Annual Meeting April 20, 2017
|
|
- Merryl Dean
- 5 years ago
- Views:
Transcription
1 Annual Meeting April 20, 2017
2 Forward-Looking Statements This Presentation has been prepared for informational purposes only from information supplied by Fairfax India Holdings Corporation ( Fairfax India or the Company ) and from thirdparty sources indicated herein. Such third-party information has not been independently verified. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information. Any graphs, tables or other data demonstrating the historical performance of Fairfax India or its Indian Investments contained in the presentation are intended only to illustrate past performance and are not necessarily indicative of the future performance of Fairfax India or its Indian Investments. This Presentation may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking statements may relate to the company s or an Indian Investment s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate or believes, or variations of such words and phrases or state that certain actions, events or results may, could, would, might, will or will be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of the company as of the date of this Presentation, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forwardlooking statements, including but not limited to the following factors: taxation of the company and its subsidiaries; substantial loss of capital; long-term nature of investment; limited number of investments; geographic concentration of investments; potential lack of diversification; financial market fluctuations; pace of completing investments; control or significant influence position risk; minority investments; ranking of company investments and structural subordination; follow-on investments; prepayments of debt investments; risks upon dispositions of investments; bridge financings; reliance on key personnel; effect of fees; performance fee could induce Fairfax to make speculative investments; operating and financial risks of investments; allocation of personnel; potential conflicts of interest; employee misconduct at the portfolio advisor could harm the company; valuation methodologies involve subjective judgments; lawsuits; foreign currency fluctuation; derivative risks; unknown merits and risks of future investments; resources could be wasted in researching investment opportunities that are not ultimately completed; investments may be made in foreign private businesses where information is unreliable or unavailable; illiquidity of investments; competitive market for investment opportunities; use of leverage; investing in leveraged businesses; regulation; investment and repatriation restrictions; aggregation restrictions; restrictions relating to debt securities; pricing guidelines; emerging markets; corporate disclosure, governance and regulatory requirements; legal and regulatory risks; volatility of the Indian securities markets; political, economic, social and other factors; governance issues risk; Indian tax law; changes in law; exposure to permanent establishment; enforcement of rights; smaller company risk; due diligence and conduct of potential investment entities; Asian economic risk; reliance on trading partners risk; natural disaster risks; government debt risk; and economic risk. Additional risks and uncertainties are described in the company s annual information form which is available on SEDAR at and on the company s website at These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully. The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, the reported amounts of revenues and expenses and the calculation of the Net Asset Value of the Company during the reporting periods. Financial information provided throughout this presentation is prepared in accordance with IFRS, unless otherwise noted.
3 What is Fairfax India Holdings Corporation (FIH)? An investment company focused on making outstanding long-term returns through investments in Indian businesses Unique opportunity to co-invest with Fairfax Financial Holdings (FFH) in India Alignment of interest FFH s long-term investment of $450 million in FIH 3
4 India Compelling Investment Destination New, business-friendly government Strong growth profile Attractive demographic trends 4
5 Fairfax Financial Superior Investing Record in India HWIC Asia Fund Class A is the Fairfax Financial group investment vehicle for investments in Asia, predominately India $2,800 $2,400 $2,000 $1,600 Annual Total Return (U.S.$) 5 year 10 year Since Inception - Feb '00 HWIC Asia Fund BSE Class A Index 20.0% 6.0% 12.4% 4.3% 20.7% 7.9% $2,482 $1,200 $800 $400 $0 Monthly performance through March 31, 2017 (U.S.$100 Invested in February 2000) HWIC Asia Fund Class A BSE Index 5
6 Fairfax India Holdings Corporation (FIH) ($ millions, except for per share data) Dec 31, 2015 Book value per share Closing share price Earnings per share Income Net earnings Investments Total assets Common shareholders' equity Shares outstanding Actual Dec 31, 2016 (1) Proforma Dec 31, 2016 $ $ $10.64 $65 $41 $129 $108 $979 $1,025 $1,013 $1,096 $1,304 $1,075 $1, (1) Subsequent to the issuance of 42.6 million subordinate voting shares on January 13, 2017 at $11.75 per share (net proceeds of $494 million) 6
