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Hemas Holdings PLC Investor Presentation Q2 2018/19

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Hemas Holdings PLC Investor Presentation Q2 2018/19

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Hemas Holdings PLC Investor Presentation Q2 2018/19

  1. 1. Investor Presentation Hemas Holdings PLC Q2 FY 2018–2019 December 12, 2018
  2. 2. Hemas Holdings PLC: Our portfolio Copyright © 2018 Hemas Holdings PLC | www.hemas.com 2 Consum er Healthcare Leisure M obility Home & Personal care SL Home & Personal care International School & Office Supplies Pharma Manufacture Digital Healthcare Pharma Distribution Hospitals Travel Hotels Aviation Logistics Maritime
  3. 3. Hemas Holdings PLC: Market leading positions in Consumer and Healthcare Copyright © 2018 Hemas Holdings PLC | www.hemas.com 3 Presence across the Entire Leisure & Travel Value Chain Market Leading H&PC Brands Partnered with Global Maritime and Logistics Brands Island-wide Coverage of Diagnostics & Healthcare Services Sri Lanka’s Largest Pharma Supplier 45% 40% 6% 5% 4% Healthcare Consumer Mobility Leisure, Travel, & Aviation Other Group Revenue by Segment 1H FY 2018-19
  4. 4. Hemas Holdings PLC: Our Group u Market cap: LKR 49 billion (US$ 289 million) u Shareholding structure: Esufally family holds 64.3%, 35.7% public holding. u Governance: • HHL is governed by a 12-member board including 6 Independent Directors who are thought leaders in their respective fields of FMCG, Healthcare and Private Equity. • The board is supported by a system of Audit and Risk committees to uphold robust levels of governance. u Management: • Experienced senior management team with diverse backgrounds in FMCG, Healthcare, Finance, M&A, Supply Chain and Innovation. • Top 50 business leaders are entitled to stock options. u Debt-Equity ratio: 35.8% u TSR over 5 years: 194% Copyright © 2018 Hemas Holdings PLC | www.hemas.com 4
  5. 5. Hemas Journey: 70 years of serving the nation Copyright © 2018 Hemas Holdings PLC | www.hemas.com 5 1948 Started distributing “Seven Seas” OTC products Acquired leading pharmaceutical manufacturing firm 2013 Widened array of Home & Personal care (HPC) brands 1980s Extended into the hospital space 2007 Extended in to travel and tourism 1970s IPO’d on the Colombo Stock Exchange 2003 Ventured into manufacturing personal care products 1960s 2018 Acquired Sri Lanka’s largest stationery brand Sold Power Business 2014
  6. 6. We do this by building strong consumer brands and providing access to a wide range of affordable healthcare solutions… Copyright © 2018 Hemas Holdings PLC | www.hemas.com 6 • Offer exceptional supply chain solutions for innovator medicines in emerging markets • Extending into OTC and Wellness offerings including own brands • Expand pharma manufacturing, driving toward self sufficiency in core therapies Delivering quality medicines and therapies to patients who need them • Widen portfolio tertiary healthcare services in our hospitals • Focus on wellness, screening and early detection through our lab network Affordable healthcare and diagnostics services • Consolidate market-leading positions in H&PC, and School & Office • Expand share-of-wallet in branded Consumer products • Deepen equity positions through premiumisation and localisation Developing a portfolio of consumer brands that delight • Growing Kumarika brand platform in select South Asian markets • Selective expansion of consumer portfolio into emerging South Asia Tapping into the emerging Asian consumer
