IC Companys Lyngby Handelsskole 6 March 2012
Contents 11.00 WELCOME & IC COMPANYS PRESENTATION Chris Bigler, CFO 12.00 LUNCH 12.30 FINANCE MANAGEMENT Tine Knarreborg, VP FINANCE 13.15 BREAK 13.30 CORPORATE RESPONSIBILITY Morten Lehmann, CSR MANAGER 14.00 FINAL Q & A 2
Corporate presentation To be among the best developers of sports and fashion brands March 2012
Index 1 INTRODUCTION 2 HISTORY 3 ORGANISATION 4 BRANDS 5 CORPORATE STRATEGY 6 KNOWLEDGE CENTRE 7 CORPORATE SHARED SERVICES 8 CORPORATE RESPONSIBILITY 9 FINANCIALS IC COMPANYS PAGE 4
One of the top 5 largest sports and fashion companies in the north Introduction 1 BRANDS 11 Scandinavian sports and fashion brands SIZE Revenue DKK 3.9b and employees 2,344 SOURCING Offices in China, Hong Kong, India and Romania DISTRIBUTION Own retail, outlets, e-commerce, franchise and wholesale AROUND THE WORLD More than 450 stores and 11,000 wholesale selling points in more than 40 countries Note: All numbers are from the annual report 2010/11 IC COMPANYS PAGE 5
Proud heritage in Scandinavian fashion History 2 INWEAR GROUP 1969: InWear is founded 1973: Matinique is launched 1973: First Danish fashion brand to set up Asian production 1974: First subsidiaries in Sweden and Norway CARLI GRY 1948: Carli Gry is founded 1973: Klaus Helmersen takes over the company 1974: Jackpot is launched 1980: First own retail store in Copenhagen 1986: Part Two is launched 1996: Listed on the Copenhagen Stock Exchange 2001: IC Companys is formed through merger 1986: Cottonfield is launched 1996: Listed on the Copenhagen Stock Exchange 1998: Peak Performance acquisition 2001: IC Companys is formed through merger IC COMPANYS PAGE 6
Portfolio strengthened by acquisitions and start-ups History 2001/2002 2002/2003 2003/2004 ACQUISITION START-UP IC COMPANYS PAGE 7
Experienced management team with high execution power Organisation 3 Niels Mikkelsen, CEO Chris Bigler, CFO Anders Cleemann, EVP Peter Fabrin, EVP INDUSTRY EXPERIENCE More than 60 years in total sports, fashion and fast moving consumer goods FRAMES AND PRINCIPLES Generating growth through frames and principles CRISIS MANAGMENT Crisis management securing profitability and strength STABILITY Cash flow management providing stability and risk reduction IC COMPANYS PAGE 8
Separate brand organisations with full responsibility of own value chain Organisation Chief Executive Officer Executive Management Corporate Business Development Human Resources Corporate Responsibility Finance IT Chief Financial Officer Investor Relations & Communication Legal Logistics Executive Vice President Global Sourcing Executive Vice President Peak Performance InWear & Matinique Tiger of Sweden Jackpot Cottonfield Designers Remix (51% ownership) By Malene Birger Part Two Companys IC Companys Canada Saint Tropez Soaked in Luxury Note: Brands include own value chain (design, sourcing, product management, marketing, wholesale, retail, franchise, e-commerce) IC COMPANYS PAGE 9
Developing 11 sports and fashion brands with a great potential Brands 4 IC COMPANYS PAGE 10
Brands in Affordable Luxury Brands PEAK PERFORMANCE Founded 1986 with roots in skiing Revenue DKK 977m TIGER OF SWEDEN Founded 1903 on a strong made-to-measure tradition Revenue DKK 563m BY MALENE BIRGER Founded 2003 based on design-driven passion Revenue DKK 264m DESIGNERS REMIX Founded 2002 on minimalistic elegance Revenue DKK 91m Note: All numbers are from the annual report 2010/11 IC COMPANYS PAGE 11
Brands in Mid Market Brands INWEAR & MATINIQUE Founded 1969 & 73 with roots in urban living Revenue DKK 404m & 289m respectively PART TWO Founded 1986 working with sensual vs. raw Revenue DKK 272m JACKPOT Founded 1974 with casual and colourful styles Revenue DKK 426m COTTONFIELD Founded 1986 on comfortable and casual menswear Revenue DKK 203m Note: All numbers are from the annual report 2010/11 IC COMPANYS PAGE 12
Brands in Fast Fashion and our Companys concept Brands SAINT TROPEZ Founded 1986 on young, independent femininity Revenue DKK 320m SOAKED IN LUXURY Founded 2005 based on a vibrant, international design Revenue DKK 74m COMPANYS Franchise concept based on 6 own female brands 31 stores in total Note: All numbers are from the annual report 2010/11 IC COMPANYS PAGE 13
