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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2021
SEGMENT INFORMATION |
SEGMENT INFORMATION |
28. | SEGMENT INFORMATION
28.1 Criteria for identifying operating segments The Company evaluates the performance of its business segments through the operating result. The information disclosed under “Not Segmented” is related to statement of income 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 set forth below:
| i) | Pulp: comprises production and sale of hardwood eucalyptus pulp and fluff pulp 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. Consumer goods (tissue) sales are classified under this segment due to its immateriality.
Information related to total assets by reportable segment is not disclosed, as it is not included in the set of information made available to the Company’s administration, which makes investment decisions and determine allocation of resources on a consolidated basis. In addition, with respect to geographical information related to non-current assets, the Company does not disclose such information, as all our property, plant and equipment, biological and intangible assets are in Brazil. 28.2 Information of operating segments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | Not | ​ | ​ | ​
​ | ​ | Pulp | ​ | Paper | ​ | segmented | ​ | Total | ​
Net sales | ​ | 16,038,957 | ​ | 2,694,648 | ​ | ​ | ​ | 18,733,605 | ​
Domestic market (Brazil) | ​ | 1,014,148 | ​ | 1,886,041 | ​ | ​ | ​ | 2,900,189 | ​
Foreign market | ​ | 15,024,809 | ​ | 808,607 | ​ | ​ | ​ | 15,833,416 | ​
Cost of sales | ​ | (7,905,782) | ​ | (1,716,907) | ​ | ​ | ​ | (9,622,689) | ​
Gross profit | ​ | 8,133,175 | ​ | 977,741 | ​ | ​ | ​ | 9,110,916 | ​
Gross margin (%) | ​ | 50.71 | % | 36.28 | % | ​ | ​ | 48.63 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (expenses) | ​ | (240,841) | ​ | (56,657) | ​ | ​ | ​ | (297,498) | ​
Selling | ​ | (855,781) | ​ | (222,919) | ​ | ​ | ​ | (1,078,700) | ​
General and administrative | ​ | (532,454) | ​ | (203,104) | ​ | ​ | ​ | (735,558) | ​
Other operating, net | ​ | 1,071,126 | ​ | 355,270 | ​ | ​ | ​ | 1,426,396 | ​
Income (loss) from associates and joint ventures | ​ | 76,268 | ​ | 14,096 | ​ | ​ | ​ | 90,364 | ​
Operating profit before net financial income ("EBIT") (1) | ​ | 7,892,334 | ​ | 921,084 | ​ | ​ | ​ | 8,813,418 | ​
Operating margin (%) | ​ | 49.21 | % | 34.18 | % | ​ | ​ | 47.05 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial result, net | ​ | ​ | ​ | ​ | ​ | 1,075,463 | ​ | 1,075,463 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) before taxes | ​ | 7,892,335 | ​ | 921,083 | ​ | 1,075,463 | ​ | 9,888,881 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes | ​ | ​ | ​ | ​ | ​ | (2,607,441) | ​ | (2,607,441) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) for the period | ​ | 7,892,335 | ​ | 921,083 | ​ | (1,531,978) | ​ | 7,281,440 | ​
Profit (loss) margin for the period (%) | ​ | 49.21 | % | 34.18 | % | ​ | ​ | 38.87 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Controlling shareholders’ | ​ | 7,892,335 | ​ | 921,083 | ​ | (1,535,551) | ​ | 7,277,867 | ​
Non-controlling interest | ​ | ​ | ​ | ​ | ​ | 3,573 | ​ | 3,573 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, depletion and amortization | ​ | 3,179,633 | ​ | 283,603 | ​ | ​ | ​ | 3,463,236 | ​
​
1) | EBIT (“Earnings before interest and tax”).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2020 | ​
