The Danish-Brazilian Chamber of Commerce Were Present

Jan / Apr 2020

Danish-Brazilian Chamber of Commerce

4 CEO’S OF DANISH PHARMACEUTICAL COMPANIES IN BRAZIL – FROM THE LEFT: LUIZ AUGUSTO TAVARES, COLOPLAST – JOSIEL FLORENZANO, LUNDBECK HAIG YEGHIAIAN, LEO PHARMA AND ALLAN FINKEL, NOVO NORDISK A Biotecnologia para conhecimento Novozymes de todos. bioblog.com.br O Bioblog é uma iniciativa da Novozymes, multinacional dinamarquesa líder mundial no segmento de soluções enzimáticas e microrganismos, que visa disseminar conhecimento nas áreas de biologia, biotecnologia e sustentabilidade.

Com matérias que descrevem desde conceitos básicos, tais como o que é uma enzima ou o que é sustentabilidade, até conteúdos mais robustos, como o cenário do biocombustível no Brasil, o Bioblog é uma rica fonte de informações para as pessoas que desejam estar atualizadas acerca dos principais temas que tratam do desenvolvimento de tecnologias sustentáveis. Acesse o Bioblog e descubra como o universo da biotecnologia está mais próximo do seu dia-a-dia do que você imagina: www.bioblog.com.br A Biotecnologia para conhecimento Novozymes de todos. bioblog.com.br O Bioblog é uma iniciativa da Novozymes, multinacional dinamarquesa líder mundial no segmento de soluções enzimáticas e microrganismos, que visa disseminar conhecimento nas áreas de biologia, biotecnologia e sustentabilidade.

EDITORIAL Brazilian Review

H.M. Queen Margrethe II 6 Brazil is still INTERVIEWS a challenge Brian Mikkelsen, CEO Dansk Erhverv 6 2019 was a hectic year for the Chamber with a record number ECONOMICS of activities during the year. Fernando Honorato, Bradesco 8 In particular the H.R.H. Princess Benedikte’s visit to São Paulo, Ana Paula Vitali Janes Vescovi, Santander 10 Curitiba and Iguaçu Falls was a program with more than 18 Fernando M. Gonçalves, Banco Itaú 12 events. Economical News 14 H.R.H. Princess Benedikte inagurated the IPB in Curitiba on INFORMATION October 22nd with a great success and media impact. H.R.H. Princess Benedikte in Curitiba 20 We have highlighted the Pharmaceutical industrie in this mag- H.R.H. Princess Benedikte in São Paulo 22 azine with articles from Novo Nordisk, Leo Pharma, Coloplast, H.R.H. Princess Benedikte in Iguaçu Falls 38 Lundbeck and their impressive results. Ferring Pharmaceuti- Resilient city and Climate adaptable neighborhoods 40 cals is also doing extremely well. Congratulations to all. Danish Pavilion in Tokyo - Olympic Games 2020 90 The Brazilian economy in 2019 has slightly improved, growth Danish Christmas Lunch 92 2%, employment 11,8 miilion, interest rate 4,5%, dollar rates The European Affairs Committee visits São Paulo 94 R$ 4,28, inflation 4,31%, trade balance US$ 46.67 billions. Norwegian holds a fantastic jewlery exhibition 96 Let’s hope for a better economy and growth and employment João Câmara exhibits at Museum Afro Brasil 98 in 2020 - we are optimistic. Rambøll makes a unique presentation 100 Denmark has a new government under the leadership of Octavio de Barros gives speech on the “economy” 102 Mette Frederiksen, Prime Minister (Social Democratic). Danish Business Investment Seminar 2019 104 Mette Frederiksen is doing a good job in a difficult political al- Edith Bjerring celebrates 100 years 116 liance. Welfare, climate and environment, education, are top Feria Escandinava 2019 - a big success 118 priorities for the government. Christmas Party at the Scandinavian Church 122 2020 could be a good year for Denmark. Export being pushed PROFILES to the maximum. Here are the Chamber’s activities: Novo Nordisk, Allan Finkel 42 Coloplast, Luis Tavares 44 Feb 12th - Business Luncheon Danish Ambassador Nicolai Prytz Leo Pharma, Haig Yeghiaian 46 Mar 23rd - Business Council - Leo Pharma Lundbeck, Josiel Florenzano 48 Mar 30th - Business Luncheon Startups Jesper Rhode Andersen Mar 31st - General Assembly Ferring Pharmaceuticals, Alexandre Seraphim 50 Apr 18th - Quens’s Birthday São Paulo - Scandinavian Church CHR Hansen - The human microbiome 52 Apri/Mai - Visit to Brasilia - Congress, Senate and Embassy DI’s new CEO Lars Sandahl Sørensen 54 Mai - Northeast Seminar - Recife Urban Development Director, Jens Kramer Mikkelsen 56 Jun - IFU - Reik H. Müller Spotlight on CFOs - Andras Dobroy 62 Jun - Business Luncheon - Novo Nordisk Arla Foods Ingredients SA 66 Jul - Economist (Banco Itaú) Sep 16th - Business Council - GN Resound DSV - 2020 and the challenge of a new cicle 68 Oct 7th - Danish Investment Seminar Fibertex Nonwovens Brazil 70 Nov 3rd - 4th - Feira Escaninava 2020 Hempel - Protecting a Powerhouse 72 Nov 17th - Economist Octavio de Barros The Lacoste Group - Rachel Maia 74 Dec 4th - Chamber Christmas Party LEGO opens the first LEGO Certified Store in Brazil 76 We wish all our members and friends of The Danish-Brazilian Makeen Energy - Responsible energy solutions 78 Chamber of Commerce a Happy New Year and a very success- M&O is celebrating 10 years anniversary 82 Nordika is focused on Life 84 ful 2020. Vestas inaugurates new factory in Brazil 86 We hope for a improved economy, less unemployment, reduc- Vestas Group president and CEO visits São Paulo 87 ing in interest rate and many new opportunities in the Brazil- Viking Brazil prepares for the future 88 ian market. We wish all our friends and members a very good 2020. 20 H.R.H. Princess Benedikte’s visit to Brazil

Jens Olesen President H.M. The Queen’s 80th birthday

H.M. The Queen turns 80 years old on April 16th The observance of Her Majesty The Queen’s 80th birthday on April 16th 2020, and the birthday will be celebrated with 2020 will be a celebration of the life and work of Denmark’s head of state. a range of events and activities. The 80th birthday will be yet another milepost in the monarch’s longtime efforts in behalf of Denmark, and through various items on the program, the red-letter day will mark the special connection between the monarchy’s thousand-year history and modern Denmark, which Her Majesty represents. With her work, The Queen represents Denmark abroad just as Her Majesty and the royal family bring the Danish people together here at home all the year round. JOL H.M. Queen Margrethe II Program 2nd APRIL 16th APRIL 16th APRIL OPENING OF EXHIBITION MORNING WAKE-UP CALL AT BANQUET AND DANCE AT AT FREDERIKSBORG PALACE FREDENSBORG PALACE FREDENSBORG PALACE

On 2nd April, The Queen takes part in the On The Queen’s birthday, 16th April, Her On 16th April, The Queen hosts a private opening of the exhibition “The Faces of The Majesty is awakened with morning song dinner at Fredensborg Palace on the occa- Queen” at the Museum of National History and makes an appearance from a window sion of the birthday. The royal family and at Frederiksborg Palace. The exhibition at Fredensborg Palace. guests from Denmark and abroad will par- portrays The Queen’s life, work and special ticipate. interests. The exhibition displays ﬁlms, cos- th tumes and stage scenery elements as well 16 APRIL th as a large number of portraits. CHANGING OF THE GUARD AT 25 APRIL AMALIENBORG BALLET GALA AT TIVOLI rd 3 APRIL th On The Queen’s birthday, 16th April, The On 25 April, Tivoli celebrates The Queen NEWS CONFERENCE AT Queen and the royal family step out on the with a ballet gala at Tivoli’s Concert Hall. FREDENSBORG PALACE balcony of Christian IX’s Palace, Amalien- Later, there is a dinner at Restaurant Nimb borg, at 12:00. Beforehand, the Royal Life for specially invited guests, and the evening On 3rd April, The Queen meets with the news Guard carries out a changing of the guard concludes with a festive ﬁreworks display. media in the Garden Hall at Fredensborg Pal- on Amalienborg Palace Square. ace as a prelude to the birthday celebration. 5-6th JUNE th th 16 APRIL SUMMER CRUISE TO THE 14 APRIL RECEPTION AT COPENHAGEN MUNICIPALITY OF AARHUS COMMAND PERFORMANCE AT CITY HALL THE ROYAL THEATRE The days of 5th-6th June, The Queen goes On 16th April, The Queen rides in the coach on a summer cruise aboard the Royal Yacht On 14th April, The Queen rides in the coach through the city’s streets to Copenhagen Dannebrog with visits in the Municipality of from Amalienborg to the Royal Theatre’s City Hall, where there will be speeches and Aarhus as part of the birthday celebration. Old Stage, where Her Majesty, the royal entertainment and where Her Majesty will family and invited guests will attend a com- appear on the City Hall balcony. The Royal Court mand performance, which will be broadcast on DR1. 15 th APRIL “CHILDREN FROM DENMARK’S MUNICIPALITIES CELEBRATE HM THE QUEEN” AT CHRISTIANSBORG PALACE

On 15th April, children from Denmark’s municipalities celebrate The Queen at Christiansborg Palace in the morning. The arrangement is the birthday gift from the Danish municipalities to Denmark’s Queen. 15 th APRIL STATE DINNER AT CHRISTIANSBORG PALACE

In the evening of 15th April, The Queen hosts a state dinner at Christiansborg Pal- ace. For the dinner, there will be a program featuring a variety of entertainment put together in cooperation with TV2.

H.M. Queen Margrethe II at Amalienborg Castle The challenges to Brazilian growth

Despite being the eighth largest of the business environment; (4) low has grown, and inflation and inter- economy in the world, Brazil only business competitiveness; and, (5) in- est rates have risen. This scenario has ranks 84th in terms of GDP per cap- sufficient educational levels. begun to change with the spending ita, which has grown by only 0.7% Many blame the high Brazilian tax ceiling, the approval of the pension over the past 40 years. During this burden for our low productivity, but reform and may be further enhanced period, the country’s economic poli- it is a consequence of excessive pub- by the coming fiscal consolidation re- cies have not been able to bring the lic spending and not the cause of the forms, including the administrative per capita income up to the speed of problem. Expenditures that concen- one. Interest rates are already at the those of its peers, despite vigorous trate income, strain the budget, and lowest level in history. expansion cycles, the end of inflation, are disconnected from the needs of The low international insertion of privatization of key sectors in terms the country, are merely income trans- the Brazilian economy, in turn, may be of consumers, broadening of social fers and do not increase productiv- the main reason for the low growth. policies, commodity cycles, and credit ity. When they reduce inequality, in- Brazil has become one of the most consolidation. There were surely ad- crease investment and improve pub- closed countries in the world. Claim- vances in public policies, but they lic services, they are legitimate, but ing that infrastructure costs, tax com- did not prevent Brazil from becoming this has not been the case in Brazil. plexity and rules make competition stuck in the average income trap with Rather than forging the debate over between Brazilian and foreign com- low productivity growth. In light of budget priorities, the government has panies unfeasible, the country has international experience, the reasons always created subsidies, tax exemp- not made any significant progress in for low growth can be summarized tions, and distorted spending rules to terms of opening up trade. Perhaps in five points: (1) size of government try to circumscribe its limitations and the logic here needs to be reversed: participation in the economy; (2) low respond to low growth. Allocation we need to open up, even if it hap- commercial insertion; (3) complexity has become inefficient, public debt pens gradually, so as to force adjustments in our economic structure and is a rational response from the busi- is necessary to persist in the arduous propel the debate on budget priorities ness owners, this type of environment productivity agenda. It is not simple, within education and infrastructure leaves little room for entrepreneur- it does not always coincide with po- forward. Perhaps even public spend- ship, innovation and the multiplica- litical cycles and the results might be ing would not have grown as much as tion of new businesses capable of far off, but good public management it has, if the country were more open, fomenting countless successful com- should focus on maximizing the well- after all, increased taxation would panies in the future. Fostering com- being and income of all citizens rather then make successful businesses that petition is expected to be prevalent in than those of the government or spe- were integrated into the global chain the coming years. cific groups. Everything needs to be unfeasible. Openness enforces limits Finally, on the subject of education, done in this country: roads, railways, on the inefficiency of the government the issue seems to be more a lack sanitation, housing, security, and ed- and private initiative. To this regard, of focus than scarcity of resources. ucation. It is very difficult to remain the forthcoming first initiatives and Brazil spends more on education in pessimistic in the face of all of these agendas are encouraging, including terms of its GDP than rich countries possibilities. Nothing condemns Bra- the Mercosur agreement with the Eu- do. The rules favor early retirement, zil to remain stuck in the average in- ropean Union. there is little participation in assess- come trap. The complexity of the business en- ments and effective measures to vironment is the product of the inter- improve education, tried and tested Fernando Honorato action of these two factors, as well as local and international practices are Chief Economist - Bradesco a third factor, namely the state’s over- not implemented, and, on top of that, sight over citizens and businesses. per capita resources are spent on The complexity of rules and legal un- higher education when studies sug- certainty resides in a belief that these gest that investing in primary educa- parties are unable or too unequal to tion is more effective in terms of both resolve their contractual conflicts and teachers and student structures. Con- require state protection or judicial in- sidering the technological revolution tervention to repair damages, often that is taking place in the world, it is operating at the limit of the Constitu- worrying to think about the Brazilian tion and contrary to the proper func- educational gap when compared to tioning of the economy. Trust between our peers. Certainly, this issue needs parties is an essential condition for to be addressed long-term. investment growth. Contracts should If the country wants to grow, it be enforceable, rarely subject to liti- will be necessary to take on these gation, and without excessive state old familiar challenges. Fortunately, supervision or oversight. The poor the current economic agenda infrastructure itself results, in part, seems to be trying to address from the perception of risk regarding these issues with reforms the appropriate ownership of the re- that are taking shape and sults of private investments. It is solid can pull us out of the regulation alongside strong and inde- average income trap. pendent agencies that protects the The signs of growth are interests of consumers, not the claim gradually adding up. It of insufficiency. In this sense, the ad- vancement of privatization measures, the regulation of regulatory agencies, the labor reform, and the economic freedom law are encouraging. The low level of competitiveness in the economy is the product of a business environment that grew alongside the State and was hardly ever exposed to external competition; instead, scale is essential to survive Fernando Honorato in this environment. Although this Chief Economist at Bradesco Crossing the Bridge

Brazil is going through a structural re- The cyclical recovery will be clearer in terest rates below 1% p.a.. With neutral in- covery that could bring potential GDP 2020, with GDP expected to speed up the terest rates just below 3% p.a., we estimate growth beyond 2% per year over the long pace to 2.7% in 2021 from 0.8% in 2019, that the Selic rate would converge in two term. To get there, Brazil will have to face according to our projections. This recovery years to nominal values close to 6% a.a.. the challenge of sticking to the path of is based on the reduction of the country’s The unprecedented coexistence with economic reforms, aimed at accelerating risk premium following the approval of a structurally low interest rates will be dis- productivity gains, producing less volatile constitutional commitment. That entailed ruptive for the Brazilian economy. Histori- and longer business cycles, building a more gradual fiscal adjustment and monetary cally, the financial market has been driven open, inclusive and efficient market econ- policy management, resulting in strong by investment in government securities, omy, and removing disinflation since 2017 and continued de- with huge interest differentials relative the country from a cline in inflation expectations. Current in- to the rest of the world. Part of the fund- 40-year period of flation has been running below the target ing came from funds with targeting rules stagnation in per set by the National Monetary Council for for housing and infrastructure, and extra- capita income. the last three years. market remuneration. Add to that the mis- While this is good news for monetary pol- match between policy and lending rates icy, low inflation is also the result of wide- (i.e. bank spreads) in the loans market. spread capacity slacks, given a slow GDP re- Since the Real Plan (control of hyperin- covery. Output is still 3.7% below its peak in flation), with the microeconomic reforms 2014, before a 2015/2016 crisis that trimmed carried out between 2003-2006, such as c. 7% of the country’s wealth. Add to this an the implementation of payroll-deductible unfavorable external scenario, with uncer- loans, and better guarantees, the ratio of tainty about from the trade war (US, China), outstanding bank loans to GDP jumped BrExit, and recession risks in Europe. to 41% of GDP (as of 2008) from 25% of With this backdrop, the Monetary Policy GDP (2003). Total loans continued to grow Committee (Copom) has been reducing the thereafter, but mainly driven by govern- Selic (policy) interest rate from 14.25% (as ment banks, favored by huge subsidies. of September 2016) to 6.50% (as of March That took the credit ratio to a hefty 54% of 2018), reaching new historical lows. An eas- GDP in 2015. With the change in economic ing process restarted in July 2019, taking in- policy since 2016, subsidies were with- terest rate to 5% at the last meeting (Octo- drawn and earmarked credit reduced. ber 2019). Our scenarios suggest room for With a new level of interest rate, there is additional cuts up to 4% a.a. in the first plenty of room for the expansion of credit quarter of 2020, which will test new (in relation to GDP). If coupled with the im- historical lows and represent real in- plementation of the Central Bank’s agenda of democratizing access and opening up to new entrants in the financial market, positive developments are to follow, with Ana Paula Vitali Janes Vescovi Chief Economist, Santander credit growth seen with smaller spreads well as six electricity distribution compa- ded in the Brazilian Constitution, capable and a broader base. And the private-sector nies. There is a robust agenda for further of anchoring expectations regarding the capital market will be an important driver advances, including the sale of portfolio as- evolution of public debt. The country has for economic growth, especially by activat- sets by government-owned banks. just approved an absolutely necessary (but ing investment in housing and infrastruc- Also in line with this agenda is the in- not yet sufficient) pension reform. After- ture. Given these factors, one can expect crease in productivity is the Public Admin- wards, the country will have to implement a gradual but sustained recovery of the istration, which involves reviewing the reforms to improve budget flexibility eas- labor market, consumer spending and do- design of public careers, which profit from ing rules for mandatory expenditures and mestic absorption. stability and overprotective rules. It is nec- scrapping the earmarking of certain rev- Further reforms are in need to improve essary to change the framework for remu- enues. Those rules and laws have over the the business environment and reduce the le- nerating public servants, with policies for years created a fiscal straightjacket that gal uncertainty. The most fundamental issue promotions based on merit. made budget expenses highly ineffective. here is the tax reform, as it simultaneously The country’s greatest vulnerability is in The agenda of economic reforms is head- touches several interest groups. Reducing the fiscal area, given the high and still rising in the right direction, but it is long and the red taping, simplifying registration and ing level of gross public debt (close to 80% complex and will require time and per- licensing measures are very important in- of GDP in 2019, much higher than the EM suasion by the multiple actors involved in deed. Yet those initiatives bear much less average), as well as the already high tax the decision-making process. The political fruits than a comprehensive and widespread burden (also higher than peers: 32.4% in challenges (to implement further reforms) modernization in Brazil’s complex tax code. Brazil, 22.8% in Latin America). Currently will be large. However, as an upshot, Brazil Attracting funds available for new invest- the primary deficit stands at 1.4% of GDP, could thereby achieve more robust growth ment will require further privatization and with the fiscal effort needed to bring gov- with lesser income inequality. To achieve concessions, opening the economy, and ernment debt to the EM average (48% ac- this, the country will need to learn to live modernizing regulatory frameworks for in- cording to IMF statistics) is mostly expect- with more risk and competition, building a frastructure. Congress has already approved ed to come from expenditures, adding to more open, innovative, less state-depen- new legislation for the telecommunications nearly 3% of GDP over the next 15 years. dent private sector. It also takes a more and oil&gas sectors. The new sanitation law Reforms aimed at cutting government programmatic political system, ensuring is about to go through as well. There have expenses are highly in need to make the greater legal stability in contracts and been improvements in the design of power constitutional spending cap viable. The lat- more equal opportunities. line transmission and concession auctions, ter is the rule (enacted in 2016) that limits port terminals, highways and railways. the growth of government primary spend- Ana Paula Vitali Janes Vescovi Twelve airports were recently privatized, as ing until 2036. It is a commitment embed- Chief Economist, Santander

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The Brazilian Congress approved the lated to minimum wage. These issues are pension reform in October and is likely to likely to be addressed by the administrative enact it this month, finally ending one of reform and the so-called “emergency fis- the most important recent chapters toward cal pact”, recently presented by the gov- 2019. For the coming year, the decline in the fiscal sustainability in the country. We ex- ernment, in addition to the constitutional interest rate differential (as a result of the pect the reform to save about BRL 738 bil- amendment proposal PEC 438, with chang- expected lower Selic rate) and the rather lion between 2020 and 2029, equivalent es to the “fiscal golden rule” (which forbids uncertain international scenario regarding to a 1.5% of GDP increase in the primary the government from borrowing money to the pace of global growth (and, therefore, result in 2027. Furthermore, this amount cover recurring expenses), already running commodity prices) should put pressure on does not include the BRL 240 billion (or in the Lower House. In addition to curbing the Brazilian currency, leading us to fore- 0.3% of GDP in 2027) in additional savings mandatory expenditures and maintaining cast an exchange rate of 4.25 Reais per that may come from fraud mitigation in the a quasi-fiscal austerity agenda (especially U.S. Dollar by the end of 2020. social security system, which may also help fewer credit subsidies), the government is For economic activity, lower interest to restore the fiscal balance in the medium likely to sell assets over the next few years, rates for the right reasons – that is, due to term, nor does it include savings from the which may help the public sector to record lower macroeconomic risks rather than pol- eventual inclusion of states and municipali- primary surpluses from 2022 onward, keep- icymakers’ voluntarism – is good news. For ties in the reform. ing gross debt below 80% of GDP. 2019, we forecast a 1.0% GDP growth – a Despite clear progress, the approval of The consolidation of a new fiscal regime, quite timid pace, but which hides the posi- the pension reform and measures to com- with lower public spending growth, only tive structural changes mentioned above, bat social security fraud represent about possible after the reforms and measures which will only be more clearly perceived half of the Brazilian fiscal challenge. The described above, feeds into a broader pro- in the coming years. For 2020, we expect remaining effort will depend on the conti- cess of macroeconomic rebalancing in Bra- growth to accelerate to 2.2%, driven main- nuity of reforms and adjustments to tackle zil. In particular, the smaller weight of the ly by private credit growth amid historically the way public spending is structured in state in the economy, which has been ac- low interest rate levels. In fact, we estimate Brazil – almost totally earmarked by man- companied by a greater role of the capital that the current easing cycle will bring the datory expenses. The government’s post- market and non-earmarked credit, tends Selic rate in Brazil to 4.0% p.a. by March pension reform agenda seeks to make to consolidate the downward trend in the 2020, the lowest level in the country’s his- spending more flexible, focusing on per- structural interest rates. In the short term, tory. Considering our inflation forecast of sonnel expenses growth and benefits re- this decline is further corroborated by a 3.7% for 2020, this implies a real interest context of anchored inflation expectations, rate slightly above zero, which should con- low current inflation and a high degree of tribute significantly to the acceleration of slack in the economy, which leads to an economic activity and to the much-needed unambiguous scenario (in the absence of crowding in of the private market. relevant new shocks) of low interest rates In short, we are discussing an economy in the Brazilian economy for an extended that has moved towards a significant (al- period. beit still insufficient) improvement in its For the exchange rate, the scenario of public accounts by approving a relevant lower risk premia, due to the improved fis- pension reform, whose inflation rate and cal framework, pushes towards an appre- interest rate are at quite low levels and are ciation of the BRL, while the lower interest likely to remain so for a long time, where rate differential with foreign countries acts there are no major external vulnerabilities in the opposite direction, as it reduces the (in fact, in this regard, Brazil is probably the attractiveness of carry trade operations. In least vulnerable emerging market economy the short term, however, one should not at the moment), and which continues to lose sight of the fact that the expected dol- pursue a relevant reform agenda, progres- lar inflow due to the transfer-of-rights oil sively seeking to increase efficiency and areas auctions, even with the correction of economic growth. Hence, there is a quite expectations observed in recent days, can reasonable case for economic optimism lead to a more appreciated exchange rate. ahead – we expect the country to remain In this sense, we forecast an exchange rate on a gradual, but robust, growth path, with of 3.90 Reais per U.S. Dollar at the end of a meaningful acceleration in economic activity from this year to the next.

