European single electronic reporting format (ESEF) and PDF version
This document is an unofficial and unaudited PDF version of the Annual Report 2023 of Altri, SGPS, S.A.. This version has been prepared for ease of use and does not contain ESEF information as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The official ESEF reporting package is available on the CMVM website and was submitted on 11 April 2024. This document is a true copy of the aforementioned financial information. In case of discrepancies between this version and the official ESEF package, the latter prevails.
ALTRI, SGPS, S.A.
Public Company
Head Office: Rua Manuel Pinto de Azevedo, 818 - Oporto
NIF 507 172 086
Share Capital: 25,641,459 Euro
Corporate Governance Report
Consolidated Financial Statements and Accompanying Notes
Separate Financial Statements and Accompanying Notes
Statutory and Auditor's Report
Report and Opinion of the Statutory Audit Board
INTEGRATED MANAGEMENT REPORT
- Altri
- Performance
- Environment
- Social
- Governance
- Future
Proposal for the application of results
About the report
Annexes to the Integrated Management Report
INTEGRATED
MANAGEMENT
REPORT
CORPORATE
GOVERNANCE
REPORT
CONSOLIDATED
FINANCIAL
STATEMENTS AND ACCOMPANYING NOTES
SEPARATE
FINANCIAL
STATEMENTS AND ACCOMPANYING NOTES
STATUTORY AND AUDITOR'S REPORT
REPORT AND
OPINION OF THE
STATUTORY AUDIT
BOARD
Table of contents
1.1 Altri in 2023 | ||
1.2 | Leadership Messages | |
1.3 This is Altri | 14 | |
1.3.1 Governance Structure | 18 | |
1.3.2 Value Creation Model | 19 | |
1.3.3 2030 Commitment | 21 | |
1.3.4 Stakeholders Engagement | 26 | |
1.3.5 2023 Materiality Assessment | 28 | |
2. + Performance | 31 | |
2.1 | Market Context | 31 |
2.1.1 Macroeconomic Framing | 31 | |
2.1.2 Pulp Market | 33 | |
2.2 | Operational Performance | 36 |
2.3 | Financial Performance | 43 |
2.4 | Stock Market Evolution | 45 |
2.5 | European Union Taxonomy | 47 |
2.6 | Responsible Investment (Green Bonds) | 49 |
3. + Environment | 50 | |
3.1 | Forest Management | 50 |
3.2 | Biodiversity and Ecosystems | 61 |
3.3 | Climate Change and GHG Emissions | 67 |
3.4 | Renewable Energy and Energy Efficiency | 74 |
3.5 | Water Management | 78 |
3.6 | Waste Management and Circular Economy | 83 |
4. + Social | 87 | |
4.1 | Supply Chain | 87 |
4.1.1 Human Rights in the Value Chain | 92 | |
4.2 | Employees | 94 |
4.2.1 Health, Welfare and Safety at Work | 95 | |
4.2.2 Talent Attraction and Retention | 101 | |
4.2.3 Diversity, Equity and Inclusion | 106 | |
4.3 | Civil Society | 107 |
4.3.1 Job Creation and Local Development | 108 | |
4.3.2 Noise, Odors and other Impacts at Local Level | 111 | |
5. + Governance | 112 | |
5.1 | Governance Model | 112 |
5.2 | ESG Responsibilities | 114 |
5.3 | Risks and Opportunities | 121 |
5.4 | Fiscal Strategy | 124 |
- + Future
- Innovation
- Future perspectives
- + Board of Directors Proposal for the Appropriation of Individual Net Profit
- About the Report
Annexes to the Integrated Management Report
125
125
131
132
133
135
PLANTING SEEDS FOR TOMORROW | 2023 ANNUAL REPORT | 6 |
1. + Altri
1.1 Altri in 2023
PLANTING SEEDS FOR TOMORROW | 2023 ANNUAL REPORT | 7 |
INTEGRATED | CORPORATE | |
MANAGEMENT | GOVERNANCE | |
REPORT | REPORT | |
INTEGRATED MANAGEMENT REPORT + ALTRI
Main Events
CONSOLIDATED
FINANCIAL
STATEMENTS AND ACCOMPANYING NOTES
SEPARATE
FINANCIAL
STATEMENTS AND ACCOMPANYING NOTES
STATUTORY AND AUDITOR'S REPORT
REPORT AND
OPINION OF THE
STATUTORY AUDIT
BOARD
PLANTING SEEDS FOR TOMORROW | 2023 ANNUAL REPORT | 8 |
INTEGRATED | CORPORATE | |
MANAGEMENT | GOVERNANCE | |
REPORT | REPORT | |
INTEGRATED MANAGEMENT REPORT + ALTRI
Ratings - ESG
CONSOLIDATED
FINANCIAL
STATEMENTS AND ACCOMPANYING NOTES
