Institutional presentation april 2011

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Institutional presentation april 2011

  1. 1. Presentation 1
  2. 2. DisclaimerCertain statements in this presentation may constitute forward-looking statements. Such statements aresubject to known and unknown risks and uncertainties that could cause the Company’s actual results todiffer materially from those set forth in the forward-looking statements. These risks include changes incustomer demand for the Company’s products, changes in raw material costs, seasonal fluctuations incustomer orders, pricing actions by competitors, significant changes in the applicable rates of exchange ofthe Brazilian real against the US dollar, and general changes in the economic environment in Brazil,emerging markets or internationally.
  3. 3. AgendaCorporate Overview and Growth Cycle 04Forestry Business Unit 17Pulp Business Unit 23Paper Business Unit 30Results 36
  4. 4. Corporate OverviewSuzano Itaqui Port Transnordestina “Carajás” Pecém Port• 2nd largest eucalyptus pulp producer in the world Railroad• 12th market pulp producers Maranhão Piauí• Pulp production costs: one of the lowest in the “Norte e Sul” world Railroad• Leader in the regional paper market Forests Mucuri Plants• Certified plantations and products Limeira Portocel Ports Suzano• Organic Growth in pulp: Railroad Embu Vitória Rio Verde +3 MM/ton/year Santos• New businesses: biotechnology and wood pellets for energy• Market cap: R$6.0 billion on 12/31/10 Capital Structure (12/31/10) Free Float Controlling 45% Group 52% Treasury 3%4
  5. 5. Corporate OverviewOrganizational StructureThe Business Units model provides performance and returnassessments in each business Management Board of Directors (BD) Sustainability and 9 members (4 independent) Strategy Audit CEO, IR and Strategy BD Commitees SP Operations Forestry BU Pulp BU Paper BU SP Corporate Dev. BU: Business Units SP Finance SP Human ResourcesSP: Service Providers5
  6. 6. Corporate Overview and ManagementProducts and Diversified Markets Net Revenue 58% Exports / 42% Domestic Market R$ 4.5 billion Market Pulp Paper 2nd eucalyptus market pulp producer 45% 55% Paperboard Printing and Writing 1st in Brazil with 26% market share 13% 42% Uncoated Coated 2nd in Brazil with 27% 1st in Brazil with 19% market share market share 35% 7% Note: Figures of last 12 months ending on 12/31/2010 The market share data includes paper imports6
  7. 7. Corporate Overview Timeline1924 until 1940 1950 1960 until 1990 2000 2024 Beginning of First investment in Growth and diversification in the Consolidation as one of the Suzano 2024operations in the the pulp sector pulp and paper businesses largest Brazilian Groups paper industry Acquisition of Ripasa (50%) 2008 2010 Start up of Bahia Sul 2007 Acquisition of Suzano mill New Growth Cycle Beginning of paper exports to Europe Start up of the first paper mill 2004 2005 1982 Pioneerism in 1992 eucalyptus plantation 1960 Acquisition of FuturaGene, PLC. 1975 Merger withLeon Feffer Bahia Sulstarts papertrading activities 1956 Start up of Line 2 at Mucuri Suzano Renewable Launch of Report 1955 Energy Acquisition of Indústrias de Papel Rio Verde’s control Adoption of Bovespa’s 1939 Level I corporate governance standards Acquisition of and Professional 50% of Conpacel 1924 Management and KSR. 7 7
  8. 8. Growth CycleSuzano’s StrategyConstant increases in forestry productivity guarantees competitiveness inthe pulp business and enables new business opportunities in Biotechnologyand Renewable Energy Forestry Competency Operational Organic Wood pellets Biotechnology excellence in growth paper in pulp8
