Valmet Corp · OMXHEX:VALMT
Valmet — Non-Deal Roadshow (January 2015)
77 slides from Valmet's roadshow presentation, January 2015
Slide 1: Valmet – focus on profitability improvement
Valmet – focus on profitability improvement Roadshow material January 2015
Slide 2: Agenda
Agenda Valmet Roadshow 1 Valmet overview 2 Investment highlights 3 Financials 4 Conclusions 5 Appendix
Slide 3: Valmet overview
Valmet overview Valmet <>
Slide 4: Valmet's road to becoming a global market leader
Valmet’s road to becoming a global market leader 1797 Tamfelt 1951 1968-1996 End of 2013 1856 Tampella Valmet Several M&As i.e. Demerger to create 1858 Beloit 1986 KMW Valmet and Metso 1987 Wärtsilä paper finishing machinery 1860 KMW 1992 Tampella Papertech 1868 Sunds Defibrator 1942 1951-1995 1999
Slide 5: Capitalizing on the growing pulp, energy, tissue, and packaging board needs globally
Capitalizing on the growing pulp, energy, tissue, and packaging board needs globally Global market leader with Sales1 #1-2 market positions in all markets served Stable, growing and profitable 11% 15% EUR 1 billion services business High barrier to entry capital business with good long-term 15% 26%
Slide 6: Our three business lines serve the same customer base
Our three business lines serve the same customer base Services Pulp and Energy Paper Net sales1 1.0 bn, 39% Net sales1 0.9 bn, 35% Net sales1 0.7 bn, 26% • Mill and plant improvements Technologies and solutions for Technologies and solutions for • Roll and workshop services • Pulp production • Board
Slide 7: Strong global presence – good platform for growth
Strong global presence – good platform for growth North America 1,127 EMEA China • Large installed base employees • Large installed base to • Capital project opportunities to be serviced be serviced in board and tissue • Growth opportunity in • Growth opportunity in • Good services market increased
Slide 8: Serving global customer base
Serving global customer base Services Pulp and Energy Paper Key customers Key customers Key customers Yunnan Yun-Jing Forestry & Pulp Mill Valmet is a registered trademark of Valmet Corporation. Other trademarks appearing here are trademarks of their respective owners. 8 January, 2015 © Valmet
Slide 9: Valmet's way forward
Valmet’s way forward Mission Strategy Must-Wins Vision Converting renewable Valmet develops and > Customer To become the global resources into supplies competitive excellence champion in serving sustainable results technology and > Leader in our customers services to the pulp, technology paper and e
Slide 10: Investment highlights
Investment highlights Valmet <>
Slide 11: Investment highlight summary
Investment highlight summary Established market leader with #1-2 market positions 1 in all markets served Stable, growing, and profitable services business 2 with over EUR 1 billion sales provides good visibility and resilience Long-term growth potential in capital business 3 from increase in pulp,
Slide 12: Established market leader with #1-2 market positions in all markets served
1 Established market leader with #1-2 market positions in all markets served Services (>EUR 1 bn)1 Capital (~EUR 1.6 bn)1 Pulp Energy Paper Market position Machines Services #1-2 Pulping #1-2 Bioenergy generation #1-2 Board #1-2 Tissue #1 Paper #1-2 Large installed base • 3,800 pulp and paper mills
Slide 13: EUR 1 billion of net sales from stable and growing services
2 EUR 1 billion of net sales from stable and growing services Strong trends driving services Comprehensive offering market expansion Customers outsource non-core operations Capacity increases in China, South America and Asia-Pacific Customer cost pressure and efficiency requirements increase d
Slide 14: Pulp, energy, board, and tissue capital business on long-term growth trajectory
3 Pulp, energy, board, and tissue capital business on long-term growth trajectory Pulp and Energy Paper Energy Pulp Board Tissue Printing and writing papers and newsprint ~1% 2.0 ~1-2% 1.4 ~3% 1.0 ~3% 0.6 ~-1% 0.6 p.a. bn p.a. bn p.a. bn p.a. bn p.a. bn Demand drivers • Growth in energy • Growth in
Slide 15: Global diversified footprint with large exposure to growing emerging markets
