Sun Hung Kai & Co. Ltd. 2019 Annual Results · 2020-03-30 · Sun Hung Kai & Co. Ltd. 2019 Annual Results March 2020 Endure. Adapt. Excel. Important - Disclaimer By attending or viewing

Sun Hung Kai & Co. Ltd.

2019 Annual Results

March 2020

Endure. Adapt. Excel

Important - DisclaimerBy attending or viewing this Presentation you are agreeing to be bound by the terms and restrictions set out below. You must not re-distribute, reproduce or publish this Presentation in whole or in part whether in Hong Kong or otherwise. Any failure to comply with this prohibition may result in a breach of securities laws and regulations. This Presentation is not an offer or invitation to purchase or subscribe for any securities in Sun Hung Kai & Co (“Company”) or any of its affiliated companies (referred to as the “Group”).

The information contained in this Presentation has not been independently verified. Neither any Group member nor any of their directors, officers, employees and representatives makes any representation or warranty whatsoever, whether it is express or implied, and assumes no responsibility or liability whatsoever (in negligence or otherwise) in connection with the contents of this Presentation being fair, accurate, complete or reasonable. It is not intended that this Presentation be an exhaustive analysis of the Group’s financial or trading position or prospects. This Presentation may not contain all the information which you may consider material. The information and the opinions contained in this Presentation are provided as at the date of this Presentation and may change without notice to you. Under no circumstances is any Group member or any of their directors, officers, employees and representatives liable for any direct, indirect or consequential loss or damage, howsoever caused (including in negligence or otherwise), that you or any other party may sustain from any use of the information in this Presentation or otherwise in connection with this Presentation.

The Group’s past performance is not necessarily indicative of its future performance. This Presentation also contains certain forward looking statements regarding the Group’s opinions of and expectation of the future. These statements are neither necessarily indicative of the Group’s future performance nor are they guarantees of future performance. Forward looking statements, by their nature, are based on assumptions and factors that may be beyond the control of the Group. As such, actual future performance and results may materially and adversely differ from those expressed or implied in this Presentation. The Group assumes no obligation to update or correct any forward looking statement. The Group has not adopted any forward looking statements made by third parties and as such the Group will not be responsible for third party statements.

2

Presenters:

Mr. Robert Quinlivan (Group Chief Financial Officer)

Ms. Elsy Li (Group Treasurer and Head of Corporate Development)

Mr. Benjamin Falloon (Managing Director, Investment Management)

3

Company Overview

4

Established in 1969 - market leading financial services businesses

Listed in 1983 on Stock Exchange of Hong Kong

Strategic transformation since 2015

Focused on growth through financing and investing

Our Approach

Leveragefinancialservices heritage

Governance

Distribution

Stable, Growing Returns

Strategically balanced financing

and investing business

Leveragefinancialservices heritage

Capital

Relationships & Access

Asset Growth

Expertise & Innovation

50 Years of Excellence in Financial Markets

HK$42.6B total assets

Committed to generate long term capital growth for shareholders

01

• Brokerage Business

• Listed in HK in 1983

• Pioneer licensed underwriter of B-shares

• Allied Properties acquired majority stake in 1996

1969 - 2006

02

• Consumer Finance market leader

• Entered China in 2007

• Leading independent Broker and Wealth Manager

2006 – 2015

03

• Core Consumer Financebusiness

• Developed Mortgage business

• Built Investing platform that leveraged our strengths

2015 - 2020

04

• Create sustainable growth through:

• Financing

• Investing

From 2020

5

6

Strategically Balanced Financing and Investing Business

Financing Business Investing Business

Consumer Finance Mortgage Loans

Specialty Finance(Formerly Private Credit)

Investment Management

• Public/Capital Markets

• Alternative Investments

• Real Assets

Strategic Investment

Fund Management Extension

+

$11B loan book

(63% owned)

$4B loan book

$2B loan book

(30% owned)

(40% owned)

• Licensed and regulated Fund management for third parties• Strategic expansion in 2020• Additional assets under management and revenue stream

$13B assets Joint Venture

Associate

For the year ended 31 December 2019, YoY comparisons

Values rounded for simplicity of presentation. Numbers may not foot due to rounding.

