Valmet Corp · OMXHEX:VALMT
Valmet — Non-Deal Roadshow (October 2018)
82 slides from Valmet's roadshow presentation, October 2018
Slide 1: Valmet – unique offering with process technology, automation and services
Valmet – unique offering with process technology, automation and services Roadshow presentation October 2018
Slide 2: Agenda
Agenda Valmet roadshow presentation 1 Valmet in brief 2 Investment highlights 3 Financials 4 Conclusion 2 October 2018 © Valmet | Roadshow presentation
Slide 3: Valmet in brief
Valmet in brief Valmet <>
Slide 4: Key figures in 2017
Key figures in 2017 Net sales by business line Net sales by area Orders received EUR 3,272 million 10% 26% 20% Net sales EUR 3,058 million 13% 39% Comparable EBITA 8% EUR 218 million Comparable EBITA margin 26% 7.1% 10% 49% Order backlog Services North America EUR 2,458 million Automation South Amer
Slide 5: Valmet’s development
Valmet’s development Comparable EBITA target 8–10% Orders received Net sales Comparable EBITA Comparable EBITA margin (EUR million)1 (EUR million)1 (EUR million)1 (%)1 3,423 3,272 3,308 3,071 3,139 3,058 2,878 2,928 2,926 2,613 2,473 1,825 2,182 1,713 1,811 1,658 1,584 2,016 1,537 1,572 1,473 1,581
Slide 6: Our four business lines serve the same customer base
Our four business lines serve the same customer base #1–2 #1–3 #1–3 #1 Services Automation Pulp and Energy Paper Mill and plant improvements, Supplies and develops Technologies and solutions for Technologies and solutions for roll and workshop services, automation and information pulp production, po
Slide 7: Strong, global presence is a good platform for growth
Strong, global presence is a good platform for growth More than 12,000 professionals at a total of 156 locations in 33 countries EMEA 8,300 employees China ~120 87 1,736 employees service centers sales offices North America 1,187 employees 36 16 production units R&D centers Asia-Pacific 746 employee
Slide 8: Process technology, services and automation
Process technology, services and automation Valmet’s unique offering differentiates the company from its competitors Paper Pulp Energy • Board, paper and tissue production lines • Wood and pulp handling • Heat and power generation • Rebuilds • Fiber processing • Air emission control • Stand-alone pr
Slide 9: Significant, customer focused research and development work
Significant, customer focused research and development work R&D focus areas • Advanced and competitive technologies and services • Raw material, water and energy efficiency • Promotion of renewable materials 16 EUR 64 million ~1,500 research and R&D spending protected development in 2017 inventions
Slide 10: Acknowledged leader in sustainability
Acknowledged leader in sustainability 360° approach to sustainability Most material UN Sustainable • In Dow Jones Development Goals Sustainability Index for the for Valmet fifth consecutive year • Received Silver Class 2018 Sustainability Award • Achieved A- rating in CDP’s climate program in 360o 2
Slide 11: Financial targets
Financial targets Growth • Net sales for stable business to grow over two times the market growth • Net sales for capital business to exceed market growth Profitability • Comparable EBITA: 8–10% ROCE • Comparable return on capital employed (pre-tax), ROCE1: 15–20% Dividend policy • Dividend payout a
Slide 12: Investment highlights
Investment highlights Valmet <>
Slide 13: Investment highlights
Investment highlights 1 Strong position in the growing market of converting renewables Widest offering combining process technology, services and automation in a 2 unique way 3 Large stable business offering growth and profitability 4 Strong capital business with high market share and flexible cost
Slide 14: Strong position in the growing market of converting renewables
1 2 3 4 5 Strong position in the growing market of converting renewables Services Automation Pulp Energy Tissue Board Paper #1-2 8.0 ~1-2% #1-3 2.0 ~1% #1-2 1.4 ~1% #1-3 2.0 ~1% #1 0.7 ~3% #1 1.0 ~2-3% #1 0.3 ~-1% EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. •
Slide 15: Widest offering combining process technology, services and automation
1 2 3 4 5 Widest offering combining process technology, services and automation in a unique way Paper Pulp Energy • Board, paper and tissue production lines • Wood and pulp handling • Heat and power generation • Rebuilds • Fiber processing • Air emission control • Stand-alone products • Recovery • B
Slide 16: Large stable business offering growth and profitability
1 2 3 4 5 Large stable business offering growth and profitability Orders received (EUR million) Services • 16% market share offers room for growth • Wide offering to support customers’ all service needs 1,609 1,649 • Opportunities to win new customers and increase share 1,519 of wallet with existing
Slide 17: Strong capital business with high market share and flexible cost structure
1 2 3 4 5 Strong capital business with high market share and flexible cost structure Paper business line Market share • High market share in all businesses Orders received (EUR million) Net sales (EUR million) Board and paper Tissue Pulp Energy ~40% ~35% ~40% ~20% 1,035 1,124 961 671 673 718 674 659
Slide 18: Systematically building the future
1 2 3 4 5 Systematically building the future • Shared Journey Forward: a unified and unique way to serve Technology Customer • Add value to customers through Industrial Internet solutions • Ensure strong market position in capital business • Develop new products and technologies • Improve product co
Slide 19: Financials
Financials Valmet <>
Slide 20: Key figures
Key figures EUR million Q3/2018 Q3/2017 Change Q1–Q3/2018 Q1–Q3/2017 Change Orders received 940 743 27% 2,696 2,544 6% Order backlog1 2,791 2,720 3% 2,791 2,720 3% Net sales 765 715 7% 2,340 2,091 12% Comparable EBITA 61 56 10% 144 138 5% % of net sales 8.0% 7.8% 6.2% 6.6% EBITA 55 49 12% 131 133 -1
Slide 21: Comparable EBITA margin development
Comparable EBITA margin development Net sales and Comparable EBITA (EUR million and %) 967 8.0% Target 8–10% 854 7.8% 844 804 7.5% 777 779 785 8.4% 7.2% 765 734 732 715 732 6.1% 685 7.3% 652 7.1% 7.2% 645 588 590 6.9% 5.3% 561 6.4% 6.5% 519 4.8% Capital business 5.5% 523 3.7% 3.5% 445 375 442 Stable
Slide 22: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2018 (as announced on July 17, 2018) Valmet estimates that net sales in 2018 will increase in comparison with 2017 (EUR 3,058 million) and Guidance Comparable EBITA in 2018 will increase in comparison with 2017 (EUR 218 million). Short-term market
Slide 23: Conclusion
Conclusion Valmet <>
Slide 24: Conclusion
Conclusion 1 Strong position in the growing market of converting renewables Widest offering combining process technology, services and automation in a 2 unique way 3 Large stable business offering growth and profitability 4 Strong capital business with high market share and flexible cost structure 5
Slide 25: Important notice
Important notice It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for growth, profitability and investment willingness, expectations fo
Slide 26: Appendix
Appendix 1 Financials 2 Focus areas and actions 3 Area development 4 Shareholders, share price development and sustainability 5 Strategy and offering 6 Management 26 October 2018 © Valmet | Roadshow presentation
Slide 27: Appendix: Financials
Appendix Financials Valmet <>
Slide 28: Services: Orders received increased and net sales remained at previous level
Services: Orders received increased and net sales remained at the previous years’ level Orders received (EUR million) Net sales (EUR million) Q1–Q3/2017: Q1–Q3/2018: Q1–Q3/2017: Q1–Q3/2018: EUR 960 million EUR 990 million EUR 838 million EUR 854 million 400 1,600 400 1,600 355 346 344 340 350 313 32
Slide 29: Automation: Orders received and net sales increased
Automation1: Orders received and net sales increased Orders received2 (EUR million) Net sales2 (EUR million) Q1–Q3/2017: Q1–Q3/2018: Q1–Q3/2017: Q1–Q3/2018: EUR 267 million EUR 276 million EUR 220 million EUR 233 million 120 103 450 120 115 450 101 102 101 99 95 93 11 100 88 87 88 375 100 6 90 375 8
Slide 30: Pulp and Energy: Orders received and net sales increased
Pulp and Energy: Orders received and net sales increased Orders received (EUR million) Net sales (EUR million) Q1–Q3/2017: Q1–Q3/2018: Q1–Q3/2017: Q1–Q3/2018: EUR 527 million EUR 549 million EUR 581 million EUR 631 million 700 1,400 700 1,400 622 600 560 1,200 600 1,200 500 1,000 500 1,000 400 800 4
Slide 31: Paper: Orders received and net sales increased
Paper: Orders received and net sales increased Orders received (EUR million) Net sales (EUR million) Q1–Q3/2017: Q1–Q3/2018: Q1–Q3/2017: Q1–Q3/2018: EUR 832 million EUR 921 million EUR 480 million EUR 657 million 400 1,200 400 1,200 353 350 314 1,050 350 1,050 299 304 300 275 270 900 300 900 246 243
Slide 32: Orders received and net sales split in 2017
Orders received and net sales split in 2017 Orders received Net sales EUR million and % of total EUR million and % of total 1,035 784 32% 1,242 26% 38% 1,178 Services 39% Automation Services Pulp and Energy Automation Paper Pulp and Energy Paper 678 800 317 21% 26% 10% 296 10% 323 299 10% 686 10% 60
Slide 33: Net sales split by business unit
Net sales split by business unit Net sales split, business units (2017) Net sales split, Valmet (2017) Services Automation Stable business 11% 18% 27% 14% Paper Rolls 28% Board Mill 28% 73% Improvements 6% 7% Rolls Mill Improvements Pulp and Paper 10% 11% Tissue Performance Parts Energy and Process
Slide 34: Net sales split by area
Net sales split by area Net sales split, areas (2017) Net sales split, Valmet (2017) Services Automation Stable business 11% 8% 25% 6% 23% 10% 10% 4% 20% 9% 45% 13% 59% North America North America 8% South America South America EMEA EMEA China China Asia-Pacific Asia-Pacific Pulp and Energy Paper Ca
Slide 35: Announced orders in H1/2018
Announced orders in H1/2018 Date Booked Description Business line Country Value quarter Jan 4 Q3 Anti-surge and load-sharing control Automation Russia Not disclosed.1 Jan 17 Q4 OptiConcept M board production line Paper USA Not disclosed. The value of an order of this type is typically around EUR 40-
Slide 36: Announced orders in H2/2018
Announced orders in H2/2018 Date Booked Description Business line Country Value quarter Jul 11 Q2 Valmet Pulp Analyzer and Valmet Kappa Analyzer Automation China Not disclosed.1 Jul 13 Q2 Advantage DCT 200 tissue line Paper Turkey Not disclosed. Aug 6 Q2 Advantage DCT100HS tissue production line and
Slide 37: Orders received increased to EUR 940 million in Q3/2018
Orders received increased to EUR 940 million in Q3/2018 Orders received (EUR million) Orders received in Q1–Q3/2018 by area 1,400 3,500 Asia-Pacific 10% North America 1,200 3,000 22% 1,000 2,500 China 17% 800 2,000 South 600 1,500 America 1,101 1,023 1,005 940 6% 857 890 865 400 781 725 793 803 788
Slide 38: Stable business orders received totaled EUR 1,649 million in last four quarters
Stable business orders received totaled EUR 1,649 million during the last four quarters Orders received (EUR million) in stable business1 600 1,800 500 445 1,500 443 439 409 424 402 394 372 383 381 400 344 88 359 93 102 1,200 330 342 88 103 95 81 81 293 87 75 101 300 267 273 273 75 80 900 242 78 200
Slide 39: Order backlog at EUR 2,791 million at end of Q3/2018
Order backlog at EUR 2,791 million at the end of Q3/2018 Order backlog (EUR million) Structure of order backlog 3,000 2,791 2,500 2,704 2,714 2,720 2,583 2,621 2,406 2,458 2,312 2,283 2,000 2,208 2,207 2,192 2,117 2,074 2,106 1,972 1,998 2,064 ~30% 1,500 1,000 ~70% 500 0 Stable business Capital busi
Slide 40: Gross profit and SG&A development
Gross profit and SG&A development Gross profit (EUR million and % of net sales) SG&A (EUR million and % of net sales) 250 23% 25% 250 25% 200 20% 200 20% 15% 150 15% 150 15% 100 10% 100 10% 50 5% 50 5% 0 0% 0 0% Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016
Slide 41: Cash flow provided by operating activities
Cash flow provided by operating activities Cash flow provided by operating activities (EUR million) 2014: 2015: 2016: 2017: Q1–Q3/2018: EUR 236 million EUR 78 million EUR 246 million EUR 291 million EUR 141 million 140 120 117 122 119 100 80 88 94 89 60 78 64 40 43 46 20 30 33 31 17 16 3 19 3 0 -20
Slide 42: Net working capital at -12% of rolling 12 months orders received
Net working capital at -12% of rolling 12 months orders received Net working capital and orders received (EUR million) 1,500 30% 1,000 1,101 1,023 20% 1,005 940 857 890 865 781 725 793 803 788 796 743 727 500 692 10% 580 466 480 0 0% -235 -249 -345 -317 -265 -244 -238 -194 -181 -265 -294 -335 -353 -
Slide 43: Net debt and gearing decreased compared with Q3/2017
Net debt and gearing decreased compared with Q3/2017 Net debt (EUR million) and gearing (%) Equity to assets ratio (%) 300 27% 30% 50% 24% 21% 45% 43% 42% 41% 41% 42% 41% 200 231 15% 20% 38% 37% 39% 39% 40% 36% 35% 36% 178 192 35% 100 126 6% 10% 4% 30% 52 31 0% 0 -3% -3% 0% 25% -27 -30 -4 -100 -102
Slide 44: Capital employed and Comparable ROCE
Capital employed and Comparable ROCE Capital employed (EUR million) and Comparable return on capital employed (ROCE), before taxes1 (%) 1,239 1,240 1,214 1,231 1,184 1,194 1,167 1,195 18% 1,112 1,138 1,141 1,137 1,079 Target 16% 1,033 1,049 985 15–20% 967 17% 902 14% 14% 14% 14% 14% 877 13% 13% 13%
Slide 45: Dividend and balance sheet
Dividend and balance sheet Track record Balance sheet figures Dividend per share (EUR) and payout ratio (%) Gearing (%) Target 21% >100% >50% 6% of net profit 0.55 81% -11% -11% 76% -21% 68% 0.42 65% 2014 2015 2016 2017 Q3/2018 0.35 Debt maturity structure (EUR million) 0.25 350 300 Average debt mat
Slide 46: Profitability and orders received development, annual
Profitability and orders received development, annual Orders received (EUR million)1 Net sales and Comparable EBITA (EUR million)1 3,225 3,272 3,014 3,058 3,071 3,139 2,928 2,926 2,878 2,703 2,613 2,453 2,473 Services and 2,584 6.2% 6.7% 7.1% Automation 2,445 2,182 2,061 business lines 1,999 2,080 1
Slide 47: Appendix: Growth and profitability improvement
Appendix Growth and profitability improvement
Slide 48: Recent development
Recent development at Valmet Recent development • Good progress with Shared Journey Forward • #1 position in tissue, board and paper Technology Customer service concept • Increased orders received from small and • All-time high Valmet package sales in Automation medium sized pulp projects • Industri
Slide 49: Actions to keep growing faster than the market
Actions to keep growing faster than the market Stable business Capital business • Long term co-operation with • Continue to bring advanced technology customers through agreements to the market • Develop local service capability • Improve product cost competitiveness • Leverage and develop Field serv
Slide 50: Actions to reach Comparable EBITA target of 8–10%
Actions to reach Comparable EBITA target of 8–10% Track record Actions to reach Comparable Comparable EBITA margin (%) and stable business EBITA target: net sales (EUR million) 1,474 1,497 1,453 1,357 • Grow the stable business 7.1% 6.7% 6.8% • No negative margin deviation in capital 6.2% projects 1
Slide 51: Procurement and quality cost development
Procurement and quality cost development Implemented procurement savings of annual direct spend Quality costs (% of net sales) 4.3% 4.4% 4.3% 4.0% 3.8% 3.9% 3.6% 3.1% >3.0% 2.6% 2.8% <1.3% 2013 2014 2015 2016 2017 Annual 2013 2014 2015 2016 2017 Long-term goal goal Targeting >3% of procurement savin
Slide 52: Acquisitions
Acquisitions • Focus on organic growth • Selective acquisitions can be done to support growth Acquisition themes • Strengthening Services - Complementing existing portfolio - Expansion in consumables • Strengthening Automation - Stronger Pulp & Paper automation - Expansion in Industrial Internet - S
Slide 53: Appendix: Area development
Appendix Area development Valmet <>
Slide 54: North America
North America Mature services focused market with recurring opportunities in paper, tissue and automation Orders received Net sales Employees Orders received by Net sales by (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) business line (2017) 71
Slide 55: South America
South America Cyclical capital business relies on new pulp projects. Services, board and tissue provide growth opportunities Orders received Net sales Employees Orders received by Net sales by (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) busi
Slide 56: EMEA
EMEA Largest and most important area with significant services and technology markets in all Valmet’s businesses Orders received Net sales Employees Orders received by Net sales by (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) business line (2
Slide 57: China
China Capital business at new normal level, growth opportunities in Services Orders received Net sales Employees Orders received by Net sales by (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) business line (2017) 2,061 20% 572 1,927 1,955 28% 3
Slide 58: Asia-Pacific
Asia-Pacific Developing services market with growth potential Orders received Net sales Employees Orders received by Net sales by (EUR million and % of total) (EUR million and % of total) (number and % of total) business line (2017) business line (2017) 10% 706 727 586 693 20% 625 588 45% 44% 381 37
Slide 59: Appendix: Shareholders, share price development and sustainability
Appendix Shareholders, share price development and sustainability
Slide 60: Largest shareholders on September 30, 2018
Largest shareholders on September 30, 2018 Based on the information given by Euroclear Finland Ltd. # Shareholder name Number of shares % of shares and votes 1 Solidium Oy 16,695,287 11.14% 2 Varma Mutual Pension Insurance Company 4,165,465 2.78% 3 Elo Pension Company 3,600,000 2.40% 4 Ilmarinen Mut
Slide 61: Shareholder structure on September 30, 2018
Shareholder structure on September 30, 2018 Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and non-Finnish holders 339 0.76% 76,797,478 51.24% Finnish institutions, companies and foundations 2,372 5.28% 36,784,491 24.55% Solidium Oy* 0 0.00% 16,
Slide 62: Share of non-Finnish holders and area split of shareholders
Share of non-Finnish holders and area split of shareholders Share of non-Finnish holders and number of Approximate geographical split shareholders of institutional shareholders* 56% 59,000 10% 57,000 6% 54% 55,000 8% 52% 43% 53,000 50% 51,000 12% 48% 49,000 46% 47,000 21% 44% 45,000 Finland United S
Slide 63: Share price development and trading volume
63 Million shares 0 2 4 6 8 10 6.00 8.00 10.00 12.00 16.00 18.00 20.00 14.00 October 2018 12/14 12/14 02/15 02/15 04/15 04/15 06/15 06/15 08/15 08/15 10/15 10/15 12/15 12/15 © Valmet | Roadshow presentation 02/16 02/16 Valmet 04/16 04/16 06/16 06/16 08/16 08/16 10/16 10/16 12/16 12/16 02/17 02/17 Va
Slide 64: Recognition from Dow Jones and CDP
Recognition from Dow Jones and CDP • Valmet is in Dow Jones Sustainability Index for the fifth consecutive year • Achieved A- rating in CDP’s climate program in 2017 • In Ethibel Sustainability Index Excellence Europe • Received Silver Class 2018 Sustainability Award from RobecoSAM Source: SustainAb
Slide 65: Progress on Sustainability 360° agenda
Progress on Sustainability 360° agenda Targets Key actions for 2018 • Develop sustainable procurement • Continue supplier sustainability audits (min. 50 / year) • Continue with sustainability training for global supply chain Sustainable practices globally • Continue to increase traceability in suppl
Slide 66: Appendix: Strategy and offering
Appendix Strategy and offering
Slide 67: Valmet’s way forward
Valmet’s way forward Our Vision Our Must-Wins To become the global champion Customer excellence in serving our customers Our Strategy Leader in technology and Valmet develops and supplies innovation competitive process technology, Excellence in processes services and automation to the pulp, pa
Slide 68: Business opportunities
Business opportunities eCommerce Replacing plastic Emerging markets Global sales in 2017 reached 2017 - Total size of packaging Expected to drive the global USD 2.3 trillion business EUR 600 billion p.a. tissue growth, accounting for Forecasted to grow 141% Fiber based 36% 83% of incremental demand
Slide 69: Services business line offering
Services business line offering Shared Journey Forward offering Services business units Reliability Performance Parts • Spare parts and components • Spare parts and consumables • Maintenance and shutdown services • Outsourcing services Fabrics • Paper machine clothing and filter fabrics Performance
