Bcp Securities Recent Reports May 2020
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Cemig Annual & Sustainability Report
CEMIG’SCEMIG’S MAIN MAININDICATORS INDICATORS Financial dataFinancial (Economic data Dimension(Economic –Dimension in R$) are –consolidated in R$) are consolidated according to according the IFRS. toThe the other IFRS. data The refer other to data the controllingrefer to the company controlling company (holding) Cemig(holding) – Companhia Cemig – CompanhiaEnergética deEnergética Minas Gerais de Minas S.A. andGerais its S.A.whole and subsidiaries: its whole subsidiaries: Cemig Distribuição Cemig Distribuição S.A. (Cemig S.A.D) and (Cemig Cemig D) and Cemig Geração e TransmissãoGeração e Transmissão (Cemig GT) (Cemigin accordance GT) in accordancewith the GRI with – Global the GRI Reporting – Global Initiative Reporting methodology. Initiative methodology.1 1 2008 20082009 20092010 2010 GeneralGeneral Data Data Number of ConsumersNumber of Consumers– thousand 2– thousand2 6,602 6,6026,833 6,8337,065 7,065 Number of employeesNumber of employees 10,422 10,4229,746 9,7468,859 8,859 MunicipalitiesMunicipalities serviced serviced 774 774774 774774 774 Concession ConcessionArea – Km2 3Area – Km2 3 567,478 567,478567,478 567,478567,740 567,740 Saifi – NumberSaifi of– outgagesNumber of(EU28) outgages (EU28) 6.53 6.536.76 6.766.56 6.56 Saidi – HoursSaidi of outgages – Hours of (EU29) outgages (EU29) 13.65 13.6514.09 14.0913.00 13.00 Number of plantsNumber in ofoperation plants in4 operation4 63 63 65 65 66 66 Installed capacityInstalled – MW capacity (EU1) 5– MW (EU1)5 6,691 6,6916,716 6,7166,896 6,896 TransmissionTransmission lines – Km (EU4)lines -
Análise De Empresas Petróleo; Combustível & Distribuição
23 de outubro Análise de Empresas Petróleo; Combustível & Distribuição COMPORTAMENTO DAS PRINCIPAIS BOLSAS Prévia do 3T19: Trimestre sólido para as Empresa Recomendação Preço-Alvo empresas do setor BRDT3 COMPRA 37,00 CSAN3 COMPRA 58,00 • O 3T19 deve ser um trimestre mais forte para a indústria cíclica UGPA3 COMPRA 26,00 doméstica brasileira; BRDT, UGPA e CSAN, com forte melhoria PETR3 COMPRA 43,00 sequencial nas margens de distribuição de combustível. Vicente Falanga* • Os preços mais baixos do petróleo (-9,7% T/T) devem prejudicar as Ricardo França companhias do setor, mas a forte produção da Petrobras (+9,3% T/T) * Analista de valores mobiliários credenciado responsável pelas deve sustentar os resultados. declarações nos termos do Art. 21 da ICVM 598/18 • Principais recomendações em ordem. Entre as distribuidoras: Ultrapar, Cosan, BR Distribuidora (todos com recomendação de Compra). Também temos recomendação de Compra para Petrobras. Petrobras (PETR4/PETR3): A empresa divulgará seus resultados do 3T19 na noite desta quinta-feira, 24/10. Acreditamos que a forte produção deve compensar os fracos preços do petróleo. Apesar de uma forte retração nos preços do Brent (-9,7%), esperamos que a forte recuperação da produção da Petrobras (+ 9,3% em comparação ao 2T19) beneficie os resultados. Estimamos o EBITDA ajustado em cerca de R$ 31 bilhões (-3% no trimestre). O lucro líquido deve chegar a R$ 10,9 bilhões, auxiliado por ganhos de capital com a venda parcial da BR Distribuidora, compensando parcialmente provisões de -R$ 3,2 bilhões. Descontando itens não recorrentes, esperamos um resultado final de R$ 6,5 bilhões (-19% na comparação anual no 3T19 e + 37% na comparação do 3T19 com o trimestre imediatamente anterior), sequencialmente mais forte devido à expectativa de menor taxa de imposto de renda. -
Annual and Sustainability Report 2019 Annual and Sustainability Report 2019 1 Contents
