Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Investor Day (September 2009)
78 slides from Mtu Aero Engines's investor day presentation, Sep 25, 2009
Slide 1: Investor and Analyst Day 2009
Investor and Analyst Day 2009 MTU Aero Engines Munich, September 25, 2009
Slide 2: Agenda – MTU Investor and Analyst Day 2009
Agenda – MTU Investor and Analyst Day 2009 Time Event Speaker Update on Current Market Situation, Commercial 11:00 Egon Behle and Military Business Update on Financials and on Progress of Reiner Winkler Challenge 2010 12:40 – 13:30 Lunch with MTU Management 13:30 The New MRO Dr. Stefan Weingartner P
Slide 3: Update on Current Market Situation, Commercial and Military Business
Update on Current Market Situation, Commercial and Military Business Egon Behle CEO Munich, September 25, 2009
Slide 4: Agenda
Agenda 1. Current Market Situation 2. Commercial and Military Business 3. Market Outlook 25 September 2009 MTU Investor Relations 4
Slide 5: MTU Aero Engines Celebrates its 75th Anniversary in 2009
MTU Aero Engines Celebrates its 75th Anniversary in 2009 1934 Foundation of BMW Flugmotorenbau GmbH 1969 Foundation of MTU München 1989 Formation of Deutsche Aerospace (DASA) within Daimler-Benz Group 2000 Name changed to MTU Aero Engines, directly held by DaimlerChrylser 2004 DaimlerChrysler sells
Slide 6: Current Market Situation
Current Market Situation Passenger air traffic growth Cargo air traffic growth 40% 25% IATA Global Int'l IATA Global Int'l (excl. Domestic) 20% (excl. Domestic) 30% 15% 20% 10% 5% 10% 0% 0% -5% Iraq War Stabilization and SARS -10% followed by -10% improvements Iraq War -15% and SARS -20% Impact from
Slide 7: The Market Cycles (Status September 2009)
The Market Cycles (Status September 2009) History Forecast (4.7% p.a. growth) 11000 3500 Passenger traffic forecast World revenue passenger kilometers (bn) 10000 Passenger traffic 1980-2008 Number of civil transport jet aircraft Aircraft deliveries 3000 9000 Aircraft firm orders (airliners, freighte
Slide 8: Market Expectations
Market Expectations Expected engine sales 2009-28 – CAGR ~3% to 4% Regional & business jet ~US$ 100bn Widebody 30-90 seats ~US$ 300bn Narrowbody 230+ seats ~US$ 200bn 90-230 seats Commercial aero engine market is expected to generate about US$ 600bn sales over the next 20 years Source: MTU/ASM Septe
Slide 9: Agenda
Agenda 1. Current Market Situation 2. Commercial and Military Business 3. Market Outlook 25 September 2009 MTU Investor Relations 9
Slide 10: Commercial Business – Operational Programs
Commercial Business – Operational Programs Overall 2009 assumptions compared to 2008 • Large engine sales flat in US$, business jet engine sales -50% in US$ • Spare parts volume -5% to -8%, but sales almost stable on same US$-basis V2500 – continuous success • 4000th engine delivered to TAM on Augus
Slide 11: Commercial Business – New Engine Programs
Commercial Business – New Engine Programs GTF engines for CSeries and MRJ • Lufthansa and LCI: total of 50 firm A/C for CSeries. • Market activities ongoing (e.g. Hong Kong Aviation). • MRJ considers stretched 100 PAX version as a result of market request. GEnx for B787 and B747-8 • B747-8 Freighter
Slide 12: Military Business – Programs and Military MRO
Military Business – Programs and Military MRO • EJ200 Tranche 3A contract for 193 additional engines – generating turnover until 2015 – was signed on July 31, 2009. • EJ200 has shown exceptional performance and reliability during 135 000 flight hours so far. • Focus on Eurojet export campaigns (2nd
Slide 13: Military Business – TP400 Program
Military Business – TP400 Program General program information: • Preliminary FADEC software has been delivered to Airbus at the end of June and successfully passed all tests by Airbus Military. Further EASA certification milestones have been passed. Final flight software on track. • Airbus expects A