7 Summary of Investments ($ millions) National Collateral Management Services Limited IIFL Holdings Limited Amount Invested $ (1) Adi Finechem Limited (renamed Fairchem Speciality Limited) 19 Privi Organics Limited 55 Sanmar Chemicals Group National Stock Exchange of India Limited Total invested at December 31, 2016 Saurashtra Freight Private Limited Bangalore International Airport Limited Total invested at March 31, 2017 Amount currently available for new investments and ongoing expenses $ $1, $1,471 Total (1) Includes additional $75 million investment in IIFL Holdings in February
8 Fairfax India Intrinsic Value IIFL Holdings Limited 10 Year CAGR Book value per share 26% Earnings per share 22% Fairfax India average cost per share Rs 217 Current market price per share(1) Rs 442 Price/earnings ratio on expected earnings (1) April 13, 2017 closing price 16.9x 8
9 Fairfax India Investments (1) Over $1.2 Billion Investments Completed BIAL $149m $277m Warehousing Collateral management of agri commodities NBFC NBFC Wealth Management Capital Markets & Other 88% FIH ownership Private 27% FIH ownership 9% FFH ownership Public $74m Specialty Chemical Manufacturer 49% FIH ownership Public $300m $30m $386m $27m PVC and Caustic Soda producer Container freight station India s 3rd largest airport Monopoly asset Real estate assets Indian Stock Exchange 30% FIH ownership 7-year debentures Private 51% FIH ownership Private 38% FIH ownership Private 1% FIH ownership Private (1) Fairfax Financial Holdings Limited holds a 30.2% equity interest and 93.6% voting interest in Fairfax India
10 National Collateral Management Services Limited Storage & Preservation Procurement & Supply Chain Collateral Management Loans Testing & Certification Commodity and Weather Intelligence & Consultancy
11 National Collateral Management Services Investment date August 2015 Ownership % 88.1% Initial investment $149 Fair value - Dec 31, 2016 $147 Transaction IRR -1.0% Multiple of net investment (Rs billions - Indian GAAP) Total assets Shareholders' equity 1.0x Mar 31, Revenue Net earnings Return on equity (1) Average ROE over the last 5 years % Twelve months ended Dec 31, Dec 31, % % 5 Year CAGR 26% 34% 21% 7% (1) 11
12 NCML Business Update Revenue grew by 109% to $118 million but net earnings fell 21% to $4 million Successful launch of NCML Finance, an RBI regulated NBFC Successfully bid for 11 large silo contracts from the Food Corporation of India, representing 550,000 metric tons of storage capacity Collateral management business increased assets under management to $2.5 billion, serving 74 lending institutions Significant expansion of the Supply Chain segment 12
13 Broking, Insurance, Mutual Fund Home, Gold and Commercial Vehicle Loans Investment Banking Project Financing and Advisory Wealth Management Asset Management Institutional Equities India Investment Advisory
14 IIFL Investment date Dec 2015 Feb 2017 Total Ownership % 21.7% 5.0% 26.7% Initial investment $202 $75 $277 Fair value - April 13, 2017 $580 Transaction IRR 97.0% Multiple of net investment 2.1x Twelve months ended (Rs billions - Indian GAAP) Total assets Shareholders' equity Mar 31, Dec 31, Dec 31, % % % Revenue Net earnings Return on equity (1) Average ROE over the last 10 years 10 Year CAGR 30% 28% 24% 15% (1) 14
15 IIFL Business Update Wealth Management Emerged as one of the leading wealth managers in India Assets under management, advice and distribution grew 22% to about $16 billion In February 2016, this division launched its own NBFC to offer loans against securities to its high net worth clients it already has a loan book of $430 million General Atlantic invested $173 million for a 22% stake in the wealth management business, valuing this division at $800 million we paid a valuation of $930 million for the whole company 15
16 IIFL Business Update NBFC Loan book grew 15% to approximately $3 billion CDC, the UK government-sponsored fund invested $150 million for a 15% stake in the NBFC, valuing this division at $1 billion the whole company was valued at approximately $1.3 billion Capital markets and other activities The investment banking division had a landmark year completing 16 transactions including 5 IPOs IIFL Markets App is highest rated and most downloaded stock trading app on Android and IOS Over 800,000 downloads on Android 16
17 Oleo Chemicals FAIRCHEM SPECIALITY LIMITED Renewable Specialty Chemicals Aroma Chemicals
18 Fairchem Speciality Limited Investment date Ownership % Initial investment Fair value - April 13, 2017 Transaction IRR Multiple of net investment Fairchem (former Adi) (Rs millions - Indian GAAP) Total assets Shareholders' equity Adi Feb % $19 Privi Aug % $55 Fairchem March % $74 $ % 2.0x Twelve months ended Mar 31, Dec 31, , Dec 31, , % 1, % 1, % Revenue Net earnings Return on equity (1) Average ROE over the last 5 years 5 Year CAGR 26% 13% 12% 28% (1) 18
19 Fairchem (Formerly Adi Finechem) Business Update While revenues grew 17% to $26 million, net earnings remained flat at $2 million Return on equity of 18.2% Revenue and net earnings growth were below expectation significant plant upgrades resulted in production losses With the upgrades completed, Fairchem is poised for strong growth in the next year 19
