Introduction Brazilian Steel Town and Companhia Siderúrgica Nacional
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Integrated Report 2020
ABOUT THIS MATERIAL Contact channels Questions, suggestions or comments about this publication can be made on the Investor Relations website at (www.banco.bradesco/ri) or sent via email: [email protected] We can also be found on social networks: Facebook Instagram Linkedin YouTube Twitter ABOUT THIS MATERIAL Contents Message from the Chairman of the Board of Directors 6 Message from the CEO 8 2020 in Figures 10 Performance during Covid-19 16 About this Material 20 Materiality 22 Our DNA 24 Our Strategic Positioning 26 Business Model 30 Much more than a Bank 35 Sustainability at Bradesco 42 Solid and Transparent Governance 50 Integrity and Ethics 53 Risk Management 56 Generating Value 62 Results in a Challenging Year 64 Focus on the Client 76 Technology and Innovation 91 People: Our Team 102 Investing in the Future 122 Eco-efficiency 128 Investor Relations 131 BRADESCO Integrated Report | Shortened Version 2020 ABOUT THIS MATERIAL 4 Introduction It’s impossible to talk about a year like Despite the uncertainties in 2020, we 2020 without weighing the impacts also delivered strong results for the brought on by an unprecedented Organization, including a growth in our pandemic that modified the way we view quarterly net income throughout the our relationships with work, with people year, an expanded loan portfolio and and with the planet. a significant increase in the number of transactions through our digital This sudden collapse in all things we had channels – a situation that emphasizes considered normal paved the way for us the importance of providing the most to see the world in a different light. -
Securities and Exchange Commission Form 6-K
22/04/2019 siddf2018_6k.htm - Generated by SEC Publisher for SEC Filing 6-K 1 siddf2018_6k.htm FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2019 Commission File Number 1-14732 COMPANHIA SIDERÚRGICA NACIONAL (Exact name of registrant as specified in its charter) National Steel Company (Translation of Registrant's name into English) Av. Brigadeiro Faria Lima 3400, 20º andar São Paulo, SP, Brazil 04538-132 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes _______ No ___X____ https://www.sec.gov/Archives/edgar/data/1049659/000129281419001386/siddf2018_6k.htm 1/144 22/04/2019 siddf2018_6k.htm - Generated by SEC Publisher for SEC Filing (CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) Annual Financial Statements – December 31, 2018 – CIA SIDERURGICA NACIONAL Version: 1 Table of Contents Company Information Capital Breakdown 1 Parent Company Financial Statements Balance Sheet – Assets 2 Balance Sheet – Liabilities 3 Statement of Income 4 Statement of Comprehensive Income 5 Statement -
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT of NEW YORK in RE BANCO BRADESCO S.A. SECURITIES LITIGATION Civil Case No. 1:16
Case 1:16-cv-04155-GHW Document 45 Filed 10/21/16 Page 1 of 92 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE BANCO BRADESCO S.A. Civil Case No. 1:16-cv-04155 (GHW) SECURITIES LITIGATION AMENDED CLASS ACTION COMPLAINT JURY TRIAL DEMANDED Case 1:16-cv-04155-GHW Document 45 Filed 10/21/16 Page 2 of 92 TABLE OF CONTENTS Page I. INTRODUCTION ...............................................................................................................2 II. JURISDICTION AND VENUE ..........................................................................................9 III. PARTIES ...........................................................................................................................10 A. Lead Plaintiff .........................................................................................................10 B. Defendants .............................................................................................................10 1. Banco Bradesco S.A. ................................................................................ 10 2. The Individual Defendants ........................................................................ 12 C. Relevant Non-Parties .............................................................................................13 IV. BACKGROUND ...............................................................................................................16 A. Bradesco Accesses the U.S. Capital Markets ........................................................16 B. Operation -
BRASIL – Aeronautics Cluster
