Saregama India Limited has informed the Exchange about Investor Presentation
Date: 27th July, 2023
The Manager, Listing Department, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 051
The General Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001
Symbol: SAREGAMA
Scrip Code: 532163
Subject: Press Release and Investor Presentation
Reference: Unaudited Financial Results (Standalone and Consolidated) of the Company, for the quarter
ended 30th June, 2023
Dear Sir/ Madam,
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) as amended from time to time, please find enclosed the following for the Unaudited (Standalone and Consolidated) Financial Results for the quarter ended 30th June, 2023:
i. Press release on Earnings ii. Investor Presentation
This information is available on the website of the company www.saregama.com.
You are requested to kindly take the afore-mentioned on record and oblige
Yours Faithfully, For SAREGAMA INDIA LIMITED
Priyanka Motwani Company Secretary and Compliance Officer Encl: As above
SAREGAMA India Limited, 33, Jessore Road, Dum Dum, Kolkata - 700 028, India. Tel: +91 33 2551 2984, Fax: +91 33 2550 0817, Web: www.saregama.com CIN: L22213WB1946PLC014346 Email ID: co.sec@saregama.com
Total Revenue at 1,809 Mn with a 27% PAT Margin
Building IP for Tomorrow
Mumbai, July 27, 2023: Saregama, a RPSG Group company, announced its financial results for the Quarter Ended June 30, 2023.
Company’s operating revenue stood at Rs 1,633 Mn with a strong adjusted EBITDA of Rs 623 Mn at 38% Margin.
Company delivered a PAT of Rs 433 Mn at 27% margin, delivering a margin growth of 6% over Q4FY23 and 2% over Q1FY23.
Music segment revenue grew strongly to Rs 1,491 Mn with new content continuing to contribute significantly to the Company’s revenue and profitability.
Key Operational Highlights:
➢ This quarter saw release of super successful songs of Vicky Kaushal, Sara Ali Khan starrer “Zara Hatke Zara Bachke” which topped every possible chart in the country, including Spotify, YouTube, Wynk, Radio etc. We also saw release of the first song of Ranveer Singh and Alia Bhatt starrer “Rock Aur Rani Ki Prem Kahani”. Other big album this quarter was Telugu movie “Kushi” whose first song topped charts in Telugu. Malayalam album “Romancham” was a big hit. In non-films Company released songs like “Rista Rista” by Stebin Ben; “Kya Hua Tera Wada” by Sanam in Hindi; “Murabba” by Khesari Lal; “Nach Re Patarki 3.0” by Arvind Akela Kalu in Bhojpuri and “Bhulva Mangu Chu Tane” by Rakesh Barot in Gujarati etc.
➢ During the Quarter, Company released 250 plus Originals and Premium Recreations across Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, Telugu, Malayalam, Marathi and Bengali languages. Company also released 2,600 plus derivatives (LoFi, Trap Mix, Cover, Acoustic etc.) which is driving the popularity and growth of its catalogue.
➢ The other highlight of the quarter was the use of our songs for IB71 (Hindi, Action Hero Films),
Gullu Gullu (Tamil Film, Raj productions), Enkilum Chandrike (Malayalam, Friday Films), Dr. Bezboruah (Assamese Film) and by brands like Mumbai Indians, Google, Uber, Spotify, etc. in their ad films.
➢ Carvaan continued to regain its momentum. In Q1 FY24, the unit sales grew by 52% YoY, with Carvaan Mobile volumes building up. Overall, Company sold 149k units in Q1 FY24 compared to 98k units last year.
➢ Company’s TV serials Anbe Vaa, Ilakkiya and Iniya were the Slot Leaders in their respective time slots with “Ilakkiya” rated the No. 1 TV serial in afternoon slot across all Tamil Channels for the third consecutive quarters.
➢ We strengthened our credentials as a serious Live Event Business Player with the release of
Disco Dancer show in Mumbai.12 shows were held in Q1 FY24.
Avarna Jain, Vice Chairperson Saregama India, said “Saregama continues to invest in content that generates healthy returns and fortifies its position as the leading music label. More importantly, our bets to diversify the business are well placed to realize organization’s goal of being the leading entertainment company that continues to grow profitably. Success of our strategy is demonstrated in the Q1FY24 results with Operating revenue of Rs 1,633 Mn combined with 27% PAT margin”.
About Saregama India Limited:
Saregama India Limited, formerly known as The Gramophone Company of India Ltd is a RPSG group company owning the largest music archives in India and one of the biggest in the world. The ownership of nearly 50 per cent of all the music ever recorded in India also makes Saregama the most authoritative repository of the country’s musical heritage. Saregama has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.
