provides the ratio of net debt to adjusted EBITDA ratio within the range of 2.0x and 2.5x and may, at any given time of the investment cycle, temporarily reach the maximum level of 3.5x. Strategic and management decisions of the Company should not imply that this ratio exceeds 3.5x. This ratio should be calculated based on the last day of each quarter by dividing net debt at the end of the quarter by the index accumulated in the last four quarters. If the indicators of the policy go out of the limits due to impact of exogenous factors, every effort should be made for them to be incorporated again.

The Company shall maintain a minimum cash balance, cash equivalents and marketable securities in order to prevent the occurrence of mismatches in its cash flow which affect its ability to pay. This minimum cash balance is defined as the sum of: (i) minimum operating cash balance, which reflects the operating cash conversion cycle, and (ii) minimum balance to cover debt service, which includes interest and principal on short term. Additionally, management may seek to increase cash flow, including committed lines to meet the minimum cash metrics of rating agencies. The monitoring of liquidity will be mostly done by projected cash flow for 12 months. The projection of cash flow will consider stress tests in exogenous risks factors in the market, such as exchange rate, interest rate and price of pulp, in addition to endogenous factors.

The management of financial indebtedness and liquidity should also consider the financial covenants contemplating a safety margin so that they are not exceeded.

The Administration will prioritize funding in the same currency and/or indexer of its cash flow, thus seeking a natural hedge for its cash flow. The instruments should be compatible with the desired profile of debt. All incomes must be supported by quotations and approved by the authorities required by the Bylaws, policies and procedures in force.

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The company’s Treasury is responsible for preparing the contingency plan that addresses the actions necessary to resolve the possible occurrence of this nature. This plan shall be submitted to the Finance Committee and duly supported by the relevant bodies.

The financial leverage ratios at December 31, 2015, 2014 and 2013 were as follows:

The leverage ratio fell from 2.7 in 2014 to 2.1 in 2015, primarily because of the increase in the Adjusted EBITDA due to the impact from higher US dollar rates against the Real, with impact on net revenues, despite the drop in the volume sold compared to 2014.

As of June 2012, for the purpose of analyzing financial covenants, including the financial leverage ratio, the US dollar became the currency of measurement, as detailed in Note 23 to the financial statements for the year ended December 31, 2012. As the ratios used above for the year ended December 31, 2015 were measured in Brazilian Reais, this ratio shows a difference from the ratio measured for the purpose of analyzing the covenants and financial leverage according to the newly adopted assumptions.

b. Capital structure and the possible redemption of shares indicating (i) redemption situations; (ii) the formula for calculating the redemption amount

The company’s net worth on December 31, 2015 was R$12,815 million, representing a decrease by 12%, or R$1,800 million, over the net worth at December 31, 2014, primarily due to (i) the distribution of dividends, in excess of mandatory minimum dividends, in the amount of R$2,111 million in 2015, of which R$111 million corresponded to additional dividends on income recorded in 2014, as approved by the Annual General and Special Shareholders’ Meeting held on April 28, 2015, and paid to shareholders on May 14, 2015, and R$2,000 million as interim dividends approved by the Special Shareholders’ Meeting held in November 30, 2015 and paid in December 9, 2015; and (ii) the consolidated net worth of R$357 million ascertained in year 2015, whose allocation proposal is described in section 3 of this Reference Form. The Company’s net worth as of December 31, 2014, was R$14,616 million, or an increase by 1%, or R$124 million, against the net worth as of December 31, 2013, chiefly due to the net worth recorded in 2014, whose consolidated value was R$163 million.

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On the date this Reference Form, the Company’s capital stock, fully subscribed and paid up, is represented by 553,934,646 common nominative shares with no par value, according to the following table.

There is no chance of redemption of shares issued by the Company other than those provided by law.

On December 31, 2015, the balance of the Company’s gross debt totaled R$12,744 million (compared to the gross debt balance of R$8,327 million on December 31, 2014 and R$9,773 million on December 31, 2013), and cash and securities position, net of derivatives, was R$1,730 million (compared to the position of R$778 million on December 31, 2014, and R$1,924 million at December 31, 2013). As a result, the net debt at December 31, 2015, amounted to R$11,015 million (against the net debt of R$7,549 million in December 31, 2014 and R$7,849 million at December 31, 2013). In the financial year ended on December 31, 2015, the cash generation measured by the adjusted EBITDA (abbreviation in English for earnings before interest, taxes, depreciation and amortization, as defined in section 3.2) totaled R$5,337 million (compared to the EBITDA of R$2,791 million in 2014 and R$2,796 million in 2013), which translates into a level of debt of Net debt/Adjusted EBITDA of 2.06x (compared to the level of debt of 2.7x in 2014 and 2.8x in 2013).

The leverage ratio declined from 2.7x on December 31, 2014, to 2.6x on December 31, 2015, primarily due to the increase in Adjusted EBITDA for the period, affected by the increase in the US dollar against the Real, with impact on net revenues, despite the decrease in the volume of sales compared to 2014.

