We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dow Inc | NYSE:DOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.21 | 0.37% | 57.04 | 57.43 | 56.75 | 57.19 | 2,544,396 | 01:00:00 |
•
|
Dow reported earnings per share of $0.89
(1)
on an operating basis, or earnings per share of $0.15 on a reported basis. This compares with earnings per share of $0.84 on an operating basis in the year-ago period, or $1.18 per share on a reported basis. Certain Items in the quarter reflected a $0.70 per share charge for the urethane matters legal settlements and a $0.04 per share charge for costs associated with portfolio and productivity actions.
|
•
|
Sales were $10.7 billion, down 13 percent versus the year-ago period, or 8 percent excluding the impact of divestitures and acquisitions
(2)
. The decrease was primarily due to local price declines, of which the largest contributor was the Hydrocarbons business, and ongoing global currency headwinds.
|
•
|
Volume rose 4 percent, excluding the impact of divestitures and acquisitions. Growth in North America (up 6 percent), Europe, Middle East, Africa and India (up 4 percent) and Asia Pacific (up 3 percent) more than offset a decline in Latin America (down 4 percent). Volume grew in the emerging geographies, as results in Greater China (up 5 percent) and India (up 13 percent) reflected solid consumer-driven demand in these regions.
|
•
|
EBITDA
(3)
was $2.3 billion on an operating basis
(4)
, or $1 billion on a reported basis, compared to $2.4 billion on an operating basis in the year-ago period. Operating EBITDA improvement from targeted end-markets such as transportation, infrastructure and electronics was more than offset by the impact of lower equity earnings and divestitures.
|
•
|
Operating EBITDA margin
(5)
expanded from 19 percent to 21 percent - the highest level in more than a decade - reflecting disciplined margin management and the benefits of self-help actions. Gains were delivered in most operating segments, led by Consumer Solutions (up 400 basis points), Agricultural Sciences (up 250 basis
|
(1)
|
Operating earnings per share is defined as earnings per share excluding the impact of “Certain Items.” See Supplemental Information at the end of the release for a description of these items, as well as a reconciliation of operating earnings per share to “Earnings per common share - diluted.”
|
(2)
|
Sales excluding divestitures and acquisitions excludes prior period sales of recent divestitures and current period sales of recent acquisitions.
|
(3)
|
EBITDA is defined as earnings (i.e., “Net Income”) before interest, income taxes, depreciation and amortization. A reconciliation of EBITDA to "Net Income Available for The Dow Chemical Company Common Stockholders" is provided following the Operating Segments table.
|
(4)
|
Operating EBITDA is defined as EBITDA excluding the impact of “Certain Items.”
|
(5)
|
Operating EBITDA margin is defined as EBITDA excluding the impact of “Certain Items” as a percentage of reported sales.
|
•
|
Dow's focus on reliability and operational excellence delivered an 88 percent operating rate for the quarter and, excluding the impact of divestitures, the highest production volume quarter in the Company’s history.
|
•
|
Dow returned $506 million to shareholders through its highest regular quarterly paid dividend to date.
