COSMOFIRST

Slis COSMO FILMS 9SSI engineered to enhance CFL/SEC/SE/PS/2020-21/JAN/09 January 28, 2021 The Manager (Listing) The N/tanager (Listing) Bombay Stock Exchange Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/l,G Block, Mumbai-400001 Bandra - Kurla Complex Scrip Code: 508814 Mumbai-400051 Security ID: "COSMOFILMS!"" Sub: Investor Presentation Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed Investor Presentation on Operational and Financial Performance of the Company for the Quarter ended on December 3 I,2020. The Investor Presentation is also being hosted on the website of the Company viz., https://www.cosmo films.com/ You are requested to take the same on your records. Thanking You Yours faithfully For Cosmo Films Limited Jyoti Compa^Secretary & Compliance Officer End: As Above CIN : L92114DL1976PLC008355 Cosmo Films Limited 1008. DLF Tower-A. Jasola District Centr&. New Delhi - 11007^ InrlJa Cosmo Films – A Perspective Speciality Films for Sustainable Packaging Flexible Packaging I Lamination I Labeling I Synthetic Paper January 2021 Discussion Summary Company Overview India Industry – Key Dynamics and Capex Strategy Key Focus Areas - R&D, Sustainability and Specialty Company Financials Corporate Governance & Management Why Invest in Cosmo Films? Corporate Social Responsibility 1 Company Overview Strong History & Leading Position Global Leader in Thermal Lam Films Unique Proposition Established in 1981, Cosmo Films With the acquisition of GBC Uniquely positioned with good mix Ltd.is the pioneer of BOPP Films Commercial Print in June of specialty and commodity films. Industry in India. 2009, Cosmo is now the Widest product portfolio under one Promoted by Mr. Ashok Jaipuria, the world’s largest producer of roof. company is also the largest BOPP thermal lamination films. Multiple lines allowing dedicated film exporter from India. runs for speciality films. Production Facilities Strong Export Footprints Strong Financials Units in India, Korea, & USA with Leading BOPP Films exporter from  Continuous growth and annual installed capacity as follows: India with export to more than 100 profitability track  BOPP Films: 196K MT countries . record.  Thermal Films: 40K MT  Coated Specialty Films:20K MT  Metalized Films:22K MT  CPP Films: 10K MT  Specialty Chemical: 10k MT Corporate Governance & Strong R&D Focus Certification, Awards & Recognition Professional Management Collective R&D experience of over 100 ISO 9001:2000  Strong Independent board years. ISO 14001:2004  High on Corporate Governance Recently received one patent for Release British Retail Consortium (BRC)  Professional Management BOPP Film and applied for a new patent American Institute of Baking (AIB) for High Barrier CPP Film. This in addition CII Excellence Award for 5S to 6 patents in India and 3 in US. Winner of several product innovation awards viz. PFFCA, Asia Star etc. 2 Company Overview - Vision 2020 “To be the most preferred global brand offering value added oriented films for packaging, labels, lamination and industrial applications.” 3 Company Overview - Milestones 2007 2006 2005 2004 2003 2002 2001 1996 1988 1981 1st 2nd BOPP Line 3rd BOPP Line 4th BOPP Line Acquired 5th BOPP 6th BOPP line 2nd 3rd & 4th BOPP Gujarat Line Extrusion Extrusion 5th Line Propack Ltd 1st Extrusion Coating Coating line Extrusion Coating Coating line line line 1st Coating Line 1st Metallizer line Gas based electricity generation unit 4 Company Overview - Milestones 2021 2020 2018 2017 2015 2016 2014 2013 2012 2011 2010 2009 2008 C E o 6 x a t t t h r i n & u g s 7 i l o t i h n n e A C o cq m u m ir e e r d c i G a B l C 2 M Li n e n d t e a llizer K Pl o a r n e t a 2 Li n n d e C oating 9 Li t n h e B OPP 3 C r o d a ting 4 C t o h a & ti n 5 g th line C Li P n P e -1 1 L i 0 n t e h BOPP C Li P n P e -2 6 C t o h a ting S C p h e e c m ia ic lt a y l 8th BOPP Line line 3rd Metallizer 4th Line Line-1 Line Metallizer Line Upgradation of US Plant 5 Company Overview - BOPP EDGE MOISTURE BARRIER CHEMICALLY INERT LOW COF AND LOW SIT HEAT SEALABILITY EXCELLENT CLARITY & Better Shelf Life, Suitable For Food & Good Machinability Suitable