Demonstra??es Financeiras em Padr?es Internacionais

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

Information at September 30, 2015
and Report on Review of Interim
Financial Information
REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the Board of Directors and Shareholders
Fibria Celulose S.A
So Paulo SP
Introduction
We have reviewed the accompanying consolidated interim accounting information of Fibria
Celulose S.A., for the quarter ended September 30, 2015, comprising the balance sheet at that
date the statements of income and comprehensive income for the quarter and nine-month periods
then ended, the statements of changes in equity and cash flows for the nine-month period then
ended, and a summary of significant accounting policies and other explanatory information.
Management is responsible for the preparation of the consolidated interim accounting information
in accordance with the Deliberation CVM 673/11 (which approved accounting standard CPC
21(R1) - Interim Financial Reporting), and International Accounting Standard (IAS) 34 - Interim
Financial Reporting issued by the International Accounting Standards Board (IASB). Our
responsibility is to express a conclusion on this interim accounting information based on our
review.
Scope of the review
We conducted our review in accordance with Brazilian and International Standards on Reviews of
Interim Financial Information (NBC TR 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity, respectively). A review of interim information
consists of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with Brazilian and International Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion on the consolidated interim information
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim accounting information referred to above has not been
prepared, in all material respects, in accordance with Deliberation CVM 673/11 and IAS 34.
So Paulo, October 22, 2015.
Eduardo Affonso de Vasconcelos

Accountant CRC-1SP166001/O-3
Baker Tilly Brasil Auditores Independentes S/S
CRC-2SP016754/O-1

Unaudited consolidated balance sheet at
In thousands of Reais
September 30,
2015
December 31,
2014
2,597,126
1,280,720
26,392
723,908
1,562,671
177,224
149,862
461,067
682,819
29,573
538,424
1,238,793
162,863
147,638
6,517,903
3,261,177
Non-current
Marketable securities (Note 8)
Derivative financial instruments (Note 9)
Related parties receivables (Note 14)
Recoverable taxes (Note 12)
Advances to suppliers
Judicial deposits (Note 20)
Deferred taxes (Note 13)
Assets held for sale (Note 1(b))
Other assets
71,563
299,025
11,919
1,943,459
671,258
192,744
2,283,933
598,257
85,527
51,350
161,320
7,969
1,752,101
695,171
192,028
1,190,836
598,257
91,208
Investments (Note 15)

Biological assets (Note 16)
Property, plant and equipment (Note 17)
Intangible assets (Note 18)
121,004
3,862,703
8,951,888
4,516,434
79,882
3,707,845
9,252,733
4,552,103
23,609,714
22,332,803
30,127,617
25,593,980
Assets
Current
Cash and cash equivalents (Note 7)
Trade accounts receivable, net (Note 10)
Inventory (Note 11)
Recoverable taxes (Note 12)
Other assets
Total assets
3 of 43

Unaudited consolidated balance sheet at
(continued)
September 30,
2015
December 31,
2014
1,077,006
471,009
688,223
147,778
161,450
152
140,135
965,389
185,872
593,348
135,039
56,158
38,649
124,775
2,685,753
2,099,230
11,449,258
855,461
84
238,224
168,684
477,000
271,263
7,361,130
422,484
124
266,528
144,582
477,000
207,197
13,459,974
8,879,045
Total liabilities
16,145,727
10,978,275
Shareholders' equity
Share capital
Share capital reserve
Treasury shares
Statutory reserves
Other reserves
Accumulated loss
9,729,006
11,829
(10,378 )
1,635,473
3,117,291
(563,286)
Liabilities and shareholders' equity

Current
Loans and financing (Note 19)
Trade payables
Payroll, profit sharing and related charges
Taxes payable
Dividends payable
Other payables
Non-current
Taxes payable
Deferred taxes (Note 13)
Provision for contingencies (Note 20)
Liabilities related to the assets held for sale (Note 1(b))
Other payables
Equity attributable to shareholders of the Company
9,729,006
3,920
(10,346 )
3,228,145
1,613,312
13,919,935
14,564,037
61,955
51,668
Total shareholders' equity
13,981,890
14,615,705
Total liabilities and shareholders' equity
30,127,617
25,593,980
Equity attributable to non-controlling interests
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
4 of 43

Unaudited consolidated statement of profit or loss
In thousands of Reais, except for the income per shares
2015
July 1 to
September 30,
(three months)
Revenues (Note 21)

Cost of sales (Note 23)
Gross profit
Operating income (expenses)
Selling expenses (Note 23)
General and administrative (Note 23)
Equity in income/losses of associate
Other operating income (expenses), net (Note 23)
Income before financial income and expenses
September 30,
(nine months)
2,789,667
(1,533,244 )
7,096,052
(4,246,565)
1,256,423
2,849,487
2014
July 1 to
September 30,
(three months)
1,746,365
(1,460,404)
September 30,
(nine months)
5,082,541
(4,159,174)
285,961
923,367
(110,590)
(65,805 )
(6 )
(43,935)
(312,558 )
(194,807)
744
(83,070)
(94,955 )
(72,339 )
(262,016)
(193,270)
(32,201 )
878,458
(220,336 )
(589,691)
(199,495 )
423,172
1,036,087
2,259,796
86,466
51,191
(150,827 )
(570,507 )
(1,687,242 )
132,182
(397,946)
(889,479)
(2,627,044)
33,874
(131,392)
(142,539 )
(545,033 )
103,926
(882,041)
36,012
(281,194)
(2,357,385)
(3,782,287)
(785,090)
(1,023,297)
(1,321,298)
(1,522,491)
(698,624)
323,242
(68,501 )
788,373
(147,102)
1,116,594
65,870
273,370
(35,520)
3,296
Net income (loss) for the period
(601,426)
(552,999)
(359,384)
291,018
Attributable to
Shareholders of the Company
(605,674 )
(563,286)
(361,660)
285,101
Financial income (Note 22)

Financial expenses (Note 22)
Result of derivative financial instruments, net (Note 22)
Foreign exchange losses and monetary adjustment, net (Note 22)
Income (loss) before income taxes

Income taxes
Current (Note 13)
Deferred (Note 13)
Non-controlling interest
4,248
10,287
2,276
1,346,539
5,917
(601,426)
(552,999)
(359,384)
291,018
Basic earnings (loss) per share - in Reais (Note 25(a))
(1.094)
(1.018)
(0,653)
0,515
Diluted earnings (loss) per share - in Reais (Note 25(b))
(1.093)
(1.016)
(0,653)
0,515
5 of 43

Unaudited consolidated statement of comprehensive income
In thousands of Reais, except for the income per shares
2015
July 1 to
September 30,
(three months)
September 30,
(nine months)
(601,426 )
(552,999 )
Other comprehensive income

Items that may be subsequently reclassified to profit or loss
Foreign exchange effect on available-for-sale
financial assets Ensyn
Tax effect thereon
22,194
(7,546)
33,577
(11,416)
Total other comprehensive income for the

period, net of taxes
14,648
22,161
2014
July 1 to
September 30,
(three months)
September 30,
(nine months)
(359,384)
291,018
Total comprehensive income (loss) for

the period, net of taxes
(586,778 )
(530,838 )
(359,384)
291,018
Attributable to
Shareholders of the Company
Non-controlling interest
(591,026 )
4,248
(541,125 )
10,287
(361,660)
2,276
285,101
5,917
(586,778 )
(530,838 )
(359,384)
291,018
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Unaudited statement of changes in shareholders' equity
In thousands of Reais, unless otherwise indicated
Capital
As at December 31, 2013
9,740,777
Capital
Transaction
costs of the
capital
increase
(11,771 )
Other reserves
Capital
reserve
2,688
Treasury
shares
Statutory reserves
Other
comprehensive
income
Legal
Investments
1,614,270
303,800
2,805,481
(10,346 )
Total income
Net income and other comprehensive
income for the period
As at September 30, 2014
9,740,777
(11,771 )
2,688
(10,346 )
1,614,270
303,800
2,805,481
As at December 31, 2014
9,740,777
(11,771 )
3,920
(10,346 )
1,613,312
311,579
2,916,566
Total income
Other comprehensive income for
the period
22,161
22,161
Transactions with shareholders

Repurchase of shares
Dividends distributed
Stock options program
As at September 30, 2015
Total
Noncontrolling
interest
Total
14,444,899
46,355
14,491,254
285,101
285,101
5,917
291,018
285,101
14,730,000
52,272
14,782,272
14,564,037
51,668
14,615,705
(563,286 )
(563,286 )
10,287
(552,999 )
(563,286 )
22,161
(541,125)
10,287
22,161
(530,838 )
(32 )
(32 )
(110,854)
7,909
(110,854)
7,909
9,740,777
(11,771 )
11,829
(10,378 )
7 of 43
Retained
earnings
(accumulated
loss)
1,635,473
311,579
2,805,712
(563,286 )
13,919,935
(32 )
(110,854 )
7,909
61,955
13,981,890

Unaudited consolidated statement of cash flows
September 30, September 30,

2015
2014
Income (loss) before income taxes
Adjusted by
Depreciation, depletion and amortization
Depletion of wood from forestry partnership programs
Foreign exchange losses, net
Change in fair value of derivative financial instruments
Equity in losses of jointly-venture
Loss on disposal of property, plant, equipment and biological assets, net
Interest from marketable securities
Interest expense from loans and financing
Change in fair value of biological assets
Financial charges on bonds upon partial repurchase
Impairment of recoverable taxes ICMS
Tax credits
Provision for impairment of investments
Provision (reversal of provision) for contingencies and release of judicial deposits, net
Stock options program
Provisions and other
Decrease (increase) in assets
Trade accounts receivable
Inventory
Recoverable taxes
Other assets
Increase (decrease) in liabilities
Trade payables
Taxes payable
Other payables
Cash provided by operating activities
Interest received - marketable securities
Interest paid - loans and financing
Income taxes paid
Net cash provided by operating activities
8 of 43
(1,522,491)
323,242
1,361,642
48,714
2,627,044
889,479
(744 )
15,665
(64,406 )
329,689
(29,831 )
1,306,135
68,487
281,194
(36,012 )
61,084
7,909
4,126
23,696
(65,403 )
364,097
(87,192 )
463,585
72,152
(849,520 )
6,716
(3,037 )
20,082
209,153
(220,193 )
(260,544 )
(49,458 )
(143,427 )
42,815
(118,944)
136,177
(43,305 )
8,551
12,739
34,449
75,156
(23,788 )
(10,829 )
(27,975 )
3,419,272
1,817,407
59,064
(264,469 )
(50,941 )
57,660
(329,226 )
(8,614 )
3,162,926
1,537,227

Unaudited consolidated statement of cash flows
(continued)
September 30,
2015
Cash flows from investing activities
Proceeds from sale of land and building - Asset Light project
Acquisition of property, plant and equipment, intangible assets and forests
Advances for acquisition of wood from forestry partnership program
Acquisition of interest in subsidiary
Subsidiary incorporation - Fibria Innovations (Note 15)
Marketable securities, net
Proceeds from sale of property, plant and equipment
Derivative transactions settled (Note 9(c))
Others
Net cash used in investing activities
Cash flows from financing activities
Borrowings - loans and financing
Repayments - loans and financing - principal amount
Premium paid on bond repurchase transaction
Dividends paid
Others
Net cash provided by (used in) financing activities
(1,253,489 )
(22,299 )
September 30,
2014
902,584
(1,126,384 )
(37,689 )
(6,716 )
(11,630 )
(602,294 )
32,084
(305,890)
(8)
190,897
(2,550)
(28,760)
(1,020)
(2,163,526)
(109,638)
1,965,416
(1,095,233 )
2,575,847
(4,222,785 )
(325,668 )
(149,350)
(1,190 )
3,444
719,643
(1,969,162)
417,016
(21,120 )
Net increase (decrease) in cash and cash equivalents
2,136,059
(562,693 )
Cash and cash equivalents at beginning of the period
461,067
1,271,752
2,597,126
709,059
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of the period
9 of 43

Notes to the unaudited consolidated interim
financial information at September 30, 2015
Operations and current developments
(a)
General information
Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held
company. Fibria Celulose S.A. and its subsidiaries are referred to in this consolidated interim financial
information as the "Company", "Fibria", or "we". We have the legal status of a share corporation,
operating under Brazilian corporate law. Our headquarters and principal executive office is located in
So Paulo, SP, Brazil.
We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange
(NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores
Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC).
Our activities are focused on the growth of renewable and sustainable forests and the manufacture and
sale of bleached eucalyptus kraft pulp. Forests in formation are located in the States of So Paulo, Mato
Grosso do Sul, Minas Gerais, Rio de Janeiro, Esprito Santo and Bahia.
We operate in a single operating segment, which is the producing and selling of short fiber pulp, with
our pulp production facilities located in the cities of Aracruz (State of Esprito Santo), Trs Lagoas (State
of Mato Grosso do Sul), Jacare (State of So Paulo) and Veracel (State of Bahia) (jointly- controlled
entity).
The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts
with the owners of these vessels, through the ports of Santos, located in the State of So Paulo (operated
under a concession from Federal Government until 2017 and other upon a not onerous assignment
agreement signed with Companhia Brasileira de Alumnio (entity member of the Votorantim Group)
until November 2015, which can be extended until the closing of the bidding process and Barra do
Riacho, located in the State of Esprito Santo (operated by our subsidiary Portocel - Terminal
Especializado Barra do Riacho S.A.).
(b)
Non-current assets held for sale

Losango project assets
On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the
definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising
approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares
of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of R$
615 million. On this date the first installment of the purchase price, amounting to R$ 470 million, was
paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account
and will be released to us once additional government approvals are obtained. On November 2014, we
received an additional R$ 7 million as an advance from CMPC. The final installment of R$ 5 million is
payable to us upon the completion of the transfer of the existing land lease contracts for the assets, and
the applicable government approvals. The sale and purchase agreement establishes a period of 48
months, renewable at the option of CMPC for an additional 48 months, to obtain the required
government approvals. If this approval is ultimately not obtained, we will be required to return to CMPC
the amount paid to us, plus interest and the escrow deposits made by CMPC will revert. We have
recorded the amount received as a liability under "Advances received in relation to assets held for sale".
10 of 43

Since the signing of the Purchase and Sale Agreement with CMPC, we have taken action to obtain the
approvals needed, such as the fulfillment of all conditions precedent, the partial renewal of the operating
license of the areas and obtaining the documentation to be presented to the applicable government
agencies. The consistent progress in obtaining these approvals indicates that favorable resolution will be
achieved.
We have concluded that these assets should remain classified as assets held for sale. However, the
completion of the sale is not under our sole control and it depends on various government approvals,
which have been slower than expected. Accordingly we have concluded that they should continue to be
classified as non-current assets held for sale as at September 30, 2015.
The Losango assets did not generate any significant impact in the unaudited consolidated statement of
profit or losses for the nine-month period ended September 30, 2015 and 2014.
(c)
Approval of the expansion plan of the Trs Lagoas Unit

