camargo corrêa sa - Camargo Corrêa

Transcription

camargo corrêa sa - Camargo Corrêa
Annual Report
CAMARGO CORRÊa S.A.
Summary
4
Corporate Profile
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6
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9
10
11
19
20
21
24
26
28
31
Values of the Camargo Corrêa Group
Message from the Shareholders
Message from the Board
Corporate Structure
Group Businesses
Timeline
Corporate Governance
Risk Management
Financial Performance
People Management
Sustainability
Sustainability Indicators
Camargo Corrêa Institute
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Group Businesses
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40
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46
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57
59
61
Cement
Energy Concessions
Highway Concessions
Engineering and Construction
Footwear
Steelmaking
Real Estate Development
Shipbuilding
Airport Operations
63
About the Annual Report
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83
85
Advances in the Annual Report
GRI Indicators
Awards and Recognition
Corporate Information
Credits
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annual report 2010 CAMARGO CORRÊa S.A.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate
Profile
“It is not enough to love Brazil, it is necessary to build the Brazil of the future.”
Sebastião Camargo (1909-1994), founder of the Camargo Corrêa Group
GRI 2.1
The Camargo Corrêa Group is one of the largest
estate and steelmaking. More than 61,000 people
business groups in Brazil. Family-owned since its
are employed in the Group’s companies, working to
foundation, the Group invests in and contributes to
accomplish the mission established by the founder,
the economic and social development of the country.
Sebastião Camargo, to build the Brazil of tomorrow.
Founded as a construction company - originally called
GR1 2.2
Camargo Corrêa & Companhia Limitada - Engenheiros
The Camargo Corrêa Group is distinguished by its
e Construtores, the Group expanded and diversified
excellence in performance, by its competence in the
its business. Today it holds significant participation
management of its businesses, and by its efficiency and
and leading roles in several sectors of the economy,
innovation in its operations. The search for quality and
including, among others, engineering and construction,
best practices in providing services and producing goods
cement, energy and highway concessions, footwear,
is reflected by the certifications, awards and recognitions
shipbuilding (with a focus on oil and gas), real
received by the Group’s companies.
GRI 2.7
and 2.8
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Values of the Camargo
Corrêa Group
GRI 4.8
Respect for people and the environment
Always act in a fair and equitable manner in relation to shareholders, employees,
customers, suppliers, governments, local communities and society in general. Act with
responsibility toward the environment.
Responsible actions
Comply with the requirements of the law wherever we work, acting with integrity.
Respect diversity in accord with universal norms of good human relations, without
discrimination in terms of race, gender, belief, religion, job position, function, or other.
Transparency
Provide clear and complete information regarding the Group’s activities, achievements,
policies and performance in a systematic and accessible form.
Focus on results
Always seek to maximize the Group’s performance as a means of ensuring its perpetuity, its
investments, returns for shareholders and adequate conditions for employees.
Quality and innovation
Ensure the quality of services and products and continuously invest in improvement of
employees and the Group’s companies.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Message from
the Shareholders
GRI 1.1
We, the shareholders of Camargo Corrêa, pride
Behind a corporate culture responsible for many icons
ourselves on having built, and on continuing to
of Brazilian development is the daily practice of our
build, one of the largest business groups in Brazil,
values, maintaining our results, our customer loyalty
internationally recognized for the quality of its
and increasing our pride in belonging to the Camargo
operations, its accumulated knowledge, and its
Corrêa Group.
entrepreneurial capacity to generate wealth in a
sustainable manner for investors, employees, partners
Respect for people and the environment, responsible
and for the communities where we operate.
operations, transparency, focus on results and quality
with innovation are the basic values of our commitment
Successfully building our future - with economic profit,
to all our stakeholders. It is through this commitment that
respect for the environment and social equality - is
we leverage our vocation to invest in capital-intensive
more than just a great challenge, it is the assumption
businesses, which now spread beyond the limits of our
of our vocation as corporate citizens, participating
geographic frontiers.
in the construction of the development vision and
transforming it into reality. Camargo Corrêa’s business
It is this boldness that distinguishes the new generation of
philosophy is grounded on long-term commitment,
shareholders and executives who have the responsibility
in which robust economic results are more than a
of leading our business, now based not only on the
routine, they are founded on the achievements of our
legacy of 72 years of history, but also on a bold vision of
most important asset: our people.
transforming society through sustainable growth.
Our differential lies in being a family-owned business
We live in promising times for the Camargo Corrêa
aligned with global standards of quality, results
Group businesses. The renewed cycle of economic
and professionalism, and being in the vanguard of
expansion through which Brazil is passing, and the
management and pioneering technology in order to
demands of the strategic markets in which we operate,
serve our customers and other stakeholders.
are served by differentiated products and services
within our portfolio. Mature administration coupled with
Our legacy of operations in engineering, construction
financial strength and agile positioning differentiates
and cement has enabled the expansion of our activities
our ability to anticipate demands.
into infrastructure segments such as energy and
transport concessions, as well as basic industries and
We have an unquestionable commitment to the future.
consumer goods.
We are ready to embrace the challenge!
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Legend: Carlos Pires Oliveira Dias, Vitor Hallack, Luiz Roberto Ortiz Nascimento and A.C. Reuter (from left to right)
form the Board of Camargo Corrêa S.A.
Message from the Board
GRI 1.1
The year 2010 will be remembered as a milestone in
In the Engineering and Construction sector, large-scale
the Camargo Corrêa Group investment cycle, with the
projects have been completed, including the Serra do Facão
total for the last decade reaching more than R$ 20
and Foz do Chapecó hydroelectric plants, and the Tucuruí
billion. Results and achievements are distributed across
River lock system, which allows navigation to return to the
the various operational sectors, sustaining an average
Tocantins River. With the aim of better serving engineering
annual growth of 22% in net revenue over the past five
and construction customers, a reorganization was
years. Last year the Group achieved consolidated net
implemented which created units specialized in Energy, Oil
revenues of R$ 17.94 billion.
and Gas, Infrastructure and Industrial Construction.
Strengthened by the constant support of our
With over 40 years of experience in the cement market,
shareholders and employees, we constantly seek to
Camargo Corrêa Group made the largest acquisition in its
link our investments to the values and principles of
history in this sector: € 1.4 billion for a 33% stake in Cimpor -
the Camargo Corrêa corporate culture. Our work is
Cimentos de Portugal, becoming its single largest shareholder.
recognized through our leading position and through
A subsequent event in April 2011 changed the corporate
the excellence of our products and services, which
name of Camargo Corrêa Cimentos S.A. to InterCement
leverage sustainable development in the regions
Participações S.A., reflecting the desire for internationalization
where we operate.
beyond our positions in Argentina and Brazil.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Message from the Board
In the Concessions sector, CPFL Energia, in
from more than 3,700 employees in 897 registered
which Camargo Corrêa Group is the main private
projects, more than double the number for the
shareholder in the controlling block, has applied
previous edition. Last year also saw the Camargo
time and resources in the search for generation
Corrêa Institute complete ten years of operation.
from renewable sources. These efforts resulted
During this time it has assisted in around 150 projects,
in two operations, which were announced in early
benefiting some 83,000 people. At the end of the
2011: the acquisition of Jantus and the merger with
year, the Institute entered into a partnership with
Ersa to form CPFL Renováveis, which created the
BNDES to create a joint fund worth R$ 50 million that
largest Latin American company based on renewable
will be used in programs to assist young people to
sources. With regard to CCR S.A., which is also a
enter the labor market.
leader in Latin America in highway concessions,
sound performance and strategic potential prompted
In 2010, the macroeconomic scenario and the
us to increase participation in the controlling group
challenges of the international market continued to
from 25% to 33.3%.
demand agility, focus and management quality by
governments and businesses. The vast opportunities
Alpargatas S.A. once again stood out, with advances
that remain on the horizon in the domestic markets
in positioning managed brands that are desired by
of emerging countries are mobilizing attention and
the market, including Havaianas, Brazil’s most valued
investments on various fronts, especially in Brazil,
brand overseas. In 2010 shoe sales and profitability
where the demands on infrastructure will facilitate
reached a new record. In the steelmaking sector,
much desired sustainable growth.
the signing of a new shareholders’ agreement and
the constitution of Mineração Usiminas S.A. are
The Camargo Corrêa Group has learned, in its 72
highlighted. This will facilitate the advance of Usiminas
year history, that our growth has been leveraged by
in mining and logistics, without limiting investments in
our capacity to endeavor. This vocation is witnessed
its core business: steel production and sales.
by landmarks in the history of Brazil, such as Itaipu,
Tucuruí and the Rio-Niterói Bridge, which are now
In 2010 CCDI - Camargo Corrêa Desenvolvimento
being joined by the Ethanol Pipeline, the Estaleiro
Imobiliário, our real estate development business,
Atlântico Sul and many others presented in this
achieved the best result in its history. The Shipbuilding
Annual Report. The result which we achieved
Unit was consolidated through the completion of
together in 2010 would not have been possible if we
construction of the EAS - Estaleiro Atlântico Sul
had not operated as an integrated team, consistently
-industrial park, an important milestone in the revival
supported by our shareholders. Finally, I thank the
of the Brazilian shipbuilding industry, and also through
confidence of each of our customers and suppliers
its success in winning the tender for the first seven
and also the determination of our employees.
deep water drilling rigs (Drillships) to be used in presalt oil exploration.
In the field of Sustainability and Social Responsibility,
we can also celebrate important advances. The
Vitor Hallack
second edition of the Camargo Corrêa Group
Chairman of the Board
Sustainable Innovation Award attracted participation
Camargo Corrêa S.A.
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
T 44.12%
T 66.4%
T 99.99%
T 100%
InterCement
Brasil S.A.
T 99.5%
T 70.77%
T 80%
Camargo Corrêa
Naval
Participações Ltda.
T 99.9%
T 0.10%
T 34.29%
25.6%
T 0.71%
T 40%
Construções e Com.
Camargo Corrêa S.A.
Camargo Corrêa
Energia S.A.
T 33.3%
®
T 4.34%
Camargo Corrêa
Construções
Industriais
T 99.99%
Camargo Corrêa
Infraestrutura
T 61,63%
T 80%
T 31.01%
T 16.35%
Camargo Corrêa
Óleo e Gás
T 18.69%
T 99.89%
Camargo Corrêa
Energia e
Construções
GRI 2.3
T 100%
T 80%
T 35%
T 100%
T 100%
T 100%
T 100%
T 99.0%
T 99.99%
Shareholder Structure
T 99.99%
9
T 1.42%
T 27.25%
T = TOTAL
Note: Position as of December 31, 2010, excluding the Environmental business.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Group Businesses
GRI 2.2, 2.3, 2.4, 2.9
Cement
Energy Concessions
Highway Concessions
InterCement Participações S.A., a
Camargo Corrêa Group is the
Camargo Corrêa Investimentos em
holding company that brings together
largest private participant in the
Infraestrutura participates in the
the cement business assets,
controlling block of CPFL Energia,
controlling block of Companhia de
participating in the Brazilian, Argentine
which operates in electricity
Concessões Rodoviárias - CCR, the
and Paraguayan markets. Camargo
generation, distribution and
largest highway concessionaire in
Corrêa Group is also a shareholder in
commercialization.
Latin America.
Engineering and
Construction
Footwear
Steelmaking
Alpargatas S.A., a subsidiary of
Camargo Corrêa Group participates in
This division, formed by segmented
Camargo Corrêa, operates in the
the controlling share block of Usiminas,
business units, operates in
footwear and sporting goods
the largest producer of sheet steel in
infrastructure project construction and
segments, with brands that include
Latin America.
management. It is present in South
Topper, Rainha, Mizuno, Timberland,
America and Africa. It is a leader in the
Dupé and Havaianas, which is the
construction of hydroelectric plants.
most valued Brazilian brand overseas.
Real Estate
Development
Shipbuilding
Airport Operations
Camargo Corrêa is the founding
Operation, investment and
Camargo Corrêa Desenvolvimento
shareholder of Estaleiro Atlântico Sul,
administration of nine airports in
Imobiliário - CCDI - operates in
in the State of Pernambuco, the
Latin America and the Caribbean,
residential and commercial real estate
largest shipbuilding company in the
through A-Port.
development. It also operates in the
southern hemisphere, and also
low-income segment through its
participates in Quip S.A., specialized
subsidiary HM Engineering.
in constructing offshore oil platforms.
Cimpor, which is based in Portugal and
has operations in 12 countries.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Timeline
Ehenitaturia ili
s si solorum
1939
March
•
ounding of Camargo, Corrêa &
F
Companhia Limitada - Engenheiros e
Construtores.
The 1940’s
1940-41
•
irst construction contract: Road
F
leveling in Banhado Grande, Apiaí (SP).
1943-44
•
arthworks and paving at Santos Air
E
Base (SP).
1946
•
he Company adopts the name
T
Construções e Comércio Camargo
Corrêa S.A.
1948
•
oundation of Companhia Jauense
F
Industrial, a threads company.
The 1950’s
1955-65
•
onstruction of the first hydroelectric
C
plant: Euclides da Cunha, in São José
do Rio Pardo (SP).
1956
•
cquisition of Companhia Auxiliar de
A
Viação e Obras (Cavo).
1957-63
•
arthworks, main road and sideE
street paving and dam construction at
Paranoá, in Brasília (DF).
12
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Timeline
The 1960’s
The 1970’s
The 1980’s
1971-74
• Construction of the Presidente Costa e
Silva Bridge (Rio-Niterói), 13.3 km long,
the second longest bridge in the world at
the time.
1971-76
•
onstruction of the first section of the
C
São Paulo Metro, the North-South line.
1972-77
•
1962-78
•
onstruction of Jupiá (MS) and Ilha
C
Solteira (SP) hydroelectric plants - the
latter being Brazil’s largest hydroelectric
plant and one of the three largest in the
world at the time.
1963-67
•
onstruction of the Presidente Castello
C
Branco Highway (SP).
1968
•
oundation of Camargo Corrêa
F
Industrial, later renamed Camargo
Corrêa Cimentos.
onstruction of the Imigrantes Highway
C
(São Paulo-Santos).
1974-75
•
onstruction of the Trans-Amazon
C
Highway.
1975-79
•
onstruction of the Ferrovia de Aço
C
railway (Minas Gerais).
1975-83
•
onstruction of hydroelectric plants
C
Itaipu (PR), Tucuruí (PA) and Guri
(Venezuela), three of the largest in the
world.
1980-96
•
onstruction of Cumbica International
C
Airport (São Paulo).
1982
•
amargo Corrêa becomes a
C
shareholder in Alpargatas.
1984
•
amargo Corrêa becomes a
C
shareholder in Alcoa.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Timeline
Ehenitaturia ili
s si solorum
The 1990’s
1992
Start of operation of the second furnace
at the Apiaí (SP) cement factory.
The 2000’s
2000
reation of the Camargo Corrêa
C
Institute.
•
•
1993
2002
• Inauguration of the Camargo Corrêa
•
Industrial cement factory in Bodoquena
(MS).
1996
•
In consortium, Camargo Corrêa wins
the concessions for the Rio-Niterói
Bridge and the Via Dutra, the first
two concessions let by the Federal
Highway Concession Program.
2003
•
•
urchase of the Loma Negra cement
P
plant in Argentina.
•
•
he construction company wins the
T
tender to construct the Inter-Oceanic
highway in Peru, and the Porce III
hydroelectric plant in Colombia.
he construction division begins
T
construction of Jirau hydroelectric plant
on the Madeira River.
