Prysmian S.p.a. · MIL:PRY
Prysmian — Citi Conference - Italian Symposium 2013
75 slides from Prysmian's conference presentation, Mar 21, 2013
Slide 1: Company Presentation - Citi Conference Italian Symposium
Company Presentation Citi Conference - Italian Symposium Frankfurt, 21st March 2013 Company Presentation – March 2013 1
Slide 2: Agenda
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix Company Presentation – March 2013 2
Slide 3: Prysmian Group at a glance
Prysmian Group at a glance FY 2012 Results Sales breakdown by geography Sales breakdown by business APAC 15% Telecom 19% Utilities Latin 29% America Other 9% 2% € 7.8 bn € 7.8 bn N. America 14% Industrial EMEA 23% 62% T&I 27% Adj. EBITDA by business Adj. EBITDA margin by business Telecom 11.8% 25% 1
Slide 4: 2012 Key Achievements
2012 Key Achievements All targets fully achieved despite a worsening economic environment Adj. EBITDA at € 647 million: top of initial guidance (€ 600-650 million) 600 650 Net Financial Position at € 918 million: strong improvement vs. initial target and previous year (FY2011: € 1,064 million)
Slide 5: FY 2012 Key Financials
FY 2012 Key Financials Euro Millions, % on Sales Sales Adjusted EBITDA (3) Adjusted EBIT (4) Reported(1) Full combined(2) Reported(1) Full combined(2) Reported(1) Full combined(2) 647 7,973 7,848 586 483 7,583 568 426 435 403 387 334 309 4,571 3,731 2009 2010 2011 2011 2012 2009 2010 2011 2011 2012
Slide 6: Increasing profitability and margins across all businesses
Increasing profitability and margins across all businesses Selective growth in high value added businesses and synergies as key drivers LTM* Adj. EBITDA Evolution Adj. EBITDA breakdown € million - % on Sales € million - % on Sales € mln % on Sales 650 10% 11.4% 264 Utilities 11.8% 270 600 9% 8.2% 3.
Slide 7: Long Cycle Businesses Vs. Short Cycle Businesses
Long Cycle Businesses Vs. Short Cycle Businesses Adj. EBITDA breakdown Long Cycle Businesses Short Cycle Businesses Short Cycle Businesses Adj. EBITDA 67% 33% (Combined Prysmian + Draka) • Profitability: stable at bottom level (excl. synergies contribution) Utilities Utilities • Over 50% profitabili
Slide 8: Utilities
Utilities Euro Millions, % on Sales – Full Combined Results Sales to Third Parties Highlights DISTRIBUTION 2,318 2,287 • Further volume decrease in Europe, partially offset by positive demand in extra-European countries • Europe: weak demand expected to continue next quarters in all countries except
Slide 9: Utilities – Submarine as key driver of profitability increase
Utilities – Submarine as key driver of profitability increase Record Order-book despite European outlook confirms commitment on renewables and interconnections Sales breakdown Orders Backlog Evolution FY 2012 Submarine (€ million) ~1,900 ~1,700 Network components 7% ~1,000~1,050 Transmission - ~900
Slide 10: Utilities – Investing in submarine to increase ROCE
Utilities – Investing in submarine to increase ROCE Strengthening production and installation (GME acquisition) capabilities Arco Felice (Italy) Drammen (Norway) Pikkala (Finland) Main projects in execution/order backlog: 1. Western Link 1 2 2. HelWin 1-2/ SylWin 1/ BorWin 2/ 8 DolWin 3 3 7 5 4 3. H
Slide 11: Trade & Installers
Trade & Installers Euro Millions, % on Sales – Full Combined Results Sales to Third Parties Highlights • Weak volume in Q4’12 expected to continue due to lower construction 2,233 2,159 activity in Europe • Europe: focus on profitability and cash flow in a declining demand in Central and South Europe
Slide 12: Trade & Installers
Trade & Installers Sales breakdown Sales breakdown by geographical area Total Construction Investments FY 2012 2012 = 100 140 North America 130 C.&S. America 120 APAC* Eastern Europe 110 22% Europe Italy & Spain 100 8% Nordics 90 8% 80 A08 A09 A10 A11 E12 E13 E14 E15 E16 € 2.2 bn N. America * Excl.
