10/25/2015 AP Stats AP Stats Chapter 3 Review. Fix countdowns.
Results presentation - CMC Markets...1. Net revenue generated from CFD and spread bet active...
Transcript of Results presentation - CMC Markets...1. Net revenue generated from CFD and spread bet active...
Results presentation
Half year ended
30 September 2017
Agenda
1 Key highlights
2 Financials
3 Regulation
4 Strategic progress
5 Q&A
H1 2018 Analyst presentation ǀ Pg 2
Key highlights
H1 2018 Analyst presentation ǀ Pg 3
Net operating income of £89.6m (2017 H1: £75.5m), a record first half
RPC of £1,814 (2017 H1: £1,488) reflecting the focus on high value clients
Strong operational gearing, with PBT margin increasing to 33% (2017 H1: 25%)
Interim dividend of 2.98 pence (one third of FY17 total ordinary dividend)
Progress continues to be made on strategic initiatives
ANZ Bank Stockbroking implementation progressing to plan
Agenda
1 Key highlights
2 Financials
3 Regulation
4 Strategic progress
5 Q&A
H1 2018 Analyst presentation ǀ Pg 4
1. Active clients represent those individual clients who have traded with or held CFD or spread bet positions with CMC Markets on at least one occasion during the period.2. Average trading revenue generated from CFD and spread bet active clients.3. Net operating income represents total revenue after rebates payable to introducing partners and retail clients, and betting levies.4. Underlying PBT represents PBT before exceptional items.
Active clients1 and Revenue per active client (RPC)2 (£)
KPIs
High value clients driving key metrics
Underlying Profit Before Tax4 (£m and margin)
Net operating income3 (£m)
Basic EPS (pence)
H1 2018 Analyst presentation ǀ Pg 5
Turnover (£bn) and Trades (m)
Profit after tax (£m)
44,01747,623 46,63446,548
49,098
1,707 1,871
1,4881,637
1,814
2016 2017 2018
H1 clients H2 clients RPC (£)
1,112911
1,175960
1,105
33.5 33.3
30.4
32.3
30.7
2016 2017 2018
H1 turnover H2 turnover Number of trades
78.9 75.5
89.690.585.3
2016 2017 2018
H1 H2
26.218.8
29.836.2
29.7
33%
40%
25%
35% 33%
2016 2017 2018H1 Underlying PBT H2 Underlying PBTUnderlying PBT margin
20.0
14.7
25.022.5
24.5
2016 2017 2018
H1 H2
7.2
5.1
8.78.0 8.5
2016 2017 2018
H1 H2
Group (£m) H1 2018 H1 2017 YoY %
CFD and spread bet (incl
binaries) net revenue84.6 70.9 19%
Stockbroking 4.1 3.7 11%
Interest income 0.8 0.9 (13%)
Sundry income 0.1 - -
Net operating income1 89.6 75.5 19%
Operating expenses (59.3) (56.4) (5%)
Finance costs (0.5) (0.3) (43%)
Profit before taxation 29.8 18.8 58%
Tax (4.8) (4.1) (16%)
Profit after tax 25.0 14.7 70%
1. Net operating income represents total revenue after rebates payable to introducing partners and retail clients, and betting levies.
Income statementHigh value client activity driving higher NOI with controlled cost increases
19% increase in net operating income driven by high value
clients trading larger volumes
Value of client trades increased across all asset classes,
most notably in FX (up £180bn or 58%)
H1 2018 Analyst presentation ǀ Pg 6
Net operating income
Operating expenses
Controlled operating expenses. Increase driven by higher
personnel costs, including:
annual salary increases
higher discretionary performance incentives
Cost increases were partially offset by:
lower but more targeted marketing spend
High operating leverage, with PBT margin increasing 8 ppts
H1 2017 netrevenue
Existing clientstrading more
Existing clientsnot trading
Returning clients New clients H2 2017 netrevenue
Existing clientstrading more
Existing clientsnot trading
Returning clients New clients H1 2018 netrevenue
1.7 (4.3)
1.6
0.5 (10.3)
2.0
11.9
80.4
84.6
1. Net revenue generated from CFD and spread bet active clients, including Countdowns and Binaries, after the impact of rebates to introducing partners and retail clients, and betting levies.
