For the six months ended 30 June 2015 Further market share gains in - - PowerPoint PPT Presentation

2015 Interim Results For the six months ended 30 June 2015 Further market share gains in challenging markets

Agenda

• Overview
• Financial highlights
• Market drivers
• Growth Strategy

– Key Accounts – InsitesTM – Product range extension – Market segmentation – Vending

• Current trading and outlook

2

Overview

• We assume no growth in market demand over next two years
• Group revenue up 0.4% and up 7.5% at constant currency**
• Gross margin decline 80 basis points to 30.5%
• Underlying profit* down 19.4% to £14.1 million
• Exchange headwinds reduced reported revenue and profit but organic growth strategy and

significant investment in growth drivers still delivering market share gains

• InsiteTM sales** up 6.8% to £100.7 million
• Key Account sales** up 7.9% , representing 53.6% of total revenues
• Vending concept proven and will become strongest growth driver
• Underlying base business decline reflects difficult market conditions
• Half year dividend held at 3.6 pence

3 * Before amortisation of acquired intangibles, acquisition related costs and exceptional items ** Constant currency at €1.3:£1

Customer validated cost savings

0.4 2.6 8.8 15.1 15.0 25.8 30.0 34.9 51.5 60.0 66.2 24.3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H1 2015

4

Over 3,400 separate cost savings provided to our customers in 2015 We saved £24m for our customers, similar to H1 2014*

£m *on a constant currency basis

Financial highlights

6 months to 30 June 2015 2014 Change Constant currency change** Organic change*** Underlying* Sales £365.6m £364.1m +0.4% +7.5% 1.8% Operating profit £17.2m £20.6m

• 16.5%
• 12.5%
• 21.3%

Profit before tax £14.1m £17.5m

• 19.4%
• 14.8%
• 25.4%

EPS 8.1p 10.8p

• 25.0%

Dividend per share 3.6p 3.6p

• Return on operating capital employed

21.5% 26.6% Return on investment 11.7% 14.0% Reported Operating profit £12.2m £14.7m Profit before tax £9.1m £11.6m EPS 5.2p 7.1p

Profit & Loss

6 * pre amortisation of acquired intangibles, acquisition related costs and exceptional items ** at constant currency *** at constant currency including incremental growth of acquisitions

H1 2015 H1 2014 Group Acquisitions Organic * 2014 FX H1 2014 Reported Constant currency at €1.3:£1** at €1.22:£1 Turnover 375.5 19.9 355.6 349.2 (14.9) 364.1 Gross margin 114.2 5.7 108.5 109.3 (4.7) 114.0 Gross % 30.4% 28.5% 30.5% 31.3% 31.3% Sales, Distribution & Administrative Costs (96.7) (3.9) (92.8) (89.3) 4.1 (93.4) Underlying operating profit 17.5 1.8 15.7 20.0 (0.6) 20.6 % 4.7% 9.0% 4.4% 5.7% 5.7% Interest (3.1)

• (3.1)

(3.1)

• (3.1)

Underlying profit after interest 14.4 1.8 12.6 16.9 (0.6) 17.5 H1 2015 H1 2014 H1 2015 Reported FX Group Acquisitions Organic * 2014 FX H1 2014 Reported at €1.365:£1 Constant currency at €1.3:£1** at €1.22:£1 Turnover 365.6 (9.9) 375.5 19.9 355.6 349.2 (14.9) 364.1 Gross margin 111.5 (2.7) 114.2 5.7 108.5 109.3 (4.7) 114.0 Gross % 30.5% 30.4% 28.5% 30.5% 31.3% 31.3% Sales, Distribution & Administrative Costs (94.3) 2.4 (96.7) (3.9) (92.8) (89.3) 4.1 (93.4) Underlying operating profit 17.2 (0.3) 17.5 1.8 15.7 20.0 (0.6) 20.6 % 4.7% 4.7% 9.0% 4.4% 5.7% 5.7% Interest (3.1)

• (3.1)
• (3.1)

(3.1)

• (3.1)