  7. 7. … And connecting suppliers with their customers, travellers with unique experiences and digital-first driven Wellness solutions Copyright © 2018 Hemas Holdings PLC | www.hemas.com 7 • Develop digital-first access point for a range of Wellness products and services • Connecting the medical community with their patients and high quality therapies Connecting patient to excellent healthcare outcomes via digital • Drive superior mobility solutions to serve the region’s logistics needs • Extend into 3PL and last-mile RTM solutions Serving the region’s logistics and route-to-market needs • Focus on building out a portfolio of experiential assets • Offer strong partnerships to serve the aviation and cargo needs of the region High quality leisure experiences to upscale travellers
  8. 8. u Sri Lanka has high levels of private household consumption—driving 65% of GDP. u Encouraging growth momentum of branded FMCG, underpinned by an expansion of modern trade formats. u Basic home and personal care categories are highly penetrated u Volume driven by advanced personal categories including feminine hygiene, skin and hair. u Consumer seeks higher order benefits in addition to functionality—consumer seeks to premiumise. u Hemas Home and Personal care sector has consistently outperformed FMCG retail sales growth. u We drive growth in the sector by maintaining market leading positions in sizeable categories, depth of distribution and continuous refreshment of an innovative product portfolio. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 8 Household Final Consumption in LKR Mn and as a % of GDP 2013–2017 3.2% 7.7% 5.8% 7.0% -0.3% 24.1% 24.6% 20.2% 12.0% 8.6% FY 14 FY 15 FY 16 FY 17 FY 18 -15% -5% 5% 15% 25% 35% Source: Department of Census & Statistics Sri Lanka FMCG & Hemas Consumer Sector Value Growth FY 14–FY 18 Source: Nielsen Sri Lanka Hemas Consumer FMCG Retail Sales Home & Personal Care—Sri Lanka: Driving branded personal care consumption in emerging categories 0 2,000 4,000 6,000 8,000 2013 2014 2015 2016 2017 67.8% 66.9% 68.5% 63.0% 61.8% CAGR: 2.0%
  9. 9. u Rapid growth of personal care consumption in emerging middle class, adding nearly 30Mn consumers through 2030. u Seeking functional, modern formats of recognizable herbal personal care traditions. u Rapid premiumization in consumption of FMCG u Relative under-penetration of key categories such as shampoo, feminine hygiene and oral care present opportunities. u Hemas selectively positions in under-penetrated categories, leading with the herbal equity of Kumarika. u Targeting a combined population of 250Mn with current product offerings in Bangladesh and India. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 9 11.5% 13.5% 9.1% 10.3% FY 14 FY 15 FY 16 FY 17 0% 5% 10% 15% FMCG & Household Consumption Growth, Bangladesh FY 14 – FY 17 Home & Personal Care—International: Taking herbal beauty equity of Kumarika to select South Asian markets Source: FMCG Industry Review of Bangladesh, EBL Securities Bangladesh, 21st June 2018 Hemas current addressable population: 250Mn
  10. 10. u Education: an investible asset for the Sri Lankan family: • 4.5 million school going population, with rapid rise of per-child education spend. • Sri Lankan families place high importance on education, and are seeking higher functionality, reliable brands and competitive edge for children. u Acquisition of 75.1% of Atlas Axillia—Sri Lanka’s leading School consumer brand: • Hemas acquired Atlas for a consideration of LKR 5.7Bn (10x PE), the business will add 15% to revenues. • The brand holds a market leading position with over 40% share, and has been voted the “Sri Lanka’s Most Loved Brand of 2017 • Atlas will introduce seasonality to our business due to the importance of the Q3 back to school season. • Atlas consolidates Hemas market leading position in Sri Lankan consumer brands. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 10 1018 1448 2066 2010 2013 2016 0 500 1,000 1,500 2,000 2,500 Monthly Household Education Spend 2010–2016 School & Office Supplies: Strong outlook as education spending deepens in importance to the South Asian householder Source: Sri Lanka Household Consumption Survey, 2016; DCS. CAGR: 12.5%
