We view cash flows as highly predictable, with more than 90% of 2018 EBITDA generated from subsidized wind projects in Europe. Construction risk in offshore wind activities is inherently high, particularly given the increasing competition and rapidly improving technology. However, this is offset, in our view, by the company's strong track record of timely and on-budget wind farm construction. Furthermore, the company has financial capacity to tailor capex and dividends to adapt to lower cash flow generation or increases in debt, thus supporting the current financial profile. Over 2019-2021, capex will average Danish krone (DKK) 26 billion per year compared with about DKK15 billion in 2018. This will stem from investments in the U.S. and Taiwan, coupled with a sustained