4 Global diversified footprint with large exposure to growing emerging markets Emerging markets expansion1 Exposure to emerging markets2 Net sales (EUR million) 80% 1,153 1,234 1,077 1,116 70% Approximate share of sales generated in emerging markets2 665 Outotec FLSmidth 60% Wärtsilä 2010 2011 2012
Slide 16: Strong focus on profitability improvement
5 Strong focus on profitability improvement We are addressing the current decline Short- to mid-term in the capital business profitability improvement through Cost-savings program EUR 100 million by the end cost-reduction of 2014 program with clearly defined steps that take profitability Valmet is
Slide 17: Financials
Financials Valmet <>
Slide 18: Financial targets
Financial targets Growth Net sales growth to exceed market growth Profitability EBITA1 before non-recurring items: 6-9% ROCE Return on capital employed (pre-tax), ROCE 2: minimum of 15% Dividend Dividend payout at least 40% of net profit policy 1) EBITA before non-recurring items = operating profit
Slide 19: Q3/2014 in brief
Q3/2014 in brief Orders received on a par with Q3/2013 in services • Services orders on a par with Q3/2013 • Net sales decreased compared with Q3/2013 Orders received slowed down in capital business from high level in H1/2014 • Orders received increased in Paper, and Pulp and Energy compared with Q3
Slide 20: Key figures Q3/2014
Key figures Q3/2014 EUR million Q3/2014 Q3/2013 Change Q1-Q3/2014 Q1-Q3/2013 Change Orders received 466 382 22% 2,590 1,754 48% Order backlog1 2,312 1,658 39% 2,312 1,658 39% Net sales 590 601 -2% 1,697 1,946 -13% EBITA2 32 31 4% 58 79 -27% % of net sales 5.5% 5.1% 3.4% 4.1% EBIT3 26 -17 35 7 >100%
Slide 21: Orders received EUR 2.6 billion in Q1-Q3/2014
Orders received EUR 2.6 billion in Q1-Q3/2014 Orders received (EUR million), Orders received (EUR million), by business line by area 1,200 1,101 3,000 1,200 1,101 3,000 1,023 1,023 1,000 861 212 2,500 1,000 861 60 2,500 190 422 47 120 800 128 2,000 800 103 2,000 600 511 1,500 600 511 214 34 1,500 42
Slide 22: Order backlog at EUR 2.3 billion
Order backlog at EUR 2.3 billion Order backlog (EUR million) Structure of order backlog 3,000 2,500 ~20% +65% 2,406 2,312 2,000 1,883 1,972 1,807 1,500 1,658 1,398 1,000 ~80% 500 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Services business Capital business Cancelled Fibria order of EUR 331 million
Slide 23: Net sales and profitability development
Net sales and profitability development Net sales and EBITA before NRI (EUR million) 714 666 631 601 588 590 519 5.1% 5.5% EBITA target 6–9% 4.1% 3.7% 3.1% 0.7% -3.7% Services Capital 243 256 256 274 251 235 224 EBITA-% Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 EBITA before 26 22 31 -25 4 22 32 NRI
Slide 24: Good development in gross profit and SG&A expenses
Good development in gross profit and SG&A expenses Gross profit (EUR million and % of net sales) SG&A (EUR million and % of net sales) 140 35% 140 35% 120 30% 120 30% 100 25% 100 25% 80 20% 80 20% 60 15% 60 15% 40 10% 40 10% 20 5% 20 5% 0 0% 0 0% Q2/2013 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/20
Slide 25: Key Must-Win objectives to improve profitability to the targeted level of 6–9%
Key Must-Win objectives to improve profitability to the targeted level of 6–9% Improve project Reduce quality Savings in Continue to Improve product and service costs and lead procurement improve cost cost margin times competitiveness competitiveness to increase gross profit • Harmonization of • Com
Slide 26: Stable development in Services
Stable development in Services Orders received (EUR million) Net sales (EUR million) Q1-Q3/2013: Q1-Q3/2014: Q1-Q3/2013: Q1-Q3/2014: EUR 799 million EUR 782 million EUR 756 million EUR 711 million 300 282 281 273 1,200 300 274 1,200 267 256 256 237 242 243 251 250 233 1,000 250 224 235 1,000 200 800
Slide 27: Orders received about EUR 1.3 bn in Q1-Q3/2014 in Pulp and Energy
Orders received about EUR 1.3 bn in Q1-Q3/2014 in Pulp and Energy Orders received (EUR million) Net sales (EUR million) Q1-Q3/2013: Q1-Q3/2014: Q1-Q3/2013: Q1-Q3/2014: EUR 579 million EUR 1,279 million EUR 667 million EUR 644 million 800 1,600 400 1,600 700 622 1,400 350 1,400 600 560 1,200 300 1,20
Slide 28: Orders received exceeded EUR 500 million in Paper
