uncertainties that could cause the Company’s actual results to … · 2020. 3. 30. · Certain...
Transcript of uncertainties that could cause the Company’s actual results to … · 2020. 3. 30. · Certain...
Certain statements in this presentation may constitute forward-looking
statements. Such statements are subject to known and unknown risks and
uncertainties that could cause the Company’s actual results to differ materially
from those set forth in the forward-looking statements. These risks include
changes in customer demand for the Company’s products, changes in raw
material costs, seasonal fluctuations in customer orders, pricing actions by
competitors, significant changes in the applicable rates of exchange of the
Brazilian real against the US dollar, and general changes in the economic
environment in Brazil, emerging markets or internationally.
Disclaimer
2
Agenda
Corporate Overview
Forestry Business Unit
Pulp Business Unit
Paper Business Unit
Results
New Growth Cycle
4
12
19
27
35
42
3
Corporate Overview
Suzano Pulp and Paper
Capital markets• Management performance
assessment• Transparency• Funding for growth
• Second largest eucalyptus pulp
producer in the world and one of
the top 10 market pulp producers.
• Leader in the regional paper
market
• Certified plantations and products.
• New growth cycle: from 2.8 to 7.2
million tons per year of paper and
pulp.
• Pulp production costs: one of the
lowest in the world.
• Solid business structure abroad.
• Capital markets presence: free
float of 45%.
Defined controlling group• Reputation• Long term vision
5
Ownership and Management
Professionalmanagement• Capital discipline• Rapid decision-making
process
Balanced and complementary portfolio
Market pulp
(41% of net rev.)
Papers (59% of net revenue)
Printing and Writing (46% of net revenue) Paperboard
(13% of net rev.)Uncoated
(39% of net rev.)
Coated
(7% of net rev.)
2nd largest
eucalyptus pulp
producer in the world
2nd in Brazil
Market share: 27%1st in Brazil
Market share: 20%1st in Brazil
Market share: 26%
R$ 4.0 billion in net revenue
58% in exports / 42% in domestic market
Diversified products and markets
Note: Market share figures include paper imports.
2009 data 6
775 784 915 1,080 1,100 1,100 1,100 1,100425 456 570 640 820
1,650 1,750 1,750
1,300
1,300
1,700
2003 2004 2005 2006 2007 2008 2009 New
growth cycle
Paper Pulp
Note: The effective capacities will depend on the learning curves.
1,7201,485
1,2401,200
1,920
2,750 2,850
7,150
Piauí Unit
Maranhão Unit
New unit
and Mucuri
expansion
Sustainable growth
Suzano’s production capacity has increased by 130%in the last five years. The Company is prepared for a
new growth cycle that will increase its capacity to 7.2
million tons per year of pulp and paper.
7
Corporate structure
BU: Business Unit
SP: Service Providers
Board of Directors (BD)
9 members (4 independent)
BD committees
CEO
Objectives:• Greater focus on customers
• Improved accountability
• Development of leaders
The Business Units model
provides performance and
returns assessments in each
business
Management
Sustainability and Strategy
Audit
SP Operations
SP Finance
SP Human Resources
SP Strategy, Corporate Dev. and IR
Forestry BU Paper BUPulp BU
8
Management model
Operational Excellence
• Six Sigma
• Routine management
• Matrix budgeting
Awards and Certifications
Corporate Risk Management
• COSO1 methodology
• Corporate governance structure
based on committees – direct report
to the directors and Board.
Strategic Planning
• Focused on Value Based
Management (VBM)
• Innovation and R&D
• Sustainability
Alignment of Interests
• Executives compensation based on
EVA metrics
• Higher variable portion in total
compensation
9¹Internal control methodology of the Committee of Sponsoring Organizations of the Treadway Commission
.
