1. business and industrial
2. energy
3. renewable energy
4. wind energy

FY 2014 Results
18 March 2015
FY 2014 Results
1
Agenda
1
Greentech at a glance
2
FY 2014 Results
3
2015 Outlook
4
Strategic guidelines
5
Appendix
FY 2014 Results
2
Agenda
1
Greentech at a glance
2
FY 2014 Results
3
2015 Outlook
4
Strategic guidelines
5
Appendix
FY 2014 Results
3
Greentech at a glance
Vision
A leading GREEN PLAYER
generating and distributing RENEWABLE ENERGY
preserving
the ENVIRONMENT and
contributing to
a WORLD SUSTAINABLE GROWTH
FY 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
FY 2014 Results
5
Agenda
1
Greentech at a glance
2
FY 2014 Results
3
2015 Outlook
4
Strategic guidelines
5
Appendix
FY 2014 Results
6
FY 2014 Results
Highlights
- 4%
Loss
Net production
387.5 GWh
For the period of
24.4 MEUR
- 8%
Revenue(1)
- 10%
59%
(2)
41.0 MEUR
EBITDA margin(2)
+ 14%
(1)
EBITDA(2)
69.1 MEUR
65%
Vs. 405.2 GWh in 2013
of which
Special Items: -3.8 MEUR
Impairment of assets and DTA: - 17.7 MEUR
Vs. 75.4 MEUR in 2013
Vs. 45.4 MEUR in 2013
excluding Environment
Cash flow from operations
18.3 MEUR
Vs. 16.0 MEUR in 2013
Including Associates
Including Associates and excluding Special items
FY 2014 Results
7
FY 2014 Results
Key financials
INCOME STATEMENT
MEUR
FY 2014
FY 2013
Revenue
55.5
59.1
EBITDA
30.9
32.8
margin %
56%
55%
-24.4
1.4
Profit/Loss for the period
REVENUE 2014 - 6% vs. 2013
EBITDA MARGIN 2014 56%
NET PRODUCTION 2014
BALANCE SHEET
amounted to 387.5 GWh
MEUR
FY 2014
FY 2013
Equity
189.4
220.7
(135.1)
(146.7)
NFP*
*
compared to 405.2 GWh in 2013 (- 4%)
Excluding fair value of financial instruments for -23.3 MEUR (-17.1 MEUR in 2013)
FY 2014 Results
8
FY 2014 Results
Key financials
REVENUE, MEUR
EBITDA, MEUR
OPERATING CASH FLOW, MEUR
18.3
16.3
13.6
12.6
10.1
16.0
59.1
2013
Revenue
55.5
2014
Revenue from associates
32.8
2013
EBITDA *
30.9
2014
2013
2014
EBITDA from Associates
* Adjusted for Income from Associates
FY 2014 Results
9
FY 2014 Results
Revenue breakdown
REVENUE BREAKDOWN BY COUNTRY
REVENUE, MEUR
6.9
2.6
1.0
0.3
55.5
DE
DK
PL
FY 2014
44.7
13.6
IT
ES
REVENUE BREAKDOWN BY TECHNOLOGY
55.5
4.7
0.2
55.5
Environment
Other
FY 2014
18.9
31.7
Revenue
Revenue from associates
Wind
Solar
FY 2014 Results
10
FY 2014 Results
Net production breakdown
PRODUCTION BREAKDOWN BY COUNTRY
PRODUCTION BREAKDOWN BY TECHNOLOGY
1% Poland
1% Poland
6% Denmark
6% Denmark
10% Germany
10% Germany
20% Spain
20% Spain
85%
86%
Wind
Solar
63% Italy
63% Italy
14%
2013
2014
15%
2013
2014
FY 2014 Results
11
FY 2014 Results
Net production vs. estimates
SOLAR, GWh
WIND, GWh
In line with estimates
-2% vs. estimates
120.0
20.0
18.1 17.7
18.0
18.1 18.5
109.0
100.0
98.9
96.6
16.0
12.0
75.5
80.0
14.0
79.9
78.9
66.2 63.9
10.7 10.6
10.0 10.3
10.0
8.0
60.0
40.0
6.0
4.0
20.0
2.0
0.0
0.0
Q1
Q2
actual
Q3
budget
Q1
Q4
Q2
actual
Q3
budget
2014 solar production 56.9 GWh, +2% vs. 2013
2014 wind production 330.7 GWh, -5% vs. 2013
2014 solar revenue EUR 22.2M*
2014 wind revenue EUR 41.9M*
2014 solar EBITDA margin 74%
2014 wind EBITDA margin 72%
Average energy revenues 390 €/MWh
Average energy revenues 127 €/MWh
*Including Associates
Q4
*Including Associates
FY 2014 Results
12
FY 2014 Results
Net Financial Position
NET FINANCIAL POSITION *, MEUR
*
Excluding fair value of financial instruments for -23.3 MEUR (-17.1 MEUR in 2013)
FY 2014 Results
13
FY 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)
PARNOWO
12MW
(Poland)
SMOLECIN
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
67MW
(Poland)
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
FY 2014 Results
14
Agenda
1
Greentech at a glance
2
FY 2014 Results
3
2015 Outlook
4
Strategic guidelines
5
Appendix
FY 2014 Results
15
2015 Outlook
Key Financials
REVENUES, MEUR
EBITDA, MEUR
16
14
12 - 14
12
10
9 - 10
EBITDA from
associates
Revenue from
associates
56
59
2013
2014
57 - 60
EBITDA
Revenue
33*
2015E
2013
29 - 30 *
31*
2014
2015E
* Adjusted for income from Associates and excluding Special Items
NFP(1), MEUR
FY 2013
Q1 2014
(146.7)
(147.0)
H1 2014
9M 2014
FY 2014
E 2015
(135.1)
(128.3)
0.0
(50.0)
(100.0)
(150.0)
(138.2)
(132.7)
(200.0)
(250.0)
(1)
Excluding fair value of financial instruments
FY 2014 Results
16
Agenda
1
Greentech at a glance
2
FY 2014 Results
3
2015 Outlook
4
Strategic guidelines
5
Appendix
FY 2014 Results
17
Strategic guidelines
BECOMING A LEADING MID CAP PLAYER
with a broadly-based portfolio based on 3 strategic pillars:
• M&A transactions
• Geographical diversification
• Technological diversification
