M&A Review. Italy. April 2017

Transcription

1 Italy April 2017

2 The following report details completed mergers and acquisitions activity in Italy in April 2017 using data from the Zephyr database. It focuses on global deals activity by target company Click here to access the raw data in an Excel spreadsheet. Value growth driven by two EUR 500mn-plus deals The value of completed inbound mergers and acquisitions (M&A) targeting Italian companies in April rose for the third consecutive month to EUR 5,342 million, representing the highest of 2017 to date and the fifth largest recorded for the 12-months under review. The steady growth in the value of dealmaking, from a low of EUR 1,020 million in January (April 2016: EUR 1,475 million), came as a month-on-month decline in volume matched the lowest recorded in the 12 months and, at 35 deals, reversed gains made since January (35 deals). The growth in value was driven by two deals which together accounted for 61 per cent of the total and featured acquirors from Germany, France, China, the Netherlands and Luxembourg. Companies based in these countries led by value but were overtaken by those located in the US by volume (8 deals). Inbound Italian deals by volume and value Completed date No of deals Apr ,342 Mar ,807 Feb ,397 Jan ,020 Dec ,050 Nov ,267 Oct ,807 Sep ,949 Aug ,088 Jul ,966 Jun ,665 May ,834 Apr ,475 Total deal value Welcome to the business of certainty. We capture and treat private company and M&A information for better decision making and increased efficiency. The most comprehensive deal database The world s most powerful comparable data resource on private companies Combining deal and company data Page 1 Bureau van Dijk

3 Inbound Italian deals by volume and value 30, Deal value 25,000 20,000 15,000 10,000 5, Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 0 Total deal value Number of deals Page 2 Bureau van Dijk

4 Top inbound Italian deals by value Deal value Deal type Target Target country Acquiror Acquiror country Completion date 1. 2,510 Minority stake 10% Autostrade per l'italia SpA IT Allianz Capital Partners GmbH; EDF Invest; Silk Road Fund Co., Ltd; DIF Infrastructure IV DE; FR; CN; NL 27/04/ Acquisition 99% Associazione Calcio Milan SpA IT Rossoneri Sport Investment Luxembourg Sarl LU 13/04/ IBO 100% Boscolo Hotels SpA IT Varde Partners Inc. US 20/04/ Acquisition 100% IP Cleaning SpA IT Tennant Company US 06/04/ Acquisition 100% Tagetik Software Srl IT Wolters Kluwer Tax and Accounting US 06/04/ Acquisition 55% to 66% Amplifon SpA IT Ampliter NV IT 02/04/ Minority stake 5% FinecoBank Banca Fineco SpA IT BlackRock Inc. US 11/04/ Acquisition 85% to 87% Bid 2 -increased Parmalat SpA IT Societe de Financement de l'industrie Laitiere SAS FR 04/04/ Minority stake 3% Amplifon SpA IT 02/04/ Minority stake 1% Telecom Italia SpA IT 11/04/ Minority stake 1% Telecom Italia SpA IT 07/04/ Minority stake 1% Telecom Italia SpA IT 13/04/ Minority stake increased to 3% Telecom Italia SpA IT Norges Bank NO 12/04/ Minority stake increased to 3% Telecom Italia SpA IT Norges Bank NO 10/04/ Minority stake Prysmian SpA IT 12/04/ Minority stake 5% Esprinet SpA IT 05/04/ Minority stake FinecoBank Banca Fineco SpA IT 12/04/ Minority stake 3% Banco di Desio e della Brianza SpA IT FMR Investment Management (UK) Ltd; Fidelity Management & Research (Japan) Ltd GB; JP 04/04/ Minority stake Banca Ifis SpA IT 04/04/ Minority stake Azimut Holding SpA IT 18/04/2017 Page 3 Bureau van Dijk