For Flexible HIGH GLOSS Guard Sensitive Pharma At High Speeds Packaging Better Aesthetics Products LOW MELTING POINT & VERSATILE IN NATURE LOWEST DENSITY MOLECULAR WEIGHT Additives Can Lead To Higher Yield Fully Recyclable Various Modifications Environment Friendly & High Performance 6 Company Overview - Product Portfolio SALES REVENUE 24% 38% 14% PACKAGING FILMS LAMINATION FILMS LABEL FILMS INDUSTRIAL FILMS 24% o Print & Pouching Films o Standard Range o Pressure Sensitive Label o Synthetic paper (Thermal Lamination & stock films o Tape & Textile Films o Barrier Films Wet Lamination) o Direct Thermal o Overwrap Films o Special Application Printable films Packaging Lamination Label Industrial o Lidding Films Lamination Films o In-mould films o Premium Lamination o Wrap Around label Films o films Disclosure: All these are trademarks of respective Owners 7 Manufacturing Footprint NUMBER OF LINES BOPP Thermal Coating Metalizing CPP Waluj, Aurangabad, India 5 Lines 2 Lines 3 Lines 1 Line 1 Line Karjan, Vadodara, India 3 Lines 1 Lines 2 Line 1 Line Shendra, Aurangabad, India 1 Line 5 Lines 2 Line 1 Line S T N Asan, Korea 1 Line A L P TOTAL INSTALLED CAPACITY 1,96,000 TPA 40,000 TPA 20,000 TPA 22,000 TPA 10,000 TPA Waluj, India Shendra, India Karjan, India Asan, Korea 8 Company Overview - Customer Base CANADA GERMANY US KOREA JAPAN CHINA INDIA Sales FY 19-20 43% Export 57% Domestic Manufacturing Locations Sales Offices-Other than manufacturing locations 9 Key Customers Disclosure: All these are trademarks of respective Owners 10 Some of the brands we service Disclosure: All these are trademarks of respective Owners 11 India Industry Dynamics and Capex Strategy Data Source: AMI/PCI/Other Independent Research and Industry Sources 12 Key Focus Areas Speciality and Product Mix 1 Skewing Product Mix more towards specialty products, with consequently better margins and removing cyclability impact. R&D and Sustainability Focus More & more green practices in manufacturing, more films enabling 2 circular economy. Innovation led products. Customer Centric Creating Customer Centric Culture:- Robust Service Offer, New Offices 3 Overseas, CRM, Establishing tripartite partnership between us, Converter and Brand Owners. Capex Strategy and Capacity Expansion 4 Further Capacity expansion is planned mainly in Value Add segment and sustainability for next 2 years. Diversification Playing in strength areas, diversifying into special chemical manufacturing and B2C for specific products Pets Care vertical 13 Key Specialty Products launched during last few quarters High Tear Resistant Synthetic Paper High Barrier Recyclable Film (CSP) o Specifically designed for use in tea o Originally designed for high tear resistant packaging, Noodles packaging or tag applications. Also offers moisture, Shampoo Sachets etc. oil and chemical resistance just like standard synthetic paper. Recyclable Laminates for Soap Wrap Laser Printable (Dry Toner) Both Side o Mainly use to overwrap Soap. Coated White Synthetic Paper TeploR Heat Resistant Film Packaging o excellent slip properties, good Industrial machinability and has a great Films performance on high-speed VFFS and Films HFFS machines Lamination Films Metalized Velvet Film Label o Excellent Matte velvet finish with a Films silvery look; ideal for luxury gift packaging, cosmetics, perfume cartons etc. Universal PET Lidding Film High Gloss Metalized Label Film o Universal lidding film which o Mirror Finish Glossy film which can be laminates with different plastic and printed with high speed flexo printing paper materials and has easy release machine. Suitable for premium labeling applications for instance liquor & personal care 14 Research and Development – A Snapshot Focus areas Infrastructure Achievements • Identifying technical (product/applications) growth • R&D labs with most sophisticated • Recognition and certification by Department of areas through customer activities, exhibitions, equipments, one in India & one in the US Scientific & Industrial Research, Government of publications and technical interactions India • Some of the equipments • Support water based printing and