SUGAR STARCH FRUIT. Corporate presentation AGRANA Beteiligungs-AG. The natural upgrade. Corporate presentation 2016

Transcription

1 SUGAR STARCH FRUIT The natural upgrade Corporate presentation 2016 AGRANA Beteiligungs-AG Corporate presentation 2016

2 OVERVIEW About us AGRANA-products in daily life Strategy Production sites 25 years stock exchange listing Group- & ownership structure History Financials Investment Segment SUGAR Segment STARCH Segment FRUIT Research & Development Sustainability Economic footprint Business figures Outlook Corporate presentation

3 ABOUT US AGRANA FACTS We refine agricultural raw materials, turning them into a range of different industrial products We supply local producers and major international groups, especially in the food processing industry We also serve the end-consumer market in the Sugar segment with country-specific brands such as Wiener Zucker in Austria Leading SUGAR SUPPLIER in Central, Eastern & South-Eastern Europe Major manufacturer of customer-specific STARCH PRODUCTS 8,600 employees 53 production sites 2.5 bn revenue World market leader in the production of FRUIT PREPARATIONS Corporate presentation

4 STRATEGIC POSITIONING B2B WE ALL CONSUME AGRANA (PRODUCTS) At the beginning there is always agriculture AGRANA supplies the Big Names... AGRANA refines agricultural raw materials... We all consume AGRANA every day... confectionery, beverage, fermentation industries, food retailers; paper, textile, pharmaceutical industries; feed industry; dairy, ice-cream, bakery industries and many more Corporate presentation

5 AGRANA-PRODUCTS IN DAILY LIFE AT A GLANCE SUGAR STARCH FRUIT for consumers: Wiener Zucker (20%) for food producers: e.g. for pastries, confectionery, dairy products, preserves, drinks etc. (80%) as food ingredients, e.g. as thickener etc. as child and infant food in cosmetic and pharmaceutical products for technical applications, e.g. for paper finishing as animal feeds for bioethanol fruit preparations in dairy products, ice-cream, in baked goods or as fruit decoration fruit juice concentrates in soft drinks and alcoholic beverages Corporate presentation

6 REFINING OF AGRICULTURAL RAW MATERIALS STRATEGY Customer- and marketoriented growth in CEE and Southeastern Europe Organic growth, and adding value by tailormade products Customer- and marketoriented global growth SUGAR CENTRAL & EASTERN EUROPE STARCH EUROPE FRUIT GLOBAL Synergies Use synergies between business segments to position the Group optimally for the increasingly volatile operating environment in the segments Investors & Customers Balance of risk, exchange of knowhow between the segments, cost savings through synergies Capital market A long-term asset for shareholders Corporate presentation

7 INTERNATIONAL PRODUCTION MEETS INTERNATIONAL CUSTOMERS 53 PRODUCTION SITES WORLDWIDE SUGAR 7 sugar beet plants 2 raw sugar refineries & 1 Instantina plant STARCH 5 starch plants (incl. 2 bioethanol plants) FRUIT 24 fruit preparation plants and 14 fruit concentrate plants Czech Rep. Slovakia Austria Hungary* Romania Bosnia- Herzegovina Bulgaria Countries with plants Other markets Beet sugar plants Raw sugar refinery Distribution centre * Also with refining activities Countries with production sites Main markets Starch plants Bioethanol plants Countries with production sites Potential Growth Regions Corporate presentation 2016

8 AGRANA IS PROCESSING 8.5 MILLION TONNES OF RAW MATERIALS million tonnes 5.4 Beet Raw sugar Grain Potato Fruits Equals processing of 24,000 tonnes per day 1,000 tonnes per hour Including 50% of the JVs HUNGRANA and STUDEN Corporate presentation

