ANDRZEJ POPKOWSKI & ALLAN FINKEL the winning team ...

Danish-Brazilian Chamber of CommerceDanish-Brazilian Chamber of Commerce

ANDRZEJ POPKOWSKI & ALLAN FINKELthe winning team from Novo Nordisk

August / November 2017

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Brazil is still a political uncertainty...

Allan Finkel - Novo Nordisk 6Waldomiro Modena - ISS Facility Services 10Dimitrius Damalgo - AVK 14Marcelo Adami - Grundfos 18David Stroo - Chr. Hansen 22

ECONOMICSAmbassador Kim Højlund Christensen 26Mario Mesquita, Banco Itaú 28Fernando Honorato, Bradesco 30Economical News 32

INFORMATIONLEGO 38Gaia, Silva, Gaede Advogados - Reforma trabalhista 40

424447485057586465656668

104

70747678808284868890

Ricardo Boechat 126 years Scandinavian Club Nordlyset Marienborg - Prime Minister Lars Løkke Rasmussen Kinnarps/Vestas Danes Worldwide Visit Peder Holk Nielsen, Novozymes Sport news Morten Soubak - Angola Brazil Investment Forum 2017Jørgen Lange - 100 years Princess Benedikte Institute Pacheco Advogados Knud Bach - Motorcycle - Vancouver - Mexico

PROFILESFLSmidth - Francisco Davos DI - Per Olsen IFU - Helle Bjerre EKF - Denmarks export credit agency Maersk Supply Service - João Paulo Braz Ferring Pharmaceuticals - Alexandre Seraphim Rambøll - Eugenio Singer GN Resound - GN Hearing - Alejandro Giangaspero Lundbeck - Josiel Florenzano Hempel - Durival Teixeira Pitta Junior Sondex - Carlos Funes 94

Waldomiro Modena FilhoCEO - ISS Facility Services

10

EDITORIAL Brazilian Review

6Allan Finkel

The Brazilin economy is slightly improving due to the competent finan-cial management by the Minister of the Economy, Henrique Meirelles and the President of Banco do Brasil, Ilan Goldfajn.The GNP is estimated at 0,5% growth, inflation at 4.0/4.5%, exchange rate $3,20/3,35, trade balance with a surplus up to US$ 40 billion and interest rate at 9,25%.The government financial management is pulling the economy back in the right direction slowly but surely we had the “Lei Trabalhista” approved, which will be helpful under the current political situation. Unfortunately, the unemployment is reaching 14 million people.Another question mark is what the new Attorney General of Brasil, Dr. Raquel Dodge, will do about the other complaints after September 17th .However, the biggest question mark is if President Lula will be charged at “Segunda Instancia” for fraud and money laundry for what he was condemned to 9 nine years and 6 months in prison and this is only one out of the six complaints against him.The political scenario is very complicated and there are no official can-didates for the 2018 election for president. This will only be defined by April/May next year, PSDB is split party so it might happen that the Mayor of São Paulo, João Doria will become the candidate for the party and even for other parties (PMDB).The Danish-Brazilian Chamber of Commerce is very active pursuing new members and we have succeeded in getting several new mem-bers: Ramboll, Ferring, Mercuri Urval, Renato Pacheco Advogados, Saxo Bank, Servick and Besser Partners. More new members to come...We had have our last Business Luncheon with the important journalist and 2016 Danish-Brazilian Chamber of Commerce Award winner, Ri-cardo Boechat, who addressed our members giving his sharp opinions and point of views about the political and economic situation in Brasil.Novo Nordisk is now the #1 diabetic company in Brasil under the direc-tion of Andzej Poplowski and Allan Finkel who have proven to be ex-tremely efficient and innovative in building a very successful business. Only Novo Nordisk export business amounts to more than R$ 1 billion from Montes Claros in Minas Gerais.Pandora is another successful business and Pandora will open their 100th store in Brazil in November thanks to the leadership of Rachel Maia and her team.All our congratulations to many Danish companies who are doing very well under very difficult circumstances.

The program for 2017 is as follows:

19th Sept - Business Council ( ISS)24th Oct - Danish Investment Seminar (Pandora)October - Mayor of São Paulo, João Doria23rd Nov - 60 Years Anniversary Dinner FL Schmidt1st Dec - Christmas Lunch

We hope the political/economic situation will improve and we can end 2017 on a positive track for the future.We wish all our members a good 2017.

Jens OlesenPresident

Allan FinkelNovo Nordisk

What is your business experi-ence, in which companies have you worked for the past years and how long have you been in this position in Novo Nordisk?I am an electronic engineer by degree and, right after my graduation, I worked in the Information Technology (IT) area. After

that, I decided to pursue a Master’s degree in business, and that’s when I moved to the US, where I spent five years - two of which I was studying at the University of North Carolina, in Chapel Hill, NC., and the remainder working in Marketing and Sales at Bristol-Myers Squibb in New York. After this period, I moved back to Brazil, where I spent 12 years working at Eli Lilly. In the first seven years there, I worked in three different areas, but mostly in Corporate Af-fairs, dealing with Government Relations, Market Access and Media Relations. After that, I spent one year and a half working with Business Development and, in the last three years, I became the Commercial Director, being responsible for the Sales and Commercial areas of all the company’s brands. In the beginning of 2015, I left Eli Lilly and joined Novo Nordisk as the Gen-eral Manager for the Brazilian affiliate. For the first time Novo Nordisk was considered the leading com-pany in the diabetes treatment market. How did the company achieve that?We were extremely happy to learn that we achieved the leadership here in Brazil. Novo Nordisk is already the number one in the world, especially in Europe, but it had been a long time since we last were at the top of the diabetes market here in our country. I

believe that the main reason why we were capable of achieving that is because we have the right people in the right places.Our employees are passionate about what they do, our culture is very open, and we take our career platform “Life Changing Careers” very seriously: we want to change the lives of our patients but also the lives of our employees. Therefore, engaging, train-ing and developing people are very impor-tant issues to me.The second main reason I believe this hap-pened is because we did everything to im-plement things correctly. I always tell peo-ple who are by my side that you can have an outstanding strategy, but if the imple-mentation fails, the projects don’t come to life. I would rather have an average strat-egy and make sure that the implementation is successful than the other way around. Did Novo Nordisk launch any new products?Yes, when I joined the company we had just launched an insulin called Tresiba®. It is a new generation of long-acting basal insulin analog with a long half-life, which means more flexibility to patients. In addition, Novo Nordisk entered the obesity market and launched Saxenda®. In Brazil, it was the first time in 16 years that a pharmaceu-tical company launched a drug approved to treat obesity. Saxenda® has surprised us and is performing very well. Besides the

Allan Finkel, General Manager

Novo Nordisk laboratory in Montes Claros

Montes Claros factory, Minas Gerais

dialogue with institutions which are able to perform this job, both on the medical side but also on the patient side. Obvi-ously, we must continue to strictly fol-low our business ethics and compliance guidelines in everything we do. We know that diabetes can be caused by bad health habits of the population. Do you have any innovations on how to get to these untreated patients? It must be in all the States of Brazil. Are you allowed to go on television?In terms of how treatments and innovation can get to untreated patients, we are try-ing to do that through education. We are investing to make sure that more and more doctors understand the burden of the dis-ease and the different treatment options. There is a lot of fear about choosing an insulin treatment because of the need of a needle for the application, but the right patient may reach tremendous results with it. The burden of doing the injection is ac-tually very little. Today, the devices are very well developed, with very slim needles; you basically do not even feel that you are be-ing injected. This is one of the things we are doing. We also focus on partnerships and associations with key health organiza-tions in terms of education. Is there a diabetes association here in Brazil?Yes, there are a few patient associations in the country, and they play a key role in this market. Brazil has a public strategy; the government offers human insulins NPH

The diabetes market is growing

20%. Novo Nordisk

is in 2017 number one

diabetes company in

Brazil

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an excellent performance, which means that more patients with diabetes are be-ing treated. If you look at all the patients with diabetes in Brazil, only 3 to 5% have the condition under control, and this is a country where more than 14 million people live with diabetes. This is huge. That is why we also keep investing in education and in awareness programs. It is part of our mis-sion to see more patients being treated and not suffering from the consequences of a late stage of the disease. That is why we keep on investing in this area with our Changing Diabetes® programs such as Cit-ies Changing Diabetes, Team Novo Nordisk, Changing Diabetes® in Children, Changing Diabetes® in Pregnancy and the World Dia-betes Foundation, which is an independent trust created by Novo Nordisk in 2002. How much is the diabetes mar-ket growing? How do you see the growth of this market in the short term? How many people have diabetes in Brazil?More than 14 million people have diabetes in Brazil, and we expect a higher number in the coming years. Around 2040, this number might rise to more than 23 million (according to the IDF Atlas - 7th edition). Those numbers include all different types of diabetes and stages of the disease. How much is it growing per year?The diabetes market is growing double digits, close to 20%, and it is a market that has to grow even faster because of the amount of people that are still untreated. That is why we have to keep investing in education and have an open

Montes Claros factory, Minas Gerais

launches, we had to stimulate our business with the medications which were already in the market. Victoza®, for example, is the leading GLP-1 drug in the market, but we were losing volume when I joined the company in 2015. We efficiently changed that scenario. Nowadays, Victoza® has

and R to the whole population. The human insulin has been in the market for several years, but it is still hugely used by the Bra-zilian people to treat diabetes. In terms of access, the country has a very good pro-gram, but the key is to keep educating doc-tors and generate public awareness about the harms of diabetes.On the other hand, there are great oppor-tunities for the public system to offer bet-ter devices and products. Just to give you an example, a patient that receives his or her insulin from the government still needs to inject the product using syringes. This is a very old injection method. There is an op-portunity for the Government to upgrade insulin from vials to dischargeable pens and be able to offer patients a better de-vice that, in the end, will provide a signifi-cantly better treatment. Who are really your major com-petitors on the Brazilian market?It’s a highly competitive market with a lot of players, such as Eli Lilly and Sanofi. But isn’t there any Brazilian com-panies? I saw that some generic insulin product was going to be produced by the government.Not yet, there are plans of doing that, but it is mainly for human insulin. As I mentioned before, we sell human insulin to the gov-ernment; either Novo Nordisk or the com-petitors can be part of a tender process, which is a very transparent and organized process. In conclusion, there are basically no Brazilian competitors, but I have to say that most multinational pharmaceutical companies have had a solid and positive presence in our country. Novo Nordisk, for example, has been in Brazil for more than 25 years. What are your plans for the fac-tory in Montes Claros, will it only produce for the Brazilian market, or for the international market? Have you got plans for the Brazil-ian market?On April this year we celebrated the 10th anniversary of our production site in Montes Claros, Minas Gerais, where we employ more than 1,000 people. It was originally bought in 2003, and Novo Nor-disk invested around US$280 million in a major renovation of the facility before it was inaugurated in 2007. A lot of invest-ments have been done over the last few years to assure that our production site is

always up to date - approximately R$30 million annually. It is one of the most modern insulin factories in the world, be-ing responsible for 30% of all the insulin distributed by Novo Nordisk globally. In addition, 15% of all insulin consumed in the world comes from our facility in Mon-tes Claros. Our production site in Montes Claros is also responsible for 25% of all Brazilian pharma exports (exportation to roughly 40 countries), which is a number that makes us very proud. And that is not only insulin, but everything that Brazil ex-ports, regarding drugs and pharmaceuti-cals: 25% comes out of the facility in Mon-tes Claros. It is a number that we didn’t mention a lot in the past, but I believe we need to, since it represents more than R$1 billion every year.The production site, headed by Marcelo Zuculin, the Corporate Vice President, ex-ports 100% of its products because cur-rently it only has licenses to produce to the international market due to regulatory limitations. The good news is that we are in the pro-cess of registering some of our products to be supplied from Montes Claros to Brazil. We expect that, by the end of next year or early 2019, we will be able to supply to the Brazilian market.We have a dream of finding the cure for diabetes, even if it is an antagonism, it is a genuine desire. While we keep search-ing for the cure, we continue to care a lot about the quality of life of those living with this condition. Nowadays, people have a much better quality of life than years ago. The amount of resources that a person with diabetes has today to treat his or her condition is very impressive; starting from the glucose measurement, which you can do through systems which are simpler than before. I know, for example, that there are some investigations in terms of using con-tact lenses that you can have on your eye to

measure the glucose. The devices to apply the medication (insulins) are much more developed and discreet, and you almost don’t feel that you are being injected.Also, the insulins themselves are more modern. Tresiba®, for example, made it possible for people to apply the medication once a day.We are also studying many different medi-cations, from injectable to orals, to make lives better. How much does Novo Nordisk spend in Research and Develop-ment?About 13% of Novo Nordisk revenue is in-vested in R&D, more than 14 billion DKK, which represents approximately R$8 bil-lion. You are successful, growing but at the same time you must have some challenges in the future, what are those?The first challenge must be our local en-vironment, with the whole crisis situation and instability, politically and economically speaking. I think it is a fact for most of the companies that are installed in Brazil. Nev-ertheless, we are attracting investments to the country. We are now between the top 10 affiliates for Novo Nordisk in the world. Every year, the company selects which are the top countries in which they want to in-vest. On the other hand, we must be very careful about how and where we apply these investments to make sure that we have some foreseeability about what is going to happen. Our pipeline of products that is coming up within the next years is amazing. It is one of the top diabetes pipe-lines in the whole industry. But at the same time, we need to understand how we can improve the access to patients.

Blood sugar test in Ibirapuera Park during World Day diabetes

What are the major opportunities in Brazil in the next 2-5 years?We have huge opportunities here in Brazil. As I mentioned before, the diabetes market is growing very fast, and we are looking forward to redirect our factory production to the country and to contribute with in-novative medication launches. We also have an opportunity to ensure that people with obesity lose weight and maintain this weight loss. In a country with a rising num-ber of people with obesity – currently it af-fects almost 21% of the adult population – it is important to provide effective treat-ment options. Do you have any idea of how many people it is in terms of numbers?In Brazil, there are more than 14 million people with diabetes, and we estimate that only 5% is being adequately treated or has the disease under control. So you have 95% on top of that.Exactly, only about 5% of the 14 million people with diabetes in Brazil are reach-ing their treatment targets. We work to break the “Rule of Halves”, which high-lights that only half of the people who have diabetes have been diagnosed, and out of those 50%, half don’t receive any treatment. Out of those who are being treated, only a small percentage is avoid-ing diabetes-related complications such as damage to the eyes, kidneys, nerves and heart. In fact, the risks to the heart are tremendous. Two thirds of people with type 2 diabetes will eventually die of cardiovascular diseases. New generation medications must address this fact. When I tell you that we invest in education, it is because we know that our commitment goes beyond the discovery and develop-ment of medicines. Can you tell me about the bids, I heard about how it functioned before, but I would like to hear more about that.The process works very well and it is trans-parent. After the government opens a ten-der for any kind of insulin, the companies have a period to get prepared and send the initial documentation. When the bid starts, they check all the information sent and the process occurs on a system. It is a random situation, every organization sug-gests an amount, and no one knows when the process will be finished. And when it

happens, the company that has proposed the lower price, wins the bid. It must be nerve raking for the people sitting there.You can’t imagine. However, it is a govern-ment-based system so it is equal for every-one. We really believe that this is a trans-parent system. You invest in training, you invest in people, you invest in products, you invest in the future in terms of how to get the factory, what more?As I mentioned before, Brazil is one of the 10 top affiliates for Novo Nordisk. It means that much of the attention of the company lies in here. We will continue to receive investments, despite of the eco-nomic crisis and political uncertainty. We are confident, because we know the op-portunities that we have in the Brazilian market and because we know that it is possible to get more patients success-fully treated. Another huge concern for us is education, and we will continue to invest on that. In addition, we will launch more products. Xultophy®, which is a combination of our GLP-1 Victoza® and Tresiba® in a single pen, should enter the Brazilian market next year. We will launch a new generation on GLP-1 hormone, semaglutide. Studies are showing that this will be a very innovative medication, because not only it will allow patients to control diabetes, but will also help them lose weight. Victoza® is already a GLP-1 medication on the market, but we ex-pect that semaglutide will be even bet-ter. NovoRapid®, a rapid acting insulin, has been on the market for a while, but we are launching a more modern ver-sion, which acts even faster. These are all great benefits to improve the lives of people with diabetes. You have a new CEO, Lars Fruer-gaard Jørgensen, when will he be here?He has already mentioned personally to me that Brazil is a priority. He planned to come in the first semester of 2017, but that did not work. He is the kind of person who wants to really know the people. So, when he comes, he will meet with customers, employees from our office and so on. Hope-fully, if he doesn’t come still in 2017, he will come next year.

JOL

www.novonordisk.com.br

Novo Nordisk spends 13% of revenue on research and development.

Novo Nordisk exports more

than 1 billion reais of

products which represents 25% of all

Brazilian pharma exports.

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Marcelo Zuculin - Corporate Vice President Production in Montes Claros

Waldomiro ModenaCEO ISS Brazil

How would you describe your-self as a businessman? How long have you worked for ISS, and what did you do before joining the company?I have been with ISS for two years now. I am an engineer with a Master’s Degree in administration. I have previously worked in the US in the industrial sector. I have worked for almost 40 years by now; ISS is the fourth company, that I run. I have served as Chairman of multinational and domestic organizations since 2000. I was the head of Fausto, a German multinational company

in the technology segment, head of Shultz which is a Brazilian company in the field of converters and automobile components in the South, and head of the Manserv Group, which is one of the largest companies within industrial services in Brazil.

The current economic and po-litical scenarios in Brazil present great difficulty for a lot of compa-nies. What influence have these issues had on your company and the people in your organization? Has the climate of uncertainty

and instability had a big impact on your business as a whole?When I analyze any given broad scenario, I always spilt it into three distinct parts. First, I have to place the company - in this case ISS - in the proper context.The first is the political and social aspect. How is Brazil doing? In what terms? The political debacle we are witnessing these days only interests me as it relates to the institutions themselves, i.e. whether they are under threat or not. No matter how large we are, we are not large enough to shake the country, or to be shaken by it. For me, it is important to know whether our in-stitutions will be affected by all this current turmoil. Affected yes, but impaired or los-ing value, no. I do not see that.The second aspect is the economy. At first, I look at the political landscape and then I an-alyze the economic scenario. For us, for our business, the size of the domestic market in Brazil is equivalent to the Pacific Ocean. Our company is a transatlantic ocean liner navi-gating these waters. No matter our size, the ocean is indefinitely larger. My vessel could be much larger, I could be traveling in a fleet of large vessels and it would still not matter. The market is immense. So, I look at the economy and if contracts are being honored, then I am able to conduct business in Brazil. Do contracts hold their worth? Yes. Do I have great clients in Brazil, such as big companies and outstanding professionals invested in maintaining good business prac-tices? Yes, I do. Therefore, I have a market. It is as simple as that. Waldomiro Modena

CEO ISS Brazil

The third aspect is the company itself. My organization. I look into what we have to do in order to fit into the current scenario and survive unscathed. There are several com-panies among the ones represented at your Chamber of Commerce who fit right into this category; they are extremely success-ful companies. And I believe that they are so well-adjusted, exactly because of being able to conduct this kind of general analysis. So, my biggest concern is making the com-pany outstanding in terms of organization, efficiency, and performance. The political crisis will blow over, of that I have no doubt. It has served as a moral wake-up call. It has made us in the com-pany more alert, it has made society in general more alert, it has made business-people more alert; it will ultimately serve to improve the overall situation.As for the economy, we have to keep in mind that the economy is based on trust. It feeds off credibility. The political scenario cre-ated mayhem; demand did not disappear, though. It is still here. People want to con-sume, eat well, build houses, etc; they are just waiting for the dust to settle. The situa-tion will improve and trust be restored. From my personal viewpoint, I only see great things happening in ISS. That is also the message I transmit to my staff.In terms of the company, there is increasingly less room for weak performance in the areas of corporate efficiency, organization, staff efficiency, qualifications of the employees, etc. The demand for better performance all-round is constant and ever-increasing. We underwent a restructuring in an attempt to optimize the organization. Today, we do not need this kind of measure any longer; we are once again experiencing growth and back at a certain level of profitability.We had lost some ground; this issue was cleared up with the headquarters as they were getting increasingly concerned. It was seven hard years. We cleared up the prob-lems and have brought the company back on track, it is profitable once again. We ad-justed the relations with our clients; agree-ments with clients experiencing shortcom-ings were reached, while some contracts were terminated. All of these measures served to realign the company.

It seems that a lot of people do not comprehend what ISS Facil-ity Services actually offer. Could you explain the concept for our readers?All that which is not part of the core com-petence of your company can be included into what is called facility services. Is food not a part of your core competence? We

What about your vision for Brazil?This is our vision in Brazil and around the world: to be the world’s greatest service or-ganization. And we also have the principles that guide us towards this goal, namely honesty, responsibility, quality, and entre-preneurship.

What are your biggest challeng-es and problems in the company, and for you, as an entrepreneur?The major challenges in recent years have been on the issue of credibility. Specifically in our case, this is a fact. All the changes and the lack of adequate management, added to the last events in Brazil and cre-ated situations of extreme challenge for us. And I’m sure that the ISS is not the only company with this problem, but this ends up affecting our credibility and reflects in various situations before the international community and the owners abroad. What this all leads to is foremost a downturn in investments into Brazil. There are also other negative consequences, such as Brazilian professionals losing credibility and missing out on chances to take on positions abroad, etc. Everything gets a lot more complicated. Your question was straightforward and my answer is that my first and foremost objec-tive is in regard to my staff, namely to re-cover our credibility.

What is your business based on?Our business is based on people. When you have a couple of hundred people working for you, it is already a lot. However, you are still able to manage them all. When you reach a thousand employees, things start to get tricky. 10,000 employees do not make matters ten times harder, the complications grow exponentially! ISS has

offer catering. Office upkeep? Leave it to us. We offer everything. I truly mean every-thing, right from cleaning, maintenance, supplies, paint, pens, paper to whatever you can imagine... Everything needed to be operational - everything not included in your core business - is facility service. Everything that you need to move around within your organization, e.g. materials which need to be brought, taken, moved in-house, etc., falls within the logistics division of ISS. Everything which needs to be renovated, integrated, operated, built, and repaired is part of the ISS maintenance division. In facility services, you can sepa-rate all these different needs into distinct categories.

So in a nutshell, what is Facility Service?Whatever is not your ‘core business’ is a facility service opportunity.To give you a more concrete example, we take care of the Barclays Bank contract globally. How does it work? We take care of absolutely everything for them. We take care of the restaurant, the parking lot, the gate, maintenance of the buildings, man-agement of the meeting rooms and snack bar, we have premises built for them, we are responsible for automation and upkeep, etc, etc. Then, all the bank employees have to do is to do their banking-related jobs.

Every company has a declared mis-sion and a vision. What are ISS’? Our mission is to deliver service perfor-mance that facilitates our customers’ pur-pose through people empowerment. This is our mission.Our vision is to be recognized as the world’s greatest service organization.

520,000 employees worldwide. So, we are very people-oriented. If you grow a lot and are not careful, you will sink. You will not make it, because you lose control. In Brazil, this already tough situation has an extra dimension which makes it even more complicated. Here, you have people who live really hard lives; they live in substandard housing, they go to substandard schools, they barely have access to healthcare, they earn little, they eat poorly, and they are sub-ject to a lot of social problems. It is among these people that we have to find most of our employees. So, I have to make sure that we treat these people well in order to ensure that they in turn will provide our clients with the best possible service.We are talking about employees in large numbers here; each contract might repre-sent a thousand or two thousand addition-al employees at ISS. If I do not have a struc-ture in place to do right by these people, my client ends up dissatisfied. And rightful-ly so, because I would not be doing my job. This is why we are making some changes to the organization; people are the single most important factor in our line of work. I need to make sure that the employees are well-treated and happy, so that they will perform well and in turn make our clients happy. This is the context, we work in.

Which areas in Brazil are the most relevant ones to you? Do you actively seek out work here in Sao Paulo above other loca-tions? Which five cities are the most important in terms of busi-ness? Where do you see growth happening in the future?Our main focus today is on the Southern and Southeastern regions. Sao Paulo is our home base. We have a lot of business in Rio, where we have a branch. We also have a branch in Curitiba, and we are present in the south of Brazil and in the heartland of the country. We have operations in the Am-azon rain forest, we operate cellulose pulp factories in Maranhao, and we operate in Salvador, Bahia and in Recife as well. But our strategy is to focus on Minas Gerais, Rio de Janeiro, Sao Paulo and southern states. We do have operations in Goias and other states, though. We will always serve all of Brazil.

Your line of business is facility ser-vices. How large a percentage of your business is made up of clean-ing services? Which segment is experiencing most growth, clean-ing or facility services?

