Nadja Picard Christoph Gruss - PwC...Q1 2016 was the slowest quarter in terms of IPO activity since...

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PwC IPO CentreQ1 2016 Equity Capital Markets Briefing

PwC provides independent guidance to companies in the process of going public and to already listed companies in assessing their position in the equity capital markets.

Martin [email protected]

Clifford [email protected]

Nadja [email protected]

Jan-Willem de [email protected]





PwC

Q1 2016

Global money raised via IPOs and FOsQ1 2016 was the slowest quarter in terms of IPO activity since Q1 2009, with only $14.2bn raised via 141 IPOs globally

2

Quarterly ECM Briefing

Global money raised via IPOs and FOs (10-year overview)

IPO

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Top countries 2016YTD

Source: Dealogic as of 31 March 2016

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries

$371,2bn

$105,8bn $120,3bn

$295,8bn

$178,3bn

$140,6bn

$194,6bn

$272,5bn

$201,5bn

$14,2bn

1.885

570 497

1.2501.036

719859

1.155 1.160

141

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

$570,1bn $557,4bn

$841,6bn

$641,2bn

$470,7bn$509,3bn

$586,4bn $612,8bn$685,3bn

$115,6bn

3.719

1.968

3.550 3.5462.894

2.5063.039 3.171 3.312

545

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

US, 33%

China, 29%

Canada, 9%

UK, 4%

Italy, 4%

Other, 21%

Hong Kong, 25%

UK, 19%

China, 14%

US, 9%

Japan, 9%

Other, 24%

IPO

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PwC

Q1 2016

3

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 31 March 2016

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’

Overview of global IPO and FO activitySponsor-backed activity suffered a slowdown, accounting for only 15% of the money raised compared to 35% in Q1 2015

Global IPO and FO activity

2014 2015 Q1 2014 Q1 2015 Q1 2016

IPO activity

Number of IPOs 1,155 1,160 240 252 141

% sponsor-backed 18.4% 13.7% 16.3% 15.9% 5.0%

Money raised $272.5bn $201.5bn $50.7bn $42.3bn $14.2bn

% sponsor-backed 31.5% 29.9% 33.7% 35.4% 14.7%

Advanced metrics

Free float % 33.1% 33.0% 34.9% 33.5% 29.6%

Overallotment exercised (%) 40.1% 32.5% 43.9% 33.6% 22.8%

% secondary shares 18.5% 16.6% 20.0% 17.1% 17.8%

FO activity

Number of FOs 3,171 3,312 846 848 545


• Increased market volatility, due to a combi-nation of fears over slowing global growth, a drop in the price of oil, and diverging central bank policies, led to a slow first quarter

• Global IPO money raised fell by 66%, with 141 IPOs raising $14.2bn in Q1 2016 versus $42.3bn via 252 IPOs in Q1 2015

• Global sponsor-backed IPO activity slowed down with 7 deals raising $2.1bn in Q1 2016 versus 40 deals raising $14.9bn in Q1 2015

• Global FO activity also suffered from increased volatility, as the amount of money raised fell by 44% compared to Q1 2015

1

2

3

4

3

4

Global indicesIPO pricing dynamics Post-IPO performance (median)

2

2015YTD 2016YTD

70

80

90

100

110

120

130

140

150

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16

FTSE 100 Hang Seng S&P 500

19,5%

10,8%

23,9%

14,1%

27,7%

9,1%

37,2%

N.A.

23,5%

15,6%

1-Day 1-Week 1-Month 3-Month Current

1

13% 8% 9% 5% 5%

13%13% 9% 11% 16%

50% 53% 57% 60%41%

18% 20% 18% 18%38%

7% 6% 7% 6%

2014 2015 2014YTD 2015YTD 2016YTD

Below range Bottom of range In range Top of range Above range

PwC

Q1 2016

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Leading transactions 2016YTDThough the profitability of the financial sector was put into question due to negative interest rates, the five largest IPOs globally were executed by Financials

4


Top 10 largest IPOs 2016YTD

Top 10 largest FOs 2016YTD


Pricing date

Issuer nameIssuer

CountrySector Exchange Filing range

Offer price

PricingMoney raised

Free float

Secondary shares (%)

Performance1-day 1-month Current

21-Mar-16 China Zheshang Bank Financials HKEx 3.92 - 4.12 3.96 Bottom of range $1.7bn 1.8% 9.1% 0.0% N.A. -0.8%

20-Mar-16 Bank of Tianjin Financials HKEx 7.37 - 9.58 7.39 Bottom of range $0.9bn 16.5% 9.1% 0.0% N.A. -0.1%

4-Feb-16 LaSalle Logiport REIT Financials Tokyo SE 92k - 100k 100k Top of range $0.9bn 104.4% 0.0% 5.4% 5.3% 8.7%

3-Feb-16 CYBG Financials LSE 1.75 - 2.35 1.80 Bottom of range $0.6bn 25.0% 100.0% 6.7% 8.6% 15.8%

4-Mar-16 Metro Bank Financials LSE N.A. 20.00 N.A. $0.6bn 0.0% 0.0% 7.5% N.A. -6.0%

10-Feb-16 Scandinavian Tobacco Consumer Goods NASDAQ OMX C’gen 93.00 - 110.00 100.00 In range $0.5bn 35.9% 100.0% 0.0% 0.8% 5.2%

