AGRANA Beteiligungs-AG RS Zürich – UniCredit (June 4, 2008) June 4, 2008|1 AGRANA at a glance
AGRANA products you meet everyday
Sugar Starch Fruit
• Sugar is sold • AGRANA produces starch and special • Fruit juice concentrates customers - to consumers via the food starch products. are fruit juice and beverage trade (20%) and • Starch is a complex carbohydrate bottlers and fillers (20%). - to manufacturers: e.g. soft drinks which is insoluble in water. Starch is • Fruit preparations are special used in food processing e.g. as industry, confectionery industry, customized products (80%) for thickener and for technical purposes - the dairy industry, fermentation industry, other food e.g. in the paper manufacturing and beverage industries (80%). process. - the baked products industry, • Bioethanol is part of our starch -the ice-cream industry. business.
June 4, 2008|2 AGRANA – Key figures & Strategy
Revenue Staff 2007|08 2007|08 SUGAR • Leading producer of sugar in Central and Eastern Europe • Strengthening the group's leadership in Central Europe and focus on a strong market position in the Balkan countries 772 m€ 2,597 • Maintaining the position as an efficiency and technology leader in the Central European sugar industry
• One of Europe’s leading suppliers of specialty products STARCH and isoglucose • Increasing the output of highly refined speciality starch products 339 m€ 847 • Enlargement of corn starch capacities as well as isoglucose and bioethanol production • Focus on the production of innovative customer-orientated products and starch based solutions for the customers
• World’s leader in fruit preparations and Europe’s foremost manufacturer of fruit juice concentrates 853 m€ 4,696 • AGRANA is aiming to continue faster-than-market growth in fruit preparations and fruit juice concentrates FRUIT •Organic growth but also acquisitions under review Consolidation (72 m€) TOTAL 1,892 m€ 8,140
June 4, 2008|3 Production Sites in Europe Core market for sugar, starch and fruit
Segment 2007|08 2002|03 Sugar 12 15 Starch 5 5 Fruit 38 - TOTAL 55 20
Sugar Bosnia-Herzegovina, Austria, Romania, Slovakia, Czech Republic, Hungary Starch Austria, Romania, Hungary
Fruit - Europe Belgium, Denmark, Germany, France, Austria, Poland, Romania, Russia, Serbia, Czech Republic, Turkey, Hungary, Ukraine
June 4, 2008|4 International Production Sites
Fruit - International Argentina, Australia, Brazil, China, Fiji, Morocco, Mexico, South Africa, South Korea, USA
June 4, 2008|5 AGRANA’s Shareholder Structure
• Shares outstanding: 14,202,040 • Market capitalization (as of 27 May 2008): ~ 1,008 m€
~ 10.5%
Raiffeisen Bank Coop. Lower Austria ZBG Südzucker
~ 80% ~ 50% ~ 50%
Z & S Free Float Zucker und Stärke Holding AG
24.5% 75.5%
June 4, 2008|6 Revenues 1997|98 to 2007|08
AGRANA shows significantly stronger than market growth in all its business segments. 1,892.3
1,915.8 in m€ . p.a 5% 13. R + CAG 1,499.6
981.0 866.4 842.8 875.7 703.0 760.2 684.6 580.9
97|98 98|99 99|00 00|01 01|02 02|03 03|04 04|05 05|06 06|07 07|08 incl. 14 m Fruit June 4, 2008|7 Operating profit before exceptional items 1997|98 to 2007|08
Steady growth of profitability within the last years. Profit increased clearly over revenues growth. 107.0 111.4 99.5 . in m€ p.a 3% 90.8 15. R + CAG 80.5 76.0 76.8 66.7
47.0 42.2
29.1
97|98 98|99 99|00 00|01 01|02 02|03 03|04 04|05 05|06 06|07 07|08 incl. 14 m Fruit June 4, 2008|8 Overview of AGRANA Segments “Diversification completed”
2007|08 2006|07 2005|06 2004|05 1,892.3 m€ 1,915.8 m€ 1,499.6 m€ 981.0 m€
13% 40% 41% 36% Revenues 45% 48% 50% 20% 67% 14% 15% 11%
111.4 m€ 107.0 m€ 99.5 m€ 90.4 m€
29% 31% Operating 27% 33% 39% 42% 39% result 67% before exceptional items 32% 27% 34%
June 4, 2008|9 SUGAR STARCH FRUIT Highlights 2007|08
• Acceleration of the EU sugar regime reform due to new incentives for beet farmers SUGAR and sugar industry for renouncing quota ⇒ Hungary to return 50% of its sugar quota to the restructuring fund - AGRANA concentrates its sugar production at the Kaposvár location. Nordzucker quits sugar production in Hungary. AGRANA is the sole sugar producer in Hungary ⇒ Permanent reduction of additional 2.6 mill. tonnes sugar quota for the 2008|09 marketing year (in the “first wave”). A further 800,000 tonnes were returned in the “second wave”. • AGRANA opens first industrial-scale biogas plant in Kaposvár, Hungary
STARCH • Completion of bioethanol plant in Pischelsdorf, Austria, and start of six weeks’ pilot operation in September 2007. Regular operation is postponed to spring 2008 in response to the global rise in commodity prices for wheat and corn
• Raw material price hausse at nearly all raw material (with exception of sugar) due to strong international demand, tight supplies (because of unfavourable weather conditions) and speculations of financial investors
• Opening of first fruit preparations plant in Cabreúva, Brazil • AGRANA Fruit opens an innovation and product development centre in Brecksville, Ohio FRUIT
June 4, 2008|10 Key Financials 2007|08
in m€ 2007|08 2006|071 Change in %
Revenues 1,892.3 1,915.8 (1.2) Operating profit before exceptional items 111.4 107.0 +4.1 Operating profit after exceptional items 101.5 105.8 (4.0)
Profit for the period before minority interests 63.8 71.1 (10.3) Investment in property, plant and equipment and intangibles2 207.7 157.4 +32.0
Staff count 8,140 8,223 (1.0) 1 Incl. 14 months of segment fruit, Revenues 2006|07 1,781.8 m€ on 12 months basis 2 Excluding goodwill June 4, 2008|11 SUGAR. AGRANA is the leading producer of sugar in Central and Eastern Europe (CEE).
June 4, 2008|12 SUGAR Segment Market Position
Sugar plant Distribution centre Market position EU quota / AGRANA Market start-up (´000 tons) country quota (1) position Austria 351 351 #1 7 sugar plants and 2 raw sugar refineries Hungary 105 105 #1
Czech Republic 285 94 #2 Czech Rep.Opava Hrusovany Slovakia Leopolds Sered Slovakia 112 44 #2 df. Tulln Roman (2) Hungary Romania 434 155 #1 Austria Austria Kaposvar Romania EU 27 1,287 749 Buzau Bosnia- 150(3) #1 Brcko Herzegovina Bosnia- Herzegovina Bulgaria Details: (1) AGRANA quota for 2008|09 after restructuring and second wave in March 08 Sofia (2) AGRANA quota in Romania for sugar beet (24,240 to) and refined raw sugar (130,668 to) (3) Planned capacity for refined raw sugar for 2008 (50:50 Joint Venture)
June 4, 2008|13 SUGAR Segment Highlights 2007|08
Revenues SUGAR in m€ • Revenues 772.0 m€ 900 804.6 - 4.1% o Lower sales of quota sugar due to 800 770.4 772.0 quota reduction and no sales into 700 600 intervention 500 400 o Low C-sugar Exports 300 200 100 • Operating Profit 32.6 m€ 0 o Lower sales volumes of quota sugar 2005|06 2006|07 2007|08 o Optimisation of energy consumption Operating Profit SUGAR in m€ 40 38.7 o Positive effect due to restructuring 32.9 -0.9% 32.6 compensation for surrendered quota 30 in A, SK 20 o EU-restructuring levy in 07|08 of 174 EUR/to sugar quota (=∑ 116 m€) 10
o Reductions in fixed costs 0 2005|06 2006|07 2007|08 June 4, 2008|14 EU Sugar Regime
