A strengthening picture

Greggs plc 4 October 2017 Update
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Greggs

A strengthening picture

Q3 trading statement

Retail

 

4 October 2017

Price

1,267p

Market cap

£1,282m

Net cash (£m) at end June 2017

19.9

Shares in issue

101.2m

Free float

100%

Code

GRG

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

3.9

18.4

21.1

Rel (local)

3.4

16.4

12.4

52-week high/low

1267.0p

901.5p

Business description

With over 1,800 shops, nine regional bakeries and 19,500 employees, Greggs is the UK’s leading ‘bakery food-on-the-go’ retailer. It utilises vertical integration to offer differentiated products at competitive prices

Next events

Pre-close statement

January 2018

Analysts

Paul Hickman

+44 (0)20 3681 2501

Neil Shah

+44 (0)20 3077 5715

Greggs is a research client of Edison Investment Research Limited

Greggs’ strong sales quarter reflects its secure place in the value sector of an increasingly edgy retail market. But it is also driven by a range of factors including menu development, estate upgrade, store ordering, and extensions to the range of dayparts and locations. With margins carefully controlled and wastage from the new ordering system starting to reduce, we expect those factors to continue to propel the company to outperformance within a constrained wider economy.

Year end

Revenue (£m)

PBT* (£m)

EPS* (p)

DPS (p)

P/E (x)

Yield (%)

12/15

835.7

73.0

57.3

28.6

22.1

2.3

12/16

894.2

80.3

62.0

31.0

20.4

2.4

12/17e

959.4

80.8

63.6

32.8

19.9

2.6

12/18e

1,028.4

83.9

66.6

34.8

19.0

2.7

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Q3 trading: Sales strengthen…

Greggs has traded strongly in Q3, with total sales up 8.6% and like-for-like managed store sales up 5.0%. Both were significantly ahead of H1 growth of 7.3% and 3.4%, respectively. The retail climate supports Greggs’ value offer, but self-help measures such as the forecasting and replenishment system are also contributing.

…also driven by menu, product and location

Menu evolution is central, with sales growth led by breakfast, and seasonal choices being added to flex factors. There has been good supporting growth from traditional products such as pastries, sandwiches and sausage rolls. Growth is widely based across locations with travel and workplace units the fastest growing.

Estate development on course

To date there have been 98 openings and 32 closures, and management reiterates its full-year targets of 140-150 openings and 40-50 closures, a net increase of c 100. With 120 refurbishments complete, Greggs remains on track for c 130 in the full year. The steady upgrade of the estate is undoubtedly a factor in sales growth.

Margin in control: Input inflation levelling off

In addition to labour, this year cost inflation resulting from sterling weakness has been a significant cost pressure. However, the greatest impact of this was earlier, with the rate easing in Q4. The new forecasting and replenishment system has also resulted in some additional product wastage, which is slower to resolve than originally expected, and may result in higher cost of sales than originally expected, although the net benefits of the change are positive.

Valuation: No change

Mainly as a result of the margin uncertainty mentioned above, management is reiterating profit guidance for the year. We retain our forecasts and our valuation of 1,226p per share, although we sense potential upside at pre-close.

Third-quarter trading: Range of positive developments
Sales performance strengthens

Greggs has traded strongly in the third quarter, with total sales up 8.6%, and like-for-like managed store sales up 5.0%. Both were significantly ahead of first half growth of 7.3% and 3.4%, respectively. Like-for-like sales are in line with national retail sales, which increased in value by 5.1% year-on-year for the three months to August (source: ONS). With consumers focusing on value, management sees the retail climate as supportive to its offer. But Greggs also benefits from elements of self-help such as its new forecasting and replenishment system, now effective in all stores.

Menu drivers: Extending the options for customers

Menu evolution, supporting Greggs’ all-day food-on-the-go strategy, has been central to its sales growth. Breakfast sales are continuing the strong growth noted in the first half, and Greggs is extending the range, for instance with a competitive all-day breakfast offer among other value deals. The seasonality of the menu, with winter choices being introduced currently, adds to management’s ability to flex the offering, as for example with the Thai chicken soup recently added. Other developments include extensions to the company’s health-conscious Balanced Choice options.

Product and location drivers: Broadly based

Breakfast and hot food have led the current sales growth (with the pre-9.00am segment the fastest growing), but there has been good supporting growth from traditional products such as pastries, sandwiches and sausage rolls. Balanced Choice now represents c 12% of the company’s revenue. That is gradually increasing, and dedicated space in the current shop design represents a strategic investment in societal change over a period of years.

From a location point of view, management reports growth across the board, although travel and workplace units have been the fastest growing. This is also where the franchise business is concentrated, so that franchise growth levels have exceeded those of the managed estate; however, growth rates are now converging.