Fernando M. Gonçalves Fernando M. Gonçalves Chief Economist, Itaú Chief Econimist, Itaú Unibanco Reduza custos e aumente a eficiência em sistemas HVAC

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www.danfoss.com.br Global perception

The evolution of inﬂuence of China in the World in comparision with ten years ago In % Rising, rising... Most important No change Less important Japan 79 15 4 The 10 largest oil producers in the world France 78 17 4 (In million barrels per day) Russia 73 12 9 1. USA 15,3 Germany 73 21 4 2. Saudi Arabia 12,3 USA 72 18 7 3. Russia 11,4 UK 70 19 6 4. Canada 5,2 Brasil 50 20 14 5. Iran 4,7 6. Iraq 4,6 Source: PEW Research center 7. UAE 3,9 8. China 3,8 Unit Labor Costs (ULC) Map of Excellence 9. Kuwait 3,0 10 Brazil* 2,7 Variation in % by country in 2018 The ranking of countries with the highest concentration of restaurants * With an estimated increase of 1.2 which have earned stars in the million barrels, Brazil would rise to the Argentina -27,1 Michelin guide 7th position by 2014 Brazil -16,1 1 France 612 USA -3,9 Source: IBP, AIE 2 Japan 431 Japan -1,8 3 Italy 364 Number of complaints France 0,2 4 Germany 304 Italy 1,1 from the clubs 5 Spain 202 Netherlands 1,2 16 Brazil 18 Mexico 1,3 Fluminense 13 Source: Veja Vasco 8 South Korea 1,5 Athletico-PR 8 U.K. 3,0 Jersey sales Botafogo 7 Germany 3,1 Juventus surpassed the point of 1 million and entered the list of the 10 clubs which Fortaleza 7 Source: Estadao sell the most jerseys in the world Internacional 7 Chapecoense 6 In millions Palmeiras 5 Denmark's largest Club Jerseys* Santos 5 export markets 1 Manchester United 4,9 Sao Paulo 5 2 Liverpool 3,9 3 Bayern Munich 3,4 Atletico-MG 5 Country Export 2018 (billion DKK) 4 Real Madrid 2,9 Bahia 4 Germany 144 5 Barcelona 2,7 Goias 4 Sweden 109 6 Chelsea 1,9 Gremio 4 USA 99 7 Borussia Dortmund 1,6 Avai 3 U.K. 75 8 Paris Saint-Germain 1,5 Ceara 3 9 Manchester City 1,4 Norway 72 Cruzeiro 3 10 Juventus** 1,3 Flamengo 3 Note: the ﬁgures do not include trade in *Sold in the 2018/2019 season CSA 2 aircraft, ships, and fuel **Cristiano Ronaldo is the main reason Corinthians 1 Source: Statistics Denmark for the jump in the club's business Source: Estadao Source: Estadao 14 jul/sep 2009 Proposed bill changes distribution of resources Water waste grows in the mega bids scheduled for November in Brazil because of lack of investments Transfers In million of BRL State Previous SGP ('PEC') New proposal Variation in percentage in the sector SP 93,9 632,6 573,70 Losses in revenue in % RS 131,3 450,2 242,88 MT 221,9 665,1 199,73 Denmark 6.9 PR 250,4 494,4 97,44 Australia 10.3 SC 113 , 8 188,9 65,99 USA 12.8 South Korea 16.3 MG 537,1 848,7 58,02 China 20.5 MS 185,5 252,8 36,28 The UK 20.6 GO 292,4 382,7 30,88 Belgium 20.6 ES 261,8 331,6 26,66 Bangladesh 21.6 PA 714,6 705,8 -1,23 Mexico 24.1 RJ 2.514,9 2.367,0 -5,88 Ecuador 31.1 DF 71,9 62,2 -10,71 Senegal 33.2 BA 905,5 763,1 -15,73 Uganda 33.5 MA 731,5 564,4 -22,84 South Africa 33.7 RO 360,8 277,3 -23,14 Peru 35.6 TO 374,9 287,0 -23,45 Ethiopia 38,0 AM 478,6 359,4 -24,91 Brazil 39.2 CE 692,5 507,2 -26,76 PE 700,6 508,6 -27,41 Distribution losses in Brazil - per region AL 541,2 392,3 -27,51 North 55,14% RN 457,6 329,2 -28,06 Northeast 46,25% PI 485,4 348,5 -28,20 Midwest 34,14% SE 419,9 298,1 -29,01 Southeast 34,35% AP 375,6 265,5 -29,31 South 36,54% PB 443,5 321,0 -29,65 AC 446,7 309,0 -30,83 Track record RR 328,4 226,5 -31,03 2013 2017

Source: Estadao 37% 38.3%

Number of public Pope Francis is Extension of services employees per year in the lead Water 83.3% Sewage 51.9% Number of canonizations carried out 2011 2018 Sewage treatment 26.0% during the past four pontiﬁcates Portugal 727.785 683.469 Pope Francis (2013- ) 898 during 6 years of Status quo in schools Brazil 11.1 million 11.5 million pontiﬁcate

Source: Pordata, IBGE, Tesouro Pope John Paul II (1978 - 2005) 482 during Not hooked up to sewage 49% 26 years of pontificate Nacional, Portal da Transparencia No access to running water 26% Pope Paul VI (1963-1978) 84 during 15 years of pontificate No regular trash pick-up 21% Pope Benedict XVI (2005-2013) 45 during 8 No indoor restrooms 16% years of pontificate Source: Instituto trata Brasil Source: Veja jul/sep 2009 15 Regional visions generate results

Generally speaking, the big regional leaders in Brazil managed to adjust their local operations into solid national performances Leaders in each region Northeast Company Sector Size Performance CIE score State Braskem Chemical and petrochemical 99,05 59,24 86,08 BA Suzano Pulp and paper 97,67 62,14 85,82 BA Grendene Textile and garments 96,56 63,57 85,56 CE M. Dias Branco Food and beverages 92,84 63,92 83,20 CE Solar BR Participacoes Food and beverages 87,74 72,93 82,80 CE Hiper Mateus Retail 85,17 73,43 81,26 MA Coelba Utilities and public services 92,43 58,63 81,16 BA Vicunha Têxtil Textile and garments 92,10 57,27 80,49 CE Armazem Mateus Wholesale and distribution 84,36 70,42 79,71 MA

North Petroleo Sabba Wholesale and distribution 84,67 78,42 82,59 AM Celpa Utilities and public services 88,18 58,12 78,16 PA Videolar-Innova Chemical and petrochemical 83,2 67,75 78,05 AM Arosuco (AMBEV) Food and beverages 86,13 59,55 77,27 AM Albras Metallurgy and steel production 83,71 56,61 74,68 PA Fertiliz. Tocantins Chemical and petrochemical 71,50 72,40 71,80 TO Alunorte Metallurgy and steel production 93,75 25,62 71,04 PA Cigas Utilities and public services 84,74 28,62 66,04 AM Eletrobras Distramaz. Utilities and public services 87,33 23,42 66,03 AM Imifarma Wholesale and distribution 76,93 42,37 65,41 PA

Midwest Caixa Seguradora Insurance. Pension, and Capitalization 88,33 93,01 89,89 DF Rumo Malha Norte Transportation and logistics 95,52 72,11 87,72 MT Adecoagro Sugar and ethanol 88,21 80,5 85,64 MS Serpro Services 92,58 66,06 83,74 DF Banco do Brasil Banking 94,42 51,59 80,15 DF Eletronorte Utilities and public services 94,52 51,19 80,07 DF Caixa Vida e Previd. Insurance. Pension, and Capitalization 95,31 49,23 79,95 DF Bela vista (Piracanjuba) Food and beverages 79,89 79,97 79,92 GO Caixa Banking 93,88 44,13 77,30 DF Energisa MT Utilities and public services 84,00 62,92 76,97 MT

South Beira Rio Textile and garments 93,23 91,24 92,57 RS Berneck Construction and specialized services 92,92 85,83 90,56 PR Renault Automoveis Vehicles and car parts 95,74 78,43 89,97 PR Lojas Renner Retail 94,02 80,15 89,4 RS SLC Agricola Farming and livestock 91,24 81,03 87,84 RS Electrolux Household appliances, electronic and IT items 95,59 70,12 87,10 PR WEG Equipamentos Machinery and equipment 99,60 59,46 86,22 SC C.Vale Farming and livestock 97,37 61,52 85,42 PR Tramontina Cutelar. Consumer goods 86,52 83,08 85,37 RS Coamo Wholesale and distribution 94,41 64,93 84,58 PR

Southeast Assai Atacadista Retail 96,41 92,1 94,97 RJ Magazine Luiza Retail 96,05 87,28 93,13 SP Raia Drogasil Retail 95,93 84,2 92,02 SP Eldorado Brasil Pulp and paper 91,56 91,56 91,56 SP CBMM Metallurgy and steel production 93,20 86,29 90,90 MG Arcelormittal Metallurgy and steel production 98,76 73,45 90,32 MG Rede D`or Sao Luiz Healthcare 98,29 74,34 90,31 SP Drogaria Sao Paulo Retail 89,85 88,52 89,41 SP Sulamerica cia de saude Insurance. Pension, and Capitalization 89,63 88,49 89,25 RJ

The criterion for selecting the companies was based on the city where the respective headquarters are located. not on their area of inﬂuence.

Source: Estadao 16 jul/sep 2009 Biggest companies in Brazil - Top 10

2018 2017 Company Home state Sector Net turnover (million BRL) 1 1 Petrobras RJ Chemical and Petrochemical 281.099.000 2 2 BR Distribuidora RJ Wholesale and Distribution 97.014.000 3 5 Vale RJ Mining, Cement and Oil 81.132.596 4 3 Ipiranga RJ Wholesale and Distribution 74.312.071 5 4 Raizen Combustiveis RJ Wholesale and Distribution 72.096.856 6 8 Cargrill SP Food and Beverages 45.228.944 7 7 Braskem BA Chemical and Petrochemical 41.859.645 8 6 Telefonica Brasil (Vivo) SP Telecommunications 37.982.772 9 11 Bunge Alimentos SC Food and Beverages 36.528.682 10 9 Atacadao (Carrefour) SP Retail 34.388.000

Source: Estadao

Shortfall Funds released from Executive branch staff BNDES to 49 Odebrecht States had to cover a deﬁcit Percentage of staff of BRL 101.3 billion in their companies according to salary levels social insurances in 2018

In billions of nominal Real Salary % Billions - BRL Below BRL 3.000 2,8 SP 24,1 2003 0,1 MG 17,4 BRL 3,000.01 - 4,000 10,1 2004 0,5 RJ 12,3 BRL 4,000.01 - 5,000 7,0 2005 0,8 RS 11,1 2006 0,2 BRL 5,000.01 - 6,000 8,4 PR 4,9 BRL 6,000.01 - 7,000 10,2 SC 3,8 2007 1,1 BA 3,6 2008 2,2 BRL 7,000.01 - 8,000 7,5 PE 2,6 2009 4,0 BRL 8,000.01 - 9,000 5,8 GO 2,6 2010 3,5 BRL 9,000.01 - 10,000 4,4 RN 2,3 2011 4,1 BRL 10,000.01 - 11,000 5,3 ES 2,3 2012 3,5 BRL 11,000.01 - 12,000 4,0 MT 1,9 2013 4,3 CE 1,5 2014 5,7 BRL 12,000.01 - 13,000 6,8 PB 1,4 2015 2,0 BRL 13,000.01 - 14,000 3,9 PI 1,4 2016 0,2 BRL 14,000.01 - 15,000 2,1 AL 1,3 PA 1,3 2017 0 BRL 15,000.01 - 20,000 11,2 2018 0,7 AM 1,2 BRL 20,000.01 - 25,000 5,1 MA 1,2 Total of 32.9 billion without inﬂation BRL 25,000.01 - 30,000 2,7 adjustment Millions - BRL BRL 30,000.01 - 33,763 1,8 MS 897 Total of 51.3 billion with inﬂation Exceeding the ceiling of BRL 33,763 1,0 SE 763 adjustment as of September 2019 (IPCA measured) Source: Estadao TO 549 AC 465 Source: BNDES DF 233 RO 7 RR 5 AP 824

Source: Tesouro Nacional jul/sep 2009 17 Champions

Company Family In billion of USD* JBS Batista 49,50 Itau Unibanco Moreira Salles e Souza Aranha 28,02 The client's Odebrecht Odebrecht e Gradin 25,70 level of trust Braskem Odebrecht 15,06 Andrade Gutierrez Andrade e Gutierrez 13,80 Americans' level of trust in Metalurgica Gerdau Gerdau Johannpeter 11,44 investing in the tech giants Votorantim Participacoes Moraes 8,40 Amazon 64% Companhia Siderurgica Nacional Steinbruch 5,85 Porto Seguro Garﬁnkel 5,37 Google 58% Globo Comunicacao Marinho 4,47 Apple 56% Cosan Mello 4,44 Facebook 31% Magazine Luiza Trajano 3,55

Source: McKinsey & Co. Source: University of St. Gallen and Ernst & Young

Brazil

18 jul/sep 2009 Tennis - the big 3 in numbers

At the ATP ﬁnals, the three continue their quests for new records and historic feats

Roger Federer Rafael Nadal Novak Djokovic Ranked 3rd in the world Ranked number 1 in the world Ranked 2nd in the world Became a professional player in 1998 Became a professional player in 2001 Became a professional player in 2001

Year Age Titles Prize money Year Age Titles Prize money Year Age Titles Prize money (in USD) (in USD) (in USD) 2001 20 1 773,000 2001 - - - 2001 - - - 2002 21 3 1,722,000 2002 - - - 2002 - - - 2003 22 7 3,877,000 2003 - - - 2003 - - - 2004 23 11 6,338,000 2004 18 1 347,000 2004 - - - 2005 24 11 6,110,000 2005 19 11 3,794,000 2005 - - - 2006 25 12 8,334,000 2006 20 5 3,733,000 2006 19 2 614,000 2007 26 8 8,612,000 2007 21 6 4,862,000 2007 20 5 3,399,000 2008 27 4 5,133,000 2008 22 8 6,660,000 2008 21 4 5,180,000 2009 28 4 6,762,000 2009 23 5 5,415,000 2009 22 5 4,813,000 2010 29 5 6,685,000 2010 24 7 8,463,000 2010 23 2 3,744,000 2011 30 4 5,696,000 2011 25 3 6,603,000 2011 24 10 10,996,000 2012 31 6 7,425,000 2012 26 4 4,868,000 2012 25 6 10,450,000 2013 32 1 2,789,000 2013 27 10 12,061,000 2013 26 7 11,18 6 , 000 2014 33 5 7,994,000 2014 28 4 6,202,000 2014 27 7 11, 6 01, 000 2015 34 6 7,803,000 2015 29 3 3,857,000 2015 28 11 18,267,000 2016 35 0 1,527,000 2016 30 2 2,714,000 2016 29 7 12,630,000 2017 36 7 11,754,000 2017 31 6 12,691,000 2017 30 2 2,084,000 2018 37 4 7,599,000 2018 32 5 8,663,000 2018 31 4 12,610,000 2019 38 4 6,990,000 2019 33 4 12,215,000 2019 32 5 11, 0 87, 000

Total prize money won Total prize money won: Total prize money won: USD 127,504,891 USD 115,466,561 USD 136.954.944

Total number of titles: Total number of titles: Total number of titles: 103 84 77

Source: Estadao jul/sep 2009 19 I N S T I T U T O

BePnrinceesda ikte H.R.H. Princess Benedikte inaugurates Instituto Princesa Benedikte in Curitiba with the Governor of Parana Carlos Roberto Massa Junior

H.R.H. Princess Benedikte inaugurated A buffet lunch was held with 50 peo- the “Instituto Princesa Benedikte” (IPB) ple and there was ample time to talk at midday. The Princess visited the 30 with the press at the institute. The children at the institute and had time institute facilities were very impres- to see the institute facilities always in sive in many people’s opinion and a the presence of the governor of Pa- reference for a model of a children rana Carlos Roberto Massa Junior. care institute which will be presented At the gala lunch H.R.H. Princess to the government and the ministry in Benedikte gave the Princess Bene- Brasilia. dikte Medal to the following people: H.R.H. Princess Benedikte was very Mônica S. Tindó, Marcella Souza happy with her office which was in- Carvalho, Hamilton Pinheiro Franck, augurated by the princess herself and architect Mauro Matos, Pedro Luiz it will also be the Danish consulate in Fernandes, Dr. Wilson J. Andersen the future. Ballão, Ivonne Olivares, Ambassador It is impressive to know the extent to Nicolai Prytz, and Jens Olesen. which the press and media have been The Governor of Parana Carlos Ro- covering the IPB in the presence of berto Massa Junior decorated H.R.H. H.R.H. Princess Benedikte in Curitiba. Princess Benedikte with the Grand I must say that we are all very happy Cross Pinheiros of Parana which is the and very content that the institute is highest decoration a foreigner can re- now working very well with the chil- ceive in the state of Parana and the dren and the children love the Lego Governor received as gifts from H.R.H. playroom and also the other children Princess Benedikte a gala photo and rooms, where they can have a good the Princess Benedikte Silver Medal. time and relax. Congratulations to all the people involved in the IPB and a special thanks goes to H.R.H. Princess Benedikte for her help, support, and cooperation. Thank you to all the volunteers and sponsors who made this possible as well as Dr. Wilson J. Ander- sen Ballão, Pedro Luiz Fernandes, Marcel- la Souza Carvalho, Jørgen G. Rasmussen, Jens Olesen, Mônica S. Tindó, Hamilton Pinheiro Franc and architect Mauro Matos for their great contribution during many years of hard work - now we have a real IPB in Curitiba, which we all can be very happy and proud about – A DREAM HAS COME TRUE. JOL www.institutoprincesabenedikte.com The Governor of Parana Carlos Roberto Massa Junior with H.R.H. Princess Benedikte Swedish Consul General Renato Pacheco, H.R.H. Princess Benedikte and Jens Olesen H.R.H. Princess Benedikte attends a gala dinner in Sao Paulo H.R.H. Princess Benedikte attends a exquisite food, champagne, and wine. gala dinner in Jens Olesen’s home with H.R.H. Princess Benedikte gave a speech 18 Danish business leaders from Maersk about the first Danish social project in Group, Lego, Novo Nordisk, Leo Phar- Brazil “Instituto Princesa Benedikte” and ma, Vestas, Novozymes, BTP, GNHear- talked warmly about her institute and ing and the Swedish Consul General Dr. was very inspired by the fact that she Renato Pacheco Neto as well as Dr. Wil- could help Brazilian children at risk in son J. Andersen Ballão President of the Brazil. Mr. Jens Olesen welcomed all the “Instituto Princesa Benedikte (IPB)” guests and talked briefly about H.R.H. and Consul Pedro Luiz Fernandes, Am- Princess Benedikte’s visit to Brazil, Sao bassador Nicolai Prytz and Consul Gen- Paulo, Curitiba and Iguazu Falls. It was eral Nikolaj Fredsted. The gala dinner a very memorable evening for all the was a great success celebrated with guests. JOL

H.R.H. Princess Benedikte attends a gala lunch in the Scandinavian Club “Nordlyset”

H.R.H. Princess Benedikte participated in the gala lunch in the Scandinavian Club “NordLyset” on October 21st in the presence of 40 guests including former governor Luiz Antônio Fleury and Ika Fleury as well as Ambassador Nicolai Prytz, Ambassador Alfonso Massot from the governor’s ofﬁce and VIPs from the Scandinavian colony including Edith Bjerring, who just celebrated 100 years, and her daughter Ellinor. The welcome speech was given by Jens Olesen and H.R.H. Princess Benedikte gave a speech about Instituto Princesa Benedikte in Curitiba that was very well received by all the guests. The food and wine were delicious and we had a relaxing and enjoyable lunch.

H.R.H. Princess Benedikte with Ivone Oliveira, General Manager LEGO Brasil H.R.H. Princess Benedikte inaugurated the “Lego Brick Project” at the Dorina Nowill Blind institute H.R.H. Princess Benedikte made a special visit to the Fundação Dorina Nowill for the blind where she met with the President of the Fundação Dorina Nowill Francisco Henrique Della Manna, Mrs. Ika Fleury Director for the “Lego Brick Project”, Anne Catherine Olesen Vice-President as well Alexandre Munck Managing Director of the Fundação. The Danish Ambassador Nicolai Prytz, Consul General Nikolaj Fredsted as well as Jens Olesen President of the Danish-Brazilian Chamber of Commerce were present. H.R.H. Princess Benedikte was introduced to the “Lego Brick Project” together with more than 20 blind children testing and playing with the “Lego Brick Project” which is revolutionary within development of language and education for the blind. H.R.H. Princess Benedikte was very impressed and also participated in a Lego donation to the Fundação Dorina Nowill. The “Lego Brick Project” which Lego has sponsored and inaugurated in the Fundacao Doria Nowell will also be launched in many other countries around the world: Denmark, Norway, Spain, and the UK. H.R.H. Princess Benedikte’s visit to the Fundação Dorina Nowill was a great success. JOL

Gilberto de Seixas Maia Neto, Regional President H.R.H. Princess Benedikte visits Novozymes in Curitiba

H.R.H. Princess Benedikte participated in the gala lunch in the Scandinavian Club “NordLyset” on October 21st in the presence of 40 guests including former gover- nor Luiz Antônio Fleury and Ika Fleury as well as Ambassador Nicolai Prytz, Ambas- sador Alfonso Massot from the governor’s ofﬁce and VIPs from the Scandinavian colony including Edith Bjerring, who just celebrated 100 years, and her daughter Ellinor. The welcome speech was given by Jens Ole- sen and H.R.H. Princess Benedikte gave a speech about Instituto Princesa Benedikte in Curitiba that was very well received by all the guests. The food and wine were delicious and we had a relaxing and enjoyable lunch. JOL

H.R.H. Princess Benedikte visited Curitiba Cultural Center “Memorial” H.R.H. was invited by the Curitiba May- or Rafael Greca to visit Curitiba Cultural Center “Memorial” where the Curitiba folk dance group made a performance for the princess. At the same time Pa- rana Camerata Antigua Orchestra and their choir gave a brilliant concert for the princess that lasted more than 35 minutes and the Curitiba Mayor Rafael Greca gave an amazing presentation to the princess. It was a very happy and joyful event, more than 130 girl scouts gave a special presentation to the princess and thanked her for her great participation in Curitiba. The princess received several gifts and ﬂowers from the girl scouts and she seemed to have a great time. I think it’s safe to say this Cul- tural Center visit was a great surprise with dance, music, song and the girl scouts. We thank Curitiba Mayor Rafael Greca and his charming wife Margarita San- sone. JOL

H.R.H. Princess Benedikte participated in a gala dinner at Palácio Iguaçu

H.R.H. Princess Benedikte participated in a ceremony at Palácio Iguaçu in Curitiba and inspected an honor guard from Parana and, moreover, the national anthems from Denmark and Brazil were played. This was a very special moment for the Princess and the Danish delegation. Thereafter a special concert was played by the Parana Sympho- nies Orchestra conducted by Stefan Geiger who made a fantastic concert which we all enjoyed tremendously in the presence of 50 special guests. In the presence of Vice-Governor of Parana Darci Piana and the Mayor of Curitiba Rafael Greca, both accompanied by their wifes, the gala dinner was only for 18 people and the food was exclusive. We all really enjoyed the gala dinner and all the guests were taken on a special tour at the Palácio Iguaçu. JOL I N S T I T U T O

BePnrinceesda ikte

Instituto Princesa Benedikte (IPB) gala dinner at “Graciosa Country Club” in Curitiba

H.R.H. Princess Benedikte participated in a gala dinner with nearly 200 VIPs from the city of Curitiba. The objective of the gala dinner was to let the audience know about the IPB in Curitiba and raise funds to the institute. Dr. Wilson J. Andersen Ballão welcomed the guests, Jens Olesen presented the IPB management team and talk about the institute today and in the future. Mar- cella Souza Carvalho introduced a 3 minutes video about the IPB in Curitiba. And most importantly, H.R.H. Princess Benedikte gave a speech about the IPB and the support and help we need from the business community in Curitiba. The gala dinner was a great success, the dinner was very joyful and the food and wine was amazing and we had a great time. Many sponsors will visit the institute over the next 2-4 weeks. JOL

H.R.H. Princess Benedikte visits Iguazu Falls and Itaipu Dam

H.R.H. Princess Benedikte visits the Iguazu Falls and also meets with General Luiz Fe- lipe Carbonell at Itaipu Dam where she saw the whole dam as well as planted a tree in the Royal Garden of Denmark. The visit was very interesting and impressive. H.R.H. Princess Benedikte also experienced the Iguazu Falls by boat which was most beautiful and she also visited Iguazu tower by the waterfalls. This was quite a sight and it’s one of the 7 Wonders of the World. I believe the Princess enjoyed the “Cataratas” Hotel at Iguazu Falls very much and the Princess was accompanied by Consul Pedro Luiz Fernandes, President of Instituto Princ- esa Benedikte Dr. Wilson J. Andersen Ballão and his wife Karin Birckhol, Jens and Re- nata Olesen, Marcella Souza Carvalho and Lady in Waiting Anne Dorthe Iuel. I think the Princess was very impressed with the Iguazu Falls as well as the attention of the Instituto Princesa Benedikte in Curitiba. I can only say it was a very successful meeting and we will now follow up with a lot of possible sponsor visits to the Instituto Princesa Benedikte. JOL

Resilient city and Climate adaptable neighborhoods Denmark helps pave the way Never in the history of humanity have years developed an ambitious climate ambitious goals and without precedents. we been as urbanized as we are today. agenda with specific short and long-term Moreover, Denmark will work toward the Approximately 55% of the world population goals. While focusing on renewables, introduction of more common green goals lives in metropolitan areas, and the United circular economy and recycling, some within the European Union. Nations forecasts that by 2050 this already of Denmark’s measures are to cut back In my view, there is no doubt that high figure will increase to 68%. greenhouse gas emissions by as much as innovation and technology are key in this Denmark has been concerned about the 70% by 2030, phase out coal by 2030 and transformation, and I believe Denmark is environmental impact of this demographic stop the sales of all new diesel and petrol well equipped to face these challenges. trend for a very long time, and in recent cars from 2030 onwards – indeed extremely As a small nation without many natural resources, Denmark has had to reinvent itself and innovate throughout history. Because of that, we are used to developing new strategies to overcome challenges and progress our model of society. This is certainly also the case when it comes to current climate issues. The general elections in Denmark last June, showed that the climate was one of the main concerns among the Danish electorate and had crucial influence on the outcome of the elections. The newly elected Danish Government has followed up with a series of initiatives. Most recently, Denmark appointed a Climate Ambassador and 15 Danish Embassies around the globe have been elected to act as climate spearheads in the implementation of our climate cooperation and efforts worldwide. This initiative will enhance our already ambitious international green efforts and diplomacy considerably. Another example of our international engagement was the appointment of Denmark by the United Nations last September, to lead the track on Energy Transition at the “Climate Action Summit 2019”, in New York. This was a huge task and an enormous responsibility, but at the same time a natural extension of our activities and developments in this area.

