Valmet - Interim Review: January - September 2017

Play	Financial review
	Pasi Laine President & CEO Kari Saarinen CFO
	Presentation
	1. Impact of the revenue recognition change (IFRS 15) on Q3 figures? What to expect for Q4 and for 2018? a. How will the very strong order intake in Paper impact profitability of the Paper business in 2018? b. Q4/2016 included a write-down. How high a margin should we expect for Q4/2017?
	2. Examples of actions by which you plan to reach the margin target of 8–10%? a. Is the current pricing supportive to the margin target? b. When is it time to increase your short-term market outlook for pulp?
	3. Please elaborate on what you said about the Q4/2017 margin. Do you have problem projects with cost overruns, or did you refer to the orderbook? a. Is 2018 looking better for big pulp projects? b. Is the order boom in Paper business industry specific, or is Valmet gaining market share?
	4. Please elaborate on the margin expectations for Q4/2017. a. What do you plan to do with the strong balance sheet? b. What is your definition of “capacity cost”?
	5. When do you expect Services order growth to start to show as net sales growth?

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