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Equity (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity |
Schedule of share capital |
|  | Common Shares |
Shareholder |  | Number |  | (%)
Suzano Holding S.A. |  | 367,612,234 |  | 33.24 | %
Controlling Shareholders |  | 185,693,440 |  | 16.80 | %
Subtotal |  | 553,305,674 |  | 50.04 | %
Management |  | 69,918,251 |  | 6.32 | %
Treasury |  | 12,042,004 |  | 1.09 | %
BNDESPAR |  | 75,909,985 |  | 6.86 | %
Mondrian Investment Partners |  | 72,878,900 |  | 6.59 | %
Other shareholders |  | 321,771,331 |  | 29.10 | %
Total |  | 1,105,826,145 |  | 100.00 | %
Schedule of treasury shares |
|  |  |  |  |  |  |  |  |  |  |  | Average price
|  | Number of shares |  |  |  | per share
|  | Ordinary |  | Pref. A |  | Pref. B |  | Total |  | R$ |  | (R$)
Balance on December 31, 2016 |  | 6,786,194 |  | 8,846,932 |  | 1,912,532 |  | 17,545,658 |  | 273,665 |  | 15.60
Shares sold (a) |  | — |  | (1,800,000) |  | — |  | (1,800,000) |  | (15,552) |  | 8.64
Shares transferred (b) |  | 7,055,810 |  | (7,055,810) |  | — |  | — |  | — |  | —
Shares canceled (c) |  | — |  | — |  | (1,912,532) |  | (1,912,532) |  | (17,107) |  | 8.94
Repurchase of shares (d) |  | — |  | 8,878 |  | — |  | 8,878 |  | 82 |  | 9.24
Balance on 12/31/2017 |  | 13,842,004 |  | — |  | — |  | 13,842,004 |  | 241,088 |  | 17.42
Shares sold (a) |  | (1,800,000) |  | — |  | — |  | (1,800,000) |  | (22,823) |  | 12.68
Balance on 12/31/2018 |  | 12,042,004 |  | — |  | — |  | 12,042,004 |  | 218,265 |  | 18.13
| (a) |  | Treasury shares used to meet the share-based compensation plan (Note 23).
| (b) |  | On September 29, 2017, the Company approved the proposal for migration to the Novo Mercado Listing Segment of B3 S.A. — Brasil, Bolsa, Balcão (“B3”) and the consequent conversion of all preferred shares issued by the Company into common shares at the ratio of one (1) preferred share, class “A” or class “B”, for one (1) common share.
| (c) |  | On April 28, 2017, the Annual and Extraordinary Shareholders Meeting approved the cancellation of 1,912,532 class “B” preferred shares.
| (d) |  | Repurchase of shares related to withdrawal rights exercised by shareholders who did not adhere to the conversion of preferred shares to common shares.
Schedule of other reserves |
|  |  |  |  |  | Exchange |  |  |  |
|  | Conversion of |  |  |  | variation/ |  |  |  |
|  | debentures - |  | Actuarial |  | Conversion |  |  |  |
|  | 5 th issue |  | gains/losses (a) |  | reserves |  | Deemed cost (a) |  | Total
Balances on December 31, 2016 |  | (45,745) |  | (55,503) |  | (11,384) |  | 2,427,199 |  | 2,314,567
Actuarial losses net of deferred income and social contribution taxes |  | — |  | 2,754 |  | — |  | — |  | 2,754
Gains from conversion of operations abroad |  | — |  | — |  | 38,006 |  | — |  | 38,006
Partial realization of cost adjustment attributed to assets, net of deferred income and social contribution taxes |  | — |  | — |  | — |  | (56,999) |  | (56,999)
Balances on December 31, 2017 |  | (45,745) |  | (52,749) |  | 26,622 |  | 2,370,200 |  | 2,298,328
Actuarial gain of deferred income tax and social contribution |  | — |  | (45,741) |  | — |  | — |  | (45,741)
Gains from conversion of operations abroad |  | — |  | — |  | 137,546 |  | — |  | 137,546
Partial realization of cost adjustment attributed to assets, net of deferred income and social contribution taxes |  | — |  | — |  | — |  | (68,424) |  | (68,424)
Balances on December 31, 2018 |  | (45,745) |  | (98,490) |  | 164,168 |  | 2,301,776 |  | 2,321,708