ØsterGRO rooftop farm in Østerbro, Our commitment to green sustainable energy, climate innovation and energy technology has indeed placed Denmark in the privileged spot as one of the world’s climate frontrunners. We believe that this position comes with an obligation to lead, inspire and continue to make long-lasting partnerships to develop common goals – including through partnerships with other countries, as well as private enterprises. Indeed, when it comes to partnerships for climate innovation, Denmark has very strong know-how. We are experienced within public-private collaboration and thrive in multi-stakeholder scenarios. In regards to mobilization of private investment funds alone, Denmark has initiated the Danish Climate Investment Fund, which offers risk capital and advice for climate investments or climate-related projects (e.g. renewable energy, etc.) in developing countries and emerging markets. This effort cannot be left to states alone – large cities will need to do their part too, as many climate issues originates from them. making urban settings warmer, and the This project provides tailor-made solutions In October this year, Copenhagen had the amount of pollutants in the air have a to secure the resilience of the urban spaces honor to host the 2019 Mayors Summit of strong correlation between an increase in in case of cloudbursts – now occurring on the C40. During the very successful summit, cardiovascular and pulmonary diseases, a much more frequent basis than in the mega cities, including Sao Paulo and Rio de according to the WHO. past. This is a joint effort between the City Janeiro, had a chance to discuss the Paris Denmark is a highly urbanised nation, with of Copenhagen, utility companies and the Agreement and sustainable methods for 88% of Danes living in or around cities. One residents of the neighborhood - a Danish growth. (C40 LOGO PHOTO BELOW) of the ways in which Denmark addresses public-private innovation effort at its best. We know today that mega cities are one this is through innovative thinking - Interesting enough, in some cases these ef- of the greatest contributors of greenhouse creating climate smart neighborhoods in forts have also given rise to new entrepre- gas emissions. Such emissions not only our larger cities. neurial initiatives from the citizens them- pose severe risks for the environment and One example is the township of Østerbro, selves – including unexpected ones. One the planet, but also for the well-being of in Copenhagen, which is the ﬁrst climate example is the organic rooftop farm Øster- all citizens. Climate change is already resilient neighbourhood in the country. GRO. In this collaborative project, members pay to have a monthly share of the season’s best harvest, which vary from summer strawberries, winter vegetables and even honey from the farm’s beekeeping initiatives! The rooftop farm is open to all and it has a huge social capital turnover that bonds people and creates a common vision for the neighbourhood. Next year, in July, the 27th International Architects Congress will be held in Rio. This will not just be an opportunity to showcase some of the Dan- ish solutions, but also a great occasion to learn from other innovative initiatives taking place around the world. Furthermore, it will be an excellent opportunity to enhance cooperation between Danish and Brazilian cities as well as stakeholders in the ﬁeld of resilient and smart urban design.

Ambassador Nicolai Prytz

http://brasilien.um.dk/

ØsterGRO rooftop farm in Østerbro A year of achievements and positive impact on tackling chronic diseases Allan Finkel, CEO Novo Nordisk Brazil control, but it also brought the weekly The consolidation of their business and injection presentation instead of daily commercial strategy combined with I can say we medications. Furthermore, it represented the significant achievements to benefit best launch of the medication, commercially patients. This is how Novo Nordisk Brazil expected no called Ozempic®, in the world. sees 2019 and envisions their actions With a 36.66% increase in the Compound for 2020, year in which the company Annual Growth Rate (CAGR), which will complete a 30-year trajectory in the less, since the expresses the rate of return on investment country. Novo Nordisk gets closer to this “ over the last five years, Novo Nordisk Brazil new milestone proud of having, indeed, Brazilian affiliate stood out as the fastest growing company created value through a patient-centered among the major 50 pharmaceutical business approach, which is one of the has outperformed companies. This recognition does not guiding principles of their strategy. come from the market only, but from the This is a huge task for a global healthcare expectations over internal public as well. In 2019, the company company headquartered in Denmark, with achieved its best performance in individual more than 95 years of innovation and the past four years, ratings in the Great Place to Work (GPTW) leadership in diabetes care, a track record award, with high levels of credibility, that has granted it the expertise to address with other launches respect, fairness, among other factors. In the treatment of other serious chronic fact, 98% of employees answered that they diseases such as obesity, hemophilia and are proud to work for Novo Nordisk and the growth hormone disorders. In Brazil, Novo being highlighted Net Promoter Score was 91%. Besides, the Nordisk has around 1,300 employees, spread “ company reached 93% of participation in among the administrative office in Sao worldwide and their employee engagement survey called Paulo, two distribution centers in the state OurVoice. The survey follows a format that of Paraná and a factory in Montes Claros, strengthening Novo is also applied in other companies in the Minas Gerais, the latter being Novo Nordisk’s field, and when comparing the Brazilian largest manufacturing site dedicated to the Nordisk’s leadership affiliate to the industry, it reached 20 points production of insulin outside Denmark. more in vision and strategy and 14 points The company started 2019 with an in key markets more in “our team” and “company values”. unprecedented launch. The arrival of Within the scope of Changing Diabetes®, semaglutide, a new GLP-1 analogue for the an institutional platform launched to raise treatment of type 2 diabetes, not only meant Allan Finkel, corporate vice awareness, drive better health outcomes and for patients in Brazil the possibility of having president and general manager improve access to diabetes care worldwide, one of the most potent options for glycemic of Novo Nordisk Brazil. Novo Nordisk has implemented two major projects that have reached millions of people Our Regarding diabetes, for example, it will in Brazil, addressing both type 1 diabetes bring to Brazil Fiasp®, an ultra-fast acting (T1D) and type 2 diabetes (T2D). achievements insulin aspart. This insulin is the one closest The first project, named Projeto Glica Melito, ever to mimic the action of a healthy is a unique initiative for diabetes training human pancreas and should represent a and education in the public healthcare in 2019 go beyond new milestone for people with diabetes system. Implemented through a private- “ in Brazil, mainly because it brings greater public partnership between Novo Nordisk stats and currency autonomy and flexibility to patients, as it Brazil, the National Council of Municipal can be applied immediately before meals or Health Departments (CONASEMS) and the signs. We also have until 20 minutes later.

Institute for Research and Support for Social With this launch, along with continuous Development (IPADS), its aim was to qualify initiatives designed awareness campaigns, partnerships and treatment provided by the public healthcare health care professional education, as well system to people with type 1 diabetes. to make a positive as the commitment to employees and the Moreover, the action sought to instruct well-being of patients as its utmost priority, people with T1D and their caregivers impact on the lives Novo Nordisk intends to further strengthen about self-care practices through diabetes “ its trajectory in the country, achieving education. This was a remarkable way of of millions of people great financial results and providing better bringing together the private sector and alternatives for Brazilian patients, always municipal health departments in order to living with serious focused on making a positive impact in the offer educational courses and videos. lives of millions of people who live with For the first time, it also took place in chronic diseases chronic diseases in Brazil. 2019 the campaign Quem vê Diabetes vê Novo Nordisk Coração (Who Sees Diabetes Sees Heart), in Brazil which warns about the links between type www.novonordisk.com.br 2 diabetes and cardiovascular diseases - the leading cause of death of people with how information is important to bridge the gap between early symptoms and the start diabetes in Brazil and worldwide. The actions Curriculum Vitae began with the publishing of a pioneer of treatment of rare diseases. perception study that interviewed people Obesity awareness campaigns have also Allan Finkel with and without diabetes that revealed continued to inform millions of Brazilians. surprising findings on how people perceived In its fourth year, the Saúde Não se Pesa • Allan Finkel has a degree in the relationship between the disease and (Health cannot be Weighted) movement, electronic engineering from Mauá the heart. The theme kept being addressed warns about the risks of obesity as a chronic School of Engineering and holds through an information campaign with free disease and shows people with obesity that an MBA in business from UNC it is important to seek a doctor to receive testing, bringing awareness to the public, Kenan-Flagler Business School. He treatment, as the disease is not their fault. the press and to health care professionals, spent two years as a product and mainly endocrinologists and cardiologists. Held in partnership with the Brazilian sales manager at Bristol-Myers To date, millions of people from all Brazilian Association for the Study of Obesity and Pharmaceuticals (2002-2004) regions have been involved and thousands Metabolic Syndrome, on World Obesity and nine years at Eli Lilly and of blood glucose and cholesterol tests have Day 2019 the campaign brought the event been conducted, as well as medical classes DEEPtalk to Brazil for the first time. The Company, where he held various encouraging ongoing training in diabetes. event gathered real stories of people living positions during this period - About raising awareness, 2019 was also with the disease, as well as testimonials Director of Corporate Affairs, dedicated to expanding the knowledge from medical specialists on the subject. Strategy Director for LATAM and of patients and doctors about acquired Throughout the year, the campaign has Sales Director. Allan is currently hemophilia. As a rare disease, little is known reached the public either through the press, the Corporate Vice President and even by specialists, and many patients go the website, the DEEPtalk live broadcast General Manager of Novo Nordisk or through awareness activities carried through real journeys throughout the public Brazil, a position he took over in out in Sao Paulo, when thousands of free and private healthcare systems without January 2015. At the end of 2016, a diagnosis which prevents them from bioimpedance tests were conducted. Allan was elected Novo Nordisk starting the correct treatment. For the first With this year full of achievements, Novo General Manager of the Year due time, the journey of hemophilia patients Nordisk gets ready for 2020 following its to the excellent business and in Brazil was mapped and presented in path of accomplishing good economic the first medical event in the country fully results and providing better life conditions management results achieved focused on this condition, the Acquired for people facing diseases such as diabetes during that period. Hemophilia Experts. This is an example of and obesity. Coloplast invests in the relationship with the user to sustain its growth in Brazil

The company’s new approach aims to focus “We had a very positive 2019, as a result better user experiences. “We want engage- on innovation and more personalized and of our team’s work, aimed at the needs of ment and purpose. This is a great challenge humanized services the market, healthcare professionals, and for most companies, i.e. creating an emo- Coloplast is preparing itself for a new users. Now, we’re ready for this new phase tional bond with those who purchase their cycle of investments and challenges in the in order to implement a forward-thinking products and services. In our sector, this Brazilian landscape in 2020. The positive position that acknowledges well-being and emotional bond is easily established, but results from the latest periods led the excellence in service,” says the Country we need to keep it as strong as possible in company to opt for a path focused on Manager for Coloplast do Brasil, Luiz Ta- order for it to make sense for both sides,” innovation and relationships with the vares. explains Tavares. public within its group business: Ostomy The new office project, scheduled to be in- This way, Coloplast shows that it is possible Care, Continence Care, Wound and Skin augurated in early 2020, proposes a great- to turn over the logic of being focused on Care and Interventional Urology. In line er interaction amongst the several areas sales alone. Our proposal is the creation with its global strategies, Coloplast will of the company, keeping the user as the of another type of relationship with the soon move to a new, larger office, designed core of all operations. The User Experience user, one that is more long-lasting, by to reflect a business with a mindset focused team will occupy the office’s premier space establishing a new department for this only on the user. in the Southern Zone of Sao Paulo city. The area that can help meet immediate needs new office is three times larger than the and create new solutions for a large and current one. diversified market like the Brazilian one. Coloplast understands that the suc- The idea is to bring a greater closeness cess of this new policy also depends into practice. The team will stay at the on engaging its collaborators. For that user’s side from the pre-surgery phase, reason, it is making big investments providing support and guidance right until into training and the creation of a solid the rehabilitation and the routine of day- basis so that the relationship with the to-day activities. The company is investing user produces the expected effects in heavily into being able to provide better all of its phases. A special place was support throughout the user’s life with lots designed to welcome the team, health- of dedication and care. It is a service that care professionals, and the users. The is more personalized and more humanized. experience has already been imple- The user experience area will be expanded mented, on a smaller scale, in the old with a multi-disciplinary team and nurses office, in the city district of Itaim, and it hired by Coloplast who are going to be has yielded excellent results. present in all States of Brazil and who will Coloplast’s first and foremost institu- know the users and be able to provide tional value is “Closeness... for a better services with a differentiated experience. understanding.” With that focus, the “We’ll only be satisfied if the user feels company has established the Consumer taken care of and receiving full support from Sales & Marketing Head in 2019, with Coloplast. This includes communication, the arrival of Simon Jakobsen for the information, and training of the healthcare purpose of developing strategies for professionals who recommend and use our equipment. This is our goal, i.e. to get this Luiz Tavares, Country Manager response from our users,” explains Luiz for Coloplast do Brasil Tavares. We had a very positive 2019, as a “result of our team’s work, aimed at the needs of the market, healthcare professionals, and Headquarters in Humlebæk users. Now, we’re Incorporating new and procedures to absorb these new users with their needs and thus assuring them technology into Public good quality of life,” tells Tavares. ready for this new Healthcare A global trend phase in order

Another piece of good news, that is posed to have a great impact on Brazil’s population, The strategy to get closer to the users to implement a is the recommendation by CONITEC started in Coloplast in 2013. Now, with

(National Committee for the Incorporation a very well structured operation here in of Technologies), a government agency Brazil, we can announce this position to the forward-thinking under the Ministry of Health, for market, though it has already been adopted SpeediCath®, a catheter with hydrophilic for a while with very positive results. position that “ coating for intermittent catheterization, This attitude from Coloplast is surely a a Coloplast proprietary technology. The differential in the Brazilian market. It is acknowledges well- equipment is indicated for patients with part of our vision for the future, of positive urinary retention caused from spinal cord results that have already been achieved, injuries. According to estimations, there of expectancy of more local investments, being and excellence are almost 10,000 new cases of spinal cord and of a change of paradigm that will injuries per year in Brazil, with a population strengthen our position and leadership in in service of 94,000 wheelchair users in the country. the Country even further. Coloplast has invested in the hiring of a Coloplast dedicated team to provide support to the Luiz Tavares, Country Manager healthcare professionals, so that they can for Coloplast do Brasil understand how the product works and www.coloplast.com when it should be recommended. The company is reinforcing its full interest in the quality of life of the equipment users. This technology is already used in some cities in Brazil, where the healthcare authorities perceived that the users would beneﬁt from using the catheter with hydrophilic coating. This relationship experience with cities that have already made SpeediCath® available will be the basis for a larger scale, country-wide service. The incorporation of this technology is in its arrangement phase, a process that should be concluded soon. “We will be offering our users what they’re entitled to, which is access to the amount of necessary equipment, with the best technology and compliance of adherence to treatment. We will always be present. We want to build a patient basis that will have a signiﬁcant impact on our relationship project, which consolidates our structure LEO Pharma

Founded in 1908, LEO Pharma is an inde- dermatologic and thrombotic patients. To and a range of topical steroids that will add pendent, research-based pharmaceutical fulfil our vision of becoming the preferred complementary treatment areas and are company, headquartered in Denmark and is dermatology care partner improving people’s strengthening the existing business of LEO wholly owned by the LEO Foundation. The lives around the world, we are expanding Pharma worldwide, allowing the company main purpose of the foundation is to ensure into new regions and markets, reaching to more than double sales in some markets. the long term independence and success more patients and societies with drugs and LEO Pharma acquired the global product of LEO Pharma. The foundation is also therapies that address unmet medical needs. rights, except for Afghanistan and Pakistan, strongly engaged in global philanthropic LEO Pharma entered into a definitive and took over the sales and marketing activities, supporting the best dermatology agreement with Bayer and in July 2019 bought organizations in 14 countries, as well as a research worldwide. (see more about LEO their global prescription dermatology unit. factory in Segrate, Italy. In total, around 450 foundation at www.leo-foundation.org) Our newly acquired dermatology portfolio people joined LEO Pharma as part of this LEO Pharma develops, manufactures includes prescription treatment solutions transaction. The combination of the local and markets pharmaceutical drugs to for acne, fungal skin infections, rosacea sales and marketing organizations will make LEO Pharma more efficient. LEO Pharma helps people achieve healthy skin. By offering care solutions to patients in more than 130 countries globally, LEO Pharma supports people in managing their skin conditions.

LEO Pharma innovative pipeline

In order to streamline operations and to facilitate the company’s entry into biologics within dermatology, LEO Pharma has restructured the organization, optimizing operations and reducing costs where possible. As a result of our investments and the efforts of our global team, LEO Pharma has secured a new foothold in the dermatology market. We are well positioned for introducing new products, including our first biological treatment in dermatology. Increasing investments in R&D to 18% of revenues in 2018 fueled the progression of the company’s clinical pipeline and added candidates to the future innovative portfolio. In 2018, LEO Pharma initiated its third phase 3 clinical study for tralokinumab, an investigational monoclonal antibody Haig Yeghiaian for the treatment of moderate-to-severe Country Manager of LEO Pharma atopic dermatitis, and entered phase 2b Latin America for delgocitinib for atopic dermatitis and hand eczema. In Q4 2018, the tralokinumab clinical development program reached a very important milestone by reaching the recruitment target of 369 patients for the ECZTRA 3 trial on time. Thereby, patient recruitment is finalized for the three pivotal trials, putting them firmly on track. ECZTRA 3 (ECZema TRAlokinumab trial no. 3), is a randomized, double-blind, placebo- controlled, phase 3 trial to evaluate the efficacy and safety of tralokinumab in combination with topical corticosteroids in adults with moderate-to-severe atopic dermatitis (AD). In August 2019, LEO Pharma A/S has acquired the exclusive rights to develop and market brodalumab (marketed as Kyntheum® in the European Union) for the treatment of moderate-to-severe psoriasis This entails significant investments in LEO Pharma expects this to lead to an outside of Europe. The new agreement inno vative products, progress in the tralo- operating loss for the LEO Pharma Group in includes countries with significantly high kinumab development, continued launches 2019 of up to DKK 750 million. unmet need, such as Australia, Brazil, of Enstilar® and Kyntheum® in Europe, and Towards 2025, LEO Pharma will become Egypt, Mexico, Russia and Saudi Arabia. the integration of the remaining part of the a company that is at the forefront of To date, LEO Pharma A/S has successfully Bayer prescription dermatology portfolio. advancing dermatology and offering new launched brodalumab in 18 countries. LEO Pharma expects sales growth primarily innovative treatment options to patients, from the acquisition of Bayer’s prescription making sure that we develop closely to the Looking towards 2025 dermatology unit, which will have full-year needs of patients and physicians. And our impact in the US and six-month impact in digital solutions will help patients interact In 2019, LEO Pharma will continue to move Rest of World. Enstilar® and Kyntheum® in better with physicians. forward towards its strategic 2025 goals. Europe will also contribute to this positive Our aspiration for 20125 is to help 125 Towards 2025, we plan to continue and trend. million people suffering from skin diseases. greatly accelerate our successful entry into LEO Pharma expects a growth in annual biologics. We will expand our portfolio of revenue of 4-6% to DKK 10.8-11.0 billion Haig Yeghiaian is a pharmacist and innovative medicines (new topicals and in 2019. LEO Pharma will continue to biochemist by trade, having worked at Eli systemics, small molecule and biologics) and focus on profitability improvements in Lilly Solvay, Baxter Merck Sharp & Dohme, introduce medicines for people suffering the established portfolio, while also before integrating LEO Pharma as General from rare skin diseases. significantly increasing spending on Manager Brazil. We also plan to strengthen LEO Pharma’s research and development activities, On October 2017, Haig was appointed to portfolio of established (mainly topical) including spending related to the phase the role of LATAM General Manager and is treatments. 3 studies of tralokinumab and phase 2b responsible for managing the business in studies of delgocitinib. Argentina, Aruba, Barbados, Brazil, Chile, Colombia, Costa Rica, Curacao, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad &Tobago, Uruguay, and Venezuela.

Haig Yeghiaian Country Manager of LEO Pharma Latin America

www.leo-pharma.com Danish Ambassador Nicolai Prytz, Josiel Florenzano CEO Lundbeck Brasil Lundbeck Brazil supports World Mental Health Campaign and expects a 15% sales growth for 2019 and a 30% sales increase for their ﬂagship product

The World Health Organization (WHO) Nations (UN). The importance of this issue Positive numbers estimates that between 2005 and 2015, the in 1992 led to the creation of World Mental number of people with depression grew Health Day, celebrated on 10 October by by 18% worldwide. Currently, about 322 the World Federation for Mental Health to are the result of the million people are affected by the disease. empathically raise awareness of the topic, In Brazil, the numbers are also signiﬁcant by uniting and helping diverse people feel with approximately 12 million people. This more hopeful and empowering them to “invest to grow” is the highest rate in Latin America and the take action to create concrete changes in second-highest in the Americas, behind the world. only the United States. It is estimated that Lundbeck, a pharmaceutical company known strategy initiated by between 20% and 25% of the population worldwide for their pioneering work in had, has or will have depression, which is the ﬁeld of Psychiatry and Neurology and the most prevalent psychiatric disease in improving the quality of life of people with the country. central nervous system disease, was a major CEO Deborah Dunsire Concern for the mental health of the world supporter of the cause. “One of the strongest is still present in the current goals of the and most important pillars of the company sustainable development of the United is taking care of the mental health of all brain sufferers so that everyone can be their best. In Brazil, 25% of the used depression medications were developed or sold by the company. Given this scenario, in line with our mission, Lundbeck could not but support the campaign”, says Josiel Florenzano, President of Lundbeck in Brazil and responsible for some South American countries.

October: Awareness Month

Present in over 70 countries, Lundbeck took advantage of October to promote awareness actions for the employees and clients, the medical profession. In Brazil, the company established a partnership with the Brazilian Association of Psychiatry (ABP) and supported some initiatives, which also aimed at patients and the ﬁnal public. Josiel Florenzano CEO Lundbeck Brasil World Mental Health Day

With a pioneering position, Lundbeck, as the Invest to grow strategy Entry to the job market company that invests the most in depression research, stood out as one of the few voices Since 2018, with the arrival of CEO Deborah In addition to all its leading role in business in the industry to endorse the campaign. The Dunsire, Lundbeck has been adopting the and sales, Lundbeck also positions itself relevance of the subject led the organization strategy of investing to expand. Following as a reference company in the insertion to take its actions to the XXXVIII Brazilian this guidance, the pharmaceutical in the labor market in the pharmaceutical Congress of Psychiatry (CBP), the best company recently bought two North industry segment. Through its internship psychiatry symposium in Latin America, American companies focused on research program, which began in 2018, Lundbeck an event that took place on October 10th, and development of products for the focuses on the preparation of professionals in Rio de Janeiro. In connection with that Central Nervous System (CNS) in the area who seek to become a sales representative Lundbeck had the honor to receive the visit of biogenetics, considered the future of and work in the commercial area, gaining of the Danish Ambassador Mr. Nicolai Prytz medicament. know-how in CNS. in its booth expressing his support on this Abide Therapeutics is a clinical-stage Social and professional inclusion is also important campaign. biopharmaceutical company focused another pillar that Lundbeck has worked on “With the visibility that we are gaining, the on the development of first-class drugs since 2017. The company has people with tendency is for the world campaign and in for serious diseases with a significant disabilities (PwDs) and young members of Brazil to grow and so we can consolidate the unmet medical need. Founded in 2011, the Young Apprentice Program. month of October as the month of Mental the company is headquartered in La Jolla, Currently, trainees, PwDs and young Health, right after Yellow September, a California, and has 45 employees. With apprentices represent approx. 30% of the reference in the country in the fight against the acquisition, Abide will become a new company’s staff, creating jobs for young suicide” Florenzano pointed out. Lundbeck medicine discovery center in the people starting their careers. US. Investment in launches Alder Pharmaceutical is a clinical-stage Social responsibility biopharmaceutical company committed to transforming migraine treatment By 2020, Lundbeck will strengthen its Since 2017, Lundbeck has been reinforcing through the discovery, development and product portfolio against depression. their social responsibility actions and commercialization of new medicines. Expected to be released by middle support to social projects. Only in 2019, the With these new acquisitions, Lundbeck next year, Lundbeck’s new medicament company has already promoted actions to will close 2019 even stronger globally and promises to be an innovative adjunctive collect milk box for orphanages, gathering with a greater focus on new CNS molecules treatment for depression. “Brexpriprazole winter clothes and blankets for the winter research. will potentiate and act in conjunction with and will start, as of November, summer In Brazil, Brintellix, the company’s main other antidepressants, with a low rate of season in Brazil, to encourage a project product, is expected to grow 30% in sales side effects. Initially it will be indicated that makes the Rio beaches accessible for volume by 2019. “In addition to being a for depression, but in the future, it may wheelchair users and people with reduced positive number for our business, it shows also be used for schizophrenia”, explains mobility. that the Brazilian population is seeking Florenzano. The drug is being developed for Lundbeck 10 years in partnership with the Japanese and having greater access to depression Otsuka Pharmaceutical. treatment”, comments Florenzano. www.lundbeck.com/br Innovation and investment are Ferring’s priorities in Brazil

Ferring Pharmaceuticals is a world leader (Anvisa), in 2018, there was an increase Recently, ReKovelle® (follitropin delta) in human reproduction. We have a strong of 18.7% in the number of fertilizations in was launched in Brazil, being the first commitment to feminine health, specially vitro and 13.5% in the freezing of embryos recombinant follicle-stimulating hormone to fertility. We help couples achieve compared to last year. The information was (human cell line rFSH). Pioneer user of their dream of being parents. Here in our submitted by 154 cell banks out of the 180 an individualized dosage regime, based country, recent information showed that ones registered in the institution. on anti-müllerian hormone (AMH) level Brazilian people are worried about family In this scenario, Ferring’s work meets and woman’s body weight, ReKovelle® planning, choosing the best moment to women’s desire to choose the ideal time brings precision medicine to reproductive get pregnant. According to data from to achieve the dream of becoming a the National Health Surveillance Agency mother. One of our projects, “Gravidez na Minha Hora” [Pregnancy at my own time], guides women on the egg freezing process through a portal that gathers information on the theme. medicine. This new format was especially designed to seek lowering collateral effects of ovarian hyperstimulation, offering women undergoing fertility treatment a dosage that is adjusted to their profile. In addition, we aim at innovating in areas such as Oncology, which still demands a great amount of study and dedication from medicine to improve tumor treatment. Currently, a clinical study of a new therapy for patients with a specific type of bladder cancer, who do not respond to treatment with Bacille Calmette-Guérin (BCG) is undergoing phase 3. Phase 2 results showed that 35% of of the patients who received a drug dose every three months were free of high grade disease in a year. This new genetic therapy approach transforms bladder wall cells of the patient in several micro-factories of the gene interferon alpha-2b, improving the body’s natural defenses against the tumor. Today, these patients are offered only a few therapeutic options, that is the reason why investing in this new treatment class is a hope for a considerable part of people suffering from the disease.

