Top-line strength as R&D costs rise

Laboratorios Farmacéuticos ROVI 30 July 2018 Update
Download PDF

Laboratorios Farmacéuticos ROVI

Top-line strength as R&D costs rise

Interim results

Pharma & biotech

30 July 2018

Price

€16.10

Market cap

€805m

Net debt (€m) at 30 June 2018

7.0

Shares in issue

50m

Free float

11.86%

Code

ROVI

Primary exchange

Madrid

Secondary exchange

NA

Share price performance

%

1m

3m

12m

Abs

0.9

(5.0)

(0.4)

Rel (local)

(1.2)

(4.5)

7.0

52-week high/low

€17.6

€14.7

Business description

Laboratorios Farmacéuticos ROVI is a fully integrated Spanish speciality pharmaceutical company involved in the development, in-licensing, manufacture and marketing of small molecule and speciality biologic drugs, with particular expertise in low molecular weight heparin.

Next events

Enoxaparin biosimilar launch in select European countries

Ongoing

PRISMA-3 DORIA data

Q219

Analysts

Dr Susie Jana

+44 (0)20 3077 5700

Dr Daniel Wilkinson

+44 (0)20 3077 5734

Laboratorios Farmacéuticos ROVI is a research client of Edison Investment Research Limited

Laboratorios Farmacéuticos ROVI (ROVI) has reported H118 operating revenue of €146.3m (+5.4% y-o-y), driven by substantial growth in the speciality pharmaceutical business (H118: €123.2m, +14% y-o-y). Flagship product Hibor (bemiparin) sales grew to €48.3m (H117: €42.6m) as ROVI takes advantage of changing market dynamics, notably in Spain (+16% y-o-y). Enoxaparin biosimilar (EB) has now launched in Germany, UK and Italy, with further rollout across Europe ongoing. ROVI continues to expect FY18 sales of between €20m and €30m (H118: €8.9m). Net profit for H118 was down to €7.6m (H117: €15.8m) mainly due to significantly increased R&D costs from the ongoing Risperidone-ISM Phase III trial and Letrozole-ISM Phase I trial. We value ROVI at €1.21bn or €24.1 per share.

Year end

Operating revenue (€m)

PBT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

Yield
(%)

12/16

265.2

30.3

0.58

0.18

27.8

1.1

12/17

275.6

20.3

0.40

0.12

40.3

0.7

12/18e

293.6

16.4

0.31

0.09

51.9

0.6

12/19e

314.9

27.0

0.52

0.16

31.0

1.0

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

LMWH franchise continues to lead product growth

ROVI’s low molecular weight heparin (LMWH) products Hibor (H118: +13% y-o-y to €48.3m) and newly launched EB Becat (H118: €8.9m) continue to be core growth drivers. Becat Q2 sales of €4.8m only slightly increased on Q1 (€4.1m), as Q1 was boosted in Germany from initial inventory stocking. Internationally, ROVI has out-licensing agreements with Sandoz and Hikma.

Pharma products stable as Toll struggles

Growth in sales for Volutsa (+25% y-o-y to €5.4m), Neparvis (+388% increase y-o-y to €5.9m), the hypercholesterolemia (+3% y-o-y to €19.6m) and respiratory franchise (+9% y-o-y to €7.7m) continue to support the pharmaceutical product portfolio. Toll manufacturing revenues were down 25% to €23.0m in H118 as a result of exceptionally high volumes for its injectable business in H117. ROVI anticipates new manufacturing contracts to be announced by the year end.

R&D investment in future growth

R&D expenses increased substantially y-o-y by 79.2% to €16.8m, driven by both the ongoing Risperidone-ISM Phase III trial and Letrozole-ISM Phase I trial. Sustainable, long-term growth is dependent on successful R&D investments in DORIA (schizophrenia) and Letrozole-ISM. Please see our recently published outlook note for more detail on these assets (DORIA low risk, high reward).

Valuation: €1.21bn or €24.1 per share

Our valuation of ROVI has increased to €1.21bn or €24.1 per share, we have rolled forward the model and updated for net debt. Our valuation is underpinned by the sales potential of EB and the base business retaining stable, low single-digit growth rates. We also include risk-adjusted sales for Phase III DORIA.

H118: Substantial growth in prescription pharma sales

ROVI reported operating revenue of €146.3m for H118 (+5.4% y-o-y), driven by strong growth in the prescription based pharmaceutical products (+17% to €106.7m) offsetting declines in the toll manufacturing business (-25% to €23m). Total revenues grew 5% to €147.1m in H118. Highlights include:

The speciality pharmaceutical business consists of approximately 40 marketed products across nine core franchises. Hibor total sales grew 13% y-o-y to €48.3m, where sales in Spain grew 16% to €33.9m and 7% in international markets to €14.4m. Hibor sales acceleration through H118 has been due to shifts in the market dynamics, caused by both the launch of EB into Europe and the impact of the European Medicines Agency in 2017 introducing new posology (dosing) guidelines for enoxaparin. This translates to the need for two injections a day for the treatment dose for enoxaparin. However, for Hibor only one injection of the same dose is required, so ROVI’s salesforce has been actively promoting this advantage (one injection a day vs two).

