Growth continued in the Paper business line Valmet’s profitability improved · 2017-10-24 ·...

Growth continued in the Paper business line –Valmet’s profitability improved

Interim Review

January–September 2017

October 24, 2017

Pasi Laine, President and CEO

Kari Saarinen, CFO

AgendaInterim Review, January–September 2017

October 24, 2017 © Valmet | Interim Review, January–September 20172

1

2

3

5

6

4

Q3/2017 in brief

Development of business lines

Recent achievements in sustainability

Guidance and short-term market outlook

Summary of Interim Review Q3/2017

Financial development

7 Appendix

Q3/2017 in brief

Q3/2017 in brief


Order backlog increased to EUR 2.5 billion

Orders received decreased to EUR 397 million in capital business2

1) Stable business = Services business line and Automation business line

2) Capital business = Pulp and Energy business line and Paper business line

Gearing was -3%

Profitability improved – Comparable EBITA margin was 7.9%

Orders received remained at the previous year’s level at

EUR 346 million in stable business1

Net sales increased to EUR 748 million

Valmet in Q3/2017


Orders received by

area

Orders received by

business lineOrders received

EUR 743 million

Net sales

EUR 748 million

Comparable EBITA

EUR 59 million

Comparable EBITA

margin

7.9%

Employees

12,246

38%

8%16%

37%

Services

Automation

Pulp and Energy

Paper

13%

10%

47%

21%

7%

North America

South America

EMEA

China

Asia-Pacific

1,1011,023

466 480580

781 725 793 803692

788 8571,005

796 743

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

200

400

600

800

1,000

1,200

1,400

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7Orders received (LHS) Last 4 quarters (RHS)

Orders received decreased to EUR 743 million in Q3/2017


• Orders received increased in the Paper and Services business lines and

decreased in the Pulp and Energy, and Automation business lines compared with

Q3/2016

• Orders received increased in China and South America and decreased in North

America, Asia-Pacific and EMEA compared with Q3/2016

Orders received (EUR million) Orders received in Q1–Q3/2017 by area

North America

19%

South America

6%

EMEA47%

China17%

Asia-Pacific10%

267 273 242 273 293 307252 267

313 321264 284

355 321 284

95

78 75

81 88

8087

88103

75267 273242

273293

402

330 342

394 409

344371

443 424

359

0

300

600

900

1,200

1,500

1,800

0

100

200

300

400

500

600

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17

Services (LHS) Automation, total (including internal) (LHS) Last 4 quarters (RHS)

Stable business orders received totaled EUR 1,598 million during the last 4 quarters


Orders received (EUR million) in stable business1

• In Q3/2017, total orders received in stable business remained at the previous year’s

level

1) Including internal orders received for the Automation business line.

1,972

2,4062,312

1,9982,0642,208

2,1172,0742,207

2,1062,192

2,283

2,6132,5512,523

0

500

1,000

1,500

2,000

2,500

3,000

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Order backlog at EUR 2,523 million at the end of Q3/2017


• Order backlog EUR 27 million lower than at the end of Q2/2017 but EUR 332 million

higher than a year ago

• Approximately 25% of the order backlog relates to stable business

Order backlog (EUR million)

~25%

~75%

Stable business Capital business

Structure of order backlog

Development of business lines

Services: Orders received increased and net sales remained at the previous year’s level


Net sales (EUR million)Orders received (EUR million)

• Orders received increased compared with Q3/2016

- Orders received increased in South America, Asia-Pacific and EMEA,

remained at the previous year’s level in North America and decreased in China

- Orders received increased in Energy and Environmental, Fabrics, and Mill

Improvements, remained at the previous year’s level in Performance Parts

and decreased in Rolls

• Net sales remained at the same level as in Q3/2016

Q1–Q3/2017:

EUR 960 million

Q1–Q3/2017:

EUR 838 million

Q1–Q3/2016:

EUR 898 million

Q1–Q3/2016:

EUR 846 million

267273242

273293307

252267

313321

264284

355321

284

0

200

400

600

800

1,000

1,200

1,400

1,600

0

50

100

150

200

250

300

350

400

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Orders received (LHS)

Orders received, last 4 quarters (RHS)

224251235

278242

304268

314

257

304286

316

252

302284

0

200

400

600

800

1,000

1,200

1,400

1,600

0

50

100

150

200

250

300

350

400

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Net sales (LHS)

Net sales, last 4 quarters (RHS)

Automation1: Orders received decreased and net sales remained at the previous year’s level


• Orders received decreased compared with Q3/2016

- Orders received remained at the previous year’s level in EMEA and

decreased in all other areas

- Orders received increased in Pulp and Paper and decreased in Energy and

Process

• Net sales remained at the same level as in Q3/2016

1) Comments refer to orders received and net sales including also internal orders received and net sales.2) Q1/2015 orders received and the underlying figures for ‘Orders received, last 4 quarters’ and ‘Net sales, last 4 quarters’ are calculated based on Metso’s reported figures and

pro forma figures excluding Process Automation Systems and are therefore indicative only.

Q1–Q3/2017:

EUR 267 million

Q1–Q3/2017:

EUR 220 million

Q1–Q3/2016:

EUR 250 million

Q1–Q3/2016:

EUR 217 million

Net sales2 (EUR million)Orders received2 (EUR million)

8570 67 66

82 72 78 7291

62

10

8 8 156

79 16

12

1362

95

78 7581

8880

87 88

103

75

0

75

150

225

300

375

450

0

20

40

60

80

100

120

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Orders received, internal (from other business lines)Orders received, externalOrders received, total (including internal)Orders received, last 4 quarters (RHS)

68 66

95

5873 65

94

5973

60

11 6

6

9

84

5

128

855

7972

101

66

8169

99

7280

68

0

75

150

225

300

375

450

0

20

40

60

80

100

120

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Net sales, internal (from other business lines)Net sales, externalNet sales, total (including internal)Net sales, last 4 quarters (RHS)

Pulp and Energy: Orders received decreased and net sales increased



• Orders received decreased compared with Q3/2016

- Orders received increased in South America and decreased in North

America, EMEA and Asia-Pacific

- Orders received increased in Pulp and decreased in Energy

• Net sales increased compared with Q3/2016

Q1–Q3/2017:

EUR 527 million

Q1–Q3/2017:

EUR 669 million

Q1–Q3/2016:

EUR 692 million

Q1–Q3/2016:

EUR 640 million

622560

96 66138

259206

261238180

275247265

141122

0

200

400

600

800

1,000

1,200

1,400

0

100

200

300

400

500

600

700

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7



181

229234

312

222231215

245

181

262

196187204

245220

0

200

400

600

800

1,000

1,200

1,400

0

50

100

150

200

250

300

350

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Net sales (LHS)


Paper: Orders received and net sales increased



• Orders received for the last 12 months amount to EUR 1,078 million

• Orders received increased compared with Q3/2016

- Orders received increased in China and EMEA and decreased in Asia-

Pacific and North America

- Orders received increased in Board and Paper and decreased in Tissue

• Net sales increased compared with Q3/2016

Q1–Q3/2017:

EUR 832 million

Q1–Q3/2017:

EUR 523 million

Q1–Q3/2016:

EUR 472 million

Q1–Q3/2016:

EUR 459 million

212190

128142149129

197199186

109

176

246

314

243275

0

150

300

450

600

750

900

1,050

1,200

0

50

100

150

200

250

300

350

400

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7



114108120

186

97

177185200157165

138

188156

184184

0

150

300

450

600

750

900

1,050

1,200

0

50

100

150

200

250

300

350

400

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Net sales (LHS)


Recent achievements in sustainability

Valmet’s recent achievements in sustainabilitySustainability contributing to business growth


• Inclusion in the Dow Jones World Sustainability Index

(DJSI) for the fourth consecutive year

• Valmet reconfirmed as a constituent of the Ethibel

Sustainability Index Excellence Europe

• Global process for managing suppliers’ sustainability

performance – 39 audits done by the end of September

2017

• Renewed environmental targets for own operations

spanning to year 2030 to drive continuous

improvement in the long term

360°Health,

safety and

environment

Our people

Our

solutions

Corporate

citizenshipSustainable

supply chain

Valmet’s Sustainability360º agendaRecent achievements

Financial development

Key figures


EUR million Q3/2017 Q3/2016 Change Q1–Q3/2017 Q1–Q3/2016 Change

Orders received 743 788 -6% 2,544 2,282 11%

Order backlog1 2,523 2,192 15% 2,523 2,192 15%

Net sales 748 685 9% 2,223 2,141 4%

Comparable EBITA 59 52 15% 150 140 8%

% of net sales 7.9% 7.5% 6.8% 6.5%

EBITA 53 49 7% 146 135 8%

Operating profit (EBIT) 45 41 9% 122 107 14%

% of net sales 6.0% 6.0% 5.5% 5.0%

Earnings per share, EUR 0.20 0.17 14% 0.54 0.46 19%

Return on capital employed (ROCE) before taxes2 14% 12%

Cash flow provided by operating activities 78 122 -36% 203 158 29%

Gearing1 -3% 15%

Items affecting comparability: EUR -6 million in Q3/2017 (EUR -2 million in Q3/2016), EUR -5 million in Q1–Q3/2017 (EUR -5 million in Q1–Q3/2016)

1) At the end of period

2) Annualized

Gross profit margin and SG&A development


Gross profit (EUR million and % of net sales)

• Gross profit margin decreased compared with Q3/2016

− Capital business had a higher share of net sales in Q3/2017

• Selling, general & administrative (SG&A) expenses decreased by EUR 2 million

compared with Q3/2016

• Actions to improve gross profit through Must-Win implementation

SG&A (EUR million and % of net sales)

22%

0%

5%

10%

15%

20%

25%

0

40

80

120

160

200

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

Q4/2

016

Q1/2

017

Q2/2

017

Q3/2

017

EUR million (LHS) % of net sales (RHS)

15%

0%

5%

10%

15%

20%

25%

0

40

80

120

160

200

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

Q4/2

016

Q1/2

017

Q2/2

017

Q3/2

017

EUR million (LHS) % of net sales (RHS)

224251 235

278242

371334

409

314

377351

411

311

374345295

337 354498

319

408400

445

338

427334

375

360

429404

519

588 590

777

561

779734

854

652

804

685

785

671

803748

0.7%

3.7% 5.5%

6.1%

3.5%

6.9%6.4%

7.3%

4.8%

7.1%

7.5%

7.2%

5.1%

7.1%

7.9%


Capital business

Stable business

Comparable EBITA %

Target 8–10%

Comparable EBITA margin development


Net sales and Comparable EBITA (EUR million and %)

• Net sales and Comparable EBITA increased compared with Q3/2016

− Profitability improved due to higher net sales and lower SG&A expenses

Comparable EBITA

(EUR million)19 54 47 63 314 22 32 48 57 52 56 35 57 59

43 46

117

30

-20

17 16

64

333

122

88 94

31

78

-40

-20

0

20

40

60

80

100

120

140

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Q1/2

01

5

Q2/2

01

5

Q3/2

01

5

Q4/2

01

5

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

Q4/2

01

6

Q1/2

01

7

Q2/2

01

7

Q3/2

01

7

Cash flow provided by operating activities


• Change in net working capital1 EUR 34 million in Q3/2017

• Cash flow provided by operating activities EUR 78 million in Q3/2017

• CAPEX EUR 16 million in Q3/2017

Cash flow provided by operating activities (EUR million)

1) Change in net working capital in the consolidated statement of cash flows.

2016:

EUR 246 million

2014:

EUR 236 million

2015:

EUR 78 million

Q1–Q3/2017:

EUR 203 million

-257 -249 -345 -353 -355 -265 -244 -238 -247 -181 -265 -294 -428 -313 -344

1,101 1,023

466 480 580781 725 793 803

692 788 8571,005

796 743

-20%

-10%

0%

10%

20%

30%

-1,000

-500

0

500

1,000

1,500

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Q1/2

01

5

Q2/2

01

5

Q3/2

01

5

Q4/2

01

5

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

Q4/2

01

6

Q1/2

01

7

Q2/2

01

7

Q3/2

01

7

Orders received (LHS)Net working capital (LHS)Average net working capital/rolling 12 months orders received (RHS)Net working capital/rolling 12 months orders received (RHS)

Net working capital at -10% of rolling12 months orders received


• Net working capital EUR -344 million, which equals -10% of rolling 12 months orders received

Net working capital and orders received (EUR million)

Net debt decreased compared with both Q3/2016 and Q2/2017


Net debt (EUR million) and gearing (%) Equity to assets ratio (%)

• Gearing (-3%) and net debt (EUR -30 million) decreased

• Equity to assets ratio remained at the previous year’s level

-166

178 192231

12652

-27

31

-30

-21%

21%24%

27%

15%

6%

-3%

4%

-3%

-30%

-20%

-10%

0%

10%

20%

30%

-300

-200

-100

0

100

200

300

20

14

20

15

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Net debt Gearing

42%

36% 35% 36%38% 37% 37% 38% 38%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

20

14

20

15

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Automation acquisition was completed on April 1, 2015.

985 967902 877

1,239 1,240 1,214 1,2311,184 1,194 1,167 1,195

1,122 1,154 1,159

1%2% 2%

10% 10%

12%

14% 14%13%

12%

14%13%

14% 14%15%


Capital employed Comparable ROCE (before taxes), rolling 12 months

Capital employed and Comparable ROCE


• Target for Comparable return on capital employed (ROCE): 15–20%

Capital employed (EUR million) and Comparable return on capital

employed (ROCE), before taxes1 (%)

1) Rolling 12 months. Carve-out figures for 2013 have been used in the calculation of Q1–Q3/2014 figures.

Target

15–20%



WeakPulp and

Energy

Paper

Satisfactory

Pulp

Energy

Board and Paper

Tissue

Guidance for

2017

Services

Short-term market outlook

Guidance for 2017 (as given on April 12, 2017)

Satisfactory

Good

Good

Good

Good

Weak

Good

Good

Good

Q4/2016 Q1/2017

Good

Weak

Good

Good

Good

Q2/2017

Good

Satisfactory

Good

Good

Q3/2017

Valmet estimates that net sales in 2017 will increase in comparison with

2016 (EUR 2,926 million) and Comparable EBITA in 2017 will increase in

comparison with 2016 (EUR 196 million).

Satisfactory Satisfactory Satisfactory SatisfactoryAutomation

The short-term market outlook is given for the next six months from the end of the respective quarter. The scale is ‘weak–satisfactory–good’.



1) Stable business = Services business line and Automation business line

2) Capital business = Pulp and Energy business line and Paper business line

Order backlog increased to EUR 2.5 billion

Orders received decreased to EUR 397 million in capital business2

Gearing was -3%

Profitability improved – Comparable EBITA margin was 7.9%

Orders received remained at the previous year’s level at

EUR 346 million in stable business1

Net sales increased to EUR 748 million

Appendix

Structure of loans and borrowingsInterest-bearing debt EUR 262 million as at September 30, 2017


0

50

100

150

200

250

300

2017 2018 2019 2020 2021 2022 2023 2024 2025

Amount of outstanding interest-bearing debt

(EUR million)

• Average maturity of long-term loans is 3.5 years- Average interest rate is 1.3%

Loans from banks and

financial institutions

EUR 200 millioncommitted syndicated revolving

credit facility1

EUR 262 million

None outstanding

None outstanding

Source Amount outstanding

EUR 200 milliondomestic commercial

paper program

1) EUR 200 million syndicated revolving credit facility agreement

matures on January 14, 2022 with two 1-year extension options.

Main financing sources and facilities

Largest shareholders on September 30, 2017Based on the information given by Euroclear Finland Ltd.


# Shareholder name Number of shares % of shares and votes

1 Solidium Oy1 16,695,287 11.14%

2 Elo Pension Company 4,210,000 2.81%

3 Varma Mutual Pension Insurance Company 4,165,465 2.78%

4 OP Funds 3,316,901 2.21%

5 Ilmarinen Mutual Pension Insurance Company 3,103,000 2.07%

6 The State Pension Fund 1,545,000 1.03%

7 Keva 1,502,166 1.00%

8 Danske Invest funds 1,065,296 0.71%

9 Mandatum Life Insurance Company Limited 922,537 0.62%

10 Odin Funds 915,239 0.61%

10 largest shareholders, total 37,440,891 24.98%

Other shareholders 112,423,728 75.02%

Total 149,864,619 100%

Largest shareholders

1) A holding company that is wholly owned by the Finnish State

Shareholder structure on September 30, 2017


1) Of which 71,983,066 nominee registered shares

2) A holding company that is wholly owned by the Finnish State

The shareholder structure is based on the classification of sectors determined by Statistics Finland.

49.3%

25.9%

11.1%

13.6%

Nominee registered and non-Finnish holders

Finnish institutions, companies and foundations

Solidium Oy

Finnish private investors

Sector Number of shareholders % of total shareholders Number of shares % of shares

Nominee registered and non-Finnish holders1 323 0.7% 73,953,391 49.3%

Finnish institutions, companies and foundations 2,399 5.2% 38,884,851 25.9%

Solidium Oy2 0 0.0% 16,695,287 11.1%

Finnish private investors 43,138 94.1% 20,322,990 13.6%

In the issuer account 0 0.0% 8,100 0.0%

Total 45,860 100% 149,864,619 100%

Share of non-Finnish holders and number of shareholders


43,000

45,000

47,000

49,000

51,000

53,000

55,000

57,000

59,000

42%

44%

46%

48%

50%

52%

54%

56%

12/2

01

30

1/2

01

40

2/2

01

40

3/2

01

40

4/2

01

40

5/2

01

40

6/2

01

40

7/2

01

40

8/2

01

40

9/2

01

41

0/2

01

41

1/2

01

41

2/2

01

40

1/2

01

50

2/2

01

50

3/2

01

50

4/2

01

50

5/2

01

50

6/2

01

50

7/2

01

50

8/2

01

50

9/2

01

51

0/2

01

51

1/2

01

51

2/2

01

50

1/2

01

60

2/2

01

60

3/2

01

60

4/2

01

60

5/2

01

60

6/2

01

60

7/2

01

60

8/2

01

60

9/2

01

61

0/2

01

61

1/2

01

61

2/2

01

60

1/2

01

70

2/2

01

70

3/2

01

70

4/2

01

70

5/2

01

70

6/2

01

70

7/2

01

70

8/2

01

70

9/2

01

7

Non-Finnish holders (LHS) Total number of shareholders (RHS)

Pulp and paper price trends


200

300

400

500

600

700

800

900

1,000

1,100

Ja

n-1

3

Ma

r-1

3

Ma

y-1

3

Ju

l-1

3

Se

p-1

3

No

v-1

3

Ja

n-1

4

Ma

r-1

4

Ma

y-1

4

Ju

l-1

4

Se

p-1

4

No

v-1

4

Ja

n-1

5

Ma

r-1

5

Ma

y-1

5

Ju

l-1

5

Se

p-1

5

No

v-1

5

Ja

n-1

6

Mar-

16

Ma

y-1

6

Ju

l-1

6

Se

p-1

6

No

v-1

6

Ja

n-1

7

Ma

r-1

7

Ma

y-1

7

Ju

l-1

7

Se

p-1

7

Northern bleached softwood pulp (USD/t) Copy paper (EUR/t) Testliner (EUR/t)

Source: Bloomberg

Crude oil, steam coal, natural gas and electricity


Europe

0

20

40

60

80

100

120

140

Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17

CIF ARA steam coal (USD/t) Brent crude oil (USD/barrel) Natural gas spot price NBP (GBP/therm)

0

20

40

60

80


European Energy Exchange, Phelix (EUR/MWh) Nordpool Power (EUR/MWh) UK Baseload (GBP/MWh)

Source: Bloomberg

Crude oil, natural gas and electricity


Source: Bloomberg

United States

65

70

75

80

85

0

50

100

150

200

250


Electricity spot price, PJM (USD/MWh) (LHS) Electricity spot price, NEPOOL (USD/MWh) (LHS)

US utility capacity utilization rate, % (RHS)

0

1

2

3

4

5

6

0

20

40

60

80

100

120

FOB steam coal Richards Bay (USD/t) (LHS) WTI crude oil (USD/barrel) (LHS) Henry Hub gas (USD/MMBtu) (RHS)

European Carbon Emission Allowance


0

1

2

3

4

5

6

7

8

9

10

Jan-1

3

Ma

r-1

3

Ma

y-1

3

Jul-1

3

Sep-1

3

No

v-1

3

Jan-1

4

Ma

r-1

4

Ma

y-1

4

Jul-1

4

Sep-1

4

No

v-1

4

Jan-1

5

Ma

r-1

5

Ma

y-1

5

Jul-1

5

Sep-1

5

No

v-1

5

Jan-1

6

Ma

r-1

6

Ma

y-1

6

Jul-1

6

Sep-1

6

No

v-1

6

Jan-1

7

Ma

r-1

7

Ma

y-1

7

Jul-1

7

Sep-1

7

European Energy Exchange (EEX) spot price (EUR/t)

Source: Bloomberg

Important notice


IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Valmet (the “Company”) or any person on behalf of the Company,

and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms

and conditions.

The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other

jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for

publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan.

The Information does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase any securities, and nothing

contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding any securities.

Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of the Company before taking any investment

decision with respect to securities of the Company.

No securities of the Company are being offered or sold, directly or indirectly, in or into the United States and no shares in the Company have been, or will be, registered under the

Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state of the United States and, accordingly, may not be offered or sold, directly or

indirectly, in or into the United States (as defined in Regulation S under the Securities Act), unless registered under the Securities Act or pursuant to an exemption from the

registration requirements of the Securities Act and in compliance with any applicable state securities laws of the United States.

The Information is directed solely at: (i) persons outside the United Kingdom, (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of

the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (iii) high net worth entities, and other persons to whom it may lawfully be

communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section

21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be

communicated or caused to be communicated (all such persons in (i)-(iv) above being “Relevant Persons”). Any investment activity to which the Information relates will only be

available to and will only be engaged with Relevant Persons. Any person who is not a Relevant Person should not act or rely on the Information. By accessing the Information, you

represent that you are a Relevant Person.

The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-

looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and

business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,”

“anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-

looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results,

performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such

forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the

future.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the

Information or the opinions contained therein. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-

looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or

undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may

make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking

statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates

of the Company and have not been independently verified.


Financial Statements Review 2017

February 6, 2018

www.valmet.com/investors

Growth continued in the Paper business line Valmet’s profitability improved · 2017-10-24 ·...

Documents

Transcript of Growth continued in the Paper business line Valmet’s profitability improved · 2017-10-24 ·...