About RPSG Group:
RP-Sanjiv Goenka Group is one of India’s fastest growing conglomerates with a significant global presence. The Group’s businesses include power and energy, carbon black manufacturing, retail, IT- enables services, FMCG, media and entertainment and agriculture.
For further information, please contact: Honey Sheth | honey.sheth@mslgroup.com |9870097011 Krishi Shetty | krishi.shetty@mslgroup.com |9518308228
SAREGAMA INDIA LIMITED | QUARTERLY PRESENTATION | Q1 FY24
SAREGAMA STRENGTHS
India’s only entertainment company with IP offerings across media channels (music, films, web series and TV serials), delivery platforms (physical and digital) and business models (licensing and retail)
Large intellectual property portfolio of 150K+ songs, 69 films and web series, 6K+ hours of television content
Strong licensing relationships with streaming applications and platforms for music and video
Increasing IP library with a growing presence in all leading Indian languages
Investments and Capabilities in Data Analytics and Technology for content acquisition and IP protection
Strong financial position with track record of revenue growth, margin expansion and cash flow generation
Experienced and creative leadership through Management Team and Promoter Group
2
SAREGAMA KEY FINANCIAL METRICS
Revenue From Operations (INR Mn)
Adjusted EBITDA (INR Mn)
22% CAGR
7,366
50% CAGR
2,712
2,230
5,806
5,447
5,215
4,420
3,566
2,185
1,451
1,519
786
763
511
237
847
603
389
159
PBT(INR Mn)
58% CAGR
2,481
2,044
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY23 numbers are restated post impact of demerger
MUSIC LICENSING, MUSIC RETAIL, FILMS & SERIES, LIVE EVENTS
1,574
1,024
702
521
476
Film, Events and Series,
FY19
FY20
FY21
FY22
FY23
2,948
2,062
1,056
861
1,298
Music Retail
FY19
FY20
FY21
FY22
FY23
FY23 numbers are restated post impact of demerger
21%
18%
FY23 Revenue INR 7366 Mn
61%
* 4,410
* 3,585
* 2,839
* 2,361
1,949
FY19
FY20
FY21
FY22
FY23
* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn in FY20 are excluded
Music Licensing
STRATEGIC OVERVIEW
To be a Pure Play Content Company capitalising on the global content consumption boom
driven by the ever-increasing Digitisation
Monetisation of Existing IP
Through licensing to EVERY 3rd party Digital (music, video, social) and TV platform.
Carvaan transitioning from being a Product with only one-time margin to a Platform for Music lovers with recurring advertising, transaction and subscription revenue
Cementing leadership position with New film and non-film music acquisition across Hindi, Tamil, Telugu, Bhojpuri, Gujarati, Punjabi, Malayalam, Bengali and other regional languages.
Building of New IP
Producing Theatrical Films in only Regional languages and Web Series in all languages. Revenue secured through pre-licensing to digital platforms. Scale allowing lower cost of production
Building Live Music based Events IP, preferably around Saregama owned music
150k+ Songs | 69 Movies & Web Series | 6k+ hrs of TV Series | Advantage Saregama
PATH TO LEADERSHIP POSITION IN MUSIC SEGMENT
Disproportionate Share of
New Content across Hindi & Regional Languages
+
Acquisition of Small & Mid size Music Catalogues using Cash Reserves
+
Better Monetisation Capability on the back of Catalogue + New Content strength
Investments in Data Analytics & AI Marketing Muscle
+
Deeper artiste relationships through play in Artiste Management & Live Events
+
Strength of Balance Sheet Decentralised Decision Making
+
India’s Largest and Most Popular Music Catalogue
MUSIC SEGMENT REVENUE FROM CATALOGUE MUSIC CONTINUES TO GROW
Annual Growth in Music Licensing Revenue from Saregama owned Songs classified by Decade of Release
FY19
FY20
FY21
FY22
FY23
2001 – 2020
1981 – 2000
Till 1980
47%
32%
24%
24%
18%
23%
18%
27%
20%
4%
1%
5%
19%
19%
7%
All revenue from derivatives of catalogue songs are classified basis original song release date
