Ocean Wilsons Holdings Limited

Interim Management Statement for the six months ended 30 June 2015

Ocean Wilsons Holdings Limited ("Ocean Wilsons" or the "Company") today provides its interim management statement for the six months ended 30 June 2015.

Key points

·       Operating profit up 53% to US$52.5 million (2014: US$34.3 million).

·       Net cash inflow from operating activities increased significantly to US$89.1 million (2014: US$26.7 million).

·       The Brazilian Real depreciated 17% in the period against the US Dollar at period end and the average US Dollar / Brazilian Real exchange rate in the period at 2.97 was 29% higher than the comparative period in 2014 of 2.30.

·       Revenue in US Dollar terms 10% lower at US$269.4 million (2014: US$299.9 million) impacted by the lower Brazilian Real.

·       Earnings of 33.8 cents per share (2014: 82.2 cents) impacted by the lower period end Brazilian Real.

·       Dividends paid to shareholders in the period of US$22.3 million (2014: US$21.2 million). 

Chairman's Statement

Introduction

The Group delivered a good operating result for the first half of 2015 despite the difficult economic environment in Brazil. Operating profit grew 53% to US$52.5 million (2014: US$34.3 million) driven by improved operating margins, (helped by the weaker Brazilian Real "BRL") and higher towage volumes. The improved operating profit was reflected in strong cash generation, with net cash inflows from operating activities for the period of US$89.1 million (2014: US$26.7 million).  On the negative side the depreciation of the BRL against the US Dollar "USD" affected both our revenue in USD terms and bottom line earnings in the period. Although Group revenue grew 18% in BRL terms, in USD terms, revenue was 10% lower at US$269.4 million (2014: US$299.9 million).The investment portfolio returned 2.2% in the period.

Group Results

Operating Profit

Operating profit for the period at US$52.5 million was US$18.2 million higher than the comparative period in 2014 (US$34.3 million) principally due to improved operating margins. Operating margins for the period at 19% were 8% higher than the comparative period in 2014 (2014: 11%), mainly due to the higher average USD / BRL exchange rate impacting BRL denominated costs when converted into our USD reporting currency. Employee expenses at US$81.8 million (2014: US$101.8 million) were 20% lower and other operating expenses at US$73.1 million (2014: US$92.1 million) 21% lower than prior period. In addition to the exchange rate effect on these costs, other operating expenses decreased due to reductions in costs associated with discontinued logistics operations while employee expenses benefitted from a reduction in headcount, mainly at our logistics and terminal businesses and lower bonus payments. The depreciation and amortisation expense in the period decreased US$2.8 million to US$28.9 million from US$31.7 million in 2014 as a result of the weaker BRL and changes to the Tecon Rio Grande quay depreciation policy. Following an independent review the Group increased the remaining economic useful life of the quay and other improvements at Tecon Rio Grande from 25 years to between 25 and 40 years. As a result of these changes, the depreciation expense for the period is US$1.5 million lower. Towage margins further benefitted from an increase in high margin special operations and higher turnover.

Revenue

Group revenue for the six months ended 30 June 2015 was 10% lower at US$269.4 million (US$299.9 million) principally due to a decrease in our port terminal and logistics revenue. Port Terminal and logistics revenue fell 21% to US$121 million (2014: US$152.8 million) mainly due to the higher average USD/BRL exchange rate used to convert revenue into our reporting currency. In addition to the adverse currency effect, revenue in the period was impacted by a reduction in vessel turnarounds at our offshore oil and gas support base, Brasco, and the effect of our withdrawal from lower margin logistic contracts. Container volumes handled at Tecon Rio Grande and Tecon Salvador for the period at 481,600 TEUs (twenty-foot equivalent units) were marginally lower than prior year (2014: 489,300 TEUs) although volumes in the second quarter were ahead of prior year, with improvements in both export and cabotage movements.

Towage and ship agency revenue grew 4% in the period to US$115.3 million (2014:US$110.5 million) benefitting from the new harbor towage operations started in 2014 and increased special operations. Towage and ship agency revenue is less sensitive to movements in the USD/BRL exchange rate as approximately 75% of towage and ship agency pricing is denominated in USD. Shipyard revenue at US$33.2 million (2014: US$36.6 million) was adversely impacted by the lower BRL and a US$1.5 million contractual penalty relating to vessel construction.

