3Q07 Results Conference Call. November 14 th 2007 I SÃO PAULO

Size: px
Start display at page:

Download "3Q07 Results Conference Call. November 14 th 2007 I SÃO PAULO"

Transcription

1 3Q07 Results Conference Call November 14 th 2007 I SÃO PAULO

2 Speakers Cesar Augusto R. Parizotto CEO Marco Antonio R. Parizotto Commercial Vice President Ricardo Perpetuo CFO and IRO José Alexandre Hamer Administrative Director 2

3 Agenda Part I Overview Part II 3Q07 and 9M07 Highlights Part III Operating Performance Part IV Financial Results 3

4 Part I Overview Cesar Parizotto CEO

5 Overview Multi-segmentation Low Income and Middle Segment: 57% of the short term landbank Tourism: 2 launches in the 4Q07 Commercial: 2 nd launch in the 3Q07 National Presence 38 cities 14 states + DF 78% of the landbank outside São Paulo city Landbank: R$ 12.2 bi R$ 4.0 bi Short-term (4Q07 and 2008) R$ 8.2 bi Strategic Management 8 Commercial Directors 9 Regional Partnerships 5

6 Part II 3Q07 and 9M07 Highlights Cesar Parizotto CEO

7 3Q07 and 9M07 Highlights Operational: 8 projects launched in the quarter with a VGV of R$ 432 million (InPar s share: R$ 381 million) and 17 projects launched in the 9M07 with a VGV of R$ 719 million (InPar s share: R$ 636 million) Total pre-sales of R$ million in the quarter (InPar s share: R$ 89.8 million), and R$ million in the 9M07 (InPar s share: R$ Million) In 2007, our first launch took place in May, just before the IPO. By the end of September, our pre-sales have achieved 39.7% of the total VGV launched Short-term landbank of R$12.2 billion (R$ 4.0 billion short-term 4Q07 / 2008 and R$ 8.2 billion of strategic landbank starting in 2009) New Partnerships: Tibério, Record and MRM National expansion: Short-term landbank geographic segmentation: R$2.6 billion (78%) outside São Paulo city Operation in 38 cities located in 14 states and in the Federal District Low Income segment: From short-term land-bank, R$985 million (24.3%) approximately 10,000 units - targeted to Low Income segment Financial: Gross margin totaled 38.2% in the 3Q07 and 40.4% in the 9M07 EBITDA margin was 8.0% in the 3Q07 and 17.4% in the 9M07 Gross margin to be recognized (REF) was 44.3% 7

8 Part III - Operational Performance Marco Parizotto Commercial VP

9 3Q07 Launches Region Segment Goiás 17% São Paulo 20% Commercial Comercial 6% Econômico Low Income 28% Distrito Federal 25% Minas Gerais 38% Médio Mid High Alto 44% Médio Middle 22% Launches 3Q07 State Segment VGV Total InPar Share VGV InPar Units Launch Date (R$ million) % (R$ million) 1 Viver Morumbi SP Médio % /12 2 Mirante do Sol MG Médio Alto % /22 3 Viver Jardim Independência SP Econômico % /29 4 Wish Moema SP Médio Alto % /29 5 Vive La Vie DF Médio 75 70% /29 6 Quê Park Center * DF Commercial 33 70% /29 7 Wave Residence DF Médio 37 50% /29 8 Viver Fama GO Econômico % /29 3Q ,949 * VGV calculation based on present value of yearly annual revenues, considering 12% rate p.a. 9

10 3Q07 Launches Médio Middle Middle Médio High Alto Econômico Low Income Middle Mirante do Sol - MG 290 units VGV: R$ 146 million Médio Viver Morumbi - SP 60 units VGV: R$ 12 million Econômico Low Income Viver Jardim Independência - SP 344 units VGV: R$ 41 million Médio Middle Alto High Médio Wave Residence - DF 244 units VGV: R$ 19 million Middle Wish Moema - SP 38 units VGV: R$ 23 million Quê Park Center - DF Comnercial 67 stores VGV: R$ 23 million Viver Fama - GO 528 residential units + 42 stores VGV: R$ 64 million Vive la Vie - DF 336 residential units + shopping VGV: R$ 74 million Médio 10

11 Pre-Sales Launches 3Q07 Pre-Sales by segment Pre-Sales by location 358 (R$ million) 358 (R$ million) /30/ /30/ Launches 3Q07 * 15% Pre-sales of 3Q07 Launches Mid High Middle Low Income 53 15% Launches 3Q07 * Pre-sales of 3Q07 Launches São Paulo Minas Gerais Distrito Federal Goiás 53 * Excluding Quê Park Center (R$ 23 million) 11

12 Pre-Sales Launches 2Q07 Pre-Sales by segment Pre-Sales by location 19 (R$ million) (R$ million) /30/ /30/ % 53% Launches 2Q07 * Pre-Sales of 2Q07 Launches Launches 2Q07 * Pre-Sales of 2Q07 Launches High Middle High Middle Low Income São Paulo Espírito Santo Maranhão Rio Grande do Sul * Not including Medical Center (R$72 million) 12

13 Short-term Land-bank (4Q07 / 2008) Noth / M iddle North East/ Middle West 13% 13% Region SP City 22% No rtheast 10 % 9M07 4Q Short-term land-bank (1) R$ 4,0 bi South 16% Turism So utheast (ex- SP) 20% Commercial 4% Land parceling 2% SP State 19% Segment 7% High Low Income 6% 24% Landbank ## Projects de Projetos Guidance VGV R$0.6 bi * * Launched Landbank (InPar s share) R$1.1 R$ bi 1 R$1.7 bi bi R$2.9 bi R$1.5 bi R$2.2 bi Focus on the Low-income segment: R$ 985 million (24.3% landbank) in potential VGV, nearly 10 thousand units, positioning InPar as one of the largest on the segment Mid High 25% Middle 32% (1) Shor-term landbank includes 2008 and 4Q07 launchings 13

14 Short-term Land-bank (4Q07 / 2008) Excess landbank to reach the Guidance R$636 million launched in the 9M07 R$106 million launched in the 4Q07 until November 13th R$758 million to launch in the 4Q07 out of a total landbank of R$963 million 50 projects R$ 2.9 bi = 136% 41 projects R$ 1.7 bi = 114% GUIDANCE R$ 2,2 bi = 100% GUIDANCE R$ 1,5 bi = 100%