5 Inbound Italian target sectors by volume Inbound Italian target sectors by value Target sector Apr-16 Mar-17 Apr-17 Target sector Apr-16 Mar-17 Apr-17 Other services Machinery, equipment, furniture, recycling Post and telecommunications Banks Construction Wholesale & retail trade Food, beverages, tobacco Textiles, wearing apparel, leather Chemicals, rubber, plastics Hotels & restaurants Publishing, printing Metals & metal products Education, health Public administration and defence Insurance companies Gas, water, electricity Wood, cork, paper Transport Primary sector Construction ,510 Other services ,047 Machinery, equipment, furniture, recycling Hotels & restaurants Post and telecommunications Banks Food, beverages, tobacco Wholesale & retail trade Insurance companies Transport Education, health Public administration and defence Publishing, printing Wood, cork, paper Textiles, wearing apparel, leather Chemicals, rubber, plastics Primary sector Gas, water, electricity Metals & metal products Page 4 Bureau van Dijk

6 Top inbound Italian acquiror countries by volume Top inbound Italian acquiror countries by by value Acquiror country Apr-16 Mar-17 Apr-17 Acquiror country Apr-16 Mar-17 Apr-17 US UK France Norway China Spain Germany Italy Japan Ireland France 0 2 2,615 Netherlands 0 0 2,510 Germany 7 0 2,510 China ,510 US 291 1,003 1,285 Luxembourg Italy Norway Japan UK Netherlands Luxembourg Page 5 Bureau van Dijk

7 PE and VC value at 12-month high, volume at highest since May A total of 6 inbound private equity and venture capital (PE and VC) deals worth an aggregate EUR 3,710 million completed during April as three of these deals with known values led to dealmaking which was five times higher month-on-month (March 2017: EUR 662 million) and represented a new 12-month high. Similarly, the volume of inbound PE and VC investment also rose for the second consecutive month from a low of 1 deal with an undisclosed value in February and, at 6 deals, was the second highest recorded since 7 deals completed during May Allianz Capital Partners, EDF Invest and DIF Management backed the month s largest deal by value, which involved the sale of a 10 per cent stake in Autostrade per l Italia for EUR 2,510 million. The other two PE and VC deals with known values featured the acquisition of Associazione Calcio Milan by Elliott Management and Haixia Capital Management (EUR 740 million) and Varde Partners completing a EUR 460 million institutional buyout of Boscolo Hotels. Once again, investors from the US were the most prolific dealmakers in April, accounting for three of the month s 6 inbound PE and VC deals. Inbound Italian private equity deals by volume and value Completed date No of deals Total deal value Apr ,710 Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun ,250 May ,369 Apr Page 6 Bureau van Dijk

8 Inbound Italian private equity deals by volume and value Deal value 4,000 3,500 3,000 2,500 2,000 1,500 1, Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 0 Total deal value Number of deals Page 7 Bureau van Dijk

9 Top inbound Italian private equity deals by value Deal value Deal type Target Target country General Partner/Fund Manager Completion date 1. 2,510 Minority stake 10% Autostrade per l'italia SpA IT Allianz Capital Partners GmbH; EDF Invest; DIF Management BV 27/04/ Acquisition 99% Associazione Calcio Milan SpA IT Elliott Management Corporation; Haixia Capital Management Co., Ltd 13/04/ IBO 100% Boscolo Hotels SpA IT Varde Partners Inc.; 20/04/ n.a. Minority stake 49% Usco SpA IT OEP Capital Advisors LP 03/04/ n.a. IBO 10% Twin Set - Simona Barbieri SpA IT Carlyle Group LP 14/04/ n.a. IBO majority stake Reutter GmbH; ITIB Srl DE; IT Steadfast Capital GmbH 13/04/2017 Page 8 Bureau van Dijk

10 Inbound Italian private equity target sectors by volume Inbound Italian private equity target sectors by value Target sector Apr-16 Mar-17 Apr-17 Target sector Apr-16 Mar-17 Apr-17 Machinery, equipment, furniture, recycling Chemicals, rubber, plastics Hotels & restaurants Other services Textiles, wearing apparel, leather Construction Banks Transport Public administration and defence Post and telecommunications Insurance companies Education, health Publishing, printing Wood, cork, paper Food, beverages, tobacco Metals & metal products Wholesale & retail trade Primary sector Gas, water, electricity Construction ,510 Other services Hotels & restaurants Post and telecommunications Transport Wholesale & retail trade Public administration and defence Education, health Banks Insurance companies Wood, cork, paper Publishing, printing Food, beverages, tobacco Textiles, wearing apparel, leather Chemicals, rubber, plastics Gas, water, electricity Primary sector Metals & metal products Machinery, equipment, furniture, recycling Page 9 Bureau van Dijk