Share of results of joint ventures

The share of results of joint ventures is Wilson Sons' 50% share of net profit for the period from our offshore support vessel joint venture. Net profit attributable to Wilson Sons increased US$0.5 million to US$2.1 million (2014: US$1.6 million). Operating profit for the joint venture in the period was US$22.0 million compared to US$18.3 million in the comparative period in 2014.

Investment revenues

Investment revenues at US$7.9 million were U$0.8 million higher than prior period (2014: US$7.1 million) due to higher interest on bank deposits.

Investment gains and losses

Other gains of US$3.4 million (2013: US$7.3 million) arise from the Group's portfolio of trading investments and reflect the profit realised on disposal of trading investments in the period plus the movement in the fair value of trading investments at period end.

Finance costs

Finance costs increased US$18.6 million from US$2.0 million to US$20.6 million for the period mainly as a result of exchange losses on foreign currency borrowings of US$13.8 million (2013: US$4.5 million gain).

Exchange rates

The Group reports in USD and has revenue, costs, assets and liabilities in both BRL and USD. Therefore movements in the USD/BRL exchange rate can impact the Group both positively and negatively from year to year. In the six months to 30 June 2015 the BRL depreciated 17% against the USD from R$2.66 at 1 January 2015 to R$3.10 at the period end. In the comparative period in 2014 the BRL appreciated 6% against the USD from R$2.34 to R$2.20.

The principal effects from the movement of the BRL against the USD on the income statement are:

(i)       This arises from the translation of BRL denominated monetary items in USD functional currency entities. 

(ii)      The Group's fixed assets are located in Brazil and therefore future tax deductions from depreciation used in the Group's tax calculations are denominated in BRL. When the BRL depreciates against the US Dollar the future tax deduction in BRL terms remain unchanged but is reduced in US Dollar terms.

(iii)          Deferred tax credit arising from the exchange losses on USD denominated borrowings in Brazil.

The average USD/BRL exchange rate in the period was 29% higher at 2.97 (2014: 2.30). A higher average exchange rate adversely impacts BRL denominated revenues and benefits BRL denominated costs when converted into our reporting currency.

Foreign exchange gains on monetary items

Foreign exchange losses on monetary items of US$6.5 million (2014: US$9.3 million gain) arose from the Group's foreign currency monetary items and principally reflect the depreciation of the BRL against the USD during the period. In the comparative period in 2014, the Brazilian Real appreciated against the US Dollar generating an exchange gain.

Profit before tax

Profit before tax of US$38.9 million was US$18.7 million lower compared to the first half of 2014 (US$57.6 million), principally due to a US$15.7 million movement in exchange losses on monetary items and  a US$18.7 million increase in finance costs. These gains were partially offset by the US$18.2 million increase in operating profit.

Taxation

The tax charge for the period at US$19.7 million was US$8.3 million higher than the comparative period in 2014 (US$11.4 million) due to a higher current tax charge and a deferred tax charge of US$0.3 million against a deferred tax credit in 2014 of US$3.1 million. The deferred tax credit in the 2014 is principally due to the effect of exchange movements on the retranslation of non-current assets caused by the appreciation of the BRL against the USD at period end and reflects the difference between the historical USD denominated property, plant and equipment balances recorded in the Group's accounts and the BRL denominated property, plant and equipment balances used in the Group's Brazilian tax calculations. In 2015 the deferred tax charge arising on the retranslation of non-current asset values caused by the depreciation of the BRL against the USD at period end of US$12.5 million (2014: US$10.8 million) was offset by a deferred tax credit arising from exchange losses on loans of US$12.5 million (2014: US$4.9 million charge).

The effective tax rate in the period of 51% (2014: 20%) is higher than the corporate tax rate prevailing in Brazil of 34% principally due to expenses that are not included in determining taxable profit.

Period for the period

Profit attributable to equity holders of the parent is US$12.0 million (2014: US$29.1 million) after deducting profit attributable to non-controlling interests of US$7.2 million (2014: US$17.2 million).

Earnings per share for the period was 33.8 cents (2014: 82.2 cents).

