Valmet - Financial Statements: 2014

Play	Financial Statements
	Pasi Laine President & CEO Markku Honkasalo CFO
	Presentation
	Questions and Answers 1. Why have you gained market share in Paper? What is your market share?
	2. - Do you have to increase the number of employees? By how much? - What drove Services orders received? Is it something that will continue in 2015? - Orders received in Services in Q2/2014 was not due to lumpiness? - Can you keep negative net working capital? - Do you think the ongoing customer plans in pulp will end up with a positive conclusion for you?
	3. - Can you describe what actions you took in Services in August-September? Are these one-off actions? - Whom are you taking the market share from? - Can you improve the margins also with the current level of sales? - Is it really important for you to get large pulp orders in 2015? - Will you be more aggressive in M&A going forward?
	4. - Will there be a similar seasonality in sales in 2015 as in 2014? - How do you feel about the margin level of the order backlog? - There has not been any bad surprises in the process of outsourcing? - Do you have about EUR 200 million in excess cash, as Net Working Capital usually is at a lower level than now?
	5. - Has the market situation in Board and Paper changed? - Would you need more pulp order activity so hike the short-term market outlook of Pulp to Good?
	6. - Is the real realistic level of net working capital -5% of net sales? - Do you see a return to the historical level going forward?

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