investor presentation 11 june 2013 - finanznachrichten.de · 2013-06-11 · cash & cash...

1

1

Investor Presentation

11 June 2013

2

2

StrengthsInvestment Highlights

OutlookStrategies Moving Forward

Q & A

ASPIALInvestor Presentation

OverviewAspial Corporation Ltd

Financials FY2010 – 1Q2013

Agenda

3

3

About Aspial� Aspial Corporation Limited is an investment holding company with 3 core businesses, namely jewellery, property

development and financial service� Jewellery

- Leading jewellery retailer in Singapore with 67 retail stores across Singapore and 1 in Ho Chi Minh City- 4 established jewellery brands i.e. “Aspial”, “Lee Hwa Jewellery”, “Goldheart Jewellery” and “Citigems”

� Property Development- Successfully launched and completed more than 25 property projects in Singapore since 2001- Involved in commercial, residential and commercial-cum-residential projects in good locations in Singapore

� Financial Service- Provides pawnbroking services to consumers via a modern, professional and customer centric store concept to

meet their financial needs

- Has outlets in 30 locations in Singapore- Listed Maxi-Cash on Catalist on 22 June 2012

� Aspial is listed on the Singapore Stock Exchange with market capitalisation of about S$668 million, as of 30 May 2013.

Financial Summary

S$’000 Period ended 31 Mar 2013

Year ended 31 Dec2012

Year ended 31 Dec 2011


Revenue 94,382 453,909 420,324 280,258

EBITDA 18,299 91,184 67,049 15,152

EBITDA Margin (%) 19.39% 20.18% 15.95% 5.41%

Interest Expense 2,463 6,146 3,474 2,388

Net Debt 606,477 558,783 293,488 193,776

Total Equity 278,368 231,703 155,807 98,458

Tangible Net Worth (TNW) 247,445 201,214 141,614 78,250

Net Debt to Total Equity (x) 2.18 2.41 1.88 1.97

Total Secured Debt /Total Asset (%) 49.9 47.4 56.5 55.3

4

4

Aspial Corporation Ltd

Aspial International

Pte Ltd

World Class Land Pte Ltd

Maxi-Cash Financial

Services CorporationLtd

Aspial-Lee HwaJewellery Singapore

Pte Ltd

BU2 Services Pte Ltd

Aspial-LHJ Jewellery

Pte Ltd

Goldheart Jewellery

Pte Ltd

CitigemsPte Ltd

L&N Jewellery

World ClassPropertyPte Ltd

World ClassDevelopment

Pte Ltd

World ClassCapital Pte Ltd

Advance Property Pte Ltd

KensingtonLand

Pte Ltd

KensingtonVillage Pte Ltd

Bayfront Ventures Pte Ltd

100% 100% 49% 100%100%

100% 100% 81.08%

100% 100%

90%

100% 100% 80% 100% 40% 40% 50%

Property Development Business

Maxi-Cash Jewellery Group Pte

Ltd

100%

Jewellery Business Financial Services

Group Structure

Maxi-Cash Group Pte

Ltd

Gold & Gems Pte

Ltd

5

5

Jewellery Business

Our 4 key jewellery brands target different marketsegments. This enables us to focus on fulfilling

customers’ preferences such as merchandise and pricerange more effectively.

• Despite the lesser number of stores in 2012, we managed to improve store efficiency andachieve higher sales from existing retail stores.

• Revenue from the jewellery business increased by 2.7% from S$159.0 million in FY2011 toS$163.3 million in FY2012. The Group’s jewellery business registered pre-tax profits of S$2.8million in FY2012 as compared to S$4.0 million in FY2011 due mainly to its MBS stores.