EB (Becat) reported H118 sales of €8.9m, despite only being available in Germany since September 2017, UK since March 2018 and Italy since April 2018. H118 sales were split 86% to Germany, 11% Italy and 3% to the UK. Sales in the UK have been slower than initially anticipated due to difficulties in getting on formulary; however, ROVI believes this to be a short-term problem. Becat is approved to be directly marketed in four other EU countries and ROVI will continue its process in H218 to begin selling in these regions. In addition to the EU, ROVI has signed out-licensing agreements that cover 45 international countries, notably with Sandoz and Hikma.

In the portfolio of in-licensed products, Volutsa (benign prostate hyperplasia, in-licensed from Astellas and launched in Spain in February 2015) grew 25% to €5.4 in H118, and Neparvis (heart failure, in-licensed from Novartis and launched in Spain in December 2016) posted €5.9m in H118 (+388%). Growth in the respiratory and cholesterol franchises (9% to €7.7m and 3% to €19.6m, respectively, in H118) also helped offset the slowdown in off-patent/mature products. The cholesterol franchise consists of Vytorin, Orvatez and Absorcol, which are facing challenging conditions due to expiry of key patents. In H218, the active principle of these products went off-patent; as a result of this, Absorcol and Vytorin prices were reduced to remain competitive.

Toll manufacturing sales declined 25% to €23m in H118, largely due to declines in the injectables business (-45% y-o-y to €9.9m). H117 benefited from exceptionally high volumes for some customers, which resulted in the dramatic drop-off in 2018. In the second half of 2018, ROVI is expecting to announce new toll contracts.

ROVI expects mid-single-digit growth in operating revenues for 2018. This guidance includes €20–30m Becat sales. Our FY18 operating revenue forecast remains unchanged at €293.6m (implying a 6.5% y-o-y growth), as do our EB sales forecasts at €26.7m. We have made adjustments to our working capital forecasts which have adjusted our FY18 net cash down to €1.9m from €8.9m previously.

Reported EBITDA decreased to €13.3m in H118 (-44%), leading to a lower EBITDA margin of 9.1% vs 17.0% in H117. H118 saw a significant rise in R&D expenses (79% y-o-y) to €16.8m to support investment in portfolio products Risperidone-ISM (DORIA) and Letrozole-ISM, which are in Phase III (data expected in 2019) and Phase I clinical trials, respectively. EBIT also negatively decreased to €7.5m in H118 versus €17.7m in H117, reflecting an absolute 7.7% decrease in EBIT margin to 5.1% from 12.8%. The effective tax rate was -7.4% in H118, resulting in a positive tax income of €0.5m vs 8.6% in H117 (negative income tax of €1.5m). This was due to the deduction of existing R&D expenses plus the capitalisation of negative tax bases from Frosst Ibérica. As of 31 March 2018, ROVI expects to maintain a mid-single-digit effective tax rate for the foreseeable future. Net profit decreased by 52.1% to €7.6m from €15.8m in H117.

Exhibit 1: Financial summary

Accounts: IFRS, Year-end: December, €m

 

2014

2015

2016

2017

2018e

2019e

PROFIT & LOSS

Hibor revenue

 

72.7

75.1

79.7

83.9

86.3

82.6

Enoxaparin revenue

 

0.0

0.0

0.0

1.5

26.7

44.5

Other (Pharma & Manufacturing)

 

165.4

170.9

185.5

190.3

180.7

187.8

Operating revenues

 

238.0

246.0

265.2

275.6

293.6

314.9

Cost of sales

 

(94.6)

(97.1)

(112.0)

(110.2)

(120.4)

(127.5)

Gross profit

 

143.5

148.9

153.1

165.5

173.2

187.4

Gross margin %

 

60.3%

60.5%

57.8%

60.0%

59.0%

59.5%

SG&A (expenses)

 

(97.8)

(101.7)

(101.9)

(108.5)

(116.6)

(119.7)

R&D costs

 

(12.0)

(16.5)

(17.5)

(28.3)

(32.0)

(32.0)

Other income/(expense)

 

2.9

1.0

5.6

1.8

1.8

1.8

EBITDA (reported)

 

36.6

31.8

39.3

30.5

26.4

37.5

Depreciation and amortisation

 

(8.9)

(10.0)

(11.0)

(11.5)

(12.8)

(13.5)

Normalised Operating Income

 

29.2

23.8

30.7

21.8

17.1

27.4

Reported Operating Income

 

27.7

21.8

28.3

19.0

13.6

24.0

Operating Margin %

 

11.6%

8.9%

10.7%

6.9%

4.6%

7.6%

Finance income/(expense)

