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(1)

Italian Infrastructure Day

07/09/2017

(2)

Agenda

Retelit Overview

Strategy and 2017-2021 Business Plan

Q12017 Financial Results

(3)

 Retelit is a leading Italian provider of data center services and infrastructure for the telecommunications market

Listed on Milan Stock Exchange since 2000 and on STAR segment since September 2016

The company’s fiber optic infrastructure covers around 10,000 kilometers

Capabilities

A Leading Player of TLC Infrastructure Services

220,000 km

of Fiber Optic Cables (

64,000 km

located in

MAN)

9 Metropolitan Networks and 15 Data Centers

200 Connected cities – 3,150 Connected sites

UNI CEI ISO/IEC 9001:2008

Retelit, E-VIA

UNI CEI ISO/IEC 27001:2006

Retelit, E-VIA

ALLA/NALLA Telecom

Services for NATO, U.S. DoD, DISA/DITCO

Metro Ethernet Forum 2.0 Certification

UNI CEI ISO/IEC 14001:2006

Retelit, E-VIA

Quality & Certifications

3

Pan European Network

(4)

More than 18 years in the Telco/ICT businesses

START-UP BUILT FOCUS 2015 TURNAROUND 2012 2014 2011 2008 WIMAX 2003 WIMAX EXIT GROWTH REFOCUS 2000 1999 2005 2007 EXECUTE

 Rights-of-way agreement with ANAS (State Roads) covering

48,000 km

 National TLC license

 Construction of fiber backbone

 8 MANs in major cities, Data Centers

 IPO, Network Investments

 Repositioning in Market as Carriers’ Carrier

 Financial Restructuring

 Leading Carriers’ Carrier in Italy

 Increase Customer base: National and International Carriers, ISPs

 Execution of Major TLC Projects, International Defence

 Strong Financial Performance

 Bid for the tender offer of WiMAX licenses launched by the Italian

Ministry of Communications, winning the license for northern and central Italy

 Business Unit rented to Linkem (sold in 2013)

 Re-focus on Broadband and ICT services for the wholesale market

 Increase international network coverage, add new services

 Extension to selected enterprise market and public sector

New BoD brings further ICT competences to enrich services offer targeting Corporate and PA

4

(5)

Broad Spectrum Market Segments & Clients

National Wholesale Carriers and Service Providers Business Corporate and Public Sector

Retelit designs and delivers infrastructure based services maximizing its ultra broadband fiber data transmission network, data center (e.g. cloud) based services to three main market segments:

01

5

International Wholesale

Carriers, OTT and Service Providers Revenues YE2016 by segment 43% 44% 13% Main Customers

02

03

0,0% 50,0% 100,0% Wholesale National 0,0% 50,0% 100,0% Wholesale International 0,0% 50,0% 100,0% Business

(6)

Cable’s overall capacity: 40 Tbps Current Retelit entitlement: 5.8%

Cable System completed: 20 out of 20 Landing Points and Singapore extension completed – Ready for Commercial Service on 19 out of 21 Terminal Stations (Hong Kong RFS by Sept – Myanmar RFS by Oct)

Total expected investment €56.3 m (thereof €42.9m already paid by end of Q1 2017, reduced from previous €61.6 m)

6

2

1

Launched a new 100Gbps (Backhaul from Bari CLS to Europe)connectivity product in partnership with BICS, enabling AAE-1

consortium members and their Customers to connect at very high capacity and low latency

Commercial offer targeting mainly three type of clients: - OTT (Over The Top) and large global Carrier

- Existing Retelit Customers and potential new Customers in Asia - Members of AAE-1 Consortium

International Cable AAE-1

YTD Total Commitment Order Intake 9,3 M€ from Bics, Colt, Avelacom and from Consortium* 12,7 €M

(7)

Strong Stock Performance

67,51% 14,37% 8,35% 9,77% Market Bousval s.a. Selin SpA Others

Shareholders’ structure

*Shareholders’ Agreement signed on December 2014 among HBC, Selin SpA, La Società Privata, Alberto Pretto, Luca Pretto, Laura Ziggiotto **Last three months

