reuniao publica ingles.pdf
TRANSCRIPT
1
Public Meeting with Investors and Analysts
9M12 Results Presentation December 14, 2012
Participants
Cristiane Crisci | Chief Market Intelligence, CRM and GPN Officer
Cyro Naufel Filho | Chief Customer Service Officer
Rodrigo Manso | Executive Manager of Planning and Investor Relations
Thiago Piffer | Investor Relations Coordinator
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Disclaimer
This presentation does not constitute an offer, invitation, or solicitation of any kind, to subscribe to or purchase stock or
another financial instrument, nor does this presentation or any information contained herein form the basis for any type of
contract or commitment.
The material that follows contains general business information about LPS Brasil – Consultoria de Imóveis S.A (“LPS” or
“Company”) for the quarter ended September 30, 2012. It is not intended to be relied upon as advice to potential investors.
The information does not purport to be complete and is in summary form. No reliance should be placed on the accuracy of
the information presented herein and no representation or warranty, express or implied, is made regarding the accuracy of
the information presented herein.
This presentation contains forward-looking statements, which are merely predictions and not guarantees of future
performance. Investors are cautioned that these forward-looking statements are and will be subject to numerous risks,
uncertainties, and factors related to the operations and business environments of LPS Brasil, such as competitive
pressures, the performance of the Brazilian economy and the real estate sector, and changes in market conditions, among
other factors, disclosed in disclosure documents filed by LPS Brasil. Such risks may cause the actual results of the
Company to be materially different from any future results expressed or implied in such forward-looking statements.
LPS Brasil believes that based on information currently available to LPS management, the expectations and assumptions
reflected in the forward-looking statements are reasonable. LPS Brasil cannot guarantee future events or results. Finally,
LPS Brasil expressly rejects any obligation to update any of the forward-looking statements contained herein.
2
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
9M12 Highlights
Maintenance of the company’s volume of launches despite the 25% decrease in the market’s volume of launches in 9M121
Total transactions closed of R$ 13.8 billion, up 9.1% from 9M11
• R$ 10.5 billion in the primary market (+5.0%)
• R$ 3.4 billion in the secondary market (+24.2)
Increase in the share in secondary market to 24% of total transactions closed (21% in 9M11)
Net revenue of R$ 309 million, up 11.0% from 9M112
EBITDA of R$ 110 million, up 30.2% from 9M112. EBITDA Margin of 36% in 9M12
Net income of controlling shareholders before IFRS of R$ 68 million, up 37.1% from 9M11
R$ 1,063 million in mortgage loans originated by Credipronto! (+18.8%)
5 1) Source: Lopes Market Intelligence. Considers vertical residential projects, business units and flat/hotels launched in the most important regions of Brazil. 2) Ignores earn out receipt in
2011
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Launches in the real estate sector1
(billion)
Launches LPS Brasil (million)
Performance of launches | Real estate sector vs. LPS Brasil
51.0
38.0
9M11 9M12
25.5%
17.3 17.0
9M11 9M12
1.7%
7
Relationship with more than 300 property
development clients, between listed and
unlisted companies
1) Source: Lopes Market Intelligence. Considers vertical residential projects, business units and flat/hotels launched in the most important regions of Brazil.
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Transactions closed
8
Transactions closed
(million)
Breakdown of transactions closed (%)
Units (#)
10.003 10.503
2.719 3.376
9M11 9M12
Primary Market Secondary Market
24.2%
5.0%
12,722 13,880
+9.1%
79% 76%
21% 24%
9M11 9M12
Primary Market Secondary Market
36.363 35.333
5.737 7.508
9M11 9M12
Primary Market Secondary Market
30.9%
2.8%
42,100 42,841 +1.8%
The highlight was the increase in the share
of secondary market in total transactions
closed
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Transactions closed
9
Transactions closed | by price range (%)
Transactions closed | by region (%)
11%
35%
23%
31%
< 150 150-350 350-600 > 600
8%
31%
26%
35%
< 150 150-350 350-600 > 600
9M11 9M12
48%
21%
8%
12% 6% 6%
São Paulo Rio de Janeiro
Brasília South Region
Northeast Region Others
50%
21%
4% 13%
5% 6%
São Paulo Rio de Janeiro Brasília
South Region North Region Others
61% mid-high
and high
income
54% mid-high
and high
income
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Transactions closed
10
Transactions closed | by region | Primary market (%)
Transactions closed | by region | Secondary market (%)
9M11 9M12
55%
14% 4%
19% 4% 5%
São Paulo Rio de Janeiro
Brasília South Region
Northeast Region Others
61% 12%
4% 15%
3% 5%
São Paulo Rio de Janeiro
Brasília South Region
Northeast Region Others
46%
23%
9%
10% 6% 6%
São Paulo Rio de Janeiro
Brasília South Region
Northeast Region Others
47%
24%
4% 13%
6% 6%
São Paulo Rio de Janeiro
Brasília South Region
Northeast Region Others
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
No
Develop.