Sustainability
FSC – Forest Stewardship Council
CCX – Chicago Climate Exchange WBCSD - World Business Council for Sustainable Development
Triple Bottom Line – GRI approach
Social• Focus on education:
– Public libraries
– Public schools remodeling
– Educational programs
(with ECOFUTURO)
Environment• FSC – forest management and custody
chain management
• CCX e WBCSD member
• ECOFUTURO (Parque das Neblinas)
Financial and Economic
• Growing scale and revenues
• Improving margins and returns
• Solid cash flow generation
10
Growth platform
Competitive
assets with
global scale
Consolidated presence in the
main pulp markets and leader in the
regional paper market
New growth
cycle with
competitive
projects
Consolidated
management
structure and
model
11
Qualified team that combines diversity and focus on execution
Forestry Business Unit
Forestry competitiveness
Brazil: high productivity,
forestry technology, low
production costs and
available areas for
expansion
Forest Planted Planted Planted Native
Harvest cycle (years)
7 8 12 80
Main producers Brazil
Indonesia, Malaysia
and Vietnam
Spain, Portugal, Chile and Uruguay
Canada, Finland
and Sweden
13
44
30
20
1
Eucalyptus Suzano
Acacia Eucalyptus globulus
Pinus
Forest yield (m³/ha/year)
100%
1980 2008
5.5
11
Biotechnology
Classic improvement
Evolution with state-of-the-art technology
Technology innovation• More wood/ ha
• More pulp/ m3
• Higher quality
• Less planting areas
• Lower costs
Productivity (admt¹/ha/year)
29 31
44
21
Biotechnology
Classic
improvement
ClonesMonoprogeny planting
Soils and nutrition
Forest yield evolution (m³/ha/year)
14
1960 1970 1991 1998 2008
¹admt: air dried metric ton
¹ Conpacel: corresponds to 50% of former Ripasa’s areas.
² Does not include infrastructure and available land for planting.
³ Does not include new sites announced, except for land acquired from Vale.
Total preservation area:
239 tsd ha2
Lands and forests
Forests
average
distance:
211 Km
Forests
average
distance:
74 Km
StateOwn land (tsd ha)
Total Planted
São Paulo 89 49
BA and ES 216 125
Minas Gerais 47 22
Maranhão and Piauí 194 38
Conpacel¹ (SP) 51 36
Total SPC³ 597 270
Independent
farmers3 - 92
Suzano’s production is based on 100% renewable eucalyptus planted forests. Preserved native
forest area of approximately 40% of own land.
15
Plants
Ports
Forests
Soil and climate conditions similar to Australia’s facilitated the development of superior clones in Brazil (innovation and R&D)
DNA Suzano: pioneering and innovation
1980 1990 2000
10
25
3540
1980 1990 2000 2013
Forest yield Maranhão
(m³/ha/year)
E.camaldulensis
E.pellita
E.brassiana
16
1%
63%20%
1%
2%
2%
11%
Land use in Brazil
Planted Forest Native Forest Cattle Sugarcane
Corn Soybean Other
Source: BRACELPA / FAO / FBU
1980’s and
90’s: ES
and South
BA
Last frontier: Semiarid (2010’s and
20’s): North and Northeast region
2000’s: Middle-
west and farthest
South
Growth cycles
New forest frontiers
2.0 1.9 2.3
3.6 4.35.2
1
2
4
8
2005 2008 2030
Planted forests in Brazil (area)
Pinus Eucalyptus
5.6 6.6 8.1
Pla
nte
d a
rea
s (
MM
ha
)
1960’s and 70’s:
South and
Southeast
regions
North and Northeast: new expansion
frontiers in eucalyptus’ plantations in
Brazil. Suzano presents technological and
positioning advantage.
Source: IBGE,2007
Planted forests still
represent a small part
of the available area in
Brazil.
