M&g Plc · LSE:MNG
M&g — FY 2022 Earnings Presentation
77 slides from M&g's earnings presentation, Mar 9, 2023
Slide 1: Building on our strengths: 2022 Full Year Results
Building on our strengths 2022 Full Year Results 9 March 2023 1
Slide 2: Disclaimer
M&G plc 2022 Full Year Results Disclaimer This presentation is made by M&G plc (‘M&G’). For the purposes of this notice, ‘presentation’ shall mean and include the document that follows and any oral presentation, any question-and-answer session and any other written or oral material delivered or dist
Slide 3: Financial highlights
Financial highlights FY 2021 FY 2022 External net client flows1 (£bn) 0.6 0.3 AUMA and Flows Assets under Management and Administration (£bn) 370 342 Adjusted Adjusted Operating Profit (£m) 721 529 Operating Profit AOP excluding non-cash one-off items2 (£m) 731 701 Operating Capital Generation (£m)
Slide 4: Business review
Business review Andrea Rossi, Group Chief Executive
Slide 5: What attracted me to M&G plc: Strong foundations
What attracted me to M&G plc Where Where we we can can make make aa difference difference Attractive and differentiated business model Sharpen our strategy Exceptional brand and investment expertise Set clear priorities Strong 1 Financial strength Unique proposition in PruFund foundations 2 Simplifi
Slide 6: M&G's differentiated, synergistic business model
M&G’s differentiated, synergistic business model Clients are at the core of everything we do… Heritage and Other Asset Manager Wealth Retail & Savings Retail & Savings Risk and investment solutions, International active investment manager Integrated proposition, including providing scale and resilie
Slide 7: My observations on the business
My observations on the business Where we What has What we need to started held us back work on Strong investment capabilities • Wholesale offering • Continue proposition refresh Asset • Private Assets • Scale in international markets • Improve distribution footprint Manager • Public Fixed Income • S
Slide 8: Our ambition: Who we want to be
Our ambition: Who we want to be A leading international a Group delivering sustainable growth savings and with recurring, fee-based revenues investments business… that puts clients at the core of everything it does, through investment excellence and operational efficiency leading with the Asset Mana
Slide 9: Our priorities
Our priorities What we will What we will maintain deliver 1 2 3 Financial Simplification Growth strength Stable or increasing DPS and Transform how we work, Build on our strengths and rigorous capital management, to deliver a more accountable, propositions, with sharper to continue to deliver attrac
Slide 10: Financial strength
Financial strength On track to achieve ambitious capital generation target Committed to the Capital Generation Target Three metrics to assess financial strength £2.5bn 2022 to 2024 cumulative Solvency ratio2 Leverage ratio3 Operating Capital Generation Target range Target <30% over of 160-190% the m
Slide 11: Financial strength: disciplined capital management
Financial strength Disciplined approach to capital management Focus to 2025 Longer term Maintain a strong balance sheet, proactively Expect profitable growth to increase quantum managing leverage to reduce it to <30% by 20251 and quality of ongoing capital generation, adding financial flexibility to
Slide 12: Simplification
Simplification A prerequisite to reduce costs and unlock growth Having set clear objectives… …we have already moved on to execution Hired new Strategy and Transformation Officer Streamline the operating model 18 years of relevant experience at BCG and across the industry Remove duplication of effort
Slide 13: Simplification: delivering a leaner cost base
Simplification Transforming our business, delivering a leaner cost base M&G managed cost1 base Groundwork in 2022 identified key levers (in £m) Head £200m target • Reduce management layers Organisation Office • Mutualise support function activities cost savings simplification • Streamline governance
Slide 14: Growth: focus on the Asset Manager and Wealth
