Credit Suisse Swiss Equities Mid-Cap Conference Zurich, November 21, 2014 Dr. Brice Koch, CEO Oerlikon Group

Transcription

1 Credit Suisse Swiss Equities Mid-Cap Conference 2014 Zurich, November 21, 2014 Dr. Brice Koch, CEO Oerlikon Group

2 Agenda 1 Current status 2 Roadmap for the Segments 3 Positioning of the Group outlook 5 Back-up Page 2

3 Oerlikon a global industrial player Oerlikon Group * Manmade Fibers Segment Drive Systems Segment Vacuum Segment Surface Solutions Segment * Advanced Technologies Segment Sales: CHF 3 591m EBIT: CHF 437m CHF 1 130m CHF 734m CHF 396m CHF 1 218m CHF 113m CHF 188m CHF 26m CHF 41m CHF 176m CHF 4m ~ employees > 170 locations 35 countries ~CHF 146m in R&D * 2013 pro-forma figures; Surface Solutions Segment incl. Oerlikon Metco (Metco transaction closed on June 2, 2014) Page 3

4 The Oerlikon Group from various angles* Segment split Regional split Service business Employees 34% 3% 31% 38% 4% 40% 26% 38% 1% 16% 1% 11% 20% 18% 74% 10% 34% Sales: CHF 3 591m Sales: CHF 3 591m Sales: CHF 3 591m ~ employees Manmade Fibers Drive Systems Vacuum Surface Solutions Adv. Technologies Asia / Pacific North America Europe Rest of World Goods, Equipment & Components Service & Spare Parts Manmade Fibers Drive Systems Vacuum Surface Solutions Adv. Technologies Corporate * 2013 pro-forma figures incl. Oerlikon Metco Page 4

5 The Oerlikon Group has undergone a major transformation in the past three years Starting point Manmade Textile Fibers Segment Segment Drive Systems Segment Vacuum Segment Coating Segment Advanced Technologies Segment Solar Segment Page 5

6 The Oerlikon Group has undergone a major transformation in the past three years Today Surface Solutions Segment Manmade Fibers Segment Drive Systems Segment Vacuum Segment Advanced Technologies Segment Additional structural measures: Carding and Melco business sold (former Textile Segment) Footprint optimization in Drive Systems Segment Rox acquisition (regrinding business) in Surface Solutions Segment Page 6

7 Today s structure and performance is the result of... Streamlining of portfolio Divestment of non-operating assets Reduction of cyclicality, volatility and complexity Operational & financial restructuring Reduction of break even costs Operational excellence initiatives to sustainably increase profitability Repositioning of balance sheet Syndicated credit line and three Swiss bonds Unleveraged balance sheet to maintain financial flexibility Investment in organic and inorganic growth Disciplined use of cash and balance sheet capacity as premise for all actions Metco as first major transaction in the context of strengthening around core competencies Page 7

8 Agenda 1 Current status 2 Roadmap for the Segments 3 Positioning of the Group outlook 5 Back-up Page 8

9 Roadmap for Surface Solutions Segment Challenge Speed of new/ combined technologies penetration Opportunities Market penetration: New applications/ solutions in growing end markets Combined R&D strength: Development of multi-layer surface solutions Areas of action Secure Metco integration with dedicated team with detailed actions plan Accelerate synergies realization Page 9

10 Non-cash items Cash items Financial impact of Metco transaction Confirming our cost assessments Top-line synergies Cost synergies (cumulative) <CHF 5 million ~CHF 5 million >CHF 10 million Transaction costs >CHF 20 million, thereof CHF 6 million already booked in 2013 Integration costs >CHF 10 million >CHF 10 million <CHF 10 million Inventory step up >CHF 20 million as of closing Amortization of acquired identified intangibles assets >CHF 20 million >CHF 30 million >CHF 30 million >CHF 30 million H1 14 H ff Page 10

11 Surface Solutions Segment expected to grow ~2x GDP with profitability expansion Sales CAGR: ~2x global GDP around 1,500 1,218 Mid-term expectation Surface Solutions Segment Based on a current global GDP growth assumption of ~3 % EBITDA FY 2013 pro-forma Incl. full absorption of one-time transaction/integration costs and acquisition accounting effects 14.6% 2017E around 22.0% current trading 2017E EBIT Incl. full absorption of one-time transaction/integration costs and acquisition accounting effects 5.7% current trading around 14.5% 2017E Page 11

