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2Q FY 2019 20 Financial Results – Reliance Industries Limited

Reliance Industries Limited · Oct 18, 2019 · 80 slides

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  1. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 1
    2Q FY 2019-20 Financial Results 18 October 2019
  2. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 2
    Forward Looking Statements This presentation contains forward-looking statements which may be identified by their use of words like plans, expects, will, anticipates, believes, intends, projects, estimates or other words of similar…
  3. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 3
    Consolidated Financial Results : 2Q FY20 % Change % Change QoQ Revenue lower - 10% decline in crude, 1Q FY20 (in Crore) 2Q FY20 2Q FY19 Y-o-Y Q-o-Q partially offset by growth in consumer businesses 172,956 Revenue 163,854 156,291…
  4. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 4
    Consolidated EBITDA: 2Q FY20 vs. 2QFY19 1,734 107 23,169 436 YoY Segment EBITDA up 7 % 21,641 930 550 257 Scale-up of business leading to 53% YoY growth in Consumer EBITDA Continuing to capture growth opportunities in consumer…
  5. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 5
    Consolidated Segment EBITDA Mix: 2Q FY20 vs. 2Q FY19 2Q FY19 2Q FY20 Media & Others, Media & Others, 3.2% 3.5% Digital Services, Refining, 16.6% Refining, Digital Services, 24.4% 28.2% 23.0% Retail, 6.4% Oil & Gas, Retail,…
  6. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 6
    Refining & Marketing Operating Environment Heightened crude volatility, fear of major supply disruptions Despite spikes avg. crude price down 10% QoQ to 61.9/bbl on weakening demand Light crude supply, strong FO impacted…
  7. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 7
    Refining & Marketing Segment Performance Segment EBITDA up 10% QoQ 8,000 9.5 9.4 10 RIL outperformed Singapore GRM by 2.9/bbl, 8.1 6,095 8 premium narrowed 6,000 5,659 5,152 Stronger Fuel Oil crack benefiting Singapore GRM 6…
  8. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 8
    Petrochemicals Operating Environment Margin pressures with multiple headwinds New capacity additions in US and China US-China trade tensions and weaker global trade Increasing environmental related concerns Weak margins for key…
  9. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 9
    Petrochemicals Segment Performance Segment EBITDA up 1.3% QoQ 23.4 23.2 12,000 21.7 24 Operating performance supported by 9,477 8,810 8,927 18 Higher volumes at 9.9 MMT, up 13% QoQ 8,000 Strength in POY (+8%), MEG (+10%), PVC…
  10. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 10
    Oil & Gas Segment Performance EBITDA decline led by lower realizations and 600 29.1 30 midstream commitments 22.4 Domestic production 11.9 BCFe, up 2% QoQ 400 385 16.2 20 KG D6: Gas production 1.7 MMSCMD 207 200 128 10 CBM…
  11. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 11
    Retail Segment Performance Turnover at 41,202 crore, up 27% YoY, 7.9% QoQ 3,000 6.3 6.0 Strong growth across consumption baskets amidst 2,400 2,322 6 4.8 2,049 consumption slowdown 1,800 4 Strong LFL growth of 5-14% 1,392 1,200…
  12. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 12
    Digital Services Segment Performance Jio is now second largest single-country operator globally, with 355.2 million subscribers (+41% YoY) Monthly gross addition 10 million in 2Q FY20 Strong customer engagement and volume growth…
  13. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 13
    Reliance Saudi Aramco Partnership for O2C Division Partnership Aramco will invest for a 20% stake in RILs O2C division at an EV of 75 billion O2C division comprises Refining and Petrochemicals assets, including Petro-retail JV with BP…
  14. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 14
    Reliance BP : JV for fuel-retailing The Transaction RIL and BP to form a petroleum retailing joint venture RIL to hold 51% and BP to hold 49% The joint venture will assume ownership of RILs existing fuel network and aviation fuel…
  15. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 15
    Refining & Marketing 15
