ABRAMUS Annuary 2017

BRAZILIAN MUSIC AND ARTS ASSOCIATION

annual report
2016

Editorial

01

ARTISTIC &
REPERTOIRE

02

DOCUMENTATION

03

AUTHORIAL
RIGHTS INTERNATIONAL

04

NEIGHBORING
RIGHTS INTERNATIONAL

05

NEW
BUSINESS

06

THEATER &
DANCE

07

AUTVIS

08

COMMUNICATION

09

FINANCIAL

10

INFORMATION
TECHNOLOGY

11

ECAD

12

Editorial

01

ABRAMUS continued in 2016 as the country's largest copyright association in number of members, representing 57,000 rights holders in Brazil and abroad.

Correct and consistent documentation was one of Abramus' primary and most important goals during the year. ABRAMUS was the association that most documented repertoires in the ECAD system at national level, as was also the case in international documentation. It is the flawless work of the Documentation department that guarantees that it is possible to identify their authors and carry out the appropriate distribution of copyrights collected. 1,022,272 works were registered, in addition to 628,693 phonograms and 8,854 cue-sheets.

With the exponential growth of audiovisual works, one of the focuses in 2016 was in the attendance and affiliation of composers of soundtracks, especially for TV and Cinema. Without neglecting the excellent service for rights holders, a trademark of the Artistic & Repertoire department, 6,285 new members were affiliated during the year, a growth of more than 10% compared to the previous year.

The International Copyright department has invested in the repertoire of its members abroad, strengthening relationships and improving techniques. There are more than 190 regions, covered by 81 contracts signed with copyright associations around the world. Over the last 6 years, Abramus received more than R$ 17 million from abroad. In 2016, it received R$ 2,531,463.97, involving more than 2,878 rights holders represented by ABRAMUS.

In 2016, France, Portugal and Chile signed performance contracts with Abramus for Related Rights, which include the categories of Performing Musician. In this way, the companies Adami, GDA and SCI began representing Abramus members in their countries while Abramus represents their rights holders in Brazil. These contracts are part of the already consolidated partnerships with PPL (England), Sena (Netherlands), Sami (Sweden) and CPRA-Geidankyo (Japan), totaling more than 30 contracts with foreign companies. In the United States, Abramus rights holders are represented by SoundExchange. It is worth noting that another 32 companies,

from different countries, chose Abramus to manage the rights of their artists in Brazil.

Improvements in technology and support tools led to significant gains and increased transparency, interaction and dynamism. The ABRAMUS Portal is one of the many important tools that allow members to analyze their repertoire in order to identify, request and monitor payments and to visualize amounts already received, in a simple and timely manner. The Association, in turn, substantially reduced the flow of e-mails, paper and correspondence, factors that have reduced our operational costs. Another important project that should be highlighted is the Music Management System, an internal Association tool, which underwent several modifications and improvements. In addition, new technology projects were developed to provide improvements and benefits for members and the improvement of internal and external processes. It is technology in constant evolution to foster development.

The Theater & Dance department

continues with the goal of going beyond just the collection and distribution of rights. It authorized 247 works and signed 112 contracts. This effort yielded a revenue of approximately R$ 1.5 million. Currently, Abramus has about 300 national authors and a large number of international authors.

With regard to the visual arts, 2016 marked a large number of important exhibitions in the country with artists represented by our AUTVIS affiliate. In spite of the country's economic crisis affecting the publishing industry, the number of new licenses increased. AUTVIS also started the work of adapting the company's processes to comply with Law No. 12,853/2013 and submitted the necessary documentation for qualification to the Ministry of Culture. In the international area, AUTVIS participated in the annual meeting of the Council of Authors of CISAC, CIAGP, which took place in October in Vienna. At this meeting AUTVIS confirmed its position as the largest visual arts company in Latin America and its place among the largest in the world. The year closed with 835 affiliated artists and

revenues of R$ 823,176.24.

The year also involved the search for better remuneration and regulation in the area of copyright in the digital world. The streaming market experienced significant growth in the year, and even with the high numbers of executions, the amounts involved and paid to the authors is still very low. Abramus was present in all the discussions related to the issue so that the digital medium is duly recognized as a public execution environment. It participated in studies and discussions about changes and the future of copyrights in the internet music market. After all, Brazil participates in the market of the main digital content streaming providers such as iTunes, Google Play, Spotify, Napster and Deezer, which underscores the great potential of the Brazilian market.

