DOCSLIB.ORG

Votorantim S.A. (A Free Translation of the Original in Portuguese)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Votorantim S.A. (A Free Translation of the Original in Portuguese) Condensed consolidated interim financial statements at June 30, 2020 and independent auditor’s report Votorantim S.A. (A free translation of the original in Portuguese) Report on review of condensed consolidated interim financial statements To the Board of Directors and Stockholders Votorantim S.A. Introduction We have reviewed the accompanying condensed consolidated interim balance sheet of Votorantim S.A. and its subsidiaries (the "Company") as at June, 30, 2020 and the related condensed consolidated interim statements of income and comprehensive income for the quarter and six-month period then ended, and the condensed consolidated interim statements of changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with the accounting standard CPC 21 - “Interim Financial Reporting”, and International Accounting Standard (IAS) 34 - “Interim Financial Reporting”, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” and ISRE 2410 - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, respectively). A review of interim information consists in making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the consolidated condensed interim financial statements Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements referred to above are not prepared, in all materials respects, in accordance with CPC 21 - “Interim Financial Reporting”, and IAS 34, as issued by International Accounting Standards Board (IASB). Curitiba, August 6, 2020 PricewaterhouseCoopers Carlos Eduardo Guaraná Mendonça Auditores Independentes Contador CRC 1SP196994/O-2 CRC 2SP000160/O-5 PricewaterhouseCoopers, Al. Dr. Carlos de Carvalho 417, 10o, Curitiba, PR, Brasil, 80410-180, Caixa Postal 699, T: +55 (41) 3883 1600, www.pwc.com.br Summary Condensed consolidated interim financial statements Statements Condensed consolidated interim balance sheet .............................................................................................................................2 Condensed consolidated interim statement of income ....................................................................................................................4 Condensed consolidated interim statement of comprehensive income ............................................................................................5 Condensed consolidated interim statement of charges in equity ......................................................................................................6 Condensed consolidated Interim statement of cash flows ................................................................................................................7 General considerations Liabilities and equity 1 General considerations............................................. 9 14 Borrowing.............................................................. 31 1.1 Main events that occurred during the first semester of 15 Current and deferred income tax and social 2020 ....................................................................... 9 contribution ................................................. 37 2 Presentation of the condensed consolidated interim 16 Provision ............................................................... 39 financial statements ................................................ 14 17 Equity.................................................................... 40 2.1 Basis of preparation ................................................ 14 Consolidation ......................................................... 14 2.2 Restatement of comparative figures ......................... 14 3 Changes in accounting policies and disclosures ......... 15 3.1 Transitions of accounting standards ......................... 15 Estimates and assumptions Results 4 Critical accounting estimates and judgments ............. 15 18 Net revenue from products sold and services 5 Financial risk management ...................................... 15 rendered ............................................................................. 42 5.1 Financial risk factors ............................................... 15 19 Expenses by nature ................................................ 42 5.1.1 Derivatives contracted ............................................ 18 20 Other operating expenses, net ................................. 43 5.1.2 Fair value estimation .............................................. 19 21 Finance results, net ................................................ 44 5.1.3 Sensitivity analysis .................................................. 21 6 Credit quality of financial assets ............................... 23 Assets Supplementary information 7 Trade receivables .................................................. 24 22 Supplementary information – Business segments ......... 45 8 Inventory .............................................................. 24 23 Subsequent events .................................................... 56 9 Financial Instruments - shares ................................. 