Innovation in Brazil

Brazil is a strategic country for Ferring Pharmaceuticals. Locally, the company insists on supporting and investing on Research and Development. Therefore, finalizing a series of investments totaling BRL 25 million by 2019, at the end of last year we inaugurated FIBRA - Ferring Innovation Brazil, the company’s 12th Innovation Center and the first in the Southern Hemisphere, located in the city of Sao Paulo. The project, totally funded by the company, demonstrates the company’s interest and four distinct projects were selected by investments on the Brazilian market. means of an award called GRANTS, and Completing its first year of operation, FIBRA, received a total of BRL 1 million to foster Curriculum Vitae laboratory of incremental innovation, their research. Our expectation is to keep Alexandre Seraphim currently has two research projects in on executing this mapping throughout the clinical phase for the development of drugs next years. Job title: CEO aimed at the Brazilian and global markets In the last five years, we have grown above • in the area of gastroenterology. the pharmaceutical industries’ market Manager: Gilles Pluntz Our performance in innovation also average, and our expectation is to keep • takes place at NILE (Nanotechnology this growth rate in 2020. We therefore keep Alexandre holds a Bachelor´s Innovation Laboratory Enterprise), which, investing in the • Degree in Production Engineering in partnership with the pharmaceutical development of new therapies aiming at from Universidade Federal do company Aché, conducts research focused doubling our income with the arrival of some on new technological platforms based on launches in the Brazilian market. We also Rio de Janeiro and an MBA in nanotechnology. During 2019, two pre-clinical expect to make the products of the global Business Administration from and initial studies for acromegaly and short Pipeline available in Brazil, as well as Warwick University. He has a bowel syndrome began to be developed. the medicines under development in our solid experience of 25+ years As part of our planning for 2020, we will Brazilian laboratories, and to increase in the Pharmaceutical Industry continue investing in innovation with clinical research in the country and, in leadership and international various actions involving universities especially, meet the existing medical needs. positions in companies like and researchers throughout Brazil. Our Hospira, Galderma, Novartis, objective is identifying projects that bring Ferring Pharmaceuticals and Lilly. benefits to unmet medical needs, especially those of the Brazilian population. In 2019, www.ferring.com.br

The human microbiome Meet your 40 trillion micro warriors We live in their world – not the other way around!

Bacteria are by far the most successful around the understanding, application Vital for your health and life form on earth. They have been around and production of good bacteria. This has longer than humans, and while they may be never been more exciting as science is well-being small, their numbers are gigantic: There are beginning to truly unfold and understand billions more bacteria than grains of sand – the impact bacteria have on people, as From shortly after birth, your gut is home and every person carries around 1-2 kilos in well as animals and plants, and it fuels our to trillions of good bacteria – the gut and on their body. Think about it. We live quest to contribute to a better world and microbiota – influencing your appetite, in their world – not the other way around! preserve our planet through our natural, immune system and even, to a degree, your Chr. Hansen’s technology platform revolves sustainable solutions. physical and mental wellbeing. A healthy gut microbiota at the very start of life is key to a healthy life. But can you improve your gut flora as an adult? Despite their bad reputation, most bacteria are not harmful creatures that will make us sick unless we get rid of them. Especially your gut is inhabited by a complex microbial army – and that is actually good news! They help us both digest food and fight invasive bad bacteria. A growing body of research suggests that we would have a hard time without them as they influence our appetite, digestion, metabolism, immune system and, to a degree, our physical and mental well-being. More than a gut feeling understanding the importance of bacteria in human health, and the The human gut is home to trillions of bacteria human microbiome is a rapidly that live in our digestive tract, which is developing research field. In the commonly referred to as the gut microbiota. longer term, these insights are Fascinatingly, not two gut microbiotas look likely to translate into new kinds the same – we are all unique. of treatments based on bacteria, You may already have heard scientists talk and Chr. Hansen has one of the about how the gut is our second brain, which strongest technological platforms is something that has grown to be widely to produce microbes. accepted in scientific communities in recent This is what we brought to the years. The microbiota-gut-brain axis is indeed table when it was announced complex and is evolving throughout life to make in April this year that Chr. Han- it even more complicated to understand. But sen and Swiss pharma contract let’s take a closer look at what we know now. manufacturer Lonza had entered into a joint venture to pioneer the emerging market for live How the gut microbiota biotherapeutic products – “bugs affects our immune system as drugs”, based on live good bacteria. From as early as birth, bacteria are passed from The joint venture, which has the mother to the infant, and the newborn’s been named Bacthera and re- gut microbiome starts to take shape and may cently received anti-trust ap- play a role in the infant’s health later in life. provals to start contract manu- Until a child is around two-and-a-half years facturing of live biotherapeutic old, the diversity and stability of the gut products (LBP), brings together best-in- Your health – our science microbes increase dramatically. class, complementary capabilities and The bacteria and viruses that a baby inherits will be the first company globally to pro- At Chr. Hansen we are very proud of the during vaginal birth and breastfeeding, vide a full supply chain offering manufac- science behind our probiotic strains and although the diet after weaning and other turing of bacteria strains for therapeutic the dedicated scientists who study and environmental factors play a role, directly use. show exactly how our probiotics work. We influence the development of the baby’s “The joint venture is a quantum leap work to unleash the potential of probiotics immune system. Research in this field even for Chr. Hansen’s human microbiome as a safe and effective solution into new suggests that people who are obese, or suffer strategic lighthouse. It’s a great health areas by focusing on careful strain from inflammatory diseases and allergies, opportunity to utilize our microbial selection, high quality clinical trial design may have altered microbiomes, but the exact capabilities in the highly attractive LBP and professional execution. The Bacthera relationship is still to be fully understood. industry whilst sticking to our strategy joint venture with Lonza is a good example How can I grow the number of good bacteria of not becoming a fully-fledged pharma of how the established medical world is and restore my gut flora? company. Chr. Hansen has more than 145 looking to good bacteria to launch ground- There is evidence that establishing a healthy years of experience in strain development breaking innovation in the medical field. gut microbiota at the very start of life is key to and manufacturing and we are thrilled to And a blue stamp of the inherent health a healthy life. But what can you do to restore join forces with a leading global company effects of probiotics. or improve your gut flora as a young person in the pharma contract manufacturing or adult? ‘You are what you eat’ has been market to become the partner of choice Chr. Hansen in LATAM a popular saying for generations and that for end-to-end biotherapeutic solutions. The clinical trial supply industry is a may very well be the truth. Looking across a Representing 12% of Chr. Hansen Group rapidly emerging field, not to speak of vast number of clinical studies and research revenue in 2018/19, Latin America saw the very large potential when the first the solution could be probiotics as dietary 21% organic growth in the financial year bacteria-based medical products enter supplements, a high intake of fibers and ending on August 31, 2018, driven by very the commercial market,” said Mauricio fermented food such as kefir or yogurt, and strong growth in Health & Nutrition. Graber, CEO of Chr. Hansen. trying to minimize the use of antibiotics. Brazil is an important market and Chr- The establishment of Bacthera fully Chr. Hansen is the world’s leading supplier Hansen has been preparing a sound supports Chr. Hansen’s Nature’s no. 1 of probiotics to dietary supplements, infant market entry for some years. We can strategy to further utilize its microbial formula and dairy and owns two of the expect to have new launches soon in Brazil, platform in Health and Nutrition. Going world’s best documented probiotic strains: the among others we have included our 2 forward, Chr. Hansen’s human microbiome Lactobacillus rhamnosus GG (LGG®) and the best documented strains: Bifidobacterium activities will operate twofold. The pharma- Bifidobacterium (BB-12®) probiotic strain. lactis BB-12 and Lactobacilus rhamnosus related anaerobe (non-oxygen requiring) LGG. Any questions, please feel free capabilities will be transferred to the joint to contact our LATAM Area Director at Commercializing the venture whilst the human microbiome [email protected] (Klaus Larsen). power of good bacteria team that focuses on the discovery and development of the next generation of Over the past few years, a number of scientific probiotics for dietary supplements and Chr. Hansen breakthroughs have occurred with respect to infant formula will be integrated into Chr. Hansen’ Human Health business. www.chr-hansen.com DI’s new CEO “Global challenges require even closer global cooperation”

Globalization, international trade and cop- nies are successful in global markets, which “I know from previous experience how to ing with climate change are just a few of we strive to ensure”, says Lars Sandahl Sø- navigate in a tough global competitive the topics on the agenda in the coming rensen. scene. Whether your company produces years for the Confederation of Danish In- DI’s more than 500 employees work on a or sells in foreign markets, it is important dustry. The organization recently appoint- daily basis to turn global opportunities into to understand how business’ work across ed Lars Sandahl Sørensen in charge of DI’s successful business results – locally, na- borders. The world has changed a lot since mission to help Danish companies succeed tionally and internationally from its head- I became CEO at DI. We have witnessed a and create value through developing new quarters in the heart of Copenhagen and disruption of the international trade or- and creative solutions for improving the international offices in Brazil, Brussels, the der in WTO, escalating conflicts between lives of people both home and abroad. United States, China, Kenya, Russia and In- the US and China and Europe, and Brexit The Confederation of Danish Industry (DI) dia. in the United Kingdom. Protectionism is on is the largest business and employers’ or- One of the services that DI provides is ad- the rise, and it is a threat to Danish compa- ganization in Denmark representing more vising companies on how to reap the ben- nies, that we, of course, are trying to ad- than 11.000 companies from different sec- efits from trade agreements. DI is also a dress through national and international tors covering manufacturing as well as ser- co-organizer of several large-scale inter- collaborations.” vice industries, transport, energy, IT, life national export ventures in close collabo- The new CEO stresses the importance of in- science and professional services. In Au- ration with the Danish Foreign Ministry and ternational cooperation especially when it gust 2019, Lars Sandahl Sørensen took on the Danish Royal Family. comes to curbing global challenges such as the task as DI’s new CEO to enhance Dan- Lars Sandahl Sørensen is used to working in climate change. ish companies’ competitiveness by helping an international environment and he has a In September 2019 – only a month after his them succeed in Denmark and abroad. global mindset from previous management first day at DI – he presented the organi- “Denmark is a small and open economy and operational roles in Europe, Asia Pacif- zation’s 2030-plan “Together We Create that relies heavily on exports and interna- ic and the United States. His professional Green Growth” that provides a framework tional trade to maintain a high level of eco- background includes senior executive po- for Denmark’s green transition, and more- nomic growth and welfare. Exports account sitions in VisitDenmark (red. Danish Tour- over, shows how Denmark can reduce its for more than a third of Denmark’s income. ist Board), ISS World A/S and Scandinavian carbon footprint with 70 pct. by 2030 while Therefore, it is crucial that Danish compa- Airlines (SAS). increasing economic growth for the bene- quires investments amounting to more than 12 billion DKK in research and devel- Denmark is a opment of new solutions that are yet to be identified. small and open “Global challenges require even closer global cooperation across sectors. The Par- economy that relies is Climate Agreement from 2015 is a great example of that. I believe that we can make “ a positive difference if we work together, heavily on exports and I see many great opportunities in that and international regard for Denmark and Brazil - in particular via the EU-Mercosur trade agreement.” The new year 2020 marks the beginning of trade to maintain a a new decade and the countdown for the 2030 goal has begun. DI estimates that the high level of economic green transition will create almost 120.000 jobs during the next 10 years. growth and welfare. In Denmark, there is a long-lasting tradi- tion for cross-sector cooperation. DI has Exports account for played a pivotal role in shaping the Danish labour market for years. In 2020 DI will ne-

more than a third of gotiate about 200 collective agreements, The Industrial Agreement, comprising most Denmark’s income. employees.

The Danish labour market is structured in Therefore, it is crucial a very unique way around the so-called “Danish Labour Market Model” (red. den that Danish companies “ danske model). The terms and conditions applicable to employees are negotiated by trade unions and employers’ associations. are successful in global The parties negotiate a collective agree- markets, which we ment that determines e.g. minimum wages and pension schemes. Curriculum Vitae \“The organization of the Danish labour strive to ensure market is crucial to the development of Lars Sandahl Sørensen our society. What makes Denmark so special compared to other countries is the way CEO of the Confederation of fit of all Danes with at least 110 billion DKK. in which rules on e.g. working hours and • Danish Industry The 2030-plan consists of 150 initiatives. wages are not determined by politicians One of the strategic goals involves boost- and put into statutory form through legis- Deputy President/Chief Executive ing trade by increasing exports as a share lation. In most countries, collective agree- • of GDP by at least 5 percentage points. ments are not as common as in Denmark.” Officer, Chief Operating Officer According to Lars Sandahl Sørensen, it is Collective agreements are negotiated ev- & Airline Accountable Manager, quite important that companies enhance ery 3-4 years and are on top of DI’s polit- Scandinavian Airlines (SAS) Group their competitiveness in order to meet the ical agenda in the beginning of 2020. Even 2030 goal. One precondition for that is to though the Danish Model is a Danish inven- • Senior Associate and Industrial keep Danish taxes and other costs in a par tion, countries around the world have in re- Advisor with designated venture with those of the competitors. cent years shown great interest in the way “Danish companies can provide the best Denmark organizes its labour market. capital and private equity funds. solutions to global challenges stemming “It is quite inspiring to talk to public and Group Senior Vice President & from climate change, urbanization, scarcity private decision-makers from countries in • of foods and resources etc. It is crucial that South America, the Middle East and Asia Group Chief Commercial Officer, we export these solutions to other coun- who are interested in learning more about ISS World A/S tries with green ambitions. It is very clear the Danish Model. Brazil approved a new that no government, company or country pension reform scheme in 2019, which is an • Chief Executive Officer (CEO) & can fight climate change on its own. Cli- important step towards economic recovery. Group Chief Commercial Officer, mate action needs to be a joint effort glob- I sincerely hope that Denmark can become Scandinavian Airlines International ally, which is an agenda we will push not an even stronger and more valuable part- only in 2020 but for the next decade – and ner when it comes to labour market devel- Chief Executive Officer (CEO), beyond. We have a real chance of improv- opment in the years to come”. • VisitDenmark/Danish Tourist Board ing people’s lives and at the same time creating new and exciting opportunities for Lars Sandahl Sørensen Managing Director, Scandinavian Danish businesses”. • Travel & Promotion Board in Japan Achieving the climate goals by 2030 re- www.danskindustri.dk The Tingbjerg project aims to enrich the lives of the people currently living in Tingbjerg as well as to create an attractive green alternative for other city dwellers looking for affordable green living in the city. From Lord Mayor to Urban Development Director The man who shaped the new Copenhagen

When still a child, Jens Kramer Mikkelsen an area where the middle class could af- The three working lives was already fascinated by the development ford to live. in the city. ”On the weekends my father, brother Today, Jens Kramer Mikkelsen is Urban He grew up in the vicinity of Nordhavn, in and I used to get on our bikes and ride Development Director at NREP, one of the central Copenhagen, which back in 1950s around Copenhagen to look at the build- largest property developers in the Nordic provided small and cheap flats and was ings around the city. Every time we saw a Region. The company, which has its roots temporary fence, we would stop and look and headquarter in Copenhagen, develops, through the holes to see what was going on invests and runs properties all over behind it. I have always been fascinated by Denmark, Sweden, Norway and Finland change - seeing it happening and knowing and has its domicile just a few steps away something is underway,” says Jens Kramer from where Kramer grew up. Mikkelsen, popularly known as Kramer. He studied in Copenhagen and got a Making a change and seeing it happen degree as a mathematics teacher, and it has been the centerpiece of Jens Kramer was not in the cards that young Kramer Mikkelsen’s adult life. Over the past would be elected as Lord Mayor of 30 years, he has made his mark on the Copenhagen Municipality at the end of the Danish capital, and few have had as much 1980s at the age of 35, thereby becoming inﬂuence on today’s Copenhagen as Jens the youngest Lord Mayor in the history Kramer Mikkelsen. of Denmark, nor did he foresee he would

Jens Kramer Mikkelsen become the longest-serving Lord Mayor of Copenhagen. He remained in office for 16 years before becoming director of By & Havn (City & Port) in 2004, developing new areas and operating the harbour of Copenhagen. Among other things, Jens Kramer Mikkelsen helped develop the city’s modern driverless metro, as well as the Sydhavn (South Harbour), Nordhavn (North harbour) and Ørestad districts of Copenhagen. ”Seen from a personal perspective, my working life has been an amazing journey. Development projects in a city appeal to me, because it is right there that you can see physical and concrete results and where it is really possible to change something. Many of the projects I have worked on, amongst others the metro project, have been really lengthy but also very long-sighted, and it has been with The Tingbjerg project aims to enrich the lives of the people currently these projects that I have felt that we were is making a specific student college living in Tingbjerg as well as to create an attractive green alternative making a difference for the city,” says Jens Urban renewal and the attractive in Copenhagen, where we have for other city dwellers looking for affordable green living in the city. Kramer Mikkelsen, who made the shift from involved different professional groups bridge districts By & Havn to NREP in 2018. and we have interviewed thousands of Over the past 25 years, Copenhagen has students here. Whereas some students undergone a transformation, from being a Nordhavn, NREP and the want their own little flat, others seek a city with financial problems and challenges community experience. We conceptualize Nordic Regions in attracting and keeping residents, to and develop only once we have analysed be a city characterized by growth and the situation in depth,” says Jen Kramer It was not many years ago that Nordhavn development. The number of citizens in Mikkelsen. was just a harbor and an industrial area at Copenhagen municipality alone grows by The project “UN17 Village” is a good the edge of the city. Today, the reality of 1,000 per month and the trend is ascending. example of this renewal that Jens Kramer Nordhavn is completely different and right ”People cannot believe it, when you tell Mikkelsen refers to. The UN17 Village is one here, among metro developing projects, them what Copenhagen looked like back in of NREP’s most recent initiatives and the new established apartment complexes, time. The city was a disaster. The journey first of a kind on an international level. The shops and harbour basins, NREP has its where Copenhagen was transformed from UN17 Village is an ambitious interpretation domicile. being a city people moved away from of ”liveability and sustainability” using the With over 180 employees spread over 4 to a city people move to is extremely spirit and intention of each of the UN 17 countries, NREP has since 2005 worked fascinating,” says Jens Kramer Mikkelsen, Global Goals for Sustainable Development with developing properties and property referring to the urban renewal that was as starting point. The focus is not only to concepts all over Scandinavia, with the set off in 1991 during his time as the Lord develop sustainable buildings, but also to aim of creating long-sighted value for Mayor of Copenhagen municipality. Up support a sustainable lifestyle for residents the tenants, the investors and the local to 2005, efforts were made to correct the and visitors. community. It is precisely this mission that social imbalances that had arisen in the ”At NREP we do not see the properties Jens Kramer Mikkelsen, in his role as Urban bridge districts, especially in Vesterbro, we invest in as merely investment objects. Development director at NREP, is now starting from the 1960s. On the contrary, we see them as products contributing to. ”More has happened in Copenhagen over which need to target the final users. It is Jens Kramer believes that when the city is the past 25 years than has ever happened not just properties that we build and sell, in continuous development, so should its in any other period since the Second World but properties that we build and want to housing be. War. When the urban renewal began, there preserve. We want to be long-sighted ”What is fascinating about NREP is that was just a single crane in Copenhagen. It rather than going for a quick speculative we don’t simply stick a finger in the air stood in Kalvebod Brygge and was used for fix, and we focus on what specific needs to get a feeling of what we should build bungee jumping. Today, we are building the resident wish to fulfil, both in the for seniors, for families, or for students. all over Copenhagen,” says Jens Kramer short and the long run,” says Jens Kramer NREP acts on a solid background, where Mikkelsen, who continues: we have for example analyzed what Mikkelsen. Village is a large-scale residential project by NREP designed for a mixed group of users, including underserved groups such as divorced, active seniors, seniors and disabled people.

“At the end of the 1990s, it was impossible first properties will be sold at prices which construct parts of Tingbjerg in timber,” says to get a taxi to drive to Sydhavnen in is far below the market value,” says Jens Jens Kramer Mikkelsen who continues: Copenhagen after dark. Today Sydhavnen Kramer Mikkelsen. ”NREP is not ahead just in Denmark, but (South Harbour) is an attractive residential The goal is to retain and attract families also when compared against international area families are moving to, and when the with solid resources to a point where, standards. five new driverless metro stations will open once the 1,000 new domiciles are hopefully Sustainability and affordability are not there in 2024, the area will be even better finished in 2025, the composition of the problems which are only typical of Copen- connected to the rest of the city.” residents in Tingbjerg will have changed so hagen. Many Europeans cities have prob- Tingbjerg and sustainability radically, that Tingbjerg will no longer be lems in granting affordable housing to The unsolved potential was also one of on the list of challenged areas in Denmark. families who just have an average income. the things Jens Kramer Mikkelsen fell in As a starting point NREP will build I am certain that NREP’s concept could be love with when he began the work with affordable, family-friendly terraced houses, extended to other big European cities. For- Tingbjerg. where the schoolteacher, the police eign developers are extremely observant to Tingbjerg is a social-housing area in the officer and the single parent can afford what is going on here in NREP. It is a privi- north-west part of Copenhagen and is listed to live. Also, the houses will preferably be lege to be able to work with NREP, which as one of the Country’s most challenged constructed in timber: constantly works in moving from ambitions residential areas. In collaboration with ”At NREP we are not just talking about sus- to actions.” the Municipality of Copenhagen and the tainability - sustainability is an integrated NREP General Housing Organizations FSB and part of all projects, we engage in. Hence, KAB, NREP will build 1,000 new private it is completely natural to us to choose to www.nrep.com residencies over the coming years. ”I was born 200 meters from Tingbjerg, so to be part of the relaunch of Tingbjerg also means something personal to me. It is a long-term investment, where the target is to do the right thing. We do not wish to sell at the highest possible price, instead we want to be a part of changing the perception of Tingbjerg and in getting families with solid backgrounds and resources into the area. For this reason and in order to make the area attractive, the

Jens Kramer Mikkelsen, admiring one of his many development projects in Copenhagen Improving food and health … for more than 1 billion people every day.

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www.chr-hansen.com Brian Mikkelsen How has 2019 been? Has the do not tally where our members hail from. It will certainly not be a positive one. Busi- The most important aspect is providing ness thrives when trade agreements are in Danish Chamber of Com- them with a great level of service from the place, so the fact that one of our primary merce attracted any new get-go and make sure that they become trade partners is leaving the EU is unfor- members? satisfied members of the Danish Chamber tunate indeed. The big question that re- 2019 has been a great year for the Dan- of Commerce family. mains is under what terms the UK will exit ish Chamber of Commerce. We have been the EU. We actually do not know this yet. very busy which is excellent. In my world, What impact will the fact Boris Johnson obtained a majority in the it is a positive sign when the phones are that Novo Nordisk and No- British Parliament, but a trade agreement ringing off the hook and emails are con- still needs to be reached with the EU, so stantly ticking in, because that means we vozymes are among your unfortunately the possibility of a hard Brex- are in demand. It is terrible when no one new members have? Novo it has not been ruled out. No matter what wants or needs you. We have gotten new Nordisk is one of Denmark’s happens, Brexit has brought about and still members, which is fantastic. We have been brings about long-term uncertainty for the trusted with the secretariat responsibilities largest companies, there- business segment, and that is never a good for four out of the thirteen climate partner- fore it is probably quite thing. Business and trade need predict- ships set up by the government. In short, signi ficant for you, right? ability and a steady framework. Turbulent waters are harder to navigate. I hope that all branches of business and trade are com- I certainly agree that it is significant. Both a clarification is on the horizon, as we need ing together in partnerships who will then companies operate within the area of life to ensure that the least harmful possible submit climate proposals to the govern- science, which is one of the fastest growing result is obtained when the UK exits the EU. ment at the beginning of the coming year. fields. Figures from the Ministry of Industry,

We are obviously pleased to be a part of Business, and Financial Affairs show that this initiative as it is very exciting and im- the life science segment accounts for DKK As you have conquered a lot portant work. 21 billion in tax revenue. It is also respon- of new many companies as

sible for generating 16% - DKK 108 billion members, you must also re- How many new members – of the total export of Danish products. ceive more funding. How do have you conquered, and Moreover, the potential is huge. We were already paying a lot of attention to this you intend to invest this? how many of them came segment; now, the level of attention has The Danish Chamber of Commerce receives from the Confederation of increased even further. more funding, the more members we have Danish Industry? or rather, we receive it in accordance with The answer to your first question is actually What impact is the fact that the number of employees our members a trade secret, so to speak. We are pleased the UK is leaving the EU, have. We are constantly upgrading and in- when we gain members and upset when vesting in our services; this is a necessity they leave us. Luckily, more people have i.e. Brexit, going to have on as we gain more members. Sometimes, we said hello than goodbye to us in 2019. We your members? sign on members from segments in which we do not have a lot of specialists, and then we have to hire people to offer the Are you interested in mem- appropriate services to our new members. bers from any specific fields? There are constantly new aspects to con- Of course, we and a lot of other people see sider, and it is very important to utilize the great potential in the life science segment. resources adequately. The pieces have to We also focus on the digital area. Having fit the puzzle; as the puzzle changes all the said that, I have to stress that we do not time, it is a never-ending task. This is great, give less priority to any areas. All our mem- though, the work never gets boring. bers are important.

