Palfinger AG — Interim / Quarterly Report 2016

Apr 27, 2016

KEY FIGURES OF THE PALFINGER GROUP

EUR thousand	Q1 20121)	Q1 20131)	Q1 20141)	Q1 20151)	Q1 2016
Income statement
Revenue	223,909	225,143	263,981	292,307	318,763
EBITDA	25,031	25,419	28,929	33,225	40,996
EBITDA margin	11.2%	11.3%	11.0%	11.4%	12.9%
EBIT	17,617	17,962	20,326	23,461	30,163
EBIT margin	7.9%	8.0%	7.7%	8.0%	9.5%
Result before income tax	14,615	15,553	17,149	20,947	27,144
Consolidated net result for the period	10,608	10,956	11,907	14,448	18,640
Balance sheet
Total assets	772,618	835,098	915,280	1,241,487	1,225,688
Current capital (average)	255,723	267,825	285,695	320,003	327,087
Current capital ratio1)	29.1%	28.6%	28.2%	29.3%	26.0%
Capital employed (average)	528,838	587,550	623,380	850,502	855,473
Equity	344,009	362,288	373,472	492,050	505,575
Equity ratio	44.5%	43.4%	40.8%	39.6%	41.2%
Net debt	195,059	233,728	274,183	397,702	346,801
Gearing	56.7%	64.5%	73.4%	80.8%	68.6%
Cash flows and investments
Cash flows from operating activities	7,462	18,957	6,729	5,991	31,122
Free cash flows	(5,521)	4,117	(19,907)	(13,385)	19,922
Net investments	12,211	12,398	11,118	13,710	12,524
Depreciation, amortization and impairment	7,414	7,457	8,604	9,763	10,833
Payroll
Average payroll during the reporting period3)	6,047	6,228	7,220	8,675	8,939
Share
International Securities Identification Number (ISIN)					AT0000758305
Number of shares	35,730,000	35,730,000	35,730,000	37,593,258	37,593,258
Market capitalization	675,654	809,642	1,007,586	924,418	949,230
Price as at month end (EUR)	18.91	22.66	28.20	24.59	25.25
Earnings per share in EUR	0.30	0.31	0.34	0.39	0.50

1) Figures were adjusted with retrospective effect (see Annual Report 2015, pp. 146-149).

2) Current capital (average) in proportion to revenue of the previous 12 months.

3) Consolidated group companies excluding equity shareholdings as well as excluding temporary workers.

CONSOLIDATED MANAGEMENT REPORT

PERFORMANCE BY SEGMENT

The segment figures reported by the PALFINGER Group are separated into the EUROPEAN UNITS segment, the AREA UNITS segment and the VENTURES unit.

REVENUE DEVELOPMENT BY SEGMENT* (EUR thousand)

EUROPEAN UNITS SEGMENT

Business performance in the first quarter of 2016

In the first quarter of 2016, the EUROPEAN UNITS segment saw a year-on-year increase in revenue of 12.9 per cent from EUR 200.7 million to EUR 226.6 million. The segment's EBIT for the first three months of 2016 grew by 29.9 per cent to EUR 34.0 million, as compared to EUR 26.2 million for the first quarter of 2015. As a consequence, the segment's EBIT margin rose from 13.1 per cent to 15.0 per cent in the first quarter of 2016.

OPERATIONAL HIGHLIGHTS

In the field of loader cranes, PALFINGER increased sales and revenue considerably in the first quarter of 2016. Growth, which in some cases was substantial, was recorded primarily in Sweden, Finland, Ireland, the Czech Republic, Poland, Germany, France, Belgium and Austria as well as in Australia. In contrast, revenue declined in South Africa, Denmark and Norway. The development of demand in the southern countries of Europe, where markets had been weak since the financial crisis, was highly positive. In Italy and Spain, PALFINGER was able to increase its revenue by nearly 70 per cent. PALFINGER's hooklift business managed to increase its revenue in the first quarter of 2016 as well.

Once again, sales of timber and recycling cranes increased. On an equally positive note, the railway systems business performed extremely well, nearly doubling revenue compared to the same quarter of the previous year and recording a further increase in incoming orders. Access platforms also saw significant growth in revenue and new orders. The constantly good capacity utilization at the production units during the first quarter of 2016 resulted in a high level of profitability. Manufacturing for third parties was expanded.

