DOCSLIB.ORG

Intercement Annual Report 2010

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Intercement Annual Report 2010 1 intercement RelatóRio anual 2010 perfil corporativo intercement annual report 2010 report annual intercement annual report 2010 CReDitS General Coordination executive Committee Coordination of Internal Communication Fernanda Guerra Editorial Production tV1 Conteúdo Photos arquivo intercement Futura Press (cover and pages 2, 10, 14, 33, 37, 48 and 56) Ricardo Correa (pages 6, 30, 46 and 59) Printing Burti InterCement INTERCEMENT PARTICIPAÇÕES S/A IS THE NEW HOLDING OF THE CAMARGO CORREA CEMENT BUSINESS GROUP InterCement Brasil S/A is the new company name of Camargo Corrêa Cimentos S/A. This change was followed by the creation of InterCement Participações S/A, the holding company for the cement business, which will bring together InterCement Brasil S/A, the Argentinean Loma Negra and other international stakeholders. The aim of the changes is to meet the strategy of making the Company one of the 20 largest cement producers in the world by 2012. ImPORTANT: Throughout this Report, information and results ascertained in 2010 by Camargo Corrêa Cimentos and its subsidiaries are presented, already under the new company name InterCement. 2 InterCement 2010 ANNuAL RePort COrPOrAte PrOfIle 3 InterCement 2010 ANNuAL RePoRT COntentS 4 ouR CoRPoRATe PRoFILe 10 MeSSAGe FRoM MANAGeMeNT 12 HoW THe CeMeNT MARKeT WoRKS 16 ouR BuSINeSS MANAGeMeNT PeRFoRMANCe 22 42 HoW We PRoDuCe HoW We STRuCTuRe ouR BuSINeSS 26 47 HoW We MARKeT HoW We MANAGe ouR RISKS 29 48 CIMPoR ouR SKILLS 30 51 ouR STRATeGY AND CoMPeTITIVe ADVANTAGeS ouR VISIoN oF SuSTAINABILITY 32 55 WHeRe We ARe INVeSTING HoW We eVALuATe THe BuSINeSS PRoSPeCTS 36 56 ouR FINANCIAL PeRFoRMANCe CoRPorate INFormatioN 4 InterCement 2010 ANNuAL RePort COrPOrAte PrOfIle 5 With growing results in the cement market over the tional practices and is a signatory of the Cement Sus- ouR CoRPoRATe PRoFILe years and in line with the expansion of InterCement tainability Initiative (CSI), the cement production arm domestically and internationally, the parent compa- of the World Business Council for Sustainable Devel- ny Camargo Corrêa S/A acquired in 2010 about 33% opment (WBCSD). As a Benchmark in Co2 emissions, stake in the Portuguese cement company named InterCement invests in renewable energy and also To meet the strategy of sustainable accelerated IN BRAZIL, Cimpor, which operates in 12 countries, including Bra- participates in the Climate Agenda prepared by the growth and become by 2012 one of the largest INTeRCeMeNT oWNS zil, whose transfer to the new holding InterCement Camargo Corrêa group, which lists nine commitments THe BRANDS CAuÊ & cement producers of the world, with strong inter- CIMeNTo BRASIL Participações is in progress, becoming its largest indi- to the reduction and mitigation of the Greenhouse ef- national participation in emerging countries, the vidual shareholder. fect Gases (GHGs). shareholders of Camargo Corrêa S/A and its parent The changes and results achieved in recent years company Camargo Corrêa S/A, promoted a partner- prove the success of the strategic sustainable proj- INTeRCeMeNT’S HoLDING ship restructuring in December 2010, which culmi- ect, which seeks to generate value for its stakehold- CoMPANY - CAMARGo CoRRÊA nated in the formation of a holding for the cement ers in the short, medium and long term. Repeating S/A - ACQuIReD IN 2010, NeARLY 33% oF THe SToCK SHAReS business, named InterCement Participações S/A. the performance of previous years, InterCement oF PoRTuGUESe CeMeNT Furthermore, in deliberation of April 30, 2011, its closed the year with the expansion of its market PRoDuCeR CIMPoR, WHICH company name was amended from Camargo Cor- Dedicated to mineral extraction and production share, volume and revenue. oPeRATeS IN 12 COUNTRIeS rêa