​ |  | ​ |  | ​ |  | Not |  | ​ |
​ |  | Pulp |  | Paper |  | segmented |  | Total |
Net sales |  | 12,862,936 | ​ | 2,113,530 | ​ | ​ | ​ | 14,976,466 | ​
Domestic market (Brazil) |  | 741,568 | ​ | 1,372,423 | ​ | ​ | ​ | 2,113,991 | ​
Foreign market |  | 12,121,368 | ​ | 741,107 | ​ | ​ | ​ | 12,862,475 | ​
Cost of sales |  | (8,246,527) | ​ | (1,362,166) | ​ | ​ | ​ | (9,608,693) | ​
Gross profit |  | 4,616,409 | ​ | 751,364 | ​ | ​ | ​ | 5,367,773 | ​
Gross margin (%) |  | 35.89 | % | 35.55 | % | ​ | ​ | 35.84 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (expenses) |  | (1,179,960) | ​ | (323,175) | ​ | ​ | ​ | (1,503,135) | ​
Selling |  | (875,343) | ​ | (186,691) | ​ | ​ | ​ | (1,062,034) | ​
General and administrative |  | (460,226) | ​ | (190,325) | ​ | ​ | ​ | (650,551) | ​
Other operating, net |  | 170,212 | ​ | 42,190 | ​ | ​ | ​ | 212,402 | ​
Income (loss) from associates and joint ventures |  | (14,603) | ​ | 11,651 | ​ | ​ | ​ | (2,952) | ​
Operating profit before net financial income ("EBIT") (1) |  | 3,436,449 | ​ | 428,189 | ​ | ​ | ​ | 3,864,638 | ​
Operating margin (%) |  | 26.72 | % | 20.26 | % | ​ | ​ | 25.80 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial result, net |  | ​ |  | ​ |  | (28,101,286) | ​ | (28,101,286) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) before taxes |  | 3,436,449 | ​ | 428,189 | ​ | (28,101,286) | ​ | (24,236,648) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes |  | ​ |  | ​ |  | 8,765,069 |  | 8,765,069 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) for the period |  | 3,436,449 | ​ | 428,189 | ​ | (19,336,217) | ​ | (15,471,579) | ​
Profit (loss) margin for the period (%) |  | 26.72 | % | 20.26 | % | ​ | ​ | (103.31) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Controlling shareholders’ | ​ | 3,436,449 | ​ | 428,189 | ​ | (19,344,269) | ​ | (15,479,631) | ​
Non-controlling interest | ​ | ​ | ​ | ​ | ​ | 8,052 | ​ | 8,052 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, depletion and amortization |  | 3,126,528 | ​ | 231,053 | ​ | ​ | ​ | 3,357,581 | ​
​
1) | EBIT (“Earnings before interest and tax”).
​ 28.3 Net sales by product The following table set forth the breakdown of net sales by product: ​
​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | June 30,
Products |  | 2021 |  | 2020
Market pulp(1) | ​ | 16,038,957 | ​ | 12,862,936
Printing and writing paper(2) | ​ | 2,149,273 | ​ | 1,661,611
Paperboard | ​ | 524,146 | ​ | 430,292
Other | ​ | 21,229 | ​ | 21,627
​ | ​ | 18,733,605 | ​ | 14,976,466
​
1) | Net sale from fluff pulp represents approximately 0.7% of total net sales and, therefore, was included in market pulp net sales.
2) | Tissue is a recently launched product and its revenues represent approximately 2.2% of total net sales and, therefore, was included in printing and writing paper net sales.
28.4 Goodwill based on expected future profitability The goodwill based on expected future profitability arising from the business combination were allocated to the disclosable segments, which correspond to the Company's cash-generating units (“CGU”), considering the economic benefits generated by such intangible assets. The allocation of intangibles is set forth below: ​
​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2021 |  | 2020
Pulp | ​ | 7,897,051 | ​ | 7,897,051
Consumer goods | ​ | 119,332 | ​ | 119,332
​ | ​ | 8,016,383 | ​ | 8,016,383
​

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