MUSIC SEGMENT SAREGAMA IS NO LONGER A CATALOGUE COMPANY
33% of Saregama’s songs were released post 2000, and they contributed to 48% of FY23 revenue
FY23 150k+ songs generated Licensing Revenue INR 4,410 Mn * Era wise Breakup
2021-2023
8%
27%
2001-2020
1981-2000
1961-1980
Till 1960
25%
26%
25%
21%
21%
29%
16%
2.6%
Count of Songs
Revenue
Derivatives of catalogue songs are classified basis derivative song release date *Excluding one time income of INR 84 Mn
48% of Licensing Revenue now comes from 21st century songs
OUR GROWTH STRATEGY IN VIDEO SEGMENT
Pick Films and Cast primarily basis recoveries from Digital and TV licensing
+
Pick Web Series basis pre-licensing approval from a VoD platform
Volume of Films / Series to drive Cost Optimisation & Licensing Leverage
Greater emphasis on regional movies because of better ROI
Retain IP for Portfolio building & future exploitation
+
Access to Music Catalogue gives Unique Strength
OUR LICENSING PARTNERS
Streaming Partners Music
Broadcasting Partners Music + Films & Series
Video Streaming Partners Music + Films & Series
vO
uVid
v
Social Media Platforms Music + Films & Series
Brands Music
10
OPERATIONAL HIGHLIGHTS
11
MUSIC SEGMENT REVENUE PER QUARTER (INR Mn)
1547
1509
1491
1378
1333
1274
1216
1175
1142
1004
919
858
696
Q1 FY21
Q2 FY21
Q3 FY21
Q4 FY21
Q1 FY22
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
* One time income of INR 84Mn in FY23, INR 97Mn in FY22 and INR 155Mn in FY21 are excluded
12
MUSIC LICENSING - MONETISATION
• Brand Licenses:
Mumbai Indians, Spotify, Uber, Google etc.
• Digital Content Licenses:
Telugu Indian Idol (Aha), Coke Studio Bharat etc.
• Film Sync Licenses:
Licensed songs for IB71 (Hindi, Action Hero Films), Gullu Gullu (Tamil, Raj productions), Enkilum Chandrike (Malayalam, Friday Films), Dr. Bezboruah (Assamese Film) etc.
YOUTUBE VIEWS (Bn) PER QUARTER
YOUTUBE SUBSCRIBERS (Mn)
36
39
44
45
85
66
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Includes all views related Saregama IP across it’s owned channels and user generated content on YouTube and YouTube Shorts
95
85
75
65
55
45
35
85
80
91
70
75
65
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
13
CHARTBUSTERS OF Q1 FY24
MUSIC SEGMENT : CONTENT CREATION Film Music released in Q1 FY24
HINDI
TELUGU
TAMIL
MALAYALAM
Vicky Kaushal & Sara Ali Khan
Nani
Samantha & Vijay Deverakonda
Sivakarthikeyan
Shaan Rahman
Ranveer Singh & Alia Bhatt
Naresh Agastya
Ravi Teja
Shanthanu Bhagyaraj
Vishnu Sivasankar
Rakul Preet Singh Pavail Gulati
Sudhakar Komakula
Bheems Ceciroleo
Vijay Antony
Kunchacko Boban
MUSIC SEGMENT : CONTENT CREATION Non-Film Music released in Q1 FY24
BHOJPURI
GUJARATI
HINDI
Neelkamal Singh
Khesari Lal & Shilpi Raj
Naresh Thakor
Vijay Suvada
Sanam
Stebin Ben
DEVOTIONAL
Khesari Lal
Shilpi Raj & Arvind Akela Kallu
Kajal Maheriya
Mahesh Vanzara
Krishna Beuraa
Charanjeet Singh Sondhi
PUNJABI
BENGALI
Kartik Kumar
Ritesh Pandey & Priyanka Singh
Rakesh Barot
Rakesh Barot
Kuldeep Manak
Raj Barman & Trissha Chatterjee 16
MUSIC RETAIL
Retail:
• Unit Sales grew 52% Y-o-Y
• Carvaan Mobile volumes building up
• Margin % similar on all Carvaan variants : base model,
Mini, Mobile, Music Bar
180
160
140
120
100
80
60
40
20
0
45
CARVAAN SALES (units '000s)
168
156
149
139
141
103
112
98
Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 Q1-FY24
Future Outlook
▪ Reliance on Natural Pull from the market
▪ Tight cost controls to continue
17
Films and Web Series
FILMS & SERIES
Upcoming releases
“Agra” directed by Kanu Bhel premiered at the Cannes Film Festival 2023 in the Directors’ Fortnight Section.
Kasargold Asif Ali
Malaikottai Valiban Mohanlal
Bazooka Mammootty
TV Segment
• “Ilakkiya” rated the No. 1 TV serial in afternoon slot across all
Tamil Channels.
• "Iniya“ rated No.3 TV Serial in prime time across all Tamil
Channel.
• All serials Anbe Vaa, Ilakkiya and Iniya were the Slot Leaders
in their respective time slots.