With respect to the political issues in Brazil involving copyrights, Abramus continued the dialogue with the Ministry of Culture at several meetings over the year. One of the most important issues discussed was a new bill, PLS 206-12, that aims to

exempt businesses that provide hosting services from the collection of copyrights, which is extremely detrimental to Brazilian artists. Abramus maintained contact with the Ministry, encouraged debate and mobilized artists to ensure that the bill is not approved.

In 2016, Abramus strengthened partnerships and remained engaged with the world's leading Copyright organizations and institutions so that the works of its affiliated artists are always respected and remunerated, not only in Brazil, but also in all countries.

ABRAMUS is the only multi-repertory organization in Brazil working with Music, Audiovisual and Visual Arts and Theater & Dance. Detailed results for 2016 are available on the following pages. We appreciate the confidence in our work and we are committed to doing more and improving every year. Let us move ahead and continue to fulfill our role to protect the interests of copyright holders.

Roberto Mello
General Director

ARTISTIC &
REPERTOIRE

02

With the maintenance of the average of the latest years, we closed 2016 with a growth of more than 10%, totaling 54,910 rights holders and 6,285 new affiliates for the year. We have kept our focus on the tools we use to provide our rights holders with greater transparency in our relations, making access to financial statements, retained credits for consultation, information on works and phonograms, among other functions, available through our Relations Portal.

The agreements signed with major music users since 2013 has made it possible to increase and

consolidate certain areas, such as Pay TV, which, through compliance with agreements, became the second most important area in our distribution. With this, we have started to focus part of our resources on the development of audiovisual systems and the improvement of matchings to identify retained and unidentified credits.

At this time, our teams are working on the development of a Duplication Portal that will speed up the resolution of conflicts between authors and publishers, allowing for greater agility in the processing and payments of

Affiliated in 2016

6.285

registrations. This tool is scheduled for mid-2017.

The political changes in Brazil have been positive for collective management, enabling the resumption of the dialogue between our sector and the current government, which has shown itself to be more open to understanding the many issues of common interest.

The world is digital and Abramus is up to the challenge. Many advances are expected this year, such as the decision on public legal enforcement in streaming, which will allow for an increase in the collections and distributions to our rights holders in 2017.

Members Total

54.910

Documentation

03

With an ethical, professional, responsible and respectful conduct towards its members, and upholding its values, ABRAMUS continues its policy of transparency in its relations and actions with rights holders.

With a history of excellence and know-how in the handling of large volumes of documentation, ABRAMUS currently serves more than 55,000 rights holders and, once again, broke their record for the number of registered works, phonograms and cue-sheets,

as demonstrated by the ECAD numbers. In recent years, exponential growth has been demonstrated through expressive numbers and, in this way, it continues to be a pioneering organization for quality and efficiency in the registration of repertoires, being able to manage and process information from several different repertoires.

In spite of the various challenges and uncertainties in the market, through the appreciation of teamwork, adapting to changes and using new strategies and procedures, ABRAMUS achieved its established goals and was able to innovate and evolve the processes inherent to the business.

Each year, new national and foreign authors come to us and request the

registration of their repertoires, where it is vital to identify all the rights holders involved, so that they are properly recognized for their creations.

Aligned and in conjunction with the IT department, new documentation processes will emerge, leading to the development of strategies that delimit the direction that optimizes the handling of the data received to register, regardless of the format. In this way, ABRAMUS continues to be agile in its documentation, and in providing clear and objective replies and follow-ups for its rights holders.

Success depends on innovation, and ABRAMUS continues to show this ability throughout the years!

DATA FOR THE YEAR 2016
Completed and identified registrations
Responsible: ASSOCIATION
Data source: ECAD
Information extracted on 23/05/2017

Work

1.022.272

Audiovisual

8.854

Phonogram

628.693

COMPARATIVE TABLE FOR 2010 TO 2016

WORK
Completed and identified registrations

AUDIOVISUAL
Completed and identified registrations

PHONOGRAM
Completed and identified registrations

AUTHORIAL
RIGHTS INTERNATIONAL

04

In 2016, we invested in the work that we develop with our associates abroad, forging relationships and perfecting techniques. With our highly trained, proactive and dedicated staff, ABRAMUS defends the rights of our associates in over 190 regions, through the 81 contracts with copyright associations around the world.