15 Short-term Execution (4Q07 / 2008) RJ Vice-Presidency # Proj. VGV RR AP Antonio Henrique Neves RJ, MG, ES and Northeast Ernesto Raposo NE and MG SP Vice-Presidency # Proj. AC VGV AM RO MT PA GO TO DF MA PI BA CE RN PB PE AL SE Flávio Neves MG, RJ and ES Marco Parizotto South, North, Middle West and SP 61 3,324 MS SP MG RJ ES Gerson Bendilati Low Income Enzo Riccetti SP State ,162 RS PR SC Partnership Low Income Sérgio Pardal South, North and MW Rodrigo Chade Resorts, Commercial and Land Parceling Presence Partners Expertise and structure allow INPAR to cover the entire country, creating attractive business opportunities in less competitive markets with execution capacities 15

16 Partnerships Type InPar s Share Structure Region Segment Product 1 Meta Develop./Const. 70% Op. Agreement MA Residential Middle, Middle High and High 2 Santa Fé Develop./Const. 70% Op. Agreement RS Residential Middle 3 CFL Develop./Const. 70% Op. Agreement RS e SC Residential Middle High and High 4 Quebec New businesses 95% Op. Agreement RS Residential Low Income 5 RioVix Development 90% Op. Agreement ES e RJ Residential Middle and High 6 Zappi Construction 100% Op. Agreement Countrywide Residential Low Income 7 Tibério Develop./Const. 70% Joint Venture SP, RJ e ES Residential Low Income, Middle, Middle High and High 8 70% Op. Agreement AL e RN Residential/ Record Develop./Const. Tourism Middle, Middle High and High 9 MRM 70% Op. Agreement BA Residential Middle, Middle High Develop./Const. and High

17 Strategic Land Bank Pedreira - Vitória Short term Land bank 33% R$ 4.0 bi R$ 8.2 bi Strategic land bank 67% Land bank R$ 12,2 bi Raposão São Paulo São Paulo Minas Gerais Espírito Santo Launch: 1º 1 half / 2009 Middle Total Area: m² m VGV: R$ 904 thousands Lagoa dos Ingleses Belo Horizonte Launch: 2º 2 half / 2008 Low Income and Middle Total Area: 444,745 m² m VGV: R$ 879 mi (1) Source: IBGE First Launch: 2º 2 half / 2007 Residential, Lots and Commercial Total Area: m² m VGV: R$ 5.8 bi 17

18 Strategic Land Bank: Annual Contribution Participation < 20% of Special Projects on the VGV launched yearly R$ 2.9 bi = 136% GUIDANCE R$ 2.2 bi = 100% R$ 1.7 bi = 114% GUIDANCE R$ 1.5 bi = 100% 84% 81% 19% Lagoa dos Ingleses 10% 6% Lagoa dos Ingleses and Raposão

19 Lagoa dos Ingleses Localization Master Plan Projects of 2H07 4Q07 3Q07 VGV already defined 2H R$ 281 MM R$ 190 MM Potential VGV R$ 281 MM ~ R$ 300 MM 19

20 Part IV 3Q07 Financial Results Ricardo Perpetuo CFO and IRO

21 Main Financial Indicators Net Revenue (R$ million) Gross Profit (R$ million) and Gross Margin (%) 25.1% % % % 3Q06 pro forma 3Q07 9M06 pro forma 9M07 3Q06 pro forma 3Q07 9M06 pro forma 9M07 EBITDA (R$ million) and EBITDA Margin (%) Net Income (R$ million) 16.1% 17.5% 11,8 30.1% ,8 3Q06 pro forma 9M06 pro forma Q07* 9M07** % 3-10,2 3Q06 pro forma 3Q07 9M06 pro forma 9M07-15,0 Adding R$1,45 million provision for IPO expenses. ** Excluding IPO expenses.

22 General and Administrative Expenses G&A (R$ million) 3.0% VGV launched Personnel Q06 3Q07 2.1% VGV launched Board Management Office personnel Construction Emp Q06 pro forma 3Q07 9M06 pro forma 9M07 Total

23 Backlog Income Backlog gross income (R$ million) and Backlog margin (%) 44.3% 42.0% 66,3 3Q06 3Q07 BL Revenue BL Costs BL Profit Q06 pro forma 3Q07 23

24 Net Cash Net Cash (R$ millon) 355,8 3Q06 3Q07 3Q06 pro forma Available Funds Gross Debt Net Cash ,4 3Q07 24

25 Disclaimer This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financialresults, and those related to growth prospects of InPar. These are merely projections and, as such, are based exclusively on the expectations of the Company s management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, project approvals, the performance of the Brazilian economy, the sector and the international markets, and are therefore subject to change without prior notice. 25

2Q07 Results Conference Call. August 16, 2007 I SÃO PAULO

2Q07 Results Conference Call. August 16, 2007 I SÃO PAULO 2Q07 Results Conference Call August 16, 2007 I SÃO PAULO Speakers Cesar Augusto R. Parizotto CEO Marco Antonio R. Parizotto Commercial Vice President Antonio Henrique Neves Commercial Vice-President Ricardo

More information

Credit Suisse II Brazil Construction & Mortgage Field Trip. August 30th, 2007 SÃO PAULO

Credit Suisse II Brazil Construction & Mortgage Field Trip. August 30th, 2007 SÃO PAULO Credit Suisse II Brazil Construction & Mortgage Field Trip August 30th, 2007 SÃO PAULO Speakers Cesar Parizotto CEO Marco Parizotto Commercial Vice-president Ricardo Perpetuo CFO and IRO 2 Agenda Chapter

More information

4Q11 / FY2011 Results Presentation. Earnings Conference Call April 2, 2012

4Q11 / FY2011 Results Presentation. Earnings Conference Call April 2, 2012 4Q11 / FY2011 Results Presentation Earnings Conference Call April 2, 2012 Highlights Operational Performance Operational Highlights (R$ million) 2009 2010 2011 Launches (% Viver) 142 802 604 Launches (Units)