12 Roadmap for Manmade Fibers Segment Challenge Approaching end of the current 5-year plan (FYP) in China Orders normalizing after the peak levels in 2013 Opportunities Increased installed base Preliminary indications on potential content of 13 th Chinese FYP*: Chemical fibers (high- and new-tech fibers) Develop substitutions for natural fibers Industrial textile proportion in textile industry to exceed 30 % (25 % in 12 th FYP) Areas of action Increase service/ after sales business Leverage regions outside China Expand value chain around core competencies Accelerate innovations * Source: EAC International Consulting: Early Indications on China s 13 th Five Year Plan Page 12

13 Roadmap for Drive Systems Segment Challenge End market performance (agriculture, mining, gas fracking) Operational performance Opportunities Hybridization and E-Drives Start of production of 3 rd plant in India in 2015 to address local demand Areas of action Streamline organization (integration) Further reduce cost base Focus product portfolio Increase value added Leverage global footprint Page 13

14 Roadmap for Vacuum Segment Challenge End market development (i.e. process industry) Profitability Scale/ volume Opportunities High-tech applications for vacuum technologies and solutions New applications in new industries Areas of action Innovation Operational excellence Service and distribution network Page 14

15 Roadmap for Advanced Technologies Segment Challenge Strong market consolidation Adoption of new technologies (nanotechnology) Opportunities Internet of things Digitalization Areas of action Innovation Cost discipline Page 15

16 Agenda 1 Current status 2 Roadmap for the Segments 3 Positioning of the Group outlook 5 Back-up Page 16

17 Looking at future development of Oerlikon from three different perspectives Technology perspective: Invest into complementary or adjacent technologies (organic and inorganic) to strengthen existing portfolio (e.g. Metco transaction) Technologies Deposition technology Yarn formation technology incl. polycondensation Materials technology High rotation speed, torque & balancing technologies Future direction of Oerlikon Megatrends Resource scarcity Productivity increase Global mobility Environmental sustainability Competencies (Process) Engineering Materials and surfaces characteristics Precision machinery & equipment Customers domain knowledge Services expertise Competencies perspective: Use existing competencies to enhance product and services offering Megatrends: Foster products and services offerings supporting and leveraging visible and sustainable megatrends Page 17

18 What does this mean for Oerlikon? Oerlikon will: leverage and strengthen Best-in-Class businesses improve businesses which are not yet Best-in-Class leverage attractive end-markets balance market exposure (regions and end-markets) further strengthen its core competencies further reduce cyclicality and volatility use its cash in a disciplined and value accretive way Page 18

19 Metco transaction in the context of the Group strategy Technologies Deposition technology Yarn formation technology incl. polycondensation Materials technology High rotation speed, torque & balancing technologies Future direction of Oerlikon Competencies (Process) Engineering Materials and surfaces characteristics Precision machinery & equipment Customers domain knowledge Services expertise Megatrends Resource scarcity Productivity increase Global mobility Environmental sustainability The Metco acquisition strengthens Oerlikon from a technological, competencies and megatrends exposure point of view! Page 19

20 Agenda 1 Current status 2 Roadmap for the Segments 3 Positioning of the Group outlook 5 Back-up Page 20

21 2014 outlook for the Oerlikon Group confirmed Upside on profitability >15% Consolidation of Metco for 7 months Sales 2, reported 2014E 2014 Group Guidance Consolidating Metco for seven months and with full absorption of Metco impacts, Oerlikon expects, compared to 2013 reported figures based on stable exchange rates: Order intake growth to exceed 10 % Sales growth to exceed 15 % EBITDA 1 margin to exceed 15 % EBIT 1 margin to exceed 10 % EBITDA EBIT reported reported >15% margin prev.: around 15% 2014E >10% margin prev.: around 10% 2014E Impacted by Metco transaction (one-offs) Gross margin effect from inventory step-up Transaction costs Integration costs Impacted by Metco transaction One-offs (same as for EBITDA) Amortization of acquired identifiable intangible assets 1 including full absorption of all related transaction/integration costs and acquisition accounting effects Page 21