Composition of growth: Price, volume and trading up

There was a price component to the quarter’s sales growth, but real volumes were also positive as were average transactions, which indicate that customers are trading up the menu independent of price. The forecasting and replenishment system is now contributing to improving product availability at different times of day. Greggs has opted to retain headline prices wherever possible, but has taken other opportunities. For example, the price has been retained on Greggs’ market-beating £2 breakfast offer, but after market testing, Greggs has slightly limited the offer so that it is either bacon or sausage, but no longer both. The other ingredient can now be added for 25p.

Further estate development: Advertising and enabling change

To date there have been 98 openings and 32 closures, a gross churn of 130, or 7% of the estate. Management reiterates its full-year targets of 140-150 openings and 40-50 closures, a net increase of c 100, and although, given the limited time remaining, the risk is on the downside, any undershoot is unlikely to be significant. With 120 shop refurbishments also completed so far, the company remains on track for c 130 in the full year. The steady upgrading of the shop estate since 2009 is undoubtedly a factor in the strong sales growth, not least as it advertises to non-customers that there is change underway at Greggs, inviting retrial. The new store formats are also more suitable for the current flow of trade than old formats, and management now regards the estate as effectively fully enabled for its food-on-the-go headline strategy.

Margin in control: Input inflation levelling off

While the trading statement does not explicitly cover margin, we understand that cost pressures remain under control.

With labour around 40% of the cost burden, it is characteristically the largest single pressure. However, this year there has been significant additional cost inflation originating from the sterling weakness following the Brexit vote. With the interim results, this was quantified at 7% in H1, with the greatest impact in the three months from November 2016, as earlier contracted input price cover ran out. As those cost increases begin to annualise in November-December 2017, the expectation is that the rate of input cost inflation will ease in the final two months. However, management’s past experience is that it can take up to two years for the influence of such price shifts to fully work through the system. The same factors are apparent in Greggs’ competitive markets such as supermarkets, fast food and coffee shops.

The new forecasting and replenishment system, while bringing top-line benefits, has resulted in some cost in terms of product wastage. This has meant that resulting sales increases are not resulting in the same level of drop-through to profit. Currently, operating staff are still gaining experience of the system and signs of improvement in the wastage levels are starting to come through. However, this is slower than originally expected. Management expects the outturn to be somewhere between historical levels and current experience. Despite that, the indication is still that the development is worthwhile in terms of net benefits.

Daypart development: Early to late

Having successfully established its breakfast offer, the early evening is the next strategic target. Hot food is an essential element of that, and here there is more to do. Some shops (such as drive-throughs) already have suitable formats, and all shops have heat-to-eat facilities. However, there may be some investment in hot food display units. The slight increase in the average size of new units fits with the strategy as it is not necessary to remove cold units to make way for hot ones. As the initiative is developed it will also be necessary to balance sales increases against staff efficiency and product wastage.

Labour management in a tightening market

Labour availability is becoming an issue as with all retailers, with pinch points being experienced in south-east England and employers having to work harder to gain and retain staff. Wage levels are not an issue in retaining staff and rather, management’s efforts are concentrated in making Greggs’ store environment a more attractive place to work, with additional recruitment actions, such as employment open days. Nevertheless, with 1,200 more people employed than at the same stage last year, the evidence is that, to the present time, the company is succeeding in attracting the staff it needs.

Franchising: No fixed boundaries

With the success of franchised operations in transport and workplace locations, management is happy with the way the franchising operation is going, with drive-throughs and garage forecourts being good examples of how franchising can assist the company with its food-on-the-go strategy. Franchised units participate fully in efficiency moves such as the forecasting and replenishment system. From the current level of 194 units, just over 10% of the estate, management thinks of the likely eventual scale of the franchised operation as 15%, but is flexible in its expectations.

Roll-out of consolidated production and SAP system

Following the completion of the first of the planned consolidated manufacturing platform for production of Yum Yums at Glasgow, the current major project is the redevelopment of the Leeds bakery to handle consolidated production of cakes and muffins. This is expected to complete around the end of the current year.

In terms of systems developments, with the store-based forecasting and replenishment system fully installed, attention switches to the supply chain, where Greggs will be trialling two SAP developments, in manufacturing and distribution respectively. These trials will need to be coordinated with structural changes in these operations, but subject to success of the trials, the company expects to have SAP installed in all supply sites over the next 18 months, with further increments to the efficiency of the chain.

