JAIR BOLSONARO PRESIDENT BRAZIL a Biotecnologia Para Conhecimento Novozymes De Todos

Jan / Mai 2019

Danish-Brazilian Chamber of Commerce

JAIR BOLSONARO PRESIDENT BRAZIL 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.

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EDITORIAL Brazilian Review

H.R.H. Princess Benedikte Brazil has a 8 new president ANNIVERSARY H.R.H. Princess Benedikte 8 ECONOMICS Jair Bolsonaro Ambassador Nicolai Prytz 12 Fernando Honorato, Bradesco 14 Jair Bolsonaro was inaugurated on January 1st as president with Mario Mesquita, Banco Itaú 16 a cabinet of 22 ministers and his key objective are reforms. The Luciano Sobral, Santander 18 first priority is the “Previdência” reform and the final reform Economical News 20 proposal will be presented by the end of January. Brazilian public has many expectations to the new government INFORMATION and we are all cautiously optimistic. New President Jair Bolsonaro 6 The Brazilian economy is slightly improving and the prediction Brazil New Ministers 10 is a growth of 2,5% with an inflation of 4,0%, a interest rate of LEGO Bricks Workshop 48 6,5% and the trade balance of 50,0-55,0 billion and unemploy- Feira Escandinava 2018 50 ment of 11,9%. But, Brazil badly needs the social and political Chamber Christmas Lunch 56 reforms. Rio Activities 58 Denmark will have its elections latest June and it is most likely Chamber Lunch - Banco Santander 60 a change of government will take place but still everything can Princess Benedikte Institute 64 happen. The polls are still very close in regard to the red-blue Danes living abroad 66 political groups. It is important to notice ISS will sell their opera- Maibritt Wolthers Exibition, Santos 68 tion in Brasil and Maersk Line and Damco have merged. Herlufsholm - An extraordinary school 74 The Dansih-Brazilian Chamber of Commerce will be very active Transparency International Corruption 2017 78 in 2019 with the following program. Why brillant people sometimes do dumb things 80

th PROFILES Feb 14 - Ambassador Nikolaj Prytz th ISS Strategy Update 24 Mar 14 - Business Council Meeting - Novo Nordisk Novo Nordisk 26 Mar 25th - General Assembly Nordika 28 Apr 2nd - IFU, Helle Bjerre Vestas 30 May 8/9th - Thomas Bustrup - Danish Industry Grundfos 32 May 27th - Jesper Rhode Andersen (Start-ups) Ferring Phamaceuticals 34 Jun 11th - Mercuri Urval Danfoss 36 Jul 4th - Chamber Prize 2019 - Gilberto Gil Maersk Line - Damco 38 Sep 18th - Business Council Nilfisk 40 Oct 9th - Danish Investment Seminar Hempel 42 Nov 19th - Octavio de Barros - Economist LEGO - Ivonne Olivares 44 Nov 29th - Christmas Party Blue Water Shipping 46 SPORTS We wish all the members and friends a very successful 2019 with Caroline Wozniacki wins China Open 83 a growing economy and less unemployment and many new op- Morten Soubak wins African Championship 84 portunities in the Brazilian Market.

32 Jens Olesen Juan Jose Garcia Chiesa President Brazil General Manager, Grundfos Brazil New President 2019 Jair Bolsonaro Brazil’s new president Jair Bolsonaro from eration Car Wash. Lula was from the start of ber 6, 2018, i.e. just under a month till the the Social Liberal Party (PSL) was elected af- the election campaign the l candidate that first-round election day on October 7, 2018, ter a second-round head-to-head election on led big in all polls but after his fall to run with a knife in the city of Juiz de Fora, Minas October 28, 2018 against the candidate from it gave Bolsonaro (PSL)’s election campaign Gerais, during his election campaign rally. It the Workers` Party (PT), Fernando Haddad. a boost and it gave the Workers` Party (PT) made Bolsonaro unable to continue his elec- The whole election campaign was marked something to think about. They had to de- tion campaign. There were no political de- by former Brazilian President Luiz Inácio cide who should be their presidential candi- bates on national Television or any political Lula da Silva (PT) trying to run for president date so late in the political campaign. They meetings between Bolsonaro and his politi- again, but he was denied this possibility selected Fernando Haddad, former Minister cal rival Haddad thought the rest of the elec- in August of 2018 by the Election Court, a of Education in both Lula’s and Dilma’s gov- tion campaign. Bolsonaro communicated a decision later upheld by the Supreme Court ernment and former Mayor of Sao Paulo. lot though social media with videos and text due to the 12-year and 1-month sentence for The first round election was overshadowed message from hospital and his home, where corruption that Lula got for his role in Op- by Bolsonaro getting attacked, on Septem- he was recovering. Even though neither Bolsonaro nor Haddad got over 50% of the votes in the first round it was clear that they would advance to the second-round election. So the election would be a battle between economic liber- alism/ social conservatism (Bolsonaro, PSL) against democratic socialism (Haddad, PT). In the second-round election campaign Bol- sonaro led all political polls over his rival candidate Haddad that in the last days before election day got some momentum in his campaign. Despite Bolsonaro’s health problems and the fact that he was not able to run a successful election campaign, the result of the second-round election was:

6 jul/sep 2014 • Jair Bolsonaro from the right- wing Social Liberal Party (PSL) 55.13% • Fernando Haddad from the left-wing Workers` Party (PT) 44.87%

Jair Bolsonaro will take office on January 1, 2019. The New President has not always been in politics. Bolsonaro has a military background as he served in the rank of Captain from 1977-1988. He entered the political scene in 1988 representing the Christian Democratic Party (PDC) in the Rio de Janeiro City Council. Later on, in 1990 he was elected to the Lower Chamber of Con- gress where he served for 27 years until 2018 where Bolsonaro leave the Christian Demo- cratic Party (PDC) and joined the Social Lib- eral Party (PSL) to become their Presidential Candidate. A lot has been has been written and said about Bolsonaro, and he is a person that split the Brazilian people. The next couple of months and further on will show if he can gather the Brazilian people, make the necessary reforms to push Brazil forward both politically, socially and economically, but also which way he will take Brazil on both the domestic and international scene.

MBM

jul/sep 2014 7 H.R.H. Princess Benedikte celebrates her 75 years anniversary

On Monday 29th of April her H.R.H. Princess Benedikte will celebrate her 75 years anniversary in Copenhagen with many activities and a special exhibition at Koldinghus Museum called “A Princess of Her Time”. H.R.H. Princess Benedikte has been a great supporter of Brazil and will inaugurate the Princess Bene- dikte Institute in Curitiba on the 22nd – 23rd of October. H.R.H. will spend one week in Brazil which include Sao Paulo, Curitiba and Iguazu Falls. We all look forward to this special visit with H.R.H. Princess Benedikte who will be accompanied by her “Lady in Waiting” Mrs. Anne Dorthe Iuel and the Danish ambassador Nicolai Prytz. The event which will be a special celebration of HRH with Girls Scouts and a special inauguration of the Princess Benedikte Institute in Curitiba which is H.R.H. first patronage outside Denmark. This will be a very exciting time. JOL

Brazil New Ministers

Hamilton Mourao, Vice President

Jair Bolsonaro, President Onyx Lorenzoni Gustavo Bebianno Chief of staff Secretary-General of the Presidency

Paulo Guedes Augusto Heleno Marcos Pontes Dr. Sergio Moro Economy Institutional Security Science and Technology Justice and Public Security 10 apr/jul 2015 Tereza Cristina Fernando Azevedo e Silva Ernesto Araujo Roberto Campos Neto Agriculture Defence Foreign Affairs President of the Central Bank

Wagner Rosario Luiz Henrique Mandetta Andre Luiz Mendonca Ricardo Velez Rodriguez Controlling-General Health Attorney General Education of the Union

Carlos Alberto Tarcisio Gomes de Freitas Gustavo Canuto Osmar Terra dos Santos Cruz Infrastructure Regional Development Citizenship Secretary of Government

Marcelo Alvaro Antonio Bento Costa Lima Damares Alves Ricardo de Aquino Salles Tourism Mines and Energy Women, Family and Environment Human Rights apr/jul 2015 11 Trust - A Danish Resource

To put it very bluntly, I believe that trust is much more than an emotion. I would even argue that the success of any given society largely depends on the level of trust between its citizens, including institutions. I believe that Denmark and Danes are living proof of this hypothesis. As newly arrived ambassador to Brazil, I feel it is pertinent – and timely - to highlight this particular Several global surveys (e.g. World Value Danish characteristic with the humble hope that it can Survey) point to Denmark as the country with the highest level of trust between serve as an inspiration. its citizens. In short, this means that the general mind-set of the average Dane – by default - is characterized by an assumption that people they have never met before are honest and reliable. It is important to The launch of the publication on the past three years of Strategic Sector Cooperation highlight that this also extends to trust in between Brazil and Denmark at the 4th Innovation Week in Brasília Danish institutions, like the government, the public administration, the police, the judiciary, the health services, etc. This is obviously something we feel very good about, but it is also something that has a tremendously positive impact on our society – both socially and economically. Let me come with a few examples. Trust is simply a fundamental prerequisite for the Danish welfare state, which is key to Denmark being one of the most equali- tarian countries in the world and with the highest level of social cohesion. The welfare state is largely financed by income taxes and Denmark therefore has one of the highest tax levels in the world. Yet, tax evasion levels are very low. This is not just due to control systems, but simply because Danes feel good about contributing, as they trust that fellow citizens will do the same and that the government will put those contributions to good use in a way that will benefit the society. Obviously, this is also closely linked to the fact that Den- mark has the lowest corruption level in the world when it comes to public administration, enabling efficient use of resources. The high level of trust also has a significant impact when it comes to business life. For example, much research regarding the high level of productivity in Denmark points to trust as a vital component. The result of a trusting population is that economic activity can take place in more cost-efficient ways as less cumbersome procedures are needed in order to generate the level of confidence that efficient business relations require. Another manifestation of this is a very business friendly public sector - one of

A Danish self-service roadside stand with farmer’s produce Virginia von Bülow is celebrating 100 years birthday

Virginia von Bülow is celebrating her 100 The launch of the publication on the past three years of Strategic Sector Cooperation years birthday on January the 9th. Virginia between Brazil and Denmark at the 4th Innovation Week in Brasília von Bülow was married to Consul General Adam von Bülow who was a prominent the main explanations for Denmark’s glob- One example of this is the Danish-Brazilian Dane in the Danish colony for many genera- al leading position when it comes to the governments’ joint Strategic Sector Coop- tions and also the Chairman of the Danish- World Bank’s survey on the Ease of Doing eration on Digitalization and Innovation of Brazilian Chamber of Commerce for many Business Index. the Public Sector. Denmark has the world’s years. We congratulate Virginia on the very When visiting Denmark, you will notice most digitalized public sector and our ex- special day and wish her all the happiness other – more curious - manifestations of perience in this area is very useful as digi- and success in the future. trust throughout various aspects of Danish talization is an effective tool in combating JOL society. To name a few, if you go for a drive corruption and increasing transparency outside of major cities chances are you will – aside from increasing productivity and stumble upon unmanned stands with farm- the service level in the public sector in Bra- er’s produce and jars with the text “insert zil. This cooperation has been extremely money”. If, on the other hand, you catch fruitful and last year led to the creation of the metro in Copenhagen you will see that GNova (www.gnova.enap.gov.br) under – contrary to most countries – there are no the National School for Public Administra- turnstiles leading down to the platforms. We tion, which is basically a lab that pushes for trust citizens to pay their fair share because digitalization and innovation in the Brazil- the majority of people do pay their fair share. ian public sector. Altogether, we have good reasons to be The theme of trust is also a key compo- proud of the high level of trust in Denmark. nent in our joint Nordic efforts in Brazil – It should therefore come as no surprise in particular within the Nordic Dialogues. that exactly the aspect of trust has found Throughout 2019, we will continue work- its way into several of the areas of coopera- ing with our fellow Nordic countries on tion we have with Brazil. sharing Nordic values with Brazil. While continuing our work on gender equality we will share Nordic perspectives on trust between institutions and individuals. I find this a particularly important theme given recent circumstances in Brazil and I am happy to announce that this year we have partnered up with Transparency International in Brazil among others. By sharing Nordic experiences with transparency, civic engagement and proximity between citizens and decision makers, we would like to demonstrate ways to transform political distrust into active citizenship and effective democracy.

Ambassador Nicolai Prytz

Ambassador Nicolai Prytz An economic agenda for an increasingly volatile world

It is still uncertain which economic order of 10.5%, it is around 6.5% of doubt as to the payment of public agenda will prevail in Brazil during in other emerging economies. With debt is removed, which allows artifi- the coming year, but it is possible to lower public spending relative to cially low interest rates a chance of trace some possible consequences for the GDP, the private sector will gain reducing debt through inflation. Less the economic scenario if the broad prominence in the economy. volatile interest rates and lower risk outlines of what has been proposed Meeting the spending ceiling will premium help lengthen investment materialize. It is worth discussing four not be easy and will require reforms, horizons, favor business activity and dimensions of the likely agenda: (1) a including within social security and job creation, and contribute towards public spending ceiling; (2) indepen- pensions. These reforms will have lower currency volatility. dence of the Central Bank; (3) trade to meet the actuarial objectives and As for trade liberalization, the start- liberalization and (4) tax reforms. short-term fiscal challenges, as well ing point should be acknowledging Maintaining the spending ceiling as the maintenance of basic public that Brazil is one of the world’s most will make it possible to reduce public services traditionally rendered by the closed countries when it comes to debt over time and, if well-executed State. But the ceiling is feasible con- trade. Exports and imports are small alongside further reforms, this mea- sidering the reforms and the built-in in terms of the GDP, the importation sure could reduce the austerity of the restraints to expenses already pres- tax rates are higher than those of our public budget. The main expected ef- ent in law. peers, and non-trade barriers also fect over time is a fall in the long-term In regard to independence of the surpass the global average. Studies interest rate. One of the reasons why Central Bank, international experi- show that a gradual trade liberaliza- Brazil has not been able to reduce in- ence shows that this yields positive tion – one which would make Brazil terest rates to date is the size of its effects on inflation, expectations, and merge tariffs to OECD levels and give public debt. With a possible reduc- risk. In general, the chance of undo- the industry ample time to adjust tion, convergence of interest rates to ing inflation expectations is reduced. - could lead to a general fall in the the average rate level seen in other Thus, inflation and interest rate vola- price level of up to 5.0% and growth emerging countries might happen: tility decrease. In addition, the risk acceleration spurred especially by while a 10-year rate in Brazil is in the premium gives way because a source higher productivity. A country more open to trade also preciation of the exchange rate also tested through the natural challenges tends to have lower exchange rate contribute towards recovery even if of the proceedings or if the employ- volatility since shocks adjustments they do not determine it. The Selic ment rate and GDP response is slower are faster and balancing the exter- rate will be strained on two fronts in than expected. nal accounts with less intense ex- a scenario like this. On the one hand, Finally, it is worth mentioning that change rate variations becomes fea- greater growth will lead to increased the international environment is sible. Lower currency volatility favors inflationary pressure and risks of much less tolerant of issues in emerg- the business environment as well as price transfers. On the other hand, a ing economies nowadays, and hesita- investments with long maturities stronger exchange rate will halt inflation in implementing reforms has led whose currency risk component is tion somewhat. to increased volatility in emerging relevant as it is within infrastructure. In the medium term, it will be pos- countries. This will also hold true in Finally, a country that is more open to sible to see a fall in the structural 2019. By implementing reforms, Bra- trade tends to have more stable do- interest rate, with chances of expan- zil would have an interesting oppor- mestic prices because excess demand sion of credit and investments into tunity to differentiate itself from its or imbalances quickly spill abroad infrastructure. Interest rates and in- peers and navigate in this more un- and prices are adjusted accordingly. flation may converge to the average certain global environment in a much This reduces the risk of inflation and of emerging countries over time. In smoother way, thereby increasing in- volatility of interest rates and prices, addition, Brazil may return to a me- vestments and business opportunities and thus helps to enforce the effects dium-term horizon investment grade in all sectors of the economy. of the dimensions of a spending ceil- through an upgrade within the next ing and independence of the Central 18 months if the pension reform bill Fernando Honorato Bank. and Central Bank independence bill Chief Economist - Bradesco As for a tax reform, its impact will be are approved. Job creation, income determined by the actual design and increases and the GDP will likely be details to a much larger extent than boosted, and it may be possible to the models employed for the other di- see growth rates between 3.0% and mensions. But in general terms, if the 3.5% in the coming years if there are reform is revenue neutral - a funda- productivity gains in the economy. mental requirement for the balance of What are the risks of this scenario? public accounts - there are still gains Firstly, the basic question is whether to be derived from simplification. the agenda adopted will really be the Studies indicate that the country’s one outlined here. We are still wait- per capita income can increase by as ing for the details and confirmation of much as USD 2,300 through stream- the broad outlines. Secondly, the ca- lining payment of taxes to standards pability of political enforcement in observed in the OECD. Congress will be as important as There are potential short and me- the economic agenda itself. The dium term benefits if this agenda faith in the agenda might be moves forward. In the short term, investment and consumption are damp- ened, the economy idle, inflation and interest rates are low, companies and households less leveraged, thus, the economy is in a cyclical position, which is favorable for faster GDP growth, job creation, and higher income levels. The improvements to the financial conditions in recent weeks, such as the drop in interest rates, the rise in the stock market, the lowering of the country risk factor, and the ap- Fernando Honorato Chief Economist at Bradesco A new normal for the Selic rate