7

• From STAR admission - 26thSeptember 2016 - up to date

• Performance Retelit +86%

• Overperformance vs FTSE Mib +52% • Overperformance vs FTSE Star +44%

Price (September 4th, 2017): € 1.37

Market Cap (September 4th, 2017): € 225.4

Average Daily Volume: 1,062,898**: STAR SEGMENT 0 50 100 150 200 250 300

(8)

Investment Case

8

PROVEN

TRACK

RECORD

POTENTIAL

VALUE

GROWTH

Excellent business reputation

Innovative services based on its own infrastructure

Committed management, with good track record in the sector and business oriented

 ICT market growing with a good pace in selected areas (internet based services and applications)

 Partnership with major global players

 2017-2021 BP with a realistic and consistent growth

1

3

TECHNICAL

CAPABILITIES

2

Solid, value adding, infrastructure

 Quality of Services from pre-sale to assurance

 Technology up-to-date

(9)

Agenda

Retelit Overview

Strategy and 2017-2021 Business Plan

Q12017 Financial Results

(10)

Global ICT Macro trend: Strong Growth Potential

10

% internet User on Population Connected Device per person

(Units)

Average Data Connection Speed (Mbps) – Fixed Copnnections

Average traffic per person (Fixed and Mobile) - GB

(11)

Digital IT New Enabler: Focus on the Cloud

11 IoT A v e ra g e e x p e c te d g ro w th (1 5 -2 0 ) O v e r 2 5 % 2 0 -2 5 % 1 0 -1 5 % 5 -1 0 % Current Size Global Market 15-20B€ 20-50B€ 50-75B€ 75-100B€ Cyber Security >100B€ Cloud Mobile Business Big Data

Source: Assintel 2016, IDC, Gartner, Forrester, Expert interviews, Analyst reports, Bain analysis

CAGR 2015-2020 + 17% to 390B$

(12)

WESTERN EU ITALIA WESTERN EU ITALIA

TLC Italian Business Market – Filling the Gap

12

Connected Device per person (Units)

Average traffic per person (Fixed and Mobile) - GB % internet User on Population

)

Average Data Connection Speed (Mbps) – Fixed Copnnections

*Source: Cisco

• Major Italian gap towards

other European Countries

• PA connectivity and

digitalization were the major

drivers of the Italian Digital

Development

• Government Actions to

support Italian Digitalization:

-

Ultrabroadband Plan

-

Digital Growth Strategy

(13)

Ultrabroadband Plan – Infratel Ultra-Broadband

SECOND TENDER

FIRST TENDER

Regions involved: Abruzzo e Molise, Emilia Romagna, Lombardy, Tuscany e Veneto for a total contribution amount over €1.4 bn

Submitted an offer for lot 2 Emilia Romagna

(minimum price of the tender €232 M).

Enel Open Fiber was awarded for all 5 lots.

THIRD TENDER

Expected in the coming weeks. Concession to build and operate a passive ultra-broadband infrastructure in white areas

e-via has participated in the first 2 tenders acting as a contractor in the context of a constituting RTI with the creation of a target company in the event of an award

APPEALS

The appeals of Telecom Italia and Fastweb were rejected by the TAR. The European Antitrust Help division has decided to open a case following an appeal by Telecom

Italia. 13

Regions involved: Piedmont, Valle D’Aosta, Liguria, Friuli e Prov. di Trento, Marche, Umbria, Lazio, Campania, Basilicata and

Sicily for a total contribution amount over

€1,25 Bn.

Submitted an offer for lot 2 Friuli Venezia

Giulia and Prov. Autonoma di Trento (minimum price of the tender €169 M).

(14)

Retelit at the top for profitable growth

Source: Bain’s work on companies financial statements and Retelit’s figures (pre-closing 2016). Peers’ figures Acantho, Infracom, McLink, Brennercom, Clouditalia 2016; the rest 2015

14

Last period Revenue growth1

(15)

Business Plan 2017-2021: Strategy

AAE-1 Submarine

Cable

International

Wholesale

Leverage AAE-1 investment

Strengthen current leading position with extended international capacity

Increase market share

Business

Act for Service and open new path

Enlarge the Customer base to Corporate Customers

New Cloud offering and Business model

National Wholesale

Fit for Service

Faster and more profitable growth leveraging on current assets

Infrastructure optimisation

15

Global positioning

Establishing a new alternative hub to connect Europe to fast growing markets (e.g. India and Far East)

International Coverage

National

Wholesale

Business

(Data center and Cloud)

AAE-1 Submarine Cable

International

(16)

Wholesale and Business Market trend

CAGR ’16-’21:

Source: Retelit on Bain analysis and IDC figures

16

-1.1%

Reference Market for TLC wholesale and Telehouse

)

CAGR ’16-’21: +3.3%

Reference Market for Business: SMEs

2.593 2.516 2.476 2.436 2.387 2.339

792 796

806 823 842 861

2016 2017e 2018e 2019e 2020e 2021e

Termination, Access, Collection, etc. Leased circuits, dark fiber, backbone

3,312 €M 3,282 €M 3,259 €M 3,385 €M 3,229 €M 3,200 €M 1.716 1.811 1.909 2.000 2.080 2.145 1.012 1.014 1.024 1.039 1.059 1.063

2016 2017e 2018e 2019e 2020e 2021e

Internet Access IP-VPN, Ethernet, Legacy Data Services

2,825 €M 2,728 €M

2,932 €M 3,039 €M

(17)

Growth above reference market

2014 2015 2016 2017

0,7 2,8 5,4 7.8

17

Source analysis Bain on Retelit Figures , AgCom, bilanci aziendali, Analysys Mason

Market share trend Wholesale Tlc

(+ 1.1% in four years years)

YoY '15-'16 -0.7% Retelit Market €M 36 39 43 45 . 10.3% 803 €M 794 €M 792 €M 4.5% 4.9% 5.4% 2014 2015 2016 Total Market Retelit Market share

796 €M

5.6%

2017

Market share trend Business

(+ 2.4% in four years)

Retelit Market €M 93.0% YoY '15-'16 -1,5% 287 €M 276 €M 274 €M 0.2% 1.0% 2.0% Total Market Retelit Market share

2.8%

(18)

Italian market 2017

18

Total Market (fiber)

€714 m

Total Market

€82 m

Total Market

€1,014 m

A D D R E S S A B L E M A R K E T T A R G E T M A R K E T S H A R E 2 0 1 7 T O T A L M A R K E T

€71 m

10%

27%->30-34%

€82 m

100%

27% -> 27-29%

€274m

27%

2%-> 2.5%-3%

NATIONAL

WHOLESALE

INTERNATIONAL

WHOLESALE

BUSINESS

(19)

Digital IT New Enablers 2017

19 IoT Cyber Security Cloud Big Data Mobile Busin. CONNECTIVITY HW and EQUIPMENT SW and IT SOLUTIONS IT SERVICES IC T T R A D IT IO N A L S E R V IC E S

+

++

+++

++

+

+

+++

+++

=

+

+

+++

++

+++

+++

++

+++

++

++

+++

*Source: Cisco

(20)

AAE-1 Business Drivers 2017

20

• Development of global network (Backbone expansion/diversity)

• Content Access (Internet, Cloud Connect)

• Data Transmission services on Eurasia

• European backhaul DC/Exchange access

Fields of Play

Drivers/Business Needs

 2017 revenues mainly expected to come from IRUs contracts

Expected Cumulated revenues in 2017-2021 around €63/68 m

with an EBITDA margin expected in a range of 55% - 65%

AEE-1 Market 2017

Internet Users (millions)

World’s Largest Traffic Routes

(21)

11-12 29 44-46 11 14.6 20-23 37-39 2015 2016 2017 2020 2021 44-46 75 89-93 42 49.6 60-63 81-84 2015 2016 2017 2020 2021

