Demonstra

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

Information at March 31, 2014
and Report on Review of Interim
Financial Information

Consolidated balance sheet at
In thousands of Reais

2 of 52

Assets
March 31,
2014
December 31,
2013

Current
Cash and cash equivalents (Note 7) 958,025 1,271,752
Marketable securities (Note 8) 801,680 1,068,182
Derivative financial instruments (Note 9) 31,167 22,537
Trade accounts receivable, net (Note 10) 409,803 382,087
Accounts receivable - land and building sold (Note 1(e)) 20,000 902,584
Inventory (Note 11) 1,398,449 1,265,730
Recoverable taxes (Note 12) 172,698 201,052
Assets held for sale 589,849 589,849
Other assets 127,608 103,228

4,509,279 5,807,001

Non-current
Marketable securities (Note 8) 48,493 48,183
Related parties receivables (Note 14) 6,904 7,142
Recoverable taxes (Note 12) 759,910 743,883
Advances to suppliers 695,755 726,064
Judicial deposits (Note 20) 201,195 197,506
Deferred taxes (Note 13) 918,769 968,116
Other assets 249,048 252,135

Investments (Note 15) 46,922 46,922
Biological assets (Note 16) 3,448,246 3,423,434
Property, plant and equipment (Note 17) 9,683,417 9,824,504
Intangible assets (Note 18) 4,614,940 4,634,265

20,760,411 20,943,171

Total assets 25,269,690 26,750,172


Consolidated balance sheet at
In thousands of Reais (continued)

The accompanying notes are an integral part of these unaudited consolidated interim financial information.

3 of 52

Liabilities and shareholders' equity
March 31,
2014
December 31,
2013

Current
Loans and financing (Note 19) 1,454,154 2,972,361
Trade payable 578,344 586,541
Payroll, profit sharing and related charges 95,246 129,386
Taxes payable 37,769 55,819
Liabilities related to the assets held for sale (Note 1(d)) 470,000 470,000
Dividends payable 2,374 2,374
Other payables 122,183 125,081

2,840,327 4,448,355

Non-current
Taxes payable 146 159
Deferred taxes (Note 13) 240,632 235,896
Provision for contingencies (Note 20) 128,390 128,838

7,918,705 7,810,563

Total liabilities 10,759,032 12,258,918

Shareholders' equity
Share capital 9,729,006 9,729,006
Share capital reserve 2,688 2,688
Treasury shares (10,346 ) (10,346 )
Statutory reserves 3,109,281 3,109,281
Other reserves 1,614,270 1,614,270
Retained earnings 17,069

Equity attributable to shareholders of the Company 14,461,968 14,444,899
Equity attributable to non-controlling interests 48,690 46,355

Total shareholders' equity 14,510,658 14,491,254

Total liabilities and shareholders' equity 25,269,690 26,750,172


Unaudited consolidated statement of profit or loss
In thousand of Reais, except for the income per shares


4 of 52

March 31,
2014
March 31,
2013

Continuing operations

Revenues (Note 21) 1,642,331 1,449,414

Cost of sales (Note 23) (1,247,794 ) (1,192,487 )

Gross profit 394,537 256,927

Operating income (expenses)
Selling expenses (Note 23) (79,204 ) (70,903 )
General and administrative (Note 23) (68,371 ) (65,747 )
Other operating income (expenses), net (Note 23) 5,741 (2,173 )

(141,834 ) (138,823 )

Income before financial income and expenses 252,703 118,104

Financial income (Note 22) 32,687 34,364

Financial expenses (Note 22) (472,970 ) (238,077 )
Result of derivative financial instruments (Note 22) 119,578 51,171

Foreign exchange income (Note 22) 150,828 86,580

(169,877 ) (65,962 )

Income before taxes on income 82,826 52,142

Taxes on income
Current (Note 13) (11,823 ) (11,027 )
Deferred (Note 13) (51,599 ) (17,266 )

Net income for the period 19,404 23,849

Attributable to
Shareholders of the Company 17,069 21,852

Non-controlling interest 2,335 1,997


Basic and diluted earnings per share (in Reais) (Note 24) 0.031 0.039


Unaudited consolidated statement of comprehensive income
In thousand of Reais, except for the income per shares


5 of 52

March 31,
2014
March 31,
2013


Other comprehensive income

Total comprehensive income for the period, net of taxes 19,404 23,849

Attributable to
Shareholders of the Company 17,069 21,852

Non-controlling interest 2,335 1,997

19,404 23,849

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Unaudited consolidated statement of cash flows
In thousand of Reais

7 of 52

March 31,
2014
March 31,
2013

Income before taxes on income 82,826 52,142

Adjusted by
Depreciation, depletion and amortization 384,884 403,221
Depletion of wood from forestry partnership programs 27,246 28,928
Foreign exchange losses, net (150,828 ) (86,580 )
Change in fair value of derivative financial instruments (119,578 ) (51,171 )
Loss (gain) on disposal of property, plant and equipment 733 (8,455 )
Interest and gain and losses in marketable securities (22,599 ) (26,902 )
Interest expense 136,732 154,262
Financial charges of Bonds partial repurchase transaction 302,869 63,064
Impairment of recoverable ICMS 25,147 22,748
Tax credits (10,830 )
Provisions and other 13,655 8,281

(Increase) decrease in assets
Trade accounts receivable (57,587 ) 162,681
Inventory (82,960 ) (80,470 )
Recoverable taxes (12,271 ) (31,053 )
Other assets/advances to suppliers (1,663 ) (19,921 )

Increase (decrease) in liabilities
Trade payable 1,737 (19,298 )
Taxes payable (25,532 ) (2,995 )
Payroll, profit sharing and related charges (34,140 ) (43,028 )
Other payable (5,549 ) (25,947 )

Cash provided by operating activities 452,292 499,507

Interest received 22,809 56,357
Interest paid (161,305 ) (136,083 )
Income taxes paid (3,033 ) (4,472 )

Net cash provided by operating activities 310,763 415,309

Cash flows from investing activities
Proceeds from sale of land and building - Asset Light project (Note 1(e)) 882,584
Acquisition of property, plant and equipment and intangible assets and forest (305,384 ) (240,869 )
Reversal/(advance) for wood acquisition from forestry partnership program 3,064 (7,668 )
Marketable securities, net 268,840 579,628
Effects regarding sale of property, plant and equipment (16,087 ) 21,872
Derivative transactions settled (Note 8) (11,751 ) (12,289 )
Others (129 ) 68

Net cash provided by investing activities 821,137 340,742


Consolidated statement of cash flows
Years ended December 31
In thousand of Reais (continued)


8 of 52

Cash flows from financing activities
Borrowings 909,773 18,704
Repayments - principal amount (2,123,882 ) (808,333 )
Premium on Bonds repurchase transaction (182,709 ) (42,187 )
Other 2,859 (2,963 )

Net cash used in financing activities (1,393,959 ) (834,779 )

Effect of exchange rate changes on cash and cash equivalents (51,668 ) (6,437 )

Net decrease in cash and cash equivalents (313,727 ) (85,165 )

Cash and cash equivalents at beginning of the period 1,271,752 943,856

Cash and cash equivalents at end of the period 958,025 858,691


Notes to the unaudited consolidated interim
financial information at March 31, 2014
In thousands of Reais, unless otherwise indicated

9 of 52
1 Operations and current developments

(a) General information

Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held
company. Fibria Celulose S.A. and its subsidiaries are referred to in these consolidated interim financial
information as the "Company", "Fibria", or "we". We have the legal status of a share corporation,
operating under Brazilian corporate law. Our headquarters and principal executive office is located in
So Paulo, SP, Brazil.

We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange
(NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores
Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC).

Our activities are focused on the growth of renewable and sustainable forests and the manufacture and
sale of bleached eucalyptus kraft pulp. We operate in a single operating segment, which is the producing
and selling of short fiber pulp.

Our bleached pulp is produced from eucalyptus trees, resulting in a variety of high quality hardwood
pulp with short fibers, which are generally used in the manufacturing of toilet paper, uncoated and
coated paper for printing and writing, and coated cardboard for packaging. We use different energy
sources including thermal and electric, including black liquor, biomass derived from wood debarking,
bark and scraps. The main inputs and raw materials used by us during production are: wood, energy,
chemical products and water.

Our business is affected by global pulp prices, which are historically cyclical and subject to significant
volatility over short periods. The most common factors that affect global pulp prices are: (i) global
demand for products derived from pulp, (ii) global production capacity and the strategies adopted by the
main producers, (iii) availability of substitutes for these products and (iv) fluctuations of the US dollar.
All of these factors are beyond our control.

In 2012, we established a strategic alliance with Ensyn Corporation ("Ensyn"), through the acquisition of
approximately 6% of its capital stock for an amount of US$ 20,000 (equivalent to R$ 40,674 at the
date), with the purpose of leveraging our forestry expertise and our competitive position in Brazil and to
develop alternatives with high added value to complement our global leadership position and excellence
in the production of pulp. We believe that the combination of our expertise and Ensyn's technology can
generate a relevant and successful business in the biofuels segment in the future.

(b) Operating facilities and forest base

The Company operates the following facilities as of March 31, 2014 to produce bleached eucalyptus kraft
pulp, with a total annual capacity of approximately 5.3 million tons:



10 of 52
Pulp
production
facility Location (Brazil)
Annual
production
capacity - tons

Aracruz Esprito Santo 2,340,000
Trs Lagoas Mato Grosso do Sul 1,300,000
Jacare So Paulo 1,100,000
Veracel (*) Bahia 560,000

5,300,000

(*) Represents 50% of the annual production capacity of the jointly-controlled entity Veracel Celulose S.A.

Fibria produces hardwood pulp from planted eucalyptus trees (which we refer to as forests). The average
extraction cycle of the forest is between six and seven years and are they located in six Brazilian states,
consisting of approximately 962 thousand hectares as of March 31, 2014, including reforested and
protected areas, as follows (in thousand hectares):

Area of forest Total area

State
So Paulo 78,084 144,762
Minas Gerais 13,010 27,349
Rio de Janeiro 1,638 3,368
Mato Grosso do Sul 225,000 342,101
Bahia 134,538 263,938
Esprito Santo 105,337 180,099

557,607 961,617

The forest base of the Losango project in the State of Rio Grande do Sul is excluded from the table above
as such assets qualify as assets held for sale and are being presented as such as detailed in item (d)(i)
and Note 36 to the most recent annual financial statements.

(c) Logistics

The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts
with the owners of these vessels.

The company operates in two ports, Santos and Barra do Riacho. The port of Santos is located on the
coast of the State of So Paulo and seeps the pulp produced in the Jacare and Trs Lagoas plants. The
port is operated under a concession from the Federal Government, through the Companhia Docas do
Estado de So Paulo (CODESP). The concession period of one of the terminals at the port of Santos
ends in 2017. However, we are looking for alternative means for shipping the pulp produced, in order to
maintain our export capacity in the long term.

The port of Barra do Riacho is a port specializing in the transportation of pulp, located approximately
three kilometers from the Aracruz unit, in the s tate of Esprito Santo, and seeps the pulp produced in
the Aracruz and Veracel plants. This port is operated by Portocel - Terminal Especializado Barra do
Riacho S. A. ("Portocel") - a company controlled by Fibria (which has a 51% interest in its share capital).


11 of 52
Portocel operates with the authorization of the federal government, through a contract signed on
November 14, 1995.

In October 2010, four long-term contracts were signed with the South Korean Pan Ocean Co. Ltd.
(former STX Pan Ocean), valid for a period of 25 years for the construction of 20 sea vessels. Five have
been already delivered and are dedicated to the transportation of pulp.

Due to Pan Oceans financial difficulties, the long-term contracts are in process of renegotiation between
the parties involved (Fibria, banks and Pan Ocean).

Due to the renegotiation in progress, it is expected that the exports of pulp and the related logistics costs
will not be impacted, since the Company has contracts of affreightment with other logistics companies,
which will be able to meet the export demand, with guaranteed service quality and cost efficiency.

(d) Current assets held for sale

During 2011, the Company approved and consummated the sale of certain assets, as presented in the
following table:

CGU/Asset
Classification for
accounting purposes
Date when classified for
accounting purposes
Date when the sale was
consummated

Losango project assets Assets held for sale June 2011 Not yet consummated

Losango project assets

On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the
definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising
approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares
of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of R$
615 million. On this date the first installment of the purchase price, amounting to R$ 470 million, was
paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account
and will be released to us once additional government approvals are obtained. The final installment of
R$ 5 million is payable to us upon the completion of the transfer of the existing land lease contracts for
the assets, and the applicable government approvals. The sale and purchase agreement establishes a
period of 48 months, renewable at the option of CPMC for an additional 48 months, to obtain the
required government approvals. If this approval is ultimately not obtained, we will be required to return
to CMPC the first installment it paid to us, plus interests, and the escrow deposits made by CMPC will
revert. We have recorded the amount of the first installment received as a liability under "Advances
received in relation to assets held for sale".

Since the signing of the Purchase and Sale Agreement with CMPC, we have been working to obtain the
approvals needed, as well as the fulfillment of all other conditions precedent, with an emphasis on
obtaining the documentation to be presented to the applicable government agencies.

The completion of the sale depends on these government approvals, the assets continue to be classified
as assets held for sale as at March 31, 2014, and will remain so until the sale is completed. Upon
classification as assets held for sale, the carrying amounts of the assets held for sale were compared to
their estimated fair values less cost of sale, and no impairment losses were identified.



12 of 52
The Losango assets did not generate any significant impact in the unaudited consolidated statement of
profit or loss for the three months ended March 31, 2014 and 2013.

(e) Asset Light project

On November 15, 2013, the Company (through the Parent Company Fibria Celulose S.A. and its
subsidiary Fibria-MS Celulose Sul Mato-Grossense Ltda.) entered into a Share Purchase Agreement and
Other Covenants with the company Parkia Participaes S.A. (Parkia), for the sale of certain land
located in the states of So Paulo, Mato Grosso do Sul, Bahia and Esprito Santo, for a total of
approximately 210 thousand hectares.

On December 30, 2013, after obtaining the mandatory regulatory approvals as well as the completion of
an audit by Parkia, the First Amendment to the Share Purchase Agreement and Other Covenants was
concluded and signed, under which the total area subject to the transaction was adjusted to
approximately 206 thousand hectares of lands, for the total amount of R$ 1,402,584, of which R$
500,000 has been received by the Company upon signing the agreement. Regarding the remaining
balance, in the amount of R$ 902,584, we received R$ 882,584 during the first quarter of 2014 and the
remaining R$ 20,000, will be received after the fulfillment of certain obligations and legal registers, to
be performed by the Company.

An additional value, limited to R$ 247,515, may be received by the Company in three separate payments,
of up to one third of the value each payment, on the 7
th
, 14
th
and 21
st
anniversaries of the agreement. The
collection of this value is contingent to the appreciation of the land in each of the anniversaries,
measured according to predefined measurement assumptions established in the agreement and adjusted
by the variation of the IGP-M index through the actual payment dates.

On December 30, 2013, the Company also signed with the Parkias subsidiaries (Counterparty) a
Forestry Partnership Agreement and a Standing Timber Supply Agreement, both with a term up to 24
years (or four harvesting cycles of approximately 7 years), during which the Company will continue to
operate its forests located in the sold areas. The agreement does not provide any renewal or extension
provisions to its original term.

In exchange for the right to use the land by the Company for its forestry activities, the forestry
partnership agreement grants to the Counterparty and land owner, the right to receive 40% of the
volume of wood (in cubic meters m
3
), produced by the Company on the land during each harvesting
cycle, limited to a cap contractually established.

As established in the standing timber supply agreement, the Company will acquire the 40% wood
volume that the Counterparty has the right to pursuant to the forestry partnership agreement at a m
3

price established in each agreement. The m
3
price is determined in USD and will be readjusted based on
the consumer price index of the U.S. economy - US-CPI index. The payments will be due on a quarterly
basis. At the end of each harvesting cycle, any difference between the total quarterly payments paid by
the Company and the equivalent to 40% of the actual timber harvested during the harvesting cycle will
be settled, only in the event that the quarterly payments made by the Company were higher than the
equivalent to 40% of the actual timber harvested at the end of the harvesting cycle, in which case the
Company will be reimbursed for the excess amount.

The Share Purchase Agreement has a clause that allows Parkia to withdraw up to 30% of the total land
subject to the Forestry Partnership Agreement and the Standing Timber Supply Agreement, pursuant to
a pre-defined withdrawal schedule. Additionally, in relation to the areas not subject to the withdrawal,
Fibria has a first refusal right to acquire the land at market value in the event Parkia receives an offer to


13 of 52
sell the land to a third party.