Value SegmentMainstream

Segment

Mass Luxury

SegmentLuxury Segment

6

6

Property Development

Project TypeTotalUnits

LaunchDate

UnitsLaunched

% Sold Based on

Units Launched

Expected TOP

CardiffResidence

Residential 163 4Q 2011 163 100% 2H 2013

ParcRosewood

Residential 689 1Q 2012 689 100% 2H 2013

EastVillage

Retail 108 1Q 2012 100 98% 2H 2013

EastVillage

Residential 90 1Q 2012 90 100% 2H 2013

8 Bassein Residential 74 2Q 2012 74 100% 2H 2014

Urban Vista Residential 582 1Q 2013 500 87.2% 1H 2015

• Through World Class Land Pte Ltd, we are involved in commercial, residential

and commercial-cum-residential projects in good locations in Singapore.

• Since 2001, we have successfully launched and completed more than 25

property projects in Singapore.

• Revenue from the property development business rose 10.5% from S$177.5million in FY2011 to S$196.2 million in FY2012. The substantial growth in

revenue was contributed by the progress recognition of revenue from East

Village, Cardiff Residence and 8 Bassein amongst others.

Latest property development projects

7

7

Financial Service Business

• Our financial service business Maxi-Cash was incorporated in April

2008 and was listed on Catalist of SGX-ST on 22 June 2012.

• The financial service business is carried via 3 wholly-owned

subsidiaries:

• Maxi-Cash Group which owns 12 subsidiaries that in turn

operate the pawnshops

• Gold & Gems which carries out the retail and trading of pre-

owned jewellery and watches; and

• Maxi-Cash Jewellery Group, which manages the inventory

and carries out the trading of pre-owned jewellery and

watches. • Since listing, Maxi-Cash’s share price

has been on a steady uptrend.

Currently, market capitalisation of

about S$205 million on 30 May 2013

is about 130% more than its IPO price.

• In FY2012, Maxi-Cash achieved

another year of record loans to its

customers. Its revenue increased by

14.6% from S$87.8 million in FY2011

to S$100.5 million in FY2012.

• With the largest network of pawnshops

in Singapore, the Group through Maxi-

Cash continues to strengthen its

leadership position in the market.

Steady Price Increase since IPO

8

8



Q & A




9

9

S$’000 Period

Ended 31 Mar 2013

Year Ended 31 Dec 2012



Cash & Cash Equivalents

61,822 46,755 12,066 7,375

Trade & other receivables (Current)

182,643 182,609 135,616 84,489

Development Properties

590,418 534,413 262,933 166,496

Total Assets 1,038,737 961,859 569,512 385,079

Long-term borrowings & loans

320,969 267,045 136,745 72,284

Short-term borrowings & loans

197,330 188,439 168,809 128,867

Notes Payable 150,000 150,000 - -

Total Liabilities

760,369 730,156 413,705 286,621

Total Equity 278,368 231,703 155,807 98,458

Financial SummaryBalance Sheet

10

10

Financial SummaryIncome Statement

S$’000

Period ended

31 Mar 2013

Year ended

31 Dec 2012



Revenue 94,382 451,941 420,324 280,258

EBITDA 18,299 91,184 67,049 15,152

Operating Profit 3,863 53,903 55,222 3,392

Interest Expense 2,463 6,146 3,474 2,388

Share of Results from Associates

8,152 19,611 243 39

Profit before Tax 14,490 79,042 57,228 6,662

Net Profit 12,269 66,303 47,618 5,596

11

11



Q & A




12

12

Investment Highlights

Diversified revenue streamsDiversified revenue streams

Strong financial performance supported by healthy financial profileStrong financial performance supported by healthy financial profile

Market leading positions in key businessesMarket leading positions in key businesses

Fast-Growing Developer with Strategic JV with FragranceFast-Growing Developer with Strategic JV with Fragrance

Strong cashflow and profit from property projects Strong cashflow and profit from property projects

1

2

3

4

5

Experienced management and board of directorsExperienced management and board of directors6

13

13

Secured Debt/ Total Asset (%)Net Debt to Equity (x)

Total Equity (S$’M) Current Ratio (x)

Strong financial performance supported by healthy financial profile: Conservative Financial Profile with Strong Liquidity

