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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2022
SEGMENT INFORMATION |
SEGMENT INFORMATION | 28.SEGMENT INFORMATION 28.1 Criteria for identifying operating segments The Board of Directors and Board of Statutory Executive Officers evaluate the performance of the Company’s business segments through the EBITDA. The Company revised the prior period segment note to present EBITDA as its performance measure. The operating segments defined by the Company’s 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 management, 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, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pulp | ​ | Paper | ​ | Total | ​
Net sales | ​ | 17,496,421 | ​ | 3,766,069 | ​ | 21,262,490 | ​
Domestic market (Brazil) | ​ | 1,246,965 | ​ | 2,589,671 | ​ | 3,836,636 | ​
Foreign market | ​ | 16,249,456 | ​ | 1,176,398 | ​ | 17,425,854 | ​
EBITDA | ​ | 10,168,584 | ​ | 1,402,897 | ​ | 11,571,481 | ​
Depreciation, depletion and amortization | ​ | ​ | ​ | ​ | ​ | (3,594,963) | ​
Operating profit before net financial income ("EBIT") (1) | ​ | ​ | ​ | ​ | ​ | 7,976,518 | ​
EBITDA margin (%) | ​ | 58.12 | % | 37.25 | % | 54.42 | %
​
1) | EBIT (“Earnings before interest and tax”).
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​
​ |  | ​ |  | ​ |  | ​ |
​ |  | Pulp |  | Paper |  | 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 | ​
EBITDA |  | 6,247,201 | ​ | 656,041 | ​ | 6,903,242 | ​
Depreciation, depletion and amortization |  | ​ | ​ | ​ | ​ | (3,463,236) | ​
Operating profit before net financial income ("EBIT") (1) |  | ​ | ​ | ​ | ​ | 8,813,418 | ​
EBITDA margin (%) |  | 38.95 | % | 24.35 | ​ | 36.85 | %
​
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 |  | 2022 |  | 2021
Market pulp(1) | ​ | 17,496,421 | ​ | 16,038,957
Printing and writing paper(2) | ​ | 3,089,666 | ​ | 2,149,273
Paperboard | ​ | 644,809 | ​ | 524,146
Other | ​ | 31,594 | ​ | 21,229
​ | ​ | 21,262,490 | ​ | 18,733,605
​
1) | Net sale from fluff pulp represents approximately 0.81% of total net sales and, therefore, was included in market pulp net sales. (0.70% as of June 30, 2021).
2) | Net sale from tissue represents approximately 2.54% of total net sales and, therefore, was included in printing and writing paper net sales. (2.2% as of June 30, 2021).
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,
​ |  | 2022 |  | 2021
Pulp | ​ | 7,897,051 | ​ | 7,897,051
Paper | ​ | 119,332 | ​ | 119,332
​ | ​ | 8,016,383 | ​ | 8,016,383
​

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