What are your plans for You have been at the Danish 2020? Chamber of Commerce for To keep on making sure that the pieces fit more than a year now. How the puzzle as this is the precondition for is it working in the private the Danish Chamber of Commerce to grow even more. sector? It is great! There are a lot of both simi- Are you opening up more of- larities and differences between what I do now and what I used to do. Some things fices in Denmark or abroad? were easier beforehand while others were No, we do not currently have any such harder, and the other way around as well. plans. I can honestly say that I do not miss being in politics at all. I actually thought I might I have been informed that miss it once the campaign for the 2019 Curriculum Vitae you have 15,000 members. elections got underway, as elections are very special and exciting, but it never hap- Brian Mikkelsen What are your plans for the pened. I had a lot of good years in politics; coming three years? I was a minister for several years, had a Education My plan is very simple: I intend to do ev- lot of great experiences and met a lot of erything as well as possible. That is how interesting people. Now, I am at another Cand.scient.pol, Copenhagen you go about attracting more members. stage in my life, where I also have great • University, 1994. When the entire organization of the Dan- experiences and meet competent and in- ish Chamber of Commerce works to ensure spiring people. The common denominator that our members receive value for their is that I have been privileged to be able to Political career money and get great service, then we are contribute positively to the world through retaining current members and ensuring my work in both places. I am a lucky man Member of Parliament for K: 1994- that new members sign on with us. Of indeed. • 2018. course, we have a comprehensive strategy that is far more complex than what I just Do you still keep in touch • Minister of Culture, November 27, outlined, but this is the essence of my plan. 2001 - September 10, 2008. with people from the po- What are your criteria for litical sphere and are you • Minister of Justice, September 10, success? What makes your active in the Conservative 2008 - February 23, 2010. organization so successful? party? Minister of Economic and Business Yes, I do. I often meet with ministers, politi- • My criterion is progress. We cannot be Affairs, 23 February 2010 - 3 cians, and other people from the political satisfied by merely doing well; we have to October 2011. arena. Both professionally and privately. strive to do better all the time. Historians I have a lot of friends and acquaintances will never agree on why the Roman Empire • Minister of Business, November 28, from my years in politics and of course, we collapsed, but one theory is that the empire 2016 - June 21, 2018. still see each other even though I am now started its decline when it stopped expand- CEO of the Danish Chamber of Commerce. ing, i.e. once the Romans stopped desiring I am no longer active in the Conservative Employment progress and instead contented themselves party, though. with defending the status quo. I believe that JOL CEO of The Danish Chamber of it is true that you slip backwards once you • start focusing exclusively on what you al- Commerce June 2018 - ready have achieved. www.danskerhverv.dk

Spotlight on CFOs Are CFOs fulfilling their broad strategic mission? Here are recent Board Director and Chief Executive views By Andras Dobroy Chief executives and boards have long depended on The overarching fact is that in our turbulent the financial acumen and counsel of the Chief Financial era when internet speed, globalization, downsizing, joint ventures, restructuring, Officer. But the role of the CFO has changed dramatically strategic alliances, mergers and industry consolidation have become common place, over the last several years. Expanded responsibilities, financial officers are playing an increasingly coupled with an increased expectation of the CFO’s critical role in decision making at today’s companies. impact on business strategy, have moved the senior The demands placed on today’s CFOs call for financial executives who combine their financial executive into the spotlight. technical competency – amid increasing complexity – with broader experience and greater business perspective. Internally, Ram’s take the CFO has become a key associate not just of the CEO, but of operating managers and on the new functional heads across the organization, as well as, with the board of directors. generation Externally, the CFO has become more involved with important customers and of CFOs suppliers, in addition to shareholders, Wall Street analysts, and institutional investors. “Forget the image

of CFOs as boring Ram Charan, author of four bestsellers bean counters. (Execution, Confronting Reality, The Attacker’s Advantage, and Boards Today’s best shape That Lead), and winner of Best-Teacher Awards at Northwestern and GE. With strategy, earn millions forty years of experience, he is a – and can be worth world-renowned adviser and problem solver to boards and CEOs. He serves billions to a company on six boards. Considered by Fortune Magazine, “The Most Inﬂuential and its shareholders.” Consultant Alive”.

This report is based on the results of a recent survey carried out by our Partner Firm, Kenny Board Consulting, New York, headed by Roger M. Kenny, based on the responses of 265 Board Directors and CEOs. Fresh faces – a new generation of CFOs

Tom Sweet, Dhivya Suryadevara John D. McCallion, EVP, Elaine Paul, Joseph Wolk CFO, Dell CFO, General Motors CFO & Treasurer, MetLife CFO Strategy and Business EVP & CFO, Development, Hulu Johnson & Johnson

Essentially, the CFO’s role has grown from the shareholders as well as to the reporting narrow financial management to broad · Integrity – including candor, chain of command”. Others described the involvement in organizational leadership. honesty, and independence importance of the CFO being “a straight The picture of the ideal CFO that emerges arrow, totally ethical” and as a person of Communication skills – the from our survey indicates that today’s · the “highest integrity… presenting all ability to convey a message financial officers should have more diverse the facts”. experience than ever. We hear with greater that is understandable and A concern for the CFO’s autonomy echoed frequency that financial executives must relevant, linking business among the survey respondents: “I expect the have demonstrated an ability to run a issues, financial data results, CFO to identify problems early and clearly…. business, and have some experience in line and future strategy And to be independent in reporting problems management and/or operations. and issues to the board”. Another director Financial skills They are also expected to have experience · emphasizes “the strength and ability to in dealing with challenging situations, such · Digital skills stand up to the CEO”. as turnaround, restructuring. IPOs, and Sixty-five percent of the respondents men- Strategic vision, and rapidly changing markets and industries. · tioned communication skills among those Directors clearly feel that corporate growth · Positive relationships most highly valued. The CEO and the board strategies in the new millennium are also with financial/investment depend heavily on the CFO “to translate placing a premium on international communities complex financial data into presentations experience. that allow board members to cast informed Joint ventures, mergers and acquisitions, Overwhelmingly, integrity and a capacity votes”. He or she should have the ability to and growing businesses overseas, have for effective communication are the two “relate key data from previous board meet- placed a premium on cross border expertise traits most valued by the CEOs and directors. ings to the current meeting”, and “the and language skill. As we evolve into a Eighty-five percent of the respondents ability to articulate the financial signifi- truly global marketplace and more and referred to issues of character in their cance of what has happened and to discuss more companies expand their business into answers. For instance, one respondent intelligently the financial consequences of international markets, these skills in CFOs states that he expects the CFO to have new courses of action”. are considered, increasingly important. “candor and honesty with the board, with Another respondent shared that effective But let me focus on some key questions and an understanding that he or she has a CFOs have the ability to draw information highlight directors’ responses: direct responsibility to the shareholders – from data, and stories from information. and therefore to their representatives, the Purposeful communication with the CFO Question One directors – regardless of the wishes of the is important, not only for board members From the board’s perspec- CEO or other senior management”. and senior management, but throughout This does not mean that the CFO is not the organization, as well as with outside tive, what are the skills and a team player, but it does mean that the constituencies, especially the banking and qualities you value most “CFO recognizes a direct fiduciary duty to investment communities. highly in a CFO? With regard to financial skills, it is most Question Two Who thinks only about financial matters necessary to “have the full range of and not about what is best for the overall financial capabilities and experience – What skills and qualities enterprise”. There was also a negative accounting, corporate finance, financial are most often lacking in comment on the CFO who “relies solely on planning and analysis, and treasury the CFO? the financial results and doesn’t analyze skills”. Some directors temper their the difficulties encountered by those in the appreciation of technical financial Responses emphasized: operational end of the business”. expertise by expressing concern that the Many directors found limited strategic CFO’s skills go beyond the functional and communication skills a problem as requirements. For instance, “A CFO · Comprehensive knowledge of well. Where a lack of strategic vision is should have broad finance competence as the business concerned, one director notes, “fostering well as strategic vision and understanding · Strategic vision, and operations strength through financial and which transcends the purely financial to fiscal input is hard to find”. Other want include the business and ethical areas. · Communication skills a CFO who has “the ability to anticipate Otherwise, all you have is a controller, a People skills change in the environment…. To see the treasurer, or a tax manager”. · forest, not only the trees”. Twenty percent of the respondents · Independence To our survey participants, poor commu- remarked on the necessity of having a strong nications skills mean that the CFO does Management skills and deep knowledge of the company’s · not interpret information in a relevant way particular business or businesses. About The most common criticism respondents for the board. These leaders theorize the the same number include the ability to be expressed (40 percent) was that CFOs cause of this deficiency as either a lack of a team player - “when to be a coach, as too often have limited knowledge – they ability or because it has not yet become a well as a cop”. are too narrowly focused on the financial priority concern for the CFO. The two other most desired skills or function. One director describes this Based on other comments from the qualities deal with the CFO’s strategic as “the green eyeshade syndrome”. survey, CFOs would be advised to abilities and the importance of positioning Directors want CEOs who will take their cultivate their people skills. One the organization with the firm’s bankers share of the “responsibility for operating director remarked that CFOs lack the and with Wall Street. results”, not someone who is “unable to “ability to work easily with nonfinancial get beyond the number-crunching level…. people”. They are charged with being “too tough on field operations”, by one director, and “unwilling to take on tough people issues”, by another. A Equilibrista 2019 number of respondents mention a lack of independence on the part of the CFO. One respondent was troubled by CFOs “without the backbone to stand up to The Award, “O Equilibris- the CEO when they know that legally, ta”, created by the Instituto morally, or ethically they should”. The Brasileiro de Finanças (IBEF) in 1985, is considered the director pointed out the importance of “Oscar” of the world of the board’s role in ensuring independence financial management. for the CFO. “Of course the board, In 2019, the Trophy was regardless of the Chairman/CEO, has awarded to Viviane Va- the responsibility to create and maintain lente, CFO, Grupo Tigre. an atmosphere where this is not only Heartiest congratulations! possible but clearly expected. This would include providing a mechanism where the CFO can meet these responsibilities by responding to questions, not necessarily by independently approaching the board”. Others note that, in the act of reporting to the board, there isn’t always a “willingness to identify problems on a timely basis”. Roger Kenny is the Managing Partner of Kenny Boardroom Consulting, the trusted advisor to the Chairmen and Directors of many companies. He is a frequent contributor to major business publications and his articles have appeared in The Harvard Business Review, The Business Quarterly, American Banker, The Corporate Board, Directors & Boards, Directors Monthly and The Financial Review. Roger is our partner, coach and mentor in the North America Region.

Roger Kenny, Managing Partner of Kenny leadership perspective. The best CFOs Boardroom Consulting add to the management credibility of the organization-both internally and with important outside publics. The function will continue to evolve as CFOs combine their Other responses mentioned less frequently, Not surprisingly, from a board perspective, financial expertise with deep knowledge of were: the most significant contribution a business and improved management and CFO makes is in the evaluation and people skills. Lack of empathy for board · communications of results – to all Andras Dobroy perspective constituencies, including the CEO, the · Lack of creativity board, management and employees, and the financial community. Forty-four · Inadequate understanding of percent of the directors commented on the digital technology CFOs ability in this regard. · Insufficient knowledge of Wall Individual responses instruct the CFO Street’s perception, and “to be a passionate spokesperson for enhancing shareholder value over time” · Limited management skills and “to communicate to the entire organization that the real success of Question Three an enterprise depends on the ability to continue to add economic value in each What are the most critical operating unit”. roles of the CFO? One director states that the CFO “must be able to highlight the financial consequences Evaluate and communicate Andras Dobroy, · of decisions made by operating managers”. results Managing Director and Co-Founder Another emphasizes the CFO’s role in Manage financial health of “ensuring that the CEO has all the financial · Andras Dobroy is Managing organization information and analysis needed to make sound financial and strategic decisions”. Director and Co-Founder of · Understand and participate in From a board perspective, the CFO should Dobroy & Partners International, strategic planning be the “internal watchdog for unfavorable an Executive Search, Succession · Ensure accuracy of reporting/ financial trends”. Planning, Management compliance with financial and Interestingly, directors depart from Assessment, Board Services, CEOs, however, in one important respect. ethical standards Culture Shaping and related From the board’s perspective, the most Organization Development · Act as business partner/ significant function of the CFO is to inform advisor to the CEO, and – a function mentioned only rarely by CEOs. consulting firm, based in Sao Summing up, the most effective CFOs Paulo, Brazil. Challenge management · have financial expertise coupled with a appropriately www.dobroy.com ARLA FOODS INGREDIENTS S.A. Arla Foods Ingredients is a global company that discov- “Discovering the Wonders of Whey” expresses our essential purpose. It’s our ers and delivers ingredients derived from whey, assist- promise to the world and to our customers that Arla Foods Ingredients can be trusted to work every single day to squeeze better ing the food industry to develop and efficiently process nutrition, greater functionality and higher quality out of whey research, development, more natural, functional and sustainable foods. production and delivery. Everybody knows that proteins are a group and ended as a regular consumption solutions that will enable them to enter the fundamental ingredient for the development product. As a result, niche products moved High Proteins market”. of life but not many of us understand their to mainstream and proteins consumption Michael Eriksson is a fifty-four years old en- true value. For that reason, during the became more and more massive. gineer, married and with two children, who early months of 2018, along with Lindbergh There is another very important driver in has always been into B2B. He holds a suc- International, we decided to develop an this transformation and that is packaging. cessful career in Sales and Marketing area investigation heading for some of Latin Labelling and packing design have proven at multinational companies in various coun- America´s key markets. When it comes to be fundamental at the moment of con- tries in Latin America and Europe, occupying to Brazil, the survey revealed interesting sumption in Brazil: people tend to inves- leadership positions for over 10 years. information for the biggest country in tigate a lot more before making up their His broad multicultural experience makes South America: 44% of the Brazilian people minds to buy. From Arla Foods Ingredients him a good player when it comes to un- surveyed believe that protein is excellent we started selling bulk and nowadays our derstand the business dynamics in both for muscle recovery and 39% grant protein proteins are included in ready-to-eat prod- growth (emerging) markets and mature as an important source of energy. When ucts. Thanks to technological advances, markets. required about the moment of consumption, social media and internet access consum- Arla Foods 48% answered protein is important to lay a ers are more aware of food benefits. Fol- solid foundation in the morning and after lowing this, the survey proved that almost www.arlafoodsingredients.com any kind of physical activity, and a 47% ¾ look at the ingredient list before buy- believe consumption is key in long and busy ing a product for the first time. Nutritional days. For a third of the surveyed customers, value prove to be of the main concerns in an additional 25% of protein was highly Brazilian consumers. In Brazil “whey pro- appreciated if it was included in their bread, tein” is considered most appealing, along yoghurt and dairy drinks. with gelatin. After those interesting findings Arla This fast development has been boosted in foods Ingredients focused on developing the last four or five years when Arla Foods more and more solutions with even more Ingredients as a high quality proteins sup- recipes for products with a higher protein plier became a desired partner for most of content. After strong work and several the largest food companies. developments at our research centers we Michael Eriksson is the Manager Director developed different solutions and a strong at Arla Foods Ingredients S.A. (LATAM) market reaction took place. Brazil market who lately quoted: “we have really high rapidly increased sales in the segment quality standards, we thrive to improve our based on High Protein drinkable yoghurts proteins functionality in our development and stir yoghurts. High proteins became research station and we are always ready the driver of the sale. The high protein to serve our clients with ready-to-use trend was materialized through Hi Pro yoghurts. So we moved from the sports and Michael Eriksson – nutrition segment to health and wellness Managing Director, Arla Foods Ingredients S.A. Argentina 2020 and the challenges of a new cycle Curriculum Vitae Marcelo Caio Bartolini

The current scenario imposes challenges ized solutions across the entire global sup- D’Arco for all companies. In addition to dealing ply chain. with the adversities faced by the country, We are very happy to be part of this mo- • Graduated in Business such as uncertainties regarding the mea- ment of DSV, being now among the five Administration from Universidade sures and economic reforms imposed by largest logistics and transport companies Paulista (UNIP), with an MBA in the Federal Government, which seeks ways in the world and counting with more than Logistics Business Management to modernize the Brazilian industrial sector, 750 employees in Brazil working passion- from the Universidade Federal there is also the instability presented by the ately to deliver excellent experiences to de Campinas (UNICAMP), international market. customers and high quality services, with the executive has been as a In the logistics industry - so sensitive to complete and customized logistics solu- company’s leadership since changing demand across all supply chains tions by sea, air and road. - It is no different. Obstacles require even Certainly, 2020 will be a year of many chal- 2013. With extensive and well- greater resilience and even more efficient lenges, but we are convinced that, as DSV, known knowledge in logistics processes and solutions for cost and re- we can overcome any obstacles and move and management fields, Marcelo source optimization. forward towards our goal: to become a developed his career collaborating In this scenario DSV consolidates its per- global leader fullfiling the customer needs with the main national and formance as one of the world’s leading lo- for transport and logistics services. international companies gistics companies following the integration specialized in the development process with Panalpina. From now on, we Marcelo Caio Bartolini D’Arco of logistics solutions for the most are one team, sharing the same values and DSV Brasil Managing Director the same culture, leveraging the synergies different economic sectors and Industrial. that multiply our ability to deliver custom- www.dsv.com • Among his duties, the executive is responsible for the development and management of all action plans related to the development of business units in maritime, air, logistics and customs clearance products of the company. Marcelo is also ahead of the expansion of new business and all strategies associated with the operational development and financial performance of the DSV in Brazil.

Fibertex Nonwovens Brazil

Fibertex Nonwovens, which is wholly-owned France, Portugal, Spain, China and India. The process makes it possible to produce by the Danish industrial conglomerate Fibertex has more than 1000 employees. materials with better uniformity at high Schouw & Co., acquired in 2018 all activities In February 2018, Fibertex Nonwovens, which speeds and low product weights. The in the Brazilian owned, nonwovens is owned by Danish industrial conglomerate nonwoven fabrics made by this method manufacturer DuPont Cipatex. Fibertex Schouw & Co., acquired the Brazilian have specific properties such as soft Nonwovens thereby obtains a strong nonwovens manufacturer DuPont Cipatex. handle and drapability and are available as foothold in the growing South American Only six months after the acquisition, sales plain material, with embossed pattern or market and progresses substantially to a number of South American customers aperture construction. For special purposes towards a global market leader position as have risen to a level that has made Fibertex we can supply material with isotropic supplier of nonwovens for the automotive Nonwovens expand its production capacity. characteristics. industry. So, in the beginning of 2019, it was invested Nonwovens is a general term for very Let me start this article by stating what DKK 15MM to increase the plant capacity different products: both volume products nonwovens are. Nonwovens are unique, by 20% and also implemented state of the i.a. for separation of layers of earth in the high-tech, engineered fabrics made from art quality control and line management construction industry, and very specialized fibers and which are used across a wide equipment. products for e.g. filtration, acoustics range of applications and products. The acquisition of the Brazilian operation solutions, etc. As an example of a nonwovens Nonwovens are innovative, versatile and was a unique opportunity for establishing application, an average car contains indispensable. Modern life would be quite Fibertex in one of the most important about 30 m2 of advanced nonwovens, literally impossible without them. growth markets in the world, and with and Fibertex Nonwovens has managed Fibertex Nonwovens is a leading the acquisition of the Brazilian operation to capture a market leading position as manufacturer of technical nonwovens, like allowed Fibertex to follow some of our large supplier of materials in everything from nonwovens used in the automotive industry, customers globally. headliners, seats and parcel trays to exterior the furniture industry, construction, The Brazilian market for industrial applications used in wheel housings, motor geotextiles, filtration, acoustics, wipes, nonwovens is the sixth largest in the world insulation, underbody, etc. synthetic laminates and in niche businesses. and accounts for about 120,000 tons a Over the years, Fibertex has journeyed with Fibertex is wholly-owned by Schouw & Co. year, equivalent to about half of the South the customers as they have developed and and is headquartered in Aalborg where the American total market. Fibertex Brazil has grown. And will continue to strive to fully business was founded in 1968. We have a relatively new production platform within understand each individual customer’s production facilities in Denmark, France, the so-called spunlacing technology. The business in order to align with their processes the Czech Republic, Turkey, the USA, South spunlace process uses high-speed jets of and overcome their challenges. The powerful Africa and Brazil as well as sales offices in water to entangle fibres with each other. synergy of global presence and local touch has been the foundation of Fibertex growth over the last 50 years – and will continue to be a key priority into the future. Another curiosity about Fibertex is the well-known logo – the elephant – that was created in the late 1960s in connection with the launch of secondary backing material to the carpet industry. The product portfolio was launched under the name Elephant Back®, and the elephant logo was used to symbolize product characteristics such as the grey color, strength, trustworthiness (and wisdom). Since then, this unique logo has become a well-established part of Fibertex’s corporate identity.

Fibertex Nonwovens headquarter in Cerquilho Curriculum Vitae Carlos Eduardo Benatto

• Brazilian, 39 years old, married, 4 Some of the key business areas tration is being also the initial focus area for children Fibertex attends are: our newly launched nanoﬁber barrier mem- brane technology Summary of Qualiﬁcations

– Fibertex has designed a Acoustics Industrial and Institutional Graduated in Business range of sound absorbing nonwoven prod- • Management, FAAP (’02) with ucts, which offers manufacturers, architects Wipes – By utilizing unique value added and specifiers, advanced acoustic perfor- technologies together with our robust hy- Executive MBA, Katz Graduate mance. Fibertex high-performing acoustic gienic manufacturing protocols, Fibertex School of Business (’13), Attended materials provide the freedom to create op- can provide customized high-performance several executive education timal solutions, by combining noise reduc- wipes that meet todays’ highest cleanliness courses in Innovation, Leadership tion, innovative design, enhanced aesthet- standards, low linting and highest pickup and General Management at ics and optimum comfort. challenges. Fibertex helps the industry to Kellogg School of Management.. enhance the quality, improve productivity and performance of your product to unlock – By innovating together ABINT (Brazilian Association of Automotive unlimited possibilities. • with customers, Fibertex enabled them to Non-woven and Technical Textiles develop and improve automotive parts, us- Industries), Chairman from April ing our superior lightweight, high-perfor- Footwear – Fibertex is in your shoes! 2016. mance nonwovens solutions. Fibertex works Brazil is the 4th largest shoe producer in Professional Experience closely with top-tier manufacturers, and we the World and Fibertex Brazil offers a wide are driven by the ambition to develop the range of products that meets the highest Feb 2018 to date - Fibertex best and most efficient solutions for world standards ranging for athletic to lady shoes, • Nonwovens A/S - Managing markets. Today, we are the trusted and pre- in uppers, liners, counters and box toes. ferred partner, through our dedication to the Director industry. Concrete – With the unique Formtex® • 1999 to 2018 - DuPont do Brasil solution, Fibertex helps owners and contrac- Composites – Fibertex’ solutions for 2014 to 2018 - DuPont Cipatex composites are used to build some of the tors improve concrete durability to extend • (Non Woven Joint Venture), Braz - longest blades for wind turbines, luxury the lifetime of structures and reduce total boats, the fastest cars, trains, planes, and costs. Some of the world’s most spectacu- General Manager Brazil and Board much more. The applications vary greatly lar bridges, harbors and other constructions Member and so do the core benefits. They include have been made by utilizing Formtex® to cost-effective solutions, easy handling, extend their durability. • 2011 to 2014 - DuPont Armura®, peeling etc. Our focus is on manufacturing In conclusion, this is a brief introduction Brazil - General Manager Brazil lighter, stronger, high-performance compos- about our company. Hope you find it ite products in addition to highly efficient interesting. We are delighted in being • 2009 to 2010 - DuPont IPP Business processing. part of the Danish-Brazilian Chamber of Unit (Industrial Protection Commerce and eager to interact with the Products), Brazil - Senior other members. Commercial & Marketing Manager Filtration – In the filtration industry, Fibertex Nonwovens - Latin America we are creating the trusted solutions of tomorrow, today. Together with dedicated www.fibertex.com.br • 2008 - DuPont Mexico and USA partners and customers, we are setting a - New Business Development new standard in innovative filter media. We Manager Latin America - Six Sigma challenge the way filtration is used, opening Champion Latin America, USA, new avenues for a cleaner environment. Fil- Delaware Protecting a powerhouse

Tipped as one of the future industrial enjoyed similar growth. Its coatings sector still is - truly driven by innovation that fully “BRIC” powerhouses of the world, Brazil is now one of the largest in the world embraces modern science and technology. continues to impress in terms of its social with an estimated annual output of over Hempel is one of the fastest growing and economic progression. A 2020 GDP 1.5 billion litres of paint. The booming oil coating companies worldwide and a leader growth prediction of 2.1 percent is enviable & gas, wind and infrastructure projects, in protective and antifouling technology. It in today’s macroeconomic climate. Oil & as well as Latin America’s recent joining enjoys a firm foothold in Brazil and is well gas, both upstream and downstream, is of China’s Belt and Road Initiative (BRI) placed to continue its growth in the region. playing a large part in Brazil’s economy is driving this impressive growth which is Hempel aims to deliver trusted solutions and most commentators agree that its expected to continue this year and beyond. to its customers. But the company offers revenues will soon outstrip those of the The opportunities of the BRI to the Latin more than simply a coating that protects UK and USA. Brazil enjoys ample reserves American region are significant and should against corrosion; Hempel’s teams work and is well set to solidify its position on the not be underestimated. There are already hard to help customers optimise their global stage. Some 40 oil & gas projects large projects in the pipeline which will processes, reduce maintenance costs and are currently in development and poised to improve vital infrastructure across the region. improve their environmental performance. come onstream by 2025. As a consequence, By keeping close to their customers, Brazil is also an important shipping and Hempel staff is able to gather a deep offshore hub with oil flowing down to the Experience is everything understanding of their business and their Brazilian Basin for onward transport to the pain-points. Armed with this knowledge, Worldwide paint and coatings manufacturer rest of the world. The Brazilian Basin itself a fully-rounded solution is developed to Hempel has over 100 years’ experience is home to an increasingly growing number meet the exact needs of each customer. of protecting assets. The company was of offshore installations and platforms that founded in Denmark in 1915 by pioneer are serviced by fleets of offtake tankers. Jørgen Christian Hempel. An entrepreneur These large infrastructure developments Products in practice with a vision to protect man-made structures and their associated services, including from corrosion and fouling, Jørgen Christian A good example is aimed at global shipping, require protection and the Hempel created a company that was – and shipowners, including those who regularly Brazilian paints and coatings industry has trade into Brazil or who operate in the offshore fields of the Brazilian Basin. Hempaguard MaX is a coating used on a ship’s hull to guard against fouling. A fouled hull – caused by a range of organisms latching on to the ship – will slow the vessel down and cause it to use more fuel. Hempaguard MaX is a unique three-coat system that delivers three vitally important operational benefits to shipowners: • Reduced fuel requirements due to lower friction - Hempaguard MaX reduces drag by delivering a smoother hull and so delivers a guaranteed maximum speed loss* of 1.2 percent over five years (according to ISO 19030). • Protection across all marine environ- ments and on all trades - Hempaguard MaX allows full trading flexibility without restriction on water temperature, trading area or trading pattern.

