Suzano S.A.
| |
CONSOLIDATED BALANCE SHEET |
1 |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
3 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
4 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
5 |
CONSOLIDATED STATEMENTS OF CASH FLOW |
6 |
1 COMPANY'S OPERATIONS |
7 |
2 BASIS OF PREPARATION AND PRESENTATION OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
11 |
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES |
11 |
4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT |
12 |
5 CASH AND CASH EQUIVALENTS |
24 |
6 MARKETABLE SECURITIES |
24 |
7 TRADE ACCOUNTS RECEIVABLE |
25 |
8 INVENTORIES |
26 |
9 RECOVERABLE TAXES |
27 |
10 ADVANCES TO SUPPLIERS |
28 |
11 RELATED PARTIES |
28 |
12 INCOME AND SOCIAL CONTRIBUTION TAXES |
30 |
13 BIOLOGICAL ASSETS |
34 |
14 INVESTMENTS |
35 |
15 PROPERTY, PLANT AND EQUIPMENT |
36 |
16 INTANGIBLE |
37 |
17 TRADE ACCOUNTS PAYABLE |
38 |
18 LOANS, FINANCING AND DEBENTURES |
39 |
19 LEASES |
42 |
20 PROVISION FOR JUDICIAL LIABILITIES |
43 |
21 EMPLOYEE BENEFIT PLANS |
45 |
22 SHARE-BASED COMPENSATION PLAN |
46 |
23 LIABILITIES FOR ASSETS ACQUISITIONS AND SUBSIDIARIES |
47 |
24 SHAREHOLDERS' EQUITY |
47 |
25 EARNINGS PER SHARE |
48 |
26 NET FINANCIAL RESULT |
49 |
27 NET SALES |
50 |
28 SEGMENT INFORMATION |
50 |
29 INCOME (EXPENSES) BY NATURE |
52 |
30 EVENT AFTER THE REPORTING PERIOD |
52 |
i
|
Suzano S.A. | |
Unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
(In thousands of R$, unless otherwise stated) | |
Note | 03/31/2024 | 12/31/2023 | |
ASSETS | |||
CURRENT | |||
Cash and cash equivalents | 5 | 4,203,126 | 8,345,871 |
Marketable securities | 6 | 14,671,943 | 12,823,886 |
Trade accounts receivable | 7 | 6,634,735 | 6,848,454 |
Inventories | 8 | 6,521,769 | 5,946,948 |
Recoverable taxes | 9 | 886,659 | 888,539 |
Derivative financial instruments | 4.5 | 1,961,643 | 2,676,526 |
Advances to suppliers | 10 | 119,962 | 113,743 |
Other assets | 871,969 | 925,105 | |
Total current assets | 35,871,806 | 38,569,072 | |
NON-CURRENT | |||
Marketable securities | 6 | 448,077 | 443,400 |
Recoverable taxes | 9 | 1,401,124 | 1,373,647 |
Deferred taxes | 12 | 1,368,618 | 545,213 |
Derivative financial instruments | 4.5 | 1,544,010 | 1,753,928 |
Advances to suppliers | 10 | 2,472,894 | 2,242,229 |
Judicial deposits | 401,758 | 361,693 | |
Other assets | 207,984 | 182,463 | |
Biological assets | 13 | 18,721,063 | 18,278,582 |
Investments | 14 | 620,259 | 608,013 |
Property, plant and equipment | 15 | 60,640,882 | 59,289,069 |
Right of use | 19.1 | 5,146,347 | 5,196,631 |
Intangible | 16 | 14,554,669 | 14,749,085 |
Total non-current assets | 107,527,685 | 105,023,953 | |
TOTAL ASSETS | 143,399,491 | 143,593,025 |
1
|
Suzano S.A. | |
Unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
(In thousands of R$, unless otherwise stated) | |
Note | 03/31/2024 | 12/31/2023 | |
LIABILITIES | |||
CURRENT | |||
Trade accounts payable | 17 | 4,942,766 | 5,572,219 |
Loans, financing and debentures | 18.1 | 5,043,997 | 4,758,247 |
Lease liabilities | 19.2 | 759,368 | 753,399 |
Derivative financial instruments | 4.5 | 82,556 | 578,763 |
Taxes payable | 480,149 | 443,454 | |
Payroll and charges | 534,263 | 766,905 | |
Liabilities for assets acquisitions and subsidiaries | 23 | 94,770 | 93,405 |
Dividends and interest on own capital payable | 7,078 | 1,316,528 | |
Advances from customers | 154,588 | 172,437 | |
Other liabilities | 314,662 | 339,683 | |
Total current liabilities | 12,414,197 | 14,795,040 | |
NON-CURRENT | |||
Loans, financing and debentures | 18.1 | 73,905,644 | 72,414,445 |
Lease liabilities | 19.2 | 5,534,430 | 5,490,383 |
Derivative financial instruments | 4.5 | 2,507,363 | 1,857,309 |
Liabilities for assets acquisitions and subsidiaries | 23 | 99,159 | 93,782 |
Provision for judicial liabilities | 20.1 | 2,876,590 | 2,860,409 |
Employee benefit plans | 21.2 | 839,185 | 833,683 |
Deferred taxes | 12 | 12,596 | 11,377 |
Share-based compensation plans | 22 | 320,806 | 268,489 |
Provision for loss on investments in associates | 14 | 938 | |
Advances from customers | 74,715 | 74,715 | |
Other liabilities | 89,269 | 83,093 | |
Total non-current liabilities | 86,260,695 | 83,987,685 | |
TOTAL LIABILITIES | 98,674,892 | 98,782,725 | |
SHAREHOLDERS' EQUITY | 24 | ||
Share capital | 9,235,546 | 9,235,546 | |
Capital reserves | 25,321 | 26,744 | |
Treasury shares | (935,473) | (1,484,014) | |
Profit reserves | 34,522,473 | 35,376,198 | |
Other reserves | 1,522,641 | 1,538,296 | |
Retained earnings | 233,267 | ||
Controlling shareholders' | 44,603,775 | 44,692,770 | |
Non-controlling interest | 120,824 | 117,530 | |
Total equity | 44,724,599 | 44,810,300 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 143,399,491 | 143,593,025 |
2
|
Suzano S.A. | |
Unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
(In thousands of R$, unless otherwise stated) | |
Note | 03/31/2024 | 03/31/2023 | |
NET SALES | 27 | 9,458,602 | 11,276,383 |
Cost of sales | 29 | (5,699,870) | (5,968,674) |
GROSS PROFIT | 3,758,732 | 5,307,709 | |
OPERATING INCOME (EXPENSES) | |||
Selling | 29 | (653,415) | (604,353) |
General and administrative | 29 | (502,975) | (390,235) |
Income (expense) from associates and joint ventures | 14 | (9,907) | 14,471 |
Other, net | 29 | (40,209) | (21,304) |
OPERATING PROFIT BEFORE NET FINANCIAL INCOME (EXPENSES) | 2,552,226 | 4,306,288 | |
NET FINANCIAL INCOME (EXPENSES) | 26 | ||
Financial expenses | (1,130,400) | (1,159,025) | |
Financial income | 424,217 | 385,761 | |
Derivative financial instruments | (634,537) | 1,995,253 | |
Monetary and exchange variations, net | (1,699,328) | 1,248,118 | |
NET INCOME (LOSS) BEFORE TAXES | (487,822) | 6,776,395 | |
Income and social contribution taxes | |||
Current | 12 | (114,354) | (113,777) |
Deferred | 12 | 822,208 | (1,419,825) |
NET INCOME FOR THE PERIOD | 220,032 | 5,242,793 | |
Attributable to | |||
Controlling shareholders' | 215,392 | 5,237,371 | |
Non-controlling interest | 4,640 | 5,422 | |
Earnings per share | |||
Basic | 25.1 | 0.16755 | 3.96896 |
Diluted | 25.2 | 0.16747 | 3.96752 |
3
|
Suzano S.A. | |
Unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
(In thousands of R$, unless otherwise stated) | |
03/31/2024 | 03/31/2023 | |
Net income (loss) for the period | 220,032 | 5,242,793 |
Other comprehensive income (loss) | ||
Fair value investments in equity measured at fair value through other comprehensive income | 258 | (634) |
Tax effect on the fair value of investments | (88) | 216 |
Items with no subsequent effect on income (loss) | 170 | (418) |
Exchange rate variations on conversion of financial information of the subsidiaries abroad | 2,050 | (20,439) |
Items with subsequent effect on income (loss) | 2,050 | (20,439) |
Total comprehensive income (loss) | 222,252 | 5,221,936 |
Attributable to | ||
Controlling shareholders' | 217,612 | 5,216,514 |
Non-controlling interest | 4,640 | 5,422 |
4
|
Suzano S.A. | |
Unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
(In thousands of R$, unless otherwise stated) | |
Attributable to controlling shareholders' | ||||||||||||||
Share capital | Capital reserves | Profit reserves | ||||||||||||
Share Capital | Share issuance costs | Stock options granted | Treasury shares | Tax incentives | Legal Reserve | Reserve for capital increase | Special statutory reserve | Investment reserve | Other reserves | Retained earnings (losses) | Total | Non-controlling interest | Total equity | |
Balances at December 31, 2022 | 9,269,281 | (33,735) | 18,425 | (2,120,324) | 879,278 | 1,404,099 | 19,732,050 | 2,192,442 | 1,719,516 | 33,061,032 | 105,333 | 33,166,365 | ||
Total comprehensive income | ||||||||||||||
Net income for the period | 5,237,371 | 5,237,371 | 5,422 | 5,242,793 | ||||||||||