Investment portfolio performance

The trading investment portfolio and cash under management at 30 June 2015 amounted to US$248.5 million, compared with US$251.7 million at the 31 December 2014, a decrease of US$3.2 million. The decrease is primarily due to dividends paid in the period of US$7.0 million to the parent company, Ocean Wilson Holding Limited, principally to fund the 2014 final dividend payment to shareholders.

Cash flow and debt

Net cash inflow from operating activities for the period was up US$62.5 million to US$89.1 million compared with US$26.7 million in the same period last year, reflecting the improved operating profit performance and positive working capital movements in the period. Operating cash flow for the comparative period in 2014 was adversely impacted by a significant decrease in trade payables due to the final payment relating to the Brasco Caju acquisition and the termination of the Wilson Sons Limited cash settled long-term incentive plan.

Capital expenditure for the period at US$32.7 million was US$24.9 million lower than the comparative period in 2014 (US$57.6 million). Capital expenditure was mainly invested in the expansion of the Brasco Caju offshore support base and towage vessel construction. The Group's borrowings (including obligations under finance leases) at 30 June 2015 were US$372.9 million (31 December 2014: US$399.9 million) with capital repayments on existing loans in the period of US$28.9 million (2013: US$20.3 million) and new bank loans raised of US$9.8 million (2014: US$18.9 million). New loans were raised to finance capital expenditure. The Group's borrowings do not include US$265.9 million (2014: US$257.4 million) of debt from the company's 50% share of borrowing in the Offshore Vessels joint venture.

Dividends of US$22.3 million were paid to shareholders in the period (2014: US$21.2 million) with a further US$13.3 million paid to non-controlling interests in our subsidiaries (2014: US$11.3 million).

At 30 June 2015 the Group had US$101.3 million in cash and cash equivalents (31 December 2014: US$103.8 million).

Net asset value

At the close of business on 5 August 2015, the Wilson Sons share price was R$30.54, resulting in a market value for the Ocean Wilsons holding of 41,444,000 shares (58.25% of Wilson Sons) totalling approximately US$363.3 million which is the equivalent of US$10.27 (£6.58) per Ocean Wilsons Holdings Limited share.

Adding together the market value per share of Wilsons Sons, US$10.27 and the investment portfolio per share of US$7.03 results in a net asset value per Ocean Wilsons Holdings Limited share of approximately US$17.30 (£11.09). The Ocean Wilsons Holdings Limited share price of £8.35 at 5 August 2015 represented an implied discount of 25%.

Dividend

The Board is not declaring an interim dividend. As stated in the 2012 annual report from 2013 onwards the Directors have decided to cease paying an interim dividend.

Outlook

The Shipyard order book includes six tugboats for the Wilson Sons Fleet and six Offshore Support Vessels for third-parties: including two OSRV´s (oil spill response vessel) for Oceanpact, two PSV's (platform supply vessels) for WSUT, one ROVSV (Remotely operated vehicle support vessel) for Fugro, and the completion of one OSRV (oil rig supply vessel) for SIEM Consub. Although the short-term outlook for the Brazilian economy continues to disappoint, we remain confident in the fundamental strengths and quality of our Brazilian business. The BRL has depreciated approximately 8% against the USD since the period end. If the continued weakness in the BRL is maintained at year end this will again negatively impact our bottom line earnings in the year.

Wilson Sons Limited

The Wilson Sons 2nd quarter 2015 Earnings Report released on 14 August 2015 is available on the Wilson Sons Limited website: www.wilsonsons.com:

In it Cezar Baião, CEO of Operations in Brazil said:

"Despite the weak Brazilian macroeconomic scenario, the second quarter of 2015 highlights the strength of our businesses linked to trade flows.

The evolution of the Towage and Offshore Support Vessels businesses is testament of our experience in these sectors and the quality of our operations which represent important differentiating factors in a competitive market. While the local market for Offshore Vessels is currently under pressure, we are confident Petrobras will continue to prioritise existing Brazilian flag vessels in 2015. These facts together with general efficiencies contributed to results as we continue to benefit from our diversified business portfolio.

This solid operating result has driven increased free cash flow. In the quarter the Company paid a record US$29 million dividend in reference to the 2014 results."

Investment Managers Report

Hanseatic Asset Management LBG, the manager of the Group's investment portfolio reports as follows:

MARKET COMMENTARY

Sell in May and Go Away; Come Back on St Leger Day?

