Downe r Group 2014 F ull Ye a r Re sults 5 Aug ust 2014 F ina nc - - PowerPoint PPT Presentation

Downe r Group 2014 F ull Ye a r Re sults

5 Aug ust 2014

F ina nc ia l ove rvie w

2

1 (i) Ba se d o n sta tuto ry numb e rs; (ii) F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r c o mp a ra tive s ha ve b e e n re -sta te d .

2 T

• ta l re ve nue is a no n-sta tuto ry d isc lo sure a nd inc lud e s re ve nue fro m jo int ve nture s a nd o the r a llia nc e s a nd o the r inc o me . No te : the Co mp a ny c o nsid e rs T
• ta l Re ve nue to b e a n a p p ro p ria te

me a sure d ue to a n ind ustry tre nd to wa rd jo int ve nture mo d e ls to me e t the ne e d s o f e ng ine e ring , p ro c ure me nt a nd c o nstruc tio n (EPC) c usto me rs with re g a rd to la rg e sc a le inte g ra te d p ro je c ts. 3 Wo rk-in-ha nd numb e rs a re una ud ite d . 4 Ad juste d fo r the ma rk-to -ma rke t o f d e riva tive s a nd d e fe rre d fina nc e c ha rg e s. 5 Ge a ring = Ne t d e b t / ne t d e b t + e q uity. Ge a ring inc lud ing o ff-b a la nc e she e t d e b t b a se d o n p re se nt va lue o f p la nt a nd e q uip me nt o p e ra ting le a se s d isc o unte d a t 10% p a : $166.8m (June 2013: $231.8m).

Re ve nue

• T
• ta l re ve nue 2 $7.7 b illio n, do wn 15.3%

E ar nings

• Ne t Pro fit Afte r T

a x (NPAT ) $216.0 millio n, up 5.9%1

• E

a rning s Be fo re Inte re st a nd T a x (E BIT ) $341.1 millio n, do wn 4.9%1

• Re turn o n F

unds E mplo ye d (ROF E ) 16.8%, do wn fro m 17.7%1

Cash F low

• Ope ra ting c a sh flo w $583.4 millio n, up 30.2%

Wor k-in-hand

• Wo rk-in-ha nd 3 $17.6 b illio n, do wn 7.4% fro m June 2013

Capital manage me nt Balanc e She e t

• Ne t de b t4 $32.7 millio n, do wn 86.5%
• Ge a ring 5 1.6% (9.2% inc luding o ff-b a la nc e she e t de b t)

Ze r

• Har

m

• L

T IF R o f 1.08, up fro m 0.70 a t June 2013

• T

RIF R o f 4.83, do wn fro m 5.42 a t June 2013

• F

ina l divide nd de c la re d: 12.0 c ps, 100% fra nke d, no DRP

• On-ma rke t sha re b uy-b a c k

Group re ve nue : F Y13 to F Y14

3

All numb e rs o n this slid e a re ro und e d to the ne a re st who le numb e r. Divisio na l re ve nue mo ve me nts d o no t a d d up p re c ise ly to to ta l Gro up re ve nue d ue to the e xc lusio n o f inte r-se g me nt sa le s a nd una llo c a te d ite ms.

Rail (333) Mining (569) Infr astr uc tur e (501)

($m)

Infra struc ture

4 5,242.6 4,742.0

E BIT $m

230.3 191.1

E BIT mar gin

4.4% 4.0%

ROF E

3

21.0% 25.8%

T

• tal r

e ve nue 1,2 $m

F Y14 F Y14 F Y13 F Y13 F Y14 F Y14 F Y13 F Y13

• Sub d ue d c o nd itio ns fo r re so urc e s-re la te d

e ng ine e ring a nd c o nstruc tio n; multip le initia tive s in p la c e to d rive e ffic ie nc ie s a c ro ss the b usine ss

• Sig nific a nt c o ntra c t wins d uring the ye a r:

―

Whe a tsto ne E &I ($400 millio n)

―

Sydne y We st Zo ne Ste wa rdship Ma inte na nc e Co ntra c t (Do wne r sha re $350 millio n)

―

Ma ule s Cre e k Co a l Ha ndling a nd Pro c e ssing Pla nt ($100 millio n)