Growth Increase contribution Focus on the Asset Manager and Wealth from Asset Management and Wealth Today1 Ambition by 2025 Earnings contribution mix2 Expand internationally Over 50% and deliver Group Transformation 43% 32% 45% Stabilise the 57% run-off profile of 11% the Heritage book Improve quant
Slide 15: Asset Manager
Asset Manager Grow external flows and earnings
Slide 16: The Asset Manager at a glance
The Asset Manager at a glance Diversified capabilities A successful external franchise Established footprint1 strong scale in private assets and a supportive internal client with opportunity to grow Infracap and Real 15 other alternatives External Asia 1 Americas Estate Wholesale MEA2 54 13 11 33 Eq
Slide 17: We have strong investment capabilities… but need to:
We have strong investment capabilities… …but need to: Institutional Wholesale Asset Management Asset Management Build on our Institutional funds performance Mutual funds performance international as % of AUMA1 (YE2022) as % of AUMA2 (YE2022) distribution footprint 45 48 Top quartile Outperforming 59
Slide 18: Goals for international distribution and operational efficiency
Our goals for international distribution and operational efficiency Achieve scale in key international markets Absorb cost inflation strengthening local distribution teams freeing up resources to drive growth In £bn Italy 13.8 Expected core1 CIR progression Germany 8.8 Netherlands 6.5 77% below 70%
Slide 19: Our ambition and priorities for the Asset Manager
European champion Our ambition for private assets Be the go-to asset manager for European investors and for international investors Priorities for seeking exposure to European assets Leading global Public the Asset Fixed Income manager Manager Our focus High value-add solutions built High-quality su
Slide 20: European champion for private assets
European champion for private assets We are well positioned, with strengths in growing high-value markets M&G Private Assets: External flows driving growth Forecast market growth2 European AUM in £bn +30% In £bn M&G sector rankings 2,024 100 External Real Estate 506 1 #2 in Europe +7% pa Internal 77
Slide 21: Partnering with the internal client to broaden capabilities
European champion for private assets We partner with the internal client to broaden our capabilities INNOVATE SEED SCALE Partner with the internal client Attract talent, including team lift-outs Leverage M&G’s distribution footprint to identify and develop new strategies and JVs, using internal seed
Slide 22: Scaled and externalised Real Estate capabilities
European champion for private assets We have successfully scaled and externalised our Real Estate capabilities Continue to broaden Internationalise Grow external, our offering our footprint high-margin AUMA Building on the success of our 2022 Real Estate revenues (in %) Real Estate AUMA (in £bn) £1.
Slide 23: Leading global Public Fixed Income manager: reputation
Leading global Public Fixed Income manager We have an outstanding reputation In the UK we are perceived as market leaders1 in… Global bonds Global EM debt £ Corporate bond £ Strategic bond UK gilts M&G 12% 10% 15% 11% 10% Peer 10% 7% 11% 10% 10% Peer 7% 5% 9% 8% 10% Peer 4% 4% 6% 7% 10% Peer 4% 4% 5
Slide 24: Scaling and internationalising core capabilities
Leading global Public Fixed Income manager Scaling and internationalising core capabilities From Europe-based international coverage… …to self-funding hubs in Asia and North America One of the largest and most Opened US office in 2021 experienced teams in Europe • Three public FI fund managers • 35
Slide 25: Sustainable and thematic equity funds: market dynamics
High-quality sustainable and thematic equity funds Attractive market dynamics through the cycle Global ESG AUM Sustainable vs. conventional fund flows in Europe in $tn in EUR bn Sustainable funds positive Forecast scenarios net flows in 2022 despite Ukraine war, cost of living 48 150 crisis, and Art
Slide 26: Distinctive propositions across private and public assets