The ratio between third-party capital (current liabilities + noncurrent liabilities) and total capitalization (third-party capital + equity, represented by shareholders’ equity) in December 2015 was 0.56:1 compared to 0.43:1 and 0.46:1 in 2014 and 2013.

c. Ability to pay in relation to financial commitments

The company’s Officers believe that the operating cash flow, plus cash, is sufficient to meet its financial commitments contracted. With regard to financial commitments for loans and financing to be completed in the financial year of 2016, which, as of December 31, 2015, corresponded to a value of R$1,073 million, the debt will be serviced, in the main, by the company’s cash and cash equivalents, which at December 31, 2015 stood at R$2,490 million, corresponding to cash and cash equivalents plus investments in short-term

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securities, after stripping out the fair value of the derivatives, as well as the refinancing of some debt, which can be settled early or replaced by others with more attractive tenors and costs.

In the financial years ended December 31, 2013, 2014 and 2015, the Company fulfilled its financial commitments.

Additionally, the Company has, as an alternative to support the expansion and acquisitions projects, to obtain long term debt lines. Considering the current market scenario, the Officers of the Company believe that these credit lines will remain available. A positive factor for obtaining these credit lines is the constant evolution in the credit quality of the company, improvement of its debt profile over time and cost, in addition to the positive evolution of the ratings.

The rating agencies Moody’s, Standard & Poor’s and Fitch Ratings assign the following risk classifications to Fibria:

Debt Management Plan

For details on the Debt Management Plan of the Company, see item 10.1 (f) of this Reference Form.

d. Sources of financing for working capital and for investments in non-current assets used

The Company finances its working capital, if necessary, through export credit operations in the modalities of ACCs (Advance on Foreign Exchange Contracts)/ACEs (Advance against Draft Presentation) and through operations of compror, forfaiting and discounts for letter of credit, as appropriate.

Credit lines for export in terms of ACCs/ACEs consist of financing made available at very competitive costs for export companies. Compror operations, in turn, meet the demands of the Company’s domestic customers for longer periods, without the company incurring in a greater need for its own working capital. The forfaiting operations represent a discount of receivables from customers, without right of return by the bank.

On December 31, 2015, the Company reported liabilities in the approximate amount of (i) R$45 million in ACCs/ACEs (compared to R$263 million on December 31, 2014, and R$452 million on December 31, 2013); and (ii) R$4

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million in compror operations (compared to R$28 million on December 31, 2014, and R$37 million on December 31, 2013).

The most significant investments in non-current assets consisted of (i) the construction of the new plant in Três Lagoas (State of Mato Grosso do Sul) regarding the Horizonte 2 Project; (ii) the planting of forests; and (iii) maintenance of the Company’s production units, which are essential for the continuity of its business. These investments have been financed by its own cash flow and through the following bank credit lines: long-term BNDES (the Brazilian National Economic and Social Development Bank) lines and other financing through local and foreign financial partners, such as in the case of the Agribusiness Receivables Certificates (CRA), the Midwest Development Fund (FDCO), and Export Credit Agencies (ECAs) for the Horizonte 2 Project.

The credit lines contracted by the Company offer competitive conditions, including terms for payment of the principal and interest compatible with the Company’s activities and business, without compromising its ability to fulfill the commitments under such contracting.

e. Sources of financing for working capital and for investment in non-current assets intended for use in covering liquidity shortfalls

The Board of Officers believes that the internal cash generation of the Company, together with the instruments mentioned in item 10.1.d, will be sufficient to address satisfactorily its commitments. If there is any mismatch of availability with the amounts maturing in short term, the Company may use credit lines (revolve) already hired or hire new credit lines with financial institutions, both lines for working capital and for investments in maintenance, these credit lines being handled on a case by case basis.

f.             debt levels and characteristics of such debts, also describing (i) loan agreements and relevant financing, (ii) other long term relationships with financial institutions, (iii) subordination grade of the debts, and (iv) eventual restrictions imposed on the company in relation to limiting of debt and contracting of new debts, distribution of dividends, sale of corporate control

Levels of Debt

On December 31, 2015

On December 31, 2015, the balance of Fibria’s gross debt was R$12,744 million, of which R$1,073 million represented short-term debts, and R$11,671 million corresponded to long-term debts. Of the total gross debt, 90% was denominated in foreign currency, considering swap agreements.

Fibria’s cash position, taking into account cash and cash equivalents, securities and marking-to-market of current and noncurrent derivatives, as of December 

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31, 2015, was R$1,730 million (compared to R$778 million as of December 31, 2014). Consequently, the net debt on December 31, 2015, corresponded to R$11,014 million (R$7,549 million on December 31, 2014).

