H1 2014 Results - Greentech Energy Systems

H1 2014 Results
6 August 2014
H1 2014 Results
1
Agenda
1
Greentech at a glance
2
H1 2014 Results
3
2014 Outlook
4
Strategic guidelines
5
Appendix
H1 2014 Results
2
Agenda
1
Greentech at a glance
2
H1 2014 Results
3
2014 Outlook
4
Strategic guidelines
5
Appendix
H1 2014 Results
3
Greentech at a glance
Vision
A global green UTILITY
generating and distributing RENEWABLE ENERGY
preserving
the ENVIRONMENT and
contributing to
a WORLD SUSTAINABLE GROWTH
H1 2014 Results
4
Greentech at a glance
Geographical presence
The Greentech portfolio is located throughout Italy, Spain, Denmark, Poland and Germany
These markets differ in the respective maturities of their renewable energy industries,
providing Greentech with a properly balanced geographical presence and attractive business
mix
319 MW
Gross installed capacity
WIND
Installed capacity: 276 MW (220 MW net) operating
Countries: Denmark, Italy, Spain, Poland, Germany
SOLAR
Installed capacity: 43 MW (38 MW net) operating
Countries: Italy, Spain
5 Countries
621 MW
Future pipeline
SHORT-MEDIUM
TERM PIPELINE
Capacity: 42 MW
Country: Poland
LONG TERM PIPELINE
Capacity: 579 MW
Countries: Poland, Italy
Wind farms in operation
Operating Solar PV Plants
H1 2014 Results
5
Agenda
1
Greentech at a glance
2
H1 2014 Results
3
2014 Outlook
4
Strategic guidelines
5
Appendix
H1 2014 Results
6
H1 2014 Results
Highlights
319 MW Gross installed capacity 621 MW Future pipeline
- 10%
Result
213.4 GWh
Net production
for the period:
Vs. 237.2 GWh in H1 2013
EUR - 0.7M
- 15%
Revenue(1)
EUR 35.9M
Vs. EUR 42.5M in H1 2013
- 22%
EBITDA(1)(2)
EUR 21.4M
Vs. EUR 27.6M in H1 2013
60%
EBITDA margin(1)
62% excluding Environment
(1) Including Associates
(2) Adjusted for Income from Associates
H1 2014 Results
7
H1 2014 Results
Key financials
INCOME STATEMENT
MEUR
H1 2014
H1 2013
Revenue
28.9
33.2
EBITDA
16.3
20.2
margin %
57%
61%
Profit/Loss for the period
-0.7
4.7
REVENUE H1 2014 - 13% vs. H1 2013
EBITDA MARGIN H1 2014 57%
NET PRODUCTION H1 2014
BALANCE SHEET
amounted to 213.4 GWh
MEUR
H1 2014
FY 2013
Equity
215.2
220.7
(138.2)
(145.0)
NFP
compared to 237.2 GWh in H1 2013
H1 2013 figures have been restated in accordance with the changes
implemented on IFRS 11.
H1 2014 Results
8
H1 2014 Results
Key financials
REVENUE, MEUR
EBITDA, MEUR
OPERATING CASH FLOW, MEUR
9.3
7.0
7.4
5.1
33.2
28.9
20.2
16.3
H1 2013
Revenue
H1 2014
Revenue from associates
H1 2013
EBITDA *
H1 2014
6.5
6.5
H1 2013
H1 2014
EBITDA from Associates
* Adjusted for Income from Associates
H1 2014 Results
9
H1 2014 Results
Revenue breakdown
REVENUE BREAKDOWN BY COUNTRY
REVENUE, MEUR
3.9
1.4
0.5
0.1
28.9
DE
DK
PL
H1 2014
23.0
7.0
IT
ES
REVENUE BREAKDOWN BY TECHNOLOGY
28.9
9.5
2.0
0.2
28.9
Environment
Other
H1 2014
17.2
Revenue
Revenue from associates
Wind
Solar
H1 2014 Results
10
H1 2014 Results
Net production breakdown
PRODUCTION BREAKDOWN BY COUNTRY
PRODUCTION BREAKDOWN BY TECHNOLOGY
1%
5%
1%
6%
9%
10%
Poland
20%
Denmark
21%
Germany
Spain
88%
87%
Italy
65%
Wind
Solar
62%
13%
12%
H1 2013
H1 2014
H1 2013
H1 2014
H1 2014 Results
11
H1 2014 Results
Net production vs. estimates
SOLAR, GWh
WIND, GWh
+2% vs. estimates
18.1
+6% vs. estimates
109.0
17.7
96.6
75.6
10.7
78.9
10.6
Q1
Actual
Q2
Budget
Q1
Actual
Q2
Budget
 Solar production 28.8 GWh, +4% vs. H1 2013
 Wind production 184.6 GWh, -12% vs. H1 2013
 Solar revenue EUR 11.1M*
 Wind revenue EUR 22.6M*
 Solar EBITDA margin 75%
 Wind EBITDA margin 71%
 Average energy revenues 385 €/MWh
 Average energy revenues 122 €/MWh
* Including revenue from associates
H1 2014 Results
12
H1 2014 Results
Net Financial Position
NET FINANCIAL POSITION, MEUR
31-dec-13
Cash and Cash
equivalents
Non Current
Financial
Liabilities
Current Financial
Assets (Liabilities)
Fair Value
Non Current Fin.