12-Feb-16 Countryside Properties Consumer Goods LSE 2.25 - 2.75 2.25 Bottom of range $0.5bn 34.5% 57.2% 4.4% 2.6% 4.4%

23-Feb-16 Silver Run Acquisition Financials NASDAQ 10.00 - 10.00 10.00 In range $0.5bn 88.9% 0.0% 2.1% 3.3% 3.5%

16-Mar-16 Middle East Healthcare Health Care Saudi Arabia SE 64.00 - 64.00 64.00 In range $0.5bn 23.1% 0.0% 0.0% N.A. 0.0%

9-Feb-16 Ascential Consumer Services LSE 1.90 - 2.20 2.00 In range $0.4bn 37.5% 28.6% 0.0% 3.0% 3.0%

Pricing date

Issuer nameIssuer

countrySector Exchange Filing range

Offer price

Deal typeMoney raised



11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36 - 0.36 0.36 Rights Offer $3.9bn 0.0% -16.7% 6.3% -2.7%

17-Mar-16 TransCanada Oil & Gas Toronto 49.42 - 49.42 45.75 Bought Deal $3.2bn 0.0% 7.3% N.A. 11.6%

28-Jan-16 Molson Coors Brewing Consumer Goods NYSE 87.76 - 87.76 86.50 Accelerated Bookbuild $2.6bn 0.0% 4.6% -1.5% 11.2%

7-Jan-16 Bohai Leasing Industrials Shenzhen N.A. 6.07 Cash Placing $2.5bn 0.0% 24.1% 12.4% 12.4%

16-Mar-16 Baxalta Health Care NYSE 39.09 - 39.09 37.75 Accelerated Bookbuild $2.4bn 100.0% 1.3% N.A. 7.0%

7-Jan-16 Industrial Securities Financials Shanghai SE 13.13 - 13.13 8.19 Rights Offer $1.9bn 0.0% 14.3% -4.8% 7.3%

24-Feb-16 Enbridge Oil & Gas Toronto 43.16 - 43.16 40.70 Bought Deal $1.7bn 0.0% 12.0% 21.8% 24.2%

5-Jan-16 Pioneer Natural R’cs Oil & Gas NYSE 125.17 - 125.17 117.00 Bought Deal $1.6bn 0.0% -0.7% 1.5% 20.3%

25-Mar-16 Guangzhou Friendship Consumer Services Shenzhen 9.40 - 9.40 8.90 Cash Placing $1.5bn 0.0% 182.5% N.A. 185.2%

17-Feb-16 Devon Energy Oil & Gas NYSE 20.33 - 20.33 18.75 Bought Deal $1.5bn 0.0% 5.1% 46.1% 46.4%

PwC

Q1 2016

IPO and FO activity per regionAsia-Pacific remained the dominant region for IPOs in the first quarter of 2016, both in terms of money raised and number of deals

5


Americas EMEA Asia-Pacific

IPO

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Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions


$71,5bn

$96,2bn$107,8bn

$45,8bn

$1,4bn

222317 338

228

11

2012 2013 2014 2015 2016YTD

$52,8bn$58,3bn

$83,1bn $84,0bn

$8,1bn

397 363

540

663

101

2012 2013 2014 2015 2016YTD

$18,0bn

$40,5bn

$81,7bn$71,7bn

$4,7bn

101181

277 269

29

2012 2013 2014 2015 2016YTD

$235,0bn$250,2bn

$230,3bn$243,0bn

$48,4bn

1.0311.162 1.143

1.052

181

2012 2013 2014 2015 2016YTD

$152,6bn $160,2bn$182,4bn

$260,1bn

$45,6bn

978

1.263 1.325 1.483

236

2012 2013 2014 2015 2016YTD

$122,4bn

$179,3bn$203,8bn

$190,2bn

$21,6bn

519632

731 794

129

2012 2013 2014 2015 2016YTD

PwC

Q1 2016

Top exchanges globally based on money raised in 2016YTDIPO and FO activity was concentrated on a few large exchanges, with HKEx and NYSE accounting for a about quarter of all IPO and FO activity, respectively

6


Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place on two or more exchanges, the total money raised is attributed to all exchanges. LSE Group includes Borsa Italiana.

Money raised and number of IPOs per Exchange 2014 – 2016YTD Top Exchanges 2016YTD

Top Exchanges 2016YTDMoney raised and number of FOs per Exchange 2014 – 2016YTD

LSE GroupNASDAQ

OMXTokyo SEHKEx Shenzhen SE

NYSE TMX GroupShenzhen SENASDAQ

OMXShanghai SE


HKEx, 24%

LSE, 19%

NASDAQ OMX, 16%

Tokyo, 8%

Shenzhen, 7%

Other, 25%

NYSE, 24%

Shenzhen, 17%

Shanghai, 11%

NASDAQ OMX, 10%

TMX Group, 9%

Other, 29%

$29bn$24bn

$4bn

$32bn$26bn

$3bn

$32bn$25bn

$2bn$12bn

$16bn

$1bn$7bn $8bn

$1bn

108 116

18

132 97

16

206 192

20

75 78

19

83

131

15

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

$132bn$147bn

$29bn $29bn $38bn$20bn $29bn

$48bn

$13bn

$65bn$83bn

$11bn

$33bn $25bn$10bn

414 371

68 121

186

67 95 114 29

440 512

79

321

211

44

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

PwC

Q1 2016

Global IPO and FO activity per sectorWhereas Financials continued to be the dominant sector for IPOs (raising $6.3bn), the Oil & Gas sector was the most active in terms of FO money raised ($23.6bn)