Slide 13: Industrial
Industrial Euro Millions, % on Sales – Full Combined Results Sales to Third Parties Highlights OGP 1,824 1,801 • Positive performance in off-shore during 2012 with growing order-book in North Europe and Asia. Increasing exposure to large Asian markets (e.g. China, Singapore) to benefit from strong d
Slide 14: Industrial
Industrial Sales breakdown Sales breakdown by geographical area Sales breakdown by business segment FY 2012 FY 2012 Other Asia Pacific Elevator 4% 18% 7% Specialties & Renewables OEM Latin America 12% 32% 8% € 1.8 bn € 1.8 bn EMEA OGP & SURF 48% 23% North America 26% Automotive 22% Company Presentat
Slide 15: Telecom
Telecom Euro Millions, % on Sales – Full Combined Results Sales to Third Parties Highlights • Weak sales performance in H2’12 mainly due to lower volumes in 1,431 1,466 North/South America for optical and overall declining trend in copper cables • Record adj.ebitda margin achieved in 2012. Profitabi
Slide 16: Telecom
Telecom Sales breakdown Sales breakdown by geographical area Sales breakdown by business segment FY 2012 FY 2012 JVs and other Asia Pacific Optical, 23% 27% Connectivity and Fiber EMEA 45% 44% € 1.5 bn € 1.5 bn Multimedia & Latin America Specials 15% 18% North America Copper 14% 14% Company Presenta
Slide 17: Agenda
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix Company Presentation – March 2013 17
Slide 18: The new organization model
The new organization model To strengthen leadership in all business segments leveraging on a global platform New organization: a matrix linking country and group functions Utilities T&I Industrial Telecom Group Functions Local Intermediate Global (Optical+Copper) Business Multimedia & Optical Fiber
Slide 19: Integration process update
Integration process update In 2011-12 executed over 50% of actions planned in the full integration process Q2 2011 H2 2011 FY 2012 FY 2013 Design Execution • New Group • Start deployment • Consolidate “One- • Actions completed to achieve the Organization of new company” identity with €100m cumul
Slide 20: First step of production footprint optimization completed
First step of production footprint optimization completed 7 plants closed and 1 plant restructured since Draka acquisition Wuppertal (GER) Industrial cables - partial closure Eschweiler (GER) T&I/Industrial cables Angel (CHI) Hickory (US) Semi-finished products/wires Derby (UK) Industrial/control ca
Slide 21: On the right track towards 2015 Target
On the right track towards 2015 Target Euro Millions Synergies Plan 2011-15 Approx. 150 Overheads (Fixed costs) Procurement Operations 100 60-70 65 30-40 45 30 13 10 30 40-60 6 7 5 FY11 FY11 FY12 FY12 FY13 Target 2014-15 Target Target Achieved Target Achieved Restructuring 46 120 200 costs Note: Cum
Slide 22: Agenda
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix Company Presentation – March 2013 22
Slide 23: Profit and Loss Statement
Profit and Loss Statement Euro Millions FY 2011 FY 2011 FY 2012 Reported a) Combined b) Sales 7,848 7,583 7,973 YoY total growth (1.6%) c) YoY organic growth (1.8%) c) Adj.EBITDA 647 568 586 % on sales 8.2% 7.5% 7.3% Non recurring items (101) (299) EBITDA 546 269 % on sales 7.0% 3.4% Adj.EBIT 483 42
Slide 24: Extraordinary Effects
Extraordinary Effects Euro Millions FY 2011 FY 2012 Reported a) Antitrust investigation (1) (205) Restructuring (74) (56) Draka transaction costs - (6) Draka integration costs (9) (12) Draka change of control effects - (2) Inventory step-up (PPA) - (14) Other (17) (4) EBITDA adjustments (101) (299)
Slide 25: Financial Charges
Financial Charges Euro Millions FY 2011 FY 2012 Reported a) Net interest expenses (109) (104) Bank fees Amortization (10) (11) Gain/(loss) on exchange rates (29) (21) (1) Gain/(loss) on derivatives 18 7 Non recurring effects (5) - Net financial charges (135) (129) Share in net income of associates 1
Slide 26: Statement of financial position (Balance Sheet)
