Q1 results: Slow start to year, but outlook looks good
While Q1 was weaker than management expected, SNP is maintaining guidance for FY18, with revenue in the €150-155m range and an EBIT margin in the mid-single digits. Despite the weak Q1, new orders rose by 68% to €40.9m, while the backlog jumped by 72% to €70.2m. Consequently, the group’s financial performance is expected to pick up as the year progresses.
Q1 group revenue grew by 46% to €31.6m, including organic growth of €0.3m, or c 2%, and the impact of four acquisitions (Innoplexia, SNP Poland, Adepcon and ERST). There was also a c €450k FX tailwind. There was an operating loss of €2.6m, which was after €1m of exceptional costs that are not expected to continue. This included €0.3m of acquisition-related expenses, €0.4m from the changeover to IFRS 15 and €0.3m in other factors, mainly being redundancies in North America. Around 25 full-time positions were eliminated in Q1, which is expected to generate savings in the lower single-digit millions.
The group is continuing to evolve following the significant acquisitions of the last two years. The two-person executive board has been replaced with a six-person leadership team to reflect the global nature of the group. Much of management time has been on transforming the group processes following the recent acquisitions. SNP rehired Dieter Matheis late last year on a temporary contract as global CFO to assist in the process. Meanwhile, the overall group strategy, to build a global, software-based IT services business providing support in transformation projects, both at international and regional levels, remains intact.
The DACH (German-speaking) area has been performing well (10% revenue growth y-o-y to €15.4m), as have BCC (€4.8m revenues) and Adepcon (€4.2m revenues), which are the major acquisitions of 2017, and the UK (€2.0m revenues, up 33%). BCC, now called SNP Poland, has been fully integrated, while Adepcon continues to operate as it did previously. The laggard regions have been North America and Asia. North America saw a 22% decline in revenues to €3.6m, which largely reflects the lumpiness of orders, as a large order recently completed. In Asia, revenues rose by 7% to €1.6m, representing 5% of group revenues, compared with 10% of employees. The new transformation contract with Spectrum Brands is a positive development for the North American business and also highlights the emphasis on increasing software sales. Henry Göttler, who was running the Asian business, has left the group.
There were several project delays, which mostly related to SAP S/4HANA and resulted in lower utilisation levels as well as lower software sales. S/4HANA is very complex to implement, and the S/4HANA projects are expected to be staggered or implemented over the coming months.
Professional services revenue jumped by 33% to €25.4m, reflecting a 6% organic decline and €7.4m from acquisitions. The company has also added a new cloud revenue category that incorporates the hosting activities of the recently acquired SNP Poland, with €0.4m revenue generated in Q1.
Total software licence sales more than doubled to €5.7m, including €1.8m from acquisitions and 56% organic growth. The total includes €1.9m of third-party software resales. Despite the strong organic growth, sales of SNP’s high-margin applications, including Interface Scanner, DPM and Dragoman, were lower than expected.
Exhibit 1: Quarterly analysis
Quarterly analysis |
2016 |
2017 |
2017 |
2017 |
2017 |
2017 |
2018 |
2018 |
2018 |
2019 |
€'000 |
FY |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Q1 |
Q2-Q4 |
FYe |
FYe |
Professional services |
66,640 |
19,089 |
22,151 |
25,936 |
31,157 |
98,333 |
25,441 |
89,516 |
114,957 |
125,556 |
Cloud |
|
|
|
|
|
|
424 |
1,376 |
1,800 |
1,971 |
Licences |
11,982 |
1,733 |
3,042 |
5,935 |
8,389 |
19,099 |
3,697 |
23,974 |
27,671 |
30,300 |
Maintenance |
2,063 |
776 |
1,237 |
1,140 |
1,758 |
4,911 |
