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Creating Lasting Value
Investor Presentation - January 2015
BSE:524715 • NSE:SUNPHARMA
Bloomberg: SUNP@IN • Reuters: SUN.BO
www.sunpharma.com
Disclaimer
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,
“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forwardlooking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals,
our provisioning policies, technological changes, investment and business income, cash flow
projections, our exposure to market risks as well as other risks. Sun Pharmaceutical Industries
Limited does not undertake any obligation to update forward-looking statements to reflect events or
circumstances after the date thereof.
Creating Lasting Value - Investor Presentation
2
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Strategy &
Approach
Growth
Key
Acquisitions
Business
Operations
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Creating Lasting Value - Investor Presentation
3
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Strategy &
Approach
Growth
Key
Acquisitions
Business
Operations
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Creating Lasting Value - Investor Presentation
4
Revenue Composition
2013-14 Annual Gross Sales : USD 2,682 million
5 Year CAGR 30%
International
Generics
5 Year CAGR 38%
60%
12%
5%
APIs
5 Year CAGR 11%
US Formulations
5 Year CAGR 45%
23%
India
Branded Generics
5 Year CAGR 14%
Finished Dosage
sales
95%
5 year CAGR 32%
International
sales
76%
5 year CAGR 40%
5
Creating Value, Continuously…
‘83
‘15
2010
2004
1983
Began with
5 products
1997
USD 350mn
FCCB raised
Acquired
Taro
1993
$7.5Mn invested
in Caraco
2012
2014
Acquired Dusa
Ranbaxy Acquisition
(Proposed)
2011
2007
1994
First Research Centre
SPARC, Baroda
IPO - Rs. 550 Mn
raised
2013
Demerger
of innovative
R&D to SPARC
JV for Emerging
Markets
Acquired URL
Pharma
JV for Ocular
Therapy
Sun Pharma Today
PART OF
15,000+
Employees
Invested $ 820 million
in Research
26 Manufacturing facilities
in 4 Continents
More than 75% of sales from international markets
Creating Lasting Value - Investor Presentation
6
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Strategy &
Approach
Growth
Key
Acquisitions
Business
Operations
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Creating Lasting Value - Investor Presentation
7
Strategy and Approach
Create sustainable
revenue streams
• Focus: Chronic
therapies
• Differentiation:
Technically complex
products
Seek cost leadership
• Vertical integration :
Development through
Manufacturing (API and
Finished Dosage) to Marketing
• Optimize operational costs
• Speed to market
Balance profitability and
investments for future
• Acquisitions yielding high ROI
• Development of complex generics
Creating Lasting Value - Investor Presentation
8
Growing Steadily
Consistent top-line and bottom-line growth;
continuing the trend despite increasing size
2,649
Net Sales
(Figures in USD million)
EBITDA
1,178
Net Profit
520
396
931
406
68
214
79
98-99 03-04 08-09 13-14
86
17
98-99 03-04 08-09 13-14
14
98-99 03-04 08-09 13-14
9
Sustained Profitability
Superior business model
Margins consistently higher than peers*
Gross Margin
EBITDA Margin
90%
Net Margin
60%
60%
83%
45%
80%
35%
40%
40%
70%
20%
60%
0%
20%
50%
-20%
40%
09-10 10-11 11-12 12-13 13-14
0% 07-08 08-09 09-10 10-11 1108-09
12-13
12
09-1009-10
10-1110-11
11-1211-12
12-13
13-14
Sun Pharma
-40%
08-09
09-10 09-10
10-11 10-11
11-12 11-12
12-1312-13
13-14
Range of other Top 10 Pharma Cos.
Gross margin= (Net Sales – Material Cost) / Net Sales * 100
•Other top 10 Indian Pharma company include Aurobindo,, Cadila Healthcare,
•Cipla, DRL, Glenmark, Ipca, Lupin, Ranbaxy, Torrent and Wockhardt.