  16. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 16
    Performance Highlights Robust performance with improving product cracks 2.9/bbl ( crore) 2QFY19 1QFY20 2QFY20 premium over Singapore GRM Revenue 98,760 101,721 97,229 Strength in product margins was partially negated by impact of low…
  17. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 17
    Business Environment and Macro Trends Impacting Refining Continuing China-U.S. trade tensions 80 Macro and Threats from escalation of Middle East conflicts 75 High, 68.2 geopolitics Iran and Venezuela Sanctions 70 Oil demand growth…
  18. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 18
    Global Refining Margins Environment Global Refining Margins Singapore margins strengthened QoQ 18 Improved significantly on the back of higher product cracks /bbl 16.7 16.2 16 across the barrel except LPG 14 13.3 Europe…
  19. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 19
    Refinery Product Margins 1Q FY20 2Q FY20 Uplift in cracks across all products 20 16.2 15.8 Mid-distillates cracks led by run-up to IMO 15 13 12.2 changes and unplanned refinery outages 11.7 10 7.5 Gasoline strengthened on heavy…
  20. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 20
    Robust Domestic Fuel Demand Growth Domestic Demand Y-o-Y RIL refinery product sales Y-o-Y MMT MMT 25 -0.2% 12.0 10.8 18.8 18.8 10.1 20 10.0 15 8.0 8% 6.0 10 4.1 4.5 6.9 7.5 4.0 -2.0% 2.1 5 2.0 2.0 2.0 2.0 1.5…
  21. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 21
    Domestic Marketing Strong YoY volume growth: HSD (14%) / MS (17%) vs. Industry growth of (-0.2%) / (+8%) Focused emphasis on big ticket Fleet Customers led to total growth of 36% YoY E-Com Network increased to 510 ROs; Over 350% YoY…
  22. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 22
    IMO 2020 Significant Opportunity for Complex Refiners IMO 2020 Implementation on track IMO implementation beginning to play out in product markets Strong diesel cracks and premium of VLSFO Growing premium for heavy sweet crudes…
  23. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 23
    R&M Business Outlook Challenges Macro trends Refining drivers Positioning Large capacity additions Oil demand to grow by Continued demand growth for RIL is well placed to take 1.6 mb/d (2019) and 1.0 1.0 mb/d (2019) and 1.2…
  24. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 24
    Petrochemicals Polymers & Polyesters 24
  25. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 25
    Financial and Operating Performance QoQ volume growth of 13% offset margin weakness ( crore) 2QFY19 1QFY20 2QFY20 Volume growth led by polyester intermediates (+27%) with restart of units after turnaround Production 9.4 8.7 9.9…
  26. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 26
    Business Environment 2Q FY20 Polymer Chain Continued US-China trade concerns offer opportunity for cost-efficient producers to capture market share Global Ethylene demand growth starting to lag global supply growth with significant…
  27. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 27
    Cracker Feedstock Economics Integrated Ethane Cracker Integrated Propane Cracker Integrated Naphtha Cracker 1000 High Butadiene co- product credit Gap Between Ethane & Naphtha/LPG margins large at higher crude levels 800 SEA…
  28. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 28
    Polymers 28
  29. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 29
    Polyethylene Impacted by New Supplies HDPE-Naphtha Well supplied global markets and weak sentiments led to subdued HDPE-Naphtha 5 Year Avg operating rates and overall decline in prices 800 HDPE margins over naphtha declined 9% QoQ…
  30. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 30
    Polypropylene PP-Propylene Tight supplies from regional turn-arounds supported a firm PP- Propylene 5 Year Avg propylene price environment up 8% QoQ 303 PP margins further impacted by 4% QoQ decline in PP prices 300 Moderate…
  31. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 31
    Domestic Demand and RIL Production Domestic Demand Growth RIL Production 2Q FY19 1Q FY20 2Q FY20 (2Q FY20 vs 2Q FY19) (KT) 8% 7% PP 698 713 744 6% PE 520 546 535 5% 4% 4% PVC 190 195 201 2% TOTAL 1408 1454 1480 0.4% 0% PE…
