institutional presentation 2014
TRANSCRIPT
Institutional PresentationInstitutional Presentation 2014
2/31Investor Relations | 2014 |
Profile and History
Pine
History
Business Strategy
Competitive Landscape
Focus Always on the Client
Corporate Credit
FICC
Pine Investimentos
Highlights and Results
Corporate Governance
Organizational Structure
Corporate Governance
Committees
Social Investment and Responsibility
Summary
Profile and History
4/31Investor Relations | 2014 |
PineSpecialized in providing financial solutions for corporate clients…
Credit Portfolio by Annual Client Revenues
Profile
Focused on establishing long-term relationships
Profound knowledge and product penetration
Business is structured along three primary business lines:
• Corporate Credit: credit and financing products
• FICC: instruments for hedging and risk management
• Pine Investimentos: Capital Markets, Financial Advisory, Project & Structured Finance and Research
December 30th, 2014
Over R$2 billion41%
R$500 million to R$2 billion
35%
R$250 million to R$500 million
12%
Up to R$250 million12%
5/31Investor Relations | 2014 |
...with extensive knowledge of Brazil’s corporate credit cycle.
History
1997Noberto and
Nelson Pinheiro sell their stake in BMC and found
Pine
1939Pinheiro Family
foundsBanco Central do
Nordeste
1975Noberto Pinheiro becomes one of
BMC’s controlling shareholders
Devaluationof the real
Nasdaq Sept. 11 Brazilian Elections
(Lula)
SubprimeAsian Crisis
Russian Crisis
European Community
End of 2007Focus on expanding the Corporate Banking franchise
Discontinuation of the payroll-deductible loan business
May, 2007Creation of Pine Investimentos products line and
opening of the Cayman branch
2005Noberto Pinheiro becomes Pine’s sole
shareholder
October, 2007Beginning of the FICC Business
October, 2011Subscription of Pine’s capital by DEG
August, 2012 Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
November, 2012Opening of the broker dealer in New York, Pine Securities USA LLC
March, 2007IPO
May, 201417
years
155 184 222 341 521 620 755 663 761 1,214
2,854 3,108
4,195
5,763
6,963
7,911
9,920 9,826
18 62
121 126 140 136 152 171 209
335
801 827 825
867
1,015
1,220 1,272 1,256
Dec
-97
Dec
-98
Dec
-99
Dec
-00
Dec
-01
Dec
-02
Dec
-03
Dec
-04
Dec
-05
Dec
-06
Dec
-07
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Dec
-12
Dec
-13
Dec
-14
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)
Business Strategy
7/31Investor Relations | 2014 |
Competitive LandscapePine serves a niche market of companies with few options for banks.
100% focused on providing complete service to companies, offering
customized products
Corporate & SME
SME & Retail
Retail
100% Corporate
Large Multi-Services banks
Market
Consolidation of the banking sector has decreased the supply of credit lines and financial instruments for corporate
Foreign banks are in a deleveraging process
PINE
Full service Bank – Credit, Hedging, and Investment Bank products – with room for growth
~15 clients per officer
Competitive Advantages: Focus Fast response: Strong relationship with
clients, with the credit committee meeting twice a week and response times to clients of no more than one week
Specialized services Tailor-made solutions Product diversity
Foreign and Investment
Banks
8/31Investor Relations | 2014 |
Focus Always on the ClientStrategy of product diversity, tailored to meet the needs of each individual client.
Working Capit
CDIs
BankGuarantees
Exclusive Funds
Portfolio Management
Swap NDFsStructured Swaps
BNDESOnlending
BankGuarantees
Compror
ACC/ACE
ExportFinance
Finimp
LettersofCredit
2,770 onlending
OverdraftAccounts
SyndicatedandStructuredLoans
Fixed Income
Currencies
Commodities
Equities
CDBs
CDs
RDBs
LCAs
LCIs
DebenturesCRIs
CCBs
Eurobonds
PrivatePlacements
Financial Letters
Clients
Treasury
CorporateCredit
FICC
PineInvestimentos
Distribution
Capital Markets
Financial Advisory
Local Currency
Foreign Currency
FixedIncome Currencies
Commodities
Pricing of Assets and Liabilities
LiquidityManagement
Trading
Local Currency
Onlending
Foreign Currency
Trade FinanceParticipation
Funds
Options
Working CapitalUnderwriting
Corporate & Structured
Finance
M&A
ProjectFinance
StructuredFinance
Private Credit Funds
Real Estate Funds
Rural Credits
AircraftFinancing
Investment Management
In additionto the
headquarterslocatedin the
city ofSão Paulo, Pine has11
branchesthroughoutBrazil, in
theStates ofCeará, Mato
Grosso, Minas Gerais, Paraná,
Pernambuco, Rio de Janeiro,
Rio Grande do Sul, and
São Paulo. The origination
network also counts with a
Cayman Branch and a broker
dealerin New York (USA).
9/31Investor Relations | 2014 |
Corporate Credit
Actions Credit Committee
Strong track record and solid credit origination and approval process.
Credit Approval: Electronic Process
Origination Officers
Credit origination Credit analysis, visit to clients, data updates, interaction with
internal research team
Credit AnalystsRegional Heads of
Origination and Credit Analysis
Presentation to the Credit Committee
CRO, Executive Directors and
Analysts of Credit
Centralized and unanimous decision making process
CREDIT COMMITTEE
Meets once a week – reviewing 20 proposals on average
Minimum quorum: 4 members - attendance of CEO or Chairman is mandatory
Members:Chairman of the BoardCEOChief Operating OfficerChief Administrative OfficerChief Risk Officer
Participants:FICC Executive Director Credit Analysts TeamOther members of the Corporate Banking origination team
Personalized and agile service, working closely with clients and keeping a low client to account officer ratio: each officer handles ~15 economic groups
Geographic coverage of clients, providing the bank with local and extremely up-to-date credit intelligence and information
Established long term relationships with more than 600 economic groups
Origination network is comprised of 11 branches divided into 14 origination platforms in Brazil’s major economic centers
25 credit analysts, assuring that analysis is fundamentally driven and based on industry-specific intelligence
Efficient loan and collateral processes, documentation, and controls, which has resulted in a low NPL track record
Discussion on sizing, collateral, structure etc.
10/31Investor Relations | 2014 |
December 30th, 2014
Scenario on December 30th:
Duration: 154 days
Mark-to-Market: R$221 million
Efficient capital allocation with reference equity required of only R$35 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM : (R$365 million)
R$ million
FICCProven trackrecord: 2nd in commodity derivatives1.
Client Notional Derivatives by Market
Market Segments
Notional Value and MtM
Portfolio Profile
1Fonte: Reporte Cetip, December 2014
FixedIncome: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,Australian Dollar
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,Cotton, Metals, Energy
11,148 11,268 14,382 8,376 7,703
327
482
354 288 221
(310)(243)
(532)
(47)
(365)
Dec-13 Mar-14 J un-14 Sept-14 Dec-14
Notional Amount
MtM
Stressed MtM
Commodities15%
Fixed Income8%
Currencies77%
11/31Investor Relations | 2014 |
R$ million
Pine Investimentos
Volume of Underwriting Transactions
Selected Transactions
Capital Markets: Structuring and Distribution of
Fixed Income Transactions.
Financial Advisory: Project & Structured Finance,
M&A, and hybrid capital transactions.
Research: Macro, Commodities, and Corporate.
1,040
2,073
1,294
1,973
506
2012 2013 2014Local Market International Market
1,800
1,040
4,046August, 2014
Export Prepayment Finance
Structuring Agent
August, 2014
Long Term Loan
Financial Advisor
US$58,000,000R$25,000,000
R$391,459,000
July, 2014
Project Finance
Financial Advisor
R$459,300,000
June, 2014
M&A
Advisor
R$75,000,000
March, 2014
CRI (ICVM 476)
Lead Cordinator
September, 2014
Debentures
R$50,000,000
Lead Coordinator
R$40,000,000
December, 2014
Lead Cordinator
CCB
R$45,200,000
November, 2014
Debentures
Lead Coordinator
December, 2014
BNDES Onlending
R$630,000,000
Coordinator
Highlights and Results
13/31Investor Relations | 2014 |
2014 Events and Highlights
1.Liquid balance sheet, with cash position of R$1.6 billion, equivalent to 48% of time deposits.
2.Expansion in the positive liquidity gap over the past years, with 12 months for credit versus 16 months for funding.
3.Diversified revenues with positive contributions from all business lines: 74.4% from Corporate Credit, 19.4% from
FICC, 3.3% from Pine Investimentos and 2.9% from Treasury.
4.Active and constant liability management with a reduction in the average cost of funding of 3.6 p.p. of the CDI rate in
the past 12 months.
5. Increase of 0.5 p.p. in the Tier I BIS ratio over 2014 reaching 13.9% of total capital, representing 26.4% higher than
the minimum required by the Brazilian Central Bank.
6.Execution of two transactions of the Pine-DEG partnership, totaling US$43 million in 2014.
7.16th largest bank in derivative transactions and the 2nd largest in commodity derivatives segment according to CETIP
– OTC Clearing House.
14/31Investor Relations | 2014 |
4.8% 4.3%
2013 2014
NIM Evolution
-0.5 p.p.
162 97
2013 2014
Net Income
-40.1%
9,930 9,826
Dec-13 Dec-14
Total Loan Portfolio'
-1.0%
8,383 8,500
Dec-13 Dec-14
Total Funding
+1.4%
2014 Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
The main performance indicators were within expectations in the period...
1,272 1,256
Dec-13 Dec-14
Shareholders' Equity
-1.3%
13.0%
7.6%
2013 2014
ROAE
-5.4 p.p.
15/31Investor Relations | 2014 |
2.8 3.0
2.8
Dec-12 Dec-13 Dec-14
39% 38% 40%
61% 62% 60%
Dec-12 Dec-13 Dec-14
1 Product More than 1 product
Corporate Credit62.9%
FICC27.9%
Pine Investimentos
5.5%
Treasury3.7%
2013
Corporate Credit74.4%
FICC19.4%
Pine Investimentos
3.3%
Treasury2.9%
2014
Product and Revenue Diversification... with contributions from all business lines.
Clients with more than one product Penetration Ratio – Clients with more than one product
Revenue Mix
16/31Investor Relations | 2014 |
4.5% 4.2%
3Q14 4Q14
-0.3 p.p.
Net Interest Margin
Recurring1 - NIM Evolution Impacts in Period
NIM Breakdown
NIM in line with guidance.
1Considers the liabilities hedge effect
Lower flow of transactions in the FICC business.
Average cash position 7.5% higher than the 3Q14
position
Mark to market of private securities that compose the
expanded loan portfolio.
R$ million
4Q14 3Q14 4Q13 2014 2013
Recurring Financial Margin
Income from financial intermediation 83 92 90 380 390
Overhedge effect 10 4 3 9 6
Liabilities hedge effect 1 5 - (0) -
Recurring Income from financial intermediation 94 101 93 389 396
17/31Investor Relations | 2014 |
R$ million
4Q14 3Q14 4Q13 2014 2013
Operating expenses1 52 49 56 198 203
(-) Non-recurring expenses (3) (4) (1) (12) (6)
Recurring Operating Expenses (A) 49 45 55 186 197
Recurring Revenues2 (B) 116 127 118 481 513
Recurring Efficiency Ratio (A/B) 42.2% 35.4% 46.6% 38.7% 38.4%
1 Other administrative expenses + tax expenses + personnel expenses2 Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect - hedge impact
Considers the reclassification of FIDC expenses pursuant to Circular Letter number 3,658 from Central Bank.
Expenses and Efficiency Ratio
Expenses
Efficiency Ratio
Cost control, better than the guidance range.
25 242725
22 22
46.6%35.4%
42.2%
- 1 0 0 . 0 %
- 8 0 . 0 %
- 6 0 . 0 %
- 4 0 . 0 %
- 2 0 . 0 %
0 . 0 %
2 0 . 0 %
4 0 . 0 %
6 0 . 0 %
0
5
1 0
1 5
2 0
2 5
3 0
3 5
4 0
4 5
5 0
4Q13 3Q14 4Q14
929795
90
38.4% 38.7%
- 1 0 0 . 0 %
- 8 0 . 0 %
- 6 0 . 0 %
- 4 0 . 0 %
- 2 0 . 0 %
0 . 0 %
2 0 . 0 %
4 0 . 0 %
6 0 . 0 %
0
2 0
4 0
6 0
8 0
1 0 0
1 2 0
1 4 0
2013 2014
Personnel Expenses
Other administrative expenses
Recurring Efficiency Ratio (%)
18/31Investor Relations | 2014 |
4,200 4,236 4,284 4,509 5,050 5,092 4,904 4,731 4,730
853 826 844 990
1,068 1,103 1,071 1,248 1,302
2,114 2,501
2,807
3,073
2,909 2,905 2,941 2,896 2,969 781
842
1,059
965
903 989 1,116 924 826
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14
Trade finance: 8.4%
Bank Guarantees: 30.2%
BNDES Onlending: 13.3%
Working Capital: 48.1%
7,9488,405
8,994
9,5379,930
10,090 10,0329,800 9,826
-1.0%
+0.3%
1 Includes Stand by LC2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
R$ million
Loan PortfolioThe portfolio ended the period at R$9.8 billion...
19/31Investor Relations | 2014 |
40%40%39%42%
6%5%5%5%8%9%7%
8%10%9%13%8%
10%9%9%8%
12%14%12%9%
14%14%15%20%
Dec-14Dec-13Dec-12Mar-12
Sugar and EthanolConstruction
Agriculture
Energy
Infrastructure
Transportation and LogisticsOthers
Sugar and Ethanol14%
Construction12%
Agriculture10%
Electric and Renewable Energy
10%Infrastructure8%
Transportation and Logistics
6%
Telecom4%
Chemicals4%
Vehicles and Parts4%
Specialized Services
3%
Foreign Trade3%
Metallurgy3%
Meatpacking3%
Retail2%
Food Industry2%
Construction Material
1%
Other11%
Dec-14
Continuous Loan Portfolio Management
Sectors Rebalance
...with increased sector diversification...
The composition of the portfolio of the 20th largest clients changed by over 25% in the past twelve months;
The total portfolio share of the 20th largest clients remained below 25%, in line with market peers.
20/31Investor Relations | 2014 |
Working Capital60%
Trade Finance
23%
Onlending16%
Guarantees1%
MT47%
SP31%
PR9% BA
5%NE3%
GO2% RS
2%
MG1%
Working Capital45%
Guarantees40%
Onlending12%
Trade Finance
3%
Working Capital79%
Guarantees21%
Residential Lots38%
Residential38%
Warehouse15%
Mall6%
Commercial3%
Main SectorsSugar and Ethanol | Agriculture| Construction
Sugar and Ethanol Agriculture
Construction
Exposure by State Exposure by Product Exposure by State Exposure by Product
Exposure by Segment Exposure by Product
SP77%
MG15%
PR5%
MS3%
GO1%
21/31Investor Relations | 2014 |
Working Capital85%
Guarantees11%
BNDES Onlending
4%
Concession33%
Transportation29%
Industrial27%
Oil and Gas7%
Energy4%
Guarantees72%
Working Capital19%
BNDES Onlending
9%
Wind Energy68%Transmitting
11%
Equipment Supplier
8%
Distributors7%
SHPs UHEs3%
UTE2%
Trader1%
Main SectorsEnergy and Infrastructure
Energy Infrastructure
Exposure by Segment Exposure by Segment
Exposure by Product
Exposure by Product
22/31Investor Relations | 2014 |
1.2% 1.2% 1.1%
0.7%
0.1%
0.7%
0.3% 0.3%
1.1%
Dec-12 Mar-13 J un-13 Sep-13 Dec-13 Mar-14 J un-14 Sep-14 Dec-14
5.8%
4.2%5.0%
2.9%2.1%
2.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%
10.0%
Dec-13 Sept-14 Dec-14
D-H Portfolio Coverage of Total Portfolio
AA-A42.7%
B35.2%
C17.1%
D-E2.6%
F-H2.4%
December 30th, 2014
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit.
