Rfai – regime fiscal de apoio ao investimento

Un départ de France se prépare France au Portugal: ne recevez pas sultant étant éliminée par le Portugal. Les formalités en matière fiscale tés en France, etc. Vous êtes en outre soumis aux pré- lèvements sociaux au taux de En térêts vitaux se situe dans les deux lues immobilières de source française. Vous pourrez professionnelle non accessoire ou conser- nus mondiaux. Vous pouvez alors autorités de sécurité sociale portugaises. A défaut, le paiement de votre retrai- français tout en exerçant obesite furoncle naturellement activité 2.

Les obligations sociales te pourrait être interrompu. Pour cela, il vous faudra obtenir un certificat S1 à faire Si vous êtes retraité, vous êtes couvert, A noter que seule la France prélève des remplir par les autorités de sécurité socia- votre famille et vous, par la sécurité socia- cotisations sociales sur vos pensions de le françaises et à remettre aux autorités le portugaise.

Avant votre départ, il con- retraite françaises. Il expatrier au Portugal. Anticipez les délais.

Toutefois, la législation fiscale principale dans la mesure où cet appar- à expiration avant votre départ. Annexe: questions-réponses parisien interviendra après le départ de de X sera résident fis- des abattements pour durée de déten- Question: Monsieur X est résident fiscal cal portugais.

Il entend céder son appartement situé Si M. X bénéficie du statut de résident non- à Paris avant son départ. Comment sera -habituel au Portugal, il sera en principe imposée sa plus-value immobilière? Réponse: La cession interviendra avant le départ de France. Ainsi, M. X sera toujours En revanche, la France pourra imposer sa résident fiscal français lors de la cession. Il ne pourra alors. Près de au Portugal. Parmi les sociétés non-rési. Ainsi, par exemple, il n'y a pas Le cas typique est le revenu de retraite.

Le taux actuel est seulement imposable dans ce pays. Le régime des holdings est aussi dent fiscal devient RNH, le statut est va- très favorable. Le code des sociétés commerciales portu- Formalités suivantes — Adminis- gais a été profondément réformé en tration Fiscale et Sécurité Sociale. Le régime de la Participation Exemption afin de, entre autres, simplifier le processus d'incorporation des sociétés au Portugal.

La société dont la parti- gal, ne peuvent pas bénéficier de ce régime.

Rfai – regime fiscal de apoio ao investimento

Les conditions sont les suivantes: période de compatibles avec les aides d'État au sein de l'UE ; Plusieurs atouts expliquent ce succès. Les prévisions concerne exonération des frais de notai- renouvelables. Sécurité Sociale Portugaise. Certaines formules soins courants. En revan- une gamme variée de couvertures et utili- Les critères de choix pour opter une so- che, le système est efficace dans le traite- sent un réseau de prestataires de santé.

La lution santé adaptée au Portugal incluent: ment des urgences vitales qui sont toutes grande majorité des médecins, spécialis- routées vers les hôpitaux publics. Les soins sont payants pour tous; la sé- se de la sante au Portugal.

Nous aidons nos clients www. Ce réseau accompagne la mo- pierre est devenu essentiel à cette bilité croissante des familles françaises à communauté.

La navigation sur le site du lycée français de l'Europe et des Affaires étrangères, qui international de Porto www.

Ccilf Aspectos 185

Au Portugal, le lycée français Charles Lepierre à Lisbonne et le lycée français international Marius Latour à Porto pro- posent un enseignement plurilingue de la maternelle au lycée. Visite par la mairie: B Implications fiscales A Prérequis Légaux Dans les 30 jours qui suivent le dépôt des pièces demandées, la mairie terri- 1. Une bonne optimisa- Ainsi, ce choix tion de vos affaires vous assurera le suc- règles de la comptabilité organisée, ce qui devra être fait annuellement sur la base cès de votre entrepise.

Technology advancements have also played a key role from a logistical standpoint, where The Navigator Company has used a navigation system to more effectively manage kilometres travelled. This technology has provided insights into the origin of wood, eliminating the need for checkpoints, and allowing it to move on directly to the respective industrial complex.