Cimentos S/A to InterCement Brasil S/A. of cement, concrete and aggregates, InterCement Committed to the principles of sustainability, Inter- AND BeCAMe ITS LARGeST The new holding InterCement Participações S/A will currently controls one of the largest cement com- Cement guides its actions based on the best interna- INDIVIDuAL SHAReHoLDeR have under its umbrella InterCement Brasil S/A, the Ar- plexes of South America, with capacity to produce gentinean cement producer Loma Negra and strategic 16 million tons of cement per year. It has consoli- participations in other companies linked to the sector. dated business units in Brazil and Argentina, trade InterCement Brasil S/A, the new name of Camargo Cor- operations in Bolivia and in Paraguay, and holds a rea Cimentos S/A is a privately held domestic company, concession for a railroad in Argentina, known as based in São Paulo and established in 1967, which has Ferrosur, more than 3000 km long, which transports 99.9% of its shares owned by Camargo Corrêa S/A, the raw materials, finished products and other goods. group’s holding company. InterCement has seven manufacturing plants in Brazil, which directly employ more than 2000 IN BRAZIL, INTeRCeMeNT professionals, and nine other plants in Argentina, HAS SeVeN PLANTS, where they have more than 2,700 employees at WHICH eMPLoY MoRe work. The plants employ over 2,800 professionals in THAN 2 THOUSAND an outsourcing scheme. With the Cauê and Cimen- PROFESSIONALS, AND to Brasil brands, it ranks third in the Brazilian market NINe oTHeR PLANTS and is the fifth largest concrete producer in Brazil. In IN ARGeNTINA, WHeRe Argentina, the subsidiary Loma Negra is the market MORE THAN 2,700 leader. Among other businesses, InterCement also ASSOCIATES ARe participates in the Palanca Cimentos project, which IN ACTIVITY is constructing a plant in Angola. TRuCKS TAKe THe oRe eXTRACTeD FRoM THe MINeS uP To THe PRoDuCTIoN uNITS 6 InterCement 2010 ANNuAL RePort COrPOrAte PrOfIle 7 ouR BACKGRouND NeT ReVeNue (R$ millioN) 2,474 2,362 2,042 1,598 1,481 923 680 580 624 503 423 302 200 150 1968 1991 1993 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Foundation of Inauguration of Inauguration of Acquisition of CCI comes to All the plants of Shareholders Start-up of Inauguration Raises capital Acquisition of Joint venture Acquisition of Acquisition of entry into Shareholders In April 2011, Camargo Côrrea the 2nd line in the Bodoquena Cimento Cauê be known as the Company agreement to concrete of Ijaci Plant - with issue of Loma Negra, with equipav the totality of CIMeC mill in aggregates agreement to build the company Industrial (CCI) the Apiaí plant - plant - Capacity with plants in Camargo Corrêa receive create Yguazú operations Capacity of 2.0 debentures leading company Group for CBC’s shares Suape - Pe – market in plant in Angola name of Capacity grows of 0.8 MMt Pedro Leopoldo Cimentos certification ISo Cementos MMt in Argentina - operation from equipav Capacity of 0.3 Argentina with (Palanca Cimentos) Camargo Corrêa to 1.3 MMt and in Santana 9001 (Paraguay) Capacity of 7.0 of concrete Group, thus MMt acquisition of - Capacity of 1.6 Cimentos S/A 1974 do Paraíso, both MMt business holding 100% of La Preferida de MMt was amended Inauguration of in MG - Capacity estabilishing its equity olavarría S.A. to InterCement the 1st Plant in of 1.2 MMt the Companhia Acquisition of Brasil S/A, a Apiaí - Capacity Brasileira de Start of construc- approximately 33% deliberation of 0.8 MMt(*) Concreto (CBC) tion of a plant of Cimpor that marks the in Paraguay - beginning of a Capacity of 0.4 new phase of MMt the company’s expansion (*) MMt (millions of tons) 8 InterCement 2010 ANNuAL RePort COrPOrAte PrOfIle 9 mISSion Act in the cement industry’s value chain in a sustainable way, with innovation and excellence in management committed to customer needs and fulfillment