cc rday ing
TRANSCRIPT
New Horizons: Perpetuity with Sustainable Development
São Paulo, November 19, 2010
Meeting Schedule
Meeting Schedule
SUBJECT LECTURER THEME TIME
Registration and breakfast 8 am - 8:30 am
Opening and Introduction Márcio Batista Welcome 8:30 am - 8:40 am
Retrospective Arthur Piotto 2010
8:40 am - 9:30 amMacro-economical Scenario
Jurandir Fernandes Transportation SP 9:30 am - 10:30 am
Coffee Break 10:40 am - 11 am
Growth of Current Portfolio 11:15 am - 11:35 am
Infrastructure Scenario
Economy
10:30 am - 10:40 am
Growth of Current Portfolio 11:35 am - 11:50 am
Financial Strategy Arthur Piotto Financial 12:30 pm - 12:50 pm
Questions and Answers 1 pm - 1:20 pm
Closing Lunch 1:20 pm - 3 pm
Growth - New Businesses Leonardo Vianna 11:50 am - 12:30 pm
Gustavo Loyola
Final Consideration Márcio Batista Closing
Current PortfolioJosé Braz
Opportunities
Italo Roppa
12:50 pm - 1 pm
Current Portfolio
Opening
Macro-economical Scenario
Perspectives for Brazil
Gustavo Loyola
Metropolitan Transportation in SP
Perspectives
Jurandir Fernandes
Retrospective
In the last CCR Day…
add value in several ways:But we can
1 Developing the Current Portfolio
• Traffic Growth• Increase of Operational Efficiency• Additional Investments in the Portfolio• Optimization of the Capital Structure (Re-leverage)
2 Developing New Businesses
• Road Secondary and Primary Markets• Subways and Light Rails• Urban Mobility• Logistics
Coffee Break
Current Portfolio
Developing the Potential
Italo Roppa
1 Traffic Growth • Low Density of Vehicles per Inhabitant in Brazil• Expectation of Strong Economic Growth • Perspective of Credit Growth
2 Addendum to Agreements
• Investments for the Improvement of Vehicles Flow• Increase of the Managed Road Network• Expansion of the Road Capacity
still shows a great unexplored potential:The current portfolio
Traffic
Traffic
Penetration of Vehicles – Motorization vs. per capita GDP
China
Mexico
BrazilChile
PolandCzech Republic
SpainJapan
Belgium Netherlands
FranceItaly
USA
Nominal Per Capita GDP (US$)
Mot
oriz
atio
n pe
r 1,0
00
inha
bita
nts
• The strong credit expansion allowed a great acceleration in the sales of vehicles;
• However, the vehicle/inhabitant ratio in Brazil is still in quite low levels
Sales of Vehicles - Brazil (Million)
CAGR – 3%CAGR – 11%
CAGR – 4%
CAGR – 7%CAGR 05-10: 18.7%
Vehicles Fleet - Brazil (Million)
CAGR 05-10: 6.5%
*Source: Roland Berger/Anfavea/CCR
Traffic 2010H
ighl
ight
s
2RodoAnel • The traffic in the concessionaire grows firmly
1ConsolidatedTraffic
• 3Q10 x 3Q09 The strong economic recovery has compensated the low growth year in 2009.
• Oct/10 registered the greatest traffic in history. • Preliminary data from Nov/10 suggest new records.
Con
solid
ated
Tra
ffic
Gro
wth
201
0 (E
quiv
alen
t Veh
icle
s– Y
oY)
Historic elasticity:
1.5x GDP
10M09 10M10
Strong recovery of commercial traffic. Firm growth of light vehicles traffic.
Traffic 2010 - RodoAnel
The global crisis had an impact on the traffic
foreseen in the proposal
Quite evident ramp up effect
Positive expectation about the impact of the southern
stretch after improvements, the construction of the eastern stretch and the
restrictions for the traffic of vehicles in the streets of
the city.