17
Forestry Business Unit priorities
Consolidate
operations in
the Northeast
region: states
of Maranhão
and Piauí
Explore new business
opportunities related to the forestry base and Suzano’s competences
Focus on cost
reductions, wood
logistics and
operational
excellence
Long term view
in research and
development and
forestry
technology
18
Pulp Business Unit
Minerals
391
Production 2008 (MM ton)
51%
49%
72%28%
(13% of total fibers)
Mill
ion
To
ns
Printing and Writing
Tissue
Paperboard
Corrugated
Newsprint
Others
Source: Poyry, 2008
Market pulp still represents the smaller part of the fiber used for
paper production.
New paper capacities are being installed near to consumer markets,
while cash cost drives implementation of new pulp capacities.
Overview of the pulp and paper production chain
Global production of
paper and
paperboard
8%
Total fiber needed
3628%
Recycled
185
Virgin fiber
177
Market pulp
50
Integrated pulp
127391
20
8%
204
2745
115
2008
Global paper demand growth (2008-15) of 2.2% per year: Chinese and Latin
American markets, including Brazil, outperform global growth rate.
Pulp demand growth drivers
-0.2%
1.7%
3.3% 3.5%4.5%
2.2%
North America
Europe Latin America
Brazil China Global 2008-15
Annual growth per paper segment
P&W 1.8%
Tissue 3.2%
Mill
ion
To
ns
Printing and Writing
Tissue
Paperboard
Corrugated
Newsprint
Others
Source: Poyry, 2008
391
21
P&W: printing and writing
Paper demand growth (2008-15)
11.8 21.22.5
1Includes world total production of market pulp, not only the highlighted countries.
Source: Hawkins Wright, July/ 09 - Volumes do not include production of unbleached pulp and high yield pulp.
US$ / ton (CIF/ North Europe)
Hardwood Softwood
High Cost
15.2
Low Cost High Cost
Ch
ile
We
st E
uro
pe
Fin
lan
d
Can
ad
a (E
as
t)
Sw
ed
en
Can
ad
a (B
ritish
Co
lum
bia
)
Ch
ile
Ind
on
es
ia
Can
ad
a
Fra
nc
e a
nd
Belg
ium
Ibe
ria, N
orw
ay e
Sw
ed
en
Bra
zil
Fin
lan
d
US
A
550
300
US$ 300 – 310 / t
US$ 450 - 540 / t
US$ 490 - 630 / t
SUZ
650
450
Low Cost
MM ton1
Brazilian pulp cash cost: structurally low
US
A
22
2005 2006 2007 2008 2009
Pulp sales (Kton)
Domestic Market Exports
549 615799
1,320
1,780
45%
33%
7%
1%14%
Pulp sales destinations – 2009
Asia EuropeNorth Am. South/Central Am.Brazil
84% 81% 78%
80%
86%
16% 19% 22% 20% 14%
23
• Total production capacity of 2.6 million tons per year. Market pulp represents 1.8 million
tons.
• Sales of 1,780 Kton in 2009
• Net revenue of R$ 1,609 million in 2009
• 86% of total sales destined to exports: more than 40 countries, China being the main
destination
• Production cash cost: one of the lowest worldwide
• Organic growth projects increasing capacity by 4.3 million tons per year in the next years
Pulp Business Unit highlights
80%
20%
Sales distribution
With contracts Without contracts
Commercial approach
41%
28%
19%
12%
Sales per segment - 2009
P&W Tissue Special Other
• Local presence in international markets: Asia, Europe and North America
• Technical support in each international office.
• Strong presence in China, with close market relationships and long term contracts
• FSC certified pulp
• More than 150 active clients
24P&W: printing and writing
Pulp Business Unit priorities
Focus on
operations:
cost and
logistics
efficiency
Local presence in main global
markets
Start up of the
MA and PI
projects – new
growth frontier
in Brazil
25
Paper Business Unit
204 209 239
27 293445 4753115 114
130
2008 2010 2015
Global paper demand (MM ton)
Other Tissue Paperboard P&W
• Global paper demand growth (2008-2015) of 2.2% per year: – P&W: +1.8% p.y.– Paperboard: +2.3 % p.y.
