26 08 2013 publi groupe hy1 2013

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0

PubliGroupePubliGroupe

Half-year results 2013Half-year results 2013Zurich, 26 August 2013Zurich, 26 August 2013

1

Presentation order

PART 1: HALF-YEAR RESULTS 2013

Arndt C. Groth Overview of 2013 half-year results & key developmentsCEO & segment results (MS, S&F, DMS)

Andreas Schmidt Key financials GroupCFO

PART 2: STRATEGY UPDATE MEDIA SALES

Arndt C. Groth IntroductionCEO

Alain D. Bandle Strategy updateCEO Publicitas

PART 3: OVERALL CONCLUSION

Arndt C. Groth Conclusion and outlookCEO

All Q&A

2

2

PubliGroupe to post half-year loss of CHF -9.5 million

PART 1: HALF-YEAR RESULTS 2013

Arndt C. Groth Andreas Schmidt

CEO PubliGroupe CFO PubliGroupe

3

Group overviewHalf-year results 2013

• PubliGroupe posted unsatisfactory half-year result for 2013

• Media Sales turnaround will take more time, investments planned to

leverage traditional strengths in media sales and processing

• Search & Find and DMS continued to strengthen their online mobile

businesses and increase their positions in their respective markets

• Strict cost management across Group on plan; to be upheld going forward

• Online revenue growth across the Group in all segments

• At the end of June 2013 1'732 FTE compared with 1'784 in June 2012

• Update planned on 27 November 2013 at Investors' Day

3

4

Overall revenue performanceHalf-year results 2013

Operating and Net Results, in millions of CHF

Net Revenue, in millions of CHF

-17%

-93%

+81%

152.3122.5

0

100

200

HY 2012 HY 2013

2.3

10.8

-9.9 -9.5-15

-10

-5

0

5

10

15

Operating result Net Result

HY 2012 HY 2013

-20%

• The net revenue decreased

substantially (2/3 of the decline

explained by the sale of namics)

• Drop in net result due to 3 elements:

- lower result of Media Sales

- shift of a large part of the profit of

the well performing Search & Find

segment in the second half-year

- absence of gains on disposal of

assets

• The non-operating result amounted to

CHF 1.2m versus CHF 15.4m in 2012

5

Business segment summaryHalf-year results 2013

Se

arc

h&

Fin

d

• Achieved costs reductions: OPEX down

CHF 6.9m (-9% vs. 1st HY 2012)

• Growth steps not materialised at

expected speed

Co

rpo

rate

&

oth

ers

DM

S

• Strong growth in online & mobile

• Decline due to shift of profits towards

2nd HY

• Development costs in young growth

enterprises

• Result also affected by sale of Namics in

June 2012

• Stronger FTE reduction vs. budget

• Press investment position positive but lower

in line with weakness of Swiss print market

Me

dia

Sa

les Operating result, in millions of CHF

-8.2

14.3

2.0

-6.5

-8.6

4.6

0.3

-6.2

-15

-10

-5

0

5

10

15

Media Sales Search &Find

Digital &MarketingServices

Corporate &Others

HY 2012 HY 2013

4

6

4.6 4.6 5.1

12.315.6

17.9

0.3

0.3

2.6

0

10

20

30

HY 2011 HY 2012 HY 2013

Media Sales Search & Find DMS

HY 2013 online performanceOnline revenue continues to gain in importance

• Online revenue grows across the

Group in all segments

• Overall online growth of 26%

• Media Sales online growth: 10%

• Continuing to focus growth initiatives

and investments on digital media

PG net revenues, in millions of CHF

+26%

Online revenues in the main associates of

PubliGroupe (not consolidated), in millions of CHF

% HY HYin millions of CHF 2013 2012

local.ch 100% 15% 39.4 34.2

zanox 100% 4% 226.3 218.5

7

Media SalesHalf-year results 2013



-14%74.3

67.1

0

20

40

60

80

HY 2012 HY 2013

-8.2

-5.5

-8.6 -9.0

-15

-10

-5

0

5


HY 2012 HY 2013

-10%• Growth initiatives & operational

improvements could not outweigh

stronger than expected revenue

decline

• Net loss higher than last year (2012

non-operating proceed of CHF 3.1m)

• Operating result on similar level than

last year’s

• At 30 June 2013 Media Sales had

1'030 FTEs worldwide (end of June

2012: 1'128 FTEs)

5

8

509448

Swiss print net ad volume, in millions of CHF

Swiss print marketDouble digit decline exceeded expectations

1. Excluding general interest, special and trade press

Source: WEMF Inseratestatistik 06/2013

• Perpetual and stronger than

expected Swiss print market

decline

• Print net ad volume excluding

magazines and special

publications declined ~ -12%

June YTD2012

June YTD2013

~ -12%1)

9

Search & FindHalf-year results 2013

-18%-14%

-3%



51.2 48.0

0

10

20

30

40

50

60

HY 2012 HY 2013

14.3

10.5

4.6 4.4

0

5

10

15

20


HY 2012 HY 2013

-6%

• White-page telephone books

(previously mainly published in 1st

half) and its yellow-page telephone

books into a new book format

• Decline in reported results mainly

due to shift towards 2nd half

• 66% of order intake with digital

products in 2013 so far

• At the end of June 2013, the

headcount in the business segment

Search & Find was 547 FTE, up 3%

against the same period last year

6

10

Uncontested #1 on mobile with 2.6m downloads of local app

Local.ch

Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia); Netmetrix Mobile iOS

(http://netreport.net-metrix.ch/mobile/)

Local.ch app download (m)

11

23% ahead of number 2 in overall mobile reach

Local.ch

Unique clients (k)

Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia); Netmetrix Mobile iOS

(http://netreport.net-metrix.ch/mobile/)

7

12

#1 internet page of Switzerland in terms of unique visitors (4.4m)

Local.ch

Source: Netmetrix

Unique visitors

13

20.7

3.5 2.72.3

0

10

20

30

HY 2012 HY 2013

other DMS namics Improve Digital

Digital & Marketing Services Half-year results 2013


DMS Net Revenue, in millions of CHF

-79%

• Segment results down due to

Namics sale

• At the operating level, lower results

due to developments costs in

growth enterprises (Spree7 &

Improve Digital)

• € 13.4m billings for Improve Digital

in 1st half 2013, + 22%

• Headcount (excluding Zanox) up

from 53 (June 2012) to 94 at June

2013 driven by the addition of

Improve Digital2.0

11.8

0.3 0.7

0

5

10

15


HY 2012 HY 2013

10.9namics

24.2

5.0

0.9

8

14

ZanoxHalf-year results 2013

Zanox EBITDA (100%), in millions of EUR

Zanox Net Revenue (100%), in millions of EUR

-1%

+5%

218.5226.3

0

100

200

300

HY 2012 HY 2013

10.4 9.8

0

5

10

15

HY 2012 HY 2013

+4%

• Revenue growth despite competitive

landscape in affiliate domain

• Confirmation of top position in

Europe; international expansion

continues

• New CEO Thomas Joosten to

develop new growth segments in

the performance advertising market

• Generally, 2nd half of year stronger

due to Christmas shopping season

15

Key financials Group

Andreas Schmidt

CFO PubliGroupe

9

16

P&L GroupGross Profit decline not fully compensated by cost reduction

* Billings represent the gross amounts billed to clients (including the value of ad space)

1st half year 1st half yearin millions of CHF 2013 2012

Billings * -11% 518.9 582.6

Net revenue -20% 122.5 152.3

Purchases 42% -9.9 -7.0

Gross profit -23% 112.6 145.3

Operating Expenses -15% -131.1 -153.7

Depr. & Amort. 1% -2.4 -2.4

Share in associates -16% 11.0 13.1

Operating result - -9.9 2.3

Financial result -79% -0.6 -2.8

Ordinary result - -10.5 -0.5

Non-operating result -92% 1.2 15.4

Income taxes -71% -0.5 -1.7

Minority interests - 0.3 -2.4

Net Result - -9.5 10.8

Headcount (FTE) -52 1'732 1'784

17

Non-operating resultPositive non-operating result, but no gains on disposal of assets

1st half year 1st half year

in millions of CHF 2013 2012

Gain on Namics sale 10.3

Gain on SOP sale 3.1

Real Estate income 1.8 2.7

Ordinary offices charges for investment properties -0.1 -0.1

Real Estate depreciation (investment properties) -0.5 -0.6

Non-operating result 1.2 15.4

10

18

Operating result by segmentAll operating segments below past year



Media Sales -8.6 -8.2

Search & Find 4.6 14.3

Digital & Marketing Services 0.3 2.0

Corporate & Others -6.2 -6.5

Eliminations Group - 0.7

Operating result -9.9 2.3

19

Headcount by segmentHeadcount reduction in Media Sales and HQ Corporate continues

End June End June

FTE 2013 2012

Media Sales 1'030 1'128

Search & Find 547 530

Digital & Marketing Services 94 53

Corporate & Others 61 73

Total Headcount 1'732 1'784

11

20

Financial ResultSlightly negative but improvement versus last year



Interest income 0.5 0.1

Income from marketable securities and investments 0.6 0.7

Financial income 1.1 0.8

Interest expenses -0.8 -0.7

Loss on marketable securities and investments -0.8 -1.7

Net currency exchange differences 0.0 -1.2

Financial expenses -1.6 -3.6

Net financial Result -0.6 -2.8

21

Cash flow statementHigh negative financing flow due to returns to shareholders



Cash and cash equivalents as of 1 January 162.2 109.3

Cash flows from operating activities -3.5 2.6

Cash flows from investing activities -3.5 4.9

Cash flows from financing activities -52.8 -21.2

Effect of exchange rates on cash and cash equivalents 0.5 -

Cash and cash equivalents as of 30 June 102.9 95.6

12

22

Group balance sheet Drop of equity due to share buy-back, dividends and 1st semester loss

as of 30 June as of 31 December

2013 2012

in millions of CHF

Current assets 331.8 379.2

Non-current assets 146.3 153.0

Total assets 478.1 532.2

Current liabilities 263.1 250.9

Non-current liabilities 71.4 72.6

Equity, shareholders of PubliGroupe Ltd 137.3 195.6

Minority interests 6.3 13.1

Total liabilities and equity 478.1 532.2

Equity in % of assets 29% 37%

23

Automation and broaden media portfolio

PART 2: STRATEGY UPDATE MEDIA SALES

Arndt C. Groth Alain D. Bandle

CEO PubliGroupe CEO Publicitas

13

24

Repositioning of Media Sales will need more timeAutomated marketplace and optimisation of Media Sales

• Portfolio and automation approach across media categories as presented

during Investors' Day 2012 remain key strategic pillars

• New leadership needed for more profound transformation

• Experienced turnaround manager Alain D. Bandle appointed in March 2013

Publicitas| August 2013 | 25

Alain D. Bandle, CEO | Zurich | August 26, 2013

Publicitas Strategy update

14


Publicitas

Historically thriving on strong advertising and global network

fundamentals…

Highlights

• Number 1 marketer

• Historic track record as marketer for 123 years

• Unique partner for advertisers, agencies and

media owners, offering a wide media portfolio

with over 7,000 products

• International footprint with local offices in more

than 20 countries including emerging markets,

access to media in more than 100 countries

Operations with local offices Operations only

Number 1 marketer …

…with an international footprint

Billings 2012 in Mio. CHF

1) Annual Report 2012: Net Sales

2) Annual Report 2012: Operating Revenue

Sources: Company Information, Publicitas

895

445

322

Publicitas Goldbach Publisuisse1 2


1

2

3

4

Declining print ad market

Shifts between media types and owners

Increasing automation

• Pressure on current full service business model

• Commission levels and total addressable volume

in digital are too low

• Limited media portfolio available for advertisers

and agencies

• International growth potential limited with current

go-to-market approach

Resulting in Publicitas core issues

Trends

Publicitas

…but market changes continue to challenge Publicitas’ business

model

Pressure on sales commissions

15


Publicitas

Findings on status quo at Publicitas…

• Delayed adaption and development of

concepts to face market changes

• High organizational complexity, lack of

accountability and execution weaknesses

• Unprofitable business despite reasonable

gross margins - due to a lack of

automation and high operational cost

• Employees with strong commitment and

high willingness to perform

• Unique sales network with unparalleled

advertising client base and media handling

capabilities

• Unique relationship base with media

partners across Switzerland and

International

• Migration to new IT platform reducing cost

and enhancing efficiency already ongoing

+ -


Publicitas

…and answers to the market challenges and issues resting on four

strategic pillars

Full Automation Full Portfolio Variabilization Focus

Become efficient

and cost leader in

marketing

advertising space

Offer the most

relevant media

portfolio to

advertisers

“Flexed” cost

base to address

contract gains or

losses

Focus on core

activities

A B C D

16


Transactions

Domestic media owners

“Regie” /

“Eigenregie”

Underlying technology technologyDomestic

campaigns

National

advertisers

SMEs

Newspapers

Cle

ari

ng

/ P

rocessin

g

(part

ly m

anually

today, auto

mate

d g

oin

g f

orw

ard

)

Large and medium-size

media owners

Long tail

ClientsServicing of clients

Automatedmarketplace

ClearingSourcing of inventory

Agencies

Pan-regional campaigns

Outbound campaigns

Automated direct booking via front-end

Services

� Analytics

� Planning

� Reporting

Digital & Mobile

Classifieds

Magazines

Cinema

OOH

TV & Radio

International premium media owners

Exclusive

representation

Pers

on

al sell

ing

International

advertisers

Agencies

International

advertisers

Manual booking

(no focus

activity)

Individuals

Ad Factory

Future business model

Publicitas is developing its existing systems into a fully

automated platform for media booking

Performance Marketing


Full automation

An integrated web front-end based on Improve Digital and

Mediaspectrum is core for the automated marketplace

CRMDedicated front-end tools for

client segments

Automated Marketplace

Improve Digital

Automated sales support and reporting

Self-service web front-ends

Mediaspectrum

Order to print media

Analytics Reporting

Order to online media

Real time bidding

Real time inventory

Agency/National

SME/Individuals

La

nd

ing

Pa

ge

….

Clearing and processing

ERP

Mediaspectrum

A

17


Full portfolio

Complementation of media inventory and modular pricing

Leverage existing

assets

Extend portfolio

Set up modular

pricing

• Focus on increase of digital, mobile, OHH

and TV inventory marketed by Publicitas

• Complementation of portfolio

• Set up of transparent and modular pricing

fostering standardization and automation

• Price per module decreases as publisher

purchases increasing number of modules

Modular

pricing enabling

attractive offers at

reasonably profitable

conditions

• Strength in marketing newspapers and

magazines (>3700 titles and combinations)

and cinema (>300 screens) to be kept

• Good publisher relationships groundwork to

aggregate more relevant media inventory

B


Full portfolio

Matrix organisation to ensure effective portfolio sales approach

and successful management of different media types

B

D-CH Ticino W-CH

Media Mgmt.

Media & Product Mgmt.

Sales CH

Europe APAC AmericasPricing &

Contracts Mgmt.Research

Port

folio a

ppro

ach

Port

folio a

ppro

ach

Port

folio a

ppro

ach

Newspapers

Magazines

Classifieds

Digital & Mobile

Performance Marketing

Cinema

OOH

TV & Radio

International

Automated marketplace

Port

folio a

ppro

ach

Port

folio a

ppro

ach

Port

folio a

ppro

ach

Port

folio a

ppro

ach

Port

folio a

ppro

ach

National

Port

folio a

ppro

ach

18


Variabilization

Automated processing, modular pricing and flexing of cost for

local offices enable Publicitas to mirror market developments

Automated

processing

Modular pricing

Flexing of cost for

local offices

• Pricing structure to reflect actual value-add

for customers

• Pricing will consist of fixed per transaction

price and volume-based component and will

incentivize standardization and automation

• Headcount reduction of up to 115 FTE in 2013

Synergies by centralisation of processing and

corporate services

• Mediaspectrum and Improve Digital allowing

for highly automated and more cost efficient

media sales

• Set up of self-service web front-end to lower

cost for sales and booking

Variabilization of

cost

• BPO contract with xentive / Mediaspectrum to

variabilize cost structure

• Variablization to lead to significant IT and

processing cost reduction

xentive

Publicitas

BPO contract(Mediaspectrum

software solution)

BPO Contract

1

1) Ownership: 49% PubliGroupe, 51% Mediaspectrum (pending Comco approval)

C


Focus

International strategy: From “everything everywhere” to a

focused strategy

D

The strategy:

� Market pan-regional audiences to advertisers

� Fully exploit market potential in (pan-)Asian outbound advertising across all media types and focus on operational excellence