|
|
Three Months Ended
|
|
In millions, except per share amounts
|
Mar 31,
2016
|
Mar 31,
2015
|
Net Sales
|
$10,703
|
$12,370
|
Adjusted Sales
(6)
|
$10,658
|
$11,638
|
|
|
|
Net Income Available for Common Stockholders
|
$169
|
$1,393
|
Net Income Available for Common Stockholders,
Excluding Certain Items
|
$993
|
$974
|
|
|
|
Earnings per Common Share - Diluted
|
$0.15
|
$1.18
|
Operating Earnings per Share
|
$0.89
|
$0.84
|
|
Three Months Ended
|
||||||
In millions, except per share amounts (Unaudited)
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
||
Net Sales
|
$
|
10,703
|
|
|
$
|
12,370
|
|
Cost of sales
|
7,951
|
|
|
9,535
|
|
||
Research and development expenses
|
361
|
|
|
383
|
|
||
Selling, general and administrative expenses (Note B)
|
742
|
|
|
752
|
|
||
Amortization of intangibles
|
103
|
|
|
102
|
|
||
Restructuring credits
|
(2
|
)
|
|
—
|
|
||
Equity in earnings of nonconsolidated affiliates
|
39
|
|
|
168
|
|
||
Sundry income (expense) - net (Note C)
|
(1,241
|
)
|
|
663
|
|
||
Interest income
|
20
|
|
|
17
|
|
||
Interest expense and amortization of debt discount
|
201
|
|
|
241
|
|
||
Income Before Income Taxes
|
165
|
|
|
2,205
|
|
||
Provision (Credit) for income taxes
|
(110
|
)
|
|
686
|
|
||
Net Income
|
275
|
|
|
1,519
|
|
||
Net income attributable to noncontrolling interests
|
21
|
|
|
41
|
|
||
Net Income Attributable to The Dow Chemical Company
|
254
|
|
|
1,478
|
|
||
Preferred stock dividends
|
85
|
|
|
85
|
|
||
Net Income Available for The Dow Chemical Company Common Stockholders
|
$
|
169
|
|
|
$
|
1,393
|
|
|
|
|
|
||||
Per Common Share Data:
|
|
|
|
||||
Earnings per common share - basic
|
$
|
0.15
|
|
|
$
|
1.22
|
|
Earnings per common share - diluted (Note D)
|
$
|
0.15
|
|
|
$
|
1.18
|
|
|
|
|
|
|
|||
Dividends declared per share of common stock
|
$
|
0.46
|
|
|
$
|
0.42
|
|
Weighted-average common shares outstanding - basic
|
1,102.9
|
|
|
1,135.7
|
|
||
Weighted-average common shares outstanding - diluted (Note D)
|
1,117.3
|
|
|
1,246.7
|
|
||
|
|
|
|
|
|||
Depreciation
|
$
|
456
|
|
|
$
|
486
|
|
Capital Expenditures
|
$
|
820
|
|
|
$
|
903
|
|
In millions (Unaudited)
|
Mar 31,
2016 |
|
|
Dec 31,
2015 |
|
||
Assets
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents (variable interest entities restricted - 2016: $202; 2015: $158)
|
$
|
6,610
|
|
|
$
|
8,577
|
|
Accounts and notes receivable:
|
|
|
|
||||
Trade (net of allowance for doubtful receivables - 2016: $99; 2015: $94)
|
4,491
|
|
|
4,078
|
|
||
Other
|
4,270
|
|
|
3,768
|
|
||
Inventories
|
7,298
|
|
|
6,871
|
|
||
Other current assets
|
665
|
|
|
647
|
|
||
Total current assets
|
23,334
|
|
|
23,941
|
|
||
Investments
|
|
|
|
||||
Investment in nonconsolidated affiliates
|
4,197
|
|
|
3,958
|
|
||
Other investments (investments carried at fair value - 2016: $1,892; 2015: $1,866)
|
2,939
|
|
|
2,923
|
|
||
Noncurrent receivables
|
572
|
|
|
765
|
|
||
Total investments
