REG - Edita Food Ind SAE - Edita's FY2021 Results

Edita Food Industries SAEAnnouncement

14/03/2022 13:45

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RNS Number : 7047E  Edita Food Industries S.A.E.  14 March 2022

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Cairo, 14 March 2022

Edita Food Industries Reports FY2021 Earnings

Edita recorded strong full year results with revenues reaching EGP 5.3
billion, up 30.6% y-o-y with enhanced bottom-line profitability which grew by
a strong 54.7% y-o-y to EGP 471.9 million. Full-year results were supported by
Edita's successful repricing strategies and resilient volumes in 4Q

 

Highlights of FY2021 (unaudited IFRS)

Summary Income Statement (EGP mn)

 EGP mn        4Q2021     4Q2020     Change  FY2021     FY2020   Change
 Revenue        1,538.7    1,229.3   25.2%   5,251.2    4,021.1  30.6%
 Gross Profit   520.9      446.7     16.6%    1,673.4   1,388.1  20.5%
 % Margin      33.9%      36.3%              31.9%      34.5%
 EBITDA         288.2     229.7      25.5%    841.3     656.8    28.1%
 % Margin      18.7%      18.7%              16.0%      16.3%
 Net Profit     194.2     128.1      51.5%   471.9      305.0    54.7%
 % Margin      12.6%      10.4%              9.0%       7.6%

The figures displayed are based on unaudited results drawn from management
accounts and finance department numbers (IFRS).

The discussion and analysis in this report are based on the IFRS statements.
For comparison of the results to Egyptian Accounting Standards, please refer
to the section "Egyptian Accounting Standards Reconciliation to IFRS."

 

Results in a Nutshell

Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange & EFID.L on
the London Stock Exchange), a leader in the Egyptian packaged snack food
market, announced today its results for the year ended 31 December 2021,
recording revenues of EGP 5,251.2 million, a 30.6% y-o-y increase. Net profit
recorded EGP 471.9 million in FY2021, up an impressive 54.7% compared to last
year, with a net profit margin of 9.0%.

 

Edita's full-year results were supported by an especially strong performance
in the last quarter of year. In 4Q2021, Edita recorded revenues of EGP 1,538.7
million, up 25.2% y-o-y, demonstrating a strong recovery from the challenges
presented by Covid-19. Net profit for the quarter grew by a strong 51.5% y-o-y
to EGP 194.2 million, with an associated net profit margin expansion to 12.6%
compared to 10.4% in the fourth quarter of the previous year.

 

Edita's FY2021 revenues crossed the EGP 5 billion mark driven by both volumes
and prices, which shows the company's resilience and agility in adapting its
business model to face the challenges posed by Covid-19, supply chain
disruptions and global inflationary pressures on raw material prices. The
company's top-line was supported by a 12.1% increase in average price per pack
to EGP 1.81 for FY2021 driven by portfolio optimization, direct and indirect
price increases across all segments and higher price-point introductions to
ease the pressure on profitability margins. Despite the accelerated migration
to higher price-points, volumes rebounded to pre-devaluation levels
demonstrating strong demand inelasticity accentuated by Edita's leading market
position. In FY2021, total packs sold increased by 16.6% y-o-y to 2,897.3
million, with cakes, bakery and wafers being the biggest contributing
segments. In 4Q2021, volumes were up 12.8% compared to last year's figure with
particular increases across the rusks, cakes and wafers segments, which grew
65.3% and 22% y-o-y, respectively during the quarter. Average price per pack
in the fourth quarter reached EGP 1.91, up 11.2%  y-o-y, driven by aggressive
price increases during 4Q2021 mainly on bakery and cake products.

 

In FY2021, Edita's gross profit recorded EGP 1,673.4 million, up 20.5% y-o-y,
with a gross profit margin of 31.9% versus the 34.5% recorded last year. Edita
was able to sustain its gross profitability despite the 44.6% y-o-y increase
in direct material costs brought about by surges in raw material costs and
supply chain disruptions that are driving global commodity prices to record
highs. While Edita was successful in passing on a portion of these increases
to consumers through direct and indirect price increases, the company also
offset the increase by managing its manufacturing overheads (MOH) for the
year, which declined to 11.8% as a percentage of sales compared to 14.1% in
the previous year. In 4Q2021, strong top-line results supported a 16.6% y-o-y
increase in gross profit to EGP 520.9 million, with a recovered gross profit
margin of 33.9% supported by aggressive price increases.