  32. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 32
    Business Outlook Polymer Chain Feedstock prices likely to remain volatile geo-political concerns and weak economic outlook Market US-China trade tensions and economic slowdown likely to hamper global demand growth Environment India…
  33. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 33
    Polyester Chain 33
  34. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 34
    Chain margin Sustains With Lower Volatility QoQ Integrated Polyester Margin PX price and margins under pressure *Last 5 year Avg Margin 900 850 Concerns around new supply and feedstock volatility 800 668 618 700 Tight PTA supply…
  35. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 35
    Polyester Delta Scenario POY-PTA/MEG PSF-PTA/MEG PET-PTA/MEG POY-PTA/MEG 5 Year Avg PSF-PTA/MEG 5 Year Avg PET-PTA/MEG 5 Year Avg 350 320 250 350 308 300 286 300 200 185 250 167 250 /MT 144 204 150 186 /MT /MT 200…
  36. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 36
    Business Environment: Strong Revival Polyester demand growth at 9% YoY with low polyester price Domestic Demand Growth (2Q FY20 vs 2Q FY19) Producers maintained healthy operating rates 31% PSF markets were stressed with increased…
  37. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 37
    Polyester Chain Operational Highlights Production (KT) 2Q FY19 1Q FY20 2Q FY20 Production (KT) 2Q FY19 1Q FY20 2Q FY20 PX 1124 737 1186 POY 279 260 265 PTA 1215 1180 1233 PSF 170 168 173 MEG 415 344 444 PET 289 295 292 TOTAL…
  38. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 38
    Business Outlook Polyester Chain US-China trade dispute developments to have cascading effect across polyester chain PX markets to be guided by operational status of new capacities Rationalization of PTA operating rates in China…
  39. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 39
    Oil & Gas Domestic & Shale 39
  40. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 40
    Domestic E&P Production Update 2Q FY20 (JV Production) KG D6 Panna Mukta CBM Gas Production (Bcf) 5.45 11.69 3.03 Oil Production (mmbbl) - 0.96 - Gas realization (/mmbtu) 3.69 (GCV) 5.73 (NCV) 7.27(GCV) Oil realization (/bbl) - 63.94…
  41. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 41
    Other Updates KG D6 3 Projects under development R-Cluster Satellite Cluster MJ field On track for first gas in mid-2020. Key Top hole drilling completed for 3 out Engineering work for SPS, FPSO development activities to start soon of…
  42. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 42
    US Shale - Business Performance % chg. % Chg vs. 2Q FY20 1Q FY20 2Q FY19 1H FY20 1H FY19 YoY 1H FY19 Production (Bcfe) 19.9 17.8 21.2 -6% 37.7 45.0 -16% Revenues ( MM) 46 50 81 -43% 96 167 -43% EBITDA ( MM) -19 -14 13 -243% -33 32…
  43. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 43
    Reliance Retail 43
  44. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 44
    Key Highlights Crossed revenue milestone of 40,000 crore for a quarter 14th straight quarter of revenue and profit increase Broad based growth with key consumption baskets registering another quarter of double digit growth and…
  45. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 45
    Results Highlights All Figures in Crore % Change wrt % Change wrt 2QFY20 2QFY19 Metric 1HFY20 1HFY19 2QFY19 1HFY19 41,202 32,436 27% Segment Gross Revenue 79,398 58,326 36% 36,972 28,832 28% Segment Net Revenue 71,209 51,940…
  46. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 46
    Birds Eye View of Reliance Retails Scale 154 million 108 million 76 million ( 138 million) (73 million) ( 65 million) Footfalls across all stores*; Registered customers; growth of 48% No of bills generated; growth of 11% Y-o-Y…
  47. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 47
    Sustaining Track Record of Growth and Profit Gross Sales EBITDA 41,202 38,196 Crores 35,577 36,663 32,436 Sales growth of 25,890 24,183 2,049 2,322 76% CAGR* 18,798 1,923 1,680 14,646 1,392 EBITDA growth of 11,571 1,206…
  48. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 48
