Valmet Corp · OMXHEX:VALMT
Valmet — Non-Deal Roadshow (March 2018)
81 slides from Valmet's roadshow presentation, March 2018
Slide 1: Valmet – unique offering with process technology, automation and services
Valmet – unique offering with process technology, automation and services Roadshow presentation March 2018
Slide 2: Agenda
Agenda Valmet roadshow presentation 1 Valmet in brief 2 Investment highlights 3 Financials 4 Conclusion 2 March 2018 © Valmet | Roadshow presentation
Slide 3: Valmet in brief
Valmet in brief Valmet <>
Slide 4: Key figures in 2017
Key figures in 2017 Stable business net sales EUR 1.5 billion Orders received Net sales by business line Net sales by area EUR 3,272 million 11% 19% 24% Net sales 13% 37% EUR 3,159 million 8% Comparable EBITA EUR 226 million Comparable EBITA 29% 9% margin 49% 7.2% Services North America Automation S
Slide 5: Valmet's development
Valmet’s development Comparable EBITA target 8–10% from 2017 onwards Orders received Net sales Comparable EBITA Comp. EBITA margin (EUR million)1 (EUR million)1 (EUR million)1 (%)1 3,272 3,071 3,139 3,159 2,878 2,928 2,926 2,613 2,473 2,182 1,713 1,658 1,684 2,016 1,537 1,572 1,473 1,581 226 1,484 1
Slide 6: Our four business lines serve the same customer base
Our four business lines serve the same customer base #1–2 #1–3 #1–3 #1 Services Automation Pulp and Energy Paper Mill and plant Supplies and develops Technologies and Technologies and improvements, roll and automation and solutions for pulp solutions for board, tissue, workshop services, parts infor
Slide 7: Strong, global presence is a good platform for growth
Strong, global presence is a good platform for growth Over 120 service centers, 86 sales offices, 34 production units, 16 R&D centers China North America • 8 service centers • 6 production units • 17 service centers • 3 sales offices • 7 production units • 8 sales offices 1,696 1,223 EMEA • 16 R&D c
Slide 8: Process technology, services and automation
Process technology, services and automation Valmet’s unique offering differentiates the company from its competitors Process- technology Customer Services Automation 8 March 2018 © Valmet | Roadshow presentation
Slide 9: Significant, customer focused research and development work
Significant, customer focused research and development work R&D focus areas • Advanced and competitive technologies and services • Raw material, water and energy efficiency • Promotion of renewable materials 16 EUR 64 million ~1,500 research and R&D spending protected development in 2017 inventions
Slide 10: Acknowledged leader in sustainability
Acknowledged leader in sustainability 360° approach to sustainability Relevant UN Sustainable • In Dow Jones Development Goals Corporate Supply chain Sustainability Index citizenship Most material for the fourth We are a trusted partner We develop and respected corporate sustainable supply consecuti
Slide 11: Financial targets
Financial targets Growth • Net sales for stable business to grow over two times the market growth • Net sales for capital business to exceed market growth Profitability • Comparable EBITA: 8–10% ROCE • Comparable return on capital employed (pre- tax), ROCE1: 15–20% Dividend • Dividend payout at leas
Slide 12: Investment highlights
Investment highlights Valmet <>
Slide 13: Investment highlight summary
Investment highlight summary 1 Strong market position in markets that grow Stable business, with EUR 1.5 billion of net sales, 2 offering stability, growth and profitability Capital business, with flexible cost structure, offering 3 growth and profitability potential 4 Continuous systematic developm
Slide 14: Strong market position in markets that grow
1 2 3 4 5 Strong market position in markets that grow Services Automation Pulp Energy Tissue Board Paper #1–2 #1–3 #1–2 #1–3 #1 #1 #1 EUR EUR EUR EUR EUR EUR EUR 8.0 ~1-2% 2.0 ~1% 1.4 ~1% 2.0 ~1% 0.7 ~3% 1.0 ~2-3% 0.3 ~-1% p.a. p.a. p.a. p.a. p.a. p.a. p.a. bn bn bn bn bn bn bn • Capacity • Investme
Slide 15: Stable business, with EUR 1.5 billion of net sales
