RACHEL MAIA CEO PANDORA a Biotecnologia Para Conhecimento Novozymes De Todos

December / April 2018

Danish-Brazilian Chamber of Commerce

RACHEL MAIA CEO PANDORA A Biotecnologia para conhecimento Novozymes de todos. bioblog.com.br O Bioblog é uma iniciativa da Novozymes, multinacional dinamarquesa líder mundial no segmento de soluções enzimáticas e microrganismos, que visa disseminar conhecimento nas áreas de biologia, biotecnologia e sustentabilidade.

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

EDITORIAL Brazilian Review Rachel Maia Pandora 6 Brazil is still a major challenge Rachel Maia - Pandora 6 Politically very uncertain Haig Yeghiaian - LEO Pharma 26 The Brazilian Economy is stable with some improvements. Eco- ECONOMICS nomic growth for 2017 est. at 1.3% - inflation at 2.7% balance of Ambassador Kim Højlund Christensen 10 payment +50 billion dollars, unemployment 12.3 millions, Inter- Fernando Honorato, Bradesco 12 est rates at 7.0%. A major political issue is ‘Previdência’ reform Mario Mesquita, Banco Itaú 14 a major political battle to get approved this year. Another urgent issue is the control of government expenses, it must be im- Tatiana Pinheiro, Santander 16 proved. Most economist are “cautiously” optimistic about 2018. Economical News 18 The political scenarios and the presidential candidates are very uncertain. It all depends if Lula will be a candidate or if he looses INFORMATION his political rights. But, it is certain that Geraldo Alckmin from Vestas 22 PSDB will be a presidential candidate, and also Marina Silva is Maersk Line - Hamburg Süd 24 a pre-candidate. ‘Lava Jato’ is still very complicated and involving many many Maersk Terminal - Port of Santos 30 politicians and business people. This is a major scandal and is Coloplast 32 causing many uncertainties in the political scenario in Brasil. Danmagi 34 Denmark qualified for the World Cup in Russia with a sensational 5-1 win in Dublin against Ireland. Ferring 42 Christian Eriksen scored a hattrick and was the match winner Ninjago - Lego Movie 44 and as well as the best player from the Danish Team. Denmark Norden 46 will play against France, Peru and Australia in the World Cup Foss 52 starting on June 16th against Peru followed by Australia on the 21st and France on the 26th in Moscow. Denmark is looked upon LEGO House, Billund 54 as a strong “outsider team” which can cause surprises at the Marel 56 World Cup. Rambøll 58 Danish companies are facing many challenges, but Maersk Line Saxo Bank 60 acquired Hamburg Süd, which is more that doubling its size in Brazil with this acquisition. The Danish Pharmaceutical indus- Feira Escandinava 2017 64 tries seems to have had an excellent 2017 headed up by Novo FLSmidth 60 years 76 Nordisk. Unfortunately, Nordea Bank had decided to close their opera- PROFILES tions in Brazil. Pandora will open their 100 store in early 2018 João Doria 36 and is the leading jewelry company in Brazil with national distri- Copenhagen City & Port Development 38 bution. The chamber program for 2018 looks as follows: Stina Nordsborg - Innovation Centre Denmark 48 Feb 20th – Ambassador Kim Højlund Christensen Goodwill Ambassadors meeting 62 Mar 22nd – Business Council (APM Terminals) Business Council 67 Apr 24th – Maersk Line - Hamburg Süd – Antonio Dominguez May – Brazilian politics Princess Benedikte Institute 68 May – Brazilian Economy – Octavio de Barros Danish Investment Seminar 69 Jun – Dansih Brazilian Chamber Price Finland 100 years 70 Jun 26th – World Cup, Denmark-France H. C. Andersen Literature Award 2018 71 Jul – Brazil Tax complications – Novo Nordisk / Lawyer

Tivoli Christmas 84 We wish all our members and friends a Merry Christmas and a CBS Price - Waldemar Schmidt 88 Happy New Year. We all hope for a better 2018.

26 Haig Yeghiaian Jens Olesen Country Manager LEO Pharma President TM Rachel Maia General Manager Pandora Brazil

Is Pandora today the largest network of jewelry stores in Brazil? How many stores do you have as per December 1st? Pandora is one of the biggest jewelry in the market, we have 98 concept stores and 8 Pop Ups evolution in Brazil. Pandora is also TOP 3 in brand awareness.

How many are company owned stores and how many are franchises? Company Owned 58 Franchises 40

In which cities do you have most stores? São Paulo with 27 concept stores.

How has the economy hit Pan- dora in 2017? Although 2017 was a challenging year, we developed different ways to keep growing. We opened 10 new concept stores, and we bet on a new concept of sales point, titled Pop ups evolution; Today, PANDORA has a great performance within the best national malls, attending and corresponding with excellence the global expectation within the requirements expected by the brand.

What are your biggest challenges in 2018? Malls in Brazil decreased a lot the public flow, to deal with that we have developed

Rachel Maia General Manager Pandora Brazil Allan Finkel, General Manager strategies for customer loyalty, to maintain a good sales performance. We are improving consumer experience in all touch points.

What are your biggest opportu- Pandora nities? Globally we want to explore our categories “ diversifying the jewelry universe. Locally is one we want to explore the consumer journey amplifying digital touch points inspiring exiting consumers and new potential audience. of the What is the mission and vision What is your plans in 2018 for the for Pandora in 2017 and in the number of stores? years ahead? We have planned to keep growing. Pandora

Our consumer has a lot of facets, we un- biggest in Brazil will work to open new sales point derstand all this sides: being a mom, living in every year, experiencing new spaces a relationship, exploring hobbies, watching across Pop Ups Evolution format. Today a healthy lifestyle, having fun, building her Pandora Brazil is the second country with own career, enjoying vacation, and a lot of jewelry more open concept stores considering other moments. We want to inspire every Americas region. woman to be and feel creative in her own “ expression. We want to be the brand manu- How is your total sales by stores, facturer offering the most personal experi- corporate and ecommerce. What ence in jewelry. in the is the percentage of sales per category? How many people does Pandora We are a publicly traded company and Brazil have as support staff? therefore can not report this data. Over 100 in the office, and over 500 in market JOL stores. Rachel Maia Rachel Maia is a top executive manager with experience in account and business management. She is a professional with exceptional business acumen and a drive for empowerment and conciliation within her team. Rachel is presently serving as the General Manager, PANDORA Brazil. Rachel joined PANDORA in April of 2010, as CFO in Brazil, and was promoted to Gen- eral Manager within six months. She was instrumental in the establishment of the brand and the implementation of PANDORA’s concept in the Brazil market, and her name is intertwined with the success story of PANDORA’s expansion in that market. PANDORA designs, manufactures and markets hand-finished and contempo- rary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through around 7,700 points of sale, including more than 2,200 concept stores. Founded in 1982 and headquartered in Copenhagen, Denmark, PAN- DORA employs around 22,300 people worldwide. Reporting to the President, PANDORA Americas, Rachel has oversight for the full PANDORA business in Brazil, including: Finance, Human Resources, Mar- keting, Merchandising, ecommerce and Digital Marketing, P&L, and store locations. Rachel holds degree in Accounting, a post-graduate Degree in Finance from USP, and specialization courses carried out in Vancouver, Canada and Har- vard University in the United Sates. Prior to joining PANDORA Brazil, Rachel served as CFO for Tiffany & Co. contributing to the success and growth of the brand in Brazil over the course of seven years. Prior to Tiffany & Co., she held roles as Controller for 7-Eleven and for Novartis Pharmacy. In addition to her current role with PANDORA Brazil, L Rachel is a member of the Advisory Board of the Danish Trade Council in Brazil, the Board of Directors of the Danish-Brazilian Chamber of Commerce (DANCHAMB), and TM a member of the Board of Directors of the American Chamber of Commerce for Brazil (AMCHAM).

From trash to treasure Danish solutions for reducing food waste

The world population is foreseen to food waste, “madspild” (Danish for food Public awareness and information cam- reach 9 billion by 2050. Already today, hun- waste) has slowly, but surely, become a paigns have been launched for instance on dreds of millions are living in a situation part of the vocabulary and a part of every- how to use leftovers, such as “Don’t keep of food insecurity and the environmental day life. Reducing food waste is now a way UFO’s (unidentified frozen objects) in your challenges are growing. At the same time, to show that you are a socially responsible freezer”. Furthermore, campaigns have fo- one third of the food produced globally is company, institution or citizen. It has be- cused on how to store food properly, how estimated to be wasted. As a result, reduc- come trendy to show awareness. to avoid buying excessive quantities and on ing food waste has become a hot topic on giving away food to neighbours when you the global agenda. The Danish Embassy is What works? go on holidays. actively promoting Danish solutions for reducing food waste in Brazil In 2008, combating food waste started in Not business as usual Denmark as an organized movement with Denmark, a frontrunner the founding of the consumer NGO “Stop In terms of corporate initiatives, many Wasting Food” (Stop Spild af Mad). It has Danish supermarkets have introduced the Denmark is a global frontrunner in com- worked intensively on promoting sustain- sale of aesthetically damaged food and bating food waste. Over the past decade, a able policies both in the public and the pri- food close to the expiration date at reduced variety of innovative measures have been vate sector and has been behind many pub- prices. Smaller portion packaging is becom- taken and they have had great impact. This lic awareness campaigns. This “bottom-up ing more common and mass discounts are has led to a reduction in the amount of food movement” has had a huge impact at all not as frequent as they used to be. Moni- waste by an estimated 25% during only five levels of society and has substantially influ- toring which foods are often wasted is now years. As a result, Denmark is now receiving enced strategies and initiatives. taking place in many supermarkets. Factors a lot of positive international attention. Amongst the many initiatives are for in- of motivation for businesses are not only to Danish initiatives to reduce food waste stance courses, given to staff at hospitals increase profits selling otherwise discarded have been particularly successful amongst and retirement homes, on how to reduce foods but also to reduce the costs on waste retailers and consumers where the waste food waste. Lunch paid-by-weight has been disposal and treatment. is the most considerable. The benefits for introduced in many both public and private DanChurchAid, a major NGO within de- companies and consumers are obvious: it employee canteens and elementary schools velopment and relief aid, is behind two saves money, it saves time and it is good have included food waste in the curriculum. successful new “Wefood” supermarkets for the environment. Restaurants are offering “doggy bags” for in Copenhagen. They collaborate with a Even though Denmark does not have an leftovers – something unthinkable in Den- group of Danish supermarkets donating official, national strategy (yet) for reducing mark just a few years ago. food deemed unsellable - for example because of damaged packaging - at highly reduced prices. The profit goes to the NGO’s aid projects. Another example is the Danish invented app: “Too Good To Go” where consumers are able to find restaurants and bakeries offering food at reduced prices at the end of the day. Food is now sold which earlier was thrown out.

Food waste in Brazil

In Brazil, about 30% of the food produced in the country is being wasted before it is sold, according to Embrapa. Millions of Brazilians are at the same time living in ex- treme poverty and food security is a major challenge. Danish sandwiches

Contrary to Denmark, the food waste project conducted by Aalborg University in Brazil is mainly to be found at the be- and Danish food suppliers to diminish the Want to know more? ginning of the food supply chain, with an amount of food wasted in container trans- estimated 10% of waste happening at the portation of agricultural products. farms and 50% during the transportation. www.brasilien.um.dk 30% of the waste takes place in the food Conference on food industry. Only 10% of the waste is attrib- www.stopspildafmad.dk uted to supermarkets and consumers. The waste in Rio majority of the food waste consists of fruits www.ec.europa.eu and vegetables. The Danish Embassy in Brazil is actively www.embrapa.br promoting Danish solutions to reduce food waste in Brazil. Together with Embrapa, the www.bancodealimentos.org.br Can Danish strategies EU, the WWF and a number of European em- work in Brazil? bassies, we were involved in organizing the conference “Seminário Sem Desperdício: Although food waste in Brazil mainly oc- Diálogo Brasil - União Europeia” in Rio de curs at the beginning of the food supply Janeiro on 31 October 2017. A large number chain, the Danish bottom-up approach, of experts and decision makers from the for instance involving businesses and their public and the private sector in Brazil and organisations, could be an inspiration in abroad had a fruitful exchange on how to order to create greater awareness of the implement national and industry strategies benefits of reducing food waste amongst as well as on how to create higher consumer producers, transporters and in the food in- awareness on how to reduce food waste. dustry. The bottom line is: waste is waste From Denmark, associate professor Jessica of money! Aschemann-Witzel, University of Aarhus, Danish know-how could facilitate techni- was invited by the Embassy as a speaker. cal and consumer-based solutions. Within Reducing food waste is a matter of need. for example production, processing, pack- The economic and environmental benefits aging, cooling, transportation and waste for businesses and consumers and for so- treatment of foodstuffs, many Danish com- ciety as such are indisputable. It is a key to panies and institutions have solutions to fight major global challenges. offer an valuable experience to share. A good example is the lean method adopted when producing and processing animal products and grains. Another is a research Ambassador Kim Højlund Christensen Economic growth and real interest rates in Brazil

The Brazilian economy is on an drop. Long-term, it will depend on An expressive drop in inflation rais- undeniable trajectory of recovery. the government’s solvency capacity, es the question of whether the slow- Growth expectations for 2018 are productivity of the economy, and the down will be long-lasting or not, and consumption-driven and rooted in the ability to expand investments to meet whether it will allow interest rates to facts that households are less debt- demand. be sustained at the levels hence ob- ridden and company inventories at Consumer price inflation in Brazil served. The likelihood of maintaining low levels. Increased sales are leading has reached the lowest level in near- very low inflation rates until the end to a recovery of production volumes ly 20 years, while wholesale inflation of 2018 is very high, because there and employment figures, thus making is at one of the lowest levels ever simply are no vectors able to make room for increased consumption. Real recorded. This phenomenon is pres- them rise within this timeframe. income is on the rise and falling inter- ently observed worldwide, in emerg- First, the fundamentals of the ex- est rates will greatly benefit house- ing economies as well as in devel- ternal sector are such that the gap in holds and businesses next year. oped countries. Inflation is at the the current account is so great that This scenario of economic growth lowest levels seen in recent years, even if there were a rapid increase brings about the issue of how much as are interest rates. Domestically in demand, imports could easily sup- lower interest rates can go in Brazil. speaking, the present food price de- plant domestic supply and thereby There is no easy answer to this ques- flation is one of the largest ever in keep prices in check. Without ex- tion, and the risk of erring in making history. From the highest to the low- change rate pressure on the horizon, an assessment is great in light of the est point this year, these price drops it is very unlikely that inflation will many uncertainties in the Brazilian alone accounted for a decline of 3.5 rise next year. economy. It is possible to speculate pp in inflation. While part of this Second, the idleness of the domestic on one aspect, though: In the com- decline has been brought about by economy is so great that it is unlikely ing months, Brazil may go through weak domestic demand and there- that growth will be capable of accel- the longest stretch of low real inter- fore the monetary policy, a signifi- erating prices; the unemployment rate est rates since the Real Plan was in- cant part is just a favorable supply is still above 12% and the industry is stituted. Short-term, inflation will shock which does not tend to repeat operating far below its capacity rate. dictate how low the interest rates can itself systematically. When the economy is organized, and Juros Reais no Brasil (NTN-B) Juros ReaisFonte: Ambima, no LCA Brazil e Bradesco (NTN-B) inflation expectations anchored as ear Real interest rate now, prices reflect the overall idleness ear Real interest rate and companies lose their transfer capacity. Salaries and wages are expected to rise only very moderately in 2018. With divergences of between 3-5% of the average of the economy, inflation rates within the service sector will be timid next year. Finally, there are no suppressed prices, e.g. energy, public transport, or fuel, in the economy which require correction soon. The expected hike in cost of energy due to droughts has aril- un- ago- out- dez- fe- ar- un- ago- out- already been taken into account. Al- Source: Ambima, LCA and Bradesco though tax increases might be instituted in several states because of the ment capacity and ability to promote which will effectively favor produc- fiscal difficulties encountered, these growth without generating inflation. tivity and long-term fiscal solvency, do not usually occur in election years. Two important measures help re- and advance with the adjustments Thus, regulated prices will also not duce the long-term real interest rates, already launched. As a byproduct of be a source of inflationary pressure in namely the Amendment Proposal to an agenda promoting lower interest the coming year. the Constitution Spending Ceiling rates, the country would also reap Therefore, it is very plausible that (PEC) and the Long-term Rate (TLP). sustained growth at higher levels inflation in 2018 will fall below the Both contribute to lower terminal over the coming years. mid-target rate. This will allow the interest rates. To ensure viability of Central Bank to cut interest rates, the Spending Ceiling, however, it will Fernando Honorato perhaps even below 7% if the growth be vital to have an overhaul of the Chief Economist - Bradesco rate is deemed unsatisfactory, and pension system. As for productivity, keep them at low levels until the end labor market reforms and privatiza- of 2018. In most developed countries, tion measures will contribute towards inflation rates remained surprisingly making the country more flexible and, low at the end of the recession which hopefully, more productive. There is led to negative real interest rates. still much to be done in terms of this Will Brazil undergo a similar process? agenda, including measures to further Though too early to tell, it seems that greater levels of trade liberalization the Central Bank would only dare to and increased competition, as well institute very low interest rates if the as promoting favorable conditions for current attempts to stimulate growth the business environment and educa- completely fail. For now, the economy tional sector. Clearly, investments of has responded very well to lower in- 16% of the GDP, low domestic saving terest rates. rates and rising public debt do not en- As for the long-term real interest able the country to keep real interest rate, it seems that even the market rates this low medium term without prices indicate that the decline was reforms. A sustained decline in the much less pronounced than that ob- so-called structural interest rates served for the short-term interest of the economy depends essen- rate. Obviously, there is a gain due to tially on creating an agenda liquidity, but the difference has been particularly large. This is because long-term interest rates depend on creditworthiness and the country’s productivity level. In other words, the long-term interest rate level in Brazil will be set by the government’s pay- Fernando Honorato Chief Economist at Bradesco The reform that is missing By Mário Mesquita for Valor Econômico The World Bank’s World Development In- In recent meetings with economists in dicators show that Brazil is the most closed Quite the opposite. The latest years were Brazil and abroad, we often hear about the major economy (a sample that accounts marked by a half-baked and very unsuccess- growing opposition of voters to the glo- for nearly 80% of global GDP) in the world. ful attempt to create more barriers between balization process in mature economies, The criterion used is the simplest: the ra- the Brazilian economy and international as evidenced by Brexit and Donald Trump’s tio between trade (the sum of exports trade, with increased protectionism in some election as U.S. President. In one of these and imports) and GDP. Other criteria, such industries (even for some that have been meetings, it was argued that rejection to as tariff barriers and non-tariff barriers, well established since the middle of the last globalization seems much more intense in monitored by the World Economic Forum’s century), not to mention the policy demand- mature economies than in emerging na- Global Competitiveness Report, place us in ing national content that replaced rationality tions. It is hard to gauge such feelings, but the last and second-to-last in the economic with voluntarism, with well-known results. international news headlines suggest that openness ranking. The current administration, which has this asymmetry seems to exist indeed. The IMF, in its annual report on the implemented key reforms, such as the labor Two factors could explain why globaliza- Brazilian economy, published in July, lists legislation and the creation of long-term tion meets greater resistance in mature opening the economy as the first initia- interest rate TLP, has been timid regard- economies than in emerging markets. The tive that the country should undertake to ing trade policy, maybe because responsi- first and most obvious one is that successful speed up growth (the Fund explicitly men- bilities for the area are split between the emerging economies, notably China, have tions the need to reduce tariffs on capital Finance Ministry, where more progressive managed to lift their standards of living goods imports and get rid of non-tariff ideas rule, and other government entities thanks to deep integration into international barriers, such as the frequent use of anti- where protectionist preferences endure. trade flows; also, there are signs that the in- dumping actions). Nevertheless, deployment of trade restric- crease in inequality in some economies, such Compared to major emerging economies, tion measures, such as anti-dumping inves- as the U.S. and U.K., may be partly driven Brazil’s reduced openness level is eye-pop- tigations, was reduced between 2015 and by the effects of international trade — even ping. Considering a long period, back in 2016, according to the WTO. though education problems and the effects 1970, Brazil and Mexico had a similar degree The strength of protectionist ideology, of technological innovation were more rel- of openness, about 15% of GDP, while India which forced on Brazilians initiatives such evant. The second and most relevant factor was even more closed, at 8%. A generation as the market reserve for computers, de- for Brazil is that some economies chose to later, in the mid-1990s, Brazil’s openness rives from a certain political economy equi- remain at the edge of globalization, favor- level stood at 19.6%, nearly matching In- librium, which favors financial profits at the ing protectionism over integration. dia’s (19.9%) and already below Mexico’s expense of competition and innovation. In (26%), which was moving towards signing this context, the prevailing view so far is NAFTA. By the final year of the sample, in that our main asset is a “large” domestic 2016, Brazil’s reading was 24.6%, vs. 78.1% market, which should be protected from for Mexico and 39.8% for India. external competition — as if the world Importantly, the maximum degree of wasn’t a much bigger market. openness of the Brazilian economy probably The 2014-2016 recession, triggered by materialized between 2001 and 2004, when the collapse of domestic demand, has en- it averaged 28.1% (when the local currency couraged entrepreneurs to rethink the ben- was undervalued following the 2002 crisis). efits of this option for protectionism. The Since then, the “nominal” openness level lesson to be learned from this experience entered a path of slight decline — consider- is that the external market may prove itself ing a long-term average of 10 years to limit to be the source of more stable and reliable effects caused by fluctuations in the real demand than the domestic market. Indeed, exchange rate, the degree of openness has considering the forces that have been declined, but only since 2009, and would be shaping our trade policy, if Brazil eventu- at 24.7%. Hence, there is no way to blame ally opts for opening its ports again, the globalization for our recent economic mala- initiative would arise from the inspiration dies, which are many. The lack of objective and pressure of the private sector — not conditions maybe explains why the hostil- from the government alone. ity to globalization is not quite visible even among the usual critics of so-called liberal Mario Mesquita economic policies. Chief Economist - Itaú Unibanco

