John Cockerill India Ltd Management Discussions

INDUSTRY STRUCTURE AND DEVELOPMENTS

Global Steel Industry

The global steel industry has experienced a turbulent year in 2024, as a combination of economic challenges, geopolitical uncertainties, and sector-specific dynamics has shaped its performance. Despite the ongoing hurdles, the industry has displayed some resilience, particularly in emerging markets like India. However, key players such as China faced declines, while developed economies have seen a sluggish recovery in steel demand. According to the World Steel Association (worldsteel), global steel demand contracted by 0.9%, totaling 1,751 million tonnes. This drop reflects a broader trend of slowing industrial output and demand for steel in key sectors across various regions.

Economic and Geopolitical Challenges

The global steel industrys performance in 2024 was significantly impacted by macroeconomic factors. One of the primary contributors to the downturn was the global tightening of monetary policy. Central banks, especially in advanced economies, increased interest rates to combat inflation. While this was intended to stabilize the global economy, it had the side effect of increasing borrowing costs for businesses and consumers. Higher financing costs weighed heavily on industries that are major consumers of steel, including construction and manufacturing, leading to decreased demand for the metal.

Simultaneously, geopolitical uncertainties, including the ongoing war in Ukraine, strained energy markets and disrupted global supply chains. Steel production, which is energy-intensive, became more expensive as energy prices remained volatile. These challenges, combined with other structural issues, led to a slowdown in the industrys overall growth trajectory.

Chinas Declining Steel Demand

As the worlds largest steel producer and consumer; Chinas performance has always had a significant impact on global steel dynamics. In 2024, China experienced a notable reduction in both steel production and demand. The countrys crude steel output fell by 1.7%, reaching 1.005 billion metric tons the lowest level in five years. This decline was driven primarily by persistent weaknesses in the real estate sector, which has been one of the largest consumers of steel in China for years.

The slowdown in construction and infrastructure development, compounded by the ongoing challenges in the property market, led to a 3% drop in steel demand in China in 2024. The effects of this downturn are expected to linger, with the World Steel Association forecasting a further decline of 1% in 2025. The contraction in Chinas steel demand has raised concerns about the global oversupply of steel and the possibility of price volatility, as other countries may face pressure to absorb Chinas excess production.

India: A Bright Spot in the Global Market

In stark contrast to China, India emerged as one of the few bright spots in the global steel industry. The country maintained robust growth in steel demand, driven by a combination of infrastructure investments, urbanization, and industrial expansion. According to worldsteel, Indias steel demand is expected to grow by 8% over 2024 and 2025, making it one of the fastest-growing steel markets globally.

Indias growth has been largely supported by its ambitious infrastructure projects, including roads, bridges, and urban development. The governments focus on improving the countrys infrastructure has continued to fuel demand for structural steel, which in turn bolstered the overall steel consumption. This expansion has positioned India as a key player in the global steel market, and its strong performance has somewhat offset the declines in other regions, particularly China.

Performance of Developed Economies

Developed economies experienced a more mixed performance in 2024, with steel demand generally declining. In major steel-consuming nations like the United States, Japan, South Korea, and Germany, steel demand shrank by around 2%. Several factors contributed to this downturn. In the United States, for example, rising interest rates led to higher financing costs, which dampened investment in infrastructure and manufacturing. Similarly, in Europe, steel demand faced headwinds due to slow economic recovery, energy cost pressures, and weak demand from automotive and construction sectors.

However, there are signs of optimism for a recovery in 2025. Worldsteel has forecasted a 1.9% increase in steel demand for developed economies in the coming year. This anticipated recovery is driven by expected improvements in the European Union, particularly in the steel-using sectors that were hit hardest by the energy crisis. Modest recoveries in Japan and the United States are also expected, although the rebound may not be as strong or immediate as in emerging markets like India.

Sector-Specific Trends

Certain sectors within the steel industry also displayed varied performance in 2024. The automotive industry, which had enjoyed a period of strong growth in 2023, faced significant challenges in 2024. The production of light vehicles slowed due to rising inventories, weak consumer demand, and a deceleration in battery electric vehicle (BEV) sales, especially in major markets like Europe and China. The automotive sector, traditionally a major consumer of high-strength steel, therefore reduced its demand for the material. This slowdown was exacerbated by increased competition from alternative materials and technologies in the automotive sector.