1 2 3 4 5 Stable business, with EUR 1.5 billion of net sales, offering stability, growth and profitability Key potential in stable business Stable business orders received Organic growth • Valmet Way to Serve (EUR million) • Industrial Internet Growth ~5% ~12% CAGR CAGR Services • Strengthening the
Slide 16: Capital business, with flexible cost structure
1 2 3 4 5 Capital business, with flexible cost structure, offering growth and profitability potential Key potential in capital business Orders received (EUR million) • Product cost competitiveness to support the 2,015 growth 1,537 1,657 1,713 • Cost structure development and increasing 1,147 flexibi
Slide 17: Continuous systematic development
1 2 3 4 5 Continuous systematic development Supporting growth: New Valmet way to serve Improved sales process for complete offering Supporting profitability improvement: Reducing procurement costs Reducing quality costs Project management, R&D and ERP 17 March 2018 © Valmet | Roadshow pres
Slide 18: Technology leader with unique offering
1 2 3 4 5 Technology leader with unique offering Cost-competitive, focused Complete pulp mill delivery Comprehensive offering for solutions in Paper capability energy customers • 15 OptiConcept M • State-of-the-art technology for • Solutions for machines sold all types of demanding fuels pulps • 10
Slide 19: Financials
Financials Valmet <>
Slide 20: Key figures
Key figures EUR million Q4/2017 Q4/2016 Change 2017 2016 Change Orders received 727 857 -15% 3,272 3,139 4% Order backlog1 2,292 2,283 0% 2,292 2,283 0% Net sales 936 785 19% 3,159 2,926 8% Comparable EBITA 76 56 34% 226 196 15% % of net sales 8.1% 7.2% 7.2% 6.7% EBITA 63 48 31% 209 183 14% Operatin
Slide 21: Comparable EBITA margin development
Comparable EBITA margin development Net sales and Comparable EBITA (EUR million and %) 936 854 804 803 8.1% Target 8–10% 777 779 785 734 7.3% 7.2% 748 6.9% 7.1% 7.1% 685 671 6.4% 652 7.9% 588 590 6.1% 7.5% 561 519 5.1% 4.8% 492 Capital business 3.7% 5.5% 445 375 3.5% 408 427 334 429 400 404 444 Stab
Slide 22: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2018 to be announced in March 2018 at the latest Following the adoption of the new principles of IFRS 15, effective as of Guidance January 1, 2018, Valmet’s revenue recognition will change in 2018. As a result, Valmet will publish restated figures
Slide 23: Conclusion
Conclusion Valmet <>
Slide 24: Conclusion
Conclusion 1 Strong market position in markets that grow Stable business, with EUR 1.5 billion of net sales, 2 offering stability, growth and profitability Capital business, with flexible cost structure, offering 3 growth and profitability potential 4 Continuous systematic development 5 Technology l
Slide 25: Important notice
Important notice It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for growth, profitability and investment willingness, expectations fo
Slide 26: Appendix
Appendix 1 Financials 2 Focus areas and actions 3 Area development 4 Shareholders and share price development 5 Offering 6 Management 26 March 2018 © Valmet | Roadshow presentation
Slide 27: Appendix: Financials
Appendix Financials Valmet <>
Slide 28: Services: Orders received increased to EUR 1,242 million in 2017
Services: Orders received increased to EUR 1,242 million in 2017 Orders received (EUR million) Net sales (EUR million) 2016: 2017: 2016: 2017: EUR 1,182 million EUR 1,242 million EUR 1,163 million EUR 1,178 million 400 355 1,600 400 1,600 321 321 340 350 293307 313 1,400 350 304 314 304286316 302 1,
Slide 29: Automation: Orders received increased to EUR 368 million in 2017
Automation1: Orders received increased to EUR 368 million in 2017 Orders received2 (EUR million) Net sales2 (EUR million) 2016: 2017: 2016: 2017: EUR 337 million EUR 368 million EUR 316 million EUR 335 million 120 450 120 115 450 103 101 101 99 95 11 100 88 87 88 12 375 100 6 375 5 10 78 75 81 6 80
Slide 30: Pulp and Energy: Orders received decreased to EUR 678 million in 2017
Pulp and Energy: Orders received decreased to EUR 678 million in 2017 Orders received (EUR million) Net sales (EUR million) 2016: 2017: 2016: 2017: EUR 939 million EUR 678 million EUR 826 million EUR 929 million 700 622 1,400 350 312 1,400 600 560 1,200 300 1,200 262 229234 245 245 260 500 1,000 250
Slide 31: Paper: Orders received increased to EUR 1,035 million in 2017
Paper: Orders received increased to EUR 1,035 million in 2017 Orders received (EUR million) Net sales (EUR million) 2016: 2017: 2016: 2017: EUR 718 million EUR 1,035 million EUR 647 million EUR 755 million 400 1,200 400 1,200 350 314 1,050 350 1,050 300 275 900 300 900 246 243 232 250 212 197199186
Slide 32: Orders received
2017 orders received and net sales split EUR million and % of total 323 10% 686 21% 1,035 Orders received 32% 1,242 572 38% 17% North America Services 183 6% South America Automation EMEA Pulp and Energy China Paper Asia-Pacific 678 317 21% 1,508 10% 46% 342 11% 605 755 19% 24% 417 1,178 13% 37% Net
Slide 33: Net sales split by business unit
Net sales split by business unit Net sales split, business units (2017) Net sales split, Valmet (2017) Services Automation Stable business 11% 18% 27% 14% Paper Rolls 28% 73% Board Mill 28% Improvements 5% 7% Rolls Pulp and Paper 10% 10% Mill Improvements Tissue Performance Parts Energy and Process
Slide 34: Net sales split by area
Net sales split by area Net sales split, areas (2017) Net sales split, Valmet (2017) Services Automation Stable business 11% 25% 6% 8% 23% 10% 11% 4% 19% 9% 45% 59% 13% North America North America 8% South America South America EMEA EMEA China China Asia-Pacific Asia-Pacific Pulp and Energy Paper Ca
Slide 35: Announced orders in H1/2018
Announced orders in H1/2018 Date Booked Description Business line Country Value quarter Jan 4 Q3 Anti-surge and load-sharing control Automation Russia Not disclosed.1 Jan 17 Q4 OptiConcept M board production line Paper USA Not disclosed. The value of an order of this type is typically around EUR 40-
Slide 36: Announced orders in H1/2017
Announced orders in H1/2017 Date Booked Description Business line Country Value quarter Jan 3 Q4 Modernization of a flue gas desulphurization (FGD) at a combined heat Pulp and Energy Poland Not disclosed. The value of a project of this size and scope is typically and power (CHP) plant around EUR 2 m
Slide 37: Announced orders in H2/2017
Announced orders in H2/2017 Date Booked Description Business line Country Value quarter Jul 6 Q1 Defibrator system Pulp and Energy China Not disclosed. The value of a project of this size and scope is typically valued in the rage of EUR 1.5 –5 million. Sep 5 Q2 New chipper to a pulp mill Pulp and En
Slide 38: Orders received increased to EUR 3,272 million in 2017
Orders received increased to EUR 3,272 million in 2017 Orders received (EUR million) Orders received in 2017 by area 1,400 3,500 Asia-Pacific North 10% America 1,200 3,000 21% 1,000 2,500 China 800 2,000 17% South 600 1,500 America 1,101 6% 1,023 1,005 400 781 725 793 803 692 788 857 796 743 727 1,0
Slide 39: Stable business orders received amounted to EUR 1,609 million in 2017
Stable business orders received amounted to EUR 1,609 million in 2017 Orders received (EUR million) in stable business1 600 1,800 500 443 1,500 409 424 402 394 383 400 372 88 359 1,200 330 342 344 103 95 81 88 273 273 293 87 75 101 300 267 75 80 900 242 78 200 600 321 355 321 273 273 293 307 313 284
Slide 40: Order backlog was EUR 2,292 million at the end of 2017
Order backlog was EUR 2,292 million at the end of 2017 Order backlog (EUR million) Structure of order backlog 3,000 2,500 2,6132,551 2,406 2,523 ~25% 2,312 2,283 2,292 2,000 2,208 2,207 2,192 2,064 2,1172,074 2,106 1,972 1,998 1,500 1,000 ~75% 500 0 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1
Slide 41: Gross profit and SG&A development
Gross profit and SG&A development Gross profit (EUR million and % of net sales) SG&A (EUR million and % of net sales) 250 22% 25% 250 25% 200 20% 200 20% 15% 150 15% 150 15% 100 10% 100 10% 50 5% 50 5% 0 0% 0 0% Q2/2017 Q3/2017 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016
