Klabin invested R$ 2.008 billion in the fourth quarter 2020 in its operations and expansion projects. Of the total invested, R$ 134 million was allocated to forestry operations and R$ 110 million to investments in the operational continuity of the plants. Together these amounts represent investments in the Company’s operational maintenance. Additionally, R$ 296 million were invested in special projects and expansions. These include the disbursement of the first installment of R$ 280 million payable for the assets of International Paper do Brasil, as well as other projects with elevated and quick returns. These invested amounts do not consider investments involving the forestry activities of subsidiaries through Special Purpose Corporations (SPCs) executed via injection of forestry assets already existing in Klabin’s balance sheet.
Currently, a total of R$ 5.316 billion has been disbursed to the Puma II Project, of which R$ 4.045 billion in 2020 and R$ 1.468 billion in 4Q20. The start-up of the first paper machine is scheduled for July 2021; according to the latest measurements in January 2021, construction work was 78% complete. Approved on April 16, 2019 and with a gross investment estimated at R$ 9.1 billion (not considering inflation and the currency translation effect), the new expansion cycle covers the installation of two paper machines for packaging papers with an annual output of 920 thousand tons, to be located in Ortigueira in the state of Paraná, where Klabin already has a unit for producing market pulp. Klabin has raised the finance for the project from the ECA’s, BNDES, BID Invest, IFC and JICA.