22 Thank you. Page 22

23 Agenda 1 Current status 2 Roadmap for the Segments 3 Positioning of the Group outlook 5 Back-up Page 23

24 Oerlikon delivers strong sales growth and order intake in Q Order intake Sales EBITDA (margin) EBIT (margin) in CHF million in CHF million in CHF million; in % of sales in CHF million; in % of sales 18.7% % % 15.6% % % 10.2% % 90 Q Q Q Q Q at stable FX Q Q Q Q Strong sales growth of 25.8 % and order intake up 18.7 % in Q At stable exchange rates sales increased by 28.3% EBITDA margin of 15.6 % and double-digit EBIT margin (10.2 %) for the 11th consecutive quarter absorbing acquisition accounting effects and one-time integration costs related to Metco transaction Page 24

25 FX impact on Sales, EBIT and EBIT margin Oerlikon Group Sales Q in CHF million Oerlikon Group EBIT Q in CHF million % % EBIT margin in % Q Transaction effects Translation effects Q FX impact adj. Q Transaction effects Translation effects Q FX impact adj. Devaluation of currencies (INR, USD, CNY) EUR with minor deviation against CHF 1.9 % currency impact on sales Impact on EBIT margin negligible Page 25

26 Surface Solutions Segment Overview 1 Surface Solutions Strategic position: Two business units: Oerlikon Balzers and Oerlikon Metco Oerlikon Balzers is the technology leader in Thin Film (PVD) coatings Oerlikon Metco (transaction closed on June 2, 2014) is the technology leader in Thicker Layer Coating (Thermal Spray) Extension of product offer to new coatings and services Market drivers Competitive landscape Customer base Automotive and aerospace sales Usage of adv. surface solutions in various sub-segments for functional and decorative enhancements (watches, medical, aerospace) Substitution of chrome-plating technology on automotive Oerlikon Balzers undisputed technology leader in PVD (Physical Vapor Deposition) coating Oerlikon Metco undisputed technology leader in Thermal Spray (materials and equipment business) Broad customer base worldwide Over 110 coating centers in 35 countries 1 former Coating Segment (before acquisition of Oerlikon Metco) Page 26

27 Leading surface technologies Bulk treatment Surface treatment HEAT TREATMENT HARDENING NITRIDING Plasma nitriding THIN FILM COATING PVD PECVD (PACVD) THICKER LAYER COATING Thermal Spray With the acquisition of Metco Oerlikon covers a broad range of surface treatment technologies Page 27

28 Products Markets served Surface Solutions Segment Leading surface treatment technologies Transportation Tooling Energy General Industry Aviation Automotive Marine Cutting tools for metal machining Forming tools for metal and plastic processing Oil & Gas Power generation Food Pulp & Paper Watches Pharmaceuticals Packaging Consumer goods (e.g. watches) Medical technology Plasma Nitriding Thin Film coatings Thicker Layer coatings Plastic Metallization (epd) Thin Film coatings Plasma Nitriding Thin Film coatings Thicker Layer coatings Plasma Nitriding Thin Film coatings Thicker Layer coatings Page 28

29 Key rationale for Metco deal Creating the global technology leader in surface solutions Combining leading surface technologies Business model Access to end markets Leverage service footprint Balzers with the leading position in Thin Film Coating Metco with the leading position in Thermal Spray Adjacent technologies create a unique global product and service portfolio Customers will be able to develop the best surface solution with one single partner / R&D team Balzers with dedicated service business model and service DNA Metco focused on providing equipment and materials Strengthening the Thermal Spray and Plasma Nitriding services through Balzers proven service experience and global network Increase addressable market to some CHF 9 billion with attractive forecasted growth of more than 5% p.a. Balzers with strong position in automotive, tooling & general industry Deepening access to end markets like aerospace and power generation using Metco s applications know-how Combined network of over 110 coating centers worldwide Globally balanced footprint Leverage stronger Metco footprint in the US Balzers established position in China and India to support market access for Metco Page 29

