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AUTONAVI HOLDINGS LTD
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AutoNavi Holdings Limited Reports Fourth Quarter and Fiscal Year 2012 Results

2013-02-27 06:30 ET - News Release

BEIJING, Feb. 27, 2013 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2012.

Fiscal Year 2012 Operational Highlights

  • As of the end of fiscal year 2012, AutoNavi's free mobile map application had a total of 98 million users and more than 49 million monthly active users. This compares to a total of 40 million users and over 20 million monthly active users at the end of fiscal year 2011, and a total of 85 million users and more than 45 million monthly active users at the end of the third quarter of 2012.

Fourth Quarter 2012 Financial Highlights

  • Net revenues in the fourth quarter of 2012 were $43.6 million, an increase of 25.7% year-over-year.
     
  • Gross profit in the fourth quarter of 2012 was $30.8 million, an increase of 22.0% year-over-year. 
     
  • Operating income in the fourth quarter of 2012 was $8.8 million, an increase of 12.5% year-over-year. Non-GAAP operating income in the fourth quarter of 2012 was $11.1 million, an increase of 5.5 % year-over-year. 
     
  • Net income attributable to AutoNavi shareholders was $8.7 million in the fourth quarter of 2012, an increase of 22.8% year-over-year. Non-GAAP net income attributable to AutoNavi shareholders was $11.0 million in the fourth quarter of 2012, an increase of 12.5% year-over-year.

Fiscal Year 2012 Financial Highlights

  • Net revenues in fiscal year 2012 were $159.7 million, an increase of 25.8% year-over-year. 
     
  • Gross profit in fiscal year 2012 was $116.7 million, an increase of 26.9% year-over-year. 
     
  • Operating income in fiscal year 2012 was $38.9 million, an increase of 5.7% year-over-year. Non-GAAP operating income in fiscal year 2012 was $51.5 million, an increase of 21.9% year-over-year. 
     
  • Net income attributable to AutoNavi shareholders was $36.5 million in fiscal year 2012, flat year-over-year. Non-GAAP net income attributable to AutoNavi shareholders was $49.0 million in fiscal year of 2012, an increase of 19.9% year-over-year.

"2012 was an encouraging year for AutoNavi," said Mr. Congwu Cheng, the Company's chief executive officer. "Our mobile map and mobile navigation applications both achieved the leading market positions in their respective categories in what continues to be a competitive LBS market. We also made exciting progress with our strategic partners, which include Internet companies, mobile device makers, telecom operators, and vertical content service providers. These partners have helped raise our company profile while introducing our products to millions of additional users."

Mr. Cheng continued, "As the market potential and excitement of the LBS market grow, mobile map is emerging as a key delivery platform for engaging consumers and advertisers. In 2013, we will continue to execute on our mobile strategy with further investment to expand the reach of our mobile offerings and deepen user engagement. We are confident that our strategic planning capabilities, early-mover advantage and well-recognized brand will continue to help us evolve ahead of the market, leading to increased market share and the realization of our long-term growth objectives." 

Fourth Quarter 2012 Results

Revenues

Total net revenues in the fourth quarter of 2012 were $43.6 million, an increase of 25.7% year-over-year from $34.7 million in the fourth quarter of 2011, and an increase of 8.4% from $40.2 million in the third quarter of 2012.

Automotive Navigation

Net revenues from the automotive navigation market in the fourth quarter of 2012 were $21.6 million, a decrease of 1.9% year-over-year and 9.8% from the previous quarter. The sequential decrease was largely attributable to a decrease in the number of copies of digital map data licensed for use with in-dash navigation systems, which is directly linked to the number of vehicles sold in China that are equipped with these systems.

Mobile and Internet Location-based Solutions

The mobile and Internet location-based solutions business in the fourth quarter of 2012 achieved $15.5 million in net revenues, representing an increase of 63.4% year-over-year and 39.2% over the previous quarter. The increases were primarily due to the growth in revenues derived from the pre-installation of the Company's navigation solutions on mobile phones and Internet-based map API solutions. 

Public Sector and Enterprise Applications

Net revenues from the public sector and enterprise applications market in the fourth quarter of 2012 were $5.8 million, an increase of 110.1% year-over-year and 32.6% from the previous quarter. The year-over-year increase was largely attributable to certain new aerial photogrammetry, 3-D modeling application and map data licensing contracts entered this year. The sequential increase was mainly due to the better progress of 3-D modeling applications contracts in the fourth quarter.