Microeconomics of Competitiveness Professor Michael E. Porter Professor Hiro Takeuchi Professor Niels Ketelhohn BRASIL – Aeronautics Cluster Pedro Fernandes, Victor Moscoso, Adam Price Jiro Yoshino, Jingyi Zhang May 6th, 2011 1 Figure 1. Map of Brazil 1.1 Country Overview Located in between Atlantic Ocean and South America, Brazil is the world's fifth largest country both by geographical area and by population1. Brazil has experienced a fast urbanization process and nowadays more than 80% of the population in Brazil is urban and approximately 30% live in the ten principal metropolitan areas (PwC, 2006)i. It also borders with all South-American countries but Chile and Ecuador. Source: US Department of State Most of its neighbors are developing countries with abundant natural resources. (CIA, 2011). Brazil’s GDP in 2010 was US$ 2,029 billion with a GDP per capita of US$ 11,196 (in PPP) (EIU, 2011) and the Brazilian economy grew 7.5% in 2010, being expected to grow 4% in 2011 (World Bank, 2011). 1.2 Macro, political, legal and social context The analysis of policy choices in Brazil reveal that the paradigms and macroeconomic policies varied widely in the second half of the 20th century, from a State oriented economy and import substitution policies toward a more open and free market economy. Brazil’s policy makers realized after World War II that they needed to diversify its export basket, beyond the traditional commodities. Among other policies implemented, the exchange controls produced, overvaluation of the Cruzeiro (former currency) and encouragement of imports; at the same time, there were restrictions to capital repatriation and the remittances of earnings (Baer, 2008). -
STATE-OWNED ENTERPRISES in BRAZIL: HISTORY and LESSONS by Aldo Musacchio and Sergio G
Workshop on State-Owned Enterprises in the Development Process Paris, 4 April 2014 OECD Conference Centre, Room 4 STATE-OWNED ENTERPRISES IN BRAZIL: HISTORY AND LESSONS by Aldo Musacchio and Sergio G. Lazzarini This paper serves as background material for the Workshop on SOEs in the Development Process taking place in Paris on 4 April 2014. It was prepared by Aldo Musacchio and Sergio G. Lazzarini working as consultants for the OECD Secretariat. The opinions and views expressed and arguments employed herein are those of the author and do not necessarily reflect or represent the official views of the OECD or of the governments of its member countries. STATE-OWNED ENTERPRISES IN BRAZIL: HISTORY AND LESSONS Aldo Musacchio Harvard Business School and NBER Sergio G. Lazzarini Insper Prepared for The Working Party on State-Ownership and Privatisation Practices OECD (Revised version, February 28, 2014) INTRODUCTION Despite decades of liberalization and privatization in many countries, state ownership and state-led business activity remains widespread (Christiansen, 2011). Governments still often use state-owned enterprises (SOEs) to promote local development and invest in sectors in which private investment is scant. Many SOEs endured over the years and turned into large corporations partnering with market investors and competing on a global scale against private multinationals. The forms of ownership and control governments use in the set of surviving SOEs is, however, poorly understood. Beyond the traditional wholly-owned SOEs, governments also intervene to support specific industries by propping up privately held enterprises (i.e., “national champions”). These private firms receive government support in the form of minority equity investments, direct subsidized loans from development banks, and equity and debt purchases by sovereign wealth funds. -
4Th QUARTER and FISCAL YEAR 2020
EMBRAER EARNINGS RESULTS th 4 QUARTER AND FISCAL YEAR 2020 HIGHLIGHTS • Embraer delivered 28 commercial jets and 43 executive jets (23 light / 20 large) in 4Q20, and in 2020 delivered 44 commercial jets and 86 executive jets (56 light / 30 large). Total company firm order backlog at the end of 2020 was US$ 14.4 billion; • Revenues in 4Q20 reached US$ 1,841.4 million and for fiscal year 2020 were US$ 3,771.1 million, representing year-over-year declines of 11.7% and 31.0%, respectively, versus their prior year periods; • Excluding special items, adjusted EBIT and EBITDA were US$ 76.6 million and US$ 145.6 million, respectively, yielding adjusted EBIT margin of 4.2% and adjusted EBITDA margin of 7.9%. For fiscal year 2020, adjusted EBIT was US$ (100.5) million (-2.7% margin) and adjusted EBITDA was US$ 82.1 million (2.2% margin), with the negative EBIT mostly driven by weakness in the Company’s Commercial Aviation segment within the context of the Covid-19 pandemic; • Adjusted net loss (excluding special items and deferred income tax and social contribution) in 4Q20 was US$ (12.5) million, with adjusted loss per ADS of US$ (0.07), while adjusted net loss for 2020 was US$ (463.7) million, with adjusted loss per ADS for the period of US$ (2.52); • Embraer reported a significant improvement in Free cash flow in 4Q20, reporting cash generation of US$ 725.1 million in the period, leading to full year free cash flow usage of US$ (990.2) million in 2020; • The Company finished the year with total cash of US$ 2.8 billion, steady versus the US$ 2.8 billion in cash at the end of 2019. -
Regional Innovation System of Brazilian Aeronautical Industry
