{
  "docId": "019dd923-5e88-73ef-bd5a-62adc43f0453",
  "docSlug": "6fba553a146f7fd8",
  "documentTitle": "2025 05 28 Goldman Sachs Brazil Commodities Days",
  "authorId": "GoldmanSachs",
  "authorName": "Suzano",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.714,
  "pageNumber": 79,
  "pageCount": 88,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "kpi_dashboard",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "The slide outlines the company's exposure to USD across various financial metrics and defines the hedging targets for operating and debt components.",
  "elementsJson": [
    "data_table",
    "big_number",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-62adc43f0453/79",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-62adc43f0453",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-62adc43f0453.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-62adc43f0453#slide-79",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.3,
        "x": 0.62,
        "y": 0.62
      },
      "kind": "callout",
      "text": "100% of hedging contracts with no margin calls",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2ed0e26-e3c2-42c0-8200-ed32c8bb9837",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.35,
        "x": 0.498,
        "y": 0.2
      },
      "kind": "list",
      "text": "Operating Hedge: Target 40-75% of following 24 months, Current 71% of net exposure. Debt Hedge: Target Net debt 90-110% denominated in USD.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15438a49-b335-4ee2-9302-3aa11e40cca7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.38,
        "x": 0.17,
        "y": 0.68
      },
      "kind": "metric",
      "text": "~ R$670 million EBITDA, ~ R$580 million Operational Cash Generation",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4da5d9ec-0713-49b0-9297-3bb5da8c572a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA sensitivity: R$670 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-ae8f-ba4edca96591",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "1 Sensitivity at each R$0.10/US$ variation for 12 months period; 2Net exposure as of March 2025.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2a31123-1255-46e2-83a2-9970eef438cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.46,
        "w": 0.378,
        "x": 0.108,
        "y": 0.215
      },
      "kind": "table",
      "text": "Revenue 79% USD, Cash COGS 27% USD, Cash SG&A 26% USD, Sustaining Capex 11% USD",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82832601-fd39-4395-b72c-9544cc305a38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.062,
        "w": 0.365,
        "x": 0.026,
        "y": 0.045
      },
      "kind": "title",
      "text": "FX risk management",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "170f10aa-bb51-4f46-b2bc-d1120f7538be",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 79,
      "from": 65,
      "beatId": "011c6cc2-265b-4442-a043-31a36555567a",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides evidence and data to support the solutions.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}