On May 14, 2015, the Board of Directors approved the expansion plan of the Company for the
construction of the second line of pulp production in the unit of Trs Lagoas, state of Mato Grosso do
Sul, called Horizonte 2 Project.
The Horizonte 2 Project, already started, consists in the construction of a new bleached eucalyptus pulp
production line with capacity of 1.75 million tons per year and an estimated investment of R$ 7.7 billion.
The startup of the new production line is projected for the fourth quarter of 2017, being that up to
September 30, 2015, virtually all supply contracts for equipment and services needed for the Horizonte 2
Project have been signed with the suppliers and service providers.
The Project will be financed by the free cash flow of the Company and financing, in accordance to the
limits established on the Indebtedness Management Policy, which are being negotiated by the Company
with the financial institutions.
Presentation of consolidated interim financial information

and summary of significant accounting policies
2.1
Consolidated interim financial information - basis of preparation
(a)
Accounting policies adopted

The consolidated interim financial information has been prepared and is being presented in accordance
with IAS 34 and Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission
(CVM), which approved the CPC 21(R1) - Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC).
The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2014, considering that its purpose is to provide an update
on the activities, events and significant circumstances in relation to those presented in the annual
financial statements.
The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this interim
financial information and the estimates used, are the same as those used in the preparation of the most
11 of 43

recent annual financial statements, except for the mentioned in Note 23 and to the items related to the
adoption of the new standards, amendments and interpretations issued by IASB and CVM, as detailed in
Note 3 below.
(b)
Approval of the consolidated

interim financial information
The consolidated unaudited interim financial information was approved by the Board of Directors on
October 22, 2015.
2.2
Critical accounting estimates

and assumptions
Estimates and assumptions are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. Accounting estimates will seldom match the actual results. In the nine-month period
ended September 30, 2015, except for the item (ii) in the Note 20, there were no significant changes in
the estimates and assumptions which are likely to result in significant adjustments to the carrying
amounts of assets and liabilities during the current financial year, compared to those disclosed in Note 3
to our most recent annual financial statements.
New standards, amendments and

interpretations issued by IASB and CVM
The standards below have been issued and are effectives for future periods. We have not early adopted
these standards.
Standard
IFRS 9 - Financial
Instruments
Effective
date
January 1,
2018
IFRS 15 - Revenue
January 1,
2018
IAS 41 - Agriculture
(equivalent to CPC 29 Biological Assets and
Agricultural Produce)
January 1,
2016
12 of 43
Main points introduced by the

standard
The main change is that, in cases where
the fair value option is taken for financial
liabilities, the part of a fair value change
which is due to an entitys own credit risk
is recorded in other comprehensive
income rather than the income statement.
This accounting standard establishes the
accounting principles to be followed by
entities to determine and measure
revenue and when the revenue should be
recognized.
The bearer plants should be accounted
for as property, plant and equipment (IAS
16/CPC 27), i.e., at cost less depreciation
or impairment provision. Bearer plants
are defined as those used to produce fruit/
regenerate for several years, but the plant
itself, once mature, does not suffer
relevant changes.
Impacts of the
adoption
The Company is currently
assessing the impacts of
the adoption.
The Company is currently

assessing the impacts of
the adoption.
The Company evaluated

and concluded that the
revision of the standard
will not bring any impact
on the measurement and
presentation of our
biological assets since
they do not meet the
definition of bearer plant.

There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expect to
have a material impact on the Companys financial position and results of operations.
4
Risk management
The risk management policies and financial risk factors disclosed in the annual financial statements
(Note 4) did not show any significant changes. The Companys financial liabilities which present
liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), sensitivity
analysis (Note 5) and fair value estimates (Note 6), which was considered relevant by Fibrias
management to be accompanied quarterly.
4.1
Liquidity risk
The table below presents the financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows and as such they differ from the amounts
presented in the consolidated balance sheet.
Between
Between
Less than
one and
two and
Over five
one year
two years
five years
years
At September 30, 2015
Loans and financing
Derivative instruments
Trade and other payables
At December 31, 2014

Loans and financing
Trade and other payables
13 of 43
1,328,965
505,371
828,358
2,084,343
568,271
78,428
7,439,173
908,999
45,679
4,217,790
2,662,694
2,731,042
8,393,851
4,260,781
1,156,951
178,964
725,123
2,105,192
142,662
36,927
4,353,071
504,133
30,546
2,203,134
74,545
34,087
2,061,038
2,284,781
4,887,750
2,311,766
42,991

4.2
Foreign exchange risk
Assets in foreign currency

Cash and cash equivalents (Note 7)
Trade accounts receivable (Note 10)
Liabilities in foreign currency

Trade payables
Derivative instruments (Note 9(a))
Liability exposure
September 30,
2015
December 31,
2014
2,537,120
655,020
279,664
61,352
496,493
3,192,140
837,509
10,687,234
59,043
1,284,391
6,280,545
72,263
538,451
12,030,668
6,891,259
(8,838,528)
(6,053,750)
Sensitivity analysis
Sensitivity analysis of changes in foreign currency
The Companys significant risk factor, considering the period of three-month period for the evaluation is
its U.S. Dollar exposure. We adopted as the probable scenario the fair value considering the market yield
as at September 30, 2015.
To calculate the probable scenario the closing exchange rate at the date of these consolidated interim
financial information was used (R$ x USD = 3,9729). As the amounts have already been recognized in
the consolidated interim financial information, there are no additional effects in the income statement in
this scenario. In the Possible and Remote scenarios, the US Dollar is deemed to
appreciate/depreciate by 25% and 50%, respectively, before tax, when compared to the Probable
scenario:
Impact of an appreciation/depreciation of the real
against the U.S. Dollar
on the fair value - absolute amounts
Options
Swap contracts
Loans and financing
Fixed-term deposits
Possible (25%)
Remote (50%)
457,442
637,969
2,476,028
588,595
1,015,322
1,277,190
4,952,056
1,177,191
Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as at September 30,
2015. As the amounts are already updated in the consolidated interim financial information, there are no
additional effects in the income statement in this scenario. In the Possible and Remote scenarios, the
14 of 43

interest rates are deemed to increase/decrease by 25% and 50%, respectively, before tax, when
compared to the Probable scenario:
Impact of an increase/decrease of the interest rate
on the fair value - absolute amounts
Possible (25%)
Remote (50%)
Loans and financing

LIBOR
Currency basket
TJLP
Interbank Deposit Certificate (CDI)
401
2,138
1,555
1,359
899
4,275
3,084
2,680
LIBOR
TJLP
16,398
3,484
20,755
31,549
5,726
41,391
Marketable securities (a)

3,001
5,770
(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.
Sensitivity analysis in changes in the

United States Consumer Price Index - US-CPI
To calculate the Probable scenario, we used the US-CPI index at September 30, 2015. The Probable
scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI.
Impact of an appreciation of the
US-CPI at the fair value - absolute amounts
Embedded derivative in forestry partnership and

standing timber supply agreements
Possible (25%)
Remote (50%)
108,613
222,722
Fair value estimates

In the nine-month period ended September 30, 2015, there were no changes in the criteria of
classification of the assets and liabilities in the levels of the fair value hierarchy when compared to the
criteria used in the classification of those instruments disclosed in Note 6 to our most recent annual
financial statements as at December 31, 2014.
15 of 43

September 30, 2015

Level 1
Level 2
Level 3
Total
18,593
325,417
18,593
Recurring fair value measurements

Assets
At fair value through profit and loss
Derivative instruments (Note 9)
Warrant to acquire Ensyn's shares (Note 15)
325,417
76,177
1,197,711
Available for sale financial assets

Other investments - Ensyn (Note 15)
Biological asset (Note 16) (*)
Total assets
76,177
1,523,128
1,273,888
101,309
101,309
3,862,703
3,862,703
3,982,605
5,581,910
Liabilities
1,326,470
1,326,470
Total liabilities
1,326,470
1,326,470
December 31, 2014
Level 1
Level 2
Level 3
Total
11,791
190,893
11,791
682,819
67,733
67,733
3,707,845
3,707,845
3,787,369
4,661,081
Recurring fair value measurements

Assets
Warrant to acquire Ensyn's shares (Note 15)
190,893
193,131
489,688
Available for sale financial assets

Other investments Ensyn (Note 15)
Biological asset (Note 16) (*)
Total assets
193,131
680,581
Liabilities
608,356
608,356
Total liabilities
608,356
608,356
(*) See the changes in the fair value of the biological assets in Note 16.
There were no transfers between levels 1, 2 and 3 during the periods presented.
16 of 43

6.1
Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is
estimated as follows: (a) bonds, for which fair value is based on the observed quoted price in the market
(based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities
that do not have a secondary market, or for which the secondary market is not active, fair value is
estimated by discounting the future contractual cash flows by current market interest rates, also
considering the Companys credit risk. The fair value of loans and financing are classified as Level 2 on
the fair value hierarchy. The following table presents the fair value of loans and financing:
Yield used to discount (*)
Quoted in the secondary market
In foreign currency
Bonds - VOTO IV
Bonds - Fibria Overseas
Estimative based on discounted cash flow
In foreign currency
Export credits
Export credits (ACC/ACE)
In local currency
BNDES TJLP
BNDES Fixed rate
Currency basket
FINEP
FINAME
NCE in Reais
Midwest Fund
LIBOR USD
DDI
Brazilian interbank rate (DI 1)
September
30, 2015
December
31, 2014
407,458
2,322,669
292,188
1,598,708
7,085,376
175,418
3,824,319
260,345
855,938
102,466
605,206
2,200
6,064
679,515
23,873
1,072,412
77,980
400,233
2,675
9,457
707,872
32,304
12,266,183
8,278,493
(*) Used to calculate the present value of the loans.
6.2
Fair value measurement of derivative

financial instruments (including embedded derivative)
The Company estimates the fair value of its derivative financial instruments and acknowledges that it
may differ from the amounts payable/receivable in the event of early settlement of the instrument. This
difference results from factors such as liquidity, spreads or the intention of early settlement from the
counterparty, among others. The amounts estimated by management are also compared with the Markto-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.
A summary of the methodologies used for purposes of determining fair value by type of instrument is
presented below.
.
Swap contracts - the present value of both the asset and liability legs are estimated through the
discount of forecasted cash flows using the observed market interest rate for the currency in which
the swap is denominated, considering both of Fibrias and counterpart credit risk. The contract fair
value is the difference between the asset and liability. Only exception is the TJLP x US$ swap, where
the cash flow of the asset leg (TJLP x fixed) are projected using a stable yield, as current TJLP value,
17 of 43

during the duration of the swap contract, obtained from BNDES.

.
Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model,
considering both of Fibrias and counterpart credit risk. Volatility information and interest rates are
observable and obtained from BM&FBOVESPA exchange information to calculate the fair values.
Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,
obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS), issued
by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in
the embedded derivative instrument. The fair value of the embedded derivative instrument is the
present value of the difference between both positions.
The yield curves used to calculate the fair value in September 30, 2015 are as follows:
Interest rate curves
Brazil
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
14.28
15.13
15.57
15.82
15.86
15.62
15.59
United States
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
0.20
0.39
0.50
0.75
1.00
1.40
2.05
Dollar coupon
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
40.38
10.17
8.73
7.47
6.75
6.24
6.41
Cash and cash equivalents

Average yield p.a. - %
Cash and banks
Fixed-term deposits
Local currency
Foreign currency (i)
60.52 of the CDI

0.23
September 30, 2015
December 31,2014
201,090
122,515
41,655
2,354,381
157,883
180,669
2,597,126
461,067
(i) Refers mainly to Time Deposit maturing until 90 days.
The increase of R$ 2,136,059 in the nine-month period ended September 30, 2015 refers, mainly, to the
new loans and financing contracted and due to the cash generation of the operations in the period.
18 of 43

Marketable securities
In local currency
Brazilian federal provision fund
Brazilian federal government securities
At fair value
Held to maturity (i)
Private securities
Average
yield p.a.- %
September 30,
2015
December 31,
2014
77 of CDI
202
30
94.8 of CDI
94.8 of CDI and 6
101.46 of CDI
75,975
78,395
1,197,711
193,101
51,350
428,336
In foreign currency
Private securities
61,352
1,352,283
734,169
Current
1,280,720
682,819
71,563
51,350
Non-Current
(i) The yield of 94.8% of CDI refers to the investment fund - Pulp and the yield of 6% p.a. refers to the agrarian debt
bounds.
19 of 43

Derivative financial instruments (including embedded derivative)
(a)
Derivative financial instruments by type

Reference value
(notional) - in U.S Dollars
Fair value
September
30, 2015
December
31, 2014
570,000
1,465,000
(132,395)
(19,443)
Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (US$)
626,732
538,207
(33,480)
3,353
Hedges of foreign currency

Swap DI x US$ (US$)
Swap TJLP x US$ (US$)
Swap Pre x US$ (US$)
362,315
116,514
130,547
405,269
180,771
191,800
(635,596)
(271,777)
(211,143)
(215,654)
(196,818)
(109,889)
(1,284,391)
(538,451)
283,338
120,988
26,392
299,025
(471,009)
(855,461)
29,573
161,320
(185,872)
(422,484)
(1,001,053)
(417,463)
Type of derivative
Instruments contracted of economic hedge strategy
Operational hedge
Cash flow hedges of exports
Zero cost collar
Embedded derivative in forestry partnership and

standing timber supply agreements (*)
Swap changes in US-CPI
Classified
In current assets
In non-current assets
In current liabilities
In non-current liabilities
Total, net
868,849
902,267
September
30, 2015
December
31, 2014
(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and
Standing Timber Supply Agreements.
20 of 43

(b)
Derivative financial instruments of economic

hedge strategy by type and broken down by
nature of the exposure
Reference value (notional) in currency of origin
Type of derivative and
protected risk
Swap contracts - Hedges
of debts
Asset
LIBOR to fixed
Real CDI to USD
Real TJLP to USD
Real Pre to USD
Liability
LIBOR to fixed
Real CDI to USD
Real TJLP to USD
Real Pre to USD
Currency
September 30, December 31, September 30, December 31,

2015
2014
2015
2014
US$
R$
R$
R$
626,732
705,684
189,387
272,955
538,207
788,208
293,676
395,697
2,232,060
1,035,661
181,142
214,387
1,352,345
1,082,215
279,328
323,898
US$
US$
US$
US$
626,732
362,315
116,514
130,547
538,207
405,269
180,771
191,800
(2,265,541)
(1,671,257)
(452,918)
(425,530)
(1,348,992)
(1,297,868)
(476,146)
(433,788)
(1,151,996)
(519,008)
(132,395)
(19,443)
(1,284,391)
(538,451)
Total of swap contracts

Options - Cash flow hedge
Zero cost collar
(c)
Fair value
US$
570,000
1,465,000
Derivative financial instruments by type of

economic hedge strategy contracts
Fair value
Type of derivative
Operational hedges
Cash flow hedges of exports
Hedges of debts
Hedges of interest rates
Hedges of foreign currency
21 of 43
September 30,
2015
December 31,
2014
Amount paid
September 30,
2015
December 31,
2014
(132,395)
(19,443)
(92,018 )
(13)
(33,480)
(1,118,516)
3,353
(522,361)
(8,358)
(205,514)
(5.445)
(47.641)
(1,284,391)
(538,451)
(305,890)
(53.099)

(d)
Fair value and counterparty by maturity

date of economic hedge strategy contracts
Fair values by maturity:
September 30,
2015
2015
2016
2017
2018
2019
2020
December 31,
2014
(171,857)
(328,434)
(394,887)
(273,813)
(74,006)
(41,394)
(158,095)
(99,947)
(134,814)
(87,208)
(35,401)
(22,986)
(1,284,391)
(538,451)
Notional and fair value by counterparty:

September 30, 2015
Notional in
U.S. Dollars
Banco Ita BBA S.A.
Deutsche Bank S.A.
Banco CreditAgricole Brasil S.A.
Banco Citibank S.A.
Bank of America Merrill Lynch
Banco Santander Brasil S.A.
Banco Safra S.A.
Banco BNP Paribas Brasil S.A.
HSBC Bank Brasil S.A.
Banco Bradesco S.A.
Banco J. P. Morgan S.A.
Goldman Sachs do Brasil
Banco Votorantim S.A.
Morgan Stanley & CO.
Fair value
December 31, 2014

Notional in
U.S. Dollars
Fair value
167,404
149,625
49,666
70,597
400,000
5,411
171,962
45,000
67,369
258,951
367,857
30,000
22,266
(186,840)
(28,215)
(9,771)
(56,246)
(24,516)
(8,393)
(350,077)
(6,481)
(49,993)
(466,622)
(75,665)
(12,319)
(9,253)
603,906
253,450
68,623
45,671
300,000
196,987
198,598
210,000
160,446
182,229
467,857
65,000
13,280
15,000
(67,675)
12
(10,085)
(48,612)
(1,385)
(95,818)
(132,726)
(1,741)
(40,675)
(126,785)
(3,446)
(1,007)
(8,237)
(271)
1,806,108
(1,284,391)
2,781,047
(538,451)
Fair value does not necessarily represent the cash required to immediately settle each contract, as such
disbursement will only be made on the date of maturity of each transaction, when the final settlement
amount will be determined.
The outstanding contracts at September 30, 2015 are not subject to margin calls or anticipated
liquidation clauses resulting from mark-to-market variations. All operations are over-the-counter and
registered at CETIP (a clearing house).
22 of 43

10
Domestic customers
Export customers
Allowance for doubtful accounts
September 30,
2015
December 31,
2014
76,181
655,020
50,729
496,493
731,201
547,222
(7,293)
723,908
(8,798)
538,424
In the nine-month period ended September 30, 2015, we made some credit assignment without recourse
for certain customers receivables, in the amount of R$1,909,051 (R$ 1,230,143 at December 31, 2014),
that were derecognized from accounts receivable in the balance sheet.
11
Inventory
September 30, December 31,
2015
2014
Finished goods
In Brazil
Outside Brazil
Work in process
Raw materials
Supplies
Imports in transit
23 of 43
269,263
628,391
15,616
486,200
158,809
4,392
137,741
515,522
16,942
402,293
161,758
4,537
1,562,671
1,238,793

12
Recoverable taxes
Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL)
Value-added Tax on Sales and Services (ICMS) on purchases
of property, plant and equipment
Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw
materials and supplies
Federal tax credits
Credit related to Reintegra Program (a)
Social Integration Program (PIS) and Social Contribution on Revenue (COFINS)
Recoverable
Provision for the impairment of ICMS credits
Current
Non-current
September 30,
2015
December 31,
2014
813,219
680,927
20,735
19,465
961,519
390,311
78,075
896,460
444,906
37,027
639,296
(782,472)
570,333
(734,154)
2,120,683
1,914,964
177,224
162,863
1,943,459
1,752,101
During the nine-month period ended September 30, 2015, there were no relevant changes to our
expectations regarding the recoverability of the tax credits presented in this note and the Note 14 to the
most recent annual financial statements.
(a)
Reintegra Special Tax Regime

Fibria is beneficiary of the Special Tax Refund Regime for Exporting Companies (known as Reintegra),
established by Provisional Measure n 651/2014 (enacted as Law 13.043/2014 on November 13, 2014),
With the issuance of the Act n 8,415, on February 27, 2015, the percentage to be applied over the export
revenue for calculation of the tax credit was changed from 3% to 1% between March 1, 2015 and
December 31, 2016. In 2017, the percentage to be used will be 2% and in 2018, 3% over the export
revenue.
In the nine-month period ended September 30, 2015, the Company recognized Reintegra credits of
R$54,718, under Cost of sales in the Statement of profit and loss.
13
Income taxes
The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The
subsidiaries located outside of Brazil use methods established by the respective local jurisdictions.
Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at
the date of the interim financial information.
The Company pays income taxes on the profits generated by foreign subsidiaries in accordance with the
Law 12,973/14, which revoked the Article 74 of Provisional Measure 2,158/01, but kept the
determination that the profits earned each year by foreign controlled subsidiaries are subject to the
payment of income tax and social contribution in Brazil in the same year, at a rate of 34%, applied to the
subsidiaries accounting profits before income tax. The repatriation of these profits in subsequent years
is not subject to future taxation in Brazil. The Company records a provision for income taxes on foreign
subsidiaries on an accruals basis. As from 2014, the Company decided to start paying these taxes
primarily to mitigate any risk of future tax assessments on this matter.
24 of 43

(a)
Deferred taxes
2015
2014
Tax loss carryforwards (i)
Provision for contingencies
Sundry provisions (impairment, operational and other)
Results of derivative contracts - cash basis for tax purposes
Exchange losses (net) - cash basis for tax purposes
Tax amortization of the assets acquired in the business combination - Aracruz
Actuarial gains on medical assistance plan (SEPACO)
Provision for income tax and social contribution from foreign subsidiaries
Tax accelerated depreciation
Reforestation costs already deducted for tax purposes
Fair values of biological assets
Effects of business combination - acquisition of Aracruz
Tax benefit of goodwill - goodwill not amortized for accounting purposes
Other provisions
172,952
118,088
589,693
340,358
2,465,320
100,210
6,609
(710,209)
(10,993)
(371,692)
(123,826)
(1,004)
(514,387)
(15,410)
192,647
111,799
447,273
141,938
913,219
102,335
6,609
(25,977)
(9,889)
(348,398)
(153,020)
(3,165)
(447,293)
(3,770)
Total deferred taxes asset, net
2,045,709
924,308
Deferred taxes - asset (net by entity)
2,283,933
1,190,836
238,224
266,528
Deferred taxes - liability (net by entity)
(i) The balance as at September 30, 2015 is presented net of Hungarian Forint HUF 25,752 million (equivalent to
R$364,337 as of September 30, 2015 and R$ 263,297 as of December 31, 2014) related to the provision for impairment
for foreign tax credits.
Changes in the net balance of deferred income tax are as follows:

September 30,
2015
At the beginning of the period
Tax loss carryforwards
Temporary differences regarding provisions
Provision for income tax and social contribution from foreign subsidiaries
Derivative financial instruments taxed on a cash basis
Amortization of goodwill
Reforestation costs
Exchange losses (net) taxed on a cash basis
Fair value of biological assets
Actuarial losses on medical assistance plan (SEPACO)
Other
At the end of the period
25 of 43
924,308
(19,695)
148,709
(684,232)
198,420
(69,219)
(24,398)
1,552,101
29,194
(9,479)
2,045,709
December 31,
2014
732,220
20,128
23,261
(25,977)
(15,933)
(98,063)
(36,804)
266,933
46,841
2,478
9,224
924,308

(b)
Reconciliation of taxes on income

September 30,
2015
Income (loss) before tax
Income tax and social contribution benefit (expense)
at statutory nominal rate - 34%
September 30,
2014
(1,522,491)
517,647
323,242
(109,902)
Reconciliation to effective expense:

Benefits to directors
Equity in net income of jointly-venture
Taxes on earnings of foreign subsidiaries
Difference in tax rates of foreign subsidiaries
Credit of Reintegra Program
Benefit - Tax on net income (Imposto sobre o Lucro Lquido - ILL)
Foreign exchange effects on foreign subsidiaries (i)
Other, mainly non-deductible provisions
(6,292)
253
(3,440)
(4,169)
15,974
18,604
452,174
(12,894)
32,117
38,659
(1,463)
Income tax and social contribution benefit (expense) for the period
969,492
(32,224)
Income tax and social contribution current
(147,102)
(35,520)
Income tax and social contribution deferred
1,116,594
3,296
969,492
(32,224)
Effective rate - %
63.7
9.9
(i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the real as the functional currency. As the
real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the
foreign country nor will it ever be subject to tax in Brazil.
14
Significant transactions and

balances with related parties
(a)
Related parties
The Company is governed by a Shareholders Agreement entered into between Votorantim
Industrial S.A. ("VID"), which holds 29.42% of our shares, and BNDES Participaes S.A.
("BNDESPAR"), which holds 29.08% of our shares (together the "Controlling Shareholders").
The Company's commercial and financial transactions with its subsidiaries, companies of the
Votorantim Group and other related parties are carried out at normal market prices and conditions,
based on usual terms and rates applicable to third parties.
In Abril 2015, the subsidiary Fibria-MS made a marketable security investment with Banco Votorantim,
maturing in Abril 2016 and average interest rate of 102.1% of CDI.
26 of 43

In the nine-month period ended September 30, 2015, except for the transaction mentioned above, there
were no significant changes in the terms of the contracts, agreements and transactions, and there were
no new contracts, agreements or transactions with distinct nature between the Company and its related
parties when compared to the transactions disclosed in Note 16 to the most recent financial statements
as at December 31, 2014.
(i)
Balances recognized in assets and liabilities

Balances receivable (payable)
Nature
Transactions with controlling shareholders
Votorantim Industrial S.A.
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES)
Transactions with Votorantim Group companies

Votorantim Participaes S.A.
Votener - Votorantim Comercializadora e Energia
Votorantim Cimentos S.A.
Votorantim Metais
Votorantim Metais
Companhia Brasileira de Alumnio (CBA)
Rendering of services
Financing
Financing
Energy supplier
Financial instruments
Energy supplier
Input supplier
Chemical products
supplier
Leasing of land
Leasing of land

2015
2014
(410)
(172)
(1,902,706)
(1,756,133)
(1,903,116)
(1,756,305)
11,919
6,245
71,453
(9,253)
650
Presented in the following lines

In assets
Related parties - non-current
Other assets - current
In liabilities
Suppliers
27 of 43
(8,237)
(269)
(206)
(695)
80,113
Net
7,969
20,719
(1,823,003)
71,453
11,919
6,895
(773)
(39)
19,370
(1,736,935)
7,969
20,719
(1,902,706)
(9,253)
(1,311)
(1,756,133)
(8,237)
(1,253)
(1,823,003)
(1,736,935)

(ii)
Transactions recognized in the

Statement of profit and loss
Income (expense)
September
30, 2015
Nature
Transactions with controlling shareholders
Votorantim Industrial S.A.
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES)
Transactions with associates

Bahia Produtos de Madeira S.A.
Rendering of services
Financing
(7,592)
(9,707)
(352,205)
(115,307 )
(359,797)
(125,014)
Sales of wood
7,477
Transactions with Votorantim Group companies

Votorantim Participaes S.A.
Financing
Votener - Votorantim Comercializadora de Energia Energy supplier
Financial instruments
Energy supplier
Input supplier
Selling of wood
Sitrel Siderurgia Trs Lagoas
Energy supplier
Votorantim Metais Ltda.
Chemical products supplier
Votorantim Metais Ltda.
Leasing of lands
Companhia Brasileira de Alumnio (CBA)
Leasing of lands
(b)
September
30, 2014
3,950
67,125
1,758
(1,016)
4,907
(79)
126
3,361
(3,155)
(2,318)
(2,541)
324
50,108
72,118
50,664
2,371
5,164
(3,013)
2,892
(87)
(6,755)
(340)
Key management compensation

The remuneration effects on the statement of profit or loss, including all benefits, are summarized as
follows:
2015
2014
Benefits to officers and directors
Benefit program - Phantom Stock Options and Stock
Options plans
37,347
20,675
12,950
(1,333)
50,297
19,342
Benefits include fixed compensation (salaries and fees, vacation pay and 13 th month salary), social
charges and contributions to the National Institute of Social Security (INSS), the Government Severance
Indemnity Fund for Employees (FGTS) and the variable compensation program.
Benefits to key management do not include the compensation for the Statutory Audit Committee,
Finance, Compensation and Sustainability Committees' members of R$ 713 for the nine-month period
28 of 43

ended September 30, 2015 (R$ 819 for the nine-month period ended September 30, 2014).
The Company does not have any additional post-employment active plan and does not offer any other
benefits, such as additional paid leave for time of service.
The balances to be paid to the Companys key management are recorded in the following lines items of
the current and non-current liabilities and in the shareholders equity:
2015
2014
15
Current liability
24,680
18,748
Non-current liability
Other payables
20,669
13,665
Shareholders equity
Capital reserve
6,683
918
52,032
33,331
September 30,
2015
December 31,
2014
Investments
Investment in associate and joint-venture - equity method (i)

Impairment of investments (i)
Other investments - at fair value (ii)
14,731
(13,629)
119,902
13,987
(13,629)
79,524
121,004
79,882
(i) On July 31, 2014, the Company acquired 100% of the capital of WOP - Wood Participaes Ltda. (former Weyerhaeuser Brasil
Participaes Ltda.), for R$ 6,716, which held 66.67% of the capital of our associate Bahia Produtos de Madeira S.A. As from
that date, the Company holds, directly and indirectly, 100% of the capital of Bahia Produtos de Madeira S.A. We recognized
provision for impairment in these subsidiaries.
(ii) Fair value change in our interest in Ensyn was not significant in the nine-month period ended September 30, 2015. The
increase in the balance refers to the foreign currency effect on the investment.
None of the subsidiaries and jointly-operated entities has publicly traded shares.
The provisions and contingent liabilities related to the entities of the Company are described in Note 20.
Additionally, the Company does not have any significant restriction or commitments with regards to its
associates and joint-venture.
29 of 43

Incorporation of subsidiary
In January 2015, the Company concluded the process of incorporation of the subsidiary Fibria
Innovations LLC., located in Vancouver - Canada, whose purpose is the research and development of
bio-products from biomass.
16
Biological assets
2015
2014
Historical cost
Fair value - step up
Additions
Harvests in the period
Historical cost
Fair value
Change in fair value - step up
Reversal of disposals (disposals)
Provision for disposals
Transfer (i)
Historical cost
Fair value - step up
3,172,431
535,414
3,707,845
2,730,510
692,924
3,423,434
969,073
1,190,349
(686,217)
(137,222)
29,831
(4)
(7,397)
(13,206)
(749,986)
(209,265)
51,755
1,817
3,862,703
3,434,680
428,023
(259)
3,707,845
3,172,431
535,414
(i) Includes transfers between biological assets and property, plant and equipment.
In accordance with our accounting policies, the valuation of the biological assets at the fair value is
performed semiannually. On June 30, 2015, the changes in fair value of the biological assets recognized
by us was R$ 29,831, as detailed in Note 16 of the interim financial statements for the period ended June
30, 2015.
The biological assets are classified within Level 3 of the fair value hierarchical level. There were no
transfers between levels during the periods presented.
30 of 43

17
Property, plant and equipment
Land
Buildings

Additions
Disposals
Depreciation
Transfers and others (ii)
1,249,332

Additions
Disposals
Depreciation
Acquisition of assets - Fibria Innovations (Note 15)
Transfers and others (ii)
1,200,512
12
35,591
At September 30, 2015
1,197,039
1,305,807
(57,202)
8,382
(3,485)
Machinery,
equipment
and facilities
1,426,592
18
(10,140)
(128,368)
70,614
6,902,717
6,325
(44,467)
(657,191)
250,403
1,358,716
284
(4,614)
(84,170)
6,457,787
1,730
(7,628)
(491,371)
4,212
146,757
6,111,487
(i) Includes the amount of R$ 114,255 regarding the Horizonte 2 Project.

