Investor Presentation • Apr 25, 2018
Investor Presentation
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25 April 2018
This presentation and its enclosures and appendices (jointly referred to as the "Presentation") has been produced by Asetek A/S (the "Company") and has been furnished to a limited audience (the "Recipient[s]")on a confidential basis in connection with a potential securities issue by the Company. The content of this Presentation is not to be construed as legal, business, investment or tax advice, and has not been reviewed by any regulatory authority. Each Recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. The information cannot stand alone but must be seen in conjunction with the oral presentation and are expressed only as of the date hereof.
The Presentation may include certain statements, estimates and projections with respect to the business of the Company and its anticipated performance, the market and the competitors. However, no representations or warranties, expressed or implied, are made by the Company, its advisors or any of their respective group companies or such person's officers or employees as to the accuracy or completeness of the information contained herein and such statements or estimates, no reliance should be placed on any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted by the Company as to any errors, omissions or misstatements contained herein. The information contained herein is subject to change, completion, or amendment without notice and the Company does not assume any obligation to update or correct the information included in this Presentation. Neither the delivery of this presentation nor any further discussions by the Company or any if its advisors with any of the Recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since the date of the Presentation.
This presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; profit; margin, return on capital, cost or dividend targets; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company, are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third party sources. Although the Company believes that these assumptions were reasonable when made, the statements provided in this presentation are solely opinions and forecasts which are uncertain and subject to risks, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this document. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue reliance on any forward-looking statement. he distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. In particular, neither this presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, into Australia, Canada, Hong Kong, Japan, Switzerland, United Kingdom or the United States unless pursuant to available exemptions from registration requirements.
In relation to the United States and U.S. persons, this Presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United States, or to or for the account or benefit of U.S. persons, only to qualified institutional buyers ("QIBs") in private placement transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of shares in the United States, or to or for the account of U.S. persons, will be deemed to have made certain representations and acknowledgements, including without limitation that the purchaser is a QIB. This Presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (restrictions on financial promotion) of the Financial Services and Markets Act 2000 (as amended). In relation to the United Kingdom, this Presentation is only directed at, and may only be distributed to, persons who fall within the meaning of article 19 (investment professionals) and 49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (financial promotion) Order 2001 (as amended) or who are persons to whom the document may otherwise lawfully be distributed. This Presentation may only be distributed in circumstances which do not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended).
The contents of this Presentation shall not be construed as legal, business or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.
This Presentation is subject to Danish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Danish courts.
| 11:00 | Welcome |
|---|---|
| 11:05 – | Liquid cooling makes sense in a data driven world |
| 11:30 | CEO André Sloth Eriksen |
| 11:30 – | Our markets and business segments |
| 12:15 | COO John Hamill |
| Break | Refreshments and product demo |
| 12:30 – | Creating value through profitable growth |
| 13:00 | CFO Peter Dam Madsen |
| 13:00 – | Sum-up |
| 13:15 | CEO André Sloth Eriksen |
| 13:15 - | Q&A, mingling and food |
A data-driven world puts new demands on computers and servers
| 20 000 | |||
|---|---|---|---|
| 15 000 | |||
| 10 000 | |||
| 5 000 | |||
| 0 | |||
Quarterly revenue development since commercialization USD thousands
12
50% lower cooling costs
Reliable CPU and GPU performance
13
VIDEO:
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Data center
Asetek liquid cooling units deployed in the field Cumulative total number of million units
Desktop Data center
Large and growing markets Supplying global brands Market leading solutions Strong IP
Profitable growth
DESKTOP SEGMENT
Shipped more than 1 million desktop units in 2017 Shipped 245,000 desktop units in Q1 2018
DESKTOP SEGMENT
| Estimated less than 10% penetration in high-end gaming and DIY enthusiast desktop segment |
High-end | ||
|---|---|---|---|
| 2017 high-end gaming population, assumed one system unit each | 22 million | DIY and gaming | |
| Notebook market share | 25%-30% | PC segment | |
| Desktop high-end gaming population | 12.5 - 15.4 million |
~5 million units | |
| Replacement cycle | 3 to 3.5 years | ASP > \$1,800 | |
| High-end desktop gaming PC potential per year (Minimum PC ASP USD 1,800) | ~ 5 million units | ||
| Mid-range desktop gaming PC potential per year (PC ASP 1,000 – 1,800) |
> 5 million units | ||
| Estimated Total Available Market (units per year) | +10 million | ||
| Asetek average sealed loop ASP in 2017 |
USD 52.5 per unit | Mainstream | |
| Estimated TAM for Asetek's Desktop business >USD 525 million |
gaming PC segment >5 |
>10% market | |
| million units | penetration | ||
| High-end gaming PC equipment market expect to grow by a CAGR of 7.5%* to USD 17 billion by 2020 |
ASP \$1,000-1,800 | 1 million units | |
| Total 2017 | Asetek unit shipments in 2017 |
DESKTOP SEGMENT
Source: PWC Entertainment & Media Outlook 2017-2021, Jon Peddie Research
4K resolution and ultra-highdefinition (UHD)
USD 150 million 2016
USD 750 million 2020e
Source: Jon Peddie Research
DESKTOP SEGMENT
Top five desktop customers
+27 additional desktop customers
Continue to dominate the desktop liquid cooling market
DESKTOP SEGMENT
DATA CENTER SEGMENT
67.1
Source: IDC Worldwide Server Forecast 2017, Hyperion Research 2018
DATA CENTER SEGMENT
DATA CENTER SEGMENT
~980
Assuming 72 processors nodes per rack and USD 15,000 ASP per RackCDU Numbers are rounded off
Estimated HPC segment TAM USD million
DATA CENTER SEGMENT
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18
Quarterly data center revenue USD thousands
*) Includes Asetek's ServerLSL and RackCDU D2C technologies
Still to early to provide any estimate of D2C impact
Based on orders and forecasts received to date, it appears that the sealed loop market is not materializing as expected
DATA CENTER SEGMENT
| Goal | Strategy |
|---|---|
| Increase end-user adoption with existing OEMs Add new OEMs |
|
| Create a meaningful and profitable business |
Exploit established leadership within HPC |
| HPC segment |
Increase end-user adoption with existing OEMs
Explore potential opportunities to grow beyond the
Data center revenue expectation revised to flat development, from a growth of 50% to 75%
DATA CENTER SEGMENT
FINANCIALS
FINANCIALS
FINANCIALS
FINANCIALS
Group gross margin Desktop gross margin Data center gross margin
Gross margin development
FINANCIALS
2018: Seems stabilized at 3% higher level
12% increase in the Danish krone (DKK) vs the USD
Slowly increasing overhead levels throughout timeframe
Q1 2018 Group EBITDA reflecting higher activity, but also increased costs as a result of exchange rates.
FINANCIALS
| Q1 2018 | Q1 2017 | |||||||
|---|---|---|---|---|---|---|---|---|
| USD (000's) | Group | Desktop | Data center | Group | Desktop | Data center | ||
| Revenue | 13 868 | 13 208 | 660 | 11 471 | 11 054 | 417 | ||
| Gross Margin | 35.7 % | 36.7% | 15.5% | 38.5% | 38.6% | 36.7% | ||
| Other operating expenses | 3 215 | 827 | 2 388 | 2 831 | 878 | 1 953 | ||
| EBITDA adjusted | 1 740 | 4 026 | (2 286) | 1 584 | 3 384 | (1 800) | ||
| EBITDA Margin | 12.6 % | 30.5% | N/A | 10.0% | 30.6% | N/A | ||
| Depreciations | 848 | 458 | 390 | 388 | 162 | 226 | ||
| Share based compensation | 300 | 74 | 226 | 48 | 16 | 32 | ||
| EBIT | 592 | 3 494 | (2 902) | 1 148 | 3 206 | (2 058) | ||
| EBIT Margin | 4.3 % | 26.5% | N/A | 10.0% | 29.0% | N/A | ||
| HQ, Litigation expenses, net | 325 | 549 | ||||||
| HQ, Share based compensation | 113 | 24 | ||||||
| HQ, Other | 536 | 296 | ||||||
| Headquarters costs | 974 | 869 | ||||||
| EBIT, total | (382) | 279 |
* HQ incl. Litigation contains various cash based elements of residual character. Corporate tax income is also included here. 42
FINANCIALS
| USD (000's) | Q1 2018 | Q4 2017 | Q1 2017 |
|---|---|---|---|
| Plant, property and equipment | 4 3 5 9 | 3856 | 1924 |
| Development projects | 2 771 | 2 7 5 4 | 2043 |
| Deferred tax asset | 8 3 8 6 | 7 778 | 4763 |
| Other assets | 736 | 794 | 675 |
| Total non-current assets | 16 25 2 | 15 182 | 9407 |
| Inventories | 1775 | 2 3 1 6 | 1 111 |
| Receivables | 10 460 | 13 2 8 0 | 9 2 7 2 |
| Cash and equivalents | 17 732 | 18 3 98 | 16 184 |
| Total current assets | 29 967 | 33 994 | 26 5 67 |
| Total assets | 46 219 | 49 176 | 35 974 |
| Total equity | 34 172 | 33 394 | 28 784 |
| Total non-current liabilities | 733 | 816 | 361 |
| Total current liabilities | 11 3 14 | 14 9 66 | 6829 |
| Total liabilities | 12047 | 15782 | 7 190 |
| Total equity and liabilities | 46 219 | 49 176 | 35 974 |
FINANCIALS
FINANCIALS
| ash | |
|---|---|
Large and growing markets
Supplying global brands
Market leading solutions
Strong IP
Profitable growth
Significant untapped potential
Low short- to medium term visibility
| Name | Holding | Percentage | Country Account Type |
|---|---|---|---|
| ARBEJDSMARKEDETS TIL | 2,429,022 | 9.5% | DNK ORDINARY |
| UBS SWITZERLAND AG | 1,752,835 | 6.8% | CHE NOMINEE |
| CLEARSTREAM BANKING | 1,662,909 | 6.5% | LUX NOMINEE |
| DANSKE BANK A/S | 1,656,631 | 6.5% | DNK NOMINEE |
| SUNSTONE TECHNOLOGY | 1,586,341 | 6.2% | DNK ORDINARY |
| HSBC BANK PLC | 1,267,579 | 5.0% | GBR NOMINEE |
| NORDEA BANK AB | 1,163,006 | 4.5% | DNK NOMINEE |
| KLP AKSJENORGE | 977,671 | 3.8% | NOR ORDINARY |
| RBC INVESTOR SERVICE | 887,500 | 3.4% | LUX NOMINEE |
| THE BANK OF NEW YORK (1) | 718,074 | 2.8% | DNK NOMINEE |
| KOMMUNAL | 707,670 | 2.8% | NOR ORDINARY |
| NORDNET BANK AB | 658,205 | 2.5% | SWE NOMINEE |
| LANNEBO EUROPA SMÅBO | 588,535 | 2.3% | SWE ORDINARY |
| EUROCLEAR BANK S.A./ | 519,025 | 2.0% | BEL NOMINEE |
| THE BANK OF NEW YORK | 437,261 | 1.7% | BEL NOMINEE |
| J.P. MORGAN CHASE | 422,972 | 1.6% | GBR NOMINEE |
| DANSKE BANK A/S (1) | 409,200 | 1.6% | DNK NOMINEE |
| DZ PRIVATBANK S.A. 0 | 336,500 | 1.3% | LUX NOMINEE |
| DANSKE BANK A/S (2) | 330,574 | 1.3% | DNK NOMINEE |
| STATE STREET BANK & | 316,554 | 1.2% | USA NOMINEE |
| Total Top 20 | 18,828,064 | 73.3% | |
| Other Shareholders | 6,513,652 | 25.4% | |
| ASETEK Treasury Shares | 330,524 | 1.3% | |
| Total share capital | 25,672,240 | 100.0% |
CFO
André S. Eriksen CEO & Founder
Csaba Vesei
BSc in Electronics and Electrical Engineering from the University of Glasgow in Scotland
15+ years of experience with Vestas and Grundfos he has an intimate background in sophisticated pumping and cooling systems designed for global markets
Thomas Ditlev VP Engineering
| Q1 2018 | 2017 | |
|---|---|---|
| Unaudited | Unaudited | |
| 13,868 \$ | 58,194 | |
| 8,913 | 37,225 | |
| 4,955 | 4,415 | 20,969 |
| 1,122 | 883 | 4,220 |
| 4,215 | 3,253 | 14,905 |
| $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | (913) |
| 5,337 | 18,212 | |
| (382) | 279 | 2,757 |
| (570) | (1,239) | |
| (10) | (19) | |
| (580) | (1,258) | |
| (962) | 160 | 1,499 |
| $\overline{\phantom{a}}$ | 2,976 | |
| (962) | 151 | 4,475 |
| 1,253 | ||
| $(45)$ \$ | 145 | Ś 5,728 |
| $(0.04)$ \$ | 0.18 | |
| $(0.04)$ \$ | 0.17 | |
| 917 | Q1 2017 $11,471$ \$ 7,056 4,136 (110) (9) (119) (9) (6) 0.01 $0.01$ \$ |
| Figures in USD (000's) | 31 Mar 2018 | 31 Dec 2017 | |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| \$ Intangible assets |
2,771 | - \$ | 2,754 |
| Property and equipment | 4,359 | 3,856 | |
| Deferred income tax assets | 8,386 | 7,778 | |
| Other assets | 736 | 794 | |
| Total non-current assets | 16,252 | 15,182 | |
| Current assets | |||
| Inventory | 1,775 | 2,316 | |
| Trade receivables and other | 10,460 | 13,280 | |
| Cash and cash equivalents | 17,732 | 18,398 | |
| Total current assets | 29,967 | 33,994 | |
| \$ Total assets |
46,219 | Ŝ. | 49,176 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| \$ Share capital |
$421 \pm 5$ | 419 | |
| Retained earnings | 31,834 | 31,976 | |
| Translation and other reserves | 1,917 | 999 | |
| Total equity | 34,172 | 33,394 | |
| Non-current liabilities | |||
| Long-term debt | 733 | 816 | |
| Total non-current liabilities | 733 | 816 | |
| Current liabilities | |||
| Short-term debt | 1,097 | 1,051 | |
| Accrued liabilities | 2,245 | 2,432 | |
| Accrued compensation & employee benefits | 1,219 | 1,335 | |
| Trade payables | 6,753 | 10,148 | |
| Total current liabilities | 11,314 | 14,966 | |
| Total liabilities | 12,047 | 15,782 | |
| Total equity and liabilities | 46,219 \$ | 49,176 |
| Other | Retained | ||
|---|---|---|---|
| reserves | earnings | Total | |
| Unaudited | ||||||
|---|---|---|---|---|---|---|
| Share | Translation | Other | Retained | |||
| Figures in USD (000's) | capital | reserves | reserves | earnings | Total | |
| Equity at January 1, 2018 | \$ 419 |
\$ | 1 005 | \$ (6) \$ |
31 976 | \$ 33 394 |
| Total comprehensive income - quarter ended March 31, 2018 | ||||||
| Income for the period | - | - | - | (962) | (962) | |
| Foreign currency translation adjustments | - | 917 | - | - | 917 | |
| Total comprehensive income - quarter ended March 31, 2018 | - | 917 | - | (962) | (45) | |
| Transactions with owners - quarter ended March 31, 2018 | ||||||
| Shares issued | 2 | - | 1 | 407 | 410 | |
| Share based payment expense | - | - | - | 413 | 413 | |
| Transactions with owners - quarter ended March 31, 2018 | 2 | - | 1 | 820 | 823 | |
| Equity at March 31, 2018 | \$ 421 |
\$ | 1 922 | \$ (5) \$ |
31 834 | \$ 34 172 |
| Equity at January 1, 2017 | \$ 417 \$ |
(248) \$ |
(9) \$ |
28 130 \$ |
28 290 |
|---|---|---|---|---|---|
| Total comprehensive income - quarter ended March 31, 2017 | |||||
| Income for the period | - | - | - | 151 | 151 |
| Foreign currency translation adjustments | - | (6) | - | - | (6) |
| Total comprehensive income - quarter ended March 31, 2017 | - | (6) | - | 151 | 145 |
| Transactions with owners - quarter ended March 31, 2017 | |||||
| Shares issued | - | - | 3 | 274 | 277 |
| Share based payment expense | - | - | - | 72 | 72 |
| Transactions with owners - quarter ended March 31, 2017 | - | - | 3 | 346 | 349 |
| Equity at March 31, 2017 | \$ 417 \$ |
(254) \$ |
(6) \$ |
28 627 \$ |
28 784 |
Net working capital (excl. cash) ~1% of revenues
Value based pricing strategy based on significant TCO/ROI
Net negative cash flow before breaking even to be funded by profits from desktop business
Gross margin at ~29%. Efficiency benefits to be harvested as revenue ramps up and revenues shift towards commercial sales rather than government grants
*) Of which approximately 10-15% is capitalized and amortized over typically 36 months
Data
Center
Number of thousand units
Number of thousand units
This presentation and its enclosures and appendices (jointly referred to as the "Presentation") has been produced by Asetek A/S (the "Company") and has been furnished to a limited audience (the "Recipient[s]")on a confidential basis in connection with a potential securities issue by the Company. The content of this Presentation is not to be construed as legal, business, investment or tax advice, and has not been reviewed by any regulatory authority. Each Recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. The information cannot stand alone but must be seen in conjunction with the oral presentation and are expressed only as of the date hereof.
The Presentation may include certain statements, estimates and projections with respect to the business of the Company and its anticipated performance, the market and the competitors. However, no representations or warranties, expressed or implied, are made by the Company, its advisors or any of their respective group companies or such person's officers or employees as to the accuracy or completeness of the information contained herein and such statements or estimates, no reliance should be placed on any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted by the Company as to any errors, omissions or misstatements contained herein. The information contained herein is subject to change, completion, or amendment without notice and the Company does not assume any obligation to update or correct the information included in this Presentation. Neither the delivery of this presentation nor any further discussions by the Company or any if its advisors with any of the Recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since the date of the Presentation.
This presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. Forwardlooking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; profit; margin, return on capital, cost or dividend targets; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company, are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third party sources. Although the Company believes that these assumptions were reasonable when made, the statements provided in this presentation are solely opinions and forecasts which are uncertain and subject to risks, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this document. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue reliance on any forward-looking statement. he distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. In particular, neither this presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, into Australia, Canada, Hong Kong, Japan, Switzerland, United Kingdom or the United States unless pursuant to available exemptions from registration requirements.
In relation to the United States and U.S. persons, this Presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United States, or to or for the account or benefit of U.S. persons, only to qualified institutional buyers ("QIBs") in private placement transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of shares in the United States, or to or for the account of U.S. persons, will be deemed to have made certain representations and acknowledgements, including without limitation that the purchaser is a QIB. This Presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (restrictions on financial promotion) of the Financial Services and Markets Act 2000 (as amended). In relation to the United Kingdom, this Presentation is only directed at, and may only be distributed to, persons who fall within the meaning of article 19 (investment professionals) and 49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (financial promotion) Order 2001 (as amended) or who are persons to whom the document may otherwise lawfully be distributed. This Presentation may only be distributed in circumstances which do not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended).
The contents of this Presentation shall not be construed as legal, business or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.
This Presentation is subject to Danish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Danish courts.
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