On the other hand, the construction sector in developing economies, particularly in India and parts of Southeast Asia, continued to be a significant driver of steel demand. The infrastructure boom in these regions kept demand for structural steel strong, helping to balance out the overall market performance. Similarly, the energy sector, especially renewable energy projects like wind and solar infrastructure, created new opportunities for steel consumption, particularly in specialized applications such as steel pipes and tubes.

Outlook for 2025 and Beyond

Looking forward - the global steel industry is expected to face continued challenges in 2025, but there are also reasons for cautious optimism. While steel demand is projected to recover modestly, driven by improving conditions in developed economies and continued growth in emerging markets, the pace of recovery will vary.

The easing of financing conditions in major economies, coupled with pent-up demand and the resurgence of investments in infrastructure, could provide a much-needed boost to steel demand in 2025. In particular, the European Union is expected to see some recovery in its steel-using sectors, while the automotive industry may stabilize as it adapts to changing consumer preferences and technological advancements.

In conclusion, 2024 was a year of mixed fortunes for the global steel industry. While emerging markets like India demonstrated resilience and robust growth, key players such as China faced declines in steel demand, reflecting the broader challenges of a slow global economic recovery. The outlook for 2025 remains cautiously optimistic, with global steel demand expected to rebound modestly, especially in developed economies and regions investing heavily in infrastructure.

Economic Environment

The global economic environment for the steel industry was shaped by several key factors that influenced production, demand, and pricing.

• Declining Demand in Major Markets

China, the worlds largest steel producer and consumer, experienced a significant downturn. Crude steel output fell by 1.7% to 1.005 billion metric tons, marking a five-year low. This decline was primarily due to weak demand from a struggling property market.

Similarly, developed economies faced challenges. The United States, Japan, South Korea, and Germany saw steel demand decrease by approximately 2%. Factors contri buting to this decline included rising interest rates, which increased financing costs and dampened investment in infrastructure and manufacturing. Additionally, energy cost pressures and weak demand from automotive and construction sectors further strained the steel market.

• Emerging Market Growth

In contrast, India emerged as a bright spot in the global steel landscape. The country maintained robust growth in steel demand, driven by infrastructure investments, urbanization, and industrial expansion. Indias steel demand is expected to grow by 8% over 2024 and 2025, making it one of the fastest-growing steel markets globally.

• Overcapacity Concerns

The global steel industry continued to grapple with overcapacity issues. Between 2024 and 2026, an additional 68.3 million metric tons of steelmaking capacity is expected to come online, with a further 88.7 million metric tons potentially being added according to announced plans by steel companies. This expansion occurs amid relatively weak steel market conditions, raising concerns about the potential for oversupply and its impact on pricing and profitability.

• Technological and Environmental Shifts

The industry is also undergoing significant technological and environmental transformations. There is a growing shift towards electric arc furnaces (EAFs), which can produce steel from scrap, marking a move towards a circular steel economy. This transition requires restructuring of global and European scrap trade and scaling of the underlying business ecosystem.

In summary the global steel industry in 2024 faced a complex economic environment characterized by declining demand in major markets, growth in emerging economies, overcapacity concerns, and significant technological and environmental shifts. These factors collectively influenced production levels, pricing, and the strategic direction of the industry.

Steel Scenario and Outlook

Indias Gross Domestic Product (GDP) is projected to experience robust growth in the coming years, with significant implications for its economic trajectory.

GDP Growth Projections

• 2025 and 2026: The International Monetary Fund (IMF) forecasts Indias GDP growth to remain robust at 6.5% for both 2025 and 2026, aligning with earlier projections from October. This consistent growth outlook reflects Indias stable economic fundamentals and its ability to maintain momentum despite global uncertainties.

• 2024: Indias economy is projected to grow at an impressive rate of 8.2% in the fiscal year 2024, significantly exceeding the governments earlier estimate of 7.3%. This growth is driven by strong domestic demand, increased government capital spending, and a rebound in exports.

• 2030: S&P Global projects that India will become the worlds third-largest economy by fiscal 2030-31, with an average annual growth rate of 6.7%. This growth is expected to nearly double Indias nominal GDP to over $7 trillion, increasing its share in global GDP from 3.6% to 4.5%.