(ii) Includes transfers between property, plant and equipment, biological assets, intangible assets and inventory.
31 of 43
Property, plant
and equipment
in progress (i)
215,346
341,436
(3,726)
Other
Total
30,517
1,715
(11,306)
(12,081)
9,246
9,824,504
349,494
(126,841)
(797,640)
3,216
217,627
280,989
18,091
1,405
(751)
(10,458)
(215,646)
46,298
9,252,733
284,408
(16,478)
(585,999)
4,212
13,012
282,970
54,585
8,951,888
(335,429)

18
Intangible assets
September 30,
2015
December 31,
2014

Additions
Amortization
Disposals
Acquisition of assets - Fibria Innovations (Note 15)
Transfers and others (*)
4,552,103
4,516,434
4,552,103
4,230,450
25,492
4,230,450
26,703
148,200
182,400
5,160
95,391
16,901
103,125
4,265
4,516,434
4,552,103
Composed by
Goodwill - Aracruz
Systems development and deployment
Acquired from business combination
Databases
Patents
Relationships with suppliers
Chemical products
Other
(*) Includes transfers between property, plant and equipment and intangible assets.
32 of 43
8
(58,032)
(67)
7,388
15,034
4,634,265
40
(90,854)
(20)
8,672

19
Loans and financing
(a)
Breakdown of the balance by type of loan

Current
Type/purpose
In foreign currency
BNDES
Bonds
Export credits (prepayment)
Export credits (ACC/ACE)
In Reais
BNDES
BNDES
FINAME
NCE
Midwest Region Fund
(FCO and FINEP)
Interest
Short-term borrowing
Long-term borrowing
Non- current
Total
Interest
rate
Average
annual
interest
rate - %
September 30,
2015
December 31,
2014
September 30,
2015
December 31,
2014
UMBNDES
Fixed
LIBOR
Fixed
6.4
5.6
2.4
1.2
85,347
54,780
421,286
175,316
62,307
11,154
190,707
263,120
697,858
2,731,765
6,520,882
409,594
1,825,189
3,518,474
783,205
2,786,545
6,942,168
175,316
471,901
1,836,343
3,709,181
263,120
736,729
527,288
9,950,505
5,753,257
10,687,234
6,280,545

2014
2015
TJLP
Fixed
TJLP and
Fixed
CDI
9.8
5.1
217,118
26,083
320,838
16,654
777,779
98,521
870,720
76,020
994,897
124,604
1,191,558
92,674
4.0
16.2
3,814
81,235
4,978
83,507
2,888
603,826
5,451
630,742
6,702
685,061
10,429
714,249
Fixed
8.1
12,027
12,124
15,739
24,940
27,766
37,064
340,277
438,101
1,498,753
1,607,873
1,839,030
2,045,974
1,077,006
965,389
11,449,258
7,361,130
12,526,264
8,326,519
105,197
174,789
797,020
51,957
262,739
650,693
95,805
65,710
11,353,453
7,295,420
201,002
174,789
12,150,473
117,667
262,739
7,946,113
1,077,006
965,389
11,449,258
7,361,130
12,526,264
8,326,519
The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the
maturity date for each installment, including the issuing/contracting costs, when applicable.
33 de 43

(b)
Breakdown by maturity
In foreign currency
BNDES
Bonds
Export credits (prepayment)
In Reais
BNDES - TJLP
BNDES - Fixed
FINAME
NCE
Midwest Region Fund (FCO e FINEP)
34 de 43
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
16,939
94,302
84,178
66,456
198,486
45,437
5,425
2,352,826
697,858
2,731,765
6,520,882
893,499
5,425 2,352,826
9,950,505
62,079
712,506
1,411,936
2,999,221
186,635
378,939
441,641
79,018
806,808
1,496,114
3,065,677
1,007,215
1,091,985
45,437
38,830
6,779
662
16,478
2,974
159,417
28,949
2,059
264,384
11,893
115,130
28,181
167
236,516
659
84,885
22,075
151,428
10,369
164,238
2,000
52,258
168
11,593
43,225
213
43,223
777,779
98,521
2,888
603,826
15,739
65,723
466,702
380,653
150,398
205,020
166,238
52,426
11,593
1,498,753
144,741
1,273,510
1,876,767
3,216,075
1,212,235
1,258,223
97,863
17,018 2,352,826
11,449,258

(c)
Breakdown by currency
2015
2014
Real
U.S. Dollar
Currency basket
(d)
1,839,030
9,904,029
783,205
2,045,974
5,808,644
471,901
12,526,264
8,326,519
Roll forward
September 30,
2015
At the beginning of period
Borrowings
Interest expense
Foreign exchange
Repayments - principal amount
Interest paid
Expense of transaction costs of Bonds early redeemed
Addition of transaction costs
Other (*)
8,326,519
1,977,235
332,127
3,256,223
(1,095,233)
(264,469)
12,526,264
(11,819)
5,681
December 31,
2014
9,773,097
4,382,345
475,780
690,271
(6,636,153)
(491,173)
133,233
(36,736)
35,855
8,326,519
(*) It includes amortization of transactions costs.
(e)
Relevant operations settled in the period

Export credits - ACC and ACE
In the nine-month period ended September 30, 2015, the Company paid in the maturity date the amount
of US$ 35 million (equivalents then to R$ 91,777) regarding exports credits (ACE) and US$ 77 million
(equivalents then to R$ 244,021), through its jointly-operation Veracel, regarding exports credits (ACC),
with interest rates between 0.18% and 1.09% p.a., respectively.
(f)
Relevant operations contracted in the period

Export credits - ACC
In the nine-month period ended September 30, 2015, the Company, through its jointly-operation
Veracel, entered into export contracts (ACC) in the amount of US$ 54 million (equivalent then to
R$ 167,696), with maturities until February 2016 and fixed interest rate between 1.02% and 1.30% p.a.
BNDES
In the nine-month period ended September 30, 2015, was released from BNDES the amount of
R$175,780, with maturities between 2015 and 2023, subject to interest rate between TJLP plus 2.00%
35 de 43

p.a. and 3.42% p.a., UMBNDES plus 2.40% p.a. and fixed interest rate between 4.00% and 10.00%. The
value was used in industrial, forestry and IT projects.
Export credits (prepayments)
In August 2015, the Company, through its subsidiary Fibria International Trade GMBH, signed an
amendment to the export prepayment contract in the amount of US$ 400 million (equivalent then to R$
1,390,040). The releases were made in three installments, being the first in the amount of US$ 98
million, maturing through 2019 and interest rate of 1.30% p.a. over the quarterly LIBOR, the second in
the amount of US$ 144 million, maturing through 2019 and interest rate of 1.40% p.a. over the quarterly
LIBOR and the third in the amount of US$ 158 million, maturing through 2021 and interest rate of
1.55% p.a. over the quarterly LIBOR. This line is intended to finance the Horizonte 2 Project.
(g)
Covenants
Some of the financing agreements of the Company contain covenants establishing maximum
indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.
The Companys debt financial covenants are measured based on consolidated information translated
into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as
defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2014))
cannot exceed 4.5x.
The Company is in full compliance with the covenants established in the financial contracts at
September 30, 2015.
The loan indentures with debt financial covenants also present the following events of default:
.
Non-payment, within the stipulated period, of the principal or interest.
Inaccuracy of any declaration, guarantee or certification provided.
Cross-default and cross-judgment default, subject to an agreed.
Subject to certain periods for resolution, breach of any obligation under the contract.
Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.
36 de 43

20
Provision for contingencies

September 30, 2015
Nature of claims
Tax
Labor
Civil
December 31, 2014
Judicial
deposits
Provision
Net
Judicial
deposits
Provision
Net
95,135
59,486
17,957
103,768
211,358
26,136
8,633
151,872
8,179
88,858
52,304
16,400
100,604
174,179
27,361
11,746
121,875
10,961
172,578
341,262
168,684
157,562
302,144
144,582
The change in the provision for contingencies is as follows:

September 30,
2015
December 31,
2014

Disposals
Reversal
New litigation
Accrual of financial charges
302,144
(14,705)
(16,642)
18,529
51,936
280,512
(7,280)
(37,458)
17,723
48,647
341,262
302,144
In the nine-month period ended September 30, 2015, there were no significant changes in the possible
loss contingencies in comparison with the most recent annual financial statements as at December 31,
2014. See below the main update in the period:
(i)
Swap of industrial and forestry assets with International Paper

On March 4, 2015, the Tax Federal Administrative Court (CARF - Conselho Administrativo de Recursos
Fiscais), declared that they partially sustained the position of the tax authorities in regards to the
administrative process related to the tax assessment notice issued by the Federal Revenue Service Office
regarding the swap of industrial and forestry assets between Fibria and International Paper in 2007 and
reduced the applicable fines from 150% to 75%. Following the decision, the updated amount involved
was reduced from R$ 1,957 million to R$ 1,592 million, of which R$ 557 million refers to the principal,
R$ 417 million to fines and R$ 618 million to interest, as at September 30, 2015.
Against the decision, the Company presented the applicable appeals, which is pending of judgement. The
National Finance (Fazenda Nacional) also appealed to reduce the qualified fine; however, the appeal
was not received, making definitive the decision that reduced the fines from 150% to 75%. In the event of
failure at the administrative level, the Company emphasizes that they will discuss the debt at the judicial
level.
The Company reinforces that the CARF decision does not present any financial impact and maintain its
position of not to constitute any provision for contingencies in relation to this matter, based on its
understanding and in the internal and external advisors opinion that the probability of gain on the case
37 de 43

is possible.
(ii)
Changing in the inflation adjustment index of labor debts

In August 2015, the Superior Labor Court (Tribunal Superior do Trabalho - TST) declared
unconstitutional the adjustment of labor liabilities by reference interest rate (taxa de juros referencial TR), changing by the consumer price index (IPCA-E), which might be applied retroactively since June
30, 2009 over the processes in progress.
Changing in the adjustment index on Companys labor processes impacted by approximately R$ 27
million in the balance of the provision for labor contingencies, recognized under the line foreign
exchange losses and monetary adjustment, net, in the financial results.
On October 14, 2015, the Supreme Court (Supremo Tribunal Federal - STF), issued an injunction
suspending the effects of the decision issued by the Superior Labor Court. The Company is evaluating
the scope of that decision to decide on the rate to be applied.
21
Revenue
(a)
Reconciliation
2015
2014
Gross amount
Sales taxes
Discounts and returns (*)
9,018,281
(143,054)
(1,779,175)
6,226,045
(108,254)
(1,035,250)
Net revenues
7,096,052
5,082,541
(*) Related mainly to trade discounts.
(b)
Information about markets

2014
2015
Revenue
Domestic market
Export market
Services
38 de 43
564,612
6,461,801
69,639
418,525
4,602,910
61,106
7,096,052
5,082,541

22
Financial results
2015
2014
Financial expenses
Interest on loans and financing (i)
Loans commissions
Financial charges upon partial repurchase of Bond
Others
Financial income
Financial investment earnings
Others (ii)
Gains (losses) on derivative financial instruments

Gains
Losses
Foreign exchange losses and monetary adjustment, net

Loans and financing
Other assets and liabilities (iii)
Net
(329,689)
(7,344)
(60,913)
(364,097)
(23,182)
(463,585)
(31,177)
(397,946)
(882,041)
65,756
66,426
70,847
33,079
132,182
103,926
480,198
(1,369,677)
336,863
(300,851)
(889,479)
36,012
(3,254,485)
627,441
(251,787)
(29,407)
(2,627,044)
(281,194)
(3,782,287)
(1,023,297)
(i) Net in the amount of R$ 2,438 as at September 30, 2015, regarding capitalized financing costs.
(ii) It includes the interest accrual of the tax credits.
(iii) It includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and
others.
39 de 43

23
Expenses by nature
2015
2014
Cost of sales
Depreciation, depletion and amortization
Freight
Labor expenses
Variable costs (raw materials and miscellaneous materials)
Selling expenses
Labor expenses
Selling expenses (i)
Operational leasing
Depreciation and amortization charges
Other expenses
General and administrative

Labor expenses
Third-party services
Depreciation and amortization
Taxes and contributions
Operating leases and insurance
Other expenses
Other operating (expenses) income (ii)

Programs of variable compensation
Loss on disposal of property, plant and equipment
Tax credits
(Provision)/reversal of contingencies
Changes in fair value of biological assets
Others
(1,390,903)
(656,709)
(358,997)
(1,839,956)
(1,355,242)
(593,536)
(335,818)
(1,874,578)
(4,246,565)
(4,159,174)
(21,526)
(266,897)
(1,340)
(7,398)
(15,397)
(18,384)
(226,702)
(1,300)
(6,110)
(9,520)
(312,558)
(262,016)
(73,849)
(77,786)
(12,055)
(4,837)
(6,552)
(19,728)
(67,594)
(77,638)
(13,270)
(5,742)
(6,729)
(22,297)
(194,807)
(193,270)
(95,531)
(15,665)
2,195
(7,928)
29,831
4,028
(62,139)
(23,696)
860,764
9,287
87,192
7,050
(83,070)
878,458
(i) Includes handling expenses, storage and transportation expenses and sales commissions and others.
(ii) Accordingly to our accounting policies, the variable compensation expenses of the executive directors and
employees are classified under other operating (expenses) income.
40 de 43

24
Shareholders equity
(a)
Dividends
On April 28, 2015, was approved in the Ordinary and Extraordinary Shareholders Meeting the payments
to the shareholders in the amount of R$ 147,805, as dividends related to the net income of the fiscal year
ended December 31, 2014, being R$ 36,951 corresponding to 25% of the adjusted net income and,
R$110,854 as additional dividend. The payment was made on May 14, 2015.
25
Earnings per share
(a)
Basic
The basic earnings per share is calculated by dividing net income attributable to the Company's
shareholders by the weighted average of the number of common shares outstanding during the period,
excluding the common shares purchased by the Company and maintained as treasury shares.
September 30,
2015
Numerator
Net income (loss) attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
Basic earnings (loss) per share - in Reais
(563,286)
553,591,281
(1.018)
September 30,
2014
285,101
553,591,822
0.515
The weighted average number of shares in the presented periods is represented by a total number of
shares of 553,934,646 issued and outstanding for the nine-month period ended September 30, 2015 and
2014, without considering treasury shares, for total of 344,042 shares in the nine-month period ended
September 30, 2015 (342,824 as at September 30, 2014). In the nine-month period ended September
30, 2015 and 2014 there were no changes in the number of shares of Company.
(b)
Diluted
Diluted earnings per share are calculated by dividing net income attributable to the Companys
shareholders common shares by the weighted average number of common shares available during the
year plus the weighted average number of common shares that would be issued when converting all
potentially dilutive common shares into common shares:
41 de 43

September 30,
2015
Numerator
Loss attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
Dilution effect
Stock options
Weighted average number of common shares outstanding adjusted according to dilution effect
(563,286)
553,591,281
687,840
554,279,121
Diluted loss per share - in Reais
(1.016)
There was no dilutive effect in the nine-month period ended September 30, 2014.
26
Explanatory notes not presented