Vision: to be among the best developers of sports and fashion brands Corporate strategy 5 FREEDOM WITHIN THE FRAMEWORK Respect of each individual brand entrusting it with full ownership of the value chain Best practice sharing in key areas of the value chain Corporate Shared Services with targeted operational responsibilities HIERARCHY OF SYNERGIES 1. Knowledge sharing through execution of 7 business disciplines 2. Targeted operational synergies based on brands needs 3. General operational cost synergies across all brands STRATEGIC FOCUS AREAS Building strong brands Having a focused market approach Increasing controlled distribution Optimising our processes and value chain Practising world class leadership IC COMPANYS PAGE 14
Mission: to build successful brands by uniting business excellence with creativity and innovation Corporate strategy KNOWLEDGE CENTER Retail/franchise Wholesale E-commerce New markets Sourcing Collection development Marketing/brand building CORPORATE SHARED SERVICES Sourcing, Logistics, IT Finance, Legal, HR Corporate Responsibility IC COMPANYS PAGE 15
Having the right key capabilities is essential to succeeding within a fashion segment Corporate strategy Fast Fashion Mid Market Affordable Luxury Comparative rating 1 Very important 2 Important Luxury Brand Product design Sourcing Logistics Distribution 2 2 1 1 1 Mass media Drive traffic Fast design Merchandise flow Speed Flexibility Standardisation Cost Retail excellence Vertical principles Geographic concentration 2 1 1 2 1 1 1 2 2 1 Heritage Distinctiveness Celebrities PR Innovative collections Accessories Quality Selective distribution Own environment Global footprint 1 1 2 2 1 IC COMPANYS PAGE 16
The brand portfolio different priorities for different brands Corporate strategy BRANDS IN MULTIPLE SEGMENTS Affordable Luxury with focus on growth and internationalisation Mid Market and Fast Fashion with focus on core markets Sport/lifestyle Contemporary Formal Casual Jeans Luxury (High price) Affordable Luxury (Upper mid price) Mid Market (Mid price) Fast Fashion (Low price) IC COMPANYS PAGE 17
Our knowledge centre facilitates a systematic and iterative knowledge sharing process Knowledge centre 6 KNOWLEDGE CENTRE Knowledge sharing and innovation Defining best practice Implementation and adaptation of best practices BRAND IC COMPANYS PAGE 18
Frames and principles are catalogues of best practice guidelines implemented throughout the organisation Knowledge centre FRAMES AND PRINCIPLES DEFINITION A catalogue of best practice principles for each of the 7 disciplines All catalogues have a standardised structure: Discipline vision Key levers Focus areas Frames and principles IC COMPANYS PAGE 19
Shared Services functions are based on value creation and deliver services based on brands needs Corporate Shared Services 7 AN EFFICIENT SERVICE PLATFORM From 55% of total cost and 1,800 employees to 15% of total cost and 400 employees IC COMPANYS PAGE 20
We believe in integrating corporate responsibility in all parts of our organisation Corporate responsibility 8 WE SUPPORT THE 10 PRINCIPLES OF THE UN GLOBAL COMPACT Based on internationally adopted declarations and conventions on human rights, labour rights (People), environmental protection (Planet) and anti-corruption (Profit) INTEGRATED THROUGHOUT THE ORGANISATION Responsibility for issues and targets are assigned to the relevant internal functions for them to take action PEOPLE PLANET PROFIT IC COMPANYS PAGE 21
A financially strong company with solid cash flow Financials 9 BEST REVENUE AND PROFIT EVER IN 2010/11 Revenue of DKK 3.9b and EBIT of DKK 321m CYCLIC EARNINGS BUT STEADY CASH FLOW Strong operating cash flow averaging DKK 314m last five years Investments to be kept around 3% of annual revenue WORKING CAPITAL IN CONTROL Expected not to exceed 12% of annual revenue STRONG FINANCIAL POSITION WITH LOW NET DEBT Net debt of DKK 311m corresponding to 0.7 times EBITDA in 2010/11 Net debt target of zero and limit of 3 times EBITDA CONTINUED DIVIDENDS TO OUR SHAREHOLDERS 30% of the net profit to be distributed as dividend IC COMPANYS PAGE 22