Other comprehensive income (loss) for the period | (20,857) | (20,857) | (20,857) | |||||||||||
Transactions with shareholders | ||||||||||||||
Stock options granted (Note 22.3) | 2,080 | 2,080 | 2,080 | |||||||||||
Shares granted (Note 22.3) | ||||||||||||||
Share repurchase (note 24.2) | (87,243) | (87,243) | (87,243) | |||||||||||
Unclaimed dividends forfeited | 1,517,224 | (1,517,224) | ||||||||||||
Fair value attributable to non-controlling interest | (1,344) | (1,344) | ||||||||||||
Internal changes in equity | ||||||||||||||
Realization of deemed cost, net of taxes | (27,771) | 27,771 | ||||||||||||
Balances at March 31, 2023 | 9,269,281 | (33,735) | 20,505 | (690,343) | 879,278 | 1,404,099 | 19,732,050 | 675,218 | 1,670,888 | 5,265,142 | 38,192,383 | 109,411 | 38,301,794 | |
Balances at December 31, 2023 | 9,269,281 | (33,735) | 26,744 | (1,484,014) | 998,237 | 1,847,109 | 15,670,952 | 1,887,576 | 14,972,324 | 1,538,296 | 44,692,770 | 117,530 | 44,810,300 | |
Total comprehensive income | ||||||||||||||
Net income for the period | 215,392 | 215,392 | 4,640 | 220,032 | ||||||||||
Other comprehensive income (loss) for the period | 2,220 | 2,220 | 2,220 | |||||||||||
Transactions with shareholders | ||||||||||||||
Stock options granted (Note 22.3) | 3,345 | 3,345 | 3,345 | |||||||||||
Shares granted | (4,768) | 4,768 | ||||||||||||
Shares repurchased (Note 24.2) | (309,952) | (309,952) | (309,952) | |||||||||||
Treasury shares cancelled (Note 24.2) | 853,725 | (813,258) | (40,467) | |||||||||||
Fair value attributable to non-controlling interest | (1,346) | (1,346) | ||||||||||||
Internal changes in equity | ||||||||||||||
Realization of deemed cost, net of taxes | (17,875) | 17,875 | ||||||||||||
Balances at March 31, 2024 | 9,269,281 | (33,735) | 25,321 | (935,473) | 998,237 | 1,847,109 | 14,857,694 | 1,847,109 | 14,972,324 | 1,522,641 | 233,267 | 44,603,775 | 120,824 | 44,724,599 |
5
|
Suzano S.A. | |
Unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
(In thousands of R$, unless otherwise stated) | |
03/31/2024 | 03/31/2023 | |
OPERATING ACTIVITIES | ||
Net income for the period | 220,032 | 5,242,793 |
Adjustment to | ||
Depreciation, depletion and amortization | 1,899,297 | 1,681,182 |
Depreciation of right of use (Note 19.1) | 82,727 | 66,532 |
Interest expense on lease liabilities | 109,806 | 111,966 |
Result from sale and disposal of property, plant and equipment and biological assets, net (Note 29) | 47,554 | 42,748 |
Income (expense) from associates and joint ventures (Note 14) | 9,907 | (14,471) |
Exchange rate and monetary variations, net (Note 26) | 1,699,328 | (1,248,118) |
Interest expenses on financing, loans and debentures (Note 26) | 1,230,849 | 1,152,740 |
Capitalized loan costs (Note 26) | (377,560) | (233,418) |
Accrual of interest on marketable securities | (312,425) | (196,013) |
Amortization of transaction costs, premium and discounts (Note 26) | 17,308 | 16,206 |
Derivative gains, net (Note 26) | 634,537 | (1,995,253) |
Deferred income tax and social contribution (Note 12.2) | (822,208) | 1,419,825 |
Interest on actuarial liabilities (Note 21.2) | 18,963 | 17,307 |
Provision for judicial liabilities, net (Note 20.1) | 29,015 | 33,728 |
Tax litigation reduction program | 14,031 | |
Provision (reversal) for doubtful accounts, net (Note 7.3) | (1,317) | 2,890 |
Provision (reversal) for inventory losses, net (Note 8.1) | 8,030 | (9,141) |
Provision (reversal) for loss of ICMS credits, net (Note 9.1) | (23,763) | 77,674 |
Other | 15,121 | 7,308 |
Decrease (increase) in assets | ||
Trade accounts receivable | 373,116 | 74,816 |
Inventories | (298,050) | (371,738) |
Recoverable taxes | 8,363 | (69,807) |
Other assets | (15,658) | 109,343 |
Increase (decrease) in liabilities | ||
Trade accounts payable | (141,975) | (144,111) |
Taxes payable | 90,822 | 88,148 |
Payroll and charges | (232,642) | (226,775) |
Other liabilities | (15,767) | (115,175) |
Cash generated from operations | 4,253,410 | 5,535,217 |
Payment of interest on financing, loans and debentures (Note 18.3) | (1,749,517) | (1,597,534) |
Capitalized loan costs paid | 377,560 | 233,418 |
Interest received on marketable securities | 228,249 | 168,762 |
Payment of income taxes | (55,574) | (42,653) |
Cash provided by operating activities | 3,054,128 | 4,297,210 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment (Note 15) | (2,556,172) | (2,449,752) |
Additions to intangible (Note 16) | (55,110) | (17) |
Additions to biological assets (Note 13) | (1,631,502) | (1,393,291) |
Proceeds from sales of property, plant and equipment and biological assets | 26,719 | 24,941 |
Capital increase in affiliates (Note 14.3) | (18,908) | (20,263) |
Marketable securities, net | (1,566,266) | (4,734,298) |
Advances for acquisition (receipt) of wood from operations with development and partnerships | (235,775) | (261,018) |
Cash used in investing activities | (6,037,014) | (8,833,698) |
FINANCING ACTIVITIES | ||
Proceeds from loans, financing and debentures (Note 18.3) | 4,244,874 | 50,691 |
Proceeds from derivative transactions (Note 4.5.4) | 444,112 | 365,724 |
Payment of loans, financing and debentures (Note 18.3) | (4,038,400) | (59,053) |
Payment of leases (Note 19.2) | (320,643) | (292,682) |
Payment of interest on own capital | (1,309,450) | 5 |
Liabilities for assets acquisitions and subsidiaries | (16,929) | |
Shares repurchased (Note 24.2) | (309,952) | (87,243) |
Cash provided (used) by financing activities | (1,289,459) | (39,487) |
EXCHANGE VARIATION ON CASH AND CASH EQUIVALENTS | 129,600 | (168,712) |
Decrease in cash and cash equivalents, net | (4,142,745) | (4,744,687) |
At the beginning of the period | 8,345,871 | 9,505,951 |
At the end of the period | 4,203,126 | 4,761,264 |
Decrease in cash and cash equivalents, net | (4,142,745) | (4,744,687) |
6
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
7
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
% equity interest | ||||||
Entity/Type of investment | Main activity | Country | 03/31/2024 | 12/31/2023 | ||
Consolidated | ||||||
F&E Tecnologia do Brasil S.A. (Direct) | Biofuel production, except alcohol | Brazil | 100.00 | % | 100.00 | % |
Fibria Celulose (USA) Inc. (Direct) | Business office | United States of America | 100.00 | % | 100.00 | % |
Fibria Overseas Finance Ltd. (Direct) (1)
| Financial fundraising | Cayman Island | 100.00 | % | ||
Fibria Terminal de Celulose de Santos SPE S.A. (Direct) | Port operations | Brazil | 100.00 | % | 100.00 | % |
FuturaGene Ltd. | Biotechnology research and development | England | 100.00 | % | 100.00 | % |
FuturaGene Delaware Inc. (Indirect) | Biotechnology research and development | United States of America | 100.00 | % | 100.00 | % |
FuturaGene Israel Ltd. (Indirect) | Biotechnology research and development | Israel | 100.00 | % | 100.00 | % |
FuturaGene Inc. (Indirect) | Biotechnology research and development | United States of America | 100.00 | % | 100.00 | % |
Maxcel Empreendimentos e Participações S.A. (Direct) | Holding | Brazil | 100.00 | % | 100.00 | % |
Itacel - Terminal de Celulose de Itaqui S.A. (Indirect) | Port operations | Brazil | 100.00 | % | 100.00 | % |
Mucuri Energética S.A. (Direct) | Power generation and distribution | Brazil | 100.00 | % | 100.00 | % |
Paineiras Logística e Transportes Ltda. (Direct) | Road freight transport | Brazil | 100.00 | % | 100.00 | % |
Portocel - Terminal Espec. Barra do Riacho S.A. (Direct) | Port operations | Brazil | 51.00 | % | 51.00 | % |
Projetos Especiais e Investimentos Ltda. (Direct) | Commercialization of equipment and parts | Brazil | 100.00 | % | 100.00 | % |
SFBC Participações Ltda. (Direct) | Packaging production | Brazil | 100.00 | % | 100.00 | % |
