STARCH - Corporate presentation 2021 AGRANA Beteiligungs-AG
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FRUIT
STARCH
SUGAR
T h e n a t u ra l u p g ra d e
Corporate presentation 2021
AGRANA Beteiligungs-AG
Corporate presentation 2021 1
OVERVIEW
1 About us 9 Segment FRUIT
2 AGRANA-products in daily life 10 Segment STARCH
3 Strategy 11 Segment SUGAR
4 Production sites 12 Research & Development
5 Group- & ownership structure 13 Sustainability
6 History 14 Business figures 2020|21
7 Financials 15 Outlook
8 Investment
Corporate presentation 2021 2
ABOUT US
AGRANA FACTS
▪ We refine agricultural raw materials, turning them into a World market leader in the
production of
range of different industrial products to supply local
producers as well as large multinational companies active FRUIT
SUPPLIER PREPARATIONS
in the food processing industry, in particular
Major manufacturer
of customer-specific
▪ We also serve the end-consumer market in the Sugar
segment with country-specific brands such as „Wiener STARCH
PRODUCTS
Zucker“ in Austria
56 Leading
production SUGAR
9,000 sites 2.5 €bn SUPPLIER
In Central, Eastern & South-Eastern
employees revenue Europe
Corporate presentation 2021 3
STRATEGIC POSITIONING B2B
WE ALL CONSUME AGRANA (PRODUCTS)
AGRANA supplies
At the beginning there is the Big Names...
always agriculture…
AGRANA refines
agricultural raw confectionery, beverage,
fermentation industries, food We all consume
materials... retailers; paper, textile,
AGRANA every
pharmaceutical industries;
feed industry; dairy, ice- day...
cream, bakery industries and
many more
Corporate presentation 2021 4
AGRANA-PRODUCTS IN DAILY LIFE
AT A GLANCE
FRUIT STARCH SUGAR
▪ fruit preparations in dairy products, ▪ as food ingredients, e.g. for sauces, ▪ for consumers:
ice-cream, in baked goods or as fruit potato products etc. „Wiener Zucker“ (20%)
decoration ▪ as child and infant food ▪ for food producers:
▪ fruit juice concentrates in soft drinks ▪ for cosmetic products ▪ e.g. for pastries, confectionery, dairy
and alcoholic beverages ▪ for technical applications, e.g. for products, preserves, drinks etc.
paper finishing (80%)
▪ as animal feeds
▪ for bioethanol
Corporate presentation 2021 5
REFINING OF AGRICULTURAL RAW MATERIALS
STRATEGY
FRUIT
Customer- and market- GLOBAL Synergies
oriented global growth Use synergies between business
segments to position the Group
optimally for the increasingly
Organic growth, and adding STARCH volatile operating environment in
EUROPE the segments
value by tailor-made products
Investors & Customers
Customer- and market-oriented SUGAR Balance of risk, exchange of know-how
growth in CEE and Southeastern CENTRAL & EASTERN EUROPE
between the segments, cost savings
Europe through synergies
Capital market
A long-term asset for shareholders
Corporate presentation 2021 6
INTERNATIONAL PRODUCTION MEETS INT. CUSTOMERS
56 PRODUCTION SITES WORLDWIDE
FRUIT STARCH SUGAR
7 sugar beet plants
26 fruit preparation plants and 5 starch plants
2 raw sugar refineries &
15 fruit concentrate plants (incl. 2 bioethanol plants)
1 Instantina plant
Czech Rep.
