full year results 2014

Transcription

RESULTS FOR YEAR ENDED 31 DECEMBER 2014
RESULTS FOR 12 MONTHS ENDED 31 DECEMBER 2014 2 MARCH 2015
Disclaimer
This presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”,
“projects”, “should” or “will”, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a
number of places throughout this presentation and include, but are not limited to, statements regarding Alent and its respective groups’ intentions,
beliefs or current expectations concerning, amongst other things, results of operations, prospects, growth, strategies and expectations of its
respective businesses.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking
statements are not guarantees of future performance and the actual results of Alent and its respective groups’ operations and the development of
the markets and the industry in which they operate or are likely to operate and their respective operations may differ materially from those
described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the results of operations and the
development of the markets and the industry in which Alent and its respective groups operate, are consistent with the forward-looking statements
contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. A number
of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements, including,
without limitation, those risks in the risk factor section of the 2013 Annual Report and Accounts as well as general economic and business
conditions, industry trends, competition, changes in regulation, currency fluctuations or advancements in research and development.
Forward-looking statements speak only as of the date of this presentation and may, and often do, differ materially from actual results. Any
forward-looking statements in this presentation reflect Alent and its respective groups’ current view with respect to future events and are subject
to risks relating to future events and other risks, uncertainties and assumptions relating to Alent and its respective groups’ operations, results of
operations and growth strategy.
Neither Alent nor any member of its respective groups undertakes any obligation to update the forward-looking statements to reflect actual results
or any change in events, conditions or assumptions or other factors unless otherwise required by applicable law or regulation.
2
2
INTRODUCTION
3
AGENDA
INTRODUCTION
ANDREW HEATH
FINANCIAL & OPERATING PERFORMANCE
DAVID EGAN
BUSINESS OVERVIEW
DAVID EGAN
INVESTING FOR GROWTH & OUTLOOK
ANDREW HEATH
Q&A
ANDREW HEATH
4
Initial observations
• A strong business, reflected in profitability and cash conversion
• Good progress in 2014 – a credit to the management team
• Video matches the audio – what I have seen matches what I have heard
• Our people – knowledgeable and passionate about the business - focused on delivery
Key Objectives:
• Accelerate growth for the long-term
• Allocate capital to deliver enhanced shareholder value
DELIVERING LONG-TERM GROWTH AND SUSTAINABLE MARGIN IMPROVEMENT
5
5
Key messages
• 2014 – a year of good progress
• Competitive advantages – enabled outperformance of end-markets
• Investing for growth – to enhance and accelerate competitive advantages
• Strategy – growing the business for the long-term
6
6
FINANCIAL &
OPERATING
PERFORMANCE
7
2014 - Key highlights
• On a constant currency basis, Alent has delivered a good set of results
• Growth of 5% in NSV, reflecting continued outperformance against principal markets
• Growth of 8% in adjusted operating profit and 0.6pts in NSV margin
• Growth of 11% in adjusted earnings per share
• Continued strong cash generation with net debt/EBITDA of 1.0x
• Final dividend of 6.0 pence per share; full year dividend growth of 4.7%
CONTINUED OUTPERFORMANCE OF PRINCIPAL MARKETS
8
8
Group financial highlights