In case of the sale of any portion of lands to a third party, regarding the lands not included in the 30%
mentioned above, the new land owner is committed with all rights and obligations of the agreements
signed between Fibria and former land owner until the end of the period of the Forestry Partnership
Agreement.

The Share Purchase Agreement does not provide the Company with a right to repurchase the land
during or at the end of the term of the agreement.

Accounting treatment of the transaction

The share purchase agreement, the forestry partnership and standing timber supply agreements result
in a quarterly payment obligation by the Company towards the Counterparty for the right to use of the
land, with a settlement provision based on the pre-cutting wood inventory counts. The final settlement
amount payable is limited to the cap defined in the agreements. The annual estimated payment by the
Company under the transaction is approximately US$ 46 million. Fibria has the contractual right to
operate the land or direct others to operate the land during the term of the agreement in a manner it
determines while ultimately retaining 100% of the harvested timber in such land, through the 60% that
Fibria will contractually retain and the rest of the 40% that it will purchase from the Counterparty.

Based on the above, for accounting purposes, and according to IFRIC 4, Determining whether an
Arrangement Contains a Lease, the contracts are deemed to be within the scope of the technical
pronouncement IAS 17 (R1) Leases. Therefore, the Company accounts for this transaction as a sale
leaseback transaction. The lease is considered to be an operating in nature, with exclusively contingent
payments.

In accordance with IAS 39, Financial Instruments: Recognition and Measurement, the Company the
transaction contains an embedded derivative in the standing timber supply agreement, corresponding to
the USD m
3
price which is adjusted by the U.S.-CPI index, that is not closely related to the economic
environment where the areas are located. The fair value adjustment in relation to the embedded
derivative for the three-month period ended March 31, 2014 was R$ 9,768 (December 31, 2013 - R$ 0),
as described in Note 9.

The Company did not recognize separately the fair value of the embedded derivative regarding to the
price in US dollar from the standing timber supply agreement due to the fact of the functional currency
of the Counterparty is the US dollar and, consequently, the embedded derivative is considered to be
closely related to the host agreement.



14 of 52
Gain on sale

The Company recognized in 2013 a gain on sale, as described in the following table:

Sale amount (excluding the contingent asset amount) 1,402,584
(-) Cost of net assets derecognized
Fixed Assets Lands and improvements (Consolidated) (Note 19) (596,528 )
(-) Others (7,016 )

(=) Gain on sale before income tax and social contribution 799,040

(-) Income tax and social contribution expense (271,674 )

(=) Gain on sale, net of income tax and social contribution 527,366

(f) Change in the international
corporate structure

In November 2011, management approved, subject to certain conditions, a project for the corporate
restructuring of our international activities.

On July 1
st
, 2013 the current commercial, operational, logistical, administrative and financial operations
of Fibria Trading International KFT were transferred to another subsidiary, located in Austria, Fibria
International Trade GmbH.

In December 2013, the direct investment held in Fibria, International Trade GmbH, was contributed to
Fibria International Celulose GmbH, a wholly owned subsidiary of Fibria.

This international corporate reorganization and restructuring has different stages, and it is expected to
be completed by December 2015. However, the implementation of the steps of the planned total
restructuring is subject to the approval of the local authorities of each country involved.

(g) Merged Company without effect
on the consolidated interim financial information

On September 30, 2013, the subsidiary Normus Empreendimentos e Participaes Ltda. (Normus) was
merged by the Company. The Company held a 100% interest in Normus, which was located in Brazil. As
a result the indirect subsidiaries Fibria International Trade GmbH
(*)
, Fibria Overseas Holding KFT and
Fibria International Celulose GmbH became direct subsidiaries of the Company.

(*) As mentioned in Note 1(f) above, this direct investment was contributed to Fibria International Celulose GmbH
in December 2013.



15 of 52
2 Presentation of consolidated interim financial information
and summary of significant accounting policies

2.1 Consolidated interim financial information - basis of preparation

(a) Accounting policies adopted

The consolidated interim financial information has been prepared and is being presented in accordance
with IAS 34 and CPC 21(R1) - Interim Financial Reporting as issued by the International Accounting
Standards Board (IASB) and the Accounting Statements Committee Standards (CPC), as approved by
the Brazilian Securities and Exchange Commission (CMV).

The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2013, considering that its purpose is to provide an update
on the activities, events and significant circumstances in relation to those presented in the annual
financial statements.

The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this interim
financial information and the estimates used, are the same as those used in the preparation of the most
recent annual financial statements, except to the extent disclosed in Note 3.

(b) Approval of the consolidated
interim financial information

The consolidated unaudited interim financial information was approved by the Board of Directors and
Fibrias Management on April 22, 2014.

2.2 Critical accounting estimates
and assumptions

Estimates and assumptions are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. Accounting estimates will seldom match the actual results. In the three months ended
March 31, 2014, there were no significant changes in the estimates and assumptions which are likely to
result in significant adjustments to the carrying amounts of assets and liabilities during the current
financial year, compared to those disclosed in Note 3 to our most recent annual financial statements.

3 New standards, amendments and interpretations

The standard below has been issued and is effective for future periods. We have not early adopted this
standard.

. IFRS 9, Financial instruments, addresses the classification, measurement and recognition of
financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It
replaces the parts of IAS 39 that relate to the classification and measurement of financial
instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those
measured as at fair value and those measured at amortized cost. The determination is made at initial
recognition. The classification depends on the entitys business model for managing its financial
instruments and the contractual cash flow characteristics of the instrument. For financial liabilities,


16 of 52
the standard retains most of the IAS 39 requirements. The main change is that, in cases where the
fair value option is taken for financial liabilities, the part of a fair value change which is due to an
entitys own credit risk is recorded in other comprehensive income rather than the income statement,
unless this creates an accounting mismatch. The Company is currently assessing the impacts of
adopting IFRS 9.

The following new interpretation was issued by the IASB and is effective for annual periods beginning
after January 1, 2014:

. IFRIC 21, Levies, provides guidance on when to recognize a liability for a levy imposed by a
government, both for levies that are accounted for in accordance with IAS 37 Provisions, Contingent
Liabilities and Contingent Assets and those where the timing and amount of the levy is certain. It
does not include income taxes. Since the Company is not currently subject to significant levies and for
that reason the impact of the adoption of this new interpretation is not material.

There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expect to
have a material impact on the Companys financial position and results of operations.

4 Risk management

The risk management policies and financial risk factors disclosed in the annual financial statements
(Note 4) did not show any significant changes. The Companys financial liabilities which present
liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), capital risk
management position, including indexes ratios of financial leverage (Note 4.3) and sensitivity analysis
(Note 5) and fair value estimates (Note 6).

4.1 Liquidity risk

The table below presents Fibria's financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows and as such they differ from the amounts
presented in the consolidated balance sheet.



17 of 52

Less than
one year
Between
one and
two years
Between
two and
five years
Over five
years

At March 31, 2014
Loans and financing 1,635,410 1,890,463 4,557,259 1,866,673
Derivative instruments 66,128 112,583 372,247 142,884
Trade and other payables 700,527 35,062 23,951 39,918

2,402,065 2,038,108 4,953,457 2,049,475

At December 31, 2013
Loans and financing 3,259,720 2,375,473 4,041,476 1,922,459
Derivative instruments 99,259 136,072 479,812 173,044
Trade and other payables 710,198 34,873 24,617 43,080

4,069,177 2,546,418 4,545,905 2,138,583

4.2 Foreign exchange risk

The following table presents the carrying amount of the assets and liabilities denominated in US dollars:

March 31,
2014
December 31,
2013

Assets in foreign currency
Cash and cash equivalents (Note 7) 927,291 1,247,404
Marketable securities (Note 8) 3,858 98,153
Trade accounts receivable (Note 10) 373,865 375,711

1,305,014 1,721,268

Liabilities in foreign currency
Trade payables 83,882 98,996
Derivative instruments (Note 9) 342,766 464,326

6,344,269 7,844,499

Liability exposure (5,039,255 ) (6,123,231 )

4.3 Capital risk management

Management monitors indebtedness on the basis of a consolidated indebtedness ratio. This ratio is
calculated as net debt divided by net income before interest, income taxes including social contribution,
depreciation and amortization and other items as further described below ("Adjusted EBITDA"). This is
part of our strategy of reducing indebtedness and maintaining an appropriate level of leverage in
accordance with our internal policies, as presented in the most recent annual financial statements in
Note 4.2. Net debt represents total loans and financing, less cash and cash equivalents and marketable
securities and the fair value of derivative financial instruments.



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The indebtedness ratios were as follow (measured in Reais):

March 31,
2014
December 31,
2013

Less - cash and cash equivalents (Note 7) 958,025 1,271,752
Less (plus) - derivative instruments (Note 9(a) and (e)) (332,998 ) (464,326 )
Less - marketable securities (Note 8) 850,173 1,116,365

Net debt 6,969,449 7,849,306
Adjusted EBITDA (for the accumulated period of 12 months) 2,904,928 2,795,675

Indebtedness ratio in Reais 2.4 2.8

Indebtedness ratio in Dollar 2.4 2.6

The indebtedness ratio decreased from 2.8 at December 31, 2013 to 2.4 at March 31, 2014, as a result an
increase of EBITDA and a reduction of gross indebtedness level due to debt prepayments in the period.

As from June 2012 debt financial covenants including the indebtedness ratio have been measured in
US dollars as further described in Note 23 to the most recent annual financial statements. Since the
ratios used above for the year ended December 31, 2013 and 2012 are measured in Reais there are
differences between the ratio presented above and the ratio measured following the debt financial
covenant requirements.

The Company continues to focus on actions including reductions in fixed and variable costs, selling
expenses, capital expenditure and improvements in working capital. We have also focused on actions
that may result in the additional liquidity through the disposal of non-strategic assets. These actions are
intended to strengthen the capital structure of the Company, resulting in an improved Net Debt to
Adjusted EBITDA ratio.

5 Sensitivity analysis

The analysis below presents the sensitivity analysis of the effects of changes in relevant risk factors to
which the Company is exposed to at the end of the quarter.

According to the local CVM Decision n
o
550/08, the following tables present the change in the fair value
of derivative financial instruments, loans and financings and marketable securities, in two adverse
scenarios, that could generate significant gain or losses to the Company.

Sensitivity analysis of changes in foreign currency

The Companys significant risk factor, considering the period of three months for the evaluation is its US
Dollar exposure. We adopted as the probable scenario the fair value considering the market yield as at
March 31, 2014.

Considering this projected scenario compared with the average exchange rate of R$ 2.3642 observed
during the three-month period ended March 31, 2014, net revenue would have decreased by 4%,
representing an approximate amount of R$ 66 million considering the volume and sale prices of the


19 of 52
three-month period ended March 31, 2014.

To calculate the probable scenario the closing exchange rate at the date of these consolidated financial
statement was used (R$ x USD = 2.263). As the amounts have already been recognized in the
consolidated interim financial information, there are no additional effects in the income statement in
this scenario. In the Possible and Remote scenarios below, the USD was appreciated by 25% and
50%, respectively, when compared to the Probable scenario:

Impact of an appreciation of the real against
the US dollar on the fair value

Probable -

Possible (25%) -

Remote (50%) -

R$ 2.263

R$ 2.829

R$ 3.395

Derivative instruments

(648,399 ) (1,533,740)
Loans and financing

(1,396,020 ) (2,792,039)
Marketable securities

214,542

429,084
Total impact

(1,829,877 ) (3,896,695)

Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as at March 31, 2014. As
the amounts are already recognized in the consolidated interim financial information, there are no
additional effects in the income statement in this scenario. In the Possible and Remote scenarios
below, the interest rates were appreciated by 25% and 50%, respectively, when compared to the
Probable scenario:

Impact of an appreciation of the interest rate
on the fair value

Probable

Possible (25%)

Remote (50%)

Derivative instruments

LIBOR

11,334

22,494
TJLP

8,140

11,130
Interbank Deposit Certificate (CDI)

(13,300 ) (24,107 )

6,174

9,517

Loans and financing (a)

LIBOR

(1,146 ) (1,417 )
Currency basket

(476 ) (950 )
TJLP

(1,188 ) (2,365 )

(1,896 ) (3,751 )

(4,706 ) (8,483 )

Marketable securities (b)


(6,440 ) (11,779 )

(6,440 ) (11,779 )

Total impact

(4,972 ) (10,745 )

(a) Only our exposure regarding loans and financing, for which we did not enter into derivative financial instruments to hedge our


20 of 52
exposure, was considered in sensitivity analysis above.

(b) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.

6 Fair value estimates

The assets and liabilities measured at fair value in the balance sheet are classified in the following levels
based on the fair value hierarchy:

(a) Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.

The fair value of the assets and liabilities traded in active markets is based on quoted market prices at
the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices
represent actual and regularly occurring market transactions on an arm's length basis. The Company has
only marketable securities comprised of Brazilian federal government securities, classified as Level 1.

(b) Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

The fair value of assets and liabilities that are not traded in an active market (for example, over-the-
counter derivatives) is determined by using valuation techniques. These valuation techniques maximize
the use of observable market data where it is available and rely as little as possible on entity specific
estimates. If all significant inputs required to fair value an asset or liability are observable, the asset or
liability is included in Level 2.

(c) Level 3 - inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).

If one or more of the significant inputs is not based on observable market data, the asset or liability is
included in Level 3.

Specific valuation techniques used to calculate the fair value of the assets and liabilities are:

. quoted market prices or dealer quotes for similar instruments;

. the fair value of interest rate swaps is calculated as the present value of the estimated future cash
flows based on observable yield curves;

. the fair value of forward foreign exchange contracts is determined using forward exchange rates at
the balance sheet date, with the resulting value discounted back to present value;

. other techniques, such as discounted cash flow analysis, are used to determine fair value for the
remaining assets and liabilities.

. the fair value of future contracts on inflation rate (such as embedded derivative contained in
contracts accounted for as capital leases, as described in Note 1 (e)), based on future inflation rates at
the balance sheet date, with the resulting value discounted to present value.

The table below presents the assets and liabilities measured by the fair value as at:

March 31, 2014


21 of 52

Level 1 Level 2 Level 3 Total

Recurring fair value measurements

Assets

At fair value through profit and loss

Derivative instruments (Note 9)

117,979 117,979
Warrant to acquire Ensyn's shares (Note 15)

7,098

7,098
Marketable securities (Note 8)
326,614 475,066 801,680

Available for sale financial assets

Other investments - Ensyn (Note 15)

39,824

39,824

Biological asset (Note 16) (*)
3,448,246 3,448,246

Total assets
326,614 593,045 3,495,168 4,414,827

Liabilities
450,977 450,997

Total liabilities
450,977 450,997

December 31, 2013

Level 1 Level 2 Level 3 Total

Recurring fair value measurements

Assets



93,554

93,554
Warrant to acquire Ensyn's shares (Note 15)

7,098

7,098
Marketable securities (Note 8) 589,605

478,577

1,068,182

Available for sale financial assets

Other investments Ensyn (Note 15)

39,824

39,824

Biological asset (Note 16) (*)

3,423,434

3,423,434

Total assets 589,605 572,131 3,470,356 4,632,092

Liabilities
Derivative instruments (Note 9) 557,880 557,880

Total liabilities 557,880 557,880

(*) See the changes in the fair value of the biological assets in Note 16.

There were no transfers between levels 1 and 2 during the years presented.



22 of 52
6.1 Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is
estimated as follows: (a) bonds, whose fair value is based on the observed quoted price in the market
(based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities
that do not have a secondary market, or for which the secondary market is not active, fair value is
estimated by discounting the future contractual cash flows by current market interest rates, also
considering the Companys credit risk. The following table presents the fair value of loans and financing:

Yield used to
discount (*)
March 31,
2014
December 31,
2013

Quoted in the secondary market
In foreign currency
Bonds - VOTO IV 423,568 428,329
Bonds - Fibria Overseas 1,520,510 3,372,843
Estimated based on discounted cash flow
In foreign currency
Export credits LIBOR USD 3,332,497 2,888,240
Export credits (ACC/ACE) DDI 411,902 455,141
Export credits (Finnvera) LIBOR USD 234,809
Others
In local currency
BNDES TJLP DI 1 1,188,089 1,267,976
BNDES fixed rate DI 1 51,568 36,668
Currency basket DI 1 281,881 297,964
FINEP DI 1 1,889 1,970
FINAME DI 1 12,667 13,643
NCE in Reais DI 1 927,141 938,248
Midwest Fund DI 1 40,112 42,902

8,191,824 9,978,733

(*) Used to calculate the present value of the loans.