Orders received exceeded EUR 500 million in Paper Orders received (EUR million) Net sales (EUR million) Q1-Q3/2013: Q1-Q3/2014: Q1-Q3/2013: Q1-Q3/2014: EUR 376 million EUR 530 million EUR 524 million EUR 342 million 300 900 300 900 250 212 750 250 218 750 190 200 168 600 200 167 600 139 152 150 128
Slide 29: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2014 (as given on February 6, 2014) Guidance for Valmet estimates that net sales in 2014 will decline from the 2013 2014 level and EBITA before non-recurring items will increase in comparison with 2013 Short-term market outlook Q4/2013 Q1/2014 Q2/2
Slide 30: Conclusion
Conclusion Valmet <>
Slide 31: Valmet - unique combination of technology, capital equipment and services globally
Valmet - unique combination of technology, capital equipment and services globally Global, diversified Services customer base • >EUR 1 bn business • >2,000 customer plants worldwide • ~70 service centers Growing end-markets Global Capital organization • Established market close to leader customers •
Slide 32: Important notice
Important notice IMPORTANT: You must read the following before continuing. 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 pre
Slide 33: Appendix
Appendix 1 Management, ownership and share price development 2 Financials 3 Market statistics
Slide 34: Appendix: Management, ownership and share price development
Appendix Management, ownership and share price development
Slide 35: Experienced management team
Experienced management team Corporate 23 1 2 1 1 23 6 2 10 19 Pasi Laine Markku Honkasalo Kari Saarinen Julia Macharey Anu Salonsaari-Posti President and CEO Chief Financial Officer SVP, Strategy and SVP, Human Resources SVP, Marketing & Share ownership: 30,046 Share ownership: 700 Operational Devel
Slide 36: Board of Directors
Board of Directors Jukka Mikael Von Friederike Erkki Pehu- Viinanen Frenckell Helfer Lehtonen (b. 1948) (b. 1947) (b. 1976) (b. 1950) Chairman of Vice Chairman of Board member Board member the Board the Board Austrian citizen Finnish citizen Finnish citizen Finnish citizen • MSc in Engineering • MSc
Slide 37: Largest shareholders on December 31, 2014
Largest shareholders on December 31, 2014 Based 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 Nordea Funds 5,479,908 3.66% 3 Skagen Global Verdipapirfond 3,202,627 2.14% 4 Ilmarinen Mutual Pension Insur
Slide 38: Ownership structure on December 31, 2014
Ownership structure on December 31, 2014 14.0% Nominee registered and non-Finnish holders 11.1% Finnish institutions, companies and foundations 54.7% Solidium Oy Finnish private investors 20.1% Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and
Slide 39: Share of non-Finnish holders and number of shareholders
Share of non-Finnish holders and number of shareholders 57% 60,000 55% 58,000 53% 56,000 51% 54,000 49% 52,000 47% 50,000 45% 48,000 12/2013 01/2014 02/2014 03/2014 04/2014 05/2014 06/2014 07/2014 08/2014 09/2014 10/2014 11/2014 12/2014 Non-Finnish holders (LHS) Total number of shareholders (RHS) 39
Slide 40: Share price development and trading volume
40 Million shares 6.50 7.00 7.50 8.00 8.50 9.00 10.00 10.50 6.00 9.50 0 1 2 3 4 5 6 7 8 01/14 01/14 January, 2015 01/14 01/14 01/14 01/14 02/14 02/14 02/14 02/14 © Valmet 03/14 03/14 03/14 03/14 04/14 04/14 04/14 04/14 Valmet 05/14 05/14 05/14 05/14 06/14 06/14 06/14 06/14 07/14 07/14 07/14 07/14 07
Slide 41: Appendix: Financials
Appendix Financials Valmet <>
Slide 42: Latest development in sustainability
Latest development in sustainability Valmet has defined a sustainability agenda as part of the implementation of its business strategy Valmet has been selected for the world’s leading Dow Jones Sustainability Index among three (3) other Finnish companies Valmet scored high points in CDP climat
Slide 43: Customer activity has increased in 2014 (H1)
Customer activity has increased in 2014 Announced orders during H1/2014 Date Description Business line Country Value Jan 9 Prehydrolysis system (pilot scale) Pulp and Energy Netherlands Not disclosed Jan 27 Multi-fuel boiler Pulp and Energy Finland Not disclosed Jan 31 Upgrade of recovery boiler and
Slide 44: Customer activity has increased in 2014 (H2)
