DJ Kaufman & Broad SA: 2019 Annual Results
Kaufman & Broad SA
Kaufman & Broad SA: 2019 Annual Results
30-Jan-2020 / 20:02 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press release
Paris, January 30, 2020
2019 Annual Results V19
· Confirmation of the capacity to generate profitability and cash flow to
pave the way for future growth:
· Gross margin and EBIT margin in line with expectations
· Financial capacity up by more than EUR 100m at EUR 458.1m
· Significant growth in development indicators:
· Backlog: +16.8% to EUR 2.5bn
· Property portfolio: +9.9% to 33,090 units
· Dividend for 2019: EUR 2.50 per share
Kaufman &
Broad SA
· Key components of sales activity announced
its
results
for the
(2019 vs. 2018) 2019
financial
year
(from
· Orders December
1, 2018
Total: EUR 2,177.1M incl. VAT (-2.4%) to
November
30, 2019)
today.
Of which: Nordine
Commercial: EUR 467.5.0m incl. VAT Hachemi,
(+30.1%) Chairman
and Chief
Executive
Officer
Housing: EUR 1,709.0m incl. VAT of
(-8.7%) Kaufman &
Broad,
made the
following
· Take-up period for Housing*: comments:
5.8 months vs. 5.0 months
(+0.8 months)
"The
results
· Key financial data for
fiscal
2019 are
in line
(2019 vs. 2018) with our
expectati
ons and
confirm
· Revenues: the
quality
Total: EUR 1,472.2m (-5.5%) of
Of which Housing: EUR 1,334.0m (+3.1%) Kaufman &
Broad's
fundament
· Gross margin: als. In
more
EUR 283.9m (19.3% of revenue) muted
market
condition
· Adjusted EBIT: s, they
show that
EUR 139.2m (9.5% of revenue) its
growth
model is
· Attributable net income: capable
of
EUR 76.3m (+4.5%) generatin
g profit
and cash
· Cash net of financial debt: flow.
This
EUR 56.0m (vs. EUR 50.0m at gives us
end-2018) greater
financial
leeway to
· Financing capacity: increase
our
EUR 458.1m (vs. payout
EUR 353.4m at end-2018) capacity,
and also
to choose
our
· Key growth indicators (2019 vs. future
2018) developme
nt
options
in the
face of
· Overall backlog: profound
changes
EUR 2,545.0m (+16.8%) in the
Of which Housing: EUR 2,069.3m market.
(+5.5%)
· Housing property portfolio:
33,090 units (+9.9%)
In 2019,
the new
housing
market,
estimated
at
between
120,000
and
125,000
units,
was
character
ized by
sustained
demand,
but also
by a
significa
nt drop
in
issuance
of
building
permits,
the
effects
of which
will be
felt
above all
in the
first
half of
2020.
The
pre-munic
ipal
election
climate
weighed
more
heavily
on
Kaufman &
Broad's
launches
and
orders in
the
second
half of
2019, due
to a
significa
ntly
higher
(MORE TO FOLLOW) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
DJ Kaufman & Broad SA: 2019 Annual Results -2-
rate of
sales
than the
market
(Kaufman
& Broad's
take-up
period
was less
than 6
months,
vs. 10
months
for the
market),
which
resulted
in a much
lower
level of
inventory
.
Sustained
sales
resulted
in a
sharp
increase
in the
overall
backlog
(+16.8%),
driven
notably
by the
Commercia
l
business,
which
confirmed
its good
momentum
with
orders
totaling
EUR 467.
5 million
including
VAT.
A
sale-befo
re-comple
tion
agreement
concernin
g the
office
part of
the
Austerlit
z project
(around
50,000
sq.m) is
expected
to be
signed in
the
coming
days,
thereby
making
the
program
fully
marketed.
Final
administr
ative
approvals
are not
expected
to be
granted
until
early
2021.
The
adjusted
EBIT
margin of
9.5%
reflects
solid
operation
al
managemen
t of
selling
prices
and
operating
expenses.
This
resulted
in a
positive
net cash
position
of
EUR 56.0
million,
an
increase
of more
than
EUR 32
million
in
sharehold
ers'
equity
and
financial
capacity
of
EUR 458.
1 million
at
end-Novem
ber 2019.