of people, generating value for shareholder and respecting the environment and the communities that directly or indirectly have to do with our company. VISIOn Be one of the 20 largest cement companies in the world by 2012. VAlUeS respect for people responsible action transparency Quality and innovation and the environment Comply with established Provide clear and Assure customers of the Always act in a correct laws of the countries and comprehensive information best possible quality in and fair way towards its regions where it operates; about activities, the execution of services shareholders, professionals, match the values defined achievements, policies and or provide products VIEW OF THE CEMENT PRODUCTION PLANT IN IJACI/MG customers, vendors, herein; act uprightly and performance in a systematic and continually invest governments, communities according to the universal and accessible manner. in the enhancement and society in general. standards of human of their activities and Act responsibly toward coexistence, without focus on results their professionals. the environment. prejudice to race, sex, Always seek to maximize OUR CORPORATE STRUCTURE camargo corrêA S.A. (CCSA) creed, religion, position, performance in order The cement business is comprised of a holding, function or other . to ensure its survival, its investments, returns to named InterCement Participações S/A, created by intercement participações S.A. CIMPOR shareholders and appropriate the Camargo Corrêa Group, which owns 99.9% of 33% conditions for professionals. its preferred shares and common shares. InterCe- intercement BRASIL S.A. ment Participações controls InterCement Brasil S/A 99.90% OUr PerfOrmAnCe is a publicly held company that owns direct partici- loma NEGRA C.I.A.S.A. ReSuLT INDICAToRS 2004 2005(2) 2006 2007 2008 2009 2010 % 2009/2010 pation in three cement companies in Latin America, 94.53% Gross income (R$ million) 898 1,187 1,901 1,946 2,660 3,036 3,132 3.0% three Brazilian power dams and a holding company. COFESUR (Ferrosur)/ Net income (R$ million) 624 923 1,481 1,598 2,042 2,362 2,474 4.7% RECycomb/LA preferida DE eBITDA (%) 245 305 456 400 420 641 616 -3.8% WHERE WE WORK OlavarríA 80% Margin eBITDA (%) 39 33 31 25 21 27 25 -2 p.p.
Load more

Recommended publications
  • The Mineral Industry of Mozambique in 2006
    2006 Minerals Yearbook MOZAMBIQUE U.S. Department of the Interior April 2009 U.S. Geological Survey THE MINERAL INDUS T RY OF MOZA M BIQUE By Thomas R. Yager In 2006, Mozambique played a significant role in the In the first six months of 2006, aluminum exports were valued world’s production of aluminum, beryllium, and tantalum. The at $637.8 million compared with $504.2 million during the country’s share of the world’s tantalum mine output amounted same period in 2005. The share of aluminum in total exports, to 6%; beryllium, 5%; and aluminum, 2%. Other domestically however, declined to 57% from 63% as other exports increased significant mineral processing operations included cement and at a faster rate. natural gas (Magyar, 2007; Plunkert, 2007; Shedd, 2007). E.C. Meikles (Pty.) Ltd. of Zimbabwe operated a small bauxite mine in Manica Province. In 2006, output increased Minerals in the National Economy by an estimated 26%; production was expected to rise by an additional 10% in 2007 (Government of Mozambique, 2007, In 2004 (the latest year for which data were available), the p. 17). manufacturing sector accounted for 14% of the gross domestic Gold.—Small amounts of gold were produced by artisanal product, and mining and quarrying, 1.8%. The Mozal smelter miners. Pan African Resources plc of the United Kingdom was accounted for about one-half of manufacturing output but had a considering the development of a mine at the Fair Bride deposit much more modest effect on employment. The value of output on its Manica gold project.
