Passenger growth of 17%, Load Factor higher at 91% Margin expansion (EBITDAR 41.9%, Net Profit 25.1%)

Similar documents
Wizz Air aims to increase market share with F17 capacity growth of 20% Q3 passenger growth of 20%, Load Factor of 88% (+2.3ppt)

Half Year F1 Results. November 4, 2015

Quarterly Interim Management Statement. Three Months to June 30, 2015

Half Year F1 Results. November 4, 2015

Q3 FY18 Business Highlights

RECORD Q3 PROFITABILITY ON 23% PASSENGER GROWTH, FULL YEAR PROFIT GUIDANCE RAISED TO BETWEEN 200M AND 210M

Tiger Airways Holdings Limited FY11 Results

Quarter 3 Interim management Statement

SOLID Q3 WITH 15% PASSENGER GROWTH AND 6% HIGHER UNIT REVENUES HELPING TO OFFSET HIGHER FUEL PRICES, FULL YEAR OUTLOOK UNCHANGED

WIZZ AIR FULL YEAR PAX GROWTH TARGET INCREASED TO 25% AFTER A RECORD FIRST 9 MONTHS AND HIGHER LOAD FACTORS

Q3 FY 15 Analyst & Investor presentation. 3 months to 30 June 2015

2005 Q3 investor update. 25 August 2005

Q1 FY 13 IMS Analyst & Investor presentation. 3 months to 31 December 2012

Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1

Q3 FY 14 IMS Analyst & Investor presentation. 3 months to 30 June 2014

Quarter Interim Management Statement. 28 July 2010

Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations. cebupacificair.com

Parques Reunidos Expands to Australia with the Acquisition of Wet n Wild Sydney July 2018

Analyst and Investor Conference Call Q Ulrik Svensson, CFO and Member of the Executive Board

Management Presentation. March 2016

q Analyst & investor presentation Thursday 20 th July 2017

Cebu Air, Inc. 2Q2014 Results of Operation

IAG results presentation. Quarter One th May 2018

Management Presentation. November 2011

INVESTOR PRESENTATION. Imperial Capital Global Opportunities Conference September 2015

Management Presentation. November 2018

Nomura Transport conference Carolyn McCall Chief Executive

Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

Management Presentation. May 2013

Interim results. 11 May 2010

Management Presentation. September 2011

Leaving the Competition Behind. Second Quarter (Apr-Jun) 2009 Results

Results 2Q17. August 9, 2017

JET AIRWAYS (I) LTD. Presentation on Financial Results Q3 2012

TBU Q ANALYST & INVESTOR PRESENTATION

Financial Position (consolidated)

2006 Interim Results. 03 May 2006

THIRD QUARTER RESULTS 2017

Korean Air Lines Q Results & 2011 Business Plan. 27 Feb 2011

INVESTOR PRESENTATION. May 2015

Management Presentation. August 2012

OPERATING AND FINANCIAL HIGHLIGHTS

Fourth Quarter and Full Year 2011 Results Presentation. February 1, 2012

Half Year Results Analyst and Investor Presentation. Tuesday 13 May 2014

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

Net Debt, $m 1, ,733.7

EASYJET INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 JUNE 2011

FIRST QUARTER RESULTS 2017

Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin

SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

Azul Increases Net Income by R$152 Million in 1Q18 Operating margin was a record 12.5% despite the 21% increase in oil year over year

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

KOREAN AIR 4Q17 FINANCIAL RESULTS

Korean Air Q Financial Results. Jul 28, 2011

STAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011

OPERATING AND FINANCIAL HIGHLIGHTS

SAS Q3 2017/ August 2018

AirAsia X Berhad First Quarter 2014 Results - Investor and Analyst Briefing -

1Q13 R sults esentation

Spirit Airlines Reports First Quarter 2017 Results

FIRST QUARTER 2017 RESULTS. 4 May 2017

Q3 Results, Feb 2016

Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference. Miami, May 2018

EASYJET TRADING STATEMENT FOR THE QUARTER ENDED 31 DECEMBER easyjet delivers a good start to the year, in line with expectations

VietJet Aviation Joint Stock Company Key Highlights Q1/2017 Business result. Apr 2017