•
Inauguration of Estaleiro Atlântico Sul.
Formation of Estaleiro Atlântico Sul.
•
Acquisition of Alpargatas Argentina.
S.A. holding company.
amargo Corrêa S.A. becomes part of
C
the Usiminas controlling group.
1997
Inauguration of the Ijaci cement factory
(MG).
2005
• Incorporation of the Camargo Corrêa
•
Acquisition of control of Alpargatas.
•
2006
•
Purchase of Cimento Cauê.
•
•
hrough VBC, the Group acquires a stake
T
in Companhia Paulista de Força e Luz
(CPFL).
2007
1998
•
amargo Corrêa participates in
C
the formation of Companhia de
Concessões Rodoviárias (CCR).
L aunch of the “Charter for
Sustainability: The Challenge of
Innovation”.
•
amargo Corrêa Desenvolvimento
C
Imobilário (CCDI) starts trading shares
on the Bovespa.
•
Formation of A-Port.
2008
2009
•
-Port completes the acquisition of 51%
A
of the Curaçao Airport concession.
•
The Group takes a 100% stake in VBC.
•
onstruction work starts at the Moatize
C
coal mine, in Mozambique.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Timeline
20
10
February
17
•
amargo Corrêa Group acquires
C
approximately 33% of the Portuguese
company Cimpor, becoming its largest
individual shareholder, following an
investment of € 1.4 billion.
26
•
PFL starts commercial operation
C
of the Baldin thermal power plant,
generating electricity from the burning
of sugarcane bagasse.
March
1
•
amargo Corrêa Cimentos
C
joins the Global Compact, a UN
initiative.
24
• Alpargatas launches a line of closed
shoes with the Havaianas brand, the Soul
Collection.
29
•
Engenharia delivers the first 294
HM
properties in São Paulo within the
Federal program Minha Casa, Minha
Vida.
30
•
Inauguration of the southern section
of the São Paulo Ring Road, 17 km of
which were built by a consortium led by
Camargo Corrêa.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } timeline
Ehenitaturia ili
s si solorum
May
July
6
•
avaianas (Alpargatas) opens its first
H
exclusive store in the United States.
30
•
7
•
Estaleiro Atlântico Sul launches its
first oil tanker, named João Cândido.
25
•
he ViaQuatro Consortium and the State
T
of São Paulo Government inaugurate
the first section of Metro Line 4 (Yellow),
with an extension of 3.6 km.
amargo Corrêa Cimentos erects
C
the cornerstone for the first Cimentos
Yguazú plant, in Paraguay.
August
4
•
CR Group announces the acquisition
C
of the SPVias concessionaire.
13
•
onstrutora Camargo Corrêa donates
C
the work site offices on the left bank
of the Jirau hydroelectric plant to the
Chico Mendes Institute, to serve as the
future headquarters of the Mapinguari
National Park.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } timeline
September
24
•
tart of operations of the new
S
Usiminas coke oven at the Ipatinga
plant (MG).
30
•
ompletion of the industrial park
C
construction works at Estaleiro
Atlântico Sul.
October
19
•
Inauguration of the Serra do Facão
hydroelectric plant (GO), with 210 MW
installed capacity.
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annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } timeline
November
23
•
L aunch of the ethanol logistics system
project, with participation from
Petrobras and Camargo Corrêa.
29
•
Inauguration of the Tucuruí River
locks (PA).
December
21
•
orce III hydroelectric plant is
P
inaugurated in Colombia, with 660
MW installed capacity.
30
•
oz de Chapecó (SC/RS)
F
hydroelectric plant is inaugurated,
with 855 MW installed capacity.
18
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } timeline
20
11
April
February
10
•
he Camargo Corrêa Institute and
T
BNDES signed an agreement for R$
50 million destined to the Futuro Ideal
program.
21
•
itch upgrades the Camargo Corrêa
F
S.A. foreign currency rating and the
national long-term and short-term
company rating.
4
•
L etter of Intent signed between EAS
and Petrobras for construction of seven
deep water drilling rigs (Drillships).
7
•
PFL Energia acquires Jantus SL,
C
holder of the largest portfolio of wind
farms in Brazil.
20
•
PFL Energia and Ersa enter into an
C
association to form CPFL Renováveis,
creating one of Latin America’s
largest renewable energy generation
companies.
25
•
L aunch of the InterCement brand,
the holding company for the Group’s
cement business.
19
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Corporate Governance
Corporate governance of the Camargo Corrêa Group
these three being listed on the São Paulo Stock,
aims to ensure that our Values, Sustainability Principles
Commodities and Futures Exchange (BM&FBovespa)
and Code of Conduct are strictly adhered to.
New Market -, Alpargatas S.A., Usiminas, Tavex
Corporation and Cimpor.
Our companies have guidelines to govern the
The Camargo Corrêa S.A. holding company is owned
relationship between employees, customers,
by Participações Morro Vermelho S.A., which is jointly
shareholders, suppliers and the communities
owned by its shareholders.
neighboring our operations.
GRI 2.3
and 2.6
The Group’s governance structure is led by the Board,
Created in 1996, Camargo Corrêa S.A. is the holding
consisting of the President, Vitor Hallack, and three
company that directs the management and control
vice-presidents: A.C. Reuter, Carlos Pires Oliveira
of the Group’s businesses. Camargo Corrêa S.A.
Dias and Luiz Roberto Ortiz Nascimento. In addition to
is a major shareholder in several publicly traded
ensuring the Group’s governance, the Board oversees
companies, such as CPFL Energia, CCR S.A.,
the management of business units and ensures effective
Camargo Corrêa Desenvolvimento Imobiliário -
application of synergies through advisory committees.
Board of Directors
GRI 4.1 and 4.3
Vitor Hallack
A.C.Reuter
Carlos Pires Oliveira Dias
Luiz Roberto Ortiz Nascimento
Executive
Committee
Communications
Finance
Committee
Control
Audit & Risk
Human Resources
Committee
Institutional
Relations
Sustainability
Engineering &
Construction Division
Concessions Division
Cement Division
Real Estate Division
Corporate Division
Antonio Miguel Marques
Francisco Caprino Neto
José Édison Barros Franco
José Diniz
Marcio Garcia de Souza
GRI 4.1
20
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Corporate Risk Management
GRI 1.2
Corporate risk mapping encompasses the main
Financial
business units, in which Internal Audits are
• Fraud
undertaken. The objective is to assist management
• Accounting records
in establishing an Internal Audit Plan for the year.
• Taxes
Internal Audit Methodology (IAM) is used to achieve
• Credit and collection
this goal, through which each company is aided in
• Market (enterprise value)
assessing its risks.
• Continuity
The work is conducted in three phases:
Regulatory
1. Interviews with company leaders
2. Identification of the key corporate risks of the
business, by type, as follows:
Strategic
• Strategic and confidential information
• Legal (government regulations)
• Contractual
• Internal standards
• Code of Ethics and Conduct
• Environment
3. Classification of gross risks and residual risks,
by process:
• Market share and brand value
• Image
Gross risks
• Alliances and acquisitions
• When there is possibility of events or circumstances
• Customer satisfaction
that may prevent the company from achieving its
objectives, not taking into account the mitigating effect
Operational
when internal controls exist.
• Sales (shipping and distribution)
• Human resources
Residual risks
• Information technology
• The risks that remain after taking the mitigating
• Health and safety
• Use of assets
effect into account.
21
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Financial Performance
The Camargo Corrêa Group registered record
GRI 2.8, 2.9, EC1
• The Cement business unit registered net revenues
consolidated net revenues of R$ 17.94 billion in 2010,
of R$ 2.5 billion, a historical record. In the same
up 11% over the previous year. Investment of R$ 5.24
period, EBITDA reached R$ 616 million, representing a
billion was also a record; this includes the acquisition
decrease of 4% over the previous year, due in part to
of 33% of Cimentos de Portugal – Cimpor - for
the adverse impact of foreign exchange income from
€ 1.4 billion, the largest acquisition in the company’s
overseas operations. In the case of Brazil, high market
history. Camargo Corrêa Group’s consolidated
demand was registered, mainly due to growth in the
net revenues rose to R$ 19.64 billion, a figure 21%
housing market, including the Federal government’s
higher than in 2009, by adding the values related
housing program ‘Minha Casa, Minha Vida’, and the
to interest in Cimpor.
major infrastructure projects which are underway in the
country, partially offsetting the impact.
Last year, net profit reached R$ 1.3 billion. By the BR
GAAP criterion, which was the accounting rule in force
• Strong growth in the Brazilian economy in 2010
up to 2009, this value amounts to R$ 2.0 billion. The
boosted CPFL Energia’s results. CPFL’s net revenue
difference is in the IFRS accounting rules and the fair
reached R$ 12 billion, up 5.9% over the previous year -
value of the Cimpor share acquisition, which had a R$ 600
the value proportional to the Group’s participation in the
million negative impact on the consolidated results.
company amounted to a net revenue of R$ 3.1 billion.
GRI 2.9 and 3.10 The financial information in this Annual
Report integrates the value of the Camargo Corrêa S.A.
holding company and its subsidiaries. Data from subsidiary
companies is considered in the proportion of participation by
the holding company in the respective equity.
GRI 2.9 and 3.10 To express the results of the Group more
clearly, certain adjustments were made in corporate information.
The main adjustments are related to the adaptation of acquisition
capital structure, the alignment of results by business and the
valuation of investments in other companies.
The numbers presented with effect from 2010 include the
application of accounting pronouncements (CPC) in convergence
with international standards (IFRS); in the Real Estate business unit
OCPC 4 was applied, as edited by the CPC, which deals with the
recognition of revenues and costs in this sector.
Net Revenue
(billions of R$)
EBITDA (billions of R$)
17.94
3.21
3.17
2009
2010
16.18
2.42
13.16
1.91
10.48
1.61
8.36
2006
2007
2008 2009
2010
2006 2007
2008
22
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } financial performance
The Group’s participation in EBITDA jumped from
R$ 139.3 million, up 106% over 2009. Net revenue
R$ 716 million in 2009 to R$ 873.5 million in 2010.
reached R$ 2.27 billion, compared to R$ 2.01 billion in
the previous year, largely thanks to strong growth in
• The volume of traffic on highways managed by CCR
sales in the Brazilian market, while EBITDA reached
also grew significantly in 2010, with positive impact on
R$ 405.3 million, representing an increase of 36.2%
the company’s financial results. Net revenue increased
over the previous year. Shares of Alpargatas rose
22.2% over the previous year, to R$ 3.7 billion, with
93% in 2010, and return on equity was over 26%.
net revenue proportional to the Group’s share of the
company being R$ 769.2 million with an EBITDA of
• The heated domestic market also led the Real Estate
R$ 409.2 million. CCR’s net profit was R$ 671.7 million
Development division to post the best financial result in
for the year, 5.2% lower than 2009 due to an increase
its history. Net revenue was R$ 1.1 million and net profit
in financial expenses in the period. Net profit proportional
was R$ 143.2 million, up 62.7% and 147% respectively
to the Group’s participation was R$ 129.7 million.
on the previous year.
• The Engineering and Construction division recorded
• On December 30, 2010, the company sold all of its
5% growth in net revenue to R$ 6 billion in 2010.
participation in Itaúsa. The deal, worth R$ 2.7 billion,
However, the rising costs of labor and consumables,
was undertaken on the BM&FBovespa.
pressured by an economy in strong growth, brought a
negative impact on the profitability of the division. Net
• On March 4, 2011, the company sold its entire
income of R$ 297.6 million and EBITDA of R$ 561.5
stake in the Cavo Serviços e Saneamento S.A.
million were therefore lower than the values obtained
subsidiary, which holds stakes in Essencis Soluções
in the previous year.
Ambientais S.A. and in Unidade de Tratamento de
Resíduos S.A. The stake was purchased by DMTSPE
• The Footwear unit had excellent performance,
Empreendimentos e Participações, a company
with record net profit. The result proportional
controlled by BTG Pactual Delta III Fundo
to the Group’s share of the company amounted to
de Investimentos em Participações.
Net Profit
(billions of R$)
Consolidated Investment
(billions of R$)
1.62
1.47
0.86
4.66
1.3
0.98
1.27
2006 2007
5.24
2008
2009
2010
2006
1.63
2007
1.84
2008 2009
2010
23
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Financial performance
Average Capital Employed by Business Unit
(Participation in %)
29.2
27.1
2009
20.8
2010
19.6
11.9
10.7
7.6
6.8
7.6
9.5
7.0
6.3
7.2
7.1
6.6
4.9
3.6
4.5
1.1
Construction
Cement
Energy
Transport
Concessions Concessions
Footwear
Steel
Real Estate
Ship
Building
1.0
Airport
Operations
Others
Net Revenues by Business Unit
(Participation in %)
35.6
33.7
2009
2010
18.6
17.3
14.7 14.4
12.5 12.6
3.3
Construction
GRI EC1
Cement
4.3 4.7
4.3
Energy
Transport
Concessions Concessions
Footwear
Steel
3.9
5.7
Real Estate
2.6
3.9
3.9
0.6 0.5
Ship
Building
Airport
Operations
2.9
Others
Distribution of Added Value
Camargo Corrêa and subsidiaries (billions of R$)
2010
2009
Employee remuneration
2.5
2
Governments
3.8
3.4
Financiers
2.1
1.3
Retained earnings
0.3
1.3
24
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
People Management
GRI 2.8
To achieve and maintain world class standards in
employees in 11 countries. The results show
managing our talent is at the core of our human
outstanding development in the aspects evaluated, with
resources strategy. We believe that people are the basis
an increase of eight percentage points in the overall
for every great business success. It is they who connect
index of favorable opinions in relation to the previous
the past, the present and the future through the
survey in 2008.
application of knowledge, processes, technology,
innovation and the daily practice of the ethical and
Among the key attributes indicated in the answers of
responsibility values of the Camargo Corrêa Culture.
employees who participated in this edition were issues
that are relevant to corporations throughout the world.
In 2010, important advances were recorded in the area
According to the survey, the main strengths of the
of People Management:
Camargo Corrêa Group are: credibility, sustainability and
Organizational Climate
external relations. These results vindicate the strategies
adopted and demonstrate a solid relationship of trust and
We held the fourth biennial cycle of Corporate Climate
confidence between the company, its leaders and its
Survey, with participation from more than 30,000
team of employees. A natural consequence of this
25
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } people management
business and work environment is the high level of pride
study, a new leadership development program was
in belonging to the Camargo Corrêa Group.
prepared, for implementation through this year and up to
Internal Recruitment
the end of the first half of 2012. The program is divided
into three anchor themes: “Strategic Management”,
The value that we give to our talent is reflected in the
“Competitiveness and Performance Improvement” and
Global Internal Recruitment Policy, which discloses
“Managing High Performance Teams”.
opportunities in a transparent manner to stimulate
mobility of employees between the various businesses
The results expected go beyond achieving a high level of
of the Group. The main objective is to enhance
personal performance; the program will also provide
opportunities for professional and career development.
competitive advantages for business through the
Well-being and Quality
ongoing dissemination of knowledge, proactive posture
and shared responsibility.
To reinforce the commitment of the Camargo
Corrêa Group to the well-being and quality of life
This initiative aims to align leaders and teams with the
of its employees, a new Supplementary Pension Plan
best corporate governance practices, ensuring the daily
was established in 2010, with more flexible and
practice of its four pillars: transparency, accountability,
comprehensive rules across hierarchical levels
fairness and corporate responsibility.
and functions.