Stenfar S.A. Indl. Coml. Imp. Y. Exp. (Direct) | Commercialization of paper and computer materials | Argentina | 100.00 | % | 100.00 | % |
Suzano Austria GmbH. (Direct) | Business office | Austria | 100.00 | % | 100.00 | % |
Suzano Canada Inc. (Direct) | Lignin research and development | Canada | 100.00 | % | 100.00 | % |
Suzano Ecuador S.A.S. (Direct) | Business office | Ecuador | 100.00 | % | 100.00 | % |
Suzano Finland Oy (Direct) | Industrialization and commercialization of cellulose, microfiber cellulose and paper | Finland | 100.00 | % | 100.00 | % |
Suzano International Finance B.V (Direct) | Financial fundraising | Netherlands | 100.00 | % | 100.00 | % |
Suzano International Holding B.V. (Direct) | Holding | Netherlands | 100.00 | % | 100.00 | % |
Suzano International Trade GmbH. (Direct) | Business office | Austria | 100.00 | % | 100.00 | % |
8
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
% equity interest | ||||||
Entity/Type of investment | Main activity | Country | 03/31/2024 | 12/31/2023 | ||
Suzano Material Technology Development Ltd. (Direct) | Biotechnology research and development | China | 100.00 | % | 100.00 | % |
Suzano Netherlands B.V. (Direct) | Financial fundraising | Netherlands | 100.00 | % | 100.00 | % |
Suzano Operações Industriais e Florestais S.A. (Direct) | Industrialization, commercialization and exporting of pulp | Brazil | 100.00 | % | 100.00 | % |
Suzano Pulp and Paper America Inc. (Direct) | Business office | United States of America | 100.00 | % | 100.00 | % |
Suzano Pulp and Paper Europe S.A. (Direct) | Business office | Switzerland | 100.00 | % | 100.00 | % |
Suzano Shanghai Ltd. (Direct) | Business office | China | 100.00 | % | 100.00 | % |
Suzano Shanghai Trading Ltd. (Direct) | Financial fundraising | China | 100.00 | % | 100.00 | % |
Suzano Singapura Pte. Ltd (Direct) | Business office | Singapore | 100.00 | % | 100.00 | % |
Suzano Trading International KFT(Direct) | Business office | Hungary | 100.00 | % | 100.00 | % |
Suzano Ventures LLC (Direct) | Corporate venture capital | United States of America | 100.00 | % | 100.00 | % |
Joint operation | ||||||
Veracel Celulose S.A. (Direct) | Industrialization, commercialization and exporting of pulp | Brazil | 50.00 | % | 50.00 | % |
Equity | ||||||
Biomas Serviços Ambientais, Restauração e Carbono S.A. (Direct) | Restoration, conservation and preservation of forests | Brazil | 16.66 | % | 16.66 | % |
Ensyn Corporation (Direct) | Biofuel research and development | United States of America | 25.53 | % | 25.53 | % |
F&E Technologies LLC (Direct/Indirect) | Biofuel production, except alcohol | United States of America | 50.00 | % | 50.00 | % |
Ibema Companhia Brasileira de Papel (Direct) | Industrialization and commercialization of paperboard | Brazil | 49.90 | % | 49.90 | % |
Spinnova Plc (Direct) | Research of sustainable raw materials for the textile industry | Finland | 18.78 | % | 18.78 | % |
Woodspin Oy (Direct/Indirect) | Development and production of cellulose-based fibers, yarns and textile filaments | Finland | 50.00 | % | 50.00 | % |
Fair value through other comprehensive income | ||||||
Celluforce Inc. (Direct) | Nanocrystalline pulp research and development | Canada | 8.28 | % | 8.28 | % |
Nfinite Nanotechnology Inc. (Indirect) (2)
| Research and development of smart nanocoatings | Canada | 5.00 | % |
9
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
In the context of the conflict between Russia and Ukraine, Suzano does not have employees or facilities of any kind in locations related to the conflict.
10
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
11
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Note | 03/31/2024 | 12/31/2023 | |
Assets | |||
Amortized cost | |||
Cash and cash equivalents |
5
| 4,203,126 | 8,345,871 |
Trade accounts receivable |
7
| 6,634,735 | 6,848,454 |
Other assets (1)
| 703,249 | 737,222 | |
11,541,110 | 15,931,547 | ||
Fair value through other comprehensive income | |||
Investments |
14.1
| 28,970 | 23,606 |
28,970 | 23,606 | ||
Fair value through profit or loss | |||
Derivative financial instruments |
4.5.1
| 3,505,653 | 4,430,454 |
Marketable securities |
6
| 15,120,020 | 13,267,286 |
18,625,673 | 17,697,740 | ||
30,195,753 | 33,652,893 | ||
Liabilities | |||
Amortized cost | |||
Trade accounts payable |
17
| 4,942,766 | 5,572,219 |
Loans, financing and debentures |
18.1
| 78,949,641 | 77,172,692 |
Lease liabilities |
19.2
| 6,293,798 | 6,243,782 |
Liabilities for assets acquisitions and subsidiaries |
23
| 193,929 | 187,187 |
Dividends and interests on own capital payable | 7,078 | 1,316,528 | |
Other liabilities (1)
| 117,098 | 116,716 | |
90,504,310 | 90,609,124 | ||
Fair value through profit or loss | |||
Derivative financial instruments |
4.5.1
| 2,589,919 | 2,436,072 |
2,589,919 | 2,436,072 | ||
93,094,229 | 93,045,196 | ||
62,898,476 | 59,392,303 |
12
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Yield used to discount/methodology | 03/31/2024 | 12/31/2023 | |
Quoted in the secondary market | |||
In foreign currency | |||
Bonds | Secondary Market | 39,682,795 | 38,703,379 |
Estimated present value | |||
In foreign currency | |||
Export credits ("Prepayment") | SOFR | 18,567,479 | 17,783,760 |
Assets Financing | SOFR | 415,868 | 278,107 |
IFC - International Finance Corporation | SOFR | 3,310,378 | 3,198,761 |
BNDES - Currency basket | DI 1 | ||
In local currency | |||
BNDES - TJLP | DI 1 | 209,493 | 215,458 |
BNDES - TLP | DI 1 | 2,569,170 | 2,712,762 |
BNDES - Fixed | DI 1 | 2,959 | 3,903 |
BNDES - Selic ("Special Settlement and Custody System") | DI 1 | 687,691 | 686,798 |
Assets Financing | DI 1 | 75,727 | 75,622 |
Debentures | DI 1/IPCA | 8,904,672 | 8,881,277 |
NCE ("Export Credit Notes") | DI 1 | 107,381 | 110,396 |
NCR ("Rural Credit Notes") | DI 1 | 2,360,685 | 2,228,806 |
Export credits ("Prepayment") | DI 1 | 844,798 | 824,035 |
77,739,096 | 75,703,064 |
13
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | ||||||
Book value | Undiscounted cash flow | Up to 1 year | 1 - 2 years | 2 - 5 years | More than 5 years | |
Liabilities | ||||||
Trade accounts payables | 4,942,766 | 4,942,766 | 4,942,766 | |||
Loans, financing and debentures | 78,949,641 | 108,119,681 | 7,461,736 | 11,527,112 | 44,823,040 | 44,307,793 |
Lease liabilities | 6,293,798 | 11,081,535 | 1,179,574 | 1,389,557 | 2,459,741 | 6,052,663 |
Liabilities for asset acquisitions and subsidiaries | 193,929 | 221,124 | 96,828 | 18,900 | 89,804 | 15,592 |
Derivative financial instruments | 2,589,919 | 3,700,014 | 86,443 | 1,232,234 | 1,124,775 | 1,256,562 |
Dividends and interests on own capital payable | 7,078 | 7,078 | 7,078 | |||
Other liabilities | 117,098 | 117,098 | 58,893 | 58,205 | ||
93,094,229 | 128,189,296 | 13,833,318 | 14,226,008 | 48,497,360 | 51,632,610 |
12/31/2023 | ||||||
Book value | Undiscounted cash flow | Up to 1 year |
1 - 2 years |
2 - 5 years | More than 5 years | |
Liabilities | ||||||
Trade accounts payables | 5,572,219 | 5,572,219 | 5,572,219 | |||
Loans, financing and debentures | 77,172,692 | 105,526,852 | 7,648,237 | 12,983,542 | 31,355,362 | 53,539,711 |
Lease liabilities | 6,243,782 | 11,021,519 | 1,172,568 | 1,045,795 | 2,743,793 | 6,059,363 |
Liabilities for asset acquisitions and subsidiaries | 187,187 | 215,891 | 94,948 | 18,314 | 87,520 | 15,109 |
Derivative financial instruments | 2,436,072 | 2,801,258 | 66,433 | 1,278,953 | 1,191,014 | 264,858 |
Dividends and interests on own capital payable | 1,316,528 | 1,316,528 | 1,316,528 | |||
Other liabilities | 116,716 | 116,716 | 58,955 | 57,761 | ||
93,045,196 | 126,570,983 | 15,929,888 | 15,384,365 | 35,377,689 | 59,879,041 |
14
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Assets | ||
Cash and cash equivalents | 1,145,829 | 6,432,557 |
Marketable securities | 5,217,853 | 7,378,277 |
