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Corporate presentation
June 2015
Eros the leading Indian film studio
1
PAGE 2
Large content library of Indian language films, 3,000+, and music
Robust India macro landscape with highly attractive fundamentals
ErosNow strategically positioned to capture large digital opportunity in India
Eros: a media company transforming into a digital company
Executive Summary
Strong revenue growth and solid track record of profitability
4
5
3
2
A global leader in Indian film entertainment with strong box office market share 1
PAGE 3
Content is King
New film mix 65-70 films
each year
•Hindi
•Regional
language
•International
agreements
Co-production
3,000+ film library (1 year after Theatrical Release)
Acquisition Trinity
Pictures
Exclusive premiere window
PAGE 4
Theatrical
Television
Digital and Ancillary
Eros: A Multi-Platform Model
Leading player in a growing and underpenetrated cinema market
Eros has had an average 3 out of top 10 India Box Office hits for the past five years
Film pre-sales facilitated by long-standing Eros brand, reputation and industry relationships
Cable digitisation and rising Pay TV penetration drive market growth and demand for premium content
Eros film library of over 2,300 films is a stable source of revenue growth with high margins
TV Syndication Freemium
$
Pay Per View Subscription Advertising Bundled Services Theatrical
We are strategically positioned as a leader in our segments and able to monetise
through multiple channels globally
India is projected to have over 1 billion internet users in the next 15 years
ErosNow is the leading Indian digital content platform with global reach
Exclusive content provides high barrier to entry
PAGE 5
Eros 35%
UTV 20%
YRF 14%
Reliance 11%
Fox 5%
Other 15%
(1) Includes films only distributed internationally by Eros. 3 of the Top 10 grossing Hindi films in CY’10 (Source: BoxOfficeIndia.com); 4 of the Top 10 Hindi films in CY’11 (Source: BoxOfficeIndia.com); 2 of the
Top 10 Hindi films in CY’12 (Source: bollywoodhungama.com); 4 out of top 10 Hindi releases in CY’13 (Source: bollywoodhungama.com); 3 out of top 10 Hindi releases in CY’14 (Source:
bollywoodhungama.com). Rupees converted to USD at average annual exchange rate.
(2) Represents market share of all theatrically released Indian language films 2011-2014 (Source: Rentrak)
Leading Theatrical Market Share
Leading Market Share in United Kingdom(2)
Leading Market Share in United States(2)
$25.7m
$23.3m
$14.5m
$17.4m
$22.8m
$20.4m
$24.5m
$16.5m
$ 32.2m
$ 18.5m
$19.8m
$19.3m
$8.8m
$19.9m
$15.8m
Participation in Average 3 of the Top 10 Releases in India Each Year(1)
Eros 32%
UTV 22%
YRF 14%
Reliance 12%
Fox 4%
Others 16%
PAGE 6
$66
$113
$156 $150 $165
$207 $215 $236
$284
FY' 07 FY' 08 FY' 09 FY' 10 FY' 11 FY' 12 FY' 13 FY' 14 FY' 15
Diversified, Strong Revenue Growth
Revenue Mix by Channel Strong Historical Revenue Growth
Revenue Mix by Geography
($ in millions)
Solid Track Record of Profitability
$33
$48 $54 $54
$60 $67
$56
$80
$101
FY' 07 FY' 08 FY' 09 FY' 10 FY' 11 FY' 12 FY' 13 FY' 14 FY' 15
($ in millions)
India, 39%
Europe, 12%
North America,
7%
Rest of the World, 42%
Digital & Ancillary
21%
Television 36%
Theatrical 43%
PAGE 7
Description Revenue Performance
Theatrical
Leading market share of Indian language films in India, UK and US
Broad, well-established global distribution network
Film releases in 50 countries and 25 languages
Portfolio approach by film, budget, genre and language
Regional language films are a key focus area
Television
License film content to content aggregators to reach Cable and Pay TV
subscribers
Long-term value in TV syndication from ongoing bundling of library
content with new film releases
Digital
ErosNow has over 19m registered users
Music sales from new release film soundtracks and our library catalogue
SVOD and VOD offerings in international markets (US, UK, Asia, etc)