Underlying profit after interest 14.1 (0.3) 14.4 1.8 12.6 16.9 (0.6) 17.5 H1 2015 H1 2014 Group Acquisitions Organic * 2014 Constant currency at €1.3:£1** 375.5 349.2 114.2 109.3 30.4% 31.3% (96.7) (89.3) 17.5 20.0 4.7% 5.7% (3.1) (3.1) 14.4 16.9 H1 2015 H1 2014 Group Acquisitions Organic * 2014 Constant currency at €1.3:£1** 375.5 19.9 355.6 349.2 114.2 5.7 108.5 109.3 30.4% 28.5% 30.5% 31.3% (96.7) (3.9) (92.8) (89.3) 17.5 1.8 15.7 20.0 4.7% 9.0% 4.4% 5.7% (3.1)

• (3.1)

(3.1) 14.4 1.8 12.6 16.9 H1 2015 Constant currency at €1.3:£1** 375.5 114.2 30.4% (96.7) 17.5 4.7% (3.1) 14.4

Profit & Loss

*Including incremental growth from 2014 acquisitions ** Management rates for 2015 at €1.3:£1 Note: Results are stated before amortisation of acquired intangibles, acquisition related costs and exceptional items Average number of working days for H1 2015 is 123 days (H1 2014:122.5 days) £m 7

Turnover Gross margin Gross % Sales, Distribution & Administrative Costs Underlying operating profit % Interest Underlying profit after interest H1 2014 349.2 109.3 31.3% (89.3) 20.0 5.7% (3.1) 16.9 H1 2015 Constant currency at €1.3:£1** 375.5 114.2 30.4% (96.7) 17.5 4.7% (3.1) 14.4 H1 2015 H1 2014 H1 2015 Reported FX Group Acquisitions Organic * 2014 FX H1 2014 Reported at €1.365:£1 Constant currency at €1.3:£1** at €1.22:£1 Turnover 365.6 (9.9) 375.5 19.9 355.6 349.2 (14.9) 364.1 Gross margin 111.5 (2.7) 114.2 5.7 108.5 109.3 (4.7) 114.0 Gross % 30.5% 30.4% 28.5% 30.5% 31.3% 31.3% Sales, Distribution & Administrative Costs (94.3) 2.4 (96.7) (3.9) (92.8) (89.3) 4.1 (93.4) Underlying operating profit 17.2 (0.3) 17.5 1.8 15.7 20.0 (0.6) 20.6 % 4.7% 4.7% 9.0% 4.4% 5.7% 5.7% Interest (3.1)

• (3.1)
• (3.1)

(3.1)

• (3.1)

Underlying profit after interest 14.1 (0.3) 14.4 1.8 12.6 16.9 (0.6) 17.5

Revenue by segment (£’m) First Half 2015 First Half 2014 Reported Constant currency* Reported Constant currency* UK 143.5 143.8 142.2 142.2 Germany 60.1 63.1 62.8 58.9 France 42.7 44.8 43.8 41.2 Spain 26.5 27.9 24.3 22.8 Benelux 26.1 27.4 27.3 25.6 Nordic 24.2 24.7 27.6 24.2 Eastern Europe & Other 42.5 43.8 36.1 34.3 Total Group 365.6 375.5 364.1 349.2

Profit & Loss

8 * Constant currency management exchange rates for 2015 at €1.3:£1

Segments

9

UK Germany France Spain Benelux Eastern Europe & Other Continental Europe Nordic Total

H1 2015 Turnover 143.8 63.1 44.8 27.9 27.4 43.8 207.0 24.7 375.5 Underlying

• perating profit

6.1 3.5 1.4 2.5 1.7 2.3 11.4

• 17.5

H1 2014 Turnover 142.2 58.9 41.2 22.8 25.6 34.3 182.8 24.2 349.2 Underlying

• perating profit

8.2 3.6 1.6 2.2 1.3 1.8 10.5 1.3 20.0 Change Turnover 1.6 4.2 3.6 5.1 1.8 9.5 24.2 0.5 26.3 Underlying

• perating profit

(2.1) (0.1) (0.2) 0.3 0.4 0.5 0.9 (1.3) (2.5)

As reported at constant exchange rates €1.3:£1

UK Germany France Spain Benelux Eastern Europe & Other Continental Europe Nordic Total