―

Ya ndi E &I ($80 millio n)

―

T AN Burrup AN Pla nt ($70 millio n)

―

In NZ, a numb e r o f ro a d infra struc ture pro je c ts a nd se le c te d a s a le a d c o ntra c to r o n sta g e o ne

• f Ce ntra l Pla ins Irrig a tio n sc he me (NZ$140m)
• So lid Ne w Ze a la nd re sult, d rive n b y ro b ust a c tivity

a c ro ss a ll o p e ra tio na l a re a s, c o ntinue d b usine ss imp ro ve me nt a nd a stro ng e r Ne w Ze a la nd d o lla r

1 T

• ta l re ve nue inc lud e s jo int ve nture s a nd o the r inc o me .

2 F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r c o mp a ra tive s ha ve b e e n re -sta te d .

3 ROF E = EBI T d ivid e d b y a ve ra g e fund s e mp lo ye d (AF E). AF E = Ave ra g e Op e ning a nd Clo sing Ne t De b t + Eq uity.

Mining

5 1,982.9 2,551.9 174.2 171.4 6.8% 8.6%

E BIT $m E BIT mar gin T

• tal r

e ve nue 1 $m ROF E

2 %

F Y14 F Y14 F Y13 F Y13 F Y14 F Y14 F Y13 F Y13 20.3% 20.9%

• Re ve nue d o wn a s a re sult o f c o ntra c ts finishing in

F Y13 a nd vo lume re d uc tio ns

• Stro ng E

BI T ma rg in g e ne ra te d fro m p ro d uc tivity imp ro ve me nts, c ha ng e s to e q uip me nt fina nc ing

• Sig nific a nt c o ntra c t wins d uring the ye a r:

―

4.5 ye a r c o ntra c t with Ro y Hill Iro n Ore ($500 millio n)

―

F ive -ye a r c o ntra c t e xte nsio n a t Co mmo do re (Millme rra n po we r Pa rtne rs) ($200-250 millio n)

―

One -ye a r c o ntra c t e xte nsio n a t Bo g g a b ri (Ide mitsu)

• E

a rly te rmina tio n b y BHP Billito n Mitsub ishi Allia nc e (BMA) a t Go o nye lla Rive rsid e mine will re d uc e wo rk-in-ha nd b y ~$360 millio n o ve r F Y15 a nd F Y16

1 T

• ta l re ve nue inc lud e s jo int ve nture s a nd o the r inc o me .

2 ROF E = EBI T d ivid e d b y a ve ra g e fund s e mp lo ye d (AF E). AF E = Ave ra g e Op e ning a nd Clo sing Ne t De b t + Eq uity.

Ra il

6

E BIT $m

59.0 22.1

E BIT mar gin

4.4% 2.2%

T

• tal r

e ve nue 1 $m

1,335.7 1,002.8

ROF E

2

12.5% 4.7% F Y14 F Y14 F Y13 F Y13 F Y14 F Y14 F Y13 F Y13

• Co mp le te d Wa ra ta h Ro lling Sto c k Ma nufa c ture

c o ntra c t in Ma y 2014

• Sub sta ntia l re struc turing c o ntinue d , inc lud ing site

c o nso lid a tio n a nd sta ff re d und a nc ie s

―

$16.9 millio n in re struc turing c o sts

• Wa ra ta h T

hro ug h L ife Sup p o rt (T L S) c o ntra c t no w fully o p e ra ting a nd p e rfo rming we ll

• K

e o lis Do wne r JV p e rfo rming we ll – Go ld Co a st L ig ht Ra il b e g a n o p e ra tio ns in July 2014

• I

nve stme nt in ne w ma c hine s a nd p ro c e sse s to sup p o rt mo re e ffic ie nt o p e ra tio ns

• Ong o ing tra nsfo rma tio n fro m ma nufa c turing to

365-d a y, 24/ 7 se rvic e b usine ss

• Pro visio n re le a se o n Wa ra ta h T

ra in Pro je c t ($17.0 millio n) o ffse t b y re struc turing c o sts

1 T

• ta l re ve nue inc lud e s jo int ve nture s a nd o the r inc o me . T
• ta l re ve nue inc lud e s re ve nue re la te d to the und e rlying b usine ss F

Y14 $845.1m (F Y13: $910.7m) a nd the Wa ra ta h RSM c o ntra c t F Y14 $157.7m (F Y13: $425.0m). 2 ROF E = EBI T d ivid e d b y a ve ra g e fund s e mp lo ye d (AF E). AF E = Ave ra g e Op e ning a nd Clo sing Ne t De b t + Eq uity.