Trade accounts receivable | 4,887,668 | 5,049,609 |
Derivative financial instruments | 2,789,018 | 3,070,594 |
14,040,368 | 21,931,037 | |
Liabilities | ||
Trade accounts payable | (1,088,141) | (1,625,011) |
Loans and financing | (63,568,492) | (61,304,673) |
Liabilities for asset acquisitions and subsidiaries | (132,557) | (127,598) |
Derivative financial instruments | (2,284,198) | (1,867,882) |
(67,073,388) | (64,925,164) | |
(53,033,020) | (42,994,127) |
15
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | |||
Effect on profit or loss | |||
Probable (base value) | Possible (25%) | Remote (50%) | |
Cash and cash equivalents | 1,145,829 | 286,457 | 572,915 |
Marketable securities | 5,217,853 | 1,304,463 | 2,608,927 |
Trade accounts receivable | 4,887,668 | 1,221,917 | 2,443,834 |
Trade accounts payable | (1,088,141) | (272,035) | (544,071) |
Loans and financing | (63,568,492) | (15,892,123) | (31,784,246) |
Liabilities for asset acquisitions and subsidiaries | (132,557) | (33,139) | (66,279) |
03/31/2024 | |||
Effect on profit or loss | |||
Probable (base value) | Possible 25% | Remote 50% | |
Dollar/Real | |||
Derivative financial instruments | |||
Derivative options | 1,307,777 | (3,763,848) | (9,147,180) |
Derivative swaps | (834,843) | (1,962,332) | (3,918,962) |
Derivative Non-Deliverable Forward ('NDF') Contracts | 95,988 | (518,817) | (1,037,661) |
Embedded derivatives | 197,318 | (126,255) | (252,510) |
NDF parity derivatives (1)
| 37,094 | 7,884 | 16,880 |
Commodity Derivatives | 112,399 | 28,106 | 56,206 |
Dollar/Euro | |||
Derivative financial instruments | |||
NDF parity derivatives (1)
| 37,094 | (213,274) | (426,549) |
16
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | |||
Effect on profit or loss | |||
Probable | Possible (25%) | Remote (50%) | |
CDI/SELIC | |||
Cash and cash equivalents | 2,983,209 | (79,428) | (158,856) |
Marketable securities | 9,698,406 | (258,220) | (516,440) |
Loans and financing | 8,938,421 | 237,985 | 475,971 |
TJLP | |||
Loans and financing | 236,864 | 3,867 | 7,734 |
SOFR | |||
Loans and financing | 21,093,446 | 281,070 | 562,140 |
03/31/2024 | |||
Effect on profit or loss | |||
Probable | Probable 25% | Remote 50% | |
CDI | |||
Derivative financial instruments | |||
Liabilities | |||
Derivative options | 1,307,777 | (406,268) | (786,201) |
Derivative swaps | (834,843) | (31,958) | (65,457) |
SOFR | |||
Derivative financial instruments | |||
Liabilities | |||
Derivative swaps | (834,843) | (10,925) | (18,378) |
17
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | |||
Effect on profit or loss | |||
Probable (base value) | Possible (25%) | Remote (50%) | |
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement | 197,318 | (33,193) | (68,466) |
18
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Notional value, net in U.S.$ | Fair value in R$ | |||
03/31/2024 | 12/31/2023 | 03/31/2024 | 12/31/2023 | |
Instruments as part of protection strategy | ||||
Operational hedges | ||||
Zero Cost Collar | 5,254,000 | 4,500,200 | 1,307,777 | 1,968,337 |
NDF (R$ x US$) | 420,000 | 505,000 | 95,988 | 162,776 |
NDF (€ x US$) | 164,400 | 262,088 | 37,094 | 100,362 |
Debt hedges | ||||
Swap SOFR to Fixed (US$) | 1,598,038 | 2,555,626 | 452,625 | 741,492 |
Swap IPCA to CDI (notional in Brazilian Reais) | 4,211,759 | 4,274,397 | (138,399) | 47,645 |
Swap CDI x Fixed (US$) | 1,248,518 | 1,025,000 | (1,149,055) | (1,081,964) |
Pre-fixed Swap to US$ (US$) | 200,000 | (203,045) | ||
Swap CDI x SOFR (US$) | 350,000 | 125,000 | 15,698 | 25,774 |
Swap SOFR to SOFR (US$) | 150,961 | 150,961 | (15,711) | (16,615) |
Commodity Hedge | ||||
Swap US$ e US-CPI (1)
| 131,296 | 131,510 | 197,318 | 230,471 |
Zero Cost Collar (Brent) | 149,205 | 163,100 | 39,265 | (3,148) |
Swap VLSFO/Brent | 113,849 | 142,794 | 73,134 | 22,297 |
915,734 | 1,994,382 | |||
Current assets | ||||
Non-current assets | 1,961,643 | 2,676,526 | ||
Current liabilities | 1,544,010 | 1,753,928 | ||
Non-current liabilities | (82,556) | (578,763) | ||
(2,507,363) | (1,857,309) | |||
915,734 | 1,994,382 |
19
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
2024 | 1,879,087 | 2,097,763 |
2025 | (183,928) | 233,072 |
2026 | (583,430) | (574,871) |
2027 onwards | (195,995) | 238,418 |
915,734 | 1,994,382 |
20
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Notional value | Fair value | ||||
Currency | 03/31/2024 | 12/31/2023 | 03/31/2024 | 12/31/2023 | |
Debt hedges | |||||
Assets | |||||
Swap CDI to Fixed | US$ | 5,007,955 | 3,898,011 | 454,027 | 223,776 |
Swap Pre-Fixed to US$ | US$ | 738,800 | |||
Swap SOFR to Fixed | US$ | 1,598,038 | 2,555,626 | 478,393 | 1,104,984 |
Swap IPCA to CDI | R$ | 4,322,848 | 4,320,471 | 110,101 | 161,542 |
Swap CDI to SOFR | US$ | 1,762,475 | 644,850 | 249,509 | 32,560 |
Swap SOFR to SOFR | US$ | 150,961 | 150,961 | 6,316 | 6,681 |
1,298,346 | 1,529,543 | ||||
Liabilities | |||||
Swap CDI to Fixed | US$ | 1,248,518 | 1,025,000 | (1,603,082) | (1,305,740) |
Swap Pre-Fixed to US$ | US$ | 200,000 | (203,045) | ||
Swap SOFR to Fixed | US$ | 1,598,038 | 2,555,626 | (25,768) | (363,492) |
Swap IPCA to CDI | R$ | 4,211,759 | 4,274,397 | (248,500) | (113,897) |
Swap CDI to SOFR | US$ | 350,000 | 125,000 | (233,811) | (6,786) |
Swap SOFR to SOFR | US$ | 150,961 | 150,961 | (22,027) | (23,296) |
(2,133,188) | (2,016,256) | ||||
(834,842) | (486,713) | ||||
Operational hedge | |||||
Zero Cost Collar (US$ x R$) | US$ | 5,254,000 | 4,500,200 | 1,307,777 | 1,968,337 |
NDF (R$ x US$) | US$ | 420,000 | 505,000 | 95,988 | 162,776 |
NDF (€ x US$) | US$ | 164,400 | 262,088 | 37,094 | 100,362 |
1,440,859 | 2,231,475 | ||||
Commodity hedge | |||||
Swap US-CPI (standing wood) (1) | US$ | 131,296 | 131,510 | 197,318 | 230,471 |
Zero Cost Collar (Brent) | US$ | 149,205 | 163,100 | 39,265 | (3,148) |
Swap VLSFO/Brent | US$ | 113,849 | 142,794 | 73,134 | 22,297 |
309,717 | 249,620 | ||||
915,734 | 1,994,382 |
21
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Operational hedge | ||
Zero Cost Collar (R$ x US$) | 271,915 | 2,987,953 |
NDF (R$ x US$) | 17,862 | 155,458 |
NDF (€ x US$) | 31,954 | 84,332 |
321,731 | 3,227,743 | |
Commodity hedge | 32,327 | 80,516 |
Swap VLSFO/other | 32,327 | 80,516 |
Debt hedge | ||
Swap CDI to Fixed (US$) | 41,112 | (438,417) |
Swap IPCA to CDI (Brazilian Reais) | (9,358) | 256,683 |
Swap IPCA to Fixed (US$) | 21,139 | |
Swap Pre-Fixed to US$ | (221,462) | (104,827) |
Swap SOFR to SOFR | 800 | |
Swap CDI to SOFR (US$) | 1,847 | 7,729 |
Swap SOFR to Fixed (US$) | 277,115 | 508,720 |
90,054 | 251,027 | |
444,112 | 3,559,286 |
03/31/2024 | |||||
Level 2 | Level 3 | Total | |||
Assets | |||||
At fair value through profit or loss | |||||
Derivative financial instruments | 3,505,653 | 3,505,653 | |||
Marketable securities | 15,120,020 | 15,120,020 | |||
18,625,673 | 18,625,673 | ||||
At fair value through other comprehensive income | |||||
Other investments | 28,970 | 28,970 | |||
28,970 | 28,970 | ||||
Biological assets | 18,721,063 | 18,721,063 | |||
18,721,063 | 18,721,063 | ||||
Total assets | 18,625,673 | 18,750,033 | 37,375,706 | ||
Liabilities | |||||
At fair value through profit or loss | |||||
Derivative financial instruments | 2,589,919 | 2,589,919 | |||
2,589,919 | 2,589,919 | ||||
2,589,919 | 2,589,919 |
22
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
12/31/2023 | |||
Level 2 | Level 3 | Total | |
Assets | |||
At fair value through profit or loss | |||
Derivative financial instruments | 4,430,454 | 4,430,454 | |
Marketable securities | 13,267,286 | 13,267,286 | |
17,697,740 | 17,697,740 | ||
At fair value through other comprehensive income | |||
Other investments - CelluForce | 23,606 | 23,606 | |
23,606 | 23,606 | ||
Biological assets | 18,278,582 | 18,278,582 | |