• The PAST: The Future of EU Sugar Regime o WTO panel decision cuts sugar exports Following a WTO panel o Reduction of 2.2 million tons sugar quota for sugar marketing decision, C-sugar exports year 2007|08 into restructuring fund, substantially less than 20 million tonnes are no longer permitted. expected 20 2.6 -2.6 o On Sept. 26, 2007 the EU-Council has adopted the reform of the 1,6 sugar regime reform 1.6 15 1.3 • The ACTUAL STATUS: 2.5 o AGRANA expects acceleration of the reform process due to further 2.6 million tonnes of permanent renunciations until Jan. 10 31, 2008 17.4 o AGRANA renounced quota of 13.5% in Austria, 26% in Slovakia, 11.9 30% in Hungary (-> closure of sugar plant in Petöhaza) in the 5 first and second “wave” o No preventive withdrawal for sugar marketing year 2008|09 0 • THE FUTURE: 2005 2010 o Only another 0.4 million tonnes will be needed to meet the C-sugar ACP reform target of 6 million tonnes of quota reductions by 2010 by EU sugar quota WTO limits (current export quotas) a final cut of the EU-sugar quota for all EU countries in sugar marketing year 2009|10 without compensation LDC and Western Balkan Agreement
June 4, 2008|15 Quotation for raw sugar & white sugar
White sugar (LSE) 27.05.2008 322 USD/to = 212 EUR/to
Raw sugar (NYSE) 27.05.2008 222 USD/to = 141 EUR/to
June 4, 2008|16 Market position Balkan region - Raw Sugar Refinery in Brcko, Bosnia-Herzegovina
• South Eastern Europe, in particular the • Construction of raw sugar refinery in Brcko countries of the Western Balkans, have (50% Joint Venture with SCO Studen) always been an important market for o Projected investment volume: 40 m€ AGRANA sugar exports. (AGRANA 50% share: 20 m€) • Bosnia-Herzegovina and Albania are o Capacity: 150,000 tons p.a. exclusively sugar importers. • 50% share of sugar sales company of Studen Group • The WTO Panel decision and new EU o In order to continue supplying Balkan sugar CMO ceased sugar exports from region the EU. o Existing sales structure of Studen enables interesting market growth
June 4, 2008|17 STARCH. AGRANA is a well positioned starch specialist in Europe.
June 4, 2008|18 STARCH Segment Market Position
Current production plants • Organic growth of existing production plants (capacity Current main markets
expansion in Austria and Hungary) Starch plant • Isoglucose production in Hungary Bioethanol plant will nearly double as a consequence of the implementation of the new EU-Sugar Central Market Organisation • Sales - 50 % are sold in the local markets where production is located - 50 % are exported to neighboring countries and third countries • Bioethanol: AGRANA already produces in Hungary and will be the market leader in Austria (production start 7th June 2008)
June 4, 2008|19 STARCH Segment Specialisation strategy
Focus of End Product Use AGRANA VALUE Textile Industry, Construction Industry, Derivatives, Ethers and Esters Cosmetic Industry
Maltodextrins Food Industry (e.g. Baby Food)
Isoglucose Food Industry (e.g. Soft Drinks)
Glucose Syrups Food Industry (e.g. Confectionery Products)
Commodities (Potato and Maize Starch) Foodstuffs, Paper, Textiles, Pharmaceuticals
VOLUME
• Food: • Non-Food: o Growth in products from special raw o Innovation- and Market leadership in materials (Market leadership) - Special applications for o Growth in starch derivates for fruit construction industry preparations - Adhesive (sack adhesive) o Growth in „High Care“-starches o Growth in cosmetics industry o Growth in special applications for paper, textile and cardboard industry
June 4, 2008|20 STARCH Segment Highlights 2007|08
Revenues STARCH in m€ • Revenues up 34.2% to 340.0 m€ 350 340.0 % .2 o Sales volumes increased by 15% 300 34 253.4 + o Higher sales of sweeteners and 250 232.6 ethanol in Hungary 200 150 o Rising sales prices as a 100 consequence of higher raw 50 material costs 0 2005|06 2006|07 2007|08 Operating Profit STARCH in m€ 40 35.3 • Operating Profit up 23.9% to 33.6 % 35 .9 23 35.3 m€ 30 28.5 + 25 o Organic growth 20 o Improved customer and product 15 10 mix 5 0 2005|06 2006|07 2007|08
June 4, 2008|21 Bioethanol – Growth Potential in Europe
EU Biofuels Directive: Substitution with biofuels 2% 2005 5.75% 2010 in all EU countries 2007 – Decision reached by European Council to increase substitution with biofuel to 10% by 2020 (binding target for every EU Member State).
