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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

SEGMENT INFORMATION

Schedule 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”).

Schedule of 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).

Goodwill based on expected future profitability


		December 31,		December 31,
		2022		2021
Pulp		7,897,051		7,897,051
Paper		119,332		119,332
		8,016,383		8,016,383