In 2020,
market
fundament
als will
continue
to
support
demand
for new
housing.
Assuming
a
resumptio
n of the
issuance
of
building
permits
after the
municipal
elections
, the
market is
(MORE TO FOLLOW) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
DJ Kaufman & Broad SA: 2019 Annual Results -3-
expected
to
represent
between
115,000 and 120,000 units. However, current trends will continue to impact
Kaufman & Broad's launches in the first half, leading us to anticipate
stable order intake over the full year.
As regards Kaufman Broad's business and earnings outlook for fiscal 2020,
out of caution and due to the municipal election context, we do not expect
order intake in the Commercial segment to have an impact until 2021.
After a slower first half, full-year revenue is expected to remain stable
compared with 2019. The gross margin is expected to be around 18.5%[1] and
the EBIT margin[2] between 8.0% and 8.5%, both reflecting the return to
normative margins in the Commercial business.
Reflecting the quality of Kaufman & Broad's financial structure and the
strength of its medium-term outlook, the Board of Directors will propose the
payment of a dividend of EUR 2.50 per share in respect of 2019 to the
General Meeting of Shareholders, including an option for payment in cash,
shares, or in cash and shares.
Assuming a stabilized economic environment, the Board of Directors also
envisages a dividend of the same amount for the financial year 2020."
Sales activity
· Housing
In 2019, housing orders were down 8.7% by value compared with 2018 at
EUR 1,709 million (including VAT). By volume, 8,222 units were ordered, a
9.9% decrease compared with 2018.
The program take-up period was 5.8 months in 2019, compared with 5.0 months
in the previous year, an increase of 0.8 months.
Housing supply, with 95% of projects located in high-demand, low-supply
areas (A, Abis, and B1), totaled 3,990 units at the end of 2019 (3,781 units
at end-2018).
Breakdown of the customer base
In 2019, orders from first-time buyers accounted for 16.8% of sales by value
(excluding VAT), 1.1 points less than in 2018. Orders by second-time buyers
were also down 1.5 points, accounting for 8.0% of sales. Orders by investors
increased by 3.0 points to 34.2% of sales (26.0% for the Pinel scheme
alone). Block sales were stable at 41.0%, of which more than 49.2% were
managed accommodation (for tourists, students, business travelers, and
seniors).
· Commercial Property
Over the 2019 financial year, the Commercial Property segment recorded net
orders of EUR 467.5 million including VAT, corresponding to three office
complexes, a logistics platform and two property development contracts.
In particular, Kaufman & Broad signed sale-before-completion agreements or
property development contracts for:
· a 27,000 sq.m office building complex in Bordeaux Euratlantique, the
future headquarters of Caisse des Dépôts for its pension management arm,
· an office building of approximately 13,000 sq.m at La Défense,
· The Austerlitz project, for the part of the business and commercial
premises,
· a new logistics platform of approximately 36,000 sq.m located in La
Chapelle d'Armentières on the outskirts of Lille.
Kaufman & Broad (through its subsidiary Concerto) also delivered two
new-generation XXL logistics platforms in 2019:
· a platform with a total surface area of 74,000 sq.m in MER, created on
behalf of its user, the LAPEYRE Group and its investor DWS (Deutsche Bank
Asset Management),
· a platform with a total surface area of 70,000 sq.m in MONTBARTIER built
on behalf of its user EASYDIS (Groupe Casino) and its investor Invesco.
Kaufman et Broad currently has around 266,000 sq.m in office space and
around 74,500 sq.m in logistics space under marketing or under study. In
addition, nearly 73,000 sq.m of office space and more than 36,000 sq.m of
logistics space are currently under construction.
· Leading sales and development indicators
At the end of 2019, the Housing backlog amounted to EUR 2,069.3 million
(excluding VAT), the equivalent of 18.4 months of business. Kaufman & Broad
had 191 housing programs on the market at that date, representing 3,990
housing units, compared with 203 programs representing 3,781 housing units
at the end of November 2018.
The Housing property portfolio represents 33,090 units. It was up 9.9%
compared with end-2018 and corresponds to more than 4 years of sales
activity.
The Group plans to launch 22 new programs in the first quarter of 2020, of
which 11 in ?Zle-de France (883 units) and 11 in the other French regions
(742 units).
At the end of 2019, the commercial backlog amounted to EUR 475.6 million.
