1h 2017 results presentation · getback was one of the partners of the xxvii economic forum in...
TRANSCRIPT
Not for a general release, publication and distribution in the United States, Australia, Canada and Japan.
1H 2017 results presentation
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GetBack – stock price increased by 41% since IPO
2
18.56
26.20
.26.6
34
29.2 30
15
20
25
30
35
07 2017 07 2017 08 2017 08 2017 08 2017 09 2017 09 2017
GetBack price Recommendation - Vestor
Recommendation - Raiffeisen Recommendation - PEKAO
Recommendation - Haitong
2
-5%
15%
35%
55%
07 2017 07 2017 08 2017 08 2017 08 2017 09 2017 09 2017
GetBack % growth since 17.07.20172 WIG % growth since 17.07.2017
+~41% (until 18.09.2017)
+~4% (until 18.09.2017)
Source: GetBack S.A. stock quotes. Explanations and definitions are included on slide 19.Stock market data basing on 18.09.2017 close price.
(1) Of which PLN 370m of new issue (capital registration documentation is processed by the National Court Register)
GetBack S.A. vs. WIG
GetBack S.A. stock price
Broker Date Recommendation Target price
Vestor DM 25.08.2017 Accumulate 26.60
Raiffeisen 04.09.2017 Buy 34.00
PEKAO Investment Banking 06.09.2017 Hold 29.20
Haitong Bank 12.09.2017 Buy 30.00
Recommendations
Event Date
mBank conference (Warsaw) 5-6.10.2017
Erste Group Investor Conference 2017 (Stegersbach) 11.10.2017
BZ WBK, Investors’ open day (Warsaw) 22-23.11.2017
WOOD's Winter Wonderland Emerging Europe Conference (Prague) 7-8.12.2017
Upcoming IR events
Debut on 17.07.2017 IPO price PN 18.50 Offering value: PLN 740m(1)
We would like to thank our Investors for their trust!
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GetBack – important developments
3
GetBack engaged in tax law revision process
GetBack was one of the Partners of the XXVII Economic Forum in Krynica-Zdrój. During this year's edition the company also hosted the panel "How to support the procedure of disposal of banking NPLs ", which was attended by Undersecretary of State in the Ministry of Finance and representatives of GetBack S.A., PKO BP S.A. and KPMG.
Panellists discussed the impact of NPLs on the economy and the weight of the problem for both banks and debtors. Currently, sale of these receivables by the banks is subject to starting the bailiff proceeding - otherwise the bank can not recognize the credit loss as tax deductible. This situation prolongs the process considerably and is unfavourable for all market participants: banks, debt collection companies and debtors (whose indebtedness is constantly growing due to prolonged procedure).
During the discussion, GetBack’s CEO Konrad Kąkolewski postulated the introduction of changes in tax law, which would enable banks to sale NPLs at earlier stage.
.
Good operating data and entry on the Spanish market
Source: GetBack S.A., press. Explanations and definitions are included on slide 19.
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Dynamic growth of business…
4
Source: GetBack S.A. Explanations and definitions are included on slide 19. (1) Total nominal value of debt portfolios in own and third-party funds (2) Sum: (i) ERC and (ii) ERC attributable to GetBack (3) Total collections on own and third party funds (4) For own and third party funds which are managed by GetBack
PLN 22.8bn
AUM(1)
(30.06.2017)
PLN740m
net purchases(4)
(1H 2017)
PLN 540m
collections(3)
(1 H 2017)
+33%
PLN 5.1bn
ERC(2)
(30.06.2017)
Operating data
Growth y/y
+38% +60% +26%
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… and financial results
5
PLN 211m
cash EBITDA
(1H 2017)
PLN 165m
EBITDA
(1H 2017)
PLN 112m
net profit (1H 2017)
PLN 342m
operating revenues
(1H 2017)
Growth y/y
+60% +115% +51% +79%
Source: GetBack S.A. Explanations and definitions are included on slide 19.