Chief Economist 14 apr/jun 2014 Mario Mesquita apr/jun 2014 15 Interest rate at single digit for a while

We believe the cycle of falling inflation is end up being important vectors to define over, but the basic interest will continue at the direction of the IPCA, we believe that, historical bottom rate. at the end of the day, existing idle capac- In 2015, tradable goods were the only ity in the economy will remain an impor- group contributing towards curb inflation. tant anchor to non-food free prices (which Regulated prices rose by 18% due to a price could be measured by the core – ex food realignment, particularly in electric energy and energy – measure). We estimate the tariffs (51% y/y) and fuel prices (20% y/y). idle capacity in the economy at -3.8%. That Foodstuff prices rose by 13%, owing to the said, we foresee the core inflation running initial El Niño effects. Non-tradable prices around 3% in the upcoming year, which is increased by 8%, influenced by a low un- slightly below the core inflation at 3.2% employment rate (around 8%), implying a that would be registered in 2017, according negative unemployment gap[1]. to our estimate. In 2016, the downward inflation trend After a cutting cycle of 675bp, the last was led by disinflation in regulated prices, Copom decision reduced the pace of rate resulting in 5.5% inflation for that group puts to 75bp and the statement affirmed (contribution of 1.3 p.p. to 2016 IPCA) and Senior economist Tatiana Pinheiro that the monetary authority’s strategy is was thus the first wave that brought infla- for the coming decisions to mark gradual tion back to the 6% level. Non-tradable end to the current easing cycle. In our prices showed their first downward trend this category down to 4.3%, while tradable opinion, inflation and the economic recov- after the unemployment gap turned posi- inflation could fall to 1.2% (Figure 5). The ery are in line with the CB’s scenario. So, tive. Also in 2016, economic policy got back downward trend of those three factors, in Copom should keep reducing the pace of on track, with both monetary and fiscal our view, should more than offset the pres- rate cuts to 50bp in the December meeting policies aligned in the same (contraction- sures from the tax increase on the gasoline (Dec 6), then to 25bp in the first meeting ary) direction, reducing economic stimuli, price (PIS-Cofins) and hikes in electric en- of 2018, thus taking the Selic rate down to and helping to reinstate the trade-off be- ergy tariffs (due to higher costs of energy 6.75% p.a.. tween activity and inflation. This resulted generation). Foodstuff deflation, combined We expect this “lowest interest rate in significant disinflation in prices of ser- with the recession and downward inflation level” environment to prevail at least un- vices, and, consequently, in market prices. expectations, has brought inflation down til mid-2019. The main reasons are the fol- At the same time, however, El Niño effects to the target. lowing: huge production factors slack in kept pushing foodstuff prices up. For 2018, we expect see both the IPCA the economy (labor and capital) due to the In 2017, after two years in a row under El (YoY measure) and expectations reversing recent deep recession; low inflation (below Niño effects, foodstuff prices pulled back, the downward trend that has prevailed dur- the lower bound of the target range); and mainly due to a favorable supply shock ing the past two years, due to the reverse reduced external financial needs (CAD at from agricultural production. We expect of foodstuff inflation towards its historical 1% of GDP). We do not see a significant foodstuff deflation of 3.0% in 2017, a con- average of 7% (2006-2016) and some infla- impact of the Selic rate at such a low level tribution of -0.5% p.p. to 2017 headline tion pressure in regulated prices, especially on BRL fluctuation (we are maintaining our inflation, compared to a +1.6% p.p. con- from electricity energy tariffs. forecast for the BRL at 3.20/USD at YE2017 tribution in 2016 CPI inflation (Figure 6). However, we do not see this upward dy- and at 3.50/USD for YE2018). According to our projections, non-tradable namic of inflation posing a threat to infla- disinflation could bring price increases in tion targets and monetary policy in 2018. Tatiana Pinheiro Although food and controlled prices should Senior economist at Banco Santander

1 The NAIRU (Non-Accelerating Inflation Rate of Unemployment) for 2015 was around 9.5%, In Search of Lost Growth, October 20, 2017. 16 apr/jun 2014 Coloplast® - líder mundial em cuidados íntimos de saúde H

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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.brapr/jul 2015 17 The World’s Most Valuable Soccer World Bank: Doing Teams 2017 Business ranking 2018 1 Manchester United $3,69 bil 2 Barcelona $3,64 bil Economies are ranked on their ease 3 Real Madrid $3,58 bil of doing business, from 1–190. A high ease of doing business ranking means 4 Bayern Munich $2,71 bil the regulatory environment is more 5 Manchester City $2,08 bil China is the country conducive to the starting and operation 6 Arsenal $1,93 bil with the largest share of a local firm. 7 Chelsea $1,85 bil in the MSCI index, 8 Liverpool $1,49 bil 9 Juventus $1,26 bil which tracks emerging 1 New Zealand 2 Singapore 10 Tottenham Hotspur $1,06 bil markets exchanges 3 Denmark 4 Korea, Rep. Market share in the MSCI as% of total The World Economic 5 Hong Kong SAR, China Forum Global Gender China 28% 6 United States Gap index 2017 South Korea 16% 7 United Kingdom 8 Norway 1 Iceland 0,878 Taiwan 12% 9 Georgia 2 Norway 0,830 India 9% 10 Sweden 3 Finland 0,823 South Africa 7% 35 Russia 4 Rwanda 0,822 5 Sweden 0,816 Brazil 6% 78 China 6 Nicaragua 0,814 Mexico 4% 82 South Africa 7 Slovenia 0,805 100 India Russia 3% 8 Ireland 0,764 Other 15% 108 Paraguai 9 New Zealand 0,791 117 Argentina 10 Philippines 0,790 125 Brazil 90 Brazil 0,684 Time spent paying taxes Pre-sal auctions: Who is in the game

This topic records the taxes and Petrobras Brazil mandatory contributions that a medium- Ouro Preto Brazil size company must pay or withhold in BP United Kingdom a given year, as well as measures the administrative burden in paying taxes Shell United Kingdom/Netherlands and contributions. Chevron USA Exxon USA 1 Brazil 1.958 Repsol Spain 2 Bolivia 1.025 RepsolSinopec Spain/China 3 Libya 889 CNOOC China 4 Venezuela 792 CNPC China 5 Tchad 766 Ecopetrol Colombia 6 Ecuador 666 Petrogal Portugal 7 Cameroon 624 Petronas Malaysia 8 Democratic Republic of the Congo 602 Qatar Petroleum Qatar 9 Vietnam 498 Stadoil Norway 10 Equatorial Guinea 492 Total France Number of hours per year 18 jul/sep 2009 Interestrate in Brazil Brazil Inflation is still one of the Countries with the target drops to highest in the world world's highest murder 4.25% in 2019 rates for children and The real interest rate (current interest Inflation in other countries 2017 minus inflation for the next 12 months) teenagers

Argentina 12,0% - 17,0% 1 Turkey 4,61 1 Siria 330 USA 2,0% 2 Russia 4,10 2 Iraq 134 Japan 2,0% 3 Brazil 2,89 3 Venezuela 97 4 China 1,92 4 Colombia 71 Peru 4,0% 5 Indonesia 1,59 5 El Salvador 66 Chile 3,0% 6 Mexico 1,57 6 Honduras 65 Mexico 3,0% 7 Colombia 1,37 7 Brazil 59 India 4,0% 8 India 1,31 8 Afganistan 56 Paraguai 4,5% 9 South Africa 1,15 9 Guatamala 37 Russia 4,0% 10 Thailand 0,72 10 Panama 35 Turkey 5,0% Source: Valor Economico Deaths per 100.000 Source: Unicef Isreal 1,0% - 3,0% Most violet states of Brazil

homicides per Per year variation Ranking 100.000 inhabitants Average life 2015 2016 expectancy in 1 Sergipe 64,0 1.286 1.449 11.5% Sao Paulo 2 R. Grande do Norte 56,9 1.659 1.976 18.0%

3 Alagoas 55,9 1.808 1.877 3.3% 5 best districts 1 Jardim Paulista 4 Pará 50,9 3.772 4.209 10.3% 2 Moema 5 Amapá 49,6 250 388 52.1% 3 Consolação 27 São Paulo 11,0 5.196 4.925 -6.0% 4 Pinheiros 5 Itaim Bibi Brazilian HPPC Influx of immigrants market: fourth from Venezuela 2015 5 worst districts worldwide position 1 Jardim Ângela USA 197.100 2 Anhanguera Spain 151.500 1 USA 19,10% 3 Cidade Tiradentes 2 China 11,30% Colombia 46.600 4 Lajeado 3 Japan 8,30% Portugal 23.400 4 Brazil 6,60% Brazil 3.400 5 Grajaú 5 Germany 4.00% 6 United Kingdom 3,80% 7 France 3,20% 8 India 2,70% 9 South Korea 2,70% 10 Italy 2,40%

jul/sep 2009 19 Rate of investment in the economy( % of GDP)

Public Investment Private Investmen Total 2000 1.9 17,0 18,9 2001 2,1 16,6 18,7 2002 2,2 15,2 17,4 2003 1,6 15,3 16,9 Miniumum retirement 2004 1,8 16,1 17,9 age of the world 2005 1,9 15,3 17,2 2006 2,2 15,7 17,8 Man Woman 2007 2,3 17,5 19,8 Germany 65.1 65.1 2008 2,6 19,0 21,6 Argentina 65.0 60.0 Brazil 65.0 62.0 2009 2,7 16,1 18,8 Chile 65.0 60.0 2010 3,2 18,6 21,8 Korea 61.0 61.0 2011 2,8 19,0 21,8 USA 66.0 66.0 2012 2,7 18,7 21,4 France 62.0 62.0 2013 2,7 19,0 21,7 Greece 67.0 67.0 2014 3,0 17,6 20,5 Netherlands 65.2 65.2 2015 1,9 15,7 17,6 Italy 66,2 63.7 2016 1,8 13,7 15,4 Japan 65.0 65.0 Source: IBGE, Tesouro Nacional and Ipea Norway 67.0 67.0 UK 65.0 62.2 Savings rate of the economy(% of GDP) Czech Rep. 62.6 61.3 Switzerland 65.0 64.0 Public Savings Private Savings Total Source: Pensions at a Glance 2015(OCDE) 2000 -3.5 17.3 13.7 2001 -4.8 18.6 13.4 Approval of American 2002 -4.5 20.0 14.6 Presidents in European 2003 -3.5 19.8 15.8 Countries 2004 -1.4 19.9 18.3 2005 -1.3 18.4 17.2

OBAMA TRUMP 2006 -2.8 20.1 17.8 Sweden 93 10 2007 -2.9 20.6 17.7 Netherlands 92 17 2008 -0.7 19.0 18.3 Germany 86 11 2009 -2.1 17.5 15.5 France 84 14 2010 0.2 17.7 17.9 Spain 75 7 2011 0.3 18.2 18.6 UK 79 22 2012 0.6 17.5 18.0 Italy 68 25 2013 -0.5 18.9 18.3 Poland 58 23 2014 -2.8 18.9 16.0 Hungary 58 29 2015 -5.1 19.3 14.4 Greece 41 19 2016 -6.1 19.9 13.9 Source: PEW RESEARCH CENTER E EUROSTATS 20 jul/sep 2009 Mexico City reduced Largest foreign pollutionCHART TITLE in the last decades community in São Paulo 303 290 281 1 Portugal 70.700 268 253 248 2 Bolivia 58.200

181 3 Japan 33.300 4 China 25.400

77 5 Italy 22.800 50 27

20 6 Spain 18.500 18 7 4 7 South Korea 15.900 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 8 Haiti 14.100 9 Argentina 12.800 Lottery revenues for 10 Chile 8.800 Social Destinations Source: Veja São Paulo

Social Destination Legal Beneficiaries Italy 13.90 Argentina 16.64 Italy Culture and Sport Portugal 34.99 Argentina Education and Sport, culture and sport Spain 21.94 Portugal Education, Culture and Sport Brazil 40.00 Spain Culture and Sport Source: The WA Global DATA COMPEDIUM 2016. Brazil Sport, Education, Culture Safety, Health (Cruz Vermelha and APAE) and Social Security.

Entrance of Immigrants into Europe GDP growth in the Euro zone

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 72,437 107,365 283,933 1,822,177 511,371 -0.9 -0.2 1.2 1.9 1.8 Source: Pew Research Center Source: Pew Research Center

Total of iphones sold in the last decade (in millions of units)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1 11 20 39 72 125 150 169 231 211 128

jul/sep 2009 21 Vestas reception at Copacabana Palace in Rio de Janeiro Vestas optimistic about Brazilian energy market

Global CEO of Vestas, a giant within the townhall meeting for all Vestas employees optimistic outlook for the Brazilian wind wind sector, Anders Runevad, visits Brazil in Brazil. energy market. “With more than 500 GW of for the first time with an agenda focused The Brazil Wind Power trade fair is re- wind potential, the future of the Brazilian on fostering relationships and creating nowned for not only its ability to attract renewable energy industry is promising”, new business around three thousand participants every he said. In anticipation of the announcement of year, but also the quality of the lectures Brazil is the fifth most populous country new energy auctions scheduled for the end given during the event. Vestas once again in the world with over 200 million inhabit- of the year in Brazil and serving as a clear held a prominent role as one of the main ants currently, and has a huge and grow- sign of recovery of the industry, Vestas, the sponsors of the event. The CEO Anders ing demand for energy. Fortunately, the largest wind turbine manufacturer in the Runevad was the main speaker on a panel country has great wind conditions which world, continues to strengthen its pres- discussing the future of wind energy; this are considered among the most favorable ence alongside authorities and customers allowed him the opportunity to share his in the world because of their consistency. in the Brazilian energy sector. In a move to further demonstrate its commitment to the national energy market, the Danish company was not only present at the Brazil Wind Power fair in Rio de Janeiro, the largest wind energy event in Latin America, it even brought its global CEO, Anders Runevad, to the country for the very first time. The executive participated in lectures and meetings with authorities so as to gener- ate new business and strengthen the company relationship with clients and partners. Among the commitments of the CEO while in Brazil were a meeting with Luiz Augusto Barroso, Chairman of the Energy Research Company, a cocktail with clients at the Copacabana Palace hotel, in addition to meetings with government leaders and a

Vestas Global CEO Anders Runevad in Rio de Janeiro These advantageous conditions have helped drive the development of the wind industry despite the political and economic turmoil of recent years. Today, Brazil has more than 12 GW of installed wind capacity which provides eight percent of the entire country´s electricity needs and represents USD 20 billion in investments. “Brazil was one of the first countries in the world to use auctions as an efficient system to allocate power capacity at very competitive prices. Vestas has orders for more than 5 GW from bids around the world and is ready to serve its Brazilian clients in December, when the energy auctions are expected to occur”, says Anders Runevad. Runevad explains that if the Brazilian market takes off, his company is prepared to Vestas CEO Anders Runevad allocate more resources to the country. The executive moreover points out that there erational center was opened in Natal in the world the competitiveness of the wind sec- are many reasons to be optimistic about state of Rio Grande do Norte. The Brazil- tor by systematically reducing the cost of the renewable energy market. For him, ian government has recently presented its energy in each past auction. I hope wind while wind power offers benefits in terms ten-year plan for energy expansion which power will play a key role this time, too”, of climate perspective, it also has to be stipulates an objective of 28.5 GW of wind he concludes. competitive when held up against other power capacity in operation by the year Hydropower accounts for about 60 percent energy generation technologies. Indeed, 2026 - a very positive indicator for Vestas, of the installed energy generation capacity the cost of wind power has fallen about which has already established itself as one in Brazil, and the country has traditionally 80% within the past 25 years, and statis- of the main players on the Brazilian market. relied on this source of energy to fulfil its tics show that this cost continues to go On the occasion of his visit to Rio de Janei- electricity needs during the past decades. down by 3-5% per year. ro, the global CEO of Vestas affirmed that However, the energy crises generated by Vestas has been present in Brazil since 2000 he believes Brazil will overcome the pres- periods of increasingly prolonged drought and has had a sales office in Sao Paulo since ent turmoil and continue to be a reference and power blackouts coupled with steep 2008. The company already has 1,090 MW on know-how within integration of the dif- increases in the cost of electricity for con- and another 371 MW under construction in ferent types of renewable energy sources, sumers have triggered an urgent need for the country. Three years ago, the company and on how to attain a greener future: “We diversification of the energy matrix. In this decided to go all in on the Brazilian market are satisfied to have witnessed firsthand scenario, wind power has emerged as the and made an agreement with the National how the Brazilian wind energy market is main protagonist of this transformation. Bank for Economic and Social Development vibrant and promising, regardless of the (BNDES) to locate part of its production in ups and downs of last year. As a pioneer Vestas the country. Thus, a factory was built in the market in the Latin American region, Brazil municipality of Aquiraz in Ceara and an op- was one of the first countries to show the www.vestas.com Maersk Line obtains final regulatory approval and closes the acquisition of Hamburg Süd