Slovakia
Austria Hungary*
Romania
Bosnia-
Herzegovina
Bulgaria
Countries with production sites Countries with plants Beet sugar plants
Countries with production sites Main markets Raw sugar refinery
Other markets
Starch plants Distribution centre
Potential Growth Regions
Bioethanol plants * Also with refining
activities
Corporate presentation 2021 7
QUANTITY OVERVIEW
Sales: 5.4 million tonnes Raw material processing: 8.6 million
tonnes
Total share Total share
Fruit 15 % Sugar 35 %
0.35 0.73
Fruit
0.8 Sugar
1.9
2.58 4.77
Starch
Total share 2.7
Starch 50 %
0.14
in million tonnes Beet Raw Sugar Grain
Potato Fruits
Corporate presentation 2021 8
GROUP STRUCTURE
AGRANA Beteiligungs-AG
56 sites
8,920 employees
~ 2.5 € bn revenue
FRUIT STARCH SUGAR
AGRANA Internationale AGRANA Stärke GmbH AGRANA Sales & Marketing GmbH
Verwaltungs- & Asset Management AGRANA Zucker GmbH
GmbH
41 sites 5 sites 10 sites
5,703 employees 1,178 employees 2,039 employees
1,166.6 €m revenue 821.9 €m revenue 558,5 €m revenue
Corporate presentation 2021 9
OWNERSHIP STRUCTURE
~30%
Rübenproduzenten
Beteiligungs-GmbH ~50%
ZBG
~70%
Raiffeisen-Holding AGRANA
NÖ-Wien Zucker, Stärke und
~78.34%
Frucht Holding AG
~10% ~50%
Südzucker
~2.74%1
~18.92%
TOTAL:
62,488,976 shares
1 directly held by Südzucker
Corporate presentation 2021 10ACQUISITION
of the American
OUR organic
EXPANSION distribution
HISTORY EXPANSION
of the company‘s
Of market position in Asia
through the acquisition of
company
Marroquin
presence in the the Indian fruit processing Organic
area of fruit International
DEVELOPMENT plant SAIKRUPA Fruit EXPANSION
preparations in the Processing Pvt. Ltd. of the company‘s
of the third business Middle East and OPENING
50% ACQUISITION segment, Fruit, with OPENING presence of fruit
of the Betaine plant
Africa with plants OPENING preparations in Algeria
In the Hungarian corn the areas of fruit of the wheat in Tulln|Austria
in Cairo|Egypt and of packaging by acquiring 49% of
FOUNDING starch und Isoglucose mill preparations and fruit starch plant (joint venture with
Johannesburg|Sout stock and shares in Elafruits SPA
of AGRANA HUNGRANA juice concentrates in Amalgamated
h Africa logistics hub in
Beteiligungs-AG Pischelsdorf| Sugar Company)
Austria Kaposvár|HU
1988 1989 1990 1991 2003 2008 2010 - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
OPENING MERGER OPENING OPENING
PARTNER INITIAL PUBLIC of a second fruit
Of the of AGRANA Juice of the new
-SHIP OFFERING (IPO) bioethanol preparation plant
with
Holding GmbH and AGRANA EXPANSION
of AGRANA Beteiligungs- facility in Ybbstaler Juice Research & in
Germany‘s of market position
AG Pischelsdorf| Austria Innovation Changzhou|China
Südzucker in Asia through the
Austria GmbH and the Center acquisition of the
AG
launch of the new (ARIC) in EXPANSION japanese fruit
1990-2008 brand AUSTRIA Tulln|Austria of the wheat starch processing of
JUICE plant in TAIYO Kagaku Co.
EXPANSION of the sugar and starch Pischelsdorf|Austria Ltd.
EXPANSION
segments through acquisitions in Bosnia-
of the company‘s presence in the area of fruit EXPANSION
Herzegovina, Bulgaria, Romania, of market position in South
preparations with a fourth US-plant in Lysander|USA
Slovakia, the Czech Republic and America through the
Hungary acquisition of 100% of the
share in Main Process S.A., a
producer of fruit preparations
in Argentina
Corporate presentation 2021 112013|14 – 2020|21
REVENUE-, EBIT- AND MARGIN DEVELOPMENT
m€ 2841.7
2493.5 2477.6 2561.3 2566.3 2480.7 2547.0
2443.0
190.6
166.9 172.4
121.7 129.0
6.7 %
7.4 % 66.6 78.7
5.9 % 4.9 % 5.2 % 66.9
3.5 % 3.1%
2.7 %
Umsatz EBIT EBIT Marge
Corporate presentation 2021 12€ 1.2 billion
CAPEX EVOLUTION investment in the
last 10 financial years
Sugar Starch Fruit Deprec. GROUP
183.8
149.8 149.7
140.9
130.0
116.0 114.7 ~91
97.1 91.2
72.3
55.9
2010|11 2011|12 2012|13 2013|14 2014|15 2015|16 2016|17 2017|18 2018|19 2019|20 2020|21 2021|22e
Corporate presentation 2021 132020|21
INVESTMENT BY SEGMENT
€m 2020|21
149.7
FRUIT
19.6
• Wastewater treatment in Jacona, Mexico