Assets & Loans to
Associates
30-jun-14
(120.0)
(125.0)
(130.0)
(135.0)
(140.0)
(145.0)
(150.0)
(155.0)
0.2
(160.0)
(165.0)
(170.0)
(162.1)
(1.5)
7.8
(4.2)
0.2
(159.4)
Fair value of financial instruments was EUR 17.1M and EUR 21.3M as of 31-Dec-13 and 30-Jun-14, respectively
H1 2014 Results
13
H1 2014 Results
Pipeline Status
USTKA
 Fully permitted, EDF EN has indicated intention to exercise the option to buy a 40 % stake in the project
30MW
(Poland)
 Construction is scheduled for Q1 2015, with the aim to commence operation by the beginning of 2016
PARNOWO
12MW
(Poland)
SMOLECIN
67MW
(Poland)
 Fully permitted, EDF EN has indicated intention to exercise the option to buy 100% of the project
 Permitting process is ongoing with green lights from Municipalities involved
 Construction of the plant is expected to commence in H1 2015 with scheduled finalization in H1 2016
 A 50/50 joint venture agreement has been signed with the French utility EDF EN
BRINDISI
70MW
(Italy)
 The applying process to obtain the AU authorization (Autorizzazione Unica) is on-going
 According to wind assessment studies, the project is expected to deliver approx. 2,400 full load
hours per year
H1 2014 Results
14
Agenda
1
Greentech at a glance
2
H1 2014 Results
3
2014 Outlook
4
Strategic guidelines
5
Appendix
H1 2014 Results
15
2014 Outlook
Key Financials
REVENUES, MEUR
EBITDA, MEUR
1.4
0.8
12-14
10.8
73.9
59.9
44.6*
6.9
59-62
9-10
31.7*
2012
2013
31-32*
Revenue from
associates
EBITDA from
associates
Revenue
EBITDA
2014E
2012
2013
2014E
* Adjusted for income from Associates
NFP, MEUR
FY 2013
Q1 2014
H1 2014
FY 2014
(138.2)
(135.7)
(100.0)
(110.0)
(120.0)
(130.0)
(140.0)
(150.0)
(145.0)
(147.0)
H1 2014 Results
16
Agenda
1
Greentech at a glance
2
H1 2014 Results
3
2014 Outlook
4
Strategic guidelines
5
Appendix
H1 2014 Results
17
Strategic guidelines
1 GW INSTALLED CAPACITY BY 2014
More than 1 GW of installed assets by 2014 with a broadly-based portfolio through a focus on 4 strategic pillars:
 Geographical diversification
 Technological diversification
 R&D on new technologies
 “Buy and build” strategy
SUSTAINABLE UTILITY
The long term vision is to create a sustainable utility delivering a constantly increasing clean energy production thereby
offering an alternative to the dependency on scarce and polluting energy resources
LEADING MID CAP PLAYER
Ambition to become the largest mid cap player in the industry and the benchmark for the sector
IMPROVEMENT OF OPERATIONAL PERFORMANCE AND COST EFFICIENCY
IMPROVEMENT OF SYNERGIES, VALUATION AND METRICS
 Possibility to enhance productivity of plants, with very little incremental capex, by constructing additional power
production systems alongside the plant (i.e. single-axis or dual-axis tracking systems) and sharing all centralized
systems (inverters, transformers, evacuation line, etc.)