Financials
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Regular achievement of objectives
6
High dynamics of portfolio purchases (for serviced funds) in line with business plans (1)
High collections from debt portfolios purchased for serviced funds
Key projects
Realisation of business objectives
1. We maintain high dynamics of portfolio purchases for serviced funds, which is in line with our business plans.
2. Until mid-August 2017 we have concluded portfolio purchase agreements (for serviced funds) of total value exceeding full year 2016 purchases.
3. Apart from standard deals we also execute forward flow and CDS transactions, which provide higher yields.
1. Realized collections amounted to 118% of initial collection plan.
2. 1 H 2017 collections amounted to PLN 540m which means 60% increase y/y.
3. We observe positive trend in collections.
1. Purchase of nearly 100% of shares of EGB Investments S.A. - we acquired new assets and a team of seasoned professionals.
2. Exclusivity agreements with TFI Altus and Trigon TFI (2) for servicing NSFIZ funds investing in debt portfolios) which are managed by these TFIs .
3. Entry on a Spanish market backed by cooperation with leading local servicers.
1. We realize our business plan involving, among others, purchasing portfolio with total nominal value of PLN 35.8bn in 2017-2019.
2. We increase value of managed portfolios by purchasing new portfolios for serviced funds with particular focus on own funds.
3. We achieve high level of collections and observe high dynamics of financial indicators.
(1) Serviced funds are own and third party funds serviced by GetBack unless otherwise stated.. (2) Within the scope and under terms and conditions indicated in the agreements.
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gB #2
Objective – leading player on the European credit management market
7 7
Rise to #2(4) in just 5 years from start
Organization structure adapted to further scale
up its business
No 1. aggregate amount of investments in debt
portfolios on the Polish market (2014–2016)
Active and inventive approach to structuring debt
portfolio acquisitions
Diversified business model based on
cooperation with leading players on the
financial services market
Efficient debt collection process, above market
benchmarks(1)
State-of-the-art automated technological
solutions
~ PLN 2.4bn collections in
2019
PLN 5.7bn in portfolio acquisitions in 2017–
2019, together with the portfolios acquired
before 2017, will translate into
approximately 2.4bn in collections annually(5)
Scale-up through portfolio acquisitions
for own and third-party funds
Σ 5Y = 315%
Sp
łata
w r
oku
jako
% c
eny
nab
ycia
2014 2015 2016 2019
Odzysk Target odzyskuCollections Collection target
The fastest(3) growing company in
the PL market
A leading buyer (2) of debt portfolios in
the PL market
Efficient business model
Efficient debt collection process
A leading player in CEE within 3
years of the IPO
56.9
136.3
273.9
2014 2015 2016
Cash EBITDA (mln PLN)
HYBRID = CASH
High Economic Effectiveness in Cash Terms Perspectives for the Future Result
Purchase price (PLNbn)
Purchased nominal (PLNbn)
9,2
15,5
+100% vs #2
gB #2
2,2 1,1
+68% vs # 2
274
136
57
4.8x
121 373
713
2.400
3.4x
(1) ERC own
(2) ERC
third party
(1)+(2) TOTAL
3,1mld 1,4mld 5,1mld
ERC attributable to gB:
Cash EBITDA (PLNm)
ccy:: PLN, as at 30.06.2017
(1) Historical and model collection curve – see slide 12 for details (2) Based on financial statements of listed credit management companies (3) In terms of cash EBITDA – based on financial statements of listed credit management companies
(4) In terms of total nominal amount of managed debt portfolios – based on financial statements of listed credit management companies (5) Total annual collections at own and third-party funds in 2019
Source: GetBack S.A. Explanations and definitions are included on slide 19.
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Operating growth stimulated by increasing collections (+60% y/y)
8
86
134
368
565
152
348
35
239
345
351
186
192
2
20
121
373
713
916
337
540
2012
2013
2014
2015
2016
1H2017 LTM
1H 2016
1H 2017
Own funds segment
Third party funds segment
83
43
232
620
656
441
476
11
453
689
292
408
147
264
16
94
495
922
912
1064
588
740
2012
2013
2014
2015
2016
1H2017 LTM
1H 2016
1H 2017
Source: GetBack S.A. Explanations and definitions are included on slide 19.. *NBV – net book value as stated in the consolidated financial statements of GetBack S.A.
0.19
0.42
1.02
1.48
2014
2015
2016
30.06.2017
8
High level of net purchases (PLNm)
High dynamics of collections (PLNm)
Increase of NBV* of own book portfolios (PLNbn)
+7.9x
Total purchases until 30.06.2017
+2.1x +7.6x
+26% y/y +60% y/y
GetBack constantly increases the dynamics of portfolio purchases for serviced funds – increase of 26% y/y.
Collections level increased by 60% y/y in 1H 2017. In 5 years of operations getBack has collected PLN already PLN 1.8bn for own and third party funds
GetBack has been constantly implementing its business plans which involve focus on increasing share of the own funds in total managed funds value (63% of purchases in 1H 2017).
3,178 Total collections until 30.06.2017 1,769
1 2 3
1
2
3
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EBTDA grew by 79% y/y
9
60
79
220
306
71
157
6
47
21
8
21
8
66
126
241
314
92
165
2014
2015
2016
1H2017 LTM
1H 2016
1H 2017
Own funds segment
Third party funds segment
95
128
339
530
112
303
13
92
77
70
47
40
108
220
416
600
159
342
2014
2015
2016
1H2017 LTM
1H 2016
1H 2017
+5.6x +4.8x
Increase of operating revenues as a result of gaining momentum
(PLNm)
Cost discipline and process effectiveness result in high level of EBITDA
(PLNm)
+115% y/y +79% y/y
1 H
High dynamics of portfolio purchases and effective debt collection process resulted in 115% increase of operating revenues in 1H 2017 (y/y basis).
High level of operating efficiency generated PLN 165m of EBITDA in 1H 2017 – an y/y increase of 79%.
1
2
1 2
Source: GetBack S.A. Explanations and definitions are included on slide 19..
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PLN 211m of cash EBITDA in 1H 2017 (+60% y/y)
10
38
82
171
198
54
81
6
38
29
39
20
31
44
120
200
238
74
112
2014
2015
2016
1H2017 LTM
1H 2016
1H 2017
Own funds segment
Third party funds segment
51
90
253
345
111
203
6
47
21
8
21
8
57
136
274
353
132
211
2014
2015
2016
1H2017 LTM
1H 2016
1H 2017
Sound net profit drives high return on capital (PLNm)
+6.2x
Own funds generate substantial levels of Cash EBITDA for GetBack
(PLNm)
+60% y/y
1 H
+51% y/y
+5.4x
1 2
I the last 12 months GetBack recorded over PLN 350m of cash EBITDA - which is almost six times as much as in 2014. In 1H 2017 cash EBITDA increased by 51% y/y.
GetBack maintains high profitability on a net profit level.
1
2
Source: GetBack S.A. Explanations and definitions are included on slide 19..
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High level of operating effectiveness
11
16.5%
14.9%
17.1%
14.3%
19.8%
2014
2015
2016
1H 2016
1H 2017
Cost-to-collect
20
56
122
48
107
2014
2015
2016
1H 2016
1H 2017
Direct costs (1) (PLNm)
1 H
GetBack maintains high level of operational efficiency by constantly improving effectiveness of its processes and by investing in resources, with particular focus on human capital.
In 2017 GetBack employment grew by 397 FTEs –material increase in operating costs that occurred that time is perceived by GetBack as an investment in enhancement of its operating capabilities (ability to service more cases).
(1) Direct costs incurred by departments of the Group in the course of debt collection on behalf of own and third-party closed-end investment funds Source: GetBack S.A. Explanations and definitions are included on slide 19..
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30.3%
35.3% 37.3% 38.4%
35.5% 36.7% 33.7%
24.7% 21.8% 21.5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
1 2 3 4 5 6 7 8 9 10 11 12
GetBack - historical data GetBack - model data
Collection curve validates process effectiveness
12 12
As at 30.06.2017 historical collections amounted to 118% of the initial
collection plan
GetBack’s model data. Long curve tail expected because of affordable long term payment plan
strategy and limited debt relief policy
No collections assumed in GetBack’s valuation curves
after the 10th year
Model data ∑ 1-4 = 141% ∑ 5-10 = 174%
Historical data
*ERC attributable to GetBack Source: GetBack S.A. Explanations and definitions are included on slide 19.
Collection curve
Portfolio data (PLNm)
ERC as at 30.06.2017 Collections until 30.06.2017 Net purchases until 30.06.2017
Own funds 3.7 1.0 1.5
Third party funds 1.4* 0.8 1.7
Total 5.1 1.8 3.2
∑ 10Y= 315%
∑ Y>10 = 0% (conservative)
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Poland
Romania
UK
Spain
Spain – next step in international expansion
13
. * Number of FTEs as at 30.06.2017 ** data consider Cobralia Servicios Integrales de Recuperación S.L. and Liberto Ventures S.L., with which GetBack has concluded cooperation agreements. Source: GetBack S.A. Explanations and definitions are included on slide 19
Selected expansion directions Countries of operation
• GetBack has operational resources and acquires portfolios for serviced funds in Poland and Romania.
• Spain is the next area of planned expansion. In September 2017 we concluded cooperation agreements with two local renowned credit management companies, which will service portfolios that we will be buying on this market. At the same time we analyse Bulgaria as a possible expansion direction.
• Prospective fundraising initiatives can be supported by our London office.
Poland
3 call centre
1,199 FTE*
1 call centre
245 FTE*
Romania UK
10 people
fundraising
Spain**
525 people
4 call centre
-3,6%
0,0% -1,0%
-2,9%
-1,7%
1,4%
3,2% 3,2% 2,8%
2,4%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17F
20
18F
GDP growth
18%
20%
21%
25%
26%
25% 22%
20%
18%
16%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17F
20
18F
Unemployment
-0,9%
0,9% 0,8%
-0,7%
1,0%
0,3%
-0,1% -0,3%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
Wage growth - real
Bulgaria
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Favourable macroeconomic situation
14
8.1%
9.7%
9.7%
10.1%
10.3% 9.0%
7.5% 6.2%
5.2% 4.4%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17F
20
18F
6.5%
7.0%
7.2%
6.8%
7.1%
6.8%
6.8%
5.9% 5% 5%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17F
20
18F
3.5%
-3.4%
-8.4%
4.5%
0.4%
5.0%
-1.4%
7,9%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
GDP growth Unemployment
2.8%
3.6%
5.0%
1.6%
1.4%
3.3% 3.8%
.2,7%
3.5% 3.20%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17F
20
18F
.-7,1%
-0.8%
1.1% 0.6%
3.5%
3.1%
3.9%
4.8%
4.3% 3.7%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17F
20
18F
Po
lan
d
Ro
ma
nia
PL market potential
4.9 8.2 6.1
4.1
15.1
31.1
14.7 10.5
2014 2015 2016 1H 2017
Won tenders (PLNbn)
Invitations received(PLNbn)
• In 1H 2017 GetBack received invitations to participate in tenders considering sale of debt portfolios of nominal value totalling to PLN 10.5bn.
• Above data does not include bilateral transactions which GetBack is actively working on with its partners. This means that the total PL 1H 2017 market potential was far bigger for Get Back than PLN 10.5bn stated above.
40 77 74 66
278 296 252
153
2014 2015 2016 1H 2017
# of won tenders
# of receivedinvitations
2.0%
1.4%
1.4%
0.1%
2.8% 3.2%
3.5%
4.2%
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
Wage growth*
Source: GetBack S.A. Explanations and definitions are included on slide 19. *in real terms
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Substantial growth of operating revenues in the key, more profitable own funds segment.
Increase of operating costs as a result of adjusting the resource base to be compatible with the volume of purchased debt portfolios.
79% y/y EBITDA growth confirms high level of operating efficiency.
Average financing cost in 1H 2017 was ~2 p.p. smaller than in 1Q 2017.
Starting from 1 H 2017 GetBack presents portfolio amortisation and revaluation figures separately (which is strictly a change of presentation ).
P&L
15
1
2 3
4
1
2
3
4
FY 2016 data – audited 1 H 2017 and 1 H 2016 – not audited
5
5
Source: GetBack S.A. Explanations and definitions are included on slide 19.
PLNk 2016 FY 1H 2017 1H 2016
Collections 323 167 345 429 126 952
Portfolio amortisation (45 925) (80 281) (17 683)
Portfolio revaluation, of which 56 426 34 162 1 401
Verification of forecast 57 848 35 102 1 813
Change of discount factor (1 422) (940) (412)
Own funds debt collection revenues 333 668 299 310 110 670
Other own funds revenues 5 585 3 197 1 543
Own funds segment revenues 339 253 302 507 112 213
External funds segment revenues 77 176 39 971 47 154
Operating revenues, of which: 416 429 342 478 159 367
Share in profit (loss) of affiliates measured according to
the equity method (10 662) (12 416) (751)
Other operating revenue 4 420 17 302 86
OPEX excl. D&A (175 581) (177 401) (67 325)
EBITDA 240 848 165 077 92 042
D&A (6 108) (8 993) (2 664)
EBIT 234 740 156 084 89 378
Net financial revenues (costs) (43 564) (66 369) (15 196)
Gross profit (loss) 191 176 89 715 74 182
Income tax 9 084 22 123 202
Net profit (loss) 200 260 111 838 74 384
Cash EBITDA 273 857 211 170 132 043
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Balance sheet
16
1
2 3
Includes investments in certificates issued by securitization funds (third party funds segment).
Consecutive increase in book value of debt portfolio in own funds segment.
As at the date of this report, short-term trade receivables were settled in the amount of PLN 251.5m. Receivables amounting to PLN 327m were outstanding, of which PLN 269.2mIn were receivables from external funds related to purchase of debt portfolios . This amount will be settled in accordance with the dates specified in the agreements.
1
2
3
Data as at 31.12.2016 – audited Data as at 30.06.2017 – not audited
Fixed assets 117 068 72 271
Investments, of which 217 850 140 257
Investment in affiliates 145 520 106 190
Investments in securitization funds 72 330 34 067
Debt portfolios 1 479 696 1 019 632
Trade receivables 578 525 269 678
Available-for-sale financial assets 1 938 --
Other receivables 50 341 39 981
Prepayments 29 803 18 332
Cash and cash equivalents 133 466 70 407
Total assets 2 608 687 1 630 558
Equity 497 228 385 843
Debt, of which 1 356 847 872 146
Bonds 1 315 170 804 899
Loans 33 044 61 202
Financial lease and other 8 633 6 045
Trade liabilities 618 594 223 368
Other liabilites (incl. empl. benefits) 136 004 149 187
Provisions 14 14
Equity and liabilities 2 608 687 1 630 558
31.12.2016PLNk 30.06.2017
Source: GetBack S.A. Explanations and definitions are included on slide 19.
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Net debt
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GetBack’s indebtness level remains at a safe level and allows for realisation of assumed business plans.
Net debt 801,7 205,0 117,7 1 223,4
Liabilities arising from issuance of debt
securities 804,9 253,5 127,7 1 315,2
Financial leaseliabilities 6,0 2,8 1,7 8,6
Liabilities relating to loans and
borrowings 61,2 -- 5,1 33,0
Cash and cash equivalents (70,4) (51,3) (16,9) (133,5)
EBITDA 240,8 125,5 65,7 313,9
Cash EBITDA 273,9 136,2 56,9 353,0
Equity 385,8 185,8 65,7 497,2
Net debt / EBITDA 3,3x 1,6x 1,8x 3,9x
Net debt / Cash EBITDA 2,9x 1,5x 2,1x 3,5x
Net debt / equity 2,1x 1,1x 1,8x 2,5x
PLNm 30.06.2017 LTM31.12.2016 31.12.2015 31.12.2014
Source: GetBack S.A. Explanations and definitions are included on slide 19.
Data as at 31.12.2016, 31.12.2015, 31.12.2014 – audited Data as at 30.06.2017 and LTM – not audited
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Marketing and CSR
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New brand identity
In the second half of 2017 the Company introduced new visual identity of GetBack brand and new advertising campaign for GetBack Brand.
The logo represents overlapping letters that underline collaboration as one of GetBack's main values. Refreshed identity uses new colours and shows the organization as modern and innovative.
A new advertising spot tells the story of a family father struggling with debt. His experience of working with GetBack reminds him of his youth when he was training cycling with his coach. And as with his help, he got results in sports, so now he can handle his debt with help of a GetBack consultant.
Target group: debtors and their families.
Brand promise: Together we can beat each debt
• Media
Advertising and sponsorship of films and weather forecasts in major nationwide television and radio stations
• Internet
Programmatic TV Sync, GDN, AdWords
• Outdoor
Banners in major cities
• Support for pilgrims
Organization of rest areas, first aid services
• CSR
Obtaining a Certificate of Ethics from the Conference of Financial Companies
Received a positive recommendation from the Polish Credit Management Association
Partnership in the project "Entrepreneurs in school and in life"
Taking the patronage of the National Scientific Conference "Information on the financial services market. Law - practice - problems - needs – perspectives."
Marketing and CSR
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19
Term Definition
Cash EBITDA Operating profit before depreciation/amortization, amortization of portfolios' purchase price and revaluation of the portfolios.
Operating revenues
Operating revenues include: (i) in case of own funds segment: revenues from purchased debt portfolios, other revenues from debt portfolios, income on legal services, income on other services and other operating revenue, (ii) in case of third-party funds segment: revenues relating to debt management and commissioned debt portfolio collection, share in profit (loss) of affiliates measured according to the equity method, income on legal services, income on other services and other operating revenue.
Cost-to-collect (%) Direct costs incurred by the Group in the course of debt collection from debt portfolios of own and third-party closed-end investment funds to collections on the portfolios.
EBITDA Operating profit before depreciation/amortization.
ERC Estimated remaining collections defined as expected future collections projected to be received on own debt portfolios.
ERC attributable to GetBack Estimated remaining collections defined as expected future collections projected to be received on third-party funds' debt portfolios, attributable to the Group.
Own fund Non-standardized securitization closed-end investment fund fully consolidated by the Company whose debt portfolios are managed by the Company, unless the context requires otherwise.
Third-party fund Non-standardized securitization closed-end investment fund not consolidated by the Company or accounted for with the equity method, whose debt portfolios are managed by the Company, unless the context requires otherwise.
Group, GetBack GetBack S.A. and its consolidated subsidiaries
Direct costs All costs incurred by Group's departments in the course of debt collection from portfolios of own and third-party closed-end investment funds.
Total nominal amount of managed portfolios Nominal amount of debt portfolios purchased by own and third-party investment closed-end funds as at the end of the financial year.
EBITDA margin (%) Operating profit before depreciation/amortization to revenue (defined as the total of net revenue, share of profit/(loss) of equity-accounted associates and other operating income).