• Expansion of the warehouse for finished product in Chung-Buk, South
Korea
• Additional production line in Lysander, New York, USA
73.6
• Additional production line in Central Mangrove, Australia
72.3
15.9 STARCH
• Measures to increase specialty corn processing in Aschach, Austria
22.2 • Major overhaul of the spray drying towers in Gmünd, Austria
56.5 • Optimisation work at the wheat starch plant in Pischelsdorf, Austria
34.2 • Expansion of the starch derivatives plant in Aschach
SUGAR
2019|20 2020|21 • Switch from coal to natural gas at the Sered‘ sugar plant, Slovakia
Fruit Starch Sugar
GROUP
Corporate presentation 2021 14SEGMENT
FRUIT
Corporate presentation 2021 15FRUIT SEGMENT
▪ Processing of fruit in the gentlest way possible, applying
state-of-the-art production processes. Refinement of fruit into
top quality fruit preparations and fruit juice concentrates
▪ fruit juice concentrate business: operated by AUSTRIA JUICE
(formerly Ybbstaler) as a joint venture between AGRANA and
RWA (Raiffeisen Ware Austria AG)
▪ AGRANA Fruit …
is the global market leader in producing fruit preparations
for the dairy, baking and ice-cream industries
is a leading producer of fruit juice concentrates in Europe
and
has established a global presence based on its production
facilities and international sales activities
Corporate presentation 2021 16FRUIT PREPARATION – WHAT IS IT ABOUT?
FRUIT SUGAR FRUIT PREPARATIONS
+ =
… most important … sweetens and supports optional flavors and colours
ingredient of fruit taste and durability for an even fruitier taste and
preparations ▪ Crystal sugar an intense colour
▪ Frozen (IQF or block) ▪ Liquid sugar (syrup)
▪ Aseptic ▪ Other sweeteners
▪ Purees
▪ Concentrates ▪ Thickeners create a good
mouth-feel and prevent
emulsions
− Pectins
− Starch
− Guar, Xanthan, …
Corporate presentation 2021 17SEGMENT
STARCH
Corporate presentation 2021 18STARCH SEGMENT
▪ Processing and refinement of top-quality corn, wheat and potatoes to
create a variety of different, highly refined starch products
▪ Manufacture of products made of valuable raw materials at the
highest quality level, using modern, environmentally friendly methods
▪ Starch and special starch products (e.g. organic and GMO free starch)
to numerous industrial sectors:
▪ food and beverage industries
▪ plastic industry
▪ paper and paper processing industry
▪ textile industry
▪ construction chemicals industry
▪ pharmaceutical and cosmetic industries
Corporate presentation 2021 19STARCH SEGMENT
MARKET POSITION
STARCH
5 starch plants
▪ Austrian production sites: (incl. 2 bioethanol plants)
▪ potato starch factory in Gmünd|AUT
▪ corn starch plant in Aschach|AUT
▪ Bioethanol & wheat starch plant in Pischelsdorf|AUT
▪ AGRANA Stärke GmbH: operational management and
coordination of international holdings in Hungary and
Romania
▪ Focus on highly refined speciality products
▪ Innovative, customer-driven products supported by
application advice
▪ Leading position in organic and in GMO-free starches for Countries with production sites
the food industry Main markets
Starch plants
▪ Bioethanol business: part of the Starch segment Bioethanol plants
Corporate presentation 2021 20SEGMENT
SUGAR
Corporate presentation 2021 21SUGAR SEGMENT
▪ Sugar:
• is obtained from sugar beet without any additives → pure,
natural product
• is a natural provider of energy as part of a balanced diet
▪ AGRANA: market leader in Austria and top provider in Eastern
and South-Eastern Europe
▪ Close partnerships with sugar beet growers: AGRANA offers
wide range of advice on growing sugar beet
▪ End-consumer-market is served with country-specific brands
▪ Europe’s largest producer of organic sugar:
• ‘Wiener Bio Kristall- und Staubzucker’: sugar made from
organically grown Austrian beet
▪ AGRANA Sales & Marketing GmbH as a central sales platform
with local implementation and customer support
Corporate presentation 2021 22BENEFIT FROM THE STRONG MARKET POSITION IN CEE AND SEE
AGRANA SUGAR
7 SUGAR PLANTS
2 RAW SUGAR REFINERIES
1 INSTANTINA PLANT
Czech Rep.