High-quality sustainable and thematic equity funds Distinctive propositions across both Private and Public assets Private Public A leading investor in sustainability through the commitment to Committed to continued broadening of sustainable Catalyst from the internal client, and acquisition of respo
Slide 27: M&G Wealth
M&G Wealth Build an integrated Wealth proposition for the UK
Slide 28: Wealth ambition and priorities
Integrate and scale both Our ambition advice and platform operations Become a leading, at-scale Priorities integrated provider of Drive flows across the value for Wealth chain into own solutions innovative wealth solutions, including advice, to UK clients across the Increase client lifetime value th
Slide 29: Where we were, where we are now
Where we were Where we are now What we offered What we faced What was needed What we have done Added tax wrapper A successful but Slowdown in Broaden our offering and model portfolio narrow proposition DB to DC transfers beyond PruFund capabilities Acquired and Only available Acceleration in shift M
Slide 30: M&G Wealth journey
M&G Wealth journey: Continuing on Becoming a full-service, modern wealth provider our journey: We now play across the value …and with a unique proposition in Grow number of chain with scale in key areas… PruFund delivering excellent value own advisers and productivity Direct % returns above capital
Slide 31: M&G Wealth objective: serve clients their way
M&G Wealth objective: Serve clients their way to drive flows into our own solutions Serve clients in the way …to drive flows into own solutions …and deliver they want to be served… that address different client needs… greater value Financial Adviser Asset Asset Stronger advice platforms allocation m
Slide 32: Heritage and Other Retail & Savings
Heritage and Other Retail & Savings Develop innovative risk and investment solutions
Slide 33: Heritage ambition and priorities
Continue to deliver Our ambition resilient capital generation Develop innovative Priorities solutions that Accelerate distribution for Heritage of Future+ in Europe generate flows for and Other the Asset Manager, and extend the life Develop innovative risk and investment solutions of the in-force bo
Slide 34: In-force book: resilient capital generation
In-force book Resilient capital generation and balance sheet £12bn Underlying Capital Generation from Continued focus on (£bn) in-force Shareholder Annuities and With-Profits1 Management actions levers available: 2.4 2.0 199% Model changes 1.6 Solvency II Non-market assumptions coverage ratio2 1.2 A
Slide 35: Future+
Future+ Expanding the breadth and depth of distribution reach 2021 2022 2023 2024 2025 Define the proposition Accelerate distribution Scale and launch the concept and broaden offering proposition • Obtained regulatory approval • Prepare for end of exclusivity period in Deliver a to distribute across
Slide 36: Risk and investment solutions: an opportunity to create value
Risk and investment solutions An opportunity to create value Attractive and improved market dynamics Projected buy-in and buy-out volumes (in £bn) Exploring Expect Combining our opportunities modest capital Asset Manager 100 Actual volumes to selectively deployment, and Heritage 90 LCP projections (
Slide 37: Financial review
Financial review Kathryn McLeland, Chief Financial Officer
Slide 38: Key messages
Key messages 1 Positive external net flows despite exceptional market volatility £0.3bn excluding Heritage 2 Resilient earnings reflect diversified business mix and strength of With-Profits £529m £701m excl. one-offs 3 Capital Generation on track for £2.5bn target, improved Underlying result £821m £
Slide 39: Positive flows, strong Capital Generation and SII ratio
Positive flows, strong Capital Generation and SII ratio Financial highlights External Adjusted Operating Shareholder SII net flows1 Operating Profit Capital Generation coverage ratio £0.3bn £529m £821m 199% • Asset management net flows of • AOP negatively impacted by • Underlying Cap Gen of £628m •
Slide 40: Positive external net flows despite adverse market conditions
Positive external net flows despite adverse market conditions Assets Under Management and Administration Movement in AUMA (£bn) External net flows3 (£bn) 370 0.5 FY 2021 FY 2022 Change (0.2) 342 (6.0) 103 (22) Institutional Institutional 99 5.8 (0.7) (6.5) Asset Mgmt. Asset Mgmt. Includes Includes £
