Suzano S.A.

Consolidated financial statements

December 31, 2021 and

Independent auditors' report

Suzano S.A.

Index

CONSOLIDATED BALANCE SHEET ......................................................................................................................

3

CONSOLIDATED STATEMENTS OF INCOME (LOSS) .........................................................................................

5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) .........................................................

6

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ................................................................................

7

CONSOLIDATED STATEMENTS OF CASH FLOWS .............................................................................................

8

1.

COMPANY´S OPERATIONS ..........................................................................................................................

9

2.

BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS ...................................

17

3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ............................................................................

18

4.

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT ..........................................................................

37

5.

CASH AND CASH EQUIVALENTS ...............................................................................................................

56

6.

MARKETABLE SECURITIES........................................................................................................................

56

7.

TRADE ACCOUNTS RECEIVABLE..............................................................................................................

57

8.

INVENTORIES ..............................................................................................................................................

58

9.

RECOVERABLE TAXES...............................................................................................................................

59

10.

ADVANCES TO SUPPLIERS........................................................................................................................

60

11.

RELATED PARTIES......................................................................................................................................

60

12.

INCOME AND SOCIAL CONTRIBUTION TAXES ........................................................................................

62

13.

BIOLOGICAL ASSETS..................................................................................................................................

65

14.

INVESTMENTS .............................................................................................................................................

67

15.

PROPERTY, PLANT AND EQUIPMENT ......................................................................................................

68

16.

INTANGIBLE .................................................................................................................................................

69

17.

TRADE ACCOUNTS PAYABLE ....................................................................................................................

70

18.

LOANS, FINANCING AND DEBENTURES...................................................................................................

71

19.

LEASE...........................................................................................................................................................

76

20.

PROVISION FOR JUDICIAL LIABILITIES ....................................................................................................

78

21.

EMPLOYEE BENEFIT PLANS......................................................................................................................

85

22.

SHARE-BASED COMPENSATION PLAN ....................................................................................................

87

23.

LIABILITIES FOR ASSETS ACQUISITIONS AND ASSOCIATES ................................................................

90

24.

LONG-TERM COMMITMENTS .....................................................................................................................

91

25.

SHAREHOLDERS' EQUITY..........................................................................................................................

91

26.

EARNINGS (LOSS) PER SHARE .................................................................................................................

94

27.

NET FINANCIAL RESULT ............................................................................................................................

95

28.

NET SALES...................................................................................................................................................

95

29.

SEGMENT INFORMATION...........................................................................................................................

96

30.

RESULTS BY NATURE ................................................................................................................................

98

31.

INSURANCE COVERAGE ............................................................................................................................

99

32.

SUBSEQUENT EVENTS ..............................................................................................................................

99

INDEPENDENT AUDITOR'S REPORT ...............................................................................................................

101

OPINION OF THE FISCAL COUNCIL .................................................................................................................

105

SUMMARIZED ANNUAL REPORT OF THE STATUTORY AUDIT COMMITTEE ("CAE") .................................

106

STATUTORY AUDIT COMMITTEE OPINION .....................................................................................................

109

OPINION OF THE EXECUTIVE BOARD ON THE CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITOR'S REPORT.......................................................................................................

110

MANAGEMENT REPORT ...................................................................................................................................

111

EARNINGS RELEASE.........................................................................................................................................

124

2

Suzano S.A.

Consolidated financial statements

Year ended December 31, 2021 and 2020 (In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET

December 31,

December 31,

ASSETS

Note

2021

2020

CURRENT

Cash and cash equivalents

5

13,590,776

6,835,057

Marketable securities

6

7,508,275

2,212,079

Trade accounts receivable

7

6,531,465

2,915,206

Inventories

8

4,637,485

4,009,335

Recoverable taxes

9

360,725

406,850

Derivative financial instruments

4.5

470,261

484,043

Advances to suppliers

10

59,564

43,162

Dividends receivable

11

6,604

7,633

Other assets

937,786

731,291

34,102,941

17,644,656

Assets held for sale

1.2.2

313,338

Total current assets

34,102,941

17,957,994

NON-CURRENT

Marketable securities

6

250,054

184,778

Recoverable taxes

9

1,269,164

834,575

Deferred taxes

12

8,729,929

8,677,002

Derivative financial instruments

4.5

971,879

857,377

Advances to suppliers

10

1,282,763

1,015,115

Judicial deposits

300,715

257,789

Other assets

296,844

235,341

Biological assets

13

12,248,732

11,161,210

Investments

14

524,066

359,071

Property, plant and equipment

15

38,169,703

39,156,890

Right of use

19.1

4,794,023

4,344,078

Intangible

16

16,034,339

16,759,528

Total non-current

84,872,211

83,842,754

TOTAL ASSETS

118,975,152

101,800,748

The accompanying notes are an integral part of this consolidated financial statements.