Slovakia
Austria
Hungary*
Romania
Bosnia-
Herzegovina
Bulgaria
Countries with plants Beet sugar plants
Raw sugar refinery
Other markets
Distribution centre
* Also with refining activities
Corporate presentation 2021 23SUGAR SEGMENT Several special products Corporate presentation 2021 24
SUGAR SEGMENT
Maintenance of regional products
CZ SK RO HU BG AT
Corporate presentation 2021 25AGRANA RESEARCH & INNOVATION CENTER
RESEARCH & DEVELOPMENT
AGRANA RESEARCH & INNOVATION CENTER (ARIC)
▪ Bundling of all R&D activities at ARIC in Tulln|AUT
▪ Aim: to secure and actively shape the company’s success in the future
through innovations:
▪ product innovations
▪ innovations related to our processes and production technology
▪ Crossdivisional research topics:
Clean Label / Nutrition / Sweeteners / Flavors
▪ Networking with other research institutions
▪ State-accredited testing unit for yield and quality evaluation of sugar
beets
Corporate presentation 2021 26AGRANA‘S UNDERSTANDING OF SUSTAINABILITY
Balance of economic, environmental and social
responsibility
AT AGRANA, WE …
▪ utilise almost 100% of the raw materials
employed and use low-emission technologies to
minimise impacts on the environment
▪ respect all our stakeholders and the communities
where we operate
▪ engage in long-term partnerships
Corporate presentation 2021 27AGRANA‘S CORE SUBJECTS ALONG THE VALUE CHAIN
RAW MATERIAL ECO-EFFICIENCY OUR EMPLOYEES PRODUCT COMPLIANCE
PROCUREMENT OF OUR RESPONSIBILITY
PRODUCTION
Environmental and
social criteria in the Product responsibility
sourcing of Labour practices and
Environmental and human rights of and sustainable
agricultural raw energy aspects of products Compliance and
materials employees business conduct
production
Sustainability Reporting:
▪ Acc. to GRI integrated in AGRANA‘s annual reports since 2012|13
▪ Since 2016|17 audited by KPMG
▪ All data and information provided in this presentation is reported within the GRI-reporting boundaries
Corporate presentation 2021 28RAW MATERIAL PROCUREMENT
SUSTAINABLE AGRICULTURE INITIATIVE
PLATFORM (SAI)
▪ SAI Platform is an initiative of stakeholders of the food industry,
founded in 2002 by Nestlé, Unilever and Danone.
Farm Sustainability
▪ SAI Platform develops principles and practices of sustainable agriculture Assessment (FSA) &
Benchmarking Tool
▪ FSA is a questionnaire
▪ SAI Platform‘s 2 major tools to document sustainable environmental and (applicable worldwide), that
social practices in the agricultural value chain enables agricultural producers
to assess the status of their
• Farm Sustainability Assessment (FSA) operations in terms of
environmentally and socially
• Benchmarking Tool for international certification standards & national sustainable production (112
questions on farm
legislation management, soil and nutrient
management as well as plant
protection).
▪ AGRANA Beteiligungs-AG has been a member since 2014 ▪ The benchmarking tool
compares requirements of
internat. certification standards
with the requirements of the
▪ AGRANA is the only member that uses the FSA-questionnaire for FSA-questionnaire
several different crops worldwide to assess its suppliers!
Corporate presentation 2021 29SAI FSA RESULTS
SUGAR BEET, POTATOES AND APPLES
FROM CONTRACT GROWING
Raw material Country Consolidated results per Segment/Division and raw material category
Sugar beet Austria In 2020, in Austria and the Czech Republic, all farms achieved at least FSA
Silver status.
Czech Rep.
For Romania, Slovakia and Hungary it was not 1
possible to complete the audits due to
Slovakia the COVID-19 restrictions. That’s why their attestations issued 2017 stay valid till mid
Hungary 2021. At the first verification, all Slovakian farms achieved at least FSA
Silver status, this was the case for 96% in Hungary and 31% in
Romania Romania.
Potatoes and Austria AGRANA Starch uses the FSA systematic to engage its Austrian contract growers of
specialty potatoes and specialty maize in so-called Farm Management Groups. In 2017, these
maize groups were audited by an external verification body according to the FSA
requirements, in 2020 the re-verification audits took place: 100% of the FMG
members achieved at least FSA Silver status.