Average
10
Track record of successful turnaround of
16 acquisitions
8 Early Acquisitions
4 Acquisitions - Bryan
Hungary, Able, Chattem
4 Recent Acquisitions
Taro, DUSA, URL
3,000
2,500
2,000
1,500
1,000
500
0
Net Sales ($ Mn)
EBITDA ($ Mn)
Creating Lasting Value - Investor Presentation
11
Key Deals & Rationale
Year
Deals
Country
Rationale
2014
In-licensing agreement with Merck for
Tildrakizumab a biologic for psoriasis
Global Markets
Strengthening the specialty product pipeline
2014
Sun Pharma – Ranbaxy Merger
(Proposed)
US, India,
Emerging Markets
5th largest global specialty pharma company,
No.1 Pharma company in India &
Strong positioning in Emerging Market
2013
Formation of Sun-Intrexon JV
Global Markets
JV for ocular therapies
2013
Acquired URL’s generic business
US
Adds 107 products to US portfolio
2012
Acquired DUSA Pharma, Inc.
US
Access to branded derma product
2011
100% ownership of Caraco
US
Privatization
2011
Formation of Sun-MSD JV
Emerging Markets
Develop and commercialize technology based
combinations products
2010
Acquired Taro Pharmaceutical
Industries Ltd.
Israel
Dermatology & Topical Product
Manufacturing Plant at Israel & Canada
2009
Caraco acquired some products of
Forest’s Inwood business
US
Increased generic product offerings
2008
Acquired Chattem Chemicals, Inc.
Tennessee, US
Import registration with DEA, API Plant
approved by DEA in Tennessee, US
2005
Assets of Able labs
New Jersey, US
Dosage form plant (NJ, US) and IP
2005
Formulation plant in Bryan
Ohio, US
Dosage form plant (Ohio, US)
2005
Acquired ICN Hungary
Hungary
API and dosage form plant (Hungary)
1997
Acquired Caraco
Detroit, US
Dosage form Plant
Creating Lasting Value - Investor Presentation
12
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Strategy &
Approach
Growth
Key
Acquisitions
Business
Operations
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Creating Lasting Value - Investor Presentation
13
India Branded Generics : Strong Base
•
Market Share :5.4%*
•
Leadership in
chronic segment;
Top 3 in over 50% of
more than 500 brands
Others 7%
Neuro-Psychiatry
27%
Opthalmology 5%
Antiasthamatic &
Antiallergic 4%
Musculo-Skeletal
& Pain
5%
Gynecology &
Urology 8%
Diabetology
12%
Gastroenterology
14%
Cardiology
18%
* As per AIOCD AWACS –Sept’14
Creating Lasting Value - Investor Presentation
14
Relentless Customer Focus
Therapy focused marketing
• 4,500+ Field employees (Including Managers)
covering 150,000 specialist doctors
Strong increase
in market share
200
150
100
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cipla
Ranbaxy
Sun
Cadila
Lupin
DRL
Creating Lasting Value - Investor Presentation
Torrent
Wockhardt
Ipca
Year 2000 Market Share indexed to 100 for all companies
15
Therapy Focused Marketing
Delivering promotional message to specialty customers.
Gastroenterology, Orthopedics
Cardiology, Diabetology
Psychiatry, Neurology
Rheumatology,
Dermatology
Asthma,
COPD
Ophthalmology
Oncology
Urology
Creating Lasting Value - Investor Presentation
Fertility,
Gynecology,
Gynecology
16
Preferred Choice of Doctors
Leadership in key therapeutic areas*
Specialist
Top 10 Brands contribute 20%
of India Sales
June ‘10 June ‘14
Psychiatrists
1
1
Neurologists
1
1
Cardiologists
1
1
Orthopaedic
1
1
Ophthalmologists
1
1
Brand Name
Therapy area
Gemer
Oral antidiabetic
Pantocid
Proton pump inhibitor/
antiulcerant
Susten
Women's healthcare
Proton pump inhibitor/
antiulcerant
Gastroenterologists
2
1
Pantocid-D
Nephrologists
4
1
Levipil
CNS
Diabetologists
2
2
Chest Physicians
4
4
Aztor
CVS, cholesterol reducing
agent
Consulting Physicians
3
5
Oral antidiabetic
Dermatologists
14
6
Glucored
Group
Gynaecologists
4
7
Istamet
Antidiabetic
Oncologists
5
8
Rozavel
CVS
Urologists
8
10
Montek-LC
Respiratory
*Ranks based on prescription share
Source-Strategic Marketing Solutions and Research Centre (SMSRC) Pvt. Ltd.