RodoAnel 2010 – (YoY)RodoAnel – Monthly VEQ
5.5
6.5
7.5
8.5
9.5
10.5
11.5
VEQ in Million Linear (VEQ in Million)
J F M A M J J A S O N D J F M A M J J A S O
2009 2010
10.7%7.7% 8.9%
27.0%25.3%
19.1% 19.6%
23.9% 24.1%
17.7%
J F M A M J J A S O
Potential of Additional Investments
Anhanguera II Project
(connection to CEAGESP)
Improvements in the SP-324 Highway
Improvements on the Initial Stretch
of Raposo Tavares Highway
Direct Connection of Castello Branco
Highway to CEAGESP
Potential of the Current PortfolioNew Investment Opportunities…
Identified Needs: R$ 2,200M
AutoBAnR$ 360 M
AutoBAnR$ 179 M
ViaOesteR$ 1,600 M
ViaOeste R$ 67 M
...trying to improve the flow and the quality of the roads, developing the area.
Before
Anhanguera Complex 1st Stage
Junction and improvements at Marginal Tietê
R$ 530million
Finished Addendum to AgreementsAutoBAn
After
R$ 360million
Identified OpportunitiesAutoBAn
Anhanguera Complex2nd Stage
Investments on SP-324AutoBAn
CEAGESP
Cebolão Project 2nd Phase
Direct Connection of Castello Branco Highway to CEAGESP
InvestmentsViaOeste
Detail of the Arrival of Raposo Tavares in the City of São Paulo Today
InvestmentsViaOeste
Castello Branco Highway
Raposo Tavares Highway
Detalhe da chegada da
Raposo Tavares na cidade de São
Paulo hoje
InvestmentsViaOeste
Improvements in the initial stretch of Raposo
Tavares Highway – between km 9.8 and km
34.0
Current Portfolio
Developing the Potential
José Braz
Direct connection of the Bridge to Linha
Vermelha (Red Line), with an approximate
extent of 2.3 Km
Implementation of a new track at Serra
das Araras, complement of riverside roads,
environment
Duplication of BR 277
Duplication of BR 376
Improvements of safety Infrastructure
in the highway
Potential of the Current PortfolioSeveral investment needs have been identified...
Identified Needs: R$ 2,805M
PonteR$ 205M
NovaDutraR$1,500M
RodoNorteR$1,000M
ViaLagosR$100M
... trying to improve the flow and the quality of the roads, developing the area.
InvestmentsBasic Project for the Connection of the Bridge to Linha Vermelha
Rio-Niterói BridgeLinha Vermelha
Bridge-Linha Vermelha Connection
R$ 205million
Connection of the Bridge to Linha Vermelha
CurrentDownhill Roadway
InvestmentsNovaDutra
Uphill Roadway
Serra das Araras
Downhill Roadway
R$ 1,500million
InvestmentsRodoNorte – Duplication of BR 277 – BR 376
VDM 4,770 V/DAYVDM 9,255 V/DAY
VDM 22,939 V/DAY
Paranaguá Port
InvestmentsViaLagos – Highway Safety Infrastructure Improvements
New Businesses
Various Opportunities
Leonardo Vianna
Leader in electronic collection
technology in tolls and parking lots
Line 4 of the São Paulo city
subway
Vehicle emissions inspection in the city
of São Paulo
Urban Mobility
New Businesses
STP ViaQuatro Controlar
STPPayment Services and Technology
Highlights Present in 6 States
Leader in electronic collection technology in tollhs and parking lots
Present in 6 States: SP, RJ, MG, PR, SC e RS
Coverage of over 92% of all toll roads
Present in 67 parking lots (Malls, Airports, etc.)
Represents up to 70% of the traffic in some toll plazas
Over 45 million monthly electronic transactions
Transactional volume of over R$ 5 billion
Over 2.400.000 cars with the device installed
STP – Payment Services and Technology
Gross Revenue (R$ MM) Quantity of TAG`s installed
CAGR 38%CAGR 36%
E E
STP – Payment Services and TechnologyImprovement and Development of New Opportunities
Improve the company’s business model, identifying the one that increases the
profitability of its shareholders
Identify and develop new business opportunities; increase the range of
activity of STP
1 2Value Creation
Hiring of an Advisor to Assist with the New Business Plan
Controlar
27 centers currently in operation
9M10 – 2.200 thousand inspections carried out;Estimated revenue for 2010: R$ 190 million
Consolidated data in 2010:
2010 Highlights
Inspection increase Authorization from the city hall for the electronic control through radars that read car plates. Fines of up to R$2.200 per month
Expectations for 2011
Gross Revenue (R$ MM) Quantity of Inspections Carried Out
CAGR 49%CAGR 39%
E E
Improvement and Development of New Opportunities
Vehicle Inspection Centers
Inspection Centers Inaugurated in 2010
• Casa Verde• Morumbi I and II• Parque do Carmo I
and II• Tatuapé
ViaQuatro
Highlights
Paulista and Faria Lima Stations in Operation as of May/10
May - November/10 – Approximately 12 thousand passengers/day
Phase I Butantã, Pinheiros, República and Luz Stations
770 thousand passengers/day (full year)
Phase IIHigienópolis, Oscar Freire, Fradique, Morumbi, Vila Sônia Stations
230 thousand passengers/day (full year)
ViaQuatro ProjectAbove expectations...