 

(2.1)

(0.9)

(0.5)

(0.9)

(0.7)

(0.4)

Exceptionals and adjustments

 

0.0

0.0

0.0

0.0

0.0

0.0

Normalised PBT

 

27.1

22.9

30.3

20.3

16.4

27.0

Reported PBT

 

25.6

20.9

27.9

17.5

12.9

23.6

Income tax expense (includes exceptionals)

 

(1.5)

(1.1)

(1.8)

(0.3)

(0.7)

(1.2)

Normalised net income

 

25.6

21.8

28.5

20.0

15.7

25.8

Reported net income

 

24.1

19.8

26.1

17.2

12.3

22.4

Basic average number of shares, m

 

49.8

49.5

49.0

50.0

50.0

50.0

Basic EPS (€)

 

0.48

0.40

0.53

0.34

0.25

0.45

Normalised EPS (€)

 

0.51

0.44

0.58

0.40

0.31

0.52

Dividend per share (€)

 

0.17

0.14

0.18

0.12

0.09

0.16

BALANCE SHEET

 

Property, plant and equipment

 

73.6

81.8

82.8

89.1

95.6

102.6

Goodwill

 

0.0

0.0

0.0

0.0

0.0

0.0

Intangible assets

 

17.2

18.9

24.9

27.1

27.1

23.7

Other non-current assets

 

8.5

9.1

13.1

14.1

14.1

14.1

Total non-current assets

 

99.3

109.8

120.8

130.2

136.8

140.3

Cash and equivalents

 

26.7

29.3

41.4

40.7

28.9

30.9

Inventories

 

67.6

63.9

67.4

75.5

69.3

69.9

Trade and other receivables

 

63.7

57.0

53.8

49.7

56.3

56.1

Other current assets

 

4.1

3.9

4.5

2.2

2.2

2.2

Total current assets

 

162.0

154.1

167.1

168.2

156.7

159.1

Non-current loans and borrowings

 

32.0

32.6

20.8

27.0

17.5

0.2

Other non-current liabilities

 

8.7

7.2

7.2

6.4

5.9

5.3

Total non-current liabilities

 

40.7

39.8

28.0

33.5

23.4

5.5

Trade and other payables

 

55.0

45.7

59.9

52.9

56.8

58.4

Current loans and borrowings

 

4.3

10.1

13.0

16.2

9.5

17.3

Other current liabilities

 

2.8

3.3

3.6

4.1

4.1

4.1

Total current liabilities

 

62.1

59.2

76.4

73.2

70.4

79.7

Equity attributable to company

 

158.5

164.8

183.4

191.7

199.7

214.2

CASH FLOW STATEMENT

 

Profit before tax

 

25.6

20.9

27.9

17.5

12.9

23.6

Depreciation and amortisation

 

8.9

10.0

11.0

11.5

12.8

13.5

Share based payments

 

0.0

0.0

0.0

0.0

0.0

0.0

Other adjustments

 

2.5

(1.1)

(2.7)

(1.2)

0.7

0.4

Movements in working capital

 

(7.4)

2.3

12.7

(9.8)

3.0

0.5

Interest paid / received

 

(2.7)

(0.6)

0.0

0.0

(1.1)

(0.7)

Income taxes paid

 

(3.9)

(2.0)

(3.4)

0.1

(0.7)

(1.2)

Cash from operations (CFO)

 

23.0

29.4

45.5

18.0

27.7

36.1

Capex

 

(25.1)

(19.9)

(18.1)

(19.9)

(19.4)

(17.1)

Acquisitions & disposals net

 

0.0

0.0

0.0

0.0

0.0

0.0

Other investing activities

 

16.6

0.6

1.7

0.7

0.4

0.3

Cash used in investing activities (CFIA)

 

(8.5)

(19.3)

(16.3)

(19.2)

(19.0)

(16.8)

Net proceeds from issue of shares

 

(2.0)

(5.1)

(0.5)

0.5

0.0

0.0

Movements in debt

 

2.7

5.9

(9.7)

9.0

(16.2)

(9.5)

Other financing activities

 

(8.0)

(8.3)

(6.9)

(9.0)

(4.3)

(7.8)

Cash from financing activities (CFF)

 

(7.3)

(7.6)

(17.1)

0.5

(20.5)

(17.3)

Cash and equivalents at beginning of period

 

19.4

26.7

29.3

41.4

40.7

28.9

Increase/(decrease) in cash and equivalents

 

7.3

2.6

12.1

(0.7)

(11.8)

2.0

Cash and equivalents at end of period

 

26.7

29.3

41.4

40.7

28.9

30.9

Net (debt) cash

 

(9.6)

(13.5)

7.6

(2.5)

1.9

13.4

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 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 Laboratorios Farmacéuticos ROVI 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 4, 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 4, 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. 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 Laboratorios Farmacéuticos ROVI 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 4, 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 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Share this with friends and colleagues