Leadership Development
Program
Our Permanent Challenges
Consolidate a culture of merit, innovation and ethics,
as well as strengthen the bonds in our people
In an outstanding effort between Business Unit leaders
management model, forming the basis for our ongoing
and human resources managers, a revision to the
agenda. Every day we perfect our processes and
integrated model of human resource management was
raise our goals and values in respect of corporate
undertaken, focusing on leadership skills. From this
objectives and values.
26
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Sustainability
GRI 1.1, 1.2 and 4.8
The search for business sustainability is part of
each year - included, for the first time, guidelines for
daily routine in the Camargo Corrêa Group. Going
sustainability in its text. Performance has since then been
beyond promoting the values that underpin the
measured in terms of economic, environmental and social
Group’s operations, actions aimed at preserving
results which in turn affect the variable compensation of
the environment, valuing people and the search
all executives across the business units. For example: the
for transparency are the daily pursuit of all our
reduction in the consumption of diesel in Construções e
subsidiaries. Each business unit has a high-ranking
Comércio Camargo Corrêa work sites in 2010 was 6%
executive specifically designated as the “guardian of
when compared to 2009, an improvement on the 4.5%
sustainability”, who drives the adoption of corporate
target established at the beginning of the year.
guidelines. The Board directly oversees sustainability
programs developed by the Group.
The Group’s Climate Agenda, developed since 2009 with
the participation of 150 executives, is responsible for
The Group’s explicit commitment towards corporate
the technical definition of goals related to reducing and
sustainability dates back to 2006, when shareholders
mitigating greenhouse gas emissions.
launched a challenge to managers to innovate business
conduct in order to ensure the long-term continuity of
Another important tool for planning and managing
the company.
sustainability in the Group’s businesses is the
Group Sustainability Radar, based on global and
GRI EN 18,
EN 26 and
EC2
Since that time the strategy of the Group and its
local indicators (ISE, Ethos, GRI, Ibase and DJSI).
business has been inseparable from the respect for the
A questionnaire of 40 items is used by different
environment, the creation of opportunities for employee
businesses of the Group helping identify the key gaps
and community development as well as the search for
that must be addressed in the following years. In 2010,
competitiveness. In 2010, the Letter of Expectations
tailor-made questionnaires incorporated specific issues
- a document sent by the shareholders to managers
of different subsidiaries. For years 2010 and 2011,
the Group selected the following priorities: health and
safety in the workplace; sustainability education for
employees; the development of good practices in the
value chain; and sustainability with innovation.
The Prêmio Inovação Sustentável - ‘Sustainable
Innovation Award’, which is granted every two years,
received 897 entries and had 3,729 participants from
five countries (Argentina, Brazil, Chile, Mexico and
Peru) in 2010. The first edition of this initiative, which
aims to identify good practices and stimulate new
sustainable business ideas, involved over a thousand
people, with 425 projects being registered - viable
ideas were implemented throughout 2009.
27
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } sustainability
GRI 4.12
and 4.13
Camargo Corrêa Group is a partner
in the following entities:
• Brazilian Council for Sustainable Construction
• Reference Center for Sustainability of the Dom Cabral
- CBCS (through the subsidiaries Construções
Foundation, which developed a project to review the
e Comércio Camargo Corrêa, Camargo Corrêa
human resource policy in light of sustainability.
Cimentos and Camargo Corrêa Desenvolvimento
Imobiliário). The Group sponsors the International
Symposium on Sustainable Construction.
• Planeta Sustentável, an initiative of Editora Abril that
• Fundação Instituto de Administração (FIA), for the
development of carbon management programs.
• Industrial Liaison Program (ILP) of the MIT
is also supported by Camargo Corrêa, has become
(Massachusetts Institute of Technology) together
the Portuguese language reference point on the
with subsidiaries Construções e Comércio Camargo
theme of sustainability.
Corrêa, Camargo Corrêa Cimentos and Alpargatas.
28
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Sustainability Indicators
GRI EC1, EC8 and EC9
Social Investments - Camargo Corrêa Institute
2010
2009
Investment by Camargo Corrêa ( ) (millions of R$)
12.6
11.8
Partner Organization Resources (millions of R$)
5.5
6
Number of projects in progress
114
73
1
Number of cities with projects in progress
47
42
Public directly benefited (thousands)
20
18
Public indirectly benefited (thousands)
111
65
2010
2009
(1) Projects started in 2008.
(2) Target public.
(3) Public benefited by the actions.
Social Investments - Alpargatas Institute
Resources Invested (millions of R$)
2.2
1.8
Number of projects carried out
33*
132
Number of cities with projects carried out
15
10
Public benefited (thousands)
66
39
* In 2009, each school was considered as a project. In 2010, the projects represent actions in each city or specific service, i.e., 33 projects attended to 308
different institutions or specific actions.
Social Investments - Loma Negra Foundation
2010
2009
Resources Invested (thousands of R$)
527.3
276.5
Partner Organization Resources (thousands of R$)
245.0
256.0
Number of projects in progress
Public benefited (thousands)
14
18
8.5
6.4
Camargo Corrêa Group Investments in Donations and Sponsorships
Values
Own Resources
R$ 1,865,240.00
Incentive to Culture, through the Rouanet Act
R$ 4,101,359.00
Sports Incentive Act
R$ 993,000
Municipal Fund for Children and Adolescents (FUMCAD)
GRI EN8
R$ 1,050,000.00
Environmental Indicators
(thousands)
Water Consumption
Supplier Water
m
3
960,341
4.39%
Surface Water
m3
13,019,700
59.49%
Subterranean Water
m3
7,904,977
36.73%
Total water consumption
m3
21,886,361
Water reused/recycled
m3
414,374
Recycled Water Index
%
1.89%
29
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Sustainability Indicators
GRI EN3
Energy sources - 2010
Energy Consumption (MMGJ): 38,2
31%
29%
17%
17%
4.26%
Natural
Gas
GRI LA1
Coke
Electricity Coal
5%
5%
Wind
Power
Diesel
1.32%
0.66%
Solid
Waste
Wood
Others
Total Employees By
Work Contract and Region
Distribution by Geographic Region
Work Contract - TOTAL - 2010
Complying with
Labor Laws
Statutory (*)
Work Contract - TOTAL - 2009
Internship Complying with
Labor Laws
Statutory (*)
Internship
Brazil
North
15,552
-
3
8,981
-
8
Northeast
15,343
-
16
10,361
-
13
Center-West
2,823
2
2
5,758
2
4
Southeast
11,503
74
130
10,412
74
122
South
5,912
-
2
4,517
-
3
51,133
76
153
40,029
76
150
10,150
5
14
7,213
4
6
Europe
57
-
1
40
-
-
Africa
247
-
-
15
-
-
Subtotal
10,454
5
15
7,268
4
6
Total
61,587
81
168
47,297
80
156
Subtotal
Other Continents
America (except Brazil)
(*) Statutory: Administrators and Directors who statutorily represent the company
30
annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Sustainability Indicators
GRI LA1
Total employees with employment card registration and statutory
employees, by work period
Distribution by Geographic Region
Type of Employment Contract - 2010
Type of Employment Contract - 2009
Full Time
Less than Full Time
Full Time
Less than Full Time
North
15,552
-
8,971
10
Northeast
Brazil
15,342
1
10,345
16
Center-West
2,825
-
5,726
34
Southeast
11,541
36
10,143
301
South
5,905
7
4,513
4
Subtotal
51,165
44
39,698
365
10,155
-
7,259
-
Europe
57
-
40
-
Africa
247
-
15
-
Other Continents
America (except Brazil)
Subtotal
10,459
-
7,314
-
Total
61,624
44
47,012
365
(*) Statutory: Administrators and Directors who statutorily represent the company
GRI LA1
Employees at end of
the period* (thousands)
Third parties*
61.7
56.8
54.4
57.9
8,667
41.4
4,414
2006 2007
2008
2009
2010
* Annual totals include Camargo Corrêa Group employees,
including subsidiaries (in total); consortia (only those in which
Camargo Corrêa is a leader, in proportion to its participation),
and overseas works. They do not consider interns, contractors
and workers of shared control companies (CPFL Energia, CCR,
Usiminas, Essencis, Loga and Estaleiro Atlântico Sul)
2009
2010
* Third parties: Employees registered with
companies providing specialized services,
contracted by the company to carry out activities
characterized as ancillary or support to the core
business, such as cleaning and security
31
Annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile
Camargo Corrêa Institute
GRI 4.12
The Camargo Corrêa Institute (ICC), established
At the outset, ICC made grants to existing projects in the
in 2000, aims to articulate and guide the social
areas of education, health and culture, with a focus on
actions of the Camargo Corrêa Group. In ten years of
children and adolescents in low-income groups. Based
activity, it has supported 150 projects and benefited
on its experience, the Institute refined its strategy in 2007
83,000 people. Investments have amounted to
and started developing actions which prioritize locations
R$ 70 million over this period. The 2010 budget of
where the Camargo Corrêa Group companies are present.
R$ 16 million allowed the execution of 93 projects in
Its mission is to articulate and strengthen organizations
51 municipalities in 14 states. Internationally, the ICC
that contribute to the integral formation of children and
has supported activities in Angola, Argentina, Peru
adolescents, seeking sustainable community development.
and Paraguay. At the end of the year, a partnership
The target public has been expanded and now includes
was formalized with BNDES for creation of a joint
young adults up to age 29. Four social programs have been
fund worth R$ 50 million – R$ 10 million per year
structured around this axis: Ideal Childhood, Ideal School,
over five years–- for the expansion of the Ideal Future
Ideal Future and Ideal Volunteer. Several complementary
program, focused on creating income generating
projects were prepared for each program. The main
projects for low income youth.
actions undertaken in 2010 were as follows:
32
Annual report 2010 CAMARGO CORRÊa S.A.
Corporate Profile } Camargo Corrêa Institute
> Ideal Childhood - The program is geared to
defending the rights of children and develops projects
in the areas of infant education, care for pregnant
women, strengthening the System of Guaranteed
Child Rights, and improvement of infant health. In
2010, the program operated in ten municipalities,
with 20 projects that complemented government
actions, benefiting 10,400 people. In November 2010,
a seminar was held with representatives from all the
municipalities, to exchange experiences and improve
program support activities.
> Ideal School - The program’s theme is Quality
Public Education. Present since 2008 in Curitiba
(PR) and in six municipalities in Paraíba, in 2010 the
program was extended to Ipojuca (PE), Apiaí (SP),
Itaoca (SP), Porto Velho and Guajará-Mirim (RO).
One of the projects is the Integrated Administration
System, which promotes improvements in all school
services, involving all the teachers, students and
staff. Another highlighted action in 2010 was the
award for best practices in encouraging reading
developed by teachers, schools and local educational
authorities in Paraíba.
> Ideal Future - Focused on professional training and
the inclusion of young adults in the labor market. The
program encourages entrepreneurship and the creation
of income generating projects in partnership with Sebrae
and other non-profit organizations. Ideal Future was
primarily developed around large projects such as the
Foz de Chapecó hydroelectric plant in Santa Catarina and
the Jirau hydroelectric plant in Rondônia. In 2010, there
were 27 projects executed in 29 Brazilian cities.
> Ideal Volunteer - This program encourages
and creates conditions for the Group’s employees
to undertake voluntary actions. Each business unit
has a Committee to Encourage Volunteers and
Community Interaction (Civico), which is responsible
for encouragement and ongoing support for
volunteer work.
> Doing Good Day - In 2010, the Doing Good Day
took place on August 22 and involved 8,000 volunteers
from 11 countries and 14 companies of the Group.
95 actions were undertaken, benefiting approximately
72,000 people. Held annually, the day includes actions
such as donating materials, repairing day care centers,
schools and social institutions, organizing leisure
activities for seniors and children, among others.
Established in 2009 to mark the 70th anniversary of
the Camargo Corrêa Group, the Doing Good Day is
devoted to volunteer activities by employees.
33
annual report 2010 CAMARGO CORRÊa S.A.
Group
Businesses
34
annual report 2010 CAMARGO CORRÊa S.A.
35
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Cement
GRI 2.1
and 2.9
GRI EC1
GRI 2.3 and 2.7
With over 40 years of activity and an established
controller Camargo Corrêa S.A. carried out a corporate
presence in the Brazilian and Argentine markets, in
reorganization that culminated in the formation of a
2010 Camargo Corrêa Cimentos took its first steps
holding company for the cement business, named
toward achieving the goal of becoming one of the
InterCement Participações S.A.
world’s largest companies in this sector by 2012.
Subsequently, the corporate name of Camargo Corrêa
In December, the company shareholders and its
Cimentos S.A. was changed to InterCement Brasil
Performance indicators
Cement Sales (million tons)
11.5
2010
2009
10.2
Concrete Sales (million m³):
2009
2.5
2.3
2010
Direct Jobs (thousands):
2009
3.9
4.8
2010
36
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Cement
GRI 2.5
and 2.9
GRI EC1
S.A. Throughout this chapter, year 2010 information
momentum with the investment of ¤ 1.4 billion by
and results for Camargo Corrêa Cimentos and its
the parent company Camargo Corrêa S.A. for the
subsidiaries already consider this new name.
acquisition of a 33% stake in the Portuguese company,
Cimpor, the eighth largest cement company in the
The change reflects the company’s desire to
world, with a presence in 12 countries. Besides
internationalize rapidly. This intention gained
being prominent in Portugal and Spain, Cimpor has
Net revenue
(millions of R$)
2,362
Ebitda
(millions of R$)
2,474*
641
2,042
1,598
456
1,481
400
Net profit
(millions of R$)
616*
541
337*
420
211
193
2006 2007 2008 2009
2010
2006 2007 2008 2009
2010
186
2006 2007 2008 2009
2010
* Includes Cimpor equivalence
37
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Cement
two thirds of its assets located in emerging markets
for large-scale works remains heated, mainly due to
such as Brazil, China, India and South Africa. In
the choice of Brazil host for the 2014 World Cup and
2010, InterCement announced the allocation of more
the 2016 Olympics. The continuity of housing policies
than US$ 500 million for construction of plants in
and the still enormous shortage of housing should also
Angola (Palanca Cimentos) and Paraguay (Yguazú
ensure high demand for cement in the long term. With
Cementos). Ten other modernization projects and/
this scenario, InterCement plans to double its sales
or plant expansions were initiated during the year,
volume through organic growth and the opening and
such as the construction of a new grinding unit at
acquisition of new plants.
