suz LISTED NYSE 2 PAPER AND PACKAGING BUSINESS 6,675 6,699 6,6146,215 3Q22 2Q23 3Q23 LTM 3Q23 Sales Volume ('000 tons) Average Net Price – Export Market (/tons) Adjusted EBITDA and EBITDA Margin 190 400 180 363 351 364 Input (10) (35) 2Q23 1 (47) Wood Fixed Cost 1 Energy (2) 918 FX (34) 3Q23 861 -6% Commodity price effect: -R$23/ton Δ Δ Δ Δ Earnings Conference Call 3Q23 The forward-looking statements include, without limitation, statements related to the declaration or payment of dividends, implementation o ...

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Suzano S.A. (NYSE:SUZ) Q2 2023 Results Conference Call August 3, 2023 9:00 AM ET Company Participants Walter Schalka - CEO Fabio Almeida de Oliveira - Executive Officer, Paper and Packaging Leonardo Grimaldi - Executive Officer, Commercial Pulp Aires Galhardo - Executive Officer, Pulp Operation Marcelo Bacci - CFO, Executive Officer, Finance and IR Luis Renato Costa Bueno - Executive Officer, Consumer Goods & Corporate Affairs Carlos Anibal Fernandes de Almeida - Executive Officer, Forestry, Logistics & Pro ...

suzano SUZB B3 LISTED NM Disclaimer The forward-looking statements include, without limitation, statements related to the declaration or payment of dividends, implementation of the key operational and financial strategies and investment plans, guidance about future operations and factors or trends that influence the financial situation, liquidity or operational results. Such statements reflect the current view of the management and are subject to diverse risks and uncertainties. These are qualified in accor ...

Financial Performance - Net sales for the second quarter of 2023 were $9.16 billion, a decrease of 20.5% compared to $11.52 billion in the same period of 2022[4]. - Gross profit for the second quarter of 2023 was $2.93 billion, down 45.7% from $5.40 billion in the second quarter of 2022[4]. - Operating profit before net financial income for the first half of 2023 was $7.37 billion, a decline of 7.5% from $7.98 billion in the first half of 2022[4]. - Net income for the second quarter of 2023 was $5.08 billion, compared to $0.18 billion in the same quarter of 2022, indicating a significant recovery[5]. - The company reported a basic earnings per share of $3.91 for the second quarter of 2023, compared to $0.13 in the second quarter of 2022[4]. - Net income for the period was $10,320,416, a decrease of 1.6% compared to $10,487,899 in the previous year[7]. - Cash generated from operations amounted to $11,806,760, slightly up from $11,738,969 in the prior year[7]. - The company reported a net income before taxes of R$14,380,751 for the six-month period ended June 30, 2023, compared to R$13,937,137 for the same period in 2022[145]. Assets and Liabilities - Total assets increased to $138.28 billion as of June 30, 2023, up from $133.20 billion at the end of 2022, representing a growth of approximately 3.3%[1][3]. - Total current liabilities increased to $14.85 billion as of June 30, 2023, from $14.49 billion at the end of 2022, reflecting a rise of approximately 2.4%[3]. - Total equity rose to $42.70 billion as of June 30, 2023, up from $33.17 billion at the end of 2022, marking an increase of about 28.7%[3]. - Loans, financing, and debentures increased to $74.53 billion as of June 30, 2023, from $74.57 billion at the end of 2022, indicating a slight decrease of 0.3%[3]. - The total liabilities for asset acquisitions and subsidiaries were $16,929, compared to $109 in the previous year[8]. - The total balance of trade accounts payable reached R$6,347,954 as of June 30, 2023, compared to R$6,206,570 at the end of 2022, reflecting increased operational activity[166]. Cash and Cash Equivalents - The company’s cash and cash equivalents increased to $11.86 billion as of June 30, 2023, compared to $9.51 billion at the end of 2022, a growth of approximately 24.7%[1]. - As of June 30, 2023, the company reported cash and cash equivalents of R$11,860,415 thousand, an increase from R$9,505,951 thousand as of December 31, 2022, representing a growth of approximately 24.8%[58]. - The balance at the end of the period for cash and cash equivalents was $11,860,415, up from $9,505,951 at the beginning of the period[8]. Investments and Acquisitions - The