9 AGRANA IS SELLING 5.7 MILLION TONNES OF HIGH-QUALITY PRODUCTS 0.7 m tonnes of core products Fruit preparations (dairy and nondairy Fruit juice concentrates Other juice core products (NFC, fruit wine 0.05 m tonnes of by-products/other Particularly pomace Natural flavours, beverage bases 1.2 m tonnes of core products Native starches Modified starches Saccharification products Alcohol and ethanol 0.7 m tonnes of by-products Feedstuffs & fertilisers Proteins (incl. DDGS / ActiProt ) Corn germ / mash 0.5 m tonnes of other products Soy Dried beet pulp 2.4 Starch 41% Fruit 13% 0.7 million tonnes 2.6 Sugar 46% Sugar Starch Fruit 1.4 m tonnes of core products Sugar Sugar speciality products (Quota and non-quota sugar) 0.6 m tonnes of byproducts Feedstuffs & fertilisers Molasses, beet pulp 0.6 m tonnes of other products Products of INSTANTINA Seeds, services Including 50% of the JVs HUNGRANA and STUDEN Corporate presentation

10 GROUP STRUCTURE AGRANA Beteiligungs-AG 53 sites 8,600 employees ~ 2.5 bn revenue SUGAR AGRANA Zucker GmbH 10 sites 2,185 employees m revenue STARCH AGRANA Stärke GmbH 5 sites 870 employees m revenue FRUIT AGRANA Internationale Verwaltungs- & Asset Management GmbH 38 sites 5,455 employees 1,083.4 m revenue Corporate presentation

11 OWNERSHIP STRUCTURE Rübenproduzenten Beteiligungs-GmbH Raiffeisen-Holding NÖ-Wien ~30% ~70% ZBG ~50% ~10% ~50% Z & S Zucker und Stärke Holding AG ~86.2% 1 TOTAL: 14,202,040 shares Südzucker ~6.5% 2 ~7.3% FREE FLOAT Intention to increase the effective free float 1 without call option exercisable on AGRANA shares held directly by Südzucker 2 directly held by Südzucker; 4.9% to be placed in the market Corporate presentation

12 OUR HISTORY FOUNDING of AGRANA Beteiligungs-AG PARTNER- SHIP with Germany s Südzucker AG 50% ACQUISITION in the Hungarian corn starch and Isoglucose mill HUNGRANA DEVELOPMENT of the third business segment, Fruit, with the areas of fruit preparations and fruit juice concentrates INITIAL PUBLIC OFFERING (IPO) of AGRANA Beteiligungs-AG EXPANSION of the Sugar and Starch segments by means of acquisitions in Bosnia-Herzegovina, Bulgaria, Romania, Slovakia, Czech Republic and Hungary EXPANSION of the company s presence in the area of fruit preparations in the Middle East and Africa with plants in Cairo Egypt and Johannesburg South Africa OPENING of the bioethanol facility in Pischelsdorf Austria MERGER of AGRANA Juice Holding GmbH and Ybbstaler Juice Austria GmbH and the launch of the new brand AUSTRIA JUICE OPENING of the wheat starch plant in Pischelsdorf Austria OPENING of the new AGRANA Research & Innovation Center (ARIC) in Tulln Austria EXPANSION of the company s presence in the area of fruit preparations with a fourth USplant in Lysander USA OPENING of packaging stock and logistics hub in Kaposvár HU 2015 Corporate presentation

13 : 25 YEARS LISTED AT THE VIENNA STOCK EXCHANGE SOLID ECONOMIC GROWTH m Revenue EBIT Annual growth rates: CAGR Revenue: 7.4% CAGR EBIT: 7.2% 2, , , Corporate presentation

14 : 25 YEARS LISTED AT THE VIENNA STOCK EXCHANGE STEADY DIVIDEND POLICY Performance (10 July May 2016): AGRANA % (last: 85.99) AGRANA share price Dividend per share Dividend proposal to the AGM on 1 July 2016: 4.00 per share Corporate presentation

15 REVENUE-, EBIT- AND MARGIN DEVELOPMENT REVENUE EBIT EBIT-MARGE 3, , , , , , ,477.6 m % % 7.1 % 5.9 % 5.9 % 4.9 % % Corporate presentation 2016 *The prior-year data have been restated under IAS 8. 15

16 INVESTMENT DEVELOPMENT SUGAR STARCH FRUIT GROUP m * * Corporate presentation 2016 *equity-method 16

17 MOST IMPORTANT PROJECTS IN THE GROUP INVESTMENT OVERVIEW m Sugar Starch Fruit GROUP SUGAR Expanded evaporator station in Leopoldsdorf Austria, started operation at the beginning of beet campaign Upgraded and enlarged molasses desugarising plant in Tulln Austria, came on-stream Full commissioning of packing lines at new packaging centre in Kaposvár Hungary STARCH Plant expansion project in Aschach Austria: Negotiations with authorities completed, detailed planning is in progress, clearing of construction site has begun At the facility in Gmünd Austria, a dry mixing plant for infant formula was built Extrusion cooking plant in Gmünd for the production of thermoplastic starch FRUIT Installation of another IQF 1 freezer in Mexico Completion of the expansion of the container cleaning plant at AGRANA Fruit in Australia 1 Individually quick-frozen Corporate presentation