REGIONAL INNOVATION SYSTEM OF BRAZILIAN AERONAUTICAL INDUSTRY ARTIGO / ARTICLE ARTIGO Marcela Barbosa Moraes 1 Edson Aparecida Araujo Querido de Oliveira2 Antonio Lobosco3 Victória Balady Reis Souza4 Abstract There are evidences that the aeronautical industry is a large Brazilian business success example. This success was followed by a significant thickening of the supply chain composed of small and medium-sized technology-based firms, among other suppliers. Considering these companies and their contribution to economic development, this paper proposes to identify and analyze the mechanisms of articulation and territorial governance of the Regional Innovation System located in Metropolitan Region of Paraíba Valley and North Coast, in order to analyze the role of innovation networks for regional development. The methodological approach was grounded in the interpretive vision. The empirical research was conducted through semi-structured interviews with various actors. The research examined innovation as strategic theme in the institutions and the region; public policies to foster innovation; cooperation between the actors; learning processes; processes of innovation diffusion; challenges, barriers Recebimento: 30/11/2015 - Aceite: 16/3/2016 1 University of Taubaté ‐ UNITAU, Master Program in Management and Regional Development and Master Program in Planning and Regional Development, Brazil. E-mail: [email protected] 2 University of Taubaté ‐ UNITAU, Master Program in Management and Regional Development and Master Program in Planning and Regional Development, Brazil. Email: [email protected] 3 University of Nove de Julho – UNINOVE, Undergraduate Program in Management, Brazil. E- mail: [email protected]. 4 University of Taubaté ‐ UNITAU, Master Program in Planning and Regional Development, Brazil. E-mail: [email protected] LATIN AMERICAN JOURNAL OF BUSINESS MANAGEMENT 153 and difficulties. -
Faculty & Research Working Paper
Faculty & Research Working Paper Bi-Regional Private Sector Networks: Harnessing the Potential of the Private Sector in European Union and Latin America and Caribbean _______________ Lourdes CASANOVA 2006/61/ST BI-REGIONAL PRIVATE SECTOR NETWORKS 1 Harnessing the Potential of the Private Sector in European Union and Latin America and Caribbean By Lourdes Casanova* March 2006 * Lecturer in Comparative Management, Strategy Department, INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex, France, [email protected] A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researcher's thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision. Printed at INSEAD, Fontainebleau, France. Kindly do not reproduce or circulate without permission. 1 The funding of the Inter American Development Bank is gratefully acknowledged. 1. Introduction There is a long history of successful private partnerships between members of the European Union and countries in the Latin American and Caribbean (LAC) regions. Starting from the colonial era, private firms have exploited the mutual commercial synergies of these two regions. These economic bonds were strengthened and facilitated by close cooperation on the social and political arenas. For example, many of the leaders of the independence movements in Latin America went to France to study the principles of the French revolution. There have also been significant migrations of populations in both directions over the last centuries. Latin American Napoleon Civic Code is more familiar to European firms than the British Common Law system followed in US and many parts of Asia. -
The Quest for Global Competitiveness Ozires Silva
20 INTERVIEW The quest for global competitiveness The Brazilian Economy—Brazil made Photo: Divulgação. it through the international crisis more comfortably than most countries, but last year economic growth was below expectations. What do you think are the prospects for the Brazilian economy? Ozires Silva—I’m not as optimistic as the government. Without a doubt, the GDP of Brazil is lower than the country deserves. … We have the false impres- Ozires Silva sion that the country is going well, but Former Minister of Infrastructure and former president of the numbers show that Brazil’s external Embraer and Petrobras current account has only been balanced Claudio Accioli, São Paulo by capital inflows, which is problem- atic. Covering the current account Forty years ago Ozires Silva envisioned that Brazil deficit that way generates a liability as would be a major player in international aviation. Twice president of the Brazilian Aeronautics the capital has to be paid back. We must Company (Embraer), the third largest manufacturer have a vision for the future and propose of commercial jets in the world, aeronautical strategies for development. We must give engineer Silva, now dean of Monte Serrat University, priority to education, which is absolutely explains how Brazil can prevail against the tough fundamental for Brazil today. … Brazil competition imposed by emerging Asia, especially cannot reach the necessary revenue China and South Korea. Having served as president of the state oil company, Petrobras, as Minister of potential and profit more because of Infrastructure, and as a reserve officer in the Brazilian constraints than because of lack of incen- Air Force, Silva has a uniquely broad perspective. -