11 Top inbound Italian private equity acquiror countries by volume Top inbound Italian private equity acquiror countries by value Acquiror country Apr-16 Mar-17 Apr-17 Acquiror country Apr-16 Mar-17 Apr-17 US UK China Germany Netherlands Luxembourg France 0 0 2,510 China ,510 Germany 0 0 2,510 Netherlands 0 0 2,510 Luxembourg US France Page 10 Bureau van Dijk

12 Outbound Italian M&A value rockets in April, despite slight decline in volume The value of outbound Italian M&A increased significantly in April as deals worth a combined EUR 402 million completed during the month. This compares well with the EUR 123 million recorded in March and the EUR 133 million-worth of deals closed in April By contrast, volume actually declined both month-on-month and year-onyear. In April just 6 deals were completed, compared to 7 in March and 12 in April The bulk of the value invested in April was attributable to a single deal a EUR 400 million purchase of stakes in Romania-based E-Distributie Muntenia and Enel Energie Muntenia by Enel Investment Holding. This deal alone accounted for 99 per cent of outbound Italian investment in April and was considerably larger than the only other two deals with a known value, namely a funding round by UK-headquartered consumer saving application developer Oval Money and a capital increase by Defenx. Given the size of the month s largest deal in comparison with others that completed during the month under review, it is not surprising to see Romania top the value rankings in April. The EUR 400 million injected into companies in the country was solely due to the E-Distributie Muntenia and Enel Energie Muntenia deal. This represents the first time in over a year that Romania has been targeted by an Italian company; the last time was in March 2016, when it featured in a single deal worth EUR 95 million. The only other country to generate any value in April was the UK (EUR 2 million). Outbound Italian deals by volume and value Completed date No of deals Total deal value Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Page 11 Bureau van Dijk

13 Outbound Italian deals by volume and value Deal value Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 0 Total deal value Number of deals Page 12 Bureau van Dijk

14 Top outbound Italian deals by volume and value Deal value Deal type Target Target country Acquiror Acquiror country Completion date Acquisition 14% Enel Energie Muntenia SA; E-Distributie Muntenia SA RO; RO Enel Investment Holding BV NL 10/04/ Minority stake Oval Money Ltd GB Intesa SanPaolo SpA; B-Ventures Srl; Bertoldi Holding Srl IT; IT; IT 05/04/ Capital Increase 9% Defenx plc GB BV-Tech SpA IT 12/04/ n.a. Minority stake Mysharedbike Ltd HK Investors; Mr Fabio Cannavale; Cocoon Ignite Ventures; Swiss Founders Fund AG; IT; HK; CH; 24/04/2017 Lamivoie Capital HK 5. n.a. Acquisition 100% Elite Model Management Stockholm AB SE MP Management Srl IT 20/04/ n.a. Acquisition 80% Novatherm Klimagerate GmbH DE Giordano Riello International Group SpA IT 21/04/2017 Page 13 Bureau van Dijk

15 Outbound Italian target sectors by volume Outbound Italian target sectors by value Target sector Apr-16 Mar-17 Apr-17 Target sector Apr-16 Mar-17 Apr-17 Publishing, printing Gas, water, electricity Wholesale & retail trade Education, health Post and telecommunications Insurance companies Transport Public administration and defence Other services Banks Primary sector Wood, cork, paper Textiles, wearing apparel, leather Food, beverages, tobacco Chemicals, rubber, plastics Construction Machinery, equipment, furniture, recycling Metals & metal products Hotels & restaurants Gas, water, electricity Publishing, printing Post and telecommunications Transport Banks Other services Public administration and defence Education, health Insurance companies Wholesale & retail trade Textiles, wearing apparel, leather Wood, cork, paper Primary sector Food, beverages, tobacco Machinery, equipment, furniture, recycling Construction Chemicals, rubber, plastics Metals & metal products Hotels & restaurants Page 14 Bureau van Dijk

