Hybrid presentation 14 th November 2017

Transcription

1 Hybrid presentation 14 th November 2017

2 Legal Notice DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use in connection with the offering by Iberdrola International B.V. of Undated Deeply Subordinated Reset Rate Guaranteed Securities unconditionally and irrevocably guaranteed on a subordinated basis by Iberdrola, S.A. (the Offering ). As a consequence thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason without the express and prior written consent of Iberdrola, S.A. Iberdrola, S.A. does not assume liability for this document if it is used with a purpose other than the above. The information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither Iberdrola, S.A. nor its subsidiaries or other companies of the Iberdrola Group or its affiliates assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. Information in this document about the price at which securities issued by Iberdrola, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola, S.A. cannot be relied upon as a guide to future performance. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of (i) the restated text of the Securities Market Law approved by Royal Legislative Decree 4/2015, of 23 October; (ii) Royal Decree-Law 5/2005, of 11 March; (iii) Royal Decree 1310/2005, of 4 November; (iv) and their implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. For information regarding the Offering, please refer to the Offering Circular dated November [ ], The shares of Iberdrola, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration. The shares of Iberdrola, S.A. may not be offered or sold in Brazil except under the registration of Iberdrola, S.A. as a foreign issuer of listed securities, and a registration of a public offering of depositary receipts of its shares, pursuant to the Capital Markets Act of 1976 (Federal Law No. 6,385 of December 7, 1976, as further amended), or pursuant to a valid exemption from registration of the offering. This document and the information presented herein was prepared by Iberdrola, S.A. solely with respect to the consolidated financial results of Iberdrola, S.A. and was prepared and is presented in accordance with the International Financial Reporting Standards ( IFRS ). This document does not contain, and the information presented herein does not constitute, an earnings release or statement of earnings of Avangrid, Inc. ( Avangrid ) or Avangrid's financial results. Neither Avangrid nor its subsidiaries assume responsibility for the information presented herein, which was not prepared and is not presented in accordance with United States Generally Accepted Accounting Principles ( U.S. GAAP ), which differs from IFRS in a number of significant respects. IFRS financial results are not indicative of U.S. GAAP financial results and should not be used as an alternative to, or a basis for anticipating or estimating, Avangrid's financial results. For information regarding Avangrid s financial results for the nine-month period ended on September 30, 2017, please see the press release that Avangrid issued on the October 24, 2017, which is available on its investor relations website at and the Securities and Exchange Commission ( SEC ) website at This document does not contain, and the information presented herein does not constitute, an earnings release or statement of earnings of Neoenergia S.A. ( Neoenergia ) or Neoenergia's financial results. Neither Neoenergia nor its subsidiaries assume responsibility for the information presented herein. For information regarding Neoenergia s financial results for the nine-month period ended on September 30, 2017, please see the press release that Neoenergia issued on November 5, 2017, which is available on its investor relations website at and the Brazilian Comissão de Valores Mobiliários ( CVM ) website at Hybrid Bond presentation, November

3 Legal Notice FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information and statements about Iberdrola, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words expects, anticipates, believes, intends, estimates and similar expressions. Although Iberdrola, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Iberdrola, S.A. to the Spanish Comisión Nacional del Mercado de Valores, which are accessible to the public. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Iberdrola, S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forwardlooking statements included herein are based on information available to Iberdrola, S.A. on the date hereof. Except as required by applicable law, Iberdrola, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Hybrid Bond presentation, November

4 Agenda - Strategic overview page 05 - Business drivers page 13 - Outlook update page 17 - Liquidity and Solvency page 23 - Green bond background page 28 - Hybrid Transaction page 34 - Final Remarks page 38 - Annex: Results presentation 9M 2017 page 40 Hybrid Bond presentation, November 2017 / 4

5 Agenda Strategic overview Hybrid Bond presentation, November 2017 / 5

6 Global energy scenario Increasing energy demand Need to reduce emissions More electrification of the economy More low carbon sources will be needed: Utility scale / distributed Storage capacity required Digitized Grids will be crucial to manage a more complex energy system Active customer management Hybrid Bond presentation, November 2017 / 6

