Driving forward

Lookers 22 August 2017 Update
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Lookers

Driving forward

Interim results

Automotive retailers

22 August 2017

Price

110p

Market cap

£437m

Net debt (£m) at 30 June 2017

61.9

Shares in issue

396.6m

Free float

80%

Code

LOOK

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(4.1)

(11.5)

(15.7)

Rel (local)

(2.7)

(9.9)

(21.6)

52-week high/low

138.5p

97.5p

Business description

Lookers is vying to be the largest UK motor vehicle retailer, with its new car operations supported by the strength of used and aftersales activities. It now operates 155 franchises, representing 32 marques from 100 sites around the UK, with strong regional presences in Northern Ireland, Scotland, the South East and across Northern England.

Next events

Q3 trading statement

November 2017

Analysts

Andy Chambers

+44 (0)20 3681 2525

Roger Johnston

+44 (0)20 3077 5722

Lookers is a research client of Edison Investment Research Limited

A strong first half performance saw Lookers deliver yet another record trading period, overcoming the dilutive effect of the sale of the Parts business in H216. The performance of the continuing activities has been enhanced by the reinvestment of the proceeds in the two new dealership groups last year. In addition the balance sheet remains strong, facilitating both organic investment and M&A, despite the uncertainty that persists in the UK car market. Lookers looks set to continue its growth strategy with a sharper brand focus. The improved prospective yield also has attractions.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/15**

3,430

59.6

12.4

3.12

8.9

2.8

12/16**

4,088

64.9

13.1

3.64

8.4

3.3

12/17e

4,700

76.0

15.3

4.00

7.2

3.6

12/18e

4,900

78.5

15.8

4.20

7.0

3.8

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

First half trading performance is encouraging

The underlying performance in H117 has been encouraging despite a softening of the UK new car market following the record first quarter. Lookers’ new, used and aftermarket sales all showed healthy like-for-like growth and even stronger gross profit improvements. This was further enhanced by the acquisitions of Knights and Drayton during H217, which have offset the dilution of the disposal of the highly profitable Parts distribution business last year.

Sharpening the focus

The capital markets day in May gave clear insights into how Lookers’ consolidate and build strategy is developing. Management discussed greater focus on key brands, provided case studies on acquisitions, and highlighted increasing digital development and marketing, with a continued drive for operational performance improvements. These factors should keep Lookers at the forefront of automotive retailing as brand development pressures drive further sector consolidation, likely at the expense of the smaller independents. The aim is to leverage volume across a largely fixed cost base with resultant improvements in competitiveness and returns. While the UK new car market is suffering from lower buyer confidence, economic fundamentals would appear to underpin healthy demand. Despite some negative media, the outlook does not appear to be deteriorating rapidly, although a squeeze on disposable income is evident as inflation rises. Used car and aftersales demand should stay resilient, due to growth in the 0-3 year-old car parc. The strong balance sheet and financing provide the support to pursue the strategic goals.

Valuation: Sector priced for market collapse

We see no reason to change numbers at present, despite the car market uncertainty exacerbated by the lack of a clear political mandate. We believe the sector is overdue a re-rating, which should occur if the economy remains stable. Lookers’ underlying growth warrants the 7% P/E premium to its immediate UK peers.

Interim trading update

A strong first half performance saw Lookers deliver yet another record trading period, overcoming the dilutive effect of the sale of the Parts business in H216. In part this can be attributed to the subsequent reinvestment of the proceeds in the two new dealership groups last year, Drayton Motors and Knights BMW. However, strong like-for-like performances across the operating segments are also very encouraging during what has been an overall flatter period for the new car market. In gross profit terms, a favourable mix has been delivered by good performances in the higher-margin used car and aftersales segments, which generate almost two-thirds of gross profit, and a robust performance in the smaller leasing activity.

Exhibit 1: Lookers first half key data (continuing activities)

Year to December

2016

2017

%

Change

£m

H116

H117

Revenues

2,225.3

2,458.5

+10.5

Adjusted operating profit

51.6

58.1

+12.6

Profit before tax (adjusted)

42.6

50.2

+17.8

Net income (ongoing adjusted)

34.7

41.6

+19.9

EPS (p) – reported

7.9

9.1

+14.8

EPS (p) – ongoing adjusted

8.76

10.49

+19.7

DPS (p)

1.28

1.41

+10.2

Net debt

74.9

61.9

-17.4

Freehold/long leasehold property per share (p)

60

74

+23.3

NAV per share (p)

78

93

+19.2

Source: Lookers reports

Revenues in the first half rose by 5% to £2.46bn, although stripping out the H117 contribution from the Parts business the continuing activities delivered growth of over 10%. For the continuing business, group gross profits rose 17%, adjusted profit before tax was 18% higher and adjusted EPS rose by 20%, which enabled a 10% increase in the dividend despite the current uncertainty around end market demand.

