© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012
BAUER AG
Diaphragm wall for MRT stations – Kuala Lumpur, Malaysia
Analyst conference
fiscal year 2012 Munich, April 11, 2013
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 2
Total Group revenues (in EUR million)
1,600
1,200
800
400
0
Orders in hand (in EUR million)
800
600
400
200
0
Net profit (in EUR million)
60
45
30
15
0
Key Figures FY 2012
Employees (in average)
12,000
9,000
6,000
3,000
0
1,276 1,304 1,372
2009 2010 2011 2012
1,446
2009 2010 2011 2012
508.9 614.9 750.0 785.0
2009 2010 2011 2012
8,872 9,094 9,646 10,253
42.0 39.8 34.1
2009 2010 2011 2012
25.3
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 3
Mission & Strategy
Services, equipment & products dealing with ground
and groundwater
Our mission
Our strategy
The world is our market.
World market leadership for foundation technology.
Powerful development of drilling applications and related
services for resources, water and energy markets.
Optimizing worldwide organizational networks and self
controlling structures for the Group.
Growth 5 to 12 % per year.
BG 42 PremiumLine – Munich, Germany
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 4
Total Group revenues with EUR 1,445.6 million (+5.4 % yoy) fully on target.
Net profit of the Group with EUR 25.3 million significantly behind previous year (EUR 34.1 million) and
at lower end of the guidance range.
The year 2012 was marked by some extraordinary effects:
• Earnings in the Resources segment were positively effected by a project in Oman and a good
contribution from mining activities in Germany. By contrast, well drilling projects in Jordan led to a
considerable loss. A real estate development project of an associated company provided a good
contribution to earnings of the Construction segment.
The Construction and Resources segments recorded substantial growth, while the Equipment
segment saw a marked decline in revenues.
Order backlog for the Group increased again to EUR 785.0 million (+4.7 % yoy) and is near all-time
high. In Construction, order backlog with EUR 513.1 million exceeded the record level.
Guidance for FY 2013: total Group revenues will exceed EUR 1.5 billion; EBIT around EUR 85 million
and after-tax profit above EUR 30 million.
Main topics
Key Figures FY 2012
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 5
Key Figures FY 2012
2011
in EUR million
2012
in EUR million
∆ FY
in %
Q4 2012
in EUR million
Total Group revenues, of which
- Germany
- International
- Construction*
- Equipment*
- Resources
- Consolidation / Other
1,371.8
370.3
1,001.5
606.6
636.5
211.5
-82.8
1,445.6
385.3
1,060.3
656.8
596.1
263.9
-71.2
5.4 %
4.1 %
5.9 %
8.3 %
-6.3 %
24.8 %
n/a
382.4
104.3
278.1
172.8
151.9
72.6
-14.9
Sales revenues 1,219.6 1,344.4 10.2 % 410.5
Orders received 1,506.9 1,480.6 -1.7 % 392.2
Orders in hand 750.0 785.0 4.7 % n/a
EBITDA 164.5 163.2 -0.8 % 50.3
EBIT 82.3 71.4 -13.2 % 26.2
EBIT margin in % (of sales revenues) 6.7 5.3 n/a 6.4
Net income 34.1 25.3 -25.7 % 19.1
Earnings per share in EUR 1.86 1.42 -23.7 % n/a
Equity ratio in % 31.6 31.8 n/a n/a
Number of employees (average over the year) 9,646 10,253 6.3 % n/a
* Previous year figures have been adjusted. The Environmental Technology Division of SCHACHTBAU NORDHAUSEN GmbH
has been reassigned from the Equipment to the Construction segment.