Net revenue1 bridge (£m)
Onboarding valuable new clients whilst existing client base continues to trade
H1 2018 Analyst presentation ǀ Pg 7
Existing clients:
(£2.6m)
New and returning clients:
£13.9m
Existing clients:
(£9.8m)
New and returning clients:
£12.2m
10.5
70.9
55% of revenue was generated by clients that have been with the Group for two years or more
Continuous traders remain steady half on half
H1 2018 Revenue¹ by client tenureClient churn (000’s)
Clients
Long-standing clients continue to generate the majority of revenue
H1 2018 Analyst presentation ǀ Pg 8
1. Gross revenue generated from CFD and spread bet active clients, including Countdowns and Binaries, before the impact of rebates to introducing partners and retail clients, and
betting levies.
11%
15%
19%
15%
40%0-6M
6-12M
1-2YR
2-3YR
>3YR
34 3337 37 37
9 1010 9 7
1 3
13
3
(11) (11) (12) (11) (12)
H1 2016 H2 2016 H1 2017 H2 2017 H1 2018
Continuous traders New traders Reactivated Stopped trading
Increased trading from high value clients led to an increase in
RPC of 22% against H1 2017
Active clients decreased slightly, due to the Group’s focus on
high value clients and a more targeted marketing spend
RPC among the highest in the industry
1. Average trading revenue generated from CFD and spread bet active clients.
2. Cumulative average net trading revenue generated per new client whose first trade was placed in the associated period.
Revenue per active client1 (RPC)Increased RPC driven by high value clients
H1 2018 Analyst presentation ǀ Pg 9
Active clients and RPC
New client value
Clients on boarded after the EU Referendum in FY17 are
noticeably above average value, reflecting quality of new clients
Payback on marketing spend remains between 2 to 3 months
13 13 13 13 12
17 18 18 1918
1415 16 17
17
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
5
10
15
20
25
30
35
40
45
50
H1 2016 H2 2016 H1 2017 H2 2017 H1 2018
RP
C (
£)
Acti
ve c
lien
ts (
000's
)
UK Europe APAC and Canada RPC
£-
£1,000
£2,000
£3,000
£4,000
£5,000
£6,000
£7,000
£8,000
1 3 5 7 9 11 13 15 17 19 21 23
Cu
mu
lati
ve A
ve.
Cli
en
t V
alu
e²
Months since first trade
FY15 FY16 FY17 FY17 post-Brexit FY18
Group (£m) H1 2018 H1 2017 YoY %
Staff costs 26.2 24.6 7%
IT costs 8.2 7.4 11%
Sales and marketing 9.4 10.6 (12%)
Premises 3.1 2.6 17%
Legal and professional fees 2.1 1.4 53%
Regulatory fees¹ 2.2 2.9 (25%)
Depreciation and amortisation 3.0 2.8 6%
Other 5.1 4.1 21%
Total operating expenses 59.3 56.4 5%
Average headcount 568 579 (2%)
Operating costsModest cost increase
Operating cost increase of 5%
Staff costs increased due to:
impact of annual salary increases
higher discretionary performance incentives
IT costs increased as a result of higher market data
charges and maintenance costs
Marketing costs decreased due to more targeted
spending
Increase in legal and professional fees due to increased
consultancy expenditure on a number of projects
Regulatory fees decreased as a result of a lower FSCS
levy charge for the period
Other costs increased 21%, driven by higher
irrecoverable VAT and bank charges
H1 2018 Analyst presentation ǀ Pg 10
1. Includes regulatory transaction fees.
Group (£m) H1 2018 FY 2017
Own funds 190.3 183.4
Non-segregated client and partner
funds3.3 3.8
Available committed facility 25.0 40.0
Total available liquidity 218.6 227.2
Group (£m) H1 2018 FY 2017
Core Equity Tier 1 Capital1 194.4 178.6
Less: intangibles and deferred tax assets (7.2) (6.7)
Capital Resources 187.2 171.9
Pillar 1 requirement2 51.8 45.6
Total risk exposure3 647.3 569.4
Capital ratio % 29% 30%
1. Core Equity Tier 1 capital – total audited capital resources as at the end of the financial period, less dividends proposed or paid before 30 September 2017. Prior period comparative is presented using the same methodology.