  9. 9. Growth CycleOrganic Growth in Pulp Suzano’s production capacity has increased by 130% in the last 5 years. The Company is prepared for a new growth cycle that will increase its capacity to 6.0 MM ton/year of pulp and paper by 2014 Piauí Unit Maranhão Unit 6.010 4.610 3.210 3.210 4.720 2.750 2.850 2.850 3.320 1.720 1.920 1.920 1.920 1.485 1.650 1.750 1.750 1.240 820 570 640 456 915 1.080 1.100 1.100 1.100 1.100 1.290 1.290 1.290 1.290 784 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Paper Pulp9
  10. 10. Growth CyclePulp Organic Growth Maranhão PiauíMaranhão Projects Required planted area 154 tsd ha 170 tsd ha• Market pulp production capacity: 1.5 MM ton/year Forestry capex US$ 575 US$ 710 (total estimated) million million• Estimated industrial capex: Forestry capex US$ 214 US$ 193 US$ 2.3 billion (total fulfilled) million million• Funding: Start up (estimative) 2013 2014 ~ 80% debt (competitive costs) and remainder cash flow generation 68% own land 70% own land Wood supply 32% third 30% third • BNDES: R$ 2.7 billion, 12-year maturity and parties parties 3-year grace period • Mandatory convertible debentures: R$ 1.2 billion• Agreements for the acquisition of key equipments: Metso and SiemensCompetitive Advantages• 100 MW energy surplus for sale• Logistics guaranteed by long term contracts Draft of the MA / PI mill Draft of Piauí’s nursery• Projects’ updates with better returns Investment decision on Piauí Project expected• Tax incentives for 1S12.10
  11. 11. Growth CycleFuturaGene• Acquisition concluded in July/2010 Biotechnology is on the right• Pioneer in biotechnology research and development side of Sustainability• Sustainable technologies Innovation• Environmentally oriented to meet growing demand for fiber and • Less land utilization biomass • Less water consumption• Techniques for higher forestry productivity • Less chemical expenditure• R&D forestry synergies: competitive main factor in the pulp and • Higher carbon sequestration paper markets11
  12. 12. Growth CycleSuzano Renewable EnergySuzano Renewable Energy– 1st fase Wood pellets for energy, produced from• 3 units: 1 MM ton/year each renewable energy-oriented forests• Capex: US$ 800 million• World leader• Initial focus on the European market• MoUs for 3.1 mm/ton/year• Negotiation of final contracts with clients• Funding: definition of the capital structure • Analysis of the clones portfolio: special clone selectionExperiments • Dedicated plantation (more plants per hectare) with • Higher yield “Energetic Forests” • Harvest in 2 to 3 years since 2008 • High lignin content – high calorific value • Unuseful for pulp production • Experimental “energetic” stewardship in Northeast13
  13. 13. AgendaCorporate View and Growth Cycle 04Forestry Business Unit 17Pulp Business Unit 23Paper Business Unit 30Results 36
  14. 14. Forestry Business UnitForestry AssetsThe Forestry Business Unit (FBU) guarantees to Suzano100% eucalyptus wood supply from renewable planted forests 2010 Areas’ Chart FBU in Numbers 2010 MA, PI and TO Total area (tsd ha) 722 Total: 307 tsd ha Planted: 75 tsd ha Planted area (tsd ha) 324 Annual planting (tsd ha) 76 Planted seedlings / day (tsd) 438 BA, ES and MG Harvested trees / day (tsd) 122 Total: 225 tsd ha Annual harvest (million m³) 10.8 Planted: 130 tsd ha Loaded trucks / year Forests 201 (tsd units) average distance: SP Preserved Area (tsd ha) 256 75 Km Total: 190 tsd ha Forests Planted: 119 tsd ha average distance: Suzano has developed forestry stewardship expertise and a complete genetic base for 246 Km various scenarios due to its presence in different places with temperature, climate, precipitation, soil, and relief variations.14
