EARNINGS

2Q14
KLBN11
HIGHLIGHTS
2

NET REVENUE

R$1,151
million
Net revenue of R$1,151 million, 5% up on 2Q13. In 6M14, net
revenue totaled R$2,355 million, 9% more than in 6M13;
SALES VOLUME

419 thousand
tonnes
Sales volume came to 419 thousand tonnes, impacted by the
stoppage for maintenance and the remodeling of Paper Machine 9
in Monte Alegre (PR). First-half sales volume totaled 861 thousand
tonnes, virtually identical to the 6M13 figure;
ADJUSTED EBITDA

R$334 million
Adjusted EBITDA of R$334 million, with a margin of 29%, 8% up
on 2Q13. In 6M14, EBITDA grew by 9% to R$758 million;
DEBT

1.7 x
Net debt/EBITDA ratio of 1.7 x at the close of June, identical to the
1Q14 figure;
CAPACITY INCREASE

Coated Boards
In June, Klabin installed equipment to increase Paper Machine 9s
coated board capacity by 50 thousand tonnes per year.
SALES
3
Sales volume
(excluding wood tsd tonnes)
Net revenue
(R$ million)
Domestic market Exports
Domestic market Exports
Sales volume
(excluding wood tsd tonnes)
Coated
boards
36%
Corrugated
boxes
33%
Kraftliner
22%
Industrial
bags
8%
Others
1%
Sales volume by product
6M14
6M13 6M14
68%
30%
70%
32%
860
861
Net revenue
(R$ million)
Coated
boards
34%
Corrugated
boxes
32%
Kraftliner
13%
Industrial
bags
12%
Wood logs
8%
Others
1%
Net revenue by product
6M14
Domestic market Exports
6M13 6M14
75%
24%
76%
25%
2,160
2,355
UNIT CASH COST
R$/tonne
1,975
2Q14*
1,782
1Q14
1,849
2Q13*
+6,8%
4
*Value includes cost of stoppage for maintenance
EBITDA
5
LTM: Last Twelve Months
Sales Volume LTM
(excluding wood million tonnes)
Adjusted EBITDA LTM
(R$ million)
922
939
1,027
1,089
1,180
1,286
1,351
1,424
1,452
1,504
1,562
1,602
1,627
400
600
800
1,000
1,200
1,400
1,600
1,800
Ajusted EBITDA LTM
(R$ million)
1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.8 1.8 1.8
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14
NET DEBT
6
2
,
0
0
2

1
,
8
9
3

2
,
3
1
3

2
,
7
3
5

2
,
6
7
4

3
,
0
1
4

3
,
0
9
0

3
,
2
7
8

3
,
1
3
6

3
,
4
3
7

3
,
5
9
5

3
,
9
8
5

2
,
7
1
1

2
,
8
2
4

2.1
2.0
2.4
2.5
2.3
2.5
2.4
2.5
2.2
2.4 2.4
2.6
1.7 1.7
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14
Net debt
(R$ million)
Net Debt Net Debt / EBITDA (LTM)
Expansion Projects Additional capacity
Recycled paper machine - Goiana 110,000 tonnes
Recently approved - Angatuba e Piracicaba
50,000 tonnes
Puma Project 1,5 million tonnes
Total capex already invested in Puma: R$ 911 million
CAPEX
7
R$ million 2Q14 6M14
Forestry 22 45
Maintenance 85 149
Special projects and growth 82 151
Puma Project 464 813
Total 653 1,158
k l a b i n . c o m . b r
Thank You!