A year of solid growth

Photocure 27 February 2017

Photocure

A year of solid growth

Earnings update

Pharma & biotech

27 February 2017

Price

NOK36.8

Market cap

NOK795m

NOK8.37/US$

Net cash (NOKm) as at 31 December 2016

169

Shares in issue

21.6m

Free float

89%

Code

PHO

Primary exchange

Oslo

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(13.4)

(19.1)

1.4

Rel (local)

(10.6)

(22.3)

(16.5)

52-week high/low

NOK54

NOK33

Business description

Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU. Cevira is a Phase III-ready product for HPV-related diseases of the cervix and Visonac is a Phase III-ready product for acne.

Next events

Surveillance trial results

Mid-2017

Partnerships for Cevira and Visonac

2017

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Photocure is a research client of Edison Investment Research Limited

Photocure announced results for 2016 showing strong growth for the Hexvix/Cysview franchise. Total sales for the product were up 13% to NOK131m, driven by growth in both US sales (up 32% to NOK30.5m) and partner sales (up 14% to NOK61.5m). Total revenue for the period was NOK144m and there was NOK152m in operational spending. The company expects expenses in the US to increase significantly in preparation for the Hexvix/Cysview launch in the surveillance market. We now forecast profitability in 2019 instead of 2018.

Year end

Revenue (NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/15

134.7

(17.4)

(0.82)

0.0

N/A

N/A

12/16

143.6

12.8

0.59

0.0

N/A

N/A

12/17e

144.0

(42.9)

(1.98)

0.0

N/A

N/A

12/18e

230.6

(1.9)

(0.09)

0.0

N/A

N/A

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

Nordic salesforce issues appear resolved

Q316 showed a significant sequential drop in both Nordic revenue (18%) and units (14%), which the company attributed to issues regarding vacancies in its salesforce. The most recent quarter reversed that trend with 10% growth in sales and 23% growth in units, suggesting that issues caused by staffing have been overcome. The current unit sales of 2,450 are close to the recent historical average.

Surveillance trial fully enrolled

The biggest upside currently to future sales of Hexvix/Cysview is expansion into the US bladder cancer surveillance market, which has 1.2m procedures per year, compared to the current market of 250,000 transurethral resection of the bladder procedures. Photocure is in a pivotal Phase III clinical trial, and it announced as of February 2017 that the trial was fully enrolled. The primary readout will be the number of malignancies that were caught using Hexvix/Cysview that were missed with normal white light cystoscopy. Top-line data is expected in mid-2017.

US unit sales flatten out

Despite the historically strong performance of the US market, unit sales decreased sequentially 4% from the previous quarter. This can in part be considered an adjustment to 8% sequential growth in the previous quarter. Despite the decrease in unit sales, revenues were up 3% in the US due to a combination of price increases and exchange rate effects, the precise mix of which was undisclosed.

Valuation: NOK1,511m or NOK70 per share

We have increased our valuation to NOK1,511m or NOK70 per share, from NOK1,490m or NOK69 per share. The increase was largely due to a NOK32.8m payment from Galderma and the increased cash balance, as well as advancing our NPVs. This was mitigated by an increase in forecast SG&A in the US market, delaying our forecast profitability to 2019 from 2018.

A year of steady market expansion

In 2016, Photocure executed on its multipronged growth strategy to increase the market opportunity for its core product, Hexvix/Cysview. The product, known as Hexvix outside North America and Cysview within, is the photoactive compound hexaminolevulinate hydrochloride (HAL), which is selectively metabolised in bladder cancer cells. When combined with blue light cystoscopy, the product illuminates the cancer cells, improving the ability of doctors to identify and remove the legions during a transurethral resection of the bladder (TURB). The growth strategy for the company includes both the expansion of the product into new territories, as well as expanding the treatable market through approval of the product for the bladder cancer surveillance market. The product is well established in its home Nordic territory, where it is used in approximately 40% of TURB procedures, but the primary growth driver for internal sales has been expansion into the US. The product is currently marketed by Ipsen in the rest of Europe, and licences were signed in 2016 with partners in Canada (BioSyent) and Australia (Juno).

Photocure is also developing two other products based on photoactivatable technology similar to that used in Hexvix/Cysview. Cevira is a drug/device combination for the treatment of HPV-related dysplasias of the cervix using the same light sensitive molecule as Hexvix/Cysview and an intravaginal light device. The treatment successfully demonstrated efficacy controlling high-grade squamous intraepithelial lesions, and is currently Phase III-ready, pending Photocure finding a development partner. Visonac is a treatment for acne. It could potentially be used in patients who are refractory to other treatments. It is similarly Phase III-ready pending a partnership.

Q416 and full year results: Steady end user growth

Photocure reported revenue of NOK144m for 2016, representing 7% growth over 2015. This was driven by 13% year-on-year growth of revenues from Hexvix/Cysview (of NOK131m), offset by lower milestone revenue (NOK7.4m vs NOK12.4m). End user unit sales were either flat (in the Nordic market) or up (5% for partner sales and 21% for US sales) for the year.