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

JET AIRWAYS (I) LTD. Presentation on Financial Results Q July 24, 2009

Analysts and Investors conference call. Q results. 15 May 2013

J.P. Morgan 2019 Global Emerging Markets Corporate Conference. Miami, February 2019

The Manager Company Announcements Australian Stock Exchange Limited Sydney NSW Dear Sir. Demerger of BHP Steel

Montie Brewer, President and CEO Joshua Koshy, Executive VP and CFO UBS Transport Conference

THIRD QUARTER RESULTS 2018

AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter

Santander 22 nd Annual Latin American Conference. Cancun, January 2018

THIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS

Jumpstart 2017 Lukas Johnson SVP, Commercial. June 2017

EASYJET INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2010

Copa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018

OPERATING AND FINANCIAL HIGHLIGHTS

UBS 14 th Global Emerging Markets Conference. New York, November 2016

MIRAMAR, Fla., April 29, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported first quarter 2015 financial results.

Managing through disruption

PRESS RELEASE Financial Results. Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue

Parques Reunidos Corporate Presentation March 2016

Corporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010

STAYING TRUE. BofAML Global Transportation Conference. May

Financial Results 3 rd Quarter MAR/2016 (FY2015)

JET AIRWAYS (I) LTD. Presentation on Financial Results Q4 FY08

BUSINESS AVIATION TRAFFIC TRACKER EUROPE. September 2018

FOURTH QUARTER RESULTS 2017

Alberto Calderon Group Executive and Chief Executive Aluminium, Nickel and Corporate Development

AEROFLOT ANNOUNCES FY 2017 IFRS FINANCIAL RESULTS

Fourth Quarter 2015 Financial Results

Presentation on Results for the 2nd Quarter FY Idemitsu Kosan Co.,Ltd. November 1, 2016

Management Presentation. September 2015

Forward looking statements

JET AIRWAYS (I) LTD. Presentation on Financial Results Q2 FY10

2012 Result. Mika Vehviläinen CEO

Transcription:

H1 F17 FINANCIAL RESULTS 9 NOVEMBER 2016

BUSINESS HIGHLIGHTS Passenger growth of 17%, Load Factor higher at 91% #1 market position in CEE Margin expansion (EBITDAR 41.9%, Net Profit 25.1%) CASK ex-fuel well under control, declined 0.1% Capacity discipline and well-diversified network absorbs revenue translation effect of Brexit Stronger balance sheet and cash position Recognitions of safety excellence (IOSA) Re-Confirming guidance of 245 255 million 2

HIGHLY DIVERSIFIED AND SCALABLE BUSINESS H1 Performance Aircraft 73 Airports 1 130 Countries 38 Bases 26 Staff 2,800+ (63) (116) (39) (22) (2,400+) Flights 74,000+ Utilisation 13.4 hours Punctuality 78.4% Regularity 99.9% Passengers 12.5 million (10.7mln) Source: Company Information, as of 30 September 2016. Notes 1 as of 9 November 2016 Numbers in brackets relate to the same period in 2015 3

STRONG H1 FINANCIAL RESULTS For the six months ended 30 September Group Results 2016 2015 Change Revenue ( m) 921.2 836.4 +10.1% EBITDAR ( m) 385.9 306.1 +26.1% EBITDAR margin (%) 41.9% 36.6% +5.3ppt Net profit ( m), (IFRS) 253.3 182.1 +39.1% Net profit margin (%), (IFRS) 27.5 21.8 +5.7ppt Underlying net profit after tax* ( m) 231.6 205.9 +12.5% Underlying profit margin* (%) 25.1 24.6 +0.5ppt Free cash ( m) 805.5 617.1 + 188.4m Airline KPIs ASK ( 000 km) 21,556,895 18,035,003 +19.5% CASK ( cents) 3.08 3.46-11.0% CASK ex-fuel ( cents) 2.18 2.19-0.1% RASK ( cents) 4.24 4.64-8.5% Ancillary revenue per pax ( ) 27.8 27.4 + 0.4 Load Factor (%) 91.1% 90.7% +0.4ppt Source: Company Information. * Excluding exceptional items 4

