Company Presentation March, Antti Heinola, CFO Milena Hæggström, Head of Investor Relations
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1 Cmpany Presentatin March, 2016 Antti Heinla, CFO Milena Hæggström, Head f Investr Relatins
2 Cntents Business and strategy Market verview Financials Appendix
3 Business and strategy
4 in brief designs, builds, perates and maintains user-friendly and energy-efficient slutins fr buildings, infrastructure and industrial plants. Revenue by cuntry in 2015 Sweden 25% Finland 22% Nrway 16% Germany 22% Austria 6% Denmark 6% Other cuntries 3% Key figures in 2015 Revenue 2,443 EUR millin Order backlg 1,461 EUR millin Persnnel by cuntry in 2015 EBIT 61 EUR millin 2.2% f revenue Finland 26% Sweden 22% Nrway 17% Germany 14% Denmark 6% Austria 4% Other cuntries 11% EBITDA 91.5 EUR millin (3.7% f revenue) Operating cash flw befre financial and tax items 85.8 EUR millin Revenue based n the Grup cmpany lcatin 4
5 Megatrends supprting demand fr ur business Increasing technlgy Imprving energy efficiency Grwing digitalisatin Urbanisatin cntinues Technlgy in buildings currently accunt fr 40 60% f building csts. Integrated technlgies require multi-discipline expertise. Maintenance is increasingly based n preventive measures as well as n actual needs and cnditins. Tightening legislatin relating t energy efficiency Integrated technlgies require multi-discipline expertise. Increasing demand fr energy-efficient slutins als fr existing buildings º All technlgies in buildings have an IP address. º Demand fr remte mnitring is increasing. º 10,000 buildings currently under s remte cntrl. Needs fr necessary infrastructure (water, sanitatin, energy, infrmatin, transprtatin) increase. Urban develpment management imprtant (manage f land, husing, wrking envirnment, transprtatin)
6 Strategy t address megatrends 6
7 Delivering ur strategic milestnes Nw fcusing n grwth and develping business mix Strategic milestnes 01 Fix Increasing prfits 02 Build Operatinal excellence Excellent leadership 03 Create Strng grwth Innvative and advanced slutins 04 Reach Operatinal excellence Innvative and advanced slutins Strng cmpany image Key achievements - Demerger - Restructuring - Clsed units - Gegraphical scpe defined Key achievements - One with harmnised peratinal mdel and prcesses - Enterprise Architecture - Lean rganizatin and refreshed management Key actins - Intrducing a unified market ffering with innvative slutins - Dedicated business develpment resurces in grup and all divisins. - Develping the grup business mix End f Mst efficient service cmpany - Strng wn cncepts and capabilities 7
8 A fully industrialised and unique market ffering A fundament fr develpment f the business mix Life Cycle Slutins Advisry Services Design & Engineering Services Prject Management Prject Executin Technical Maintenance Managed Services Public Cmmercial view fr each service area Industry Real estate wners and develpers Real estate users Value prpsitin fr each client segment General cntractrs 8
9 Business mix supprting grwth Lrem Technical Ipsum Installatins Is simply dummy text can f include the ne printing r several disciplines. and typesetting industry. Renvatins and new buildings, Technical design is dne by the client, r his representative. is respnsible fr prject executin f Technical Installatins. Lrem Technical Ipsum Maintenance Is Fixed simply price preventive dummy text maintenance f the cntract printing and Crrective typesetting maintenance industry. perfrmed n time and material ( ad-hc ). Small imprvement prjects ( service prjects ) Lrem Large Prjects Ipsum Is simply dummy text f the printing and Typically typesetting includes advisry industry. Practively sld, Large Prjects with ttal technical slutins. services, design & engineering, prject management and executin. is respnsible fr managing prject fulfilment. Lrem Managed Ipsum Services Is simply dummy text develp f the and maintain printing and prcesses typesetting cmmercial, industry. Medium term cntracts t perate, technlgy/systems and related industrial and residential buildings. Including bth hard services and smetimes sme cntracted sft services Life Cycle Slutins Includes design, installatin f building systems, peratin, maintenance as well as renvatin thrughut the cntract perid. Maintenance perid f years against a fixed mnthly fee in PPP prjects. Investment phase typically run in a cnsrtia. 9