Reported
Change %
2014
2013
Reported
Constant
413.0
420.1
(1.7)
4.6
(162.0)
(168.7)
4.0
(2.9)
Gross margin (£m)
251.0
251.4
(0.2)
5.7
Gross margin (%)
60.8
59.8
1.0 pts
0.7 pts
(155.9)
(157.3)
0.9
(4.6)
Adjusted operating profit (£m)
95.1
94.1
1.1
7.6
NSV margin (%)
23.0
22.4
0.6 pts
0.6 pts
Adjusted profit before tax (£m)
91.5
88.0
4.0
11.1
Adjusted earnings per share (pence)
25.0
24.1
3.7
Adjusted cash generated from operations (£m)
94.0
102.8
(8.6)
108.3
96.5
(12.2)
1.0
1.0
20.9
20.2
Net sales value (NSV) (£m)
Manufacturing and raw material costs (£m)
Overheads (£m)
Net debt (£m)
Leverage (x EBITDA)
Return on capital employed (%)
• Group NSV increased 5% - outperforming principal end-markets
• Market share capture through outperformance of key end-markets
• Pricing remained solid with gross margin increasing to 61%
9
9
Segmental analysis
Reported
Change %
2014
2013
Reported
Constant
Assembly Materials
204.9
209.5
(2.2)
4.4
Surface Chemistries
208.1
210.6
(1.2)
4.7
Alent Group (£m)
413.0
420.1
(1.7)
4.6
Assembly Materials
57.6
58.2
(1.0)
5.3
Surface Chemistries
44.6
42.7
4.4
10.4
Corporate
(7.1)
(6.8)
(4.4)
(6.0)
Alent Group (£m)
95.1
94.1
1.1
7.6
Assembly Materials
28.1
27.8
0.3 pts
0.2 pts
Surface Chemistries
21.4
20.3
1.1 pts
1.1 pts
Alent Group (%)
23.0
22.4
0.6 pts
0.6 pts
NSV (£m)
NSV Margin (%)
10
10
Assembly Materials
Reported £m
NSV
Change %
2014
2013 Reported
Wave Solder Assembly
49.2
54.7
(10.1)
(1.0)
Surface Mount Assembly
99.2
93.7
5.9
13.2
Microelectronics Products
11.4
11.5
(0.1)
4.6
Other
45.1
49.6
(9.1)
(6.0)
204.9
209.5
(2.2)
4.4
57.6
58.2
(1.0)
5.3
28.1%
27.8%
0.3 pts
0.2 pts
Total NSV
Adjusted operating profit
NSV Margin
Constant
• Improving trends in electronics market
• Wave Solder Assembly
– Continued shift from Wave Solder Assembly to higher margin Surface Mount Assembly
• Double digit growth in Surface Mount Assembly
– Paste volume up 10% with further progress in margins as we leverage our OEM marketing and selling strategy
– Packaged preforms delivered strong growth in both volume and margin on the back of design wins in European automotive space
– Wire volume up 7% driven by increased demand in Asia
• Microelectronics NSV up 5%
– Promising prospects in die-attach technology
• Other – NSV progression in water treatment business, offset by performance of reclaim business
11
11
Surface Chemistries
Reported £m
NSV
Change %
2014
2013
Reported
Constant
Performance Coatings
97.6
100.4
(2.8)
3.3
Electronics Chemistries
103.1
101.8
1.3
7.1
7.4
8.4
(11.9)
(6.3)
208.1
210.6
(1.2)
4.7
44.6
42.7
4.4
10.4
21.4%
20.3%
1.1 pts
1.1 pts
Other
Total NSV
Adjusted operating profit
NSV Margin
• Modest growth in automotive and industrial markets
• Performance Coatings and Electronics Chemistries segments outperformed underlying markets
• Continued progress in Performance Coatings segment
– PCB Chemistry volume up 6% through market share gain
– Performance Coatings NSV up 3% due to stronger demand in automotive markets and market share capture
• Electronics Chemistries
– Copper damascene NSV increased 7.8%, driven by ramp up of 28/20nm advanced nodes
– Continued progress at 14/10nm nodes with product evaluations at a number of key customers
– Settlement of litigation
• NSV margin increased 1.1pts to 21.4%
12
12
Summary income statement
Reported £m
Change %
2014
2013
Reported
Constant
95.1
94.1
1.1
7.6
1.6
0.8
Net finance costs
(5.2)
(6.9)
Adjusted profit before tax
91.5
88.0
4.0
11.3
(22.7)
(20.9)
(8.6)
(15.8)
Adjusted profit for the year
68.8
67.1
2.5
9.9
Adjusted earnings per share (pence)
25.0
24.1
3.7
11.1
Effective tax rate
• Continuing operations (%)
25.2%
24.0%
(1.2) pts
• Net exceptional tax credit
1.9m
4.8m
Adjusted operating profit before exceptional items
Share of post-tax profit of JVs
Income tax costs – ordinary activities
