Star Housing Finance Ltd Management Discussions

GLOBAL ECONOMY

OVERVIEW

The global growth proved surprisingly resilient despite higher policy rates. Economic activity outpaced expectations in most countries, and employment, in particular, remained robust, even as inflation retreated significantly. The global economy registered a decline in growth from 3.5% in 2022 to an estimated 3.2% in 2023. Asia is expected to contribute significantly to global growth in FY 23-24, despite the weaker-than-expected recovery in China, sustained weakness in USA, rising energy costs in Europe, weak global consumer sentiment due to the Ukraine-Russia war, and the Red Sea crisis resulting in increased logistics costs. A tightening monetary policy translated into increased policy rates and interest rates for new loans. Inflationis edging down from multi decade highs, with intermittent upticks. Financial market sentiments have been fluctuating with changing views about an early pivot by centralbanks inadvancedeconomies(AEs). is expected to fall from an annual average of 6. Growth in advanced economies is estimated to decline from 2.6% in 2022 to 1.5% in 2023 and further, 1.4% in 2024 as policy tightening takes effect. Emerging markets and developing countries are projected to report a modest decline in economic growth from 4.1% in 2022 to 4.0% in 2023 and 2024. Emerging market economies (EMEs) are facing currency fluctuations amidst volatile capital flows. The likelihood of lower interest rates has spurred rallies in equity markets, although uncertainty about the timing of interest rate reduction is reflected in bi directional movements in the US dollar and sovereign bond yields. Global equity markets ended 2024 on a strong note, with major global equity benchmarks achieving double-digit returns. This outperformance was driven by a downturn in global inflation, a slide in the dollar index, declining crude prices, and higher expectations of rate cuts by the US Fed and other central banks. Global inflation is projected decline steadily from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024 on account of a tighter monetary policy coupled with relatively lower international commodity prices. Core inflation is expected to decrease gradually, as not expected to return to its target until 2025 in most cases. The US Federal Reserve approved a much-anticipated interest rate hike that raised the benchmark borrowing costs to their highest in over 22 years. Global headline inflation in 2023 to 5.9% in 2024 and 4.5% in 2025, with advanced economies returning to their inflation targets sooner than emerging markets and developing economies. The pace of convergence toward higher living standards for middle- and lower-income countries has slowed, implying a persistence in global economic disparities.

Asia is poised to continue leading global growth in FY 24-25. Inflation is expected to ease gradually as cost pressures decrease; headline inflation in G20 countries is projected to decline. Amid high inflation the global economy has shown resilience as the growth is expected to be stabilised at previous levels over the next two years (Source: World Bank).

The baseline forecast is for the world economy to continue growing at 3.2% during 2024 and 2025, at the same pace as in 2023. A little acceleration in advanced countries where growth is predicted to climb from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025 will be countered by a modest slowdown in emerging market and developing economies, from 4.3% in 2023 to 4.2% in both 2024 and 2025. The global growth projections for the next five years are at its lowest in decades, at 3.1%. Global inflation is expected to slowly drop, from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025, with advanced nations returning to their inflation objectives sooner than emerging market and developing economies. Core inflation is expected to drop more gradually. Despite large interest rate rises by central banks to preserve price stability, the global economy has remained unexpectedly robust.

The Indian economy grew at 8.2% in FY 23-24 as against 7.0% in FY 22-23, primarily driven by sharp revival in the secondary sector that grew at 9.7%. Manufacturing and

Construction activities were in full swing and lead with a 9.9% expansion during the year. Along with being one of the fastest growing economies in the world, India ranked fifth in the world in terms of nominal GDP for 2023 according to IMF forecasts (World Economic Outlook April 2024 Update). India overtook the UK to become the fifth-largest economy in the world in 2022 and has maintained its position since then. In terms of purchasing power parity ("PPP"), India is the third largest economy in the world, only after China and the United States. The Indian rupee displayed relative resilience compared to the previous year as the rupee depreciated 0.8% from Rs.82.66 against the US dollar on the first trading day of 2023 to Rs.82.18 on the last trading day of December 2023. Over the course of FY 23-24, the headline CPI inflationpersisted to remain sticky at an average of 5.4% with rural inflation inflation. Core inflation, on the other hand, averaged at 4.4%, down from 6.2% in FY 23, moderated by softening global commodity prices and pullback in the fuel and light categories. Lower production and erratic weather caused spikes in food inflation especially in cereal, and vegetables undermining the gains made in Core CPI. However, the forecast of an above-normal monsoon by the IMD bodes well for the kharif season, which would bring a respite to food inflation pressures, particularly in cereals and pulses. RBI has forecasted CPI inflation projected at 4.5%.