More information

Brazil February Production Update and Weekly Crop Condition Report

Brazil February Production Update and Weekly Crop Condition Report February 27, 2014 Informa Economics South American Crop Reporting Service Brazil February Production Update and Weekly Crop Condition Report The Informa Economics staff in Brazil conducted its survey between

More information

3Q07 RESULTS CONFERENCE CALL November 14, 2007

3Q07 RESULTS CONFERENCE CALL November 14, 2007 3Q07 RESULTS CONFERENCE CALL November 14, 2007 Presenters Jorge Cury Chief Executive Officer Marco Mattar Chief Financial Officer and Technical Officer Rebeca Ouro-Preto Investor Relations Officer Main

More information

3Q11 Results Conference Call. Novemver, 2011

3Q11 Results Conference Call. Novemver, 2011 3Q11 Results Conference Call Novemver, 2011 2 Recent Highlights & Events PDG Ranked Best Company in Latin America for the 2011 Institutional Investor Awards; Renewal of the Job Contracts for Executives

More information

1Q06 Earnings Results Conference Call

1Q06 Earnings Results Conference Call 1Q06 Earnings Results Conference Call 0 Forward Looking Statements Notice Information and Outlook The material shown is a presentation of general information about Rossi Residencial S.A. s record until

More information

Second Quarter Results

Second Quarter Results Hemisphere São Paulo, SP, Brazil Launched in June 2008 Second Quarter Results August 15, 2008 1 Praça das Águas São Paulo, SP, Brazil Launched in May 2008 Second Quarter 2008 Highlights for the Year Elie

More information

December/2003. Corporate Presentation

December/2003. Corporate Presentation December/2003 Corporate Presentation General Overview 1 HIGHLIGHTS Integrated Telecom Service Provider 15.1 million wirelines in service (Dec/03) Over 4.0 million wireless subscribers (Jan/04) Region I

More information

Cemig acting vertical

Cemig acting vertical Alexandre Heringer Lisboa November/2015 Cemig acting vertical Generation capacity: 7.038MW 7% do mercado Predominantly hydropower Growth in renewable energy Natural gas as an alternative Unregulated market

More information

Successful Strategy Business Portfolio Ensures Results. Mr. Fernando Henrique Schüffner Neto Chief Officer for Business Development

Successful Strategy Business Portfolio Ensures Results. Mr. Fernando Henrique Schüffner Neto Chief Officer for Business Development Successful Strategy Business Portfolio Ensures Results Mr. Fernando Henrique Schüffner Neto Chief Officer for Business Development 1 Disclaimer Some statements and estimates in this material may represent

More information

Agri Commodities ABN AMRO Bank NV

Agri Commodities ABN AMRO Bank NV Agri Commodities ABN AMRO Bank NV Fausto Caron Head of Commodities Brazil Chicago, June 2013 1 Agenda Brazilian Agriculture A Historical Perspective Infra-Structure: The Brazilian quest for competitiveness

More information

AGENDA: Highlights Operational Performance Stock Market Business Strategy and Outlook

AGENDA: Highlights Operational Performance Stock Market Business Strategy and Outlook 0 Disclaimer This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to Cia. Hering's growth prospects.

More information

Belo Horizonte and Rio de Janeiro, October 15th 2015

Belo Horizonte and Rio de Janeiro, October 15th 2015 Belo Horizonte and Rio de Janeiro, October 15th 2015 Minas Gerais: a large and important state 226,000 square miles (Larger than France or Spain) 20 million people (Comparable to Australia) 2 nd largest

More information

Emergency Agenda for the Brazilian airline industry

Emergency Agenda for the Brazilian airline industry Emergency Agenda for the Brazilian airline industry ABEAR s proposals to stimulate air transportation, economy, connectivity and regional development in Brazil www.abear.com.br Proposals 1. Establishing

More information

Presentation to SHAREHOLDERS AND INVESTORS. Energy and Growth, a win-win Combination November 2013

Presentation to SHAREHOLDERS AND INVESTORS. Energy and Growth, a win-win Combination November 2013 Presentation to SHAREHOLDERS AND INVESTORS Energy and Growth, a win-win Combination November 2013 Disclaimer This presentation may contain forward-looking statements, Such statements are not statements

More information

Good morning. I will read you a brief message from our CEO, José Isaac Peres, to you.

Good morning. I will read you a brief message from our CEO, José Isaac Peres, to you. Good afternoon. Welcome, everyone, to s 4Q07 earnings conference call. Today with us we have Mr. José Isaac Peres, CEO; Mr. Armando d Almeida Neto, CFO and IRO; Mr. Marcello Barnes, Development Officer;

More information

Urban Office and Hotel Curitiba RESULTS 1Q13. May 14, 2013

Urban Office and Hotel Curitiba RESULTS 1Q13. May 14, 2013 Urban Office and Hotel Curitiba RESULTS May 14, 2013 Duo Concept Porto Alegre Results Introduction Elie Horn Operating Results Raphael Horn Financial Results José Florêncio Rodrigues Highlights Gross Margin

More information

Aliansce Investor Presentation

Aliansce Investor Presentation Aliansce Investor Presentation 2014 Agenda Overview Financial and Operational Performance Growth Drivers Appendix Overview 3 Portfolio Overview Aliansce owns an extensive and balanced portfolio of shopping

More information

Aliansce Day Presentation

Aliansce Day Presentation Aliansce Day Presentation 2012 Our Portfolio Mature Assets (More than 5 years of operating history) New Generation Assets (Malls with less than 5 years of operating history) Next Generation Assets (Assets

More information

1Q08 Earnings Release Conference Call. May 7, 2008

1Q08 Earnings Release Conference Call. May 7, 2008 1Q08 Earnings Release Conference Call May 7, 2008 Disclaimer Forward-Looking Statements The forward-looking statements in this presentation are based on Management s current forecasts and outlook. Actual

More information

BTG PACTUAL CONFERENCE SÃO PAULO FEBRUARY, 2015

BTG PACTUAL CONFERENCE SÃO PAULO FEBRUARY, 2015 BTG PACTUAL CONFERENCE SÃO PAULO FEBRUARY, 2015 OPERATING RESULTS CYRELA S LAUNCHES R$ 2,260 million in 4Q14 vs. R$ 2,695 million in 4Q13. R$ 5,848 million in 2014 vs. R$ 6,646 million in 2013. In 2014,

More information

BRASIL BROKERS RESULTS 3 rd Quarter 2011 BRASIL BROKERS RESULTS

BRASIL BROKERS RESULTS 3 rd Quarter 2011 BRASIL BROKERS RESULTS 1 This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for or purchase This presentation any securities does neither not constitute does this an presentation

More information

Neighborhoods concept and expands its activities to the. Distrito Federal.