On December 31, 2015, total average cost (*) of the Company’s debt in US dollars was 3.3.% p.a., considering the average cost of debt in national currency, of 12.4% p.a., and the cost in foreign currency, taking into account the Libor forward curve of 3.8% p.a.

(*) Total average cost, considering the debt in Reais, adjusted by the market swap curve.

The principal transactions carried out by the Company in 2015 were as follows:

In August 2015, the Company, through its subsidiary Fibria International Trade GMBH, entered into an amendment to the agreement in the amount of US$400 million (equivalent to R$1,390 million on that date). The amount was disbursed in three tranches: (i) US$98 million, maturing in 2019, and interest rate of 1.30% p.a. on the quarterly LIBOR; (ii) US$144 million, maturing in 2019, and interest rate of 1.40% on the quarterly LIBOR; and (iii) US$158 million, maturing in 2021, and interest rate of 1.55% p.a. on the quarterly LIBOR. These amounts will be allocated to the financing of the Horizonte 2 Project.

In September 2015, the Company completed the public distribution of 675 thousand agribusiness receivables certificates issued by Eco Securitizadora de Direitos Creditórios do Agronegócio S.A., in the amount of R$675 million, at 99% of CDI, with payment of interest twice a year, and principal maturing in October 2021. Funds will be allocated to the purchase of goods and contracting of services for the Horizonte 2 Project. Agribusiness Receivables Certificates were backed by agribusiness credit rights assigned by Itaú Unibanco S.A. and originated from the export credit note issued by Fibria-MS Celulose Sul-Matogrossense Ltda. (“Fibria-MS”), as endorsed by the Company. The Company received the funds on October 23, 2015.

On December 31, 2014

On December 31, 2014, the balance of Fibria’s gross debt was R$8,327 million, R$965 million of which representing short-term debts and R$7,362 million of which corresponding to long-term debts. Of the total gross debt, 93% was foreign currency-denominated, taking the swaps into account.

Fibria’s cash position, taking into account cash and cash equivalents, securities and marking to market of current and noncurrent derivatives, as of December 31, 2014, was R$778 million (compared to R$1,924 million as of December 31, 2013). Consequently, net debt on December 31, 2014, corresponded to R$7,549 million (R$7,849 million on December 31, 2013).

On December 31, 2014, the average cost of bank debt in national currency was 7.6% p.a. and, in foreign currency, taking into account the Libor forward curve, 3.7% p.a.

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Since its incorporation, Fibria has implemented a consistent and disciplined plan that focuses on reducing debt and its cost by seeking to improve its capital structure, recover and maintain its investment grade rating and obtain financing for its strategic growth in favorable market conditions.

In 2014, as part of its indebtedness management plan, the Company entered into the following transactions:

Repurchases:

·              In February 2014, the Company made an early settlement, with its own funds, in the amount of US$96 million (equivalent to R$234 million), with respect to developing company Finnvera.

·              On March 26, 2014, the Company repurchased and cancelled, with its own funds, the amount of US$690 million (equivalent to R$1,596 million), with respect to the outstanding balance of the “Fibria 2020” Bond.

·              In October 2014, the Company repurchased and cancelled, with its own funds, 100% of the outstanding bonds related to the “Fibria 2019” Bond, in the amount of US$63 million, originally maturing in October 2019, at the interest rate of 9.25% p.a.

·              During the year 2014, the Company repurchased and cancelled, with its own funds, 100% of the outstanding bonds related to the “Fibria 2021” Bond, in the amount of US$561 million (equivalent to R$1,290 million).

·              During the year 2014, the Company repurchased the amount of US$61 million (equivalent to R$138 million), with respect to the VOTO IV Bond, issued by subsidiary VOTO IV, originally maturing in June 2020.

·              In December 2014, the Company fully repurchased the export prepayment agreement entered into with Banco Itaú in the amount of US$250 million (equivalent to R$424 million), paying semiannual interest at the rate of 2.55% per year, plus LIBOR 6M, and maturity scheduled for 2020.

·              In December 2014, the Company fully repurchased the export prepayment agreement entered into with 11 banks in the total amount of US$189 million (equivalent to R$503 million), paying quarterly interest at the rate of 2.33% per year, plus LIBOR 3M, and maturity scheduled for 2018.

·              In December 2014, the Company made an early settlement of 100% of the balance of the Export Credit Note entered into with Banco Safra in the amount of R$326 million, at the cost of CDI + 0.85% p.a., and maturity scheduled for 2018.

·              In March 2014, the Company cancelled a revolving credit facility entered into in May 2011, through Fibria International Trade GmbH, with 11 foreign

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banks. The line was valid for 4 years, in the total amount of US$500 million. The payments were made on a quarterly basis at costs ranging from 1.4% p.a. to 1.7% p.a., plus quarterly LIBOR. The Company did not use this credit line.

