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In 1Q20, capital investments (cash basis) amounted to R$873 million, down 39% and 37% from 1Q19 and 4Q19, respectively, mainly due to the lower expenses with maintenance, modernization and land and forests. Compared to 1Q19, the 30% reduction in maintenance capex is related to the capture of synergies and the higher intensity of industrial carryovers in that period. Compared to 4Q19, the 25% drop was due to lower spending on projects (greater concentration in 4Q19) and forestry development.

The Capex for 2020 was revised to R$4.2 billion (from R$4.4 billion), mainly due to lower maintenance expenditures, due to initiatives related to project payments and scheduled downtimes postponements, without reducing the scope.

Last updated on May 28, 2020