The U.S. central bank, the Fed, is driving also at historically-low levels. Monetary au- the monetary policy rate to a near-neutral thorities have expressed in documents that level (i.e., consistent with a real level of they are in the territory of “stimulating mon- Estimates by Itaú economists indicate interest rate that would keep growth in etary policy, i.e., interest rates below the that, with potential GDP growth of 1.5%- line with potential, thus not accelerating structural rate.” Nevertheless, we have not 2.0% and the real interest rate at 4.5% to or decelerating inflation), according to its seen a pickup in domestic demand. stabilize output, the real neutral interest governors. The nominal short-term rate is Indeed, despite some decompression in rate would range from 2.5% to 3%. Thus, now 2.25% p.a. In 1990-2007, its average recent weeks, broader financial conditions and assuming 2019 inflation expectations was 4.36% p.a., and it was below the cur- — as set by longer-term market interest around 4.1% and the current Selic rate at rent level just 16% of the time. rates and asset prices — have been less 6.5% (implying a real rate between 2.3% Such simple empirical observation as expansive than the short-term rate sug- and 3.10% p.a., depending on the nomi- well as sophisticated studies suggest that gests, curtailing the response in terms of nal rate used), its level would range from the “neutral rate” has declined in the U.S. economic activity. It is reasonable to as- neutral to moderately expansive. If infla- and other mature economies since the 2008 sume that uncertainties about the reform tion expectations enter a downward path, crisis. The real neutral interest rate — con- agenda, notably fiscal reforms, also delay monetary policy adjustment may become sidering the U.S., U.K., Canada and the eu- the recovery in investments and overall necessary to prevent monetary stimuli from rozone — fell from 2.4% p.a. to 0.7% p.a. economic activity. Even with these caveats, being withdrawn too quickly. between 2007 and 2016 (data taken from the the combination of modest growth and low But the preceding analysis loses rel- paper by Holston, Laubach and Williams). inflation fueled a debate about the neutral evance if the country fails in its fiscal ad- In Brazil’s case, since March the bench- interest rate in Brazil. Are we also facing a justment effort, whose central element is mark Selic interest rate has been at its lowest new normal for the Selic rate? the pension reform. If it is not approved nominal level and the short-term real inter- There are reasons to believe that this is in a timely manner, the market’s patience est rate has ranged from 2.1% to 2.7% (ac- the case. First, if the global interest rate with Brazil’s chronic fiscal imbalance (the cording to expectations in the Focus survey), environment changed, the Brazilian econ- budget deficit equals 7.1% of GDP) will be omy is impacted. Domestically, a combi- tested, probably triggering a flight toward nation of factors may also be in play. The real assets, FX depreciation, and increases bancarization process since 2004, when in actual and expected inflation. If the fis- credit expanded from 25.5% to 47.1% of cal adjustment fails, Brazil will not become GDP, tends to increase the firepower of a new Greece, but the old Brazil, plagued monetary policy (not only through credit’s with inflation. higher relative importance but also thanks In a nutshell, while the debate about a to greater sensitivity of potential borrow- new normal level for the benchmark inter- ers to changes in credit costs). est rate in Brazil seems valid, given the The effects of this process on the neutral recent economic performance and certain Selic rate seem to have been partially neu- structural changes, room for additional tralized by fiscal and quasi-fiscal expansion monetary policy easing seems minimal, since 2009. More recently, the introduction unless there is a new round of declines in of a new regime to price loans granted by inflation expectations. And of course, the development bank BNDES (which peaked outlook for a new and lower level for the at 11.3% of GDP), with the creation of the neutral interest rate vanishes completely Long-Term Rate (TLP), points to substan- if the fiscal adjustment proves to be again tial reduction in segmentation in the politically unfeasible. credit market, allowing subsidized credit to become less important. Mario Mesquita Chief Economist - Itaú Unibanco

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www.chr-hansen.com A year in the sweet spot After a long period of economic adjust- For that optimistic scenario to unfold, Inflation and monetary ment, Brazil may be on the verge of a stron- however, we need to assume relative sta- ger cyclical recovery in economic growth. bility in financial markets, which will de- policy - smooth sailing As the country has been slowly coming out pend on external conditions and on how in- of a deep recession, economic slack should vestors assess Brazil’s debt sustainability. The recent dynamics of inflation suggest help to contain inflationary pressures al- Despite recent efforts to achieve fiscal con- that economic slack continues to be a ma- lowing the Central Bank to maintain over- solidation, the time bomb of social security jor disinflationary force in Brazil. Yearly core night rates at historical lows. This should still needs to be dismantled – a task that inflation slowed to 2.8% from 3.2% in 2018, provide a temporary “sweet spot” for the newly elected government will have to with an even steeper decline in service corporate profits – even more so consider- prove it can accomplish. prices. Moreover, the behavior of tradable ing the substantial deleveraging that took prices suggests to us that the exchange rate place over the past three years. pass-through has been remarkably low, also Economic activity - probably because of the still weak econo- finally a cyclical recovery my leading to diminished pricing power of importers. Under our hypotheses of a rela- The surge in confidence indicators after tively stable exchange rate and persistently the results of the October elections, the negative output gap, we see 2019 year-end widening scope of the economic recovery inflation at 3.7% y/y. With the prospect of as shown in high frequency indicators, another year of inflation below the target and the prospect of low interest rates for midpoint, we believe that the Central Bank some time into the future have led us to will keep its benchmark overnight rate at anticipate an accelerating rate of GDP 6.5% for all of next year. growth from 2019. The disappointment of 2018 is, in our view, more related to exter- External accounts and nal shocks (such as the truckers’ strike in May) than to underlying economic weak- FX - deteriorating current nesses. The two pillars for a household account, still strong FDI consumption-based recovery are, in our view, still quite solid: a recover- An accelerating economic recovery based ing job market and growing credit on domestic demand should imply deterio- concessions. ration in external accounts. We believe im- We forecast GDP growth at ports will rise strongly for the third straight 3.0% in 2019. We expect private year, up 13% from 2018. With that, the cur- consumption to contribute about rent account deficit should double 1.6% of two thirds of headline growth, GDP. On the other hand, we expect another with the remaining one third strong year for foreign direct investment, coming from investment. with USD 82 billion inflows in 2019. We believe that the external environment and its impact on portfolio inflows will be the Luciano Sobral main drivers for the BRL. The combination of Santander Brazil a challenging global environment and relatively low interest rate differentials should solve the growing spending problem – it Despite the failed attempt of the current keep the BRL on a weakening path, with the could even aggravate it, since, especially government to pass reform through Con- excess FDI and a strong international reserve at the subnational level, one-off revenue is gress, the effort brought the discussion to position acting to prevent a stronger and often treated as permanent and converted the forefront of any discussion about the sharper depreciation. We forecast the BRL/ to recurrent spending. country’s economic outlook. Although this USD rate at 4.00 the end of 2019. The spending cap also makes explicit kind of reform is inherently difficult to ap- the limitations of this “balance sheet ap- prove, we believe that the newly elected proach,” as the government risks a shut- government could succeed if it presents a Fiscal accounts - Brazil’s down if it does not limit spending growth feasible reform and makes that its top pri- main vulnerability to past inflation. The law will force the new ority early in its term. government to make hard decisions, either Execution risks are far from negligible, Brazil’s fiscal accounts will continue to fighting in Congress to remove earmarks but we believe the next government will be the main point of concern among the from spending to allow for cuts or having to come from a good starting point and will main macro variables. Despite recent ef- deal with the consequences (such as freezes have significant incentives to complete forts that stabilized the structural primary on hiring and wage increases for public ser- reforms that would support a strong cycli- deficit and eliminated future contributors vants) of breaching the spending limits. cal recovery. We believe that removing the to the deficit (such as subsidized loans risk of fiscal insolvency would be likely to through BNDES), debt/GDP should con- Where economics meets unleash investment decisions that should tinue on an upward trajectory, even taking contribute to higher growth under stable into account the expected effects of the ap- politics - the reform agenda market conditions, a powerful motivator proval of pension reform. A 1.5% primary to anyone considering running for reelec- surplus is required to stabilize the debt/ We subscribe to the view that pension tion in the next electoral cycle. Rationality GDP ratio, which means that a large fiscal reform is a necessary step for Brazil to will not be the only force in play in this effort is still necessary. achieve debt sustainability. Without a pen- process, but we believe it will be a strong In the short term, part of this adjust- sion reform that substantially increases the enough factor to justify our reasonably ment can continue to be done relying on average retirement age, any fiscal effort bullish outlook. privatizations and concessions. This strat- would eventually be undermined by a rapid egy, however, has limitations: it depends demographic transition that would require Luciano Sobral on Congress’s approval, it taps a limited unrealistic productivity gains to keep the Santander Brazil supply of assets, and of course, it does not system solvent.

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Brazil has fallen two positions in the World Bank’s Doing Business ranking, which measures the impact of regulation and bureaucracy on business operations

Ranking Number of hours per year Time spent on paying taxes The leaders of the 1st New Zealand 1st Brazil 1.958 ranking of commercial 2nd Singapore 2nd Bolivia 1.025 opening and five others 3rd Denmark 3th Libya 889 selected countries 46th China 4th Venezuela 792 ( in points, from 0 to 100 ) 54th Mexico 5th Chad 766 64th Puerto Rico 6th Ecuador 664 1st Singapore 88,5 65th Colombia 7th Gabon 632 2nd Hong Kong 84,5 67th Costa Ricaa 8th Cameroon 624 3rd New Zealand 81,5 109th Brazil 9th Congo 602 4th Australia 80,7 Source: Doing Business 2018/Banco Mundial 5th Chile 76,5 9th USA 71,4 12 nd Germany 70,8 World Gross Domestic Product GPD Ranking 2018 93th China 57,3 109 th Argentina 55,0 1st India 7.5% 23rd Spain 2.5% 118 th Brazil 52,8 2nd China 6.5% 24 th Austria 2.4% Source: World Economic Forum 3rd Philippines 6.1% 25th Holland 2.4% 4th Indonesia 5.2% 26th Switzerland 2.4%

th th United Nations 5 Poland 5.1% 27 Taiwan 2.3% 6th Latvia 4.8% 28th Czech Republic 2.3% Development 7th Hungary 4.8% 28th Peru 2.3% Programme Rank 8th Slovakia 4.6% 30th Singapore 2.2% 9th Malaysia 4.4% 31st Finland 2.2% 1 Noruega 0,953 10 th Romania 4.3% 32nd Lithuania 2.2% 2 Suiça 0,944 11 st Cyprus 3.6% 33rd Portugal 2.2% 3 Austrália 0,939 12 nd Thailand 3.3% 34th South Korea 2.0% 4 Irlanda 0,938 13 rd Israel 3.1% 35th Belgium 1.7% 5 Alemanha 0,936 14 th USA 3.0% 36th Sweden 1.6% 11 Denmark 0,929 15 th Bulgaria 3.0% 37th UK 1.5% 79 Brazil 0,759 16th Hong Kong 2.9% 38th France 1.5% 185 Burundi 0,417 17 th Croacia 2.8% 39th Brazil 1.3% 186 Niger 0,354 18 th Ukraine 2.8% 40th Russia 1.3% 187 Rep. Central Africana 0,367 19 th Chile 2.8% 41st Germany 1.2% 188 Sudão do Sul 0,388 20th Mexico 2.6% 42nd Norway 1.1% 189 Chade 0,404 21st Tunisia 2.6% 43rd Italy 0.8%

nd th Fonte: Programa das Nações Unidas para 22 Colombia 2.6% 44 Denmark 0.8% Desenvolvimento Humano Source: Estadão

20 jul/sep 2009 Lei Rouanet

Lei Rouanet as it is known law 8.313/91, that establishes the National Program for Culture Support (Pronac), is today the main mechanism to enhance culture in Brazil In 27 years Total impact In 2018 Quanto cada área injetou na economia R$ 49,8 billion Released amount of R$ 946 million of Billion reais injected in the economy * R$ 18,5 billion Million reais Cultural heritage (museum sector) 12,1 Direct impact Scenic Arts 11,8 JAN 27,9 (referring to the Music 10,4 productive chain) FEB 29,2 Visual Arts, Audiovisual and Humanities 5,0 MAR 42,7 R$ 31,2 billion APR 34,8 To each R$ invested, R$ 1,59 goes back to Direct economic impact MAI 48,1 the society* (referring to the JUN 60,2 total sponsorships) JUL 54,3 53.368 THOUSAND AUG 76,2 CULTURAL PROJECTS SEP 74,0 OCT 66,1 Legal Security, Bureaucracy and NOV 84,7 Working Relations Ranking DEC 347,6 Performance of each country in a 0 to 10 scale

Taxes Burden CANADA 9,1 AUSTRALIA 7,9 OCDE ranking of the charged aliquot by SOUTH KORES 7,7 country over the companies’ profit CHILE 7,7 France 34,4 SPAIN 7,0 Brazil* 34,0 POLAND 7,0 Portugal 31,5 THAILANDI 6,8 Mexico 30,0 CHINA 6,5 Germany 29,8 TURKEY 6,4 Japan 29,7 RUSSIA 6,2 Greece 29,0 INDIA 6,1 New Zealand 28,0 MEXICO 6,1 South Korea 27,5 COLOMBIA 6,0 Luxemburg 26,0 INDONESIA 6,0 USA 25,8 PERU 5,9 Holland 25,0 SOUTH AFRICA 5,3 Spain 25,0 ARGENTINA 4,4 Italy 24,0 BRAZIL 4,4 Average of all OCDE countries 23,8 Source: CNI (2018) *Brazil is still not part of the OCDE, but is applying to a vacant seat to be part of the group. The OCDE countries are those that mostly charge companies, Brasil, however will surpass all of them with the taxes reduction in France.