The summary income statement above is presented on an “adjusted results” basis, which excludes exceptional items from both 2014 and 2013
13
13
Exceptional items
£m
2014
2013
Restructuring charges
8.2
10.3
Litigation settlement charges
7.3
-
Disposal and closure costs
3.0
-
Impairment charges
2.1
-
20.6
10.3
Litigation settlement income
(2.3)
-
Profit on disposal of continuing operations
(0.2)
-
Total exceptional income
(2.5)
-
Total net exceptional charges
18.1
10.3
Exceptional charges
Total exceptional charges
Exceptional income
• We are currently not expecting any exceptional costs in 2015
• Restructuring and other exceptional cash spend of c£12-14m for full year 2015
14
14
Cash flow
£m
2014
2013
EBITDA
104.2
103.1
Net (increase)/decrease in trade and other working capital
(0.2)
5.6
Outflow relating to restructuring charges
(9.3)
(4.0)
1.7
-
Additional funding contributions into Group pension plans
(2.4)
(1.9)
Adjusted cash generated from operations
94.0
102.8
Net interest paid
(3.3)
(4.1)
(17.5)
(19.3)
73.2
79.4
(11.7)
(13.7)
2.8
7.5
64.3
73.2
Litigation settlement
Income taxes paid
Adjusted cash inflow from operating activities
Capital expenditure
Add back other items
Adjusted free cash flow
• Strong cash generation leading to reduced net debt and strengthening of balance sheet
• Working capital 19.2% of sales
• Capital expenditure of £11.7m, representing 1.3x depreciation
15
15
Net debt
£m
2014
2013
Adjusted free cash flow
64.3
73.2
Demerger costs
(0.2)
(4.8)
Pension top-ups
(2.4)
(1.9)
(66.3)
(23.3)
(7.2)
4.7
Movement on net debt in the year
(11.8)
47.9
Net debt at start of year
(96.5)
(144.4)
Net debt at end of year
(108.3)
(96.5)
1.0x
30.7
1.0x
22.0x
Dividends paid to shareholders
Other, including foreign exchange & deferred consideration
Financial covenants:
Net debt to EBITDA (last 12 months) ≤3.0x
EBITDA to net interest ≥4.0x
Facility:
£300m syndicated bank facility
Debt maturity extended 2 years to 2019
16
16
Growth platform – capital allocation
Reinvest for
organic
growth
Progressive
dividend
policy
2
1
Acquisitions
in line with
strategy
3
Return
excess to
shareholders
4
DISCIPLINED BALANCE BETWEEN INVESTMENT FOR GROWTH AND RETURNS TO SHAREHOLDERS
17
17
Dividends
2014
2013
Change
Interim (pence)
3.0
2.89
3.8
Final (pence)
6.0
5.71
5.1
Full year (pence)
9.0
8.60
4.7
2.8x
2.8x
-
Dividend cover
• Special dividend
– 15.0 pence per share, representing a total payment of £42m
– Paid to shareholders on 17 October 2014
• The Board has recommended a final dividend of 6.0 pence per share
– 2014 full year dividend of 9.0 pence per share
– 4.7% growth over the 2013 full year dividend
• Progressive dividend policy maintained
– Dividend at least in line with earnings growth
– Dividend cover within a range of 3.0 to 2.8 times
18
18
BUSINESS
OVERVIEW
19
The Alent model
• A Global Market Leader
+
• Competitive Advantage
–
–
–
–
Differentiated OEM customer model
Customer-driven, “fast cycle” R&D
Technical services
Global footprint
Outperformance of
attractive markets
+
• Financial Strength
20
20
Alent’s performance vs end-markets
World production of electronic equipment % growth rates
Converted at 2013 exchange rates
4.6
3.3
Automotive production growth in units (m)
5.1
105.3
-3.0
83.1
2013
2014
2015
85.6
2016
Source: Henderson, January 2015
2013 2014 2015 2016 2017 2018
Source: Prismark Partners, November 2014; IHS Automotive, January 2015
Alent’s exposure to end-market
Alent’s Growth (2014)
Surface Chemistries (50% automotive/industrial-focused)
4.7%
•
Performance Coatings
3%
•
Plating on Plastics
4%
Assembly Materials (100% electronics-focused)
•
Alent vs Market (2014)
4.4%
Surface Mount Assembly
13%
•
Paste
10%
•
Wire
7%
Surface Chemistries (50% electronics-focused)
4.7%
•
Electronics Chemistries
7%
•
Printed Circuit Board Chemistry
6%
•
Copper Damascene