  15. 15. Forestry Business Unit Forestry Competitivity in Brazil Brazil presents competitive advantages to support continuous increase of its global forestry standing Competitive Advantages • Availability of productive land Hardwood Productivity (m³/ha/year) • Excellent soil and climate conditions 44 41 • Short harvesting cycle for planted forests • Opportunity to recovery degraded areas 25 25 20 • Low establishments and maintenance costs 13 • Continuously growing consumer market 6 4 Suzano’s Brazil Chile Australia South Portugal USA FinlandEucalyptus Africa Source: ABRAF, BRACELPA, Poyry, Adapted by STCP Consulting • Logistics Challenges • Tax Structure • Cost of Capital • Education Level • Exchange Rate15
  16. 16. Forestry Business UnitSuzano’s Forestry Competitivity Suzano’s pioneerism and innovation enabled the improvement of stewardship techniques and development of genetic baseCompetitive Advantages New Businesses — Total clones: 14,729• Genetic portfolio — Field experiments: 614• Forestry technology — Total experimented area: 3,913 ha• Management abilities• Nutrition and soil research: potential to increase productivity• Operational development: precision forestry (↑ efficiency)• Forestry innovative concepts: “Night Planting” and “Energetic Forest”Pulp Productivity • More wood / hectare Biotechnology 11 admt1/ha/year • More pulp / m³ 5,5 admt1/ha/year • Superior quality +100% • Smaller area 1980 2010 • Decreasing costs / m³ Source: Suzano 1Admt: air dried metric ton16
  17. 17. Forrestry Business UnitSustainability, Innovation and GovernanceSustainability Directive Plan considers a refined concept of theTriple Bottom Linecomprising Innovation and Governance Economic financial Governance • Global competitiveness and scale Innovation Application of • Consistent margins and returns • Processes, products sustainability principles • Capital discipline and clean technologies in the decision-making • Stakeholders’ knowledge process valorization Environment Social • Forest management and • 57 public libraries certified chain of custody • Renovation of 35 public • Member of CCX1 and WBCSD2 schools in 3 states • ECOFUTURO (Parque das ECOFUTURO: 92 thousand Neblinas) benefited students 1 Chicago Climatic Exchange 2 World Business Council for Sustainable Development17
  18. 18. Forestry Business UnitStrategy Operational Guarantee of Long-term view Consolidation of excellence: excellence research and operations in the focus on forestry Northeast: in new businesses development for management and Maranhão and Piauí linked to forestry forestry wood logistics competencies technologies18
  19. 19. AgendaCorporate View and Growth Cycle 04Forestry Business Unit 17Pulp Business Unit 23Paper Business Unit 30Results 36
  20. 20. Pulp Business Unit Overview Pulp and Paper Production Chain – 2010e 6% 3 2010e Production (MM ton) 51% 188 Others 72% 131 369 Recycled 8% Integrated Total fiber pulp 44% 22 consumption 49% 181 BSKP1 Minerals Virgin fiber 28% 50 8% 401 50% 25 Market pulp Global production of paper and (13% of total fibers) BHKP2 paperboard 401 64% 16 Market pulp still represents the smaller part of the Printing and Writing fiber used for paper production. BEKP3 Millions of tons New paper capacities are being installed near to Paperboard consumer markets, while cash costs drives 10% 1.6 Tissue implementation of new pulp capacities. 1 Bleached Softwood Kraft Pulp Corrugated 2 Bleached Hardwood Kraft Pulp Newsprint 3 Bleached Eucalyptus Kraft Pulp Others Suzano’s 2014 estimated production of 4,6 mm ton 2010e (26% of global production)Source: Poyry and Suzano 20
