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NeuroVive Pharmaceutical — Rights issue to reach several R&D events

NeuroVive Pharmaceutical — Rights issue to reach several R&D events

NeuroVive’s planned rights issue (subject to approval at the EGM) is expected to bring in a minimum guaranteed amount of at least SEK55m (gross), which would extend the cash reach to 2019 and past several R&D events. Namely, the company will be able to initiate two new clinical trials with both leading assets KL1333 (Phase I) for genetic mitochondrial diseases and NeuroSTAT (Phase II) for traumatic brain injury (TBI). In addition, the company will advance its broad preclinical portfolio, aiming to out-license one of the assets, NV556, for NASH. Our updated valuation is SEK1.44bn or SEK18.0/share compared to SEK1.38bn or SEK26.3/share previously.

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Written by

NeuroVive Pharmaceutical

Rights issue to reach several R&D events

Q417 company results

Pharma & biotech

5 March 2018

Price

SEK2.50

Market cap

SEK131m

SEK8.197/US$

Net cash (SEKm) at end-2017

29.0

Shares in issue

52.3m

Free float

80%

Code

NVP

Primary exchange

Nasdaq Stockholm

Secondary exchange

OTCQX

Share price performance

%

1m

3m

12m

Abs

(25.6)

(32.1)

(49.9)

Rel (local)

(22.9)

(30.1)

(49.3)

52-week high/low

SEK6.8

SEK2.5

Business description

NeuroVive Pharmaceutical is a Swedish biopharmaceutical company with deep expertise in mitochondrial medicine. It employs a dual strategy: it develops a core portfolio of assets for orphan diseases and seeks to out-license proprietary products for non-orphan indications. NeuroSTAT (neurotrauma, Phase IIb ready) and KL1333 (mitochondrial diseases) are the most advanced assets.

Next events

Start of NeuroVive’s Phase Ib with KL1333

2018

NeuroVive initiation of NeuroSTAT
Phase IIb

H218

Out-licensing deal for NV556

H218

Analyst

Jonas Peciulis

+44 (0)20 3077 5728

NeuroVive Pharmaceutical is a research client of Edison Investment Research Limited

NeuroVive’s planned rights issue (subject to approval at the EGM) is expected to bring in a minimum guaranteed amount of at least SEK55m (gross), which would extend the cash reach to 2019 and past several R&D events. Namely, the company will be able to initiate two new clinical trials with both leading assets KL1333 (Phase I) for genetic mitochondrial diseases and NeuroSTAT (Phase II) for traumatic brain injury (TBI). In addition, the company will advance its broad preclinical portfolio, aiming to out-license one of the assets, NV556, for NASH. Our updated valuation is SEK1.44bn or SEK18.0/share compared to SEK1.38bn or SEK26.3/share previously.

Year end

Revenue (SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/16

0.0

(70.7)

(1.72)

0.0

N/A

N/A

12/17

0.6

(70.1)

(1.49)

0.0

N/A

N/A

12/18e

0.6

(83.5)

(1.32)

0.0

N/A

N/A

12/19e

0.6

(124.4)

(1.61)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

New funds could finance operations into 2019

On 15 February 2018, NeuroVive announced a rights issue, which could raise up to SEK78.5m gross in total. 70% of the issue is guaranteed by several existing investors. We have included the guaranteed amount of SEK55.0m in our model which, if added to end-FY17 cash, results in SEK84m. According to our model this is sufficient for FY18, while potential funds from the remaining part of the rights issue and attached warrants (see below) could extend the cash reach well into 2019.

Several R&D events within cash reach post-issue

With the new funds, NeuroVive aims to initiate a Phase I trial with KL1333 in genetic mitochondrial diseases. Meanwhile, the company’s Korean partner Yungjin Pharm should report results from its own Phase I trial with KL1333 in 2018. Even though the trial is run by Yungjin, the data also represent a direct catalyst for NeuroVive’s shares, in our view, because of the overlap with NeuroVive’s R&D plans. NeuroVive also plans to initiate a Phase II efficacy trial with its second clinical asset NeuroSTAT (TBI) following the successful results from a Phase IIa study in May 2017. Another achievable catalyst in the next 12 months is the out-licensing of the preclinical asset NV556 (NASH), as reiterated in the latest management update. See our previous reports for a detailed, up-to-date analysis of these assets.

Valuation: Updated to SEK1.44bn or SEK18.0/share

Our updated valuation of NeuroVive is SEK1.44bn or SEK18.0/share compared to SEK1.38bn or SEK26.3/share previously. While the absolute value is slightly higher, the decrease in valuation per share reflects the higher number of shares outstanding (we include 70% of the total offered in the planned rights issue). We maintain the R&D assumptions described in our initiation report.