� Systematically pursue opportunity to tap into domestic advertising markets

The strategy:

� Continue the turn around based on new management and Globe & Mail contract

� Develop expansion strategy for Latin America

� Extend pan-regional business

The strategy:

� Aggregation and marketing of a European audience - based on two core activities:

− Sourcing and aggregation of the most relevant inventory across all types of media

− Selling audiences to pan-regional advertisers

� Broaden current media portfolio by including other media types

Europe

APAC

Americas

19


Focus

Publicitas has adjusted its organisational structure to the new

strategy WORK IN PROGRESS

D

CEOA. D. Bandle

National Sales

Sales German-speaking Switzerland

Sales Switzerlandvacant

Sales Romandie

Sales Ticino

Technologyvacant

Media ManagementM. Cavaliere

Finance & ControllingR. Petrikowski

Corporate ServicesA. D. Bandle

InternationalJ. Braun

Engineering

Processing

IT

Pricing & Contract Management

Media & Product Management

Performance Marketing1)

Research

Accounting

Controlling & MIS

Finance International

Corporate Development

Human Resources

Corporate Communications

Legal

Europe

APAC

North America

Latin America

1) Instanz


on track

Financial figures 2013

Planned cost measures on track, but higher market decline and

delay in growth initiatives lead to a negative result in 2013

Half year operating result June 2013 -8.6m

in m CHF

Delay in growth initiatives and non-materialized customer and portfolio expansion

~ -3.5 m

Planned cost measures driven by rightsizing

Higher market decline in Switzerland & Europe ~ -4 m

Restructuring expenses ~ -1 m

20


FTE development based on the strategy

Reducing organizational complexity, flexibilization of cost

structure and focus on core activities

191210

225

-245

Q1 2014e

785

445

7045

1.030

HY 2013

108

669

Closing 2012

1.066

716

117

4243

Switzerland

EMEA

Americas

APAC

FTE actual and outlook

• Rightsizing of organization in

Switzerland (100 FTE) & Europe

(40FTE) with a total of 140 FTE

• Year end 2013 will be effected by sale

of majority of xentive and contract

termination by a total of 125 FTE

• Developing business in Asia and India

• 2015 is effected by termination of

exclusive contract with NZZ

Mediengruppe

Rightsizing of organisation


Publicitas

First results underlying feasibility of new approach

Full Automation Full Portfolio Variabilization Focus

• Mediaspectrum for

highly automated

processing to go live

in the beginning of

2014

• 75% of ad4max GEO

revenue generated

by sales network

• All media sales of

Financial Times in

South East Asia as

of Sep 2013

• Carve out and

partial sales of

xentive to be

completed EoY 2013

• BPO with xentive to

variabilize and

reduce IT and

processing costs

• Commitment of NZZ

and Le Temps to

process booking via

booking machine of

Mediaspectrum

• Clear responsibility

and ownership

assigned

A B C D

21


Publicitas AG

Mürtschenstrasse 39

PO Box

CH-8010 Zürich

www.publicitas.ch

Alain D. Bandle

Chief Executive Officer

T +41 44 250 35 17, M +41 79 211 73 19

[email protected]

41

Conclusion & Outlookby the CEO

PART 3: OVERALL CONCLUSION

Arndt C. Groth

CEO PubliGroupe

22

42

Conclusion and outlookHalf-year results 2013

• Unsatisfactory half-year result 2013

• Repositioning of Publicitas will require more time and investment

• Media Sales to develop new fully automated market place offering booking

services for a broad range of media

• Search & Find and DMS will continue strengthening their online mobile

businesses and increasing strong positions in their respective markets

• Strict cost management across Group on plan; to be upheld going forward

• Strengthening our marketing service portfolio with further investments

• For the full year 2013, PubliGroupe expects an overall operating result around

break-even with a negative net result in the order of the first half 2013

• Next update at Investors' Day on 27 Nov 2013

43

Backup Slides

23

44

Consolidated income statement Backup

* Billings represent the gross amounts billed to clients (including the value of ad space)



Billings * 518.9 582.6

Net revenue 122.5 152.3

Purchases -9.9 -7.0

Gross profit 112.6 145.3

Personnel expenses -95.6 -115.6

General and administrative expenses -36.8 -39.2

Depreciation of tangible assets -1.2 -1.9

Amortisation of intangible assets -1.2 -0.5

Other operating income 1.5 1.4

Other operating expenses -0.2 -0.3

Share in result of associates 11.0 13.1

Operating result -9.9 2.3

Financial result -0.6 -2.8

Ordinary result -10.5 -0.5

Non-operating result 1.2 15.4

Result before income taxes and minority interests -9.3 14.9

Income taxes -0.5 -1.7

Result before minority interests -9.8 13.2

Minority interests 0.3 -2.4

Result attributable to shareholders of PubliGroupe Ltd -9.5 10.8

Earnings per share (in CHF) -4.3 4.6

45

Consolidated balance sheetAssets

Backup

as of 30 June as of 31 December2013 2012

in millions of CHF

Cash and cash equivalents 102.9 162.2

Marketable securities 12.5 12.9

Trade receivables 160.6 167.4

Other receivables 23.2 20.9

Accrued income and prepaid expenses 32.6 15.8

Current assets 331.8 379.2

Investment properties 33.1 34.0

Owner-occupied properties 0.6 0.1

Equipment 6.2 7.0

Intangible assets 7.6 5.0

Investments in associates 69.4 79.3

Financial assets 25.6 25.3

Deferred tax assets 3.8 2.3

Non-current assets 146.3 153.0

Total assets 478.1 532.2

24

46

Consolidated balance sheetLiabilities and equity

Backup

as of 30 June as of 31 December2013 2012

in millions of CHF

Current debts 2.0 0.9

Trade payables 144.3 122.2

Other payables 25.4 29.3

Accrued expenses and deferred income 87.6 89.5

Current provisions 3.8 9.0

Current liabilities 263.1 250.9

Non-current debts 40.0 40.3

Share in negative equity of associates 19.6 22.8

Deferred tax liabilities 4.0 2.2

Non-current provisions 7.8 7.3

Non-current liabilities 71.4 72.6

Total liabilities 334.5 323.5

Share capital PubliGroupe Ltd 2.5 2.5

Treasury shares -60.0 -35.0

Capital reserves -0.3 -0.3

Retained earnings 195.1 228.4

Equity, shareholders of PubliGroupe Ltd 137.3 195.6

Minority interests 6.3 13.1

Total equity 143.6 208.7

Total liabilities and equity 478.1 532.2

47

Cash flows from operating activities Backup



Result before minority interests -9.8 13.2

Share in result of associates -11.0 -13.1

Depreciation and amortisation (incl. non-operating) 2.8 3.0

Changes in provisions (incl. deferred income taxes) -4.7 -2.3

Gain/loss on disposals of fixed assets 0.1 -0.1

Gain/loss on disposals of subsidiaries and associates - -13.4

Adjustments for other non-cash items 0.6 5.2

Dividends received 16.3 16.7

Interest received 0.4 0.2

Interest paid -0.8 -0.7

Taxes paid -4.5 -2.3

Changes in trade receivables 6.6 22.6

Changes in other receivables, accrued income and prepaid expenses -19.9 -16.4

Changes in trade payables 21.7 -6.2

Changes in other payables, accrued expenses and deferred income -1.3 -3.8

Cash flows from operating activities -3.5 2.6

25

48

Cash flows from investing activities Backup



Acquisitions of tangible assets -0.6 -2.1

Disposals of tangible assets - 0.2

Acquisitions of intangible assets -3.6 -0.3

Acquisitions of subsidiaries, net of cash acquired -0.2 -0.2

Disposals of subsidiaries, net of cash disposed of 0.2 6.9

Disposals of associates - 3.7

Investments in financial assets - -3.3

Divestments of financial assets 0.7 -

Cash flows from investing activities -3.5 4.9

49

Cash flows from financing activities Backup



Increase in bank debts 1.5 -

Repayment of bank debts -0.3 -

Repayment of non-current debt -0.3 -0.1

Purchase of treasury shares -25.2 -1.3

Sale of treasury shares - 1.1

Increase in capital reserves - 0.1

Decrease in capital reserves - -5.2

Dividend paid to shareholders of PubliGroupe Ltd -22.1 -8.9

Dividends paid to minority interests by Group companies -6.4 -6.9

Cash flows from financing activities -52.8 -21.2

26 08 2013 publi groupe hy1 2013

Investor Relations