Catamarca (Argentina) and renovation of systems and
GRI 2.2
and 2.8
parts at the Ijaci plant (MG). In parallel to its expansion
Argentina
plans, InterCement undertook ongoing investment
Loma Negra, a subsidiary of InterCement in
in personnel development, systems, processes
Argentina since 2005, has nine cement production
and products in order to reduce operating and
units with more than 2,700 direct employees
environmental costs.
and is the undisputed leader in the country. The
Brazil
company also owns the La Preferida de Olavarría
quarry and 11 concrete plants under the Lomax
InterCement has seven factories in Brazil, employs
brand. Loma Negra has a competitive differential
more than 2,000 people, and holds third position
in that it controls Ferrosur Roca S.A., a 3,181 km
in the sales rankings. The Cauê and Cimento
railway that cuts through the center of Argentine
Brasil brands secured a market share of almost
territory and connects with four of its plants. The
10% for the company in 2010. In the concrete
country consumed 10.2 million tons of cement in
market, InterCement maintains 18 concrete units
2010 according to the Asociación de Fabricantes de
and ranks fourth in Brazil. The company also has
Cementos Portland. This volume is 11% higher than
two gravel quarries in a strategic region. Cement
that recorded in 2009 - a year that saw a six-year
consumption in the country has been growing
cycle of continuous market growth broken by the
continuously and consistently since 2005 (except
global financial crisis. The solid performance of the
for 2009, which was stable), reflecting a cycle of
agricultural sector and a return to previous levels of
economic expansion that has led to growth in per
consumption underpinned the resumption of sales
capita income, large investments in infrastructure
levels in 2010. The prospect of 4.5% growth in GDP
projects, and growth in the residential construction
in Argentina for 2011 justifies new investments in
market. In 2010, national cement consumption grew
local operations.
14.8%, reaching 59.1 million tons, according to the
Sindicato Nacional da Indústria de Cimento (SNIC).
Together, the operational units in Brazil and Argentina
This volume places the country among the world’s
produced 11.5 million tons of cement in 2010,
ten largest cement consumers.
representing a growth of 12.7% over the previous year.
This is a record in the company’s history and reflects –
Despite the strong increase in demand recorded in
in addition to market expansion – frequent investments
recent years, there are macroeconomic conditions that
in improving operational processes, management and
support a new cycle of investments in the sector – in
quality. An internal reorganization of the company,
which the Group has a significant position. The market
completed in 2010 and kept under constant refinement,
GRI 2.8
38
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Cement
has significantly increased operational efficiency. The
also contributed to reduced profitability. Cash flow
Group’s presence in South America is completed by
(EBITDA), in turn, showed a slight decrease: R$ 616
commercial operations in Bolivia and Paraguay.
million against R$ 641 million in 2009. This satisfactory
result is due to a reduction in operating costs and strong
The cement plant industrial park is considered
expansion of the Brazilian market.
the most modern on the continent, which ensures
a combination of high financial profitability for
In the environmental area, 2010 was also a year
InterCement and respect for the environment.
of progress and achievements. During the year
GRI 4.11
and 4.12
InterCement signed cooperation agreements with
GRI EC1
The financial year 2010, as with previous years, brought
the State environmental watchdog, Companhia
significant and consistent financial results. Appreciation
de Saneamento Básico de São Paulo (Cetesb), and
in the value of the Brazilian Real and increases in the
the Institute for Technological Research (IPT) for
costs of production - especially relating to labor and
development and improvement of sustainable practices
maintenance costs - affected results. Net revenue of
in the production chain. The company also reinforced
R$ 2.5 billion grew 4.7% over 2009 while net profit was
its commitment to the Global Compact, a UN initiative
R$ 337 million, against R$ 541 million in the previous
to protect the environment and enhance human and
year. The appreciation of the Real against the U.S. dollar
labor rights. The Corporate Social Responsibility
(which causes a direct impact on revenues in Argentina)
Policy was drawn up in 2010.
39
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Cement
GRI 4.12,
EN18
and EC2
These initiatives reflect the priority given to good
The asset is considered strategic to the operations of
practices in business management. The issue of
Loma Negra, since four of its nine plants are connected
sustainability is a priority in all companies of the Group,
to the railroad. The concession from the Argentine
and is tied to operational constraints. InterCement
government is valid up to 2023 and may be extended
signed the Cement Sustainability Initiative (CSI),
for a further ten years.
a global commitment by companies in this sector
concerned with minimizing the environmental impact
In fiscal year 2010, Ferrosur Roca announced
of their operations. Practices adopted in production
investments of US$ 14 million to increase its movement
seek mainly to reduce carbon dioxide emissions, which
capacity. Total disbursements of US$ 25 million are
requires the use of additives in the cement composition
planned, over five years, for a 25% expansion in
and the use of cleaner fuels in furnaces, among other
railroad transport capacity. In August, the company
mitigation measures. To ensure the use of “clean”
announced an agreement to transfer the concession
energy in the production processes, the company
of a 756 km stretch of track between the cities of
holds minority stakes in three hydroelectric companies
General Cerri (Buenos Aires) and Zapala (Neuquén) to
(Machadinho Energia, Energética Barra Grande and
Vale Logística de Argentina S.A. The transaction was
Estreito hydroelectric plant).
closed for US$ 60 million, subject to the approval of
Argentina’s economic defense organ.
To ensure business expansion without major
upheavals, the Critical Risks Map was updated in 2010
From an operational standpoint, the year 2010 brought
- produced, like the map of critical processes, using the
positive indicators, following the severe effects caused
methodology laid out by the Committee of Sponsoring
by the global crisis of 2009. The railroad transported
Organizations (COSO). This instrument allows the
5.2 million tons in the year, representing an increase of
administration to monitor strategic, regulatory, financial
2% over the previous year and reflecting the beginning
and operational risks. The review of the Risk Map also
of recovery in economic activity in Argentina. Financial
led to the definition of a timetable for implementation
indicators also showed a moderately positive reaction.
of new processes and activities related to this area for
The average tariff per ton was US$ 10.86, or 14%
the period 2011 to 2014. By that time the processes of
higher than in 2009.
risk management should be consolidated and mature,
which should help ensure the long-term sustainability
of InterCement.
Ferrosur
Camargo Corrêa Group’s investments as a
concessionaire in the railway sector are concentrated
in Ferrosur Roca S.A. This Argentine company has
80% of its capital held by the Loma Negra cement
company, which also belongs to the Group, and
operates 3,181 km of track crossing the provinces of
Buenos Aires, La Pampa, Río Negro and Neuquén.
40
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Energy Concessions
GRI 2.7
Camargo Corrêa Group, with 25.6% of total capital, is
the distribution sector, R$ 1.1 billion was applied to
the largest shareholder in the controlling block of CPFL
expanding and reinforcing the electrical system. In
GRI 2.1
Energia, the largest publicly traded company in the
the generation sector, R$ 645 million were allocated,
GRI 2.6
Brazilian electric sector, listed on the BM&FBovespa
mainly for projects in construction during the year.
and the New York Stock Exchange (NYSE). In 2010,
Further R$ 28 million were invested in energy trading
CPFL Energia’s performance showed significant
and value-added services.
evolution, reflecting growth in energy consumption in
the regions served by its distribution companies, the
Increasing economic activity was reflected in the
results of a strategy of expansion and diversification
company results. Gross revenue of R$ 17.5 billion and net
of the business, and the commitment to continuously
revenue of R$ 12 billion represent growth of 6.6% and
seeking increased efficiency in its companies.
5.9% respectively over the previous year, on an equivalent
Investments for the year totaled R$ 1.8 billion. In
comparative basis. EBITDA reached R$ 3.35 billion and
Performance indicators
Distributed Energy (thousand GWh):
Captive market + TUSD*
52
2010
2009
48.6
* Tariff for the use of the Electrical Distribution System
Installed Capacity (MW)
2009
1,737
2,309
2010
GRI EC1
41
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } energy concessions
net profit reached R$ 1.56 billion. There was a decrease
of 7.6% in net profit compared to 2009, mainly due to an
increase in net financial expenses and lower utilization of
tax credits in comparison with the previous year.
In the distribution sector, CPFL recorded a significant
increase in demand in 2010 of 7.3% over 2009 – a
year in which industrial consumption fell by 5%
as a consequence of the global financial crisis.
The resumption in industrial activity in Brazil was
accompanied by an increase in workers’ available
income, which also contributed positively to the
good performance of the company during the year.
Residential consumption grew 3.8% in the period,
driven by increased purchases of electrical goods and
Clients (million):
6.6
2009
2010
6.4
Population served (in million inhabitants)
2009
19
19
2010
42
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } energy concessions
household appliances. The company gained 200,000
project, which has an installed capacity of 855 MW.
new customers in the period, and ended the year with
Investments in power generation from biomass also
a total of 6.6 million residences and businesses in the
gained momentum in 2010. The Baldin thermoelectric
568 municipalities in which it operates, in the States
plant in Pirassununga (SP), which generates power
of São Paulo, Rio Grande do Sul, Paraná and Minas
from the burning of sugarcane bagasse, entered into
Gerais. In total, the company distributed 51,600 GWh in
operation with a capacity of 45 MW. A partnership
2010, compared with 48,600 GWh in 2009.
with Grupo Pedra, established in 2010, envisages the
construction of a further three cane biomass plants.
In the Power Generation sector, we highlight the
The projects, to be inaugurated between 2011 and
commitment and advances made by CPFL in the
2012, will have an installed capacity of 145 MW. In 2011,
formation of a generation platform based on a matrix of
the BioFormosa thermal power plant, in Rio Grande
clean and renewable sources. Total installed capacity
do Norte, will be commissioned, also using sugarcane
reached 2,309 MW, up from 1,737 MW in 2009. The
bagasse as a fuel (with up to 40 MW capacity).
main highlight of the year in this area was the start of
operations at the Foz de Chapecó hydroelectric plant
Another important event during the year, within the
in the State of Santa Catarina. CPFL holds 51% of the
strategy of investment in clean energy generation,
43
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } energy concessions
was the commencement of construction of the
private companies with operations in Brazil. As a result
offshore wind farm in Santa Clara, Rio Grande do
of its intense activity in this area, the company was
Norte, with a generation capacity of 70 MW. CPFL
recognized by Latin Finance magazine during 2010
also secured contracts for the Campo dos Ventos
as the Best Energy Company in Sustainability in Latin
wind farm during the year; this will begin operation in
America. In addition, CPFL was chosen by the Exame
2013 and is also located in Rio Grande do Norte. Two
Sustainability Guide as the Model Company for the
important projects in the Northeast of the country –
eighth consecutive year.
the Termoparaíba and Termonordeste thermoelectric
plants – reached 90% completion in 2010. The plants
The consistent performance of CPFL in the search
will begin operation in 2011.
for sustainable and responsible operations in a
sector that is key to the development of the country
GRI 4.12
GRI EC1
Concern for power generation with low environmental
is perfectly aligned with the broad strategy of the
impact is just one of the many CPFL activities linked to
Camargo Corrêa Group.
best sustainable practices. The company is a signatory
of the main business commitments aimed at preserving
In April 2011, CPFL Energia acquired Jantus SL,
the environment, such as the letter of commitment
which holds the largest portfolio of wind farms
by the Business Movement for Conservation and
in Brazil, later joining with Ersa to create CPFL
Sustainable Use of Biodiversity, and the Open Letter to
Renováveis, the largest generator of energy from
Brazil prepared by the Climate Forum, formed by 22
renewable sources in Latin America.
Net revenue*
(millions of R$)
EBITDA*
(millions of R$)
Net profit*
(millions of R$)
873
3,015 3,097
716
1,266
510
1,532 1,564
2006 2007 2008 2009
384
2010
326
247
227
187
449
2006 2007 2008 2009
141
2010
2006 2007 2008 2009
2010
* Values are proportional to the participation of the Camargo Corrêa Group in CPFL Energy
44
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Highway Concessions
GRI 2.2
GRI 2.9
CCR, in which Camargo Corrêa Group is one of the
operator of the São Paulo Metro Line 4, which
founders and controlling shareholders, is engaged
commenced operation in May 2010.
in the management of 2,446 km of roads located
in São Paulo, Rio de Janeiro and Paraná. In 2010,
CCR, which is listed on the BM&FBovespa, is the
the company invested a total of R$ 1.48 billion, a
largest company in its sector in Latin America. In
record amount in the history of the company. These
2010, the Camargo Corrêa Group expanded its
resources were mainly directed to: acquisition of the
participation in the control block of the company from
SPVias concessionaire, adding 516 km to the road
25% to 33.3% through acquisition of the interests of
network administered by CCR; major works on roads
the Portuguese company Brisa. The excellence of its
such as Via Dutra and the Anhanguera-Bandeirantes
operations, recognized by millions of users who drive
complex; and also to the ViaQuatro concessionaire,
daily on its administered highways, is testament to the
Performance indicators
tolled vehicles (million)
GRI 2.2 and 2.3
CCR Concessionaire:
CCR Concessionaires
700.651 868.557
2010
2009
Rodonorte - 567.78 km
Presidente Dutra Highway - 407.1 km
Lagos Highway - 56 km
Rio-Niterói Bridge - 23 km
Anhanguera-Bandeirantes Autoban System - 316.8 km
Castello Branco - Raposo Tavares System - 168.62 km
Mário Covas Ring Road - 32 km
Renovias - 345.6 km
SPVias - 516 km
ViaQuatro - 12.8 km
Total - 2,446 km
Brazilian Market:
2009
1,483.20
1,600.28
2010
GRI 2.9
45
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Highway Concessions
commitment of the Group to the transportation sector,
to the profit in 2009, since that year included an
which is strategic to the development of Brazil and
extraordinary result from the capital gain on the
intrinsically linked to the pace of economic activity.
asset value of the Group’s participation, in function
of the primary offering (follow-on) at market value,
In the 2010 fiscal year, the company was directly impacted
which was greater than the Equity value.
by the resumption of vigorous growth in the local market
GRI EC1
after the global crisis which began in 2008. Net revenue
In addition to highways and direct participation
increased to R$ 3.7 billion – 22.2% up on the previous
in management of the São Paulo Metro, CCR has
year on an equivalent comparative basis. The number of
38.5% stake in STP, the company that operates the
vehicles circulating the highways held under concessions
electronic payment systems Sem Parar and Via
by the company grew 24% in the year, from 700 million
Fácil, and 45% of Controlar, which is responsible for
to 1.19 billion; without considering the expansion related
vehicle inspections in the city of São Paulo.
GRI 2.3
to the acquisition of SPVias, this growth would have
been 12.1%, almost twice the growth in Brazilian GDP in
In the medium term, the company plans to
the period. CCR’s net profit was R$ 671.7 million for the
continue diversifying its portfolio. Projects are
year, 5.2% lower than 2009 due to increased financial
being developed in new sectors such as light rail
expenses in the period and adjustments resulting from the
vehicles (LRVs) and high-capacity rapid transit
adoption of new accounting practices.
buses. Plans are also being drawn up for entering
Metro operations in other Brazilian capitals. The
However, the net result obtained by the Camargo
company is also considering operating in other
Corrêa Group showed a greater reduction in relation
Latin American countries.
GRI EC1
Net revenue*
(millions of R$)
EBITDA*
(millions of R$)
Net profit*
(millions of R$)
769
291
409
394
437
489
538
330
359
276
232
100
2006 2007 2008 2009
2010
2006 2007 2008 2009
2010
104
127
2006 2007 2008 2009
130
2010
* Values are proportional to the participation of the Camargo Corrêa Group
46
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Engineering and Construction
In 2010, the Engineering and Construction Division
e Participações holding company, which also heads
of Camargo Corrêa Group consolidated its strategic
Construções e Comércio Camargo Corrêa, the
decision to focus on highly complex, large-scale
company that originated the Group and undertook
engineering and logistics projects which require a high
management of all division projects up to 2009.
degree of specialization. The structural reorganization of
Additionally, three new business units were created:
the division that began the year before was completed
Latin America, Africa and New Businesses – the
over the course of last year and has brought greater
latter aimed at developing new businesses based on
flexibility to the management of projects. Another
infrastructure services, with operation initially directed
highlight during the period was the ongoing effort to
at the sanitation and defense sectors.
achieve the highest standards of quality in construction
GR1 2.3
and 2.9
work, which resulted in the achievement of important
The new structure of the division was well received by
certifications by the company.
customers, who now have closer and more focused
attention for their requirements. The reorganization also
The reorganization of the division created four new
decentralized decision making, giving more autonomy
companies, each specialized in their respective areas:
and agility to operational areas. Reaction to the demands
Camargo Corrêa Energia e Construções, Camargo
of the market has now become faster and more
Corrêa Óleo e Gás, Camargo Corrêa Construções
effective. The continued drive for increased productivity
Industriais and Camargo Corrêa Infraestrutura. They
and competitiveness has led to prioritizing development
are controlled by the Camargo Corrêa Construções
of techniques, equipment and innovative processes.