· Financial results
· Business volumes
Total revenue amounted to EUR 1,472.2 million (excluding VAT), down 5.5%
compared with 2018.
Housing revenue amounted to EUR 1,334.0 million (excluding VAT), compared
with EUR 1,293.8 million (excluding VAT) in 2018. This represents 90.6% of
group revenue. Revenue from the Apartments business rose by nearly 1.0% year
on year to EUR 1,232.4 million (excluding VAT). Revenue from Single-family
Homes in Communities totaled EUR 101.6 million (excluding VAT), compared
with EUR 73.0 million (excluding VAT) in 2018
Revenue from Commercial Property amounted to EUR 130.4 million (excluding
VAT), compared with EUR 254.2 million (excluding VAT) in 2018.
· Profitability highlights
Gross margin for the 2019 fiscal year was EUR 283.9 million, compared with
EUR 300.0 million in 2018. The gross margin ratio was 19.3%, stable
compared with 2018 (19.3%).
Current operating expenses amounted to EUR 155.1 million (10.5% of
revenue), compared with EUR 162.8 million for the same period in 2018
(10.4% of revenue).
Current operating profit amounted to EUR 128.8 million, compared with
EUR 137.2 million in 2018. The current operating margin ratio was 8.7%,
compared with 8.8% in 2018.
The group's adjusted EBIT amounted to EUR 139.2 million in 2019, down 6.5%
compared with 2018. The adjusted EBIT margin was stable at 9.5% (9.6% in
2018).
Attributable net income was EUR 76.3 million, compared with EUR 73.0
million in 2018, an increase of 4.5%.
· Financial structure and liquidity
Gross debt stood at EUR 152.1 million, down EUR 51.3 million compared with
end-2018. After taking into account cash assets totaling EUR 208.1 million,
net cash stood at EUR 56.0 million as of November 30, 2019, an increase of
EUR 6 million compared with end-2018. This includes EUR 6.6 million in
share buybacks in 2019. The group's financing capacity was EUR 458.1
million (EUR 353.4 million at the end of 2018).
Working capital requirement amounted to EUR 151.5 million (10.3% of annual
revenue), compared with EUR 110.8 million at the end of 2018 (7.1% of
revenue).
· Dividends
At the General Meeting of Shareholders of May 5, 2020, Kaufman & Broad SA's
Board of Directors will propose the payment of a dividend of EUR 2.50 per
share, in line with the dividend paid in respect of 2018. A proposal will
also be made to this Shareholders' Meeting to give Kaufman & Broad's
shareholders the option to receive this dividend in cash, in shares, or in
cash and shares.
· Governance
At the meeting of the Board of Directors of Kaufman & Broad of January 29,
2020, Frédéric Stévenin, a member of the Executive Committee and the
Investment Committee of PAI partners, expressed his desire to resign from
his position as Director, which was due to expire at the General Meeting of
Shareholders called to approve the financial statements for 2020. The Board
of Directors of Kaufman & Broad expressed its warmest thanks to Mr. Stévenin
for his contribution to the development of the company throughout his eleven
years as director.
On the proposal of the Compensation and Nominating Committee, the Board
co-opted André Martinez as director on the same day. He will sit on the
Board for the remainder of Mr. Stévenin's term of office, i.e. until the
close of the General Meeting of Shareholders called to approve the financial
statements for the 2020 financial year.
The next Annual General Meeting of Shareholders, to be held on May 5, 2020,
will be asked to ratify this co-optation in accordance with the provisions
of Article L. 225-24 of the French Commercial Code.
A graduate of HEC and Sciences Po Paris, Mr. Martinez has served notably as
Managing Director of the budget hotel business and then as member of the
Accor group's Management Board, Director and Chairman of global lodging at
Morgan Stanley Real Estate from 2006 to 2009, Special Advisor to Minister
for the Economy and Finance Pierre Moscovici, and Minister for Foreign Trade
Nicole Bricq, and from 2015 to 2019 as Chairman of the Board of Directors of
Icade. Since January 1, 2020, Mr. Martinez has been a member of the Board of
Directors and Chairman of the Strategy and Investments Committee of SNCF SA.