Neighborhoods concept and expands its activities to the. Distrito Federal. PDG Realty advances in the low income Planned Neighborhoods concept and expands its activities to the states of Goiás, Pará, Mato Grosso, Mato Grosso do Sul e Distrito Federal. Relações com Investidores:

More information

2 nd Annual LatAm International Mining Conference 13 14 March 2013, Rio de Janeiro, Brazil

2 nd Annual LatAm International Mining Conference 13 14 March 2013, Rio de Janeiro, Brazil 2 nd Annual LatAm International Mining Conference 13 14 March 2013, Rio de Janeiro, Brazil The Significance of the Mining Industry for Brazil 13 March, 2013 PRESENTATION IBRAM Brazilian Mining Association

More information

Presentation at the 14 th Annual Latin America Conference

Presentation at the 14 th Annual Latin America Conference Presentation at the 14 th Annual Latin America Conference MARCH, 2006 www.telemar.com.br/ir Telemar at a Glance December / 05 A leading telecommunication services provider in Brazil, offering a full range

More information

Business Opportunities in Brazil

Business Opportunities in Brazil Business Opportunities in Brazil Brazilian Embassy London, June 23 th 2015 Emilio Chernavsky Advisor Department of Planning and Strategic Investments Marcos Ferrari Deputy Chief Economist on Microeconomic

More information

PARTNERS FOR EXCELLENCE PAEX

PARTNERS FOR EXCELLENCE PAEX Campus Aloysio Faria Av. Princesa Diana, 760 Alphaville Lagoa dos Ingleses 34000-000 Nova Lima MG Brasil Unidade BH Rua Bernardo Guimarães, 3.071 Santo Agostinho 30140-083 Belo Horizonte MG Brasil Unidade

More information

Investor Relations May 2016. Project: 701 Praças da Lapa

Investor Relations May 2016. Project: 701 Praças da Lapa Investor Relations May 2016 Project: 701 Praças da Lapa Even 2 Over 40 years of history... 2006 Acquisition of interest by Spinnaker 1974 abc investmob is founded 1999 ISO 9000 Certification ERP system

More information

Acquisiton of. 2008 Brasil Brokers Todos os Direitos Reservados

Acquisiton of. 2008 Brasil Brokers Todos os Direitos Reservados Acquisiton of 2008 Brasil Brokers Todos os Direitos Reservados Acquisition of ABYARA BROKERS Acquisition of 51% of Abyara Brokers, with purchase option of the other 49% to be exercised in the next 3 years;

More information

Breast cancer control in Brazil. Gulnar Azevedo e Silva

Breast cancer control in Brazil. Gulnar Azevedo e Silva Breast cancer control in Brazil Gulnar Azevedo e Silva London, May 2014 The burden of breast cancer in Brazil Incidence Age-standardized incidence of breast cancer in Brazil, selected cities Ministério

More information

JHSF Participações S.A. JHSF3

JHSF Participações S.A. JHSF3 JHSF Participações S.A. JHSF3 Disclaimer Management makes forward-looking statements concerning future events that are subject to risks and uncertainties. These statements are based on its beliefs and

More information

FLRY3. June, 2011. IBGC s 2010 Corporate Governance award in the category for listed companies. IBGC - Brazilian Institute of Corporate Governance

FLRY3. June, 2011. IBGC s 2010 Corporate Governance award in the category for listed companies. IBGC - Brazilian Institute of Corporate Governance FLRY3 IBGC s 2010 Corporate Governance award in the category for listed companies IBGC - Brazilian Institute of Corporate Governance June, 2011 TODOS OS DIREITOS RESERVADOS 2010 Our business A Medical

More information

NEW INVESTMENT OPPORTUNITIES IN INFRASTRUCTURE

NEW INVESTMENT OPPORTUNITIES IN INFRASTRUCTURE Associação Brasileira da Infra-estrutura e Indústrias de Base (Brazilian Association of Infrastructure and Basic Industries) NEW INVESTMENT OPPORTUNITIES IN INFRASTRUCTURE Paulo Godoy President XII Joint

More information

2010 Earnings Release. March 31, 2011

2010 Earnings Release. March 31, 2011 2010 Earnings Release March 31, 2011 Speakers Carlos Alberto Trindade Filho CEO Bruno Padilha de Lima Costa CFO and IRO Disclaimer This presentation does not constitute an offer, or invitation, or solicitation

More information

3Q11 EARNINGS RELEASE. November 8, 2011

3Q11 EARNINGS RELEASE. November 8, 2011 EARNINGS RELEASE November 8, 2011 Our Portfolio 3Q11 2 Our Portfolio Shopping Malls State % Aliansce GLA (sqm) Owned GLA (sqm) % of Owned GLA % Total Revenues 3Q11 Core Assets - More than over 5 years

More information

A Basic Primer for a Complex Country Ramon Frias Charles Maniace

A Basic Primer for a Complex Country Ramon Frias Charles Maniace More content. More experts. More answers. Indirect Taxation in Brazil A Basic Primer for a Complex Country Ramon Frias Charles Maniace Senior Tax Research Counsel Director - Tax Housekeeping This is one

More information

DEA implementation and clustering analysis using the K-Means algorithm

DEA implementation and clustering analysis using the K-Means algorithm Data Mining VI 321 DEA implementation and clustering analysis using the K-Means algorithm C. A. A. Lemos, M. P. E. Lins & N. F. F. Ebecken COPPE/Universidade Federal do Rio de Janeiro, Brazil Abstract

More information

Labs D Or Acquisition

Labs D Or Acquisition FLRY3 IBGC 2010 Corporate Governance Award Listed Companies IBGC - Brazilian Institute of Corporate Governance Labs D Or Acquisition TODOS OS DIREITOS RESERVADOS 2011 2 Disclaimer This document contains

More information

The National Parks of Brazil.