• Saregama TV Shows YouTube channel garnered 788 Mn views in Q1 FY24 i.e. more than 100% growth over Q1 FY23 of 381 Mn views
Future Outlook
• Unlocking
value of the existing IP through language new platform remakes, licensing and syndication
18
LIVE EVENTS
Saregama live’s Stage adaptation of Bollywood’s iconic film Disco dancer
• 12 shows held in Mumbai in Q1 FY24
• Establishing our credential, as a serious live events player
• Show went off very well, both with public at large and critics
19
FINANCIAL HIGHLIGHTS
CONSOLIDATED
20
QUARTERLY FINANCIAL SUMMARY
Particulars (INR Mn)
Revenue from Operations
•
•
•
Music
Films and Television serials
Events
Revenue from Operations
Adjusted EBIDTA (EBIDTA excluding Content Charge)
Q1 FY24
Q4 FY23*
Q-o-Q Growth
Q1 FY23*
Y-o-Y Growth
1,491 122 20
1,633
623
1,461 573 2
2,036
619
2% (79)% (900)%
(20)%
1%
1,274 145 242
1,661
651
17% (16)% (92)%
(2)%
(4)%
Content Charge include the following charges related to the new content during the year: 1) 4) Content charge does not include any royalty paid post recoupment of the Minimum Guarantee amount.
Amount amortised in case of Royalty based deals 2) Amount amortised against the one-time fee paid in case of Outright purchase-based deals 3) Marketing of new content
Revenue from Operations (INR Mn)
189 153
58
213
242 145
2
573
20 122
1,274
1,509
1,547
1,461
1,491
Q1-FY23
Q2-FY23
Q3-FY23
Q4-FY23
Q1-FY24
700
200
Adj. EBITDA (INR Mn) & Adj. EBITDA Margin 41%
38%
39%
30%
38%
650
704
740
618
623
Q1-FY23
Q2-FY23
Q3-FY23
Q4-FY23
Q1-FY24
43%
38%
33%
28%
23%
18%
13%
Music
Films & TV serials
Events
Adj. EBIDTA
Adj. EBIDTA Margin
All previous quarter numbers are restated post impact of demerger
21
ADJUSTED EBIDTA TO PAT
Particulars (INR Mn)
Q1 FY24
Q4 FY23*
Q-o-Q Growth
Q1 FY23*
Y-o-Y Growth
FY 23*
Revenue from Operations (A)
Total Expenses (B)
Adjusted EBIDTA (C= A-B)
Adjusted EBIDTA Margin (%)
Content Charging Cost (D)
Depreciation (E)
Finance Cost (F)
Other Income (G)
PBT (C-D-E-F+G)
Tax
PAT
PAT Margin (%)
Diluted EPS (Face Value Re.1)
1,633
1,010
623
38%
183
10
14
175
591
158
433
27%
2.26
2,036
1,417
619
30%
182
10
17
173
583
147
436
21%
2.27
(20)%
(29)%
1%
1%
-
(18)%
1%
1%
7%
(1)%
1,661
1,010
651
39%
167
6
14
98
562
143
419
25%
2.17
(2)%
-
(4)%
10%
67%
-
79%
5%
10%
3%
7,366
4,654
2,712
37%
679
31
57
536
2,481
630
1,851
25%
9.63
* Numbers are restated post impact of demerger
22
BALANCE SHEET
Equity and Liabilities (INR Mn)
As at 30th June 2023
As at 31st March 2023*
Shareholder's fund
(a) Equity share capital
(b) Other equity
Net worth
(a) Non-controlling interest
Non-current liabilities
(a) Financial liabilities (i) Lease liabilities
(b) Employee benefit obligations (c) Deferred tax liabilities (net)
Current liabilities
(a) Financial liabilities
(i) Lease liabilities
(ii) Trade payables
(iii) Other financial liabilities
(b) Other current liabilities (c) Provisions (d) Employee benefit obligations
(e) Current tax liabilities
193
13,676 13,869
31
193
13,228 13,421
34
1 39
472
5
639
650
343 967 11
9
1 42
464
6
702
565
876 913 8
9
Total
17,036
17,041
* FY23 numbers are restated post impact of demerger
Assets (INR Mn)
Non-current assets
As at 30th June 2023
As at 31st March 2023*
(a) Property, plant and equipment
2,208
2,207
(b) Right-of-use assets
(c) Investment properties
(d) Intangible assets
(e) Intangible assets under development
(f) Financial assets
(i) Investments
(ii) Other financial assets
(g) Other non-current assets
Current assets
(a) Inventories
(b) Financial assets
(i) Investments (ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans
(vi) Other financial assets
(c) Current tax assets (net) (d) Other current assets Total
5
21
1,223
51
-
528
588
7
21
1,143
40
-
530
573
1,978
1,643
2,162 1,313 2,497
2,681
227
140
237
1,177 17,036
2,388 1,480 167
4,916