1st Stage 2nd Stage
Long Term Financing
Supply Contracting
Contract Signature
Receiving of 1st and 2nd
Train
Nov/06
Aug/07
Nov/07
May/08
Oct/08
May/06
Nov/09
Dec/09
Operational Tests
Bidding
O.S. Project
O.S. Manufacture
Boarding1st and 2nd
Train
Organizational Evolution and Contract Management
ViaQuatro Projectabove expectations...
Revenue 400
Passengers/day 770
No Trains 14
3rd Stage
Mai/10
Paulista and Faria Lima Stations
25/05
Commercial Operation
21/06
Jun/10 Butantã and Pinheiros
Next Steps
República and Luz
End of Phase I
Organizational Evolution and Contract Management
Full Year Phase I
Some Growth Options and their Respective Terms for EBITDA Generation
CCR’s Strategic Planning
Short-Term
Opportunities of Road Concessions in Brazil and Abroad:– Brownfield and Greenfield
Acquisitions of Road Concessions in Brazil and Abroad
Additional investments to the Current Portfolio
Development of Projects Initiated during the last years: ViaQuatro, RodoAnel, Controlar
1
2
3
4
Expansion of Businesses with potential - STP - Controlar
Primary Market of Subways, VLTs and BRTsSecondary Market of Subways, VLTs and BRTs
Take Advantage of Attractive Opportunities Abroad :– Peru– Colombia– México– Central America (Panamá, Costa
Rica and Porto Rico)
Mid-Term
5
6
7
EB
ITD
A G
ener
atio
n
Time2011-2012 2013-2015
Concessions in São Paulo 3rd round of concessions to be auctioned in the
State of São Paulo
Urban Transport Multiple projects in the Country, including subways/ trains in the cities of Curitiba, Brasília and Porto Alegre
Correlated Businesses Parking lots, vehicle inspection, logistics, etc
Concessions in Minas Gerais Concessions to undergo bidding in the State of Minas
Gerais
Federal Concessions Program 3rd and 4th rounds expected for 2011/2012
Consolidation(Secondary Market)
RodoanelWe did not participate in the Auction for the South and East Section
Opportunities of acquisition of selected road concessions
of investment
Multiple Opportunities
Concessions inSão Paulo 3rd round of concessions to be auctioned in the
State of São Paulo
Urban Transport Multiple projects in the Country, including subways/ trains in the cities of Curitiba, Brasília and Porto Alegre
Correlated Businesses Parking lots, vehicle inspection, logistics, etc
Concessions in Minas Gerais Concessions to undergo bidding in the State of Minas
Gerais
Federal Concessions Program 3rd and 4th rounds expected for 2011/2012
Consolidation (Secondary Market)
RodoanelWe did not participate in the Auction for the South and East Section
Acquisition of SPVias
of investmentMultiple Opportunities
AutoBAn – 316,8 km
NovaDutra – 402 km(in SP – 231,6 km)
ViaOeste – 168,6 km
RodoAnel – 32 km
Renovias* – 345,6 km
SPVias – 515km* CCR has participation of 40% in the Renovias Concessionaire (345,6 km)
São Paulo
Concessionaires
SPVias
SPVias
Acquisition of R$ 1,3bi of SPVias
241,8272,8
300,2
2007 2008 2009
155,7189,1
219,7
2007 2008 2009
72,3 73,997,3
2007 2008 2009
Net Revenue (R$ M) EBITDA (R$ M) Net Profit$ M)
The values presented above consider the margins and operational results in the standard adopted for analysis of these items in the CCR Group.