    [Show full text]
  • V,Msd,Vm,Sdmvlsdçvlsçdlvçlsçvl Fkçlksçgvlçslgçlsçglsçfglçfslgçlsfçglll
    OPINION OF CADE’S ATTORNEY GENERAL (Translated from the original version in Portuguese) Cimpor informs that it acknowledged today the opinion (ref. 209/2012) of CADE’s Attorney General (competition authority of Brazil), dated 15 May and concerning the Concentration Acts involving Camargo Corrêa S.A., Votorantim Cimentos S.A., Companhia Nacional de Cimento Portland (“Lafarge”), Cimpor – Cimentos de Portugal, SGPS, S.A. (“CIMPOR”) and its subsidiary Cimpor Cimentos do Brasil Ltda. In said opinion the following conclusions are proposed: “a) Approval of the concentration act 08012.002018/2010-07 [acquisition, by Camargo Correa S.A. of 31,8% of CIMPOR’s share capital], subject to the suggestions listed [below]”: “57. Firstly, there shall be a complete segregation between CCSA and any other company acting in the cement market. That is: CCSA may not have any crossed or joint company stake with any company that acts in the same cement market, and which may affect directly and indirectly the Brazilian market. 58. Additionally, there shall be the disposal of a set of integrated assets1 in the cement and concrete and gravel markets that may facilitate the entry of an economic agent, according to the terms recently set out by CADE (…). 59. The mere disposal of concrete assets, given the market situation already assessed by CADE, would not solve the competition problem. 60. Finally, the creation of the player CCSA/CIMPOR may be reversed in the event that CCSA is convicted of Cartel conduct, totally or in part, since, as suggested by SDE2, the penalty of asset disposal may be applied to undertakings convicted of cartel practices, with the sale of cement plants with excess capacity that enable the entry of new agents into the market.” “b) Disapproval of the concentration acts AC 08012.001875/2010-81 and 08012.001879/2010-60 [acquisition by Votorantim Cimentos S.A.
    [Show full text]
  • Report of the Board of Directors of CIMPOR on the Opportunity and the Conditions of the Offer by Intercement (Camargo Corrêa)
    CIMPOR RELATÓRIO & CONTAS 2011 RELATÓRIO & CONTAS 2011 & CONTAS RELATÓRIO CIMPOR RepoRt of the BoaRd of diRectoRs of ciMpoR on the oppoRtunity and the conditions of the offeR By inteRceMent (caMaRgo coRRêa) PAG 1 13 april 2012 (translated from the original version in portuguese) RepoRt of the BoaRd of diRectoRs of cimpoR on the oppoRtunity and the conditions of the offeR By inteRcement (camaRgo coRRêa) Message tO the ShARehOldeRS CIMPOR – Cimentos de Portugal, SGPS, S.A. public company head office: Rua alexandre herculano, no. 35, 1250-009 Lisboa, portugal share capital: € 672,000,000.00 t. +351 21 311 8100, fax +351 21 356 1381 PAG 2 tax and Lisbon companies Registry and Registration number: 500.722.900 RepoRt of the BoaRd Message to the shaRehoLdeRs of ciMpoR of diRectoRs of cimpoR on the oppoRtunity and the conditions of the offeR By on the € 5.5 inteRceMent (caMaRgo coRRêa) offeR inteRcement (camaRgo coRRêa) Message tO the ShARehOldeRS dear shareholders, following a careful analysis of the offer documents, and of the advice received from our especially appointed financial advisors - Banco santander and Lazard - and having unanimously approved this Report, your Board would like to share with you the following: the Board is of the firm opinion that the low price offered for cimpor’s shares significantly undervalues the company and does not incorporate a control premium, and also that the offer documents fail to inform on critical aspects of the future of cimpor and on the commitments towards its stakeholders. therefore, the Board is not in a position to issue a recommendation either to sell or to remain invested in the company.
    [Show full text]
  • OYAK Acquired the Portuguese Cement Giant Cimpor
    Press Release October 26, 2018 OYAK Acquired The Portuguese Cement Giant Cimpor Continuing its investments with the vision for sustainable growth and becoming a global brand, OYAK acquired the Portugal and Cape Verde operations of Cimpor, one of the longest-established cement brands of Europe. Related to the new investment, OYAK General Manager Süleyman Savaş Erdem said: “Turkey needs a global actor in each sector. Accordingly, we have achieved the biggest success of the Turkish cement sector in the recent years and acquired Cimpor, one of the most respected brands of the sector in Europe. We, as OYAK, have trust in our country and our strong future. The favor and courtesy of our foreign partners is one of the most important indicators of this. We will continue with our investments in Turkey and in the world in line with our growth strategies, and will continue to take the steps, which we consider as an opportunity, in Turkey and in the world to provide a sustainable benefit to our members.” OYAK, Turkey's largest professional pension fund, acquired the Portugal and Cape Verde operations of Cimpor, one of the biggest cement brands of Europe. Leader of the Portuguese market with its first factory established in 1894, Cimpor has a cement production capacity of approximately 6,5 million tons. Cimpor has 3 integrated cement plants, 2 cement mills, 15 quarries, 43 concrete plants, two mortar plants and one packing facility located in Portugal, as well as two quarries, three concrete plants an done port facility with silo and bagging machine located in Cape Verde.
    [Show full text]
  • CIMPOR – Cimentos De Portugal, SGPS, SA
    CIMPOR – Cimentos de Portugal, SGPS, S.A. Sociedade Aberta Sede: Rua Alexandre Herculano, 35, em Lisboa Capital Social: 672.000.000 de Euros Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 731 Pessoa Colectiva n.º 500.722.900 (Emitente) PROSPECTO DE ADMISSÃO À NEGOCIAÇÃO NO MERCADO DE COTAÇÕES OFICIAIS DA EURONEXT LISBON DE 67.527.495 ACÇÕES ORDINÁRIAS, ESCRITURAIS E NOMINATIVAS, DE VALOR NOMINAL DE 1 EURO CADA, REPRESENTATIVAS DE 10,05% DO CAPITAL SOCIAL DA CIMPOR – CIMENTOS DE PORTUGAL, SGPS, S.A., SOCIEDADE ABERTA Organização Novembro de 2004 ÍNDICE 0. ADVERTÊNCIA AOS INVESTIDORES............................................................................................. 5 0.1. Resumo das características da operação.........................................................................................................5 0.2. Factores de Risco...............................................................................................................................................5 0.3. Advertências Complementares........................................................................................................................7 0.4. Efeitos da decisão de admissão à negociação................................................................................................7 1. RESPONSÁVEIS PELA INFORMAÇÃO ............................................................................................... 8 2. INFORMAÇÕES SOBRE A ADMISSÃO À NEGOCIAÇÃO E OS VALORES MOBILIÁRIOS ADMITIDOS ...... 9 2.1. Montante e
    [Show full text]
  • Cimpor-Cimentos De Portugal, Sgps, S.A
    MATERIAL INFORMATION CIMPOR - Cimentos de Portugal, SGPS, S.A. (CIMPOR), informs that its subsidiary Cimpor Chengtong Cement Corporation, Limited (CCCC), signed today a binding agreement, subject to several conditions precedent, for the acquisition of 100% of the share capital of the Chinese company Liyang Dongfang Cement Co. (Liyang). Liyang, incorporated in the end of 2003, owns a clinker production line with a capacity of 900.000 tons per year, located near the city of Changzhou, in the Province of Jiangsu. In 2007, Liyang operated at its full capacity, reaching a turnover close to EUR 11 million. Liyang’s natural market covers the cities of Changzhou, Wuxi and Suzhou, in one of the most developed areas of the Yangtze delta. With this investment and the completion, during next year, of the projects under construction – a new integrated plant (Shanting) and two new grinding mills (Huaian and Suqian) – Cimpor Chengtong will increase to more than 6 million tons its annual cement production capacity with own clinker. The agreed sale price for this transaction is of only CNY 210 million (around EUR 25 million) to be adjusted on the closing of the acquisition according to the net profit of Liyang in the current year. That value corresponds to an asset valuation of around EUR 31 per ton of clinker production installed capacity, which is an attractive multiple taking into consideration other acquisitions in the cement sector, even in emerging markets. Operating in Portugal, Spain, Morocco, Tunisia, Egypt, Turkey, Brazil, Mozambique, South Africa, Cape Verde, Peru, India and China, CIMPOR Group increases with this acquisition its position in a market which not only is the biggest worldwide but that even so shows an attractive growth prospects.
