Votorantim 2019
Annual Report
Votorantim: investment holding company permanently capitalized and with a long-term investment horizon, Votorantim seeks to deliver superior financial returns with positive social and environmental impacts
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Message from the Board of Directors
In 2019, the first year after our 100th anniversary, we consolidated the portfolio developments that occurred in 2018: the Fibria transaction was concluded and the joint venture between Votorantim Energia and the Canada Pension Plan Investment Board (CPPIB) implemented management changes at Companhia Energética de São Paulo (CESP) following the joint venture?s successful bid in a privatization auction in October 2018.
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Message from the Executive Board
We at Votorantim ended 2019 with a sense of pride for our achievements. We have made significant progress in the transformation of our portfolio, seeking to maintain our financial strength, the competitiveness of our businesses, as well as the entrepreneurial and innovative spirit that will allow us to perpetuate Votorantim.
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The Investment Holding Company
Votorantim S.A. (Votorantim) is a Brazilian family-owned company with long-term investments. Its portfolio companies are present in 19 countries on five continents, with operations across the building materials, finance, electric power, metals and mining, orange juice, aluminum, and long steel industries. Votorantim also has a Center of Excellence (CoE) which consolidates Shared Solutions, Real Estate Solutions, and Information Technology centers.
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Center of Excellence (CoE)
The CoE is composed of the Shared Solutions (CSC), Real Estate Solutions (CSI) and Information Technology (CCTI) and was born in a challenging environment, with a calling to innovate, provoke and think differently. In addition to building original and effective solutions, it develops solutions integrated to the common demands of the portfolio companies, always considering the needs of each one. It also provide services to some companies outside of Votorantim's portfolio.
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Reservas Votorantim
Focusing on the management of environmental assets, Reservas Votorantim has taken on the wider role of generating revenue within the productive chain by means of land and waterway conservation and community development.
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The Portfolio Companies
In 2019, the Fibria transaction was concluded and management changes were implemented at CESP by the joint venture between Votorantim Energia and CPPIB, following their successful bid in a privatization auction in October 2018. Both transactions are aligned with an ongoing transformation of the Votorantim's portfolio and capital allocation strategy (See page 15) to support the investment objectives outlined by the shareholders. They also reveal the continuity of the investment plan that the company has been pursuing for the last several years, illustrated by the development of a platform for investments in renewable energy and a partnership with the Canadian fund CPPIB.
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About this Report
Throughout this report for 2019, Votorantim aims to present to its stakeholders the evolution of the portfolio management, achievements and challenges in the year, as well as the consolidated economic and financial results audited by PwC. This report also briefly describes the operating, social and environmental performance of the investees?Votorantim Cimentos, banco BV, Votorantim Energia, Nexa, Citrosuco (relative to the season beginning July 2018 and ending June 2019), CBA, Acerbrag and Paz del Río.
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Assurance Report
Report issued by PwC ensuring data from Votorantim's Annual Report in 2019.
Corporate Information
Votorantim S.A.
Rua Amauri, 255 – 13º andar
São Paulo (SP) – Brasil
Zipcode: 01448-000

Phone: + 55 11 3704-3300

Rua Olimpíadas, 205 – 9º andar
São Paulo (SP) – Brasil
Zipcode: 04546-004
Phone: + 55 11 3475-3045

Rua José Cesar de Oliveira, 111 – 8º andar
São Paulo (SP) – Brasil
Zipcode: 02675-031

Rodovia Curitiba/Rio Branco do Sul, 1.303
Curitiba (PR) – Brasil
Zipcode: 82130-570
Phone: + 55 41 3388-5150

Jirón Vittore Scarpazza Carpaccio, 250 – int. 305 Lima – Peru
Phone: + 51 715-7600
General Coordinators Finance and Investor Relations Department
Caroline Afonso
Débora Vargas Leal Oliveira
Mariana Mayumi Oyakawa
Sergio Malacrida

Technical Adviser
Resultante Consultoria

Writing, Editing and Proofreading
KMZ Conteúdo

Graphic Design
Pierre Design Marketing

Zebra Deluxe Comunicação
External Assurance

Votorantim´s image library

Felix Reiners

Translation (English)
LatAm Translations

Votorantim Sans

March 2020