According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/
No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial
instruments by category (Note 7), credit quality of financial assets ( Note 8), financial and operational
lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program
(Note 25), long term commitments (Note 26), benefits to employees (Note 28), compensation program
based on shares (Note 29), insurance (Note 34), non-current assets held for sale (Note 36) and
impairment testing (Note 37), that we omitted in the September 30, 2015 consolidated interim financial
information because the assumptions, operations and policies have not seen any relevant changes
compared to the position presented in the financial statements as At December 31, 2014.
In addition, the Company no longer has reportable segments to present as at September 30, 2015,
therefore the Note regarding segment information was excluded.
27
Subsequent events
(i)
Agribusiness Credit Receivable Certificates

On September 30, 2015, the Company finished the public distribution of 675 thousand Agribusiness
Credit Receivable Certificates to be issued by Eco Securitizadora de Direitos Creditrios do Agronegcio
S.A. in the total amount of R$ 675 million for funding of the activities of Fibria-MS related to the
agribusiness, especially for the purchase of goods and hiring of services in connection with Horizonte 2
Project, as mentioned in Note 1(c). The Agribusiness Credit Receivable Certificates are backed by
agribusiness credit rights assigned by Ita Unibanco S.A., from the Export Credit Note to be issued by
Fibria-MS, guaranteed by the Company.
42 de 43

(ii)
Proposal of dividends payment

In a meeting held on October 22, 2015, the Board of Directors approved a dividend policy that will be
based on its ability to generate cash flow, respecting its indebtedness and liquidity policies, maintaining
its commitment to the investment grade as well as considering its strategic planning.
In continuous act of the Board of Directors and based on this new dividend policy, the distribution of
intermediate dividends extraordinarily was recommended in the amount of R$ 2 billion, to be paid
against reserves for investments. The proposal was driven by the low leverage, low average cost of debt
and the fact that the funding for Horizonte 2 Project are already solved, in line with our commitment to
maintain the capital discipline.
The proposal will be deliberated at the Extraordinary General Meeting to be held on November 30, 2015.
43 de 43
3Q15 Results
3Q15 Results
Quarterly EBITDA record of R$1.55 billion, margin of 56% and Free cash flow of R$1.12 billion(6)
Key Figures
3Q15
2Q15
3Q14
Pulp Production
000 t
1,275
1,321
1,345
-3%
Pulp Sales
000 t
1,298
1,282
1,372
1%
Net Revenues
R$ million
2,790
2,309
1,746
Adjusted EBITDA(1)
R$ million
1,551
1,157
613
56%
50%
EBITDA margin
9M15 vs
9M14
Last 12 months
(LTM)
3,893
0%
5,268
3,895
-2%
5,220
7,096
5,083
40%
9,097
3,714
1,885
97%
4,620
21 p.p.
52%
37%
15 p.p.
51%
3Q15 vs
3Q15 vs 3Q14
2Q15
Unit
9M15
9M14
-5%
3,888
-5%
3,810
21%
60%
34%
153%
35%
5 p.p.
Net Financial Result(2)
R$ million
(2,357)
321
(785)
(3,782)
(1,023)
(4,394)
Net Income (Loss)
R$ million
(601)
614
(359)
(576)
291
(704)
Free Cash Flow (6)
R$ million
1,122
493
143
127%
683%
1,999
485
313%
2,297
Dividends paid
R$ million
(149)
(149)
(149)
ROE(5)
17.8%
11.1%
5.7%
7 p.p.
12 p.p.
17.8%
5.7%
12 p.p.
17.8%
ROIC(5)
17.7%
12.4%
7.2%
5 p.p.
10 p.p.
17.7%
7.2%
10 p.p.
17.7%
Gross Debt (US$)
US$ million
3,153
2,906
3,498
9%
-10%
3,153
3,498
-10%
3,153
Gross Debt (R$)
R$ million
12,526
9,015
8,574
39%
46%
12,526
8,574
46%
12,526
Cash(3)
R$ million
2,948
818
1,261
260%
134%
2,948
1,261
134%
2,948
Net Debt (R$)
R$ million
9,578
8,197
7,313
17%
31%
9,578
7,313
31%
9,578
US$ million
2,411
2,642
2,984
-9%
-19%
2,411
2,984
-19%
2,411
Net Debt/EBITDA LTM
2.07
2.23
2.70
-0.2 x
-0.6 x
2.07
2.70
-0.63 x
2.07
Net Debt/EBITDA LTM (US$)(4)
1.58
1.95
2.52
-0.4 x
-0.9 x
1.58
2.52
-0.93 x
1.58
Net Debt (US$)
(1) Adjusted by non-recurring and non-cash items | (2) Includes results from financial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Includes the hedge fair value | (4) For covenants purposes | (5) For more details p. 16 | (6) Before dividend payment and expansion capex
3Q15 Highlights
Pulp production of 1,275 thousand tons, 3% and 5% less than in 2Q15 and 3Q14, respectively. LTM production stood at 5,268 thousand
tons.
Scheduled maintenance downtime in plants A and B at the Aracruz and Trs Lagoas Mills successfully concluded.
Pulp sales of 1,298 thousand tons, 1% up on 2Q15 and 5% down on 3Q14. LTM sales totaled 5,220 thousand tons.
Net revenue of R$2,790 million (2Q15: R$2,309 million | 3Q14: R$1,746 million). LTM net revenue came to R$9,097 million, a new 12-month record.
Cash cost of R$659/t, 13% and 31% more than in 2Q15 and 3Q14, respectively. Excluding the impact of the scheduled downtimes, the
cash cost would have come to R$589/t.
EBITDA Margin of 56%, a new quarterly record.
Adjusted EBITDA was a quarterly record of R$1,551 million, 34% and 153% higher than in 2Q15 and 3Q14, respectively. LTM EBITDA
totaled R$4,620 million, also a period record.
EBITDA/ton of R$1,194/t (US$337/t), 32% and 168% more than in 2Q15 and 3Q14, respectively.
Free cash flow before expansion capex reached R$1,122 million, 127% up on 2Q15 and 683% more than in 3Q14. LTM free cash flow
totaled R$2,297 million. Free cash flow yield came to 7.7%.
Cash ROE and ROIC of 17.8% and 17.7%, respectively. For more details, see pages 16 and 17.
Loss of R$601 million (2Q15: net income of R$614 million | 3Q14: loss of R$359 million).
Gross debt in dollars of US$3,153 million, 9% up on 2Q15 and 10% down on 3Q14. Gross debt/EBITDA in dollars of 2.07x.
Net debt in dollars reached its lowest level since Fibrias creation, falling by 9% over 2Q15.
Net Debt/EBITDA ratio of 1.58x in dollars (Jun/15: 1.95x | Sep/14: 2.52x) and 2.07x in reais (Jun/15: 2.23x | Sep/14: 2.70x).
Fibria was included in the NYSEs 2015/16 Dow Jones Emerging Markets Sustainability Index.
Horizonte 2 Project advances within schedule (for more details, see page 14).
Subsequent Events
Dividend Policy approval and recommendation of distribution of intermediate dividends extraordinarily of R$ 2.0 billion.
V Annual Meeting with Investors at the NYSE Fibria Day to take place on December 2, 2015.
Market Cap September 30, 2015:

R$29.8 billion | US$7.5 billion
Conference Call: October 23, 2015

Portuguese: 9 am (Braslia) | Phone: +55 11 3193-1001
FIBR3: R$53.80
FBR: US$13.56
Shares Issued:
553,934,646 common shares
English: 10 am (Braslia) | Phone: +1-412-317-6717

Webcast: www.fibria.com.br/ri
Investor Relations
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
The operating and financial information of Fibria Celulose S.A. for the third quarter of 2015 (3Q15) presented in this document is based on consolidated figures and expressed in reais, is unaudited and was prepared
in accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with the elimination of all intercompany transactions.
3Q15 Results
Contents
Executive Summary ..................................................................................................................... 4

Pulp Market .................................................................................................................................. 5
Production and Sales ................................................................................................................... 5
Results Analysis ........................................................................................................................... 6
Financial Result............................................................................................................................ 9
Net Result .................................................................................................................................. 11
Indebtedness.............................................................................................................................. 12
Capital Expenditure .................................................................................................................... 14
Free Cash Flow .......................................................................................................................... 15
ROE and ROIC .......................................................................................................................... 15
Capital Market ............................................................................................................................ 16
Subsequent Events .................................................................................................................... 17
Appendix I Revenue x Volume x Price* ................................................................................... 18
Appendix II Income Statement ................................................................................................ 19
Appendix III Balance Sheet ..................................................................................................... 20
Appendix IV Statement of Cash Flows .................................................................................... 21
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) ......... 22
Appendix VI Economic and Operational Data ......................................................................... 23
3Q15 Results
Executive Summary
Despite typical July and August seasonality, Fibria recorded sales volume of 1,298 thousand tons, 1% up on 2Q15,
thanks to continuing demand growth, which, together with the temporary scheduled downtimes of the hardwood pulp
producers, allowed the Company to introduce another US$20/t price increase in all regions as of September (Europe:
US$830/t) the fourth upturn his year. Fibrias average net price in dollars moved up by 3.3%, while the average
PIX/FOEX BHKP Europe price climbed by 2.9%. In addition, the average dollar appreciation against the real resulted in
record EBITDA and free cash flow, which came to R$1.55 billion and R$1.05 billion, respectively, in the third quarter.
LTM EBITDA amounted to R$4,620 million, 66% more than in 2014.
Pulp production totaled 1,275 thousand tons in 3Q15, 3% and 5% down on 2Q15 and 3Q14, respectively, due to the
higher impact of maintenance downtimes. Sales volume came to 1,298 thousand tons, 1% more than in the previous
quarter due to higher sales to North America and Europe, and 5% down on 3Q14, when we reached record levels for a
third quarter. Pulp inventories closed the quarter at 53 days.
The production cash cost was R$659/t, 13% up on 2Q15, primarily due to the increased impact of maintenance
downtimes, the appreciation of the dollar against the real, the higher cost of wood and the reduced utilities result (energy
sales). The increase over 3Q14 was due to maintenance stoppages, higher logistics costs with wood (wider average
transportation radius), the impact of the exchange variation and the reduced utilities result, among other less important
factors (see page 7 for more details). The cash cost excluding the downtime effect stood at R$589/t, 23% up year-onyear.
Adjusted 3Q15 EBITDA totaled R$1,551 million, 34% up on 2Q15 and a new quarterly record, thanks to the higher
average net price in reais, partially offset by higher cash COGS (see page 8), while the EBITDA margin stood at 56%. In
relation to 3Q14, the higher average net price in reais offset the upturn in cash COGS. Free cash flow for the quarter
before expansion capex amounted to R$1,122 million, 127% more than in the previous three months due to the increase
in EBITDA and improved working capital. In relation to 3Q14, most of the upturn can also be put down to EBITDA.
The 3Q15 financial result was negative by R$2,357 million, versus a positive R$321 million in 2Q15 and a net expense of
R$785 million in 3Q14. The negative result was chiefly due to the 28% appreciation of the end-of-period dollar against
the real, resulting in expenses mostly from the impact of the exchange variation on debt and hedge instruments. Interest
expenses in dollars fell by 31% year-on-year, despite the upturn in the TJLP long-term interest rate and the CDI
interbank rate, and new funding operations in the period. Gross debt in dollars totaled US$3,153 million, 9% up on 2Q15
and 10% down on 3Q14. Fibria closed the quarter with a cash position of R$2,948 million, including the mark-to-market
of derivatives.
As a result of all the above, Fibria reported a 3Q15 loss of R$601 million, versus net income of R$614 million in 2Q15
and a loss of R$359 million in 3Q14.
3Q15 Results
Pulp Market
In 3Q15, eucalyptus pulp sales once again benefited from improved demand in all markets, due to the healthy
performance of the mature markets and new paper capacity, especially in China, which has been continuously
generating additional demand in recent months.
The expected decline in demand in July and August, traditionally weaker months due to the downtimes during the
summer vacation season in the northern hemisphere, was so low that it almost went unnoticed this year. Solid demand
coupled with low inventory levels at the beginning of the quarter permitted the implementation of the entire price increase
announced for June 1 and the fourth US$20/t upturn this year in all markets, effective as of September 1, partially
implemented by Fibria.
Scheduled downtimes (000 t)
173
173
45
142
132
63
33
79
99
128
1Q15
2Q15
114
59
3Q15
Brazil
4Q15
Others
On the supply side, hardwood pulp producers inventories remained low, given that, in addition to demand, the scheduled
maintenance stoppages in Latin America and Europe removed at least 120 thousand tons of hardwood pulp from the
market between July and September. The temporary three-week stoppage in the APRIL Rizhao plant in China due to
lack of rainfall in the region also contributed to the reduction in period hardwood pulp supply.
Unlike in previous years, maintenance downtimes should continue to play an important role in the final quarter, due to the
new maintenance calendar of certain Brazil plants, which were authorized to extend the interval between such stoppages
to 15 months, removing around 60 thousand tons from the market. In addition, the continuation of healthy demand,
chiefly due to higher end-of-year seasonality, will maintain market fundamentals at favorable levels.
Production and Sales

Production ('000 t)
3Q15
2Q15
3Q14
3Q15 vs
2Q15
3Q15 vs
3Q14
9M15
9M14
9M15 vs
9M14
Last 12
months
Pulp
1,275
1,321
1,345
-3%
-5%
3,888
3,893
0%
5,268
118
126
138
-6%
-14%
374
371
1%
520
Export Market Pulp
1,180
1,157
1,234
2%
-4%
3,436
3,524
-2%
4,700
Total sales
1,298
1,282
1,372
3,810
3,895
Sales Volume ('000 t)

Domestic Market Pulp
1%
-5%
-2%
5,220
Pulp production totaled 1,275 thousand tons in 3Q15, 3% down on the previous quarter, due to the increased impact of
the scheduled maintenance downtimes, partially offset by the higher number of production days (3Q15: 92 days| 2Q15:
91 days). In comparison with 3Q14, production fell by 5%, mainly due to the higher number of maintenance stoppages.
Pulp inventories closed the quarter at 786 thousand tons (53 days), 3% down on the 809 thousand tons recorded in
2Q15 (54 days) and 6% more than the 739 thousand tons registered in 3Q14 (50 days).
Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between recovery boiler
inspections from 12 to 15 months. Consequently, downtimes that used to take place on an annual basis, almost always
5
3Q15 Results
at the same time of year, are undergoing planning changes in accordance with the new regulation. In the long term, this
extension will reduce costs and increase output. The calendar for scheduled maintenance downtimes in Fibrias mills up
to 2018 is shown in the following chart, in which these changes become clear.
2014
1Q14
2Q14
3Q14
2015
4Q14
1Q15
2Q15
2016
3Q15
4Q15
1Q16
2Q16
3Q16
2017
4Q16
1Q17
2Q17
3Q17
2018
4Q17
1Q18
2Q18
3Q18
4Q18
Mills
Aracruz A
No maintenance downtime
Aracruz B
Aracruz C
Jacare
Trs Lagoas
Veracel
Sales volume totaled 1,298 thousand tons, 1% up on the previous three months due to increased sales to North America
and Europe, and 5% down on 3Q14, when sales reached record levels for a third quarter, mostly fueled by North
America and Asia. In 3Q15, net revenue from Europe accounted for 42% of the total, followed by Asia with 25%, North
America with 25% and Latin America with 8%.
Results Analysis
3Q15
2Q15
3Q14
3Q15 vs
2Q15
3Q15 vs
3Q14
9M15
9M14
9M15 vs
9M14
Last 12
months
203
191
153
7%
33%
565
419
35%
737
Export Market Pulp
2,558
2,099
1,574
22%
63%
6,462
4,603
40%
8,271
Total Pulp
2,761
2,290
1,727
21%
60%
7,026
5,021
40%
9,008
28
20
19
43%
49%
70
61
14%
89
2,790
2,309
1,746
21%
60%
7,096
5,083
Net Revenues (R$ million)