STRONG REVENUE GROWTH Revenue Development ( m) 1,227 1,429 Revenues increased 9.4% to 915m Ticket revenues + 4.1% Non-Ticket revenues +21.3% 534 1,012 433 921 851 836 766 353 589 214 354 274 292 3 7.4% 3 4.9% 3 5.3% 165 3 2.2% 2 7.9% 2 8.1% 794 895 34.9% 38.4% 659 577 552 545 567 424 F11 F12 F13 F14 F15 F16 H1 F16 H1 F17 Ticket Ancillary Ancillary as % of Revenue Load factor increased 0.4ppt to 91.1% Airline RASK declined 8.5% ASK growth +19.5% Stage length +2.3% Fuel pass-through into fares continues Negative foreign exchange translation effect of British pound revenues from Brexit estimated at 6.6m (-0.3% per seat) Source: Company Information 5

INCREASING OUR COST ADVANTAGE CASK Development (in cents) Total CASK -11.0% 3.51 3.74 3.88 3.72 3.61 3.43 3.46 Fuel CASK Reduction Lower oil prices -16.1% 1.19 1.49 1.58 1.48 1.36 1.16 1.27 3.08 0.90 Fuel CASK - 29.8% Ex-Fuel CASK Reduction Stage length +2.3% Stronger US dollar - $/ 1.24 1.12-9.7% - $ gains on PDPs in F16 Ex-Fuel CASK 2.32 2.25 2.29 2.25 2.27 2.27 2.19 2.18-0.1% F11 F12 F13 F14 F15 F16 H1 F16 H1 F17 CASK ex-fuel Fuel Source: Unaudited Company Information 6

CONTINUOUS COST CONTROL Airline CASK for the six months ended 30 September cent cent cent 2016 2015 Change Staff costs 0.27 0.27 - Fuel costs 0.89 1.27 (0.38) Distribution and marketing 0.06 0.07 (0.01) Maintenance, materials and repairs 0.18 0.23 (0.05) Depreciation and amortisation 0.11 0.07 0.04 Aircraft rentals 0.51 0.45 0.06 Airport, handling and en-route charges 0.95 1.00 (0.05) Other expenses 0.10 0.10-3.08 3.46 (0.38) Source: unaudited company information. CASK rounded to two decimal places. 7

MARGIN EXPANSION EBITDAR ( m) & Margin Underlying Net Income ( m) & Margin 36.6% 41.9% 24.6% 25.1% 306.1 385.9 205.9 231.6 H1 F16 H1 F17 H1 F16 H1 F17 Source: Unaudited Company Information 8

LIQUIDITY AND LEVERAGE Free Cash 1 as % of LTM Revenue Leverage 2 53% 806 5.2 45% 646 46% 617 3.7 4.1 36% 449 2.6 14% 11% 12% 18% 186 1.6 1.4 1.2 1.3 83 85 103 F11 F12 F13 F14 F15 F16 H1 F16 H1 F17 F11 F12 F13 F14 F15 F16 H1 F16 H1 F17 Unaudited Company information. Note 1: Cash and Cash Equivalents ( m) Note 2: Leverage is defined as net debt adjusted to include capitalised operating lease obligations divided by earnings before interest, tax, depreciation, amortisation and aircraft rentals 9

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Brexit Jul Aug Sep Oct BREXIT ACTIONS TAKEN Last 15 months GBP/EUR Exchange Rate Wizz Air H2 Capacity on UK Markets 1.5 1.45 Pre-BREXIT - 8 % 100% +30% +15% 1.4 1.35 1.3 50% Redeployed on non-uk routes 1.25 1.2 1.15 1.1 38.1% 41.9% Post-BREXIT - 14% 0% 50% 50% Pre Brexit Post Brexit Source: Company Information 10

HEDGE PROGRAMME 80% Jet Fuel 80% US Dollar 60% 60% 40% 40% 59% 60% 20% 33% 20% 32% 0% F17 F18 0% F17 F18 Hedge Coverage Average capped rate Average floor rate 59% 33% $483 $388 $526 $477 Hedge Coverage Average capped rate Average floor rate 60% $1.12 $1.08 32% $1.14 $1.11 Zero cost collar instruments Zero cost collars & natural hedges Sensitivities (before hedges) for the remaining F17 period without hedge impact: A $10 (per metric ton) movement price of jet fuel impacts F17 fuel bill by $2.9 million. A one cent movement in the Euro/US Dollar FX rate impacts F17 operating costs by 2.4 million Source: As of 9 November 2016 11