Approx. 50% of our business is cleaning services. Cleaning as well as facility man-agement, cleaning, reception, etc. Approx. 40% of our business is maintenance. We do industrial maintenance for huge groups in Minas, for instance Monsanto and Embraer. We do all the maintenance for Embraer throughout Brazil, even at their assembly lines. Embraer only has two lines of mainte-nance: The in-house one which is carried out by their own employees who deal with the measuring equipment for planes as this is a question of quality control and then the ISS one. And then we have the logistics division. Today, we basically have three focus areas within our business in Brazil. These are Facil-ity Services/Facility Management, Building and Industrial Maintenance and Logistics. Logistics within the companies of our clientsThe ISS portfolio is extensive. We do cater-ing abroad. We still have not entered this market segment in Brazil, but we just pur-chased a large catering company in the US. Security, as I mentioned previously, is not an area we want to work in here in Brazil. We offer security guard services here, i.e. guards for shopping malls and places like these, but we do not offer armed security. These are our main areas. Well, we just bought a maintenance company special-ized in nuclear plants in Germany

Will the new laws make your work easier? Will they bring some relief to an area tradition-ally stricken by trouble?Yes, they will make life a lot easier. One of the main obstacles today in our line of work is exactly labor legislation. You are familiar with our company history; we take pride in crossing every t and dotting every i, we pay every single tax and contribution on our employees in a timely manner. This is how the company operates, this is what we believe is the correct thing to do. There is no way around it. Even so, due to the com-plexity of the Brazilian laws, any employee leaving our company can sue the company.One of the main changes in my opinion is the whole issue of homologation of the final settlement. Once you signed the ho-

“mologation; that is it. You cannot at a later point decide to sue your former employer. It will be your final chance to raise any un-resolved issue; it should be dealt with at this point. The way it is now, you might be blindsided by a lawsuit at any moment. Someone leaves the company, you pay them what they are due, a year goes by, and boom – you are suddenly served with court papers. The worst part is that when someone goes to see a lawyer about their claim, the lawyer often tacks on a lot of additional claims, e.g. compensation for non-material damages supposedly sustained due to not having been paid overtime. The claim is then blown completely out of proportions. Another benefit for us will be within a commonplace scenario here in Brazil. We have big clients who utilize our facility ser-vices in all their premises worldwide. Their Brazilian facilities might not be very big, though, perhaps they just have a small of-fice here. So, they really do not need a full-time service team working at their place every day of the week. In cases like this, we will be able to frag-ment services under the new laws. I can treat these people well, train them, equip them properly and render the services in accordance with the actual needs of the client, even if it is only a partial workday or week. This is an important change.

Do you have special measures in place for dealing with the differ-ent sizes of clients?Yes, we have a classification system. We have key accounts which are large ac-counts for very big clients; we typically serve them with the full range of services offered in our portfolio. We also manage the execution of services not performed by ISS itself for these clientsWe have a second classification that we call “Large Account”. These clients are very big, for instance steel plants or min-ing companies.where we provide a service. These are clients for whom you render one kind of service, e.g. cleaning, maintenance, or logistics. In the case of these two types

of clients, we normally have a dedicated key account manager for each account. He or she is a business manager trained for the task at hand, not a mere contract operator. The third group is made up by the ‘small account, single service’ clients. They con-stitute what might be called standard clients, where we have a site manager, coordinators, regional management, etc., because they are not big enough to have dedicated management. Our goal is to turn these small accounts into large ac-counts or key accounts. My Board and I have just come back from this year’s conference in Zurich. Last year, it was held in Orlando. We work with Disney, so we got together with Disney teams to get an even better understanding of their service needs. The year before that the conference took place in Paris. Next year’s conference will be in Singapore. Altogeth-er, about 450 people participate in these Top Management Conferences. Every year, the conference has a specific theme. This year it was ‘Invest in Yourself’. The company did a turnaround in terms of its focus this year. Yesterday, we spent the day out of the company with the entire lead-ership team - not just the directors but also managers and key people – and we went to an auditorium at a client’s company, where we carried out our own version of this ‘In-vest in Yourself’ program. As for what you mentioned about your results in your com-pany, I can only say that I would love to be able to present numbers like those. Our turnover rate is much higher. There are two reasons for this, namely duration of our contracts and value exchange. Some of our contracts last for decades. Shire has been our client for almost 40 years by now. The average duration is much shorter, though, a contract typically runs for 1-3 years. That in itself leads to an expectation of a high rate of turnover. The second reason is that the people who work for us are very

likely to switch jobs as soon as they have a change to improve their wages or ben-efits, no matter how meager the improve-ment might seem. The smallest monetary increase or additional benefit is reason enough to prompt a job change.

What is the minimum wage in this segment?It depends on the region, but normally around BRL 1,100 or 1,200 a month.

Does the company offer any ben-efits on top of this?Yes, we provide food, transportation and food allowances, and healthcare plans.

How much does an employee end up costing all in all then?Between BRL 2,500-3,000 a month. Even so, people are swayed away by the pros-pect of small increases in wages. It makes them switch jobs, which of course is not in our interest. We are making efforts to-wards holding onto our workforce. One of the ways is through training, including our ‘Invest in Yourself’ program. The more vi-tal you are to our organization, the higher the level of training provided, but we make a point out of providing training to every-body in the company.

How high is your turnover rate then?If we look at all the categories, I would say that it is approx. 20%. The numbers might vary from division to division, but it is a very high average rate.

Obviously it has ups and downs. There is always a way to adapt to time and legislation. I always find it difficult to explain the dif-

ferences to Brazil, Denmark, the United States. How would you explain Brazil in a few words? What is a success for you?Let me summarize it in this way. I am not entirely sure what success actually is, but I firmly believe that one of the secrets to be-ing successful is to never focus on money. You should focus on happiness, on plea-sure. I was born in poverty in a very humble community. My first job entailed wearing a boiler suit inside an industrial complex. I was a blue-collar worker, and I started out on the lowest rung of the ladder. But I never stopped working and studying. The one thing that has remained consistent throughout my entire work life is that I have always enjoyed what I was doing at that moment in time. I have always given it all I have and dedicated myself to the task at hand. I never pondered whether some-thing was very hard or easy, I just ploughed through. I have always met every challenge to the best of my abilities.Success comes like this. Success comes with work. I have never met anyone who became successful by standing idly by without any dedication.When I talked to Jeff, our global CEO, for the first time, I told him the same thing that I told you about dividing the appar-ently insurmountable problems in Brazil into manageable parts. He asked me how he could ensure that the company would be fine, and I told him to spilt up the differ-ent aspects and analyze them separately. Do not despair because the government is bad or the economy is in crisis, keep things separate.So, I suggest that you examine the issue at hand within the context of what is im-portant to you, and then deal with it from there. In the light of this approach, I told Jeff not to mix things up. We are within our rights, our properties are secure, and the institu-tions are not going to deny us our rights. You have a market that honors contracts, people are serious and trustworthy. You are able to conduct business. Let’s take care of what is ours. Let’s make our staff even bet-ter prepared for their work, let’s improve our procedures and work methods, let’s bring in the best technologies available, and let’s go get ’em! It is not complicated at all.

ISS

Finn Egholm (Executive Director) Jair Steola Ferreira (CFO) Marcelo Paschoalin (COO)Vivian Broge (People & Culture Director)Waldomiro Modena Filho (CEO)Frank Ribeiro (CCO)

Dimitrius DamalgoGeneral Manager

How long has AVK been operating in Brazil, and what are the expec-tations for the coming two years?AVK Brasil has existed for 10 years. Dur-ing the first seven years, AVK was merely a distributor of ready-made valves importing either from Denmark or China, and resell-ing on the Brazilian market. Back then, the company employed about five people.Brazil was very different five years ago. At the height of the economic boom during the Lula era, the Brazilian growth poten-tial was enormous, commodity prices were high, and the economy was doing great, so we decided that it was the right time to

open up a manufacturing plant here. We thus launched this project five years ago, and two years later the factory became a reality and we started local production. It is basically an assembly line; we import the components from abroad and local workers do the blasting, which is cleaning, coating, assembling and testing of the valves for the Brazilian market.

Does the factory operate in a sin-gle shift? How many employees do you have at the production line?Yes, we operate in a single shift. Well, one

person takes care of the logistics and over-sees the products as they are transformed from raw material to the finished product, two people coat the products and two people assemble them. The two employees who assemble the products also carry out testing, while the two responsible for coat-ing also do the blasting. They take turns to carry out these tasks; therefore, it is impor-tant that they work in pairs.

Do you not need employees to carry out distribution and so on?No, as a cost-reducing measure we had to let go of some people. We used to have a person in the reception, one at the en-trance, and a guard manning the gate, but in the past two years we have had to make some expressive cuts. Today, there are ten people working in our office. It is a small operation. We used to have a bigger struc-ture with a staff of 25. Now, we are left with 15 employees altogether.

How long have you been the manager of the company?I have been here for two years. I believe that AVK got to know the market thor-oughly throughout its first seven years in Brazil, and then opened up this factory. The original manager of the plant did a quite interesting job, but ended up leaving after a year; I then took over. I basically walked

Dimitrius Damalgo, General Manager in AVK factory in Indaiatuba, SP

Paint shop

right into the eye of the hurricane, but it has been a very worthwhile experience. .When I started here two years ago, right around the time it became clear that the market was coming to a halt, I said that we would have to reduce expenses straight away. We cut our expenses by 20% from 2015 to 2016. We managed to bring down the costs this much by making cuts to a lot of different areas; we did away with almost ten positions within the company. From 2016 to the present, we have reduced costs even further, but there is a bare-bones limit that you cannot exceed. We recently made an important reduction by cutting out the position of sales manager. This was the latest measure undertaken, and I am now in charge of the overall management of the company and of sales as well. I have a background in sales.

Was it worthwhile setting up the company in Sorocaba with the market being what it was?Yes, it was definitely worthwhile for us. The sanitation segment - as it relates to AVK products - is divided into two major types of valves, i.e. gate valves and butterfly valves. AVK is the world’s biggest producer of gate valves and the second-largest, if not the largest, manufacturer of butterfly valves on the global market. The core business of our factory is gate valves which is the primary product of AVK on the global market. Our factory was also built for making butterfly valves, though. We have machinery here for this purpose; it just has not been put into use yet. The Brazilian authorities put up a lot of roadblocks, a lot of obstacles. If you look at the Brazilian manufactured valves, they do not adhere to the US stan-dards, so we are not able to import Ameri-can valves. Nor do they adhere to European standards. Instead, the foreign standards are tweaked and a unique Brazilian touch is added to the product. Brazil does this to protect its national industry and then on top claims that the domestic products are superior to foreign ones.We were able to start producing gate valves rapidly; it was a rather uncompli-cated process. We are able to supply the same valve to all the water management companies. When it comes to butterfly valves though, we have run into trouble. Firstly, every single water management company wants a unique version of but-terfly valves and asks for specific coatings, specific flange drills, etc. We tried to meet the demands, but realized that it would be very costly. Secondly, the demand for but-terfly valves is limited. Gate valves outsell butterfly valves tenfold here. Moreover, the

Which state is the most active within water management?Sao Paulo is always in the lead. The year before last saw a lot of activity in Minas Gerais, but after the Governor from the Workers’ Party (PT) took office, things slowed down. It was a good year in Rio Grande do Sul as well, but unfortunately the state has run out of money,The Northeast is the region with the most market potential. Cities such as Recife, For-taleza and Salvador would be great mar-kets for us; however, they are markets filled with perils.

What do you think will be the greatest challenge for you as the manager and for the company itself during the coming three years?Our biggest challenge is the same as for the rest of the country: the political sce-nario. It is not really the economic situation that is the major cause for worry. When you think of the macroeconomic perspective, you think of demand. If we do not have a politically stable country, we are not going to experience growth.

Who are your main competitors, Brazilian or foreign companies?We have both. As the biggest ones have production plants here in Brazil, we can consider them domestic competitors. One is the Saint Gobain Group. The other is a company from inland Sao Paulo state called Angolini which also has a foundry; they buy the iron they cast.

Dimitrius Damalgo in factory

butterfly valves are bulkier and require dif-ferent technology. The company in Soroca-ba, VCW, is specialized in this kind of valve. People from within the valve segment saw an opportunity and developed this particu-lar valve which is their best selling product along with a retention valve. When we started up here, we analyzed the market to determine whether it would be more profitable buying an existing com-pany here or develop the valves ourselves. We concluded that it was cheaper to buy up a company as they already had the needed molds, etc.

Who are your biggest clients in Brazil?The big water management companies such as SABESP, COPASA in Minas Gerais, EMBASA in Bahia, CORSAM in Rio Grande do Sul, SANEAGUA in Goiania, and SANE-PAR in Parana. We have never been able to sell anything directly to the one in Rio de Janeiro; the scenario is quite pecu-liar there. Instead, we sell to distributors who are under contract in Rio de Janeiro and then they resell our products. We also have clients within the private sector, e.g. Odebrecht Ambiental and Aegea, who are clients with outsourced sanitation depart-ments. We sell a lot to this kind of clients as they want high quality products and do not depend on public biddings. AVK Brasil is currently licensed to sell to all water management companies in Brazil, and has a much more widespread mix of clients.Whereas SABESP used to make up 70-80% of our business volume, today they account for no more than 20-30%.

.We have to import everything; there are barriers and taxes to be paid. It is a real challenge for us to stay competitive.

Are the importation tax rates on these products very high?Actually not, they vary from 12–14%, de-pending on the product. Of course, they could be lower, e.g. 2-4% as levied on oth-er types of products.

What are the opportunities?Brazil has high demand, but the market is very competitive. Today, all the players in the segment face the challenge of keeping their factories up and running.Our biggest competitor is Saint Gobain, which is a large Group with thousands of employees. They purchase iron, melt it, make the alloy and manufacture their valves.It is a completely different process for us; we buy everything from abroad in accor-dance with orders we receive.Our other competitor, Angolini, also has to keep the wheels turning; they cannot sim-ply halt production as this is a cumbersome and costly process.

You have facilities here where you could manufacture six or seven times more than what you presently do. Do you have enough salespeople to cover a country the size of Brazil?We utilize about 30% of our production capacity today with the number of people on the shop floor. They could be producing three times more than they actually are.We presently have a team of 15 commercial representatives in Brazil; they are people

with strong connections within the water management segment. We realized early on that in order to gain entry into the big water management companies, we needed people with ties to the staff within. We have representatives that visit the big wa-ter management companies almost daily, including SABESP. Our people offer not only AVK valves, but also pipes, curves, leak gauges, etc. They constantly visit these companies. They are the forefront in our work throughout the country and within the water management companies.

You bought up VCW last year. Are there any other big investments on the horizon?I firmly believe that in order for AVK to re-ally gain foothold on the Brazilian market, we will have to make another acquisition. I think we ought to buy up a local company.

JOL

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Marcelo AdamiSales Director

What is the organization of Grundfos today in Brazil? When can we expect to have a General Manager of Grundfos in BrazilWe are now going into the second year without a General Manager. This is inter-esting because it was exactly the period where we could be profitable. Today, we have an Area Manager, Omar Bulnes. Bulnes is the General Manager of Argen-tina and is responsible for all of Grundfos’ South American organization.We are expecting to have a new General Manager by the end of this or the coming month.

What is your position in Grund-fos, and how long have you been here?At the end of this month, I will have been working for Grundfos for two years. I am the Sales Director, but I also deal with mar-keting and service. I previously worked for

Sick, a German company, for seven years. It is a completely different market, they are in the automation business.

What was the situation of the market for Grundfos in 2016, and what does it look like for the first half of 2017?We are seeing the market dwindling for ev-erybody. We calculate that the market has decreased between 15% and 20% during the past year for everybody. We are lock because after all the changes here and the market situation we were profitable last year for the first time in history.

Are you still breaking even or making a small profit?It is mandatory to be profitable for us. Last year, we started out with a very nice back log, and let’s just say that we burned through this during the year. This year we started with a much smaller backlog than

last year and by consequence smaller in-voicing. But now seeing more orders com-ing in, but we are not invoicing at the same level. We are building a backlog again. My expectation is that maybe we will do the same profit as last year with a small in-creasing in sales.

What type of reorganization are you thinking about making for Brazil? Are there any new mis-sions for Grundfos Brazil?The idea is to keep on the same track. This is what Omar agreed with us. Having a new General Manager is to do things in the right way, and of course have somebody else in the team to support us. We still have three Directors running the company, the Finance Director, the Operations Director, and me; we all answer to Omar in Argentina.

Are you all Brazilian?No, one is from Argentina. Our previous Operations Manager moved to Fresno in California, so we have one from Argentina supporting us.

Who is the boss here, who makes the decisions?We discuss the decisions Omar, if needed. We have freedom to act here, which is nice, but depending on the decision, we have to take it to Omar. We manage the daily busi-ness by ourselves.

Are you going to change the product mix that you have here? Do you have any innovations or products you will change?We are not going to change anything but

Grundfos factory in São Bernardo

we are trying to get more competitive with-in certain kinds of pumps by, for example, working on our supply chain.

What is the vision and mission of Grundfos Brazil?To be profitable. This is mandatory. We were last year. Grundfos Brazil needed to achieve this result.

What is your strategy going to be as a company? As a Sales Direc-tor who talks to the clients all the time, you must have a clearly defined vision, right?We are pushing the efficiency of our prod-ucts a lot. Today, we have one person fully dedicated to promote this business. We offer customers an analysis of their current pumps and we then offer our efficient pumps that are going to save them money, even if they have to buy a new pump. We show the cus-tomers that they can have a payback time of less than two years, sometimes even paid off from the energy savings alone.I have one mission here in Brazil; improving

How much investment money do you need to move forward there-in?I think the issue is more external than in-ternal. We have enough people. With the team I have today, we can deliver 50% more. I don’t think it is an investment issue here. The issue is really to see the market grow.

What is the biggest opportunity?We are now investing in irriga-tion. Grundfos has everything to be a strong player in this market.

So, irrigation is a relatively big segment?Yes, and agriculture is always positive in Brazil even during the crises.

Are you investing some money there?Yes, we have hired one sales person just for irrigation.

What do Brazilian politics and in-stability mean for your business?A lot, because these factors have a big impact on the investment. The industry is waiting to see some light at the end of the tunnel, but they are not seeing it, so they are not going to invest.

Grundfos

is making

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the relationship with our customers. We have been working diligently on this for the past two years. We have now a premium distributor program running. We are put-ting new sales reps into the field to serve the customers. We are doing everything in our power to live up to the high Grundfos standards.

When was Poul Due Jensen here last time?I met him last year in the US.

They were very involved in the Olympic Games in Brazil; his son donated DKK one million to the Olympic Games. There were a lot of people from Grundfos in Rio.Grundfos has sold 80% of the pumps and a service agreement, we were very successful and proud of supplying our pumps for this big event.

What are your big challenges on the market?We are suffering a lot with commercial building. The Brazilian real estate market today has a huge stock. I am hearing that in two years, this business will be normal again. This is our main segment today. We were very successful during the World Cup and Olympics, but since then the commer-cial building market has really stopped. We are waiting for this market to improve again next year. Our challenge today is how to increase our sales without this market. We are doing very well in industry mainly in the OEMs but this market is not increas-ing 2 digits. Water utility and the domestic market are also suffering a lot due to the Brazilian situation.

Are all your sales done by rep-resentatives? They are not done directly by you, are they?We have both. Today, it is between 30 and 40% through sales reps and the rest is di-rectly. This is a good strategy.

How many branch offices do you have in Brazil?Just the one in Sao Paulo. In 2015, Grundfos closed the Rio and Recife branches. I think it was a wise decision. It doesn’t make any sense to have a branch without having any stock.

What would be the number one key problem for Grundfos?I would say commercial building. It is still the biggest segment for us.

Marcelo Adami, Sales Director

Is it the time to think about an acquisition? Today, you can most probably get acquisitions for a reasonable price.Yes, but if it happens, it is going to be from headquarters, not from Brazil.

What is done in many Danish companies - and they are good at it, is doing management train-ing, and training for the people. It is fundamental to be growing as a company, be innovative etc. What are you doing here?We have the same concept, and do it ev-ery month for everything from products to applications to excellence, for example. We also provide training to customers, we travel to their location, we hire hotel rooms, and we really invest money in this.

Is that all over Brazil, or just in Sao Paulo?All over Brazil. We have a training manager, we have a training program, we have a re-gional training program, and this is some-thing that we really believe in.

I have heard from management that there has been a huge turn-over of people, and we know that turnover has a lot to do with stability. What about Grundfos, why are there so many changes, why do people leave?I think the big changes we had here were unfortunately related to the top manage-ment. Grundfos had several top managers in a relativily short period of time. The rest of the staff has been more stable, except for 2015 where we had a huge cut just to balance the company according to the revenue. For me, it was the right thing to be done. It is fundamental to be a stable company, because of changing top man-agement all the time and by consequence the strategy, Grundfos might present as confusing to the market. During the past two years, we have been trying to build an image. This is happening.

Are you at all invested in the hir-ing of the General Manager?No.

We have seen this in three or four Danish companies; this is what is happening every time. It ruins

the company for a long time. I completely agree with you.We cannot survive another radical shift in management here. We had the customer survey in May or June. We have improved on all points. It makes me believe that we are going in the right direction. Now in September we will have the employees’ motivation survey. I am expecting to see improvements again.I have been in the company for two years, I can feel the people are feeling more com-fortable, they believe in what is happen-ing. Our actions are in accordance with our words. For me this is fundamental.

You want success. What are the key words for success?Stability, transparency, and profitability. If you ask anybody here, they know if we are profitable or not. We don’t hide anything; of course, there is some private informa-tion, but nothing that interferes with what they have to know.

You don’t want to be innovative?Grundfos is innovative anyway, it is our DNA. Innovation for me is not only in prod-ucts can be in strategy, ideas. For example, we have started to suplly to Leroy Merlin a brand label pump, this is Brazil is innova-tion for Grundfos.

How many of these do you think you can sell?3,000 pieces a year or at least during the first year.

How much does this cost?For one shower it is BRL 400 for 2 showers BRL 700. And then we have the domestic pressure system with a frequency inverter that is BRL 3,000.

In my opinion, this is innovation. If you have the mindset to be in-novative, it makes all the differ-ence.Agreed, this is the only way to be ahead of our competition.

If you could have one of those in every luxury apartment, you would be a millionaire. It would be gold for you. Do you have a special person working on that, or do you have only people that concentrate on construction?The majority of our sales people are in com-mercial building, one manager and one su-pervisor.

We are living in a time where there is a lot of corruption, and your business segments are very vulnerable to corruption. Den-mark has zero tolerance towards corruption. And it is important, as I know you have, to have an attitude towards it. Is this a problem for you?No, because we don’t play in this field. My sales people, they will never ask me any-thing about it.

But they are not doing it behind the lines, either?They know the company compliance, they know the rest of the Managers, they don’t even think about asking about this. As you mentioned above, Grundfos has zero toler-ance towards corruption.

JOL

Marcelo Adami, Sales Director with product to be sold in Leroy Merlin stores

Sustainabilityis a good business.

AS A GLOBAL SUPPLIER OF PUMPING SOLUTIONS, BEING IN MORE THAN 55 COUNTRIES AROUND THE WORLD, GRUNDFOS HAS THE RESPONSIBILITY OF MAKING SOCIETY MORE SUSTAINABLE.

We know that our efficient pumping solutions can help to dramatically reduce energy consumption and, at the same time, to ensure healthy economic savings for businesses. Contact Grundfos and find out how pumps and other engine-driven applications can deliver up to five times more energy-saving opportunities compared to other energy-consuming items.

GRUNDFOS BRASILAv. Humberto A. Castelo Branco, 630 | São Bernardo do Campo – SP | CEP: 09850-300 | PABX: (+55 11) 4393 5533 | www. br.grundfos.com

/GrundfosBR

We also develop and produce natural col-ors for the food industry. Our colors origi-nate from natural sources like berries, roots and seeds, and we are global frontrunners in encapsulation and stabilization tech-niques.More than 1 billion people around the world consume our natural ingredients ev-ery day. There’s a good chance that you had a bite of Chr. Hansen yesterday. Perhaps you enjoyed deliciously creamy yoghurt, mouth-watering Italian style salami or a cheese with a distinct bite?

David StrooGeneral Manager

Chr. Hansen factory in Valinhos

Please explain to us what is Chr Hansen and what products are you producing?Chr. Hansen is a global bioscience compa-ny that develops natural solutions for the food, nutritional, pharmaceutical and ag-ricultural industries. We have been around since 1874 and have more than 3,000 dedi-cated employees in over 32 countries. As a company we aim to deliver innovative natural solutions that advance food, health and productivity for the benefit of us all. We develop and produce cultures, en-zymes, probiotics and natural colors for a

rich variety of foods, confectionery, bever-ages, dietary supplements and even animal feed and plant protection.All solutions are based on strong research and development competencies coupled with significant technology investments and close customer relationships. We are the owner of one of the world’s largest commercial collections of bacteria, num-bering almost 30,000 strains. We like to refer to them as ‘good bacteria’. From this collection bacteria are screened, selected and improved to meet specific require-ments in food, dietary supplement, animal feed and plant protection.

