Slide 1: 4Q'22 and FY'22 Results Presentation
CONFIDENTIAL 4Q’22 and FY’22 Results Presentation 16th February 2023 16/02/2023
Slide 2: Contents
CONFIDENTIAL Contents Bill Winters 3 Group Chief Executive and 19 Andy Halford 4 Group Chief Financial Officer Appendix Various 28 Sustainability 39 Information for fixed income investors 46 Ventures 58 Notes, abbreviated terms and important notice 61 2
Slide 3: Opening remarks
CONFIDENTIAL Opening remarks • A strong performance in 2022 in a challenging environment o Total income (ex-DVA) up 15% at constant currency (ccy); 4Q’22 up 26% at ccy → Introduction Income o 6% positive income-to-cost jaws Segment/region Expenses Risk o Profit before tax up 15% Capital Guidance Sum
Slide 4: Andy Halford, Group Chief Financial Officer
CONFIDENTIAL Andy Halford Group Chief Financial Officer 4
Slide 5: 4Q'22: Strong momentum exiting 2022
CONFIDENTIAL 4Q’22: Strong momentum exiting 2022 ($bn) 4Q’21 4Q’22 YoY1 ccy1 • 4Q’22 income (ex-DVA) up 26% at ccy Net interest income 1.7 2.0 19% 28% Other income (ex-DVA) 1.6 1.8 14% 23% → Introduction Operating Income (ex-DVA) 3.3 3.9 17% 26% o Record 4Q’22 in Financial Markets6 Income Segment/re
Slide 6: FY'22: Income and profit before tax both up strongly with 15% YoY growth
CONFIDENTIAL FY’22: Income and profit before tax both up strongly with 15% YoY growth FY’21 FY’22 ($bn) YoY1 ccy1 • FY’22 income (ex-DVA) up 15% at ccy Net interest income 6.8 7.6 12% 18% → Introduction Other income (ex-DVA) 7.9 8.6 9% 14% o Record Financial Markets performance6 Income Operating Inc
Slide 7: FY'22 income up 15%; 4Q'22 up 26%, sixth consecutive quarter of top-line growth
CONFIDENTIAL FY’22 income up 15%; 4Q’22 up 26%, sixth consecutive quarter of top-line growth Income FY’22 vs FY’211 – Product view ($m) Introduction 15% → Income Segment/region Expenses 970 Risk 1,171 16,213 Capital 1,240 (13) (160) 14,042 (335) (338) (364) Guidance 14.7 Strategy Conclusion 127% 85%
Slide 8: Further NIM progression and NII growth in 4Q'22
CONFIDENTIAL Further NIM progression and NII growth in 4Q’22 Statutory adjusted basis Gross yield (bps) 183 270 178 192 221 288 376 • FY’22 NII1 up 17% YoY, up 24% at ccy Introduction → Income Rate paid 67 138 (bps) 65 68 92 157 236 Segment/region 1.41 o AIEA up $6bn / 1%; AIBL up $10bn / 2% Expense
Slide 9: 2023 NIM outlook upgraded, rising to ~1.75% and onto >1.80% in 2024
CONFIDENTIAL 2023 NIM outlook upgraded, rising to ~1.75% and onto >1.80% in 2024 USD SOFR O/N1 (bps) • Further NIM expansion in 2023-24 driven by: 471 Introduction o Higher expected rates in 2023 → Income 435 372 o $28bn short-term hedge positions with 60% expiring Segment/region 365 Expenses end of
Slide 10: Customer assets grew 3% underlying in 2022; 4Q'22 broadly flat
CONFIDENTIAL Customer assets grew 3% underlying in 2022; 4Q’22 broadly flat Loans and advances to customers ($bn) 31.12.21 to 31.12.22 4% Introduction → Income +3% • L&A to customers up $12bn / 3% Segment/region Expenses 10 311 underlying at ccy in 2022, broadly in- Risk 298 24 301 line with guidanc
Slide 11: Good cross-border income growth across key trade corridors
CONFIDENTIAL Good cross-border income growth across key trade corridors Key highlights • FY’22 cross-border income of $5.7bn, up E&A cross-border1 Asia cross-border1 income 24% YoY Introduction income $2.3bn, +20% YoY $2.5bn, +24%YoY • Income RoRWA 240bps higher than overall Income → Segment/region