18,278,582 | 18,278,582 | ||
Total assets | 17,697,740 | 18,302,188 | 35,999,928 |
Liabilities | |||
At fair value through profit or loss | |||
Derivative financial instruments | 2,436,072 | 2,436,072 | |
2,436,072 | 2,436,072 | ||
Total liabilities | 2,436,072 | 2,436,072 |
23
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Average yield p.a. % | 03/31/2024 | 12/31/2023 | ||
Cash and banks (1)
| 5.03% | 1,219,917 | 6,561,558 | |
Cash equivalents | ||||
Local currency | ||||
Fixed-term deposits (compromised) | 102.63 | % of CDI | 2,983,209 | 1,784,313 |
4,203,126 | 8,345,871 |
Average yield p.a. % | 03/31/2024 | 12/31/2023 | |
In local currency | |||
Private funds | 112.79% of CDI | 1,501,275 | 1,295,296 |
Public Securities (1)
| IPCA + 5,55% | 203,761 | |
Private Securities ("CDBs") | 102.20% of CDI | 7,749,054 | 4,150,313 |
CDBs - Escrow Account (2)
| 107.80% of CDI | 448,077 | 443,400 |
9,902,167 | 5,889,009 | ||
Foreign currency | |||
Time deposits (3)
| 6.71% | 5,045,943 | 7,333,308 |
Other | 171,910 | 44,969 | |
5,217,853 | 7,378,277 | ||
15,120,020 | 13,267,286 | ||
Current | 14,671,943 | 12,823,886 | |
Non-Current | 448,077 | 443,400 |
24
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Domestic customers | ||
Third parties | 1,719,666 | 1,785,157 |
Related parties (Note 11.1) (1)
| 56,210 | 45,650 |
Foreign customers | ||
Third parties | 4,887,668 | 5,049,609 |
Related parties (Note 11.1) | 220 | |
(-) Expected credit losses | (29,029) | (31,962) |
6,634,735 | 6,848,454 |
03/31/2024 | 12/31/2023 | |
Current | 5,908,498 | 5,904,402 |
Overdue | ||
Up to 30 days | 524,213 | 644,644 |
From 31 to 60 days | 55,430 | 57,395 |
From 61 to 90 days | 61,545 | 97,639 |
From 91 to 120 days | 33,462 | 40,533 |
From 121 to 180 days | 15,937 | 34,708 |
From 181 days | 35,650 | 69,133 |
6,634,735 | 6,848,454 |
03/31/2024 | 12/31/2023 | |
Opening balance | (31,962) | (21,109) |
Reversals (additions), net | 1,317 | (35,202) |
Write-offs | 1,752 | 24,230 |
Exchange rate variations | (136) | 119 |
Closing balance | (29,029) | (31,962) |
25
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Finished goods | ||
Pulp | ||
Domestic (Brazil) | 584,567 | 576,774 |
Foreign | 1,478,565 | 1,271,335 |
Paper | ||
Domestic (Brazil) | 611,047 | 569,771 |
Foreign | 127,101 | 137,653 |
Work in process | 110,536 | 93,325 |
Raw materials | ||
Wood | 1,907,350 | 1,666,817 |
Operating supplies and packaging | 833,247 | 795,274 |
Spare parts and other | 949,838 | 931,052 |
(-) Expected credit losses | (80,482) | (95,053) |
6,521,769 | 5,946,948 |
03/31/2024 | 12/31/2023 | |
Opening balance | (95,053) | (105,989) |
Additions | (8,310) | (65,085) |
Reversals | 280 | 33,666 |
Write-offs | 22,601 | 42,355 |
Closing balance | (80,482) | (95,053) |
26
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
IRPJ/CSLL - prepayments and withheld taxes | 452,786 | 464,188 |
PIS/COFINS - on acquisitions of property, plant and equipment (1)
| 123,151 | 93,866 |
PIS/COFINS - operations | 671,303 | 699,717 |
PIS/COFINS - exclusions from ICMS (2)
| 439,536 | 443,210 |
ICMS - on acquisitions of property, plant and equipment (3)
| 440,344 | 432,793 |
ICMS - operations (4)
| 1,471,221 | 1,470,949 |
Reintegra program (5)
| 70,761 | 64,077 |
Other taxes and contributions | 47,353 | 45,821 |
Provision for loss on ICMS credits (6)
| (1,428,672) | (1,452,435) |
2,287,783 | 2,262,186 | |
Current | 886,659 | 888,539 |
Non-current | 1,401,124 | 1,373,647 |
ICMS | ||
03/31/2024 | 12/31/2023 | |
Opening balance | (1,452,435) | (1,103,807) |
Addition (1)
| (38,487) | (399,838) |
Write-off | 51,210 | |
Reversal (2)
| 62,250 | |
Closing balance | (1,428,672) | (1,452,435) |
27
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Forestry development program and partnerships | 2,472,894 | 2,242,229 |
Advance to suppliers - others | 119,962 | 113,743 |
2,592,856 | 2,355,972 | |
Current | 119,962 | 113,743 |
Non-current | 2,472,894 | 2,242,229 |
28
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Assets | Liabilities | Sales (purchases), net | ||||
03/31/2024 | 12/31/2023 | 03/31/2024 | 12/31/2023 | 03/31/2024 | 03/31/2023 | |
Transactions with majority shareholders | ||||||
Suzano Holding S.A. | 4 | 24 | (363,520) | 13 | 13 | |
Controller | (193,883) | |||||
Management and related persons | (31,748) | |||||
Alden Fundo de Investimento em Ações | (30,428) | |||||
4 | 24 | (619,579) | 13 | 13 | ||
Transactions with companies of the Suzano Group and other related parties | ||||||
Management (expect compensation - Note 11.2) | 128 | 61 | 143 | (35) | ||
Bexma Participações Ltda | 1 | 2 | ||||
Bizma Investimentos Ltda | 1 | 2 | ||||
Civelec Participações Ltda | 4,575 | 4,575 | ||||
Fundação Arymax | 1 | 1 | ||||
Ibema Companhia Brasileira de Papel (1)
| 56,227 | 45,659 | (1,328) | (1,023) | 40,934 | 64,342 |
Instituto Ecofuturo - Futuro para o Desenvolvimento Sustentável | 3 | 2 | (1,620) | (1,221) | ||
IPLF Holding S.A. | 1 | 1 | ||||
Mabex Representações e Participações Ltda. | (34) | (34) | ||||
Nemonorte Imóveis e Participações Ltda | (15) | (44) | (44) | |||
Woodspin Oy | 220 | 173 | ||||
61,153 | 50,297 | (1,377) | (1,023) | 39,556 | 63,048 | |
61,157 | 50,321 | (1,377) | (620,602) | 39,569 | 63,061 | |
Assets | ||||||
Trade accounts receivable (Note 7) | 56,430 | 45,650 | ||||
Other assets | 4,727 | 4,671 | ||||
Liabilities | ||||||
Trade accounts payable (Note 17) | (1,377) | (1,023) | ||||
Dividends and interest on own capital payable | (619,579) | |||||
61,157 | 50,321 | (1,377) | (620,602) |
29
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 03/31/2023 | |
Short-term benefits | ||
Salary or compensation | 13,065 | 11,793 |
Direct and indirect benefits | 771 | 584 |
Bonus | 2,912 | 2,161 |
16,748 | 14,538 | |
Long-term benefits | ||
Share-based compensation plan | 14,261 | 5,509 |
14,261 | 5,509 | |
31,009 | 20,047 |
30
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Tax loss | 1,179,660 | 1,209,968 |
Negative tax basis of social contribution | 448,031 | 457,030 |
Assets - temporary differences | ||
Provision for judicial liabilities | 335,932 | 324,158 |
Operating provisions and other losses | 1,112,336 | 1,214,807 |
Exchange rate variations | 2,962,258 | 2,384,153 |
Amortization of fair value adjustments arising from business combinations | 643,920 | 654,358 |
Unrealized profit on inventories | 228,383 | 151,578 |
Leases | 389,928 | 356,110 |
7,300,448 | 6,752,162 | |
Liabilities - temporary differences | ||
Goodwill - tax benefit on unamortized goodwill | 1,373,712 | 1,301,654 |
Property, plant and equipment - deemed cost | 1,120,428 | 1,137,483 |
Depreciation for tax-incentive reason (1)
| 783,056 | 799,857 |
Capitalized loan costs | 765,206 | 640,063 |
Fair value of biological assets | 1,039,309 | 1,115,432 |
Deferred taxes, net of fair value adjustments | 363,790 | 370,947 |
Tax credits - gains from tax lawsuit (exclusion of ICMS from the PIS and COFINS basis) | 149,442 | 150,691 |
Derivatives gains ("MtM") | 311,349 | 678,090 |
Provision of deferred taxes on results of subsidiaries abroad | 14,937 | |
Other temporary differences | 23,197 | 24,109 |
5,944,426 | 6,218,326 | |
Non-current assets | 1,368,618 | 545,213 |
Non-current liabilities | 12,596 | 11,377 |
03/31/2024 | 12/31/2023 | |
Tax loss carried forward | 4,718,640 | 4,839,872 |
Negative tax basis of social contribution carried forward | 4,978,122 | 5,078,111 |
31
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Opening balance | 533,836 | 3,985,297 |
Tax loss | (30,308) | 2,872 |
Negative tax basis of social contribution | (8,999) | 11,780 |
Provision for judicial liabilities | 11,774 | 55,562 |
Operating provisions and other losses | (102,471) | 215,779 |
Exchange rate variation | 578,105 | (1,913,350) |