Implications for the Steel Industry

The projected GDP growth has significant implications for Indias steel industry:

• Increased Demand: Robust economic growth is expected to drive demand for steel in infrastructure development, manufacturing, and construction sectors. Government initiatives such as Bharatmala, Sagarmala, and PMAY are anticipated to further boost steel consumption.

• Capacity Expansion: To meet the growing demand, Indias steel production capacity is projected to reach 240-250 million tonnes by 2030, approaching the governments target of 300 million tonnes. This expansion will be concentrated in regions like Odisha and Chhattisgarh, which are anticipated to remain key steel-producing hubs.

• Environmental Considerations: The growth trajectory faces challenges, including concerns about the environmental impact of coal-based steelmaking. The Global Energy Monitor (GEM) has raised concerns that Indias plans to expand coal-powered steelmaking could hinder its goal of achieving net-zero carbon emissions by 2070. GEM highlighted that ongoing investments in coal-based steelmaking and a young fleet of emission-intensive blast furnaces could result in an additional 680 million metric tons of CO2-equivalent emissions, potentially leading to $187 billion in stranded assets.

In response, the Indian government is seeking 150 billion rupees ($1.74 billion) from the federal budget for fiscal year 2025-26 to incentivize the production of low-carbon steel. This initiative supports Indias broader goal of reducing greenhouse gas emissions and achieving net-zero emissions by 2070. The incentives will focus on reducing emissions, boosting research and development, increasing raw material efficiency, and encouraging banks to offer lower interest rates on renewable energy loans.

In summary, Indias GDP is projected to grow robustly in the coming years, with significant implications for the steel industry. While the growth presents opportunities for expansion and development, it also necessitates addressing environmental challenges to ensure sustainable economic progress.

John Cockerill to meet the needs of the time

John Cockerill demonstrates a strong commitment to advancing green steel production, focusing on innovative technologies and strategic partnerships to support the steel industrys transition toward sustainability.

Key Initiatives

• Partnership with Steel Authority of India Limited (SAIL)

In November 2024, John Cockerill India Limited signed a Memorandum of Understanding (MoU) with SAIL to explore sustainable steelmaking solutions. The collaboration focuses on integrating green hydrogen into iron and steelmaking processes, developing a joint venture in Cold Rolling and Processing for Carbon Steel-including Green Steel and Silicon Steel (CRGO, CRNO)-and incorporating John Cockerills innovative processing technologies into SAILs future projects.

• Expansion into Iron & Steelmaking Technologies

John Cockerill has extended its Metals product portfolio to include Iron & Steelmaking technologies, supporting the steel value chains decarbonization efforts. This expansion encompasses Direct Reduced Iron (DRI), Electric Arc Furnace (EAF) technologies, and the development of Volteron?, a direct electrolysis method for iron reduction. These technologies aim to reduce carbon emissions and enhance energy efficiency in steel production.

• Development of Volteron? Technology

John Cockerill is developing Volteron?, a pioneering iron reduction and steel processing route that utilizes direct electrolysis. This innovative approach has the potential to significantly reduce carbon emissions associated with traditional blast furnace methods, offering a more sustainable pathway for steelmaking.

• Focus on Energy Efficiency and Hydrogen Integration

The Company is concentrating on enhancing energy efficiency and integrating hydrogen into steelmaking processes. By leveraging high-performance alkaline electrolyzers and integrated project execution solutions, John Cockerill enables steelmakers to produce green hydrogen, which can serve as a reducing agent in the liquid phase of steelmaking, thereby reducing reliance on fossil fuels and lowering carbon emissions.

• Jet Vapor Deposition (JVD) Technology

JVD is a cutting-edge method for applying metallic coatings to steel strips. Unlike traditional hot-dip galvanizing, JVD involves vaporizing zinc under vacuum conditions and depositing it onto a moving steel strip. This process optimizes zinc usage, reducing material costs and environmental impact. Additionally, JVD enables the coating of high-strength steel grades that are challenging to galvanize using conventional methods. John Cockerill has commercialized this technology, offering it to steel producers worldwide.