7


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD

IPO

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Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regionsSector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 31 March 2016

8,0 6,3 0,3

18,7 18,0

2,2

62,0

15,6

1,5

87,9

72,2

6,3

19,4 16,4

1,8

32,1 37,7

1,4

17,1 6,6

0,0

11,9 14,3

0,3 4,1 7,1 0,1

11,2 7,4 0,3

55 71

9

132168

20

167141

19

234 249

23

179 161

24

194218

32 4924 1

109 100

10 13 11 1 23 17 2

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

30,8 47,7

9,2 41,2 45,5

11,9

59,2 75,4

8,1

215,2 244,3

22,4 32,8

71,8

11,1

95,7 83,8

20,3

67,7 47,3

23,6 24,7 25,1 6,0

21,4 21,6 0,3

24,0 22,9 2,7

310 256

57

257 290

58

306 374

45

800 825

107

353497

82

510 493

87

285 21753

229 246

45 48 39 2 73 75 9

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q1 2016

Note: included deals > $5m; Country indicates the company’s Country of domicile; Financial sponsor-backed has been abbreviated to FS-backed for practical sake. IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions.

Financial sponsor-backed IPO activity globallyNearly all FS-backed IPO activity occurred in the EMEA region in the first quarter of 2016, as 5 deals raised $1.9bn

8


Pricing date

Issuer name Exchange PricingMoney raised

Performance

1-day 1-month Current

4-Mar-16 Metro Bank LSE N.A. $0.6bn 7.5% N.A. -6.0%

12-Feb-16 Countryside Properties LSE Bottom of range $0.5bn 4.4% 2.6% 4.4%

9-Feb-16 Ascential LSE In range $0.4bn 0.0% 3.0% 3.0%

21-Mar-16 Senvion Deutsche Börse Below range $0.3bn 0.0% N.A. 0.0%

2-Feb-16 BeiGene NASDAQ Top of range $0.2bn 18.0% 29.9% 22.1%

22-Mar-16 Humana NASDAQ OMX S’holm Top of range $0.1bn 19.4% N.A. 10.5%

19-Jan-16 China Crystal New Material KOSDAQ Below range $0.0bn 29.0% 4.5% 8.3%

Top 7 largest FS-backed IPOs 2016YTD globally

FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific

IPO

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2015 2016 YTD

7 (5%) sponsor-backed IPOs vs 134 (95%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)


159 (14%) sponsor-backed IPOs vs 1,001 (86%) non-sponsor-backed IPOs

Sponsor-backed;

30%

Not Sponsor-backed;

70%

Sponsor-backed;

15%

Not Sponsor-backed;

85%

$16,0bn

$35,3bn $35,8bn

$15,8bn

$0,2bn

68

99 96

53

1

2012 2013 2014 2015 2016YTD

$3,2bn

$18,1bn

$33,1bn$30,5bn

$1,9bn

7

35

68 66

5

2012 2013 2014 2015 2016YTD

$4,8bn$6,4bn

$17,0bn$13,9bn

$0,0bn

32 41

48 40

1

2012 2013 2014 2015 2016YTD

PwC

Q1 2016

Volatility versus IPO activityHigh volatility was a major cause for the slowdown of IPO activity in the first quarter, with the VIX rising to levels not seen since 2012

9


Money raised via IPOs versus volatility

Number of IPOs versus volatility

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges.


22,9 22,0

37,3 37,5

25,1

29,5

23,919,9 18,4 19,9 19,0

16,918,6

16,0 16,8

21,6 22,7 23,126,7

23,3

28,4

-

100

200

300

400

500

600

700

800

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2011 2012 2013 2014 2015 2016

Number of IPOs globally VIX (average per quarter)

22,9 22,0

37,3 37,5

25,129,5

23,919,9 18,4 19,9 19,0

16,9 18,616,0 16,8

21,6 22,7 23,126,7

23,3

28,4

$0bn

$50bn

$100bn

$150bn

$200bn

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2011 2012 2013 2014 2015 2016

Global money raised via IPOs VIX (average per quarter)

PwC

Q1 2016

Americas

10


PwC

Q1 2016

Money raised via IPOs and FOs in the AmericasThe slowdown in the Americas was mainly felt in terms of IPO activity

11


Money raised via IPOs and FOs in the Americas (10-year overview)

IPO

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FO

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Top countries 2016YTD

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both North and Latin America, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$106,2bn