16 Top outbound Italian target countries by volume Top outbound Italian target countries by by value Target country Apr-16 Mar-17 Apr-17 Target country Apr-16 Mar-17 Apr-17 UK Hong Kong Romania UK Sweden Germany Romania Page 15 Bureau van Dijk

17 Outbound Italian PE and VC value slumps There were two PE and VC deals worth a combined EUR 1 million in April. This represents a decline in value from the EUR 34 million invested in March, despite volume being up slightly, from 1 deal last month. It was a slightly more positive showing yearon-year; in April deal was completed, although it did not have a disclosed value, meaning value was up year-on-year. Of the two deals completed in April, only one had a disclosed value. This was the aforementioned EUR 1 million investment in Oval Money by Bertoldi Holding, Intesa SanPaolo and B-Ventures. As such, the UK led the country rankings in terms of both volume and value. Outbound Italian private equity deals by volume and value Completed date No of deals Total deal value Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Page 16 Bureau van Dijk

18 Outbound Italian private equity deals by volume and value Deal value Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 0 Total deal value Number of deals Page 17 Bureau van Dijk

19 Top outbound Italian private equity deals by value Deal value Deal type Target Target country General Partner/Fund Manager Completion date 1. 1 Minority stake Oval Money Ltd GB Intesa SanPaolo SpA; B-Ventures Srl; Bertoldi Holding Srl 05/04/ n.a. Minority stake Mysharedbike Ltd HK Swiss Founders Fund AG; Lamivoie Capital 24/04/2017 Page 18 Bureau van Dijk

20 Outbound Italian private equity target sectors by volume Outbound Italian private equity target sectors by value Target sector Apr-16 Mar-17 Apr-17 Target sector Apr-16 Mar-17 Apr-17 Publishing, printing Transport Post and telecommunications Wholesale & retail trade Hotels & restaurants Banks Other services Public administration and defence Education, health Insurance companies Textiles, wearing apparel, leather Wood, cork, paper Primary sector Food, beverages, tobacco Chemicals, rubber, plastics Gas, water, electricity Construction Metals & metal products Machinery, equipment, furniture, recycling Publishing, printing Transport Post and telecommunications Wholesale & retail trade Hotels & restaurants Banks Other services Public administration and defence Education, health Insurance companies Textiles, wearing apparel, leather Wood, cork, paper Primary sector Food, beverages, tobacco Chemicals, rubber, plastics Gas, water, electricity Construction Metals & metal products Machinery, equipment, furniture, recycling Page 19 Bureau van Dijk

21 Top outbound Italian private equity target countries by volume Top outbound Italian private equity target countries by value Target country Apr-16 Mar-17 Apr-17 Target country Apr-16 Mar-17 Apr-17 UK UK Hong Kong Page 20 Bureau van Dijk

22 Domestic M&A value avoids fourth consecutive decline An increase in the value of domestic Italian M&A in April brought an end to three consecutive monthly declines in April as 23 deals valued at combined EUR 419 million completed during the four weeks under review, compared to 43 completed deals worth EUR 407 million in March Year-on-year, volume and value were from 48 deals valued at a combined EUR 3,729 million in April The largest domestic deal in April involved the EUR 141 million acquisition of an additional 50 per cent stake in Banca Esperia by Mediobanca. This was closely followed by Space 2, Leonardo - Finmeccanica and In Orbit s EUR 137 million purchase of an 86 per cent stake in aircraft engines manufacturer Avio. Collectively, the top two deals accounted for more than 66 per cent of the total value of domestic Italian M&A in April. These top two deals made companies operating the banking and machinery, equipment, furniture and recycling, and transport sectors the most valuable targets in April, with EUR 141 million and EUR 137 million, respectively. In terms of volume, insurance companies led the way with 3 completed deals in April. They were followed by businesses in the metals and metal product; machinery, equipment, furniture and recycling; transport; chemicals, rubber and plastics; and food, beverages and tobacco sectors. Domestic Italian deals by volume and value Completed date No of deals Total deal value Apr Mar Feb ,101 Jan ,343 Dec ,038 Nov Oct ,515 Sep ,847 Aug ,866 Jul ,237 Jun ,928 May ,604 Apr ,729 Page 21 Bureau van Dijk

