In over 75 years of existence, we have used our technical competence to provide services and manufacture products essential to society in various sectors, and make important contributions to sustainable development.
Affected by the current economic crisis, associated with the contract of debts for high investments made in the last decade, in 2019, Odebrecht S.A. felt the need to resort to court supervised reorganization, as a way to seek a definitive and sustainable solution for its economic-financial balance.
A year later, our creditors approved the ambitious court supervised reorganization plan. And so, we began a new page in our history.
In this edition of our Annual Report, we the main results, challenges and perspectives for the Odebrecht Group, with the purpose of showing how we are shaping the future we want today. The report was divided in two documents. Integrated Report addresses our strategy for building the future, based on valuing people and our businesses. The GRI Booklet also highlights our main results in 2019, following the guidelines of the Global Reporting Initiative (GRI).
Watch the video with the testimonials of our directors and see how we are shaping the future we want today.
On April 22, 2020, an unprecedented virtual meeting of creditors approved, after ten months of intense negotiations, the court supervised reorganization plan of Odebrecht S.A. and 11, or more, of its parents and subsidiary companies. Eight other companies, out of the 20 that requested judicial protection on June 17, 2019, are expected to have their plans approved at specific meetings over the coming months.
This was an unequivocal demonstration of the creditors' confidence in our ability to recover. The approval of the court supervised reorganization plan starts a new era at Odebrecht.
To check the information on Odebrecht S.A.'s court-supervised reorganization plan, which is expected to be executed over the next two years, please check our Integrated Report.
We believe that infrastructure builds bridges to a sustainable future. This vision is, more than ever, connected to the desires of the society.
The future Odebrecht is, from now on, contributing positively to the needs of the world. The experience of our members and the technical knowledge acquired in over 75 years of operation are a competitive edge in this new business environment that is being formed.
Our role is to take our Business to a new level, building resilient infrastructures, promoting inclusive industrialization and fostering innovation.
We are 35 thousand team members who act guided by the TEO - Tecnologia Empresarial Odebrecht principles, the foundation of our business culture that guides entrepreneurship and the ethos of service in all our businesses. In this context, the role of Odebrecht S.A. holding is to disseminate the values of culture, through a governance model and policy implementation.
In addition to acting with ethics, integrity and transparency, Odebrecht Group members are committed to apply those existing policies in their day-to-day life.
Get to know all the policies of Odebrecht S.A., click here.
In the first quarter of 2020, the covid-19 pandemic hit Brazil. As we provide essential products and services to society, our Business could not be paralyzed and, We kept it running.
At the same time as the adoption of social distancing, such as the home office for administrative teams, and the implementation of security measures for the employees in the field, our Businesses have also been side by side with communities in facing the crisis, contributing with solidarity actions in Brazil and abroad.
Click here to check all solidarity actions adopted by the Group.
We believe that the long-term perspective is positive because innovative and socially sustainable solutions will continue to be demanded.
In the public health area, the need for better infrastructure to serve the population - especially in developing countries - has become evident. In Brazil, the implementation of RenovaBio, which encourages the decarbonization of the energy matrix, tends to be an boost to valorize the generation of electricity from renewable sources.
Climate change and fighting the concentration of greenhouse gases in the atmosphere will remain at the heart of strategic decisions in virtually all production chains.
In this sense, Odebrecht Group clients will demand and benefit from the development of new technologies that reduce their carbon footprint, waste generation and encourage the reuse and recycling of materials.