30th November 2017, Copenhagen: Today transport and logistics company delivering gies. Combined, the two companies will be the transaction between Oetker Group and sustainable growth. These are truly excit- able to realise operational synergies in the Maersk Line for Maersk Line’s acquisition ing times and we are looking forward to region of USD 350-400 million annually as of Hamburg Süd, the German container taking the first steps forward as one com- from 2019. line, was closed. pany,” says Søren Skou, CEO of A.P. Moller Upon transfer of ownership, Dr. Ottmar On 1st December 2016, Maersk Line an- - Maersk and continues: Gast will retire as Chairman of the Ex- nounced its intention to acquire Hamburg “Hamburg Süd is an outstanding brand with ecutive Board of Hamburg Süd to become Süd. The acquisition triggered a regulatory high quality products. By combining our two new Chairman of the Supervisory Board of approval process in 23 jurisdictions which businesses we will reinforce the global po- Hamburg Süd. Søren Toft, Chief Operating was successfully concluded on Tuesday 28th sitions of both companies and enhance our Officer, A.P. Moller - Maersk, will become November with the approval of the acqui- service offers towards customers.” Board Member of the Supervisory Board of sition by the Korea Fair Trade Commission. The acquisition is in line with Maersk Line’s Hamburg Süd. New CEO for Hamburg Süd “With the final approval of the acquisition growth strategy. It represents a unique op- will be Dr. Arnt Vespermann. we have reached an important milestone portunity to realise commercial opportuni- “Becoming part of the world’s number in our strategy to become an integrated ties as well as sizable operational syner- one shipping company will create a lot of opportunities. We will strengthen Hamburg Süd in the global playing field and grow our market share together. At the same time, Hamburg Süd will continue serving our customers as a separate brand,” says Arnt Vespermann. ”With a long heritage in shipping in Latin America, and strong values at the heart of our businesses, Hamburg Sud and Maersk Line are a great match. Hamburg Sud is a highly regarded brand known to be a well-run company and their people here in Latin America are greatly respected. We are truly pleased to welcome them to today. While Hamburg Süd and Maersk Line will continue to engage in the market as independent companies with the same EUR 3.7 billion on a cash and debt-free ba- Maersk great service and people our customers sis. Maersk Line will finance the acquisition work with today, together we will be able through a syndicated loan facility. to offer enhanced products, better market coverage, attractive direct services and About Maersk Line “Line is the shorter transit times through a combined global network. All in all, we will enhance Maersk Line is the world’s largest container the value proposition for the local custom- shipping company, known for reliable, flex- ers of both companies,” highlights Lars ible and eco-efficient services. Part of A.P. world’s Oestergaard Nielsen, President Maersk Moller – Maersk A/S, headquartered in Line Latin America. Copenhagen, Denmark, Maersk Line oper- In the future, Maersk Line and Hamburg Süd ates 668 container vessels providing ocean will offer customers better market coverage, transportation to all corners of the world. largest attractive direct services and other benefits Every day, 7,600 Maersk Line seafarers and via a combined global network. The cost 22,600 land-based employees at 306 of- synergies will primarily be derived from inte- fices in 114 countries share their expertise grating and optimising the networks as well with customers around the world to optimise as standardised procurement. their supply chains, maximise their distribu- container Together, Maersk Line and Hamburg Süd tion networks and most of all realise their will have a total container capacity of 4.15 business potential. Maersk Line is devoted “ million TEU and a 19.3% global fleet capac- to creating simple and reliable solutions for ity share (Alphaliner, 27th November 2017). customers, continuously lifting industry stan- shipping 105 Hamburg Süd vessels will be integrated dards and enabling global trade in the most into the fleet of Maersk Line. The combined sustainable manner possible. fleet will include a total of 772 vessels Maersk Line (owned and chartered). company Maersk Line will acquire Hamburg Süd for www.maerskline.com Haig Yeghiaian Country Manager of LEO Pharma Latin America

Could you tell us your business experience and in which companies have you worked for the past years? I am a pharmacist and biochemist by trade, and I always had the aspiration to become a senior pharmaceutical executive – even before I started university. As a student, I worked at Eli Lilly as a chemical analyst before moving to the international chemical group Solvay, Baxter before integrating MSD in 99. I decided to pursue a Master degree in Business at Rotman Economy School in Canada. At MSD I managed the Hospital and HIV franchise for over six years. In 2007, I was entrusted with the leadership of the Emerging Market project, one of MSD Brazil’s most important development programs. As part of this project, my team successfully reached strategic milestones with regards to the setup of private partnerships and joint ventures, product in-and out- licensing, as well as new product launches, while we had the overarching objective to grow our division’s turnover significantly. Overall, I worked at MSD for around twelve years before moving back to Baxter as director of the renal business unit – a complex division fully focused on government sales. In 2013, I was appointed as General Manager of Baxter Gambro Renal and in 2016 GM for LEO Pharma in Brazil,

Allan Finkel, General Manager a perfect opportunity to further enriching my skillset in the retail segment, while providing me with a great opportunity to leverage my experience honed among more mature, Big Pharma companies and contribute to propel the development of LEO Pharma in Brazil. Last September I was invited to be the Head of LEO Pharma Latin America and I was very pleased to accept this position.

What can you tell about LEO Pharma and its business worldwide? Founded in 1908, LEO Pharma is an independent, research-based pharmaceutical company, headquartered in Denmark and is wholly owned by the LEO Foundation. Because LEO Pharma is fully owned by the LEO Foundation, we are first and foremost accountable to patients, and all profit is re- invested in LEO Pharma R&D and portfolio acquisition. LEO Pharma develops, manufactures and over the world. The overall ambition is to markets pharmaceutical drugs to derma- become a truly patient-centric organiza- tologic and thrombotic patients in more The main tion, delivering value-adding solutions than 100 countries globally. To realize our that help people achieve healthy skin. We vision of becoming the preferred dermatol- will achieve this by running a healthy and ogy care partner improving people’s lives sustainable business. By understanding the around the world, we are expanding into objective of challenges faced by patients, healthcare new regions and markets, reaching more “ professionals and the environment sur- patients and societies with drugs and ther- rounding them, we will find new combina- apies that address unmet medical needs. tions of products and services that will sup- LEO Pharma has its own sales forces in 61 LEO Pharma port patients in their daily challenges countries and employs around 5,000 employees worldwide. Within the last year, we have made acqui- What are your challenges at LEO sitions and partnerships that have funda- is to help Pharma, now that you have be- mentally changed LEO Pharma as a com- come Head of Latin America? pany and brought us much closer to fulfill- Our corporate strategy in the mid-term is ing our vision. We are building a unique people with to ensure that the region reaches signifi- portfolio of treatment solutions in major cance in terms of revenues, aligned with skin diseases – and to realize their full po- the size of the population, as Latin America tential, we need to invest and bring in new undoubtedly holds a huge development competences. At the same time, we need our Patient potential in the dermatology field. to continuously optimize operations and In Brazil, growth prospects in the derma- reduce costs where possible. tology field are supported by several fac- Future investments include launching the tors, which include cultural specificities – company’s first biologic treatment for pso- Solutions such as the population’s lack of awareness riasis, launching a topical psoriasis treat- “ about the pathogenic effect of sun expo- ment on new markets, supporting contin- sure - as well as the tremendous number ued growth of the dermatology portfolio of undiagnosed patients in the country. As and conducting the clinical development of all over the a matter of fact, we see that the share of a biologic treatment for atopic dermatitis. Brazilian psoriasis patients currently under The main objective of LEO Pharma is to treatment remains significantly lower than help people with our Patient Solutions all world in European and Asian countries. In this regard, LEO Pharma’s product offering Expanding our Psoriasis business is a must How much the Dermatological displays a perfect fit with the specific needs and we understand that our products are market is growing in Brazil? Do of Brazilian physicians and patients. Look- key for starting a treatment in the right you see a growth of this market ing specifically at Brazil’s tropical climate way. All countries are still well behind in in the short term? and the unfortunate lack of sun-protective terms of diagnoses and deserve much more Skin conditions are among the most com- behaviors displayed by the population, we attention in reference to access, as well as mon health problems in most populations, have launched Picato® (ingenol mebutate) medical education programs in order to ad- collectively exceeding the prevalence of in 2016, a product targeting actinic keratosis dress the knowledge and the population conditions such as obesity, hypertension (AK), also known as solar keratosis, which is needs. Government plays an important role and cancer. The considerable costs of skin considered a pre-cancer as – without treat- on this journey where, in many countries diseases include physician visits, hospi- ment - it could develop into a skin cancer. especially in Central America, the access tal care, prescription drugs and over-the- This product proudly stands as the most is through tender business. Our goal is to counter products for treating or managing advanced treatment available in this indica- expand access through the retail as well as these conditions. tion; as it allows treating the disease within public sector in the psoriasis and skin infec- The global market for skin disease treat- only two or three days while other products tion areas in Latina America. There is a lot ment technologies is estimated to reach typically require a longer period. to work to be done. $20.4 billion in 2020. The U.S market is the largest segment. The BRIC (Brazil, Rus- sia, India, China) countries are the fastest growing region of the global dermatology market and should total more than $4.6 billion by 2020. In 2017, the Brazilian dermo-cosmetic market (which includes therapeutic and beauty products) will reach approximately $1.5 billion. The therapeutic market, in which LEO Pharma is included, will attain around $0.5 billion. In regards of the psoriasis market, Brazil sales are of approximately $9.5 million/ year. This projected growth for this market in 2018 is 3%. Focusing on skin diseases, the Brazilian market is estimated to reach $6 million.

What are the initiatives among LEO Pharma and physicians to improve patients’ lives? LEO Pharma is one of the leading companies in the clinical dermatology field. We aim to strengthen our relationship with the key opinion leaders, holding the clear objective to establish international guidelines into the medical practices of Latin Ameri- can countries. In the meantime, we also strive to provide our physicians with innovative tools to tackle growing self-medication in the dermatology area, which truly stands as a worrying trend as an increasing number of patients buy dermatology products without consulting a doctor. In this regard, our objective is to develop education programs that will bring the patients closer to the physicians and ensure a heightened treatment adherence and patient follow-up. We know that a “one-size- fits-all” approach will not allow us to reach majority of treatments included in the Pub- our objectives. lic Health System. Skin If I may say so, our country’s public health What innovations LEO Pharma system should look at better anticipating has brought to help people with the disease progression and favor the use conditions dermatological diseases? of topical products, which display a greater LEO Pharma has the commitment to bring efficacy than (expensive) biologics when “ best-in-class products, fulfilling the popu- used as first- and second-line options. lation’s desire to access more high technol- In November 2015, Leo Pharma and As- are among ogy and innovative products. Nevertheless, tellas Pharma Inc. announced an Asset it should not be forgotten that innovative Purchase Agreement under which Astellas products only deliver higher patient out- transfered its global dermatology business the most comes if they are correctly integrated with- to LEO Pharma. in the healthcare pathway. Under the terms of the agreement, the as- For example, let’s take a look into the pso- sets and associated responsibilities relating riasis treatment. Psoriasis affects people of to Astellas’ global portfolio of dermatology common all ages, and in all countries. The reported products – which included Protopic® and prevalence of psoriasis in countries ranges other products for the treatment of acne between 0.09% and 11.43%, making pso- and skin infection – were transferred to health riasis a serious global problem with at least LEO Pharma.

100 million individuals affected worldwide. Protopic® is used for the short-term relief Psoriasis has an unpredictable course of of eczema flare-ups, and as intermittent symptoms, a number of external triggers treatment in the long-term management of problems eczema. It is used when topical corticoste- and significant comorbidities, including ar- “ thritis, cardiovascular diseases, metabolic roids have not been effective, or when they syndrome, inflammatory bowel disease and shouldn’t be used, for example in people in most depression who have experienced unacceptable side LEO Pharma’s Daivonex® (calcipotriol), ac- effects related to topical steroids . cessible through Brazil’s public health sys- Protopic® contains the active ingredient tem, is the only non-corticoid topical prod- tacrolimus, which is a type of medicine populations uct for the treatment of psoriasis avail- called a topical immunomodulator. It is able on the Brazilian market. This product used to decrease skin inflammation in ec- brings significant outcomes to patients, as zema. It has been shown to suppress in- it does not display any side effects - even flammatory reactions in the skin within a operations and reducing costs where pos- when used over a long period of time. week of starting treatment. sible. At the same time, LEO Pharma in- Looking at Brazilia guidelines, Daivonex® In July 2017, the European Commission tends to create up to 200 new positions to and Daivobet® (Calcipotriol plus beta- has granted marketing authorization for support the company’s entry into biologics methasone), are indicated as both first LEO Pharma’s Kyntheum® (brodalumab), within dermatology. and second line treatment options, while a new biologic for the treatment of mod- Future investments include launching the biologicals are only recommended if topi- erate-to-severe plaque psoriasis in adults company’s first biologic treatment for pso- cal treatments have failed to deliver ex- and the first and only psoriasis treatment riasis, launching a topical psoriasis treat- pected outcomes. As our topical treatment to target the L-17 receptor. We are care- ment on new markets, supporting contin- is available through the public healthcare fully evaluating the treatments that would ued growth of the dermatology portfolio system, there is no reason for physicians make sense in the portfolio for the region. acquired from Astellas and conducting the to prescribe biologics on early stage treat- Being successful and meet local stakehold- clinical development of a biologic treatments. This example highlights the critical ers and patients’ needs requires building ment for atopic dermatitis. need to raise awareness about the differ- a country-specific portfolio which might As a result of our investments and the ef- ent treatment options available for psoria- differ from those that our company has in forts of our global team, LEO Pharma has sis and which ones are the best adapted to European and Asian markets. secured a new foothold in the dermatology patients’ needs and to the level of progres- market. We are well positioned for intro- sion reached by the disease. What are the major actions LEO ducing new products, including our first Although most skin diseases are not life Pharma is planning for the fu- biological treatment in dermatology. Today, threatening, the Brazilian government has ture? LEO Pharma is in a stronger position than put remarkable efforts in providing the In order to streamline operations and to ever before to deliver better care to more Brazilian population with access to derma- facilitate the company’s entry into biolog- people with skin diseases. tology products – especially for psoriasis; ics within dermatology, LEO Pharma has nevertheless, biologics make up the vast restructured the organization, optimizing LEO Pharma Interview

Dredging freeze at Brazil port forces ships to offload August 20th, 2017 Joe Leahy in São Paulo that Latin America’s biggest economy faces like Brazil is the only country selling meat 5 comments Silting in the Brazilian port in overcoming the bottleneck posed by its in the world.” Maersk said the problem of Santos, Latin America’s biggest, is forc- creaking infrastructure. Brazil’s emergence arose about six weeks ago when tug boats ing ships to carry 220 fewer containers per from its worst recession in history over the refused to pilot ships into the port with a vessel to avoid the risk of running aground, past two years is being helped by its agricul- draft greater than 12.3 metres. Codesp shipping companies say. Executives at Dan- tural sector as the world’s largest exporter undertook emergency dredging and raised ish conglomerate AP Moller-Maersk, which of sugar, coffee, orange juice and chicken, the limit to about 13 metres, but it was still operates the world’s largest shipping line and one of the largest of soyabeans and a full metre below the original level of 14.3 and the biggest container terminal at San- beef. Yet its recovery could be firmer were metres, Mr Dominguez said. The port oper- tos, said the lack of dredging by the port it not for a lack of investment in roads, rail ator was not available for comment on the authorities had led to increased silting, and ports, analysts say. The company that dredging problem. But reports said dredg- with ships being forced to shed 160 con- runs the port, the Docks Company of the ing in Santos had been halted because of tainers per 20 centimetres of lost draft, the State of São Paulo, or Codesp, said it han- a court challenge against a tender process depth to which a ship is immersed in water. dled 44.2m tonnes of exports in the first six to award a concession for the service to a They added that the problem had cost port months of this year, up 2.2 per cent against private sector company. The sudden loss operators, shipping lines and the Brazilian a year earlier, and 16.9m tonnes of imports, of draft took shipping lines and terminals government R$150m ($48m) in July. “If a up 16.1 per cent. Santos also handled 1.8m by surprise. Vessels already in Santos were Maersk vessel makes two calls per week 20-foot equivalent unit containers during forced to offload containers so that they into the port of Santos — that’s 440 con- the same period, up 6.3 per cent compared could leave. Others on the way to Brazil tainers a week we cannot load — imagine with last year. “Once you plant something, from Asia had to make unscheduled stops that for a country that’s trying to get out once you have melons, bananas, mangoes to offload cargo so that they could clear of recession,” said Antonio Dominguez, and apples, or once you kill a cow or kill the minimum depth. “There was one ves- Maersk’s director of operations for the a chicken, you need to move it out of the sel coming from Asia — they had to stop by east coast of South America. The problems country,” Mr Dominguez said. “If on every Sepetiba [Rio de Janeiro], they discharged at Santos — amplified by similar issues at vessel coming in you cannot load 440 con- 250 full containers and 350 ‘empties’ in other important ports along Brazil’s south- tainers then you lose quality, you lose price, order to be able to come to Santos,” said eastern coast — underline the challenge you lose your competitiveness . . . it is not Claudio Oliveira, commercial and marketing director at Brasil Terminal Portuário, Maersk’s joint venture container terminal in Santos. Mr Dominguez said silting had earlier this year closed the crucial port of Itajaí and Navegantes in the southern state of Santa Catarina, the country’s principal out- let for refrigerated containers. Maersk offi- cials said terminal operators in Santos were lobbying the government to hand over the dredging concession to a non-profit private sector co-operative composed of the terminal operators themselves to try to avoid future problems. But this would require a change in the law.

Financial Times Reduza custos e aumente a eficiência em sistemas HVAC

Maior Eficiência energética com uma solução integrada Danfoss.

www.danfoss.com.br Coloplast reflects passion ambition and commitment to people

Coloplast is a Danish multinational compa- an ostomy, which made her dread leaving We strive to be leaders recognized for our ny which is present in 136 countries. It was home due to the risk of the ostomy leak- efforts within four areas: founded in 1957 and employs more than ing in public. Aage Louis-Hansen and his 10,000 employees worldwide. Its business wife Johanne, added engineering skills and Full understanding of segments include solutions within ostomy business knowledge to Sørensen’ creation, the lives of our clients care, incontinence, treatment of wounds and founded Coloplast in 1957. Thus, Colo- Engage the people who utilize our prod- and urology care. Coloplast has eight pro- plast is celebrating 60 years of existence ucts and understand their daily lives duction units located in France, USA, Den- this year. through research. mark, China, and Hungary. Even today, people with intimate health- Our company reflects the passion, ambi- care needs live in isolation. We fight for Create products and services tion, and commitment of the people who this to change, so that the isolation can that are life-changing make it a reality. Elise Sørensen, a Danish end, people return to their life, reconnect Translate the perceptions and needs of nurse, invented the first self-adhesive dis- with the world, and ultimately move on. our clients into innovative products and posable ostomy bag, because she was de- Above all, we seek to understand our us- services. termined to solve the problem of her sister, ers so as to better anticipate and fulfil who had undergone an operation and had their needs. Support level

exceeding expectations Anticipate needs and provide services that exceed the expectations of users and health professionals.

