preliminary results: 30 september 2016 · 07 investor presentation 2016 total leased & tenanted...
TRANSCRIPT
Preliminary Results: 30 September 2016
www.enterpriseinns.com
Introduction
Robert Walker
Overview
Simon Townsend
Highlights
Investor presentation 201603
Trading performance
Definitions disclosed in appendix 11
Like-for-likenet income
+2.1%
RE-INVIGORATEDTIED TENANCY
BUSINESS
Like-for-likenet income growth in all
regions
Unplannedbusinessfailures
14%
lower
Supporting publicans to reduce business failures
Pubs*
116
EXPANDEDMANAGED
PUBS
75Craft Union
30 Bermondsey
11Managed
Investments
InvestmentPartners*
5
Five partners in place –
developing strong pub
rollout plans
Capitalinvestment
£74m
CAPITALINVESTMENT
AND DISPOSALS
57% invested in growth initiatives
Disposals
£98m
Funding investment programme
Growingportfolio*
291
QUALITYCOMMERCIAL
PROPERTY PORTFOLIO
Expanding the portfolio of properties
Opportunistic realisation of
value
Averagerental
income*
Strong growth in average
rental income. Up
from £56k last year
£62k
*As at 15 November 2016
Recycling capital to drive returns
Highlights
Investor presentation 201604
Strategic implementation progressing at pace
Operation Measure On plan
Publican partnershipsLike-for-like net income growth
Managing the effects of new legislation R
Commercial propertiesOn track to grow quality portfolioc. 400 - 450 by September 2017Value realisation demonstrated R
Managed pubsDeveloping managed capability to runc. 250 by September 2017Strong pipeline established R
Investment & disposals
Recycling disposal proceeds to fund investment and
enhance returns
Actual ROI - 22%R
Capital allocationReducing Group net debt, proactively managing
maturities and delivering returns to shareholders R
Enhance management
team
Portfolio managers blending experience with new
capability R
Financial & Trading Review
Neil Smith
Income statement
Investor presentation 201606
Year ending30 September 2016
Year ending30 September 2015
£mPre
excep Excep TotalPre
excep Excep Total
EBITDA 292 (3) 289 296 (1) 295
Depreciation (16) - (16) (16) - (16)
Operating profit 276 (3) 273 280 (1) 279
Property related - (37) (37) - (166) (166)
Finance costs (154) (7) (161) (158) (26) (184)
Profit/(loss) before tax 122 (47) 75 122 (193) (71)
Taxation (25) 21 (4) (25) 31 6
Profit/(loss) after tax 97 (26) 71 97 (162) (65)
Adjusted EPS (p) 19.6 19.4
Weighted average no. of shares (m) 496.8 501.0
Delivered Adjusted EPS growth
Reconciliation of EBITDA and like-for-like net income
Investor presentation 201607
Total leased & tenanted
like-for-like net income
growth of 2.1%
Commercial property like-
for-like income up 3.8%
Translates to EBITDA
reduction of 1.4% due to
asset disposals, with
pub numbers down 219
(4%) and administrative
expenses growing to
support strategic evolution
Year ending 30 September 2016
£m 2016 Movement 2015 Change %
L&T like-for-like net income1 338 7 331 2.1
Commercial property2 17 - 17
Managed3 6 - 6
FY16 disposals 4 (4) 8
FY15 disposals - (4) 4
Unallocated costs & income (4) - (4)
Net income 361 (1) 362
Property costs (29) - (29)
Administrative expenses (40) (3) (37)
EBITDA 292 (4) 296 (1.4)%
1 Relates to 4,470 L&T trading estate at 30 September 20162 Relates to 273 commercial property estate at 30 September 20163 Relates to 107 managed pubs at 30 September 2016
Improved L&T like-for-like net income – up 2.1%
Investor presentation 201608
Growth achieved in all
financial quarters and
across all geographies
Sales-led improvement
with growing income
from beer, aided
by discounts
Stable rental income
Discretionary support
reducing
331
8
(3)
1
1
338
FY1
5 n
et
inc
om
e
Be
er
inc
om
e
Dis
co
un
ts
Dis
cre
tio
na
ry
co
nc
ess
ion
s
Win
es,
sp
irits
& m
ine
rals
FY1
6 n
et
inc
om
e
Year ending 30 September 2016 (£m)
Full detailed analysis included as appendix 2
Stabilisation of rental income and growth in beer income
Reducing level of unplanned business failures
Investor presentation 20169
Unplanned business
failures are most
damaging to our
income
Unplanned business
failures reduced by a
further 14%
Represents only 1.6%
of estate
Only 59 closed houses
to re-open
Proactive intervention improving performance
257
157
87 75
2013 2014 2015 2016Agreement failures (unplanned)
Number of unplanned business failures
Asset valuation
2016 2015
Property exceptionals
Valuation 18 120
Other 19 46