Statement of financial position (Balance Sheet) Euro Millions 31 December 31 December 2012 2011 Net fixed assets 2,311 2,255 of which: intangible assets 655 618 of which: property, plants & equipment 1,543 1,544 Net working capital 479 552 of which: derivatives assets/(liabilities) (7) (27) of which
Slide 27: Cash Flow
Cash Flow Euro Millions FY 2011 FY 2012 Combined a) Adj.EBITDA 647 586 Non rec urring items (101) (303) EBITDA 546 283 Net Change in provisions & others (1) 197 Release of inventory step-up - 14 Cash flow from operations (before WC changes) 545 494 Working Capital c hanges 75 91 Paid Inc ome Taxes (
Slide 28: Dividends
Dividends Strong dividend increase supported by high cash generation Proposed DPS doubled vs. 2011 • Dividend Per Share € 0.420 Total Shares (1) • Total payout: € 89 millions 214,508,781 • Ex-dividend date: 22 April 2013 • Payment date: 25 April 2013 • Dividend Yield: 2.7% (3) Shares with DPS evolut
Slide 29: Agenda – Appendix: Prysmian at a Glance
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix – Prysmian at a Glance Company Presentation – March 2013 29
Slide 30: Key Milestones
Key Milestones 1998 2001 2005 2008 2011 Growth by Restructuring Growth by Profitable growth Managing the downturn acquisition process acquisition Public Largest Cable July 28th 2005: Listing Strategic Company Maker Closure of 11 Goldman Sachs Acquisitions May 3rd 2007: investments March 2010: plants
Slide 31: The World's Leading Cables & Systems Company
The World’s Leading Cables & Systems Company N°1 in cable solutions for the energy and telecommunication business 7.8 6.3 5.5 €bn, 2012 Sales 4.5 3.9 3.8 3.1 3.0 2.8 1.1 Prysmian Nexans LS Cable & General Cable Furukawa Leoni Southwire Fujikura Hitachi Cable NKT Cables Group System Source: Companies
Slide 32: Prysmian Group business portfolio
Prysmian Group business portfolio Focus on high value added segments PROFITABILITY Extended SURF business (Flexible Pipes + perimeter Umbilicals) Network Components Submarine Look for High Extra HV Profitable Optical Cables & Fibre Growth High Voltage • Focus on products and service Industrial Mediu
Slide 33: Sales evolution by geographical area
Sales evolution by geographical area Improving geographical diversification with a limited exposure to weaker southern European countries € million Italy & Spain accounting for approx. 7% of Group 7,973 7,848 Adj.EBITDA 6,990 15% 15% EMEA Sales breakdown 14% 9% 9% FY 2012 – Total = 62% 8% 12% Power
Slide 34: CAPEX evolution
CAPEX evolution Investments focused on high value added businesses Capacity Increase & Product mix (€m) 2012 Capex by destination Maintenance, Efficiency, IT and R&D Maintenance, Efficiency, IT and R&D Capacity Increase & Product mix Capacity Increase & Product Mix 159 152 116 IT and R&D 107 102 85
Slide 35: Metal Price Impact on Profitability
Metal Price Impact on Profitability Supply Main Metal Influence on Cable Price Metal Fluctuation Management Contract Application Impact Impact • Projects (Energy • Technology and design • Pricing locked-in at order intake transmission) content are the main • Profitability protection through Predeter
Slide 36: Agenda – Appendix: Energy
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix – Energy Company Presentation – March 2013 36
Slide 37: Clusters of Cable Manufacturers in the Industry
Clusters of Cable Manufacturers in the Industry Competitive scenario – Energy Cables Company Presentation – March 2013 37
Slide 38: Full package of solutions for Energy Business
Full package of solutions for Energy Business Utilities Trade & Installers Industrial • Power Transmission • LV cables for construction • Specialties & OEM (rolling stock, nuclear, defence, crane, – Underground EHV, HV-DC/AC – Fire performing mining, marine, electro medical, – Submarine (turn-key) E
Slide 39: Utilities – Power Transmission