• E-Si? Processing Line

The E-Si? line is specifically designed for producing high- performance electrical steels, essential for efficient electric motors and transformers. This technology addresses the increasing demand for electrical steel in the context of rising e-mobility and electric vehicle adoption. The E-Si? line features:

Review of Operations

As of December 31, 2024, the Company closed the financial year with a net loss of (5.38) crore, reflecting the impact of a challenging economic and business environment. Lower-than-expected order inflows affected overall performance, while revenue from operations stood at Rs 388.73 crore.

Our Value Services division-Revamps, Spares, and Services-remained a pillar of resilience, delivering strong results. Our strategic focus on this segment enhances lifecycle support for customers, helping them upgrade and decarbonize their operations while reinforcing our competitive position.

Despite external challenges, we secured key orders that highlight our adaptability and market strength. A major achievement was signing a supply agreement with Jindal (India) Limited for a state-of-the-art Colour Coating Line (CCL) at their Ranihati Works.

Additionally, JCIL has been entrusted with a pivotal role in a global project for an Annealing and Pickling Line for Silicon Steel. Our responsibilities include detailed engineering, terminal equipment supply, pre-assembly of refractory, annealing furnace supply, hydraulic and lubrication systems, and the lines erection and commissioning.

We also played a crucial role in Tata Steels Kalinganagar plant, successfully facilitating the production of the first hot coil on the Continuous Annealing Line (CAL) supplied by John Cockerill.

Operational progress continues at Tata Steel, AMNS, and Jindal Steel Odisha Limited (JSOL) with activities advancing on schedule.

Opportunities and Threats

The Indian steel industry is poised for significant growth from 2025 to 2030, presenting both substantial opportunities and notable challenges.

Indias steel demand is projected to increase by 8-9% in 2025, driven by infrastructure development, housing, and industrial expansion.

This robust demand offers a favourable environment for steel producers to enhance production and profitability. The Indian government is actively supporting the steel sector through policy measures aimed at reducing emissions and promoting sustainable practices. The steel ministry has requested Rs 150 billion ($1.74 billion) from the federal budget for fiscal year 2025-26 to incentivize the production of low- carbon steel.

This initiative aligns with Indias broader goal of achieving net-zero emissions by 2070 and presents an opportunity for steel manufacturers to invest in green technologies and processes. To meet the growing demand, Indias steel capacity is expected to reach 240-250 million tonnes by 2030, nearing the governments ambitious target of 300 million tonnes.

However, the influx of cheaper imported steel, particularly from China, poses a significant threat to domestic producers. Prolonged imports of "unfairly priced" Chinese steel could negatively affect investment plans within Indias domestic steel industry.

This competition may lead to market share erosion and pressure on profit margins for Indian steel manufacturers. While government incentives are available, the transition to green steel production requires substantial investment in new technologies and processes, which could strain financial resources. Additionally, fluctuating prices of key raw materials, such as iron ore and coking coal, can impact production costs and profitability. These price volatilities can affect the financial stability of steel companies and their ability to plan for long-term investments.

Addressing these challenges while capitalizing on growth opportunities will be crucial for the Indian steel industrys sustainable development in the coming years.

Risk Management

Effective risk management is integral to our ability to achieve strategic objectives and sustain long-term success. Our Board of Directors holds the responsibility of identifying significant risks and ensuring the implementation of appropriate mitigation measures.

We have established a comprehensive Risk Management Framework to proactively identify, assess, and address key risks across all major functions, including cybersecurity. This framework is aligned with our business strategy and has been developed and approved by senior management. It ensures that both existing and emerging risks are managed systematically and effectively.

Risk identification is embedded across all stages of our operations, from the bidding and proposal phase of a project to its successful completion. We continuously assess internal and external risks related to resource availability, supply chain dynamics, legal and regulatory compliance, and other critical business areas. Our well-defined project review mechanism enables timely actions and prudent decision-making, ensuring smooth project execution.

Each functional area within the Company plays an active role in risk assessment, identification, and control. We employ a structured bottom-up approach, where risk factors are first assessed at the functional level and subsequently escalated, as necessary, to the Risk Management Committee, Audit Committee, and the Board. This approach integrates management oversight, independent reviews by internal auditors, and robust control mechanisms to enhance risk governance.

To further strengthen our risk management framework, the Company has constituted a Risk Management Committee at the Board level. This committee oversees the outcome of the annual risk mapping exercise and works closely with the Managing Director and other senior leaders to identify and address operational, commercial, and external risks. Through continuous monitoring and assessment, we remain agile in responding to evolving risk landscapes, reinforcing resilience and business sustainability.

Finance

During the financial year 2024, we secured new orders worth Rs 308.8 crores, bringing our closing order book to over Rs 680.8 crores as of December 2024. Revenue from operations declined by 42%, from Rs 666.61 crores for the nine-month period (April to December 2023) to Rs 388.73 crores for the year ended December 2024. Operating profit (PBDIT) also saw a significant decrease of 97%, dropping from Rs 32.25 crores in the nine-month period (April to December 2023) to Rs 1.09 crores for the year ended December 2024. Despite these challenges, we remain debt-free and maintain sufficient credit lines to manage fluctuations in working capital while executing our ongoing projects.

The key financial ratios for the financial year ended December 31, 2024 as compared to the previous period are as under :

Ratio	December 31, 2024	December 31, 2023	% Variance
Return on Net Worth	(2.68%)	10.24%	(126.14%)
Return on Investment	(2.45%)	11.96%	(120.44%)
Return on Capital Employed	(5.41%)	10.14%	(153.39%)
Current Ratio	1.25	1.13	10.79%
Liquid Ratio	1.19	1.09	8.66%
Operating Profit Margin	(3.14%)	3.00%	(204.55%)
Net Profit Margin	(1.40%)	3.26%	(142.92%)

The performance for the current year is not directly comparable to that of the previous period due to a change in the duration of the financial year. The current year comprises twelve months, whereas the previous period covered nine months. The changes in the ratio is due to reduction in business activities.

Human Resource Management and Industrial Relations

As of December 31, 2024, the Company employed 407 permanent staff members.

Our human resources play a pivotal role in securing the Companys future by providing employees with the necessary training and support for transitioning into new roles within the organization through crossfunctional mobility. Upskilling employees in emerging technologies is crucial for maintaining a competitive edge. This approach not only enhances individual career growth but also strengthens the organizations adaptability and competitiveness in a rapidly evolving business landscape.

The Company is committed to fostering a diverse and inclusive workforce and the recruitment strategies have been tailored to attract and retain female talent, ensuring equal opportunities across all levels of the organization. This commitment is reflected in the comprehensive performance management systems, which are designed to recognize and reward the contributions of all employees, promoting a culture of meritocracy and continuous improvement.

The Company prioritizes the health and wellness of its employees by implementing robust programs focused on mental well-being. These initiatives include access to health awareness talks, stress management workshops, and wellness activities aimed at maintaining a healthy work- life balance. The employee-friendly policies and facilities are designed to support a diverse workforce, offering flexible work arrangements, leaves, and other benefits that cater to the varied needs of its employees.

In 2024, we dedicated 5,668 man-hours to training our personnel, showcasing our commitment to enhancing workforce skills. The Company consistently enhances its performance management process.

Throughout the year, our workforce at all levels has maintained positive working relationships, fostering a collaborative and supportive environment. The Directors express their sincere gratitude to all workers and employees for their valuable contributions, unwavering support, and cooperation throughout the year.

The Company continues to remain committed to fostering an environment where every team member feels valued and appreciated, ensuring continued growth and success for both our employees and the organization as a whole.

Health and Safety

The Company remains steadfast in its commitment to occupational health and safety, diligently implementing a comprehensive "hierarchy of controls" to mitigate workplace hazards. This approach prioritizes the elimination or substitution of unsafe conditions, followed by the application of engineering and administrative controls, and concludes with the provision of appropriate personal protective equipment (PPE) for tasks that pose residual risks.

As of December 31, 2024, our Taloja and Hedavali plants have achieved 4,179 and 2,462 days without a Lost Time Accident (LTA), respectively. Additionally, our project sites have collectively reached 1,756 days without an LTA, underscoring our dedication to maintaining a safe working environment across all operations.

Throughout the year, we have invested 2,479 hours in safety-related activities, including meetings, training sessions, toolbox talks, and health awareness programs. This investment reflects our ongoing commitment to enhancing safety knowledge and practices among our workforces.

By adhering to these rigorous safety protocols and fostering a culture of continuous improvement, we aim to ensure the well-being of our employees and the sustainability of our operations.

Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company is committed to fostering a safe and respectful workplace for all employees. In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 (POSH), we have implemented comprehensive awareness programs for all staff members.

These programs are designed to educate employees about the legal and ethical aspects of workplace conduct, ensuring they understand the importance of maintaining a respectful environment. The training sessions cover various topics, including the definition of sexual harassment, the organizations policies and procedures for reporting incidents, and the roles and responsibilities of the Internal Complaints Committee (ICC). This approach ensures that all employees, regardless of gender or designation, are well-informed and equipped to contribute to a safe workplace.

By conducting these awareness programs, we aim to empower our employees with the knowledge and tools necessary to recognize, prevent, and address any instances of sexual harassment, thereby upholding the integrity and dignity of every individual within our company.

Information Technology

This year, the focus was on the datacenter and connectivity infrastructure. The reason for this focus is the Microsofts O365 platform which is the key environment for the collaboration at global level. In the datacenter we have implemented the technology called HCI (hyper converge infrastructure) from Nutanix with vSphere as the Hypervisor from VMware. By implementing HCI technology we have reduced hardware, maintenance and power consumption costs. We have also upgraded our Windows OS in the datacenter from 2016 to 2022. After migration to Aurum Q2, we have improved our perimeter security and connectivity redundancy by implementing multiple links configured in auto-failover mode to achieve maximum availability of IT infra to all the users at all the locations.

The Company has strengthened the end user support by implementing global IT helpdesk ticketing tool called DigiAssist which helps us to improve tracking and visibility for end users.

In Engineering, we have implemented Autodesk Vault Professional to adopt and manage the 3D engineering repository and automate workflows. The local Vault server in integrated with global Vault for replication

Internal Control Systems

An effective internal control system is fundamental to our sustainable growth and sound corporate governance. We continuously evaluate and enhance our internal control framework to align with the evolving business environment and regulatory requirements. Our robust internal control mechanisms ensure transparency, accountability, and operational efficiency across all levels of the organization.

Our internal financial controls are designed to be commensurate with the nature and complexity of our business operations. These controls are aligned with the requirements of the Companies Act, 2013 ("the Act") and adhere to the globally recognized "Internal Control Framework" issued by the Committee of Sponsoring Organisations (COSO) of the Treadway Commission. This comprehensive framework encompasses our management systems, organizational structures, IT general controls, entity-level policies, processes, and Standard Operating Procedures (SOPs). Additionally, we have established a "Risk Control Matrix" for each of our key processes, ensuring a structured approach to risk mitigation.

Compliance with internal control policies and procedures is embedded in our daily operations, management practices, and review mechanisms. We regularly assess the adequacy and effectiveness of these controls through periodic internal audits, covering both core business functions and support activities. The internal audit plan, developed by our management, undergoes a rigorous review by the Audit Committee. Significant audit observations, along with managements corrective actions and implementation progress, are presented to the Audit Committee for further evaluation.

The Audit Committee plays a pivotal role in overseeing the effectiveness of our internal control environment. It periodically reviews audit findings, assesses the sufficiency of internal financial controls, and monitors the implementation of audit recommendations to ensure continuous improvement. Based on an evaluation conducted under Section 177 of the Act and Clause 18 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audit Committee has concluded that, for the period January - December 2024 and as of December 31, 2024, our internal financial controls were adequate and operating effectively.

Furthermore, M/s. S R B C & Co. LLP, the Statutory Auditors of the Company, have audited the financial statements included in this Annual Report and have issued a satisfactory report on our internal controls over financial reporting, as defined under Section 143 of the Act. This independent validation underscores the strength and reliability of our internal control framework, reinforcing our commitment to upholding the highest standards of corporate governance.

Cautionary Statement

The Statements made in this report are forward-looking and are based on certain assumptions and expectations of future events. The Company cannot guarantee that these forward-looking statements will be realized, though they are set out based on anticipated results and management plans. The Companys actual results, performance or achievements are subject to risk, uncertainties, and even inaccurate assumptions, which could thus differ materially from those projected in any such forward looking statements. The Board of Directors of the Company assumes no responsibility in respect of the forward-looking statements mentioned herein, which may differ in future on account of subsequent developments, events or otherwise and the Company is under no obligation to publicly update any forward-looking statements based on subsequent developments, information, future events or otherwise.