25 10 Taxes recoverable .................................................. 26 11 Investments ........................................................... 25 12 Property, plant and equipment ................................ 27 13 Intangible assets .................................................... 30 Condensed consolidated interim Balance sheet All amounts in millions of reais (A free translation of the original in Portuguese) Note 6/30/2020 12/31/2019 Assets Current assets Cash and cash equivalents 9,112 6,262 Financial investments 4,988 4,444 Derivative financial instruments 5.1.1 (a) 225 62 Trade receivables 7 3,014 2,196 Inventory 8 4,729 4,129 Taxes recoverable 10 2,043 1,968 Dividends receivable 123 81 Financial instruments - firm commitment 31 Other assets 531 621 24,796 19,763 Assets classified as held-for-sale 9 24,805 19,763 Non-current assets Long-term receivables Financial investments 20 23 Financial instruments - shares 9 2,965 2,749 Derivative financial instruments 5.1.1 (a) 1,359 337 Derivative financial instruments - put option 5.1.1 (b) 370 655 Taxes recoverable 10 3,649 3,477 Related parties 255 229 Deferred income tax and social contribution 15 (b) 4,276 3,341 Judicial deposits 16 (b) 231 345 Financial instruments - firm commitment 17 29 Securitization of receivables 336 140 Other assets 737 586 14,215 11,911 Investments 11 (b) 12,465 11,720 Property, plant and equipment 12 29,832 27,148 Intangible assets 13 15,227 13,283 Right-of-use assets 868 813 Biological assets 89 85 72,696 64,960 Total assets 97,501 84,723 2 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Condensed consolidated interim Balance sheet All amounts in millions of reais (A free translation of the original in Portuguese) Note 6/30/2020 12/31/2019 Liabilities and equity Current assets Borrowing 14 (a) 2,789 954 Lease liabilities 246 210 Derivative financial instruments 5.1.1 (a) 484 69 Confirming payables 1,287 1,415 Trade payables 4,219 4,429 Salaries and payroll charges 896 836 Taxes payable 571 424 Advances from clients 389 102 Dividends payable 64 120 Use of public assets 90 87 Financial instruments - firm commitment 68 81 Deferred revenue - silver streaming 136 106 Other liabilities 999 870 12,238 9,703 Liabilities related to assets held-for-sale 2 2 12,240 9,705 Non-current assets Borrowing 14 (a) 26,669 18,801 Lease liabilities 675 631 Derivative financial instruments 5.1.1 (a) 1,863 383 Deferred income tax and social contribution 15 (b) 2,446 2,087 Related parties 11 50 Provision 16 (a) 3,499 3,137 Use of public assets 1,181 1,151 Pension plan and post-employment health care benefits 532 367 Financial instruments - firm commitment 157 122 Deferred revenue - silver streaming 783 621 Other liabilities 772 761 38,588 28,111 Total liabilities 50,828 37,816 Equity Share capital 17 (a) 28,656 28,656 Revenue reserves 10,800 11,165 Retained (loss) earnings (2,611) Carrying value adjustments 17 (c) 5,140 1,948 Total equity attributable to the owners of the Company 41,985 41,769 Non-controlling interests 4,688 5,138 Total equity 46,673 46,907 Total liabilities and equity 97,501 84,723 3 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Condensed consolidated interim statement of income Periods ended June 30 All amounts in millions of reais unless otherwise stated (A free
Load more

Recommended publications
  • Our Sustainability Commitments for 2020
    OUR SUSTAINABILITY COMMITMENTS FOR 2020 OUR SUSTAINABILITY COMMITMENTS FOR 2020 2 OUR SUSTAINABILITY TABLE OF CONTENTS 04 SUSTAINABILITY FOR US 05 A MESSAGE FROM THE CEO 06 COMPANY PROFILE 07 OUR VISION 08 VOTORANTIM CIMENTOS’ COMMITMENTS FOR 2020 4 OUR SUSTAINABILITY SUSTAINABILITY FOR US Santa Helena Unit/ Brazil “FOR US SUSTAINABILITY MEANS MEETING OUR GROWTH AMBITIONS WHILE CONSIDERING THE CURRENT AND FUTURE NEEDS OF SOCIETY, BY OFFERING ECO-EFFICIENT AND INNOVATIVE BUILDING MATERIALS AND SERVICES TO OUR CUSTOMERS, ACTING ETHICALLY AND TRANSPARENTLY IN ACCORDANCE WITH THE LAW AND REGULATIONS, PROVIDING AN INSPIRATIONAL, HEALTHY AND SAFE WORKING ENVIRONMENT FOR OUR EMPLOYEES AND SUPPORTING OUR COMMUNITIES, SO THEY CAN THRIVE.” COMMITMENTS FOR 2020 05 A MESSAGE FROM THE CEO In 2050, the world population will have grown to around nine billion people, 70% of whom will live in cities. This future transformation represents vast opportunities in the building materials sector as the global challenges of urban growth scarcity and environmental change become the key strategy drivers for business in the coming decade. Nine billion people living well and respecting the critical limits of the planet will demand a huge amount of infrastructure, such as homes, schools, hospitals, roads. For this reason, we believe that sustainability means meeting our growth ambitions within the current and future needs of society, by offering eco-efficient and innovative building materials and services to our customers, acting ethically and transparently in accordance with the law and regulations and providing an inspirational, healthy and safe working environment for our employees and support so our communities can thrive. By operating in line with these commitments, we will continue to create value for our stakeholders.