Cost of Revenues

Cost of revenues in the fourth quarter of 2012 was $12.8 million, representing an increase of 35.5% year-over-year and 12.0% sequentially. The year-over-year increase was mainly due to outsourced data production and software development costs, aerial photogrammetry-related costs in connection with the new aerial photogrammetry contracts entered this year, and a general annual increase in salary and welfare benefits for employees directly involved in data collection and processing. The sequential increase was largely attributable to a rise in outsourced data production and software development costs.

Operating Expenses

Total operating expenses in the fourth quarter of 2012 were $22.6 million, an increase of 28.7% year-over-year and 13.1% from the previous quarter. Non-GAAP operating expenses, which exclude share-based compensation expenses, were $20.5 million, an increase of 36.8% year-over-year and 18.5% sequentially.

Research and development ("R&D") expenses increased 34.7% year-over-year and 8.9% sequentially to $10.1 million. The increases were primarily due to higher salary and benefit expenses resulting from an increase in the number of R&D staff. Non-GAAP R&D expenses, which exclude share-based compensation expenses, increased 52.3% year-over-year and 15.6% sequentially to $9.4 million.

Selling and marketing expenses increased 20.2% year-over-year and 20.1% sequentially to $7.1 million. The year-over-year increase was primarily due to higher salary and benefit expenses resulting from increased sales headcount, increased office rental expenses and travel expenses, and higher promotion and marketing expenses for brand awareness and product promotion activities. The sequential increase was mainly attributable to higher promotion and marketing expenses and to travel expenses. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased 27.0% year-over-year and 24.6% sequentially to $6.3 million.

General and administrative expenses increased 30.5% year-over-year and 12.5% sequentially to $5.4 million. The year-over-year increase was primarily due to a general annual increase in salary and welfare benefits, higher share-based compensation expenses and allowance for doubtful accounts provided in the fourth quarter of 2012. The sequential increase was mainly due to allowance for doubtful accounts provided in the fourth quarter. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased 24.4% year-over-year and 16.8% sequentially to $4.7 million.

Net Income Attributable to AutoNavi Shareholders

Net income attributable to AutoNavi shareholders increased 22.8% year-over-year and a decrease of 13.8% sequentially to $8.7 million in the fourth quarter of 2012. Diluted net income per American depositary share ("ADS") attributable to AutoNavi shareholders for the fourth quarter of 2012 was $0.18, as compared to $0.14 from a year ago. One ADS represents four ordinary shares.

Non-GAAP net income attributable to AutoNavi shareholders, which excludes share-based compensation expenses, was $11.0 million in the fourth quarter of 2012, an increase of 12.5% year-over-year and a decrease of 13.8% sequentially. Diluted non-GAAP net income per ADS attributable to AutoNavi shareholders for the fourth quarter of 2012 was $0.22, as compared to $0.19 from a year ago.

Fiscal Year 2012 Results

Revenues

Total net revenues in fiscal year 2012 were $159.7 million, an increase of 25.8% from $127.0 million in fiscal year 2011.

Automotive Navigation

Net revenues from the automotive navigation market in fiscal year 2012 were $92.1 million, an increase of 7.3% from fiscal year 2011. The increase was primarily due to an increase in the number of copies of digital map data licensed for use with in-dash navigation systems, which is directly linked to the number of vehicles sold in China that are equipped with these systems.

Mobile and Internet Location-based Solutions

The mobile and Internet location-based solutions business in fiscal year 2012 achieved $47.6 million in net revenues, representing an increase of 73.5% from fiscal year 2011. The increase was primarily due to the growth in revenues derived from the pre-installation of the Company's navigation solutions on mobile phones and Internet-based map API solutions. 

Public Sector and Enterprise Applications

Net revenues from the public sector and enterprise applications market in fiscal year 2012 were $17.7 million, an increase of 44.1% from fiscal year 2011. The increase was largely attributable to an increased number of new aerial photogrammetry, 3-D modeling application and map data licensing contracts entered in 2012.

Cost of Revenues

Cost of revenues in fiscal year 2012 was $43.0 million, representing an increase of 22.8% from fiscal year 2011. The increase was mainly due to aerial photogrammetry-related costs in connection with the new large aerial photogrammetry contracts entered this year, outsourced data production and software development costs, and a general annual increase in salary and welfare for employees directly involved in data collection and processing.

Operating Expenses

Total operating expenses in fiscal year 2012 were $80.9 million, an increase of 46.3% from fiscal year 2011. Non-GAAP operating expenses, which exclude share-based compensation expenses, were $68.5 million, an increase of 36.7% from fiscal year 2011.

Research and development ("R&D") expenses increased 50.0% from fiscal year 2011 to $35.6 million. The increase was primarily due to higher salary and benefit expenses, a result of an increase in the number of R&D staff, higher share-based compensation expenses and outsourced development costs. Non-GAAP R&D expenses, which exclude share-based compensation expenses, increased 49.6% from fiscal year 2011 to $31.8 million.

