Jyske Preferred: week 337

Transcription

1 Jyske Preferred: week 337 Numericable is included in Jyske Preferred again, as it has just been liftet to STRONG BUY. It replaces WEPA and therefore Jyske Preferred now includes Numericable, Univeg, Bombardier and Abengoa. COMPANY RECOMMENDATION: NUMERICABLE Following another strong quarter from Numericable we add the company s EUR5.375%@22 issue to our preferred list. Revenue grew to EUR 336.1m over the quarter, corresponding to growth of 3.2% against the same period the year before. It is now the third consecutive quarter with growing revenue. The development in the increasing top line is partly driven by the customer base, which grew by 59, over the quarter to 1.79m customers, and partly by an increase in gross ARPU (Average Revenue Per User) by 3% to the record-high EUR This is the highest level in the history of the company. The reason is a better product mix with increasing sale of rich value-added content. Earnings in terms of EBITDA rose by 1.8% (y/y) to EUR 156.7m and the EBITDA margin fell by 6 bp over the quarter to 46.9% (y/y). Capital expenditure rose by 38% to EUR 87.7m, which is mainly related to continuing fibre network roll-out. The company has by now established 413, new connections, which fully match the target of rolling out 7-8, connections for the full year. The free cash flows came to EUR 69m and the company's LTM financial leverage was 4.47 times net interest-bearing debt / EBITDA at the end of the quarter. HIGH YIELD MARKET AFFECTED IN SEVERAL ASPECTS High yield has since late June been affected in several aspects that are decisive for the risk appetite. Above all, the geopolitical situation has worsened after sanctions between Russia and the western world have escalated. This has been a contributing factor to the increase from recordlow levels of the VIX and VSTOXX indices, which are the best indicators of risk appetite in the high yield market. In addition, the macro-economic aspect of the economic indicators has shown weakness (particularly in Europe), which did not benefit credit spreads either. So far, market consensus has been that the default rates would be at a low level around 2%-3% in the coming year. If the weakness in the economic indicators continues, these expectations should be reassessed. If this happens and the stress level continues, we may very well see high yield spreads at the other side of 5 bp (currently 395 bp). The Jyske Preferred companies are based on a fundamental approach. Jyske Preferred is NOT a model portfolio and is solely a reflection of high expectations of the performance of the individual companies for the short/medium term. If the bonds are removed from the list, this does not reflect a general SELL recommendation. Jyske Preferred Numericable 5.375% 222 Univeg 7.875% 22 Bombardier 6.125% 221 Abengoa 6.% 221 Important events: Wednesday: GBR: Industrial production - euro zone Thursday: GDP, preliminary - euro zone See for the underlying research reports and the risk categories of the products Senior Analyst, Corporate Bond Research, Bo Andersen boandersen@jyskebank.dk Senior Analyst, Corporate Bond Research, Jens Houe Thomsen jht@jyskebank.dk Analyst, Corporate Bond Research, Rasmus Justesen rasmus.justesen@jyskebank.dk Jyske Markets, Vestergade 8-16 DK-86 Silkeborg Disclaimer: Please see the last page When at the same time, it is the summer holiday season with resultant low liquidity in the market, it will not take much before credit spreads widen

2 Overview: Jyske Preferred Bond Investment case Numericable 5.375% 222 Numericable is expected to experience considerable revenue synergies from the SFR acquisition. Univeg 7.875% 22 Univeg offers an attractive risk adjusted return and is attractively valued relatively. Bombardier 6.125% 221 A combination of an attractive price determination and an expected positive news flow. Abengoa 6, % 221 Abengoa focuses on strengthening the cash flow and reducing capex and the leverage. Bond Rating Offer YTW Spread Adj. Leverage Spread per leverage unit ISIN Min. Trade size NUMFP 5 3/8 5/15/22 B+ 13, 4.8% x 116 XS , / 1, UNIVEG 7 7/8 11/15/2 CCC+ 98., 8.2% x 171 XS , / 1, BBDBCN 6 1/8 5/15/21 BB- 18,25 4.7% x 98 XS , / 1, ABGSM 6 3/31/21 BB 14,25 5.2% x 223 XS , / 1, 6 Numericable 5.375% 222 Univeg 7.875% Spread to government Spread to government Diff. MLI B Index NUMFP 5.375% Diff. MLI B Index UNIVEG 7.875% Bombardier 6.125% 221 Abengoa 6 % 221 Spread to government 5 6 Spread to government Diff. MLI BB Index BBDBCN 6.125% Diff. MLI B Index ABGSM 6% /12