|
7,708
|
|
|
7,646
|
|
||
Property
|
|
|
|
||||
Property
|
52,152
|
|
|
50,802
|
|
||
Less accumulated depreciation
|
33,732
|
|
|
32,948
|
|
||
Net property (variable interest entities restricted - 2016: $1,079; 2015: $1,717)
|
18,420
|
|
|
17,854
|
|
||
Other Assets
|
|
|
|
||||
Goodwill
|
12,214
|
|
|
12,154
|
|
||
Other intangible assets (net of accumulated amortization - 2016: $3,917; 2015: $3,770)
|
3,591
|
|
|
3,617
|
|
||
Deferred income tax assets - noncurrent
|
2,537
|
|
|
2,140
|
|
||
Asbestos-related insurance receivables - noncurrent
|
48
|
|
|
51
|
|
||
Deferred charges and other assets
|
588
|
|
|
535
|
|
||
Total other assets
|
18,978
|
|
|
18,497
|
|
||
Total Assets
|
$
|
68,440
|
|
|
$
|
67,938
|
|
Liabilities and Equity
|
|||||||
Current Liabilities
|
|
|
|
||||
Notes payable
|
$
|
491
|
|
|
$
|
454
|
|
Long-term debt due within one year
|
256
|
|
|
541
|
|
||
Accounts payable:
|
|
|
|
||||
Trade
|
3,729
|
|
|
3,577
|
|
||
Other
|
2,324
|
|
|
2,287
|
|
||
Income taxes payable
|
312
|
|
|
452
|
|
||
Dividends payable
|
595
|
|
|
592
|
|
||
Accrued and other current liabilities
|
3,975
|
|
|
3,212
|
|
||
Total current liabilities
|
11,682
|
|
|
11,115
|
|
||
Long-Term Debt (variable interest entities nonrecourse - 2016: $485; 2015: $487)
|
16,229
|
|
|
16,215
|
|
||
Other Noncurrent Liabilities
|
|
|
|
||||
Deferred income tax liabilities - noncurrent
|
575
|
|
|
587
|
|
||
Pension and other postretirement benefits - noncurrent
|
8,752
|
|
|
9,119
|
|
||
Asbestos-related liabilities - noncurrent
|
374
|
|
|
387
|
|
||
Other noncurrent obligations
|
4,394
|
|
|
4,332
|
|
||
Total other noncurrent liabilities
|
14,095
|
|
|
14,425
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock, series A
|
4,000
|
|
|
4,000
|
|
||
Common stock
|
3,107
|
|
|
3,107
|
|
||
Additional paid-in capital
|
4,809
|
|
|
4,936
|
|
||
Retained earnings
|
28,074
|
|
|
28,425
|
|
||
Accumulated other comprehensive loss
|
(8,262
|
)
|
|
(8,667
|
)
|
||
Unearned ESOP shares
|
(264
|
)
|
|
(272
|
)
|
||
Treasury stock at cost
|
(5,865
|
)
|
|
(6,155
|
)
|
||
The Dow Chemical Company’s stockholders’ equity
|
25,599
|
|
|
25,374
|
|
||
Non-redeemable noncontrolling interests
|
835
|
|
|
809
|
|
||
Total equity
|
26,434
|
|
|
26,183
|
|
||
Total Liabilities and Equity
|
$
|
68,440
|
|
|
$
|
67,938
|
|
|
Three Months Ended
|
||||||
In millions (Unaudited)
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
||
Sales by operating segment
|
|
|
|
||||
Agricultural Sciences
|
$
|
1,646
|
|
|
$
|
1,864
|
|
Consumer Solutions
|
1,054
|
|
|
1,123
|
|
||
Infrastructure Solutions
|
1,594
|
|
|
1,828
|
|
||
Performance Materials & Chemicals
|
2,181
|
|
|
3,209
|
|
||
Performance Plastics
|
4,165
|
|
|
4,269
|
|
||
Corporate
|
63
|
|
|
77
|
|
||
Total
|
$
|
10,703
|
|
|
$
|
12,370
|
|
EBITDA
(1)
by operating segment
|
|
|
|
||||
Agricultural Sciences
|
$
|
403
|
|
|
$
|
409
|
|
Consumer Solutions
|
310
|