The numbers show that we are on the right track: in the last six years, we have received more than R$ 17 million. In 2016, we received R$ 2,531,463.97 from abroad, from the more than 2,878 rights holders represented by ABRAMUS.

In our constant search for a balance between the work done with the

national and international repertoires, our department is also dedicated to taking meticulous care of the repertoire of the foreign associations that ABRAMUS represents in Brazil, as well as the authors and editors who have opted to work with us directly.

With our experienced and attentive team, we work constantly to identify and keep our database up-to-date. With this, we are able to guarantee the proper distribution of the amounts collected in Brazil to the customers we represent.

The result of this work is that, each year, we increase the amounts sent abroad. In 2016, we sent approximately 14 million to the companies we represent

This year, we began representing the Portuguese repertoire and the Ecuadorian repertoire here in Brazil.

SPA and SAYCE were previously represented by other associations in Brazil and chose ABRAMUS as their representative to take care of their repertoires.

For 2017, we are designing a new system, which will automate some of the tasks that are currently performed manually. In addition to streamlining the work, we will be able to develop new functions, which will help the international copyright department to defend the rights of our associates and the customers we represent.

“With ABRAMUS as a partner, SESAC continues to advance its objective of
increasing royalty income for our music rightsholders. Therefore,
ABRAMUS has proven to be a very valuable partner in the region.”
Heather Fletcher
SESAC

NEIGHBORING
RIGHTS INTERNATIONAL

05

Do you know what France, Portugal and Chile have in common? They are beautiful places, with cheerful people and great music, for sure! However, besides that, in 2016, they all signed representation contracts with Abramus for Related Rights, which covers the categories of Performing Musician and Artist. Thus, the companies Adami, GDA and SCI represent Abramus associates in their countries, while Abramus represents their rights holders here in Brazil. These contracts are part of the already consolidated partnerships with PPL (England), Sena (Netherlands), Sami (Sweden) and CPRA-Geidankyo (Japan), in other words, the more than 30 contracts with foreign companies. In the United States, Abramus rights holders are represented by SoundExchange. Moreover, it is worth remembering that another 32 companies from different countries around the world have chosen Abramus to manage the rights of their artists in Brazil.

The amounts distributed abroad in 2016 by Abramus reached a record number of R$ 15,295,116.60,

representing a 16.35% increase compared to 2015. This accounted for 55.56% of all foreign distributionof Ecad Related Rights (performing musicians, artists and phonographic producers). About 9,100 rights holders were granted rights to perform their music through 45 Abramus partner companies and organizations. These numbers are the result of Abramus' efficiency in registering rights holders, phonograms, Cue-Sheets and, of course, in identifying such repertoires with Ecad. The registration of repertoires is one of Abramus' biggest concerns and, consequently, Abramus carried out 78.5% of the phonogram registrations at Ecad in 2016. 38% of the payments made resulted from the identification of previously unidentified credits. The continuous improvement of tools for registration and identification of repertoires has played a key role in achieving these results.

Abramus has also improved its performance in foreign revenues and R$ 458,272.31 was collected in 2016. Although the amount is equivalent to

the previous year there are still payments in progress, but they will only be credited in 2017. In 2016, 890 rights holders benefited from payments from abroad, totaling R$ 277,342.98. It is worth remembering the important agreement signed with Portugal, which will provide benefits for Abramus musicians and artists. Payments are expected to occur throughout 2017.

However, this is not all. Working with international organizations such as Scapr, Filaie and IFPI continues to be essential for the management of the rights of Abramus rights holders. The future of Related Rights in Brazil and in the world, the discussion about digital rights and the constant meetings to improve the Ecad rules and systems, are part of the daily routine at Abramus in its constant search for quality and fair distribution of copyrights for its members. In 2017, more projects will be developed to maintain the quality, transparency and trust earned over these 35 years of fighting for Copyrights. We hope to see you in 2017.