How long has Chr Hansen been in Brazil? What is your workforce, and where is Chr. Hansen Latin –American headquarters.Chr Hansen was established in 1874 in Den-mark, where it is actually still headquar-tered, but already in 1879 the company opened a factory in New York State, USA. Chr Hansen has always been very interna-tional and has been present in the Brazil-ian market for over 100 years, first through distributors and, since 1977, with produc-tion facilities in Valinhos, SP. In Valinhos we have our Latam headquarter.

How many people are employed at Chr Hansen Brazil and in Latin America, and what countries do you export to.We have about 10% of the total Chr Hansen workforce in Latam, 290 persons. Over 100 colleagues in Brazil where we also have our regional headquarter (Valinhos, SP). Chr Hansen is also established in Argentina, Colombia, Peru, Mexico and Chile. We ex-port to most (other) countries in Latam.

What is your mission and vision for Chr. Hansen?Our vision is to improve food and health. We work passionately every day for a future de-fined by natural ingredients and bioscience solutions, which help to address important global challenges within food, health and agriculture. As said, every day Chr. Han-sen’s ingredients are consumed by more than 1 billion people worldwide, and sig-nificant potential remains in the rest of the ever growing global population. We wish to meet the growing demand for tasty, healthy, natural, safe and affordable food and nutri-tion. We call our strategy Nature´s no. 1™, launched in 2013 and reviewed last year, and it essentially consists of two elements:

Grow the business of todayChr. Hansen will grow the business of today through increased focus on new innovation for yield and functionality in Food Cultures & Enzymes, expanding the reach of the exist-ing business in Health & Nutrition, and new solutions for driving conversion in Natural Colors. Reinforcing Chr. Hansen’s position in emerging markets will also be a key focus area to grow the business of today.

Create the solutions of tomorrow “Good bacteria” are becoming an increas-ingly relevant way to address key chal-lenges for human health and nutrition

and agricultural productivity. Chr. Hansen has an opportunity to leverage its strong technology platform in the field of micro-bial solutions to develop the natural solu-tions of tomorrow that help customers and consumers meet these challenges. Detailed information on Chr Hansen´s strategy can be found on the website.

You are a bioscience-based in-gredient supplier for the food, nutritional, pharmaceutical and agricultural industries. Pls ex-plain.We have a broad range of cultures and en-zymes for the diary markets that help pro-duce desired texture & flavor, reduce fat, reduce sugar and ensure freshness, includ-ing reducing the need for preservatives,

texturizers and sweeteners. Our products help dairies to make simply delicious natu-ral and healthy yoghurts, for example. And delicious cheese of course – actually every second cheese in the world contains a Chr. Hansen ingredient. We also have solutions for great salami, pepperoni, cured meat, bacon as well as for high quality wine and specialty beer. Furthermore we have a range of test products for our customers to test the quality and safety of their pro-duction. Our fastest growth area in food is bioprotection with a range of products we market under the tagline ´Keep it great´. It is a natural way to inhibit spoilage and helps to keep food products fresh and safe. For our customers it helps create a great brand experience by the final consumer, also at the end of the shelf life, which can ultimately be one of the solutions to reduce

cheese production at Fazenda Atalaia

food waste around the world. Reducing food waste is important on a socioeconom-ic level as 1/3 of all food is being wasted today. This stands in sharp contrast to the fact that resources are scarce and that the global population is growing at a high pace and is expected to reach 9 million people by 2020.Appearance is the first sensory factor hu-mans apply with food or beverage and the color of food is usually one of the first things consumers select on when shopping for groceries. We simply eat with our eyes. In our Colors business we help customers to ´Go Natural´. Essentially it is the same market driver as with the natural biopro-tection, a drive towards healthier foods. We have over 600 unique natural products that color beverages, confectionary, dairy, ice cream and other prepared foods. A true rainbow of colors.We are a leading supplier of scientifically documented probiotic strains for infant for-mula, dietary supplements and health-care companies around the world. We combine cutting edge probiotic and microbiome sci-ence and work in long term partnerships with the world´s leading health care com-panies.In Animal Health we supply ´Science –based, Research-proven´ probiotic solu-tions that enable farmers to produce high quality, sustainable, and safe food and continue to innovate and improve the best bacterial solutions for poultry, swine, cattle and silage. Our products promote a healthy intestinal flora of the animals while keep-ing potentially harmful bacteria in check.We believe that microbial solutions will become an ever more important and safer

way in the agricultural sector too. Although agrichemical solutions were behind the last century´s productivity gains in agriculture, it is now facing headwind from regulators and consumers requesting their food to be safe and healthy. This year we have around 400.000 hectares of crops in Brazil pro-tected by our microbial solutions instead of poisonous agrochemicals and that makes us very proud indeed. Our ambition is to reach 25 million hectares of farmland pro-tected with Chr Hansen´s natural solutions by 2025.

Who are your main competitors and what is your competitive edge?Essentially we are a leading supplier in a niche market where we meet both the biggest chemical companies in the world, as well as many small local and midsized regional players. We try to continuously launch innovative solutions and smile when our competitors copy what we do or claim but the main strength can be found in the passion of the Chr. Hansen people and collective knowledge. Our focus brings in-sights and insights lead to innovation. We strive to constantly pioneer science.

What is your success story in Bra-zil?In the 100 years that we have been in Bra-zil, we have obtained a leading position in most of the industries we serve and we are very proud of the image our company has in the market. I believe our success has to do with insights, innovation, excellence and lots of passion. We simply love what

Our vision

is to improve

food and

health.

We work

passionately

every day

for a future

defined

by natural

ingredients

and

bioscience

solutions

““

Chr. Hansen entrance in Valinhos

we do and our customers notice and appre-ciate that. We also meet with passionate customers. Last week, for example, Paulo Rezende visited our premises for a chat and a tour. Paulo is owner of a small produc-tion facility that produces award-winning cheeses like Queijo Tulha which won a gold medal by the World Cheese Awards in Spain November last year. It´s a delicious cheese by any standard. Paulo is certainly not our biggest customer, but probably the most passionate cheese maker I´ve met. Of the 14 different cheeses they submitted for judgment, 13 won a price. Amazing Brazil-ian craftsmanship!

What are the main challenges and opportunities for Chr Hansen in the future?We have a proud history, but firmly believe the best is still to come. There is a con-tinuously growing world population that needs sustainable and safe food and we see a strong drive towards real food with clean labels. Our challenge is to meet the demand for tasty, healthy, natural, safe and affordable food. In our core business, Food Cultures and Enzymes, we see oppor-tunities through continued conversion and innovation. In animal and human health we see further growth potential in expand-ing our microbial platform, not only with strongly documented probiotics, but we actually foresee a future where probiotics play a role in natural treatment of illnesses. And we expect to see an enormous poten-tial in natural farming. As said, the best is still to come.

What is a good place to work and what are your criteria and priori-ties?Mentioned earlier, our success depends on our highly skilled and motivated employ-ees. At the end of the day, their engage-ment matters. We survey our employees annually on their engagement with the company as this is a good measure of their well-being and commitment. High engage-ment translates into improved business performance, we believe, and for that rea-son we put high priority programs in place to further improve engagement.

Is Chr Hansen an innovative com-pany and driver? Tell us about it.Yes, innovation is key. Always was and always will be. Not easy though and not necessarily related to research spend only. It´s a combo of market and technological insights, combined with customer intimacy

and the right amount of investments. It probably goes too far to detail on our re-cent and upcoming launches but in food, for example, we have had and will have continued new product introductions in the field of reduced sugar, reduced salt, improved flavor, improved texture, clean label, bio-protection, new functionalities, efficiencies etc.

The food industry is normally an industry that isn´t hit hard by economic crisis. What is your situation?It is indeed correct that the industries we serve are less sensitive to economic cycles and so are we. It is certainly not compa-rable to building materials, home furnish-ing, motor vehicles and the likes, but there is an effect nonetheless. The other day I was attending a meeting with one of our customers in São Paulo where the dairy trends in Brazil were presented. It was to be expected that lower and middle income groups under crisis shift away from premi-um yoghurt brands to smaller and cheaper (private label) brands, but these consumer segments also reduce the frequency of pur-chase and to some extend changed over to other segments, like liquid milk, instead. For cheese, also a reduced frequency of purchase and a trade down in category can be noticed. In other words, even dairy products like yoghurt and cheese are con-sidered luxury goods in this market and big consumer segments trade down on luxury goods in times of crisis. When the underly-ing food production drops as a result, we notice that too. Only the creation of new categories in the market, like bio-protec-tion, can maintain our growth under such circumstances.

Do you have any investments in Brazil or Latin America?Crisis or not, we continue to invest in Brazil and Latin America overall. In our Regional and Local Application centers, for example. This year we will expand and build respec-tively Applications centers in Argentina, Brazil and Mexico that serve to develop and test new concepts together with our customers. It helps us to get closer to our customers. We´re also upgrading our pro-duction facilities in Brazil and Peru and will(have) change(d) to state-of-the arts offices in Buenos Aires and Mexico. Last but not least we are still expanding and further training our sales teams. We strive for excellence in all we do and that works never stops, does it?

JOL

Curriculum Vitae David Stroo

• Dutch citizen, originally from the isle

of Texel. Married with Wanda Keijser.

Work

• 2017 – General Manager, Chr. Hansen

Industria e Comercio. Valinhos SP,

Brasil.

• 2003 – Senior Director, Chr. Hansen.

Hørsholm, Denmark.

• 2000 – Principal Consultant, PA

Consulting Group. Utrecht, the

Netherlands.

• 1995 – Business Manager, Royal DSM.

Delft, the Netherlands.

• 1992 – Product Manager, Royal DSM.

Sittard, the Netherlands.

• 1989 – Sales Director, Akzo Nobel.

Barcelona, Spain.

• 1986 – Sales Manager. Akzo Nobel.

Arnhem, the Netherlands.

Education

• 1981 – Eindhoven University of

Technology (MSc Summa cum laude).

Eindhoven, the Netherlands.

Danish UrbanSolutions to Brazil

The vicious urban circle

Heavy traffic and pollution are affecting the quality of life in many cities around the world. Inadequate city planning and lack of space create cities where it can be a strug-gle just to get to work or simply to go and buy groceries.

In many cities the infrastructure and the public transportation cannot match the ur-ban growth. A vicious circle of traffic jams, pollution and costly time loss for society and citizens is a reality.

Today, more than half of the world’s popu-lation lives in urban areas and this trend is expected to continue for many years to come.

Urbanisation puts an increasing pressure on cities’ ability to provide core amenities for housing, energy production and con-sumption, health, transport, and waste-, water- and traffic management.

Danish companies are frontrunners with-in green technology and knowhow. Some already have activities in Brazil but there is much greater potential for green business in the Brazilian megacities.

Global climate changes are also affect-ing life in many cities. Rain causes floods because of inadequate sewage systems. Draughts causes scarcity of water. The energy consumption is affected and treat-ment of water and waste is a growing challenge.

On the bottom line the quality of life in the megacities is at stake.

Copenhagen Solutions

Over the past 20 years, Copenhagen has been a dynamic platform on which the mu-nicipality has worked together with private and public partners and the citizens in an open dialogue to constantly rediscover and develop the concepts of sustainability and livability in the city.

Copenhagen has one of the world’s most ambitious climate plans and is on track to re-duce CO2 emissions to zero by 2025. This am-bition has sparked innovative urban solutions and architecture which has paved a new way of urban living for the Copenhageners.

They have seen the city transform it-self from an industrial harbour town into a smart, vibrant and green cosmopolitan city with a strong growth in population and green businesses.

The city has created a wide range of green solutions in urban planning, energy, cycling infrastructure and much more, which cities all over the world want to learn from.

Now, residents and tourists alike can swim and fish in the harbour in the heart of the city. Cyclists and pedestrians can navigate by special lanes and bridges crossing the canals. Rooftops have turned into gardens.

Smart-Neighbourhood Nordhavn

The futuristic vision of the smart city comes to life for instance in Nordhavn (Northern Harbour). Here Copenhagen continues its ambition to be both green

the Embassy of Denmark in Brasilia has an exhibition on Danish sustainable urban solutionsand architecture touring Brazil? It has previously been shown in Rio de Janeiro and Brasilia and can be seen in Sao Paulo until 10 August 2017 at Centro Universitário Maria Antonia (USP).If you would like to know more and maybe collaborate with the Embassy in organizing future exhibits, please contact cultural officer Natália Rodrigues by email: [email protected]

Did you know that….

(climate-friendly sustainable) and blue (re-connect with the water) while setting new standards for sustainability in a socially di-verse city district.

Ten years ago, Nordhavn was an indus-trial harbour area, and even though some commercial shipping activities are still go-ing on, the area has now become a pilot project for the so-called “five minute city” where public transportation will never be further away than a short walk.

Easy access to public transportation and biking on “super bike-roads” or “bicycle highways” will contribute to make it easier to walk, bike or use public transportation than to go by car. At least one third of all traffic should be by bike and at least one third should be by public transportation.

With a combination of renewable energy and a low consumption of energy and re-sources, hopes are that Nordhavn could become a CO2-negative district.

Public-Private Partnerships work

A number of public-private partnerships (PPP) have been established in order to create an energy infrastructure that includes both electricity, heating, cooling and water and

Ambassador Kim Højlund Christensen

develop future sustainable energy solutions,With PPP’s it has also proven easier to opti-

mize the city, from real time traffic regulation, bike paths and automated regulation of heat-ing and energy consumption in buildings.

Sustainable City Sectors

Inhabitants in megacities like Sao Paulo and Rio de Janeiro may consider the “five minute city” pure utopia.

However, in Brazil initiatives are being launched in a number of sustainable city sectors.

The Danish Trade Council in Sao Paulo has been promoting Danish Water Technol-ogies within Brazilian utilities since 2013. In 2015 a collaboration was initiated with the Danish Water Forum (DWF) to strategically engage with key players – especially Bra-zil’s largest water company SABESP. Focus areas in the collaboration are smart water management and sustainable wastewater treatment plants.

The choice of these two priority areas takes into consideration the strongholds of Danish water export technology and local demands from sanitation and industrial players.

Many sectors can still benefit from Danish

solutions. Rio de Janeiro is in the Top 5 of the world’s most congested cities. It has a lot of potential for sustainable development.

In Sao Paulo focus is right now on how to convert waste to energy, something that has great potential for significantly lower-ing levels of pollution.

Urban Solutions Online Platform

A new Trade Council initiative to promote export of Danish urban solutions to cities worldwide has recently been launched. “Urban Solutions” is a digital platform where the Danish Trade Council can inter-act with key stakeholders within urban de-velopment. The Urban Solutions initiative will formalise the network consisting of the Trade Council and its missions and the Danish suppliers, technical advisors and public authorities together with develop-ers, investors and municipalities globally. Basically, it is a tool to connect Danish sus-tainable city sector suppliers to the world.

Green business is urban

Denmark’s lead position is based on a long tradition of involving many different stake-holders in decision and planning processes within environmental and urban develop-ment. This has proven an important tool to create holistic and inclusive solutions.

Danish companies who are ready to join strategic alliances and draw upon this tra-dition and knowhow may be eligible to meet the needs of urbanising cities in for instance Brazil.

Ambassador Kim Højlund ChristensenAmbassador of Denmark to Brazil

28 apr/jun 2014

En route to 2018 without forgetting 2050

In 15 months, we will elect a new presi-dent and Congress. It is difficult to avoid the commonplace of characterizing the dispute as one of the most important in decades, but this time the cliché corre-

sponds to reality. This is because the new president will quickly have to face acute economic problems, and at the same time put in place policies aimed at pulling Brazil out of its relative decline - a chronic prob-lem, which has been tainting our economic performance since the 1980s. The acute problem, on the other hand, is fiscal.

Without reforms, the trajectory of public debt is unsustainable - Itaú’s economists forecast the debt-to-GDP ratio at 77% of output by the end of the current presi-dential term, and continuing its upward movement along the next. The size of the challenge amounts to about 5.5 percent-age points of GDP, the difference between the current primary deficit and the surplus needed to stabilize the debt.

The pension reform, which was nearing approval by Congress,

but whose fate became doubtful after the turbu-lence in May, would have

generated savings of at least 2 points over

time, in its originally proposed version,

and 1.4 percent-age point in the diluted version

approved by the special commission of the lower house. The remainder of the adjust-ment would involve various measures, such as controlling expenditures with federal staff, reinstating payroll taxes and contain-ing expenses such as salary bonuses and credit subsidies.

The fiscal problem does not “stabilize”; it increases as time goes on, given that debt continues to grow. Therefore, if the 2017 pension reform is irrevocably victim-ized by the degradation of governance, then 2019 will have to bring a more severe reform, and/or stronger additional adjust-ment mechanisms.

It could be argued that the adjustment should also include revenue measures, especially those of a progressive nature, such as increased taxation of income - in terms of intensity and scope (profits and dividends, for example) - and equity. How-ever, the Brazilian tax burden, equivalent to 33% of GDP in 2015, is already higher than the average of the emerging countries (27%) and close to that of the OECD coun-tries (34%), which are at another level of development.

It is also true that more aggressive capi-tal taxation tends to discourage entrepre-neurship and investment, which should be undesirable in an economy that seeks higher growth. The reality of our Congress,

Chief EconomistMario Mesquita

apr/jun 2014 29

however, is more decisive: even if the Exec-utive proposes tax increases, it will hardly find support in parliament - it is worth re-membering that not even President Lula’s popularity in 2007 was enough to maintain the CPMF tax.

Finally, a tax increase would only be a temporary solution to the problem, as pub-lic spending would continue to grow in the absence of reforms, due to the pressure im-posed by the country’s demographic transi-tion (population ageing) on pension costs. If the fiscal challenge is serious, the growth challenge is no less important.

Brazil entered the twentieth century with income levels close to those of co-lonial India - income per capita was 17% of the U.S. figure, according to an OECD survey, while India’s was 15%[1]. From the 1930s onwards, the Brazilian economy entered a period of strong growth and convergence of income per capita, com-pared to the advanced economies, peak-ing in terms of income per capita relative to the U.S. in the late 1970s and early 1980s. Since then, our performance has been quite poor, and income per capita, as measured by the purchasing power parity concept, dropped to 23% of the U.S. level in 2010, having been overrun by China’s 26% - alternative assessments indicate that the Chinese overrun is more

recent, but Brazil’s declining trend is un-equivocal.

In view of the severe recession that be-gan in 2014, it is possible to conjecture that income per capita has dropped further in recent years and that Brazil’s relative dete-rioration has accelerated. In fact, the tra-jectory of our income per capita, compared to India, seems similar to that observed in the comparison with China, and we may not rule out an overrun at some point in the coming decades, if recent trends are maintained.

Looking not at the risk of being overrun, but at the prospect of advancing along the scale of income levels, given that the US GDP per capita grows at an annual rate of 1.4%, we should aim for a GDP growth rate over 2.1% (as our population has grown by about 0.8% per year), without which there is no possibility of conver-gence with the US.

If we wish to advance towards the aver-age world GDP per capita, which is per-fectly reasonable for a developing country, then we should aim for an annual GDP growth rate of at least 3%. This should be a consensual goal. Much more difficult is to find consensus about the means.

In 2018, we will certainly see candidate(s) proposing to restore the State’s leading role in the development process, led by

public banks and Petrobras, as the means to re-accelerate growth. A very similar agenda to that adopted between 2010 and 2014, with disastrous results, and one that is inconsistent with the fiscal possibilities. Another agenda, in addition to advancing fiscal consolidation, would be to follow the path of microeconomic reforms, improving the performance of the labor, goods and services markets, attacking patrimonialism and the capitalism of “compadres”, priva-tizing, opening the economy (one of the most closed in world) to healthy external competition and, crucially, investing in the education of the population and qualifica-tion of the workforce.

This second agenda may seem strange to the country’s ways and customs. As the country’s ways and customs have led to failure in its long-term growth strategy, it is time to try a different prescription. Oth-erwise, the country will reach the middle of the century as a relic of poverty in an increasingly affluent world.

Mario Mesquita Chief Economist - Itaú Unibanco

______________

[1] GDP per capita since 1820, Jutta Bolt, Marcel Tim-mer and Jan Luiten van Zanden, chapter of the OECD book “How Was Life? Global Well-being since 1820”, 2014.

Investments, long-term growth, and fiscal solvency

in terms of per capita income, it would take Brazil 30 years to catch up to its neighbor. In fact, in order to grow 2% in terms of per capita income, the Brazilian economy as a whole would have to grow 3% a year to make up for the 0.7% popu-lation growth rate. Since the 1980s, Brazil has had great difficulties maintaining sustainable growth of 3%; the average rate has been 2.2% throughout this period.

Besides reducing unemployment rates and raising the per capita in-come level to match the levels of its peers more closely, restoring growth is also fundamental for guarantee-ing solvency of the public debt. If the country grew 2% a year with real interest rates at 4%, then public debt would only stabilize in 2026 and would only fall below the current lev-els by 2035. This projection holds true as long as the spending cap remains

vestment rates are quite dire. With-out growth, Brazil runs the risk of getting stuck in what economists call the middle income trap, i.e. the situation where a country reaches a certain income level per capita and then proves unable to move beyond this level. This scenario is especially alarming whenever the population is aging at an accelerated pace, which is the case of Brazil.

The per capita income in Bra-zil is about USD 15,200. This level is lower than those of other Latin American countries, e.g. Chile (USD 24,000), Uruguay (USD 22,000), Ar-gentina (USD 20,000) and Mexico (USD 19,000), as well as those of countries which typically compete with Brazil for funds, e.g. Australia (USD 49,000), Russia (USD 26,000), Turkey (USD 25,000) and China (USD 15,500). Even if Brazil were to grow 2% annually and Chile only 0.5%

The country is undergoing a pro-nounced crisis; the economic perfor-mance is at its worst level in the past 120 years. This of course severely af-fects employment rates and income levels of the general population. The primary concern, however, is the fu-ture perspective for growth. If invest-ments are not forthcoming, the coun-try will have a very hard time increas-ing its GDP per capita rate, generate employment and ensure solvency of the public debt.

The investment rate in the economy surpassed 21% of the GDP in 2014 but then fell to 16% last year, thereby reaching its lowest level in more than 20 years. In real terms, investments have declined 30% from their peak while consumption has fallen 10% and government expenditure only shrunk 3%. This all spells trouble for long-term economic growth.

The consequences of such low in-

in effect. If, however, the country ex-perienced 3% growth with the same interest rates, the debt would stabi-lize in 2022, fall below the current level in 2026 and henceforth present a sharp decline.

However, sustainable growth rates of 3-4% could only become reality if the country were to invest 21-24% of its GDP and productivity were to increase at a rate of 0.5-1%. Since 2012, the country’s productivity level has not risen above half a percent, which is the direct result of imbal-ances in both the macro and micro-economic aspects of recent years. Even the ambitious portfolio for gov-ernment infrastructure concession bids during the upcoming five years will only amount to 20% of what will have to be further invested annually for the country to reach the afore-mentioned levels of investments in terms of the GDP.

Fortunately, there are mitigating circumstances in the short run in re-gard to the possibility of growth and investment recovery. First, the global scenario is favorable to emerging markets as it limits weakening of as-set prices and maintains the exchange rate and country risk at levels con-ducive to investments. Second, the economy is currently idling, so there is definitely room for the country to grow at above the historic rate in the coming years without a need for as-tronomic investments or risking infla-tion. Third, the reduced external defi-cit allows for growth without creating havoc in the balance of payments.

The fall in inflation and interest rates has made it possible to see the first signs of renewed growth. The main indicators are seen within car sales, real estate development, real estate sales, an upturn in the sales

of household appliances, computers and clothing, a decline in unemploy-ment rates and private individuals having access to credit. These indica-tors have all shown clearly in recent months that the economy is in fact recovering.

Moreover, even the historical facts of limited growth since the 1980s show that it is indeed possible to break the 3% ceiling when the eco-nomic policies are well-adjusted. In order for that to happen, though, it is necessary to balance the mac-roeconomic scenario again by pass-ing reforms which will ensure fiscal solvency, expand commercial liberal-ization, enhance economic flexibility and create conditions for a sustain-able reduction of the interest rates. At the same time, changes outlined by the OECD need to be made to the microeconomic scenario as well, no-tably within legal certainty, regula-tory benchmarks within a wide range of sectors and the business environ-ment in the country. These are some of the fundamental conditions for ensuring an adequate level of in-frastructure financing through the capital market. Finally, there is a real need for heightened focus on effi-ciency in terms of expenditure within education and policies which propel us towards the forefront of technol-ogy; these areas are the natural cat-alysts for productivity.