6.2 Fair value measurement of derivative
financial instruments (including embedded derivative)

Derivative financial instruments (including embedded derivative) are recorded at fair value as detailed
in Note 19. All derivative financial instruments are classified as Level 2 in the fair value hierarchy.

The Company estimates the fair value of its derivative financial instruments and acknowledges that it
may differ from the amounts payable/receivable in the event of early settlement of the instrument. This
difference results from factors such as liquidity, spreads or the intention of early settlement from the
counterparty, among others. The amounts estimated by management are also compared with the Mark-
to-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.

Management believes that the fair value estimated for those instruments following the methods
described below, reliably reflect fair values.



23 of 52
The methods used for the measurement of the fair value of the derivative financial instruments
(including embedded derivative) used by the Company consider methodologies commonly used in the
market and which are based on widely tested theoretical bases.

The methodologies used to estimate the MtM and to record the financial instruments is defined in the
manual developed by the Company's risk and compliance management area.

A summary of the methodologies used for purposes of determining fair value by type of instrument is
presented below.

. Swap contracts - the present value of both the asset and liability legs are estimated through the
discount of forecasted cash flows using the observed market interest rate for the currency in which
the swap is denominated. The contract fair value is the difference between the asset and liability.

. Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model.
Volatility information and interest rates are observable and obtained from BM&FBOVESPA exchange
information to calculate the fair values.

. Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,
obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS) issued
by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in
the embedded derivative instrument. The fair value of the embedded derivative instrument is the
present value of the difference between both positions.

The yield curves used to calculate the fair value in March 31, 2014 are as follows:

Interest rate curves

Brazil United States Dollar coupon

Vertex Rate (p.a.) - % Vertex Rate (p.a.) - % Vertex Rate (p.a.) - %

1M 10.76 1M 0.15 1M -2.72
6M 10.97 6M 0.24 6M 0.30
1Y 11.39 1Y 0.27 1Y 0.92
2Y 12.23 2Y 0.54 2Y 1.47
3Y 12.50 3Y 1.00 3Y 2.00
5Y 12.75 5Y 1.83 5Y 3.15
10Y 13.05 10Y 2.95 10Y 5.21



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7 Cash and cash equivalents

Average
yield - %
March 31,
2014
December 31,
2013

Cash and banks 30,734 24,348
Foreign currency
Fixed-term deposits CDB 0.25 927,291 1,247,404

Cash and cash equivalents 958,025 1,271,752

The decrease in the balance during the three-month period ended March 31, 2014 was mainly related to
the payments made by us on loans and financing during the period, as detailed in Note 19(e) to this
report.

8 Marketable securities

Marketable securities include financial assets classified as trading as follows:

March 31, 2014 December 31, 2013

Brazilian federal government securities, including under
reverse repurchase agreements
LFT 134,840 52,151
LTN-Over 114,481 47,645
NTN-F 489,809
NTN-B
(*)
48,493 48,183
Other 77,293

Private securities including securities under reverse
repurchase agreements

Reverse repurchase agreements 426,795 241,084
CDB 44,413 138,340
CDB Box
RDB - fixed interest rate 1,000

In foreign currency
Private securities including securities under reverse
repurchase agreements

Time deposits 3,858 98,153

Marketable securities 850,173 1,116,365

Current 801,680 1,068,182

Non-Current 48,493 48,183

(*) These Notes, issued by the Brazilian federal government, are classified as held-to-maturity investments, they bear an average
interest rate of 5.97% p.a. and a have a maturity date of August 15, 2020.



25 of 52
Private securities are mainly composed of short-term investments in CDB and reverse repurchase
agreements which have immediate liquidity and bear interest based on the Interbank Deposit
Certificate (CDI) interest rate. Government securities are composed of National Treasury Bills and Notes
all issued by the Brazilian federal government. The average yield of marketable securities in the three-
month period ended March 31, 2014 was 104.15% of the CDI (102.56% of the CDI as at December 31,
2013). Securities in foreign currency correspond to Time deposits with maturity until 90 days and
average yield of 0.25% p.a.

The decrease in the balance during the three-month period ended March 31, 2014 was mainly related to
the prepayments made by Fibria on loans and financing during the period.

9 Derivative financial instruments

The following tables presents the Companys derivative instruments, segregated by type, presenting both
asset and liability position of swap contracts, by hedge strategy adopted, and the maturity schedule
based on contractual terms.

(a) Derivative financial instruments by type

Reference value (notional) -
in US dollars Fair value

Type of derivative
March 31,
2014
December 31,
2013
March 31,
2014
December 31,
2013

Operational hedge
Cash flow hedges of exports
Zero cost dollar 932,000 1,122,000 7,910 (12,451 )

Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (US$) 511,832 540,309 14,436 15,332

Hedges of foreign currency
Swap DI x US$ (US$) 418,585 422,946 (105,767 ) (149,807 )
Swap TJLP x US$ (US$) 251,850 275,712 (187,969 ) (225,340 )
Swap Pre x US$ (US$) 253,054 273,472 (71,376 ) (92,060 )

(342,766 ) (464,326 )

Classified
In current assets 30,685 22,537
In non-current assets 68,831 71,017
In current liabilities (80,257 ) (106,793 )
In non-current liabilities (362,025 ) (451,087 )

Total, net (342,766 ) (464,326 )



26 of 52
(b) Derivative financial instruments by type and
broken down by nature of the exposure
(asset and liability exposure for swaps)

in currency of origin Fair value

Type of derivative
March 31,
2014
December 31,
2013
March 31,
2014
December 31,
2013

Swap contracts
Asset
USD LIBOR (LIBOR to fixed) 511,832 540,309 1,159,384 1,266,940
BRL fixed rate (BRL to USD) 813,791 822,168 1,042,327 1,036,022
BRL TJLP (BRL to USD) 409,152 447,925 387,658 425,413
BRL Pre (BRL to USD) 518,439 559,353 418,334 450,066
Liability
USD fixed rate (LIBOR to fixed) 511,832 540,309 (1,144,948 ) (1,251,608 )
USD fixed rate (BRL to USD) 418,585 422,946 (1,148,094 ) (1,185,829 )
USD fixed rate (BRL TJLP to USD) 251,850 275,712 (575,627 ) (650,753 )
USD fixed rate (BRL to USD) 253,054 273,472 (489,710 ) (542,126 )

Total of swap contracts (350,676 ) (451,875
)

Options
Cash flow hedge - zero cost collar 932,000 1,122,000 7,910 (12,451 )

(342,766 ) (464,326 )

(c) Derivative financial instruments by type of
economic hedge strategy

Fair value Value (paid) or received

Type of derivative
March 31,
2014
December 31,
2013
March 31,
2014
December 31,
2013

Operational hedges
Cash flow hedges of exports 7,910 (12,451 ) (13 ) (14,554 )
Hedges of debts
Hedges of interest rates 14,436 15,332 (2,381 ) (10,767 )
Hedges of foreign currency (365,112 ) (467,207 ) (9,357 ) 1,256

(342,766 ) (464,326 ) (11,751 ) (24,065 )



27 of 52
(d) Fair value of derivative financial instruments
by maturity date and counterparty

The following tables present information about derivative financial instruments grouped by maturity
and counterparty.

The following table presents the fair values by month of maturity:

March 31, 2014

2014 2015 2016 2017 2018 2019 2020 Total

January (1,111 ) (4,432 ) (3,376 ) (742 ) (1,537 ) (11,198 )
February (7,574 ) (5,917 ) (4,838 ) 2,090 317 352 (15,570 )
March (3,740 ) (2,653 ) (2,761 ) (1,223 ) (1,610 ) (11,987 )
April (2,547 ) (5,888 ) (4,150 ) (3,642 ) (993 ) (1,634 ) (18,854 )
May (5,158 ) (8,328 ) (6,070 ) (4,940 ) 55 (1,173 ) (25,614 )
June (4,385 ) (8,311 ) (6,830 ) (6,076 ) (1,325 ) (1,702 ) (28,629 )
July (3,155 ) (5,296 ) (2,922 ) (569 ) (1,299 ) (1,736 ) (14,977 )
August (5,339 ) (7,664 ) (4,706 ) (2,513 ) (15,472 ) (17,086 ) (18,075 ) (70,855 )
September (1,658 ) (9,110 ) (8,027 ) (41,389 ) (21,963 ) (82,147 )
October (3,586 ) (5,634 ) (3,061 ) (3,453 ) (1,439 ) (17,173 )
November (5,902 ) (7,874 ) (4,788 ) (2,599 ) (321 ) (21,484 )
December (5,416 ) (7,852 ) (5,638 ) (3,880 ) (1,492 ) (24,278 )

(37,146 ) (78,382 ) (59,194 ) (80,036 ) (44,124 ) (26,161 ) (17,723 ) (342,766 )

December 31, 2013

2014 2015 2016 2017 2018 2019 2020 Total

January (3,923 ) (6,285 ) (5,215 ) (3,814 ) (857 ) (1,698 ) (21,792 )
February (7,632 ) (8,889 ) (6,652 ) (5,296 ) 2,126 429 419 (25,495 )
March (5,441 ) (6,278 ) (4,097 ) (3,590 ) (1,468 ) (1,759 ) (22,633 )
April (6,544 ) (7,187 ) (4,802 ) (4,074 ) (1,122 ) (1,777 ) (25,506 )
May (10,307 ) (9,637 ) (6,772 ) (5,353 ) 173 (1,176 ) (33,072 )
June (9,701 ) (10,182 ) (7,968 ) (6,832 ) (1,637 ) (1,832 ) (38,152 )
July (5,063 ) (6,407 ) (3,423 ) (693 ) (1,474 ) (1,862 ) (18,922 )
August (8,266 ) (8,810 ) (5,253 ) (2,732 ) (16,953 ) (18,222 ) (19,081 ) (79,317 )
September (5,360 ) (15,188 ) (12,574 ) (55,700 ) (33,734 ) (122,556 )
October (6,106 ) (6,676 ) (3,535 ) (3,768 ) (1,611 ) (21,696 )
November (7,967 ) (8,961 ) (5,276 ) (2,749 ) (371 ) (25,324 )
December (7,947 ) (9,440 ) (6,484 ) (4,334 ) (1,656 ) (29,861 )

(84,257 ) (103,940 ) (72,051 ) (98,935 ) (58,584 ) (27,897 ) (18,662 ) (464,326 )



28 of 52
Additionally, we present a table breaking down the notional and fair value by counterparty:


Notional in
US Dollars

Fair value
Notional in
US Dollars Fair value

Banco Ita BBA S.A. 279,567 (26,403 ) 371,800 (44,568 )
Deutsche Bank S.A. 267,450 4,363 342,450 247
Banco CreditAgricole Brasil S.A. 238,140 (4,315 ) 245,457 (8,473 )
Banco Citibank S.A. 226,109 (51,195 ) 234,732 (65,783 )
Bank of America Merrill Lynch 228,000 3,043 229,657 1,120
Banco Santander Brasil S.A. 198,697 (120,672 ) 211,958 (143,371 )
Banco Safra S.A. 206,855 (75,650 ) 209,559 (102,127 )
Banco BNP Paribas Brasil S.A. 137,000 1,138 207,000 (3,336 )
HSBC Bank Brasil S.A. 182,089 (30,646 ) 190,810 (41,271 )
Banco Bradesco S.A. 141,618 (38,966 ) 141,618 (45,960 )
Banco J. P Morgan S.A. 175,000 3,358 125,000 274
Goldman Sachs do Brasil 52,500 (186 ) 64,650 (1,073 )
Banco Votorantim S.A. 24,295 (6,713 ) 27,966 (9,668 )
Banco Mizuho do Brasil S.A. 20,000 78 20,000 (195 )
Morgan Stanley & CO. 11,782 (142 )

2,377,320 (342,766 ) 2,634,439 (464,326 )

Fair value does not necessarily represent the cash required to immediately settle each contract, as such
disbursement will only be made on the date of maturity of each transaction, when the final settlement
amount will be determined.

The outstanding contracts at March 31, 2014 are not subject to margin calls or anticipated liquidation
clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at
CETIP (a clearing house).

Find below the description of the types of contracts and risks being hedged.

(i) LIBOR versus fixed rate swap

The Company has plain-vanilla swaps of quarterly LIBOR versus fixed rates with the objective of
hedging debt carrying interest based on LIBOR against any increase in LIBOR.

(ii) DI versus US dollar swap

The Company has plain-vanilla swaps of Interbank Deposit (DI) versus the US dollar with the objective
of changing our debt exposure in Reais, subjected to DI into a debt in US dollars with fixed interest. The
swaps are matched to debt with respect to underlying amounts, maturity dates and cash flows.

(iii) TJLP versus US dollar swap

The Company has plain-vanilla swaps of Long-term Interest Rate (TJLP) versus the US dollar with the
objective of changing our debt exposure in Reais subject to interest based on TJLP, to debt in US dollars
with fixed interest. The swaps are matched to the related debt with respect to underlying amounts,
maturity dates and cash flows.

(iv) Zero cost collar


29 of 52

The Company entered into a zero cost collar (a purchased option (put) to purchase dollars and a written
option (call) to sell dollars) with no leverage, with the objective of protecting our exposure to export sales
denominated in US Dollar, with a strike price of the put (floor) and the call (ceiling) results in a floor and
cap of the dollar exchange rate.

(v) Pre swap versus US dollar swap

The Company has plain-vanilla swaps to transform fixed interest debt in Reais to a debt in US dollar
with fixed rate. The swaps are matched to debt with respect to underlying amounts, maturity dates and
cash flows.

(e) Embedded derivative in forestry partnership
and standing timber supply agreements

As described in Note 1(e), the Forestry Partnership and Standing Timber Supply Agreements signed on
December 30, 2013 determine that the price of the wood volume to be purchased by Fibria from the
Counterparty, be denominated in US Dollars per m
3
of standing timber readjusted according to the US-
CPI index. The US-CPI index is not closely related to inflation of the economic environment where the
land is located.

The embedded derivative is a swap of sale of the US-CPI variations during the term of the Forestry
Partnership and Standing Timber Supply Agreements. Considering that the price of the lease is
contingent (determined as 40% of the volume of timber that is actually harvested in each harvesting
cycle, multiplied by the purchase price of standing timber per m
3
, as established in the agreement), the
Company has considered as the notional value of the embedded derivative, the maximum possible
payment amount contractually agreed (the "cap"). The notional value of the derivative is reduced as the
payments are made by the Company every quarter. Since it is an embedded derivative, there were no
disbursements or receivables relating to the derivative, and the disbursements will only be related to the
corresponding standing timber supply pursuant to the contractual terms.

The value of the adjustment regarding the fair value of those embedded derivative in three-month period
ended March 31, 2014 was a gain of R$ 9,768 (on December 31, 2013 the fair value was close to zero) as
detailed below:

in US dollars Fair value

Type of derivative
March 31,
2014
December 31,
2013
March 31,
2014
December 31,
2013

Embedded derivative
Forestry partnership and standing
timber supply agreements 935,684

935,684 9,768

9,768

Classified
In current assets 482
In non-current assets 17,981
In non-current liabilities (8,695 )

Total, net 9,768


30 of 52
The following table presents the change in the fair value of embedded derivative, in two adverse
scenarios, that could generate significant losses to the Company.

To calculate the probable scenario, the US-CPI index at March 31, 2014 was considered. The probable
scenario was stressed considering an additional appreciation of 25% and 50%.

Impact of an appreciation of the US-CPI at the fair value

Probable

Possible (25%)

Remote (50%)

Embedded derivative in forestry partnership and
standing timber supply agreements

(117,122)

(243,981 )
Total impact

(117,122)

(243,981 )

10 Trade accounts receivable


Domestic customers 44,617 14,553
Intercompany 2,829 3,981
Export customers 373,865 375,711

421,311 394,245

Allowance for doubtful accounts (11,508 ) (12,158 )

409,803 382,087

In three-month period ended March 31, 2014, we made some factoring transactions without recourse for
certain customers receivables, in the amount of R$ 810,507 (R$ 1,331,898 at December 31, 2013), that
were derecognized from accounts receivable in the balance sheet.

11 Inventory

March 31,
2014
December 31,
2013

Finished goods
At plants/warehouses in Brazil 177,296 128,893
Outside Brazil 658,191 587,032
Work in process 12,943 15,592
Raw materials 399,294 385,447
Supplies 143,040 140,873
Imports in transit 7,359 7,587
Advances to suppliers 326 306

1,398,449 1,265,730



31 of 52
The balance increased by 10% or R$ 132,719, mainly due to the high level of inventory of finished
products (increase of 91,000 tons) in the three-month period ended March 31, 2014.

