XML 130 R35.htm IDEA: XBRL DOCUMENT
v3.19.1

Information by Segment and Geographic Areas | 12 Months Ended
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Dec. 31, 2018
Information by Segment and Geographic Areas |
Information by Segment and Geographic Areas | 28. Information by Segment and Geographic Areas 28.1. Criteria for identifying operating segments The Company evaluates the performance of its business segments through the operating result. The information presented under “Not Segmented” is related to income statement and balance sheet items not directly attributed to the pulp and paper segments, such as, net financial result and income and social contribution taxes expenses, in addition to the balance sheet classification items of assets and liabilities. The operating segments defined by Management are as follows: i) Pulp: comprises production and sale of hardwood eucalyptus pulp and fluff mainly to supply the foreign market, with any surplus sold in the domestic market. ii) Paper: comprises production and sale of paper to meet the demands of both domestic and foreign markets. Sales of the consumer goods segment (tissue) are classified in this segment due to the segment’s immateriality. 28.2. Information on operating segments
|  | 12/31/2018 |
|  |  |  |  |  | Not |  |  |
|  | Pulp |  | Paper |  | segmented |  | Total |
Net sales revenue |  | 8,783,272 |  | 4,660,104 |  | — |  | 13,443,376 |
Domestic market (Brazil) |  | 744,566 |  | 3,307,076 |  | — |  | 4,051,642 |
Foreign market |  | 8,038,706 |  | 1,353,028 |  | — |  | 9,391,734 |
Asia |  | 3,837,998 |  | 101,695 |  | — |  | 3,939,693 |
Europe |  | 2,810,899 |  | 225,111 |  | — |  | 3,036,010 |
North America |  | 1,340,907 |  | 210,831 |  | — |  | 1,551,738 |
South and Central America |  | 48,902 |  | 774,730 |  | — |  | 823,632 |
Africa |  | — |  | 40,661 |  | — |  | 40,661 |
Cost of sales |  | (3,965,912) |  | (2,956,419) |  | — |  | (6,922,331) |
Gross profit |  | 4,817,360 |  | 1,703,685 |  | — |  | 6,521,045 |
Gross margin (%) |  | 54.8 | % | 36.6 | % | — |  | 48.5 | %
Operating income (expenses) |  | (626,887) |  | (886,347) |  | — |  | (1,513,234) |
Selling expenses |  | (212,869) |  | (385,857) |  | — |  | (598,726) |
General and administrative expenses |  | (275,859) |  | (549,350) |  | — |  | (825,209) |
Other operating income (expenses), net |  | (138,159) |  | 41,284 |  | — |  | (96,875) |
Equity pick-up |  | — |  | 7,576 |  | — |  | 7,576 |
Operating profit before net financial income |  | 4,190,473 |  | 817,337 |  | — |  | 5,007,811 |
Operating margin (%) |  | 47.7 | % | 17.5 | % | — |  | 37.3 | %
Financial result, net |  | — |  | — |  | (4,842,513) |  | (4,842,513) |
Income (loss) before income taxes |  | 4,190,473 |  | 817,337 |  | (4,842,513) |  | 165,298 |
Income taxes |  | — |  | — |  | 154,516 |  | 154,516 |
Net income (loss) for the year |  | 4,190,473 |  | 817,337 |  | (4,687,997) |  | 319,814 |
Profit margin for the year (%) |  | 47.7 | % | 17.5 | % | — |  | 2.5 | %
Depreciation, depletion and amortization |  | 1,105,381 |  | 457,842 |  | — |  | 1,563,223 |
Total assets |  | 19,798,067 |  | 7,487,686 |  | 26,646,891 |  | 53,932,644 |
Total liabilities |  | 670,041 |  | 701,802 |  | 40,534,866 |  | 41,906,709 |
Controlling interest equity |  | — |  | — |  | 12,012,007 |  | 12,012,007 |
Non-controlling interest in subsidiaries' equity |  | — |  | — |  | 13,928 |  | 13,928 |
Total equity |  | — |  | — |  | 12,025,935 |  | 12,025,935 |
Products sold (in tons) |  | 3,225,719 |  | 1,255,637 |  | — |  | 4,481,356 |
Foreign market |  | 2,927,714 |  | 377,263 |  | — |  | 3,304,977 |
Domestic market (Brazil) |  | 298,005 |  | 878,374 |  | — |  | 1,176,379 |
|  | 12/31/2017 |
|  |  |  |  |  | Not |  |  |
|  | Pulp |  | Paper |  | segmented |  | Total |
Net sales revenue |  | 6,920,494 |  | 3,660,179 |  | — |  | 10,580,673 |
Domestic market (Brazil) |  | 624,320 |  | 2,597,838 |  | — |  | 3,222,158 |
Foreign market |  | 6,296,174 |  | 1,062,341 |  | — |  | 7,358,515 |
Asia |  | 2,976,504 |  | 32,950 |  | — |  | 3,009,454 |
Europe |  | 2,262,162 |  | 139,572 |  | — |  | 2,401,734 |
North America |  | 966,789 |  | 254,971 |  | — |  | 1,221,760 |
South and Central America |  | 90,719 |  | 608,445 |  | — |  | 699,164 |
Africa |  | — |  | 26,404 |  | — |  | 26,404 |
Cost of sales |  | (3,937,036) |  | (2,559,268) |  | — |  | (6,496,304) |
Gross profit |  | 2,983,458 |  | 1,100,911 |  | — |  | 4,084,369 |
Gross margin (%) |  | 43.1 | % | 30.1 | % | — |  | 38.6 | %
Operating income (expenses) |  | (104,985) |  | (749,449) |  | 48,517 |  | (805,917) |
Selling expenses |  | (163,879) |  | (259,446) |  | — |  | (423,325) |
General and administrative expenses |  | (185,141) |  | (343,833) |  | — |  | (528,974) |
Other operating income (expenses), net |  | 244,035 |  | (152,042) |  | 48,517 |  | 140,510 |
Equity pick-up |  | — |  | 5,872 |  | — |  | 5,872 |
Operating profit before net financial income |  | 2,878,473 |  | 351,462 |  | 48,517 |  | 3,278,452 |
Operating margin (%) |  | 41.6 | % | 9.6 | % | — | % | 31.0 | %
Financial result, net |  | — |  | — |  | (1,018,840) |  | (1,018,840) |
Income (loss) before income taxes |  | 2,878,473 |  | 351,462 |  | (970,323) |  | 2,259,612 |
Income taxes |  | — |  | — |  | (438,618) |  | (438,618) |
Net income (loss) for the year |  | 2,878,473 |  | 351,462 |  | (1,408,941) |  | 1,820,994 |
Profit margin for the year (%) |  | 41.6 | % | 9.6 | % | — |  | 17.2 | %
Depreciation, depletion and amortization |  | 1,007,280 |  | 395,498 |  | — |  | 1,402,778 |
Total assets |  | 18,901,493 |  | 6,336,499 |  | 3,288,203 |  | 28,526,195 |
Total liabilities |  | 637,451 |  | 643,594 |  | 15,628,539 |  | 16,909,584 |
Controlling interest equity |  | — |  | — |  | 11,616,611 |  | 11,616,611 |
Non-controlling interest in subsidiaries' equity |  | — |  | — |  | — |  | — |
Total equity |  | — |  | — |  | 11,616,611 |  | 11,616,611 |
Products sold (in tons) |  | 3,631,831 |  | 1,190,108 |  | — |  | 4,821,938 |
Foreign market |  | 3,255,329 |  | 374,190 |  | — |  | 3,629,519 |
Domestic market (Brazil) |  | 376,502 |  | 815,917 |  | — |  | 1,192,419 |
|  | 12/31/2016 |
|  |  |  |  |  | Not |  |  |
|  | Pulp |  | Paper | segmented |  | Total |
Net sales revenue |  | 6,144,123 |  | 3,695,039 |  | — |  | 9,839,162 |
Domestic market (Brazil) |  | 703,820 |  | 2,572,428 |  | — |  | 3,276,248 |
Foreign market |  | 5,440,303 |  | 1,122,611 |  | — |  | 6,562,914 |
