- Average net pulp prices continue to rise, with all EBITDA contributions coming from price increases with volumes YoY and QoQ stable.
- While 2020 provides challenging comps, the 2021 situation still shows improvement with all end-markets firing on all cylinders.
- Slight impact on volumes from logistic backdrop, as well as on cash costs, but operating cash flow is still almost 2x 2020.
- Deleveraging is happening fast with operating cash flows way ahead of Cerrado CAPEX, and Suzano remains a low multiple, high return personal LBO constituting 20% of our portfolio.
For further details see:
Suzano's Deleveraging Continues, No Cost Impact From Inflation