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 6
Contents
Regional breakdown of Revenues 3
Financials 2012 4
Overview BAUER Group 1
BAUER market environment 2
p. 7
p. 12
p. 14
p. 16
5 BAUER share
6 Guidance 2013
p. 26
p. 28
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 7
1 BAUER Group The three segments
Target: ~ 40 % of
total Group revenues
Market leader in
specialist foundation
equipment
New products for
mining, deep drilling
and offshore drilling
80 % of revenues
from sales abroad
Multi-branding
strategy
Target: ~ 40 % of total Group revenues
Global provider for specialist foundation engineering services
Specialist construction services
Focus on complex, international projects
Target: ~ 20 % of
total Group revenues
Activities in
environmental
technology, mining,
deep drilling, well
construction,
materials
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 8
Resources Segment The three competence areas
1
Environment about 38 % of revenues*
Exploration & Mining
Services about 38 % of revenues*
Materials about 24 % of revenues*
Full-line provider for
materials in the field of
well construction
geothermal energy
distribution of gas/water/
geothermal energy
Production drilling
(for example: water wells)
Exploration drilling
Preparative work for the mining
of resources
Complete solutions in the field
of geothermal energy
Special solutions for mining
resources
Disposal of polluted areas
Cleaning of process water
and effluents
Processing of drinking water
Cleaning of extracted air
High purity systems
Brewing technology
High purity water systems * based on figures FY 2012
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012
in EUR million (segment after decucting Other/Consolidation)
9
1
Note: 2000 – 2002 based on HGB figures, from 2003 based on IFRS figures
Resources
260
Equipment
543
Construction
Overseas
478
Total 1,446
Construction
Domestic
165
Total Group Revenues Longstanding healthy business development
German reunification
Far East crisis
Financial crisis
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 10
Worldwide network More than 110 subsidiaries in about 70 countries
1
BAUER Manufacturing Inc.
Conroe, Texas, USA
GWE Group, plant Luckau,
Germany
BAUER Maschinen KSM,
Kurgan, Russia
BAUER Equipment Malaysia
Shah Alam, Malaysia
Shanghai BAUER Technologies,
Shanghai, China
BAUER Group, plant Aresing near
Schrobenhausen, Germany
Permanent Offices:
Construction
Equipment sales
Resources
Equipment production
locations
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 11
1 BAUER Group Strengths & Chances
Strategic business model with three forward-looking segments
providing high level of synergies.
Global network organisation with flexible, decentralized
management.
World market leader in foundation equipment with innovative
strength in enhancing existing products and designing new
ones.
Strengths
Chances
Construction segment with considerable number of major pro-
jects currently under construction and tendered for worldwide.
New growth potential in Equipment segment with entirely new
techniques such as deep drilling rigs, powerful foundation
crane series and offshore equipment.
Resources segment with ground-breaking projects, e.g.
biological water treatment plant and promising opportunities
due to its focus on growth markets water, energy and
environment. TBA 100 – Small-sized deep driling rig
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011
+
World construction markets Bauer market potential
2
12
-
Western Europe:
declining markets,
Germany is quite good +
+
++
Far East:
positive development
in all areas, especially
Hongkong, Malaysia
+ Other Americas:
several chances in
Central America
o
Africa:
slight construction activities,
regional growth (Angola, Algeria);
demand for water and resources
Summary: Recovering market conditions worldwide, but generally very unstable; huge pent-up demand.
Specialist foundation construction grows relative to construction market.
Energy sector becomes main booster – also because of energy turnaround (renewable
energies & reduction of energy consumption);
Middle East:
stable, especially
Abu Dhabi, Qatar,
Saudi Arabia
Eastern Europe:
slowly positive development,
especially Russia
Central Asia:
good market
potentials
USA / Canada:
public demand,
power plants, dams, etc.
12
-- weak - slightly weak stable + growing ++ strong growth
-
+
+
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 13
Market environment Orders & Currency risks
2
Order backlog (Orders in hand) Currency Risks
Expected order intake
2013
Construction Germany
Construction International +
Equipment BAUER Maschinen GmbH –
Equipment Subsidiaries
Resources ++
-- weak - slightly weak adequate + well adequate ++ very well adequate
FY 2012 Reach in months
in relation to total
Group revenues
full year 2012
TOTAL
Construction
Equipment
Resources
EUR 785 million
EUR 513 million
EUR 113 million
EUR 159 million
6.5 months
9.4 months
2.3 months*
7.2 months
* incl. running small-type orders
Construction
Project size EUR 100,000 up to EUR 70 million
~ 50 / 50 infrastructure / large industrial buildings
~ 600 projects per year
Local financing (natural hedge) for project duration
Translation risk (consolidation) hedged
US$ business hedged, e.g. swaps
Equipment
~ 70 % of invoicing in EUR
US$ business hedged with permanent translation of
individual machines
Production expansion to US, China and others to
counteract currency risk Euro / US$ / RMB and
others
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 14
3 Regional breakdown Total Group revenues 2012
in EUR million
Total 1,446
in EUR million
Africa 67 (5 %)
Americas 191 (14 %)
Asia-Pacific,
Far East & Australia
292 (21 %)
Middle East
& Central Asia 171 (13 %)
Germany 370 (27 %)
EU excl. Germany
154 (11 %)
Europe (other)
127 (9 %)
Total 1,372
Full year 2011
Africa 60 (4 %)
Americas 203 (14 %)
Asia-Pacific,
Far East & Australia
328 (23 %)
Middle East
& Central Asia 197 (13 %)
Germany 385 (27 %)
EU excl. Germany
143 (10 %)
Europe (other)
130 (9 %)
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 15
3 Regional breakdown Construction, Equipment, Resources 2012
Figures after deducting Other/Consolidation
in EUR million
Total 643 Total 543 Total 260
Construction segment Equipment segment Resources segment
Africa 29 (4 %)
Americas 94 (15 %)
Asia-Pacific,
Far East & Australia
212 (33 %)
Middle East &
Central Asia 61 (9 %)
Germany 165 (26 %)
EU excl. Germany
51 (8 %)
Europe
(other)
31 (5 %)
Africa 14 (3 %)
Americas 103 (19 %)
Asia-Pacific,
Far East & Australia
115 (21 %)
Middle East &
Central Asia 41 (8 %)
Germany 100 (18 %)
EU excl.