$32,8bn $33,3bn$61,2bn $54,0bn $63,9bn

$83,1bn$105,8bn

$43,7bn

$1,3bn

$38,7bn

$7,1bn $13,2bn

$8,5bn$6,5bn

$11,7bn

$13,5bn

$1,9bn

$2,1bn

$0,1bn

524

87 112

276 250 222317 338

228

11

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

North America Latin America Number of IPO's

$163,1bn$238,3bn

$291,4bn$256,9bn

$184,6bn$223,2bn $230,9bn $216,0bn $240,5bn

$48,1bn

$10,2bn

$20,7bn

$16,7bn $87,4bn

$24,1bn$14,0bn $23,5bn

$18,3bn$7,9bn

$0,3bn

1.256

773

1.383 1.4651.236

1.031 1.162 1.143 1.052

181

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

North America Latin America Number of FO's

United States, 93%

Mexico, 7%

United States, 79%

Canada, 20%

Other, 1%

PwC

Q1 2016

Main indices in the Americas

IPO and FO activity in the Americas

2014 2015 Q1 2014 Q1 2015 Q1 2016

IPO activity

Number of IPOs 338 228 79 44 11

% sponsor-backed 28.4% 23.2% 24.1% 18.2% 9.1%


% sponsor-backed 33.2% 34.4% 53.0% 21.0% 13.2%

Advanced metrics

Free float % 32.6% 37.5% 36.5% 38.5% 42.6%



FO activity

Number of FOs 1,143 1,052 372 355 181


• Q1 2016 IPO activity in the Americas was weak, resulting in 11 IPOs raising a total of $1.4bn. This represents less than a fifth of the money raised in the first quarter last year

• In contrast, FO activity in the Americas fell less dramatically, as 181 transactions raised $48.4bn in Q1 2016

• IPO performance indicators display a positive return as equity markets bounced back in the second half of the quarter

1

1

2

3 IPO pricing dynamics Post-IPO performance (median)

Overview of IPO and FO activity in the AmericasIPO activity in the Americas experienced a substantial decrease, resulting in the slowest quarter since Q1 2009

12


Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’.

2

3


2015YTD 2016YTD

70

80

90

100

110

120

130

140

150


Dow Jones NASDAQ 100 S&P 500

1,4%0,0%

4,7%

-0,1%

7,2%

11,8%

4,7%

N.A.

-2,0%

7,3%


34%26% 25% 23% 27%

13%

9% 12%7%

18%

28%41% 33% 42%

45%

10% 8% 14% 7%

9%16% 18% 16% 21%

2014 2015 2014YTD 2015YTD 2016YTD


PwC

Q1 2016

Leading transactions 2016YTD in the AmericasDuring the first quarter, IPOs raising in excess of $1bn were notably absent in the Americas

13


Top 10 largest IPOs 2016YTD in the Americas

Top 10 largest FOs 2016YTD in the Americas



Pricing date

Issuer nameIssuer


Offer price

PricingMoney raised

Free float



23-Feb-16 Silver Run Acquisition Financials NASDAQ 10.00 - 10.00 10.00 In Range $0.5bn 88.9% 0.0% 2.1% 3.3% 3.5%

2-Feb-16 BeiGene Health Care NASDAQ 22.00 - 24.00 24.00 In Range $0.2bn 24.1% 0.0% 18.0% 29.9% 22.1%

2-Feb-16 Editas Medicine Health Care NASDAQ 16.00 - 18.00 16.00 In Range $0.1bn 19.0% 0.0% 13.8% 99.4% 115.9%

10-Feb-16 AveXis Health Care NASDAQ 19.00 - 21.00 20.00 In Range $0.1bn 23.6% 0.0% -9.8% 4.3% 36.2%

12-Jan-16 Servicios Corporativos Javer Consumer Goods Mexican SE 20.00 - 22.00 19.00 Below $0.1bn 34.0% 0.0% 0.5% -0.8% -5.7%

10-Mar-16 KLR Energy Acquisition Financials NASDAQ 10.00 - 10.00 10.00 In Range $0.1bn 78.0% 0.0% 0.0% N.A. 0.6%

27-Jan-16 Nuveen Municipal 2021 Fnd Financials NYSE 10.00 - 10.00 10.00 In Range $0.1bn 0.0% 0.0% 0.0% N.A. 0.0%

22-Mar-16 Corvus Pharmaceuticals Health Care NASDAQ 15.00 - 17.00 15.00 In Range $0.1bn 23.0% 0.0% -5.0% N.A. -3.3%

2-Mar-16 Syndax Pharmaceuticals Health Care NASDAQ 14.00 - 16.00 12.00 Below $0.1bn 27.7% 0.0% 0.1% N.A. 11.0%

10-Feb-16 Proteostasis Therapeutics Health Care NASDAQ 12.00 - 14.00 8.00 Below $0.1bn 32.7% 0.0% -17.0% 19.3% 20.5%

Pricing date

Issuer nameIssuer


Offer price




17-Mar-16 TransCanada Corp Oil & Gas Toronto 49.42 - 49.42 45.75 Bought Deal $3.2bn 0.0% 7.3% N.A. 11.6%

28-Jan-16 Molson Coors Brewing Consumer Goods NYSE 87.76 - 87.76 86.50 Accelerated Bookbuild $2.6bn 0.0% 4.6% -1.5% 11.2%

16-Mar-16 Baxalta Health Care NYSE 39.09 - 39.09 37.75 Accelerated Bookbuild $2.4bn 100.0% 1.3% N.A. 7.0%

24-Feb-16 Enbridge Oil & Gas Toronto 43.16 - 43.16 40.70 Bought Deal $1.7bn 0.0% 12.0% 21.8% 24.2%

5-Jan-16 Pioneer Natural Resources Oil & Gas NYSE 125.17 - 125.17 117.00 Bought Deal $1.6bn 0.0% -0.7% 1.5% 20.3%