Financial guidelines to secure steady high cash flows Financials ASSET LIGHT Maximises strategic manoeuvrability and secures a steady high cash flow FIXED TO VARIABLE COSTS Secures stable profitability in a volatile economic environment PRIORITISING INVESTMENTS Maximises returns securing future access to capital HIGH INVENTORY TURNOVER Reduces costs by freeing up capital for other purposes and ensuring continuous flow of inseason products STRICT CREDIT CONTROL Frees up capital for other purposes and ensures a healthy customer base IC COMPANYS PAGE 23
IC COMPANYS PAGE 24
Questions Questions Questions Questions 25 25
Contents 11.00 WELCOME & IC COMPANYS PRESENTATION Chris Bigler, CFO 12.00 LUNCH 12.30 FINANCE MANAGEMENT Tine Knarreborg, VP FINANCE 13.15 BREAK 13.30 CORPORATE RESPONSIBILITY Morten Lehmann, CSR MANAGER 14.00 FINAL Q & A 26
Contents 11.00 WELCOME & IC COMPANYS PRESENTATION Chris Bigler, CFO 12.00 LUNCH 12.30 FINANCE MANAGEMENT Tine Knarreborg, VP FINANCE 13.15 BREAK 13.30 CORPORATE RESPONSIBILITY Morten Lehmann, CSR MANAGER 14.00 FINAL Q & A 27
Præsentation Lyngby Handelseskole Finance Management IC Companys 6. Marts 2012
Finanace Management IC Companys Agenda Præsentation af IC Companys Finance Planlægningsproces og metode Økonomistyringsværktøjer og fokusområder Økonomifunktionens rolle internt i virksomheden Q & A s 29
Contents Chapter 1 Præsentation af ICC Finance Chapter 2 Planlægningsproces og metode Chapter 3 Økonomistyringsværktøjer og fokusområder Chapter 4 Økonomifunktionens rolle internt i virksomheden 30
Finance Management IC Companys Agenda Præsentation af ICC Finance Corporate Finance Koncernrapportering (internt og eksternt) Regnskabsstandarder (IFRS) Skat Intern revision Performance Reporting ejerskab af KPI rapportering og BI system Treasury Valuta afdækning Lån, renter, bank aftale Forsikring 31
Finance Management IC Companys Agenda Præsentation af ICC Finance Financial Shared Services General Ledger (rejseafregning, hensættelser, moms, diverse bilag og regnskabsaflæggelse, internt og eksternt) Accounts payable (håndtering af leverandør fakturaer) Credit & Collection (opkrævning og debitorbogholderi) Retail Accounting (bogføring af diverse butikstransaktioner) Pay roll (inhouse + out sourced) Ejer implementering af ændret set up og standarder Corporate Business Controlling Projekter, analyser, benchmarks, rapportering, ejer af budgetproces Brand Finance Decentral Brand Finance Manager, med økonomistyring som hovedopgave, er placeret i alle brands med reference til Brand direktøren. 32
Contents Chapter 1 Præsentation af ICC Finance Chapter 2 Planlægningsproces og metode Chapter 3 Økonomistyringsværktøjer og fokusområder Chapter 4 Økonomifunktionens rolle internt i virksomheden 33
Finance Management IC Companys Planlægnings proces (budgetter og estimater) Timing Business plans pr. forretningsenhed (brands og Corporate Shred Services) Opvarmningsbrev og Target setting Top/down Budgetinstruks Sparring undervejs Brand Finance og Corporate Business Controlling Preload Analyse og validering Indrapportering Budgetmøder med alle forretningsenheder Tilbagemelding til forretningsenheder => koncernbudget fastlægges endeligt Budgetrapport udarbejdes og sendes til bestyrelse Estimater og forecasts 34
Finance Management IC Companys Planlægnings metode Budgetelementer (P&L linjerne og parametre herunder) Dimensioner (Brands/forretningsenhed, kanaler, lande, markeder, butik etc.) Bottom up tilgang Detaljeringsgrad og relevans; Skal følge styringsbehovet Indret budgettet så det svarer til den relevante opfølgning System/værktøj (ICC implementerer budget system pr. kommende budget) Et utal af decentrale Excelfiler erstattes med fælles budgetsystem. => Samme proces på tværs af forretningsenheder Datasikkerhed Gennemsigtighed øget i forbindelse med controlling. Viden er bedre forankret og nemmere at overdrage. 35
