FY 2015 Corporate Presentation

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Jun 5, 2015 ... Eros film library of over 2,300 films is a stable source of revenue ... (2) Represents market share of all theatrically released Indian language films 2011- 2014 (Source: ..... unlimited access to premium content, with features such as HD .... “Medium budget” films refer to Hindi, Tamil, and Telugu films within the ...
Corporate presentation

June 2015

1

Eros the leading Indian film studio

Executive Summary Eros: a media company transforming into a digital company

1

A global leader in Indian film entertainment with strong box office market share

2

Strong revenue growth and solid track record of profitability

3

ErosNow strategically positioned to capture large digital opportunity in India

4

Robust India macro landscape with highly attractive fundamentals

5

Large content library of Indian language films, 3,000+, and music

PAGE 2

Content is King New film mix 65-70 films each year

Co-production

Acquisition

Trinity Pictures

•Hindi •Regional language •International agreements

Exclusive premiere window

3,000+ film library (1 year after Theatrical Release)

PAGE 3

Eros: A Multi-Platform Model  Leading player in a growing and underpenetrated cinema market

Theatrical

Eros has had an average 3 out of top 10 India Box Office hits for the past five years Film pre-sales facilitated by long-standing Eros brand, reputation and industry relationships

Television

 Cable digitisation and rising Pay TV penetration drive market growth and demand for premium content

Eros film library of over 2,300 films is a stable source of revenue growth with high margins

 India is projected to have over 1 billion internet users in the next 15 years

Digital and Ancillary

ErosNow is the leading Indian digital content platform with global reach Exclusive content provides high barrier to entry

We are strategically positioned as a leader in our segments and able to monetise through multiple channels globally

$ Theatrical

TV Syndication

Freemium

Pay Per View

Subscription

Advertising

Bundled Services

PAGE 4

Leading Theatrical Market Share Participation in Average 3 of the Top 10 Releases in India Each Year(1)

$23.3m

$16.5m

$8.8m

Leading Market Share in United States(2) Others 16%

Eros 32%

Fox 4%

Reliance 12%

$25.7m

$24.5m

$19.3m YRF 14%

$14.5m

$20.4m

$19.8m

UTV 22%

Leading Market Share in United Kingdom(2) Other 15%

$17.4m

$ 32.2m

$19.9m

Fox 5%

Eros 35%

Reliance 11%

$22.8m

$ 18.5m

$15.8m

YRF 14%

UTV 20%

(1) Includes films only distributed internationally by Eros. 3 of the Top 10 grossing Hindi films in CY’10 (Source: BoxOfficeIndia.com); 4 of the Top 10 Hindi films in CY’11 (Source: BoxOfficeIndia.com); 2 of the Top 10 Hindi films in CY’12 (Source: bollywoodhungama.com); 4 out of top 10 Hindi releases in CY’13 (Source: bollywoodhungama.com); 3 out of top 10 Hindi releases in CY’14 (Source: bollywoodhungama.com). Rupees converted to USD at average annual exchange rate. (2) Represents market share of all theatrically released Indian language films 2011-2014 (Source: Rentrak) PAGE 5

Diversified, Strong Revenue Growth Revenue Mix by Channel

Strong Historical Revenue Growth ($ in millions)

Digital & Ancillary 21%

$284 $207 $156

$150

$215

$236

Theatrical 43%

$165

$113 $66

Television 36% FY' 07

FY' 08

FY' 09

FY' 10

FY' 11

FY' 12

FY' 13

FY' 14

FY' 15

Revenue Mix by Geography

Solid Track Record of Profitability ($ in millions) $101

Rest of the World, 42%

$80 $67 $60 $48

$54

$56

$54

North America, 7%

$33

FY' 07

FY' 08

FY' 09

FY' 10

FY' 11

FY' 12

FY' 13

FY' 14

FY' 15

India, 39%

Europe, 12%

PAGE 6

Our Diversified Revenue Streams Description

Revenue Performance

 Leading market share of Indian language films in India, UK and US

$123

 Broad, well-established global distribution network 1

Theatrical

 Film releases in 50 countries and 25 languages $50

 Portfolio approach by film, budget, genre and language  Regional language films are a key focus area FY10