This gap was bridged inopening a new gateway for the receipt of raw material, in this case originating from Galicia. Right next door in Spain, there are two strategic regions for the procurement of wood: Galicia and Andalusia. Navigator will begin managing forested lands in Galicia, much like in Portugal, through leasing from land owners.

In this way, the Company will export its knowledge to Galicia, making its forest management more professional and even more productive. At the same time, Navigator works to promote certified forest management in areas not under its direct management. This incentive programme for the use of FSC and PEFC forestry certification systems, which began some time ago, in areas not directly managed by the Company, is aimed at more widespread use of best forest management practices, as recognised through certification.

This undertaking is accomplished through partners. Reaching forestry producers is essential; this has been possible by galvanising the intermediaries involved in wood acquisition through specific business incentives and cooperation agreements with forestry producer organisations, certification groups and other entities.

As such, working together, it has been possible to finance a set of dissemination initiatives, improve technical services and train human resources, done by associations with greater reach among forestry producers, while simultaneously promoting the local economy and further stabilising local communities. Also in the area of forestry certification, the experience in Spain has been quite different, where From one side of the border to the other, The Navigator Company carried out a number of initiatives in to foster forestry certification and encourage its adoption among landowners.

Launched inOutgrowers aims to educate different target audiences, particularly less informed forest owners, about the importance of effective forest certification and management of their properties through the use of best forestry practices. The advantages for landowners not only include support from Navigator over the entire certification process, but also the sale of raw materials at a higher price.

The idea entails maintenance practices for private eucalyptus, including the cleaning of sporadic vegetation and more effective selection of basal shoots.

In return, Navigator financed the fertilising of their properties. Although 6, hectares were added to this programme inthe medium-term plan is to includehectares, thereby covering a significant portion of the market. Developed by the RAIZ - Forest and Paper Research Institute from tothe purpose of this innovative, user-friendly free platform is to stimulate technical planning for rural properties and carry out sustainable forestry operations from a technical, environmental and economic standpoint.

Among other types of content, this tool considers forestry practice recommendations covering the various development phases of eucalyptus stands — installation, maintenance and coppicing until the cutting season. Scientific research and practices in the field show that poorly managed forest stands accumulate fuels and react to fire in a very similar manner, regardless of the tree species. In areas lacking care, more fires are sparked, while in areas with professional eucalyptus management, fires are less frequent and have fewer consequences.

Proactive management — i. A series of key initiatives to decrease, prevent and mitigate the risk of fires once again occurred inincluding vegetation control and reducing the fuel load on the ground, suspension of operating activities on days with high weather hazards and maintaining water points, paths and firebreaks.

Dozens of companies have been hired throughout the entire country, increasing the number of people working with Navigator in this forest preparation to many hundreds. These are people who are familiar with the properties, previously involved in other related activities such as planting and fertilising, who now do this vegetation control work and, during the summer, are part of the fire-fighting teams of Afocelca an incorporated joint venture of The Navigator Company and the ALTRI Groupwhose mission is to help fight forest fires at the properties of the associated companies, in close coordination and cooperation with the National Civil Protection Authority.

These initiatives also have a truly important economic and social impact. In other words, periodic structural prevention work and the work to fight forest fires can guarantee local employment and income throughout the entire year.

Bioeconomy Bioeconomy, the future being built today The use of forest biomass as a raw material for other industries has been a concrete reality for a long time. In the laboratories of RAIZ and partner universities of The Navigator Company, a number of experiments conducted prove that it is possible to replace products of petrochemical origin with others which are more sustainable, using waste from the pulp and paper industry.

A number of projects are associated with this area, always tied to new uses of forest biomass, a raw material whose association has gone far beyond the paper industry for quite some time.

In fact, this is ultimately the essence of the bioeconomy, which is aimed at finding alternative routes to the petrochemical industry; the answer may lie in products such as cellulose, hemicellulose and lignin. This strategy is already rooted in specific projects, to be implemented for the present day, such as RAIZ at the forefront and involved, for example, in developing the pulp and paper industry biorefinery, always in partnership with other entities.