Apples Hungary Hungarian and Polish contract growers of resistant apple sorts (“re-sorts”) as well as
Hungarian suppliers of carrots and elderberries participated in the mandatory FSA-self-
Poland assessment and external audits according to FSA-rules. Therefore, Austria Juice is
allowed to claim at least FSA Silver status for its Hungarian and Polish re-
sorts-suppliers.
Corporate presentation 2021 30ECO-EFFICIENCY OF OUR PRODUCTION
ENERGY USE & ENERGY MIX AGRANA GROUP
1 Adjusted to correct a data collection error
Corporate presentation 2021 31ECO-EFFICIENCY OF OUR PRODUCTION
EMISSIONS OF THE AGRANA GROUP
1 Adjusted to correct a data collection error
Corporate presentation 2021 32AGRANA CLIMATE STRATEGY
▪ In 2020|21, AGRANA developed a phased
plan to decarbonise its own production
activities (Scope 1+2) by 2040
▪ 25 % reduction of emissions by 2025|26
(from 928,000 t CO2 in the base year 2019|20)
including the following measures (investment of
approx. 10 m€ annually):
▪ A package of actions to switch to
electricity from renewable sources,
with implementation already begun in
Austria in 2020|21
The renewable share of
▪ The phase-out of coal as an energy source AGRANA‘s energy mix
at the last two coal-fired sugar production doubled from 7 to 14 %
sites in Sereď, Slovakia (2021|22) and in 2020|21
Opava, Czech Republic (2025|26)
▪ Implementation of energy efficiency
measures in all business segments
Corporate presentation 2021 33AGRANA CLIMATE STRATEGY
▪ From 2026|27, focus on energy recovery from low-protein
raw material residues
✓ Example: AGRANA’s sugar factory in Kaposvár|HU, could
cover approx. 70 % of primary energy consumption in the
beet sugar campaign with biogas produced from beet pulp
and other beet residues
➢ Challenges: as biomass utilisation for energy recovery cuts
into feedstuff revenue, the right business conditions are
required for it to be implemented economically Decarbonisation path by 2040 (Scope 1+2)
(comprehensive ETS including an appropriate price for CO2)
▪ Based on current assumptions, AGRANA would have to
invest a total of about € 400 million by 2040 to avoid the
greenhouse gas emissions (Scope 1+2) generated in its
production.
➢ 2021|22 start of structured gathering of data on scope 3
emissions (greenhouse gas emissions generated in the supply
chain) to develop structured measures in collaboration with
suppliers and partners to reduce them, and to be able to
offer CO2-neutral products.
Corporate presentation 2021 34BIOREFINERY PISCHELSDORF Corporate presentation 2021 35
ENVIRONMENTAL AND ENERGY ASPECTS OF PRODUCTION
100% UTILISATION OF RAW MATERIALS
„MORE OUT OF ONE“ WHEAT BRAN
WHEAT GLUTEN
FEED
A-WHEAT STARCH
WHEAT roller-
mill
Starch-factory WHEAT GLUTEN
B+C -Starch
BIOETHANOL
WHEAT + CORN hammer-mill Fermenter Ethanol-plant ACTIPROT®
BIOGENIC CO2
Corporate presentation 2021 362 0 2 0 |21 BUSINESS FIGURES Corporate presentation 2021 37
2020|21 VS PRIOR YEAR
REVENUE BY SEGMENT
€m 2020|21
2,480.7 2,547.0
45.8% 21.9%
1,166.6
1,185.4
32.3%
Fruit
Starch 2019|20
821.9 Sugar 19.7%
807.0
GROUP
47.8%
488.3 558.5
32.5%
2019|20 2020|21
Corporate presentation 2021 382020|21 VS PRIOR YEAR*
EBIT BY SEGMENT
GROUP
€m
EBIT margin Fruit Starch Sugar EBIT margin
2019|20* 2020|21
4.7% 55.9
41.2 3.5%
9.3% 75.2 64.8 7.9%
(27.3) (4.9%)
(13.1%) (64.2)
2019|20* 2020|21
2.7% 66.9 78.7 3.1%
* The prior-year data have been restated under IAS 8.