12 Recoverable taxes

March 31,
2014
December 31,
2013

Current

Withholding tax and prepaid Income Tax (IRPJ) and
Social Contribution (CSLL) 5,043 8,958
Value-added Tax on Sales and Services (ICMS) on purchases
of property, plant and equipment 7,046
of raw materials and supplies 116,567 127,282
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 143,565 162,583
Provision for the impairment of ICMS credits (99,523 ) (97,771 )

172,698 201,052

Non-current

Withholding tax and prepaid Income Tax (IRPJ) and
Social Contribution (CSLL) 225,560 217,451
of property, plant and equipment 10,645 21,418
of raw materials and supplies 715,314 685,897
Social Integration Program (PIS) and Social Contribution
on Revenue (COFINS) Recoverable 389,029 379,654
Provision for the impairment of ICMS credits (580,638 ) (560,537 )

759,910 743,883

During the three months ended March 31, 2014 there were no relevant changes to our expectations
regarding the recoverability of the tax credits presented in Note 14 to the most recent annual financial
statements.

13 Income taxes

The Company and the subsidiaries located in Brazil are taxed based on their taxable income (profit). The
subsidiaries located outside of Brazil use methods established by the respective local regulations. Income
taxes have been calculated and recorded considering the applicable statutory tax rates enacted at the
date of the consolidated interim financial information.

(a) Deferred taxes

Deferred income tax and social contribution tax assets arise from tax loss carryforwards and temporary
differences related to (i) the effect of foreign exchange gains/losses mainly of loans and financings
(which for tax purposes are taxed/deductible on a cash basis); (ii) adjustments to the fair value of
derivative instruments; (iii) provisions not currently deductible for tax purposes; (iv) investments in
rural activity; and (vi) temporary differences arising from the adoption of IFRS/CPCs.



32 of 52

March 31,
2014
December 31,
2013

Tax loss carryforwards 257,440 172,519
Losses from foreign subsidiary 86,075
Provision for contingencies 117,131 118,237
Sundry provisions (impairment, operational and other) 370,034 417,574
Results of derivative contracts recognized on a cash
basis for tax purposes 113,219 157,871
Exchange variations - recognized on a cash basis for tax purposes 527,149 646,286
Tax amortization of goodwill 108,899 110,940
Actuarial gains on medical assistance plan (SEPACO) 4,131 3,729
Tax depreciation (6,359 ) (9,518 )
Reforestation costs already deducted for tax purposes (320,628 ) (311,965 )
Fair values of biological assets (185,521 ) (199,861 )
Effects of business combination - acquisition of Aracruz (11,449 ) (13,972 )
Tax benefit of goodwill not amortized for accounting purposes (380,199 ) (357,835 )
Other provisions (1,785 ) (1,785 )

Total deferred taxes, net 678,137 732,220

Deferred taxes - asset (net by entity) 918,769 968,116

Deferred taxes - liability (net by entity) 240,632 235,896

Changes in the net balance of deferred income tax are as follows:

March 31,
2014
December 31,
2013

At the beginning of the period 732,220 651,683
Tax loss carryforwards 84,921 (136,206 )
Losses from foreign subsidiary 86,075
Provision for impairment of foreign deferred tax assets (40,285 )
Temporary differences regarding provisions (48,646 ) 69,120
Derivative financial instruments taxed on a cash basis (44,652 ) 65,024
Amortization of goodwill (24,405 ) (91,697 )
Reforestation costs (5,504 ) (10,460 )
Exchange gains/losses taxed on a cash basis (119,137 ) 175,461
Fair value of biological assets 14,340 39,233
Actuarial gains (losses) on medical assistance plan (SEPACO) 402 (7,685 )
Other 2,523 18,032

At the end of the period 678,137 732,220



33 of 52
(b) Reconciliation of income tax and social
contribution benefit (expense)

March 31,
2014
March 31,
2013

Income (loss) before taxes on income 82,826 52,142

Income tax and social contribution benefit (expense)
at statutory nominal rate - 34% (28,161 ) (17,728 )

Reconciliation to effective expense

Benefits to directors (2,846 ) (2,260 )
Taxes from foreign subsidiaries (7,566 )
Transfer pricing (6,047 )
Difference in tax rates of foreign subsidiaries 11,226 9,846
Foreign exchange effects on foreign subsidiaries (35,609 ) (11,658 )
Other, mainly non-deductible provisions (466 ) (446 )

Income tax and Social Contribution (expense) benefit for the period (63,422 ) (28,293 )

Effective rate - % 76.6 54.3

14 Significant transactions and
balances with related parties

(a) Related parties

The Company is governed by a Shareholders Agreement entered into between Votorantim
Industrial S.A. ("VID"), which holds 29.42% of our shares, and BNDES Participaes S.A.
("BNDESPAR"), which holds 30.38% of our shares (together the "Controlling Shareholders").

The Company's commercial and financial transactions with its subsidiaries, associates, companies of the
Votorantim Group and other related parties are carried out at normal market prices and conditions,
based on usual terms and rates applicable to third parties. Balances and transactions with related parties
are as follows:



34 of 52
(i) Balances recognized in assets and liabilities

Balances receivable (payable)

Nature

March 31,
2014
December 31,
2013

Transactions with controlling shareholders

Votorantim Industrial S.A. Rendering of services

(27 ) (716 )
BNDES Financing

(1,707,385 ) (1,796,757 )

(1,707,412 ) (1,797,473 )

Transactions with associates

Bahia Produtos de Madeira S.A. Sales of wood

2,677 3,815

Transactions with Votorantim
Group companies

Votener Votorantim
Comercializadora de - Energia Energy supplier

42

Banco Votorantim S.A.
Financial investments and
financial instruments

(6,713 ) (9,668 )
Votorantim Cimentos S.A. Energy supplier

94 74
Votorantim Cimentos S.A. Input supplier

(34 )
Votorantim Siderurgia S.A. Sales of waste

16 24
Sitrel Siderurgia Trs Lagoas Energy supplier

267

Votorantim Metais
Chemical products
supplier

(241 )
Votorantim Metais Leasing of land

(751 ) (788 )
Companhia Brasileira de Alumnio (CBA) Leasing of land

(37 ) (37 )

(7,349 ) (10,403 )

Net

(1,712,084 ) (1,804,061 )

Presented in the following lines

In assets

Trade accounts receivable (Note 10)

2,829 3,981
Related parties - non-current

6,904 7,142
In liabilities

Loans and financing (Note 19)

(1,707,385 ) (1,796,757 )
Derivative financial instruments (Note 9)

(6,713 ) (9,668 )
Suppliers

(7,719 ) (8,759 )

(1,712,084 ) (1,804,061 )



35 of 52
(ii) Transactions recognized in the
Statement of profit and loss

Income (expense)

Nature

March 31,
2014
March 31,
2013

Transactions with controlling shareholders

Votorantim Industrial S.A. Rendering of services

(3,180 ) (1,967 )
Banco Nacional de Desenvolvimento

Econmico e Social (BNDES) Financing

(19,346 ) (25,824 )

(22,526 ) (27,791 )

Transactions with associates

Bahia Produtos de Madeira S.A. Sales of wood

2,402 2,095

Transactions with Votorantim Group

companies

Votener - Votorantim Comercializadora

de Energia Energy supplier

(11,700 ) (7,091 )
Banco Votorantim S.A.
Investments and financial
instruments

2,955 2,962
Votorantim Cimentos S.A. Energy supplier

1,762 455
Votorantim Cimentos S.A. Input supplier

(2,435 ) (153 )
Votorantim Cimentos S.A. Sale of lands

Votorantim Siderurgia S.A. Sale of waste

28
Sitrel Siderurgia Trs Lagoas Energy supplier

602
Votorantim Metais Ltda. Chemical products
supplier

(87 ) (1,364 )
Votorantim Metais Ltda. Leasing of lands

(2,252 ) (2,139 )
Companhia Brasileira de Alumnio (CBA) Leasing of lands

(110 ) (115 )

(11,265 ) (7,417 )

Comments on the main transactions and
contracts with related parties

The following is a summary of the nature and conditions of the transactions with the related parties:

. Controlling shareholders

The Company has a contract with VID related to services provided by the Votorantim Shared Service
Center, which provides outsourcing of operational services relating to administrative activities,
personnel department, back office, accounting, taxes and the information technology infrastructure
shared by the companies of the Votorantim Group. The contract provides for an overall remuneration
of R$ 10,706 and has a one-year term, with annual renewal upon formal confirmation by the parties.

Additionally, VID provide various services related to technical advice, training, including
management improvement programs. These services are also provided to the entire Votorantim
Group and the Company reimburses VID at cost for the charges related to the services used.



36 of 52
The Company has financing contracts with BNDES, the majority shareholder of BNDESPAR, for the
purpose of financing investments in infrastructure and the acquisition of equipment and machines,
as well as the expansion and modernization of its plants (Note 19).

Management believes that these transactions were contracted at terms consistent with those entered
with independent parties, based on technical studies performed when these contracts were executed.

. Associates

The Company has balance receivable of R$ 2,677 from Bahia Produtos de Madeira S.A.,
corresponding to sale of wood, with maturity in 2019, renewable for 15 years.

. Votorantim Group companies

The Company has a contract to purchase energy from Votener - Votorantim Comercializadora de
Energia Ltda. to supply our unit in Jacare. The total amount contracted is R$ 15,000, guaranteeing
115,700 megawatt-hours, and maturing in five years through December 31, 2014. Should either party
request an early termination of the contract, that party is required to pay 50% of the remaining
contract amount. In addition, the Company entered into a contract to purchase energy from Votener,
expiring on December 31, 2014, to supply the Trs Lagoas and Aracruz units. Since these units
already generate its own energy, the contract has the purpose of maximizing the competitiveness of
the energy matrix. The total amount contracted may change based on the needs and consumption of
energy by those plants.

The Company has a derivative instrument contract with Banco Votorantim S.A., as detailed in Note 9.
The Shareholders Agreement limits the intercompany investments to R$ 200 million for securities
and R$ 100 million of notional value for derivative instruments.

The Company has an agreement with Votorantim Cimentos for the supply of road construction
supplies, such as rock and calcareous rock, in the approximate amount of R$ 11,706 through
December 12, 2014. This agreement may be terminated at any time with prior notice of 30 days,
without any contractual penalties.

The Company has land lease agreements, for approximately 22,400 hectares, with Votorantim
Metais Ltda., which matures in 2019, totaling R$ 76,496.

The Company has land lease agreements, for approximately 2,062 hectares, with Companhia
Brasileira de Alumnio - CBA and Votorantim Cimentos, which mature in 2023, totaling R$ 4,062.

In the three-month period ended March 31, 2014 and other periods presented, no provision for
impairment was recognized on assets involving related parties.



37 of 52
(b) Remuneration of officers and directors

The remuneration expenses, including all benefits, are summarized as follows:

March 31,
2014
March 31,
2013

Short-term benefits to officers and directors 7,410 7,281
Benefit program - Phantom Stock Options 1,140 739

8,550 8,020

Short-term benefits include fixed compensation (salaries and fees, vacation pay and 13
th
month salary),
social charges and contributions to the National Institute of Social Security (INSS), the Government
Severance Indemnity Fund for Employees (FGTS) and the variable compensation program. The long-
term benefits refer to the variable compensation program.

Short-term benefits to officers and directors do not include the compensation for the Statutory Audit
Committee, Finance, Compensation and Sustainability Committees' members of R$ 383 for the three-
month period ended March 31, 2014 (R$ 115 for the three-month period ended March 31, 2013
regarding the Audit and Risk Committee).

The Company does not have any additional post-employment active plan and does not offer any other
benefits, such as additional paid leave for time of service.

The balances to be paid to the Companys officers and directors are recorded in the following lines items
of the current and non-current liabilities:

March 31,
2014
December 31,
2013

Current liability
Payroll, profit sharing and related charges 2,570 8,080

Non-current liability

18,771 20,907



38 of 52
15 Investments

March 31,
2014
December 31,
2013

Investment in associate - equity method (a) 6,913 6,913
Provision for impairment of investments (a) (6,913 ) (6,913 )
Other investment at fair value (b) 46,922 46,922

46,922 46,922

(a) Investment in associate

Our ownership

Associate's
information

On equity

On profit and loss

Equity

Profit
and
loss

%

March 31,
2014
December 31,
2013

March 31,
2014
March 31,
2013

Associate recorded under the equity method

Bahia Produtos de Madeira S.A. 20,740

33.3

6,913 6,913

Provision for impairment

Bahia Produtos de Madeira S.A.

(6,913 ) (6,913 )

None of the associates or jointly-operated entity has publicly traded shares.

There are no contingent liabilities related to the Companys interest in the associate. The provisions and
contingent liabilities related to the jointly-operated entities of the Company are described in Note 20.

Additionally, the Company does not have any significant restriction with regards to its associate and
jointly-operated entities and does not have any commitment related to its jointly-operated entities.

(b) Other investment

We have, approximately, 6% of ownership in Ensyns share capital. We performed an assessment
regarding the rights related to these shares and concluded that we do not have a significant influence
over Ensyn, as such this investment has been recorded at fair value.

Fair value change in our interest in Ensyn was not significant in the three-month period ended March
31, 2014.



39 of 52
16 Biological assets

The Company's biological assets are substantially comprised of growing forests intended for the supply
of wood for pulp production. Forests in formation are located in the states of So Paulo, Mato Grosso do
Sul, Minas Gerais, Rio de Janeiro, Esprito Santo and Bahia.

The reconciliation of the book balances at the beginning and at the end of the period is as follows:

March 31,
2014
December 31,
2013

At the beginning of the period
Historical cost 2,730,510 2,451,612
Fair value 692,924 873,992
3,423,434 3,325,604

Additions 239,921 860,134
Harvests in the period
Historical cost (172,579 ) (580,192 )
Fair value (42,530 ) (283,333 )
Change in fair value 102,265
Disposals (822 )
Transfer (i) (222 )

At the end of the period 3,448,246 3,423,434
Historical cost 2,797,852 2,730,510
Fair value 650,394 692,924

(i) Includes transfers between biological assets, property, plant and equipment and intangible assets.

In accordance with our accounting policies, the valuation of the biological assets at the fair value is
performed semiannually. On December 31, 2013, the changes in fair value of the biological assets
recognized by us was R$ 102,265, as detailed in Note 18 of the most recent financial statements for the
year ended December 31, 2013.

The biological assets are classified within Level 3 of the fair value hierarchical level. There were no
transfers between levels during the periods presented.

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41 of 52
18 Intangible assets

March 31,
2014
December 31,
2013

At the beginning of the period 4,634,265 4,717,163
Additions 22
Amortization (22,641 ) (95,085 )
Disposals (9 )
Transfers and others (*) 3,325 12,165


Composed by
Goodwill - Aracruz 4,230,450 4,230,450
Systems development and deployment 32,163 32,349
Acquired from business combination
Databases 216,600 228,000
Patents 20,747 25,800
Relationships with suppliers
Chemical products 110,753 113,438
Other 4,227 4,228

4,614,940 4,634,265

(*) Includes transfers between biological assets, property, plant and equipment and intangible assets.

42 of 52
19 Loans and financing

(a) Breakdown of the balance by type of loan

Current Non- current Total
Type/purpose
Average
annual
interest
rate - %
March 31,
2014
December 31,
2013
March 31,
2014
December 31,
2013
March 31,
2014
December 31,
2013

In foreign currency
BNDES - currency basket 6.2 52,569 53,038 280,974 304,091 333,543 357,129
Export credits (Finnvera) 52,210 173,244 225,454
Bonds - US$ 7.2 18,427 1,547,708 1,727,187 1,816,385 1,745,614 3,364,093
Export credits
(prepayment) 3.3 469,214 457,523 2,960,313 2,425,260 3,429,527 2,882,783
Export credits (ACC/ACE) 2.3 408,937 451,718 408,937 451,718

949,147 2,562,197 4,968,474 4,718,980 5,917,621 7,281,177

In Reais
BNDES - TJLP 7.8 337,006 339,702 973,775 1,055,776 1,310,781 1,395,478
BNDES - fixed rate 3.8 8,593 6,891 54,468 37,259 63,061 44,150
FINAME 4.2 4,982 4,853 9,170 10,410 14,152 15,263
NCE 13.3 43,786 46,770 951,873 942,665 995,659 989,435
Working capital 98,710 98,710
Midwest Region Fund
(FCO and FINEP) 8.2 11,930 11,948 32,735 35,646 44,665 47,594

505,007 410,164 2,022,021 2,081,756 2,527,028 2,491,920

1,454,154 2,972,361 6,990,495 6,800,736 8,444,649 9,773,097

Interest 51,582 94,946 54,345 35,337 105,954 130,283
Short-term borrowing 20,670 29,670
Long-term borrowing 1,402,572 2,847,745 6,936,150 6,765,399 8,338,695 9,613,144

1,454,154 2,972,361 6,990,495 6,800,736 8,444,649 9,773,097

The average rates were calculated based on the forward yield curve of benchmark rates to which the
loans are indexed, weighted through the maturity date for each installment, including the
issuing/contracting costs, when applicable.