|
|
286
|
|
||
Infrastructure Solutions
|
293
|
|
|
295
|
|
||
Performance Materials & Chemicals
|
(900
|
)
|
|
1,223
|
|
||
Performance Plastics
|
991
|
|
|
985
|
|
||
Corporate
|
(144
|
)
|
|
(135
|
)
|
||
Total
|
$
|
953
|
|
|
$
|
3,063
|
|
Certain items (increasing) decreasing EBITDA by operating segment
(2)
|
|||||||
Agricultural Sciences
|
$
|
—
|
|
|
$
|
—
|
|
Consumer Solutions
|
—
|
|
|
—
|
|
||
Infrastructure Solutions
|
—
|
|
|
—
|
|
||
Performance Materials & Chemicals
|
(1,235
|
)
|
|
688
|
|
||
Performance Plastics
|
—
|
|
|
—
|
|
||
Corporate
|
(65
|
)
|
|
(26
|
)
|
||
Total
|
$
|
(1,300
|
)
|
|
$
|
662
|
|
EBITDA excluding certain items by operating segment
|
|
|
|
||||
Agricultural Sciences
|
$
|
403
|
|
|
$
|
409
|
|
Consumer Solutions
|
310
|
|
|
286
|
|
||
Infrastructure Solutions
|
293
|
|
|
295
|
|
||
Performance Materials & Chemicals
|
335
|
|
|
535
|
|
||
Performance Plastics
|
991
|
|
|
985
|
|
||
Corporate
|
(79
|
)
|
|
(109
|
)
|
||
Total
|
$
|
2,253
|
|
|
$
|
2,401
|
|
|
Three Months Ended
|
||||||
In millions (Unaudited)
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
||
Equity in earnings (losses) of nonconsolidated affiliates by operating segment (included in EBITDA)
|
|||||||
Agricultural Sciences
|
$
|
7
|
|
|
$
|
—
|
|
Consumer Solutions
|
20
|
|
|
20
|
|
||
Infrastructure Solutions
|
51
|
|
|
76
|
|
||
Performance Materials & Chemicals
|
(31
|
)
|
|
55
|
|
||
Performance Plastics
|
(1
|
)
|
|
23
|
|
||
Corporate
|
(7
|
)
|
|
(6
|
)
|
||
Total
|
$
|
39
|
|
|
$
|
168
|
|
(1)
|
The Company uses EBITDA (which Dow defines as earnings (i.e., "Net Income") before interest, income taxes, depreciation and amortization) as its measure of profit/loss for segment reporting purposes. EBITDA by operating segment includes all operating items relating to the businesses, except depreciation and amortization; items that principally apply to the Company as a whole are assigned to Corporate. A reconciliation of EBITDA to "Net Income Available for The Dow Chemical Company Common Stockholders" is provided below.
|
Reconciliation of EBITDA to "Net Income Available for The Dow Chemical Company Common Stockholders"
|
Three Months Ended
|
||||||
In millions (Unaudited)
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
||
EBITDA
|
$
|
953
|
|
|
$
|
3,063
|
|
- Depreciation and amortization
|
607
|
|
|
634
|
|
||
+ Interest income
|
20
|
|
|
17
|
|
||
- Interest expense and amortization of debt discount
|
201
|
|
|
241
|
|
||
Income Before Income Taxes
|
$
|
165
|
|
|
$
|
2,205
|
|
- Provision (Credit) for income taxes
|
(110
|
)
|
|
686
|
|
||
- Net income attributable to noncontrolling interests
|
21
|
|
|
41
|
|
||
- Preferred stock dividends
|
85
|
|
|
85
|
|
||
Net Income Available for The Dow Chemical Company Common Stockholders
|
$
|
169
|
|
|
$
|
1,393
|
|
(2)
|
See Supplemental Information for a description of certain items affecting results in 2016 and 2015.