Q4/FY17 financials and rights issue update

Rights issue subscription period 10-24 April 2018

In the process of the announced rights issue, investors will be able to receive the rights to a certain number of tradable units, which will effectively allow them to subscribe for a total of 39.3m new shares (52.3m before the issue), at SEK2.00/share vs the closing price of SEK3.02 on 14 February 2018, the day before the announcement. The existing shareholders have the preferential right of subscription. The attached warrants could raise an additional SEK37.3m gross if exercised in full at a price of SEK3.80 during the period 1-30 November 2018. The rights issue is subject to approval at an extraordinary general meeting scheduled for 22 March 2018 (the ex-rights date is 5 April 2018).

Financial results and estimates

NeuroVive’s Q417 and full FY17 results came in slightly better than our expectations. R&D-related expenses in 2017 were SEK27.9m vs our estimate of SEK31.4m and up from SEK12.0m in FY16. The y-o-y increase was mainly due to a change in accounting of costs related to clinical development, which were capitalised previously, but are being expensed from 1 April 2017. Total operating costs were SEK71.7m, compared to our estimate of SEK75.1m, R&D costs being the main deviation. FY17 personnel expenses decreased to SEK12.4m from SEK15.3m in FY16 owing to a lower number of employees. A significant one-off, non-cash item of SEK11.0m was booked in Q117 related to administrative expenses associated with the disposal of a subsidiary.

We now estimate total opex of SEK92.8m for FY18 and SEK134.6m for FY19, which is slightly lower than our previous forecast, mainly due to personnel costs and some FX fluctuations. The expected y-o-y increase is mainly due to progress of the clinical and preclinical R&D. NeuroVive’s cash was SEK29.0m at end-2017 (no debt). As discussed above, we have included the guaranteed part of the planned rights issue in our model. According to our estimates, this should be sufficient to fund operations to 2019. If the rights issue is fully subscribed and all warrants are exercised (out-of-the money currently), NeuroVive will raise SEK61m gross in addition to the guaranteed amount of SEK55m. We do not take into account revenues from the potential out-licensing of NV556.

Exhibit 1: Key changes to our financial forecasts

SEKm

FY17

FY18e

FY19e

Estimate

Actual

Change (%)

Old

New

Change (%)

New

Revenue

0.576

0.585

+2%

0.576

0.585

+2%

0.585

R&D expenses

(31.442)

(27.926)

-11%

(58.585)

(57.045)

-3%

(96.630)

Operating profit/(loss) (reported)

(75.142)

(71.087)

-5%

(92.185)

(83.498)

-9%

(124.435)

Profit/(loss) before tax (reported)

(75.742)

(71.602)

-5%

(92.185)

(83.498)

-9%

(124.435)

Profit/(loss) after tax (reported)

(68.742)

(66.727)

-3%

(88.185)

(79.498)

-10%

(120.435)

EPS (reported), SEK

(1.34)

(1.33)

-0%

(1.65)

(1.20)

-27%

(1.51)

Source: NeuroVive accounts, Edison Investment Research

Valuation

Our updated valuation of NeuroVive is SEK1.44bn or SEK18.0/share compared to SEK1.38bn or SEK26.3/share previously. While the absolute value is higher (due to rolling our model forward and a higher cash position), the decrease in valuation per share reflects the higher number of shares outstanding as a result of the placement (we currently include the guaranteed amount only). We maintain the R&D assumptions described in our initiation report. As previously, in our valuation we include clinical-stage NeuroSTAT (TBI) and KL1333 (genetic mitochondrial disorders) and the advanced preclinical products. We continue to exclude NVP025 (mitochondrial myopathy) and NVP022 (NASH) for the time being as both are at an early stage.

Exhibit 2: NeuroVive sum-of-the parts valuation

Product

Launch

Peak sales*
($m)

NPV
($m)

NPV/share
($)

Probability

rNPV
($m)

rNPV/share
($)

NeuroSTAT

2024

454

311.0

3.9

15%

37.1

0.5

KL1333

2023

574

601.2

7.5

10%

55.7

0.7

NVP015

2024

875

754.7

9.5

5%

30.4

0.4

NV556

2026

1,716

180.3

2.3

8%

36.1

0.5

NVP024

2029

702

30.8

0.4

3%

6.3

0.1

Net cash at end-2017 + 70% of the planned rights issue

10.2

0.1

100%

10.2

0.1

Valuation

 

 

1,888.3

23.7

175.8

2.2

SEKm

SEK

SEKm

SEK

NeuroSTAT

2,547.0

31.9

15%

304.1

3.8

KL1333

4,924.0

61.7

10%

456.1

5.7

NVP015

6,181.4

77.5

5%

248.9

3.1

NV556

1,476.6

18.5

8%

295.5

3.7

NVP024

252.4

3.2

3%

51.5

0.6

Net cash at end-2017 + 70% of the planned rights issue

83.9

1.1

100%

83.9

1.1

Valuation

15,465.4

193.8

1,440.0

18.0

Source: Edison Investment Research. Note: *Peak sales reached six years after launch. WACC = 12.5% for product valuations.