Slide 12: Our good performance is broad based across Segments and Regions
CONFIDENTIAL Our good performance is broad based across Segments and Regions Client Segments Regions Corporate, Commercial & Institutional Banking Asia Introduction Income Income $8.4bn Income $10.4bn → Segment/region 24% YoY ccy1 12% YoY ccy1 (ex DVA) $10.0bn (ex DVA) $11.2bn Expenses Risk Capital
Slide 13: Our larger markets have generally done well
CONFIDENTIAL Our larger markets have generally done well UAE China Income growth Income Income Income growth 44% $0.6bn $1.2bn 10% 8% PBT PBT Introduction 15% $0.3bn $0.3bn Income RoTE RoTE → Segment/region FY’22 YoY 4Q’22 YoY FY’22 YoY 4Q’22 YoY Expenses 15.9% 7.2% Risk Capital Guidance Strategy In
Slide 14: FY'22 expenses in-line with guidance and returning to positive jaws
CONFIDENTIAL FY’22 expenses in-line with guidance and returning to positive jaws Total operating expenses1 FY’22 vs FY’21 ($m) • Returning to positive jaws in 2022 Introduction 7% o 6% positive jaws2 for FY’22, 12% in 4Q’22 Income Segment/region 464 10,641 → Expenses 10,275 • FY’22 expenses $10.6bn
Slide 15: FY'22 impairment charge almost exclusively China CRE and Sovereigns
CONFIDENTIAL FY’22 impairment charge almost exclusively China CRE and Sovereigns Credit impairment ($m) / Loan-loss rate (bps) $575m • Credit impairment of $838m in 2022 Loan-loss rate1 7bps 21bps 208 o China CRE $582m, including $78m of Introduction Income 838 Ventures + C&O 259 management overlay
Slide 16: Robust CET1 ratio delivered through equity generation and RWA management
CONFIDENTIAL Robust CET1 ratio delivered through equity generation and RWA management Risk-weighted assets (RWA) ($bn) • RWA down $27bn (10%) in 2022 to $245bn Introduction $(26.5)bn o $7bn impact of regulatory changes, offset by Income 6.9 1.9 3.5 $14bn CCIB optimisation initiatives, $11bn Segment/
Slide 17: Driving improved returns and capital efficiency
CONFIDENTIAL Driving improved returns and capital efficiency Risk-adjusted returns on RWA and RWA density Introduction 6.5 47 6.3 49 • Strongly improving risk-adjusted return on RWA Income Segment/region 47 Expenses • Income now less dependent on balance sheet 47 6.0 Risk 45 growth, particularly in
Slide 18: Upgraded guidance (at ccy)
CONFIDENTIAL Upgraded guidance (at ccy) Income Expenses & Tax Introduction • Income 8-10% growth in 2023 and 2024 • Around 3% positive jaws1 in 2023 Income and in 2024 Segment/region • Average NIM: Expenses o Around 175bps for 2023 • CIR ~60% in 2024 Risk Capital o >180bps for 2024 → Guidance • ETR
Slide 19: Bill Winters, Group Chief Executive
CONFIDENTIAL Bill Winters Group Chief Executive 19
Slide 20: CCIB: Accelerated delivery of returns and optimisation targets
CONFIDENTIAL CCIB: Accelerated delivery of returns and optimisation targets Performance vs 2024 Targets Key highlights 6.5% 6.5% 4.9% Introduction Income RoRWA • Income RoRWA of 6.5% up 160bps in 2022, Income (%) delivered target two years ahead of schedule Segment/region Expenses Risk FY’211 FY’22
Slide 21: CPBB: Ahead of target in delivery of efficiency agenda