37 166
Other exceptionals 10 27
Taxation (21) (31)
Total 26 162
Investor presentation 201610
2016 2015
Pub estate pre valuation 3,602 3,739
Exceptional P&L charge (18) (120)
Revaluation reserve 21 19
Total valuation adjustment 3 (101)
Pub estate post valuation 3,605 3,638
% valuation adjustment 0.1% (2.7)%
Exceptional charges significantly reduced as asset valuation stabilises
Valuation effect (£m)Exceptional charges (£m)
Total estate valuation increased by £3m (0.1%)
Comprehensive, independent external valuation of assets
94% of asset value (2015: 92%) now subject to annual external valuation
Provides robust underpin to net asset value of £2.96 per share
Strong operational cash generation
Investor presentation 201611
Operating cash flow remains strong
Tax cash outflow reduced due to prior year over-payments refunded
2016 Excess cash flow of £48m stated after:● £13m – Capital restructuring
● £10m – Unique market bond
purchases
Will be used to primarily fund:
● £27.5m costs to repurchase
£250m 2018 bonds
● £25m share buyback – of
which £10m incurred to 30
September 2016
Year ending 30 September
£m 2016 2015
Operating profit 273 279
Depreciation & amortisation 16 16
Movement in working capital (3) (4)
Operating cash inflow 286 291
Interest (154) (157)
Tax (11) (26)
Free cash flow pre-investment 121 108
Disposals 98 75
Free cash flow to allocate 219 183
Capital investment (74) (69)
Debt amortisation (74) (71)
Other (23) (28)
Excess cash flow 48 15
Enhancing our estate quality
Investor presentation 201612
Return on growth investment (ROI) schemes completed at 22%
439 pubs in the estate enjoyed significant growth investment
Total of 226 assets sold at average proceeds of £433k, includes;
● On 7 June sold 22 sites in the commercial property portfolio for £20m proceeds - achieved 15x multiple of income
● 11 pubs sold to regional brewers for £15m proceeds achieved 12x multiple of income
Reinvesting disposal proceeds to enhance returns
£74m
£98m
Investment
Divestment
Growth Letting & maintenance
Disposals
FY16
Growth investment: £42m
£28m
£13m
£1m
Leased &
tenanted
Managed
Commercial
property
No. of
schemes
Average
Investment
(£k)
363 77
70 185
6 167
Loan-to-value at 56%
Investor presentation 201613
Total net debt reduced by £122m to £2.2bn
Group leverage ratio reduced from 7.8x to 7.5x
Bank debt net of cash at 30 Sept 2016 was £32m
Unique securitised debt reduced by £74m of amortisation and £10m of purchases and cancellation
(60% excluding lotting premium)
0.0 0.1
1.11.0
2.2
0.3
1.61.8
3.7
1.8
3.9
Net debt Assets Lotting premium
Corporate
bonds
Bank
debt
Securitised
bonds
TotalConvertible
bonds
See appendix 7 for full analysis of Group net debt
£bn
Group ratios 2016 2015 2014
Leverage 7.5x 7.8x 8.0x
Interest cover 1.9x 1.9x 1.8x
Refinancing
Investor presentation 201614
4 November 2016 - completed
partial refinancing of 2018
bond
● £250m of 2018 repurchased at
111% and refinanced with new
2022 bond at 6.375%
● Removes near term material
refinancing needs
24 October 2016 - completed
new £120m revolving credit
facility
● Extended maturity to 2020
● Terms unchanged
Partial refinancing of Enterprise Corporate Bonds
0
50
100
150
200
250
300
350
400
450
500
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
£m
New ETI 2022 bond
ETI bond
Unique bond
2017 Technical guidance
Investor presentation 201615
Targeting full year leased & tenanted like-for-like net income growth for
2017
Total administrative charges of c. £42m
Full year interest costs (excluding exceptional charges) of £148-150m
Full year effective tax rate c. 20.0%
Disposals of c. £70m
Capital investment of c. £80m
Operational & Strategic Review
Simon Townsend
Market dynamics
Pub sector
● UK beer market stable
● Regulatory framework embedded
● UK Pubs property yields compressing
● Input cost pressures in FY17
• National living wage, apprenticeship levy, business rates
Consumer trends
● Quality and value-for-money, premiumisation
● Investment and innovation are key to growth
● Food-led occasions driving wet sales
BREXIT
Investor presentation 201617
Current influences
Vision and structure
Investor presentation 201618
Unlocking group-wide benefits
Our Group vision
“To be recognised as the most innovative, progressive, value-creating portfolio manager of pubs and properties in the UK”
(291)
(11)
Strategic execution at 15 November 2016