 O&M activities versus third parties in order to improve the margin on services
 Negotiations with turbine/module suppliers to obtain high efficient turbines/modules at the best price
H1 2014 Results
18
Agenda
1
Greentech at a glance
2
H1 2014 Results
3
2014 Outlook
4
Strategic guidelines
5
Appendix
H1 2014 Results
19
Investment Summary
BALANCED
GEOGRAPHICAL,
TECHNOLOGICAL AND
BUSINESS MIX
 Balanced mix of mature (Denmark, Germany and Spain), attractive (Italy) and high-growth potential markets
(Poland)
 319 MW of gross installed capacity diversified by technology
 Production of drinkable water treatment plants and sludge treatment plants
ATTRACTIVE
GROWTH
OPPORTUNITIES
 Approx. 621 MW of future pipeline, complementary in locations, technology and development phase
 Strong industrial relationships with Électricité de France (EDF) and Polska Grupa Energetyczna (PGE) for
identification of new opportunities
VALUE CREATION
POTENTIAL
 Value creation from
–
Operational improvement
–
Acquisition of new underpriced assets/Consolidation of complementary companies
–
Development/construction activities
STRONG FINANCIAL
PROFILE
 Strong cash and liquidity position, ensuring a competitive advantage in securing third party financing for growth
opportunities
 Long-dated relationships with major banking and financial groups
STRONG CORE
SHAREHOLDER BASE
 Fidim Srl.
 Intesa Sanpaolo S.p.A.
 Pirelli Group
 GWM Group
 Company aiming at expanding free float and liquidity in share trading in the medium term
MANAGEMENT TEAM
WITH PROVEN TRACK
RECORD
 Well known and highly respected new management team with solid reputation
 Experienced professionals with multi-year track record in the industry
H1 2014 Results
20
Group History
2009
2010/11
 GWM Renewable Energy II (GWM RE II), sole shareholder
of GWM, is incorporated
 A joint venture shareholder agreement with the Foresight Group relating
to the acquisition of Global Litator and the operation and maintenance
of its solar photovoltaic plant located in Cordoba (Spain)
 A joint venture agreement with Solar Utility S.p.A. (Pirelli Group) based
on a 60% - 40% strategic partnership in GP Energia S.r.l. with the aim of
developing a common strategy in the photovoltaic sector
 GWM developed and built the following five plants:
(i) Montetosto, an 8.7 MW plant located in Cerveteri (Lazio)
(ii) De Marinis, a 1 MW plant located in Foggia (Apulia
(iii) Mercurio, a 1 MW plant located in Ragusa (Sicily)
(iv) Ferrante, a 1 MW plant located in Trinitapoli, Foggia (Apulia)
(v) Nardò Caputo, a 9.8 MW plant located in Lecce (Apulia)
 GWM obtained a major position (60%) in Gruppo Zilio, a leading Italian
company in the engineering, construction and management of micro
filtering plants for drinkable water, sludge treatment plants and minihydro
 Investment Agreement GWM RE - Banca Intesa San Paolo - Pirelli Group
 Founded as a local danish bank
1924
 After becoming an investment company (1991),
Greentech begins to invest in renewables
1998
 Greentech starts to create a portfolio in renewables in Denmark
(2000: acquisition of 3MW), Italy (acquisition of Energia Verde in
2002 and developing of 100MW in 2006), Poland (acquisition of
Wiatrapol International in 2003), Germany (30MW in 2007)
2000/07
 Joint-venture with PGE Group, state utlity holding a
50% interest in Eolica Wojeciechowo
 The first wind energy project in Italy is in operation
 Equity offer of Greentech (€153m are raised)
 Strategic partnership with EDF Energies Nouvelles
 Minerva Messina and Monte Grighine plants (98MW)
are fully operational
 Share purchase agreement with Gamesa Energia S.A. to acquire a
30 MW wind farm located in Tarragona, Catalonia, Spain
2005
2007
2009
2010
2011
May 2011:
 Contribution Agreement Greentech – GWM RE
August 2011:
 Greentech completes capital increase
September 2011:
 Mandatory Tender Offer ended bringing GWM RE II to hold ownership of 71.49% of the shares in Greentech
CREATION OF A LEADING PLAYER IN RENEWABLE ENERGY SECTOR WITH A HIGHLY
DIVERSIFIED PORTFOLIO, IN TERMS OF GEOGRAPHY, TYPE OF PROJECT AND PHASE
H1 2014 Results
21
Shareholders
Fidim Srl.