Performance indicators
GRI EC1
Net revenue
(millions of R$)
5,758
EBITDA
(millions of R$)
Net profit
(millions of R$)
889
6,047
638
4,765
561
462
2,993
280
298
1,896
113
2006 2007 2008 2009
2010
147
2006 2007 2008 2009
64
2010
115
2006 2007 2008 2009
2010
GRI 2.7
47
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Engineering and Construction
and several other projects, as well as ongoing execution
2010
Hydroelectric plants: 8
Locks: 1
Metro: 73.66 km
Highways: 528.7 km
Railways: 42 km
Shipyard: 1
Refineries: 3
Bridges: 3
Sanitation projects: 2
Mining units: 5
Dredging projects: 1
Irrigation projects: 1
Transmission lines: 1
of two dozen other large-scale projects in Brazil, other
South American countries, and in Africa.
Participation in high complexity works, such as
the bridge over the Rio Negro in Manaus (AM), or
the Jirau hydroelectric plant in Rondônia, requiring
the use of innovative techniques and materials to
minimize environmental impact, are emblematic of the
willingness of the Group to confront the challenges
required to contribute to the development of the
Brazilian infrastructure.
The division delivered four hydroelectric plants (a
The division is a world leader in building hydroelectric
historical record), expansion and modernization works
plants and has a prominent position in segments
on the Henrique Lage Refinery – Revap – in São José
including industrial (mining), oil and gas, roads, ports
dos Campos (SP), the Tucuruí River locks, stretches
and sanitation, among others. Besides acting as
of Lines 2 and 4 of the São Paulo Metro, 17 km of the
a service provider with internationally recognized
Southern section of the Greater São Paulo Ring Road
quality, the engineering and construction division
GRI 2.2
48
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Engineering and Construction
problem was also addressed with the offer of more
attractive compensation and benefits packages.
The year 2010 was marked by further improvements
to systems for risk management and health &
safety within the division. Having been reviewed in
2009, practices that enable the identification and
minimization of business risks – including economic,
environmental, social, or labor risks directly related
to the execution of each project – were adopted on
a large scale and given priority status. All works in
execution received investments in new programs
and health and workplace safety campaigns. In the
field of sustainability, the division has made significant
progress, obtaining NBR 16001 certification for two
of the consortia in which it participates (CCPR, which
also develops and participates as a shareholder
operates in the expansion works at the Refinaria do
in infrastructure projects - such as the case of
Paraná, and BVS, which undertook modernization
Ethanol Pipeline in the State of São Paulo, which
works at Revap, in São Paulo) – both projects already
had agreement signed for the first section at the end
held certification related to the environment (ISO
of the year. New contracts captured in 2010 totaled
14001), quality (ISO 9001) and health and workplace
R$ 9.2 billion, a volume that ensures a sustainable
safety (OHSAS 18001).
growth path for the coming years.
Main projects
Our new form of operations helped provide the
The Engineering and Construction Division of the
division with growth in net revenue of 5% in 2010,
Camargo Corrêa Group participated in around 50
reaching R$ 6 billion. However, the high number of
large-scale projects in Brazil and overseas in 2010. At
closure of old projects (for example, Tucuruí River
the end of the year, the company had 32,000 direct
locks), and the rising costs of labor and inputs caused
employees, in addition to tens of thousands of people
by a strongly growing economy, had a negative impact
who contribute indirectly to the success of projects.
on the profitability of the division. Both net profit of
R$ 297.6 million and cash generation (EBITDA) of
Abreu e Lima Refinery
R$ 561.5 million were lower than the values achieved
Located in Ipojuca (PE), this is the first refinery in
in the previous year.
Northeastern Brazil. The works for the venture, known
as RNEST-UCR, took shape and ended the year with a
To restore desired profitability levels, the division is
constantly reviewing its cost structure and has begun
large-scale mobilization of employees.
to invest more intensively in in-house manpower
Serra do Facão Hydroelectric Plant
training in order to overcome the shortage of qualified
Located in Catalão (GO), with a generation capacity of
professionals in regions where it operates – this
210 MW, the plant commenced commercial operation.
49
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Engineering and Construction
Revap
Rio Negro Bridge
The Henrique Lage Refinery, in São José dos Campos
This bridge will connect the capital city of the
(SP), commenced operation of a new HDT unit,
State of Amazonas to the municipality of Iranduba,
producing diesel and hydrogen.
and was close to completion at end of the year.
The central span and the cable-stayed section have
Foz de Chapecó
Hydroelectric Plant
been fully completed.
Located between the States of Santa Catarina and
Jirau Hydroelectric Plant
Rio Grande do Sul, the plant commenced commercial
The largest hydroelectric power under construction in
generation in the second half of 2010. An innovative
Brazil at the time, the pace of construction accelerated
aspect of its construction is the first use in Latin
in 2010 with some 20,000 professionals directly
America of a dam core seal in asphalt, an innovative
involved in the project, which is located in Rondônia.
technique that reduced environmental impact and
project construction period.
Repar
Euzébio da Rocha
Thermal Power Plant
This thermal power plant, with 208 MW capacity, was
The Presidente Getúlio Vargas refinery, in Araucária
inaugurated by Petrobras in 2010. The project, valued
(PR), constructed in partnership with Promon, marked
at R$ 1 billion, was built in partnership with Skanska.
an expansion with the delivery of substations SE-2212
and SE-6821.
São Paulo Ring Road
Ethanol Pipeline
This project refers to the construction of a pipeline to
transport ethanol produced in the Ribeirão Preto region
The southern stretch of the Greater São Paulo Ring
to the petrochemical complex at Paulínia, in the State
Road was inaugurated by the State Government in
of São Paulo. Total investment will be R$ 5 billion.
April 2010. The 17 km extension built by the division
The contract for the first section was signed at the
was delivered on time.
end of the year.
Metro
Barro Alto Project
The first 3.6 km stretch of Line 4 entered into trial
The Anglo American nickel processing plant located
operation in March. The division also delivered the
in Barro Alto (GO) advanced significantly during 2010.
Sacomã station and the permanent passage for Line 2.
The ore dryer area, for example, was fully completed.
Administration City
Mineral Pipeline
The new seat of the Minas Gerais State
The largest mineral pipeline under construction in
government, the ‘Cidade Administrativa Presidente
the world, on behalf of Anglo American, it crosses 32
Tancredo Neves’ was inaugurated in February
municipalities along its 32 kilometer extension between
2010. The construction has the largest free span
the States of Rio de Janeiro and Minas Gerais.
of any building in the world, among other features.
Important milestones were achieved in 2010, including
The division led the consortium that constructed
completion of the Carangola/Faria Lemos tunnel in
the project.
Minas Gerais.
50
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Engineering and Construction
TFPM and TMPM
Works commenced at the Port of Ponta da Madeira
rail and sea terminals in Maranhão during 2010. This
This 660 MW hydroelectric plant in Colombia began
commercial power generation in late 2010. Its
project has been contracted by Vale.
construction was marked by engineering and logistical
Tucuruí River Locks
of tunnels.
The civil works for this system - which will allow the
return of river transport to the Tocantins River, lost
after the construction of the Tucuruí dam – were
delivered in November. The division participated in the
works for two locks and a 6 km long section of canal.
Pará Railway Branch Line
Also contracted by Vale, Camargo Corrêa was
contracted to construct the Serra Sul de Carajás
GRI 2.5
Porce III
challenges that required the excavation of 21 kilometers
Piura
The division agreed with the government of Piura,
Peru, to develop an irrigation and power generation
system. In the final phase, a 13 kilometers tunnel will
be constructed.
Mphanda Nkuwa
This hydroelectric project in Mozambique is at the
branch line in Southeastern Pará.
final stages of environmental licensing and financial
International Presence
US$ 2 billion.
The Engineering and Construction division participated
engineering. It has an estimated investment of
in nine projects in six countries during 2010:
Uige Transmission Line
Huachipa
of Angola. It entered its final stages during 2010, with
This sanitation project in Peru ended the year 90%
complete. The operation of the dam sluices and water
intake began at the end of the year. Camargo Corrêa
This project is vital to the development of the inlands
commissioning expected in early 2011.
Berazategui
leads the consortium responsible for the project.
This sewage treatment plant is part of a major project
Interoceânica
Plate River. The consortium for the works is led by
The highway linking Acre to the Pacific Ocean, via
Peru, was completed. The Camargo Corrêa consortium
was responsible for a stretch of more than 300 km.
Rio Tuy Basin
This project, in Venezuela, valued at US$ 2.2 billion,
aims to bring sanitation and water supply to a
population of about 5 million people in the Tuy River
region. Camargo Corrêa leads the development of
the project.
by the Argentine government for recuperation of the
Camargo Corrêa; the project will enable the installation
of a sewage pre-treatment unit.
Moatize
Camargo Corrêa participates in a consortium
constructing the Moatize coal mine facilities in
Mozambique. When complete, the mine will be
operated by Vale.
51
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Engineering and Construction
GRI 2.8
Number of employees (Thousand):
2007
27.6
2008
26.6
2009
31.7
32.9
2010
52
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Footwear
GRI 2.1
São Paulo Alpargatas, controlled by the Camargo Corrêa
April 2011, an Extraordinary General Meeting approved a
Group, reaches consumers on four continents with
change in the company’s registered name to Alpargatas
GRI 2.2
brands such as Havaianas, Dupé, Topper, Rainha, Mizuno
S.A. Headquartered in São Paulo (SP), the company
GRI 2.8
Timberland and Sete Léguas. Listed since 1913 on the
has four factories, nine satellite plants, three distribution
stock exchange, the company is today part of Level 1
centers and a research and development center in Brazil.
Corporate Governance on the BM&FBovespa - 44%
In Argentina, the industrial park is made up of nine units
of the total capital belongs to the Group; 1% is held in
and a distribution center. Alpargatas also has offices and
treasury, while the remaining 55% is on the market. In
distribution centers in the United States and Europe.
GRI 2.4
Performance indicators
Number of employees
(Thousands):
GRI 2.8
17.5
2010
2009
15.7
Footwear Sales
(millions of pairs):
236.7
2010
2009
210
Exports
(millions of pairs):
2009
19.4
27
2010
GRI 2.3,
2.5, 2.7
and 2.8
53
annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Footwear
GRI EC1
Competence in building and managing brands that
Year 2010 also saw the beginning of a new planning
are desired by consumers in several countries has
cycle that aims to consolidate achievements and
allowed Alpargatas to create value and expand all
take the company to a new level in terms of
of its businesses. The company posted record sales
operational and financial resources, achieving a
and profitability in 2010. Consolidated sales volume
greater participation in footwear market in Brazil
increased 11.5% to a total of 244 million pairs.
and internationally. The Lógica Project, designed to
Net revenue of R$ 2.26 billion and net profit of
be a reference model in supply chain management,
R$ 303.1 million showed strong growth, with increases
commenced in 2009 and underwent several
of 12.4% and 147.2% respectively.
developments in 2010. The goal of the project is to
manage the supply chain throughout the entire product
GRI 2.9
GRI EC1
Cash flow (EBITDA) was also positive at 18% against
life cycle, seeking to raise global standards of quality
15% in 2009. The strong performance of the Brazilian
provided to Alpargatas customers. In the 2010 fiscal
economy throughout the year, which was directly
year, 12% of revenues were invested in marketing.
reflected in the level of consumption, was the main factor
The Pampero brand (Argentina) and the Locomotiva
driving the business.
company (Brazil) were sold during the period.
Good financial results also reflect success in implementing
In a business that has successful brand management
the actions defined in the Strategic Plan, developed in
as its competitive differential, Alpargatas achieved
2004 and revised in 2010. During this period, Alpargatas
important advances in 2010. The company launched a
reached excellent operational and marketing standards,
line of sneakers under the Havaianas brand, with sales
aggressively expanding its market share, gaining a
results that exceeded expectations. The company also
prominent position overseas and making a series of
worked throughout 2010 on a new market position
acquisitions – the most important during the period
for the Rainha brand, renewed the Timberland license
being that of Alpargatas Argentina in 2008. In April 2011,
agreement, and continued to launch new products
Alpargatas gained control of 86.7% of company capital.
under the Mizuno brand.
Net revenue
(millions of R$)
EBITDA
(millions of R$)
Net profit*
(millions of R$)
139
2,266
405
1,978 2,015
293
1,301 1,370
292
297
82
2010
90
68
215
2006 2007 2008 2009
89
2006 2007 2008 2009
2010
2006 2007 2008 2009
2010
*Values are proportional to the participation of the Camargo Corrêa Group in Alpargatas..
GRI 2.2
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Steelmaking
GRI 2.1
GRI 2.7
The Camargo Corrêa Group is part of the controlling
market, Usiminas serves other countries in the
block of Usinas Siderúrgicas de Minas Gerais
Americas, Europe and Asia. The company, whose
(Usiminas), the leading sheet steel producer in Latin
shares are traded on stock exchanges in São Paulo
America. The Group holds 13% of the voting stock
(BM&FBovespa), New York (NYSE) and Madrid
of the company, which represents around 20%
(Latibex), has the automotive, oil and shipbuilding
of its controlling block. In addition to the domestic
sectors as its main customers.
Performance indicators
usiminas system
Raw Steel Production (million tons):
2009
5.6
7.3
2010
Sales of finished products
(millions tons):
Internal market
2009
4.0
4.9
2010
External market
2009
1.6
1.7
2010
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Steelmaking
Total Consumption:
Brazil
2009
26.5
33
2010
World
2009
1,219
1,410
2010
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Steelmaking
GRI 2.9
In 2010, the company made investments of over
Although still suffering the effects of the global financial
R$ 2.2 billion, 57% more than in 2009. Capital
crisis which commenced in 2008, year 2010 saw
investment was directed at increasing capacity in
recovery in financial and operational terms. Raw steel
products with high added value, increasing efficiency
production grew from 5.6 million tons to 7.6 million
and modernizing plants located at Ipatinga (MG) –
tons in the period. However external consumption
where the blast furnace was restarted in February,
remained well below expectations, with 1.7 million tons
having added a new coke oven and a new galvanizing
sold against 1.6 million tons in 2009.
line (in completion) – and at Cubatão (SP) – where the
installation of a new hot rolling mill is well advanced.
This reaction in sales led to a net revenue for
Mineração Usiminas S.A., a new mining and logistics
Usiminas of R$ 12.9 billion, or 19% greater than 2009.
company, had 30% of its capital acquired by the
Cash flow (EBITDA) increased 54% to R$ 2.65 billion.
Japanese company Sumitomo during 2010. This
Net profit for the year closed at R$ 1.58 billion,
transaction will allow Usiminas to lever its mining
24% greater than the previous period on an
business without affecting investment in steelmaking.
equivalent comparative basis.