Creating Lasting Value - Investor Presentation
17
US Generics
Integrated generic manufacturer
with flexibility for manufacture
onshore / offshore
Approvals
Therapy wise summary
Caraco Pharmaceutical
Laboratories Ltd.
Skin, 95
CNS, 88
The 100% owned US generics subsidiary,
markets own and Sun Pharma ANDAs
CVS, 47
Sun Pharmaceutical
Pain, 30
Industries, Inc. (SPI)
Allergy, 21
A wholly owned subsidiary of Sun Pharma in
US
Oncology, 20
Metabolism, 12
Taro Pharmaceutical
Industries Ltd.
Cough / Cold, 6
The 69% owned subsidiary of Sun Pharma
URL Pharma. Inc.
Urology, 5
Others, 30
A wholly owned subsidiary of Caraco in US
As on 30-Sept-2014
Creating Lasting Value - Investor Presentation
18
ANDA Pipeline : Significant ramp up
Products Filed and Approved Status
478
449
(including 11 tentative approvals)‫‏‬
397
377
311
225
207
As of Sept’14, ANDAs for 130
products await approval
484
354
344
250
Caraco & URL
18 Products pending
(with 4 tentative approvals)
84
Mar-10
Sun Pharma
84 Products pending
(with 6 tentative approvals)
Taro
28 Products pending
(with 1 tentative approvals)
Mar-11
Mar-12
Cumulative Products Filed
Mar-13
Mar-14
Sep-14
Cumulative Products Approved
(Taro numbers added since Mar 2011 & URL numbers added since Mar 2013 )
Creating Lasting Value - Investor Presentation
19
Europe Generic Markets
Focused key markets
• Working on complex generic
products, including injectables
• Filings from Indian site
An API and Finished Dosage
manufacturing site in Hungary with
controlled substance capacity
Creating Lasting Value - Investor Presentation
Focus Countries
20
International Branded Generic Markets
Semi Regulated Markets
• 48 countries
• 866 strong local sales force
promotes brands to doctors
Replicating the speciality pipeline
Product basket width and technology
based products as growth drivers
CIS Countries
China
Myanmar
Mexico
Brazil
Map Not to Scale
Sri Lanka
South Africa
Creating Lasting Value - Investor Presentation
Focus Markets
Other Markets
21
Leveraging through Partnership
• Sun Pharma and Merck enter into exclusive worldwide In-licensing
agreement for Merck’s investigational therapeutic antibody candidate,
called tildrakizumab to strengthen specialty pipeline
• Tildrakizumab is an investigational humanized, monoclonal antibody
designed to selectively block the cytokine IL-23
• Being Evaluated in Phase 3 registration trials for the treatment of chronic
plaque psoriasis, a skin ailment.
• Sun Pharma and Merck also have a joint venture for incrementally
innovative branded generics targeted at Emerging Markets.
• Sun Pharma and Intrexon Form Joint Venture to Develop New Class of
Therapeutics for Ocular diseases for global markets
• Pipeline of potential Ocular therapies to help millions worldwide suffering
from blinding diseases
• Equal representation in JV for Sun Pharma and Intrexon. Both partners to
share funding and revenues from the joint venture.