Issues:

·              In March 2014, the Company, through its subsidiary Fibria International Trade GMBH., entered into an export credit agreement with Citibank, in the amount of US$100 million (equivalent to R$232 million), paying quarterly interest at the rate of 1.625% p.a., plus LIBOR 3M, for a term of five years.

·              In March 2014, the Company, through its subsidiary Fibria International Trade GMBH., entered into an export credit agreement with four foreign banks, in the amount of US$200 million (equivalent to R$465 million), paying quarterly interest at the rate of 1.75% p.a., plus LIBOR 3M (which may be reduced to 1.55% p.a., if Investment Grade is obtained), for a term of five years.

·              In May 2014, the Company, through its subsidiary Fibria Overseas Finance Ltd., issued bonds maturing in 2024 (Fibria 2024 Bond), at fixed interest rate of 5.25% p.a., in the amount of US$600 million (equivalent to R$1,330 million).

·              In December 2014, the Company entered into an export prepayment agreement with 11 banks in the amount of US$500 million (equivalent to R$1,370 million), US$129 million of which maturing until 2019 with an interest rate of 1.30% p.a. above the quarterly LIBOR, US$191 million of which maturing until 2019 with an interest rate of 1.40% p.a. above the quarterly LIBOR, and US$180 million of which maturing until 2020 with an interest rate of 1.55% p.a. above the quarterly LIBOR. This line was used in the early payment of debts with higher costs and less attractive terms.

·              In 2014, the Company entered into two revolving credit facilities in national currency with Banco Bradesco and Banco Itaú, in the total amount of R$300 million and R$250 million, respectively, available for four years, at the cost of 100% of the CDI, plus 2.1 % p.a., when used. During the period when the facility is not used, the Company will pay a quarterly and monthly commission in Brazilian Reais of 0.35% p.a. and 0.33% p.a., respectively. The Company has not used this credit facility yet.

·              In March 2014, the Company, through its subsidiary Fibria International Trade GMBH., entered into a revolving credit facility with seven foreign banks, in the total amount of US$280 million, available for four years, at a quarterly paid cost ranging from 1.55% p.a. to 1.70% p.a., plus LIBOR 3M, when used. During the period when the facility is not used, the Company will pay, on a quarterly basis, an amount equivalent to 35% of the spread agreed. The Company has not used this credit facility yet.

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On December 31, 2013

On December 31, 2013, the balance of Fibria’s gross debt was R$9,773 million, R$2,972 million of which representing short-term debts and R$6,801 million of which corresponding to long-term debts. Of the total gross debt, 95% was denominated in foreign currency, taking the swaps into account.

Fibria’s cash position, taking into account cash and cash equivalents, securities and marking to market of current and noncurrent derivatives, on December 31, 2013, was R$1,924 million (compared to R$3,023 million on December 31, 2012). Consequently, net debt on December 31, 2013, corresponded to R$7,849 million (R$7,745 million on December 31, 2012).

On December 31, 2013, the average cost of bank debt in national currency was 7.4% p.a. and, in foreign currency, taking into account the Libor forward curve, 4.6% p.a.

The main operations carried out by the Company in 2013 were as follows:

·              In June 2013, the Company early repaid the amount of R$206 million, (40% of the debt balance) of the NCE with Banco Safra, and adjusted the outstanding balance, obtaining a reduction in the cost of debt from 100% of the CDI, plus 1.85% p.a., to 100% of the CDI, plus 0.85% p.a., maturing in 2018.

·              On November 15, 2013, the Company and its subsidiary Fibria-MS entered into a Share Purchase Agreement and Other Covenants with Parkia Participações S.A. (“Parkia”) for the sale, on the part of the Company and Fibria-MS, of nearly 210,000 hectares of land located in the states of São Paulo, Mato Grosso do Sul, Bahia and Espírito Santo, for the total amount of R$1,650,000 thousand.

This operation was concluded on December 30, 2013, upon the signature, by the Company, Fibria-MS and Parkia, of the First Amendment to the Share Purchase Agreement and Other Covenants, in which the total area subject to the operation was adjusted to 205,722 hectares of gross area, in the potential total amount of R$1,650,099 thousand.

The Company may also receive the additional amount of R$247,515 thousand, totaling R$1,650,099 thousand, which is subject to the appreciation of land over the period of 21 years, and, if due, such amount will be paid in three installments, in the 7th, 14th and 21st years, as from the date of closing.

·              During the year 2013, the Company repurchased and cancelled, with its own funds, the amount of US$897 million (equivalent to R$1,851 million of the “Fibria 2020”, “Fibria 2021” and “Voto IV” Bonds), originally maturing in May 2020, March 2021 and May 2020, at fixed interest rates of 7.5%, 6.75% and 7.75% p.a., respectively.

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Debt Repayment Schedule

Repayment schedule. (R$ millions)

Foreign currency

National currency

f.(i). Relevant loan and financing agreements.

The loan and financing agreements relevant to the Company have the following characteristics, as identified in the explanatory note No. 23 to the standardized financial statements for 2015, 2014 and 2013.