ANNUAL AND SUSTAINABILITY REPORT 2019 ANNUAL AND SUSTAINABILITY REPORT 2019 1 CONTENTS CONTENTS 2 ABOUT THIS REPORT 4 1.1 MESSAGE FROM THE BOARD 7 1.2 MATERIALITY 10 1.3 OUR FIGURES 2019 17 1.4 MAJOR HIGHLIGHTS 2019 18 CEMIG 24 2 BUSINESS MODEL 24 2.1 OPERATIONS 28 2.2 STRATEGY 32 2.3 INNOVATION AND TECHNOLOGICAL DEVELOPMENT 38 2.4 NEW BUSINESSES 45 2.5 GRANTS 48 2.6 SECTORAL ASSOCIATIONS 50 3 CORPORATE GOVERNANCE 56 3.1 GOVERNANCE MODEL AND MAIN PRACTICES 57 3.2 ETHICS AND TRANSPARENCY 70 3.3 RISK MANAGEMENT 77 WHERE OUR STRENGTH COMES FROM 82 4 CUSTOMERS 83 4.1 OUR CUSTOMERS AND CONSUMERS 83 4.2 MARKET DEVELOPMENT 88 4.3 QUALITY OF ENERGY 93 4.4 SAFE USE OF ENERGY 96 4.5 PROTECTION AGAINST LOSSES 102 4.6 RELATIONSHIP WITH CUSTOMERS 107 4.7 INFORMATION SECURITY 115 4.8 STRUCTURE AND TARIFF ADJUSTMENT 119 ANNUAL AND SUSTAINABILITY REPORT 2019 2 5 EMPLOYEES 123 5.1 EMPLOYEE PROFILE 125 5.2 REMUNERATION AND BENEFITS 129 5.3 DIVERSITY AND HUMAN RIGHTS 134 5.4 PERFORMANCE MANAGEMENT 140 5.5 LABOR AND UNION PRACTICES 146 5.6 WORK SAFETY, OCCUPATIONAL HEALTH AND WELL-BEING 148 6 SUPPLIERS 156 6.1 SUPPLY CHAIN MANAGEMENT 157 6.2 SUPPLY CHAIN STAGES 160 6.3 IDENTIFICATION AND MANAGEMENT OF ENVIRONMENTAL AND SOCIAL IMPACTS 165 6.4 ENVIRONMENTAL AND SOCIAL PERFORMANCE OF SUPPLIERS 171 6.5 COMMUNICATION CHANNELS WITH THE SUPPLIERS 173 6.6 HIGHLIGHTS AND ADVANCES IN MANAGEMENT 174 6.7 MAIN MONITORING ITEMS AND INDICATORS 177 CEMIG AND SUSTAINABLE DEVELOPMENT 181 7 ECONOMIC PERFORMANCE 188 7.1 MAJOR FINANCIAL INDICATORS 189 7.2 CAPITAL MARKETS AND -
BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I
BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I As of 30/09/2020 Fund Description Investment Growth The fund seeks to maximize medium term returns by investing 145,0 primarily in Dolar-denominated Brazilian Corporate and Government bonds issued abroad. Investment approach based 137,5 on robust credit research, market and macro monitoring and duration analysis. 130,0 122,5 Fund Facts 115,0 Fund Size $ 107,6 million 107,5 Inception Date 26/11/2010 Domicile Luxembourg 100,0 Legal Status SICAV / UCITS 92,5 2012 2014 2016 2018 2020 Base Currency US Dollar Subscription / Redemption Daily Brazilian Hard Currency Bond Fund USD I Settlement Day 2 Trailing Net Returns (USD %) Share Class Information Since 1 M 3 M YTD 2019 2018 Inception USD I USD R Brazilian Hard Currency Bond Fund USD I -0,1 4,3 -0,2 11,4 0,4 39,0 ISIN LU0560844796 LU0560843715 Ticker BBG BGBGBIU LX BGBGBRU LX Annual Fee (%) 0,75 1,35 Inception Date 26/11/2010 26/11/2010 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Asset Allocation Quality Diversification ** % % EUR R GBP R Government Related 6,4 BBB 16,1 ISIN LU0566752720 LU0858360992 Corporate Bond 86,9 BB 65,0 Ticker BBG BGBGBRE LX BGBHGBR LX Cash & Equivalents 6,8 B 11,4 Annual Fee (%) 1,35 1,35 Not Rated 7,4 Inception Date 26/11/2010 28/12/2012 Minimum Investment 1,000 Euro 1,000 Pound Sterling Portfolio Characteristics Top 10 Holdings Average Eff Maturity 5,45 Maturity Date Fund (%) Average Eff Duration 4,19 Ultrapar International S.A. -
Com Case Part Mpanie E Stud T 1 Es Cir Dies
Companies Circle Case Studies Part 1 CPFL Energia – Grupo Algar – Grupo Graña y Montero – Grupo Los Grobo – Ultrapar August, 2013 About the Companies Circle The Latin American Companies Circle is a unique initiative launched in May 2005 in Sao Paulo, Brazil. The 15‐members Companies Circle brings together a group of leading Latin American companies who have adopted good corporate governance practices in order to provide private sector input into the work of corporate governance regional development and to share their experiences with each other and other companies in the region and beyond. Through the Companies Circle, members showcase how leading Latin American companies can implement good corporate governance and the benefits their firms have experienced from undertaking these improvements. The Latin American Companies Circle members are: Los Grobo (non‐listed, Argentina); Algar (non‐listed), CPFL, Embraer, Natura, and Ultrapar (Brazil); Argos, Carvajal (non‐listed), and ISA (Colombia); Florida Ice (Costa Rica); Compartamos and Homex (Mexico); Buenaventura, Ferreyros, and Graña y Montero (Peru). The Companies Circle is currently sponsored by the International Finance Corporation (IFC), and supported by the Organization for Economic Co‐operation and Development (OECD). About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all‐time high of nearly US$25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. -
Companhia Energética De Minas Gerais – Cemig Listed Company – Cnpj 17.155.730/0001-64 – Nire 31300040127
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG LISTED COMPANY – CNPJ 17.155.730/0001-64 – NIRE 31300040127 MATERIAL ANNOUNCEMENT Cemig (Companhia Energética de Minas Gerais, listed and traded in São Paulo, New York and Madrid), in accordance with CVM Instruction 358 of Jan. 3, 2002 as amended, hereby reports to the Brazilian Securities Commission (CVM), the São Paulo Stock Exchange (B3) and the market as follows: Cemig’s affiliated company Transmissora Aliança de Energia Elétrica S.A. (‘Taesa’) has today published the following Material Announcement: “Transmissora Aliança de Energia Elétrica S.A. (B3: TAEE11) (“Taesa” or “Company”), pursuant to CVM Instruction No. 358, dated January 3, 2002, as amended, hereby announces that the Board of Directors, at a meeting held on this date, elected Mr. André Augusto Telles Moreira as Chief Executive Officer, Mr. Erik da Costa Breyer as Chief Financial and Investor Relations Officer, and Mr. Fábio Antunes Fernandes as Business and Ownership Interest Management Officer. Messrs. André Moreira, Erik Breyer and Fábio Fernandes will take office on November 16, 2020. Mr. Marco Antônio Resende Faria, who was temporarily cumulating the CEO position, will remain as Chief Technical Officer and temporarily as Chief Legal and Regulatory Officer, and the Company and its Board of Directors would like to thank him for the dedication and relevant services provided to the Company and its employees. Taesa also informs that Mr. Marcus Vinicius do Nascimento remains temporarily as Chief Implementation Officer. Mr. André Moreira has a degree in Electrical Engineering from Universidade Federal de Itajubá – MG (EFEI), with a Postgraduate degree in Quality from UNICAMP, an MBA from AmBev University, an MBA in Public and Private Company Management from FAAP, courses of Management at ESADE (Spain), IMD (Switzerland), MIT (USA) and of Board of Directors member from the Brazilian Corporate Governance Institute (IBGC). -
São Paulo, 11 De Março De 2009
Manual for Shareholders’ Participation Extraordinary General Shareholders’ Meeting of January 23, 2017 1 Ultrapar – Manual for Shareholders’ Meeting 2° TRIMESTRE DE 2010 3 Message from the Management 4 Call notice 8 Additional procedures 9 Management Proposal 10 Annex I – Annex 19 18 Annex II – Valuation Report 67 Annex III – Material Notice 70 Model for power of attorney Ultrapar – Manual for Shareholders’ Meeting 2° TRIMESTRE DE 2010 MESSAGE FROM THE MANAGEMENT Dear Shareholders, We are pleased to invite you to attend the Extraordinary General Shareholders’ Meeting (the “Meeting”) of Ultrapar Participações S.A. (“Ultrapar” or the “Company”), to be held on January 23, 2017, at 2:00 p.m., in the Company’s headquarters, located at Av. Brigadeiro Luís Antônio, nr 1,343 - Auditório, in the City and State of São Paulo, Brazil, in accordance with the Call