Advantages of bioethanol
CO2 neutral (Well to bioethanol tank) Reduces exhaust fumes Slows greenhouse effects Increases engine performance Reduces dependence on oil imports Replaces soybean imports by DDGS
June 4, 2008|22 Source: EU Commission Bioethanol Discussion in Europe
• Proposal of European Commission: Directive „Energy from renewable sources” o Binding targets of a renewable-energy content of at least 20% of the total energy market and a 10% biofuel share in transport fuels o Minimum greenhouse gas emission saving of 35% compared to fossil fuels, calculated over the biofuel’s whole life cycle from production to consumption o Sustainability criteria for raw materials used in biofuel production minimum of 35%
typical greenhouse gas -48% sugar beet ethanol emission saving (according to the directive) wheat ethanol (natural gas as -45% process fuel in conventional boiler)
wheat ethanol (natural gas as -54% process fuel in CHP plant)
greenhouse gas emission saving -48% 100 % wheat in Pischelsdorf (according to Joanneum Research)
June 4, 2008|23 -60% -50% -40% -30% -20% -10% 0%
energy allocation method Bioethanol: additional potential in motor application Full load torque • Due to higher octan number and evaporation heat of ethanol, full load torque can be increased by 14% using E85 • High evaporation heat of ethanol enables cooling of intake air and hence improvement of volumetric efficiency engine torque • Higher octan number of ethanol produces conversion of energy at an optimal degree of efficiency
engine speed Source: Results of engine test bench investigation of Vienna University of Technology Engine efficiency on full load • Engine efficiency on full load can be increased by 7% using E85
Increased engine performance concerning
degree of efficiency and CO2 output (Tank
degree of efficiencydegree to Wheel)
engine speed Source: Results of engine test bench investigation of Vienna University of Technology June 4, 2008|24 Land use figure for 10% biofuel usage target by 2020
• Substitution with biofuels by 10-vol.% of fuel demand (EU- 27) represents 18 Mio. m³ bioethanol resp. 20 Mio. m³ biodiesel according to actual fuel consumption => total demand: 38 Mio. m³ biofuels • Necessary land use within EU-27 to reach target: o gross: 27.2 Mio. hectares 14.9% of total European Union agricultural land o net (by-product DDGS obtained from biofuel production is considered; assumption soy-import substitution): 11.3 Mio. hectares 6.2% of total European Union agricultural land
=> Bioethanol is not responsible for worldwide hunger dilemma
June 4, 2008|25 Bioethanol Activity by AGRANA Status Pischelsdorf
• Production start: 7th June 2008 • Coverage of raw material until new crop • AGRANA expects realistic raw material price levels (≤ 200 €/to) due to: o Abolition of 10% set-aside scheme within EU in 2008 -> extra 12-15 mill. tonnes of cereals o Higher prices motivate farmers to intensify cultivation of cereals o Normal crop in CEECs - Cereal production EU 07/08 255 mio. to, 08/09e 287 mio. to (Source: Strategie Grains, COCERAL) • Contracts with OMV were completely fulfilled via deliveries from group companies • Ethanol prices could recover because of increasing sugar price and high domestic Ethanol consumption in Brazil June 4, 2008|26 Quotation for Ethanol and Petrol EUR/m³ USD/ton resp.
June 4, 2008|27 Price Development of Cereals
CORN Quotation (MATIF) • Historical price peak because of regional low crops, high physical demand and 27.05.2008 193 €/ton speculations on a global basis • Beginning of October 2007, price development recovered slightly • Speculations on international commodity exchanges peak off • Abolition of the EU’s 10% set-aside WHEAT Quotation (MATIF) scheme should lead to an increase in grain acreage and production in Europe in 2008 => additional 4-6% of EU‘s acreage for grain production expected • 2007: less than 1% of total EU grain production was used for 27.05.2008 185 €/ton ethanol production (Source: EU Commission) DDGS as Substitute for Soybean Imports
600.000 t imports of whole soybeans (previously) • “Dried Distillers Grain with Solubles” (DDGS) is a high- Ethanol cycle quality feed with a raw protein Austria 170.000 t content of 35%. DDGS
• DDGS is a valuable byproduct 500.000 t grain of bioethanol production. 700.000 t of grain exports • AGRANA Pischelsdorf will (previously) produce 170,000 t DDGS p.a.