· 2020 outlook
After a slower first half, full-year revenue is expected to remain stable
compared with 2019. The gross margin is expected to be around 18.5%[3] and
the EBIT margin between 8.0% and 8.5%[4], both reflecting the return to
normative margins in the Commercial business.
This press release is available at www.kaufmanbroad.fr [1]
· Next regular publication date:
(MORE TO FOLLOW) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
DJ Kaufman & Broad SA: 2019 Annual Results -4-
· April 9, 2020: Q1 2020 results (after market close)
· May 5, 2020: Shareholders' Meeting
Contacts
Chief Financial Officer Press Relations
Bruno Coche
01 41 43 44 73
infos-invest@ketb.com
Media relations: Hopscotch Capital:
Violaine Danet
01 58 65 00 77 / k&b@hopscotchcapital.fr
Kaufman & Broad: Emmeline Cacitti
+33(0)6 72 42 66 24 / ecacitti@ketb.com
About Kaufman & Broad - Kaufman & Broad has been designing, developing,
building, and selling single-family homes in communities, apartments, and
offices on behalf of third parties for more than 50 years. Kaufman & Broad
is one of the leading French builder-developers due to the combination of
its size and profitability, and the strength of its brand.
The Kaufman & Broad Registration Document was filed with the French
Financial Markets Authority ("AMF") under No. D.19 0228 on March 29, 2019.
It is available on the AMF (www.amf-france.org [2]) and Kaufman & Broad
(www.kaufmanbroad.fr [1]) websites. It contains a detailed description of
Kaufman & Broad's business activities, results, and outlook, as well as the
associated risk factors. Kaufman & Broad specifically draws attention to the
risk factors set out in Chapter 1.2 of the Registration Document. The
occurrence of one or more of these risks might have a material adverse
impact on the Kaufman & Broad group's business activities, net assets,
financial position, results, and outlook, as well as on the price of Kaufman
& Broad's shares.
This press release does not amount to, and cannot be construed as amounting
to a public offering, a sale offer or a subscription offer, or as intended
to seek a purchase or subscription order in any country.
· Glossary
Adjusted EBIT: corresponds to income from current operations restated for
capitalized "IAS 23" borrowing costs, which are deducted from gross margin.
Backlog: in the case of sales before completion (VEFA), this covers orders
for housing units that have not been delivered, and for which a notarized
deed of sale has not yet been signed, and orders for housing units that have
not been delivered for which a notarized deed of sale has been signed for
the portion not yet recorded in revenue (in the case of a program for which
an advance of 30% has been received, 30% of the revenue from a housing unit
for which a notarized deal has been signed is recognized as revenue, while
70% is included in the backlog). The backlog is a summary at a given time,
which enables the revenue yet to be recognized over the coming months to be
estimated, thus supporting the Group's forecasts - with the proviso that
there is an element of uncertainty in the transformation of the backlog into
revenue, particularly for orders that have not yet been signed.
EHU: the EHUs (Equivalent Housing Units) are a direct reflection of business
volumes. The number of EHUs is a function of multiplying (i) the number of
housing units of a given program for which notarized sales deeds have been
signed by (ii) the ratio between the group's property expenses and
construction expenses incurred on said program and the total expense budget
for said program.
Gross margin: corresponds to revenue less cost of sales. The cost of sales
is made up of the price of land and any related costs plus the cost of
construction.
Financing capacity: corresponds to cash assets plus lines of credit not yet
drawn.
Lease-before-completion (BEFA): a lease-before-completion involves a
customer leasing a building before it is built or redeveloped.
Orders: measured in volume (units) and in value terms; orders reflect the
group's sales activity. Orders are recognized in revenue based on the time
necessary for the "conversion" of an order into a signed and notarized deed,
which is the point at which income is generated. In addition, in the case of
multi-occupancy housing programs that include mixed-use buildings
(apartments, business premises, retail space, and offices), all of the floor
space is converted into housing unit equivalents.
Property portfolio: represents all of the land for which any commitment
(contract of sale, etc.) has been signed.
Property supply: it is represented by the total inventory of properties
available for sale as of the date in question, i.e. all unordered housing
units as of this date (minus the programs that have not entered the
marketing phase).
Sale-before-completion (VEFA): a sale-before-completion is an agreement by
which the vendor transfers its rights to the land and its ownership of the
existing buildings to the purchaser immediately. The future structures will
become the purchaser's property as they are completed: the purchaser is
required to pay the price of these structures as the works progress. The
seller retains the powers of the Project Owner until the acceptance of the
work.
