Interim Results: 31 March 2015 www.enterpriseinns.com - Ei Group plc
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Overview Performance highlights Financial and trading review Strategic review 03 Investor presentation 2015
Performance highlights Leased and tenanted tied business model remains robust Like-for-like Growth net income Adjusted EPS Capex investment Business failures 0.6% 4.7% £33m 42% 21% Disposals £34m Maintaining Stabilisation Enhancing Investment Further like-for-like net of earnings returns through increasingly reduction income growth achieved reinvestment focused on in business of disposal growth driving failures proceeds initiatives Definitions disclosed in appendix 9 04 Investor presentation 2015
Financial Highlights Earnings in growth and debts reducing Y-on-Y 6 months ended 31 March 2015 2014 change Like-for-like net income growth 0.6% 1.1% - EBITDA1 £144m £147m (2.0)% Profit before tax1 £57m £55m 3.6% Adjusted earnings per share1 9.0p 8.6p 4.7% Free cash flow pre-investment and debt repayment £43m £42m 2.4% Group net debt £2,387m £2,477m (3.6)% 1 Excludes exceptional items. Definitions disclosed in appendix 9 06 Investor presentation 2015
Income statement 6 months to 6 months to Year to 31 March 2015 31 March 2014 30 Sept 2014 Pre Pre £m excep Excep Total excep Excep Total Total EBITDA 144 - 144 147 (2) 145 289 Depreciation (8) - (8) (8) - (8) (16) Operating profit 136 - 136 139 (2) 137 273 Property related - (21) (21) - (6) (6) (70) Finance costs (79) (26) (105) (84) - (84) (167) Profit before tax 57 (47) 10 55 (8) 47 36 Taxation (12) 6 (6) (12) 2 (10) (6) Profit after tax 45 (41) 4 43 (6) 37 30 Adjusted EPS (p) 9.0 8.6 Weighted average 501.1 499.8 no. of shares (m) 07 Investor presentation 2015
Reconciliation of EBITDA and like-for-like net income 6 months ended 31 March Total estate like-for-like net £m 2015 Movement 2014 Change % income growth Like-for-like net income1 178 1 177 0.6 of 0.6% FY15 disposals 1 (1) 2 Translates to EBITDA FY14 disposals - (2) 2 reduction of 2.0% Unallocated costs (3) - (3) due to asset disposals, with Net income 176 (2) 178 pub numbers down Property costs (15) (1) (14) 263 (4.8%) Administrative expenses (17) - (17) Administrative costs EBITDA 144 (3) 147 (2.0) expected to rise in H2 due to investment in strategic evolution of business 1 Relates to 5,196 trading estate at 31 March 2015 08 Investor presentation 2015
Improved like-for-like net income – up 0.6% 6 months ended 31 March 2015 (£m) Sales-led improvement with growing income from beer, aided 3.0 (2.3) 0.3 by discounts, driving volume 178 177 Encouraged to report rental income growth Discretionary support maintained at £3m in the period net income Discounts net income Beer income Rental income H1 FY14 H1 FY15 Full detailed analysis included as appendix 2 09 Investor presentation 2015
Reducing level of publican change Important contributor to like-for-like net income improvement Number of business failures Business failures reduced by 21% % of closing estate 9.4% 13.1% 12.8% 12.1% 12.4% 10.5% 9.1% 4.9% 4.0% 72 closed houses to re-open 972 875 4% of closing estate 762 730 433 734 failed in H1 485 579 340 388 443 486 Average occupation 322 6 years 329 267 539 210 390 390 374 157 291 257 167 157 110 43 2008 2009 2010 2011 2012 2013 2014 H1 14 H1 15 Agreement failures Agreement surrenders (unplanned) (planned) 10 Investor presentation 2015
Like-for-like net income growth from total estate 2.7% Sustained growth performance Growth in Q3 will be challenging as 2014 1.6% included benefits of FIFA World Cup football tournament 0.8% 0.8% Targeting full year 0.7% net income growth 0.5% 0.4% Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 11 Investor presentation 2015
Performance aided by strong South Year to Strong performance 30 Sept in South of country, 6 months ended 31 March 2014 aided by London Net income Year- Year- up 2.9% on-year on-year No. of FY15 FY14 change change Location pubs £m % £m % %* 43% of income derived from North 1,527 48 27 49 (2.0) - South sector Midlands 1,669 53 30 53 - 0.9 Stability of income South 2,000 77 43 75 2.7 3.3 in Midlands Total 5,196 178 100 177 0.6 1.7 North remains most challenged sector Highest earning 90% (4,675) pubs reported growth *The FY14 income change comparative has been restated to reflect of 2.7% like-for-like performance for the 5,196 pubs trading as at 31 March 2015 12 Investor presentation 2015