Germany
78 (14 %)
Europe (other)
92 (17 %)
Africa 17 (6 %)
Americas 6 (2 %)
Asia-Pacific,
Far East & Australia
1 (1 %)
Middle East &
Central Asia 95 (37 %)
Germany 120 (46 %)
EU excl. Germany
14 (5 %)
Europe (other)
7 (3 %)
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 16
Revenues (in EUR million)
Earnings (in EUR million)
Financials Revenues, earnings & orders
4
1,600
1,200
800
400
0
100
75
50
25
0
Orders in hand (in EUR million)
800
600
400
200
0
Order intake (in EUR million)
2011 2012
297
283
293
240
303
446
293
1,113
2010 2009
368
1,410 +26.7 %
364
332
438
373
1,507
+6.9 %
Q1
Q2
Q3
Q4
342
-1.7 %
Total Group revenues Sales revenues
EBIT Net profit
389
358
2011 2012 2010 2009
1,276
1,096
1,304 1,132
1,372
1,220
1,446 1,344
508.9
2011 2012
614.9
2010 2009
750.0 785.0
84.4
42.0
2011 2012
88.4
39.8
2010 2009
82.3
34.1
71.4
25.3
392
1,481
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 17
Building construction
positive cash contribution
Specialist foundation engineering
pre-financing need
Financials Working capital needs & cash flow
4
EUR
12 24 months
Positive cash
contribution
Negative cash
contribution
Co
ntr
ac
t va
lue
EUR
Negative cash
contribution
12 24 months
Co
ntr
ac
t va
lue
Bauer’s business model with its three segments
requires considerably more working capital than
other companies in construction markets.
Changes during the year:
- Levels of working capital in the balance sheet during
the year are typically higher than year-end positions.
Construction segment:
- Construction contracts with short duration need
approx. 2 - 3 months pre-financing
(no advance payments, no front-loading of prices
possible, comparably long time needed for final
account settlement).
Comparison with main contractor: they can finance
their company by a positive cash flow from jobs.
Resources segment:
- A mixture of the Construction and Equipment
segments.
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 18
Financials Working capital needs & net debt
4
Net debt (in EUR million)
Net
fin
an
cia
l
de
bt
Pe
ns
ion
s
Net working capital (in EUR million)
720
540
360
180
0
2009 2010 2011 2012
446 520
46
49
645
52
611
54
2009 2010 2011
444 494 625
2012
585
Equipment segment:
- Due to very special parts being installed, parts need
to be pre-ordered well in advance
approx. 3 months pre-financing of equipment
during production.
- Spare parts store is needed for large customer base.
- A relatively large rental fleet is needed for different
contract types (e.g. rental purchase).
- Deep drilling rigs add large numbers in value.
Special items related to net debt FY 2012:
- Successful reduction of net debt level by the end of
the year through different measures to lower
inventory position.
- Special effects of 2011 and 2012 are still on-going
and keep net debt position somewhat higher.
- With planned increase in revenues, we do not expect
a lower net debt level end of 2013 compared to 2012.