  11. 11. Healthcare: Rethinking private healthcare and widening access to medicines, wellness products and healthcare services u Healthcare spend driven by growing burden of NCDs. u Middle class consumers seeking convenience: 50% of patients use private outpatient services. u State encouraging more domestic manufacturing of pharmaceuticals in the current 85%+ import market. u Tele-medicine gaining traction as more patients seek to bypass channeling services and seek healthcare on demand. u Hemas’ extending leading position in pharmaceutical import and distribution to expanding manufacturing u Extending mid-tier hospital and laboratory business into more complex tertiary procedures and diagnostics. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 11 3.0% 2.6% 2.8% 2.8% 3.0% 20.0% 34.4% 15.4% 16.0% 16.7% 0% 5% 10% 15% 20% 25% 30% 35% 2013 2014 2015 2016 2017 0% 5% 10% CHE % GDP Hemas Healthcare Revenue Growth % Current spending on health as a % of GDP & overall healthcare revenue growth at Hemas 2013 – 2017 Source: Sri Lanka Healthcare Financing Profile, WHO, 2017
  12. 12. u Domestic logistics industry estimated to be USD 8Bn–USD9Bn growing annual at 10-12%. u More customers demand end to end supply chain solutions from logistics operators. u Infrastructure development via ports, airports and expressways, FTZs adding to total logistics capacity. u Port of Colombo saw a YoY growth of 15%, transshipment volume growth at Colombo port was 20%. u Hemas Mobility solutions encompass the spectrum of transportation, and is seeking to capitalize on both first, middle and last-mile delivery solutions. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 12 Mobility: Capitalising on Sri Lanka’s excellent geo-strategic location 5.0 6.0 6.0 2015 2016 2017 0Mn 2Mn 4Mn 6Mn 8Mn Colombo Port’s Throughput (TEU) 2015 – 2017 Source: Sri Lanka Ports Authority
  13. 13. Leisure: Focussing on experiential leisure with an asset-light investment strategy u Sri Lanka ranked No.1 travel destination in 2019 by Lonely Planet with tourist arrivals up by 5% during the quarter. u Long haul travellers (Europe, Australia) continue to contribute significantly to source markets. u Rise of Asian traveller – Chinese and Indian travellers exploring the island and redefining the tourism offering. u New destination brand “So Sri Lanka”, an amplifier brand that supports and engages typical millennial travel exploration debuted at the World Travel Mart in London. u Hemas leisure business focusing on extending bespoke and experiential tourism both inbound and outbound. u Driving towards being a centre of excellence for Aviation services for leading airlines such as Emirate, IndiGo and Malaysian. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 13 1.8Mn 2.1Mn 2.1Mn 1.7Mn 75% 75% 73% 0% 20% 40% 60% 80% 2015 2016 2017 2018 YTD 0Mn 1Mn 2Mn 3Mn 4Mn Tourist Arrivals and Occupancy 2015 – 2018 YTD Tourist Arrivals Occupancy Source: Sri Lanka Tourism Development Authority
  14. 14. 1H FY 2018–19: Group Update u We have been executing on our strategic plan by: • Integrating Atlas, our recent acquisition and new agency (Cipla), a leading agency (ranked #2) into the portfolio. • Building our international market presence by ramping up operations in West Bengal, Bangladesh and Myanmar. • Enhancing profit margins in our Home & Personal Care business in Sri Lanka. • Building resilience in our route-to-market capability in Consumer and Pharmaceuticals. • Ramping up the operations of the newly opened logistics park. • Investing behind increasing the user base in digital healthcare. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 14 First half focused on integrating and delivering value from new acquisitions and markets and building resilience in our route to market