20 Privi Organics Investment Rationale Founded in 1992 by Mahesh Babani and D.B. Rao, two outstanding entrepreneurs who continue to run the company One of India s leading suppliers of aroma chemicals With a capacity of 22,000 tons per annum, Privi has a dominant position and economies of scale Strong R&D capabilities 20
21 Privi Organics Business Update Low crude oil prices and a slowdown in China resulted in pricing pressure worldwide Despite this, Privi maintained its revenue and had nominal growth in EBITDA and net earnings Net operating cash flow improved to $8 million, following negative cash flow in
22 SANMAR Sanmar Chemicals Group Major PVC and Caustic Soda Manufacturer
23 Sanmar Chemicals Group Investment date Ownership % Initial investment - debentures Initial investment - equity Fair value - Dec 31, 2016 Transaction IRR Multiple of net investment Apr % $250 $1 Sep 2016 $50 Total 30.0% $300 $1 $ % 1.0x Twelve months ended (Rs billions - Indian GAAP) Total assets Shareholders' equity Revenue Net earnings Return on equity Mar 31, Dec 31, (3.3) Dec 31, (11.3) % 35.4 (6.7) 36.6 (7.8) 5 Year CAGR 8% 23
24 Sanmar Investment Rationale Strong and highly ethical ownership and management team with over 45 years experience in PVC and Caustic Soda businesses, with operations in India and Egypt Second largest PVC player in India the top three account for 90% of India s domestic PVC manufacturing Sanmar acquired TCI Egypt in 2007 with the intention of serving the growing market for PVC in North Africa, the Middle East and parts of Europe Capacity expansion planned in India and Egypt to supply the growing PVC demand in India, the Middle East and parts of Europe 24
25 Sanmar Business Update For the first time in a decade, optimism returned to the global PVC market Chemplast, Sanmar s company in India, had excellent performance in 2016 Sales grew 11% to $401 million EBITDA grew 103% to $67 million TCI, Sanmar s company in Egypt, has restructured its balance sheet with the help of our loan and the CapEx project to increase capacity is well under way 25
26 WORLD CLASS CONTAINER FREIGHT STATION at Mundra Port Mundra port (Gujarat) - second largest and fastest growing port in India
27 Saurashtra Freight Private Limited Investment date Ownership % February % Initial investment $30 Fair value n.a. Transaction IRR n.a. Multiple of net investment n.a. (Rs billions - Indian GAAP) Total assets Shareholders' equity Mar 31, Revenue Net earnings Return on equity (1) Average ROE over the last 5 years 0.5 (0.0) n.a. Twelve months ended Dec 31, Dec 31, % % 5 Year CAGR 59% 18% 36% (1) 27
28 Saurashtra Investment Rationale A 12 year old company, with an excellent track record and impressive growth since management was taken over by Raghav Agarwalla Saurashtra is the number one CFS company at Mundra port, the second largest and fastest growing container port in India Attractive valuation at a price/earnings ratio of 13.9x, price/free cash flow ratio of 8.3x 28
29 Saurashtra Business Update Saurashtra had an excellent year in 2016 growing revenue by 23% to $14.4 million and net profit by 105% to $2.9 million Saurashtra is on track to grow revenue and net income by over 25% in the next fiscal year 29
30 Bangalore International Airport - South India s largest airport
31 Bangalore International Airport Limited (BIAL) Investment date March 2017 Ownership % 38.0% Initial investment $386 Fair value n.a. Transaction IRR n.a. Multiple of net investment n.a. (Rs billions - Indian GAAP) Total assets Shareholders' equity Mar 31, Revenue Net earnings Return on equity (1) Average ROE over the last 5 years % Twelve months ended Dec 31, Dec 31, % % 5 Year CAGR 24% 17% 30% 23% (1) 31
32 BIAL Investment Rationale Operational since 2008, BIAL is India s third largest airport and the largest in South India it is expected to grow from 20 million to 60 million passengers by 2030 Bangalore is considered the Silicon Valley of India Concession to operate the airport for 30 years with the option to extend for another 30 years 32
33 BIAL Investment Rationale Regulated return of 16% from 100% of aero revenue and 30% of nonaero revenue Approximately 460 acres of land that can be monetized Potential real estate revenue is not included in our projections Attractive valuation at a price/earnings ratio of 14.4x and price/free cash flow ratio of 8.3x 33
34 BIAL Business Update In 2016 BIAL handled traffic of 22 million passengers Plans are in place to gradually expand the capacity of the airport to 60 million passengers by 2030 Land preparation for a second runway is underway and half completed 34
35
HOLDINGS CORPORATION Annual Report
HOLDINGS CORPORATION 2018 Annual Report Contents Fairfax India Corporate Performance... 1 Corporate Profile... 2 Letter to Shareholders... 4 Management s Responsibility for the Consolidated Financial Statements...
More informationHOLDINGS CORPORATION Annual Report
HOLDINGS CORPORATION 2017 Annual Report Contents Fairfax India Corporate Performance... 1 Corporate Profile... 2 Letter to Shareholders... 4 Management s Responsibility for the Consolidated Financial Statements...
More information3-year At December 31, year Annualized (1)
To Our Shareholders, Fairfax India turned three years old on January 30, 2018! While that doesn t qualify as the long term, it is certainly a start to what we hope will be the base for true long term performance.
