Company Presentation

Company Presentation
January 2016
www.alamsuterarealty.co.id
Who We Are
A leading
property
company in
Indonesia
Large, welllocated, and
valuable
landbank
 Established in 1994 and listed on the Indonesia Stock Exchange since December 2007
 Well-located & large scale urban townships comprising high quality residential and commercial properties,
ancillary facilities and infrastructure
 Proven property development track record
 Owns and controls a large, well-located, and valuable landbank
 Sufficient to sustain operations for the next 20 plus years
 Successful track record in landbank replenishment and growth
 Successfully replicate the core township development business model with Suvarna Sutera project in Pasar
Kemis
– In the period 2011 – 2014, we have sold 4,114 units of houses and land lots, valued at IDR 4.2 tn
Growth from a
single-project
developer to a
multi-project
company in
Indonesia
 Diversifies the Group’s revenue and customer base
–
–
–
–
Allow access to the high-growth mid-end residential property market segment with strong end-user demand
that’s driven by Indonesia’s sound economic fundamentals
Further geographic diversification by making strategic investments in Jakarta CBD and Bali
Launched Kota Ayodhya project in February 2014
Launched several new clusters from in Pasar Kemis (Suvarna Sutera Project) in 2015. In addition, we have
started to market commercial area as we launched our first shophouses in Pasar Kemis.
 Plans to increase recurring income from existing projects
Strong financial
liquidity profile
 Prudent approach to fund expansion by maintaining a sound financial profile
 Access to multiple sources of financing both across banks and global capital markets
2
Core Business Model
The Company’s core business model is focused on township development that has high barriers to entry and
leverages the Company’s core strength and competitive advantages
 Large scale, highly accessible urban township
developed in phases over several years under a
master plan.
 Wide range of high quality real estate products
are offered for sale or lease within the township.
 Well-developed
infrastructure,
property
management and other value added services
enhance the townships long-term value and
attractiveness.
Land
Infrastructure
Residential
Commercial
Ancillary
Township
 Unmatched by our competitors and has become
our competitive advantage.
Description
Well-balanced product mix of residential and commercial properties and land lots
Landed house clusters
Commercial land lots
High-rise apartments
Office Towers
•Cluster of 150 to 500
landed houses in gated
residential enclaves of 4
to 23 ha
•Customer can purchase
ready-built houses or land
lots (on which they may
construct homes of their
own design and at their
own expense)
•Commercial land lots are
sold to customers who
would develop
commercial properties
and facilities
•Increase the
attractiveness of the
township as a residential
and commercial
destination, promotes its
long term growth and
enhances its values
•High-rise apartment
towers, with communal
and recreational facilities
•Apartment saleable area
is typically between 38 to
80 sqm
•High-rise office
properties to cater to the
demand from local and
international companies
seeking to establish an
office presence in greater
Jakarta
Shop Houses
•Cluster/rows of low-rise
shop houses, located
along main roads, and
typically used for
commercial purposes
•Each shop house is
typically 2-3 storeys high
with an average GFA of
220 sqm.
Retail
•Wide range of retail
properties, including food
malls, shopping centers,
and markets
•Target customers include
residents of the Alam
Sutera township and
surrounding areas
3
The New Management
BOC
BOD
Harjanto Tirtohadiguno
President Commissioner
Joseph Sanusi Tjong
President Director
Angeline Sutedja
Commissioner
Lilia Setiprawarti Sukotjo
Director
Pingki Elka Pangestu
Independent Commissioner
RM Frangky AD
Director
The Nicholas
Commissioner
Prasasto Sudyatmiko
Independent
Commissioner
Andrew Charles Walker
Non-Affiliated Director
4
Consolidated Marketing Sales
Monthly sales has become more fluctuative due to our wholesale property business
in IDR mm
2008
2009
2010
2011
Jan - Feb
30,220
25,607
305,677
350,273
Mar - Apr
42,286
127,905
311,097
May - Jun
175,282
120,867
Jul - Aug
58,658
Sept - Oct
2012
2013
2014
2015
946,380
914,199
288,388
215,566
387,115
828,500
789,403
782,323
660,797
401,299
278,831
371,374
1,428,167
1,551,284
289,005
202,314
283,121
943,003
664,426
419,920
687,784
215,956
143,619
358,480
139,117
567,897
634,310
1,143,089
628,945
127,537
Nov - Dec
42,159
187,649
167,518
284,382
202,881
126,586
316,908
416,783
Total
492,224
1,022,822
1,607,829
2,811,501
4,821,364
4,255,633
1,925,644
3,647,871
5
2016 Marketing Sales
In IDR bn
Type of Product
2016 Marketing Sales Target
Serpong
- Commercial
1,100
- Residential
450
Pasar Kem is
- Commercial
300
- Residential
1,000
High Rise
- Apartments
- Offices
400
1,700
GWK
- Hospitality
Total
50
5,000
Note
The above numbers do not include potential transactions as per below:
1. 20 ha Superblock development in Alam Sutera including an International Exhibition and Convention Center
6
2016 Marketing Sales
1
2
Strong Pipelines
Product Launches
 High Rises
 Pipeline: ± 54,000 sqm
 Estimated at IDR 50mm psm
 New Clusters to be launched in Pasar Kemis.