CONFIDENTIAL CPBB: Ahead of target in delivery of efficiency agenda Performance vs 2024 Targets Key highlights Cost-to-income 74% 69% ~60% • Cost-to-income ratio improved 5%pts to 69% ratio Introduction • Positive 7% Income-to-cost jaws Income (%) Segment/region FY’21 FY’22 2024 Target • Continued c
Slide 22: China opportunity: Expect strong recovery in 2023
CONFIDENTIAL China opportunity: Expect strong recovery in 2023; focus on execution to deliver 2024 targets Structural trends of China’s opening remain true We are making good progress on our strategic priorities • Global asset reallocation to China China-related business income ($bn) Introduction FY
Slide 23: $2.8bn of capital returns announced since the start of 2022
CONFIDENTIAL $2.8bn of capital returns announced since the start of 2022 2019 to 2023 Key highlights 0.5 Introduction 0.4 • Well on-track to deliver in excess of $5bn in Ordinary 0.3 Income Dividend 0.2 shareholder distributions from 2022 to 2024 - Segment/region $2.8bn announced so far Expenses (pa
Slide 24: Sustainability and Sustainable Finance are central to our growth ambitions
CONFIDENTIAL Sustainability and Sustainable Finance are central to our growth ambitions Key aspirations Performance vs Targets Key highlights $1bn +41% • Building a world-leading SF franchise Sustainable Finance income 508 o SF income $508m up 41%; broad based growth across products Introduction app
Slide 25: Ventures: Leveraging our unique footprint and connecting ecosystems
CONFIDENTIAL Ventures: Leveraging our unique footprint and connecting ecosystems Key Highlights SC Ventures Update UK & Ireland • Crosses 5th year anniversary in 2023 Introduction Income • Built a diverse portfolio of >30 ventures and >20 investments Segment/region • Soft launch of Nexus, the Bankin
Slide 26: Conclusion
CONFIDENTIAL Conclusion 26
Slide 27: In conclusion
CONFIDENTIAL In conclusion • A strong financial performance in 2022, and 2023 has started well Introduction Income Segment/region • Capital remains strong with CET1 ratio at the top of the target range at 14.0% Expenses Risk Capital 2023 Guidance • Very encouraging progress on our five strategic act
Slide 28: Appendix
CONFIDENTIAL Appendix • Various • Sustainability • Information for fixed income investors • Ventures • Notes, abbreviated terms and important notice 28
Slide 29: FY'22 good progress towards 2024 targets
CONFIDENTIAL FY’22 good progress towards 2024 targets Description 2024 targets FY’22 result Status • CCIB Income RoRWA: 160bps improvement from 4.9% in 2021 to 6.5% 6.5% 6.5% CCIB • RWA reduction of $22bn by 2024 $22bn (2022 to 2024) $14bn Drive improved returns • Hold RWA flat to $163bn $163bn $144
Slide 30: Asia likely to be the fastest growing region and will continue to drive global growth
CONFIDENTIAL Asia likely to be the fastest growing region and will continue to drive global growth Real GDP growth rates (%)1 5.3% 5.2% 4.2% 3.3% 3.4% 3.3% 2.5% 2.0% 1.8% 1.3% 0.4% (0.2)% 2022 2023F 2024F Asia US Euro area Global 30 Footnotes on pages 62-68; Glossary on pages 69-70
Slide 31: Macro Economic Forecasts in key footprint markets for ECL calculation
CONFIDENTIAL Macro Economic Forecasts1 in key footprint markets for ECL calculation 3Q’22 4Q’221 Crude price China Hong Kong Korea Singapore India Brent, bbl GDP (YoY): 2022 Forecast 3.3% 3.3% 0.2% -3.0% 2.7% 2.7% 3.4% 3.4% 7.0% 7.0% $105.5 $99.9 GDP (YoY): 2023 Forecast 5.8% 5.8% 4.