3 Outstanding EUR bonds Recom m endation Bond Rating Price YTW STW Fin. Leverage Adj. Leverage ISIN Strong BUY EUR 5.375% 222 B % x 3.2x XS Recommendation We recommend our investors to buy Numcab EUR 5.375% 222, as we observe the following:1) Rising demand for the company's products, due to infrastructure advantage. 2) The company's management has focus on debt reduction, where the financial leverage should be reduced to 4.x during the coming years. The target leverage is between 3.5x-4.x.3) We expect a positive rating pressure from both Moody's and S&P over the coming 12 months.4) S&P notice a recovery on 5%-7%. Company profile Numericable is the only cable operator in France and has one of the most technologically advanced fibre networks in Europe. The network covers 35% of French households, primarily in the most densely built-up areas. By merging with SFR, Numericable gains access to 22 m. mobile customers. Numericable has 7% market share within the High-Speed segment. The company mainly provides cable TV as single subscription and package solutions that combine cable TV, internet, fixedline and mobile telephony targeting the private sector and small enterprises, and it has also different arrangements with other telecoms companies. Revenue by segment Financial overview EUR ' 213R 214E 215E 216E 217E Revenue 11,472, 11,69,664 11,899,96 12,197,43 12,52,338 EBITDA 3,223, 3,261,676 3,343,218 3,426,798 3,512,468 EBITDA-margin 28.1% 28.1% 28.1% 28.1% 28.1% Net debt 11,622, 15,85,511 13,273,22 12,439,368 11,53,82 Adj. Net debt 13,172,138 17,4,649 14,823,34 13,989,56 13,8,958 Reported leverage 3.6x 4.9x 4.x 3.6x 3.3x Price and spread development 15% Spread (rhs) Price (lhs) 24% 61% B2C B2B Wholesale Strengths & Opportunities High quality network infrastructure. The sole cable operator in France and the market leader for high-speed broadband with a market share of 7 %.. Good position to meet growing high speed demand. The merger with SFR leads to substantial synergies TV offering a key advantage - La Box + Content. High ARPU level. Weaknesses & Threats Keener competition from large players in the French market. General economic slowdown in France. Falling disposable income in France. Intense price competetion. Fall in land-line customer base 3/12

4 Maturity profile EURm Bank Senior Secured Bond Senior Bond 8, Company structure Altice SA (Luxembourg) 1% EUR 75m RCF 6, 4, 2, Capital structure Public (2%) Vivendi SA (France) (2%) 1% Numericable Group SA (France) Altice France (Luxembourg) (59,7%) Numericable Group SA (France) 1% Numericable Group SA (France) EUR 1m SSN 222 USD 2m SSN 222 EUR 1m SSN 224 USD 2m SSN 224 Term Loan Facility B EUR' Outstanding Fin. Leverage Cash & Cash Equivalents 11. Bank Debt 2,17. Senior Secured Bonds 8, x Senior Bonds 4.7 Adjustments Numericable Group LLC (USA) Term Loan Facility B (USD) Net Debt 1, x Financial metrics EUR' 213R 214E 215E 216E Revenue 11,472,. 11,69, ,899, ,197,43.2 EBITDA 3,223,. 3,261,676. 3,343, ,426,798.3 Adj. EBITDA 3,25,23. 3,288,699. 3,37,24.9 3,453,821.3 Profit before tax 318,. 697,87. 52, ,48,728.9 FFO 5,36,947. 3,29,488. 3,43, ,489,62.2 CFO 3,36,. 3,21,38.3 3,37, ,434,748.8 CAPEX -7,955,. FCF -16,17,4. 3,29,488. 3,43, ,489,62.2 Interest -94,. -575, , ,23.5 Financing activities -94,. -575, , ,23.5 Total debt 11,622,. 15,85, ,273, ,439,368.3 Net debt 11,622,. 15,85, ,273, ,439,368.3 Net debt/ebitda 3.6x 4.9x 4.x 3.6x Operations key figures 4/12

5 Outstanding EUR bonds Recom m endation Bond Rating Price YTW STW Fin. Leverage Adj. Leverage ISIN BUY EUR % 22 B3/CCC % x 4.7x XS Recommendation Fundamentally fair valuation relative to the company's positive development in profitability and resistance to the economic cycle. The issue offers an attractive spread per leverage. Expectations that the company can lift its operational performance further after the company's founder is once again in the circle of owners and contributes with more than 25 years of experience. Cost benefits through its market leader position and extensive volume make it difficult for other players to take up competition. Company profile Financial overview Univeg Holding is based in Belgium and is Europe's market leader of fresh fruit. The company is a wholesaler and a producer to a limited degree. Univeg delivers to 19 of the 2 biggest retail chains in Europe and has a market share of 35%. EUR' Revenue Adj. EBITDA Adj. EBITDA-margin 212R 2,959,2 77, % 213R 3,134,565 85, % 214R 3,169,45 87, % 215 3,21,243 9, % 216 3,261,67 92, % Net debt 257, ,27 255, ,85 236,842 Univeg was founded in 1987 and was later on taken over by the capital chain CVC. In mid-213 the founder bought back Univeg Adj. Net debt 444,43 421,122 42, ,937 41,693 Adj. leverage 5.7x 4.9x 4.8x 4.6x 4.3x together with two other investors. Univeg services its customers across six continents through its 32 distribution centres centrally located in Europe, indicating a geographically diversified business. The main markets are the Netherlands, Germany and Belgium. In 213 Univeg Holding generated sales worth EUR 3.1bn and has more than 8, full-time employees. Revenue by segment Price and spread development 2% 1% 6% 8 Spread (lhs) Price (rhs) % Fruit & vegetables Fruit Partners Transport & Logistics Flowers & Plants Strengths & Opportunities Food is generally resistant to the business cycle. Stable customer relationships and long-term relations to the largest European retail chains contribute to stable sales. Cost benefits due to the company's high volume make it difficult for rivals to challenge Univeg with competitive prices. Increased focus among the European population on public health. The product is homogeneous of nature, and a low degree of preference will make differentiation difficult, which may reduce the earnings potential. The company's size and a vertically integrated business model make it possible to service its customers fully. Weaknesses & Threats Quite sensitive to food scandals and poisoning. Low-margin business. Stagnating consumption of fresh fruit per inhabitant in the EU. The product is homogeneous of nature, and a low degree of preference will make differentiation difficult, which may reduce the earnings potential. Fluctuating yields on crops and dependence on weather. Volatile exchange rates, particularly in South America where Univeg has several suppliers. 5/12

6 Maturity profile EUR' Bank Senior secured debt Senior unsecured debt PIK Company structure 3, 25, 2, 15, 1, 5, Capital structure EUR' Outstanding Fin. Leverage Cash & Cash Equivalents 13,662 Bank Debt 47, Senior Secured Bonds 348, x Senior Bonds Adjustments 164, x Pay-in-kind Net debt 245, x Financial metrics EUR' E 215E Q 2' 13 Q 3' 13 Q 4' 13 Q 1' 14 Revenue 2,959,2 3,134,565 3,169,45 3,21, , ,51 698,253 85,73 EBITDA 58,2 68,535 7,675 73,383 48,29 15,545-9,681 12,567 Adj. EBITDA 77,974 85,278 87,418 9,126 79,414 98,99 92,488 83,781 Profit before tax -57 7,944 5,383 9,21 2,852 6,835-22,661-3,84 Total debt 296,77 339, , , , ,84 371,74 Liquidity 38,84 83,15 92,94 11,15-19,483 82,823 13,662 Net debt 257, ,27 255, ,85-27, , ,412 Adj. Net debt 444,43 421,122 42, , Net debt/ebitda 4.4x 3.7x 3.6x 3.4x x 4.x Adj. Net debt/ebitda 5.7x 4.9x 4.8x 4.6x Funds from operations (FFO) - 2, ,251-19,365-4,92 Working capital changes - -24, ,447-13,818 29,848 Cash flow from operations (CFO) - -28, ,649-54,198 18,196 Capex - 21, ,43-4,88-8,947 Free cash flow (FCF) - -49, ,692-49,39 27,143 Cash flow from financing activities - 24, ,23 15,633 1,225 Operations key figures EUR' E 215E Q 2' 13 Q 3' 13 Q 4' 13 Q 1' 14 Gross profit 186,2 29, ,17 217,649 55,883 53,993 48,797 47,181 Gross-margin 6.3% 6.7% 6.7% 6.8% 6.3% 7.% 7.% 5.9% EBITDA margin 2.% 2.2% 2.2% 2.3% 5.4% 2.% -1.4% 1.6% Adj. EBITDA margin 2.6% 2.7% 2.8% 2.8% EBIT margin 1.2% 1.3% 1.2% 1.3% 3.5% 1.4% -1.4%.7% 6/12

7 Outstanding EUR bonds Recom m endation Bond Rating Price YTW STW Fin. Leverage Adj. Leverage ISIN BUY EUR % 221 Ba3/BB % x 4.7x XS Recommendation Bombardier intends to reduce its leverage and obtain an in-vestment grade rating over time. Currently the Credit profile is under pressure from the costly development of the new Cseries planes. Company profile Thanks to Bombardier Aerospace, Bombardier is one of the world s largest producers of Business Jets and Commercial Aircraft. Also, Bombardier Transportation makes Bombardier one of the world s leading producers of trains and train systems, including trains for metros and signal systems. Financial overview USD m 29R 21R 211R 212R 213R Revenue 19,366 17,892 18,347 16,414 18,151 EBITDA 1,966 1,596 1,576 1, EBITDA-margin 1.2% 8.9% 8.6% 9.4% 5.% Net debt ,376 2,83 Adj. Net debt 3,747 3,115 5,34 6,648 6,544 Reported leverage 2.2x 1.8x 3.2x 5.6x 4.5x Revenue by segment Bombardier % 221 Spread (rhs) Price (lhs) % 52% Aerospace Transportation Strengths & Opportunities The management focuses on a return to investment grade. Rising demand from emerging markets. No short-term debt falling due. Thick order book. Weaknesses & Threats Relatively high investment programme within Aerospace implies execution risk. Aerospace is relatively dependent on economic cycles. Delay of Cseries - which may result in downgrades from rating agencies. Bombardier Transportation has the highest exposure to Europe. Cash flow still expected to be negative in future. 7/12

8 Maturity profile Company structure USDm RCF Senior bond debt 5, 4, 3, 2, Bombardier Inc. 78m Senior Unsecured Notes ( 6.125% 221) Bombardier Aerospace 1, Capital structure USDm Outstanding Fin. Leverage Cash & Cash Equivalents 343 Bank Debt Other debt 263 Senior Bonds 6695 Adjustments 2953 Pay-in-kind x Net debt x 785m Senior Unsecured Notes ( 7.25% 216) Revolving Credit Facility Senior Unsecured ($75m) Bombardier Transportation USD 162m Senior unsecured 6.3% 214 USD 75m Senior unsecured 4.25% 216 USD 65m Senior unsecured 7.5% 218 USD 85m Senior unsecured 7.75% 22 USD 5m Senior unsecured 5.75% 222 USD 1.25bn Senior unsecured 6.125% 223 CAD 15m Senior unsecured 7.35% 226 Financial metrics USDm Q 1' 13 Q 2' 13 Q 3' 13 Q 4' 13 Revenue EBITDA Adjusted EBITDA Profit before tax FFO Change in Working Capital CFO CAPEX FCF Interest expense FCF after interest expense Total cash flow Total debt Cash and cash equivalents Net debt Net debt/ebitda.3x.9x 3.1x 2.7x 2.9x 3.2x 3.6x 2.8x Adjusted net debt/ebitda 1.8x 3.2x 5.6x 4.5x 5.3x 5.2x 6.3x 4.5x Operations key figures USDm Q 4' 11 Q 1' 12 Q 2' 12 Q 3' 12 Q 1' 13 Q 2' 13 Q 3' 13 Q 4' 13 Aerospace - Order intake (bn) Aerospace - New orders (units) Aerospace - Deliveries (units) Aerospace - Book to bill Aerospace - Revenue 2,16 1,499 2,265 2,267 2,258 2,255 1,999 2,873 Transportaton - Order book Transportation - New orders Transportation - Revenue 2,3 2,6 1,832 2,71 2,81 2,175 2,59 2,451 8/12

9 Outstanding EUR bonds Recom m endation Bond Rating Pr ice YTW STW Fin. Lever age Adj. Lever age ISIN BUY EUR 8.5 % 216 B2/B % x 6.x XS BUY EUR % 218 B2/B % x 6.x XS BUY EUR 6 % 221 B2/B % x 6.x XS Recommendation Abengoa s bond issues are trading at attractive levels compared with the market in general and the rating category, but high country risk for Spanish issues is expected to overshadow this in the near term and explains a relatively high risk premium. Company profile Abengoa was founded in 1941 and is today a global industrial and technological company offering innovative and high-tech solutions within sustainability in the environmental and energy sectors. Today, Abengoa operates in more than 7 countries, has 23, employees and is a world leader in its line of business. Revenue by segment Financial overview EUR mn. 21R 211R 212R 213R 214E Revenue 5,566,149 7,89,157 6,311,952 7,356,47 7,945, EBITDA 942,354 1,12, ,69 1,365,127 1,37,513 EBITDA-margin 16.9% 15.6% 15.% 18.6% 17.3% Net debt 2,6,67 1,71,866 2,33,68 2,538,915 1,765,483 Adj. Net debt 6,56,78 5,546,873 7,56,452 8,859,865 8,86,433 Reported leverage 2.1x 1.x 2.4x 1.9x 1.3x Price and spread development Spread (rhs) Price (lhs) 28% 7% 65% Engineering & Construction Industrial Production Concession-type infrastructures Strengths & Opportunities Weaknesses & Threats One of the world's leading companies within renewable energy and sustainability. market. Spanish economic downturn may hit demand and the credit Geographically well diversified Governments willingness and ability to focus on alternative Innovative engineering company and developer of new technologies Complex company structure. energy, including solar energy. Growing exposure to sectors with stable and predictable cash flows. Very large share of projects will begin to contribute positively as of /12

10 Maturity profile Company structure EUR mn. 1,5 Syndicated Loans Convertible Bonds Bonds Other Corp Debt 2m Senior Unsecured Convertible Notes ( 6.875% 214) 25m Senior Unsecured Convertible Notes ( 4.5% 217) 3m Senior Unsecured notes ( 9.625% 215) 5m Senior Unsecured Notes ( 8.5% 216) $65m Senior Unsecured Notes ($8.875% 217) 1, Restricted Group Abengoa S.A. Abengoa Finance SAU 5 (Spain) 1% 97% 97% Capital structure EUR m n. Outstanding Fin. Leverage Cash & Cash Equivalents 3,181 Bank Debt 1, Senior Unsecured Bonds x Senior Bonds x Adjustments 6,87 Pay-in-Kind - Adj. Net debt 8,58 6.x Telvent GIT, S.A. (Information Technology) $2m Subordinated Notes ($5.5% 215) 3.43m Non-Recourse Debt Befesa Medio Ambiente, S.A. Abengoa Bioenergia, S.A. (Environmental Services) (Bioenergy) 4% 1% Abeinsa, Ingeniere y Abengoa Solar, S.A. Construccion Industrial, S.A. (Solar) (Engineering and Industrial Construction) Project Companies (Unrestricted subsidiaries) Financial metrics EUR mn E Q1' 13 Q2' 13 Q3' 13 Q4' 13E Revenue 7,89,157 6,311,952 7,356,47 7,945, 1,85, 1,552, 1,831, 2,124, EBITDA 1,12, ,69 1,365,127 1,37, , 238, 29, 652, Adj. EBITDA Profit before tax 153,463-11,436 66, ,67 Non-liquid assets FFO 25,14 235,114 92, ,765 Change in working capital 1,41,86 56, , ,82 CFO 987, ,184 6,222 1,31,5 CAPEX -81,142-2,366,73-1,613, ,451 Net aquisitions/divestments FCF 186,792-1,517,519-1,13, ,49 Interest Tax -28, ,913-43,933-32,761 Financials Change in cash 74,49-1,31,2 538, ,431 Total debt 4,795,7 4,716,864 5,49,598 5,331,596 Cash 3,723,24 2,413,184 2,951,683 3,566,114 Net debt 1,71,866 2,33,68 2,538,915 1,765,483 Net debt/ebitda 1.x 2.4x 1.9x 1.3x Operations key figures EUR mn E Q1' 13 Q2' 13 Q3' 13 Q4' 13E Revenues Engineering & Construction 3,781, 4,89, 4,94, 1,376, 86, 1,72, 1,555, Concession 394, 519, 626, 68, 168, 176, 17, Biofuels 2,138, 2,29, 2,379, 46, 578, 583, 462, EBITDA Engineering & Construction 624, 86, 725, 148, 94, 135, 429, Concession 234, 318, 49, 29, 111, 115, 63, Biofuels 91, 241, 156, 8, 33, 4, 16, 1/12

11 Disclaimer & Disclosure Jyske Bank is supervised by the Danish Financial Supervisory Authority. The research report is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any responsibility for the correctness of the material nor any liability for transactions made on the basis of the information or the estimates of the report. The estimates and recommendations of the research report may be changed without notice. The report is for the personal use of Jyske Bank's customers and may not be copied. This report is an investment research report. Conflicts of interest Jyske Bank has prepared procedures to prevent and preclude conflicts of interest thus ensuring that research reports are being prepared in an objective manner. These procedures have been incorporated in the business procedures covering the research activities of Jyske Markets, a business unit of Jyske Bank. Jyske Bank's corporate-bond analysts may not hold positions in the instruments for which they prepare research reports. If an analyst takes over for the responsible analyst in connection with illness, business travels, etc. this analyst cannot trade in the relevant corporate bond on the day of publication of the research report and the following day. Jyske Bank may, however, hold positions, have interests in or business relations with the companies that are analysed. The research report has not been presented to the company prior to its release. Analysts receive no payment from persons interested in individual research reports. Read more about Jyske bank's policy on conflicts of interest at Jyske Bank s corporate bond recommendations current breakdown Breakdown of recommendations, corporate bonds (number) STRONG BUY BUY HOLD SELL Source: Jyske Bank Financial models Jyske Bank models the expected development of the analysed company s income statement and balance sheet. A number of key figures for the company is calculated on the basis of these models, and the key figures are compared with those of comparable companies and the company s past performance. From this we infer the spread at which the bonds will trade for the period ahead. The recommendation and the price target are moreover adjusted for the expected news flow and the market sentiment based on knowledge of the industry and company-specific circumstances. Jyske Bank s recommendations take into account the expected development in the corporate-bond market, the various sectors and company-specific circumstances. Risk Investment in this corporate bond is associated with risk. The risk can be measured directly via the spread at which the bond trades relative to a risk free investment with the same maturity. The spread reflects the probability of default, the recovery rate, and the liquidity of the corporate bond. Movements in the credit market, the sector and/or news flows, etc. regarding the company may affect the price of the bond. See the front page of the research report for our view of the risk associated with the corporate bond. The risk on the corporate bond is stated as Very Low, Low, Medium, High or Very High and is relative to the high-yield market for corporate bonds. The risk factors stated and/or calculations of sensitivities in the research report are not to be considered all-encompassing. If the corporate bond is denominated in a currency other than the investor s base currency, the investor accepts an FX risk. 11/12

12 Update of the research report The planned update of the report will be prepared immediately upon the release of the company s financial statements. In addition, there may be prepared research reports on special themes specifically for the company or research reports where the company is part of the special theme. These research reports are published on an ad-hoc basis. See the front page for the initial date of publication of the report. The prices stated are the latest prices quoted by Jyske Bank before the publication of the research report, unless otherwise stated. Recommendation concepts Our recommendations are based on market developments and an assessment of the expected return within the next twelve months. A BUY recommendation or a Strong BUY recommendation is based on expectations that investment in the bond will generate a return above that of the general corporate-bond market. On the other hand, a SELL recommendation implies that we expect investment in the bond to generate a return below that of the general corporate-bond market. Since our recommendations are relative and risk-adjusted, it is possible to compare our recommendations across sectors and risk categories. In addition, the potential is stated in absolute terms via our return target. The future and historical returns estimated in the research report are stated as returns before costs and taxrelated circumstances since returns after costs and tax-related circumstances depend on a number of factors relating to individual customer relations, custodian charges, volume of trade as well as market-, currencyand product-specific factors. It is not certain that the bond will yield the stated expected future return/s. The stated expected future returns exclusively express our best assessment. Investment Centre North Toldbod Plads 1 DK - 9 Aalborg Tlf: Investment Centre MidWest St. Torv 1 DK - 75 Holstebro Tlf: Investment Centre SouthWest Torvet 21 DK - 67 Esbjerg Tlf: Investment Centre East Jutland Østergade 4 DK - 8 Århus C Tlf: Investment Centre Copenhagen Vesterbrogade 9 DK København V Tlf: Investment Centre Zealand Nørregade 6 DK - 41 Ringsted Tlf: Investment Centre Funen Mageløs 8 DK - 51 Odense C Tlf: Investment Centre Silkeborg Vestergade 8-1 DK - 86 Silkeborg Tlf: Investment Centre Triangle Region Hjulmagervej 8 F DK - 71 Vejle Tlf: Jyske Bank (Schweiz) AG Tel Berben s Effectenkantoor B.V. Tel. +31 () PBC Hamburg Tel Jyske Bank (France) Tel Jyske Bank (Gibraltar) Ltd Tel Private Banking Copenhagen (PBC) Tel /12