Mondi Plc · LSE:MNDI
Mondi — Investor Day (November 2007)
72 slides from Mondi's investor day presentation, Nov 27, 2007
Slide 1: Mondi Investor and Analyst Presentation
MONDI INVESTOR AND ANALYST PRESENTATION 27 November, 2007 Świecie, Poland
Slide 2: Agenda
Agenda z Packaging Peter J. Oswald z Projects Update Peter J. Oswald – CEE light – Tire Kutsan – Unterland Flexible Packaging z Corrugated Business Armand Schoonbrood z Bags Business Peter Machacek z Flexibles Business Thomas Schäbinger/Jakob Mosser PAGE 1
Slide 3: Packaging
PACKAGING Peter J Oswald
Slide 4: Packaging at a glance
PACKAGING AT A GLANCE Corrugated Business Bag Business Flexibles Business z Kraftliner/testliner/fluting z Kraft Paper z Release liner z Corrugated board (sheets) z Industrial bags z Extrusion coating z Boxes and trays z Speciality plastic films Products z Printed consumer bags z No. 2 in Kraftliner
Slide 5: Experienced management team
EXPERIENCED MANAGEMENT TEAM CEO Peter Oswald, 45 years of age CEO Packaging Paper CFO Peter Machacek, z 15 years of paper and packaging experience Franz Hiesinger, 55 years of age z CEO MP Corrugated Business 42 years of age z 28 years of paper and z CEO MP Bag Converting and Flexibles z 17 years of
Slide 6: Sales and profitability – Packaging
SALES AND PROFITABILITY – PACKAGING Sales1 (EUR B) / ROCE2 Profitability (HY 2007) Sales ROCE2 (EUR B) (%) 2007 2006 4,0 12,9% 14,0% 12,4% 12,0% EBITDA €237M €191M +24% 3,17 3,0 2,85 2,90 8,9% 10,0% 10,0% 9,9% EBITDA 8,0% 13.7% 12.4% +10% Margin 2,0 1,74 1,55 6,0% Capital 4,0% €2.3B €2.2B +4% 1,0 em
Slide 7: Financials – breakdown by business (HY 2007)
FINANCIALS – BREAKDOWN BY BUSINESS (HY 2007) Sales (€B) EBITDA (€M) 43% (1) 35% (1) 22% (1) 45% 43% 12% 0.38 1.74 28 237 0.63 103 0.77 106 Corrugated Bag Flexibles Total Corrugated Bag Flexibles Total Packaging Packaging Capital employed (€B) ROCE2 42% 43% 15% 13,3% 13,0% 11,8% 12,4% 0.3 2.3 10,2% 9
Slide 8: European packaging markets overview
EUROPEAN PACKAGING MARKETS OVERVIEW1 Corru- Flexibles Bag2) 4) Industry Highlights gated2) 3) Speciality Plastic Printed Consumer Films5) Bags6) Extrusion Coating7) Release Liner2) € 20B € 4.8B € 2.1B € 2.7B € 3.3B € 1.6B I. Corrugated Further consolidation and capacity adjust- ments should improve
Slide 9: Production focus on Europe
PRODUCTION FOCUS ON EUROPE Production Facilities Total of 95 Production Sites(1) 86 Downstream Sites z 52 in W-Europe z 21 in Emerging Europe Americas z 7 in N-America (7) z 6 in RoW Emerging 6 Recycled Liner Europe (24) Sites z 5 in W-Europe W-Europe (57) z 1 in E-Europe 8 Kraft Paper and Liner Sit
Slide 10: Packaging segment strategic drivers
PACKAGING SEGMENT STRATEGIC DRIVERS Leading market z Leading position in key segments position z Network advantages in downstream converting business z Integrated asset base Strong asset z Upstream production cost advantages base z Scale advantages in downstream converting business Focus on z Compre
Slide 11: European market shares rankings
EUROPEAN MARKET SHARES RANKINGS6 Corrugated Leading market position Virgin Containerboard1 Corrugated Packaging2, 3 1. Smurfit Kappa Group 21% 1. Smurfit Kappa 18% 2. Mondi 10% 2. SCA 9% z Leading position 3. SCA 8% 3. Mondi 5% in key segments Strong asset 4. Billerud 7% 4. DS Smith 4% 5. Ilim Pulp
Slide 12: Integrated value chain
INTEGRATED VALUE CHAIN Leading market position VCB Strong asset Corrugated Packaging base RCB z Integrated asset base Focus on performance Extrusion Coating Bag Converting Kraft Paper Outperforming Release Liner its peers Speciality Plastic Films Printed Consumer Bags Value creation Source: Mondi PA