  15. 15. 1H FY 2018–19: Operations Summary u Strong topline growth, challenges in underlying profitability: • Good growth in revenue resulting from the new acquisition Atlas, accelerated contribution by Consumer and Healthcare segments. • Year to date organic revenue growth of +16.1%, supported by increased momentum in domestic personal care. • Lower growth in profitability due to challenging domestic market, recording YoY organic operating profit growth of +2.3%. • Bangladesh market held momentum despite competitive pressure. • Weakening currency led to compressed pharma margins, despite strong topline growth through acquisition of Cipla portfolio. • Continuing negative impact from N*able. • Start-up losses from digital healthcare and weakened performance in Morison OTC consumer segment further pressurised group profitability. • Earnings growth slowed down due to loss of interest income and increased interest cost primarily at pharma and logistics. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 15 Despite challenging domestic market conditions, first half performance is satisfactory. 8.1 7.7 12.2 9.1 10.5 13.4 1.8 1.6 1.8 0.8 1.3 1.4 0.5 1.5 1.2 10.2% 8.7% 8.0% -30% -15% 0% 15% 1H FY 17 1H FY 18 1H FY 19 0Bn 10Bn 20Bn 30Bn 40Bn Sector Revenue & EBIT Margin 1H FY 17 – 1H FY 19 Consumer Healthcare LTA Mobility Other Group EBIT Margin
  16. 16. Q2 FY 2018–19: Performance Update Copyright © 2018 Hemas Holdings PLC | www.hemas.com 16 Weakened LKR and loss of interest income continues to suppress earnings growth. Revenue EBIT Earnings • All sectors had strong revenue growth in Q2 except for Morison and Spectra (Logistics). • New Consumer acquisition—Atlas contributed more that 50% to revenue growth. • Organic revenue growth of 21%+ driven by HPC. • Organic EBIT growth approx. +3% during 2Q, with Atlas, EBIT grew by 38%. • Strong operating profit improvement in HPC – domestic. • Operating pressure across all businesses underpinned by: − Currency depreciation in pharma − Underperformance of Morison OTC segment − Exchange losses at Anantara − Lower contribution of HPC - Bangladesh • Organic earnings growth flat with the exception of HPC – domestic. • Loss of interest income post utilisation of cash reserves. • Rise finance costs relating to higher working capital at Pharma and loan financing at Logistics. 11.4Bn 16.5Bn Q2 FY 18 Q2 FY 19 0Bn 5Bn 10Bn 15Bn 20Bn 44.3% 8.6% 0.7Bn 0.9Bn Q2 FY 18 Q2 FY 19 0.0Bn 0.5Bn 1.0Bn 1.5Bn 2.0Bn 27.6% -14.3% 1.1Bn 1.5Bn Q2 FY 18 Q2 FY 19 0.0Bn 0.5Bn 1.0Bn 1.5Bn 2.0Bn 37.5% -6.0%
  17. 17. 1H FY 2018–19: Sector Highlights Copyright © 2018 Hemas Holdings PLC | www.hemas.com 17 Sector Revenue EBIT LKR Bn % LKR Bn % Consumer 12.2 57.7% 1.5 54.3% Healthcare 13.4 27.3% 1.0 -8.3% Mobility 1.4 10.9% 0.4 5.6% Leisure, Travel & Aviation 1.8 16.7% (0.2) -12.5% Other 1.2 -19.9% (0.3) 3.2% Total 30.0 33.0% 2.4 22.5% Sector Highlights during 1H Consumer Healthcare u Pricing and favorable product mix in personal care segment. u Flat growth in the personal wash and home care segments. u School and Office supplies made a significant contribution. u International segment holding up, flat growth. u Satisfactory revenue growth coming from new principles at pharma. u Decline in OTC performance at Morisons. u Currency depreciation eroding margins at pharma and increased interest costs to finance working capital. Mobility u Good growth at Maritime stemming from increased transshipment volumes. u 3PL and warehousing experiencing steady growth, new logistics park up and running. u Pressure on margins due to the hike in fuel price and currency depreciation. Leisure u Hotels recorded a decent growth with occupancy at 69% and increased ARRs. u Inbound and outbound recorded satisfactory performance. u Profitability remained a challenge due to dollar loan financing at Anantara Tangalle.