High growth as digitization of media increases across all platforms
$53
$101
FY10 FY15
$50
$123
FY10 FY15
$47
$60
FY10 FY15
Source: Website, company information and equity research
Our Diversified Revenue Streams
1
2
3
Our markets
2
PAGE 9
$8 $9 $10
$12 $14
$16
$4 $5
$5
$5
$6
$6
$2 $2
$3
$3
$3
$3
$3
$3
$4
$5
$5
$6
$16
$19
$21
$25
$28
$32
2014A 2015E 2016E 2017E 2018E 2019E
Television Print Film Other
($ in billions)
(1) Source: FICCI-KPMG Report 2015. Rupees converted to USD at 62.19
(2) “Other” includes radio, music, out of home, animation & VFX, gaming and digital advertising segments
Indian Media & Entertainment Market
’14 – ’19 CAGR
Media & Entertainment Market Projected to Grow at 14%(1)
(2)
19.8%
10.0%
8.0%
15.5%
PAGE 10
12.7%
8.1% 7.6%
4.3% 4.0%
India China Brazil United States United Kingdom
Projected GDP Growth CAGR (2014 - 2020)
38.9 36.7
30.7 27.0
Russia China Brazil India
Median age
India: High Growth and Attractive Fundamentals
1
1.2
1.6
0.0
0.5
1.0
1.5
2.0
2000 2011 2050
(in billions) Population
Increasing annual disposable income(4)
With significant population expansion…(2)
Highly favorable demographics(3)
A rapidly growing economy…(1)
(1) IMF World Economic Outlook as of April 2015, Nominal GDP corresponding to fiscal year, current price
(2) FICCI-KPMG 2014 & 2015 Report
(3) CIA World Factbook (5/22/2015)
(4) Euromonitor International
$1,559
$1,616
$1,744
$1,863
2012 2013 2014 2015
($ in billions)
PAGE 11
1.5 1.6 1.8 2.0 2.1 2.3
2014 2015E 2016E 2017E 2018E 2019E
Indian Domestic Theatrical Revenue ($ in billions)
0.7
4.7 6.0
7.0 7.9
9.7
15.7
India China Brazil Russia US UK Japan
Average Admissions Price ($ in USD)
(1) FICCI-KPMG Report 2015; Rupees converted to USD at 62.19
(2) CRISIL Research
(3) FICCI frames 2014
(4) Magna Global, June 2014
Rapid Growth for India’s Film Industry
…with substantial room to increase pricing(4) …in a highly underpenetrated market…(3)
…with multiplex rollout fuelling growth…(2) Theatres seeing consistent YoY revenue growth…(1)
1.2 1.4
1.5 1.6
1.8 1.9
2.1 2.2
2011 2012 2013 2014E 2015E 2016E 2017E 2018E
Multiplexes in India (in thousands)
7
57 61
85
125
India Germany UK France US
Theatre screens per million population
PAGE 12
45%
18%
11% 7%
Hindi GEC + Movies
Regional Channels
Kids + Music News
Percentage of viewing time spent
Growing Indian Television Market
$2 $5
$5
$11
2014A 2019E
Advertisement revenue Subscription revenue
($ in billions)
70+%
(1) Source: FICCI-KPMG Report 2015
(2) Source: FICCI-KPMG Report 2015; Rupees converted to USD at 62.19
...is supported by favorable viewing preferences(1) Willingness to pay for content…(1)
…is expected to fuel growth in the Indian TV industry(2) Increasing television household penetration…(1)
61% 71%
2014 2019E
TV Household Penetration (%)
149
187
2014A 2019E
Indian Pay-TV subscriber base
Total # of
Households: 196m 168m
(in millions)
PAGE 13
(1) FICCI KPMG Report 2015, and broker research
Compelling Digital Opportunity
90% 87%
53% 46%
19%
UK USA Brazil China India
India’s digital ad market to reach c$2.8bn by 2020
Strong mobile internet user growth(1) Internet penetration is still in early stages(1)
173
232 286
342
399
457
2014E 2015E 2016E 2017E 2018E 2019E
Mobile Internet Users in India (in millions)
$ 452
$2,767
FY' 14 FY' 20
Online advertising spend ($ in millions)
Mobile advertising to be largest component
Online ad spend as
% of total ad spend 19% 7% Search, $415
Display, $208
Mobile, $858 Social Media, $830
Email, $42
Video, $415
2020 share of online ad spend ($ in millions)
PAGE 14
India’s Youth Online
Source: Accenture Video Solutions Survey, 2013; indexmundi, eMarketer, comScore
Highly Engaged, Large Digital User Base
23.3
BILLION Total Minutes
54 Million
Unique Video Viewers
3.7 Billion
Total Videos
432 Minutes
Per User
23.3 Billion
Total Minutes
217 Minutes Spent on
Facebook on Average
28% Increase in Facebook
Visitors in the Past Year
86% of Indian Web
Users on Social Media