 

Total SG&A for FY2021 was EGP 989.1 million, a 9.3% y-o-y increase;
however, Edita's SG&A as a percentage of sales declined to 18.8% compared
to 22.5% in the previous year. The decrease as a percentage of sales was
achieved despite an increase in advertising and marketing expenses, which grew
22.2% y-o-y. In 4Q2021, SG&A stood at EGP 267.8 million, up 3.0% compared
to 4Q2020. Edita's SG&A as a percentage of sales was 17.4%, driven by the
strong top-line results in 4Q2021.

 

 

EBITDA for the year stood at EGP 841.3 million, up 28.1% y-o-y, with a
sustained EBITDA margin of 16.0% compared to 16.3% in FY2020. In 4Q2021,
EBITDA recorded EGP 288.2 million, up 25.5% from last year's figure, with an
EBITDA margin of 18.7%, largely flat relative to 4Q2020. Improved EBITDA was
supported by SG&A efficiency and a high operating leverage.

 

In FY2021, Edita recorded gross export sales of EGP 309.9 million, up by a
strong 23.4% y-o-y and contributing 5.9% to total revenues during the year
compared to 6.2% in FY2020. In 4Q2021, gross export sales stood at EGP 115.3
million, which accounted for 7.4% of total gross sales compared to 5.5% in
4Q2020.

 

Net profit for the year increased an impressive 54.7% y-o-y to EGP 471.9
million, with a net profit margin of 9.0% versus 7.6% for FY2020, primarily
driven by increased revenues. In FY2021, Edita also realized a EGP 17.8
million gain on the sale of fixed assets, a EGP 7.1 million FX gain as well as
decreases in interest expenses and provisions. In 4Q2021, net profit grew
51.5% y-o-y to EGP 194.2 million with a net profit margin of 12.6% compared to
10.4% in the previous year.

 

Operational Developments

Throughout the year, Edita continued to expand and diversify its portfolio by
incorporating multiple new and upsized SKUs, which appeal to consumer evolving
tastes while enabling the company to deliver on its portfolio optimization
strategy. In January, Edita capitalized on the growing popularity of its Molto
Magnum line with the rollout of a new Molto Mini Magnum. The new product is
available in chocolate, hazelnut cream and strawberry cheesecake flavours and
is retailing at EGP 5.0 per pack. In February, the company rolled out its new
Freska Block, a wafer bar with a double-layer chocolate coating available in
three flavours and selling for EGP 3.0 per pack. During the same month, the
company launched HOHOs Extreme, an upsized variation of Edita's traditional
HOHOs Cream, retailing at EGP 3.0 per pack. In October, Edita rebranded its
Twinkies line of filled cakes and launched upsized Twinkies Cream, Twinkies
Flavors (strawberry and chocolate) and Twinkies Icing (chocolate and vanilla),
priced at EGP 3.0 per pack. The rebranding campaign aims to enhance Twinkies'
packaging and stimulate demand across its existing segments. In the first
weeks of 2022, Edita launched its latest wafer product, Freska Choco Sticks, a
rolled wafer with chocolate coating and chocolate hazelnut filling, retailing
at EGP 3.0 per pack under the Freska brand. This was later followed by the
launches of Oniro LAVA, a new biscuit filled with cocoa hazelnut cream sold
under the biscuit segment, and Molto Fino, a filled sandwich product that
expands the company's portfolio in the savoury subsegment of Egypt's bakery
market.

 

All new product launches were supported by dedicated marketing and
advertisement campaigns featuring top-class celebrities and were very
successful in driving demand for the new products. Towards the end of the
year, Edita's marketing initiatives saw the launch of a campaign in
partnership with telecoms provider Orange to celebrate the 25th anniversary of
its Molto brand. Edita also obtained approval from the Egyptian National Food
Safety Authority (NFSA) to label all Molto products as free of hydrogenated
fats and will now include a clear label reading, 'Made Without Hydrogenated
Fats'. The approval falls under the Company's sustainability compliance
framework as it aims to focus on consumer wellbeing by improving the choice of
raw materials and ingredients used in its products.