The biocomposites obtained, in addition to good mechanical properties, can reduce or completely eliminate the use of plastics of petrochemical origin. The new biocomposites are already being produced on a pilot scale for the purpose of technical and economic assessment and market testing. In an initial phase, extracted from the sugars of wood scrap, then by using the primary sludge from its mills and, for roughly four years, through a project using different residual forest biomasses available in Portugal.

At this time, RAIZ is testing and optimising processes, now from the standpoint of developing an industrial unit. Extracted from the leaves, these oils have applications in countless pharmaceutical products, cosmetics, perfumes, antiseptics, disinfectants and air fresheners.

It recognises organisations which implement procedures, processes and best practices in innovation, making RAIZ a benchmark of excellence in entrepreneurship, innovation, technology and knowledge, ranking it among an elite group of organisations worldwide, with a mission acknowledged by the European Commission of galvanising regional and national ecosystems of innovation in the domain of forestry and the bioeconomy.

Through RAIZ, The Navigator Company makes a large part of its research and development investments in the eucalyptus pulp and paper industry, a consistent work which promotes connections between industry and the academic community. InRAIZ also pursued a set of measures to improve and optimise its work processes, decision-making and impact assessment of Technology Research and Innovation Programmes at Organisations.

This project — hugely significant because of its scale — involves a highly experienced team and will allow the Company to press ahead with developing new products, and biorefinery products in particular.

This new mill, equipped with large-scale, sophisticated industrial assets, benefits from upstream pulp integration, giving it competitive advantages in terms of production costs, using high-quality eucalyptus pulp produced in Aveiro, and benefiting as well from its proximity to the port of Aveiro, allowing it to sell its products to more distant markets. Its various processing lines were launched during the second and third quarters, with the domestic line starting production in May and the industrial and napkin lines in June.

The production of reels began in September, and is still école diététique annecy a growth phase. The project also includes several important environmental improvements with significant overall impacts on the Figueira da Foz industrial complex.

One of the goals was to streamline the pulp production process by specifically reducing the wood and vq perdre du poids 2014 consumption, along with implementing best environmental practices, namely by incorporating oxygen delignification to reduce effluents, as well as investing in an integrated non-condensable gas burner in the recovery boiler to reduce odours to extremely low, nearly imperceptible levels.

The loan has a year maturity from its issue date, which did not occur until Hurricane Leslie affects operations at Figueira da Foz The passage of Hurricane Leslie through Portugal in October ultimately caused damages to the Figueira da Foz Industrial Complex, resulting in shutdowns to electricity, water and telecommunications.

Because of this, local operations had to be suspended. In this way, the downtime of the Figueira da Foz Industrial Complex was kept to a minimum, with the pulp line and paper machines 1 and 2 quickly resuming operation. Transforming this paper machine to produce heavyweights required the installation of new equipment and modification of other equipment to ensure that the paper produced was top-of-the-line in terms of quality for the high-grammage market.

The goal is to produce around 35, tonnes at the time of full operation. Mozambique On 09 JulyPortucel Moçambique and the Mozambican government signed a memorandum of understanding to reformulate their investment project, which will unfold in two phases. A joint team was established between Portucel Moçambique and the government to work on laying the necessary groundwork to move forward with the investment, which will include the logistical infrastructures needed for wood chip exporting.

New Projects In recent years, Navigator has made great strides not only in launching new products, constantly introducing innovation into its processes and equipment, redefining a more transversal culture geared to operational excellence, but also in the way in which it seeks to position itself in the market and in the value it brings to the economy.

The investment in new sectors such as biotechnology, biorefineries or biofuels represents a commitment in the Company's current strategy as it looks into the future. Based on this strategy are concrete projects to be implemented in earlysuch as the integration of a bioethanol industry in a eucalyptus pulp mill that will lead to the first bioethanol production unit in Portugal.

It is on this diversification of business that Navigator's strategy will be focused in the coming years, drawing on the natural resources available to develop new production areas and at the same time responding to the environmental and cultural challenges we face today.

New Products The Navigator Company has extensive experience in the production of fine printing and writing paper and paper pulp, but also has a strong research and development component which has led the Company to work on the creation and launch of new products. In this field, the year was marked by a strong focus on the production of paper for bags. This business arises with the market's growing need to replace the traditional plastic bags by other more environmentally friendly options.