17-Feb-16 Devon Energy Corp Oil & Gas NYSE 20.33 - 20.33 18.75 Bought Deal $1.5bn 0.0% 5.1% 46.1% 46.4%

27-Jan-16 Baxalta Health Care NYSE 34.68 - 34.68 39.50 Accelerated Bookbuild $1.5bn 100.0% 0.9% -0.8% 2.3%

29-Feb-16 Marathon Oil Corp Oil & Gas NYSE 8.21 - 8.21 7.65 Bought Deal $1.3bn 0.0% 4.1% 45.6% 45.6%

4-Feb-16 Hess Corp Oil & Gas NYSE 43.47 - 43.47 39.00 Accelerated Bookbuild $1.1bn 0.0% -2.5% 24.1% 35.0%

5-Feb-16 Zimmer Biomet Health Care NYSE 97.55 - 97.55 96.45 Bought Deal $1.1bn 100.0% -1.5% 2.9% 10.6%

PwC

Q1 2016

IPO and FO activity per sector in the AmericasTo weather the downturn in the oil market, Oil & Gas was by far the most active sector in terms of FO money raised ($17.4bn via 37 deals)

14


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in the Americas

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


3,4 1,1 -2,6 4,4

0,1

34,8

2,6 -

31,5

13,0

0,7

9,9 6,5

0,6 2,4 7,2

-

14,0

5,0 -

6,3 3,4

- 0,5 - -2,4 2,5

-

9 3 13 13 138

16

89 79

4

107

66

6 17 19 259

32 191 7 4

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

11,0 9,9 2,8

9,7 11,8 4,9

26,7 32,6

1,9

62,6 61,5

7,9

21,9

49,0

9,0

23,3 18,0

1,9

50,6

32,7

17,4 13,5 11,8

1,4 4,0 8,7

-7,0 6,9

1,3

10861

18 42 39 993 109

11

287227

32

203

297

48120

8313

185132

3776 67

9 8 10 21 27 4

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q1 2016

Top countries in terms of IPO activity in the AmericasOnly a single deal occurred outside of the US in the first quarter, namely the IPO of Servicios Corporativos Javer on the Mexican Stock Exchange

15


IPO activity of top countries in the Americas 2012 – 2016YTD

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on the money raised in 2016YTD.


$61,0bn

$77,8bn

$100,5bn

$38,8bn

$1,3bn

175

254302

187

10

2012 2013 2014 2015 2016YTD

$6,8bn $5,0bn $1,7bn $1,9bn $0,1bn

6 9 5 71

2012 2013 2014 2015 2016YTD

$3,0bn $5,5bn $5,4bn $4,9bn-

29

43

30 33

2012 2013 2014 2015 2016YTD

$2,6bn$8,4bn

$0,2bn $0,2bn -

410

1 1

2012 2013 2014 2015 2016YTD

PwC

Q1 2016

EMEA

16


PwC

Q1 2016

Money raised via IPOs and FOs in EMEAActivity in the first quarter was largely concentrated in the UK, which was responsible for 58% of the money raised via IPOs and 24% via FOs

17


Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2016YTD

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Europe and Middle East & Africa, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$118,9bn

$21,0bn$8,0bn

$40,4bn $33,3bn$15,9bn

$37,2bn

$69,4bn $68,8bn

$4,0bn

$17,5bn

$15,6bn$2,5bn

$5,2bn$2,0bn

$2,1bn$3,3bn

$12,8bn $3,5bn

$0,7bn

675

18060

215 167101

181277 269

29

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Europe Middle East & Africa Number of IPO's

$216,1bn $226,3bn

$318,8bn

$134,6bn $124,4bn $115,1bn$173,3bn $191,8bn $178,3bn

$20,2bn

$16,7bn$28,8bn

$9,7bn

$12,4bn $10,0bn $9,3bn

$6,8bn$13,8bn

$12,0bn

$1,6bn

1.047

572813 763

624519

632 731 794

129

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Europe Middle East & Africa Number of FO's

United Kingdom,

58%

Denmark, 11%

Saudi Arabia,

10%

Sweden, 8%

Germany, 7%

Other, 6%

United Kingdom,

24%

Italy, 21%

France, 11%

Spain, 7%

Netherlands, 6%

Other, 31%

PwC

Q1 2016


Main indices in EMEA

IPO and FO activity in EMEA

2014 2015 Q1 2014 Q1 2015 Q1 2016

IPO activity

Number of IPOs 277 269 51 66 29

% sponsor-backed 24.5% 24.5% 27.5% 33.3% 17.2%


% sponsor-backed 40.5% 42.5% 42.9% 56.5% 40.1%

Advanced metrics

Free float % 40.0% 43.4% 46.4% 45.1% 35.7%



FO activity

Number of FOs 731 794 169 197 129


• IPO activity in the EMEA region suffered from the global slowdown, as 29 deals raised $4.7bn in Q1 2016 compared to 66 deals raising $20.5bn in Q1 2015

• Financial sponsor-backed deals continued to be a driver behind EMEA activity, with 5 deals raising 40% of total proceeds in the first quarter

• Despite the further ECB easing undertaken in March, weak equity market performances led to somewhat lower returns for EMEA IPOs as compared to Q1 2015

1

1

2


Overview of IPO and FO activity in EMEAWith European stock markets amongst the weakest performers globally, IPO performance suffered accordingly

18


2

3


2015YTD 2016YTD

70

80

90

100

110

120

130

140

150


CAC 40 DAX FTSE 100

4,6%4,6%

6,0%

8,9%7,9%

3,0%

17,0%

N.A.