Domestic Market Pulp
Portocel
Total
40%
9,097
Net revenue totaled R$2,790 million in 3Q15, 43% higher than in 2Q15, thanks to the higher average net price in reais, in
turn due to the 15% appreciation of the average dollar, higher price in dollars and higher sales volume. The 60%
increase over 3Q14 was also due to the higher average net price in reais, partially offset by lower sales volume. LTM net
revenue came to R$9,097 million, a new 12-month record.
The cost of goods sold (COGS) increased by 6% and 5% over 2Q15 and 3Q14, respectively, mostly due to higher
production costs and the impact of the exchange variation on freight expenses, partially offset by the reduction in
expenses from bunker fuel adjustments due to the decline in oil prices, benefiting maritime and overseas freight costs.
The pulp production cash cost totaled R$659/t in 3Q15, 13% up on the quarter before, primarily due to i) the increased
impact of the scheduled maintenance downtimes (A and B plants at the Aracruz and Trs Lagoas Mills); ii) the impact of
the exchange variation (15% appreciation of the average dollar against the real); iii) the reduced utilities result (lower
energy prices); and iv) higher non recurring wood costs, explained by higher third party contribution and wood from
Losango, impacting the average distance from forest to mill. In relation to 3Q14, the upturn came from: i) the scheduled
maintenance downtimes; ii) higher wood costs, as explained above; iii) the appreciation of the average dollar (around
15% of the production cash cost is dollar-pegged mainly chemicals, energy and materials); and iv) the lower utilities
result (3Q15: R$20/t | 3Q14: R$34/t), as well as other lesser factors, as shown in the table below. It is worth noting that
the wood cost variation was expected and that the Company is experiencing higher non-recurring wood costs, as
announced to the market on previous occasions. Excluding the non recurring additional effects and the exchange rate
3Q15 Results
impact, the cash cost increase would have been below last twelve months inflation measured by IPCA, which came to
9.5% in the period.
Pulp Cash Cost
R$/t
2Q15
583
Maintenance downtimes
55
Exchange Rate
13
Lower results with utilities (energy price decrease)
11
Wood - higher third party contribution and Losango effect - higher distance from forest to mill
10
Lower price of chemicals and energy
(3)
Lower consumption of chemicals
(4)
Volume effect
(2)
Others
(4)
Cash Cost
(R$/t)
659
3Q15
659
583
502
3Q14
2Q15
3Q15
Cash Cost ex-Downtime

(R$/t)
568
589
2Q15
3Q15
478
Pulp Cash Cost
R$/t
3Q14
502
Maintenance downtimes
45
Wood - higher third party contribution and Losango effect - higher distance from forest to mill
41
Exchange Rate
41
Lower results of utilities (energy price decrease)
16
Higher cost of maintenance and third party services
Higher consumption of chemicals and others
3Q15
3Q14
659
Production Cash Cost

3Q14
Production Cash Cost

3Q15
Other Fixed
Personnel 3%
5%
Other Fixed
Personnel
4%
5%
Maintenance
16%
Maintenance
13%
Wood
48%
Other Variable
4%
Wood
43%
Other Variable
4%
Energy
7%
Energy
5%
Chemicals
22%
Chemicals
21%
Variable costs
Fixed costs
Selling expenses totaled R$111 million in 3Q15, 4% more than in 2Q15 mainly due to the foreign exchange effect and
the increase in sales volume. The 16% increase over 3Q14 was also due to the appreciation of the dollar against the
real, partially offset by the decline in expenses with terminals and lower sales volume. The selling expenses to net
revenue ratio narrowed to 4%.
Administrative expenses came to R$66 million, stable compared to 2Q15. Year-on-year, the reduction of 9% was due to
lower third party services expenses and donations.
7
3Q15 Results
In the case of other operating income (expenses), the Company recorded an expense of R$44 million in 3Q15, versus
expense of R$10 million in 2Q15 and an expense of R$32 million in 3Q14. The quarter-on-quarter variation was chiefly
due to the revaluation of biological assets in 2Q15, while the increase in the annual variation was also mainly due to the
update of future disbursements of all employees that have remuneration plans attached to share price.
EBITDA (R$ million) and
EBITDA Margin (%)
EBITDA/t
(R$/t)
56%
50%
35%
1,551
1,194
902
1,157
613
376
446
438
337
294
269
196
3Q14
2Q15
EBITDA (R$ million)
3Q15
3Q14
EBITDA (US$ million)
2Q15
EBITDA R$/ton
3Q15
EBITDA US$/ton
Adjusted EBITDA totaled R$1,551 million in 3Q15 with a margin of 56%. In comparison with 2Q15, EBITDA increased by
34%, due to the 19% upturn in the average net price in reais, in turn impacted by the 15% appreciation of the average
dollar, the 3% increase in the net pulp price in dollars and higher sales volume, partially offset by higher cash COGS and
the increase in other operating expenses, as detailed above. The 12-month upturn was due to the 56% appreciation of
the average dollar and the 10% upturn in the average net price in dollars, which offset the increase in cash COGS and
the decline in sales volume. The graph below shows the main variations in the quarter:
EBITDA 3Q15 x 2Q15
R$ million and margin %
441
1,157
1,165
39
EBITDA
Ajustado 2Q15
Non-recurring
effects / noncash(1)
EBITDA 2Q15
Volume
Price and
Exchange
Variation
1,520
(86)
(4)
(1)
(34)
Cogs
S&M
G&A
Other
operational
expenses
EBITDA 3Q15
1,551
30
Non-recurring
effects / noncash(1)
(1) Write-down of property, plant and equipment, provisions for ICMS tax credit losses, equity income and tax credits, and recovery of contingencies.
EBITDA
Ajustado 3Q15
3Q15 Results
Financial Result
(R$ million)
Financial Income (including hedge result)
Interest on financial investments
3Q15
(544)
27
2Q15
3Q14
9M15
9M14
253
(121)
(824)
107
23
22
66
71
3Q15 vs
2Q15
3Q15 vs
3Q14
17%
23%
9M15 vs
9M14
-7%
Hedging(1)
(571)
230
(143)
(890)
36
Financial Expenses
(122)
(108)
(113)
(331)
(359)
13%
8%
-8%
(48)
(47)
(54)
(140)
(158)
2%
-11%
-11%
-5%
Interest - loans and financing (local currency)

Interest - loans and financing (foreign currency)
(59)
(191)
(201)
21%
25%
Monetary and Exchange Variations
(1,687)
184
(544)
(2,626)
(280)
210%
Foreign Exchange Variations - Debt
(2,202)
248
(643)
(3,256)
(252)
242%
420%
-50%
-43%
200%
Foreign Exchange Variations - Other

Other Financial Income / Expenses(2)
Net Financial Result
(74)
(61)
515
(64)
99
630
(28)
(4)
(8)
(7)
(1)
(491)
(785)
(3,782)
(1,023)
(2,357)
321
(1) Change in the marked to market (3Q15: R$(362) million | 2Q15: R$284 million) added to received and paid adjustments.
Income from interest on financial investments came to R$27 million in 3Q15, 17% and 23% up on 2Q15 and 3Q14,
respectively, due to the increase in the cash balance and higher financial investments, as a result of new funding
operations in the quarter whose proceeds will be allocated to the Trs Lagoas Mill expansion project. Cash and cash
equivalents closed the quarter at R$3,949 million (excluding the mark-to-market of derivative instruments). Hedge
transactions generated a loss of R$571 million, from the negative variation in fair value, especially of debt swaps (for
more details on derivatives, see page 10).
Interest expenses on loans and financing totaled R$122 million in 3Q15, 13% up on the previous quarter, due to new
funding in the period (see page 12 for more details), as well as the increase in the TJLP long-term interest rate and the
CDI interbank rate, which pushed up the appropriation of interest on debt pegged to these indexing units. In comparison
with 3Q14, interest expenses on loans and financing increased by 8%.
The foreign-exchange loss on dollar-denominated debt (95% of total debt), including real/dollar swaps, stood at R$2,202
million, versus income of R$248 million in 2Q15 and a loss of R$643 million in 3Q14. In relation to 2Q15, the negative
effect came from the 28% depreciation of the real against the dollar and the period increase in the dollar-denominated
portion of the debt (3Q15: R$3.9729 | 2Q15: R$3.1026| 3Q14: R$2.451).
On September 30, 2015, the mark-to-market of derivative financial instruments was negative by R$1,001 million (a
negative R$132 million from operational hedges, a negative R$1,152 million from debt hedges, and a positive R$283
million from embedded derivatives), versus a negative R$639 million on June 30, 2015, giving a negative variation of
R$362 million. This result was mainly due to the impact of the period depreciation of the real and the change in market
conditions, impacting outstanding debt swaps. Cash disbursements from transactions that matured in the period totaled
R$209 million (R$86 million of which in operational hedges and R$123 million in debt hedges). As a result, the net impact
on the financial result was a negative R$571 million. The following table shows Fibrias derivative hedge position at the
close of September 2015:
3Q15 Results
Notional (MM)
Swaps
Fair Value
Maturity
Sept/15 Jun/15
Sept/15
Jun/15
Receive
US Dollar Libor (1)
dec/19
$ 627
$ 531
R$ 2,232
R$ 1,582
Brazilian Real CDI (2)
aug/20
R$ 706
R$ 772
R$ 1,036
R$ 1,112
Brazilian Real TJLP (3)
dec/17
R$ 189
R$ 219
R$
181
R$
210
Brazilian Fixed (4)
dec/17
R$ 273
R$ 314
R$
214
R$
256
Receive Total (a)
R$ 3,663
R$ 3,160
Pay
US Dollar Fixed (1)
dec/19
$ 627
$ 531
R$ (2,266) R$ (1,593)
US Dollar Fixed (2)
aug/20
$ 362
$ 397
R$ (1,671) R$ (1,511)
US Dollar Fixed (3)
dec/17
$ 117
$ 135
R$
(453) R$
(418)
US Dollar Fixed (4)
dec/17
$ 131
$ 151
R$
(426) R$
(402)
Pay Total (b)
R$ (4,815) R$ (3,924)
Net (a+b)
R$ (1,152) R$
(764)
Option
US Dollar Options
up to 5M
$ 570
$ 920
Options Total (d)
R$
(132) R$
(25)
R$
(132) R$
(25)
Embedded Derivatives - Forestry Partnership and Standing Timber Supply

Agreements
Receive
US Dollar Fixed
dec/34
$ 869
$ 880
R$
283
R$
dec/34
$ 869
$ 880
150
R$
R$
R$
283
R$
150
Pay
US Dollar CPI
Embedded Derivatives
Total (e)
Net (a+b+c+d+e)
R$ (1,001) R$
(639)
Zero cost collar operations have proved to be more appropriate in the current exchange scenario, especially due to the
volatility of the dollar, as they lock the exchange rate at levels favorable to the Company while also limiting negative
impacts in the event of a significant depreciation of the real. These instruments allow for the protection of a foreign
exchange band favorable to cash flows, within which Fibria does not pay or receive the amount of the adjustments. In
addition to protecting the company in these scenarios, this feature also allows it to achieve greater benefits in terms of
export revenues should the dollar move up. Currently, these operations have a maximum term of 12 months, covering
19% of net foreign exchange exposure, and their sole purpose is to protect cash flow exposure. The following table
shows the instruments exposure up to the contract expiration date and the respective average strikes per quarter:
Settled in Settled in Settled in
1Q15
2Q15
3Q15
Notional (US$ milhes)
Maturity
in 4Q15
Maturity
in 1Q16
Maturity
in 2Q16
420
425
350
310
260
Average strike put (R$/US$)
2.18
2.22
2.31
2.52
2.68
Average strike call (R$/US$)
3.19
3.17
3.24
3.86
4.29
(3)
(3)
(86)
Cash impact on settlement (R$ million)
Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollardenominated debt or protect existing debt against adverse swings in interest rates. Consequently, all of the swap asset
legs are matched with the flows of the respective hedged debt. The fair value of these instruments corresponds to the net
present value of the expected flows until maturity (average of 37 months in 3Q15) and therefore has a limited cash
impact.
The forestry partnership and standing timber supply contracts entered into on December 30, 2013 are denominated in
U.S. dollars per cubic meter of standing timber, adjusted in accordance with U.S. inflation measured by the CPI
10
3Q15 Results
(Consumer Price Index), which is not related to inflation in the areas where the forests are located, constituting,
therefore, an embedded derivative. This instrument, presented in the table above, is a sale swap of the variations in the
U.S. CPI for the period of the above-mentioned contracts. See note 5 (e) of the 3Q15 financial statements for more
details and a sensitivity analysis of the fair value in the event of a substantial variation in the U.S. CPI.
All financial instruments were entered into in accordance with the guidelines established by the Market Risk Management
Policy, and are conventional instruments without leverage or margin calls, duly registered with the CETIP (Securities
Custody and Financial Settlement Clearinghouse), which only have a cash impact on their respective maturities and
amortizations. The Companys Governance, Risk and Compliance area is responsible for the verification and control of
positions involving market risk and reports directly and independently to the CEO and the other areas and bodies
involved in the process, ensuring implementation of the policy. Fibrias Treasury area is responsible for executing and
managing the financial operations.
Net Result
The Company posted a 3Q15 loss of R$601 million, versus net income of R$614 million in 2Q15 and a loss of R$359
million in 3Q14. The quarter-on-quarter variation was due to the negative financial result. Excluding non-recurring effects
(tax credits) and the impact of exchange variation (mainly on debt and hedge instruments), Fibria would have recorded
net income of R$873 million in 3Q15.
Analyzing the result in terms of earnings per share, i.e. excluding depreciation, depletion and monetary and exchange
variations (see the reconciliation on page 23), the indicator was 35% higher than in 2Q15, thanks to the increase in the
average net price in reais and higher sales volume. The 152% year-on-year upturn was due to the 56% appreciation of
the average dollar against the real and the 3% increase in the net average price, offsetting the decline in sales volume.
The chart below shows the main factors impacting the 3Q15 net result, beginning with EBITDA in the same period:
Net income (R$ million)

1,551
ZCC
swap
(2,202)
515
(362)
current
(34)
(209)
(95)
defferred
(484)
Adjusted
EBITDA
3Q15
(1)
Exchange
variation
debt / Mtm
debt hedge
Other
exchange
variation
MtM
derivatives
variation
Hedge
settlement
Net interest
(601)
719
Income tax
Deprec.,
amortiz. and
depletion
Other(1)
Net income
3Q15
Includes other exchange variation expenses, non-recurring/ non-cash expenses and other financial income/expenses.
11
3Q15 Results
Indebtedness
Sept/15
Unit
Gross Debt
12,526
R$ million
Sept/14
Jun/15
9,015
Sept/15 vs
Jun/15
Sept/15 vs
Sept/14
39%
46%
8,574
Gross Debt in R$
R$ million
626
604
564
4%
11%
Gross Debt in US$(1)
R$ million
11,900
8,411
8,010
41%
49%
Average maturity
(2)
Cost of debt (foreign currency)