Take-up period: the take-up period is the number of months required for the
available housing units to be sold, if sales continue at the same rate as in
previous months, or the number of housing units (available supply) per
quarter divided by the orders for the previous quarter, and divided by three
in turn.
Take-up rate: the take-up rate represents the percentage of the initial
inventory that is sold on a monthly basis for a property program (sales per
month divided by the initial inventory), i.e. net monthly orders divided by
the ratio between the opening inventory and the closing inventory, divided
by two.
Units: units are the number of housing units or equivalent housing units
(for mixed projects) for a given project. The number of equivalent housing
units is calculated as a ratio between the surface area by type (business
premises, retail space, or offices) and the average surface area of the
housing units previously obtained..
NOTES
· Financial data
Key consolidated data
EUR thousands Q4 Year Q4 Year
2019 2019 2018 2018
Revenue 442,476 1,472,154 461,892 1,558,229
Of which housing 413,886 1,334,000 406,856 1,293,750
Of which Commercial 25,752 130,410 51,293 254,150
Property
Of which other 2,838 7,744 3,742 10,329
Gross margin 85,414 283,859 88,159 300,002
Gross margin ratio (%) 19.3% 19.3% 19.1% 19.3%
Current operating income 40,060 128,761 38,911 137,185
Current operating margin 9.1% 8.7% 8.4% 8.8%
(%)
Adjusted EBIT* 42,582 139,190 42,663 148,921
Adjusted EBIT margin (%) 9.6% 9.5% 9.2% 9.6%
Attributable net income 22,311 76,272 21,207 72,972
Attributable net earnings 1.01 3.45 0.97 3.34
per share (EUR /share)**
* Adjusted EBIT corresponds to current operating profit
restated for capitalized "IAS 23" borrowing costs, which are
deducted from the gross margin.
** Based on the number of shares that make up Kaufman &
Broad S.A.'s share capital, i.e. 21,864,074 shares at
November 30, 2018 and 22,088,023 shares at November 30, 2019
Consolidated income statement*
EUR thousands Q4 Year Q4 Year
2019 2019 2018 2018
Revenue 442,476 1,472,154 461,892 1,558,229
Cost of sales -357,062 -1,188,295 -373,733 -1,258,227
Gross margin 85,414 283,859 88,159 300,002
Sales expenses -9,064 -30,800 -10,302 -36,433
Administrative expenses -20,173 -68,903 -26,225 -74,541
Technical and customer -5,440 -22,200 -5,055 -21,487
service expenses
Development and program -10,678 -33,196 -7,666 -30,357
expenses
Current operating income 40,060 128,761 38,911 137,185
Other non-recurring
income and expenses
Operating income 40,060 128,761 38,911 137,185
Cost of net financial -2,265 -5,509 -1,709 -8,707
debt
Other financial income
and expense
Income tax -10,817 -32,915 -11,611 -39,335
Share of income (loss) 1,041 3,424 677 3,894
of equity affiliates and
joint ventures
Net income of the 28,019 93,761 26,268 93,037
consolidated entity
Non-controlling equity 5,708 17,489 5,061 20,065
interests (P&L)
Attributable net income 22,311 76,272 21,207 72,972
*Not approved by the Board of Directors and not audited.
Consolidated balance sheet*
EUR thousands Nov. 30, Nov. 30,
2019 2018
ASSETS
Goodwill 68,661 68,661
Intangible assets 91,209 90,017
Property, plant and equipment 5,976 8,407
Equity affiliates and joint ventures 6,087 6,185
Other non-current financial assets 1,756 1,826
Deferred tax assets 4,002 4,233
Non-current assets 177,691 179,330
Inventories 457,321 396,786
Accounts receivable 511,907 406,309
Other receivables 211,501 172,172
Cash and cash equivalents 208,102 253,358
Prepaid expenses 1,435 1,100
(MORE TO FOLLOW) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
Current assets 1,390,266 1,229,726
TOTAL ASSETS 1,567,957 1,409,056
Nov. 30, Nov. 30,
2019 2018
LIABILITIES
Share capital 5,743 5,685
Additional paid-in capital 200,879 168,816
Attributable net income 76,272 72,972
Attributable shareholders' equity 282,894 247,473
Non-controlling equity interests (balance 11,140 14,282
sheet)
Shareholders' equity 294,034 261,755
Non-current provisions 37,706 33,402
Non-current financial liabilities (maturing 148,900 199,652
in > 1 year)
Deferred tax liability 50,928 42,692
Non-current liabilities 237,534 275,746
Current provisions 2,529 2,265
Other current financial liabilities 3,189 3,705
(maturing in < 1 year)
Accounts payable 907,498 705,958
Other payables 123,047 159,199
Prepaid income 126 428
Current liabilities 1,036,389 871,555
TOTAL LIABILITIES 1,567,957 1,409,056
* Not approved by the Board of Directors and
not audited
.