GRI EC1
Net revenue*
(millions of R$)
905
EBITDA*
(millions of R$)
183
361
839
796
Net profit*
(millions of R$)
186
297
688
107
531
182
171
88
102
94
2006 2007 2008 2009 2010
2006 2007 2008 2009 2010
*Values are proportional to the participation of the Camargo Corrêa Group in Usiminas.
2006 2007 2008 2009 2010
EC1
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Real Estate Development
GRI 2.1
and 2.3
GRI 2.2
GRI 2.7
Camargo Corrêa Desenvolvimento Imobiliário - CCDI, a
scale, high-standard corporate office accommodation
company listed on the BM&FBovespa since 2007, had
(triple A) - registered significant growth in new projects
the best results in its history in 2010. The three areas
and sales. In total, R$ 1 billion was incorporated and
of operation of the company - housing for low-income
R$ 1.18 billion was sold in the year, representing an
customers, through the subsidiary HM Engenharia;
increase of 152.5% and 75.3% respectively over the
medium and high standard developments; and large-
previous year. Net income jumped to R$ 1.1 billion
Performance indicators
Units developed:
2009
3,045
8,157
2010
Units sold:
2009
4,991
4,590
2010
GRI 2.8
Number of employees:
2009
1,205
2,171
2010
Note: The indicators reflect the performance of management in setting corporate information, especially those
related to the adequacy of the capital structures of acquisitions and conformity of the results.
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } real estate development
GRI EC1
(62.7% greater than in 2009) and net profit reached
Minas Gerais and Paraná. The demand for housing
R$ 143.2 million (up 147%). Cash flow (EBITDA) was
will remain heated in the coming years, due to an
94% greater: R$ 196.2 million.
accumulated housing deficit and favorable consumer
credit. CCDI projects sustainable growth in its
CCDI launched 26 projects in 2010, up from 10 in 2009.
GRI 2.8
operations during the coming years.
8,157 units were launched, and 4,590 units were sold.
The first units built by the company targeting low-
In the commercial real estate sector, the company is
income customers – located in the city of Campinas (SP)
gaining a reputation in the market in function of awards for
– were delivered in March. Of all the projects carried
quality and sustainability received by its projects. In 2010,
out throughout the year, 17 were within the Federal
the Matarazzo Tower and the Cidade São Paulo shopping
government Minha Casa, Minha Vida program. The
mall, both in São Paulo, received Gold category pre-
company entered the low-income segment in 2007
certification for Leadership in Energy and Environmental
with the acquisition of HM Engenharia.
Design for Core and Shell (LEED C&S). The seal is
awarded by the United States Green Building Council for
The continued growth of CCDI is assured, with
buildings that emphasize good environmental practices.
R$ 8.5 billion in overall sales value registered in the
GRI EC1
company’s Land Bank – of which R$ 1.7 billion relates
Note: The indicators reflect certain administrative
to HM Engenharia. The stock of land areas held by
adjustments in shareholder information, mainly where
the company is concentrated in the main consumer
related to aligning the capital structures of acquisitions
markets in the country: São Paulo, Rio de Janeiro,
and the adequacy of the results.
Net revenue
(millions of R$)
EBITDA
(millions of R$)
Net profit*
(millions of R$)
95
1,029
579
153
196
632
101
37
38
51
230
13
2006 2007 2008 2009 2010
2006
1,7
2007
-16
2008 2009 2010
3,8
2006 2007 2008 2009 2010
* Values are proportional to the participation of the Camargo Corrêa Group in Camargo Corrêa Desenvolvimento Imobiliário
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
GRI 2.1,
2.3 and
2.4
GRI 2.2
Shipbuilding
Camargo Corrêa Group’s operations in the shipbuilding
tankers, container carriers, bulk and general cargo,
sector are through Estaleiro Atlântico Sul (EAS), in
among others – and offshore oil exploration platforms.
the Suape Complex (PE), and through Quip in Rio
Quip, in which the Group owns 27.25% of the shares,
Grande (RS) – two of the leading Brazilian companies
serves the offshore platforms market and is the first
in the shipbuilding and offshore platform sector. EAS
company in the country to develop a basic design for
was developed by the Group, which holds 40% of
oil platforms in EPC mode (Engineering, Procurement
its capital, and produces all types of cargo vessels –
and Construction). Participation in these companies
Performance indicators
Number of employees:
EAS
QUIP
2009
3,423
4,747
2010
EAS Processing capacity
(thousand tons of steel plate per year):
2009
160
160
2010
2009
380
905
2010
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Shipbuilding
demonstrates the Group’s belief in the sector potential
P-63 Platform, worth US$ 1.3 billion. The company
resulting from the exploitation of reserves discovered in
also made progress with platform construction,
the pre-salt layer on the Brazilian coast.
commencing Platform P-55 topsides at the Rio Grande
dry dock and commencing P-63 jacket conversion.
The year 2010 marked the christening and
launching ceremony of the ship João Cândido, the
Both EAS and Quip are responsible for positive
first Suezmax produced by EAS – the only fourth
economic and social impacts in the regions where
generation shipyard in the Southern Hemisphere.
they are based. Half of the jobs in the shipyard are
The shipyard has followed on with the laying of the
occupied by residents of the surrounding area, having
second Suezmax keel. Both are within the scope
undergone specific training for their duties – which
of the Transpetro Program for Modernization and
required an investment of R$ 16 million.
Expansion of the Fleet (Promef). At the end of
the year EAS won a R$ 4.65 billion tender from
The impact of the shipyard transcends borders. In
Petrobras for the construction of the first seven deep
2010, 130 Brazilian welders who were working in
water Drillships for pre-salt oil exploration. In total,
the Japanese naval industry were repatriated and
the shipyard has an order portfolio of R$ 8.2 billion.
employed by EAS. Quip operates in a region that has
already experienced high growth rates in recent years
Quip ended the year with R$ 2.2 billion in its order
due to the resumption of activity at the shipbuilding
portfolio. In January 2010, the company signed
center in Rio Grande. The companies maintain a series
a contract with Petrobras for construction of the
of social and environmental projects at their locations.
GRI EC1
Net revenue*
(millions of R$)
EBITDA*
(millions of R$)
694
Net profit*
(millions of R$)
54
106
85
40
428
123
2006
-4
6
2007 2008 2009 2010
2006 2007
-7
-3
9
2008 2009 2010
2006
-4
357
4,3
2007 2008 2009 2010
* Values are proportional to the participation of the Camargo Corrêa Group in Estaleiro Atlântico Sul and Quip (the latter from 2009).
GR1 2.8
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses
Airport Operations
GRI 2.1
GRI 2.7
GRI 2.2,
2.3, 2.5
and 2.7
Created in 2008 and headquartered in São Paulo
airports at Puerto Montt, La Serena and Calama, in
(SP), A-Port invests in airport management and
Chile, and Curaçao airport in the Netherlands Antilles.
infrastructure in Latin America and the Caribbean.
GRI 2.8
A pioneer among Brazilian private companies in
The company also has technical service agreements
this sector, it is already recognized as one of the
(TSA) with Eldorado airport in Bogotá, Colombia,
main references in this sector in Latin America. The
and Tegucigalpa, San Pedro Sula, La Ceiba and Roatán,
Camargo Corrêa Group owns an 80% stake in the
in Honduras.
company, along with Swiss company Flughagen Zürich
AG (the Zurich airport operator), with 15%, and Chilean
In total, these airports registered passenger movement
Gestión e Ingeniería IDC S.A., with a 5% stake.
of 18.9 million passengers in the year 2010 against
At the end of year 2010, A-Port held concessions for
15.7 million passengers in 2009. In Brazil, the company
Performance Indicators
Passenger throughput at airports (thousand)
2009
2010
Curaçao
1,466
1,418
473
626
390
Calama (El Loa)
La Serena
318
Puerto Montt
803
814
Tegucigalpa
421
493
San Pedro Sula
697
742
171
181
La Ceiba
Roatán
172
214
Bogotá
11,174
14,034
15,696
18,911
Total
Congonhas airport parking
(Millions of vehicles per year):
2009
1.055
1.108
2010
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annual report 2010 CAMARGO CORRÊa S.A.
Group Businesses } Airport Operations
GRI EC1
Net revenue
(millions of R$)
94
EBITDA
(millions of R$)
92
25
33
31
12
Net profit
(millions of R$)
2008 2009 2010
2008 2009 2010
2008 2009 2010
-2.2
-2.4
-3.9
operates the parking concession at Congonhas airport
in São Paulo (under the name SAO Parking), which
received 1.1 million vehicles in 2010.
As part of its business strategy A-Port seeks new
opportunities in countries such as Chile, Peru,
Colombia and Puerto Rico (United States). In Brazil, the
company is accompanying discussions on the definition
of a new regulatory framework for the airport sector.
Strong growth in air traffic in the country and the
upcoming World Cup in 2014 and the Olympics in
2016 will require large investments in the sector’s
infrastructure by the end of the decade.
GRI EC1
In financial terms the year practically repeated
the results of 2009, with some slight variations.
Net income was R$ 91.9 million, with cash generation
(EBITDA) of R$ 31.5 million.
63
annual report 2010 CAMARGO CORRÊa S.A.
About the
Annual Report
64
ANNUAL REPORT 2010 CAMARGO CORRÊa S.A.
About the Annual Report
Advances in
the Annual Report
GRI 3.1, 3.2, 3.3,
3.5, 3.6, 3.7, 3.8,
3.10, 3.11
This is the third time that the Annual Report of Camargo
all its stock in the Cavo Saneamento S.A. and Cavo
Corrêa S.A. holding company follows the model guidelines
Meio Ambiente subsidiaries for sale. The transaction
of the Global Reporting Initiative (GRI), version G3 –
occurred on March 4, 2011. In addition, Camargo
recognized in Brazil and internationally for the presentation
Corrêa Cimentos, one of the holding company
of economic, social and environmental indicators.
subsidiaries, is now named InterCement Brasil S.A.
The information in this publication includes a review
This edition also incorporates opportunities for
of the activities and financial results of the holding
improvement that were noted in evaluations of
company and its subsidiaries. Data from subsidiary
the previous annual report undertaken by the
companies is considered in the proportion of participation
Associação Brasileira das Companhias Abertas
by the holding company in the respective equity.
(Abrasca), and based on public consultation. In order
to facilitate their identification, GRI Indicators are
There have been changes in corporate structure since
marked with labels that identify their number
the 2009 Annual Report. The holding company placed
and segment throughout the text:
GRI 1.1 to 1.2
Profile, strategy and analysis
GRI HR1 to HR9
Human rights
GRI EN1 to EN30
Environmental performance
GRI 4.1 to 4.17
Governance and commitments
GRI 2.1 to 2.10
Organizational profile
GRI SO1 to SO8
Social performance
GRI LA1 to LA14
Labor practices
GRI EC1 to EC9
Financial performance
GRI 3.1 to 3.12
Annual Report parameters
GRI PR1 to PR9
Product responsibility
The GRI Table of Contents provides complementary
with indicators relating to risks and opportunities,
information. It was possible to confirm that this Annual
report scope, governance, forms of management and
Report meets Application Level B of the GRI-G3 model,
performance indicators.
65
annual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report
GRI Indicators
1
Profile, strategy and analysis
Pages
1.1
Statement from the most senior decision-maker
of the organization (such as CEO, Chairman
of the Board or equivalent position) concerning
the relevance of sustainability to the organization
and its strategy
6, 7 and 26
1.2
Description of the key impacts, risks
and opportunities
20 and 26
2
Organizational profile
2.1
Name of the organization
4, 35, 40, 52, 57, 59
and 61
2.2
Primary brands, products and/or services
10, 37, 44, 47, 52, 53,
57, 59 and 61
2.3
Operational structure of the organization,
including main divisions, operating units,
subsidiaries and joint ventures
9, 10, 19, 35,
44, 45, 46, 52, 57,
59 and 61
2.4
Location of organization’s headquarters
10, 52 and 59
2.5
Number and names of countries where the
organization operates
36, 50, 52 and 61
2.6
Nature of ownership and legal form
19 and 40
2.7
Markets served
40, 46, 52, 54, 57, 60,
61 and 35
2.8
Scale of the reporting organization
10, 21, 24, 37, 51, 52,
57, 58, 60 and 61
2.9
Significant changes during the reporting period
regarding size, structure or ownership
21, 35, 36, 44, 46, 53
and 56
2.10
Awards received in the reporting period
78
3
Report parameters
3.1
Reporting period
64
3.2
Date of most recent previous report
64
3.3
Reporting cycle
64
3.4
Contact point for questions regarding
the report or its contents
83
3.5
Process for defining report content
64
3.6
Boundary of the report
64
Answers
The Camargo Corrêa S.A. holding company is
a privately held limited liability corporation. The
remaining Group subsidiaries and affiliates are
closed capital and/or open corporations, some
being publicly traded
66
annual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report } GRI Indicators
3.7
State any specific limitations on the scope or
boundary of the report
64
3.8
Basis for reporting on joint ventures,
subsidiaries, leased facilities, outsourced
operations and other entities that can significantly
affect comparability from period to period
64
3.9
Data measurement techniques and the bases
of calculations, including assumptions and
techniques underlying estimations applied
to the compilation of the Indicators
3.10
Explanation of the effect of any re-statements of
information provided in earlier reports, and the
reasons for such re-statement (e.g., mergers
and acquisitions)
64
3.11
Significant changes from previous reporting
periods in the scope, boundary or measurement
methods applied in the Report
64
The techniques and systems in force
in Brazil and generally used in Western
countries were applied
GRI Summary
3.12
Table identifying the location of the
Standard Disclosures in the Report
This Table of Contents
Assurance
3.13
Policy and current practice with regard to seeking
external assurance for the Report
4
Governance, Commitments and Engagement
The Camargo Corrêa Group Annual
Report is submitted to the Brazilian
Association of Listed Companies (Abrasca)
for evaluation. Financial statements
published in this edition of the Annual
Report were audited by the independent
auditors Deloitte Touche Tohmatsu
Governance
4.1
Governance structure of the organization,
including committees under the highest
governance body responsible for specific
tasks, such as setting strategy or
organizational oversight
4.2
Indicate whether the Chair of the highest
governance body is also an executive officer
4.3
For organizations that have a unitary board
structure, state the number of members of the
highest governance body that are independent
and/or non-executive members
19
The President of the Board is not an
Executive Officer of Camargo Corrêa S.A.
19
67
annual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report } GRI Indicators
4.4
Mechanisms for shareholders to provide
recommendations or direction to the highest
governance body
Shareholders make suggestions and
recommendations to the Executive Committee
(COMEX), led by the Chair of the Board of the
holding company. Among other forums for
exchanging information are: regular meetings,
performance reports, and IR websites for
shareholders in public companies within
the Camargo Corrêa Group. The company
is the controller of subsidiaries that are
present in the New Market of the São Paulo
Stock, Commodities and Futures Exchange
(BM&FBovespa). Participation in the New
Market requires best practices in governance
and communication with shareholders. For
communication with our employees, the holding
company maintains the Nós.com Intranet
portal, specifically for company employees,
and additionally the ‘Linha Ética’, through which
employees and third parties may request
consultations or make anonymous reports of
violations of the Camargo Corrêa Group Code
of Business Conduct. This service has a phone
line and e-mail address under the responsibility
of PriceWaterhouseCoopers. Information
received is sent to the holding company Ethics
Committee, which forwards the information for
resolution in the business units
4.5
Linkage between compensation for members of
the highest governance body, senior managers and
executives, and the organization’s performance
(including social and environmental performance)
The Group’s companies offer variable pay,
linked to organizational performance.