These aspects are directly linked to the debt dynamics theme. Without growth, the country will have to significantly raise the tax bur-den in order for the Treasury to remain solvent. This will jeop-

Fernando HonoratoChief Economist at Bradesco

ardize the already reduced productiv-ity of the country even more. As long as reforms do not move forward and growth does not consolidate itself, the discussion of public debt dynam-ics will have to take a back seat due to the expectancy of cyclical lower in-terest rates and an emerging-market friendly global scenario. The country has bought itself some time to avoid sharp debate presently, at least while there is still hope that reforms will be back on the political agenda be-fore long. Sustainable recovery of the growth rate essentially depends on whether we will prove capable of or-ganizing the economy so as to make a consistent and durable recovery of in-vestments and productivity during the upcoming years.

Fernando Honorato

Chief Economist at Bradesco

32 jul/sep 2009

The 20 richest people in the world

Name Fortune (US$ billions)

1- Bill Gates 86.0

2- Warren Buffet 75.6

3- Jeff Bezos 72.8

4- Amancio Ortega 71.3

5- Mark Zuckerberg 56.0

6- Carlos Slim 54.5

7- Larry Ellison 52.2

8- Charles Koch 48.3

9- David Koch 48.3

10-Michael Bloomberg 47.5

11- Bernard Arnault 41.5

12- Larry Page 40.7

13- Sergey Brin 39.8

14- Liliane Bettencourt 39.5

15-S. Robson Walton 34.1

16- Jim Walton 34.0

17 -Alice Walton 33.8

18- Wang Jialin 31.3

19- Li Ka-shing 31.2

20- Sheldon Adelson 30.4

Source: Forbes

Legal Beneficiaries

Italy Culture and Sport

Argentina Education and Sport, culture and sport

Portugal Education, Culture and Sport

Spain Culture and Sport

Brazil Sport, Education, Culture Safety, Health (Cruz Vermelha and APAE) and Social Security.

Real Interest

Projection of real Interest in 12 months

discounting inflations

Russia 4.59

Turkey 3.93

Brazil 3.71Indonesia 3.36

Colombia 2.06

China 1.45

Mexico 1.43

India 1.39

South Africa 0.86

Argentina 0.36

Source: Estadão

Ranking of National Registration System

for Foreigners

1- Portugal 70,700

2- Bolivia 58,200

3- Japan 33,300

4- China 25,400

5- Italy 22,800

6- Spain 18,500

7- South Korea 15,900

8- Haiti 14,100

9- Argentina 12,800

10-Chile 8,800

Source: National Registration System for Foreigners

Countries that receive most spam phone calls

India 22.4

USA 20.7

Brazil 20.7Chile 17.4

South Africa 15.0

Source: TRUECALLER

Preferred destinations by companies that want

to internationalize

USA 68.8

Colombia 23.4

Mexico 21.3

Argentina 17.7

United Arab Emirates 15.6

Paraguay 14.9

China 14.2

Peru 14.2

Chile 12.1

Germany 9.9

UK 7.1

Angola 3.5

Bolivia 3.5

Uruguay 3.5

Russia 1.4

Source: APEX

Support for democracy is lower among young

Country Up to 29 years 30-49 years Over 50 years

Argentina 41 48 45

Brazil 46 49 55Germany 49 57 65

Mexico 52 57 60

Netherlands 31 44 52

Poland 37 53 61

Spain 43 46 47

USA 30 44 58

Source: World Values Survey

jul/sep 2009 33

Total of iphones sold in the last decade (in millions of units)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1 11 20 39 72 125 150 169 231 211 128

Miniumum retirement age of the world

Man Woman

Germany 65.1 65.1

Argentina 65.0 60.0

Brazil 65.0 62.0Chile 65.0 60.0

Korea 61.0 61.0

USA 66.0 66.0

France 62.0 62.0

Greece 67.0 67.0

Netherlands 65.2 65.2

Italy 66,2 63.7

Japan 65.0 65.0

Norway 67.0 67.0

UK 65.0 62.2

Czech Rep. 62.6 61.3

Switzerland 65.0 64.0

Source: Pensions at a Glance 2015(OCDE)

281 290 303

268

253

248

181

77

50

27 20

4 7 18

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

CHART TITLEMexico City reduced

pollution in the last decades

Source: OCDE

Lottery revenues for Social Destinations

Social Destination

Italy 13.90

Argentina 16.64

Portugal 34.99

Spain 21.94

Brazil 40.00Source: The WA Global DATA COMPEDIUM 2016.

Entrance of Immigrants into Europe

2012 2013 2014 2015 2016

72,437 107,365 283,933 1,822,177 511,371

Source: Pew Research Center

GDP growth in the Euro zone

2012 2013 2014 2015 2016

-0.9 -0.2 1.2 1.9 1.8

Source: Pew Research Center

Approval of American Presidents in European

Countries

OBAMA TRUMP

Sweden 93 10

Netherlands 92 17

Germany 86 11

France 84 14

Spain 75 7

UK 79 22

Italy 68 25

Poland 58 23

Hungary 58 29

Greece 41 19

Source: PEW RESEARCH CENTER E EUROSTATS

Least popular Presidents of the USA

Donald Trump (2017) 36%

Gerald Ford(1974) 39%

Bill Clinton(1993) 45%

Richard Nixon(1969 58%

George W. Bush(2001) 59%

Barack Obama(2009) 59%

Ronald Reagan(1981) 62%

Jimmy Carter(1977) 67%

George H. W. Bush(1989) 73%

Dwight Eisenhower(1953) 73%

Source: Langer Research Associates

34 jul/sep 2009

Rate of investment in the economy( % of GDP)

Public Investment Private Investmen Total

2000 1.9 17,0 18,9

2001 2,1 16,6 18,7

2002 2,2 15,2 17,4

2003 1,6 15,3 16,9

2004 1,8 16,1 17,9

2005 1,9 15,3 17,2

2006 2,2 15,7 17,8

2007 2,3 17,5 19,8

2008 2,6 19,0 21,6

2009 2,7 16,1 18,8

2010 3,2 18,6 21,8

2011 2,8 19,0 21,8

2012 2,7 18,7 21,4

2013 2,7 19,0 21,7

2014 3,0 17,6 20,5

2015 1,9 15,7 17,6

2016 1,8 13,7 15,4

Source: IBGE, Tesouro Nacional and Ipea

Savings rate of the economy(% of GDP)

Public Savings Private Savings Total

2000 -3.5 17.3 13.7

2001 -4.8 18.6 13.4

2002 -4.5 20.0 14.6

2003 -3.5 19.8 15.8

2004 -1.4 19.9 18.3

2005 -1.3 18.4 17.2

2006 -2.8 20.1 17.8

2007 -2.9 20.6 17.7

2008 -0.7 19.0 18.3

2009 -2.1 17.5 15.5

2010 0.2 17.7 17.9

2011 0.3 18.2 18.6

2012 0.6 17.5 18.0

2013 -0.5 18.9 18.3

2014 -2.8 18.9 16.0

2015 -5.1 19.3 14.4

2016 -6.1 19.9 13.9

Highest debts of defaulting Companies

(in R$ bi)

Oi 65,4

Sete Brasil 19,3

OGX 12,0

OAS 11,1

Schahin 5,8

OSX 4,6

Wind Power Energia 3,0

Abengoa 2,6

Renuka do Brasil 2,3

Eneva 2,3

Source : Alvarez & Marsal

Ranking of the highest losses

investigated in Brazil

1-Greenfield 53,834

2- Lava Jato 13,884

3- Acrônimo 5,813

4- Zelotes 5,467

5- Enredados 5,171

6- Celeno 4,500

7- Janus 4,390

8- Filão do Abacaxi 3,003

9- Huno 2,020

10-Valeta 2,000

Inflation targets for 2017 in different

countries

Argentina 12.0% - 17.0%

USA 2.0%

Japan 2.0%

Peru 4.0%

Chile 3.0%

Mexico 3.0%

India 4.0%

Paraguay 4.5%

Russia 4.0%

Turkey 5.0%

Israel 1.0% - 3.0%

Brazil 4.0% - 4,5%

Source: The Central Bank of Brazil & Central Bank News

jul/sep 2009 35

Institutions changes projections for GDP in Brazil

2016 2017 Before Current Before CurrentAustin Rating -3.9 -3.9 -0.7 0Banco de Tóquio -3.6 -3.4 1.0 1.0BNP Paribas -4.0 -3.0 0 2.0Bradesco -3.5 -3.0 1.3 1.5Credit Suisse -3.8 -3.5 -1.0 0.5Fibra -4.5 -4.5 1.0 2.1Itaú -4.0 -3.5 0.3 1.0MB Associados -4.1 -3.3 0.6 2.0MCM Consultores -3.6 -3.4 1.3 1.3Rio Bravo -3.6 -3.6 0 0.7Rosemberg Consultoria -4.3 -4.0 0.8 0.8Santander -3.7 -3.7 1.2 2.0Tendências -4.0 -3.7 0 1.2

Source: Banks and Consultancies

Most valuable Brazilian brands

Position Brand 2016 2017 Variation1 Skol 6,743 8,146 21%2 Bradesco 1,920 4,438 131%3 Brahma 3,269 4,385 34%4 Itaú 1,875 4,359 133%5 Globo(*) - 4,123 -6 Antartica 1,383 2,854 106%7 Sadia 2,010 1,884 -6%8 Bohemia 1,153 1,570 36%9 Natura 826 1,256 52%10 Ypê(*) - 1,132 -

(*) closed capital companies

Strongest brands in Brazil

Position Brand Brand strength index Position in 20161 Google 100.0 12 Facebook 98.4 23 Omo 93.9 44 Trident 85.3 35 Coca Cola 77.0 56 Colgate 62.7 67 Oral-B 58.0 78 Nescafé 56.7 89 Apple 56.3 1410 Samsung 55.9 911 Guaraná Antartica 54.8 1312 Heineken 44.5 -13 Skol 43.0 1014 Nestlé 40.4 1515 Gillette 39.6 1616 McDonald's 39.4 1117 Vanish 38.4 2018 Dorflex 38.2 -19 Johnnie Walker 38.1 1820 Nike 35.6 -

Source: Ranking BranZ Brasil

Coffee sales in Denmark

Retail sales in 1.000 kg

2014 20.104,6

2015 19.342,5

2016 18.945,7

Retail sales in mio. DKK

2014 2.355,5

2015 2.533,4

2016 2.571,8

Source: Euromonitor, Statistics Denmark

Denmark’s top ten export countries in percent of Danish

export

1. Germany 16,1

2. Sweden 12,0

3. USA 8,3

4. Great Britain 6,4

5. Norway 6,4

6. Holland 4,9

7. China 4,5

8. France 3,4

9. Poland 2,9

10. Italy 2,7

Source: Statistics Denmark, Seomondo

Average of the retirement in relation

to the salary

Mexico 28.40%

Chile 37.70%

USA 44.80%

South Korea 45.00%

Canada 47.90%

France 67.70%

Greece 72.90%

Brazil 76.40%Source: OCDE

Minister Troels Lund Poulsenis honored with Chamber medal

Pia Ankerstjerne & Captain Kurt Andersen from the Training Ship ‘Denmark’ are awarded the Chamber Silver medals

Captain Kurt Andersen, Pia Ankerstjerne and Jens Olesen

on stimulating the creativity of the partici-pants. In it, the main objective is to build cities with the local fauna and flora, insert-ing the final creation in a map of Brazil.

July holidays were more fun with the LEGO Festival

Those who passed by Shopping Cidade Jardim in São Paulo during the July holi-days had fun guaranteed in the first Brazil-ian edition of the LEGO Festival. The action was a huge success: it gathered more than 24,000 children and had registrations ex-hausted in only three days.The event was divided into nine stations, one of them unprecedented in the country. “RACE - CONSTRUCTION AND COMPETI-TION” encouraged participants to use only LEGO bricks to build the faster vehicle and make it ride in a straight line. The winner would be the one who came first.All the stations were designed to reinforce the company’s values - creativity, imagina-tion, fun and learning - and had as their theme the main lines of LEGO. Important partnerships were signed with Disney and Warner, which made it possible to include areas dedicated to Star Wars and major LEGO franchise games.No children were left out: for the girls, there was a Friends and Princess station and for the little ones a LEGO DUPLO® pool, specially line developed for the size of their hands.

It is not of today that LEGO invests in sev-eral platforms to strengthen its relation-ship with the fans of the company. In Brazil, the strategy is no different: for 2017, LEGO prepared a series of events - 16 in total - in shopping malls spread throughout the country. The choice of location was due to the daily flow of people and the ease of finding branded products.The first major event adopted in the coun-try was the LEGO® House during the Rio 2016 Olympics. The attraction was the only one developed to join parents and children in play and attracted more than 15,000 participants. The repercussion of the ac-tion only reinforced the strategy adopted

by the company, which remained investing in the events.To be in line with LEGO’s global goal of doubling the number of consumers by 2032, the Brazilian subsidiary understood that this option would be best suited to re-cruit new fans and further strengthen the relationship with the brand.Since then, all LEGO events in Brazil are thought by the motto “Inspiring the build-ers of tomorrow”. In the country, different formats were designed to suit all profiles of children. At LEGO Stores, “Hunting Ani-mals” and “Creative Fortnight” take place. The “Builders of Tomorrow” was developed especially for the local market, with a focus

LEGO Festival entertained more than 24,000 children at brand event

Children with LEGO DUPLO® line

Family fun at the Star Wars station

1) RACE - CONSTRUCTION AND COMPETITIONIn it, competitors should only use LEGO bricks and build the faster vehicle and make it ride straight. Who arrives first wins the race!

2) LEGO STAR WARSSpace for fans of both brands, where par-ticipants were challenged to build an inter-galactic ship using the LEGO Star Wars line.

3) CHALLENGE ZONE Space where children needed to work as a team to achieve the best result. Participants were challenged to build an object - the tall-est tower or the toughest bridge - in 10 min-utes. After construction, the objects were tested. The winning team is one that can build the tallest tower or the toughest bridge.

4) LEGO DUPLO® POOLPerfect for family fun, this space had only pieces from DUPLO® line, specially devel-oped for the hands of children between a year and a half and four.

5) MONOCROMATIC ZONE Creation in this space was free, except in the color question. Participants were able to build any object, however, they can only use one brick color.

6) LEGO FRIENDS + DISNEY Specially developed for girls, inspired by the Friends and Disney Princess line, they could create whatever they want on the heart-shaped table.

7) LEGO POOL In this pool, the important thing was let the imagina-tion go and have fun, no matter the age!

8) CONSTRUCTION WALL Next to the pool, the public found a wall built with LEGO bases in white.Participants were able to build what they want, as long as it is fixed to the wall.

9) LEGO GAMESThose who love the digital world could also have fun at the event. Participants found 5 different LEGO games, divided into stations:

• LEGO Worlds• LEGO City Undercover• LEGO Star Wars• LEGO Marvel Super Heroes• LEGO Batman

LEGO do Brazil

Stations in the LEGO Festival Brazil

40 apr/jul 2015

For some time, there has been a good deal of talk about the need to modernize the Con-solidated Employment Laws. These laws date to the 1940s and continue to govern employ-ment relations in Brazil to the present. In this context, certain proposals to modify the legis-lation have begun working their way through Congress and, during the last quarter, two laws were published (Law 13,429/17 and Law 13,476/17) that are intended to adapt the le-gal rules to the current social and employment environment.

Law 13,429/17 deals with outsourcing em-ployment relationships. Until March 2017 (when the new law was published), this was regulated only for specific situations, such as hiring temporary workers or guards and people to transport valuables.

Approximately three months later, in June 2017, Law 13,467/17 was sanctioned and pub-lished. This law is known as the Employment Reform Act. When it becomes effective, it will amend various articles of the Consolidated Em-ployment Laws, including providing for new ways of hiring (intermittent work and work at a distance), increasing the power of collective bargaining agreements, applying civil proce-dure rules to employment lawsuits and revok-ing articles that ensure employees’ rights.

Given the number of articles that are amend-ed or revoked, for explanatory purposes the changes introduced by Law 13,467/17 can be divided into 10 groups: (i) termination of the employment agreement; (ii) collective bargain-ing; (iii) liability for employment debts; (iv) work by women; (v) workday; (vi) hiring inde-pendent contractors and corporate entities; (vii) rights revoked; (viii) procedural norms; (ix) payroll taxes and (x) other rights that are changed.

Many of the changes are interconnected. Ex-amples of this are the choice of whether to pay union dues, which are no longer mandatory, and the fact that it is no longer necessary to ratify the termination of employment agree-ments with the trade union, which was funded by union dues.

On the other hand, the lack of ratification of the termination of employment by a trade union or the Ministry of Labor creates insecu-rity regarding the full payment of rescission amounts, which is also attributed by the law we are analyzing. For example, prior to the new law the employee had assistance at the time of ratification and could challenge payments ex-pressly stated in the termination instrument in court, while under the new law the employee will not have help reviewing the termination in-strument and a release will be given for the ter-mination amounts and not merely the amount described.

Regarding collective bargaining, the new law allows collective bargaining agreements to take precedence over employment legislation, regardless of whether they are more favorable to the employee. This is therefore a substan-tial change for companies because negotia-tions with employees will be broader and have greater legal security.

Also necessary was allowing distance work and intermittent work. Distance work, fre-quently known as “working from home,” was already allowed by numerous companies but there was always insecurity regarding a legal challenge to overtime and the reimbursement of expenses, which have been specifically ad-dressed. The category of intermittent work was created to increase the number of formal em-ployment agreements since many companies ended up hiring workers informally for sporadic activities.

Following the same intention of allowing practices that are already being done by em-ployers and employees, the law governs “ter-mination by agreement,” or in other words, terminating employment when neither the em-ployer nor employee wishes the employment to continue.

In the business environment, an important change is the limit placed on the liability of an owner who has withdrawn from ownership in a business, which is now limited to two years af-ter his or her withdrawal is recorded in the cor-porate documents. This change clearly shows

the intention of ensuring legal security for busi-ness people, who were frequently surprised by employment lawsuits long after having given up ownership in the employing company.

Another important change concerns Law 8,212/91, governing the calculation basis for Social Security payments. In principle, pay-ments that were classified as being in the na-ture of salary no longer are.

Law 13,427/17 also introduced significant changes in employment lawsuits. It implements specific rules to prove the employee’s weaker bargaining position, establishes prevailing par-ty’s attorney fees and establishes a fine when litigation is held to be in bad faith. These rules, in principle, will tend to decrease the number of employment lawsuits, which currently over-burden the courts.

In general, the “Employment Reform” re-voked articles intended to protect certain classes but instead ended up discriminating against them (for example, article 384 of the Consolidated Employment Laws, which guar-anteed a 15 minute break between the end of regular time and the beginning of overtime for women only), differentiated between employ-ees according to their level of education and their compensation (making individual agree-ments with employees who have a college edu-cation and who earn more than twice the Social Security contribution salary valid) and made it possible to make rights flexible at the parties’ convenience (authorizing the negotiation of a 12-hour workday/36-hour workweek schedule or dividing vacation time, for example).

Relationships in society change every day and the law cannot remain stagnant. Modern-izing legislation is essential to keep pace with social reality. Now we will just need to wait and see how the courts handle some of the more controversial items in the law.

Gabriella Nudeliman ValdambriniManager of the Employment Law

area at Gaia Silva Gaede Advogados.

www.gsga.com.br

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Changes to employment law: the need for modernization vs. making the employment relationship precarious

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Ricardo Boechat – Band Newsgives a great presentation at the Scandinavian club

Ricardo Boechat is celebrating

Ricardo Boechat, famous journalist and TV presenter gave a very comprehensive, informative and interesting presen-tation about the political/economic climate in Brasil, which we all know is very complicated and difficult.We had a full house with the presence of 40 senior execu-tives from Danish companies as well as the Consuls Gen-eral from Sweden and Finland. A round of questions was very well answered by Ricardo Boechat followed the presentation.

JOL

Allan Finkel making questions to Ricardo Boechat

Dr. Renato Pacheco, Waldomiro Modena Filho, Emerson Vasconcelos and Allan Finkel

All participants having a great time

Ricardo Boechat is celebrating

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NORDEA_280X210_final2013.pdf 1 22/1/2013 16:05:51

The Associação Beneficiente Escan-

dinava Nordlyset – the Scandinavian

Club celebrated 126 years with gala

dinner with a full house of more than

90 people.

We all had colorful and pleasant eve-

ning and everybody enjoyed the deli-

cious food and the good music.

A special cake was prepared to celebrat-

ed the 126 years. This year Dra. Selma

Olsen and Swedish Consul General, Dr.

Renato Pacheco and the President Jens

Olesen made the special celebration to-

gether with all the guests.

JOL

126th anniversaryScandinavian Club Nordlyset

Dr. Renato, Dra. Selma and Jens Olesen celebrating the anniversary

Anders, Jens and Lauritz

Fred and Jean von Bülow dancing Dr. Renato and his guests enjoying the anniversary party

All guests celebrating the Scandinavian Club’s 126 years anniversary

Scandinavian buffet

The Danish Ambassador Kim Højlund Chris-tensen and the Danish Consul General Eva Bisgaard Pedersen have invited a select group of Danish executives and friends of the Danish-Brazilian Chamber of Com-merce together with Mr. Jens Olesen’s fam-ily to a dinner at the Scandinavian Club on Aug. 10th .This is the first time the Chamber President receives this high recognition for his life-time services in promoting Danish Exports in Brazil.Mr. Jens Olesen was honored with many speeches and being praised on this special homage.

Chamber President Jens Olesen honored with H.R.H. Prince Henrik’s Medal of Honor

Ambassador Kim Højlund Christensen, Jens Olesen and Consul General Eva Bisgaard Pedersen

Thomas Bülow, Francisco Davos and Anders Munroe Kjersem

Rachel Maia and Dr. Renato Pacheco

Dr. Renato Pacheco, Jens Olesen and Dr. Wilson Andersen Balão

Kjeld Roslyng Jensen, Salvador Cunha and Stella Nielsen Jens Olesen, Luiza Olesen Lancellotti, Renata Olesen and Eva Bisgaard Pedersen

8.6

8.4

8.2

8.0

7.8

7.6

7.4

7.2

7.0

Chamber President Jens Olesen was honored by the Prime Minister of Denmark Lars Løkke Rasmussen at the official Prime Minister residence “Marienborg” with a private audience to thank him for the work Mr. Olesen has done for Denmark as Olympic Attaché at the Olympics Games in Rio 2016.

Chamber President Jens Olesenwas honored by the Prime Minister

of Denmark Lars Løkke Rasmussen

The place was designed

in order to meet the

changing needs of

employees

Since the beginning of the year, Vestas has had a new headquarters in Brazil. The change marks the consolidation of the company in the country, which is today the company’s 8th largest market in firm con-tracts, with 371 MW in 2016.The new office, developed in partnership with Kinnarps, the largest supplier of of-fice solutions in Europe, was designed to meet the dynamic and innovative spirit of Vestas by providing workplaces that meet the needs of each employee and encourage integration among them all.

The office is thought to be an extension of employees’ lives, since a good deal of our time is devoted to work. So, tables, chairs and workstations were designed thinking about comfort and ergonomics.“Vestas’ new office has an innovative con-cept because it is based on activities and offers different spaces to work in, depend-ing on the task that the employee will per-form,” says Rogério Zampronha, CEO of Vestas in Brazil.Because of this, the bays and fixed places have been replaced by workstations, which

Vestas and Kinnarps focus on new office concept

are chosen according to the need of the day’s work, such as meeting rooms, con-ference venues or a quiet and calm envi-ronment for projects that require greater dedication.“A traditional office with fixed worksta-tions suffers from two weaknesses: too many workstations of which many are unused on a daily basis and lack of meet-ing places. Thus, money is spent on rent, energy and maintenance in the wrong ar-eas and in an unnecessarily large one. The modern office work is focused on commu-nication and projects. More time is spent in project groups than at the workstation”, explains Börje Jerner, General Director of Kinnarps Brazil.In order to implement these changes, the company conducted a survey for more than two months with the whole team so as to understand what the main day-to-day needs were.Employees’ responses were processed by Kinnarps´ software system, which analyses how the company is conducting its activi-ties on a daily basis and then customizes the office design to the way it operates.The result of the survey was presented to Vestas management and the architects began to plan the appropriate number of workstations, meeting rooms, quiet rooms, phone booths and design the lounge area. The latter is an extremely important place

for internal communication and innovation.As a result, Vestas eliminated fixed posts and division by department, thus creating an activity-based office. The new space was designed so that the dynamic way of working is integrated to the environment and functional for the staff.“One of the concerns when planning the office was ergonomics. The employees have electric tables with adjustable height, which allows them to work either sitting and standing, adapted to the individual needs of each one”, reinforces Zampronha.Based on the research conducted with the employees, a quiet room for focusing on tasks that require a lot of concentration was created. In this space, it is forbidden to even pick up the phone.Another innovation is the installation of phone booths, designed for employees to participate in conference calls in a comfort-able and confidential manner, facilitating conversations that require a high level of privacy.As mentioned earlier, electrical tables and chairs that have many adjustment options allow the employees to find the best po-sition to work, adapting to the different heights of the employees, avoiding bad posture and its consequences for health and well-being.Since the integration of the team is impor-tant, a lounge area which can be used for

employees to work in groups, hold a town hall business meeting, celebrate special occasions, have a meal or relax was also created.The meeting rooms were also designed to better meet the needs of the company, as well as smaller rooms that serve small groups such as two people, making larger rooms available to larger audiences.One difficulty that was commonly reported was finding an appropriate place to leave suitcases, a common scenario in compa-nies that have offices in several cities in the country. So, a room was created specifi-cally for this purpose, where luggage can be accommodated in a suitable way and with easy access for the owners, without disturbing the passage and movement of others.“The solution resulted in that Vestas could settle with a considerably smaller office space than originally projected. With the new flexible workspace Vestas can double the staff without changing a thing in the office design”, concludes Jerner.The changes were well received by Vestas employees, who through a work environ-ment that meets their needs have gained the ability to further concentrate their en-ergy on continuing to achieve great results in the country.