H1 2015 Turnover 143.5 60.1 42.7 26.5 26.1 42.5 197.9 24.2 365.6 Underlying

• perating profit

6.1 3.4 1.4 2.4 1.6 2.3 11.1

• 17.2

H1 2014 Turnover 142.2 62.8 43.8 24.3 27.3 36.1 194.3 27.6 364.1 Underlying

• perating profit

8.2 3.9 1.8 2.5 1.4 1.0 10.6 1.8 20.6 Change Turnover 1.3 (2.7) (1.1) 2.2 (1.2) 6.4 3.6 (3.4) 1.5 Underlying

• perating profit

(2.1) (0.5) (0.4) (0.1) 0.2 1.3 0.5 (1.8) (3.4)

Segments

10 As reported at statutory exchange rates of €1.365:£1 (2014: €1.22:£1)

Product Range Extension – by customer type

11

2015 2014 Change Organic7 Acqns Total Total Total Organic7 Total Group 355.6 19.9 375.5 349.2 7.5% 1.8% Base business Bearings1 64.2 6.6 70.8 69.3 2.2%

• 7.4%

Power transmission2 34.5 1.8 36.3 38.3

• 5.2%
• 9.9%

Fluid Power3 21.9 2.8 24.7 21.7 13.8% 0.9% Tools & General Maintenance4 18.2 7.0 25.2 16.9 49.1% 7.7% General Consumables5 15.7 1.7 17.4 16.7 4.2%

• 6.0%

Total Base Business 154.5 19.9 174.4 162.9 7.1%

• 5.2%

Key Accounts Bearings1 44.7

• 44.7

41.9 6.7% 6.7% Power transmission2 34.2

• 34.2

32.7 4.6% 4.6% Fluid Power3 29.2

• 29.2

26.8 9.0% 9.0% Tools & General Maintenance4 58.7

• 58.7

52.8 11.2% 11.2% General Consumables5 34.3

• 34.3

32.1 6.9% 6.9% Total Key Accounts 201.1

• 201.1

186.3 7.9% 7.9%

1 Includes Linear Motion & Seals 2 Includes Gearboxes, Motors & Industrial Automation 3 Includes Process 4 Includes Personal Protective Equipment 5 Includes Fasteners, Chemicals, Services and other products 6 Constant currency at 2015 management rates of €1.3:£ 7 Includes incremental sales growth from 2014 acquisitions

Revenue by product area

349.2 4.3 (0.5) 5.4 14.2 2.9 375.5 330.0 335.0 340.0 345.0 350.0 355.0 360.0 365.0 370.0 375.0 380.0

12

Bearings H1 2014 H1 2015 Power Transmission

£m

General Consumables Fluid Power T&GM

Constant currency management exchange rates for 2015 at €1.3:£1

Gross profit

• Gross profit margin declined

80 basis points

• Mix effect from Key Account

and T&GM sales growth

• Half of margin erosion in

base business results from reduction in organic bearings sales

• Margin decline showing an

improving trend

13

2014 Gross Margin %

31.3% Mix effect - Key Account sales (0.1)% Mix effect - T&GM sales (0.1)% Base business (0.6)%

2015 Gross Margin %

30.5%

Cash generation

17.2 4.2 0.6 3.0 (16.8) (4.0) (4.7) (0.5)

• 5.0

0.0 5.0 10.0 15.0 20.0 25.0 30.0 Inventories

14

Depreciation and amortisation Operating profit (before amortisation, acquisition related costs and exceptionals) Operating Cash Flow Payables Receivables Share option charges

£m As reported

Exceptional and acquisition related costs

Working capital Days H1 2014 FY 2014 H1 2015 Receivables 55.3 51.4 51.3 Inventories 84.0 97.0 97.0 Payables (58.4) (66.0) (64.1) Total 80.9 82.4 84.2

Movement in net debt

(1.6) (0.5) (4.7) (3.4) (1.7) (11.9) 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

15

Movement in net debt Opening (85.3) Exchange 6.4 Movement (11.9) Closing (90.8)

Capital expenditure (net) Operating cash outflow Tax Interest, pension funding and

• ther

Purchase of

• wn shares

Net cash

• utflow

£m As reported

Capital expenditure

• New Regional Distribution Centre for Nordic region
• Continued investment in Vending & Tools & General Maintenance