2. Pillar 1 requirement – the minimum capital requirement required to adhere to CRD IV.
3. Total risk exposure – the Pillar 1 requirement multiplied by 12.5, as set out by the FCA.
Liquidity and regulatory capitalRegulatory capital ratio and liquidity position remain strong
H1 2018 Analyst presentation ǀ Pg 11
Total available liquidityRegulatory capital
Highly cash generative business with profits immediately available as liquidity
Capital ratio continues to be well in excess of requirements
Committed facility used at period end to maintain significant amount of excess funds with prime brokers
1. Blocked cash relates to cash needed to support regulatory and overseas subsidiaries operational requirements.
Uses of liquidityIncreasing levels of client exposure driving higher hedging requirements
H1 2018 Analyst presentation ǀ Pg 12
Group (£m) H1 2018 FY 2017
Total available liquidity 218.6 227.2
Blocked cash¹ (19.9) (19.8)
Initial margin requirement at broker (119.0) (93.0)
Net available liquidity 79.7 114.4
Uses of total available liquidity Notional exposures (£m)
Predominant use of liquidity is to cover margins at broker
Record levels of notional client exposure
The shaded portion of the graph reflects natural aggregation of client positions
High level of hedging increasing PB requirement
CMC carrying low level of residual risk after hedging, maintaining strong regulatory capital
ratio
-
1,000
2,000
3,000
4,000
Apr 2015 Oct 2015 Apr 2016 Oct 2016 Apr 2017 Oct 2017
Client Notional Hedge Notional Residual Exposure
Financial outlook
Net operating income and client activity in H2 is in line with market expectations
Maintain cost control, with high operating leverage helping to deliver increased profits
H2 costs expected to be higher than H1 due to increased marketing spend and ANZ implementation costs
(£3m) incurred in the second half
Still too early to predict the outcome and impact from regulatory change but preparations for possible
outcomes well underway
Regulatory change will benefit quality providers and give us a competitive advantage
H1 2018 Analyst presentation ǀ Pg 13
Agenda
1 Key highlights
2 Financials
3 Regulation
4 Strategic progress
5 Q&A
H1 2018 Analyst presentation ǀ Pg 14
Regulatory changeCMC welcomes strong regulation across the industry
H1 2018 Analyst presentation ǀ Pg 15
Potential change Readiness Impact
Lower leverage limits imposed Flexible platform means offering easily adaptedClient accounts are well funded but
behavioural changes likely
Negative balance protection becomes mandatory
Limited risk accounts developed and mandatory
in Germany; technology easily adapted for other
regions and UK offering to go live shortly
Margin requirement to increase but
clients are typically well funded
Countdowns prohibited Small proportion of total net operating income
Limited:
c. £8m per annum globally in FY17
(UK & Europe: £4m)
Focus on client appropriatenessRigorous checks already in place and further
enhancements in developmentLimited
Public disclosure of client profit/loss ratios
requiredAlready disclosed in Poland None
Bonus offers prohibited Not a significant part of business model None
High pressure sales tactics prohibited Not a part of business model None
Po
ss
ible
im
pac
t
Focus on high value business helps to mitigate impact
Client money (£m)¹
Options for clients if margins are increased
H1 2018 Analyst presentation ǀ Pg 16
Regulatory focus
0
50
100
150
200
250
300
350
Mar-16 Sep-16 Mar-17 Sep-17
Margin requirement - Other assets
Margin requirement - Equities
Account value (GBP)
Manage their account headroom
Increase their deposit on account
Amend trading activity levels
Become an elected professional
1
2
3
4
5
Margin increases unlikely to affect equities
Overall client money in excess of margin required
On average clients hold 4x margin requirements
1. Includes all client money, including active and dormant account balances
Clients may elect to be classified as professional if they can
evidence at least two of the following criteria:
i. They have carried out ≥ 10 trades of a significant size per
quarter in the last year
ii. Financial instrument portfolio ≥ €500,000
iii. Possessing ≥ 1 year of relevant work experience in the
financial sector
Agenda
1 Key highlights
2 Financials
3 Regulation
4 Strategic progress
5 Q&A
H1 2018 Analyst presentation ǀ Pg 17
CMCIncreasingly diversified business with a focus on high value clients
H1 2018 Analyst presentation ǀ Pg 18
Increasingly diversified
Revenue generated across UK, Europe, APAC and Canada
Institutional growth
ANZ Stockbroking transaction diversifies the business
High value clients
RPC amongst the highest in industry
Appeal to high value traders through:
Superior client service
Value for money
Rebates
High touch offering
Targeted marketing approach
Platform
Flexible, bespoke technology, easily adapted for change
Appeal to experienced clients through our feature rich, customisable platform
$ €£
CMC Markets continues to make strong strategic progress
Delivering on strategic initiatives
H1 2018 Analyst presentation ǀ Pg 19
Growth initiative Highlights
Established markets
Leading the UK industry in client satisfaction¹
Maintained market leading position in Germany² and increased market share in Australia³
Significant increase in value of client trades, driving up net revenue⁴ and RPC
Geographic expansion
France underperformed compared to the prior year equivalent but revenue steady despite regulatory
change introduced in January 2017
Continued growth in Poland office, with active clients up 96% since H1 2017.
