Unaudited Financial Statements For the six months ended 30 June Registered Number: Crown Asia-Pacific Private Equity III plc

Transcription

1 Unaudited Financial Statements For the six months ended 30 June 2017 Registered Number: Crown Asia-Pacific Private Equity III plc

2 This document is for information only and is not an offer to sell or an invitation to invest. In particular, it does not constitute an offer or solicitation in any jurisdiction where it is unlawful or where the person making the offer or solicitation is not qualified to do so or the recipient may not lawfully receive any such offer or solicitation. It is the responsibility of any person in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions. The information and any opinions contained herein have been obtained from or are based on sources, which are believed to be reliable, but their accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss from this information. Performance numbers shown are records of past performance and as such do not guarantee future performance.

3 Table of contents Governance and service providers 4 Background to the Company 5 Interim management report and responsibility statement 6 Investment Advisor s report 7 Unaudited statement of comprehensive income 10 Unaudited balance sheet 11 Unaudited statement of changes in net assets attributable to shareholders 12 Unaudited cash flow statement 13 Unaudited notes to the financial statements 14 Unaudited portfolio of investments 15 Table of contents Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 3

4 Governance and service providers Board of Directors Urs Gaehwiler (Swiss) Paul Garvey (Irish) Robert Schlachter (Swiss) Tycho Sneyers (Belgian) Desmond Tobin (Irish) Depositary BNP Paribas Securities Services, Dublin Branch Trinity Point Leinster Street South Dublin 2 Ireland Independent Director Konrad Baechinger (Swiss) Investment Advisor and Sub-Distributor LGT Capital Partners Limited Schuetzenstrasse Pfaeffikon Switzerland Main contacts: Robert Schlachter Maija Nykänen Alternative Investment Fund Manager and Distributor LGT Capital Partners (Ireland) Limited Third Floor 30 Herbert Street Dublin 2 Ireland Main contact: Brian Goonan Administrator/Transfer Agent LGT Fund Managers (Ireland) Limited Third Floor 30 Herbert Street Dublin 2 Ireland Main contact: Paul Garvey Secretary and Registered Office LGT Fund Managers (Ireland) Limited Third Floor 30 Herbert Street Dublin 2 Ireland Main contact: Kathryn O Driscoll Independent Auditors PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm One Spencer Dock North Wall Quay Dublin 1 Ireland Legal Advisor and Listing Sponsor Maples and Calder Solicitors 75 St. Stephen s Green Dublin 2 Ireland Irish Paying Agent LGT Bank AG, Dublin Branch Third Floor 30 Herbert Street Dublin 2 Ireland 4 Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Governance and service providers

5 Background to the Company The following information is derived from and should be read in conjunction with the full text and definitions section of Crown Asia-Pacific Private Equity III plc s ( Crown Asia-Pacific Private Equity III, CAPE III or the Company ) prospectus (the Prospectus ). Fund size USD million Date of incorporation 30 April 2014 Initial closing date 25 July 2014 Final closing date 25 January 2017 Vintage year 2014 Commitment period: Start date End date 25 July January 2021 Fund expiry date 25 January 2026 Extension periods up to three one-year extensions Investment focus The objective of the Company is to provide shareholders with attractive long-term capital appreciation from a diversified portfolio of private equity investments. The Company s portfolio shall comprise substantially of Asia-Pacific growth capital and buyout funds. CAPE III s portfolio may comprise up to 25% in secondary private equity fund investments and up to 25% in co-investments. Crown Asia-Pacific Private Equity III is incorporated under the laws of Ireland as a closed-ended investment company with variable capital pursuant to Part XIII of the Companies Act, The Company is authorized and regulated by the Central Bank of Ireland. Background to the Company Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 5