6th Largest Road Concessionary in Brazil in Revenues
Equivalent Vehicles (millions)
46,2
48,549,5
2007 2008 2009
Elasticity of the Period: 1,42x GDP
São Paulo
Concessions in São Paulo 3rd round of concessions to be auctioned in the
State of São Paulo
Urban Transport Multiple projects in the Country, including subways/ trains in the cities of Curitiba, Brasília and Porto Alegre
Correlated Businesses Parking lots, vehicle inspection, logistics, etc
Concessions in Minas Gerais Concessions to undergo bidding in the State of Minas
Gerais
Federal Concessions Program 3rd and 4th rounds expected for 2011/2012
Consolidation (Secondary MArket)
Rodoanel
Opportunities of acquisition of selected road concessions
of InvestmentMultiple Opportunities
We did not participate in the Auction for the South and East Section
Rodoanel South and EastAuction Result
Dutra
Ayrton Senna
Fernão DiasAnhhangüera/Bandeirantes
Castello Branco
Raposo Tavares
West Section
South SectionEast Section
Concessions operated by CCR
North SectionRégis Bittencourt
Imigrantes
Anchieta
Participants* Discount IRR NPV
1º SPMar Consortium 63,4% N/A (2.898.841)
2º Serramar Road Consortium 12,0% 6,8% (188.914)
3º Rodoanel South and East Consortium 5,1% 7,4% 101.485
Scenery considering
CCR premises
Road Concessions in São Paulo 3rd round of concessions to be auctioned in the State
of São Paulo
Road Concessions inMinas Gerais Concessions to undergo bidding in the State of Minas
Gerais
Federal Highways Concessions 3rd and 4th rounds expected for 2011/2012
Projects World Cup/Olympics VLT, Subways, Highways
Urban Transport Multiple projects in the Country, including subways/ trains in the cities of Curitiba, Brasília and Porto Alegre
Consolidation (Secondary Market) Opportunities of acquisition of selected road concessions
of investmentMultiple Opportunities
New Phase of Investments in Infrastructure2014 e 2016
Porto Alegre: 5.0
Curitiba: 4.5 Rio de Janeiro: 11.0
Salvador:5.0
R$86 billion
2016 Olympics in Rio:Preliminary estimates indicate an investment necessity close to US$ 14,4 billion
Investments in infrastructure for the 2014 World Cup
Recife: 5.0
Fortaleza: 9.4Natal: 3.5
BH: 1.5
DF (1): 3.5
Cuiaba 3.0
Manaus 1.5
Sao Paulo: 33.4
Significant investment necessities in urban transport infrastructure…
…strengthened due to the 2014 World Cup and 2016 Olympics
• Brasilia Subway: R$1 billion
• Porto Alegre Subway: R$ 2.5 billion
• Curitiba Subway: R$ 2 billion + R$ 200 million (urban transport
• VLT in Fortaleza: R$ 565 million
• VLT in Natal: R$ 878 million
Urban Transport Projects
• Parking lots, vehicle inspection in metropolitan regions, other concession models
• Airport Express (Guarulhos)
• TAV – High Speed Train (Campinas – São Paulo – Rio de Janeiro)
Source: Federal Government / State Government(1) Federal District
Correlated Businesses
A - Corridor EPTGB – Subway Line 1C - Corridor Gama-Santa MariaD – Light Rail Vehicle ( VLT )
Integrated Brasília Program
• The Blue Line will be 22 km long, where 3Km will be an elevated track and the remaining 19km underground
• Total estimated investment: R$ 2 billion
• Will connect the future CIS South Terminal to the BR-116 and the Santa Cândida Terminal, located in the North region of the city
• 22 Stations are foreseen, with an average distance of 900 meters between each other
Curitiba Subway
• CCR won the bidding to execute the viability studies and develop the project
• Revitalize the whole region and integrate the harbor neighborhoods with the central region
• Connect the main transport axis of the central area of the city, as well as tourist attractions and/or of great current and projected circulation for the region
• Connect on one side, the Central Business Area to the Santos Dumont Airport and Gloria, and on the other, the Gasômetro area, the TAV Station (High Speed Trains) in Leopoldina and the Estácio Subway Station