Investor presentation 201619
New operating models providing operational and investment flexibility
Premium
Food LedWet Led
Value
(75)
(30)
(4,437)
Total trading estate
@ 15 Nov
2016 - 4,844
Operating models – indicative profile 2020
Investor presentation 201620
Our 5 year ambitions set out in May 2015 remain appropriate
Premium
Food LedWet Led
Value
(c.500)
(c.1,000)
(c.100)
(c.200)
(c.2,400)
Total estate
c. 4,200
Value creation through new operating models
Investor presentation 201621
Indicative business unit composition 2020
Note: Site EBITDA figures exclude property & central overhead costs
* Based on sites trading for greater than 6 months at 30 September 2016
Indicative profile30 September 2020
As at30 September 2016
Sites Site EBITDA Sites Site EBITDA
Publican Partnerships 2,400 £75-100k 4,470 £76k
Commercial Properties 1,000 £60-80k 273 £62k
Craft Union 500 £80-100k 71 £92k*
Bermondsey 200 £125-175k 28 £116k*
Managed Investments 100 £150-250k 8 N/A
5 yrs to 2020
Total capital investment £350m
Total disposals - c 1,000 £300m
Enterprise Publican Partnerships
Investor presentation 201622
Evolving the model in our new strategy
Investment
● Only invest where returns are more certain –
tenancies
● Utilise MRO investment waiver to make significant
investment in selected leases
New Enterprise Partnership Tenancy Plus
agreement
● Reduced repairing liability
● Match publican capital investment
● Industry leading product range
Support
● Targeted support for tied tenancies
Implications
● Utilise lease expiries to grow managed estate
● No new tied leases available
Tied tenancies - reinvigorated model
2017 Expectation
Sustain like-for-like net income growth
Provide pipeline to managed and commercial
properties
Migrate leases to tenancies to mitigate MRO
risk
Pubs Code and Adjudicator
Statutory Code of Practice overseen by independent Adjudicator● Applies to 6 companies (>500 tied pubs) which own ~ 13,000 pubs
● Adjudicator appointed and operational
Market Rent Only (MRO) option● Specified trigger events allow tied tenants to opt for MRO
● Trigger events include lease renewal, cyclical rent review, “significant” price increases, significant change of circumstances
Legislation implemented from 21 July 2016 ● Guidance and interpretation will be required from adjudicator
● Implications of MRO not likely to be clear until late 2017
● Short term impact on lettings
Timeline for MRO process within Legislation ● MRO quote request within 21 days of tied rent proposal
● 56 days for negotiation of tied rent or MRO
● Referral to Adjudicator if no settlement achieved
● Adjudicator appoints arbitrator to determine open market rent
Investor presentation 201623
Regulations effective from 21 July 2016
Management of MRO events
Investor presentation 201624
Proactively addressing opportunities and risks
Number of events
Since November 2014, we have
reduced long term tied leases
(> 5 years) from 3,035 to 2,401 at
30 September 2016
Events since 21 July 2016
● 285 potential trigger events
● 94 valid MRO requests received
● Too early to determine how many
will opt to take MRO
605 510343
11087
57
94100
100
536
400
350
FY 2016 FY 2017 FY 2018
Lease rent review Lease expiries Lease assignments Other events
Actual Estimated
3,035
2,401
Nov-14 Sep-16
Number of tied leases
Investor presentation 201625
Estate profileMost likely MRO trigger event is rent review and renewal
51% of estate let on tied leases
At next rent event:● 10% have more than 10 years
remaining
● 10% have between 5 and 10 years remaining
● 18% have up to 5 years remaining
● 13% where the next event is expiry of the lease
597 rent review and renewal events from 1 Oct 2016 to 30 Sept 2017
8%
41%
13%
18%
10%
10%
Commercial & managed Tenancy
Lease end Lease less than 5 yrs
Leases 5 - 10 yrs Leases over 10 years
Enterprise Commercial Properties
Investor presentation 201626
Attractive, high quality, rapidly expanding asset class
Estate size grown to 291 sites at 15 November 2016
Estate profile
● Average rent of estate is £62,000
● Annualised rental income of £18.0 million
● Asset value of £208 million (8.7% yield)
● Average lease length 13 years
Building a quality portfolio but willing to sell packages to realise value
Completed disposal of 22 sites for £20m at yield of 6.7% on 7 June 2016
2017 Expectations
c. 400 - 450 sites
c. £64,000 average rent
