SUSTAINABILITY REPORT 2021
Investors
GRI 103-1, GRI 103-2, GRI 103-3
Portobello
Portobello Group (PBG) maintains a
transparent relationship with its more than
25,000 investors, who own 40% of the total
shares issued by the company (excluding
treasury shares). This relationship occurs
mainly through the website, where the
results and financial data, material facts,
minutes of meetings and management
meetings, general notices to shareholders,
notices to the market are available, among
other contents. It also happens in quarterly
conference calls.
As part of B3's New Market, a segment
made up of shares in companies that
follow a demanding Corporate Governance
standard, Portobello Group has some
features that are relevant to investors, such
as: share capital exclusively composed
of common shares, which give the right
to vote; Tag Along; in a scenario of going
private or cancelling the registration of
trading on the New Market, carrying
out a public offer for the acquisition of
all outstanding shares, at least, for their
economic value; among other various rules.
STOCK PERFORMANCE
This was a challenging year for the Brazilian
capital market. B3's main index, the
Ibovespa, recorded an accumulated drop
of 12.1% in 2021. In this negative context,
Portobello shares (PTBL3) appreciated by
40.5%, reaching BRL 9.64 on 12/31/2021,
a level that is below its potential, considering
the solidity of the business and the
company's positive performance throughout
the period, the best ever recorded in its
entire history. The average monthly financial
volume traded in the year totaled BRL
718 million and daily, BRL 34.9 million, an
expansion of 50% over 2020. The total
remuneration distributed to shareholders
in 2021 was BRL 99.2 million (+529.3%
compared to 2020).
RATING
In December, Fitch Ratings, one of the
world's leading credit risk rating agencies,
upgraded Portobello Group's long-term
national rating to "A-(bra)" by two notches.
According to Fitch, this increase is the result
of a stronger-than-expected operating
performance, which allowed the company
to reduce its net leverage, as measured by
the ratio of net debt to equity, to below 2.0
times. At the end of December 2021, this
ratio closed at 1.6 time.
LENGTHENING OF THE
DEBT PROFILE
In September, Portobello Group announced
its fourth issue of simple, non-convertible
debentures, in the amount of BRL 300 million.
The funds were used to lengthen the debt
profile. In addition, the issuance has a two-
year grace period for the start of payment,
reinforcing the company's cash position.
SHARE BUYBACK
In 2021, two share buyback programs
were carried out, the first totaling
6,999,658 shares, equivalent, on that
date, to 4.41% of the total shares
issued by the company and 10.0% of
the company's outstanding shares. This
program was fully implemented, at an
average price of BRL 8.91 per share, and
after its conclusion, all these actions were
cancelled. And a second program, in the
total of 6,542,817 shares, equivalent, on
that date, to 4.44% of the total shares
issued by the company and 10.0% of
the Company's outstanding shares. This
second buyback was also fully carried
out, at an average cost of BRL 13.96 per
share. The shares of the 2nd program
remained, at the end of 2021, in treasury,
for later disposal and/or cancellation.
<3
25,000
INVESTORS
50%
OF PROFITS DISTRIBUTED
DIVIDEND YIELD
15.3%
1.6x
NET LEVERAGE
MESSAGE FROM THE CHAIRMAN
PORTOBELLO
STRATEGY
GOVERNANCE
THE REPORT
SUSTAINABILITY AT PORTOBELLO
SOCIAL
ENVIRONMENTAL
ECONOMIC
GRI CONTENT INDEX
61
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