Valmet - Half Year Financial Review for January -June 2019

Play	Financial Review
	Pasi Laine President & CEO Kari Saarinen CFO
	Presentation
	Questions and answers
	1. Outlook for orders received in the Paper business line for the full year 2019? a. How sensitive is Services business line to order intake in capital business?
	2. Is Services growth slowing down? a. Do you see a reason to lower your growth target for Services? b. Are there still new pulp mill orders to come? How many active projects are there in the market? Will Andritz win the UPM Uruguay order? c. What will be the key things impacting margin development?
	3. What can you still do to improve Valmet’s margin? a. Why was the margin not better in Q2? b. How should we assume the pulp orders to be split between you and Andritz?
	4. Did the acquired businesses lower the Q2 margin? a. Were there extra costs related to the acquisitions? b. Scrubber order intake in Q2? Current delivery times? c. When are you required to announce a large order received?
	5. What caused Services margin to be lower than expected? a. Could you take the whole UPM Uruguay order, or would it be too big of a risk? b. Has the Lenzing order been awarded already? c. Have you considered lifting your long-term targets?
	6. What has driven Paper business line’s high order level? Long-term outlook? a. Order intake level in Pulp & Energy business line going forward? b. Automation business line
	7. Do you see other areas of weakness than Mill Improvements? a. Were you happy with Q2 margin in the capital businesses? b. Mill improvements’ share of Q2 Services orders?

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