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Bank Financing

(R$ thousand)

Related to the agreements for loans and financing referred to in the table above, we highlight the most relevant:

(a)                          Export credits (prepayment)

In August 2015, the Company, through its subsidiary Fibria International Trade GMBH, entered into an amendment to the agreement in the amount of US$400 million (equivalent to R$1,390 million on that date). The amount was disbursed in three tranches: (i) US$98 million, maturing in 2019, and interest

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rate of 1.30% p.a. on the quarterly LIBOR; (ii) US$144 million, maturing in 2019, and interest rate of 1.40% on the quarterly LIBOR; and (iii) US$158 million, maturing in 2021, and interest rate of 1.55% p.a. on the quarterly LIBOR. These amounts will be allocated to the financing of the Horizonte 2 Project.

In 2015, the Company, through its subsidiary Veracel Celulose S.A. (“Veracel”), entered into Advances on Foreign Exchange Contracts (ACC) in the amount of US$54million (equivalent to R$168 million), maturing until February 2016, at a fixed interest rate between 1.02% and 1.30% p.a.

In December 2014, the Company entered into a syndicated export prepayment agreement with 11 banks in the amount of US$500 million (equivalent to R$1,370 million on that date). The disbursements were made in three tranches: the first tranche in the amount of US$129,750 thousand, maturing until 2019, at an interest rate of 1.30% p.a. above the quarterly LIBOR; the second tranche in the amount of US$190,625 thousand, maturing until 2019, at an interest rate of 1.40% above the quarterly LIBOR; and the third tranche in the amount of US$179,625 thousand, maturing until 2020, at an interest rate of 1.55% p.a. above the quarterly LIBOR. This facility was used to make the early payment of debts at higher costs and with less attractive terms.

In December 2014, the Company entered into two Advances on Export Contracts (ACE), in the total amount of US$70 million (equivalent to R$182 million), maturing on December 24, 2014, at an interest rate of 0.18% p.a. One agreement was settled on the date of maturity, and the other agreement was extended for and settled on January 14, 2015.

In March 2014, the Company, through its subsidiary Fibria International Trade GMBH., entered into an export credit agreement with four foreign Banks, in the amount of US$200 million (equivalent to R$465 million on the respective date), paying quarterly interest at the rate of 1.75% p.a., plus LIBOR 3M (which may be reduced to 1.55% p.a., if Investment Grade is obtained), for a term of five years.

In March 2014, the Company, through its subsidiary Fibria International Trade GMBH., entered into an export credit agreement with Citibank, in the amount of US$100 million (equivalent to R$232 million on the respective date), paying quarterly interest at the rate of 1.625% p.a., plus LIBOR 3M, for a term of five years.

In April 2013, the Company, through its subsidiary Fibria Trading International KFT., entered into an export credit agreement with 3 banks, in the amount of US$100 million (equivalent to R$202 million on the respective date), maturing until 2018, at an initial interest rate of 1.63% p.a. above the quarterly LIBOR.

In February 2012 the company’s subsidiary Veracel, raised an export prepayment facility of US$33 million (equivalent to R$57 million), with semi-annual interest payments at the rate of 5% per annum over LIBOR, and amortization of principal in a single installment maturing in 2017.

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On May 2011, the Company obtained an exportation prepayment line with 11 foreign banks, amounting to US$300 million (equivalent to R$489 million on the respective dates) with payment of quarterly interest rate of 1.80% per year above LIBOR (which can decrease to 1.60% per year, if we obtain the condition of investment grade) for a period of eight years.

On September 2010, the Company entered into an export credit agreement with 11 banks in the amount of US$800 million (equivalent to US$1,355 million at that date) with maturities in 2018 and initial interest rate of 2.755% per year above the quarterly LIBOR and which may be reduced to 2.3%, according to the deleveraging and rating of the Company. This line was used to prepay debt with higher costs and with less attractive terms. On March 29, 2011, the Company settled in advance the amount of US$600 million (equivalent at that date to approximately R$993 million), with proceeds from the sale of Conpacel and capture of Bond Fibria 2021. On December 30, 2014, the Company early settled the balance of the agreement in the amount of US$191 million (equivalent to R$507 million), with funds raised by the PPE Sindicato of US$500 million.

On September 2010, the Company entered into a bilateral export credit agreement in the amount of US$250 million (equivalent to US$424 million at that date) with maturities in 2020 and initial interest rate of 2.55% per year above the biannual LIBOR. This line was used to prepay debt with higher costs and with less attractive terms.

On December 19, 2014, the Company early settled the amount of US$250 million in full (equivalent to R$662 million).