7

2019 Results

2019 Final Results Highlights

8

HK2,085.2m

Attributable Profit

+76%

HK 104.4c

Basic EPS

+86%

HK 26c

Full-year Dividend

No change

HK$10.2

BVPS

+7%

Excellent performance from all businesses

Increasein EPS and

BVPS

Continue to enhancecapital deployment.

(e.g. UAF share repurchase)

For the year ended 31 December, YoY comparisonsValues rounded for simplicity of presentation. Numbers may not foot due to rounding.

50.3

84.0

56.2

104.4

2016 2017 2018 2019

Track Record of Performance

9

8.2

9.0 9.5

10.2

2016 2017 2018 2019

EPS (HK cents) BVPS (HKD)ROE (%)

▲ Focus on sustainable growth

▲ Long track record of consistent dividends

▲ Consistent growth in enterprise value

▲ Continue to improve capital efficiency

▲ Disciplined risk management

Financing and investing platform that combines our heritage, network and financial strengths

6.1%

9.7%

6.2%

10.6%

2016 2017 2018 2019

DISTRIBUTION (HKD Million)

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

BuybacksDividends

673

570

220

461

4,038

467535

738 718 743 763

1,191

553

HK$11.7B Returned to shareholders through distributions and share buybacks

For the year ended 31 December, YoY comparisons Values rounded for simplicity of presentation. Numbers may not foot due to rounding.

Earnings Drivers and Segment Assets

10

› Strong business in HK › Mainland China – consolidated branches and

moving online› UAF stake increased to 63%

Consumer Finance

› Liquidity reserves, Group services andunallocated finance costs

Group Managementand Support

Group Total

› EBSHK steady performance› LSS Leasing - growing presence as ride hailing

service provider

StrategicInvestments

› 12.4% annual return on assets before costs› Building fund management platform› Strong liquidity profile for PE portfolio


› Formerly Private Credit› Lower balance on cautious outlook› Increased impairment provisions

Specialty Finance

10

› Established market position › Good operating leverage› Focus on loan quality

MortgageLoans

For the year ended 31 December 2019, YoY comparisons

Assets(% of total)

ConsolidatedPre-tax Profit

YoY Change

17,917.742%

1,276.0 +6%

1,865.04%

64.8 -73%

3,694.49%

121.4 +6%

13,129.731%

1,083.2 +1202%

2,650.16%

209.5 +3%

3,304.78%

(11.5) -38%

42,561.6 2,743.4 +50%

Values rounded for simplicity of presentation.

(HK$ million)

5,726 6,229

10,414 10,526

3,627

20,382

1,906

3,195

15,056

2,229

3,277

2,555

Funded by

HK$10.2 BVPS (+7% )

Cash Reserves: HK$5.7 billion

Interest cover 4.5x

HK$33m share buyback completed during the year

Repurchased US$112m of 2021 notes and US$105m of 2022 notes

Issued US$350m of 2024 notes with 5.75% coupon rate

Balance Sheet

11

Total Loans15,947

Consumer Finance Loans

Term Loans

Mortgage Loans

Cash

Investment Assets

Goodwill, Intangibles

Others

Non controlling interest

Others

Shareholders Equity

Long term debt

Short term debt

Assets HK$42.6B

For the year ended 31 December 2019YoY comparisonsNumbers in HK$m unless otherwise specifiedNote: not all Term Loans are held by Specialty Finance