 Commercial Lots
 Pipeline: ± 130,000 sqm
 Estimated at IDR 20+ mm psm
 Potential new tower from Kota Ayodhya project.
 Cluster to be launched in Alam Sutera.
3 Potential JV with International Developers
 Currently exploring JV opportunities
international developers
 Focused on Asian-based developers.
4
with
 The aims
 To accelerate township development as a
whole.
 Risk sharing.
 Capital sharing.
Potential One-Off Transactions
 20 ha Superblock Development

MoU to form a Joint Venture and co-develop
a 20-ha parcel of land located at Alam
Sutera, which includes an International
Exhibition and Congress Center.
 MoU with China Fortune Land Development

MoU to form a Joint Venture to co-develop
Suvarna Sutera, Pasar Kemis.
7
Consolidated Marketing Sales Breakdown
Marketing Sales Breakdown by Area FY2015
Marketing Sales Breakdown by Product FY2015
14%
21%
37%
32%
Alam Sutera
14%
Commercial
Residential (Houses and land lots)
Apartments
Suvarna Sutera
Office Tower
42%
Others
40%
Payment Profile - FY2015
Hard Cash
Cash Installment
Mortgage
Alam Sutera Township
9%
75%
17%
Suvarna Sutera Township
12%
41%
47%
Consolidated
10%
60%
30%
8
Recurring Income
Significant Improvement Expected in 2017 When Our GWK Statue Is Completed And Mall @Alam Sutera
Contract Renewal Takes Place
IDR bn
400
364
308
53
55
52
57
60
193
195
350
300
250
231
200
55
373
49
24
150
157
100
50
-
71
17
13
13
5
23
2012
Town management
114
8
8
7
31
7
43
52
55
2013
2014
2015 E
2016 E
Recreation and sports
Rent
Other Hospitality
Tourism / GWK
9
Overall Capital Spending Plan
Slowdown on Landbank Purchase and Reduce Capital
Spending
IDR bn
Capital Spending Revised Downward
in IDR bn
Historical and Planned Land Acquisition Expenditure
Description
FY2016 Target
4,000
3,377
3,500
3,000
500
Construction - High Rise
500
Construction - Low Rise
1,000
Total Capex
2,000
2,354
2,500
2,000
1,336
1,500
1,000
Land acquisition
781
400
500
500
•
Land acquisition:
•
North Serpong
•
Construction - High Rise:
•
Prominence
•
The Tower
•
Paddington Heights
•
Kota Ayodhya
•
GWK
•
Construction - Low Rise:
•
Serpong
•
Pasar Kemis
0
2011
•
•
2012
2013
2014
2015E
2016E
The Company has sufficient landbank at more than 20 yrs
lifetime catering to all market spectrums through land located at
Pasar Kemis and Serpong.
Acquisition phase is completed and no further major acquisition
is expected.
10
Balance Sheet Update
Debt Maturity Profile
Remaining Bond Details
USD mm
Description
2020 Bond
2019 Bond
Notes
USD 235 mm 6.95% interest
p.a. Senior Notes due 2020
USD 225 mm 9% interest
p.a.
Senior Notes due 2019
275
250
14
11
6
225
11
43
Rating
B1 Negative/ B Stable/ B+ Negative
(Moody’s/ S&P / Fitch)
Interest
Payment
Mar 27 and Sept 27 of each Jan 29 and Jul 29 of each
year, commencing Sept 27, year, commencing Jul 29,
2013
2014
200
175
Insignificant repayment
schedule in the next 3
years
150
125
225
100
75
235
Key Highlights
Fully Paid
50
25
67
6
1
0
2015
2016
14
11
6
2017
14
11
6
2018
2019
2020
•
We have fully redeemed our 2017 Bond in April 2015.
