23 May 09:30 CEST“The Hangar”, Clarion/Comfort Hotel Copenhagen Airport

NATO ex-Secretary General to open 2024 conference

With a background as Secretary General of NATO from 2009 to 2014, and Danish prime minister from 2001 to 2009, Anders Fogh Rasmussen has a strong record of helping businesses and democratic governments to understand and shape international politics – through his advisory firm Rasmussen Global. Since the outbreak of the war, he has worked on a pro-bono basis with the Ukrainian President’s Office. Asked by President Zelenskyy, he co-authored a report on security guarantees for Ukraine known as the Kyiv Security Compact, forming the basis for bilateral security agreements between Ukraine and G7 nations. 

In a world of short news cycles and complex geopolitical shifts, it is crucial to not only follow world events but also to understand the key players and anticipate decisions before they unfold.

It is with great pride – and impatient curiosity – that we announce Anders Fogh Rasmussen as the opening keynote speaker of the Treasury 360° Nordic 2024 conference, on 23 May. As a representative of a corporate treasury or financial function, we welcome you to sign up, for free – and bring your team! 

Around 500 seats are already booked, setting the event on track for record attendance by a great margin. If your career is in treasury, you will not want to miss this occasion.

(Photo: Rasmussen Global)

The concept stays

• One packed main conference day on the Thursday (with Training Day and a new early arrivers’ mingle on the Wednesday),
• Stage programme starting 9:30 in the morning to enable fly-in,
• Ending with the spectacular seated-dinner party.
• A conference programme for treasurers, by treasurers, rich on case studies – with some sessions in plenary and many in tracks.
• And again: this is offered all free for you as a treasurer. 

Why not make this a team-building opportunity with your treasury colleagues? 

Have you blocked your calendar yet for 23 May 2024?

Speakers

Simon Hesse Hoffmann
Chair of the conference

Chairman’s opening remarks

This starting time is definite (as is the 8:00 breakfast start), though the rest of the day could see some deviations from this draft schedule. So pick up your ticket and schedule your trip! The venue is just across the road from Copenhagen Airport terminal 3. 

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Closing remarks and start of entertainment

Anders Fogh Rasmussen
Founding Chairman, Rasmussen Global

OPENING KEYNOTE: Stay ahead as the world unfolds – Anders Fogh Rasmussen

With a background as Secretary General of NATO from 2009 to 2014, and Danish prime minister from 2001 to 2009, Anders Fogh Rasmussen has a strong record of helping businesses and democratic governments to understand and shape international politics – through his advisory firm Rasmussen Global. Since the outbreak of the war, he has worked on a pro-bono basis with the Ukrainian President’s Office. Asked by President Zelenskyy, he co-authored a report on security guarantees for Ukraine known as the Kyiv Security Compact, forming the basis for bilateral security agreements between Ukraine and G7 nations. 

In a world of short news cycles and complex geopolitical shifts, it is crucial to not only follow world events but also to understand the key players and anticipate decisions before they unfold.


Read more

Trine Lise Marsdal
CFO, Strawberry

KEYNOTE: Why invest when you are broke?

Strawberry, formerly known as Nordic Choice Hotels, has undergone a comprehensive transformation in the last couple of years: Rebranding itself, opening and acquiring 37 new hotels since March 2020, introducing a new loyalty program in collaboration with the airline company Norwegian, and concurrently revitalising both its IT software and hardware. CFO Trine Lise Marsdal will provide insights into the strategic decisions behind these initiatives, which were undertaken while the company worked hard to turn significant losses into positive results.


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Linette Nielsen
Corporate Vice President, Head of treasury, Novo Nordisk

Karina Sundbæk
VP, Head of Group Finance & Facility, Haldor Topsoe

Minna Helppi
SVP Group Finance, Andritz

Lei Wang Giæver
VP Group Treasury, Crayon

Carl Burman
Head of Global Cash Management, Maersk

Erwin Bastianen
Director Treasury, Nike

Kasper Christensen
Director, Global Treasury, Pandora

Danijel Afolter
Portfolio Manager, Volvo Treasury

Caroline Jandler
Head of Treasury, Stena Metall

Ken Bonefeld Nielsen
Vice President, CISO, Norlys

Caroline Snorgaard
Treasury Analyst, Demant

Jozef Polak
Treasury Manager, European Energy

Iina Haapasaari
Regional Treasury Manager, KONE

Lars Buchtrup Bjørnbak
Senior Treasury Manager, Interim head of treasury, DFDS

Hien Dijkstra-Pham
Treasurer, Darling Ingredients International

Andrea Sottoriva
Group Treasurer, SITA

Michel Verholen
Assistant Treasurer, Zoetis

Karen Van den Driessche
Group Treasurer, Ontex

Jan Dirk van Beusekom
Head of Marketing, BNP Paribas Cash Management, Trade Solutions & Factoring

