IR presentation Q3 2013
NKT I IR presentation I Interim Report Q3 2013
NKT Interim Report Q3 2013
Webcast, 20 November 2013 at 10:00 am CET
20 November 2013 I 1
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 2
Forward looking statements
This presentation and related comments contain forward-looking statements. Such statements are subject to many uncertainties and risks, as various factors of which several are beyond NKT Group’s control, may cause that the actual development and results differ materially from the expectations.
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 3
Agenda Highlights Q3 2013 Financial results Q3 2013 Business units NKT Cables Nilfisk-Advance Photonics Group Expectations 2013 Questions & Answers
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 4
Highlights Q3 2013 Q3 2013 showed continued growth and earnings in line with expectations • Revenue increased compared to 2012 both organically and as a consequence of the acquisition of the Ericsson energy cables activities in the beginning of Q3 2013 • NKT Cables saw negative organic growth primarily due to a contraction within the Electricity Infrastructure segment, where on/offshore HV could not set off the challenges in construction and medium voltage. Initiatives intensified to improve earnings by reducing costs and improve efficiency • Nilfisk-Advance continues to gain market share and experienced 7% growth, with EMEA and Americas as key drivers, and APAC now reversed to contribute positively • Photonics Group continued to grow with 25% organic growth driven by Imaging and Sensing segments, whereas the Fiber Processing segment still needs to improve
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 5
Agenda Highlights Q3 2013
Financial results Q3 2013 Business units NKT Cables Nilfisk-Advance Photonics Group Expectations 2013 Questions & Answers
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 6
Financial results Q3 2013 Q3 Revenue 4.077 mDKK (Q3 2012: 3.816 mDKK). Q1-Q3 Revenue 11.624 mDKK (Q1-Q3 2012: 11.251 mDKK) Organic growth 3% in Q3 2013 and 4% in Q1-Q3 2013 Organic growth
Q3 2013
Q1-Q3 2013
-2%
4%
Nilfisk-Advance
7%
4%
Photonics Group
25%
11%
NKT Cables
Q3 Operational EBITDA 257 mDKK, 7,8% std. metal prices (Q3 2012: 251 mDKK, 8,3% std. metal prices) Q1-Q3 Operational EBITDA 753 mDKK, 8,0% std. metal prices (Q1-Q3 2012: 719 mDKK, 8,1% std. metal prices) Q3 Earnings before tax (EBT) amount to 69 mDKK (Q3 2012: 58 mDKK)
Q1-Q3 Earnings before tax (EBT) amount to 218 mDKK (Q1-Q3 2012: 149 mDKK) Q3 Profit after tax amounts to 53 mDKK (Q3 2012: 37 mDKK) Q1-Q3 Profit after tax amounts to 154 mDKK (Q3 2012: 103 mDKK) WC amounts to 3,3 bnDKK (Q2 2013: 3,3 bnDKK), LTM, at 19,8% vs. 19,9% compared to sales NIBD decreased to 2.753 mDKK , 2,6x operational EBITDA (Q2 2013: 2.839 mDKK, 2,7x operational EBITDA) Cash conversion, increased to 77% (Q2 2013: 47%) Updated expectations for 2013 Consistent with previous forecasts, operational EBITDA is expected to be on par with 2012. Based on revenue for the year’s first nine months, organic growth for 2013 is expected to be around 2-4%
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 7
Q3 continuing the positive trend in Operational EBITDA Operational EBITDA, LTM
1.200
10%
900
600 6%
2010
Oper. EBITDA LTM, mDKK
2011
2012
Oper. EBITDA LTM, std. metal prices, %
1.073
1.068
1.027
1.039
980
955
914
878
775
808
869
895
952
0
915
300 907
mDKK
8%
4%
2013
Oper. EBITDA LTM, %