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44 de 52
(c) Breakdown by currency and interest rate

Loans and financing are broken-down in the following currencies:

Currency

March 31,
2013
December 31,
2013

Real 2,527,028 2,491,920
Dollar 5,584,078 6,924,048
Currency basket 333,543 357,129

8,444,649 9,773,097

Loans and financing are broken-down by interest rate:

Interest rate

March 31,
2014
December 31,
2013

CDI 995,659 989,435
TJLP 1,312,604 1,397,463
Libor 3,249,527 3,107,014
Currency basket 333,543 357,129
Fixed 2,373,316 3,922,056

8,444,649 9,773,097

(d) Roll forward

The roll forward of the carrying amounts at the presented period is as follows:

March 31,
2014
December 31,
2013

At the beginning of period 9,773,097 10,767,955
Borrowings 915,530 1,279,414
Interest expense 144,427 575,877
Foreign exchange (227,156 ) 927,278
Repayments - principal amount (2,123,882 ) (3,320,157 )
Interest paid (161,305 ) (602,112 )
Expense of transaction costs of Bonds early redeemed 120,160 113,759
Addition of transaction costs (5,757 )
Other (*) 9,537 31,083


(*) Includes amortization of transactions costs.



45 de 52
(e) Relevant operations settled during the period

Export credit (Finnvera)

On February 2014, through Fibria-MS we made an early repayment, with available funds, in the amount
of US$ 96 million (equivalent then to R$ 233,996) regarding the loan agreement with Finnvera (Finnish
Development Agency, which provides credit to companies committed to sustainability programs), signed
on September 2009, with original maturity in February 2018 and bearing an interest rate of semi-annual
LIBOR plus 2.825% p.a. As a result of the early repayment, we recognized financial expenses amounting
to R$ 3,540, related to the amortization of corresponding transaction costs.

Export credits - ACC

During the three-month period ended March 31, 2014, we paid the amount of US$ 49 million
(equivalent then to R$ 114,898) regarding to export credit (ACC), with interest rate were between 0.97%
p.a. and 1.4% p.a.

Loans - Fibria 2020 (Bond)

On March 26, 2014, we early redeemed and canceled a total of US$ 690 million (equivalent then to
R$ 1,595,706), with available funds, related to the remaining outstanding balance of the Bond Fibria
2020, issued in May 2010, with original maturity in May 2020, with fixed interest rate of 7.5% p.a. As a
result of the early redemption, we recognized financial expenses amounting to R$ 299,768, of which R$
179,809 related to the premiums paid in the repurchase transaction and R$ 119,959 relating to the full
amortization of the transaction costs of the Bond.

Loans - Fibria 2021 (Bond)

On January 13, 2014, we early redeemed and canceled a total of US$ 12.5 million (equivalent then to
R$ 29,774), with available funds, related to the Bond Fibria 2021, issued in March 2011, with original
maturity in March 2021, with fixed interest rate of 6.75% p.a. As a result of the early redemption, we
recognized financial expenses amounting to R$ 3,101, of which R$ 2,900 related to the premiums paid
in the repurchase transaction and R$ 201 relating to the full amortization of the transaction costs of the
Bond.

Revolving credit facility

On March 2014, the Company canceled a revolving credit facility with Banco Bradesco, contracted in
May 2011, through Fibria International Trade GmbH with eleven foreign banks. The facility was for four
years, for a total amount of US$ 500 million. Payments were to be made quarterly for costs with interest
at between 1.4% p.a.to 1.7% p.a., plus quarterly LIBOR, when used. The Company did not use this credit
facility.

(f) Relevant operations contracted during the period

Unused credit lines

In the three-month period ended March 31, 2014, the Company obtained two revolving credit facility in
local currency with Banco Bradesco and Banco Ita, in the total amounts of R$ 300 million and R$ 250
million, respectively, which are available for four years and interest rate of 100% of the CDI plus 2.1%
p.a. when fully used. During the unused period the Company will pay a commission in Reais of 0.05%
p.a. and 0.38% p.a. quarterly and monthly, respectively. The Company has not used this credit facility.


46 de 52
The value related to this commission is recorded as current liability under Other payable.

On March 2014, the Company, through Fibria International Trade GmbH obtained a revolving credit
facility with eleven foreign banks in the amount of US$ 280 million available for four years, with
interest payable quarterly at quarterly LIBOR rate plus from 1.55% p.a. to 1.70% over the disbursed
amounts. For unused amounts the Company is charged an equivalent to 35% of the agreed interest cost
on a quarterly basis. The Company has not used this credit facility. The value related to this commission
is recorded as current liability under Other payable.

Export credits (prepayments)

On March 2014, the Company through Fibria International Trade GmbH entered into an export
prepayment contract with four foreign banks, in the amount of US$ 200 million (equivalents then to R$
464,960) with quarterly interest payable at quarterly LIBOR rate plus of 1.75% p.a. (which can be
reduced to 1.55% p.a.) with a term of five years, annual installments of US$ 57 million in 2017, US$ 86
million in 2018 and US$ 57 million in 2019.

On March 2014, the Company through Fibria International Trade GmbH entered into an export
prepayment contract with Citibank, in the amount of US$ 100 million (equivalents then to R$ 232,480),
with quarterly interest payable at quarterly LIBOR rate plus of 1.625% p.a., with a term of five years,
annual installments of US$ 7 million in 2014, US$ 21 million in 2017, US$ 43 million in 2018 and US$
28 million in 2019.

Export credits - ACC

In the three-month period ended March 31, 2014, the Company, through Veracel, entered into an export
prepayment contract, in the amount of US$ 39 million (equivalents then to R$ 92,828) maturing
between July and September 2014 and fixed interest rate between 0.96% and 0.98% p.a.

Working capital

On March 2014, the Company and its subsidiary Fibria-MS entered into a short term credit facility of
working capital with Banco do Brasil, in the amount of R$ 98,710, maturing in April 2014 and with an
average fixed interest rate of 0.92% p.m.

(g) Covenants

Some of the financing agreements of the Company contain covenants establishing maximum
indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.

Covenants requirements as
of March 31, 2014

On June 6, 2012, the Company concluded the renegotiation of the debt financial covenants, which
resulted on the following changes: (a) covenants are measured based on consolidated information
translated into US dollars (as opposed to consolidated financial information in Reais), and (b) the
indebtedness ratio (Net debt to EBITDA) was increased to a maximum ratio of 4.5x as from June 2012.

The measurement of the ratios based on information translated into US dollars reduces the of effects
changes in exchanges rates as compared to ratios based on information measured in Reais. A substantial
portion of the debt of the Company is denominated in US dollars and as a result particularly


47 de 52
depreciation of the real against the US dollar had significant impacts on the ratio when measured in
Reais. Under the prior computation criteria in the event of a depreciation the amount of net debt as of
the end of the period would increase when measured in Reais. Under the revised criteria by translating
the EBITDA from Reais to US dollar at the average exchange rate of each quarter the impact of the
depreciation of the Brazilian real is mitigated.

The following table presents the financial covenant ratios:

December,
2012 and
after

Ratio of debt service coverage (i) - Minimum ratio More than 1.00

Indebtedness ratio (ii)- Maximum ratio Less than 4.50

(i) The ratio of debt service coverage is defined as (a) adjusted EBITDA (for the last four social quarters)
in accordance with practices adopted in Brazil and adjusted translated into US dollars at the average
exchange rate of each quarter, plus the balance of cash, cash equivalents and marketable securities at
period-end translated into US dollar at period-end exchange rates divided by (b) debt service
payment requirements for the following four consecutive quarters plus interest paid during the past
four quarters translated into US dollars at the average exchange rate of each quarter.

(ii) The indebtedness ratio is defined as (a) consolidated net debt translated into US dollars at the
period-end closing rate divided by (b) Adjusted EBITDA for the last four social quarters translated
into US dollars at the average exchange rate of each quarter.

The Company is in full compliance with the covenants established in the financial contracts at March 31,
2014, for which the debt service ratio totaled 2.1 and indebtedness ratio totaled 2.4, measured in US
dollars.

The debt agreements that have debt financial covenants also have the following events of default:

. Non-payment, within the stipulated period, of the principal or interest.

. Inaccuracy of any declaration, guarantee or certification provided.

. Cross-default and cross-judgment default, subject to an agreed minimum of US$ 50 million or US$
75 million, depending on the corresponding contract.

. Subject to certain periods for resolution, breach of any obligation under the contract.

. Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel
Celulose S.A.



48 de 52
20 Contingencies

The Company is party to labor, civil and tax lawsuits at various court levels. The provisions for
contingencies against probable unfavorable outcome of claims in progress are established and updated
based on management evaluation, as supported by external legal counsel. Provisions and corresponding
judicial deposits are as follows:


Judicial
deposits Provision Net
Judicial
deposits Provision Net

Nature of claims
Tax 87,554 106,737 19,183 86,921 102,906 15,985
Labor 53,759 147,138 93,379 55,250 152,442 97,192
Civil 9,872 25,700 15,828 9,503 25,164 15,661

151,185 279,575 128,390 151,674 280,512 128,838

The change in the provision for contingencies is as follows:

March 31,
2014
December 31,
2013

At the beginning of the period 280.512 282,827
Reversal (14.544 ) (125,203 )
New litigation 1,251 60,633
Accrual of financial charges 12.356 62,255

At the end of the period 279.575 280,512

See below the relevant changes in relation to lawsuits and discussions in the three months ended March
31, 2014:

(i) BEFIEX Program

In March 2014, we filed with the Federal Tax authority an application for qualification of the IPI
premium credit, related to the final favorable court decision obtained by us on October 2013, due to tax
incentives on exports in the period between December of 1993 and May of 1997, as described in Note 24
(d)(ii) to our most recent annual financial statements.

The IPI Premium Credit was a fiscal financial benefit to exporting companies, established as a form of
compensation paid for the acquisition of raw materials. This benefit was regulated by Decree n
64,833/69, after being introduced by Decree 461/69, valid until the year of 1983, when it was
terminated. However, the rules which governed the deadline for the use of the benefit were repealed by
Decree - Law n 1,724/79 and 1,894/81, so that there was no mention over the deadline of use the
benefit.

Subsequently, the Decree-laws were declared unconstitutional, which led to numerous legal disputes


49 de 52
about the date of termination of the benefit. The precedent is consolidating to limit the use of such
credits to before the year 1990; however, the case of the Company is different, since it joined the BEFIEX
Program, which in the case of tax benefit granted under specific conditions and for a definite period
resulted in vested right, as recognized in the records of the injunction mentioned above.

The estimated amount of this credit mentioned above was R$ 860,763, as of March 2014. After the
approval of the application for qualification by the Federal Tax authority, the final value of the credit will
be known and booked by us.

21 Revenue

(a) Reconciliation

March 31,
2014
March 31,
2013

Gross amount 1,986,923 1,719,908
Sales taxes (34,642 ) (33,322 )
Discounts and returns (*) (309,950 ) (237,172 )

Net revenues 1,642,331 1,449,414

(*) Related mainly to the export customers' performance rebate.

(b) Information about products

March 31,
2014
March 31,
2013

Pulp
Volumes (tons)
Domestic market 115,615 118,282
Foreign market 1,072,493 1,068,108

1,188,108 1,186,390

Pulp revenue
Foreign market 1,485,861 1,308,119

1,622,005 1,431,715

Average price (in Reais per ton) 1,365 1,207

Revenue
Foreign market 1,485,861 1,308,119
Services 20,326 17,699

1,642,331 1,449,414


50 de 52

22 Financial results

March 31,
2014
March 31,
2013

Financial expenses
Interest on loans and financing (136,732 ) (154,262 )
Loans commissions (15,127 ) (8,642 )
Financial charges in the partial repurchase of Bond (302,869 ) (63,064 )
Others (18,241 ) (12,109 )

(472,970 ) (238,077 )

Financial income
Financial investment earnings 25,637 31,435
Others 7,049 2,929

32,687 34,364

Gains (losses) on derivative financial instruments
Gain 178,652 93,187
Losses (59,074 ) (42,016 )

119,578 51,171

Foreign exchange and (loss) gain
Loans and financing 227,156 125,186
Other assets and liabilities (*) (76,328 ) (38,606 )

150,828 86,580

Net financial result (169,877 ) (65,962 )

(*) Includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and
others.



51 de 52
23 Expenses by nature

March 31,
2014
March 31,
2013

Cost of sales
Depreciation, depletion and amortization (404,869 ) (424,807 )
Freight (180,094 ) (165,576 )
Labor expenses (105,151 ) (93,816 )
Variable costs (557,680 ) (508,288 )

(1,247,794 ) (1,192,487 )

Selling expenses
Labor expenses (5,832 ) (3,736 )
Commercial expenses (i) (67,854 ) (61,937 )
Operational leasing (338 ) (288 )
Depreciation and amortization charges (1,800 ) (1,699 )
Other expenses (3,380 ) (3,243 )

(79,204 ) (70,903 )

General and administrative and directors' compensation expenses
Labor expenses (29,862 ) (26,406 )
Third-party services (consulting, legal and others) (ii) (22,729 ) (24,864 )
Depreciation and amortization charges (5,461 ) (5,643 )
Taxes and contributions (1,881 ) (1,978 )
Operating leases and insurance (1,495 ) (1,418 )
Other expenses (6,943 ) (5,438 )

(68,371 ) (65,747 )

Other operating expenses, net
Program of variable compensation to employees (18,988 ) (14,074 )
Tax credits 12,374
Reversal of provision for contingencies 8,502
Others 3,853 11,901

5,741 (2,173 )

(i) Includes handling expenses, storage and transportation expenses and sales commissions, among others.
(ii) Includes expenses with external lawyers assessors, advisory services, audit services, administrative among
others.



52 de 52
24 Earnings per share

(a) Basic

The basic earnings per share is calculated by dividing net income attributable to the Company's
shareholders by the weighted average of the number of common shares outstanding during the period,
excluding the common shares purchased by the Company and maintained as treasury shares.

March 31,
2014
March 31,
2013

Net income attributable to the shareholders of the Company 17,069 21.852

Weighted average number of common shares outstanding 553,591,822 553,591,822

Basic earnings per share (in Reais) 0.031 0.039

The weighted average number of shares in the presented periods is represented by a total number of
shares of 553,934,646 issued and outstanding for the three-month period ended March 31, 2014 and
2013, without considering treasury shares, for total of 342,824 shares in the three-month period ended
March 31, 2014 and 2013. During the three-month period ended March 31, 2014 and 2013 there was no
changes in the number of shares of Company.

(b) Diluted

The Company has no convertible securities or share purchase options that would have a diluted effect in
earnings per share.

25 Explanatory notes not presented

According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/
No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial
instruments by category (Note 7), credit quality of financial assets ( Note 8), financial and operational
lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program
(Note 25), long term commitments (Note 26), shareholder's equity (Note 27), benefits to employees
(Note 28), and insurance (Note 34), assets held for sale and discontinued operations (Note 36) and
impairment testing (Note 37), that we omitted in the March 31, 2014 consolidated interim financial
information because the assumptions, operations and policies have not seen any relevant changes
compared to the position presented in the financial statements as at December 31, 2013.

In addition, the Company no longer has reportable segments to present as at March 31, 2014, therefore
the Note regarding segment information was excluded.

