Industrials Marine
Company report
Equity – Singapore
Neptune Orient Lines (NOL SP) Reduce: Better than expected 2Q15 results on cost control
Reduce Target price (SGD) Share price (SGD) Upside/Downside (%) Dec
0.80 0.92 -13
2014 a 2015 e
HSBC EPS HSBC PE
-0.10
2016 e
-0.09
-0.02
Performance
1M
3M
12M
Absolute (%) Relative^ (%)
12.2 13.3
-18.9 -13.9
-3.7 -1.6
31 July 2015 Parash Jain* Analyst The Hongkong and Shanghai Banking Corporation Limited +852 2996 6717
[email protected] Mark Webb* Head of Conglomerate and Transport Research, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited +852 2996 6574
[email protected] Deepak Maurya* Associate Bangalore View HSBC Global Research at: http://www.research.hsbc.com *Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations Issuer of report: The Hongkong and Shanghai Banking Corporation Limited
Disclaimer & Disclosures This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it
2Q15 recurring loss of USD27m was lower than our and consensus forecasts due to better cost control Lack of scale may hurt competitiveness; we lower our 2015 recurring loss forecast by 30% to reflect lower costs Reiterate Reduce rating with higher TP of SGD0.80 (from SGD0.70) on lower 2015 loss forecast Strong cost control helped offset weak revenues in 2Q15: NOL’s reported profit of USD890m included one-off gains of USD887m from the disposal of its logistics business. Stripping out these gains, we estimate NOL incurred a recurring loss of USD27m, lower than our and company sourced consensus loss forecasts of USD111m and USD36m, respectively, despite a sharp decline in volumes and freight rates. We attribute the lower losses to the company’s efforts to rein in costs through network optimisation, returning expensive charters and targeted cargo selection, and lower depreciation and finance costs. NOL used the USD1.2bn proceeds from the sale of the logistics business to improve its net debt to equity ratio from 2.3x at 1Q15 end to 1.0x in 2Q15. Scaling back capacity and lack of new vessel orders could hurt competitiveness: During the analyst briefing, management guided that there was further scope to control costs by returning chartered vessels and improving yields by exiting unprofitable trades. This was also one of the reasons for a sharp 14% y-o-y decline in volumes in 1H15. By the end of 2015, NOL expects its fleet to shrink by 15% (9 charter vessel expiries in 2H15) compared to the end of 2013 and we estimate its market share will shrink by 1ppt to 2.7% in terms of global capacity during this period. We argue that while this may help NOL in the short term to control costs and improve profits, it will be challenging to gain back lost market share. Further NOL has no mega vessels (18,000+ TEU) in its fleet or on order and hence we believe it remains uncompetitive vs. its peers at least in 2015-17e. We lower our 2015 loss forecast to USD240m (from USD342m) to reflect lower operating costs, depreciation and interest expenses. Our operating loss (EBIT) forecast of USD108m in 2015e compares with Bloomberg consensus forecast for a profit of USD36m. Reiterate our Reduce rating with a higher TP of SGD0.80 (was SGD0.70) on higher earnings forecasts. We value NOL based on an unchanged 0.6x 2016e PB for an average 2015-16e ROE of -7%. Despite losses in 1H15 and weak outlook for the rest of the year, NOL’s share price has increased by 10% in the YTD outperforming the local index by 13%. We attribute this to the speculation of a potential sale of NOL (source: The Wall Street Journal, 16 July 2015) and this remains an upside risk to our view. Index^ Index level RIC Bloomberg Source: HSBC
