Slide 1: Arun Sarin, Chief Executive
Arun Sarin Chief Executive Vodafone Group Plc © Vodafone Group 2004
Slide 2: Important notice and forward-looking statements
The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following pre
Slide 3: Agenda
Agenda • First Half Highlights Arun Sarin Chief Executive • Financial Review Ken Hydon Group Financial Director • Operational Highlights Sir Julian Horn-Smith Group Chief Operating Officer • 3G Highlights Peter Bamford Chief Marketing Officer • Outlook and Q&A Arun Sarin Chief Executive
Slide 4: Key highlights
Key highlights • Healthy operational performance and on track • 3G fully launched – exciting new growth prospects • Continued progress and benefits from One Vodafone • Increasing returns to shareholders
Slide 5: Financial highlights – Statutory results
Financial highlights – Statutory results Underlying growth £ billion 1H 04 Change Organic Group Revenues 16.8 -1% 7% - Mobile 16.4 4% 6% Group EBITDA* 6.5 -2% 6% - Mobile 6.4 2% 5% Group Operating Profit* 5.7 -1% 5% - Mobile 5.7 0% 4% Earnings per share** 5.28p 10% *Excludes depreciation, amortisati
Slide 6: Financial highlights – Proportionate results
Financial highlights – Proportionate results Double digit growth in revenues & EBITDA On track for full year guidance... £ billion 1H 04 Change Organic Group Revenues 21.2 8% 10% - Mobile 20.7 11% 10% Group EBITDA* 8.3 6% 10% - Mobile 8.2 9% 10% Group EBITDA Margin 39.2% -0.4pp - Mobile 39.7% -0.8pp
Slide 7: Financial highlights – Free cash flow
Financial highlights – Free cash flow Growth in underlying free cash flow £4.6bn 4,500 £4.3bn 4,000 3,500 3,000 •Debt position: £ millions 2,500 2,000 •Sep 04: £8.7bn 1,500 •Sep 03: £10.9bn 1,000 500 0 Sep-03 Sep-04 Hedging gain Japan Telecom FCF pre-disposal Underlying Free Cash Flow
Slide 8: Operating highlights – customer growth
Operating highlights Stronger than expected customer growth Includes 7.4m customers on an organic basis* 146.7m 140 133.4m 13.3m 120 Mobile Customers (millions)) 100 80 60 40 20 0 Mar-04 Sep-04 UK & Ireland Northern Europe Southern Europe & MEA Americas Asia Pacific * Proportionate
Slide 9: Operating highlights – ARPU trends
Operating highlights ARPU trends(1) UK(2) Spain Italy 9% €400 7% £318 £297 1% €368 €360 €355 Sep-03 Sep-04 Sep-03 Sep-04 Sep-03 Sep-04 Germany Japan (2%) (10%) €312 ¥84,818 €305 ¥76,590 Sep-03 Sep-04 Sep-03 Sep-04 (1) 12 month rolling ARPU (2) Includes Singlepoint uplift
Slide 10: Strong voice and non-voice growth
Operating highlights Strong voice and non-voice growth Group minutes of use(1) Non-voice % of service revenue(1,2) 16.5% 9% 83.7bn 15.5% 76.7bn H1 03/04 H1 04/05 Sept 03 Sept 04 (1) Mobile subsidiaries (2) 12 month rolling non-voice % of service revenue
Slide 11: Differentiated global products
Commercial highlights Differentiated global products Vodafone Mobile Connect Card Business Devices • 323,000 sales & PIM Applications • Full mobile access • Push data • VPN and Internet access • Business services • Award winning • PIM Vodafone Wireless Office Vodafone live!™ • Increased availability
Slide 12: Significant progress with 3G
Commercial highlights Significant progress with 3G • New era for mobile • Differentiated end-to-end customer propositions: – Vodafone Mobile Connect Card – Vodafone live! with 3G • Vodafone taking the lead • Sensible commercial approach profitable growth – 10m Vodafone live! with 3G customers by Mar