On March 2010, the Company entered into a bilateral export credit agreement in the amount of US$535 million (equivalent to US$956 million at that date) with interest rate of 2.95% per year above the quarterly LIBOR and with maturity until 2017. This line was fully used to pay debt with higher costs and with less attractive terms. On April 29, 2011, the Company settled in advance the amount of US$100 million (equivalent at that date to approximately R$161 million), reducing the cost of the debt and obtaining a larger payment term of the remaining balance (2013 to 2018, with quarterly payments) In 2012 the company early settled the amount of US$200 million, with no change to the other conditions. During 2013, the Company repaid US$43 million. On December 31, 2013, the amount of the outstanding principal was US$192 million. In 2014, the amount of US$32 million was repaid upon maturity. The final maturity of the agreement was also renegotiated for August 2019. In 2015, the amount of US$40 million was repaid on the maturity date. As a result of these transactions, the outstanding balance of the principal became US$120 million (equivalent to R$469 million).

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(b)           Loan - VOTO IV (Bonds)

On June 2005, Votorantim Overseas Trading Operations Limited IV (VOTO IV), controlled in conjunction with Votorantim Participações S.A. (a company that merged into Votorantim on January 1, 2016), captured in the international market US$400 million (equivalent at that time to R$955 million) with maturity in June 24, 2020 and annual rate of 8.50%. The Company received 50% of the total funds raised, or US$200 million at that time equivalent to R$477 million. In 2013, the Company early repaid an amount of US$42 million (equivalent to R$93 million on that date). This transaction generated an expense in the amount of R$13 million, recorded in the statement of income, of which R$12 million related to the premium paid and R$1 million related to the proportional repayment of the transaction cost resulting from the purchase of this Bond.

During the year 2014, the Company repurchased the amount of US$61 million (equivalent to R$138 million) related to the VOTO IV Bond, issued by the subsidiary VOTO IV, originally maturing in June 2020. This transaction generated an expense in the amount of R$33 million, recorded in the statement of income, of which R$30 million related to the premium paid to the holders of such bonds who adhered to the offering and R$3 million related to the proportional repayment of the transaction cost resulting from the issue of this Bond. In 2015, the Company repurchased the amount of US$0.4 million. As a result of early redemption, we recognized financial expenses in the amount of US$0.07 million, of which US$0.06 million relates to the premium paid regarding the repurchase transaction, and US$0.01 million relates to the proportional amortization of transaction costs. Because of this transaction, the outstanding balance of the Bond became US$96.4 million (equivalent to R$376 million).

(c)           Loans - Fibria 2019, Fibria 2020, Fibria 2021 and Fibria 2024 (Bonds)

Fibria 2024

On May 7, 2014, the Company, through its subsidiary Fibria Overseas Finance Ltd., completed the new issue of bonds maturing in 2024 (Fibria 2024 Bond), in the amount of US$600 million (equivalent to R$1,329,840 million), at a fixed interest rate of 5.25% p.a. The funds from the issue of the Bond were received on May 12, 2014, and a portion of such funds was used to pay the Fibria 2021 Bond.

Fibria 2021

On March 2011, the Company, through its international subsidiary Fibria Overseas Finance Ltd., captured the international market US$750 million (“Fibria 2021”, equivalent at that time to R$1,240,875 million) maturing in ten years and with repurchase option from 2016, with semiannual interest payment and rate of 6.75% per year.

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During the year 2013, the Company repurchased and cancelled, with its own funds, the amount of US$189 million (equivalent to R$411 million) of the Fibria 2021 Bond. This transaction generated an expense in the amount of R$35 million, recorded in the statement of income, of which R$31 million related to the premium paid to the holders of such bonds who adhered to the offering and R$4 million related to the proportional repayment of the transaction cost of this Bond.

During the year 2014, the Company repurchased and cancelled, with its own funds, 100% of the outstanding bonds related to the Fibria 2021 Bond, in the amount of US$561 million (equivalent to R$1,290,229 million). This transaction generated an expense in the amount of R$160 million, recorded in the statement of income, of which R$150 million related to the premium paid to the holders of such bonds who adhered to the offering and R$10 million related to the repayment of the transaction cost of these Bonds.

Fibria 2020 and Fibria 2019

On October 2009, the Company, through its international subsidiary Fibria Overseas Finance Ltd., raised on the international market US$1 billion (“Fibria 2019”, equivalent at that time to approximately R$1,744 million) maturing in ten years with semiannual interest payment and rate of 9.25% per year. In May 2010, the Company announced the exchange offer of Fibria 2019, by reopening the Fibria 2020, aiming at improving the interest curve and improving the liquidity of papers, and to relax the covenants clauses to the new reality of the Company. Membership to the exchange offer was 94%.

In May 2010, the Company, through its international subsidiary Fibria Overseas Finance Ltd., raised US$750 million on the international market (Fibria 2020, equivalent to R$1,339,650 million) maturing in ten years and with repurchase option as from 2015, with semiannual interest payment at the rate of 7.50% per year.