• Industry is still considered fragmented, but with significant regional concentration
• Emerging markets lead the supply and demand growth
P&W – Printing and writing / Paperboard includes Liquid paperboard
Source: Poyry – March, 2009
Suzano’s
focus
456398391
Global paper demand
27
Paper consumption x GDP per capita
Historically, there is a high correlation between GDP per capita and paper
consumption. In Brazil, the positive economic growth forecasts represent
an important driver for the domestic paper demand.
Education
Digital printing
Customized
media
Smart
packaging
Electronic
media
Plastics
Source: Poyry, 2008
0
50
100
150
200
250
300
350
0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000
GDP per capita, US$
Consumption, kg per capita
Japan
China
USA
Sweden
Spain
Korea, Rep.
UK
Taiwan
Brazil
India = 7kg USA = 300kg
28
Demand growth drivers
¹P&W: printing and writing / PB: paperboard and liquid paperboard
Source: RISI Latin America Forecast – August/09
Brazil and Latin America: Suzano’s main markets
8.2 7.8 8.09.4
2008 2009 2010 2014
P&W and PB¹ demand (MM ton)Latin America
• Economic growth and increase in the
industrial activity
• Education level improvement and
access to new technologies
• The P&W and PB demand is
expected to grow at a rate of 4.1%,
from 2010 to 2014: outperforming
the capacity increase in the region
• Latin America: net importing region
• Competitive advantage: geographic
proximity, lower logistic costs and
shorter lead times
29
The markets in which Suzano
operates correspond to 31%of total consumption, or
2.6 million tons.
Main seasonal factors in the domestic paper demand:
• Government purchases for textbooks
• Notebook exports
• Back to school season
• Year end holidays (packaging)
Paperboard does not include liquid paperboard
Source: Bracelpa – 2009
Paper in Brazil
25%
6%
48%
10%
5%6%
Brazilian paper consumption
Printing & Writing PaperboardWrapping TissueOther Newsprint
30
More than 90% integrated production (pulp + paper)
Paper Business in Suzano
• Fx hedge: approximately 60% of paper
revenue in local currency
• Hedge against the cyclicality of pulp prices
• Operational synergies: drying / repulping,
transport, taxes, environmental
infrastructure synergies
• Production capacity of 1.1 million ton
per year
• Approximately 400 clients, 300 in Brazil
• 5 productive plants
• 10 paper machines
• Strong brands: Report, Reciclato,
Paperfect and others
• 2 paper merchants
31
2004 2005 2006 2007 2008 2009
Paper sales (Kton)
Domestic Market Exports
Paper Business Unit highlights
38%
37% 41% 43%
42%53%
62% 58%63% 59% 57% 47%
794916
1,071 1,098 1,162 1,116
53%
13%
11%
12%
11%
Paper sales destination – 2009
Brazil South/Central Am.North Am. EuropeOther
• Net revenue of R$ 2.3 billion in 2009
• Brazil and Latin America represent approximately 70% of total sales
• Profitability and risks define sales distribution in different regions
• Leadership in Printing & Writing and white paperboard in South America
• 2 own paper merchants – SPP NEMO (2nd largest in Brazil) and Stenfar (Argentina)
• Complementary graphic and consumption portfolio
32
Paper Business Unit priorities
Portfolio
management,
sales and regional
mix, focusing on
operational margin
and return
Regional leadership in the main white paper
segments
Logistics and
commercial
approach
excellence
Discipline in
growth
opportunities
assessments
33
Results
Results 2009 2008 2009/2008
Sales volume (Kton) 2,896 2,482 16.7%
Paper sales – domestic market (Kton) 591 658 -10.1%
Pulp sales – exports (Kton) 1,519 1,089 39.6%
Net revenue - R$ Million 3,953 4,064 -2.7%
Net income - R$ Million 878 (451) n.a.