This image cannot currently be displayed. Planning den overordnede arbejdsgang Retail Franchise Wholesale Supply OPEX Phase Prepare Ready for parameter input Ready for parameter input Ready for parameter input Ready for parameter input Ready for parameter input Ready for budget input Ready for budget input Ready for budget input Ready for budget input Ready for budget input Input Preload Pre Load Pre Load Pre Load Pre Load Pre Load Validate/ adjust Fees Fee Load Fee Load Fee Load Fee Load Fee Load Analyse Validate/ adjust Approval EVP Approval EVP Approval EVP Approval EVP Final load Brand & Platform Final Load Final Load Final Load Final Load Approval EVP Final load Supply Final Load Corporate Adjust. Business Review 36
This image cannot currently be displayed. 1. Wholesale Process owner: Process objective: Input: Output: Wholesale New budget/ Estimate round Final budget/ Estimate xx Ready for parameter input Ready for budget input Pre load Fees loaded budget only Final load Deadline Corp. Finance Planning guideline & deadline Update Master data 1 Update fees Corp Business Controlling Planning guideline & deadline Update Master data 1 Update parameter 2 Upd HR Validate Update fees 4 Validate Finance Mgr Ready for budget w. deadline Update Master data 1 Update parameter 2 Upd HR Brand planning acc. to deadlines Update Input Schedules 3 Upd H&F Upd CC Validate/ adj. P&L Validate/ adj. P&L Business Review Budget responsible director EVP Budgetelementer; Preordrer og cancellations = netsales OTB GTN (discount, returns, claims) GM OPEX Update Input Schedules 3 Validate/ adj. P&L Validate/ adj. P&L Approve Approve Business Review Business Review direktion Business Review Time / Frequency New budget phase 3 times / year 37 37
This image cannot currently be displayed. 3. Retail, Outlet & Ecom. Process owner: Process objective: Input: Output: Retail New budget/ Estimate round Final budget/ Estimate xx Ready for parameter input Ready for budget input Pre load Fees loaded budget only Final load Deadline Corp. Finance Planning guideline & deadline Update Master data 1 Update fees Corp Business Controlling Planning guideline & deadline Update Master data 1 Update parameter 2 Upd HR Validate Update fees 4 Validate Finance Mgr Ready for budget w. deadline Update Master data 1 Update parameter 2 Upd HR Brand planning acc. to deadlines Update Input Schedules 3 Upd H&F Upd CC Validate/ adj. P&L Validate/ adj. P&L Business Review Budget responsible director EVP direktion Budgetelementer; P&L opbygning pr. butik Gross sales discount = Netsales GM GM % Stock write down Return penalties OPEX Gager/personale % Marketing Update Input Schedules 3 Validate/ adj. P&L Validate/ adj. P&L Approve Approve Business Review Business Review Business Review Time / Frequency New budget phase 3 times / year 38 38
This image cannot currently be displayed. 4. OPEX Process owner: Process objective: Input: Output: OPEX Process New budget/ Estimate round Final budget/ Estimate xx Ready for parameter input Ready for budget input Pre load Fees loaded Final load Deadline Corp. Finance Planning guideline & deadline Update Master data 1 Update fees 4 Corp Business Controlling Load Employee List 1 Planning guideline & deadline Update Master data 1 Update parameter 2 Upd HR Validate/ Adj. OPEX Update fees 4 Validate/ Adj. OPEX Finance Mgr. Ready for budget w. deadline Update Master data 1 Update parameter 2 Upd HR Brand planning acc. to deadlines Update Input Schedules 3 Validate OPEX Validate /adj. OPEX Validate /adj. OPEX Business Review Budget responsible directors EVP Budgetelementer; Personale omk. (opbygget pr. navn) Rejseomk. (rejser pr. medarb.) Afskrivninger (+ nye investeringer) Marketing Kollektionsprøver (sælgere) Øvrige kapacitetsomkostninger (tlf., biler, konsulent, revision, bank omk., etc. Update Input Schedules 3 Approve Approve Approve Business Review Business Review Direktion Business Review Time / Frequency New budget phase 3 times / year 39
Finance Management IC Companys Planlægnings metode, fortsat 40