16

Land & Buildings Equipment Intangible assets Total Regional Distribution centre - Sweden 0.6 0.6 Tools & General Maintenance, including Vending 1.6 1.6 Information Technology 0.4 2.0 2.4 Vehicles 0.2 0.2 Branch investment and other 0.5 0.6 1.1 Total 0.5 3.4 2.0 5.9

£m As reported

Growth strategy

Growth Strategy

18

Growth Capability Costs Synergies Geographical development Key Accounts development Business Skills Development European Buying Systems Integration InsitesTM expansion Distributed Learning Programme Development IT and Other Cost Reductions Brand Development Product range extension Internal Communications and Involvement Capital Employed Management Supplier Relationship Management Country organic growth People Development Supplier Rationalisation Business Best Practice Bearings c.10% share of €2bn market MPT 3% share of €5 bn market Fluid Power 1% share of €10 bn market Tools & General Maintenance 1% share of €55 bn market

Since Jan 2012:

• European Production Index is up 1.06%
• Brammer is up 10.8%

Sales per working day - Europe

19

Segments

20

SPWD/ Sales At constant currency (€1.3:£1) Quarter One 2015 Quarter Two 2015 Half Year 2015 Revenue 2015 Growth rates (%) £m Key Accounts 8.6% 7.4% 8.0% 201.1 Base business (organic)* - excluding Nordic (3.3)% (2.4)% (2.8)% 135.7 Base business (organic) *- Nordic (1.6)% (38.6)% (21.9)% 18.8 Acquisitions 19.9 Base business 11.8% 2.0% 6.3%

* Including incremental growth from 2014 acquisitions

Key Accounts

• Key Accounts grew by 7.9%
• Now represents 53.6% of group sales
• Significant growth continues in pan-

European accounts, up 18.6%

• 6 new pan-European contracts won
• Down-trading by significant UK

customer reduced Key Accounts growth by 1.9%

• Strong pipeline

21

“

Brammer, P&G incumbent MRO supplier, has a proven record of helping P&G reduce working capital, improve production efficiency and reduce total-cost of

• wnership. With the new contract, both

P&G and Brammer will continuously work side by side to keep the momentum and bring both business and relationship to the next level.”

”

Yehong Zhu Senior Purchasing Manager, P&G

Key Accounts

22

Key Account Sales Performance Multi-site Status Scope Sales Growth Tier 1 EU contract Part EU Group 89.7 18.6% 106.4 Tier 2 National contract Part EU Group 80.4 7.3% 86.3 Tier 3 No contract Part EU Group 23.8

• 13.9%

20.5 Tier 4 National contract National Group 48.3

• 48.3

242.2 7.9% 261.5

In Euro at constant currency at €1.3:£1

2015 figures in bold

Key Accounts – excluding specific UK customer

23

Key Account Sales Performance Multi-site Status Scope Growth - % Tier 1 EU contract Part EU Group 18.6% Tier 2 National contract Part EU Group 13.6% Tier 3 No contract Part EU Group

• 13.9%

Tier 4 National contract National Group

• 9.8%

In Euro at constant currency at €1.3:£1

2006 2007 2003 2008 2009 2010 2004 2005 2011 2012

• No. of key Accounts

60 40 30 20 10

2013 First ever EKAM Employed

Key Milestones & Investments

Investment in European KA Team Central support team established Account Development Managers Major Investments in KA infrastructure Focus on resilient sectors Sector Management established KA Tools established

Pan-European Supply Agreements

24

100 80 60 40 20 EU KA Revenues (M€)

Experience at scale

• More than 500 people serving 70+ Pan-EU Key Accounts
• Key Account support provided in 17 countries
• 14 Key Accounts are in the Global Fortune 500 list

InsitesTM

Update

• Total 458 InsitesTM
• Net increase of 31 in the period

InsiteTM sales grew by 6.8%

• InsiteTM sales 50.1% of Key Accounts

business

• EU InsiteTM pipeline remains strong

25

“

In close cooperation with our internal customers and Brammer’s technical team, we have implemented the concept of Vendor Management Inventory. This has brought us a clearer picture of the level of inventory we really need in order to meet internal customer needs. As a result, we have significantly reduced our overall inventory and our related working capital costs.