The marine business, which is operated on a global scale, was affected by the oil and gas industry's low propensity to invest, which had been caused by the oil price development. As a consequence, revenue in the first quarter of 2016 was 13.6 per cent lower than in the same quarter of 2015. Against this backdrop, a largescale order for offshore equipment in Norway with a volume of EUR 3 million was particularly welcome.

AREA UNITS SEGMENT

Business performance in the first quarter of 2016

In the AREA UNITS segment, revenue in the first quarter of 2016 totalled EUR 92.2 million, a slight increase over the previous year's figure of EUR 91.6 million. The contribution of the AREA UNITS segment to PALFINGER's consolidated revenue decreased from 31.4 per cent in the first quarter of 2015 to 28.9 per cent. The segment's EBIT shrank by 63.3 per cent from EUR 1.4 million to EUR 0.5 million. The EBIT margin came to 0.5 per cent, after 1.5 per cent in the first quarter of 2015.

OPERATIONAL HIGHLIGHTS

In North America, PALFINGER was able to post a year-on-year increase in revenue of 6.4 per cent. Sales of tail lifts, timber and recycling cranes and hooklifts increased compared to the previous year, in part quite substantially. Given that incoming orders for these products and for loader cranes as well as for access platforms are at a high level, the prospects for business performance in 2016 are positive. In North America, however, the 2016 earnings will be lessened by necessary process adjustments.

In South America, PALFINGER's business volume contracted by 38.2 per cent due to the weak economy. Particularly in Brazil, where state funding was, for the most part, no longer available, massive declines in sales and revenue were recorded. Immediate measures to improve flexibility contributed to keeping the negative effect on the results relatively small, even though the national currency had depreciated by around 20 per cent. In Russia/CIS, PALFINGER succeeded in keeping the business volume, expressed in the local currency, at the previous year's level. However, due to the weak ruble, the revenue generated showed a decline of 13.6 per cent when converted into euros, the Group's reporting currency.

The performance of the Asia and Pacific market region was marked by PALFINGER's successful cooperation with SANY. But even though business volume was expanded as compared to the same quarter of the previous year, the outlook for the months to come is subdued as economic growth has been slowing down.

VENTURES UNIT

Business performance in the first quarter of 2016

This unit is currently engaged in an intensive exploration of potential acquisitions or partnerships for the PALFINGER Group. As this involves higher costs, EBIT for the first quarter of 2016 was pushed down to –EUR 4.6 million, as compared to –EUR 3.5 million in the first quarter of 2015.

SEGMENT REPORTING

		External revenue		Intra-group revenue		EBIT
EUR thousand	Jan–Mar 20151)	Jan–Mar 2016	Jan–Mar 20151)	Jan–Mar 2016	Jan–Mar 20151)	Jan–Mar 2016
EUROPEAN UNITS	200,666	226,583	22,364	19,021	26,189	34,027
AREA UNITS	91,641	92,180	4	56	1,359	498
VENTURES	–	–	–	–	(3,541)	(4,650)
Segment consolidation	–	–	(22,368)	(19,077)	(545)	288
PALFINGER Group	292,307	318,763	0	0	23,462	30,163

PERFORMANCE OF THE PALFINGER GROUP

Performance over the individual quarters since the beginning of 2015 shows the continuous growth of the PALFINGER Group.

In the first three months of 2016, the performance of the PALFINGER Group was marked by constant growth. Revenue rose by 9.1 per cent or EUR 26.5 million, growing from EUR 292.3 million in the first quarter of 2015 to EUR 318.8 million, which is a new record for a first-quarter result. In the EUROPEAN UNITS segment, revenue increased by 12.9 per cent to EUR 226.6 million, and the AREA UNITS segment saw a slight rise in revenue to EUR 92.2 million. Accounting for 52.6 per cent (of PALFINGER's revenue), the European Union was the most important market region, followed by North America with 21.5 per cent and the Far East with 10.0 per cent. Changes in exchange rates had a negative effect on revenue development, reducing it by 10.2 per cent.

As a consequence of the growth achieved, the cost of sales rose from EUR 220.8 million to EUR 233.4 million. Gross profit increased from 24.5 per cent to 26.8 per cent. This development was primarily due to a 2.1 per cent reduction in materials used in proportion to revenue. Personnel costs in proportion to revenue remained basically stable.