• Reduce the environmental impacts
Implementation of the VLT in the Harbor and Central Regions in Rio de JaneiroLight Rail Vehicle (VLT) - RJ
• Construction and Implementation of the subway line, including the permanent track, that starts on the Araribóia Station( Niterói ) and ends on the Guaxindiba Station (São Gonçalo)
• Approximate extension of 23km, of which 18,8 km on elevated tracks and 4,2km on surface tracks, including the elevated stations of Araribóia, Jansen de Melo, Barreto, Neves, Vila Laje, Paraíso, Parada 40, Zé Garoto, Mauá, Antonina, Trindade, Alcântara (12) and the surface stations of Jardim Catarina and Guaxindiba (2), the maneuvering Parks Barreto e Guaxindiba (2) and all the civil works on the referred Allotment
Araribóia Station ( Niterói ) – Guaxindiba Station (São Gonçalo)
Line 3 (Allotment 2) - RJ
Express Track connecting Barra da Tijuca to Deodoro, Américas Avenue to Brasil Avenue
Transolympic Project (PPP) - RJ
Video
Road Concessions in São Paulo 3rd round of concessions to be auctioned in the State
of São Paulo
Road Concessions inMinas Gerais Concessions to undergo bidding in the State of Minas
Gerais
Concessions of Federal Highways 3rd and 4th rounds expected for 2011/2012
Consolidation (Secondary MArket) Opportunities of acquisition of selected road concessions
of investmentMultiple Opportunities
3rd Stage of the State of São Paulo
Extension withoutVicinal
Lot 01 North Coast/Tamoios 538Lot 02 South Coast 107,6
645,6Lot 03 Piedade 369,49Lot 04 Circuito das Águas 402,16Lot 05 Jaú 875,06Lot 06 Médio Tietê 665,06Lot 07 Marília 325,52Lot 08 Penápolis 447,46Lot 09 Presidente Prudente 604,22Lot 10 Euclides da Cunha Leste 489,85Lot 11 Baixo Tietê 358,5Lot 12 Barretos 602,55Lot 13 Ribeirão Preto 455,75Lot 14 Raposo Central 345,74
5.941,36 6.586,96
Allotments of the 3rd Stage São Paulo
SUBTOTAL
SUBTOTAL
TOTAL
Estimated investments approximately
R$19 bi
Concession Term:
25 years
State of Minas Gerais Program
Extension (Km) (R$ M)
1 Divinópolis 406,7 553.72 Pouso Alegre 341,8 511.73 Curvelo 336,9 489.74 Uberaba 405,5 534.25 Itajubá 472,6 716.06 Montes Claros 392,9 620.07 Lago de Furnas 265,7 369.48 Uberlândia 322,7 614.99 Patos de Minas 273,9 383.2
10 Ouro Preto 275,0 527.111 São João del Rei 343,8 550.212 Formiga/Oliveira 232,0 356.213 Varginha 261,4 504.714 Caxambu 336,5 514.015 Poços de Caldas 321,2 459.616 Juiz de Fora 412,6 693.317 Araxá 365,3 519.5
5.766,5 8.918.2
Minas Gerais Program
TOTALConcession
Term:
25 years
Concession Term: 25 years.
BR- 040 (DF/GO/MG) - Juiz de Fora - Brasília
Extension (km)
Total Investment
936,8
R$ 3,3 bi
BR- 116 (MG) - Além Paraíba - Divisa MG / BA
Extension (km)
Total Investment
817,0
R$ 4,2 bi
BR- 101 (ES) / Mucuri (BA)
Extension (km)
Total Investment
475,9
R$ 2,5 bi
3rd Stage of the Federal Program
Considering just some of the expected opportunities, the pipeline for the next years is :
Urban TransportEstimated investment projects of R$ 5 bi
Concessions in São PauloEstimated investment projects of R$ 20 bi
Concessions inMinas Gerais Estimated investment projects of R$ 10 bi
Federal Concessions Program Estimated investment projects of R$ 9,5 bi
Expected projects of our interest which
shall demand over R$50 bi during the
coming years.
Multiple Opportunities of investment
Financial Strategy
Generate Value and Investment Capacity
Arthur Piotto
Investment CapacityFinancial Strategy
Maximum Indebtedness of 3.0x Net Debt /
EBITDA
Commitment of Paying a Minimum of 50% of Net
Profit as Dividend
Growth of the Company will be Financed Through
Leverage
Financial Strategy
...but still don’t fully consider the additional cash generation
The leverage indexes incorporate investments in new assets ViaQuatro, RodoAnel, Controlar, SPVias...