The National Parks of Brazil. The National Parks of Brazil. by Ariane Janér Instituto EcoBrasil Agulhas Negras Itatiaia National Park Bengt Janér Of Brazil s more than 300 conservation units, 64 are National Parks. The national parks

More information

1Q10 CONFERENCE CALL TRANSCRIPTION

1Q10 CONFERENCE CALL TRANSCRIPTION Good morning, welcome everyone to Camargo Corrêa Desenvolvimento Imobiliário s first quarter of 2010 results conference call, released yesterday, May 1st. Today with us we have Mr. Francisco Sciarotta

More information

Banco Bradesco S.A. Calendar of Corporate Events - 2011

Banco Bradesco S.A. Calendar of Corporate Events - 2011 Calendar of Corporate s - 2011 Information on the Company Company Name Corporate Head Office Address Internet Address Investor Relations Officer Investor Relations Contact Newspapers in which corporate

More information

Banco Bradesco S.A. Calendar of Corporate Events - 2010

Banco Bradesco S.A. Calendar of Corporate Events - 2010 Calendar of Corporate s - 2010 Information on the Company Company Name Corporate Head Office Address Internet Address Investor Relations Officer Investor Relations Contact Newspapers in which corporate

More information

Banco Bradesco S.A. Calendar of Corporate Events 2012

Banco Bradesco S.A. Calendar of Corporate Events 2012 Information on the Company Banco Bradesco S.A. Calendar of Corporate s 2012 Company Name Banco Bradesco S.A. Corporate Head Office Address Cidade de Deus, Vila Yara, Osasco, SP Internet Address www.bradesco.com.br

More information

Conference Call Transcript 3Q07 Results November 13 th, 2007

Conference Call Transcript 3Q07 Results November 13 th, 2007 Good afternoon, welcome everyone to TECNISA 3Q07 earnings conference call. Today with us we have Mr. Meyer Joseph Nigri, CEO, and Mr. Leonardo Paranaguá, CFO and Investor Relations Officer. Today s live

More information

CONFERENCE CALL PRESENTATION. November, 13th

CONFERENCE CALL PRESENTATION. November, 13th CONFERENCE CALL PRESENTATION November, 13th 1 BrasilAgro Overview Start-up company created by an experienced team to take advantage of opportunities in the Brazilian agricultural market Revenue stream

More information

Now, I will turn the conference over to the CEO, Mr. Carbonari, who will begin the presentation. Mr. Carbonari, you may begin your conference.

Now, I will turn the conference over to the CEO, Mr. Carbonari, who will begin the presentation. Mr. Carbonari, you may begin your conference. Operator: Good morning, ladies and gentlemen. At this time we would like to welcome everyone to Anhanguera Educacional s 1Q07 results conference call. Today with us we have Mr. Antonio Carbonari, CEO;

More information

Regional inequality and growth: the role of interregional trade in the Brazilian economy

Regional inequality and growth: the role of interregional trade in the Brazilian economy Regional inequality and growth: the role of interregional trade in the Brazilian economy Aline Souza Magalhães PhD candidate - CNPq Scholarship Cedeplar/UFMG (Federal University of Minas Gerais, Brazil)

More information

Investor Day -May 2012. Oporto, May 22 nd, 2012

Investor Day -May 2012. Oporto, May 22 nd, 2012 EDP Energias do Brasil Investor Day -May 2012 Oporto, May 22 nd, 2012 0 Disclaimer This presentation may include forward looking statements of future events or results according to regulations of the Brazilian

More information

BANK BRADESCO FORM 6-K/A. (Amended Report of Foreign Issuer) Filed 07/18/13 for the Period Ending 09/30/13

BANK BRADESCO FORM 6-K/A. (Amended Report of Foreign Issuer) Filed 07/18/13 for the Period Ending 09/30/13 BANK BRADESCO FORM 6-K/A (Amended Report of Foreign Issuer) Filed 07/18/13 for the Period Ending 09/30/13 CIK 0001160330 Symbol BBD SIC Code 6022 - State Commercial Banks Industry Regional Banks Sector

More information

RNP Experiences and Expectations in Future Internet R&D

RNP Experiences and Expectations in Future Internet R&D RNP Experiences and Expectations in Future Internet R&D CPqD, Campinas 23 September 2009 Michael Stanton michael@rnp.br Director of Innovation Rede Nacional de Ensino e Pesquisa - RNP 2009 RNP Introduction

More information

Texto. TEMPO ASSIST Management Presentation April 2011

Texto. TEMPO ASSIST Management Presentation April 2011 Texto TEMPO ASSIST Management Presentation April 2011 0 Agenda 1. Introduction and Company Overview 2. Health Business Unit 3. Dental Business Unit 4. Assistance Business Unit 5. Consolidated Financials

More information

Operating Performance of 9M10 surpasses entire year of 2009. Trisul s Contracted Sales reach R$639 million and Launchings total R$634 million

Operating Performance of 9M10 surpasses entire year of 2009. Trisul s Contracted Sales reach R$639 million and Launchings total R$634 million Operating Performance of 9M10 surpasses entire year of 2009 Trisul s Contracted Sales reach R$639 million and Launchings total R$634 million São Paulo, October 18 th, 2010 - TRISUL S.A. (BM&FBovespa: TRIS3;

More information

CORPORATE CALENDAR OF EVENTS. RANDON S.A. IMPLEMENTOS E PARTICIPAÇÕES Av. Abramo Randon, 770 Bairro Interlagos Caxias do Sul - RS

CORPORATE CALENDAR OF EVENTS. RANDON S.A. IMPLEMENTOS E PARTICIPAÇÕES Av. Abramo Randon, 770 Bairro Interlagos Caxias do Sul - RS CORPORATE CALENDAR OF S Company`s Name Headquarters` Address Internet Address Investor Relations Director Person in charge of the Investor Relations Area Newspapers (and locations) in which its corporate

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K/A 6-K/A 1 bbd20110812_6ka.htm CALENDAR OF CORPORATE EVENTS - 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K/A REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

More information

Leading the Brazilian Electricity Sector

Leading the Brazilian Electricity Sector Leading the Brazilian Electricity Sector The World Money Show Orlando, FL February 2004 Luiz Fernando Rolla Investor Relations Officer 2 Disclaimer Certain statements contained in this presentation are

More information

Brazilian Program for Investment in Logistics: Roads, Railways and Ports

Brazilian Program for Investment in Logistics: Roads, Railways and Ports Brazilian Program for Investment in Logistics: Roads, Railways and Ports Antonio Henrique P. Silveira Executive Secretary Secretariat of Ports of Brazilian Presidency Presentation for the 2014 Brazil-Germany

More information

Conference Call Transcript 2Q07 Results Brascan August 13 th, 2007

Conference Call Transcript 2Q07 Results Brascan August 13 th, 2007 Operator: Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everybody to s 2Q07 results conference call. Today with us we have Mr. Marcos Levy, CEO,

More information

Certifications in Bradesco Organization

Certifications in Bradesco Organization Certifications in Bradesco Organization 185 196 209 211 216 208 194 2 6 7 11 28 39 49 56 81 106 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Referencia: 12/2012

More information

Industrial area with Hangar. Land area: 90.000 sqm Hangar area: 5.000 sqm Office area: 250 sqm Brazil Espírito Santo Serra Highway BR 101 North

Industrial area with Hangar. Land area: 90.000 sqm Hangar area: 5.000 sqm Office area: 250 sqm Brazil Espírito Santo Serra Highway BR 101 North Industrial area with Hangar Land area: 90.000 sqm Hangar area: 5.000 sqm Office area: 250 sqm Brazil Espírito Santo Serra Highway BR 101 North Property Location Brasil, Espírito Santo, Serra - Highway

More information

Agenda. Historical Tecon Santos Mesquita CONVICON Tecon Imbituba Financial Highlights Bagres Port. of Santos Expansion Corporate Governance

Agenda. Historical Tecon Santos Mesquita CONVICON Tecon Imbituba Financial Highlights Bagres Port. of Santos Expansion Corporate Governance 1 Agenda Historical Tecon Santos Mesquita CONVICON Tecon Imbituba Financial Highlights Barnabé-Bagres Bagres Port of Santos Expansion Corporate Governance 2 Historical Santos Brasil was founded in 1997

More information

JHSF at a Glance. Leadership Across all Business Segments. Real Estate Development. Real Estate Development. Shopping Malls and Office Rentals

JHSF at a Glance. Leadership Across all Business Segments. Real Estate Development. Real Estate Development. Shopping Malls and Office Rentals Disclaimer This material is a presentation of general background information about JHSF Participações S.A. ( JHSF") as of the date of this presentation. Information contained herein has been summarized

More information

The Top Logistics Hubs Panel

The Top Logistics Hubs Panel The Top Logistics Hubs Panel Brazil: Minas Gerais Multimodal Logistics Platform Luiz Antônio Athayde Vasconcelos Undersecretary for Strategic Investments 1 Backgrouds 2 Broad Structural Plan of the Northern

More information

TOTVS S.A. Corporate Taxpayer s ID (CNPJ/MF) 53.113.791/0001-22 Corporate Registry ID (NIRE) 35.300.153.171

TOTVS S.A. Corporate Taxpayer s ID (CNPJ/MF) 53.113.791/0001-22 Corporate Registry ID (NIRE) 35.300.153.171 TOTVS S.A. Corporate Taxpayer s ID (CNPJ/MF) 53.113.791/0001-22 Corporate Registry ID (NIRE) 35.300.153.171 MINUTES OF THE BOARD OF DIRECTORS MEETING HELD ON APRIL 23, 2009 1. - DATE, TIME AND PLACE OF

More information

5th Brazil Infrastructure Investments Forum Cesar Cunha Campos

5th Brazil Infrastructure Investments Forum Cesar Cunha Campos 5th Brazil Infrastructure Investments Forum Cesar Cunha Campos Director, FGV Projetos diretoria.fgvprojetos@fgv.br New York, November 2014 Ports - Railways - Airports - Public-Private Partnerships (PPP/P3):

More information

Washington, D.C. 20549. Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

Washington, D.C. 20549. Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 6-K 1 net20100730_6k.htm MINUTES OF THE EXTRAORDINARY SHAREHOLDERS' MEETING Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

More information

INSTITUTO DE DESENVOLVIMENTO INTEGRADO DE MINAS GERAIS. The Minas Gerais Investment Promotion Agency

INSTITUTO DE DESENVOLVIMENTO INTEGRADO DE MINAS GERAIS. The Minas Gerais Investment Promotion Agency The Minas Gerais Investment Promotion Agency INDI MISSION To attract, consolidate and retain industrial, commercial and services projects in Minas Gerais. ATTRIBUTION INDI is: The official investment promotion

More information

How To Allocate Slots At The World Cup

How To Allocate Slots At The World Cup General rules for the slots allocation at coordinated airports during the World Cup FIFA 2014 Flight Facilitation Committee General rules for the slots allocation at coordinated airports during the World

More information

THE EVOLUTION OF THE POPULATION- BASED CANCER REGISTRIES IN BRAZIL: A PERFORMANCE EVALUATION

THE EVOLUTION OF THE POPULATION- BASED CANCER REGISTRIES IN BRAZIL: A PERFORMANCE EVALUATION 2nd International Cancer Control Congress November 25 to 28, 07 THE EVOLUTION OF THE POPULATION- BASED CANCER REGISTRIES IN BRAZIL: A PERFORMANCE EVALUATION Cláudio Pompeiano Noronha; Gulnar Azevedo Mendonça;

More information

Investor Relations 2Q12 HIGHLIGHTS. Brasil Insurance Reports 2Q12 Financial Results

Investor Relations 2Q12 HIGHLIGHTS. Brasil Insurance Reports 2Q12 Financial Results Investor Relations Luis Eduardo Fischman Investor Relations Officer (55 21) 3626-1550 ri@brasilinsurance.com.br 2Q12 Earnings Conference Call Tuesday, August 14, 2012 Brasil Insurance Reports 2Q12 Financial

More information

São Paulo, Number 1 State in Brazil

São Paulo, Number 1 State in Brazil São Paulo, Number 1 State in Brazil Sergio Costa Director January 2014 Investment Promotion Agency Mission Being the gateway to new investments or expansion of existing businesses, generating innovation,

More information

PROFILE. www.fibria.com.br/r2014/profile/

PROFILE. www.fibria.com.br/r2014/profile/ PROFILE 28 www.fibria.com.br/r2014/profile/ Brazilian company and world leader in eucalyptus pulp production, Fibria focuses its operation on forest plantations in the states of Bahia, Espírito Santo,

More information

Cyrela: R$ 264 million record net profit in 3Q09. Highlights. NET REVENUE: R$ 1,348.9 million in 3Q09, 54.1% more than in 2Q09, totaling R$

Cyrela: R$ 264 million record net profit in 3Q09. Highlights. NET REVENUE: R$ 1,348.9 million in 3Q09, 54.1% more than in 2Q09, totaling R$ Earnings 3Q09 Release Cyrela: R$ 264 million record net profit in 3Q09 CYRE3 (November 12, 2009) Outstanding Shares: 422,365,226 Mkt Cap: R$ 9,853.8 million US$ 5,669.6 million Average 30-day daily trading

More information

Joint Venture with Casa Bahia Investor Presentation. December 4, 2009

Joint Venture with Casa Bahia Investor Presentation. December 4, 2009 Joint Venture with Casa Bahia Investor Presentation December 4, 2009 1 Disclaimer This presentation has been prepared in order to allow a better market understanding regarding the details of the announced

More information

Foward-Looking Statements

Foward-Looking Statements 1 2 Foward-Looking Statements Certain of the statements contained herein are forward-looking statements based on Management s current estimates regarding future performance that may result in material

More information

Company specialized in the Business tools and Innovation of the Luxury and Premium Present in Brazil and Latin America

Company specialized in the Business tools and Innovation of the Luxury and Premium Present in Brazil and Latin America Company specialized in the Business tools and Innovation of the Luxury and Premium Present in Brazil and Latin America MCF Consultoria & Conhecimento provides services focused on strategies development

More information

How To Understand The Business Of Raia Drogasil

How To Understand The Business Of Raia Drogasil Raia Drogasil S.A. An Industry Leader with an Unparalleled Combination of Scale, Efficiency and Financial Flexibility Morgan Stanley Latin America Executive Conference January 4th-6th, 2012 1 Disclaimer

More information

CORPORATE PRESENTATION February 2013

CORPORATE PRESENTATION February 2013 CORPORATE PRESENTATION February 2013 Timeline CSN Share Ownership September 30, 2012 VICUNHA 47.9% RIO IACO CBS 4.0% 0.9% 1946 1.9% BNDESPAR 1974/1989 3 Expansions in Volta Redonda Steel Mill ADRs 25.5%

More information

Disclosure of 1Q15 Results

Disclosure of 1Q15 Results Disclosure of 1Q15 Results Investor Relations Presentation: José Rubens de la Rosa CEO José Antonio Valiati CFO & Investor Relations Officer Thiago Deiro Finance & Investor Relations Manager Caxias do

More information

1.- L a m e j o r o p c ió n e s c l o na r e l d i s co ( s e e x p li c a r á d es p u é s ).

1.- L a m e j o r o p c ió n e s c l o na r e l d i s co ( s e e x p li c a r á d es p u é s ). PROCEDIMIENTO DE RECUPERACION Y COPIAS DE SEGURIDAD DEL CORTAFUEGOS LINUX P ar a p od e r re c u p e ra r nu e s t r o c o rt a f u e go s an t e un d es a s t r e ( r ot u r a d e l di s c o o d e l a

More information

Operating Efficiency in Brazil

Operating Efficiency in Brazil 3Q07 Earnings Release November 2007 Terna Participações Strategy Operating and Financial Efficiency Sustainable Growth Social Responsibility 1 Highlights Recent Events Growth through secondary market -Acquisition

More information

JBS reports R$3.6 billion in EBITDA and net revenue of R$38.9 billion in 2Q15

JBS reports R$3.6 billion in EBITDA and net revenue of R$38.9 billion in 2Q15 JBS S.A. (BVM&FBOVESPA: JBSS3; OTCQX: JBSAY) São Paulo, August 13 th, 2015 JBS reports R$3.6 billion in EBITDA and net revenue of R$38.9 billion in JBS S.A. announces results for its second quarter 2015

More information

PROTOCOL AND JUSTIFICATION OF THE MERGER OF THE NET ASSETS OF THE COMPANIES NET RECIFE LTDA., HORIZONTE SUL COMUNICAÇÕES LTDA.

PROTOCOL AND JUSTIFICATION OF THE MERGER OF THE NET ASSETS OF THE COMPANIES NET RECIFE LTDA., HORIZONTE SUL COMUNICAÇÕES LTDA. PROTOCOL AND JUSTIFICATION OF THE MERGER OF THE NET ASSETS OF THE COMPANIES NET RECIFE LTDA., HORIZONTE SUL COMUNICAÇÕES LTDA. AND ESC 90 TELECOMUNICAÇÕES LTDA. By this private instrument, the parties

More information

How To Be Successful In Your Business

How To Be Successful In Your Business Institutional Presentation NOVEMBER / 2015 WHO WE ARE 2 WHO WE ARE TOTVS is a business solutions company founded and based in Brazil, with clients in 39 countries and 11 Development Centers located in

More information

BRAZILIAN TELECOMMUNICATIONS AGENCY

BRAZILIAN TELECOMMUNICATIONS AGENCY BRAZIIAN TCOUNICATIONS AGNCY FIX AN OBI SRVIC RGIONS RGION I RJ, S, G, A, RR, AP, PA, A, BA, S, PI, C, RN, PB, P, A. RGION II PR, SC, RS, GO, TO, S, T, RO, AC, F. RGION III SP UNICIPAITIS/POPUATION UNICIPAITIS

More information

Monster Worldwide, Inc. Q1 2014 Financial Highlights

Monster Worldwide, Inc. Q1 2014 Financial Highlights Monster Worldwide, Inc. Q1 2014 Financial Highlights May 1, 2014 Safe Harbor Statement The statements in this presentation that are not strictly historical, including without limitation statements regarding