9,8%

6,1%


4% 5% 6%

22% 24%

9%25%

25%

63% 57%

72%49% 44%

11% 13% 16%20% 25%

1% 1% 2% 6%

2014 2015 2014YTD 2015YTD 2016YTD


PwC

Q1 2016

Leading transactions 2016YTD in EMEAThe concept of timing went out the window in the first quarter, as 5 of the biggest IPOs occurred during the market selloff of the first two weeks of February

19


Top 10 largest IPOs 2016YTD in EMEA

Top 10 largest FOs 2016YTD in EMEA



Pricing date

Issuer nameIssue


Offer price

PricingMoney raised

Free float



3-Feb-16 CYBG Financials LSE 1.75 - 2.35 1.80 Bottom of range $0.6bn 25.0% 100.0% 6.7% 8.6% 15.8%

4-Mar-16 Metro Bank Financials LSE N.A. 20.00 N.A. $0.6bn 0.0% 0.0% 7.5% N.A. -6.0%

10-Feb-16 Scandinavian Tobacco Consumer Goods NASDAQ OMX C’gen 93.00 - 110.00 100.00 In range $0.5bn 35.9% 100.0% 0.0% 0.8% 5.2%

12-Feb-16 Countryside Properties Consumer Goods LSE 2.25 - 2.75 2.25 Bottom of range $0.5bn 34.5% 57.2% 4.4% 2.6% 4.4%

16-Mar-16 Middle East Healthcare Health Care Saudi Arabia SE 64.00 - 64.00 64.00 In range $0.5bn 23.1% 0.0% 0.0% N.A. 0.0%

9-Feb-16 Ascential Consumer Services LSE 1.90 - 2.20 2.00 In range $0.4bn 37.5% 28.6% 0.0% 3.0% 3.0%

5-Feb-16 CMC Markets Financials LSE 2.35 – 2.75 2.40 Bottom of range $0.3bn N.A. 93.2% 0.0% 0.3% 2.1%

21-Mar-16 Senvion Utilities Deutsche Börse 20.00 - 23.50 15.75 Below range $0.3bn 25.0% 100.0% 0.0% N.A. 0.0%

17-Mar-16 Watkin Jones Consumer Goods London AIM N.A. 1.00 N.A. $0.2bn 51.5% 35.0% 1.0% N.A. 2.0%

17-Mar-16 Arabian Food Industries Consumer Goods Cairo SE 8.80 - 9.20 9.20 Top of range $0.2bn 49.0% 100.0% 0.0% N.A. 0.0%

Pricing date

Issuer nameIssuer


Offer price




11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36 - 0.36 0.36 Rights Offer $3.9bn 0.0% -16.7% 6.3% -2.7%

3-Feb-16 LafargeHolcim Industrials SIX Swiss Exchange 39.89 - 39.89 36.25 Accelerated Bookbuild $1.3bn 100.0% 6.5% 18.0% 24.8%

24-Feb-16 Auto Trader Group Consumer Services LSE 3.87 - 3.87 3.65 Accelerated Bookbuild $1.2bn 100.0% -1.6% 5.9% 6.9%

5-Jan-16 NN Group Financials Euronext A’dam 31.20 - 31.20 31.00 Accelerated Bookbuild $1.1bn 100.0% 4.0% -7.3% -7.2%

4-Mar-16 Grupo FCC Industrials Bolsa de Madrid 6.00 - 6.00 6.00 Rights Offer $0.8bn 0.0% 9.8% N.A. 26.4%

16-Feb-16 Total Oil & Gas Euronext Paris 38.78 - 38.78 38.05 Accelerated Bookbuild $0.7bn 100.0% 3.4% 10.1% 5.3%

13-Jan-16 Ferrovial Industrials Bolsa de Madrid 20.07 - 20.07 19.07 Accelerated Bookbuild $0.6bn 100.0% 0.5% -7.9% -1.0%

5-Feb-16 Micro Focus International Technology LSE 13.40 - 13.40 12.75 Accelerated Bookbuild $0.5bn 100.0% 5.8% 14.9% 23.1%

2-Mar-16 Marine Harvest Consumer Goods NASDAQ OMX Oslo 126.00 - 126.00 117.00 Accelerated Bookbuild $0.5bn 100.0% 1.4% N.A. 9.0%

15-Mar-16 ISS Industrials NASDAQ OMX C’gen 251.80 - 251.80 241.00 Accelerated Bookbuild $0.4bn 100.0% 2.0% N.A. 9.1%

PwC

Q1 2016

IPO and FO activity per sector in EMEASimilar to the Americas, listed Oil & Gas companies in EMEA proved to be the most active in terms of FO money raised ($5.5bn via 11 deals)