OUTLOOK: GUIDANCE UNCHANGED 2017 Financial Year Comments Previous Capacity growth (ASKs) Between 18% - 20% H1: 20%, H2: Between 18% -20% 16% - 17% Average stage length + 2% - Modest increase Load Factor Modest improvement - No change Fuel CASK - 20% Assumes H2 spot price of $485/MT - 15% Ex-fuel CASK - 1% Assumes H2 $/ 1.11 Broadly flat Total CASK - 7% - - 5% Revenue per ASK Down high-single digit Pass through of lower fuel prices Down mid-single digit Effective tax rate 6% - No change Underlying net profit 245 255 million Excluding exceptional items No change Source: Company Information, * Guidance unchanged since Q1 results presentation 12

CEE A UNIQUE OPPORTUNITY FOR GROWTH Large Addressable Market Deregulation GDP Growth Weak Legacy Carriers Growing LCC Market Share Growing Propensity to Air Travel 13

MARKET LEADING POSITION* Ryanair Easyjet CEE 44% 36% 6% LCC Market Number 1 Number 2 Number 3 Poland Ryanair EasyJet Romania Blue Air Ryanair Hungary Ryanair EasyJet Czech Republic EasyJet Ryanair Lithuania Ryanair Wizz Air Norwegian Bulgaria Wizz Air Ryanair EasyJet Latvia Ryanair Wizz Air Norwegian Ukraine Wizz Air FlyDubai Pegasus Slovakia Ryanair Wizz Air FlyDubai Serbia Wizz Air Ryanair Pegasus Macedonia Wizz Air Pegasus FlyDubai Bosnia & Herzegovina Wizz Air Pegasus FlyDubai Source: Company Information. Innovata, Nov 2016 to Feb 2017. * Market and Market Share is defined as the Low Cost Carrier market, excluding domestic capacity 14

INCREASING ANCILLARY REVENUES Ancillary Income per pax increase by 0.4 to 27.8 Focus on value added services e.g.: - Wizz Discount Club - Allocated Seating - Plus Fare 27.4 27.8 Revenue per passenger in Ancillary Ticket 72.7 74.5 68.1 69.0 71.5 78.5 73.2 15.1 16.4 49.1 46.8 47.3 48.2 44.8 51.1 45.0 12.3 11.4 19.0 22.2 25.4 26.3 26.7 27.4 27.8 F16 F17 F12 F13 F14 F15 F16 H1 F16 H1 F17 Bag Fees Non-Bag 15

RECENT ANCILLARY INITIATIVES New Initiatives Example: Assigned Seating Increasing Penetration Example: Members (in 000 s and % yoy growth)) + 26% + 41% 1024 - Network-wide rollout May 19, 2015 - Product and pricing refinements, 2016 + 29% 815 + 65% 580 + 35% 448 272 201 F12 F13 F14 F15 F16 H1 F17 Example: Bundled Fares Basic, Plus 16

DE-RISKED GROWTH PROFILE H1 FY17 Capacity Increasing Frequencies 56.5 % Joining Existing Airports 26.8 % New Airports 15.5 % New Destination Countries 1.1 % Source: Company Information 17

SUMMER 2017* CAPACITY Base Country (# of Aircraft) Sep 17 Sep 16 Poland 21 20 Romania 20 17 Hungary 11 10 Bulgaria 7 6 Lithuania 4 4 Macedonia 3 3 Latvia 2 2 Serbia 2 1 Bosnia 2 1 Ukraine 1 1 Czech Republic 1 1 Slovakia 1 1 Moldova 1 0 Georgia 1 0 Maintenance / spare 3 3 To be allocated 3 3 Total 83 73 Aircraft Allocation: - Belgrade, Serbia - Budapest, Hungary - Chisinau, Moldova - Cluj, Romania - Craiova, Romania - Iasi, Romania - Kutaisi, Georgia - Sofia, Bulgaria - Tuzla, Bosnia- Herzegovina 1 New Base Chisinau - Moldova Latvia Lithuania Poland Czech R. Ukraine Slovakia Hungary Romania Moldova Bosnia- Serbia Herz. Bulgaria Macedonia To be allocated Georgia *Summer 2017 (F18) capacity compared to summer 2016 (F17) capacity 18