Creating Lasting Value - Investor Presentation
22
Speciality API
High Margin Regulated Markets
Strong regulatory capability
• Business largely with end users in
regulated markets
• Over 170 specialty APIs across 8 plants
• 264 DMF / CEP filed
• 177 approved
(including Taro)
Creating Lasting Value - Investor Presentation
23
Strong Regulatory Capability
International level quality processes and documentation
239
225
206
155
154
264
256
168
174
177
127
89
Mar-10
Mar-11
Mar-12
DMF/CEP Filed
Mar-13
Mar-14
Sep-14
DMF/CEP Approved
24
Integrated product dev. and manufacturing
network
Vertically integrated network across four continents enabling high quality, low
cost and a quick market entry across the geographies
Ontario (Canada)
Aurora
Bryan
Tennessee
Iztapalapa
(Mexico)
Wilmington M.A.
Billerica, M.A
Cranbury
Philadelphia
Tiszavasvari
(Hungary)
Jammu
Sikkim Plant
Israel
Bangladesh Plant
Ahmednagar
Maduranthakam
Goiânia
(Brazil)
Halol
Karkhadi
Ankleshwar
Panoli
Silvassa Dadra
Sun Pharma
Taro Pharmaceuticals
API and Formulations
API
Formulations
Global networked facilities are FDA, EMEA, TGA approved
Creating Lasting Value - Investor Presentation
25
Finished Dosage Manufacturing
18 Manufacturing sites
worldwide
• India : 6, US : 6
• Canada, Brazil, Mexico, Hungary ,
Israel, Bangladesh : 1 each
• Capacities available for a variety of
finished dosage
Tablets /
Capsules
Injectables / Sterile
Vials
Dry powder
Semisolids
Ampoules
Eye drops
Pre-filled Syringes
MDI
Gels
Aerosols
Liquids
Suppository
Lyophilized Units
Creating Lasting Value - Investor Presentation
26
API Manufacturing
8 World class locations with all sites
ISO 14001, ISO 9002 approved
• India : 5, Israel : 1, US : 1, Hungary : 1
Panoli & Ahmednagar
(both India)‫‏‬
API
• International regulatory
approvals: USFDA, European
Key Plants
Over 25 API processes
scaled up annually
Hungary &
Tennessee (US)
• Controlled substances
manufacture
• Stand alone units for
peptides, anti-cancer,
steroids, sex hormones
Creating Lasting Value - Investor Presentation
27
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Strategy &
Approach
Growth
Key
Acquisitions
Business
Operations
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Creating Lasting Value - Investor Presentation
28
Research and Development
• Generic R&D spend around 6-8% of net
sales
• Strong research teams in generics, finished
dosage development, biological support,
chemistry
Mumbai
• 4 R&D centers with about 900 scientists
Immediate term
ANDA, DMF, Products for India
Balancing
the risk
Medium term
Drug delivery systems
Baroda
Creating Lasting Value - Investor Presentation
29
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Strategy &
Approach
Growth
Key
Acquisitions
Business
Operations
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Creating Lasting Value - Investor Presentation
30
Corporate Governance
Our philosophy on corporate governance envisages
working towards high levels of transparency,
accountability and consistent value systems across
all facets of operations
Chairman
Sun Pharma
Israel Makov
Former President
& CEO of Teva
Pharma. Industries Ltd.
Audit Committee
Committee chaired by
Keki Mistry comprises
Hasmukh Shah, Ashwin
Dani and S. M. Dadha
Independent
Directors
Keki Mistry
Vice Chairman
And CEO, HDFC
Ashwin Dani
Non-Executive
Vice Chairman,
Asian Paints Ltd.