Contents Chapter 1 Præsentation af ICC Finance Chapter 2 Planlægningsproces og metode Chapter 3 Økonomistyringsværktøjer og fokusområder Chapter 4 Økonomifunktionens rolle internt i virksomheden 41
Finance Management IC Companys Økonomistyringsværktøjer og fokusområder Finansrapportering som udgangspunkt for økonomistyring KPI dash boards bliver det fremtidige primære værktøj (Finans + operationelle data) Hvad er de kritiske styringsmekanismer Hvordan måles de Hvad er succeskriteriet? Adfærds orienteret Finance Managers Manual Definition af Økonomichefens rolle på; Strategisk niveau I forbindelse med planlægning (budget og estimat) I forbindelse med uge og månedsopfølgning Hvilke værktøjer er tilgængelige/obligatoriske 42
Finance Management IC Companys Økonomistyringsværktøjer og fokusområder Omkostningernes; Variabilitet, reversibilitet og delbarhed Vi vil have vores GM forbedret Vi går helt vildt op i at få reduceret vores lager At vores interne fee struktur bliver gennemsigtig og adfærdsregulerende Working capital; - DSO - DPO - Stock turn Cancellations & Returns Hvad fokuserer vi især på for tiden?... og hvorfor gør vi det? Hvad er koden for fremtidens distribution, og hvordan håndteres det rent finansielt. Risiko for spild i de enkelte led værdikæden, især; - Design/udvikling - Produktion - Logistik - Salgsproces 43
Contents Chapter 1 Præsentation af ICC Finance Chapter 2 Planlægningsproces og metode Chapter 3 Økonomistyringsværktøjer og fokusområder Chapter 4 Økonomifunktionens rolle internt i virksomheden 44
Finance Management IC Companys Økonomifunktionens rolle internt i virksomheden Fast del af stort set alle projekter Rådgiver rolle (inddrages ofte i diverse problemstillinger og nogen gange i tide ) Brandslukker rolle Alle forretningsrelaterede transaktioner og handlinger ender i finanstallene Her opdages fejl og uhensigtsmæssigheder Her tages der stilling til alternativ proces og bedre proces som præsenteres og implementeres. Fordel med forretningsorienterede finansfolk Generelt har økonomifunktionen en markant og meget central rolle i alle virksomhedens aspekter og handlinger. 45
Questions Questions Questions Questions 46
47
Contents 11.00 WELCOME & IC COMPANYS PRESENTATION Chris Bigler, CFO 12.00 LUNCH 12.30 FINANCE MANAGEMENT Tine Knarreborg, VP FINANCE 13.15 BREAK 13.30 CORPORATE RESPONSIBILITY Morten Lehmann, CSR MANAGER 14.00 FINAL Q & A 48
Contents 11.00 WELCOME & IC COMPANYS PRESENTATION Chris Bigler, CFO 12.00 LUNCH 12.30 FINANCE MANAGEMENT Tine Knarreborg, VP FINANCE 13.15 BREAK 13.30 CORPORATE RESPONSIBILITY Morten Lehmann, CSR MANAGER 14.00 FINAL Q & A 49
CR in IC Companys March 2012
Corporate Responsibility in IC Companys - Common understanding of CR - Why do we work with CR in IC Companys? - Recap 11 May, 2012 51
Common understanding of CR 11 May, 2012 52
Definition of Corporate Responsibility CSR or Corporate Responsibility (CR) PEOPLE PLANET PROFIT 11 May, 2012 53
Definition of Corporate Responsibility DO GOOD Proactive DO NO HARM Compliance People Planet Profit 11 May, 2012 54
Examples of strategic CR initiatives in the textile industry Unicef partnership H&M Diversity - Levi s Work2Learn - ICC Sustainable materials - Jackpot Phasing out chemicals - Nike + Puma Water - Patagonia Recycle Your Blues - Gap Trade with Africa - Edun Local Employment Saga Furs, American Apparel Proactive Compliance Compliance program: Human rights (30) Chemicals, CO2, wastewater Bribery, tax, transfer pricing People Planet Profit 11 May, 2012 55
Corporate Responsibility in Patagonia 11 May, 2012 56
Examples of Internal CR Diversity program Access to healthy food Education on prevention of stress Promotion of sustainable transport Video-conference facilities Sustainable buildings IT Waste Education of employees on Anti-corruption guidelines Whistleblower system Proactive Compliance Anti-discrimination Occupational Health and Safety Compliance program: Human rights (30) Chemicals, CO2, waste water Bribery, tax, transfer pricing People Planet Profit 11 May, 2012 57