30 Surface Solutions Segment Q performance in CHF million Q Q Δ Order intake >100 % Key figures Sales (to 3 rd parties) >100 % EBITDA % EBITDA margin % 28.9 % pp EBIT % EBIT margin % 20.4 % pp Asia / Pacific 26% North America RoW 18% 5% Sales Q % Europe Market development Continued growth in services Automotive and tooling industry in Europe, Asia and the United States as driver Solid demand in aviation (some softening in MRO) and growth in the power generation as well as oil & gas industries General Industry Power Generation 21% 12% 6% Sales Q % 23% Aviation Automotive Tooling Operational performance 1 as % of sales; 2 excl. Oerlikon Metco (transaction closed on June 2, 2014) Metco integration well on track Underlying sales growth and continued high underlying profitability Segment profitability impacted by acquisition accounting effects and one-time transaction/integration costs Page 30

31 Surface Solutions Segment Financial impact Financial impact on Surface Solutions Segment Q3 accounts: Transaction/integration costs of ~CHF 6 million Inventory step up of ~CHF 13 million Amortization of acquired identifiable intangible assets of ~CHF 8 million Back-up: Financial impact on Surface Solutions Segment Q2 accounts: Transaction costs of ~CHF 13 million Inventory step up of ~CHF 10 million Amortization of acquired identifiable intangible assets of ~CHF 3 million Page 31

32 Non-cash items Amortization Inventory step up Cash items Transaction & Integration costs Sept. 30, 2014 Financial impact of Metco transaction Reality check Reality check as of Sept. 30, 2014 Guidance FY 2014: > CHF 24m YTD: CHF 19m Transaction costs >CHF 20 million, thereof CHF 6 million already booked in 2013 >CHF 10 million Integration costs Guidance FY 2014: >CHF 20m YTD: CHF 23m Inventory step up >CHF 20 million as of closing Guidance FY 2014: >CHF 20m H1 14 H2 14 Amortization of acquired YTD: identified CHF 11m intangibles assets >CHF 20 million Page 32

33 Manmade Fibers Segment Overview Manmade Fibers Strategic position: High-performing manmade fiber business (high profitable growth potential, less cyclicality) Plant engineering and construction Growing end markets (e.g. apparel, technical applications, home textiles) Market drivers Competitive landscape Customer base Population/GDP growth and increasing per capita consumption Replacement of cost intensive by resource saving equipment Growth in technical textiles Political encouragement in China & India Market growth of 6 % p.a. Concentrated competitor base, only 3 international players in the market for filament spinning (TMT, CTAMP) Local competitors in texturing, staple fibers and nonwovens market Dedicated customer base with long-term investment horizon (upstream integration) and strong balance sheets, predominantly based in China and India 25 leading companies will produce 60 % of world demand thereof 22 companies are Oerlikon customers Page 33

34 Products Markets served Manmade Fibers Segment High-tech equipment for chemical yarn production Functional wear Technical textiles Home textiles Outer wear Sports wear Hosiery & socks (Protective) Apparel Agrotextiles Geotextiles Car interior (incl. seat belts, airbag) Ropes Nets Tarpaulin Carpets Curtains Seat covers Upholstering Napkins Spinning plants Texturing machines Plant engineering Spinning plants Texturing machines Plant engineering BCF plants Tape & Monofilament Spinning plants Texturing machines Plant engineering Page 34

35 Customer example Spinning plant 3 x 200 t/d Polycondensation 504 WINGS POY 144 WINGS FDY 648 spinning positions Plastic melt Polycondensation Winder Page 35

36 Manmade Fibers Segment Q performance in CHF million Q Q Δ Order intake % Key figures Sales (to 3 rd parties) % EBITDA % EBITDA margin % 18.3 % +3.0 pp EBIT % EBIT margin % 16.5 % +2.8 pp Asia / Pacific 72% RoW 3% 13% Sales Q Europe 12% North America Market development Filament equipment with continued high level of deliveries in Q US BCF-market (carpet yarn) shows stable demand Project landscape Normalization in China Potential increasing market demand in India in 2015 BCF carpet yarn / polymer processing 1 as % of sales Staple fiber/nonwoven 2% 20% Sales Q % Filament spinning/texturing Operational performance Order intake development reflects expected normalization in China Sales development impacted by project schedules strong comparable last year Service/spare parts sales up by over 20% Strong profitability attributable to product mix and product cost measures Page 36