Business Plan 2017-2021: Revenues and EBITDA Targets

21

2021 TARGETS - DETAILS

€mln

Actual Results BP 2016-2020 BP 2017-2021

Revenues

 2021E Revenues €89-93 m, CAGR +13%

 Better revenues mix compared to previous plan

 Anticipation of IRUs for the cable

 AAE-1 related cumulated expected revenues 2017-2021: € 65-70 m

EBITDA

 2021E EBITDAs €44-46 m, CAGR +27%

 EBITDA Margin from 29.4% to around 50% thanks to a better revenues mix

CAGR 13%

CAGR 27%

Revenues

€mln

EBITDA

+20-26%

(22)

Business Plan 2017-2021: Revenues and EBITDA

22

Revenues by Market

Profitability By Market

 National Wholesale: EBITDA margin range 27% - 32%

 International Wholesale: EBITDA margin range 27% - 32%

 Business: EBITDA margin range 30% - 35%

 AAE-1: EBITDA margin range 55% - 65%

Moving forward

towards a more profitable

revenues mix

(23)

(9-11) 75 96-101 11.5 8.1 20-23 69-72 2015 2016 2017 2020 2021

Net Financial Position - Net Cash

Business Plan 2017-2021: NFP (net cash) and Capex Targets

Investments

 Five years 2017-2021 cumulated Capex of €83-88 m of which approx. € 22-24 m for AAE-1

23

2021 TARGETS - DETAILS

€mln €mln

Actual Results BP 2016-2020 BP 2017-2021

Financial Structure

 2021E NFP with positive net cash for €96-101 m

 Lower backbone investments commitments due to BICS partnership on

European Backhaul * Five years cumulated capex 2016-2020

** Five years cumulated capex 2017-2021

92-94* 83-88**

30.2 34.7 25-28

103-108*

2015 2016 2017 2020 2021

(24)

BP 2017-2021: Guidance 2017

2017 TARGET

Business

Drivers

24

To grow above current market rate in the National and International Wholesale gaining market

shares from other competitors

To increase penetration in the Business Market leveraging on the customer base segmentation,

the “Smart SaaS Program” and enlarging the offer of Managed Infrastructure and Data Centers

Services

By leveraging onto BICS partnership building on current momentum prior to imminent ready for

commercial services of the cable AAE-1

Revenues

€60-63 m (+21% /+27% vs. 2016)

EBITDA

€20-23 m (+37%/+63% vs 2016)

NFP (net cash)

€ 20-23 m

(more than double vs 2016)

EBIT

€6-9 m (+172%/+309%)

Capex

€ 25-28 m (-29%/-20% vs 2016)

(25)

Agenda

Retelit Overview

Strategy and 2017-2021 Business Plan

Q12017 Financial Results

(26)

Q1 2017 Highlights

26

GROUP

FINANCIALS

Participation to the 2nd Infratel tender on ultra broadband

Joined the Open Hub Med consortium the new telecommunications hub in Sicily complementing the AAE-1 cable in Bari

1

3

OPERATING

ACTIVITY

2

More than 360 active clients, of which 129 National Wholesale, 61 International Wholesale and 171 Business customers

Order intake in Q1 2017 amounted to €11.1m (Total Contract Value) +72% vs Q1 2016

AAE-1 cable completed lay-down from Marseille to Singapore

Strong growth of all economic-financial figures

 Total Revenues €13.6 m (+ 9% vs Q12016)

 EBITDA €4.2 m (+ 22% vs Q12016)

 Net Profit almost doubled at €1.0 m

(27)

EBIT More than Doubled vs. Q1 2016

PROFIT & LOSS

CASH FLOW

27

Strong improvement of all economic figures

:

Revenues + 9%

EBITDA + 22%

EBIT with a twofold increase

Net profit of €1.0 m vs €0.5m Q1 2016

Strong cash flow generation continue

BALANCE SHEET

€000 Q1 2017 Q1 2016 REVENUES 13,561 12,402 EBITDA 4,157 3,401 EBITDA MARGIN 30.7% 27.4% EBIT 991 416 NET PROFIT 988 528 €000 Q1 2017 YE 2016 FIXED ASSETS 176,975 175,637 NFP - net cash 8,736 8,095 EQUITY 136,250 135,357 €000 Q1 2017 Q1 2016