Exceptional items primarily relate to refinancing and property costs 6 months ended 31 March (£m) 2015 2014 Net charge to income from Property related: property related Profit on sale of pubs 3 7 items primarily Valuation change on sold pubs (8) (3) in respect of asset disposals Valuation change on future sales (12) (6) Goodwill (4) (4) Exceptional finance costs relate to Total property exceptionals (21) (6) charges arising from Finance costs (26) - partial refinancing of Other - (2) 2018 Bonds in October 2014 Exceptional items pre taxation (47) (8) Taxation 6 2 Total exceptional items (41) (6) 13 Investor presentation 2015
Strong operational cash generation Year to Working capital 6 months ended 31 March 30 Sept outflow relates to £m 2015 2014 2014 cyclical timing - expected to improve Operating profit 136 137 273 in second half Depreciation & amortisation 8 8 16 Debt reduction Deferred pension settlement - - 10 leads to lower Movement in working capital (10) (8) - interest cash outflow Operating cash inflow 134 137 299 Tax outflow increased Interest (77) (84) (167) due to settlement Tax (14) (11) (21) agreement reached with HMRC in April Free cash flow pre-investment and debt repayment 43 42 111 2014 in respect of historic liability 14 Investor presentation 2015
Movement in net debt £m Free cash flow of £43m Enhancing returns by 1 reinvesting disposal 43 (28) proceeds of £34m 133 pubs disposed of 2,404 34 (33) 2,387 in the period with average net proceeds of £256k £28m of cash outflow in respect investment March 2015 Sept 2014 Disposals Refinancing costs pre-investment Non-cash items Net debt Free cashflow Net debt Capital of 2018 Bonds partial refinancing in October 2014 15 Investor presentation 2015
Enhancing our estate quality Reinvesting disposal proceeds to enhance returns H1 FY15 Securing long term future of quality pubs Investment £33m by recycling funds from disposal of unviable operations £(34)m Disposals Divestment Increased proportion of capital investment focused on growth Full year expectation from 32% to 42% Return on investment Investment £70m (ROI) hurdle rate of 15%, with actual returns of 19% Disposals Divestment £(75)m Full year disposal expectations increased Growth (%) Letting & maintenance (%) from £60m to £75m 16 Investor presentation 2015
Loan-to-value stable at 60% (63% excluding lotting premium) £bn £35m securitised 4.0 bonds repaid in period through 3.8 amortisation 2.4 New £138m bank facility commenced 1.8 on 7 October 2014, 1.6 1.1 1.8 available until 2018 1.1 Bank debt net of cash at 31 March 0.1 0.4 0.1 2015 was £69m Bank Convertible Corporate Securitised Total debt bonds bonds bonds Net debt Assets Lotting premium See appendix 5 for full analysis of Group net debt 17 Investor presentation 2015
Regulatory update Small Business, Enterprise and Employment Act 2015 Statutory Code of Practice overseen by independent Adjudicator ● Largely reflecting current self-regulatory regime - behaviours, remedies, sanctions ● Statutory Code applies to 6 companies (>500 tied pubs) comprising ~13,000 pubs Market Rent Only (MRO) clause inserted in November 2014 ● Specified trigger events allow tied tenants to opt for MRO ● Trigger events include renewal, rent review, “significant” price increases, material change of circumstances Royal Assent given on 26 March 2015 ● Implementation expected by June 2016 Near term implications for Enterprise ● Administration and compliance costs estimated at £2m pa from implementation ● c.200 pubs with potential MRO trigger events in FY16 ● c.600 pubs with potential MRO trigger events in FY17 18 Investor presentation 2015
2015 Technical guidance Targeting full year like-for-like net income growth More challenging trading comparatives in quarter 3 due to 2014 FIFA World Cup Total administrative charges of c. £36m Full year interest costs (excluding exceptional charges) of £158 - 160m Full year effective tax rate c. 20.5% Disposals of c. £75m Capital investment of c. £70m 19 Investor presentation 2015
Strategic Review Simon Townsend
Market context Future prospects for the sector are more encouraging Macro-economic UK eating out share vs GDP growth (%) Eating out vs drinking out indicators are improving On-trade beer volume stable for the first time in many years Property values stable with Source: ONS, Datastream, Numis Securities Research Source: ONS, Datastream, Numis Securities Research signs of rental growth Pub beer/cider volumes (%) UK Pub Investment Yield Tracker Increasing traction for the economic importance of the sector Source: ONS, Datastream, Numis Securities Research Source: CBRE 21 Investor presentation 2015
Market dynamics Key drivers of success Clear understanding and application of consumer insights Format and location of relevant retail propositions Flexible models ● To meet evolving consumer demands ● To respond to competitor activity Operational control where appropriate ● To influence performance and protect asset value Investment to maintain and refresh the offer 22 Investor presentation 2015
Operating models – before Limited optionality, and publican-dependent Premium Commercial free-of-tie (185) Tied leases Wet Led Food Led and tenancies (5,011) Total trading estate @ 31 March 2015 Value 5,196 23 Investor presentation 2015
Our approach has evolved Use consumer insight to establish optimal asset use #1 #2 #3 #4 ANALYSE MATCH EVALUATE EXECUTE Analyse and Match to Establish Utilise operational segment the preferred retail methodology to flexibility to estate by propositions evaluate optimum execute optimum consumer model for each outcome preferences available asset • Tied leases & (including tenancies disposal) • Managed house • Commercial property (free-of-tie) • Disposal 24 Investor presentation 2015
Supply and demand segmentation Catchment area analysis for each Enterprise pub #1 ANALYSE PUB Demand Supply Local Frequency of Potential Supply of Occasions Current customer-base occasions by demand for occasions delivered by Enterprise estate by segment customer occasions covered by formats by format segment format Comparison Competing Key outputs: pubs and restaurants Assessment of Enterprise pub by format performance on a normalised basis Identification of optimal pub format given external environment 25 Investor presentation 2015
Consumer insights informing retail offers #2 MATCH Premium Location Destination ● Destination, urban, rural / community Premium Food Demographics ● Clientele, catchment area, drive time Competition Wet led Destination ● Direct and indirect Mainstream Food led Amenity ● Physical attributes, facilities, car park, kitchen Destination Value Mixed Format Value ● Food, drink, offer, pricing 26 Investor presentation 2015
Operating models Evaluation metrics Evaluation Measurement #3 EVALUATE Portfolio of assets Tied tenancies • Like-for-like net income • ROI/ROCE Like-for-like income growth • EBITDA • Business failure rate EBITDA • Capital invested • % growth capex Execution risk • Tenant satisfaction Capital requirement Managed Earnings Free cash flow • Like-for-like sales • ROI/ROCE growth and • EBITDA • Footfall shareholder Valuation • Capital invested • Customer satisfaction returns ROI Commercial property ROCE • Rental income • Segment net • Implied yield asset value Optimal valuation Group & returns • Net Debt / EBITDA • Central costs as % of EBITDA • ROCE • Free cash flow 27 Investor presentation 2015
Business transition Evolving the business through effective management of transition “events” #4 EXECUTE EVENT OUTCOME Other Tied Assignment CURRENT EVALUATION FUTURE ESTATE & NEGOTIATION Managed ESTATE Agreement expiry Commercial property/ free-of-tie Rent review Disposal 28 Investor presentation 2015
Event management Routine business activity - more options, better outcomes Pre statutory code Post statutory code 635 578 Other events Lease assignments Lease expiries 129 140 89 Lease rent review 160 115 120 66 461 460 35 494 437 264 176 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 (FY13-FY14: Actual events. FY15-FY17: Estimated events) 29 Investor presentation 2015
Operating models More options providing flexibility Premium Managed Commercial Property Tied leases (free-of-tie) Expert and tenancies Managed Wet Led Mainstream Food Led (Bermondsey) Managed Community (Craft Union) Value 30 Investor presentation 2015
Tied leases and tenancies Reinvigorated model Statutory Code protection Enterprise investment Flexible terms – discounts driving sales Extensive product range Enhanced SCORFA benefits Local support Consumer insights informing offers Knowledge transfer from managed operations Future capex directed at shorter term tenancies Currently 60% leases, 40% tenancies 0.6% LFL net income YTD (whole estate) 31 Investor presentation 2015
Managed expert Partnering with exceptional retailers Premium offer High quality food Complex operation Prominent sites First venture with Rupert Clevely (ex Geronimo) £20k + sales per week c.£400k capex Tailored deals Conversion capability15-25 per year Significant opportunity to leverage expertise 32 Investor presentation 2015
Managed mainstream The Bermondsey Pub Company – two preferred retail offers Meeting Place ● ABC1 demographic ● Premium drinks (real ale, craft beers and spirits) ● 70% wet; 30% food ● High quality, fresh but simple food, sharing ● Full of character ● A place to meet business colleagues and friends ● Urban / suburban locations Friends and Family ● C2DE demographic ● Mid-range offer ● 55% wet; 45% food ● Quality, value, traditional pub food ● Suburban / neighbourhood locations £12k – 18k sales per week c.£200k capex 10 sites to date Conversion capability 35-50 per year 33 Investor presentation 2015
Managed community The Craft Union Pub Company Community hub, wet-led offer 80-90% wet; 10-20% simple food Value drinks range Sports TV/entertainment Support for local teams/clubs £7-£12k sales per week £75k capex 6 sites to date Conversion capability100-125 per year 34 Investor presentation 2015
Managed house operations Well suited to the Enterprise estate Annual roll-out potential 30% of the Enterprise estate already has a full time manager - employed by agreement holder Model Range p.a. Trials developed over last 12 months – Expert 15-25 accumulated learning Recruitment of skills and capabilities Bermondsey 35-50 Development of financial controls and back office infrastructure Craft Union 100-125 Outsourcing capability where appropriate Total Managed 150-200 Careful management of overhead and potential complexity 35 Investor presentation 2015
Commercial property Attractive, high quality asset class Recent appraisal by Colliers International 154 sites virtually all freehold £53,000 average rent Strong presence in London and SE High proportion of prime or secondary locations Diversity of occupation, including corporates 98% long-term substantive agreements Alternative use potential 300 sites by September 2016 150 - 200 sites added per year thereafter Free-of-tie pubs (MRO) where value is optimised Fully repairing and insuring standard leases Seek out development opportunities Potential to list as a Real Estate Investment Trust (REIT) 36 Investor presentation 2015
Operating models- indicative profile 2020 More options providing flexibility Premium Tied leases Managed Commercial Property and tenancies Expert (Free-of-tie) (c.2,400) (c.100) (c.1,000) Managed Wet Led Mainstream Food Led (Bermondsey) Managed (c.200) Community (Craft Union) (c.500) Total estate Disposals Value c. 4,200 c.1,000 37 Investor presentation 2015
Capital recycling 2016 - 2020 Disposals proceeds fuelling majority of investment Disposals Capital investment £300m c. £350m c. (£60m ) p.a (£70m ) p.a £70m Managed Tenanted Maintaining our current target hurdle rate of > 15% ROI 38 Investor presentation 2015
Our team Enhancing our capabilities Recruiting quality and experience where required Outsource where appropriate Active areas of recruitment ● Retail concept ● Managed operations ● Real estate ● Business development ● Code compliance ● Change programme Clear segregation of responsibilities to protect business performance 39 Investor presentation 2015
Strategy outcomes Value creation for all stakeholders Evolution of our operating model enables us to adapt to changing consumer behaviour and competitor landscape Operational flexibility which unlocks embedded value in each asset Introduction of MRO increases speed and depth of strategic change Organisation clearly focused on continuing performance improvement whilst building operational flexibility Large tied leased and tenanted business for many years 40 Investor presentation 2015
Levers of value creation Put every asset to its optimal use Reinvigorated Expanded Commercial Asset tenancy managed property optimisation business operation • Flexible agreements • Premium retail offers • Robust commercial • Put every asset to • Focused on short term through partnerships management its optimal use tenancies • Mainstream mixed offer • Free-of-tie pubs with • Returns focused • Freedom for operator • Tailored local turnover-related rent assessment • Backed by capital community value offer • Non-licensed premises • Disposals where investment • Disciplined growth • Property development returns optimised • Local support partnerships • Like-for-like net income • Potential future growth conversion to REIT Using consumer insight to inform & great people to deliver 41 Investor presentation 2015
Questions & Answers
Appendices 1. Operational metrics 2. Like-for-like net income analysis 3. Supporting publican profitability 4. Balance sheet 5. Net debt analysis 6. ETI bank facility 7. ETI corporate bonds 8. Unique securitisation 9. Definitions 10. Forward-looking statements 43 Investor presentation 2015
Appendix 1 Operational metrics 256 rent reviews completed at an average annual increase of 0.7% (H1 2014 - 202 reduction of 0.1%) 70% of substantive agreements linked to RPI (H1 2014 - 69%) 90% of publicans receiving contractual BCF discount (H1 2014 - 88%) Overdue balances reduced by 6% to £3.1m (H1 2014 - £3.3m) Rate of business failures reduced by 21% (H1 2014 – down 16%) Total discretionary support unchanged at £3m (H1 2014 - £3m) Average length of occupation 6 years 44 Investor presentation 2015
Appendix 2 Like-for-like net income analysis Beer, Net beer, Wines, cider Contractual cider Rental Discretionary spirits & Machines £m & fabs discounts & fabs income Concessions minerals & other Total H1 2015 Turnover 241 (39) 202 81 (3) 14 5 299 Cost of sales (111) - (111) - - (10) - (121) Net income 130 (39) 91 81 (3) 4 5 178 H1 2014 Turnover 239 (37) 202 81 (3) 14 5 299 Cost of sales (112) - (112) - - (10) - (122) Net income 127 (37) 90 81 (3) 4 5 177 45 Investor presentation 2015
Appendix 3 Supporting publican profitability PUBLICAN Digital Discretionary (on-line Road shows Training Range support ordering) Sports TV Free WiFi • Over 1,900 • Over 1,000 • 490 brewers • £3m in H1 • Roll out in • Over 900 • Over 2,200 pubs in delegates FY15 FY14 H2 benefitting installed attendance • Over 1,400 from SKY/BT • e-Learning cask ales • Over 1,100 deal • Worth £500 • Over £7k of over 500 users to pa value per delegates date • Saving up pub to £3k pa • 100 days programme 46 Investor presentation 2015
Appendix 4 Balance sheet As at Assets – As at 31 March 30 Sept predominantly £m 2015 2014 2014 pub estate which Goodwill & investments 334 341 338 is subject to annual valuation Pubs & other assets 3,843 3,973 3,874 Liabilities – Net debt (2,387) (2,477) (2,404) primarily net debt Net other liabilities (149) (142) (168) Net asset value Deferred tax (236) (255) (237) of £2.80 Net assets 1,405 1,440 1,403 47 Investor presentation 2015
Appendix 5 Net debt analysis As at As at 31 March 30 Sept £m 2015 2014 2014 ETI bank debt (95) (107) (81) ETI cash 26 28 35 ETI net bank debt (69) (79) (46) Captive insurance cash 7 3 5 Convertible bonds (97) (97) (97) Corporate bonds (1,125) (1,125) (1,125) Total ETI debt (1,284) (1,298) (1,263) Unique securitised bonds (1,186) (1,260) (1,221) Unique cash 83 82 83 Total Unique debt (1,103) (1,178) (1,138) Underlying Group net debt (2,387) (2,476) (2,401) Fair value and other adjustments - (1) (3) Group net debt (2,387) (2,477) (2,404) 48 Investor presentation 2015