 

The company successfully pursued several initiatives throughout the year to
mitigate the impacts of global inflationary pressures and persistently rising
commodity prices. Edita introduced indirect price increases across the
company's core product range during the year to alleviate the pressure imposed
on profitability margins. Meanwhile, Edita's long-standing relationships with
global and local suppliers have allowed the company to maintain a highly
favourable supply position despite the global headwinds. In 4Q2021, prices
across Edita's flagship Molto range of baked goods were raised from EGP 2.0
per pack to EGP 3.0 and from EGP 3.0 per pack to EGP 4.0, while products
priced at EGP 5.0 remained unchanged. The company also introduced the EGP 3.0
price-point to its HOHOs and Twinkies product range. Increasing price-points
will help Edita improve profitability in the face of global logistical
disruptions which have caused global shortages in raw materials and reduced
the availability of freight services. Edita is continuously monitoring prices
and stock levels across its markets with the goal to secure its requirements
at the best cost attainable.

 

Concurrently, Edita continued to invest in its production capabilities, with
the installation of a new wafer production line at its E08 facility, which was
completed in February 2021. The new line is utilized to produce the company's
latest launch in the coated wafer category, Freska Block. In June 2021, Edita
announced the purchase of a new bakery production line which should be
operational by March 2022. The new production line is set to increase the
Company's bakery capacity by 20%.

 

September 2021 saw Edita complete the refurbishment of its upgraded invoicing
infrastructure, putting the Company in full compliance with the government of
Egypt's recently imposed regulations on electronic invoicing. Edita worked
closely in 2021 with the Egyptian Tax Authority as well as multiple other
local and international entities to efficiently complete the necessary
adjustments, making Edita one of the first companies to complete the
transition within the prescribed timeframe. Adopting the new electronic
invoicing frameworks is expected to generate significant operational
advantages for the company moving forward.

 

On the regional front, Edita completed construction work at its first overseas
production facility in Morocco earlier in the year, a major milestone in the
company's regional expansion strategy. The facility marks the company's first
greenfield investment outside of Egypt and enables Edita to strengthen its
presence in the attractive Moroccan market which boasts a dynamic economy and
population of 37 million consumers but more importantly sets the foundations
from which to further grow across the MENA region. In December 2021 operations
had begun at the facility's first production line, which started producing
Edita's flagship cake brand HOHOs. The cakes production line has a total
capacity of 2.7 thousand tons per annum and the facility can accommodate three
distinct production lines.

 

On the financing front, in March 2021 Edita successfully secured a new EGP 90
million medium term loan with the National Bank of Kuwait (NBK) to finance its
capital expenditure plans in Egypt. Meanwhile, in September 2021, the company
secured an EGP 150 million medium term loan from Credit Agricole Egypt, with
the funds earmarked to finance an additional Molto production line. Both of
the loans secured by Edita in 2021 are part of the Central Bank of Egypt's
(CBE) initiative program to support Egyptian businesses with low-interest
loans during the ongoing pandemic.

 

Strategy Insights

As Edita enters into the new year, its strategic priorities are pivoting from
a focus on recovery and resilience to expansion mode. The company continues
working to deliver sustainable and diversified growth, in keeping with its
long-term targets.

 

Edita's immediate priority is to drive volume growth across its segments while
further optimising its product portfolio to diversify revenue streams. On this
front, the company will actively expand its production capacity to drive
growth and roll out new, higher-value propositions, while shifting consumers
increasingly towards higher price points. Edita will also look to leverage its
strengthened distribution and sales function and its enhanced production
capabilities to capture a growing share of the market across its various
segments. Edita will also work to extract higher value from its newly
inaugurated Morocco facility, which marks a key milestone in Edita's regional
expansion goals as it looks forward to more regional expansions. Meanwhile, on
the cost side, the company will expand while remaining cost conscious and
identifying efficiencies that support profitability. Edita will also continue
to focus on mitigating the impact from rising raw material costs by
maintaining a tight rein on overheads and SG&A expenses, which has already
allowed the company to protect profitability despite a challenging global
macro environment.