Solar Utility S.p.A.
GWM RENEWABLE ENERGY I S.p.A.
70.63%
16.87%
12.5%
GWM RENEWABLE ENERGY II S.p.A.
71.49%
Market
28.51%
Greentech has strong institutional investors, major international groups with strong financial track records, such as:




Fidim Srl., an investment company, through GWM Renewable Energy I
Pirelli Group, the world leading tire group
Intesa Sanpaolo S.p.A. banking group, the largest bank in Italy and No. 5 in Europe
GWM Group, a financial group focusing on alternative investments
In addition, Greentech has strong industrial relationships with two of the largest energy producers in Europe, Électricité de France
(EDF) and Polska Grupa Energetyczna (PGE), through which Greentech will be able to secure better terms in respect of supply and
financing agreements and which also may increase the number of project opportunities available
H1 2014 Results
22
Regulatory framework – Italy
 On 24 June 2014, the Government published the Law Decree no. 91/2014, which aims to reduce the electricity bills for small and medium
enterprises by cutting one item related to the contribution to the Renewable Energy Sources (“RES”). Since the incentives granted to the
photovoltaic ("PV") sector are the main cost included in this aggregate, only their incentive scheme could be modified according mainly to the
following two options, starting from January 1st 2015:
1. The first option states that the Feed in Tariff ("FiT") for PV plants having nominal power higher than 200 kW will be extended from
the current 20 years to a period of 24 years (from the start of operation of the plant), and reduced by a percentage from 25% to
17%, depending on the length of the remaining incentive period relating to the specific PV plant: The older the plant, the higher the
cut.
2. The second option consists of a flat cut in FiT by 8%, but with no extension of the original 20-year incentive period.
 Furthermore, starting from 1 July 2014, the new Decree changes the GSE compensation practice. The payment of 10% of the FiT, based on the
estimated annual average production, will be postponed to the end of the first semester of the following year.
 In order to be effective and legally binding, the Law Decree must be converted into law within 60 days from its publication. A strong opposition
has been initiated by national and international investors, including potential Energy Charter Treaty (“ECT”) claims, and some important
amendments are still pending in the High and Low Chambers.
 The Management is participating actively in these activities in order to reasonably assess and to mitigate, as much as possible, the potential
financial impact on GES’ assets.
H1 2014 Results
Regulatory framework – Poland
 In Poland, the RES act introducing a fixed price auction-based system , which was officially adopted on 8 April, was submitted to the
Parliament on 7 July with certain amendments.
 The new support scheme enters into force on 1 January 2016.
 As previously announced, separate auctions will be held for RES installations of (i) up to 1 MW and (ii) more than 1 MW. A different
threshold has now been proposed for the eligibility for either Feed in Tariff (FiT) or Feed in Premium (FiP) mechanisms. Only installations up
to 500 kW will be entitled to FiT support.
 For RES projects of less than 500 kW, the so called “obliged suppliers” would be bound to purchase the auctioned volume of electricity at the
price awarded in the auction during 15 years (but no longer than the end of 2035).
 Installations with capacity over 500 kW will be supported through the FiP mechanism and will not enter into a purchase agreement with the
“obliged supplier”, but will be able to sell the electricity to the market and get the difference between the market price and the guaranteed
auction price from the state-owned company (Operator Rozliczeń Energii Odnawialnej S.A.).
GREENTECH CASE: The new support scheme does not affect Greentech’s wind farm already in operation.
Regarding the pipeline, the Management considers that projects already in the development portfolio will be pursued due to
their expected high wind performances.
H1 2014 Results
Regulatory framework – Spain
 In Spain, the new Spanish Law 24/2013, approved on 26 December 2013, replaced retroactively (starting from July 12, 2013) the
support scheme applicable to electricity generation from renewable sources (“special-regime installations”) with a new remuneration
system based on the so-called “reasonable profitability” of the investment, setting the return granted to the renewable energy plants
already in operation at 7.4% and at 7.5% for the new plants.
 Under the new law, RES producers will not receive a regulated price for the electricity but rather a specific compensation mainly based on
the initial investment that is calculated on a plant-by-plant basis by the Authority, taking into account the following parameters:
a) Standard income from the sale of generated power valued at production market prices;
b) Standard operating costs;
c) Standard value of the initial investment.