Corporate presentation 2021 39CONSOLIDATED INCOME STATEMENT
€m (condensed) 2020|21 2019|201 Change
Revenue 2,547.0 2,480.7 +2.7%
EBITDA2 191.2 183.1 +4.4%
Operating profit before except. items and results of equity-
accounted JV 73.1 73.1 0.0%
Share of results of equity-accounted JV 17.5 16.7 +4.8%
Exceptional items (11.9) (22.9) +48.0%
EBIT 78.7 66.9 +17.6%
EBIT margin 3.1% 2.7% +0.4pp
Net financial items (18.5) (17.2) -7.6%
Profit before tax 60.2 49.7 +21.1%
Income tax expense (5.2) (18.6) +72.0%
Profit for the period 55.0 31.2 +76.3%
Attributable to shareholders of the parent 59.8 28.1 >+100%
Earnings per share € 0.96 € 0.45 >+100%
1 The prior-year data have been restated under IAS 8.
Corporate presentation 2021 2 EBITDA represents operating profit before exceptional items, results of equity-accounted joint ventures, and operating depreciation and amortisation. 40CONSOLIDATED BALANCE SHEET
€m (condensed) 28 Feb. 2021 29 Feb. 2020* Change
Non-current assets 1,232.0 1,311.8 -6,1%
Current assets 1.240.7 1.217.5 +1.9%
Total assets 2,472.7 2,529.3 -2.2%
Equity 1,329.1 1,367.0 -2.8%
Non-current liabilities 597.4 565.3 +5.7%
Current liabilities 546.2 597.0 -8.5%
Total equity and liabilities 2,472.7 2,529.3 -2.2%
Equity ratio 53.8% 54.0% -0.2pp
Net debt 443.5 464.0 -4.4%
Gearing 33.4% 33.9% -0.5pp
* The prior-year data have been restated under IAS 8.
Corporate presentation 2021 41CONSOLIDATED CASH FLOW STATEMENT
€m (condensed) 2020|21 2019|20 Change
Operating cash flow before changes in working capital
198.8 187.8 +5.9%
Changes in working capital (14.6) (53.0) +72.5%
Total of interest paid/received and tax paid (20.6) (24.8) +16.9%
Net cash from operating activities 163.6 110.1 +48.6%
Net cash (used in) investing activities (79.6) (155.6) +48.8%
Net cash from/(used in) financing activities (59.5) 57.3 >-100%
Net increase/(decrease) in cash and cash equivalents
24.5 11.8 >+100%
Free cash flow
84.0 (45.5) >+100%
Corporate presentation 2021 42ANALYSIS OF NET FINANCIAL ITEMS
2020|21 2019|20
€m Change
Net interest expense (8.0) (8.4) +4.8%
Currency translation differences (7.0) (6.6) -6.1%
Other financial items (3.5) (2.2) -59.1%
Total (18.5) (17.2) -7.6%
Corporate presentation 2021 43AG R AN A OUTLOOK Corporate presentation 2021 44
OUTLOOK 2021|22 ▪ Despite the continuing substantial challenges as a result of the COVID-19 pandemic, the Group’s EBIT is expected to increase significantly in the 2021|22 financial year ▪ Group revenue is projected to show moderate growth Corporate presentation 2021 45
DISCLAIMER This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or published, in whole or in part, for any purpose. This presentation comprises the written materials/slides for a presentation concerning AGRANA Beteiligungs-AG (“Company”) and its business. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or investment decision. This presentation includes forward-looking statements, i.e. statements that are not historical facts, including statements about the Company's beliefs and expectations and the Company's targets for future performance are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. Although care has been taken to ensure that the facts stated in the presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company no representation or warranty, express or implied, is given by or on behalf of the Company any of its respective directors, or any other person as to the accuracy or completeness of the information or opinions contained in this presentation. Neither the Company nor any of its respective members, organs, representatives or employees or any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Quantitative definitions of selected common modifying words used: Modifier Visualisation Numerical rate of change Steady ➔ 0% up to 1%, or 0% to -1% Slight(ly) or More than 1% and up to 5%, or less than -1% and not less than -5% Moderate(ly) or More than 5% and up to 10%, or less than -5% and not less than -10% Significant(ly) or More than 10% and up to 50%, or less than -10% and not less than -50% Very significant(ly) or More than 50%, or less than -50% Corporate presentation 2021 46
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