Enterprise Managed Operations
Investor presentation 201627
75 Craft Union sites at 15 November 2016
● For 38 sites trading more than 6 months:
• Average capex of £126,000
• Average weekly takings of £9,000
• Average site EBITDA of £92,000
• Average ROI of 36%
• Total ROCE of 12%
Well invested wet-led community / urban
hubs
Strong overlap with L&T estate, particularly
Beacon
Craft Union Pub Company
2017 Expectations
c. 170 pubs operational
Simple food offering developed
National geographic presence
Enterprise Managed Operations
Investor presentation 201628
30 Bermondsey pubs at 15 November 2016
● For 11 sites trading more than 6 months:
• Average capex of £187,000
• Average weekly takings of £14,000
• Average site EBITDA of £116,000
• Average ROI of 25%
• Total ROCE of 12%
All sites trading as “Meeting House” concept
Bermondsey Pub Company
2017 Expectations
c. 50 fully managed pubs
Second retail concept trialled and available
Enterprise Managed Investments
Investor presentation 201629
11 pubs operating at 15 November 2016
● Average weekly takings of £25,000
Five managed expert ventures announced;
● Hippo Inns – Rupert Clevely
● Mash Inns – Laine Pub Co
● Frontier Pubs – Food & Fuel
● Hunky Dory – Oakman Inns
● Marmalade – Marylebone Leisure
Strong pipeline of interest from further partners
Partnering with exceptional retailers
2017 Expectations
c. 10 partners
c. 30 pubs
Marmalade
Enterprise Inns plc
Investor presentation 201630
Building a more valuable Enterprise
Evolution of business strategy on plan and proceeding at pace
Business financial performance robust and in line with expectations
Highly cash generative, largely freehold asset-backed business
Significant opportunity through proactive portfolio management to:
● drive increased profitability and returns
● unlock embedded value
Clear asset optimisation strategy with robust capital allocation framework
Increase distributable cash flow for shareholders alongside continued
deleveraging and proactive balance sheet management
Highly disciplined and returns-driven management team
Questions & Answers
Appendices
1. Operational metrics
2. L&T like-for-like net income analysis
3. Supporting our publicans
4. Annual estate valuation
5. Exceptional items
6. Balance sheet
7. Net debt analysis
8. ETI bank facility
9. ETI corporate bonds
10. Unique securitisation
11. Definitions
12. Forward-looking statements
Investor presentation 201632
Appendix 1
605 rent reviews completed at an average annual increase of 1.3%
(2015 - 485 increase of 1.0%)
73% of substantive agreements linked to RPI (2015 - 70%)
92% of publicans receiving contractual BCF discount (2015 - 90%)
Overdue balances remained at £2.1m (2015 - £2.1m)
Total discretionary support down £1m to £5m (2015 - £6m)
Average length of occupation 6 years
Investor presentation 201633
Operational metrics
Appendix 2
Investor presentation 201634
L&T like-for-like net income analysis
£m
Beer,cider& fabs
Contractualdiscounts
Net beer, cider & fabs
Rentalincome
DiscretionaryConcessions
Wines,spirits &minerals
Machines& other Total
2016
Turnover 470 (77) 393 142 (5) 28 9 567
Cost of sales (209) - (209) - - (20) - (229)
Net income 261 (77) 184 142 (5) 8 9 338
2015
Turnover 465 (74) 391 142 (6) 26 9 562
Cost of sales (212) - (212) - - (19) - (231)
Net income 253 (74) 179 142 (6) 7 9 331
Appendix 3
Investor presentation 201635
Supporting our publicans
Road shows
• Over 2,000 pubs in attendance
• Over £9k of value per pub
Training
• c1,900 delegates
• e-Learning c1,000 delegates
• 100 days programme
Range
• Over 500 brewers
• Over 1,700 product lines
Discretionary support
• £5m in FY16
Technology & Media
• Publican channel
• Online ordering
• Sky/BT• Pub WIFI
Supplier partnerships
• Supplier directory
• Booker• Brakes• Snacks
Community
• Community Heroes
• Pubs in Bloom
• CRUK• Royal British
Legion
Publican
Appendix 4
2%
19%
34%
24%
21%
< £250k
£250k to £500k
£500k to £750k
£750k to £1m
£1m+
Investor presentation 201636
Annual estate revaluation
Geography% of
pubs
% of net
income
% of
value
% valn
movt
North 30 28 27 (1)
Midlands 20 19 18 (1)
South 50 53 55 2
By value banding
Appendix 5
Investor presentation 201637
Year ending 30 September (£m) 2016 2015
Property related:
Profit on sale of pubs 5 5
Valuation change on sold pubs (9) (27)
Write down on sold pubs (4) (22)
Valuation change on future sales (6) (16)