Source: OCDE jul/sep 2009 21 Best average High trend

Percepcion of society profitability in 2018 Women continue to be minority in about the teachers parliaments, although their presence is Ibovespa 15,03 growing at a record pace in the USA and Brasil The index is based in a scale of 0 to 100 IPCA Treasure 12,31 and takes into consideration, respect, Prefixed Treasure 11,49 USA 23,7% salary ad attractiveness. RDB 10,31 Mexico 48,4% Stock Funds 8,27 Argentina 39,5% France 35,7% China 100 Robot Funds 8,09 Germany 31,4% Malaysia 90 Average banks CDB 7,27 United Kingdom 28,9% Taiwan 70 Multi Stratefy Funds 7,18 Chile 22,7% Russia 65 LCA and LCI 7,09 Brazil 14,9% Indonesia 62 Fixed Funds 6,51 Source: Veja São Paulo Korea 61 Selic Treasure 6,13 Turkey 61 Major Banks CDB 5,33 Lost Future India 58 New Zealand 57 NOTE: It were considered available Countries where most Singapore 50 investments to individuals during 2018 child marriages take place Canada 49 through online investment platforms, with India 15,5 million Greece 45 liquidity within six months (D < 180). The mapped funds were those the open to Bangladesh 4,4 million UK 44 retail, with minimum investment value of Nigeria 3,5 million Switzerland 42 up to £ $50000. Brazil 3,0 million Panama 40 Source: YUBB Ethiopia 2,1 million USA 39 Source: Unicef 2017 Finland 38 Report shows Japan 38 variation of medicine Exports from Brazil Egypt 33 France 33 consumption across to Arab countries Germany 32 countries from January to July, in millions US$ Chile 32 Daily doses consumed per 100 Saudi Arabia 1.016,30 Portugal 30 thousand people Arab Emirates 893,9 Holland 30 Egypt 867,0 Peru 27 Mongolia 64,41 Algeria 510,3 Colombia 25 Turkey 38,18 Oman 301,4 Spain 25 Marocco 254,2 France 25,92 Uganda 23 Iraq 207,1 Hungary 22 Brazil 22,75 Bahrain 197,0 Czech Republic 22 England 20,47 Tunisia 173,3 Argentina 21 Denmark 17,84 Lebanon 110,3 Yemen 101,5 Gana 19 Canada 17,05 Italy 16 Jordan 95,5 Japan 14,18 Israel 8 Kuwait 94,6 Germany 11,49 Brazil 2 Qatar 92,3 Peru 10,26 Libya 74,1 Fonte: Varney Foundation Somalia 36,7 Source: Infográfico/ Estadão Mauritania 34,1 Syria 30,7 Djibouti 16,6 Palestine 9,8 Sudan 5,6 Comoros Islands 1,1

Source: Arab-Brazilian Chamber of Commerce 22 jul/sep 2009 Americans lead the raking for job application in Brazil

Authorizations for permanent jobs Main nationalities by number of people 267 248 268 223 USA 5.098 1st quarter 2nd quarter 3rd quarter 4th quarter PHILIPPINES 2.127 Authorizations for temporary jobs UNITED KINGDOM 1.827 CHINA 1.606

6.432 8.476 INDIA 1.459 5.566 5.463 FRANCE 1.424 1st quarter 2nd quarter 3rd quarter 4th quarter ITALY 1.220

Source: OBMIGRA - TEM

Companies and Diseases foreigners who own or Interest rate Disease % population rent lands in Brazil Percentage per year Arterial hypertension 52,2 Spinal problems 40,8 Origin of the foreigners in the Argentina 14,52 High cholesterol 30,5 federation units Turkey 5,36 Cataract 24,9 Portugal 27 Mexico 4,55 Arthritis or rheumatism 21,0 Depression 18,6 Japan 18 Russia 4,27 Parkinson 16,5 Spain 16 Indonesia 3,95 Diabet 15,8 Germany 14 Brazil 2,83 Osteoporosis 15,8 Italy 13 India 2,58 Heart problem 11,7 Glaucoma 8,4 USA 11 South Africa 1,62 China 9 Emphysema, chronic bronchitis 6,0 Malasia 1,48 Stroke 5,3 Argentina 8 Philippines 1,01 Cancer 5,3 Holland 8 Source: INFOGRÁFICO/ESTADÃO Asthma 4,9 Lebanon 7 Renal insufficiency 4,5 Chile 5 Diabetic retinopathy 1,9 Macular degeneration 1,5 France 5 Countries with better England 4 Alzheimer 0,8 Paraguay 3 conditions for reading Source: ELSI/ Brazil Switzerland 3 practice Uruguay 3 Killing Animals Bolivia 2 Scandinavian countries appear ahaed. Austria 1 Annual death trigged by species Canada 1 1st Finland Shark 10 Peru 1 2nd Norway Wolf 10 Poland 1 3rd Iceland Lion 100 4th Denmark Crocodilo 1.000 Developed activities 5th Sweden Roundworm 2.500 Livestock 25 6th Switzerland Schistosoma 10.000 Agriculture 14 7th USA Tse tse fly 10.000 Reforestation 11 8th Germany Canine rabies 25.000 Mining 6 9th Latvia Snake 50.000 Industry 2 10th Holland Human (violent deaths) 475.000 Dam 2 43th Brazil Mosquitos 725.000 Source: Infográfico/ Estadão Source: Universidade Estadual Center Connecticut Source: Estadão jul/sep 2009 23 ISS - Strategy Update ISS to increase organic growth to 4-6% per annum by accelerating its Key Account transformation

ISS (ISS.CO, ISS DC, ISSDY), a leading • Operations in 13 countries • These divestments will global provider of facility services, today will be divested – Thailand, significantly simplify the announced its ambition to increase or- Philippines, Malaysia, Brunei, business, reducing complexity ganic growth to 4-6% per annum by ac- Brazil, Chile, Israel, Estonia, and risk. Upon completion, celerating its transition towards Key Ac- Czech Republic, Hungary, the number of customers is count customers. ISS has proven its ability Slovakia, Slovenia and expected to reduce by 50% to win and grow Key Account customers (from 125,300 to around and now plans to strengthen its position Romania. The exit from non- further in a market place that offers com- core services will be concluded 62,700) and the number of pelling, long-term growth potential. A by divesting a number of employees is expected to two-year programme of expedited invest- business units across the group reduce by 20% (from 490,000 ment, encompassing services (e.g. work- – entirely consistent with ISS’s to around 390,000). place, technical, catering) and platform strategy of recent years. (e.g. technology, data and innovation), • The two-year programme of will materially enhance ISS’s delivery ca- • In 2017, these planned country expedited investment will pabilities. Investment will include proj- and business unit divestments strengthen ISS’s delivery ect-related operating expenditure, capital generated a revenue of DKK capability to Key Accounts expenditure and selected M&A. It will 9,685 million (12% of Group) (including global and regional) strengthen ISS’s ability to protect and care and Operating Profit before and is expected to yield for customers’ property, people and envi- other items of DKK 373 million attractive financial returns. ronment. Capital will be reallocated from areas that are not core to the Key Account (8% of Group). The process of divesting countries and • Within 2019 and 2020, ISS strategy to help fund this transformation. remains committed to paying As a consequence of this: business units is expected to conclude during 2020. an ordinary dividend at least equal to the DKK 7.70 per share paid in 2018. • ISS intends to return at least 25% of net divestment proceeds to shareholders by way of a share buy-back or extraordinary dividend

Jeff Gravenhorst Group CEO, ISS A/S These actions are designed to improve ISS’s These bold decisions financial performance via stronger growth. As such, ISS has set the following medium reflect our strong conviction term financial targets: in the growth opportunity afforded by Key Account Organic growth: 4-6% per “ • annum (2019 onwards) customers. When the time • Operating margins: Robust comes, it will be tough and in-line with the historical to part ways with many range outstanding colleagues and • Free cash flow: Around DKK ISS’s strategy 3 billion in constant currency high quality businesses. (by 2021) However, we must focus The ISS Way – has already created a more focused organisation, with stricter decision- our capital and resource on making around the customers it wishes to About ISS serve and the services it provides. Consid- those customers, services erable progress has been made, in driving The ISS Group was founded in Copenhagen and geographies that can growth of Integrated Facility Services (IFS) in 1901 and has grown to become one of for Key Account customers, especially Glob- the world’s leading Facility Services com- truly benefit from our future al Key Accounts. 2018 has been a successful panies. ISS offers a wide range of services investment in processes, year and since the 9-month interim report such as: Cleaning, Catering, Security, prop- in November, ISS has won or extended rela- erty and Support Services as well as Facility technology and innovation. tionships with four major customers with a Management. Global revenue amounted combined revenue of around DKK 2 billion, to DKK 80 billion in 2017 and ISS has more This acceleration of our of which new revenue amounts to approxi- than 482,000 employees and activities strategy will improve our mately 1% of the Group total. in more than 70 countries across Europe, ISS will now strengthen and fully leverage Asia, North America, Latin America and offering for Key Account “ its operating platform to drive stronger Pacific, serving thousands of both public organic growth in the medium term. The and private sector customers. For more customers and deliver a geographic footprint will be narrowed to information on the ISS Group, visit www. stronger and more consistent focus on those markets offering a meaning- issworld.com. ful and attractive opportunity to grow Key ISS financial performance for our Account customers. The business will be simplified, risk reduced and capital reallo- shareholders. cated to support core services. Restructur- www.br.issworld.com/ ing costs are expected to fall in 2019 and Alexandre Seraphim, President of Ferring Brazil again in 2020. Jeff Gravenhorst, Group CEO, ISS A/S Novo Nordisk plant in Montes Claros A new outcome for diabetes in Brazil Brazil has given another step forward to significance because previously the only Its heritage has given the company experi- improve diabetes care. For the first time in insulins distributed by SUS nationally were ence and capabilities to help people over- the country, people with type one diabe- human insulin with syringe application, in come obesity, hemophilia, growth disor- tes will have access, through the country’s which the patient himself is responsible ders and other serious chronic diseases. public healthcare system (SUS), to rapid- for removing the dose corresponding to The production site in Montes Claros (MG) acting mealtime insulin prefilled pens. The his treatment. In addition to potentially Approximately 28 million people use Novo insulins were produced by Novo Nordisk, a improve the administration of a correct Nordisk’s diabetes products around the global healthcare company with 95 years of dosage, bring more comfort, facilitate the world. In Brazil, the company has an insu- innovation and leadership in the treatment handling, storage and transportation of the lin factory that was inaugurated in 2007, of diabetes, in Brazil’s only insulin factory, medicine; the prefilled pens, may contrib- located in Montes Claros, Minas Gerais. in Montes Claros, in Minas Gerais State. ute to a better treatment adherence. With 64,000 m2, the equivalent of seven The insulins are available in all states in the Diabetes is a global challenge. Today, more football fields, the site is Latin America’s country, including the Federal District. than 400 million people live with the dis- largest insulin manufacturing facility, em- The Brazilian population will be experienc- ease in the world and, according to projec- ploys around 1,000 employees and is the ing a lot of first times because, besides the tions, until 2045, that number should reach largest Novo Nordisk manufacturing facil- unprecedent fact of receiving insulin pens 730 million. That means that, in less than ity outside Denmark, where the company is through SUS; it is also the first time that three decades, 1 in every 9 people in the headquartered. SUS will make available modern insulins world will have diabetes. Considered one of the most modern facto- produced in Brazil. In January 2018, the Brazil occupies the 4th place in the world in ries in the world, the relevance of Montes Brazilian Health Regulatory Agency (AN- number of adults with diabetes, account- Claros site is impressive. It exports medi- VISA) granted Novo Nordisk insulin factory ing 12 million of people, according to the cines to more than 50 countries, which permission to supply the rapid-acting insu- International Diabetes Federation (IDF). In represents more than a quarter of all the lin – insulin aspart - to the Brazilian market children, it occupies the 3rd place among drug exportation in Brazil, and its insulin (the production facility already exported to the countries with more cases of the dis- production represents 15% of all the insulin more than 50 countries). After, the compa- ease, for a total of more than 88,000. consumed in the world. ny won the Ministry of Health rapid-acting These are alarming numbers. In addition, 60% of the components used insulins bid, and generated R$ 50 million That’s why the commitment with the dis- in the manufacturing and packaging of (US$ 12,8 million approximately) in savings ease must go beyond providing medicines. this insulin pen were made in Brazil, which in public healthcare costs. In addition to supplying the pens, the com- means that people with diabetes will be us- For the company, this historical mark re- pany also continues investing in the educa- ing a product that is, in its majority, Brazil- inforces its commitment of more than 25 tion of health professionals to enhance the ian. Made in Brasil to Brazil. For more info, years with Brazil and, especially, with peo- diagnosis and treatment of diabetes. visit www.novonordisk.com.br/moc. ple with diabetes. The pens should serve Novo Nordisk is present in 79 countries, around 400,000 patients, according to the employs 43,200 people, and is focused Novo Nordisk Ministry of Health. on promoting changes and innovations to For the patients, this has an even greater modify the diabetes scenario in the world. www.novonordisk.com.br

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 Nordika Tanks shipped from China

Nordika – A company in transformation and development!

Nordika is a company, with a long history after was named NNE Pharmaplan A/S. The aim of Nordika is to continue to be the going back to its roots in Denmark. It all After a change of global strategy in 2014, reference in the business. We believe that began in the 1930 when Novo Nordisk em- Nordika do Brazil is born as a direct Spin being the best is hard work but there is no ployed the first engineers. It later became Off, focused on the Latin America market. sense in not striving to be the best. The aim “Novo Nordisk Engineering / NNE A/S”. In The possibility to continue as a fully Dan- is to not overdo and not to underdo, but to year 2007 as a part of a Global Strategy – ish owned company separated from Novo deliver to the client a high level of quality NNE acquired the German pharmaceutical Nordisk and with a strong partner agree- in the engineering design the makes it pos- engineering company Pharmaplan from ment with NNE Pharmaplan consolidated sible for him to execute his project with a Fresenius Group and the company there- the strong presence in the Brazil and LA- minimum of risk, on time and budget. To TAM market and Nordika do Brasil has con- ensure that Nordika beside the project ex- stantly been growing since. ecution model, work in the latest software technologies as REVIT, BIM and other 3D object tools. This ensure a significantly increased accuracy on calculating the project cost. And furthermore, reduce the risk of change orders and delays from the suppliers during the construction. Today Nordika has around 100 employees all specialized in pharmaceutical engineering. To be cost efficient and to add the best value to our clients, Nordika’s strategy is to have the all the experts and specialists inhouse and partner up with trusted third part suppliers for the more regular part of the engineering e.g. structure, offices and civil installations. The numbers of people working for Nordika in third part suppliers’ variates a lot depending on the workload in Nordika, but it can often be a 100 to 300 persons.