On ma rke t sha re buy- ba c k

• Ong o ing pro g ra m tha t will o pe ra te fro m 20 Aug ust, 2014
• T
• ta l numb e r o f sha re s purc ha se d will de pe nd o n sha re pric e

le ve ls a nd c a pita l re q uire me nts

• Pro g ra m will b e ma na g e d in c o njunc tio n with c a pita l

re q uire me nts fo r g ro wth

• Stro ng b a la nc e she e t a nd o pe ra ting c a sh flo ws pla c e Do wne r

in a g o o d po sitio n to ta ke a dva nta g e o f g ro wth o ppo rtunitie s, inc luding M&A – a ny pro spe c t sub je c t to ro b ust risk a sse ssme nt

• F
• c us o n o ppo rtunitie s tha t a re stra te g ic , the rig ht pric e a nd

g ro w o ur c a pa b ility

7

8

Group F ina nc ia ls

F ina nc ia l pe rforma nc e

9

$m F Y14 F Y133 Cha ng e (% )

T

• ta l re ve nue 1

7,734.5 9,132.4 (15.3) E BI T DA 607.5 653.6 (7.0) E BI T 341.1 358.8 (4.9) Ne t inte re st e xpe nse (43.1) (67.1) 35.9 T a x e xpe nse (82.1) (87.7) 6.4

Ne t pr

• fit a fte r

ta x 216.0 204.0 5.9

E BI T ma rg in 4.4% 3.9% E ffe c tive ta x ra te 27.5% 30.1% ROFE

2

16.8% 17.7% Divide nd de c la re d (c e nts pe r sha re ) 23.0 21.0 9.5

1 T

• ta l re ve nue inc lud e s jo int ve nture s a nd o the r inc o me .

2 ROF E = EBI T d ivid e d b y a ve ra g e fund s e mp lo ye d (AF E); AF E = Ave ra g e Op e ning a nd Clo sing Ne t De b t + Eq uity. 3 (i) Ba se d o n sta tuto ry numb e rs; (ii) F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r

c o mp a ra tive s ha ve b e e n re -sta te d .

Summa ry of e a rning s

10

$m T

• tal

Infrastruc ture Mining Rail Corporate Statutory E BIT 341.1 191.1 171.4 22.1 (43.5)

Ad d b a c k unfa vo ura b le ite m:

• Re struc turing c o sts

29.0 11.4 16.9 0.7 L e ss fa vo ura b le ite ms:

• Co nting e nc y re le a se s

(24.5) (7.5) (17.0)

• Se ttle me nt o f c o ntra c t c la ims

(6.4) (6.4)

Adjuste d E BIT (approx) 339.2 202.5 163.9 22.0 (49.2)

1 (i) Ba se d o n sta tuto ry numb e rs; (ii) F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r c o mp a ra tive s ha ve b e e n re -sta te d .

2 I nte re st a nd o the r c o sts o f fina nc e p a id minus inte re st re c e ive d . 3 Una ud ite d .

Ope ra ting c a sh flow

11

Ope r a ting c a sh flow ($m) F Y14 F Y131

E BI T 341.1 358.8 Add: De pre c ia tio n & Amo rtisa tio n 266.4 294.8

E BIT DA 607.5 653.6 Ope r a ting c a sh flow 583.4 448.1

Add: Ne t inte re st pa id 2 43.3 60.6 T a x pa id 41.7 14.3 Wa ra ta h T ra in Pro je c t ne t c a sh (inflo w)/ o utflo w3 (93.0) 63.3 Sing a po re T unne l se ttle me nt

• 39.3

Adjuste d Ope r a ting c a sh flow 575.4 625.6 E BIT DA c onve r sion 94.7% 95.7%

Ca sh flow

12

$m F Y14 F Y131 T

• ta l ope r

a ting 583.4 448.1

Ca pita l e xpe nditure (379.5) (350.3) Pro c e e ds fro m sa le s o f PP&E 129.9 67.6 Othe r (29.2) (5.7)