• Negative organic Q3 Operational of growth of EBITDA 2% for 2012 257 mDKK, increased LTM EBITDA margin std. LTM to •1.073 mDKK 2012 of 8,1% or 980 mDKK – an increase Margins slightly down to from 7,9% (955 mDKK) 8,5%in in2011 Q3 2013 from 8,6% in Q2 2013
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 8
Changes Q3 2013 vs. Q3 2012 mDKK Revenue Revenue, std. metal prices
Q3 2013 4.077 3.282
Q3 2012 3.816 3.036
Change 261 246
01 *01
*02
Operational EBITDA One-off´s EBITDA Depreciation/Amortisation EBIT Financial items, net EBT Tax Profit Oper. EBITDA margin std. Tax % Capex Working capital NIBD
257 -16 241 -136 105 -36 69 -16 53 7,8% 23% 107 3.272 2.753
251 -12 239 -137 102 -44 58 -21 37 8,3% 36% 134 3.186 2.751
6 -4 2 1 3 8 11 5 16
*03
Revenue increased by Metal prices FX changes Acquisitions 3% organic growth - NKT Cables - Nilfisk-Advance - Photonics Group
mDKK 261 -53 -81 305 90 -2% 7% 25%
02 Oper. EBITDA increased by
mDKK 6
NKT Cables Margin 6,2% (Q3 2012: 7,0%)
1
Nilfisk-Advance Margin 10,0% (Q3 2012: 10,4%) Photonics Group and other
-2 7
03
27 -86 -2
Financial items decreased by Reduced net interest expenses Other financial items, net
mDKK 8 10 -2
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 9
Changes Q1-Q3 2013 vs. Q1-Q3 2012 mDKK Revenue Revenue, std. metal prices
Q1-Q3 2013 Q1-Q3 2012
01
Change
11.624 9.405
11.251 8.921
373 484
*01
Operational EBITDA One-off´s EBITDA Depreciation/Amortisation EBIT Financial items, net EBT from continuing operations Tax from continuing operations Profit from continuing operations Profit from discontinuing operations Profit
753 -16 737 -395 342 -124 218 -64 154 154
719 -23 696 -392 304 -155 149 -46 103 1.404 1.507
34 7 41 38 31 69 -18 51 -1.404 -1.353
*02
Oper. EBITDA margin std. Tax %
8,0% 29%
8,1% 31%
Capex Working capital NIBD
319 3.272 2.753
407 3.186 2.751
Revenue increased by Metal prices FX changes Acquisitions 4% organic growth - NKT Cables - Nilfisk-Advance - Photonics Group
mDKK 373 -164 -123 305 355 4% 4% 11%
02 *03
Oper. EBITDA increased by NKT Cables Margin 5,1% (Q1-Q3 2012: 4,8%) Nilfisk-Advance Margin 11,5% (Q1-Q3 2012: 11,6%) Photonics Group and other
mDKK 34 29 6 -1
03 88 -86 -2
Financial items decreased by Reduced net interest expenses Other financial items, net
mDKK 31 45 -14
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 10
Cash conversion rate improved Cash conversion, LTM Q3 2012
Q3 2013
68%
mDKK 1.500
77%
200% 150%
1.000
100% 500
50%
0
0% -50%
-500
-100% -1.000
-150%
-1.500
-200%
Q3-13
2013
Q2-13
Q1-13
Q4-12
2012
Q3-12
Q2-12
Q1-12
Q4-11
2011
Q3-11
Q2-11
Q1-11
Q4-10
2010
Q3-10
Q2-10
Q1-10
Q4-09
Q3-09
Q2-09
Q1-09
2009
Cash flow, operations LTM
Cash flow, investments LTM (excl. acquisitions)
Free cash flow LTM
Operational EBITDA LTM
Cash conversion % LTM*
*Cash conversion, LTM: Cash flow from operations LTM, divided by Operational EBITDA, LTM
As of September 2013 cash conversion rate was 77%, LTM (Q2 2013: 47%) Cash conversion rate was particularly influenced by an improvement in working capital generating a positive cash effect
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 11
Working capital improvement driven by NKT Cables Working Capital (in % of revenue) Q3 2013
Q3 2012
19,8%
20,4%
3.272 mDKK
3.186 mDKK
24,0% 23,0% 22,0% 21,0%
NKT Cables decreased to 20,0% vs. 20,3% end Q2 2013 (LTM) Nilfisk-Advance unchanged at 19,0% as in Q2 2013 (LTM)
20,0% 19,0% 18,0% 17,0% 16,0% 15,0% 2010
WC decreased to 19,8% vs. 19,9% end Q2 2013 (LTM)
2011
2012
WC 3MTH
LTM
2013
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 12