Nordika Bionet Nordika Tanks shipped from China

Nordika’s engineering solutions are based Nordika Bionet services in bioprocessing on many years of international experience combined with exclusive and dedicated The list of references in the LATAM market In 2016 and 2018 (Nordika did not attend in service for pharma, biotech and medical is long, with projects executed in Argen- 2017), Nordika won the Sindusfarma Award devices engineering and design services tina, Chile and Mexico. Most of the clients for – “Best supplier of installations and with the flexibility that the Latin America are larger international pharmaceuti- project execution”. And ISPE Brazil Chap- marked needs. cal companies, where communication in ter (International Society for Pharmaceuti- Nordika’s employee had always focus on English is needed. Therefore, most of the cal Engineering) – has awarded Nordika to the – The highest standards for good busi- work is done in English and a large part be “Company of the year” every year from ness ethics, eminent service and always of the communication with the clients 2014 until 2018. want to perform their best. For without the as well. The last few years clients within The Strong spine of Nordika – is a combi- excellent staff there are at Nordika – Nordi- other segments somehow related to Phar- nation of a strong QMS (Quality Manage- ka would not exist. The company have and maceutical engineering have contacted ment System), and a strong project execu- are always going after the best employees Nordika. It has opened a new potential tion model, both developed based on many within our field. business area as Nordika has been able to years of experience with pharmaceutical So, with the Danish roots, long history, compete in these areas of Engineering for projects internationally. The project model eminent employees, mission and val- semiconductor industry and food & Bever- is based on the PMI model (PMBOK). Nor- ues in mind – Nordika is going to have age. Amongst these projects Nordika has dika’s QMS system was in 2015 certified by a bright future in Brazil and the rest of executed a project for Coca-Cola, design- Lloyd as the first in the world to comply with Latin America. ing a new standard for their future con- the new ISO 9001:2015 standard. Nordika Nordika centration plants. The company also de- has never received a “major” remark in a signed and managing the constructions of Lloyd audit and has just been recertified. the world biggest beverage tanks. Due to To ensure compliance with all ethic, good www.nordika.dk its close relationship with technology pro- financial and accounting principals in a viders, the company had also the opportu- market characterized by corruptions scan- nity to work with emerging technologies dals, Nordika every year are fully financial like high-energy batteries for planes, bus- audited by an international accounting firm ses and cars. e.g. PWC, E&Y.

The business of Nordika is divided into four Business Units

• Engineering, Qualification services Feasibility studies, Conceptual Design Specialized in compliance issues, Studies, Basic and Detail Design. ANVISA, EMA, FDA, ICH, PIC/S etc. Project procurement, Construction Management. • Advanced Technologies Automation Representing high end technologies Full service provider for most major companies, enabling local applications industrial automation platforms. and services support for pharma Focused on optimizing productivity by production equipments. automation. Ole Broch Nielsen, General Manager Vestas strengthens its presence in the Brazilian wind energy market

The year of 2018 was very positive for the 800 indirect jobs, causing a major socioeco- 100 GW milestone achieved great envi- wind energy market in Brazil and expecta- nomic impact in the region. Turbine delivery ronmental value as it contributed to the tions could not be more optimistic. Accord- is scheduled for the first quarter of 2020 and removal of more than 100 million tonnes ing to the 10-year energy expansion plan commissioning is planned for the end of the of CO2 from the atmosphere, providing published by the Brazilian government in second quarter of the same year. sustainable and cost-effective solutions to 2017, the country could reach 28.5 GW of In order to consolidate the 4 MW platform meet world energy demand. wind capacity by 2026, growing between as the most competitive in the Brazilian “Brazil is a strategic country for Vestas. 1.1 and 2.0 MW per year. Walking alongside market, Vestas announced in December a Our latest investments in the country, this industry optimism in the country is the partnership with Casa dos Ventos, one of such as the partnership with Echoenergia wind turbine manufacturer Vestas, which the main wind energy companies in Brazil, and Casa dos Ventos and the expansion of made several important investments in the which requested the production of 151 MW the Aquiraz plant, reinforce our long-term second half of 2018, reinforcing its long- through an order of 36 V150-4.2 MW wind commitment to the local market and im- term commitment to the Brazilian market. turbines for its Folha Larga wind farm in pact not only on the wind energy segment, In September it was announced that V150- Bahia. With the expansion of the compa- but also on the socioeconomic context. In 4.2 GW, the company’s largest onshore tur- ny’s manufacturing capacity in the country addition, these initiatives have contributed bine, will begin to be produced locally on by nationalizing V150-4.2 GW turbine pro- considerably to the recently achieved glob- Brazilian soil, for the first time breaking the duction, Vestas will enable its customers al reach of 100 GW. We are very optimistic 4 MW barrier in the country. The mark was to access the latest technology developed about the future of the wind energy sector reached with the request of 101 MW to sup- with excellent financing conditions. in the country and I believe that Vestas will ply and install 24 turbines for a wind farm lo- Presumably, the year 2019 will also be very continue to play a key role in the develop- cated in Serra do Mel, Rio Grande do Norte, productive for the Danish company glob- ment of this market in 2019, as well as con- conducted by Echoenergia, a Brazilian com- ally. In late 2018, Vestas became the first tinue to support the Brazilian initiative to pany controlled by Actis. The production will company to achieve the expressive 100 GW promote a cleaner and sustainable energy take place at the Vestas plant in Aquiraz, in milestone in the world, which means that matrix” says Rogério S. Zampronha, presi- the state of Ceará, which received an invest- it alone accounted for approximately 10% dent of Vestas in Brazil and LATAM South. ment of 23 million euros for its expansion, of wind and solar installed capacity around generating more than 200 direct jobs and the world, totaling 1 TW. In addition, the Vestas GRUNDFOS CR 95 - CR 155 PARA AQUELES QUE QUEREM SUPERAR LIMITES

A nova geração de bombas CR da Grundfos possui eficiência de classe mundial, novos recursos e três novos tamanhos de vazões até 320 m³/h. Maior confiabilidade, custo-benefício e eficiência.

A Grundfos é líder global em soluções avançadas de bombeamento e precursora de tendências em tecnologia de água. Contribuímos para a sustentabilidade global por meio de tecnologias pioneiras que melhoram a qualidade de vida das pessoas e cuidam do planeta.

Nossa empresa está presente em todo o mundo através de 83 unidades em 56 países, além disso, através de nossa rede de parceiros, distribuidores e revendas essa presença é ainda maior. Poul Due Jensen fundou a Grundfos em 1945 a partir de um pequeno espaço em seu porão, em Bjerringbro, na Dinamarca, desde então aprimoramos nossas habilidades e, até hoje, temos orgulho de levar a água para onde ela é necessária. Usando sempre o mínimo de energia possível ao fazer isso.

GRUNDFOS BRASIL Av. Humberto de Alencar Castelo Branco, nº 630 - São Bernardo do Campo – SP CEP: 09850-300 | Tel.: (+55 11) 4393 5533 br.grundfos.com Grundfos Team

Next-Generation Grundfos CR moves the limits for multistage pumps

The new generation of the world’s most famous Grundfos CR pumps. 60 people and an interactive showroom, modular pump range, that was launched Our customers, suppliers and delega- to perform both theoretical and hands-on in Brazil during an event that took place tions from the Danish Embassy and Dan- trainings. at São Bernardo do Campo on December ish Chamber in Brazil, participated on the Allysson Maranho, Product Manager at 12nd, will significantly move the limits for presentation made by Grundfos Product Grundfos Brazil inline multistage pumps. Manager, Allysson Maranho, who showed The new CR generation, which will also in- More than 90 people that visited Grundfos that with the new range, Grundfos man- troduce three “extra-large” flow sizes, is Brazil´s headquarters on December 12nd aged to increasing efficiency and maximum based on extensive research, development were able to meet two models of the much- working pressure, while almost doubling and testing of new hydraulic designs, and anticipated new generation of the world- maximum flow to 320 m³/h compared to engineered using state-of-the-art produc- the current range. The par- tion methods – including a fully automated ticipants have also visited and flexible production line. the new facilities of Grund- “The new CR will significantly move the fos Brazil, reformed a few limits for energy efficiency, which is extra- months before the event, important when you are working with large including tours in all the pumps. The increases to maximum work- plant and office, with a to- ing pressure and flow will also mean that tally renovated “Grundfos the new generation can be used even more Academy” with space for widely. Engineers working with the new CR will literally have millions of customized solutions available to them”, explains Juan Allysson Maranho, Chiesa, General Director at Grundfos Brazil. Product Manager The new 40 bar standard working pressure is ideally suited for applications like filtra- tion, reverse osmosis and boiler feed. And with its increased 320 m³/h flow capacity, Rafael, Morten and Juan Jose Garcia the CR will even be able to take on high- Chiesa flow applications - such as large water- works - which have until now been served by other pump designs.

More information: br.grundfos.com/campaigns/new-cr- moves-the-limits

Grundfos is a global leader in advanced pump solutions and a trendsetter in water technology. The company contributes to global sustainability by pioneering technologies that improve quality of life for people and care for the planet. As such its core activity aligns closely with the sustainability aspects of how we use water and manage water quality. Grundfos has roughly 18,000 Grundfos CR XL employees working out of 56 countries all Pump around the world. Grundfos

br.grundfos.com

Rafael, Morten and Juan Jose Garcia Chiesa, General Manager Consul General Nikolaj Frested Ferring Laboratories inaugurates FIBRA and increases investments in Research & Development in Brazil Dedicated to incremental innovation, the inaugurate FIBRA in the year our company in Brazil for this purpose should total R$ 10 laboratory is going to produce new drugs celebrates its 25th anniversary,” says Alan million. This is the kind of expansion that aimed at the leading areas of the company S. Harris, Ferring’s Senior Vice President of has allowed Ferring to keep up a double- for both the Brazilian and the global mar- Global Research & Development Projects digit annual growth rate over the last two ket and Portfolio Management, who attended decades, reaching R$ 200 million last year. São Paulo, November 30, 2018 – Ferring the event. “Brazil is a strategic market for This is not the company’s first major ini- Laboratories inaugurated its first innova- the company and the opening of this center tiative, which has expanded its local option center in the Southern Hemisphere underlines the company’s commitment to erations and investments in recent years. yesterday in São Paulo. Named FIBRA – Fer- R&D and long-term investments,” he adds. In 2017, the laboratory created Grants, a ring Innovation Brazil –, the lab is the 12th Alexandre Seraphim, President of Ferring program that promotes partnerships of co- one of its kind worldwide that has been set Brazil, emphasizes that the idea is to de- development and/or the absorption of new up by the Swiss company. It is part of an in- velop products with the support of local technologies and which allocates R$ 1 mil- vestment package aimed at a national R&D scientists, including those aimed at the lion to research funding. Ferring also joined operation that should total R$ 25 million by pre-clinical stage, and if an opportunity Aché to inaugurate the Nanotechnology 2019. The opening of this center reinforces should arise, to export them in the future. Innovation Laboratory Enterprise (Nile) in Ferring’s role, a company that believes in “We believe in the inventive ability of Bra- Guarulhos (SP), Brazil’s first nanotechnol- and develops science in Brazil. zilian scientists and we encourage diverse ogy laboratory. Chosen as one of the strategic countries in and innovative thinking, aiming first at lo- terms of research and development, Brazil cal development for local needs and then About FIBRA has received an increasing amount of in- at the creation of drugs of global inter- vestments. “It is a pleasure to be here to est,” he says. In 2019 alone, investments FIBRA is a laboratory dedicated to incremental innovation. From already known molecules, applying cutting-edge technologies in the elaboration of semisolid compounds and gels, it is going to produce new drugs for both the Brazilian and the global market in leading areas of the company, such as Human Reproduction, Urol- ogy, Gastroenterology, Endocrinology and Orthopedics. FIBRA, a R$ 7 million investment project, comprises three laboratories. One is dedicated to the development of new liquid and semi-solid formulations, the second one is devoted to analytical meth- odology and the third one will be used to

Alexandre Seraphim, Alan Harris, Klaus Dugi, Gilles Pluntz e Aaron Graff The ceremony featured the presentation of Alexandre Seraphim (General Manager FeBR), a brief history of Ferring since its in- ception, and short speeches by Aaron Graaf, Executive Vice President & Chief Commercial Officer, from the executive board chairman for Ferring Brazil (LBOE) Klaus Dugi (Execu- tive Vice President & Chief Medical Officer) of our SVP Global R & D Life Cycle Manage- ment - Alan Harris and our Innovation Direc- tor FeBR, Renato Faro. The inauguration was symbolically repre- sented by the ringing of a bell by the In- novation team, Robert Woolley and Flavia Chiva, a Swiss tradition, as well as cutting Alexandre Seraphim, President of Ferring Brazil the ribbon at the door of the laboratory, run by Alexandre, Alan, Aaron, Klaus and Gilles Pluntz (Senior Vice President Latam & Can- study stability. With this launch and ap- The ceremony that took place on November ada). The act was followed by a joint toast proximately ten dedicated scientists, the 29, 2018 in the Condominium Master Offic- among all participants of the event. The cer- company aims to develop technology plat- es. We count on the participation of about emony was closed with a Lab Tour, in which forms aimed at improving the availability 100 guests, including our collaborators, all the guests were able to get to know a of drugs in the human body, developing exponents of the national scientific medi- little more about FIBER and talk about the drugs for unmet needs and new products cal community, representatives of research activities that will be developed there. using disruptive technologies. promotion agencies, representatives of On the eve of the opening ceremony, the Technological Innovation Centers (NITs) of Brazilian team received a “mascot” from About Ferring different universities, partner companies the hands of Alan Harris for the FIBER, the Pharmaceuticals and representatives of chambers of com- national symbol statue, a finely painted merce Denmark, Sweden and Switzerland. cow. Soon all will be invited to participate The event was attended by those who really Ferring Pharmaceuticals is a leading in- in a contest to choose the name of our worked to make this milestone happen - all ternational biopharmaceutical company mascot. the employees of Ferring Brasil. In this way, in the field of reproductive and maternal Ferring Pharmaceuticals it was an important moment not only for the health operating in more than 110 coun- dissemination of FIBRA, but also for frater- tries. It runs 60 proper sites, 10 produc- www.ferring.com.br nization and interaction between the teams. tion facilities and 12 research, development and innovation centers worldwide including the United States, Europe, India, China and Latin America. Headquartered in Switzerland, Ferring employs more than 5,500 people and identifies, develops and markets innovative products in the areas of Human Reproduction, Urology, Gastroen- terology, Endocrinology, and Orthopedics. Today, more than one third of its investments in research and development (R&D) finances personalized treatments for mothers and babies from conception to birth. The company has been operating in Brazil for 25 years. It is based in São Paulo and employs more than 100 people throughout the entire country. For more information about Ferring or its products, please visit www.ferring.com. This month of November we had the pleasure of witnessing a milestone for Ferring Brasil, the inauguration of our Innovation Lab, FIBRA - Ferring Innovation Brazil. Alexandre Seraphim, President of Ferring Brazil Experts highlight actions for energy efficiency in Brazil

The Symposium was held on November 8 in order to improve technologies and their lenges and what can be done to improve in Sao Paulo and had the presence of rep- applications. This is one of the take-aways energy efficiency in various sectors. resentative from important organs and as- of the Symposium “Ideas for Engineering Samira Sousa, Energy Efficiency general sociations like the Ministry of Mines and Tomorrow”, promoted by Danfoss on No- coordinator of the Ministry of Mines and Energy, Energy Research Company (EPE), vember 8 in Sao Paulo. Energy, started the speeches covering the Abesco, Eletrobras, UFSC, Coca-Cola An- Opened by Julio Molinari, president of great losses in energy and the potential Bra- dina and Vitalux Danfoss in Latin America, the symposium zil has for improvement, especially in the in- Brazil has great potential for improving included representatives of the Ministry dustry. She reinforced that the incentive for energy efficiency by investing in digitali- of Mines and Energy, the Energy Research research in technology is a key: “Without in- zation, unifying and sharing performance Company (EPE), Eletrobras and Abesco, novation, neither new solutions are created data from manufacturers and large users who discussed the current scenarios, chal- nor more efficiency is generated.” Marcelo Sigoli, Technical Director of Abesco

what we speak of in building and air conditioning, which already have an evolution Julio Molinari, president of Danfoss in Latin America - there is more to be done - but they are at The next speaker was Thiago Barral, direc- Roberto Lamberts, professor at the Federal a certain level with comparative standards tor of economic energy and environmental University of Santa Catarina (UFSC); Fausto with other countries.” studies of the Energy Research Company Padrão Jr, engineering manager of Coca- “Energy efficiency is a key success factor (EPE), focused on the use of residential air Cola Andina; and Eduardo Moreno, presi- for decarbonizing our economies. Strong conditioning in Brazil. According to the ex- dent of Vitalux, for a debate on the future political support is essential to ensure that pert, the use of air conditioning in homes of energy efficiency in Brazil. the market meets the required speed and has tripled in the last 12 years. EPE esti- Lamberts pointed out that personal habits scale”, said Julio Molinari, president of mates that the demand for electricity due are very important. “In order to engineer Danfoss in Latin America. to the use of air conditioning will continue tomorrow, we need to improve, change and Danfoss engineers advanced technologies to grow in the coming years. For Barral, it optimize our resources. We need more ef- that enable us to build a better, smart- is necessary to implement more ambitious ficient buildings, more efficient air condi- er and more efficient tomorrow. In the minimum rates for air conditioning equip- tioning and users with more efficient hab- world’s growing cities, we ensure the sup- ment to operate more efficiently in terms its, because it takes more than mere tech- ply of fresh food and optimal comfort in our of energy consumption. In addition, the nology to solve the issue. Personal habits homes and offices, while meeting the need results and impacts of the minimum indi- are very important.” for energy-efficient infrastructure, connect- ces should be evaluated to further improve Fausto Padrão Jr. highlighted the need for ed systems and integrated renewable en- energy efficiency. the country to develop a digital monitor- ergy. Our solutions are used in areas, such Then, Marcel da Costa Siqueira, manager ing infrastructure to engage data shar- as refrigeration, air conditioning, heating, of Procel’s National Program for the Con- ing, in other words, digitization and data motor control and mobile machinery. Our servation of Electric Energy, addressed Pro- generation for future analysis and research innovative engineering dates back to 1933 cel’s actions and public policies on Energy that will guide investments and the entire and today Danfoss holds market-leading Efficiency (EE) in Brazil. For Siqueira, it is evolutionary sequence of the industry and positions, employing 27,000 and serving of crucial to include EE as a requirement to energy efficiency. “Overall industry does customers in more than 100 countries. We access new or existing sources of funding. not have enough data to decide, this is a are privately held by the founding family. Finally, Marcelo Sigoli, technical director cultural problem. We need to know what’s Read more about us at www.danfoss.com. of Abesco, contextualized the scenario of happening to improve performance.” energy efficiency. According to Abesco, the Eduardo Moreno focused on the sanitation Danfoss industrial sector is the largest energy con- market, in which the second largest input www.danfoss.com.br sumer in the country and studies indicate a is energy - the sector invoices R$ 50 bil- potential reduction of 25%. Sigoli defends lion and spends over R$ 6 billion that it is necessary to transform the Energy with energy. With very old parks Efficiency (EE) market to be effectively sus- and lagging technologies, the in- tainable. To do so, it indicates some actions dustry has focused on actions for such as significant adjustments on the Na- energy efficiency and loss reduc- tional Plan of Energy Efficiency and the tion. “There are lots of actions compulsory adoption of minimum levels of to be taken in sanitation, unlike EE for equipment and buildings. The second part of the symposium was also attended by segment specialists, such as Samira Sousa, Energy Efficiency general coordinator of the Ministry of Mines and Energy Maersk Line - Damco

Our industry is changing at a rapid rate due ply chains, ensuring you as our customer, empowerment across products and ser- to digitalization and intra-sector develop- will have greater choice to platforms and vices, with decision-making being moved ments. In order to optimize the way we services to best support your business closer to you, our customer. serve you and give you better access to a needs. Damco’s freight forwarding business, which wider range of services and solutions, we As part of that, the following key changes serves customers requiring air freight and/ are glad to announce that Maersk Line’s will take effect as of Tuesday 1 January or multi-carrier options in ocean freight, ocean product, Damco’s supply chain ser- 2019: will run under the Damco brand, positioned vices and their respective value-added The teams of Damco supply chain services as a standalone business. services (VAS) will be combined as: Maersk and Maersk Line will be merged into an in- Building on the strong value propositions products and services. tegrated, customer-focused organization, of our intra-regional brands: MCC, Sealand This is in line with the vision Maersk an- with one management, one salesforce, one and Seago Line will go to market under one nounced two years ago: becoming the customer experience organization and one unified brand, Sealand - a Maersk Compa- global integrator of container logistics, product organization. ny, which will continue to operate indepen- connecting and simplifying customers’ sup- The Maersk frontline will be given greater dently from Maersk.

Benefits to cargo owners and freight forwarders

The changes to the Maersk organization are made with our customers at the center of the transformation. Cargo owners will have more ways to build and grow their business. They will also have more choices in terms of how, when and where to access the services and solutions that are right for their needs. Freight Forwarders will remain an important portfolio to Maersk and we will continue to invest in our established relationships by empowering our frontline. Furthermore, we continue to develop efficient solutions to improve your business and support you to deliver a better service. What this means for you Connecting and simplifying supply chains Should you have any questions or concerns The world is becoming increasingly digital, regarding the changes, we recommend We are working intensively to ensure that which requires that we offer additional that you access our FAQs or get in touch the transformation runs smoothly and ef- ways to connect. We will continue to build with our local contact people in your area. fectively so that we can launch the new or- and drive business through the personal We want to thank you for your business and ganization on January 1st. While we do not relationships we have established. At the look forward to continuously serving your anticipate any major disruptions to opera- same time, we are adding more channels, global transportation needs. tions, we are committed to supporting you digital and otherwise, that will enable by addressing any questions or concerns freight forwarders and cargo owners to do Maersk Line you may have in the interim. business in ways that will best serve their Decision making strength at the frontline customers. www.maersk.com.br The Maersk frontline will be given greater empowerment across products and services, with decision-making being moved closer to our customers. This will ensure that cargo owners and freight forwarders will have access to a pro-active and dedicated knowledgeable expert focused on helping them drive business with offerings that meet their customers’ needs. Simplifying offerings - reducing complexity Having one brand for our intra-regional carriers ensures that you, as our customer, will have clarity on the differentiated offering we can provide on short sea routes. We will reduce complexity for our key account customers, by offering them the possibility to have one key account team across the Maersk and Sealand - A Maersk Company, brands. Alexandre Seraphim, President of Ferring Brazil Clearing the way for a safer, cleaner and more productive everyday

The Internet of Things is changing the way folio. Nilfisk – a Denmark-based manufac- we see the world and the cleaning industry turer of cleaning equipment – announced We believe has certainly not been shielded from its im- the launch of its new Horizon Programme. pact. Top cleaning equipment manufactur- The Horizon Program from Nilfisk is a long- The Horizon ers worldwide are now working on ensur- term strategic program that will deliver ing that IoT is an integral part of their port- intelligent and technologically-advanced Program will cleaning solutions to the industry. The “ program will consist of multiple product fundamentally launches. With this, Nilfisk is focusing on

bringing state-of the- art, autonomous change not just the cleaning technologies to the market, en-

abling customers to deploy unmanned way we think of floor cleaning with accuracy and precision. Common to all launches within The Ho- ‘clean’. It is for “ rizon Program is that it will be dedicated to developing intelligent and connected cleaning products, sure the key to giving customers greater control and more flexibility, and the cleaning fundamentally changing the way they clean. The Horizon industry future Program is Nilfisk’s vision for bringing to the market says Rogério Marinho intelligent and connected industry changing technol- In this program, we have combined our ogies and solutions. We extensive knowledge of cleaning and close take our long-range partnership with customers worldwide, vision and make it with one of the world’s leading innovators a reality. of robotics technologies, Carnegie Robot- ics. This is a unique partnership that now has resulted in what we believe is the easi- Nilfisk 3 Liberty est to use autonomous scrubber in the in- tection and people detection, the cility. As with all ground-breaking innova- result is the most sophisticated tions the industry will be left wondering environmental sensoring on the just why it was not like this before. market today As our vision says, we will lead cleaning in- It´s clear that the Horizon program dustry developing intelligent and connect- is much more than a new range of ed solutions to our customers, says Rogério products. With this unique project Marinho – Nilfisk General Manager Brazil. Nilfisk have set the course for the Nilfisk long term, strategic introduction of

autonomous equipment that will completely redefine how custom- dustry. But this program is not just about ers calculate productivity and the total cost autonomous scrubbers. In the future, Nil- of ownership. The technology means that fisk plans to launch several connected and repetitive tasks can be performed with con- intelligent products and solutions with sistent performance without the need for Rogério Marinho the clear goal of increasing productivity training. Additionally, staff time was previ- General Manager and lowering our customers’ total cost of ously spent manually operating a scrubbing ownership. With The Horizon Program we machine can be re-allocated across the fa- are simply rethinking the way you manage cleaning in the future. So, how does it work? The Horizon autonomous cleaning machine can see everything by combining 4 different sensing technolo- www.nilfisk.com.br gies: map building, position, obstacle de- Hempel continues it’s expansion in Brazil

Hempel’s coatings protect our customers’ celerate growth. We want to play a lead- is listening to customers and translating most valuable assets, demanding that we ing global role in the consolidation of the their needs into value-adding products deliver the market’s most trusted solutions. industry and actively drive the industry and services. This is the responsibility of all Hempel does not claim to be the most forward through new customer-focused in- employees, and everything we do at Hem- trusted or assume we have our customers’ novative products, support and services.” pel must have a direct or indirect positive trust. Instead, we recognise that it is up to Trust is earned by connecting to our cus- effect on our customer relationships. As us to earn this trust every day through the tomers to better understand their needs. part of our transformational journey, we superior performance of our products, and It is earned by constantly challenging improved our sales practices and strength- our expert service and support. ourselves to push the boundaries of per- ened our commercial organisation in 2018. In 2018, Hempel Brazil focused successfully formance and protection. It is earned by As such we have grown our commercial on optimising and investing in its func- committing to improving the environ- team to up to 10 people in Brazil covering tions, processes and leadership in order to mental footprint of our solutions with no main regions such as: Sao Paulo, Pernam- continue the transformation of Hempel into compromise on performance. It is earned buco, Rio de Janeiro, Bahia, Parana, Rio a leading global coatings company and to by inspiring confidence through our invalu- Grande do Sul, Santa Catarina, Ceará. accelerate the execution of its Journey to able technical advice on coating products We recognize many wins in target actions Excellence strategy. and processes. And a key part of delivering and being close to our customers this year, Hempel Group President & CEO Henrik An- trusted solution is being there for our cus- as we were able to win important contracts dersen comments: “We took great strides tomers. That’s why we have committed to with TEN, coating wind tower; PETROBRAS, in our transformational journey and made very challenging plan of growing our pres- winning some Dry dockings around the many important investments in building ence in the Brazilian market. world with them due to our Global avail- the foundation we need in order to ac- A key part of delivering trusted solutions ability and with VOPAK, helping them coat port terminal structures, among many other important projects in Brazil. But we haven’t stop at such, we recognize that to be close to our customer is not only having a sales representative close to them but also a matter of having product availability geographically close to them, which is key as well. We have started key investment in logistics in Brazil. For this purpose we have opened a stock point in Sao Paulo and another stock point will be soon opened in Pernambuco. Our plans to continue growing our geographical footprint will continue in 2019. Our comprehensive assortment of advanced coatings is proven to perform under the roughest treatment and in the world’s harshest environments. Our solutions protect against corrosion and help make our world look more colourful, keeping ships, containers, wind turbines, buildings, in-

Dorival Teixeira Pitta Junior, General Manager and his team Hempel team frastructure, hospitals and homes in prime requires by up to 20 per cent. By utilising trusted solutions. In 2017, we took the stra- condition. Hempel has been earning the SHAPE, in combination with our leading hull tegic decision to sharpen and expand how trust of customers under the toughest con- coatings, we can provide ISO quality docu- we work with and deliver this service. Our ditions for more than 100 years. mented savings in fuel and a programme of long-term vision is to lead the industry in Following this trend we continued the continuous improvement. Users of SHAPE ‘surface management’, essentially taking introduction of Hempaguard X7. Hempa- are able to analyse the impact of dry dock- over responsibility for keeping our custom- guard X7, is the first marine product on the ing, in service hull and propeller solutions ers’ assets in the agreed condition over the market to utilise the patented ActiGuard and maintenance on performance, allowing asset’s lifecycle. We took the first steps on technology. By fusing hydrogel-based Foul- for data driven decision making. this road in 2017, by creating a new global ing Release technology with a controlled Another aim of focus in 2018 has been Services organisation and establishing release of biocide, ActiGuard provides a developing its Technical Service offering. a Services Leadership Team. In 2018 we biocide-activated hydrogel surface, simul- Hempel has long been renowned through- have worked on a clear and differentiated taneously controlling the release of biocide. out the industry for its technical service. offering in technical service, and this will the biocide release-rate in ActiGuard is Every day, our coating advisors can be be continue to be in our focus in 2019 to independent of sailing speed unlike tradi- found in dockyards, on construction sites deliver delivering trusted solutions to our tional antifouling coatings. This means that and in offices around the world, working Brazilian customers. Hempaguard X7 delivers extraordinary anti- closely with our customers to provide es- Hempel fouling performance under idle conditions, sential expert technical advice. This service but does not waste unnecessary amounts is of immense value to our customers and of biocide while the ship is sailing, thereby plays a crucial role in our ability to deliver www.hempel.com.br extending its active lifetime. But also im- proves fuel efficiency, extending it dramati- cally due to the protection against fouling. But servicing our Marine customers does not stop with the coatings. Responding to shipping’s continuing needs for sustainable solutions for increased efficiency, In 2018 we have also launched SHAPE, our new digital analysing tool – Systems for Hull and Propeller Efficiency (SHAPE). Based on the ISO 19030 framework, SHAPE combines ele- ments of efficiency optimisation, delivering expert advice and solutions to every ship operator. SHAPE is designed to maximise the quality of performance analysis and to offer expert analysis for efficient operations and a maximum return on investment through its transparent and thorough process. Fouling and mechanical damage to the hull can increase the engine power a vessel Alexandre Seraphim, President of Ferring Brazil Ivonne Olivares Brazil General Manager

The LEGO Group is a family owned busi- the builders of tomorrow, combined with has the biggest opportunity to achieve ness based in Billund, Denmark. The owner their Vision of Inventing the future of play. this is Latin America. Just in Brazil, the is Kjed Kirk Kristiansen – his three children LEGO® practices their motto every day opportunity to reach more children is are co-owners as well. LEGO® is the leader “Only the best is good enough”. Always significant, as the number of children in construction toys worldwide, and one of living their values of imagination, creativ- is close to 46.2 million. That is why the the most powerful and prestigious brands ity, fun, learning, caring and quality. company will keep focusing strongly in according to some global rankings. The long-term goal for the TLG is for more the whole region as it has been doing for To better describe LEGO® we have to talk children to play with LEGO® bricks and the last couple of years. about their Mission: Inspire and develop one of the key regions in the world that Previously, the Latin America market was managed in 3 separate areas: Mexico, Bra- zil and Central/South America. As part of an effort to enable synergies, Marketing and Operations management has now been consolidated. LEGO® has had a presence for many years in Brazil and opened their own office in São Paulo, in 2014. In 2017, the company had an important restructure and now they have a new GM: Ivonne Olivares, who is Head of Central and South America, and Brazil General Manager. Ivonne is a talented and experienced woman that is committed with the Brazilian team to continue the development of this business unit. She has 20 years of experience, 15 of them in LEGO®. Ivonne began her story in LEGO® with the marketing and sales team, she is an expert developing go to market strategies, as well

Ivonne Olivares Brazil General Manager want to give to our Brazilian kids the toys their business partners, they know their they are looking for, those sets that inspire customers and suppliers are the key for them to be our future builders. LEGO® is them to succeed in Brazil, and they are very interested in listening what they must grateful with them for their support and tell. LEGO® believes that only the best is their commitment with the brand; they as- as new businesses. Ivonne knows how im- good enough because that’s what their sure everybody is in the same boat for the portant the relationships with customers fans deserve. long run. are, so she is focused in strengthening them In 2019, the Brazilian market will have its Children all over the world want to have a through strong and valuable strategies. first LEGO® Certified Stores, with a dif- fun and engaging experience when play- “I am very excited with the great team I ferentiated portfolio and the best LEGO ing. The greatest aspiration for the Danish have in LEGO® Brazil. This is a group of tal- experience in retail. The company plans company is to continually deliver this while ented and experienced people that knows to keep opening LEGO® Certified Stores also offering play experiences based on the the market and the brand, and together we in 2019 and the upcoming years. There are LEGO® system and play that is truly cre- will implement important strategies to con- more than 300 LEGO® Certified Stores in ative. tinue growing”, said Ivonne Olivares. She the world, and the number is growing fast. This is the tough task of more than 180 is conscious that the team in this country is Another important strategy towards the LEGO® designers. They need to continu- key to continue succeeding, she comment- 2019 objective is to keep investing in mar- ously re-invent the LEGO® brick play every ed that the combination of her experience keting. The highlight for 2019 for the com- year – something they like to call “core-in- and the experience of the team is essential pany will be the release of the The LEGO® novation”. They take an idea which is more for the operation of LEGO® Brazil. Movie 2 in February, with a whole new than 50 years old and continue developing For Ivonne, the most immediate objective portfolio of LEGO® sets that are linked to on this basic idea to create products that is to stabilize the Brazilian market in order the movie. children find relevant and irresistible all to grow in the upcoming years. Ivonne and The most important investments for this over the world. her team are setting the strategies to fol- launch are in Paid TV and retail. Brazilians LEGO® continues to be one of the top 3 low the positive trend of the Toy industry in will see a strong presence of The LEGO® Danish companies in Brazil, and Ivonne and Brazil and have at least a high single-digit Movie 2 in the top stores of the country. her team are fully committed to continue in growth during 2019. It is also very impor- The partnership with Warner will be key to this position, they know that to accomplish tant to reconnect the brand with all the key leverage the movie and the playsets not this, they must deliver their best every day, stakeholders, starting with the children, only in the first quarter of the year, but also offering innovative experiences for the Bra- but also with the parents, shoppers, part- during Children’s Day and Christmas with zilian children through strong partnerships ners and of course customers. the second wave of novelties. With all of with customers. LEGO® knows that Brazil is a special and this, LEGO® is confident that the market LEGO unique market, so they have a special will continue growing. portfolio strategy for this country. They The Danish company is committed with www.legobrasil.com.br Alexandre Seraphim, President of Ferring Brazil Blue Water Shipping Skilled professionals offer offer complete and tailor-made solutions to With decades of experience in transport any shipping requirement anywhere in the of industrial cargo and consumer goods tailor-made transport world. by sea, air, road and rail, Blue Water Ship- Since the company was founded more than ping’s specialists provide logistics solutions Blue Water Shipping is a global provider of 40 years ago, our ambition has been to tailored to the clients’ individual needs all logistics services in modern supply chain provide clients with the best service and management. At the heart of Blue Water is highest quality in the industry. an organisation of professionals skilled to By Road, Sea, Air and Rail Safe cargo transport worldwide Blue Water is a global provider of all logistics services in modern supply chain management. We provide complete freight solutions in Denmark and excellent service within international transport. We offer regular services to through individual tailor-made and from all worldwide hubs in solutions. close cooperation between the In every Blue Water office, you Blue Water offices or through will find specialists dealing our global network of experi- with sea freight, air freight, enced partners and agents. road transport, rail transport or Our General Cargo services often a combination of various cover all industries including modes of transportation. niches such as aid & relief or- Our specialist forwarders are ganisations, pharmaceutical capable of handling any chal- manufacturers as well as the lenge through innovative supply clothing industry. chain management offering ser- Transport, storage and han- vices such as pick & pack, cargo dling are taken care of in inte- on hold, return logistics, shop- grated Blue Water systems or to-shop and warehousing.

Services and expertise

• Aerospace: Logistics solutions • HSSE & Q: Health, Safety, Secu- designed to meet the require- rity, Environment and Quality ments of the aerospace industry requirements • Aid & Development: Logistics • Cargo Insurance: Facilitating to units providing humanitar- cargo insurance through rec- ian aid to disaster areas ognised insurance company • Customs: Customs formalities • IT Solutions: IT solutions tai- including customs clearance of lored to satisfy the clients’ goods needs • Exhibitions: Coordination and • North Atlantic: Transport solu- transport for exhibitors to/ tions to the North Atlantic re- from trade fairs worldwide gion by sea, road and air • Government & Defence: Logis- • Warehousing: Storage of any tics to national defence forces, kind of commodities, storage military industries and NGOs hotel and bonded warehouse

Blue Water Shipping www.bws.net/en LEGO Bricks Workshop Billund Oct. 24th to 26th, 2018

The Dorina Nowill Foundation for the blind Denmark / LEGO Foundation United Kingdom people, the creator of the Lego Bricks Stine Storm, Manager projects Sue Lock, Manager and teacher of math Braille Project, was invited to attend the Jesper Poulsen Consultant and Braille AT the New College Worcester first workshop held in Billund in Denmark, Mette Hauch, Facilitator Cathy Rundle, Manager and specialist in at the headquarters of the Lego Founda- Braille, Royal National Institute of Blind tion, with the participation of: Denmark People Danish Association of the Blind Brazil / Dorina Nowill Foundation Christian Bundgaard, project manager The objective of the workshop was to for the blind people Tina Adele Hoff, project manager share different experiences in the Braille Ms. Ika Fleury, Chairman of the Board of Stina Bager, Norway Consultant learning system in the participating Directors countries with the objective of creating Alexander Munck, Superintendent Norway a single model of how to enter the Lego Mrs. Cristina Godoy, Counsellor and Sverre Fuglerud, Manager of Institutional Bricks Braille in schools in a playful way, Braille specialist Relations always respecting the peculiarities of each country. The first part of the workshop was a brief report of each institution and their experience with Lego Bricks Braille. The institutions of the United Kingdom, Denmark and Norway have had little experience with the Lego Bricks Braille, with few children and some families. But it was enough to create a huge expectation as it is a tool that will help a lot the literacy process of blind kid. As the Foundation was the initiator of the project had longer time to make the presentation. The Superintendent, Alexander Munck, made a brief report to the par-

President Ika Fleury, Dorina Nowill and her BraziliaI team International LEGO Bricks team

ticipants about the Lego Bricks Braille Director of Institutional Relations, were New Chamber Project, since its creation along with the present. Executive Secretary LewLara\TBWA Agency until the presen- In the remaining days of the workshop tation of the project to the Lego Founda- group activities were prepared with the tion with the fundamental participation bricks of Lego Bricks to create the initial of Mr. Jens Olesen who delivered the Braille model which will be part of the project directly to the Lego Founda- tests that will be applied in the coming tion President, Mr. Kjeld Kirk Kristian- months. At the end of the workshop the sen. Subsequently Ms. Ika Fleury made institutions have shown great satisfac- the presentation about the experience tion in taking part in an innovative proj- of Dorina Nowill with the Lego Bricks ect that will revolutionize the literacy Braille deployment with children who of blind children worldwide. The LEGO are assisted by the Dorina Nowill Foun- Foundation plans to make the release of dation with another test performed in LEGO Bricks Braille in the month of May. a regular school in the municipality of The narrative for the media will focus Francisco Morato. The test results were always on the child and the family, play- exceptional and the interaction of blind ing, learning and discovering the LEGO children and not blind ones was surpris- Bricks Braille. ing. During the presentation by Ms. Ika Alexandre Munck Fleury Mr. John Goodwin, CEO of the Lego Foundation and Ms. Diana Krogh, www.fundacaodorina.org.br Morten Bundgaard Mathiassen started on October 1st at the Chamber Ambassador Nicolai Prytz, Jens Olesen and Ambassador Jouko Leinonen

Feira Escandinava 2018 is a great success!

The Feira Escandinava 2018 took place in Clube Pinheiros on the 5th, 6th and 7th of November. More than 12,000 people visited the fair and we sold all our products for a total of BRL 3.4 million. This result is 9% more than the last year. Denmark was the country celebrated this year with special exhibitions from Hummel, Fritz Hansen furniture, Virum Snaps, and Scan-Suisse (travel agent). The Danish ambassador, Nicolai Prytz, was present along with the Finnish ambassador, Jouko Leinonen, and all the Con- sul Generals of the Nordic countries. The opening was a great success; 35 journalists were invited to a press lunch and the media covering was fantastic with special TV segments done by TV Globo, TV Record, TV Bandeirantes and features in all the major newspapers, e.g. Estadão, Folha and Valor. Social media plays a major role in promoting the Scandinavian Feria: Facebook, Twitter and Instagram were used with very good results. More than 800 volunteers helped make this Feira a success and we want to thank our sponsors Maersk Line, Teamwork and all the media sponsors of the fair. Feira Escandinava 2018 was a huge success and will be repeated in 2019 in Clube Pinheiros on the 4th, 5th and 6th of November. JOL Openning of the Feira Escandinava 2018 by Ambassador Nikolai Prytz

Feira Escandinava 2018

Dr. Renato, Renata, Jean, Fred and Aninha Fredsted family and Ambassador Nikolai Prytz

Denmark is promoted at Feira Escandinava 2018

Ambassador Nicolai Prytz and Consul General Nicolay Fredsted Ambassador Nicolai Prytz and Consul General Nicolay Fredsted Bo Andersen, Scan-Suisse - Travel Agency Fritz Hansen furniture

Nicolai Prytz, Nicolay Fredsted and Jens Olesen Ambassador Nicolai Prytz and Consul General Nicolay Fredsted Hummel - Sportswear Peter Voigt - Virum Snaps Coloplast® - líder mundial em cuidados íntimos de saúde H

Coloplast do Brasil

A Coloplast desenvolve produtos e serviços que tornam a vida mais fácil para pessoas com condições médicas muito pessoais e particulares. Atuando próximo Rio de Janeiro São Paulo de pessoas que utilizam nossos produtos, criamos soluções sensíveis às suas necessidades especiais. É o que chamamos de intimate healthcare. Nosso negócio Rua México, 3, 4o andar Av. Angélica, 2.163, 7° andar, CJ 71 envolve cuidados com estomias, urologia e continência, e feridas e pele.Estamos presentes em todo o mundo e empregamos mais de 8.000 pessoas. Centro, Rio de Janeiro Santa Cecília, São Paulo Tel.: (21) 3212-4250 Tel.: (11) 3231-1007/2007 A logo Coloplast é uma marca registrada da Coloplast A/S. © [2013-06.] Todos os direitos reservados Coloplast A/S. 0800 285 8687 www.coloplast.com.br Chamber Christmas Lunch attended by more than 100 people

The Chamber Christmas Lunch was a huge success with more than 100 people attending. The Christmas Lunch toastmaster Paul Thomsen created a very good Christmas atmosphere and spirit. All the Christmas carols were sung, there was plenty of won- derful Scandinavian Christmas food with aquavit and beer. Most importantly, we have a Christmas gift for all the participants that made everybody happy and con- tent. I believe the Christmas Lunch was a success. This was also a special event that created a Scandinavian spirit, which is important for the Scandinavian community in Brazil. JOL

Rio Activities The Danish-Brazilian Chamber of Commerce in Rio has had an unusual year with many activities for both the Chamber Rio and the Danish Club. Danish Cultural Danish ambassador Mr. Nicolai Prytz Institute and Consul General Mr. Nikolaj Fredsted celebrates visited the Danish-Brazilian 10 years Chamber of Commerce in Rio anniversary On October 11th The Danish- Brazilian Chamber of Com- in Brazil merce in Rio invited The Danish ambassador Mr. Nicolai Prytz On November 11th The Danish-Brazil- and Consul General Mr. Niko- ian Chamber Jan Lomholdt (M&O) and laj Fredsted. The ambassador Erik Pertersen (Falck Brazil) join a lunch gave a speech on the business to celebrate the Danish Cultural insti- situation in Brazil and the Oil tute in Brazils 10 years anniversary. and Gas market was discussed The Danes was proud of being Danes Lawrence, Trompetista, usuário de WIDEX BEYOND™ among the participants. The in Rio after that week because of very meeting was finished by a successfully arrangements all over Rio lunch. de Janeiro. JL JL A VIDA SEM LIMITES Com o aparelho auditivo BEYOND™ da Widex, você The yearly Christmas Party poderá aproveitar o melhor que a vida tem para lhe oferecer. Nenhuma solução auditiva feita para iPhone at the Danish Club in Rio proporciona um som tão bom. E nenhum outro aparelho oferece as mesmas possibilidades de conexão com o On December 1st the Danish Club mundo ao seu redor. in Rio arranged the yearly Christ- WIDEX BEYOND™ permite a você experimentar o som da forma que mais gosta. mas Party with 30 people attending the Danish lunch was with plenty of Scandinavian Danish food and the aquavit. Santa Claus pass out gift to all the children it was a big suc- Widex e WIDEX BEYOND são marcas APARELHOS AUDITIVOS registradas da Widex A/S. cess. BEYOND: Registro ANVISA: 10332480087. widex.com.br A Apple e o logo da Apple são marcas registradas de JL widexdobrasil Apple Inc., registrada nos EUA e em outros países. App Store é uma marca de serviço de Apple Inc.

