Valmet - Financial Statements: 2017

Play	Financial review
	Pasi Laine President & CEO Kari Saarinen CFO
	1. Manu Rimpelä, Nordea: How do you manage pulp capacity utilization and workload? Will it push down your profitability in 2018? a. Did all the four business lines improve their profitability in 2017? b. Why didn’t the order backlog grow despite growth in orders received? c. Are the margins in the backlog higher or lower than a year ago?
	2. Johan Eliason, Kepler Cheuvreux: Do you see any change in your customers’ activity in pulp? a. You have said earlier that you would prefer to share a big pulp mill project. Has your willingness to take a full greenfield pulp project changed? b. What is the likely impact of IFRS 15? Will it change your margin target setting?
	3. Antti Suttelin, Danske: Did the margin actually improve in all business lines, as you had the EUR 17 million negative one-off in Q4/2016? a. How did the procurement and quality costs develop in 2017? b. What are your targets for procurement and quality cost development in 2018?
	4. Tom Skogman, Carnegie: When will you inform us what you will do with the excess cash? a. What will be the biggest margin drivers in 2018? b. Will the new ERP be a positive or a negative margin driver in 2018?
	5. Manu Rimpelä, Nordea: How is the mix in the Services order backlog, will it have margin impacts?
	6. Johan Eliason, Kepler Cheuvreux: Do you have any specific plans on how to increase Paper business in South America?

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