Customer activity has increased in 2014 Announced orders during H2/2014 Date Description Business line Country Value Jul 2 Advantage DCT 200 tissue line Paper Middle East Not disclosed Jul 8 Wood chipping plant Pulp and Energy Sweden Around EUR 20 million Aug 4 Advantage NTT line Paper USA Not discl
Slide 45: Valmet's Must-Win initiatives and objectives
Valmet’s Must-Win initiatives and objectives Must-Wins Primary Must-Win objectives 1. Customer • Strengthen our presence close to customers and growth markets excellence • Strengthen Key Account Management to enhance growth at the customer • Drive service growth through long-term agreements and expa
Slide 46: Profitability improvement program proceeding according to plan
Profitability improvement program proceeding according to plan • Announced in April 2013, targeting EUR 100 million in savings by the Profitability end of 2014 improvement • Impact on all business lines, especially in the Board and Paper, and program Energy business units • ~1/3 of the program targe
Slide 47: Good cash flow
Good cash flow Cash flow provided by operating activities (EUR million) 140 120 100 117 80 60 40 43 46 20 12 0 -5 -12 -20 -38 -40 -60 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q2/2014 Q3/2014 Q1/2014 • At the end of September 2014, net working capital was EUR -345 million • CAPEX less than depreciation 47 Jan
Slide 48: Net debt, gearing and equity to assets ratio
Net debt, gearing and equity to assets ratio Net debt (EUR million) and gearing (%) Equity to assets ratio (%) 200 20% 45% 150 15% 8% 41% 41% 100 10% 40% 40% 40% 3% 40% 39% 39% 50 71 5% 0% 0% 0 30 0% 0 -1 -39 -54 -50 -5% 35% -5% -100 -7% -10% -158 -150 -15% -20% -200 -20% 30% Q1/13 Q2/13 Q3/13 Q4/13
Slide 49: Structure of loans and borrowings
Structure of loans and borrowings Amount of outstanding interest-bearing debt: EUR 100 million (Sep 30, 2014) Maturity profile of interest-bearing debt Main financing sources (EUR millions) EUR 82 million EIB loan 250 Maturing in: H2/2016 200 EUR 18 million other financing sources 150 100 200* Bac
Slide 50: Strong balance sheet to support large orders
Strong balance sheet to support large orders Financial position as of September 30, 2014 (EUR million) 64 145 35 210 -158 2,478 2,333 47 802 Long- Short- Cash and Other Net debt Total equity Balance sheet Advances Adj. balance term debt term debt equivalents financial total received sheet total asse
Slide 51: Net sales and profitability development, annual
Net sales and profitability development, annual Net sales and EBITA before NRI (EUR million)1 2,925 3,014 2,735 2,703 2,613 2,453 2,092 2,061 EBITA target 6-9% 7.1% 7.6% 6.3% 6.5% 6.4% 5.5% 5.6% 2.1% Services Capital 834 847 877 974 1,011 1,032 EBITA-% 636 715 2006 2007 2008 2009 2010 2011 2012 2013
Slide 52: Key ratios
Key ratios Q1-Q3/ Q1-Q3/ Q1-Q4/ 2014 2013 2013 Carve-out Carve-out Earnings per share, EUR 0.14 -0.011 -0.42 Diluted earnings per share, EUR 0.14 -0.011 -0.42 Equity per share at end of period, EUR 5.32 5.60 5.39 Return on equity (ROE), % (annualized) 3% 0%2 -7%2 Return on capital employed (ROCE) be
Slide 53: Consolidated statement of income
Consolidated statement of income Q3/2014 Q3/2013 Q1-Q3/ Q1-Q3/ 2014 2013 Carve- Carve- EUR million out out Net sales 590 601 1,697 1,946 Cost of goods sold -474 -494 -1,371 -1,580 Gross profit 116 107 325 366 Selling, general and administrative expenses -92 -109 -292 -343 Other operating income and
Slide 54: Balance sheet as at September 30, 2014 (assets)
Balance sheet as at September 30, 2014 Assets As at September 30, 2014 As at September 30, 2013 As at December 31, 2013 EUR million Carve-out Non-current assets Intangible assets Goodwill 446 446 443 Other intangible assets 95 118 107 Total intangible assets 541 564 550 Property, plant and equipment
Slide 55: Balance sheet as at September 30, 2014 (equity and liabilities)
Balance sheet as at September 30, 2014 Equity and liabilities As at September 30, 2014 As at September 30, 2013 As at December 31, 2013 EUR million Carve-out Equity Share capital 100 - 100 Reserve for invested unrestricted equity 403 - 402 Cumulative translation adjustments 11 10 2 Fair value and ot
Slide 56: Appendix: Market statistics
Appendix Market statistics Valmet <>
Slide 57: 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 Comprehensive life-cycle services offering serving global customer base with over 2,000 plants purchasing services from Valmet annually Spare and wear parts Fabric