 

Overview of Segment Performance

On a segment basis, Edita's consolidated top-line growth was driven by strong
performances in cakes, bakery and wafers. The company's cakes segment
accounted for the largest contribution to consolidated revenue growth during
the year, recording revenues of EGP 2,239.5 million in FY2021, up a
substantial 30.9% versus the previous year. Growth in the cakes segment was
supported by both an increase of 17.2% y-o-y in packs sold and a 12.0% y-o-y
increase in the average price per pack. The ability to drive both volume and
price growth attests to the brand's resilience and the company's ability to
pass on higher price-points. At the bakery segment, revenue grew by 28.0%
y-o-y in FY2021 to EGP 1,928.8 million on the back of a 9.0% increase in packs
sold and a 17.4% y-o-y increase in the average price per pack. The
fastest-growing segment for year was wafers, which saw its top-line expand by
81.6% y-o-y, reflecting a 64.6% increase in packs sold and a 10.3% increase in
the average price per pack in FY2021. The significant increase in volumes was
driven by coated wafers, Freska Bar and Freska Block, which have become market
leaders in the sub-segment. Revenue from the rusks segment initially lagged
but started improving by year-end to record a 5.1% y-o-y increase in FY2021
primarily as a result of a 4.4% y-o-y rise in the average price per pack while
the volume of packs sold reported a marginal 0.7% y-o-y increase. Meanwhile,
revenue in the candy segment fell 3.8% y-o-y in FY2021 as a 20.2% y-o-y
contraction in volumes offset the 20.6% y-o-y increase in the average price
per pack. Finally, at the company's biscuits segment, revenue declined by
19.4% y-o-y in FY2021 as a 22.9% decrease in volumes outweighed the 4.6% y-o-y
rise in average price per pack.

 

In 4Q2021, consolidated revenues were supported by the cakes, bakery, wafers
and rusks segments. The cake segment's revenues increased 31.0% y-o-y, while
the bakery segment's revenues recorded a 13.8% y-o-y increase, the wafers
segment's revenues rose 69.2% y-o-y and finally the previously lagging rusks
segment's top-line turned a corner to expand 26.1% y-o-y.

 

Edita's consolidated gross profit rose by 20.5% y-o-y during FY2021 to reach
EGP 1,673.4 million with strong performances recorded across all segments
despite higher costs of raw materials and ongoing supply chain disruptions.
The wafers segment posted the highest rate of gross profit growth during the
year, recording a 100.2% y-o-y increase to EGP 170.5 million for FY2021. The
segment recorded a healthy gross profit margin expansion to 27.9% in FY2021
against the 25.3% recorded one year earlier. The company's cakes segment
recorded a year-on-year gross profit growth of 16.5% in FY2021 with a gross
profit of EGP 781.1 million and a GPM of 34.9%. At the bakery segment, gross
profit recorded EGP 611.4 million with GPM standing at 31.7%, while the rusks
segment recorded EGP 87.1 million in gross profit and a GPM of 28.8% for
FY2021. Finally, the candy segment saw its gross profit decline by 37.3%
y-o-y, yielding a GPM of 14.4% for FY2021.

 

Revenue and Gross Profitability by Segment

 EGP mn               4Q2021   4Q2020   Change   FY2021   FY2020   Change
 Cakes
 Revenue              649.7    495.9    31.0%    2,239.5  1,710.5  30.9%
 Gross Profit         236.9    199.1    19.0%    781.1    670.4    16.5%
 Gross Profit Margin  36.5%    40.2%    -3.7pts  34.9%    39.2%    -4.3pts
 Bakery
 Revenue              559.1    491.3    13.8%    1,928.8  1,507.0  28.0%
 Gross Profit         197.9    181.6    9.0%     611.4    512.8    19.2%
 Gross Profit Margin  35.4%    37.0%    -1.6pts  31.7%    34.0%    -2.3pts
 Wafers
 Revenue              187.8    111.0    69.2%    610.6    336.2    81.6%
 Gross Profit         52.1     33.1     57.7%    170.5    85.2     100.2%
 Gross Profit Margin  27.8%    29.8%    -2.0pts  27.9%    25.3%    2.6pts
 Rusks
 Revenue              101.1    80.1     26.1%    302.3    287.8    5.1%
 Gross Profit         30.2     27.1     11.2%    87.1     85.2     2.2%
 Gross Profit Margin  29.9%    33.9%    -4pts    28.8%    29.6%    -0.8pts
 Candy
 Revenue              38.2     40.0     -4.5%    151.6    157.6    -3.8%
 Gross Profit         4.1      7.0      -41.3%   21.8     34.8     -37.3%
 Gross Profit Margin  10.7%    17.5%    -6.7pts  14.4%    22.1%    -7.7pts
 Biscuits
 Revenue              0.5      10.1     -94.6%   14.4     17.8     -19.4%
 Gross Profit         (0.5)    (1.8)    -        0.8      (2.7)    -
 Gross Profit Margin  -85.5%   -        -        5.4%     -        -
 Total Revenues*      1,538.7  1,229.3  25.2%    5,251.2  4,021.1  30.6%
 Total Gross Profit*  520.9    446.7    16.6%    1,673.4  1,388.1  20.5%
 Total GPM            33.9%    36.3%    -2.5pts  31.9%    34.5%    -2.7pts

The figures displayed are based on unaudited results drawn from management
accounts and finance department numbers (IFRS).