ARTIST
Contracts

ORGANIZATION	COUNTRY
Actra-PRS	Canada
Adami	France
Aie	Spain
Andi	Mexico
Apollon	Greece
Artisti	Canada
Asdac	Moldova
Cpra/Geidankyo	Japan
GDA	Portugal
Gramex	Denmark
Gramo	Norway
Huzip	Croatia
Mroc	Canada
Nuovo Imaie	Italy
Oberih	Ukraine
Playright	Belgium
Ppl-I	England
Raap	Ireland
Sami	Sweden
Sena	The Netherlands
Soundexchange	USA
Stoart	Poland
Unac	Angola
Zavod Ipf	Slovenia

RECORDING
PRODUCER CONTRACTS

ORGANIZATION	COUNTRY
Asdac	Moldova
Gramex	Denmark
It's Right	Italy
Ppl-Pf	England
Re:Sound	Canada
SCF Consorzio Fonografic	Italy
Sena	The Netherlands
Sgp	Paraguay
Sodinpro	Dominican Republic
Unac	Angola

Top Receivers
of Rights from Abroad

#	HOLDER
1	Nivaldo Batista Lima
2	Caetano Emmanuel Viana Teles Veloso
3	Jorge Lima Menezes
4	Loalva Braz Vieira
5	Jorge Mario Da Silva
6	Levi De Oliveira Silva
7	Flavio Franco Junior
8	Rodrigo Cavalheiro Rufino
8	Vanessa Sigiane Da Mata Ferreira
10	Monique Kessous

Highlight on
Repertoire Identification

Working on the identification of the repertoire of the
rights holder is fundamental to guaranteeing good
results for our members. Note that 38% of the amounts
distributed by Abramus come exactly from these daily
checks, which are carried out by different Abramus
teams. After the initial identification, the benefits
continue, as this identification can continue to
result in the receiving of rights through regular Ecad
Distribution. The result of all this is the growing
value distributed every year by Abramus.

1%

38%

61%

New
Business

06

In recent years, music has become dependent on technology and, today, digital tools are the engine for the consumption of music worldwide. It is no longer possible to separate music from the digital environment, and that's a good thing! Today, we have millions of songs at our fingertips!

Digital platforms like Spotify and Apple Music have been gaining more and more users around the world, and Brazil is no different. Due to the potential for growth in our market, still underexploited, the Brazilian market has become the object of robust investments by players to increase the amount of paying subscribers, which, in general, is good for all.

In addition to the music services mentioned above, Brazil is currently among the countries with the largest number of YouTube users and one of the largest markets for

Video On Demand (VOD) platforms such as Netflix.

Even with the substantial market growth and high user numbers, the amounts involved, and paid to authors, are still quite small when compared to the physical market. However, despite the constant analogy between physical and digital markets, the realities are quite different, and the digital market must be understood as a new source of revenue, with different patterns, both with respect to the way music is consumed, and with regard to remuneration for consumption. We are just starting and, in the near future, this market will be an important source of revenue here in Brazil.

The digital environment, although not new, has generated increasingly more curiosity in the artistic class, both in the matter of

content distribution, which is a service effectuated by companies known as Value-adders, as well as for the collection of the amounts of the authors. Abramus closely follows the evolution of this market and has been developing solutions to help members who seek support in this area. It is important that music authors feel supported during this time of transition and Abramus' role is to help its members understand this new business model.

The challenges of this new market are the same as in other countries, and Abramus, as part of several CISAC (International Confederation of Societies of Authors) working groups, constantly monitors the main events in the digital area to keep our structure updated and our members informed.

Theater &
Dance

07

Over the last few years, the Theater & Dance area has developed a work methodology based on transparency and productivity, in a constant process of adaptation to improve activities. As a result of these actions, we can say that, today, ABRAMUS does not simply work with the collection and distribution of rights: we are practically an agent for authors, and we constantly seek to publicize their works, both domestically and internationally.

Works authorized in 2016

247

We continue working with about 300 national authors, including Manuel Bandeira, Cecilia Meireles, Carlos Drummond de Andrade, Luis Fernando Veríssimo, Ariano Suassuna and Nelson Rodrigues, among other important authors.

In 2016, we had 247 authorized works and 112 signed contracts. This yielded a revenue of approximately R$ 1.5 million. We worked with great pieces and performances that were very successful with the public in this period. In addition to the pieces by Nelson Rodrigues, which are,

Contracts signed in 2016

112

without question, our flagship, the international shows "Cat on a Hot Tin Roof", "The Mountaintop", "Morte accindentale de um anarchico" and "Johan Padan and the Discovery of the Americas", which have been performed for more than 10 years in Brazil, also deserve attention

"The work of Nelson Rodrigues has never been treated with the seriousness and professionalism with which Abramus has handled it, up to now", says Sonia Rodrigues, daughter of Nelson Rodrigues.