• Austria currently imports 33.9 mill t whole soybeans 600,000 t of protein feed p.a., primarily soybean. DDGS could EU represent a substitute for part of these imports, especially in
cattle breeding. 22.1 mill. t of grain
June 4, 2008|29 FRUIT. AGRANA is world’s leading supplier of fruit preparations and fruit juice concentrates.
June 4, 2008|30 FRUIT Segment Business Model
Fruit Preparations
• Based on mostly frozen fruits 9tailor-made customer products (several thousand receipts worldwide) 9shelf life of the fruit preparation: approx. 6 weeks -> necessity to produce regional
Fruit Juice Concentrates
• Production of fruit juice concentrates from fresh fruits 9in the growing area of the fruits (water content and quality of the fruits don't allow far transports) 9shelf life of fruit juice concentrates: approx. 2 years 9can be shipped around the world
June 4, 2008|31 FRUIT Segment Business Model
Fruit Preparations
• High market growth in Russia, USA, Mexico, Brazil, China. Additional production sites to meet growing needs of new customers • Market entry in regions with high growth potential where AGRANA customers are already operating (Yoghurt producers)
Fruit Juice Concentrates
• Further growth in existing markets • Increase in market share via growth area distribution channel enhancement in the Current production plants EU and Russia
June 4, 2008|32 FRUIT Segment Highlights 2007|08
Revenues FRUIT in m€
• Revenues 852.5 m€ 1000 914.6 - 6.8% 900 852.5
o Prior year includes 14 months 800 12 months .2% 700 +9 o Organic growth + 9.2% in fruit 600 541.2 500 segment on 12 months comparison 400 300 o Higher sales prices due to rising 200 raw material prices 100 0 2005|06 2006|071 2007|08 Operating Profit FRUIT in m€ • Operating Profit 43.5 m€ 50 45.6 - 4.6% 43.5 45 o Rising raw material prices affect 40 12 months 7.7% 35 + new contracts with time-lag 30 27.2 25 o FX-effects 20 15 10 5 0 1 2005|06 2006|07 2007|08 1 Incl. 14 months of segment fruit June 4, 2008|33 2nd Apple Juice Concentrate Joint Venture in China
• 50% Investment in Yongji Andre Juice Co. Ltd. • Production of “sweet” apple juice concentrate for global market • Production site: Province Shanxi – one of the best apple-growing regions in China • Production capacity: up to 20,000 tonnes p.a. of apple juice concentrate, doubling of production capacity planned in 2009 • Employees: approx. 120
June 4, 2008|34 AGRANA Fruit Moscow region Extension of production capacity until 2012
• 2004: start of construction a new plant (greenfield investment) for fruit preparations in Serpuchov, Russia • July 2005: first production of fruit preparations with two lines • Production capacity: 30,000 tons per year (four double batch lines) • 39% growth in sales volumes during last year • Employees: approx. 220 • Per capita consumption of yoghurt (2006): Growth potential in o Russia: 2.3kg Russia at least to new Eastern European part level within short o Eastern Europe: 4.5kg period of time o Western Europe: 16.4kg
Capacity increase until 2012: doubling of production capacity to 60,000 tons (projected investment volume in total: 25 m€)
June 4, 2008|35 Financial Results 2007|08
June 4, 2008|36 Consolidated Profit and Loss Statement
Key P&L figures in m€ 2007|08 2006|07 Change in % Revenue 1,892.3 1,915.8 (1.2) Operating profit before exceptional items 111.4 107.0 +4.1 Exceptional items (9.9) (1.2) +820.3 Operating profit after exceptional items 101.5 105.8 (4.0) Financial result (28.4) (12.3) +230.9 Profit before tax 73.1 93.5 (21.8) Taxes (9.2) (22.4) (58.9) Profit for the period 63.8 71.1 (10.3) -Thereof AGRANA 64.3 68.9 (6.6) Earnings per share (€) 4.53 4.85 (6.6) ROS (%) 3.9 4.9 (20.4) ROCE (%) 8.2 8.6 (4,7)
June 4, 2008|37 Balance Sheet
in m€ 29.2.2008 28.2.2007 Non-current assets 1,077.2 948.3 Current assets 1,126.8 983.4
Shareholders’ equity 922.1 895.5
Non-current liabilities 412.9 451.3
Current liabilities 869.0 584.9
Financial liabilities 677.4 526.1 Balance sheet total 2,203.9 1,931.7
Equity ratio 41.8% 46.4% Gearing 61.6% 37.9%
June 4, 2008|38 Consolidated Cash-flow Statement
in m€ 2007|08 2006|07
Operating Cash-flow before change in working capital 140.8 150.5
Gains on disposal of non-current assets (0.3) (1.9)
Change in working capital (144.8) (11.7)
Net cash from operating activities (4.2) 136.9
Net cash from investing activities (169.5) (167.0)
Net cash from financing activities 127.4 83.2
Net decrease/increase in cash and cash equivalents (46.3) 53.1
Cash and cash equivalents at beginning of period 132.2 80.8
Cash and cash equivalents at the end of period 86.8 132.2
June 4, 2008|39 Investments
Increase of Investments by 50.3 m€ to 207.7 m€
in m€ 250
207.7 200
157.4 150
100
50
0 2007|08 2006|07
Sugar Starch Fruit
June 4, 2008|40 Environment and Sustainability
• Energy efficiency and reduction of emissions o Investment in optimising transport systems and energy supplies as well as in environmentally sensitive production and packaging since 1990 o Transport of raw materials mostly by rail o Usage of highly efficient cogeneration plants in Austria to optimise consumption of fossil fuels and the lowest possible specific emissions
o Major contribution to improving Austria’s CO2 balance through bioethanol production in Pischelsdorf • Sustainable environmental practices o Food safety, quality assurance, traceability of all industrial processes back to the farmer’s field (including the handling of the raw materials from seed to harvest), as well as extensive certification o Production of biogas in newly constructed biogas facility in Kaposvár, Hungary June 4, 2008|41 Outlook
June 4, 2008|42 Market Developments in 2008|09
• SUGAR Segment o Expected increase of World Market Prices o Market recovery as a consequence of EU sugar market reform end of 2008 at the earliest • STARCH Segment o Continuous market growth for starch products in emerging markets o Specialisation strategy will safeguard better product mix and attractive margins o Bioethanol production requires either an increase in ethanol-prices or/and lower raw material prices to become profitable • FRUIT Segment o Continuous growth world wide o Average global growth rate of 5% (Fruit) resp. 6% (Juice) until 20101 o Normalisation of crop situations and price levels of raw materials o Stabilisation of European Juice Market prices
June 4, 2008|43 1Source: Leatherhead 2005 and 2007, Global Food Markets Outlook
• SUGAR Segment o Consolidation in CEECs Group Revenues Forecast o Lower quantities to market (sugar market regime) > € 2,100 m > € 2,100 m
o Start-up Brcko refinery € 1,916 m(1) € 1,892 m o Strong market position in the 2.000 Balkan region ~48% ~48% 48% 45% • STARCH Segment 1.500 o Growing revenues due to capacity increases and specialisation strategy 1.000 ~17% o Organic growth > 10% 11% 15% ~25% bio- ~5% o Bioethanol provides additional ethanol growth 500 41% • FRUIT Segment 40% ~30% ~27% o Strong organic growth o Further acquisitions or green field 0 operations 2006|07 2007|08 2008|09e 2009|10e Sugar Starch Fruit (1) Revenues include 14 months for fruit companies June 4, 2008|44 Planned activities in 2008|09
• SUGAR Segment o Completion of the restructuring programme o Investment focus: improvement of energy efficiency o Start up Brcko refinery o Acquisition of 50% of SCO Studen Sugar Trading activities in the Balkan region o Organic sugar production in autumn campaign 2008 (contracted sugar beets within sugar quota) o Out of Quota-Beet-Contracts for the chemical industry • STARCH Segment o Full capacity of bioethanol activities o Full 3,000 tons daily grind at Hungrana • FRUIT Segment o Expansion projects in growing regions, esp. Moscow o Closing of the acquisition deal in China (50% of Yongji for AJC) o Strengthening of earnings by utilisation of synergies
June 4, 2008|45 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-Aktiengesellschaft (“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, directors, officers 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.
June 4, 2008|46