STRAITS TIMES IDX 3,284 NEPS.SI NOL SP
Enterprise value (USDm) Free float (%) Market cap (USDm) Market cap (SGDm) Source: HSBC
4,585 32 1,753 2,395
2
(USDm) Revenues Operating costs
2Q15
2Q14
vs. 2Q14
1Q15
vs. 1Q15
2Q15e vs. 2Q15e
1,317 (1,220)
1,689 (1,647)
-22% -26%
1,581 (1,473)
-17% -17%
1,436 (1,347)
1H15
1H14
vs. 1H14
-8% -9%
2,898 (2,693)
3,564 (3,544)
-19% -24%
205 (193) 11 (71) 2 8 (50) (58) 3 (1) 926
20 (191) (171) (62) 1 33 (199) (232) 0 (1) 48
NM 1% P vs. L 14% 103% -75% -75% -75% NM -23% NM
EBITDA Depreciation EBIT Net finance costs Associates and JV Non-recurring items PBT (reported) HSBC recurring PBT Income tax Minority interests PAT to equity holders from discontinued business PAT to equity holders HSBC PAT to equity holders HSBC EPS (US cents) EBITDA margin (%) EBIT margin (%) Annualised ROE (%) Volumes ('000 FEU)
97 (90) 8 (30) 1 16 (6) (22) (5) (0) 900
42 (93) (51) (31) 1 11 (71) (81) (5) (0) 22
133% -4% P vs. L -2% 71% 46% -92% -74% -3% -6% NM
107 (103) 4 (41) 1 (7) (44) (36) 8 (0) 25
-9% -13% 99% -26% 72% -314% -87% -41% NM 15% NM
89 (103) (14) (41) 4 (51) (51) (23) (37) 882
9% -13% P vs. L -26% -74% -89% -58% -79% -99% 2%
890 (27) (1.03) 7.4% 0.6% -4.9% 582
(54) (87) (3.36) 2.5% -3.0% 0.0% 662
P vs. L -69% -69% 4.9 ppt 3.6 ppt -4.9 ppt -12%
(11) (29) (1.12) 6.8% 0.2% -6.6% 667
P vs. L -7% -8% 0.6 ppt 0.3 ppt 1.7 ppt -13%
771 (111) (4.30) 6.2% -1.0% -21.1% 649
15% -76% -76% 1.2 ppt 1.5 ppt 16.2 ppt -10%
879 (56) 7.1% 0.4% -5.1% 1,249
(152) (233) 0.6% -4.8% -23.4% 1,447
P vs. L -76% 6.5 ppt 5.2 ppt 18.3 ppt -14%
Average revenue per FEU
1,933
2,320
-17%
2,063
-6%
2,032
-5%
2,003
2,274
-12%
2H15e Remarks 2,599 Sharper decline in freight rates and volumes than expected (2,538) Higher cost savings due to network optimization, charter expiries, targeted cargo selection and lower fuel prices 61 (181) (120) Better than our forecast due to lower costs than expected (58) Proceeds from sale of logistics business applied to lower debt 2 (175) (175) (8) (1) - Gains from disposal of logistics business in 2Q15
Neptune Orient Lines (NOL SP) Marine 31 July 2015
1. NOL: 2Q15/1H15 results summary
(185) (185) 2.3% -4.6% -14.5% 1,243 Volumes declined partly due to weak demand and partly due to withdrawal from unprofitable trades 1,987
Source: Company data, HSBC estimates
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Neptune Orient Lines (NOL SP) Marine 31 July 2015
Earnings forecast changes In 1H15, NOL’s volumes and freight rates declined sharply by 14% and 12%, respectively. While demand has remained weak in the 1H15, NOL’s volume decline also reflects its strategy of withdrawing capacity from unprofitable trades. In the 2Q15 analyst briefing, management guided that the peak season outlook remains muted, particularly in the Asia-Europe route. However in the transpacific route, NOL expects volumes to pick up in August and September. We therefor cut our volume and tariff rate growth forecasts in 2015e. However we also lower NOL’s operating costs, depreciation and interest expenses reflecting the strong cost control of 2Q15 and these more than offset the decline in revenues. As a result we lower our 2015e loss forecast by 30% to USD240m (from USD342m). 2. NOL: Earnings forecast revisions, FY15-17e Year to Dec (USDm)
___________ New _____________ _____________Old______________ _________ Difference __________ 2015e 2016e 2017e 2015e 2016e 2017e 2015e 2016e 2017e
Container volume growth Container tariff growth Financials Turnover EBITDA EBIT Net profit (clean) ROE Margin assumptions EBITDA margin EBIT margin
-12% -12%
4% 0%
4% 2%
-10% -8%
4% 0%
4% 2%
-1.6 ppt -3.6 ppt
0.0 ppt 0.0 ppt
0.0 ppt 0.0 ppt
5,497 265 (108) (240) -11.4%
5,717 454 67 (47) -2.0%
6,070 540 146 33 1.4%
5,826 302 (112) (342) -16.8%
6,058 496 57 (83) -3.7%
6,432 580 135 31 0
-6% -12% 3% 30% 5.4 ppt
-6% -8% 17% 43% 1.7 ppt
-6% -7% 8% 6% 0.0 ppt
4.8% -2.0%
7.9% 1.2%
8.9% 2.4%
5.2% -1.9%
8.2% 0.9%
9.0% 2.1%
-0.4 ppt -0.1 ppt
-0.2 ppt 0.2 ppt
-0.1 ppt 0.3 ppt
Source: HSBC estimates
HSBC vs. Consensus On a recurring basis, we forecast NOL to report a loss of USD240m in 2015 compared to the consensus forecast for a profit of USD145m, mainly due to our lower freight rate and volume assumptions. We argue that consensus recurring profit forecast (USD145m) is not comparable as it may include the one-off gains of the logistics business. However even at the operating level (EBIT) we remain below consensus in 2015e. Our operating loss forecast of USD108m in 2015e compares with Bloomberg consensus forecast for a profit of USD36m. We believe there is a downside to consensus earnings forecasts in 2015e given losses in 1H15 and weak outlook for freight rates and expectations of a muted peak season. 3. HSBC estimates vs. consensus _________________ EBIT (USDm)___________________ __________ Recurring net profits (USDm) ___________ HSBC Consensus Difference HSBC Consensus Difference 2015e 2016e 2017e
(108) 67 146
36 122 198
n/m -45% -26%
(240) (47) 33
145 16 113
n/m n/m -71%
Source: Bloomberg, HSBC estimates
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Neptune Orient Lines (NOL SP) Marine 31 July 2015
Valuation and risks We reiterate our Reduce rating on the stock with a higher fair value target price of SGD0.80 (from SGD0.70) on higher earnings forecasts. We value the stock at an unchanged 2016e PB of 0.60x for an average ROE of -7% (2015-16e). Our fair value target multiple is based on the adjusted historical PB and ROE trading range in 2011, when the ROE was experiencing a downward revision. Our target price implies a downside of 13% from the current share price; we therefore reiterate our Reduce rating given the weak earnings outlook and potential consensus earnings downgrades.
-40%
0.5x
-50%
0.3x
-60%
Source: Thomson Reuters Datastream
-48%
Prem/(Disc)
Average since 2011
Jul-15
Jan-15
Jul-14
Jul-13
Jan-14
-70%
Jul-12
Forecast 2016 ROE
-27%
-48%
Jan-13
12-m fwd ROE 12-m fwd PB (RH)
-27%
-30%
0.7x
Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
(20)
0.9x
Average since 2011, -34%
Jul-11
0.65x
1.1x
-20%
Jan-12
-3.7 0.7x
(15)
-10%
1.3x 0.9x
-4
1.5x
Jul-10
(5) (10)
3
Jan-11
-
14 1.3x
Jul-09
5
5. NOL: 12-month forward PB vs. MSCI Singapore 0%
Jan-10
10
1.7x
Jan-09
4. NOL: 12-month forward PB-ROE chart 15
Source: Thomson Reuters Datastream
Key upside risks: a faster-than-expected recovery in Asia-US/Europe freight rates and scrapping/deferrals being higher than expected, which would reduce supply in the already oversupplied market; news flow surrounding a potential sale of NOL could keep the share price elevated.
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Neptune Orient Lines (NOL SP) Marine 31 July 2015
Financials & valuation Financial statements Year to
Valuation data 12/2014a
12/2015e
12/2016e
12/2017e
5,497 265 -374 -108 -129 703 -233 -5 694 -240
5,717 454 -387 67 -103 -32 -32 -10 -47 -47
6,070 540 -393 146 -101 49 49 -20 19 33
Profit & loss summary (USDm) Revenue EBITDA Depreciation & amortisation Operating profit/EBIT Net interest PBT HSBC PBT Taxation Net profit HSBC net profit
8,617 291 -393 -101 -133 -217 -223 -35 -260 -266
12/2014a
12/2015e
12/2016e
12/2017e
0.7 19.4 1.0
0.8 17.3 0.8
0.8 9.8 0.8
1.0 -20.3 0.0
0.7 -17.7 0.0
0.7 7.8 0.0
0.7 7.9 0.8 52.3 0.7 13.1 0.2
EV/sales EV/EBITDA EV/IC PE* P/Book value FCF yield (%) Dividend yield (%)
Note: * = Based on HSBC EPS (fully diluted)
Price relative 2.5
Cash flow summary (USDm) Cash flow from operations Capex Cash flow from investment Dividends Change in net debt FCF equity
179 -354 -317 -4 181 -319
51 -175 1,186 0 -1,101 -286
404 -175 -170 0 -125 125
487 -175 -167 -4 -208 212
190 6,012 2,610 1,226 9,100 1,762 5,291 4,066 1,750 5,825
183 5,820 1,457 659 7,697 1,329 3,624 2,965 2,444 5,471
177 5,613 1,627 784 7,659 1,333 3,624 2,839 2,397 5,300
173 5,399 1,903 992 7,722 1,370 3,624 2,632 2,413 5,113
12/2014a
12/2015e
12/2016e
12/2017e
-2.4 148.3
-36.2 -8.8
4.0 71.1
6.2 18.8 118.3
Balance sheet summary (USDm) Intangible fixed assets Tangible fixed assets Current assets Cash & others Total assets Operating liabilities Gross debt Net debt Shareholders funds Invested capital
Year to
2.5
2
2
1.5
1.5
1
1
0.5
0.5
0 2013
2014 Neptune Orient Lines
2015
0 2016
Rel to STRAITS TIMES INDEX
Source: HSBC
Note: price at close of 30 Jul 2015
Ratio, growth and per share analysis Year to Y-o-y % change Revenue EBITDA Operating profit PBT HSBC EPS
-104.6
Ratios (%) Revenue/IC (x) ROIC ROE ROA EBITDA margin Operating profit margin EBITDA/net interest (x) Net debt/equity Net debt/EBITDA (x) CF from operations/net debt
1.5 -2.0 -13.9 -1.0 3.4 -1.2 2.2 224.9 14.0 4.4
1.0 -1.9 -11.4 9.9 4.8 -2.0 2.1 118.3 11.2 1.7
1.1 1.6 -2.0 1.3 7.9 1.2 4.4 115.2 6.3 14.2
1.2 1.7 1.4 1.2 8.9 2.4 5.3 105.7 4.9 18.5
-0.10 -0.10 0.00 0.67
0.27 -0.09 0.00 0.94
-0.02 -0.02 0.00 0.92
0.01 0.01 0.00 0.93
Per share data (USD) EPS reported (fully diluted) HSBC EPS (fully diluted) DPS Book value
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Neptune Orient Lines (NOL SP) Marine 31 July 2015
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Disclosure appendix Analyst Certification The following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that the opinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Parash Jain and Mark Webb
Important disclosures Equities: Stock ratings and basis for financial analysis
HSBC believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and that investors utilise various disciplines and investment horizons when making investment decisions. Ratings should not be used or relied on in isolation as investment advice. Different securities firms use a variety of ratings terms as well as different rating systems to describe their recommendations and therefore investors should carefully read the definitions of the ratings used in each research report. Further, investors should carefully read the entire research report and not infer its contents from the rating because research reports contain more complete information concerning the analysts' views and the basis for the rating. From 23rd March 2015 HSBC has assigned ratings on the following basis:
The target price is based on the analyst’s assessment of the stock’s actual current value, although we expect it to take six to 12 months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock will be classified as a Buy; when it is between 5% and 20% above the current share price, the stock may be classified as a Buy or a Hold; when it is between 5% below and 5% above the current share price, the stock will be classified as a Hold; when it is between 5% and 20% below the current share price, the stock may be classified as a Hold or a Reduce; and when it is more than 20% below the current share price, the stock will be classified as a Reduce. Our ratings are re-calibrated against these bands at the time of any 'material change' (initiation or resumption of coverage, change in target price or estimates). Upside/Downside is the percentage difference between the target price and the share price. Prior to this date, HSBC’s rating structure was applied on the following basis:
For each stock we set a required rate of return calculated from the cost of equity for that stock’s domestic or, as appropriate, regional market established by our strategy team. The target price for a stock represented the value the analyst expected the stock to reach over our performance horizon. The performance horizon was 12 months. For a stock to be classified as Overweight, the potential return, which equals the percentage difference between the current share price and the target price, including the forecast dividend yield when indicated, had to exceed the required return by at least 5 percentage points over the succeeding 12 months (or 10 percentage points for a stock classified as Volatile*). For a stock to be classified as Underweight, the stock was expected to underperform its required return by at least 5 percentage points over the succeeding 12 months (or 10 percentage points for a stock classified as Volatile*). Stocks between these bands were classified as Neutral. *A stock was classified as volatile if its historical volatility had exceeded 40%, if the stock had been listed for less than 12 months (unless it was in an industry or sector where volatility is low) or if the analyst expected significant volatility. However, stocks which we did not consider volatile may in fact also have behaved in such a way. Historical volatility was defined as the past month's average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating, however, volatility had to move 2.5 percentage points past the 40% benchmark in either direction for a stock's status to change.
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Neptune Orient Lines (NOL SP) Marine 31 July 2015
Rating distribution for long-term investment opportunities As of 30 July 2015, the distribution of all ratings published is as follows: Buy 41% (30% of these provided with Investment Banking Services) Hold
43%
(28% of these provided with Investment Banking Services)
Sell
16%
(18% of these provided with Investment Banking Services)
For the purposes of the distribution above the following mapping structure is used during the transition from the previous to current rating models: under our previous model, Overweight = Buy, Neutral = Hold and Underweight = Sell; under our current model Buy = Buy, Hold = Hold and Reduce = Sell. For rating definitions under both models, please see “Stock ratings and basis for financial analysis” above.
Share price and rating changes for long-term investment opportunities Neptune Orient Lines (NEPS.SI) Share Price performance SGD Vs HSBC
Recommendation & price target history
rating history
From Underweight Restricted Underweight Target Price
3 2.5
Price 1 Price 2 Price 3 Price 4 Price 5 Price 6 Price 7 Price 8
2 1.5 1 0.5
To
Date
Restricted Underweight Reduce Value
17 February 2015 02 June 2015 16 June 2015 Date
1.00 0.90 0.85 0.75 1.00 Restricted 1.00 0.70
24 January 2013 14 May 2013 02 November 2014 27 November 2014 04 February 2015 17 February 2015 02 June 2015 16 June 2015
Source: HSBC
Jul-15
Jul-14
Jul-13
Jul-12
Jul-11
Jul-10
0
Source: HSBC
HSBC & Analyst disclosures Disclosure checklist Company NEPTUNE ORIENT LINES
Ticker
Recent price
Price Date
Disclosure
NEPS.SI
0.92
30-Jul-2015
2, 5, 6, 7
Source: HSBC
1 2 3 4 5 6 7 8 9
HSBC has managed or co-managed a public offering of securities for this company within the past 12 months. HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. At the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by this company. As of 30 June 2015 HSBC beneficially owned 1% or more of a class of common equity securities of this company. As of 30 June 2015, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of investment banking services. As of 30 June 2015, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of non-investment banking securities-related services. As of 30 June 2015, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of non-securities services. A covering analyst/s has received compensation from this company in the past 12 months. A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, as detailed below.