Slide 14: MTU Maintenance – MRO Highlights
MTU Maintenance – MRO Highlights MTU Hannover • Process optimization • Return to profit targets MTU Zhuhai • Continuous growth • Expansion of infrastructure MTU Berlin-Brandenburg • Benefitting from IGT • Suffering from business jets 25 September 2009 MTU Investor Relations 14
Slide 15: Changes in Company Structure
Changes in Company Structure MTU Aero Engines Polska MTU in Shanghai Production started April 1, 2009 Office for business affairs MEPC Middle East Propulsion Company AENA Production Contract signed June 2009 Sold June 30, 2009 25 September 2009 MTU Investor Relations 15
Slide 16: Roland Berger Survey
Roland Berger Survey Question to more than 100 leading decision makers in aviation industry: Which measures have been taken by the companies to react to the crisis as well as to be prepared for the time after the crisis? Summary: In 2009, the agenda of the aviation industry has changed tremendously
Slide 17: Agenda
Agenda 1. Current Market Situation 2. Commercial and Military Business 3. Market Outlook 25 September 2009 MTU Investor Relations 17
Slide 18: Market Outlook – Market Expectations for 2010
Market Outlook – Market Expectations for 2010 EADS: “Business is gradually recovering.” EADS: “The severity and duration of the crisis can only be assessed in 2010.” Airbus: “Production cuts possible in 2010.” Boeing: “Global aviation market to recover in 2011.” Boeing: “Growth in cargo traffic from
Slide 19: MTU's Market Expectations for 2010 from Today's Perspective
MTU’s Market Expectations for 2010 from Today's Perspective • OEMs indicate slight signs of market improvement. • V2500 has upside potential versus 2009. • GP7000 may stay flat (ramp up if some deliveries for 2009 are moved to 2010). • GEnx first deliveries for B747-8. • Business jet segment flat on
Slide 20: Summary
Summary Guidance 2009 remains unchanged. Challenge 2010 on track – optimization of internal structures and processes ongoing. Market has bottomed out, should stay on similar level in 2010. New commercial program participations in place to secure MTU’s future. Military programs are doing well. MTU is
Slide 21: Update on Financials and on Progress of Challenge 2010
Update on Financials and on Progress of Challenge 2010 Reiner Winkler CFO Munich, September 25, 2009
Slide 22: Agenda
Agenda 1. H1 2009 and Guidance 2. Financial Position of MTU 3. “Challenge 2010” cost-cutting program 4. Summary 25 September 2009 MTU Investor Relations 22
Slide 23: H1 2009: Revenue Growth
H1 2009: Revenue Growth MTU Group Revenues (m€) Segment Revenues (m€) +10%* +15%* 589 513 MRO +2% 1,376 232 1,256 Military 227 business + 7%** 531 570 Commercial business H1 2008 H1 2009 H1 2008 H1 2009 *decrease on US$ basis:2% *stable on US$ basis ** decrease on US$ basis: 7% 25 September 2009 MTU
Slide 24: H1 2009: 10% EBIT at Group Level
H1 2009: 10% EBIT at Group Level MTU Group EBIT adj. (m€) Segment EBIT adj. (m€) 18.5% 12.3% 6.8% 12.5% 3.5% 10.0% 18 -13% +122% 40 -30% 157 137 141 98 H1 2008 H1 2009 H1 2008 H1 2009 Group margin OEM MRO OEM margin MRO margin 25 September 2009 MTU Investor Relations 24
Slide 25: H1 2009: Free Cash Flow and Net Income / EPS
H1 2009: Free Cash Flow and Net Income / EPS Free Cash Flow Net Income / EPS 100 m€ €/share 90 200 2,0 80 180 160 1.61 70 -14% 1,5 140 60 120 50 1.14 100 1,0 40 77 80 67 30 60 -31% 0,5 20 40 80 10 20 56 0 0 0,0 H1 2008 H1 2009 H1 2007 H1 2009 Net income EPS 25 September 2009 MTU Investor Relations 2
Slide 26: FY 2009 Forecast Remains Unchanged
FY 2009 Forecast Remains Unchanged Revenues (m€) EBIT adj. (m€) stable 12.1% 10.0% 2,724 ~ 2,800 331 280 FY 2008 Outlook 2009 FY 2008 Outlook 2009 Free Cash Flow (m€) Net Income / EPS reported (m€) in €/share 3.6 2.8 124 180 140 ~ 80-100 FY 2008 Outlook 2009 FY 2008 Outlook 2009 25 September 2009 MT
