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China Water Affairs Group — Site trip confirms opportunity

China Water Affairs Group (HK: 855)

Last close As at 17/04/2024

6.11

— 0.00 (0.00%)

Market capitalisation

9,684m

More on this equity

Research: Industrials

China Water Affairs Group — Site trip confirms opportunity

Edison visited three water sites belonging to China Water Affairs Group (CWA) in the heavily industrialised Guangdong province in mainland China. The sites encompassed a raw water/reservoir facility, an industrial waste water treatment plant and a water supply business. A three-hour drive from Hong Kong, the sites visited depend heavily on the Huizhou Industrial Zone, which has been developed by the Chinese government and various private companies since its inception in the early 1990s. The visit assured us of the robust, high-quality nature of CWA’s assets and underscored how fundamental raw water provision and waste water treatment are to the Chinese industrial strategy. Ultimately, this gives us enhanced confidence in our high, long-term growth forecasts for CWA.

Analyst avatar placeholder

Written by

Industrials

China Water Affairs Group

Site trip confirms opportunity

Site visit

Utilities

4 May 2017

Price

HK$5.16

Market cap

HK$7,839m

HK$7.78/US$

Net debt (HK$m) at 30 September 2016

6,016

Shares in issue

1,519.1m

Free float

46.8%

Code

855

Primary exchange

HK

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(0.6)

(0.6)

33.7

Rel (local)

(2.3)

(6.7)

14.6

52-week high/low

HK$6.0

HK$3.9

Business description

China Water Affairs Group owns and operates regulated water supply assets across 40 cities in mainland China, serving eight million customers in the residential, commercial and industrial sectors.

Next event

FY17 results

June 2017

Analysts

Jamie Aitkenhead

+44 (0)20 3077 5700

Roger Johnston

+44 (0)20 3077 5722

China Water Affairs Group is a research client of Edison Investment Research Limited

Edison visited three water sites belonging to China Water Affairs Group (CWA) in the heavily industrialised Guangdong province in mainland China. The sites encompassed a raw water/reservoir facility, an industrial waste water treatment plant and a water supply business. A three-hour drive from Hong Kong, the sites visited depend heavily on the Huizhou Industrial Zone, which has been developed by the Chinese government and various private companies since its inception in the early 1990s. The visit assured us of the robust, high-quality nature of CWA’s assets and underscored how fundamental raw water provision and waste water treatment are to the Chinese industrial strategy. Ultimately, this gives us enhanced confidence in our high, long-term growth forecasts for CWA.

Year end

Revenue (HK$m)

PBT*
(HK$m)

EPS*
(c)

DPS
(c)

P/E
(x)

Yield
(%)

03/15

2,859

886

16.6

7.0

31.1

1.4

03/16

4,033

1,337

38.5

8.0

13.4

1.6

03/17e

6,255

2,031

55.5

10.0

9.3

1.9

03/18e

7,535

2,168

58.8

12.5

8.8

2.4

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Site visit: Scale of opportunity apparent

While the assets we visited in Huizhou were exposed to industrial water supply and treatment – the vast majority of CWA’s activities are in urban water supply – we were reassured to see how integral water management is to state-directed Chinese industrial expansion and to see for ourselves how much room for growth there is for private Chinese water companies. We also appreciated meeting and conversing with local management teams at each asset and gained a sense of how professionally each of the businesses is run. For investors accustomed to water utilities listed in the US and Europe, the notion of a water utility returning double-digit profit growth can be hard to fathom. Our visit to Huizhou gave us several examples of the planned capacity increases necessary to facilitate such a high level of industrial expansion (in the case of Huizhou, oil refining and ethylene capacity were forecast to double between 2014 and 2016). It is common for CWA’s subsidiaries in Huizhou to have to provide year-on-year volume increases for customers well into double-digit percentages across its raw water, waste water treatment and tap water supply businesses.

Earnings and valuation: Unchanged at top of market

We have left our earnings forecasts and valuation unchanged as we view FY17 results, expected in June, as a more appropriate time to revisit numbers. It is noteworthy that we are on average 14.4% ahead of Bloomberg consensus EBITDA estimates (2017 to 2019) and 3.8% ahead of Bloomberg EPS consensus (also 2017-2019). Our five-year reported EBITDA CAGR is 20.5% and our fair value per share of HK$7.12 offers equity holders 37.5% upside to the share price of HK$5.18 at the time of publication.

Notes from a visit: Water integral to industrial strategy

In April, we visited three of CWA’s waster operations in the Huizhou Industrial Zone, Guangdong, China. CWA’s assets are integral to the Petrochemical Zone, located in the Huizhou Daya Bay Economic and Technological Development Zone. Since its inception in the early 1990s, the Petrochemical Zone has expanded significantly. According to the website, as of 2014, more than 20 companies including several international players have built 75 projects involved in a range of activities from oil refining to ethylene production. In 2014, the refining capacity of the Development Zone was 12 million tonnes per year and the ethylene production capacity was 950,000 tonnes per year. These figures were expected to grow to 22 million tonnes per year and 2 million tonnes per year by 2016.

Underlying the expansion of the Development Zone, there has been significant development in supporting infrastructure. On top of the ‘three-dimensional marine, land and air’ transportation network comprising eight expressways, four airports, railways lines and a port, water supply is central to petrochemical development given the water-intense nature of refining and other oil processing activities. As the largest of the four water sources in the Development Zone, Fengtian Reservoir has an important role to play in the future economic development of the region.

As Exhibit 1 shows, Huizhou is simply the main part of CWA’s activities in Guangdong. Guangdong itself only accounts for 17.4% (1.082mm3/day out of 6.23mm3/day) of CWA’s total capacity. CWA’s existing capacity across the whole of China of 6.23mm3/day is expected to grow to 8.69mm3/day in the coming years and our model has this capacity increasing further. In other words, our site visit showed the high levels of growth available to CWA and its subsidiaries but in only one proportionally small part of CWA’s activities. When coupled with the available growth in urban water supply and different regions, we began to get a sense of the scale of the opportunity for CWA.

Exhibit 1: Location of CWA’s Guangdong water assets

Source: CWA

Fengtian Reservoir, Huizhou: Raw water

Fengtian reservoir has a total capacity of 25.43 cubic metres. It supplies industrial customers in the Development Zone in Daya Bay, Huizhou. It has a capacity ceiling of 1mm3/day, which is well below the current supply rate.

Exhibit 2: Reservoir

Exhibit 3: Reservoir with view of the dam

Source: Edison Investment Research

Source: Edison Investment Research

Exhibit 2: Reservoir

Source: Edison Investment Research

Exhibit 3: Reservoir with view of the dam

Source: Edison Investment Research

Huizhou Daya Bay Water Affairs

With a total supply capacity of 340,000 cubic meters, the Huizhou Daya Bay Water Supply Business is a monopoly supplier of water to a range of industrial clients in the Huizhou Industrial Zone. Industrial companies that rely on the Huizhou Daya Bay Water Supply Business include those active in tyre manufacturing, oil and gas, automotive, chemicals and electrical equipment. CWA bought a majority stake in the company in 2008.

Exhibit 4: Main office building

Exhibit 5: Water purification

Source: Edison Investment Research

Source: Edison Investment Research

Exhibit 4: Main office building

Source: Edison Investment Research

Exhibit 5: Water purification

Source: Edison Investment Research

The water treatment facilities in Daya Bay employ a variety of technologies and have excess capacity for use as the Huizhou Industrial Zone expands in the coming years. Current usage is 210,000m3/day and the client, the China National Offshore Oil Corporation (CNOOC), will require an extra 70,000m3/day by the end of the year with growth anticipated thereafter so that the plant will reach its full near-term capacity of 330,000m3/day before 2020.

Exhibits 4-7 show various parts of the water treatment plant including the main office, the main treatment ponds, the pump room and the control station. The technologies used are robust and well established. There are few examples of advanced water treatment technologies such as ultraviolet treatment and reverse osmosis in China currently.

Exhibit 6: Control station in the plant

Exhibit 7: Pump room

Source: Edison Investment Research

Source: Edison Investment Research

Exhibit 6: Control station in the plant

Source: Edison Investment Research

Exhibit 7: Pump room

Source: Edison Investment Research

Exhibit 8 shows CWA has significant plans for water supply growth in Daya Bay over the long term.