complete • Recently received one patent for Release BOPP replacement of solvent based coatings with water • Barrier Testing (OTR & MVTR) Film based coatings • Differential Scanning Calorimeter (DSC) • Thermo Gravimetric Analysis (TGA ) • Multiple patents with 6 in India and 3 in the US • Mass Spectrometer (MS) • Increase the occupancy of value adds in the products • Optical Microscope baskets • Dynamic Mechanical Analyzer • Multiple product development Awards such as • Perkin Elmer FTIR Indiastar, IFCA STAR and PFFCA STAR awards • Reduce carbon footprints through down gauging in our • UV spot coating and screen printing products and reducing consumption of raw materials • Scanning Electron Microscope (SEM) • First thermal lamination film to take extrusion & fuel • ANSI Barcode scanner coating without the primer • UV flexoproof 100 The R&D team has PHD’s & Post Docs from renowned universities in the USA and Europe. Global experience in Packaging, Polymer Engineering, Biopolymers and Nanomaterials. 15 Recent R&D led infrastructure Investment ▪ Investment of 1M$+ in new R&D centre in India ▪ New pilot line for customized product trials for film manufacturing, coating and lamination. ▪ Product Application Centre to validate print quality in-house ▪ Screen, UV Flexo, Direct Thermal and Thermal Transfer printers ▪ Recently installed a new highly automated 2.2 meter coating line; capable of both sides coating in a single pass 16 16 Customer Centricity to become Global preferred Player Sales Team Customer Centric Culture Strengthening Sales team:- Creating Customer Centric local resources in several Culture:- Robust Service Offer, countries, dedicated resource CRM, Cross Functional for engagement with global Alignment brands, etc. Brand Visibility Global Expansion Preferred Creating brand visibility Expanding Customer base in Player globally:- Digital marketing, Potential Segments and Geo- Print Media advertising, Trade Markets shows participation etc. Engagement Solution Approach Solution approach to Selling:- Improving End User Establishing tripartite Engagement partnership between us, Converter and Brand Owners to find solutions for unmet needs 18 CRM- A 360 degree view for Customers  Visibility to stage wise progress of order from order receipt to order dispatch  Auto email alerts at every stage of order processing with the final email containing LR/BL documents  Automated process of sending invoice, packing lists and shipment plan to customers along with an option for downloading the documents online  Complete visibility to receivables and statement of account in simple clicks  Easy to log complaint and track status  Option of uploading supporting photographs for faster complaint resolution  Customer Portal Available on cloud, can be accessible from anywhere on any device 19 Initiatives to improve Quality Culture  Implemented Six Sigma System at the organizational level to  Initiated small quality improvement projects with lower level improve quality culture. cross functional teams to reduce customer quality complaints.  15 people trained as six sigma green belts last year, completed 10  Started shop floor technical training for sales & marketing team projects covering quality, cost reduction and process for better understanding of product applications and improvements. manufacturing processes.  Second batch of six sigma underway, new projects initiated.  Got A grade rating from two of major customers during plant quality audit.  Implementation of 5S at shop floor is underway to make Cosmo shop floors world class.  Customer complaint weekly QA meeting has been started and has been adding value to the quality management system.  Taken initiatives like double door system on each door, automating door closures etc.  Initiated sharing product success stories for publishing on social media.  Green rating awarded by EcoVadis Sustainability Ratings  Developed online COA (Certificate of analysis) generation  Initiated lean manufacturing from our Karjan unit which shall be application in SAP for all three units to provide system generated horizontally deployed at all three locations. COAs to customers. Cameras are installed on BOPP, Coating and Extrusion Coating Lines to detect inline defects and then rectify them 20 Some Recent Achievements FY 2019-20  Ranked as 10th in the list of Fortune’s Next 500 midsize companies  Brand Excellence Awards for Effective Use of Marketing Communication & for Engineering, Research and Development Sector  Recognized as one of the top 500 corporates by Dun & Bradstreet  Received the Best Employer Award at the 14th Aurangabad Employer Branding Awards  Received the Aurangabad Manufacturing Leadership Award by the World Quality Congress  Business Transformation Awards for exemplary innovation and transformation FY 2018-19  Mr. Poddar received the “Young Business Leader Award” at the Dare to Dream Awards, presented by Zee Business in association with SAP  Mr. Poddar bagged the “People's CEO Award” at NIPM National HR Excellence Award  Received the“SAP ACE Award” by SAP INDUS  Received the “SAP Hana Visionary Award” by SAP 21 Pets Care Vertical  Pets care business has been growing in India at 22% CAGR. With smaller families, rising income levels and limited social lives (especially post Covid), Pet adoption will increase many folds.  The business scenario is highly fragmented and there is no organized players in India offering end to end comprehensive solution to the customers.  Cosmo expects to fill up this void. Pets care is a low capex business while Brand Building will require some investments in the initial years.  The Company is investing about 15 crores for pilot launch in NCR over next 12-15 months to ascertain the sanctity and viability of the Pets Care business to launch it at a larger scale.  The Company expects to demerge Petcare division at right time which is expected to deliver high valuation and add significant value to shareholders. 22 Financials  FY19-20 EBITDA is higher by 55% primarily due to higher specialty sales by 11%, better BOPP films margins (balanced demand and supply scenario), operational efficiency and better performance by subsidiaries.  The Company shall continue to invest in R&D and grow its specialty film portfolio thereby improving margins. 23 P N E E P P E B a e B B B A P o r t i c t S a I D T I D T T T S o k V u l A A e a l a s % l u r s e S t a n A d u a d l o 1 , 1 i t n 7 4 1 8 0 % 8 8 4 3 3 e e 9 1 5 5 4 2 d F C Y o n 1 7 s o - 1 l i 8 d a 1 t , e 8 1 9 3 d 4 6 % 6 6 3 2 7 8 4 4 4 3 S t a n A d u a d l o 2 , i t n 0 5 1 6 8 % 6 5 3 3 6 e e 0 9 9 8 0 3 d F C Y o n 1 8 s o - 1 l i 9 d a 2 t , e 1 1 8 3 d 5 8 % 7 6 3 5 7 1 2 1 2 5 S t a n A d u a d l o 2 , 1 i t n 0 3 2 6 3 % 1 6 1 1 6 3 8 e e 2 2 3 4 0 9 d I N F C Y o R n 1 C 9 s r o o - 2 l i r 0 d e a 2 s 1 t , e 2 2 3 1 1 3 d 0 8 % 6 1 5 8 4 0 3 3 9 7 Financials Contd .. Key Highlights – Q3, FY20-21 Results The Company posted highest EBITDA of Rs.112 crores during Q3 FY21 (despite 7% lower volumes partly due to debottlenecking one large production line to enable specialty films production) on the back of higher speciality sales (13% YOY), better operating margins from last year and inventory gain of Rs. 7 crores due to raw material price increase. During the quarter the Company bought back 12.67 lacs shares at a price of Rs. 576 per share. The buyback reflects management’s confidence in the company business strategy and growth prospects. Improvement in EPS, RoE, and RoCE will start coming from next quarter. 24 P N E E P P E B * E a e B B B A P o P r t i t S I D I D T T S * o k S c u a l T A T A V i s l e a a s % l u c r a s e l c u l a t e d o n t S h t a e U n b n d a a u d i t e d a l o n e 5 0 8 1 0 1 2 0 % 7 9 5 4 9 5 4 3 7 s i s o f t r a Q 3 F Y C o n s i l i n g 1 2 o 2 0 l i m - 2 d a o 1 t e 2 n d 5 1 0 4 t h 7 1 % 8 6 9 4 s 2 2 8 3 7 3 r e s S u t a l t s U n n d a a u d i t e l o n e 5 1 9 1 8 % 7 4 8 4 2 4 4 0 9 5 1 d Q C 2 o F n Y s o 2 0 l i - 2 d a 1 t e 1 d 5 8 4 6 9 % 7 5 8 2 0 9 3 3 2 0 S U t a n n d a a u d i t l o n 5 1 4 3 e e 3 7 % 5 3 5 9 d 4 5 1 6 9 8 I Q N R 3 C C r s F Y 1 9 - o n s o l i d 2 0 a t e d 5 8 7 1 3 % 5 3 6 3 9 0 7 2 6 3 8 Financials - Key Ratios Audited FY 17-18 Audited FY 18-19 Audited FY 19-20 Unaudited YTD 9 months FY-21 