Oil platform Curriculum Vitae Luis Eduardo Wind turbines Bulkowski De Tolosa

PROFESSIONAL EXPERIENCE • The option of sitting idle or slow steaming push forward with new technologies and for months at a time. The enhanced infrastructure in this sector. Hempel offers • General Manager – Hempel - antifouling performance properties of the the full product range required to protect 04/2016 - Actual Hempaguard MaX system make it possible all manner of onshore, offshore and marine Sales Director – South América for the vessel to sit completely idle for up assets and the growing Brazilian team is • to 120 consecutive days, only needing to focusing on boosting sales through creating (Polymers & Fluids)- ITW - 07/2016 - move short distances before it can sit idle and building long-term relationships with 04/2019 for a further 120 days. its many clients. In addition, Hempel is • Director of Comdefesa - investing heavily in training to ensure its Department of Defense Industry These three benefits alone significantly Brazilian team have the skills to advise - FIESP – 02/2014 – 01/2107 widen the operational parameters available customers on the optimum coatings to use to the shipowner and operator, allowing within the varied Brazilian climate. • Marketing & Sales Manager -Latin them to respond to changing market In general, the coatings market remains America - DUPONT DO BRASIL SA - needs while reducing fuel consumption highly competitive, particularly against 04/2003 - 07/2016 and lowering greenhouse gas emissions. a background of rising prices for raw Hempaguard MaX is particularly suited materials and an increasingly unstable ACADEMIC BACKGROUND & to shipowners operating in the warmer political and macro-economic situation. GRADUATION Brazilian waters where fouling is more However, Hempel has the longevity, intense; and in the offshore oil & gas fields experience and product range to operate University of Pittsburgh, Katz where vessels are required to idle and as a truly sustainable company – in all • Graduate School of Business – steam more slowly. senses of the word. It is looking forward to growing its share of the Brazilian market EMBA – (Jul/09) and continuing to support its customers and • Fundação Getúlio Vargas (FGV) Powering ahead colleagues in that regional powerhouse. - Strategic Marketing Process – *Speed loss: If a vessel’s main engine is (Oct/06) At the helm of Hempel’s Brazil office set at a certain power output, it will propel is General Manager Luis Eduardo the ship through the water at a certain • University of São Paulo (USP) Bulkowski De Tolosa. He has more than speed. Over time, fouling accumulation - Vanzolini Foundation – 20 years’ experience across a variety of will increase drag and cause the speed of Specialization in Productivity & relevant sectors including oil & gas, data the ship to reduce even if the main engine Quality - (Aug/02) transmission and energy. As a seasoned power output remains constant. This Specialization in International sales and marketing professional, Luis reduction in speed is termed “speed loss”. • Eduardo is driving forward Hempel’s Trade - Aduaneiras Institute (Jan/00) established presence in the Brazilian oil Tomas Tosco Galloni & gas and infrastructure markets. One of Marketing Manager, Hempel A/S Engineering, Mackenzie the main focus areas is the wind power • Presbyterian University – Materials generation and Hempel is working with Engineering - (Dec/99) the Danish Chamber of Commerce to www.hempel.com.br The Lacoste Group VISION 2 BILLION EUROS One Brand, One Team, One Voice, for The brand achieved a turnover of 2 billion a controlled growth based on opera- euros in 2017. tional excellence, customer satisfac- tion and talent development. 2 PRODUCTS MISSION Two LACOSTE products are sold every second: textile, leather goods, fragrances, Our mission is to make LACOSTE a footwear, linen, sunglasses, watches and casual premium brand embodying underwear, including the iconic Classic Fit elegance such as Frenchness. This Polo. requires a high level of quality and professionalism within areas such 1200 creation, style, manufacturing and retail. LACOSTE products and em- POINTS OF SALE ployees make clients live a unique experience regardless of the distribution network, physical or digital, 120 everywhere in the world. COUNTRIES

19 ONLINE STORES

10600 WHOLESALE POINTS OF SALE

10000 EMPLOYEES 10 000 women and men represent and make live the brand on 4 continents. OUR VALUES

As with our logo & our brand, the following values are central to the community that forms our company. These values are common to all at Lacoste and they afﬁrm our uniqueness.

ACCOUNTABILITY

Understanding its role and its contribution to the community.

COOPERATION

Since its creation, Lacoste has based its success on the qcquisition of talent and expertise.

AUDACITY

Being audacious means having conﬁdence in our future, in the development of our brand and in our community

ATTENTION

Attention to others is the foundation of our common interests and values.

The CEO of Lacoste Brazil is Rachel Maia.

Lacoste

Green Subsidiary Yellow Joint venture Blue Partner www.lacoste.com/br LEGO® Opens the ﬁrst LEGO Certiﬁed Store in Brazil

Good news for LEGO® lovers! The first To celebrate this great moment, a special best brand experience. The key factors certified store in Brazil arrived on December event took place on December 12th and that contribute to this are the passionate to Barra Shopping in Rio de Janeiro (RJ), it was attended by different celebrities staff that is prepared to give the highest and it promises to surprise consumers with including Marco Túlio, the man behind the quality in service to the consumers, the unforgettable experiences and exclusive hit AuthenticGames, one of the biggest gaming experience and the exclusive products. Inside the store, children and YouTube channels and a reference when it products offered. adults are able to interact and learn more comes to Minecraft. Marco is passionate in The operation of this first LEGO Certified about the universe of the famous Danish this universe, like all LEGO® fans are. Store is managed by MCassab, LEGO®’s brand that is a worldwide success. LEGO® stores stand out for having the partner in this new adventure. Both partners are proud of this opening, committed to the quality in service and share a sense of responsibility, seeking to enrich children’s lives and inspire and develop the builders of tomorrow. Following the international standards, the new store has unprecedented attractions such as Digital Box, a digital screen that scans the box of products and shows toys assembled in augmented reality. It is the first LEGO® Store to have this technology in Latin America. Another big news is ‘Pick a Brick’, a self-service wall for LEGO bricks and elements, where customers choose between two sizes of cups to fill with spare pieces of many colors. And for those who love the Minifigures, it will be possible to assemble customized ones. With ´Build a Mini´, consumers will be able to choose the faces, bodies and hairstyles to assemble with the accessories of their preference. The objective of this store is to surpass shoppers’ and consumers’ expectations while promoting the limitless possibilities that the LEGO® System in Play can offer to kids and adults. Leticia Spiller and Stella Ana Flor, Mouhamed Harfouch, Bento

LEGO® and MCassab plan to transform the “For the second year in a row, LEGO®’s 2020 in terms of product innovation. As ten existing LEGO® Monobrand Stores in results have not only been positive but the objective is to reach more kids, the Brazil into Certified ones in a 5-year period have exceeded our expectations. This has company will offer a wider portfolio for of time, and are proud that the first step been possible thanks to the new channel boys, girls and adults. In the first half of was already taken. “For The LEGO Group development strategy that includes a focus the year kids and families who love all is very important to be able to provide a on specialized stores and e-commerce. sorts of vehicles will be able to enjoy the world-class experience in Brazil, because Shoppers and consumers have definitely different products offered, through themes we recognize the huge potential this reacted to the support behind the plans, like LEGO City, Creator, Speed Champions market has to reach more kids. That is that concentrate in the main drive periods and Technic. LEGO will also support movie why LEGO® is bringing innovation and of the toy category like Children’s Day and launches by including in its portfolio 2 new technologies to the retail landscape here in Christmas”, Ivonne adds. licenses: Minions and Trolls. However, the Brazil”, comments Ivonne Olivares, Brazil’s The goal of The LEGO Group for 2032, year two biggest innovations for 2020 will arrive General Manager for LEGO®. in which the company will be 100 years old, to the stores in the second half of the year Rio de Janeiro was chosen as the city to have is to reach 300 million kids worldwide. The and promise to be a huge success. the first LEGO® Certified Store because it opening of this store is proof of the long- LEGO is considered one of the main centers for term strategy that the Danish company has the toy industry and sets the trends for for the Brazilian market. Ivonne concludes, www.legobrasil.com/br the rest of the country. Additionally, it was “Our 2020 objective in Brazil is ambitious, very important to have this store at Barra but we have been working the last 2 years Shopping, one of the malls with the largest to create solid bases for us to be able to flow of people in the area and an iconic achieve our targets. We have a strong place to visit for residents. team with the expertise to develop the The portfolio of the new store features brand in this market and to strengthen the more than 400 products that will surely be relationships not only with our customers, the best sellers of all collectors and lovers but also with our key partners”. of the brand in Rio de Janeiro. Big things are coming for LEGO® in Our approach to projects is founded on extensive experience and a carefully constructed project model Responsible energy solutions for people and planet

As a global, market-leading corporation in erything from LPG filling facilities and LNG the energy industry, MAKEEN Energy is de- bunkering solutions to power plants and Our energy approach termined to play an active role in the sus- facilities that convert plastic waste into oil. Global energy supply is in a period of tainable transformation of the energy mar- We take pride in having co-responsibility funda mental change. Our energy consump- ket. This is why our objective is to develop for our customers’ success – not only for tion clearly needs to be transformed from responsible energy solutions that make a short-term business results, but also for fossil to renewable. difference to people and planet. longterm business transformation. But it is far from easy to drive this neces- We do this by enabling our partners to em- We employ and empower approx. 1,000 sary global transformation while there is brace the energy market of tomorrow, by people across 6 continents and operate in also a growing demand for safe and effi- bridging gaps between present and future over 140 countries. Our global reach, local cient energy – from all four corners of the energy supply and by empowering our peo- presence and decades of experience ensure world. To rise to this challenge, everybody ple to innovate. that we can deliver complete solutions at a involved in global energy supply needs to Our portfolio includes equipment, services level unmatched in our industry. As we say take action and actively develop solutions and spare parts, facility management, en- – wherever you are, we are. that are both innovative and responsible. gineering and project management for ev- As a global, market-leading corporation in the energy industry, we are determined to play an active role in the sustainable Wherever you are, we are transformation of the energy market. This Health and safety is why MAKEEN Energy’s objective is to develop responsible energy solutions that comes first make a difference for people and planet. We do this by enabling our partners to em- We are committed to a safe and healthy brace the energy market of tomorrow, by work environment for everyone in opera- bridging gaps between present and future tions and workplaces we are responsible energy supply and by empowering our peo- for. To name one example, our office in Sri ple to innovate. Lanka became the country’s first company to receive the ISO 45001 : 2018 certification for occupational health and safety in 2018. Values Wherever we work, we follow the local and international requirements for the type of Whether it is the atmosphere in our work- work we do as well as specifications imposed by our customers. places, the products we deliver or the way Facility management means less we conduct our business, we live by the administration, reliable costs and the principle to always do better than yester- Minimising comfort of knowing that your operation day. environmental impact is in the hands of experts

Diverse but united The protection of natural resources, the mit- innovative zeroemission solutions, partici- igation of adverse environmental impacts pating in tree-planting programmes or by With ofﬁces in 19 countries, diversity is one and the enhancement of our surroundings other means, we take action to ensure the of our great strengths. We cherish and take are the foundation of MAKEEN Energy’s long-term health of the world in which we advantage of this fact and often create environmental approach. Whether through work and live. teams that reach across borders and pro- fessions. Every individual in MAKEEN En- ergy is connected by a common corporate culture that emphasises openness, respect and a passion for learning and growth. We encourage free, honest and constructive discussion, which is often how we discover new ways to improve.

Supporting sustainable

practices Be proactive and take ownership Be passionately involved Since January 2018, MAKEEN Energy has been a dedicated supporter of the UN Global Compact. Among other things, this means that we take steps to keep our operations and supply chains free of child labour and forced labour, we oppose bribery and corruption and we provide equal opportunity and pay for everyone regardless of sex, ethnicity, religion, etc.

Quality that exceeds Share your knowledge Understand and help – make others good your customers expectations

A high standard of quality for our products and services is one of our top priorities. We achieve this by focusing on the customer and through the commitment of every individual in our organisation. In MAKEEN En- ergy, we see it as everyone’s right and duty to speak out on potential improvements and risks relating to the quality of what we deliver to our customers. Don't leave anybody behind Put the fish on the table In any sector covered by our business areas, The modular design of our solutions makes them we have the technical expertise to engineer scalable and adaptable to growing future needs the right solutions Common ground Having a nice office was intended to give a Office São Paulo better environment and a better condition How do you successfully unite two teams for both companies to work. Even though we both had nice offices before, the one The office of MAKEEN Energy Brazil was who used to be each other’s greatest competitors? It may surprise you that this has we share today is even better. So it was the first case of Siraga and Kosan Crisplant an improvement for everyone. Just by that joining their offices to work under the not actually been much of a problem for MAKEEN Energy Brazil. For most of us, fact, everybody is more happy and relaxed same roof. How did this work out? to work. In 2016, something magical happened it was a fun challenge to work together in Brazil: the offices of two former com- with our former competitors. Before, when petitors, Siraga and Kosan Crisplant, strategizing about how to approach cus- Building on a merged together to conquer the market tomers and opportunities, we were always as MAKEEN Energy Brazil. Our new of- trying to see how the other was doing from great history fice is located in the heart of eastern São far away. Now, we have the opportunity to Paulo with a privileged location close to open the books from both companies and The office in Brazil has many impressive the main avenues, highways, airports and see the best of the two worlds. In some cas- achievements under its belt. For example, subways. It is a new and modern building es, we used to work in different ways, but Brazil was the place where, in 2009, Kosan with a nice work environment in a quiet not very different. Now, we are merging to Crisplant established the very first Flex- neighbourhood. be something unique. We still sometimes speed plant ever for its main customer in hit a few bumps, but we are always work- Brazil at the time, SHV Gas. The Flexspeed ing to smooth them out. was only a concept at the time, and the equipment was not fully developed, so in a way, they had to ‘build the plane while flying it’ by producing and developing at the same time. There was a strict dead- line of doing it in 6 months, in time for the World LPG Forum, which was held in Rio de Janeiro that year. In that time, they had to install the equipment, make it run, and invite customers from all over the world to see it. When the big event arrived, SHV Gas opened their doors to invite all kinds of customers to see the new Flexspeed, and busses were coming from the exhibition to the filling plant hourly.

Makeen Energy

www.makeenenergy.com

Makeen Energy staff in São Paulo

JOB 3235F - NOVO NORDISK - ANUNCIO SIMPLES MOC - 202 X 266 MM - FINAL.indd 1 14/11/2018 18:17 JOB 3235F - NOVO NORDISK - ANUNCIO SIMPLES MOC - 202 X 266 MM - FINAL.indd 1 14/11/2018 18:17 M&O 10-year anniversary reception in Rio de Janeiro October 2019 M&O is celebrating 10 year anniversary

A decade of supporting Having been founded by Norwegians, it was with one platform for a multi-market only natural to start off with Scandinavian approach for effective market penetration. maritime and offshore maritime and offshore clients looking to This international platform is called M&O come to Brazil. In fact, one of our ﬁrst clients Global. was the Norwegian company Kongsberg, M&O Global is still under development, companies doing business that M&O assisted in developing their own and has so far led to the establishment subsidiary in Brazil. of activities in several new markets. in Brazil Based on a more sustainable approach In addition to the main setup in Brazil, to entering the Brazilian market and by M&O has market presence in Norway, In 2009, M&O Partners was founded in means of a sales team with great technical USA, and Singapore. The goal is to be the Rio de Janeiro, as a part of the Inventure knowledge, M&O Partners grew quickly and international market development partner Management group with the objective to be has worked with more than 80 maritime for suppliers in the global maritime and the preferred partner for foreign maritime and offshore companies over the past 10 offshore xmarkets. and offshore companies wanting to do years. Today, M&O’s portfolio counts about “A lot has changed in 10 years, and surviving business in Brazil. This included conduction of 50 clients from 16 different countries, the crisis and repositioning ourselves in the market research, development of strategies including Danish companies such as Desmi, market is our biggest achievement. Before for the Brazilian market and local company Stenca, Safeex, and Wencon. 2015, it was all about local content and establishment, but most importantly; In 2017, M&O Partners started developing the ship building activities in Brazil were developing opportunities for our clients in a a new concept based on a systematic soaring. This all ended with the crisis, and transparent and ethical manner. methodology, that provides companies we had to come up with a new strategy. We changed focus from CAPEX to OPEX, from shipyards to offshore, drilling and E&P”, says Jan Lomholdt, Managing Director at M&O Brazil. Today, M&O Partners offers a platform of services ranging from business development and management for hire services as a core activity, to accounting, R&D, logistical services, representation and sale support, and strategic partnerships. M&O Partners manages and co-ows companies like ISDB (ex-SINTEF), Ulstein Belga Marine and OSEP (Industrial Base in Macaé).

Norwegian deputy minister of energy Liv Lønnum visiting M&O at OTC Brasil 2019 M&O celebrating its 10-year anniversary

M&O Partners has focused mainly on The reforms that have been made recently “OTC Brasil 2019 was a great opportunity maritime and offshore segments, but have made the market more dynamic for M&O to celebrate this journey, where recently Onshore has been added as a and more diversified. As a result, big we had the chance to bring together our focus area. Brazil offers great investment investments have been made and more international clients and local customers opportunities to explore onshore oil and gas are on the way from main international at our booth.”, says Jan Lomholdt. “We blocks that will be available on a permanent player such as Exxon, Shell and Equinor. had clients coming in from Denmark, Italy, basis through ANP. Furthermore, there are From M&O’s point of view, the future looks Switzerland, the U.S, and the UK to attend opportunities for investment in existing bright for the Brazilian market. the exhibit that turned out to be a positive operations in exploration and productive “The Brazilian market might be complex, sign that the Brazilian market is back on fields owned by independent oil companies. but it remains the place to be for the track, with many business opportunities “We can provide cost effective solutions to offshore industry. As an energy nation, for international offshore companies with a diverse array of management, operational Brazil is also much more than oil. There innovative and more sustainable solutions and technical issues. Specific Onshore are huge opportunities in natural gas and to offer to the energy companies operating Services that we now provide via strategic renewables going forward,” says Erik in Brazil.” or commercial partnerships are: Geology Hannisdal, Managing Partner and Founder M&O Partners and Petrophysical Evaluations, Purchase of M&O. Blocks, Environmental Licensing, Well Site The 10-year anniversary was celebrated Construction, Cost Control Analysis and during OTC Brasil 2019, in Rio de Janeiro. www.mopartners.global Financial Planning, ANP Compliance and Regulations, Rig Rental, and much more,” says Jan Lomholdt. With 10 years of experience and a well- established platform, M&O will now also provide solutions for onshore operators within Market Entry, Pre-operations, Exploration and Production, Field Development & Downstream phases. “In Brazil, the agency ‘Agência Nacional do Petróleo, Gás Natural e Biocombustíveis’ (ANP) has succeeded with its latest auction, the permanent offer of blocks and areas in mature basins, and more licensing rounds will come. It is expected that this will increase the diversity of upstream oil and gas operators present in Brazil, and IOR will be an important success factor for the new players,” says Jan Lomholdt, Managing Director M&O Brazil.

M&O Partners 2019 Nordika is focused on Life Science divided into ﬁve areas, i.e. Consulting, Engineering, Automation, Quality Assurance and Advanced Technologies