    [Show full text]
  • Cimpor – Cimentos De Portugal, Sgps, S.A
    CIMPOR – CIMENTOS DE PORTUGAL, SGPS, S.A. Relatório Actualizado do Conselho de Administração da CIMPOR sobre a oportunidade e as condições da Oferta da CSN 3 de Fevereiro de 2010 Sede: Rua Alexandre Herculano, número 35, Lisboa Capital Social: € 672.000.000,00 Pessoa Colectiva número 500 722 900; registada na Conservatória de Registo Comercial de Lisboa sob o mesmo número Page 2/76 Mensagem aos Accionistas da CIMPOR No passado dia 18 de Dezembro, a CSN anunciou uma oferta pública de aquisição sobre a CIMPOR, cujos projectos de prospecto e de anúncio de lançamento recebemos a 30 de Dezembro. Tendo procedido cuidadosamente à sua análise, a CIMPOR publicou um Relatório com a opinião do Conselho de Administração sobre os termos e condições da Oferta, incluindo outras considerações relevantes sobre aqueles documentos e sobre o processo. No passado dia 27 de Janeiro, a Oferta foi registada pela CMVM e a CSN divulgou o respectivo anúncio de lançamento e prospecto, mantendo o seu preço inicial. Este relatório é uma actualização da versão publicada a 7 de Janeiro de 2010, considerando as alterações introduzidas pela CSN nos documentos da Oferta. O Conselho de Administração da CIMPOR reitera que a Oferta é hostil porque oportunística, irrelevante e perturbadora da actividade da Empresa, mantendo o seu entendimento de que: A Oferta subavalia significativamente a Empresa; A Oferta não prossegue o melhor interesse dos seus Accionistas e stakeholders; e A CSN não oferece um prémio aos Accionistas da CIMPOR. Apesar da introdução no prospecto de referências genéricas aos seus planos estratégicos para a CIMPOR, no sentido de “manter uma linha geral de continuidade na gestão e incremento das actividades” da Empresa, a CSN continua a não apresentar garantias de que cumprirá esta sua “intenção” nem de que trará valor para a CIMPOR, enquanto projecto industrial português com uma forte presença internacional.
    [Show full text]
  • Master Finance Master's Final Work
    MASTER FINANCE MASTER’S FINAL WORK DISSERTATION M&A: THE CASE OF CIMPOR AND INTERCEMENT MARISA ALEXANDRA MIRA FERREIRA ELIAS OCTOBER-2016 MASTER FINANCE MASTER’S FINAL WORK DISSERTATION M&A: THE CASE OF CIMPOR AND INTERCEMENT MARISA ALEXANDRA MIRA FERREIRA ELIAS SUPERVISOR: INÊS MARIA GALVÃO TELES FERREIRA DA FONSECA PINTO OCTOBER-2016 Marisa Elias M&A: The Case of Cimpor and InterCement I Acknowledgements I would like to express my gratitude to my family and friends for the constant support and incentive to do this project. A special thanks to Maria for the constant motivation and suggestions in some crucial moments. Finally, to my supervisor for the availability and support in this Master’s Final Work. I Marisa Elias M&A: The Case of Cimpor and InterCement II Abstract The cement industry is characterized by large initial investments and also high production scales with a stable trend among the biggest international cement producers’. In June 2012, InterCement Austria Holding GmbH, controlled by the Brazilian Group Camargo Corrêa, acquired the Portuguese cement producer Cimpor with an offer price of 5,50€ per share. The group already had a participation on Cimpor capital – 33% - and this deal allowed the full control of Cimpor – 94%. The deal occurred in the upshot of the 2008 financial crisis when the European macroeconomic environment was still suffering some consequences, especially in the sovereign debt area of Portugal and Spain. The main purpose of this work is to analyze if the price paid per share in the deal was the fair one and the synergies created in the deal.