18 SEGMENT SUGAR Corporate presentation

19 SUGAR SEGMENT Sugar: is obtained from sugar beet without any additives pure, natural product is a natural provider of energy as part of a balanced diet AGRANA: market leader in Austria and top provider in Eastern and South-Eastern Europe Close partnerships with sugar beet growers: AGRANA offers wide range of advice on growing sugar beet End-consumer-market is served with countryspecific brands Europe s largest producer of organic sugar: Wiener Bio Kristall- und Staubzucker : sugar made from organically grown Austrian beet Corporate presentation

20 BENEFIT FROM THE STRONG MARKET POSITION IN CEE AND SEE AGRANA SUGAR EU- 1,000 TONNES QUOTA Austria #1 Hungary #1 Czech Republic #2 Slovakia #2 Romania n.a. Total 1, Refining activities in total (incl. Bosnia-H.) (1) AGRANA beet quota for Sugar Marketing Year (SMY) (2) Refined raw sugar production ( ) AGRANA SUGAR BEET QUOTA (1) MARKET POSITION 278 (2) n.a. 7 SUGAR PLANTS AND 2 RAW SUGAR REFINERIES Czech Rep. Austria Slovakia Hungary* Bosnia- Herzegovina Countries with plants Other markets Romania Bulgaria Beet sugar plants Raw sugar refinery Distribution centre * Also with refining activities Corporate presentation 2016

21 SUGAR SEGMENT Maintenance of regional products...and specialty products Corporate presentation

22 SEGMENT STARCH Corporate presentation

23 STARCH SEGMENT Processing and refinement of top-quality corn, wheat and potatoes to create a variety of different, highly refined starch products Manufacture of products made of valuable raw materials at the highest quality level, using modern, environmentally friendly methods Starch and special starch products (eg. organic and GMO free starch) to numerous industrial sectors: food and beverage industries baby food industry paper and paper processing industry textile industry construction chemicals industry pharmaceutical and cosmetic industries Corporate presentation

24 STARCH SEGMENT MARKET POSITION Austrian production sites: potato starch factory in Gmünd AUT corn starch plant in Aschach AUT Bioethanol & wheat starch plant in Pischelsdorf AUT AGRANA Stärke GmbH: operational management and coordination of international holdings in Hungary and Romania Focus on highly refined speciality products Innovative, customer-driven products supported by application advice Leading position in organic and in GMOfree starches for the food industry Bioethanol business: part of the Starch segment 5 STARCH PLANTS INCL. 2 BIOETHANOL FACILITIES Countries with production sites Main markets Starch plants Bioethanol plants Corporate presentation

25 SEGMENT FRUIT Corporate presentation

26 FRUIT SEGMENT Processing of fruit in the gentlest way possible, applying state-of-the-art production processes. Refinement of fruit into top quality fruit preparations and fruit juice concentrates Fruit juice concentrate business: operated by AUSTRIA JUICE (formerly Ybbstaler) as a joint venture between AGRANA and RWA (Raiffeisen Ware Austria AG) AGRANA Fruit is the global market leader in producing fruit preparations for the dairy, baking and ice-cream industries is a leading producer of fruit juice concentrates in Europe and has established a global presence based on its production facilities and international sales activities Corporate presentation

27 FRUIT SEGMENT MARKET POSITION FRUIT PREPARATIONS 24 FRUIT PREPARATION PLANTS & 14 FRUIT JUICE CONCENTRATE PLANTS World Market Leader in Fruit preparations: global market share > 30% Currently: Europe: stagnating market s sales volumes of fruit preparations at a high absolute level Good market growth rates in the Americas and the Asia-Pacific region FRUIT JUICE CONCENTRATES Largest producer of fruit juice concentrates in Europe (AUSTRIA JUICE) Additional customer portfolio and new markets Expansion in aromas and beverage bases Countries with production sites Potential Growth Regions Corporate presentation

