Q2 Debt investor presentation - 5 AUGUST 2021 - Aktia
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5 AUGUST 2021 Q2 Debt investor presentation
Record-strong second quarter
EUR million 2Q2021 2Q2020 % • The comparable operating profit at an all-time
Total operating income 73.3 54.8 34% high
Net interest income 27.7 20.1 37%
Net commission income 31.7 22.9 39%
• Strong increase in all income categories
Net income from life insurance 10.5 10.1 4%
Other income 3.4 1.6 111%
Total operating expenses -48.8 -36.3 35% • The half-year report includes Taaleri's wealth
Impairments of credits and other commitments -1.4 -1.8 -20% management business (May−June)
Operating profit 23.0 16.3 41%
Comparable operating profit 26.0 16.5 57%
• The increase in expenses is attributable to the
EPS, EUR 0.25 0.19 32%
costs related to the acquisition
ROE, % 10.1 8.4 20%
Cost-to-income ratio (comparable) 0.63 0.66 -5%
CET1, % 10.8 15.7 -31%
Aktia Q2 2021 Debt investor presentation 5 August 2021 2
Comparable operating profit 2017–2Q2021
EUR million
80
70 68.2
65.4
59.9
60
55.1
50
Q4 19.8 42.9
40
30 Q2 26.0
Q3 16.0
20
10 Q2 16.5
Q1 16.9
0 Q1 2.8
2017 2018 2019 2020 2021
Aktia Q2 2021 Debt investor presentation 5 August 2021 3
Asset Management
• Aktia acquired Taaleri's wealth management
business − the transaction was completed on 30
April 2021
• The transaction brought together two strong
players completing each other services
• Private Banking transferred to the Asset
Management business area and reported segment
• Strong sales particularly to private individuals
• Easing of travel restrictions support international
sales
Aktia Q2 2021 Debt investor presentation 5 August 2021 4
Taaleri wealth management included in AuM during
Q2
Assets under management excluding custody (AuM)
EUR million
15,582
16,000
14,000
12,000
9,853 10,447 10,379
10,000
8,353
7,628
8,000
6,234
5,597
6,000
4,000
2,000
0
2015 2016 2017 2018 2019 2020 31 Mar 2021 30 Jun 2021
Institutional assets, including private banking (30 June 2021)
International institutional assets (UI-Aktia)
Retail assets, excluding private banking (30 June 2021)
Aktia Q2 2021 Debt investor presentation 5 August 2021 5
Taaleri integration proceeding as planned
• Taaleri integration has proceeded according to plans and timetable
• Focus on income and cost synergy targets. The work in terms of
these has progressed well
• Organisations unified, a more comprehensive product selection to all
customers
• The additional sales and cross-selling of several fund products has
started to both new and old customers (e.g., Impact and Emerging
Market funds). The harmonisation of the fund selection has started
• The work for a mutual working model and business culture is well
under way
Aktia Q2 2021 Debt investor presentation 5 August 2021 6
Banking Business
• Quarterly sales of mortgages reached all-time
high levels
• The improved credit process and quicker
indicative offer for mortgages have enabled the
growth
• Expected credit losses remained on a low level
• Corporate customer business continued to grow
strongly: active acquisition of new customers led
to very strong growth of the loan book and net
interest income
Aktia Q2 2021 Debt investor presentation 5 August 2021 7
Growth in total loan book continues
Total loan book EUR +160 million (+2%) Q-o-Q
EUR million Total EUR million
7,400
700 7,299
7,300
600 7,200
7,139
7,100
500
7,000
7,000
400
6,900
300 6,780 6,800
6,694
6,700
200
6,600
100
6,500
0 6,400
Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q2/2021
New lending Total loan book
Aktia Q2 2021 Debt investor presentation 5 August 2021 8
Life Insurance
• Strong market development together with
successful new sales of unit-linked products
contributed to good result in Life Insurance
• The risk life new sales showed steady growth
during the second quarter
• Preparation for broadening the investment
alternatives in the unit-linked insurances started
after Taaleri acquisition
Aktia Q2 2021 Debt investor presentation 5 August 2021 9
Aktia makes determined efforts on CSR
Highlights in 1–6/2021
Clarified responsibilities
Solid and
• Markus Lindqvist appointed Director, Sustainability reliable
Governance
• Updated responsible investment policy and implemented first obligations
Partner for
under the EU Sustainable Finance Disclosure Regulation economic
Impact investing well-being
• Special investment fund “Impakti” became part of Aktia’s product portfolio
Climate
Environmentally
• Assessment of CO2 emissions and flood risks of Aktia’s loan portfolio responsible actor
Engagement
• Acted for the first time as investor lead in CDP’s annual Non-Disclosure
Most desired
campaign to engage with companies to report on climate related issues
employer in
the sector
Aktia Q2 2021 Debt investor presentation 5 August 2021 10Aktia’s Capital Markets Day
Aktia arranges a Capital Markets Day for investors,
analysts, bank representatives and media in Helsinki
on 8 September 2021.
Aktia’s CEO Mikko Ayub, CFO Outi Henriksson and
other members of the Group’s Executive Committee
will present at the event.
Information on registration and the more detailed
agenda will be published later in August.
Aktia Q2 2021 Debt investor presentation 5 August 2021 11Aktia Q2 2021 Debt investor presentation
Financial
overview
Aktia Q2 2021 Debt investor presentation 5 August 2021 12Structure of lending and deposits
30 June 2021 (31 December 2020)
Lending Deposits
Total EUR 7,299 (7,000) million Total EUR 4,560 (4,466) million
1% (0%) 8% (7%)
EUR 54 EUR 350
2% (2%)
13% (13%) (30) million (314) million
EUR 68
EUR 934 (66) million
(908) million
20% (21%)
EUR 888
15% (14%) (946) million
EUR 1,077
(979) million
72% (73%) 71% (70%)
EUR 3,253
EUR 5,233
(3,140) million
(5,083) million
Households Corporates Households Corporates
Housing associations Public entities and non-profit organisations Housing associations Public entities and non-profit organisations
Aktia Q2 2021 Debt investor presentation 5 August 2021 13Balance sheet total increased to EUR 11,236 million
30 June 2021
Total assets Total liabilities and equity
EUR million EUR million
11,236 11,236
10,573 10,573
Deposits from the public
10,000 10,000
4,560
Lending to the public 4,466 Liabilities to central
8,000 and public-sector 8,000 banks and credit
7,299 entities institutions
7,000
Liquidity portfolio Debt securities issued
6,000 806
6,000 723
Life insurance assets Technical provisions
incl. Unit Link 3,066
4,000 4,000 2,846
1,166
1,446 Other assets Other liabilities
2,000 1,631 2,000 1,411 1,514
1,541
460 567 Equity
1,140 667 723
586 0
0
31 Dec 2020 30 Jun 2021 31 Dec 2020 30 Jun 2021
Aktia Q2 2021 Debt investor presentation 5 August 2021 14Comparable operating profit and income
Q-o-Q
Comparable operating income Comparable operating profit
EUR million EUR million
80
73.3
30
70 3.4
26.0
57.9 10.5
60 57.0 25
54.8 0.6 1.6
1.6 49.4 19.8 6.8
50 39.9 0.5 10.2 9.9 20
10.1 4.7 Other 16.5
0.3 31.7 16.0 16.9 Centralised
40 0.7 2.1 functions and
Net income from 15
25.4 25.0 12.5 11.8 eliminations
30 25.2 22.9 24.2 life insurance 6.9 Asset
10 11.0 9.7 Management
Net commission 2.8
20
income Banking
27.7 5 9.4
10 19.7 20.1 20.0 20.8 21.3 Net interest 6.9 7.4 7.5 Business
income 4.9 5.0
0 0 -0.3 -0.2
-5.2 -3.8
-10 -5 -0.4
Aktia Q2 2021 Debt investor presentation 5 August 2021 15Comparable operating profit
1–6/2021 vs 1–6/2020 +68% underlying profit growth
(without unrealised value changes)
EUR million
42.9
Comparable Other net interest Actuarially Other net income Operating Other
operating profit income calculated result from investments expenses
1–6/2020 (Net income from (Net income from
life insurance) life insurance) Other income Model-based
Negative interest Net commission Value changes Comparable
rate of TLTRO income in the Life expected credit operating profit
loan Insurance losses (ECL) 1–6/2021
investment Aktia Q2 2021 Debt investor presentation 5 August 2021 16
portfolioAssets under Management – Net subscriptions
and market changes
Asset Management, Aktia UI Q-o-Q Asset Management, domestic Q-o-Q
EUR million EUR million
AUM Market Net AUM Market Net AUM AUM Market Net AUM Market Transaction Market
6/2020 changes subscriptions 12/2020 changes subscriptions 6/2021 6/2020 changes subscriptions 12/2020 changes and org. changes
adj.