27% Yearly Increase in
Online Video Audience
Lead to increasing amount of digital content
243mm Internet Users
173mm Indian users
access via mobile
PAGE 15
Source: Eros International Press Release
International markets
$4.8 Billion Chinese Movie Market
23,600 Total Screens in 2014
34% 2013-2014 growth
600 Films produced in 2014
Partnerships with three major Chinese state-owned film and
entertainment companies to promote, co-produce and distribute
Sino-Indian films across all platforms in India & China
Large and growing Chinese Box Office
Partnering with the best Chinese film companies
High-reward long-term opportunity
Influential partnerships secured in China
China
Co-produce motion picture, Tang
Xuan Zang, starring China’s most
popular and multi-faceted actor,
Huang Xiaoming
Explore exploitation of IP rights owned
by both companies and develop /
produce / distribution films in both
India & China
Eros to license Fudan’s IP for remakes
or co-productions in India
Eros to gain publishing licenses for
strategic film distribution in China
Shanghai Film Group
Corporation Fudan University China Film Group
Corporation
Rest of the world
Global demand for Bollywood content , especially in
Europe and Southeast Asia
Large South Asian Diaspora
Arrangement with local distributors across the global to
target theatrical, TV and DVD releases
Already well established in Germany, Russia, China,
Japan, Korea, Taiwan, Indonesia
A digital transformation
3
PAGE 17
(1) Through integration with TechZone, an Eros International company
ErosNow: over 19m Registered Users A subscription-based on-demand entertainment portal with over
19 million registered users
Subscribers have access to 10,000+ content offerings including
movies, music tracks, music videos, TV episodes and original
videos
Exclusive film premieres available to all users, including recent
super-hit Tanu Weds Manu Returns
Unlike other OTT (“over-the-top content”) players, Eros owns
much of the content on ErosNow
Available on all internet-enabled devices and fully integrated
with the top social media outlets globally
TV Networks
TIMES music
Music Labels
Film Studios
ErosNow is ideally positioned to capitalise on growing internet penetration and
benefits from high barriers to entry
Tanu Weds Manu Returns
PAGE 18
ErosNow’s large content library and expanding digital market has positioned the
platform for rapid growth in subscribers ahead of global market peers.
ErosNow: Uniquely Positioned for Growth
Content
aggregator/DVD
service
Tech/Digital Platform
VA
LU
E
Tech Platform
Digital Company
Content owner and
producer
TIME
Netflix maximized value
when it transformed to a
content owner and
producer. Eros’ starting
point is content ownership.
PAGE 19
Transaction
Revenue
Eros Now: Monetization Model
Monthly recurring base of premium users enjoy unlimited access to premium content, with features such as HD
quality viewing, Dolby sound and multi-language subtitles
Free users have access to a large pool of content and will be monetized through online advertising
Transactional model allows for lower price point WAP purchases of ringtones, wallpapers and long and short form
content
Syndication of proprietary original content to niche television and online platforms
Monetization Model
Subscription
Revenue
Premium Users
Advertising
Revenue
Free Users Transactional
Users WAP Users
Syndication
Revenue
Other Niche Platform
TV & Online
PAGE 20
Eros Now: Expansion Opportunities
E-Commerce
Data Analytics
Online Advertising 1
2
3
Represents a large opportunity for Eros in marketing and branding, and also creates a new,
profitable revenue stream
Offers the ability for consumers to purchase character-related merchandise in real-time
Eros is uniquely positioned to collect user behavior and monetize efficiently to providers of
database and direct marketing, enterprise CRM marketing software, market research and data
acquisition and analytics / optimization services