More informationFY Annual Results. Investor Presentation
FY 2011-12 Annual Results Investor Presentation Performance Highlights Q4FY12 12M FY12 Net Profit 25% YOY 25% YOY Net Interest Income 26% YOY 22% YOY Fee Income 8% YOY 25% YOY Operating Revenue 18% YOY
More informationFAIRFAX AFRICA HOLDINGS CORPORATION US$ ( Subordinate Voting Shares)
A copy of this amended and restated preliminary prospectus has been filed with the securities regulatory authority in each of the provinces and territories of Canada but has not yet become final for the
More informationFinancial Industry Solutions. Second Quarter Financial Results AUGUST 9, 2018
Financial Industry Solutions Second Quarter Financial Results AUGUST 9, Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationFirst Quarter Strategic Update & Financial Results MAY 10, 2018
First Quarter 2018 Strategic Update & Financial Results MAY 10, 2018 Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationORIENTAL CARBON & CHEMICALS LTD. Providing Solutions Creating Innovations
ORIENTAL CARBON & CHEMICALS LTD Providing Solutions Creating Innovations Investor Presentation May 2018 Safe Harbor This presentation and the accompanying slides (the Presentation ), which have been prepared
More informationCentury Plyboards (I)
Leading branded plywood player Visit note - Not rated 19 June 2014 Institutional Equities Century Plyboard (CPBI), India s leading plywood manufacturer with the highest-selling plywood brand, expects housing
More informationAnalyst Presentation Q May 8, 2014 Dr Matthias Zieschang, CFO
Analyst Presentation Q1 2014 May 8, 2014 Dr Matthias Zieschang, CFO Slide 2 Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this
More informationHousing Development Finance Corporation Limited
Housing Development Finance Corporation Limited Snapshot WHO WE ARE Incorporated in 1977 as the first specialised mortgage Co. in India Now a Financial Conglomerate with interests beyond Mortgage: 79.53%
More informationDecember Colliers International Group Inc. Investor Presentation
December 2018 Colliers International Group Inc. Investor Presentation Basis Of Presentation All amounts in millions of US Dollars unless otherwise noted. Adjusted EBITDA ( AEBITDA ) and Adjusted EPS (
More informationCompany Overview. Financial Performance
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 CMP: 25.20 December 30, 2015 Stock Details BSE code 524440 BSE ID CAMEXLTD Face value ( ) 10 No of shares (m) 10.2 52
More informationAcquisition of Crown Flour Mills Limited 12 January 2010 Singapore
Acquisition of Crown Flour Mills Limited 12 January 2010 Singapore 1 1 Cautionary note on forward-looking statements This presentation may contain statements regarding the business of Olam International
More informationEUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS
AVOCA CAPITAL LEVERAGED LOANS EUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS OUTLOOK 1 AVOCA CAPITAL INTRODUCTION Avoca is a large and long established European leveraged loan manager Top 5
More informationNASDAQ: MLHR. Herman Miller, Inc. Investor Presentation Second Quarter FY2013
NASDAQ: MLHR Herman Miller, Inc. Investor Presentation Second Quarter FY2013 Forward Looking Statements This information contains forward-looking statements within the meaning of Section 27A of the Securities
More informationJANUARY R e l i a b l e o p e r a t i o n s. R e l i a b l e d i s t r i b u t i o n s.
Business Update JANUARY 2018 R e l i a b l e o p e r a t i o n s. R e l i a b l e d i s t r i b u t i o n s. CAUTION REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation
More informationFY First Quarter Results. Investor Presentation
FY 2009-10 First Quarter Results Investor Presentation 1 Performance Highlights Q1FY10 Net Profit Net Interest Income Fee Income Operating Revenue Operating Profit 70% YOY 29% YOY 17% YOY 40% YOY 47% YOY
More informationHSBC Global Asset Management, India Creating Wealth through Asset Allocation. March 2018
HSBC Global Asset Management, India Creating Wealth through Asset Allocation March 2018 1 Why invest? 2 Changing social demographics Stress at work leading to early retirement People are living longer
More informationSeptember Colliers International Group Inc. Investor Presentation
September 2018 Colliers International Group Inc. Investor Presentation Basis Of Presentation All amounts in millions of US Dollars unless otherwise noted. Adjusted EBITDA ( AEBITDA ) and Adjusted EPS (
More informationInvestor Presentation
14 MAR 2016 Investor Presentation 4Q and FY 2015 Results Hussein Hachem, CEO Bashar Obeid, CFO Management Update 4Q 2015 Results FY 2015 Results Long-term Performance Outlook & Guidance Page 1 Disclaimer
More informationKepler Cheuvreux European Infrastructure Tour September, Stefan J. Rüter Head of Finance & IR
September, 2016 Stefan J. Rüter Head of Finance & IR 2 Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been
More informationCorporate Presentation September 2017
Corporate Presentation September 2017 Disclaimers General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require.