Hasmukh Shah
Ex-Chairman Gujarat
Gas & Former
Chairman And MD, IPCL
Rekha Sethi
Director General
All India Management
Association (AIMA)
S. Mohanchand
Dadha
Former Chairman &
Managing Director, TDPL
Creating Lasting Value - Investor Presentation
31
Shareholding Pattern
as on September 30, 2014
• Rs 1,000 Invested in
the 1994 IPO is
currently worth more
than Rs. 700,000
Individuals and
Insurance Companies Others
6%
4%
Bodies Corporate
3%
Financial Inst /Banks
1%
Mutual Funds
1%
FIIs / Foreign Banks
23%
Promoter and
promoter group
64%
• Total shares outstanding
: 2,071 million
• Total free float (shares)
: 751 million
• Average daily trading volume (12 months) : 2.3 million
Creating Lasting Value - Investor Presentation
32
Financials
Market Capitalisation US$ 27 billion*
P&L Summary
Net Sales
Gross Profit
EBITDA
Net Profit
Net Profit (Adjusted)
R&D Spend
BS Summary
Shareholders Funds
Loan Funds
Net Fixed Assets
Investments
Cash and Bank Balances
Inventory
Sundry Debtors
Sundry Creditors
Figures in $ million
2009-10
2010-11
2011-12
2012-13
2013-14
847
615
288
285
285
56
1,256
934
428
398
398
73
1,672
1,330
679
555
555
93
2,067
1,685
903
549
656
130
2,649
2,189
1,178
520
937
172
1,734
38
372
701
113
238
260
71
2,124
82
617
499
494
334
247
145
2,392
52
640
433
658
408
406
194
Exchange Rate :
* US$1 = Rs 63.33 (As on 31 Dec 2014)
# Adjusted for US$ 108 Mn provision related to generic Protonix settlement for the year 2012-13. and
Adjusted for US$ 417 Mn provision related to generic Protonix settlement for the year 2013-14
Creating Lasting Value - Investor Presentation
#
2,762
37
935
444
748
475
444
195
#
3,143
414
969
464
1,263
520
366
221
33
Financial Ratios
2009-10
Growth (%)
Net Sales
Gross Profit
EBITDA
Net Profit
Net Profit (Adjusted)
Margins (%)
Gross Margin
EBITDA Margin (%)
Net Margin
Net Margin (Adjusted)
Return (%)
Return on Average Capital Employed
Return on Average Net Worth
Others
Debt / Equity
Fully Diluted EPS (Rs) Post bonus
Fully Diluted EPS (Rs) Post bonus (Adjusted)
R&D Spend % of Net Sales
Revenue
Capital
2010-11
2011-12
(9.2)
(17.5)
(29.2)
(28.0)
(28.0)
48.3
52.0
48.7
39.6
39.6
33.2
42.3
58.6
39.3
39.3
23.6
26.7
32.9
(1.1)
* 18.2
28.1
29.9
30.5
(5.2)
# 42.8
72.6
34.0
33.7
33.7
74.4
34.1
31.7
31.7
79.5
40.6
33.2
33.2
81.5
43.7
26.5
* 31.7
82.6
44.5
19.6
# 35.4
20.5
18.2
23.8
20.7
28.5
24.6
34.7
21.3
38.2
17.6
0.02
0.1
0.1
6.6
6.5
0.4
0.04
0.2
0.2
5.8
5.5
0.4
0.02
0.3
0.3
5.6
4.8
0.4
0.01
0.3
* 0.3
6.3
5.9
0.4
0.13
0.3
# 0.5
6.5
6.2
0.3
* Adjusted for US$ 108 Mn provision related to generic Protonix settlement for the year 2012-13.