Fight for better assistance Fight to improve availability (access) and raise the standard of care worldwide. In addition, our brand advocates the importance of the role of health professionals because our clients’ lives depend on them.

Our values Coloplast acts according to these values, whether we are celebrating accomplishments, defending clients, or challenging ourselves; Proximity so as to better understand. Passion for making a difference. Respect and responsibility guide us.

Coloplast management team Coloplast management team headed up by General Manager Luis Augusto Tavares

Coloplast was elected the medical device nurses to the patients from the first mo- company with the best reputation in the ment of rehabilitation to their day-to-day world in 2012, 2013, 2014 and 2015 in sur- life at home, was instituted. veys conducted by the independent con- Brazil is among the top 10 markets in sulting firm Patient View with more than the world within the product range of 400 groups of patients. In 2012 and 2013, Coloplast and is the third largest market it was elected one of the most ethical com- among the emerging countries. panies by the Ethisphere Institute, and for In November of 2015, Coloplast opened a three consecutive years it has been among new office in Sao Paulo. With this change, the 50 most innovative companies in the the Danish multinational finalized the of crisis. “We are investing in even better world, according to the Forbes ranking. restructuring project, which centralized products with high levels of service, and activities in Sao Paulo in order to ensure are working to cultivate this quality stan- Coloplast in Brazil greater synergy between all areas. dard in Brazil. We have maintained the Kristian Villumsen, Executive Vice President level of investment; we want to consolidate our leadership”, he added. Coloplast has been present in Brazil since of Global Coloplast, stresses the important In May of 2017, Luiz Augusto Tavares took 1989. The company develops products and role held by the Brazilian office: “We are command of the Brazilian affiliate, as the services that make life easier for people optimistic. We believe in the products, the General Manager focused on consolidat- with intimate needs within health care. employees, the business model, and the ing global leadership in Brazil. He has the Sales efforts are kept focused and special- strategies we have built. The fact that we support of the leadership team consisting ized; the company operates in all Brazil- have opened a new office shows that we of Francisco Rogerio Menezes, Manager ian states, which allows us to be present are committed to the country.” The Ex- of Human Resources Latin America, Said in all the big cities and have distributors ecutive Vice President of Coloplast also Mimouni, Administrative and Financial throughout Brazil. stated that the company had conducted Director, Alessandra Garcia, Marketing Coloplast Brazil offers both innovative global adjustments over the past fiscal Manager, and Lucas Miranda, Commercial products and differentiated services: In year, which resulted in a very positive bal- Excellence Manager. 2010, Coloplast Active, a program which ance sheet with better results than those of Coloplast offers free-of-charge visits from specialized other players in the market, even in times www.coloplast.com.br Ana Claudia and H.R.H. Crown Prince Frederik in Brazil MAGIC IN THE CLOUD the story of Danmagi Danmagi is a both Brazilian and Danish Ana and Daniel created a solution that got “THAT IS A CLOUD-BASED company that provides cloud-based WiFi rid of one of the major challenges to effi- networks for hotels and companies. The cient local WiFi - the gateway. The gateway SOLUTION” company is on the verge of an internation- is a box that processes all guest access al breakthrough and has recently been se- and data - and due to its limited capac- Danmagi was established in September lected as a preferred supplier for Marriott ity, it quickly gets overloaded and slows of 2011 in Brazil and Denmark. From the International, the world’s largest chain of down. This causes frustration for the hotel outset Danmagi had an international luxury hotels. But Danmagi’s journey has guests and the hotel employees who have strategy. Ana was half Brazilian and half not been the easiest one. Danmagi’s story to handle the complaints. The classic so- Danish, so it felt natural to establish head- is a tale of both brilliant ideas, dark clouds, lution to the limited capacity is to install quarters in both Rio and Copenhagen. and strong spirits. And a bit of magic… more boxes at the hotel, but this solution At first, Danmagi did not use the cloud term only introduces more points of failure. This to describe their service. Instead, Danmagi used the more cryptic term “centric net- MAGIC IN THE AIR results in even more unsatisfied guests and endless visits from network service work” - referring to the data being stored provider technicians. Another limitation of in their 3 data centers in Rio, Copenhagen The story of Danmagi started when Daniel the box is that the network speed is usu- and India. and Ana Claudia met in 2008 at Wayport, ally poor. The box can’t take advantage of It was not until 2013 that Danmagi started a division of AT&T International providing high bandwidth and more often than not, to use the term “cloud” when a customer WiFi solutions. They fell in love and before big hotel chains only allow for low capacity. introduced the term by saying the magic long, it was clear that they meant business. Danmagi’s solution is different. With words “what you have there is a cloud- Both Ana and Daniel were appalled by the Danmagi there is no box, no data bottle- based solution”. horrendous hotel WiFi standards - and neck. Instead hotels are offered limit- Despite the simplicity of the idea, it took shared a wish to reinvent the business. To- less capacity and limitless speed in the time to perfect the service. The chal- gether they developed an idea that magi- cloud - to the satisfaction of guests and, lenge was not only to create a solution cally solved the problem. subsequently, employees. All servicing that delivered best-in-class user friend-

is done remotely which means an end liness, security, and protection of per- UNBOXING HOTEL WIFI to the costly and time-consuming tech- sonal data - it also needed to deliver nician visits hotels have been used to. the best services. One of these services “Hotel WiFi was shockingly bad” “There is no box, no data bottleneck” is Danmagi’s guest recognition system. Daniel Lister, CEO Danmagi This system makes it very easy to log on Daniel Lister, CEO Danmagi to the WiFi. You only need to log on once, then the service can automatically log you on every time you come back to the hotel. The service also connects hotels in the same chain, so that you can seamlessly log on when you enter another hotel in the same chain. The feature even shows which devices are connected and can be used by hotels to reveal if any unauthor- ized devices are using guest logins. This has been known to keep hotel employees from misusing guest logins to achieve higher speed.

CEO Daniel Lister and colleagues at Mariott Hotel in Chicago STRATEGIC MAGIC

One of the keys to the Danmagi success story was their focus on Brazil and Latin America. While competitors were setting up business in Asia, Brazil was a natural habitat for Danmagi. Danmagi started out by serving a few hotels in Rio and in 2013 the company entered into an agreement with Brazil’s largest oil and gas transportation company, Transpetro to supply WiFi network services for their new Maritime Academy in Rio.

“We are impressed with the quality of Danmagi’s service and the versatility of their team. Our internet service provider had to meet the high demands in terms of security, safety and control required by our parent company Petrobras. Danmagi’s user-friendly system complies with all stringent requirements and our employees and visitors have effortlessly quick and Danmagi secure access to the internet.” The name Danmagi is derived from the phrase Danish Magic. The name combines a ref-

erence to the company’s branch in Denmark with the ambition to create “magic” with Carlos Bruno, technology. The company has a total of 32 employees worldwide, 7 of which are based Telecommunication engineer at Transpetro in Brazil.

It was also in 2013 that Danmagi landed Impressive customer list its first large hotel chain. Danmagi offered a chain of 5-star UK hotels a 60-days free Danmagi provides WiFi to an impressive list of leading luxury hotel brands including trial. After 30 days without a single com- plaint, they signed on all the hotels. Before • Marriott International • Corinthia Hotels introducing Danmagi, the hotel chain had • Rosewood Hotels • Millennium & Copthorne Hotels 90 support calls a month regarding their • Starwood Hotels & Resorts WiFi service - today they have 3.

DARK CLOUDS 2015 was a horrible year for Danma- NEW CUSTOMERS, gi. As if the tragic loss of Ana was not NEW MAGIC By 2014 it looked like the sky was the limit enough, the company CFO had an ac- for Danmagi. The company was approved cident and was in a coma for weeks. Today the company is stronger than ever. by Starwood and after Starwood’s merger The company has partnered with new with Marriott International it was a candi- THE HIGHEST BAR investors and has a strong manage- date for becoming an approved supplier ment team with in-depth knowledge of for The Marriott chain of luxury hotels. Little by little, Danmagi started getting the market. The Marriott approval has But then tragedy struck. Ana was diagnosed back on its feet. Losing Ana had brought opened up the American market with with incurable breast cancer. In December the employees closer together and every- exciting new customers in Argentina, of 2014 the cancer had spread throughout body wanted to continue her work and Peru, Brazil, and even North America. her body and Daniel spent most of his time vision. Danmagi picked up the process of The latest customers include 4 Shera- caring for her. Ana died in the spring of 2015 applying for approval by Marriott. ton hotels in both Argentina and Brazil. and her death hit hard. Ana had run the But despite the success, Danmagi does not Danish office and was loved by all employ- “We spent almost two years on legal and rest on the laurels - they still do their magic ees. She had also been pivotal in servicing technical approval proceedings, includ- and keep adding new services to their the Brazilian customers, and she had been a ing lab tests at Marriott’s impressive test cloud. The latest addition is the smart loca- driving force and a unifying figure. hotel in Maryland. By the start of 2016 we tion feature that can track regular guests. finally got the approval”, says Daniel List- Smart location can send a text message to “When Ana died, it hit us badly. She had er. The first ‘magic clouds’ were delivered the receptionist before the guest arrives been involved in a large part of the busi- to two Marriott hotels that opened for the at the reception desk making it possible ness and was liked by everybody. Seeing 2016 Olympics in Rio. to give the guest a special meet & greet. her signature almost every day since is “Marriott’s approval process is the highest So, do not be surprised the next time you a hard reminder of the loss we have suf- bar in the Industry” check in at your hotel - there is a good fered, both personally and professionally.” chance that you will be struck by magic. Daniel Lister, CEO Danmagi The magic of Danmagi. Daniel Lister, CEO Danmagi Damagi

https://twitter.com/danmagi Joao Doria might be a candidate for Governor of São Paulo??

Joao Doria, mayor of Sao Paulo, self-made to run as candidate for a different political Joao Doria is facing many big challenges millionaire, former TV host and rising star of party if he wishes to do so, but most observ- as he tries to correct the city’s slumping Brazilian politics has expressed presidential ers believe it is more likely that Joao Doria economy, with a large program of cutbacks ambitions, and has left many wondering will run for the office of governor of Sao and privatization. Whether he decides to whether he will make a bid for the presiden- Paulo. run or not, remains to be seen, but there is cy in the 2018 general elections. Although Joao Doria won his first election as an out- no doubt that a star of Brazilian politics has he himself has added fuel to these specula- sider last year in a landslide victory, when he been born. tions, he seems to have taken a step back was elected for mayor of Sao Paulo. He has AMK lately. This might be due to the candidacy of become a favorite center-right candidate his former mentor and party colleague Ger- with a clean image among Brazil’s corrup- aldo Alckmin, the governor of the state of tion-plagued political class. Now mayor for Sao Paulo. Joao Doria could however choose the largest city in the southern hemisphere,

36 apr/jul 2015 JONATHAN CHARLESWORTH Treinando para mudar o diabetes, África do Sul Jonathan é portador do diabetes tipo 1 mudando o diabetes. mais que um objetivo,

essa é nossa missão. Mudando o Diabetes e logo do Boi Apis são marcas registradas da Novo Nordisk A/S.

Como instrutor físico, Jonathan sabe que para mudar é preciso estabelecer objetivos, ter um método para atingi-los, assim como receber todo apoio para superar os desaﬁ os que possam surgir. Nós, da Novo Nordisk, adotamos uma abordagem semelhante para conduzir mudanças nas sociedades em que atuamos. Seguindo o princípio do Triple Botton Line, consideramos o impacto econômico, social e ambiental em cada ação que realizamos para alcançar nosso objetivo de um futuro mais saudável para as pessoas.

A ﬁ losoﬁ a do Triple Botton Line direciona nossos esforços em combater as mudanças climáticas, que, de certa forma, está relacionada com a pandemia do diabetes quando relacionamos isso ao consumo excessivo e a um estilo de vida pouco saudável. Desde

2004, nossa emissão de CO2 foi reduzida pela metade, atividade realizada em parceria com a World Wildlife Foundation. E conseguimos isso, sem nunca perder nosso foco NNK-002-06/2012 principal que é promover mudanças positivas na vida de pessoas com diabetes.

Saiba mais sobre a Novo Nordisk: www.novonordisk.com.br

mudando o diabetes ® apr/jul 2015 37

AF_an_novonordisk_changing__POR_21x28.indd 1 04/06/12 18:06 Centrum Copenhagen an international role model Only 25 years ago, Denmark’s capital city was on the verge In September 2017, the Copenhagen metro line that serves the airport could celebrate of bankruptcy. Today Copenhagen is a trendy, vibrant and its 10-year anniversary. In this time, 60 million passengers have got on and off the station platform in terminal 3 at the airport. sustainable metropolis that offers high standards of liv- In 2019 the next and most important stage of the city’s fully automatic transport sys- ing, a good work life balance and opportunities for its tem will open – the Metro City Ring. By 2025 it is expected that 150 million people citizens and visitors. What lies behind this incredible turn- each year will use the metro. Or put another way, 317,000 journeys will be made every around in the city’s fortune? day of the week. And it’s not just the metro that has changed Copenhagen. The extensive urban developments in the Copenhagen areas of Ørestad, Sydhavn and Nordhavn have also transformed the city in recent decades. However, 25 years ago this exclusive urban regeneration looked highly unlikely as back then the Danish capital was a struggling industrial city with large debts and an unemployment rate of up to 17.5%. Back at the start of the 90s, the situation was desperate and called for unusual measures. And this was exactly what happened. The

Nordhavn In short, Copenhagen was not sible. From the political side, it has been an attractive place for families critical to bring together the majority of ur- nor for businesses. Today it’s a ban development in one development com- completely different story. Co- pany owned jointly by the state and city of penhagen residents are able to Copenhagen. Until 2007, the development stay in the city, in part because company Ørestadsselskabet I/S was re- of these new urban neighbour- sponsible for the development of the Øres- hoods. You might say that Co- tad area, between Copenhagen airport and penhagen is growing inwards. the city centre, as well as the development Since 1995 the population in of the current metro, while another compa- Copenhagen has increased by ny Københavns Havn A/S was responsible 23%. The city passed the mile- for the development of the industrial areas stone of 600,000 inhabitants in along the harbour. 2016. The latest figures predict In 2007 these two companies merged to that this population growth form the current company, CPH City & Port will continue to increase. Up Development – with the former Lord Mayor to 2030, 110,000 new residents Jens Kramer Mikkelsen as CEO. are expected in Copenhagen – a The fact that large parts of the urban devel- growth of almost 20%. This is opment of Copenhagen have been brought partly because of the increased together in one company has also meant birth rate in the city and the fact that the company has gained the required that these new parents are stay- expertise and has been able to approach ing put. It is also because there projects with a holistic overview of all de- is a relatively large number of velopment areas. Throughout the process, prime minister of the time Poul Schlüter, the new arrivals from countries such as the the political stakeholders have had full leader of the opposition Svend Auken and USA, Italy and Germany. Unemployment in faith in the company, which has also been the Copenhagen Lord Mayor Jens Kramer the city is around 6% and it is falling. relatively free to act independently of po- Mikkelsen joined forces and developed a In 2016 4,300 new housing units were com- litical interference and interests. plan for the regeneration of Copenhagen. pleted in Copenhagen and another 10,000 Their plan involved massive infrastructure housing units will be ready for their inhab- Full speed on and urban development projects, such as itants in the next two years. This is a record the Ørestad neighbourhood, the metro, the for new housing development, which is development in Ørestad Øresund bridge connecting Denmark and probably at its highest level since the Sec- Sweden, investments in the city’s confer- ond World War. In 1992, it was agreed that the 310-hect- ence centre and the airport, and an appli- This growth is able to take place because are site of Ørestad on the western part of cation to become European City of Culture. since the 1990s Denmark has managed to the island of Amager would be developed. The regeneration of Copenhagen and the maintain the political consensus on urban Three years later the master plan was in development company CPH City & Port development over different election periods place and in 2001 the first construction Development is described in the research and across political parties. Another impor- work started. In 2002 the metro started report “The Copenhagen City and Port tant factor has been that the changing gov- running 24/7 stopping at six stations in Development Corporation: A Model for Re- ernments and the local authorities in Copen- Ørestad. Since then construction work has generating Cities” created by the influen- hagen have been able to work together and picked up speed. tial US think tank The Brookings Institution. make compromises when necessary. Today around 11,500 residents live in Øres- The think tank does not hesitate to name A large degree of trust has made this pos- tad, which also sees 22,000 people ar- Copenhagen as an international role model for how cities can turn their situation around – from resignation to economic sustainability and urban development. The report outlines how it was possible to profit-optimise the ”dead” areas of the city, such as the abandoned industrial and harbour areas and the Ørestad area on the island of Amager. These sites were revital- ised to become attractive and dynamic new neighbourhoods with housing, workplaces and not least a high-class transport system – the metro. At the end of the 80s and start of the 90s, the middle classes were moving out of Co- penhagen to the suburbs, which deprived the city of an important source of tax income. At the same time, many of the city’s industrial companies were shutting down.