 License film content to content aggregators to reach Cable and Pay TV

Television 2

FY15

$101

subscribers  Long-term value in TV syndication from ongoing bundling of library

$53

content with new film releases FY10

 ErosNow has over 19m registered users

Digital 3

 Music sales from new release film soundtracks and our library catalogue

FY15

$60 $47

 SVOD and VOD offerings in international markets (US, UK, Asia, etc)  High growth as digitization of media increases across all platforms FY10

FY15

Source: Website, company information and equity research PAGE 7

2

Our markets

Indian Media & Entertainment Market Media & Entertainment Market Projected to Grow at 14%(1) ($ in billions)

$28

$25 $21 $19 $16 $3

$3

’14 – ’19 CAGR

$6

19.8%

$5 $3

$5

10.0%

$3 $6

$3 $6

$3

8.0%

$5

$2

$2

$4

$4

$32

$5 $5

$8

$9

$10

2014A

2015E

2016E

Television

$16

$14

$12

15.5%

2017E

Print

Film

2018E

2019E Other (2)

(1) Source: FICCI-KPMG Report 2015. Rupees converted to USD at 62.19 (2) “Other” includes radio, music, out of home, animation & VFX, gaming and digital advertising segments PAGE 9

India: High Growth and Attractive Fundamentals A rapidly growing economy…(1)

With significant population expansion…(2) (in billions)

Projected GDP Growth CAGR (2014 - 2020)

Population

2.0

12.7%

1.6 1.5 1.2

8.1%

7.6%

1 1.0 4.3%

4.0% 0.5

India

China

Brazil

United States

United Kingdom

0.0

2000

Highly favorable demographics(3)

2050

Increasing annual disposable income(4) ($ in billions)

Median age 38.9

2011

$1,863

36.7 30.7

$1,744

27.0

$1,616 $1,559

Russia (1) (2) (3) (4)

China

Brazil

India

2012

2013

2014

2015

IMF World Economic Outlook as of April 2015, Nominal GDP corresponding to fiscal year, current price FICCI-KPMG 2014 & 2015 Report CIA World Factbook (5/22/2015) Euromonitor International PAGE 10

Rapid Growth for India’s Film Industry Theatres seeing consistent YoY revenue growth…(1) ($ in billions)

…with multiplex rollout fuelling growth…(2) (in thousands)

Indian Domestic Theatrical Revenue

1.4

1.2 2.0

2.3

1.5

1.8

2.1

1.6

2014

2015E

2016E

2017E

2018E

2019E

…in a highly underpenetrated market…(3) Theatre screens per million population

125

Multiplexes in India

2011

2012

1.8

1.6

1.5

2013

2014E

2015E

1.9

2016E

2.2

2.1

2017E

2018E

…with substantial room to increase pricing(4) ($ in USD)

Average Admissions Price

15.7 85 57

9.7

61 4.7

7 India (1) (2) (3) (4)

6.0

7.0

7.9

0.7 Germany

UK

France

US

India

China

Brazil

Russia

US

UK

Japan

FICCI-KPMG Report 2015; Rupees converted to USD at 62.19 CRISIL Research FICCI frames 2014 Magna Global, June 2014 PAGE 11

Growing Indian Television Market Increasing television household penetration…(1) TV Household Penetration (%)

…is expected to fuel growth in the Indian TV industry(2) ($ in billions)

71%

61% $11 $5 $5

$2

2014 Total # of Households:

168m

196m

Willingness to pay for content…(1) (in millions)

2014A

2019E

2019E

Advertisement revenue

Subscription revenue

...is supported by favorable viewing preferences(1) Percentage of viewing time spent

Indian Pay-TV subscriber base 45%

70+%

187 149 18% 11%

2014A

(1) (2)

2019E

Hindi GEC + Movies

Regional Channels

Kids + Music

7%

News

Source: FICCI-KPMG Report 2015 Source: FICCI-KPMG Report 2015; Rupees converted to USD at 62.19 PAGE 12

Compelling Digital Opportunity Internet penetration is still in early stages(1) 90%

Strong mobile internet user growth(1) Mobile Internet Users in India

(in millions)

87%

457 399

53%

342

46%

286 232 19%

UK

USA

Brazil

China

India

India’s digital ad market to reach c$2.8bn by 2020 Online advertising spend

($ in millions)