New China education office⁵ launched in October 2017
Digital initiatives
Steady increase in applications via mobile channels and as a result of digital marketing initiatives
Investing in digital marketing infrastructure in order to achieve greater economies of scale and
efficiency
56% of the value of Next Generation client trades completed on mobile devices in H1 FY18 (H1 FY17:
50%)
Maintain a competitive and
compliant product offering
FX Prime functionality launched May 2017
CFD products adapted for regulatory compliance in Germany from August 2017
Limited risk offering being finalised
Institutional offering
ANZ transaction on track for delivery in September 2018
Value of client trades up 91% compared to H1 2017
Strong pipeline of prospective relationships
1
2
3
4
5
1. Investment Trends May 2017 UK Leveraged Trading Report.
2. Investment Trends March 2017 Germany CFD & FX Report.
3. Investment Trends May 2017 Australia CFD Report.
4. Net revenue generated from CFD and spread bet active clients, after the impact of rebates and levies.
5. China business is onboarded and serviced through Australia.
1. Premium clients are calculated based on internal revenue metrics.
2. Net revenue generated from CFD and spread bet active clients, after the impact of rebates.
High proportion of revenue generated by premium¹ clients
H1 2018 Analyst presentation ǀ Pg 20
High value clients
Premium¹ client tenure continues to increase to almost
three years
Standard client tenure remains steady at 2.5 years
Client base Client tenure (months)
Proportion of our client base who are classified as Premium¹clients continues to grow
7% growth from H1 2017 to H1 2018
8.0%
8.2%
8.4%
8.6%
8.8%
9.0%
9.2%
H2 2016 H1 2017 H2 2017 H1 2018
25
30 30 30
27
31
34
35
H2 2016 H1 2017 H2 2017 H1 2018
Standard Premium¹
1. Net revenue generated from CFD and spread bet active clients, after the impact of rebates and levies.
2. Value of client trades represents the notional value of client trades.
Institutional net revenue and value of client trades
InstitutionalContinues to be a key strategic driver of growth and diversification
H1 2018 Analyst presentation ǀ Pg 21
7.4
9.1
10.4
12.3
15.0
75
69
100
162
191
H1 2016 H2 2016 H1 2017 H2 2017 H1 2018
Institutional net revenue¹ (£m) Institutional value of client trades² (£bn)
45% growth in Institutional net revenue compared to H1 2017
CMC FX Prime (institutional FX GUI & API) launched
Spread bet API launched
Institutional team expansion in Australia and Germany,
extending global reach
Impending launch in H2 of CMC Prime Derivatives platform
Stockbroking
ANZ partnership update
H1 2018 Analyst presentation ǀ Pg 22
On target for go live in September 2018
Key milestones being met
Mobile trading application released during H1, also benefitting existing client base
Projected to incur operating expenses of £3m in H2
Potential for future opportunities
250k+ active clients
50k active accounts 2017
Strategic outlook
H1 2018 Analyst presentation ǀ Pg 23
Continue to focus on high value, experienced clients who may elect to become professional
Regulatory change continues to present challenges but also opportunities
The Group’s proprietary technology can respond quickly and effectively to change
ANZ Bank stockbroking transaction progressing smoothly, and on target for completion in September 2018
Continue to look for new strategic opportunities
Agenda
1 Key highlights
2 Financials
3 Regulation
4 Strategic progress
5 Q&A
H1 2018 Analyst presentation ǀ Pg 24
Appendices
Appendix 1
Net revenue1 (£m)
2015 2016 2017 2018
H1 H2 Full Year H1 H2 Full Year H1 H2 Full Year H1
UK 19.3 29.3 48.6 29.5 33.6 63.1 29.1 31.9 61.0 34.8
Europe 19.8 25.6 45.4 22.1 26.4 48.5 19.6 25.7 45.3 23.6
APAC & Canada 16.4 26.2 42.6 23.5 27.1 50.6 22.2 22.8 45.0 26.2
Total 55.5 81.1 136.6 75.1 87.1 162.2 70.9 80.4 151.3 84.6
Selected KPIs by half year
1. Net revenue represents total trading revenue generated from CFD and spread bet clients after the impact of Rebates & Levies. Geographic segmentation is according to location of office which on-boards client, rather than client place of residence.