Slide 13: £2.5bn annual pre tax cash flow benefits from 2007/08
Commercial highlights £2.5bn annual pre tax cash flow(1) benefits from 2007/08 Revenue Cost Service platforms Network & Supply Chain Capex, Opex and Handsets £1.4bn Management (SCM) IT Delivery £2.5bn Terminals strategy Customer management Revenue £1.1bn Roaming (1) EBITDA adjusted for exceptional i
Slide 14: Re-basing the dividend
Increasing returns to shareholders Re-basing the dividend Intention of Dividend payout 100% growth in similar increase for the full year interim dividend pay-out 2.0 1.91 Dividend payout (pence/share) 1.5 1.08 0.95 1.0 0.79 0.90 0.72 0.75 0.5 0.0 FY 01/02 FY 02/03 FY 03/04 FY 04/05 Interim Final
Slide 15: Increased buyback programme
Increasing returns to shareholders Increased buyback programme 4,500 £4bn 4,000 3,500 • Increased programme to £4bn from £3bn 3,000 • Commitment by Mar 05 £ millions 2,500 £2.2bn – earlier than May 05 2,000 1,500 • Will therefore buyback £2.2bn in H2 04/05 1,000 £1.8bn £1.1bn 500 0 FY 03/04 FY 04/05
Slide 16: Significant increase in total cash returns
Increasing returns to shareholders Significant increase in total cash returns 6,000 £6bn 5,000 4,000 3,000 £2.5bn 2,000 1,000 0 FY 03/04 FY 04/05 Cash Dividend Paid* Buybacks * Includes prior year’s final dividend and stated year’s interim dividend
Slide 17: Ken Hydon, Group Financial Director
Ken Hydon Group Financial Director Vodafone Group Plc © Vodafone Group 2004
Slide 18: Statutory Results – Turnover
Statutory Results Turnover Analysis of Mobile Turnover Growth Total: 1.4 0.2 • £16.8bn -1% 1.2 0.3 • Organic growth: +7% 1.0 Change (£ billions)) Mobile: 0.8 0.3 • £16.4bn +4% 0.6 0.5 (0.6) • Organic growth: 0.4 – Total +6% 0.2 – Non-voice: +12% - Mobile voice Mobile non- Other m obile Acquisitions
Slide 19: Mobile Trading Results
Statutory Results Mobile Trading Results Direct mobile & operating costs* (£ billions) £8.1 billion £7.8 billion 6 Months to 30 September +4% 0.9 0.7 +18% 2004 2003 Increase £m £m % 0.9 1.0 Total turnover 16,363 15,706 4 2.1 2.2 +0% Service revenue 14,546 14,114 3 0.8 0.7 Costs* (8,124) (7,798) 4 1.
Slide 20: Group Operating Profit
Statutory Results Group Operating Profit* Analysis of Group Operating Profit* Growth 0.3 0.1 • £0.3bn organic growth 0.2 • Offset by: Change (£ billions) 0.2 (0.2) 0.1 – Foreign exchange (0.1) - – Japan Telecom Mobile grow th Other grow th Foreign Acquisitions & (organic) (organic) currency Disposal
Slide 21: Statutory Results – Adjusted EPS
Statutory Results 6 Months to 30 September Adjusted EPS* (Pence) 2004 2003 Increase £m £m % Turnover 16,796 16,899 (1) 5.28 4.78 Group operating profit* 5,685 5,722 (1) Net interest payable (291) (356) (18) 4.32 Profit before tax* 5,394 5,366 1 3.53 Tax (1,559) (1,792) 3.28 Goodwill amortisation (7,
Slide 22: Cash Flow
Cash Flow 6 months to 30 September 2004 2003 Increase £m £m % Free Cash Flow Yield* Operating cash flow 6,379 6,081 5 Capital expenditure (2,491) (2,202) 13 10.0% Licences (15) (2) 650 Operating free cash flow 3,873 3,877 - Tax paid (360) (283) 27 7.2% Net interest (paid) / received (229) 242 N/A Di
Slide 23: Tangible Fixed Assets
Tangible Fixed Assets September 2004 March 2005 • £2.1bn additions • Around £5bn additions Geographic Analysis Category Analysis Other Operations Fixed line Other Mobile 2% 2G Network 2% Germany 10% 17% Other 16% Mobile 24% Italy 11% Non-Network IT 25% Spain 3G Network 9% 30% United Kingdom 16% Tran
