Valmet - Interim Review: January - September 2015

Play	Interim Review
	Pasi Laine President & CEO Markku Honkasalo CFO
	Presentation
	1. - In which regions are the delays in customer decision-making in Board and Paper taking place? - What do you expect in Services in Norht America going forward? - How do you expect net sales developing in Pulp and Energy in Q4?
	2. - Do you see the cost-base at the correct level in Energy? - Are you able to respond quickly to the Services in North America? - Seasonality in the businesses? - Seasonality for margins?
	3. - Stable business making all the money, can you do something about this? - Do you think you could make 5% margin in the equipment business? - Is there still room to improve in the current cost-cutting programs? - How much of the orders received in Paper business line has been from board? - What would the impact be if Board business would go to zero?
	4. - What are your arguments for keeping from reporting stable business profitability? - Do the people working in Services know the profitability of the business? - What is the optimal balance sheet structure? - What is your appetite for aqcuisitions? Where would you like to strenghten? Capex range going forward? - Do you need to scale down on overhead costs next year?
	5. - What impact would a consolidation among Brazilian pulp producers have on you?

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