10 Develping ur business mix Technical Installatin & Maintenance Large Prjects Managed Services º Small and mid size prjects and maintenance agreements º Single and multiple technlgies º Over 30,000 cntracts in this area º Cntract vlume > EUR 5m º Integrated slutins º Custmisatin º Life Cycle fcus º is running sme 50 prjects f this type. º At its widest frm delivered as Managed Life Cycle Slutins. º Services can be executed either by r third parties. º In ttal sme 100 cntracts in this area. Number f cmpetitrs Barriers f entry, cmplexity, margin ptential, risk level Pie charts: Estimated share f Grup revenue in
11 Managing develpment f the business mix Risk management Grup Divisins (8) Prject/Managed Services Offices CEO apprval Cntracts > EUR 20m CFO apprval Cntracts > EUR 5m Managed Services Large Prjects Regins (~ 50) Units (~ 290) Cntracts < EUR 5m Technical Installatin and Maintenance 11
12 Reaching ur strategic targets 1. Megatrends drive ur strategy. 2. Operatinal mdel & Enterprise Architecture in place t enable prfitable grwth 3. Our business mix is being develped t drive prfitable grwth. 12
13 Market verview
14 We have strng grwth ptential in the fragmented market Main cmpetitrs by cuntry Finland Are, Imtech Nrdic, Cnsti Sweden Bravida, Imtech Nrdic, Midrc Electr AB Nrway Gunnar Karlsen, Bravida, Oras Denmark Kemp & Lauritzen, Wictec Kirkebjerk, Bravida Germany Bilfinger Facility Services, ROM Technik, Strabag PFS Austria Ortner, EQOS Energie, Cfely Industry Maintpartner, BIS Prductin Partner (Bilfinger Industrial Services), Empwer Strng market psitin in all key perating cuntries Revenue by business area Service and maintenance 53% Prjects 47% 14
15 Market utlk fr s business in 2016 Technical installatin and maintenance Markets expected t remain stable. Requirements fr increased energy efficiency, better indr cnditins and tightening envirnmental legislatin supprt market develpment. In Nrway general ecnmy impacted by slwdwn in the il industry. Large prjects Psitive signs in tendering activity. In certain industries (nuclear in Germany and Sweden, mining in Sweden and il in Nrway) less investments resulting in prject pstpnements r cancellatins. Demand fr design & build f ttal technical slutins expected t develp favurably. Managed services Need fr new services and the demand fr life cycle slutins are expected t increase. Custmers fcus n their cre peratins pens pprtunities in utsurced peratin and maintenance mainly fr public authrities, industries and utilities. Overall changes in the perating envirnment due t grwing uncertainty ver the general macrecnmic develpment and munting geplitical tensins may lead t sme expected cautiusness in prject start-ups and service demand. 15
16 Financials
17 Strng financial psitin supprting strategy executin 1. On track t reach ur financial targets 2. Our financial psitin is strng allwing us t execute ur strategy. 3. Fcused n delivering prfitable grwth by changing the business mix and cst efficiency 17
18 Outlk fr 2016 and financial targets 2015 (actual) º Revenue grwth: 2% º EBITDA margin: 3.7% º Wrking capital: EUR m Outlk 2016 º Revenue: estimated t grw frm the previus year (2015: EUR 2,443 millin). º EBITDA: estimated t grw significantly frm the previus year (2015: EUR 91.5 millin). End f 2016 target º Revenue grwth: average annual grwth > 10% º EBITDA margin: > 6% º Wrking capital: negative Key actins supprting achievement f ur financial targets Revenue º Strng fcus n Managed Services with a higher grwth prfile and Large Prjects with ttal technical slutins and a higher design cntent Prfitability º Strng fcus in business mix twards grwth areas (Managed Services and Large Prjects) with higher margin ptential º Increasing prcurement and administrative efficiency Wrking capital º Fcus n efficient invicing and wrking capital management º Prvides flexibility t manage the ther tw financial targets 18