T

• ta l inve sting

(278.8) (288.4)

Divide nds pa id (95.6) (29.7) Ne t (re pa yme nts)/ pro c e e ds fro m b o rro wing s (261.0) 38.8

T

• ta l fina nc ing

(356.6) 9.1 Ne t (de c r e a se )/ inc r e ase in c a sh he ld (51.9) 168.8 Ca sh a t 30 June 431.8 479.9 T

• ta l liquidity

1,048.8 1,101.1

1 F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r c o mp a ra tive s ha ve b e e n re -sta te d .

De bt ma turity profile

13

We ig hte d a ve ra g e d e b t d ura tio n (June 2014): 2.7 ye a rs

Ba la nc e she e t a nd c a pita l ma na g e me nt

14

$m Jun 14 Jun 135

T

• ta l a sse ts

3,868.4 4,239.8 T

• ta l sha re ho lde rs’ e q uity

1,962.0 1,826.6 Ne t de b t1 32.7 242.7 Ge a ring : ne t de b t to ne t de b t plus e q uity 1.6% 11.7% Ge a ring (inc luding o ff b a la nc e she e t de b t)2 9.2% 20.6% Adjuste d ne t de b t / a djuste d E BI T DAR3 1.8 2.3 I nte re st c o ve r

4

7.9 5.5

1 Ad juste d fo r the ma rk-to -ma rke t o f d e riva tive s a nd d e fe rre d fina nc e c ha rg e s. 2 Inc lud e s the p re se nt va lue o f p la nt a nd e q uip me nt o p e ra ting le a se s d isc o unte d a t 10% p a : $166.8m (2013: $231.8m). 3 Ca lc ula tio n b a se d o n sta tuto ry a c c o unts. Ad juste d Ne t De b t inc lud e s Ne t De b t p lus 6x o p e ra ting le a se p a yme nts in the ye a r. Ad juste d EBIT DAR e q ua ls und e rlying e a rning s b e fo re inte re st, ta x, d e p re c ia tio n, a mo rtisa tio n a nd e q uip me nt a nd p ro p e rtie s o p e ra ting le a se re nta l e xp e nse (o n a ro lling 12 mo nth b a sis). 4 Und e r the Co mmo n T e rms De e d Po ll, intro d uc e d b y the Gro up in Ap ril 2013 p ursua nt to its d e b t fa c ilitie s, the d e finitio n o f Inte re st Co ve r is EBIT / Ne t Inte re st Exp e nse . 5 F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r c o mp a ra tive s ha ve b e e n re -sta te d .

15

Outlook

1 Wo rk-in-ha nd numb e rs a re una ud ite d a nd ro und e d to o ne d e c ima l p o int. Pe rc e nta g e sp lits a re ro und e d to ne a re st who le p e r c e nt. 2 Re c urring / a nnuitie s: e stima te d fo r five ye a rs b a se d o n histo ric p e rfo rma nc e , d e ma nd le ve ls a nd ra te s.

Work- in- ha nd: $17.6 billion

16

Wor k- in- hand by division1 Wor k- in- hand by type 1

Infra st NZ $3.2 b illio n 18% Allia nc e $0.5 b illio n 3% Re c urring / a nnuitie s2 $5.5 b illio n 31% F ixe d p ric e $5.1 b illio n 29% Sc he d ule o f ra te s $6.1 b illio n 35% Co st Plus $0.4 b illio n 2%

T OT AL $17.6 billion T OT AL $17.6 billion

Ra il $3.5 b illio n 20% Mining $4.2 b illio n 24% Infra st AU $6.7 b illio n 38%

Group outlook

T he fo rwa rd o utlo o k va rie s b y ma rke t. Go ve rnme nt re la te d e xpe nditure o n c a pita l a nd se rvic e s lo o ks pro mising while re so urc e s b a se d e xpe nditure is e xpe c te d to b e fla t, o r de c lining ,

• n c urre nt lo w le ve ls.