6 Interim management report and responsibility statement This Interim Management Report and Responsibility Statement has been prepared in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and the related Transparency Rules issued by the Central Bank of Ireland. For clarification purposes, this half-yearly financial report has not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information. Review of business The Crown Asia-Pacific Private Equity III fund started committing on 25 July As of 30 June 2017, the Company has com mitted a total of USD million to primary investments, secondary transactions and co-investments. An overview of the commitments made and investment performance to date is contained in the Investment Advisor s report on pages 7 to 9. A summary of the unaudited portfolio of investments is included on pages 15 to 17. During the six-month period to 30 June 2017, the Company s profits have increased to USD 25.2 million from a profit of USD 5.8 million for the six-month period to 30 June The net assets of the Company have increased to USD million as compared to USD million for the previous period ended 30 June The current-period gains were recorded across nearly all vintages. The top ten investments represented 73.6% of the gains while five investments represent 74.4% of the losses incurred in the period up to 30 June The Company called USD 70.5 million from investors during the six months to 30 June 2017 as compared to USD 24.3 million for the same period last year. There were no distributions during this same period. Events since the period end No events or transactions have occurred since the period ended 30 June 2017 that could materially affect the Company s performance. Principal risks and uncertainties The Company s performance is influenced by the broader economic environment and events such as an economic downturn could also adversely effect the Company s future performance for the six-month period to 31 December The risks and uncertainties applying at the previous annual reporting date continue to apply for the remaining six months of the financial year. Responsibility statement The Directors are responsible for preparing the financial statements for the six months ended 30 June 2017 in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and the related Transparency Rules issued by the Central Bank of Ireland, applicable Irish law, IAS 34, Interim Financial Reporting, and International Financial Reporting Standards ( IFRS ) as adopted by the European Union. The Directors confirm that, to the best of their knowledge: the Company s condensed set of financial statements for the half year ended 30 June 2017, which has been prepared in accordance with IFRS, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; the Interim Management Report includes a fair review of the important events that have occurred during the first six months of the financial year, and their impact on the financial statements, and a description of the principal risks and uncertainties for the remaining six months of the current financial year; and there are no changes in related parties transactions described in the last annual report that had a material effect on the financial position or performance of the Company in the first six months of the current financial year. On behalf of the Board Desmond Tobin Paul Garvey 28 August Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Interim management report and responsibility statement

7 Investment Advisor s report NAV summary CAPE III s net asset value ( NAV ) as of 30 June 2017 amounted to USD million, an increase of USD 95.7 million as compared to the year ended 31 December Portfolio structure Portfolio structure as of 30 June Investors Fund of funds Private equity funds Participations in companies CAPE III 118 investors 22 primary investments 12 secondary transactions (37 private equity funds) companies 8 co-investments 1 There are 59 private equity funds, 7 co-investments and 740 companies still active 2 Based on the latest available financial statements from the underlying private equity funds and co-investments, i.e. primarily 31 March 2017 Investment Advisor s report Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 7

8 Portfolio review at investment level Commitments CAPE III has committed USD million (63.8 % of total commitments) to 22 primary investments, USD million (25.7% of total commitments) to 12 secondary transactions comprising 37 private equity funds and USD 48.2 million (10.5% of total commitments) to eight co-investments. The total commitments of USD million amount to 78.2% of the investors total subscribed capital of USD million. Fund sizes 3 (in USD millions) 500 to <2,000 50% <500 50% Commitments structure 1,2 Investment type 2,000: <0.5% Co-investments 10% Geography 4 Singapore Australia/ 1% New Zealand Japan 2% 1% South Korea 4% Other 5% Secondary transactions 26% Primary investments 64% Southeast Asia 6% Pan-Asian 8% China 56% India 17% Vintage years % % % 2% % % % Stage % % Venture capital 25% Large buyout Special situations 25% 1% Growth capital 43% 2006: <0.5% 1999: <0.5% % Small/middle market buyout 27% 1 Based on CAPE III s investments in private equity funds and co-investments 2 Based on a look through basis of EXPEDITION SEC II Limited (Secondary Taiwan II) 3 Based on the stated fund sizes of primary investments and secondary transactions, excluding co-investments 4 Based on the stated geographical investment focus of the private equity funds and co-investments 8 Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Investment Advisor s report

