The results of the year 2021 are strongly driven by BA Glass, the most significant participation of Teak Capital. After an excellent performance in 2020, BA Glass had a great start of 2021, despite the continued negative impact of the pandemic on the global economy. The strong performance in the first half of the year had a very important effect in offsetting the impact of the dramatic rise of the main industrial costs on the profitability of the year. In 2021, Teak Capital further reinforced the investments in private equity funds and diversified its industrial portfolio into other sectors, with the acquisition of a minority stake in Sonae Indústria – a wood composite manufacturer with industrial presence in Europe, Canada and South Africa, and a participation of 50% in Cerealis, a Portuguese company dedicated to pasta, breakfast cereals, cookies and flour. Aiming for growth and diversification with a positive contribution to environmental sustainability, a long-term project in the forestry and agroforestry sector was started in 2021.