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COMPANY'S OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2019
COMPANYS OPERATIONS |
Summary of equity interest in the entities |
|  |  |  |  |  |  |  |  |  | % equity interest |
|  |  |  |  |  | Type of |  | Accounting |  | December 31, |  | December 31, |
Entity |  | Main activity |  | Country |  | investment |  | method |  | 2019 |  | 2018 |
AGFA – Com. Adm. e Participações Ltda. |  | Holding |  | Brazil |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Asapir Produção Florestal e Comércio Ltda. (1) |  | Eucalyptus cultivation |  | Brazil |  | Direct |  | Consolidated |  | 100 | % | 50 | %
CelluForce Inc. |  | Nanocrystalline pulp research and development |  | Canada |  | Direct |  | Fair value through other comprehensive income |  | 8.3 | % |  |
Comercial e Agrícola Paineiras Ltda. |  | Lease of reforestation land |  | Brazil |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Ensyn Corporation |  | Bio fuel research and development |  | United States of America |  | Direct |  | Equity |  | 25.3 | % |  |
Eucalipto Holding S.A. (2) |  | Holding |  | Brazil |  | Direct |  | Consolidated |  | 100 | % |  |
Facepa - Fábrica de Papel da Amazônia S.A. |  | Industrialization and commercialization of tissue paper |  | Brazil |  | Direct/Indirect |  | Consolidated |  | 92.8 | % | 92.8 | %
Fibria Celulose (USA) Inc. |  | Business office |  | United States of America |  | Direct |  | Consolidated |  | 100 | % |  |
Fibria Terminal de Celulose de Santos SPE S.A. |  | Port operation |  | Brazil |  | Direct |  | Consolidated |  | 100 | % |  |
Fibria Overseas Finance Ltd. |  | Financial fundraising |  | Cayman Island |  | Direct |  | Consolidated |  | 100 | % |  |
Fibria Overseas Holding KFT. (3) |  | Consolidated |  |  |  |  |  |  |  | 100 | % |  |
Fibria Terminais Portuários S.A. |  | Port operation |  | Brazil |  | Direct |  | Consolidated |  | 100 | % |  |
FuturaGene AgriDev Xinjiang Company Ltd. |  | Biotechnology research and development |  | China |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Biotechnology Shangai Company Ltd. |  | Biotechnology research and development |  | China |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Brasil Tecnologia Ltda. |  | Biotechnology research and development |  | Brazil |  | Direct/Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Delaware Inc. |  | Biotechnology research and development |  | United States of America |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Hong Kong Ltd. |  | Biotechnology research and development |  | Hong Kong |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Inc. |  | Biotechnology research and development |  | United States of America |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Israel Ltd. |  | Biotechnology research and development |  | Israel |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
FuturaGene Ltd. |  | Biotechnology research and development |  | England |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
F&E Tecnologia do Brasil S.A. |  | Biofuel production, except alcohol |  | Brazil |  | Indirect |  | Consolidated |  |  |  |  |
F&E Tecnologies LLC |  | Biofuel production, except alcohol |  | United States of America |  | Direct |  | Equity |  | 50 | % |  |
Gansu FuturaGene Biotech Co. Ltd. |  | Biotechnology research and development |  | China |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
Ibema Companhia Brasileira de Papel |  | Industrialization and commercialization of paperboard |  | Brazil |  | Direct |  | Joint venture |  | 49.9 | % | 49.9 | %
Itacel - Terminal de Celulose de Itaqui S.A. |  | Port operation |  | Brazil |  | Indirect |  | Consolidated |  | 100 | % | 100 | %
Maxcel Empreendimentos e Participações S.A. |  | Holding |  | Brazil |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Mucuri Energética S.A. |  | Power generation and distribution |  | Brazil |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Ondurman Empreendimentos Imobiliários Ltda. |  | Lease of reforestation land |  | Brazil |  | Direct/Indirect |  | Consolidated |  | 100 | % | 100 | %
Paineiras Logística e Transporte Ltda. |  | Road freight transport |  | Brazil |  | Direct /Indirect |  | Consolidated |  | 100 | % | 100 | %
