
	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.