1,991 |
4,830 |
6,821 |
7,469 |
Total revenue |
80,685 |
21,598 |
26,430 |
33,011 |
41,304 |
122,343 |
31,553 |
119,696 |
151,249 |
165,297 |
Other operating income* |
1,228 |
235 |
295 |
171 |
1,217 |
1,918 |
833 |
|
|
|
Cost of materials |
(8,276) |
(2,260) |
(3,244) |
(7,037) |
(6,674) |
(19,215) |
(5,135) |
|
|
|
Personnel costs |
(47,207) |
(14,657) |
(15,511) |
(18,849) |
(22,455) |
(71,472) |
(21,363) |
|
|
|
Other operating expenses |
(17,811) |
(6,692) |
(6,461) |
(7,156) |
(9,626) |
(29,935) |
(7,183) |
|
|
|
Other taxes |
(95) |
(28) |
(277) |
(32) |
(196) |
(533) |
(118) |
|
|
|
Op costs (before depreciation) |
(72,161) |
(23,402) |
(25,198) |
(32,903) |
(37,572) |
(119,075) |
(32,966) |
(107,401) |
(140,367) |
(146,954) |
Adjusted EBITDA |
8,524 |
(1,804) |
1,232 |
108 |
3,732 |
3,268 |
(1,413) |
12,295 |
10,882 |
18,343 |
Depreciation* |
(1,010) |
(344) |
(390) |
(493) |
(528) |
(1,755) |
(808) |
(2,680) |
(3,488) |
(4,408) |
Adjusted operating profit |
7,514 |
(2,148) |
842 |
(385) |
3,204 |
1,513 |
(2,221) |
9,615 |
7,394 |
13,935 |
Operating Margin |
9.3% |
(9.9%) |
3.2% |
(1.2%) |
7.8% |
1.2% |
(7.0%) |
8.0% |
4.9% |
8.4% |
Net interest |
(1,137) |
(577) |
(181) |
(218) |
(351) |
(1,327) |
(287) |
(913) |
(1,200) |
(1,000) |
Edison profit before tax (norm) |
6,377 |
(2,725) |
661 |
(603) |
2,853 |
186 |
(2,508) |
8,702 |
6,194 |
12,935 |
Amortisation of acq'd intangibles* |
(657) |
(250) |
(300) |
(350) |
(1,121) |
(2,021) |
(400) |
(1,200) |
(1,600) |
(1,600) |
Associates |
8 |
0 |
(1) |
12 |
(35) |
(24) |
0 |
0 |
0 |
0 |
Earnings before tax |
5,728 |
(2,975) |
360 |
(941) |
1,697 |
(1,859) |
(2,908) |
7,502 |
4,594 |
11,335 |
New orders and backlog |
2016 |
2017 |
2017 |
2017 |
2017 |
2017 |
2018 |
|
|
|
Incoming orders |
95,600 |
24,400 |
33,200 |
37,400 |
35,700 |
130,700 |
40,900 |
|
|
|
Quarterly revenues |
80,685 |
21,598 |
26,430 |
33,011 |
41,304 |
122,343 |
31,553 |
|
|
|
Book-to-bill ratio |
1.18 |
1.13 |
1.26 |
1.13 |
0.86 |
1.07 |
1.30 |
|
|
|
Backlog |
|
40,800 |
48,500 |
62,200 |
61,300 |
|
70,200 |
|
|
|
Source: Company accounts, Edison Investment Research. *Quarterly amortisation of acquired intangibles is estimated data.
The group maintains healthy cash balances following its capital-raising last year. SNP recently amended the presentation of its accounts, with financial liabilities now including acquisition liabilities (see our previous update note). The Q1 operating cash outflow was €4.7m and, after capex of €1.4m, free cash outflow was €6.1m. The group paid €3.2m in acquisition payments during the quarter. The group’s net debt increased by €5.8m over the quarter to €32.6m. There is also a small pension deficit that we have included in our DCF valuation.
Exhibit 2: Balance sheet position
€m |
31-Dec-17 |
31-Mar-18 |
Cash |
(33.9) |
(24.3) |
Current financial liabilities |
11.2 |
7.4 |
Non-current financial liabilities |
49.5 |
49.5 |
Net debt/(cash) |
26.8 |
32.6 |
Pension deficit |
1.5 |
1.6 |
Adjusted net debt/(cash) |
28.4 |
34.2 |
Exhibit 3: Financial summary
|
|
€'000s |
2015 |
2016 |
2017 |
2018e |
2019e |
2020e |
Year end 31 December |
|
|
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
PROFIT & LOSS |
|
|
|
|
|
|
|
|
Revenue |
|
|
56,236 |
80,685 |
122,343 |
151,249 |
165,297 |
179,476 |
Cost of sales |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
Gross Profit |
|
|
56,236 |
80,685 |
122,343 |
151,249 |
165,297 |
179,476 |
EBITDA |
|
|
5,484 |
8,524 |
3,268 |
10,882 |
18,343 |
22,454 |
Adjusted Operating Profit |
|
|
4,222 |
7,514 |
1,513 |
7,394 |
13,935 |
17,682 |
Amortisation of acquired intangibles |
|
|
0 |
(657) |
(2,021) |
(1,600) |
(1,600) |
(1,600) |
Exceptionals |
|
|
356 |
0 |
0 |
0 |
0 |
0 |
Associates |
|
|
(3) |
8 |
(24) |
0 |
0 |
0 |
Operating Profit |
|
|
4,575 |
6,865 |
(532) |
5,794 |
12,335 |
16,082 |
Net Interest |
|
|
(828) |
(1,137) |
(1,327) |
(1,200) |
(1,000) |
(800) |
Profit Before Tax (norm) |
|
|
3,394 |