India’s foreign exchange reserves reached a historic peak of $651.5 billion in May 2024. The credit quality of Indian companies remained robust from October 2023 to March 2024 on account of deleveraged Balance Sheets, sustained domestic demand, and government-led capital expenditure. Rating upgrades continued to surpass rating downgrades in the second half of FY 23-24. UPI transactions in India witnessed a record 56% growth in volume and 43% growth in value in FY 23-24. International agencies like S&P Global Ratings revised its outlook on India to positive from stable. Moreover, the International Monetary Fund (IMF), in its April 2024 economic outlook update, revised its India economic growth estimate in real terms for Fiscal 2024 to 7.6% from the previous 6.3% estimate in October 2023, citing momentum from resilient domestic demand. Further, the growth forecast for Fiscal 2025 also witnessed an increase of 6.5% from the previous 6.3% forecast in October 2023. Taking note of all these factors the RBI revised upward its growth forecast to 7.2% for Fiscal 2025 from 7.0%.

India’s monsoon in 2023 hit a five year low, with August 2023 marking the driest month in a century. Despite receiving only 94% of its long-term average rainfall from June to September, wheat production was estimated at 114 million tonnes in the 2023-24 crop year due to higher coverage. Rice production was anticipated to decrease to reach 106 million metric tons (MMT) in comparison to 132 million metric tonnes in the previous year. Total Kharif pulses produced in 2023-24 stood at an estimated 71.18 lakh metric tonnes, which is lower than FY 22-23 due to climatic conditions. As per the first advance estimates of national income released by the National Statistical Office (NSO), the manufacturing sector output is projected to have grown 6.5% in FY 23-24 compared to 1.3% in FY 22-23. The Indian mining sector experienced an estimated growth of 8.1% in FY 23-24 compared to 4.1% in FY 22-23. Financial services, real estate, and professional services grew a projected 8.9% in FY 23-24 compared to 7.1% in FY 22-23. Real GDP or GDP at constant prices increased to exceedingurban Rs. 173.81 lakh crore in FY 23-24 (provisional GDP estimate released on May 31, 2024) from H160.71 lakh crore in FY 22-23. Growth in real GDP during FY 24-25 was estimated at 7.2%. Nominal GDP or GDP at current prices was at pulses Rs.295.35 lakh crore in FY 23-24 as compared to Rs. 269.49 lakh crore. As per provisional data, the GNPA ratios of Banks and NBFCs stood at 2.8% and 2.5%, respectively, as at end March 2024 improved from 3.9% as of March 2023 indicating a sound and resilient financial system. India’s forFY24-25is exports of goods and services were expected to reach $900 billion in FY 23-24 compared to $770 billion in the previous year despite global headwinds. Merchandise exports were expected to expand between $495 billion and $500 billion, while services exports were expected to touch $400 billion during the year. India’s net direct tax collection increased 17.7% to 19.58 lakh crore in FY 23-24. Gross GST collection amounted to Rs.20.2 lakh crore, marking an 11.7% increase, with an average monthly collection of Rs.1,68,000 crore, surpassing the previous year’s average of Rs.1,50,000 crore. The agriculture sector grew 1.4% in FY 23-24, which is lower than the 4.7% expansion recorded in FY 22-23. Trade, hotel, transport, communication, and services related to the broadcasting segment witnessed a slowdown growing at 6.4% in FY 23-24, against the 12% in FY 22-23. The Indian automobile segment was expected to close FY23- 24 with a growth of 6-9%, despite global supply chain disruptions and rising ownership costs. The construction sector accelerated to 9.9% year-on-year from 9.4% in FY 22-23. Public administration, defence and other services expanded at a moderated pace of 7.8% in FY 23- 24 as against 8.9% in FY 22-23. The growth in gross value added (GVA) at basic prices expanded at 7.2%, up from 6.7% in FY 22-23. India entered a pivotal phase in its S-curve, marked by rapid urbanisation, industrialisation, increase in household incomes, and rising energy consumption. The country emerged as the fifth largest economy with a GDP of USD 3.6 trillion and a nominal per capita income of Rs.1,22,766 in FY 23-24. In FY 23-24, India’s Nifty 50 index experienced a 30% growth, propelling India’s stock market to become the fourth largest globally with a market capitalisation of US$4 trillion. Foreign investment in Indian government bonds saw a significant increase in the quarter of 2023. India ranked 63rd out of 190 economies in the ease of doing business, according to the latest World Bank annual ratings. Moreover, India’s unemployment rate in urban areas declined to 6.7% in Jan-Mar 2024 according to NSSO from 6.8% during the same quarter last year. It was recorded at 6.6% in both the April-June 2023 quarter and July-Sept 2023 quarter, and 6.5% for Oct-Dec 2023 quarter.