    Reliance Retail Store Network Reliance Retail has the widest reach amongst Reliance Retail Store Count retailers with stores across 6,700+ cities & towns Consumption Baskets Sep 30, 2019 Sep 30, 2018 Added 337 stores during the…
  49. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 49
    Key Drivers of Revenue Growth Rapid expansion of physical store presence and deepening roots in Tier 3 / Tier 4 markets Customer centric approach: Catchment focused assortment and wider choices Wide portfolio of store brands…
  50. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 50
    Key Drivers of EBITDA Margin Improvement EBITDA Margin (%) Movement 6.3% Healthy like for like growth and improving sales 4.8% productivity across consumption baskets Scale and operational efficiencies in sourcing and 3.4%…
  51. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 51
    Contribution from Consumption Baskets All Figures in Crore % Mix % Mix 41,202 3,119 8% 32,436 8,147 20% 7% 2,370 17% 5,426 13,459 33% 33% 10,532 3,257 8% 10% 3,076 13,221 32% 34% 11,032 2Q FY19 2Q FY20 Connectivity…
  52. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 52
    Fashion & Lifestyle 1,900+ Stores 400+ Cities 33 Mn+ Footfalls in 2Q FY20 50International Partner Brands 52
  53. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 53
    Performance Highlights Fashion & Lifestyle 32% Y-o-Y growth witnessed in Fashion & Lifestyle consumption baskets in 2Q FY20 driven by new store openings Trends & Project Eve Strong performance with an LFL growth of 5% in the…
  54. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 54
    Performance Highlights Fashion & Lifestyle Trends Footwear 38 SIS in Trends store operationalized unlocking cross-category synergies Own brand contribution at 29%, up from 13% same period last year AJIO Assortment listing and number…
  55. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 55
    Consumer Electronics 8,000+ Stores 6,700+ Cities 53 Mn+ Footfalls in 2Q FY20 140 ResQ Service Centers 55
  56. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 56
    Performance Highlights Consumer Electronics 2Q FY20 revenue grew by 28% Y-o-Y; LFL revenue growth of 12% Strengthened our consumer electronics store network; added 100 stores in 2Q FY20 and 235 stores in 1H FY20 Robust growth across…
  57. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 57
    Performance Highlights Consumer Electronics Golden Event Performance (10th to 15th Aug) Received over 3.6 million footfalls during Digital India Sale Strong sales growth recorded across segments 44% in Wireless Phones 38% in Laptop…
  58. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 58
    Grocery 670+ Stores 150+ Cities 60 Mn+ Footfalls in 2Q FY20 13% share of Own Brands 58
  59. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 59
    Performance Highlights Grocery 2Q FY20 revenue grew by 50% Y-o-Y; LFL revenue growth of 14% Opened 43 stores in 2Q FY20 and 65 stores in 1H FY20 SMART stores crossed a milestone of 200 stores during the quarter Growth registered…
  60. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 60
    Performance Highlights Grocery Golden Events Performance (10th to 15th Aug) Received over 5.2 million footfalls during Full Paisa Vasool Sale; increase in bills by 33% Registered strong growth across categories (staples: 58%,…
  61. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 61
    Performance Highlights Petro Retail Owned Outlets 516 owned retail outlets operational as of Sep 30, 2019 Witnessed strong volume growth YoY across petroleum products HSD volume grew by 15% Y-o-Y MS volume grew by 17% Y-o-Y…
  62. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 62
    Reliance Retail: 2Q FY 2019-20 Summary Reliance Retail registered a strong performance underpinned by consistent strategy, sharp operational execution and a robust business model Retail business recorded the highest ever revenues…
  63. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 63
    Reliance Jio Infocomm Limited
  64. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 64
    Highlights 11. Jio is Worlds second largest single-country mobile operator Subscriber base at 355.2 million net addition of 103 million in last 12 months JioPhone Diwali Offer to accelerate 2G to 4G transition 22. Crossed EBITDA of Rs…