Average income in 2016

R$ 1,5 MI

Autvis

08

2016 was a positive year for AUTVIS, in various sectors. Although the economic crisis in the country has affected the publishing industry, the number of licenses has increased and adaptation was required in the form of negotiation between AUTVIS and publishers with the aim of making this production feasible.
This work has resulted in new partnerships and the strengthening of existing ones.

The year was also marked by a large number of important exhibitions in the country, like Pablo Picasso, Alexander Calder, Gerrit Rietveld, mong others. AUTVIS participated actively in licensing these exhibitions and this

was one of the factors that boosted the increase in revenue.

NATIONAL REVENUE IN
2016: R$ 822.123,55

INTERNACIONAL REVENUE
IN 2016: R$ 1.052,69

TOTAL REVENUE IN 2016:
R$ 823.176,24

TOTAL NUMBER OF AFFILIATES:
835

In the international area, AUTVIS participated in the annual meeting of the Council of Authors of CISAC, CIAGP, which took place in October in Vienna. At this meeting AUTVIS

confirmed its position as the largest visual arts company in Latin America and its place among the largest in the world.

For 2017, the focus of AUTVIS will be to work hard on the Campaign for Resale Rights that is being promoted by CISAC, which will bring great benefits to fine and visual artists, and the modernization of the systems to make the process 100% automated and introducing the use of the single collection system for the digital area, the OLA - On Line Art.

Fabiana Nascimento
Manager of Visual Arts

COMMUNICATION

09

In 2016, Abramus Communication kept its focus on informing, getting closer to and retaining its members.

To this end, it maintained active communication so that the work of the association, and all information related to Copyright, were shared with affiliates and stakeholders.

In 2016, Abramus invested even more in its communication channels, with a greater focus on its social media and press office. Abramus created a new website and continued distributing its magazine, newsletter and informative mailings for members and collaborators, getting even closer to its audience.

Abramus developed an intense communication campaign on social networks, increasing daily publications and using the

inbound marketing concept, which has increased followers and the interaction between Abramus and the audience. This year, it created an Instagram page and a Youtube channel, both of which are growing. The Abramus website was completely redesigned, with a new visual identity and more information, features and facilities for members.

With regard to events, Abramus participated in, supported and promoted several events over the year. At the beginning of the year, Abramus promoted a debate, in partnership with ABDA – the Brazilian Copyright Association, on one of the most current issues in the cultural market: Copyright in the Digital Age. There were lectures with members’ participation to clarify questions about the Abramus International Department, Copyright in Streaming, Coaching for Artists and Facebook, among other issues. Abramus

also supported large events by participating in lectures, roundtables and panels on topics such as Music Trends Brasil, the Path Festival, the Rio Music Conference and the National Music Festival.

In 2016, Abramus Communication also launched three editions of the ABRAMUS Magazine, offering editions with cover stories on the Visual Arts, Dramaturgy and on the Brazilian artist, Renato Russo, an important Brazilian, Renato Russo,
artist and affiliate of Abramus, who passed away 20 years ago, although his music and legacy remain relevant to this day. In total, 18 thousand copies of the magazine were distributed.

Website
The ABRAMUS website contains news about music, theater, copyright, visual and audiovisual arts, an artists' gallery, information and forms for affiliation, a schedule of concerts and the registration of works and phonograms.

Access:

Social Media
Social networks, Facebook and Instagram, are used extensively to disseminate important information about Copyright, news and association events, and generate interaction with the audience. Throughout the year, sponsored postings were made to reach a larger audience with an interest in Copyright. All this generated a significant increase in the number of followers. Abramus started its

Followers of Facebook in 2016

14.000

Youtube channel by posting videos of its members, songs and information. The channel is still growing and being fed content.

Facebook in 2015: 9.366
Facebook in 2016: 14.000

Instagram: 1700
(created in 2016)

Youtube: 200
(created at the end of 2016)

Newsletter
The ABRAMUS Newsletter

Instagram followers in 2016

1.700

is a monthly publication, containing the main news stories of the month. Music contacts: 50.000
Theater&Dance contacts: 10.000
Autvis contacts: 3.000

Magazine
The ABRAMUS magazine (Revista ABRAMUS) is a publication with 6,000 copies per edition. In 2015, there were three editions, with news about Music, Audiovisual and Visual Arts, Theater&Dance, Discography and content about the Market and Copyright. In addition to the printed version, it is also available on the website.