Slide 27: Agenda
Agenda 1. H1 2009 and Guidance 2. Financial Position of MTU 3. “Challenge 2010” cost-cutting program 4. Summary 25 September 2009 MTU Investor Relations 27
Slide 28: Financial Policy of MTU
Financial Policy of MTU Continuous improvement of debt structure Optimization of Free Cash Flow (FCF) Use of Free Cash Flow: Share buy-back stopped No further buy-back of convertible bond FCF only used for dividend payment and debt reduction Treasury policy: No speculative financial assets Solid liq
Slide 29: Reuters FX Poll (Sept. 2009)
Reuters FX Poll (Sept. 2009) US$/€ 1,80 1,70 1,60 1,50 Range: 1,40 1.18 – 1.60 1,30 1,20 1,10 1,00 09 r 09 r 09 09 09 09 09 09 t 09 v 09 09 10 10 r 10 r 10 10 10 10 10 10 b a y e ly g p c n b a y e ly g p Fe M Ap Ma Jun Ju Au Se Oc No De J a Fe M Ap Ma Jun Ju Au Se 25 September 2009 MTU Investor Rel
Slide 30: MTU's Current Hedge Portfolio
MTU’s Current Hedge Portfolio Hedge book as of September 25, 2009 (% of net exposure) mUS$ 700 (=85%) 460 (=55%) 160 (=17%) 2009 2010 2011 1.42 1.42 1.37 Average hedge rate (US$/€) 25 September 2009 MTU Investor Relations 30
Slide 31: Financial Position
Financial Position FY 2007 FY 2008 H1 2009 Aug 2009 300 Cash & Cash equivalents/derivatives 200 RCF headroom € 100m 100 own shares/ convert. ~€ 110m 0 -100 -200 -300 Net financial debt -400 Total debt MTU is in a healthy financial position, which improves continuously, and has a significant financia
Slide 32: Financial Activities of MTU
Financial Activities of MTU Placement of a “Schuldscheindarlehen” in the amount of € 65m (first offer € 50m): 4 tranches (fixed/floating rate, 3/5 years) Broadening the scope of investors: Sparkassen, Landesbanken Existing liquidity currently at € 120m - 160m Replacement of RCF: € 100m, 3 years unti
Slide 33: Agenda
Agenda 1. H1 2009 and Guidance 2. Financial Position of MTU 3. “Challenge 2010” cost-cutting program 4. Summary 25 September 2009 MTU Investor Relations 33
Slide 34: Professional Efficiency Improvement Management at MTU
Professional Efficiency Improvement Management at MTU • Benchmarking • Analysis • Transfer into • Tracking of • Identify fields • Identification of • Generation and line organization measures of action improvement evaluation of • Implementation • Monitoring of • Define projects actions of actions ta
Slide 35: Product cost reduction and production optimization
• Product cost reduction • Optimization of production (process) KPIs • Material costs • Production costs • Productivity (%) • Lead time (days) • WIP (€) 25 September 2009 MTU Investor Relations 35
Slide 36: MRO inTakt – Working capital controlling at all facilities
6 Budget Delta Delta WoC Report MTU-SH Act. Bud. Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Act. Act. Act./ in Mio. € 2008 Month /Bud YE Bud YE WoC 139,8 146,5 146,6 141,4 143,8 155,1 151,7 182,7 -31,0 184,2 -32,5 Inventory Total IFRS net 119,6 128,0 126,3 117,2 114,5 110,6 98,8 116,6 -17,8 117
Slide 37: Current Status of the Challenge 2010 Cost-Cutting Program
Current Status of the “Challenge 2010” Cost-Cutting Program Challenge 2010 Major initiatives: Current status: Reduction of product costs Project is proceeding according to plan • Design to cost Reduction of product costs and in MRO • Supply chain: Best cost countries (e.g. India) Cost savings
Slide 38: Agenda
Agenda 1. H1 2009 and Guidance 2. Financial Position of MTU 3. “Challenge 2010” cost-cutting program 4. Summary 25 September 2009 MTU Investor Relations 38
Slide 39: Summary
Summary H1 2009 figures show stable situation at MTU. Despite the economic downturn our 2009 guidance can be confirmed. MTU is in a healthy financial position which improved even through the recent crisis. MTU is on track with its “Challenge 2010” cost-cutting program with a total volume of € 50m. T
Slide 40: The New MRO