    [Show full text]
  • Parent Company and Consolidated Financial Statements at December 31, 2017 and Report of Independent Auditors
    Parent company and consolidated financial statements at December 31, 2017 and report of independent auditors (A free translation of the original in Portuguese) Independent auditor's report To the Board of Directors and Stockholders Votorantim Cimentos S.A. Opinion We have audited the accompanying parent company financial statements of Votorantim Cimentos S.A. (the "Company" or “Parent Company”), which comprise the balance sheet as at December 31, 2017 and the statements of income, comprehensive income (loss), changes in equity and cash flows for the year then ended, as well as the accompanying consolidated financial statements of Votorantim Cimentos S.A. and its subsidiaries ("Consolidated"), which comprise the consolidated balance sheet as at December 31, 2017 and the consolidated statements of income, comprehensive income (loss), changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Votorantim Cimentos S.A. and of Votorantim Cimentos S.A. and its subsidiaries as at December 31, 2017, and the financial performance and the cash flows for the year then ended, as well as the consolidated financial performance and the cash flows for the year then ended, in accordance with accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Basis for opinion We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Parent Company and Consolidated Financial Statements section of our report.
    [Show full text]
  • Integrated Report 2015
    INTEGRATED REPORT - 2015 Voluntary NUMBER OF UNITS / NUMBER OF PARTICIPATIONS commitments Cement Grinding Concrete Batching Aggregates Mortar Lime We are signatories of OUR BUSINESSES AND MARKETS Plants Mills Centers Plants Plants Plants the following voluntary global and national A pacts and initiatives: 1. United Nations Global COMPANY Compact (UNGC) – This is a United Nations initiative to encourage companies BUILT TO to respect human rights, support decent work, protect LAST the environment and fight corruption; In Brazil, which is our main market, due to the political and economic 2. Cement Sustainability ● CEMENT ● CONCRETE ● MORTAR ● AGGREGATES LIME ● AGRICULTURAL Initiative (CSI) – This is an scenario, we had to react quickly 3 37,2 MILLION METRIC TONS 10,2 MILLION M IN 2015 1,8 MILLION METRIC TONS 26,7 MILLION METRIC TONS IN 2015 LIMESTONE international cement industry in 2015, with measures that IN 2015 IN 2015 HYDRATED LIME protocol, signed by the 25 In Brazil, we market concrete We provide gravel and sands A material with a plasticizing would safeguard our operations Used in agriculture and in largest producers of building Our biggest business area in 15 Brazilian states through In Brazil, we produce three of different grain sizes for the capability, used in construction and business activities. animal husbandry in order materials in the world, to and main product is still our Engemix affiliate, a ranges of mortars: the construction industry, to meet the and mortars. At the same time, we conti- to: correct soil acidity, promote the adoption of best cement. well-known brand name Matrix brand, which is a needs of the market segments for nued with our long-term invest- neutralize aluminum toxicity, practices in the cement sector; that specializes in concrete range of standard mortars, concrete producers, industries, LIME PAINT increase the efficiency of ment plan in order to increase APPLICATIONS: It is the basic batching centers.