7 The utility of the future The utility of the future More renewables More storage More and smarter networks More and smarter customer solutions is Iberdrola today Hybrid Bond presentation, November 2017 / 7

8 The utility of the future Iberdrola has anticipated the global energy transition More RENEWABLES Almost 60% Renewable capacity (2015) in operation: 27.4GW 1 + 7GW in construction (1.65GW to be commissioned after 2020) World leader in onshore wind and strongly investing in offshore West of Duddon Sands, Irish Sea, UK 1 Managed capacity including hydro and 100% Neoenergia Hybrid Bond presentation, November 2017 / 8

9 The utility of the future Iberdrola has anticipated the global energy transition More STORAGE 4.5GW Hydro pumped storage in operation and construction Equivalent to ~5M domestic batteries of 13.5kWh Cortes la Muela, Spain Hybrid Bond presentation, November 2017 / 9

10 The utility of the future Iberdrola has anticipated the global energy transition More and SMARTER NETWORKS Further improvement of operations and efficiency HV & MV Smart Grid 100% digitalized Spain, UK and Brazil US automation plan ( ) LV Smart Grid & Smart Meters Spain: 200,000 km of smart grids and 9M smart meters UK: beating 2016 regulatory objectives on smart meters US: 100% smart meters Maine, 63% Connecticut and NY AMI Plan Digitalized generation operations 100% Renewables (CORE), Hydro, Nuclear, CCGT and Cogeneration Hybrid Bond presentation, November 2017 / 10

11 The utility of the future Iberdrola has anticipated the global energy transition Smart Customer Solutions Added Value / Personalization / Energy efficiency to increase customer satisfaction and loyalty Development of new solutions through Big Data: Tailored tariffs Remote heating control Distributed generation and storage Multichannel Energy management Energy bank Hybrid Bond presentation, November 2017 / 11

12 Iberdrola business model A model that combines geographic diversification with focus on energy transition businesses United States $ Continental Europe geographies currencies businesses United Kingdom Mexico $ Brazil R$ providing attractive shareholder remuneration today with future growth visibility mainly in countries with A rating Hybrid Bond presentation, November 2017 / 12

13 Agenda Business drivers Hybrid Bond presentation, November 2017 / 13

14 Investments update Around 90% of investment: regulated or long-term contracted activities Investment by business Generation and Retail Regulated 9% generation 7% Renewables 1 Investment by currency USD GBP 29% Eur 25Bn 42% 48% Eur 25Bn 1 Including hydro 42% Networks 3% Real 20% Euro 2 2 Including German offshore windfarm: Wikinger Currency diversification 71% allocated to countries with A rating Hybrid Bond presentation, November 2017 / 14

15 Growth drivers Regulated business RD 1048/2013 Capex 1.8 bn Generation & customers Customers growth Capex 1.8 bn Renewables +30 MW Capex 0.3 bn RIIO T1 / ED1 Capex 2.3 bn Business as usual Capex 1.0 bn +1,540 MW Capex 3.7 bn Rates cases Capex $ 5.8 bn +2,000 MW Capex $ 4.1 bn +3,600 MW Capex $ 2.0 bn +700 MW Capex $ 0.9 bn CAGR EBITDA* * Corporation and other business not included Tariff periods Capex R$ 1.7 bn between 5% & 7% between 2% & 4% +330 MW Capex R$ 1.0 bn between 8.5% & 10.5% Hybrid Bond presentation, November 2017 / 15

16 The Utility of the Future Execution of our Plan well on track and ensuring growth post Growth investment plan Eur 22 Bn completed or in construction (90% of Plan) Post-2020 Seizing opportunities beyond 2020 in low carbon sources networks storage Execution well on track Ensuring further growth Hybrid Bond presentation, November 2017 / 16