Exhibit 3: Financial summary

SEK'000s

2015

2016

2017

2018e

2019e

December

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

2,502

14

585

585

585

Cost of Sales

0

0

0

0

0

Gross Profit

2,502

14

585

585

585

Research and development

(12,200)

(12,000)

(27,926)

(57,045)

(96,630)

EBITDA

 

 

(89,066)

(69,868)

(67,897)

(83,356)

(124,281)

Operating Profit (before amort. and except.)

(90,266)

(70,989)

(69,492)

(83,498)

(124,435)

Intangible Amortisation

0

0

0

0

0

Exceptionals

(1,200)

(1,121)

(1,595)

0

0

Other

0

0

56

0

0

Operating Profit

(91,466)

(72,110)

(71,031)

(83,498)

(124,435)

Net Interest

665

265

(571)

0

0

Profit Before Tax (norm)

 

 

(89,601)

(70,724)

(70,063)

(83,498)

(124,435)

Profit Before Tax (reported)

 

 

(90,801)

(71,845)

(71,602)

(83,498)

(124,435)

Tax

0

0

0

0

0

Profit After Tax (norm)

(89,601)

(70,724)

(70,007)

(83,498)

(124,435)

Profit After Tax (reported)

(90,119)

(70,240)

(66,727)

(79,498)

(120,435)

Average Number of Shares Outstanding (m)

30.1

42.0

50.2

66.1

79.8

EPS - normalised (SEK)

 

 

(3.00)

(1.72)

(1.49)

(1.32)

(1.61)

EPS - normalised & fully diluted (SEK)

 

(3.00)

(1.72)

(1.49)

(1.32)

(1.61)

EPS - reported (SEK)

 

 

(3.00)

(1.67)

(1.33)

(1.20)

(1.51)

Dividend per share (SEK)

0.0

0.0

0.0

0.0

0.0

Gross Margin (%)

100.0

100.0

100.0

100.0

100.0

EBITDA Margin (%)

N/A

N/A

N/A

N/A

N/A

Operating Margin (before GW and except.) (%)

N/A

N/A

N/A

N/A

N/A

BALANCE SHEET

Fixed Assets

 

 

75,369

84,645

87,579

87,579

87,579

Intangible Assets

74,904

71,151

74,315

74,315

74,315

Tangible Assets

316

274

162

162

162

Investments

149

13,220

13,102

13,102

13,102

Current Assets

 

 

99,558

94,901

30,560

2,013

1,568

Stocks

0

0

0

0

0

Debtors

528

0

0

0

0

Cash

96,662

93,251

28,992

445

0

Other

2,368

1,650

1,568

1,568

1,568

Current Liabilities

 

 

(20,148)

(12,413)

(14,259)

(14,259)

(14,259)

Creditors

(20,148)

(12,413)

(14,259)

(14,259)

(14,259)

Short term borrowings

0

0

0

0

0

Long Term Liabilities

 

 

0

0

0

0

(123,943)

Long term borrowings

0

0

0

0

(123,943)

Other long term liabilities

0

0

0

0

0

Net Assets

 

 

154,779

167,133

103,880

75,333

(49,055)

CASH FLOW

Operating Cash Flow

 

 

(67,885)

(57,614)

(58,039)

(83,356)

(124,281)

Net Interest

665

237

(84)

0

0

Tax

0

0

0

0

0

Capex

(245)

(139)

(40)

(141)

(107)

Acquisitions/disposals*

0

0

(11,035)

0

0

Financing

138,406

77,332

9,031

54,950

0

Other

(23,977)

(23,227)

(4,092)

0

0

Dividends

0

0

0

0

0

Net Cash Flow

46,964

(3,411)

(64,259)

(28,547)

(124,388)

Opening net debt/(cash)

 

 

(49,698)

(96,662)

(93,251)

(28,992)

(445)

HP finance leases initiated

0

0

0

0

0

Other

0

0

0

0

0

Closing net debt/(cash)

 

 

(96,662)

(93,251)

(28,992)

(445)

123,943

Source: NeuroVive’s accounts, Edison Investment Research. Note: *Related to the disposal of a subsidiary in 2017, the net effect of which was neutral on cash flows.

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by NeuroVive Pharmaceutical and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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Frankfurt +49 (0)69 78 8076 960

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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by NeuroVive Pharmaceutical and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Marlborough Wine Estates — Half year preliminary results

Marlborough Wine Estates Group (MWE) is targeting development of premium New Zealand (NZ) wine brands in China and, increasingly, internationally. The global market is strong and the popularity of quality NZ wine is growing. MWE continues to work to expand market share in China and is exploring US, Japanese, Australian, UK and Canadian markets. In this context, early inroads into the US and Japan are encouraging.

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