Portocel - Terminal Espec. Barra do Riacho S.A. |  | Port operation |  | Brazil |  | Direct |  | Consolidated |  | 51 | % |  |
Projetos Especiais e Investimentos Ltda. |  | Commercialization of equipment and parts |  | Brazil |  | Direct |  | Consolidated |  | 100 | % |  |
Rio Verde Participações e Propriedades Rurais S.A. (3) |  | Forest assets |  | Brazil |  | Indirect |  | Consolidated |  | 100 | % |  |
Spinnova Oy |  | Research and development of sustainable raw materials (wood) for the textile industry |  | Finland |  | Direct |  | Equity |  | 24.06 | % |  |
Stenfar S.A. Indl. Coml. Imp. Y. Exp. |  | Commercialization of computer paper and materials |  | Argentine |  | Direct /Indirect |  | Consolidated |  | 100 | % | 100 | %
Sun Paper and Board Limited (4) |  | Shared expenses |  |  |  |  |  | Consolidated |  | 100 | % | 100 | %
Suzano Áustria GmbH |  | Business office |  | Austria |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Suzano Canada Inc. (5) |  | Lignin research and development |  | Canada |  | Direct |  | Consolidated |  | 100 | % |  |
Suzano International Trade GmbH (6) |  | Business office |  | Austria |  | Direct |  | Consolidated |  | 100 | % |  |
Suzano Luxembourg (7) |  | Financial fundraising |  | Luxembourg |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Suzano Participações do Brasil Ltda (8) |  | Holding |  | Brazil |  | Direct |  | Consolidated |  | 100 | % |  |
Suzano Pulp and Paper America Inc. |  | Business office |  | United States of America |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Suzano Pulp and Paper Europe S.A. |  | Business office |  | Switzerland |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Suzano Trading Ltd. |  | Business office |  | Cayman Island |  | Direct |  | Consolidated |  | 100 | % | 100 | %
Suzano Trading International KFT (9) |  | Business office |  | Hungary |  | Direct |  | Consolidated |  | 100 | % |  |
Veracel Celulose S.A. (10) |  | Industrialization, commercialization and exportation of pulp |  | Brazil |  | Joint operation |  | Consolidated |  | 50 | % |  |
| 1) |  | The full control was acquired arising from the business combination with Fibria.
| 2) |  | Company merged on January 2, 2019, as mentioned in note 1.2.1.1.
| 3) |  | Company established as a result of corporate restructuring on December 12, 2019.
| 4) |  | Company dissolution on June 2, 2019.
| 5) |  | Corporate name changed on September 30, 2019, former Fibria Innovations Inc.
| 6) |  | Corporate name changed on August 28, 2019, former Fibria International Trade GmbH.
| 7) |  | Company dissolution on September 17, 2019.
| 8) |  | Corporate name changed on December 06, 2019, former F&E Participações do Brasil Ltda.
| 9) |  | Corporate name changed on August 9, 2019, former Fibria Trading International.
| 10) |  | Joint operation with Stora Enso, a company located in Amsterdan.
Summary of final purchase price allocation | The following table summarizes the final purchase price allocation based on the appraisal report prepared by an independent and specialized entity:
Cash consideration |  | 27,797,441 |  |
Issuance of shares by Suzano |  | 9,438,413 |  |
Total consideration |  | 37,235,854 |  |
Book value of Fibria's shareholders' equity |  | 14,149,004 |  |
Write-off of the book value of existing goodwill, net of the deferred income taxes |  | (3,495,077) |  |
Mandatory minimum dividends (eliminated from the balance sheet at the date of acquisition) |  | 724,829 |  |
Book value of Fibria's shareholders' equity, net of goodwill |  | 11,378,756 |  |
Fair value adjustment on business combination with Fibria (assets and liabilities): |  |  |  |
Inventories |  | 2,178,903 |  | (1)
Property, plant and equipment |  | 9,362,315 |  | (2)
Customer relationship |  | 9,030,779 |  | (3)
Port assets |  | 749,060 |  | (4)
Contingent liabilities |  | (2,970,546) |  | (5)
Loans and financing |  | (59,921) |  | (6)
Taxes recoverable |  | (235,843) |  | (7)
Other assets and liabilities, net |  | 451,624 |  | (8)
Deferred taxes, net |  | (546,324) |  | (9)
Total impact of fair value |  | 17,960,047 |  |
Goodwill on the expectation of future profitability |  | 7,897,051 |  | (10)
| 1) |  | Measured considering the balance of finished products based on selling price, net of selling expenses and an accepted margin based on the results achieved in 2018.
| 2) |  | Determined based on the analysis of market data on comparable transactions and cost quantification, based on the estimate of replacement or replacement value of the assets.
| 3) |  | In order to determine the fair value adjustment in the customer portfolio, the income approach and the method were used to measure the present value of the income that will be generated during the remaining useful life of the asset. Considering the 5-year history of Fibria's sales data and the churn rate that measures customer satisfaction and customer permanence in the portfolio, the adjustment was measured using estimated discounted cash flows. The churn rate and the discounted cash flows were considered as significant assumptions to determine the fair value of the customer portfolio.
| 4) |  | Fibria has concession contracts and port assets to assist in port operations in Brazil. For fair value measurement of these assets was considered the income approach, the Multi Period Excess Earnings Method (“MPEEM”) that measures the present value of the income that will be generated during the remaining useful life of the asset and method of direct cost differential.
| 5) |  | In the business combination, for the contingencies fair value measurement, whose chances of loss were classified as possible and remote, Fibria's Management and its external and independent advisors were considered for their fair values, whose amounts were measured based on the analyzes of Company’s external lawyers. Thus, the estimated and assumptions with respect to the probability of loss of the possible and remote lawsuit, for the fair value calculation of contingent liabilities assumed were considered as significant assumptions to determine the fair value of the contingent liabilities.
| 6) |  | The adjustment to fair value of loans and financing was measured based on the fair value of the Bonds, based on the quotation of the security in the secondary market, and the adjustment to present value considering the market rate at the base date on December 31, 2018.
| 7) |  | For the measurement of the fair value of the taxes to be recovered, the amount to be recovered, discounted to the present value considering the expected Selic rate for the tax period, was considered.
| 8) |  | In other net assets and liabilities, including supply contracts, accounts receivable and advances to suppliers, the income evaluation methodology, the present value and the direct cost differential were used.
| 9) |  | Deferred asset on income tax on fair value adjustments of assets of Veracel and Portocel. For the remaining fair value, we did not recognize deferred liability on income taxes liabilities due to Fibria’s Legal Merger in April 2019.
| 10) |  | Goodwill is attributable to the strong market position and expected future profitability of Fibria in negotiations in the eucalyptus pulp market.
Summary of main items balance sheet | The following table summarizes, the main items balance sheet of Fibria as of March 31, 2019.
ASSETS |  |  |  | LIABILITIES |  |
CURRENT |  |  |  | CURRENT |  |
Cash and cash equivalents |  | 29,086 |  | Loans and financing |  | 816,180
Marketable securities |  | 2,734,027 |  | Lease liabilities |  | 420,241
Derivative financial instruments |  | 256,675 |  | Trade accounts payable |  | 955,210
Trade accounts receivable |  | 3,572,059 |  | Derivative financial instruments |  | 254,444
Inventories |  | 1,714,560 |  | Payroll and charges |  | 104,246
Recoverable taxes |  | 768,439 |  | Taxes payable |  | 36,057
Other assets |  | 161,238 |  | Related parties |  | 1,179,254
|  | 9,236,084 |  | Dividends payable |  | 4,015
|  |  |  | Other liabilities |  | 946,099
|  |  |  |  |  | 4,715,746
NON CURRENT |  |  |  | NON CURRENT |  |
Marketable securities |  | 175,559 |  | Loans and financing |  | 8,139,390
Derivative financial instruments |  | 723,084 |  | Derivative financial instruments |  | 678,833
Recoverable taxes |  | 546,234 |  | Lease liabilities |  | 1,972,531
Deferred taxes |  | 1,364,363 |  | Related parties |  | 16,305,560
Advances to suppliers |  | 696,767 |  | Employee benefits |  | 144,557
Judicial deposits |  | 190,533 |  | Provision for judicial liabilities |  | 190,698
Other assets |  | 100,877 |  | Other liabilities |  | 175,934
Biological assets |  | 4,355,102 |  |  |  | 27,607,503
Investments |  | 9,481,900 |  |  |  |
Property, plant and equipment |  | 14,633,114 |  | TOTAL LIABILITIES |  | 32,323,249
Right of use |  | 2,301,427 |  |  |  |
Intangible assets |  | 118,920 |  | Equity |  | 11,600,715
|  | 34,687,880 |  |  |  |
|  |  |  | TOTAL EQUITY AND LIABILITIES |  | 43,923,964
TOTAL ASSETS |  | 43,923,964 |  |  |  |

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