  18. 18. Consumer Sector Performance: 1H 2018–2019 Copyright © 2018 Hemas Holdings PLC | www.hemas.com 18 Business Update u Recent acquisition of Atlas has made a significant impact to the consumer segment u Progressively reaping benefits of the profit improvement project u Won 4 Metal awards at the recent “Effie Awards 2017” • Most effective brand of the year – “Velvet” • Gold award – velvet body lotion • Silver award - Baby care category – “Baby Cheramy” Sector Revenues & EBIT in LKR 1H FY 17 – 1H FY 19 8.1 7.7 12.1 1.20 0.96 1.50 0.0Bn 0.5Bn 1.0Bn 1.5Bn 2.0Bn 1H FY 17 1H FY 18 1H FY 19 0Bn 4Bn 8Bn 12Bn 16Bn Sector Revenue EBIT No. 1 Baby Care Brand No. 2 Washing Powder Brand No. 1 School & Office Supplies Brand No. 2 Oral Care Player No. 2 Feminine Hygiene Brand No. 1 Hair Oil No. 1 Beauty Soap Source: Restated revenue in accordance with IFRS 15
  19. 19. International entry to Bangladesh with our brand Kumarika Copyright © 2018 Hemas Holdings PLC | www.hemas.com 19 International Segment 1H FY 17 – 1H FY 19u Relaunched Kumarika hair oil with improved formulation in December 2017 u Continued focus on expanding into rural markets in Bangladesh u Introduced a marbleized herbal beauty soap under Kumarika brand in Bangladesh and continue to push visibility of Kumarika facewash u Continuing to drive early stage performance of West Bengal; Pakistan on hold due to resource constraints Sector Highlights Herbal Beauty Soap Feminine Hygiene Face WashHair Oil 85% 86% 91% 15% 14% 9% 1H FY 17 1H FY 18 Q2 FY 19 0% 20% 40% 60% 80% 100% H&PC Sri Lanka H&PC International Business Update u International segment contributes 9% to our total Consumer revenue post our recent acquisition of Atlas.
  20. 20. Healthcare Sector Performance: 1H 2018–2019 Copyright © 2018 Hemas Holdings PLC | www.hemas.com 20 Hemas Healthcare Sectors Business Update u Introduced neuro diagnostics and rehabilitation as a new therapeutic area in our hospitals. u Growth in surgical volumes by 23% in areas such as neurosurgery, bariatric, orthopaedic, and laparascopy Sector Revenues & EBIT in LKR 1H FY 17 – 1H FY 19 9.1 10.5 13.4 1.0 1.1 1.0 0.0Bn 0.4Bn 0.8Bn 1.2Bn 1H FY 17 1H FY 18 1H FY 19 0Bn 4Bn 8Bn 12Bn 16Bn Sector Revenue EBIT Source: Restated revenue in accordance with IFRS 15 Pharma Manufacturing Pharma Distribution Digital Healthcare Hospitals 1 2 3 4
  21. 21. Mobility Sector Performance: 1H 2018–2019 Copyright © 2018 Hemas Holdings PLC | www.hemas.com 21 Business Update u The new logistics park facility is now up and running with newly secured customers moving in since August. u We are developing critical capabilities in our management by adding experienced logistics professionals to our team. Sector Revenues & EBIT in LKR 1H FY 17 – 1H FY 19 0.8 1.3 1.5 0.2 0.4 0.4 0.0Bn 0.2Bn 0.4Bn 0.6Bn 1H FY 17 1H FY 18 Q2 FY 19 0Bn 1Bn 2Bn Sector Revenue EBIT Logistics Maritime
  22. 22. Leisure, Travel & Aviation Sector Performance: 1H 2018–2019 Copyright © 2018 Hemas Holdings PLC | www.hemas.com 22 Business Update u Part closure at Avani Bentota and soft renovations at the Hotel Sigiriya amounting to an aggregate cost of LKR 32Mn had an impact on room occupancy and profitability both u Recent additions to our aviation portfolio, Indigo and China Southern brought in volume growth Sector Revenues & EBIT in LKR 1H FY 17 – 1H FY 19 1.8 1.6 1.8 30.2 -189.3 -212.9 -250Mn 0Mn 250Mn 500Mn 1H FY 17 1H FY 18 1H FY 19 -1Bn 0Bn 1Bn 2Bn Sector Revenue EBIT Hotels HEMAS TRAVELS Travel Aviation
  23. 23. Investment Highlights Copyright © 2018 Hemas Holdings PLC | www.hemas.com 23 39.0% 15.5% -30.8% FY 17 FY 18 YTD 19 -50% -25% 0% 25% 50% Total Shareholder Return (%) Return on Equity (%) EPS Walk 13.5% 11.3% 11.8% Q2 FY 17 Q2 FY 18 Q2 FY 19 0% 10% 20% Return on Capital Employed Increase Decrease Total 2.5 2.6 31% -30% 3% EPS Q2 FY 18 Operating Profit Finance Cost Income Tax EPS Q2 FY 19 0 1 2 3 4 13.7% 11.2% 11.0% Q2 FY 17 Q2 FY 18 Q2 FY 19 0% 10% 20%