8%
•
Microelectronics Plating Chemistry
9%
21
COMPETITIVE
ADVANTAGE
22
Alent’s OEM sales programme
• A highly differentiated and sustainable competitive advantage
• Provides above average segment growth via market share gain
• Enhances pricing stability
• High barrier to entry for competition
Progress update
• Electronics OEMs
– Further traction with Asian OEMs, particularly in China
– Maintain sole/leading supplier status in key accounts
• Auto OEMs
–
–
–
–
–
Significant outperformance versus end-markets
Further traction with Asian OEMs, particularly in China
Trials with several Tier 1 suppliers converted into orders
Approvals with Alpha high performance alloy
Specifications from automotive electronic system suppliers
NEW OEM SPECIFICATIONS IN BOTH CONSUMER AND AUTOMOTIVE ELECTRONICS
23
23
R&D/technical services
CORE PRODUCT
DEVELOPMENT
ADJACENT
MARKETS
NEXT
GENERATION
PRODUCTS &
TECHNOLOGIES
70%
20%
10%
• Customer focused
product development
• Gain market share by
continuous stream of
innovative products
• Strategic technology
initiatives for adjacent
markets
• Explore, select and nurture
emerging / breakthrough /
disruptive technologies
• Key customer
engagements
to feed innovation pipeline
• “Learn Programs” to
demonstrate feasibility
Progress update
• Solder paste innovation
• New products for LED packaging and assembly
• Next generation copper pillar chemistry for semiconductor wafer packaging
• New copper process for plating on plastics
DISCIPLINED ALLOCTION OF R&D RESOURCES ENSURES A SUSTAINABLE & ROBUST ROCE
24
24
Global footprint – progress update
•
Europe – moved manufacturing from Netherlands to Hungary; in early production
•
Chennai – will be fully commissioned by end Q1 2015
•
Brazil – moved manufacturing from Sao Paulo to Manaus
•
Shanghai – fully commissioned
•
Continue to right-size and streamline the business structures
CLOSE PROXIMITY TO OUR GLOBAL CUSTOMERS
25
25
INVESTING FOR
GROWTH
26
Investing for Growth
Routes to Market
• OEM, technical support, R&D teams
+
The Benefits
•
•
Product Development
• New products/new markets
+
Accelerate growth
Increase market share
• New high growth markets
• High margin products
Capital Expenditure
• Manufacturing/R&D facilities
TARGETED INVESTMENT PROGRAMME ALIGNED TO OUR COMPETITIVE ADVANTAGES
27
27
Routes to Market and Product Development
• £7m investment/increase headcount by around 100 people
• Additional OEM headcount with focus on Asia
• Additional R&D headcount with focus on India and US
– Solder paste for new packaging applications
– Engineered polymers for die-attach
– Performance coatings for enhanced processing in wear and
corrosion resistant products
– Copper damascene for latest nodes
– Copper development for functional decorative coatings
The Benefits
• Additional technical support in all regions
+
Capital Expenditure
TARGETED INVESTMENT PROGRAMME TO SECURE PROXIMITY TO CUSTOMERS
28
28
Capital Expenditure
• 2015 CAPEX of 1.5 – 1.8x depreciation
• Invest in manufacturing capability
– US
• Wafer level packaging
• Copper damascene process line
– Asia
• Powder manufacturing capability
The Benefits
• Invest in R&D equipment with a focus on
– Die-attach, LED and nano silver in India
– Wafer fabrication research in the US
– Coating development equipment in Europe
+
Routes to Market and Product Development
29
29
The Benefits
Routes to Market
+
The Benefits
•
•
Product Development
•
•
•
+
Accelerate growth
Increase market share
• New high growth markets
• High margin products
Expect benefits to start in 2016
Full NSV growth benefit in 2017
Continued outperformance of end-markets
Capital expenditure
30
30
OUTLOOK
31
Outlook
• As ever, while visibility remains limited, we expect to make continued progress over the
course of the year, with our normal seasonal improvement in the second half.