CONTINUOUS IMPROVEMENT OF VALUATION AND METRICS
CONSTANT EFFORT ON OPERATIONAL PERFORMANCE AND COST EFFICIENCY
FY 2014 Results
18
Agenda
1
Greentech at a glance
2
FY 2014 Results
3
2015 Outlook
4
Strategic guidelines
5
Appendix
FY 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
FY 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
FY 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
FY 2014 Results
22
Regulatory framework – Italy
On 11th August 2014, the new Law no.116/2014 entered into force. The new Law establishes that, starting from 1st January 2015, the
feed-in-tariffs for photovoltaic plants with a capacity above 200 kW under the I, II, III, IV, V Conto Energia, will be paid on the basis of
the following three options:
The so-called “Spalma Incentivi” procedure: the current feed-in-tariffs will be extended from the current 20 years to a period of 24 years
(starting from the grid connection date), 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 is the plant, the higher the cut
The current feed-in-tariffs will be reduced for an initial period of 5 years and increased, of the same amount, in the last 5 years of the plant’s
lifetime. The reduction will be calculated according to the remaining life period of the plant in a range that goes from 31.39% (11 remaining
years), decreasing to 9.7% (20 remaining years). In the years in between, the reduced tariff will progressively fulfil the gap among the two tariffs
The fixed reduction of feed-in-tariffs with no extension of the original 20-year incentive period. The percentage of reduction will be:
a) 6% for plants with nominal capacity above 200 kW and up to 500kW
b) 7% for plants with nominal capacity above 500 kW and up to 900kW
c) 8% for plants with nominal capacity above 900 kW
GREENTECH CASE: After a thorough cost-benefit analysis, the Management has chosen to apply for the option that reduces the FiT by 8% for the
remaining incentive period of the solar plants. Based on 2014 volumes, the impact on GES would amount to EUR 1 million per year.
With regard to the imbalance costs, on 23rd October 2014, the new resolution 522/2014/R/EEL came into force. The new resolution establishes
that no imbalance cost will be charged for 2013 and enlarges the previous thresholds relative to the payment of the imbalance cost as follows:
• Wind energy: 49% • Solar energy: 31% • Hydro power: 8% • Other RE sources: 1.5%
GREENTECH CASE: We consider that these changes will have no relevant impact on the Company’s previous forecasts related to imbalance costs.
FY 2014 Results
23
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 -15% on the solar assets and +17% 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.
FY 2014 Results
24
Regulatory framework – Poland
On 8th April 2014, Poland’s government approved a new draft law. Most notably, the new law should enter into force on 1st January 2016
In 2016, a new auction system should be introduced repleacing a Green Certificate System. The fixed price awarded in the auction will be
guaranteed for 15 years regardless of market prices
Renewable power producers that are already in operation will be allowed to keep their current subsidies or choose to join the auctions
For existing plants, the green certificates support will continue for a further 15 years, and this period will run from the first date of
generation of this electricity, confirmed by an issued certificate of origin
GREENTECH CASE: The Management considers that the new support scheme should not affect GES wind farm already in operation (Polczyno).
FY 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%
FY 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%
FY 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%
FY 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
TOTAL SHORT-MEDIUM TERM PIPELINE: 42 MW
GRID
CONNECTION
TYPE
COUNTRY
2016
2016
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
MW GROSS
TOTAL LONG TERM PIPELINE: 579 MW
TOTAL PIPELINE: 621 MW
FY 2014 Results
29
Gruppo Zilio – Complementary EPC 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
At the beginning of February 2015, Gruppo Zilio has been awarded a public tender by the municipality of Zrenjanin (Northern Serbia), for the
construction and maintenance of a water treatment plant for human consumption.
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
FY 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 2015 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.
FY 2014 Results
31