More informationAnnual Results FY 08. May 02, 2008
Annual Results May 02, 2008 1 BUSINESS HIGHLIGHTS SBI Group net profit crosses USD 2.24 Billion (Rs 8,960 crore) SBI Stand-alone Net Profit crosses Rs 6,700 crore Net Profit for at Rs 6,729 crore, up by
More informationQ Investor Presentation May 8, 2018
Q1 2018 Investor Presentation May 8, 2018 Safe Harbor Disclosure and Definitions This presentation contains forward-looking statements. The use of words such as "anticipates," "estimates," "expects," "plans"
More informationCSCK 12. Credit Suisse Mexico Credit Opportunities Trust January Overview. Investment Performance
CSCK 12 Credit Suisse Mexico Credit Opportunities Trust January 2019 This document is for information purposes only. The information contained herein is public, comes from public sources or is informative
More informationFinancial Report 2017
Financial Report 2017 manage energy better Table of Contents Financial Review 5 Consolidated Financial Statements of Landis+Gyr Group 28 Statutory Financial Statements of Landis+Gyr Group AG 78 Landis+Gyr
More informationClick to edit Master title style. Growth through sustainable cash flow
Click to edit Master title style Growth through sustainable cash flow Corporate Presentation March 2018 Click Disclaimer to edit Master title style Contents of Presentation This presentation is not, and
More informationNSE: GRAPHITE, BSE: Q1 FY2019 Earnings Presentation August 6 th, 2018
NSE: GRAPHITE, BSE: 509488 Q1 FY2019 Earnings Presentation August 6 th, 2018 Discussion Agenda Executive Summary 3 Chairman s Message 4 Steel Industry Overview 5-6 Graphite Electrode Industry Overview
More informationFor personal use only
Affinity Education Group (ASX:AFJ) Morgans Conference 10 October 2014 Disclaimer This presentation contains general information in summary form which is current as at 10 October 2014. It presents financial
More informationFoxtons Preliminary results presentation For the year ended December 2018
Foxtons Preliminary results presentation For the year ended December 2018 Important information This presentation includes statements that are, or may be deemed to be, forward-looking statements. These
More informationGates Industrial Reports Record Third-Quarter 2018 Results
Gates Industrial Reports Record Third-Quarter 2018 Results Denver, CO, November 1, 2018 Third-Quarter 2018 Highlights Net sales up 8.9% year-over-year to third-quarter record of $828.4 million. Net income
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 85.15 Target Price 98.00 PATEL INTEGRATED LOGISTICS LTD Result Update (PARENT BASIS): Q4 FY15 JULY 1 st 2015 ISIN: INE529D01014 Index Details Stock Data Sector Surface Transportation BSE Code 526381
More informationStandard Chartered PLC - Interim management statement. Highlights. 1 November 2016
1 November 2016 Standard Chartered PLC - Interim management statement Highlights Standard Chartered PLC today releases its interim management statement for the quarter 30 September 2016. All figures are
More informationA long-term value approach to India; Initiating at Outperform with $14 price target
RBC Capital Markets, LLC Mark A. Dwelle, CFA (Analyst) (804) 782-4008 mark.dwelle@rbccm.com Scott Heleniak (AVP) (804) 782-4006 scott.heleniak@rbccm.com Sector: Specialty & Other Finance October 11, 2016
More informationManagement s Discussion and Analysis
(Formerly GLV Inc.) Management s Discussion and Analysis Third quarter of fiscal 2015 Three-month and nine-month periods ended, 2014 Table of Contents 1. PRELIMINARY COMMENTS TO INTERIM MANAGEMENT S DISCUSSION
More informationDriven to Create Value
Driven to Create Value Bank of America Refining Conference March 2016 2015 Corporation. All Rights Reserved. Forward Looking Statements This Presentation includes forward-looking statements within the
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationInvestor Presentation 2017 Fourth Quarter and Full Year
Investor Presentation 2017 Fourth Quarter and Full Year Forward Looking Statements & Non-GAAP Measures Statements in this presentation that are not historical facts are hereby identified as forward-looking
More informationCorporate Presentation. August
Corporate Presentation August 2017 1 PARENTAGE Sundaram Finance Sundaram Business Services Limited Outsourcing services *Not an exhaustive list Fully Owned Subsidiaries* Sundaram Asset Management Mutual
More informationCara Operations to Merge with Keg Restaurants Ltd. January 23, 2018
Cara Operations to Merge with Keg Restaurants Ltd. January 23, 2018 Disclaimers This presentation contains forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking
More informationECOLAB THIRD QUARTER REPORTED DILUTED EPS $1.48 ADJUSTED DILUTED EPS $1.53, +11% 2018 ADJUSTED DILUTED EPS FORECAST REDUCED TO $5.