SEPARATE
FINANCIAL
STATEMENTS AND ACCOMPANYING NOTES
STATUTORY AND AUDITOR'S REPORT
REPORT AND
OPINION OF THE
STATUTORY AUDIT
BOARD
The ratings offer a clear view of companies' contributions to the economy, planet, and society, classifying them according to their level of preparation for the future and risk management. In 2023, the Altri Group was classified by several rating agencies as follows:
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CONSOLIDATED | SEPARATE | |||
INTEGRATED | CORPORATE | FINANCIAL | FINANCIAL | |
MANAGEMENT | GOVERNANCE | STATEMENTS AND | STATEMENTS AND | |
REPORT | REPORT | ACCOMPANYING | ACCOMPANYING | |
NOTES | NOTES | |||
INTEGRATED MANAGEMENT REPORT + ALTRI
1.2 Leadership Messages
STATUTORY AND AUDITOR'S REPORT
REPORT AND
OPINION OF THE
STATUTORY AUDIT
BOARD
Alberto Castro
Chairman of the
Board of Directors
We are transparent, aware that this stimulates the will to change, to be better from the bottom perspective, and that good economic performance is not incompatible with a strategy in which the planet and people are, not just a responsibility, but a priority.
2023 was a challenging year
It is known that the cellulosic fiber industry is exposed to cyclical fluctuations, with greater or lesser regularity. That good or excellent years, such as 2021 or 2022, could be followed by less good years would therefore come as no surprise. But, paraphrasing the title of a book on economic crises, it would be said that "This time was different", not so much in nature, but in the speed and intensity with which the descent phase of the cycle occurred, particularly with regard to price trends. Combine this situation with the inertia of factor prices returning to pre-inflationary levels, and we have an environment of "perfect storm", especially demanding when operating in highly competitive commodities markets. As always happens when there are these changes in context, the past has not served as a good predictor of the future, posing additional and even new challenges for management, the organization and people. The future will likely bring us more situations like this. The ability that Altri as a whole has shown to manage such an adverse environment is reason for optimism.
The crisis became yet another opportunity to strengthen the Group's cohesion and competitive capacity, putting values such as Simplicity and Courage to the test: from purchasing processes to sales management, from industrial organization and production to people management, the entire business community mobilized, taking on the challenge, showing its resilience, but also its ambition. Altri comes out of this process with more strength, and more awareness of the priority issues that the future, closer or farther, will put us and, therefore, more prepared to answer them, something that has been recognized by investors and the financial market.
At the same time that our industry was experiencing a less positive situation, the world around it did not stop, complicating the surrounding environment, for reasons ranging from geostrategic tensions to the demands associated with sustainable development objectives (SDGs). The challenges have increased, and their nature has changed. To cope with them, it's not enough just to be more efficient, in the narrow sense of the term. The answer must be more elaborate, which poses new challenges for management, in terms of the diversity and quality of processes, products and skills to be mobilized.
For a company that embraces the motto "Building a more renewable world",
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Altri SGPS SA published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 22:24:09 UTC.