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ARACRUZ CELULOSE REPORTS RESULTS IN BRAZILIAN GAAP FOR YEAR ENDED DEC. 31, 1992

 RIO DE JANEIRO, Brazil, March 15 /PRNewswire/ -- Aracruz Celulose S.A. (NYSE: ARA) announced today in Brazil its financial results stated in Brazilian GAAP for the 12 months ended Dec. 31, 1992. The company stated that more detailed information about its financial results for 1992, expressed in U.S. GAAP, will be released at a later date.
 Aracruz Celulose S.A., headquartered in Rio de Janeiro with its production operations in the coastal state of Espirito Santo, is the world's largest producer of bleached eucalyptus kraft market pulp. Eucalyptus pulp is a high-quality hardwood pulp used by paper manufacturers to produce a wide range of products, including premium tissue, printing and writing papers, liquid packaging board and specialty papers. Aracruz is the first Brazilian company to list on the New York Stock Exchange. Its shares trade under the symbol ARA.
 In 1992, Aracruz Celulose recorded a net income of Cr$218.1 billion (US$18 million, converted at the exchange rate on Dec. 31, 1992 of Cr$12,387.50 to one U.S. dollar). This was due mainly to appreciable growth -- up from 763,000 tons to 977,000 tons -- in the tonnage sold, average price increases of 7.1 percent, substantial reduction in net financial expenses, and tax credits from net operational loss carryforward.
 However, Aracruz continues to be impacted negatively by the recessive effects of the worldwide economic situation, which has had an adverse effect on the company's performance.
 Nevertheless, 1992 saw its installed capacity brought into full use, with an output of 1,013,000 tons. Of total sales of 977,000 tons, 853,000 tons were earmarked for the foreign market, while 124,000 tons went to domestic sales. This performance corresponds to 49 percent of Brazilian production and 23 percent of the world output of bleached eucalyptus pulp, and took place simultaneously with the company's entry into new markets, particularly in Europe and Asia.
 The company's financial liabilities were restructured through a capital increase, extension of its debt profile, and a reduction in net financial expense. The former took place in May 1992 through a simultaneous stock offer totaling US$270 million -- US$132.5 million in ADSs traded on the New York Stock Exchange and US$137.5 million through stock issues in Brazil. Company debt profile was extended principally by means of Euronotes (US$130 million) and pre-payment of exports (US$120 million).
 -0- 3/15/93
 /CONTACT: Mauro Molchansky, chief financial officer of Aracruz Celulose, in Rio de Janeiro, 011-55-21-541-8194; or Corey Cutler of Dewe Rogerson, in New York, 212-688-6840, for Aracruz Celulose/
 (ARA)


CO: Aracruz Celulose S.A. ST: IN: PAP SU: ERN

GK-WB -- NY082 -- 6222 03/15/93 16:42 EST
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Date:Mar 15, 1993
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