37 Drive Systems Segment Overview Drive Systems Strategic position: Niche applications with limited exposure to more commoditized gear component market Focus on difficult-to-produce, highperformance products in high-end applications Expand in high-growth segments such as energy and on-/off-highway market Market drivers Competitive landscape Customer base Population growth, rising middle class and increased mobility Migration towards higher technology in agriculture in emerging markets Construction and infrastructure build-up in developing countries Market growth GDP correlated Many competitors worldwide competing in the niche gear and drives market. Competitors include both global players as well as smaller regional producers Concentrated customer base of global OEMs and producers (CNH, John Deere, Caterpillar, etc.) Develop and expand local Chinese and Indian customers Page 37

38 Products Markets served Drive Systems Segment High-tech gearing solutions Off-Highway Equipment Transportation Energy/Mining Performance Automobile Agriculture Construction Lift equipment Rail Floor buse Hybrid buses Oil & Gas Mining Wind Sports cars Specialty passenger cars Motorcycles Zero-emission vehicles Axles Transmissions Synchronizers Clutch packs Planetary & electric drives Locomotive traction gears & assemblies Bus axles Gear & shaft components for hybrid buses Planetary gearboxes Gear assemblies Large gear components Transmissions Power take-off units Angle drives Gearboxes Page 38

39 Drive Systems Segment Q performance RoW Asia / Pacific 4% 10% North America Performance Automobile Construction 1 as % of sales Q % 55% Europe Energy/Mining 15% 22% 10% Sales Sales Q % 38% Agriculture Transportation Key figures Market development Operational performance in CHF million Q Q Δ Order intake % Sales (to 3 rd parties) % EBITDA % EBITDA margin % 8.7 % +1.6 pp EBIT % EBIT margin % 3.4 % +1.7 pp Construction machinery market continues to be strong in North America Lower trading in agriculture as expected Oil & gas market (primarily off-shore) strong and modest increase in gas fracking equipment demand Strong sales in high-performance auto Strong sales and slight order intake growth Focus on operational performance and cost resulted in margin improvements Strengthened leadership team in China Page 39

40 Vacuum Segment Overview Market drivers Demographics and middle class development driving process industry growth Construction and infrastructure with coating of glass and solar panels Market growth GDP correlated Vacuum Strategic position: Vacuum solutions for process industry, solar/coating and R&D/analytics with limited exposure to semiconductor market Modularization of product offering and streamlining of production process Competitive landscape Highly diversified competitive landscape Big global competitors (Edwards, Pfeiffer, Busch) as well as regional competitors Customer base Highly diversified (more than customers ) Page 40

41 Products Markets served Vacuum Segment Creating something from nothing Process Industry Coating / Solar / Semi Analytics / R&D Industrial furnaces & metallurgy (steel degassing) Automotive (DCT), lighting and refrigeration Laser, energy & electro Apparatus and machinery Architectural glass Optical and decorative coatings Solar energy: thin-film and crystalline technology Displays Semiconductor Mass spectrometers Electron microscopes Leak detectors and residual gas analyzers R&D equipment manufacturers Universities & national labs Space & defense High + Fore-vacuum Systems + Engineering Services High + Fore-vacuum Systems + Engineering Services High + Fore-vacuum Systems + Engineering Services Page 41

42 Vacuum Segment Q performance in CHF million Q Q Δ Order intake % Key figures Sales (to 3 rd parties) % EBITDA % EBITDA margin % 12.6 % -1.4 pp EBIT % EBIT margin % 9.0 % -1.4 pp Asia / Pacific 36% RoW 2% 21% North America Sales Q % Europe Market development Overall challenging market environment resulting in slightly lower order intake Positive trends in process industry in Europe (large-scale projects) and Asia Large-scale order in steel degassing R&D/analytics market sequentially up Others R&D/ Analytics 20% 16% 18% Energy/Coating Sales Q % Process industry Operational performance Sales on previous years level Order intake slightly improved sequentially Profitability stabilized around prior quarters level with potential from investments in internal alignment and organizational effectiveness 1 as % of sales Page 42

43 Advanced Technologies Segment Overview Market drivers Population growth Accelerated demand for mobile devices / touch panels Demand for new, more efficient and clean energy infrastructure 4 % market growth in semiconductor Advanced Technologies Strategic position: High growth and highvalue added applications in clean technology, semiconductors and mobile device markets Incubator for new technologies and applications predominantly in deposition technology Competitive landscape Customer base Big global as well as regional producers with focus on different core markets Concentrated customer base with high concentration in Asia Page 43