Slide 70: Automation business line offering and market overview
Automation business line offering and market overview Advanced automation and process monitoring solutions and services: Over 4,500 Distributed Control System (DCS) – Valmet DNA Industrial internet solutions automation systems Performance solutions Automation services and over 40,000 Quali
Slide 71: Automation projects and services: Board and Tissue machines
Automation projects and services: Board and Tissue machines Automation delivery content and service scope Control room Information Engineering and Remote Office users Operator interface management maintenance connections Board machine 3,000-7,000 I/O Price: EUR 2-6 million Tissue machine 1,000-3,000
Slide 72: Pulp and Energy business line offering
Pulp and Energy business line offering Pulp Energy • Wood and pulp handling • Heat and power generation – Wood handling, fuel handling, pulp drying – Fluidized bed boilers, bio-grate boilers, biomass and waste gasification • Fiber processing – Boiler islands and small power plants – Complete fiber l
Slide 73: Paper business line offering
Paper business line offering Board and paper Tissue Board and paper production lines Tissue production lines – Recycled fiber lines – Advantage DCT – Tailor-made OptiConcept machines – Advantage NTT/QRT/eTAD – OptiConcept M modularized machines – Advantage Thru Air (TAD) Rebuilds Rebuilds –
Slide 74: Full scope offering for the pulp and paper industry
Full scope offering for the pulp and paper industry Technologies Automation Services 1 Wood handling 6 Recycled fiber • Distributed Control System • Mill and plant improvements (DCS) • Spare and wear parts 2 Heat and power 7 Mechanical fiber • Performance solutions • Paper machine clothing productio
Slide 75: Our offering for energy industry and biotechnologies
Our offering for energy industry and biotechnologies Technologies Automation Services 1 Fuel handling 5 Modularized • Distributed Control System • Plant improvements power plants (DCS) • Rebuilds 2 Gasification • Performance solutions • Performance services 6 Prehydrolysis 3 Boiler and flue For biof
Slide 76: Continuous investment in research and development to improve customers’ processes
Continuous investment in research and development to improve customers’ processes Example of our R&D work – OptiConcept M board and paper Customers’ needs Valmet’s R&D focus Valmet’s R&D resources machine • Increase production • Modularized and • Own R&D centers and • Cost-efficient, high-quality, s
Slide 77: Customers extensively utilizing our Industrial Internet capabilities
Today, customers are extensively utilizing our Industrial Internet capabilities Valmet’s competence network Customer’s Valmet expert experts 420 Ongoing 800 81,000 350 540 90 Valmet-supplied 420 Condition Advanced Online Performance Co-creation of lines with Valmet Monitoring (CM) process control co
Slide 78: Typical dimensions of pulp mills, and paper, board and tissue machines
Typical dimensions of pulp mills, and paper, board and tissue machines Paper and board machine Pulp mill Length 140 m, equivalent to a line of ~30 cars Speed: 72 km/h Production: 400,000 t/a Width 7 m Tissue machine Length 40 m, equivalent to a line of ~9 cars • Mill site area: 500,000 – 5,000,000 m
Slide 79: Appendix: Management
Appendix Management Valmet <>
Slide 80: Executive Team
Executive Team Corporate Pasi Laine Kari Saarinen Julia Macharey Juha Lappalainen Anu Salonsaari-Posti President and CEO CFO SVP, Human Resources SVP, Strategy and SVP, Marketing & Share ownership: 116,244 Share ownership: 32,671 Share ownership: 22,036 Operational Development Communications Share o
Slide 81: Board of Directors
Board of Directors Bo Risberg Aaro Cantell Pekka Kemppainen Monika Maurer (b. 1956) (b. 1964) (b. 1954) (b. 1956) Chairman of Vice-Chairman of Board member Board member the Board the Board Finnish citizen German citizen Swedish citizen Finnish citizen • BSc (Mech. Eng), MBA • M.Sc. (Tech.) • Lic.Sc.
Slide 82: Forward
FORWARD