”

Bart Philipsen and Thierry Lacourt, Purchasing Department, AGC Glass Europe

At constant currency

Product Range Extension

Update

• Bearings sales up 3.9% but decline of

2.1% organically

• Non bearing sales up 9.2% and growth
• f 3.6% organically
• 45 people dedicated for T&GM

development in the continent

• Growth of over 30% in catalogue sales

following launch of enhanced T&GM catalogue last year

26

“

Brammer receives a prestigious award for Safety Excellence from (BSIF) - the UK’s leading trade body within the safety industry. The award recognises commitment to excellence in terms of delivering first class health and safety products and services. Brammer won the Safety Excellence award – which commends major improvements in

• ccupational safety – in recognition of a two

year collaborative project with The Royal Mint, which reduced their number of hand and finger related injuries from double figures per year to zero.

”

British Safety Industry Federation (BSIF)

At constant currency

Product Range Extension

27

Mechanical Power Transmission

Chains & Sprockets

Seals Tools & Maintenance Health and Safety Gearboxes Linear Motion -

Industrial Automation

Motors Bearings Fluid Power Mechanical Power Transmission -

Belts & Pulleys

Fluid Power

£m at constant currency €1.3:£1

69.7 78.2 83.9 H1 2014 H2 2014 H1 2015 Tools & General Maintenance +20.4% 71.0 67.3 70.5 H1 2014 H2 2014 H1 2015 Power Transmission

• 0.7%

238.0 242.8 260.0 H1 2014 H2 2014 H1 2015 Non-Bearings +9.2% 111.2 110.4 115.5 H1 2014 H2 2014 H1 2015 Bearings +3.9% 48.5 47.1 53.9 H1 2014 H2 2014 H1 2015 Fluid Power +11.1% 48.8 50.2 51.7 H1 2014 H2 2014 H1 2015 General Consumables +5.9%

Vending

Update

• InvendTM programme gains momentum
• 117 employees now supporting InvendTM
• 845 machines installed in 13 countries
• Increasing confidence in scalability of our

processes

• Vending customers are 5.4% of total revenue

and growing 29.9%

• Vending Investor Event on 28 July

28

“

Invend™ has simplified the job for our plant managers: from the daily management of how an employee can access a PPE product, to documenting and keeping track of our PPE stock and the associated costs. It has had a really positive impact. .

”

Axier Bengoetxea Diez, Health & Safety Manager, Grupo Leche Pascual

The Industrial Supplies Partner of choice... ...for the World´s leading brands

Market Segmentation

Update

• Market segmentation approach continues
• Demonstrates understanding of specific

industry requirements

• Allows focus on resilient segments in

challenging markets

• Food & Drink growth of 10.0%
• Metals growth of 17.6%
• Automotive sales growth of 15.4%

30

“

Brammer have been working in partnership with us since 2009. Since then, they’ve helped us drive

• perational excellence at our plants

through increased spend visibility and

• control. The partnership with Brammer

has been invaluable to our long term MRO strategy. .

”