Unde rlying mining c o mmo dity ma rke ts a re c urre ntly ve ry diffic ult fo r a numb e r o f o ur ma jo r c usto me rs. T he sho rt te rm impa c t o f this pre ssure o n se rvic e pro vide rs like Do wne r is ha rd to pre dic t. L

• ng e r te rm, this pre ssure will drive inc re a se d de ma nd fo r o ur

se rvic e s a s c o mpa nie s lo o k fo r mo re e ffic ie nt se rvic e de live ry. F

• r the 2015 fina nc ia l ye a r, Do wne r is ta rg e ting NPAT
• f a ro und

$205 millio n.

17

18

Supple me nta ry informa tion

Re c onc iliation of unde r lying to statutor y r e sult

19

($m) F Y14 F Y131 Unde r lying E BIT 341.1 370.3

I ndividua lly Sig nific a nt I te m (SPPA se ttle me nt)

• (11.5)

Sta tutor y E BIT 341.1 358.8 Unde r lying NPAT 216.0 215.4

I ndividua lly Sig nific a nt I te m (SPPA se ttle me nt)

• (11.5)

Sta tutor y NPAT 216.0 204.0

1 F

• llo wing the a d o p tio n o f AASB11 Jo int Arra ng e me nts in the c urre nt ye a r, p rio r ye a r c o mp a ra tive s ha ve b e e n re -sta te d .

De bt a nd bonding fa c ilitie s

20

De bt fac ilitie s $m

T

• ta l fa c ilitie s

1,081 Dra wn1 464

Available fac ilitie s 617

Ca sh 432

T

• tal liquidity

1,049 Bonding fac ilitie s $m

T

• ta l fa c ilitie s

1,282 Dra wn 898

Available fac ilitie s 384 De bt fac ilitie s by type %

Synd ic a te d b a nk fa c ility 37 Bila te ra l b a nk fa c ilitie s 20 Ca p ita l ma rke ts: Bo nd s 14 E CA fina nc e 13 Ca p ita l ma rke ts: USPP 10 F ina nc e le a se s & o the r 6 100

1 Ad juste d fo r the ma rk-to -ma rke t o f d e riva tive s a nd d e fe rre d fina nc e c ha rg e s.

De bt fac ilitie s by ge ography %

Austra lia / NZ 53 No rth Ame ric a 20 Asia 16 E uro p e 11 100

Disc la ime r

21

R e lia nc e on third pa rty informa tion

T his Pre se nta tio n ma y c o nta in info rma tio n tha t ha s b e e n d e rive d fro m p ub lic ly a va ila b le so urc e s tha t ha ve no t b e e n ind e p e nd e ntly ve rifie d . No re p re se nta tio n o r wa rra nty is ma d e a s to the a c c ura c y, c o mp le te ne ss o r re lia b ility o f the info rma tio n. No re sp o nsib ility, wa rra nty o r lia b ility is a c c e p te d b y the Co mp a ny, its o ffic e rs, e mp lo ye e s, a g e nts o r c o ntra c to rs fo r a ny e rro rs, missta te me nts in o r o missio ns fro m this Pre se nta tio n.

Pre se nta tion is a summa ry only

T his Pre se nta tio n is info rma tio n in a summa ry fo rm o nly a nd d o e s no t p urp o rt to b e c o mp le te . I t sho uld b e re a d in c o njunc tio n with the Co mp a ny’ s 2014 F ina nc ia l Re p o rt. Any info rma tio n o r o p inio ns e xp re sse d in this Pre se nta tio n a re sub je c t to c ha ng e witho ut no tic e a nd the Co mp a ny is no t und e r a ny

• b lig a tio n to up d a te o r ke e p c urre nt the info rma tio n c o nta ine d within this Pre se nta tio n.

Not inve stme nt a dvic e

T his Pre se nta tio n is no t inte nd e d a nd sho uld no t b e c o nsid e re d to b e the g iving o f inve stme nt a d vic e b y the Co mp a ny o r a ny o f its sha re ho ld e rs, Dire c to rs,

• ffic e rs, a g e nts, e mp lo ye e s o r a d vise rs. T

he info rma tio n p ro vid e d in this Pre se nta tio n ha s b e e n p re p a re d witho ut ta king into a c c o unt the re c ip ie nt’ s inve stme nt o b je c tive s, fina nc ia l c irc umsta nc e s o r p a rtic ula r ne e d s. Ea c h p a rty to who m this Pre se nta tio n is ma d e a va ila b le must ma ke its o wn ind e p e nd e nt a sse ssme nt o f the Co mp a ny a fte r ma king suc h inve stig a tio ns a nd ta king suc h a d vic e a s ma y b e d e e me d ne c e ssa ry.