Slide 32: Interest Rate Risk in the Banking Book
CONFIDENTIAL Interest Rate Risk in the Banking Book NII Sensitivity is reducing as the hiking cycle evolves Annualised benefit to banking book NII from instantaneous parallel shifts in interest rates across all currencies ($m)1, 2 +50bps (50)bps +100bps • FY22 NII sensitivity is applied to a baselin
Slide 33: China Commercial Real Estate
CONFIDENTIAL China Commercial Real Estate Exposure by booking location • $3.3bn exposure down $0.2bn QoQ / $0.7bn YoY mainly in sub-IG4 clients as at 31.12.22 ($bn)1,2 o portfolio 52% secured5, secured assets average LTV5 <45%, 3.3 o >60% secured assets income producing, balance development assets C
Slide 34: Sovereign exposures
CONFIDENTIAL Sovereign exposures Net nominal1,2 ($bn) • Stagflation, tighter liquidity and USD strength are 6.2 challenging for some EM sovereigns • Three markets with total net nominal of $6.2bn, <1% of total CCIB and CPBB net nominal 31.12.21 3.8 31.12.22 2.4 • Total impairment to date of $307m, $
Slide 35: FY'22 Other income ex-DVA up 14% ccy
CONFIDENTIAL FY’22 Other income ex-DVA up 14% ccy Other income ($m) 8,614 2,399 2,330 • FY’22 net fees and commissions down 13% 7,891 YoY at ccy 2,039 3,119 913 o Wealth Management income 23% lower Net fees and 810 1,846 commissions ($m) YoY at ccy 3,729 1,615 806 590 o Retail Product income 12% low
Slide 36: Central & other items, supportive interest rate environment
CONFIDENTIAL Central & other items, supportive interest rate environment Items excluded from Items excluded from both Items excluded from Client Segments Client Segments and Regions Regions Centrally managed Treasury Markets Treasury Capital Portfolio Management Associates and Joint Ventures Corpora
Slide 37: 2022 Proforma underlying financial performance excluding business disposals and DVA reclassification
CONFIDENTIAL 2022 Proforma underlying financial performance excluding business disposals and DVA reclassification Key highlights ($bn) FY’22 Proforma DVA FY’22 • The Group has announced that it is exploring Adjustments Reclassification Proforma strategic alternatives for its Aviation Finance Operati
Slide 38: Summary of guidance
CONFIDENTIAL Summary of guidance Income • Income to grow in the 8-10% range at ccy in 2023 and 2024 • Full year average NIM of ~175bps for 2023 and >180bps for 2024 • FY’23 Trading Book funding cost likely to be ~$1bn • Around 3% positive income-to-cost jaws in 2023 and in 2024 • FY’24 cost-to-incom
Slide 39: Appendix
CONFIDENTIAL Appendix • Various • Sustainability • Information for fixed income investors • Ventures • Notes, abbreviated terms and important notice 39
Slide 40: We are making a difference in the world where it matters most
CONFIDENTIAL We are making a difference in the world where it matters most • EMs are most at risk from climate change o …. but have the biggest opportunity to move to low carbon The growing impact of our Sustainable Finance franchise o achieving a just transition without depriving developing countri
Slide 41: We are catalysing finance and partnerships for transition
CONFIDENTIAL We are catalysing finance and partnerships for transition +41% Sustainable 15 508 Finance 85 income ($m) • Strong momentum in our SF franchise; broad based growth across products 48 SF income • Leadership in product innovation: new products included Sustainable approaching 361 $1bn by 2
Slide 42: We offer a world-leading suite of Sustainable Finance solutions to our clients
CONFIDENTIAL We offer a world-leading suite of Sustainable Finance solutions to our clients Asia 2022 key highlights Market Europe and the Americas Supporting our clients’ transition • Syndicated term loan to part finance conversation of a Floating Production MY Storage and Offloading (FPSO) unit 20
Slide 43: We are accelerating zero
CONFIDENTIAL We are accelerating zero • We have advanced our net zero roadmap and delivered on our 2022 commitments • We have accelerated progress in some areas where more market data on emissions have become available • Details of our targets as well as progress towards these are set out in our Ann
Slide 44: We are making strong progress towards our net zero goals
CONFIDENTIAL We are making strong progress towards our net zero goals • Targets and progress now reported for 8 carbon intensive sectors (from 5) • These 8 sectors cover: 61% of total financed emissions (from 37%), 14.4% (from 8.4%) of total CCIB L&A and 29% (from 16.4%) of CCIB in-scope assets • We
Slide 45: We are mitigating climate and sustainability risk
CONFIDENTIAL We are mitigating climate and sustainability risk • Embedded Client-level Climate Risk assessments to our credit processes o Completed for >2,100 clients covering ~65% of total corporate exposures o Scores better in developed markets driven by increased climate policy and regulation and
Slide 46: Appendix
CONFIDENTIAL Appendix • Various • Sustainability • Information for fixed income investors • Ventures • Notes, abbreviated terms and important notice 46
Slide 47: Strong performance founded on a unique franchise
CONFIDENTIAL Strong performance1 founded on a unique franchise Over 160 years in some of the world's most dynamic markets 59 85% Income $16.3bn $4.8bn 66% 8.0% Markets from AAME Operating income PBT CIR (ex UK Levy & DVA) RoTE (FY’21: $14.7bn) (FY’21: $4.2bn2) (FY’21: 70%2) (FY’21: 6.8%2) Group inco
Slide 48: Balance sheet strength through volatile times
CONFIDENTIAL Balance sheet strength through volatile times CET1 14.1% 13.9% 14.0% Min requirement • CET1 capacity to support shareholder distributions and growth 10.4% FY'21 1H'22 FY'22 MREL 31.7% 31.0% 32.1% Min requirement • MREL issuance of ~$7bn in 2022 across capital structure 27.3% FY'21 1H'22
Slide 49: Stronger risk foundations supporting resilient performance
CONFIDENTIAL Stronger risk foundations supporting resilient performance FY’22 FY’14 FY’22-FY’14 Key risk indicators (IFRS 9) (IAS 39) Movement • Key portfolio indicators improved since Investment grade as a % of corporate exposure 76% 42% FY’14 reflecting: Top 20 corporates as a % of Tier 1 capital
Slide 50: Balance sheet diversity by geography and business
CONFIDENTIAL Balance sheet diversity by geography and business Balance sheet assets1 Customer loans & advances1,2 by market and segment Hong Kong CCIB 8% Loans & advances to customers 1 15% Singapore 7% 24% CPBB Investment securities 12% Korea 2% 8% 3% UK 44% Loans & advances to banks Ventures and 4
Slide 51: Funding position remains resilient
CONFIDENTIAL Funding position remains resilient Total customer deposits1,2 ($bn) 81% • CASA to TD ratio at FY’19 levels, despite 77% higher rates driving deposit migration 70% 67% o Focus on OPAC growth in CCIB supports 65% 65% 62% 62% 64% deposit retention 58% 61% 58% 56% 484 59% 57% o CPBB deposit
Slide 52: CET1 strongly positioned relative to requirements
CONFIDENTIAL CET1 strongly positioned relative to requirements1 CET1 minimum requirement increased in the period 10.4% 10.1% CCB • Minimum CET1 requirement increased by c.30bps, 2.5% 2.5% CCyB largely driven by higher Pillar 2A (P2A) 0.17% 0.27% G-SII 1.0% 1.0% Pillar 2A o P2A of 3.7% (up ~30bps YoY
Slide 53: MREL: well positioned future growth and requirements
CONFIDENTIAL MREL: well positioned future growth and requirements External MREL position versus requirements 32.1% • FY’22 MREL position of 32.1% of RWA meets all in 27.3% 27.3% PLC Senior MREL requirements with a buffer of ~475bps Combined Buffer Combined Buffer 9.9% 3.8%1 3.8%1 • MREL requirement
Slide 54: SC PLC: Current MREL profile
CONFIDENTIAL SC PLC: Current MREL profile Maturity and Call schedule of existing stock ($bn)1 8.6 8.0 0.6 1.6 1.0 6.1 6.3 2.1 1.2 1.3 3.4 2.0 2.0 1.0 6.4 4.9 4.9 2.4 3.1 2.0 2023 2023 2024 2025 2026 2027 Matured Remaining Senior Tier 2 AT1 Existing stock - Currency mix ($bn)2 Other Total Senior 23.1
Slide 55: Term Issuance update & expectations
CONFIDENTIAL Term Issuance update & expectations 2022 and 2023 YTD SC PLC Issuance Recent and indicative MREL Issuance ($bn) AT1 10.8 $1.3bn PNC5 2.8 7.0-9.0 7.2 Tier 2 1.2 1.3 0.8 4.5-6.5 $0.8bn 11NC10 6.8 Senior 5.2 Issued 2.5 $4.8bn across tenors YTD $2.5bn across tenors (issued in 2023) 2021 202
Slide 56: Group strategy to defend and, over time, improve credit ratings
CONFIDENTIAL Group strategy to defend and, over time, improve credit ratings Senior long- and short-term ratings • Well-rated with strong credit fundamentals, S&P Moody’s Fitch absolutely and relative to peers: Standard A+ A1 A+ o Stable outlooks at all 3 rating agencies A-1 P-1 F1 Chartered Bank St