Cash Flow from Operating Activities 4,120 3,310

Net changes in Current Assets/Liabilities 5,499 (2,273)

Net Cash flow from Operating Activities 9,619 1,037

Cash Flow from Investing Activities (8,782) (5,477)

Cash Flow from Financing Activities 11,744 6,045

(28)

-00 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

April '15 May '15 June '15 July '15 Aug '15 Sept '15 Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 March '16 April '16 May '16 June '16 July '16 Aug '16 Sept '16 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 March '17 Recurring One off

Steady Recurring Revenues Growth

28

€000

+13% CAGR (Recurring Revenuess)

+32%

Cumulated growth from January 2015 (rec.

Revenuess)

April '15 May '15 June '15 July '15 Aug '15 Sept '15 Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 March '16 April '16 May '16 June '16 July '16 Aug '16 Sept '16 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 March '17Total Q1 2017 Recurring 2,871 2,903 2,965 2,991 2,995 3,029 3,085 3,140 3,137 3,189 3,192 3,194 3,278 3,327 3,329 3,346 3,393 3,424 3,469 3,535 3,593 3,632 3,678 3,702 11,012 One off 227 512 495 433 304 616 489 633 1,502 484 684 1,598 704 325 851 624 397 856 320 465 864 263 346 1,892 2,501 Total Operating Revenues 3,098 3,415 3,459 3,424 3,299 3,645 3,574 3,773 4,639 3,673 3,876 4,792 3,982 3,652 4,180 3,970 3,791 4,281 3,789 4,000 4,457 3,895 4,024 5,594 13,513

March’17 over performance due to delivery of a large International Wholesale contract

(29)

1,002 5,137 6,202 12,341 1,497 6,703 5,313 13,513 Business International Wholesale National Wholesale Total Q1 2016 Q1 2017

Int’l Wholesale As the Main Contributor to Revenues Growth

29

• Total Revenues up 9% to €13.6 m

• Strong momentum towards development of Wholesale International market: Revenues +30% YoY due to the release of a one-off large contract (approx. 1,2 €M)

• Strong improvement of the Business segment: Revenues + 49% YoY confirming momentum

• National Wholesale recorded lower IRUs delivery levels compared to Q1 2016 expected to be offset in Q2 due to significant orders intake

Operating Revenues by Segment

Total Revenues Q1 2017 vs. Q1 2016

Operating Revenues by Segment

€000

€000 €000 +30% -14% 12,402 2,874 (1,702) (13) Revenues Q1 2016 TLC Services & M-link IRUs and Network maintanance other Revenues Q1 2017 13,561 1,497 11% 6,703 50% 5,313 39% Business International Wholesale National Wholesale 13,513 +49% +9%

(30)

New Orders driven by International Wholesale and Business

30

New Orders by segment*

New Orders by services*

Note: * Based on Total Contract Value

€000 €000

• New orders generated in Q1 2017 for a total contract value (TCV) of €11.1 m, 72% up vs. Q1 2016

• National and International WH are driving growth

(31)

3,401 4.157 1,159 (59) (5) (334) (42) 183 (147) EBITDA Q12016 Increase in Revenues Costs of access and interconnection Emoluments directors and auditors Maintenance Personnel costs Other operating costs Consulting and external services EBITDA Q1 2017

EBITDA Grew by 22%

31 €000

• EBITDA +22% YoY to €4.2 m mainly

due to a better Revenues mix and

higher

margin

generated

by

value

added services

• EBITDA Margin from 27.4% to new

high at 30.7%

• Interconnection

costs

increased

relatively less than the increase in

Revenues

• Maintenance increased due to network

development activities, mainly in relation

to AAE-1

• Consulting

and

external

services

increase due to greater recourse to

outsourced technical services

EBITDA Q12017 VS Q12016

Revenues & EBITDA

€000 33,410 35,219 37,296 38,966 37,167 42,104 49,592 13,561 28.0% 30.4% 25.9% 26.8% 21.3% 26.2% 29.4% 30.7% 2010 2011 2012 2013 2014 2015 2016 Q1 2017