|
|
Three Months Ended
|
||||||
In millions (Unaudited)
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
||
North America
|
$
|
4,169
|
|
|
$
|
4,770
|
|
Europe, Middle East, Africa and India
|
3,524
|
|
|
3,974
|
|
||
Asia Pacific
|
1,792
|
|
|
2,048
|
|
||
Latin America
|
1,218
|
|
|
1,578
|
|
||
Total
|
$
|
10,703
|
|
|
$
|
12,370
|
|
|
Three Months Ended
|
|||||||
|
Mar 31, 2016
|
|||||||
Percentage change from prior year
|
Volume
|
|
|
Price
|
|
|
Total
|
|
Agricultural Sciences
|
(8
|
)%
|
|
(4
|
)%
|
|
(12
|
)%
|
Consumer Solutions
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
Infrastructure Solutions
|
(2
|
)
|
|
(11
|
)
|
|
(13
|
)
|
Performance Materials & Chemicals
|
(18
|
)
|
|
(14
|
)
|
|
(32
|
)
|
Performance Plastics
|
12
|
|
|
(14
|
)
|
|
(2
|
)
|
Total
|
(2
|
)%
|
|
(11
|
)%
|
|
(13
|
)%
|
North America
|
—
|
%
|
|
(13
|
)%
|
|
(13
|
)%
|
Europe, Middle East, Africa and India
|
(3
|
)
|
|
(8
|
)
|
|
(11
|
)
|
Asia Pacific
|
(3
|
)
|
|
(10
|
)
|
|
(13
|
)
|
Latin America
|
(10
|
)
|
|
(13
|
)
|
|
(23
|
)
|
Developed geographies
|
(2
|
)%
|
|
(11
|
)%
|
|
(13
|
)%
|
Emerging geographies
(1)
|
(3
|
)
|
|
(11
|
)
|
|
(14
|
)
|
|
Three Months Ended
|
|||||||
|
Mar 31, 2016
|
|||||||
Percentage change from prior year
|
Volume
|
|
|
Price
|
|
|
Total
|
|
Agricultural Sciences
|
(7
|
)%
|
|
(3
|
)%
|
|
(10
|
)%
|
Consumer Solutions
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
Infrastructure Solutions
|
(2
|
)
|
|
(11
|
)
|
|
(13
|
)
|
Performance Materials & Chemicals
|
2
|
|
|
(17
|
)
|
|
(15
|
)
|
Performance Plastics
|
13
|
|
|
(15
|
)
|
|
(2
|
)
|
Total
|
4
|
%
|
|
(12
|
)%
|
|
(8
|
)%
|
North America
|
6
|
%
|
|
(14
|
)%
|
|
(8
|
)%
|
Europe, Middle East, Africa and India
|
4
|
|
|
(9
|
)
|
|
(5
|
)
|
Asia Pacific
|
3
|
|
|
(10
|
)
|
|
(7
|
)
|
Latin America
|
(4
|
)
|
|
(14
|
)
|
|
(18
|
)
|
Developed geographies
|
4
|
%
|
|
(12
|
)%
|
|
(8
|
)%
|
Emerging geographies
(1)
|
2
|
|
|
(12
|
)
|
|
(10
|
)
|
(1)
|
Emerging geographies includes Eastern Europe, Middle East, Africa, India, Latin America and Asia Pacific excluding Australia, Japan and New Zealand.
|
(2)
|
Excludes prior period sales of recent divestitures including the chlorine value chain, divested on October 5, 2015 (primarily Performance Materials & Chemicals and Performance Plastics), the AgroFresh business, divested on July 31, 2015 (Agricultural Sciences), ANGUS Chemical Company, divested on February 2, 2015 (Performance Materials & Chemicals) and the global Sodium Borohydride business, divested on January 30, 2015 (Performance Materials & Chemicals). Also excludes current period sales of the recent acquisition of Univation Technologies, LLC, acquired on May 5, 2015 (Performance Plastics).