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. Danish–Brazilian Chamber Award 2005-2018 Bertel Haarder 2005 – Maersk Group visits 2006 – Pele 2007 – Roberto Marinho Sao Paulo 2008 – José Alencar Bertel Haarder visited Sao Paulo together with his charming wife, Birgitte. A special 2009 – José Serra dinner hosted by Consul General Nikolaj Fredsted was held at the Scandinavian Club for the occasion, it was attended by 2010 – Lars Grael 30 Danes. Mr. Bertel Haarder gave a speech about globalization: Denmark, Nordic cooperation, Globalization etc. which was 2011 – Geraldo Alckmin received very well by the participants and afterwards a lively discussion took place. 2012 – Roberto Civita JOL 2013 – Fernando Henrique Cardoso 2014 – Marina Silva 2015 – Mara Grabilli 2016 – Luciano Coutinho 2017 – Ricardo Boechat 2018 – Dr. Sérgio Fernando Moro

RBL_Anuncio_Revista_Brasil_Mineral_210X280_Final_14.02.18.pdf 1 14/02/18 18:36

CMY

K Chamber hosts Banco Santander Luciano Sobral, Banco Santander On November 13th the Danish-Brazil- more employment for the Brazilian ian Chamber of Commerce had a full people and more funds for education house which had gathered to hear the and health. At least everybody ex- speaker from Banco Santander, Mr. pects more security, less violence and Luciano Sobral. Mr. Sobral’s speech total control over corruption with the gave insight into the Brazilian Eco- appointment of Dr. Sérgio Moro as the nomic situation and predictions for most prominent of the new Ministers. Brazil’s new president, Jair Bolso- We believe there is a light at the end naro. Mr. Sobral’s speech gave room of the tunnel, and people in general for feeling a little optimism and hope are relatively optimistic again. for more growth in the coming years, JOL

Economist Octavio de Barros Global Transport and Logistics

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Luciano Sobral, Banco Santander

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Rio de Janeiro Porto Alegre Curitiba DSV Air & Sea Logistica Ltda. DSV Air & Sea Logistica Ltda. DSV Air & Sea Logistica Ltda. Av. Marechal Floriano, 22, 11 Andar, Av. Dom Pedro II, 367, CJ 602 - 6 Andar, Rua Bispo Dom José, 2040, CJ 701+702 - 7 Andar, Centro, Rio de Janeiro, RJ 20080-007, Brazil Porto Alegre, RS 90550-141 Batel, Curitiba, PR 80440-080 +55 21 3500-2420 +55 51 3500-1230 +55 41 9175-2828

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Princesa

Benedikte Board meeting at the Princess Benedikte Institute “The Princess Benedikte Institute”

Dr. Wilson and Marcela Monica and Renata

Executive Committee at the Princess Benedikte Institute Reduza custos e aumente a eficiência em sistemas HVAC

Maior Eficiência energética com uma solução integrada Danfoss.

www.danfoss.com.br Danes living abroad are Denmark’s overlooked gold mine

Denmark is an amazing country which is This was the conclusion reached when Co- These people make up Denmark’s diaspora positively thriving at the moment. We are penhagen Goodwill Ambassadors, a net- – the global expression for an ethnic com- not very adept at recognizing and utiliz- work of 60 high-profile Danish business munity of people spread throughout the ing the skills of the approximately 250,000 people spread throughout the globe and world. They are an extension of Denmark Danes who reside outside Denmark, the organization Danes Worldwide inter- across the globe. though. They are Danes who occupy se- viewed 1,000 Danes living abroad. The task force is made up of 20 prominent nior positions abroad. Danes who started figures from the Danish academia and busi- companies abroad. Danes who conduct New task force for Den- ness world that will spend the coming six research abroad. International talents born mark’s diaspora months formulating concrete recommen- to Danish parents. And Danes who ven- dations as to how Denmark might - to a tured out into the world to perfect their wider extent - engage citizens with a spe- Based on this survey, we have taken the skill sets. cial bond to Denmark. initiative to launch a new task force which 8 out of every 10 Danes living abroad in will look into the unnoticed gold mine of 2016 said that they would like to do more Denmark, i.e. the large community of Three areas of focus for for Denmark. On the other hand, many Danes abroad, the descendents of Danes expat Danes also expressed a desire for Denmark to abroad, and all the people who in spite of treat Danes in foreign countries more fa- having other nationalities or hailing from The task force will mainly focus its atten- vorably. other countries still have a special bond to tion on three areas considered to be es- Denmark. pecially susceptible to efforts made by the Danish diaspora towards promoting growth and development in Denmark:

tives from the Danish diaspora has been put together; its job is to qualify the work being done, to oversee that cooperation efforts are reciprocal, and that the recommendations put forth by the task force are realistic. We have experienced broad support for the task force at our home bases. We hope that the recommendations will be well-received when they are to be presented to the government, educational institutions, and the Danish business sector in six months. Hopefully, the work of the task force will lead to completely innovative growth opportunities. If Danes abroad are to help promote Denmark though, it is necessary that Danish politicians and the Danish business sector be willing to extend a hand Claus Lønborg, Prime Minister Lars Løkke Rasmussen and to all those people who left but have never Flemming Besenbacher, Chairman Carlsberg Foundation forgotten Denmark. This is the only manner through which we • Branding and promotion Cooperation efforts to be will be able to tap into the potential of - When Denmark appears in headlines two-way street Denmark’s overlooked gold mine. internationally, it is easy to jump to the Copenhagen Capacity and Copenhagen conclusion that the entire world is famil- Denmark cannot expect Danes living Goodwill Ambassadors have launched the iar with our happiness, quality of life, and abroad to pitch in for their home country task force headed by Flemming Besenbach- commercial strengths. Unfortunately, this if Denmark does not put in an effort for er together with the Danish Ministry of For- is not the case. Therefore, Denmark will them in return. Unfortunately, some Dan- eign Affairs and Danes Worldwide. greatly benefit from Danish expats shar- ish expats experience being pushed aside ing credible narratives about their home through the current political measures. Flemming Besenbacher country with their international network. It is therefore important that the task Chairman of Carlsberg and the force also look into some of the obstacles Carlsberg Foundation • Attracting talent - Today, Dan- Danes living abroad face today and what and ish companies are in dire need of inter- might be done to overcome them. To this Claus Lønborg national talents with specific capacities. extent, a work group with 16 representa- CEO at Copenhagen Capacity. The Danish diaspora is able to present concrete job opportunities to their local network, promote Denmark as a desir- able career destination, or perhaps even sign on for a job in Denmark themselves if a golden opportunity presents itself.

• Access to know-how and network - A lot of Danish companies are ripe for expansion. It often proves cumbersome though for a small start-up in Holbæk to identify the right contacts in Hanoi. The Danish diaspora might prove valuable in opening doors for especially small and medium-sized companies and thereby help them expand internationally.

With the exhibition “Confluências”, I celebrated 25 years of art-production at Gale- ria Braz Cubas , Secult in Santos during Maibritt Wolthers December 2018. Santos was chosen since I have been living here since 1990 and nearly my entire production has been in Santos or nearby. Exhibition in Santos I was born in Denmark 1962 and I grew up in a so called “humble” family in Ringsted, a small town in a hopeful Denmark but still recovering from second world war. We had no art whatsoever in my home. My school, Dagmarskolen in Ringsted though, had plenty of posters, mainly from Cobra-artists and when ever there was a free course in art or art craft in my hometown, I would sign up. After high-school, at the age of 19, already attending administration course, I bought paper and gouache and started painting at home, an apartment in Copenhagen that I shared with a colleague. Next year I met John, my husband, and in a very short time we moved together, I got pregnant and at the age of 21 became mother to our first son. John is half Brazilian and half Danish, grew up in Brazil and came to Denmark in 1983 to work in coffee. In 1986 he had a good job-offer in Rio de Janeiro, as a coffee-trader for a Brazilian export-company and we left Denmark. I was 24 years old, expecting our second child and I didn’t like my administration job in Denmark and was professionally lost , so for me, this was a challenging escape-away to move to Brazil. We moved to Rio and our second son was born right after. Still in Rio we had our third child, our only daughter in 1989 and next year we moved to Santos. And here I was, 27 years old, 3 children, left my home-country, living in Brazil. After adapting in San- tos, placing children in schools, I stopped up and asked my self what I was actually doing when I felt in love with John? Well, I was studying administration, which I didn’t really like, BUT I was also painting!! I found my little box with papers and gouache from Denmark, all paint had dried out, I threw it all out and started attending art-classes in Santos. One year of drawing and 6 years of water-color-courses while my 3 children grew up and our youngest son was born. I didn’t think of my self as an artist, I was teaching English and Danish, but I couldn’t stop painting. Even in summers (European summers) when we used to stay in Denmark with my family, I painted , and I remember that my mother once said over my shoulder, while I was working on a tiny water-color- painting : “this is never going to take you any-where!!! “. I wish she could see my today, unfortunately she died in 1994. After having made what I would call my watercolor-diploma, an academic perfect water-color-painting, I wanted to study abstract and contemporary painting and started looking for new teachers. I was lucky to find a teacher in Santos, Joao de Santos, who had taught both in Los Angeles and also in Sao Paulo, at the Pan-American School of Arts, and I had him Maibritt Wolthers, the artist nearly as a private teacher for 2-3 years and I painted and painted and painted, tion of my work. I studied with Paulo Pasta stop and just forget about painting and art, while studying compositions, colors, con- at Instituto Tomie Othake and continued in because it is a long, lonely and hard walk, temporary artists again and again. smaller groups of artists being evaluated though you try to get help, classes and ad- Finally, I was getting closer and closer to and coached by different art-critics and vice, you have to find your way your-self, my own style and I started to apply for curators. make your own conclusions and decisions. selected exhibitions and after haven been In 2014, after having applied 7 years to get The answer is work, work, work, focus, selected in the first ones “Salao Jovem” in in to one of the most prestigious selections discipline and off course a lot of passion. 2003 at CCBEU in Santos, and Mapa Cul- in Brazil, Centro Cultural Sao Paulo, where Every-time I thought of giving up, someone tural Paulista 2003/2004, I was in 2006 cho- the jury is a group of highly educated Bra- would say to me or write to me on e-mail: sen for the 10th national Biennale in Santos zilian art-critics and art-teachers, I was fi- “Promise me never to stop painting - I love and many came after. nally chosen. That was a big step and also your work “. Today I got used to the loneli- In 2008, since my children were bigger, a relief for me who haven’t got any full ness and actually I like it. Me and my art. I could sneak my self to go to Sao Paulo academic course and had to fight through once a week attending courses of evalua- every-thing alone. Many times I thought to Maibritt Wolthers HANS CHRISTIAN ANDERSEN LITERATURE AWARD

HANS CHRISTIAN ANDERSEN LITERATURE AWARD The Hans Christian Andersen Literature Dr. Sérgio Moro Award 2018

The H. C. Andersen Literature Award 2018 promoted to was won by the English novelist A. S. By- att - Dame Antonia, who unfortunately was too ill to attend the award ceremonies in Minister of Justice Odense. Mr. Johannes Riis from Gyldendal received the award on behalf of A. S. Byatt and Public Security and the family. JOL

As we all know Dr. Sérgio Moro was elected the Danish-Brazilian Chamber of Commerce award win- ner for 2018 which was celebrated in a special event in Curitiba on Friday 28th of September 2018. Dr. Sérgio Moro is a sympathetic person with high moral, ethics, defending democracy and elimi- nating corruption and overall criminality. We wish Dr. Sérgio Moro all the success in his new ministry and I think I can say he has great support from the Brazil- ian public.

JOL

Rosenborg Castle Copenhagen is elected as the world’s best city to visit in 2019

Copenhagen has been elected the world’s best city to visit in 2019 by Lonely Planet. The best cities to visit in the world - Top 10 The decision is described as follows: “Den- mark’s cool capital is unstoppable due to 1. Copenhagen, Denmark its architecture and gastronomy. Copenha- 2. Shenzhen, China gen has very beautiful architecture, rang- 3. Novi Sad, Serbia ing from Rosenborg Castle and the Round Tower to the iconic Nyhavn. Copenhagen 4. Miami, USA is filled with excellent restaurants and is 5. Kathmandu, Nepal a world leading city within gastronomy. 6. Mexico City, Mexico Copenhagen is very likely to become even 7. Dakar, Senegal more attractive in the future. This is the first time ever Copenhagen has been elect- 8. Seattle, USA ed as the most attractive city to visit”. 9. Zadar, Croatia 10. Meknes, Morocco Lonely Planet

Nyhavn Panorama 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 An extraordinary school Striving for Through a diverse extracurricular program, spanning physical as well as creative and the future intellectual activities, boarders and day students alike are encouraged to develop Today – more than 450 all kinds of interests and skills and spend years later – the presence time together outside of school. Teachers of history is the framework organize a wide variety of activities pre- of modern schooling at senting opportunities to engage over mu- Herlufsholm, now the old- tual interests, in addition to those led by est and biggest boarding professionals. school in Denmark with 600

students, 250 of which are boarders from all over the A global outlook world. The educational ideals of the founders and the Herlufsholm is one of few schools in Den- mark that offers the two-year Interna- Herlufsholm is extraordinary. As any stu- rich history of the school can tional Baccalaureate (IB) Diploma as well dent or visitor will tell you, Herlufsholm is be felt in the remnants of ancient build- as a Pre-IB class both taught in English. IB alive with happy chatter, engaged students ings and in the century-old traditions, still classes typically consists of a mix of Dan- and living history. Students roam from honored and held in high regard by former ish and foreign students and are well inte- the old monastery where they eat to their graduates. Herlufsholm has continuously grated with the Danish national curriculum beautiful boarding rooms, making friends adapted, reflecting the core vision of our (STX) students, creating ample opportunity that will last them a lifetime. founders to be ahead of their time. Her- for students to meet and explore cultural Founded in 1565 by Admiral Herluf Trolle lovians today prepare for a global future, differences daily. and his wife Birgitte Gøye on the seclud- while simultaneously rooting themselves This daily exchange is just one aspect of ed grounds of a medieval monastery, the firmly in Danish culture. the global outlook at Herlufsholm. In 2009 school offered a place of peace where stu- Herlufsholm is an academically strong Herlufsholm became a member of the in- dents could turn to their studies. However, school, with both lower and upper second- ternational Round Square organization as the visions of Herluf and Birgitte stretched ary school students scoring at the top of the first and only Scandinavian school. The beyond the dusty books of Latin grammar. the national scale. The results are attained membership enables Herlufsholm to offer Their focus was on student achievement through a holistic approach to personal as students the opportunities for exchange and well-being, creating young people who well as academic growth, and by employ- visits, conferences and participation in vol- are able to engage fully and take responsi- ing teachers who understand that quality bility in society. education goes beyond the four walls of the classroom. unteer work around the world, all of which In 2019, Herlufsholm will introduce a ories. Each year, many former students re- embody the Round Square IDEALS of Inter- brand-new possibility for students who turn to visit the school and relive the at- nationalism, Democracy, Environmental- want to explore the world while prepar- mosphere of traditional events or to catch ism, Adventure, Leadership, and Service. ing for further education anywhere in the up with old classmates at annual reunions. These values relate to Herlufsholm’s values world – 10th Grade Global. This one-year The Herlufsholm Alumni association also of Commitment and Responsibility as well option is tailored for foreigners or Dan- offers many interesting networking events as the school’s vision of challenging stu- ish children living abroad who would like that reach past both borders and genera- dents to challenge themselves, improving to acquaint themselves with the Danish tions and are always very well visited. academic and personal development in the school system and its tradition of critical process. thinking, creativity, independence and Meet us all over the world responsibility for learning. Abilities that Summer school & will aid anyone in their future studies in If you want to learn more about Her- Global 10th grade secondary education and university level lufsholm, your options are many. There anywhere in the world. are open house events held all through-

