Regrouping and reprioritising, or a new path?

Yowie Group 29 March 2018 Update
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Yowie Group

Regrouping and reprioritising, or a new path?

Business update

Food & beverages

29 March 2018

ADR research

Price

$0.72*

Market cap

$16m

Calculated at ADR/ORD conversion ratio 1:10

US$0.79/A$

Net cash (US$m) at 31 Dec 2017

22.7

ADRs in issue

21.6m

ADR code

YWRPY

ADR exchange

OTC

Underlying exchange

ASX

Depository

BNY

Business description

Yowie Group, listed in Australia, is engaged in brand development of the Yowie chocolate confectionery product, digital platform and licensed consumer products. Yowie’s brand vision includes distribution in North America, Australia and Canada with further expansion planned.

Next events

March results

April 2018

June results

August 2018

Analysts

Beth Senko, CFA

+1 646 563 7026

Paul Hickman

+44 (0)20 3681 2501

Yowie Group is a research client of Edison Investment Research Limited

Following a period of excessive volatility in results from Yowie, there has been a change in management, with the resignations of the CEO and two founding board members. Global COO, Mark Schuessler, was promoted to CEO. Additionally, the company now expects flat revenues in FY18 after initially cutting its FY18 revenue growth rate to 17% from previous guidance of 55-70%. We see the second half of FY18 as a transition period, which should create the conditions for a renewed growth path in FY19 at a lower level than before.

Year end

Revenue (US$m)

PTP*
(US$m)

EPADR
(US$)

DPADR
(US$)

P/E
(x)

Gross yield
(%)

06/16

13.1

(6.7)

(0.41)

0.0

N/A

N/A

06/17

19.9

(7.9)

(0.35)

0.0

N/A

N/A

06/18e

18.0

(3.4)

(0.17)

0.0

N/A

N/A

06/19e

24.9

0.6

0.02

0.0

36.0

N/A

Note: PTP and EPADR are normalized, excluding intangible amortization and exceptional items. Investors should consult their tax advisor regarding the application of any domestic and foreign tax laws. Revenues include both product sales and licensing income.

Whither Yowie?

In its December results, Yowie’s chairman, Louis Carroll, announced significant cost cuts for marketing and administrative overhead for the rest of FY18, despite the company having US$22.7m in net cash on its balance sheet. We believe the board may be signaling a shift in strategy, emphasizing near-term profitability over investing in the brand for long-term growth.

A leaner, but slower trajectory for FY18-19

Based on management’s guidance, we are cutting our revenue estimate for FY18 to US$18.0m (including a US$1.95m adjustment to previously reported sales) from US$31.8m. Our new FY18 EPADR estimate is -US$0.17, down from -US$0.04. Our FY19 revenue estimate drops to US$24.9m from US$42.1m. We expect Yowie to report modest profitability of US$0.02/ADR in FY19, compared with our previous estimate of US$0.05/ADR.

Valuation: Trading at 70% of net cash

The market appears to have adopted a wait-and-see approach to Yowie. We believe it will take consistent forecast delivery to regain investor trust and so realize valuation upside. Our valuation assumes that Yowie uses the remainder of FY18 as a transition to reset shareholder expectations before reaccelerating its brand investment and sales expansion. At this point, management has not indicated any change in its previous strategy of growing sales at an aggressive rate (+30%). Therefore, for the purposes of this report and using our new estimates for FY18-19, our target value of US$1.78/ADR (previously US$3.25) is based on a 10% WACC, a sales CAGR of 15% for FY17-20, tapering to 2%, and an undemanding EBIT margin of 8%.

Investment summary

Yowie has met with a number of challenges in the past 24 months: several management restructurings, an unexpected change in distributors at its largest customer (which created some volatility in order timing/size versus plan), supply chain upgrades, formalizing internal financial and operational controls and processes, two hurricanes and a prolonged legal battle with its original contract manufacturer. These challenges have taken their toll on shareholder patience and Yowie’s share price.

In our September update note, we cautioned that Yowie’s largely Australian retail shareholder base might be overly sensitive to its short-term sales trajectory, because those investors have been waiting for the Yowie brand to have the same impact in the US as it did in Australia in the 1990s. However, we also believed that the US$1.25/ADR in net cash would more than support the US$1.68/ADR price at the time. However, since September, the ADR price has dropped an additional 57% and now trades at a c 30% discount to net cash.

Following the December results, Yowie’s chairman, Louis Carroll, cut sales guidance for FY18, announced a cost-cutting program targeting Yowie’s marketing and administrative spend, and the promotion of global COO, Mark Schuessler, to the position of CEO. The former CEO and two long-time board members resigned shortly thereafter. The company has yet to articulate whether it will change strategy with less aggressive sales growth and lower marketing spend beyond FY18, leaving some uncertainty on the outlook for the Yowie franchise in terms of geographic and product line growth.