Slide 41: Institutional net flows resilient given exceptional volatility
Institutional net flows of £(0.7)bn are resilient given exceptional volatility Mini-budget triggered record redemptions in H2 2022 Institutional gross outflows (in £bn) Exceptional redemptions (in £bn) We maintain a Historical average of c. £5bn per half year confident outlook 8.9 The mini-budget of
Slide 42: Earnings in line with 2021 excluding non-cash one-offs
Excluding non-cash one-offs, earnings are broadly in line with 2021 Adjusted Operating Profit by source (£m) FY 2021 FY 2022 • Asset Management revenues benefitted from the consolidation of our Asset Management South Africa JV and responsAbility. On a like-for-like basis, revenues AM Revenues 953 99
Slide 43: Asset Management results
Asset Management results Resilient revenues, target for core CIR below 70% by 2025 End of period AUMA (£bn) Revenues and cost (£m) Cost-to-Income ratio (%) Performance 42 23 56 325 fees 303 Investment income 284 10 11 (24) 77% and minorities1 303 311 995 71% 70% 947 953 73% (763) 68% 69% Average (66
Slide 44: Asset Management results by client type and asset class
Asset Management results by client type and by asset class Steady margins and improving quality of revenues Results by client type Results by asset class End of year AUMA Revenues Margins End of year AUMA Revenues Margins (in £bn) (in £m) (in bps)1 (in £bn) (in £m) (in bps)1 325 995 +13% 953 59 58 3
Slide 45: Retail & Savings: Wealth, focus on PruFund UK
Retail & Savings: Wealth, focus on PruFund UK Strong performance leading to improved earnings and positive net flows Adjusted Operating Profit PruFund Growth net returns1 PruFund (£m) 20% 17% FY 2021 FY 2022 13% 6% Shareholder 0% 115 146 +27% Transfers 02/01/2020 (7)% 02/07/2020 02/01/2021 02/07/202
Slide 46: Retail & Savings: Heritage, With-Profits and Annuities
Retail & Savings: Heritage, Traditional With-Profits and Annuities Continued resilient contribution excluding non-cash losses Adjusted Operating Profit Adjusted Operating Profit Traditional With-Profits (£m) Shareholder Annuities & Other (£m) FY 2021 FY 2022 FY 2021 FY 2022 Return on excess Sharehol
Slide 47: Underlying Capital Generation of £628m
Underlying Capital Generation of £628m Strong result driven by improved Retail & Savings contribution Underlying Capital Generation (£m) FY 2021 FY 2022 • Year-on-year reduction due to £51m lower Asset Management 313 246 earnings, one-off £22m SCR increase due to increased FX stresses and seeding ac
Slide 48: Operating Capital Generation of £821m on track for £2.5bn target
Operating Capital Generation of £821m is on track for £2.5bn target Longevity and asset trading result partly offset by expense one-offs Operating Capital Generation (£m) FY 2021 FY 2022 Underlying Capital 484 628 Generation Asset trading, • Like the AOP result, lower than 2021 due to optimisation 3
Slide 49: Total Capital Generation impacted by negative market moves
Total Capital Generation of £(0.4)bn impacted by negative market moves £1bn shareholder returns, acquisitions and tax reduced SII ratio by 35ppts Solvency II surplus Includes £1.0bn of (£bn) 0.8 shareholder returns2 0.2 (1.2) (0.2) (1.2) 6.2 £(0.7)bn H2 market movements include: 4.6 • £(0.3)bn from
Slide 50: Strong SII ratio absorbing volatility and capital returns
Strong SII ratio absorbing market volatility and nearly £1bn capital returns 199% coverage ratio and £4.6bn capital surplus FY 2021 FY 2022 • The £2.1bn reduction in Own 11.4 Funds over 2022 was driven by 9.3 £1.2bn adverse markets, £1.0bn PVST1 3.5 218% SII ratio shareholder returns (dividends £6.2
Slide 51: Leverage ratio increase to 35%
The leverage ratio increase to 35% is due to the reduction in Own Funds No change to the quantum of debt or servicing cost1 FY 2021 FY 2022 • We are committed to reduce the leverage ratio to <30% by 11.4 20253 9.3 • At the same level of Own Funds, PVST1 3.5 this would require us to go 28% SII furthe
Slide 52: Credit quality of the Shareholder Annuity book