YouTube Followers
in 2016

200

FINANCIAL

10

ABRAMUS is the country's largest copyright association in terms of number of members from different areas, and this number is growing continuously. Abramus closed 2016 representing 57,000 rights holders in Brazil and abroad. Its work involves great responsibility and ethics, carried out in a transparent and professional manner.

The Financial Department is in charge of the distribution of the amounts originating from the public execution of musical works in Brazil and around the world. This distribution is the result of a production chain, which involves all Abramus departments, guaranteeing that these payments are accurate and correct.

Abramus has been adapting and optimizing its tools to provide the best possible service for its members, ensuring the accurate distribution of copyrights.

With the challenge of keeping the payment schedule up to date, as it has been successfully doing for years, the team, split between Abramus units in Rio de Janeiro and São Paulo, relies on the constant support of the Information Technology (IT) department, which is responsible for the system and information processing.

On the ABRAMUS Portal, members can access receipts

and ECAD payment statements, as well as summarized payment statements, providing greater transparency, dynamism and interaction for members. This process has optimized the work of the department, resulting in a reduced flow of e-mails and correspondence, as well as reducing operating costs.

The balance sheet is audited by external auditing companies, which support the good work that ABRAMUS carries out over the fiscal year. Below are the balance sheet results for the years 2012, 2013, 2014 and 2015. It does not include 2016, as the fiscal year was still underway at the time of this publication.

Information
Technology

11

The year 2016 was all about changes
in Abramus IT. Opportunities were
created for a substantial investment
in human resources, preparing the
team for new challenges in
constantly evolving market dynamics.

It was a year of improvement and
training, which have since been
applied to develop new projects
at Abramus.

The development of technologies
to carry out internal procedures
allowed for the acceleration in
processing thousands of works and
phonogram registrations, providing
better optimization and evolution
in the work done. In addition, a
change in the matching strategy
allowed for the release of millions
of Brazilian reals of retained

credits, favoring a large number
of members, among them authors,
publishers, performers, musicians
and phonographic producers.

The Abramus Relations Portal, an
important tool used by members and
non-members, grew even more this
year, with the development of new
features and improvements, continuing
the policy of transparency for members
and adapting to the requirements
of the new legislation.

ECAD

12

Like 2015, 2016 was a year with
a high degree of economic and
political instability, which
affected practically all sectors
of Brazilian society. In addition
to this, the provisions of Law
No. 12,853/13, which drastically
reduced ECAD's administration
rate, led to the implementation
of a severe cost reduction policy
at ECAD, affecting the entity's
staff and leading to the adoption
of measures to transform
operational activities.

However, facing the challenges
with determination, in 2016, ECAD,
once again, exceeded the collection
and distribution targets established
by its General Assembly. This was
mainly due to the collective efforts
of the organization's staff. ECAD
collected R$ 1,043,216,781, which
exceeded the total of the target for the year by R$ 4,932,947.
ECAD collected R$ 16,252,342 more
than in the previous year,
representing a growth of 1.6%.
Regarding the distribution of amounts
to copyright and related rights

holders, 2016 shows very significant
numbers. The total distributed was
R$ 841,872,627, representing a
growth of 13.21% in relation to the
target established for the year,
and an increase of 9.09% in relation
to 2015. A total of 221,386 new
members were included, a 42.46%
increase compared to the
previous year.

Efforts to limit costs ended up
generating an operating deficit
of R$ 603,616 and a total
deficit of R$ 5,015,325, including
the extraordinary expenses arising
from the operational adjustments
implemented during the year.
Many of these were activities and
projects developed during 2016.

The results are provided in detail
in this report. With great pleasure,
we can highlight the awards received
over the year from respected
institutes such as Great Place to
Work, IDG (International Data Group
Inc.), IT Midia/IT Forum Expo, the
Regional Council of Accounting/RJ
and Abrasca, underscoring the
importance and the seriousness of

the organization's work in its many
diverse operational areas. We go
on to detail all the actions developed
in 2016, thanking everyone for their
respect and confidence in our work
and, once again, drawing attention to
the commitment of the team, which,
once again, overcame challenges to
continue the quality of their work.
We remain at your disposal for any
further clarifications.

Sincerely,
Gloria Braga
Executive Superintendent

Contemplated
Headlines

221.386

Total distributed to
Related and Autoral Holders

R$ 841.872.627

Abramus
Organization

annual report
2016