India successfully tackled its global economic challenges in 2023 and is poised to continue as the world’s fastest-growing major economy backed by a boost in the rural consumption and continued urban demand, a favourable monsoon should provide relief from the sticky inflation. Further, with the financial sector at the peak of health with strong balance sheets, the unwinding of interest rates would be a welcome tailwind for the sector. Additionally, the sustained buoyancy in services activity, government’s continued thrust on capex; high capacity utilisation and business optimism augur well for investment activity, which indicate the Indian economy is anticipated to surpass USD 4 trillion in FY 24-25.

The Interim Union Budget 2024- 25 continued to prioritise capital expenditure spending, comprising investments in infrastructure, solar energy, tourism, medical ecosystem, and technology. In FY 24-25, the top 13 ministries in terms of allocations accounted for 54% of the estimated total expenditure. Of these, the Ministry of Defence received the highest allocation at Rs.6,21,541 crore, constituting 13% of the total budgeted expenditure of the central government. Other ministries with high allocation included Road transport and highways (5.8%), Railways (5.4%), and Consumer Affairs, food, and public distribution (4.5%).

(Source: Times News Network, Economic Times, Business Standard, and Times of India)

The housing finance sector stands as a powered by a robust 15-year CAGR of 17%, reaching a market size of 33.7 lakh crore. The sector’s expansion is tightly interwoven with GDP per capita, showcasing a strong historical correlation with home loans outstanding. With a projected 10% nominal GDP growth over the next two decades, the mortgage industry is poised to flourish at a 13-14% CAGR. Key drivers fuelling this growth include the aspirational demand for homes and an environment of improving affordability, supported by healthy household balance sheets. While the South and West markets have traditionally led the industry, the North and Central regions, home to approximately 40% of the population, present untapped potential for higher growth rates.

Recent trends indicate a surge in demand from tier-2 and tier-3 districts outpacing tier-1 districts in growth rates. This optimistic outlook positions the housing finance sector as a cornerstone of sustainable economic development, promising a future where aspirations and affordability converge to drive progress.

beaconofgrowth,Retail asset under management of housing financiers, comprising home loans and loan against property is expected to grow at a relatively moderate 12-14% in FY 23-24 on the back of growing competition from banks. The total asset under management of the sector comprising retail and other wholesale loans is estimated to grow 13-15% in FY 23-24 on account of the expected growth rate of 10-12% in infrastructure and other wholesale loans of non-bank lenders and housing financiers. Digitalisation and cross-selling have emerged as the two driving factors behind high growth in unsecured loans. NBFCs and housing finance companies are either driving the digitalisation of credit on their own or partnering with financial technology or small peers, especially for new-to-credit borrowers. The jump in unsecured credit could also be partly attributed to the borrower focused approach in the past. In overall, NBFCs and housing finance companies were expected to have incremental funding of Rs. 4.7-5 trillion in FY 23-24 to manage 13- 15% AUM growth. Expansion in the overall bank credit, healthy market issuances and strong securitisation demand should ensure adequate fund availability for the sector. However, the weighted average cost of funds was expected to increase by 60-80 basis points in FY 23-24. The trajectory of home loan trends in India for FY 23-24 lies on the Reserve Bank of India’s interest rate fluctuations, intertwined with economic factors like GDP growth and employment rates. Government policies on affordable housing and tax regulations wield while technological strides in banking digitisation impact loan accessibility. Demographic shifts, urbanisation and evolving homebuyer preferences further shape housing demand, reflecting transformative effects on home loan trends.