Company acquired MMC Brasil Indústria e Comércio Ltda for US$212.029 million (equivalent to R$1,072.657 million) on June 1, 2023[23]. - The Cerrado Project aims to build a pulp production mill with a capacity of 2,550,000 tons per year, with a total investment of R$22,200 million, expected to start operations in the second half of 2024[22]. - The company completed the acquisition of MMC Brasil Indústria e Comércio Ltda. on June 1, 2023, which is expected to enhance operational capabilities[159]. Risk Management - The company reported a conservative approach to financial risk management, with no significant changes in policies compared to the previous year[56]. - The company’s liquidity risk management strategy focuses on maintaining a strong cash position to meet financial commitments, with cash generated from operations primarily used for investments and debt service[62]. - The company has not identified any short-term or long-term risks related to supply chain interruptions due to the Russia-Ukraine conflict[24]. Environmental and Sustainability Initiatives - Suzano and five global companies launched Biomas to restore and protect native forests in Brazil, covering an area equivalent to Switzerland or the state of Rio de Janeiro over 20 years[108]. - The Horizonte de Carbono Project has validated 1.9 million tons of CO2e, with 1.7 million tons eligible for carbon credit issuance, although none have been issued yet[111]. - Woodspin, a joint venture with Spinnova, inaugurated a factory in Finland producing sustainable textile fiber from responsibly grown wood, marking a significant step in market development[113]. Financial Instruments and Derivatives - The fair value of outstanding derivatives as of June 30, 2023 is $3,261,071, a significant increase from $26,954 on December 31, 2022[99]. - The Company reported a fair value of derivative financial instruments at $5,479,787 for assets and $2,218,716 for liabilities as of June 30, 2023[104]. - The variation in fair values of derivatives is attributed to the appreciation of the Brazilian Real against the US Dollar and settlements during the period[97]. Tax and Legal Matters - The effective rate of income and social contribution tax expenses was 28.23% for the six-month period ended June 30, 2023, compared to 24.75% in the prior year[145]. - The total provision balance for legal liabilities at the end of June 2023 is R$3,175,080, a decrease from R$3,440,154 at the beginning of the year[195]. - The company has 30 ongoing tax or social security administrative and judicial proceedings as of June 30, 2023, compared to 31 as of December 31, 2022[199].

Financial Data and Key Metrics Changes - The company reported an EBITDA of R$6.2 billion, which is over 20% higher than the same period last year, with a cash generation of R$4.7 billion after CapEx [22][21] - Net debt remained flat at $10.9 billion, with a leverage ratio of 1.9 times net debt over EBITDA [38][23] - The company has a strong liquidity position with $6.1 billion available in cash and credit lines [5][38] Business Line Data and Key Metrics Changes - Sales volumes for pulp were 3% higher year-over-year but 11% lower compared to the previous quarter, indicating a seasonal effect [15] - The paper and packaging business unit delivered solid EBITDA despite challenges in international markets, with domestic demand for paperboard increasing by 3% in the first two months of 2023 [25][9] - The average export price for pulp in Q1 was $719, which is 13% lower than Q4 but 13% higher than Q1 2022 [33] Market Data and Key Metrics Changes - In Brazil, prices for paper increased by 32% year-over-year, while international prices have been more volatile [12] - Demand for print and writing papers in Brazil decreased by 3.2% in early 2023, attributed to a strong comparison base from the previous year [26] - The company noted a decrease in shipments for print and writing papers and paperboard in international markets due to restocking movements [8] Company Strategy and Development Direction - The company aims to maintain its focus on reducing total cash costs and enhancing its relevance in the global pulp market, with the Cerrado project expected to reinforce this strategy [39] - Vertical integration is a key strategic avenue, with