NKT Cables Projects division hides positive development Working Capital (change by business unit )
3.500
The increase in Nilfisk-Advance working capital has returned to normalised level from a low point in YE12 – also adding extra from growth
1 483
3.000
153 226
2.500
3.272
2.000 2.409 1.500
1.000 31/12 2012
Nilfisk-Advance
NKT Cables
Photonics Group
30/9 2013
NKT Cables net working capital increased primarily due to timing of progress invoicing in the Projects division and due to additional working capital from Ericsson acquisition (153 mDKK)
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 13
Free cash flow turned positive despite acquisition of cables activities mDKK Earnings, EBITDA Interest, net Change in working capital Other Cash flows from operating activities
Q3 2013 Q3 2012
Q1-Q3 2013
Q1-Q3 2012
241 -36 193 -42 356
239 -44 -136 -29 30
737 -124 -690 -98 -175
696 -155 -336 -82 123
-230 -52 -44 -326
-3 -53 -61 -117
-235 -165 -151 -551
-10 -208 -152 -370
Free cash flow
30
-87
-726
-247
Change in long- and short term loans Dividend paid Cash from exercise of share-based options and minorities Cash flows from financing activities
-52 -
127 -
915 -191
-1.680 -48
-52
127
7 731
20 -1.708
Net cash flow from discontinued operations
0
0
0
1.961
-22
40
5
6
Acquisition of business activities Acq. of property, plant and equipment, net Other investments, net Cash flows from investing activities
Net cash flow
Decrease in funds tied in working capital together with earnings are more than setting off the purchase price of the Ericsson cables activities and ordinary capex
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 14
Leverage ratio close to target despite acquisition and dividend Net interest bearing debt (relative to operational EBITDA) Q3 2012
Q3 2013
2,8x
2,6x
2.751 mDKK
mDKK
2.753 mDKK 6,0x
5.000 4.500
5,0x
4.000 3.500
4,0x
3.000 2.500
3,0x
2.000 1.500 1.000
2,0x
500 0
Net interest bearing debt, mDKK
2013
Q3-13
Q2-13
Q1-13
2012
Q4-12
Q3-12
Q2-12
Q1-12
2011
Q4-11
Q3-11
Q2-11
Q1-11
2010
Q4-10
Q3-10
Q2-10
Q1-10
1,0x
Net interest bearing debt relative to operational EBITDA
NIDB of 2.753 mDKK (2,6x Operational EBITDA) vs. 2.839 mDKK (2,7x Operational EBITDA) end Q2 2013. The decrease has been secured despite the acquisition of 230 mDKK Target: Max. NIBD of 2,5x operational EBITDA Gearing of 49% (end Q2 2013: 51%). Target: Max. ratio of 100% Solvency ratio of 41% (end Q2 2013: 42%). Target: Ratio >30%
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 15
Sufficient financing to support our strategy Cash resources available • Total of 3,4 bnDKK available, undrawn facilities of 3,0 bnDKK + cash of 0,4 bnDKK • 1,4 bnDKK (short term) will be refinanced before the end of the year, ensuring sufficient financial flexibility to maintain current strategic direction and market situation
Est. post re-financing
30.09.13
31.12.12
Committed (>3 years)
2,0
0,3
3,7
Committed (1-3 years)
3,7
3,7
0,4
-
1,0
1,0
5,7
5,1
5,1
83%
81%
77%
1,2
1,2
1,5
17%
19%
23%
6,9
6,3
6,6
0,4
0,4
Drawn
-3,2
-2,4
Cash resources available
3,4
4,6
bnDKK
Committed (
NKT Interim Report Q3 2013
Webcast, 20 November 2013 at 10:00 am CET
20 November 2013 I 1
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 2
Forward looking statements
This presentation and related comments contain forward-looking statements. Such statements are subject to many uncertainties and risks, as various factors of which several are beyond NKT Group’s control, may cause that the actual development and results differ materially from the expectations.