Against the backdrop of increasing 3G/4G data penetration, online and mobile advertising are
garnering an increasing share of total advertising spend
Acceleration of TV ad revenue shifting to digital
Total
Addressable
Market
$13
billion in
2017 in
India
Nascent
market in
India
c$600m
PAGE 21
Original programming under production
Broad range of genres from fantasy and adventure to romance and thriller
Expected launch: FY’ 16
Initial ErosNow viewing window followed by wide TV syndication
ErosNow: The Promise of Endless Entertainment
Original short-form content Original long-form content
Movies Music Originals TV
Pio
nee
rin
g n
ew
co
nte
nt
PAGE 22
Maintain focus on high
ROI film projects –
including franchise films
Increase regional output
to meet rising demand
Continue to bundle
library with new release
product
Capitalize on growth in
new international
markets, e.g. China
Meet growing Indian
domestic demand for
quality films as channel
proliferation accelerates
China co-production
opportunities
Roadmap for Profitable Growth
Pioneer new, original
content to target a wide
audience
Continue to build-out
content offering in film,
TV and music to exploit
on our platform
Reinforcing brand and
“best-in-class” interface
Scalable content mix New markets driving growth Riding the digital wave
FY’ 15 Financial Highlights
4
PAGE 24
Source: Company filings
(1) Adjusted EBITDA is defined as EBITDA adjusted for transaction costs, impairments of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivatives) and share
based payments
Note: Numbers may not add due to rounding
Conservative Balance Sheet
($ in millions) March 31, 2015
$156 Cash
Total Debt $315
Shareholders’ Equity $756
Total Capitalization $1,071
FY2015 Adj. EBITDA(1) $101
Net Debt / FY2015 Adj. EBITDA(1) 1.57x
Total Debt / Total Capitalization 29.4%
Select Balance Sheet Items Commentary
£50 million UK retail bond maturing in
2021
$140m unsecured RCF maturing in
2017
No significant long-term debt
maturities until 2016
PAGE 25
Source: Company filings
Q4 FY 2015 Q4 FY 2014 +/-% FY 2015 FY 2014 +/-%
Revenues $88.5 $63.3 39.8% $284.2 $235.5 20.7%
Adj EBITDA $30.0 $13.1 129.0% $101.2 $80.3 26.0%
Net income $19.4 $6.4 203.1% $49.3 $37.1 32.9%
EPS 29.9c 11.6c 157.8% 72.5c 65.2c 11.2%
4Q and FY’ 15 Results
Operational Highlights
We released a total of 65 films in FY2015, including 6 high budget films and 12 medium budget films. Of the films released 44 were Hindi language films and the remaining films were Tamil and other regional languages
Eros has entered fiscal year 2016 on a strong note with the release of the much anticipated Tanu Weds Manu Returns, 2015’s first film to reach INR 100 Crore (c.$15 million) and the biggest Indian box office release so far this year, and Dil Dhadakne Do on June 5, 2015. Fiscal year 2016 also includes planned releases on two of three major Indian holidays, with Eid seeing the release of Bajarangi Bhaijaan, and Christmas the release of Bajirao Mastani. Other high profile releases in the year include Bangistan, Hero, Singh is Bling and a slate of Tamil, Telugu and Malayalam films.
ErosNow has over 19 million registered users worldwide, consisting of free, transactional and premium users, across all its platforms. This is a 35.7% increase from the 14 million registered users announced at Q3 FY15 earnings.
Emerged as the most preferred business partner for Indo-Chinese collaborations in the field of film and entertainment, with MOUs signed with three major Chinese film companies to promote, co-produce and distribute Sino-Indian films across all platforms in both countries
Earlier this year we announced the appointment of Mr. Prem Parameswaran as Group Chief Financial Officer of Eros International Plc and President of Eros International’s U.S. operations. Mr. Parameswaran joins Eros with over 23 years of experience in investment banking in the global media and entertainment industry.
