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AFT Pharmaceuticals — Updates on several products

AFT Pharmaceuticals (NZX: AFT)

Last close As at 05/08/2026

NZD4.75

▲ −0.03 (−0.63%)

Market capitalisation

NZD499m

More on this equity

Research: Healthcare

AFT Pharmaceuticals — Updates on several products

AFT Pharma recently made announcements affecting several of its marketed products. Importantly, the Australian Therapeutic Goods Administration (TGA) has made an interim decision that all products containing codeine (a key competitor to AFT’s Maxigesic) are to be rescheduled to prescription-only as of 1 February 2018. Also, AFT has licensed its cold/flu product Maxiclear to Angelini in 16 European countries. Additionally, due to continued Metoprolol shortages, the New Zealand government pharmaceutical buying agency, PHARMAC, has requested proposals from alternative providers, potentially affecting AFT’s sales of the product.

Analyst avatar placeholder

Written by

Healthcare

AFT Pharmaceuticals

Updates on several products

Product update

Pharma & biotech

20 January 2017

Price

NZ$2.75

Market cap

NZ$266m

NZ$0.68/US$

Net debt (NZ$m) at September 2016

5.99

Shares in issue

96.8m

Free float

10%

Code

AFT

Primary exchange

NZX

Secondary exchange

ASX

Share price performance

%

1m

3m

12m

Abs

0.0

(8.3)

(3.5)

Rel (local)

(3.9)

(9.0)

(12.8)

52-week high/low

NZ$3.2

NZ$2.5

Business description

AFT Pharmaceuticals is a specialty pharmaceutical company that operates primarily in Australasia but has product distribution agreements across the globe. The company’s product portfolio includes prescription and over-the-counter drugs to treat a range of conditions and a proprietary nebuliser.

Next events

IV Maxigesic Phase III data

2017

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

AFT Pharmaceuticals is a research client of Edison Investment Research Limited

AFT Pharma recently made announcements affecting several of its marketed products. Importantly, the Australian Therapeutic Goods Administration (TGA) has made an interim decision that all products containing codeine (a key competitor to AFT’s Maxigesic) are to be rescheduled to prescription-only as of 1 February 2018. Also, AFT has licensed its cold/flu product Maxiclear to Angelini in 16 European countries. Additionally, due to continued Metoprolol shortages, the New Zealand government pharmaceutical buying agency, PHARMAC, has requested proposals from alternative providers, potentially affecting AFT’s sales of the product.

Year end

Revenue (NZ$m)

PBT*
(NZ$m)

EPS*
(NZ$)

DPS
(NZ$)

P/E
(x)

Yield
(%)

03/15

56.2

(11.4)

(9.46)

0.0

N/A

N/A

03/16

64.0

(10.8)

(0.11)

0.0

N/A

N/A

03/17e

70.4

(14.3)

(0.15)

0.0

N/A

N/A

03/18e

99.1

0.3

0.00

0.0

N/A

N/A

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

Codeine to require a prescription in Australia

With the TGA decision, all codeine-containing products, which are mostly combination painkillers and cough medicines, will require a prescription and will no longer be available over the counter (OTC) after 1 February 2018. With a key OTC competitor now re-scheduled, Maxigesic may increase its market share (currently <1%) in the Australian market for OTC ibuprofen and paracetamol/acetaminophen containing products, which is estimated by IMS Health to be ~NZ$400m.

Maxiclear licensed in 16 European countries

AFT has licensed the combination cold/flu product Maxiclear (500mg paracetamol/acetaminophen and 5mg phenylephrine hydrochloride) to Angelini in 16 mostly southern and eastern European countries for undisclosed upfronts, milestones and royalties. The total addressable market in estimated to be approximately NZ$420m in the licensed areas by IMS Health.

Further Metoprolol downside possible

Due to an ongoing global shortage of Metoprolol, PHARMAC has requested proposals for either a dual listing or sole supply of the beta blocker. As AFT is currently the sole provider of Metoprolol, it is possible it may lose the entire contract for the product, which accounts for ~4% of sales. Timing of a PHARMAC decision is unclear but proposals are due by 27 January 2017.

Valuation: NZ$461m or NZ$4.76 per share

We are maintaining our valuation of NZ$461m or NZ$4.76 per share as we await further clarity on the financial impact of the recent announcements. We expect to update our valuation following clinical results from the NasoSURF and Maxigesic IV clinical studies.

Product updates

AFT has recently announced updates that affect several products, most notably Maxigesic, Maxiclear and Metoprolol. With regards to Maxigesic, the TGA has confirmed an interim decision that all products containing codeine will require a prescription from 1 February 2018. These products were up-scheduled due to the risk of dependence and adverse events associated with their use. In total, market research conducted by the company suggests that 40-47% of current consumers who buy 750 million OTC codeine analgesics each year in Australia would switch to another OTC analgesic rather than get a doctor’s prescription. Maxigesic currently has less than 1% of the Australian market for OTC ibuprofen and paracetamol/acetaminophen containing products, which is estimated by IMS Health to be ~NZ$400m, and with this decision could start increasing its share. Maxigesic reaching the 6.5% market share in Australia, which it has attained in the New Zealand market, would equate to NZ$26m in sales for the product compared to less than 1% currently.