28 FRUIT PREPARATION WHAT IS IT ABOUT? FRUIT SUGAR FRUIT PREPARATIONS + = most important ingredient of fruit preparations Frozen (IQF or block) Aseptic Fruit purees or pulp Concentrates sweetens and supports taste and durability Crystal sugar Liquid sugar (syrup) Other sweeteners THICKENERS create a good mouth-feel and prevent emulsions Pectins Starch Guar, Xanthan, Optional flavors and colours for an even fruitier taste and an intense colour Corporate presentation

29 AGRANA RESEARCH & INNOVATION CENTER TULLN AUT RESEARCH & DEVELOPMENT AGRANA Research & Innovation Center (ARIC) Bundling of all R&D activities at ARIC in Tulln AUT Synergies in crossdivisional research topics: Clean Label / Nutrition / Sweeteners / Flavors Networking with other research institutions Aim: to secure and actively shape the company s success in the future through innovations: product innovations innovations related to our processes and production technology State-accredited testing unit for yield and quality evaluation of sugar beets Specialised R&D expertise is also made available to third parties Corporate presentation

30 SUSTAINABILITY AT AGRANA A harmonious balance of economic, environmental and social responsibility AGRANAs six subject areas in terms of sustainability: Environmental and social criteria in the sourcing of agricultural raw materials Environmental and energy aspects of production Labor practices and human rights of employees Product responsibility and sustainable products Compliance and business conduct Social engagement AGRANA formulated three principles that sum up its concept of sustainability more concretely and reflect the six core subjects most significant for the Group: At AGRANA we Utilise almost 100% of our raw materials and employ low-emission technologies to protect the environment Respect all our stakeholders and the communities where we operate Engage in long-term partnerships Corporate presentation

31 ENVIRONMENTAL AND SOCIAL CRITERIA IN THE SOURCING OF AGRICULTURAL RAW MATERIALS SUSTAINABILITY AT AGRANA AGRANA principles for the purchasing of agricultural raw materials and intermediary products In 2014 AGRANA Beteiligungs-AG joined SAI, an initiative of stakeholders of the food industry, founded in 2002 by Nestlé, Unilever and Danone. Main tool is the Farm Sustainability Assessment (FSA) FSA is a farm-specific questionnaire developed by SAI, that is applicable worldwide that enables agricultural producers to assess the status of their operations in terms of sustainable production practices is a decision aid for customers who wish to select their suppliers based on sustainability criteria beyond international certification schemes SAI s Farm Sustainability Assessment (FSA) Implementation through AGRANA's Raw Material Information System (RIS), an online tool for AGRANA contract growers 112 questions on farm management, plant protection, fertilization and work safety 3 rating levels: gold, silver, bronze Corporate presentation 2016

32 FARM SUSTAINABILILTY ASSESSMENT (FSA) SUSTAINABILITY AT AGRANA First FSA implementation in 2015 for all contract farmers beet, potato Austria, Slovakia, Hungary, Czech Republic, Romania Results FSA 2015 Austria beet & potato 4% Very positive results for all countries and raw materials Silver- and gold status in all countries confirms high level of sustainability in cultivation 44% 52% Gold gold Silber silver Noch not yet nicht bronze Bronze Results without external verification Corporate presentation 2016

33 MEASURES IN THE CORE BUSINESS SUSTAINABILITY AT AGRANA ENERGY EFFICIENCY Targets Sugar (baseline ): 2014: Introduction of an energy-managementsystem in all Austrian production plants and certification according to ISO 50001; CEE sites as of Low temperature dryers installed at the Tulln & Leopoldsdorf site, both Austria, have saved more than 100,000 tonnes CO 2equ. since their installation in At the Kaposvár HU factory AGRANA meets approx. 60% of our primary energy needs during the campaigns with biogas produced on site. Thanks to the installation of a treatment unit for biogas and its feeding into the natural gas network in , the factory will operate largely autonomously in terms of its primary energy needs, when calculated over the year, in the future. 5% reduction of direct energy / tonne of core- & by-products Starch (baseline ): 50 GWh (all measures summed up) reduction of energy consumption until Fruit (baseline ): 6.8% reduction of total energy consumption / tonne of fruit preparation (baseline ) Hold energy use per tonne of fruit juice concentrate & by-products constant at baseline Corporate presentation