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 3
Agenda Highlights Q3 2013 Financial results Q3 2013 Business units NKT Cables Nilfisk-Advance Photonics Group Expectations 2013 Questions & Answers
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 4
Highlights Q3 2013 Q3 2013 showed continued growth and earnings in line with expectations • Revenue increased compared to 2012 both organically and as a consequence of the acquisition of the Ericsson energy cables activities in the beginning of Q3 2013 • NKT Cables saw negative organic growth primarily due to a contraction within the Electricity Infrastructure segment, where on/offshore HV could not set off the challenges in construction and medium voltage. Initiatives intensified to improve earnings by reducing costs and improve efficiency • Nilfisk-Advance continues to gain market share and experienced 7% growth, with EMEA and Americas as key drivers, and APAC now reversed to contribute positively • Photonics Group continued to grow with 25% organic growth driven by Imaging and Sensing segments, whereas the Fiber Processing segment still needs to improve
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 5
Agenda Highlights Q3 2013
Financial results Q3 2013 Business units NKT Cables Nilfisk-Advance Photonics Group Expectations 2013 Questions & Answers
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 6
Financial results Q3 2013 Q3 Revenue 4.077 mDKK (Q3 2012: 3.816 mDKK). Q1-Q3 Revenue 11.624 mDKK (Q1-Q3 2012: 11.251 mDKK) Organic growth 3% in Q3 2013 and 4% in Q1-Q3 2013 Organic growth
Q3 2013
Q1-Q3 2013
-2%
4%
Nilfisk-Advance
7%
4%
Photonics Group
25%
11%
NKT Cables
Q3 Operational EBITDA 257 mDKK, 7,8% std. metal prices (Q3 2012: 251 mDKK, 8,3% std. metal prices) Q1-Q3 Operational EBITDA 753 mDKK, 8,0% std. metal prices (Q1-Q3 2012: 719 mDKK, 8,1% std. metal prices) Q3 Earnings before tax (EBT) amount to 69 mDKK (Q3 2012: 58 mDKK)
Q1-Q3 Earnings before tax (EBT) amount to 218 mDKK (Q1-Q3 2012: 149 mDKK) Q3 Profit after tax amounts to 53 mDKK (Q3 2012: 37 mDKK) Q1-Q3 Profit after tax amounts to 154 mDKK (Q3 2012: 103 mDKK) WC amounts to 3,3 bnDKK (Q2 2013: 3,3 bnDKK), LTM, at 19,8% vs. 19,9% compared to sales NIBD decreased to 2.753 mDKK , 2,6x operational EBITDA (Q2 2013: 2.839 mDKK, 2,7x operational EBITDA) Cash conversion, increased to 77% (Q2 2013: 47%) Updated expectations for 2013 Consistent with previous forecasts, operational EBITDA is expected to be on par with 2012. Based on revenue for the year’s first nine months, organic growth for 2013 is expected to be around 2-4%
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 7
Q3 continuing the positive trend in Operational EBITDA Operational EBITDA, LTM
1.200
10%
900
600 6%
2010
Oper. EBITDA LTM, mDKK
2011
2012
Oper. EBITDA LTM, std. metal prices, %
1.073
1.068
1.027
1.039
980
955
914
878
775
808
869
895
952
0
915
300 907
mDKK
8%
4%
2013
Oper. EBITDA LTM, %
• Negative organic Q3 Operational of growth of EBITDA 2% for 2012 257 mDKK, increased LTM EBITDA margin std. LTM to •1.073 mDKK 2012 of 8,1% or 980 mDKK – an increase Margins slightly down to from 7,9% (955 mDKK) 8,5%in in2011 Q3 2013 from 8,6% in Q2 2013
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 8
Changes Q3 2013 vs. Q3 2012 mDKK Revenue Revenue, std. metal prices
Q3 2013 4.077 3.282
Q3 2012 3.816 3.036
Change 261 246
01 *01
*02
Operational EBITDA One-off´s EBITDA Depreciation/Amortisation EBIT Financial items, net EBT Tax Profit Oper. EBITDA margin std. Tax % Capex Working capital NIBD
257 -16 241 -136 105 -36 69 -16 53 7,8% 23% 107 3.272 2.753
251 -12 239 -137 102 -44 58 -21 37 8,3% 36% 134 3.186 2.751
6 -4 2 1 3 8 11 5 16
*03
Revenue increased by Metal prices FX changes Acquisitions 3% organic growth - NKT Cables - Nilfisk-Advance - Photonics Group
mDKK 261 -53 -81 305 90 -2% 7% 25%
02 Oper. EBITDA increased by
mDKK 6
NKT Cables Margin 6,2% (Q3 2012: 7,0%)
1
Nilfisk-Advance Margin 10,0% (Q3 2012: 10,4%) Photonics Group and other
-2 7
03
27 -86 -2
Financial items decreased by Reduced net interest expenses Other financial items, net
mDKK 8 10 -2
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 9
Changes Q1-Q3 2013 vs. Q1-Q3 2012 mDKK Revenue Revenue, std. metal prices
Q1-Q3 2013 Q1-Q3 2012
01
Change
11.624 9.405
11.251 8.921
373 484
*01
Operational EBITDA One-off´s EBITDA Depreciation/Amortisation EBIT Financial items, net EBT from continuing operations Tax from continuing operations Profit from continuing operations Profit from discontinuing operations Profit
753 -16 737 -395 342 -124 218 -64 154 154
719 -23 696 -392 304 -155 149 -46 103 1.404 1.507
34 7 41 38 31 69 -18 51 -1.404 -1.353
*02
Oper. EBITDA margin std. Tax %
8,0% 29%
8,1% 31%
Capex Working capital NIBD
319 3.272 2.753
407 3.186 2.751
Revenue increased by Metal prices FX changes Acquisitions 4% organic growth - NKT Cables - Nilfisk-Advance - Photonics Group
mDKK 373 -164 -123 305 355 4% 4% 11%
02 *03
Oper. EBITDA increased by NKT Cables Margin 5,1% (Q1-Q3 2012: 4,8%) Nilfisk-Advance Margin 11,5% (Q1-Q3 2012: 11,6%) Photonics Group and other
mDKK 34 29 6 -1
03 88 -86 -2
Financial items decreased by Reduced net interest expenses Other financial items, net
mDKK 31 45 -14
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 10
Cash conversion rate improved Cash conversion, LTM Q3 2012
Q3 2013
68%
mDKK 1.500
77%
200% 150%
1.000
100% 500
50%
0
0% -50%
-500
-100% -1.000
-150%
-1.500
-200%
Q3-13
2013
Q2-13
Q1-13
Q4-12
2012
Q3-12
Q2-12
Q1-12
Q4-11
2011
Q3-11
Q2-11
Q1-11
Q4-10
2010
Q3-10
Q2-10
Q1-10
Q4-09
Q3-09
Q2-09
Q1-09
2009
Cash flow, operations LTM
Cash flow, investments LTM (excl. acquisitions)
Free cash flow LTM
Operational EBITDA LTM
Cash conversion % LTM*
*Cash conversion, LTM: Cash flow from operations LTM, divided by Operational EBITDA, LTM
As of September 2013 cash conversion rate was 77%, LTM (Q2 2013: 47%) Cash conversion rate was particularly influenced by an improvement in working capital generating a positive cash effect
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 11
Working capital improvement driven by NKT Cables Working Capital (in % of revenue) Q3 2013
Q3 2012
19,8%
20,4%
3.272 mDKK
3.186 mDKK
24,0% 23,0% 22,0% 21,0%
NKT Cables decreased to 20,0% vs. 20,3% end Q2 2013 (LTM) Nilfisk-Advance unchanged at 19,0% as in Q2 2013 (LTM)
20,0% 19,0% 18,0% 17,0% 16,0% 15,0% 2010
WC decreased to 19,8% vs. 19,9% end Q2 2013 (LTM)
2011
2012
WC 3MTH
LTM
2013
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 12
NKT Cables Projects division hides positive development Working Capital (change by business unit )
3.500
The increase in Nilfisk-Advance working capital has returned to normalised level from a low point in YE12 – also adding extra from growth
1 483
3.000
153 226
2.500
3.272
2.000 2.409 1.500
1.000 31/12 2012
Nilfisk-Advance
NKT Cables
Photonics Group
30/9 2013
NKT Cables net working capital increased primarily due to timing of progress invoicing in the Projects division and due to additional working capital from Ericsson acquisition (153 mDKK)
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 13
Free cash flow turned positive despite acquisition of cables activities mDKK Earnings, EBITDA Interest, net Change in working capital Other Cash flows from operating activities
Q3 2013 Q3 2012
Q1-Q3 2013
Q1-Q3 2012
241 -36 193 -42 356
239 -44 -136 -29 30
737 -124 -690 -98 -175
696 -155 -336 -82 123
-230 -52 -44 -326
-3 -53 -61 -117
-235 -165 -151 -551
-10 -208 -152 -370
Free cash flow
30
-87
-726
-247
Change in long- and short term loans Dividend paid Cash from exercise of share-based options and minorities Cash flows from financing activities
-52 -
127 -
915 -191
-1.680 -48
-52
127
7 731
20 -1.708
Net cash flow from discontinued operations
0
0
0
1.961
-22
40
5
6
Acquisition of business activities Acq. of property, plant and equipment, net Other investments, net Cash flows from investing activities
Net cash flow
Decrease in funds tied in working capital together with earnings are more than setting off the purchase price of the Ericsson cables activities and ordinary capex
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 14
Leverage ratio close to target despite acquisition and dividend Net interest bearing debt (relative to operational EBITDA) Q3 2012
Q3 2013
2,8x
2,6x
2.751 mDKK
mDKK
2.753 mDKK 6,0x
5.000 4.500
5,0x
4.000 3.500
4,0x
3.000 2.500
3,0x
2.000 1.500 1.000
2,0x
500 0
Net interest bearing debt, mDKK
2013
Q3-13
Q2-13
Q1-13
2012
Q4-12
Q3-12
Q2-12
Q1-12
2011
Q4-11
Q3-11
Q2-11
Q1-11
2010
Q4-10
Q3-10
Q2-10
Q1-10
1,0x
Net interest bearing debt relative to operational EBITDA
NIDB of 2.753 mDKK (2,6x Operational EBITDA) vs. 2.839 mDKK (2,7x Operational EBITDA) end Q2 2013. The decrease has been secured despite the acquisition of 230 mDKK Target: Max. NIBD of 2,5x operational EBITDA Gearing of 49% (end Q2 2013: 51%). Target: Max. ratio of 100% Solvency ratio of 41% (end Q2 2013: 42%). Target: Ratio >30%
NKT I IR presentation I Interim Report Q3 2013
20 November 2013 I 15
Sufficient financing to support our strategy Cash resources available • Total of 3,4 bnDKK available, undrawn facilities of 3,0 bnDKK + cash of 0,4 bnDKK • 1,4 bnDKK (short term) will be refinanced before the end of the year, ensuring sufficient financial flexibility to maintain current strategic direction and market situation
Est. post re-financing
30.09.13
31.12.12
Committed (>3 years)
2,0
0,3
3,7
Committed (1-3 years)
3,7
3,7
0,4
-
1,0
1,0
5,7
5,1
5,1
83%
81%
77%
1,2
1,2
1,5
17%
19%
23%
6,9
6,3
6,6
0,4
0,4
Drawn
-3,2
-2,4
Cash resources available
3,4
4,6
bnDKK
Committed (