* * *

1Q14 Results
1Q14 Results
2

Net debt in dollars fell 17% to US$3.1 billion (R$7.0 billion) while LTM EBITDA hiked 7% to
US$1.3 billion (a record R$2.9 billion), driving Net Debt/EBITDA down to 2.4x.
1Q14 Highlights
Conclusion of the total redemption of the bonds maturing in 2020. Gross debt fell US$1.2 billion in the last 12 months.
Gross debt was R$8,445 million, down 14% and 15% over 4Q13 and 1Q13, respectively.
Net Debt/EBITDA in U.S. dollars at 2.4x (Dec/13: 2.6x | Mar/13: 3.1x), within the target established in the Indebtedness and Liquidity
Policy.
Fitch upgraded Fibrias ratings to BBB-/Stable (Investment Grade) and S&P revised its rating outlook from BB+/Stable to
BB+/Positive.
Reduced cost of dollar-denominated debt to 4.1% p.a. (4Q13: 4.6% p.a. | 1Q13: 5.2% p.a.).
Scheduled maintenance downtime at Aracruz Unit C Plant successfully concluded.
Pulp production of 1.3 million t, down 6% over 4Q13 but up 1% over 1Q13. LTM production reached 5.3 million t.
Pulp sales of 1.2 million t, down 18% quarter-on-quarter but stable year-on-year.
Net revenue of R$1,642 million (4Q13: R$1,958 million and 1Q13: R$1,449 million).
Cash cost at R$549/t, up 18% and 8% quarter-on-quarter and year-on-year, respectively. Excluding the foreign exchange impacts, cash
cost was 5.7% up on 1Q13.
Adjusted EBITDA of R$679 million, down 17% quarter-on-quarter but up 20% year-on-year, LTM EBITDA totaled a record of R$2,910
million.
EBITDA margin of 41%, down 1 p.p. over 4Q13 up 2 p.p. over 1Q13.
EBITDA/t of R$571/t (US$242/t) in the quarter, stable quarter-on-quarter and up 20% year-on-year.
Fibria received R$883 million proceeds due to the land sale transaction. The remaining balance of R$20 million expected in 2Q14.
Subsequent Events
Annual and Extraordinary General Meetings to be held on April 25, 2014.
Fibria published its 2013 Sustainability Report according to the most recent version (G4) of Global Reporting Initiative (GRI) guidelines.
Market Cap March 31, 2014:
R$14.0 billion | US$6.1 billion
FIBR3: R$25.23
FBR: US$11.06
Outstanding Common Shares:
553,934,646
The operational and financial information of Fibria Celulose S.A. for the 1st quarter of 2014 (1Q14) is presented in this document on a consolidated basis and is expressed in reais, unaudited and prepared in
accordance with the Brazilian Corporation Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with elimination of all intercompany transactions.
Conference Call: April 24, 2014
Portuguese: 10 A.M. (US-EST) | Tel: +55 11 3193-1001
English: 11 A.M. (US-EST) | Tel: +1 412 317-6776
Webcast: www.fibria.com.br/ir
Investor Relations
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
Key Figures Unit 1Q14 4Q13 1Q13 1Q14 vs 4Q13 1Q14 vs 1Q13
Last 12
months (LTM)
Pulp Production 000 t 1,277 1,358 1,263 -6% 1% 5,272
Pulp Sales 000 t 1,188 1,441 1,186 -18% 0% 5,199
Net Revenues R$ million 1,642 1,958 1,449 -16% 13% 7,110
Adjusted EBITDA
(1)
R$ million 679 823 565 -17% 20% 2,910
EBITDA margin % 41% 42% 39% -1 p.p. 2 p.p. 41%
Net Financial Result
(2)
R$ million (170) (599) (66) - - (2,158)
Net Income (Loss) R$ million 19 (185) 24 -110% - (702)
Free Cash Flow
(3)
R$ million 9 746 167 -99% - 1,111
Gross Debt (US$) US$ million 3,732 4,172 4,915 -11% -24% 3,732
Gross Debt (R$) R$ million 8,445 9,773 9,898 -14% -15% 8,445
Cash
(4)
R$ million 1,475 1,924 2,382 -23% -38% 1,475
Net Debt (R$) R$ million 6,970 7,849 7,516 -11% -7% 6,970
Net Debt (US$) US$ million 3,080 3,351 3,732 -8% -17% 3,080
Net Debt/EBITDA LTM x 2.4 2.8 3.1 -0.4 x -0.7 x 2.4
Net Debt/EBITDA LTM (US$)
(5)
x 2.4 2.6 3.1 -0.2 x -0.7 x 2.4
(1) Adjusted by non-recurring and non-cash items | (2) Includes results f romf inancial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Does not include the sale of assets and the equity acquisition of Ensyn | (4) Includes the hedge f air value | (5) For covenants purposes
1Q14 Results
3

Contents

Executive Summary ..................................................................................................................... 4
Pulp Market .................................................................................................................................. 5
Production and Sales ................................................................................................................... 6
Results Analysis ........................................................................................................................... 7
Financial Result .......................................................................................................................... 10
Net Income ................................................................................................................................. 12
Debt ........................................................................................................................................... 12
Capital Expenditures .................................................................................................................. 15
Free Cash Flow .......................................................................................................................... 15
Capital Market ............................................................................................................................ 16
Fitch upgrades Fibrias rating to 'BBB-/Stable' ........................................................................... 16
Subsequent Events .................................................................................................................... 17
Appendix I Revenue x Volume x Price * .................................................................................. 18
Appendix II Income Statement ................................................................................................ 19
Appendix III Balance Sheet ..................................................................................................... 20
Appendix IV Statement of Cash Flows .................................................................................... 21
Appendix V EBITDA and adjusted EBITDA breakdowns (CVM Instruction 527/2012) ............ 22
Appendix VI Economic and Operational Data ......................................................................... 23

1Q14 Results
4

Executive Summary
Seasonality in the period helped drive higher industry producers inventories of hardwood pulp in 1Q14, closing February
at 45 days of production. Fibrias sales performance in 1Q14 was stable year-on-year. There was a marginal price
decrease in the PIX/FOEX BHKP Europe of 0.6% in the quarter, where Fibria shipped most of its sales in the period
(46%), even as Chinese dynamics have driven prices down in that region. Risk aversion in the international market, the
internal uncertainty regarding energy shortage and S&Ps downgrade to Brazils credit rating kept the a stronger average
dollar (R$2.37/US$) with a positive impact on the net pulp price in reais (+1.3%), despite the reals appreciation against
the dollar in the last two weeks of March (+4%).
On March 26, 2014, Fibria announced the conclusion of the total redemption of its bonds maturing in 2020 (2020 bonds)
with a coupon of 7.5% p.a., issued by Fibria Overseas Finance Ltd (wholly-owned subsidiary of Fibria) and guaranteed
by Fibria, for the price of 111.3% of the outstanding amount of US$690.2 million. This transaction is in line with Fibrias
strategy of reducing its gross debt and related debt service costs and provides annual savings in interest expenses of
approximately US$52 million commencing in the second quarter of 2014.
In 1Q14, pulp production was 1.3 million t. down 6% quarter-on-quarter due to scheduled maintenance downtimes
(Aracruz C and Veracel mills) and fewer production days in the period. Year-on-year, production increased 1% due to
the minor impact of Veracel mill downtime, which in 2013 was fully absorbed in the 1Q13. Sales volume totaled 1.2
million t, down 18% over 4Q13 due to seasonality in the period. Year-on-year, sales were stable. Pulp inventories closed
the quarter at 56 days.
The cash production cost in the quarter was R$549/t, up 18% over 4Q13, mainly due to the scheduled maintenance
downtimes. Year-on-year, the 8% increase in cash cost is chiefly due to the increased wood transportation costs and
foreign exchange effects, partially offset by the lesser impact of scheduled maintenance downtimes. Fibria will continue
to take actions seeking to minimize its cost structure, aiming to maintain the cash production cost increase in 2014 below
inflation. The Company expects to increase its revenues from excess energy production in 2014, minimizing the impact
of previously discussed cost pressures. The Company is prepared to face any adverse scenario regarding the possibility
of energy shortage in 2014, considering that it is self-sufficient. In 2013, Fibria produced 115% of the energy necessary
to pulp production.
Adjusted EBITDA in 1Q14 totaled R$679 million, with margin at 41%. Quarter-on-quarter, this figure fell 17%, chiefly due
to the lower sales volume. Year-on-year, the 20% increase is explained by the higher net pulp price in reais (+13%), in
turn explained by the 19% average dollar appreciation against the real, partially offset by the 2.5% decline in the average
pulp price in dollars as measured by the PIX/FOEX Europe. LTM EBITDA was a record R$2,910 million, up 4% over
2013 EBITDA (R$2,796 million) with margin at 41%. Free cash flow in the quarter was R$9 million, falling in relation to
the R$746 million and R$167 million in 4Q13 and 1Q13, respectively, primarily due to the working capital variation and
the prepayment of accrued interest due to the redemption of the 2020 Bond (more details on page 15).
The financial result was negative R$170 million in 1Q14, compared to negative R$599 million in the previous quarter.
This variation is mainly explained by the positive impact of foreign exchange variations on the debt (3% depreciation of
the closing dollar) and hedge operations (especially debt swaps), offset by financial and accounting effects of the 2020
bond redemption. Year-on-year, the greater expense derived from the 2020 Bond redemption, partially offset by the
positive foreign exchange variation effects on the debt and derivatives. It is worth mentioning the 11% decline in interest
expenses year-on-year, resulting from liability management initiatives which seek to reduce principal and related costs.
1Q14 Results
5

Gross debt in dollars was US$3,732 million, down 11% and 24% quarter-on-quarter and year-on-year, respectively.
Fibria closed the year with a cash position of R$1,475 million. With the conclusion of the redemption of 100% of the
outstanding 2020 bonds announced in March, Fibria`s net debt/EBITDA in U.S. dollars closed at 2.4x, in line with the
target established in the Indebtedness and Liquidity Policy (available at www.fibria.com.br/ri - Corporate Governance).
With this, the average cost of the debt in dollars fell to 4.1% p.a. and provides annual savings in interest expenses of
approximately US$52 million.
As a result of these factors, Fibria closed 1Q14 with net income of R$19 million, compared to losses of R$185 million in
4Q13 and profit of R$24 million in 1Q13 (more information on page 12).
Pulp Market
2014 is expected to be a challenging year for the pulp market, but delays in new market capacities have staved off the
excess supply previously expected for the first months of the year. Demand continued to be positive throughout the
period, allowing Fibria`s sales to remain stable year-on-year. However, even as market fundamentals have remained
favorable, the combination of excepted new capacities and doubts on the sustainability of Chinese demand (as key
macroeconomic indicators have not been satisfactory at the start of the year), intensified by the impact of the Chinese
New Year, have created an environment for pression on prices, especially in Asia, at the end of the quarter.
Statistics from the World-20 report published by the Pulp and Paper Products Council (PPPC) show that global BEKP
sales were up 3,6% or 83 thousand t in the first two months of 2014 as compared to the same period of the previous
year. Key regions posted positive demand results from January to March, excluding North America, which was partially
impacted by adverse climate conditions that hindered shipping of both pulp and paper.
Source: PPPC World 20 February 2014
Inventories were relatively stable in the beginning of the year. After a significant increase in producers hardwood
inventories in in the first two months of the year due to traditional seasonality in this period, producers hardwood
inventories closed last February at 45 days.
+3.7%
-3.4%
+0.8%
+12.3%
+4.9%
-6,0
-4,0
-2,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
0
500
1000
1500
2000
2500
Total North
America
Europe China Others
Eucalyptus Pulp Sales
(January and February in '000 ton)
2013 2014
1Q14 Results
6

The greater spread between hardwood and softwood pulp prices, a trend that began in the second half of 2013,
continued in 1Q14. The last PIX/FOEX figures for Europe in March showed a spread of US$157/t between the reported
prices, increasing US$20/t since the beginning of the year.
In the coming months, the scheduled maintenance downtimes of the industry will play an important role in balancing
market pulp supply and demand, as new capacities come on-stream and volumes are physically available. Just in Brazil,
an estimated volume of 110 thousand t is expected to go off the market. On the demand side, the list of new paper
machines projects to be installed in 2014 is extensive, totaling 3 million t in new tissue and printing & writing paper
volumes, favoring the improved balance between supply and demand throughout the year.
Production and Sales
In 1Q14, Fibria held the scheduled maintenance downtime at the mill C of the Aracruz Unit and began its maintenance
downtime at the Veracel Unit, which was concluded on April 10. Both were carried out as planned, in line with the
Companys budget and duration. Pulp production totaled 1,277 thousand t in 1Q14, down 6% quarter-on-quarter, chiefly
due to the scheduled downtimes and the lesser number of production days (1Q14: 90 days | 4Q13: 92 days). Year-on-
year, production was up 1% with the Veracel downtime concluded in 1Q13, as opposed to this year. Pulp inventories
totaled 834 thousand t (56 days), up 12% over 4Q13 743 thousand t (50 days) and 9% over 1Q13 764 thousand t (51
days).
Below is the 2014 schedule of maintenance downtimes for Fibrias mills.
Sales volume totaled 1,188 thousand t, down 18% quarter-on-quarter due to seasonality of the first quarter. As compared
to 1Q13, sales volumes were stable. Fibrias LTM sales totaled 5,199 thousand t, equal to 99% of production in the same
period. Sales to Europe represented 46% of total sales, followed by Asia with 26%, North America with 19% and Latin
America with 9%.
Mill
Aracruz "A"
Aracruz "B"
Aracruz "C"
Jacare
Trs Lagoas
Veracel
Fibria's Maintenance Downtimes Schedule ! 2014
Jan Feb Mar Apr May Jun Jul Aug
Production ('000 t) 1Q14 4Q13 1Q13
1Q14 vs
4Q13
1Q14 vs
1Q13
Last 12
months
Pulp 1,277 1,358 1,263 -6% 1% 5,272
Sales Volume ('000 t)
Domestic Market Pulp 116 112 118 3% -2% 445
Export Market Pulp 1,072 1,329 1,068 -19% 0% 4,755
Total sales 1,188 1,441 1,186 -18% 0% 5,199
1Q14 Results
7

Results Analysis
Net revenue was R$1,642 million in 1Q14, down 16% over 4Q13 as a result of the lower sales volume. Compared to
1Q13, revenue increased 13% as a result of the 13% higher average net price in reais, in turn the result of 19%
appreciation of the average dollar. LTM net revenue was a record of R$7,110 million, 3% higher than the revenue
reported for 2013.
The cost of goods sold (COGS) was 15% lower quarter-on-quarter, mainly due to the lower sales volume, partially offset
by the 18% rise in the cash production cost, as described below. Year-on-year, COGS was up 5% due to the higher cash
production cost and foreign exchange effects.
The cash production cost in 1Q14 was R$549/t, up 18% quarter-on-quarter due to the scheduled maintenance
downtimes at mill C of the Aracruz Unit and Veracel mill, and increased wood costs, in turn explained by the increased
participation of third-party wood in the mix (1Q14: 11% | 4Q13: 5%), higher wood transportation costs (price increase)
and the greater average distance (1Q14: 180 km | 4Q13: 166 km). The Company expects to increase its revenues from
excess energy production in 2014, minimizing the impact of previously discussed cost pressures. The Company believes
that it is prepared to face the possible energy shortage scenario, considering that it is self-sufficient. Energy generation is
derived from the pulp production process and, therefore, it does not depend on energy generation from the market. Year-
on-year, the 8% increase in cash cost is chiefly explained by the greater wood transportation costs (average distance:
1Q14: 180 km | 1Q13: 167 km) and the average dollar appreciation against the real (R$13/t), partially offset by the minor
impact of scheduled maintenance downtimes with most maintenance downtime at the Veracel Unit occured in April, as
mentioned above. Excluding the downtime effects, the cash production cost was R$524/t, up 12% and 13% quarter-on-
quarter and year-on-year, respectively. Fibria will continue to pursue its goal of keeping the cash production cost
increase in 2014 below inflation.
Net Revenues (R$ million) 1Q14 4Q13 1Q13
1Q14 vs
4Q13
1Q14 vs
1Q13
Last 12
months
Domestic Market Pulp 136 132 124 3% 10% 516
Export Market Pulp 1,486 1,809 1,308 -18% 14% 6,519
Total Pulp 1,622 1,941 1,432 -16% 13% 7,035
Portocel 20 17 18 22% 15% 75
Total 1,642 1,958 1,449 -16% 13% 7,110
1Q14 Results
8

Selling expenses totaled R$79 million in 1Q14, down 17% quarter-on-quarter as a result of the lower sales volume.
Year-on-year, selling expenses were up 12% due to foreign exchange impacts, with the 19% dollar appreciation, on
average, against the real and higher logistics expenses. The ratio of selling expenses over net revenue remained stable
at 5% as compared to both periods.
507
466
549
1Q13 4Q13 1Q14
Cash Cost
(R$/t)
463 466
524
1Q13 4Q13 1Q14
Cash Cost ex-Downtime
(R$/t)
Wood
44%
Chemicals
21%
Fuel
12%
Other variables
1%
Maintenance
13%
Personnel
6%
Other Fixed
3%
Production Cash Cost
1Q14
Wood
41%
Chemicals
22%
Fuel
12%
Maintenance
17%
Personnel
5%
Other Fixed
3%
Production Cash Cost
1Q13
Fixed costs Variable costs
Pulp Cash Cost R$/t
4Q13 466
Maintenance downtimes 26
Third party wood (1Q14: 11% | 4Q13: 5%) 16
Wood transportation (transportation modal, contract adjustments and higher distance forest-mill) 15
Higher input consumption 14
Higher maintenance costs 5
Volume 3
Exchange rate 2
Other 2
1Q14 549
Pulp Cash Cost R$/t
1Q13 507
Wood transportation (higher distance forest-to-mill and transportation modal) 16
Exchange rate 13
Higher fixed cost 10
Higher input consumption 7
Higher labor costs 5
Third party wood (1Q14: 11% | 1Q13: 8%) 5
Maintenance downtimes (18)
Other 4
1Q14 549
1Q14 Results
9