To this end, Navigator and its team have tried to understand the critical characteristics of this type of application in a growing market, and to discover where their know-how could add value to the business. Traditional paper bags are mostly made from long fibre pine due to their known mechanical strength.

In contrast, Navigator has sought to innovate, relying upon its know-how and using short eucalyptus fibre for the production of the same type of products, matching bag paper to the products already on the market and with the same mechanical resistance, once again demonstrating the versatility of Eucalyptus globulus as its raw material of excellence.

Drawing from its expertise in the office and offset printing areas, The Navigator Company sought to exploit these characteristics in its bag paper, offering a product with high mechanical resistance and greater added value in terms of visual perception - colour and quality. The latest issue of the newspaper Expresso in a paper bag Although it only saw the light of day on the first Saturday ofthe partnership between The Navigator Company and Express to deliver the newspaper under that name in a paper bag after 26 years began in The first paper was delivered with the participation and design of the plastic artist Joana Vasconcelos.

But there are other 3rd armored cavalry regiment in desert storm that allow the Company to sell its paper for the production of bags, most notably Calzedonia in Italy, and Zara in Spain, in addition to a wide range of other recognised brands.

Paper as an alternative There is an increasing demand for alternative products to plastic and consumers are becoming more and more demanding in this regard. Concerns about climate change and responsibility towards our planet mean that companies that have a social and environmental responsibility to bring alternative and environmentally friendly products to the market must take a stand.

The search for new business segments is therefore a plan forwith Navigator having already begun to study a number of possibilities at the end of At The Navigator Company, we have the knowledge and entrepreneurial capacity to rely on the support of RAIZ, a key partner in the development of products capable of responding to market demands. Afterwhich was marked by a clear focus on consolidation of the new Navigator Company identity, was a year in which people were brought even closer together and integrated into the Company's culture.

All the work carried out in the area of career management by Navigator professionals has gained special importance over the last year, with a strong training strategy, spanninghours, being pursued as a means of ensuring the effective development of internal resources. As this is clearly a challenge with medium and long-term impact, The Navigator Company's ultimate goal is to ensure that a number of people are made available internally for critical functions, whenever necessary.

New job opportunities with tissue operation in Aveiro The Navigator Company's entry into the Tissue business and the production of the new line of products in this segment at the Aveiro Industrial Complex in led to the need to recruit a large number of qualified professionals capable of responding to the demands of this industrial site.

In order to overcome this reality, more than professionals were recruited for the plant, most of them associated with the functions of operational technicians, but also various staff.

In this field, recruitment difficulties emerged at two levels: because it is an area where there is a high scarcity of resources, it became more difficult to find qualified professionals; on the other hand, deadlines were quite demanding and training had to be planned and made available in record time. Aveiro was not the only place to receive new professionals, with a high level of hiring arising from the recruiting needs inherent to the rejuvenation programme, and also due to new areas which have emerged within The Navigator Company.

As this is a recruitment and professional development programme which enables The Navigator Company to build up a pool of talent to support the future filling of critical positions, the next steps have already been taken: to strengthen its presence in polytechnics and technical schools, so that Navigator can be identified as a leading Company to work for. Mixed teams are more balanced Parity between men and women is one of The Navigator Company's objectives, but it is not always easy to achieve.

The Company is strongly committed to the creation of mixed teams that are much more balanced, but when it comes to recruiting this is still a predominantly male universe. It is strategic for Navigator to continue to have more women on its staff and to create internal conditions for them, in a long-term process, so that they can grow into management positions.

Organizational culture and mobilization The Navigator Company's culture and internal communication were strengthened in Considering the importance of the motivation and sense of belonging of its Employees, the Company has developed an internal communication policy of proximity, focused on people, simultaneously with the implementation of a set of programmes to promote "people engagement".

The Experience of Vision, Mission and Values is a clear example of Navigator's commitment to the greater involvement of its Employees. Launched inthis project aims to enable everyone to get to know and internalise the values that characterise the Company, adopting them in their daily life. The Debriefing Sessions of Vision, Mission and Values, conducted throughoutinvolved the participation of both national Employees and international offices.

In this first phase, the values of Trust, Excellence and Sustainability were worked on, as well as the respective behaviours. In a second phase, the remaining three values will be worked on: Leadership, Integrity and Entrepreneurship. In addition to helping to consolidate Navigator's social responsibility, this programme is also a way of boosting Employees' sense of belonging and pride. The programme began with two pilot editions: the first took place in the Bussaco forest and consisted of the control of acacias, an invasive species that, after the forest fires and the felling of some pine trees affected by the nematode, has been growing spontaneously in the central part of the country.

In this sense, in several plots, near the Creiro beach, the volunteers removed approximately 3 tonnes of Senecio plants and kg of garbage from the forest that vacationers had left. Love The Forest is now moving into with new actions planned, throughout the country, where Navigator's Employees can make a difference in defending the forest, which belongs to everyone.

Structured by areas of knowledge, the project arises from the integration of the Management Academy which aims to develop management and leadership skills with the Technical Academy which aims to develop and update technical skillsbut also by raising awareness of the ageing population and the potential loss of technical knowledge in industrial sites.

Thus, the Learning Center helps to ensure the retention of technical knowledge, the systematization and preparation of training content and the development of new generations of professionals. This training project is structured by areas of knowledge, including: management, leadership, behavioural, industrial pulp, paper, tissue, energy and maintenancecommercial sales, marketing, logistics and supply chainforestry, safety and onboarding, in a total of 17 different areas.

But this is also a step forward in the Company's digitisation and in the way it approaches new technologies, since the Learning Centre has its own Portal, introduced inwhich allowed the introduction of other training modalities such as eLearning, bLearning and Learning video.

In this Portal, all Employees can access their training history, consult the available calendar and schedule actions of particular interest or even learn, at any time and anywhere, via the mobile version. The Learning Center portal is also available in English; in this way, the Learning Center reaches all of the Company's Employees no matter where they are, from industrial sites to international offices around the world.

Industrial Challenge stands out for its scope The former Operator Training Week has given way to the Industrial Challenge Programme which completely reshapes the first one. Closely associated with safety issues, one of Navigator's key pillars, a number of team-building activities were carried out, as well as visits to nurseries and the RAIZ Research Institute, promoting a genuine sharing of experiences and knowledge.

The Program continues inin what will be its second edition. Additionally, the Company started to post on the Intranet several suggestions of topics that can be addressed in these Safety Moments. A "Pre-Task Hazard Assessment PTHA " has also been introduced, allowing the team to assess the risks and define measures to minimise them before each operation begins. The main objective of this initiative was to ensure the existence of equipment which minimizes the risks inherent in Navigator's activities, by raising all Employees' awareness of the importance of these supports as a means of protecting their safety and physical integrity.

To this end, it was also important to share information on all PPE made available by the Company, as well as their respective standardisation with all the advantages in terms of safety and carrie law wedding for Employees. In addition to these initiatives, billboards and other communication supports with information and signage were also installed in order to increase visibility.

Sincethe Company has been committed to a clear programme of cooperation, dialogue and support for the local community, a philosophy which is all the more important given that Navigator is in a phase of growth for new business areas. Believing that social responsibility is increasingly an important part of the Group's corporate culture and a priority for its development, in Navigator undertook a series of new social and educational initiatives in the regions where its industrial sites and forestry areas are located, supporting projects and organizations or sharing knowledge, particularly with regard to good forestry practices and recurrent bv regimen principles.

These initiatives are based on The Navigator Company's current strategy of bringing the Company closer to its different stakeholders, in the form of a series of projects in realms ranging from school children to forestry producers and the arts community. In a world where knowledge and information are propagated at the speed of the internet, Navigator has the knowledge to share, all the more so because the lack of communication is the most direct shortcut to preconceived ideas and the most fertile ground for mistakes.

And there is no communication without strong, trusting ties. Give the Forest a Hand, a project of continuity The Navigator Company is currently running the Give the Forest a Hand project, for a target audience aged between four and ten years old, because it believes that this is the audience where it can make a difference, creating a foundation for greater environmental awareness.

InGive the Forest a Hand promoted far-reaching actions that resulted in multiple street activities, roadshows in schools with theatre shows and paper puppets, as well as events in commercial spaces, the Zoo and the Monsanto park in Lisbon.