Family unification in Denmark The rules have changed dramatically

As of 2016, the prospects for expat Danes wishing to resettle in Denmark with a non-EU partner have become significantly more problematic.Danes Worldwide is monitoring the politi-cal and legal ramifications closely as the matter of family unification is vital for many members. Below, we outline the key regu-lations and our related work to support the interests of Danes Worldwide members.

Quick timeline

2002: With the aim of limiting immigra-tion, legislation is introduced to require a specific measure of connection with Den-mark on the part of applicants for resi-dency. For the non-Danish partner to be granted residency, a couple must collec-tively demonstrate a stronger connection to Denmark than to any other country or

countries. Shortly thereafter, a new regula-tion is added, providing an exemption from this requirement for Danish citizens who have held the citizenship for 28 years (later reduced to 26 years).

June 2016: The European Court of Human Rights finds Denmark guilty of a discriminatory human rights violation (the Biao verdict). That month, the Ministry of Immigration and Integration issues a so-called administrative instruction that the “26-year exemption” is to be disregarded – even though it remains on the books.November 2016: Danes Worldwide issues comments in a hearing on new proposed legislation and suggests “in the strongest of terms that the regulation requiring a specific degree of connection with Den-mark be abolished”.

March 2017: The government intro-duces two new pieces of legislation: (1) Abolishment of the 26-year exemption and (2) exemption from the strength-of-connection requirement if the Danish citizen earns or will earn a minimum an-nual salary of DKK 408,800 in Denmark or possesses qualifications in high demand (referred to as the “Earnings Exemption” and the “High Demand Qualifications List” respectively). Danes Worldwide points out in its formal comments that the proposed new legislation will benefit some expat Danes wishing to resettle in Denmark but “ignores thousands of ex-pat Danes and thus de facto would dis-criminate against them by setting up cat-egories of ‘desirable’ and ‘undesirable’ Danish citizens”.

April 2017: The Ministry of Immigra-tion for the first time issues a refusal based on the administrative instruction to a re-turnee Dane whose partner is not a citizen in the EU. Since then, several other part-ners of expat Danes have been refused residency on that basis.

May 6th, 2017: Danes Worldwide and Marriage Without Borders launch a global campaign to collect signatures for a petition to Parliament respecting the abolition of the strength-of-connection requirement.

May 18th, 2017: The Secretary General of Danes Worldwide commu-nicates in person with members of Par-liament: “It is profoundly unfair and inappropriate that Denmark’s current legislation threatens to split up families in Denmark and abroad.” An appeal is made to the politicians to come up with a solution to the unfair hurdle faced by would-be returnee Danes who have lived outside Denmark for a long time and as a result have families there.

May 18th, 2017: Parliament ap-proves the two items of legislation.

June 2017: Media coverage of the matter continues. The Minister of Immigra-tion has declared that the current situation is temporary and that a comprehensive overhaul will be carried out by mid-2018.

HOW MANY INDIVIDUALS ARE WE TALKING ABOUT?

Danish politicians often suggest that al-lowing Danish citizens to return to Den-mark with a foreign partner would result in thousands of foreigners applying for residency in the event of an abolition of the strength-of-connection requirement. How-ever, the numbers in the table below, pro-vided by the Ministry of Immigration, show otherwise. In reality, only a small number of Danish citizens are applying for family reunification.

In addition to the strength-of-connection requirement, certain other stipulations ap-ply, as outlined below.

REQUIREMENTS TO BE MET BY BOTH PARTNERS

The nature of the marriage: Family unifi-cation will not be granted if the marriage is deemed to be pro forma. The marriage must be legal within Denmark’s relevant legislation, and it must be voluntary. Com-mon law relationships may qualify.The nature of the connection to Denmark: The couple must have some relation to Denmark that in total is stronger than the relation to any other country. That stipula-tion is difficult to meet for couples living in the native country of the non-Dane. How-ever, the Ministry of Immigration does con-sider several factors:

The presence of relatives in Denmark

Custody of underage children in DenmarkThe applicants’ ability to work in DenmarkThe time spent abroad by the Danish citi-zen (usually, if that period is under eight years, the couple is deemed to meet the connection requirement)The time spent in Denmark by the appli-cants. The foreign partner must have vis-ited Denmark at least once.With the June 2017 changes, a couple may now be exempted from the connection re-

quirement if the Danish partner obtains a job in Denmark paying more than DKK 408,800 per year or possesses the qualifi-cations in high demand.Age: Both partners must be 24 years of age or older.Language: It is essential for the foreign spouse to learn Danish. Both partners must sign a declaration of intent to work actively toward that goal and toward a successful integration of the foreign partner into Dan-ish society.

REQUIREMENTS TO BE MET BY THE FOREIGN PARTNER

Danish language test: The partner must pass, no later than six months after being granted residency, a test at level A-1 (basic conversational Danish).

REQUIREMENTS TO BE MET BY THE DANISH PARTNER

Financial means: The Danish partner must be self sufficient and able to support the foreign partner. The requirement is met if the Danish partner during a period of three years prior to the unification has not re-ceived financial assistance under the aus-pices of integration related legislation or legislation in support of proactive social

Rejections of family unification applications (immigrants + refugees vs Danish citizens). Source: Ministry of Immigration.

immigrants and refugees Danish citizens

2013 2014 2015 2016

3000

2500

2000

1500

1000

500

0

policy. Even a brief period of receiv-ing financial assistance will make it impossible to meet the financial means requirement. The financial means requirement applies as well to common law couples.Housing: The Danish partner must own or rent a residence for the fam-ily. In the case of a rental, the lease contract must extend 18 months for-ward from the date of the applica-tion. The residence must be separate and contiguous and must have its own entrance. It must be adequate in size, accommodating a maximum of two persons per bedroom or living room or providing 20 m2 per person overall.

APPLICATION PROCESS

Application may be made in Den-mark or elsewhere. Outside Den-mark, the application is delivered to a Danish embassy or consulate general. In Denmark, the application is delivered or sent to the offices of the Ministry of Im-migration. In the absence of any other av-enue by which residency is granted to the foreign partner, residency is granted for the duration of the application processing period. Application forms are available at www.nyidanmark.dk.Note that residency for the duration of the application processing period does not constitute a work permit – even for volunteer or unpaid work. (There may be other reasons why a work permit could be obtained.)

PROCESSING TIME

Processing times vary as some cases are more straightforward than others. The Ministry of Immigration indicates that the current target (as of July 2017) is a maxi-mum of 10 months.

SUPPORT OUR PETITION

Danes Worldwide and Marriage without Borders launched a petition campaign in May 2017 to request that the Danish Par-liament abolish the strength-of-connection requirement. So far, over 12,000 individu-

als in 91 countries have supported the cam-paign and signed. Add your signature here: www.danes.dk.

Typical commentsDane in Brazil: “I’m shocked at Denmark’s increasingly unreasonable policies respect-ing immigrants. I regard it as a human right for a Dane to return to Denmark with a family … regardless where he or she lived while abroad.”

Dane in the US - “My husband and children speak Danish, but after living in the US for 20 years, we are barred from resettling in Denmark due to the strength-of-connection requirement. We would like to return and bring our pensions with us one day, but that’s not possible due to the job requirement – even though we would be financially self sustaining.”

Dane in New Zealand - “I’m ashamed to be a Dane. As a consul, I represent Denmark in New Zealand with-out compensation, but if I were to return to Denmark, my wife can’t join me even though we have been married for 26 years! How embarrassing for Denmark!”

Danes Worldwide

www.danes.dk

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P.W. Lund is celebrated in Lagoa Santa

P.W. Lund, the famous Danish archeologist, was celebrated during the week of June 12th to 15th with various activities such as:

1. Homage to the P.W. Lund memorial2. P.W. Lund medals given to 20 honorees, including Carlos

Alberto Xavier, director of the national library in Brasilia3. P. W. Lund Football tournament4. P.W. Lund exhibition in Lagoa Santa Museum at the P.W.

Lund School5. P.W. Lund Seminar at PUC university in Belo Horizonte

The P.W. Lund Celebrations in Lagoa Santa was attended by the secretary of Culture of the state of Minas Gerais Angelo Oswaldo de Araujo Santos, the Mayor of Lagoa Santa Rogério Avelar and representatives of the Minis-try of Culture in Brasilia, together with another 200 special invitees. It was a great tribute to the legendary Danish-Brazilian P.W. Lund.

JOL

P.W. Lund medal winners

P.W. Lund memorial

P.W. Lund football cup P.W. Lund Orchestra “Santa Cecília”

Gruta da Lapinha

Dr. Peter Lund museum at Gruta da Lapinha is celebrating its 3rd year after the inaugura-tion with H.R.H. Crown Prince Frederik and H.R.H. Crown Princess Mary in 2014.The P.W. Lund exhibition at the museum in Gruta da Lapinha, from the National Geo-

Peter Lund Museum at Gruta da Lapinha

graphic Museum in Copenhagen, is a great tribute and honor to P.W. Lund.It should be noted that all school children in the state of Minas Gerais are all invited dur-ing the School term to visit the museum.

JOL

Peder Holk Nielsen

Global CEO Novozymes

visits Brazil CEO Peder Holk Nielsen visited Sao Paulo and Curitiba during his four days visit to the Brazil-ian market.Peder Holk Nielsen was one of the speakers at the Brazil Investment Forum 2017, which was an important event to promote and engage in further international investment to the Bra-zilian Market. The Government attended the meeting with ministers including president Temer.

JOL

Peter Lund museum at Gruta da Lapinha, in Lagoa Santa

Gruta da Lapinha

Brazilian Investment Forum 2017

Peder Holk Nielsen, Global CEO

Peder Holk Nielsen and Emerson Vasconcelos, Novozymes

http://museus.cultura.gov.br/espaco/7143/

The horse is called ‘Take me to church’The horse won the 14th win for Christian Maxe Petersen, who has continued success at the São Paulo Jockey Club.

Christian Maxe Petersen General Manager of LEGO Brazil wins again at the Sao Paulo Jockey Club

“Take me to church” wins at the Jockey club

Phone: (11) 5041-9883R. Morais de Barros, 1009 - Campo BeloSão Paulo - SP - 04614-001

Monday - Friday: 12:00 - 15:00Friday - Saturday: 19:30 - 23:00Sunday: 12:00 - 16:00

The Scandinavian restaurant in São Paulo

Denmark’s national women’s football team

Lars Grael and Samuel Gonçalves win silver at the Star Class sailing World championship held in Troense, Denmark

René Holten Poulsen wins silver

in 1,000 meters kayak in the European

Championship in Bulgaria

lost the 2017 European Cup final to Holland, but takes silver for the first time ever

JONATHAN CHARLESWORTHTreinando para mudar o diabetes, África do Sul

Jonathan é portador do diabetes tipo 1

mudando o diabetes. mais que um objetivo,essa é nossa missão.Como instrutor físico, Jonathan sabe que para mudar é preciso estabelecer objetivos, ter um método para atingi-los, assim como receber todo apoio para superar os desafi os que possam surgir. Nós, da Novo Nordisk, adotamos uma abordagem semelhante para conduzir mudanças nas sociedades em que atuamos. Seguindo o princípio do Triple Botton Line, consideramos o impacto econômico, social e ambiental em cada ação que realizamos para alcançar nosso objetivo de um futuro mais saudável para as pessoas.

A fi losofi a do Triple Botton Line direciona nossos esforços em combater as mudanças climáticas, que, de certa forma, está relacionada com a pandemia do diabetes quando relacionamos isso ao consumo excessivo e a um estilo de vida pouco saudável. Desde 2004, nossa emissão de CO2 foi reduzida pela metade, atividade realizada em parceria com a World Wildlife Foundation. E conseguimos isso, sem nunca perder nosso foco principal que é promover mudanças positivas na vida de pessoas com diabetes.

Saiba mais sobre a Novo Nordisk: www.novonordisk.com.br

Mudando o D

iabetes e o logo do Boi Apis são m

arcas registradas da Novo N

ordisk A/S.

NN

K-002-06/2012

mudandoo diabetes®

AF_an_novonordisk_changing__POR_21x28.indd 1 04/06/12 18:06

Viktor Axelsen

wins India OpenDanish badminton player Viktor Axelsen beats Chou Tien Chen 21-13, 21-10 in 36 minutes and wins the India Open Super Series title

Pernille Blume wins Bronze at the World Aquatics Championship in Budapest, Hungary Pernille Blume wins a bronze medal in 100-meter freestyle at the world champion-ship and sets a new Danish record on the distance for the third time in two days – The time is now down at 52.69.

Jakob Fuglsang wins Critérium du Dauphiné

Danish road racing cyclist Jakob Fuglsang stunned the cy-cling world by winning the Critérium du Dauphiné in front of Chris Froome and Richie Porte, thereby becoming one of the biggest sensations in modern Danish cycling.

BEM-VINDO à Dinamarca – nosso pequeno e moderno país, rico em sua tradiÇão, história, heranÇa e cultura.

A Dinamarca Real

visitdenmark.com.br

Escaneie aqui… E experiencie mais da Dinamarca

Under Morten Soubak’s training leader-ship, the Angola Club Women’s Team has also won the Super Cup Tournament in Mo-rocco and the Championship for the Win-ners’ Cup.In addition, the team have played and won the local tournament in Luanda, the State Championship.For this great work, Morten has been elect-ed the “Best Coach of the Year”.Morten has played tournaments in Portugal and Japan and is training and preparing the Angola Women National Team for the Olympic Games in Tokyo 2020.Let us wish many more victories to Morten Soubak and his team.

JOL

Morten Soubak has won the African Cup and Championship for Club Teams

Morten Soubak appointed Head Coach for Angola’s Women National Team

Government officials and private compa-nies debated how to invest in Latin Ameri-ca’s largest economy.Between May 30 and 31, Sao Paulo hosted the Brazil Investment Forum 2017, where government officials and private compa-nies discussed the opportunities to invest in Brazil.The Brazil Investment Forum 2017 brought together government officials, political leaders, private companies, and scholars. The opening featured a speech by President

Brazil Investment Forum 2017

Michel Temer and Luis Moreno, the Presi-dent of the Inter-American Development Bank (IDB). Pedro Parente, CEO of Petro-bras, Fernando Coelho Filho, Brazil’s min-ister of mines and energy and many others.Brazil Investment Forum 2017 was orga-nized by the Brazilian Trade and Investment Promotion Agency (Apex). The event aims at stimulating new deals in Brazil, currently the world’s sixth biggest destinations of foreign direct investments (FDI).

AMK

Jørgen Lange celebrates 100 years

Jørgen Lange has been a lifetime mem-ber of the Danish-Brazilian Chamber of Commerce.Jorgen Lange has been very active over the years and we thank him for his many contributions.

Our most sincere congratulations!JOL

A big celebration took place in Curitiba on June 28th when the outside of the Princess Benedikte Institute was completed. Only windows and doors are still missing, but will be installed in September of 2017.It has been decided to install an elevator in the Princess Benedikte Institute which has been sponsored. It has also been agreed that all rooms should be sponsored by a company or a person, thereby securing the cost for the interior of the building. LEGO, Graber, Novozymes and three private indi-viduals will sponsor rooms. More to follow.It is planned that the institute will be com-pletely finalized by first half of 2018. The Princess Benedikte Institute still needs more sponsors for the cost of the interior.

JOL

Princess Benedikte Institute in Curitiba

Princess Benedikte Institute President Dr. Wilson Andersen Ballão and Jens Olesen

Back garden at the Princess Benedikte Institute entrance

Princess Benedikte Institute

TESTE SEUS LIMITESQUEBRANDO A BARREIRA DO SOM

CAPTA MAIS SOM

QUE OS OUTROS

APARELHOS AUDITIVOS

Venha conhecer a mais avançada tecnologia em aparelhos auditivos do mercado.

SAC 08007794339 | www.widex.com.br Widex do Brasil | [email protected]

A P A R E L H O S A U D I T I V O S

68 apr/jul 2015

The Law of Judicial Recovery and Bank-ruptcy expressly states that there will be no succession of the acquirer in the obli-gations of the bankrupt debtor, including those of a tax and labor nature.

Thus, even if the amount collected from the sale of a given asset is less than labor liabilities, or even if new labor lawsuits are filed after the sale, there will be no succession of the acquirer in labor liabili-ties, by express legal exclusion.

The validity, effectiveness and consti-tutionality of the cited

legal prediction was confirmed by

the Federal Su-preme Court. The dominant jurisprudence was consoli-dated in the sense that Bankruptcy Law 11.101

/ 05, being a supplementary law, prevails over the Consolidation of

Labor Laws, general law, with respect to the succession of companies regarding labor debts.

According to our experience and follow-up of similar cases, we have realized that the Brazilian Courts have widely recog-nized “non-succession”, so that in case MIDEA buys the intended factory and will be subject to labor claims after the pur-chase, it will only have expenses with le-gal fees and court costs to exclude them-selves from the lawsuit and the chances of success are probable”.

And as the past few years have been a succession of records of number of bank-ruptcy petitions and extrajudicial recover-ies requests, there are and there will be good assets for sale in the market.

Groups that want to increase produc-tive capacity quickly by a good cost-ben-efit ratio and with significant legal cer-tainty should consider this market called distressed assets.

There are, for example, ready-to-oper-ate plants, not only in terms of equipment, tooling and stock, but also in terms of per-mits, which, compared to a green field or new plant, saves time and thus money.

Acquisitions are necessarily made via a judicial edict. In general, offers are

makes via closed envelopes or virtual bids. It is possible to schedule on-site visits as well as carry out techni-cal and environmental surveys and documental due diligences that are understood as due.”

Juliana G. Meyer Gottardi is a founding partner of Pacheco Neto, Sanden, Teisseire Advogados and

has more than 17 years of experience in structuring and implementing corporate contracts, real estate transactions, and ad-vice on mergers and acquisitions. She is a member of the Getúlio Vargas Foundation Family Business Group (GEEF), member of the Board of Scandinavian Church and Vice President of Norway Brazil Chamber of Commerce. She holds a law degree from the Pontifical Catholic University of Paraná, PUC-PR (2000), holds an MBA in Business and Economics from ISAE / FGV (2002). She is a specialist in International Contracts by COGEAE / PUC-SP (2006), and in Real Es-tate Investments by FGV / SP (2010).

Pacheco Neto, Sanden, Teisseire Law-yers is a full service business office, with extensive multicultural experience, with clients in over 20 countries, especially Ger-many, France and the Scandinavian coun-tries and in the United States and China. It is an active member in various chambers of commerce and local and international corporate alliances. It is headquartered in Sao Paulo, and has other addresses as well in Rio de Janeiro and Brasilia. It has a plat-form of legal solutions in various areas of corporate law, including mergers and ac-quisitions and corporate reorganizations, advisory and tax and labor litigation, com-mercial contracts, foreign investment, real estate transactions, intellectual property, compliance, mediation and arbitration, family planning and succession and bank-ing and finance.

Juliana G. Meyer Gottardi

Founding partner of Pacheco Neto, Sanden, Teisseire Advogados

www.pnst.com.br

“Acquisition of distressed assets as a strategy to establish local business"

Juliana G. Meyer GottardiFounding partner

apr/jul 2015 69

˜

ever to innovate and deliver better, smarter solutions across the industry. Solutions that not only improve productivity, but minimise impact on the environment in the process.FLSmidth, the market-leading supplier of productivity to the global mining and ce-ment industries headquartered in Den-mark, specialises in doing just that.

ADVANCING PRODUCTIVITY

Established in Denmark over 135 years ago, FLSmidth has a rich heritage in the cement and mining industries. With 12,000 employ-ees in over 50 countries across the globe, FLSmidth is a true global force. In fact, in 2016, 99% of its EUR 2,443 billion in rev-

How FLSmidth improves customers’ productivity and sustainability

The world has changed

a lot in the last 100

years. On the back of

emerging global markets

and rapid technological

advancements, we’ve seen

a steady increase in the

rate of industrialisation

and urbanisation across

the globe.

In fact, according to the United Nations, by 2045 the population of the world living in urban settlements is expected to surpass 6 billion people – a dramatic leap from the 3.9 billion of 2016 – making urbanisation a real and important factor affecting our futures.With urbanisation comes a whole host of new opportunities for the industries that fuel it. New roads, bridges, buildings, and other infrastructure projects require raw materials to support it – chiefly provided by the mining and cement industries.But with every opportunity comes chal-lenge, and increasing pressure on these industries to reduce cost and improve ef-ficiencies has made it more important than

Copper Mine in Chile

enue came from business operations out-side DenmarkBy providing a mix of advanced engineer-ing, equipment and service solutions, FLSmidth helps companies improve their productivity and sustainability in order to meet the complexities of the modern world.And in an increasingly challenging global environment, those needs are proving to be more important than ever.According to a 2016 Deloitte report, Track-ing the Trends 2016: The Top 10 Issues Min-ing Will Face in the Coming Year, reducing costs and improving operational excellence continues to be a key trend affecting the industry. It’s becoming a case of optimise or suffer the consequences, and FLSmidth’s automation technologies are helping plants utilise data from sensors and analyt-ics to do just that. From simple equipment control to leading-edge process control solutions, automation gives companies the capacity to better understand how their plants are operating, which ultimately leads to better decisions.By helping plants become smarter and more efficient, FLSmidth not only helps re-duce costs for companies, but also facili-tates growth in an increasingly urbanised world. And as emerging regions continue to invest heavily in infrastructure, it is more important than ever for companies to be able to provide those raw materials effi-ciently and cost effectively. But such opera-tional improvement should not come at the expense of the environment.

MINIMISING ENVIRONMENTAL IMPACT

As the world continues toward urbanisation, businesses must pay special attention to the impact that growth has on the environment and the people within it. Minerals and ce-ment industries are faced with an important challenge – to continually optimise opera-tions, but do so in a sustainable way.By focusing on these two pillars of deliv-ery – productivity and sustainability – we can be confident that developments will work with the world around it, not at its expense.Such a commitment is key to the way FLSmidth does business.As signatories to the UN Global Compact (the world’s largest corporate sustainabil-ity initiative) FLSmidth has shown a long-standing commitment to delivering unpar-alleled productivity gains in a sustainable way. By providing a continued stream of new technologies and innovations, the company aims to improve productivity and sustainability throughout the whole value chain; from improving the safety of the workers, to making better use of resources while minimising their overall carbon foot-print and environmental impact.It is an embodiment of the Nordic values of transparency and honesty on which the company is founded; values that flow through every aspect of the business, even in countries far away from the Copenhagen head office.And as the world’s second largest exporter of iron ore, and home to one of the largest number of cement plants in the world, Bra-zil is one such country where FLSmidth has made a big impact.

In the last ten years,

90% of all the new cement

plants installed in Brazil has

FLSmidth technology

with FLSmidth equipment. FLSmidth is celebrating 60 years in december

“

“

FLSmidth technicians working on site

Curriculum Vitae Jose Francisco G Davos

Education

•BS Technology Mechanical Engineer

•MBA In Industrial Administration and Business at Instituto Maua of Technology and ESAMC

Work

•Since 2012, Country Head of FLSmidth Brazil

•30 years experience in Executive positions, as CEO, Vice President, Business Development and Sales, in several industries and areas.

•Minerals, Oil&Gas, Biofuels, Process Equipment and Manufacturing, in companies like:

•Usiminas, Praj industries (India), Dedini , Baker Hughes and Confab Industrial

•Started his career as a Trainee at General Motors

•Vice President and Director of ABIMAQ – Brazilian Machinery Manufacturers Association since 2010

•Guest speaker at several workshops on Biofuels and Equipment manufacturing:

•Equipments and Process for Biofuels Industries - University of Illinois at Urbana Champaign USA

•The future of Biomass – Johannesburg – RSA

•Farm to Fuel – California State University, USA

FLSMIDTH IN BRAZIL

“FLSmidth has been in the market here in Brazil since 1957,” states Francisco Davos, the country director of FLSmidth in Brazil.Celebrating 60 years next December, the company has made significant inroads in Brazil, playing a significant role in devel-oping the cement and minerals industry, which has brought them to a market lead-ing position within the industry.“In the last ten years, 90% of all the new cement plants installed in Brazil has FLSmidth technology with FLSmidth equip-ment,” says Davos.Plants that FLSmidth services with a team of over 40 highly trained technicians. Tech-nicians who give clients much needed on-site support, doing everything from sup-port and maintenance, to equipment modi-fication and improvements; and at times, even assisting with the integration of new technologies into the plant infrastructure.Making up 56% of the global FLSmidth business, service is a critical component in helping plants optimise their productiv-ity and sustainability. And such service has been a key factor in helping FLSmidth es-tablish their dominant role in the cement and minerals industry in Brazil, where it has more than 5,000 pieces of equipment installed across several fields - Iron Ore, Gold, Aluminium, Vanadium, Copper and Fertilizers.And as one of the major players in the in-dustry, FLSmidth deals with both major international groups within Brazil and do-mestic customers. But the cement industry in Brazil has some unique quirks compared to the rest of the world.