• As things stand, we anticipate that our core markets will continue to grow at a similar
rate to 2014, on a global basis, during the course of this year.
• Alent will continue to outperform its key markets.
• We are confident our targeted investment programme will enable us to deliver longterm growth and sustainable margin improvement.
• We are well placed to take advantage of improving market conditions.
32
32
Conclusions
• 2014 – a year of good progress
• Competitive advantages – enabled outperformance of end-markets
• Strategy – growing the business for the long-term
• Investing for growth – to enhance and accelerate competitive advantages
33
33
Key priorities
• Understand the business and the opportunities
• Engage with stakeholders
• Accelerate growth for the long-term
• Allocate capital to deliver enhanced shareholder value
34
34
QUESTIONS
35
APPENDICES
36
Definitions
The following are referred to throughout this presentation:• NSV is revenue less commodity metals (tin, silver, gold).
• Adjusted operating profit, adjusted profit before tax, adjusted profit for the year and adjusted earnings per share are,
where appropriate, each stated before: exceptional items; amortisation of acquired intangible assets; deferred tax on
acquired intangible assets and goodwill; utilisation of deferred tax assets (where initial recognition was as an
exceptional item); acquisition costs; the impact arising from the fair valuing of financial instruments; and profits or
losses arising on business disposals.
• Adjusted cash generated from operations is cash generated from operations after adding back £0.2m (2013: £4.8m)
for demerger cash costs.
• Free cash flow is defined as net cash from operating activities after net outlays for the purchase and sale of property,
plant and equipment and dividends from joint ventures but before additional funding contributions to Group pension
plans.
37
37
Market performance
World production of electronic equipment % growth rates
Converted at 2013 exchange rates
World mobile phone shipments % growth rates
5.1
Smart
4.6
2104
Dumb
Total
2015
2016
26.0
3.3
18.5
5.2
-17.7
2014
2015
14.4
4.3
3.5
-21.5
-21.8
2016
Source: Henderson Jan 2015
Automotive production growth in units (m)
World PC shipments % growth rates
Tablet
Traditional
2014
Total
2015
105.3
2016
10.1
9.3
8.4
5.4
4.5
3.3
1.5
2.2
-1.3
2014
2015
2016
Source: Prismark Partners, November 2014
38
38
2017
2018
Summary group income statement - 2014
Statutory
results Adjustments
£m
Adjusted
results
Revenue
644.8
-
644.8
NSV
413.0
-
413.0
95.1
-
95.1
Exceptional items
(18.1)
18.1
-
Operating profit
77.0
18.1
95.1
1.6
-
1.6
Net finance costs
(5.2)
-
(5.2)
Profit before tax
73.4
18.1
91.5
(28.5)
5.8
(22.7)
Income tax costs – exceptional items
1.9
(1.9)
-
Profit for the year
46.8
22.0
68.8
Earnings per share (pence)
17.0
Operating profit before exceptional items
39
39
25.0
Summary group income statement - 2013
Statutory
results Adjustments
£m
Adjusted
results
Revenue
684.7
-
684.7
NSV
420.1
-
420.1
94.1
-
94.1
Exceptional items
(10.3)
10.3
-
Operating profit
83.8
10.3
94.1
0.8
-
0.8
Net finance costs
(6.9)
-
(6.9)
Profit before tax
77.7
10.3
88.0
(20.9)
-
(20.9)
Income tax costs – exceptional items
4.8
(4.8)
-
Profit for the year
61.6
5.5
67.1
Earnings per share (pence)
22.1
