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Annual Sustainability Report 2014 Duratex Annual Sustainability Report 2014 1 ANNUAL SUSTAINABILITY REPORT 2014 DURATEX ANNUAL SUSTAINABILITY REPORT 2014 1 Summary Presentation T he Duratex 2014 Annual and Sustainability Report con- 1 Presentation tains a Sustainability Platform, a chapter on Duratex 2 Duratex in numbers 2020 strategic planning, which covers the theme of sus- 4 Message from the Chairman of the Board of Directors tainability, as well as aspects of social, environmental and 6 Message from the Chief economic performance in its operations. 1 Executive Officer Duratex 8 Profile Queries, comments and suggestions should be sent in through our dedicated communication channel. G4-31 May I wish you good reading! G4-56 17 Business Model Corporate Directives 12 19 Corporate Governance Strategy 29 Financial Mission To meet client demands in an excellent manner, through the development and offering of products and servic- 35 Transparency and es that contribute to people's quality of life, generating Responsibility in the Businesses wealth in a sustainable manner. 32 40 Environmental Management Sustainability and Performance Vision Platform 54 Dialogue and Relationships To be a benchmark company, recognised as the best op- tion for customers, employees, the community, suppliers and investors, for the quality of our products, services 72 GRI supplement and relationships. 81 Ibase 85 Management Report and Financial Statements Values Integrity 159 Affirmation report • 161 About this report • Commitment • Continual Improvement 71 163 GRI summary • Appreciation of • Innovation Annexes 171 Corporate information Human Worth • Sustainability • Excelling in results DURATEX ANNUAL SUSTAINABILITY REPORT 2014 RETURN TO SUMMARY 2 DURATEX IN NUMBERS Below the Company presents its main financial and environmental indicators for the last five yearsG4-9 Financial indicators Net Revenue (R$ million) Recurring net earnings (R$ million) Shareholders' Equity* (R$ million) Ebitda - adjusted and recurring* (R$ million) and Ebitda margin** (%) 31.0 31.0 30.4 4,608.9 4,365.0 3,984.5 3,872.7 4,023.6 3,692.8 26.9 3,372.5 3,452.5 2,970.3 23.9 2,741.8 1.200,1 561.6 1.024,6 952,1 455.5 439.4 799,5 850,6 359.0 349.7 2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 *Consolidated in IFRS. *Earnings before interest, taxes, depreciation and amor- tization (Ebitda) – medida de desempenho operacional dado pelo lucro antes de juros, impostos, depreciação e amortização, ajustado pela variação do valor justo do ativo biológico e do benefício a empregados. **Ajustada e recorrente consolidada. DURATEX ANNUAL SUSTAINABILITY REPORT 2014 RETURN TO SUMMARY 3 Environmental Wood Division – volume shipped (m3) indicators in 2014* 2,787,597 2,668,228 2,635,084 Forestry areas ('000 hectares)* 2,268,822 2,312,177 ISO 14001 8.1% CERTIFICATION REDUCTION IN WATER 185 Deca Division: CONSUMPTION Metais Jundiaí; 65 Metais São Paulo; Louças Sul; Louças Jundiaí I; Louças Planted forests 3.3% Jundiaí II; and REDUCTION IN ENERGY Preservation areas CONSUMPTION Louças Paraíba. 2013 2012 2011 2010 *this chart does not include other areas 2014 such as roads, improvements, electric power networks etc. Wood Division: Painéis Botucatu; Deca Division – volume shipped (thousands of pieces) 8.4% Painéis Itapetininga; REDUCTION Painéis Taquari; 27,983 IN EFFLUENTS 26,577 Painéis Uberaba; 25,772 25,505 DISPOSED OF 272,000 HECTARES OF TOTAL Painéis Agudos; 21,638 FOREST AREA* Florestal Botucatu; and Florestal *areas owned, leased and incentivized. 18% Lençóis Paulista REDUCTION IN GREENHOUSE (sapling nursery). GAS EMISSIONS** *Results attained as a function of projects implemented to improve performance, as well as cutbacks in production, reflecting the slowdown in the national economy. 2014 2013 2012 2011 2010 **Reduction in Scope 1 greenhouse gas emis- sions compared to base year (2012). DURATEX ANNUAL SUSTAINABILITY REPORT 2014 RETURN TO SUMMARY 4 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS With an eye on the future, Duratex's planning focuses on business longevity Strategy linked to sustainability enue, of about 3%, our recurring net earnings dropped significantly (-36%), as did adjusted and 2014 was a very difficult year for Duratex, as well recurring Ebitda (-21%). as the vast majority of Brazilian industry. And in- deed for Brazil itself! None of this, however, altered our work in 2014 and we continued to implement our five-year Right from the start of the second quarter, due Strategic Planning project, which is reviewed an- to among other factors, the approaching World nually. Thus the Board of Directors, in its off-site Cup, consumption started to slow. In June and meeting in August 2014, assessed and approved July, during the World Cup itself, any product not Duratex 2020, drawn up by the Executive Board directly linked to the games remained stuck firm- and the Company's management body. This is ly on the shelves. August then followed, with the an in-depth study that establishes the directives presidential elections. Every day that went