19 Strng rder backlg develpment in 2015 Order backlg EUR millin Q1 Q2 Q3 Q4 +4% +3% 1,392 1,393 +7% +10% 1,477 1,461 The rder backlg cntinued t increase reflecting the grwth targets in Large Prjects and Managed Services. Order backlg grew by 10% cmpared t the previus year (by 11% at cmparable exchange rates). Cmparative figures are carve-ut figures fr the perids befre the effective date f the partial demerger (June 30, 2013)., 19
20 Grup revenue up frm the previus year Grup revenue EUR millin 1 12/14: 2, /15: 2, /14 4 6/14 7 9/ /14 1 3/15 4 6/15 7 9/ /15 Revenue breakdwn by cuntry EUR millin (1%) (5%) (6%) (-13%) Sweden Finland Germany Nrway Austria Denmark Other cuntries 1 12/ / (8%) (10%) 668 (11%) 78 Revenue was EUR 2,443 millin in January December, an increase f 4 percent at previus year s exchange rates. In Nrway, technical installatin and maintenance is impacted by the general ecnmic envirnment. Revenue -6% with cmparable exchange rates during 2015 Exit f ne large services cntract nw fully visible. Revenue by business area 1 12/2015 Service and maintenance 53% (1 12/2014: 54%) Prjects 47% (46%) 20
21 Service and maintenance: activity level remained stable The technical maintenance market was stable verall. In Nrway, technical maintenance was impacted by slwdwn in the il industry. General interest in managed services and life cycle slutins increasing. Service and maintenance revenue 1 12/14: 1,297 (54%) Service and maintenance revenue, EUR millin % f ttal Grup revenue 1 12/15: 1,291 (53%) % 54% 54% 53% 55% 53% 51% 52% 1 3/14 4 6/14 7 9/ /14 1 3/15 4 6/15 7 9/ /15 21
22 Several multi-millin prjects annunced in Q4 In general gd develpment with new clients and cntracts. Prject business revenue Prject business revenue, EUR millin A tugh pricing envirnment prevailed but was able t maintain its price levels with fcus n quality and executin. % f ttal Grup revenue In Nrway and Austria there have been pstpnements in new investments. 1 12/14: 1,110 (46%) /15: 1,152 (47 %) % 46% 46% 47% 45% 47% 49% 48% 22
23 Prfitability n track t reach financial target EBITDA, EUR millin EBITDA margin, % EBITDA grew significantly by 36% 1 12/14: 67.5 (2.8%) 1 12/15: 91.5 (3.7%) frm the previus year and amunted t EUR 91.5 millin in January December. EBITDA negatively affected by certain prject lsses in Nrway and Germany, restructuring expenses in 2.1 Finland and legal expenses 2.5 in Germany. 0.4 Investments in cmmn prcesses als reflected in peratinal expenses 1 3/14 4 6/14 7 9/ /14 1 3/15 4 6/15 7 9/ /15 EBITDA, EUR millin (rlling 12m) EBITDA fr Q4 was in line with the previus year and amunted t EUR 34.0 millin /14 4 6/14 7 9/ /14 1 3/15 4 6/15 7 9/ /15 23
24 Increasing prcurement and administrative efficiency is key fr margin imprvement Revenue t EBITDA waterfall 2015 (EURm) (%) f ttal cst base f EUR 2,355m 2, (42%) 427 (18%) 671 (29%) 278 (12%) 91.5 Persnnel expenses accunted fr 42% f ttal cst base in Administrative (15%) Variable (85%) Surced materials and supplies and external services accunted fr 47% ttal cst base in Prcurement expenses amunted t EUR 1.4bn in 2015 (58% f the ttal cst base). Revenue Persnnel expenses External services Materials Other items and supplies (net)* EBITDA (% f cst base befre EBITDA) *) Incl. ther perating expenses, change in inventries f finished gds and wrk in prgress and prductin fr wn use. 24
25 Savings ptential frm direct csts Actins t imprve prcurement efficiency Harmnisatin Starting t harmnise perative prcurement and prcurement prcesses and tls Fcus n best practices Resurces centralised frm lcal units t divisins with Grup steering Materials prcurement Crdinate Grup prcurement Use f selected vendrs Agreed way f wrking Delivery t site Strategic resurce mix In-huse delivery: full respnsibility vs. use f lcal subcntracting Use f selected suppliers 25
26 Savings ptential frm indirect csts Actins t imprve administrative efficiency Finance & Gvernance Imprvements in financial/gvernance efficiency Efficient invicing prcess Efficient wrking capital management New financing agreement in place HR & Peple Cmmn jb families and grades Efficiency imprvements thrugh system develpment Cmmn MBKR targets and remuneratin Delivery & Operatins Develpment Cmmn Enterprise Architecture in big 6 cuntries; IT rganisatin fully centralised Business Develpment & Marketing Synergies in cmmn marketing; Grup-wide web site develpment Divisins Organisatin accrding t cmmn prcesses Cmmn template implementatin 26
27 Firm grip n managing wrking capital Financial target: negative wrking capital Wrking capital Wrking capital, EUR millin Wrking capital t sales, % (LTM) Wrking capital has been stabilised n negative level 120 Cntinued fcus n invicing prcess 100 4% 5% % 3% % 2% % -19-1% -13-1% 0% -14-1% 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 Cmparative figures are carve-ut figures fr the perids befre the effective date f the partial demerger (June 30, 2013)., 27
28 Cash flw in line with EBITDA Operating cash flw befre financial and tax items EUR millin Rlling 12 mnths Rlling 12-mnth cash flw f EUR 86 millin /13 1 3/14 4 6/14 7 9/ /14 1 3/15 4 6/15 7 9/ /15 Cmparative figures are carve-ut figures fr the perids befre the effective date f the partial demerger (June 30, 2013)., 28
29 Lw level f capital expenditure Capital expenditure (EUR millin)* % f sales % % % Develpment and investment Cntinuus develpment and investment in technlgies, prcesses and cmpetences Capex investments (including acquisitins) f EUR 26.9 millin in January-December, mainly relating t IT and the develpment f cmmn business prcesses % 0.21% 0.24% *) Capital expenditures cnsist f investments in tangible (prperty, plant and equipment) and intangible assets, excluding acquisitins. 29
30 Strng cash psitin enabled vluntary debt-repayment Debt maturity EUR millin Lan prtfli Banks 92% Insurance cmpanies 6% Others 2% Interest rate type (after hedges) * Fixed interest 100% Flating interest 0% Lan prtfli ttal: EUR 97.9 millin Strng cash psitin enabled vluntary repayment f grss debt by EUR 34 millin in 2015 Average interest rate after hedges: 1.32% * Interest rates are hedged against interest rate rise. 30
31 Liquidity reserves amunt t EUR 187 millin Net debt, EUR millin Net debt/ebitda, Rlling 12 Mnths Net debt remains in Q level 3,3x 3,4x 86 1,2x 104 1,5x ,4x 2,3x ,7x 0,7x 85 0,9x 102 1,1x x Strng cash psitin enabled vluntary repayment f grss debt by EUR 20 millin Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Grss debt t net debt EUR millin Liquidity reserve EUR 187 millin EUR millin 75 Lng-term brrwings 23 Shrt-term brrwings 68 Cash and cash equivalents 30 Net debt Unused credit facilities Cash and cash equivalents 31
32 Guidance
33 Guidance fr 2016 Revenue estimates that the Grup s revenue fr 2016 will grw frm the previus year (2015: EUR 2,443 millin). EBITDA estimates that the Grup s EBITDA fr 2016 will grw significantly frm the previus year (2015: EUR 91.5 millin). 33
34 Dividend plicy and earnings per share Dividend pay-ut at least 50 per cent f the net prfit fr the perid. The Annual General Meeting held n March 21, 2016 apprved a dividend f EUR 0.28 per share, representing 75 percent f the Grup s net prfit fr Earnings per share Earnings per share increased significantly by 69% and amunted t 0.37 eurs per share in January December. Dividend per share, EUR Dividend pay-ut rati, % 78% % 75%
35 Appendix
36 Key figures EUR millin 10 12/ /14 Change 1 12/ /14 Change Order backlg 1, , , ,323.6 Revenue , ,406.6 EBITDA EBITDA margin, % Earnings per share, basic, EUR Wrking capital Operating cash flw befre financial and tax items Interest-bearing net debt Persnnel, average fr the perid 17,427 17,410 17,321 17,490 36
37 Examples f rders received in Octber-December 2015 Söderhamn municipality, Sweden perfrms Managed Services fr Söderhamn municipality. This is the largest Energy Perfrmance Cntracting (EPC) prject implemented by in the Nrdic cuntries. Fr the client, EPC service guarantees energy savings by ptimising the buildings and their perfrmance ver time. The prject cvers the majrity f the public buildings in the municipality. Söderhamn Cntract value: ver EUR 29 millin Service areas: Managed Services Technical disciplines: Heating and sanitatin, Ventilatin and air cnditining, Cling, Electricity, Infrmatin and cmmunicatin services, Security and safety and Autmatin Lifespan: is respnsible fr the maintenance f the buildings and their cnfiguratin management until 2019 and guarantees the energy savings fr 10 years. Client: Söderhamn municipality and husing cmpany Faxehlmen AB Size: 430,000 m² Söderhamn 37
38 Examples f rders received in Octber-December 2015 Hspital and ffice building in Tampere, Finland signed cntracts fr ttal technical slutins and cleanrm facilities fr the ld Tampella linen factry in Tampere which is t be renvated int a hspital and ffice premises. The cleanrm facility delivery fr the perating theatres is based n prefabricated CleanPlus elements, develped by. By cmbining ur Swedish cleanrm knw-hw and ur prject management in Finland we can bring ur best expertise t this demanding prject. Aihi Arkkitehdit Oy Cntract value: ver EUR 7 millin fr the building systems delivery, fr the cleanrm nt disclsed Service areas: Design and Engineering, Prject Executin, Prject Management Technical disciplines: Heating and sanitatin, Ventilatin and air cnditining, Cling, Electricity, Infrmatin and cmmunicatin services, Security and safety and Autmatin Lifespan: Renvatin wrk at the hspital will be cmpleted by summer 2016 and, fr the rest f the premises, by autumn Client: Skanska and fr the cleanrms KOY Kskitammi Size: 16,000 m² 38
39 Examples f rders received in Octber-December 2015 Rcket Twer, Berlin, Germany delivers a large prject fr the frmer GSW high-rises in Berlin, Germany. The building systems will be renewed in cnjunctin with an extensive renvatin f the high-rises., tgether with UNDKRAUSS Baugesellschaft mbh Berlin, is acting as a technical general cntractr. Cntract value: nt disclsed Service areas: Prject Executin Technical disciplines: Ventilatin and air-cnditining, Cling, Heating and Fire prtectin Lifespan: The wrk is expected t be finished by July Size: 22,000 m² SMV Bauprjektsteuerung Ingenieurgesellschaft mbh Deutsche Telekm AG Deutsche Telekm headquarters, Bnn, Germany designs and deliver a ttal technical slutin fr the renvatin f Deutsche Telekm headquarters. T create an ptimal indr climate at any time f the day, will install its prprietary multifunctin AVACS sails t the ceilings f the ffice spaces. Cntract value: ~ EUR 20 millin Service areas: Design & Engineering and Prject Executin Technical disciplines: Heating and sanitatin, Ventilatin and air-cnditining, Cling, Electricity and Autmatin. Lifespan: The wrk is expected t be finished by April Client: Deutsche Telekm 39
40 Examples f rders received in Octber-December 2015 Metsä Wd sawmills in Lappeenranta and Renk, Finland has signed a Managed Services agreement with Metsä Wd fr sawmills in Lappeenranta and Renk. will manage and execute prcess-related maintenance n the sites. In cnnectin with the partnership, 24 peple frm Metsä Wd's Renk and Lappeenranta sawmills maintenance will be transferred t Sumi Oy. Cntract value: nt disclsed Lifespan: February 2016 until further ntice Client: Metsä Wd, which is part f Metsä Grup Metsä Wd Hydrgen prductin unit, Prv, Finland delivers a cntract t supply prcess piping and industrial installatins fr a new hydrgen prductin unit. will prefabricate and install equipment fr the new hydrgen refrmer and cmplete equipment and steel installatins. Prefabricated parts are made at 's wn wrkshps in Ylivieska and Leppävirta. Cntract value: nt disclsed Lifespan: until May 2016 Client: Linde Engineering 40
41 Acquisitins have cntributed t revenue grwth thrugh the cycle Grup revenue EUR Revenue, millin EUR millin 1,680 1,797 1,892 2,140 2,396 2,125 2,353 2,876 2,803 2,544 2,407 2, , Calr AB ABB Building Systems MCE AG caverin GmbH Acquisitin perid Integratin and develpment Acquisitin perid Integratin and develpment figures based n fficial segment reprting, i.e. sum f building systems and industrial services related revenue figures f YIT, including als internal sales figures are external revenue figures based n s carve-ut segment reprting figures: 1-6/2013 carve-ut /2013 actual. 41
42 M&A as a grwth driver 50% f revenue grwth ver cycle frm acquisitins M&A criteria Gd strategic fit Gegraphical cverage Business prtfli Custmer sectrs Cmplementary skills & resurces Business culture Value creatin ptential Prfitability turn-arund Strng lcal market psitin Valuatin criteria Internal valuatin always prepared Key multiples analysed: EV/Sales EV/EBITDA EV/EBIT P/E Payback time Multiple levels vary depending n the target as well as market situatin 42
43 17,399 emplyees at the end f December During the perid we cntinued t develp ne winning team: Actively utilizing the feedback f the emplyee engagement survey Talent, successin and rganisatinal management Leadership develpment Emplyees by cuntry at the end f December 2015 Grup-wide effrt t develp a way f wrking and mindset: Wrk safety and well-being f all emplyees as a cnstant pririty Cde f cnduct t guide behavirs f all emplyees in every day cllabratin Finland 26% Sweden 22% Nrway 17% Germany 14% Denmark 6% Austria 4% Other cuntries 11% 43
44 30,784 sharehlders n February 29, 2016 Largest sharehlders Shares, pcs Majr sharehlders n June 28,2013 % f share Capital Change after December 2015, pcs Change after December 2015, % 1. Structr S.A. 17,840, Herlin Antti and the cmpanies cntrlled by him 14,280, , Ilmarinen Mutual Pensin Insurance Cmpany 4,030, Fndita funds 3,562, , Nrdea funds 2,899, , Varma Mutual Pensin Insurance Cmpany 2,864, Danske Invest funds 2,519, , El Pensin Cmpany 2,491, , OP funds 2,160, , The State Pensin Fund 1,850, SEB Investment Funds 1,658, , Evli funds 1,410, , Aktia funds 1,125, , Brtherus Ilkka 1,048, Odin funds 781, , Etera Mutual Pensin Insurance Cmpany 757, Säästöpankki funds 711, , Oyj 512, Owners by categry by shares wned Nminee registered and nn-finnish hlders 33.9% (December 30, 2015: 34.6%) Husehlds 19.2% (19.0%) General gvernment 10.6% (10.2%) Financial and insurance crpratins 13.7% (13.8%) Nn-prfit institutins 5.6% (5.7%) Nn-financial crpratins and husing crpratins 17.1% (16.8%) 30,784 wners (December 31, 2015: 30,594) 19. Alfred Berg Finland 441, , Föreningen Knstsamfundet rf 423, largest, ttal 63,367, All shares 125,596,
45 Bard f Directrs Elected by the Annual General Meeting n March 16, 2015 Ari Lehtranta Chairman Brn 1963, M.Sc. (Eng.) President and Chief Executive Officer f Nkian Tyres plc. Finnish citizen. Michael Rsenlew Vice Chairman Brn 1959, M.Sc. (Ecn.) Managing Directr f Mikars AB. Finnish citizen. Markus Ehrnrth Brn 1985, M.Sc. (Tech.), B.Sc. Plitical Science (Ecn.) C-Funder f Knmi Oy. Finnish and Swedish citizen Anna Hyvönen Brn 1968, Lic.Tech. Executive Vice President, Nrth Eurpe Central f Ramirent Plc. Finnish citizen. Eva Lindqvist Brn 1958, M.Sc. (Eng.), MBA. Swedish citizen. Ari Puhelinen Brn 1951, General Staff Officer. General (ret.) Finnish citizen 45
46 Grup Management Bard as f March 1, 2016 Fredrik Strand President and CEO Antti Heinla Finance & Gvernance Thmas Lundin Sweden Knut Gaaserud Denmark-Nrway Merja Eskla HR & Peple Werner Kühn Germany Jarn Hacklin Finland Carina Qvarngård Business Develpment & Marketing Manfred Simmet Austria Niclas Sacklén Eastern Eurpe Matti Malmberg Delivery & Operatins Develpment Juhani Pitkäkski Industrial Slutins 46
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