the acquisition of Kimberly Clark's assets being part of this vision [40] - The company is exploring new alternatives for its trees and advancing sustainability initiatives, including carbon certification [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of consumer confidence and spending in China, which is expected to drive demand for pulp and paper products [59] - The company anticipates that unexpected downtimes will continue to pressure supply due to various factors, including weather-related events and strikes [35] - Management emphasized the importance of maintaining low inventory levels to navigate potential adverse market conditions [88] Other Important Information - The company has approved its acquisition of Kimberly Clark's tissue operations in Brazil, expected to be completed in Q2 2023 [7] - The Cerrado project is on track, with 57% physical progress and expected to transform the company's cost structure [63][69] - The company has a $7 billion portfolio of FX derivatives, providing significant protection against currency fluctuations [65] Q&A Session Summary Question: Concerns about leverage if pulp prices remain low - Management indicated that they do not foresee exceeding their net debt limit of $12 billion and will manage capital allocation carefully [72] Question: Performance of marginal ton and profitability outlook - Management noted that while some volumes generate positive cash flow, not all meet the required return on capital at current price levels [91] Question: Inventory levels and customer behavior - Management confirmed that customer inventory levels are normalized in North America and Europe, but there is no buildup in China [84] Question: CapEx increase for Cerrado project - Management clarified that the increase is due to inflation adjustments and not cost overruns, with ongoing land acquisitions to support future growth [80][81] Question: Long-term pricing outlook for pulp - Management expects long-term pulp prices to align with historical averages of around $600 to $620 CIF China rate, driven by growing demand [110]

Financial Performance - Net sales revenue increased by 21.6%, or R$8,865.5 million, from R$40,965.4 million in 2021 to R$49,830.9 million in 2022, driven by a 24.2% increase in pulp prices and a 39.9% increase in paper prices in U.S. dollars[323][324] - Gross profit rose by 22.9%, or R$4,659.9 million, from R$20,349.8 million in 2021 to R$25,009.7 million in 2022, with a gross margin of 50.2% compared to 49.7% in 2021[330] - Operating profit before net financial income increased by 22.2%, or R$4,042.6 million, from R$18,180.2 million in 2021 to R$22,222.8 million in 2022, with an operating margin of 44.6%[335] - Net income for the year increased by 170.9%, or R$14,759.4 million, from R$8,635.5 million in 2021 to R$23,394.9 million in 2022[339] Costs and Expenses - Total cost of sales increased by 20.4%, or R$4,205.7 million, from R$20,615.6 million in 2021 to R$24,821.3 million in 2022, primarily due to higher input costs[329] - Selling expenses rose by 8.4%, or R$191.5 million, from R$2,291.7 million in 2021 to R$2,483.2 million in 2022, influenced by inflationary pressures on logistics costs[331] - General and administrative expenses increased by 8.4%, or R$131.9 million, from R$1,577.9 million in 2021 to R$1,709.8 million in 2022, mainly due to higher personnel expenses[332] Sales Prices - The average international net sales price of pulp increased by 24.2%, or US$148.1/ton, from US$613/ton in 2021 to US$761/ton in 2022[326] - The average international net paper sales price increased by 51.3%, or US$478.8/ton, from US$933.2/ton in 2021 to US$1,412.0/ton in 2022[328] Cash and Investments - As of December 31, 2022, the company's cash and cash equivalents were R$9,506.0 million, down from R$13,590.8 million in 2021, with 28% in reais and 72% in U.S. dollars[342] - The company reported net cash provided by operating activities of R$21,640.6 million for the year ended December 31, 2022, an increase of R$4,003.1 million compared to R$17,637.5 million in 2021[347] - Capital expenditures for the year ended December 31, 2022, totaled R$16,308.6 million, significantly higher than R$6,342.4 million in 2021, with R$7,367.1 million allocated to the Cerrado