Appendix
5
PAGE 27
Releases in FY’ 16 to date Tentative release date
Gabbar is back (overseas) Q1 FY’ 16
Uttama Villain (Tamil) Q1 FY’ 16
Tanu Weds Manu Returns Q1 FY’ 16
Masss (Tamil) Q1 FY’ 16
Aga Bai Arechaa 2 (Marathi) Q1 FY’ 16
Dil Dhadakne Do (Overseas) Q1 FY’ 16
Our Film Release Profile
(1) “High budget” films refer to Hindi films with direct production costs in excess of $8.5 million and Tamil as well as Telugu films with direct production costs in excess of $7.0 million; “Low budget” films refer to
both Hindi, Tamil, and Telugu films with less than $1.0 million in direct production costs; “Medium budget” films refer to Hindi, Tamil, and Telugu films within the remaining range of direct production costs
(2) Total films includes regional films and films with overseas rights
Film by budget type(1)
FY’ 09 FY ‘10 FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15
High 2 3 3 5 6 4 6
Medium 13 11 10 5 13 21 12
Low 76 97 64 67 58 44 47
Total films(2)
91 111 77 77 77 69 65
PAGE 28
Release title Star Cast / (Director/Producer) Tentative release date
Life of Josootty (Malayalam) Dileep, Jyothi Krishna, Rachana Narayankutty (Jetthu Joseph) Q2 FY’ 16
Bajrangi Bhaijaan Salman Khan, Kareena Kapoor (Kabir Khan) Q2 FY’ 16
Rajini Murugan (Tamil) Sivakarthikeyan (Ponram) Q2 FY’ 16
Bangistan (Overseas) Ritesh Deshmukh, Pulkit Samrat, Jaqliene Fernandis(Karan Anshuman) Q2 FY’ 16
Hero Sooraj Pancholi, Adheya Shetty (Nikhil Advani) Q2 FY’ 16
Singh is Bling (Overseas) Akshay Kumar, Kareena Kapoor, Amy Jackson (Prabhu Deva) Q3 FY’ 16
Bajirao Mastani Ranveer Singh, Deepika Padukone (Sanjay Leela Bhansali) Q3 FY’ 16
Gabbar Singh 2 (Telegu) Pawan Kalyan (K. S. Ravindra) Q4 FY’ 16
Aligarh Kangana Ranaut (Hansal Mehta) Q4 FY’ 16
Dictator (Telugu) Balakrishna (Srivaas) Q4 FY’ 16
Naale (Malayalam) Fahad Fazil, Malavika S Mohan, Isha Talwar, Mukesh (Shiju S Bawa) Q4 FY’ 16
Perai Thedai Natkal (Tamil) Ashok Selvan (Abraham Prabhu) Q4 FY’ 16
Enkitta Mothathe (Tamil) Natarajan Subramaniyam Rajaji and Vijay Murugan (Ramu Chellappa) Q4 FY’ 16
Housefull 3 Akshay Kumar, Abhishekh Bachchan, (Director-Sajid-Farhad) FY’ 17
Shivay Ajay Devgn (Ajay Devgn) FY’ 17
Untitled Kajol (Ajay Devgan Productions) FY ‘17
Farzi Shahid Kapoor, Kiriti Sanon (Raj Nidimoru and Krishna D.K.) FY’ 17
Banjo Riteish Deshmukh, Nargis Fakhri (Ravi Jadhav) FY ‘17
Raabta Sushant Singh Rajput (Dinesh Vijayan and Homi Adjania) FY’ 17
Jugaadu Harman Baweja and others FY’ 17
Untitled Saif Ali Khan (3 movies) FY’ 17
Significant forthcoming releases
PAGE 29
(1) Includes only amortization of intangible assets other than intangible content assets
(2) Consists of compensation costs recognized with respect to all outstanding plans and all other equity settled instruments
Adj. EBITDA Reconciliation
EBITDA Bridge
(in $ thousands)
Year Ended March 31,
2015 2014 2013 2012 2011 2010 2009
Net income $49,330 $37,144 $33,665 $43,580 $47,550 $42,395 $40,827
Income tax expense 13,178 12,843 11,913 10,059 8,237 7,152 7,571
Net finance costs 5,861 7,517 1,469 1,009 1,584 2,309 1,261
Depreciation 1,094 789 1,003 1,275 928 1,030 1,196
Amortization(1) 610 578 715 279 275 308 298
Share based payments(2) 21,915 18,421 1,888 5,289 927 309 1,130
Impairment of available-for-sale
financial assets 1,307 – – 1,230 – 6 1,347
(Profit) / loss on derivatives 7,801 (5,177) 5,667 4,264 – – –
Transaction costs relating to equity
transactions 61 8,169 – – – – –
Adjusted EBITDA $101,157 $80,285 $56,320 $66,985 $59,501 $53,509 $53,630
PAGE 30
Over 80 years of combined industry and management experience
Eros Management Overview
Kishore Lulla
Group Executive Chairman
Years of Experience: 30+
Over 30 years experience in the
media and film industry
Founded B4U Television
business in 1999
IIFA Award in 2007 for his
contribution to Indian Cinema
Entrepreneur of the year by
Asian Business Awards in 2007
Executive Board member of the
UCLA school of Theater, Film
and Television
Prem Parameswaran
Group Chief Financial Officer
Years of Experience: 23+
Former Global Head of Media
and Telecommunications
Investment Banking at Jefferies
Prior to Jefferies: Americas Head
of Media & Telecom at Deutsche
Bank, also worked at Goldman
Sachs and Salomon Brothers
Deep experience in global media
having led over 300 transactions
Boards: Columbia University
Alumni Trustee Nominating
Committee; Program for
Financial Studies Columbia
Business School
Columbia University, BA, MBA
(Honors)
Jyoti Deshpande
Group Chief Executive Officer
Years of Experience: 22+
Key member of the Eros
leadership team since 2001