  65. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 65
    Jio Operator of Choice Strong growth in data traffic (cr GBs) 31.6 million 240 Gross adds in 2Q FY20 Customers added per 1,202 minute CQGR 15.6% 771 378 11.7 GB/ 789 mins Rs120 Strong Customer Industry leading ARPU engagement…
  66. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 66
    Industry Leading Financial Metrics 2QFY20 Revenue Indias largest mobile operator by revenue Rs 12,354 crore 2QFY20 EBITDA Improving Ebitda profile Rs 5,166 crore % growth YoY Robust revenue growth 33.7% Ebitda margin…
  67. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 67
    Half A Billion Customers Is Within Reach EoP Subscribers (in millions) Monthly gross adds of 10 million in 2QFY20 355 331 307 280 252 50 million subscribers added in the past 215 six months 187 160 139 Healthy trends across…
  68. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 68
    Advantage Jio 1 VoLTE Player Globally Over 350 million VoLTE subscribers using 9.0 bn minutes every day First player globally to stabilize VoLTE International roaming technology and offer at scale Free service (on-net call,…
  69. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 69
    Advantage Jio - Investment Cycle Is Complete Invested Rs3.5 Lakh crore to create pan India digital infrastructure with largest fiber footprint Created world-class, legacy-free, fully scalable 4G Plus network With close to 99%…
  70. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 70
    Advantage Jio Network capacity and coverage LTE Coverage & Capacity (radiating eNodeBs) Jio has deployed 750K eNodeBs across 800MHz, 1800MHz, and 2300MHz LTE bands At current run rate, operator 2 and 3 would 3.6x take 3 / 18 years…
  71. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 71
    Advantage Jio Digital Ecosystem & Platforms My Jio Jio Security Jio Health Hub Others Gateway App Jio TV+ Jio News News Video Jio TV Home Security Home Music Solutions Jio Saavn Jio Net Jio Smart Home Gaming and…
  72. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 72
    JioPhone Diwali Offer To Accelerate 2G to 4G Transition Over 70 million JioPhone subscribers 350 million subs still on 2G networks To these subs, JioPhone made available at special price of Rs 699 For the first 7 recharges, Jio…
  73. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 73
    FTTH Offering launched Extensive Fiber Infrastructure Jio Fiber Prepaid Plans Plan Name Bronze Silver Gold Diamond Platinum Titanium 700,000 route km of fiber to be Monthly Plan 699 849 1,299 2,499 3,999 8,499 increased to 1.1m…
  74. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 74
    Transformative Microsoft Azure Partnership Drive adoption of next-gen technology solution at scale 74
  75. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 75
    Recovery of Termination Charge Regulatory uncertainty around IUC charge compels recovery of termination charge of 6paise/ min Traffic asymmetry (cited as the only factor for revisiting IUC charges), is purely driven by tariff…
  76. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 76
    Update on InvIT Fund Raise Transaction for subscription of units of Tower InvIT by Brookfield Infrastructure Partners L.P. and affiliates in final stages and to be completed shortly Brookfield Infrastructure Partners L.P. and…
  77. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 77
    Appendix
  78. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 78
    Key Operating Metrics Healthy subscriber momentum with gross adds at 31.6 million Double digit data volume growth, with per capita usage at 11.7GB/ month ARPU impacted by subscriber mix and shift to long-term value packs, in line…
  79. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 79
    Key Financial Metrics Healthy revenue growth led by subscriber additions Robust EBITDA margins despite continued network expansion and shifting of infra assets outside On track for target 50% EBITDA margin FTTH and Enterprise…
  80. 2Q FY 2019 20 Financial Results – Reliance Industries Limited – slide 80
    Growth is Life . . . . 80

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