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This is our bi-weekly newsletter where we share news about Votorantim and our portfolio companies, along with updates and market insights. Click “Subscribe” to follow future editions and enjoy the read!
Women in Leadership
The presence of women in leadership roles in large companies has been increasing, but there’s still a long way to go. The Women in the Workplace 2024 report by McKinsey & Company in the US shows that the number of women in C-level positions has risen (from 17% in 2015 to 29% in 2024), but there are significant barriers, especially early in their leadership careers. The study highlights that at the current pace, it would take 22 years for companies to achieve equity for white women and more than double that for Black women.
In Brazil, the landscape is also gradually changing. The study Creating Synergies between Agenda 2030 and G20 shows that the proportion of women in leadership positions in the country (38.8%) exceeds the average of G20 member countries (30.58%), placing Brazil third in the ranking behind Russia and the United States. In this journey of evolution, some companies are leading the change. Here are some highlights from companies in our portfolio:
⭢ By the end of 2024, CCR achieved a female representation of 36.4% in leadership positions, surpassing the 35% target, and increased women’s presence in senior leadership to 45%, up from 23% in 2023.
⭢ In 2024, women’s representation in VC’s global leadership positions reached 24.8%, very close to the 25% target set for 2030. In Brazil, women held 28.07% of leadership positions in 2023, including 15.79% on boards, 26.27% as general and senior managers, and 31.84% as coordinators.
⭢ Auren and Hypera are among the 16 companies awarded the 30% Club Brazil Award, which recognizes companies that have exceeded the 30% threshold for women on their boards of directors.
⭢ BV has 40% women in leadership positions and 46% women overall. The bank’s goal by 2030 is for 50% of leadership positions to be occupied by individuals identifying as female.
⭢ By 2023, Citrosuco had 26% representation of women and Black individuals in supervisory and above positions, with a target of reaching 30% representation by 2030.
CCR in IDIVERSA
For the first time, CCR is part of the Diversity Index (IDIVERSA) stock portfolio, an initiative by B3 that recognizes companies with the best diversity and inclusion practices. Currently, the company has 37% women and 50.2% nonwhite employees — and at the end of last year, it expanded its D&I program by creating six affinity groups. Alongside CCR, CBA and Hypera are also part of the index.
Portfolio Results
Portfolio companies continue to announce their results for Q4 2024 and the full year. Here are the highlights:
Auren: Operational integration
Net revenue grew by 35% compared to Q4 2023, reaching R$ 3.6 billion. In 2024, the total was R$ 11.3 billion — an 18% increase. The fourth quarter saw accelerated operational integration following the business combination with AES Brasil, with savings of R$ 43.5 million recorded between November and yearend. The expectation is to achieve 95% availability in acquired assets by the end of 2025.
Nexa: Historical EBITDA
Nexa achieved its second-highest annual adjusted EBITDA, totaling US$ 714 million in 2024, including US$ 197 million in Q4 2024. This represents a 76% increase compared to 2023. The company also generated its first positive consolidated cash flow since investments in Aripuanã, reducing gross debt and ending the year with a net leverage ratio of 1.7x.
CBA: Aluminum rise
In 2024, CBA reported a net loss of R$ 73 million, compared to a loss of R$ 810 million the previous year. Adjusted EBITDA was R$ 1.380 billion, a 350% increase compared to 2023. Net revenue reached R$ 8.173 billion, up 11%. Responsible for 96% of the company’s consolidated revenue, the aluminum business achieved net revenue of R$ 2.2 billion in Q4 2024, up 20%.