Slide 1: Valmet – unique offering with process technology, automation and services
Valmet – unique offering with process technology, automation and services Roadshow presentation August 2018
Slide 2: Agenda
Agenda Valmet roadshow presentation 1 Valmet in brief 2 Investment highlights 3 Financials 4 Conclusion 2 August 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 3,272 3,226 3,257 3,071 3,139 3,058 2,878 2,928 2,926 2,613 2,473 2,182 1,713 1,651 1,762 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 8,478 employees China ~120 87 1,714 employees service centers sales offices North America 1,203 employees 36 16 production units R&D centers Asia-Pacific 749 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 and Energy • Recycled fiber lines • Complete pulp mills • Tailor-made board and paper machines • Sections and solutions for pulp production • Modularized board and paper ma
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 Corporate Sustainable Most material citizenship supply chain UN Sustainable • In Dow Jones • We ensure that our people • We continue to develop sustainable Development Goals Sustainability Index for the know and understand Valmet’
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 highlight summary
Investment highlight summary 1 Strong market position in markets that grow Stable business, with EUR 1.5 billion of net sales, offering stability, growth 2 and profitability Capital business, with flexible cost structure, offering growth and 3 profitability potential 4 Continuous systematic developm
Slide 14: Strong market position in markets that grow
1 2 3 4 5 Strong market position in markets that grow Services Automation Pulp Energy Tissue Board Paper #1–2 #1–3 #1–2 #1–3 #1 #1 #1 EUR EUR EUR EUR EUR EUR EUR 8.0 ~1-2% ~1% 1.4 ~1% ~1% ~3% ~2-3% 0.3 ~-1% p.a. 2.0 p.a. p.a. 2.0 0.7 1.0 p.a. bn p.a. p.a. p.a. bn bn bn bn bn bn • Increasing pulp, pa
Slide 15: Stable business offering stability, growth and profitability
1 2 3 4 5 Stable business, with EUR 1.5 billion of net sales, offering stability, growth and profitability Organic Stable business orders received (EUR million) growth Growth Key potential in stable business ~11% ~4% CAGR • Valmet Way to Serve • Industrial Internet CAGR 1,624 Services 1,609 1,519 •
Slide 16: Capital business with flexible cost structure
1 2 3 4 5 Capital business, with flexible cost structure, offering growth and profitability potential Key potential in capital business Orders received (EUR million) • Product cost competitiveness to support the growth 2,015 • Cost structure development and increasing flexibility 1,657 1,713 1,537 1
Slide 17: Continuous systematic development
1 2 3 4 5 Continuous systematic development Supporting growth: New Valmet way to serve Improved sales process for complete offering Supporting profitability improvement: Reducing procurement costs Reducing quality costs Project management, R&D and ERP 17 August 2018 © Valmet | Roadshow pre
Slide 18: Technology leader with unique offering
1 2 3 4 5 Technology leader with unique offering Cost-competitive, focused Complete pulp mill Comprehensive offering solutions in Paper delivery capability for energy customers • 15 OptiConcept M machines sold • State-of-the-art technology for • Solutions for demanding fuels • 10 Advantage NTT machi
Slide 19: Financials
Financials Valmet <>
Slide 20: Key figures
Key figures EUR million Q2/2018 Q2/2017 Change Q1–Q2/2018 Q1–Q2/2017 Change Orders received 865 796 9% 1,756 1,802 -3% Order backlog1 2,621 2,714 -3% 2,621 2,714 -3% Net sales 844 732 15% 1,575 1,376 14% Comparable EBITA 61 48 27% 82 82 1% % of net sales 7.2% 6.5% 5.2% 5.9% EBITA 57 47 22% 76 84 -10
Slide 21: Comparable EBITA margin development
Comparable EBITA margin development Net sales and Comparable EBITA (EUR million and %) 967 Target 8–10% 854 7.8% 844 804 7.5% 777 779 785 8.4% 7.2% 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 business
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 market position in markets that grow Stable business, with EUR 1.5 billion of net sales, offering stability, growth 2 and profitability Capital business, with flexible cost structure, offering growth and 3 profitability potential 4 Continuous systematic development 5 Technology l
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 August 2018 © Valmet | Roadshow presentation
Slide 27: Appendix: Financials
Appendix Financials Valmet <>
Slide 28: Services: Orders received and net sales increased
Services: Orders received and net sales increased Orders received (EUR million) Net sales (EUR million) Q1–Q2/2017: Q1–Q2/2018: Q1–Q2/2017: Q1–Q2/2018: EUR 676 million EUR 690 million EUR 554 million EUR 572 million 400 1,600 400 1,600 355 346 344 340 350 313 321 321 1,400 350 314 316 325 1,400 293
Slide 29: Automation: Orders received remained at previous year's level
Automation1: Orders received remained at the previous years level and net sales increased Orders received2 (EUR million) Net sales2 (EUR million) Q1–Q2/2017: Q1–Q2/2018: Q1–Q2/2017: Q1–Q2/2018: EUR 192 million EUR 195 million EUR 152 million EUR 159 million 120 103 102 450 120 115 450 101 101 99 95
Slide 30: Pulp and Energy: Orders received decreased and net sales increased
Pulp and Energy: Orders received decreased and net sales increased Orders received (EUR million) Net sales (EUR million) Q1–Q2/2017: Q1–Q2/2018: Q1–Q2/2017: Q1–Q2/2018: EUR 406 million EUR 278 million EUR 381 million EUR 408 million 700 1,400 700 1,400 622 600 560 1,200 600 1,200 500 1,000 500 1,000
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–Q2/2017: Q1–Q2/2018: Q1–Q2/2017: Q1–Q2/2018: EUR 557 million EUR 623 million EUR 310 million EUR 460 million 400 1,200 400 1,200 353 350 314 1,050 350 1,050 304 300 275 270 900 300 900 246 243 250
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. Jul 13 Q2 Advantage DCT 200 tissue line Paper Turkey Not disclosed. Aug 6 Q2 Advantage DCT100HS tissue production line and
Slide 37: Announced orders in H1/2017
Announced orders in H1/2017 Date Booked Description Business line Country Value quarter Jan 3 Q4 Modernization of a flue gas desulphurization (FGD) at a combined heat and power Pulp and Energy Poland Not disclosed. The value of a project of this size and scope is typically around EUR 2 million. (CHP
Slide 38: Announced orders in H2/2017
Announced orders in H2/2017 Date Booked Description Business line Country Value quarter Jul 6 Q1 Defibrator system Pulp and Energy China Not disclosed. The value of a project of this size and scope is typically valued in the rage of EUR 1.5 –5 million. Sep 5 Q2 New chipper to a pulp mill Pulp and En
Slide 39: Orders received increased to EUR 865 million in Q2/2018
Orders received increased to EUR 865 million in Q2/2018 Orders received (EUR million) Orders received in Q1–Q2/2018 by area 1,400 3,500 Asia-Pacific 9% North America 1,200 3,000 23% 1,000 2,500 China 17% 800 2,000 600 1,500 South 1,101 America 1,023 1,005 857 890 865 6% 400 781 725 793 803 788 796 7
Slide 40: Stable business orders received during last four quarters
Stable business orders received totaled EUR 1,626 million during the last four quarters Orders received (EUR million) in stable business1 600 1,800 500 445 1,500 443 439 409 424 402 394 372 383 400 344 88 359 93 102 1,200 330 342 88 103 95 81 293 87 75 101 300 267 273 273 75 80 900 242 78 200 600 32
Slide 41: Order backlog at EUR 2,621 million
Order backlog at EUR 2,621 million at the end of Q2/2018 Order backlog (EUR million) Structure of order backlog 3,000 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 business Q
Slide 42: 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% 16% 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 43: 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–Q2/2018: EUR 236 million EUR 78 million EUR 246 million EUR 291 million EUR 22 million 140 120 117 122 100 80 88 94 89 60 78 64 40 43 46 20 30 33 31 17 16 3 19 3 0 -20 -20 -
Slide 44: Net working capital at -11% of rolling 12 months orders received
Net working capital at -11% of rolling 12 months orders received Net working capital and orders received (EUR million) 1,500 30% 1,000 1,101 20% 1,023 1,005 857 890 865 781 725 793 803 788 796 743 727 500 692 10% 580 466 480 0 0% -235 -249 -317 -265 -244 -238 -194 -181 -265 -294 -335 -345 -353 -378
Slide 45: Net debt decreased compared with Q2/2017
Net debt decreased compared with Q2/2017 Net debt (EUR million) and gearing (%) Equity to assets ratio (%) 300 27% 30% 45% 24% 42% 41% 41% 42% 41% 21% 38% 39% 39% 40% 37% 200 231 20% 36% 35% 36% 15% 35% 178 192 100 126 6% 10% 30% 4% 52 31 0% 25% 0 -3% -3% 0% -27 -30 -4 20% -100 -102 -100 -10% 15% -1
Slide 46: 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 1,112 1,138 1,141 1,137 Target 16% 1,033 1,049 985 15–20% 967 17% 902 14% 14% 14% 14% 14% 877 13% 13% 13% 16% 12% 12
Slide 47: Structure of loans and borrowings
Structure of loans and borrowings Interest-bearing debt EUR 201 million as at June 30, 2018 Amount of outstanding interest-bearing debt Main financing sources and facilities (EUR million) 250 Source Amount outstanding Loans from banks and EUR 201 million 200 financial institutions 150 EUR 200 millio
Slide 48: Strong balance sheet to support large orders
Strong balance sheet to support large orders Financial position as of June 30, 2018 (EUR million) 262 391 Net debt EUR -4 million Equity to assets ratio1 41% Gearing 0% 1) Total equity / (Balance sheet total - advances received - billings in excess of cost and earnings of projects under construction
Slide 49: 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 50: Appendix: Focus areas and actions
Appendix Focus areas and actions
Slide 51: Summary of key actions by area
Summary of key actions by area North America EMEA China • Strengthened service presence in • Increase services market share in • Strengthen key account Mexico Central and Eastern Europe management to continue service • Grow automation market share via • Grow automation market share via growth compet
Slide 52: Actions to reach EBITA target
Actions to reach EBITA target Comparable EBITA margin in 2015 6.2% Net sales (EUR million) and Comparable EBITA margin (%) Sales process management ~1% 3,058 2,928 2,926 2,613 2,473 7.1% Project management and project execution ~1% 6.2% 6.7% 4.3% 2.1% Procurement & quality ~1% Technology, R&D and ER
Slide 53: Procurement and quality cost development
Procurement and quality cost development Implemented procurement savings of annual direct spend Quality costs (% of net sales) 4.0% 3.6% 4.3% 4.4% 4.3% 3.1% 3.8% 3.9% 2.6% 2.8% >3.0% <1.3% 2013 2014 2015 2016 2017 Annual 2013 2014 2015 2016 2017 Long- goal term goal Targeting >3% of procurement savi
Slide 54: Appendix: Area development
Appendix Area development Valmet <>
Slide 55: 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 56: 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 57: 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 58: 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 59: 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 60: Shareholders, share price development and sustainability
Appendix Shareholders, share price development and sustainability
Slide 61: Largest shareholders on July 31, 2018
Largest shareholders on July 31, 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 Mutual P
Slide 62: Shareholder structure on July 31, 2018
Shareholder structure on July 31, 2018 Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and non-Finnish holders1 339 0.75 74,502,891 49.71% Finnish institutions, companies and foundations 2,398 5.27 38,681,135 25.81% Solidium Oy2 0 0.00 16,695,287
Slide 63: 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* 10% 56% 59,000 6% 54% 57,000 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 64: Share price development and trading volume
64 Million shares 0 2 4 6 8 10 6.00 8.00 12.00 14.00 18.00 10.00 16.00 August 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 © Valmet | Roadshow presentation 12/15 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 Valmet vo
Slide 65: Recognition from Dow Jones and CDP
Recognition from Dow Jones and CDP • Valmet is in Dow Jones Sustainability Index for the fourth 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: SustainA
Slide 66: 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 67: Strategy and offering
Appendix Strategy and offering
Slide 68: Valmet's Way Forward
Valmet’s Way Forward Our Vision To become the global champion Our Must-Wins in serving our customers Customer excellence Our Strategy Leader in technology and Valmet develops and supplies innovation competitive process technology, Excellence in processes services and automation to the Our Miss
Slide 69: Valmet Way to Serve – Services offering portfolio
Valmet Way to Serve – Services offering portfolio Shared Journey Forward Reliability Performance New Technology Maintenance Process Process and Industrial Spare parts Production Automation and Outsourcing support and automation Internet and and consumables projects shutdown services optimization upg
Slide 70: Comprehensive life-cycle services offering and large customer base
Comprehensive life-cycle services offering and large customer base with significant potential Comprehensive life-cycle services offering Over 2,000 customer mills and plants served globally Performance Parts Fabrics Mill Improvements Rolls and workshop services Energy and Environmental • All origina
Slide 71: Our automation offering and market overview
Our automation 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 Quality Control
Slide 72: 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 73: 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 74: Our pulp and energy technology offering
Our pulp and energy technology offering Pulp Recovery Energy Biotechnologies • Wood handling • Evaporation systems • Circulating fluidized bed • Pyrolysis solutions for systems • Recovery islands boilers (CYMIC) bio-oil production • Cooking systems • Bubbling fluidized bed • LignoBoost for lignin •
Slide 75: Our paper technology offering
Our paper technology offering Board and paper Tissue Board and paper production lines Tissue production lines – Recycled fiber lines – Advantage DCT – Tailor made OptiConcept machines – Advantage NTT – OptiConcept M modularized machines – Advantage Thru Air (TAD) Rebuilds Rebuilds – Moderniz
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 are 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: 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