2. Active clients represent those individual clients who have traded with or held CFD or spread bet positions with CMC Markets on at least one occasion during the preceding 6 months for half year figures and 12 months for full year.
Active clients²
2015 2016 2017 2018
H1 H2 Full Year H1 H2 Full Year H1 H2 Full Year H1
UK 10,673 12,814 15,417 12,749 13,172 17,268 13,345 13,149 17,142 12,164
Europe 15,365 17,111 20,019 16,954 18,175 21,714 18,159 18,800 22,503 17,909
APAC & Canada 11,323 12,756 14,867 14,314 15,201 18,347 16,119 17,149 20,437 16,561
Total 37,361 42,681 50,303 44,017 46,548 57,329 47,623 49,098 60,082 46,634
Revenue per active client (£)
2015 2016 2017 2018
H1 H2 Full Year H1 H2 Full Year H1 H2 Full Year H1
UK 1,812 2,283 3,152 2,314 2,548 3,652 2,180 2,426 3,558 2,860
Europe 1,288 1,499 2,269 1,302 1,455 2,234 1,080 1,365 2,012 1,315
APAC & Canada 1,442 2,058 2,864 1,646 1,781 2,760 1,376 1,330 2,201 1,584
Total 1,484 1,901 2,716 1,707 1,871 2,828 1,488 1,637 2,517 1,814
H1 2018 Analyst presentation ǀ Pg 26
1. CFD and Stockbroking revenue represents total revenue generated from CFD, Spread bet and stockbroking clients after the impact of Rebates & Levies. Geographic segmentation is according to location of office which on-boards client,
rather than client place of residence.
2. Net revenue generated from CFD and spread bet active clients, including Countdowns and Binaries after the impact of rebates and levies.
H1 2018 CFD and Stockbroking revenue1 by asset class H1 2017 CFD and Stockbroking revenue1 by asset class