4.6
Processes in place for the highest governance
body to ensure conflicts of interest are avoided
The Camargo Corrêa holding company is
a privately owned, closed capital, limited
liability corporation
4.7
Process for determining the qualifications and
expertise of the members of the highest governance
body for guiding the organization’s strategy on
economic, social and environmental topics
The Board members are appointed by
shareholder representatives and have a two
year renewable term of office
4.8
Statement of mission or values, codes of
conduct e principles relevant to economic,
environmental, and social performance and
the status of their implementation
The Camargo Corrêa Group has a
corporate Code of Conduct, which sets
the standards of behavior expected of
employees in performing their functions
and provides information on employee rights.
Also see the section relating to Camargo
Corrêa Group’s Values
4.9
Procedures of the highest governance body
for overseeing the organization’s identification
and management of economic, environmental
and social performance, as well as adherence or
compliance with internationally agreed standards,
codes of conduct and principles
Financial statements are independently
audited by Deloitte Touche Tohmatsu
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annual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report } GRI Indicators
4.10
The Board of Directors is analyzed
by the shareholders
Process for evaluating the highest governance
body’s own performance, particularly with respect
to economic, environmental and social performance
Commitment to External Initiatives
4.11
Explanation of whether and how the precautionary
approach or principle is addressed by the
organization
20 and 38
4.12
Voluntary and externally developed economic,
social and environmental initiatives to which the
organization subscribes or endorses
26, 31, 38,
39, 43 and 78
4.13
Membership in associations, and/or national or
international advocacy organizations
The holding company has the opportunity
to communicate with diverse audiences - to
listen to and present points of view - by
participating in institutions such as the
Associação Brasileira de Infraestrutura
e Indústria de Base (Abdib), the São
Paulo Industry Federation (where the
company participates in the Council and
the directorate), the Ethos Institute for
Business and Social Responsibility (member
and committee participant), among others.
In addition, the company participates in
initiatives organized by entities such as the
WCF Childhood Institute, the Movement for
Corporate Conservation and Sustainable
Use of Biodiversity, the Climate Forum, and
the Business Pact for Integrity and Against
Corruption. Also see page 26
Stakeholder Engagement
4.14
List of stakeholder groups engaged
by the organization
The Camargo Corrêa holding company
interacts with: customers, shareholders,
governments, civil society institutions,
sectoral associations, financial institutions,
employees, suppliers, communities, media,
non-governmental organizations, national
and international syndicates. InterCement,
Camargo Corrêa Institute and the Engineering
and Construction division possess specific
system tools for stakeholder engagement
4.15
Basis for identification and selection of
stakeholders with whom to engage
The identification and engagement of
these groups arises from the activities
undertaken by the Group, and also from
its social and environmental operations
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annual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report } GRI Indicators
4.16
Approaches to stakeholder engagement, including
frequency of engagement
4.17
Key topics and concerns that have been
raised through stakeholder engagement,
and how the organization has responded
to those key topics and concerns
5
Financial performance indicators
All the groups mentioned in the previous
indicator have means of expressing
themselves within the Group and are also
involved in internal and external events
related to business and corporate activities.
The Construction, Cement, Real Estate
Development, Footwear, Steelmaking,
Shipbuilding, Airport Operations, Engineering
& Construction, Highway Concession and
Electricity Concession areas undertake
customer satisfaction surveys to identify
opportunities for improvement. Employees
undertake an Organizational Climate
Survey every two years, and neighboring
communities are served by: The Camargo
Corrêa Institute, Alpargatas Institute, Loma
Negra Foundation, volunteer programs
developed by employees and communication
channels with operations managers
64
All the groups mentioned in the previous
indicator have means of expressing
themselves within the Group and are also
involved in internal and external events related
to business and corporate activities. The
areas of Construction, Cement, Real Estate
Development, Railway Concessions and the
Environment, as well as other subsidiaries,
conduct customer satisfaction surveys to
identify opportunities for improvement.
Employees undertake an Organizational
Climate Survey every two years, and
neighboring communities are served by: The
Camargo Corrêa Institute, Alpargatas Institute,
Loma Negra Foundation, volunteer programs
developed by employees and communication
channels with operations managers
Financial performance
EC1
Direct economic value generated and
distributed, including revenues, operating
costs, employee compensation, donations
and other community investments, retained
earnings and payments to suppliers
21, 23, 28, 35, 36, 38,
40, 41, 43, 46, 53, 56,
58, 60 and 61
EC2
Financial implications and other risks and
opportunities for the organization’s activities
due to climate change
26 and 39
EC3
Coverage of the organization’s defined
benefit plan obligations
See information under indicator GRI LA3
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annual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report } GRI Indicators
Market Presence
EC6
Several business units within the Group’s
companies have programs to train
suppliers. For example, the Engineering
and Construction division promotes the
Partnership for Sustainability Program,
which enables suppliers to meet the
social and environmental requirements
of the company, as well as prioritizing
contracts with local suppliers. In the
case of Alpargatas, suppliers of raw
materials are subject to assessment of
responsible management practices and sign
a commitment letter covering: not using
child or forced labor, a guarantee of safety,
health and workers’ rights, no tolerance
of discrimination, and maintenance of
appropriate remuneration and employee
relations practices
Policies, practices and proportion of spending on
locally-based suppliers at significant locations of
operation
Indirect Economic Impacts
EC8
Development and impact of infrastructure
investments and services provided primarily for
public benefit through commercial, in-kind or pro
bono engagement
28
EC9
Understanding and describing significant indirect
economic impacts, including the extent of impacts
28
Environmental performance indicators
ENERGY
EN3
Direct energy consumption by primary energy
source
29
WATER
EN8
Total water withdrawal by source
28
EN10
Percentage and total volume of water
recycled and reused
28
BIODIVERSITY
EN11
Location and size of land owned, leased, managed
in, or adjacent to, protected areas and areas of high
biodiversity value outside protected areas
The cement unit in Pedro Leopoldo (MG),
located within an Environmental Protection
Area (APA), complies with specific
conditions for its operation
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EN12
The Pedro Leopoldo (MG) cement unit,
located within the Carste1 de Lagoa Santa
Environmental Protection Area, complies
with specific conditions for its operation,
such as speleological studies in the area
to be mined to survey for historical,
paleontological and archaeological
material; it undertakes projects for
recuperation of degraded areas aligned to
the predominant biomes, and conducts an
ongoing environmental education program
in the region to educate the neighboring
community on environmental preservation.
Description of significant impacts on biodiversity
of activities, products and/or services in terrestrial,
fresh water and marine environments
1 Carste de Lagoa Santa is considered to be the
cradle of paleontology, archeology and speleology,
being the region with highest recorded number of
caves in the country
EN18
Initiatives to reduce greenhouse gas emissions
and reductions achieved
EN21
Total water discharge by quality and destination
26 and 39
All withdrawn water is destined to the
municipal sewage network after use in those
municipalities where the companies operate
PRODUCTS AND SERVICES
EN26
Initiatives to mitigate the environmental impacts
of products and services, and extent of impact
mitigation
The Group’s companies have environmental
management systems with goals for
reducing environmental impact. Also see
page 26
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Performance indicators relating to labor practices and decent work
EMPLOYMENT
LA1
Total workforce by employment type, employment
contract and region
29 and 30
The Camargo Corrêa Group ended the
year with 61,668 employees, 61,587 hired
under labor laws regulations, and 81 with
statutory contracts, in addition to 168
trainees and 8,667 contractors. In relation
to geographical distribution, 25.22% of
employees are in the Northern region, 24.88%
in the Northeast, 4.58% in the Center-West,
18.77% in the Southeast, 9.59% in the South
and 16.96% overseas.
LA2
Total numbers and rate of employee turnover
by age group, gender and region
The average monthly turnover
rate was 5.69%
LA3
Benefits provided to full-time employees that are
not provided to temporary or part-time employees,
by major operations
The Camargo Corrêa Group offers a Pension
Plan in partnership with a private institution.
The benefit is offered to employees in
companies under 100% Group control in
Brazil. The Alpargatas Plan has specific
characteristics
LABOR/MANAGEMENT RELATIONS
LA4
Percentage of employees covered by collective
bargaining agreements
Up to the end of 2010, 260 unions
covered 55,068 employees, 99.3%
of the total analyzed (55,468)
OCCUPATIONAL HEALTH AND SAFETY
LA6
Percentage of total workforce represented in
formal joint management-worker health and
safety committees that help monitor and advise on
occupational health and safety programs
In 2010, Camargo Corrêa Group’s
companies had 63 committees active
in Brazil and 25 overseas
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LA8
Education, training, counseling, prevention and
risk-control programs in place to assist workforce
members, their families or community members
regarding serious diseases
The construction company undertakes
campaigns and lectures at work sites, focusing
on both the health and safety of our employees.
The most frequent subjects, in addition to
occupational topics such as hearing and
respiratory protection, are related to endemic
diseases, AIDS, sexually transmitted diseases
(STDs) and alcoholism. The information also
reaches family members. In the Footwear
area, employees are involved in programs for
blood pressure control, vaccination campaigns
against rubella and flu, family planning
programs, monthly distribution of condoms and
sexual orientation programs, as well monthly
guidance for pregnant women (employees
and employees’ wives). In the Cement plants
in Brazil, in addition to workplace exercises,
lectures are held to prevent diseases such
as hypertension, diabetes and RSI, among
others. In Argentina, the Cement business
conducts training and programs for employees
on: dengue, influenza A, alcohol, drugs and
smoking, hypertension, cholesterol, healthy
habits, and cardiovascular risks
LA9
Health and safety topics covered in formal
agreements with trade unions
The Cement companies have taken their own
decision to include topics relating to health and
safety into formal agreements with trade unions
TRAINING AND EDUCATION
LA10
Average hours of training per year per
employee by employee category
In 2010, 44,150 employees from the Camargo
Corrêa Group underwent a total of 1,121,251
hours of training - an average of 25.40 hours
per employee
LA11
Programs for lifelong learning that support the
continued employability of employees and assist
them in managing career endings
The companies have specific programs to
meet these objectives. Alpargatas, for example,
has a program for performance evaluation,
individual development planning, and a program
to encourage study. Another example of a
performance evaluation program applicable to
the Construction business graduates identifies
the strengths and development opportunities
for each employee. Based on the overall
results, new training programs are defined
to complement existing corporate programs.
There is a policy in place to guide the offer of
subsidies for long- and short-term external
training programs and support for language
courses. Also see the response to GRI LA10.
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DIVERSITY AND EQUAL OPPORTUNITY
LA13
Composition of governance bodies, including
men to women ratio
83
Indicators related to Human Rights
Investment practices and purchasing processes
STRATEGY AND MANAGEMENT
HR1
Percentage and total number of significant
investment agreements that include human
rights clauses or that have undergone human
rights screening
In the holding company, Construction
business, Alpargatas and InterCement, all
contracts with suppliers have provisions
for the prohibition of child labor and forced
labor. Alpargatas also conducts audits of
suppliers to ensure compliance with social
criteria. In Estaleiro Atlântico Sul, contracts
signed with Petrobras and Transpetro
contain clauses prohibiting the use of child
labor by the contractor and all its suppliers
FREEDOM OF ASSOCIATION
AND COLLECTIVE BARGAINING
HR5
Operations identified in which the right to exercise
freedom of association and collective bargaining
may be at significant risk, and actions taken to
support these rights
The Camargo Corrêa Group seeks to
maintain a respectful relationship with
unions and does not practice any kind of
discrimination against unionized employees
FORCED AND COMPULSORY LABOR
HR7
Operations identified as having significant
risk for incidents of forced or compulsory labor,
and measures to contribute to the elimination
of forced or compulsory labor
The quality assurance process of Cement
operations requires and encourages
supplier operations to obtain international
certifications; the already low risk of forced
labor is made even less likely in these
companies. In the Construction company,
the efficient control of work shifts, in
accordance with legislation, avoids this risk
SECURITY PRACTICES
HR8
Percentage of security personnel trained
in the organization’s policies or procedures
concerning aspects of human rights
Approximately 90% of the guards in
the Cement business in Argentina have
received human rights training. Only
newly admitted personnel have not
gone through this training
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Social performance indicators
COMMUNITY
SO1
Nature, scope and effectiveness of any programs
and practices that assess and manage the impacts
of operations on communities, including entering,
operating and exiting
In the Construction company, one of
the requirements of the system of
management of social responsibility is
to identify and address the impacts of
operations, not only on the community
but also on other stakeholders, such
as suppliers. The Cement business has
environmental control systems that monitor
noise and air quality surrounding the
operations, surface and groundwater quality,
atmospheric emissions from stationary
sources and from vehicles, and the quality
of rainwater, oil and sanitation effluents.
Also see pages 25 and 77
CORRUPTION
SO3
Percentage of employees trained in organization’s
anti-corruption policies and procedures
The Group’s companies promoted actions to
strengthen the application of the company’s
Code of Business Conduct, which provides a
solid reference point regarding the behavior
expected from employees with regard to
workplace ethics
PUBLIC POLICY
SO5
Public policy positions and participation in public
policy development and lobbying
The company is actively involved in youth
and child public education programs through
the work of the Camargo Corrêa Institute
in social programs (see further information
in the section on Social Management). The
Camargo Corrêa holding company and
the Construction and Cement companies
also joined the Companies for the Climate
program, which produces sectoral studies
with recommendations for government on
how to promote a low carbon economy.
The Group also participates in the Climate
Forum along with 20 other companies,
and in the Ethos Institute, which prepares
recommendations to the government with
regard to a regulatory framework for climate
change. The company is also committed to
the Camargo Corrêa Group Climate Agenda,
which lays out the Group position and seeks
to positively influence the engagement of
other companies and sectors in actions to
reduce greenhouse gas emissions
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Product responsibility performance indicators
CUSTOMER HEALTH AND SAFETY
PR1
Life cycle stages in which health and
safety impacts of products and services are
assessed for improvement, and percentage
of significant products and services categories
subject to such procedures
The Construction company uses procedures,
plans, programs, ergonomic studies and
operational controls specific to each
of its works. These documents aim to
investigate and classify risks to health and
safety at every stage of the activity and to
provide guidance on the implementation
of operational controls, such as Pre-Task
Analysis (PTA), Emergency Care Plan,
workplace exercises, campaigns, among
others. Surveys for the investigation and
classification of waste, effluents and
emissions are also undertaken. Each of
these is subject to distinct techniques for
monitoring, control and disposal in order to
mitigate or eliminate health risks
PRODUCT AND SERVICE LABELING
PR3
Type of product and service information required
by procedures, and percentage of significant
products and services subject to such information
requirements
In Alpargatas, all products have identification
tags, in accordance with current laws.