THE UNIQUE BRAZILIAN CEMENT MARKET

In countries across the globe, the vast ma-jority of cement sold is used for large scale commercial and government infrastructure projects, with only a very small portion go-ing to the consumer market.In Brazil, this is reversed, with 60-70% of cement going to private housing and con-struction.“In Brazil, cement is like a consumer good product. People want to build a garage, or a second floor of their house, expand their kitchen or make small constructions to their home,” says Davos.Which means that, unlike other markets, cement in Brazil is somewhat tied to the incomes of the population. When the econ-omy is strong and individuals have greater disposable income, cement sales also rise. This is an intriguing difference of the Brazil-ian cement market not seen anywhere else in the world.A market that has seen some decline in the past few years as large scale infrastruc-ture projects from the FIFA World Cup and Olympic Games have come to a close.As the market ebbs and flows, it is as im-portant as ever for cement and mining companies to improve productivity. By con-tinuing to optimise their operations and become more efficient, they can survive the competitive pressures and continue to thrive and navigate an increasingly com-plex world.And with FLSmidth as a partner, they can continue to discover their potential and provide the building blocks for societies of the future.

FLSmidth

Cement Plant in Brazil

60 yearsRua José Dolles, 264 - Jardim Clarice I, Votorantim - SP • tel.: (15) 3416-7400

For Denmark and Danish companies, access to the global marketplace is crucial and the Confederation of Danish Industry (DI) works actively to exploit the full advantage of the global opportunities. Up until now, DI has helped 700 member companies with their internationalisation activities in more than 35 countries – primarily new and dif-ficult markets, and primarily outside of the EU. DI’s in-depth knowledge of its members is of essence when helping them identify financing options for export activities and establishing operations abroad.Knowledge about market opportunities is a key element, but it must be combined with face-to-face dialogue and, particularly when it comes to distant markets, with lo-cal presence. Many companies choose the low-risk solution of using DI’s local offices in order to explore opportunities in a mar-ket before embarking on establishing their own subsidiaries, and presently, the offices in Brazil, Russia, India, China, USA and Mexico service 60 member companies.The DI office in Brazil (DI Brazil) was es-tablished in 2006 as there seemed to be an increasing interest among DI members to explore the opportunities in the Brazilian market.

Already from the outset, DI was aware that Brazil is a very complicated market and that the office needed an experienced staff. With a long-time and profound knowledge of the market, Per Esben Lerdrup Olsen was appointed Director of DI Brazil and in 2008 Joao Ribeiro Monteiro Filho joined the of-fice to further enhance the financial ser-vices offered to members of DI in Brazil. In 2011, Jørn Kristiansen was appointed Dep-uty Director with responsibility for the Full Administration concept related to Brazilian subsidiaries of DI members, which had then increased considerably in scale. Today, the office has 13 employees including its own certified accountants and a lawyer.The main objective of DI Brazil is to assist DI’s members with all the issues – legal, strategic, financial and practical - that arise when trying to penetrate the Brazilian mar-ket. In addition, the office keeps the mem-bers informed on relevant topics relating to Brazil both via DI’s internal media and through personal contact.

Initially, DI Brazil focused on offering tra-ditional market entry services – market surveys, feasibility studies, general consul-tancy, Own Man In etc. However, in 2009, a large Danish company, who wanted help from a reliable partner related to establish-ing and implementing a Brazilian subsid-iary, approached DI and the office in Brazil. This marked the launch of DI Brazil’s Full Administration concept. Today, this service constitutes 85 percent of the assignments and covers production, import and export as well as service companies.Under the Full Administration service, DI Brazil’s management takes on the admin-istrative role as CEO of the subsidiary as Brazilian law requires residency. More spe-cifically, the office provides the Danish DI member company with all the help required in relation to both bookkeeping, auditing, tax and general law, and reporting. This way, the Danish company can concentrate its efforts on technical and commercial matters.

DI office in Sorocaba

DI headquarter in Copenhagen

The first category has often come to realize that the local importer/distributor under-performs. The traditional Brazilian import-er/distributor is not interested in financing promotion of a product or keeping stock of spare parts. In addition, the Danish com-pany may face a need for local production due to for instance import barriers.The second category covers Danish DI member companies that need to follow a global customer located in Brazil. They usually have no special commer-cial or marketing requirements as the partners already know each other well, but time is very much of the essence.Together, these two categories constitute the largest portion of clients assisted by the office.The companies in category 3 are well aware of the fact that Brazil is a complicated country – as it is for their competitors and for Brazilian companies as well. They have chosen not to enter the Brazilian market until they have gathered experience from other South American countries.Although less significant in numbers today, category 4 is expected to grow in the years to come. However, it is important to stress that DI Brazil has in some instances advised Danish companies against establishing in Brazil. With very few excep-tions, entering Brazil takes both significant investment funds and working capital during the

first years of operation because of the extremely high cost of financing in Brazil. Short-cuts like joint ventures have proven not to work, and the corporate liability for third parties (the so-called Piercing the Corporate Veil) makes it a risky and time-consuming task to acquire Brazilian com-panies, even if it has been possible for a few, large Danish companies.It is worth noticing, though, that there are also promising customer segments in Brazil and the DI office is currently assisting with the establishment of a new Danish produc-tion company in Brazil.In conclusion, if a Danish company wants to take on the Brazilian market, local pres-ence is crucial for success. Language and import bureaucracy are factors that must not be disregarded and the Danish com-pany needs to have people in the organ-isation who speak Brazilian Portuguese. This is where DI Brazil can provide valuable assistance to DI’s members, offering both presence, language skills and a close part-nership with the Danish company through the close collaboration with the DI head-quarters in Copenhagen.

DI Sorocaba

Due to the extremely high cost level in Brazil, a few DI member companies have decided to reorganize already established Brazilian subsidiaries and transfer their ad-ministration to DI Brazil. Hence, the activi-ties of the concept has managed to grow significantly even during the past years of crisis in Brazil. The Danish companies that DI Brazil helps gaining a foothold on the Brazilian market typically fall in four categories: 1. Companies using Brazilian importers or

distributors2. Companies following their global

customer3. Companies experiencing growth in

other South American countries4. Companies thinking that the mere size

of Brazil makes it an interesting market

João Ribeiro Monteiro Filho, Finance Director, Per Olsen, General Manager, Jørn Kristiansen, Deputy Director

Dra. Selma Olsen, lawyer for DI - Brazil

DI office in Sorocaba

Scancom factory in Telêmaco Borba - PR

IFU can from a commercial platform co-invest in new companies, in acquisitions, mergers or joint ventures with national or international partners. Normally, IFU will seek a financially engaged Danish partner or a Danish commercial interest. But this is no longer a prerequisite, and now IFU can en-gage directly with local Brazilian partners. IFU invests directly in the project company that is set up in e.g. Brazil and can as a minority investor offer risk capital in the form of share capital, mezzanine financing, loans or guarantees. IFU can invest in most sectors, and in re-cent years IFU has set up the Danish Cli-mate Investment Fund and the Danish Agribusiness Fund, which are new public-private funds targeting climate-related and agribusiness investments, respectively. Moreover, IFU and two Danish pensions funds have established a co-investment fund, which in a one stop process can sup-ply additional equity for large investments. - Today, IFU has a stronger and more flex-ible approach to investments, and we believe that this makes us an even more attractive partner for Danish as well as Brazilian companies, said Helle Bjerre, Vice President, Latin America.

IFU takes part in project development

It is IFU’s experience that in some cases good and relevant projects do not mate-rialize because the risk and development costs associated are considered too high in developing countries and emerging markets. To overcome this, IFU has set up a Project Development Programme to take

IFU – the Danish

Investment Fund for

Developing Countries has

re-entered the Brazilian

market and is ready to

assist companies wanting

to do business in the

country. Three investment

deals have already

been signed.

For several years, Brazil was one of IFU’s main markets and IFU had made more than 25 in-vestments before regulation by the Danish government put a stop to new investments in the country. Now IFU is back in Brazil with a more flexible approach and increased fi-nancial power due to innovative partnerships with institutional and private investors.

Not only Danish partners

IFU’s business model is to assist companies in setting up business in developing coun-tries and emerging markets. This is done by offering risk capital and advisory services to project companies in one of the 146 countries in Africa, Asia, Latin America and Europe that are eligible for investments.

IFU is back in Brazil

part of the initial risks by providing finan-cial support on a 50/50 per cent basis with a project developer. If the project material-ize IFU’s part of the development costs are normally converted to equity. The Project Development Programme is a brand-new service, and one of the first projects to be supported is a biomass plant in Guatemala.

Brazil is an attractive market

IFU sees Brazil as an attractive market with a solid potential for matching Danish know-how, technology and products with an increasing demand in the country. Espe-cially within the climate and agribusiness sectors, Denmark has a leading expertise that could provide a valuable contribution to the development in Brazil.- The Brazilian market is to some degree underestimated by Danish companies, but it is our ambition that IFU’s re-entry in Brazil becomes a turning point, said Helle Bjerre.

More than 25 investments and counting

IFU made its first investments in Brazil in 1970 in a ship paint production facility and a company producing paper (egg trays). Subsequently, IFU has co-financed com-panies in the cement sector, forestry, cold store and refrigeration, agriculture, chemi-cals as well as food and beverage.

After re-entering Brazil, IFU has signed three new investment deals. The first was a co-investment with the Danish company AVK, which decided to establish a local production facility to strengthen AVK’s po-sition on the Brazilian market. Moreover, IFU has invested in real estate development focusing on housing projects for the growing middle class and shopping centres and in the development of two photovoltaic projects in Northeast Brazil. The latter being a joint venture between Nordic Power Partners, the Danish Climate Investment Fund and the Brazilian energy company Rio Alto Energia.- I think that we have had a positive start after re-entering the Brazilian market, and we look forward to participating in more projects in the years to come, said Helle Bjerre.

IFU

Curriculum Vitae Helle Bjerre

• Helle Bjerre joined IFU in July 2016.

She has held management positions

in Maersk, Kilroy Travels, Copenhagen

Airports and Nordic Tankers and

comes with a broad international

management experience across

industries and functions. Helle Bjerre

has lived in Spain and worked in

Mexico, Brazil and Argentina, and has

good knowledge of the challenges and

business climate in the region as well

as a large Danish and international

network.

About the Investment Fund for Developing Countries (IFU)

IFU provides risk capital and advice to companies wishing to set up business in Africa, Asia, Latin America and parts of Europe. In-vestments are made on commercial terms in the form of equity and loans. The purpose is to promote economic and social development in the invest ment countries. IFU acts as fund manager for a number of public-private investment funds like the Danish Climate Invest-ment Fund and the Danish Agribusiness Fund. IFU’s head office is located in Copenhagen, and the fund has regional offices in China, Singapore, India, South Africa, Kenya, Ghana, Nigeria, Colombia and Ukraine. For more information, see www.ifu.dk/en

Scancom factory in Telêmaco Borba - PR

Denmark’s official Export Credit Agency – EKF – are working together with several large international banks to offer strong Brazilian and Latin American buyers financing to pur-chase Danish capital goods and state of the art technology across sectors.The Shopping Line concept encompasses a large credit line to a single Brazilian or Latin American buyer of Danish goods. The credit line will be open for disbursement for a de-termined period, often 24 months, where the buyer will be able to use the funds to make purchases from a pre-determined number of Danish exporters. The 24 month period will consist of two different tranches each of 12 months. The 24 months disbursement period is followed by a long-term payback period normally of around 5-7 years, but depending on the deal and the buyer with possibility to have a tenor of up to 10 years. This effectively means that the buyer receiving the financing has a two year period where he can use the credit facility as working capital before having to start paying back the loan. This can assist the buyer with regards to cash-flow as larger projects normally has steep investments in the first years and he will be able to postpone the payment for some of these investments and start having a positive inflow of cash while he is still paying back the investments.The credit line will be provided by one or more banks depending on its size and the bulk of the total amount will be guaranteed by EKF, who normally will take 85% of the risk of the deal. As EKF has an AAA-rating and is guaranteed by the Danish state, the strong Danish state guarantee can function as a good incentive for banks to enter into deals which have a risk pro-file they might not want to take on their own books. The shopping line concept can be used for deals of several sizes and up to very impor-tant amounts. The calculation of the amount to be financed will be made based on the buyer’s credit-profile, the banks appetite as well as the possible Danish exports to said buyer. The exports can be calculated looking at historic exports from Denmark to the buyer, but the buyers investment plans can also be taken into consideration. If for example a buyer wishes to build a slaughterhouse but has not purchased Danish technologies before, the credit facility can be adjusted so it fits the investment level he foresees going to Danish exporters. If the whole amount of the credit facility is not used during the 24 month period, but there is still a wish from the buyer to continue buying Danish technology the remaining amount can be rolled over into a new 24 month period followed by

Shopping Line Finance for Brazilian Buyers to Benefit Danish Exporters

another long-term payback period, making the facility revolving. A revolving facility can also be used if the buyer after for example one year already has used up all of the funds available under the facility, but still wishes to continue buying Danish goods. In this case EKF can make a new credit-analysis of the buyer, and if this comes out positive and a bank is willing to facilitate the deal by offering the credit, then a new credit facility can be made.As mentioned EKF is currently working with several large international banks on providing Shopping Line facilities for significant Brazil-ian buyers these facilities will benefit several Danish exporters. More specifically the proj-ect encompasses seven large Brazilian coop-eratives within the agro-sector. The coopera-tives are all based in the state of Parana and has diverse business areas within the produc-tion of and industrialization of grains, chick-en, pork and fish as well as needs for biogas/mass projects and energy efficient solutions.EKF has travelled to Parana to visit the seven cooperatives and discuss the various angles of their different projects and investment plans and where Danish technology and equipment can make a difference on several occasions during the last year, strongly supported by the Danish Trade Council in São Paulo and their sec-tor experts Poul Erik Bligaard (Agro) and Rafael Arosa Otero (biogas/mass and energy efficien-cy). The project was born in 2016 as a coopera-tion between the Trade Council and EKF and on the 26th of April there were held a Finance Seminar at Industriens Hus in Copenhagen, Denmark organized by EKF, the Trade Council in Brazil, Landbrug & Fødevare and Danish Indus-try who are also part of the project. The semi-nar was attended by several Danish exporters as well as the banks Rabobank and Cargill Fi-nancial Services and was a great success.

The next step of the project is that a delega-tion of Danish companies will visit the seven cooperatives in Parana from the 21st to the 25th of August, having B-to-B meetings with the technical and purchasing staff of the co-operatives and seeing the impressive indus-trial installations first hand. This is the first delegation to visit Parana, but the plan is to have more in a not too distant future. If deemed a success the idea is also to bring the same concept to other Brazil-ian states as well as other Latin American countries to leverage the obvious synergies between the huge opportunities within the agro-sector of Brazil and LATAM and the highly innovative Danish solutions in the field.Apart from agro, EKF and the Trade Council in Brazil are also looking into during similar proj-ects in sectors where Denmark has a strong export capacity. These sectors include wind power, biogas/mass, water, oil & gas, energy efficiency/smart cities and waste to energy. On the 26th of September EKF, the Trade Council in Brazil and IFU will host a finance seminar in São Paulo where the Shopping Line concept as well as IFU’s equity investment ca-pabilities will be in focus. An invitation will be sent out shortly.If you are a Danish company, a bank or a Bra-zilian or Latin American buyer or investor in-terested in knowing more about these oppor-tunities please feel free to enter in contact.

Lauritz Stræde HansenFinancial Advisor & EKF Representative

Brazil & LATAM

E-mail: [email protected]

www.ekf.dk/

Your Promise. Delivered.

The world’s largest container shipping company and a customer-focused leader in reliable, eco-e� cient transport.

At Maersk Line we serve our global customers through 325 o� ces in more than 125 countries. Every day 25.000 employees help customers optimize their supply chain by delivering second-to-none products and services, and making it possible for commodities to reach new markets.

Maersk Line is known to be amongst the most reliable carriers in the world, epitomizing our devotion to create simple and reliable solutions so our customers can ful� ll promises to their customers.

Your Promise. Delivered.

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Phone: +55 11 3527 2000

Advert_A4_HR_template.indd 1 07-01-2015 18:53:32

Maersk Supply Service was the first known offshore supply company to bring its spe-cialised technical expertise, together with its high-powered AHTS vessels from the North Sea in the UK to support growing offshore activities in Brazil.For many years Maersk Supply Service has provided exclusive capabilities to the Bra-zilian market, securing its position as a frontrunner in the history of offshore sup-ply vessels in the region. Beginning with the arrival of Maersk Breaker in December 1977, with 8,000 BHP, she was the most powerful vessel operating in Brazil at the time. In the 1980’s the AHTS Vessel, Maersk Clipper was sent to Brazil directly from a shipyard and worked her entire life, close to 30 years, for one of Brazil’s major oil companies. Maersk Provider also came to

A well-established presence in Brazil

Maersk Supply Service has been an indus-try leading player in the worldwide off-shore energy sector for 50 years, entering the global offshore supply vessel market as the first Scandinavian shipping company in 1967. Shortly after its establishment as an independent business unit in the A.P. Møller Maersk Group, Maersk Supply Ser-vice became a leading owner and operator of the first large offshore support vessels, with the delivery of the first Anchor Han-dling Tug Supply (AHTS) Vessel of more than 10,000 BHP in the late 1970’s. Maersk Supply Service is no stranger to the off-shore sector in Brazil and the Latin Ameri-

can Region. Over the last four decades, Maersk Supply Service has steadily built its presence in Brazil, celebrating its 40-year anniversary in Brazil in May 2017.

Maersk Supply Service A first mover in

the Brazilian market

As the market demand grew for high powered AHTS vessels in the late 1970’s, Maersk Supply Service began to expand its operations from the North Sea to sev-eral other strategic worldwide locations. Brazil was one of the company’s first dedi-cated regional offices, established in 1977 to support deep water operations in Brazil.

Maersk Supply Service celebrating 40 years in Brazil

MSS Starfish Vessels at Kleven Shipyard

Curriculum Vitae João Paulo Braz

• João Paulo Braz holds a bachelor degree in Business Administration, with an MBA and specialization in Oil and Gas. João joined the Maersk International Shipping Education (MISE) Program in 2002. Since then he has been with A.P. Møller Maersk for 15 years and has worked in several different business units and locations. He joined Maersk Supply Service in 2011, and after 3 years in Denmark he returned to Brazil in December 2016 to become the Managing Director for Maersk Supply Service in Latin America, based in Rio de Janeiro.

Brazil directly from shipyard to work for a major oil player in 1992, with the largest winch capacity to ever operate in Brazil. In 2012 Maersk Leader and Maersk Lifter came to Brazil to work for a major oil com-pany and carried out the deepest conven-tional mooring system installation in the history of Brazil. Maersk Supply Service has pioneered technical and commercial in-novation within its AHTS segment in Brazil since its inception in 1977.

Maersk Supply Service maintains a strong reputation in Brazil

Today, Maersk Supply Service has grown significantly, both in Brazil and worldwide. The company is focused on maintaining a close proximity to its key markets to ensure understanding of diverse customer chal-lenges and requirements across local con-texts. Headquartered in Lyngby, Denmark, Maersk Supply Service is now represented globally with offices in Aberdeen, Houston, St. John’s, Rio de Janeiro, Accra, Lagos, Lu-anda, Singapore and Perth. In 2017 Maersk Supply Service employs an international staff of around 1100 offshore and 200 on-shore people.Maersk Supply Service continues to play a prominent role in providing anchor handling needs and general offshore supply duties in Brazil, constantly optimising its efficiency, service offerings and adapting to meet the changing demands of the Brazilian market. During 2017 and 2018 Maersk Supply Ser-vice will take delivery of six state-of-the-art AHTS Starfish New-Building vessels that are built for deep water anchor handling and oilfield operations with reliability, safety and minimised environmental footprint as a top priority. These vessels, which are extremely suitable for the Brazilian market, will offer customers access to the world’s most ad-vanced AHTS vessels.These new vessels are arriving at a time when the offshore energy sector in Brazil is under-

going unprecedented structural changes and energy companies worldwide are impacted by low oil prices. Maersk Supply Service con-tinues its focus on commercial and technical innovation to offer more value to customers during this unprecedented downturn.

The new Integrated Solutions business area

Maersk Supply Service has responded to these new market conditions with an ex-panded service offering to accommodate the needs of its customers. With vessel capabilities at the core, the company has broadened its value proposition to take on a wider range of project management tasks to directly benefit customers’ business. In addition to providing vessels that meet the highest standards of quality and safety, the new Integrated Solutions business area in-cludes scoping, planning and execution of marine projects – all within one clearly de-fined service agreement.Since the launch of the Integrated Solutions business area in November 2016, the com-pany has secured several major contracts to project manage decommissioning work scopes for Maersk Oil’s Janice and Leadon projects in the North Sea as well as manage the towing and mooring installation work scopes for Maersk Oil UK’s Culzean Project.“As the industry is undergoing structural changes, our customers worldwide are seeking better value from their operations and their supply base. We have an oppor-tunity to lighten the load of their procure-ment and operational activities by shifting the nature of our relationships, allowing our customers to focus 100% on their core business,” says CEO of Maersk Supply Ser-vice, Steen S. Karstensen.The Integrated Solution offering has the potential to fulfill a growing need in the Brazilian market as oil and gas companies in the region are looking for ways to drive efficiency and allocate more responsibili-ties to suppliers.

“Due to local challenges and the global market downturn, Brazilian oil and gas companies are highly interested in oppor-tunities for efficiency gains along the en-tire supply chain. Our Integrated Solutions business area is increasingly relevant in Brazil and our trusted track record in pro-viding marine services in the region for many years gives Maersk Supply Service the right foundation for taking on a larger role in our Brazilian customers’ opera-tions,” says Joao Paulo Araujo Braz, Man-aging Director of Latin America. Now in its 40th year of operation in Brazil, Maersk Supply Service maintains its strong focus on how to best support its custom-ers’ needs. The company is committed to adapting its value propositions to meet market demands now and in the future, both in Brazil and worldwide.

Maersk Supply Service

MSS Vessels on Janice Project

Ferring today has ten research, development and innovation centers all over the world, including in the US, Europe, India and Chi-na. The innovation center in Copenhagen is the hub responsible for coordinating all re-search and development efforts of Ferring. Inspired by the main biotechnology center in Scandinavia, the 20-story building was designed by the renowned Danish architect, Henning Larsen. It was built in mainly glass and steel. In 2003, the building received the ‘Building of the Year 2002’ award. The Ferring Innovation Center in Copenha-gen will get a new, futuristic building by 2019. This building will have cutting-edge facilities, thus matching the constant, pio-neering research for which the company is famous worldwide. The sites of Copenha-gen and Parsippany (USA) conduct and ex-ecute product innovation and development of new molecules, as well as improvements to existing products so as to better attend patients’ needs and/or gear products to-wards new therapeutic areas. Ferring has become an international house-

Ferring pharmaceuticalsa very succesfull company

Chr. Hansen factory in Valinhos

Dr. Frederik Paulsen founded Nordiska Hor-mon Laboratoriet in two rented rooms in Malmo, Sweden in 1950. Four years later, in 1954, he changed the company’s name to Ferring as a way of honoring the people from the island of Fohr, the Feringers (pro-nounced Ferring). Ferring became a pioneer in the develop-ment and sale of pharmaceutical products based on natural peptide hormones cre-ated in the pituitary. Dr. Paulsen was con-vinced that all these new compounds could be used in the correction of abnormalities and to supplement deficiencies, thus play-ing a vital role in treating life-threatening conditions. 50 years later, Dr. Paulsen’s predictions have proven to be remarkably accurate. Today, peptides are widely utilized in the Ferring treatments. Ferring Pharmaceuticals has become an international leader in terms of research,

manufacture and sale of peptides and pro-teins. The company is headquartered in St. Prex, Switzerland and has more than 6,000 employees. Ferring has branches estab-lished in more than 60 countries around the world, and its treatments are available in more than 110 countries. This rhythm of expansion means that Ferring has ex-perienced consistent double digit growth throughout the past two decades. The company identifies, develops and sells innovative products within the healthcare segments of reproduction, urology, gastroenterology, endocrinology and orthopedics. The activities related to research and development are linked to personalized care and treatments which work as the body itself, i.e. physiologi-cally, and thus make it possible for doc-tors to combat a wide range of ailments without altering the natural balance of the organism.

FICSA (Ferring International Center AS), Saint-Prex, Switzerland

hold name during the past 20 years due to its extensive portfolio of products created in-house to ensure better quality of living for children and adults all over the world. The company is very invested in environ-mental matters and R&D.Ferring has its own factories in South Ameri-ca, Europe, Israel and China. New production facilities are being built in the US and India. The company is capable of producing recom-binant biotechnological products as well as more conventional pharmaceutical products. Governed by a single philosophy globally, namely ‘People come first at Ferring’, peo-ple are truly at the heart of everything that the company does. This means that Ferring acts responsibly, focuses on the needs of patients, and takes care of its staff.

Ferring in Brazil

Ferring has operated in Brazil for 24 years and has about 100 employees in the country. The company is also invested in innova-tion locally. A partnership established with Ache led to the two companies jointly im-plementing and now sharing a R&D lab at the Nanotechnology Innovation Laboratory Enterprise in the Ache complex in Guarul-hos. Research at this facility will focus on utilizing nanotechnology in the release of active ingredients in medicine. The aim of the partnership is to develop new technol-ogy platforms which will improve availabil-ity of drugs in the organism. An example of this would be transforming active ingredi-ents which today need to be administered by injection into a product to be taken orally, thus making the process easier and painless. Research within this area will also

lead to fewer side effects, higher rates of completion of treatment, and greater con-venience in administrating dosages. Ferring will certainly implement further partnerships, also with universities and other Brazilian institutions. The invest-ments are made so as to ensure that Fer-ring will have a technology platform in the country, as Brazil is seen as a very inter-esting market medium and long-term. To this extent, Ferring recently launched the ‘Ferring Brazil Innovation Grants Program’, which is a financing program for innovative research and development of new prod-ucts.In spite of the socioeconomic difficulties of the present time, the company created this program to ensure that funds will be destined towards further research and later development of new products. The program is intended to identify and select innova-

tive projects which were developed in Brazil within the areas of interest to Ferring. The specific objectives of the program are:

• Identify and select promisinginnovation projects in Brazil;

• Finance each approved projectwith up to BRL 300,000 (threehundred thousand Brazilianreals), out of a total BRL1,000,000 (one million Brazilianreals) destined for boostingresearch;

• Promoting partnerships of joint development and/or absorption of newtechnologies.

Ferring Pharmaceuticals

Ferring headquarter in Copenhagen

Ferring has become an international house-

work for companies in Brazil, participating in many M&As and providing due diligence in the biennial 2016–2017. We are also a leader in site solutions and remediation of contaminated sites. We have developed services for water and wastewater treat-ment for the steel industry, especially in the reuse of industrial water. In the energy industry, Ramboll has played a major role in biogas utilization and is well versed in biomass engineering, waste to energy and wind energy. Currently, Ramboll is develop-ing and applying the SROI – social return of investment for wind farms in Brazil.Ramboll’s large group of experts in Brazil is led by Dr. Eugenio Singer, a PhD in Envi-ronmental and Water Resources Engineer-ing and an MSc in Nuclear Engineering. Dr. Singer has taught at the University of Campinas, is scientific assessor of FAPESP and FINEP and has worked in almost all countries in Latin America.

Eugenio Singer, PhDManaging Principal,

Managing Director Environment & Health, Brazil

Ramboll is a leading engineering, design and consultancy company founded in Den-mark in 1945. We employ more than 13,000 experts and have a strong presence in the Nordics, North America, the UK, Continen-tal Europe, the Middle East and India, sup-plemented by a significant representation in Asia, Australia, Brazil and Sub-Saharan Africa. With nearly 300 offices in 35 coun-tries, we emphasize local experience com-bined with a global knowledge base. We constantly strive to achieve inspiring and exacting solutions that make a genuine difference to our customers, end users and society as a whole. Ramboll works across the markets: Buildings, Transport, Environ-ment & Health, Water, Energy, Oil & Gas and Management Consulting.

Expert work in Brazil

Ramboll in Brazil has more than 70 experts and offices in Belo Horizonte, Rio de Janei-ro, Salvador, São Paulo and Valinhos. Our business offers engineering and consult-ing solutions in the areas of Environment & Health, Energy, Water, Urban Planning and Oil & Gas. Our work includes service to a variety of industrial sectors, includ-ing automotive, chemical, energy, manu-facturing, mining, steel and utilities.

Most recently Ramboll Brazil has been re-tained by the Public Ministry to provide ex-pertise related to the largest environmental disaster in Brazil: the tailings dam break of the Samarco mine in Mariana, Minas Gerais. With a national and international team of 32 experts, Ramboll has developed an as-sessment of all socio-environmental and socio-economical programs established by the Fundação Renova to ensure they are implemented as proposed and that prom-ised social, economic and environmental outcomes are realized. The Ministry will also rely on the firm’s broad and deep experience to evaluate the approved programs and pro-pose any additional remediation, restoration or reconstruction activity it deems necessary to fully restore the Rio Doce Basin within the shortest time frame possible. In addition to seven international experts in major disas-ter remediation, the team reflects expertise and experience in ecology, geology, biology, environmental and civil engineering, risk management, ecological services and socio-environmental assessment.

Services in Due Diligence, Water and Energy

Ramboll has also provided a leading role in compliance, strategy and transaction

Leading sustainable remediation in Brazil

type of hearing instrument: it provided more natural sound and did away with the discomfort associated with plugging the ear canal.In this year, GN Hearing A/S unveiled the revolutionary ReSound LiNX 3D™, taking Smart Hearing to new levels to enable peo-ple with hearing loss to hear more, do more and be more anywhere in life.GN Hearing’s comprehensive ecosystem seamlessly connects hearing aids, all wire-less accessories and smartphone apps to make everything work together. With the introduction of ReSound LiNX 3D and the ReSound Smart Fit™ software, an entirely new hearing care experience is made pos-sible. These breakthroughs are developed with audiological insights and the latest advancements in technology to bring more convenience and efficiency than ever before.The new hearing care solution offers remote fine-tuning and remote hearing aid updates enabled by GN’s proprietary and secure cloud solution. After an initial fit in the clin-ic, the user can request assistance for any fine-tuning of their settings wherever they are. The hearing care professional can make all fine-tunings remotely to provide a better hearing experience for the user.The new ReSound LiNX 3D hearing aids and the new cloud integration offer unprec-edented benefits to hearing aid users and to hearing care professionals across three key dimensions:

GN Hearing A/S is the medical device divi-sion of the GN Group, a global leader in intelligent audio solutions with a unique portfolio of medical, professional, and consumer audio solutions. GN Hearing operates through its flagship brand, Re-Sound, and through other focused brands including Beltone and Interton. The com-pany leads the industry in superior sound quality and connectivity, building on the 2010 launch of the first generation of hearing aids using 2.4 GHz wireless tech-nology.Founded in 1869 in Ballerup/Denmark, the GN Group employs more than 5,000 people worldwide, and is listed on Nasdaq Copenhagen (GN.CO). GN Hearing is dedi-cated to making life sound better and de-veloping meaningful solutions that trans-form lives through the power of sound. The company values define the behaviors and people with hearing loss are at the heart of everything the company does.

The award-winning ReSound Smart Hear-ing aids help people feel more involved, connected and in control.ReSound is also represented in more than 80 countries. It draws on a vast pool of resources at technology centers around the world, where researchers work to ap-ply technology to real human situations. With roots that reach all the way back to 1943, ReSound has been responsible for a number of hearing industry firsts: WDRC (Wide Dynamic Range Compression) broke new ground for sound processing. DFS (Digital Feedback Suppression) was the first system to effectively eliminate howl-ing and sound distortion. The world’s first open-standard digital chip set a new standard for flexibility in programming. In addition, the introduction of ReSound AIR signalled the creation of an entirely new

GN Hearing Making Life Sound Better

RS Acc Line Up Large

RS LT full family line-up

GN headquarter in Ballerup

Sound Quality – hear more than you ever

thought possibleWith ReSound LiNX 3D – GN Hearing’s 5th generation 2.4 GHz wireless technology and 3rd generation binaural directionality – hearing aid users will experience excel-lent sound quality and will hear more than they ever thought possible. ReSound LiNX 3D delivers clear, natural sound, excep-tional speech understanding and the best sense of where sounds are coming from. Users will experience 360-degree audibil-ity and awareness in quiet and speech-only situations, improved hearing in noise when speech is in the front and optimized audi-bility of surrounding sounds.Studies* show that compared to premium hearing aids from competitive brands, Re-Sound LiNX 3D:

• is up to 50% better at identifying speech across various environments

•enables users to hear up to 80% more of the sounds around them, and

•enables users to understand up to 40% more speech in noise

An enhanced fitting experience

Together with audiologists, GN Hearing has developed a more efficient and intuitive fit-ting software, which simplifies the process where the hearing care professional fits and adjusts the hearing aid to the user. This fast-er and more convenient wireless fitting will save time for both the user and the hearing care professional. This gives hearing care professionals more time for valuable user counselling. Also, a new app allows users to easily personalize and control their sound at any time on-the-go directly from a smart-

The main office is located in Sao Paulo and has 16 own shops. The shops are located in the mains cities of Brazil, such as: Sao Paulo, Rio de Janeiro, Curitiba and Porto Alegre. The shops have specialized and committed professionals to provide custom-ers with better life quality and to assist them in adapting to the best hearing. Throughout Brazil, there are also exclusive distributors that follows the company’s vision and pur-pose, and are ready to help patients.ReSound LiNX 3D will be launched in Brazil in August 2017, with different price points in a complete new family of hearing aids.“ReSound Brazil is excited to introduce the new technology that will enable users to hear more, do more and be more than they ever thought possible. The new hearing care technology will allow better hearing experience for the user and will empow-ers the hearing care professional to better serve their clients. ReSound LiNX 3D at-tends all of the markets demands with its superior sound quality, modern design and personalization at any time. Also it fulfils our company purpose of making life sound better,” said Alejandro Giangaspero, Gen-eral Manager of ReSound Brazil.

GN Resound

www.resound.com.br

phone (iPhone, Apple Watch and selected Android models). The app empowers users to take even more control of their hearing experience through a built-in guidance and coaching feature, and gives users direct ac-cess to their hearing care professional for efficient optimization without the need for an appointment in a clinic.

Hearing care wherever you are

ReSound LiNX 3D is the only device with complete remote fine-tuning capabilities that allows users to stay in touch with their hearing care professional wherever they are, receiving hearing care and getting new set-tings via the cloud without having to sched-ule and travel for a clinic appointment. The unique cloud integration enables hearing care professionals to stay connected with users no matter where they are. Users will be able to share feedback about any hearing difficulty as the situation occurs, rather than trying to remember how to describe it dur-ing an adjustment visit to the clinic. Hearing care professionals will have the freedom to offer follow-up services remotely – saving time for both hearing care professionals and users, and creating opportunities for even higher user satisfaction.

ReSound in Brazil The subsidiary has been in Brazil over 65 years and, nowadays, is led by the experi-enced general manager Alejandro Giangas-pero. The subsidiary is responsible for de-veloping the ReSound brand in different segments, making hearing aids available in own shops, exclusive distributors and pub-lic sector.ReSound Brazil has grown incredibly over the last years. Although Brazil is facing a difficult economic situation, the company continues to outgrow the market, achiev-ing high market share and performance.

Lundbeck’s shares are traded on the world’s major stock exchange and the company has subsidiaries in 60 countries, employing ap-proximately 5,000 people worldwide. In 2016, Lundbeck generated revenue of ap-proximately DKK 15,6 billion.Focus on research and development is the most important pillar in Lundbeck’s ambi-tion to improve treatment for people living with psychiatric and neurological disorders.About 20% of the company’s revenue are annually invested in research and develop-ment, aiming to offer better and more ef-ficient treatment options to the patients. Its R&D facilities are operating in Denmark, China and the United States, while its man-ufacturing plants are based in Denmark, China, France, Italy and Mexico.The company is internationally known in the scientific community for providing do-nations and grants to universities and re-search centers that are aligned with Lun-dbeck’s vision. This may include: financial support, research or educational grants, goods or services donations, second-hand inventory, compounds for research purpos-es, for example.There are no request deadlines. Lundbeck accepts applications for help on a continu-ous basis and review them within 90 days of their submission.

Founded in 1915, in

Copenhagen, Lundbeck

annually invests 20% of its

revenue in research and

development of innovative

drugs, improving the

quality of life of people

living with psychiatric and

neurological disorders

Lundbeck is a global pharmaceutical and research company focused on central ner-vous system diseases. Founded 102 years ago in Copenhagen, the company occupies a prominent position in the research, devel-opment, production and marketing of drugs to treat people diagnosed with Depression, Alzheimer, Parkinson and Schizophrenia.These diseases are highly disabling and cur-rently affect around 420 million people world-wide. “Researching to improve patients’ quality of life, three new compounds are be-ing developed and they will be available dur-ing the next years”, says Josiel Florenzano, Managing Director of Lundbeck Brazil.

Lundbeck is engaged in

research, develop and treat central nervous system diseases

Josiel FlorenzanoManaging Director

EnvironmentLundbeck promotes environmental re-sponsibility by optimizing manufacturing processes, recycling solvents, controlling pharmaceuticals in the environment and minimizing our emissions to the air of CO2 and other pollutants.Aware of that climate change is one of the most significant environmental challenges to modern civilization, Lundbeck has es-tablished a target of reducing its corporate CO2 emissions by 55% in 2020 compared to 2006. This means that Lundbeck’s reduc-tion in the CO2 emission is proportional to the required global reduction that would to keep the global warming below two de-grees in 2100. This is the official target of the signatories of the Paris Agreement, UN Climate Change Conference of the Parties (COP-21).

BrazilWith a branch office in Rio de Janeiro, Lun-dbeck has entered the Brazilian market in 2001, launching the brands Cipramil (cital-

opram) and Lexapro (escitalopram). During the last 10 years, Lundbeck has become the leading company in antidepressant drugs segment in Brazil. Lexapro, for example, treats thousands of Brazilian patients and it is the leading drug in its category.In 2016, the Brazilian affiliate sales reached US$ 75,3 million. Brintellix (vortioxetin), a new antidepressant drug released last year, accounted for almost 20% of this figure. This new innovative compound treats the emotional symptoms of depression as well as the cognitive symptoms of the disease, such as lack of attention, forgetfulness and indecision.Lundbeck’s expansion plans in the coming years relies not only on the growing local market but also on new products launch-ing. The company’s plans for the medium term include new products for schizophre-nia and mood disorders treatment. Lund-beck is currently preparing the documents that will soon be submitted to regulatory authorities. These upcoming new products and Brintellix are the main bids to keep growing in Brazilian market.

“Although the transitory weak economic environment of some South American coun-tries, we intend to grow about 15% per year, based mainly on new launches and ex-panding the company’s traditional flagships sales”, explains Florenzano. He says that the company has organized many Clinical Medical Education activities with Brazilian psychiatrists and neurologists. Those events help to raise awareness for the importance of correct treatment for depression patients.Last year, as part of a restructuring process, Lundbeck Brazil’s managing director, Flo-renzano, was chosen to coordinate the com-pany’s activities in the South Cone countries. Therefore, since August 2016, all Lundbeck operations in Argentina, Chile and Uruguay are directly lead by the Brazilian office, which centralizes administrative tasks and manag-es all activities from Rio de Janeiro. “We are learning a lot with these new markets and it has been a gratifying challenge to work with local teams”, says Florenzano.In December 2016, Lundbeck sales in South American countries reached 3 million box-es, thanks to the work of its 150 employees.

Lundbeck

market. Hempel’s Brazilian team possess great knowledge of the coating business, both in the industrial segment and in the marine segment, and can take any require-ment from their clients. Their technical ser-vice, with international certifications, can cover all the territory of Brazil, delivering the same high level of service delivered by their technical service in rest of the world. Their team of technical advisors, knows what it takes to ensure compliance with specifications and an appropriate return on investment in a wide variety of environ-ments, segments and climatic conditions.

Adding value to every business

At Hempel, they work across a wide range of industries. Their knowledge and exper-tise are broad, but their goals always re-main the same: to provide their customers with proven products and solutions that add real value to their businesses.They never stand still. They are constantly innovating, always looking for new ways to add value to their customers’ businesses: making production processes cleaner and faster, reducing energy consumption, im-proving environmental efficiency, and fur-ther driving down maintenance costs.They have R&D centres and production units across the globe, with a broad range of expertise and work in almost every area of business. But wherever they work and whatever they do, they always make sure their customers enjoy the renowned Hem-pel quality and service.In Brazil, Hempel has introduced several breakthrough solutions for the protective and Marine market with innovative tech-nology to help their Brazilian customers better achieve their needs.Hempaguard X7 is the first marine prod-uct on the market to utilise the patented ActiGuard technology. By fusing hydrogel-

Hempel sees themselves as guardians of their customers’ most valuable assets. Around the globe, they provide their cus-tomers advice, support and products they can depend on: coating solutions that not only provide superior protection, but also help improve the efficiency of what they do. This is why they exist and why they are the partner of choice in over 80 countries worldwide.As a world-leading supplier of trusted coat-ing solutions, Hempel works in the protec-tive, marine, decorative, container, and yacht industries. Across the globe, their coatings protect structures and equipment from corrosion. They extend asset lifetimes, reduce maintenance costs and bring colour to our homes and places of work.As guardians of their customers’ most valu-able assets, they work closely with their customers on every project, large or small. They are there every step of the way, of-fering advice, support and inspiration and solutions that provide superior protection and performance.

Hempel never stands still, united by their promise to deliver trusted coating solutions.

Hempel in Brazil

With the opening of their offices in Brazil, on July 7, 2011, Hempel recognized Brazil as one of the markets with the greatest po-tential in the world.Their offices and warehouses are located in Sao Gonçalo, Rio de Janeiro, near the main route that connects the southeast and northeastern Brazil. Hempel Brazil has developed a short-term growth strategy to become one of the main suppliers in the marine and industrial coatings segment, focusing especially on energy-related sub-segments such as offshore oil and gas and wind energy, among others.Durival Teixeira Pitta Junior has recently joined their team in Brazil, as General man-ager, bringing more than 10 years of coat-ing experience in international companies and more than 22 years in the Oil & gas

Young people at the Hempel foundation working with IT

Hempel commitment to trusted solutions

The young people at the Hempel foundation

based Fouling Release technology with a controlled release of biocide, ActiGuard provides a biocide-activated hydrogel sur-face, simultaneously controlling the release of biocide. The biocide release-rate in Ac-tiGuard is independent of sailing speed unlike traditional antifouling coatings. This means that Hempaguard X7 deliv-ers extraordinary antifouling performance under idle conditions, but does not waste unnecessary amounts of biocide while the ship is sailing, thereby extending its active lifetime. But it also improves fuel efficiency, extending it dramatically due to the protec-tion against fouling provided by ActiGuard.Avantguard is their innovative, award win-ning anti-corrosion primer with redefining anti-corrosion technology. It is based on activated zinc and belongs to their range of high performance protective coatings. Avantguard reduces the effects of cor-rosion, offers advanced protection and increased durability for all-round perfor-mance and unlike standard zinc epoxies, is effective using all three methods of protec-tion (Galvanic, barrier and Inhibitor).They have also introduced two solutions to the Brazilian market specifically designed to meet Petrobras 2680 Norm. Hempa-dur Multi-Strength 35751 and Hempadur BT 35750 are part of a new generation of Hempel high-performance epoxy coatings. Both of them provide unseen corrosion pro-tection and exceed the adhesion requested by Petrobras norm and are also applicable over marginal surface preparation and in high relative humidity conditions. More specifically, Hempadur Bt 35750 outper-forms in terms of the productivity of the yards by reducing one coat applications, offering a 33% advantage in relation to coating applications.

The Hempel Foundation

Their founder, J.C. Hempel, believed that a company has a responsibility to its staff, the environment and society in general. In 1948, he created the Hempel Foundation and transferred all his shares to it, essen-tially putting ownership of the company into the hands of its employees. The Hem-pel Foundation remains the sole owner of the Hempel Group today. As a commercial foundation, its primary purpose is to pro-vide and maintain a solid economic base for the Hempel Group. The Foundation’s secondary purpose is a social and chari-table one: to support cultural, social, hu-manitarian, scientific and artistic purposes around the globe, with special focus on the education of children in need and research into environmentally sustainable solutions within the coatings industry.

ployment or be motivated to pursue a high-er education qualification. Both of these outcomes increase their social mobility and opportunities to change their life path.

Hempel

The Foundation’s educational projects help more than 67,000 underprivileged children around the world receive a better educa-tion so they have the chance to build a bet-ter future for themselves and their families.Supporting education programme for the unemployed youth in Rio de JaneiroOne of the major challenges in the favela districts of Rio de Janeiro is the high level of youth unemployment. There has been a rapid rise in employment opportunities in Rio de Janeiro because of economic growth, and as a result of Brazil’s selection as host nation for the 2014 World Cup in soccer and the Olympics in 2016.The problem is that many young people in the favelas lack the required skills to apply for these jobs, and therefore miss out on the benefits of the city’s success. Hempel provides support for the local non-profit organisation Ecos do Futuro, which was es-tablished in April 2003 to boost the social and economic inclusion of young people, especially women and Afro-Brazilians from the favelas who are in a socially and eco-nomically vulnerable situation.Ecos do Futuro aims to break longstanding cycles of disadvantage, and to raise aware-ness of the importance of gender equality, respect for ethnic and cultural differences, consideration of others, education, and a sense of belonging to the city. Entry into the labour force will improve the living con-ditions of these young people, and empow-er them to exercise their rights as citizens.Since they have started to work with Ecos, the foundation has tripled their support covering for the educational programme of a total of 450 young people that will be involved in this eight-month training pro-gramme in the retail and service areas. The project teaches them the necessary skills and then help and support them through the process of finding a job. Results from previous projects show that 90 percent of the young trainees will find worthwhile em-

Curriculum Vitae Durival Teixeira P. Junior

Education

• 2010 – Fundação Getúlio Vargas - FGV, Brazil - MBA, Strategic Business and Economics Management

• Cleveland University - Leadership

• 1994 Fundação Vanzolini / USP, Brazil - Post-graduation, Administration

• 1983 Universidade Paulista Brazil - Bachelor, Mechanical Engineering

Business Experience• 07/2006 - 07/2016 Sherwin-Williams

do Brasil - Commercial Director

• 06/1984 - 07/2006 Chevron do Brasil Ltda. - Commercial Manager

Niels B. Christiansen leaves Danfoss after nine years as its CEO. COO Kim Fausing is appointed new CEO of Danfoss, effective from July 1st. He intends to carry on a strat-egy of growth and digitalization.The nine years that Niels B. Christiansen served as Danfoss CEO were years marked by impressive financial results, a high-performing organization, constant growth and digital transformation. The company’s COO, Kim Fausing, who has worked closely with Christiansen on the Executive Com-mittee, will take over as CEO on July 1st.

Chairman of the Executive Board, Jørgen Mads Clausen, highlights the significance that Christiansen has had for Danfoss. “Niels’ work at Danfoss has been carried out most satisfactorily. All the financial data is pointing in the right direction, the business is growing and the organization is in great shape. It is no surprise that a CEO would want to seek out new challenges af-ter 12 years at the helm, and on behalf of the Executive Board and myself, I would like to thank Niels for the excellent leadership he has displayed at Danfoss. At the same

time, we are very pleased to have such a competent suc-cessor lined up; Kim Fausing has also played an important role in the positive develop-ment of Danfoss over the past nine years”, emphasizes Jør-gen Mads Clausen.Niels B. Christiansen is proud of the accomplishments he has helped achieve during his time at Danfoss. “We focused on the business, we perfect-ed our ‘machine room’, we are growing and our digital transformation is on the right track. We have worked very hard towards accomplishing this fundamental transforma-tion. I am pleased to be able to hand over a strong and solid Danfoss, and I am hap-py to know that it will be in good hands. This is the best possible time for this change to happen – for both Danfoss and me. I am ready for new

Kim Fausing is the new Danfoss CEO

challenges”, says Niels B. Christiansen.Kim Fausing is aware of the responsibil-ity that he is taking on and is enthusiastic about the work ahead. “I felt at home in the company right from the get-go, and it will be an exciting challenge to take over as CEO. The management team is responsible for determining the strategy and setting the course for Danfoss; we will continue carrying out the strategic planning. I look forward to the new responsibilities which I will take on with the utmost respect. I hope to be able to continue the strong develop-ment within Danfoss with the help of the entire team and the Executive Board”, says Kim Fausing.