AFT has also announced that it has been able to develop a new Maxigesic oral formulation, which would enable greater clinical benefits and improve the intellectual property position. It is also working on a formulation that can be taken without water, which would be suitable for countries where clean water is not readily available. The IV version is on track with a pivotal Phase III underway in the United States.

Maxiclear licensed by Angelini in Europe

AFT has licensed the combination cold/flu product Maxiclear (500mg paracetamol/acetaminophen and 5mg phenylephrine hydrochloride) to Angelini in 16 mostly southern and eastern European countries (Italy, Spain, Portugal, Russia, Turkey, Czech Republic, Slovakia, Romania, Poland, Hungary, Austria, San Marino, Vatican City, Greece, Bulgaria and Croatia). The total addressable market is estimated by IMS Health to be approximately NZ$420m in the licensed areas. Angelini is a private Italy-based healthcare company with over €1.5bn in annual sales and is currently partnered with AFT on Maxigesic in Italy, Turkey, San Marino and Vatican City. Per the agreement, AFT will receive undisclosed upfront, commercial and regulatory milestones and royalties.

Metoprolol at risk

Metoprolol is a beta blocker used to treat angina, high blood pressure and heart failure. Since November 2015, there has been an ongoing global shortage of the active ingredient, metoprolol succinate, due to a manufacturing issue. In an effort to alleviate the shortage, PHARMAC has requested proposals for either a dual or sole supplier of the product. AFT is currently the sole supplier and will be submitting a proposal to PHARMAC but clearly its contract is at risk. The company announced at its H1 FY17 results that Metoprolol issues hurt sales by NZ$0.6m and estimates it currently accounts for 4% of sales (putting the total at risk between NZ$2m and NZ$3m). Proposals are due by 27 January 2017 but it is unclear when the new supplier would take over. Also, PHARMAC will only consider proposals from companies with existing registrations for metoprolol, which limits the pool of candidates to AFT, AstraZeneca (the originator) and Mylan. On the positive side, AFT announced the company has NZ$7m in PHARMAC tenders outstanding and it recently won hospital prescription contracts totalling A$3.5m per year. So any downside coming from a loss in the Metoprolol contract will likely be replaced by other areas.

NasoSURF and Pascomer

NasoSURF is a proprietary nebuliser for the intranasal delivery of medication with an initial application in conscious sedation, which the company estimates to be a $1.2bn opportunity in the US. An IND is expected this year with pharmacokinetic and efficacy studies likely to be concluded in the next 12-15 months. Licensing discussions are expected to commence around that time as well.

Pascomer (aka Pascaderm in certain markets) is a topical dermatology drug to treat a hereditary skin condition that is being developed as part of a 50/50 joint venture with Medicas Group. The IND is expected in 2017, which will enable a pivotal study to begin. The company estimates potential peak sales for the initial indication to be $600-800m in the US and EU.

Valuation

We are maintaining our valuation of NZ$461m or NZ$4.76 per share as we await further clarity on the financial impact of the recent announcements. We expect to update our valuation following clinical results from the NasoSURF and Maxigesic IV clinical studies.

Exhibit 1: DCF sensitivity table (NZ$)

Terminal EBIT margin

Terminal revenue growth

15%

25%

34%

38%

42%

-2%

2.28

3.00

3.65

3.93

4.22

-1%

2.36

3.15

3.85

4.16

4.48

0%

2.46

3.32

4.09

4.44

4.78

1%

2.57

3.53

4.39

4.78

5.16

2%

2.72

3.80

4.76

5.20

5.63

3%

2.91

4.14

5.24

5.73

6.23

4%

3.16

4.59

5.88

6.45

7.03

5%

3.51

5.22

6.77

7.46

8.14

Source: Edison Investment Research

Financials

We are maintaining our forecasts for the time being. We currently forecast NZ$70.4m in FY17 sales and with a March 2017 fiscal year end do not expect the recent announcements to have much of an impact. We forecast FY18 sales of NZ$99.1m and believe the growth attributable to overseas Maxigesic sales will far outpace any recent issues.

Exhibit 2: Financial summary

NZ$000

2014

2015

2016

2017e

2018e

2019e

2020e

March

NZ GAAP

NZ GAAP

NZ GAAP

NZ GAAP

NZ GAAP

NZ GAAP

NZ GAAP

PROFIT & LOSS

Revenue

 

 

48,939

56,241

64,014

70,415

99,113

126,219

151,885

Cost of Sales

(28,609)

(35,083)

(40,435)

(41,926)

(50,261)

(58,052)

(65,367)

Gross Profit

20,330

21,158

23,579

28,490

48,852

68,168

86,518

EBITDA

 

 

(341)

(9,659)

(7,821)

(11,588)

2,134

17,241

30,372

Operating Profit (before amort. and except.)

