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In 4Q19, capital investments (cash basis) amounted to R$1,380 million, down 19% from 4Q18, mainly due to lower expenses with maintenance and modernization. Compared to 3Q19, the decrease was mainly due to the impact in the previous quarter from the acquisition of Duratex’s forest assets, which was partially offset by higher maintenance costs in 4Q19 and the higher investments in modernization.

For 2019, the Company has revised the total estimated Capex from R$ 5.9 billion to R$ 5.8 billion. The reduction in the guidance reflects the same expenditures with forestry resulting from the lower volume of harvested wood due to lower production volume in 2019, as well as the Company’s financial discipline to manage its leverage by reducing R$500 million in the lines of Sustaining and Land and Forestry capex.

Last updated on April 16, 2020