More information

Conference call on 2014 half year results 13 August 2014

Conference call on 2014 half year results 13 August 2014 Conference call on 2014 half year results 13 August 2014 IMCD IMCD Group N.V. Disclaimer Forward looking statements This half year report contains forward looking statements. These statements are based

More information

How To Perform Well In The Second Quarter Of 2012

How To Perform Well In The Second Quarter Of 2012 2Q12 Earnings Conference Call August 15 th, 2012 GP Investments presents its private equity results excluding non-controlling interests to reflect the participation of GP Investments as a Limited Partner

More information

Energy Generation with Landfill Biogas

Energy Generation with Landfill Biogas Artigo publicado e apresentado no evento RIO 6 - World Climate & Energy Event, 17a 18 de novembro de 2006, Rio de Janeiro. Energy Generation with Landfill Biogas Coelho, Suani Teixeira 1 ; E-mail: suani@iee.usp.br

More information

BRAZIL MEANS BUSINESS. In spite of the world financial crisis, Brazil remains an appealing business destination.

BRAZIL MEANS BUSINESS. In spite of the world financial crisis, Brazil remains an appealing business destination. BRAZIL MEANS BUSINESS In spite of the world financial crisis, Brazil remains an appealing business destination. GDP compared Latin America (in trillions of US$) REGIONAL DISPARITIES % of total GDP (2008)

More information

Banco Bradesco S.A. Calendar of Corporate Events 2012

Banco Bradesco S.A. Calendar of Corporate Events 2012 Information on the Company Banco Bradesco S.A. Calendar of Corporate s 2012 Company Name Banco Bradesco S.A. Corporate Head Office Address Cidade de Deus, Vila Yara, Osasco, SP Internet Address www.bradesco.com.br

More information

COMPANHIA DISTRIBUIÇÃO S/A Calendar of Corporate Events - 2007. Information About the Company

COMPANHIA DISTRIBUIÇÃO S/A Calendar of Corporate Events - 2007. Information About the Company COMPANHIA DISTRIBUIÇÃO S/A Calendar of Corporate s - 2007 Information About the Company Name Head office address Web address Finance, Participations and Investor Relations Director Newspapers and other

More information

Your gateway to the Brazilian market

Your gateway to the Brazilian market Your gateway to the Brazilian market How to do Business in Brazil? A Brief Summary about the Ocean Economy Agenda Brazil Ocean Economy Oil & Gás Industry Shipbuilding Maritime Transportation Needs of Brazil

More information

Doing Business in. Rio Grande do Sul. April 2015

Doing Business in. Rio Grande do Sul. April 2015 Doing Business in Rio Grande do Sul April 2015 TOTAL GDP US$ 3,38 TRILLION VENEZUELA URUGUAY PARAGUAY ARGENTINA BRAZIL POPULATION 295 MILLION INHABITANTS Source: http://www.mercosur.int e Banco Mundial

More information

The Need for International Weather Data and Related Products at the U.S. Department of Agriculture. Presented to. CoCoRaHS

The Need for International Weather Data and Related Products at the U.S. Department of Agriculture. Presented to. CoCoRaHS The Need for International Weather Data and Related Products at the U.S. Department of Agriculture Presented to CoCoRaHS Weather Talk Webinar Series February 26, 2015 WASDE Report USDA Situation and Outlook

More information

PTTMetro - PTT.br The Brazilian Metropolitan IXP Project http://ptt.br/

PTTMetro - PTT.br The Brazilian Metropolitan IXP Project http://ptt.br/ PTTMetro - PTT.br The Brazilian Metropolitan IXP Project http://ptt.br/ LINX 78 21st August 2012 Eduardo Ascenço Reis Antonio Galvao de Rezende Filho PTT.br Engineering

More information

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS HELD ON MARCH 19, 2013

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS HELD ON MARCH 19, 2013 TOTVS S.A. National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF) No. 53.113.791/0001-22 State Registration Number (NIRE) 35.300.153.171 MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

More information

AGREEMENTS WITH THE SAME GROUP

AGREEMENTS WITH THE SAME GROUP TH COMPANY OF MATURITY OR INATION OR OF 01 NIX OF PROPRTY OWND VARJISTAS - TH CITY OF RCIF P, LOJA TH PARNT COMPANY 60 16,500.00 01/01/03 5 YARS 1/1/2003 TO 12/31/2007 SHOULD TH LSS NOT XPRSS OTHRWIS 90

More information

COMPANHIA DE SANEAMENTO DO PARANÁ - SANEPAR PUBLICLY-TRADED COMPANY CVM REGISTRATION NO. 01862-7 CNPJ/MF NO. 76.484.013/0001-45

COMPANHIA DE SANEAMENTO DO PARANÁ - SANEPAR PUBLICLY-TRADED COMPANY CVM REGISTRATION NO. 01862-7 CNPJ/MF NO. 76.484.013/0001-45 COMPANHIA DE SANEAMENTO DO PARANÁ - SANEPAR PUBLICLY-TRADED COMPANY CVM REGISTRATION NO. 01862-7 CNPJ/MF NO. 76.484.013/0001-45 MINUTES OF THE 1 st /2003 EXTRAORDINARY MEETING OF THE BOARD OF DIRECTORS

More information

B I N G O B I N G O. Hf Cd Na Nb Lr. I Fl Fr Mo Si. Ho Bi Ce Eu Ac. Md Co P Pa Tc. Uut Rh K N. Sb At Md H. Bh Cm H Bi Es. Mo Uus Lu P F.

B I N G O B I N G O. Hf Cd Na Nb Lr. I Fl Fr Mo Si. Ho Bi Ce Eu Ac. Md Co P Pa Tc. Uut Rh K N. Sb At Md H. Bh Cm H Bi Es. Mo Uus Lu P F. Hf Cd Na Nb Lr Ho Bi Ce u Ac I Fl Fr Mo i Md Co P Pa Tc Uut Rh K N Dy Cl N Am b At Md H Y Bh Cm H Bi s Mo Uus Lu P F Cu Ar Ag Mg K Thomas Jefferson National Accelerator Facility - Office of cience ducation

More information