Some product lines include instructions on
handling and use on their labels as well as
material composition, in accordance with
standard ABNT NBR ISO 37.582:2006
PR5
Practices related to customer satisfaction,
including results of surveys measuring
customer satisfaction
The Customer Satisfaction Survey for
2010 for Camargo Corrêa’s Real Estate
Development Company (CCDI), which
consolidated the survey results from 11
developments in Brazil, found that 76.88%
of customers were satisfied with the
delivered product
MARKETING COMMUNICATIONS
PR6
Programs for adherence to laws, standards
and voluntary codes related to marketing
communications, including advertising, promotion
and sponsorship
The holding company meets standards
and specific laws for donations and
sponsorship contracts
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About the Annual Report
Certifications and
Awards Index
GRI 2.10 and 4.12
Institutional commitments
Engineering & Construction
• All 44 works executed by the Construction company went through a diagnostic for
greenhouse gas emissions. The survey aimed to assess the environmental impact of
projects and to provide a basis for mitigating actions.
• Under the pact against sexual exploitation of children and adolescents, signed with
the WCF Childhood Institute Brazil in 2010, the Construction company undertook
awareness actions with 48 transport suppliers and deployed the Major Works Program,
from the same entity, in five major works.
InterCement
• The company is a signatory to the Global Compact, a United Nations (UN) initiative to
encourage companies to adopt sustainability and corporate social responsibility policies,
with emphasis on human rights, labor, environment and anti-corruption.
• InterCement participates in the Companies for the Climate Program (EPC): A Brazilian
platform in which member companies undertake to carry out inventories of greenhouse
gas emissions in accordance with the Brazilian GHG Protocol Program methodology,
and create policies and plans for the management of greenhouse gases, to ensure
competitiveness, innovation and stimulate a low carbon economy in the country.
• The company is also part of the Cement Sustainability Initiative (CSI), a part of the
World Business Council for Sustainable Development (WBCSD). The initiative seeks
to achieve sustainable development through a combination of three pillars: economic
growth, ecological balance and social progress.
• In Argentina, Loma Negra participates in El Consejo Empresario Argentino para el
Desarrollo Sostenible (CEADS), the Argentine branch of the World Business Council for
Sustainable Development (WBCSD), and also the Convenio de Lucha Contra El Trabajo
Infantil, signed together with the Ministry of Labor, Employment and Social Security.
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• Furthermore, the Loma Negra Foundation is affiliated with RedEAmérica, formed
by private entities that work towards poverty reduction and social inclusion.
CPFL
• CPFL became a signatory of the Commitment Charter of the Business Movement
for Conservation and Sustainable Use of Biodiversity.
• The Open Letter to Brazil on Climate Change, delivered to the Federal authorities
by 22 private companies, including CPFL, resulted in the creation of the Climate Forum.
The initiative aims to reduce carbon emissions.
• Through the Business Pact for Integrity and Against Corruption, CPFL joins efforts
to combat all forms of corruption and has adopted guidelines for the relationship
between its value chain and the government.
Certifications
Engineering & Construction
• Responsible for the sanitation project in Paraíba known as the Abiaí Papocas System,
the construction company was awarded ISO 9001, ISO 14001, OHSAS 18001 and
H-PBQP Level A certifications for the works.
• The BCV consortium, formed by Camargo Corrêa, Promon and MPE Engenharia,
responsible for modernization and expansion works at the Henrique Lage Refinery
(Revap), was awarded NBR ISO/TS 29001 certification.
• The Huachipa sanitation project, undertaken in Peru, earned NBR ISO 9001
certification.
• Responsible for one of the sections of the North-South railway, the Construction
company obtained NBR ISO 9001 certification for the works.
• The CCPR consortium, formed by Camargo Corrêa and Promon, which undertook
modernization works at the Presidente Getúlio Vargas Refinery (Repar),
obtained NBR 16001 and ISO/TS 29001 certifications.
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• The Camargo Corrêa consortium that was responsible for the construction of the
Minas Gerais Government headquarters – Centro Administrativo Presidente Tancredo
Neves – won the certification for the Brazilian Program of Habitation Quality and
Productivity (PBQP H-level).
InterCement
At the end of 2010, the Company held the following certifications:
• ISO 9001: all 16 cement plants in operation, as well as the concrete units in Argentina,
railway concession and waste treatment, are certified.
• ISO 14001: seven cement plants and waste treatment are already certified. The goal is
to certify all remaining plants in Brazil and Argentina by 2015
• OHSAS 18001: one waste treatment plant is certified and another four are passing through
the certification process. The goal is for all the cement plants to be certified by 2015.
Centro de Soluções Compartilhadas (CSC)
‘Shared Solutions Center’
• The legal area earned ISO 9001:2008 certification
CPFL Energia
• Obtained Risk Management and Evaluation of Internal Control over Financial Statements
certification – ISO 9001:2008.
• The Data Center Information Security Management System in CPF Energia in Campinas
earned ISO 27001:2005 certification.
Awards
Engineering & Construction
• The CCPR consortium, responsible for the expansion and modernization works at
Presidente Getúlio Vargas Refinery (Repar), won the National Quality Management
Award – Banas 2010, in the Quality & Environment and Quality & Sustainable
Development categories.
• The CCPR consortium received the Brazil National Proteção Award – 2010 Edition from
Proteção magazine.
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• The Caraguatatuba consortium also won the National Quality Management Award –
Banas 2010, in the Quality category.
• The Jirau hydroelectric plant project won the Chico Mendes Award, awarded
by the Chico Mendes Institute.
• The Jirau hydroelectric plant also won the 6th Amcham Brazil Environmental Award.
• The Jirau project plant also received an accolade from LEME Engenharia for results
in workplace safety.
• The BCV consortium won the Prêmio Petrobras/Engenharia de Qualidade, Segurança,
Meio Ambiente e Saúde.
CPFL
• Best company in sustainability in the Latin America energy sector, according to Latin
Finance magazine.
• Model Company in Sustainability according to Guia Exame de Sustentabilidade for
the eighth year.
• Abrasca Award from the Brazilian Association of Listed Companies in the Best Annual
Report category.
• Best Company to Work For, according to Guia da Você S.A., for the ninth consecutive year.
Camargo Corrêa Institute
• Integral Protection Award from the Strategic Partnership for Integral Promotion of the
Rights of Children and Adolescents, of the Brazilian Association of Magistrates, District
Attorneys and Public Defenders for Children and Youth (ABMP).
CCR
• Project Finance magazine award for Best Transport Operations – International in the
transport sector.
• Award from Project Finance magazine and Euromoney – Best Financial Operations in
the Transport Sector, and Best Financial Operation in Latin America.
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• IBTTA Award 2010 in the category Social Responsibility.
• Institutional Investor magazine award – Best Investor Relations Team in the Transport,
Aviation and Industry sector, and Best Finance and IR Director.
• Bandeirantes Highway considered the best in the country by Guia Quatro Rodas
for the fifth consecutive year.
Alpargatas
• Gold Category for the Ninho Havaianas campaign in the Clio Awards.
• Gold Award from the Brazilian Advertising Association for the Sete Léguas
brand in the Printed Media category.
• Silver Lion at the Cannes Festival for the Sete Léguas brand, Printed Media category.
• Timberland was chosen by the readers of Sport Life as the best adventure brand.
Alpargatas Institute
Campina Grande (PB)
• Title of Campinense Citizenship.
• Motion of Congratulations by the Topper Award for Education (Student Grade 10).
Mogeiro (PB)
• Motion of Applause for the partnership with the Department of Education to reform
schools and train educators.
Guarabira (PB)
• Motion of Applause for improvements provided to the municipality from the partnership
between Alpargatas Institute and the Department of Education.
João Pessoa (PB)
• Public recognition from the Secretary of Social Development for the successful
partnership which assisted 100% of the Program to Eradicate Child Labor (PETI) centers.
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About the Annual Report
Corporate Information*
CAMARGO CORRÊA S.A.
Board of Directors
President
Vitor Hallack
Vice Presidents
A.C. Reuter
Carlos Pires Oliveira Dias
Luiz Roberto Ortiz Nascimento
Executive Committee
Alpargatas S.A.I.C. – Argentina
Director General
Cristino Javier Goñi
Telephone: + 54 11 4303-0041
www.alpargatas.com.ar
CEMENT DIVISION
President
José Édison Barros Franco
President
Vitor Hallack
Vice President of Operations
Ricardo F. de Mendonça Lima
Members
Antonio Miguel Marques
Francisco Caprino Neto
José Alberto Diniz
José Édison Barros Franco
Marcio Garcia de Souza
Corporate Directors
Claudio Borin Guedes Palaia
Cleber Acurcio Machado
Gueber Lopes
Hector Grilli
Jorge Eduardo Martinez
Luiz Augusto Klecz
Nelson Tambelini Jr.
Ricardo F. Buarque Barbosa
CORPORATE DIVISION
President
Marcio Garcia de Souza
Directors
Adalgiso Fragoso de Faria
Arthur Sanchez Badin
Bruno Machado Ferla
Carla Duprat
Fernando Dias Gomes
João Carlos Orzzi Lucas
José Francisco de Campos
Kalil Cury Filho
Marcello Antonio D’Angelo
Marco Antonio Zangari
Roberto Navarro Evangelista
Rodrigo Cardoso Barbosa
Rua Funchal, 160 – Vila Olímpia
04551-903 – São Paulo - SP
Telephone: +55 11 3841-5511
www.camargocorrea.com.br
Unidade de Negócio Calçados
Alpargatas S.A.
President
Márcio Luiz Simões Utsch
Directors
Adalberto Fernandes Granjo
Carla Schmitzberger
Fernando Beer
José Roberto Lettiere
Itamar René Ros
Márcia do Nascimento Costa
Rogério Bastos Shimizu
Telephone: +55 11 3847-7211
www.alpargatas.com.br
Portugal Office
Daniel Antonio Biondo Bastos
Brazil Business Unit
Director General
Ricardo F. de Mendonça Lima
Directors
André Gama Schaeffer
Cleber Acurcio Machado
Dorivaldo Ferreira
Rubens Prado Valentin Júnior
InterCement Brasil S.A.
Telephone: +55 11 3718-4200
www.intercement.com
Argentina Business Unit
Loma Negra C I A S A
Director-General
Osvaldo Jorge Schutz
Directors
Ariel Damiano
Armando Sérgio A. da Silva
Eduardo Blake
Juan Masjoan
Telephone: +54 11 4319-3000
www.lomanegra.com.ar
Ferrosur Roca S.A.
Director
Luis Roberto Guillermo Irlicht
Telephone: +54 11 4319-3900
www.ferrosur.com.ar
Paraguay Business Unit
Yguazú Cementos
General Manager
Cleber Ceroni
Telephone: + 595 21 281 822
Angola
Director-General
Sergio Bandeira
Palanca Cimentos S.A.
Telephone: + 244 933302889
CONCESSIONS DIVISION
President
Francisco Caprino Neto
Camargo Corrêa Investimentos
em Infraestrutura S.A.
Directors
Daniela Corci Cardoso
Gustavo Pelliciari de Andrade
Marcelo Pires Oliveira Dias
Telephone: +55 11 3841-5511
Airport Operations
Business Unit
A-Port S.A.
Directors
Roberto Carlos Deutsch
Henrique César Geovanini
Marcelo Lucon
Telephone: +55 11 3841-5511
www.a-port.aero
ENGINEERING AND
CONSTRUCTION DIVISION
President
Antonio Miguel Marques
Corporate Directors
André Clark Juliano
Celso Ferreira de Oliveira
Carlos Roberto Ogeda Rodrigues
Curt Herweg
Francisco Borin Graziano
Mauro Grecco
Ney Mauro Simone da Silva
Vice President of
Institutional Relations
João Ricardo Auler
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Construction Business Unit
Camargo Corrêa Construções
Industriais S/A
REAL ESTATE DEVELOPMENT
AND SERVICES DIVISION
Director Superintendent
Marco A. de Araujo Costa
President
Directors
Elias Herrmann
Luiz Eduardo Appendino
Real Estate Development
Business Unit
Camargo Corrêa Energia
e Construções S.A.
Director Superintendent
Marco Antonio Bucco
Directors
Marcelo Sturlini Bisordi
Renato de Arruda Penteado
Camargo Corrêa Infraestrutura S.A.
Director Superintendent
Arnaldo C. de Souza e Silva
Director
Emílio Eugênio Auler Neto
Camargo Corrêa Óleo e Gás S.A.
Director Superintendent
Dalton dos Santos Avancini
Directors
Eduardo Hermelino Leite
Silvio Luiz Zen
Av. Rio Branco, 115, 12º andar
Centro – 20040-004
Rio de Janeiro – RJ
Telephone: +55 21 3344-8900
Latin America Business Unit
(Infrastructure)
Director
José Cesar Gazoni Martins
Jose Alberto Diniz
Camargo Corrêa Desenvolvimento
Imobiliário S.A. – CCDI
Director Superintendent
Francisco Sciarotta Neto
Directors
Claudio André Sayeg
Ian Masini Monteiro de Andrade
Maurício Tavares Barbosa
Telephone: +55 11 3841-5511
www.ccdi.com.br
HM Engenharia e Construções Ltda.
Directors
Henrique Ernesto de O. Bianco
Marcos Antonio Feliciani
Mauro Rocha Bastazin
Sylvia Bianco de Azevedo
Telephone: +55 17 3321-0777
www.hmengenharia.com.br
Centro de Soluções
Compartilhadas – CSC
Administrators
José Alberto Diniz
Maron Marcel Guimarães
Telephone: +55 11 5591-1700
www.mvta.com.br
SOCIAL INSTITUTIONS
Camargo Corrêa Institute
Chief Executive Officer
Vitor Hallack
Executive Director
Francisco de Assis O. Azevedo
www.institutocamargocorrea.org.br
Alpargatas Institute
Chief Executive Officer
Márcio Luiz Simões Utsch
Executive Director
José Berivaldo Torres Araujo
www.institutoalpargatas.com.br
Fundación Loma Negra
President
Osvaldo Jorge Schutz
Directors
Maron Marcel Guimarães
Ricardo Gomes de Castro
General Manager
Eduardo Raúl Ortega
Telephone: +55 19 3471-5651
www.fundacionlomanegra.org.ar
Other Businesses
Arrossensal Agropecuária
e Industrial S.A.
Telephone: +55 11 2787-4000
Director Superintendent
Luiz Antonio Felippe
Structured Investments
and Acquisitions
Director
Laércio Donizete Trentino
Director Superintendent
Carlos Reynaldo Camerato
Telephone: +55 65 3642-6396
www.grupocamargo.com
Shipbuilding Participation
Morro Vermelho Táxi
Aéreo Ltda. – MVTA
Av. Rio Branco, 115, 12º andar
Centro – 20040-004
Rio de Janeiro – RJ
Telephone: +55 21 3344-8900
New Business
Director
Raggi Badra Neto
Telephone: +55 11 2787-4000
*As at April 30, 2011
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aNnual report 2010 CAMARGO CORRÊa S.A.
About the Annual Report
Credits
ANNUAL REPORT
Year 2010
Camargo Corrêa S.A.
Director of Communications
Marcello D´Angelo
External Communications Manager
Mauricio Espósito
Support Team
Cintia Mesquita de Vasconcelos, Danilo Strano de
Lima, Elaine Pimenta, Elisete Augusto de Souza,
Juliana Berti Iaquinto, Renato de Oliveira Diniz, Sara
Barbosa de Souza and Sunara Avamilano
Creation and Production
TV1 Conteúdo
Photos
The archives of Camargo Corrêa
Centro de Documentação e Memória,
Alexandre Schneider, Eduardo de Sousa,
João Musa, Lailson Santos, Mário Castello,
Massao Goto, Netum Lima, Paulo Vitale
and Tom Bonner
Annual Report 2010 contact:
Communications Directorate
[email protected]