Slide 24: Net Debt
Net Debt Debt Maturity by Calendar Year At 30 September 2004 (£ billions) • September 2004: 2.5 £bn Total = £13.4 billion 2.0 Gross debt (13.4) 1.5 Cash & investments 4.7 1.0 Net Debt (8.7) 0.5 • No further de-leveraging 0.0 2011-20 2004 2005 2006 2007 2008 2009 2010 2021+
Slide 25: Shareholder Returns
Shareholder Returns • Interim dividend: Dividend per share and dividend cover* 5.0 – Doubled 4.1 3.9 4.0 – 1.91 pence per share 2.8 • Share purchases: 1.91 – Allocation increased 0.90 0.95 1.08 0.79 – £4.0bn planned H1 02/03 H2 02/03 H1 03/04 H2 03/04 H1 04/05 – £1.8bn completed Dividend per share (
Slide 26: International Financial Reporting (IFRS)
International Financial Reporting (IFRS) • Intangibles update • Timetable FY 03/04 FY 04/05 FY 05/06 UK GAAP UK GAAP - IFRS? IFRS IFRS IFRS Update (20 January 2005) • IFRS basis 04/05 Full Year • 03/04 Full Year & 04/05 Interims • UK GAAP basis • Outlook statements (FY 04/05 & 05/06) • IFRS outlook
Slide 27: Summary
Summary • Increased returns to shareholders: – Interim dividend up 100% – Share purchases increased to £4bn • Future growth from: – 3G products and services – One Vodafone initiatives
Slide 28: Sir Julian Horn-Smith, Group COO
Sir Julian Horn-Smith Group Chief Operating Officer Vodafone Group Plc © Vodafone Group 2004
Slide 29: Sustained strong customer growth
Sustained strong customer growth Quarterly proportionate net additions(1) 5,000 4,000 31.9% Net additions ('000s) 3,000 25.1% 2,000 1,000 0 Q1 Q2 FY 03/04 net additions FY 04/05 net additions (1) Net additions exclude stake changes during the period
Slide 30: Vodafone UK – net additions and customers
Vodafone UK Net additions Customers and churn(1) 900 41.3% 41.3% 16,000 29.7% 29.4% 29.3% 800 40.1% 39.9% 15,000 29.1% 700 14,000 600 13,000 500 ('000s) ('000s) 400 12,000 300 11,000 200 10,000 100 0 9,000 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Mar-03 Sep-03 Mar-04 Sep-04 Contract net additions Prepaid
Slide 31: Vodafone UK – ARPU and non-voice
Vodafone UK ARPU(1) & non-voice(2) Year on year growth 330 17.3% 14% 13% 13% 16.1% 320 15.0% 12% 14.4% 310 10% Year on year growth 9% 300 8% 8% ARPU (£) 7% 7% 290 6% 6% 5% 280 4% 4% 4% 270 2% 260 2% 1% 250 0% Mar-03 Sep-03 Mar-04 Sep-04 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Service revenue Singlepoint
Slide 32: Vodafone UK – direct costs and operating expenses
Vodafone UK Direct costs and operating expenses(1) 70% Customer 60% 17.9% 16.9% base 13.1% 9.1% costs 50% % of gross service revenue 40% Other 23.1% 24.4% 26.9% 26.2% direct costs 30% 20% 25.4% 24.6% 23.7% Operating 23.3% expenses 10% 0% H2 02/03 H1 03/04 H2 03/04 H1 04/05 Other operating costs Payr
Slide 33: Vodafone UK – EBITDA
Vodafone UK EBITDA(1) 1,200 38.2% 36.3% • Strong performance in 1,000 31.4% 33.3% competitive market place 800 EBITDA (£ millions) • Operating expenses as % 600 of service revenue stable 400 200 • Expect improvement in full 0 year margins on last year H2 02/03 H1 03/04 H2 03/04 H1 04/05 EBITDA EBITD
Slide 34: Vodafone Germany – net additions and customers
Vodafone Germany Net additions Customers and churn(1) 19.6% 1,800 48.5% 48.6% 30,000 18.6% 18.7% 1,600 47.6% 17.4% 46.6% 27,000 1,400 1,200 24,000 1,000 ('000s) ('000s) 800 21,000 600 400 18,000 200 0 15,000 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Mar-03 Sep-03 Mar-04 Sep-04 Contract net additions Prepa
Slide 35: Vodafone Germany – ARPU and non-voice