12

Capital Structure and Funding

Conservative Capital Structure and Funding+

Strong Cash Position

Well Positioned for Opportunities

Total Asset

HK$43B +5%

Total Liabilities

HK$19B +6%

Interest Cover

4.5x +22%

Net Gearing Ratio

54.1% from 52.4%

Funding Structure

HK$16,756m +12%

Bank and Other Borrowings

Notes and Paper

HK$8,157m HK$8,599m+14% +10%


13

Business Review

Financing Business

Consumer Finance - UAF 2019 Summary

14

Gross Loan Balance

HK$11,121m +7%

Origination

HK$17,021m +11%

Revenue

HK$3,505m +2%

Pre-tax Contribution

HK$1,276m +6%

Net Impairment Losses Ratio

7.5% from 8.2% Loan Book Breakdown

HK76%

China24% ► Strong Hong Kong business

► Restructured Mainland China business

► Shifting business online

► 7.27% repurchase completed in June, stake

increased 58% → 63%


Consumer Finance - UAF

15

(HK$m) 2019 2018 Change

Revenue 3,505 3,422 +2%

Operating Cost (1,125) (1,147) -2%

Net Impairment Loss (804) (834) -4%

Finance Costs (321) (237) +35%

Pre-tax Profit 1,276 1,208 +6%

Operating Metrics

Return on Loans1 32.5% 33.8%

Charge-off Ratio2 6.9% 7.8%

Net Impairment Losses Ratio3 7.5% 8.2%

Impairment Allowance Ratio4 6.4% 6.2%

Cost to Income 32.1% 33.5%

Pre-tax Profit/Net Loans 12.3% 12.4%

Loan Book Metrics

Loan Origination 17,021 15,297 +11%

No. of Loan origination 288,070 261,094 +10%

Net Loans 10,414 9,770 +7%

HK/ China Breakdown5 76%/24% 71%/29%

2019 +6% Pre-tax Profit: Increase in the weight of HK business:

led to lowered return on loans but also lowered net impairment losses

Better cost to income ratio and net impairment losses ratio from Mainland China branch consolidation

Increase in finance costs from higher local borrowing rates and increased funding needs

5.4%

5.6%

0.5%

0.5%

0.2%

0.2%

0.5%

1.4%

1.1%

0.6%

Dec '18

Dec '19

<31 days 31-60 days 61-90 days

91-180 days >180 days

7.7%

8.3%

Ageing analysis for loans past due, amount as % net loans

1 Revenue/ average gross loan balance2 Charge-off amount/average gross loan balance3 Net impairment Losses/ average gross loan balance4 Impairment allowance at year end/gross loan balance at year end5 Based on gross loan balance


UAF – Hong Kong

16

2019 2018

No. of Branches 48 49

Gross Loans1 (HK$m) 8,576 7,803

Loan Origination (HK$m) 12,499 10,136

Origination (by No.) 183,354 165,459

Average Gross Balance per Loan (HK$) 60,174 59,132




Impairment Allowance Ratio5 5.7% 5.0%

Maintain operational size and market share • Loan book and loan origination

reached new high

Invest in Fintech• Fintech team launched FPS for

loan disbursement• Enhance on-line and mobile

platforms with more user-friendly features

• Enhance security measures

Grow business while managing credit risk

Good profitability

Net impairment losses and year-end ratios increased as a result of HK social unrest


1 Before impairment losses2 Revenue/ average gross loan balance3 Charge-off amount/ average gross loan balance4 Net impairment losses/ average gross loan balance5 Impairment allowance at year end/gross loan balance at year end

UAF – Mainland China

17

Build leaner, scalable network:• Consolidation of branches

largely completed• Automated credit scoring

system• Shenzhen internet loan license

Seek better capital deployment• Cooperation with other online

players

Restructure of China’s P2P consumer lending industry creates opportunities to balance sheet lenders• Licensed lender• Strong capital base

2019 2018

No. of Branches 30 46

No. of Cities 15 15

Gross Loans1 (HK$m) 2,545 2,612

Loan Origination (HK$m) 4,522 5,161

Origination (by No.) 104,716 95,635

Avg Gross Balance per Loan (RMB) 31,937 34,147




Impairment Allowance Ratio5 8.6% 9.7%1 Before impairment losses2 Revenue/ average gross loan balance3 Charge-off amount/ average gross loan balance4 Net impairment losses/ average gross loan balance5 Impairment allowance at year end/gross loan balance at year end