Each year, our summer school welcomes out the year, and it is possible to contact Danish and foreign children who want to Living with your friends the school to arrange a personal visit at experience the special atmosphere that your convenience. If you find the trip to Herlufsholm has to offer, and who wish to The shared experience of life as a board- Denmark a bit too much, there is also the try out an international environment for er creates lifelong friendships. Sharing possibility of meeting representatives at a few weeks. It is a small summer school a dorm, wearing the same uniform and informal networking events all over the with approx. 35-40 participants, so every- spending so much time with each other globe. Do not hesitate to make your inter- body gets to know each other, and there is both in and outside school creates a tightly est known - your city could very well be time and space for everyone to be seen and knit community as well as many fond mem- our next destination. heard. For the foreign students, summer school is a chance to experience what it is like to go to a Danish boarding school. They are taught Danish, learn about Danish culture and society, and they get an impression of how they would feel being a boarding student at Herlufsholm. Three good reasons to choose Herlufsholm 1: You take your future 2: You want a school that 3: You see mutual respect seriously. offers more than classroom as a prerequisite for being teaching. together. Herlufsholm is for curious and ambitious young people that prioritize educational Herlufsholm is about commitment. Not We are committed to one another. We quality and want the right professional only academically but also with respect therefore expect everybody to treat each knowledge for further education. Our to extra-curricular activities, balls, friend- other with respect, trust and fidelity. You teachers are highly trained, committed and ships, volunteer work and your personal must take responsibility for your own life constantly upgrade their qualifications. development. We like to say that “there and for the way you affect others. We want With a basis in dialogic teaching, teachers is no room for indifference” – we want to to prepare you for a life as a world citizen. constantly update and adjust teaching con- help you develop what you are enthusiastic You will have the opportunity to partici- tent to challenge and inspire you to reflect about. pate in a number of international activities, and be a critical thinker. MUN, exchanges and cultural experiences.

Herlufholm School www.herlufsholm.dk

Contact

Herlufsholm School [email protected] +45 55 75 35 00

Janni Zacho Admissions Secretary [email protected] +45 55 75 35 56

Transparency International Corruption Index 2017 Denmark is again among the top countries as it is ranked number 2 on the Transparency International Corrup- tion Index 2017. Brazil occupies a much lower ranking at number 96.

Why Brilliant People Sometimes Do Dumb Things By Andras Dobroy

Needless to say, our mission as Executive genuity with which the brilliant mind can sub- People of exceptional Search Consultants is to identify and attract vert itself. Smart people sometimes turn their the best and the brightest to client companies. formidable intellectual armament against intelligence are a We are not in the business to recruit average themselves – resulting in behavior so strange people. We earn our modest fees to bring that it is virtually inexplicable. When logic prized business asset. aboard “The Vital Few”, those outstanding dictates a certain course, most people follow men and women who can make a difference. that course, having no sensible reason to do Yes, we are looking for brilliant people, but, in otherwise. However, the exceptional brain But as any manager of the same way porcupines make love, we pro- seems to work beneath the conscious level to ceed very carefully. find plausible reasons to bypass logic. an emerging or full- Having studied a wide assortment of weird de- In our experience, there are three most fre- cisions and actions by highly intelligent execu- quent self-subverting mechanisms: reckless- blown genius knows, tives, we have formulated a principle: Strong ness, isolation, and feedback deafness. Very intelligence sometimes seeks to subvert powerful dynamics, indeed, especially when there are pitfalls. One itself. In short: the main problem with bril- they coalesce. liant people is that they often think they know more than everyone else and this can become Recklessness: There is something in- of the most common a drawback or worse. side the super brain that keeps announcing, The Enron management team, for example, “Now for my next trick…” Spurred on by a became known as “the smartest guys in the cries of the anguished feeling of omniscience, brilliant people can business.” Consider how that turned out. The develop into risk junks. “Smart guys get used former US energy trading company tapped its manager in this to knowing more than anybody else”, says Dr. top talent to run some of its most-profitable Lynn Rosansky, PhD and VP for Academic Af- divisions, almost without supervision. The fairs at Bentley University, Boston: “It’s all too situation is: “How managers, despite their outsize IQs, were an short a step from knowing more than anybody arrogant, insecure bunch who took wild chanc- else to thinking that you know everything”. es and lost billions of dollars. The company could he have been so When things come too easily, the brilliant went bankrupt in 2001 (taking with it to the mind looks for bigger challenges. Boredom grave Arthur Andersen, their stellar auditors). stupid?” combined with brilliance make an explosive This grotesque case illustrates the brilliant in- and self-destructive mixture.

Isolation: “Brilliant people tend to sur- round themselves with other brilliant people,” says Jack Welch, former leader of GE. “That’s good. But when the group starts relying on brilliance to the exclusion of pragmatism, then bad things happen”. From childhood on, high intelligence is an iso- lating factor. The bright youngster feels shut off from other kids. So, following the age-old patterns of the species, smart ones tend to cluster together.

Enron Bankruptcy, end of the line for 20.000 employees ant, pushed through a joint Provide the ge- venture scheme that bombed resulting in substantial nius with struc- losses. As top management ture: “I just let her sifted through the wreckage, do her own thing,” says it came upon copious warn- one of our clients of an ings from the man’s subor- unusually brilliant sub- dinates. “Didn’t you get this ordinate. “You have to feedback?”, he was asked. allow complete freedom Jack Welch, ex-CEO GE, “Feedback is for wimps,” A.G. Lafley, ex-CEO P&G, to people like that.” “Focus on results” he replied. “The sifting job is up to you” In our experience, this 100% laissez-faire atti- When people of extraordinary brilliance How can you get the tude toward managing brilliance is some- form the top team of a company, the com- times a well-intentioned effort at creating bined power of their intelligence can build most out of your best and the proper environment for super-smart an irresistible force, pushing the enterprise brightest while minimizing players. Sometimes, though, it’s a cop-out toward the pinnacle, or the precipice. The the effects of intellectual by a boss who doesn’t know what else to Enron collapse is a dramatic example of do. Usually, it’s a bad idea. self-imposed isolation. self-subversion? Bright people may resist structure, but they What happened? One of the dangers in a need it. Suspending the rules for your top brilliant leadership team is their unwill- Here are some ideas: brains is no favor to them. Apart from the ingness to listen to dissent coming from fact it makes them the target of resent- outside the group, or admit the need to ment by their colleagues, it may nurture change direction “When smart people all Focus on results rather than their most self-destructive, loose-cannon agree with each other about a plan,” ob- process: Recognize that exceptional tendencies. serves Dr. Rosansky, “they’re apt to stay minds work differently. Give bright people In our experience, when smart people with the plan too long, even after others assignments that leave room for the star- are supported by sound structure and have seen that the direction is wrong.” tling leap forward to success. Review all candid comment, they are, in effect, the super-brain’s ideas. Very smart people even smarter. generate some great ideas, but also some Andras Dobroy Feedback deafness: Most of us impractical or downright bad ones. They rely on feedback – although we may become shouldn’t have to choose between good impatient with it (“Quit bothering me with and bad. details!”). Some bright people are so impa- Observes A.G. Lafley, former CEO of Procter tient with their slower collegues that they & Gamble, “Very bright people don’t al- find it impossible to listen to them. ways know the difference between a good “That impatience”, says Lee Iacocca, for- idea and an inferior one. They can get their mer CEO of Chrysler Corporation, “can be knickers in a twist trying to decide. Hidden a dangerous trap. Feedback is essential, no in their ideas are often gems, but the sift- matter how brilliant or respected the origi- ing job is up to you.” nators of the ideas may be, or how high they stand in the organization.” Here’s an instance of what Mr. Iacocca Apply uniform criteria to is talking about. A key client of our firm, all ideas: You may have a tendency a highly gifted leader of a soft drink gi- to be more receptive to recommendations of the highly gifted. But just because the thought comes from a very smart person doesn’t mean it’s smart. Viscount Mel- Andras Dobroy, bourne, Queen Victoria’s first Prime Min- Managing Director and Co-Founder ister, once lamented, “What all the wise men promised has not happened, and what all the damned fools predicted has come to pass.” Andras Dobroy is Managing Give your top brains leeway in the ways Director and Co-Founder of in which they come up with their ideas, Dobroy & Partners International, but not in the ways in which those ideas are judged. This can be a problem, Bril- an Executive Search, Succession liant people are not always tremendously Planning, Management mature. They may sulk at having their proposals reviewed by those considered Assessment, Board Services, their mental inferiors. But don’t be intim- Culture Shaping and related idated. Be firm in subjecting all thinking, Organization Development whatever the origin, to the same stan- Lee Iacocca, ex-CEO Chrysler, “Feedback dards. consulting firm, based in Sao is essential, no matter who are you” Paulo, Brazil. Dobroy & Partners can help you bring aboard The Vital Few Plato believed that men are divided into three classes: gold, silver and bronze. Wilfredo Paretto, the brilliant Italian economist, who created the seminal “20/80 Paretto’s Law”, argued that “the vital few” account for most progress in all domains of human activity.

Our mission, at Dobroy & Partners International, is to help you identify, attract and retain the vital few, those exceptionally talented men and women who can drive change forward – not just react to it. The vital few have been our focus as of day-one of the founding of our firm, in 1983, and we have helped hundreds of leading local and multinational companies build their leadership teams.

If you would like to bring aboard one or, perhaps, several of Paretto’s vital few, call Andras Dobroy, and let’s talk.

Dobroy & Partners International Change Lives, Organizations, The World executive search | management assessment | succession planning | board services | culture change

Rua Hungria, 574 – 7º andar - cj. 71 – 01455-903, São Paulo, SP/Brasil Tel. (55-11) 3813-2477 – Fax (55-11) 3813-2049 www.dobroy.com [email protected] On January 6th, Caroline Wozniacki Caroline Wozniacki beat Anastasija Sevastova from Lat- via 6-3, 6-3 in the China Open final. With the victory in China open Caroline wins WTA-China Open Wozniacki has now won 30 WTA titles.

TOP TEN WTA 2018 Women’s Tennis Rankings Rank Current Player Country 1 Simona Halep 6641 2 Angelique Kerber 5875 3 Caroline Wozniacki 5436 4 Naomi Osaka 5270 5 Sloane Stephens 5023 6 Elina Svitolina 4940 7 Karolína Plíšková 4750 8 Petra Kvitová 4630 9 Kiki Bertens 4360 10 Daria Kasatkina 34125 Source: WTA - 9th Jan 2019 Morten Soubak wins the African championship in women’s handball with Angola

Mr. Morten Soubak, world famous handball coach who made Brazil world champion in women’s handball, can now also call himself African champion within women’s handball, after Angola beat Senegal 19-14. It was a particularly interesting and intense match after the first 14 minutes as Angola was behind 1-9 to Senegal, so it was quite a turnaround to win the final for Morten and his Angolan team. Congratula- tions, Morten, and all the best!

Morten Soubak with Angola team

Cathrine Rosengren wins European Championship in Para-Badmington 19-year-old Dane Cathrine Rosengren is again European champion in para-badminton in women’s singles. Para-badminton is badminton for people with a handicap. She won over Turkish Zehra Baglar 21-12, 21-9. UCI World Championships in cycling 2018 which was a Danish success

UCI World Championships in cycling thiesen og Team Sunweb finished third. 2018 was held in the Austrian city of There was also Danish success in the Innsbruck. Amalie Dideriksen and Per- men’s team time trial where Kasper As- nille Mathiesen both secured medals green together with his Belgian team in the women’s team time trial. Amalie Quick-Step was 18 seconds faster than Dideriksen became number two with her the defending World Champion from team Boels-Dolmans while Pernille Ma- Sunweb. JOL

Kasper Asgreen wins Gold at World Championship

Amalie Dideriksen and Pernille Mathiesen win Silver and Bronze as a team at the World Championship

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The Board Brazilian-Review Chamber Representatives Jan-Mai 2019 President Rio de Janeiro, Jan Lomholdt, Inventure Management published since 1985 Jens Olesen Paraná, Pedro Luiz Fernandes, Novozymes, Curitiba First Vice-President Rio Grande do Sul, Frank Woodhead, Porto Alegre Jesper Rhode Andersen Pernambuco, Socorro Maia Gomes, Recife Editor Jens Olesen Second Vice-President Assistant Antonio Dominguez (Maersk) Sonia Pereira Rua General Almerio de Moura, 780 Finance Director Translations between Danish, English 05690-080, São Paulo-SP Per Lerdrup Olsen (DI) and Portuguese Tel.: (+55 11) 3758-2101 Legal Director Brasseriet, Fax: (+55 11) 3758-5986 Dr. Renato Pacheco Lisbeth Jarl Jørgensen & Anita H. Thomsen Luciano Website: http://www.danchamb.com.br Executive Secretary E-mail: [email protected] Morten Bundgaard Mathiassen Graphic Production and Desktop Publishing 100 Nobreart Comunicação Ltda. (11) 98492-0040 Directors Élcio Gozzi (FLSmidth), Kjeld Roslyng Jensen (CAIC), Marcos Pohlmann Print 95 (Widex), Willy Lehmann Andersen Jr. (Danflow), Allan Finkel Referência Gráfica (11) 2065-0763 (Novo Nordisk), David Stroo (Chr. Hansen), Pedro Luiz Fernandes 75 (Novozymes), Renato Silveira Majarão (Danfoss), Rogerio Zampronha Brazilian Review is a publication of the Danish- (Vestas), Waldomiro Moreno (ISS), Josiel Florenzano (Lundbeck), Brazilian Chamber of Commerce. Alejandro Giangaspero (GN Resound), Haig Yeghiaian (Leo Pharma), The opinions expressed in this publication are those of the authors or persons interviewed and do not neces- Ivone Olivares (LEGO), Luiz Augusto Tavares (Coloplast), Marcelo 25 Adami (Grundfos), Durival Teixeira Pitta Junior (Hempel), Jan sarily reflect the views of the editors or the Chamber. Lomholdt (Inventure Management), Gustavo Silva (DSV), Graziela Reproduction of any kind of material from this mag- 1946-2019 5 Vega (Pandora), Dimitrius Damalgo (AVK), Rogério Marinho (Nilfisk- azine is not allowed without written permission from Advance), Thomas Bülow (APM Terminals), Eugenio Singer (Ramboll), the Danish-Brazilian Chamber of Commerce. Alexandre Seraphim (Ferring), Pedro Eduardo Bortoli (Saxo Bank), 0 Christian Maxe Petersen, Rachel Maia, Mads Giltrup.

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