Utilities – Power Transmission Business description Key customers High/extra high voltage power transmission Customer base drawn from all major national solutions for the utilities sector distribution networks • Underground High Voltage Cabling solutions for power plant sites and primary distributio
Slide 40: Utilities – Positive transmission outlook in 2013
Utilities – Positive transmission outlook in 2013 Record Order-intake in submarine and good coverage for HV sales Utilities – FY2012 Results Transmission – Sales & Orders Backlog € million € million 2,287 270 ~ 1,900 7% 11% 22% 43% 67% ~ 600 ~ 550 ~ 550 50% Sales Adj. EBITDA Sales FY Orders Sales FY
Slide 41: Utilities – Off-shore wind development in Europe still at early stage
Utilities – Off-shore wind development in Europe still at early stage High visibility on new projects to be awarded next quarters Europe Offshore Wind capacity (GW) Europe 2012 Cumulated Capacity by Country Cumulated Offshore Wind capacity (L axis) Others 0.2 GW Annual Additional capacity (R axis) N
Slide 42: Utilities – Transmission
Utilities – Transmission Changing Energy generation mix implies a re-engineering of transmission grids Main primary drivers for grid development in Europe toward 2020 Evolution of the generation mix Scenario EU2020 2012 a) 320 458 963 GW 53 126 2020 a) 456 536 1,214 GW 132 82 Renewable Energy Source
Slide 43: Utilities – Transmission
Utilities – Transmission First round of investments to increase wind off-shore and interconnections to main consumption centers Main subsea and underground projects of pan-European significance List of main projects Main power flow trends 1. Italy – Montenegro Main subsea & underground projects in d
Slide 44: Utilities – Submarine Systems
Utilities – Submarine Systems Key success factors Latest Key projects Customers Period €m (1) DolWin3 TenneT 2014-16 350 • Track record and reliability • Ability to design/execute turnkey Normandie 3 Jersey Electricity plc 2013-14 45 solution Mon.Ita Terna 2013-16 400 • Quality of network services D
Slide 45: Utilities – Western Link a milestone in the submarine sector
Utilities – Western Link a milestone in the submarine sector Confirmed leadership in terms of know-how and innovation capabilities Western Link route Large Off-shore Wind investments planned in Scotland Western Link milestones • The highest value cable project ever awarded, worth €800 mln • The high
Slide 46: Utilities – Power Distribution
Utilities – Power Distribution Market drivers Key customers Key customers are all major national distribution network operators • Long term growth in electricity consumption • Mandated improvements in service quality • Investment incentives to utilities • Urbanization Key success factors Action plan
Slide 47: Trade & Installers
Trade & Installers Business description Key customers • Low voltage cables for residential and non • Key customers include major: residential construction • Specialized distributors • Channel differentiation with both: • Direct sales to end customers (Installers) • General distributors • Indirect sa
Slide 48: Trade & Installers – Technology content
Trade & Installers Key success factors Product overview • Product range • On-time delivery / Product availability • Inventory/WC management • Cost leadership + • Channel management Fire Performance/ • Customers’ relationship Accessories Technology content Specials High-End Low Smoke Action plan Zero
Slide 49: Industrial
Industrial Business description Key customers Integrated cable solutions highly customized to our Large and differentiated customer base industrial customers worldwide generally served through direct sales Oil & Gas Addressing the cable needs of research and refining, exploration and production. Pro
Slide 50: Industrial – Off-shore oil exploration
Industrial – Off-shore oil exploration Oilfield structure Flexible Pipes Fixed Floating Platform Floating Platform (SEMI-SUBMERSIBLE) Platform (FPSO) Umbilical Injection control Umbilical (Power) Flexible Pipes Umbilical For control Christmas Manifold Tree Petrol Well Company Presentation – March 20