The old stock market adage of 'Sell in May and go away; come back on St Leger Day' has a rather uncanny habit of being more right than not.  Indeed, 2015 looks to be no different with world markets starting the year well but falling by some 2.3% in June (in Dollars).  Underlying this, in the developed markets, the US, Europe and UK fell by 2.0%, 2.8% and 3.6% respectively in June.  Emerging markets fared similarly, falling 2.6% over the period.

Whilst it is easy to blame this weakness on the current situation in Greece, which failed to repay its IMF loan and voted against the proposed rescue package from the European Union, we should be mindful that we are not missing a more significant, sinister turn in world stock markets.

On the face of it there is cause for concern.  World markets have now been in a bull market for over 6 years, which is long in the tooth versus past recoveries, which typically last some 3.8 years.  Greece is not large enough to cause a systemic risk to global markets, with its population being a similar size to the state of Ohio, but what it could do is create some dangerous precedents.  If it were to leave the Euro, this would signal that membership is not forever and potentially open the door to other weak countries, such as Spain, Italy and even France, departing in the future.

China is bubbling away in the background.  Its domestic equity market has started to fall sharply having been in a raging bull market for the past year. Since rising 150% over twelve months to its peak in June, the market has since fallen by 30%.  To some degree this rise was justified by growth, which, whilst declining, is still high by global standards.  However, there is also a fear that the relaxation in individual dealing rules, combined with cuts in interest rates, had created an unsustainable bubble that is starting to unravel.  China is helped by the fact that it is a command economy, with its government exerting far more power than a typical developed market government, but even so the market looks vulnerable until past excesses work their way out of the system.

Even more worrying, the liquidity picture is also turning.  In response to the global financial crisis of 2007-8 central banks engaged in a process of aggressively cutting interest rates and buying back government bonds through quantitative easing (QE) programmes.  This largely failed its first objective of encouraging banks to lend out their excess cash to stimulate growth but it did encourage investors to move up the risk spectrum in the pursuit of higher returns and yield.

We are conscious that central banks in the US and UK are toying with the idea of increasing rates either later this year or early in 2016, and the potential impact of this on markets.  Different countries are at different stages in their QE programmes (with both Europe and Japan late to the party) but it is generally the direction of travel and the prospect of change that influence markets. 

All of this begs the question as to whether or not we should be selling riskier assets such as equities and switching into more defensive assets and cash?

The key to this question is market valuation.  Valuations, especially when they are either very high or very low, are one of the most important drivers of long-term returns.  Whilst valuations have undoubtedly risen from their lows of 2009, they are still not in the danger zone.  Certainly they are on watch but we do not see them necessarily limiting further progress at current levels. 

Elsewhere, we acknowledge that, whilst the advent of interest rate rises in the US and UK may cause some unease, just as the prospect of QE ending in 2013 led to the 'taper tantrum' sell-off, we do not see this event as terminal for markets in its early stages.  Rather, we would view the change in policy as confirmation that economies are normalising and that economic growth is finally becoming entrenched.  Indeed we view this as positive at the outset with it hopefully presaging company profit growth which helps ensure that valuations do not tip into expensive territory.

Activity in corporate Mergers & Acquisitions (M&A) is also on the up.  Again, at extremes, this might indicate market excesses, but in the early stages, and where there is a sound corporate rationale behind the deals, it suggests a shift towards expansion and growth, highlighting that confidence is picking up.  It is also notable that lending by banks in the US and Europe is beginning to pick up.

Overall then, we view a business cycle that is maturing but still not excessive, with equities remaining the asset class of choice.  Your Fund is positioned accordingly.  We do recognise that it is now appropriate to start identifying assets that will help protect capital in the next downturn.  Unfortunately, identifying such assets is no easy feat in the current market conditions. 

Government bonds are less likely to perform their typical defensive role this time round with valuations of developed market bonds at multi-decade highs.  Even if they outperform more risky asset in the short-term the danger is one of protracted poor performance as their yields normalise over time.  Similarly, commodities and real estate, which often take different paths from equities, are not obviously safe havens now.

This leaves hedge funds which have a rather mixed record of protecting shareholder value.  This probably reflects the fact that they should not be treated as a single asset class but rather as a number of different strategies, some of which do help to protect against a market setback. 