Gross Indebtedness (R$ bi) Net Indebtedness (R$ bi)
Financial Strategy
Exchange rate variation contributes to cost reduction of the debt on 3Q10
Opening of the debt through indexer 3Q10 Evolution of the Average Cost of the Debt in R$
* In nominal R$
Amortization Schedule
Schedule 3Q10 for debt amortization (R$ M) Expected schedule of debt amortization (R$ M)
642
847
735
859
1031
284202 195
29 23 43
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 and so
on
642
565527 531
589 570
489539
372
23 43
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 and so
on
• Amortization flow suitable to generate cash• No payments focused on the next year• Big part of the payments are from projects performed for easy refinancing
Investment Capacity
• Projects preformed with significant additional debt capacity.
• Structure target of 70% debt for new projects always seeking for Project Finance.
Current Situation
Additional Investment capacity of R$1,7 bi
Level of Leverage per Concessionaire (Div. Liq./EBITDA)
0,30
0,50
0,76
0,84
0,91
1,12
1,30
1,90
0,00 0,50 1,00 1,50 2,00
Ponte
RodoNorte
Renovias
AutoBAn
NovaDutra
Controlar
ViaLagos
ViaOeste
Situation for New Projects
Investment capacity for 2011 of ~ R$ 3,5 bi
Current Situation
Investment capacity of R$1,7 bi
Quick deleverage in 2011 with the
maturation of early-staged projects
(1) EBITDA considered for the calculation, the market consensus of R$2,350 M for 2010.
Investment Capacity
Dividends
We reiterate the commitment to pay at least 50% of the net profit in dividends.
Received Dividends
• Until Oct/10: R$ 495 million • Predicted for 2010: R$ 775 million
Dividend Yield*
Payout (Cash)
* Considering cash dividend
E
E
Payout average history over 70%
From 2004 the average payout was 83%
Control Block Composition
Direct and indirect shareholders
Final Considerations
Márcio Batista
Long-term
8
9
Expertise in management services:
• Road services (maintenance, signaling and operation)
• Urban solutions (parking lots)
Search for new businesses that bring innovation and growth
• solutions for cargo transportation, including highway opportunities in other Brazilian states
Some growth options and respective deadlines for generating EBITDA
The CCR Strategic Planning
18 a 36 Meses
EB
ITD
A G
ener
atio
n
Time2011-2012
Expansion of Business with great potential: - STP - Controlar Primary Market of Subways, VLTs and BRTsSecondary Market of Subways VLTs and BRTs
Use Attractive Opportunities Abroad– Peru– Colombia– México– Central America (Panamá,
Costa Rica and Porto Rico)
2013-2015
Medium Term
5
6
7
Short Term
Road concession opportunities in Brazil and abroad: – Brownfield and Greenfield
Acquisition of highway concessions in Brazil and abroad
Additional Investments in the Current Portfolio
Development of Projects initiated the years before: ViaQuatro, RodoAnel, Controlar
1
2
3
4
2015-2020
HighlightsLeadership Program Development
• Short Term Leadership Training
• Knowledge Management in Medium and Long Terms
• Sustainable Growth
PDL
With the goal to develop the leaders according to the skills of CCR Group, through a process aligned with the basic business definitions, challenges and strategic growth of CCR Group, we developed a Leadership Development Program, in partnership with Fundação Dom Cabral (FDC)
HighlightsIBTTA International reward
CCR received the international IBTTA award and the recognition of the best in Social Responsibility focused on Education and Traffic Safety with the project “Estrada para a Cidadania” (Road to Citizenship).
IBTTA is the largest and most important international association for the highway concession and every year promotes a competition among its 250 associates in 23 countries on the 6 continents, rewarding the best initiative on Corporate Responsibility.
IBTTA award
HighlightsIR International reward
Ranking of Institutional Investor magazine, over 50 years of history and circulating in several countries of America, Europe and Asia, highlighted the CCR Investor Relations team as the best among the transport, industry and aviation sectors.
IR award
Sustainability
What are the Sustainability Challenges?
What are the opportunities from this Challenges?
Sustainability
Sustainability is an opportunity to Create value
Economic
Social Environmental
Sustainable Value
Social Environmental
Eco-efficiencySocial
Economic
Sustainability
Sustainability is an opportunity to Create Value
Economic
Social Environmental
Sustainable Value
Social Environmental
Eco-efficiencySocial
Economic
Valuation
Reputation and
Corporate Value
Risk Managment
Operational Efficiency
Thank you!