EBIT showed an extraordinarily strong increase of 28.6 per cent from EUR 23.5 million to EUR 30.2 million. This, in turn, generated a marked increase in the EBIT margin, which came to 9.5 per cent, as compared to 8.0 per cent in the first quarter of the previous year. The consolidated net result for the first quarter of 2016 was EUR 18.6 million, 29.0 per cent higher than the previous year's figure of EUR 14.4 million.

The contributions to earnings made by the EUROPEAN UNITS segment grew by 29.9 per cent in the first quarter, coming to EUR 34.0 million, while the AREA UNITS segment recorded a decline in EBIT of 63.3 per cent to EUR 0.5 million.

Total assets were 1.3 per cent lower than in the previous year, amounting to EUR 1,225.7 million as at 31 March 2016 (Q1 2015: EUR 1,241.5 million).

Non-current assets went down by EUR 21.7 million to EUR 696.8 million (Q1 2015: EUR 718.5 million), which was mainly due to exchange rate effects in connection with investments in companies reported at equity. The rise in current assets from EUR 523.0 million to EUR 528.8 million was a consequence of the expansion of the Group's business volume.

Targeted measures to control inventories, accounts receivable and accounts payable resulted in a decrease in average current capital in proportion to revenue from 29.3 per cent in the first quarter of 2015 to 26.0 per cent in the first quarter of 2016.

Equity rose from EUR 492.1 million in the first quarter of 2015 to EUR 505.6 million. This 2.7 per cent increase was primarily caused by the excellent quarterly result, but was lowered by the dividend distribution in the amount of EUR 14.5 million. The equity ratio was 41.2 per cent (Q1 2015: 39.6 per cent).

Non-current liabilities decreased from EUR 434.5 million to EUR 391.3 million, while current liabilities rose from EUR 315.0 million to EUR 328.8 million. 99.0 per cent of PALFINGER's total capital employed has been secured on a long-term basis.

The reduction in current financial liabilities brought down net debt and resulted in a year-on-year improvement of the gearing ratio from 80.8 per cent to 68.6 per cent as at 31 March 2016.

Investments in tangible and intangible assets in the first quarter of 2016 came to EUR 13.4 million (Q1 2015: EUR 12.9 million), EUR 2.7 million of which was accounted for by capitalized development expenditure (Q1 2015: EUR 2.1 million). Investments comprised primarily the enlargement of production capacities and replacement purchases.

In the first quarter of 2016, cash flows from operating activities amounted to EUR 31.1 million, as compared to EUR 6.0 million in the same quarter of 2015. This development was primarily due to the positive results achieved and the reduction in current capital.

Cash flows from investing activities decreased from –EUR 21.9 million to –EUR 13.4 million.

The described effects arising from the cash flows from operating activities and investing activities resulted in free cash flows of EUR 19.9 million.

Cash flows from financing activities amounted to –EUR 17.3 million.

Earnings per share came to EUR 0.50, as compared to EUR 0.39 in the previous year.

OTHER EVENTS

DISTRIBUTION PARTNER IN SPAIN

At the end of 2015, PALFINGER entered into an agreement on the partial acquisition, and continuation of the business, of PALFINGER's dealer in Spain. In March, notification of the acquisition of a 75 per cent share was filed with the Austrian Competition Authority. PALFINGER Ibérica will employ around 80 staff members at six locations and focus on the sale and servicing of truck mounted loader cranes, timber and recycling cranes, hooklifts, access platforms, and products from the marine division. The remaining 25 per cent will continue to be held by the Mulder family and the managing director. In the past 38 years, the Mulder family played an important role in building up PALFINGER's extraordinarily high market share on the Iberian Peninsula. However, following the financial crisis and the subsequent real estate crisis, the market collapsed completely, and the first hesitant signs of recovery only appeared in 2014.

NEW STRUCTURE FOR PALFINGER MARINE

Since the acquisition of the Dutch company Ned Deck in 2010, PALFINGER's global marine business has grown through additional acquisitions made in Europe, in Asia and on the Arabian Gulf. Today, its customers are in the oil and gas industry, offshore shipping, fisheries and fish farms, merchant shipping, coast guards, servicing and supply services, as well as the wind energy industry. PALFINGER MARINE has locations in the Netherlands, Norway, Poland, USA, Brazil, Korea and Vietnam.