173

2014E

2015E

2016E

2017E

2018E

2019E

Mobile advertising to be largest component ($ in millions)

2020 share of online ad spend

$2,767

Mobile, $858

Social Media, $830

$ 452 Display, $208 FY' 14 Online ad spend as % of total ad spend

Email, $42

FY' 20

7%

19%

Search, $415

Video, $415

(1) FICCI KPMG Report 2015, and broker research PAGE 13

Highly Engaged, Large Digital User Base 173mm

243mm

Indian users access via mobile

Internet Users

28%

217

India’s Youth Online

Increase in Facebook Visitors in the Past Year

Minutes Spent on Facebook on Average

86%

27%

of Indian Web Users on Social Media

Yearly Increase in Online Video Audience

Lead to increasing amount of digital content 23.3 Total Minutes BILLION 54 Million Unique Video Viewers

3.7 Billion Total Videos

432 Minutes Per User

23.3 Billion Total Minutes

Source: Accenture Video Solutions Survey, 2013; indexmundi, eMarketer, comScore PAGE 14

International markets Rest of the world

China 

$4.8 Billion

34%

Chinese Movie Market

2013-2014 growth

 

23,600

600

Total Screens in 2014

Films produced in 2014



Global demand for Bollywood content , especially in Europe and Southeast Asia Large South Asian Diaspora Arrangement with local distributors across the global to target theatrical, TV and DVD releases Already well established in Germany, Russia, China, Japan, Korea, Taiwan, Indonesia

Influential partnerships secured in China

  

Partnerships with three major Chinese state-owned film and entertainment companies to promote, co-produce and distribute Sino-Indian films across all platforms in India & China

Large and growing Chinese Box Office Partnering with the best Chinese film companies High-reward long-term opportunity

China Film Group Corporation

 Co-produce motion picture, Tang

Xuan Zang, starring China’s most popular and multi-faceted actor, Huang Xiaoming

Shanghai Film Group Corporation

 Explore exploitation of IP rights owned

by both companies and develop / produce / distribution films in both India & China

Fudan University

 Eros to license Fudan’s IP for remakes

or co-productions in India  Eros to gain publishing licenses for

strategic film distribution in China

Source: Eros International Press Release PAGE 15

3

A digital transformation

ErosNow: over 19m Registered Users    



A subscription-based on-demand entertainment portal with over 19 million registered users Subscribers have access to 10,000+ content offerings including movies, music tracks, music videos, TV episodes and original videos Exclusive film premieres available to all users, including recent super-hit Tanu Weds Manu Returns Unlike other OTT (“over-the-top content”) players, Eros owns much of the content on ErosNow

Tanu Weds Manu Returns

Film Studios

Available on all internet-enabled devices and fully integrated with the top social media outlets globally Music Labels

TIMES

music

TV Networks

ErosNow is ideally positioned to capitalise on growing internet penetration and benefits from high barriers to entry (1) Through integration with TechZone, an Eros International company PAGE 17

ErosNow: Uniquely Positioned for Growth ErosNow’s large content library and expanding digital market has positioned the platform for rapid growth in subscribers ahead of global market peers. Netflix maximized value when it transformed to a content owner and producer. Eros’ starting point is content ownership.

Digital Company

Content owner and producer Tech/Digital Platform Content aggregator/DVD service

VALUE

Tech Platform

TIME

PAGE 18

Eros Now: Monetization Model Monetization Model

Subscription Revenue

Advertising Revenue

Premium Users

Free Users

Transaction Revenue

Transactional Users

WAP Users

Syndication Revenue

Other Niche Platform TV & Online



Monthly recurring base of premium users enjoy unlimited access to premium content, with features such as HD quality viewing, Dolby sound and multi-language subtitles



Free users have access to a large pool of content and will be monetized through online advertising



Transactional model allows for lower price point WAP purchases of ringtones, wallpapers and long and short form content



Syndication of proprietary original content to niche television and online platforms

PAGE 19

Eros Now: Expansion Opportunities Total Addressable Market

1

Online Advertising 



2

Against the backdrop of increasing 3G/4G data penetration, online and mobile advertising are garnering an increasing share of total advertising spend

c$600m

Acceleration of TV ad revenue shifting to digital

E-Commerce 

Represents a large opportunity for Eros in marketing and branding, and also creates a new, profitable revenue stream



