The portfolio companies demonstrated their significant adaptability and resilience. They reaffirmed their values and strategies. All companies achieved good results despite the challenges they faced in 2021, which included a shortage of inputs, cost increases, and logistical issues combined with the impact of the pandemic on employees and their families.

In addition to their results, the companies advanced their strategies and made important progress during the year. The main highlights include (i) the international expansion of Votorantim Cimentos, especially in North America and Spain; (ii) the increased digitalization of BV; (iii) the IPO of CBA; (iv) the announcement of the consolidation of Votorantim Energia’s energy assets, in a transaction involving CPP Investments and other CESP shareholders; (v) Nexa’s preparation to start operating a new polymetallic mine, Aripuanã, in 2022; (vi) the social and environmental development of Citrosuco’s supply chain; and (vii) the increase in Acerbrag’s investments and competitiveness in Argentina.

These moves, which are in line with the business strategy of each of the portfolio companies, helped make them stronger. The pages dedicated to the individual companies will provide additional information about their markets, operational and financial performances, initiatives during the year, and advances related to their ESG agendas. More detailed information about each of the individual companies can be found in the annual reports available on their respective websites.