Derivative (gains) losses ("MtM") | 366,741 | (668,926) |
Amortization of fair value adjustments arising from business combinations | (3,281) | 2,219 |
Unrealized profit on inventories | 76,805 | (211,474) |
Leases | 33,818 | (8,728) |
Goodwill - tax benefit on unamortized goodwill | (72,058) | (278,551) |
Property, plant and equipment - deemed cost | 17,055 | 79,866 |
Depreciation accelerated for tax-incentive reason | 16,801 | 70,140 |
Capitalized loan costs | (125,143) | (429,229) |
Fair value of biological assets | 76,123 | (412,158) |
Deferred taxes on the results of subsidiaries abroad | (14,937) | |
Credits on exclusion of ICMS from the PIS/COFINS tax base | 1,249 | 43,430 |
Other temporary differences | 912 | (10,693) |
Closing balance | 1,356,022 | 533,836 |
03/31/2024 | 03/31/2023 | |||
Net income (loss) before taxes | (487,822) | 6,776,395 | ||
Income tax and social contribution benefit (expense) at statutory nominal rate of 34% | 165,859 | (2,303,974) | ||
Tax effect on permanent differences | ||||
Taxation (difference) on profit of associates in Brazil and abroad (1)
| 510,772 | 770,979 | ||
Equity method | (3,368) | 4,920 | ||
Thin capitalization (2)
| (13,321) | |||
Credit related to Reintegra Program | 2,038 | 1,906 | ||
Director bonuses | (3,842) | (2,961) | ||
Tax incentives | 11,315 | 5,232 | ||
Donations/Fines - Other | 25,080 | 3,617 | ||
707,854 | (1,533,602) | |||
Income tax | ||||
Current | (90,923) | (111,735) | ||
Deferred | 605,999 | (1,047,258) | ||
515,076 | (1,158,993) | |||
Social Contribution | ||||
Current | (23,431) | (2,042) | ||
Deferred | 216,209 | (372,567) | ||
192,778 | (374,609) | |||
Income and social contribution benefits (expenses) on the period | 707,854 | (1,533,602) | ||
Effective rate of income and social contribution tax expenses | 145.10 | % | 22.63 | % |
32
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Area/Regions | Company | Maturity | |
Northeast Development Superintendence ("SUDENE")
| |||
Eunápolis (BA)
| Veracel | 2025 | |
Aracruz (ES)
| Portocel | 2030 | |
Aracruz (ES)
| Suzano | 2031 | |
Imperatriz (MA)
| Suzano | 2032 | |
Mucuri (BA)
| Suzano | 2032 | |
Superintendence of Amazon Development ("SUDAM")
| |||
Belém (PA)
| Suzano | 2025 |
33
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Opening balance | 18,278,582 | 14,632,186 |
Additions | 1,631,502 | 5,777,952 |
Depletions | (1,149,193) | (3,680,997) |
Transfers | (136,297) | |
Gain on fair value adjustments | 1,989,831 | |
Disposals | (20,715) | (128,370) |
Write-offs | (19,113) | (175,723) |
Closing balance | 18,721,063 | 18,278,582 |
34
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Investments in associates and joint ventures | 361,464 | 355,520 |
Goodwill | 228,887 | 228,887 |
Other investments evaluated at fair value through other comprehensive income | 28,970 | 23,606 |
619,321 | 608,013 | |
Investments | 620,259 | 608,013 |
Provision for loss on investments in subsidiaries | (938) | |
619,321 | 608,013 |
Information of joint ventures as at
| Company Participation | |||||||
03/31/2024 | Carrying amount | In the income (expenses) for the period | ||||||
Equity | Income (expenses) of the period | Participation equity (%) | 03/31/2024 | 12/31/2023 | 03/31/2024 | 03/31/2023 | ||
Associate | ||||||||
Ensyn Corporation | (3,667) | (5,516) | 25.53 | % | (938) | 387 | (1,408) | (358) |
Spinnova Plc (1)
| 471,388 | (9,065) | 18.78 | % | 88,527 | 95,736 | (9,065) | 6,937 |
87,589 | 96,123 | (10,473) | 6,579 | |||||
Joint ventures | ||||||||
Domestic (Brazil) | ||||||||
Biomas | 9,933 | (7,761) | 16.66 | % | 1,655 | 2,797 | (1,142) | |
Ibema Companhia Brasileira de Papel | 328,985 | 14,952 | 49.90 | % | 164,164 | 156,703 | 7,461 | 2,843 |
Foreign | ||||||||
F&E Technologies LLC | 10,292 | 50.00 | % | 5,146 | 4,987 | |||
Woodspin Oy | 205,819 | (11,145) | 50.00 | % | 102,910 | 94,910 | (5,753) | 5,281 |
273,875 | 259,397 | 566 | 8,124 | |||||
Other investments | 28,970 | 23,606 | (232) | |||||
28,970 | 23,606 | (232) | ||||||
390,434 | 379,126 | (9,907) | 14,471 |
35
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Land | Buildings |
Machinery, equipment and facilities | Work in progress |
Other (1)
| Total | |
Average rate % | 3.67 | 6.63 | 18.23 | |||
Accumulated cost | 14,486,408 | 9,644,875 | 45,160,365 | 10,373,151 | 1,281,328 | 80,946,127 |
Accumulated depreciation | (3,879,898) | (25,541,712) | (867,883) | (30,289,493) | ||
Balance as of December 31, 2022 | 14,486,408 | 5,764,977 | 19,618,653 | 10,373,151 | 413,445 | 50,656,634 |
Additions | 54,027 | 15 | 467,032 | 10,742,118 | 17,949 | 11,281,141 |
Additions of merged companies | 4,572 | 111,495 | 453,617 | 8,306 | 11,175 | 589,165 |
Write-offs | (25,090) | (36,184) | (133,249) | (56,869) | (251,392) | |
Depreciation | (313,304) | (2,570,734) | (145,092) | (3,029,130) | ||
Transfers and other | 339,272 | 379,495 | 2,702,633 | (3,638,466) | 259,717 | 42,651 |
Accumulated cost | 14,859,189 | 10,032,317 | 48,456,537 | 17,485,109 | 1,491,663 | 92,324,815 |
Accumulated depreciation | (4,125,823) | (27,918,585) | (991,338) | (33,035,746) | ||
Balance as of December 31, 2023 | 14,859,189 | 5,906,494 | 20,537,952 | 17,485,109 | 500,325 | 59,289,069 |
Additions (2)
| 305 | 57,015 | 2,132,956 | 1,456 | 2,191,732 | |
Write-offs | (1,222) | (1,335) | (34,437) | (4,286) | (41,280) | |
Depreciation | (83,712) | (672,162) | (42,505) | (798,379) | ||
Transfers and other | 50,464 | 60,853 | 554,485 | (749,073) | 83,011 | (260) |
Accumulated cost | 14,908,736 | 10,074,110 | 48,944,557 | 18,868,992 | 1,549,781 | 94,346,176 |
Accumulated depreciation | (4,191,810) | (28,501,704) | (1,011,780) | (33,705,294) | ||
Balance as of March 31, 2024 | 14,908,736 | 5,882,300 | 20,442,853 | 18,868,992 | 538,001 | 60,640,882 |
36
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Goodwill - Facepa | 119,332 | 119,332 |
Goodwill - Fibria | 7,897,051 | 7,897,051 |
Goodwill - MMC Brasil (1)
| 170,859 | 170,859 |
Other (2)
| 4,834 | 4,834 |
8,192,076 | 8,192,076 |
03/31/2024 | 12/31/2023 | ||
Opening balance | 6,557,009 | 7,173,183 | |
Additions | 55,110 | 104,931 | |
Fair value adjustment MMC Brasil | 189,655 | ||
Write-offs | (2) | ||
Amortization | (249,526) | (990,432) | |
Transfers and others | 79,674 | ||
Closing balance | 6,362,593 | 6,557,009 | |
Represented by | Average rate % | ||
Non-competition agreements | 5.00 | 4,741 | 4,818 |
Port concessions | 4.30 | 530,944 | 537,179 |
Lease agreements | 16.90 | 5,000 | 6,875 |
Supplier agreements | 12.90 | 37,036 | 40,739 |
Port service contracts | 4.20 | 542,479 | 549,821 |
Cultivars | 14.30 | 35,686 | 40,784 |
Trademarks and patents | 9.05 | 184,098 | 188,723 |
Customer portfolio | 9.10 | 4,720,634 | 4,925,879 |
Supplier agreements | 17.60 | 8,220 | 10,861 |
Software | 20.00 | 153,122 | 141,178 |
Other | 5.75 | 140,633 | 110,152 |
6,362,593 | 6,557,009 | ||
Cost | 12,433,845 | 12,378,761 | |
Amortization | (6,071,252) | (5,821,752) | |
Closing balance | 6,362,593 | 6,557,009 |
37
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | ||
In local currency | |||
Third party (1) (2)
| 3,853,248 | 3,946,185 | |
Related party (Note 11.1) (3)
| 1,377 | 1,023 | |
In foreign currency | |||
Third party (2)
| 1,088,141 | 1,625,011 | |
4,942,766 | 5,572,219 |
38
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Current | Non-current | Total | |||||||
Type | Interest rate | Average annual interest rate - % | 03/31/2024 | 12/31/2023 | 03/31/2024 | 12/31/2023 | 03/31/2024 | 12/31/2023 | |
In foreign currency | |||||||||
Bonds | Fixed | 5.0 | % | 2,016,954 | 841,625 | 39,747,248 | 40,122,749 | 41,764,202 | 40,964,374 |
Export credits ("export prepayments") | SOFR/Fixed | 6.1 | % | 2,278,047 | 2,690,891 | 16,133,720 | 14,487,252 | 18,411,767 | 17,178,143 |