Nordhavn rive daily to work. In addition, more than 20,000 students study at the two universities in the neighbourhood. It is now 13 years since the first residents moved to Ørestad, which back then was nothing more than building sites, green fields and seagulls – as well as the metro which ran back and forth. Today Ørestad is a different place entirely. Schools, day care centres, high schools, universities, shops, restaurants, hotels, plenty of workplaces and housing form the backdrop for the thousands of Copenha- gen citizens who live and work there. Ørestad consists of four neighbourhoods and development work in recent years has taken place in the primarily residential area of Ørestad South. Apartment blocks and town houses are being built here and the area is also known for being home to the Co- Nordhavn penhagen Arena, a 16,000-seater venue for large concerts and sporting events. Ørestad Nordhavn – the future in are the four industrial silo buildings that Syd is also home to the 8 House develop- have all been retained and extensively ren- ment designed by the world-famous Danish historic surroundings ovated and redeveloped. Two of them are architect Bjarke Ingels. This apartment block used for housing while the other two have has 474 apartments and is almost like a little Today if you wander around the narrow been connected to form one commercial village in the neighbourhood. streets in the Aarhusgade neighbourhood – building that houses many companies. The location of the Ørestad neighbourhood the first area to be developed in Nordhavn In addition, CPH City & Port Development is unique in relation to the city of Copenha- – it can be hard to imagine that until 2014 has built a modern and multi-functional car gen. On the metro, it takes just minutes to the area was hidden behind a steel fence park with a sea view and numerous facili- get to downtown Copenhagen or in the oth- as most of the area had a free port status. ties for Nordhavn’s residents and visitors. er direction to the airport. At the same time, Until 2014 the citizens of Copenhagen did The car park has room for 480 cars and a Ørestad is surrounded by the 3,500-hectare not have access to some of the most attrac- grocery store and recycling station on the natural park Naturpark Amager and all of its tive areas in their own city. Today it’s not ground floor. On the top of the car park, at fantastic recreational facilities. just new residents and people who work a height of 24 metres, the roof has been Ørestad is also a place for business with there who enjoy the new neighbourhood. transformed into a playground and exercise lots of workplaces. Company headquar- The attractive harbour side areas have be- park with facilities that include trampolines ters and rental buildings enjoy its location come a new destination in the city for all and crossfit equipment. between the airport and the city. The most Copenhagen citizens. Nordhavn is characterised by being sur- recent initiative on the business front is the The first residents started to move into the rounded by water on three sides. Today this network organisation Ørestad Innovation Aarhusgade neighbourhood in 2015. Today extensive area has lots of harbour basins City Copenhagen (OICC), which was estab- almost 2,000 people live here in a sustain- and long piers that make it easy for larger lished in the spring of 2017. able neighbourhood characterised by in- ships to moor. The development work has OICC plans to attract and stimulate busi- viting squares and harbour promenades. also changed parts of the structure by cre- ness and knowledge development in Øres- Thanks to a special retail strategy, the first ating new islands and channels that have tad by leveraging the fantastic momentum restaurants, cafés, specialty shops and improved access to the water. that exists in Ørestad and using it to bring supermarkets have opened in the narrow The Aarhusgade neighbourhood is just the even more businesses to the area. OICC streets and the City of Copenhagen has es- start of the development in Nordhavn. At member companies are also working to at- tablished a harbour bath swimming facility the moment and over the coming years, de- tract and retain highly qualified employees. by Sandkaj. velopment is taking place in the two Sun- The most prominent buildings in the area dmolen and Levantkaj areas. The northern part of Nordhavn is also being expanded by 100 hectares through one of the largest ever land reclamation projects in the history of Copenhagen. Once completed, Nor- dhavn will cover over 350 hectares. The plan is to use the newly reclaimed areas for container and cruise ship facilities, which until now have been further inside the harbour. By moving further out, there will be space for urban development in the neighbourhoods that are closest to the old city of Copenhagen. Carsten Arlund

Nordhavn Ferring e Aché inauguraram o NILE Nanotechnology Innovation Laboratory Enterprise

Iniciativa pioneira no Brasil, a Ferring e Aché inauguraram em 29 de novembro o NILE - Nanotechnology Innovation Laboratory Enterprise, laboratório exclusivo de pesquisa e desenvolvimento de novas plataformas tecnológicas baseadas em nanotecnologia. O novo laboratório de nanotecnologia recebeu sete milhões de reais em investimentos, em equipamentos e infraestrutura. O novo laboratório tem por objetivo o desenvolvimento de plataformas tecnológicas e transferência de tecnologia para aplicação em produtos. É a primeira iniciativa da Ferring em pesquisa no hemisfério sul e, apesar de a empresa possuir 10 centros de R&D em inovação ao redor do mundo, o Brasil será o primeiro em nanotech.

A parceria ressalta o interesse e investimento das duas empresas na pesquisa e desenvolvimento de tecnologias disruptivas, que colocam as necessidades do paciente no centro das pesquisas. Linhas de pesquisa

O NILE tem como foco a pesquisa em novas tecnologias farmacêuticas em diversas áreas, incluindo moléculas como hormônios, peptídeos, anti-inflamatórios, medicamentos para doenças cardiovasculares, inibidores de bombas de prótons (que diminuem a secreção de ácido gástrico e acidez estomacal) entre outras moléculas e áreas.

A parceria é destinada ao desenvolvimento de plataformas tecnológicas que buscam melhorar a disponibilidade dos medicamentos no organismo, transformando, por exemplo, princípios ativos que hoje são apresentados na forma de injetáveis em formulações que poderão ser administradas por via oral, de forma mais prática e indolor.

Para a Ferring, a plataforma poderá ser aplicada para formulações baseadas em peptídeos e proteínas que poderão ser administradas por via oral, sendo aplicadas pela empresa em soluções para Saúde Reprodutiva, Gastroenterologia e Urologia.

O laboratório conta com uma equipe de doutores especialistas em nanotecnologia, que se dedicarão exclusivamente às pesquisas nesta área. Além dos projetos realizados na estrutura alocada na sede do Aché, o laboratório passa a atuar em colaboração com os melhores centros de pesquisa no Brasil e no mundo. Sobre a Ferring Pharmaceuticals

A Ferring Pharmaceuticals é líder internacional em pesquisa, fabricação e comercialização de peptídeo e proteínas, atuando internacionalmente há mais de 64 anos. Com sede em St.Prex, Suíça, e com seu maior centro de pesquisas em Copenhague, a Ferring tem mais de 5,5 mil funcionários e está representada em mais de 60 países, além de ter outros 9 centros de Pesquisa, Desenvolvimento e Inovação em todo o mundo, incluindo Estados Unidos, Europa, Índia e China. A empresa identifica, desenvolve e comercializa produtos inovadores nas áreas de Saúde Reprodutiva, Urologia, Gastroenterologia, Endocrinologia e Ortopedia e atua há 24 anos no Brasil com sede em São Paulo, cobrindo todo o território nacional. Ferring and Aché inaugurating NILE Nanotechnology Innovation Laboratory Enterprise

Ferring and Aché are undertaking a pio- Research lines at Aché headquarters, the laboratory now neering initiative in Brazil by inaugurat- operates in collaboration with the best re- ing NILE - Nanotechnology Innovation Research at NILE will focus on new phar- search centers in Brazil and worldwide. th Laboratory Enterprise on November 29 . maceutical technologies within various NILE is a unique laboratory for research areas, including molecules such as hor- About Ferring and development of new technology plat- mones, peptides, anti-inflammatory drugs, forms based on nanotechnology. The new drugs for cardiovascular diseases, proton Pharmaceuticals nanotechnology laboratory, which has pump inhibitors (which decrease secretion received BRL 7 million in investments to- of gastric acid and heartburn), and other Ferring Pharmaceuticals is an international wards equipment and infrastructure, aims molecules and areas. leader in research, manufacture and mar- at development of technology platforms The partnership is aimed at developing keting of protein and peptide. The company and technology transfer for use in prod- technology platforms which seek to im- has operated internationally for over 64 ucts. It is the first research initiative of prove the availability of drugs in the body, years. Of Swedish origin and headquartered Ferring in the southern hemisphere, and turning, for example, active ingredients in Switzerland, Ferring has over 5,500 em- although the company has 10 R&D inno- currently presented in the form of inject- ployees and is represented in more than 60 vation centers around the world, e.g. in able formulations into ones which can be countries with its most important R&D cen- countries like Germany, USA, India and administered orally, i.e. more conveniently ter in Copenhagen. China, Brazil is the first country to have a and painlessly. The company identifies, develops, and mar- nanotech center. Ferring believes that the platform may be kets innovative products in the areas of The partnership underscores the inter- applied to formulations based on proteins reproductive health, urology, gastroenterol- est and investment of both companies in and peptides which can be administered ogy, endocrinology, and orthopedics. research and development of disruptive orally and is presently applying it in solu- Ferring has been operating for 24 years in technologies that have patient needs as tions within reproductive health, urology, Brazil and its headquarters are in São Paulo. the focal point throughout. and gastroenterology. The laboratory has a team of doctors with ex- Ferring pertise in nanotechnology; they will dedicate themselves exclusively to research within this www.ferring.com.br area. In addition to the projects undertaken CAPTA MAIS SOM QUE OS OUTROS APARELHOS AUDITIVOS

TESTE SEUS LIMITES QUEBRANDO A BARREIRA DO SOM

Venha conhecer a mais avançada tecnologia em aparelhos auditivos do mercado.

SAC 08007794339 | www.widex.com.br Widex do Brasil | [email protected] APARELHOS AUDITIVOS LEGO® NINJAGO® Movie achieves fans around the world Third film of LEGO® Group, this edition addressed the parent-child relationship and friendship

Based on the LEGO Ninjago toy line, the In this adventure, the viewer can expect film is an international co-production by much action and excitement, which prom- Warner Bross. Pictures and LEGO® Group. ises to reinforce values such as friendship, It is the first theatrical film based on an discipline and unity - indispensable to free- original LEGO property, and the third in- ing the inner power from Spin- stallment of “The LEGO Movie” franchise. jitzu. Released worldwide on Sept. 22, the film To this film, LEGO prepared grossed more than USD 115 million and exclusives sets. The setting, brought fans closer to the brand. the story and the cast In the big-screen NINJAGO adventure, the promise to inspire the battle for NINJAGO City calls to action builders of all ages to young Master Builder Lloyd, the Green recreate the film’s main Ninja, along with his friends, who are all passages. secret ninja warriors. Led by Master Wu, LEGO they must defeat evil warlord Garmadon, who also happens to be Lloyd’s dad. Ninjago despises Lloyd for being Lord Gar- madon’s son, which puts Lloyd under emotional stress. They do not know that Lloyd is part of the secret ninja force, consisting of Nya, Zane, Jay, Cole, Kai and their master named Master Wu who always stops Garmadon from taking over the city.

Norden’s founder Mads Christian Holm NORDEN and Brazil To the Danish shipping company Damp- customer and his or her needs. This is part skibsselskabet NORDEN, South America – of being a service provider – as NORDEN and not least Brazil – is an important and always wants to be seen. prosperous market. Price will always be important, but for With an office in Rio de Janeiro headed by NORDEN, it is also an important sales pa- Viviane da Rocha Gonçalves, NORDEN is rameter that we provide customers with physically present in Brazil. The Rio office is professional service building on our val- a cornerstone in NORDEN’s dry cargo busi- ues of reliability and flexibility and on our ness – generating new cargoes to the com- knowledge of the markets and consequent- pany’s fleet of modern and fuel efficient ly our customers’ needs. For that reason, vessels. NORDEN has great expectations it is important to be close to the markets for the Brazilian dry cargo market, where – and consequently, NORDEN has well- transport of bauxite used for production of placed overseas offices around the world aluminum, corn and soybeans are of spe- including in the important Brazilian market. cial interest to NORDEN. Every year, con- The company is incorporated in Denmark siderable amounts of these 3 instrumental Viviane da Rocha Gonçalves and listed on Nasdaq Copenhagen as a part commodities leave Brazilian ports on NOR- of the OMX Nordic Mid Cap index. DEN vessels bound for customers around The NORDEN office in Rio de Janeiro is an NORDEN was a founding member of Dan- the world. important part of NORDENs global reach ish Shipping in 1884 and has since been a NORDEN is one of the oldest players in and opened in 2003. Since then, NOR- member. Furthermore NORDEN is a mem- the global shipping industry – founded in DEN’s staff at the office has established ber of the international organisations; In- Denmark in 1871 by Mads Christian Holm. and maintained strong partnerships with tertanko (The International Association of From day one, NORDEN has been extend- local customers and business partners in Independent Tanker Owners), BIMCO (The ing its business within transportation of dry general. Baltic and International Maritime Council) cargo commodities and refined oil products Relations in shipping are built on mutual and ICC Denmark (International Cham- worldwide with a global mindset and the knowledge and trust. Therefore, customer ber of Commerce). NORDEN is a signatory first vessels calling China and Japan back focus is at the center of NORDEN’s way of to the UN Global Compact, a member of in 1875. doing business. To deserve our customers’ the Maritime Anti-Corruption Network Based on a global network of offices – in trust and to get deep insight knowledge as (MACN), member of the Trident Alliance Brazil, Chile, USA, Singapore, Australia, to their needs it is vital to be close to them. and the industry-initiative for responsible China and India – good access to custom- Not least when unforeseen challenges dur- supply chain, IMPA ACT. ers and a fleet consisting of owned as well ing a voyage arise, it is crucial to know the Norden as chartered tonnage, NORDEN has grown to become one of the world’s largest operators of Supramax and Panamax dry cargo vessels with activities in the Handysize and Post-Panamax vessel types as well. In tankers, NORDEN is active in the Handysize, MR and LR1 product tanker vessel types. The tanker vessels are commercially operated by Norient Product Pool, of which NOR- DEN owns 50%. In total, NORDEN operates around 220 dry cargo vessels and about 40 product tankers. The management focus is long term and based on NORDEN’s Corporate Soul Pur- pose and values. The goal is to enable smarter global trade and in order to do this, it is important to be close to customers and know the characteristics of the many different markets NORDEN is active in. Porto Trombetas, Pará Global Transport and Logistics

Norden’s founder Mads Christian Holm

Transport made straightforward

Sao Paulo Campinas Santos DSV Air & Sea Logistica Ltda. DSV Air & Sea Logistica Ltda. DSV Air & Sea Logistica Ltda. Av. Eng. Luis Carlos Berrini, 1511, 3 Andar Av. Jose de Souza Campos, 900, CJ 63 - 6 Andar, Rua Visconde do Rio Branco, 02, Sala 91A - 9 Andar, Sao Paulo, SP 04571-011, Brazil Campinas, SP 13092-010 Santos, SP 11013-030, Brazil +55 11 3198-8070 +55 19 3500-3850 +55 13 3500-1200

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

DSV is a global supplier of transport and logistics services DSV has offices in more than 70 countries all over the world and an international network of partners and agents, which makes DSV a truly global player offering services worldwide. By our professional and advantageous overall solutions, the approx. 22,000 DSV employees recorded worldwide annual revenue of 6.1 billion euro for 2013. www.dsv.com - [email protected] José Goldemberg, President FAPESP and Hans Müller Pedersen, Innovation Centre Denmark High level Science and Technology delegation visited Brazil

In a joint committee meeting on 31st August most important research areas of the fu- In the end of August, 2017 with the ministries of education and ture. Starting with some of these areas, science, technology, innovation and com- the delegation discussed future potential Innovation Centre munication, hosted by Itamaraty in Brasilia, collaboration with Brazil, focussing on the the delegation discussed the history and selection of areas that both parties were Denmark in Sao Paulo future of the cooperation within science, particularly strong and interested in. Re- technology, innovation and higher educa- vealing hot themes were sustainable en- hosted a Danish tion between the two countries. ergy, material research and health – per- Denmark and Brazil signed a Memoran- sonal medicine and prevention. Benefits delegation led by the dum of Understanding within science within bioeconomy are clear, as Brazil is and higher education in 2011. Looking home for unlimited bio-resources and Director General of at official statistics, the mobility of PhD- impressive biodiversity. More specifically students from Brazil to Denmark has Brazil has a broad experience with bio- the Danish Agency increased significantly since the agree- mass, processing and bioproducts that are ment, resulting in partnerships with eight interesting for Danish collaboration. for Science and Danish universities. Within the same period, Danish and Brazilian co-authored New agreement signed Higher Education scientific publications have boomed and the joint publications are high quality with FAPESP – also compared to other international and with high level The Innovation Centre is strategically lo- joint publications. cated in Sao Paulo as the state represents representation from 32% of the country’s l GDP 48% of the Bioeconomy – the future of scientific production. The state research Innovation Fund energy, medicine and food funding agency FAPESP is therefore one of Denmark’s most crucial partners in Brazil, Denmark and University The Danish ministry of Higher Educa- and Innovation Fund Denmark has had a tion and Science have launched RE- bilateral collaboration with FAPESP since of Copenhagen. SEARCH2025 which functions as a source 2011 resulting in more than 16 co-funded of inspiration and overview showing the Danish-Brazilian research projects. In a meeting on 30th August 2017, a new visited one of the leaders, Natura. Natura Stina Nordsborg Bio agreement was further signed between has 60% of the market share in Brazil, Fapesp and the Danish Ministry of Higher and continues to expand. Recently, Natura Stina Nordsborg is innovation attaché Education and Science, opening up for bought The Bodyshop from L’Oréal. and was seconded to Innovation Centre further collaborations on seminars, work- Since 2011, where science and technology Denmark from the Ministry of Science shops and delegation visits within science collaboration between Denmark and Brazil and Higher Education in 2015. Stina and innovation. took off, the startup scene in Sao Paulo came from a position as senior advisor has developed rapidly too. At the co-work- in the ministry and Head of secretariat Visits to Brazilian compa- ing space for start-up’s CUBO Networks, of EuroScience Open Forum 2014 - Eu- the delegation met with CEO Flavio Pripas, rope’s largest general science confer- nies and start-ups who presented some of the most interest- ence, hosted in Copenhagen in 2014. ing areas for startups in Brazil: healthtech, She has worked for nearly 12 years with To give the Danish delegation a taste of edtech and fintech. These areas have been research institutions, public authori- what Brazil as a market has to offer ICDK the spotlights for ICDK activities throughout ties, NGO’s and private companies to arranged meetings at some of the leading 2017 with innovation camps and workshops enhance Denmark’s position as a knowl- Brazilian companies: and great interest and participation from edge society and to create the best con- Raízen, the pioneer within 2. generation José Goldemberg, President FAPESP and Hans Müller Pedersen, Danish research institutions and companies. ditions for innovation and growth. Innovation Centre Denmark bioethanol, was of huge interest to the Follow the activities of the Innovation Innovation Centre Denmark in Sao Danish side. Biofuel and biorefinery has Centre on linkedin: São Paulo – Innovation Paulo works to establish closer coop- been the focus of research and industry Centre Denmark. eration between Danish and Brazilian collaboration between Denmark and Brazil companies, researchers and institutions for several years. Innovation Centre Denmark of higher education with the aim of The cosmetic market in Brazil is the third strengthening the development of both largest in the world, and the delegation www.icdk.um.dk countries. SEE THE MAGIC A magia da Disney nas joias PANDORA. © Disney

Anuncio Disney 42x28cm.indd 1 08/12/17 17:21 SEE THE MAGIC A magia da Disney nas joias PANDORA. © Disney

Anuncio Disney 42x28cm.indd 1 08/12/17 17:21 FOSS Office in Sao Paulo FOSS inovates and helps the food and agriculture producers

FOSS was founded in 1956 by the innova- all sectors and value chains, we help food Our values tive Danish Engineer Nils Foss. His ambition and agricultural producers limit the number was to offer automated and cost-efficient of human errors, scale their business faster · First - because we want to be first and alternatives to time-consuming analyses and reduce manual labour as well as labour best! in the food and agriculture industry. And costs, while increasing efficiency in the in- · Customer Satisfaction - because while much has changed in more than 60 dustrialization process. We call it analytics the customer is the focus of FOSS. years, our approach to business and devel- beyond measure. · Knowledge - because FOSS exceed- opment of innovative analytical solutions We cover these food and agricultural indus- ingly is a company based on knowledge. has not. In 2009 FOSS decided to open a tries: Dairy, Feed and Forage, Grain, Flour · People and Teams - because our subsidiary in Brazil. Since then, we have Milling & Oilseed Processing, Laboratories, employees in co-operation are the basis been developing direct sales & marketing, Meat, Raw Milk Testing, Biofuel and Wine. of FOSS’ success. service, finance and administrative teams FOSS is a truly global company, with 98% to ensure company growth and our cus- of total turnover coming from international FOSS in Brazil tomers’ satisfaction. operations. Brazil is one of 23 subsidiaries operating Our Activities Our mission outside Denmark. It is part of the Latin America (LATAM) region, one of five re- FOSS creates end-to-end solutions that se- We contribute to the sustainable use of gions around the world. It is one of the cure and improve food quality - from raw our planet’s agricultural resources and thus highest potential growth regions for FOSS, material to finished product. Our analy- to the nutrition and health of the people so we have been expanding our coverage sis instruments refine measurements into of the world. We provide analytics beyond and structure across its countries, includ- information management that enables measure to add value to our customers by ing obviously Brazil, where we have a businesses to run intelligent data-driven improving quality and optimizing food and team of 24 direct employees, mostly in the productions with less waste and bigger agricultural production. sales and service organizations. Many of yields. Controlling cost and quality across the company’s global key international

