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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
SEGMENT INFORMATION |
SEGMENT INFORMATION |
29. | SEGMENT INFORMATION
29.1 | 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 EBITDA. The operating segments defined by the Company’s management are set forth below:
| i) | Pulp: comprised of the production and sale of hardwood eucalyptus pulp and fluff pulp, mainly to supply the foreign market.
| ii) | Paper: comprises the production and sale of paper to meet the demands of both the domestic and foreign markets. Consumer goods (tissue) sales are classified under this segment due to their 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 determines the 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 property, plant and equipment, biological and intangible assets are in Brazil.
29.2 | Information of operating segments
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ | ​ | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pulp | ​ | Paper | ​ | Total | ​
Net sales | ​ | 41,384,322 | ​ | 8,446,624 | ​ | 49,830,946 | ​
Domestic market (Brazil) | ​ | 2,665,746 | ​ | 5,858,892 | ​ | 8,524,638 | ​
Foreign markets | ​ | 38,718,576 | ​ | 2,587,732 | ​ | 41,306,308 | ​
Asia | ​ | 18,294,046 | ​ | 4,059 | ​ | 18,298,105 | ​
Europe | ​ | 12,768,321 | ​ | 325,503 | ​ | 13,093,824 | ​
North America | ​ | 7,055,625 | ​ | 608,734 | ​ | 7,664,359 | ​
South and Central America | ​ | 592,360 | ​ | 1,641,277 | ​ | 2,233,637 | ​
Africa | ​ | 8,224 | ​ | 8,159 | ​ | 16,383 | ​
EBITDA | ​ | 26,098,309 | ​ | 3,532,362 | ​ | 29,630,671 | ​
Depreciation, depletion and amortization | ​ | ​ | ​ | ​ | ​ | (7,407,890) | ​
Operating profit before net financial income (“EBIT”) (1) | ​ | ​ | ​ | ​ | ​ | 22,222,781 | ​
EBITDA margin (%) | ​ | 63.06 | % | 41.82 | % | 59.46 | %
​
1) | (“Earnings before interest and tax”).
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2021
​ |  | ​ |  | ​ |  | ​
​ |  | Pulp |  | Paper |  | Total
Net sales |  | 34,715,208 | ​ | 6,250,223 | ​ | 40,965,431
Domestic market (Brazil) |  | 2,338,810 | ​ | 4,380,585 | ​ | 6,719,395
Foreign markets |  | 32,376,398 | ​ | 1,869,638 | ​ | 34,246,036
Asia |  | 15,952,786 | ​ | 43,961 | ​ | 15,996,747
Europe |  | 10,477,292 | ​ | 318,666 | ​ | 10,795,958
North America |  | 5,694,273 | ​ | 424,909 | ​ | 6,119,182
South and Central America |  | 233,061 | ​ | 1,026,247 | ​ | 1,259,308
Africa |  | 18,986 | ​ | 55,855 | ​ | 74,841
EBITDA | ​ | 22,735,409 | ​ | 2,486,445 | ​ | 25,221,854
Depreciation, depletion and amortization | ​ | ​ | ​ | ​ | ​ | (7,041,663)
Operating profit before net financial income (“EBIT”) (1) | ​ | ​ | ​ | ​ | ​ | 18,180,191
EBITDA margin (%) |  | 65.49 | % | 39.78 | % | 61.57
​
1) | (“Earnings before interest and tax”).
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2020 | ​
​ |  | ​ |  | ​ |  | ​ |
​ | ​ | Pulp | ​ | Paper | ​ | Total |
Net sales |  | 25,578,265 | ​ | 4,882,012 | ​ | 30,460,277 | ​
Domestic market (Brazil) |  | 1,609,449 | ​ | 3,358,186 | ​ | 4,967,635 | ​
Foreign markets |  | 23,968,816 | ​ | 1,523,826 | ​ | 25,492,642 | ​
Asia |  | 12,921,081 | ​ | 196,266 | ​ | 13,117,347 | ​
Europe |  | 6,409,879 | ​ | 262,924 | ​ | 6,672,803 | ​
North America |  | 4,340,956 | ​ | 263,328 | ​ | 4,604,284 | ​
South and Central America |  | 184,590 | ​ | 723,603 | ​ | 908,193 | ​
Africa |  | 112,310 | ​ | 77,705 | ​ | 190,015 | ​
EBITDA | ​ | 13,646,228 | ​ | 1,569,946 | ​ | 15,216,174 | ​
Depreciation, depletion and amortization | ​ | ​ | ​ | ​ | ​ | (6,772,780) | ​
Operating profit before net financial income (“EBIT”) (1) | ​ | ​ | ​ | ​ | ​ | 8,443,394 | ​
EBITDA margin (%) |  | 53.35 | % | 32.16 | % | 49.95 | %
​
1) | (“Earnings before interest and tax”).
​ ​
29.3 | Net sales by product
The following table set out the breakdown of net sales by product: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31, |  | December 31,
Products | ​ | 2022 | ​ | 2021 | ​ | 2020
Market pulp(1) | ​ | 41,384,322 | ​ | 34,715,208 | ​ | 25,578,265
Printing and writing paper(2) | ​ | 6,912,984 | ​ | 5,107,960 | ​ | 3,891,002
Paperboard | ​ | 1,421,338 | ​ | 1,091,588 | ​ | 935,047
Other | ​ | 112,302 | ​ | 50,675 | ​ | 55,963
​ | ​ | 49,830,946 | ​ | 40,965,431 | ​ | 30,460,277
​
1) | Net sales of fluff pulp represent approximately 0.8% of total net sales, and therefore were included in market pulp net sales. (0.7% as at December 31, 2021).
2) | Net sales of tissue represent approximately 2.3% of total net sales, and therefore were included in printing and writing paper net sales. (2.2% as at December 31, 2021).
With regard to the foreign market revenues of the pulp operating segment, China and the USA are the main countries in terms of net revenue, 42.12% and 14.08%, respectively, for the year ended December 31, 2022 (China and the USA represented 44.41% and 14.67%, respectively, on December 31, 2021). With regard to the foreign market revenues of the paper operating segment, the USA, Peru and Argentina are the main countries in relation to net revenue, representing 23.49%, 9.04% and 19.81%, respectively, for the year ended December 31, 2021 (USA, Peru and Argentina represented 24.30%, 10.03% and 13.03% respectively, on December 31, 2021). There is no other individual foreign country that represents more than 10% of net revenue in the foreign market for the years ended December 31, 2022 and December 31, 2021.
29.4 | Goodwill based on expected future profitability
The goodwill based on expected future profitability arising from the business combination was allocated to the disclosable segments, which correspond to the Company’s cash-generating units (“CGUs”), considering the economic benefits generated by such intangible assets. The allocation of intangibles is set out below: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | 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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