9 Portfolio review at company level 1 CAPE III has indirectly invested in 877 companies of which 740 are still active and 137 have been fully realized. CAPE III has a specific geographical focus on the Asia-Pacific region but no industrial target allocation. It seeks broad diversification across this dimension. Diversification by geography 2 (FMV) 3 Switzerland Australia 2% Taiwan3% 3% Indonesia 3% Japan 3% Singapore 4% South Korea 5% Other 7% China 45% Investment activity During the six months ended 30 June 2017, CAPE III committed USD 18.0 million to two primary investments, USD 53.8 million to five secondary transaction comprising 14 private equity funds and USD 26.5 million to three co-investments. LGT Capital Partners Limited Pfaeffikon, Switzerland Tycho Sneyers Robert Schlachter 28 August 2017 US 7% India 18% Diversification by industry (GICS) 5 (FMV) 3 Other (99) Telecommunication services (50) 3% Utilities (55) 2% 5% Materials (15) 5% Health care (35) 7% Consumer discretionary (25) 30% Consumer staples (30) 10% Industrials (20) 10% Financials (40) 11% Information technology (45) 17% 1 Based on the latest available financial statements from the underlying private equity funds and co-investments, i.e. primarily 31 March Geography refers to the location of the company s head office 3 Fair market value ( FMV ) refers to the valuations ascribed to the various portfolio companies of the underlying private equity funds and co-investments 4 The industry classifications of the underlying companies are based on the Global Industry Classification Standard (GICS). The respective GICS-code for each sector is disclosed in brackets Investment Advisor s report Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 9

10 Unaudited statement of comprehensive income For the period ended 30 June 2017 Amounts are reported in USD For the six months ended 30 June 2017 For the six months ended 30 June 2016 Operating income Interest income 1,443, ,906 Losses on foreign exchange, net (4,194) (3,213) Net gain on investments at fair value through profit or loss 31,454,450 9,591,278 Total net income 32,894,160 9,892,971 Operating expenses Investment management fee (3,042,465) (1,691,878) Performance fee (1,549,465) (339,566) Administration fee (69,079) (33,395) Depositary fees (48,651) (20,966) Audit fee (14,285) (6,675) Fund expenses (2,483,766) (1,513,721) Other operating expenses (205,286) (204,915) Total operating expenses (7,412,997) (3,811,116) Operating profit 25,481,163 6,081,855 Finance costs (278,461) (325,268) Profit before taxation 25,202,702 5,756,587 Withholding tax (12) Profit for the period 25,202,702 5,756,575 Total comprehensive profit for the period 25,202,702 5,756,575 The accompanying notes are an integral part of the financial statements. All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with in the statement of comprehensive income. On behalf of the Board Desmond Tobin Paul Garvey 28 August Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Unaudited statement of comprehensive income

11 Unaudited balance sheet As of 30 June 2017 Amounts are reported in USD As of 30 June 2017 As of 31 December 2016 (Audited) Assets Current assets Cash and cash equivalents 17,856,606 8,059,580 Accrued income and other receivables 63,667 30,874,296 Total current assets 17,920,273 38,933,876 Non-current assets Investments at fair value through profit or loss 282,885, ,516,234 Total non-current assets 282,885, ,516,234 Total assets 300,805, ,450,110 Capital and reserves attributable to shareholders Share capital 224,122, ,581,194 Retained earnings 47,408,467 22,205,765 Net assets attributable to shareholders 271,530, ,786,959 Current liabilities Accrued expenses and other payables 2,284,018 3,021,362 Due to banks 24,500,000 26,700,000 Total current liabilities 26,784,018 29,721,362 Non-current liabilities Accrued expenses and other payables 2,491, ,789 Total non-current liabilities 2,491, ,789 Total liabilities 300,805, ,450,110 The accompanying notes are an integral part of the financial statements. Net asset value by share class ( NAV ) 1 Shares issued As of 30 June 2017 As of 31 December 2016 (Audited) Total NAV (in USD) Number of shares in issue NAV per share (in USD) Total NAV (in USD) Number of shares in issue NAV per share (in USD) A 119,122, , ,246, , B 25,527, , ,668, , C 17,421, , ,310,225 95, L 21,896, , ,936, , O 87,562, , ,625, , Total 271,530,541 2,189, ,786,959 1,535, On behalf of the Board Desmond Tobin Paul Garvey 28 August The NAV per share in the table above may be different to individual investors NAV per share as disclosed in their capital account statements. This is because the NAV per share in the table above is based on average figures for all investors in each individual share class Unaudited balance sheet Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 11