FOSS Global Headquarters in Hillerød, Denmark accounts also have direct presence in the country, which makes our activities aligned with innovative initiatives to provide the best possible support to our customers. At the same time, in segments such as dairy and meat Brazil is also the headquarters of big companies that play an important role in international markets, while in segments FOSS Office in Sao Paulo such as sugar and biofuel we have one of the most important markets globally. “With the recent improvement in economic conditions in Brazil, our expectation is that industrial activity will pick up and investments will return in 2018. Also, the agricultural sector, which has provided much needed growth in the last few challenging years, should continue to provide for opportunities as it strives to become even FOSS Brazil Team more efficient and with better quality products, so we are very optimistic about 2018 different industries such as meat produc- and beyond”, says Robert Eisenbraun, GM ers, large and small dairy plants, sugarcane for Brazil and VP for Latin America. In fact, mills, grain producers and feed processors, our turnover target for 2018 in Brazil is one to name a few. of the highest across the company, with Operating in Brazil may be challenging for double digit growth. importers such as FOSS, given the high im- The key objectives in the Brazilian opera- port duties, local taxes and labor costs, so tion is to keep the pace in launching new we need to have a very efficient and lean solutions (instruments and digital services) organization. Also, as we have instru- that have been developed by the global ments installed across the country, with its R&D organization, while providing superior very large geographic area, fast and effec- service, support and training to our cus- tive servicing may also be more costly than tomers in a way that exceeds their expecta- in other locations as distances are big and tions. This can only be achieved by having our infrastructure is not as developed yet. a deep understanding of customers´ opera- “But these challenges only make our work Curriculum Vitae tions and pain points, so that our sales and even more exciting, as the opportunities Robert Eisenbraun service teams can tailor analytical solu- and potential in the Brazilian market are tions that match individual needs, and con- such, that I´m positive that we can make Brazilian, born in Sao Paulo sequently adding value to their processes. the Brazilian operation one of the largest • This knowledge of the business is particu- and most important for FOSS worldwide”, larly challenging as we provide solutions to completes Robert Eisenbraun. Education FOSS • Business Administration Degree, Executive MBA

Industries Experience

• Healthcare, Consumer Goods, Manufacturing, Marketing organizations

• Country Manager • Sales Director LATAM South • National Sales Manager • Channel Manager • Operations Manager • Financial Analysis and Auditing • Commercial Analysis and Administrative Manager www.fossanalytics.com LEGO® House, in Denmark, is a tribute to creative play Opened in September, It has taken four years to build the LEGO® “With LEGO bricks, you can express your- House, most unique LEGO experience in the self creatively and make anything imagin- 28th, the construction world. For Kjeld Kirk Kristiansen, LEGO’s able. The possibilities are endless, and no- owner, the house is a place where fans where else in the world can you experience has 12.000 m², of all ages can find out much more about it in the same way as in LEGO® House.” where LEGO play can take you. 25 million LEGO bricks “It has been a dream for me for many The House years to create a place that will give our and expects to welcome visitors the ultimate LEGO experience. With LEGO® House includes paid attractions LEGO® House, we celebrate creativity as well as experiences open to the public. 250,000 visitors and the strength of learning through play. Guests will not need a ticket to visit LEGO When they play, children learn the basic Square, play on the terraces, explore the each year. skills that they need, such as creativity, col- LEGO Store and treat themselves to ex- laboration and problem-solving abilities”. traordinary culinary experiences with a LEGO twist at one of the three restaurants. The heart of LEGO® House is the experience zones, consisting of four coloured areas, a spectacular Masterpiece Gallery where fans exhibit their impressive cre- ations, and a History Collection where visitors can witness the development of the company and the LEGO brand over time. The experience zones are arranged according to color. Each color represents a certain aspect of a child’s learning. Red is creative. Blue is cognitive. Green is social. Yellow is emotional. Each zone consists of a number of individual activities and attractions to actively engage guests.

Kjeld Kirk Kristiansen, LEGO owner A gigantic tree is centerpiece of the covered square at LEGO® House. The ‘Tree of Creativity’ is one of the world’s largest LEGO models, with 15 meters high, built from more than six million LEGO bricks and packed with many details. The model will be located on the ground floor of LEGO® House, where access is free. The Opened

The house is located in Billund, Denmark, where the iconic LEGO brick was invented, and was opened in September 28th, at a grand event attended by HRH the Crown Prince and HRH the Crown Princess and their children. In the Crown Princess’s speech, she talked about the importance of play: “It has been a great pleasure to be part of the opening of LEGO® House today. When children play, they develop – they use their creativity and their social skills. We all need to play, and the new house offers a fantastic platform to explore play.” LEGO www.legohouse.com Facts

The building was designed by the • architectural firm BIG (Bjarke Ingels

Group) and consists of 21 white bricks stacked on top of each other. Its facade is covered with tiles, giving the illusion that the whole building is made of LEGO bricks.

• Visitors arriving by air to Billund Airport are welcomed on approach by eight light beams from the gigantic LEGO keystone brick on top of LEGO® House, representing the eight knobs on a 2x4 LEGO brick.

• The combination of LEGO® House and LEGOLAND® makes Billund the only place in the world where visitors can get the ultimate LEGO experience.

• On the ground floor, you will find three restaurants, a LEGO Store, a conference room and the LEGO Square. From an innovative startup to a global leader

Marel has a history that goes back to 1978, Some employees are responsible for envi- KEY DATES IN MAREL’S HISTORY when two engineers at the University of sioning what the future entails while oth- Iceland began to examine the possibility of ers must ensure everyone has their feet 1983 – Marel established in Iceland with developing and manufacturing scales for planted firmly on the ground. A balance of 12 employees the effective control of production in fish approaches, skills sets, and outlooks keeps 1997 – Marel acquires Carnitech in Den- processing plants. the entire Marel machine going. mark It was not long, however, before this mod- Innovation and improvement 2002 – Marel acquires CP Food Machinery est project outgrew all expectations. By Building and maintaining knowledge with- 2004 – Marel acquires Pols in Iceland focusing on radical innovation and taking in Marel has also played a critical part in 2006 – Marel acquires AEW Delford in the UK chances on cutting edge technology, these growing a company that, year after year, 2006 – Marel acquires Scanvaegt in Den- entrepreneurs were able to create a com- delivers quality service for its customers mark pany based on the idea of solutions within and continuously improves its solutions. 2008 – Marel acquires Stork Food Systems an interlinked system, an idea which is as By putting a focus on quality craftsmanship in Holland together with Townsend, relevant today as it was innovative more and maintaining the knowledge and ambi- owned by Stork than 30 years ago. tion associated with this mindset, Marel 2015 – Marel acquires MPS in Holland The company as we know it was estab- has developed a unique innovation and 2017 – Marel acquires Sulmaq in Brazil lished in Reykjavik, Iceland, in 1983 and improvement mentality, while dedicated still has its headquarters there. service teams ensure that all Marel’s solu- Marel is the leading global provider of ad- As a result of a number of mergers and actions are continuously working at optimal vanced equipment, systems and services quisitions, Marel has evolved from a small production capabilities. to the fish, meat and poultry industries. company, exclusively focused on the fishing Products built to last With offices and subsidiaries in over 30 industry, into an international group that Marel’s focus in its early days was on countries and a global network of more operates throughout the food industry. craftsmanship and robustness. This led to than 100 agents and distributors, we work Delivering added value with each solution the design of products that were meant to side-by-side with our customers to extend Needless to say, Marel’s diverse and tal- last forever. Some of the scales designed the boundaries of food processing perfor- ented team is also a vital ingredient. Since in the first years are still in use, over three mance. the company’s initial days comprised of an decades later. This focus on innovating ex- Marel underfunded team located in a tiny corner cellent products is still relevant today and office at the University of Iceland, every will hopefully continue to act as a source Marel employee has been responsible for of pride for Marel employees around the www.marel.com/brazil delivering added value with each solution. world for many years to come.

Marel headquarter in Reykjavik Thorco provides tailor-made transport solutions Thorco was born on 1st of May 2003, in break bulk and project cargoes, including the historical maritime town of Svendborg, but not limited to heavy lift, oversize and Denmark. Over the years, Thorco Projects over-dimensional pieces. has rapidly grown into an international From 2010 until 2015, we moved lots of add business with numerous offices worldwide. value cargoes, mainly from Asia and North Today, Thorco’s headquarter is centrally Europe, bringing parts and pieces for Refin- located in Hellerup, Denmark. From there, eries, Petrochemical Complexes, together with our own strong Global Com- Shipyards, Steel Mill Expansions, Oil and mercial Platform, present in the United Gas Industry and Wind Energy. We can say Curriculum Vitae States, Brazil, Germany, UK, Hong Kong, that Thorco Projects gained market share Spain, Shanghai, Singapore, Tokyo and the and became a very reliable and known Wallace Barros Netherlands, we offers services within a service provider for ocean transportation, wide range of business areas, providing with regular services in / out of Brazil, Ar- • Wallace de Barros is the Business tailor-made transport solutions to a large gentina and Uruguay. Development Director for THORCO number of clients. From 2015 onwards, apart from the project Shipping Brazil in charge of In Thorco Projects, we pride ourselves on cargo, we were working to adapt ourselves developing Projects and Corporate being “a THORNICO company”, hence a to new market environments, starting to Accounts in the Oil & Gas, part of the global conglomerate THOR- move great quantities of commodities as infrastructure, Mining and Power NICO, which was founded in the end of steel, aluminium, grains and bulk cargoes Industries. the 1990’ies and owned by father and son, in general. Thorco Projects Brazil is con- Thor and Christian Stadil. fident for the coming years, selling more • Mr. Barros started in the shipping Last April 2017, Thorco Shipping Brazil ocean rates but also offering reliability, industry over 15 years ago. During completed 7 years of presence in Rio de Ja- compliance and a strong wish to grow. his career, he worked with carriers neiro, Brazil, the biggest entrance gate to and brokers mainly related to South America. Wallace de Barros Brokerage, Sales and Chartering. He Since the beginning, the main focus was on Business Development Manager joined THORCO in 2009 and, since then, Wallace has been developing relationships with customers located all over Brazil.

• One of his main responsibilities is to develop the trade lane between Brazil and the Far East, working very closely with the THORCO offices to ensure the communication flow in sales activities.

• Wallace has a bachelor degree in Business Administration and a MBA in Logistics from the FGV - Fundacao Getulio Vargas, including practical classes in Manchester Business School.

www.thorcoprojects.com Ramboll focus on the country water challenges

As the 8th World Water Forum comes to ment-construction (EPC) delivery of coke Brazil, Ramboll is ready to address the plant wastewater treatment plants, to wa- country’s water challenges ter reuse projects in integrated steel mills. With leadership in the global water market “In addition to industrial wastewater proj- and more than 50 years of experience in ects, our water practitioners regularly col- design and consultancy, Ramboll is helping laborate with site solutions to deliver tech- public and private clients in Brazil develop nical solutions for groundwater treatment solutions to their water challenges. and remediation projects in Brazil. With With one of the world’s largest water reserves local delivery capabilities and global tech- (surface and groundwater), it is difficult to nical expertise, we continue to be well po- imagine how part of the population would sitioned to deliver innovative solutions for not have access to this essential resource. our clients with challenging water issues in However, in recent years water shortage Brazil,” Paula explains. has become a recurrent problem and gov- Working from four offices around the coun- ernmental utilities as well as industrial try, Ramboll experts are also providing com- companies have significantly increased prehensive oversight for remediation efforts their focus on water resources manage- like the Samarco dam break disaster, which ment and industrial water treatment. occurred in November of 2015. Ramboll is “There are many reasons why the focus on the official Public Prosecutor’s’ Office expert water has intensified over the past years,” Eugenio Singer, Managing Principal designated to assist, assess and monitor all says Paula Andreia Dagostino Vilela, Ram- the socio-environmental and socio-econom- boll’s water market leader in Brazil. the water cycle from water resources and ical programs proposed by the framework “For instance, the sectors that contribute supply, processing and treatment, to sew- agreement between the companies and the most to the economy are also those highly age and discharge. Working with municipal- government. On the infrastructure and wa- dependent on water, and 62% of Brazil’s ities, utilities and industrial clients we draw ter side, our scope is to review the restora- power is generated through hydroelectric on multidisciplinary expertise to create in- tion of water facilities performed to date, as plants. Water is also a key commodity for novative, sustainable and liveable solutions well as to analyse the water management agriculture and, according to the National for our customers and society,” says Paula. plan for the Rio Doce Basin and its munici- Water Agency, irrigation consumes 72% of palities. the country’s water supply.” Local delivery capabilities Ramboll

Innovative, sustainable In Brazil, Ramboll has assisted clients with www.ramboll.com and liveable solutions industrial water and wastewater projects since the early 2000s. Ramboll has delivered several industrial water consulting A leading engineering, design and consul- and design projects for the steel industry tancy company with more than 300 offices in Brazil ranging from engineering-procure- in 35 countries, Ramboll has solid experience in handling a wide range of water issues for both public and private clients global wide. “Our global water team addresses water Paula Andreia Dagostino and climate challenges by working across Vilela, Ramboll’s water market leader in Brazil Brazilian Excellence 201 7 awar d s

This is to Certify:

Has been awarded: Best Environmental Consultancy 2017 & Environment Liability Assessments Expert of the Year 2017 The art and the science of investing For anyone visiting the headquarters of At Saxo Bank, displaying art in our offices Innovation and education Saxo Bank, the Danish investment bank plays an important role in bringing inspira- that celebrated its 25th anniversary this tion to our talented workforce, by fostering Saxo Bank Group has had a strong presence year, for a moment one could be mistaken creative thinking which, in turn, helps to in Brazil since 2013, serving the entire Latin for thinking that they are at a vernissage. promote innovation across borders and cul- America region. We serve institutional in- Our offices play host to one of the larg- tures, departments and functions. Art is a vestors, banks, brokers, investment funds est collections of art in Denmark; we have crucial part of the Bank’s environment; such and family offices. more than 200 pieces in our archive, rang- daily stimulation is vital for encouraging In recent years Latin America, like in many ing from photographs and paintings to our employees to challenge the status quo other regions, has seen banks reevaluating sculptures and installations. in global financial markets, for which Saxo their business models including their pro- Bank has developed a strong reputation. duction processes, supply chains and skill sets, in response to greater economic and competitive pressures. As part of this process, banks are opening up to collaboration with third-party providers in the provision of products, services and processes which has resulted in improved client experiences at reduced cost and system complexity.

Saxo Bank headquarter in Copenhagen We provide our partners with access to the market through state-of-art technology. In fact, we were a fintech company long before the term was coined. This access is enabled through our OpenAPI (applica- tion programming interface) which allows our partners to connect their users to the global capital markets while picking and choosing the tools and services they need to integrate to their existing offering. In less than 12 months since its launch, Saxo Bank Group had signed up more than 20 different institutions across several different sectors and reaching a community of nearly 20 million users, facilitating their on-boarding, trading and investment and middle and back office needs. We believe that we are entering a new era of open banking where higher customer expectations can be fulfilled by banks providing a wider and more customisable array of capabilities and services accessed via APIs. This will give mid-tier banks in particular the opportunity not only to survive, but to thrive. Grasping this opportunity requires a radical change in banking models and mindsets. But at Saxo Bank, we believe that the combination of profound socio-economic shifts and economic pressures should encourage banks to take a leap of faith. In short, recent innovations in digital technology have changed customer expectations forever. People have grown used to the responsive- ness, convenience and customisation they Pedro Eduardo de Bortoli, Head of Latin America have experienced via apps downloaded from their smartphones to run key as- frequently, particularly those with special- ments, and opening up new investment pects of their daily lives, with the likes of ist offerings, rather than bolting-on a new opportunities for traders and investors. Uber and Airbnb. As is already evident in division, firms can focus on areas which The launch of our bond trading platform is many consumer-focused industries, we’re they already have deep expertise. one example of a market which was previ- making a transition from a service-based Although collaboration is not a simple an- ously almost inaccessible to retail inves- economy - in which firms including banks swer to the challenge of driving long-term tors, where we have made a big difference grow relationships and revenues by adding revenues in an unfavourable climate, it is through innovation. more services over time - to one in which a sustainable and cost-effective one. It re- Looking ahead to 2018, we expect to see the user experience is paramount. quires many changes, including the devel- further innovation in the provision of finan- In changing their operating models, banks opment of new skills. Not only will banks’ cial services in order to enhance the cus- should look to collaborate with firms that senior executives need to be open to work- tomer’s trading and investment experience. have already reexamined their precise role ing more closely with an evolving range of At the same time, we anticipate that train the supply chain. In the past, a financial partners, they will also need to spend time ditional service providers will increasingly services firm that developed a particular identifying skills gaps throughout the organ- recognise the importance of collaboration investment product might have decided to isation and deciding how best to fill them. by leveraging the innovative solutions of bring in-house the expertise and resources third party providers to better service their needed to create the appropriate ‘wrap- Operations in Latin America own clients. pers’ to enable that product to be offered on a tax-efficient basis in multiple jurisdic- In Latin America we plan to continue de- Pedro Eduardo de Bortoli tions. But nowadays it is easier and cheap- veloping our platform to improve the trad- Head of Latin America at Saxo Bank Brazil er to partner with a firm that has already ing and investing experience. This involves absorbed the cost of providing this capabil- continuously upgrading our offering to ity. By leveraging the assets of others more include more asset classes and instru- www.home.saxo H.R.H. Prince Joachim Copenhagen Godwill Ambassadors meeting at Carlsberg Foundation

Copenhagen Goodwill Ambassadors meeting August 27th – 30th The Copenhagen Goodwill Ambassadors meeting took place at the Copenhagen City Hall and the Carlsberg Foundation during two very hectic days where many issues were discussed, in particular the programs for Wonderful Copenhagen and Copenha- gen Capacity, about how we can all work efficiently and productively together, at the same time we had a speciel a seminar on startups and how to attract talent to Denmark and major sports events to Co- penhagen in coming years. It was a very productive meeting. The theme was ’The Copenhagen Elevator Pitch’ which in reality was to look outside in and inside out and to clarify the priorities. At the same time, all the goodwill ambassadors over 60 got a clear picture of the focus and priorities of the two organizations. A dinner was held at the Copenhagen city hall with Lord Mayor Frank Jensen as host, and a dinner took place at the Carlsberg Foundation with HRH Prince Joachim, Prime Minister Lars Løkke Rasmussen and the Chairman of the Carlsberg Foundation Prof. Flemming Besenbacher. The Goodwill Ambassadors meeting was a great success. JOL Goodwill Ambassador winner 2017 Peter Adam Frederik Trampe and Lord Mayor Frank Jensen Chairman of the Goodwill Ambassadors Jens Kramer Mikkelsen

Goodwill Ambassadors Jens Olesen, Waldemar Schmidt and Søren Ejsenhardt

Having fun

Copenhagen Goodwill Ambassadors at Carlsberg Foundation Prime Minister Lars Løkke Rasmussen

Lord Mayor Frank Jensen, Jens Olesen and Jens Kramer Mikkelsen

Minister of Industry and Commerce Brian Mikkelsen at “Start Up” Conference Feira Escandinava 2017 is a great success! Feria Escandinava 2017 became a big success with a record sale of BRL 2.988.120,43 which is 8.7% more than in 2016, and with a record public attendance of more than 12.000 people. Every single product was sold, and everybody is very happy with this fantastic result under the current economic crisis. Clube Pinheiros was a great partner and more than 800 volunteers helped us make the Feira a great success – thank you so much. A special thanks goes to Susanne, Alexandre, Ana and Andrea, they have done an outstanding job. There is no doubt that the Feira Escandinava at its current format is a great success accepted by the Brazilian public and the Scandinavian communities. We would like to thank the ambassadors and the consuls for the great help, support and cooperation. A great thank you to all. JOL Grand opening of Feira Escandinava 2017 Feira Escandinava 2017 openning with Finnish Ambassador Markku Virri LEGO sculpture at Feira Escandinava

Peter Johansson, Vice Consul Sweden, Consul General Finland Jarne, Dr. Renato Pacheco, Consul General Sweden Finnish Ambassador Markku Virri, Consul General Denmark and Clube Pinheiros President Roberto Capellano Eva Bisgard Petersen, Jens Olesen and Mrs. Markku Virri

LEGO Toy stand Finnish stand - 100 years independence Johan Dalgas Frisch honored by H.M. The Queen with the Order of Dannebrog

Johan Dalgas Frisch, a descendant of Dan- French Guiana established is just one of ish immigrants, was honored by HM The Dalgas Frisch’s many accomplishments. Queen of Denmark with the decoration of Dalgas has also worked tirelessly for pro- the Order of Dannebrog for his outstand- tecting birds in Brazil and is responsible ing work as a protector of nature, climate, for the sabiá-laranjeira (the rufous-bellied and birds. Mr. Dalgas Frisch is 87 years thrush) being named the National Bird of old and a world-famous ornithologist and Brazil. Ambassador Kim Højlund Chris- engineer. His impressive effort towards tensen was present at the ceremony which having the largest national park in the honored Johan Dalgas Frisch becoming a world which covers Brazil, Suriname, and “Knight of the Order of Dannebrog”. JOL

Ambassador Kim Højlund Christensen and Johan Dalgas Frisch Waldomiro Modeno, CEO ISS, Jens Olesen and Ambassador Kim Højlund Christensen Business Council was a great experience The Danish Business Council took place on Gaia, Silva, Gaede Advogados gave a very September 19th with more than 50 par- eloquent presentation about the new law ticipants, Danish CEOs and CFOs. The Busi- ‘Lei Trabalhista’, which is still not clearly ness Council was sponsored by ISS Facil- understood by many companies. Dra. Ga- ity Service whose CEO Waldomiro Modena briella Nudeliman Valdambrini seemed to gave an introduction about ISS and theirs be very well prepared on the labor issue. services. Thereafter, Fernando Machado Afterwards, we had a general discussion Goncalves from Itaú Unibanco gave an eco- about the Danish companies and their situ- nomical presentation from Itaú Unibanco, ation. Most companies have seen modest offering many direct points about the po- improvement and there is some optimism tential recovery of the Brazilian Economy. about the future, but still too much uncer- We are cautiously optimistic. Later, Dra. tainty politically and economically. Brazil is Gabriella Nudeliman Valdambrini from a challenge! JOL

Economist Fernando Machado Goncalves

Waldomiro Modeno, CEO ISS, Jens Olesen, Rachel Maia, CEO Pandora Dra. Gabriella Nudeliman Valdambrini and Ambassador Kim Højlund Christensen I N S T I T U T O

Princesa Benedikte

Princess Benedikte Institute in Curitiba Princess Benedikte Institute in Curitiba nearly completed

The Princess Benedikte Institute organizing committee headed up by Dr. Wilson Ballão and Jens Olesen, together with Pedro Luiz Fernandes from Novo- zymes, Dra. Marcella Souza Carvalho, Mônica Tindó, Hamilton Franc and Mathews Gugelmin are all working very hard to complete the Princess Benedikte Institute. Hopefully, the institute will be done in the first half of 2018. We are still looking for sponsors, and we are currently negotiating with several Danish and Brazilian Companies. The good news is that the State of Parana has granted the institute ‘Título de Utilidade Pública’. JOL Princess Benedikte Institute operacional team in Curitiba

P.W. Lund Sculpture at the National Geographic Museum in Copenhagen

It should be noted that a P.W. Lund Sculpture was donated to the National Geographic Mu- seum in Copenhagen. The sculpture has been carved from a Pequi three from P.W. Lund’s garden in Lagoa Santa. The artist is the famous Brazilian Celso Vieira from Lagoa Santa. The P.W. Lund sculpture has been located in the exhibition by museum director Peter C. Kjærgaard. All the P.W. Lund fans are very happy that we now have the original sculpture from Lagoa Santa.

Director Peter C. Kjærgaard JOL and the P.W. Lund Sculputure Danish Investment Seminar 2017 A unique experience

The Danish Investment Seminar Here is the Program for the Danish Investment Seminar 2017 that took place on October 24th 8:30-8:45 - Morning Coffee 11:00-11:15 - Coffee Break was a great success with a full 8:45-9:00 - Danish Investment Seminar 11:15-11:45 – How to navigate house and over 60 people present. Introduction – Jens Olesen, Brazil’s complicated It should also be noted that all Chamber President tax code – Alexandre speakers were not only well pre- 9:00-9:30 - The Brazilian Economy 2017 and Presswell Sandoval, pared, but stayed within their al- predictions for 2018 – Everton Region LATAM Tax Gomes Ferreira de Abreu dos manager - Novo lotted time and delivered very im- Santos, Senior Economist, Banco Nordisk portant messages to the audience. Santander. 12:15-12:45 - Opportunities in Brazil All the participants expressed 9:30-10:00 - The Rules of Investment – Henry – David Stroo, General their total satisfaction with the Sztutman, Partner, Pinheiro Neto Manager, Chr. Hansen. Danish Investment Seminar and Advogados 11:45-12:15 - Ramboll and their many declared it was the best 10:00-10:30 - Brasil Terminal Portuario - An investments – Ralf ever, which was finalized with a investment in Santos by the Maersk Lattouf, Principal Scandinavian Lunch with nearly 50 Group – Fernando Monti - Head of and Energy Director, people. The Investment Seminar Finance & Treasury, APM Terminals. Ramboll 10:30-11:00 - How to manage a small business 13:00-14:00 - Lunch and Networking was sponsored by Pandora. in a competitive environment – – Traditional JOL Mads Giltrup, Managing Director, Scandinavian lunch Agramkow.

Ralf Lattouf, Principal and Alexandre Presswell Sandoval, David Stroo, General Fernando Monti Energy Director, Ramboll Region LATAM Tax manager - Manager, Chr. Hansen Head of Finance & Treasury, Novo Nordisk APM Terminals

Mads Giltrup, Managing Henry Sztutman, Partner, Bo Frandsen, Finance Everton Gomes, Senior Director, Agramkow Pinheiro Neto Advogados Director, Novo Nordisk Economist, Banco Santander The Sibelius piano concert was attended by a full house from the Finnish colony and the Scandi- navian community headed up by Finnish Consul General Jan Jarne and his wife Renata and the Finn- ish Ambassador Markku Virri. It was a great Sibelius concert, which was most appreciated by all the attendees, followed by a cocktail hosted by the Finnish Ambassador Markku Virri. It was a great concert by Maria Jose Dias Carrasqueira de Moraes. Congratulations! JOL Finland celebrates 100 years of independence with a Sibelius Concert

Pianista Maria Jose Dias Carrasqueira de Moraes Jens Olesen and Finnish Ambassador Markku Virri

Finnish community in São Paulo Finnish guests enjoying the Sibelius Concert Dame Antonia - A.S. Byatt

The Hans Christian Andersen Literature Award 2018 won by A.S. Byatt

Dame Antonia - A.S. Byatt was announced of HRH Princess Mary, The Minister of Cul- literary magic in her use of different genres, as being the recipient of the Hans Christian ture, the Mayor of Odense and other au- and is therefore an obvious and worthy Andersen Literature Award 2018. The Hans thorities. Professor Anne-Marie Mai made recipient of the Hans Christian Andersen Christian Andersen Award ceremony will an announcement in connection with the Literature Award. Her principal work, the take place on Odense City Hall on Sunday announcement: novel Possession (1990) even features a the 28th of October 2018 in the presence “Byatt masters the art of creating unique fairytale writer named Hans Andersen, who serves as a great inspiration for one of the main characters. Byatt often leads us back to Andersen’s own time and challenges its traditional characteristics, thereby enabling us to gain a new understanding of H. C. Andersen and to explore further aspects of both that time period and Ander- sen’s work.“ We look forward to see you all in Odense on the 28th of October. JOL

Jens Olesen, Chairman of the H. C. Andersen Award commitee in front of Hans Christian Andersen House, in Odense Denmark is the second most innovative country in the EU

Denmark has an Investors, look to Copenhagen

innovation-friendly “The European Innovation Scoreboard confirms that environment Greater Copenhagen is an outstanding innovation hub. 21 JUNE 2017 We have a highly educated work force, Danish SMEs are very innovative and successfully bring ideas to market, Denmark takes the second place among BUSINESS CONDITIONS and the public-private collaboration in research and the EU countries, performing above the development is almost second to none. International EU average in close to all dimensions. Denmark is the second-best per- investors have great opportunities for finding their Most notably in: forming innovation leader in the EU next money spinner here, and we are ready to help” , according to the 2017 European In- Claus Lønborg, CEO Copenhagen Capacity, says. novation Scoreboard. Attractive research systems. Read more about Greater Copenhagen’s tech startup The European Innovation Score- • R&D spending enterprises scene. board provides a comparative anal- (per 10m population). ysis of innovation performance in • R&D expenditure in public sector. ChrisEU tMemberm States,a others European D •i Innovativenn SMEse collaboratingr a witht How can we help you company? countries, and regional neighbours. others. New indicators in the 2017 edition • PCT patent and trademark If you want to know more about investing or starting capture investments in skills, digi- applications. up business in Greater Copenhagen, please contact Di- tal readiness, entrepreneurship, • New doctorate graduates. rector for Investment Promotion Marianna, Lubanski, Restaandu public-privatera innovationnt part “- Svanen” via email: [email protected] or mobile phone +45 30 nerships. 46 36 40. Our services are free of charge. Christmas Dinner at The ScandCinahviarni sCltumb wouasld liDkei tno ninvieter all a Stca ndinavians, friends aRndCe Fahsmtrilaiys uttom rChaarnissttm D a“si SDninvnnaern rin e athnte ”Scandinavian RestaRuraenst “tSavaunenra” onn tSun “dSayv, Daenceembner” 24th from RThee Scasndtinaavuian1 rC9lua:b0 woun0htl dt oli“k e2S t4ov :in00viatehn all. eScanndin”avians, Tfhriee nScads nadnidn aFvaiamnil yC ltuob Ch wouristldm liakse D tino ninevir tine tallhe S Sccaannddininaviavaianns , The Scandinavian Club would like to invite all Scandinavians, frieRnedsts aunrda nFat m“Silvya tnoen Ch” ronist mSunasd Dayin, nDeerc ienm thbee rS c2a4nthd i fromnavian The traditiofrnTiehaned lSca sS ancndadin ndFaavmiainiln yC altuobv Chwouiarnisldt m Chlikaes trDoisin inntviemtre iallan s tSh ceda nSidcnniannavideianrnavs ,w ianill be served Restaurant “Svanen19”:0 on0h Sunto 2d4ay:00, Dhe. cember 24th from frRieenstdas uarnadn Fta “mSilvya ntoen Ch”r onistm Sunas Ddinayn,e Dr ienc tehme bScearn 2d4inthav fromian with deliciousRest cauoraldnt “aSvnanden1 9wa”: 0on0h rSun mtod 2 ayd4:,00 iDsehc.e emsb efr r2o4thm from salmon, to hot The traditional Scandi1n9a:v0ia0hn tCho 2ris4t:00mahs. dinner will be served 19:00h to 24:00h. ducTkhwe ai thrnda ddeiti li“ocinflæsousal S coakldnde ainsnatdve waiagnr ”,Chm rdcisihsthmeeases f srdoeinnms es alar wmniodlln b ,d et ose ehssrovte ed rts. The traditional Scandinavian Christmas dinner will be served wThiteh t rdadedulitiicckoious naandl Sc c“oaflæsldnd ainnkaedvs iawatne gChr”,mr c isdhtimesheaesses d sfi rnnaonmedr dswaleillssm beoer nst,es .rt voe hdo t with delicious cold and warm dishes from salmon, to hot You are all mowistthd d uweclikce iaouslndc om c“oflæsld aenkd et swaote rgcm”,o dcimhsheeeess fe raso mnan dsdal dmjeoossni,ne tro tu sh.o st on this special You are dadulluc mckk ao andstnd w ““flæseflæslcomkeesest teteogg”, c”, oc hcmheee seaesnse das n jaodni dnde ussdsee ossrtnse .tr htsis. special You are all most weChlcomristem taos c coemlebe raatindo jno.i n us on this special YoYuo ua raer ea lal llm moChostst wwreisellctommee a ttoso c cocomemel eaeb nadn djro atiijno iunso uosn ot.hn i st hspise csialpe cial Christmas c elebration. Chrisisttmmaass c ceeleblebratirationo. n. The cost per pers on is R$ 130,00

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Rua MMerMeroryraisy C Chh ristdristem Basa –rr– come comeos , and10 and 0join 9join -us C usata mtheat ptheo Belo Merry Christmas – come and join us at the MerSrScyca aCnnhddristinavinavmianas R–Re ecomesstaurataura nandtn “tSv “joinSvanae nnuse”.n at”. the SSãcanod inavPauianlo R-e SstPaura, 04nt6 “14Sva-n00en1”. Scandinavian Restaurant “Svanen”.

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Princesa

Benedikte Princess Benedikte Institute operational committee The Princess Benedikte Institute & Rotary International make a project

Wilson Andersen Balão, President, Jens Olesen and Laerzio Chiesorin Junior, President Rotary Curitiba

Princess Benedikte Institute children with Wilson, Jens, Monica and Marcella 60 years

Rua José Dolles, 264 - Jardim Clarice I, Votorantim - SP • tel.: (15) 3416-7400 Francisco Davos, CEO FLSmidth Brazil FLSmidth celebrates 60 Years in Brazil

FLSmidth celebrated 60 Years on Thursday the 23rd of November with 50 people from the Danish-Brazilian Chamber of Commerce. Also present was the ambassador Kim Højlund Christensen and Consul General Eva Bisgaard Petersen. Mr. Francisco Davos welcomed all the guests and presented the FLSmidth history and its long-standing success story that all started in Rio de Janeiro. Currently the FLSmidth headquarters is in Votorantim where they have their office and ware- house and 160 employees. FLSmidth delivers supplies to the mineral industries, constructs cement factories and maintains their 50 cement factories in Brazil. On the same occasion, an economist from Santander gave a brief economic overview of the situation. It is too early to predict the economical situation in 2018, but it looks cautiously optimistic. I think all the guest enjoyed the evening and wish FLSmidth continued success in Brazil. JOL Christian Maxe Petersen, General Manager LEGO

Finn Egholm and Vagn Andersen

Francisco Davos and Ambassador Kim Højlund Christensen FLSmidth directors in Brazil

Jens Olesen and Consul General Eva Bisgaard Pedersen

Antonio Dominguez, Maersk Line and Thomas Bülow, APM Terminals Chamber Christmas Lunch was a huge success For the first time, we were nearly 80 people, a full house and presents to all our guests. There was a good atmosphere and the food was delicious and the atmosphere enthusi- astic. Everybody celebrated that the year was over, and hopefully 2018 will be much better. We wish our members friends and guests a very Merry Christmas and a Happy New Year. JOL

Scandinavian Christmas Party in “Scandinavium” More than 80 Scandinavians got together for the traditional Christmas Lunch. The Christmas party was celebrated with music from Ráina Magdalon, who sang Christ- mas carols, while everybody enjoyed the traditional Scandinavian Christmas food. It was delicious. JOL

Christmas in Tivoli renews itself Tivoli Gardens embark on the classic countdown to Wheel Ville

Christmas for the 24th time and present a new railroad The new railroad theme is inspired by the period around 1900, when traveling by train in Europe and Denmark was still a fairly new theme. Guests can now visit Wheel Ville which is replacing concept. Hans Christian Andersen was among the train’s first and biggest fans. He compared Alpine city on the lawn. This year’s other big surprise is the traveling by train to flying, and stated that it had given him a deeper understanding of mi- Broadway hit “Elf - The Musical,” which will be the largest gratory birds.

and most expensive Christmas show ever put on at Tivoli Denmark’s first railroad was at Tivoli Gardens. The newly opened Tivoli Food Hall in Tivoli Corner The very first Danish railroad, which opened in 1847, ran from Copenhagen to Roskilde. The also contributes to the renewal of Christmas in Tivoli, which railroad station was located opposite Tivoli Gardens, and it was just as great an attraction can be experienced this year from November 18th up to and for visitors in Tivoli to look at the train as it was for travelers to look at Tivoli Gardens. One of the locomotives on the railroad was called including New Year’s Eve. Odin, and therefore Tivoli named its new rollercoaster the Odin Express in 1985.

Chinese Tower Train wagons as entertainment

Tivoli Gardens opened in 1843. Already then, visitors to the park could ride trains, as these were the theme of Tivoli’s first carousel. It must have felt very futuristic for Tivoli Garden guests to sit in carousel train wagons four years before the actual train came to Denmark. A former rollercoaster in Tivoli was called the Electric Railway; its carriages were designed as small wagons.

Journey to Christmas peace

Christmas is the festival of hearts - and traveling. We travel to be with those we care about, and very often we travel by train. Therefore, it was a natural choice for the Danish State Railways (DSB) to spon- sor the Great Christmas Journey. There is Tivoli Garden Parade a special atmosphere within the compart- ments of a Christmas train; all the passen- wanted to capture the atmosphere, expec- lawn are the ‘trains’ with locomotives and gers are headed to their destination with tations, and general sense of community carriages inspired by the steam train era. a single goal and deadline on their mind: most people experience when traveling on Each carriage is a traditional Tivoli stall: they want to arrive in a timely manner, so Christmas; these components have all been one sells goodies, another gifts, a third as to let Christmas peace descend upon distilled into our new railroad theme. All food, etc. DSB has a booth selling railroad them and their near and dear ones on De- senses are stimulated and in for a treat; we paraphernalia, e.g. beautiful, old train cember 24th. combine innovation with traditional Danish posters. In between the trains are small Christmas”. rides and an overall cozy Christmas atmo- Tivoli’s design director, sphere. Jacob Helenius, says: Wheel Ville Station Tivoli Food Hall - gourmet “This year we have set ourselves the ob- Tivoli’s new railroad theme on the lawn fast food under a roof jective of reinventing the theme of the consists of a cozy old station building, where you can hide from the cold and get set-up on the Tivoli Garden lawn. A large Tivoli Food Hall is part of the Tivoli Corner a little something to eat or drink. The wait- part of the national Christmas experience and will feature almost 20 eateries. It is set ing room is fitted with railcar interiors from is of course that we travel the length and to open on November 17th, and it will thus different eras in railroad history. Along the breadth of Denmark to be together. We give guests even more food options during their visit to Christmas in Tivoli. Tivoli Cor- ner includes new rooms for Hotel Nimb and several restaurants, in addition to the food hall with 16 stalls offering cooked dishes. You can eat on site or take the food away, and there is plenty to choose from - from fish tapas to burgers, sweet, salty, green - all made of the best quality.