Slide 13: Low-cost production in all major upstream businesses
LOW-COST PRODUCTION IN ALL MAJOR UPSTREAM BUSINESSES Leading market White-top Kraftliner Unbleached Kraftliner position €/t 800 €/t 500 Strong asset 100% of Mondi base 100% of Mondi Unbleached White-top Kraftliner Kraftliner capacity capacity z Upstream pro- 0 0 0 3,000 duction Focuscost on 0 Cumula
Slide 14: Significant productivity increases
SIGNIFICANT PRODUCTIVITY INCREASES Leading market position Strong Annual Productivity Increase 8.8% Strong asset base Productivity Increases (%) 6.9% 6.5% Focus on performance z Comprehensive Business Outperforming Excellence its peers programmes (I) Value creation 2004 2005 2006 Note: Productivity
Slide 15: Rigorous management of plant portfolio
RIGOROUS MANAGEMENT OF PLANT PORTFOLIO Leading market position No. of Closures/Divestitures p.a. % of total Strong asset 5% 11% 9% 16% 10% 9% z Reduced testliner plants capacity by 11% in base 2004 (~ 110Kt) z Closed 11% of corrugated packa- Focus on 10 ging capacity (~280M m2) since performance 200
Slide 16: Performance improvements in acquired companies
PERFORMANCE IMPROVEMENTS IN ACQUIRED COMPANIES Leading market Swiecie (Paper) Bauernfeind (Paper) position Tons p.c. Tons p.c. 1 902 1.800 1 p .a . p .a . % 1.700 % Strong asset 24 10 1.600 First base consolidation 132 1.500 02/2004 1.400 1997 1 2006 2004 2005 2006 Focus on performance AssiDomän (In
Slide 17: Highlights of the last 18 months
HIGHLIGHTS OF THE LAST 18 MONTHS Leading market z Streamlined the portfolio of the packaging segment through position divestures and closures of non-core and underperforming assets Strengthen z Acquisition of kraft paper mill Stambolijski in Bulgaria low-cost z Order new light weight recycled contai
Slide 18: Focus of the next 18 months
FOCUS OF THE NEXT 18 MONTHS Leading market position z Investigate options to expand position in low-cost locations for Strengthen wood pulp based paper production Strong asset low-cost z Continue to divest non-core assets, rationalize the existing plant position base network and to close down non co
Slide 19: CEE Light
CEE LIGHT Peter J Oswald
Slide 20: CEE Light: new containerboard machine and box plant
CEE LIGHT Light-weight recycled containerboard machine and new box plant likely to be in Swiecie, Poland Capex: €350M PAGE 19
Slide 21: Project overview
PROJECT OVERVIEW z New 470,000 tons lightweight recycled containerboard machine plus a new corrugated box plant with capacity of approximately 250M m2/year corrugated board production replacing the current one z Likely to be located at our Polish operations z Targeted to be clear cost leader in Euro
Slide 22: Project rationale
PROJECT RATIONALE z Target high-growth lightweight recycled containerboard market z Supported by growing manufacturing base in CEE region which has resulted in a recycled containerboard supply deficit z Able to supply to state-of-the-art corrugators with 2.8m width z Lower capital expenditure due to
Slide 23: Expanding market leadership in Polish corrugated through CEE Light
MONDI WOULD FURTHER EXPAND ITS MARKET LEADERSHIP IN CORRUGATED IN POLAND THROUGH CEE LIGHT AFTER THE ACQUISITION OF ULTRAPACK Mondi existing CEE light Stora Enso Prusz cz Gdansk i Otor Packprofil Polpak -Karton, Poledno Glucholazy, Opole Ultra Pack , Fijalkowski Group Sz cz ecina )) Stora Ens o, PPH
Slide 24: Eastern Europe containerboard demand exceeds supply