Specialty Finance

2019 Recap

14.4% return on loans

Increased impairment allowance at year end

All loans secured by collateral or with guarantees

Loan balance lower YTD from repayments and cautious outlook

Gross Loan Balance^

HK$2,099m-20% 84%

10%6%

Term Loans by Sector

Propertydevelopment

Logistics

Investments

Tailor made funding solutions for corporates,

investment funds and high net worth

individuals

18

Net Impairment Losses

HK$160m +149%


HK$65m -73%

For the year ended at 31 December 2019, YoY comparison

Opportunities rise for non-bank lenders from banks scaling back lending business


^Before impairment losses, specialty finance loans only

Mortgage Loans

19

Gross Loan Balance^

HK$3,649m -6%

Average Loan Size

HK$6.3 million

<65% Loan to Valuation

95% from First Mortgage Loan

Revenue

HK$296m +18%


HK$121m +6%

Cost to income

14.7% from 18.2%

Net Impairment Losses

HK$12m from HK$3.8m

2019 Recap

Achieving operating leverage and scale

Higher average loan balance

Close credit monitoring:• Low impairment

allowance• No bad debts• Reduced loan balance

in second halfFocus on margins and efficiency

Investment in infrastructure and people

Mortgage loans in Hong Kong with low LTV,

predominantly for first mortgages

Healthy LTV ratio

Improved cost efficiency

Prudent loan portfolio


^Before impairment losses

20

Business ReviewInvesting Business


21

12.4% annual returnTotal gains of HK$1,495m

Increasing liquidity of PE portfolio

Continuing to invest in people and systems

Pre-tax Profit Analysis 2019 2018 Change

Realised Gains^ 271 205 +32%

Interest Income - 5 N/A

Dividends, Rental Income and Fees

33 27 +22%

Mark-to-Market Valuation^ 1,262 (74) N/A

Net Impairment Losses on Financial Instruments

(48) - N/A

(Loss)/gain from Investment Properties Revaluation

(42) 186 N/A

Gain on Disposal of Subsidiaries - 132 N/A

Others 19 14 +38%

Total Gains 1,495 495 +202%

Operating Costs (92) (87) +6%

Cost of Capital (320) (325) -2%

Pre-tax Profit 1,083 83 +1,202%^Breakdown of net gain on financial assets and liabilities at fair value through profit or loss

Capital/Public Markets

24%

Alternatives 57%

Real Assets

19%

Segment Assets

HK$13,130m

The goal of Investment Management is to leverage the Group’s extensive experience, networks, knowledge and capital to build an institutional grade multi-strategy asset management platform running both internal and external capital

Building fund management platform

For the year ended 31 December 2019YoY comparisons

(HK$ million)


Investment Assets and Return

22

2019 2018 2017

(HK$ Million)Year End

Value GainAnnual

Return^Year End

ValueAnnual

Return^Year End

ValueAnnual

Return^

Public/Capital Markets

3,106 410 15.0% 3,620 -8.6% 2,922 3.3%

Alternatives 7,481 1,179 17.1% 6,440 9.2% 5,257 19.7%

Real Assets 2,543 (94) -3.9% 2,338 9.8% 2,110 7.5%

13,130 1,495 12.4% 12,398 4.1% 10,289 12.4%

For the year ended 31 December 2019

^Gain before costs/Average Value


Equity51%

Credit22%

Direct Equity Holdings 3%

Cash24%

PortfolioBreakdown

Public/Capital Markets

18.5%return

24% of Investment Management (HK$3,106m)

15.0% return (HK$410m)

23

14.3%return

23.5%return

48% 25% 10% 9%

4%

4%

Greater China Aus Japan USA Luxembourg UK

Equity Portfolio Breakdown

37% 27% 17% 8% 5%

4% 2%

Financials Healthcare

Consumer others

Industrials Communication Services

Information Technology

Markets

Sector

41% 23% 16% 13% 7%

Greater China Australia Others

Saudi Arabia Indonesia

Credit Portfolio Breakdown

34% 32% 21% 13%

Financials Real Estate Others Energy

• Globally diversified portfolio• Actively managed Equity and Credit

strategies• Significant cash position provides liquidity



Public/Capital Markets (Cont’d)

24

HK$1,589m Year-End Value

18.5% Return (HK$274m)

Equity

HK$680m Year-End Value

23.5% Return (HK$121m)

Credit

Going Forward: Expand to Fund Management- Build internal trading teams into regulated fund management business- Raise 3rd party capital to expand asset base, manage risk, and generate new

income streams- Continue to leverage Company balance sheet and networks for best

opportunities

Equity

• Public equities – companies in APAC or with APAC as growth driver

• Core strategy of long holds of strong benchmark names with good cashflow

• Active short policy to enhance returns• Opportunistic tactical and event driven trades• Selective use of derivatives and hedging for

risk management

Credit

• Unconstrained to exploit opportunities from short-term price dislocation or credit dispersion

• Focus on:• Corporate, sovereign/quasi-sovereign bonds• Credit derivatives with good market liquidity

• Expected net long notional bias across portfolio• Active trading style



External Hedge Funds

14%

External PE Funds31%

Directs and Co-investment

55%

PortfolioBreakdown

Alternatives

25

9.4%return

14.1%return

Continue to make new investments: new funds from existing and new managers, co-investment through existing managers and own direct investment

57% of Investment Management(HK$7,481m)

17.1% return (HK$1,179m)

Focus on monetisation and portfolio management

21.0%return

Key Direct and Co-investments


Diversified global portfolio of funds

External mangers complement our capabilities, exchange ideas

Seek to enhance portfolio returns through selective equity investment into companies with strong business models, operating teams and operational plans.