12 Unaudited statement of changes in net assets attributable to shareholders For the period ended 30 June 2017 Amounts are reported in USD Share capital Retained earnings Total At 1 January ,536,900 11,750,571 73,287,471 Total comprehensive profit for the period 5,756,575 5,756,575 Issue of shares 24,253,684 24,253,684 Net increase for the period 24,253,684 5,756,575 30,010,259 At 30 June ,790,584 17,507, ,297,730 At 1 January ,581,194 22,205, ,786,959 Total comprehensive profit for the period - 25,202,702 25,202,702 Issue of shares 70,540,880-70,540,880 Net increase for the period 70,540,880 25,202,702 95,743,582 At 30 June ,122,074 47,408, ,530,541 The accompanying notes are an integral part of the financial statements. 12 Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Unaudited statement of changes in net assets attributable to shareholders

13 Unaudited cash flow statement For the period ended 30 June 2017 Amounts are reported in USD For the six months ended 30 June 2017 For the six months ended 30 June 2016 Cash flows from/(used in) operating activities Purchase of investments 1,2 (87,450,993) (30,693,631) Proceeds from return of capital in investments 1,2 2,080,316 6,005,765 Proceeds from realized gains on investments 916, Withholding tax 3 (12) Interest received 3 1,461, ,910 Operating expenses paid 3 (6,042,691) (2,775,175) Net cash flows used in operating activities (89,035,580) (27,157,911) Cash flows from/(used in) financing activities Interest paid (285,588) (325,486) Proceeds from bank loans 32,500,000 20,000,000 Repayments of bank loans (34,700,000) (18,000,000) Proceeds from issue of shares 4 101,322,388 22,442,737 Net cash flows from financing activities 98,836,800 24,117,251 Net increase/(decrease) in cash and cash equivalents 9,801,220 (3,040,660) Cash and cash equivalents at beginning of period 8,059,580 4,406,406 Exchange losses on cash and cash equivalents (4,194) (3,213) Cash and cash equivalents at end of period 17,856,606 1,362,533 The accompanying notes are an integral part of the financial statements. 1 During the period ended 30 June 2017, purchase of investments, proceeds from return of capital in investments and proceeds from realized gains on investments had non cash movements of USD 342,931, USD 124,694 and USD 387,632 respectively (2016: USD 1,615,265, USD 1,555,766 and USD nil) 2 During the period ended 30 June 2017, purchase of investments and proceeds from return of capital in investments include reclassifications of USD 33,158 (2016: USD 2,010,462), for cash flows that had been netted against each respective operating activity 3 During the period ended 30 June 2017, operating expenses (including dividend income and interest received) included non cash movements amounting to USD 169,395 (2016: USD 59,499). 4 Cash flows arising from the share issues and repurchases disclosed in the statement of changes in net assets attributable to shareholders reflect the netting of capital calls and distributions that have been made on the same value date Unaudited cash flow statement Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 13