(201)

(9,530)

(7,667)

(11,434)

2,288

17,395

30,526

Intangible Amortisation

82

99

114

114

114

114

114

Exceptionals

0

0

0

0

0

0

0

Other

1,594

(546)

(618)

834

2,199

2,310

2,427

Operating Profit

1,475

(9,977)

(8,171)

(10,487)

4,601

19,820

33,067

Net Interest

(963)

(1,908)

(3,145)

(2,829)

(2,000)

(2,000)

0

Profit Before Tax (norm)

 

 

(1,164)

(11,438)

(10,812)

(14,263)

288

15,395

30,526

Profit Before Tax (reported)

 

 

512

(11,885)

(11,316)

(13,316)

2,601

17,820

33,067

Tax

59

282

42

(100)

(112)

(4,343)

(8,579)

Profit After Tax (norm)

(1,105)

(11,156)

(10,770)

(14,362)

177

11,056

21,951

Profit After Tax (reported)

571

(11,603)

(11,274)

(13,416)

2,488

13,477

24,488

Average Number of Shares Outstanding (m)

1.2

1.2

96.8

96.8

96.8

96.8

96.8

EPS - normalised (NZ$)

 

 

(0.94)

(9.46)

(0.11)

(0.15)

0.00

0.11

0.23

EPS - normalised fully diluted (NZ$)

 

(0.94)

(9.46)

(0.11)

(0.15)

0.00

0.11

0.23

EPS - (reported) (NZ$)

 

 

0.48

(9.84)

(0.12)

(0.14)

0.03

0.14

0.25

Dividend per share (NZ$)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Gross Margin (%)

41.5

37.6

36.8

40.5

49.3

54.0

57.0

EBITDA Margin (%)

N/A

N/A

N/A

N/A

2.2

13.7

20.0

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

N/A

N/A

N/A

N/A

2.3

13.8

20.1

BALANCE SHEET

Fixed Assets

 

 

1,824

2,488

3,249

3,681

4,167

4,708

5,299

Intangible Assets

1,419

1,669

2,111

2,399

2,687

2,975

3,263

Tangible Assets

405

411

407

551

749

1,002

1,305

Investments

0

408

731

731

731

731

731

Current Assets

 

 

23,569

30,725

62,055

46,445

48,387

61,013

72,779

Stocks

12,654

14,686

17,686

18,248

21,876

25,267

28,451

Debtors

9,558

11,251

16,288

16,806

20,147

23,270

26,202

Cash

1,248

4,700

28,055

11,366

6,338

12,450

18,100

Other

109

88

26

26

26

26

26

Current Liabilities

 

 

(9,208)

(10,148)

(13,511)

(13,842)

(15,981)

(17,981)

(19,858)

Creditors

(9,208)

(10,148)

(13,511)

(13,842)

(15,981)

(17,981)

(19,858)

Short term borrowings

0

0

0

0

0

0

0

Long Term Liabilities

 

 

(13,137)

(20,739)

(23,161)

(23,161)

(23,161)

(23,161)

(11,581)

Long term borrowings

(13,137)

(20,739)

(23,161)

(23,161)

(23,161)

(23,161)

(11,581)

Other long term liabilities

0

0

0

0

0

0

0

Net Assets

 

 

3,048

2,326

28,632

13,123

13,412

24,579

46,640

CASH FLOW

Operating Cash Flow

 

 

614

(11,479)

(11,326)

(13,060)

(2,160)

13,263

26,670

Net Interest

(963)

(1,908)

(3,145)

(2,829)

(2,000)

(2,000)

0

Tax

59

282

42

(100)

(112)

(4,343)

(8,579)

Capex

(502)

(483)

(694)

(700)

(754)

(808)

(860)

Acquisitions/disposals

0

0

0

0

0

0

0

Financing

(8)

12,859

38,357

0

0

0

0

Dividends

0

(763)

(1,652)

0

0

0

0

Net Cash Flow

(800)

(1,492)

21,582

(16,689)

(5,027)

6,112

17,231

Opening net debt/(cash)

 

 

11,426

11,889

16,039

(4,894)

11,795

16,823

10,711

HP finance leases initiated

0

0

0

0

0

0

0

Other

337

(2,658)

(649)

0

0

0

0

Closing net debt/(cash)

 

 

11,889

16,039

(4,894)

11,795

16,823

10,711

(6,520)

Source: Edison Investment Research, company reports

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 and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by AFT Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

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Germany

London +44 (0)20 3077 5700

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United Kingdom

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Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

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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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

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NSW 2000, Australia

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 and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by AFT Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

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

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

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