47%
28%
24% 44%
35%
21%
Transactions closed
11
Transactions closed | primary market (listed and unlisted property developers) and secondary market (%)
Transactions closed | primary market Concentration of the 10 largest property development
clients
9M11 9M12 secondary
market
secondary
market
unlisted property developers
listed property
developers
unlisted property developers
listed property
developers primary market | 79%
Transactions closed | primary market Concentration of the 5 largest property development clients
primary market | 76%
49% 53% 56% 54% 57%
51% 47% 44% 46% 43%
2010 2011 1Q12 2Q12 3Q12
10 largest property
development clients
Others
292 301 236 272 308 7.6%
9.5% 8.9% 6.2%
12.2%
7.1% 5.3% 6.2%
6.1%
4.9% 6.1% 5.2% 5.0%
5.6%
4.4% 6.1% 5.1% 4.4%
5.3% 4.4%
4.7% 4.0% 4.1% 5.1% 3.6%
2010 2011 1Q12 2Q12 3Q12
1º 2º 3º 4º 5º
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Credipronto! | Highlights
Increase of 18.8% in mortgage loans granted, which totaled R$ 1,063 million in 9M12
Increase of 3.1% in contracts signed, for a total of 3,464 contracts
Average loan-to-value ratio (LTV) of 58.02% in 3Q12
Average rate of 9.3% + TR (Reference Rate) in 3Q12
Average term of 311 months in 3Q12
13
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Jun/1
0
De
c/1
0
De
c/1
1
Jan/1
2
Feb
/12
Ma
r/12
Apr/
12
Ma
y/1
2
Jun/1
2
Jul/12
Aug/1
2
Sep/1
2
Credipronto!
14
Mortgage loan origination (million)
Mortgage loan portfolio 9M12 (%)
Evolution of market share (%)1
Evolution of origination (base 100 = Jan/10)2
895 1.063
9M11 9M12
+18.8%
1.768
2.492
Opening balance Closing balance
+41.0%
0.4
0.7
2.5
1.8
Evolution of closing balance of portfolio (billion)
CAGR: 7% p.m.
Mkt share Credipronto! (private banks) Mkt share Credipronto!
Credipronto! Market
1) Source: Brazilian Central Bank 2) Source: ABECIP
100
168 177 245 241
376 411
432
370
433 416
125 145 147
144 179
209 198 189 209
243
1.4% 1.9% 1.7% 2.4% 2.4% 3.0% 2.8% 3.1% 2.8% 3.0% 2.4%
4.7% 5.8% 5.1%
6.1% 5.7% 7.3% 6.4% 6.8% 6.9% 7.4% 7.5%
-15,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Net commissions
16
Net commissions | Brazil (consolidated)
(%)
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
São Paulo 2.9% 3.0% 2.9% 3.1% 2.8% 3.1% 3.0%
Habitcasa1 1.9% 1.9% 2.1% 2.1% 2.0% 1.9% 2.1%
Rio de Janeiro 2.2% 2.0% 2.2% 2.1% 2.1% 2.1% 2.0%
Others 2.1% 2.1% 2.1% 2.1% 2.1% 2.0% 2.1%
Primary market
(%)
Secondary market
(%)
2.3% 2.4% 2.4% 2.4% 2.3% 2.4% 2.4%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
São Paulo 2.2% 2.3% 2.3% 2.4% 2.2% 2.2% 2.4%
Rio de Janeiro 2.4% 2.5% 2.4% 2.3% 2.3% 2.0% 2.3%
Others 2.1% 2.4% 2.4% 2.5% 2.3% 2.5% 2.1%
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
314.8 352.7
23,5
9M11 9M12
Financial results | consolidated
17
Gross revenue
(million)
Net revenue (million)
EBITDA and EBITDA Margin (million)
12.0%
Operating expenses (million)
338.2
Earn out Itaú
278.6 309.1
23,5
9M11 9M12
11.0%
302.1 Earn out Itaú
84.2 109.6
22.6
9M11 9M12
106.8
30.2% Earn out Itaú
30,2% 35,5%
EBITDA
margin
184.7 186.9
10,5 12,5
9M11 9M12
Lançamentos+Pronto! Credipronto!