F17 NETWORK DEVELOPMENT 70 new routes announced in H1 Destinations: Germany 7 Spain 6 Italy 6 UK 4 France 3 Portugal 3 Norway 2 Denmark 1 Switzerland 1 Slovakia 1 Dubai 1 Netherlands 1 Croatia 1 Bulgaria 1 Israel 1 Sweden 1 Malta 1 Iceland 1 Ukraine 1 Route Origins: Poland 17 Romania 17 Bosnia-Herzegovina 8 Hungary 8 Serbia 7 Bulgaria 5 Moldova 2 Ukraine 2 Lithuania 2 Georgia 1 Macedonia 1 19

COST ADVANTAGE FROM A321 Fleet 73 100 183 Fleet Development 190 194 93 200 190 63x A320 Airbus Order 10x* A321 80 60 67 4 79 16 26 180 170 160 110 A321neo deliveries from 2019 (90 additional option) Right to substitute certain A321neo for A320neo Next generation engine selected 40 20 0 63 63 67 F16 F17 F18 A320 A321 Average number of seats per aircraft 150 140 130 120 *As at 30 September 2016 20

CLOSING COMMENTS Passenger growth of 17% to 12.5m pax #1 market position in CEE Margin expansion (EBITDAR 41.9%, Net Profit 25.1%) CASK ex-fuel well under control, declined 0.1% Re-Confirming guidance of 245 255 million *Excluding exceptional items 21

Q2 FINANCIAL HIGHLIGHTS ( m) Q2 2017 Q2 2016 Change Passenger ticket revenue 355.2 338.7 + 5% Ancillary revenue 201.1 165.2 + 22% Total revenue 556.3 503.9 + 10% Fuel costs 98.8 117.2-16% Other expenses 250.3 208.6 +20% Total operating expenses 349.1 325.8 + 7% Operating Profit / (Loss) 207.2 178.1 +16% Reported net profit 202.6 149.3 +36% Underlying net profit 193.0 172.0 +12% Source: Company Information. Rounded to one decimal place. 23

Q2 FINANCIAL RESULTS For the three months ended 30 September Group Results 2016 2015 Change Revenue ( m) 556.3 503.9 +10.4% EBITDAR ( m) 277.6 229.4 +21.0% EBITDAR margin (%) 49.9% 45.5% +4.4ppt Net profit ( m), (IFRS) 202.6 149.3 +35.7% Underlying net profit after tax* ( m) 193.0 172.0 +12.2% Net profit margin (%), (IFRS) 36.4% 29.6% +6.8ppt Underlying profit margin* (%) 34.7% 34.1% +0.6ppt Airline KPIs ASK ( 000 km) 11,485,634 9,621,674 +19.4% CASK ( cents) 3.00 3.39-11.3% CASK ex-fuel ( cents) 2.15 2.17-1.1% RASK ( cents) 4.81 5.24-8.2% Ancillary revenue per pax ( ) 29.6 28.6 +3.5% Load Factor (%) 92.4% 92.3% +0.1ppt Source: Company Information. * Excluding exceptional items 24

BALANCE SHEET million Q2 F17 FY 16 Change Property, plant and equipment 378.0 353.6 4.9% Restricted cash 1 129.8 101.6 27.8% Derivative financial instruments 1 6.4 1.7 382.4% Trade and other receivables 1 194.4 197.7 3.5% Cash and cash equivalents 805.5 645.6 24.8% Other assets 1 35.9 31.6 13.3% Total assets 1,550.0 1,331.8 16.6% Equity 950.5 688.8 38.0% Trade and other payables 189.3 177.3 6.8% Borrowings 1 6.1 6.4 (4.7)% Convertible debt 1 26.8 27.2 (0.4)% Deferred income 1 277.3 321.6 (12.1)% Derivative financial instruments 1 2.2 17.6 (87.5)% Provisions 1 85.2 84.9 0.4% Other liabilities 1 12.5 8.1 51.9% Total Liabilities 599.4 643.1 (6.3)% Total equity and liabilities 1,550.0 1,331.8 16.6% Source: Company Information, 1.Current & Non-Current. 25

