results for the twelve months ended 31 december 2019 · 2020-02-12 · trading experience: added...
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Results for the twelve months ended 31 December 2019
London Stock Exchange symbol: PLUS
* Illustrative figures
Financial Performance
2
FY 2019 Highlights
Robust performance across all key metrics in H2 2019 vs. H1 2019, mainly driven by more volatile market conditions:
H2 2019 Revenues up 40% to $206.5 million (H1 2019: $148.0 million)
H2 2019 EBITDA up 93% to $126.7 million (H1 2019: $65.6 million)
H2 2019 Net Profit up 94% to $100.1 million (H1 2019: $51.6 million)
High cash conversion of 88% in 2019
Financial Summary
0
100
200
300
400
500
2015 2016 2017 2018 2019
EBITDA ($m)
H1 H2
0
200
400
600
800
2015 2016 2017 2018 2019
Revenue ($m)
H1 H2
H2 2019 H1 2019 H2 2018 FY 2019 FY 2018
Revenue ($m) 206.5 148.0 254.9 354.5 720.4
Operating Expenses ($m) 80.9 83.5 98.3 164.4 215.1
EBITDA ($m) 126.7 65.6 157.0 192.3 506.0
EBITDA Margin 61% 44% 62% 54% 70%
EPS ($) 0.9 0.45 1.03 1.35 3.33
3
FY 2019 Highlights
0
0.5
1
1.5
2
2.5
2015 2016 2017 2018 2019
Earnings per Share ($)
H1 H2
Shareholder Returns
30.9
40.8
50
30
0
30
60
90
120
150
Share Buybacks
Dividends
FY 2019 Shareholder Returns ($m) – Total of $151.7m
100% ofFY 2019
Net Profit
The Company’s dividend policy is to return at least 60% of net profits to its shareholders through a combination of dividends and share buybacks, with at least 50% by way of dividends
100% of FY 2019 Net Profit ($151.7 million) proposed to be distributed to shareholders
Total shareholder returns of $919 million since IPO in 2013 ($823 million in cash dividends and $96 million in share buyback programmes)
FY 2019 Highlights
4
Average of approximately 3 million customer trades executed per month in FY 2019
Average deposit per Active Customer increased 19% year on year at $5,116 (FY 2018: $4,284)
Continued investment in innovation and technology throughout the entire customer journey
Increased focus on our core markets and continued expansion of global presence:
Successfully retained leading industry positions in core markets
New securities dealer licence received by the Financial Services Authority in the Seychelles
The Group’s mobile and tablet offering continues to be very popular with customers:
Represented over 80% of total revenues in 2019 (FY 2018: 77%)
75% of all customer trades were completed on a mobile device (FY 2018: 73%)
AUAC1 increased 12% year on year at $1,046 (FY 2018: $934), with 6% reduction in H2 2019 vs. H1 2019
ARPU2 for FY 2019 was $1,775 (FY 2018: $2,365), with 39% increase in H2 2019 vs. H1 2019
Operational Highlights
1 AUAC – Average User Acquisition Cost2 ARPU – Average Revenue Per User
Investment Summary
FinancialOverview
RegulatoryFramework
BrandAwareness
5
BusinessPerformance
6
Revenue ($m) ARPU1 ($)
H2 19 H1 19 % Change FY 19 FY 18 % Change H2 19 H1 19 % Change FY 19 FY 18 % Change
UK 22.4 16.2 38% 38.6 100.5 (62%) 1,100 730 51% 1,256 2,199 (43%)
EEA (exc. UK) 89.7 61.2 47% 150.9 384.7 (61%) 1,093 747 46% 1,334 2,154 (38%)
Australia 28.6 22.6 27% 51.2 84.8 (40%) 2,060 1,652 25% 2,506 2,371 6%
ROW2 65.8 48.0 37% 113.8 150.4 (24%) 2,552 2,011 27% 3,207 3,374 (5%)
Total 206.5 148.0 40% 354.5 720.4 (51%) 1,453 1,044 39% 1,775 2,365 (25%)
Business Performance
H2 2019 strong performance across all regions
Significant increase in ARPU levels in H2 2019
Plus500 continues to focus on recruitment of high value customers
1 ARPU – Average Revenue per User2 ROW – Rest of World
Revenues Breakdown
7
Active Customers1 New Customers2
H2 19 H1 19 % Change FY 19 FY 18 % Change H2 19 H1 19 % Change FY 19 FY 18 % Change
UK 20,366 22,141 (8%) 30,716 45,694 (33%) 6,309 8,623 (27%) 14,932 21,349 (30%)
EEA (exc. UK) 82,039 82,025 0.02% 113,096 178,576 (37%) 22,722 24,330 (7%) 47,052 78,400 (40%)
Australia 13,872 13,673 1% 20,418 35,769 (43%) 5,545 5,939 (7%) 11,484 15,476 (26%)
ROW 25,797 23,853 8% 35,490 44,577 (20%) 9,272 8,648 7% 17,920 19,012 (6%)
Total 142,074 141,692 0.3% 199,720 304,616 (34%) 43,848 47,540 (8%) 91,388 134,237 (32%)
Business Performance
1 Active Customers - Customers who made at least one real money trade during the period2 New Customers - Customers depositing for the first time during the period
Strong set of KPIs in FY 2019 following exceptional market conditions observed in FY 2018
Slight improvement in Active Customers in H2 2019 compared to H1 2019, reflecting successful measures to improve churn rateAs profile of customers shifts to higher value customers, average lifetime value of New Customers is expected to remain at anattractive level and AUAC is expected to rise steadily
Active Customers and New Customers KPIs
Business Performance
8
FY 2019 FY 2018 % Change
Advertising and marketing costs 95.6 125.4 (24%)
Processing costs 15.8 20.1 (21%)
Payroll and related expenses 22.6 22.1 2%
Variable bonuses 5.2 13.0 (60%)
Share-based compensation 3.7 8.9 (58%)
IT & data feeds costs 7.2 6.9 4%
Legal, professional and regulatory fees 5.8 8.2 (29%)
Office expenses 2.8 5.0 (44%)
Other costs 5.7 5.5 4%
Total costs 164.4 215.1 (24%)
Key Financial Indicators ($m)
116.6 158.5
47.8 56.6
0%10%20%30%40%50%60%70%80%90%
100%
FY 2019 FY 2018
Variable Fixed
Large proportion of variable costs provides flexibility to deliver enhanced EBITDA margins Highly-targeted and effective marketing investment
1 Variable – advertising and marketing costs, processing costs and variable bonuses
Lean Cost Structure ($m)
9
Business Performance
53% 73% 73%
More than 1 Year
FY 2016
52%
4%
23%
53%
12%
8%
FY 2017 FY 2018 FY 2019
25%
23%37%
13%2%
Revenue Split by Customer Tenure
The Group continued to invest in technological retention initiatives to enhance the overall customer experience
73% of FY 2019 revenue derived from customers who have traded for more than one year (FY 2018: 73%)
27% of FY 2019 revenue derived from customers who have traded for more than three years (FY 2018: 20%)
11% of customers in FY 2019 have traded with the Group for more than five years, a significant increase from 2% in 2016
11%
16%
46%
16%
11%
32%
15%36%
12%
5%
21 3256
89103
7794
73
23
4
69
2715
8
11
1
9*
13*13*
16*
15*
0
20
40
60
80
100
120
140Online
Affiliates
Offline
*
**
* *
*
* Majority is Atletico Madrid sponsorship deal
Business Performance
*
2012 2013 2014 2015 2016 2017 2018 2019
Marketing Spend per Year and by Channel ($m)
125
104
High Return on Marketing Investment
Total marketing spend of $104 million in 2015, $125 million in 2016 and $117 million in 2017
2019 continued focus on online, with the vast majority of spend allocated to online channels, where the Group’s targeted efficient marketing algorithms can produce high levels of return
10
117
Cumulative Return - 2015 Registrations ($m)
11
Business Performance
Cumulative Return - 2016 Registrations ($m)
High Return on Marketing Investment
2015 marketing spend of $104 million generated returns of $332 million
2016 marketing spend of $125 million generated returns of $360 million
Cumulative Return - 2017 Registrations ($m)
2017 marketing spend of $117 million generated returns of $496 million
95 M 104 M
85 M
62 M63 M27 M
M
100 M
200 M
300 M
400 M
500 M
600 M
Return 2015 Investment
2015 2016 2017 2018 2019
5 years
332
102 M 125 M
119 M
99 M40 M
M
100 M
200 M
300 M
400 M
500 M
600 M
Return 2016 Investment
2016 2017 2018 2019
4 years
360
129 M 117 M
278 M
89 M
M
100 M
200 M
300 M
400 M
500 M
600 M
Return 2017 Investment
2017 2018 2019
3 years
496
Plus500 has no 'opinion' on direction of market movements
The Group’s market exposure is dictated by customers’ views of market trading opportunities
Company’s risk management framework ensures risk exposures are limited
Risk is effectively managed by a combination of real-time monitoring technology, predefined limits (e.g. by customer, instrument and asset class) and internal offsetting techniques
All customers are treated equally
Plus500 has a symmetrical risk approach around customers’ trading performance:
While it may fluctuate over the short term, performance is considered over a longer timeframe which tends to be broadly neutral over timeCustomer Income1 accounted for approximately 99% of revenues over the past six years
12
Business Performance
Approach to Customer Execution
Plus500 acts as principal to the customer trade (like its peers)
1 Customer Income - Revenue from customer spreads and overnight charges
Churn Rates 2017-2019
Churn = [(Active Customers (T) + New Customers (T+1)) - Active Customers (T+1)]/ Active Customers (T)
Business Performance
13
Retention efforts to enable increased customers’ lifetime
31% churn in H2 2019, aided by continued focus on technological retention initiatives
Broadened product offering, accompanied with rapid response to market events and focused campaigns
Enhanced platform capabilities (charts, indicators, drawing tools) appeal to more sophisticated traders and reduce churn
Best-in-class customer service and improved communication with customers
Analysis of Customer Churn
43%
37%41%
59%
34%31%
0%
10%
20%
30%
40%
50%
60%
H1 H2
201720182019
14
Continuous focus on innovation and technology throughout the entire customer journey:
Trading experience:
Added analysis package to our WebTrader, iOS and Android platforms, including volume indicators, drawingtools and an extensive range of technical indicators
More than 100 new financial instruments, including some which were unique to Plus500’s trading platform
Upgraded WebApp platform interfaces
Support channels and back office systems:
The first major CFD provider to successfully incorporate WhatsApp into its customer service offering
Proprietary technology provides smart routing optimisation between local payment processing companies
Introduction of additional alternative payment methods to increase variety and streamline the deposit process
Marketing and customer acquisition process – proven marketing optimisation technology
Business Performance
Operational Progress
Investment Summary
FinancialOverview
RegulatoryFramework
BrandAwareness
15
BusinessPerformance
Brand Awareness
16
Plus500 retained leading industry positions in core markets:
No.1 CFD provider in the UK1
No.1 CFD provider in Spain2
No.1 CFD provider in Germany3
Australia’s best CFD mobile platform4
Recent achievements also include:
UK No. 1 for satisfaction for Online Chat Customer Service1
1 2 3
1 By total number of relationships with UK CFD traders. Investment Trends 2019 UK Leverage Trading Report2 By total number of client relationships. Investment Trends 2019 Spain Leveraged Trading Report3 By total number of client relationships. Investment Trends 2019 Germany Leveraged Trading Report4 By own client satisfaction rating. Investment Trends 2018 Australia Leveraged Trading Report
Market Share in CFD Market
23%
14% 13%
17%
11%13%
UK Spain Germany
Mar
ket S
hare
(%)
Plus500 Next largest provider
Global Growth Opportunities
17
Expansion into new geographic regions leveraging the strong Plus500 international brand and capabilities
Product extension enabled by further development of the current technology platform
Retaining robust financial position while delivering attractive returns to shareholders
Enhancing customer acquisition rates and improving retention levels
Increase growth rates by improving brand awareness globally through marketing activity
Value-adding targeted acquisitions
Strategic
*
Investment Summary
FinancialOverview
RegulatoryFramework
BrandAwareness
18
BusinessPerformance
19
Regulatory Framework
HQ
Monetary Authorityof Singapore
ISRAEL SECURITIESAUTHORITY
FINANCIAL SERVICES AUTHORITY
Global Strong and Robust Regulatory Framework
During the year, and as anticipated, the majority of EU-member states adopted national product intervention measures
relating to CFDs reflecting the ESMA product intervention measures which came into force in August 2018
ASIC in Australia released a consultation paper which sets out ASIC’s proposals to impose certain restrictions on the sale and
marketing of CFDs to retail customers. It is anticipated that final product intervention orders will come into force during 2020
The UK left the EU on 31 January 2020 and is now in a transition period until 31 December 2020 in which EU law will continue
to apply. Plus500 remains well prepared for various scenarios, supported by the Group’s separate EU licence in Cyprus
Plus500 will continue to offer CFDs in accordance with applicable laws, regulations and industry best practice
20
Regulatory Framework
Regulatory Developments
Investment Summary
FinancialOverview
RegulatoryFramework
BrandAwareness
21
BusinessPerformance
H2 2019 H1 2019 FY 2019 FY 2018 FY 19/FY 18
Trading Income 206.5 148.0 354.5 720.4 (51%)
Selling and Marketing Expenses 67.7 71.2 138.9 175.9 (21%)
Administrative and General Expenses 13.2 12.3 25.5 39.2 (35%)
EBITDA 126.7 65.6 192.3 506.0 (62%)
EBITDA Margin 61% 44% 54% 70% (23%)
Financing Expenses, Net 0.2 0.6 0.8 2.3 (65%)
Tax Expenses 25.3 12.3 37.6 124.0 (70%)
Net Profit 100.1 51.6 151.7 379.0 (60%)
Key Financial Indicators – Income Statement ($m)
Financial Overview
22
Efficient cost structure reflecting a controlled cost base at all times
Optimised effective tax rate
Reduced FX impact on financial expenses due to continuous treasury optimisation
Income Statement
FY 2019 FY 2018 FY 19/FY 18
Cash and Cash Equivalents 292.9 315.3 (7%)
Other Current Assets 14.7 12.8 15%
Total Current Assets 307.6 328.1 (6%)
Non Current Assets 9.3 4.8 94%
Total Assets 316.9 332.9 (5%)
Current Liabilities 28.7 51.9 (45%)
Non Current Liabilities 4.1 0.3 1,267%
Total Liabilities 32.8 52.2 (37%)
Equity 284.1 280.7 1%
Total Liabilities and Equity 316.9 332.9 (5%)
No debt and loans
Client money held with reputable financial institutions
Strong balance sheet with positive working capital has enabled Plus500 to withstand the period of recent change, continue to invest in the business for future growth, and to continue to make attractive shareholder returns
Financial Overview
Key Financial Indicators – Balance Sheet ($m)
23
Balance Sheet
Strong cash generation
Limited capex needs
Low capital intensity
High cash conversion, available for shareholder returns and market opportunities
Significant shareholder return reflected within financing activities
Financial Overview
Key Financial Indicators – Cash Flow ($m)
24
Cash Flow
FY 2019 FY 2018 FY 19 / FY 18
Operating Activities:Cash generated from operations 170.1 495.0 (66%)
Interest received, net 4.8 3.8 26%
Income tax paid, net (47.6) (98.4) (52%)
Net cash provided by operating activities 127.3 400.4 (68%)
Net cash used in investing activities (0.1) (0.7) (86%)
Financing Activities:
Dividend Paid (*/**)Payment of principal in respect of leases liabilityAcquisition of the Company's shares by the Company ***
(101.1)(1.8)
(47.2)
(321.9)-
(2.3)
(69%)NA
1952%
Net cash used in financing activities (150.1) (324.2) (54%)
Gains (Losses) from exchange differences on cash and cash equivalents 0.5 (2.1) (124%)
Balance of cash and cash equivalents at end of the year 292.9 315.3 (7%)
* On August 2019 the Company declared an interim dividend in an amount of $30.9 million ($0.2734 per share), which was paid on 28 November 2019** On February 2019 the Company declared a final dividend for the year ended 31 December 2018 in an amount of $70.2 million ($0.6191 per share), which was paid on 9 July 2019*** During 2019 the Company purchased its own shares through two share buyback programmes ($6 million and $41.2 million)
Investment Summary
FinancialOverview
RegulatoryFramework
BrandAwareness
25
BusinessPerformance
Proprietary technology, developed in-house -key differentiator and flexible advantage
Business Model
26
Back Office
Risk Management
Affiliate Programme
Fraud Managementlow chargeback ratio
System Architecturerapid product developmentUser Interface
consistent experience across all platforms
“Marketing Machine”efficient acquisition of new customers
Payment Interface
“Retention Machine”efficient retention algorithms
Market Leading Technology
27
Cutting-Edge Proprietary Technology
Leadership in innovation and R&D is a key driver for growth:
Proprietary technology suite enables rapid response
Technology solutions replace manual interventions
Upgrading functionality and appearance to aid retention of, and appeal to, more sophisticated traders
Fully self developed cashier and processing mechanism with smart transaction route to reduce costs
Plus500 is, at its core, a technology company
Plus500 excels at understanding customer requirements:
Upgraded WebApp platform interfaces for further user customisation, including introduction of the dark mode which gained popularity quickly
Enhanced customer onboarding experience
Monitoring and implementation of trending topics and customer requests
Introduction of new features, trading instruments and trading tools and support channels
28
29
* Illustrative figures
Encouraged by the momentum built through the year end – heightened levels of volatility in the financial markets due
to global events
Customer trading patterns have now adjusted following the regulatory changes introduced in Europe last year
Customer retention metrics are improving and customer tenure is increasing, supporting lifetime values
Our flexible business model, optimised cost base and technological advantage will enable Plus500 to adjust rapidly to
any future regulation, including the impact of any changes expected to be introduced in Australia during 2020
Plus500's financial performance in 2020 will be dependent, among other things, on financial market conditions
providing sufficient trading opportunities for customers
Looking forward we are confident of the prospects for the Group as we focus on further strengthening our customer
offering and market positions, thereby delivering growth and further strong shareholder returns
Outlook
30
Outlook
Appendices
31
Revenue Split Rolling 6 Year Performance
Customer Income
Revenue from customer spreads and
overnight charges
Customer Trading Performance
Gains/losses on customers’ trading
positions
Effective, comprehensive risk
management capabilities – based on
significant investment in personnel and
processes
32
FY 19 Performance
Risk Management
Amount($m)
# of negative revenue days
0-0.25 28
0.25-0.5 14
0.5-1.0 7
>1.0 6
89%
10%1%
$-10,000,000
$-5,000,000
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
Jan
16
Feb
16
Mar
16
Apr
16
May
16
Jun
16
Jul 1
6
Aug
16
Sep
16
Oct
16
Nov
16
Dec
16
Jan
17
Feb
17
Mar
17
Apr
17
May
17
Jun
17
Jul 1
7
Aug
17
Sep
17
Oct
17
Nov
17
Dec
17
Jan
18
Feb
18
Mar
18
Apr
18
May
18
Jun
18
Jul 1
8
Aug
18
Sep
18
Oct
18
Nov
18
Dec
18
Jan
19
Feb
19
Mar
19
Apr
19
May
19
Jun
19
Jul 1
9
Aug
19
Sep
19
Oct
19
Nov
19
Dec
19
Brexit Referendum
In 2019 the Group made a positive revenue on approximately 85% of the trading days with remaining 15% of trading days showing mostly relatively immaterial negative revenue. The average daily loss in 2019 was less than $411K
US Elections
Crypto Volatility
33
Risk Management
Oil Surge
Minimising Downside Risk: 85% Positive Trading Days in 2019
Disclaimer
The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer topurchase or subscribe for, any shares or other securities of the Company, nor shall it (or any part of it), or the fact of itsdistribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contractwhatsoever relating to any securities.