Credit quality of the Shareholder Annuity book remains very strong 98% of the £14bn1 assets is investment grade Breakdown by rating Breakdown by capital ranking • Our diversified and actively Outer circle shows FY-22, inner HY-22 Outer circle shows FY-22, inner HY-22 managed Annuity portfolio contin
Slide 53: Committed to existing capital management framework
Committed to existing capital management framework 7% increase in DPS driven by completion of buy-back programme Committed to existing capital framework Growing DPS since listing +7% 140 0 19.60 20. 00 Stable or 18.23 18.30 Targeting Financial 120 0 Attractive increasing dividend leverage ratio stre
Slide 54: Key messages
Key messages 1 Positive external net flows despite exceptional market volatility £0.3bn excluding Heritage 2 Resilient earnings reflect diversified business mix and strength of With-Profits £529m £701m excl. one-offs 3 Capital Generation on track for £2.5bn target, improved Underlying result £821m £
Slide 55: Wrap up
Wrap up
Slide 56: Our priorities and targets
Our priorities and targets Priorities Targets £2.5bn Operating Capital 1 Financial strength Generation over 2022-24 Leverage ratio <30% by 2025 2 Simplification £200m cost savings1 and Asset Manager CIR <70% by 20252 >50% earnings from the 3 Growth Asset Manager and Wealth by 2025 1. Refers to the m
Slide 57: Appendix: Additional financial information
Appendix Additional financial information
Slide 58: Our asset base: Asset Owner and Asset Manager
Our asset base We are an Asset Owner and an Asset Manager Group View: £342bn AUMA Asset Owner view Asset Manager view 3 Corporate Assets1 Other Group Assets 39 £303bn With-Profits Fund 94 Heritage Assets managed and (£129bn) administered on 189 behalf of Group Internal Assets 150 managed by M&G cust
Slide 59: Assets under Management and Administration
Assets under Management and Administration FY 2020 to FY 2022 Net client Market / Net client Market / FY 2020 Inflows Outflows FY 2021 Inflows Outflows FY 2022 flows Other flows Other (£bn) Institutional Asset Management 85.5 16.2 (10.4) 5.8 11.8 103.1 13.1 (13.8) (0.7) (3.2) 99.2 Management Wholesa
Slide 60: AUMA by asset class
AUMA by asset class FY 2022 On-balance sheet AUMA External AUMA S/H Annuity Corporate With-Profits Unit linked Total Wealth Wholesale Institutional Total Total AUMA (£bn) & Other Sh assets Equity securities 69.3 9.7 - 0.2 79.2 3.6 28.6 18.1 50.3 129.5 Debt Securities 32.3 2.5 12.4 1.2 48.4 2.1 22.7
Slide 61: Wholesale Asset Management: mutual funds performance
Wholesale Asset Management Mutual funds performance Mutual funds performance as of December 2020, 2021 and 2022 (as % of AUMA) 5 4 11 10 4 22 34 9 29 39 32 45 48 23 49 57 35 21 16 44 44 22 20 15 7 18 39 31 29 31 22 25 26 20 13 1 FY-20 FY-21 FY-22 FY-20 FY-21 FY-22 FY-20 FY-21 FY-22 5-year 3-year 1-y
Slide 62: Largest SICAV and OEIC mutual funds
Wholesale Asset Management Largest SICAV and OEIC mutual funds AUMA and Flows (£bn) RANK MARKET/ PRODUCT ASSET CLASS FUND FY 2021 SALE REDEMPTION NET FLOWS FY 2022 by AUMA OTHER 1 OEIC + SICAV Bonds Optimal Income 13.2 1.8 (4.3) (2.5) (1.0) 9.7 2 OEIC + SICAV Equities Global Dividend 4.1 1.5 (0.9) 0
Slide 63: Largest SICAV mutual funds
Wholesale Asset Management Largest SICAV mutual funds AUMA and Flows (£bn) RANK MARKET/ PRODUCT ASSET CLASS FUND FY 2021 SALE REDEMPTION NET FLOWS FY 2022 by AUMA OTHER 1 SICAV Bonds Optimal Income 11.4 1.7 (3.9) (2.2) (0.8) 8.3 2 SICAV Equities Global Listed Infrastructure 1.2 2.2 (0.8) 1.4 (0.0) 2
Slide 64: Largest OEIC mutual funds
Wholesale Asset Management Largest OEIC mutual funds AUMA and Flows (£bn) RANK MARKET/ PRODUCT ASSET CLASS FUND FY 2021 SALE REDEMPTION NET FLOWS FY 2022 by AUMA OTHER 1 OEIC Equities Global Themes 2.4 0.2 (0.2) 0.0 (0.1) 2.3 2 OEIC Equities Global Dividend 2.2 0.3 (0.3) 0.0 0.1 2.2 3 OEIC Bonds Glo
Slide 65: With-Profits Fund: Strategic Asset Allocation
With-Profits Fund Strategic Asset Allocation Asset allocation evolution between 2012 and FY 2022 Asset allocation as of 31 December 2022 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Equities Real Estate Alternatives Fixed Income LEGEND UK Asia ex