In terms of communication, this project launched a monthly magazine, with a circulation of 11, copies distributed to Club members' homes, a blog and also Facebook and Instagram pages. Infographic Key figures of the initiative in more than 9, primary school children. We wanted to slow down and bring the pace and reality of the countryside to the city, as well as to shape some less healthy habits. Among the proposed activities are reading moments, yoga classes, art workshops and plant adoption.

At the end of the year, MYPLANET premiered a weekly television programme under its own name on a national channel, which tells stories of those who embraced a more balanced life.

Main numbers of the initiative in approximately 6, participants. Mozambique At the international level, Mozambique is one of the markets in which the Group is committed to growth, through Portucel Moçambique.

The project has benefited from IFC's know-how, internationally recognised as robust for projects involving access to land and community rights, always in a context of sustainable and inclusive development with communities. This partnership and the learning of the project underpin a socio-economic dimension of high standards in the context of the Group's operations in the country. Representing a long-term commitment, which aims to develop an important forestry base in Mozambique, the project is based on a strong commitment to local communities, as an integral part of the economic and social progress promoted directly and indirectly by the Company, with the underlying conviction that only the sharing of value will make the business project sustainable.

Intwo pilot projects were launched to generate income: assembling hives to produce honey on a commercial scale and training seed producers to sell to the market. Also reinforced was the program started in to distribute 3 kids baby goats per family for breeding and sharing the first two groups of offspring families covered.

In around 1, solar lamps were delivered with the aim of raising awareness of the use of renewable energy, being a source of lighting, providing energy to charge devices such as a mobile phone and allowing children to study when there is no longer sunlight.

At the end ofPortucel was responsible for more than 5, km of new or repaired roads and paths. At the end ofPortucel Moçambique's range of achievements and benefits included more than six thousand families in the project areas. Inthe PDSP sought to develop the second and third pillars, particularly with regard to the introduction of new crop species, such as soybeans, a product with high economic value and a lot of market to exploit, similar to what had already occurred allaitement et regime hypocalorique recette sesame.

One of the most important projects, as part of the objective of generating additional income, was the introduction of hives next to eucalyptus plantation areas. The development and enhancement of this process is implemented through a partnership with a Company in the sector that distributes the hives and ensures the purchase of honey production. Each household is responsible for supervising a beehive, receiving, at the end, a payment for each kilo of honey produced.

The objective is to promote self-sufficiency so that families can develop this activity independently. It should be noted that eucalyptus flower honey is a highly valued variety and its production is still low. Within the scope of Social Development, the Company established as a priority action to implement a plan for opening and repairing water holes.

Since the end ofa total of 20 water boreholes have been drilled and another 20 existing boreholes have been repaired in the Zambezia province. With a view to sustainable use, the Company promoted the creation of "water management committees", which are responsible for ensuring responsible management of use, maintenance, cleaning and sanitation, and carried out independent laboratory tests that attest to the suitability of water for human consumption.

The creation of 2, and 8, jobs, respectively, in the first and second phases of the project, is expected in line with the international consensus that every 20 hectares of plantation creates perte de poids une semaine apres sleeve average one job.

Business partners are a fundamental part of Portucel's work, which seeks to give priority to hiring Mozambican companies and to promote the development of local entrepreneurial skills. The communities in the project area are also part of this strategy, which have the opportunity to develop small businesses associated with agricultural development and Portucel Moçambique's activities, as well as being associated with forestry development, which is one of the areas to be developed.

Portucel Moçambique in figures PEOPLE 24, Number of households identified, in total, residing in the project area; Six thousand Number of families already covered by a wide range of benefits included in the Social Development Programme; 5, km Extension of repaired or new roads and paths for which Portucel Moçambique is responsible LAND Total area under concession:hectares Of which A system for permanent monitoring of risk management has therefore been implemented at Navigator, involving all organisational units, the Risk Management Division and the Audit Board.

This system is based on a systematic and explicit assessment of business risks by all organisational divisions in the Group and identification of the main controls in place in all business processes.