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 19
Financials Revenues Q4 / FY 2012
4
* Previous year figures have been adjusted. The Environmental Technology Division of SCHACHTBAU NORDHAUSEN GmbH
has been reassigned from the Equipment to the Construction segment.
in EUR '000 Q4 2011 Q4 2012 ∆ Q4 in % FY 2011 FY 2012 ∆ FY in %
Total Group revenues 362,890 382,384 5.4% 1,371,831 1,445,591 5.4%
Sales revenues, Construction * 130,906 147,551 12.7% 506,227 579,069 14.4%
Sales revenues, Equipment * 165,049 194,450 17.8% 511,430 520,576 1.8%
Sales revenues, Resources 48,658 68,377 40.5% 201,549 244,273 21.2%
Sales revenues, Other 105 152 n/a 381 503 n/a
Sales revenues (external) 344,718 410,530 19.1% 1,219,587 1,344,421 10.2%
Consolidated revenues (P&L) 348,828 358,084 2.7% 1,327,085 1,385,862 4.4%
Orders in hand 749,968 784,998 4.7%
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 20
Financials Segment reporting FY 2012
4
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 21
Financials Segment reporting FY 2012
4
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 22
Financials Earnings Q4 / FY 2012
4
n/a not applicable (a) of sales revenues (b) pre-minorities
* Previous year figures have been adjusted. The Environmental Technology Division of SCHACHTBAU NORDHAUSEN GmbH
has been reassigned from the Equipment to the Construction segment.
in EUR '000 Q4 2011 Q4 2012 ∆ Q4 in % FY 2011 FY 2012 ∆ FY in %
EBITDA 52,014 50,316 -3.3% 164,496 163,194 -0.8%
Margin (a) 15.1% 12.3% n/a 13.5% 12.1% n/a
EBIT 30,791 26,177 -15.0% 82,300 71,399 -13.2%
EBIT margin (a) 8.9% 6.4% n/a 6.7% 5.3% n/a
EBIT Construction segment * 7,982 5,726 -28.3% 17,866 21,784 21.9%
EBIT margin, Construction segment (a) 6.1% 3.9% n/a 3.5% 3.8% n/a
EBIT Equipment segment * 18,689 13,574 -27.4% 52,981 33,720 -36.4%
EBIT margin, Equipment segment (a) 11.3% 7.0% n/a 10.4% 6.5% n/a
EBIT Resources segment 2,674 6,482 n/a 10,897 15,169 39.2%
EBIT margin, Resources segment (a) 5.5% 9.5% n/a 5.4% 6.2% n/a
Net income (b) 19,943 19,103 -4.2% 34,115 25,339 -25.7%
Margin (a) 5.8% 4.7% n/a 2.8% 1.9% n/a
Earnings per share (in EUR) 1.16 1.08 -7.0% 1.86 1.42 -8.8%
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 23
Financials Income statement FY 2012
4
in EUR '000 FY 2011 FY 2012 ∆ FY in %
Consolidated revenues (P&L) 1,327,085 1,385,862 4.4%
Sales revenues (P&L) 1,219,587 1,344,421 10.2%
Material costs -672,807 -686,834 2.1%
Personnel costs -298,761 -325,594 9.0%
Depreciation and amortization of fixed assets -66,287 -76,403 15.3%
Write-downs of inventories due to use -15,909 -15,392 -3.2%
Other operation expenses -191,021 -210,240 10.1%
EBIT 82,300 71,399 -13.2%
Financial income 6,624 5,972 -9.8%
Financial expenses -40,702 -44,657 9.7%
Result from associated entities -689 5,549 n/a
Profit before tax (EBT) 47,533 38,263 -19.5%
Income tax -13,418 -12,924 -3.7%
Net income 34,115 25,339 -25.7%
of which attributable to shareholders of BAUER AG 31,933 24,309 -23.9%
of which attributable to minority interest 2,182 1,030 -52.8%
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 24
Financials Balance sheet December 31, 2012
4
(a) Other provisions also include short term portion of pension provisions
in EUR '000 Dec 31, 2011 Dec 31, 2012 ∆ in %
Assets 1,487,450 1,521,474 2.3%
Intangible assets 30,303 34,567 14.1%
Property, plant and equipment 458,572 465,316 1.5%
Long term financial assets 18,635 23,617 26.7%
Other long term assets & deferred taxes 26,285 28,828 9.7%
Receivables from concession arrangements 43,975 40,770 -7.3%
Inventories 467,139 429,794 -8.0%
Receivables and other assets 412,808 448,836 8.7%
Effective income tax refund claims 4,786 4,514 -5.7%
Cash and cash equivalents 24,947 45,232 81.3%
Equity and liabilities 1,487,450 1,521,474 2.3%
Equity 470,434 483,075 2.7%
Pension provisions 50,732 51,859 2.2%
Non-current liabilities 412,153 493,156 19.7%
Current liabilities 529,692 471,799 -10.9%
Other provisions / tax 24,439 21,585 -11.7%
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 25
Financials Cash flow statement FY 2012
4
in EUR '000 FY 2011 FY 2012 ∆ FY in %
Cash flow from operating activities 8,459 165,713 n/a
Cash flow from investing activities -84,656 -76,187 -10.0%