*Includes contributions from Edita's imports segment

 

Segment Volumes and Prices

                        4Q2021  4Q2020  Change  FY2021  FY2020  Change
 Cakes
 Packs (mn)             432     363     19.0%   1,534   1,308   17.2%
 Tons (000s)            14.3    12.9    11.3%   55.7    42.2    32.0%
 Av. Price (EGP)        1.52    1.37    11.1%   1.46    1.31    12.0%
 Bakery
 Packs (mn)             205     221     -7.4%   787     722     9.0%
 Tons (000s)            12.2    12.6    -3.1%   46.1    38.4    20.1%
 Av. Price (EGP)        2.73    2.22    22.9%   2.45    2.09    17.4%
 Rusks
 Packs (mn)             53      43      22.0%   159     158     0.7%
 Tons (000s)            1.9     1.7     7.4%    6.2     6.2     -1.1%
 Av. Price (EGP)        1.91    1.85    3.4%    1.9     1.82    4.4%
 Wafers
 Packs (mn)             109     66      65.3%   351     213     64.6%
 Tons (000s)            2.4     1.8     29.8%   9.2     5.8     59.7%
 Av. Price (EGP)        1.72    1.68    2.4%    1.74    1.57    10.3%
 Candy
 Packs (mn)             9       18      -47.6%  59      74      -20.2%
 Tons (000s)            0.8     0.9     -7.0%   3.4     3.5     -4.3%
 Av. Price (EGP)        4.05    2.22    82.2%   2.57    2.14    20.6%
 Biscuits
 Packs (mn)             0.2     5       -95.5%  7       9       -22.9%
 Tons (000s)            0.03    0.1     -73.9%  0.2     0.2     -8.2%
 Av. Price (EGP)        2.37    1.98    19.8%   2.01    1.92    4.6%
 Total Packs* (mn)      808     717     12.8%   2,897   2,485   16.6%
 Total Tons* (000s)     31.6    30.0    5.3%    120.8   96.4    25.3%
 Av. Edita Price (EGP)  1.91    1.72    11.2%   1.81    1.62    12.1%

The figures displayed are based on unaudited results drawn from management
accounts and finance department numbers (IFRS).

*Includes contributions from Edita's imports segment

 

Balance Sheet

Edita's total CAPEX for the year ended 31 December 2021 was EGP 226.8 million,
including investment in a new wafer line, enhancements in existing production
lines, the Morocco production facility and IT expenditures.

 

Edita recorded total loans and borrowings of EGP 1,320.1 million as at 31
December 2021, up from EGP 1,031.6 million as at year-end 2020. The company
reported total bank overdrafts of EGP 400.7 million as at 31 December 2021
against EGP 80.4 million at year-end 2020. Net debt registered EGP 294.1
million as at 31 December 2021, a reduction to the EGP 314.0 million recorded
at year-end 2020. In FY2021, Edita maintained a strong financial position with
healthy leverage with a net debt to equity ratio of 0.14 and a net debt to
EBITDA ratio of 0.35, down from 0.48 in the previous year.

 

The company reported inventories of EGP 533.7 million as at 31 December 2021,
up from EGP 315.3 million as at 31 December 2020, demonstrating the Edita's
ability to secure supplies and mitigate supply chain risks. Meanwhile, trade
receivables reached EGP 32.7 million as at 31 December 2021 against EGP 34.1
million as at year-end 2020, reflecting Edita's cash policy for over 95% of
its sales. Net working capital was EGP 464.2 million as at 31 December 2021
versus EGP 226.2 million in the previous year and the company maintained a
healthy working capital ratio of 1.35.

 

Egyptian Accounting Standards Reconciliation to IFRS

Edita's EAS and IFRS financial statements differ in the treatment of
employees' profit share, which is expensed under the IFRS, while the EAS
accounts for them as a distribution and are thus not included on the income
statement. Also, EAS and IFRS differ in the calculation of EBITDA. In FY2021,
EGP 7.1 million in FX gain and EGP 17.8 million related to gains on the sale
of fixed assets was deducted from EBITDA. Moreover, a profit share deduction
of EGP 54.3 million was made, bringing total EAS to IFRS adjustments on EBITDA
to EGP 84.0 million. A reconciliation between Edita's financial statements in
EAS with the IFRS-based financial statements for FY2021 is provided in the
table below.