by the that will guide Duratex over the next few years, economy slowed still further. Subsequently, we with a view to longevity of the business and the saw a significant increase in interest rates and the identification of risks and opportunities. Of par- start of acute depreciation in the Brazilian Real, ticular note is the Sustainability Platform, which all of which unleashed significant pressure on in- has been included as part of our planning strat- Left to right, standing: Raul Calfat, Álvaro Antonio Cardoso de Souza, Henri Penchas, Rodolfo Villela Marino, Francisco Amaury Olsen and Ricardo Egydio Setubal. flation.I n addition to this, Brazil had zero GDP egy. In practice this means that we are including Left to right, seated: Helio Seibel, Alfredo Egydio Arruda Villela Filho, Salo Davi Seibel e growth, while for industry and construction GDP socio-environmental criteria in our decision-mak- Olavo Egydio Setubal Júnior. actually shrunk, by 1.2% and 2.6%, respectively. ing process - in the construction or acquisition of new units and development of new products. As a result of this scenario, although we man- For its part, the Board of Directors, directly and aged to achieve a slight increase in our net rev- through its committees, accompanies the de- DURATEX ANNUAL SUSTAINABILITY REPORT 2014 RETURN TO SUMMARY 5 velopment and implementation of the Strategic consolidating a very important investment cy- we are the only company in our operational sec- Plan and the Sustainability Platform. cle, which included the completion of the ramp- tor in a position to capture the lion's share of ups of the MDF production line in Itapetinin- growth in the market when it happens, probably In effect, to provide the support necessary for ga/SP (+ 520,000 m³/year), the MDP produc- between the second half of 2016 and the begin- the Company's management, the Board of Direc- tion line in Taquari/RS (+230, 000 m³/year) and ning of 2017. tors is supported by advisory committees who the vitreous chinaware plant at Queimados/RJ follow the best corporate governance practices. (+2.4 million pieces/year), not to mention sig- In addition to this, while the Brazilian economy T hese are: the Committee for Auditing and Risk nificant expansion in the Company's forestry is at a standstill, Duratex is using the time to Management, the Committee for Staff, Gover- base, metal bathroom fitting production capac- build even more solid foundations to support nance and Nomination, the Sustainability Com- ity and low pressure standard and high gloss future development. To this end we are imple- mittee, and the Committee for the Evaluation of coating capacity. menting broad-reaching projects which aim T ransactions with Related Parties. It should be to improve management flexibility and quality, pointed out that these committees must be pre- It should be mentioned that in spite of the size of making it possible to significantly reduce costs sided over by an independent board member or these investments, net debt increased by only R$ and expenses. specialist, the Committee for the Valuation of 200 million, rising from R$ 1.5 billion in 31/12/13 T ransactions with Related Parties consisting ex- to R$ 1.7 billion in 31/12/14. In this way, our Company is well-prepared both clusively of three independent board members. to deal with the current challenging scenario, as In April 2014, the board member Raul Calfat re- It is evident that, now this cycle has come to well as to continue on its upward path when con- placed Fabio Schvartsman. In this way the con- an end, we shall be sharply reducing our capi- ditions permit. trolling shareholder's determination to maintain tal expenditure. This will not, however, affect the a board of high-level executives, always with the maintenance of our excellent assets and the im- Salo Davi Seibel participation of three highly qualified and inde- plementation of our operational optimization Chairman of the Board Of Directors pendent board members, remained upheld. We and cost reduction projects. For this reason the G4-1; G4-2 would like, here, to express our gratitude for the capital expenditure budget for 2015 is R$ 400 inestimable contribution made by Fabio Schvar- million, which compares to R$ 608 million, R$ tsman to Duratex over the last four years, as well 601 million and R$ 832 million, in 2014, 2013 and as welcoming aboard Raul Calfat. 2012, respectively. T he fact that 2014 was a difficult year, with a In other words, while it is true that we have ma- sharp drop in profitability and cash generation, jor underutilized capacity both in the Deca Divi- did not prevent Duratex from concluding and sion and the Wood Division, it is also true that DURATEX ANNUAL SUSTAINABILITY REPORT 2014 RETURN TO SUMMARY 6 MESSAGE FROM THE CEO Organic growth, internationalization and new businesses are covered by Duratex 2020 The pillars of growth In 2014, the Duraseg program was launched to deal with the management of health and safe- T he more challenging Brazilian economic sce- ty aspects in all the Company's units.
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