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Suzano Pulp and Paper Discloses Consolidated Results for the 2nd Quarter of 2008
Highlights
-- Eucalyptus pulp price increased to
-- Hardwood inventories reached 34 days of supply in May, compared to 35
days in
-- EBITDA record of
-- Net income of
-- Net revenue of R$ 1 billion posts new record;
-- Pulp sale volume of 352 thousand tons;
-- Net Debt / EBITDA ratio drops to 3.19 in June;
-- Cash cost of pulp reduced to R$ 424 / ton;
-- Real appreciates 9.9% in the quarter;
-- Production record of 681 thousand tons of pulp and paper;
-- Announced today the new growth cycle for 2008 / 2015 (read Material Fact released today).
Net revenue recorded in 2Q08 was
The average pulp price reached
The average price of paper was
Pulp price and volume increases raised that product's share in the Company's net revenue to 41% in the 2Q08, compared to 25% in the 2Q07.
In 2Q08, 352.3 thousand tons of pulp were sold, a volume 1.3% higher than that of 1Q08 and 100.4% higher than that recorded in the same period of 2007. The growth compared to the 1Q08 took place due to the development of the learning curve of the Line 2 at Mucuri. In the first semester, 700 thousand tons of pulp were sold, an amount twice as large as that of the first semester of 2007.
Similarly to 1Q08, the growing demand for eucalyptus pulp allowed for absorbing the full additional capacity arising from the start of operations of Line 2 at Mucuri, maintaining our inventories below normal levels.
Printing and writing paper sales were equivalent to 77% of this quarter's sales volume, and reached 218 thousand tons, a 3.2% increase when compared to the 1Q08, and in line with 2Q07. Sales of that product to the domestic market were equivalent to 54%, or 118 thousand tons.
As to cartonboard sales, these were 9% higher than those of the previous quarter, reaching 65 thousand tons. Compared to 2Q07, there was a 4.8% drop. 64.2% of the volume was sold in the domestic market.
Production recorded in the 2Q08 reached a volume of 680.7 thousand tons, of which 400.3 thousand tons were market pulp and 280.4 thousand tons were paper.
Cash cost of the pulp production in Mucuri in the 2Q08, without the cost
of the standing timber, reached
In the 2Q08 the cash generation measured by the Adjusted Ebitda reached
The Adjusted Ebitda in dollars for this quarter was
Net income for the period was
On
The growth of cash generation (last twelve-month Ebitda) for the period,
which reached
In compliance with Paragraph 4 of article 157 of Law No. 6.404/76 and
provisions of the Brazilian Securities and Exchange Commission ("CVM") Edict
No. 358/02,
With the future implementation of these projects, the company's annual pulp production capacity will increase by 4.3 million tons and its overall pulp and paper production capacity will total 7.2 million tons per year.
The projects announced herein include three planned pulp lines and the expansion of the Mucuri Unit:
-- Pulp unit in the south of Maranhao state (1 line).
-- Pulp unit in the of Piaui state (1 line).
-- Expansion of the Mucuri Unit production capacity by de-bottlenecking existing Lines 1 and 2.
-- Additionally, a new pulp line is also planned to be installed in one of the above-mentioned units located in Maranhao, Piaui or another new unit to be defined.
The forecasted installed capacity of each new pulp line, based on technology of current projects, is approximately 1.3 million tons per year. The effective capacity will be determined when the respective engineering projects are prepared based on technology then available.
Conference Call and Webcast on these Results:
In Portuguese:
July 24th - 9 a.m. (Brazil)
Access: +55 11 2188 0188
Password: SUZANO
In English:
July 24th - 11 a.m. (Brazil)
Access: +1 412-858-4600
Password: SUZANO
http://www.suzano.com.br/ri
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