In 2015, uniform standards for all companies and central control of the marine business were introduced, primarily in order to achieve the aspired growth and to allow for cross-selling among various customer groups. In previous months, PALFINGER MARINE was launched as a uniform brand and the individual companies were grouped country-wise with a view to company law. PALFINGER DREGGEN and Norwegian Deck Machinery, for example, became Palfinger Marine Norway AS.

PALFINGER AT BAUMA

In line with its market position, PALFINGER featured prominently at BAUMA, the international fair for construction machines, which took place in Munich in mid-April. One of the products presented was the large crane PK 165.002 TEC 7, which sets new standards in terms of cost effectiveness due to its reduced weight. In addition, two models of the SOLID crane series, as well as crawler mounted platforms that may be equipped with electronic drives for use in enclosed spaces, had their world premieres. The new M-series of PALFINGER Epsilon for construction and recycling applications met with great interest from visitors because of its enhanced ease of operation and safety, and lower costs. The new mobile crane developed by the joint venture PALFINGER Sany was presented to the European market for the first time.

ANNUAL GENERAL MEETING

The Annual General Meeting of PALFINGER AG was held on 9 March 2016. More than 200 shareholders and guests attended the meeting to obtain a first-hand account of the Group's performance in 2015. It was resolved that a dividend of EUR 0.39 per share be distributed. Together with the interim dividend of EUR 0.18, paid out pursuant to sec. 54a of the Companies Act (AktG) on 21 December 2015, this yielded a total dividend of EUR 0.57 per share for 2015.

The following members were either appointed to the Supervisory Board of PALFINGER or their terms of office were renewed: Hannes Palfinger, Heinrich Dieter Kiener, Dawei Duan and Gerhard Rauch. Moreover, the registered office was moved from Salzburg to Bergheim and two articles of the Articles of Association were amended. At the Annual General Meeting, the remuneration of Supervisory Board members was also determined. For further details on the resolutions taken, please refer to the Company's website.

INVESTOR APP

Since the beginning of April, investors and other interested parties have been able to follow the performance of the PALFINGER stock and the PALFINGER Group in real time on their mobile phones. The PALFINGER IR app is available free of charge for the operating systems iOS and Android. Information such as the latest share price, press releases or financial reports may be accessed in 17 different languages.

OUTLOOK

The present level of incoming orders gives reason to expect further positive developments in the second quarter of 2016. In Europe, visibility is still low but has stabilized in recent months. However, estimating the further development of the market regions outside Europe has become somewhat more difficult.

The management continues to expect a growth in revenue of approx. 10 per cent for 2016.

PALFINGER still sees the potential to increase the annual revenue generated by the Group, including the joint venture companies in China and Russia, to approx. EUR 1.8 billion by 2017 and intends to reach this goal through acquisitions and by completing its product portfolio in the market regions outside Europe.

CONSOLIDATED INCOME STATEMENT

Jan–Mar 20151) EUR thousand	Jan–Mar 2016
Revenue 292,307	318,763
Cost of sales (220,816)	(233,362)
Gross profit 71,491	85,401
Other operating income 5,020	2,614
Research and development costs (6,180)	(6,680)
Distribution costs (20,126)	(21,557)
Administrative costs (22,830)	(27,131)
Other operating expenses (3,560)	(3,227)
Income from companies reported at equity (354)	743
Earnings before interest and taxes – EBIT 23,461	30,163
Interest income 436	405
Interest expenses (3,522)	(3,173)
Exchange rate differences 572	(436)
Other financial result 0	185
Net financial result (2,514)	(3,019)
Result before income tax 20,947	27,144
Income tax expense (4,621)	(6,377)
Result after income tax 16,326	20,767
attributable to
shareholders of PALFINGER AG (consolidated net result for the period) 14,448	18,640
non-controlling interests 1,878	2,127
EUR
Earnings per share (undiluted and diluted) 0.39	0.50
Average number of shares outstanding 37,301,668	37,310,502