•
Flexibility to call the remaining USD bonds in 2017.
•
Target: achieve lower gearing by improving cash position through slower
capex spending and initiative to accelerate asset monetization.
•
Safety Measures: existing bonds are substantially hedged (up to IDR
14,500). All hedges mature in line with the outstanding Bonds.
•
Entered into an IDR 500 bn construction loan agreement with Hana Bank
in July 2015. Total drawdown as of Dec 31st 2015 is IDR 249 bn.
•
Entered into an IDR 790 bn construction loan agreement with Bank ICBC
Indonesia in October 2015 for our Kota Ayodhya, The Prominence and
Paddington Heights high-rise projects. Total drawdown as of Dec 31st
2015 is IDR 600 bn.
2020 Bond
2019 Bond
IDR 300 bn CIMB Bank Facility for GWK project (IDR 13,500/USD)
IDR 500 bn Hana Bank Facility. Assumed full drawdown (IDR 13,500/USD)
IDR 790 bn Bank ICBC Indonesia Facility. Assumed full drawdown (IDR 13,500/USD)
11
Financial Highlights
Income Statement
Balance Sheet and Financial Ratios
Description
(in IDR bn)
9M14
9M15
% Change
Revenue
2,824
2,170
-23%
Gross Profit
1,706
1,670
-2%
% of Rev
60%
77%
Operating
Income
1,414
1,336
% of Rev
50%
62%
EBITDA
1,462
1,411
% of Rev
52%
65%
Net Income
890
157
% of Rev
32%
7%
Description
(in IDR bn)
9M14
9M15
Cash and Time Deposit
1,460
555
Total Debt
6,447
7,111
Debt/ LTM EBITDA
3.75
3.68
Net Debt/ LTM EBITDA
3.14
3.56
Debt to Equity
106%
117%
Net Debt to Equity
89%
113%
EBITDA/Interest
3.53
3.13
-6%
-3%
-82%
12
Our Portfolio
Map Summary of Our Current Developments
JAKARTA CAPITAL REGION
The Tower – Office Building
Wisma Argo Manunggal – Office
Building
BALI
Garuda Wisnu Kencana (“GWK”) – Cultural
Park
Direct Exit Toll
To Alam Sutera
GWK
Alam Sutera Township
The Prominence
TANGERANG AREA
Alam Sutera - Township
- Mall @Alam Sutera
- The Prominence - Office Tower
- Paddington Heights - Apartment
Suvarna Sutera - Township
Kota Ayodhya – Apartment
Silkwood Residence
Paddington Heights
Kota Ayodhya
Mall @Alam Sutera
13
Alam Sutera and Suvarna Sutera Township
Current JORR-II Toll Road currently being developed will create direct access from Alam Sutera to SoekarnoHatta Airport, positioning Alam Sutera at a very strategic location. This Toll Road Will be Completed in 2019
This section will
connect Alam
Sutera to the
Airport and is a
construction
priority
Future JORR II –
Toll Road
Jakarta Merak Toll Road
JORR I – Toll Road
Future JORR II –
Toll Road
Future BSD-Balaraja Toll Road
Key Highlights of Tangerang Area
a.
Tangerang is one of the fastest growing
regions (total population in 2012: 7.8 mm)
within Greater Jakarta and a popular
residential and business district.
b.
Economic growth of the region is driven by
urbanization, decentralization and
infrastructure development
c.
Expected improvements to infrastructure will
enhance the region’s accessibility and
attractiveness. Some parts of JORR II has
already completed (Cinere-Jagorawi Toll
Road
Legend:
Under construction
Completed
14
Alam Sutera Township
Masterplan Mapping
Phase 3
Acquiring
Land
Phase 2
Commercial
Land Lots
Key Highlights
•
•
Located 15 km to the west of Jakarta.
Total development of ± 800 ha, divided into two phases.
• Phase one: ± 450 ha (mostly residential and shop houses).
• Phase two: ± 350 ha (mostly commercial and high rise
buildings).
• Additional Expansion for Phase three: ± 300 ha expansion to
north Alam Sutera in the next 2-3 years.