1

1.97 1.88

2.41 2.18

-

0.50

1.00

1.50

2.00

2.50

3.00

FY10 FY11 FY12 1Q13

98.5

155.8

231.7

278.4

0.0

50.0

100.0

150.0

200.0

250.0

300.0

FY10 FY11 FY12 1Q13

55%56%

47%

50%

42%

44%

46%

48%

50%

52%

54%

56%

58%

FY10 FY11 FY12 1Q13

1.7 2.0

3.0

3.5

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

FY10 FY11 FY12 1Q13

14

14

Revenue (S$’M) EBITDA Margin (%)

Net Profit (S$’M)

Strong financial performance supported by healthy financial profile: Conservative Financial Profile with Strong Growth in Earnings

1

280,258

420,324 451,940

94,382

-

100,000

200,000

300,000

400,000

500,000

FY10 FY11 FY12 1Q13

5.41%

15.95%

20.18% 19.39%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

FY10 FY11 FY12 1Q13

5,596

47,618

66,303

12,269

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

FY10 FY11 FY12 1Q13

EBITDA / Interest (x)

6.3

19.3

14.8

7.4

-

5.0

10.0

15.0

20.0

25.0

FY10 FY11 FY12 1Q13

15

15

FY2010

35%

Financial Service

(S$101M)

43%

Jewellery

(S$163M)

Property

(S$196M)

22%

Segmental Revenue Breakdown in 2012

CORPORATE PROFILEDiversified Revenue Streams

42%

Financial Service

(S$88M)

37%Jewellery

(S$159m)

Property

(S$177M)

21%

Segmental Revenue Breakdown in 2011

Segmental Revenue Breakdown Averaged Across 2009 - 2012

Jewellery S$ 156 m (40%)Property S$ 152 m (39%)Financial Service

S$ 81 m (21%)

2

16

16

•Tiong Bahru Plaza

• Novena Square

• VivoCity

• West Mall

• Changi Airport T1


•Ang Mo Kio Hub

• Bugis Junction

• Causeway Point

• Citylink Mall

•Compass Point

• IMM

• ION Orchard

• Junction 8

• Jurong Point JP1

• Lot One

• NEX

• Northpoint Shopping Centre

•Parkway Parade

• Plaza Singapura

• Tampines Mall

• ION Orchard

• 313@Somerset

• AMK Hub

• Bugis Junction

• Causeway Point

• Centrepoint

• Changi Airport

• Clementi Mall

• Compass Point

• Great World City

• Hougang Mall

• Lot1

• Junction 8

• Jurong Point

•International building

• Marina Square

•Plaza Singapura

• NEX

• Tiong Bahru Plaza

• Northpoint

• Parkway Parade

• Tampines Mall

• VivoCity

• West Mall

• Wisma Atria

•Changi Airport T1

•Vista Exchange

• Bugis Junction

• Wisma Atria


• Tampines Mall

• ION Orchard

• Vivocity

• Jurong Point

• Plaza Singapura

• Junction 8

• Causeway Point

• Marina Square

• Marina Bay Sands

• Centrepoint

•Toa Payoh HDB Hub

• NEX

•IMM

•Parkway Parade

• Citylink Mall

• Compass Point

Market Leading Position in Key BusinessesJewellery: Largest network with 67 stores in Strategic Locations

3

17

17

In-house Design Team

Bulk Purchase of Raw Materials

Sub-contracted Manufacturing

Marketing & Distribution

Vertically Integrated, End-to-End Operations

Value Creation

� Outsourcing of production to

reliable sub-contractors to

ensure production costs keptlow

� Stringent quality procedures

in place

� Bulk purchase of diamonds

help to secure lower costs� Ensures designs are in line with

current trends with wide market

appeal to suit taste and preferenceof respective target markets

� Multi-brand portfolio strategy

coupled with effective

marketing to capture widecustomer base

� Largest retailer of contemporary jewellery in Singapore with more than 40 years of experience

� Network of about 67 retail stores covering most of the major shopping malls in Singapore

� Strong brand equity in major segments of the jewellery market

Market Leading Position in Key BusinessesJewellery: Leader in Jewellery Industry

3

18

18

18

Central North West East

Bugis Ang Mo Kio Boon Lay Marine Parade

Lucky Plaza Toa Payoh Jurong East Bedok

People's Park Northpoint Jurong West Joo Chiat

Redhill Woodlands Clementi Paya Lebar

Bukit Merah Hougang Choa Chu Kang Aljunied

Tiong Bahru Nex Mall Bukit Batok Tampines

Harbourfront Chong Pang Yew Tee Pasir Ris

Serangoon Road ( 2 locations)

Well-established Market Position

� Leader with the largest network of 30 strategic locations� Innovator offering contemporary, bank-like experience� Recession-Proof Business

Strong Expansion & Revenue Growth

No of locations

Revenue

Market Leading Position in Key BusinessesFinancial Service: Leader and Innovator in the Pawnbroking Industry

3

1722

28 29

0

10

20

30

40

FY2010 FY2011 FY2012 1Q2013

Trade Receivables – Pledge Book

9.4

54.9

87.8 100.5

26.7

-

20.0

40.0

60.0

80.0

100.0

120.0

FY09 FY10 FY11 FY12 1Q13

12.4

55.1

120.4

157.9 163.4

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

FY09 FY10 FY11 FY12 1Q13

(S$’M)

(S$’M)

19

19

Cardiff Residence Parc Rosewood 8 Bassein

Type Residential

Total Units 163

Launch Date 4Q 2011

Units Launched 163

Sold Based on Units Launched

100 %

Expected TOP 2H 2013

Type Residential

Total Units 689

Launch Date 1Q 2012

Units Launched 689


100 %


Type Residential

Total Units 74

Launch Date 2Q 2012

Units Launched 74


100 %


East Village

Type Residential

Total Units 90

Launch Date 1Q 2012

Units Launched 90


100 %


Type Retail

Total Units 108

Launch Date 1Q 2012

Units Launched 100


96 %


Strong Cashflow and Profit from Property ProjectsRobust sales from recent property launches

4

Urban Vista

Type Residential

Total Units 582

Launch Date 1Q 2013

Units Launched 500


87%


20

20

Resi 100% sold

100% sold

100% sold

8 Bassein

Parc Rosewood

Retail 96% sold

East Village

Cardiff Residence� High revenue visibility

- Based on the units sold, the Group has locked in

total revenue of more than S$480 million as at 8

May 2013 which will be progressively recognised

in accordance with the stage of construction

Strong Cashflow and Profit from Property Projects Property: Strong Contribution from Property Projects

100% sold

4

Urban Vista

Resi 83% sold

11.0%

27.7%

37.2%44.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

FY10 FY11 FY12 1Q13

Property PBT Margin

Revenue, 81.9

Revenue, 177.5

Revenue, 196.2

Revenue, 29.5

PBT, 9.0

PBT, 49.2

PBT, 73.0

PBT, 13.1

-

50.0

100.0

150.0

200.0

250.0

FY10 FY11 FY12 1Q13

Revenue & PBT(S$’M)

21

21

5 Fast-Growing Developer with Strategic JV with FragranceHuge potential from 3 newly-acquired sites

Key Point

Tai Keng Court

TypeComm &

Residential

Total GFA 391,120

Target Launch

2H 2013

Est. No. Comm

200

Est. No. Resi 330

TypeComm &

Residential

Total GFA 145,319

Target Launch

2H 2013

Est. No Comm

60

Est. No. Resi 190

� Robust growth expected in revenue

- At current market prices, the potential sales revenue from the

remaining unsold units of the projects launched and the projects yet

to be launched attributable to the Group is estimated to be in excess

of S$1,000 million (as at 8 May 2013).

- Based on current prices, the Group is expected to enjoy a healthy

margin from potential sales revenue for these projects.