Nordika has a long history, and its origin in LATAM. Nordika has 3 legal offices, one in Pharmaceutical Engineering, has named and roots are in Denmark. It all began in Denmark and 2 in Brazil (Sao Paulo, SP and Nordika “Company of the Year” for 6 years 1930 when Novo Nordisk employed its first Montes Claros, MG) with a total number in a row, from 2014 until 2019. All these engineers. Later, it became independent as of around 80 highly educated employees, awards won by Nordika are a consequence “Novo Nordisk Engineering - NNE A/S”. In each specialized within their business of our strong QMS (Quality Management the year 2007, as a part of the strategy to area. Around half of the employees spend System), and a strong project execution become global, NNE acquired the German most of their time located at the clients model, both developed based on many pharmaceutical engineering company for longer or shorter periods, for executing years of experience with international Pharmaplan from Fresenius Group. In projects or other specific tasks. pharmaceutical projects. The project model 2013, the global strategy was changed In 2016 and 2018 (Nordika did not attend in is based on the PMI model (PMBOK). and the LATAM operation was acquired by 2017), Nordika won the Sindusfarma Award Nordika’s QMS system was in 2015 certified Nordika. Nordika is Danish-owned and the for “Best supplier of installations and by Lloyd as the first in the world to comply continuation of NNE Pharmaplan in LATAM. project execution”. And the Brazil Affiliate with the new ISO 9001:2015 standard. Today, Nordika as a partner represents NNE of ISPE, the International Society for Nordika has never received a major remark in a Lloyd audit and has just been recertified in 2019. The values of Nordika cover Constant Care, Humbleness, Uprightness, Our Employees and Our name, illustrating the mission “For the good of all, perform our utmost to the world of pharmaceutical engineering”. Our company culture is our foundation which enables us to deliver the best services to our customers and to be a great workplace for our employees. The Nordika competences attend high level knowledge Life Science segments including pharmaceuticals, biotechnologies, food & Beverage, veterinary, cosmetics and recently also energy. Within green energy, the Nordika Engineering business unit has been working since the beginning of 2019 on the design of a facility to produce lithium-sulphur LiS batteries. The technology has been developed in the company, Nordika has been involved in by conducting seminars inside customer United Kingdom by Oxis energy, and a performing several high-level assessments companies, on our website, and social partnership with the Brazilian government for executive management, developing platforms like LinkedIn. Knowledge is for a large scale manufacturing facility board reports to support business shared mainly by Webinars and also on our has begun. LiS is a new standard of strategies and/or acquisitions. Nordika YouTube channel, covering the main topics batteries that will revolutionize the future Advanced Technology business Unit works linkage of Life Science segment such as of green transport, as it has less weight together with one of our partners, Asahi “Supplier Qualification”, “Industry 4.0”, and holds around five times the capacity Kasei Bioprocess in representing services, “Best Practices of Life Science Projects”, of the currently used batteries in electric products and equipment for virus removal “Data Integrity”, “Product Life Cycle” and transportation. This project was awarded by filtration and inline buffer dilution. other relevant subjects. This is prioritized to Nordika as the customers need expert Nordika believes that being the best as we believe in sharing knowledge and knowledge about very special classified requires continuously hard work, but there to educate ourselves and our clients in areas, lean production in a very high- is no sense in not striving to be the best order to be able to constantly obtain new tech production, and with high level of in what we do. The aim is to not overdo knowledge. We believe that training is the automation. This is specialized knowledge and not underdo, but to give the client the key to continue to execute and deliver high that Nordika can provide based on its right project with a high level of quality in quality. many years of experience working in the the engineering design. To ensure the client To ensure compliance with all ethic, good pharmaceutical market. gets the best productivity/investment, financial and accounting principles in Nordika has executed many big projects and that he can execute his project with a market. In Nordika, all these critical for the past 5 years and ongoing. Among a minimum of risk, on time and budget. business tasks have firm measures and are them are designs for all the main mAbs Softwares like REVIT, BIM and other 3D constantly audited internally and by third facilities in Brazil (Libbs, Orygen, Butantan object tools are tools that ensure a reduced parties. We always aim to be able to prove and Bionovis); conceptual design for project cost and a significantly increased who we claim we are. Nordika’s employees large size green field pharmaceuticals site accuracy on calculating the project cost. are always focused on the highest standards (Eurofarma, Biolab, Orygen), several large Furthermore, it reduces the risk of changes for good business ethics, eminent service EPCM projects within food and beverage to orders and delays from the suppliers and always want to perform their best. (Rousselout, Citrosuco and Coca-Cola); during the construction. In Nordika, the For without the excellent staff we have Automation Business Unit executing use of BIM and 3D is mandatory as well as at Nordika, Nordika would not exist. The services providing solutions within pharma a sustainability review of the project, so as company has and will always aim at having batches, production automation, consulting to ensure the client is presented with the the best employees within our field. and IMT (Index of maturity technology). best options for a green facility. Nordika is partners with Siemens, Rockwell, In 2019, Nordika launched “Nordika Acade- Nordika MIR (Danish) and Universal Robots my” to share knowledge in a different way www.nordika.dk (Danish), and several others providing solutions in automation and Industry 4.0; Validation Business Unit offering services covering a lot of pharmaceutical customers mainly for VSC. As an external consulting From left to right: Nicolai Prytz, Danish Ambassador to Brazil, Rogério Zampronha, Vestas President for LATAM South; Camilo de Santana, Governor of Ceará and Jean-Marc Lechene, Chief Operating Officer (COO) Vestas inaugurates new factory in Brazil After more than 14 months of relentless well, quickly becoming a key region for the The Chief Operating Officer at Vestas, work, Vestas Brazil cut the ribbon of its development of our business”, he added. Jean-Marc Lechene also underlined new factory in Aquiraz, Ceará, last Tuesday The company announced the expansion the importance of the trust placed in 12 November. of its manufacturing capacity to produce Vestas by its customers in Brazil: “Vestas The new factory will generate 200 direct jobs the V150-4.2MW in Ceará in October 2018. understands that our customers have a and 1,000 indirect jobs in the region, plus Since then, Vestas has sold over 2.6 GW in wide choice of potential partners. That is 600 additional positions at other suppliers’ orders for this model. why we strive every day to be innovative facilities in several states of Brazil. “Brazil’s transition towards a more and competitive. This means to focus on The inauguration event was attended by sustainable energy mix is irreversible. the same factors that have taken us where the Danish Ambassador to Brazil, Nicolai In this journey, Ceará has been a proud we are today: safety, product quality, Prytz, the Governor of Ceará, Camilo pioneer. Today we are also happy to host on-time delivery and, of course, a cost- Santana, and representatives of our main a new Vestas factory, which is a very competitive machine”. partners in the country. The new plant important investment for our economy Vestas currently has over 1.5 GW of installed will produce V150-4.2MW wind turbines, and our future. The plant also symbolises capacity in Brazil, which corresponds to opening the way for the expansion of the strong partnership between Ceará approximately 750 turbines. In addition Vestas 4 MW platform in the country and and Denmark, which is a reference in the to the manufacturing set-up in Aquiraz, in Latin America. renewable energy industry”, said Governor Vestas also holds a Service Center in “This is a memorable day, as it caps the of Ceará, Camilo Santana. Natal, Rio Grande do Norte, as well as an joint efforts of hundreds of people. The Danish Ambassador to Brazil, Nicolai administrative office in São Paulo for our factory will be key to consolidate Vestas’ Prytz highlighted Denmark’s contribution Sales, Construction and Service functions. leadership in the Brazilian market over to the development of the wind industry. the coming years. This investment also “Denmark has been one of the main About Vestas reinforces our commitment to Brazil and to promoters of wind power not only in our make wind power the mainstream energy society, but all over the world. We are glad Vestas is the energy industry’s global source in the world”, said Vestas President that our experience and our expertise can partner on sustainable energy solutions. for LATAM South, Rogério Zampronha. now contribute to the development of The company designs, manufactures, “Ceará was the best place to locate our wind energy in Brazil”, he said during the installs, and services wind turbines across factory. The State has received us very inauguration ceremony. the globe, and with 108 GW of wind turbines in 80 countries, it has installed more wind power than anyone else. Through its industry-leading smart data capabilities and unparalleled 90 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in- class wind power solutions. Together with our customers, Vestas’ more than 25,000 employees are bringing the world sustainable energy solutions to power a bright future. Vestas

www.vestas.com

Vestas Group President and CEO Henrik Andersen visits Sao Paulo

Brazil is currently one of our most I had the exciting markets. As the leading wind turbine pleasure of meeting some of “manufacturer in the country, we’ve seen how “ our main clients the success of our technology – particularly and partners, who

with the V150-4.2 MW turbine, produced have put their

faith in us and in here locally – can make a difference. Our new “ our outstanding

factory in Ceará will help Brazil achieve its technology. renewable energy goals and create They have high

hundreds of new green jobs. expectations for us, and I’m sure we “ have the right team and expertise to meet them.

Vestas Group President and CEO, Henrik Andersen, spoke to partners, clients and employees in Brazil during his first official visit to the country, as he continues his tour of Vestas’ global markets. Viking Life Saving - Lifeboat facility in Rio Bonito VIKING Brazil prepares for the future While Vikings are usually associated with VIKING Life-saving Equipment A/S (VIKING) Its mission to save lives at sea is not one Scandinavian folklore, the arrival of the is a world leader in the maritime safety and to be taken lightly. Under the watchful eye Danish company, VIKING, in Brazil ten firefighting market. Established in 1960 of the International Maritime Organization years ago was a natural progression. With and headquartered in Esbjerg, Denmark, (IMO) and its globally recognized guiding a heritage story spanning 60 years, the the company employs more than 3000 convention, Safety of Life at Sea (SOLAS), company has firmly planted itself in Brazil, people worldwide, has eight manufacturing all equipment needs to be designed, helping to meet the maritime safety and facilities in six countries, three safety training produced, tested, and maintained training needs of shipowners arriving at academies and 82 branch offices all over the according to the highest standards. Brazilian ports. As business booms in Brazil, globe. These days, VIKING has a presence in VIKING’s equipment can be seen on cruise VIKING lays out its plans for the long haul. the most significant ports of the world. ships, ferries and shipping vessels globally and since its inception, has saved more than 4,000 human lives.

Humble beginnings

The first life-saving equipment developed by VIKING was an inflatable rubber life raft for rescuing crew and passengers from sinking vessels. Today, the liferaft remains its core product. While for some, riding the success of one good product may be enough, VIKING has continued to develop its range of life-saving equipment, including lifejackets, life buoys and immersion suits. It also manufactures high- quality firefighting suits that are used by the fire departments of several major cities worldwide.

Viking Life Saving - Liferafts service station in Santos Going from strength workforce of about 50 people are being infrastructure for developing new fields. employed by VIKING in Brazil. The The boom will certainly benefit shipowners to strength integration will result in the liferaft servicing of various types of vessels, including station in São Gonçalo being transferred to drilling rigs, subsea construction, supply, Throughout the years, VIKING has acquired the current facilities of the former Norsafe and floating, production, storage and a few companies, contributing to its growth in Rio Bonito RJ, which is a city located offloading (FPSOs). All of these units will and repertoire. In 2018, the acquisition about 70 kilometers from downtown Rio, need life-saving equipment on board, of Norsafe helped to increase VIKING´s close to Macaé, which is the hub where creating increased demand and greater presence in the life-saving equipment many companies with business in the Oil business opportunities for VIKING in Brazil. sector. Norsafe is a well-known Norwegian and Gas sector have operating facilities. Brazil is the biggest FPSOs market in company with extensive experience in Existing and prospective VIKING customers the world with 45 units in operation. manufacturing life and rescue boats. can expect to benefit from the synergies Additionally, there are currently eight The most recent acquisition was in December of both companies operating in the same FPSOs under construction and 12 new ones 2019 when Drew Marine’s Fire Safety and location. In 2020, VIKING is investing in the to be awarded in the next two years. Rescue (FSR) division joined forces with improvement of the facilities in Rio Bonito, VIKING. This acquisition strengthened as well as in training its technicians. the company’s capabilities in the Marine The future in Brazil Firefighting Services (MFS) realm. Offshore oil and gas looks bright VIKING arrives on take center stage In addition to the flourishing offshore oil and gas market, VIKING Brazil has Brazilian shores After a quiet period globally in the offshore a significant presence with cargo and oil and gas industry, Brazil is now taking container vessel shipowners, who are In 2009, VIKING Brazil set up its head office center stage, being one of the last frontiers operating their vessels as cabotage along in downtown Rio de Janeiro. Its arrival in for new giant oil and gas deep water the coast of Brazil. VIKING has also built the country meant that shipowners could offshore fields. strong relationships with international be served in most of the locations along The pre-salt deep water oil fields found off shipping companies stopping in Brazilian the Brazilian coast. VIKING’s presence in the Brazilian coast are considered amongst ports. As 2020 lies ahead, the future Brazil consists also of two liferaft servicing the most productive basins in the world. looks promising for VIKING’s Brazil-based stations based in Sao Gonçalo RJ and Some pre-salt fields in the Santos basin, for operations. Santos SP. There are also two certified example, produce around 50,000 barrels of Viking Life-Saving Equipment servicing stations, one located in Recife PB oil per day, in a single subsea well. This high and another in Itajai SC. oil production from pre-salt deep water oil With the Norsafe acquisition, a total fields lowers the need for investment in the www.viking-life.com The iconic Hibiya Park fountain where The Danish Pavilion will be located during the 2020 Tokyo Olympics The Danish Pavilion Sustainable promotion of Denmark An architecturally designed The pavilion enables Danish companies world how solutions to the global climate and organizations to sow the preliminary problems present a huge business potential pavilion built with recycled seeds for new relationships with potential – the greater the challenge, the greater the business partners through meet-and- potential,” says Anders Lendager, CEO of materials sets the scene greets, activities and events, whereby Lendager Group. spectators and participants get the The concept of the pavilion is designed by for export promotion and opportunity to see what Denmark really award-winning architectural firm, Lendager has to offer: Group, which main focus is sustainable cultural encounters when “The Olympic Games are much more than structures and city development. Lead by merely sport. The Olympic Games are the founder and CEO, Anders Lendager, the Denmark is displayed in world’s biggest showcase, which attracts firm has worked with the implementation Tokyo during the 2020 international media, decision-makers and of upcycle materials, resource efficiency visitors from around the world. When the and circular economy since it was founded Olympics. attention is focused on Tokyo next summer, in 2011 – All ideas, which helped create the we will display some of the best of what concept of the pavilion. Denmark has to offer,” says Jan Olsen, CEO The Danish Pavilion will be composed of When the whole world’s attention is directed of VisitDenmark. around 4000 specially designed chairs to Tokyo in 2020, Denmark will enjoy unique With an estimated 1 million visitors and made from recycled plastic, as well exposure. In the heart of Tokyo, a spectacular 20-25.000 journalists visiting Tokyo during as wood from Fukushima will be used Danish pavilion will be erected with the aim the 2020 Olympics, The Danish Pavilion is when constructing the pavilion. Hereby, of presenting the best Denmark has to offer, expected to have between 8.000-10.000 Lendager Group has sought to incorporate reaching out to the world press, business- daily visitors during the events. sustainability wherever possible in the to-business contacts and the many visitors development process. to the Olympic Games. A Pavilion of Sustainability Following the events of the Olympics, the Denmark has been granted unique pavilion will be disassembled, and parts given or auctioned away leaving the pa- permission to use Tokyo’s Hibiya Park as a In line with an increasing demand for vilion with a viable and sustainable legacy, platform for a major Denmark promotion sustainable solutions within almost every and thereby accommodating the problem during the Olympic Games. The Denmark industry, the pavilion itself will work as a regarding the environmental and societal promotion is hosted by the official Danish practical example of how sustainability and impacts big events like the Olympic Games, tourism organization, VisitDenmark, in creativity can make way for new business inevitably, will have. cooperation with the Danish Ministry of potential: Visit Denmark Industry, Business and Financial Affairs and “Denmark is a pioneer within sustainability several project partners. and circular economy, and the pavilion will showcase exactly that. We aim to show the www.visitdenmark.com The Danish Pavilion in Hibiya Park during the 2020 Olympics

One out of the 4000 chairs used to build The Danish Pavilion

The Danish Pavilion in Hibiya Park during the 2020 Olympics (From inside the pavilion) The chairs used to construct The Danish Pavilion (stacked) Danish Christmas Luncheon attracts more than 100 people

The Danish Christmas Luncheon was a huge success with more than a hundred participants who enjoyed the Scandinavian atmosphere with traditional food and drinks. Paul Thomsen was the Christmas Luncheon toastmaster and we sang a lot of drinking songs as well as Christmas songs. We played bingo, and a lot of people won a gift from Lego, Maersk, and Nilﬁsk, Lars V. Falbe- Hansen, Jens Olesen and Caio Gudmon who gave a special cachaca. The main prize was a Nilﬁsk vacuum cleaner. The luncheon lasted nearly till 6 pm; everybody had a tremen- dous time and old friendships were renewed again. This Christmas Party is very important for the Danish community, for Danish networking, connections, and contacts. Vera Jacobsen served delicious food; everybody was happy about it. JOL

The European Affairs Committee of the Danish Parliament visits Sao Paulo

th On November 18 , the European Affairs committee Eva Kjer Hansen was very open Danish EU Parliamentary Committee with executives from the Danish-Brazilian Chamber of Commerce Committee of the Danish Parliament visited to listen and discuss, and always presented Sao Paulo and had dinner with a lively dis- herself in a positive way which made the cussion with some members of the Danish- evening very interesting and informative. Brazilian Chamber of Commerce. At the same time, the business leaders The new EU-Mercosur agreement was told important things about Brazil so the discussed and 7 business leaders from members of the committee understood Danish companies in Brazil gave a brief Brazil and what is going on a bit better. presentation about what is going on in I believe this event was very interesting Brazil today economically and politically, for the participants and the food and wine and talked about the future. were delicious. Let’s hope the members The discussion became very colorful since of the European Affairs Committee of the many members of the European Affairs Danish Parliament go back with a more Committee of the Danish Parliament positive view of Brazil. Brazil is a country doesn’t know much about Latin America full of opportunities but it also has a lot of and do not hear very much about the challenges. region. I must admit the Chairperson of the JOL Danish EU Parliamentary Committee with executives from the Danish-Brazilian Chamber of Commerce Knut Ovrebo-Odfjell, husband of Leticia Linton

Norwegian holds a fantastic jewelry exhibition in the “Fritz Hansen Showroom” Mrs. Leticia Linton, wife of Knut Ovrebo- Odfjell, made an exhibition with high-class jewelry which was most impressive and showcased her talent as a jewelry designer. More than 50 people attended the exhibit which was followed by a Scandinavian dinner with wine, beer and snaps. To be per- fectly frank, it was a very happy evening which everybody enjoyed tremendously. The next event in the Fritz Hansen Show- room will be put on by Sweden, taking place in March/ April of 2020. JOL

Leticia Linton, a great jewel designer

João Câmara exhibits at Museum Afro Brasil The famous João Câmara from Pernambuco exhibits more than 100 pictures from his collection that illustrates Brazil from 1970 – 1980. The inauguration was a great success with more than 1000 people attending and with a very good press covering from the mayor tv-channels and the newspapers Estadao and Folha. João Câmara is a very good friend of Denmark and has exhibited 3 times in Denmark at Charlottenborg, Arken and not least showing his graphic work throughout Danish schools around the country. Most importantly he helped us make the Albert Eckhout exhibition a reality in 2002 where we exhibited Albert Eckhout in Recife with 15.000 people attending the inauguration together with H.R.H. Crown Prince Frederik. More than 1.3 million saw Emanuel Araújo, director the Albert Eckhout exhibition in Recife, of Museu Afro Brasil Brasilia, Sao Paulo and Rio de Janeiro. The Albert Eckhout exhibition was honored as the best exhibition in Brazil in the decade 2000. The proud sponsors of the exhibition were Ambro Bank and many Danish companies. This was the ﬁrst time for 300 years that Albert Eckhout returned to Brazil in 2002. Thank you João Câmara! You really helped Denmark with a signiﬁcant accomplish- ment for Danish Brazilian culture. João Câmara and Jens Olesen JOL

Lawrence, Trompetista, usuário de WIDEX BEYOND™

A VIDA SEM LIMITES Com o aparelho auditivo BEYOND™ da Widex, você poderá aproveitar o melhor que a vida tem para lhe oferecer. Nenhuma solução auditiva feita para iPhone proporciona um som tão bom. E nenhum outro aparelho oferece as mesmas possibilidades de conexão com o mundo ao seu redor. WIDEX BEYOND™ permite a você experimentar o som da forma que mais gosta.

Widex e WIDEX BEYOND são marcas APARELHOS AUDITIVOS registradas da Widex A/S. BEYOND: Registro ANVISA: 10332480087. widex.com.br A Apple e o logo da Apple são marcas registradas de widexdobrasil Apple Inc., registrada nos EUA e em outros países. App Store é uma marca de serviço de Apple Inc. Ramboll makes a unique presentation to the Danish-Brazilian Chamber of Commerce

The Ramboll Brazil with general manager many questions and a lively discussion Eugenio Singer and Transport Market about Brazil and the infrastructure. Director of Rambøll Asger Knudsen made Eugenio Singer and Asger Knudsen were a an impressive presentation to the Danish- great team and showed their unique work Brazilian Chamber of Commerce. More worldwide and all the possibilities in Brazil. than 40 people participated and the We wish Eugenio Singer all the best of luck presentation was about Ramboll’s actives and hopefully he and Ramboll will be very and platforms around the world. It was successful in Brazil. very interesting and impressive. The Danish-Brazilian Chamber of Commerce Brazil is an interesting market when it would like to invite Asger Knudsen again in comes to infrastructure platforms and the future to make another presentation. there is a huge demand for improvements and many possibilities that could lead JOL Ramboll to growth in Brazil. The meeting was positive, extremely active and with www.ramboll.com

Octavio de Barros gives speech on the “economy” at the Chamber

Octavio de Barros, a very well-known economist in Brazil and former chief economist for Brades- co Bank, gave an impressive presentation on the economy seen in a global, regional and local context. Barros is still positive about the future in Brazil, even though he is critical of President Jair Bolsonaro and the Minister of Finance Paulo Guedes. The situation is not easy at the moment but Octavio de Barros predicts it will get better in the future. All the participants were very impressed and learned a lot of new information. Thank you, Octavio, you have once again made a valuable contribution to the Chamber! JOL Uma vida melhor_ A Coloplast é uma empresa líder global no desenvolvimento de produtos e serviços que tornam mais fácil a vida de pessoas com necessidades íntimas de saúde. Trabalhamos incansavelmente para que nossos usuários tenham uma vida melhor. Danish Business Investment Seminar 2019 Program was a success Ricardo S. Russo, Partner Pinheiro Neto Advogados

The Danish Business Investment Seminar 2019 ‘The Brazilian Economy 2019 and predictions for 2020’ was attended by over 50 people. Here is the Ana Paula Vescovi, Chief Economist, Banco Santander program for the seminar Ivonne Olivares, General Manager, Lego Luiz Eringer, President, WS Audiology Robert Otto Eisenbraun, Vice President Sales & Marketing Latin America, Foss Brazil Pedro Eduardo Bortoli, Saxo Bank Antonio Dominguez, General Manager, Maersk Carolina Cardoso, Marketing Director, GNHearing Renato Silveira Majarão, General Manager, Danfoss

I believe the participants learned a lot about the economy, investment climate and the Danish companies: Lego, Danfoss, Foss, Maersk, GNHearing, Saxo Bank and WS Au- diology. The Danish Business Investment Seminar 2019 ended with networking and a Scandinavian lunch that everybody enjoyed.

The Chamber makes a seminar about the Brazilian taxation More than 40 people attended the taxation seminar conducted by the tax expert from Novo Nordisk Alexandre Presswell Sando- val and the tax lawyer Daniel Andrade from Terciotti, Andrade, Gomes, Donato Advo- gados. It was a most interesting and very relevant seminar about the complexity of the taxation system in Brazil. The Brazilian taxation system is very complicated and hopefully it will be less bureaucratic in the near future. As we all know Danish companies’ tax hours in Brazil are the highest in the world and imposes companies with high cost, insufﬁcient, and many times lack of declarations. Obviously, we are all concerned about this tax jungle which is impossible to always understand. Both tax experts were very optimistic and saw a brighter future regarding a new tax system. We can only hope for a much better future and a less complex and bureaucratic tax system. We must repeat this tax seminar in the near future, it’s a very interesting subject for our members. Thank you, Alex- andre and Daniel, for a great presentation. JOL A Dinarmarca Real Escaneie aqui... E experiencie mais da Dinamarca