The New MRO Dr. Stefan Weingartner President and CEO Commercial Maintenance Munich, September 25, 2009
Slide 41: Agenda
Agenda • Commercial MRO • Summary H1 2009 Financials • Market Update • Operations • Outlook & Strategy 25 September 2009 MTU Investor Relations 41
Slide 42: Commercial MRO
Agenda • Commercial MRO • Summary H1 2009 Financials • Market Update • Operations • Outlook & Strategy 25 September 2009 MTU Investor Relations 42 Commercial MRO
Slide 43: Commercial MRO – Status Quo
Commercial MRO – Status Quo Status Quo • Market: worst crisis in air transportation ever • MTU Maintenance Hannover: operational performance back on track • MTU Maintenance Hannover: in September 2009 order intake of € 50m • MTU Maintenance: 15% sales growth in H1 2009; stable revenues on US$ basis
Slide 44: Summary H1 2009 Financials
Agenda • Commercial MRO • Summary H1 2009 Financials • Market Update • Operations • Outlook & Strategy 25 September 2009 MTU Investor Relations 44 Summar y H109 Financials
Slide 45: Summary H1 09 Financials – MRO Business
Summary H1 09 Financials – MRO Business Revenues MRO Revenues OEM Business OEM Business EBIT EBITDA adj.OEM MROBusiness Business m€ m€ 100 10% 600 589 513 +15% 80 6.8% 6-7% 400 60 40 5% 40 3.5% 200 18 20 +122% 0 0 0% H1 2008 H1 2009 H1 2008 H1 2009 2009 EBIT adj. margin Stable revenues on US$ basis
Slide 46: Market Update
Agenda • Commercial MRO • Summary H1 2009 Financials • Market Update • Operations • Outlook & Strategy 25 September 2009 MTU Investor Relations 46 Market Update
Slide 47: Commercial MRO – Market Trends
Commercial MRO – Market Trends General Market Situation • Worst crisis in air transportation history (-4% yoy air traffic and $ -11bn losses for airline industry expected in 2009); however, there are signs that bottom has been reached. Conserving cash and cutting capacities are the airlines’ current
Slide 48: Commercial Engine MRO Forecast
Commercial Engine MRO Forecast Engine MRO Market 2008-2018 [mUS$] MTU’s Response • MTU less affected by crisis thanks 35.000 to its young portfolio (V2500, CF34, CFM56) 30.000 • MTU marginally affected by airline 25.000 bankruptcies so far • Introduction of new engine 20.000 programs under investiga
Slide 49: Healthy, Diversified Customer Basis
Healthy, Diversified Customer Basis MTU Maintenance: 2008 Sales by Regions • MTU was first mover into the Chinese market and has a strong footprint in this fastest growing Asian market 26% • JV partner China Southern Airlines is an important customer (6% of MRO 41% revenues). MTU’s portfolio in Asia
Slide 50: Top Engine MRO Providers 2008
Top 10 Engine MRO Providers 2008 2008 Estimated Engine MRO Market Shares 1 GE Engine Services 2 Rolls-Royce* 3 Lufthansa Technik* 4 MTU Maintenance* MTU improved market ranking from pos. 5 to pos. 4 in 2009 5 Pratt & Whitney 6 Delta TechOps 7 Air France/KLM 8 American Airlines 9 Snecma Services 10 S
Slide 51: Operations
Agenda • Commercial MRO • Summary H1 2009 Financials • Market Update • Operations • Outlook & Strategy 25 September 2009 MTU Investor Relations 51 Operatio ns
Slide 52: MTU Maintenance Prepared for Workload Fluctuations
MTU Maintenance Prepared for Workload Fluctuations In view of the general market downturn in passenger and freight miles MTU Maintenance is prepared for a potential reduction of incoming shop visits. The new production systems in Hannover and Berlin have been designed to reflect actual customer dema
Slide 53: MTU Maintenance Hannover: Further Improvements in Operational Performance
MTU Maintenance Hannover: Further Improvements in Operational Performance Key Performance Indicators Highlights TAT 100% OTD 100 • 50+ Kaizen workshops successfully 90 80% conducted 80 60% 70 40% • TAT decreased by 37 calendar days 60 20% Target TAT < 60 days 50 0% • OTD improved from 28% to 97% Dec
Slide 54: Customers Recognize MTU Maintenance Hannover as a Sound Partner again
Customers Recognize MTU Maintenance Hannover as a Sound Partner again. Improvements Show Financial Impact. Customer Satisfaction* Remarks 10 • Improvements have met customers’ expectations • Customer satisfaction statistics show 5 significant improvement • Reduction of cost of lease engines and 0 pe
Slide 55: MRO InTakt: Next Steps
MRO InTakt: Next Steps Project phase today Improve Hannover Berlin Stabilize Hannover Berlin Vancouver Roll-out Hannover Berlin Vancouver Hannover Berlin Vancouver Zhuhai Initialize Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Time • Implementation of new production/MRO system successfully
Slide 56: Capacity Extension at the Zhuhai Facility
Capacity Extension at the Zhuhai Facility Introduction Key Facts • No. 1 MRO facility in China with significant market shares (V2500 ~90%; CFM56-3 ~30%) • Additional shop area needed to support strong growth (increasing demand for CFM56-7 MRO services in Asia) • Optimized shop floor layout will supp
Slide 57: Commercial MRO – Highlights in Repair Development H1 2009
Commercial MRO – Highlights in Repair Development H1 2009 Repair Development (High-tech) Agreement Signed with GE: Component Repair Development 1st repair development agreement of its type Provides exclusivity to MTU on developed repairs for 3-year period All repairs are OEM-approved Introduce
Slide 58: Outlook & Strategy
Agenda • Commercial MRO • Summary H1 2009 Financials • Market Update • Operations • Outlook & Strategy 25 September 2009 MTU Investor Relations 58 Outlook & Strateg y
Slide 59: Short-term Market Challenges in Engine MRO
Short-term Market Challenges in Engine MRO Demand shift in contracts Shift in workscopes • Customers want to control their cash • Workscope-to-cost • From Fly-by-hour to Time & Material • Module swap with not-to-exceed pricing • Growing demand for repairs Shop visit deferrals & substitution Increasi
Slide 60: Summary
Summary MTU currently less affected by downturn than competition. Operations prepared for workload fluctuation. Strong product portfolio and diversified customer basis. New production system established to ensure future profitable growth. MRO InTakt implemented in Hannover and started at MTU Mainten
Slide 61: Preparing for Future Growth – MTU Operations and Technology
Preparing for Future Growth – MTU Operations and Technology Dr. Rainer Martens COO Munich, September 25, 2009
Slide 62: Agenda
Agenda 1. Technical Evolution in Jet Engines 2. OEM Operations - MTU Aero Engines Polska - Structural Changes / Initiatives 25 September 2009 MTU Investor Relations 62 Environment al and Economic Challeng es
Slide 63: Improvements in Engine Development
Improvements in Engine Development 100 Turbojet: ∆FC, JT3C (B707) ∆CO2 % Turbofan: 1st generation 18 % BPR=2 JT8D (B727, B737) 2nd generation BPR=4-6 3nd generation PW2037 (B757) BPR=7-8 20 % PW4084, New engine GE90 (B777) concepts: geared turbo- 12 % fan BPR>10 counter-rotating geared turbofan recu
Slide 64: MTU Technology Program CLAIRE is our Guideline
MTU Technology Program CLAIRE is our Guideline CLean AIR Engine Technology Program Base CLAIRE 1 CLAIRE 2 CLAIRE 3 100 ∆CO2 up % to up 90 15% to Fuel 20% up No to compromise Burn 30% 80 on noise 70 V2500 Geared Turbofan Opt. Propulsor Opt. Core 2000 2005 2010 2015 2020 2025 2030 2035 CLAIRE – our wa
Slide 65: Geared Turbofan Design Objectives
Geared Turbofan Design Objectives Criteria Existing Engine Objective Fuel burn Base > --12% Noise --2 to --4 dB rel. ICAO stg. 4 > - 20dB rel. ICAO stg. 4 Emissions --40% rel.ICAO96 -60% rel. ICAO 96 Maintenance cost Base > - 30% Reliability Base Zero Target (no IFSDs)) • Fuel burn is the most criti
Slide 66: For the Next Generation Single Aisle Engine, MTU is in Pole Position