Yowie’s quarterly performance issues are not particularly unusual for an emerging confectionary brand, although it is unusual for a food company with such modest (c US$20m) product sales to be publicly traded. More traditionally, start-up food companies are privately held (with/without venture capital) before completing an initial public offering. As a result, Yowie’s investors are exposed to early-stage trading volatility.

We are reducing our FY18 revenue estimate to US$18.0m (-41%), including a US$1.95m downward previous period sales adjustment. Our reduction reflects disappointing sales in the December quarter stemming from a poorly executed end-cap promotion at Walmart and the slow uptake of Yowie’s lower-priced Discovery World product. December’s stumble aside, Yowie has improved internal controls, formalized planning and execution standards, as well as taking a more measured approach to communicating goals to the investor community. We believe these changes should begin to have a measurable impact on both results and investor perception over the next six to 12 months.

Exhibit 1: Yowie Group estimate revision

Revenues (US$m)

PTP (US$m)

EPADR (US$)

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

FY18e

31.8

18.0*

(43.4)

(0.9)

(3.4)

(277.8)

(0.04)

(0.17)

(325.0)

FY19e

42.1

24.9

(40.9)

1.2

0.6

(50.0)

0.05

0.02

(60.0)

FY20e

49.9

30.6

(61.3)

4.2

3.8

(50.0)

0.16

0.14

(12.5)

Source: Yowie Group reports, Edison Investment Research estimates. Note: *FY18 revenues include a prior period sales adjustment of -US$1.95m.


Valuation

At its core, Yowie has many positive investment features. Sales rose from US$2.4m at the end of FY15 to nearly US$20m in two years, with no brand recognition and limited promotion in the US. The company has healthy gross margins of c 50%, administrative expenses that will benefit from increased economies of scale and current US$1.05 net cash/ADR exceeding its US$0.73/ADR price. However, as we have seen over the past two years, small setbacks in sales timing or expenses can have a large impact on reported results and investor sentiment. It will take consistent forecast delivery to regain investor trust and hence valuation upside. Our valuation assumes that Yowie uses the remainder of FY18 as a transition to reset expectations, before reaccelerating its brand investment and sales expansion. Using our new estimates for FY18-19, our target value of US$1.78/ADR is based on a 10% WACC, a four-year sales CAGR of 15% through FY20, tapering to 2%, and an undemanding EBIT margin of 8%.

Financials

Profit and loss

Yowie’s net sales in the first half of FY18 fell 16% to US$8m over the prior year period. Net sales include a downward prior period sales adjustment of US$1.95m. The company attributes the delayed roll-out of Series 3, disappointing early adoption of its lower-priced Discovery World line, a decline in chocolate sales in the novelty confectionary statement and pressures from newly introduced competitive products. Product gross margins for the first half (excluding the sales adjustment) improved by 80bp to 54.7%, from 53.9% in FY17. This is above the company’s long-term target of c 50% in the confectionary business and primarily reflects improved commodity costs (the company does not hedge its commodity purchases but does buy forward), and economies of scale in both production and supplies (such as packaging). Including the prior period sales adjustment, product gross margins fell to 43.6%.

We estimate revenues of US$18.0m in FY18, climbing to US$30.6m by FY20, including US$0.6m of licensing revenues, a three-year compound average annual increase of 25%. We lowered our licensing forecast from US$2.1m to US$0.6m to reflect management’s focus on the core confectionary products and a more modest timeline for developing the characters so they are well positioned for licensing opportunities.

For FY18, our gross margin estimate (as reported) is 54.8%, compared with our previous estimate of 50.0% and based on the 50bp increase reported in H118, and reflects increased emphasis on sales outside Yowie’s key customer (where distribution expenses are absorbed by the customer in exchange for a slightly lower net price). We look for sales and distribution expenses to be largely unchanged in H218 compared with H118, totaling c US$3.8m for the full year.

The most significant change is marketing expense. Management is guiding to marketing expense in H218 to be 50% lower than in H118 – or approximately US$3.7m compared with our previous estimate of US$5.3m. We now forecast administrative expense for the year (as reported) of US$5.8m, down from our previous estimate of US$7.7m.

We forecast EBITDA margins to move from -16.9% in FY18 to 14.0% by FY20, primarily through savings in marketing spend and better economies in administrative expense. The company has had litigation and product development expenses (related to moving production from Whetstone to Madelaine in January 2016, and the creation and patent of the new capsule), which will continue into FY18 as Whetstone continues to challenge unfavorable decisions on its production contract with Yowie, along with professional expenses to set up transfer pricing/intercompany arrangements and ASX filing costs. As a start-up, Yowie is required to file quarterly financials, compared with semi-annually for established companies. Share-based expense was a credit of US$0.8m in the first half of FY18, compared with a debit of US$3.2m in the prior year period. The drop in share-based expense stems from unvested share-based compensation.

Cash flow

At this early stage, Yowie is not operating cash flow positive. The company used US$4.3m in operating and investing cash in the first half of FY18, compared with US$2.6m in the prior year period. The additional cash used in the first half of FY18 reflects the prior period sales adjustment plus investment in intangible assets.