Selling and marketing expenses increased 51.9% from fiscal year 2011 to $25.0 million. The increase was primarily due to higher salary and benefit expenses resulting from increased sales headcount, higher share-based compensation expenses, the increase of promotion and marketing expenses, office facility rental expenses and travel expenses. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased 37.9% from fiscal year 2011 to $20.3 million.

General and administrative expenses increased 34.5% from fiscal year 2011 to $20.3 million. The increase was primarily due to a general annual increase in salary and welfare, higher share-based compensation expenses and allowance for doubtful accounts provided in fiscal year 2012. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased 16.2% from fiscal year 2011 to $16.4 million.

Net Income Attributable to AutoNavi Shareholders

Net income attributable to AutoNavi shareholders was $36.5 million in fiscal year 2012, flat from fiscal year 2011. Diluted net income per American depositary share ("ADS") attributable to AutoNavi shareholders for the fiscal year 2012 was $0.73, flat with $0.73 from a year ago. One ADS represents four ordinary shares.

Non-GAAP net income attributable to AutoNavi shareholders, which excludes share-based compensation expenses, was $49.0 million in fiscal year 2012, an increase of 19.9% from fiscal year 2011. Diluted non-GAAP net income per ADS attributable to AutoNavi shareholders for the fiscal year 2012 was $0.98, as compared to $0.81 from a year ago.

Cash and Term Deposits Balance

As of December 31, 2012, the Company had $216.2 million in cash and cash equivalents and term deposits.

Business Outlook

The Company estimates its full year 2013 net revenues will be in the range of $168 million to $176 million, representing an increase of approximately 5% to 10% over fiscal year 2012.

Share Repurchase Program Update

AutoNavi announced a share repurchase plan on February 28, 2012, pursuant to which the Company is authorized by its board of directors but not obligated to repurchase up to $50 million worth of its ADSs until February 26, 2013. As of February 26, 2013, the Company has repurchased a total of 2,536,647 ADSs, representing 10,146,588 ordinary shares, with a total consideration of approximately $29.2 million at a price range of $10.03 to $12.57 per ADS, including brokerage commissions.

Conference Call Information

AutoNavi's management will hold an earnings conference call at 8:00 a.m. Eastern Time on February 27, 2013 (9:00 p.m. Beijing/Hong Kong time on February 27, 2013).

The dial-in numbers and passcode for the conference call are as follows:

U.S. Toll Free: +1-866-519-4004
International: +65-6723-9381
Hong Kong: +852-2475-0994
United Kingdom: +44-203-059-8139
Passcode: AutoNavi

A replay of the conference call may be accessed by phone at the following number until March 7, 2013:

U.S. Toll Free: +1-855-452-5696
International: +61-2-8199-0299
Passcode: 96078460

Additionally, an archived web-cast of this call will be available on the Investor Relations section of AutoNavi's website at http://ir.autonavi.com.

About AutoNavi Holdings Limited

AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 3.6 million kilometers of roadway and over 20 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, mobile location-based solutions and Internet location-based solutions, and public sector and enterprise applications. For more information on AutoNavi, please visit http://www.autonavi.com.

The AutoNavi Holdings Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16204

Forward Looking Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Business Outlook section and the quotations from management in this press release, as well as AutoNavi's strategic and operational plans, contain forward-looking statements. AutoNavi may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about AutoNavi's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: AutoNavi's ability to adequately maintain and update its digital map database and minimize errors in its solutions; its current reliance on the automotive navigation market and a small number of customers for a substantial portion of its revenues; the project-based nature of its public sector and enterprise applications business; its limited operating history in the mobile/Internet location-based solutions markets; compliance with a complex set of laws, rules and regulations governing its surveying and mapping and other businesses in China; competition in the navigation and location-based solutions businesses in China; and its ability to manage its growth effectively and efficiently. Further information regarding these and other risks is included in AutoNavi's annual report on Form 20-F as well as in its other filings with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and AutoNavi undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement AutoNavi's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), AutoNavi uses in this press release the following non-GAAP financial measures: (1) non-GAAP operating expenses, (2) non-GAAP R&D expenses, (3) non-GAAP selling and marketing expenses, (4) non-GAAP general and administrative expenses, (5) non-GAAP operating income, (6) non-GAAP net income attributable to AutoNavi shareholders, and (7) non-GAAP diluted net income per ADS attributable to AutoNavi shareholders, which are adjusted from results based on GAAP to exclude the impact of certain items, particularly share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

AutoNavi believes that these non-GAAP financial measures facilitate investors' and management's comparisons to AutoNavi's historical performance and assist management's financial and operational decision making. A limitation of using these non-GAAP financial measures is that share-based compensation expenses are recurring expenses that will continue to exist in AutoNavi's business for the foreseeable future. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table has more details on the reconciliation between non-GAAP financial measures and their most directly comparable GAAP financial measures to provide investors with context as to how the adjustments impact the GAAP amounts.

AUTONAVI HOLDINGS LIMITED
Consolidated Balance Sheet (unaudited)
(In thousands of U.S. dollars)
 
 December 31,
2012
December 31,
2011
     
     
Assets    
Current assets    
Cash and cash equivalents 151,543 199,696
Restricted cash  835  -- 
Term deposits 64,686  -- 
     
Accounts receivable, net of allowance for doubtful accounts of $1,859 and $823 as of December 31, 2012 and December 31, 2011, respectively 45,985 36,273
Due from related parties, trading 4,749 1,056
Due from related parties, non-trading 3 221
Prepaid expense and other current assets  7,840 5,725
Deferred tax assets-current  1,838 1,355
Total current assets 277,479 244,326
     
Properties and equipment, net  47,120 49,245
Equity method investments  4,164 4,442
Prepaid consideration in connection with equity investment  --  183
Acquired intangible assets, net  5,004 6,855
Goodwill  8,837 8,747
Deferred tax assets-non-current  150 224
Other long term assets  373 445
Prepayment for acquisition of property 8,677  -- 
     
TOTAL ASSETS 351,804 314,467
     
Liabilities    
Current liabilities    
Accounts payable (including accounts payable of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $2,124 and $2,358 as of December 31, 2012 and December 31, 2011, respectively) 2,124 2,364
Deferred revenue (including deferred revenue of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $13,907 and $5,567 as of December 31, 2012 and December 31, 2011, respectively) 14,630 7,328
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $26,230 and $23,944 as of December 31, 2012 and December 31, 2011, respectively) 29,613 26,071
Income tax payable (including income tax payable of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $10,082 and $7,394 as of December 31, 2012 and December 31, 2011, respectively) 10,417 7,481
   
Total current liabilities 56,784 43,244
     
Non-current liabilities    
Deferred tax liability-non-current (including deferred tax liability of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $862 and $1,191 as of December 31, 2012 and December 31, 2011, respectively) 966 1,345
     
Total liabilities 57,750 44,589
     
Equity    
Ordinary shares 19 19
Additional paid-in capital  189,373 175,726
Treasury stock (29,164)  -- 
Statutory reserve  11,668 9,363
Retained earnings  95,715 61,517
Accumulated other comprehensive income  20,546 18,262
     
Total AutoNavi Holdings Limited shareholders' equity 288,157 264,887
Noncontrolling interest  5,897 4,991
     
Total equity 294,054 269,878
     
TOTAL LIABILITIES AND EQUITY 351,804 314,467
 
AUTONAVI HOLDINGS LIMITED
Consolidated Statements of Comprehensive Income (unaudited)
(In thousands of U.S. dollars, except share and per share data)
 
 For the three months endedFor the year ended
 December 31,
2012
December 31,
2011
September 30,
2012
December 31,
2012
December 31,
2011
           
Revenue 44,527 35,547 40,903 163,241 129,749
Business tax (919) (851) (683) (3,548) (2,789)
Net revenues 43,608 34,696 40,220 159,693 126,960
Cost of revenues (12,771) (9,422) (11,406) (43,019) (35,021)
Gross profit30,837 25,274 28,814 116,674 91,939
           
Operating expenses:          
Research and development (10,077) (7,481) (9,251) (35,581) (23,720)
Selling and marketing (7,112) (5,919) (5,920) (24,958) (16,428)
General and administrative (5,448) (4,175) (4,842) (20,322) (15,114)
Impairment of intangible assets  --  (19)  --   --  (19)
Total operating expenses(22,637)(17,594)(20,013)(80,861)(55,281)
Government subsidies  597  141  1,742  3,111  163
Operating income8,797 7,821 10,543 38,924 36,821
           
Gain on re-measurement of fair value of the equity method investment  --   --   --   --   995
Interest income 1,707 1,383 1,570  6,456  5,226
Change in fair value of forward contract  --   --   --   --   2,465
Foreign exchange gains/(loss) 377 500 545 454 (1,579)
Other Income 201 47 47  342  188
Income before income taxes and share of net loss of equity method investments11,082 9,751 12,705 46,176 44,116
Income tax expense (1,792) (1,382) (2,133) (7,214) (5,086)
Share of net loss of equity method investments (248) (718) (29) (778) (653)
Net income9,042 7,651 10,543 38,184 38,377
Less: Net income attributable to noncontrolling interest 352 575 463 1,676 1,842
Net income attributable to AutoNavi Holdings Limited shareholders8,690 7,076 10,080 36,508 36,535
           
Net income per ordinary share attributable to AutoNavi Holdings Limited shareholders          
Basic 0.05 0.04 0.05 0.19 0.19
Diluted 0.04 0.04 0.05 0.18 0.18
           
Weighted average number of shares used in calculating net income per ordinary share          
Basic 188,136,499 191,236,355 191,292,003 190,853,540 190,132,407
Diluted 198,054,969 200,900,042 201,738,628 201,168,386 201,230,735
           
Other comprehensive income, net of tax          
Foreign currency translation adjustment 1,867 2,216 2,286 2,338 7,013
           
Comprehensive income 10,909  9,867  12,829  40,522  45,390
Less: comprehensive income attributable to noncontrolling interest  402  640  522 1,730  2,042
Comprehensive income attributable to AutoNavi Holdings Limited shareholders 10,507  9,227  12,307  38,792  43,348
             
AUTONAVI HOLDINGS LIMITED
Reconciliation of non-GAAP measures to most directly comparable GAAP measures (unaudited)
(In thousands of U.S. dollars, except per ADS data)
 
 For the three months endedFor the year ended 
 December 31,
2012
December 31,
2011
September 30,
2012
December 31,
2012
December 31,
2011
 
             
Total operating expenses 22,637 17,594 20,013 80,861 55,281  
Share-based compensation (2,180) (2,620) (2,750) (12,315) (5,130)  
Impairment of intangible assets  --  (19)  --   --  (19)  
Non-GAAP total operating expenses 20,457 14,955 17,263 68,546 50,132  
             
R&D expenses 10,077 7,481 9,251 35,581 23,720  
Share-based compensation (644) (1,286) (1,088) (3,785) (2,464)  
Non-GAAP R&D expenses 9,433 6,195 8,163 31,796 21,256  
             
Selling and marketing expenses  7,112 5,919 5,920 24,958 16,428  
Share-based compensation (828) (970) (877) (4,651) (1,705)  
Non-GAAP selling and marketing expenses  6,284 4,949 5,043 20,307 14,723  
             
General and administrative expenses 5,448 4,175 4,842 20,322 15,114  
Share-based compensation (708) (364) (785) (3,879) (961)  
Non-GAAP general and administrative expenses 4,740 3,811 4,057 16,443 14,153  
             
Operating income 8,797 7,821 10,543 38,924 36,821  
Share-based compensation 2,316 2,691 2,684 12,536 5,362  
Impairment of intangible assets  --  19  --   --  19  
Non-GAAP operating income 11,113 10,531 13,227 51,460 42,202  
             
Net income attributable to AutoNavi Holdings Limited shareholders 8,690 7,076 10,080 36,508 36,535  
Share-based compensation 2,316 2,691 2,684 12,536 5,362  
Impairment of intangible assets  --  19  --   --  19  
Gain on re-measurement of fair value of the equity method investment  --   --   --   --  (995)  
Non-GAAP net income attributable to AutoNavi Holdings Limited shareholders 11,006 9,786 12,764 49,044 40,921  
     
 For the three months ended December 31, 2012For the year ended December 31, 2012
 GAAPAdjustmentsNon-GAAP(a)GAAPAdjustmentsNon-GAAP(a)
Diluted net income per ADS attributable to AutoNavi Holdings Limited shareholders 0.18 0.04 0.22 0.73 0.25 0.98
             
             
(a) Non-GAAP diluted net income per ADS attributable to AutoNavi Holdings Limited shareholders is computed by dividing non-GAAP net income attributable to AutoNavi Holdings Limited shareholders by the weighted average number of diluted ordinary shares outstanding used in computing the GAAP diluted net income per ordinary share attributable to AutoNavi Holdings Limited shareholders (after adjusting for the ADS to ordinary share ratio).
CONTACT: For investor and media inquiries please contact:

         In China:

         Serena Shi
         AutoNavi Holdings Limited
         Tel: +86-10-8410-7883
         E-mail: serena.shi@autonavi.com 

         Derek Mitchell
         Ogilvy Financial, Beijing
         Tel: +86-10-8520-3073
         E-mail: amap@ogilvy.com

         In the U.S.:

         Jessica Barist Cohen
         Ogilvy Financial, New York
         Tel: +1-646-460-9989
         E-mail: amap@ogilvy.com

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