Valmet - Financial Statements: 2019

Play	Financial Review
	Pasi Laine President & CEO Kari Saarinen CFO
	Presentation
	2019 in brief
	Development of the business lines
	Financial development
	Dividend proposal, guidance and short-term market outlook
	Questions and Answers
	1. Johan Eliason, Kepler Cheuvreux: Where do the market share gains in Paper come from? a. What about market share in Pulp? What will it take to increase market share in Pulp? b. New financial targets, is there a structural change in the market that allows the higher profitability target, or is it more internal improvement? c. What was behind Services strong organic growth in Q4? d. Pulp outlook and project pipeline
	2. Manu Rimpelä, Nordea: Who do you benchmark yourself with regarding margin target? a. Will you open up the bridge to the margin target? b. What type of internal measures do you have in plans? c. How do you match the market outlook in capital businesses with the margin target? Can you reach the margin target without topline growth?
	3. Tomi Railo, DNB: What were the main profitability drivers in 2019? a. For 2020, will the same trends continue? Is there something new behind the new margin target? b. Are you still in talks with UPM on the Uruguay project?
	4. Aurelio Calderon: How do you see the outlook in Pulp and Energy now?
	5. Antti Suttelin, Danske: How far can the growth continue? a. What are the most important actions in improving the EBITA margin? b. What was behind the 9% organic growth in Services?
	6. Tom Skogman, Carnegie: Quality costs as % of net sales? a. Did the profitability improve more in capital business or stable business? Did all business lines improve profitability? b. Where are you in the ERP project? How large are the costs, and how are they split to expenses and capex? c. Acquisition opportunities? d. Will the pace of margin improvement stay the same going forward?
	7. Antti Kansanen, SEB: Outlook for board orders? a. SG&A development in 2019? Are you incurring extra costs due to high tendering activity? Annual inflation assumption? b. Services outlook for the different businesses? c. Did you see cross selling from the acquisitions made? Will there be more in 2020? d. Price pressure from customers vs. procurement savings?
	8. Sven Weier, UBS: Pulp project pipeline and capacity management? a. Scrubber outlook in 2020? Is it good business for you?

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