Balance sheet

Yowie remains debt free, with US$22.7m of cash on the balance sheet at 31 December 2017. Trade accounts payable and accruals increased to US$4.0m from US$2.7m in the prior year period, reflecting the prior period sales adjustment. The adjustment will be expensed over the upcoming 12 months.

Exhibit 2: Financial summary

US$000s

2015

2016

2017

2018e

2019e

2020e

Year end June

AGAAP

AGAAP

AGAAP

AGAAP

AGAAP

AGAAP

PROFIT & LOSS

Revenue

 

2,377

13,063

19,897

18,023

24,926

30,550

Cost of Sales

(1,043)

(6,245)

(8,789)

(8,141)

(12,382)

(14,968)

Gross Profit

1,334

6,818

11,108

9,883

12,544

15,581

EBITDA

 

(2,657)

(6,562)

(7,489)

(3,051)

980

4,263

Operating Profit (before amort. and except.)

 

(2,727)

(6,674)

(7,878)

(3,422)

580

3,839

Intangible Amortisation

0

0

(194)

0

0

0

Exceptionals

(64)

(700)

0

0

0

0

Other

0

0

0

0

0

0

Operating Profit

(2,790)

(7,375)

(8,071)

(3,422)

580

3,839

Net Interest

(1)

(0)

(1)

0

0

0

Pre-tax profit (norm)

 

(2,727)

(6,674)

(7,879)

(3,422)

580

3,839

Pre-tax profit (FRS 3)

 

(2,791)

(7,375)

(8,072)

(3,422)

580

3,839

Tax

0

(23)

581

(300)

(87)

(768)

Profit After Tax (norm)

(2,725)

(6,695)

(7,294)

(3,718)

497

3,075

Profit After Tax (FRS 3)

(2,791)

(7,398)

(7,491)

(3,722)

493

3,071

Average Number of ADRs Outstanding (m)

1.3

16.5

20.8

21.5

21.5

21.5

EPADR - normalized (c)

 

(21.6)

(40.5)

(35.0)

(17.3)

2.3

14.3

EPADR - normalized fully diluted (c)

 

(21.6)

(40.5)

(34.0)

(16.8)

2.3

14.3

EPADR - (IFRS) (c)

 

(22.1)

(44.7)

(36.0)

(17.3)

2.3

14.3

Dividend per share (c)

0.00

0.00

0.00

0.00

0.00

0.00

Gross Margin (%)

56.1

52.2

55.8

54.8

50.3

51.0

EBITDA Margin (%)

(111.8)

(50.2)

(37.6)

(16.9)

3.9

14.0

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

(114.7)

(51.1)

(39.6)

(19.0)

2.3

12.6

BALANCE SHEET

Fixed Assets

 

1,572

3,865

4,653

4,931

5,182

5,408

Intangible Assets

385

783

1,140

1,140

1,140

1,140

Tangible Assets

1,187

3,081

3,513

3,792

4,043

4,268

Investments

0

0

0

0

0

0

Current Assets

 

14,209

35,820

33,293

31,103

34,203

39,376

Stocks

5,197

1,134

3,721

2,524

3,838

4,640

Debtors

319

1,327

1,523

1,379

1,907

2,338

Cash

8,465

31,693

26,878

26,406

27,249

30,938

Other

227

1,666

1,171

794

1,208

1,461

Current Liabilities

 

(1,516)

(2,708)

(2,794)

(2,605)

(3,962)

(4,790)

Creditors

(1,516)

(2,708)

(2,794)

(2,605)

(3,962)

(4,790)

Short term borrowings

0

0

0

0

0

0

Long Term Liabilities

 

0

0

0

0

0

0

Long term borrowings

0

0

0

0

0

0

Other long term liabilities

0

0

0

0

0

0

Net Assets

 

14,264

36,977

35,152

33,429

35,423

39,994

CASH FLOW

Operating Cash Flow

 

(6,545)

(109)

(5,652)

478

1,580

5,106

Net Interest

(1)

(0)

(1)

0

0

0

Tax

0

(23)

581

(300)

(87)

(768)

Capex

(317)

(3,211)

(1,083)

(650)

(650)

(650)

Acquisitions/disposals

0

0

0

0

0

0

Financing

7,562

26,571

1,339

0

0

0

Dividends

0

0

0

0

0

0

Net Cash Flow

699

23,228

(4,816)

(472)

843

3,689

Opening net debt/(cash)

 

(7,767)

(8,465)

(31,693)

(26,878)

(26,406)

(27,249)

HP finance leases initiated

0

0

0

0

0

0

Other

0

0

0

(0)

0

0

Closing net debt/(cash)

 

(8,465)

(31,693)

(26,878)

(26,406)

(27,249)

(30,938)

Source: Company 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 Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Yowie Group 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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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New York +1 646 653 7026

295 Madison Avenue, 18th Floor

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US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

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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 Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Yowie Group 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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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