Notice to be published in the newspapers Valor Econômico on December 23, 26 and 27, 2016, and Diário Oficial do Estado de São Paulo on December 23, 24 and 27, 2016, also available at the Company’s website (www.ultra.com.br). The preparation of this Manual for Shareholders’ Participation (the “Manual”) is aligned with the Company’s philosophy towards the continuous improvement of its corporate governance practices, including the quality and convenience of the information provided to our shareholders. The purpose of this document is to present the management proposal and to provide you with clarification and guidance regarding the matters to be discussed and procedures required for your attendance and power of attorney to participate in the Meeting, consolidating in a single file all documents published by Ultrapar in connection with the Meeting. -
Análise De Empresas 23/02/2017
Análise de Empresas 23/02/2017 Ultrapar: Ebitda dentro do esperado no 4T16 • Ultrapar postou um Ebitda dentro das estimativas no 4T16, sem maiores UGPA3 surpresas no período; Recomendação: NEUTRO • Uma base de comparação rígida para o resultado de 2017 pode classificar Preço-alvo: 75,00 o 4T16 como o pico de resultados da Ultrapar; Upside: 12,3% • Seguimos com recomendação Neutra para UGPA3 tendo em vista o 380 UGPA3 X IBOV valuation pouco atrativo ; 320 A Ultrapar reportou um Ebitda dentro das estimativas, sem maiores 260 surpresas, totalizando R$ 1,1 bilhão e mostrando queda de 5% em base 200 anual. O lucro líquido, por sua vez, somou R$ 436 milhões, queda de 12% frente ao 140 mesmo trimestre do ano anterior e 11% acima da nossa estimativa. A margem 80 Ebitda reportada foi de R$ 152/m³, acima da nossa expectativa de R$ 148/m³, UGPA3 IBOV 20 enquanto o Capex totalizou R$ 532 milhões, em linha com as nossas estimativas e fev-12 fev-13 fev-14 fev-15 fev-16 fev-17 o guidance de 2017 permaneceu inalterado em R$ 2,1 bilhões. A empresa também Fonte: Bradesco Corretora; Ágora Corretora; Bloomberg anunciou um pagamento de dividendos de R$ 437 milhões, o que seria compatível com a nossa média esperada de dividend yield de 4%. Petróleo & Combustíveis Uma base de comparação rígida para os resultados de 2017. Vemos Filipe Gouveia* argumentos para sustentar nossa tese de que a partir de 1T17, a Ultrapar deverá Ricardo França apresentar queda no Ebitda em função dos seguintes aspectos: (i) um real mais forte +55 11 2178 4202 que reduz as margens da Oxiteno; (ii) potencial aumento da rotatividade dos postos [email protected] da Ipiranga. -
Report Sustainability 2010 Annual Sustainability Report
CEMIG’SCEMIG’S MAIN MAININDICATORS INDICATORS Financial dataFinancial (Economic data Dimension(Economic –Dimension in R$) are –consolidated in R$) are consolidated according to according the IFRS. toThe the other IFRS. data The refer other to data the controllingrefer to the company controlling company (holding) Cemig(holding) – Companhia Cemig – CompanhiaEnergética deEnergética Minas Gerais de Minas S.A. andGerais its S.A.whole and subsidiaries: its whole subsidiaries: Cemig Distribuição Cemig Distribuição S.A. (Cemig S.A.D) and (Cemig Cemig D) and Cemig Geração e TransmissãoGeração e Transmissão (Cemig GT) (Cemigin accordance GT) in accordancewith the GRI with – Global the GRI Reporting – Global Initiative Reporting methodology. Initiative methodology.1 1 2008 20082009 20092010 2010 GeneralGeneral Data Data Number of ConsumersNumber of Consumers– thousand 2– thousand2 6,602 6,6026,833 6,8337,065 7,065 Number of employeesNumber of employees 10,422 10,4229,746 9,7468,859 8,859 MunicipalitiesMunicipalities serviced serviced 774 774774 774774 774 Concession ConcessionArea – Km2 3Area – Km2 3 567,478 567,478567,478 567,478567,740 567,740 Saifi – NumberSaifi of– outgagesNumber of(EU28) outgages (EU28) 6.53 6.536.76 6.766.56 6.56 Saidi – HoursSaidi of outgages – Hours of (EU29) outgages (EU29) 13.65 13.6514.09 14.0913.00 13.00 Number of plantsNumber in ofoperation plants in4 operation4 63 63 65 65 66 66 Installed capacityInstalled – MW capacity (EU1) 5– MW (EU1)5 6,691 6,6916,716 6,7166,896 6,896 TransmissionTransmission lines – Km (EU4)lines -