Direct access to toll road
Adjacent to the new toll road to the Airport (JORR2). Expected to be
completed in 2019
•
•
Development Statistics
Phase 1
Residentials
Fully Sold
Out
•
Low Rise
 Clusters: 34
 Landed Houses: 7,500
•
High Rise
 Apartments: 1 completed, 3 under construction, 3 recently
launched, and 7 planned to be launched
 Office Buildings: 3 completed, 2 under construction, and 6
upcoming
 Hotels and Others: 3 upcoming
•
Commercial & Other Supporting Facilities
 2 Shopping malls, sport club, school, university, traditional
market, supermarkets, gas station, water treatment plant,
F&B centre, home furnishing centre, electronic centre,
automobile showrooms, etc.
15
Alam Sutera Township
Average Selling Price
Average Selling Price – Commercial Lots
Average Selling Price – Residential Lots
IDR mm psm
IDR mm psm
25
23.1
16
14.4
14.6
2014
2015
13.7
14
20
12
17.3
10
15
9.0
12.5
8
10
8.4
5
5.5
6
7.1
4
4.3
3.8
2
0
0
2010
2011
2012
2013
2014
2015
2010
2011
2012
2013
Attractive location continue to drive robust price increase. Commercial land to drive sales and price increase going
forward
16
Suvarna Sutera Township
Suvarna Sutera Master Plan
Project Overview
G
•
Suvarna Sutera Township is the second township from Alam
Sutera, located at Pasar Kemis, Tangerang, 15 km away from
Alam Sutera. The Company has developer license covering
2,600 ha area. Planned phase one development is 900 ha.
•
Master Plan by Sasaki, Walker & Associates (SWA Group), a
reputable US-based landscape architect, urban designer, and
planner.
•
Since 2011, the Company has launched four residential super
clusters with 17 sub-clusters. (per March 2015)
E
C
B
Progress Timeline
D
H
A
Main focus for
infrastructure
development in 2014
F
Legend
A
Suvarna Padi Residential Cluster (2011)
E
Suvarna Padma Residential Cluster (2014)
B
Suvarna Jati Residential Cluster (2013)
F
Location of future toll road access
C
Phase 1: Most of the land has been acquired
G
D
Potential future toll road connecting Suvarna
Sutera to the international airport
Phase 2: Land to be acquired over next few years
H
Suvarna Sari Residential Cluster (2015)
17
Suvarna Sutera Township
Average Selling Price
Sustainable ASP Increase – Replicating Historical Alam Sutera Township Growth Path
Average Selling Price – Land in Suvarna Padi
Average Selling Price – Land in Suvarna Jati
IDR mm psm
IDR mm psm
4
6
3.3
5*
5
3.4
5.2 *
3
2.5
4
4
2
2.8
3
2.1
2
1
1
0
0
2011
*
2012
2013
2014
2015
2013
2014
2015
Indicative secondary market pricing
18
High Rise Projects
x
The Prominence Tower
Artist Impression of The
Completed Project
The Prominence Tower
Land Site Area
Building GFA
Semigross Area
No of floor
Launch date
Construction start
Target completion date
Selling price
Est. construction cost
Marketing sales
Construction progress
Progress
Construction
Progress
Construction
Progress
Progress
Construction
Construction
as
asofof
as
of
Dec’15
as Jan’15
of
Sept’15
Mar’15
: 13,981 sqm
: 53,762 sqm (excl parking)
: 50,853 sqm
: 30
: Feb-13
: Jun-13
: Completed
: IDR 21-23 mm psm
: IDR 415 bn
: IDR 222 bn*
: On time
__________________________________________
Note: * As of December 2015
Paddington Heights
Artist Impression of The
Completed Project
Paddington Heights Apartment
Land Site Area
Building GFA
Semigross Area
No of floor
Launch date
Construction start
Target completion date
Selling price
Est. construction cost
Marketing sales
Construction progress
Progress
Construction
Progress
Construction
Progress
Progress
Construction
Construction
as of
as
of
Dec’15
as
asof
Jan’15
of Jun’15
Mar’15
: 9,000 sqm
: 36,653 sqm (excl parking)
: 33,090 sqm
: 30
: May-13
: Q1 2014
: 2Q16
: IDR 22-24 mm psm
: IDR 350 bn
: IDR 316 bn*
: On time
19
High Rise Projects
xx
Kota Ayodhya is an apartment that is located at the heart of Tangerang City, only 6.2 km away from Alam Sutera Township.