Assets financing | SOFR | 3.7 | % | 90,478 | 61,924 | 327,295 | 220,199 | 417,773 | 282,123 |
IFC - International Finance Corporation | SOFR | 6.0 | % | 950 | 731 | 2,964,753 | 2,871,399 | 2,965,703 | 2,872,130 |
Others | 9,047 | 7,903 | 9,047 | 7,903 | |||||
4,395,476 | 3,603,074 | 59,173,016 | 57,701,599 | 63,568,492 | 61,304,673 | ||||
In local currency | |||||||||
BNDES | TJLP | 8.4 | % | 59,194 | 49,348 | 176,643 | 199,988 | 235,837 | 249,336 |
BNDES | TLP | 13.2 | % | 67,077 | 57,060 | 3,140,711 | 3,123,727 | 3,207,788 | 3,180,787 |
BNDES | Fixed | 4.0 | % | 3,015 | 4,020 | 3,015 | 4,020 | ||
BNDES | SELIC | 13.1 | % | 100,147 | 65,013 | 829,793 | 857,419 | 929,940 | 922,432 |
Assets financing | CDI | 12.8 | % | 18,184 | 17,037 | 70,766 | 71,235 | 88,950 | 88,272 |
NCE ("Export credit notes") | CDI | 12.7 | % | 2,924 | 3,114 | 100,000 | 100,000 | 102,924 | 103,114 |
NCR ("Rural producer certificates") | CDI | 10.8 | % | 232,490 | 101,739 | 1,998,662 | 1,998,270 | 2,231,152 | 2,100,009 |
Export credits ("export prepayments") | Fixed | 791,306 | 791,306 | ||||||
Debentures | CDI/IPCA | 12.0 | % | 165,490 | 66,536 | 8,416,053 | 8,362,207 | 8,581,543 | 8,428,743 |
648,521 | 1,155,173 | 14,732,628 | 14,712,846 | 15,381,149 | 15,868,019 | ||||
5,043,997 | 4,758,247 | 73,905,644 | 72,414,445 | 78,949,641 | 77,172,692 | ||||
Interest on financing | 734,861 | 1,232,810 | 734,861 | 1,232,810 | |||||
Non-current funding | 4,309,136 | 3,525,437 | 73,905,644 | 72,414,445 | 78,214,780 | 75,939,882 | |||
5,043,997 | 4,758,247 | 73,905,644 | 72,414,445 | 78,949,641 | 77,172,692 |
39
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
2025 | 2026 | 2027 | 2028 | 2029 | 2029 onwards | Total | |
In foreign currency | |||||||
Bonds | 2,592,461 | 3,482,364 | 2,470,652 | 8,734,145 | 22,467,626 | 39,747,248 | |
Export credits ("export prepayments") | 3,097,644 | 4,495,344 | 3,911,357 | 3,117,629 | 1,511,746 | 16,133,720 | |
Assets financing | 69,088 | 95,734 | 97,225 | 59,574 | 5,674 | 327,295 | |
IFC - International Finance Corporation | 194,297 | 915,970 | 1,332,320 | 522,166 | 2,964,753 | ||
3,166,732 | 7,183,539 | 7,685,243 | 6,563,825 | 11,583,885 | 22,989,792 | 59,173,016 | |
In local currency | |||||||
BNDES - TJLP | 75,970 | 85,729 | 7,125 | 3,608 | 3,610 | 601 | 176,643 |
BNDES - TLP | 53,213 | 92,842 | 153,651 | 150,819 | 136,657 | 2,553,529 | 3,140,711 |
BNDES - SELIC | 178,912 | 237,528 | 31,786 | 31,786 | 31,788 | 317,993 | 829,793 |
Assets financing | 13,811 | 18,741 | 19,113 | 19,034 | 67 | 70,766 | |
NCE ("Export credit notes") | 25,000 | 25,000 | 25,000 | 25,000 | 100,000 | ||
NCR ("Rural producer certificates") | 1,998,662 | 1,998,662 | |||||
Debentures | 2,340,550 | 2,335,807 | 748,547 | 2,991,149 | 8,416,053 | ||
2,662,456 | 2,770,647 | 236,675 | 978,794 | 197,122 | 7,886,934 | 14,732,628 | |
5,829,188 | 9,954,186 | 7,921,918 | 7,542,619 | 11,781,007 | 30,876,726 | 73,905,644 |
40
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Opening balance | 77,172,692 | 74,574,591 |
Fundraising, net of issuance costs | 4,244,874 | 10,944,794 |
Interest accrued | 1,230,849 | 4,797,094 |
Monetary and exchange rate variation, net | 2,071,835 | (4,185,675) |
Settlement of principal | (4,038,400) | (4,296,447) |
Settlement of interest | (1,749,517) | (4,728,998) |
Amortization of fundraising costs | 17,308 | 67,333 |
Closing balance | 78,949,641 | 77,172,692 |
03/31/2024 | 12/31/2023 | |
Brazilian Reais | 15,381,149 | 15,868,019 |
US Dollars | 63,568,492 | 61,304,673 |
78,949,641 | 77,172,692 |
Balance to be amortized | ||||
Type | Cost | Amortization | 03/31/2024 | 12/31/2023 |
Bonds | 434,970 | 273,283 | 161,687 | 164,825 |
NCE | 125,222 | 122,848 | 2,374 | 2,696 |
Export credits ("export prepayments") | 219,946 | 149,168 | 70,778 | 52,162 |
Debentures | 123,216 | 23,706 | 99,510 | 102,235 |
BNDES | 63,588 | 54,216 | 9,372 | 9,854 |
IFC - International Finance Corporation | 41,943 | 3,276 | 38,667 | 38,911 |
Others | 18,147 | 17,617 | 530 | 598 |
1,027,032 | 644,114 | 382,918 | 371,281 |
41
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Lands | Machinery and equipment | Buildings | Ships and boats | Vehicles | Total | |
Balances at December 31, 2022 | 3,283,156 | 112,553 | 85,756 | 1,623,118 | 4,643 | 5,109,226 |
Additions/updates | 496,236 | 206,847 | 101,124 | 9,702 | 813,909 | |
Depreciation (1)
| (386,436) | (134,587) | (59,448) | (124,890) | (2,346) | (707,707) |
Write-offs (2)
| (12,658) | (6,139) | (18,797) | |||
Balances at December 31, 2023 | 3,380,298 | 184,813 | 127,432 | 1,498,228 | 5,860 | 5,196,631 |
Additions/updates | 72,915 | 48,446 | 12,831 | 4 | 134,196 | |
Depreciation (1)
| (98,893) | (37,919) | (13,072) | (31,223) | (513) | (181,620) |
Write-offs (2)
| (2,860) | (2,860) | ||||
Balances at March 31, 2024 | 3,351,460 | 195,340 | 127,191 | 1,467,005 | 5,351 | 5,146,347 |
Nature of agreement |
Average rate - % p.a. (1)
|
Maturity (2)
| Present value of liabilities | |
Lands and farms | 12.52 | December/2051 | 3,708,953 | |
Machinery and equipment | 11.43 | April/2035 | 270,313 | |
Buildings | 10.84 | September/2031 | 117,957 | |
Ships and boats | 11.39 | February/2039 | 2,191,354 | |
Vehicles | 11.29 | November/2028 | 5,221 | |
6,293,798 |
42
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Opening balance | 6,243,782 | 6,182,530 |
Additions | 134,196 | 813,909 |
Write-offs (2)
| (2,860) | (18,797) |
Payments | (320,643) | (1,218,399) |
Accrual of financial charges (1)
| 167,652 | 664,651 |
Exchange rate variations | 71,671 | (180,112) |
Closing balance | 6,293,798 | 6,243,782 |
Current | 759,368 | 753,399 |
Non-current | 5,534,430 | 5,490,383 |
03/31/2024 | 03/31/2023 | |
Expenses relating to short-term assets | 1,084 | 4,235 |
Expenses relating to low-value assets | 424 | 698 |
1,508 | 4,933 | |
43
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | |||||
Tax and social security | Labor | Civil, environment and real estate |
Contingent liabilities assumed (1) (2)
| Total | |
Provision balance at the beginning of the period | 468,839 | 349,058 | 139,435 | 2,155,545 | 3,112,877 |
Payments | (12,083) | (12,083) | |||
Reversal | (10,974) | (2,672) | (13,646) | ||
Additions | 38,908 | 1,081 | 39,989 | ||
Monetary adjustment | 7,054 | 6,974 | 3,766 | 17,794 | |
Provision balance | 475,893 | 371,883 | 144,282 | 2,152,873 | 3,144,931 |
Judicial deposits | (156,895) | (94,928) | (16,518) | (268,341) | |
Provision balance at the end of the period | 318,998 | 276,955 | 127,764 | 2,152,873 | 2,876,590 |
12/31/2023 | |||||
Tax and social security | Labor | Civil, environment and real estate |
Contingent liabilities assumed (1) (2)
| Total | |
Provision balance at the beginning of the year | 419,915 | 255,805 | 118,729 | 2,645,705 | 3,440,154 |
Payments | (1,717) | (37,172) | (3,014) | (41,903) | |
Reversal | (18,035) | (101,375) | (11,337) | (490,160) | (620,907) |
Additions | 37,656 | 211,690 | 21,335 | 270,681 | |
Monetary adjustment | 31,020 | 20,110 | 13,722 | 64,852 | |
Provision balance | 468,839 | 349,058 | 139,435 | 2,155,545 | 3,112,877 |
Judicial deposits | (154,469) | (82,305) | (15,694) | (252,468) | |
Provision balance at the end of the year | 314,370 | 266,753 | 123,741 | 2,155,545 | 2,860,409 |
44
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Taxes and social security (1)
| 9,959,774 | 9,775,068 |
Labor | 178,537 | 194,883 |
Civil and environmental (1)
| 4,562,598 | 4,462,964 |
14,700,909 | 14,432,915 |
45
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 12/31/2023 | |
Opening balance | 833,683 | 691,424 |
Interest on actuarial liabilities | 18,464 | 67,272 |
Current service cost | 499 | 1,959 |
Actuarial loss - experience | 57,765 | |
Actuarial loss (gain) - financial assumptions | 70,762 | |