H1 2018 Net revenue2 by region H1 2017 Net revenue2 by region
Appendix 2
Revenue composition
H1 2018 Analyst presentation ǀ Pg 27
Shares12%
Index37%
Commodity14%
Treasury0%
FX28%
New products4%
Stockbroking5%
Shares12%
Index39%
Commodity13%
Treasury0%
FX24%
New products6%
Stockbroking5%
UK41%
Europe28%
APAC & Canada31%
UK39%
Europe30%
APAC & Canada31%
1. Net operating income represents total revenue after the impact of rebates & levies.
Appendix 3Income statement
H1 2018 Analyst presentation ǀ Pg 28
Group (£m) H1 2018 H1 2017 YoY %
Total revenue 102.4 88.2 16%
Rebates & levies (12.8) (12.7) (1%)
Net operating income1 89.6 75.5 19%
Operating expenses (59.3) (56.4) (5%)
Finance costs (0.5) (0.3) (43%)
Profit before taxation 29.8 18.8 58%
Taxation (4.8) (4.1) (16%)
Profit after tax 25.0 14.7 70%
Dividend per share (pence) 2.98 2.98 0%
Basic EPS (pence) 8.7 5.1 71%
Appendix 4Balance sheet
H1 2018 Analyst presentation ǀ Pg 29
Group (£m) 30 September 2017 (unaudited) 31 March 2017
Non-current assets Intangible assets 2.5 2.1
Property, plant and equipment 17.5 18.2
Financial investments 10.6 -
Deferred tax assets 8.4 8.1
Total non-current assets 39.0 28.4
Current assets Trade and other receivables 43.2 31.6
Derivative financial instruments 1.6 1.9
Financial investments 9.8 20.3
Amounts due from brokers 136.5 119.4
Cash and cash equivalents 41.9 53.2
Total current assets 233.0 226.4
Current liabilities Trade and other payables 33.8 36.3
Derivative financial instruments 6.7 3.3
Borrowings 16.2 5.8
Current tax payable 4.1 5.5
Short term provisions 0.1 0.4
Total current liabilities 60.9 51.3
Non-current liabilities Trade and other payables 2.8 3.1
Borrowings 2.7 3.0
Deferred tax liabilities - -
Long term provisions 1.6 1.6
Total non-current liabilities 7.1 7.7
Total equity 204.0 195.8
Group (£m) H1 2018 H1 2017 YoY %
Operating activities
Profit before tax 29.8 18.8 58%
Adjustments for:
Finance costs 0.5 0.3 43%
Depreciation and amortisation 3.0 2.8 6%
Other non-cash adjustments (0.2) 3.3 (103%)
Tax paid (6.7) (5.6) (20%)
Own funds generated from operating activities 26.4 19.6 35%
Movement in working capital (14.2) (9.5) (50%)
Inflow/(Outflow) from investing activities
Net Purchase of property, plant and equipment and intangible assets (2.0) (3.0) 35%
Other inflow/(outflow) from investing activities 0.9 (3.3) 129%
(Outflow)/Inflow from financing activities
Interest paid (0.4) (0.3) (43%)
Dividends paid (17.1) (15.4) (11%)
Other inflow/(outflow) from financing activities 14.3 (1.2) 1,335%
Total outflow from investing and financing activities (4.3) (23.2) 81%
Increase/(Decrease) in own funds 7.9 (13.1) -
Own funds at the beginning of the year 183.4 176.4 4%
Effect of foreign exchange rate changes (1.0) 2.6 (138%)
Own funds at the end of the year 190.3 165.9 15%
Appendix 5Own funds flow statement
H1 2018 Analyst presentation ǀ Pg 30
Loss days
Appendix 6Revenue trends
H1 2018 Analyst presentation ǀ Pg 31
Daily revenue¹ distribution (£000s)
1. Gross revenue generated from CFD and spread bet active clients, including Countdowns and Binaries, before the impact of rebates to introducing partners and retail clients, and betting levies.
3.1%
5.4%
3.1%
H1 2018 H2 2017 H1 2017
CFD and spread bet loss days %
0
10
20
30
40
50
60
-1,000 -500 0 500 1,000 1,500 2,000 2,500N
um
ber
of
days
H1 2018 H1 2017
Client assets under management (AUM) Broker margin requirements
Appendix 7Client assets and prime broker requirements
H1 2018 Analyst presentation ǀ Pg 32
10.0
30.0
50.0
70.0
90.0
110.0
130.0
Max - £78m
Max - £114m
Max -
£119m
280
290
300
310
320
330
Cli
en
t A
UM
(£m
)
1. VIX and VDAX-NEW are measures of equity market volatility in their respective regions (US and Germany respectively).
Closing VIX1 VDAX-NEW1
Appendix 8Major Indices volatility
H1 2018 Analyst presentation ǀ Pg 33
10
15
20
25
30
35
40
Sep-15 Mar-16 Sep-16 Mar-17 Sep-17
VD
AX
-NE
W
VDAX-NEW H2 2016 average H1 2017 average
H2 2017 average H1 2018 average
5
10
15
20
25
30
Sep-15 Mar-16 Sep-16 Mar-17 Sep-17
VIX
clo
sin
g
VIX Close H2 2016 average H1 2017 average
H2 2017 average H1 2018 average
Value of client trades in Indices, our biggest asset class, increased 15% against prior YTD despite ongoing reduced volatility in markets
Disclaimer
Certain statements in this presentation constitute or may constitute forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those
regarding the Company’s future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors,
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This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial
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Certain figures contained in this presentation, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers
contained in this presentation may not conform exactly to the total figure given as percentage movements have been calculated from the underlying data before rounding.
By attending or reading this presentation you agree to be bound by the foregoing limitations.
H1 2018 Analyst presentation ǀ Pg 34