Portfolio Construction

The net asset value at the end of June 2015 was $248.4m. The portfolio is comprised of four 'sub-portfolios' as detailed below:

CUMULATIVE PORTFOLIO RETURNS   

*Notes:

(i)   Inception on 1 November 2000

(ii)   The Performance Benchmark is US CPI plus 3% per annum, measured over rolling three-year periods. This was changed on 1 January 2015 from one-year US Dollar LIBOR (prevailing on 1 January each year) plus 2%. 

(iii)  MSCI All Country World Index includes Developed, Emerging and Frontier Markets (weighted by market capitalisation). Inception date for the index was 31 May 2002.

PORTFOLIO COMMENTARY      

The portfolio gained 0.7% in the second quarter, resulting in a time-weighted return of 2.2% for the first half of the year. This performance compares to the Performance Benchmark, which rose by 1.8% over the quarter, and 3.1% over the year. The Fund outperformed the MSCI All Country World Index over the quarter by 0.4%, but lags the 2.6% rise of the Index year-to-date. 

Japan was a notable area of outperformance in the second quarter, with the portfolio's exposure rising by 12.9% versus the Index, which rose by 3.1%. Several factors have supported the current rally in Japanese equities. Notably, corporate governance has improved and corporate profitability has surged. Inflation is increasing, with wage rises finally starting to come through, and growing evidence points to a more serious attitude of the government towards reform. On the back of these factors, investors have flooded back to the market, driving performance. On a year-to-date basis, the portfolio's Japan exposures generated 16.0%, versus the index at 13.6%. Over the quarter, JO Hambro Japan was the largest contributor to performance, up 12.0%, and benefiting significantly from the hedged share class.

The portfolio's exposure to Europe had a muted quarter, rising by 0.9%, slightly ahead of the Index which rose by 0.4%. However, on a year-to-date basis, the portfolio's European exposure has generated exceptional performance, rising by 15.3% versus the Index at 3.8%. Outstanding returns have come from the Fund's two core European holdings, Adelphi European Select Equity Fund (up 16.0% year-to-date) and BlackRock European Hedge Fund (up 14.6% year-to-date), who continue to demonstrate an impressive ability to navigate the markets. Global Developed holdings, with a significant weighting in Europe also produced strong returns over the quarter, in particular, Lansdowne Global Developed Markets Fund (+5.3%) and Odey Absolute Return Fund (+5.0%). Despite bouts of volatility, fundamentals across Europe have continued to improve domestically and the threat of systemic risk in the European banking system appears to be behind us.

It is worth noting that by the end of the period, the portfolio's direct exposure to Commodity Equity was reduced to zero (albeit from a low base to begin with), following the sale of Schroder ISF Global Energy Fund. Commodity Equity experienced a strong comeback over the second quarter, with gains of 19.7%, as the oil price showed further signs of stabilising following a tumultuous start to the year. 

It was a mixed quarter for Asian equities. The rally which began in Chinese equities in 2014, continued through the first five months of the year, particularly in the domestic A-Share market which peaked in early June. However, a significant amount of margin financing had been adopted and as the risks of leverage came to the forefront, the government attempted to reduce the margin financing in the system, causing a forced sale of equities and a subsequent plunge in the markets. The portfolio's exposure to Asia Pacific equities (ex-Japan) fell by 4.2% over the quarter, resulting in an overall loss of -3.1% year-to-date. A notable detractor to performance was NTAsian Discovery Fund, which fell by 4.5% in the quarter. With only a small exposure to the markets which have been experiencing liquidity driven rallies (notably India, China and Hong Kong), performance has lagged for the majority of the year. However, the fund suffered in May following a significant fall of c15% in one of its positions, after a report was released suggesting accounting irregularities. Following further due diligence, the underlying manager believes these claims are unfounded.

Whilst the United States has been hailed as a key engine of growth, driving the global recovery, the second quarter presented a more challenging picture. A key factor in the apparent 'brake' to the US economy has been the strengthening US Dollar, with exports detracting 1-2% from sequential annualised GDP growth in the last two quarters. The energy sector has also been a drag on performance. It is estimated that approximately 150,000 employees have been laid off in the sector over the last six to nine months, and it is speculated that the multiplier effect is two to four times that. In light of this, the portfolio's North American exposure posted a small loss for the quarter (-0.6%), however, year-to-date, a positive return of 1.4% has been generated.