Vodafone Germany ARPU(1) & non-voice(2) Year on year growth 350 10% 17.4% 17.6% 9% 17.0% 16.4% 8% 9% 325 8% 8% 8% 7% 7% 7% 300 Year on year growth 6% 6% 6% ARPU (€) 275 4% 4% 3% 250 2% 225 200 0% Mar-03 Sep-03 Mar-04 Sep-04 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Voice ARPU Non-voice ARPU Non-voice % of
Slide 36: Vodafone Germany – direct costs and operating expenses
Vodafone Germany Direct costs and operating expenses(1) 60% 14.8% 50% Customer 12.4% 14.3% 12.3% base costs % of gross service revenue 40% 20.8% Other 30% 21.0% 20.2% direct 20.3% costs 20% 24.1% 20.4% 20.9% 20.1% Operating 10% expenses 0% H2 02/03 H1 03/04 H2 03/04 H1 04/05 Other operating costs Pa
Slide 37: Vodafone Germany – EBITDA
Vodafone Germany EBITDA(1) 46.9% 2,500 45.6% 44.4% 39.7% • Strong cost control 2,000 EBITDA (€ millions) 1,500 • Targeted acquisition and 1,000 retention spend 500 • Strong margin performance 0 expected to continue H2 02/03 H1 03/04 H2 03/04 H1 04/05 EBITDA EBITDA margin (1) Before exceptional items
Slide 38: Vodafone Italy – net additions and customers
Vodafone Italy Net additions Customers and churn(1) 1,600 25,000 17.5% 8.4% 8.2% 8.0% 16.9% 8.0% 16.6% 16.4% 1,400 22,000 1,200 1,000 19,000 ('000s) ('000s) 800 16,000 600 400 13,000 200 0 10,000 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Mar-03 Sep-03 Mar-04 Sep-04 Contract net additions Prepaid net addit
Slide 39: Vodafone Italy – ARPU and non-voice
Vodafone Italy ARPU(1) & non-voice(2) Year on year growth 14.1% 14% 400 14% 13.3% 13% 12.2% 12% 12% 11% 375 11.3% 11% 10% 10% 10% 9% 350 9% Year on year growth 9% 8% 8% 8% ARPU (€) 325 6% 300 4% 275 2% 250 0% Mar-03 Sep-03 Mar-04 Sep-04 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Voice ARPU Non-voice ARPU N
Slide 40: Vodafone Italy – direct costs and operating expenses
Vodafone Italy Direct costs and operating expenses(1) 50% 3.3% Customer 3.0% 3.0% base 2.6% 40% costs % of gross service revenue 24.3% Other 23.6% 30% 23.1% 23.4% direct costs 20% 10% 19.7% 17.9% 19.6% 18.1% Operating expenses 0% H2 02/03 H1 03/04 H2 03/04 H1 04/05 Other operating costs Payroll cost
Slide 41: Vodafone Italy – EBITDA
Vodafone Italy EBITDA(1) 54.3% 53.4% 2,500 51.0% 49.0% 2,000 • Targeted retention activity EBITDA (€ millions) 1,500 1,000 • Tight control of overheads 500 • Increasingly competitive 0 market place H2 02/03 H1 03/04 H2 03/04 H1 04/05 EBITDA EBITDA margin (1) Before exceptional items
Slide 42: Vodafone Spain – net additions and customers
Vodafone Spain Net additions Customers and churn(1) 1,200 45.4% 12,000 24.6% 24.2% 23.0% 23.0% 43.0% 1,000 42.8% 42.8% 11,000 800 10,000 ('000s) ('000s) 600 9,000 400 8,000 200 7,000 0 6,000 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Mar-03 Sep-03 Mar-04 Sep-04 Contract net additions Prepaid net additions
Slide 43: Vodafone Spain – ARPU and non-voice
Vodafone Spain ARPU(1) & non-voice(2) Year on year growth 12.4% 450 30% 11.4% 28% 10.4% 26% 25% 24% 9.4% 400 21% 21% 20% Year on year growth 18% ARPU (€) 350 15% 15% 13% 12% 12% 11% 10% 9% 300 5% 250 0% Mar-03 Sep-03 Mar-04 Sep-04 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Voice ARPU Non-voice ARPU Non-voi
Slide 44: Vodafone Spain – direct costs and operating expenses
Vodafone Spain Direct costs and operating expenses(1) 70% 60% Customer 12.5% 13.9% base 13.3% 10.3% 50% costs % of gross service revenue 40% Other 27.9% 25.9% direct 26.9% 26.9% 30% costs 20% 22.8% 22.4% Operating 10% 21.2% 20.4% expenses 0% H2 02/03 H1 03/04 H2 03/04 H1 04/05 Other operating costs