PEOPLE 1. Businesses should support and respect the protection of internationally proclaimed human rights 2. Businesses should make sure that they are not complicit in human rights abuses 3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining 4. Businesses should support the elimination of all forms of forced and compulsory labour 5. Businesses should support the effective abolition of child labour 6. Businesses should eliminate discrimination in respect of employment and occupation PLANET PROFIT 7. Businesses should support a precautionary approach to environmental challenges 8. Businesses should undertake initiatives to promote greater environmental responsibility 9. Businesses should encourage the development and diffusion of environmentally friendly technologies 10. Businesses should work against corruption in all its forms, including extortion and bribery 11 May, 2012 58
Why CR? 11 May, 2012 59
Why CR? People Planet Profit 11 May, 2012 60
Why CR? The Generic Business Case for CR Enhanced brand image and reputation Improved staff motivation and performance Improved supplier management Meeting investor requirements CR Improved corporate innovation Reduced costs Improved customer loyalty and confidence Improved government relations 11 May, 2012 61
Why CR? The Generic Business Case for CR Enhanced brand image and reputation Improved staff motivation and performance Improved supplier management Meeting investor requirements A successful company? Improved corporate innovation Reduced costs Improved customer loyalty and confidence Improved government relations 11 May, 2012 62
Corporate Social Innovation 11 May, 2012 63
Corporate Social Innovation Turning Challenges into Opportunities 11 May, 2012 64
Corporate Social Innovation Make sure your business model is ready for the end of free nature and free labour (Sally Uren Forum for the Future) Being a sustainable company is not about box ticking, it s about future-proofing your business and building trust and brand loyalty that will last for years to come. (Justin King, Chief Executive, J Sainsbury plc) In November 2009 we launched a new mission for Unilever - to double the size of the business while reducing our overall environmental impact across our entire value chain. (Unilever) 11 May, 2012 65
Corporate Social Innovation Imagine that when you buy a pair of jeans you re offered an agreement to sign before you pay: I hereby promise to cold-wash, line-dry this clothing item, and own it for at least three years or ensure it is given away for someone else to enjoy. When you sign, you are rewarded instantly with a coupon for cash back. The rebate is the estimated financial value of the carbon-dioxide emissions you save by avoiding hot-water washing, and by machine drying your jeans over the lifespan of the item. The clothing company is able to provide this discount by aggregating its consumers carbon credits and selling them on the open market. This model provides financial incentives for both the clothing company and the consumer to alter behavior. http://www.bsr.org/reports/bsr_insight_sustainable_business_models_11_03_09.pdf 11 May, 2012 66
Corporate Social Innovation - Gessner From 6000 to 16 colors Sewage which Gessner today emits is cleaner than the water coming into the factory, All their fabrics may serve as compost for soil after use and waste (residue) substance is no longer toxic but is converted into felt and used as shelter for strawberry plants and which decomposes and becomes compost for the soil. In this way Gessner now makes money on what in the past was their waste. 11 May, 2012 67
Corporate Social Innovation - Lifestraw 11 May, 2012 68
Recap 11 May, 2012 69
Definition of Corporate Responsibility CSR or Corporate Responsibility (CR) PEOPLE PLANET PROFIT 11 May, 2012 70
Definition of Corporate Responsibility DO GOOD Proactive DO NO HARM Compliance People Planet Profit 11 May, 2012 71
11 May, 2012 72
Contents 11.00 WELCOME & IC COMPANYS PRESENTATION Chris Bigler, CFO 12.00 LUNCH 12.30 FINANCE MANAGEMENT Tine Knarreborg, VP FINANCE 13.15 BREAK 13.30 CORPORATE RESPONSIBILITY Morten Lehmann, CSR MANAGER 14.00 FINAL Q & A 73
Questions Questions Questions Questions 74 74
75 75