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Neptune Orient Lines (NOL SP) Marine 31 July 2015
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A covering analyst/s or a member of his/her household is an officer, director or supervisory board member of this company, as detailed below. At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in securities in respect of this company
HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) of companies covered in HSBC Research on a principal or agency basis. Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment banking revenues. Whether, or in what time frame, an update of this analysis will be published is not determined in advance. For disclosures in respect of any company mentioned in this report, please see the most recently published report on that company available at www.hsbcnet.com/research.
Additional disclosures 1 2 3
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This report is dated as at 31 July 2015. All market data included in this report are dated as at close 30 July 2015, unless otherwise indicated in the report. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
Neptune Orient Lines (NOL SP) Marine 31 July 2015
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No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited. MICA (P) 073/06/2015 , MICA (P) 136/02/2015 and MICA (P) 041/01/2015
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Global Industrials Research Team
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Industrials Colin Gibson Global Sector Head, Industrials +44 20 7991 6592
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Transportation Andrew Lobbenberg Analyst +44 20 7991 6816
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Sean McLoughlin Analyst +44 20 7991 3464
Joe Thomas Analyst +44 20 7992 3618
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Wei Sim Analyst +852 2996 6602
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Shishir Singh +852 2822 4292
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Michael Hagmann Analyst +44 20 7991 2405
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Scott Cagehin Analyst +44 20 7992 1444
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Mark Webb Analyst +852 2996 6574
Achal Kumar Analyst +91 80 3001 3722
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Rajani Khetan Analyst +852 3941 0830
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Aric Hui Associate +852 2822 3165
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Parash Jain Analyst +852 2996 6717
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Shishir Singh Analyst +852 2822 4292
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Thomas Zhu, CFA Analyst +852 2822 4325
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Carrie Liu Analyst +8862 6631 2864
Tarun Bhatnagar Analyst +65 6658 0614
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John Fraser-Andrews Analyst +44 20 7991 6732
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Brian Cho Head of Research, Korea +822 3706 8750
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Construction & Engineering Pierre Bosset Head of French Research +33 1 56 52 43 10
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Jeffrey Davis Analyst +44 207 991 6837
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Ivan Enriquez +52 55 5721 2397
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Anderson Chow Analyst +852 2996 6669
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Lesley Liu Analyst +852 2822 4524
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Sean Tian Analyst +852 2996 6916
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Raj Sinha Analyst +971 4423 6932
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Levent Bayar Analyst +90 212 376 46 17
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Ashutosh Narkar Analyst +91 22 2268 1474
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Joerg-Andre Finke Analyst +49 211 910 3722
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Shrinidhi M Karlekar Analyst +91 22 6164 0689
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Richard Schramm Analyst +49 211 910 2837
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Tobias Loskamp Analyst +49 211 910 2828
Juergen Siebrecht Analyst +49 211 910 3350
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Autos Horst Schneider Analyst +49 211 910 3285
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Specialist Sales
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Henning Cosman Analyst +49 211 910 2461
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Carson Ng Analyst +852 2822 4397
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Mike Yip Associate +852 2996 6942
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Yogesh Aggarwal Analyst +91 22 2268 1246
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Vivek Gedda Analyst +91 22 6164 0693
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Rod Turnbull +44 20 7991 5363
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Oliver Magis +49 21 1910 4402
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Billal Ismail +44 20 7991 5362
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Jean Gael Tabet +44 20 7991 5342
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