Former member of J. Walter
Thompson, India
Part of the team that founded
B4U Television network in the
UK
Senior media consultant with
Mindshare, UK
Instrumental in AIM listing in
2006, Indian subsidiary listing in
2010 and NYSE IPO in
November 2013
Mark Carbeck
Chief Corporate & Strategy Officer
Years of Experience: 16+
Former Director in Citigroup’s UK
Investment Banking Division in
London covering European
media companies
Responsible for M&A, corporate
finance, investor relations and
corporate governance
PAGE 31
Note: Company structure and holdings as of 31/03/2015
Company Structure
Founders Group
Public
Other
NYSE-listed entity India-listed entity Other subsidiaries
Eros International Plc
(Isle of Man)
52.8% 47.1%
100.00%
100.00%
Other International
Subsidiaries
Eros Worldwide
FZ-LLC (Dubai)
99.98%
51.02%
Eros Digital Private
Limited (India)
23.49%
Eros International
Media Limited
(India)
25.49%
Subsidiaries
Public
PAGE 32
These materials contain statements that reflect Eros International PLC’s (the “Company”) beliefs and expectations about the future that constitute
“forward – looking statements” as defined under U.S. federal securities laws. In some cases, these forward-looking statements can be identified by
the use of forward-looking terminology, including the terms “believes”, “estimates”, “forecasts”, “plans”, “prepares”, “projects” “anticipates”,
“expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They
appear in a number of places throughout this presentation and include, but are not limited to, statements regarding the Company’s intentions,
beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth,
strategies, business development, the markets in which the Company operates, expected changes in the Company’s margins, certain cost or
expense items as a percentage of the Company’s revenues, the Company’s relationships with theater operators and industry participants, the
Company’s ability to source film content, the completion or release of the Company’s films and the popularity thereof, the Company’s ability to
maintain and acquire rights to film content, the Company’s dependence on the Indian box office success of its films, the Company’s ability to recoup
box office revenues, the Company’s ability to compete in the Indian film industry, the Company’s ability to protect its intellectual property rights and
its ability to respond to technological changes, the Company’s ability to complete the acquisition of Techzone, the Company’s contingent liabilities,
general economic and political conditions in India and globally, including fiscal policy and regulatory changes in the Indian film industry and other
factors discussed in the Company’s public filings. By their nature, forward-looking statements involve known and unknown risk and uncertainty
because they relate to future events and circumstances. Forward-looking statements speak only as of the date they are made and are not
guarantees of future performance and the actual results of the Company’s operations, financial condition and liquidity, and the development of the
markets and the industry in which the Company operates may differ materially from those described in, or suggested by, the forward-looking
statements contained in these materials. The forward-looking statements in this presentation are made only as of the date hereof and the Company
undertakes no obligation to update or revise any forward-looking statement, whether as a result of current or future events or otherwise, except as
required by law or applicable rules. In addition, even if the results of operations, financial condition and liquidity, and the development of the
markets and the industry in which the Company operates are consistent with the forward-looking statements contained in these materials, those
results or developments may not be indicative of results or developments in subsequent periods. A number of factors, many of which are beyond
the Company's control, could cause results and developments to differ materially from those expressed or implied by the forward-looking
statements.
The Company has filed a Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission, which includes (under the
caption “Risk Factors”) information concerning the factors that could cause the Company’s results to differ materially from those contained in the
forward-looking statements. You may obtain a copy of this document by visiting EDGAR on the SEC website at www.sec.gov.
Important notice and disclaimer
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