GREENTECH CASE: The Management has assessed the consequences of the Law based on the current draft of Application Decree: the
impact is in a range -15/-20% on the solar assets and in a range +10/+15% for Conesa wind farm.
 The Spanish Official Gazette (Boletín Oficial del Estado), has published Ministerial Order IET/1168/2014 of 3 July, which establishes the
date for the automatic registration of pre-existing facilities within the specific remuneration regime registry, set out in Title V of Royal
Decree 413/2014, of 6 June. Feed-in tariffs set out in Royal Decree 661/2007 will cease to apply. Instead the new economic regime of
Ministerial Order IET/1045/2014, of 16 June, which regulates the specific remuneration parameters, will be applied.
H1 2014 Results
25
Greentech at a glance
Wind and solar PV existing portfolio
TOTAL INSTALLED GROSS CAPACITY BREAKDOWN
WIND PROJECTS
TYPE
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
Wind
PLANT
Milbak
Oppelstrup
Hannesborg
Frorup
Gehlenberg
Wormlage
Tiefental
Energia Verde
Monte Grighine
Minerva Messina
Cagliari II
Polczyno
Conesa
COUNTRY
DK
DK
DK
DK
DE
DE
DE
IT
IT
IT
IT
PO
ES
TOTAL
MW
MW NET
3.75
7.50
1.60
2.60
23.40
7.50
6.00
21.00
98.90
48.30
24.00
1.60
30.00
3.75
7.50
1.60
2.60
23.40
3.75
3.00
21.00
49.45
48.30
24.00
1.60
30.00
276.15
219.95
GRID
CONNECTION
Aug-01
Aug-01
Feb-01
Dec-00
Dec-01
Dec-05
Dec-05
Jul-07
Jul-10
Jul-10
Aug-12
Aug-06
Sep-09
6% 1%
11%
Italy
Germany
13%
Spain
Denmark
70%
Poland
SOLAR PV PROJECTS
TYPE
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PV
PLANT
Montestosto
Nardò Caputo
Vaglio 1
Vaglio 2
Ugento 1
Torremaggiore
Nardo Nanni
Alessano Bortone
Ferrante
De Marinis
Mercurio
Ugento 2
Montemesola 1 + 2
Alessano Strutture
Fotocampillos
Cordoba
TOTAL
COUNTRY
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
IT
ES
ES
MW
MW NET
8.74
9.77
1.02
1.96
0.98
0.99
0.94
0.98
0.99
0.99
0.91
0.98
1.00
0.70
2.10
9.80
8.74
9.77
1.02
1.96
0.98
0.99
0.94
0.98
0.99
0.99
0.91
0.98
1.00
0.70
2.10
4.90
42.85
37.95
GRID
CONNECTION
Mar-11
Apr-11
Dec-08
Dec-09
Dec-09
Dec-09
Dec-09
Dec-09
Apr-11
Mar-11
Apr-11
Apr-11
Jun-12
Apr-11
May-08
Sep-08
TOTAL INSTALLED GROSS CAPACITY BREAKDOWN
28%
Italy
Spain
72%
H1 2014 Results
26
Wind operating plants
Monte Grighine
Minerva Messina
Italy
Power: 98.9 MW
Type of turbine:
Nordex
Start of operation:
July 2010
Ownership: 50%
Italy
Power: 48.3 MW
Type of turbine:
Nordex
Start of operation:
July 2010
Ownership: 100%
Oppelstrup
Conesa
Denmark
Power: 7.5 MW
Type of turbine:
NEG. Micon
Start of operation:
August 2001
Ownership: 100%
Spain
Power: 30.0 MW
Type of turbine:
Gamesa
Start of operation:
September 2009
Ownership: 100%
H1 2014 Results
27
Solar PV operating plants
La Carlota
Fotocampillos
Cordoba, Spain
Power: 9.8 MW
Installation type:
Fixed-tilt
Start of operation:
September 2008
Ownership: 50.03%
Malaga, Spain
Power: 2.1 MW
Installation type:
Fixed-tilt
Start of operation:
May 2008
Ownership: 100%
Montetosto
Nardò Caputo
Lazio, Italy
Power: 8.7 MW
Installation type:
Fixed-tilt
Start of operation:
March 2011
Ownership: 100%
Apulia, Italy
Power: 9.8 MW
Installation type:
Fixed-tilt
Start of operation:
April 2011
Ownership: 100%
H1 2014 Results
28
Short-medium and long term pipeline
TYPE
PLANT
COUNTRY
Wind
Wind
Ustka
Parnowo
Poland
Poland
TOTAL
MW GROSS
MW NET
29.90
12.50
29.90
12.50
42.40
42.40
GRID
CONNECTION
TYPE
COUNTRY
2015
2015
Wind
Italy
13.50
Wind
Italy
70.00
Wind
Italy
8.00
Wind
Italy
60.00
Wind
Italy
23.00
Wind
Italy
140.00
Wind
Italy
60.00
Wind
Poland
12.00
Wind
Poland
66.70
Wind
Poland
99.00
PV
Italy
26.00
TOTAL SHORT-MEDIUM TERM PIPELINE: 42 MW
MW GROSS
TOTAL LONG TERM PIPELINE: 579 MW
TOTAL PIPELINE: 621 MW
 The company is expanding its capacity in Italy and investing mainly in Poland
 New solar plants are under screening in Italy
H1 2014 Results
29
Gruppo Zilio – Complementary Company with Strong, Attractive Prospects
 Leading Italian company in the engineering, construction and management of micro filtering plants for drinkable water, sludge treatment
plants, biomass and mini-hydro
 Over 120 MW pipeline in Italy, Serbia, Montenegro, Hungary and Albania