23 Domestic Italian deals by volume and value Deal value 7,000 6,000 5,000 4,000 3,000 2,000 1, Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 0 Total deal value Number of deals Page 22 Bureau van Dijk

24 Top domestic Italian deals by value Deal value Deal type Target Target country Acquiror Acquiror country Completion date Acquisition 50% to 100% Banca Esperia SpA IT Mediobanca SpA IT 04/04/ Acquisition 86% Avio SpA IT Space2 SpA; Leonardo - Finmeccanica SpA; In Orbit SpA IT; IT; IT 04/04/ Minority stake 6% Societa Cattolica di Assicurazione SC IT Fondazione Cassa di Risparmio di Verona Vicenza Belluno e Ancona; Qualified Investors IT 05/04/ Minority stake 40% Aliplast Group IT Herambiente Srl IT 03/04/ Acquisition 100% RES Immobiliare Snc Di Mengali Stefano IT Mar-Ter Spedizioni SpA IT 12/04/2017 e Rebecchi Roberto 6. 7 Minority stake increased to 4% Assicurazioni Generali SpA IT Fincal SpA IT 12/04/ Minority stake increased to 4% Assicurazioni Generali SpA IT Fincal SpA IT 13/04/ Minority stake Homepal A Better Place Srl IT Investors; Shark Bites SpA; BPER Banca SpA; Homeclub IT 05/04/ Minority stake Mamma M'Ama Srl IT Undisclosed investors; Mr Ludovico Maggiore; Shark Bites SpA; Rancilio Cube Srl; SAF IT; IT; IT; IT 26/04/2017 Financial Srl 10. n.a. Acquisition 60% SGP Societa Gestione Periodici Srl IT DMedia Group SpA IT 13/04/ n.a. IBO 51% Cartiere Paolo Pigna SpA IT IDEA CCR (Corporate Credit Recovery) I IT 27/04/ n.a. Acquisition increased to 100% Metroweb Italia SpA IT OpEn Fiber SpA IT 03/04/ n.a. Acquisition 100% Fusina Rolling Srl IT Slim Aluminium SpA IT 06/04/ n.a. Acquisition 100% EmilCeramica Srl IT Marazzi Group Srl IT 04/04/ n.a. Capital Increase minority stake Sea Crowd Srl IT Impresa Edile Luigi Cividini Srl IT 05/04/ n.a. IBO 100% ISA Istrumentazioni Sistemi Automatici Srl; IT; IT Altanova IT 05/04/2017 Techimp HQ Srl 17. n.a. Minority stake WikiRe Srl IT 24 Finance Mediazione Creditizia Srl IT 04/04/ n.a. Minority stake 15% Click & Quick Distribution Srl IT Eprice SpA IT 05/04/ n.a. Acquisition 100% GP Dati Hotel Service SpA; Pos Sistemi IT; IT Zucchetti Centro Sistemi SpA IT 07/04/2017 Sas di Cannella B & Giorgini G 20. n.a. Acquisition 100% Beldi Energia Srl IT Albergo Petroli Srl IT 13/04/ n.a. Acquisition 100% Terfinance SpA IT Credito Salernitano -Banca Popolare della Provincia di Salerno SCpA IT 10/04/ n.a. Acquisition 100% Idea Quick Srl IT Sfoglia Torino Srl IT 20/04/ n.a. Acquisition 99% Primat SpA IT HAT - Holding All Together SpA; Compagnie Financiere St. Exupery Sicav-Sif; Tendercapital Ltd IT; LU; GB 28/04/2017 Page 23 Bureau van Dijk