    [Show full text]
  • Updatedreport of the Board of Directors of Cimpor on the Opportunity and the Conditions of the Offer by Intercement (Camargo
    UPDATED REPort of ThE BoARD of DiREcToRs of cimPoR on ThE oPPortuniTy AnD ThE conDiTions of ThE offER By inTERcEmEnT (cAmARgo coRRêA) 11 MAY 2012 Updated RepoRt of the BoaRd of diRectoRs of cimpoR on the oppoRtUnity and the conditions of the offeR By inteRcement (camaRgo corrêa) PAG 1 11 may 2012 (translated from the original version in portuguese) UPDATED REPort of ThE BoARD of DiREcToRs of cimPoR on ThE oPPortuniTy AnD ThE conDiTions of ThE offER By inTERcEmEnT (cAmARgo coRRêA) 11 MAY 2012 CIMPOR – Cimentos de Portugal, SGPS, S.A. public company head office: Rua alexandre herculano, no. 35, 1250-009 Lisboa, portugal share capital: € 672,000,000.00 t. +351 21 311 8100, fax +351 21 356 1381 PAG 2 tax and Lisbon companies Registry and Registration number: 500.722.900 UPDATED message to the shaRehoLdeRs of cimpoR on the REPort of ThE BoARD of DiREcToRs of cimPoR on ThE oPPortuniTy AnD ThE camaRgo coRRêa offeR conDiTions of ThE offER By inTERcEmEnT (cAmARgo coRRêA) 11 MAY 2012 dear shareholders, following careful analysis of the revised offer documents your Board recognises the efforts camargo corrêa has made to address some of the issues raised in our initial Report on the 13 april 2012. nonetheless, as your Board of directors, it is our fiduciary duty to make shareholders aware that not all of our concerns have been resolved and in addition new issues have emerged, which we have set out in this Report, which has been unanimously approved. in this message we summarise our main conclusions. the offer price has not been improved, whichsignificantly undervalues cimpor, fails to provide shareholders with an adequate change of control premium in line with the premia paid in precedent takeover offers and excludes shareholders from the material synergies that will arise from the asset combination presented in the offer documents.
    [Show full text]
  • To the United Nations Global Compact Votorantim Industrial (VID)
    To the United Nations Global Compact Votorantim Industrial (VID) is an organization that encompasses several companies with a diverse scope of work both geographically and in various industries, and is rapidly expanding in Brazil and abroad. The Company has operated in Brazil for 94 years and started its internationalization process in 2001. Today Votorantim Industrial operates in 15 countries. As we deal with natural resources – mining, planted forests (eucalyptus and orange), and in the processing industry (metallurgy, steel, cement, pulp and orange juice) – we are fully aware of the impacts caused by our operations on the environment and society. We believe sustainability is not a goal in itself, but rather a process that is always improving and which must be connected transversely to each one of our operations. Votorantim Industrial has many challenges ahead due to the scope and capillarity of our activities. Over the last few years, we have improved our management system and governance so as to integrate sustainability issues into our strategic planning and operating management processes. In our opinion, this is the only way to reach lasting results in line with what we consider to be sustainable development. Disseminating a “culture” of sustainability among our employees is a long and time- consuming process, especially for an organization as large and diverse as Votorantim. We also know how important it is to engage leaders in sustainability and the importance of the voluntary commitments undertaken by the Company in issues that are not directly connected to the business, such as those addressed by the Global Compact. Our companies have a social role to play and leading by example is something that inspires and endorses the daily attitudes of our employees.