6,377 |
186 |
6,194 |
12,935 |
16,882 |
Profit Before Tax (FRS 3) |
|
|
3,747 |
5,728 |
(1,859) |
4,594 |
11,335 |
15,282 |
Tax |
|
|
(1,195) |
(1,517) |
(807) |
(1,858) |
(3,880) |
(5,065) |
Profit After Tax (norm) |
|
|
2,198 |
4,860 |
(620) |
4,336 |
9,054 |
11,817 |
Profit After Tax (FRS 3) |
|
|
2,552 |
4,211 |
(2,666) |
2,736 |
7,454 |
10,217 |
Minority interest |
|
|
0 |
(147) |
234 |
(267) |
(289) |
(312) |
Adjustments for normalised earnings |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
Net income (norm) |
|
|
2,198 |
4,713 |
(386) |
4,069 |
8,766 |
11,506 |
Net income (FRS 3) |
|
|
2,552 |
4,064 |
(2,431) |
2,469 |
7,166 |
9,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Shares Outstanding (m) |
|
|
3.7 |
4.3 |
5.2 |
5.5 |
5.5 |
5.5 |
EPS - normalised (c) |
|
|
58.8 |
109.7 |
(7.4) |
74.3 |
160.1 |
210.2 |
EPS - normalised & fully diluted (c) |
|
|
58.8 |
109.7 |
(7.4) |
74.3 |
160.1 |
210.2 |
EPS - FRS 3 (c) |
|
|
68.3 |
94.6 |
(46.8) |
45.1 |
130.9 |
180.9 |
Dividend per share (c) |
|
|
34.00 |
39.00 |
0.00 |
30.00 |
40.00 |
50.00 |
|
|
|
|
|
|
|
|
|
Gross Margin (%) |
|
|
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
EBITDA Margin (%) |
|
|
9.8 |
10.6 |
2.7 |
7.2 |
11.1 |
12.5 |
Adjusted Operating Margin (%) |
|
|
7.5 |
9.3 |
1.2 |
4.9 |
8.4 |
9.9 |
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
15,243 |
30,109 |
75,171 |
74,588 |
73,094 |
71,176 |
Intangible Assets |
|
|
11,675 |
24,179 |
67,012 |
65,380 |
63,748 |
62,115 |
Tangible Assets |
|
|
1,999 |
3,161 |
5,187 |
6,237 |
6,375 |
6,089 |
Other |
|
|
1,570 |
2,769 |
2,972 |
2,972 |
2,972 |
2,972 |
Current Assets |
|
|
29,996 |
58,424 |
78,614 |
75,032 |
80,124 |
89,626 |
Stocks |
|
|
0 |
371 |
371 |
459 |
502 |
545 |
Debtors |
|
|
16,084 |
25,652 |
43,781 |
54,125 |
59,152 |
64,226 |
Cash |
|
|
13,769 |
31,914 |
33,877 |
19,863 |
19,885 |
24,270 |
Current Liabilities |
|
|
(13,703) |
(32,631) |
(40,531) |
(50,324) |
(54,623) |
(58,900) |
Creditors |
|
|
(11,101) |
(14,523) |
(29,295) |
(39,088) |
(43,387) |
(47,664) |
Short term borrowings |
|
|
(2,602) |
(18,108) |
(11,236) |
(11,236) |
(11,236) |
(11,236) |
Long Term Liabilities |
|
|
(15,513) |
(7,327) |
(53,157) |
(41,083) |
(33,509) |
(25,935) |
Long term borrowings |
|
|
(12,344) |
(5,531) |
(49,487) |
(44,487) |
(39,487) |
(34,487) |
Other long term liabilities |
|
|
(3,169) |
(1,796) |
(3,670) |
3,404 |
5,978 |
8,552 |
Net Assets |
|
|
16,024 |
48,575 |
60,097 |
58,213 |
65,085 |
75,967 |
|
|
|
|
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
|
|
|
Operating Cash Flow |
|
|
1,879 |
1,005 |
(5,316) |
10,159 |
17,548 |
21,589 |
Net Interest |
|
|
(167) |
53 |
(798) |
(1,200) |
(1,000) |
(800) |
Tax |
|
|
(554) |
(412) |
(1,366) |
(1,734) |
(3,622) |
(4,727) |
Capex |
|
|
(1,779) |
(3,451) |
(5,234) |
(4,537) |
(4,546) |
(4,487) |
Acquisitions/disposals |
|
|
(3,228) |
(5,923) |
(28,783) |
(11,701) |
(1,716) |
0 |
Shares issued |
|
|
0 |
30,129 |
18,293 |
0 |
0 |
0 |
Dividends |
|
|
(483) |
(1,264) |
(1,932) |
0 |
(1,642) |
(2,190) |
Net Cash Flow |
|
|
(4,332) |
20,137 |
(25,136) |
(9,014) |
5,022 |
9,386 |
Opening net debt/(cash) |
|
|
(3,431) |
1,176 |
(8,275) |
26,847 |
35,861 |
30,839 |
HP finance leases initiated |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
Other |
|
|
(275) |
(10,686) |
(9,985) |
0 |
0 |
() |
Closing net debt/(cash) |
|
|
1,176 |
(8,275) |
26,847 |
35,861 |
30,839 |
21,453 |
Source: Company accounts, Edison Investment Research. Note: *Includes exceptional costs in FY17 and FY18. **Includes additional payments for Adepcon in FY18 and FY19, and final payments for RSP, Astrums/Hartung and Harlex in FY18.
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 SNP Schneider-Neureither & Partner 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 |
|
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 SNP Schneider-Neureither & Partner 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 |
|
