Roadbook - Sappi · PDF fileRoadbook. 2. Forward-looking statements. Certain statements in...

2017 May

Sappi Limited

Roadbook

2

Forward-looking statementsCertain statements in this release that are neither reported financial results nor other historical information, are forward-looking statements, including but not limited tostatements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words “believe”, “anticipate”, “expect”,“intend”, “estimate”, “plan”, “assume”, “positioned”, “will”, “may”, “should”, “risk” and other similar expressions, which are predictions of or indicate future events andfuture trends and which do not relate to historical matters, identify forward-looking statements. In addition, this document includes forward-looking statements relatingto our potential exposure to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk. You should not rely onforward-looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and maycause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by suchforward-looking statements (and from past results, performance or achievements). Certain factors that may cause such differences include but are not limited to:

• the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity, production, input costs including raw material, energy and employee costs, and pricing);

• the impact on our business of adverse changes in global economic conditions;• unanticipated production disruptions (including as a result of planned or unexpected power outages);• changes in environmental, tax and other laws and regulations;• adverse changes in the markets for our products;• the emergence of new technologies and changes in consumer trends including increased preferences for digital media;• consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed;• adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future

economic or social problems;• the impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or

other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructurings or other strategic initiatives, and achieving expected savings and synergies;

• currency fluctuations.We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.

Forward-looking statements and Regulation G

Regulation G disclosureCertain non-GAAP financial information is contained in this presentation that management believe may be useful in comparing the company’s operating results fromperiod to period. Reconciliation's of certain of the non-GAAP measures to the corresponding GAAP measures can be found in the quarterly results booklet for therelevant period. These booklets are located in the ‘Investors | Financial information’ section of www.sappi.com.

http://www.sappi.com/

3

Agenda

Overview Products Strategy Results

Divisions Sappi Europe Sappi North America Sappi Southern Africa

Sustainability Conclusions

4

Sappi Limited

#2 Global producer of coated woodfree paper (46% of sales*)

Forecast: Capacity down 2%, demand down 1% through 2020**

Overview

#1 Global producer of dissolving wood pulp (20% of sales*)

Forecast: Demand up 6% and capacity up 4% through 2021***

* Data reflects FTYD sales ** EMGE WGPR Sept 2016 *** Hawkins Wright March 2017

5

Sappi at a glance

Sappi Limited2016 sales = US$5.1 billion with over 12,000 employees

Sappi Europe50% 2016 sales

Printing papers

Packaging and speciality papers

Sappi North America27% 2016 sales

Printing papers

Dissolving wood pulp

Packaging and speciality papers

Sappi Southern Africa23% 2016 sales

Printing and packaging papers


Forests

Sappi Trading

6

Geographic diversificationOur global presence allows us take advantage of opportunities where markets are strong

North America1 Paper mill1 Speciality paper mill1 Paper and specialised

cellulose mill6 sales offices

Europe6 Paper mills1 Speciality paper mill18 Sales offices

Southern Africa2 Paper mills1 Specialised cellulose mill1 Paper and specialised cellulose mill1 Sawmill6 Sales offices492,000ha forests

7

Sales analysis

* Data reflects FYTD 2017

49%

26%

25%

Sales by source* (US$)

EuropeNorth AmericaSouthern AfricaAsia and other

42%

24%

9%

25%

Sales by destination* (US$)

57%20%

11%

6%5%

1%

Coated paper


Speciality paper

Commodity paper

Uncoated paper

Other

8

Sales analysis

57%20%

11%

6%5%

1%

Coated paper Dissolving wood pulpSpeciality paper Commodity paperUncoated paper Other

FYTD 2017 Coated Paper

• #2 Global producer of coated paper• EBITDA margins ~8%• Forecast* demand down 1% to 2%pa • Forecast* capacity down 1% to 2%pa

*Source: EMGE WGPR Sept 2016

9

Sales analysis

57%20%

11%

6%5%

1%

Coated paper Dissolving wood pulp

Speciality paper Commodity paper

Uncoated paper Other

FYTD 17

• Dissolving wood pulp• EBITDA Margins ~39%• Demand forecast* up 6%pa • Capacity forecast* up 4%pa

• Speciality paper• EBITDA margins ~12%• Demand up 4%

• Commodity paper • EBITDA margins ~17%• Demand up 6%

*Source: Hawkins Wright September 2016.

10

Major Sensitivities

∆ EU NA SA Translation Group€m US$m ZARm US$m US$m

Net Selling Price 1% 23 14 182 - 53DWP Price US$10 - 2 136 - 12Sales Volumes 1% 8 6 83 - 21Variable Cost 1% 13 7 88 - 28Fixed Cost 1% 6 4 44 - 14Paper Pulp Price US$10 7 1 8 - 9ZAR/US$ (weaker) 10c - - 77 -3 3EUR/US$ (weaker) 10c - -4 - -23 -27

11

Agenda




12

Graphic and printing papers grade structure

Coated fine paper (CWF)

Uncoated woodfree (UWF)

Coated mechanical (CGW/LWC)

Supercalendered (SC-A)

Supercalendered (SC-B)

Machine finished specialities (MFS)

Improved newsprint

Newsprint

Fibr

e qu

ality

100% Chemical pulp fibre furnish

Increasing mechanical/recovered fibre content

Image quality

13

Global coated woodfree demand

* Source: RISI World Graphic Paper Report Feb 2016.

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

North America Europe Far East Latin America Africa/ME Oceania

Forecast*

14

Dissolving wood pulp (DWP) DWP is the most abundant natural organic polymer on earth and is

found in all plant materials The plant material (wood from certified forests or plantations) is

processed and purified by applying specialised chemistry to extract the cellulose polymers from the wood

The purified natural wood cellulose fibres are further dissolved by our customers and regenerated or reformed for a host of applications

Cellulose45%

Hemi-cellulose

30%

Lignin23%

Resins1% Inorganics

1%

15

Dissolving wood pulp End-uses

16

CompetitionTop 10 producers by grade, 2017

Source: Hawkins Wright, March 2017

17

Why dissolving wood pulp?Capitalising on MEGA-TRENDS

Global population growth from a current 6.9bn to 8.3bn by 2030

Increasing need for food and clothes

Increasing need for more comfortable clothing

Rising urbanisation and standard of living in the greater Asian region Asian middle class population is likely to

grow from current 1.9bn to 2.7bn people by 2030

Asian consumers are likely to spend US$32 trillion/year by 2030, accounting for 43% of total global consumption

39%

70%

94%112%

26%

49%70%

85%

0%11%

20% 27% 32%

-5% -10% -14% -18%-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2010 2020 2030 2040 2050

Textile fibres Food

65.8

72.5

86.8

100.

7

113.

3

123.

5

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2005 2010 2015 2020 2025 2030

Textile fibres consumptionMetric tons (millions)

Source: Lenzing

18

Cellulose gap theoryDissolving wood pulp share of the textiles market is expected to grow further

Production of cotton is forecast to remain stagnant or shrink

Growth in total fibre consumption will be covered by man-made fibres

However, certain moisture management properties of cellulose fibres cannot be substituted by oil-based synthetic fibres, enhancing opportunity for cellulosics

19

Textile Fibre Prices

US$/t

800

1 200

1 600

2 000

2 400

2 800

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

Oct

-16

Jan-

17

Apr

-17

Cotton 328 Cotton "A" Index PSF 1.4 D VSF 1.2 D VSF 1.5 D

20

Agenda




We work to lower fixed and variable costs, increase cost efficiencies and invest for cost advantages Saiccor and Tugela turbines – FY2016/17 Group procurement initiatives >$100m

annually by 2020 – US$63m by end 2017 Ongoing continuous improvement across

all mills US$25m investment in Somerset

Woodyard

21

Focus areasAchieve cost advantages

Recognising the decreasing demand for graphic paper, we manage our capacity to strengthen our leadership position in these markets, realising their strategic importance to the group and maximising their significant cash flow generation Progressive transition of Lanaken out of

LWC Reduced CWF exposure at Maastricht,

Ehingen and Somerset PM1

22

Focus areasRationalise and optimise declining businesses

We will make investments in existing areas with strong potential growth, including pulp, speciality grades and packaging papers Debottlenecking of Saiccor and Ngodwana

DWP Investments in Somerset, Maastricht, Alfeld

and Ehingen Additional packaging at Ngodwana and

Tugela Electricity opportunities in South Africa Securing additional HW timber supply

23

Focus areasGrow through moderate investments

24

Growth through moderate investments

0%

5%

10%

15%

20%

25%

2013* 2014* 2015 2016 Q1 FY17 Q2 FY17

ROCE %

* Sappi begins/completes investments in Specialised Cellulose

o Moderate investments in cost efficiency and energy generation projects have delivered good returns to date

o We are now moving into the next phase of our strategy via investments for growth

25

Growth through moderate investments

Investing in speciality packaging businesses in Europe and North America

• US$140m at Maastricht, Ehingen, Alfeld and Lanaken

• Maastricht, Ehingen and Alfeld to expand offering

• Investments to be made over a 3-year period

• Additional 200kt/annum of SBB,FBB and WTL sales within 3 years

• Lanaken to pick up displaced CWF volumes

• US$165m at Somerset

• Enable PM1 to make packaging grades

• Expect to complete in Q3 2018

• 3 year ramp up of packaging paper grades to 350kt

Paperboard marketContainerboard Boxboard

Corrugated Board

Linerboard incl. WTL

Folding Boxboard

Solid Unbleached Board

White Lined Chipboard

Solid Bleached Sulfate FBB

SUB in Europe, SUS in NA

WLC in Europe, Coated Recycled Board (CRB) in NA

SBB in Europe, SBS in NA

26

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiwnq-qveDQAhVH7CYKHU5ZBqEQjRwIBw&url=http://www.kapstonepaper.com/products-services/mill-products/containerboard/&bvm=bv.140496471,d.Y2I&psig=AFQjCNEV5AxK2bP0ipMp8qAZap-HFJHYow&ust=1481145006682336

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiwnq-qveDQAhVH7CYKHU5ZBqEQjRwIBw&url=http://www.kapstonepaper.com/products-services/mill-products/containerboard/&bvm=bv.140496471,d.Y2I&psig=AFQjCNEV5AxK2bP0ipMp8qAZap-HFJHYow&ust=1481145006682336

Mill summary – Sappi Europe

27

Alfeld Mill: heavy and light weight packaging, silicone base papers and barrier papersMaastricht Mill: heavy weight packaging, barrier boards and board weight graphics (=>300 gsm)Ehingen Mill: coated woodfree and white top liner

Specialities

Graphics

TodayAlfeld Ehingen Gratkorn Kirkniemi Lanaken PM7 Lanaken PM8 Maastricht Stockstadt

HW packagingLW packagingHW graphicsMW graphicsLW graphicsUCWFMechanical

By 2020Alfeld Ehingen Gratkorn Kirkniemi Lanaken PM7 Lanaken PM8 Maastricht Stockstadt

HW packagingLW packagingHW graphicsMW graphicsLW graphicsUCWFMechanical

US$400m 2017 bonds called in April

US$21m in net finance cost savings/annum

Refinancing and debt reduction leads to

lower finance cost and EPS growth

28

Focus areasGenerate cash to strengthen the balance sheet

We will continue our focus on having a cleaner, stronger balance sheet so that we can then accelerate our growth in adjacent businesseso Speciality packaging papero Biomaterials, biochemicals – lignins, sugarso Expanded DWP portfolio – nano-cellulose,

other speciality grades

29

Focus areasAccelerate growth in adjacent businesses from a strong base

30

Agenda




31

EBITDA and operating profit17

0

195 20

8

104

133 14

5

0

50

100

150

200

250

Q2 FY15 Q2 FY16 Q2 FY17

US$

milli

on

EBITDA Operating profit

* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our Q2 FY17 results booklet (available on www.sappi.com) for a definition of special items.

Excluding special items*

Q2 FY15

Q2 FY16

Q2 FY17

Net Debt/ LTM EBITDA 2.9 2.4 1.7

Interest Cover 3.7 6.5 7.7

EBITDA % 12.7 15.1 15.8

ROCE % 13.5 19.3 20.5

Key ratios


32

Highlights – five year review

33

Highlights – five year review

34

Product contribution split - LTM

Specialised cellulose

49%

Paper51%

EBITDA excluding special items*

Specialised cellulose

63%

Paper37%

Operating profit ex special items*

* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our Q2 FY17 results booklet (available on www.sappi.com) for a definition of special items. Data above excludes treasury operations and insurance captive.


35

Net debt/EBITDA development2

380

224

8

228

6

194

6 204

0

191

6

191

7

177

1

173

4

165

2

1583

1408

1338

1329

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

1 000

1 200

1 400

1 600

1 800

2 000

2 200

2 400

2 600

Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17

US$

milli

on

Net Debt Net debt/LTM EBITDA**

* EBITDA is excluding special items** The covenant Net debt/LTM EBITDA calculation has adjustments and therefore differs from that shown above

1.7

4.6

36

Maturity profileFiscal years

703

62

487 479

373

221302

3785

0

100

200

300

400

500

600

700

800

2017 2018 2019 2020 2021 2022 2023 2032

Cash Short-Term SPH Term Debt Securitisation SSA

Includes USD 400m bond

EURO 450m bond

EURO 350m bond

USD 221m bond

US$m

37

Capex development

0

100

200

300

400

500

600

2013 2014 2015 2016 2017E 2018E 2019E

US$

m

Maintenance Efficiency & Expansion

38

Agenda




Leading European coated paper producer FY16 Net sales: US$2.6b FY16 EBITDA: US$261m 3.5m tons per annum of paper capacity 1.1m tons per annum of pulp capacity

(integrated) Well-invested assets in the heart of the

European market

Divisional overviewSappi Europe

39

40

Divisional overviewSappi Europe

Coated woodfree

paper2 000

Uncoated woodfree

paper245

Coated mechanical

paper1 015

Speciality paper245

Sappi Europe saleable capacity (‘000tpa)

* 22 Producers * Nine Producers

European CWF and CM capacity shares**

** Source: RISI

Sappi

UPM

Lecta

Stora Enso

Burgo

Others*

0%

20%

40%

60%

80%

100%

CWF

UPM

Sappi

Burgo

Leipa

Others*

0%

20%

40%

60%

80%

100%

CM

41

Western Europe shipments including export.Source: Cepifine, Cepiprint and RISI indexed to calendar 1Q 2008

Western Europe

Coated paper deliveries and prices

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

Q1

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

15

Q1

16

Q1

17

CWF Demand MCR Demand CWF 100gsm Sheets LWC 60gsm offset reels

Sappi Somerset (USA)

Label Paper – LusterCote® and Flex. Pack. Paper - LusterPrint®

Sappi packaging and speciality papersGlobal production sites

Sappi Westbrook (USA)

Release Paper – Ultracast®

and different classic brands

Sappi Alfeld (Germany)

Flexible Packaging, Label, SBB Board, Topliner and Release Liner

Sappi Maastricht (Netherlands)

Folding Box Board - atelier™

Sappi Tugela (South Africa)

Liner – Ultratest and Fluting – Ultraflute™

Sappi Ngodwana (South Africa)

Liner – Kraftpride™

Sappi Ehingen (Germany)

Topliner - Fusion®

Sappi Cloquet (USA)

Label Paper – LusterCote®

42

Markets and growth ratesGlobal market size – Speciality packaging

Source: AWA, Pira and RISI

Flexible packaging and label papers

o C1S paperso 1.2mtonso Growth: 2-3%pa

Release liner

o CCK graphic artso 300ktonso Growth: 6%pa

Rigid packaging

o SBS printing andconverting

o 4.7 mtonso Growth: 2%pa

Containerboard

o Coated White Topliner

o 1mto Growth: 1-2%pa

Functional papers

o Barrier and greaseresistant papers

o Virtually unlimited

43

44

ProjectsSappi Europe

Alfeld Mill Speciality conversion (December 2013)

Gratkorn and Kirkniemi Mills Pulp mill and paper machine upgrades, power plant rebuild

Nanocellulose pilot plant (The Netherlands)Trial runs

Maastricht, Ehingen, Alfeld and Lanaken Mills Projectso Expanding our speciality packaging offering, increasing

asset flexibility to adapt to market dynamics

SummarySappi Europe

Highly competitive in service, quality and cost in Europe Strong cash flows Highly attractive and growing specialities business Flagship Alfeld Mill, plus Maastricht and Ehingen Mills

Printing and writing paper market is in decline, capacity needs to be right-sized

Intentionally transitioning CWF capacity to niche speciality paper products

45

46

Agenda




Leading North American coated freesheet paper producer FY16 Net sales: US$1.3b FY16 EBITDA: US$124m 1.1m tons per annum of coated paper

capacity 700,000 tons per annum of integrated

paper pulp capacity

Divisional overviewSappi North America

47

Verso49%

Sappi31%

Appleton8%

West Linn7%

Catalyst5%

48

Divisional overviewSappi North America

Coated freesheet

paper1 120


330

Speciality paper

40

NBHK30

Sappi North America saleable capacity (‘000tpa) US Coated freesheet capacity shares*

* Source: RISI

49

• US industry purchases defined as industry shipments, plus imports, less exports• Source: AF&PA and RISI indexed to calendar Q1 FY08

United States

Coated paper prices and shipmentsQ

1 FY

08 =

1

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

Q1

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

15

Q1

16

Q1

17

Domestic CWF Shipments Domestic CWF Purchases RISI Price CFS #3 60 lb rolls

ProjectsSappi North America

50

Cloquet Mill Dissolving wood pulp conversion (2013), lime kiln rebuild

Westbrook Mill Coater modernisation

Somerset Mill Natural gas conversion Woodyard and chip processing investment PM1 Conversion to speciality packaging

51

Sappi’s release paper businessBy end-user segment

Sappi Other

FashionAutomotive and

commercial upholstery

Decorative laminates

Engineering films and other

Sappi Sappi Sappi

Sappi

52

SummarySappi North America

Well-invested, premier asset portfolio Established brands with strong market position Exposure to most attractive end-market segment Unmatched reputation for product innovation and customer service

A low-cost producer with strong free cash flow profile Defined and focused opportunities for driving further

profitable growth Intentionally transitioning CWF capacity to niche speciality

paper products

53

Agenda




Leading South African graphic and packaging paper producer FY16 Net sales: US$1.2b FY16 EBITDA: US$352m 1m tons per annum of dissolving

wood pulp (DWP) capacity 675,000 tons per annum of graphic

and packaging paper production 652,000 tons per annum of pulp

production (integrated)

54

Divisional overviewSappi Southern Africa

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

55

Divisional overviewSappi Southern Africa

Forestry1 046


1 010

Paper and paper

packaging675

Sappi Southern Africa saleable capacity (‘000tpa) Global dissolving wood pulp demand (‘000k Metric tons)*

* Source: Hawkins Wright, March 2017

Forecast

56

ProjectsSappi Southern Africa

Ngodwana MillDissolving wood pulp (DWP) conversion

Sale of Cape Kraft and Enstra Mills’ recycled packaging business

Debottleneck Tugela, Saiccor and Ngodwana pulp mills ~ 10% increase in volumes in both packaging and dissolving wood pulp

Increase access to more HW timber supply

Our DWP competitive advantageSappi Southern Africa

Low-cost and fast-growing woodfibre from state-of-the-art plantations

Large-scale, modern and well-invested assets Favourable currency trend Well-positioned in dynamic market

57

58

SummarySappi South Africa

Improving paper business Better use of timber Improving cost position Product and asset optimisation – Printing and packaging papers

Investing in dissolving wood pulp Low-cost producer Fast-growing market Excellent customer relationships

'Growing' our forestry assets Profitable with growth opportunities

59

Agenda




60

Sustainability – PPP + IIRC

International Integrated Reporting Council’s ‘6 Capitals Model’1. Financial2. Manufactured3. Intellectual4. Human5. Social6. Natural

61

Sustainability

#1 – Financial capitalWe manage our financial capital, including shareholder equity,debt and reinvested capital to maintain a solid balance betweengrowth, profitability and liquidity.#2 – Manufactured CapitalInvesting in building, maintaining, operating, and improving thisinfrastructure requires significant financial capital, together withhuman and intellectual capital.#3 – Intellectual CapitalOur technology centres and R&D initiatives promote a culture ofinnovation to support the development of commercially andenvironmentally sustainable solutions for the company.

Inputs:• Ordinary shareholders interest US$1.3B• 15 manufacturing sites worldwide• Technology centres in each region• R&D spend = US$26m

Outputs:• Share price up 78%• 6.1mt of production• Nanocellulose pilot plant• Sugar extraction pilot plant • Anaerobic digestion pilot plant

62

Sustainability

#4 – Human capitalBy creating a safe and healthy workplace for our people in whichdiversity is encouraged and valued, and providing them with ongoing development opportunities, we enhance productivity and our ability to service global markets.#5 – Social capitalBuilding relationships with our key stakeholders in a spirit of trust and mutual respect enhances both our license to trade and ourcompetitive advantage, thereby enabling more tangible business value creation.

Inputs:• 12k employees, 750 contractors• Spend an average $529/employee on

skills development and compliance training

• Ongoing stakeholder engagement

Outputs:• 0.46 LTIFR• Average training hours per job

category: professional or middle management – 330; semi-skilled –100; tech or junior management – 52

63

Sustainability

#6 – Natural CapitalRecognising our business depends on natural capital, we focus on managing and mitigating our impacts.

Inputs:• 2,798MW energy purchased, 1,911

generated• Specific water process extracted

33.9m3/adt• 338kha owned or leased plantations,

100% FSC with approximately 28.6mt of standing timber

• Contracted supply covers a further almost 103kha

Outputs:• 92% of water drawn returned to the

environment• 48.8% renewable energy generated,

of which 95% own black liquor• 73% of fibre used is certified• 622,850 tons of waste, of which

331,248 tons sent to landfill – in specific terms, a decrease of 24.7% in total waste over five years

64

Agenda




65

Conclusions Through intentional evolution, we are growing Sappi into a

profitable and cash-generative diversified woodfibre group. Selective capital spending in adjacent, growing, and more

profitable businesses Costs remain a chief concern Cash-generative paper business will fund growth in:

Cellulose-based solutions Speciality packaging papers Complementary products

Committed to accelerating value for shareholders through: Debt reduction Improved profit Strategic positioning

66

Thank you

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