For the Next Generation Single Aisle Engine … … with the GTF MTU is in the “Pole Position”! MTU High-speed LPT technology ADP … ATFI … CLEAN … GTF Demo B737 NG Airbus A320 NG New technologies Light materials Turning MTF 3D blisk machining Gearbox CSeries - PW1524G MTU compressor technology
Slide 67: Significantly Reduced Noise Emission
Significantly Reduced Noise Emission Munich International Airport (MUC) Today’s Aircraft Geared Turbofan Powered Next Generation Aircraft Noise Simulation: Pratt & Whitney SEL Contour Source: Wyle Laboratories 72% reduction in 75dB single event noise contour 25 September 2009 MTU Investor Relations
Slide 68: Spotlight on new Development Engine Programs at MTU
Spotlight on new Development Engine Programs at MTU Program PW1524 CSeries PW1217 MRJ GEnx GE38 Thrust 23.3 klb 16 klb 67-75 klb 7500 shp MTU component HPC / LPT HPC / LPT TCF Power Turbine Turbine Center Frame MTU share 15% 15% 6.65% 18.4% EIS 2013 2014 2012 2014 Sales in € ~ 10bn ~ 4bn ~ 11bn ~ 2b
Slide 69: Agenda
Agenda 1. Technical Evolution in Jet Engines 2. OEM Operations - MTU Aero Engines Polska - Structural Changes / Initiatives 25 September 2009 MTU Investor Relations 69 Environment al and Economic Challeng es
Slide 70: Successful Launch of MTU Aero Engines Polska after only 9 Months
Successful Launch of MTU Aero Engines Polska after only 9 Months of Construction Key Figures Land Size 70,000 m2 Plant Size 18,000 m2 Capacity 2010 315,000 h Operations 206,000 h R&D 63,000 h Employees 229 Investment >€ 60m Start of production on April 1, 2009 25 September 2009 MTU Investor Relation
Slide 71: MTU Aero Engines Polska – Product Categories
MTU Aero Engines Polska – Product Categories Manufacturing / Airfoil machining Preturning Module assembly parts repair Engineering Airfoil design Fixturing design MTU Aero Engines Polska is on its way to become the MTU high-tech low-cost location in airfoil design & manufacturing 25 September 2009 M
Slide 72: MTU Aero Engines Polska – Impressions from the Site
MTU Aero Engines Polska – Impressions from the Site Highlights efficient recruiting procedure smooth and efficient training phase supported by MUC flawless audit marathon conducted by various organizations KPIs – in time; within budget; in quality Production ramp up is well under way 25 Sept
Slide 73: Selected Activities in 2009 to Boost Performance
Selected Activities in 2009 to Boost Performance Divestiture of the manufacturing part of AENA realigned OEM manufacturing activities concentration of OEM manufacturing in Munich and Poland AENA Engineering remains operational as an independent entity close to the US customers Consolidation of
Slide 74: Selected Activities in 2009 to Boost Performance
Selected Activities in 2009 to Boost Performance Challenge 2010 – manufacturing & logistics T-Ressortleitung Reorganized manufacturing in Munich effective June 1, 2009 Production ... Development & Mil. Maintenance, Support Production Concentrating on core competencies Assembly, Services TA TF TI T
Slide 75: Selected Activities in 2009 to Boost Performance
Selected Activities in 2009 to Boost Performance Identification and ramp up of sourcing volume in BCCs* until 2012 • Screening of 109 countries Commodities selected for transfers and relevant aerospace • Turbine blades and vanes markets • Machining of rotating parts • Small machined parts • 150 supp
Slide 76: Summary
Summary Future engines need to cope with increasing environmental and economical challenges. The Geared Turbofan offers huge benefits with respect to fuel consumption, noise and maintenance cost and has proven technology readiness. The Geared Turbofan was selected by Bombardier and Mitsubishi for th
Slide 77: Thank you for your attention.
Thank you for your attention. Investor and Analyst Day 2009 MTU Aero Engines Munich, September 25, 2009
Slide 78: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could