Total sales of Hexvix/Cysview for Q416 were flat on a quarter-on-quarter basis, despite 7% end user growth for the period. These fluctuations are largely due to lumpiness in the purchasing patterns of Photocure’s partners and distributers. This is exemplified by the sales in the Nordic region, which were down 22% year-on-year, although this is largely due to strong purchasing in Q415. The product had a slow quarter of unit sales in Q316 (1,984 units), which the company attributed to vacancies in its salesforce. This issue appears to have been resolved and unit sales were up 23% in Q416 over Q316, bringing the product back to previous levels (approximately 2,400 units per quarter).

Exhibit 1: Q416 and full year Hexvix/Cysview sales

Q416

Revenue (NOKm)

Y-o-y

Q-o-q

Units

Y-o-y

Q-o-q

Hexvix sales Nordic

9,593

-22%

10%

2,450

-3%

23%

Cysview sales US

8,033

9%

3%

1,042

5%

-4%

Total own sales

17,626

-10%

7%

3,492

-1%

14%

Partner sales

13,986

3%

-8%

10,816

4%

5%

Total Hexvix/Cysview

31,611

-5%

0%

14,308

3%

7%

FY16

Hexvix sales Nordic

39,040

1%

-

9,224

0%

-

Cysview sales US

30,465

32%

-

4,116

21%

-

Total own sales

69,504

13%

-

13,340

5%

-

Partner sales

61,460

14%

-

43,334

5%

-

Total Hexvix/Cysview

130,964

13%

-

56,674

5%

-

Source: Photocure

Exhibit 2: Hexvix/Cysview internal sales (NOK 000s)

Source: Photocure

Unit sales for the US were slightly slower in Q416 compared to the previous quarter (38 fewer units or 4%), and only two additional blue light cystoscopes were placed in US hospitals over the period (bringing the total to 83). Photocure continues to build the case for the utility of the product and present it to US physicians, although we believe the biggest factor to revitalise growth in the US will be expansion into the surveillance market (see below).

SG&A for Q4 was in line with previous quarters at NOK30.3m (compared to NOK30.7m in Q3). Management comments indicate an increase in SG&A in 2017 and 2018 due in large part to increasing the number of salespeople in the United States. This will enable them to penetrate additional metropolitan areas and lay the groundwork in preparation for the surveillance market launch. We have increased our forecast SG&A for 2017 from NOK132.9m to NOK155.8m, increasing to NOK194.8m in 2018.

R&D expenses were up slightly (to NOK5.4m from NOK3.9m), although these remain small compared to other programmes. The company received the final Galderma payment (NOK32.8m), which boosted operational cash flows to NOK49.9m for the quarter and NOK19.2m for the year, leaving it with NOK169m in cash. We believe that this balance should be sufficient to finance the company to profitability from the Hexvix/Cysview product following entry into the surveillance market in 2019 (previously 2018).

Steady clinical progress

We previously reported on the two recent publications on the technology, 1,2 and the inclusion of blue light cystoscopy in the bladder cancer guidelines published by the American Urological Association (AUA) and the Society of Urologic Oncology (SUO). The case has been further bolstered by Photocure’s presentation at the SUO annual meeting of the latest data from the ongoing prospective study of 338 bladder cancer patients from nine centres using Hexvix/Cysview. The study investigated patients who received white light cystoscopy, blue light cystoscopy, or a combination of the two. The addition of blue light to the standard white light procedure increased the detection frequency to 98% compared to 73%. Perhaps most impressively, the detection of carcinoma in situ (CIS), which is difficult to identify under white light, was almost doubled from 52% to 97%. Unfortunately, the statistics on these measurements were not provided.

  Gakis G, Fahmy O (2016) Systematic Review and Meta-Analysis on the Impact of Hexaminolevulinate- Versus White-Light Guided Transurethral Bladder Tumor Resection on Progression in Non-Muscle Invasive Bladder Cancer. Blad. Cancer 2, 293-300.

  Back T, et al. (2016) Optimised photodynamic diagnosis for transurethral resection of the bladder (TURB) in German clinical practice: results of the noninterventional study OPTIC III. World J. Urol. ePub.

Exhibit 3: Detection rates from registry study using different cystoscopy techniques

Detection method

Any malignancy

Any papillary

Low grade papillary

High grade papillary

CIS

White light alone

73%

87%

82%

87%

52%

Blue light alone

89%

89%

97%

91%

91%

Combination

98%

99%

98%

99%

97%

Source: Photocure

Perhaps the greatest driver of potential future revenue to the company is the expansion of Hexvix/Cysview into the bladder cancer surveillance market. There are 1.2m surveillance procedures performed in the US, compared to only 250,000 TURB procedures. The company reported in February 2017 that its ongoing Phase III clinical study in the US was fully enrolled. At least 300 bladder cancer patients have entered the trial, and over 100 have received multiple cystoscopies with Hexvix/Cysview. The primary endpoint of the trial is the detection of malignancy with blue light cystoscopy that was missed under white light. Top-line data is expected from this 100-patient cohort in mid-2017.