Appendix 6 ETI bank facility New facility commenced on 7 October 2014 at £138m as follows: Amount Cost over LIBOR Term Status £138m 3.00% 4 years Fully revolving, no amortisation As at 31 Mar As at 30 Sept Covenant 2015 2014 Interest cover greater than 1.50x 1.97x 1.89x First charge asset cover greater than 1.33x 5.12x 8.29x Total property asset cover greater than 1.50x 12.15x 19.48x 49 Investor presentation 2015
Appendix 7 ETI corporate bonds Covenants Market price 31 March Asset Income Value Rate Redemption cover cover 2015 2014 £350m 6.500% 2018 1.67x 2.0x 107 n/a £125m 6.875% 2021 1.50x 1.5x 103 102 £250m 6.000% 2023 1.67x 2.0x 100 n/a £125m 6.875% 2025 1.50x 1.5x 102 106 £275m 6.375% 2031 1.67x 1.5x 99 97 £1,125m 50 Investor presentation 2015
Appendix 8 Unique securitisation Amortisation in the period - £24m of A3 notes and £11m of A4 notes £77m ahead of amortisation schedule Market price 31 March Final Value Rate Note redemption 2015 2014 £362m 6.542% A3 2021 103 105 £409m 5.659% A4 2027 103 99 £225m 7.395% M 2024 103 97 £190m 6.464% N 2032 90 85 £1,186m 51 Investor presentation 2015
Appendix 9 Definitions Like-for-like net income – represents the like- Return on investment (ROI) – is measured as the for-like pubs level gross profits stated before incremental income delivered as a result of the property costs and unallocated central costs investment divided by the value of the capital EBITDA before exceptional items – represents investment the earnings before interest, taxation, Business failures, agreement surrenders – depreciation and amortisation and are those lease or tenancy agreements that excludes exceptional items do not reach their full term but are terminated by mutual agreement of ourselves and the Adjusted earnings per share – which the departing publican directors believe reflects the underlying performance of the Group, is based on profits Business failures, agreement failures – are all after tax excluding exceptional items other lease and tenancy agreements that do not reach their full term, that are not achieved Growth driving capital investment – through mutual agreement of ourselves and is discretionary capital cash spend on the the departing publican Group’s assets which is intended to generate incremental income at returns ahead of our target return on investment Maintenance & letting capital investment – is all capital cash spend that is not growth driving capital investment, typically focused on maintaining the quality of our assets and supporting the letting programme 52 Investor presentation 2015
Appendix 10 Forward-looking statements This document contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof such as “plans”, “expects” or “does not expect”, “is expected”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words or comparable terminology and phrases or statements that certain actions, events or results “may”, “could”, “should”, “shall”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward- looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Enterprise Inns. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed in the 2014 Annual Report and Accounts of Enterprise Inns and “Principal risks and uncertainties” in the 2015 Interim Results of Enterprise Inns. Neither Enterprise Inns nor any of its subsidiaries or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. Other than in accordance with its legal or regulatory obligations (including under the Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), Enterprise Inns is not under any obligation and Enterprise Inns and its subsidiaries expressly disclaim any intention, obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Enterprise Inns since the date of this document or that the information contained herein is correct as at any time subsequent to its date. No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Enterprise Inns share for the current or future financial years would necessarily match or exceed the historical published earnings per Enterprise Inns share. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The making of this presentation does not constitute a recommendation regarding any securities. 53 Investor presentation 2015
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