262
219
301
1,144 17,041
23
CASH FLOW STATEMENT
Particulars (INR Mn)
Pre-Tax Profit
Change in other operating activities ( including non-cash Items)
Change in Working capital
Taxes Paid
Net cash generated from Operating Activities (A)
Redemption/ (Investment) in Fixed Deposits with maturity > 3m
Redemption/(Investment) in Mutual Fund
Net cash used in Fixed assets and other Investing activities
Net cash used in Investing Activities (B)
Net cash (used in)/generated from Treasury Shares
Proceeds from Issue of Share Capital #
Repayment of Lease Liability
Dividend paid
Interest paid
Net cash (used in)/generated from Financing Activities (C)
Net (decrease)/increase in Cash and Cash Equivalent (A+B+C)
Cash and Cash Equivalents at the beginning of the period
Effect of Translation of foreign currency cash and cash equivalents
Less: Transferred pursuant to the scheme of arrangement
Cash and Cash Equivalents at end of the period #
Q1 FY24
FY 23*
591
(16)
(629)
(85)
2,392
250
(160)
(7)
-
(2)
-
(1)
(139)
2,481
(432)
(445)
(669)
(3,709)
3,120
(893)
935
2,482
(1,482)
(161)
-
(6)
(578)
(7)
(10)
2,333
167
(3)
-
2,497
(752)
(1,299)
1,527
16
(77)
167
24
* FY23 numbers are restated post impact of demerger # Exclude Investment in Bank FD with maturity more than 3 months and Investment in Mutual Funds INR 5,350Mn ( FY23 INR 7,802Mn)
FINANCIAL CHARTS (CONSOLIDATED)
Revenue from Operations (Turnover) (INR Mn)
Music Licensing Revenue (INR Mn)
Content Charge (INR Mn)
PAT (INR Mn)
6 6 3 7
,
7 4 4 5
,
5 1 2 5
,
6 0 8 5
,
0 2 4 4
,
*
9 3 8 2
,
*
1 6 3 2
,
9 4 9 1
,
*
5 8 5 3
,
*
0 1 4 4
,
9 7 6
3 6 4
0 5 8 1
,
6 2 5 1
,
5 3 1 1
,
6 7 1
9 7 1
9 9
3 4 5
5 3 4
FY19
FY20
FY21
FY22
FY23
FY19
FY20
FY21
FY22
FY23
FY19
FY20
FY21
FY22
FY23
FY19
FY20
FY21
FY22
FY23
* One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn (FY20) are excluded
Adjusted EBIDTA Margin (%)
Return on Equity (ROE) (%)*
Diluted EPS (INR)
% 8 3
% 7 3
% 3 3
% 3 3
% 4 2
% 6 1
% 4 1
% 5 1
Debt to Equity Ratio
Dividend per Share (INR)
.
0 3
.
0 3
.
0 2
8 2 0
.
.
6 9
.
4 8
.
5 6
% 5 1
% 3 1
.
1 3
.
5 2
.
3 0
.
2 0
3 0 0
.
- - -
FY19
FY20
FY21
FY22
FY23
FY19
FY20
FY21
FY22
FY23
FY19 FY20 FY21 FY22 FY23
FY19 FY20 FY21 FY22 FY23
FY19 FY20 FY21 FY22 FY23
• ROE = PAT / Shareholders Equity • Shareholders Equity = Equity share capital and free reserves • Since FY22 INR 7500 Mn of fresh fund raise through QIP
added to Shareholders Equity
Previous Years EPS has been restated basis face value of Re.1 per share
Since FY21, Company is debt free
All FY23 numbers are restated, as applicable, post impact of demerger
25
DISCLAIMER
Saregama India Ltd. Disclaimer:
In evaluating our business, we consider and use non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin, Debt to Equity Ratio, Return on Equity, to review and assess our operating performance. These non-GAAP financial measures are not defined under Ind AS and are not presented in accordance with Ind AS. They may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. We have included these non-GAAP financial measures because we believe they are indicative measures of our operating performance and are used by investors and analysts to evaluate companies in the same industry. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity reported in accordance with Ind AS. These measures should not be considered in isolation or construed as an alternative to Ind AS measures of performance or as an indicator of our operating performance, liquidity, profitability, or results of operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the Standalone/Consolidated Financial Statements.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Saregama India Ltd., which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
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