Offers the ability for consumers to purchase character-related merchandise in real-time

3

$13 billion in 2017 in India

Data Analytics 

Eros is uniquely positioned to collect user behavior and monetize efficiently to providers of database and direct marketing, enterprise CRM marketing software, market research and data acquisition and analytics / optimization services

Nascent market in India

PAGE 20

ErosNow: The Promise of Endless Entertainment

Music

Movies Pioneering new content

Original long-form content

Originals

TV

Original short-form content

 Original programming under

production

 Broad range of genres from fantasy

and adventure to romance and thriller  Expected launch: FY’ 16  Initial ErosNow viewing window

followed by wide TV syndication

PAGE 21

Roadmap for Profitable Growth Scalable content mix

New markets driving growth

Riding the digital wave

Maintain focus on high ROI film projects – including franchise films

Capitalize on growth in new international markets, e.g. China

Pioneer new, original content to target a wide audience

Increase regional output to meet rising demand

Meet growing Indian domestic demand for quality films as channel proliferation accelerates

Continue to build-out content offering in film, TV and music to exploit on our platform

China co-production opportunities

Reinforcing brand and “best-in-class” interface

Continue to bundle library with new release product

PAGE 22

4

FY’ 15 Financial Highlights

Conservative Balance Sheet Commentary

Select Balance Sheet Items

($ in millions)

March 31, 2015

 £50 million UK retail bond maturing in

2021 Cash

$156

Total Debt

$315

Shareholders’ Equity

$756

Total Capitalization

$1,071

FY2015 Adj. EBITDA(1)

$101

Net Debt / FY2015 Adj. EBITDA(1)

1.57x

Total Debt / Total Capitalization

 $140m unsecured RCF maturing in

2017  No significant long-term debt

maturities until 2016

29.4%

Source: Company filings (1) Adjusted EBITDA is defined as EBITDA adjusted for transaction costs, impairments of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivatives) and share based payments Note: Numbers may not add due to rounding PAGE 24

4Q and FY’ 15 Results Q4 FY 2015 Q4 FY 2014

+/-%

FY 2015

FY 2014

+/-%

Revenues

$88.5

$63.3

39.8%

$284.2

$235.5

20.7%

Adj EBITDA

$30.0

$13.1

129.0%

$101.2

$80.3

26.0%

Net income

$19.4

$6.4

203.1%

$49.3

$37.1

32.9%

EPS

29.9c

11.6c

157.8%

72.5c

65.2c

11.2%

Operational Highlights  We released a total of 65 films in FY2015, including 6 high budget films and 12 medium budget films. Of the films released 44 were

Hindi language films and the remaining films were Tamil and other regional languages  Eros has entered fiscal year 2016 on a strong note with the release of the much anticipated Tanu Weds Manu Returns, 2015’s first film

to reach INR 100 Crore (c.$15 million) and the biggest Indian box office release so far this year, and Dil Dhadakne Do on June 5, 2015. Fiscal year 2016 also includes planned releases on two of three major Indian holidays, with Eid seeing the release of Bajarangi Bhaijaan, and Christmas the release of Bajirao Mastani. Other high profile releases in the year include Bangistan, Hero, Singh is Bling and a slate of Tamil, Telugu and Malayalam films.  ErosNow has over 19 million registered users worldwide, consisting of free, transactional and premium users, across all its platforms.

This is a 35.7% increase from the 14 million registered users announced at Q3 FY15 earnings.  Emerged as the most preferred business partner for Indo-Chinese collaborations in the field of film and entertainment, with MOUs

signed with three major Chinese film companies to promote, co-produce and distribute Sino-Indian films across all platforms in both countries  Earlier this year we announced the appointment of Mr. Prem Parameswaran as Group Chief Financial Officer of Eros International Plc

and President of Eros International’s U.S. operations. Mr. Parameswaran joins Eros with over 23 years of experience in investment banking in the global media and entertainment industry.