Exhibit 8: Growth potential of Huizhou Daya Bay Water Supply Business

Source: CWA

Yiyuan water plant: Petrochemical wastewater treatment

Acquired by CWA in 2009, the Yiyuan Purified Water Company treats contaminated waste water from the nearby Petrochemical Development Zone. It is the activity that CWA has in Huizhou that is not protected by monopoly status, as Shell and CNOOC treat their own waste water. However, all other companies active in the Petrochemical Zone use this facility.

Exhibits 9 and 10 below show how polluted the waste water received by Yiyuan is and how effective the various processes used by the company are at purifying the water. At the time of the acquisition, CWA stated that the company had capacity to treat 80,000m3/day.

Exhibit 9: Site manager shows water treatment by stage

Exhibit 10: Main petrochemical waste water treatment facility

Source: Edison Investment Research

Source: Edison Investment Research

Exhibit 9: Site manager shows water treatment by stage

Source: Edison Investment Research

Exhibit 10: Main petrochemical waste water treatment facility

Source: Edison Investment Research

Financials and valuation

Exhibit 11: Edison earnings versus consensus

Edison versus consensus

HKD (m)

2017e

2018e

2019e

Edison revenues (HK$m)

 

6,255

7,535

9,114

Bloomberg revenues

5,979

6,715

7,882

+/- Edison vs consensus

4.6%

12.2%

15.6%

Edison EBITDA (HK$m)

2,659

2,805

3,435

Bloomberg EBITDA

2,277

2,539

2,963

+/- Edison vs consensus

16.8%

10.5%

15.9%

Edison EBIT (HK$m)

2,218

2,338

2,899

Bloomberg EBIT

1,999

2,331

2,938

+/- Edison vs consensus

11.0%

0.3%

-1.3%

Edison EPS (HK$c)

55.0

58.4

72.7

Bloomberg EPS

51.8

57.7

69.8

+/- Edison vs consensus

6.3%

1.1%

4.1%

Edison DPS (HK$c)

10.0

12.5

15.0

Bloomberg DPS

10.6

12.4

14.3

+/- Edison vs consensus

-5.7%

0.8%

4.9%

Edison capex (HK$m)

(1,082)

(2,129)

(2,532)

Bloomberg capex

(961)

(1,309)

(1,766)

+/- Edison vs consensus

12.7%

62.7%

43.4%

Edison net debt (HK$m)

4,874

5,714

6,802

Bloomberg net debt

5,526

5,516

6,022

+/- Edison vs consensus

-11.8%

3.6%

13.0%

Source: Bloomberg data taken on 28 April 2017

We have left our earnings forecasts unchanged for CWA. We are comfortable being well ahead of consensus at both EBITDA and EPS between 2017 and 2019 by an average of 14.4% and 3.8% respectively. Our site visit to China has helped us better understand the scale of opportunity that CWA enjoys; however, we already have significant growth in our earnings forecasts. We expect CWA to report FY17 results in June, at which point we will revisit our numbers. We also leave our fair value per share of HK$7.12 unchanged, which offers equity holders 37.5% upside to the share price of HK$5.18 at the time of publication.


Exhibit 12: Financial summary

HK$m

2014

2015

2016

2017e

2018e

2019e

2020e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

2,747

2,859

4,033

6,255

7,535

9,114

10,542

EBITDA

 

 

1,075.8

1,299.8

1,820.2

2,649.5

2,796.1

3,425.4

3,972.7

Operating Profit (before amort. and except.)