44 Products Markets served Advanced Technologies Segment R&D incubator for the Oerlikon Group Semiconductors Advanced Nanotechnology R&D Incubator Compound semi Advanced packaging MEMS IC Interconnets Backside metallization & thin wafer processing Data storage Solar Nanostructure Photovoltaic Touch panels Thermoelectrics Energy storage Energy conversion Energy storage Energy efficiency management Clusterline 200/300 LLS Hexagon Solaris R&D pilots and demonstrators Page 44

45 Advanced Technologies Segment Q performance in CHF million Q Q Δ Order intake % Key figures Sales (to 3 rd parties) % EBITDA 1 0 n/a EBITDA margin % 2.1 % +2.9 pp EBIT 0-1 n/a EBIT margin % n/a n/a Asia / Pacific 35% North America Sales Q % 50% Europe Market development Connectivity and Internet of Things are main drivers in semiconductor industry Slower-than-expected recovery in advanced packaging - growth expected into 2015 Postponement of advanced nanotechnology equipment investments to as % of sales Others Advanced Nano 0% 16% Sales Q % Semiconductor Operational performance Order intake lower due to order push-outs Sales increase driven by semiconductor Profitability at break-even - affected by continued high R&D investments Page 45

46 Oerlikon shares Oerlikon shares Oerlikon shareholder structure 1 Listed on Swiss Exchange (SIX) since 1973 Securities symbol: OERL Securities number ISIN: CH No. of shares outstanding: shares (as of September 30, 2014) Re-entry to Swiss SMIM on April 17, 2012 Addition to STOXX Europe 600 as of June 18, 2012 as of October 14, 2014 Free float (incl. 0.3 % treasury shares) 57.0% 43.0% Renova Group Oerlikon share price development as of October 24, 2014, indexed; 100 percent = closing price per December 30, SMI Stoxx Europe 600 Oerlikon SMIM Based on shares outstanding and latest notification by Renova (as of October 14, 2014 of shares) Page 46

47 Coverage 6 Buy/Accumulate & 4 Hold/Neutral Broker Analyst Recommendation Date of last update Target price AlphaValue Pierre-Yves Gauthier Buy Bank am Bellevue Alessandro Foletti Hold Berenberg Bank Sebastian Künne - suspended - Credit Suisse Patrick Laager Outperform Baader Helvea Reto Amstalden Neutral Kepler Cheuvreux Will Mackie - suspended - MainFirst Michael Inauen Outperform Mirabaud Securities LLP Thomas Baumann Buy Société Générale Christophe Quarante Hold UBS André Rudolf von Rohr Buy Vontobel Michael Foeth Buy Zürcher Kantonalbank Armin Rechberger Marketweight Consensus 6 positive 4 neutral Page 47

48 Oerlikon Customer Base (Selection) Preferred technology supplier to technology leaders in their respective industries Global customer base and world-leading brand names Strong long-term customer relationships Page 48

49 Financial Calendar 2015 February 24, 2015 Q4 / FY 2014 results and publication of Annual Report Annual Press Conference April 8, 2015 April 28, 2015 Annual General Meeting of Shareholders - KKL Lucerne Q Results - Media & Analyst Conference Call August 4, 2015 Q2 / HY 2015 results and publication of Interim Report Media & Analyst Conference Call October 27, 2015 Q3 / 9M 2015 results - Media & Analyst Conference Call Page 49

50 Investor Relations Contact OC Oerlikon Management AG, Pfäffikon Churerstrasse 120 CH 8808 Pfäffikon SZ Switzerland Andreas Schwarzwälder Head of Investor Relations Phone: Mobile: Page 50

51 Disclaimer Oerlikon has made great efforts to include accurate and up-to-date information in this document. However, we make no representation or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document or any oral communication in connection therewith and we disclaim any liability whatsoever for the use of it. This presentation is based on information currently available to management. The forwardlooking statements contained herein could be substantially impacted by risks and influences that are not foreseeable at present, so that actual results may vary materially from those anticipated, expected or projected. Oerlikon is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise or to correct any inaccuracies therein. All information provided in this document is not intended as, and may not be construed as, an offer or solicitation for the purchase or disposal, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions. Page 51