2.2%
195.3 199.5
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
49,3 67,6
21,1
9M11 9M12
Financial results | consolidated
18
Net income attributable to
controlling shareholders before IFRS impacts (million)
37.1%
70.4
Earn out Itaú
Net income attributable to
controlling shareholders after IFRS impacts (million)
64,8 76,5
21,1
9M11 9M12
18.1% Earn out Itaú
85.9
IFRS impacts | Net income before share of non-controlling shareholders (thousand)
Description Before IFRS Effects of IFRS After IFRS
Net operating revenue 309,114 309,114
Costs and expenses -199,481 -199,481
Depreciation and amortization -12,503 -29,713 -42,216 (1)
Financial result 15,351 33,192 48,543 (2)
Operational profit 112,482 3,479 115,961 (1+2)
Income tax and social contribution -26,973 -5,858 -32,831 (3)
Net income 85,508 -2,379 83,129 (1+2+3)
Non-controlling shareholders -17,860 11,217 -6,643 (4)
Net Income attributable to controlling shareholders 67,649 8,838 76,487 (1+2+3+4)
1) Amortization of intangible assets.
2) Combined effect from: i) Gains and losses on the non-
cash net effects from the booking of call and put options at
subsidiaries, based on the fair value of prospective
estimates, and ii) non-cash correction/write-off of
installments of earn outs payable.
3) Deferred income tax on intangible assets of LPS Brasil.
4) Effects related to deferred income tax and intangible
assets amortization on non-controlling shareholders.
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Market Intelligence, CRM and GPN | Competitive advantages
1
2
3
4
5
6
7
8
9
10
11
Land potential study
Study of supply
Market bulletins
Market dashboards
Register of products | since imminent launch > site visibility and Lopesnet > e-mail marketing
Campaigns | e-mail marketing > active supply > direct mail > acquisition of mailing
Online | chat > more information
Lead forwarded by property
developer
After sales
Client survey and profiles | stand survey > survey of registration deed > ad hoc survey
Property buyer confidence index (ICCI)
20
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Market Intelligence and CRM | Competitive advantages
2011 Year Book of the Brazilian Real Estate Sector
• Pioneering survey held by Lopes found that
launches in the main markets of Brazil totaled
R$ 86 billion in 2011 .
• Sample consisting of 1,345 vertical residential
projects, business units and flat/hotels
launched in 61 municipalities and 7 satellite
cities.
