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Annual Report 2018 ANNUAL REPORT 2018 ANNUAL REPORT _ 2018 289 In every action, in every decision, in every gesture, we can think about our contribution to a more sustainable society by being more responsible, more fair and more balanced. By protecting natural resources and people alike. From the foundation of a development model that ensures our planet’s future. For The Navigator Company, sustainability is a part of responsible business management. It is present in our daily actions and decisions. From the forest, a natural and renewable source of raw material to paper, our final product. From a sustainability perspective, the functional solutions for producing paper from raw materials become vitally important. For this reason, The Navigator Company’s Annual Report and Accounts and the Sustainability Report 2018 were developed taking into consideration the Company’s commitment to sustainability. In this way, and following a circular economy model, we reduce and use biodegradable materials, seeking to return this medium of communication to nature with the aim of renewal. This form uses paper in perfect symbiosis with Mother Nature (source of raw material), people (everything we do must be with and for people) and technology (where science and engineering meet), as we combine research and resources with the best techniques available on the market to obtain a product of very high quality. Our Report represents an organic document. It was made with paper from sustainably managed forests, plant-based, with low-density inks, cotton fibre and biodegradable glue. If this Report were planted in the ground, it would be returned to the natural world, and the cycle would continue. papeR.LIFE.futurE ANNUAL REPORT 2018 Property of The Navigator Company 4 ANNUAL REPORT _ 2018 CONTENTS 01. 07. VISION, VALUES AND CULTURE OUR PEOPLE ..................................................................................................................... 07 ...................................................................................................................... 57 02. 08. MESSAGE FROM THE CHAIRMAN CORPORATE SOCIAL OF THE BOARD OF DIRECTORS RESPONSIBILITY ........................................................................................................................ 11 ...................................................................................................................... 67 8.1. Mozambique MESSAGE FROM THE CHIEF ..................................................................................................................... 69 EXECUTIVE OFFICER ....................................................................................................................... 15 09. PERFORMANCE 03. ...................................................................................................................... 73 NAVIGATOR IN 2018 9.1. Risk Management ....................................................................................................................... 21 ...................................................................................................................... 73 04. 9.2. Cost Optimisation and Reduction Programme BUSINESS MODEL ...................................................................................................................... 75 AND VALUE CREATION 9.3. Suppliers ...................................................................................................................... 25 ...................................................................................................................... 77 05. 10. BUSINESS DEVELOPMENTS PROPOSED ALLOCATION – MARKET STATUS: ..................................................................................................................... 33 OF RESULTS ....................................................................................................................... 81 5.1. UWF Paper ..................................................................................................................... 34 11. 5.2. BEKP Pulp ...................................................................................................................... 35 DECLARATION 5.3. Tissue OF ART. 245 OF THE ..................................................................................................................... 36 SECURITIES CODE 5.4. Energy ..................................................................................................................... 83 ...................................................................................................................... 37 5.5. Financial Performance GOVERNING BODIES ...................................................................................................................... 37 ..................................................................................................................... 86 5.6. Transport and Logistics ..................................................................................................................... 40 12. 5.7. Customers CORPORATE GOVERNANCE ....................................................................................................................... 41 REPORT ..................................................................................................................... 89 06. STRATEGIC PRIORITIES 13. ..................................................................................................................... 43 ACCOUNTS AND NOTES 6.1. Forest and Rural Economy ..................................................................................................................... 43 TO THE ACCOUNTS .................................................................................................................... 173 6.2. Bioeconomy ..................................................................................................................... 49 14. NOTE 6.3. Organic Growth in 2018 The non-financial ...................................................................................................................... 52 REPORTS AND OPINIONS information required 6.4. New Projects OF AUDIT BODIES AND by Decree-Law ..................................................................................................................... 54 89/2017 is included STATUTORY AUDITOR in the 2018 ................................................................................................................... 273 Sustainability Report. A Judas tree (Cersis siliquastrum) in bloom, in the arboretum at Quinta de São Francisco – RAIZ 6 ANNUAL REPORT _ 2018 01 VISION, VALUES AND CULTURE MISSION AND VALUES Our mission is to be a global company, admired for the innovative and sustainable way it transforms the forest into products and services that contribute to people’s well-being. VISION Extend to other business areas the leadership achieved in printing and writing paper and so raise Portugal’s international profile. VALUES Trust Innovation We believe in people, we accept By expanding our knowledge and creative everyone’s contribution and we respect their potential, we can together achieve the identity: we are committed to development, impossible. cooperation and communication. Integrity Sustainability We are guided by principles of transparency, Industrial, social and environmental ethics and respect when dealing with each sustainability is our business model. other and with others. Entrepreneurship Excellence We are passionate about what we do, we like We believe in quality, efficiency, safety and to get out of our comfort zone, we have the rigour in everything we do. courage to take decisions and accept risks in a responsible way. ANNUAL REPORT _ 2018 7 Tree in the Quinta de São Francisco – RAIZ 8 ANNUAL REPORT _ 2018 02 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS. MESSAGE FROM THE CHIEF EXECUTIVE OFFICER ANNUAL REPORT _ 2018 9 10 ANNUAL REPORT _ 2018 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS Dear Shareholders, Continuing down a long path of growth and environmental norms, the Group has decided good results, 2018 was a truly successful year to make frequent major investments, for The Navigator Company, bearing out the always safeguarding its necessary financial positive expectations we had foreseen. Your soundness. As a result of this policy, the Group is stronger and better prepared to keep Navigator’s industrial facilities rank among facing the challenges along this path with the technologically most sophisticated in its success. sector, capable of manufacturing the products it exports to nearly 130 countries worldwide In a sector of high environmental sensitivity with a high degree of quality and productivity. such as ours, it is truly gratifying to know that we work in such a responsible way. This Also in the forestry sector, it has done much has once again been proven, this time by the work geared towards improving productivity, Group’s recognition as an A-List Company – an ongoing need made even more imperative the highest possible ranking in sustainability by prevailing regulatory restrictions. These – by the prestigious international “CDP” efforts can especially be seen in the assets (Carbon Disclosure Project) organisation, managed directly by the Group, but are acknowledging the Group’s contribution also directed – through cooperation with towards fighting climate change. associations and other bodies representing the forestry business – at boosting the These results stem from our constant sector’s overall efficiency,
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