Slide 42: Cash flow provided by operating activities
Cash flow provided by operating activities Cash flow provided by operating activities (EUR million) 2014: 2015: 2016: 2017: EUR 236 million EUR 78 million EUR 246 million EUR 291 million 140 120 117 122 100 80 88 94 89 60 78 64 40 43 46 20 30 33 31 17 16 3 0 -20 -20 -40 Q1/2014 Q2/2014 Q3/2014 Q4/20
Slide 43: Net working capital at -11% of rolling 12 months orders received
Net working capital at -11% of rolling 12 months orders received Net working capital and orders received (EUR million) 1,500 30% 1,000 20% 1,101 1,023 1,005 781 793 803 788 857 796 743 500 725 692 727 10% 466 480 580 0 0% -257 -249 -345 -353 -355 -265 -244 -238 -247 -181 -265 -294 -428 -313 -344 -36
Slide 44: Net debt decreased compared with both Q4/2016 and Q3/2017
Net debt decreased compared with both Q4/2016 and Q3/2017 Net debt (EUR million) and gearing (%) Equity to assets ratio (%) 27% 42% 300 24% 30% 45% 21% 40% 38% 37% 37% 38% 38% 39% 36% 35% 36% 200 231 15% 20% 35% 178 192 100 126 6% 4% 10% 30% 52 -3% 31 -3% 25% 0 0% -27 -30 -100 20% -100 -10% 15% -166
Slide 45: Capital employed and Comparable ROCE
Capital employed and Comparable ROCE Capital employed (EUR million) and Comparable return on capital employed (ROCE), before taxes1 (%) 1,239 1,240 1,214 1,231 1,184 1,194 1,167 1,195 1,154 1,159 1,152 1,122 Target 16% 985 967 15% 15–20% 902 14% 14% 14% 14% 14% 877 13% 13% 12% 12% 10% 10% 2% 2% 1% Q
Slide 46: Structure of loans and borrowings
Structure of loans and borrowings Interest-bearing debt EUR 219 million as at December 31, 2017 Amount of outstanding interest-bearing debt Main financing sources and facilities (EUR million) 250 Source Amount outstanding 200 Loans from banks and EUR 219 million financial institutions 150 EUR 200 mi
Slide 47: Strong balance sheet to support large orders
Strong balance sheet to support large orders Financial position as of December 31, 2017 (EUR million) Net debt EUR -100 million Equity to assets ratio1 39% Gearing -11% • Valmet has a strong balance sheet that enables it to participate in large projects • Valmet has its long-term liquidity in place
Slide 48: Net sales and profitability development, annual
Net sales and profitability development, annual New EBITA target 8–10% from 2017 Net sales and Comparable EBITA (EUR million)1 onwards 3,159 2,925 3,014 2,928 2,926 2,735 2,703 2,613 2,453 2,473 7.2% 6.2% 6.7% 2,092 2,061 Services and 7.1% 7.6% Automation 6.3% 6.5% 6.4% 2.1% 5.5% 5.6% business lines
Slide 49: High volatility in market activity
High volatility in market activity Orders received1 (EUR million) 3,225 3,272 3,071 3,139 2,878 • Volatility in market 2,584 2,445 activity is high in the 2,182 1,658 1,713 capital business 1,999 2,080 2,016 1,537 1,585 1,390 1,147 1,362 Pulp and Energy, and Paper business lines 1,558 1,341 1,481 Se
Slide 50: Appendix: Focus areas and actions
Appendix Focus areas and actions
Slide 51: Summary of key actions by business
Summary of key actions by business Stable business Key actions in stable business • Financial target: • Systematic promotion of whole offering – Valmet way to serve Net sales for stable • Localize the engineering resources in growing service areas business to grow over two • New service center in In
Slide 52: Summary of key actions by area
Summary of key actions by area North America EMEA China • Strengthened service presence in • Increase services market share in • Strengthen key account Mexico Central and Eastern Europe management to continue service • Grow automation market share via • Grow automation market share via growth compet
Slide 53: Actions to reach EBITA target
Actions to reach EBITA target Comparable EBITA margin in 2015 6.2% Net sales (EUR million) and Comparable EBITA margin (%) Sales process management ~1% 3,159 2,928 2,926 2,613 2,473 6.7% 7.2% Project management and project ~1% 6.2% execution 4.3% Procurement & quality ~1% 2.1% Technology, R&D and ER