A foundation that will allow the Company to assess on an ongoing basis the extent to which its internal control system is appropriate to the risks regarded as most critical from time to time. Risk of increase in pulp, paper or tissue transport costs, which may result in a Increase in transport costs reduction in sales margins or the need to increase prices charged to customers.

Le verbe rajeunir a l'imparfait 3eme

Risk associated with an increase in demand for raw material Higher demand for raw materials wood due to competitors expanding their capacity, wood triggering an increase in wood prices and a consequent increase in production costs. Risk of variation in the exchange rate between the Euro and other currencies, Foreign exchange which can significantly affect the Group's results, either through revenues sales or costs purchases.

Risk of occurrences with adverse environmental consequences, directly or Environmental consequences of indirectly attributed to industrial activities, potentially resulting in a breach of operations environmental legislation or customer and stakeholder dissatisfaction, namely as regards the local community. Risk of forest damage resulting from natural or man-made causes, which may Forest damage jeopardise the quantity of raw material needed for the Group's activities and consequently lead to increased costs or loss of revenues.

Risk of less competitive terms for power sales, caused to a certain extent by Energy business less competitive the regulatory environment; volatility in regulation of sector may lead to due to regulatory issues sudden loss total or partial of the contribution from this business to the Group's profitability. Reduction in paper demand due Risk associated with a reduction in demand for the products sold by the Group, to technological substitution which may result in a significant reduction in sales.

Risk of failure in wood lr comment perdre du poids zumba, which may result in production stoppages and Failure in wood supplies consequent increase in costs or lost revenues. Risk of failure in production plant, which may result in production stoppages Plant failure and consequent increase in costs or lost revenues.

Risk associated with inability to obtain certified raw material, potentially Shortage of certified raw material resulting in a loss of value in end product and consequently in sales values.

Non-compliance and regulations with accounting standards. Risk of inefficient or inappropriate processes in purchases of materials and Irregularities in purchases and services critical for the business, resulting in items being out of stock, financial payments losses, non-performance by and in relation to suppliers or occurrence of situations of fraud. Occurrence of fires or natural Risk of loss of assets or even personal injury due to fires or other natural disasters phenomena.

Losses on client credit Risk of credit granted to clients, which may result in uncollectable debts and a consequent increase in costs. Paper pulp price Risk associated with pulp price fluctuations, which may result in losses for the Group.

Product quality Risk associated with product quality, potentially resulting in consumer dissatisfaction and a consequent drop in sales and lost revenues. Reduction in paper price Risk of pressure of competition, which may result in a drop in sales or reduction of market share. Environmental restrictions on Risk of environmental restrictions on industrial production, which may result in industrial production changes being required in the production process, thereby increasing costs.

Legal restrictions on forestry Risk of legal restrictions being imposed on forestry production, which may production result in a reduction in raw material output and a consequent increase in acquisition costs.

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Legal restrictions on paper Risk of restriction on paper imports in producer countries through the erection imports of customs barriers, potentially resulting in a reduction in sales. Sustainability of forestry Risk of compromising the future operations of the organisation or of local operations society and the business community, in general, due to over-use or irrational use of the natural resources involved in forestry operations.

Sustainability of industrial Risk of soil contamination or excess atmospheric emissions of noxious gases, operations resulting directly or indirectly from the process of supply, sanitation or processing of solid urban waste e. Variation in energy prices Risks associated with changes in the purchase and sale price of energy, resulting in additional costs and lost revenues.

The Group regards risk management as an essential decision-making tool, involving permanent monitoring of the risks to which it is exposed. In this sense, the Group operates based on a risk culture that includes both a perspective of avoiding and assuming the risks inherent to the operation in a positive way. Risk management also provides the Group with greater and more sustained decision-making capability with regard to risk events, allowing it to respond in a coordinated and integrated manner to risks with causes, impacts or vulnerabilities which extend across more than one area.

Cost Optimisation and Reduction Programme The Navigator Company's cost reduction has its own dynamic, with an internal structure that gives life and substance to this area. The year was one of consolidation and convergence.

In this context, a significant investment was made in the integration between the work carried out in the M2 Programme and the Lean Management front - focused on the implementation of good operational management practices using the Kaizen Institute's methodologies and instruments. The effort made it possible to ensure greater alignment, robustness and the ability to generate value.

The main focus of operations were the industrial areas due to the nature of the processes, relevance of the assets and materiality associated with the intervention. Thus, the exercise carried out in accordance with the guidelines of the Executive Committee, enabled the creation of a more rigorous rational definition of benchmarks, challenging the Company to identify a more ambitious and wide range of strategically aligned initiatives and defining the order of merit while creating conditions for a systematic monitoring of the implementation of the programme in the medium and long term - five-year horizon.

To this end, a systematic exercise was started to compare the Company's performance in cash costs with the assets considered a worldwide benchmark in this dimension. The balance of the implementation of the programme in is extremely positive, due to its results, the diversity of implementation opportunities addressed and, very importantly, the involvement of the teams of the entire Company in the dynamic of permanent orientation towards efficiency and quality.

As an instrument to motivate Employees, a significant investment was also made in communication associated with Operational Excellence, in highly visible channels and forums. The Navigator Company's ambition is to continue to invest in this area, by setting increasingly demanding and ambitious benchmarks of operational excellence, creating value for all its main stakeholders - shareholders, Employees and the communities in which it operates.

Industry 4. Supported by principles such as real-time operational capacity, virtualisation and decentralisation, and fundamental pillars such as security, the internet of things, and big data, many experts believe that we are on the verge of a new industrial revolution. This is a new way of managing the industry and business processes, much more digitalized and associated with the potential brought by new technologies in areas such as artificial intelligence and robotics, mobility and the new applications that derive from it.

In spite of its state-of-the-art technology, Navigator is still able to derive added value from Industry 4. Expansion of the partner ecosystem With the creation of an Industry 4. As this is a resource that has an important weight in the Group's cost structure, this initiative is of enormous importance as it helps to reduce investment in working capital.

The impact is ultimately great not only at the mitigation level of such shutdown, but also in the design of a proactive maintenance strategy. Fale connosco e descubra um mundo de oportunidades para o seu negócio. É importante realçar que existem atualmente mais de 4. Trata-se de um compromisso que se reflete, felizmente, no recente dinamismo dos nossos contactos bilaterais, um sinal claro do interesse que temos em continuar a desenvolver parcerias e intensificar ainda mais os fluxos de comércio e de investimento entre os nossos países.

Também no que se refere ao Turismo, é enorme o potencial a explorar. Enles liens entre le France et le Portugal devraient se renforcer.

Após um período de forte ajustamento económico e financeiro, exigente para as Famílias, Empresas e Estado, é hoje possível verificar sinais consistentes de retoma. O ritmo de crescimento da intensidade de conhecimento da economia nacional triplicou quando comparado com o ritmo de crescimento dos nossos parceiros na UE. Este esforço é principalmente o esforço das nossas empresas. Mas Portugal tem ainda um caminho a percorreremtermosdecompetitividade. A França permanece o segundo investidor estrangeiro em Portugal e as trocas comerciais bilaterais também se mantêm a um nível elevado, totalizando cerca de 9 mil milhões de euros.

Portugal tem conseguido criar as melhores condições para as empresas francesas apostarem em Portugal — e, de acordo com um recente estudo da Universidade NOVA, a grande maioria pretende continuar a investir em Portugal. Por tudo isto, somos um caso de sucesso em todo o mundo. Com todos os benefícios que representa para a nossa economia. E se houve setor que foi capaz de transformar a economia portuguesa num mercado exportador, setor que permitiu equilibrar as nossas contas externas, esse setor foi o turismo.

Os governos. Podemos fazer mais. Todas estas novas necessidades geram oportunidades de negócio e emprego. Terminadodevemos falar de forma diferente. Arquitetos que projetam novos espaços para turistas ou criam visitas guiadas especializadas.

Tudo isto é turismo. Tudo isto é o que gostaria de ver concretizado em As bases foram lançadas. Essa foi huile d'olive extra vierge cheveux 2014 grande mudança. Os turistas sonham, planeiam, reservam e partilham as suas viagens na internet? Resultado: o país saiu na imprensa do mundo inteiro, esteve em capas de revistas, ganhou prémios e menções. E nunca se falou tanto do nosso destino como agora. Porque é que isto é importante?