(Source: Informist Media, Business Standard, Business influence, World.in, ICRA)

After the pandemic, affordable housing has taken centre stage in India’s real estate market. This sector’s growth is ignited by several factors, including the entrance of numerous real estate developers, the availability of financing alternatives for potential home buyers, rapid urbanisation, the increasing trend towards nuclear families, and higher income levels. The affordable housing sector in India has become an attractive avenue for real estate developers, attracted by the potential for significant returns on investment while simultaneously fulfilling a crucial social need. The Affordable Housing Finance Companies (AHFCs) witnessed a resurgence in their growth in FY 22-23 and are expected to have continued their growth trajectory with 29% in FY 23-24. Furthermore, the market is expected to further boom in FY 24-25, continuing the upward trend in the upcoming financial year. This optimistic outlook for the housing finance companies is backed by several factors including a relatively smaller base compared to traditional banking institutions and prime housing finance entities, their capacity to penetrate unorganised market segments, and their adept appraisal skills. These competencies have enabled the AHFCs to effectively serve customers who may not meet the prime credit criteria. The priority sector share of lending compliant home loans within the overall banking sector portfolio has been on the decline over the past two years. This has created opportunities for AHFCs to expand their portfolios through co-lending or direct assignment transactions.

The RBI’s decision to maintain the repo rate at 6.5% for the fifth time in a row, coupled with favourable inflation expectations, mirrors a strategic stance fostering economic stability. The robust demand in India’s real estate sector along with enhanced buyer an inviting investment environment is anticipated to boost growth and prosperity in the housing market in 2024. With the cost of funds witnessing an increase in FY 23-24, net interest margins (NIM) are anticipated to face pressure in FY 23-24 and FY 24-25, coupled with an increase in operating expenses due to the expansion phases of AHFCs. As a result, the Return on Total Assets (ROTA) is projected to moderate to 3.23% in FY 23-24 and further to 3.04% in FY 24-25, down from 3.8% in FY 22- 23.

The share of the non-housing portfolio among AHFCs has risen from 17% as of March 31, 2019, to 26% as of March 31, 2023. This trend is expected to continue, with the non-housing portfolio proportion projected to have reached 27% by March 31, 2024, and further with another 27% in FY24-25. This comes on account of rising competition and the imperative to maintain margins. For a few affordable housing finance companies, where the non-housing portfolio is near the threshold, the regulation may pose as a constraining factor for short-term growth.

The improvement in collection efficiency and strategic write-offs have led to a better asset quality metrics in FY 22-23. These metrics are anticipated to remain strong in FY 23-24, with the Gross Non Performing Assets (GNPA) ratio expected to be around 1.2% as of March 31, 2024. AHFCs primarily cater to self-employed individuals, who may experience more fluctuations in income due to economic downturn, thus presenting a higher credit risk.

The sector’s capital structure is expected to remain strong, supported by healthy internal accruals, with a projected gearing ratio of nearly 2.9x by March 31, 2024. Banks are expected to continue as the main source of funding for AHFCs.

India is the most populous country with an estimated 1.44 billion people as of 2024. Increased population helped in household demand growth creating a growing lending opportunity. The share of India’s working age population to the total population will reach its highest level at 68.9% by 2030.

The size of India’s middle class is expected to double to 61% of its total population by 2047 from 31% in 2020-21 leading to the growing demand in the housing market.

The COVID-19 pandemic has resulted in increased awareness towards safe and healthy housing leading to an increased emphasis on affordable housing projects.

Nuclear families comprised half of Indian households in 2022 compared to 34% in 2008. Increased nuclearisation is expected to catalyze the demand for affordable housing.

India’s housing shortage is expected to widen to an estimated 38 million homes by 2030 largely due to the rising population and increased urbanisation. This is expected to increase housing demand in India.