34 MEASURES IN THE CORE BUSINESS SUSTAINABILITY AT AGRANA ZERO-WASTE -PRINCIPLE Almost complete (98.6 to 99.9%) of raw materials use in all segments through the efficient use of raw materials technical innovations and product development (main & by-products) Biorefinery Pischelsdorf AUT: Integration of 2013 opened wheat starch plant and the bioethanol facility 100% grain utilization resource efficiency Corporate presentation

35 BIOREFINERY PISCHELSDORF WHEAT STARCH BIOETHANOL Feedstuff ActiProt High-purity CO 2 Corporate presentation

36 "ONE RAW MATERIAL = FOUR PRODUCTS" WITH ONE RAW MATERIAL TO FOUR PRODUCTS 1 wheat starch products WHEAT BRAN A-WHEAT STARCH WHEAT rollermill starch-factory WHEAT GLUTEN B+C -Starch 2 BIOETHANOL 3 WHEAT + CORN hammermill fermenter ethanol-plant ACTIPROT 4 BIOGENIC CO 2 Corporate presentation

37 FOUR PRODUCTS AT PISCHELSDORF SITE Wheat starch, bran and gluten Bioethanol: Capacity: processing of around 500,000 tonnes of cereals p.a. to approx. 240,000 m³ bioethanol p.a. Sales of bioethanol: 50 %: domestic 50 %: export > loss of 190,000 tonnes yearly of greenhouse gas emission savings for Austria! Ecological added value: Saving of greenhouse gas emissions compared to petrol (life cycle analysis performed by Joanneum Research) GMO-free protein-rich animal feed (ActiProt ): Production volume: approx. 180,000 to p.a. Ecological added value: substitution of around 1/3 of Austria s soya-protein animal feed imports from South America Biogenic carbonic acid (processed by Air Liquide to make high-purity carbonic acid) Liquification of biogenic CO 2 previously bound in plants Used in particular for carbonised beverages This substitutes fossil-based CO 2 Corporate presentation

38 AGRANAS ECONOMIC FOOTPRINT Study carried out by Economica Calculation of the economic impact of AGRANA's business operations according to the companies understanding of sustainability, as a balance of economic, environmental and social aspects Methodology: Input-Output Analysis Based on data of the financial year Gross value-added: the gross value added calculates the amount that is available to remunerate the production factors of labour (wages and salaries) and capital (profit, interest on borrowed capital and deductions). Direct effects: Include that value of gross value creation or employment that is earned directly in the enterprise under consideration or generates jobs. Indirect effects: Come into existence through the advance services interfaces of the observed enterprise in other sectors (e.g. a clinic requires advance services medications, electricity, etc., through which the final demand in the pharmaceutical industry and the electricity economy are stimulated and then in turn need advance services, etc.). Induced effects: The jobs created and/or secured in the direct or indirect effect generate income that is then spent again by the workers (above all for consumption). This promotes ultimate demand in the respective sectors (especially retail). Multipliers: Represent the extent to which the total effects exceed the original direct effect. A multiplier is calculated as the sum of the total value added divided by the direct economic value added generated by AGRANA. Corporate presentation

39 RESULTS ECONOMIC FOOTPRINT AGRANA-GROUP Gross value-added (business operations): in m 975 Gross value-added (investment): in m 1.5 bn 172 m Macroeconomically relevant! Share of the Austrian GDP: Direct effect: around 0.2% Total effect: around 0.5% Gross value-added multiplier: Employment effects (business operations): 8,708 30,970 40,000 jobs Employment effects (investments): 4,622 jobs Every Euro of gross value-added generated by AGRANA, created up to two additional euros of value-added in other companies. Employment multiplier: direct indirect + induced Corporate presentation

40 GROSS VALUE-ADDED (GVA) EFFECTS AGRANA GROUP (BUSINESS OPERATIONS) Gross value-added effects of the AGRANA Group s business operations by segment in m, , Direct GVA Indirect GVA Induced GVA Total GVA Sugar Segment Starch Segment Fruit Segment The largest single contribution (58 %) is made by the Fruit segment The largest economic lever expressed as the multiplier, is also found in the Fruit segment. Multiplier: Sugar: 2.85 Starch: 2.69 Fruit: 3.03 Corporate presentation 2016

