Economic

(102-7)

Net Revenue

R$ 932.8 million:
up 8.6% vs. 2017
9.2% average annual evolution
in the last 10 years

By source

82% external market
18% internal market

By business

30% Paper
10% Forestry and Resins
60% Corrugated Containerboard Packaging

Net Income

R$3.0 million:
substantial evolution vs. 2017
(- R$ 108.2 million)

Adjusted EBITDA

R$ 178.3 million:
+ 15.4% vs. 2017
11.9% average annual evolution
in the last 10 years

Adjusted EBITDA Margin

19,1%:
up1.1 p.p. vs. 2017

Financial Result

R$ 102,212
thousand negative:
– 3.9% vs. 2017

Consolidated net debt

R$ 692.7 million:
65 % maturing in the long-term
and 35% short-term

Net debt/EBITDA

3.88x:
improvement vs. 4.44xin 2017

Direct economic value generated and distributed

(201-1)

Negative variation in fair value of the biological assets

R$ thousand 2018 2017
Change in fair value of the biological assets (1,368) (10,847)
Depletion in fair value of biological assets (15,110) (30,754)