Benefits paid directly by entity | (13,461) | (55,499) |
Closing balance | 839,185 | 833,683 |
Number of shares | ||
03/31/2024 | 12/31/2023 | |
Opening balance | 9,728,425 | 7,583,185 |
Granted during of the period | 650,125 | 3,391,581 |
Exercised (1)
| (280,687) | (871,208) |
Exercised due to resignation (1)
| (1,239) | (30,800) |
Abandoned/cancelled due to resignation | (132,260) | (344,333) |
Closing balance | 9,964,364 | 9,728,425 |
Grant date |
Fair value on grant date (1)
| Shares granted | Restricted year for transfer of shares |
01/02/2022 | R$53,81 | 115,754 | 01/02/2025 |
01/02/2023 | R$52,00 | 103,482 | 01/02/2026 |
01/02/2023 | R$49,58 | 165,052 | 01/02/2026 |
01/02/2024 | R$53,63 | 115,034 | 01/02/2027 |
01/02/2024 | R$52,91 | 164,808 | 01/02/2027 |
664,130 |
46
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Liabilities and Equity | Statement of income and Equity | |||
03/31/2024 | 12/31/2023 | 03/31/2024 | 03/31/2023 | |
Non-current liabilities | ||||
Provision for phantom stock plan | 320,806 | 268,489 | (67,441) | (14,562) |
Equity | ||||
Stock options granted | 30,089 | 26,744 | (3,345) | (2,080) |
Shares granted | (4,768) | 4,768 | ||
25,321 | 26,744 | 1,423 | (2,080) | |
(66,018) | (16,642) |
03/31/2024 | 12/31/2023 | |
Business combinations | ||
Facepa (1)
| 26,390 | 25,924 |
Vale Florestar Fundo de Investimento em Participações ("VFFIP") (2)
| 167,539 | 161,263 |
193,929 | 187,187 | |
Current | 94,770 | 93,405 |
Non-current | 99,159 | 93,782 |
03/31/2024 | 12/31/2023 | |||
Quantity | (%) | Quantity | (%) | |
Controlling Shareholders | ||||
Suzano Holding S.A. | 367,612,329 | 28.19 | 367,612,329 | 27.76 |
Controller | 196,065,636 | 15.03 | 196,065,636 | 14.81 |
Managements and related persons | 32,220,027 | 2.47 | 32,105,783 | 2.42 |
Alden Fundo de Investimento em Ações | 26,154,744 | 2.01 | 26,154,744 | 1.98 |
622,052,736 | 47.70 | 621,938,492 | 46.97 | |
Treasury (Note 24.2) | 20,649,356 | 1.58 | 34,765,600 | 2.63 |
Other shareholders | 661,415,523 | 50.72 | 667,413,523 | 50.40 |
1,304,117,615 | 100.00 | 1,324,117,615 | 100.00 |
47
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
Quantity |
Average cost per share |
Historical value |
Market value | ||
Balances at December 31, 2022 | 51,911,569 | 40.84 | 2,120,324 | 2,504,214 | |
Repurchase | 20,000,000 | 44.05 | 880,914 | 880,914 | |
Canceled | (37,145,969) | 40.84 | (1,517,224) | (1,570,532) | |
Balances at December 31, 2023 | 34,765,600 | 42.69 | 1,484,014 | 1,934,010 | |
Exercised | (114,244) | 41.74 | (4,768) | (5,928) | |
Repurchase | 5,998,000 | 51.68 | 309,952 | 309,952 | |
Canceled | (20,000,000) | 42.69 | (853,725) | (1,058,200) | |
Balances at March 31, 2024 | 20,649,356 | 45.30 | 935,473 | 1,321,146 |
03/31/2024 | 03/31/2023 | |
Net Income (Loss) for the period attributed to Controlling shareholders' | 215,392 | 5,237,371 |
Weighted average number of shares in the period - in thousands | 1,309,612 | 1,348,056 |
Weighted average treasury shares - in thousands | (24,110) | (28,473) |
Weighted average number of outstanding shares - in thousands | 1,285,502 | 1,319,583 |
Basic earnings (loss) per common share - R$ | 0.16755 | 3.96896 |
48
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 03/31/2023 | |
Net Income (Loss) for the period attributed to Controlling shareholders' | 215,392 | 5,237,371 |
Weighted average number of shares during the period (except treasury shares) - in thousands | 1,285,502 | 1,319,583 |
Average number of potential shares (stock options) - in thousands | 664 | 477 |
Weighted average number of shares (diluted) - in thousands | 1,286,166 | 1,320,060 |
Diluted earnings (loss) per common share - R$ | 0.16747 | 3.96752 |
03/31/2024 | 03/31/2023 | ||
Financial expenses | |||
Interest on loans, financing and debentures (1)
| (853,289) | (919,322) | |
Amortization of transaction costs (2)
| (17,308) | (16,206) | |
Interest expenses on lease liabilities (3)
| (109,806) | (111,966) | |
Other | (149,997) | (111,531) | |
(1,130,400) | (1,159,025) | ||
Financial income | |||
Cash and cash equivalents and marketable securities | 409,192 | 276,881 | |
Other | 15,025 | 108,880 | |
424,217 | 385,761 | ||
Results from derivative financial instruments | |||
Income | 716,512 | 2,941,698 | |
Expenses | (1,351,049) | (946,445) | |
(634,537) | 1,995,253 | ||
Monetary and exchange rate variations, net | |||
Exchange rate variations on loans, financing and debentures | (2,071,835) | 1,510,658 | |
Leases | (71,671) | 66,745 | |
Other assets and liabilities (4)
| 444,178 | (329,285) | |
(1,699,328) | 1,248,118 | ||
Net financial result | (3,040,048) | 2,470,107 |
49
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 03/31/2023 | |
Gross sales | 11,434,047 | 13,634,008 |
Sales deductions | ||
Returns and cancellations | (54,357) | (27,549) |
Discounts and rebates | (1,394,942) | (1,792,989) |
9,984,748 | 11,813,470 | |
Taxes on sales | (526,146) | (537,087) |
Net sales | 9,458,602 | 11,276,383 |
03/31/2024 | |||
Pulp | Paper | Total | |
Net sales | 7,359,846 | 2,098,756 | 9,458,602 |
Domestic market (Brazil) | 486,168 | 1,572,490 | 2,058,658 |
Foreign market | 6,873,678 | 526,266 | 7,399,944 |
EBITDA (1)
| 3,864,039 | 670,211 | 4,534,250 |
Depreciation, depletion and amortization | (1,982,024) | ||
Operating profit before net financial income ("EBIT") (2)
| 2,552,226 | ||
EBITDA margin (%) | 52.50% | 31.93% | 47.94% |
50
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2023 | |||
Pulp | Paper | Total | |
Net sales | 9,201,079 | 2,075,304 | 11,276,383 |
Domestic market (Brazil) | 666,301 | 1,484,518 | 2,150,819 |
Foreign market | 8,534,778 | 590,786 | 9,125,564 |
EBITDA (1)
| 5,217,924 | 836,078 | 6,054,002 |
Depreciation, depletion and amortization | (1,747,714) | ||
Operating profit before net financial income ("EBIT") (2)
| 4,306,288 | ||
EBITDA margin (%) | 56.71% | 40.29% | 53.69% |
Products | 03/31/2024 | 03/31/2023 |
Market pulp (1)
| 7,359,846 | 9,201,079 |
Printing and writing paper (2)
| 1,780,944 | 1,686,773 |
Paperboard | 298,190 | 368,290 |
Other | 19,622 | 20,241 |
9,458,602 | 11,276,383 |
03/31/2024 | 12/31/2023 | |
Pulp | 7,897,051 | 7,897,051 |
Paper | 290,191 | 290,191 |
8,187,242 | 8,187,242 |
51
|
Suzano S.A. | |
Notes to the unaudited condensed consolidated interim financial information | |
Three-month period ended March 31, 2024 | |
03/31/2024 | 03/31/2023 | |
Cost of sales | ||
Personnel expenses | (364,650) | (369,322) |
Costs of raw materials, materials and services | (2,479,702) | (2,697,230) |
Logistics cost | (1,063,930) | (1,079,888) |
Depreciation, depletion and amortization | (1,706,401) | (1,519,807) |
Other (1)
| (85,187) | (302,427) |
(5,699,870) | (5,968,674) | |
Selling expenses | ||
Personnel expenses | (72,670) | (63,686) |
Services | (47,850) | (21,259) |
Logistics cost | (272,620) | (260,142) |
Depreciation and amortization | (238,962) | (237,584) |
Other (2)
| (21,313) | (21,682) |
(653,415) | (604,353) | |
General and administrative expenses | ||
Personnel expenses | (320,672) | (234,878) |
Services | (92,452) | (84,053) |
Depreciation and amortization | (34,313) | (26,578) |
Other (3)
| (55,538) | (44,726) |
(502,975) | (390,235) | |
Other operating (expenses) income, net | ||
Rents and leases | 189 | 596 |
Results from sales of other products, net | 24,486 | 20,663 |
Results from sales and disposals of property, plant and equipment, intangible and biological assets, net | (47,554) | (42,748) |
Depletion and amortization | (2,348) | 36,255 |
Provision for judicial liabilities | (26,109) | (39,577) |
Other operating income (expenses), net | 11,127 | 3,507 |
(40,209) | (21,304) |
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Suzano SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 22:14:42 UTC.