The portfolio's exposure to Global High Yield, notably Oaktree CM Value Opportunities Fund, also generated losses over the quarter (-3.0%) and year-to-date (-4.6%). The majority of these losses stemmed from weakness in the fund's commodity-related holdings.

Private Assets

The private assets silo of the portfolio produced a small gain of 0.4% over the quarter. However, year-to-date, private assets have generated a loss of 1.3%. Losses have primarily come from exposure to the commodity sector, with African Minerals Exploration & Development Fund and R/C Global Energy & Power Fund V, the top detractors to performance over the first half of the year. Both funds have been affected by the oil price fall. In Africa, the region's oil exporters have been hit hard, and have subsequently halted growth and capex. Long-term, however, the underlying manager remains positive about prospects given the attractiveness of underlying fund assets. 

Elsewhere in the portfolio, Greenspring IV has continued to generate strong returns and was one of the strongest contributors to performance both for the quarter and for the year-to-date. At the date of the last report, the fund was directly or indirectly invested in 1,265 private companies and 73 public companies. The fund achieved seven realisations over the first quarter within its portfolio of direct investments, which combined, generated a 3.9x gross multiple. There are 12 remaining direct investments in the fund, which are being carried at a 2.3x gross multiple.  The fund is currently held at a 2x multiple of cost.

The top five contributors to the overall portfolio performance were:

*Notes:

(i)         Performance for Private Assets Investments is measured as a multiple (since inception of the investment) based on the following equation: Cash Multiple = (Profit / Loss + Drawn Capital) / Drawn Capital (since inception not for the period) where Profit / Loss = (Investment Value + Distributions) - (Initial Costs + Taxes).

(ii)         Sold during the period.

PORTFOLIO ACTIVITY - for the Half Year ended 30 June 2015

During the first half of 2015, there were additions totalling $27.3m, consisting of $21.2m purchases (including pending subscriptions) and $6.1m private equity capital calls. Redemptions of $20.9m, combined with the receipt of $1.0m of recallable private equity capital, resulted in total disposals of $21.9m over the period.

Purchases

·      Hudson Bay International Fund - a global hedge fund that seeks to employ a diverse set of catalyst-driven absolute return strategies that are intended to be uncorrelated to each other and to major indices.  The portfolio teams invest across the capital structure and trade around an event or catalyst in an effort to exploit market inefficiencies.

·      Pershing Square Holdings Ltd - a US focused fund led by the well-known activist investor, Bill Ackman.  The group looks to identify companies with strong fundamentals that are being mismanaged for a variety of reasons.  Then, by actively engaging with the Boards, Pershing seeks to encourage change in the companies and subsequent re-ratings.  Many of its campaigns are high profile and in some cases they can be acrimonious, but its strategy is often likened to private equity in the public market.

Sales - there were sales totalling $20.9m during the first half of 2015

Private Assets - Commitments

There were two new commitments to Private Assets in the first half of 2015, totalling $4.8m:

·      PAI Europe VI, LLP - Western Europe upper middle market control buyouts. The manager will target market leaders who are either number one or two in their sector or geography, and where there is a clear vision for transformational change.

·      TA XII-B, LP - Global upper middle market growth equity. The firm focuses on investing in rapidly growing profitable companies that are leaders in their respective markets and generating above-average annual revenue and EBITDA growth.

Hanseatic Asset Management LBG

August 2015

Going concern

The Group closely monitors and manages its liquidity risk. The Group has considerable financial resources including US$101.3 million in cash and cash equivalents and the Group's borrowings have a long maturity profile. The Group's business activities together with the factors likely to affect its future development and performance are set out in Chairman's statement and investment manager's report. The financial position, cash flows and borrowings of the Group are also set out in the Chairman's statement. Details of the Group's borrowings are set out in note 15. Based on the Group's cash forecasts and sensitivities run, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the accounts.

Responsibility statement

The Directors confirm that to the best of our knowledge:

(a)     the condensed set of financial statements has been prepared in accordance with IAS 34;

(b)     the interim management report includes a fair review of the information required by DTR 4.2.7R; and

(c)     the interim management report includes a fair review of the information required by DTR 4.2.8R.

J F Gouvêa Vieira

Chairman

14 August 2015