Administrative expenses totaled R$68 million, down 22% quarter-on-quarter due to reduced expenditures with salaries
and outsourcing services. Year-on-year, the 4% increase is explained by greater expenses with personnel due to wage
adjustments in 2013.
Other operating revenue (expense) totaled a revenue of R$6 million in 1Q14, as compared to a revenue of R$825 million
in 4Q13, chiefly due to the capital gains of R$799 million due to the land sale in the previous quarter. As compared to
1Q13, the R$8 million increase is explained by tax benefits.
Adjusted EBITDA reached R$679 million in 1Q14 with margin at 41%. Quarter-on-quarter, EBITDA fell 17%, primarily
due to the lower sales volume (EBITDA per t was stable) and increased cash production cost. The 20% year-on-year
increase with a 2 p.p. margin expansion is explained by the 13% higher average net pulp price in reais, in turn the result
of the dollars average 19% rise against the real despite the higher cash cost of production. The graph below shows the
main variations in the quarter:
565
823
679
1Q13 4Q13 1Q14
EBITDA (R$ million) and
EBITDA Margin (%)
39%
42%
41%
476
571 571
1Q13 4Q13 1Q14
EBITDA/t
(R$/t)
823
1,632
665
679
809
(341)
(34)
59
131
16 20
(819)
14
4Q13 Adjusted
EBITDA
Non-recurring
effects / non-
cash
4Q13 EBITDA Volume Price FX COGS Selling G&A Other oper.
Expenses*
1Q14 EBITDA Non-recurring
effects / non-
cash
1Q14 EBITDA
Ajustado
EBITDA 1Q14 x 4Q13
R$ million
* Includes capital gain effect of the land deal
1Q14 Results
10

Financial Result
Revenue from interest on investments was R$26 million, up 30% over 4Q13, chiefly due to the accounting impact of
proceeds from the land sale. As compared to 1Q13, the 21% decrease is explained by the use of cash for settlement of
debt with less attractive costs. The result of hedge operations was positive R$120 million, with R$131 million due to the
positive variation in the fair value of debt hedge (see page 11).
Financial expenses with interest on loans and financing totaled R$137 million in 1Q14, down 1% quarter-on-quarter as
the 2020 bonds were settled only at the end of the quarter (March 26) and savings on interest expenses will be captured
as from the next quarter. Year-on-year, the 11% (R$17 million) decrease was mainly derived from the reduction in dollar-
denominated debt between the periods.
Financial revenue with foreign exchange variations on dollar-denominated debt (94% of total gross debt) was R$227
million, compared to expenses of R$346 million in 4Q13. This revenue was chiefly due to the variation in the closing
dollar in the period (1Q14: R$2.2630 | 4Q13: R$2.3426). As compared to 1Q13, there was a R$102 million increase in
revenue as a result of the dollars greater depreciation against the real.
Other financial revenue and expense totaled an expense of R$330 million, an increase of R$308 million over 4Q13,
chiefly the result of the 2020 bonds redemption as compared to the previous quarter, causing a greater accounting effect
of expenses incurred with these operations (R$303 million in this quarter). The same factor explains the variation as
compared to 1Q13.
Mark-to-market of derivatives on March 31, 2014 was negative R$333 million (with positive R$8 million in operational
hedge, negative R$351 million in debt hedge and R$10 million in embedded derivatives), compared to negative mark-to-
market of R$464 million on December 31, 2013, a positive variation of R$131 million. This result is mainly explained by
the appreciation of the real in the period, impacting open debt swaps. The cash impact of swaps maturing in the period
was R$11 million, resulting in a positive impact on the financial result of R$120 million. The table below shows the hedge
derivative position at the end of March:
(R$ million) 1Q14 4Q13 1Q13
1Q14 vs
4Q13
1Q14 vs
1Q13
Financial Income (including hedge result) 146 (83) 84 -276% 74%
Interest on financial investments 26 20 33 30% -21%
Hedging(1) 120 (103) 51 -217% 135%
Financial Expenses (137) (138) (154) -1% -11%
Interest - loans and financing (local currency) (52) (51) (45) 2% 16%
Interest - loans and financing (foreign currency) (85) (87) (109) -2% -22%
Monetary and Exchange Variations 151 (356) 87 - 74%
Foreign Exchange Variations - Debt 227 (346) 125 - 82%
Foreign Exchange Variations - Other (76) (10) (38) - 100%
Other Financial Income / Expenses(2) (330) (22) (83) - 298%
Net Financial Result (170) (599) (66) -72% 158%
(1)
Change in the marked to market (1Q14: R$(333) million | 4Q13: R$(464) million) added to received and paid adjustments.
(2)
R$ 330 million out of R$ 323 million ref er to f inancial charges f rom bond buy-back in 1Q14.
1Q14 Results
11

Zero cost collar operations have become more appropriate in the current foreign exchange scenario, especially because
of the dollars volatility, as these operations allow the Company to lock in the exchange rate at the same time that it
minimizes the negative impacts of a rapid depreciation of the real. The instrument consists of hedging an exchange
range favorable to the cash flow, within which Fibria does not pay nor does it receive adjustments. At the same time that
the Company is protected in these scenarios, this feature allows Fibria to capture greater benefits in export revenues in
the event of a rising dollar. Currently, the operations have a maximum term of 12 months, coverage of 41% of net foreign
exchange exposure and are only used to hedge cash flow exposures.
Derivatives used to hedge the debt (swaps) seek to transform real-denominated debt into dollar-denominated debt or to
protect existing debt from unfavorable oscillations in interest rates. Thus, all swap asset legs are matched with the cash
flows of the respective hedged debt. The fair value of these operations corresponds to the net present value of expected
flows through maturity and, therefore, has a reduced cash impact.
Forestry partnership and the related standing wood sale contracts on December 30, 2013 are denominated in U.S.
dollars per cubic meter of standing wood, adjusted according to U.S. inflation as measured by the CPI (Consumer Price
Index), which is not considered to be related to inflation in the economies where these areas are located, for an inherent
derivative. This instrument, presented in the table below, is a swap of the variations in the US-CPI for the period of the
above mentioned contracts. See note 9 (e) of the 1Q14 Financial Statements for more details and sensitivity analysis of
the fair value in the event of acute variations in the US-CPI.
All of the financial instruments were contracted in accordance with the guidelines established by the Market Risk
Management Policy, and are conventional instruments without leverage or margin calls, duly registered with CETIP
(Securities Custody and Financial Settlement Clearinghouse), with cash impacts only upon their respective maturities
and amortizations. The Companys Governance, Risk and Compliance area is responsible for the verification and control
mar/14 dec/13 mar/14 dec/13
Receive
US Dollar Libor (2) may/19 512 $ 540 $ 1,160 R$ 1,267 R$
Brazilian Real CDI (3) aug/20 814 R$ 822 R$ 1,042 R$ 1,036 R$
Brazilian Real TJLP (4) jun/17 409 R$ 448 R$ 388 R$ 425 R$
Brazilian Fixed (5) dec/17 518 R$ 559 R$ 418 R$ 450 R$
Receive Total (a) 3,008 R$ 3,178 R$
Pay
US Dollar Fixed (2) may/19 512 $ 540 $ (1,145) R$ (1,251) R$
US Dollar Fixed (3) aug/20 419 $ 423 $ (1,148) R$ (1,186) R$
US Dollar Fixed (4) jun/17 252 $ 276 $ (576) R$ (651) R$
US Dollar Fixed (5) dec/17 253 $ 273 $ (490) R$ (542) R$
Pay Total (b)
(3,359) R$ (3,631) R$
Net (a+b) (351) R$ (453) R$
Option
US Dollar Options up to 10M 932 $ 1,122 $ 8 R$ (12) R$
Options Total (d) 8 R$ (12) R$
Receive
US Dollar Fixed dec/34 936 $ 936 $ 19 R$ - R$
Pay
US Dollar CPI dec/34 936 $ 936 $ (9) R$ - R$
Embedded Derivatives Total (e) 10 R$ - R$
Net (a+b+c+d+e)
(333) R$ (464) R$
Embedded Derivatives - Forestry Partnership and Standing Timber Supply
Agreements
Notional Fair Value
Swaps Maturity
1Q14 Results
12

of positions involving market risk and independently reports directly to the CEO and to the Statutory Audit Committee,
ensuring implementation of the policy. Fibrias Treasury area is responsible for the execution and management of
financial operations.
Net Income
In 1Q14, the Company posted net income of R$19 million, compared to losses of R$185 million in 4Q13. This variation is
primarily explained by i) better financial result, in turn driven by the impact of the reals appreciation against the dollar on
the debt, and ii) the reduced expenses with income tax and social contribution with the adhesion to Refis in 4Q13. As
compared to the net income of R$24 million in 1Q13, this quarter was impacted by expenses with the redemption of the
outstanding 2020 bonds in the amount of R$303 million. Not considering the 2020 bond redemption, the net income
would be R$219 million.

Debt

The balance of gross debt on March 31, 2014 was R$8,445 million, down R$1,328 million over 4Q13, primarily
explained by the 2020 bonds redemption and foreign exchange variation in the period. As compared to 1Q13, gross debt
fell R$1,453 million, primarily as a result of continued liability management initiatives. In the quarter, Fibria repurchased
and cancelled R$1,625 million (US$722 million) of the 2020 and 2021 Bonds at a rate of 7.50% p.a. and 6.75% p.a. The
Unit 1T14 4T13 1T13
1T14 vs
4T13
1T14 vs
1T13
Gross Debt R$ million 8,445 9,773 9,898 -14% -15%
Gross Debt in R$ R$ million 386 489 792 -21% -51%
Gross Debt in US$
(1)
R$ million 8,059 9,284 9,106 -13% -11%
Average maturity months 47 52 62 -5 -15
Cost of debt (foreign currency) % p.a. 4.1% 4.6% 5.2% -0.5 p.p. -1.1 p.p.
Cost of debt (local currency) % p.a. 7.2% 7.4% 7.7% -0.2 p.p. -0.5 p.p.
Short-term debt % 17% 15% 8% 2 p.p. 9 p.p.
Cash in R$ R$ million 958 1,042 1,196 -8% -20%
Cash in US$ R$ million 850 1,346 1,396 -37% -39%
Fair value of derivative instruments R$ million (333) (464) (210) -28% 59%
Cash
(2)
R$ million 1,475 1,924 2,382 -23% -38%
Net Debt R$ million 6,970 7,849 7,516 -11% -7%
Net Debt/EBITDA (in R$) x 2.4 2.8 3.1 -0.4 -0.7
Net Debt/EBITDA (in US$)
(3)
x 2.4 2.6 3.1 -0.2 -0.7
(1) Includes BRL to USD swap contracts. The original debt in dollars was R$ 5,918 million (75% of the total debt) and debt in reais was R$ 2,527 million (30% of the debt)
(2) Includes the f air value of derivative instruments
(3) For covenant purposes
679
19
317 30 (111)
(303)
(412)
(64)
(117)
1Q14 Adjusted
EBITDA
Debt Exchange
Variation /
MtM hedge debt
MtM Operational
Hedge
Net Interest 2020 Bond
Redemption
Depreciation,
amortization and
depletion
IR/CS Other 1Q14 Net Prof it
(Loss)
Net Income (R$ million)
' Concluded transaction with 111.3% premium over the face value (US$ 690.2 milhes), without additional broker fees.
Includes : other expenses/non-recurringincomes, other debt exchange variation and other financial incomes/expenses.
Debt
Hedge
Debt
Exchange
Variation
1Q14 Results
13

repurchases in the year, to date, will provide annual savings of US$52 million in interest payments. The graph below
shows changes in gross debt in the quarter:
Financial leverage fell from 2.8x on December 31, 2013 to 2.4x on March 31, 2014, primarily due to the higher LTM
EBITDA and the falling gross debt in the period with early redemptions.
The average cost of local currency denominated debt in March, 2014 was 7.2% p.a. (Dec/13: 7.4% p.a. | Mar/13: 7.7%
p.a.) and the cost in foreign currency denominated debt was 4.1% p.a. (Dec/13: 4.6% p.a. | Mar/13: 5.2% p.a.). The
Company will continue to seek opportunities to reduce the cost of its debt. The graphs below show Fibrias debt by
instrument, indexer and currency (including debt swaps):
The average tenor of total debt was 47 months in March 2014, compared to 52 months in December 2013 and 62
months in March 2013. The repurchase of 2021 bonds and, especially, the 2020 bonds, in the period significantly
impacted the average tenor of the Companys debt. The graph below shows the amortization schedule of Fibrias total
debt:
40%
20%
22%
12%
6%
Gross Debt by Type
Pre-Payment Bond
BNDES NCE
Others
26%
59%
11%
4%
Gross Debt by Index
Libor Pre Fixed
TJLP Others
6%
94%
Gross Debt by Currency
Local currency Foreign currency
9.773
8.445
910
(2,285)
137
(227)
137
Gross Debt 4Q13 Loans Principal/Interest
Payment
Interest Accrual Foreign Exchange
Variation
Others Gross Debt 1Q14
Gross Debt (R$ million)
1Q14 Results
14

The cash and cash equivalents position on March 31, 2014 was R$1,475 million, including the negative R$333 million
mark-to-market of hedge instruments. Excluding the mark-to-market impact on cash, 53% was invested in local currency
in fixed-income public bonds and the remainder, in short-term investments abroad.
The Company has 4 revolving credit facilities in the total amount of R$1,484 million with availability of four years as of
contracting, with 3 in local currency (R$850 million) with a cost of 100% of the CDI + 1.5% p.a. to 2.1% p.a. when used
(when not in use, the cost in reais will be 0.33% p.a. to 0.35% p.a.) and 1 facility in foreign currency (US$280 million)
with a cost of 1.55% p.a. plus the 3-month LIBOR when used (when not in use, the cost of 35% of the agreed upon
spread). Even though they are not in use, these funds help improve the Companys liquidity. Therefore, the cash position
of R$1,475 million and these R$1,484 million stand-by credit facilities equals a liquidity position of R$2,959 million, which
represents a ratio of liquidity to short-term debt of 2.0x on March 31, 2014.
The graph below shows the evolution of Fibrias net debt and leverage since March of 2013:
3.1
3.3
3.0
2.8
2.4
3.1
3.0
2.9
2.6
2.4
Net Debt / EBITDA (x)
(US$)
7,516
8,253 8,240
7,849
6,970
Mar/13 Jun/13 Sep/13 Dec/13 Mar/14
Net Debt (R$ million)
883
320
463
870
799 811
501
1,267
1,269 0
405
457
310
516
431
132
149
100
22 5
1,288
777
773
1,386
1,230
943
650
1,367
26
5
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Amortization Schedule
(R$ million)
Foreign Currency Local Currency
1Q14 Results
15

Capital Expenditures

Capital expenditures (CAPEX) in the quarter totaled R$302 million, down 13% quarter-on-quarter, primarily due to
reduced expenditures with maintenance, partially offset by the impacts of the start of a new standing wood purchase
contract with Parkia. These same factors explain most of the year-on-year variation, and drove the 4% increase in LTM
CAPEX, which was R$1,340 million.
Free Cash Flow
Working capital posted a negative result of R$218 million in 1Q14, compared to the positive R$388 million in 4Q13. This
decline was mainly due to the increase in accounts receivable as compared to the reduction in 4Q13, for its part
explained by the increased prepayment of receivables in that period, as well as the lower sales volume, in the 1Q14,
causing higher inventories.
Working capital explains the key variation in Fibrias free cash flow (FCF) in the period, as well as EBITDA variation. As a
result of the early redemption of the 2020 bonds, interest paid/received was affected by the interest payment for the
period from the last payment (November 2013) and the date of redemption (March 26, 2014) in the amount of US$20
million.