Slide 45: Vodafone Spain – EBITDA
Vodafone Spain EBITDA(1) 1,000 38.6% 36.3% 33.3% 34.1% • Excellent customer growth 800 EBITDA (€ millions) 600 • Focus on high value 400 segments 200 • Strong growth in 0 profitability H2 02/03 H1 03/04 H2 03/04 H1 04/05 EBITDA EBITDA margin (1) Before exceptional items
Slide 46: Vodafone Japan – net additions and customers
Vodafone Japan Net additions Customers and churn(1) 94.3% 92.2% 23.5% 1,200 90.8% 17,000 23.3% 89.3% 23.1% 22.4% 1,000 16,000 800 15,000 600 14,000 ('000s) ('000s) 400 13,000 200 12,000 0 11,000 (200) 10,000 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Mar-03 Sep-03 Mar-04 Sep-04 Contract net additions Prepa
Slide 47: Vodafone Japan – ARPU and non-voice
Vodafone Japan ARPU(1) & non-voice(2) Year on year growth 110,000 16% 21.9% 15% 21.8% 21.3% 14% 20.3% 100,000 12% 11% 10% 9% 90,000 8% 8% Year on year growth 6% 80,000 5% ARPU (¥) 5% 4% 70,000 0% 0% 60,000 0% (4%) 50,000 (5%) 40,000 (8%) Mar-03 Sep-03 Mar-04 Sep-04 H2 02/03 H1 03/04 H2 03/04 H1 04/0
Slide 48: Vodafone Japan – direct costs and operating expenses
Vodafone Japan Direct costs and operating expenses(1) 70% 60% 23.9% Customer 22.6% base 18.1% 50% 23.7% costs % of gross service revenue 40% Other 15.3% 15.2% 13.0% direct 30% 13.6% costs 20% 28.3% 28.9% Operating 27.2% expenses 23.8% 10% 0% H2 02/03 H1 03/04 H2 03/04 H1 04/05 Other operating costs
Slide 49: Vodafone Japan – EBITDA
Vodafone Japan EBITDA(1) 400 31.5% 29.7% 27.8% 25.4% • Investment in retention 300 EBITDA (¥bn) 200 • Cost improvements from transformation plan 100 • Maintaining full year 0 margin outlook H2 02/03 H1 03/04 H2 03/04 H1 04/05 EBITDA EBITDA margin (1) Before exceptional items
Slide 50: Vodafone Japan - transformation plan
Vodafone Japan - transformation plan FY 04/05 FY 06/07 Transforming Achieving commercial Operations success Fix the Fundamentals • Differentiated • Cost Reduction • 9 to 1 Integration & 3G offering: Processes (network handsets, • Distribution content/services, channel) • Employees 3G Rollout • Netwo
Slide 51: Verizon Wireless – net additions and customers
Verizon Wireless Net additions Customers and churn(1) 25.1% 3,500 50,000 21.3% 19.7% 17.9% 45,000 3,000 Net additions ('000s) 40,000 ('000s) 2,500 35,000 2,000 30,000 1,500 25,000 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Mar-03 Sep-03 Mar-04 Sep-04 Net additions Customers Churn (1) 6 month annualised chu
Slide 52: Verizon Wireless – ARPU and EBITDA
Verizon Wireless ARPU(1) & non-voice(2) Proportionate EBITDA(3) 3.8% 39.3% 700 3,000 2.7% 36.2% 35.7% 1.7% 35.1% 650 1.1% 2,500 600 2,000 EBITDA ($ millions) ARPU ($) 550 1,500 500 1,000 450 500 400 0 Mar-03 Sep-03 Mar-04 Sep-04 H2 02/03 H1 03/04 H2 03/04 H1 04/05 Voice ARPU Non-voice ARPU Non-voice
Slide 53: Summary
Summary • Solid operational results • Robust margin performance given: – Strong customer growth – Competitive environment • Well positioned to deliver future benefits from 3G and One Vodafone
Slide 54: Peter Bamford, Chief Marketing Officer
Peter Bamford Chief Marketing Officer Vodafone Group Plc © Vodafone Group 2004
Slide 55: Highlights
Highlights • 100,000+ 3G Mobile Connect Cards sold in 13 countries Business • Global launch of Vodafone live! with 3G in 13 countries Consumer
Slide 56: Vodafone live! with 3G