CURRENT RCF-BASED CONTAINERBOARD DEMAND IN EASTERN EUROPE1 EXCEEDS SUPPLY RCF-based containerboard supply/demand -balance in Eastern Europe1 1000 tons 5000 4000 3000 - 1.2 mt 2000 1000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 RCF-based containerboard demand i
Slide 25: Tire Kutsan
TIRE KUTSAN Containerboard and Corrugated Packaging – Turkey Peter J Oswald
Slide 26: Acquisition Tire Kutsan, Turkey
ACQUISITION TIRE KUTSAN, TURKEY z On September 3, 2007 Mondi acquired 54% of Tire Kutsan, the leading Turkish corrugated packaging company z The company has one paper mill producing 120,000 tons of recycled containerboard plus 5 corrugated box plants in Turkey with a board production capacity of app
Slide 27: Tire Kutsan overview
TIRE KUTSAN OVERVIEW z Tire Kutsan operates one recycled containerboard mill, five box plants and one sheet plant Trakya/Corlu Box plant acquired Izmit January 2007 Box plant Manisa Sheet plant (since end Karaman 2006) Box plant Adana Paper Mill Tire Box plant (since Existing corrugated plant Paper,
Slide 28: Acquisition Tire Kutsan project rationale
ACQUISITION TIRE KUTSAN PROJECT RATIONALE z Turkey is forecasted to have the highest growth rates in corrugated packaging in Europe with 12% per annum or additional 1.6 M m2 between 2005 and 2010 Production in M m2 Growth 00 – 05 Growth 05 – 10 Prod./capita Pop 05 2000 2005 2010 CAGR M m2 CAGR M m2
Slide 29: Market leader in corrugated packaging in Emerging Europe
MONDI BECAME MARKET LEADER IN CORRUGATED PACKAGING IN EMERGING EUROPE1 Corrugated Packaging – market share EE Corrugated Packaging – market share Turkey Mondi1 Mondi1 8% Stora 14.6% 7% Smurfit Kappa 6% Other 40.3% Prinzhorn Group 13.7% IP (incl. Olmuksa) 6% 5% SCA Other 54% 5% 8.1% 3% Duropack SCA 3
Slide 30: Unterland Flexible Packaging and Napiag Kunststoff
UNTERLAND FLEXIBLE PACKAGING AND NAPIAG KUNSTSTOFF Consumer Flexibles – Austria Peter J Oswald
Slide 31: Acquisitions Unterland and Napiag, Austria
ACQUISITIONS UNTERLAND AND NAPIAG, AUSTRIA z On August 31, 2007 Mondi acquired 100% of Unterland Flexible Packaging AG a leading Austrian speciality plastic film producer z The company operates one film producing plant located in Kufstein, Austria, employing c. 400 people and achieving sales of €129
Slide 32: Rationale of acquisitions
RATIONALE OF ACQUISITIONS z Backward integration with speciality plastic film production is value enhancing in the consumer flexibles segment z Focus on niche segments in the speciality plastic film segment: CPP (cast polypropylene), barrier films and speciality PE z Polymer resin purchasing power h
Slide 33: Corrugated Business
CORRUGATED BUSINESS Armand Schoonbrood
Slide 34: Corrugated industry background
CORRUGATED INDUSTRY BACKGROUND VCB mills RCB mills European Market Size (€ bn)2 Virgin Containerboard Recycled Containerboard VCB RCB Pine Birch Recovered paper Containerboard industry Kraft pulp1 NSSC pulp 4 8 Kraft liner SC-fluting Testliner Recycled fluting Corrugated Packaging Sheet feeders Corr
Slide 35: Corrugated business overview
CORRUGATED BUSINESS OVERVIEW Containerboard 3 VCB mills 6 RCB mills Swiecie, PL Syktyvar, RUS Turkey UK Richards Bay, RSA AUT, CH, GER, ITA Corrugated Packaging 3 sheet feeders 21 box plants In: UK, ITA 2 sheet plants In: UK, FRA, GER, AUT, PL, TUR In: FRA Source: Mondi PAGE 34
Slide 36: Sales and profitability – Corrugated
SALES AND PROFITABILITY – CORRUGATED Sales1 (EUR B) / ROCE2 Profitability (HY 2007) Sales ROCE2 (EUR B) (%) 2007 2006 1,5 1,43 1,45 13,3% 14,0% 1,41 11,8% 12,0% EBITDA €106M €83M +28% 12,7% 10,3% 7,9% 10,0% 1,0 EBITDA 8,0% 13.7% 11.4% +20% 0,73 0,77 Margin 6,0% 0,5 Capital 4,0% €0.97B €0.95B +3% emp