|
Certain Items Impacting Results
|
Pretax Impact
(1)
|
|
Net Income
(2)
|
|
EPS - Diluted
(3) (4)
|
||||||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||||
In millions, except per share amounts (Unaudited)
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
|
Mar 31,
2016 |
|
|
Mar 31,
2015 |
|
||||||
Operating Results (non-GAAP measures)
|
|
|
|
|
$
|
993
|
|
|
$
|
974
|
|
|
$
|
0.89
|
|
|
$
|
0.84
|
|
||||
Certain items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain on the divestiture of ANGUS Chemical Company
|
$
|
—
|
|
|
$
|
670
|
|
|
—
|
|
|
451
|
|
|
—
|
|
|
0.39
|
|
||||
Divestiture of the Sodium Borohydride business
|
—
|
|
|
18
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(0.01
|
)
|
||||||
Urethane matters legal settlements
|
(1,235
|
)
|
|
—
|
|
|
(778
|
)
|
|
—
|
|
|
(0.70
|
)
|
|
—
|
|
||||||
Costs associated with portfolio and productivity actions
|
(65
|
)
|
|
(26
|
)
|
|
(46
|
)
|
|
(23
|
)
|
|
(0.04
|
)
|
|
(0.02
|
)
|
||||||
Total certain items
|
$
|
(1,300
|
)
|
|
$
|
662
|
|
|
$
|
(824
|
)
|
|
$
|
419
|
|
|
$
|
(0.74
|
)
|
|
$
|
0.36
|
|
Dilutive effect of assumed preferred stock conversion into shares of common stock
|
|
|
|
|
|
|
|
|
N/A
|
|
|
$
|
(0.02
|
)
|
|||||||||
Reported GAAP Amounts
(5) (6)
|
|
|
|
|
$
|
169
|
|
|
$
|
1,393
|
|
|
$
|
0.15
|
|
|
$
|
1.18
|
|
(1)
|
Impact on "Income Before Income Taxes."
|
(2)
|
"Net Income Available for The Dow Chemical Company Common Stockholders."
|
(3)
|
"Earnings per common share - diluted."
|
(4)
|
For the three-month period ended
March 31, 2015
, conversion of the Company's Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") into shares of the Company's common stock was excluded from the calculation of "Diluted earnings per share adjusted to exclude certain items" as well as the earnings per share impact of certain items because the effect of including them would have been antidilutive.
|
(5)
|
For the three-month period ended
March 31, 2015
, an assumed conversion of the Company's Preferred Stock into shares of the Company's common stock was included in the calculation of diluted earnings per share (reported GAAP amount).
|
(6)
|
The Company used "Net Income Attributable to The Dow Chemical Company" when calculating diluted earnings per share (reported GAAP amount) for the three-month period ended
March 31, 2015
, as it excludes quarterly preferred dividends of $85 million.
|
|
Common Shares - Diluted
|
Three Months Ended
|
||||
In millions
|
Mar 31, 2016
|
|
|
Mar 31, 2015
|
|
Share count - diluted, excluding assumed preferred stock conversion to common shares
|
1,117.3
|
|
|
1,149.9
|
|
Potential common shares from assumed conversion of preferred stock, included in reported U.S. GAAP EPS calculation
|
N/A
|
|
|
96.8
|
|
Share count - diluted, including assumed preferred stock conversion to common shares
|
1,117.3
|
|
|
1,246.7
|
|
•
|
Pretax loss of
$1,235 million
related to the Company's settlement of the urethane matters class action lawsuit and the opt-out cases litigation. The pretax loss is included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Performance Materials & Chemicals.
|
•
|
Pretax charges of
$65 million
for nonrecurring transaction costs associated with portfolio and productivity actions, primarily financial, legal and professional advisory fees, including costs associated with the planned all-stock merger of equals with E.I. du Pont de Nemours and Company, costs associated with the planned ownership restructure of Dow Corning, implementation costs associated with the Company's 2015 Restructuring program and other productivity actions (collectively "Costs associated with portfolio and productivity actions"). These charges are included in "Cost of
|
•
|
Pretax gain of $670 million on the February 2, 2015, divestiture of ANGUS Chemical Company, included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Performance Materials & Chemicals.
|
•
|
Pretax gain of $18 million (after-tax loss of $9 million) on the January 30, 2015, divestiture of the Sodium Borohydride business. The pretax gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Performance Materials & Chemicals.
|
•
|
Pretax charges of $26 million for nonrecurring transaction costs associated with the separation of a significant portion of the Company’s chlorine value chain, consisting primarily of financial and professional advisory fees, legal fees and information systems infrastructure costs ("Costs associated with portfolio and productivity actions"). These charges were included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Corporate.
|
1 Year Dow Chart |
1 Month Dow Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions