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Capital Markets Day20 May, 2016
Speakers of the day
Juko H Martti N Henri E
Håvard E Stig S Mikko E
Provide you with a more
comprehensive and
transparent view of Affecto
and our business today.
Present a more granular and
concrete overview of our
business and operating model
as well as our Segments and
Growth Programs.
Describe our strategic choices
and show our path forward.
1. 2. 3.
Objectives of the dayRelaunching Affecto to the Capital Markets
Long term financial targets
The company is in the process of updating its strategy. Until the strategy process is completed, the company does
not provide long term financial targets. The company expects to update its long term financial targets at its
2017 Capital Markets Day.
Agenda
9:00 Agenda and objectives of the day Martti N
9:10 Evolving with Passion – CEO review Juko H
• #WeAreAffecto
• Review of strategic choices
• Way forward
9:45 Business and Operating mix Martti N
10:00 Segment reviews
• Finland Henri E
• Scandinavia Håvard E
• Baltic Stig S
10:50 Break
11:00 Growth program reviews
• Industrial Henri E
• B2C Mikko E
• Managed services Stig S
11:45 Financial update Martti N
12:00 CEO summary and Q&A Juko H
12:15 Lunch
#WeAreAffecto~1000 professionals excited about information
7.5 m€
Long term, committed
customer relationships
with 100+ essential
Northern European
companies and 100+
essential public
institutions
Northern Europe’s
largest capability in
enterprise information
management,
advanced business
process systems, agile
software development
and location solutions
Unique local presence
with 18 offices forming a
powerful grid, serving
customers and sharing
capabilities across
the region
116 m€ 1000
We started our journey by defining our core capabilities in 2015 as well as
five key steps of our evolution
Strong core capabilities supporting each other
Business Intelligence and data warehousing
Master Data Management
Budgeting, planning and forecasting
Document and Case Management
Customized solutions
Package business process applications, e.g. Insurance system implementation
Application Service Management
Geographical systems, services and consumer products
Location
Solutions
Enterprise
Information
Management
Advanced
Business Process
Systems
1. Increasing value of information for our customers
2. Directing our focus towards customer value
3. Selecting our focus customer industries and topics
4. Evolving our analytics & technology capabilities
5. Bringing our 1000 people, 18 offices and customers closer to each other
Industrial
and Energy
Business to
Consumer
Public to
Citizen
Financial
Services
We are a technology company excited by information and analytics
Challenges
• Changing customer needs and competitive
landscape
• Reworking of work
• Revenue growth and the stage of our
evolution
• Low level of integration within Affecto’s
operational model
Strengths
• Long term committed customers
• Day-to-day delivery of business critical solutions
& services
• Strong and capable communities of experts
• Recurring revenue base
• Cross Nordic reach
• Cash flow based funding of our evolution
Hands-on day-to-day leadership and concurrent management of business
transformation & performance
Our day-to-day focus todayLeveraging our set of core strengths and responding to challenges
Our traditional market is transforming andthe business technology market is growing
2015 2016 2017
TRADITIONAL IT & ANALYTICS
So
urc
es: A
ffec
toA
na
lysis, B
MI, C
EB
, Ga
rtne
r, IDC
, No
rde
a, M
cK
inse
y, Te
ch
na
vio
BUSINESS TECHNOLOGY & ANALYTICS
Customer 360°
Sales digitalization
Preventive maintenance / IoT
Telecom & media streaming
Preventive health operations
Production automation
Robotization
Insurance claims systems
Sensing products
EXAMPLES OF OUR EXPERTISE
CEO, COO, Business
& product line
leaders, sales &
marketing leaders,
production and
logistics leaders,
and customer
service
EXAMPLE CUSTOMER ROLES
CA
GR
> 1
0 %
FLA
T GR
OW
TH
Budgeting and finance
applications and DWs
CFO Dashboards
Planning and consolidation
HR applications & reporting
Intranets and collaboration
ERP based DWs
EXAMPLES OF OUR EXPERTISE
CIO, CFO, IT, HR and
Finance organizations,
Internal support
organizations
EXAMPLE CUSTOMER ROLES
Technology and analytics for our customers‘ core business top & bottom line needs
Technology and analytics for our customers’ support organizations’ needs
Our Strategic Choices
Bases for Growth opportunities: Growing business technology &
analytics market, Pockets in traditional IT & analytics market
and Sweden
Data Driven business for our customers and for ourselves
Customer Value First: Steadfast focus in long term
customer value
Our Power Grid:
A lean and locally strong
network of customers,1000
professionals and 18 offices
in Northern Europe
Competitive positioning:
merging into our customer
industries’ value chains with
nimble economies of scale
Learning and
speedy approach for
transformation.
Building a culture and
capabillities for
growth
We are finalizing the first wave of our evolution.Getting geared up to move to the second
Deliver every year
Clarify direction: focus on customer value and evolve our core
Boost collaboration and leadership
Launch & learn growth programs: B2C & Industrial
Communicate core strengths and update brand
Create an updated strategy and co-operation model with our people and customers
Data driven Affecto: Invest in new and nimble platforms to integrate the operating model
Industry play for growth initiatives: Explore new business initiatives with customers and partners in start up mode
Integrate to the value chains of our customer industries
Scale initiatives within proven new business and value generation models
Integrated and data driven operational core instruments scale growth initiatives
Agenda
9:00 Agenda and objectives of the day Martti N
9:10 Evolving with Passion – CEO review Juko H
• #WeAreAffecto
• Review of strategic choices
• Way forward
9:45 Business and Operating mix Martti N
10:00 Segment reviews
• Finland Henri E
• Scandinavia Håvard E
• Baltic Stig S
10:50 Break
11:00 Growth program reviews
• Industrial Henri E
• B2C Mikko E
• Managed services Stig S
11:45 Financial update Martti N
12:00 CEO summary and Q&A Juko H
12:15 Lunch
• Consulting services
• Systems integration services
• Managed services
• Own products, e.g. Karttakeskus and Marela
• 3rd party software license
• 3rd party software maintenance
We have 6 key business models
Affecto business mixProfessional Services is the largest element of our business mix in all of our
segments, software license and maintenance revenue accounts for ~20%
Baltic
3rd party software
maintenance, ~15%
3rd party software
license sales, ~5%
Busi
ne
ss m
ix
Segment share of 2015 revenue
Professional Services, ~80%
• Consulting
• Systems integration
• Managed services
• Own products
NorwayFinland Sweden Denmark
Our current operating model is based on5 independently evolved geographical segments
Striving towards nimble economies of scale and an integrated operating model
• Affecto has grown organically
and inorganically to become
the company it is today
• We are currently operating 5
independent businesses and
operating models which are fit
for purpose for local
environments
• The level of integration of our IT
systems and process is low
• Integration of operating
model kicked off; unified
processes and
Business/Finance IT systems in
focus
• Constructing common scale
initiatives and pursuing them in
an agile manner
Background of the current operating model and its key characteristics
Our opportunity and challenge
• Local relevance close to our
customers
• Untapped opportunities for
increased leverage of our
capabilities and scale across
whole Affecto
Towards an integrated operating model
3rd party software maintenance and managed services as sources of recurring revenue
3rd party software maintenance revenue
Managed services revenue
Recurring revenue, ~2/5
Based on 2015 revenue, the company estimates that approximately ~2/5 of its revenue is recurring by nature
Non-recurring revenue, ~3/5
9:00 Agenda and objectives of the day Martti N
9:10 Evolving with Passion – CEO review Juko H
• #WeAreAffecto
• Review of strategic choices
• Way forward
9:45 Business and Operating mix Martti N
10:00 Segment reviews
• Finland Henri E
• Scandinavia Håvard E
• Baltic Stig S
10:50 Break
11:00 Growth program reviews
• Industrial Henri E
• B2C Mikko E
• Managed services Stig S
11:45 Financial update Martti N
12:00 CEO summary and Q&A Juko H
12:15 LunchAgenda
Affecto FinlandCapital Markets Day 20.5.2016
Henri Engström
Affecto FinlandOur largest and most versatile segment
• Network of 400+ professionals, 6 offices
• We are the leader and a brand name in the area of
• Information Management & Business Intelligence for
Finance and IT
• Information intensive solutions for Business process owners
• Location intensive services for public entities and selected
industries
• CFO Services
3.5 m€49.5 m€ 404
2015
Our market position and how we monetizeStrong in all industries –growth in Business Technology
Industrial & Energy Public to CitizenBusiness to ConsumerFinancial Sector Karttakeskus
Relative size
today
Addressable
Market growth
Examples of
solution areas
Some of our
customers
Utilities invoicing
Production Automation
Real time analytics
Managed services
Customer portal
Media streaming services
Customer 360
PIM/PLM
Digital citizen services
Medicine logistics
Functional intranets
Physical & digital maps
Spatial analytics
Location centric solutions
20% 15% 20% 25% 20%
Ongoing / proceeding Started Planned
Defining new value for our customers
Short-term focus
• Leverage our position as a brand name in
information intensive services, supporting
growth through our own Affecto power
grid
• Bring best-of-breed custom software
solutions to where our customer’s value is
being created
• Leverage our unique mix of capabilities in
the edge of digital and physical through
Karttakeskus
• Focus on efficiently delivering our healthy
order backlog
Long-term focus
• Grow by leveraging the Nearshoring value
• Prefer managed services and rental
business models to gain recurring revenue
• Build scalable data and software assets to
gain revenue streams which are not
dependent on amount labor
Affecto ScandinaviaCapital Markets Day 20.5.2016
Håvard Ellefsen
Affecto in ScandinaviaTransforming to capture new growth
0
5
10
15
20
25
30
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015
Norway (MNOK)
Revenue EBIT
-20
-10
0
10
20
30
-150
-100
-50
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015
Sweden (MSEK)
Revenue EBIT
-1
4
9
14
19
24
0
20
40
60
80
100
120
140
160
180
200
2010 2011 2012 2013 2014 2015
Denmark (MDKR)
Revenue EBIT
• Strong focus on traditional Business Intelligence and
Information Management towards large and medium
sized businesses and public sector entities.
• Professional services business with strong technology focus
mainly targeting local customers.
• 3rd party software sales and maintenance based on a
large installed base of customers and long term
partnerships.
2.6 m€50.6 m€ 272
2015
Scandinavian market positionBusiness driven digitalization and modernization initiatives driving new growth
Industrial & Energy Public to CitizenBusiness to ConsumerFinancial Sector
Affecto
growth
potential
20% 25%
5%
20%
5%
25%Traditional IT
Business
Technology
Relative
size today
Ongoing / proceeding Started Planned
Strategy and roadmapCapturing short term opportunities and ensuring long term adaptability
On-going Actions / Initiatives
• Adding customer and industry focus on top
of our strong technology and solution skills
• Increase the use whole Affecto including
near-shoring
• Renewing our technology capability while
maintaining strong partnerships and
moving into the cloud.
• Bring Industrial and B2C growth initiatives
into Scandinavia.
• Business Digitalization initiative
• Capturing Managed Services opportunities
Long term focus/ plans
• Broader, more modern and more customer
driven approach to unlock the value from
our customers’ information
• Bring new capabilities like agile and
modern software development into
Scandinavian market
• Grow Swedish business inorganically
Affecto BalticCapital Markets Day 20.5.2016
Stig-Göran Sandberg
Affecto Baltic OverviewVersatile business and nearshoring powerhouse
Estonia is relatively small market, but a growing due to investments into eServices
(=digital P2C services). Customers mainly from P2C and B2C segments.
In Lithuania the biggest IT spending is done by public organizations, funded
mainly by the EU. Affecto is the biggest IT service provider in Lithuania. Customers
mainly from P2C, Energy and Financial services.
In Insurance solutions, Affecto is implementing 3rd party software and selling
add-ons on top. Global business.
In Nearshoring, we are delivering our expertise to our Nordic engagements
2015
3.9 m€20.1 m€ 3340,0
1,0
2,0
3,0
4,0
5,0
0,0
5,0
10,0
15,0
20,0
25,0
2010 2011 2012 2013 2014 2015
Revenue m€ Ebit m€
Our market and positionCustom software development, analytics and managed services offering
Industrial & Energy Public to CitizenBusiness to ConsumerFinancial Sector
Addressable
market growth
trend
Analytics
solution
Energy billing, managed service Insurance core system
Datawarehouse, analytics
Development of betting
platform
Development of analytics
solutions
Digital services for citizens and
for companies
Healthcare solutions
Digital services for citizens and
for companies
Finance solution, managed
service
Nearshoring
Clients
10% 30% 10% 40% 10%Relative
size today
Ongoing / proceeding Started Planned
Strategy and roadmapContinuously capturing growth opportunities
Short term actions
• Leading our nearshoring growth
• Grow the share of revenue from private
customers in Lithuania
• Retain the market share in Public sector in
Lithuania
• Grow in Estonia in digital services, eHealth
and analytics
• Creation of additional add-on solutions on
top of insurance core systems
Long term focus
• Nearshoring is essential part of our delivery
• Consistently seek for more cost effective
delivery means
• Seek for industry specific competencies
Information
From unlimited amounts
of raw data to
impactful information
put into context
PhysicalPhysical world produces increasing
amounts of digital data. Everything is
getting connected and smart.
DigitalOur core competences with digital
information now have a firm grip also
of the events of physical world. From
single events to complex systems and
beyond.
Creating value for the Industrial Area
Applied Real-time Information is now the most valuable
Industrial Asset.
Analytics & Automation
Systematic and analytical approach
to real world phenomena
Understand, Control, Automate
Innovate, Improve
Nordic Industrial CXOs:
74%will invest into integrating digital
technologies into smart production
processes by 2017. (ME)
By end of 2016
30%of businesses will have begun directly
of indirectly monetizing their
information assets. (Gartner)
Business leaders are driving industrial digitalization
Already in 2010, manufacturing
churned out more than
1800 petabytesof data, double that of all branches
of US Government – the next largest
sector. Close behind is Banking and
Communications/Media at roughly
775 petabytes each. (DMDII)
Less than
1%of this data is being used to optimize
and prediction, which provide the
greatest value (McKinsey)
We are building growth on top of our existing Industrial business
EXISTING BUSINESS
TRADITIONAL BUSINESS TECHNOLOGY TRADITIONAL IT & BUSINESS SUPPORT
PILOT APPROACH
E.G. SENSING INDUSTRIAL
Further examples of delivered value so far
Physical sensors replaced by soft sensors based on advanced mathematical analysis and automation.
Manufacturer of Heavy Machinery
o High value for the process, Lower production costs, Very quick deployment
o No retrofitting needed – software update will automatically bring the new features to all equipment
o Affecto’s role: Finding and defining the mathematical model & computer program to replace physical sensors.
o Assessed customer value 3M€+
Using new sensoring and near-realtime data to predict fuel yield and to optimize production and fuel mix.
Heat & Power Company
o Gain insight into fuel quality to optimize burning process
o New sensor technology piloted together with hardware design & prototyping partner
o Affecto’s role: Suggesting the business case, defining the needs for new sensor development, developing the mathematical model to predict fuel yield based on history performance and measured data.
o Assessed customer value 1M€+
Predicting and proactively preventing damaging of conveyer belt. Business model rental & remote management.
Industrial Automation
o Predict and prevent operational issues at an unmanned facility, aim for 100% availability
o Analysis based on sensory information from 12 most significant factors
o Affecto’s role: Suggesting the business case, finding and defining the mathematical model & computer program for automatically predicting a specific significant maintenance need.
o Assessed customer value 1M€+
Many-to-many interactionUnified collaboration solutions as well as
scalable data platform solutions. Services for
human and automated interaction.
Transparent and real-time
processes and decisions Understand and optimize all the factors driving
efficiency. Analysed, in-context information rapidly
replacing old habits and beliefs.
Evolution of measured
value creation and risk sharingOptimized OEE
Pay-per-use
Pay-per-outcome
Autonomous pull-economy
Outsourcing for product lifecycle
Rise of new ecosystemsQuickly gain agility through partner networks to
be able to adjust to the ever changing environment
Information in context, real timeProvide meaningful visualization and automation.
Swiftly integrated, As a service, as a platform.
Asset design & delivery partnerBe the outsourcing partner for product and service
design in components and processes.
Quantifying and automating tasks and processes.
Market demand by our customers and Affecto’s approach
Short-term focus
• Fast development of our capabilities through lead customer cases and prototypes
• Drive Affecto -wide Industrial skills: Share and leverage for the benefit our customers
• Launch in the Swedish market, strengthen in Finland and Denmark
Ongoing / proceeding Started Planned
Long-term focus
• Focusing on industry value phenomena: Seek scalable growth in automated analytics
• Build our capabilities in augmented and virtual reality, possibly through M&A
Seeking growth in business technology and assets, improving profitability
Our short and long-term focus
PhysicalThe next big wave of
digitalization will affect the
physical realm. Everything is
becoming connected and smart.
DigitalOur core competences in digital
information now have a direct
impact into consumer
experiences and interfaces in
the physical world.
Creating value for the B2C industries
Real-time use of information empowers personalized
consumer experiences
Analytics & AutomationAdvanced, real-time analytics
responding automatically to real
world phenomena
Understand, Act,
Innovate, Improve, Learn InformationFrom unlimited amounts
of unstructured data
to structured information
put into context
Swedish marketers invest in online and mobile1.4 B€
annually
Business leaders and CMOs are driving IT & business technology spend
Retail analytics marketwill grow from
2 B€ to 4.5 B€
by 2020 globally
Nordic software market for advanced analytics, CRM, digital marketing and eCommerce
will grow from
0.7B€ to 1.1B€
by 2020
Sources: IDC, Gartner, Markets and Markets, Technavio, IAB
Facial expression detection software marketwill grow from
13M€ to 8 B€
by 2020 globally
of business leaders believe that customer experience will be their primary basis for competition.
89%
RETAIL
MEDIA
TRAVELHEALTH
BRANDS
TELECOMS
A day in the life of a consumer in 2020:Real-time use of information empowers personalized experiences
Sensing Retail• Video analytics solution for recognizing the consumer’s age,
gender & mood, and displaying targeted marketing
• Location aware mobile application for recognizing the
individual and offering personalized messages
Improve customer lifetime value and
profitability by gathering and utilizing all
transactional, behavioral, analytical data to create a
360° consumer view in real time
Compete with customer valueby providing experiences and interactions that
sense, forecast and respond to the consumer’s
actions and needs
Increase sales and customer loyaltyby recognizing the individual consumer and
providing personalized, targeted and contextually
relevant offers in real time
Consumer 360°• Data platform for storing and analyzing structured and
unstructured consumer data
• Analytical engine for scoring customers and products, and
creating next best offers, predicting and preventing churn
• Marketing automation for multi-channel engagement
Sensing Products and Services• Service design and user experience design
• Custom software and mobile application development
utilizing sensors and big data for contextual response
• Augmented reality applications for providing context to
daily consumer scenarios
Customer business value drivers Affecto’s solutions
We are building solutions to help B2C companies improve customer experience,
increase customer lifetime value and loyalty
We are building new growth through pilots and evolving our existing B2C business
EG. CUSTOMER 360° & FRONT-OFFICE TRADITIONAL IT & BUSINESS SUPPORT
EXISTING BUSINESSPILOT APPROACH
E.G. SENSING RETAIL
Short-term actions
I. Expand our core value proposition and proven new elements in eg. Customer 360° and marketing automation
II. Address the Swedish B2C market by leveraging and expanding existing key customers
III. Launch the Affecto B2C Mythbusters approach: together with the customers validate the business impact of new technologies and solutions through prototyping and pilots
Long-term focus & initiatives
• Build scalable assets to gain revenue streams not based on professional services (eg. retail video analytics)
• Prefer as-a-service business models to gain recurring revenue
• Grow the B2C business through acquisitions
B2C will evolve to a cross-Affecto growth stream
Ongoing / proceeding Started Planned
Affecto Managed servicesWell-established part of our business
Application and
platform
development &
managementValue
Architects
Functionas a service
Business platformas a service
Solution supportas a service
Platform supportas a service
Resourcingas a service
Business model
Growing and varying customer baseOur strive towards increased value creation
Value add
Addressable
market cross
industry • Analytics and BI
functions
• Information
intensive
solutions
Time & Material Fixed Transaction/Value
• Flexibility – One size does not fit all! We can provide
flexibility through on/near-shore delivery
• Scalability – Ramp up and down according to needs
• Know-how – Certified consultants implementing
information management solutions for an enterprise
• Delivery Capability – We are ISO certified
• Proven Methodology – Affecto Quality Framework
• Experience – Positive international delivery reference list
• Cultural understanding and experience in project teams –
We have the European business culture
• We are on the same time zone
• We are inside EU – We are able to handle personal data
Affecto’s delivery modelBenefit from the well-functioning and proven nearshore
PMs
Nearshore
Teams
Landed
Nearshore
Teams
Team 1
Team 2
Team 3
Team 4
Competitive delivery model which combines the local
presence and experts near the customer with the best
experts from which ever location
Search for bigger/longer engagements
Utilizing better our nearshoring capabilities
Learning to work better together in blended
teams
Seek for more cost effective delivery means
In co-operation with our other growth programs
seek for specific competencies and grow them,
eg mobile development skills
Prepare for value based business models
Way forwardContinuous improvements
9:00 Agenda and objectives of the day Martti N
9:10 Evolving with Passion – CEO review Juko H
• #WeAreAffecto
• Review of strategic choices
• Way forward
9:45 Business and Operating mix Martti N
10:00 Segment reviews
• Finland Henri E
• Scandinavia Håvard E
• Baltic Stig S
10:50 Break
11:00 Growth program reviews
• Industrial Henri E
• B2C Mikko E
• Managed services Stig S
11:45 Financial update Martti N
12:00 CEO summary and Q&A Juko H
12:15 LunchAgenda
Revenue by business mixProfessional
services, 80%
3rd party
software
license, 5%
3rd party
software
maintenance,
15%
Finland, 42%
Norway, 18%
Sweden, 15%
Denmark, 9%
Baltic, 16%
Revenue by segment
Finland, 35%
Norway, 15%
Sweden, 7%
Denmark, 4%
Baltic, 39%
Operational segment result
• Revenue 116 M€, -6.7 M€ or -5% y-o-y
• Operating profit 7.5 M€ / 6 %, +6.6 M€ or +5Pts y-o-y
• Net cash from operating activities 9.3 M€, +1.0 M€ y-o-y
• Number of employees 985 at the end of the year
• Finland 398
• Norway 102
• Sweden 106
• Denmark 64
• Baltic 315
Key figures
2015 financial overview
*2014 operating profit impacted by a 7.4M€ goodwill impairment
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
2
4
6
8
10
12
2011 2012 2013 2014 2015
Operating Profit Operating Profit %
M€
Operating profit performance
*
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
2
4
6
8
10
12
2011 2012 2013 2014 2015
Net cash from operating activities, M€
Net cash from operating activities, % of revenueM€
0%
10%
20%
30%
40%
50%
60%
0
0,5
1
1,5
2
2,5
3
3,5
4
2011 2012 2013 2014 2015
Dividend, M€
Dividend, % of cash flow after investing activitiesM€
Track record of solid cash flow generationCash flow enabling dividends and providing for the evolution journey
Strong balance sheetBalance sheet strength offering the flexibility to consider
also inorganic growth strategies
The company is in the process of completing the negotiations regarding the
loan renewal about the 18.5 M€ loan due at the end of June, 2016.
-1
-0,5
0
0,5
1
1,5
2011 2012 2013 2014 2015
Net Debt / EBITDA
2016 guidance
• Affecto expects its revenue to stay at the same level or grow slightly and
its operating profit to grow in 2016
• The company does not provide an exact quarterly
guidance for revenue or operating profit development, as single projects
and timing of license sales may have large impact on quarterly sales and
profit
9:00 Agenda and objectives of the day Martti N
9:10 Evolving with Passion – CEO review Juko H
• #WeAreAffecto
• Review of strategic choices
• Way forward
9:45 Business and Operating mix Martti N
10:00 Segment reviews
• Finland Henri E
• Scandinavia Håvard E
• Baltic Stig S
10:50 Break
11:00 Growth program reviews
• Industrial Henri E
• B2C Mikko E
• Managed services Stig S
11:45 Financial update Martti N
12:00 CEO summary and Q&A Juko H
12:15 LunchAgenda
In Summary
We have strong
customer
relationships and
deliveries
throughout the
Northern Europe
We are
transforming to
meet the value
chains of our
customers
32
Our purpose to
make our
customers data
driven is even
more valid today
than before
1
Running our
evolution and our
daily business
hand in hand is our
way
4
We are
determined to
scale proven
growth
opportunities
5
Q&ACapital Markets Day
Thank you.Capital Markets Day