Cost of debt (local currency)
(2)
Short-term debt
months
51
52
55
-1
-4
% p.a.
3.6%
3.9%
4.0%
-0.3 p.p.
-0.4 p.p.
% p.a.
8.8%
8.4%
7.2%
0.4 p.p.
1.6 p.p.
9%
10%
15%
-1 p.p.
-6 p.p.
669
884
111%
60%
Cash and market securities in R$
1,412
R$ million
Cash and market securities in US$
R$ million
2,537
788
777
222%
227%
Fair value of derivative instruments
R$ million
(1,001)
(639)
(400)
57%
150%
(3)
R$ million
2,948
818
1,261
260%
134%
R$ million
9,578
8,197
7,313
17%
31%
Net Debt/EBITDA (in US$)
2.07
2.23
2.70
-0.2
-0.6
Net Debt/EBITDA (in US$)(4)
1.58
1.95
2.50
-0.4
-0.9
Cash and cash Equivalents

Net Debt
(1) Includes BRL to USD sw ap contracts. The original debt in dollars w as R$10,687 million (85% of the total debt) and debt in reais w as R$ 1,839 million (15% of the debt)
(2 The costs are calculated considering the debt sw ap
(3) Includes the fair value of derivative instruments (hedge)
(4) For covenant purposes
In 3Q15, Fibria executed an amendment to the syndicated export prepayment contract totaling US$400 million, with
amortization of the principal as of the 41st month, maturing in 2021, at the Libor plus average interest of 1.43% p.a. The
proceeds will be used to finance the Horizonte 2 Project.
On September 30, 2015, gross debt stood at R$12,526 million, R$3,511 million, or 39%, up on 2Q15, mainly due to the
28% depreciation of the real against the dollar, generating a negative exchange variation of R$2,202 million, and the
raising of a foreign currency export prepayment loan in the quarter. The chart below shows the changes in gross debt
during the quarter:
Gross Debt (R$ million)
2,202
12,526
(2)
1,543
122
(354)
9,015
Gross Debt Jun/15
Loans
Principal/Interest
Payment
Interest Accrual
Foreign Exchange
Variation
Others
Gross Debt Set/15
The financial leverage ratio in dollars narrowed to 1.58x on September 30, 2015 (versus 1.95x in 2Q15). In R$, net
debt/EBITDA was 2.07x (2Q15: 2.23x). If we annualize 3Q15 EBITDA, leverage would be 1.38x in dollars and 1.54x in
reais.
The average total cost (*) of Fibrias dollar debt was 3.3% p.a. (Jun/15: 3.6% p.a. | Sep/14: 3.7% p.a.) comprising the
average cost of local currency bank debt of 8.8% p.a. (Jun/15: 8.4% p.a. | Sep/14: 7.2% p.a.), which moved up due to
(*)Average total cost, considering debt in reais adjusted by the market swap curve on September 30, 2015.
12
3Q15 Results
the impact on the yield curve of another 0.5 p.p. increase in the long-term interest rate as of the fourth quarter of 2015,
and the cost in dollars of 3.6% p.a. (Jun/15: 3.9% p.a. | Sep/14: 4.0% p.a.). This reduction was mainly due to a decline in
the yield curve. The graphs below show Fibrias indebtedness by instrument, indexing unit and currency (including debt
swaps):
Gross Debt by Index
Gross Debt by Type
8%
Gross Debt by Currency
6%
2%
5%
8%
33%
18%
52%
20%
54%
Pre-Payment
BNDES
Others
Bond
NCE
95%
Libor
Pre Fixed
TJLP
Others
Local currency
Foreign currency
The average maturity of the total debt was 51 months in Sep/15 versus 52 months in Jun/15 and 55 months in Sep/14.
The graph below shows the amortization schedule of Fibrias total debt:
Amortization Schedule
(R$ million)
4,910
1,962
3,216
150
2,384
1,877
1,274
2,948
Liquidity
411
98
313
811
308
503
2015
2016
381
3,066
467
1,496
807
2017
2018
2019
Foreign Currency
1,181
205
1,258
166
976
1,092
97
52
17
12
2020
2021
2022
2023
2,384
2024
Local Currency
Cash and cash equivalents closed September 2015 at R$2,948 million, including the mark-to-market of hedge
instruments totaling a negative R$1,001 million. Excluding this impact, 35% of cash was invested in local currency, in
government bonds and fixed-income securities, and the remainder in short-term investments abroad.
The Company has four revolving credit facilities totaling R$1,962 million available for a period of four years (as of the
contract date), three of which in local currency totaling R$850 million (contracted in Mar/13 and Mar/14) at 100% of the
CDI plus 1.5% p.a. to 2.1% p.a. when utilized (0.33% p.a. to 0.35% p.a. when on stand-by) and one in foreign currency
totaling US$280 million (contracted in Mar/14), at the 3-month LIBOR plus 1.55% p.a. when utilized (35% of this spread
when on stand-by). These funds, despite not being utilized, help improve the Companys liquidity. Given the current cash
position of R$2,948 million, these lines totaling R$1,962 million have resulted in an immediate liquidity position of
R$4,910 million. As a result, the cash to short-term debt ratio (including these stand-by credit facilities) closed 3Q15 at
4.6x.
13
3Q15 Results
The graph below shows the evolution of Fibrias net debt and leverage since September 2014:
Net Debt / EBITDA (x)
(R$)
2.70
(US$)
2.88
2.70
2.40
2.52
2.30
2.23
1.95
2.07
1.58
9,578
8,991
8,197
7,549
7,313
2,984
2,842
Sep/14
Dec/14
2,803
Mar/15
Net Debt (R$ million)
2,642
Jun/15
2,411
Sep/15
Net Debt (US$ million)
Capital Expenditure
(R$ million)
3Q15 vs
2Q15
3Q15 vs
3Q14
9M15 vs
9M14
308%
348%
130%
Last 12
months
3Q15
2Q15
3Q14
9M15
9M14
Industrial Expansion
53
13
12
68
29
Forest Expansion
21
14
15
45
48
47%
40%
-6%
71
Subtotal Expansion
73
27
27
113
77
171%
176%
46%
147
Safety/Environment
Forestry Renewal
Maintenance, IT, R&D, Modernization
76
11
16
16
54%
-43%
-4%
17
324
335
352
947
852
-3%
-8%
11%
1,265
87
64
54
201
218
35%
59%
-8%
273
Subtotal Maintenance
416
403
417
1,164
1,087
3%
0%
7%
1,556
Total Capex
490
430
444
1,276
1,164
14%
10%
10%
1,703
Capex totaled R$490 million in 3Q15, 14% and 10% up on 2Q15 and 3Q14, respectively, primarily due to expenditure on
the industrial expansion of the H2 Project and forestry equipment acquisitions.
Horizonte 2 Project
The new industrial line is scheduled for start-up in 4Q17. Up to the close of 3Q15, virtually all of the equipment and
service contracts needed for the Horizonte 2 Project had been entered into with suppliers and service providers.
Funding operations and the pursuit of financing for the project are also moving ahead. The project will be financed by the
Companys free cash flow generation and third-party funding, within the limits established in its Debt Management Policy,
which is being negotiated with financial institutions.
14
3Q15 Results
Free Cash Flow
3Q15
2Q15
3Q14
9M15
9M14
Last 12
months
1,551
1,157
613
3,714
1,885
4,620
(490)
(430)
(444)
(1,276)
(1,164)
(1,703)
(149)
(149)
(149)
(63)
(93)
(76)
(205)
(272)
(345)
(R$ million)
Adjusted EBITDA
(-) Capex including advance for wood puchase
(-) Dividends
(-) Interest (paid)/received
(-) Income tax
(5)
(38)
(3)
(51)
(9)
(71)
(+/-) Working Capital
50
(128)
16
(309)
(71)
(374)
(+/-) Others
(2)
10
14
23
1,048
317
117
1,737
373
2,001
74
27
27
113
112
147
1,122
344
143
1,850
485
2,148
Free Cash Flow (1)

Project H2 Capex
Free Cash Flow ex-Project H2
Free cash flow was positive by R$1,048 million in 3Q15, versus a positive R$466 million in 2Q15 (before dividend
payments) and a positive R$117 million in 3Q14. The improvement over the previous quarter was mainly due to the
increase in EBITDA and the positive working capital variation, in turn explained by the variation in accounts receivable
(higher forfaiting in dollars). The year-on-year upturn was also due to higher EBITDA. LTM free cash flow came to
R$2,148 million after dividend payments and before H2 Project expansion capex. Considering the free cash flow before
dividends and before Horizonte 2 capex, the FCF yield stood at 7.7%. If we annualize the 3Q15 number (prior to
expansion capex), the FCF yield would have reached 15.1%.
ROE and ROIC

In regard to return metrics, it is worth noting certain adjustments in the accounting indicator, given the differences in
accounting treatment under IFRS (CPC 29).
Return on Equity
Unit
3Q15
2Q15
3Q14
3Q15 vs
2Q15
3Q15 vs
3Q14
US$ - LTM
3Q15
Shareholders' Equity
R$ million
13,982
14,563
14,782
-4%
-5%
IAS 41 adjustments
R$ million
(282)
(317)
(416)
-11%
-32%
(71)
Shareholders' Equity (adjusted)
R$ million
13,699
14,246
14,367
-4%
-5%
3,448
Shareholders' Equity (adjusted) - average (1)
R$ million
14,033
14,465
14,285
-3%
-2%
Adjusted EBITDA LTM
R$ million
4,620
3,682
2,708
25%
71%
1,536
Total Capex LTM
R$ million
(1,703)
(1,657)
(1,509)
3%
13%
(566)
Net interest LTM
R$ million
(345)
(357)
(370)
-3%
-7%
(115)
Income Tax LTM
R$ million
(71)
(70)
(20)
2%
263%
(24)
R$ million
2,501
1,599
810
56%
209%
831
17.8%
11.1%
5.7%
6.8 p.p.
12.2 p.p.
23.5%
Adjusted Income LTM
ROE
3,519
3,532
(1) Average of current and same quarter of the previous year.
15
3Q15 Results
Return on Invested Capital
Unit
US$ - LTM
3Q15
3Q15
2Q15
3Q14
3Q15 vs
2Q15
3Q15 vs
3Q14
5%
32%
160
Accounts Receivable
R$ million
636
572
579
Inventories
R$ million
1,413
1,389
1,325
7%
24%
356
Current Liabilities (ex-debt)
R$ million
1,605
1,361
1,498
35%
0%
404
Biological Assets
R$ million
3,773
3,700
3,525
1%
5%
950
Fixed Assets
R$ million
9,201
9,303
10,077
-1%
-5%
2,316
Invested Capital
R$ million
16,628
16,323
17,004
3%
1%
4,185
IAS 41 adjustments
R$ million
(529)
(587)
(661)
-11%
-32%
(133)
Adjusted Invested Capital
R$ million
16,099
15,736
16,343
4%
2%
4,052
Adjusted EBITDA LTM
R$ million
4,620
3,682
2,708
25%
71%
1,536
Total Capex LTM
R$ million
(1,703)
(1,657)
(1,509)
3%
13%
(566)
Income Tax LTM
R$ million
(71)
(70)
(20)
2%
(24)
Adjusted Income LTM
R$ million
2,845
1,956
1,179
45%
141%
946
ROIC
R$ million
17.7%
12.4%
7.2%
5.2 p.p.
10.5 p.p.
23.3%
Annualizing 3Q15 data, ROE and ROIC in dollars would be 31.7% and 29.4%, respectively.
Capital Market
Equities
140
Average Daily Trading Volume

(US$ million)
Average Daily Trading Volume

(million shares)
10
120
Daily average:
US$48.4 million
Daily average:
3.5 million shares
100
7
6
80
60
4
3
40
2
20
0
Jul-15
1
Aug-15
0
Jul-15
Sep-15
BM&FBovespa
Aug-15
NYSE
Sep-15
BM&FBovespa
NYSE
Fibrias average daily traded volume in 3Q15 was approximately 3.5 million shares, 17% up on 2Q15, while daily
financial volume averaged US$48 million, up by 15% in the same period (US$27 million on the BM&FBovespa and
US$21 million on the NYSE).
Fixed Income
Unit
Sept/15
Jun/15
Sept/14
Fibria 2024 - Yield
5.6
4.8
5.3
Fibria 2024 - Price
USD/k
97.4
103.0
99.4
2.0
2.4
2.5
Treasury 10 y
Sept/15 vs
Jun/15
Sept/15 vs
Sept/14
0.8 p.p.
0.3 p.p.
-5%
-2%
-0.3 p.p.
-0.5 p.p.
16
3Q15 Results
Sustainability
Fibria was included in the 2015/16 Dow Jones Emerging Markets Sustainability Index (DJSI Emerging Markets). From
the eight companies in the Forestry and Paper Products industry competing for inclusion in the index, only two were
selected - Fibria and Duratex.
Subsequent Events
Fibrias 5th Fibria Day will take place on December 2, 2015, at the New York Stock Exchange (NYSE). The Companys
Board of Executive Officers and members of management will attend the event.
In a meeting held on October 22, 2015, the Board of Directors approved a Dividend Policy that will be based on its ability
to generate cash flow, respecting its indebtedness and liquidity policies, maintaining its commitment to the investment
grade as well as considering its strategic planning.
In continuous act of the Board of Directors and based on this new policy, the distribution of intermediate dividends
extraordinarily was recommended in the amount of R$ 2 billion, to be paid against reserves for investments. The
proposal was driven by the low leverage, low average cost of debt and the fact that the funding for Horizonte 2 Project
are already solved, in line with our commitment to maintain the capital discipline.
The proposal will be deliberated at the Extraordinary General Meeting to be held on November 30, 2015.
17
3Q15 Results
Appendix I Revenue x Volume x Price*
3Q15 vs 2Q15
Sales (Tons)
Net Revenue (R$ 000)
Price (R$/Ton)
3Q15 vs 2Q15 (%)
3Q15
2Q15
3Q15
2Q15
3Q15
2Q15
Tons
118,344
125,629
203,190
190,740
1,717
1,518
(5.8)
6.5
13.1
1,179,779
1,156,679
2,558,276
2,098,860
2,168
1,815
2.0
21.9
19.5
1,298,123
1,282,308
2,761,466
2,289,601
2,127
1,786
1.2
20.6
19.1
Revenue
Avge Price
Pulp
Domestic Sales
Foreign Sales
Total
3Q15 vs 3Q14
Sales (Tons)
Price (R$/Ton)
3Q15 vs 3Q14 (%)
3Q15
3Q14
3Q15
3Q14
3Q15
3Q14
Tons
118,344
138,310
203,190
153,091
1,717
1,107
(14.4)
32.7
55.1
1,179,779
1,233,904
2,558,276
1,574,295
2,168
1,276
(4.4)
62.5
70.0
1,298,123
1,372,214
2,761,466
1,727,386
2,127
1,259
(5.4)
59.9
69.0
Revenue
Avge Price
Pulp
Domestic Sales
Foreign Sales
Total
9M15 vs 9M14
Sales (Tons)
9M15

9M14
9M15
9M14
Price (R$/Ton)
9M15
9M15 vs 9M14 (%)

