Valmet - Interim Review: January - September 2018

Play	Financial Review
	Pasi Laine President & CEO Kari Saarinen CFO
	Presentation
	Marine scrubbers – how big is the opportunity for the coming years? a. Is the marine scrubber business helping you to reach your margin target? b. The outlook looks strong on the equipment side. Can you reach your margin target with this mix?
	Will there be the normal seasonality between the Q3 and Q4 margin? a. Is 2017 seasonality a good reference for Q4? b. Are the better margin projects starting to come through in Q4 and early 2019? Are there a lot of lower margin projects still in the backlog? c. Services growth seems to be fluctuating between the quarters. Should we look at the Services growth target on a yearly basis?
	Has the pricing environment improved? a. Was the MAPA order with lower margin?
	Was the opportunity in scrubbers bigger than you expected in the CMD? a. What about the volume in the coming quarters? b. Will you deliver almost all of the 100M scrubber orders in 2019? c. SG&A development in 2019?
	How will the workload situation in South America change with the MAPA order?
	What will drive you to your margin target within the next 12 months?
	Was the 100M from scrubbers a single order or several?
	Can you still improve your margin? Why is Andritz’ margin so much higher than yours? a. Quality cost development in 2018 excluding the Q1 project hit?
	What are your target markets in scrubbers? Are you dealing with the end customers or are you a subsupplier? a. Could you also operate as a subsupplier as you have a global supply chain? b. Is there a service opportunity in scrubbers?

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