� Undertake larger-sized development projects

Jalan Jurong Kechil

Type Residential

Total GFA 153,212

Target Launch

1H 2013

Est. No Comm

28

Est. No. Resi 300

(Sq. ft.)

85,000

-

98,092

418,000

-

120,000

-

53,900

-

421,000

391,120

145,319 153,269

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Jalan Jurong Kechil

Tai Keng Court

Key Point

Tanah Merah

8 Bassein

East Village

Parc Rosewood

Cardiff Residence

Cavan Suites

Onan Suites/SOHO Life!

Espira Suites

Heritage East

Dunearn Suites

22

22

Experienced Management and Board of Directors

� Appointed as an Executive Director and Non-

Independent Director of the company on 9 Oct

1989

� Currently serves as CEO of Aspial Corporation

Ltd

� Led company from traditional goldsmith into a

modern and well-established jewellery portfolio

of brands in Singapore as well as its

successful forays into property development

and financial service businesses

Koh Wee Seng

Executive Director

and Non-independent

Director


Independent Director of the company on 1 May

1987

� Currently serves as Issuer’s Jewellery

Purchase Director

� Has more than 20 years’ experience in the

jewellery industry

� Graduated from National University of

Singapore with a Bachelor’s Degree in Arts

Ko Lee Meng

Executive Director

and Non-independent

Director

� Appointed as a Non-Executive Director and

Independent Director of the company

� Currently serves as Director and Chairman of

the Audit Committee

� Started career in banking industry in 1971 with

Chase Manhattan Bank and retired as a

Senior Vice President of Oversea-Chinese

Banking Corporation Limited in late 1998

� Professional diploma in Accountancy from

Singapore Polytechnic and completed

Management programme from Stanford-NUS

Wong Soon

Yum

Non-Executive

Director and

Independent Director

� Appointed as a Non-Executive Director and

Independent Director of the company on 01

November 2002

� Currently serves as Director and Member of

the Audit Committee

� Former CEO of Overseas Union Trust Limited

and has held various senior positions

including Chairman of OUB Securities Pte Ltd


Singapore with a Bachelor’s Degree in

Accountancy

Kau Jee Chu

Non-Executive

Director and

Independent Director

� Joined the company in November 1997

� Currently serves as Chief Finance Officer of

the company

� Has over 20 years of experience working in

finance in various industries including ship

building, manufacturing and retail.

� Graduated from Victoria University of

Wellington in New Zealand

� Holds a Master in Professional Accounting

from Victoria University , Australia

� Certified Public Accountant , Australia &

Chartered Secretary, Singapore

Lim Swee Ann

Chief Finance Officer


Independent Director of the company on 9 Oct

1989

� Currently serves as Production Director and

Member of the Audit Committee

� Has more than 16 years’ experience in

jewellery manufacturing and outsourcing


Singapore with a Bachelor’s Degree in Arts

Koh Lee Hwee

Executive Director and Non-independent

Director

5

23

23

Investment Highlights

Diversified revenue streamsDiversified revenue streams

Strong financial performance supported by healthy financial profileStrong financial performance supported by healthy financial profile

Market leading positions in key businessesMarket leading positions in key businesses

Fast-Growing Developer with Strategic JV with FragranceFast-Growing Developer with Strategic JV with Fragrance

Strong cashflow and profit from property projects Strong cashflow and profit from property projects

1

2

3

4

5

Experienced management and board of directorsExperienced management and board of directors6

24

24



Q & A




25

25

Outlook & Strategy

Financial Service

� Secure strategic locations where

business is viable and Maxi-Cash is not

represented

� Strengthen brand equity and awareness

� Expand range of pre-owned watch and

jewellery

� Speed up planning and launch of three

new projects within constraints

� Ensure construction progress smoothly

� Look out for opportunities in the property

market

� Rationalise store network to increase

store efficiency

� Maintain tight control on operating cost

Strategy

� Demand for loans is likely to remain

healthy

� Increasing acceptance of pawnbrokingas an alternative source of financing

Outlook

Property

Strategy

� URA Q4 2012 property index shows

increase in residential property price

� Despite various cooling measures, demand for property remains healthy

� Low-interest environment will continue

to drive demand

Outlook

Jewellery

Strategy

� Singapore GDP growth expected to be

1 to 3%

� Consumer sentiments remains relatively positive

Outlook

26

26



Q & A




27

27

Q & A

28

28

Thank You

29

29

Important Notice

Important Information

This presentation and the information contained herein does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities of Aspial