25 Domestic Italian target sectors by volume Domestic Italian target sectors by value Target sector Apr-16 Mar-17 Apr-17 Target sector Apr-16 Mar-17 Apr-17 Other services Insurance companies Metals & metal products Machinery, equipment, furniture, recycling Chemicals, rubber, plastics Food, beverages, tobacco Banks Post and telecommunications Wood, cork, paper Construction Education, health Public administration and defence Transport Gas, water, electricity Publishing, printing Textiles, wearing apparel, leather Hotels & restaurants Wholesale & retail trade Primary sector Banks Machinery, equipment, furniture, recycling Insurance companies Chemicals, rubber, plastics Other services Food, beverages, tobacco Hotels & restaurants Transport Post and telecommunications Public administration and defence Education, health Wood, cork, paper Publishing, printing Primary sector Textiles, wearing apparel, leather Construction Wholesale & retail trade Metals & metal products Gas, water, electricity 3, Page 24 Bureau van Dijk

26 Domestic PE and VC investment hits 15-month low Domestic PE and VC investment in April reached a 15-month low as just 6 deals worth a combined EUR 3 million completed during the four weeks, representing the lowest value recorded since January 2016 (5 deals: EUR 2 million). Growth recorded in March, when PE and VC investment rose to 12 deals worth EUR 107 million (February 2017: 7 deals; EUR 14 million), was stripped away over the four weeks and was down from the 8 deals valued at a total EUR 35 million in April There were only two PE and VC deals with a disclosed value in April. Online property services platform provider Homepal A Better Place raised EUR 3 million in a round of funding in the month s largest PE and VC deal. Biological baby food manufacturer Mamma M Ama completed out a round of funding led by Shark Bites, alongside Rancilio Cube, Ludovico Maggiore and SAF Financial. Domestic Italian private equity deals by volume and value Completed date No of deals Total deal value Apr Mar Feb Jan Dec ,116 Nov Oct Sep Aug Jul ,422 Jun May Apr Page 25 Bureau van Dijk

27 Domestic Italian private equity deals by volume and value Deal value 1,600 1,400 1,200 1, Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 0 Total deal value Number of deals Page 26 Bureau van Dijk

28 Top domestic Italian private equity deals by volume and value Deal value Deal type Target Target country General Partner/Fund Manager Completion date 1. 3 Minority stake Homepal A Better Place Srl IT Shark Bites SpA; BPER Banca SpA 05/04/ Minority stake Mamma M'Ama Srl IT Shark Bites SpA; Rancilio Cube Srl; SAF Financial Srl 26/04/ n.a. IBO 51% Cartiere Paolo Pigna SpA IT IDeA Capital Funds SGR SpA 27/04/ n.a. IBO 100% ISA Istrumentazioni Sistemi Automatici Srl; Techimp IT; IT Finint & Partners Srl 05/04/2017 HQ Srl 5. n.a. Acquisition 100% Idea Quick Srl IT Unigrains SA 20/04/ n.a. Acquisition 99% Primat SpA IT HAT - Holding All Together SpA; Compagnie Financiere St. Exupery Sicav-Sif 28/04/2017 Page 27 Bureau van Dijk

29 Domestic Italian private equity target sectors by volume Domestic Italian private equity target sectors by value Target sector Apr-16 Mar-17 Apr-17 Target sector Apr-16 Mar-17 Apr-17 Food, beverages, tobacco Other services Metals & metal products Machinery, equipment, furniture, recycling Wood, cork, paper Transport Post and telecommunications Banks Education, health Public administration and defence Insurance companies Hotels & restaurants Publishing, printing Textiles, wearing apparel, leather Primary sector Chemicals, rubber, plastics Wholesale & retail trade Construction Gas, water, electricity Other services Food, beverages, tobacco Post and telecommunications Transport Wholesale & retail trade Hotels & restaurants Public administration and defence Education, health Banks Insurance companies Wood, cork, paper Publishing, printing Primary sector Textiles, wearing apparel, leather Chemicals, rubber, plastics Gas, water, electricity Construction Metals & metal products Machinery, equipment, furniture, recycling Page 28 Bureau van Dijk

30 Notes to editors Activity is based on the activity of the target company. Deal status is completed within the time period. The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr. The date range is 01/04/ /04/2017