Collections on debt portfolios Amounts obtained by the Group from debt portfolios in the course of the debt management process, less change in liabilities to the debtors due to overpayments in a given year.
Financial indebtedness Non-current and current financial liabilities on: (i) debt securities, (ii) finance leases and (iii) bank and non-bank borrowings.
2017 1H LTM Last tweleve months. i.e. period from 1.07.2016 to 30.06.2017
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This material has been prepared in connection with presentation of financial results and in no circumstances constitutes an offer or invitation or inducement to engage in investment activity or to subscribe for or purchase any securities of GetBack S.A. ("Company").
The Company’s securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act).
IN THE UNITED KINGDOM THIS DOCUMENT IS BEING PRESENTED ONLY TO, AND IS DIRECTED AT QUALIFIED INVESTORS (AS DEFINED BELOW) WHO ARE (A) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE “ORDER”) OR (B) HIGH NET WORTH ENTITIES FALLING WITHIN ARTICLE 49(2)(a) TO (d) OF THE ORDER, AND OTHER PERSONS TO WHOM IT MAY LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACT OR RELY ON THIS DOCUMENT OR ANY OF ITS CONTENTS.
THIS DOCUMENT IS BEING PRESETED TO AND IS DIRECTED ONLY AT PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (“EEA”) WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (DIRECTIVE 2003/71/EC) BY CROSS-REFERENCE TO CATEGORIES OF PERSONS WHO ARE, OR WHO MAY ELECT TO BECOME, PROFESSIONAL CLIENTS OR ELIGIBLE COUNTERPARTIES (WITHIN THE MEANING OF THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (2004/39/EC) (MIFID)) (“QUALIFIED INVESTORS”). ANY PERSON IN THE EEA WHO RECEIVES THIS DOCUMENT WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY SUCH RECIPIENT WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT HAS NOT RECEIVED THIS DOCUMENT ON BEHALF OF PERSONS IN THE EEA OTHER THAN QUALIFIED INVESTORS OR PERSONS IN THE UNITED KINGDOM AND OTHER MEMBER STATES (WHERE EQUIVALENT LEGISLATION EXISTS) FOR WHOM THE INVESTOR HAS AUTHORITY TO MAKE DECISIONS ON A WHOLLY DISCRETIONARY BASIS.
NEITHER THIS DOCUMENT NOR ANY COPY HEREOF MAY BE PRESENTED IN ANY OTHER JURISDICTION WHERE ITS DISTRIBUTION MAY BE RESTRICTED BY LAW. PERSONS WHO RECEIVE THIS REPORT SHOULD MAKE THEMSELVES AWARE OF AND ADHERE TO ANY SUCH RESTRICTIONS.
The statements contained in this document may constitute "forward-looking statements" that may be generally identified by the use of such terms as "may", "will", "should", "seek", "plan", "expect", "estimate ", "think", "intend", "predict" or "objective" or, in each case, their negative, any grammatical variations or other similar expressions.
Forward-looking statements involve known and unknown risks, uncertainties and other material factors which may cause the actual results, performance or achievements of the Company or its industry to be materially different from those expressed by such forward-looking statements. The Company disclaims any obligation to publicly update or verify any forward-looking statements contained in this presentation, whether as a result of obtaining new information, any change in events, or occurrence of other circumstances.
BY ACCEPTING THIS PRESENTATION YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.
20
Disclaimer
Not for a general release, publication and distribution in the United States, Australia, Canada and Japan.
ul. Powstańców Śląskich 2-4
53-333 Wrocław
KRS: 0000413997 | REGON: 021829989 | NIP: 899-27-33-884
Sąd Rejonowy dla Wrocławia-Fabrycznej we Wrocławiu VI Wydział Gospodarczy KRS Wysokość kapitału zakładowego: 4.000.000,00 zł (opłacony w całości)
Tel.: +48 71 771 01 00