Source: Company filings PAGE 25

5

Appendix

Our Film Release Profile (1)

FY’ 09

FY ‘10

FY ‘11

FY ‘12

FY ‘13

FY ‘14

FY ‘15

2

3

3

5

6

4

6

Medium

13

11

10

5

13

21

12

Low

76

97

64

67

58

44

47

91

111

77

77

77

69

65

Film by budget type High

Total films

(2)

Releases in FY’ 16 to date

Tentative release date

Gabbar is back (overseas)

Q1 FY’ 16

Uttama Villain (Tamil)

Q1 FY’ 16

Tanu Weds Manu Returns

Q1 FY’ 16

Masss (Tamil)

Q1 FY’ 16

Aga Bai Arechaa 2 (Marathi)

Q1 FY’ 16

Dil Dhadakne Do (Overseas)

Q1 FY’ 16

(1) “High budget” films refer to Hindi films with direct production costs in excess of $8.5 million and Tamil as well as Telugu films with direct production costs in excess of $7.0 million; “Low budget” films refer to both Hindi, Tamil, and Telugu films with less than $1.0 million in direct production costs; “Medium budget” films refer to Hindi, Tamil, and Telugu films within the remaining range of direct production costs (2) Total films includes regional films and films with overseas rights PAGE 27

Significant forthcoming releases Release title Life of Josootty (Malayalam) Bajrangi Bhaijaan

Rajini Murugan (Tamil) Bangistan (Overseas) Hero Singh is Bling (Overseas) Bajirao Mastani Gabbar Singh 2 (Telegu) Aligarh Dictator (Telugu) Naale (Malayalam)

Perai Thedai Natkal (Tamil) Enkitta Mothathe (Tamil) Housefull 3 Shivay Untitled Farzi Banjo Raabta

Jugaadu Untitled

Star Cast / (Director/Producer)

Tentative release date

Dileep, Jyothi Krishna, Rachana Narayankutty (Jetthu Joseph)

Q2 FY’ 16

Salman Khan, Kareena Kapoor (Kabir Khan)

Q2 FY’ 16

Sivakarthikeyan (Ponram)

Q2 FY’ 16

Ritesh Deshmukh, Pulkit Samrat, Jaqliene Fernandis(Karan Anshuman)

Q2 FY’ 16

Sooraj Pancholi, Adheya Shetty (Nikhil Advani)

Q2 FY’ 16

Akshay Kumar, Kareena Kapoor, Amy Jackson (Prabhu Deva)

Q3 FY’ 16

Ranveer Singh, Deepika Padukone (Sanjay Leela Bhansali)

Q3 FY’ 16

Pawan Kalyan (K. S. Ravindra)

Q4 FY’ 16

Kangana Ranaut (Hansal Mehta)

Q4 FY’ 16

Balakrishna (Srivaas)

Q4 FY’ 16

Fahad Fazil, Malavika S Mohan, Isha Talwar, Mukesh (Shiju S Bawa)

Q4 FY’ 16

Ashok Selvan (Abraham Prabhu)

Q4 FY’ 16

Natarajan Subramaniyam Rajaji and Vijay Murugan (Ramu Chellappa)

Q4 FY’ 16

Akshay Kumar, Abhishekh Bachchan, (Director-Sajid-Farhad)

FY’ 17

Ajay Devgn (Ajay Devgn)

FY’ 17

Kajol (Ajay Devgan Productions)

FY ‘17

Shahid Kapoor, Kiriti Sanon (Raj Nidimoru and Krishna D.K.)

FY’ 17

Riteish Deshmukh, Nargis Fakhri (Ravi Jadhav)

FY ‘17

Sushant Singh Rajput (Dinesh Vijayan and Homi Adjania)

FY’ 17

Harman Baweja and others

FY’ 17

Saif Ali Khan (3 movies)

FY’ 17 PAGE 28

Adj. EBITDA Reconciliation Year Ended March 31,

EBITDA Bridge (in $ thousands)

2015

2014

2013

2012

2011

2010

2009

Net income

$49,330

$37,144

$33,665

$43,580

$47,550

$42,395

$40,827

13,178

12,843

11,913

10,059

8,237

7,152

7,571

Net finance costs

5,861

7,517

1,469

1,009

1,584

2,309

1,261

Depreciation

1,094

789

1,003

1,275

928

1,030

1,196

610

578

715

279

275

308

298

21,915

18,421

1,888

5,289

927

309

1,130

Impairment of available-for-sale financial assets

1,307





1,230



6

1,347

(Profit) / loss on derivatives

7,801

(5,177)

5,667

4,264







61

8,169











$101,157

$80,285

$56,320

$66,985

$59,501

$53,509

$53,630

Income tax expense

Amortization(1) Share based payments(2)

Transaction costs relating to equity transactions Adjusted EBITDA

(1) Includes only amortization of intangible assets other than intangible content assets (2) Consists of compensation costs recognized with respect to all outstanding plans and all other equity settled instruments PAGE 29

Eros Management Overview Over 80 years of combined industry and management experience

Kishore Lulla

Jyoti Deshpande

Prem Parameswaran

Mark Carbeck

Group Executive Chairman

Group Chief Executive Officer

Group Chief Financial Officer

Chief Corporate & Strategy Officer

Years of Experience: 30+

Years of Experience: 22+

Years of Experience: 23+

Years of Experience: 16+



Over 30 years experience in the media and film industry



Key member of the Eros leadership team since 2001







Founded B4U Television business in 1999



Former member of J. Walter Thompson, India

Former Global Head of Media and Telecommunications Investment Banking at Jefferies





IIFA Award in 2007 for his contribution to Indian Cinema







Entrepreneur of the year by Asian Business Awards in 2007

Part of the team that founded B4U Television network in the UK

Prior to Jefferies: Americas Head of Media & Telecom at Deutsche Bank, also worked at Goldman Sachs and Salomon Brothers

Former Director in Citigroup’s UK Investment Banking Division in London covering European media companies Responsible for M&A, corporate finance, investor relations and corporate governance



Senior media consultant with Mindshare, UK



Instrumental in AIM listing in 2006, Indian subsidiary listing in 2010 and NYSE IPO in November 2013



Executive Board member of the UCLA school of Theater, Film and Television



Deep experience in global media having led over 300 transactions



Boards: Columbia University Alumni Trustee Nominating Committee; Program for Financial Studies Columbia Business School



Columbia University, BA, MBA (Honors) PAGE 30

Company Structure 47.1% Founders Group

100.00%

Eros International Plc (Isle of Man)

52.8%

Public

100.00%

Other International Subsidiaries

Eros Worldwide FZ-LLC (Dubai)

99.98%

51.02%

Eros Digital Private 23.49% Limited (India)

Eros International Media Limited (India)

25.49%

Public

Other Subsidiaries NYSE-listed entity

India-listed entity

Other subsidiaries

Note: Company structure and holdings as of 31/03/2015 PAGE 31

Important notice and disclaimer These materials contain statements that reflect Eros International PLC’s (the “Company”) beliefs and expectations about the future that constitute “forward – looking statements” as defined under U.S. federal securities laws. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “forecasts”, “plans”, “prepares”, “projects” “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, business development, the markets in which the Company operates, expected changes in the Company’s margins, certain cost or expense items as a percentage of the Company’s revenues, the Company’s relationships with theater operators and industry participants, the Company’s ability to source film content, the completion or release of the Company’s films and the popularity thereof, the Company’s ability to maintain and acquire rights to film content, the Company’s dependence on the Indian box office success of its films, the Company’s ability to recoup box office revenues, the Company’s ability to compete in the Indian film industry, the Company’s ability to protect its intellectual property rights and its ability to respond to technological changes, the Company’s ability to complete the acquisition of Techzone, the Company’s contingent liabilities, general economic and political conditions in India and globally, including fiscal policy and regulatory changes in the Indian film industry and other factors discussed in the Company’s public filings. By their nature, forward-looking statements involve known and unknown risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as of the date they are made and are not guarantees of future performance and the actual results of the Company’s operations, financial condition and liquidity, and the development of the markets and the industry in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in these materials. The forward-looking statements in this presentation are made only as of the date hereof and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of current or future events or otherwise, except as required by law or applicable rules. In addition, even if the results of operations, financial condition and liquidity, and the development of the markets and the industry in which the Company operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors, many of which are beyond the Company's control, could cause results and developments to differ materially from those expressed or implied by the forward-looking statements. The Company has filed a Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission, which includes (under the caption “Risk Factors”) information concerning the factors that could cause the Company’s results to differ materially from those contained in the forward-looking statements. You may obtain a copy of this document by visiting EDGAR on the SEC website at www.sec.gov.

PAGE 32