Vodafone live! with 3G End-to-end proposition based on Vodafone live! New Terminals New and Enhanced Services New Portal and Content New Pricing New Networks
Slide 57: Pricing approach
Pricing approach Based on 3 key elements: • New data and content model • Data promotions • Voice pricing
Slide 58: Data & content model - Europe
Data & content model - Europe Old Model New Model New Model Delivers • Pay to browse • Free browsing on net • Differentiation of on-net and off-net portal pricing • Pay to download • Pay for service • Increased usage and • Charges related to • Charges related to revenue volume of data value • Value
Slide 59: Data & content promotions
Data & content promotions • Free access to packages of content for limited period • Drive penetration and usage of new services
Slide 60: New pricing model delivers increased usage and revenue
New pricing model delivers increased usage and revenue • A new user experience on the portal that is already operational in Germany • Search usage up 300% • 170% increase in hero download, news and sports services
Slide 61: Vodafone live! with 3G – voice pricing
Vodafone live! with 3G – voice pricing • Align with local tariff / pricing structures • More value for high users • Encourage more voice usage • Progressive move along elasticity curve
Slide 62: Examples of voice pricing initiatives
Examples of voice pricing initiatives - Spectrum of approaches “Hero” tariffs UK • £40 – 500 voice minutes plus text and content • £60 – 1,000 voice minutes plus text and content Germany • Extra bundle €5 on existing bundles buys 1,000 week-end minutes and data • No new voice tariffs Italy • Promoti
Slide 63: Commercial strategy
Commercial strategy • Subsidies – no significant increase • Higher ARPU Investment Return New Bundles Increased voice usage Free Browsing Increased data usage Drive share of high value customers • Active management of upgrades to optimise trade-up opportunities / trade down risks with new voice bund
Slide 64: Summary: Vodafone leads the way
Summary: Vodafone leads the way • Complete proposition • Commercial strategy to drive trial and value enhancement • Platform for sustainable differentiation • Incremental revenue growth
Slide 65: Arun Sarin, Chief Executive
Arun Sarin Chief Executive Vodafone Group Plc © Vodafone Group 2004
Slide 66: Outlook for FY 04/05
Outlook for FY 04/05 Organic average proportionate customer growth Around 10% Organic proportionate mobile revenue growth High single digit Proportionate mobile EBITDA margin* Broadly stable Fixed asset additions Around £5bn Free cash flow Around £7bn * Excludes the impact of stake changes
Slide 67: Preliminary outlook for FY 05/06
Preliminary outlook for FY 05/06* Organic average proportionate customer growth High single digit Organic proportionate mobile revenue growth High single digit Proportionate mobile EBITDA margin Broadly stable Fixed asset additions Around £5bn * Guidance on a UK GAAP basis only
Slide 68: Summary
Summary • Robust financial performance in increasingly competitive markets • Japan improving but more still to do • 3G services fully commenced • One Vodafone initiatives well underway • Reorganisation to improve organisational efficiency • Guidance for this year re-iterated • Guidance for next year
Slide 69: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Group’s financial condition, results of operations and businesses and certain of the Group’s plans and objectives. In p