In July 2012, the Company early repaid, with its own funds, upon the holding of a Public Offering, the amount of US$514 million (equivalent to R$1,045 million) relating to the repurchase of the Fibria 2020 Bond, raised in May 2010. This transaction generated an expense in the amount of R$151 million, recorded in the statement of income, of which R$62 million related to the premiums paid to the holders of such bonds who adhered to the offering and R$89 million related to the proportional repayment of the transaction cost from the issue of this Bond.

During the year 2013, the Company repurchased and cancelled, with its own funds, the amount of US$666 million (equivalent to R$1,347 million) of the Fibria 2020 Bond. This transaction generated an expense in the amount of R$302 million, recorded in the statement of income, of which R$193 million related to the premium paid to the holders of such bonds who adhered to the offering and R$109 million related to the proportional repayment of the transaction cost from the exchange of this Bond.

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On March 26, 2014, the Company repurchased and cancelled, with its own funds, the amount of US$690 million (equivalent to R$1,596 million), related to the outstanding balance of the Fibria 2020 Bond. This transaction generated an expense in the amount of R$300 million, recorded in the statement of income, in accordance with the Company’s accounting practice, of which R$180 million related to the premium paid to the holders of such bonds who adhered to the offering and R$120 million related to the repayment of the transaction cost from the issue of this Bond.

In October 2014, the Company repurchased and cancelled, with its own funds, 100% of the outstanding bonds related to the Fibria 2019 Bond, in the amount of US$63 million (equivalent to R$153 million), originally maturing in October 2019, at the interest rate of 9.25% p.a. This transaction generated an expense in the amount of R$7 million related to the premium paid to the holders of such bonds.

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(d)           BNDES

The Brazilian National Economic and Social Development Bank - BNDES has been an important source of debt financing for the Company’s capital expenditures.

In 2015, Fibria entered into five new agreements through the credit limit of R$1.7 billion established in 2011, in the amounts of R$10.5 million (industry investments financing), R$24 million (financing of IT projects), R$35 million (purchase of trucks), R$138.6 million (financing of forestry investments); and R$7.5 million (social projects).

In 2015, BNDES released R$254 million (against R$283 in 2014). Most of our loans taken from BNDES are subject to interest indexed to the nominal long-term interest rate (TJLP). BNDES loans still pending are indexed to BNDES (weighed average exchange rate variation within a currency basket, predominantly, US dollars), plus spread and a fixed rate.

On December 31, 2015, the Company proportionally consolidated the book balances of loans and financing of Veracel, represented by agreements with the BNDES. The total amount of the principal is R$149 million to be repaid from 2014 to 2021, and is subject to interest ranging from TJLP + 1.8% to 2.0% per year and UMBNDES + 1.8% to 2.% per year.

The pulp plants located at the Jacareí/SP and Aracruz - ES Units were given as the main collateral to the payment of such financing.

(e)           Agribusiness Receivables Certificates (CRA)

In September 2015, the Company completed the public distribution of 675 thousand agribusiness receivables certificates issued by Eco Securitizadora de Direitos Creditórios do Agronegócio S.A., in the amount of R$675 million, at 99% of CDI, with payment of interest twice a year, and principal maturing in October 2021. Funds will be allocated to the purchase of goods and contracting of services for the Horizonte 2 Project. Agribusiness Receivables Certificates were backed by agribusiness credit rights assigned by Itaú Unibanco S.A. and originated from the export credit note issued by Fibria-MS, as endorsed by the Company. The Company received the funds on October 23, 2015.

(f)            Export Credit Note (NCE), Rural Credit Note (NCR) and others

In June 2013, the Company signed an export credit note in the amount of R$498 million, maturing in 2018, at the cost of 105.85% of the CDI. This transaction is also linked to a swap intended to exchange Reais for U.S. dollars and change the floating rate to a fixed rate. Its final cost will be 4.16% p.a., plus the foreign exchange variation.

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In September 2012 the company raised an Export Credit Note facility amounting to R$173 million, with semi-annual interest payments at 100% of the CDI rate, and amortization of the principal in four annual installments maturing as of 2017.

In September 2010, the Company signed an exportation credit note in the amount of R$428 million, with maturity in 2018 and cost of 100% of CDI plus 1.85% per year. In June 2013, the Company early repaid tithe amount of R$206 million (40% of the balance of the debt) and amended the outstanding balance, reducing the cost of the debt to 100% of the CDI, plus 0.85% p.a. This operation is linked to a swap in order to exchange the currency real for U.S. dollar and change the floating rate to a fixed rate, with the final cost of 5.45% per year, plus the exchange rate. In December 2014, the Company early settled 100% of the balance of the agreement, in the amount of R$326 million.

(g)           Export credit (Finnvera)

On September 2009, the Company contracted a loan of 125 million Euros with Finnvera (Finnish body designed to promote companies demonstrably committed to sustainability), whose total term is 8.5 years and the cost indexed to LIBOR in six months + 2.825% per year.