Slide 58: Services market
Services market Market trends Total market for Valmet’s EMEA and North America Cost pressure and outsourcing ► Largest market for the services offering ~EUR 7bn1 Services BL where majority of • Pulp and paper services = ~EUR 6bn ► Customer cost pressure and machine installed base is located • Power
Slide 59: Pulp market
Pulp market Market trends Total market for Valmet’s pulp Virgin wood pulp growth due to EMEA and North America technology ~EUR 1.4bn1 ► Chemical pulp production • Chemical pulp accounts for ~70% of the total limitations of recycled paper growth growing by ~1% p.a. in 2010- volume of virgin papermaki
Slide 60: Energy market
Energy market Market trends Global biomass and waste power Growth in energy consumption and EMEA and North America plant market ~EUR 4.5bn1 ► EMEA region and North • Average estimate for global biomass and waste demand for sustainable energy America, represent ~50% of power plant market between 2013
Slide 61: Paper market
Paper market Market trends EMEA and North America Total market for Valmet’s1: General: Demand for increased energy, ► Market expected to mainly Board technology ~EUR 1bn water and raw material efficiency relate to rebuilds of existing • Containerboard consumption growing by ~2.7% ► Focus on environm
Slide 62: The majority of new pulp lines are being built in South America and Asia
The majority of new pulp lines are being built in South America and Asia Market fluctuates from year to year New chemical pulp lines in SA and Asia Market size1 Gross capacity additions 2011-20202 (EUR million) (Avg. ktons p.a.) Valmet New lines Other Other increases 600 3,500 200 700 1,000 700 1,30
Slide 63: Market for larger size biomass boilers has significantly declined in EMEA and North America
Market for larger size (> 50 MWth) biomass boilers has significantly declined in EMEA and North America New boiler market served by Valmet1 (EUR million) Key messages (only projects where Valmet has been involved) and implications • Strong market decline in EMEA Rest of the world 2013 and unclear fu
Slide 64: Major changes in the paper and board market
Major changes in the paper and board market Estimated net sales1 (EUR millions) Board machines: 1,000 Narrow, slow, 900 and lower 800 technology 700 600 500 400 Paper 300 machines: 200 100 Wide, fast, and 0 high technology 1996 1998 2000 2002 2004 2006 2008 2010 2012 Paper Board 1) Company estimate
Slide 65: Consumption development
Consumption development Growth in board and tissue consumption is expected to continue while newsprint is declining Paper consumption1 (Mton) 220 CAGR 2001-2013 2013-2025F 200 180 Containerboard +3.4% +2.5% 160 140 120 Printing & Writing +0.5% -0.3% 100 80 Cartonboard +2.6% +2.8% 60 40 Tissue +3.1%
Slide 66: Paper and board consumption growth trends
Paper and board consumption growth trends Paper and board consumption per capita vs. population1 250 2,500 Population growth in emerging markets is 200 2,000 larger than in 150 1,500 developed markets 100 1,000 Level of 50 500 consumption per capita in emerging 0 0 markets clearly Eastern Europe Chi
Slide 67: Demand has shifted more towards smaller paper and board machines
Demand has shifted more towards smaller paper and board machines • We are focusing more on modularized and standardized solutions • Competition is higher in smaller machines Capacity of start-ups1, by machine Valmet’s market share1, size by machine size 47 Mton 35 Mton XL 40-60% Competition is lower
Slide 68: Tissue consumption growth trends
Tissue consumption growth trends Tissue consumption per capita vs. population1 New products and 2,500 25 consumption models based on tissue are 2,000 20 helping increase 1,500 15 consumption in developed markets 1,000 10 500 5 0 0 Consumption in emerging markets is China Rest of Asia Oceania Africa
Slide 69: Tissue market growing long term
Tissue market growing long term • Recent market reduction due to heavy Chinese investments • Competition is high in all areas, Valmet is strongest in North America Capacity of start-ups1, by area Valmet’s market share1, by area 7 Mton 6 Mton South 20-40% America Number of competitors 5 Mton APAC ex.