  21. 21. Pulp Business UnitPulp demand growth driven by eucalyptus and by Europeanand Chinese markets Demand: Market Pulp (K ton) Demand: Eucalyptus Pulp (K ton) CAGR CAGR ’03 -’09: ’03 -’09: +2.2% +11.3% 55.755 19.710 20.560 54.555 17.405 18.580 53.215 15.715 51.610 49.085 2010e 2011e 2012e 2013e 2014e 2010e 2011e 2012e 2013e 2014e Eucalyptus Pulp – China (K ton) Eucalyptus Pulp – Europe (K ton) CAGR ’03 -’09: CAGR +26.9% ’03 -’09: +7.4% 8.185 8.485 8.655 5.385 7.420 7.785 4.950 4.355 3.930 2.945 2010e 2011e 2012e 2013e 2014e 2010e 2011e 2012e 2013e 2014e21 Source: PPPC
  22. 22. Pulp Business UnitSupply increase driven by eucalyptusshows Suzano as a relevant player Market Pulp Supply (K ton) Eucalyptus Pulp Supply (K ton) CAGR CAGR ’03 -’09: ’03 -’09: +2.7% +11.3% 61.535 22.415 60.140 19.610 21.170 17.530 18.905 57.670 58.330 55.045 2010e 2011e 2012e 2013e 2014e 2010e 2011e 2012e 2013e 2014e Eucalyptus’ Supply and Demand Balance (%) New Eucalyptus Pulp Capacities Forecast 2010 – 2014 (K ton) Global 6,385 100% Latin America 4,990 78% 95% 92% 93% 92% 90% Brazil 4,315 68% Suzano 3,000 47% 2010e 2011e 2012e 2013e 2014e Source: PPPC, Suzano22
  23. 23. Pulp Business UnitBrazilian Pulp Cash Cost: Structurally Low US$ / ton (CIF/ North Europe) US$ 511 - 696 / ton US$ 441 - 651 / ton 700 US$ 367-398 / ton 600 Canada (British Columbia Coast) 500 Canada (British Columbia) Canada (East) France, Austria and Belgium 400 US$ 300 – 401 / ton South Korea France and Belgium Japan Sweden Canada USA Finland 300 Iberia, Norway Sweden USA China Finland Indonesia Russia Chile Chile Brazil Hardwood Softwood Source: Hawkins Wright, jul/ 10 - Volumes do not include production of unbleached pulp and high yield pulp.23
  24. 24. Pulp Business UnitHighlights Pulp Sales Volume (K ton) Pulp Sales Destinations – 2010 1.780 1.607 Brazil 19% 1.321 North Am. 9% 1.519 799 1.310 South/Central Am. 1% 38% Europe 1.089 638 161 232 261 297 Asia 33% 2007 2008 2009 2010 Domestic Market Exports • Technical support in each international office: Sales per Segment – 2010 China, Switzerland and USA • 80% of total sales with long term contracts Others 7% • More than 150 active clients Special 25% 36% Printing and Writing • Strategic long-term partnerships with clients: • Logistics • Technology • Pre and post sale technical assistance Tissue 32% • Strategic focus on high value added segments24
  25. 25. Pulp Business UnitStrategy Focus on Presence in Strategic sustainable main growth relationship with international strategy clients markets25
  26. 26. AgendaCorporate View and Growth Cycle 04Forestry Business Unit 17Pulp Business Unit 23Paper Business Unit 30Results 36
  27. 27. Paper Business UnitGlobal Paper DemandGrowth Premises• Global paper demand growth (2010-2015) of 1.8% p.a. • Printing and Writing: +0.9% p.a. • Paperboard: +2.5 % p.a.• Industry is still considered fragmented, Global Paper Demand (MM ton) but with significant regional concentration CAGR 1.8% p.a.• Emerging markets lead supply and demand growth 438 401 Suzano’s Printing and Writing Focus Paperboard1 Tissue Others 2010e 2015e 1Paperboard + liquid packaging board) Source: Poyry – 200927
  28. 28. Paper Business Unit Demand Growth Drivers Historically there is a high correlation between GDP per capita and paper consumption. In Brazil, the positive economic growth forecasts represent an important driver for the domestic paper demand. Paper Consumption x GDP per Capita USA • Education Sweden • Digital printingConsumption (kg per capita) Taiwan Japan Korea Rep. • Electronic Media UK • Plastics China. Spain Brazil GDP per Capita (US$) Latin Am. and Brazil = 41kg USA = 300kg Source: Poyry, 2008 28