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR thousand	Jan–Mar 20151)	Jan–Mar 2016 20,767
Result after income tax	16,326
Amounts that may be reclassified to the income statement in future periods
Unrealized profits (+)/losses (–) from foreign currency translation	45,954	(9,556)
Deferred taxes thereon	(1,841)	666
Effective taxes thereon	(161)	(169)
Unrealized profits (+)/losses (–) from cash flow hedge
Changes in unrealized profits (+)/losses (–)	(9,588)	2,291
Deferred taxes thereon	2,026	(853)
Effective taxes thereon	522	281
Realized profits (–)/losses (+)	3,258	2,715
Deferred taxes thereon	(563)	(538)
Effective taxes thereon	(294)	(141)
Other comprehensive income after income tax	39,313	(5,304)
Total comprehensive income	55,639	15,463
attributable to
shareholders of PALFINGER AG	50,602	13,302
non-controlling interests	5,037	2,161

CONSOLIDATED BALANCE SHEET

EUR thousand	31 Mar 20151)	31 Dec 2015	31 Mar 2016
Non-current assets
Intangible assets	220,514	214,415	214,304
Property, plant and equipment	265,197	268,782	268,408
Investment property	347	348	343
Investments in companies reported at equity	177,579	175,675	167,363
Other non-current assets	2,920	2,866	2,841
Deferred tax assets	17,508	14,784	13,278
Non-current financial assets	34,466	32,003	30,306
	718,531	708,873	696,843
Current assets Inventories	270,479	262,519	274,826
Trade receivables	191,020	183,581	192,219
Other current receivables and assets	32,198	29,040	32,865
Tax receivables	3,212	2,723	1,555
Current financial assets	1,459	4,077	5,463
Cash and cash equivalents	24,588	21,551	21,917
	522,956	503,491	528,845
Total assets	1,241,487	1,212,364	1,225,688
Equity
Share capital	37,593	37,593	37,593
Additional paid-in capital	82,128	82,141	82,387
Treasury stock	(1,547)	(1,543)	(1,543)
Retained earnings	329,018	378,193	385,500
Foreign currency translation reserve	28,162	(5,372)	(14,465)
	475,354	491,012	489,472
Non-controlling interests	16,696	19,646	16,103
	492,050	510,658	505,575
Non-current liabilities
Liabilities from puttable non-controlling interests	26,290	0	0
Non-current financial liabilities	347,439	331,472	325,776
Non-current purchase price liabilities from acquisitions	9,043	8,715	8,782
Non-current provisions	42,296	43,114	44,674
Deferred tax liabilities	7,226	9,648	9,650
Other non-current liabilities	2,161	2,569	2,403
	434,455	395,518	391,285
Current liabilities
Liabilities from puttable non-controlling interests	0	8,701	8,862
Current financial liabilities	110,776	74,070	78,710
Current provisions	12,989	15,302	15,446
Tax liabilities	5,323	9,472	13,022
Trade payables and other current liabilities	185,894	198,643	212,788
	314,982	306,188	328,828
Total equity and liabilities	1,241,487	1,212,364	1,225,688

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONDENSED)

EUR thousand	Share capital	Additional paid-in capital	Treasury stock	Retained earnings	Foreign currency translation reserve	Non controlling interests	Equity
As at 1 Jan 20151)	37,593	82,056	(1,593)	332,372	(12,631)	16,853	454,650
Total comprehensive income
Result after income tax1)	0	0	0	14,448	0	1,878	16,326
Other comprehensive income after income tax
Unrealized profits (+)/losses (–) from foreign currency translation1)	0	0	0	0	40,793	3,159	43,952
Unrealized profits (+)/losses (–) from cash flow hedge	0	0	0	(4,639)	0	0	(4,639)
	0	0	0	9,809	40,793	5,037	55,639
Transactions with shareholders
Dividends	0	0	0	(12,682)	0	(5,350)	(18,032)
Reclassification non-controlling interests	0	0	0	(477)	0	(2,441)	(2,918)
Addition non-controlling interests	0	0	0	0	0	2,597	2,597
Other changes	0	72	46	(4)	0	0	114
	0	72	46	(13,163)	0	(5,194)	(18,239)
As at 31 Mar 20151)	37,593	82,128	(1,547)	329,018	28,162	16,696	492,050
As at 1 Jan 2016	37,593	82,141	(1,543)	378,193	(5,372)	19,646	510,658
Total comprehensive income
Result after income tax	0	0	0	18,640	0	2,127	20,767
Other comprehensive income after income tax
Unrealized profits (+)/losses (–) from foreign currency translation	0	0	0	0	(9,093)	34	(9,059)
Unrealized profits (+)/losses (–) from cash flow hedge	0	0	0	3,755	0	0	3,755
	0	0	0	22,395	(9,093)	2,161	15,463
Transactions with shareholders
Dividends	0	0	0	(14,551)	0	(6,081)	(20,632)
Reclassification non-controlling interests	0	0	0	(538)	0	377	(161)
Other changes	0	246	0	1	0	0	247
	0	246	0	(15,088)	0	(5,704)	(20,546)
As at 31 Mar 2016	37,593	82,387	(1,543)	385,500	(14,465)	16,103	505,575