Slide 54: Procurement and quality cost development
Procurement and quality cost development Implemented procurement savings of Quality costs (EUR million and % of net sales) annual direct spend 4.0% 4.3% 4.4% 4.3% 3.9% 3.6% 3.8% 3.1% 2.6% 2.7% >3.0% <1.3% 2013 2014 2015 2016 2017 Annual goal 2013 2014 2015 2016 2017 Long- term goal Targeting >3% of
Slide 55: Currency exposure and foreign exchange risk management
Currency exposure and foreign exchange risk management Currency exposure Foreign exchange risk management All operating units are required to hedge in The exposure is a net of all assets and full their foreign currency exposures liabilities denominated in foreign currencies derived from sales an
Slide 56: Appendix: Area development
Appendix Area development Valmet <>
Slide 57: North America
North America Mature services focused market with recurring opportunities in paper, tissue and automation Orders received Net sales Employees Orders received by Net sales by business (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) line (2017) 71
Slide 58: South America
South America Cyclical capital business relies on new pulp projects. Services, board and tissue provide growth opportunities Orders received Net sales Employees Orders received by Net sales by business (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2
Slide 59: EMEA
EMEA Valmet’s largest and most important area with significant services and technology markets in all Valmet’s businesses Orders received Net sales Employees Orders received by Net sales by business (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017
Slide 60: China
China Capital business at new normal level, growth opportunities in Services Orders received Net sales Employees Orders received by Net sales by business (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) line (2017) 2,061 572 392 417 1,927 1,955 3
Slide 61: Asia-Pacific
Asia-Pacific Developing services market with growth potential Orders received Net sales Employees Orders received by Net sales by business (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) line (2017) 706 693 727 586 10% 625 588 15% 381 378 372 34
Slide 62: Appendix: Shareholders and share price development
Appendix Shareholders and share price development
Slide 63: Largest shareholders on February 28, 2018
Largest shareholders on February 28, 2018 Based on the information given by Euroclear Finland Ltd. # Shareholder name Number of shares % of shares and votes 1 Solidium Oy1 16,695,287 11.14% 2 Elo Mutual Pension Insurance Company 4,210,000 2.81% 3 Varma Mutual Pension Insurance Company 4,165,465 2.78
Slide 64: Shareholder structure on February 28, 2018
Shareholder structure on February 28, 2018 Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and non-Finnish holders1 321 0.7% 75,121,017 50.1% Finnish institutions, companies and foundations 2,390 5.3% 38,103,132 25.4% Solidium Oy* 0 0.0% 16,695,2
Slide 65: Share of non-Finnish holders and area split of shareholders
Share of non-Finnish holders and area split of shareholders Share of non-Finnish holders Approximate geographical split and number of shareholders of institutional shareholders* 56% 58,000 10% 6% 54% 56,000 52% 54,000 8% 43% 50% 52,000 12% 48% 50,000 46% 48,000 21% 44% 46,000 Finland United States 4
Slide 66: Share price development and trading volume
66 Million shares 0 4 6 8 10 2 6.00 8.00 10.00 12.00 14.00 16.00 18.00 12/14 12/14 01/15 01/15 March 2018 02/15 02/15 03/15 03/15 04/15 04/15 05/15 05/15 06/15 06/15 07/15 07/15 08/15 08/15 09/15 09/15 10/15 10/15 11/15 11/15 12/15 © Valmet | Roadshow presentation 12/15 Valmet 01/16 01/16 02/16 02/1
Slide 67: Recognition from Dow Jones and CDP
Recognition from Dow Jones and CDP Valmet is in the Dow Jones World Sustainability Index (DJSI) for the fourth consecutive year, in CDP's Climate A List for actions and strategy to mitigate climate change and in Ethibel Sustainability Index (ESI) Excellence Europe Source: SustainAbility (2013) “Rate