3

Suzano S.A.

Consolidated financial statements

Year ended December 31, 2021 and 2020 (In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET

December 31,

December 31,

LIABILITIES

Note

2021

2020

CURRENT

Trade accounts payable

17

3,288,897

2,361,098

Loans, financing and debentures

18.1

3,655,537

2,043,386

Lease liabilities

19.2

623,282

620,177

Derivative financial instruments

4.5

1,563,459

1,991,118

Taxes payable

339,553

170,482

Payroll and charges

590,529

492,728

Liabilities for assets acquisitions and associates

23

99,040

101,515

Dividends payable

11

919,073

6,232

Advances from customers

103,656

25,171

Other liabilities

368,198

360,916

Total current liabilities

11,551,224

8,172,823

NON-CURRENT

Loans, financing and debentures

18.1

75,973,092

70,856,496

Lease liabilities

19.2

5,269,912

4,571,583

Derivative financial instruments

4.5

6,331,069

6,126,282

Liabilities for assets acquisitions and associates

23

306,912

400,713

Provision for judicial liabilities

20.1

3,232,612

3,255,955

Employee benefit plans

21.2

675,158

785,045

Deferred taxes

12

570

Share-based compensation plans

22.3

166,998

195,135

Advances from customers

149,540

Other liabilities

143,505

98,768

Total non-current liabilities

92,248,798

86,290,547

TOTAL LIABILITIES

103,800,022

94,463,370

EQUITY

25

Share capital

9,235,546

9,235,546

Capital reserves

15,455

10,612

Treasury shares

(218,265)

(218,265)

Retained earnings

3,927,824

Other reserves

2,114,907

2,129,944

Accumulated deficit

(3,926,015)

Controlling shareholders´

15,075,467

7,231,822

Non-controlling interest

99,663

105,556

Total equity

15,175,130

7,337,378

TOTAL LIABILITIES AND EQUITY

118,975,152

101,800,748

The accompanying notes are an integral part of this consolidated financial statements.

4

Suzano S.A.

Consolidated financial statements

Year ended December 31, 2021, 2020 and 2019

(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

December 31,

December 31,

December 31,

Note

2021

2020

2019

NET SALES

28

40,965,431

30,460,277

26,012,950

Cost of sales

30

(20,615,588)

(18,966,331)

(20,743,482)

GROSS PROFIT

20,349,843

11,493,946

5,269,468

OPERATING INCOME (EXPENSES)

Selling

30

(2,291,722)

(2,174,652)

(1,905,279)

General and administrative

30

(1,577,909)

(1,443,192)

(1,173,358)

Income from associates and joint ventures

14

51,912

36,142

31,993

Other, net

30

1,648,067

531,150

405,754

OPERATING PROFIT BEFORE NET FINANCIAL

INCOME (EXPENSES)

18,180,191

8,443,394

2,628,578

NET FINANCIAL INCOME (EXPENSES)

27

Financial expenses

(4,221,301)

(4,459,425)

(4,178,848)

Financial income

272,556

327,475

493,246

Derivative financial instruments

(1,597,662)

(9,422,682)

(1,075,252)

Monetary and exchange variations, net

(3,800,827)

(12,530,891)

(1,964,927)

NET INCOME (LOSS) BEFORE TAXES

8,832,957

(17,642,129)

(4,097,203)

Income and social contribution taxes

Current

12

(292,115)

(181,926)

(246,110)

Deferred

12

94,690

7,109,120

1,528,571

NET INCOME (LOSS) FOR THE YEAR

8,635,532

(10,714,935)

(2,814,742)

Attributable to

Controlling shareholders'

8,626,386

(10,724,828)

(2,817,518)

Non-controlling interest

9,146

9,893

2,776

Earnings (loss) per share

Basic

26.1

6.39360

(7.94890)

(2.08825)

Diluted

26.2

6.39205

(7.94890)

(2.08825)

The accompanying notes are an integral part of this consolidated financial statements.

5

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Suzano SA published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 21:39:00 UTC.