Slide 57: Standard Chartered Group: simplified legal structure
CONFIDENTIAL Standard Chartered Group: simplified legal structure Medium Term Senior notes Standard Chartered PLC Tier 2 securities BBB+/A3/A Tier 1 securities (S&P/Moody’s/Fitch) Equity Standard Chartered Bank Standard Chartered Bank (Hong Kong) CP / CDs A+/A1/A+ A+/A1/- Medium Term Notes (S&P/Mood
Slide 58: Appendix
CONFIDENTIAL Appendix • Various • Sustainability • Information for fixed income investors • Ventures • Notes, abbreviated terms and important notice 58
Slide 59: Ventures: Progress Update
CONFIDENTIAL Ventures: Progress Update Venture Description Progress / Update KPI Customers (‘000s) 634 Mox, a cloud-native, mobile only digital bank, was In 2022, Mox had a strong focus on expanding its card and digital lending Cust Loans &Adv ($m) 362 463 213 257 launched in Hong Kong as a joint ve
Slide 60: Ventures: Portfolio expansion
CONFIDENTIAL Ventures: Portfolio expansion Venture Description Progress / Update Status JV Partnership with Linklogis. Trade asset distribution and securitization Signed agreement with Silverbirch Finance to deliver cross-border working capital solutions platform focusing on tapping the alternative
Slide 61: Appendix
CONFIDENTIAL Appendix • Various • Sustainability • Information for fixed income investors • Ventures • Notes, abbreviated terms and important notice 61
Slide 62: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. YoY = year-on-year variance is better/(worse) other than for RWA, CET1 ratio and LCR, which is increase/(decrease) / Ccy = constant currency / Nm = Not meaningful; chan
Slide 63: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. Income Statutory basis; the Group in 2019 changed its accounting policy for net interest income and basis of preparation of its net interest margin to better reflect th
Slide 64: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. Income-to-cost jaws: Income excluding debit valuation adjustment / operating expenses ex-UK bank levy at constant currency 18 2. Plans to return in excess of $5bn to sh
Slide 65: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. Cost-to-income ratio: Income excluding debit valuation adjustment / operating expenses ex-UK bank levy at constant currency 29 2. FY’21 AUM adjusted to include Mortgage
Slide 66: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. Net Nominal basis (see selected technical and abbreviated terms page 70-71): based on where the ultimate parent entities and credit responsibility is 34 2. Booking loca
Slide 67: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. Figures are presented on an underlying basis 47 2. Goodwill and other impairment include $308 million impairment charge relating to the Group’s investment in its associ
Slide 68: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the preceding pages Page Explanatory note or definition 1. Standard Chartered PLC as at 31.01.23. Modelled on earlier of call date or maturity date for illustrative purposes only 54 2. Standard Chartered PLC only as at 31.01.23
Slide 69: Selected technical and abbreviated terms
CONFIDENTIAL Selected technical and abbreviated terms Term Definition Term Definition ADR Advances-to-Deposits ratio GDP Gross Domestic Product AIBL Average interest-bearing liabilities GFANZ Glasgow Financial Alliance for Net Zero AIEA Average interest-earning assets IEA International Energy Agency
Slide 70: Selected technical and abbreviated terms
CONFIDENTIAL Selected technical and abbreviated terms Term Definition P&L Profit and Loss SDG Sustainable Development Goals SF Sustainable Finance SME Small and Medium Enterprises QoQ Quarter-on-Quarter change Return on Tangible Equity: The ratio of the current year’s profit available for distributi
Slide 71: Important Notice
CONFIDENTIAL Important Notice The information included in this document may contain “forward-looking statements” based upon current expectations or beliefs as well as statements formulated with assumptions about future events. Forward-looking statements include, without limitations, projections, est