# Adjusted for US$ 417 Mn provision related to generic Protonix settlement for the year 2013-14
Creating Lasting Value - Investor Presentation
2012-13
2013-14
34
Key Financials Q2 & H1 FY15
Figures in $ million
Net Sales
Gross Profit
Gross Margin
EBITDA
EBITDA Margin
Net Profit
Net margin
Net Profit (Adjusted)
Net margin (Adjusted)
R&D
R&D as % of Net Sales
EPS (Diluted) IN $
EPS (Diluted) IN $ (Adjusted)
Q2 FY15 Q2 FY14 CHANGE H1 FY15 H1 FY14 CHANGE
785
678
16%
1442
1301
11%
651
547
19%
1180
1077
10%
83%
81%
82%
83%
357
295
21%
645
570
13%
46%
44%
45%
44%
260
219
19%
492
15
3268%
33%
32%
34%
1%
260
219
19%
492 #
432
14%
33%
32%
34%
33%
52
36
44%
95
73
30%
6.6%
5.3%
6.6%
5.6%
0.13
0.11
19%
0.24
0.01
3268%
0.13
0.11
19%
0.24
0.21
14%
FY14
2649
2189
83%
1178
44%
520
20%
# 937
35%
172
6.5%
0.25
0.45
# Adjusted for US$ 417 Mn provision related to generic Protonix settlement for the year Q1 FY14
Creating Lasting Value - Investor Presentation
35
Sales Breakup Q2 & H1 FY15
Figures in $ million
Q2 FY15
Formulation
India
US
ROW
Sub-total
Bulk
Others
Gross Sales
190
481
89
760
35
1
796
Q2 FY14
153
419
79
651
34
(0)
685
CHANGE
24%
15%
12%
17%
2%
-373%
16%
H1 FY15
H1 FY14
356
870
171
1,397
64
2
1,462
305
783
160
1,248
69
0
1,317
Creating Lasting Value - Investor Presentation
CHANGE
17%
11%
7%
12%
-7%
582%
11%
FY14
611
1,620
316
2,547
133
2
2,682
36
Sun Pharma to acquire Ranbaxy
•
Sun Pharma to sustain its ranking as the 5th largest global specialty generic pharma company
•
Pro-forma financials for 12 months ended Dec’ 13 - Sales of US $ 4.2 billion and EBITDA of US $ 1.2
billion. Deal size approximately US$ 4 billion; ~ 2.2x LTM sales
•
No. 1 pharma company in India

•
No. 1 by prescriptions in 13 specialty segments, Strong OTC business with trusted brands
No. 1 Indian pharma company in US market

Over US$ 2 billion in pro-forma sales, Pipeline of 184 ANDAs including high-value FTFs

No. 1 in generic dermatology, No. 3 in branded dermatology segments
•
Approaching US$ 1 bn sales in high-growth emerging markets. Expanding presence in Western Europe
•
Synergies - Expect US $ 250 mn of revenue & operating synergies by 3rd year post closure of deal
•
Ranbaxy shareholders to get 0.8 shares of Sun Pharma stock for every share of Ranbaxy- All stock deal
•
Update – Till date, received approvals from NSE, BSE, shareholders of both companies and competition
agencies in applicable markets excluding India and the US. Conditional approval received from
Competition Commission of India subject to divestment of 7 brands. Other approvals awaited.
•
Deal closure – Post receipt of pending regulatory approvals stated above
Creating Lasting Value - Investor Presentation
37
Guidance for FY 2014-15
•
•
•
•
Overall Consolidated Sales growth : 13-15% over FY14 at constant exchange rate
R&D Spend at 6-8% of revenues
Target to file 25 ANDAs in US
Capex at USD 150 mn
• Guidance takes into account:
 Likely risks associated with the increase in competition for some key products
 Guidance does not take into account the proposed acquisition of Ranbaxy pending
closure of the deal
Creating Lasting Value - Investor Presentation
38
For updates and specific queries, please visit www.sunpharma.com
or feel free to contact
Nimish Desai
Tel : +91 22 6645 5645, Ext 5717
Tel Direct : +91 22 66455717
Mobile : +91 98203 30182
[email protected]
Frederick Castro
Tel : +91 22 6645 5645, Ext 5964
Tel Direct : +91 22 66455964
Mobile : +91 99206 65176
[email protected]
© 2014 Sun Pharmaceutical Industries Limited., All Rights Reserved.
“SUN Pharma”, The Sun Pharmaceutical Industries Logo are trademarks of Sun Pharmaceutical Industries Limited.
In addition to Company data, data from IMS – ORG, CMARC, Stock Exchanges and industry publications has been used for this presentation.
This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or
reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned
herein are the trademarks or registered trademarks of their respective owners.
Creating Lasting Value - Investor Presentation
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