UNDERLYING PERFORMANCE million For the six months ended 30 September H1 F17 H1 F16 Statutory (IFRS) profit measure 253.3 182.1 Adjustments (exclusions): Unrealised foreign currency loss/(gain) (0.4) 16.0 Exceptional items (financial expense) (21.4) 7.8 - Change in time value of hedge positions, (gain)/loss - Realised fx gain from replacing US dollar collateral with euro collateral - Net gain on fuel caps sold before expiry (16.8) - (4.5) 16.5 (8.8) - Total adjustments (21.7) 23.8 Underlying net profit performance 231.6 205.9 Source: Company Information 26

SELECTED KPI S H1 F17 H1 F16 Change CAPACITY Number of aircraft at end of period 73 63 15.9% Equivalent aircraft 70 60 15.0% Utilisation 13.4 13.3 1.0% Total block hours 170,641 146,894 16.2% Total flight hours 148,224 127,326 16.4% Revenue departures 74,343 65,297 13.9% Average departures per day per aircraft 5.85 5.90 (1.0)% Seat capacity 13,724,440 11,746,980 16.8% Average aircraft stage length (km) 1,571 1,535 2.3% Total ASKs ( 000 km) 21,556,895 18,035,003 19.5% OPERATIONAL RPKs ( 000 km) 19,647,755 16,338,207 20.3% Load factor 91.1% 90.7% 0.4ppt Number of passenger segments 12,498,480 10,650,062 17.4% Fuel price (average) (US$ per ton)* 545 818 (33.3)% Fuel price (average) (US$ per ton)** 460 730 (37.0)% Foreign exchange rate (average) (US$/ ) *** 1.12 1.24 (9.7)% Source: Company Information * Fuel price includes hedging impact and into-plane premium. *** Foreign exchange rate including hedging impact. 27

DISCLAIMER This presentation has been prepared by Wizz Air Holdings Plc (the Company). By receiving this presentation and/or attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation is intended to be delivered in the United Kingdom only. This presentation is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time); or (ii) high net worth bodies corporate, unincorporated associations, partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time). Persons within the United Kingdom who receive this communication (other than those falling within (i) and/or (ii) above) should not rely on or act upon the contents of this presentation. This presentation is not intended to be distributed or passed on to any other class of persons. This presentation does not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company or in any other entity, nor shall this document or any part of it, or the fact of its presentation, form the basis of, or be relied on in connection with, any contract or investment decision, nor does it constitute a recommendation regarding the securities of the Company or any other company. Neither this presentation nor any information contained in this presentation should be transmitted into or distributed in the United States, Canada, Australia, Japan or any other jurisdiction which prohibits or restricts the same except in compliance with applicable securities laws. Recipients of this presentation are required to inform themselves of and comply with all restrictions or prohibitions in such jurisdictions and neither the Company nor any of its affiliates, directors, officers, employees, or any other person accepts any liability to any person in relation to the distribution or possession of the presentation or any information contained in the presentation in or from any such jurisdiction. The information contained in this presentation has not been independently verified. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor in securities of the Company may desire or require in deciding whether or not to offer to purchase such securities. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its affiliates, members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally. None of the Company or any of its affiliates, members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The information in this presentation includes forward-looking statements which are based on the Company's or, as appropriate, the Company's directors' current expectations and projections about future events. These forward-looking statements may be identified by the use of forward-looking terminology including, but not limited to, the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussion of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements, as well as those included in any other material discussed at any analyst presentation, are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forwardlooking statements may differ materially from those indicated in these statements. Forward-looking statements may, and often do, materially differ from actual results. None of the future projections, expectations, estimates or prospects or any other statements contained in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Forward-looking statements speak only as of the date of this presentation. Subject to obligations under the listing rules and disclosure and transparency rules made by the Financial Conduct Authority under Part VI of the Financial Services and Markets Act 2000 (as amended from time to time), neither the Company nor any of its affiliates, or individuals acting on its behalf, undertakes to publicly update or revise any such forward-looking statement, or any other statements contained in this presentation, whether as a result of new information, future events or otherwise. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. The information and opinions contained in this presentation and any other material discussed verbally are provided as at the date of this presentation and are subject to verification, completion and change without notice. In giving this presentation neither the Company nor any of its affiliates, or individuals acting on its behalf, undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. 28