News Release Ecolab Inc. 1 Ecolab Place, St. Paul, Minnesota 55102 FOR IMMEDIATE RELEASE Michael J. Monahan (651) 250-2809 Andrew C. Hedberg (651) 250-2185 ECOLAB THIRD QUARTER REPORTED DILUTED EPS $1.48
More informationWorking capital: Unlocking excess cash
Working capital: Unlocking excess cash Why was 2013 a significant year? India s economic growth rate fell to 5% in FY2013 the lowest figure in a decade. While this slowdown can be partly explained by the
More informationFourth Quarter and Full Year 2017 Results Presentation February 23, 2018
Fourth Quarter and Full Year 2017 Results Presentation February 23, 2018 General Disclosure This presentation includes forward-looking statements within the meaning of Section 27A of the U.S. Securities
More informationFull Year Results 2014
Legal disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties.
More informationEGP 2.9 BN 51.1% y-o-y. EGP 216 MN 44.9% y-o-y. EGP 92 MN 69.4% y-o-y. EGP 28 MN 46.3% y-o-y. EGP 36 MN 88.4% y-o-y.
EARNINGS RELEASE Ibnsina Pharma Releases Audited Results Ibnsina Pharma starts 2018 off strong with year-on-year revenue and EBITDA growth of 51% and 69% respectively in 1Q2018, ensuring a sustained growth
More informationPerformance Review. May 3, 2002
Performance Review May 3, 2002 Agenda ICICI Bank today Retail banking Corporate banking & structured finance Merger process Financial performance 2 ICICI Bank today Large capital base Vast talent pool
More informationINTERIM MANAGEMENT REPORT OF FUND PERFORMANCE
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period from January 1, 2012 to June 30, 2012 This interim management report of fund performance (the "Report") contains financial highlights of Deans
More informationBrookfield Infrastructure Partners L.P. Proposed Investment in Asciano Limited Conference Call Presentation August 2015
Proposed Investment in Asciano Limited Conference Call Presentation August 2015 Notice to Readers 2 This presentation regarding ( BIP ), alongside its institutional partners ( Brookfield ) proposed investment
More information1H 19 Investor Presentation February 2019
1H 19 Investor Presentation February 2019 1 About Raiz Raiz (formerly Acorns) is a mobile first micro-investing platform via mobile phone or web app, which allows customers to invest in a portfolio of
More informationBrookfield Business Partners CORPORATE PROFILE MAY 2018
Brookfield Business Partners CORPORATE PROFILE MAY 2018 Brookfield Business Partners is a Business Services and Industrials company focused on long-term capital appreciation BBU NYSE BBU.UN TSX $4.7B MARKET
More informationInvestor Presentation 27 th march 2006
Investor Presentation 27 th march 2006 1 MIL key highlights Industry overview Industry overview Investor presentation Strategic partnership Huber Micro inks Overview of Hubergroup Global strengths Global
More information2017 CRISIL Ltd. All rights reserved. Debt s it! Why debt funds are as good a wealth-creation tool as any, and can also aid in nation building
Debt s it! Why debt funds are as good a wealth-creation tool as any, and can also aid in nation building 1 Key messages Debt funds the next big driver for the Indian MF industry Macro environment, tax
More informationBaird 2018 Global Industrial Conference
Energy Aerospace & Defense Industrial Baird 2018 Global Industrial Conference Scott Buckhout President & CEO November 7, 2018 Safe Harbor This presentation contains forward-looking statements within the
More informationAstron Paper & Board Mill Ltd.
IPO Paper Industry India Research 702, Embassy Centre, Nariman Point, Mumbai 400 021. Tel.: 61539100 Fax: 61539134 E-mail: research@ nvswealthmanagers.com Astron Paper & Board Mill Ltd. Fresh Issue of
More informationYear-end results. 18 May
Year-end results 18 May Highlights for the year Strong operational performance Good performance across all areas of activity Deepened our core franchise Sound levels of corporate client and private client
More informationFull year results Andrew Wood, CEO WorleyParsons
Full year results 2015 Andrew Wood, CEO WorleyParsons Disclaimer The information in this presentation about the WorleyParsons Group and its activities is current as at 26 August 2015 and should be read
More informationOpera Limited announces third quarter 2018 financial results and initiation of share repurchase program
Opera Limited announces third quarter 2018 financial results and initiation of share repurchase program November 8, 2018 Revenue of $44.7 million, with 56.8% year-over-year growth of advertising revenue
More informationFairfax Africa Holdings Corporation Annual Meeting: April 25, 2018
Fairfax Africa Holdings Corporation Annual Meeting: April 25, 2018 Note: All financial disclosure in this presentation is, unless otherwise noted, in US$ Forward Looking Statements This Presentation has
More informationReliance Focused Large Cap Fund
Reliance Focused Large Cap Fund Formerly, Reliance Equity Fund (An open ended Diversified Equity Scheme) To know more call us at 1800 300 11111 visit www.reliancemutual.com Download Free App Download with
More informationSotiris A. Pagdadis, Ph.D.
www.pwc.com Leveraging PPPs for Airport Management and Development ACI 21 st African Region Annual Assembly, Conference and Exhibition: Overcoming the challenges of Airport development in Africa 28 August,
More informationECOLAB FOURTH QUARTER REPORTED DILUTED EPS $1.35 ADJUSTED DILUTED EPS $1.54, +12% 2019 ADJUSTED DILUTED EPS FORECAST $5.80 TO $6.