Triannual Letter
(A free translation of the original in Portuguese) TRIANNUAL LETTER April 2011 Sixth Letter TABLE OF CONTENTS THEMATIC ANALYSIS.................................................................................................3 I. 13 IS THE LUCKY NUMBER......................................................................3 PORTFOLIO’S RISK-RETURN ANALYSIS.......................................................................6 I. JB FOCUS FIC FIA......................................................................................6 II. ULTRAPAR................................................................................................6 COMPANY OVERVIEW..............................................................................6 INVESTMENT THESIS…………………………………………………………………..………..7 OUTLOOK……………………………………………..………………………………………………8 Triannual Letter – Sixth Letter (Apr/11) 2 SECTION 1 THEMATIC ANALYSIS I. 13 IS THE LUCKY NUMBER The CVM instruction 480/09, which determines the rules to be followed when filing a registration statement for issuing securities, is a milestone in the development process of corporate governance in Brazil. By means of this instruction, the securities regulator publishes clear and detailed guidance regarding the minimum level of disclosure required of public companies. The information required by the 22 sections of the new Reference Form (Article 24 and Appendix 24 of Instruction 408/09) are essential for investors to be able to evaluate the security. The first trial took place last year, when the deadline for filing -
View Annual Report
As filed with the Securities and Exchange Commission on March 31, 2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2015 Commission file number: 001-15030 VALE S.A. (Exact name of Registrant as specified in its charter) Federative Republic of Brazil (Jurisdiction of incorporation or organization) Luciano Siani Pires, Chief Financial Officer phone: +55 21 3814 8888 fax: +55 21 3814 8820 Avenida das Am´ericas, 700 – Bloco 8 – Loja 318 22640-100 Rio de Janeiro, RJ, Brazil (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Title of Each Class Which Registered Preferred class A shares of Vale, no par value per share New York Stock Exchange* American Depositary Shares (evidenced by American Depositary Receipts), each New York Stock Exchange representing one preferred class A share of Vale Common shares of Vale, no par value per share New York Stock Exchange* American Depositary Shares (evidenced by American Depositary Receipts), each New York Stock Exchange representing one common share of Vale 6.250% Guaranteed Notes due 2017, issued by Vale Overseas New York Stock Exchange 5.625% Guaranteed Notes due 2019, issued by Vale Overseas New York Stock Exchange 4.625% Guaranteed Notes due 2020, issued by Vale Overseas New York Stock Exchange 4.375% Guaranteed Notes due 2022, issued by Vale Overseas New York Stock Exchange 8.25% Guaranteed Notes due 2034, issued by Vale Overseas New York Stock Exchange 6.875% Guaranteed Notes due 2036, issued by Vale Overseas New York Stock Exchange 6.875% Guaranteed Notes due 2039, issued by Vale Overseas New York Stock Exchange 5.625% Notes due 2042, issued by Vale S.A. -
Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ......................................