ANNUAL REPORT 2021

Truth be told, 2021 began to take shape at the beginning of the second half of the previous year.

When we saw that the production rhythm at VCE factories was showing signs of a certain normalisation, we began to believe that all the changes we introduced in the company under the motto ‘do more with less’ could lead us to spectacular results, as soon as the market recovered to earlier levels. It’s a fact that during Q1 2021, with the resurgence of the pandemic, some issues re-emerged. But the truth is that we all saw the market eager to make up for lost time.

So, the historic sales and earnings records we achieved in 2021 are due mainly to the fact that all of us, without exception, believed it would be possible to return to pre-pandemic market and sales levels while employing substantially lower levels of resources. When we mention resources, we are obviously thinking of reduced operating costs - logically reflected in the Net Results we obtained - but we would also highlight the volume of assets and liabilities whose management allowed us to present an unprecedented picture of the Balance Sheet.

We would really like to thank all those who contributed with their effort and dedication to make 2021 a truly historic year for the Ascendum Group.