BEM-VINDO á Dinamarca - nosso pequeno e moderno país, rico em sua tradição, história, herança e cultura VisitDenmark.com Relevant Aspects of the Law on Economic Freedom – Law 13.874/19 On September 20, 2019, Law No. 13,874, is the possibility of having a single share- identity and it expressly provides for the re- the Law on Economic Freedom, was en- holder in a limited liability company, the verse disregard. It praises asset autonomy acted by conversion of Provisional Measure “sociedade limitada”, or simply “Limitada” of legal entities as a lawful instrument of No. 881 of April 30, 2019, establishing the or “Ltda.”. The statement of reasons of PM risk allocation and segregation and empha- Declaration of Economic Freedom Rights 881 declares the intention to end the prac- sizes the distinction between the legal enti- and amending or revoking several provi- tice of inclusion of a second shareholder ty and its shareholders, members, founders sions of Brazilian Law. The Law establishes in the Ltda. with a minimum participation and officers. Before the Law was enacted, rules for the protection of free enterprise only to comply with the legal requirement the Civil Code already established that the and market freedom and provides for the of plurality of members. Thus, the Law has legal entity would be disregarded in case Government’s role as a normative and reg- introduced the single-member limited lia- of its abuse by officers and/or sharehold- ulatory agent. Its purpose is to provide a bility company in the Brazilian legal system ers, characterized by misuse of purpose or higher degree of legal certainty to business in form of the “single-member Ltda.” (“so- confusion of assets, leading those to be activity, fostering changes in several fields ciedade limitada unipessoal”) following a held liable for the company´s obligations. of law, among which we highlight those of world trend that has been well-established However, there was no legal definition as a corporate, civil, contractual and tax na- for decades in other countries. It should be to what characterizes misuse of purpose ture. One of the welcome news of the Law mentioned that a few years back, the “EIRE- or confusion of assets. Although such con- LI” – individually owned limited liability cepts were defined by the legal doctrine company, had already been introduced in and jurisprudence over time, the lack of a Brazil. The EIRELI also provides for a single legal definition eventually led sharehold- shareholder who owns the entire corporate ers and officers of a legal entity that had capital and it is also subject to the rules nothing to do with the abusive act to be of the limited liability company. However, held liable for it. The new wording under the EIRELI requires a minimum capital of at the Law establishes that the disregard of least 100 minimum wages to be paid-in at a legal entity shall only affect the private the time of incorporation and, moreover, assets of the officers and shareholders its owner may not incorporate more than that directly or indirectly benefitted from one EIRELI. With the present availability the abuse. Furthermore, the concepts of of the single-member Ltda., the EIRELI will misuse of purpose and confusion of assets probably fall into disuse, since the single- were defined, providing a higher degree member Ltda. requires no minimum of legal certainty and allowing a uniform capital, is not subject to a term for treatment by the courts. It was established paying-in the corporate capital and that the mere existence of an economic allows the same shareholder to in- group does not allow the disregard of the corporate an unlimited number of legal entity. However, it should be noted companies. On top of that, the Law that these rules do not necessarily apply has introduced important provisions to specific contingencies, such as those on as to the cases of disregard of legal a labor and on a consumer sphere. More- over, the Law contains important changes remedy of loopholes and the integration of authorized to waive appeals, has been sig- concerning the interpretation of business legal transactions different from those pro- nificantly expanded. agreements, which shall observe primarily vided for by law. It has introduced the prin- Andreas Robert Beyersdorf renders legal what has agreed upon by the parties (pacta ciple of minimum intervention in contracts consulting and assistance to foreign inves- sunt servanda). It has introduced objective and contract review as an exceptional mea- tors in Brazil for over 25 years, as an associ- criteria that tend to strengthen the exercise sure. The presumption of equality in civil ate with international law firms and finan- of contractual autonomy. According to the and business contracts was established cial institutions with a focus on mergers Law, the interpretation of the agreement and it was set forth that the risk allocation & acquisitions, corporate law, commercial shall consider the meaning: (i) is confirmed defined by the parties must be respected contracts, banking & finance and capital by the behavior of the parties after the and observed. On a tax sphere, the Law has markets. He is a graduate from the Univer- conclusion of the deal or transaction; (ii) provided for the creation of a committee sity of São Paulo (USP) Law School, hold- corresponds to usages, customs and mar- that will issue summary statements of the ing an LL.B. in Business Law. Andreas is a ket practices related to the type of busi- federal tax administration. The committee member of the Brazilian Bar Association ness; (iii) corresponds to good faith; (iv) is will be composed of members of the Ad- and of the São Paulo Lawyers Association more beneficial to the non-drafting party ministrative Tax Appeals Council (CARF), and a former member of the German Junior if identifiable; and (v) corresponds to what of the Brazilian Federal Revenue Office of Chamber of Industry and Commerce in São would be the reasonable negotiation of the the Ministry of Economy (RFB/ME) and of Paulo. He has served as Secretary of the parties on the issue discussed. As a result the National Treasury Attorney General’s Board of Directors for Brazil of the World of the Law, the administration of business Office (PGFN). These summary statements Wildlife Fund – WWF International and of contracts gains paramount relevance for shall be observed by these public bod- the Brazilian-German Legal Studies Society companies, since repeated and continuous ies in the practice of their administrative, – SEJUBRA. He is a native speaker of Portu- non-compliance with a contractual provi- normative and decision-making acts. In ad- guese and is fluent in German and English. sion may lead that provision to lose effec- dition, the list of hypotheses in which the tiveness and enforceability. On the other National Treasury Attorney General’s Office Andreas Robert Beyersdorf hand, the Law allows the parties to freely is exempt from contesting, offering coun- establish rules for the interpretation, the terarguments and filing appeals, as well as www.pnst.com.br The Needed Brazilian Tax Reform Being the 8th largest economy in the The various taxes and legislation lead mainly to 4 (four) major problems: world, Brazil has several interesting reasons to encourage investors in the country, given its diversified economy with solid national and multinational companies in numerous areas such: commodities, agricultural, industrial and service sectors. On the other hand, companies have been facing many challenges due to regulatory, tax and labour complexities, which lead to a considerable amount of bureaucracy and a strong regulation in most of the sectors of the economy. In this respect, taxation is one of the Experts have always criticized the There is also an ever-changing legislation, biggest challenges faced by corporations current set up and have suggested that which affects business plans and increases and for that reason Tax Reform has been a Tax Reform was necessary. However, no risks on contingent liabilities, potentially on the spotlight for a long time. Brazilian proposal was actually taken into action in blocking the success or demanding an tax system is ruled by the 1988 Federal the past years by the National Congress. exhausting effort to maintain the business Constitution, by the 1966 National Tax This scenario changed last year, after running. For instance, a multinational Code and by countless specific rulings, presidential elections. This is due to the decided to cease its activities in Brazil, actually, since 1988 there has been issued fact that the current President has the claiming that the country represented 5% around 400 thousand tax rules. In addition, intention to be steamily aligned with of the company turnover and 95% of its taxes are levied by the federal, state and the USA, which recently has approved a legal cases. municipal governments. Moreover, taking general Tax Reform, in conjunction with into consideration that state and municipal his government commitment to reduce taxes can vary between themselves, this the bureaucracy and high cost to invest FEDERAL results into different taxes and various and maintain business in Brazil. tax benefits depending on the location of As mentioned before, Brazil has a great • Corporate income tax (IRPJ) the entity in the country. In this sense, we deal with different taxes which are applied. Social contribution tax on profit have the flowing set up: Due to its complexity, VAT seems to be • the focal point of the formal Tax Reform (CSLL) ESTADUAL proposals. Currently, there are 4 (four) • Federal value-added or excise tax proposals being discussed however, we on manufactured goods (IPI) highlight that the last two still do not have Circulation of goods, Financial transactions tax (IOF) • the final writing. There are some similarity • telecommunication and between them, as follows on the next page: • Excise tax on cross-border royalties transportation services (ICMS) Is has been announced the intention and services (CIDE) Taxes motor vehicles (IPVA) to vote one the proposals by the end of • 2020. However, these proposals are still • Social security financing tax on Taxes on inheritances, donations revenue (COFINS) • being studied and discussed as, although (ITCMD) it aims to simplify the tax system, it may • Social Integration Program tax on cause a huge modification in business revenue (PIS/PASEP) MUNICIPAL model for several and different reasons. Employer social security In this respect, we would like to • emphasise one, that although we believe contributions (INSS) Services (ISS) • it is very unlikely to be approved, it is • Rural property tax (ITR) • Urban property (IPTU) worth mentioning in order to demonstrate • Salary-Education/FGTS • Transfers of urban real estate how drastic the reforms indicate to be: the Lower House Senate Executive State of Deputies (PEC 110) Power Government (PEC 45) Taxes PIS, COFINS, IPI, PIS, COFINS, PIS, COFINS, PIS, COFINS, IPI, ICMS and ISS => IBS1 IPI, ICMS, ISS, IPI and IOF ICMS and ISS of all types of companies, the total IOF and Salary- (part) => => IBS tax collection may overlap by far the Education => IBS Federal IVA difference of the income tax rate. Transition 10 years: 2 years 5 years: 1 year Not informed 10 years: 2 years In addition, as mentioned, Brazil has an- Periods test and 8 years of test and 4 years test and 8 years nounced its intention to join OCDE, though transition of transition of transition there are several Tax Reforms that should Tax Rates Uniform tax rates. Various tax rates Not informed Uniform tax rates. be done to make this possible, especially Empowerment for fixed by law Empowerment related to Transfer Pricing issues. It seems Municipal, State and enforcement for Municipal and Federal Government State Government that that the Government is treating mat- to fix tax rates to fix rates ters separately and not considering the big picture which leads us to the sad conclu- Percentage in Fixed percentage Not informed Percentage in Revenue sion that, if any of the mentioned reforms Distribution proportion with the for State, proportion to the tax rates Municipal and tax rates with are to be implemented as it is, it will be in- Union fixed percentage complete and may be implemented already to the Union with the need to be reviewed. Tax Benefit No Tax Benefit Some business ZFM ZFM Taking into consideration that the pro- segments +ZFM2 posal of the Government has no final writing we trust that the actual Tax Re- end of tax benefit, such as Sudene (Lucro and CSLL or just IRPJ however, we believe form that will be implemented is yet to da Exploração) that is normally renewed that the combined tax rate will be around be designed. Briefly, considering the high every 10 years. In order to encourage 20% and 25%, in alliance with other degree of uncertain conditions, there is business development in the poorest countries income tax rate. However, the no other option but to keep posted with regions (North and Northeast) of the CIT rate reduction will most likely be respect to the outcome of this matter country, the Federal State gives a benefit followed by dividends taxation, which and bear in mind that, once any of the on the income tax rate of the companies is current tax exempt in Brazil. After projects is approved, the impacts will cer- located in such regions, reducing its tax doing some math exercise, companies tainly be huge. rate from 25% to approximately 6%. may argue that for the first time tax This encourages companies to establish authorities have actually proposed a tax Marília Zingari Rocholli Granjeiro industries in North and Northeast. On reduction. Notwithstanding, there are Reviewed by Alexandre the other hand, business set ups are rumours among close legal advisers of not the most efficient, especially due to the government that, by taxing dividends Presswell Sandoval transportations costs. This alteration has some advantages and disadvantages:

Positive: (i) industry’s will settle in areas where it is more logical in a big picture perspective and not only based on tax incentives; (ii) it should not cause a huge collapse on the company’s plans, as Sudene beneﬁt is renewed normally every ten years, same time frame of the transition period of the proposals, allowing enough time to adjust budget accordingly;

Negative: (i), companies have made investments in millions, expecting a reduced income tax rate; (ii) no social Curriculum Vitae incentive to develop and maintain jobs at Curriculum Vitae North and Northeast regions. Alexandre Presswell Marília Zingari Sandoval Rocholli Granjeiro Although the main focal point of the media is on VAT Tax Reform, we trust that the income Tax Reform is the most likely to • Brazilian tax lawyer with • Tax lawyer with a Masters in take place on a short space of time. In line eight years of dedicated Corporate Law, with six years with Brazils intention to enter OCDE and tax experience in Big 4 and of dedicated tax experience in like the USA Tax Reform consequences, in multinational companies. Big Four and other multinational various events the current Brazil Minister companies. Currently at Novo of finance has announced the intention Currently Novo Nordisk Latin to reduce the income tax rate. It is not America Head of Taxes and Nordisk she is head of Tax at MOC yet clear if the reduction will be for IRPJ the Tax Director for the Danish site. Chamber of Commerce in Brazil. The new Metro City Circle Line in Copenhagen The City Circle Line M3 “Cityringen” is a 15.5 km underground railway under downtown Copenhagen, connecting the “bro” quarters”: Vesterbro, Nørrebro, Østerbro with Frederiksberg and the historical city center. The circle line has 17 underground stations and on two of the stations, Frederiksberg and Kongens Nytorv, you can change to the existing lines, M1 and M2. The line was inaugurated on 29th of September 2019 by H.R.H. Queen Margrethe II of Denmark. The finished City Circle Line has been promoted as likely to exercise a heavy influence upon much of Copenhagen’s current transport network. The transit agency Movia projects up to 34 million passengers will switch from buses to the Metro annually. Once the line is completed, 85 % of all homes, workplaces and educational facilities in Copenhagen’s inner-city area, as well as the surrounding neighborhoods, will be less than a ten- minute walk from either a metro or train station. The line is projected to be used by approximately 240,000 passengers per day. It is fully automated, being operated using a driverless system that provides 24/7 service coverage and at a peak frequency between trains of 100 seconds. It is intended for trains on the line to achieve an average speed of 40km/h during regular service. As such, performing a round trip on the line is estimated to take approximately 24 minutes.

https://m.dk/

H.M. Queen Margrethe II opens the Metro City Strengthen our commitment to global trade

BTP connects Brazil to the four corners of the world, providing second-to-none cargo operation service to our customers. Moving ahead, BTP has recently started to operate a new shipping service, UCLA, that directly connects Brazil to US Gulf, Central America and the Caribbean, helping to enhance Latin America network. Wherever the destination of your cargo is, BTP optimizes the way through a fast, safe and reliable port coverage.

Brasil Terminal Portuário. Because we believe in a connected world.

Believe and Innovate www.btp.com.br @brasilterminalportuario The Scandinavian Church is more than 50 years old and it is one of the most beautiful churches in Sao Paulo

We invite all Nordic/ Scandinavian communities to participate and to visit our beautiful church that belongs to all the Nordic communities. The ground was donated by Adam von Bulow and the church architect Unonius and the pastor Berg build the church together with the Nordic communities. We can be very proud of it and we need to use it. It has church service every Sunday and it can be used for con- ﬁrmations, weddings and to celebrate the Nordic national days. The church also has special Easter and Christmas celebrations. Please come visit the church, it is indeed a very special experience. www.scandinavianchurch.org.br

Pastor Åsa Ström Broman Carl Erik Wang marries at Terraço Italia Carl Erik Wang, 71 years old, married Eliana at Terraço Italia in the presence of 70 guests and the Danish Pastor Steen Lerfeldt. It was a beautiful ceremony and their spirits were very high. We all enjoyed ourselves im- mensely as we celebrated Carl Erik Wang and Eliana. We wish you both many happy years together and all the best. JOL

Carl Erik and Eliana Wang Edith Bjerring

Edith Bjerring celebrates 100 years celebrates 100 years

Edith Bjerring celebrates 100 years on October 2nd at the Clube Scandinavia “Nordlyset” with a luncheon. Friends, family and the Danish Consul General Nikolaj Fredsted were present. Edith Bjerring has a strong personality with a lively sense of humor and a great positive attitude towards life. We were all very happy celebrating her 100 years anniversary with a Danish birthday cake, with Danish candles and ﬂags and we all sang “hurra, hurra” to celebrate this great lady. The Associação Escandinava “Nordlyset” gave a special decoration: a silver medal for Edith Bjerring for her great contribution to the Danish and Scandinavian community for many decades. We congratulate Edith Bjerring on this special day and wish her all success and a great future.

Feira Escandinava 2019 is again a big success

Feira Escandinava 2019 had a regular sale of BRL 3.407.683 which is a 4,6% increase compared to 2018. This is a very satisfying result especially because of the economic situation in Brazil. Feira Escandinava 2019 will donate some of the money to Kolibri and Instituto Princesa Benedikte. Feria 2019 had more than 800 volunteers and we had products to sell till 8 pm on Wednesday leaving everybody at the Feira satisfied. We would like to thank Clube Pinheiros for the great work and also the Brazilian press. 42 journalists came to the Norwegian press conference and we got very good coverage in the press. For the first time in a long time all 4 Nordic ambassadors were present at the opening: Denmark, Finland, Norway and Sweden as well as representatives from the state government of Sao Paulo and the mayor’s office of Sao Paulo. We had more than 55 people attend the Scandinavian VIP Brunch, so it was a great success. Next year’s Feira Escandinava 2020 will celebrate 50 years alliance with Clube Pinheiros which will be celebrated and we hope one of the Nordic royal families will open Feira 2020. The Feira Escandinava 2020 will be held on 3rd and 4th of November 2020. Special thanks to: Susanne Osbourne, Alexandre Munck, Ana Regina Fracalanza and her assistant Cláudia. They all did a very good job to make the Feria Escandinava 2019 a success. JOL 2019 Feira Escandinava volunteers Nordic Ambassadors open 2019 Feira Escandinava at Clube Pinheiros Norwegian Press Conference at Clube Pinheiros with 42 journalists C

CMY O SEU APARELHO AUDITIVO K JÁ TE PERGUN TOU O QUE VOCÊ QUER OUVIR?

br.widex.com widexdobrasil Scandinavian retirees More than 80 Nordic retirees attended the Christmas party in the Scandinavian church in a great spirit with wonderful Scandinavian Christmas party food, drinks and songs conducted by Paul Thomsen and also a very lively band that played during the whole lunch. Ana and in the Scandinavian church Claudia did a great job and everybody was very happy. It shows again that the Christmas party for the Scandinavian retirees is most was again a great success important and the participation was very high this year. Merry Christmas and Happy New Year to all Scandinavian retirees in Sao Paulo. JOL

Pastor Åsa Ström Broman

Sunday September 24th the Danish Club in Rio celebrated its 100 years anniversary Christian 40 Danes and friends joined the event and Kim took his time to join this special celebrated the amazing achievement of the event and made a great speech about the club’s 100 years anniversary. Several old importance of us Danes being out from Husegaard, stories were told during the celebration and Denmark and explained the importance of speeches from the chairman of the Danish the new Mercosul agreement. club, Peter Sjelle, Leader of the Danish The Danish Ambassador, Nicolas Prutz also Cultural Institute in Rio Maibrit Thomsen sent his best regards, among others to the Vice President and Director of the Danish Chamber of Danish community in Rio. Commerce, Jan Lomholdt. The event was ﬁnalized with a traditional As a special invited honored guest, member Danish “julefrokost” with all the traditional WS Audiology of the Danish parliament Kim Valentin, was Danish Christmas’s food you possibly could visiting Brazil regarding the new Mercosul dream of. visit Brazil agreement with EU. Jan Lomholdt

Jens Olesen – President, Danish- Brazilian Chamber of Commerce, Christian Husegaard - Vice President, WS Audiology, Luiz Eringer – President, WS Audiology Brazil President Who we are What we believe Fernando Henrique Cardoso SEB is a leading Nordic financial in services group, founded in visit the Nordic community! 1856. Since then we’ve been 1. Customers first guided by a strong belief that We naturally put our customer’s President Fernando Henrique swered questions about his PSD entrepreneurial minds and needs first, always seeking to Cardoso gave a speech on party, not least the Brazilian innovative companies are key understand how to deliver real November 11th to the Swedish politics now and the future of in creating a better world. We value. Consulate for an audience of the country. In the picture you are here to help them achieve more than 50 executives. The see the 4 Consul Generals from 2. Commitment their aspirations and succeed president talked about the po- Denmark, Sweden, Norway and We are personally dedicated to through good times and bad. litical scenarios in Latin-Ameri- Finland. It was a great success. the success of our customers We care for ambition. can, the world and particularly and are accountable for our in Brazil. At the same he an- JOL actions. · 4,4 millions The number of customers 3. Simplicity we have around the world. We strive to simplify what’s Instituto Princesa Benedikte Private and in business. complex. 4. Collaboration · 15 000 We achieve more working honors Curitiba The number of employees. together. Working for world class Mayor Rafael Greca service. Our vision

· 92 % To deliver world-class service to Share of SEB’s funds that our customers. measure carbon dioxide emissions. Heading for 100 %. SEB in Brazil

What we do We provide our home market corporate banking and ﬁnancial We play an active part in the institution clients with a range development of the societies of services. in which the bank is operating

by building strong customer Contact: Christian Meyer de relationships. In Sweden and Rezende the Baltic countries we offer Head of SEB in Brazil ﬁnancial advice and a wide Telephone: +55-11-3035 3795 range of ﬁnancial services. In E-mail: [email protected] Denmark, Finland, Norway and Av. Brigadeiro Faria Lima, 1461 Germany, our operations have - Cj. 71 Pinheiros - 01452-921 - a strong focus on a full-service São Paulo - SP - Brazil From the left Curitiba Mayor Rafael Greca, offering to corporate and

Dr. Wilson J. Andersen Ballão, Rafael Greca’s secretary, institutional clients. Dr. Maximilian Ballão, President of the Danish-Brazilian Chamber www.sebgroup.com of Commerce Jens Olesen and Consul Pedro Luiz Fernandes Can AI predict the next-moves of the world’s best Counter-Strike players?

AI specialists from all over the world are invited to In 1997, Deep Blue was the first computer system to defeat a reigning chess world show and test their machine learning skills against champion. Since then Google’s DeepMind AI researchers have used their artificial the world’s best CS:GO players. The top-five teams intelligence system to take on some of the will be invited to the BLAST Pro Series 2020 in most complex games out there, including StarCraft II, Go and Quake III, while making Copenhagen to run their prediction model during a lot of their contributions available to the public and ready to build upon. professional CS:GO matches. We now challenge AI specialists and enthusiasts from all over the world to use Through machine learning algorithms, the these latest techniques to show their skills and test prediction models against the data teams will attempt to identify critical turning world’s best professional Counter-Strike (CS:GO) players. This will happen in 2020 points in matches; if they can achieve strong results in Copenhagen, where the world’s best it will have direct use in live commentary as well as Counter-Strike teams will compete live on “ stage to win the iconic BLAST Pro Series retrospectively for coaching. The CSGO.ai competition trophy. The The CS:GO.ai competition is organised lets the esports fanbase combine their data skills by Copenhagen Capacity, Skybox Tech-

with their passion for competitive gaming. Having the nologies and RFRSH Entertainment, owner of the BLAST Pro Series tournament. predictive algorithms of the top ﬁve teams compete

on a global stage via the Blast Pro event will not only How it works

Participating teams will use machine showcase the talent within the community but also “ learning to recognise and predict specific identify the next data superstars; therefore, kickstarting in-game situations in CS:GO and state or propelling promising careers. We are excited to likely outcomes. Participants can sign up now and will be see what the data teams can do and look forward to able to access the data for this challenge meeting the finalists in Copenhagen next year! in early 2020. The final code should be submitted approx. 6 months after the data is released. Submission date TBA. - Ethan Cooper, CEO, Skybox Technologies The international esports community is an extremely resourceful “group of people. Young, talented, digitally savvy and often with a great sense of humor. We see that every day in many ways; through content creation, map development and also

We look forward • Competition #1 in our previous initiative The best code: All the teams’ code will

to welcoming some of be tested against a separate data set to with Copenhagen ﬁnd the winner. The winning team will Capacity. We are excited receive €5,000 from Skybox for their the world’s brightest “ “ submitted code and be invited for further about this new initiative, AI, tech, esports discussions with the Skybox team. bringing a BLAST host and gaming talents • Competition #2 city and the international Predict Pro CS:GO matches: The top-five e-sports community to Copenhagen. participating teams will get an invita- tion to the BLAST Pro Series 2020 in Co- closer together penhagen to run their prediction model We hope the BLAST during Professional CS:GO matches. - Jordi Roig, VP, Business Pro ﬁnals will be a Each team gets a score based on how Development and Relations – many times their prediction is right. BLAST Pro sensational day and Scores are tallied up and the winner will be announced before the BLAST that the global AI Pro Series final match in Copenhagen. About Copenhagen Capacity community will get Do you want to know more? Copenhagen Capacity helps foreign companies, talent and investors to the best

possible start in Greater Copenhagen. a glimpse of what a If you want to know more about the About Skybox Technologies challenge, please contact: cool tech hub Greater The Skybox platform integrates visualization,

analysis and player development tools Copenhagen Capacity: Louise Juhl, • in order to elevate esports through Marketing & Communications Director, Copenhagen is with increasing accessibility, engagement and email: [email protected] or phone: 0045 “ empowerment. its many innovative 61 19 38 02 About RFRSH Entertainment companies and job •RFRSH/BLAST Pro Series: Jordi Roig, VP, Business Development and Relations: RFRSH Entertainment is a privately owned email: [email protected] and phone +45 opportunities in AI, and operated esports media company. 31316280 Proud home of the Counter-Strike tech and gaming tournament circuit BLAST Pro Series. •Skybox Technologies: email: Ethan Cooper, [email protected] Copenhagen Capacity - Louise Juhl, Marketing & Communications https://blastproseries.com Anne- Marie Rindom is “World Sailor of the Year” Danish Astralis Anne-Marie Rindom is the ﬁrst Dane to win the prestigious international award “World Sailor of the Year”. winner of the e-sports She wins the award after winning the European Championship in Portugal tournament Blast Pro Series for the ﬁrst time and the World title in Japan for the second time within this year. Global Final in Bahrain We congratulate Anne-Marie Rindom In the e-sports tournament Blast Pro In addition to the title, Astralis also with the title! Series Global Final, Astralis won 2-0 reaps a prize sum of DKK 2.35 million, JOL over rival Team Liquid. The teams while Team Liquid gets DKK 538,000. played in the game Counter-Strike - With the victory in Bahrain Astralis also known as CS: GO. ends the year as the world’s number one.

Source: Ministry of Commerce Mads Pedersen World Champion. This is the ﬁrst time that a Dane has won in cycling

Not many people in the cycling world had 23-year-old Danish Mads Pedersen among the favorites to win the World Cup gold medal in Harrogate, UK. After 261.8 km Mads could raise his arms in the air as the ﬁrst Dane to win the World Champion in cycling. His competitors did not stand a chance at the ﬁnish where Mads Pedersen was strongest. Danish cycling had a fantastic World Cham- pionship in the UK with not only Mads Ped- Denmark gets ersen’s gold medal but also Mikkel Bjerg that can call himself World Champion U23 in single time trial in Yorkshire England. It’s 2 World Champions his World Championship number 3 and he won despite the rain tumbling down the 30.3 km route and the massive amount of water creating large lakes on the roads. in cycling 2019 The tempo king from Copenhagen Mikkel Bjerg thus referred the American duo Ian Garrison and Brandon McNulty to silver and bronze as they came in 27 and 28 seconds respectively after the Dane. We congratulate Mads Pedersen and Mik- kel Berg for their outstanding victories. JOL

Mikkel Bjerg World Champion U23 in cycling Danish Investment Seminar 2020 “Brazil offers many new opportunities” Moderated by Jens Olesen & Jesper Rhode Andersen October 9th 2020 8:30 AM - 2:00 PM Scandinavian Club “Nordlyset”

The seminar will be followed by a lunch and is free of charge. Please contact Danchamb on tel.: (55 11) 3758-2101 Or email: [email protected] for participation. Only 50 openings!

The Board Chamber Representatives Brazilian-Review Rio de Janeiro, Jan Lomholdt, Inventure Management Jan-Apr 2020 President Legal Director Paraná, Pedro Luiz Fernandes, Novozymes, Curitiba published since 1985 Jens Olesen Dr. Renato Pacheco Rio Grande do Sul, Frank Woodhead, Porto Alegre First Vice-President Tax Director Pernambuco, Socorro Maia Gomes, Recife Jesper Rhode Andersen Alexandre Presswell Sandoval Translations between Danish, English Editor (Novo Nordisk) Jens Olesen Second Vice-President and Portuguese Roberto Rodrigues (Maersk) Executive Secretary Brasseriet, Rua General Almerio de Moura, 780 Finance Director Morten Bundgaard Mathiassen Lisbeth Jarl Jørgensen & Anita H. Thomsen Luciano 05690-080, São Paulo-SP Per Lerdrup Olsen (DI) Assistant Tel.: (+55 11) 3758-2101 Photographers Sonia Pereira Website: http://www.danchamb.com.br Bel Durate E-mail: [email protected] Directors Paulo Matheus Elcio Gozzi (FLSmidth), Kjeld Roslyng Jensen (CAIC), Luiz Eringer

(WS Audiology), Willy Lehmann Andersen Jr. (Danflow), Allan Finkel Graphic Production and Desktop Publishing (Novo Nordisk), Nelson Falavina (Chr. Hansen), Gilberto de Seixas Nobreart Comunicação Ltda. (11) 98492-0040 Maia Neto (Novozymes), Renato Silveira Majarão (Danfoss), Rogerio Zampronha (Vestas), Jair Steola (ISS), Josiel Florenzano (Lundbeck), Print Sandra Salobral (GN Resound), Haig Yeghiaian (Leo Pharma), Ivonne Referência Gráfica (11) 2065-0763 Olivares (Lego), Luiz Augusto Tavares (Coloplast), Juan Jose Garcia Brazilian Review is a publication of the Danish- Chiesa (Grundfos), Luis Tolosa (Hempel), Jan Lomholdt (Inventure Brazilian Chamber of Commerce. Management), Marcelo Caio Bartolini D’Arco (DSV), Graziella Veiga The opinions expressed in this publication are those of (Pandora), Rogerio Marinho (Nilfisk), Thomas Bulow (BTP), Eugenio the authors or persons interviewed and do not neces- Singer (Ramboll), Alexandre Seraphim (Ferring), Pedro Eduardo Bortoli sarily reflect the views of the editors or the Chamber. 1946-2020 (Saxo Bank), Rachel De Oliveira Maia (Lacoste Brazil), Christian Maxe Reproduction of any kind of material from this mag- Petersen, Mads Giltrup, Erik Christensen, Vagn Andersen. azine is not allowed without written permission from the Danish-Brazilian Chamber of Commerce.

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