20


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in EMEA

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


6,9 10,5 1,0

16,9 7,7

1,1

22,5 24,5

2,1

94,6 90,2

4,9 5,7 6,6 0,8

25,3 28,2

4,9 7,3 2,5 5,5 2,8 4,1 1,0 11,2 11,7

0,2 10,5

4,2 0,0

46 4410

48 519

82 97

12

231284

3881 91

19

113 109

2049 41

1147 50

8 14 14 1 20 13 1

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

1,0 2,0 0,0

2,9 5,3

1,4

18,5

7,6

0,7

34,4

24,2

1,5 3,0 3,9 0,7

14,6 17,4

0,1 2,1 0,2 - 0,7

3,6 0,0

3,5 6,9

0,1 1,0 0,7 0,3

9 101

2131

5

5132

3

7388

6

32 31

6

45 45

213

516 17

3 9 7 1 8 3 2

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q1 2016

Top countries in terms of IPO activity in EMEAThe UK remained the most active country within the EMEA region, with 14 IPOs raising a combined total of $2.7bn

21


IPO activity of top countries in EMEA 2012 – 2016YTD



$6,6bn

$21,1bn

$27,9bn

$19,8bn

$2,7bn

37

77

112

74

14

2012 2013 2014 2015 2016YTD

$1,5bn $0,5bn

$6,7bn

$1,1bn $0,5bn

8 5 6 4 1

2012 2013 2014 2015 2016YTD

- $0,5bn$2,3bn

$0,2bn $0,5bn

1 2 1 1

2012 2013 2014 2015 2016YTD

- $0,7bn

$4,0bn$5,9bn

$0,4bn

215

32

5

2012 2013 2014 2015 2016YTD

PwC

Q1 2016

Asia-Pacific

22


PwC

Q1 2016

Money raised via IPOs and FOs in Asia-PacificDespite unrest in Chinese financial markets, Asia-Pacific remained the most active global region, with 101 IPOs raising $8.1bn

23


Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2016YTD

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Asia and Australasia, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$85,2bn

$30,2bn

$68,3bn

$175,3bn

$91,0bn

$51,3bn $48,2bn$66,1bn $77,6bn

$8,0bn

$8,0bn

$1,6bn

$2,5bn

$8,0bn

$1,5bn

$1,5bn $10,2bn

$17,0bn $6,4bn

$0,1bn

697

301 325

761620

397 363

540663

101

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Asia Australasia Number of IPO's

$148,1bn

$65,6bn

$183,5bn $206,8bn

$113,8bn $135,1bn $139,6bn $160,1bn$218,6bn

$44,3bn

$37,8bn

$35,4bn

$63,5bn $23,5bn

$23,5bn$17,6bn $20,7bn

$22,3bn

$41,6bn

$1,3bn

1.437

650

1.381 1.3501.074 978

1.263 1.3251.483

236

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Asia Australasia Number of FO's

Hong Kong, 45%

China, 25%

Japan, 15%

South Korea, 6%

Other, 9%

China, 73%

Hong Kong, 8%

South Korea, 7%

Japan, 5%

Other, 7%

PwC

Q1 2016

Main indices in Asia-Pacific

IPO and FO activity in Asia-Pacific

2014 2015 Q1 2014 Q1 2015 Q1 2016

IPO activity

Number of IPOs 540 663 110 142 101

% sponsor-backed 8.9% 6.0% 5.5% 7.0% 1.0%


% sponsor-backed 20.5% 16.6% 11.4% 12.1% 0.3%

Advanced metrics

Free float % 29.8% 27.6% 28.3% 26.8% 26.7%



FO activity

Number of FOs 1,325 1,483 312 302 236


• Via 101 IPOs, $8.1bn was raised in Q1 2016. This compares to $13.8bn raised via 142 IPOs in Q1 2015, a drop of 41% in terms of money raised

• FO activity stood at $45.6bn via 236 transactions during Q1 2016. Though underperforming the activity in Q1 2015, it still exceeded figures from Q1 2014

• IPO performance was strong, as equity markets recovered quickly following the February selloff. However, as compared to the extraordinary Q1 2015 returns, IPO performance was lagging

1

1

2


Overview of IPO and FO activity in Asia-PacificFinancial sponsors nearly disappeared from the radar in the first quarter, as just one IPO raised a meagre $23m on the KOSDAQ

24



2

3


2015YTD 2016YTD

70

80

90

100

110

120

130

140

150


Hang Seng Nikkei 225 SENSEX

44,0%40,0%

94,4%

29,7%

113,4%

39,1%

180,0%

N.A.

72,1%

32,2%


3% 3% 1% 1% 1%9% 11% 7% 7% 14%

60% 56% 69% 70%40%

25% 27%20% 21%

44%

3% 3% 3% 1%

2014 2015 2014YTD 2015YTD 2016YTD


PwC

Q1 2016

Leading transactions 2016YTD in Asia-PacificThe three largest IPOs globally occurred in the Asia-Pacific region, accounting for a quarter of the total money raised this quarter

25


Top 10 largest IPOs 2016YTD in Asia-Pacific

Top 10 largest FOs 2016YTD in Asia-Pacific

Pricing date

Issuer nameIssuer


Offer price

PricingMoney raised

Free float



21-Mar-16 China Zheshang Bank Financials HKEx 3.92 - 4.12 3.96 Bottom of range $1.7bn 18.8% 9.1% N.A. N.A. -0.8%

20-Mar-16 Bank of Tianjin Financials HKEx 7.37 - 9.58 7.39 Bottom of range $0.9bn 16.5% 9.1% N.A. N.A. -0.1%

4-Feb-16 LaSalle Logiport REIT Financials Tokyo SE 92k – 100k 100k Top of range $0.9bn 104.4% 0.0% 5.4% 5.3% 8.7%