Valuation

We have increased our valuation to NOK1,511m or NOK70 per share, from NOK1,490m or NOK69 per share. This upgrade is in large part driven by the increase in cash resulting from the final Galderma payment as well as contributions from advancing our NPVs. At the same time, we have slightly decreased our peak sales estimates for Hexvix/Cysview to NOK324m from NOK332m due to readjusting our US sales ramp in line with the most recent filing. Also, as mentioned previously, we have increased our forecast SG&A in the US market, delaying our forecast profitability to 2019 from 2018 and lowering the NPV of Hexvix/Cysview. We expect to update our valuation following the results from the bladder cancer surveillance trial in mid-2017, as well as the announcement of any licensing deals for Cevira and Visonac.

Exhibit 4: Photocure valuation

Product

Main indication

Status

Probability of commercialisation

Launch year

Peak sales (NOKm)

Patent protection

Economics

rNPV (NOKm)

Hexvix/Cysview

Bladder cancer detection

Market

100%

Launched

324

2019-20

Fully owned – US and Nordics, Partner with Ipsen in EU (35% royalty)

469

Cevira

HPV-related diseases

Phase III

50%

2020

2,399

2030

17.5%

409

Visonac

Acne

Phase III

60%

2020

2,175

2028

17.5%

465

Total

 

 

 

 

 

 

 

1,342

Cash and cash equivalents (Q416)

169

Total firm value

1,511

Total basic shares (m)

21.6

Value per basic share (NOK)

70

Options (Q416, m)

0.1

Total number of shares (m)

21.7

Diluted value per share (NOK)

70

Source: Photocure reports, Edison Investment Research

Exhibit 5: Financial summary

NOK000s

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

134,717

143,627

143,977

230,576

Cost of Sales

(8,221)

(9,337)

(9,961)

(16,115)

Gross Profit

126,496

134,291

134,015

214,461

Sales, General and Administrative Expenses

(115,025)

(124,647)

(155,808)

(194,760)

Research and Development Expense

(29,558)

(17,652)

(18,534)

(19,276)

EBITDA

 

 

(18,087)

(8,008)

(40,327)

425

Operating Profit (before GW and except.)

(21,986)

(15,861)

(48,180)

(7,428)

Intangible Amortisation

0

0

0

0

Other

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(21,986)

(15,861)

(48,180)

(7,428)

Net Interest

4,553

28,640

5,272

5,483

Other

(9,771)

(366)

0

0

Profit Before Tax (norm)

 

 

(17,434)

12,779

(42,908)

(1,945)

Profit Before Tax (FRS 3)

 

 

(27,205)

12,414

(42,908)

(1,945)

Tax

0

(0)

0

0

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(17,434)

12,779

(42,908)

(1,945)

Profit After Tax (FRS 3)

(27,205)

12,413

(42,908)

(1,946)

Average Number of Shares Outstanding (m)

21.4

21.5

21.7

21.9

EPS - normalised fully diluted (ore)

 

 

(82)

59

(198)

(9)

EPS - FRS 3 (ore)

 

 

(127)

58

(198)

(9)

Dividend per share (NOK)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

76,394

74,070

96,127

89,875

Intangible Assets

50,615

26,390

48,706

42,584

Tangible Assets

2,288

1,660

1,401

1,272

Other

23,490

46,020

46,020

46,020

Current Assets

 

 

171,670

212,268

162,945

172,020

Stocks

13,800

17,955

16,621

26,618

Debtors

23,844

12,323

22,167

35,500

Cash

134,026

169,239

111,407

97,152

Other

0

12,750

12,750

12,750

Current Liabilities

 

 

(34,039)

(30,637)

(30,637)

(30,637)

Creditors

(34,039)

(30,637)

(30,637)

(30,637)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

(3,960)

(3,758)

(4,134)

(4,547)

Long term borrowings

0

0

0

0

Other long term liabilities

(3,960)

(3,758)

(4,134)

(4,547)

Net Assets

 

 

210,064

251,943

224,301

226,711

CASH FLOW

Operating Cash Flow

 

 

(21,030)

19,193

(28,707)

(13,440)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(14,930)

(21,715)

(31,614)

(3,405)

Acquisitions/disposals

0

33,213

0

0

Financing

0

0

0

0

Dividends

0

0

0

0

Other

2,326

2,394

2,490

2,589

Net Cash Flow

(33,634)

33,085

(57,832)

(14,256)

Opening net debt/(cash)

 

 

(165,245)

(134,026)

(169,239)

(111,407)

HP finance leases initiated

0

0

0

0

Exchange rate movements

2

0

0

0

Other

2413

2129

0

0

Closing net debt/(cash)

 

 

(134,026)

(169,239)

(111,407)

(97,152)

Source: Photocure, 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 Photocure 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.

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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 Photocure 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.

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London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, 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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205, 95 Pitt Street

Sydney, NSW 2000

Australia

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