Particulars Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated ROE (%) 14% 11% 9% 9% 16% 16% 23% 23% ROCE (%)* 10% 9% 8% 9% 15% 14% 20% 20% Net Worth (INR Crores) 637 620 695 680 745 741 827 839 Net Debt (INR Crores) 617 681 588 643 537 584 489 445 Net Debt/Equity Ratio (times) 1.0 1.1 0.8 0.9 0.7 0.8 0.7 0.6 Asset Turnover Ratio (times) 2.2 2.4 2.0 2.1 2.3 2.1 2.2 2.3 Dividend per share (INR) 6.0 6.0 15.0 - Net Debt/EBITDA (times) 3.4 4.1 3.5 3.5 2.1 2.2 1.4 1.2 * Excluding Treasury Above ratios are on trailing 12 months basis 25 Corporate Governance - Board of Directors Mr. Ashok Jaipuria Mr. A. K. Jain Mr. H. K. Agrawal Ms. Alpana Parida Chairman & Managing Director Whole Time Director Independent Director Independent Director Our founder Chairman & Managing Mr. Jain has over four decades of Mr. Agrawal has over four decades of Ms. Alpana Parida has more than two Director has more than 40 years of experience in Finance and Accounts and experience in the fields of Strategic decades of extensive experience in experience of the Corporate World. General Management functions in Management, Organization Structure, retail and marketing communication He is a Member of the Executive industrial enterprises in India. Mr. Jain is Finance and Training. He is an in the US and in India. Ms. Alpana Committee of the FICCI, president of a Commerce Graduate from Meerut independent Management Consultant. Parida graduated from IIM-Ahmedabad the Golf Foundation, a member of University and an AICWA from ICWAI Mr. H.K. Agrawal is a Mechanical in and has a degree in Economics the and a Certified Information System Engineer from University of Jodhpur from St. Stephens, Delhi University. Board of Governors of IIT- Patna and Auditor from Information System Audit and MBA from Indian Institute of Currently she is the President of DY among the Board of Directors of DPS, and Control Association, USA. Management, Ahmedabad. Works, India’s oldest and largest Gurgaon. Branding Firm headquartered in Mumbai. 26 Corporate Governance - Board of Directors (Contd..) Mr. H. N. Sinor Mr. Anil Wadhwa Mr. Pratip Chaudhuri Independent Director Independent Director Non Executive Non Independent Director Mr. Wadhwa is an Ex- Member of the Indian Mr. H. N. Sinor has been a veteran banker, Mr. Pratip Chaudhuri holds a BSc. (Hons) Degree Foreign Services. He holds a Masters Degree in having spent over four decades in public as well from St. Stephen's College, Delhi University and History with specialization in Chinese History and as private sector banks like Union Bank of India, MBA from University Business School, Chandigarh. Medieval Indian History and Architecture. He has Central Bank of India and ICICI Bank. He was MD He is a Certified Associate of Indian Institute of served as Indian Ambassador to Poland, Lithuania, and CEO of Bankers (CAIIB). Sultanate of Oman, Thailand, Italy and San Marino. ICICI Bank and after ICICI’s merger with ICICI He retired as Chairman of State Bank of India, He has also served as a Permanent Representative Bank, became Joint MD until his superannuation. which is India's largest Bank. He is currently of India to the Rome based UN Agencies—FAO,IFAD He is also associated with various charitable and serving on the and WFP. He was Secretary (East) in the Ministry other trusts engaged in social activities. Board of several leading Companies. of External Affairs in New Delhi from 2014-2016 looking after South-East Asia, Australasia and Pacific, Gulf and West Asian regions. He was also the leader of the Senior officials to all meetings of ASEAN, ASEM, ACD, Arab League, Mekong- Ganga Cooperation, ARF and East Asia Summit. 