Cash flow from financing activities 73,466 -68,008 n/a
Free Cash Flow -76,197 89,526 n/a
Changes in liquid funds affecting payments -2,731 21,518 n/a
Influence of exchange rate movements on cash 65 -1,233 n/a
Total change in liquid funds -2,666 20,285 n/a
Cash at beginning of reporting period 27,613 24,947 -9.7%
Cash at end of reporting period 24,947 45,232 81.3%
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 26
BAUER share Facts & Figures
5
Bauer family
48.19 %
Free float
51.81 %
Listed on Frankfurt stock exchange,
Prime Standard, since July 4, 2006
Share capital EUR 73,001,420.45
Shares issued 17,131,000
Issue price EUR 16.75
Listed in SDAX (MDAX from 22.09.2008 to 19.09.2010)
Shareholder structure
Share performance (2012 – Jan. 2013)
SDAX
DAX
Trading volume
BAUER AG
in EUR 2009 2010 2011 2012 2013
Earnings per share 2.28 2.04 1.86 1.42 ---
Share price year end 29.25 35.30 21.10 19.32 ---
Share price highest 34.45 36.81 38.49 26.50 23.05
Share price lowest 20.64 27.38 16.04 16.13 18.93
Market Cap (in EUR million)
501.1 604.7 361.5 330.9 ~330
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 27
BAUER share Dividend policy
5
2009
Dividend payment (in EUR per share)
2010 2008 2007 2006
0.30
0.00
0.60
0.90
1.20
0.50
1.00 1.00
0.60 0.60
Dividend policy founded on a reasonable
balance between shareholders and
company
fair participation of shareholders
continuity over the years
safeguarding of the equity base
All shareholders shall participate in the
success of the business.
In turbulent times such as the financial crisis
our goal of strategic and safe growth of the
company led to slightly higher profit retention
for the last years.
To secure an adequate equity ratio is an
important aim of the company’s management.
With this we intend to safeguard the long-term
success of the Group.
2011
0.50
2012*
0.30
* Proposed; subject to the consent of the Annual General Meeting to be held on June 27, 2013
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 28
Guidance 2013 Top-line growth with an increase in profitability
5
2012e* 2012 final 2013e
Total Group Revenues ~ 1,450 EUR million 1,446 EUR million > 1,500 EUR million
EBIT ~ 76 EUR million 71.4 EUR million ~ 85 EUR million
Net profit 25 - 30 EUR million 25.3 EUR million > 30 EUR million
Merdeka station – Kuala Lumpur, Malaysia In-house exhibition, Schrobenhausen Water treatment plant – Nimr, Oman
* Guidance published November 14, 2012
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 29
Investor Relations
BAUER AG Tel.: +49 8252 97-1218
BAUER-Straße 1 Fax: +49 8252 97-2900
86529 Schrobenhausen
Germany www.bauer.de
BAUER AG
Financial calendar 2013
Publication Annual Report 2012 April 11, 2013
Annual Press Conference April 11, 2013
Analyst Conference April 11, 2013
Annual General Meeting June 27, 2013
Interim Report to March 31, 2013 May 15, 2013
Half-Year Interim Report to June 30, 2013 August 14, 2013
Interim Report to September 30, 2013 November 14, 2013
ISIN DE0005168108
Reuters B5AG.DE
Bloomberg B5A GR
Listing SDAX, CDAX, GEX,
Classic All Share
Prime All Share
DAXplus Family
© BAUER AG, D-86529 Schrobenhausen 13-04-11 IR-Presentation_Analyst_Conference_FY2012 30
Disclaimer
This presentation contains forward-looking statements. Forward-looking statements
are statements that are not historical facts, including statements about our beliefs,
intentions, expectations, predictions and the assumptions underlying them.
These statements are based on factors as they are currently available to the
management of BAUER AG and therefore speak only as of the date they are made.
We assume no liability to update publicly or conform any of them to future events or
future developments.
Forward-looking information is subject to various known and unknown risks and un-
certainties, which could lead to material differences between the actual future results,
financial situation, development or performance of the BAUER Group and those
factors contained in any forward-looking statement. In view of these uncertainties, no
assurance can be given that these forward-looking statements will prove accurate
and correct, or that anticipated and projected future results will be achieved and we
caution you not to place undue reliance on these forward-looking statements.