  29. 29. Paper Business UnitBrazil and Latin America are the main Markets Brazilian Demand (MM ton) Latin America ex-Brazil Demand (MM ton) 4.3% p.a. 3.3% p.a. 3.434 5.287 4.488 4.1% p.a. 2.788 4.2% p.a. 1.099 1.875 895 1.533 Paperboard1 Paperboard1 4.3% p.a. 2.9% p.a. 2.335 3.412 Printing & Writting2 1.893 Printing & Writting2 2.955 2010e 2015e 2010e 2015e 1Paperboard + liquid packaging board; 2 Uncoated + Coated Source: RISI Latin America Forecast –Nov/10• Economic growth, higher GDP and increased industrial activity• Education level improvement and access to new technologies• Latin America (ex-Brazil): net importing market• Suzano’s competitive advantage: - Geographic proximity and lower logistic costs - Brand recognition - Portfolio: wide range of products29
  30. 30. Paper Business UnitHighlights Sales Volume (k ton) Sales Destination – 2010 12%North Am. Europe 10% 1.124 1.162 1.115 1.156 Others 4% 456 504 524 513 56% Brazil 668 658 591 643 South/Central Am. 18% 2007 2008 2009 2010 Domestic Market Exports• Leadership in printing & writing and white paperboard in South America• More than 90% integrated production (pulp + paper)• Fx hedge: approximately 60% of paper revenue in local currency• 2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina)• Premium pricing in the segments where we act• Lower price volatility in the domestic market30
  31. 31. Paper Business UnitStrategy Strengthening Products Revenue Asset of Distribution Portfolio Management Optimization Channels Management31
  32. 32. AgendaCorporate Overview and Growth Cycle 04Forestry Business Unit 17Pulp Business Unit 23Paper Business Unit 30Results 36
  33. 33. ResultsNet Revenue and EBITDA Net Revenue (R$ million) and Volume (K ton) EBITDA (R$ million) and EBITDA Margin (%) 2.896 36,2% 37,7% 2.763 33,5% 2.482 30,3% 29,4% 1.924 1.686 4.514 4.064 3.952 1.703 3.099 3.410 1.469 2.214 2.599 1.040 1.034 1.161 1.596 2.295 1.302 1.797 1.814 1.850 1.657 1.915 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010R$/US$ R$/US$ 2.18 1.95 1.84 2.00 1.76 2.18 1.95 1.84 2.00 1.76avg. avg. Domestic Market Exports Volume Paper: Revenue (R$ million) and Volume (K ton) Pulp: Revenue (R$ million) and Volume (K ton) 1.125 1.780 1.607 1.116 1.162 1.156 1.320 1.071 799 615 2.336 2.458 2.524 2.344 2.496 2.018 722 837 937 918 936 1.539 1.609 736 933 1.663 1.614 1.621 1.587 1.560 1.277 1.377 1.426 757 591 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Domestic Market Exports Volume Domestic Market Exports Volume Note: The amounts of 2009 and 2010 include the adjustments introduced by the IFRS standards33
  34. 34. ResultsAdequate Debt Amortization Schedule and Liquidity Profile• Cash: R$ 3.7 billion on 12/31/2010• Liquidity horizon: low rollover risk even under stress scenarios• Competitive cost of debt and duration of 43 months• Debt breakdown on 12/31/2010: 50% in foreign currency and 50% in local currency (R$)• Moody’s: Baa3 (stable) Investment Grade; S&P: BB+ (stable) Amortization schedule (R$ million) Debt - Dec/ 2010 2.049 R$ million Amount Leverage BNDES 2,532 1.5x Nordic Investment Bank 74 0.0x 1.383 1.296 FINIMP 287 0.2x 1.282 Projetcs Debt 2,893 1.7x 625 1.012 989 Trade Finance 2,125 1.3x 153 924 628 Debentures 625 0.4x 427 Others 1,513 0.9x 758 836 767 Gross Debt 7,156 4.2x 372 384 382 Cash and Cash Equivalents 3,735 2.2x 2011 2012 2013 2014 2015 2016 onwards Net Debt 3,421 2.0x Local Currency Foreign Currency 3434