Slide 37: Focusing on emerging markets while maintaining European footprint
MONDI IS FOCUSING ON EMERGING MARKETS WHILE MAINTAINING A EUROPEAN FOOTPRINT Virgin Containerboard Recycled Containerboard Corrugated Packaging in Mtons in Mtons in B m² 23.8 +3.3% 53.3 +3.3% +3.3% 20.2 +3.2% 45.3 17.2 38.7 +1.5% -0.1% 7.1 6.6 6.6 +6.7% 8.2% +12.6% +12.6% +5.5% +9.2% 2.3 4.5 6.2 9.7
Slide 38: Corrugated business strategic drivers
CORRUGATED BUSINESS STRATEGIC DRIVERS Leading market z Leading position in all segments, especially in Emerging Europe position z Integrated asset base Strong asset z Upstream production cost advantages base z Scale advantages in downstream corrugated packaging Focus on z Comprehensive business exce
Slide 39: Market shares of Mondi Corrugated per segment
MARKET SHARES MONDI CORRUGATED IN EUROPE AND EMERGING EUROPE PER SEGMENT3 Virgin Containerboard Leading market position Europe Emerging Europe 1. Smurfit Kappa Group 21% 1. Mondi 24% 2. Mondi 10% 2. Ilim Pulp Entreprise 17% z Leading position 3. SCA 8% 3. Pulp Mill Holding 16% in all segments Strong
Slide 40: Strong integration
STRONG INTEGRATION Leading market position Production Consumption Net Market Products Volume Exposure Strong asset base z Corrugated box z ~ 2.4Bm2 z ~ 2.4Bm2 z Integrated asset base Focus on z Kraftliner and z ~ 1.1Mt z ~ 0.3Mt z ~ 0.8Mt performance SC-fluting z Recycled z ~ 1.1Mt z ~ 1.1Mt z ~ 0.0
Slide 41: Low-cost production in all major upstream businesses
LOW-COST PRODUCTION IN ALL MAJOR UPSTREAM BUSINESSES Leading market White-top Kraftliner Unbleached Kraftliner position €/t 800 €/t 500 Strong asset 100% of Mondi Unbleached 100% of Mondi base White-top Kraftliner Kraftliner capacity capacity z Integrated asset 0 0 0 3,000 0 1,400 base Focus on Cumu
Slide 42: Efficient mills
EFFICIENT MILLS Leading market Example: Time Efficiency of position Containerboard and Kraft Paper Mills Strong asset 95% base ∆ 2.5% ∆ 3.2% z Closely aligned ∆ 2.5% production and sales Focus on performance z Optimised asset 90% utilisation z Comprehensive Business Outperforming z Consequent Excell
Slide 43: Highlights of the last 18 months
HIGHLIGHTS OF THE LAST 18 MONTHS Leading market position z Divestiture and closure of underperforming and non core assets Strengthen (3 box plants, 1 sheetfeeder, 9 sheet plants in 2006 and 2007) low-cost z Order of light-weight recycled containerboard machine for Strong asset emerging Europe positi
Slide 44: Focus of the next 18 months
FOCUS OF THE NEXT 18 MONTHS Leading market position Strengthen z Investigate options to expand position in low-cost locations for low-cost wood pulp based paper production Strong asset position z Continue to divest non-core assets base z Integrate and restructure recently acquired businesses Focus o
Slide 45: Bag Business
BAG BUSINESS Peter Machacek
Slide 46: Bag business industry background
BAG BUSINESS INDUSTRY BACKGROUND European market size Kraft paper (5 mills) Plastics in € B1 Softwoods (pine, spruce, long fibres) Kraft paper Chemical pulp 2.2 Kraft paper Industrial paper bags Industrial bags Flexibles 40 bag converting plants 21 plants 3.4 Converting 1 Europe includes Turkey and
Slide 47: Bag business overview
BAG BUSINESS OVERVIEW Mondi Kraft Paper 5 kraft paper mills Steti, CZ Frantschach, AT Dynäs, SWE Stambolijski, BUL Ruzomberok, SVK Mondi Bag Converting 29 plants 40 bag converting In Europe plants 6 plants 5 plants In Middle East/Asia In 26 countries In North America Source: Mondi PAGE 46
Slide 48: Sales and profitability – Bag business
SALES AND PROFITABILITY – BAG BUSINESS Sales1) (EUR B) / ROCE2 Profitability (HY 2007) Sales ROCE2 (EUR B) (%) 2007 2006 1,5 16,0% 14,5% 13,0% 14,0% EBITDA €103M €86M +20% 1,16 1,06 12,0% 1,02 10,3% 1,0 10,0% EBITDA 10,2% 16.3% 15.3% +7% Margin 9,4% 8,0% 0,63 0,56 6,0% 0,5 Capital €0.99B €0.98B +1%
Slide 49: Bag business strategic drivers
BAG BUSINESS STRATEGIC DRIVERS Leading market z Clear number 1 in kraft paper in Europe position z Clear number 1 in industrial (paper) bags in Europe Strong asset z Integrated asset base base z Most competitive downstream assets Focus on z Experienced management which enables a lean downstream orga
Slide 50: Mondi is the clear market leader in Europe
MONDI IS THE CLEAR MARKET LEADER IN EUROPE3 Leading market Bag – Europe position Kraft Paper1 Bag Converting2 z European market 1. Mondi 21% 1. Mondi 15% 2. Billerud 14% 2. Segezha 7% leader Strongboth in asset 3. UPM 9% 3. Smurfit Kappa 5% kraftbase paper and 4. 5. Segezha Stora Enso 7% 7% 4. 5. BP
Slide 51: Substantial network in downstream
SUBSTANTIAL NETWORK IN DOWNSTREAM Leading market position Example: Bag Converting (Europe) z European market leader Strongboth in asset Network advantages: kraftbase paper and - Customer proximity bag converting - Economies of scale z Substantial Focus on - Plant specialisation downstream performanc
Slide 52: Strong integration
STRONG INTEGRATION Leading market position Production Consumption Net Market Products Volume Exposure Strong asset base z Industrial Bags z ~ 3.6B Bags z ~ 3.6B Bags z Integrated asset base Focus on performance z Kraft Paper z ~ 0.9Mt z ~ 0.7Mt z ~ 0.2Mt Outperforming its peers Value creation Source
Slide 53: Continuous strong productivity increases in bag converting
CONTINUOUS STRONG PRODUCTIVITY INCREASES IN DOWNSTREAM BAG CONVERTING Leading market position Productivity – Bag Converting Strong asset 1.040 base +8% CAGR 1,000 units per capita 778 Focus on performance z Experienced 450 management Outperforming which enables its peers a lean downstream organisati
Slide 54: Highlights of the last 18 months
HIGHLIGHTS OF THE LAST 18 MONTHS Leading market position Strengthen low-cost z Acquisition of kraft paper mill Stambolijski in Bulgaria Strong asset position base z Productivity improvements both in bag converting and in kraft Focus on paper Efficiency performance z Streamlined plant network by clos
Slide 55: Focus of the next 18 months
FOCUS OF THE NEXT 18 MONTHS Leading market position Strengthen z Investigate options to expand position in low-cost locations for low-cost wood pulp based paper production Strong asset position z Develop Stambolijski to a second quintile kraft paper mill base z Continue to rationalise the existing p
Slide 56: Flexibles Business
FLEXIBLES BUSINESS Jakob Mosser, Thomas Schäbinger
Slide 57: Summary Flexibles business
SUMMARY FLEXIBLES BUSINESS z Mondi focuses on niche markets: – Printed Consumer Bags – Speciality Plastic Films – Extrusion Coating – Release Liner z Strong overlap with bag business Source: Mondi PAGE 56
Slide 58: Sales and profitability – Flexibles business
SALES AND PROFITABILITY – FLEXIBLES BUSINESS Sales1) (EUR B) / ROCE2 Profitability (HY 2007) Sales ROCE2 (EUR B) (%) 2007 2006 0,8 12,0% 10,3% EBITDA €28M €22M +28% 0,61 10,0% 8,6% 8,7% 0,6 7,8% 0,50 8,0% 0,48 EBITDA 7.4% 7.3% +1% 0,38 Margin 0,4 6,0% 0,30 4,0% Capital €0.34B €0.29B +18% 0,2 employe
Slide 59: Consumer Flexibles
CONSUMER FLEXIBLES Jakob Mosser
Slide 60: Products Consumer Flexibles