India’s mortgage penetration remains low at an estimated 13% of the GDP as against over 60% in the US and mid-30% for China in FY 22-23. This leaves a headroom of growth for the housing

In June 2024 during its cabinet meeting, the government decided to further expand PMAY and provide assistance to additional 30 million rural and urban households. Under PMAY, 41 million houses (29 million rural + 12 million urban) were sanctioned to eligible families in the last 10 years. CLSS, one of the verticals of PMAY-U where home loan interest subsidy was provided, had 2.5 million beneficiaries (20%/6% PMAY beneficiaries). As per the latest data, PMAY-G accounts for two-third of the total allocation of Rs.80,671 crore for FY 24- 25 under PMAY, announced in the interim Budget 2024 in February. From HFCs perspective, PMAY expansion scheme would boost the supply of affordable housing, and extension of CLSS subsidy will also be critical to improve financing demand visibility.

Half of India’s population is expected to live in urban cities in a few decades. This is expected to increase the housing and housing demand offtake.

SHFL is a housing finance company headquartered in Mumbai, Maharashtra, with its corporate and registered offices located there. The Company’s primary focus lies in offering housing loans in the underdeveloped rural and semi-urban markets across 6 states of India. As of March 31, 2024, the Company possesses a branch network of 34 locations and manages assets worth Rs.42,686.39 Lakh.

Total income of the Company for the year ended March 31, 2024 was Rs.6,163.55 Lakh compared to Rs.3,724.31 Lakh in the previous year, growing 65.49%.

Key highlights of the Statement of Profit and Loss for the year ended March 31, 2024, were:

SHFL is a retail affordable housing finance company servicing the low and middle-income self-employed customers in India’s semi-urban and rural areas. The Company offers its customers home loans for the purchase or construction of residential properties and the extension and repair of existing housing units. As of March 31, 2024, majority of the home loans disbursed by the Company were for single-unit properties, out of which, almost all of them were to be occupied by the borrowers. Most of the Company’s customers have limited access to formal banking credit for a mortgage loan.

The Company offers customers home loans for the purchase or construction of residential properties and for the extension and repair of existing housing units. Besides home loans, the Company offered other mortgage backed loans, comprising loans against property which accounted for 15.68% of total loan asset as of March 31, 2024. As of March 31, 2024, major part of our gross loan assets were from customers who belonged to the economically weaker section (EWS) and low-income group (LIG), earning less than Rs.50,000 per month.

The Company sanctioned Rs.23,796.11 Lakh of loans during the year compared to Rs.19901.83 Lakh in the previous year, a growth of 19.57%. The cumulative loan sanction since inception stood at Rs. 63,324.95 Lakh by the end of the year.

The Company disbursed Rs. 24,072.63 Lakh (Including off balance sheet disbursement of Rs.3,592.33 Lakhs) loans during the year compared to Rs. 20,750.91 Lakh (including off balance sheet disbursement of Rs.2,071.09 Lakhs) in the previous year, a growth of 16.01%.

The AUM of the Company stood at Rs.42,686.39 Lakh (Including off balance sheet AUM of Rs.4,396.10 Lakh) as of March 31, 2024, compared to Rs. 24,600.10 Lakh (including off balance sheet AUM of Rs.1,891.60 Lakhs) in the previous financial year, a growth of 73.52%. As of March 31, 2024, the average loan sanctioned was Rs.9.84 Lakh.

The average yield on loan assets as on March 31, 2024, stood at 16.96% per annum. The cost of funds stood at 11.50% per annum as on March 31, 2024, as against 9.29% as on March 31, 2023. The spread on loans was 5.46% as on March 31, 2024.

The Company maintained its gross NPAs at Rs.572.56 Lakh (1.50% of the loan assets) as on March 31, 2024. The Company reviewed its delinquency and loan portfolio on a regular basis. The Company followed a defined to address delinquencies and collections. As a result, Gross NPA and Net NPA as of March 31, 2024, were 1.50% and 1.02% respectively (compared to 1.68% and 1.25% respectively as of March 31, 2023).

The Company is required to maintain a capital adequacy ratio of 15% on a standalone basis from March 31, 2024. The Company’s Capital Adequacy Ratio as of March 31, 2024, stood at 54.65%, which was far above the minimum required level of 15%.

SHFLs engaged in contiguous on-ground expansion across regions. As of March 31, 2024, the Company conducted operations through 34 branches covering 6 States. The Company has its registered office in Mumbai. The Company added 20 branches in FY 23-24.