9M14
Tons
Revenue
Avge Price
Pulp
Domestic Sales
Foreign sales
Total
373,323
370,987
564,612
418,525
1,512
1,128
0.6
34.9
34.1
3,436,207
3,523,713
6,461,800
4,602,910
1,881
1,306
(2.5)
40.4
44.0
3,809,530
3,894,700
7,026,412
5,021,435
1,844
1,289
(2.2)
39.9
43.1
* Excludes Portocel
18
3Q15 Results
Appendix II Income Statement
INCOME STATEMENT - CONSOLIDATED (R$ million)
3Q15
2Q15
R$
Net Revenue
3Q15 vs 2Q15 3Q15 vs 3Q14

(%)
(%)
2,309
100%
1,746
100%
21%
210
9%
172
10%
10%
35%
2,558
92%
2,099
91%
1,574
90%
22%
63%
(1,533)
-55%
(1,441)
-62%
(1,461)
-84%
6%
5%
(1,290)
-46%
(1,224)
-53%
(1,254)
-72%
5%
3%
(244)
-9%
(217)
-11%
(207)
-12%
12%
18%
1,256
60%
45%
868
38%
286
16%
45%
340%
(111)
-4%
(107)
-5%
(95)
-5%
4%
16%
(66)
-2%
(65)
-3%
(72)
-4%
1%
-9%
(2,357)
-85%
321
14%
(785)
-45%
200%

Equity
(0)
0%
(0)
0%
0%
(44)
-2%
(10)
0%
(32)
-2%
345%
38%
(1,321)
-47%
44%
(699)
-40%
-231%
89%
(69)
-2%
(19)
-1%
67
4%
265%
-202%
189%
Other operating (expenses) income

Operating Income
AV%
8%
Selling and marketing

Financial Result
R$
100%
Freight
Operating Profit
AV%
231
Foreign Sales
Cost related to production
3Q14
R$
2,790
Domestic Sales
Cost of sales
AV%
Current Income taxes expenses

Deffered Income taxes expenses
1,008
788
28%
(375)
-16%
273
16%
-310%
Net Income (Loss)
(601)
-22%
614
27%
(359)
-21%
-198%
68%
Net Income (Loss) attributable to controlling equity interest
(606)
-22%
612
26%
(362)
-21%
-199%
67%
112%
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
0%
0%
0%
59%
484
17%
478
21%
475
27%
1%
2%
32%
31%
171%
-
1,520
55%
1,165
50%
562
Equity
0%
0%
0%
-100%
Fair Value of Biological Assets
0%
(30)
-1%
0%
0%
0%
(1)
0%
27
2%
-52%
-26%
Fixed Assets disposals
13
Accruals for losses on ICMS credits
18
1%
23
1%
25
1%
-20%
Tax Credits/Reversal of provision for contingencies
(1)
0%
(0)
0%
(1)
0%
280%
35%
34%
153%
EBITDA adjusted (*)
1,551
56%
1,157
50%
613
Income Statement - Consolidated (R$ million)

2014
R$
Net Revenue
Domestic Sales
Foreign Sales
Cost of sales
Cost related to production
Freight
Operating Profit
2013
AV%
R$
2014 vs 2013
(%)
AV%
7,096
100%
5,083
100%
634
9%
480
9%
32%
6,462
91%
4,603
91%
40%
(4,247)
-60%
(4,160)
-82%
2%
(3,590)
-51%
(3,566)
-70%
1%
(657)
-9%
(594)
-12%
11%
40%
923
18%
209%
Selling and marketing
(313)
-4%
(262)
-5%
19%
(195)
-3%
(193)
-4%
1%
(3,782)
-53%
(1,023)
-20%
270%
Financial Result
Equity
Other operating (expenses) income
LAIR
2,849
40%
0%
(83)
-1%
878
0%
-109%
6%
-571%
(1,522)
-21%
Current Income taxes expenses
(147)
-2%
(36)
-1%
314%
Deffered Income taxes expenses
1,117
16%
0%
32741%
Net Income (Loss)
(553)
-8%
291
6%
-290%
Net Income (Loss) attributable to controlling equity interest
(563)
-8%
285
6%
-297%
0%
61%
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
Equity
Fair Value of Biological Assets
10
1,410
3,670
323
0%
17%
0%
20%
6
1,374
52%
2,721
(1)
0%
(30)
0%
(87)
27%
3%
54%
35%
0%
0%
-2%
-66%
Property, Plant and Equipment disposal
16
0%
30
1%
-48%
Accruals for losses on ICMS credits
61
1%
72
1%
-15%
Tax Incentive
EBITDA adjusted
(2)
3,714
0%
52%
(851)
1,885
-17%
0%
37%
97%
19
3Q15 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ million)
ASSETS
Sep/15
Jun/15
Dec/14
LIABILITIES
CURRENT
6,518
3,862
3,261
Cash and cash equivalents
2,597
685
Securities
1,281
701
461
Short-term debt
1,077
894
965
683
Derivative Instruments
471
248
186
Trade Accounts Payable
688
637
593
Payroll and related charges
148
111
135
Tax Liability
161
98
56
39
140
99
125
NON CURRENT
13,460
9,851
8,879
Long-term debt
11,449
8,121
7,361
Accrued liabilities for legal proceedings
169
146
145
238
257
267
855
593
422
26
30
691
538
1,563
1,455
1,239
Recoverable taxes
177
183
163
Dividends and Interest attributable to capital payable
Others
150
120
148
Others
NON CURRENT
Dec/14
2,086
26
Inventories
Jun/15
2,686
724
Trade accounts receivable, net
Sep/15
CURRENT
2,099
6,158
5,205
4,740
72
72
51
299
175
161
Deferred income taxes
2,284
1,511
1,191
Deferred income taxes , net
Recoverable taxes
1,943
1,858
1,752
Tax Liability
Fostered advance
671
701
695
Assets avaiable for sale
598
598
598
Assets avaiable for sale
477
477
477
Others
290
290
291
Others
271
257
207
13,920
14,506
14,564
9,729
9,729
9,729
12
Investments
121
95
80
Property, plant & equipment , net
8,952
9,007
9,253
Issued Share Capital
Biological assets
3,863
3,810
3,708
Capital Reserve
Intangible assets
4,516
4,521
4,552
Statutory Reserve
2,554
3,160
3,228
Equity valuation adjustment
TOTAL ASSETS
30,128
26,500
25,594
SHAREHOLDERS' EQUITY - Controlling interest
1,635
1,621
1,613
Treasury stock
(10)
(10)
(10)
Minority interest
62
58
52
TOTAL SHAREHOLDERS' EQUITY
13,982
14,563
14,616
TOTAL LIABILITIES
30,128
26,500
25,594
20
3Q15 Results
Appendix IV Statement of Cash Flows
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
3Q15
INCOME (LOSS) BEFORE TAXES ON INCOME
2Q15
(1.321)
3Q14
1.008
2015
(699)
2014
(1.522)
323
Adjusted by
(+) Depreciation, depletion and amortization
(+) Foreign exchange losses, net
(+) Change in fair value of derivative financial instruments
478
475
1.410
1.375
1.687
484
(183)
545
2.627
281
571
(230)
143
889
(+) Equity in losses of jointly-venture

(+) Fair value of biological assets
(+) (Gain)/loss on disposal of property, plant and equipment
0
-
(1)
(30)
(30)
(36)
(87)
13
(1)
20
16
24
(+) Interest and gain and losses in marketable securities
(26)
(24)
(20)
(64)
(65)
(+) Interest expense
122
109
118
330
364
464
(+) Financial charges of Eurobons "Fibria 2020" partial repurchase transaction

(+) Impairment of recoverable ICMS
18
23
25
61
72
17
(+) Provisions and other

(+) Tax Credits
(+) Program Stock Options

(+) Provisions and investment
(850)
8
Decrease (increase) in assets

Inventories
Recoverable taxes
Other assets/advances to suppliers
227
(57)
(28)
209
(69)
(36)
70
(220)
(143)
43
(95)
(111)
(49)
(261)
(119)
(42)
(33)
(16)
(49)
136
(34)
52
33
(43)
75
24
(0)
(24)
37
34
26
(1)
Increase (decrease) in liabilities

Trade payable
Taxes payable
Other payable
24
13
(11)
(17)
34
(28)
Cash provided by operating activities

Interest received
Interest paid
22
20
15
59
58
(86)
(113)
(90)
(264)
(329)
Income taxes paid

NET CASH PROVIDED BY OPERATING ACTIVITIES
(5)
1.538
(38)
(3)
(51)
(9)
896
560
3.163
1.537
(502)
(412)
(423)
(1.253)
(1.126)
12
(18)
(21)
(22)
(576)
(52)
54
(602)
Cash flows from investing activities

Acquisition of property, plant and equipment and forest
Advance for wood acquisition from forestry partnership program
Marketable securities, net
Cash from sale of investments - Asset Light project
Proceeds from sale of property, plant and equipment

Derivative transactions settled
Subsidiary incorporation - Fibria Innovations
Others
NET CASH USED IN INVESTING ACTIVITIES
(209)
903
26
32
(3)
(54)
(8)
(306)
(29)
(1.272)
(38)
191
(510)
(12)
(0)
(0)
(1)
(400)
(2.164)
(110)
Cash flows from financing activities

Borrowings
Repayments - principal amount
1.543
(268)
Eurobonds
Dividendos pagos
Other
NET CASH USED IN FINANCING ACTIVITIES
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
283
148
1.965
2.576
(371)
(710)
(1.095)
(4.223)
(149)
(6)
1.269
379
1.913
1
(236)
(32)
118
(326)
(149)
(3)
(564)
55
(348)
(1)
720
3
(1.969)
417
(21)
2.136
(563)
685
567
1.057
461
1.272
2.597
685
709
2.597
709
21
3Q15 Results
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)
Adjusted EBITDA (R$ million)
3Q15
2Q15
3Q14
Income (loss) of the period
(601)
614
(359)
(321)
785
(720)
393
(339)
484
478
475
1,520
1,165
562
(+/-) Financial results, net

(+) Taxes on income
(+) Depreciation, amortization and depletion
EBITDA
2,357
(+) Equity
(-) Fair Value of Biological Assets
(30)
(+/-) Loss (gain) on disposal of property, plant and equipment
13
(1)
27
(+) Accrual for losses on ICMS credits
18
23
25
(-) Tax credits/reversal of provision for contingencies
(1)
(0)
(1)
1,551
1,157
613
EBITDA Adjusted
EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss)
in the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company
presents adjusted EBITDA according to CVM Instruction 527 of October 4, 2012, adding or subtracting from the amount
the equity accounting, the provisions for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair
value of biological assets and tax credits/recovered contingencies to provide better information on its ability to generate
cash, pay its debt and sustain its investments. Neither measurement should be considered as an alternative to the
Companys operating income and cash flows or an indicator of liquidity for the periods presented.
22
3Q15 Results
Appendix VI Economic and Operational Data
Exchange Rate (R$/US$)
3Q15
2Q15
1Q15
4Q14
3Q14
2Q14
3Q15 vs
2Q15
3Q15 vs
3Q14
2Q15 vs
1Q15
4Q14 vs
3Q14
3Q14 vs
2Q14
Closing
3.9729
3.1026
3.2080
2.6562
2.4510
2.2025
28.1%
62.1%
-3.3%
8.4%
11.3%
Average
3.5430
3.0731
2.8737
2.5437
2.2745
2.2295
15.3%
55.8%
6.9%
11.8%
2.0%
Pulp net revenues distribution, by region
3Q15
2Q15
3Q15 vs
2Q15
3Q14
3Q15 vs Last 12
3Q14 months
Europe
42%
42%
39%
0 p.p.
3 p.p.
42%
North America
25%
24%
27%
2 p.p.
-1 p.p.
24%
Asia
25%
26%
24%
-1 p.p.
1 p.p.
25%
8%
8%
10%
0 p.p.
-2 p.p.
9%
Brazil / Others
Pulp price - FOEX BHKP (US$/t)

Europe
Financial Indicators
Sept/15
Aug/15
Jul/15
Jun/15
May/15
Apr/15
Mar/15
Feb/15
Jan/15
Dec/14
Nov/14
Oct/14
808
803
801
793
782
767
755
748
743
741
734
735
Jun/15
Mar/14
Jun/14
Net Debt / Adjusted EBITDA (LTM*) (R$)
2.07
2.23
2.70
Net Debt / Adjusted EBITDA (LTM*) (US$)
1.58
1.95
2.50
Total Debt / Total Capital (gross debt + net equity)
0.5
0.4
0.4
Cash + EBITDA (LTM*) / Short-term Debt
7.0
5.0
3.1
3Q15
2Q15
3Q14
*LTM: Last tw elve months
Reconciliation - net income to cash earnings (R$ million)

Net Income (Loss) before income taxes
(+) Depreciation, depletion and amortization
(+) Unrealized foreign exchange (gains) losses, net
(+) Change in fair value of derivative financial instruments
(1,321)
1,008
(699)
484
478
475
1,687
(183)
545
571
(230)
143
(+) Equity
(+) Change in fair value of biological assets
0
-
(+) Loss (gain) on disposal of Property, Plant and Equipment
(30)
13
(1)
20
(+) Interest on Securities, net
(26)
(24)
(20)
(+) Interest on loan accrual
122
109
118
(+) Financial charges on BONDS redemption
(+) Accruals for losses on ICMS credits
18
23
25
(+) Provisions and other

(+) Tax Credits
(+) Stock Options program

Cash earnings (R$ million)
1,556
1,155
616
Outstanding shares (million)
554
554
554
Cash earnings per share (R$)
2.8
2.1
1.1
23

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Fibria Celulose S.A.

Unaudited Consolidated Interim Financial

REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL INFORMATION

Eduardo Affonso de Vasconcelos

Fibria Celulose S.A.

Investments (Note 15)

Fibria Celulose S.A.

Liabilities and shareholders' equity

Equity attributable to shareholders of the Company

Total shareholders' equity

Total liabilities and shareholders' equity

Equity attributable to non-controlling interests

Fibria Celulose S.A.

Revenues (Note 21)

Income before financial income and expenses

Net income (loss) for the period

Financial income (Note 22)

Income (loss) before income taxes

Basic earnings (loss) per share - in Reais (Note 25(a))

Diluted earnings (loss) per share - in Reais (Note 25(b))

Fibria Celulose S.A.

Net income (loss) for the period

Other comprehensive income

Total other comprehensive income for the

Total comprehensive income (loss) for

Fibria Celulose S.A.

As at December 31, 2014

Transactions with shareholders

Fibria Celulose S.A.

September 30, September 30,

Fibria Celulose S.A.

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at end of the period

Fibria Celulose S.A.

Operations and current developments

Non-current assets held for sale

Fibria Celulose S.A.

Approval of the expansion plan of the Trs Lagoas Unit

Presentation of consolidated interim financial information

Consolidated interim financial information - basis of preparation

Accounting policies adopted

Fibria Celulose S.A.

Approval of the consolidated

Critical accounting estimates

New standards, amendments and

Main points introduced by the

The Company is currently

The Company evaluated

Fibria Celulose S.A.

At December 31, 2014

Fibria Celulose S.A.

Foreign exchange risk

Assets in foreign currency

Liabilities in foreign currency

Sensitivity analysis in changes in interest rate

Fibria Celulose S.A.

Loans and financing

Marketable securities (a)

Sensitivity analysis in changes in the

Embedded derivative in forestry partnership and

Fair value estimates

Fibria Celulose S.A.