Análise De Empresas 17/07/2018
Análise de Empresas 17/07/2018 Embraer: E se...a China passar à frente da EMBR3 Boeing? Recomendação: NEUTRO Preço-alvo: 30,00 • Os termos negociados entre a Boeing e a Embraer para uma joint venture de aviação comercial foram publicados no dia 5 de julho. O mercado Upside: 39,1% esperava termos melhores, com base na queda de cerca de 17% no preço 180 EMBR3 X IBOV das ações desde o anúncio; 170 160 • A Bombardier e o governo canadense selecionaram a Airbus para assumir 150 a aeronave CSeries da Bombardier, em vez de usar o OEM chinês, a COMAC; 140 130 • Em nossa visão, a COMAC ainda poderia passar à frente da Boeing para 120 adquirir 80% da unidade de aviação comercial da Embraer. 110 100 EMBR3 IBOV • No entanto, o OEM chinês também enfrentaria obstáculos já impostos à 90 jul-17 out-17 jan-18 abr-18 jul-18 Boeing (por exemplo, cronograma apertado, golden share e aprovação dos Fontes: Bradesco BBI; Bloomberg acionistas), limitando o potencial de valorização em um ajuste de probabilidade no preço-alvo; Aviação • Mantemos a nossa recomendação Neutra e preço-alvo de R$ 30,00/ação. Victor Mizusaki* Flávia Meireles +55 11 21785478 [email protected] Existe uma empresa chinesa capaz de “roubar” a Embraer da Boeing? O governo chinês tem investido no desenvolvimento de sua indústria aeroespacial através do seu programa “Made in China 2025”. Embora a COMAC (Commercial Aircraft Corporation of China) tenha lançado o ARJ21 (78-90 assentos) e o C919 (158-168 assentos), a empresa enfrentou dificuldades para certificar essas *Analista de valores mobiliários credenciado responsável pelas declarações nos termos do Art. -
Research BB Investimentos
#interna A vacinação e seus investimentos Onde investir diante dos possíveis cenários de vacinação? 25 de março de 2021 Por Henrique Tomaz, CFA e time de research do BB Investimentos Henrique Tomaz,#interna CFA Onde investir diante dos possíveis cenários de vacinação? Fique de olho: setores ligados ao movimento cíclico da economia devem apresentar melhores retornos visto que estamos vislumbrando uma aceleração no plano de vacinação a partir de abril Comentário do analista Matriz de cenários2 O começo foi ruim, mas vislumbramos uma melhora no ritmo da vacinação a partir de abril Cenários consideram o potencial de valorização ou de resiliência dos setores Recentemente publicamos um relatório indicando setores e empresas que Vacinação mais rápida Vacinação mais lenta poderiam se beneficiar diante dos possíveis cenários no ritmo da vacinação. Hoje Ritmo (vacinação e retorno à normalidade mais rápidos que o (vacinação e retorno à normalidade mais lentos que estamos aqui para avaliar a evolução da vacinação neste ínterim, o movimento esperado) o esperado) observado dos preços das ações nos setores cobertos, traçar cenários para a vacinação no futuro próximo bem como sugerir os melhores movimentos Probabilidade 70% 30% táticos que você, investidor, deve seguir. Nossa expectativa era que houvéssemos aplicado, até a presente data, cerca de Bancos não digitais 27 milhões de doses, sendo 12 milhões já da segunda dose, isso representaria Bebidas cerca de 7,5% da população adulta brasileira (~160 milhões). No entanto observamos que houve a aplicação de pouco mais de 17 milhões de doses para Bens de capital Alimentos sendo 4,4 milhões na segunda dose. -
World Bank Document
Companies Circle Public Disclosure Authorized Case Studies Part 1 CPFL Energia – Grupo Algar – Grupo Graña y Montero – Grupo Los Grobo – Ultrapar Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized August, 2013 About the Companies Circle The Latin American Companies Circle is a unique initiative launched in May 2005 in Sao Paulo, Brazil. The 15‐members Companies Circle brings together a group of leading Latin American companies who have adopted good corporate governance practices in order to provide private sector input into the work of corporate governance regional development and to share their experiences with each other and other companies in the region and beyond. Through the Companies Circle, members showcase how leading Latin American companies can implement good corporate governance and the benefits their firms have experienced from undertaking these improvements. The Latin American Companies Circle members are: Los Grobo (non‐listed, Argentina); Algar (non‐listed), CPFL, Embraer, Natura, and Ultrapar (Brazil); Argos, Carvajal (non‐listed), and ISA (Colombia); Florida Ice (Costa Rica); Compartamos and Homex (Mexico); Buenaventura, Ferreyros, and Graña y Montero (Peru). The Companies Circle is currently sponsored by the International Finance Corporation (IFC), and supported by the Organization for Economic Co‐operation and Development (OECD). About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all‐time high of nearly US$25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges.