Quifel Investor Summary#En

7/27/2019 Quifel Investor Summary#En

http://slidepdf.com/reader/full/quifel-investor-summaryen 1/12

Project Hoyo Hoyo

Ai-in invmn ppni In MamiPai, Nvm 2009



Pjc H H Pnain

Nvm 2009

C o N f I d e N t I A l

2

AgrIbusINessINvestMeNtoPPortuNIt

yIN

MozAMbIque

N m 2 0 0 9 Ai-in invmn ppni

In Mami

ovviw

qi Naa rc s.A. (“qNr” h

“Cmpan”) i a piva P cmpan hasuccessfully engages, through its subsidiaries and afliates,

i-n pcin, i- an ai-in in s-

sahaan Aica, bai, Pa an spain.

Wihin aiin, h Cmpan i cn cmmi

h pmn pnnia cp in bai (40,000

hca), pnnia cp in W Aica (v 50,000

hca), pnnia an ana cp in Ana (30,000

hca) an ana cp in Mami.

The Company, through its subsidiaries and afliates, has

h cncin rih r a prid 50 yar, wih anpin xnd i a a 99 yar, vr w

cain in Mzamiqu ain 30,000 hcar and

and ambitions to develop the two locations into protable

agribusinesses over the next ve years (the “Project”).

th Pjc i ivn h i ha h i an

opportunity for QNR and new investors to benet from

incain wwi man aica an

pc a (i) h w ppain inca an (ii)

gPd p capia xpan, pcia in Aia an Aica.

th api xpanin min cnmi ch a

Inia an China vn Aica (pincipa sh Aica,Namiia, Kna an Mami), h ca hih

man cmmi pc ( xamp China i

cn h a an ) an anm

aica pc. th dic a cnvinc ha

h nx invmn ni i ik s-sahaa

Aica an avaiaii an w an an a

c, an h hav aa inv h a an

consequent nancial resources, to (i) identify projects

with a good risk-reward prole, in stable countries such

a Mami, an (ii) ain pain.

th Cmpan i pimai cn Mi Pai

Amaa a 87.5 pcn an h manamn wn h

mainin ha capia. Mi Pai Amaa i a w

knwn an hih pc P npn,

wh i qNr ha va cmpani pain

in Pa, bai, Mami an ean ep in

acivii a iv a pinin iin, chn, a

a, invmn ankin an win.

Mami – Cn ovviw

Mami ain inpnnc in 1975 n h

fn liaçã Mçami (fim), which

had been ghting the former colonial power Portugal,

inc 1964.

Mami ha n a a cn inc h n

h civi wa in 1992. sinc h Pac ta rm,

h cn ha ha mi-pai cin. th

in pa, fim ha n in pw inc 1994 anppiin h vnmn ha main pac.

Pin, Aman ga, wa -c in h n

oc 2009 wih a a maji (v 75%

h v). Innaina v j h cin

fair and “a true reection of the will of the people of

Mami”.

In spite of low ination since the late 1990’s coupled

a n cnmic wh (ava 7.6 pcn a

gdP wh v h a 10 a), h cn i i

pnn in nain an aianc mi a cnain.

In an nca fin dic Invmn,

Mami in an nc a biaa Invmn

Amn (h “Amn”) in 2005 wih h uni

sa. th Amn aan u.s. inv naina

treatment status, unrestricted repatriation of prots,

h ih mp nca xpaia chnica an

manaia pnn, an inin hi-pa aiain

in h vn an invmn xppiain ip.



Pjc H H Pnain

Nvm 2009

C oNf I de Nt I A l

3

A gr I -b u s I Ne s s I N v

e s t Me Nt oP P or t uNI t y I N

M oz A Mb I q ue

N m 2 0 0 9

nain in ami h Cmmnwah c, which

wa n a m biih cn. exp n ha hi

xcpin wa m ik ma ca h n

cnmic ink wih nihin cni ch a sh

Aica, Maawi, tanania an zamia – a m biih

cni – an m mphaica h n pp

Mami h ca Nn Mana.

I h n ha Mami ha a

axain a wih Pa, Maii, Ia, an h

uni Aa emia.

fina, i i impan mnin ha Mami i a

ina h lm an Cn amn, which

man ha aica pc xp h eu wi

.

excpina Manamn anPjc spn

The Company’s senior management and chairmanship

ha a innaina pjc manamn an

manaia xpinc. th manamn am i ha

ri lanin. Mi Pai Amaa c-n h

Cmpan wih ri lanin an h a h viina

c hin h Pjc.

António Botelho, h fam mana i ca a

n a h Pjc a h n n ha a

ai-in xpinc an mana a panain

in bai. Aiina, h wa n in Mami an i

w cnnc wihin h cn.

Miguel Pais do Amaral, a 55, Chaiman qi

Hin an qi Naa rc, i a nwn

P npn innaina a wih

xpinc in nnin an iin api xpanin

in. Mi v v 8 a a chaiman

an Ceo Mia Capia (an innaina P

mia p wih mak capiaiain 500 Miin €),

wa pvi chaiman Aa Capia, ba Mm

a eknih, h Cmpani généa eax, an

1 MIgA i an anc pa th W bank gp an i aan piva invmn in mm cni.

2 f nc h IMf xpc h eu 27 w a 1 pcn han 2010-11.

th Amn a pvi aiain ih

h Innaina Cn smn Invmn

dip in Wahinn h Pai-a Innaina

Cham Cmmc.

Mami ha a in iaa invmn

amn wih Aia, bim, China, Ca, dnmak,

ep, finan, fanc, gman, Innia, Ia, Maii,

th Nhan, Pa, sh Aica, swn,swian, h uni Kinm, an zimaw.

Mami i a a mm h Miaa

Invmn gaan Anc 1 .

Over the last ve year, a combination of sound economic

pici an mak-in m inc a

inows of Foreign Direct Investments mainly to nance

ma-pjc in minin an aminim m an

h van invmn in Aiin, bankin an

tcm. In pi a wwn fin dic

Investments (inows were $ 587 million in 2008 versus$ estimated 225 million in 2009 and an estimated $

345 miin in 2010), h IMf cn ca ha

a gdP in Mami w w n ava a

6 pcn in 2010 an 6.8 pcn in 20112 an ha

ination would remain subdued around 6 percent.

Mami ha a aiv vin ik amn

h s-sahaan cnmi: h cn i a b

an a h hih p ecnmi Ininc

uni (“eIu”). I h n ha hi ik amn

m h eIu i n j an cnmic amn an

ivn cni, a an amn m an va

in an cnmica pin viw (vin ik,

cnc ik an ankin c ik a inc

xamp h aii nc pp ih).

f nc nihin sh Aica i a bb

h eIu, ukain CCC, China bbb an bai bb.

I i a inin n ha in 1995, Mami

cam a mm h biih Cmmnwah an

it was the rst (and probably the last) example of a



Pjc H H Pnain

Nvm 2009


4


yIN

MozAMbIque

N m 2 0 0 9 pi ha ac a cnan Pax oi an ga.

H an hi ca a gman sach in Nw yk an

lnn an Mian bank in Mai.

Mi aa m h Ini spi técnic in

lin an cmp an MbA m h Ina in fanc.

Rui Laurentino, a 43, Ceo qi Naa

rc, ha a i manaia an pjc manainxpinc. H wa h Manain dic epaxi

Cnin in bai an Pa havin mana aic

an paina pjc cin in in ini

an pp h n pc in -sahaan Aica

nwn iniin. Pi ha h wa h ra

ea Makin dic W fai exp 98 h

in lin. ri a hi ca in McKin & Cmpan

wh h wk n en, tcmmnicain,

Inanc an Cnm g a pjc.

ri aa in Manamn m h Cna

Cnncic sa univi (usA) an ha an MbA

m h univi Ha (usA).

Antonio Botelho, a 54, fam Mana h

Pjc, anmi ainin, wa Aica dic

a I h in Pa an in bai, wh h wa

h pni h impmnain nic i

(Soy, Sunower, Jatropha, Canola and Sugar Cane) in

h cni - h wa na in cha manain

pain a a 25,000 ha panain ( s an Cn)

in Paaná, bai. Pi ha, h wa Makin dic

an a n bin uni dic a Naaa, wh hwa pni h makin an a h

anima pc. la n, h cam h pni

h i in.

Anni aa in h nwn P

nivi Ini spi Anmia.

José Coelho, a 51, Cp Cina h Pjc,

worked in the late 80’s as the business unit manager at

one of the current concessions, where Soy, Sunower

an h c w vp. H wa pni

h Mamican gvnmn pjc Pii Pii an

wa pvi invv, a a mana, in a aica

an cncin (a in Mami) pin i.

José graduated as an Agronomist in Mozambique and

pursued specic studies in Cuba.



Pjc H H Pnain

Nvm 2009

C oNf I de Nt I A l

5



M oz A Mb I q ue

N m 2 0 0 9

lcain, cain, cain…

th dic qNr an hi ca am in

Mami hav viw v h a h a,

m han 400,000 ha an in Mami an

iniia v w cain wih pciv 20,000 ha

an 10,000 ha aa an. dic cmmn ha

they had identied additional locations in Mozambique

ha c apppia an xpanin h

Pjc h i wa i a ca a a

h inmain an n h cain hav n n

cai .

on h cncin i a m cnia panain

an h h n a m a-inia cmpx.

Inviw an h hiica cmnain n

h dic n h hi h panain

wa inmna in h cin h cain, a i

conrmed that both locations had been productive

in h P cnia a an m cn h 20,000 ha cncin.

th w and cncin ar iday cad (c

prximiy a nxu rad, rai nwrk and harur)

and benet from similar soil and hygrometric conditions

as the best Soy and Sunower concessions currently in

xpiain in brazi. thr i a pny aur avaia

in h rin a ca armr ar uinc and ma

nrprnuria armr wih an avra 10 ha.

Kpin in min ha h c h an an a

c a a a acin h c bai, h Pjc iik hw an xm caiv n v a vn

year period and expected to become free cash ow

piiv wihin 24 mnh, in pi a invmn

a a a (pnin a a n aiina 4,000

ha nw amin ni a n a).

bh cncin :

Ideal local soil conditions

• sia i pH v, wih n v i

ccin i,

• excn anic ma v, ha h a

hih pcivi,

• Hmn i x wih main ca am,

wih hih aica va.

Climate conditions similar to Brazil

• sia mpa, in h ain an

an,

• Ava vain (n cncin ha an

vain 100-200m an h h 400-500m),

• raina ii vn hh h a (an 900mm/a), ia cp wh,

• lw mpa in h an,

• oi h Ccn .

Useable and close logistics

• th ap a ai acci h a

an ai (a h ap a wihin a 400 km

ai),

• bh ap a aa ina in Aianan epan hippin , a xpc

cmpiiv iic c.



Pjc H H Pnain

Nvm 2009


6


yIN

MozAMbIque

N m 2 0 0 9

3 Wi hp://www.hia.cm./

gain in h a a

th Cmpan, a havin h i an ci

h amin pain manamn (am mana, cp

cina, 3 cp mana an xpanin mana)

a cn cncin a pi 125 hca in ach

cncin.

In hi pi, va p ( s, samand Sunower) as well as the acquired machinery and

ii, a in in maximi h

xpc i pn pmn.

dic a pannin p h cncin in

ni 4,000 ha, which i h i h dic i

more cost-efcient in terms of machinery required and

hman c, h h aw maximi h

prots made on the concessions.

During the well dened rainy season, from September to

Mach, h ca wah i wam an ain i aa ii in h ain an, makin i apppia

w sam an s.

din h c an an, m Api A,

the concessions will grow Sunower.

I h n ha ca h cimaic cniin

cp ma a, h avin cp mana nh

im wn w cp pan win h vaii

han h ain vaii iina pann, i h mak

prices had increased substantially for a specic variety

v h pann vai ( xamp cana inaof Sunower) as to maximize the economic prole of

h Pjc.

ov im, dic w ik inc i pan

(which c ih in ai-in h i-

in) an ma an ai ca an/ pc

pnin hih cmmcia main.

b famin Pacic inca ian n

dic w ik impmn h manamn

an ai-in pacic in h w cncin (cp

pciaiain, ic panin m, iiain, p an

ia cn, mchanica havin) an wi n k

mp an mana ain in bai, a i.

dic h Cmpan a a wkin c

wih nwn baiian ppi h cin

an wi ca a nic ank in h

Mami cncin v im (an wih cnmic

va aach), in an inca h pcivi.

th dic a hav an amn wih h IAC -

Anmic Ini Campina an wih Hia3, a

nic nhanc a in bai.

rik Manamn i a a ccia acivi n which h

dic hav n an wi v aciv, hh

va iniiaiv.



Pjc H H Pnain

Nvm 2009

C oNf I de Nt I A l

7



M oz A Mb I q ue

N m 2 0 0 9

financia

bcau h mddd rik xcuin and paramr

that could change the prole return of the Project, Directors

hav chn raiic aumpin r h dpymn h

rst two 4,000 ha farming blocks in 2010.

th rvn pjcin hav n ivn h a ain pc in h cncin, amin cnvaiv

i han h iv achiv v h nx

w a. dic hav am pcin i

2.60 n/ha san, 1 n/ha sam

and 2.00 ton/ha for Sunower seeds. It should be noted

ha h i ampin a ini h i

v n h baiian panain an dic

xpc ha a 5 a h i in Mami

h cnv h cn baiian i: 3.60 n/

ha san, 1.50 n/ha sam an 3.00

ton/ha for Sunower seeds. It should be noted that the

prices used in the nancial model for the three varieties

ain pc a icn h cn mak

fob pic va – cnvaiv dic k

a icn cn pic h ampin ma

in the nancial model ($ 350 per ton for Soybeans, $

400 per ton for Sunower seeds and $ 700 per ton for

sam ) an a i n accn an pic

growth over the next ve years.

oprain c cni C gd sd (c

d, archmica and u r armin quipmn),

suppir and exrna Cnracr C (Inuranc,

land tax, tranpr, scia suppr), and sg&A. sg&A

i mainy drivn y ca a numr: ach 4,000

hcar armin c i imad rquir 2 nir

arm manar, 2 aian arm manar, 20 machin

prar, 2 mchanica, 3 mchanica aian, 20 arm

wrkr and 20 ana arm wrkr. th Prjc wi

a hav 3 xpr crp manar – ach pciaiin in

n h cary rain rwn acr h cncin

– manad y 1 crp crdinar. In addiin, h farm

Manar wi a dircy aid y an xpanin

manar, rpni r a h nw ara dpymn.

Under this set of assumptions; the nancial prole of the

Pjc k xm appain wih pjc n

41 pcn p annm an a mip 5 im

the money invested over a ve-year period – which

cmpa i w wih n n i invmn.

f nc, h ava n v h

W bank in 2008 pjc in sh Amica w:

Anina 28%, bai 30%, ua 23% an Paaa

20%.

dic xpc h in ach piiv -cah

ow within the next 24 months.



Pjc H H Pnain

Nvm 2009


8


yIN

MozAMbIque

N m 2 0 0 9 The Project nancial accounts are summarized below for 2010-2015:

Note: The area deployed differs from 4,000 multiples, as there will be 2 crop seasons and in the 2nd crop season there will be

relevant follow areas (aligned with crop rotation best practices).

th Pjc i amin acc , ih m

innaina ank ch a h Aican dvpmn

bank h c, an a cnvaiv in a

14% p annm n h - which av amp m

for negotiation and also reects the costs of guaranties

ch a MIgA aan xamp.

The Directors intend to le for a MIGA guarantee for h invmn a hi n, a i c pvi

h ca iia in Mami a a hah an

with a maturity of ve years between the investment

vhic h inv in Pa an h Mami

subsidiary to benet from the EU and Portuguese duties

amn wih Mami.

Invmn uch a machinry, vhic and inrarucur

are expected to be nanced principally using loans from

ca ank and dprciad vr 10 yar in h aanc

h.

The Company is seeking a total of $ 8 million (for a

35%-45% ak n h Pjc) an w ik invi

in pai m wih h dic h

Cmpan a n a pi nan h

avn an pnia h Pjc.

th nw i wi n n v aci a ak n

the Project as is, but also to nance what the Directorsiv i wh/pmn pan.

exi an iii ppnii a ik pvi

inv wihin 5 a, ih in h m a a

an i ak ( h wh Pjc) a a ,

an IPo h Pjc n h AIM in lnn an IPo

n a ca ck xchan ch a h sh Aican

ck xchan. gvnanc an xi aanmn wi

a awa.

A more granular nancial model in Excel and additional

inmain i avaia inv viw, nc h hav n in an NdA wih h Cmpan.

$ 2010 2011 2012 2013 2014 2015

Area deployed (ha) 8,215 14,850 20,250 25,650 31,050 32,400

rvn 202,272 8,932,896 14,315,627 20,392,798 27,234,248 34,916,124

opain C 1,566,040 6,425,286 9,799,642 13,083,458 15,901,542 18,684,385

EBITDA -1,363,768 2,507,610 4,515,985 7,309,340 11,332,706 16,231,739

dpciain 404,360 902,360 1,118,360 1,258,360 1,538,360 1,538,360EBIT -1,768,128 1,605,250 3,397,625 6,050,980 9,794,346 14,693,379

In pai 822,165 1,383,230 1,990,169 1,872,717 1,755,265 1,467,857

oh nn paiv 280,000 - - - - -

EBT -2,870,293 222,020 1,407,456 4,178,263 8,039,081 13,225,522

Cpa tax - - 18,707 187,210 514,501 846,433

Impi tax ra 0.00% 0.00% 1.33% 4.48% 6.40% 6.40%

Net Proft -2,870,293 222,020 1,388,750 3,991,053 7,524,580 12,379,089

ebItdA main n.a. 28.07% 31.55% 35.84% 41.61% 46.49%

ebIt main n.a. 17.97% 23.73% 29.67% 35.96% 42.08%

Pbt main n.a. 2.49% 9.70% 19.57% 27.63% 35.45%



Pjc H H Pnain

Nvm 2009

C oNf I de Nt I A l

9



M oz A Mb I q ue

N m 2 0 0 9

siciain h Cmpan Inin Invmn

The Company intends to raise $ 8 million in this equity

n ( a 35%-45% ak n h Pjc) cmp

h vpmn i cn pi pjc;

h Pjc in ni 4,000 ha, an na wkin

capia pp.

Invmn ppa ma ih i, i-

ink a cminain h.

An ppa mi h cnain a a h

win inmain:

1. Invin eni; a ai cipin h

ppciv inv incin i ini,

shareholder structure, benecial owners, fund

c an k mn cpa

vnanc;

2. A pimina Nn-binin o ipain h

amn h pp invmn an an

paica cniin ain h;

3. The investor’s view on the investment opportunity

an pc:

d. sray, cmmrcia raina, manamn, c

. sc financ

. d diinc timin an scp

N invmn ha m civ ni

i ha n accp h a dic h

Company and denitive agreements have been executed

h Cmpan an h inv.

A cmmnicain h ic a dKA

rpnaiv i in h cnac h. un

n cicmanc h h Cmpan an i

mp cnac ic wih h win

cnn dKA.

Inv wh a in in accin an viwin

condential documents and the nancial model for

h Pjc wi i in an NdA wih h

Cmpan.

Interested parties are invited to conrm their interest by

a win ppa.

Cnc

un hwi xp pvi, a nc

cnc in h Pnain a h uni sa

da.



Pjc H H Pnain

Nvm 2009


10


yIN

MozAMbIque

N m 2 0 0 9

4 As dened in the EU Prospectus Directive.

gna dicaim an Cniniai

This condential Solicitation of Interest Presentation (the

“Pnain”) h H H pjc qi

Naa rc s.A., a cmpan incpa in

Pa (“qNr” h “Cmpan”), ha n ppa

h Cmpan wih, an a h h Cmpan,

h pviin danKnih Avi (“dKA” “the Advisors”), solely for use by qualied investors in

vaain hi in in makin a ppa h

Cmpan invmn.

The information contained in this proposal is condential.

It and any further condential information made

available to you must be held in complete condence

an cmn cnainin ch inmain ma n

ic wih pi win cnn

h Avi. An pcin iiin hi

Pnain, in wh in pa, h ic i

cnn, h hi Pnain an pph han minin mi an invmn ppa

h Cmpan, wih h pi win cnn h

Cmpan, i phii. b accpin hi Pnain,

h cipin a h in in i ni.

Nih h Cmpan h Avi n an hi

respective afliates accept liability or responsibility for the

accac cmpn , n mak an pnain

waan, xp impi, wih pc an

, miamn mipnain in,

miin m inmain an pinin cnain in

hi Pnain n which hi Pnain i a

an h inmain pnain ppi

ma in cnncin wih h Pnain a

h anan an pjcin cnain in hi

Pnain.

thi Pnain i n inn m h ai

an invmn ciin an h n cni

a a cmmnain h Cmpan h Avi

or any of their respective afliates to submit a proposal

invmn. each pn whm hi Pnain

i ma avaia h Avi m mak i wn

inpnn amn h ppni ci

hin, incin h mi an ik invv in makin

an invmn in h Cmpan a w a h a an

ax cnnc wih pc h. N pn ha

n ahi iv an inmain mak an

pnain n cnain in hi Pnain.

In nihin hi Pnain, nih h Cmpan,

nor the Advisors nor any of their afliates undertake

pvi h cipin wih acc an aiina

inmain pa hi Pnain cc

an inaccaci hin which ma cm appan.

thi Pnain i inn ici in

in h Cmpan. th Pnain n cni

an ha n m an h

iciain an pcha ci an

cii, n ha i m h ai an cnac. thi

Pnain n cni an iciain

in an a jiicin an pn which i i

naw mak an iciain.

each cipin h, accpin iv hi

Pnain an an aachmn h, a

pmp n hi Pnain an an h

cmn inmain nih i i (1) ch

cipin min n mi an invmn

proposal, (2) the recipient’s proposal is not accepted by

h Cmpan, (3) h ppni mi ppa

i mina h Cmpan.

In this notice, “afliates” means in relation to the Company

h Avi, hin cmpani, cmpani n

cn ch hin cmpani, an iiai

and their respective directors, ofcers, employees,

cnac, avi an an.



Pjc H H Pnain

Nvm 2009

C oNf I de Nt I A l

11



M oz A Mb I q ue

N m 2 0 0 9

tax an la dicaim

y h n cn h cnn hi Pnain

a ax h invmn, a, in, accnin

avic. In makin a ciin mi a ppa,

h cn wn an, in avi an/

ax avi a a, in, accnin, ax an

a ma cncnin a ppa invmn.

diiin hi Pnain in m cain

jiicin ma ic phii aw.

rcipin a i cmp wih a icin

phiiin in ch jiicin. Nih h Cmpan

nor the Advisors nor their respective afliates accepts

an iaii an pn in ain h iiin

pin hi Pnain in m an jiicin.

This Presentation has not been led with any regulatory

ahi in an jiicin an i i n h innin

the Company or the Advisors to effect any such ling.

rik dicaim

An invmn in h pjc H H wi invv

signicant risks. Before submitting a proposal for

invmn, h cni whh hav

the nancial ability and willingness to accept the risk

chaaciic acia hwih.

A amn cnain in hi Pnain, incin

h painin h Pjc i, ima an

a pan, ima, wh, aihin nwmak, xpanin in nw mak an a pan

h han amn hiica ac, a wa-

kin amn jc a nm ncaini

ha c ca aca i maia m

amn ma. th amn a a n a

nm ampin an, hi na, invv

ania ik an ncain. Accin, aca

ma i m h pjc impi

h wa-kin amn. fac ha ma ca

ch a inc inc, a n imi , h

ic in hi Pnain.

Nih h Cmpan n h Avi pvi an

assurance as to the Company’s plans or ability to effect

an pann an/ pp acin. In aiin, h

Advisors have no rst-hand knowledge of management

an h cann cmmn n i capaiii, inn,

c, xpinc an mak n amp

. saiica inmain, amn, an mak i

aa wa pvi h Cmpan i an ana c iv ia, nih h

Cmpan n h Avi pvi an aanc, n

nn i ivn, a h accac an cmpn

hi inmain.

th cnn hi Pnain a a n

inmain na avaia h pic m c

iv ia. N pnain i ma ha i

i im, acca cmp. th Cmpan ha akn

ca an cain in cmpiain aa a hi ha

n ain m vai c incin which i

considers reliable and rst hand. However, neither theCmpan n h Avi aan h accac,

aac cmpn an inmain n h a

pni an miin h

ain m h ch inmain. th Avi

shall have no nancial or other liability whatsoever to

cipin hi Pnain. th inmain hin,

h wih a ima an ca, can chan

wih nic.

thi Pnain n pp a iciain

an avic painin a an in an a

a avi cn xp / vaainivia in ppc an h van

a cmn akin an ciin a n

inmain pvi in h i. Nih h Avi

n i ic ana mp accp an

iaii whav n h accp pniii

any nancial consequences arising from the use of any

inmain pvi hin.



Pjc H H Pnain



yIN

MozAMbIque

N m 2 0 0 9

London Ofce Paris Ofce

3 M lnn Pac

lnn se1 2re

14 i Aa

75007 Pai

t: +44 (207) 959 2249

fax: +44 (207) 959 2201

t: +33 (1) 75 43 60 90

fax: +33 (1) 75 43 60 95

W : h p : / /www.ankn ih av i .cm

emai : [email protected]

danKnih Avi i an inpnn Cpa

financ Avi bi a in Pai an lnn.

W c pimai n pic an piva anacin n

mim i cmpani in ep an h usA.

o nwk wa n innaina pina

on the belief that corporate nance services to small and

mim cmpani h impv ivin a

c n h manamn am in h n-in an h

a i h cmpan.

o amiin i anm n-akin ia in

mak-ain cmpani. W pi v n havin

h viin, knw, ainhip an caivi iv

cin h cmpiiv h h n win.

Quifel Investor Summary#En

Documents

Transcript of Quifel Investor Summary#En