Project[350] - The approved capital expenditures budget for 2023 is R$18,494.8 million, reflecting increased investment in the Cerrado Project and other strategic initiatives[351] Debt and Financing - Total consolidated outstanding indebtedness as of December 31, 2022, was R$74,574.6 million, with R$3,335.0 million classified as current indebtedness[353] - The company has access to two Revolving Credit Facilities totaling US$1,275.0 million, with US$100.0 million available until February 2024 and US$1,175.0 million until February 2027[343] - The net cash used in investing activities for the year ended December 31, 2022, was R$17,015.8 million, compared to R$10,358.7 million in 2021[348] - Financing activities resulted in a net cash outflow of R$8,107.2 million for the year ended December 31, 2022, compared to R$1,573.9 million in 2021[349] Sustainability and Innovation - In 2022, the breeding team recommended new eucalyptus clones aiming to increase the gain in MAIcel (air dry ton of cellulose - adt/ha.year) above the current recommendation[398] - Approximately 2/3 of the breeding field trials were planted in the "Cerrado" region, supporting the identification of the best clones for future planting[399] - In 2022, Suzano submitted the first-ever dossier for commercial release of an Insect Resistant Eucalyptus, which effectively controls caterpillars, a key pest in the forest sector[402] - The new seedling protection collar technology is expected to save approximately 532 million liters of water for every 100,000 hectares planted[407] - In 2022, the Paper and Packaging R&D Team launched two new products: Mimmo Paperpack and Kraftliner, with Kraftliner responsible for 33% of total innovation sales[420] - Suzano Ventures was established with an initial outlay of US$ 70 million to invest in startups focused on bioeconomy solutions[417] - The company aims to enhance plantation productivity and sustainability through advanced biotechnology research, including gene editing and transformation[401] - In 2022, Suzano was recognized as one of the best companies in water resource management by the CDP, among 15,000 companies globally[407] Research and Development - The company has a total of 426 granted patents and patent applications, along with 54 protected varieties of eucalyptus[423] - In 2022, the company filed 2 new technology patents and identified 12 new Eucalyptus varieties for protection[424] - The Microfibrilated Cellulose (MFC) pilot plant in Finland started operations in 2021, with a demonstration plant producing textile filaments set to begin in 2023[413] Market Trends and Strategy - Key trends affecting sales include pulp purchase patterns by paper producers, pulp and paper prices, and global economic conditions[427] - The company is not reliant on third-party patents or licenses due to its investments in research and development[424]

Financial Performance - Net sales for the first quarter of 2023 reached R$11.28 billion, a 15.7% increase from R$9.74 billion in the same period of 2022[4]. - Gross profit improved to R$5.31 billion, up 23.1% from R$4.31 billion year-over-year[4]. - Net income for the period was R$5.24 billion, a decrease of 49.1% compared to R$10.31 billion in Q1 2022[4]. - Basic earnings per share decreased to R$3.97 from R$7.64 in the previous year, reflecting a decline of 47.9%[4]. - The company reported a net income before taxes of R$6,776,395, a decrease from R$16,324,360 in the same period last year, with an effective tax rate of 22.63% compared to 36.87% in Q1 2022[141]. Assets and Liabilities - Total assets increased to R$135.37 billion as of March 31, 2023, compared to R$133.20 billion at the end of 2022, reflecting a growth of 1.63%[1][2]. - Total current liabilities rose to R$15.31 billion, an increase of 5.7% from R$14.49 billion at the end of 2022[2]. - Total non-current liabilities decreased to R$81.76 billion, down 4.3% from R$85.54 billion at the end of 2022[2]. - The company reported a total equity of R$38.30 billion, an increase of 15.5% from R$33.17 billion at the end of 2022[2]. - Total liabilities decreased to $91,337,552 from $94,025,822, reflecting a decrease of approximately 3%[60]. Cash Flow and Investments - Cash and cash equivalents decreased significantly to R$4.76 