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,6822Covegare of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
Loan Portfolio Quality95% of loan portfolio classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Credit Coverage
Non Performing Loans > 90 days (Total Contract)
Collaterals
Products Pledge42%
Receivables18%
Properties Pledge37%
Investments3%
23/31Investor Relations | 2014 |
R$ million
+1.4%
FundingDiversified sources of funding...
58%
50%
42%
44%
41%
39%
41%
35%
48%
Cash over Deposits
-1.6%
2,167 2,087 2,185 1,944 2,175 2,314 2,271 1,905 1,720
1,174 972 1,013
1,048 1,112 1,022
761 731
545
224 225 254 372
475 659 908
920 1,122
121 110 110 93
90 76 80
98 69
30 126 19 20
23 27 41
30 27 903
859 862 1,099 1,141
1,174 1,086 1,292
1,333
277 154 286
649
632 582 594 709
635 624 642
689
762
792 833
508 892 747 409
402 435
437
459 434
427 323
347 152
78 80
69
113 364
346 388
687
173
171 181
429
500
478
473 531 430
808
762 997
973
871
834 1,064
819 839
7,0626,589
7,111
7,8948,383
8,7978,559 8,638 8,500
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14
Trade Finance: 9.9%
Private Placements: 5.1%
Multilateral Lines: 8.1%
International Capital Markets: 4.1%
Financial Letter : 8.8%
Local Capital Markets: 7.5%
Onlending: 15.7%
Demand Deposits: 0.3%
Interbank Time Deposits: 0.8%
High Net Worth Individual Time Deposits: 13.2%
Corporate Time Deposits: 6.4%
Institutional Time Deposits: 20.2%
24/31Investor Relations | 2014 |
46% 47% 47% 43% 41%
54% 53% 53% 57% 59%
Dec-13 Mar-14 J un-14 Sept-14 Dec-14
Total Deposits Others
83% 82% 83%80% 80%
Dec-13 Mar-14 Jun-14 Sept-14 Dec-14
7.8x 7.9x 7.9x 7.7x 7.8x
5.5x 5.6x 5.6x 5.4x 5.4x
-
1 . 0
2 . 0
3 . 0
4 . 0
5 . 0
6 . 0
7 . 0
8 . 0
9 . 0
1 0 . 0
Dec-13 Mar-14 J un-14 Sept-14 Dec-14
Expanded Loan Portfolio
Loan Portfolio excluding Bank Guarantees
17 16
16 16 16
15 14
14 13 12
Dec-13 Mar-14 J un-14 Sept-14 Dec-14
Funding
Credit
Leverage: Expanded Loan Portfolio / Shareholders’ Equity Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit / Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters ofCredit / Total Funding
Asset & Liability Management... keeping a positive gap between credit and funding.
Leverage
ALM – Average Maturity
Credit over Funding Ratio
Total Deposits over Total FundingR$ millionmonths
8,6388,383 8,798 8,559 8,500
25/31Investor Relations | 2014 |
R$ Million BIS (%)
Tier I 1,256 12.5%
Tier II 146 1.4%
Total 1,402 13.9%
Capital Adequacy Ratio (BIS), Basel III BIS ratio reached 13.9%.
13.4%15.0% 14.7% 13.7%
12.0% 12.2% 12.2% 12.4% 12.5%
2.8%2.1% 2.3%
2.2%
2.1% 1.5% 1.5% 1.4% 1.4%
16.2%17.1% 17.0%
15.9%
14.1% 13.7% 13.7% 13.8% 13.9%
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14
Tier II Tier I
Minimum Regulatory Capital (11%)
26/31Investor Relations | 2014 |
2015 GuidanceAssumption | GDP contraction between 0.5% and 0.3%.
Guidance
Expanded Loan Portfolio - 5% to + 5%
Personnel and Administrative Expenses
-10% to - 5%
NIM 4% to 5%
ROAE 7% to 10%
Corporate Governance
28/31Investor Relations | 2014 |
Organizational StructureNon-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy.
CEONoberto N. Pinheiro Jr.
COO Alexandre Aoude
CROGabriela Chiste
CAOUlisses Alcantarilla
CFONorberto Zaiet
INTERNAL AUDITTikara Yoneya
COMPENSATION COMMITTEE
AUDIT COMMITTEE
EXTERNAL AUDITPWC
Noberto N. Pinheiro
Noberto N. Pinheiro Jr.
Mailson da Nóbrega
Maurizio Mauro Gustavo Junqueira Susana Waldeck
Chairman Vice ChairmanIndependent
DirectorIndependent
DirectorExternal Director
External Director
BOARD
HUMAN RESOURCES & IT
Ivan Farber
OriginationInvestment BankingSales & TradingResearch Macro/ Commodities/Corporate
Credit Corporate ResearchCompliance, Internal Controls and IT SecurityCredit, Market, Operational and Liquidity RisksFinancial Modeling
Asset & Liabilities Back OfficeLegalCollaterals ManagementSpecial SituationsMiddle OfficeOffice Management
ControllingAccountingTax PlanningAccounts PayableMarketingInvestor RelationsInternational Division
29/31Investor Relations | 2014 |
Corporate GovernancePine is committed to best corporate governance practices…
Two Independent Members and Two External Members on the Board of DirectorsMailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo AbrilGustavo Junqueira: Former Head of Pine Investimentos, Member of the Board of Directors at EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica Harumi Susana Ueta Waldeck: Former CFO of Pine, with over 17 years of experience at the company. She brings the day-to-day experience to the Board.
São Paulo Stock Exchange (BM&FBOVESPA) Level 2 Corporate Governance
Audit and Compensation Committee reporting directly to the Board of Directors
100% tag along rights for all shareholders, including non-voting shares
Arbitration procedures for fast settlement of litigation cases
30/31Investor Relations | 2014 |
Social Investment and ResponsibilityFocus on the short, medium and long term.
Social Investment Recognition
Partnerships
Most Green Bank
Recognized by the International Finance Corporation (IFC), private agency programs of the World Bank as the most "green" bank as a result of its transactions under the Global Trade Finance Program (GTFP) and its onlending to companies focused on renewable energy and ethanol
Efficiency Energy
Recognition by World Bank for support in the Energy Efficiency sector.
Responsible Credit
“Lists of Exceptions”: the Bank does not finance projects or those organizations that damage the environment, are involved in illegal labor practices or produce, sell or use products, substances or activities considered prejudicial to society.
System of environmental monitoring, financed by the IADB and coordinated by FGV, and internally-produced sustainability reports for corporate loans
Protocolo Verde – “Green Protocol”, an agreement between FEBRABAN and the Ministry of the Environment to support development that does not compromise future generations.
Exhibition and sponsorship of Brazilian artists, for instance Paulo von
Poser and Miguel Rio Branco, in addition to sponsoring and supporting
films and documentaries such as Quebrando o Tabu (Fernando
Henrique Cardoso on the drug war), O Brasil deu certo, e agora?
(idealized by Mailson da Nóbrega), Além da Estrada (Charly Braun) and
others.
Sustainability Annual Report
Sixth consecutive year disclosing the Sustainability Report in the GRI standard. The 2014 report, with its high level of clarity, transparency and quality was recognized with the second place in the Abrasca Annual Report Award, considering its category of companies with net income to R$3 billion.
31/31Investor Relations | 2014 |
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy (political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax legislation) and therefore are subject to change without prior notice.
Noberto N. Pinheiro Junior
CEO
Norberto Zaiet Junior
CFO/IRO
Raquel VarelaHead of Investor Relations
Luiz Maximo
Investor Relations Specialist
Ana LopesInvestor Relations Analyst
Gabriel NettoInvestor Relations Assistant
Fone: (55 11) 3372-5343
www.pine.com/[email protected]
Investor Relations