REXAM

At constant currency

Market Segmentation

31 13.3 15.8

H1 2014 H1 2015 Pulp, Paper & Packaging +18.8%

40.8 44.9

H1 2014 H1 2015 Food and Drink +10.0%

17.2 19.9

H1 2014 H1 2015 Construction & Aggregates +15.7%

46.5 54.7

H1 2014 H1 2015 Metals +17.6%

95.9 97.9

H1 2014 H1 2015 Other segments +2.1%

53.7 52.1

H1 2014 H1 2015 Industrial Machinery

• 3.0%

36.4 42.0

H1 2014 H1 2015 Automotive +15.4%

22.4 26.5

H1 2014 H1 2015 Wholesale +18.3%

23.0 21.7

H1 2014 H1 2015 Aerospace

• 5.7%

£m at constant currency €1.3:£1

CURRENT TRADING & OUTLOOK

Growth Track Record

33 £m

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 HY 2015 Total Revenue 270.8 287.4 314.3 379.6 478.4 426.1 468.4 571.5 639.6 651.9 723.6 365.6 GP % 30.1% 30.9% 30.5% 30.4% 30.0% 30.1% 30.1% 30.3% 30.5% 31.5% 31.7% 30.5% Operating profit 9.8 12.5 15.1 19.9 26.2 18.4 23.0 31.8 37.2 39.8 41.2 17.2 292.1 TP % 3.6% 4.4% 4.8% 5.2% 5.5% 4.3% 4.9% 5.6% 5.8% 6.1% 5.7% 4.7% Operating cash flow 18.7 15.7 11.9 16.7 29.2 33.3 27.5 28.9 28.6 48.4 20.6 4.2 283.7 Net Debt (€ equiv) 80.7 73.7 80.4 80.9 86.8 44.9 42.8 42.1 66.3 63.6 110.0 128.2 Customer Signed

• ff Cost

Savings 0.4 2.6 8.8 15.1 15.0 25.8 30.0 34.9 51.5 60.0 66.2 24.3

Outlook

• Currency headwinds continue to adversely impact our results
• No expectation of industrial output growth in Europe over next two years
• Adverse conditions in Nordic region expected to continue
• Self help growth drivers will continue to significantly benefit results
• Improvement in the UK continues
• Continued overall growth and market share gains in continental Europe, especially T&GM
• Key Accounts growth remains strong
• Vending programme gaining traction, beginning to deliver attractive returns
• Gross margin on an improving trend
• 3 additional working days in second half (equivalent to £1 million of gross profit per day)
• Swift action on costs at the start of the second quarter will benefit the second half

34

Vending Investor Event ‘Machine behind the machine’

3.00pm – 4.30pm The Honourable Artillery Company, Armoury House, City Road, London EC1Y 2BQ

35

Appendices

Brammer

• Europe’s leading distributor of industrial maintenance, repair and overhaul

products (“MRO”) – Bearings – Mechanical Power Transmission – Fluid Power – Tools & General Maintenance – Added value service

• A fragmented €65 billion + market
• Over 430 locations across 23 countries
• 4.8 million product lines
• More than 100,000 customers
• Robust fundamental growth drivers

37

Segments

£m At constant currency £1:€1.3 * Segmental assets excluding goodwill and acquired intangibles less liabilities, before current & deferred tax, dividends, cash, loans, deferred consideration & pension liability 38

UK Germany France Spain Benelux Nordic Eastern Europe & Other Total Turnover 143.8 63.1 44.8 27.9 27.4 24.7 43.8 375.5 Sales per working day growth (Like for like) 0.9% 7.0% 9.0% 22.6% 9.3% (3.7)% 28.5% 7.2% Underlying operating profit 6.1 3.5 1.4 2.5 1.7

• 2.3

17.5 Return on sales 4.2% 5.5% 3.1% 9.0% 6.2%

• 5.3%

4.7% Return on sales 2014 5.8% 6.1% 3.9% 9.6% 5.1% 5.4% 5.2% 5.7% Operating capital employed* 57.7 19.8 15.5 4.1 9.6 8.1 3.1 157.8 Return on operating capital employed 21.1% 35.4% 18.1% 122.0% 35.4%

• 10.7%

21.5% Return on operating capital employed 2014 38.5% 32.0% 24.1% 44.7% 24.1% 28.6% 7.7% 26.6%

Exchange rates

H1 2014 H1 2015 Average 1.22 1.365 Closing 1.249 1.412

39

Disclaimer

This document contains statements about Brammer plc that are or may be forward-looking statements. These forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Brammer plc. They involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of any such person to be materially different from any results, performance or achievements expressed or implied by such statements. They are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. All subsequent oral or written forward-looking statements attributable to Brammer plc or any of its shareholders or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included in this document speak only as of the date they were made and are based on information then available to Brammer plc. Investors should not place undue reliance on such forward-looking statements, and Brammer plc does not undertake any obligation to update publicly or revise any forward-looking statements. No representation or warranty, express or implied, is given regarding the accuracy of the information or opinions contained in this document and no liability is accepted by Brammer plc or any of its directors, members, officers, employees, agents or advisers for any such information or opinions. This information is being supplied to you for information purposes only and not for any other purpose. This document and the information contained in it does not constitute or form any part of an offer of, or invitation or inducement to apply for, securities. The distribution of this document in jurisdictions other than the United Kingdom may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of laws of any such other jurisdiction.

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