PHOTOVOLTAIC: focused the construction of solar
plants, both for internal and external clients
SERVICES: focused on developing monitoring and
control systems
KEY BUSINESSES
ENERGY SYSTEMS: involved in the development and
construction of plants for the production of energy from
hydropower and biomass
H1 2014 Results
ECOLOGY: focused on the development of facilities
for the treatment of drinking water
30
Disclaimer
Greentech Energy Systems A/S (“GES”) is an energy company developing, constructing and operating renewable energy projects
This material is confidential and not to be reproduced or circulated without the prior written consent of GES. The manner of circulation and distribution may be restricted by law or
regulation in certain countries. Persons who come into possession of this document are required to inform themselves of, and to observe such restrictions. Any unauthorized use,
duplication, or disclosure of this document is prohibited by law and may result in prosecution.
This document is intended for information purposes only. Nothing herein constitutes an invitation to buy or trade shares in GES, nor does it constitute an endorsement with respect
to any investment area or vehicle. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with
relevant persons. GES, its affiliates, and its employees are not in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or
written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in
connection with the ‘promotion or marketing’ of the transaction(s) or matter(s) addressed by these materials, to the extend allowed by applicable law. Any such taxpayer should
seek advice based on taxpayer’s particular circumstances from an independent tax advisor.
This presentation contains forward-looking statements reflecting Management’s current perception of future trends and financial performance. Statements relating to 2014 and the
subsequent years are inherently subject to uncertainty, and GES’s actual results may therefore differ from the projections. Factors that may cause such variance include, but are not
limited to, changes in macro-economic and political conditions – particularly in GES’s principal markets, changes to the supplier situation and approval procedures, volatility in power
prices, regulatory changes, possibilities of obtaining and terms and conditions for project funding, etc.
All information contained here is current only as of the earlier of the date hereof and the date on which it is delivered by GES to the intended recipient, or such other date indicated
with respect to specific information, and GES assumes no obligation or responsibility for the accuracy of the information after such date. GES has no obligations or responsibility to
update or supplement any of the information contained herein.
Some information contained herein has been obtained from third-party sources, including those specifically referenced, and such information has not been independently verified
by GES. No representation, warranty, or undertaking, expressed or implied, is given as to the accuracy or completeness of such information by GES or any other person; no reliance
may be placed for any purpose on such information, and no liability is accepted by any person for the accuracy and completeness of such information.
Opinions expressed in this document may include those of GES, GES Affiliates, or non-affiliated third parties. In addition, your relationship team may highlight topics that are specific
to your objectives. These opinions may differ from the opinions by other businesses or affiliates of GES; they are not intended to be a forecast of future events, a guarantee of future
results or investment advice and are subject to change based on market and other conditions. In any event, past performance is no guarantee of future results, and future results
may not meet our expectations due to variety of economic, market and other factors. Further, any projections of potential risk or return are illustrative and should not be taken as
limitations as to the maximum possible loss or gain.
H1 2014 Results
31

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