Asia |  | 2,502,344 |  | 32,054 |  | — |  | 2,534,398 |
Europe |  | 1,962,469 |  | 143,036 |  | — |  | 2,105,505 |
North America |  | 898,442 |  | 327,718 |  | — |  | 1,226,160 |
South and Central America |  | 71,725 |  | 568,253 |  | — |  | 639,978 |
Africa |  | 5,323 |  | 51,550 |  | — |  | 56,873 |
Cost of sales |  | (4,082,147) |  | (2,480,933) |  | — |  | (6,563,080) |
Gross profit |  | 2,061,976 |  | 1,214,106 |  | — |  | 3,276,082 |
Gross margin (%) |  | 33.6 | % | 32.9 | % | — |  | 33.3 | %
Operating income (expenses) |  | (1,347,490) |  | (653,608) |  | — |  | (2,001,098) |
Selling expenses |  | (177,098) |  | (239,212) |  | — |  | (416,310) |
General and administrative expenses |  | (149,485) |  | (277,615) |  | — |  | (427,100) |
Other operating income (expenses), net |  | (1,020,907) |  | (129,654) |  | — |  | (1,150,561) |
Equity pick-up |  | — |  | (7,127) |  | — |  | (7,127) |
Operating profit before net financial income |  | 714,486 |  | 560,498 |  | — |  | 1,274,984 |
Operating margin (%) |  | 11.6 | % | 15.2 | % | — |  | 13.0 | %
Financial result, net |  | — |  | — |  | 1,121,720 |  | 1,121,720 |
Income (loss) before income taxes |  | 714,486 |  | 560,498 |  | 1,121,720 |  | 2,396,704 |
Income taxes |  | — |  | — |  | (718,889) |  | (718,889) |
Net income (loss) for the year |  | 714,486 |  | 560,498 |  | 402,831 |  | 1,677,815 |
Profit margin for the year (%) |  | 11.6 | % | 15.2 | % | — | % | 17.1 | %
Depreciation, depletion and amortization |  | 1,006,222 |  | 397,296 |  | — |  | 1,403,518 |
Total assets |  | 17,765,172 |  | 6,830,676 |  | 4,775,427 |  | 29,371,275 |
Total liabilities |  | 815,332 |  | 704,409 |  | 17,726,545 |  | 19,246,286 |
Controlling interest equity |  | — |  | — |  | 10,124,989 |  | 10,124,989 |
Non-controlling interest in subsidiaries' equity |  | — |  | — |  | — |  | — |
Total equity |  | — |  | — |  | 10,124,989 |  | 10,124,989 |
Products sold (in tons) |  | 3,528,378 |  | 1,188,404 |  | — |  | 4,716,782 |
Foreign market |  | 3,117,814 |  | 361,996 |  | — |  | 3,479,810 |
Domestic market (Brazil) |  | 410,564 |  | 826,408 |  | — |  | 1,236,972 |
| (a) |  | The Company evaluation based on operating segments is only made for assets and liabilities comprising the measurement of Return on Invested Capital (“ROIC”), since this is used in the decision-making process.
28.3. Net sales by products The table below shows the breakdown of paper consolidated net sales by product:
|  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2016
Products |  |  |  |  |  |
Market pulp(a) |  | 8,783,274 |  | 6,920,494 |  | 6,144,123
Printing and writing paper(b) |  | 3,834,380 |  | 2,265,093 |  | 2,233,995
Paperboard |  | 764,701 |  | 1,273,540 |  | 1,357,829
Other |  | 61,021 |  | 121,546 |  | 103,215
Total Revenue |  | 13,443,376 |  | 10,580,673 |  | 9,839,162
| (a) |  | Fluff pulp is not material (around 1% of the total net sales) and thus was included in Market Pulp sales.
| (b) |  | Tissue paper is recently product released and its revenues represented 3.5% of the total net sales, due to immateriality was included in Printing and writing paper.

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