14 Unaudited notes to the financial statements 1. Summary of accounting policies Basis of presentation The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the EU, IAS 34, Interim Financial Reporting and Irish statute comprising the Companies Act The principles of accounting applied in the interim financial statements as per 30 June 2017 correspond to those of the audited annual report for 2016, unless otherwise stated. 2. Investments at fair value through profit or loss As of 30 June 2016, the Company has subscribed interests in 59 private equity funds and eight co-investments. The total committed capital amounted to USD million of which USD million was contributed to date. The details of the commitments are shown in the unaudited portfolio of investments on pages 15 to 17. The commitments to these private equity funds and co-investments will be funded by contributions from the Company s investors. 3. Related-party disclosures Parties are considered to be related if one party has the ability to control the other party or exercise considerable influence over the other party in making financial or operating decisions. In the opinion of the Board of Directors, the parties referred to in the schedule accompanying this note are related parties under IAS 24 Related Party Disclosures. 4. Events since the period end As of 28 August 2017, the Company has contributed USD 30.3 million to existing private equity investments. 5. Approval of financial statements The Directors approved the financial statements on 28 August Schedule of related-party transactions Related party/relationship/ Agreement(s)/Direct/indirect LGT Capital Partners (Ireland) Limited/ Common directorships/ Investment management agreement/ Direct LGT Fund Managers (Ireland) Limited/ Common directorships/ Administration agreement/ Direct LGT Bank (Ireland) Limited/ Common directorships/ Loan and paying agency agreement Direct Transaction type 30 June 2017 Investment management fee Investment management fee payable Investment performance fee Investment performance fee accrual Administration fee Administration fee payable Due to banks Interest payable Finance costs interest charges Other operating expenses commitment fees Other operating expenses commitment fees payable 3,042,465 2,052,354 1,549,465 2,491,255 69,079 37,917 24,500,000 28, ,461 60,333 59, December 2016 (Audited) 5,486,806 2,404, , ,789 72,367 21,778 26,700,000 35, , ,000 60, Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Unaudited notes to the financial statements

15 Unaudited portfolio of investments For the period ended 30 June ,2,3 Fund currency Capital commitments: fund currency Capital commitments 30 June 2017 Fair value 30 June 2017 Percentage of total net assets attributable to shareholders (%) 31 December 2016 Fair value (Audited) 31 December 2016 Percentage of total net assets attributable to shareholders (%) (Audited) Primary investments Vintage year 2014 P1 USD 20,000,000 20,000,000 12,319, ,196, P2 USD 20,000,000 20,000,000 26,484, ,045, P10 USD 14,971,426 14,971,426 7,562, ,803, Vintage year 2015 P3 USD 15,000,000 15,000,000 3,129, ,051, P4 USD 10,000,000 10,000,000 9,903, ,435, P6 USD 14,000,000 14,000,000 5,286, ,924, P7 USD 15,000,000 15,000,000 19,698, ,856, P8 USD 15,000,000 15,000,000 4,137, ,774, P9 USD 20,000,000 20,000,000 7,628, ,105, Vintage year 2016 P11 USD 15,000,000 15,000,000 5,827, ,722, P12 USD 8,000,000 8,000,000 1,716, , P13 USD 2,000,000 2,000, , , P14 USD 9,986,881 9,986,881 1,798, , P15 USD 10,000,000 10,000,000 2,525, ,154, P16 USD 25,000,000 25,000, , , P17 USD 4,000,000 4,000, , , P18 USD 10,750,000 10,750,000 4,618, ,181, P19 USD 20,000,000 20,000,000 5,855, ,387, P20 USD 20,000,000 20,000,000 2,673, ,715, Vintage year 2017 P5 USD 6,000,000 6,000, , P21 USD 10,000,000 10,000,000 P22 USD 8,000,000 8,000,000 1,559, Sub-total primary investments 292,708, ,180, ,237, Investments have been assigned an alphanumeric code for reasons of confidentiality 2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge 3 The notes to the accounts are an integral part of the financial statements Unaudited portfolio of investments Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 15