Net AUM Market Net AUM Market Net AUM Market Net AUM Net AUM
subscriptions 9/2020 changes subscriptions 3/2021 changes subscriptions 9/2020 changes subscriptions 3/2021 subscriptions 6/2021
Aktia Q2 2021 Debt investor presentation
5 August 2021 17Assets under Management – Net subscriptions
and market changes
Banking Business, Retail Q-o-Q
EUR million
AUM Market Net AUM Market Organisational Market
6/2020 changes subscriptions 12/2020 changes adjustments changes
Net AUM Market Net AUM Net AUM
subscriptions 9/2020 changes subscriptions 3/2021 subscriptions 6/2021
Aktia Q2 2021 Debt investor presentation 5 August 2021 18Comparable operating expenses
1–6/2021 vs 1–6/2020
EUR million Staff costs:
The comparable staff costs increased by
10% to EUR 38.3 (34.8), which is mainly
84.6 attributable to Taaleri’s wealth
management acquisition with
approximately 100 new employees.
IT expenses:
IT expenses increased by 17% to EUR
14.0 (11.9) million mainly due to the
acquisition as well as a greater number of
IT projects.
Other operating expenses:
Other comparable operating expenses
increased by 44% to EUR 22.5 (15.6)
million mainly due to the transaction costs
of one-time nature, related to the
acquisition of Taaleri’ wealth management.
Other increases include the cost for the
stability fee that increased to EUR 4.1
Comparable IT Resolution Comparable
operating expenses expenses operating expenses (2.8) million as well as other expenses.
fee
1–6/2020 1–6/2021 Depreciations of intangible assets related
Staff costs Depreciation Other
operating to the acquisition were EUR 0.75 million
expenses
for H1.
Aktia Q2 2021 Debt investor presentation 5 August 2021 19Impairments for future expected credit losses
Change in expected credit losses (ECL) 1–6/2021
Impairment of credits and other
EUR million commitments 1–6/2021 EUR –3.6 million
• Impairments on credits and other
commitments increased to EUR -3.6 (-3.2)
million, of which the change in the
allowance for model-based credit losses
(ECL) amounted to EUR -1.2 (-2.1) million,
whereas other impairments on credits
increased to EUR -2.4 (-1.0) million.
• The new definition of default that entered
into force on 1 January 2021 increased the
model-based impairments with
approximately EUR 0.8 million and has
also affected the individual impairments.
• The macroeconomic assumptions were
updated again in Q2, no material impact
(EUR +0.6 million in Q1).
• We still have not observed any major
covid-related new risk concentrations in
our credit portfolio.
Impairment Interest- Realised
Loan book
31 Dec 2020 bearing losses for
stage 2
Loan book (model- Loan book securities Interest- which write- Impairment
stage 1 based) stage 3 stage 1 bearing downs were 30 Jun 2021
(model- (model-based (model- securities made in Aktia Q2 2021 Debt investor presentation 5 August 2021 20
based) and individually based) stage 3 previous
assessed) (individually years
assessed)Aktia Q2 2021 Debt investor presentation
The debt investment
case
Credit ratings
Moody's: A1 / P-1, stable, Covered Bonds: Aaa
S&P: A- / A-2, stable
Aktia Q2 2021 Debt investor presentation 5 August 2021 21CET1 ratio close to the upper limit of the target
Capital Adequacy
• At the end of the period, the Bank Group’s Common Equity Tier CET1
1 (CET1) capital ratio was 10.8% % %
• Target range at the end of period 9.2–10.7% 20
• AT1 requirements now covered with AT1 capital 18 16.5 15.9
9
15.6 15.7 15.6
• CET1 capital decreased by EUR 112.7 million during the period 16 14.7
14.0 13.8
CET1 Capital ratio
as expected 14
6.2 6.0
5.9
• The decrease was mainly as a result of increase of intangible assets 12 10.8 6
Buffer
and goodwill accounted for the successful closing of the Taaleri 10 4.7
4.3 4.2
transaction 4.0
8
3.4
• The maximum proposed 2020 dividend, EUR 0.43 per share, has been 3.1
6 3
deducted from the CET1 capital, which affected the CET1 capital ratio
by 1.2 percentage points 4
• Aktia has issued AT1 capital of EUR 60 million during the 2
second quarter 0 0
30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun
• Tier 1 ratio was 12.9% 2019 2019 2019 2020 2020 2020 2020 2021 2021
• Total capital ratio 15.5% (minimum requirement 11.76%)
Buffer CET1 Capital ratio CET1 requirement
Aktia Q2 2021 Debt investor presentation 5 August 2021 22Aktia meets regulative targets
Capital requirement %
• Minimum CET1 requirement ratio is 7.71 % (2Q21 CET1 10,8%). Pillar 1 req 4.5%
• Total minimum capital ratio requirement 11.76% (2Q21 Total capital:15.5%). Pillar 2 CET1 req 0.70%
• Aktia Bank Group’s leverage ratio was 3.8% (4Q20 4.6%). Capital Conservation buffer 2.5%
• Tier 1 capital EUR 371,6.9 million Counter Cyclical buffer 0.01%
Systemic Risk buffer** 0.0%
• Total exposures EUR 9,751.2 million
Total CET1 % req 7.71%
• The Finnish Financial Stability Authority has set the MREL requirement
AT1 Capital 1.5%
for Aktia Bank at twice the minimum capital requirement, at least 8% of
Pillar 2 AT1 reg 0.23%
the balance sheet total.
Tier 2 Capital 2.0%
• MREL requirement EUR 576.3 million
Pillar 2 Tier 2 reg 0.31%
• Own funds and eligible liabilities EUR 1,499.4 million
Total Capital Requirement 11.76%
Aktia Q2 2021 Debt investor presentation 5 August 2021 23Funding activities
• During the Q2 2021 Aktia completed one private placement transaction. During the first half of the year
2021 Aktia Bank has issued 12 senior preferred debts under the EMTN program. The total volume being
approximately EUR 195 million with maturities in the range of 3–10 years.
• In May Aktia Bank issued successfully inaugural transaction of Additional Tier 1 unsecured fixed to fixed
rate notes of EUR 60 million. The Notes bear a fixed interest at the initial rate of 3.875 per cent per annum.
The Notes are rated Baa3 by Moody's Investors Service and listed on Nasdaq Helsinki Ltd.
• Aktia’s liquidity situation is very good. The LCR ratio has been well over the regulative limit being 161% at
the end of Q2. The cash level has been equally very good. The ECB tiering structure has been in full use
for nearly the whole period.
Aktia Q2 2021 Debt investor presentation 5 August 2021 24High-quality liquidity reserve
The Liquidity Coverage ratio (LCR) was 161%.
• The unencumbered assets in Unencumbered Liquidity reserve,
the liquidity portfolio, which can market value
be used as a liquidity reserve,
including cash and balances 30 Jun 31 Dec
with central banks, had a 2021 2020
EUR million
market value of EUR 1,433 Cash and holdings in central banks 667 250
million on 30 June 2021 (4Q20:
EUR 1,368 million). Securities issued or guaranteed by sovereigns,
central banks or multilateral development banks 217 226
Securities issued or guaranteed by municipalities
or Public sector entities 115 132
Covered bonds 434 755
Securities issued by credit institution 0 0
Securities issued by financial corporates
(commercial papers) 0 0
Total 1,433 1,368
Aktia Q2 2021 Debt investor presentation 5 August 2021 25Low risk liquidity portfolio
The liquidity portfolio consists
of high-quality assets that can
be used to meet liquidity
requirements in stressed
situations.
Assets are:
- LCR and ECB eligible
covered and SSA notes
- Senior notes eligible for
Central Bank operations
- Commercial or Municipalities
issued short term papers
Aktia Q2 2021 Debt investor presentation 5 August 2021 26Sound funding profile
Covered Bond issuance and customer deposits dominate
Borrowing from the public and
public-sector entities
increased to EUR 4,560 (4,466)
million. Aktia’s market share of
deposits was 3.0% (3.1%) at
the end of June.
The value of bonds issued by
Aktia Bank totalled EUR 2,890
(2,720) million. The total is
excluding the EUR 300 million
retained Covered Bond issued
in May 2021.
Aktia Q2 2021 Debt investor presentation 5 August 2021 27Redemption schedule
The year 2021 is gentle on redemptions but growth increases funding volumes
Aktia Q2 2021 Debt investor presentation 5 August 2021 28Aktia Bank as covered bond issuer
Aktia Bank operates under the • The Aktia Bank mortgage loan portfolio is of very high quality:
legislation as mortgage bank (Act • Prime residential mortgage loans and loans to Housing Companies
on Mortgage Credit Bank
• Collateral located in Finland
Operations, MCBA 688/2010) and
issues the covered bonds directly • Low average LTV
from the bank’s balance sheet. • Aktia Bank covered bonds are CRR & UCITS, ECB repo and
CBPP eligible
The Finnish Covered bond • Bank aims to comply with the ECBC covered bond label
legislation is to be updated during transparency initiative
the year 2021 to comply with the
Directive (EU)2019/2162 and the • Stable access to the covered bond market is in high priority
regulation (EU) 2019/2160 of the • Aktia Bank will focus on EUR 500 million public benchmark Covered
European Parliament and of the Bond issues with selective private placement offerings
Council
• Bank has used retained Covered Bonds as collateral in ECB
Aktia Q2 2021 Debt investor presentation 5 August 2021 29Cover pools Lappi
2Q 2021 0.1%
COVER POOL 2 COVER POOL 1
Pohjois-Pohjanmaa
Total asset pool EUR 2,343 million EUR 117 million
(No substitute assets) 3%
No of loans / 36,176 / EUR 64,779 1,787 / EUR 65,356
average loan balance
Kainuu
Types of loans First ranking residential First ranking residential POOL 2
mortgages, pledges of shares mortgages and pledges of
in housing companies and shares in housing companies
Keski-Pohjanmaa
loans to housing companies 1.4%
Geography Finland, well diversified with Finland, well diversified with Pohjois-Savo
Pohjanmaa
concentration on growth areas concentration on growth areas
13% 0.1% Pohjois-Karjala
Non-performing loans 0.0 0.0 Etelä-Pohjanmaa
> 90 days in arrears Keski-Suomi
WA indexed LTV 45.55% 34.53%
Etelä-Savo
Maximum LTV LTV limit: 70% LTV limit: 70% Pirkanmaa
Satakunta
Interest base floating 96%, fixed 4% floating 97%, fixed 3% 5%
0.1% Päijät-Häme
WA seasoning 65 months 106 months 0.3% Etelä-Karjala
Kanta-Häme
Kymenlaakso
Overcollateralisation (%) 27.36% (committed 10%) 171.61% (committed 12%) Varsinais-Suomi 0.4%
11% 0.2%
Moody's Collateral Score 5.00% 5.00% Uusimaa
1.4% 64%
Ahvenanmaa
Aktia Q2 2021 Debt investor presentation 5 August 2021 30Aktia Q2 2021 Debt investor presentation
Finland − a strong but
very export driven
economy
Aktia Q2 2021 Debt investor presentation 5 August 2021 31Finnish economy proved resilient during pandemic
Aktia Q2 2021 Debt investor presentation 5 August 2021 32Bankruptcy wave did not materialize
Aktia Q2 2021 Debt investor presentation 5 August 2021 33Order intake give a positive short term view
Aktia Q2 2021 Debt investor presentation 5 August 2021 34Employment improving
Aktia Q2 2021 Debt investor presentation 5 August 2021 35Residential construction activity is turning
Aktia Q2 2021 Debt investor presentation 5 August 2021 36Finnish housing market
Solid and stable market, positive development focused on growing cities
Prices of old apartments
Aktia Q2 2021 Debt investor presentation 5 August 2021 37Contacts and additional information
Outi Henriksson Lotta Borgström
CFO Director, IR and Communications
Tel. +358 10 247 6236 Tel. +358 10 247 6838
outi.henriksson@aktia.fi lotta.borgstrom@aktia.fi
Timo Ruotsalainen
Head of Treasury
Tel. +358 10 247 7211
timo.ruotsalainen@aktia.fi
Debt investor information:
https://www.aktia.com/en/investors (website)
https://www.aktia.com/en/investors/results-and-presentations/year/2021 (interim reports and presentations)
Aktia Q2 2021 Debt investor presentation 5 August 2021 38The good bank. And a great asset manager.
Aktia Q2 2021 Debt investor presentation
Appendices
Aktia Q2 2021 Debt investor presentation 5 August 2021 40Financial summary Q2 and YTD
EUR million 2Q2021 2Q2020 % 1-6/2021 1-6/2020 , %
Total operating income 73.3 54.8 34% 131.2 94.7 39%
Net interest income 27.7 20.1 37% 49.0 39.8 23%
Net commission income 31.7 22.9 39% 56.8 48.1 18%
Net income from life insurance 10.5 10.1 4% 20.4 4.9 315%
Other income 3.4 1.6 111% 5.0 1.9 168%
Total operating expenses -48.8 -36.3 35% -87.6 -71.9 22%
Impairments of credits and other commitments -1.4 -1.8 -20% -3.6 -3.2 14%
Operating profit 23.0 16.3 41% 39.9 19.1 109%
Comparable operating profit* 26.0 16.5 57% 42.9 19.3 122%
Earnings Per Share (EPS), EUR 0.25 0.19 32% 0.45 0.22 106%
Return on Equity (ROE), % 10.1 8.4 20% 9.1 4.9 87%
Cost-to-income ratio (comparable) 0.63 0.66 -5% 0.64 0.76 -16%
Common Equity Tier 1 capital ratio, % 10.8 15.7 -31% 10.8 15.7 -31%
*) Excl. items affecting comparability
Aktia Q2 2021 Debt investor presentation 5 August 2021 41The financial targets 2023
Comparable Return on Comparable Common Equity
operating profit Equity (ROE) cost-to-income Tier 1 capital ratio
EUR 100 million above 11% ratio under 0.60 (CET1) 1.5–3
percentage points
over the regulatory
requirement
1–6/2021; 30 June 2021; 1–6/2021; 30 June 2021;
EUR 42.9 million 9.1% 0.64 3.1 percentage points over
the minimum capital
requirement 7.7%
(1–12/2020; (31 December 2020; (1–12/2020; (31 December 2020;
EUR 55.1 million) 6.7%) 0.71) 4.2 percentage points over the
minimum capital requirement
9.8%)
Aktia Q2 2021 Debt investor presentation 5 August 2021 42Our strategic priorities
2023
Win in asset management
Acquire new customers in growing cities
Drive operational efficiency
to capitalise on our challenger position
Banking & Insurance
Aktia Q2 2021 Debt investor presentation 5 August 2021 43Net interest income mix
EUR million
30 27.7
23.4 22.9 3.8
25 21.5 21.8 23.5
3.9 3.6 20.7 0.7 21.0 20.7 20.8 21.3 0.5
3.5 3.4 19.6 19.3 19.7 20.1 20.0 0.6 0.5 1.4
3.3 3.3 2.8 2.0 19.4 19.2 0.6 0.6 1.5 1.4
20 1.3 1.2 0.8 0.7 0.5 1.7 1.6
4.6 3.8 1.7 1.6 1.5 1.4 1.4
3.4 3.1 2.4 2.2 2.0 1.6
15
20.6 20.7 22.0
10 17.9 18.2 17.9 18.2 18.7 18.5 18.8 19.4 19.5
17.1 16.9 17.3 16.9 17.4 17.7
5
0 -2.2 -1.9 -1.9 -1.5 -1.2 -1.4 -1.7 -1.5 -1.3 -1.1 -1.5 -1.7 -1.8 -1.3
-2.4 -2.3
-5
1-3/17 7-9/17 1-3/18 7-9/18 1-3/19 7-9/19 1-3/20 7-9/20 1-3/21
Borrowing and lending Liquidity portfolio Hedging with interest rate derivatives Other
Aktia Q2 2021 Debt investor presentation 5 August 2021 44Net commission income mix
EUR million ◼ Other
35 ◼ Insurance
31.7 ◼ Lending
1.4 ◼ Card, payment services and borrowing
30 0.5
2.7 ◼ Mutual funds, asset management
25.4 25.0 and securities brokerage
25 24.2
22.9 1.5 1.3 5.5
1.3 0.3 0.3
1.3 0.4 2.4 2.2
0.1 2.3
20 2.3
5.4 5.4
5.5
5.6
15
21.6
10
14.7 15.8 15.8
13.6
5
0
Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q2/2021
Aktia Q2 2021 Debt investor presentation 5 August 2021 45You can also read