  35. 35. ResultsConservative Financial Policy• Benchmark: investment grade status• Net Debt/ EBITDA ratios may increase temporarily due to growth projects• Amortization in line with the projects’ cash flow• Capex discipline• Hedging for cash flow, not for accounting results• No use of complex, illiquid or exotic derivatives Implementation of World Mucuri Project Start up of line economic (line 2) 2 at Mucuri crisis Acquisition of Ripasa 3,8x 3,7x 3,7x 3,5x 2,7x 2,0x 1,6x 5.459 4.285 4.111 3.919 3.421 2.475 1.616 1.703 1.469 1.039 1.040 1.146 1.161 913 2004 2005 2006 2007 2008 2009 2010 Net Debt (R$ MM) EBITDA (R$ MM) Net Debt / EBITDA (x) Note: The amounts of 2009 and 2010 include the adjustments introduced by the IFRS standards35
  36. 36. ResultsCapital Markets: Liquidity and Stock Performance Stock Performance 140 120 100 Ibovespa -1% IBrX50 -2% SUZB5 -8% 80 60 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 09 10 10 10 10 10 10 10 10 10 10 10 10 Liquidity Distribution of Proceeds (R$ tsd)1 2.471 2.211 2.052 230.810 220.690 1.655 1.565 1.107 920 27.245 715 161.222 140.114 138.438 17.700 18.166 17.095 114.099 14.523 11.968 12.133 5.025 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 2004 2005 2006 2007 2009 2010 1 There wasn’t any distribution of proceeds in 2008 due to a net loss of R$ Avg. Daily Volume (R$ tsd) Number of Trades (Daily) 451 million.36
  37. 37. ResultsWhy to Invest in Suzano? Defined Controlling Group 2024 Biotechnology Wood Pellets Organic Growth in Pulp Operational Excellence in Paper Professional Capital Management Markets 2010 + Revenue + EBITDA + Earnings + Market Appreciation 192437
  38. 38. Investor Relations TeamAntonio Maciel (CEO and IR Director) +55 (11) 3503-9061 ri@suzano.com.brAndrea Fernandes (IR Executive Manager) +55 (11) 3503-9062 andreaf@suzano.com.brÁurea Portugal (Assistant) +55 (11) 3503-9061 aportugal@suzano.com.brEduardo Oliveira (Intern) +55 (11) 3503-9306 epoliveira@suzano.com.brFernanda Nardy (Analyst) +55 (11) 3503-9066 fnardy@suzano.com.brMichelle Corda (Analyst) +55 (11) 3503-9359 mcorda@suzano.com.brRosely Onizuca (Analyst) +55 (11) 3503-9355 ronizuca@suzano.com.brInvestor Relationswww.suzano.com.br/ri38
  39. 39. Board of DirectorsExperienced and active DAVID FEFFER Experience of 36 years in the pulp and paper industry. CEO of Suzano Holding S/A, Chairman of the Board of Directors of Suzano Pulp and Paper S/A and Coordinator of the Management Committee. CEO of IPLF Holding and Nemopar Investimentos Ltda. CEO Chairman and Vice President of the Board of Directors of Polpar S/A. Vice President of Premesa S/A and Vocal. DANIEL FEFFER Experience of 32 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s Board of Directors, President of Premesa, Corporate VP of Suzano Holding, IPLF Holding and Nemopar, President of Vocal and Vice Chairman Nemonorte, Chairman of Ecofuturo Institute’s Board of Directors. BORIS TABACOF Experience of 35 years in the pulp and paper industry. Vice President of FIESP. Member of BRACELPA’s and IBEF’s Advisory Vice Chairman Board. Chairman of the Board of Directors for the Brazilian Committee of Britain Brazil Business Forum. Experience of 31 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy; JORGE FEFFER Director of Premesa, Corporate VP of Suzano Holding and IPLF Holding, Executive Officer of Nemonorte and Vocal. Executive Vice President of Suzano Holding S/A. Coordinator of Sustainability and Strategy Committee and member of Audit Committee and member of the Compensation Commission of the Board of Directors; Former president of the board and CEO of CLÁUDIO SONDER Hoechst of Brazil. Board of Directors member of Lojas Renner S/A, RBS Group, Cyrela Brazil Realty, OGX and Chemical Group DSM/Holanda. Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and former member of the Board of Directors of OAB Brazil. ANTONIO MEYER President of CESA. Former Legal Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and Director of ABRASCA’s Legislative Committee. (Independent) Member of Audit Committee. Senior partner of Integra Associates. Member of Gerdau S/A’s Board of Directors, Metalúrgica Gerdau, OSCAR BERNARDES Sao Paulo Alpargatas, Localiza, and Johnson Electric (Hong Kong); Board Member of Bunge Brazil and Alcoa Brazil. Oscar was President of Bunge International and Managing Partner in Booz-Allen & Hamilton. (Independent) Coordinator of Suzano Pulp and Paper’s Audit Committee. Member of the Board of Directors of TAM Airlines and TAM Aviação MARCO BOLOGNA Executiva. Former CEO of TAM Airlines and WTorre. (Independent) Co-Chairman of the Board of Directors of BRF-Brasil Foods. Board member of WEG S/A, Ultrapar Participações S/A and Iochpe- NILDEMAR SECCHES Maxion S/A. Former CEO of Perdigão Group. Former Director of the National Bank for Economic and Social Development - BNDES, and General Director of Corporate Group Iochpe-Maxion Industrial Holding. (Independent)39
  40. 40. Executive officersDistinguished management team Chief Executive Officer, also responsible for Investor Relations Department, 4 years at Suzano. Member of the Board of Director Member of Marfrig Frigoríficos. Vice President of BRACELPA. Former member of the Board of Director of SEBRAE,ANTONIO MACIEL NETO Gradiente, Cecrisa and Amcham. Former Chaiman of Ford Brasil and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and former Executive of Petrobras and the Federal Government. Mechanical Engineer graduated at UFRJ. Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and CommercialALEXANDRE YAMBANIS Director of Aracruz. Graduated in Business Administration at Fundação Getulio Vargas (FGV). Chief Financial Officer, also responsible for the Legal and Strategy Departments, 15 years at Suzano. He has worked at Vale BERNARDO BERNARDO SZPIGEL for 23 years as Director, Executive Vice-President and member of the Board of Directors. PhD in Business Administration graduated SZPIGEL, 65 at University of California, Berkeley. Mechanical Engineer graduated at ITA. Chief Executive Officer of Suzano Renewable Energy and Suzano Pulp and Paper Executive Officer, responsible for Corporate Development Department, 7 years at Suzano. Former Paper Business Unit Executive Officer (2005-2008). Former ANDRÉ DORF Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America), Chase Manhattan and Banco Patrimônio/Salomon Brothers. Graduated in Business Administration at Fundação Getulio Vargas (FGV). Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow ERNESTO POUSADA Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP. Forest Business Unit Executive Officer, 3 years at Suzano. Former executive of Champion Pulp and Paper and International Paper JOÃO COMÉRIO as Global Forestry Strategy Officer in the USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba. Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales CARLOS ANIBAL General Manager for Latin America at General Electric in the Industrial Systems Division. MBA degree at Ibmec-SP. Electrical Engineer at UFMG. Human Resources Executive Officer, 2 years at Suzano. Former Human Resources Manager for Aviation Operations in General Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and CARLOS GRINER Latin America. Former Executive of Carioca Engenharia, CR Almeida, Comlurb and Bureau Veritas. Post Graduated in Business Administration at COPPEAD-UFRJ.40

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