Encouraging sales progress at Express

Findel 7 December 2016 Update

Findel

Encouraging sales progress at Express

Interim results

Retail

7 December 2016

Price

188.00p

Market cap

£163m

Net core bank debt (£m) at 30 September 2016

94.5

Shares in issue

86.4m

Free float

100%

Code

FDL

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(12.4)

(1.1)

1.1

Rel (local)

(13.5)

0.0

(5.8)

52-week high/low

224.8p

130.0p

Business description

Findel has become a much more focused group in recent years and now comprises only two businesses: the home shopping retailer Express Gifts and education supplies business Findel Education.

Next events

Announcement on chairman

January 2017

Analysts

David Stoddart

+44 (0)20 3077 5700

Paul Hickman

+44 (0)20 3681 2501

Findel is a research client of Edison Investment Research Limited

Findel’s largest business, Express Gifts, posted strong revenue growth in H1 and has sustained the trend into H2. Currency headwinds will cause a pause in profit growth in FY18e but plans to continue building the customer base and revenues are encouraging for the medium term. Education, now showing signs of improvement, will continue to rely on self-help in a challenging market.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/15

406.9

27.7

25.8

0.0

7.3

0.0

03/16

410.6

24.8

23.0

0.0

8.2

0.0

03/17e

452.0

26.0

24.9

0.0

7.6

0.0

03/18e

490.5

28.6

27.3

0.0

6.9

0.0

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

Encouraging first half

Express increased its customer base and product sales by 12% like-for-like in H1 and increased EBIT by £0.35m. Education suffered a 5.4% like-for-like sales decline and a £2.1m EBIT decline but showed an improving sales trend in Q2. The business successfully completed its warehouse consolidation project. Core net debt reduced by £1.1m to 94.5m.

Revised estimates

H1 trends have continued into H2 and Findel reports it is on track to deliver consensus FY17e PBT of c £26m. However, Express will see little change in profit in FY18e as rapidly growing revenues merely offset currency headwinds. Education remains on target to deliver an incremental £2-3m EBIT following its warehouse consolidation. Our FY17e PBT estimate is barely changed but we have reduced our FY18e PBT estimate from £31.2m to £28.6m.

Valuation: Headroom remains

Findel trades on an undemanding FY17e P/E of 8x. In part we believe this reflects the high level of borrowings (total net debt: £226.7m) that the group carries. The EV/EBITDA ratios for FY17e and FY18e are 8.9x and 8.5x, respectively. However, it is important to stress that much of that debt funds Express’s high-quality consumer receivables book; the element that does not cover that book amounts to less than 1x EBITDA. We have again valued Findel using a sum-of-the-parts analysis (see our August update note for background information). On our revised estimates, we generate a small increase in valuation from 240p to 252p. The FY17e and FY18e P/E ratios at 252p would be 10.1x and 9.2x, respectively.

Interim results

This being a 53-week year for Findel, H1 contained 27 weeks. Adjusting for that, Findel estimates that the 11.3% reported group revenue growth would be 6.5% on a like-for-like basis. Express Gifts grew strongly, while Education registered an improving sales trend. Findel generated a further small reduction in core net debt (excluding finance leases) during the half.

Express Gifts

On a reported basis, Express increased product sales by 18.7%. However, after eliminating week one, the like-for-like growth was 12%. Financial services expanded by 11.3% on a like-for-like basis. Increased marketing spend on TV and online has had the desired effect of increasing the customer base by 12%. Express recruited 114k new customers in H1, beating its full-year target of 100k new customers. It also increased sales to its established customer base by 9%, with both order frequency and average transaction value increasing. Of course, there is more behind this success than simply a TV campaign. Express has launched a new website with improved functionality. It has improved customer service through enhanced in-house call centre facilities and it has improved inventory availability. It has also loosened the over-tight credit controls that dampened performance last year. As intended, this has seen the bad debt ratio increase to 7.4% in H1, a level closer to the 8% that management regards as optimal for its business. The potential in expanding the customer and sales bases is clear. Nevertheless, investment is being controlled: Express increased EBIT by £0.35m to £5.25m in H1.