About Danfoss

Danfoss believes in developing technolo-gies which will allow tomorrow’s world to do more with less. We work tirelessly to meet the constantly growing demands within infrastructure, food, energy ef-ficiency, and climate solutions. The wide range of products and services offered by the company are used in areas such as food refrigeration, air conditioning, heat-ing buildings, controlling electric motors and powering mobile machinery, as well as solar and wind power besides heat-ing and cooling infrastructure for cities and communities in urban settings. Our pioneering engineering started out in 1933. Today, Danfoss is the global leader within its segment; we employ 24,000 people and attend clients in more than 100 countries. The company is still privately owned and on the hands of the founding family. Please go to www.danfoss.com.br for more information about the company.

DanfossKim Fausing, CEO Danfoss

Reduza custos e aumente a eficiência em sistemas HVAC

Maior Eficiênciaenergética comuma soluçãointegrada Danfoss.

www.danfoss.com.br

“On behalf of Bionergética Aroeira, we are pleased with our technical partnership with Sondex. By utilizing technology by Sondex, we have an excellent solution for our en-ergy-saving purpose,” commented Dr. Jose Rubens Bevilacqua, CEO, Bioenergética Aroeira. End of November 2017, Sondex in Brazil will deliver four big evaporators model SEC174 for sugar solution evaporation (concentra-tion) to Bioenergética Aroeira. They will be the largest units manufactured in Latin America ever.

Global and local presence

In July 2016 Danfoss and Sondex an-nounced an agreement for Danfoss to acquire full ownership of privately-held Sondex Holding A/S, a global leader in heat transfer technologies. Combining the two businesses, Sondex and the Danfoss heat exchangers, became an important lever to develop the already strong market position in district energy

With a clear target to become a second-to-none world-leading player in heat ex-changers, Danfoss and Sondex are creating an even bigger impact in the heat transfer industry in Latin America by joining forces. Latest by supporting the sugar industry with energy-efficient sugarcane processing.Sondex Brasil is a new company in the Sondex Group. The company started local production in February 2016 with assem-bly and delivery of plate heat exchangers for different applications, like sugarcane,

vegetable oils, utilities, marine, and off-shore. Located in Brazil, in the heart of Latin America, the target of Sondex Bra-sil is to become the manufacturing cen-ter of plate heat exchangers to custom-ers across all Latin American countries. Recently, Sondex in Brazil has delivered four free flow plate heat exchangers to an application for sugar processing to Bio-energética Aroeira, an ethanol and sugar manufacturer located in the municipality of Tupaciguara, 50 km from Uberlândia.

Danfoss and Sondex Well-prepared to expand business in Brazil

Carlos Funes at the Sondex headquarter in Kolding, Denmark. He is General Manager of Sondex in Brazil. Carlos Funes holds a Post Graduate in Business Administration

Local assembly

and HVAC and to increase relevance within industries as marine, food & beverage, sugar and ethanol, vegetable oil, offshore, industrial refrigeration, etc. “Sondex develops, produces and markets heat exchangers and the company repre-sents an ideal match to Danfoss – a global leader in infrastructure, food supply, ener-gy efficiency and climate-friendly solutions. Sondex specializes in thermal exchange ap-plications and has been expanding its al-ready important participation in the global market every year,” commented General Manager of Sondex Brazil, Carlos Funes, adding:“The extensive product portfolio, high pro-duction capacity, continuous investment and the merger with Danfoss as a strong player, is clearly leading us to take market leadership in the coming years.”In Brazil, Sondex has been expanding its market share, opening new partnerships with large companies linked to strategic areas of national production. “Brazil and Latin America are receptive markets for our products and solutions. We constantly evaluate the Brazilian opportu-nities as an increasingly demanding mar-ket in search of the best cost and benefit options. By joining forces, we can offer a broader, even more competitive and inno-vative product and service portfolio within heat transfer to combine perfect solutions to our customers. By leveraging the com-bined strength of two great companies, we are aiming at taking market leadership in plate heat exchangers,” Carlos Funes ex-plained.The facilities in Brasil is delivering high qual-ity plate heat exchangers based on a perfect match of customers’ needs. Sondex in Brazil has full production capacity, local inventory

and the right selection tools that make Son-dex a preferred customer supplier. Two strong players joining forces: Sondex is headquartered in Kolding, Den-mark and employs approximately 1,200 employees worldwide. Sondex Brasil start-ed local production in Brazil in February 2016 with assembly and delivery of plate heat exchangers for different applications, like sugarcane, vegetable oils, utilities, marine, etc. Located in the heart of Latin America in Brazil, the target is to become the manufacturing center of plate heat exchangers to customers across all Latin American countries. The company became part of the Danfoss Group in July 2016. www.sondex.com.brDanfoss is headquartered in Nordborg in Denmark, and the business relation-ship with Latin America has been close since the inauguration of the Dan-foss Sales office in Argentina in 1949.

Danfoss has a strong global presence and teams to serve customers in Mexico, Brazil, Chile, Venezuela, Colombia and Argentina and meets the growing need for infrastruc-ture, food supply, energy efficiency and cli-mate-friendly solutions. Our products and services are used in areas such as refrig-eration, air conditioning, heating, motor control and mobile machinery. Danfoss is actively supporting the field of renewable energy as well as district heating infra-structure for cities and urban communities. Our innovative engineering dates back to 1933, and today Danfoss is a world-leader, employing more than 25,000 employees and serving customers in more than 100 countries. Danfoss is still privately held by the founding family. www.danfoss.com.brMechanized harvesting of sugarcane directly from the fields to the processing plant. Bioen-ergética Aroeira has two kind of productions at the same site: Sugar and ethanol.Sondex Free Flow plates are used for liq-uids containing fibers and solids par-ticles. The plates are commonly utilized in the pulp and paper industry, in waste water treatment plants, the sugar indus-try, juice production, grain based ethanol production, heat recovery systems and for special tasks where standard fishbone plate heat exchangers usually will block. Pictured: Free Flow SF131 - the preferred solution for sugar applications.

Sondex

www.sondex.com.br

Sugar mechanized harvest

Free Flow SF131_III

sq. meters factory complex, while an addi-tional ten thousand people work with the brand elsewhere, e.g. in one of the more than 2,000 stores throughout Brazil.

Steffen B. NevermannInternational CEO

DanicaZipco work in the Guinness Book of World Records

The world’s biggest chocolate-inspired work of art is displayed at the Cacau Show industrial complex in Itapevi, Sao Paulo on the side of the Presidente Castelo Branco highway; it has now found its way into the 2017 Guinness Book of World Records.The project was done on a concrete and metal structure which was fitted with a DanicaZipco lateral closing system and

chocolate-colored panels. The mural was created by the renowned artist Eduardo Kobra; it depicts a boat brimming with cocoa fruit. The work is not only Kobra’s largest spray paint mural to date with its 5,700 sq. meters, it is also the largest of its kind in the world.Cacau Show was founded 28 years ago. 2,200 people are employed in the 52,000

H

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A logo Coloplast é uma marca registrada da Coloplast A/S. © [2013-06.] Todos os direitos reservados Coloplast A/S.

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A full house attended the presentation en-titled “How to succeed as a Leader - Build Trusting Relationships”. The presentation was very interesting for the audience with a great dialogue with the participants.

JOL

APM Terminals has great success in the port of Santos

Brasil Terminal Portuario, 50% owned by Maersk group, held a business luncheon in the Scandina-vian club for over 50 participants. Antonio P. Pas-saro, CEO for APM Terminals, gave a presentation entitled “Brasil Terminal Portuario – To Believe and Innovate - APM Terminals´ investment in San-tos”. This is the biggest Danish investment in Bra-zil, close to a billion dollars, which has turned out to be a great success. Further investment will take place in the future such as railroad in the terminals and special warehouses. There is no doubt when the Santos Harbor becomes privatized they will have be able to expand the depth of the harbor basin to 17 meters which will make the terminal able to accommodate the large container ships. It will be most interesting to follow this investment for the Maersk group and the continued success for Santos harbor, the biggest harbor in Brazil and Latin America. Most interesting speech by the CEO of APM Terminals. Congratulations!

JOL

Business Luncheon

with Karin Zastrow

Antonio P. Passaro, CEO for Brasil Terminal Portuário

RIO 2017 Chamber Activities

May 28thThe Danish Club in Rio: “Pinsefrokost” at Pousada Dois Irmãos in Santa TeresaTraditional Danish lunch arranged by the Danish Club in Rio

Following a request from the Danish Chamber of Commerce in Rio, an extraordinary subject was on the agenda this year, namely the discus-sion about Danish legislation on family reunion for Danish/Brazilian couples. Almost everyone present at this meeting would theoretically be affected by the so-called attachment require-ments (tilknytningskrav) and wouldn’t be able to move back to Denmark with their Brazilian family, should they wish to do so.It was decided that a more detailed meeting about the legislation and how to apply for fam-ily reunion will be held in the near future to en-sure that Danish/Brazilian families are informed correctly about their situation.

June 13thMeeting on current situation in Brazil and Denmark followed by lunch.At this meeting, President of the Danish-Brazilian Chamber of Com-merce in Rio, Jan Lomholdt briefly presented issues related to the political and economic situation in Brazil seen from his perspective.- sponsored by the Danish Cham-ber of Commerce.

June 19thThe Danish Club in Rio: Board meeting.Kamille Plon dos San-tos was elected as new chairwoman, taking over the position from Line Oesterberg. Ka-mille Plon dos Santos will make sure that the Danish Club will keep up the good work in the future by organiz-ing Danish events for the Danes living in Rio.

The Danish Cultural Institute in Brazil, based in Rio de Janeiro,

continues to expand its dynamics and outreach since heading the cultural program of the Danish

Agency For Culture and Palaces during Rio 2016. In the following

we’ll tell you a bit about some project highlights that we find

particularly fascinating, and you can tune in to what’s coming up,

including the preparations of our 10 year anniversary celebration in 2018.

Finally, we’ll share some insights with you about the development of our new structure to facilitate

local sponsorship via the Brazilian Cultural Incentive Laws.

What’s New in Culture?CRASH - is a Danish/Brazilian dance perfor-mance, a frame for intercultural co-creation that draws from urban dance, contem-porary dance and each dancer’s personal movement language to form a unique ex-pression. It started out as a social project in 2015, where the street dancers of DF Zulu Breakers in Brasilia’s outskirts collaborated long distance with dancers in Uppercut Dance Theater in Copenhagen NV. While CRASH was featured at UNESCO’s DaCI conference in Copenhagen 2015 as a result of its innovative collaboration process, it became evident that a special synergy was present. DCI followed up by producing a Brazilian tour in November 2016, where the performance reached new artistic heights due to Uppercut’s award winning choreog-rapher Stephanie Thomasen.“DF Zulu Breakers in Brazil and Uppercut Danseteater in Denmark speak, above all, of social inclusion. Without using words, this

“crash” of ideas breaks down artistic bar-riers, opening spaces for the affectivity of face-to-face meetings and giving vent to the scenic hybridism so characteristic of Brazil-ian culture” - Leonardo Braga, SESC DF.As the first DCI project ever, CRASH re-ceived support from the Fundo de Apoio à Cultura (FAC) of the Government of The Federal District in April 2017 to bring the four Brazilian dancers to Copenhagen, for a residency of performances and workshops at Dansekapellet’s new subURBAN DANCE FESTIVAL. CRASH took the audience by storm, and a video teaser of the perfor-mance went viral with over 13.000 views. There’s strong interest from festivals and promoters in Brazil, Europe and the US to present CRASH in 2018/2019.

Lilibeth Cuenca Rasmussen in Brasilia

When performance artist Lilibeth Cuenca Rasmussen (LCR) visited Brasilia in 2015, an idea was born: To create a large scale per-formance in dialogue with Oscar Niemey-er’s architecture, involving many perform-ers whose footprints leave traces of the performative act on the lawns of Brasilia’s monumental central axis.This idea reverberated extremely well and became the base of an extensive project that during LCR’s three week residency in March 2017 generated two original site-specific performances: “Unfolding Seeds” featur-ing 50 performers and textiles, celebrating the body in relation to the sky, experienced

Unfolding Seeds

CRASH- Danish/Brazilian dance performance

through the frame of Niemeyer’s architec-ture. And the ritualistic “Vestígios” featuring 100 performers exploring human belonging via a journey from Niemeyer’s architectural geometry down to the soil itself, marking it with white clay to form a large symbol in-spired by indigenous graphic traditions.The project also featured debates, artist talks and specifically an independent Twin Lab run by Nordic and Brazilian arts stu-dents and local artists, that resulted in a third site-specific performance at the Me-morial of the Indigenous People.Lilibeth Cuenca’s residency is the largest project DCI has realized in Brasilia to date, and it’s the first time a European cultural institute carries out a performative arts project anchored both artistically, socially and academically.

Buster Film Festival

As we write, the second Brazilian edition of Danish children’s film festival Buster is on the poster in Centro Cultural Banco do Bra-sil Rio de Janeiro, São Paulo and Brasília. Three weeks in three cities, each featuring 54 screenings of 36 films, workshops and debates. Produced in a partnership with Bergamota Produções and financed by CCBB, this year’s edition focuses on Nordic films and pre-premieres of new Brazilian feature films. DCI flew Buster’s workshop specialist Mathias Madsen Munch in from Denmark to give workshops about movie sound design and animation. To secure ac-cess for children and youngsters from poor-er areas ICD and Banco do Brasil bring in children and youth in busses from the out-skirts and favelas around the three cities in collaboration with local NGOs.

Looking ahead

The celebrated female quartet We Like We will be on a residency and tour in São Paulo and Rio de Janeiro in November 2017. Co-ordinated by DCI partner Thiago Cury, the band will create new works in collabora-tions with selected female Brazilian artists, and perform together as a part of Thiago’s experimental music festival Música Estra-nha in São Paulo.This tour marks the beginning of a new focus on experimental music, to run over 3 years. The project is being developed in collaboration with specialist Kat Jarby of KAJA Management, who was on a network building tour of Brazil and Argentina in No-vember 2016 organized by DCI. We aim to promote new Danish/South American con-temporary music exchange and collabora-tions on many levels. Stay tuned!

Award winning Danish choreographer Palle Granhøj’s company Granhøj Dans will visit Brazil for three performances of the spec-tacular work Petrushka Extended at Caixa Cultural Brasilia in november 2017. It was a huge success on the company’s São Paulo tour in 2015.

DCI Brazil 10 year anniversary

In 2018 DCI will celebrate its first ten years of promoting cultural exchange between Denmark and Brazil. It has been a very exciting journey so far, that has resulted in many beautiful and important projects. Collaboration is essential to us, so over the years we have developed a wonderful net-work of partners and friends throughout Brazil, and everyone is invited to celebrate.It’s still at an early stage, but we can reveal that the festivities will be concentrated in two main events: One in the beginning of the year that combines design, innova-tion, music, sustainability and debates at a beautiful location in Rio de Janeiro (to be announced shortly). And a three day festival at the end of the year featuring a Danish-Brazilian music program, cinema, children’s theater, contemporary/urban dance, digital arts and gastronomy - or at least some of it! In Rio de Janeiro and São Paulo.We look forward to receiving Brazilian partners and public figures, as well as our general director, members of the board and colleagues from the DCI institutes around

the world, and we certainly hope to share all these important moments with you. Sign up on our mailing list or connect with us on Facebook, so we can keep you up to date!

DCI 2.0

The economic crisis in Brazil has been quite rough on Brazilian cultural institutions and promoters, and at the same time the politi-cal crisis makes intercultural dialogue and artistic exchange even more important as a source of new inputs and inspiration for the society as a whole. For DCI this situation works as an initiator of new developments.We are currently building up a new internal structure to facilitate tax deductible spon-soring via the Brazilian cultural incentive laws in a professional and efficient way. The intention is to use our first 10 years of experience as a send-off to reach a new level for the next 10 years of DCI Brazil. By integrating the Brazilian sponsoring mech-anisms further in our structure, inspired by the way many Brazilian cultural organiza-tions work, we will manage to make larger projects with more visibility, impact and turnover. The core of the matter is that sponsoring culture in Brazil is a win-win for everyone. We look very much forward to developing new collaborations with the business community.

www.dinacultura.org

www.facebook.com/dinacultura

Vestígios - Lilibeth Cuenca Rasmussen

Like father like son A motorcycle trip from Vancouver to Tijuana

In the summer of 2015, my son, Thomas (22),

and I (68), ventured out on a 3,200-km long

motorcycle trip down USA’s West Coast. We

cruised the legendary Highway 1 and 101,

which runs alongside the Pacific Ocean.

But before I get to that, let me start at the

beginning…

They say the apple doesn’t fall far from the tree, which in this case is true, as my son, Thomas, has been fascinated by anything on wheels since he was a little boy. Almost 20 years ago, I therefore promised him, that when he was old enough, I would take him on a grand mo-torcycle trip through the United States of America. This summer we were excited to finally make our plans reality.We started our trip in Vancouver, Canada. The trip down the coast of Washington and Oregon is exceptionally scenic. Most of the time, it affords a view over the Pacific Ocean and the large rock formations that characterize the North American coast. Canon Beach is a delight-ful, although at this time of the year, hectic place to stop and enjoy the beach alongside the rest of the vacationing Americans.

Everything is bigger and better in the USA

In big, bright-green neon letters, the word “vacancy” is spelled out on the façade of yet another cheap, roadside motel. Thomas recalls the distinct atmosphere these places have to offer: After a long day on the road, I’m sitting on the dusty, old porch under a noisy AC. As I’m taking a sip of the XL Budweiser, painted in the American colors, portraying the Statue of Liberty, I look out on the parking lot. One after another, huge SUV-station cars are lined up – I guess everything just has to be “bigger and better” in the USA.

USA California Avenue of the Giants - father and son

And so are our beautiful Harley-bikes, be-cause nothing less can do for our long-awaited trip. “The Street Gliders and their 1.695 cubic and 495 kilos are the essence of USA. They might be top of the line, but in reality they are quite impractical” Thomas explains. Three times during our trip, I had to have Thomas help me to keep it upright. They are way too heavy, but as soon as they’re running, you’re “King of the Road”. Similarly, we’re amazed by the enormous motor homes that many of the wealthy Americans are driving. Some of these gas-guzzlers are as big as buses and they Dad and son on a grand MC trip!are often equipped with motorcycles and bikes aback and sometimes even a large four-wheel driven Jeep held up by a draw-bar. These luxurious, yet comical, caravans are good examples of the massive consumer culture we experience in America – which we in turn also become part of.

Freedom on two wheels

The following part of our trip from Oregon to the northern part of California was incred-ible. We drove through the famous Avenue of the Giants, which is a 50-km long passage through olden forests with enormous Red-wood trees.A unique motorcycle culture seems to exist on the American highway. We encounter oth-er Harley drivers, usually older, biker-looking men, who, yes, look pretty frightening on their large, custom-made bikes… But like Americans in general, they are both friendly and talkative, so when we pass these guys on the road, we usually greet them with the hand-sign “two wheels on the road”.

And it’s another sunny day in Sunny California

We’re approaching California, which ex-plains the weather change. Until this point, temperatures have been surprisingly low due to the sea mist. But if one ventures away from the coast and drives merely 30 minutes over the mountains, the tempera-

ture rises markedly from ca 17 to 42°C.We crossed the Golden Gate Bridge and reach Fisherman’s Warf in San Francisco just in time for Thomas’ birthday. We celebrat-ed his 22nd birthday in the once infamous Chinatown-district, where we were served a freshly made pot of jellyfish soup, which to be honest wasn’t a success, but nonetheless an experience.Thomas explains: “In my opinion, the best stretch on the entire trip is Road 23, which crosses the mountain pass right before Malibu. With its many twists and turns, it’s an exiting and challenging road. Thinking about those moments where the foot pedal briefly brushes the concrete in those bends still makes my adrenaline pump”.

USA: The home of the brave and the land of the free?

We celebrated 4th of July, America’s Inde-pendence Day, on the colorful Venice Beach. Here, trendy youngsters, old hippies and hustlers seem to come together in perfect harmony. We were lucky to find rooms at the 100-year old Cadillac Hotel.

4th of July on Venice Beach - 60s rock played everywhere

Among the many happy, patriotic Ameri-cans celebrating their Independence Day,

we can’t help but to notice large amounts of homeless people roaming the streets. The US is without a doubt facing problems relat-ed to social inequality and the continuously increasing number of poor people.To no one’s surprise The City of Angels of-fers several famous tourist attractions like the Hollywood Walk of Fame, where Thomas diligently practices his skateboarding. I find the best attraction in the city to be The Getty Center, an amazing art museum that over-looks the entire city.Riding with the cops on our tailSuddenly, a large black SUV pulls up behind me. It continues to squeeze me in an at-tempt to pass me. But since I’m already driv-ing too fast I keep blocking it from so doing. I end up going 100 mph when it finally man-ages to pass me – and that’s when I realize it’s the police! They make angry gestures at me but let me go. It was coffee time.Full speed towards MexicoWe’ve reached our final destination: Tijua-na. Here, heavily armed police officers are patrolling the city from their position on the Jeep’s bed - their fingers always ready on the trigger.We decide to visit the cathedral straight away. In this cool, quiet space, we find time to reflect a little on our journey. We’ve reached our destination; but reaching the destination wasn’t our only goal. Every sin-gle experience on the trip has bought father and son closer together as well.After passing the busy San Ysidro crossing we’re suddenly in TijuanaWe set out for some dinner. In a simple res-taurant we enjoy tasty “one dollar tacos” and a few “cervezas”. Two hat-wearing ma-riachi musicians insist on playing the banjo for us during the entire meal. But we can’t do anything but laugh and toast to a suc-cessful trip.Back in LA we delivered our Harley’s back to Eagle Rider without a scratch.

Knud Bach

USA California LA Venice Beach 4th of July

Mexico Tijuana City

20 april/june 2006

EditorJens Olesen

Rua General Almerio de Moura, 78005690-080, São Paulo-SPTel.: (+55 11) 3758-2101Fax: (+55 11) 3758-5986Website: http://www.danchamb.com.brE-mail: [email protected]

Brazilian-ReviewAug-Nov 2017published since 1985

The Board

PresidentJens Olesen

First Vice-PresidentJesper Rhode Andersen (HyperIsland)

Second Vice-PresidentAntonio Dominguez (Maersk)Finance DirectorPer Lerdrup Olsen (DI)Legal DirectorDr. Renato Pacheco General ManagerAnders Munroe Kjersem

DirectorsFrancisco Davos (FLSmidth), Kjeld Roslyng Jensen (CAIC), Marcos Pohlmann (Widex), Willy Lehmann Andersen Jr. (Danflow), Andrzej Popkowski (Novo Nordisk), Nelson Falavina (Chr. Hansen), Pedro Luiz Fernandes (Novozymes) Miguel dos Santos (Danfoss), Rogerio Zampronha (Vestas), Erik Christensen (Graber), Finn Egholm (ISS), Josiel Florenzano (Lundbeck), Alejandro Giangaspero (GN Resound), Haig Yeghiaian (Leo Pharma), Christian Maxe Petersen (LEGO), Luiz Augusto Tavares (Coloplast), Marcelo Adami (Grundfos), Durival Teixeira Pitta Junior (Hempel), Jan Lomholdt (Inventure Management), Christian David Christensen (Nordea), Gustavo Silva (DSV), Rachel Maia (Pandora), Mads Giltrup (Agramkow), Dimitrius Damalgo (AVK), Rogério Marinho (Nilfisk-Advance), Thomas Bülow (APM Terminals), Eugenio Singer (Ramboll), Alexandre Seraphim (Ferring), Pedro Eduardo Bortoli (Saxo Bank).

Chamber RepresentativesRio de Janeiro, Jan Lomholdt, Inventure ManagementParaná, Pedro Luiz Fernandes, Novozymes, CuritibaRio Grande do Sul, Frank Woodhead, Porto AlegrePernambuco, Socorro Maia Gomes, Recife

AssistantSonia Pereira

Translations between Danish, English and PortugueseBrasseriet, Lisbeth Jarl Jørgensen & Anita H. Thomsen Luciano

Graphic Production and Desktop PublishingNobreart Comunicação Ltda. (11) 98492-0040

PrintReferência Gráfica (11) 2065-0763

Brazilian Review is a publication of the Danish-Brazilian Chamber of Commerce.The opinions expressed in this publication are those of the authors or persons interviewed and do not neces-sarily reflect the views of the editors or the Chamber.Reproduction of any kind of material from this mag-azine is not allowed without written permission from the Danish-Brazilian Chamber of Commerce.

1946-2017

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The LEGO Group has appointed Niels B. Christiansen, 51, as new CEO of the LEGO Group effective October 1, 2017.Christiansen was most recently CEO of the Danish company, Danfoss, a position he held for nine years until end of June 2017. Christiansen replaces Bali Padda, 61, a long-standing LEGO Group executive, who will assume a special advisory role with LEGO Brand Group.

AMK

LEGO appoints new Global CEO

Niels B. Christiansen

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20 april/june 2006

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ANDRZEJ POPKOWSKI & ALLAN FINKEL the winning team ...

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