Slide 66: With-Profits Fund: historical returns
With-Profits Fund Historical returns Annualised 5-year rolling returns1 PruFund Growth returns vs. peers PruFund Growth returns after charges (% returns above capital invested)1 25% 134% Cash SONIA Cumulative Rate 20% UK RPI Cumulative Rate PruFund Growth Fund 15% ABI Mixed Investment 20-60% shares
Slide 67: Shareholder transfer hedge programme
Shareholder transfer hedge programme Programme features and estimated impact on AOP Cash-flow hedges Estimated AOP impact from hedges1 AOP impact (£m) Minimise cashflow volatility by locking-in -140 Scope equity market value at time of purchase -120 -100 Up to 6-year programme based on Maturity FTSE
Slide 68: From IFRS Adjusted Operating Profit to Profit After Tax
From IFRS Adjusted Operating Profit to IFRS Profit After Tax (£m) FY 2019 FY 2020 FY 2021 FY 2022 AM Revenues 1,013 947 953 995 Management AM Cost (651) (669) (672) (763) Asset Performance fees 20 42 23 56 Investment income and minority interest1 40 10 11 (24) Total Asset Management AOP 422 330 315
Slide 69: Adjusted Operating Profit additional details
Adjusted Operating Profit additional details (£m) FY 2021 FY 2022 Asset Management FY 2021 FY 2022 AM Revenues 953 995 Investment income 17 (5) Minority interest1 (6) (19) AM Costs (672) (763) Total 11 (24) Performance fees 23 56 FY 2021 FY 2022 Investment income and minority interest1 11 (24) Misma
Slide 70: Diverse risk exposures
Diverse risk exposures Breakdown of the shareholder Solvency II SCR by risk type FY 2022 9.3 (£bn) 0.7 Sectoral Operational & 1.3 expense 0.5 Lapse Longevity 0.9 1.1 Currency 4.7 1.6 (4.6) Credit 0.6 Interest rate Property 0.9 1.7 Equity Undiversified SCR Diversification, SCR deferred tax, and other
Slide 71: Solvency II position
Solvency II position1 M&G Group FY 2022 (£bn) Shareholder view With-Profits Fund view Regulatory view 11.8 2.5 Surplus = 4.6bn 9.3 9.1 9.3 7.2 Surplus = 4.6bn Surplus = 6.6bn 2.5 4.7 4.7 2.5 Own Funds SCR Own Funds SCR Own Funds SCR Solvency ratio 199% Solvency ratio 362% Solvency ratio 164% 1. All
Slide 72: Total Capital Generation
Total Capital Generation FY 2021 FY 2022 (£m) Own Funds SCR Total Own Funds SCR Total Asset Management Asset Management underlying capital generation 308 5 313 268 (22) 246 Retail & Savings Wealth 117 (68) 49 214 (59) 155 o/w PruFund UK 128 (68) 60 233 (53) 180 - of which: In-force 169 (57) 112 187
Slide 73: Solvency II sensitivities
Solvency II sensitivities Estimated impact on % ratio and surplus Shareholder Solvency II market sensitivities With-Profits Solvency II market sensitivities FY 2022 FY 2022 Solvency ratio Surplus Solvency ratio Surplus (%) (£bn) (%) (£bn) Base Shareholder position 199 4.6 Base With-Profits position
Slide 74: Parent company liquidity
Parent company liquidity Cash and liquid assets at £0.8bn Parent company cash and liquid assets FY 2022 (£bn) 0.4 1.7 (0.3) 0.8 (1.0) FY 2021 Cash remittances from Central costs & Cash dividends and shares FY 2022 subsidiaries other movements purchased in buyback1 1. Include transaction costs 74
Slide 75: Financial debt structure
Financial debt structure Subordinated debt (all Tier 2) ISIN Currency Nominal Coupon Issue Date Maturity Date Call Date XS2025521886 GBP 300 3.875% 2019 2049 2024 XS1888930150 USD 500 6.500% 2018 2048 2028 XS1888920276 GBP 750 5.625% 2018 2051 2031 XS1243995302 GBP 600 5.560% 2015 2055 2035 XS100337
Slide 76: Our international footprint
Our international footprint 9 3 Corporate Assets £342bn AUMA 21 54 UK 37 locations 94 £264.1bn 83 26 Europe 26 markets 27 £52.7bn 2.2 8.9 0.5 Middle East Asia-Pac & Africa £11.1bn 0.9 £12.7bn Americas £1.4bn 3.2 9.5 Wealth Heritage Wholesale Asset Management Other Retail & Savings Institutional Asse
Slide 77: Investor Relations contacts
Investor Relations contacts Luca Gagliardi Maria Baines Director of Investor Relations Investor Relations Event Manager +44 (0)20 8162 7307 +44 (0)20 8162 6122 +44 (0)752 559 7694 +44 (0)781 020 3731 luca.gagliardi@mandg.com maria.baines@mandg.com Nicola Caverzan Head of Credit and Rating Agency Rel