17 Agenda Outlook update (as presented in February 2017) Hybrid Bond presentation, November 2017 / 17

18 Financial Strategy for Main financial guidelines for period: Financial structure Liquidity FX risk management Protecting the company from interest rate increases: increasing fixed rate debt >60% Optimizing liquidity management, covering 18 months in stressed scenario Structural & annual coverage Solvency ratios Maintaining solid levels to preserve credit quality. Asset rotation & hybrids to be used if needed to maintain financial strength. Financing Strong diversification in sources of finance provides access to many markets, banks and supranational lenders Hybrid Bond presentation, November 2017 / 18

19 Sources and uses of funds 91% of the plan needs are funded by operating cash flow, which will grow as the plan investments pay -off Sources 1% 8% Divestments New Debt Uses 10% Capitalized costs 25% Dividends 91% FFO 65% Investments With current investment plan, we expect 2017 & 2018 to have solvency ratios in line with 2016, and to strengthen in 2019 & Hybrid Bond presentation, November 2017 / 19

20 Evolution of results update Increasing annual average net profit growth Update 2020 Eur CAGR Net Profit/EBITDA Ratio ~35% EBITDA ~10Bn >6% 33% Net profit ~3.5Bn ~7.5% XX% and keeping growth expectations post-2020 due to contribution from new investments Hybrid Bond presentation, November 2017 / 20

21 Return on investments Maintaining financial strength and improving return on investments ROE Group ROCE Group >8.5% 6.7% 5.2% >6% XX % XX% Hybrid Bond presentation, November 2017 / 21

22 Shareholder remuneration Shareholder remuneration growing in line with results DPS Eur Growing in line with results (pay-out between Shareholder remuneration 65% and 75%) driving 2020 DPS between Eur Establishing a floor of Eur 0.31/share during the period % /30% Floor 0, Scrip Dividend & Share buy-back Maintaining scrip dividend Share buy-back to avoid dilution Number of shares Maintaining current number of shares at 6,240 million Hybrid Bond presentation, November 2017 / 22

23 Agenda Liquidity and solvency Hybrid Bond presentation, November 2017 / 23

24 Net Debt / Group Q Net Debt closed almost Eur 4.5 bn higher than Dec 16, mostly due to NEO s integration. Investments +31.5% vs 9M 2016 Eur M 29,230 Hydro contributes Eur 300 M* less than previous year -4,626 3,997 1,715 1,707 33,698-1,290 2,965 Net Debt FY 2016 (*) Eur 400 M before taxes FFO FX NEO contribution to Group s Debt as of 30/09/2017 Net Investments Dividends and Treasury Stock repurchase Other Net Debt 9M 2017 Eur 1,707 M of Other include Eur 674 M of capitalised costs and subsidies and Eur 577 M of working capital Hybrid Bond presentation, November 2017 / 24

25 FFO / Group Eur M FFO proforma increases 5.4% to Eur 6,652.5 M, but NEO contribution is offset by the impact of extremely low hydro conditions in Spain 6, , (*) Last 12 months FFO FY 2016 NEO Gen. & Supply Spain Rest of Group FFO proforma September 2017* Excluding adverse hydro conditions, that impact Gen&Supply in Spain, FFO would have been Eur 300 M higher, reaching Eur 6,952.5 M Hybrid Bond presentation, November 2017 / 25

26 Credit metrics / Group Almost 75% of the impact on FFO/Net Debt (-1.4 p.p.) is driven by the temporary effect of the situation of Spanish hydro in 2017 FFO / Net Debt Credit Metrics Proforma: NEO 1 year Ex. NEO 21.5% -1.4 p.p 20.1% -0.4 p.p 19.7% FFO/Net Debt 19.7% 20.1% Net Debt/EBITDA 4.1x 4.1x RCF/Net Debt 17.0% 17.1% FFO/Net Debt FY 2016 Hydro effects FFO/Net Debt Q EX. NEO NEO effect FFO/Net Debt Q Leverage 44.2% 43.8% Other credit metrics also impacted Hybrid Bond presentation, November 2017 / 26

27 Financing / Liquidity and Debt Maturity Strong liquidity position covering 20 months of financing needs in a stressed scenario Liquidity and Average Maturity Debt maturity profile 18,471 Total adjusted Liquidity Eur 7,389 M Average Debt maturity 6.1 years 564 3,004 2,784 4,293 2, includes Eur 500 M with an extension option of 6 months 2020 includes Eur 975 M with an extension option of 1 year Not taking into account NEO, which finances itself on a standalone basis Hybrid Bond presentation, November 2017 / 27

28 Green Bond Background Hybrid Bond presentation, November 2017 / 28

29 Green Bond Background The business model and strategy of the Group is aimed at the supply of reliable, high-quality and environmentally-friendly energy, through sustainable, long-term industrial enterprise In line with its CSR and Sustainability policies and this context Iberdrola issued its first public Green Bond in 2014, 3 more Green Bonds in 2016, 2 in contracted a Green Loan in total representing EUR 5.7bn Iberdrola has updated its Green Bond Framework, aligned with the 2017 ICMA Green Bond Principles The green bond and loan proceeds have and will be used to (re)finance renewable energy and transmission projects, contributing to climate change mitigation and energy management. To support its long term strategy, Iberdrola will apply its existing Green Bond Framework to the new issuance, and has appointed Vigeo Eiris to provide a Second Party Opinion Hybrid Bond presentation, November 2017 / 29

30 Use of Proceeds In compliance with ESG criteria evaluated by Vigeo Eiris, Eligible Green Projects are Renewable Energy projects which aim to: Producing Electricity from renewable sources Improving the Energy Mix of Iberdrola Reducing the necessity and load factor of the Fossil Fuel Generation in the countries where it operates The net proceeds of the 2017 Green Hybrid Bond will be used to (re)finance, in whole or in part, Renewable Energy Projects: The projects include investments in development, construction, installation and maintenance of renewable energy production units The energy is produced from renewable non-fossil sources, more specifically from wind power (onshore and offshore) The available projects are existing and on-going projects located in the United Kingdom and Germany and managed by Iberdrola subsidiaries. Hybrid Bond presentation, November 2017 / 30

31 Eligible Projects and Management of Proceeds Compliance with the Use of Proceeds: all projects will be verified for compliance with the Eligibility Criteria and with the CSR and Sustainability policies by Iberdrola s Business, Sustainability, CSR and Legal teams Evaluation and Selection Eligible Projects Iberdrola will check the absence of any material ESG controversies (application of the exclusion criteria) The list of selected Eligible Projects is determined by Iberdrola s Business, Legal, CSR and Environmental teams, based on internal expertise, and submitted to the Finance Department for validation and selection Responsible management of each project is monitored at corporate level and at project level through the relevant performance indicators Management of Proceeds Iberdrola will track the allocation to Eligible Projects to avoid double counting with other green bond or loan proceeds. This tracking is integrated into the company s annual financial reporting process. The allocation of funds will be reviewed annually by an external auditor. In case of asset divestment, Iberdrola commits to use the net proceeds to (re)finance other Eligible Projects which are compliant with the current framework Hybrid Bond presentation, November 2017 / 31

32 Reporting Indicators Reporting The Issuer commits to report annually and transparently on the Green Hybrid Bond, in its Annual Sustainability Report, on: Reporting Use of proceeds: list of (re)financed projects, with related description, fund allocation and compliance of selected projects with the Green Bond framework. Environmental benefits: annual estimates of climate benefits (outputs and/or impacts) of each Eligible Projects share (re)financed by the Bond, then aggregated at Bond level Use of Proceeds Reporting At project level: List of financed projects with related description (type, location, operation date, size) Iberdrola s share (in %) Environme ntal Benefits Output Reporting indicators: Installed (attributable to the bond) renewable energy capacity of the wind farms (in MW) Annual renewable energy produced (attributable to the bond) by the wind farms (in MWh) Impact Reporting indicators: Annual GHG emissions avoided (in tco2e) Hybrid Bond presentation, November 2017 / 32

33 Q & A What is Iberdrola s commitment to allocation to green projects and reporting on environmental benefits? Iberdrola is committed to allocate green projects and report on environmental benefits while the hybrid bond is outstanding In the case that the call option is exercised, what will happen to the allocated projects and reporting? The proceeds will be allocated towards green projects until the call date; reporting will also continue for that duration of time. After the call option is exercised, there is no longer a commitment to allocate hybrid bond proceeds to green projects or report on their environmental benefits. After the call option is exercised, live allocated projects can be re-allocated to other issuances What will happen if the call option is not exercised? If the call option is not exercised, allocation towards green projects and reporting will continue for perpetuity As per the commitments in our Green Bond Framework, if the underlying assets are sold or have reached the end of their lifetime, the proceeds will be reallocated to new green projects. Hybrid Bond presentation, November 2017 / 33

34 Hybrid Transaction Hybrid Bond presentation, November 2017 / 34

35 Transaction Rationale Why issue hybrid capital? Capitalising on the attractive overall cost of the instrument Supporting solid solvency ratios to maintain financial strength Diversifying sources of finance keeping on the balance sheet the hybrid instruments as part of the capital structure ahead of the potential upcoming redemption of its outstanding hybrid at the first call date Hybrid Bond presentation, November 2017 / 35

36 Summary Terms of the New Hybrid Issuer Guarantor Currency / Size Senior Rating (M / S / F) Expected Issue Rating (M / S / F) Iberdrola International B.V. Iberdrola S.A. EUR benchmark Baa1 (positive) / BBB+ (stable) / BBB+ (stable) Baa3 / BBB- / BBB- Maturity / Call Perpetual NC-5.5 with 3-month par call prior First Reset Date in Year 5.5 Subsequent Calls Initial Coupon First Step-Up 25bps in year 10.5 Every Interest Payment Date thereafter Second Step-Up Further 75bps in year 25.5 Replacement Language [ ]%, annual fixed until First Reset Date in year 5.5, then reset at 5-year mid-swaps plus initial margin plus any step-ups (see below) every 5 years Intention based, with customary carve-outs Optional Deferral Early Redemption Change of Control Ranking of the Securities Ranking of the Guarantee Equity Credit (M / S / F) Listing / Governing Law Denomination Use of Proceeds Cumulative and compounding at the Issuer s option; Compulsory repayment upon payment of cash dividends on ordinary shares, parity obligations and certain other payments or repurchases, subject to customary exceptions. Withholding Tax Event, Substantial Purchase Event (75% repurchased) - at par Accounting Event, Capital Event, Tax Event 101% prior to First Call Date, par thereafter 500bps step-up upon the occurrence of a Change of Control Event if the Notes are not called at par Deeply subordinated, senior to Ordinary Shares and preference shares Deeply subordinated, senior to Ordinary Shares and other shares 50% / 50% (until first call date) / 50% expected Luxembourg / English Law, except securities subordination governed by Dutch Law and guarantee subordination governed by Spanish Law EUR100k + 100k (Re)finance Renewable Energy Projects Hybrid Bond presentation, November 2017 / 36

37 Structural Comparison to Recent Hybrid Deals Issuer Iberdrola International B.V. Ferrovial Nethrrlands B.V. Danone TenneT Holding B.V. Issue Date [November 2017] 7 November October April 2017 Currency / Size EUR benchmark EUR500m EUR1,250m EUR1,000m Senior Rating (M/S/F) Baa1 (positive) / BBB+ (stable) / BBB+ (stable) - / BBB (stable) / BBB (stable) Baa1 (stable) / BBB+ (neg) / - A3 (stable) / A- (stable) / - Issue Rating (M/S/F) Baa3 / BBB- / BBB- expected - / BB+ / BB+ Baa3 / BBB- / - Baa3 / BB+ / - Maturity Subsequent Calls Perpetual NC-5.5 with 3-month par call prior First Call Date Every Interest Payment Date thereafter Perpetual NC-5.5 with 3-month par call Every Interest Payment Date thereafter Perpetual NC-5.6 with 3-month par call Every Interest Payment Date thereafter Initial Coupon [ ]% 2.124% 1.750% 2.995% Perpetual NC-7.1 Every Interest Payment Date thereafter First Step-Up Date / Margin 25bps in year bps in year bps in year bps in year 12.1 Second Step-Up Date / Margin Further 75bps in year 25.5 Further 75 bps in year 25.5 Further 75 bps in year 25.6 Further 75 bps in year 27.1 Replacement Language Optional Deferral Early Redemption Intention based, with customary carve-outs Cumulative and compounding at the Issuer s option, subject to compulsory repayment upon payment of cash dividends and certain other payments Withholding Tax Event, Substantial Purchase Event (75)% - at par Accounting Event, Capital Event, Tax Event - 101% prior to First Call Date, par thereafter Intention based, with customary carve-outs Cumulative and compounding at the Issuer s option, subject to compulsory repayment upon payment of cash dividends and certain other payments Withholding Tax Event, Substantial Purchase Event (80)% - at par Accounting Event, Capital Event, Tax Event - 101% prior to first call date, par thereafter Intention based, with customary carve-outs Cumulative and compounding at the Issuer s option, subject to compulsory repayment upon payment of dividends and certain other payments Withholding Tax Event, Substantial Purchase Event (80)%, Change of Control - at par Accounting Event, Rating Event, Tax Event - 101% prior to first call date, par thereafter Intention based, with customary carve-outs Cumulative and compounding at the Issuer s option, subject to compulsory repayment upon payment of cash dividends and certain other payments Withholding Tax Event, Substantial Purchase Event (80)%, Change of Control - at par Accounting Event, Rating Event, Tax Event - 101% prior to first call date, par thereafter Change of Control 500bps step-up and call N/A 500bps step-up and call 500bps step-up and call Ranking of the Securities Ranking of the Guarantee Listing / Gov. Law Deeply subordinated, senior to preference and ordinary shares Deeply subordinated, senior to ordinary shares and other shares Luxembourg / English law except subordination Deeply subordinated, senior to preference and ordinary shares Deeply subordinated, pari passu with preference shares, senior to ordinary shares Dublin / English Law except subordination Deeply subordinated, senior to preference and ordinary shares N/A Paris / French Law Deeply subordinated, senior to preference and ordinary shares N/A Amsterdam / Dutch Law Denomination EUR100k + 100k EUR100k + 1k EUR100k + 100k EUR100k + 1k Explicit Green Project Use of Proceeds Yes No No Yes Hybrid Bond presentation, November 2017 / 37

38 Final remarks Hybrid Bond presentation, November 2017 / 38

39 Final remarks Iberdrola is one of the largest electric utilities in the world producing and supplying electricity to around 100 million people in the countries in which it operates The company has positioned itself as leader in clean energy: Iberdrola is the top renewable energy producer in Europe and a global leader in terms of installed onshore wind power, and thus has become one of the biggest Green Bond issuer Iberdrola is developing a growth plan, supported by a strong investment drive between 2016 and 2020, predominately in regulated businesses or long-term contracted, which will further strengthen its business model Iberdrola s resilient model and diversification in businesses and countries, allows it to offset the negative effects from challenging operating conditions in 2017 Shareholder remuneration track record: confident on the long term performance and structural resilience of the Group, 2017 interim shareholder remuneration has increased by 3.7%; dividend pay-outs act as payment pusher for the hybrid Committed with solid solvency ratios maintaining financial strength Hybrid Bond presentation, November 2017 / 39

40 Hybrid Bond presentation, November 2017 / 40

41 Click the link below to access 9M 2017 Results presentation 9M 2017 Results presentation Hybrid Bond presentation, November