27 Senior Management Mr. Pankaj Poddar Mr. Neeraj Jain Mr. Sanjay Chincholikar Chief Executive Officer Chief Financial Officer Head- Operations (India Films Business) Mr. Pankaj Poddar’s career spans over a period of Mr. Neeraj Jain has over two decades of Mr. Sanjay Chincholikar's career spans over three more than two decades in finance, advisory, experience in finance, business planning, business decades in the field of manufacturing, assurance and various leadership as well as strategy, taxation and risk management. Neeraj engineering, projects, quality control , management roles. Before joining Cosmo, Pankaj is with the Cosmo Films from March 2013 and has application and business development , sales and has worked with automotive & FMCG industries. worked with Havells, Aditya Birla Management marketing and various leadership as well as His last stint was with Avon Beauty products as Corporation, and Bajaj Allianz on different management roles. In his current role, he heads ―Director Finance. Pankaj has also worked as the leadership roles before joining Cosmo Films. He is Operations of India Films Business and is India CFO for Delphi Automotive Systems, a Bachelor of Commerce from Delhi University, a responsible for Manufacturing, Engineering, Regional Head Assurance Services for Reckitt qualified Chartered Accountant and a Certified Research & Development, Quality Assurance and Benckiser and Manager Advisory & Assurance Information Systems Auditor (CISA) from ISACA, Technical Services Function. Sanjay is a Services in Ernst & Young. Pankaj is a B.Com (H) USA. Mechanical Engineer as well as a B.COM graduate. from SRCC, qualified Chartered Accountant and He is a post graduate in Sales and Marketing and holds a diploma in management. Awarded Indian holds a Diploma in management, business & CEO of the Year – 2016 by Brand Summit India. factory management. He is also a certified Energy Manager by Bureau of Energy Efficiency, Government of India. 28 Why Invest in Cosmo Films? Strong R&D focus – Uniquely positioned – Strong Financials (Dec 2020) Sustainability focus company during phase - Ahead in Product Development Curve Mix of Specialty and BOPP Films - ROE 23% of change in flexible packaging - Company will high R&D focus will have edge in with % share moving towards Specialty - ROCE 20% changing scenario in flexible packaging - Net Debt/EBITDA 1.2 times Technology driven company – Innovation – strong new Specialty Highest Corporate Governance Standards Well Risk Mitigation Strategies First in Industry for taking technology Product basket to drive profitability Mix of Domestic & Exports. initiatives i.e. CRM, Cloud Architecture, Exports Revenue diversified IT Security, MDM etc in more than 80 countries 29 29 SShhaarreehhoollddiinngg PPaatttteerrnn Shareholding Pattern (%age) Promoter Shareholding* 44% Non-Promoter Shareholding* 56% Top Non-Promoter Shareholders*: 1. M/s Cosmo Films ESOP 2015 Trust 2.0% 2. Acadian Emerging Markets 1.6% 3. Aequitas Equity Scheme I 1.0% 4. Mr. Vikas Mehra 0.6% 5. Aequitas Investment Consultancy 0.5% 6. Manishaben Jintendrabhai Lakhani 0.4% 7. LSV Global Concentrated Value Fund 0.4% 8. Stiching Shell Pension Funds 0.3% 9. Anishya Obhrai Madan 0.3% 10. Tapasya Obhrai Nair 0.3% * As at December 31, 2020 30 Corporate Social Responsibility Some of the Flagship Programs (Education to 10,000+ Students) Computer Literacy Program Basic English Learning Program Cosmo Gyan Vihar Kendra Covers 4,000 students from Implementation in 8 primary schools Identifies, enrolls and grades class I to XII every year with 1,500 students 2,500+ students from Class I to VII every year to strengthen their reading & writing skills  National Award for Excellence in CSR & Sustainability -2015 in the category "Education Improvement”  Asia Pacific Enterprise Leadership Award -2013 in the category Commitment to Philanthropy  Africa CSR Leadership Award-2012 in the category improvement of Education  "Transforming young lives through technology": An evaluation of the impact of the Computer Literacy Program in rural areas of Vadodra district - A paper Presented in Global Evaluation Conclave, New Delhi in 2010 31 Disclosure Certain statements in this presentation are ―forward-looking statements‖. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results other financial condition may differ materially from those included in these statements due to a variety of factors. Any forward-looking statements made by or on behalf of Cosmo Films speak only as to the date they are made, and Cosmo Films does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward- looking statements were made. 32