    [Show full text]
  • Votorantim Industrial | Sustainability Report 2010 Votorantim
    Votorantim Industrial | Sustainability Report 2010 Votorantim Votorantim Industrial | Sustainability Report 6 Where we came from 14 reporting process 20 message from the management 24 profile and governance 34 strategy 42 management 46 generation of value 62 environmental efficiency 90 respect for people 108 interaction with society 124 recognitions and aWards 128 voluntary commitments 132 certifications 140 performance 160 credits summary GrI This is the symbol of the Global report Initiative indicators in our sustainability report, and it material Themes enables you to identify the profile, governance, and performance items. The magnifying glass represents the material themes in Votorantim’s SR2010. There are nine themes that you can quickly identify throughout the text. Commitments Votorantim Industrial is committed to the present and to the future. Through this icon, all the commitments we have taken-on are clear so you can join us on this journey. Where We Came from sustainability at Votorantim's industries Votorantim's history is permeated by responsible initiatives in its operations Votorantim’s position with conscientious actions concerning the society and the environment has existed from the onset of its activities. In 93 years of existence, we have participated in the Country’s socioeconomic develop- ment, always ethically and conscientiously. There are many examples of this. In 1918, Votorantim donated land to small farmers interested in growing cotton and, by doing so, established a partnership relationship in the provision of feedstock for weaving. The following year, the then “Sociedade Anonyma Fábrica Votorantim” signed an agreement pursuant to which it would follow a series of commitments made to its employees, including: an 8-hour work day, 20% surcharge for overtime, and wage parity between men and women.
    [Show full text]
  • “A Nacionalização Que Se Deseja” Notas Para Uma Breve História Da
    ! ! ! "#!$%&'($%)'*%+,(!-./!0/!1/0/2%3! !4(5%0!6%7%!.8%!97/:/!;'05<7'%!1%!'$1=057'%!&/7:/2/'7%!$%&'($%)>!1(! ?05%1(!4(:(!@0!$%&'($%)'*%+A/0!7/:().&'($B7'%0!! ! C')'6/!D.'8%7,/0!1%!E'):%! ! ! ! ! I'00/75%+,(!1/!J/057%1(!/8!;'05<7'%!K($5/86(7L$/%! ! ! ! ! ! ! ! ! E/5/897(!FGHF! ! ! Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau de Mestre em História Contemporânea, realizada sob a orientação científica de Maria Fernanda Fernandes Garcia Rollo AGRADECIMENTOS «As palavras são boas. As palavras são más. As palavras ofendem. As palavras pedem desculpas. As palavras queimam. As palavras acariciam. As palavras são dadas, trocadas, oferecidas, vendidas e inventadas. As palavras estão ausentes. Algumas palavras sugam-nos, não nos largam: são como carraças: vêm nos livros, nos jornais, nos slogans publicitários, nas legendas dos filmes, nas cartas e nos cartazes. As palavras aconselham, sugerem, insinuam, ordenam, impõem, segregam, eliminam. São melífluas ou azedas. O mundo gira sobre palavras lubrificadas com óleo de paciência. Os cérebros estão cheios de palavras que vivem em boa paz com as suas contrárias e inimigas. Por isso as pessoas fazem o contrário do que pensam, julgando pensar o que fazem. Há muitas palavras. E há os discursos, que são palavras encostadas umas às outras, em equilíbrio instável graças a uma precária sintaxe, até ao prego final do Disse ou Tenho dito. Com discursos se comemora, se inaugura, se abrem e fecham sessões, se lançam cortinas de fumo ou dispõem bambinelas de veludo. São brindes, orações, palestras e conferências. Pelos discursos se transmitem louvores, agradecimentos, programas e fantasias.
    [Show full text]