billion from R$9.51 billion, a decline of 50.1%[1]. - Cash generated from operations for the period was $5,768,635, compared to $5,974,228 in the previous year[8]. - Cash provided by operating activities decreased to $4,297,210 from $4,592,845 year-over-year[8]. - Cash used in investing activities increased to $(8,833,698) from $(4,858,187) in the previous year[8]. - The company raised R$50,691 in net fundraising during Q1 2023, compared to R$1,335,715 in the previous quarter, indicating a significant decline in fundraising activity[159]. Market and Operational Developments - The company is focusing on market expansion and new product development to drive future growth[3]. - The Cerrado Project involves building a pulp production mill with an estimated capacity of 2,550,000 tons per year, with total investment of R$19,300,000, expected to start operations in the second half of 2024[22]. - The acquisition of Kimberly-Clark's tissue business in Brazil is valued at US$175 million (approximately R$922,915), with a factory capacity of 130,000 tons per year for tissue products[23][25]. - The company has 13 industrial units and operates in the pulp and paper sector, producing hardwood pulp and various paper products[10]. Risk Management - The company has not identified any short-term or long-term risks related to supply chain interruptions due to the Russia-Ukraine conflict, although there has been increased volatility in commodity and energy prices[25]. - The company continues to monitor the impacts of the Russia-Ukraine conflict on its operations and has not experienced significant disruptions in logistics or commercial transactions[25]. - The company has a hedging policy in place to manage exchange rate risks, including a maximum notional amount of $1,500,000 for the Cerrado Project[63]. - The company is exposed to commodity price risks, particularly in hardwood pulp prices, which may impact operating results due to global market dynamics[86]. Shareholder Information - The company has cancelled 37,145,969 treasury shares at an average cost of R$40.84 per share, totaling R$1,517,224, resulting in a new share capital of R$9,269,281 divided into 1,324,117,615 shares[27]. - The company’s share capital was R$9,269,281 divided into 1,361,263,584 common shares as of March 31, 2023, with a net share capital of R$9,235,546 after public offering expenses[195]. - The company held 16,727,500 treasury shares as of March 31, 2023, down from 51,911,569 as of December 31, 2022[197]. - The company repurchased 1,961,900 common shares with a total market value of R$87,243 up to March 31, 2023, under a repurchase program approved on October 27, 2022[198]. Sustainability and Environmental Initiatives - The Horizonte de Carbono Project has validated 1.9Mt CO2e of carbon credits, with 1.7Mt CO2e eligible for issuance, although the credits have not yet been issued[106]. - The company has ongoing projects for carbon credit certification, contributing to sustainability and financial viability through the commercialization of carbon credits[106]. - The company’s biological assets increased to R$15,114,469 as of March 31, 2023, up from R$14,632,186 at the end of 2022, with additions of R$1,393,291 during the period[144].

Suzano S.A. (NYSE:SUZ) Q4 2022 Earnings Conference Call March 1, 2023 8:00 AM ET Company Participants Walter Schalka - Chief Executive Officer Fabio Almeida de Oliveira - Executive Officer of Paper and Packaging Leonardo Grimaldi - Executive Officer of Commercial Pulp Aires Galhardo - Executive Officer of Pulp Operation Marcelo Bacci - CFO, Executive Officer of Finance and IR Carlos Aníbal de Almeida Jr. - Executive Officer, Forestry, Logistics and Procurement Luis Renato Costa Bueno - Executive Officer of ...

Disclaimer Sales Volume Pulp Inventory: Below optimum operational levels HIGHLIGHTS Paper1: Cash cost ex-downtimes : R$885/ton (vs. R$690/ton in 2021) High prices and solid sales volume lead to record results 613 761 630 821 831 2,722 2,797 2,759 Sales volume ('000 tons) 4Q21 3Q22 4Q22 10,586 10,600 2021 Average Net Price – Export Market (/ton) Adjusted EBITDA and EBITDA Margin (%) 21,439 25,099 5,755 7,665 7,274 4Q21 3Q22 4Q22 2021 R$5.58 R$5.25 R$5.26 R$5.40 2,114 2,741 2,636 R$ MM R$/ton Margin % 4Q21 3Q ...