Slide 70: Paper, board, and tissue production trends
Paper, board, and tissue production trends North America (million tonnes) Europe (million tonnes) 12 50 15 40 11 13 35 10 40 30 9 11 8 30 25 7 9 20 6 20 7 15 5 4 10 5 10 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Tissue (LHS) Newspri
Slide 71: Paper, board, and tissue operating rates
Paper, board, and tissue operating rates North America Europe 100% 100% 95% 95% 90% 90% 85% 85% 80% 75% 80% 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 Tissue Newsprint Printing & Writing Tissue Newsprint Printing & Writing Containerboard Cartonboard Containerboar
Slide 72: Pulp and paper price trends
72 1,000 300 400 500 600 700 800 900 200 Source: Bloomberg 1-Dec-07 January, 2015 1-Mar-08 1-Jun-08 1-Sep-08 1-Dec-08 © Valmet 1-Mar-09 1-Jun-09 Uncoated (USD/t) 1-Sep-09 1-Dec-09 1-Mar-10 1-Jun-10 1-Sep-10 1-Dec-10 1-Mar-11 1-Jun-11 Pulp and paper price trends Copy paper (EUR/t) 1-Sep-11 1-Dec-11 1
Slide 73: Historically large spread in pulp prices
Historically large spread in pulp prices • This autumn, many pulp producers have announced price NBSK hikes Northern bleached Pulp prices, Europe: NBSK and BHKP (USD/ton) softwood kraft pulp is produced mainly in 1,100 350 Canada and the Nordic Spread at the countries. NBSK is end of October: 1,000
Slide 74: Crude oil, steam coal, natural gas and electricity: Europe
Crude oil, steam coal, natural gas and electricity Europe 180 100 160 90 140 80 120 70 60 100 50 80 40 60 30 40 20 20 10 0 0 1-Jan-10 1-Jun-10 1-Nov-10 1-Apr-11 1-Sep-11 1-Feb-12 1-Jul-12 1-Dec-12 1-May-13 1-Oct-13 1-Mar-14 1-Aug-14 CIF ARA steam coal (USD/t) (LHS) Brent crude oil (USD/barrel) (LHS)
Slide 75: Crude oil, steam coal, natural gas and electricity: United States
Crude oil, steam coal, natural gas and electricity United States 140 7 120 6 100 5 80 4 60 3 40 2 20 1 0 0 1-Jan-10 1-Jun-10 1-Nov-10 1-Apr-11 1-Sep-11 1-Feb-12 1-Jul-12 1-Dec-12 1-May-13 1-Oct-13 1-Mar-14 1-Aug-14 FOB steam coal Richards Bay (USD/t) (LHS) WTI crude oil (USD/barrel) (LHS) Henry Hub
Slide 76: European carbon emission allowance price
76 0 1 2 3 4 5 6 7 8 9 2-Nov-12 23-Nov-12 Source: Bloomberg 14-Dec-12 January, 2015 4-Jan-13 25-Jan-13 15-Feb-13 8-Mar-13 29-Mar-13 © Valmet 19-Apr-13 10-May-13 31-May-13 21-Jun-13 12-Jul-13 2-Aug-13 23-Aug-13 13-Sep-13 4-Oct-13 25-Oct-13 15-Nov-13 6-Dec-13 27-Dec-13 17-Jan-14 7-Feb-14 28-Feb-14 Eur
Slide 77: FORWARD
FORWARD