Exhibit 2: Lookers segmental analysis (continuing businesses only)

Year-end December

2016

2017

% change

(£m) 

H116

H216

FY

H117

H117 vs H116

New Car – Retail

730

645

1375

822

13%

New Car – Fleet

458

373

831

490

7%

Used Car

809

629

1437

887

10%

Aftersales

189

176

365

216

14%

Leasing

39

41

80

44

13%

Group revenues

2,225

1,863

4,088

2,459

10%

Gross profit by segment

New Car – Retail

60

75

135

71

18%

New Car – Fleet

15

11

26

17

13%

Used Car

56

49

105

69

23%

Aftersales

84

82

166

98

17%

Leasing

8

9

17

9

10%

Group gross profit

225

226

449

264

17%

Gross margin

New Car – Retail

8.2%

11.6%

9.8%

8.6%

New Car – Fleet

3.3%

2.9%

3.1%

3.5%

Used Car

6.9%

7.8%

7.3%

7.8%

Aftersales

44.6%

46.7%

45.5%

45.8%

Leasing

20.5%

22.0%

21.3%

20.0%

Group gross margin

10.1%

12.1%

11.0%

10.7%

Source: Lookers reports

Like-for-like revenue growth was 7%, with the retail segment of new cars showing the strongest improvement at 9%. A more selective approach in new car fleet sales still delivered 5% like-for-like growth in the period, while used car sales of 7% was, we believe, also well ahead of market growth.

In like-for-like terms, the gross profit growth was 9% higher for new cars retail, flat for new cars fleet, up 13% for used cars, with a 7% rise for aftersales. Gross margins increased in all of the segments except for leasing. The 120bps increase in aftersales margins to 45.8% is particularly encouraging given the rising number of service plans, which now total close to 100k and the high level of personal contract plan (PCP) financing that helps to retain customers in the service network. Similarly, the used car segment benefits from the increasing numbers of cars coming off PCPs, which are high-quality, with margins up 90bps aided by stable residual values.

The company also continues to invest in both new technology and the operations. A new website with improved functionality is being launched, providing greater functionality for customers’ online search experience with an upgraded mobile app. Capex was broadly maintained during the period at £19.7m as part of the ongoing improvement programme for dealership facilities. Some £3m of surplus property disposal proceeds was received during the period, but the previously extensive list has now been largely disposed of. At 295m, or 74p per share, the value of the freehold and long leasehold property portfolio represents 80% of total net assets, and further indicates the robust structure of the balance sheet. Net debt fell by £12.2m during the first half to £61.9m.

Lookers retains substantial headroom in its existing debt financing facilities, which total £230m with a potential extension of £30m if required for M&A. Net debt to trailing 12-month EBITDA fell to 0.54x during the period, a very comfortable level. While nothing appears imminent, management continues to track opportunities for further consolidation, and has the wherewithal to participate in any opportunities should they arise.

The 10% increase in the interim dividend 1.41p per share is also encouraging given current market uncertainty. If repeated for the full year, Lookers would yield 3.6%, an attractive income in the current low interest rate environment.

Outlook

Lookers’ strategy consistent and financially robust

The capital markets day in May provided a positive update on Lookers’ growth strategy, and progress in this regard was apparent during the first half. Lookers appears well placed to continue to deliver a sharper brand focus, and the withdrawal from selling PSA product in Great Britain (the multi-franchise site in Belfast is retaining the brand) is a further step towards the aim of concentrating on fewer leading franchises. The ultimate ambition is to focus sales on fewer larger dealerships, which is key to Lookers’ strategy as it increases revenue across the largely fixed cost base of its dealerships, providing operational gearing. It will be delivered by both organic and acquired development, with a focus on cost management and the increasing use of technology to achieve optimal customer engagement.

The investments required in updating franchise quality and the development of technology increasingly favours financially robust, larger retailers such as Lookers, which expects a continuing decline in the overall number of dealer outlets in the UK to around the 3,000 level by 2026, a fall of around 25%. While the car manufacturers may have to accept a higher proportion of distribution being controlled by individual franchise groups for this to occur, it appears to be the inevitable trend in an increasingly connected world.

Acquisitions continue to deliver value to shareholders. Lookers has a return on investment target on acquisitions of 15% and the return on acquisitions since 2011 has to date been almost 20%. M&A will thus remain a key feature for Lookers. Management is likely to remain selective as to which opportunities to pursue, and walk away where value creation is not demonstrable. Increased competition for targets may be a feature as the number of potential consolidators capable of meeting brand investment requirements diminishes. However, this trend may also throw up further opportunity as the OEMs may in time accept that fewer partners are capable of meeting the changing requirements of the car retailing environment.