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR thousand	Jan–Mar 20151)	Jan–Mar 2016
Result before income tax	20,947	27,144
Write-downs (+)/write-ups (–) of non-current assets	9,763	10,834
Gains (–)/losses (+) on the disposal of non-current assets	(50)	23
Interest income (–)/interest expenses (+)	3,086	2,768
Income from companies reported at equity	354	(743)
Expenses for stock option programme	2	0
Changes in liability from puttable non-controlling interests	0	(185)
Other non-cash income (–)/expenses (+)	(3,135)	1,469
Increase (–)/decrease (+) of assets	(40,082)	(28,819)
Increase (+)/decrease (–) of provisions	840	1,878
Increase (+)/decrease (–) of liabilities	16,310	17,301
Cash flows generated from operations	8,035	31,670
Interest received	312	295
Interest paid	(3,138)	(2,793)
Dividends received from companies reported at equity	2,933	2,400
Income tax paid	(2,152)	(450)
Cash flows from operating activities	5,990	31,122
Cash receipts from the sale of intangible assets and property, plant and equipment	523	763
Cash payments for the acquisition of intangible assets and property, plant and equipment	(12,119)	(14,071)
Cash payments for the acquisition of subsidiaries net of cash acquired	(8,224)	0
Cash payments for investments in associated companies	0	(1,700)
Cash payments for investments in companies reported at equity	(1,317)	0
Cash payments for/cash receipts from other assets	(737)	1,597
Cash flows from investing activities	(21,874)	(13,411)
Dividends to shareholders of PALFINGER AG	(12,682)	(14,551)
Dividends to non-controlling shareholders	(5,217)	(6,080)
Cash receipts minorities	0	246
Loans for the acquisition of interests	10,000	0
Repayment of loans for acquisitions	(12,042)	(3,042)
Cash payments for/cash receipts from other financial liabilities	37,792	6,153
Cash flows from financing activities	17,851	(17,274)
Total cash flows	1,967	437
EUR thousand	2015	2016
Funds as at 1 Jan	20,757	21,551
Effects of changes in foreign exchange rates	1,864	(71)
Total cash flows	1,967	437
Funds as at 31 Mar	24,588	21,917

SHARE PRICE DEVELOPMENT

INVESTOR RELATIONS

Hannes Roither

Phone +43 662 2281–81100 Fax +43 662 2281–81070 h.roither@palfinger.com

FINANCIAL CALENDAR

27 July 2016	Publication of results for the first half of 2016
27 October 2016	Publication of results for the first three quarters of 2016
7 February 2017	Balance sheet press conference
26 February 2017	Record date Annual General Meeting
8 March 2017	Annual General Meeting
10 March 2017	Ex-dividend date
13 March 2017	Record date dividend
14 March 2017	Dividend payment date
28 April 2017	Publication of results for the first quarter of 2017
27 July 2017	Publication of results for the first half of 2017
27 October 2017	Publication of results for the first three quarters of 2017

Additional dates such as trade fairs or road shows will be announced on the Company's website under Financial Calendar.

PALFINGER INTERIM REPORT 2016 GENERAL INFORMATION

PALFINGER AG LAMPRECHTSHAUSENER BUNDESSTRASSE 8 5101 BERGHEIM ÖSTERREICH

WWW.PALFINGER.AG

The English translation of this PALFINGER report is for convenience. Only the German text is binding.

This interim consolidated financial information of PALFINGER AG was neither fully audited nor reviewed by an auditor.

Minimal arithmetic differences may arise from the application of commercial rounding to individual items and percentages in this interim report.

This report contains forward-looking statements made on the basis of all information available at the date of the preparation of this report. Forward-looking statements are usually identified by the use of terminology such as "expect", "plan", "estimate", "believe", etc. Actual outcomes and results may be different from those predicted.

Published on 27 April 2016.

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No liability is assumed for any typographical or printing errors.