Claudine Smith
CEO, BNP Paribas Norway

Henrik Immelborn
Managing Director, Investment Banking, Nordea

Johan Trocmé
Managing Director, Thematics, Investment Banking, Nordea

Christof Hofmann
Head of Corporate Cash Management, Deutsche Bank

Caroline Stockmann
Hon FCT, Non-Exec Director and External Member SONIA Oversight Committee, Bank of England

François Masquelier
CEO, Simply Treasury, Chair of the European Association of Corporate Treasurers (EACT)

Annette Spencer
CEO, Association of Corporate Treasurers

Damian Glendinning
Chairman of the Advisory Board, CompleXCountries

Rupert Keenlyside
Founder, CompleXCountries

Schedule


13:00

Training Day courses

Subject to separate registration. For all the info about this 22 May pre-event, go to the dedicated Training Day by Treasury 360° website.  

All trainings run in parallel for four hours from 13:00 to 17:00, so you can enroll for max one. 

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17:00

Early arrivers’ mingle

19:00

(End of mingle)


08:00

Networking breakfast

09:25

Chairman’s opening remarks

This starting time is definite (as is the 8:00 breakfast start), though the rest of the day could see some deviations from this draft schedule. So pick up your ticket and schedule your trip! The venue is just across the road from Copenhagen Airport terminal 3. 

Read more
Chair of the conference
09:30

OPENING KEYNOTE: Stay ahead as the world unfolds – Anders Fogh Rasmussen

With a background as Secretary General of NATO from 2009 to 2014, and Danish prime minister from 2001 to 2009, Anders Fogh Rasmussen has a strong record of helping businesses and democratic governments to understand and shape international politics – through his advisory firm Rasmussen Global. Since the outbreak of the war, he has worked on a pro-bono basis with the Ukrainian President’s Office. Asked by President Zelenskyy, he co-authored a report on security guarantees for Ukraine known as the Kyiv Security Compact, forming the basis for bilateral security agreements between Ukraine and G7 nations. 

In a world of short news cycles and complex geopolitical shifts, it is crucial to not only follow world events but also to understand the key players and anticipate decisions before they unfold.


Read more
Founding Chairman, Rasmussen Global
10:00

KEYNOTE: Why invest when you are broke?

Strawberry, formerly known as Nordic Choice Hotels, has undergone a comprehensive transformation in the last couple of years: Rebranding itself, opening and acquiring 37 new hotels since March 2020, introducing a new loyalty program in collaboration with the airline company Norwegian, and concurrently revitalising both its IT software and hardware. CFO Trine Lise Marsdal will provide insights into the strategic decisions behind these initiatives, which were undertaken while the company worked hard to turn significant losses into positive results.


Read more
CFO, Strawberry
10:30

Coffee – let’s network

11:25

SESSION TRACKS, schedule preliminary (Lunch 12:30–14:15)


Quick scroll:  [Track A] •  [Track B] •  [Track C] •  [Track D] •  [Track E]

For the middle section of the day, the program now splits into four topical tracks. Each track will feature 4–5 sessions: normally two before lunch and three after. You move between the sessions as you like, and many sessions will later be available as videos on treasury360.net.

Track A – Technology-driven transformation at the treasury

11:20 INTRODUCTION

From advanced cash management systems to artificial intelligence, robotic processing and cybersecurity … We have heard all the terms but how do we manage our innovation to make sure new solutions support, rather than disrupt, our operations? This track will feature both cases and discussion. Experiences from different Nordic countries will be discussed.

11:25 Applying artificial intelligence in treasury

(A five-minute buffer at 11:55 enables you to shift tracks if you would like.)

12:00 The promise of DLT for intraday liquidity

12:30 Lunch break

14:15 Navigating cyber threats and resilience in the finance function

Digital threats are no joke, and we are all clear on the necessity of being aware and prepared. But then … exactly what does it mean we should do? Ken Bonefeld Nielsen promises a thought-provoking session exploring areas including brand protection, crisis management scenarios, and critical infrastructure such as in the energy and telecoms sectors.

Ken Bonefeld Nielsen, Vice President, CISO, Norlys

(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)

14:50 Fourth track A session


Quick scroll:  [Track A] •  [Track B] •  [Track C] •  [Track D] •  [Track E]

Track B – Nailing the deal

11:20 INTRODUCTION

This track looks at corporate finance, funding and investment initiatives, and discusses what we can learn. Experiences from different countries will be discussed.

Track moderator: Johan Trocmé, Managing Director, Thematics, Investment Banking, Nordea


11:25 CASE STUDY: Go Get the Green Mandate

Sustainability is at the heart of the business at Topsoe, a Danish founded company that specializes in developing solutions and technologies to produce fuels and chemicals essential to the energy transition. In this session, learn from Karina Sundbæk how the finance function can play a crucial role in the green transition. Karina shares the results Topsoe is achieving because Finance is taking the green mandate, and becomes a proactive partner in leading the company towards a sustainable future. The session delivers practical insights and will inspire finance people to "go and get the green mandate".

Karina Sundbæk
, VP, Head of Group Finance & Facility, Topsoe A/S


(A five-minute buffer at 11:55 enables you to shift tracks if you would like.)


12:00 PANEL: CFO perspectives

Let this select panel of corporate chief financial officers guide us to our treasuries’ business context in a set of areas – as they all look from their different viewpoints.

• The funding landscape for mergers and acquisitions (with respect to access, rating, platforms …)

• How to manage stakeholders

• Disruptive and transformative situations

• ESG and funding

Moderator: Henrik Immelborn, Managing Director, Investment Banking, Nordea


Panellists to be announced

12:30 Lunch break

14:15 The Nordic corporate bonds market – and when and how to tap it

(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)

14:50 Issuing on blockchain – meet a corporate who did it


Quick scroll:  [Track A] •  [Track B] •  [Track C] •  [Track D] •  [Track E]

Track C – Boost the process

11:20 INTRODUCTION

Most of us have our core processes and systems reasonably well under control (or let’s hope so). So today, where are the best opportunities to do things even more efficiently? Through cases and talks, and lunch, let us connect with the colleagues who share our craving to improve – or have experiences we can learn from.

11:25 PANEL to be announced

(A five-minute buffer at 11:55 enables you to shift tracks if you would like.)

12:00 CASE STUDY: Establishing a payment factory at Stena Metall

With 44 billion SEK in sales in the past financial year, the recycler Stena Metall seeks to support more efficient use of the world’s limited resources. Head of Treasury Caroline Jandler joins Treasury 360° Nordic to share her organisations experience from reorganising its payments.

Caroline Jandler, Head of Treasury, Stena Metall

12:30 Lunch break

14:15 CASE STUDY: All aboard. Volvo Treasury’s rapid digitization of bond-issuance process

Running the preparations for a syndicated bond issuance is a large effort, with documentation and many complicated workflows to get right between the different banks and other stakeholders. As the first issuer of such a bond on the new debt digitisation service Origin, Volvo Treasury AB last year raised €1 billion in a dual-tranche deal with Citi as Documentation Bank and other active bookrunners including ING, Mizuho and Societe Generale. This saw draft documentation ready a couple of hours after pricing – and the trade listing subsequently performed through the platform’s API connection into the Luxembourg Stock Exchange. Since then, the company has used the platform for multiple issuance for both syndicated bonds and private placements with multiple banks.

Danijel Afolter, Portfolio Manager, Volvo Treasury

(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)

14:50 PANEL to be announced


Quick scroll:  [Track A] •  [Track B] •  [Track C] •  [Track D] •  [Track E]

Track D – The human element

11:20 INTRODUCTION

It’s all about the people, right? From education to recruitment, motivation, continuous improvements, transformation, social sustainability and long-term wellbeing … how do we relate to our treasuries’ most powerful but also most unpredictable asset: our colleagues and ourselves?

Track moderator: Jan Dirk van Beusekom, Head of Marketing, BNP Paribas Cash Management, Trade Solutions & Factoring

11:25 PANEL: Skills through generations, part 1 – Senior treasurers’ outlook

Not only are treasurer skills rare; they are also a moving target as financial markets, technology platforms, and workplace cultures are all subject to rapid change. So, who are the treasurers of today and tomorrow, and what environment will they require, to flourish, and to stay? 
In a double-session format, let’s take a look, from each side of a generational line, at how our treasuries should cater to the need for personal development, inclusiveness, and joy. This first part, featuring a panel of long-established treasurers, looks back at their own experiences, as well as forward, at the strategies treasuries will need to apply to stay attractive and competent over the coming decades.

Panellists: 

Linette Nielsen, Corporate Vice President, Head of treasury, Novo Nordisk

Kasper Christensen, Director, Global Treasury, Pandora

Claudine Smith,  CEO, BNP Paribas Norway

Carl Burman, Head of Global Cash Management, Maersk

The session is led by track moderator Jan Dirk van Beusekom

(A five-minute buffer at 11:55 enables you to shift tracks if you would like.)

12:00 PANEL: Skills through generations, part 2 – Young treasurers’ outlook

Part 1 just informed us of which direction treasuries should develop to safeguard their recruitment attraction and competence over time, according to some of their senior professionals.
So, now … did they nail it or not? In this second session, let’s hear it from the actual decision makers: the upcoming generation of Nordic treasury pros. What are the keys they see to work environments and career paths that will stay rewarding though the years? And in what areas have they perceived the most overdue need for improvements?


Panellists: 

Caroline Snorgaard, Treasury Analyst, Demant

Jozef Polak, Treasury Manager, European Energy

Iina Haapasaari, Regional Treasury Manager, KONE

Lars Buchtrup Bjørnbak, Senior Treasury Manager, Interim head of treasury, DFDS

The session is led by track moderator Jan Dirk van Beusekom

12:30 Lunch break


14:15 The journey that brought me here: Crayon’s Lei Wang Giæver

Her career is solidly Norwegian, since the start of her studies with BI Norwegian Business School two decades ago. Norsk Hydro, Kavli, Hurigruten … and now, IT management company Crayon. Still, her emotional and cultural connection stays strong with the place of her upbringing: Shanghai, China.
Treasuries are made up of their individuals. In this session, meet Lei for one of all these unique stories – and learn how she seeks to help shaping the corporate culture, and lead improvement where possible.


Lei Wang Giæver
, VP Group Treasury, Crayon


(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)


14:50 PANEL: New on the job

Panellists to be announced


Quick scroll:  [Track A] •  [Track B] •  [Track C] •  [Track D] •  [Track E]

Track E – The global view

11:20 INTRODUCTION

When corporates need a treasury, it is usually because of the complexities that come with international expansion, so let’s properly get the world into the conference! This new track is enabled by speakers from a range of corporate-treasurer associations in different countries, as well as by experts in cross-border business and finance relations – making the Treasury 360° Nordic conference a touchpoint not just for the Nordics but for the treasury world as a whole. What’s the big picture we should all see and understand in 2024?

Track moderator: Caroline Stockmann, Hon FCT, Non-Exec Director and External Member SONIA Oversight Committee

11:25 Managing treasury in complex countries

We are all familiar with the challenges posed, to varying degrees, by complex countries, especially in emerging markets. Trapped cash, low interest rates, high inflation, rapidly depreciating currencies, limited (or even no) service from core international partner banks, regulations which change rapidly and are not always clear – these are just some of the challenges which are the daily lot for treasurers dealing with these countries. Join this discussion to see how treasurers cope with these challenges, and get their views on the best organisation structure to manage them – local or centralised?

Moderator: Damian Glendinning, Chairman of the Advisory Board, CompleXCountries

Panellists:

Andrea Sottoriva, Group Treasurer, SITA

Karen Van den Driessche, Group Treasurer, Ortex

More panellists to be announced

(A five-minute buffer at 11:55 enables you to shift tracks if you would like.)


12:00 PANEL: Treasury in emerging markets: China

China is very much on a collision course with the US over questions like Russia, the dominant role of the US dollar, and trade tensions. At the same time, it is a very important market for most western companies, and it is one to which they are deeply committed. It continues to be a challenging environment from a regulatory point of view, though efforts continue to improve the situation.

Moderator: Damian Glendinning, Chairman of the Advisory Board, CompleXCountries


Panellists to be announced

12:30 Lunch break


14:15 PANEL: Treasury in emerging markets: Brazil and Argentina

Two countries to which the term complex can be applied, but with very different consequences for Treasurers. Whereas Argentina is a poster child for a dysfunctional economy, Brazil continues to perform well, even if inflation persists and interest rates remain high. Brazil remains a main engine of growth for the LATAM region, though everyone finds it to be a tough and highly competitive market. But in Argentina the main challenge, as we await the impact of the new president, is survival.

Moderator: Rupert Keenlyside, Founder, CompleXCountries

Hien Dijkstra-Pham, Treasurer, Darling Ingredients International

More panellists to be announced


(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)


14:50 PANEL: This is how we lobby for treasurers, and nurture our profession

Meet senior treasury association representatives to get a grasp on how they seek to influence current developments, what stakeholders are their most important counterparties in their lobby efforts, and what are the methods they work by. How can ordinary treasury professionals contribute?  

Panellists:

Annette Spencer, CEO, Association of Corporate Treasurers (ACT)

Erwin Bastianen, Director Treasury, Nike

François Masquelier, CEO Simply Treasury, Chair of the European Association of Corporate Treasurers (EACT)


The session is led by Caroline Stockmann, Hon FCT, Non-Exec Director and External Member SONIA Oversight Committee, Bank of England


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15:25

Coffee – let’s network

16:00

FIRESIDE CHAT: The CEO viewpoint

A positive trend, which several treasurers have pointed to in our conferences of recent years, is that their business management executives are increasingly interested in their contributions and views. In other words: treasury’s “business partnership” dimension is becoming ever-more strategic.So, what are some of the challenges facing today’s global business? Let us look at it through the eyes of a group chief executive officer.

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16:30

Closing plenary session

17:00

Closing remarks and start of entertainment

Chair of the conference
19:30

Dinner – with music until late!

Pros from these corporates, and more, already signed up for 2024

AAK Finance AB (SE) - AB Stena Metall Finans (SE) - AB Svensk Exportkredit (SE) - Acne Studios AB (SE) - Addtech AB (SE) - Aldi Sued Holding (AT) - Alfa Laval Treasury International AB (SE) - Ambu A/S (DK) - Andel Holding A/S (DK) - Arjo AB (SE) - Arla Foods (DK) - ASSA ABLOY (SE) - ATEA (LT) - Autoliv AB (SE) - Axis Communications AB (SE) - Bang & Olufsen A/S (DK) - Beijer Ref AB (SE) - BESTSELLER A/S (DK) - Better Energy (DK) - Bico Group AB (SE) - Blue Water Shipping (DK) - Bolt (NL) - Borregaard (NO) - Bufab AB (SE) - Bunker Holding A/S (DK) - BW Offshore (NO) - Camfil AB (SE) - Camurus AB (SE) - Celsius Shipping ApS (DK) - Chr. Hansen A/S (DK) - CM Biomass Partners A/S (DK) - Copenhagen Airport A/S (DK) - COWI A/S (DK) - Crayon Group AS (NO) - Currentum AB (SE) - Danfoss A/S (DK) - Danske Commodities A/S (DK) - Dat-Schaub A/S (DK) - Demant A/S (DK) - DFDS (DK) - Diaverum Treasury AB (SE) - DLG (DK) - DNV AS (NO) - DSV A/S (DK) - E.ON Sverige AB (SE) - Egmont International Holding A/S (DK) - EIFO (DK) - Elcowire (SE) - Electrolux Professional AB (SE) - Elkem ASA (NO) - Elof Hansson Holding AB (SE) - Embracer Group (SE) - Energi Danmark (DK) - Epiroc Group Treasury (SE) - ETRAVELI GROUP AB (SE) - Equinor ASA (NO) - European Energy (DK) - Evolution AB  (SE) - Falck (DK) - Ferguson plc (UK) - Fleks AS (NO) - Flying Tiger (DK) - FOSS A/S (DK) - Freyr Battery (NO) - GN Store Nord A/S (DK) - GIVESCO A/S (DK) - Gunnebo AB (SE) - H&M Finance AB (SE) - Heimstaden AB (SE) - Hempel A/S (DK) - HEXPOL AB (SE) - Hilding Anders International (SE) - Hoist Finance AB (SE) - Hurtigruten (NO) - Inpay (DK) - Intrum AB (SE) - Jeudan (DK) - KK Wind Solutions (DK) - KONE (FI) - Kongsberg Gruppen ASA (NO) - Lantmännen (SE) - Lars Larsen Group (DK) - Lerøy Seafood Group (NO) - Lunar (DK) - Lundbeck (DK) - Maersk (DK) - Maersk Tankers (DK) - Mars Danmark a/s (DK) - Moelven Industrier ASA (NO) - Mölnlycke Health Care AB (SE) - Nasdaq Clearing AB (SE) - Nature Energy Biogas (DK) - Neste (FI) - Nexi Group (DK) - Nike (NL) - Nilfisk A/S (DK) - NIRAS A/S (DK) - Nord Pool (NO) - Nord Security (LT) - Nordic Leisure Travel Group (DK) - Nordstern (DK) - Norsk Hydro ASA (NO) - Norwegian Refugee Council (NO) - Novo Nordisk A/S (DK) - Nuuday (DK) - NREP Oy (FI) - Oatly Group AB (SE) - Obton A/S (DK) - Orifarm Group A/S (DK) - Orkla ASA (NO) - Orkla Food Ingredients AS (NO) - Orkuveita Reykjavíkur (IS) - Oterra AS (DK) - Pandora A/S (DK) - Patria Oyj (FI) - Polestar (SE) - Radiometer Medical ApS (DK) - Recipharm AB (SE) - Royal Greenland A/S (DK) - Royal Unibrew A/S (DK) - Saab (SE) - Salling Group A/S (DK) - Sandvik Treasury AB (SE) - Scan Global Logistics A/S (DK) - Scandinavian Tobacco Group (DK) - Schouw & Co. (DK) - SimCorp (DK) - Sinch AB (SE) - SITA (CH) - SKF (SE) - Spotify (SE) - SSAB AB (SE/FI) - STARK Group (DK) - Statkraft AS (NO) - Stillfront Group AB (SE) - Storytel AB (SE) - Sund & Bælt (DK) - Terma A/S (DK) - Tetra Pak (SE) - TFS Trial Form Support International AB (SE) - Thule (SE) - Tibber AB (SE) - Toyota Industries Finance International AB (SE) - Trafikverket (SE) - Trelleborg Treasury AB (SE) - TOMRA systems ASA (NO) - Topsoe (DK) - twoday (DK) - United Nations Office for Project Services (DK) - Urban Partners/NREP (FI) - Vestas Wind Systems A/S (DK) - Vimian Group (SE) - Vinted (LT) - VKR-Holding A/S (DK) - Volvo Group Treasury (SE) - Welltec A/S (DK) - WSAudiology (DK) - Ørsted (DK)

Do you have a treasury experience to share? 

Never hesitate to speak with conference head Daniele Truini, contact details here. We will love to hear your story.

Be a sponsor at this unique event!

Is your company a bank or a service/system provider that sees Nordic treasurers as potential clients? Then we guess that Treasury 360° Nordic on 23 May is the one event of 2024, if any, where you simply don’t want to be invisible. Contact Kim Ersson to nail the best way for your company to manifest itself in the community on the day.

Location, travelling and staying

Treasury 360° Nordic 2024 will take place at The Hangar, an impressive venue that is part of Clarion/Comfort Hotel Copenhagen Airport, just opposite terminal 3. Enter through the lobby of the Comfort Hotel. The schedule should allow that you fly in just for the day, though the two hotels offer maximum convenience if you prefer to stay the night before or after. 

Corporate treasury employees who fly in to Copenhagen for the event are eligible for our amazing early-bird offer, with a free hotel room for one or two nights, so be quick to sign up!

Many airlines land at Copenhagen Airport (CPH) in the morning, including SAS, Norwegian and Finnair. You may get an overview on a comparison site such as Google Flights. Train operators include Sweden’s SJ and Denmark’s DSB.

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