HK$1,248m liquidity anticipated in 2020 (16.7% of Alternatives asset value)

HK$746m distribution received in the year



62% 23% 12% 3%

Global China Asia USA

Alternatives (Cont’d)

26


Markets

Strategy

^Gain before Costs / Average Value

(HK$ Million)

41% 28% 19% 6%

3% 2%

1%

China Global Americas Asia SEA Australia UK

External PE Funds and Direct/Co-investment Exposure

39% 29% 18% 12% 2%

Healthcare Technology Financials

Diversified Consumer

Markets

Sector

Long/Short Fund Seeding Multi Strategy

3% 2%

95%

2019 (HK$ million) Year-end Value Gain Annual Return^

External Hedge Funds 1,076 90 9.4%

External Private Equity Funds 2,337 316 14.1%

Direct and Co-investment 4,068 773 21.0%

Total 7,481 1,179 17.1%



Real Assets

27

Expand to Fund Management

19% of Investment Management

(HK$2,543m)

3.9% loss (-HK$94m)

› Commercial and hospitality properties in Hong Kong, the UK and Europe

› Leverage the strength of our business network and group companies

› Equity ownership of real estate and co-investments› Increased impairment allowance for property

valuation

MarketsHong Kong EuropeUK

SectorsCommercialHospitalityDirect Lending

Key investmentsAdmiralty Centre, Hong KongParmaco, FinlandQueensgate, London17 Columbus Courtyard, London

Real Estate Direct LendingSun Hung Kai Capital Partners

• Lending to real estate developers for land acquisition, construction, redevelopment or repositioning

• Geography: Hong Kong, China, Australia, New Zealand, UK, Ireland, Korea, Singapore

• Whole loan and mezzanine financing secured by real assets

• Utilize the company network and expertise in lending

• Nearly ready to launch in 2020

For the year ended 31 December 2019Values rounded for simplicity of presentation. Numbers may not foot due to rounding.

Strategic Investments

28

Pre-tax Profit

HK$210m (+3%)

› 30% owned› AUM over HK$124 billion› Performed better than

market, with growth in revenue and profit

› Total equity interest + put right HK$2,363m at year end, 5.6% of the Group’s asset

› 40% owned› B2B and B2C auto leasing› Industry remained

challenging› Expanded into the ride-

hailing and goods delivery segments

› Formed partnership with Lalamove and Deppon

› Continue to explore and develop new business initiatives

Assets

HK$2,650m (+3%)

Strategic Interests in Financial Services Sector

Joint Venture

Associate

For the year ended 31 December 2019, YoY comparison


29

Business DevelopmentFund Management

• Utilize Group network to maximize investment opportunities and quality

• Build on existing client and counterparty relationships

• Leverage corporate financial strength

• Disciplined and responsible investing

• Invest in people and infrastructure

• Create specialized fund offerings by strategy and geography

• Implemented institutional grade infrastructure

• Approval to become fully licensed and regulated fund manager for third party capital

• Launch investment vehicles which leverage the Group’s resources (capital, network, expertise and people)

• Enhance investment capability and capacity for managing external capital

• Lending business provides stable return and strong cash flow to the company and Investing business brings new income and growth opportunities

• Fund Management is expected to be a driver of sustainable growth in assets under management and revenue

Extension to Fund Management

30

Overall philosophy and value growth strategy

Philosophy StepsStrategy

Investing in the Team and Infrastructure

31

The Team

• Administrator: MorganStanley

• Prime Brokers: MorganStanley, Goldman Sachs, Nomura, Credit Suisse

• Systems: Enfusion

• Auditor: Ernst & Young

• Legal counsel: DLAPiper

• Compliance advisor: ComplianceAsia

Institutional-grade Infrastructure

Global Unconstrained Credit Fund

(Credit)