News Release Ecolab Inc. 1 Ecolab Place, St. Paul, Minnesota 55102 FOR IMMEDIATE RELEASE Michael J. Monahan (651) 250-2809 Andrew C. Hedberg (651) 250-2185 ECOLAB FOURTH QUARTER REPORTED DILUTED EPS $1.35
More informationASX Media Release WORLEYPARSONS LIMITED (ASX: WOR) FULL YEAR 2017 RESULT
23 August 2017 ASX Media Release WORLEYPARSONS LIMITED (ASX: WOR) FULL YEAR 2017 RESULT Professional services company WorleyParsons Limited today announced a statutory net profit after tax (NPAT) of $33.5
More informationPerformance and Outlook
Performance and Outlook November 2017 NSE: AXISBANK BSE: 532215 LSE (GDR): AXB 1 Safe Harbor Except for the historical information contained herein, statements in this release which contain words or phrases
More informationFIRST QUARTER Financial Results January 5, 2017
FIRST QUARTER 2017 Financial Results January 5, 2017 Forward Looking Statements Trademarks Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. All
More informationGrant Park Multi Alternative Strategies Fund. Why Invest? Profile Since Inception. Consider your alternatives. Invest smarter.
Consider your alternatives. Invest smarter. Grant Park Multi Alternative Strategies Fund GPAIX Executive Summary November 206 Why Invest? 30 years of applied experience managing funds during multiple market
More informationQ2 revenues in Indian Rupee grew by 32% year on year; sequential growth 12%
Infosys Technologies Announces Results for the Quarter ended September 30, 2008 Q2 revenues in Indian Rupee grew by 32% year on year; sequential growth 12% Q2 revenues in US Dollar grew by 5.3% sequentially;
More information2018 Half Year Results
A GLOBAL LEADER IN METAL FLOW ENGINEERING 2018 Half Year Results 26 July 2018 Patrick André Chief Executive 1 Disclaimer This presentation, which has been prepared by Vesuvius plc (the Company ), includes
More informationAchieving our goals and. Annual Meeting of Shareholders. poised for growth
Achieving our goals and poised for growth Conference call for the year and quarter ended December 31, 2016 Forward-Looking Statements (For definitions of capitalized terms, please refer to the Glossary
More informationNew York Presentation
September 2017 New York Presentation Tanja Nagel / IR Florian Fuchs / IR Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this document
More informationCentury Plyboards Ltd
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17
More informationNovember 7, Q 2017 Earnings Presentation
November 7, 2017 3Q 2017 Earnings Presentation Forward Looking Statements 2 This presentation contains certain statements that may be deemed forward-looking statements within the meaning of Section 21E
More informationAgenda. 1. Highlights FY 2012 Results. 2. Operational Performance Priorities for Financials. 5. Conclusion
1MARCH 2013 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve
More informationBusiness Overview March 2018
Business Overview March 2018 Safe Harbor Disclosure and Definitions This presentation contains forward-looking statements. The use of words such as "anticipates," "estimates," "expects," "plans" and "believes,"
More informationECOLAB SECOND QUARTER REPORTED DILUTED EPS $1.20 ADJUSTED DILUTED EPS $1.27, +13% FULL YEAR 2018 ADJUSTED DILUTED EPS FORECAST $5.