8-Jan-16 Virscend Consumer Services HKEx 2.18 - 2.92 2.40 In range $0.3bn 28.0% 0.0% 1.3% 5.4% 40.4%

6-Jan-16 Ronshine China Holdings Financials HKEx 5.36 - 6.13 5.36 Bottom of range $0.2bn 25.2% 0.0% 4.9% 6.5% 6.9%

17-Mar-16 KinLong Hardware Products Industrials Shenzhen SE N.A. 21.57 Fixed price $0.2bn 25.0% 17.2% 44.0% N.A. 74.3%

2-Mar-16 Jiayuan Inter. Group Financials HKEx 1.49 - 2.48 2.48 Top of range $0.2bn 28.8% 0.0% 4.0% N.A. 2.8%

27-Jan-16 Southern Publishing & Media Consumer Services Shanghai SE 6.13 - 6.13 6.13 In range $0.2bn 20.6% 0.0% 44.1% 222.4% 211.4%

16-Mar-16 Tongyu Communication Technology Shenzhen SE N.A. 22.94 Fixed price $0.1bn 25.0% 20.0% 44.0% N.A. 91.6%

26-Jan-16 Eastern Pioneer Driving School Financials Shanghai SE 16.40 - 16.40 16.40 In Range $0.1bn 11.9% 0.0% 44.0% 129.2% 143.9%

Pricing date

Issuer nameIssuer


Offer price




7-Jan-16 Bohai Leasing Industrials Shenzhen SE N.A. 6.07 Cash Placing $2.5bn 0.0% 24.1% 12.4% 12.4%

7-Jan-16 Industrial Securities Financials Shenzhen SE 13.13 - 13.13 8.19 Rights Offer $1.9bn 0.0% 14.3% -4.8% 7.3%

25-Mar-16 Guangzhou Friendship Group Consumer Services Shenzhen SE 9.40 - 9.40 8.90 Cash Placing $1.5bn 0.0% 182.5% N.A. 185.2%

15-Feb-16 Samsung Engineering Industrials Shanghai SE 7.7k – 7.7k 8110.00 Rights Offer $1.1bn 0.0% 36.9% 17.4% 33.8%

25-Jan-16 Fortune Land Development Industrials Shanghai SE N.A. 22.64 Cash Placing $1.1bn 0.0% 7.7% 6.1% 7.2%

5-Feb-16 Inner Mongolia Xishui Strong Industrials Shanghai SE 36.71 - 36.71 24.20 Cash Placing $1.1bn 0.0% 0.0% N.A. 4.0%

4-Jan-16 Shenzhen Overseas Chin. Town Consumer Services Shenzhen SE N.A. 6.81 Cash Placing $0.9bn 0.0% 16.6% -2.2% 2.9%

29-Jan-16 Oceanwide Holdings Financials Shenzhen SE N.A. 9.00 Cash Placing $0.9bn 0.0% 8.6% 7.7% 20.1%

11-Jan-16 Junzheng Energy & Chem. Grp Basic Materials Shanghai SE N.A. 9.20 Cash Placing $0.7bn 0.0% -6.1% -19.5% -15.8%

24-Feb-16 NTPC Utilities Bombay SE; India SE N.A. 122.05 Acce.Bookbuild $0.7bn 100.0% -2.9% 4.3% 5.5%



PwC

Q1 2016

IPO and FO activity per sector in Asia-PacificFinancials were most active in terms of IPO money raised in the first quarter ($4.1bn via 13 IPOs), while Industrials led FO activity (raising $13.5bn via 54 FOs)

26


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in Asia-Pacific

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


13,8

27,3

5,4 15,7

26,0

5,9 10,0 18,9

4,0

58,1

99,3

9,6 6,5 16,6

1,3

47,1 37,6

13,5 9,9 12,1 0,7

8,4 9,2 3,7 6,2

1,2 0,0 6,6

11,7 1,4

167 155

30

168201

40

131170

22

284 318

3775

114

15

277 302

54 55 445

108 129

28 27 15 133 35

4

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

3,6 3,2 0,3

13,2 8,2

0,7

8,7 5,4

0,9

22,0

35,1

4,1 6,5 6,0

0,5

15,1 13,2

1,3 1,0 1,4 0,0 4,9

7,3

0,3 0,2 0,2 -

7,9 4,2

-

3758

8

98124

14

7893

16

72 82

1340

64

12

132154

3011 10 1

61 64

7 3 4 8 10

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q1 2016

Top countries in terms of IPO activity in Asia-PacificIPO activity was spread in the Asia-Pacific region, with Hong Kong overtaking China in terms of money raised in the first quarter

27


IPO activity of top countries in Asia-Pacific 2012 – 2016YTD



$8,0bn

$18,9bn

$28,7bn

$23,7bn

$3,6bn

5592 108 116

18

2012 2013 2014 2015 2016YTD

$12,7bn$10,2bn $11,6bn

$15,6bn

$1,2bn

42 5475 78

20

2012 2013 2014 2015 2016YTD

$1,3bn $1,2bn$4,0bn $3,5bn

$0,5bn

26 32 3562

14

2012 2013 2014 2015 2016YTD

$14,5bn

-

$12,9bn

$25,7bn

$2,0bn

142 126

220

26

2012 2013 2014 2015 2016YTD

Disclaimer

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