Exhibit 1: Financial summary

£m

2013

2014

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

762.4

806.1

835.7

894.2

959.4

1,028.4

Cost of Sales

(305.9)

(304.8)

(305.1)

(324.3)

(346.3)

(368.1)

Gross Profit

456.5

501.3

530.6

569.9

613.1

660.3

EBITDA

 

 

74.9

95.6

113.3

125.9

133.3

136.8

Operating Profit (before amort. and except.)

41.5

58.1

73.1

80.3

81.1

83.9

Intangible Amortisation

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

(8.1)

(8.5)

0.0

(5.2)

(9.5)

(6.6)

Other

0.0

0.0

0.0

0.0

0.0

0.0

Operating Profit

33.4

49.6

73.1

75.2

71.6

77.3

Net Interest

(0.2)

0.2

(0.1)

(0.0)

(0.3)

0.0

Profit Before Tax (norm)

 

 

41.3

58.3

73.0

80.3

80.8

83.9

Profit Before Tax (FRS 3)

 

 

33.2

49.7

73.0

75.1

71.3

77.3

Tax

(10.3)

(14.0)

(15.4)

(18.1)

(17.0)

(17.0)

Profit After Tax (norm)

30.9

44.3

57.6

62.3

63.9

66.9

Profit After Tax (FRS 3)

24.2

37.6

57.6

58.0

56.2

61.6

Average Number of Shares Outstanding (m)

100.4

100.5

100.6

100.4

100.4

100.4

EPS - normalised (p)

 

 

30.8

44.0

57.3

62.0

63.6

66.6

EPS - normalised and fully diluted (p)

 

30.5

43.4

55.8

60.8

62.4

65.4

EPS - (IFRS) (p)

 

 

24.1

37.4

57.3

57.7

56.0

61.4

Dividend per share (p)

19.5

22.0

28.6

31.0

32.8

34.8

Gross Margin (%)

59.9

62.2

63.5

63.7

63.9

64.2

EBITDA Margin (%)

9.8

11.9

13.6

14.1

13.9

13.3

Operating Margin (before GW and except.) (%)

5.4

7.2

8.7

9.0

8.5

8.2

BALANCE SHEET

Fixed Assets

 

 

268.9

267.4

298.2

323.4

349.1

366.2

Intangible Assets

1.0

4.7

10.2

14.3

14.6

18.1

Tangible Assets

267.8

262.7

284.2

307.4

332.7

346.3

Investments

0.1

0.0

3.8

1.8

1.8

1.8

Current Assets

 

 

65.0

101.5

86.0

92.6

87.7

105.7

Stocks

15.4

15.3

15.4

15.9

17.0

18.1

Debtors

25.0

26.1

27.6

30.7

30.6

32.8

Cash

21.6

43.6

42.9

46.0

40.1

54.9

Other

3.0

16.5

0.0

0.0

0.0

0.0

Current Liabilities

 

 

(80.7)

(102.1)

(106.0)

(121.4)

(119.9)

(125.2)

Creditors

(80.7)

(102.1)

(106.0)

(121.4)

(119.9)

(125.2)

Short term borrowings

0.0

0.0

0.0

0.0

0.0

0.0

Long Term Liabilities

 

 

(17.0)

(20.1)

(11.9)

(29.9)

(29.1)

(28.7)

Long term borrowings

0.0

0.0

0.0

0.0

0.0

0.0

Other long term liabilities

(17.0)

(20.1)

(11.9)

(29.9)

(29.1)

(28.7)

Net Assets

 

 

236.2

246.7

266.3

264.7

287.8

317.9

CASH FLOW

Operating Cash Flow

 

 

82.5

108.6

119.6

133.8

133.7

134.0

Net Interest

(0.0)

0.2

0.2

0.1

0.0

0.0

Tax

(13.2)

(11.5)

(15.9)

(16.2)

(19.5)

(15.7)

Capex

(48.6)

(48.3)

(71.8)

(80.1)

(83.7)

(70.0)

Acquisitions/disposals

0.2

(4.8)

18.1

4.7

2.4

0.0

Financing

0.9

(2.6)

(7.2)

(8.3)

(6.6)

0.0

Dividends

(19.6)

(19.6)

(43.7)

(30.9)

(32.1)

(33.5)

Net Cash Flow

2.2

22.0

(0.7)

3.0

(5.9)

14.8

Opening net debt/(cash)

 

 

(19.4)

(21.6)

(43.6)

(42.9)

(46.0)

(40.1)

HP finance leases initiated

0.0

0.0

0.0

0.0

0.0

0.0

Other

0.0

(0.0)

0.0

0.0

0.0

0.0

Closing net debt/(cash)

 

 

(21.6)

(43.6)

(42.9)

(46.0)

(40.1)

(54.9)

Source: Greggs accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Greggs and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Greggs and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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