Education

Education’s reported revenue declined 4.2% y-o-y. However, after adjusting for the extra week and the timing of receipts under the Sainsbury’s ‘Active Kids’ scheme, the like-for-like decline was 5.4%. However, this was on an improving trend, with the Q2 like-for-like decline measured at 3%. Indeed, the Classroom and Specialist brands delivered sales and market share growth in Q2. However, School brands suffered a 10% H1 sales decline. Hence, Education suffered a £2.1m reduction in H1 EBIT to £1.6m. The environment for Education remains little changed. School budgets remain constrained, with payroll-related expenses swallowing an increasing element of funding. Findel estimates that the market in which Education operates declined by 8% in H1. We see no signs that the demand picture is likely to improve in the near term. The industry will need to consolidate. Findel has acquired a couple of very small businesses and will look opportunistically at others. Meanwhile, it has completed its major logistics and systems restructuring and remains confident that that project will deliver a £2-3m EBIT uplift in FY18e.

Exceptional items

Findel noted in its 2016 annual report that it had provided £14.4m for customer redress and refunds in respect of flawed financial services products, based upon estimates and assumptions that were subject to change. Following a pilot-scale contact programme for affected customers, a revised scheme of redress has now been agreed with the FCA, triggering an additional provision of £3.3m, which remains subject to change based upon experience. Findel incurred £0.7m of advisory costs as a result of its various discussions with Sports Direct. It recorded a credit of £0.1m for a receipt from Kleeneze that was previously written off as unrecoverable.

To exclude them from underlying profit, we have recorded the £1.4m positive ‘mark to market’ movements on forex positions within exceptional items.

Financing

Total net debt at the end of September 2016 was £226.7m (September 2015: £217.6m) with securitisation borrowings £8.3m higher at £130.3m (2015: £122.0m) due to Express Gifts’ strong receivables growth and new finance leases totalling £1.9m relating to the warehouse consolidation project for Findel Education. Express has increased its securitisation facility by £10m to £155m to accommodate growth in sales and receivables. Findel excludes finance leases as well as the securitisation borrowings from its measure of core net debt, which fell from £95.6m in September 2015 to £94.5m at the end of this half-year. Despite the higher borrowings, finance costs reduced by £0.5m to £4.6m.

Outlook

So far in H2, Express is trading in line with its H1 like-for-like trends. In Black Friday week, it enjoyed a 28% y-o-y increase in online visitors and a 36% increase in orders. It will therefore continue to invest in growing the customer base and sales volumes. Within Education, Classroom and Specialist brands continue to grow revenues but School brands continue to suffer revenue declines.

Estimates

Findel has indicated that it remains on target to deliver consensus FY17e PBT of c £26m. We have therefore made only minor changes to our FY17 estimates. However, management has also highlighted its plans to continue investing in Express to drive revenues and offset currency pressures in FY18e. At this stage, it expects the net effect to be a standstill in profit within Express in FY18e. However, the return on the investment in systems and logistics within Education should still allow an advance in group PBT. We summarise the changes to our estimates, reflecting the most recent guidance, in Exhibit 1.

Exhibit 1: Estimate changes

EPS (p)

PBT (£m)

EBITDA (£m)

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

03/17e

25.0

24.9

-0.1%

25.9

26.0

0.2%

43.7

45.0

3.0%

03/18e

29.8

27.3

-8.5%

31.2

28.6

-8.6%

49.1

48.4

-1.4%

Source: Findel, Edison Investment Research

Valuation: Headroom remains

In setting our multiples for our Findel sum-of-the-parts valuation, we inevitably refer to N Brown as a benchmark for Express. Although N Brown has seen a re-rating in recent months, we have elected, given the absence of profit growth at Express in FY18e, not to increase the FY17e NOPAT multiple that we apply to it (see our August update note for background information on our sum-of-the parts analysis). We have also left Education’s FY18e EBITDA multiple unchanged. The result of an increase in the proportion of FY18e profit coming from Education is a small increase in valuation from 240p to 252p. The FY17e and FY18e P/E ratios at 252p would be 10.1x and 9.2x, respectively. There is no dividend yield and we do not expect to see the dividend restored until after Express has navigated the currency headwinds of FY18 and is growing EBIT strongly again.


Exhibit 2: Financial summary

£000s

2013

2014

2015

2016

2017e

2018e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

491,233

402,200

406,930

410,601

451,951

490,491

Cost of Sales

(254,481)

(265,468)

(215,146)

(213,479)

(231,321)

(253,846)

Gross Profit

236,752

136,732

191,784

197,122

220,630

236,644

EBITDA

 

 

31,999

43,320

45,136

41,758

44,986

48,425

Operating Profit (before amort. and except.)