(32)

Cash Generation Remains Highly Positive

32

Investments in the quarter amounted to €4.4 m mainly due to:

 €2.4 m investments mainly in infrastructure of fiber-optic network and backbone

 €1.8 m related to the investment in the AAE-1 Project (of which € 1,0 m payed in the period)

 The current extension of the national fiber-optic network is over 9,860 km

Total investment for the AAE-1 project as of 31 March 2017 is €42.9 m (out of total expected €56.3 m) of which €35.8 m (out of total expected USD 45 m) related to payments to AAE-1 Consortium

Positive NFP at €8.7 m vs €8.1 m at YE 2016 thanks to strong operating cash generation partly offsetting new investments capex

Senior debt for a total of €30 m (€21 m + optional €9 m) provided by Unicredit, MPSFS and BPM currently drawn for €21 m

NFP Q1 2017 VS 2016 (cash view)

€000 €000

Net Financial Position (net cash)

8,095 9,619 (8,782) (196) NFP YE2016 Operating cash flow

CAPEX Cash out Other NFP Q1 2017

(33)

Capital Investments Breakdown by Division

33

€000

Retelit invests capital to create value, measured in recurring Revenues and EBITDA growth. Business as is Growth capex plus Network Development capex grew from 66% of total capex in 2014 to 82% in 2016 and to 93% in Q1 2017

Growth capex is supporting medium to long-term progress to enable services for one or more customers/contractsNetwork Development is capex related to short-term success-based investments

Maintenance is capex required to maintain the current operational service level (“proxy” for infrastructure obsolescence level)

€000

Business As Is

AEE-1 Cable

(34)

Cash Ebitda

34

Cash EBITDA

Retelit recognizes to P&L in the first year of an IRU contract only 30% of the total contract revenues with 100% of cash collected upfront and the remaining revenues equally allocated over the following year of the IRU contract

(€/1000)

2014

2015

2016

03.2017

a)

EBITDA

7,920

11,043

14,576

4,157

- IRU annual revenue

(3,321)

(5,250)

(6,259)

(942)

+ IRU Tcv Delivery "no O&M"

4,494

7,846

11,657

487

+ KBC e GEM transactions charges

2,032

-

-

-TOTAL Adjustment

3,205

2,596

5,398

(455)

b)

Cash EBITDA

11,125

13,639

19,974

3,702

Delta b) - a) 3,205 2,596 5,398 (455)

Delta % a) vs b) 40% 24% 37% -11%

Capex Business as is

10,687

14,167

18,505

2,630

Cash Ebitda - Capex

438

(528)

1,469

1,072

Cash EBITDA Q1 2017

adjustment due to a lower number of IRUs released in the quarter. IRUs growth expected to return significantly

positive in upcoming quarters

(35)

Contacts

35

IR CONTACTS

IR Manager Dario Pardi inv.relations@retelit.it Phone +39-02-202045.1 Fax +39-02-202045.225 Viale Francesco Restelli, 3/7 20124 Milan Italy IR Consultant Vincenza Colucci CDR Communication Srl Tel. +39 335 6909547 vincenza.colucci@cdr-communication.it Media Consultant Angelo Brunello CDR Communication Srl Tel. +39 329 2117752 Angelo.Brunello@cdr-communication.it Website: http://www.retelit.it Linkedin: https://www.linkedin.com/company/retel Twitter: @Retelit Institutional: September 27th, 2017 Retelit H1 2017 November 9th, 2017 Retelit Q3 2017

Business & Wholesale:

September 25-27th

Submarine Networks World

October 13th VEM Bologna October 24-26th Capacity Europe

RETELIT ON LINE

NEXT EVENTS

(36)

THIS DOCUMENT HAS BEEN PREPARED BY RETELIT S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES.

THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION.

THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE.

HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, CHANGES IN THE REGULATORY ENVIRONMENT, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. RETELIT DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN RETELIT’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS.

Disclaimer

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