Slide 51: Industrial – Off-shore oil exploration
Industrial – Off-shore oil exploration Cross selling opportunities driven by the new Downhole technology business contributed by Draka Downhole Technology (DHT) HYBRID ELECTRO-OPTIC FIBER OPTIC ELECTRICAL GAS & FLUID TUBING PACKAGED GAS & FLUID TUBING Company Presentation – March 2013 51
Slide 52: Macro-structure of Energy Cables
Macro-structure of Energy Cables Product macro structure Production process Conductor Final production Outer jacket Insulation Screening Lay up Armouring Sheathing quality (drawing, (Polyolefine, PVC, inspection Insulation (XLPE, EPDM) stranding) …) WB yarns Conductor (Cu, Al) Building Wire (T&I) Lo
Slide 53: Agenda – Appendix: Telecom
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix – Telecom Company Presentation – March 2013 53
Slide 54: Major Players within the Telecom Industry
Major Players within the Telecom Industry Competitive scenario Global Market Presence Continental YOFC Local Niche Focused Wide Product Portfolio Range Company Presentation – March 2013 54
Slide 55: Our Telecom Business
Our Telecom Business Business description Key customers Integrated cable solutions focused on high -end Telecom Key customers include key operators in the telecom sector Telecom solutions Optical cables: tailored for all today’s challenging environments from underground ducts to overhead lines, rail
Slide 56: Optical cables
Optical cables Global overview Market trends Key success factors • Demand function of level of capital expenditures • Continuous innovation and development of new budgeted by large telecom companies cable & fibre products (PTT/incumbents as well as alternative • Cable design innovation with special
Slide 57: Telecom Cables Main Applications
Telecom Cables Main Applications BACKBONE METROPOLITAN RING ACCESS NETWORK Company Presentation – March 2013 57
Slide 58: Consolidated leadership in Australia to benefit from new NBN project
Consolidated leadership in Australia to benefit from new NBN project Start-up of National broadband network in 2011 Rollout plan for National Broadband Network • Government initiative to provide direct fibre connection to 93% of Australian subscribers (residential and business) • AUD 43 bn capex pla
Slide 59: Telecom – FTTA as key driver of optical demand
Telecom – FTTA as key driver of optical demand 4G and Long Term Evolution (LTE) deployments require Fiber-to-the-Antenna (FTTA) Number of Global LTE Subscribers Forecast Millions of users Roof top antenna towers for urban applications Antenna towers used by 4G and LTE networks Source: IHS iSuppli Re
Slide 60: Macro-structure of Telecom Cables
Macro-structure of Telecom Cables Product macro structure Production process Primary Coating (250 Micron) Fibre Cladding (125 Micron) optic Core (10 Micron) Final quality Pre form deposition Consolidation Drawing inspection Main Technologies: OVD - VAD - MCVD Aramid Yarns Loose tubes Optical fibres
Slide 61: Agenda – Appendix: Financials
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix – Financials Company Presentation – March 2013 61
Slide 62: Bridge Consolidated Sales
Bridge Consolidated Sales Euro Millions – Full Combined Total Consolidated -1.8% (141) (159) 177 (2 ) 7,973 7,850 7,848 FY 2011 Combined Org.Growth Metal Effect Exchange Rate FY 2012 L-f-L Perimeter effect FY 2012 Energy Cables & Systems Division -1.4% ( 91 ) ( 154) 133 ( 48 ) 6,542 6,430 6,382 FY 2
Slide 63: Energy Segment – Profit and Loss Statement
Energy Segment – Profit and Loss Statement Euro Millions FY 2011 FY 2011 FY 2012 Reported a) Combined b) Sales to Third Parties 6,382 6,268 6,542 YoY total growth (2.4%) c) YoY organic growth (1.4%) c) Adj. EBITDA 487 447 458 % on sales 7.6% 7.1% 6.9% Adj. EBIT 379 348 354 % on sales 5.9% 5.5% 5.3%
Slide 64: Energy Segment – Sales and Profitability by business area
Energy Segment – Sales and Profitability by business area Euro Millions, % of Sales Growth – FY combined FY 2011 Total Organic FY 2012 Comb. growth growth Sales to Third Parties Utilities 2,287 2,318 (1.3%) 1.1% Trade & Installers 2,159 2,233 (3.3%) (2.6%) Industrial 1,801 1,824 (1.3%) (1.5%) Others
Slide 65: Telecom Segment – Profit and Loss Statement
Telecom Segment – Profit and Loss Statement Euro Millions FY 2011 FY 2011 FY 2012 Reported a) Combined b) Sales to T hird Parties 1,466 1,315 1,431 YoY total growth 2.4% c) YoY organic growth (3.5%) c) Adj. EBITDA 160 121 128 % on sales 10.9% 9.1% 8.8% Adj. EBIT 104 78 81 % on sales 7.1% 5.8% 5.6% a
Slide 66: Financial Structure
Financial Structure Euro Millions Debt structure (€m) 31.12.2012 (€m) Available 31.12.12 31.12.11 Used Funds (2) Maturity Term Loan 670 674 670 - 12/2014 Eurobond 413 412 413 - 04/2015 Revolving Credit Facility - - - 396 12/2014 Securitization(5) 75 111 75 75 07/2013 Term Loan 2011 400 400 400 - 03/
Slide 67: Prysmian Historical Key Financials
Prysmian Historical Key Financials Euro Millions, % of Sales – Pre Draka acquisition Sales Sales Adjusted EBITDA (1) Adjusted Adjusted EBITEBIT 1 (2) 529 542 5,007 5,118 5,144 4,571 464 477 407 403 387 3,742 3,731 330 334 309 +4.2% * 265 +8.2% * +9.3% * +3.2% * -17.4% * 171 2005 2006 2007 2008 2009
Slide 68: Historical Key Financials by Business Area – Utilities and T&I
Historical Key Financials by Business Area – Utilities and T&I Euro Millions, % of Sales – Pre Draka acquisition Sales Vs Third Parties Adjusted EBITDA (1) Adjusted EBIT (2) 2,028 287 256 1,894 266 237 1,853 1,790 250 215 237 208 1,598 1,445 Utilities 197 157 +12.1% * 143 +3.3% * +1.5% * 107 2005 20
Slide 69: Historical Key Financials by Business Area – Industrial and Telecom
Historical Key Financials by Business Area – Industrial and Telecom Euro Millions, % of Sales – Pre Draka acquisition Sales Vs Third Parties Adjusted EBITDA (1) Adjusted EBIT (2) 850 93 795 80 742 84 71 629 628 Industrial 62 61 489 46 +5.0% * +21.1% * 46 42 -1.1% * 39 34 -16.1% * 25 2005 2006 2007 2
Slide 70: Agenda – Appendix: Cable Industry Reference Market
AGENDA Group Overview & FY 2012 Results Draka integration Financial Results Appendix – Cable Industry Reference Market Company Presentation – March 2013 70
Slide 71: The Global Cables Reference Market
The Global Cables Reference Market World-Wide Cable Reference Market Size, 2012 2012 Global Cables Reference Market Energy Cables Reference Market (~€93bn) Latin North € 117 bn Latin America America America North 4% 13% 4% America 16% EMEA APAC 30% 53% EMEA APAC 30% 50% Telecom Cables Reference Mark
Slide 72: Market Volumes Trend
Market Volumes Trend Energy Cables Reference Market Million Tons • Long term growth driven by: Conductor 13.3 14.0 • Energy consumption 12.6 11.2 11.5 12.0 10.3 10.7 10.0 10.7 • Investments in power grid 9.5 7.8 8.5 9.0 interconnections 7.4 6.5 6.7 6.9 7.1 CAGR: 5.1% • Investments in power transmiss
Slide 73: Telecom – Demand evolution by geographical area
Telecom – Demand evolution by geographical area Optical fibre cable (Million km) CAGR (12-16) +4.4% 283 278 271 277 52 234 47 50 54 +6.0% 215 42 35 36 188 37 33 -2.3% 39 173 9 10 10 9 +5.5% 36 36 142 30 37 8 29 8 116 33 27 4 Total 92 3 26 EMEA 18 30 178 183 186 182 +5.3% 26 4 148 N. America 25 3 132
Slide 74: Reference Scenario
Reference Scenario Commodities & Forex Brent Copper Aluminium Brent $/ton Copper $/ton Aluminium $/ton Brent €/ton Copper €/ton Aluminium €/ton 150 12,000 3,500 125 10,000 3,000 2,500 100 8,000 2,000 75 6,000 1,500 50 4,000 1,000 25 2,000 500 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 J
Slide 75: Disclaimer
Disclaimer • The managers responsible for preparing the company's financial reports, A.Bott and C.Soprano, declare, pursuant to paragraph 2 of Article 154-bis of the Consolidated Financial Act, that the accounting information contained in this presentation corresponds to the results documented in th
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