Last 12
months
Adjusted EBITDA 679 823 565 2,910
(-) Capex including advance for wood puchase (302) (345) (249) (1,340)
(-) Interest (paid)/received (138) (98) (80) (516)
(-) Income tax (3) (11) (4) (30)
(+/-) Working Capital (218) 388 (60) 132
(+/-) Others (8) (10) (5) (45)
Free Cash Flow
(1)
9 746 167 1,111
(1) Doesn't include the land deal and the assets solds in 2013
(2) Doesn't include the Bond redemption disbursement
(3) Doesn't include the IR/CS debt pay ment according to REFIS ov er the realized f oreign prof it in 2013
1Q14 vs
4Q13
1Q14 vs
1Q13
Last 12
months
Industrial Expansion 6 4 - - - 14
Forest Expansion 26 13 24 102% 8% 67
Subtotal Expansion 32 17 24 88% 33% 81
Safety/Environment 2 14 3 -86% -40% 30
Forestry Renewal 203 215 161 -6% 26% 891
Maintenance, IT, R&D, Modernization 48 78 46 -39% 5% 255
Subtotal Maintenance 253 308 210 -18% 20% 1,176
50% Veracel 17 20 14 -16% 19% 84
Total Capex 302 345 249 -13% 22% 1,340
1Q14 Results
16

Capital Market
Equities

The average daily trade volume of Fibrias shares was approximately 2.5 million, up 25% as compared to 4Q13. The
average daily financial volume was US$27 million in 1Q14, up 12% quarter-on-quarter, with US$13.6 million traded on
the BM&FBovespa and US$13.5 million traded on the NYSE.
Fixed Income

Fitch upgrades Fibrias rating to 'BBB-/Stable'
On February 19, 2014, Fitch upgraded Fibrias rating from 'BB+/Positive' to 'BBB-' with a stable outlook. The upgrade is
an important acknowledgement of the Companys efforts around debt management. As part of this, we highlight key
initiatives that helped reduce our leverage: the capital stock increase in the amount of R$1.4 billion in 2012; divestments
in 2012 and 2013 that totaled R$2.25 billion among forests and lands; and free cash flow generation, which exceeded
R$2 billion in the last two years. With the improved risk perception, Fibria will have better conditions in accessing capital
at more attractive rates, reducing charges on its debt and allowing it to expand its investor base either in fixed income or
in equities which are restricted to only investment grade companies. This is another acknowledgement of the financial
discipline that has created a virtuous cycle for the Company in creating value for its shareholders.
Yield Unit Mar/14 Dec/13 Mar/13
Mar/14 vs
Dec/13
Mar/14 vs
Mar/13
Fibria 2019 % 7.4 7.4 6.7 0.0 p.p. 0.7 p.p.
Fibria 2021 % 5.0 5.2 5.0 -0.2 p.p. 0.0 p.p.
Treasury 10 Years % 2.7 3.0 1.8 0.2 p.p. -0.2 p.p.
Price Unit Mar/14 Dec/13 Mar/13
Mar/14 vs
Dec/13
Mar/14 vs
Mar/13
Fibria 2019 USD/k 108.3 108.7 113.6 0% -4%
Fibria 2021 USD/k 110.2 109.3 111.5 1% -2%
0
50
Jan-14 Feb-14 Mar-14
Average Daily Trading Volume
(US$ million)
BM&FBovespa NYSE
0
1
2
3
4
5
Jan-14 Feb-14 Mar-14
Average Daily Trading Volume
(million shares)
BM&FBovespa NYSE
Daily average:
US$ 27 million
Daily average:
2.5 million shares
1Q14 Results
17

Standard & Poors (S&P) revised on March 27, 2014 its rating outlook from BB+/Stable to BB+/Positive. On the report
released the rating agency highlighted the Companys competitiveness, strong liquidity and the expectation of continuous
leverage reduction in 2014 as aspects that led to the change.
Subsequent Events
Annual and Extraordinary General Meetings (A/EGM)
The Annual and Extraordinary General Meetings will be held on April 25 at Fibrias headquarters (Alameda Santos, 1357
/ 6 andar So Paulo). Fibria published the General Meeting Participation Manual to facilitate understanding and
access to information regarding the matters to be resolved at the A/EGM. The Call Notice, Management Proposal and
Participation Manual are available on Fibrias Investor Relations website (www.fibria.com.br/ir).
Fibria publishes its 2013 Sustainability Report according to GRI G4
In April, Fibria published its 2013 Sustainability Report according to the most recent version (G4) of Global Reporting
Initiative (GRI) guidelines, which recommend more objectivity and focus on material topics. The document evolved to
integrate economic, social and environmental matters rather than addressing each dimension separately (link:
http://www.fibria.com.br/relatorio2013/).
1Q14 Results
18

Appendix I Revenue x Volume x Price *

*Does not include Portocel
1Q14 vs 4Q13
1Q14 4Q13 1Q14 4Q13 1Q14 4Q13 Tons Revenue Avge Price
Pulp
Domestic Sales 115,615 111,925 136,144 131,906 1,178 1,179 3.3 3.2 (0.1)
Foreign Sales 1,072,493 1,329,032 1,485,861 1,809,209 1,385 1,361 (19.3) (17.9) 1.8
Total 1,188,108 1,440,957 1,622,005 1,941,115 1,365 1,347 (17.5) (16.4) 1.3
1Q14 vs 1Q13
1Q14 1Q13 1Q14 1Q13 1Q14 1Q13 Tons Revenue Avge Price
Pulp
Domestic Sales 115,615 118,282 136,144 123,596 1,178 1,045 (2.3) 10.2 12.7
Foreign Sales 1,072,493 1,068,108 1,485,861 1,308,119 1,385 1,225 0.4 13.6 13.1
Total 1,188,108 1,186,389 1,622,005 1,431,715 1,365 1,207 0.1 13.3 13.1
Price (R$/Ton) 1Q14 vs 4Q13 (%)
Sales (Tons) Net Revenue (R$ 000) Price (R$/Ton) 1Q14 vs 1Q13 (%)
Net Revenue (R$ 000) Sales (Tons)
1Q14 Results
19

Appendix II Income Statement

R$ AV% R$ AV% R$ AV%
Net Revenue 1,642 100% 1,958 100% 1,449 100% -16% 13%
Domestic Sales 156 10% 149 8% 141 10% 5% 11%
Foreign Sales 1,486 90% 1,809 92% 1,308 90% -18% 14%
Cost of sales (1,248) -76% (1,473) -75% (1,193) -82% -15% 5%
Cost related to production (1,068) -65% (1,248) -64% (1,027) -71% -14% 4%
Freight (180) -11% (224) -11% (166) -11% -20% 8%
Operating Profit 395 24% 485 25% 257 18% -19% 54%
Selling and marketing (79) -5% (95) -5% (71) -5% -17% 12%
General and administrative (68) -4% (88) -5% (66) -5% -22% 4%
Financial Result (170) -10% (599) -31% (66) -5% -72% 157%
Other operating (expenses) income 6 0% 825 42% (2) 0% -99% -387%
Operating Income 83 5% 527 27% 52 4% -84% 61%
Current Income taxes expenses (12) -1% (592) -30% (11) -1% -98% 7%
Deffered Income taxes expenses (52) -3% (121) -6% (17) -1% -57% 204%
Net Income (Loss) 19 1% (185) -9% 24 2% -110% -17%
Net Income (Loss) attributable to controlling equity interest 17 1% (187) -10% 22 2% -109% -22%
Net Income (Loss) attributable to non-controlling equity interest 2 0% 2 0% 2 0% 53% 17%
Depreciation, amortization and depletion 412 25% 506 26% 432 30% -19% -5%
EBITDA 665 40% 1,632 83% 550 38% -59% 21%
Equity - 0% - 0% - 0% 0% 0%
Fair Value of Biological Assets - 0% (66) -3% - 0% 0% -
Fixed Assets disposals 1 0% (609) -31% (8) -1% -100% -109%
Accruals for losses on ICMS credits 25 2% 22 1% 23 2% 15% 7%
Tax Credits/Reversal of provision for contingencies (12) -1% (157) -8% - 0% -92% -
EBITDA adjusted (*) 679 41% 823 42% 565 39% -17% 20%
INCOME STATEMENT - CONSOLIDATED (R$ million)
1Q14 4Q13 1Q13 1Q14 vs 4Q13
(%)
1Q14 vs 1Q13
(%)
1Q14 Results
20

Appendix III Balance Sheet

ASSETS Mar/14 Dec/13 Mar/13 LIABILITIES Mar/14 Dec/13 Mar/13
CURRENT 4,509 5,807 5,418 CURRENT 2,840 4,448 1,987
Cash and cash equivalents 958 1,272 859 Short-term debt 1,454 1,474 819
Securities 802 1,068 1,732 Reclassification related to the redemption - Bond 2020 - 1,498 -
Derivative instruments 31 23 22 Derivative Instruments 80 107 32
Trade accounts receivable, net 410 382 583 Trade Accounts Payable 578 587 412
Inventories 1,398 1,266 1,296 Payroll and related charges 95 129 86
Recoverable taxes 173 201 200 Tax Liability 38 56 38
Assets avaiable for sale 590 590 590 Dividends and Interest attributable to capital payable 2 2 2
Accounts receivable - land and building sold 20 903 - Liabilities related to the assets held for sale 470 470 470
Others 128 103 136 Others 122 125 129
- - -
NON CURRENT 2,967 3,014 2,588 NON CURRENT 7,919 7,811 9,876
Marketable securities 48 48 - Long-term debt 6,990 6,801 9,079
Derivative instruments 87 71 31 Accrued liabilities for legal proceedings 128 129 110
Deferred income taxes 919 968 827 Deferred income taxes , net 241 236 200
Recoverable taxes 760 744 680 Tax Liability 0 - 79
Fostered advance 696 726 719 Derivative instruments 371 451 230
Others 457 457 330 Others 188 194 178
Investments 47 47 41 SHAREHOLDERS' EQUITY - Controlling interest 14,462 14,445 15,155
Property, plant & equipment , net 9,683 9,826 11,007 Issued Share Capital 9,729 9,729 9,729
Biological assets 3,448 3,423 3,307 Capital Reserve 3 3 3
Intangible assets 4,615 4,634 4,697 Statutory Reserve 3,126 3,109 3,837
Equity valuation adjustment 1,614 1,614 1,597
Treasury stock (10) (10) (10)
Non controlling interest 49 46 39
TOTAL SHAREHOLDERS' EQUITY 14,511 14,491 15,194
TOTAL ASSETS 25,270 26,750 27,057 TOTAL LIABILITIES 25,270 26,750 27,057
BALANCE SHEET (R$ million)
1Q14 Results
21

Appendix IV Statement of Cash Flows
1Q14 4Q13 1Q13
INCOME (LOSS) BEFORE TAXES ON INCOME 83 527 52
Adjusted by
(+) Depreciation, depletion and amortization 412 506 432
(+) Unrealized foreign exchange (gains) losses, net (151) 356 (87)
(+) Change in fair value of derivative financial instruments (120) 103 (51)
(+) Fair value of biological assets - (66) -
(+) Gain on sale of investments - Asset Light project - (799) -
(+) (Gain)/loss on disposal of property, plant and equipment 1 190 (8)
(+) Interest and gain and losses in marketable securities (23) (19) (27)
(+) Interest expense 137 138 154
(+) Financial charges of Eurobons "Fibria 2020" partial repurchase transaction 303 7 63
(+) Impairment of recoverable ICMS 25 22 23
(+) Provisions and other 14 28 8
(+) Tax Credits (11) (77) -
(+) Reversal of provision for contingencies - (102) -
Decrease (increase) in assets - - -
Trade accounts receivable (58) 266 163
Inventories (83) 79 (80)
Recoverable taxes (12) (23) (31)
Other assets/advances to suppliers (2) 66 (20)
Increase (decrease) in liabilities - - -
Trade payable 2 (22) (20)
Taxes payable (26) (19) (3)
Payroll, profit sharing and related charges (34) (2) (43)
Other payable (6) 42 (26)
Cash provided by operating activities - - -
Interest received 23 27 56
Interest paid (161) (125) (136)
Income taxes paid (3) (403) (4)
NET CASH PROVIDED BY OPERATING ACTIVITIES 311 699 415
Cash flows from investing activities - - -
Acquisition of property, plant and equipment and forest (305) (317) (241)
Advance for wood acquisition from forestry partnership program 3 (28) (8)
Marketable securities, net 269 (273) 580
Cash from sale of investments - Asset Light project 883 500 -
Proceeds from sale of property, plant and equipment (16) (8) 22
Derivative transactions settled (12) (5) (12)
Others (0) (0) 0
NET CASH USED IN INVESTING ACTIVITIES 821 (131) 341
Cash flows from financing activities - - -
Borrowings 910 137 19
Repayments - principal amount (2,124) (218) (808)
Premium paid in the Eurobonds "Fibria 2020" repurchase transaction (183) (6) (42)
Net of capital increase - - -
Other 3 (0) (3)
NET CASH USED IN FINANCING ACTIVITIES (1,394) (87) (835)
Effect of exchange rate changes on cash and cash equivalents (52) 20 (6)
Net increase (decrease) in cash and cash equivalents (314) 501 (85)
Cash and cash equivalents at beginning of year 1,272 770 (944)
Cash and cash equivalents at end of year 958 1,272 859
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
1Q14 Results
22

Appendix V EBITDA and adjusted EBITDA breakdowns (CVM Instruction 527/2012)
EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss)
in the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company
presents adjusted EBITDA according to CVM Instruction no. 527 of October 4, 2012, adding or subtracting from the
amount the provisions for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair value of biological
assets and tax credits from recovered contingencies to provide better information on its ability to generate cash, pay its
debt and sustain its investments. Neither measurement should be considered as an alternative to the Companys
operating income and cash flows or an indicator of liquidity for the periods presented.

Adjusted EBITDA (R$ million) 1Q14 4Q13 1Q13
Income (loss) of the period 19 (185) 24
(+/-) Financial results, net 170 599 66
(+) Taxes on income 64 713 28
(+) Depreciation, amortization and depletion 412 506 432
EBITDA 665 1,632 550
(-) Fair Value of Biological Assets - (66) -
(+/-) Loss (gain) on disposal of property, plant and equipment 1 (609) (8)
(+) Impairment of recoverable ICMS 25 22 23
(-) Tax credits/reversal of provision for contingencies (12) (157) -
EBITDA Ajustado 679 823 565
1Q14 Results
23

Appendix VI Economic and Operational Data

Exchange Rate (R$/US$) 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12
1Q13 vs
4Q12
1Q13 vs
1Q12
4Q12 vs
3Q12
2Q12 vs
1Q12
1Q12 vs
4Q11
Closing 2.2630 2.3426 2.2300 2.2156 2.0138 2.0435 -3.4% 12.4% 5.0% 10.0% -1.5%
Average 2.3652 2.2755 2.2880 2.0666 1.9966 2.0569 3.9% 18.5% -0.5% 3.5% -2.9%
Pulp sales distribution, by region 1Q14 4Q13 1Q13
1Q14 vs
4Q13
1Q14 vs
1Q13
Last 12
months
Europe 46% 36% 42% 10 p.p. 2 p.p. 41%
North America 19% 30% 22% -12 p.p. -3 p.p. 26%
Asia 26% 26% 26% -0 p.p. -0 p.p. 24%
Brazil / Others 9% 8% 10% 1 p.p. -1 p.p. 9%
Pulp price - FOEX BHKP (US$/t)* Mar-14 Feb-14 Jan-14 Dec-13 Nov-13 Oct-13 Sep-13 Aug-13 Jul-13 Jun-13 May-13 Apr-13
Europe 766 768 770 771 770 770 777 794 810 820 815 807
Financial Indicators Mar/14 Dec/13 Mar/13
Net Debt / Adjusted EBITDA (LTM*) (R$) 2.4 2.8 3.1
Net Debt / Adjusted EBITDA (LTM*) (US$) 2.4 2.6 3.1
Total Debt / Total Capital (gross debt + net equity) 0.4 0.4 0.4
Cash + EBITDA (LTM*) / Short-term Debt 3.0 3.2 5.9
*LTM: Last twelve months
Reconciliation - net income to cash earnings (R$ million) 1Q14 4Q13 1Q13
Net Income (Loss) before income taxes 83 527 52
(+) Depreciation, depletion and amortization 412 506 432
(+) Foreign exchange and unrealized (gains) losses, net (151) 356 (87)
(+) Fair value of financial instruments (120) 103 (51)
(+) Fair value of biological assets - (66) -
(+) Capital gain of investment's leasing - (799) -
(+) Loss (gain) on disposal of Property, Plant and Equipment 1 190 (8)
(+) Interest on Securities, net (23) (19) (27)
(+) Interest on loan accrual 137 138 154
(+) Financial charges on 2020 senior notes tender offer 303 7 63
(+) Accruals for losses on ICMS credits 25 22 23
(+) Provisions and other 14 28 8
(+) Tax Credits (11) (77) -
(+) Reversal of provision for contingencies - (102) -
Cash earnings (R$ million) 670 812 559
Outstanding shares (million) 554 554 554
Cash earnings per share (R$) 1.2 1.5 1.0

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Fibria Celulose S.A.

Unaudited Consolidated Interim Financial

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