In February 2014, the Company early repaid, with its own funds, the amount of US$96 million (equivalent to R$234 million) corresponding to the agreement entered into with Finnvera, originally maturing in February 2018. This transaction generated an expense in the amount of R$4 million, recorded in the statement of income, related to the repayment of the transaction cost from contracting such debt.

(h)           Loan of the Fundo Constitucional de Financiamento do Centro-Oeste (FCO)

On December 2009, the Company raised R$73 million with Banco do Brasil through its subsidiary Fibria-MS, with final maturity in December 2017, grace period of six months, payment of principal and monthly interest and rate of 8.5% per year.

f.(II). Other long term relationships with financial institutions

Except the relationships contained in the contracts described above, the Company has no other long term relationships with financial institutions involving relevant amounts.

f.(III). Subordination grade among the debts

Fibria has provided collateral in loan contracts with Fundo Constitucional de Financiamento do Centro-Oeste, FINEP — Financiadora de Estudos e Projetos, and part of contracts with BNDES.

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The most important assets pledged as collateral for several BNDES agreements are the manufacturing plants of Jacareí (SP) and Aracruz (ES). The net book value of these assets is R$3,633,149 thousand (December 31, 2014, R$6,541,124 thousand), sufficient to cover the respective loans.

Part of the agreements with the BNDES are collateralized by bank sureties.

ACE Agreements and export prepayment contracts have as warranty the exportation receivables in a volume corresponding to the next payment of interest and principal.

The remaining debt of the Company is unsecured. The Company has no debt with floating warranty.

There is no subordination grade among the Company’s debts, given that collateral was offered to secure certain debts, as referred to above, and therefore, they have priority over the Company’s other debts in the event of bankruptcy, up to the limit of the collateral given.

f.iv. Any restrictions imposed on the company, especially in relation to limiting of debt and contracting of new debts, distribution of dividends, disposal of assets, issuance of the securities and sale of corporate control

Some financing of the Company and its subsidiaries have clauses that determine maximum levels of debt and leverage, as well as minimum coverage levels to interest to be due.

Covenants required

The financial covenants regarding the Company’s debts are based on consolidated financial data converted to US dollars. According to these covenants, the indebtedness ratio (net debt to Adjusted EBITDA, as per Note 4.2.2 to the Financial Statements as of December 31, 2015) should not exceed 4.5.

The covenants agreed in the agreements with the banks were met by the company on December 31, 2015, whereby the debt service coverage ratio stood at 2.06, while the indebtedness level ratio measured in U.S. dollars stood at 1.78.

These same contracts include the main events of default:

·              nonpayment in a timely manner of the principal or interest due;

·              inaccuracy of any representation, warranty or certification provided;

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·              cross-default and cross-Judgment default, subject to an agreed value;

·              subject to certain periods of cure in the event of violation of the obligations contemplated in the agreements;

·              occurrence of certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.

g. Limits on the use of funds already contracted

In 2015, the Company did not contract new revolving credit facilities.

In 2014, the Company entered into two revolving credit facilities in national currency with Banco Bradesco and Banco Itaú, in the total amount of R$300 million and R$250 million, respectively, available for four years, at the cost of 100% of the CDI, plus 2.1 % p.a., when used. During the period when the facility is not used, the Company will pay a quarterly and monthly commission in Brazilian Reais of 0.35% p.a. and 0.33% p.a., respectively. The Company has not used this credit facility yet.

In March 2014, the Company, through its subsidiary Fibria International Trade GMBH., entered into a revolving credit facility with seven foreign banks, in the total amount of US$280 million, available for four years, at a quarterly paid cost ranging from 1.55% p.a. to 1.70% p.a., plus LIBOR 3M, when used. During the period when the facility is not used, the Company will pay, on a quarterly basis, an amount equivalent to 35% of the spread agreed. The Company has not used this credit facility yet.

In April 2013, the Company obtained a standby facility, in the amount of R$300 million, available for five years, at the semiannual cost of CDI, plus 1.50% p.a., when used. During the period when the facility is not used, the Company will pay an amount equivalent to 0.50% p.a. on a quarterly basis. The Company has not used the credits yet.

In May 2011 the Company, through its international subsidiary Fibria Trading International Kft, obtained a revolving credit facility with eleven foreign banks, totaling US$500 million with an availability term of four years and cost paid quarterly by LIBOR in three months plus 1.55% per year when used. In the period of inactivity, the Company will pay 35% of the agreed spread. This credit facility was not used. In March 2014, the Company cancelled this revolving credit facility.

There are also some releases of reimbursements on loans already contracted with the BNDES which are pending financial or physical confirmation by the company. The percentages used in the financing facilities already closed are described in latter “e” of section 10.1.f.I of this form.

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h. Significant changes in each item of the financial statements

The following tables present the values of the consolidated balance sheets and income statements for the financial years ended on December 31, 2015, 2014 and 2013, prepared in accordance with the international accounting standards (IFRS).

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