The Presentation is being made, supplied and directed only at persons in member states of the European Economic Area whoare qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC, as amended) and,additionally in the United Kingdom, to those qualified investors who (a) are persons who have professional experience inmatters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)Order 2005 (investment professionals) or (b) fall within Article 49(2)(a) to (d) of that Order (high net worth companies,unincorporated associations etc.) (all such persons being "Relevant Persons"). Any person who is not a Relevant Person may notreview the Presentation and should not act or rely on this document or any of its contents. Any investment or investmentactivity to which the Presentation relates is available only to Relevant Persons and will be engaged in only with RelevantPersons.
The Presentation is provided for general information only and does not purport to contain all the information that may berequired to evaluate the Company or its securities. The information in the Presentation is provided as at the date of thePresentation (unless stated otherwise) and is subject to updating, completion, revision and is not independently verified. Noreliance may be placed for any purpose whatever on the information or opinions contained or expressed in the Presentation oron the accuracy, completeness or fairness of such information and opinions.
To the extent permitted by law or regulation, no undertaking, representation or warranty or other assurance, express or implied,is made or given by or on behalf of the Company or any respective parent or subsidiary undertakings or the subsidiaryundertakings of any such parent undertakings or any of their respective directors, officers, partners, employees, agents, affiliates,representatives or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinionscontained in the Presentation. Save in the case of fraud, no responsibility or liability is accepted by any person for any errors,omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, however arising,directly or indirectly, from any use of, as a result of the reliance on, or otherwise in connection with, the Presentation. Inaddition, no duty of care or otherwise is owed by any such person to recipients of the Presentation or any other person inrelation to the Presentation.
Nothing in the Presentation is, or should be relied on as, a promise or representation as to the future. The Presentation includescertain statements, estimates and projections provided by the Company in relation to strategies, plans, intentions, expectations,objectives and anticipated future performance of the Company and its subsidiaries. In particular, unless otherwise specificallystated, the financial information in the Presentation has not been audited.
The Presentation contains statements that are or may be forward-looking statements. All statements other than statements of historical facts included in the Presentation may be forward-looking statements, including statements that relate to the Company's future prospects, developments and strategies.
The Company does not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions express by the press or other media regarding the Group. The Company makes no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.
Forward-looking statements are identified by their use of terms and phrases such as “believe”, “targets”, “expects”, “aim”, “anticipate”, “projects”, “would”, “could”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward looking statements in the are based on current Presentation expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements include, but are not limited to, those described in the risk factors. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of such entity and the environment in which each will operate in the future. All subsequent oral or written forward-looking statements attributed to the Company or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above.
Each forward-looking statement speaks only as at the date of the Presentation, Except as required by law, regulatory requirement, the Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
By their nature, such statements, estimates and projections involve risk and uncertainty since they are based on variousassumptions made by the Company concerning anticipated results which may or may not prove to be correct and because theymay relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company’sability to control or predict. No representations or warranties of any kind are made by any person as to the accuracy of suchstatements, estimates or projections, or that any of the events expressed or implied in any such statements, estimates orprojections will actually occur. The Company is not under any obligation, and expressly disclaims any intention, to update orrevise any such statements, estimates or projections. No statement in the Presentation is intended as a profit forecast or a profitestimate.
All charts and graphs contained in this Presentation are graphical representations of the underlying data to which each chart orgraph relates and have been included to aid interpretation of such data and are therefore included for illustrative purposes only.
The Presentation does not constitute or form part of an offer or invitation to issue or sell, or the solicitation of an offer tosubscribe or purchase, any securities to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful,and, in particular, is not for distribution in or into Australia, Canada, Israel, Japan, the Republic of South Africa or the UnitedStates of America.
34
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