Nearly ready to launch 3 funds in 2020

APAC Alpha Offshore Fund

(Equity)

Real Estate Direct Lending Fund

• Administrator: AlterDomus

• Auditor: Ernst & Young

• Legal counsel: DLAPiper

• Compliance advisor: ComplianceAsia

Sun Hung Kai Capital PartnersSun Hung Kai Fund Management

EquityAPAC Alpha Offshore FundSimon Walsh

CreditGlobal Unconstrained Credit FundBanny Leung

Real Estate Direct LendingSun Hung Kai Capital Partners IRai Katimansah

Ben Falloon (Strategy & Supervision)MD, Investment Management

James Dore (Operations)COO, Sun Hung Kai Fund Management

Joseph Fuqua (Marketing & IR)Director, Head of Investor Relations

Portfolio Managers

Management

32

RISK MANAGEMENT

Corporate Risk Management

• Comprehensive risk management framework

• The Board reviews and updates policies and procedures

• Risk Committee oversees risk management

• Internal control and internal audit

• Risk identification• Principal risks• Emerging risks

• Risk control • Risk movement

review

• Strategic and business risks

• Financial risks (market, credit and liquidity risks)

• Operational risks

• Sino-US trade war• Social unrest in

Hong Kong• COVID-19

coronavirus

PRINCIPLEOur risk management framework is designed to enable us to achieve strong financial performance and deliver our strategy within the Group’s risk appetite, stringent framework and compliance regime

Framework Structure Principal Risks Emerging Risks

• Strong compliance culture

• Consistent training and assessment

• Licensed entities in Hong Kong

• Additional 3rd party compliance consultants

Compliance

33

Community, Culture and Environmental Engagement

Community, Culture and Environment

Sustainability

Environment

• Reduce emissions

• Reduce energy usage

• Recycle

• Support green projects

• Stakeholders involvement

Employee culture

• Diverse, inclusive and open culture

• Unlimited paid leave scheme

• Flexible work arrangement

• Encourage lifelong learning

• Encourage internal staff mobilitySailing

• SHK Scallywag sailing team

• SHK Scallywag Foundation

Education

• Dalton School

• Harvard scholarship

Arts & Community

• SHK & Co. Foundation

• Premiere Performances of HK

Community Engagement• Orbis Eye Health• Charity Walk for the Community Chest of HK

34

35

Business Outlook

Business Outlook

36

Unprecedented market volatility in Q1 2020

Actively managing investments and cash to preserve value

Watching for investment opportunities in this historic value dislocation

Planning to expand into third party fund management in 2020

Continue to invest in staff, systems and infrastructure

Operations impacted, complete effect not known

Risk to credit quality as a result of social unrest and coronavirus epidemic.

Mortgage lending stable due to conservative underwriting

Management closely monitoring situation and adjust strategy and tactics as needed

Maintain funding and liquidity

Strong governance and risk control

Further develop our culture and systems to attract and retain top talent

Financing Business Investing Business Corporate

The images in the presentation feature team Sun Hung Kai Scallywag, Hong Kong’s professional off-shore sailing team. The team competed on behalf of Hong Kong in the renowned Volvo Ocean Race 17-18, one of the toughest sailing challenges in the world. The team spent more than eight months sailing over 45,000 nautical miles across four oceans.

The origin of the team is Scallywag, a 100-foot super maxi race yacht sponsored by the Company. Just as Sun Hung Kai & Co today has transformed itself into an all-weather investment partner, the yacht has undergone a renewal under the Company’s sponsorship. The spirit of the vessel and its crew echo the Company’s own-Endure. Adapt. Excel.

Mr. Joseph Fuqua

Investor Relations Director

+852 3748 2888

[email protected]

Investor Relations Contact

Follow us on

www.shkco.com

Sun Hung Kai & Co.

Weibo WeChat

Follow the team on

www.scallywaghk.com

ScallywagHK

Weibo WeChat

37

新鸿基有限公司

Scallywag船队

http://www.shkco.com/

http://www.scallywaghk.com/

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Sun Hung Kai & Co. Ltd. 2019 Annual Results · 2020-03-30 · Sun Hung Kai & Co. Ltd. 2019 Annual Results March 2020 Endure. Adapt. Excel. Important - Disclaimer By attending or viewing