Tivoli CEO Lars Liebst says:

“The new Tivoli Food Hall has entrances and exits from both street level and Tivoli Gardens. Within the Hall, a large terrace overlooks the Pantomime Theater. We offer guests a whole new dining experience, and I have no doubt that Tivoli Food Hall will be a great crowd-pleaser during Christmas at Tivoli”.

Tivoli Main entrance Christmas in Tivoli ELF - The Musical in love with the beautiful Jovine, played by Christiane Schaumburg-Müller. From there The third-highest grossing Christmas film it goes over hill and dale, while Buddy tries ever, Elf was turned into a musical six years hard to get the stressed city dwellers to re- ago and became a smash hit on Broadway discover the Christmas spirit and embrace and West End. Incredibly, Tivoli has been al- their inner elf. lowed to rewrite the story, so that it takes The music will be performed by Tivoli Musi- place in Copenhagen. The show will premiere cal Big Band, led by conductor Peter Jensen. on November 23rd in the Tivoli Concert Hall. Our beloved Christmas Stars in Christmas in Tivoli garments Every day up to a million points of light Tivoli Nimb Pelle Emil Hebsgaard plays Buddy, a boy are lit up in Tivoli Gardens; this is inter- who is being trained as an elf by Santa nationally known as the Tivoli lights. From th With the opening of Tivoli Food Hall, Tivoli Claus, played by Tommy Kenter. Eventually, November 18 to Christmas, it is of course Gardens consolidate their position as Co- Buddy realizes that he is probably more possible to visit Santa. penhagen’s main eatery hub. Tivoli Food human than elf and starts searching for In the many stalls throughout the park, Hall is open seven days a week year-round his father. Buddy must go through a lot of goodies, gifts, and decorations abound. and can be accessed from both the public hardship before everything turns out right All rides and restaurants are open. Tivoli street and Tivoli itself. Tivoli Corner, which in the end. The father, Niels Ellegaard, is is open until 4 pm on December 24. A Fire- also has shops, cafes, and Nimb hotel not overjoyed by suddenly getting a son. works Festival with a special theme will be rooms officially opens its doors on Novem- Along the way, Buddy finds himself part of held between Christmas and New Year. On ber 17th. a Christmas show and falls head over heels New Year’s Eve, Tivoli is open all day. A special firework display will take place before the rest of Copenhagen sets off their rock- ets at midnight. It is recommended that you book a table if you would like to spend New Year’s Eve in Tivoli Gardens. Tivoli

Tivoli Christmas stands A Dinamarca Real Escaneie aqui… E experiencie mais da Dinamarca

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BEM-VINDO à Dinamarca – nosso pequeno e moderno país, rico em sua tradiÇão, história, heranÇa e cultura. Brazilians learn Scandinavian leadership through the Copenhagen MBA Programme

As one of just a handful of business schools Spread over three intensive trimesters and to be accredited by AMBA, EQUIS and AAC- completed within a year, The Copenhagen SB, the Full-Time MBA (The Copenhagen MBA curriculum is taught by world-class MBA) from Copenhagen Business School lecturers and business experts who pro- (CBS) is a globally-respected qualification. mote an informal learning atmosphere Designed to offer a challenging combina- in a small class size setting. Responsible tion of theory and practice, students de- Management is the foundation of the pro- velop a strategic understanding of the gramme and students get deep insights theories, concepts and methods that drive into an ethical, environmental and sustain- managerial decision making today. able leadership. The programme finishes The Copenhagen MBA programme is de- with a Strategy Project, where small teams signed to encourage peer-to-peer collabo- consult for a company on a real strategic ration within a highly diverse community issue, collecting data and conducting anal- of talented, engaged and experienced in- ysis in order to arrive at strategic recom- ternational students. Creative thinking, mendations. self-reflection and innovation are central Every year, the MBA programme attracts aspects of the experience. Effective lead- Brazilian and Latin American students, who ership demands self-awareness and em- come to Denmark to learn and integrate pathy and the Leadership programme in Scandinavian leadership to their skillset the Copenhagen MBA helps to develop an and to explore opportunities for personal in-depth understanding, learn true lead- and professional growth. Many Brazilians ership style, appreciate the differences in rely on scholarship to support their MBA others and enhance the ability to create education overseas. and lead diverse teams.

Waldemar Schmidt The Waldemar Schmidt Scholarship CBS MBA Facts

The Waldemar Schmidt Scholarship origi- The Copenhagen MBA is a one-year programme with a small class nates in a desire to encourage Brazilians to study in Denmark and learn about Scan- size of 40-45 students. The programme starts every September dinavian leadership. The financial support with a highly diverse class of 95% international students offered with the scholarship enables Bra- zilians to pay part of the tuition fees for Copenhagen The Copenhagen MBA. The scholarship is #1 Denmark: Ease of Doing Business (World Bank 2017) founded by Waldemar Schmidt, a former #1 Denmark: Best European country for Business (Eucham 2017) CEO of the Danish Facility Service Group #6 Denmark: Best Country for Business (Forbes 2017) ISS who has a strong affiliation with CBS # Copenhagen world’s Top 10 best city (Monocle Magazine 2015,2016,2017) through his adjunct professorship and who is also a long-time ambassador of The Co- penhagen MBA programme. Global Ranking for The Copenhagen MBA: Waldemar Schmidt has spent a considerable #27 in América Economía – Best Global Schools for Latin Americans 2017 part of his career overseas and in Brazil in #27 in Bloomberg Business Week – Best International Business School 2016 particular and strongly believes in coupling #34 in Financial Times - European Business School 2016 Scandinavian leadership values with an #95 in Economist – Which MBA? 2016 international mindset to create impact as #4 in the world in Corporate Knights’ Better World MBA Ranking 2016 & 2017 a business leader. The Waldemar Schmidt Scholarship supports young professionals in Economist 2016 – Global Stats their international leadership development. #16 Geographical Diversity #18 Student Diversity Copenhagen is recognized as one of the best places to live, and CBS is a renowned #80% of MBAs changed into a new desired role world-class school. The Copenhagen MBA #75% of CBS MBAs are employed within 3 months of graduating program has a good balance between soft 1 in 2 stays and works in Denmark skills and hard skills, following the Scan- dinavian business leadership principles. “I was looking for 1 year MBA focusing on Leadership, Strategy, Consulting and Whether you want to become an expat or Sustainability. Having all these characteristics in the curriculum, Copenhagen MBA return to Brazil after the MBA, it is an in- attracted me as it is renowned in northern Europe.” vestment with positive social, financial and career returns. Programme tuition fees: DKK 330.000

Gabriel Bachmann (Brazil), MBA 2015 Sr Global Shopper Marketing Manager, Phillips Lighting www.cbs.dk/ftmba SUCCESSION PLANNING WHO, WHEN, WHY & HOW

Board members need to have a meaningful slate of successors from which to choose a candidate. Many companies, despite their reputation for a promotion-from-within policy, have on their slates the names of two or three outside candidates, in addition to their inside people.

Reasons for Reluctance

“Management Why is the act of identifying a likely succession is a process, successor (or successors) to the CEO so frequently put off? There are several not an act. If you wait reasons: until it becomes an act, • Some Directors find it difficult to discuss the train is out of the who would be a likely successor because of their friendship with the current chief station.” executive. • The chief executive may feel threatened Jack Welch by talk of succession planning by the Ex-CEO & Chairman, General Electric Board, no matter how open and frank the Board is in explaining its reasons or how obviously sensible the procedure is. He may view such a discussion as a criti- cism of his performance or an expres- The Director of a diversified consumer “We were stunned”, he recalled, “especial- sion of dissatisfaction with him (in some products company recently summed up ly when we realized we hadn’t planned for instances, that worry may be justified). the importance of succession planning by such an eventuality”. As it turned out, the However, a CEO’s reluctance to prepare likening it to an insurance policy for the process of identifying likely successors from for an inevitable event should not be al- company’s stockholders. “If Bill”, he said, within as well as outside the organization lowed to deter the Board from carrying referring to the President, “were hit by a left the corporation floundering for months. out this important responsibility. bus, we’d be in big trouble”. Clearly, a company’s Board has an obliga- • Some Boards fear that identifying a For a company without a succession plan, tion to plan and select a CEO successor. Yet “crown prince” for the CEO’s job may de- the sudden loss of its President is traumat- many Boards are reluctant to talk openly motivate key managers within the com- ic. A Board member of a leisure products about succession planning. Typically, the pany who see themselves as likely can- company told us how his fellow Directors subject comes up in the Boardroom only didates. These Boards believe they are reacted when the President told them he when Directors are so dissatisfied with a acting in the best interest of the organi- was resigning to take on the presidency of chief executive that they decide he must be zation by inaction, but that frequently is another company. replaced. not the case. Planning for Transition

Consider, for instance, the situation at a major bank. The chief executive is nearing retirement age and needs help in running the company. The Board is painfully aware of that fact. Yet the Board also knows that even if the executive himself were to pick his replacement now – someone to groom for the future – it would be hard for him to work with that individual, let alone give over the organization’s reins to him. At this point, the Board has no other alter- native but to insist that a successor be designated, tell the chief executive to prepare Two Approaches Generally, the executive is given up to five him for the job, and watch the feathers fly. years to do this. He is frequently someone Adjusting to the situation will be hard on For those companies that don’t have a suc- nearing retirement age and satisfied to the chief executive, but it would be even o cessor inside, who is ready to ascend to the take a n 2 position because of the respon- harder on the organization and its P&L if no top job, here are two approaches to suc- sibility that such a position offers. Most action were taken. cession planning that are growing in use: important, he is someone whose judgment The point is that earlier action on the part The first approach is being used by busi- the Directors respect, for he will have to of the Board, while not totally eliminating nesses with firm promotion- from-within convince them, before the end of his term the problem, could have eased the situa- policies that find a generation gap actu- in office, that a likely candidate exists to tion. A reasonable transition period would ally exists between their retiring CEO and take-on the job. have enabled the successor to help with those few legitimate successors on the The second approach involves the use of a day-to-day operational problems, enabling next management level. These firms are Board Committee to deal with the subject the chief executive to devote most of his increasingly bringing in as Vice-President of succession, and more and more Boards time to long-range planning. or Vice-Chairman/Chief Operating Offi- today are doing just that. In some instanc- And by gradually giving up the corporate cer a senior, proven professional to help es, these committees meet formally at least reins, he could more readily adjust to the bring along potential successors from the once a year to review the status of succes- thought of retirement. ranks. sion options. Andras Dobroy, Managing Director and Co-Founder

In the meantime, these Boards watch the Andras Dobroy is a Managing Director Finding the Right career progression of those individuals and Co-Founder of Dobroy & Bayeux Succession Candidates within the organization who are likely pros- International, an Executive Search, pects. And whenever possible, opportuni- Succession Planning, Board Services and Of course, Board members need to have a ties are provided these potential CEOs to Related Organization Development meaningful slate of successors from which broaden their experience and skills. consulting firm, based in Sao Paulo, Brazil. to choose a candidate. Many companies, Email: [email protected] despite their reputation for following a Final Recommendation promotion-from-within policy, have on their slates the names of two or three out- Most important to the succession planning side candidates, in addition to the names process, however, will be the CEO’s atti- of key people within the organization. tude. If he makes it clear to the company’s www.dobroy-bayeux.com If an emergency occurs and the position Directors that he recognizes the need for of President must be filled quickly, these succession planning and does not feel companies’ Boards know of several “out- threatened by it, then frank and construc- side” individuals who might be likely suc- tive discussion can begin. cessors. Andras Dobroy

The CEO’s Role in Succession Planning

The question of succession cannot be left entirely in the hands of the CEO. Succession planning is a Board responsibility. At the same time, there is much that the CEO can do to facilitate the process:

• He can provide opportunities for the Board to meet with key members of his management team so that the Directors can become knowledgeable about likely candidates within the organization. • He can provide the Board with a profile of the kind of person who would make a suitable successor, so the Directors can evaluate likely candidates within the organization. • He can bring to the Board’s aention the names of individuals from outside the organization who might be presidential prospects. • He can use a “calibration” process to measure candidates for internal advancement against top performing counterparts outside the organization. • He can recruit some promising executives into the company to begin the grooming process. Dobroy & Bayeux 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 & Bayeux 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 Marco Bayeux, and let’s talk.

Dobroy & Bayeux 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-bayeux.com [email protected] Caroline Wozniacki wins Japan Open and WTA Finals in Singapore

TOP TEN WTA 2017 Women’s Tennis Rankings Rank Current Player Country 1 Simona Halep 6,175 2 Garbiñe Muguruza 6,135 3 Caroline Wozniacki 6,015 4 Karolína Plíšková 5,730 5 Venus Williams 5,597 6 Elina Svitolina 5,500 7 Jelena Ostapenko 5,010 8 Caroline Garcia 4,420 9 Johanna Konta 3,610 10 Coco Vandeweghe 3258 Source: WTA - 25th Nov. 2017

Denmark’s Mikkel Bjerg won the UCI Road World Championships men’s under-23 time trial

Denmark’s Viktor Axelsen wins the World Badminton Championship Denmark qualified for the world cup in Russia Denmark qualified for the world cup draw for the world cup in Russia. The in Russia with a sensational win 5-1 in Danes will face France, Peru and Aus- Dublin against Ireland tralia in Group C in Russia starting on Christian Eriksen scored a hattrick and June 16th against Peru followed by became the match winner. Denmark Australia on June 21st and France on Newwas Y subsequentlyea handedr´ a decents D June 26thin in Moscow.ner at

RNNes etweaw u YYraeeanrt´´ “ss DSDinvinnanenre rae tna t” The Scandinavian Club would like to invi te all Scandinavians, friends and family to New Year’s Dinner inR thRe Scaenedsistntaaaviuaunr rRaestnnaurantt “t“ S“Svanvenva”a nonne Snune”dna y,” D ecember 31st from 20:00h to 02:00h. TheThe Sca nScadinndaivniaavnia Cn lCulbu bw woouuldld lliike to iinnvvi ti et ea lal lSl cSacnadnindaivnianvis,a nfrs,ie nfrdise nandds faanmdi lfya tmo iNlye wto New st The New YeaYersarY ’dse aiDrnn’si nnDeiennrr weinr ilitnhl t ehb eSe caS caservednnddininaavviiaa nw Riteeshstta auduraneranlti ct“ Si“ovSauvnaesn ”ec no”nl doSnun a Sdnunady,d Dway,eac erDmmebce erdm 31ibsehr fe r31osm fs tr foromm salmon to 20:00h to 02:00h. bacalhau and “flæskesteg”, w20:00harm htoa m02:00h. & d uck, cheeses and desserts. The New Years dinner will be served with delicious cold and warm dishes from salmon to The New YeaArsbta cdmailnnhiadnue ra niwdghil “lf tlbæ,e s wkservedeest ewg”ill, wwi atcrhme d lhealbmicrate i&ou dsu cwko,l idcth haene sescdh w anamrdm desspa digsehrntes.es !f rom salmon to bacalhau and “flæskesteg”, warm ham & duck, cheeses and desserts. At midnight, we will celebrate with champagne! You are all most welcomeA tto m cidnomighet ,a wned w jilloi cne leubsrate on w tithhi sch sapmepaciganle !N ew Year’s celebration. You are all most welcome to come and join us on this special New Year’s celebration. You are all most welcome to come and joi n us on this special New Year’s celebration. The cTheost cperost per pers perso nn i s iRs $R 15$0 ,1005 0,00

The cost per pers on is R$ 150,00 Please ca ll us: (11) 5041-9883 Rua MoraisP dele PBalaserareos es,c ca1al009lll u s-s: :C ampo Belo S(11)ão P(11)au lo5041 - 5041SP, 04614--98839883-001 Rua MRouara Miso radeis www Bdea Br.sravorarns,oes,n 1. c1o009009m.br - -C Camapmo pBeolo B elo HappSyã oN Pewau Yloea -r S– PC, o04614me and- j001oin u s Satã tohe PScaanuwwwdliona v-.i saSvna PRne, sn04614t.acuorman.tb “rS -v001anen” Happwwwy New.s Yvaeanr e–n C.coomme .abndr join us Happaty t hNe Secwan dYineaavria n– R Cesotamurean at n“Sdv ajnoeinn” us at the Scandinavian Restaurant “Svanen”

The Scandinavian restaurant in São Paulo

Phone: (11) 5041-9883 R. Morais de Barros, 1009 - Campo Belo São Paulo - SP - 04614-001

Monday - Friday: 12:00 - 15:00 Friday - Saturday: 19:30 - 23:00 Sunday: 12:00 - 16:00 Ambassador Kim Højlund Christensen, Johan Dalgas Frisch and wife Birte, Jens Olesen

The Board Chamber Representatives Brazilian-Review Rio de Janeiro, Jan Lomholdt, Inventure Management Dec-Apr 2018 President Paraná, Pedro Luiz Fernandes, Novozymes, Curitiba published since 1985 Jens Olesen Rio Grande do Sul, Frank Woodhead, Porto Alegre First Vice-President Pernambuco, Socorro Maia Gomes, Recife Jesper Rhode Andersen (HyperIsland) Editor Assistant Jens Olesen Second Vice-President Sonia Pereira Antonio Dominguez (Maersk) Translations between Danish, English Rua General Almerio de Moura, 780 Finance Director and Portuguese 05690-080, São Paulo-SP Per Lerdrup Olsen (DI) Brasseriet, Tel.: (+55 11) 3758-2101 Legal Director Lisbeth Jarl Jørgensen & Anita H. Thomsen Luciano Fax: (+55 11) 3758-5986 Dr. Renato Pacheco Website: http://www.danchamb.com.br General Manager Graphic Production and Desktop Publishing E-mail: [email protected] Anders Munroe Kjersem Nobreart Comunicação Ltda. (11) 98492-0040 Directors Print 100 Francisco Davos (FLSmidth), Kjeld Roslyng Jensen (CAIC), Marcos Referência Gráfica (11) 2065-0763 Pohlmann (Widex), Willy Lehmann Andersen Jr. (Danflow), Andrzej 95 Popkowski (Novo Nordisk), David Stroo (Chr. Hansen), Pedro Luiz Brazilian Review is a publication of the Danish- Brazilian Chamber of Commerce. Fernandes (Novozymes), Renato Silveira Majarão (Danfoss), Rogerio 75 Zampronha (Vestas), Waldomiro Moreno (ISS), Josiel Florenzano The opinions expressed in this publication are those of (Lundbeck), Alejandro Giangaspero (GN Resound), Haig Yeghiaian the authors or persons interviewed and do not neces- (Leo Pharma), Christian Maxe Petersen (LEGO), Luiz Augusto Tavares sarily reflect the views of the editors or the Chamber. Reproduction of any kind of material from this mag- (Coloplast), Marcelo Adami (Grundfos), Durival Teixeira Pitta Junior 25 (Hempel), Jan Lomholdt (Inventure Management), Gustavo Silva azine is not allowed without written permission from (DSV), Rachel Maia (Pandora), Mads Giltrup (Agramkow), Dimitrius the Danish-Brazilian Chamber of Commerce. 1946-2018 5 Damalgo (AVK), Rogério Marinho (Nilfisk-Advance), Thomas Bülow (APM Terminals), Eugenio Singer (Ramboll), Alexandre Seraphim (Ferring), Pedro Eduardo Bortoli (Saxo Bank). 0 20 april/june 2006

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