  24. 24. Driving digital and innovation Copyright © 2018 Hemas Holdings PLC | www.hemas.com 24 u Being driven by Innovation is a core value of Hemas Group, and our digital strategy is at the forefront of our drive towards reinvention in preparation for the business world of tomorrow. “Adahas” Ayubo.life Focusing on making Health and wellness more accessible digitally, connecting wellness experts within a click of button and maximizing impact with wellness analytics. The Hemas Slingshot Program aims to provide talented entrepreneurs/ inventors a chance to commercialize inventions/ projects which fall into the strategic areas of our operations. The “Adahas” Program of Hemas is an internal crowdsourcing effort aimed identifying and implementing good business related ideas among our 7,000+ team. The best ideas are evaluated and already being implemented.
  25. 25. We continue to invest in people Copyright © 2018 Hemas Holdings PLC | www.hemas.com 25 Be your best self • “360 You”, the Hemas Employee Value Proposition was launched in October 2017. • “360 You” is an expression of how Hemas plans to enrich the lives of employees. It’s an acknowledgement that an employee brings their whole self to work. • Based on five pillars—uniqueness, excellence and balance, empowerment, wellness. • Third year of development program in partnership with Indian Institute of Management Bangalore (IIMB), to prepare Hemas Future Leaders. • We have successfully, completed two batches which comprised of 57 mid tier management employees across the group. Future Leaders’ Programme
  26. 26. Sustainability & Wellness Copyright © 2018 Hemas Holdings PLC | www.hemas.com 26 Reduction of consumption of water by 50% 50% of energy consumption to be renewable energy Group Environmental Goals by 2025 Engaging with Our Community Employee Wellness Hemas is on the mission to become the healthiest workforce in Sri Lanka. Our goals for 20/20. Reforesting Zero waste to landfills • 45 Pre school • 3500+ children impacted • 115+ Piyawara teachers AYATI is a long-term initiative with three main aims: • Constructing and operating a national centre for children with disabilities • Changing the mindset of the public to eliminate any stigma and promote acceptance of children with disabilities • Extending the services to the rural areas of Sri Lanka in time to come • Scholarship programme in partnership with ministry of child affairs • 219 Children between 5-10 years offered a sum of Rs 2000/= month Blood Pressure 25% Cholesterol 25% Haltthe Rise of Obesity Raised Blood Sugar Levels Physical Inactivity 50% % Salt Used in Canteens 5% Tobacco Usage 5% Worksite Health Score 50%
  27. 27. Copyright © 2018 Hemas Holdings PLC | www.hemas.com 27 Disclaimer The material in this presentation has been prepared by Hemas Holdings PLC (“Hemas”) and is general background information about Hemas’ activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Hemas’ businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Hemas does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Hemas’ control. Past performance is not a reliable indication of future performance. Unless otherwise specified all information is for the quarter ended 30th September, 2018. CONFIDENTIALITY AGREEMENT: Any confidential information discussed in this presentation shall be used by the receiving party exclusively for the purposes of fulfilling the receiving party’s obligation and for no other purpose except with the consent of the disclosing party. Contact Investor Relations Telephone: +94 11 4 731 731 (Ext. 1278) Email: ir@hemas.com Web: http://www.hemas.com Hemas Holdings PLC Hemas House, 75, Braybrooke Place, Colombo 2, Sri Lanka

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