Corporation Limited (the “Company”) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity and nothing contained herein shall form the basis of or be relied upon in connection with any

contract or commitment whatsoever. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person or published, in whole or in part, for any purpose. No

representation or warranty, express or implied, of any nature is given as to, and no reliance should be placed on, the fairness, correctness, accuracy or completeness of the information or opinions contained herein.

This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it to (all such persons being referred to

as "relevant persons"). This presentation is only directed at relevant persons. Solicitations resulting from this presentation will only be responded to if the person concerned is a relevant person. Other persons should not rely

or act upon this presentation or any of its contents.

The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice. No assurance is made as to the accuracy of this presentation and it may be

incomplete or condensed and it may not contain all material information concerning the Company or the group of which the Company is a part (the “Group”). The information in this presentation is not financial product advice

and does not take into consideration the investment objectives, financial situation or particular needs of any particular person. There is no obligation to update, modify or amend this communication or to otherwise notify the

recipient if information, opinion, assumptions, projections, forecasts or estimates set forth therein, changes or subsequently becomes inaccurate. None of the Company, nor any member of the Group, nor any of their

respective affiliates, officers, employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of or reliance on the information or opinions

contained in this presentation.

No offering of the Company’s securities will be registered under the U.S. Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States. Subject to certain

exceptions, the Company’s securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S under the U.S. Securities Act).

Neither this presentation nor any copy of such presentation may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States. The information presented here is not an offer for sale

within the United States of any securities of the Company.

The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions.

By attending this presentation or by accepting this document, you will be taken to have represented, warranted and undertaken that: (i) you are a relevant person (as defined above); (ii) you are not a person located in the

United States or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States or any U.S. person; (iii) you are bound by the foregoing limitations;

and (iv) that any investment in any securities of the Company will be made solely on the basis of the disclosure document prepared by the Company and not on the basis of this presentation. Any failure to comply with these

restrictions may constitute a limitation of applicable securities law.

This presentation has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Presentation and any other document or material in connection with the offer or sale, or invitation for

subscription or purchase, of notes (the “Notes”) to be issued from time to time by the Company pursuant to the Programme may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of

an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the

“SFA”), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA or (iii) otherwise pursuant to, and in

accordance with the conditions of, any other applicable provision of the SFA.

Where interest, discount income, prepayment fee, redemption premium or break cost is derived from any of the Notes by any person who is not resident in Singapore and who carries on any operations in Singapore through a

permanent establishment in Singapore, the tax exemption available for qualifying debt securities (subject to certain conditions) under the Income Tax Act, Chapter 134 of Singapore (the “Income Tax Act”) shall not apply if

such person acquires such Notes using the funds and profits of such person’s operations through a permanent establishment in Singapore. Any person whose interest, discount income, prepayment fee, redemption premium

or break cost derived from the Notes is not exempt from tax (including for the reasons described above) shall include such income in a return of income made under the Income Tax Act.

Any discrepancies in the tables included herein between the listed amounts and the SGXNET announcements or the consolidated financial statements of the Company are due to rounding.

Forward Looking Statements

This presentation contains forward-looking statements which may be identified by their use of words like "plans", "expects", "will", “guidance"," anticipates", "believes", "intends", "projects", "estimates" or other words of similar

meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial

results, are forward-looking statements.

All forward-looking statements are subject to risks and uncertainties as they are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are

accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company has no obligation to, and does not intend

to, publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise.

investor presentation 11 june 2013 - finanznachrichten.de · 2013-06-11 · cash & cash...

Documents