Valmet - Interim Review: January - March 2018

Play	Financial Review
	Pasi Laine President & CEO Kari Saarinen CFO
	Presentation
	1. Why was the absolute EBITA not better in Q1/18, as topline was strong? - Will the coming quarters be stronger for Services and Automation? Is this the reason why you believe in better margin during the rest of 2018? b. Does IFRS15 impact seasonality of sales between quarters?
	2.How are the initiatives for profitability improvement proceeding? a. How much potential is there in procurement cost savings? b. How do quality costs for 2018 look? c. Why is Andritz’ profitability better than Valmet’s?
	3.Will the SG&A costs keep increasing in the coming quarters? a. Should we expect losses from problem projects also going forward?
	4.Why is the profitability of the capital businesses not improving? a. Is there a risk that you will have execution problems also in Paper projects?
	5.Was the project overrun from a rebuild or a greenfield project? a. Is the risk level higher in greenfield or rebuild projects? b. How is the risk level now in your order backlog? c. What will the full year impact of currencies be? d. How do you deal with currencies in your operations? e. Will steel prices have an impact in Valmet in 2018?
	6. Was the mix really a major reason for your weak profitability, as within capital business, Paper had a bigger share than Pulp and Energy compared to Q1/17?

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