News Release Ecolab Inc. 1 Ecolab Place, St. Paul, Minnesota 55102 FOR IMMEDIATE RELEASE Michael J. Monahan (651) 250-2809 Andrew C. Hedberg (651) 250-2185 ECOLAB SECOND QUARTER REPORTED DILUTED EPS $1.20
More informationFor personal use only. Investor Update. January
1 Investor Update January 2019 www.aspermont.com The leading media services provider to the global resources industry 2 Aspermont is ASX listed with offices in Australia, UK, Brazil, North America and
More informationFourth Quarter and Full- Year 2017 Earnings February 1, 2018
Fourth Quarter and Full- Year 207 Earnings February, 208 Forward-Looking Statements Certain statements in these slides and made during this presentation may be considered forward-looking statements. These
More informationClick to edit Master title style. Growth through sustainable cash flow
Click to edit Master title style Growth through sustainable cash flow Corporate Presentation May 2018 Click Disclaimer to edit Master title style Contents of Presentation This presentation is not, and
More information1. Executive Summary Chairman s Message Steel Industry Overview Steel Industry Outlook Standalone Financial Performance 7
Table of Contents 1. Executive Summary 3 2. Chairman s Message 4 3. Steel Industry Overview 5 4. Steel Industry Outlook 6 5. Standalone Financial Performance 7 6. Quarterly Performance Trends 12 7. Graphite
More informationClick to edit Master title style. Growth through sustainable cash flow
Click to edit Master title style Growth through sustainable cash flow Corporate Presentation November 2017 Click Disclaimer to edit Master title style Contents of Presentation This presentation is not,
More informationQ3 17 Results November 2017
Q3 17 Results November 2017 Key highlights Q3 17 Sales volumes: 5.8 million m 3 Gross profit: US$ 406 million EBITDA: US$ 180 million Operating cash flow: US$ 249 million Investment in infrastructure:
More informationUBS Global Transport, Travel & Leisure Conference 2015
UBS Stefan J. Rueter Head of Finance & IR Marc Poeschmann Investor Relations 2 Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this
More informationApril 6, Roadshow Luxembourg. Tanja Nagel / IR Florian Fuchs / IR
April 6, 2018 Roadshow Luxembourg Tanja Nagel / IR Florian Fuchs / IR Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this document
More informationDH CORPORATION Management s Discussion and Analysis For the quarter ended March 31, 2016
DH CORPORATION Management s Discussion and Analysis For the quarter ended March 31, 2016 D+H Q1 2016 1 Management s Discussion and Analysis For the quarter ended March 31, 2016 Page 1 Introduction 3 2
More informationState Bank of India (SBI)
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17. Volume No.. II Issue No. 126 State Bank of India (SBI) June 23, 217 BSE Code: 5112 NSE Code: SBIN Reuters Code:
More informationJinkoSolar Holding Co., Ltd. Q Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q3 2018 Earnings Call Presentation November 26, 2018 Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire
More informationFY 2018 Third Quarter Earnings Call
FY 2018 Third Quarter Earnings Call July 26, 2018 Improving the experience of a world in motion Important information Adient has made statements in this document that are forward-looking and, therefore,
More informationNovember Roadshow London. Dr. Matthias Zieschang / CFO Tanja Nagel / IR. Fraport AG
November 2017 Roadshow London Dr. Matthias Zieschang / CFO Tanja Nagel / IR Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this
More informationNOVEMBER 2018 BUSINESS UPDATE
NOVEMBER 2018 BUSINESS UPDATE CAUTION REGARDING FORWARD- LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking statements within the meaning of certain securities
More informationCLSA Investor forum. September 14, 2017
CLSA Investor forum September 14, 2017 Agenda Opportunity Industry and Competitive landscape Company strategy and performance 2 Agenda Opportunity Industry and Competitive landscape Company strategy and
More informationBrookfield Business Partners
Brookfield Business Partners C O R P O R AT E P R O F I L E NOVEMBER 2017 Brookfield Business Partners ( BBU ) We are a business services and industrials company focused on long-term capital appreciation
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationM&G Investments. Michael McLintock and Grant Speirs
M&G Investments Michael McLintock and Grant Speirs Agenda M&G Group strategic overview Michael McLintock M&G s results and the industry Grant Speirs Business outlook and summary Michael McLintock 2 About
More informationON Semiconductor Reports First Quarter 2018 Results
News Release ON Semiconductor Reports First Quarter Results Revenue of $1,377.6 million Gross margin of 37.6 percent GAAP operating margin of 13.5 percent and non-gaap operating margin of 15.7 percent
More information1Q Earnings Review. April 25, 2018
1Q Earnings Review April 25, 2018 1Q 2018 Highlights Strong first quarter EBT across all segments Achieved record quarterly EBT in China Receivables grew globally led by retail financing Credit loss metrics
More informationFINANCIAL OVERVIEW AL MISTYSYN SENIOR VICE PRESIDENT, FINANCE & CHIEF FINANCIAL OFFICER FINANCIAL COMMUNITY PRESENTATION OCTOBER 3, 2017
FINANCIAL OVERVIEW AL MISTYSYN SENIOR VICE PRESIDENT, FINANCE & CHIEF FINANCIAL OFFICER FINANCIAL COMMUNITY PRESENTATION OCTOBER 3, 2017 Forward Looking Statement The presentations today will contain certain
More informationECOLAB THIRD QUARTER 2018
3Q 2018 Overview Sales: ECOLAB THIRD QUARTER 2018 Reported sales +5%; fixed currency sales were +6%, with acquisition adjusted fixed currency sales +7%. New business growth, share gains, pricing and new
More informationCCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
More informationBSE Limited. [formerly Bombay Stock Exchange Ltd.] Q3FY17 Investor Presentation. February 14, 2017
BSE Limited [formerly Bombay Stock Exchange Ltd.] Q3FY17 Investor Presentation February 14, 2017 BSE Disclaimer Ltd: Highlights This presentation and the discussion may contain certain words or phrases
More informationCompany Overview. Financial Performance
Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Feb/16 Mar/16 Monarch Networth Capital Limited CMP: 26.00 March 23, 2016 Stock Details BSE code 511551 BSE ID MONARCH Face value (
More information