 

26,787

39,224

41,686

37,264

38,959

42,339

Intangible Amortisation

(2,621)

(2,848)

(3,029)

(2,348)

(1,930)

(2,027)

Operating profit pre exc post intang amortisation

24,166

36,376

38,657

34,916

37,029

40,312

Exceptionals

(11,031)

(16,928)

(27,036)

(25,458)

(3,167)

0

Other/share based payments

(1,847)

(1,698)

(861)

(239)

(1,000)

(1,000)

Operating Profit

11,288

17,750

10,760

9,219

32,862

39,312

Net Interest

(10,523)

(9,876)

(10,097)

(9,901)

(10,027)

(10,758)

Financial exceptional items

(283)

(472)

(136)

(998)

735

0

Profit Before Tax (norm)

 

 

11,796

24,802

27,699

24,776

26,002

28,555

Profit Before Tax (FRS 3)

 

 

482

7,402

527

(1,680)

23,570

28,555

Tax

1,103

(1,857)

(5,323)

91

(4,658)

(5,996)

Profit After Tax (norm)

12,130

22,563

21,994

19,785

21,538

23,558

Profit After Tax (FRS 3)

2,890

2,219

(25,261)

(10,196)

18,912

22,558

Average Number of Shares Outstanding (m)

84.8

84.8

85.2

86.1

86.3

86.3

EPS - normalised (p)

 

 

14.3

23.7

25.8

23.0

24.9

27.3

EPS - normalised and fully diluted (p)

 

12.1

19.9

22.2

20.3

22.0

24.1

EPS - (IFRS) (p)

 

 

3.4

2.6

(29.7)

(11.8)

21.9

26.1

Dividend per share (p)

0.0

0.0

0.0

0.0

0.0

0.0

Gross Margin (%)

48.2

34.0

47.1

48.0

48.8

48.2

EBITDA Margin (%)

6.5

10.8

11.1

10.2

10.0

9.9

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

5.5

9.8

10.2

9.1

8.6

8.6

BALANCE SHEET

Fixed Assets

 

 

140,839

133,047

94,428

92,927

98,706

99,594

Intangible Assets

100,892

90,337

50,217

47,322

47,638

50,611

Tangible Assets

31,329

34,644

35,070

41,423

43,041

40,955

Investments

8,618

8,066

9,141

4,182

8,028

8,028

Current Assets

 

 

327,016

301,960

328,250

321,279

332,437

354,208

Stocks

58,896

64,406

65,405

53,472

56,230

61,856

Debtors

210,234

213,284

224,375

229,848

255,475

285,323

Cash

34,023

24,270

38,470

34,405

19,207

5,504

Other

23,863

0

0

3,554

1,525

1,525

Current Liabilities

 

 

(86,941)

(82,861)

(82,340)

(76,191)

(78,008)

(82,108)

Creditors

(86,941)

(82,861)

(82,340)

(75,673)

(77,476)

(81,576)

Short term borrowings

0

0

0

(518)

(532)

(532)

Long Term Liabilities

 

 

(280,443)

(240,498)

(257,628)

(259,140)

(263,514)

(264,346)

Long term borrowings

(259,176)

(231,223)

(245,021)

(250,569)

(245,252)

(245,252)

Other long term liabilities

(21,267)

(9,275)

(12,607)

(8,571)

(18,262)

(19,094)

Net Assets

 

 

100,471

111,648

82,710

78,875

89,622

107,348

CASH FLOW

Operating Cash Flow

 

 

26,500

26,097

19,250

8,889

11,259

12,051

Net Interest

(10,000)

(9,482)

(9,938)

(9,549)

(9,605)

(10,758)

Tax

(1,761)

(998)

(1,396)

(2,494)

(4,000)

(5,996)

Capex

(8,259)

(11,831)

(10,269)

(15,940)

(9,927)

(9,000)

Acquisitions/disposals

0

15,461

1,720

11,115

2,318

0

Financing

0

0

(500)

0

0

0

Dividends

0

0

0

0

0

0

Net Cash Flow

6,480

19,247

(1,133)

(7,979)

(9,955)

(13,704)

Opening net debt/(cash)

 

 

230,659

226,168

206,953

206,551

216,682

226,577

HP finance leases initiated

0

0

0

0

0

0

Other

(1,989)

(32)

1,535

(2,152)

60

(0)

Closing net debt/(cash)

 

 

226,168

206,953

206,551

216,682

226,577

240,280

Source: Findel accounts, Edison Investment Research. Note: Normalised PBT is after amortisation of intangibles. Tax for normalised EPS excludes tax on exceptionals.

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). 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 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Findel 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 2016. “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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245 Park Avenue, 39th Floor

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US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

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NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). 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 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Findel 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 2016. “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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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