In 2014, The Company has successfully marketed 4 towers (phase 1).
Artist Impression of The Completed Product
Kota Ayodhya
Land site area
Apartment
Mall and shophouses
No of floor
Launch date
Construction start date
Target completion date
Selling price
Est. construction cost
Marketing sales (Apartment)
Construction Progress
Towers
_________________________
Note: * As of December 2015
: 21,230 sqm
: 137,947 sqm
: 12,154 sqm
: 24
: Feb 2014
: July 2014
: 3Q16
: IDR 12-13 mm psm
: IDR 755 bn
: IDR 826 bn*
: On time
: 4 Towers
Artist Impression of The Completed Project
ProgressConstruction
Construction
ProgressProgress
Construction
as of Mar’15
asofof Dec’15
Sept’15
as
20
High Rise Projects
xx
The Tower is a 50-storey strata title office building strategically located in the golden triangle at the CBD Jakarta.
Artist Impression of The Completed Product
The Tower
Location
: Jl. Gatot Subroto Kav. 12
Land site area
: 9,522 sqm
Building GFA
: 69,837 sqm
No of floor
: 50
Semigross Area
: 56,492 sqm
Construction start
: Sep-13
Target completion date
: 3Q16
Est cost of construction
: IDR 680 bn
Marketing sales
: IDR 333 bn*
Construction Progress
: On time
Selling price
: IDR 48-50 mm psm
Artist Impression of The Completed
Project
Progress
Construction
Progress
Construction
Progress
ProgressConstruction
Construction
asasofofJan’15
Mar’15
as as
of of
Dec’15
Jun’15
__________________________________________
Note: * As of September 2015
21
GWK Project
Overview of Bali Tourism
Number of Tourists Visiting Bali
Number of Foreign Tourists Visiting Bali
2009-2013
Total Number of Tourists Visiting Bali 2009-2013
10.4
2.4
2.6
2.8
2.9
3.3
8.5
9.0
2011
2012
7.3
5.9
2009
2010
2011
2012
__________________________________________
Source: BPS Bali, 2013
2013
2009
Number of Domestic Tourists Visiting
Bali
2009-2013
4.7
5.7
6.1
7.1
3.5
2010
2013
Why Bali?
•
Named as Asia’s best island by Travel and Leisure Magazine in 2014.
•
With a CAGR of 15.2%, the total number of tourists visiting Bali (both foreign and
domestic tourists) has reached more than 10mm people in 2013. Indicating increasing
tourism potential in the region. This, coupled with the development of infrastructures
(inclusive of toll roads and new airport) indicates an upside potential for tourism
expenditure in Bali
2009
2010
2011
2012
2013
___________________________________________
Source: Bali Provincial Tourism Agency, 2015
22
22
GWK Project (cont’d)
A Must Go To Destination In Bali Starting 2017
Overview
•
What We are Currently Developing
A private cultural park on the Bukit Peninsula at the southern
end of the island of Bali in Indonesia, 15 minutes from Ngurah
Rai International Airport. Bukit is a limestone plateau with
Uluwatu to the west and Nusa Dua to the east.
•
A mixed-use development complete with commercial and
residential areas
•
Number of visitors: estimated at 3,000 people daily
Multi Role Sites: Past Events Held at GWK
Recently become popular for a prestigious wedding venue and has
been chosen as a venue of many international events. For example:
Miss World, Sept 2013
200 visitors
Dreamfields Festival, Aug 2014
25,000 visitors
1. Garuda Wisnu Kencana Statue
We are completing the 75m Wisnu Statue, which will be the largest
statue in the world and a major tourist attraction to the park
2. Commercial Area With In-House Operation
We are also developing commercial area and supporting facilities
operated by us. This includes: entrance gate, parking area, estate
office, ticketing, toilets, and kitchens
3. Commercial Area for Hospitality
Additionally, we have 30 ha land plots within GWK allocated for
hospitalities with a variety of tiers such as 3 – 5 star hotels, boutique
hotels, and other hospitality functions
Land Zoning
Iron Maiden Concert, Feb 2011
Commercial Area
Dreamfields Festival, Aug 2015
20,000 visitors
Soundrenaline, Sept 2015
84,000 visitors
Land for Hospitality
Cultural Park and
Facilities
23
GWK Project (cont’d)
The Statue
The statue is designed by Nyoman Nuarta, a world renowned Balinese’s artist with many experience worldwide in making large scale
statues.
The statue will be made of copper and built on the hill at 130m altitude above the sea level, standing on 50 meter pedestal. It will
reach 75m high ( >250m above sea level).
The statue will be the only high structure that exceeds 15 meter limit set by the local Bali government. There will be 25,000 sqm retail
space area, which consists of gallery and MICE, inside the statue.
The statue’s fragments
Pedestal’s Progress
Artist Progress
Impression
Pedestal’s
GWK Will Represent a Significant Recurring Income in 2017 Onwards
24
Property Investment
Mall @Alam Sutera
Wisma Argo Manunggal (WAM)
Customer Traffic
Mall @Alam Sutera – Night View
Average
visitors per
day
2013
2014
Weekdays
8,000
9,400
Weekends
19,000
23,000
Mall @Alam Sutera
Wisma Argo Manunggal
Front View
Wisma Argo Manunggal
GFA
: 165.000 sqm
Leasable area
: ± 67.369 sqm (extendable to 68.000 sqm)
Height
: 5 floors (3 retail floors, 2 parking floors)
Parking capacity
: 2.500 cars
Land area
: 7.8 ha
Grand opening
: 12 December 2012
Anchor tenants
: Sogo Department Store (17.913 m2, 27%)
Food Hall, Fun World
Occupancy rate
: 88% (as of Nov’15)
Average rental rate
: IDR 97.000 psm /mo.(as of Nov’15)
Average service
: IDR 45.000 psm /mo. (as of Nov’15)
Location
: Jl. Jend. Gatot Subroto Kav. 22
Acquired from
: PT Daya Sakti Perdika
Land area
: 8,434 sqm
Building GFA
: 18,165 sqm
Leasable Area
: 13,809 sqm
Occupancy
: 90%
Average rental & service rate
: IDR 60,000 psm / mo.
Potential redevelopment
: Demolish the existing building and
build a new 40-60 storey grade A
office.
25
Awards
2015
2014
2013
2012 and previous years
FIABCI Prix
d’Excellence
Awards
IFLA APR
Awards
Best Township
Sub Category:
Sustainable
Development
Kota Ayodhya Best Urban Living
Apartment
Best Township
Sub Category:
Green
Development
The well
implemented
township project
Top Ten
Developers 2015
Bronze Champion
of Indonesia Wow
Brand 2015
Most Influentional
Property
Professional – Mrs
Lilia Suktojo
(Marketing Director
ASRI)
Best Township
Development
Project
(Alam Sutera)
Nomination of
Best Share Issuer
Market Cap
up to Rp 10 trillion
Merit Awards
Landscape
Category
Top Ten
Developers
Platinum Brand
Champion
Asia’s Best
Companies 2014
Silver Champion of
Indonesia WOW
Brand 2014 –
Residential Property
Developer Category
Top First Rank
Among Region’s
200 Small and
Mid-size
Companies
Top 50
Best Companies
Top 10 Developers
Indonesia 2014
The Best
Innovation in
sustainable
development –
Indocement
Awards
Winning
Three Years
In A Row
Property Marketer
Of The Year
Top Performing
Listed Companies
Developer with
Asset < 15 T
Best
Listed Companies
Top Performing
Listed Companies
Outstanding
Master Plan
Top Ten
Developers
Top 50
Best Companies
Best Share Issuer
Market Cap
up to Rp 10 trillion
Top Performing
Listed Companies
Top 40
Best Emerging
Companies
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Disclaimer
This presentation may contain forward-looking statements that involve risks and
uncertainties.
Actual future performance, outcomes and results may differ materially from those
expressed in forward-looking statements as a result of a number of risks, uncertainties and
assumptions.
Representative examples of these factors include (without limitation) general industry and
economic conditions, interest rate trends, cost of capital and capital availability, availability
of real estate properties, competition from other companies and venues for the
sale/distribution of goods and services, shifts in customer demands, customers and
partners, changes in operating expenses, including employee wages, benefits and training,
governmental and public policy changes and the continued availability of financing in the
amounts and the terms necessary to support future business.
You are cautioned not to place undue reliance on these forward looking statements, which
are based on current view of management on future events. We expressly disclaim any
obligation or undertaking to release publicly any update of or revision to any forward-
looking statements contained herein to reflect any change in our expectations with regards
hereto or any change in events, conditions or circumstances on which any such statements
is based.
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THANK YOU
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