| (a) |  | Net of deferred tax effects
Schedule of basic earnings (losses) per share |
|  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2016
Earnings attributed to shareholders |  | 319,814 |  | 1,820,994 |  | 1,677,815
Weighted average number of shares in the year |  | 1,105,826 |  | 1,106,297 |  | 1,107,739
Weighted average treasury shares |  | (12,333) |  | (14,597) |  | (17,696)
Weighted average number of outstanding shares |  | 1,093,493 |  | 1,091,700 |  | 1,090,043
Total basic earnings per common share |  | 0.29236 |  | 1.66804 |  | 1.53922
Schedule of diluted earnings (losses) per share |
|  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2016
Earnings attributed to shareholders |  | 319,814 |  | 1,820,994 |  | 1,677,815
Weighted average number of shares in the year |  | 1,093,493 |  | 1,091,700 |  | 1,090,043
Adjustment by stock options |  | 1,386 |  | 2,428 |  | 3,493
Weighted average number of shares (diluted) |  | 1,094,879 |  | 1,094,128 |  | 1,093,536
Total diluted earnings per common share |  | 0.29199 |  | 1.66433 |  | 1.53430
Schedule of allocation of net income and dividends | On December 31, 2018, based on the criteria defined in the bylaws, mandatory minimum dividends were determined based on item i)
|  | 12/31/2018
Net income for the year |  | 318,339
Accrual of legal reserve – 5% |  | (15,917)
Accrual of reserve for tax incentives |  | (288,557)
Dividend calculation base |  | 13,865
Minimum mandatory dividends – 25% |  | 3,466
As a proposal of the Management, the amount of R$ 600,000 of total dividends will be submitted to Annual General Meeting/Extraordinary approval. The portion exceeding the mandatory minimum dividends, if approved, will be allocated to the profit reserves. On December 31, 2017, the Company calculated dividends as follows:
|  | 12/31/2017
Net Income for the year |  | 1,807,433
Accrual of legal reserve - 5% |  | (90,372)
Accrual of reserve for tax incentives |  | (196,604)
Dividend calculation base |  | 1,520,457
Minimum mandatory dividends - 25% |  | 380,115
Dividends paid in advance as interest on own capital |  | (199,835)
|  | 180,280
The Company revised the calculation of the proposed dividends for the fiscal year ended December 31, 2017 as follows:
Article 26, c), i)
Net Income under statutary book for the year |  | 1,807,433 |
Net Income Allocation: |  |  |
Legal Reserve 5% - Art. 31, "a" of the Bylaws and Art. 193 of Federal Law 6,404/76 |  | 90,372 |
Tax Incentive Result (Profit from Exploration) Art. 19 of Decree 1,598/77 |  | 196,604 |
Dividend distribution base |  | 1,520,458 |
Proposed dividends |  | 380,115 |
Interest on own capital |  | 199,835 |
(-) Withholding Income Tax on interest on own capital |  | (29,975) |
Minimum mandatory dividends payable |  | 210,255 |
Article 26, c), ii)
Net Income under statutary book for the year |  | 1,807,433 |
(-) Financial income |  | (379,049) |
(+) Financial expenses |  | 1,397,889 |
(+) Depreciation/Amortization/Depletion |  | 1,402,778 |
(+) IRPJ / CSLL |  | 431,632 |
EBITDA |  | 4,660,683 |
(-) Fair Value of Biological Assets |  | (192,504) |
(+) Other non-recurring adjustments |  | 146,720 |
Adjusted EBITDA* |  | 4,614,899 |
(-) Sustaining CAPEX |  | (1,099,771) |
Operating Cash Generation - GCO |  | 3,515,128 |
Dividends - Art 26, "c" of the Bylaws |  | 351,513 |
Interest on equity |  | 199,835 |
(-) Withholding Income Tax on interest on own capital |  | (29,975) |
Minimum mandatory dividends payable |  | 181,653 |

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