Investor Presentaiton
A Message from the
Board of Directors
102-10 | 102-14
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We started 2021 with hope that
our activities would get back to
normal and our mobility would
be resumed, but as early as the
first quarter, we realized that the
health crisis would be longer and
more complex than anticipated.
The important progress in
vaccinations brought us a sense
of relief and we ended the year
optimistic about the future
management of the pandemic,
while also recognizing the need
to still follow protocols and gain
knowledge about how to deal
with the coronavirus.
As restrictions began to be
relaxed, the global economy
showed signs of recovery.
However, the increase in demand
was not followed by an equal
increase in supply. Global
growth in 2021 was hampered
by disruptions in supply chains,
rising inflation in developed
countries and some emerging
markets, higher interest rates,
and political uncertainty.
In Brazil, the Central Bank
reversed the downward trend in
interest rates to contain the rise
in inflation, which was a result of
the exchange rate devaluation,
an increase in commodity prices,
and higher production costs.
What followed was a decrease in
consumption and investments,
which had a negative impact on
the projected gross domestic
product (GDP) during the year.
At Votorantim, in an environment
filled with pandemic-induced
uncertainties, we continued to
pay attention to and care for
our employees. We also focused
on the financial health of our
companies and our business
continuity, and we continued
to support society through
various initiatives. During these
last two years, as we have been
facing an unprecedented health
crisis, we have witnessed the
importance of our adaptability,
our structures' flexibility, and our
organized and unbureaucratic
decision-making processes.
For us, the year was filled with
good results, not only from
an economic and financial
standpoint, but also with regard
to stronger collaboration in
strategic discussions between
Votorantim S.A. (the investment
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