771

1,001

1,479

2,218

2,338

2,899

3,365

Intangible Amortisation

0

0

0

0

0

0

0

Exceptionals

58

136

(30)

0

0

0

0

Other

0

0

0

0

0

0

0

Operating Profit

829

1,137

1,449.1

2,218.1

2,337.7

2,899

3,365

Net Interest

(107)

(117)

(171)

(162)

(185)

(214)

(252)

Profit Before Tax (norm)

 

 

729.7

885.6

1,337.4

2,031.0

2,167.6

2,699.8

3,127.8

Profit Before Tax (FRS 3)

 

 

788

1,021

1,308

2,031

2,168

2,700

3,128

Tax

(230)

(317)

(305)

(508)

(542)

(675)

(782)

Profit After Tax (norm)

500

569

1,033

1,523

1,626

2,025

2,346

Profit After Tax (FRS 3)

558

704

1,003

1,523

1,626

2,025

2,346

Average Number of Shares Outstanding (m)

1,423.2

1,416.9

1,508.5

1,509.4

1,519.9

1,519.9

1,519.9

EPS - normalised (c)

 

 

15.7

16.6

38.5

55.5

58.8

73.3

84.9

EPS - normalised and fully diluted (c)

 

15.69

16.59

38.54

55.50

58.83

73.27

84.89

EPS - (IFRS) (c)

 

 

19.8

26.2

36.6

55.5

58.8

73.3

84.9

Dividend per share (c)

5.0

7.0

8.0

10.0

12.5

15.0

17.5

EBITDA Margin (%)

39.2

45.5

45.1

42.4

37.1

37.6

37.7

Operating Margin (before GW and except.) (%)

28.1

35.0

36.7

35.5

31.0

31.8

31.9

BALANCE SHEET

Fixed Assets

 

 

8,578

9,416

11,313

11,989

13,645

15,635

16,688

Intangible Assets

424

415

1,428

1,428

1,428

1,428

1,428

Tangible Assets

5,425

5,995

6,716

7,367

9,038

11,043

12,111

Investments

1,827

2,106

2,242

2,267

2,252

2,237

2,222

Other

902

901

928

928

928

928

928

Current Assets

 

 

4,929

5,686

7,507

9,337

10,440

11,469

12,445

Stocks

249

301

289

448

539

652

754

Debtors

578

656

1,084

1,681

2,025

2,449

2,832

Cash

1,590

1,501

2,552

3,092

3,451

3,563

3,710

Other

2,513

3,228

3,583

4,117

4,425

4,805

5,149

Current Liabilities

 

 

(3,972)

(5,214)

(5,557)

(5,668)

(5,973)

(6,228)

(6,464)

Creditors

(529)

(486)

(855)

(966)

(1,271)

(1,526)

(1,762)

Short term borrowings

(1,299)

(2,376)

(2,156)

(2,156)

(2,156)

(2,156)

(2,156)

Other

(2,143)

(2,352)

(2,546)

(2,546)

(2,546)

(2,546)

(2,546)

Long Term Liabilities

 

 

(3,839)

(3,452)

(5,715)

(6,915)

(8,115)

(9,315)

(9,315)

Long term borrowings

(3,524)

(3,024)

(5,076)

(6,276)

(7,476)

(8,676)

(8,676)

Other long term liabilities

(316)

(428)

(639)

(639)

(639)

(639)

(639)

Net Assets

 

 

5,696

6,436

7,548

8,743

9,998

11,562

13,354

CASH FLOW

Operating Cash Flow

 

 

554

566

1,494

1,445

2,372

2,779

3,395

Net Interest

(34)

(0)

(72)

(162)

(185)

(214)

(252)

Tax

(106)

(201)

(160)

(508)

(542)

(675)

(782)

Capex

(794)

(781)

(670)

(1,082)

(2,129)

(2,532)

(1,676)

Acquisitions/disposals

0

0

(972)

0

0

0

0

Financing

(343)

(134)

(82)

0

0

0

0

Dividends

(71)

(85)

(106)

(136)

(167)

(205)

(258)

Net Cash Flow

(792)

(635)

(569)

(443)

(651)

(848)

427

Opening net debt/(cash)

 

 

2,234

3,377

3,966

4,649

5,092

5,743

6,590

HP finance leases initiated

0

0

0

0

0

0

0

Other

-351

46

-114

0

0

0

0

Closing net debt/(cash)

 

 

3,377

3,966

4,649

5,092

5,743

6,590

6,163

Source: CWA accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by China Water Affairs Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by China Water Affairs Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. 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Frankfurt +49 (0)69 78 8076 960

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Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

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US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

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NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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