16 For the period ended 30 June ,2,3 (continued) Fund currency Capital commitments: fund currency Capital commitments 30 June 2017 Fair value 30 June 2017 Percentage of total net assets attributable to shareholders (%) 31 December 2016 Fair value (Audited) 31 December 2016 Percentage of total net assets attributable to shareholders (%) (Audited) Secondary transactions Closing year 2014 Transaction No. 1 S1-1 USD 10,000,000 10,000,000 8,670, ,562, Closing year 2015 Transaction No. 2 S2-1 USD 750, , , , S2-2 USD 2,063,768 2,063,768 1,378, ,381, S2-3 USD S2-4 USD 236, , , , S2-5 USD 2,725,085 2,725,085 3,015, ,899, S2-6 USD 569, , , , S2-7 USD 203, , , , S2-8 USD 926, , , ,056, Transaction No. 3 S3-1 USD 13,381,528 13,381,528 9,563, ,791, Transaction No. 4 S4-1 USD 4,072,636 4,072,636 4,301, ,680, S4-2 USD 2,168,213 2,168,213 2,287, ,956, S4-3 USD 1,163,454 1,163,454 1,646, ,838, Transaction No. 5 S5-1 USD 15,000,000 15,000,000 7,091, ,806, Transaction No. 6 S6-1 USD 2,205,607 2,205,607 3,069, ,867, Closing year 2016 Transaction No. 7 S7-1 USD 2,384,781 2,384,781 1,914, ,513, S7-2 USD 53,430 53,430 53, , S7-3 USD 2,429,122 2,429,122 2,244, ,139, S7-4 USD 766, , , , S7-5 USD 1,132,850 1,132,850 1,255, ,754, S7-6 USD 563, , , , S7-7 USD 135, ,247 19, , S7-8 USD 1,390,434 1,390,434 1,675, ,597, Investments have been assigned an alphanumeric code for reasons of confidentiality 2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge 3 The notes to the accounts are an integral part of the financial statements 16 Crown Asia-Pacific Private Equity III plc Semi-annual report 2017 Unaudited portfolio of investments

17 For the period ended 30 June ,2,3 (continued) Fund currency Capital commitments: fund currency Capital commitments 30 June 2017 Fair value 30 June 2017 Percentage of total net assets attributable to shareholders (%) 31 December 2016 Fair value (Audited) 31 December 2016 Percentage of total net assets attributable to shareholders (%) (Audited) Closing year 2017 Transaction No. 8 S8-1 USD 7,767,410 7,767,410 11,322, Transaction No. 9 S9-1 USD 4,560,000 4,560, , S9-2 USD 9,422,443 9,422,443 10,633, Transaction No. 10 S10-1 USD 11,912,780 11,912,780 15,300, Transaction No. 11 S11-1 USD 8,330,895 8,330,895 8,529, S11-2 USD 1,663,894 1,663,894 Transaction No. 12 S12-1 USD 276, , , S12-2 USD 2,670,000 2,670,000 S12-3 USD 3,029,117 3,029,117 3,421, S12-4 USD 2,545,377 2,545,377 2,461, S12-5 USD 375, , , S12-6 USD 155, , , S12-7 USD 512, , , S12-8 USD 448, ,520 1,170, Sub-total secondary transactions 117,992, ,796, ,007, Co-investments Vintage year 2015 C1 USD 3,465,147 3,465,147 2,632, ,383, C2 CHF 6,050,000 6,315,898 8,037, ,437, C3 USD 5,389,837 5,389,837 6,482, ,664, C4 AUD 8,448,914 6,480,316 7,257, ,795, Vintage year 2016 C5 SGD 5,988, Vintage year 2017 C6 USD 8,500,000 8,500,000 8,500, C7 USD 8,048,054 8,048,054 8,000, C8 USD 10,000,000 10,000,000 10,000, Sub-total co-investments 48,199,252 50,909, ,270, Investments at fair value through profit or loss 458,899, ,885, ,516, Other net assets and liabilities (11,355,000) (4.1) 8,270, Total net assets attributable to shareholders 271,530, ,786, Investments have been assigned an alphanumeric code for reasons of confidentiality 2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge 3 The notes to the accounts are an integral part of the financial statements Unaudited portfolio of investments Semi-annual report 2017 Crown Asia-Pacific Private Equity III plc 17

18 LGT Capital Partners Ltd. Schuetzenstrasse Pfaeffikon Switzerland Phone Fax lgt.cp@lgt.com