Car market trends overall remain encouraging

New car registrations through July were just off record levels, at 1.56m vehicles according to the Society of Motor Manufacturers and Traders (SMMT), down 2.2% on 2016. While Q117 benefited from the pull forward of registrations ahead of the vehicle excise duty changes on 1 April, increased uncertainty following the election has led to four months of decline. In May the SMMT had improved its 2017 forecast for new car sales slightly, from a 5.0% decline at the start of the year to just 2.6%, but it has now reverted to a 3.7% drop, implying a 6.3% decline in new car sales in H217.

Although confidence has fallen among private and corporate buyers as inflation and political uncertainty has increased, the economic backdrop would still appear quite stable. Falling unemployment and historically record levels of employment suggest an underpinning of new car markets and upgrades in the second-hand market. In addition, the low interest rate environment continues to assist affordability, and in the absence of any near-term economic shock we would expect new car sales to remain near current very high levels, or indeed possibly start to improve. Such a view is slightly at odds with the current SMMT consensus, which envisages a further modest drop in new car sales in 2018.

While new cars grab the headlines, used sales and aftersales are more profitable. Volume drivers for both these activities appear robust at present with a growing car parc of 0-6 year-old vehicles due to the record level of new car sales in recent years.

In this environment, we expect Lookers to continue to make steady progress, ahead of the overall market.


Exhibit 3: Financial summary

£m

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

3,430.3

4,088.2

4,700.0

4,900.0

Cost of Sales

(3,039.6)

(3,638.7)

(4,145.4)

(4,321.8)

Gross Profit

390.7

449.5

554.6

578.2

EBITDA

 

84.4

97.6

108.7

111.2

Operating Profit (before amort. and except.)

 

73.4

82.5

91.6

93.8

Intangible Amortisation

0.0

0.0

0.0

0.0

Exceptionals

(9.3)

14.7

(11.1)

(11.3)

Other

0.0

0.0

0.0

0.0

Operating Profit

64.1

97.2

80.5

82.5

Net Interest

(13.8)

(17.6)

(15.6)

(15.4)

Profit Before Tax (norm)

 

59.6

64.9

76.0

78.5

Profit Before Tax (FRS 3)

 

50.3

79.6

64.9

67.1

Tax

(9.4)

(7.9)

(13.0)

(13.5)

Profit After Tax (norm)

50.2

53.3

62.3

64.3

Profit After Tax (FRS 3)

40.9

71.7

51.9

53.7

Average Number of Shares Outstanding (m)

394.4

396.4

396.9

396.9

EPS – normalised (p)

 

12.7

13.4

15.7

16.2

EPS – normalised and fully diluted (p)

 

12.4

13.1

15.3

15.8

EPS – (IFRS) (p)

 

10.4

18.1

13.1

13.5

Dividend per share (p)

3.1

3.6

4.0

4.2

Gross Margin (%)

11.4

11.0

11.8

11.8

EBITDA Margin (%)

2.5

2.4

2.3

2.3

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

2.1

2.0

1.9

1.9

BALANCE SHEET

Fixed Assets

 

441.2

536.5

564.4

587.1

Intangible Assets

158.3

217.4

221.8

221.0

Tangible Assets

282.9

319.1

342.6

366.1

Investments

0.0

0.0

0.0

0.0

Current Assets

 

1,143.9

1,171.3

1,279.0

1,327.0

Stocks

816.0

839.4

893.0

912.4

Debtors

319.6

292.1

326.2

344.8

Cash

8.3

39.8

59.8

69.8

Other

0.0

0.0

0.0

0.0

Current Liabilities

 

(1,085.4)

(1,130.3)

(1,195.3)

(1,234.0)

Creditors

(1,002.0)

(1,105.2)

(1,195.3)

(1,234.0)

Short term borrowings

(83.4)

(25.1)

0.0

0.0

Long Term Liabilities

 

(201.9)

(235.8)

(270.3)

(265.4)

Long term borrowings

(86.6)

(88.8)

(121.6)

(115.0)

Other long term liabilities

(115.3)

(147.0)

(148.7)

(150.4)

Net Assets

 

297.8

341.7

377.7

414.8

CASH FLOW

Operating Cash Flow

 

32.9

130.5

108.5

107.8

Net Interest

0.0

(13.8)

(17.6)

(15.6)

Tax

0.0

(17.3)

(13.0)

(13.5)

Capex

(36.0)

(45.5)

(50.5)

(45.9)

Acquisitions/disposals

(104.4)

18.9

0.0

0.0

Financing

0.9

0.0

0.0

0.0

Dividends

(11.6)

(13.2)

(15.1)

(16.2)

Other

8.4

28.0

(0.0)

0.0

Net Cash Flow

(109.8)

87.6

12.3

16.6

Opening net debt/(cash)

 

51.9

161.7

74.1

61.8

HP finance leases initiated

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

(0.0)

Closing net debt/(cash)

 

161.7

74.1

61.8

45.2

Source: Lookers reports, Edison Investment Research estimates

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 Lookers 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 Lookers 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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