41 EMPLOYMENT EFFECTS AGRANA GROUP (BUSINESS OPERATIONS) Employment effects of the AGRANA Group s business operations by segments, (heads), ,708 5, ,326 Direct employment (persons) 29,103 15,351 3,807 9,945 Indirect employment (persons) 1, Induced employment (persons) 39,678 21,827 5,017 12,834 Total employment (persons) Sugar Segment Starch Segment Fruit Segment The largest contribution to the employment effects is made by the Fruit segment because of the global presence and the employment model. The larger economic levers, are however found in the Starch and Sugar segments. Multiplier: Sugar: 5.52 Starch: 5.81 Fruit: 3.95 Corporate presentation 2016

42 BUSINESS FIGURES Corporate presentation 2016

43 VS PRIOR YEAR REVENUE BY SEGMENT SUGAR STARCH FRUIT 42.6% 29.3% 43.7% 27.2% GROUP % 29.1% 2, ,477.6 Revenue in m , , % Corporate presentation

44 VS PRIOR YEAR EBIT BY SEGMENT SUGAR STARCH FRUIT GROUP % 5.5% % 1.2% 44.5% 7.7% 45.6% 5.4% % 0.6% 51.1% 9.1% 150 EBIT- Marge EBIT in m Corporate presentation

45 CONSOLIDATED INCOME STATEMENT m (condensed) Change Revenue 2, , % EBITDA % Operating profit before except. items and results of equity-accounted JV % Share of results of equity-accounted JV % Exceptional items (3.1) (5.7) +45.6% EBIT % EBIT margin 5.2% 4.9% +0.3pp Net financial items (24.5) (5.2) % Profit before tax % Income tax expense (23.5) (31.9) +26.3% Profit for the period % Attributable to shareholders of the parent % Earnings per share % 1 EBITDA represents operating profit before exceptional items, results of equityaccounted joint ventures, and operating depreciation and amortisation. Corporate presentation

46 CONSOLIDATED BALANCE SHEET m (condensed) 29 Feb Feb Change Non-current assets 1, , % Current assets 1, , % Non-current assets held for sale Total assets 2, , % Equity 1, , % Non-current liabilities % Current liabilities % Total equity and liabilities 2, , % Equity ratio 53.5% 49.6% +3.9pp Net debt % Gearing 33.8% 27.7% +6.1pp Corporate presentation

47 CONSOLIDATED CASH FLOW STATEMENT m (condensed) Change Operating cash flow before changes in working capital % Changes in working capital (73.7) % Total of interest paid/received and tax paid (50.3) (33.0) -52.4% Net cash from operating activities % Net cash (used in) investing activities (19.9) (84.2) +76.4% Net cash (used in) financing activities (163.6) (81.1) % Net (decrease)/increase in cash and cash equivalents (81.6) % 1 The prior-year data were restated. Corporate presentation

48 ANALYSIS OF NET FINANCIAL ITEMS m Change Net interest expense (8.4) (10.2) +17.6% Currency translation differences (13.5) % Share of results of non-consolidated subsidiaries and outside companies % Other financial items (2.6) (3.6) +27.8% Total (24.5) (5.2) % Corporate presentation

49 AGRANA OUTLOOK Corporate presentation 2016

50 OUTLOOK AGRANA expects Group revenue to increase moderately and operating profit (EBIT) to increase significantly for the financial year. Total investment in the three business segments, at about 129 million, will significantly exceed depreciation of about 85 million. Corporate presentation

51 DISCLAIMER This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or published, in whole or in part, for any purpose. This presentation comprises the written materials/slides for a presentation concerning AGRANA Beteiligungs-AG ( Company ) and its business. This presentation 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 shares in the Company, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or investment decision. This presentation includes forward-looking statements, i.e. statements that are not historical facts, including statements about the Company's beliefs and expectations and the Company's targets for future performance are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. Although care has been taken to ensure that the facts stated in the presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company no representation or warranty, express or implied, is given by or on behalf of the Company any of its respective directors, or any other person as to the accuracy or completeness of the information or opinions contained in this presentation. Neither the Company nor any of its respective members, organs, representatives or employees or any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Corporate presentation