    [Show full text]
  • Integrated Report Short Version Building Our Tomorrow
    INTEGRATED REPORT SHORT VERSION BUILDING OUR TOMORROW ANNUAL CEMENT CAPACITY We are a Company made to last, KEY FACTS AND INITIATIVES BUSINESS AND MARKETS WHERE WE OPERATE OF CONSOLIDATED and our actions in 2016 promoted OPERATIONS6 important advances towards the ● CEMENT ● CO-PROCESSING CAPTION sustainability of our business. We 33.8 MILLION TONS SOLD IN 2016 AGRICULTURAL LIME invested in competitiveness, optimized ● CONCRETE LIME 9.2 MILLION M3 SOLD IN 2016 INSTALLED CONSTRUCTION SHOTCRETE CAPACITY OF OF 83 MARACANÃ costs and improved the efficiency of all 1 MILLION STADIUMS (RIO DE 57.5 ● MORTAR CONCRETE BLOCKS = our operations. Applied in a planned 1.6 MILLION TONS SOLD IN 2016 METRIC TONS JANEIRO, BRAZIL) MILLION way in different contexts, these ● AGGREGATES TONS/YEAR 24.4 MILLION TONS SOLD IN 2016 actions made VCNA (North America) 34.3 and VCEEA (Europe, Asia and Africa) 5.2 operations participation reach a new LAUNCH OF THE NEW SUCCESSFUL STARTUP GLOBAL level inside our business, which ratifies PORTFOLIO OF BAGGED OF PRIMAVERA CO-PROCESSING: CEMENT IN BRAZIL. (BRAZIL) AND WE WENT FROM 5.9 the hit in the geographic diversification ● ● ● ● 3.2 HIGHLIGHT: THE NEW YACUSES (BOLIVIA) 9.7% TO 11.8% OF Great Lakes 3.0 strategy built over the years. STRUCTURAL CEMENT, PLANTS REPLACEMENT OF United States/ In Brazil, our main market, we antic- WHICH ALREADY ACCOUNTS FOSSIL FUELS Canada ● ● ● ● ● FOR 10% OF SALES ● ● ● ● ● ipated the decrease in the Brazilian GDP Spain Turkey China with initiatives such as the adoption of 1.2 1.8 zero-based budgeting, adjustments to ● ● ● ● the organizational structure and the Morroco ● ● ● Tunisia launch of a new product line, always ● ● 1.2 framed by financial discipline.
    [Show full text]
  • 2018 Annual Report 
    2018 Annual report Interactive content Use the index as the navigation menu. About this report From anywhere in the report, click the heading to return to the index. In the GRI Summary navigate to the content by clicking on the pages indicated in the “pages and/or links” The online report is available at column. votorantim.com/annualreport By clicking on an external link, the indicated site will open automatically in your browser. For the eighth consecutive year, ● Votorantim Cimentos the United Nations Sustainable investment holding company ● Nexa Resources Development Goals (SDGs). Votorantim S.A. (Votorantim) ● Companhia Brasileira de 102-50 | 102-52 | 102-54 publishes its Annual Report for Alumínio (CBA) PwC limitedly assured this stakeholders, showcasing its ● Votorantim Energia report, which does not contain operating model, initiatives, ● Acerías Paz del Río changes to scope and limitation. advances, challenges, and ● Acerbrag The online and complete version social, environmental and ● Citrosuco of this document is available operating performance, as well ● Banco Votorantim on a microsite, and includes as consolidated economic and The practices and results the Consolidated Financial financial results as audited by presented herein reflect only Statements and GRI Content PwC. This report also addresses part of the results reported by Index. Comments about this Votorantim’s influence on its each investee; for further details, report can be forwarded to investees. please read their respective [email protected]. Economic and financial Annual Reports. 102-45 | 102-56 102-48 | 102-49 | 102-51 | 102-53 | information, and the social, 102-55 This document refers to fiscal environmental and operating year 2018, except for Citrosuco, performance reported herein whose data is relative to the consolidate the results of season beginning July 2017 and the following investees in ending June 2018.