PRODUCTS CONSUMER FLEXIBLES z Consumer Flexibles consists of upstream Speciality Plastic Film and downstream Printed Consumer Bags z Printed Consumer Bags manufactures and converts plastic and cellulose films, aluminium foils and papers that are used separately or in combination to printed laminates
Slide 61: Consumer Flexibles plant network
CONSUMER FLEXIBLES PLANT NETWORK Speciality Plastic Films Printed Consumer Bags Research Centre – Flexibles Business Wheatley Nyborg Lindlar Solec Korneuburg Unterland Becescaba Napiag Novasac Source: Mondi PAGE 60
Slide 62: Mondi's targeted segments show high growth rates
MONDI’S TARGETED SEGMENTS SHOW HIGH GROWTH RATES Speciality Plastic Films Printed Consumer Bags in € B1 in € B2 3.2 +5.7% 2.4 2.4 +4.7% 1.9 2005 2010 2005 2010 Actual Forecast Actual Forecast Total Europe Growth p.a. 1 CPP films for flexible packaging, barrier films and high quality/speciality PE fi
Slide 63: Operational excellence
OPERATIONAL EXCELLENCE Consumer Flexibles 1 Strong plant specialization Operational 2 High Capacity utilization of machines Excellence Cost and quality – leadership mainly achieved 3 Modern and efficient equipment through … 4 Continuous improvement process Source: Mondi PAGE 62
Slide 64: Coating and Release
COATING AND RELEASE Thomas Schäbinger
Slide 65: Products Coating and Release
PRODUCTS COATING AND RELEASE z Extrusion Coating involves coating a base web (such as paper, film or aluminium foil) with a molten (“extruded”) layer of polymer z Release Liner is a paper or film web which is silicone coated and can be typically thought of as a carrier for pressure-sensitive labels
Slide 66: Release liner & extrusion coating plant network
RELEASE LINER & EXTRUSION COATING PLANT NETWORK Release Liner Extrusion Coating Research Centre – Flexibles Business Sunne Rygge Örebro Menasha (Wisconsin) Lancester Herleen (Ohio) Jülich Belcoat Steti Korneuburg Inncoat RL Austria Zeltweg Silicart Source: Mondi PAGE 65
Slide 67: Mondi's targeted segments show high growth rates
MONDI’S TARGETED SEGMENTS SHOW HIGH GROWTH RATES Extrusion Coating Release Liner in B m2 in B m2 +3.0% 19.7 17.0 10.6 +2.9% +3.5% 14.8 +3.7% 8.9 7.5 +7.7% +8.3% 2.0 1.0 1.4 2000 2005 2010 2000 2005 2010 Actual Actual Forecast Actual Actual Forecast Total Europe Thereof Emerging Europe Growth p.a. So
Slide 68: European market share rankings
EUROPEAN MARKET SHARE RANKINGS Flexibles Extrusion Coating1, 2 Release Liner1, 2 1. Walki Wisa 9% 1. Avery Dennison 24% 2. Mondi 7% 2. Raflatac 16% 3. Amcor NA 3. Mondi 9% 4. Stora Enso NA 4. Loparex 6% 5. Schoeller NA 5. Huhtamaki 4% 1 Based on sales 2 No public information available, market shares
Slide 69: Operational excellence
OPERATIONAL EXCELLENCE Coating & Release 1 Machine and plant specialisation Operational Streamlined plant Excellence network and – 2 Plant network optimisation increased fixed mainly achieved cost degression through … 3 Fixed costs management PAGE 68
Slide 70: Highlights of the last 18 months – Flexibles business
HIGHLIGHTS OF THE LAST 18 MONTHS – FLEXIBLES BUSINESS Leading market position Strengthen z Streamlined the portfolio of Mondi’s Flexibles Business through low-cost Strong asset divestures/closures position base Focus on z Started integration and restructuring of recently acquired Efficiency business
Slide 71: Focus of the next 18 months – Flexibles business
FOCUS OF THE NEXT 18 MONTHS – FLEXIBLES BUSINESS Leading market position Strengthen z Continue to divest non-core assets, rationalize the existing plant low-cost network and to close down non competitive plants Strong asset position base z Integrate and restructure recently acquired businesses Focus
Slide 72: Q&A
Q&A