MR
SP
Gre
ate
r R
J
DF
Salv
ad
or
Cu
ritib
a
BH
Goiâ
nia
P.A
leg
re
Santo
s
Fort
ale
za
Na
tal
Vitó
ria
Ca
mpin
as
Flo
rian
ópo
lis
Re
cife
Oth
ers
Launch value by Market | Brazil 2011 (million)
85,644 million
Total Brazil
30.5
9.7 6.7
4.1 3.8 3.1 2.7 2.5 2.1 1.7 1.6 1.1 0.9 0.9 0.8
13.4
21 Source: Lopes Market Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
2011 Year Book of the Brazilian Real Estate Sector | Launches by region
Brazil | 2011
22 Source: Lopes Market Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Property buyer confidence index (ICCI)
Evolution of ICCI
153,4
130,5 131,6
147,8
134,4
127,5
125,2
134,6
115,5
124,5
118,9
121,4
80
90
100
110
120
130
140
150
160P
on
tos
Índice de Expectativas (IE) IE com ajuste sazonal
Índice de Confiança do Comprador de Imóvel (ICCI) ICCI com ajuste sazonal
Índice da Situação Atual (ISA) ISA com ajuste sazonal
Evaluation:
Brazilian economy
Financial situation of households
Intention to buy property
Moment:
Present
Next 6 months
23
Source: Lopes
Market
Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Survey| Report in Exame magazine
Brazilians buy, on average, 1.8 real estate units during their lifetime
24 Source: Lopes Market Intelligence and Exame Magazine
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Survey| Report in Exame magazine
Brazilians buy, on average, 1.8 real estate units during their lifetime
25 Source: Lopes Market Intelligence e Revista Exame
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Agenda
Highlights
Operating results
Credipronto! | Mortgage loans
Financial results
LPS Brasil Market Intelligence
Performance of real estate sector in São Paulo
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Launches by Lopes in the Metropolitan Region of São Paulo (MRSP)
Metropolitan Region of São Paulo
(projects launched)
Market share of 27% (Lopes Group)
Launches totaling R$ 87 billion (restated)
More than 1,300 projects
launched in the past 15 years 27
Source: Lopes
Market
Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Evolution of launches in the real estate sector in the metropolitan region of São
Paulo (MRSP)
5 6 4 4 5 5 7 8 8 10 13
19 20 16
25 31
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Nominal value of launches | Metropolitan Region of São Paulo1
(billion)
Units launched | MRSP1 (thousand)
59 70
33 35 40 35 34 37 29
35 37
67 69 59
80 81
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28
28 1) Source: EMBRAESP. Prepared by: Lopes Market Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Seasonality of launches in the real estate sector in the metropolitan region of São
Paulo (MRSP)
Value of launches per month | nominal
(billion)
0,4
1,1
2,0
1,4 1,8 1,6
1,3
1,8
2,7 2,5
3,0
5,7
0,5
2,0
1,3
2,3 2,6 2,7
2,1
3,0
1,9
2,7
3,4
6,6
0,5
1,0
1,9
1,1
2,3 2,4
1,7
1,5
3,0
2,5
jan feb mar apr may jun jul aug sep oct nov dec
2010 2011 2012
1st half | approx.: 35% 3rd quarter | approx.: 25% 4th quarter | approx.: 40%
29 Source: EMBRAESP. Prepared by : Lopes Market Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Inventory of apartments | São Paulo city
Inventory over Launches in the past 3 years
(vertical residences in units)
Inventory of apartments in São Paulo is low: 14% of launches in the past 3 years
3 years
30 Source: Lopes Market Dashboard
Date
of Collection
No. of
Projects
Launch
Period
Apartments
Launched
Apartments
Sold
Apartments
in Inventory
%
Inventory
apr/08 801 Apr/05 - Mar/08 76,087 58,587 17,500 23%
oct/08 831 Oct/05 - Sep/08 89,500 71,600 17,900 20%
apr/09 819 Apr/06 - Mar/09 96,316 78,016 18,300 19%
oct/09 816 Oct/06 - Sep/09 98,824 82,024 16,800 17%
apr/10 769 Apr/07 - Mar/10 104,480 92,880 11,600 11%
oct/10 739 Oct/07 - Sep/10 105,052 94,618 10,434 10%
apr/11 709 Apr/08 - Mar/11 102,093 92,107 9,986 10%
oct/11 729 Oct/08 - Sep/11 104,017 92,917 11,100 11%
apr/12 769 Apr/09 - Mar/12 112,170 97,173 14,997 13%
oct/12 766 Oct/09 - Sep/12 108,916 93,897 15,019 14%
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Real estate development opportunities
Districts in São Paulo
Verticalization of 28% in São Paulo: real estate development opportunity in several districts
31
Source: Lopes
Market
Intelligence
(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)
(255, 128, 128) (255, 204, 153)
Real estate development opportunities
Future launches situated within a radius of 1 km from existing and future subway stations and lines
67% of future launches are situated within a radius of 1 km from an existing or future subway line
32
Source: Lopes
Market
Intelligence
33
Public Meeting with Investors and Analysts
9M12 Results Presentation December 14, 2012
Participants
Cristiane Crisci | Chief Market Intelligence, CRM and GPN Officer
Cyro Naufel Filho | Chief Customer Service Officer
Rodrigo Manso | Executive Manager of Planning and Investor Relations
Thiago Piffer | Investor Relations Coordinator