· Operational data
Housing Q4 Year Q4 Year
2019 2019 2018 2018
Revenue (EUR million, 413.9 1,334.0 406.9 1,293.8
excluding VAT)
? Of which apartments 381.7 1,232.4 384.9 1,220.8
? Of which single family 32.2 101.6 22.0 73.0
homes in communities
Deliveries (EHUs) 2,303 7,056 2,386 7,566
? Of which apartments 2,174 6,664 2,292 7,255
? Of which single family 129 392 94 311
homes in communities
Net orders (number) 2,596 8,222 3,141 9,122
? Of which apartments 2,502 7,856 2,909 8,613
? Of which single family 94 366 232 509
homes in communities
Net orders (EUR million, 562.6 1,709.0 638.0 1,871.5
including VAT)
? Of which apartments 533.7 1,599.6 582.8 1,735.7
? Of which single family 28.9 109.4 55.1 135.8
homes in communities
Property supply at the end 3,990 3,781
of the period (in number)
End-of-period backlog
? In value terms (EUR 2,069.3 1,960.8
million, excluding VAT)
- Of which apartments 1,959.6 1,839.7
- Of which single family 109.8 121.1
homes in communities
? In months of business 18.4 18.2
End-of-period land reserve 33,090 30,116
(number)
Commercial Q4 Year Q4 Year
2019 2019 2018 2018
Revenue (EUR million, 25.8 130.4 51.3 254.2
excluding VAT)
Net orders (EUR million, 348.8 467.5 13.3 359.5
including VAT)
End-of-period backlog 475.6 218.3
(EUR million, excluding
VAT)
=---------------------------------------------------------------------------
[1] IAS 23 - Borrowing Costs: The IFRS Interpretation Committee has issued
clarification of the standard, setting out the accounting treatment of
borrowing costs. The capitalization of interest is not applicable to sales
contracts involving over-time transfer of control, such as sales before
completion, and the Group must adjust its treatment accordingly for the
recognition of revenue and cost of sales, and the determination of the cost
price of real estate inventory. These changes will be taken into account in
the group's financial statements from the start of the 2020 financial year.
[2] Following the change in interpretation of IAS 23, the EBIT margin will
be comparable with the adjusted EBIT margin in the year ended November 30,
2019.
[3] IAS 23 - Borrowing Costs: The IFRS Interpretation Committee has issued
clarification of the standard, setting out the accounting treatment of
borrowing costs. The capitalization of interest is not applicable to sales
contracts involving over-time transfer of control, such as sales before
completion, and the Group must adjust its treatment accordingly for the
recognition of revenue and cost of sales, and the determination of the cost
price of real estate inventory. These changes will be taken into account in
the group's financial statements from the start of the 2020 financial year.
[4] Following the change in interpretation of IAS 23, the EBIT margin will
be comparable with the adjusted EBIT margin in the year ended November 30,
2019
Regulatory filing PDF file
Document title: Kaufman & Broad: 2019 Annual Results
Document: http://n.eqs.com/c/fncls.ssp?u=BXHPWYJWOS [3]
964921 30-Jan-2020 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=b40f286580e5a3e4d565d58dfb24fd60&application_id=964921&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ed80b2c1b904364f9fbd568bcbe0473b&application_id=964921&site_id=vwd&application_name=news
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=85e1c17065c82216a5e9f53d82d311a2&application_id=964921&site_id=vwd&application_name=news
(END) Dow Jones Newswires
January 30, 2020 14:03 ET (19:03 GMT)
