• The capitals
• Value creation
• Connectivity of information
• Stakeholder relationships

Key observations:

On pages 33-39 of its report, Votorantim discusses the value created in its business activities, in the community, and in the environment.  Each section features a discussion of the company's performance over the past year, focusing on the challenges facing the company and the ways in which Votorantim has addressed these challenges to create value for its stakeholders.  A combination of qualitative discussion and quantitative figures provides context for the company's performance and progress.  Additionally, the company effectively highlights the capitals affected in small blue bubbles at the end of various paragraphs.  Drawing these connections demonstrates the company's efforts to manage multiple capitals in its efforts to create value.