EBITDA - R$ Million 1,021 1,469 -30.5%
EBITDA - US$ Million 511 800 -36.2%
EBITDA margin 25.8% 36.2% -10.3 p.p.
Average exchange rate (R$/US$) 2.00 1.84 8.9%
Net debt 3,966 5,459 -27.4%
Net debt / EBITDA (LTM) 3.9 3.7 n.a.
Note: Since 2008, contemplates the adjustments of Law 11.638/07
Results 2009
35
2004 2005 2006 2007 2008 2009
Net Revenue (R$ million)
Domestic market Exports
2,640 2,7873,099
3,410
4,064
49% 47%42% 47%
54%
51% 53% 58% 53% 46%
58%
42%
3,953
Note: the adjustments of Law 11.638/07 are contemplated since 2008.
1,039 913 1,040 1,1461,469
1,021
39.4%
32.8% 33.5% 33.6% 36.2%
25.8%
2004 2005 2006 2007 2008 2009
EBITDA
EBITDA - R$ million EBITDA Margin
Net revenue and EBITDA
36
1,6162,475
3,919 4,285
5,459
3,966
1,039 913 1,040 1,146 1,4691,021
1.6
2.7
3.8 3.7 3.73.9
2004 2005 2006 2007 2008 2009
Net Debt EBITDA (R$ MM) Net Debt/EBITDA
Implementation
of Mucuri project
(Line 2)
Debt profile
Note: the adjustments of Law 11.638/07 are contemplated since 2008.
Acquisition
of Ripasa
Start up of line
2 at Mucuri
37
Adequate debt amortization schedule and liquidity profile:
• R$ 2.5 billion in cash (2009)
• Competitive debt costs
• Fitch affirms Suzano’s rating: AA- (bra) in May/09
Debt amortization schedule
2,533
1,4021,008
1,394
623900
410762
Cash 2010 2011 2012 2013 2014 2015 2016 onwards
Amortization schedule (R$ million)
38
Capital markets
Increasing daily number of trades and recovery of higher average daily volumes
39
17 16 14 13 17 11 14 11 11 9 5 5 6 5 4 7 15 13 12 16 16 18 18 17
414 408 440 456 628
433 621
505
714 790 637 618 635 676
820 787
1,198 1,319
1,061
1,534 1,434
2,033
1,644
1,289
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
-
2
4
6
8
10
12
14
16
18
20
jan/0
8
feb
/08
mar/
08
ap
r/08
may/0
8
jun/0
8
jul/08
aug
/08
sep
/08
oct/
08
no
v/0
8
dec/0
8
jan/0
9
feb
/09
mar/
09
ap
r/09
may/0
9
jun/0
9
jul/09
aug
/09
sep
/09
oct/
09
no
v/0
9
dec/0
9
Avg. Daily Volume Number of Trades (Daily)
Stock performance
40
70%
90%
110%
130%
150%
170%
190%
210%
Stock Performance(2009)
176.3 (SUZB5)182.7 (IBOV)
172.4 (IBrX50)
New Growth Cycle
1,100 1,100 1,100 1,100 1,100 1,100 1,100
1,750 1,750 1,750 1,7503,050
4,3506,050
2009 2010 2011 2012 2013 2014 tbd
Paper Pulp
2,850 2,850 2,850 2,850
4,150
5,450
7,150
Piauí
UnitMaranhão
Unit
New unit and
Mucuri
expansion
Mucuri Unit and new pulp line: analysis of the global economy and pulp market outlook
Definition on the new implementation schedule and start up dates until the end of 2009
New growth cycle
Considering the new projects, pulp annual
capacity will increase 4.3 million tons and the
total installed capacity will reach 7.2 million
tons per year.
421 The effective capacity will depend on the learning curves
25%
40%
35%
Vale Forestry Assets Vale Florestar Program
Own Land
Wood supply (2013-2028)
• Acquisition of Vale’s forestry assets in
Maranhão: 84,5 thousand ha of land
(34,5 thousand ha already planted)
• Acquisition of eucalyptus timber from the
Vale Florestar Program, starting in 2014
until 2028
• Technology cooperation agreement
• Railroad transportation for the pulp
output to the port region of São Luiz until
2043.
• Start up in 2013 ensured with Vale’s
forestry assets (planted forest) – on a
competitive basis
Necessary planted area: 133 tsd ha
US$ 1,8 Billion
2009 to 2015
Forestry Capex Industrial CapexUS$ 200 Million
2011 to 2014
Maranhão Unit
Final agreements with Vale in July 2009:
43
Own lands70%
Independent farmers
30%
Wood supply(2015 onwards)
• Final agreement with Transnordestina in July 2009:
• Railroad transportation for the pulp output from Piauí to the port region of São Luiz until 2028
• Planting already started in MA
licensed area
• Start up of Piauí unit scheduled for
2014, ensured with 5.5 years old
forest
US$ 1,8 Billion
2009 to 2015
Forestry Capex Industrial CapexUS$ 370 Million
2012 to 2015
Necessary planted area: 160 tsd ha
Piauí Unit
44
Maranhão Unit Piauí Unit
Maranhão and Piauí units
45
Leadership
Competitiveness
Vision
Management
Capital
structure
Key messages
Leading player in the regional paper market and one of the top
10 market pulp producers
One of the lowest cash costs in the world
Solid organic growth strategy
Consolidated management structure/model and alignment with
shareholders
Disciplined capital structure management
46
Investor Relations
www.suzano.com.br/ri
+55 (11) 3503-9061
47
Experience of 35 years in the pulp and paper industry. CEO of Suzano Holding S/A and Chairman of the Board of Directors of Suzano
Pulp and Paper S/A. CEO of IPLF Holding. CEO and Vice President of the Board of Directors of Polpar S/A. Vice President of
Premesa S/A and Vocal.
Experience of 34 years in the pulp and paper industry. Vice President FIESP. Member of ABRINQ and EMBRAER’s Board of
Directors. Member of BRACELPA’s Advisory Board. Former member of the Association Committee of Foreign Trade of Brazil and
Chairperson of the Advisory Committee on Paper and Wood Products of Food and Agriculture UN organization in Rome.
Coordinator of Sustainability and Strategy Committee and member of Audit Committee and member of the Compensation
Commission of the Board of Directors; Former president of the board and CEO of Hoechst of Brazil and senior executive of Hoechst
AG, Frankfurt. Member of RBS Group’s Board of Directors, of Cyrela Brazil Realty, of OGX, of Chemical Group DSM/Holanda,
President of Renner Stores’ Board of Directors.
Experience of 31 years in the pulp and paper industry. Member of Sustainability and Strategy Committee, Chairman of Polpar’s
Board of Directors, President of Premesa, Corporate VP of Suzano Holding, the IPLF Holding, President of Vocal, Chairman of
Lazam-MDS Insurance Brokers and Administrator’s Board of Directors, Chairman of Ecofuturo Institute’s Board of Directors.
Experience of 30 years in the pulp and paper industry. Member of the Board and the Committee of Sustainability and Strategy;
Director of Premesa, Corporate VP of Suzano Holding, a member of Lazam MDS Insurance Brokers and Administrator’s Board of
Directors and VP and Director of the Council of Ecofuturo Institute.
Senior partner of Machado, Meyer, and Sendacz Opice Lawyers and Director of OAB, Brazil. President of CESA.Former Legal
Adviser and Chairman of the Legislative Committee of the American Chamber of Commerce and Director of ABRASCA’s Legislative
Committee. Former Justice Secretary for the State of São Paulo. (Independent)
Senior partner of Integra Associates. Member of Gerdau SA’s Board of Directors, Gerdau Metallurgical, Satipel Industrial SA, RBS
Group, Sao Paulo Alpargatas, Locates, Delphi Corporation (USA) and Johnson Electric (Hong Kong); Board Member of Brazil's
Bunge, Brazil and Alcoa Veirano Assoc. Oscar was President of Bunge International and managing partner in Booz-Allen & Hamilton.
(Independent)
Coordinator of Suzano Pulp and Paper’s Audit Committee. Former General Manager of WTORRE and President of TAM Airlines.
Member of TAM and Daycoval Bank Board of Directors. (Independent)
Chairman of Board of Directors of Perdigão. Board member of WEG SA, Ultrapar Participações SA and Iochpe-Maxion SA. Former
Director of the National Bank for Economic and Social Development - BNDES, and General Director of Corporate Group Iochpe-
Maxion Industrial Holding. (Independent)
Experienced and active Board of Directors
DAVID FEFFER, 53
Chairman
DANIEL FEFFER, 50
Vice Chairman
BORIS TABACOF, 81
Vice Chairman
CLÁUDIO SONDER, 67
ANTONIO MEYER, 63
OSCAR BERNARDES, 63
MARCO BOLOGNA, 54
NILDEMAR SECCHES, 61
JORGE FEFFER, 49
48
Chief Executive Officer, 3 years at Suzano. Board of Directors’ Member of Archer Daniels Midland Company – ADM and of Marfrig.
BRACELPA’s VP. Former Board of Directors’ member of SEBRAE, Gradiente, Crecisa and Amcham. Former chaiman of Ford Brasil
and Ford Latin America, Itamarati Group, Ferronorte and Cecrisa and Executive of Petrobrás and of the Federal Government.
Mechanical Engineer graduated at UFRJ.
Strategy, Corporate Development and Investor Relations Executive Officer, 6 years at Suzano. Former Paper Business Unit
Executive Officer (2005-08). Former Executive of JPMorgan in Brazil and NY (Investment Banking Global and Latin America),
Chase Manhattan and Banco Patrimônio/Salomon Brothers. Graduated in Business Administration at FGV.
Chief Operation Officer, 5 years at Suzano. Has worked as Expansion Project Director of Mucuri Unit. Former executive of Dow
Chemical Company, in Brazil, USA and Europe. Post-Graduated in Business Administration at FIA/USP.
Chief Financial Officer, responsible for Legal, 14 years at Suzano. Has worked at pulp and paper sector for 29 years. Former
Director, Executive Vice-President and member of the Board of Directors of Vale. PhD in Business Administration graduated at
University of California, Berkeley.
Forest Business Unit Executive Officer, 2 years at Suzano. Former executive of Champion Pulp and Paper and International Paper
in Brazil and USA. Post graduated in Forest Science and Wood Technology at USP – Piracicaba.
Paper Business Unit Executive Officer, 6 years at Suzano. Former Executive Manager of Suzano’s Pulp Business Unit and Sales
General Manager for Latin America at General Electric, at the Industrial Systems Division. MBA degree at Ibmec São Paulo.
Human Resources Area Executive Officer, joined Suzano in 2008. Former Human Resources Manager of Operations in General
Electric in Brazil and abroad, Global HR Director for Information Technology in the United States and HR Director for Mexico and
Latin America. Former Executive of Carioca Engenharia, CR Almeida, and Bureau Veritas. Post Graduated in Business
Administration at COPPEAD.
Pulp Business Unit Executive Officer, joined Suzano in 2009. Former CEO of European operations of RGM Group and
commercial director of Aracruz. Graduated in Business Administration at Fundação Getúlio Vargas.
ANTONIO MACIEL
NETO, 52
BERNARDO
SZPIGEL, 64
ANDRÉ DORF, 36
ERNESTO
POUSADA, 42
JOÃO COMÉRIO, 44
CARLOS ANIBAL, 40
CARLOS GRINER, 46
ALEXANDRE
YAMBANIS, 58
49
Distinguished management team