Slide 68: Appendix: Offering
Appendix Offering Valmet <>
Slide 69: Comprehensive life-cycle services offering and large customer base
Comprehensive life-cycle services offering and large customer base with significant potential Comprehensive life-cycle services offering Over 2,000 customer mills and plants served globally Spare and wear parts Fabrics Mill and plant Roll and workshop Energy and • All OEM spare parts and • Paper mac
Slide 70: Our automation offering
Our automation offering Pulp and paper Energy Oil and gas Marine Advanced automation and process monitoring solutions and services: Distributed Control System (DCS) – Industrial internet solutions Valmet DNA Automation services Performance solutions Process simulators Quality Control Sys
Slide 71: Automation offering and market overview
Automation offering and market overview Scope/product Market size Market position in Main competitors pulp and paper Distributed • DCS for process and Pulp and paper DCS market: • ABB Control System (DCS) machines controls • Condition monitoring • EUR 900 million #3 • • Honeywell Emerson • Informati
Slide 72: Full scope offering for the pulp and paper industry
Full scope offering for the pulp and paper industry Technologies Automation Services 1 Wood handling 6 Recycled fiber • Distributed Control System • Mill and plant improvements (DCS) • Spare and wear parts 2 Heat and power 7 Mechanical fiber • Performance solutions • Paper machine clothing productio
Slide 73: Our offering for energy industry and biotechnologies
Our offering for energy industry and biotechnologies Technologies Automation Services 1 Fuel handling 5 Modularized • Distributed Control System • Plant improvements power plants (DCS) • Rebuilds 2 Gasification • Performance solutions • Performance services 6 Prehydrolysis 3 Boiler and flue For biof
Slide 74: Our pulp and energy technology offering
Our pulp and energy technology offering Pulp Recovery Energy Biotechnologies • Wood handling • Evaporation systems • Circulating fluidized • Pyrolysis solutions for systems • Recovery islands bed boilers (CYMIC) bio-oil production • Cooking systems • Bubbling fluidized • LignoBoost for lignin • Comp
Slide 75: Our paper technology offering
Our paper technology offering Board and paper Tissue Board and paper production lines Tissue production lines – Recycled fiber lines – Advantage DCT – Tailor made OptiConcept machines – Advantage NTT – OptiConcept M modularized machines – Advantage Thru Air (TAD) Rebuilds Rebuilds – Moderniz
Slide 76: Continuous investment in research and development
Continuous investment in research and development to improve customers’ processes Customers’ needs Valmet’s R&D focus Valmet’s R&D resources • Increase production • Modularized and • Own R&D centers and efficiency standardized products pilot facilities • Improve competitiveness • Energy, water and r
Slide 77: Example of our R&D work - OptiConcept M board and paper machine
Example of our R&D work - OptiConcept M board and paper machine Cost-efficient, high-quality, safe and flexible board making concept Significant savings in energy, water and raw material use – Energy efficiency improvement up to 30% Modular and compact size – Short delivery times, quick start-
Slide 78: Appendix: Management
Appendix Management Valmet <>
Slide 79: Executive Team
Executive Team Corporate Pasi Laine Kari Saarinen Julia Macharey Juha Lappalainen Anu Salonsaari-Posti President and CEO CFO SVP, Human Resources SVP, Strategy and SVP, Marketing & Share ownership: 101,997 Share ownership: 26,753 Share ownership: 17,984 Operational Development Communications Share o
Slide 80: Board of Directors
Board of Directors Bo Risberg Jouko Karvinen Aaro Cantell Lone Fønss (b. 1956) (b. 1957) (b. 1964) Schrøder Chairman of Vice Chairman of the Board member (b. 1960) the Board Board Board member Finnish citizen Swedish citizen Finnish citizen Danish citizen • BSc (Mech. Eng), MBA • M.Sc. (Tech.) • M.S
Slide 81: FORWARD
FORWARD