    [Show full text]
  • Anti-Corruption Policy Compliance Pages 1/14
    CORPORATE POLICY Code PC-0079 Votorantim Cimentos S/A Review 01 Legal and Areas Anti-corruption Policy Compliance Pages 1/14 1. OBJECTIVE This policy provides guidelines for performance and conduct of Employees, Managers and Third Parties before national and international government agencies in carrying out their tasks on Votorantim Cimentos S/A’s behalf anywhere worldwide. This policy complies with all legislation which Votorantim Cimentos S/A and its Investees are subject to, including but not limited to Law number 12.846/2013 and Federal Decree number 8.420/2015, both instruments subject to Brazilian national legislation, according to the text in force on the date this Policy is issued. Moreover, this Policy takes into account the best governance practices regarding the anticorruption measures in Brazil and around the world including, for instance, the disclosures by the competent government authority or public body. In case of conflict with local legislation, the latter shall prevail. Votorantim Cimentos S/A and its Investees are committed to conduct its businesses in accordance with the highest standards of integrity, transparency and ethical conduct. 2. APPLICATION This policy is applicable to all Employees, Managers and Third Parties acting on behalf of Votorantim Cimentos S/A This policy shall be applicable also to Employees, Managers and Third parties of Investee companies of Votorantim Cimentos S/A, to be applicable only to the extent a specific Anticorruption Policy is not approved for Investee, or if Investee has no Board of Directors, by its General Meeting of Shareholders. In the preparation of their specific Anticorruption Policies, Investees shall use this Anticorruption Policy as a basis and shall follow the guidelines provided for in item 7.15 - Guidelines and Development below.
    [Show full text]
  • Votorantim Cimentos 2018 Sales Volume (Mtons)
    Votorantim Cimentos 2018 2018 vs. R$ Million 2018 2017 2017 Sales Volume (mtons) 30,9 30,6 1% Net Revenues 12,610 10,928 15% COGS (10,224) (8,726) 17% SG&A (1,423) (1,384) 3% Selling Expenses (613) (578) 6% General & Adm. Expenses (810) (807) 0% Other Operating results 596 (207) N.A. Depreciation 1,038 956 9% Other additions and exceptions items 27 167 -84% Adjusted EBITDA 2,624 1,733 51% EBITDA Margin 21% 16% + 5.0 p,p, The Brazilian economy had its growth expectation revised along 2018 given the truck driver´s strike on May/18 and the volatility arising from an uncertain political election on October/18. The construction GDP and the national cement sales were also impacted, as volumes decreased by 1.2% in 2018, on a YoY basis, according to the Brazilian Cement Association (SNIC). Nevertheless, on the last quarter of 2018, demand start to rebound and volumes increased 2.4% YoY. For 2019, SNIC expects for the rebound to continue and an increase on the cement demand of 3%, which would be the first annual market growth since 2014. US recorded a strong economic performance in 2018 with a GDP growth of 2.9% supported by lower unemployment and steady inflation. Total construction spending increased by 1.6% compared to the same period last year, mainly in non-residential construction, as per the latest US Census Bureau data released in December/18. Cement consumption was positively impacted and grew by 2.9% in 2018, according to the Portland Cement Association (PCA).
    [Show full text]
  • Votorantim Cimentos S.A
    Votorantim Cimentos S.A. (Controladora e consolidado) Demonstrações Financeiras intermediárias em 30 de setembro de 2011 e relatório de revisão Relatório de revisão sobre as demonstrações financeiras intermediárias Aos Administradores e Acionistas Votorantim Cimentos S.A. Introdução Revisamos o balanço patrimonial da Votorantim Cimentos S.A. (a "Companhia"), em 30 de setembro de 2011, e as respectivas demonstrações do resultado, do resultado abrangente, das mutações do patrimônio líquido e dos fluxos de caixa para o período findo nessa data. Revisamos, também, o balanço patrimonial consolidado da Votorantim Cimentos S.A e suas controladas ("Consolidado"), em 30 de setembro de 2011, e as respectivas demonstrações consolidadas do resultado, do resultado abrangente, das mutações do patrimônio líquido e dos fluxos de caixa para o período findo nessa data. A administração da Companhia é responsável pela elaboração e adequada apresentação das demonstrações financeiras intermediárias individuais condensadas de acordo com o Pronunciamento Técnico CPC 21 - Demonstração Intermediária e das demonstrações financeiras intermediárias consolidadas condensadas de acordo com o Pronunciamento Técnico CPC 21 - Demonstração Intermediária e com a norma internacional de contabilidade IAS 34 - Interim Financial Reporting, emitida pelo International Accounting Standards Board (IASB). Nossa responsabilidade é a de expressar uma conclusão sobre essas demonstrações financeiras intermediárias condensadas com base em nossa revisão. Alcance da revisão Conduzimos nossa
    [Show full text]
  • Integrated Report 2016
    INTEGRATED REPORT INDICATORS BOOK + LIMITED ASSURANCE REPORT Independent auditor's limited assurance report on information related to sustainability included in the 2016 Integrated Report INDICATORS BOOK • Limited Assurance Report performance of additional procedures (d) applying analytical procedures to assurance engagement, the objective • Performance Table To the Management of when the independent auditor becomes quantitative information and making of which is the issuance of an opinion. • GRI Content index Votorantim Cimentos S.A. aware of matters that lead him to believe inquiries regarding the qualitative infor- Had we performed an engagement with • Material issues and GRI São Paulo - SP that the information taken as a whole mation and its correlation with the the objective of issuing an opinion, we aspects might present significant misstatements. indicators disclosed in the information might have identified other matters and • Correlations IIRC capitals included in the 2016 Integrated Report; possible misstatements in the infor- mation related to sustainability included • UN Global Compact MAIN PROCEDURES PERFORMED (e) with regard to the aforementioned in the 2016 Integrated Report. Therefore, • CSI Charter 6. The procedures selected are based on units whose managers were interviewed we do not express an opinion on these • Financial Statements our understanding of the aspects related face-to-face, verification, on a test basis, matters. INTRODUCTION (b) WBCSD/CSI (2011), The Cement CO2 conclusion on the sustainability infor- to the compilation and presentation of of the carbon dioxide emissions, which and Energy Protocol: CO2 and Energy mation included in the 2016 Integrated the information related to sustainability correspond to 9% of the total emissions 10.
    [Show full text]
  • Updatedreport of the Board of Directors of Cimpor on the Opportunity and the Conditions of the Offer by Intercement (Camargo
    UPDATED REPort of ThE BoARD of DiREcToRs of cimPoR on ThE oPPortuniTy AnD ThE conDiTions of ThE offER By inTERcEmEnT (cAmARgo coRRêA) 11 MAY 2012 Updated RepoRt of the BoaRd of diRectoRs of cimpoR on the oppoRtUnity and the conditions of the offeR By inteRcement (camaRgo corrêa) PAG 1 11 may 2012 (translated from the original version in portuguese) UPDATED REPort of ThE BoARD of DiREcToRs of cimPoR on ThE oPPortuniTy AnD ThE conDiTions of ThE offER By inTERcEmEnT (cAmARgo coRRêA) 11 MAY 2012 CIMPOR – Cimentos de Portugal, SGPS, S.A. public company head office: Rua alexandre herculano, no. 35, 1250-009 Lisboa, portugal share capital: € 672,000,000.00 t. +351 21 311 8100, fax +351 21 356 1381 PAG 2 tax and Lisbon companies Registry and Registration number: 500.722.900 UPDATED message to the shaRehoLdeRs of cimpoR on the REPort of ThE BoARD of DiREcToRs of cimPoR on ThE oPPortuniTy AnD ThE camaRgo coRRêa offeR conDiTions of ThE offER By inTERcEmEnT (cAmARgo coRRêA) 11 MAY 2012 dear shareholders, following careful analysis of the revised offer documents your Board recognises the efforts camargo corrêa has made to address some of the issues raised in our initial Report on the 13 april 2012. nonetheless, as your Board of directors, it is our fiduciary duty to make shareholders aware that not all of our concerns have been resolved and in addition new issues have emerged, which we have set out in this Report, which has been unanimously approved. in this message we summarise our main conclusions. the offer price has not been improved, whichsignificantly undervalues cimpor, fails to provide shareholders with an adequate change of control premium in line with the premia paid in precedent takeover offers and excludes shareholders from the material synergies that will arise from the asset combination presented in the offer documents.
    [Show full text]
  • Integrated Report 2012 Integrated R Eport 2012 Integrated
    INTEGRATED REPORT 2012 INTEGRATED INTEGRATED R EPORT 2012 INTEGRATED REPORT 2012 Summary 06. Management Letter 90. Vision of the Future and Trends 08. Highlights of 2012 94. About the Report 12. Market Context 96. Audit Statement 16. Business Overview 97. Correlations with the UN Global Compact Principles 40. Our Identity 98. Assurance Report 48. Business Model and Performance 102. GRI Indices / Indicators 141. Financial Statements 86. Risk Management 150. Report Production How to Read this Report GRI We present the first Report of Votorantim Cimentos (VC). The report also contains the detailed audited Financial 3.4,3.10, The aim of this document is to inform our stakeholders Statements (FS) as well as the opinion of our external 3.11 and society in general about our economic, social auditors and the declaration of assurance of independent and environmental performance, as well as our verification by an external entity. The Financial Statements commitments, strategies and practices. are also available at: http://www.vcimentos.com.br/ htms-ptb/Institucional/DemonstracoesFinanceiras.htm In this Report, we have followed the guidelines of the Global Reporting Initiative (GRI) and the Principles of the Your opinion on this Report is important, enabling UN Global Compact (Global Compact), both of which are us to continually improve our reporting and also reflected in our activities and initiatives in everyday life. management processes. You may contact us by e-mail at: [email protected] The information contained in this report relates to Votorantim Cimentos (VC) and, where appropriate, to our This Report is also available on our website at: parent company, Votorantim Industrial (VID).
    [Show full text]
  • To the United Nations Global Compact Votorantim Industrial (VID)
    To the United Nations Global Compact Votorantim Industrial (VID) is an organization that encompasses several companies with a diverse scope of work both geographically and in various industries, and is rapidly expanding in Brazil and abroad. The Company has operated in Brazil for 94 years and started its internationalization process in 2001. Today Votorantim Industrial operates in 15 countries. As we deal with natural resources – mining, planted forests (eucalyptus and orange), and in the processing industry (metallurgy, steel, cement, pulp and orange juice) – we are fully aware of the impacts caused by our operations on the environment and society. We believe sustainability is not a goal in itself, but rather a process that is always improving and which must be connected transversely to each one of our operations. Votorantim Industrial has many challenges ahead due to the scope and capillarity of our activities. Over the last few years, we have improved our management system and governance so as to integrate sustainability issues into our strategic planning and operating management processes. In our opinion, this is the only way to reach lasting results in line with what we consider to be sustainable development. Disseminating a “culture” of sustainability among our employees is a long and time- consuming process, especially for an organization as large and diverse as Votorantim. We also know how important it is to engage leaders in sustainability and the importance of the voluntary commitments undertaken by the Company in issues that are not directly connected to the business, such as those addressed by the Global Compact. Our companies have a social role to play and leading by example is something that inspires and endorses the daily attitudes of our employees.
    [Show full text]