During the financial year 2023-24, the company met its funding requirements through short-term debt (ICDs and bank loans) and long-term debt (NCDs, NHB refinance facilities, bank and FIs loans). Total long-term borrowing as of March 31, 2024, amounted to Rs. 32,029.93 Lakh, with no outstanding short-term borrowings. The company has been regular in servicing its debt obligations.

The Company has been regular in servicing its debt obligations.

During the financial year 2023-24, the Company raised Rs. 3,100.00 Lakh (Rupees Thirty One Hundred Lakh only) through secured, listed redeemable NCDs on private placement basis.

As on March 31, 2024, Rs. 2,813.68 Lakh remained outstanding by way of issuance of NCDs through private placement basis. The issued NCDs are listed on the Wholesale Debt Market Segment of BSE Limited.

During the financial year under review, the interest and/ or principal obligation, as applicable, on Non-Convertible Debentures issued by way of private placement basis was paid by the Company on their respective due dates and there were no instances of any interest and/or principal amount being paid by the Company after the due date of payment.

NHB extended its support to the Company through refinance assistance and during the financial year under review, the Company has received sanction of refinance assistance of Rs. 5,000 Lakh under the NHB and total outstanding refinance at the end of the current financial year stood at Rs. 6,950.37 Lakh.

Term Loans from Banks and Financial Institutions

The Company, during the Financial Year, received aggregate fresh loan sanctions amounting to Rs.14,342.00 Lakh and has availed loans aggregating to Rs.13,842.00 Lakh. The outstanding term loan from Banks and Financial Institutions as at March 31, 2024 were Rs. 22,265.88 Lakh with an average tenure of 6 years.

During the Financial Year under review, the Company has sustained the long-term bank facility credit ratings of BBB; Stable, which has been reaffirmed by both Care Rating Limited and India Rating & Research Private Limited. Outlook on both ratings is Stable. The Company’s Non-Convertible Debenture facility rated as BBB Stable has been reaffirmed, by India Rating & Research Private Limited. For more details on credit ratings, kindly refer Corporate Governance Report forming part of this report or visit to website of the Company at link www.starhfl.com.

SHFL has always believed its employees as its greatest asset and in pursuit of excellence, we continue to uphold our commitment to nurture and empower them. As we reflect on the past Financial Year, 2023, it is evident that our success is intrinsically linked to the quality and competence of our human capital. Building upon the foundation laid in the preceding years, SHFL introduced strategic initiatives aimed at enhancing the well-being and professional growth of our employees. Notably among these initiatives are our efforts to support holistic well-being of our female employees and development of senior leadership team. During last Financial Year the Company has also come up with performance-based equity scheme to foster the culture of performance and ownership. The Company continues to invest in a technology-driven HR department workflow and leverage the same to create seamless employee experience. These initiatives, along with our ongoing efforts to strengthen a progressive HR culture, underscore our commitment to provide a conducive and performance driven organisational environment for employee enrichment. SHFL values its people as its competitive edge. With diverse expertise and domain knowledge, its workforce drives innovation. The Company’s HR culture challenges traditional norms to boost competitiveness, aligning decisions with employees’ professional and personal goals for a balanced work-life dynamic. As of March 31, 2024, SHFL had 256 permanent employees.

The Company’s internal financial control over financial reporting is a structured process aimed at ensuring the reliability of financial reporting and the preparation of financial statements for external use in compliance with generally accepted accounting principles. This control framework encompasses policies and procedures meticulously designed to provide reasonable assurance.

(1) The Company ensures accurate and fair maintenance of records that detail transactions and asset dispositions.

(2) It provides reasonable assurance that transactions are recorded appropriately for the preparation of financial statements, and that expenditures align with authorised management and director directives.

(3) Provides a reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

(4) The Company operates a robust internal audit program, led by an independent assurance function supported by specialist firms as needed. This internal audit conducts risk-based assessments, testing adherence to policies, and suggests process improvements. Audit activities are conducted according to a plan approved by the Audit Committee, with observations and recommendations reported to the committee for ongoing monitoring and remediation as necessary.

This section contains forward looking statements regarding the Company’s objectives, projections, expectations, and estimates. These statements are based on certain assumptions and expectations about future events, but the Company cannot guarantee their accuracy or realisation. Actual results may differ due to external factors beyond the Company’s control. The Company assumes no responsibility to publicly update or revise any forward-looking statements based on subsequent developments.