 

 in EGP mn*                        FY2021 EAS  Adjustment  FY2021 IFRS
 Net Sales                         5,251.2                 5,251.2
 COGS (excluding MOH)              2,959.5                 2,959.5
 MOH                               600.3       (18.2)      618.4
 Total                             3,559.7     (18.2)      3,577.9
 Gross Profit                      1,691.5     18.2        1,673.4
 Gross Profit Margin               32.2%                   31.9%
 Selling & Distribution Exp.       383.1       (21.9)      405.0
 Advertising & Marketing Exp.      265.1                   265.1
 General & Admin. Exp.             300.0       (19.0)      319.0
 Other Operational Exp.            73.4        2.0         71.4
 Profit from Operations            669.9       57.0        612.8
 Profit from Operations Margin     12.8%                   11.7%
 Lease Finance Interest            8.5         (1.0)       9.96
 Profit Before Income Tax          692.3       58.0        634.3
 Income Tax Expense                 163.4                   162.4
 Net Profit After Tax              528.9       57.0        471.9
 Net Profit After Tax Margin       10.1%                   9.0%
 EBITDA                            925.3       84.0        841.3
 EBITDA Margin                     17.6%                   16.0%

The figures displayed are based on unaudited results drawn from management
accounts and finance department numbers (IFRS).

*Figures are based on management accounts for better disclosure on expenses
breakdown

 

-Ends-

 

About Edita Food Industries

Edita, founded in 1996 and headquartered in Egypt, is a leader in the growing
Egyptian packaged snack food market. The Company manufactures, markets and
distributes a range of branded baked snack products including packaged cakes,
bakery, rusks (baked wheat), wafers and biscuits as well as selected
confectionary/candy products. The Company's local brand portfolio includes
household names such as Todo, Molto, Bake Rolz, Bake Stix, Freska, Oniro and
MiMix. The Company also has the exclusive ownership of the international HTT
brands Twinkies, Hoho's and Tiger Tail in Egypt, Libya, Jordan, Palestine,
Morocco, Algeria, Tunisia, Syria, Lebanon, Iraq, Bahrain, Oman, the UAE,
Kuwait, Qatar and Saudi Arabia; and is party to a technical assistance and
know-how agreement to manufacture 11 additional HTT brands across its
territories. The Company holds strong number-one market positions in its core
cake and bakery segments as well as in candy, a number-two market position in
rusks and a growing market position in the wafers segment. In FY2021, the
Company derived 94.1% of its revenue from Egypt and 5.9% from regional export
markets. Learn more at ir.edita.com.eg

 

Contacts

Ms. Menna Shams El Din

Head of Investor Relations

T: +202 3851-6464 | menna.shamseldin@edita.com.eg

 

Ms. Alia Balbaa

Investor Relations Manager

T: +202 3851-6464 | alia.balbaa@edita.com.eg

 

Forward Looking Statements

This communication contains certain forward-looking statements. A
forward-looking statement is any statement that does not relate to historical
facts and events, and can be identified by the use of such words and phrases
as "according to estimates", "aims", "anticipates", "assumes", "believes",
"could", "estimates", "expects", "forecasts", "intends", "is of the opinion",
"may", "plans", "potential", "predicts", "projects", "should", "to the
knowledge of", "will", "would" or, in each case their negatives or other
similar expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements containing
information on future financial results, plans, or expectations regarding
business and management, future growth or profitability and general economic
and regulatory conditions and other matters affecting the Company.

 

Forward-looking statements reflect the current views of the Company's
management ("Management") on future events, which are based on the assumptions
of the Management and involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the Company's actual
financial condition and results of operations to differ materially from, or
fail to meet expectations expressed or implied by, such forward-looking
statements.

 

The Company's business is subject to a number of risks and uncertainties that
could also cause a forward-looking statement, estimate or prediction to differ
materially from those expressed or implied by the forward-looking statements
contained in this prospectus. The information, opinions and forward-looking
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subject to change without notice. The Company does not undertake any
obligation to review, update, confirm or to release publicly any revisions to
any forward-looking statements to reflect events that occur or circumstances
that arise in relation to the content of this communication.

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