No offe r of se c uritie s

No thing in this Pre se nta tio n sho uld b e c o nstrue d a s e ithe r a n o ffe r to se ll o r a so lic ita tio n o f a n o ffe r to b uy o r se ll Co mp a ny se c uritie s in a ny jurisd ic tio n.

F

• rwa rd looking sta te me nts

T his Pre se nta tio n ma y inc lud e fo rwa rd -lo o king sta te me nts. Altho ug h the Co mp a ny b e lie ve s the e xp e c ta tio ns e xp re sse d in suc h fo rwa rd -lo o king sta te me nts a re b a se d o n re a so na b le a ssump tio ns, the se sta te me nts a re no t g ua ra nte e s o r p re d ic tio ns o f future p e rfo rma nc e , a nd invo lve b o th kno wn a nd unkno wn risks, unc e rta intie s a nd o the r fa c to rs, ma ny o f whic h a re b e yo nd the Co mp a ny’ s c o ntro l. As a re sult, a c tua l re sults o r d e ve lo p me nts ma y d iffe r ma te ria lly fro m tho se e xp re sse d in the sta te me nts c o nta ine d in this Pre se nta tio n. I nve sto rs a re c a utio ne d tha t sta te me nts c o nta ine d in this Pre se nta tio n a re no t g ua ra nte e s o r p ro je c tio ns o f future p e rfo rma nc e a nd a c tua l re sults o r d e ve lo p me nts ma y d iffe r ma te ria lly fro m tho se p ro je c te d in fo rwa rd -lo o king sta te me nts.

No lia bility

T

• the ma ximum e xte nt p e rmitte d b y la w, ne ithe r the Co mp a ny no r its re la te d b o d ie s c o rp o ra te , Dire c to rs, e mp lo ye e s o r a g e nts, no r a ny o the r p e rso n,

a c c e p ts a ny lia b ility, inc lud ing witho ut limita tio n a ny lia b ility a rising fro m fa ult o r ne g lig e nc e , fo r a ny d ire c t, ind ire c t o r c o nse q ue ntia l lo ss a rising fro m the use

• f this Pre se nta tio n o r its c o nte nts o r o the rwise a rising in c o nne c tio n with it.

Disc losure of non- IF R S fina nc ia l informa tion

T hro ug ho ut this p re se nta tio n, the re a re o c c a sio ns whe re fina nc ia l info rma tio n is p re se nte d not in a c c o rd a nc e with a c c o unting sta nd a rd s. I n the se c irc umsta nc e s the Co mp a ny ha s p ro vid e d a re c o nc ilia tio n b e twe e n the sta tuto ry a nd una ud ite d (no n-I F RS) d isc lo sure s. T he re a re a numb e r o f re a so ns why the Co mp a ny ha s c ho se n to d o this inc lud ing : to ma inta in a c o nsiste nc y o f d isc lo sure a c ro ss re p o rting p e rio d s; to d e mo nstra te ke y fina nc ia l ind ic a to rs in a c o mp a ra b le wa y to ho w the ma rke t a sse sse s the p e rfo rma nc e o f the Co mp a ny; to d e mo nstra te the imp a c t tha t sig nific a nt o ne -o ff ite ms ha ve ha d o n Co mp a ny p e rfo rma nc e . Whe re Co mp a ny e a rning s ha ve b e e n d isto rte d b y sig nific a nt ite ms Ma na g e me nt ha ve use d the ir d isc re tio n in hig hlig hting the se . T he se ite ms a re sho rt-te rm in na ture a nd c o nsid e re d to b e o utsid e the no rma l c o urse o f b usine ss. Una ud ite d numb e rs use d thro ug ho ut a re la b e lle d a c c o rd ing ly.

R

• unding

Due to ro und ing , numb e rs p re se nte d thro ug ho ut this d o c ume nt ma y no t a d d up p re c ise ly to the to ta ls p ro vid e d .