Valuation change on pubs retained in fixed assets (18) (120)
Goodwill (9) (8)
Total property exceptionals (37) (166)
Finance costs (7) (26)
Other (3) (1)
Exceptional items pre taxation (47) (193)
Taxation 21 31
Total exceptional items (26) (162)
Exceptional items
Appendix 6
Balance sheet As at
30 Sept 2016
As at
30 Sept 2015
Goodwill 321 330
Pubs & other assets 3,660 3,706
Net debt (2,198) (2,320)
Net other liabilities (150) (147)
Deferred tax (185) (223)
Net asset value 1,448 1,346
NAV per share £2.96 £2.70
Investor presentation 201638
Balance sheet
Appendix 7
Investor presentation 201639
Net debt analysis
As at 30 September
£m 2016 2015
ETI bank debt (55) (75)
ETI cash 23 25
ETI net bank debt (32) (50)
Captive insurance cash 10 9
Convertible bonds (97) (97)
Corporate bonds (1,125) (1,125)
Total ETI net debt (1,244) (1,263)
Unique securitised bonds (1,066) (1,150)
Unique cash 112 93
Total Unique net debt (954) (1,057)
Underlying Group net debt (2,198) (2,320)
Fair value and other adjustments - -
Group net debt (2,198) (2,320)
Appendix 8
Investor presentation 201640
ETI bank facility
AmountCost over
LIBORTerm Status
£120m 3.00% 4 years Fully revolving, no amortisation
CovenantAs at 30
Sept 2016
As at 30
Sept 2015
Interest cover greater than 1.50x 1.91x 1.96x
First charge asset cover
greater than1.33x 7.36x 6.17x
Total property asset cover
greater than1.50x 21.09x 15.60x
New facility commenced on 24 October 2016 at £120m as follows:
Appendix 9
Investor presentation 201641
ETI corporate bonds
Value Rate Redemption
Covenants Market price 30 Sept
Asset cover
Incomecover 2016 2015
£350m* 6.500% 2018 1.67x 2.0x 108 106
£125m 6.875% 2021 1.50x 1.5x 108 104
£250m 6.000% 2023 1.67x 2.0x 102 99
£125m 6.875% 2025 1.50x 1.5x 102 102
£275m 6.375% 2031 1.67x 1.5x 101 99
£1,125m
* £250m redeemed and refinanced with new 2022 bond on 4th November 2016
Appendix 10
Amortisation in the period - £53m of A3 notes and £21m of A4 notes
Bond purchases - £10m of A4 notes
£80m ahead of amortisation schedule
Investor presentation 201642
Unique securitisation
Value Rate NoteFinal
redemption
Market price
30 September
2016 2015
£284m 6.542% A3 2021 106 105
£367m 5.659% A4 2027 105 102
£225m 7.395% M 2024 100 103
£190m 6.464% N 2032 86 89
£1,066m
Appendix 11
Like-for-like leased and tenanted net income –
represents the like-for-like pub level profits from our
leased and tenanted estate, for all pubs that
traded as leased and tenanted pubs for the two
years to the 30 September 2016, stated before
property costs and central costs
Like-for-like commercial properties net income –
represents the like-for-like asset level rental income
from our commercial property estate, for all assets
that traded as commercial properties for the two
years to the 30 September 2016, stated before
property costs and central costs.
Excess cash flow – represents Operating cash flow
less interest paid, taxation paid, plus net cash flow
from investing activities less scheduled debt
amortisation, debt restructuring and open market
debt purchases
EBITDA before exceptional items – represents the
earnings before interest, taxation, depreciation and
amortisation and excludes exceptional items
Adjusted earnings per share – which the directors
believe reflects the underlying performance of the
Group, is based on profits after tax excluding
exceptional items
Growth driving capital investment –
is discretionary capital cash spend on the 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
Return on investment (ROI) – is measured as the
incremental income delivered as a result of the
investment divided by the value of the capital
investment
Unplanned business failures – are all lease and
tenancy agreements that do not reach their full
term, where failure is not through the mutual
agreement of ourselves and the departing
publican. For example, through Publican
abandonment or via legal proceedings.
Investor presentation 201643
Definitions
Appendix 12
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 2016 Annual Report and Accounts of Enterprise Inns and “Principal risks and uncertainties” in the 2015 Preliminary 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 Market Abuse Regulation, the Listing Rules and the Disclosure Guidance 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.
Investor presentation 201644
Forward-looking statements