Operating profit before exceptional items
40
40
24.1
Income statement – results by segment
At reported FX rates
2008
2009
2010
2011
2012
2013
2014
Revenue (£m)
Assembly Materials
Surface Chemistries
620.3
382.1
238.2
529.9
307.5
222.4
720.9
446.7
274.2
814.4
527.3
287.1
713.9
438.7
275.2
684.7
423.1
261.6
644.8
393.9
250.9
NSV (£m)
Assembly Materials
Surface Chemistries
355.4
162.7
192.7
344.2
160.7
183.5
413.4
196.9
216.5
433.3
214.1
219.2
416.7
208.0
208.7
420.1
209.5
210.6
413.0
204.9
208.1
Adjusted EBITDA (£m)
Assembly Materials
Surface Chemistries
Corporate costs
55.6
37.0
26.1
(7.5)
42.7
27.0
23.2
(7.5)
75.8
43.5
39.8
(7.5)
102.9
58.6
51.8
(7.5)
106.1
64.1
49.5
(7.5)
103.1
63.4
46.5
(6.8)
104.2
62.8
48.5
(7.1)
Assembly Materials
Surface Chemistries
Corporate costs
46.3
32.4
21.4
(7.5)
33.4
21.7
19.2
(7.5)
67.1
38.6
36.0
(7.5)
94.4
53.7
48.2
(7.5)
97.2
58.7
46.0
(7.5)
94.1
58.2
42.7
(6.8)
95.1
57.6
44.6
(7.1)
13.0%
19.9%
11.1%
9.7%
13.5%
10.5%
16.2%
19.6%
16.6%
21.8%
25.1%
22.0%
23.3%
28.2%
22.0%
22.4%
27.8%
20.3%
23.0%
28.1%
21.4%
NSV Margin (%)
Assembly Materials
Surface Chemistries
41
41
Pensions
2014
£m
2013
US
RoW
Total
US
RoW
Total
43.6
2.2
45.8
37.9
2.0
39.9
Funded defined benefit obligations
(54.8)
(3.1)
(57.9)
(45.4)
(2.5)
(47.9)
Status of funded plans
(11.2)
(0.9)
(12.1)
(7.5)
(0.5)
(8.0)
(6.7)
(5.3)
(12.0)
(5.6)
(5.2)
(10.8)
(17.9)
(6.2)
(24.1)
(13.1)
(5.7)
(18.8)
Fair value of plan assets
Unfunded plans
Total net liabilities
•
US Pension Plan
•
Closed to new members and future benefit accrual for existing members
•
Voluntary contribution of c£3m in 2014
•
Germany Plan - £4m of RoW net liability
•
Unfunded scheme (normal for Germany)
•
No additional contributions currently being made
•
No UK exposure
•
Increased liability due to lower discount rates
42
42
Balance sheet
£m
2014
2013
Goodwill
294.3
288.5
6.3
5.5
Property, plant and equipment
85.9
85.2
Other non-current assets
15.7
13.7
402.2
392.9
Inventories
51.5
51.6
Receivables
129.2
131.5
Payables
(95.9)
(92.1)
84.8
91.0
(16.5)
(11.5)
68.3
79.5
(24.1)
(18.8)
(108.3)
(96.5)
Other long-term liabilities
(52.2)
(44.7)
Net assets
285.9
312.4
Interest in JVs
Non-current assets
Working capital
Current tax liabilities (net)
Net current assets
Retirement benefit obligations
Net debt
43
43
Exchange rates
Profit and Loss Account
Average Rates
£ : US Dollar
£ : Chinese Renminbi
£ : Euro
£ : Taiwanese Dollar
£ : Brazilian Real
Balance Sheet
Period End Rates
2014
2013
Change
%
2014
2013
Change
%
1.65
1.56
5.8
1.56
1.66
(6.0)
10.15
9.62
5.5
9.66
10.02
(3.6)
1.24
1.18
5.1
1.29
1.20
0.8
49.90
46.42
7.5
49.24
49.36
(0.2)
3.87
3.38
14.5
4.14
3.91
5.9
USING 2014 AVERAGE RATES WOULD HAVE DECREASED 2013 NSV BY £25.2M
USING 2014 AVERAGE RATES WOULD HAVE DECREASED 2013 ADJUSTED OPERATING PROFIT BY £5.7M
YEAR END RATES INCREASED NET DEBT BY £4.3M
44
44
Guidance
£m
2015
Acquisition deferred consideration
c£1m
Capital expenditure
c1.5 - 1.8x depreciation
Discontinued operations
- Cash spend
c£2m - £3m
Pension top-up – USA
Voluntary c$4m (c£3m)
Restructuring
- Charge
- Restructuring and other exceptional cash spend
Tax
- Effective tax rate – continuing operations
- Cash tax
45
c£12m - £14m
25 - 26%
Similar to ETR – continuing operations
45

full year results 2014

Transcription

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