Orders received increased and profitability improved€¦ · Agenda Interim Review, January–September 2016 Q3/2016 in brief Business lines’ development Financial development Summary

Orders received increased and profitability improved

Interim Review,

January–September 2016

October 27, 2016

Pasi Laine, President and CEO

Kari Saarinen, CFO

AgendaInterim Review, January–September 2016

Q3/2016 in brief

Business lines’ development

Financial development

Summary of Interim Review Q3/2016

Appendix

1

2

3

5

6

Guidance and short-term market outlook4

Q3/2016 in brief

Order backlog at EUR 2.2 billion

Orders received increased and net sales decreased in capital

business2

October 27, 2016 © Valmet | Interim Review, January–September 20164

Q3/2016 in brief

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

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

Net debt EUR 126 million

Profitability improved – Comparable EBITA margin at 7.5%

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

increased in stable business1

Net sales split in Q3/2016


Net sales by area Net sales by business lineOrders received

EUR 788 million

Net sales

EUR 685 million

Comparable EBITA

EUR 52 million

Comparable EBITA

margin

7.5%

Employees

12,138

42%

10%

29%

20%

Services

Automation

Pulp and Energy

Paper

20%

8%

47%

13%

12%

North America

South America

EMEA

China

Asia-Pacific

1,1011,023

466 480580

781 725 793 803692

788

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

200

400

600

800

1,000

1,200

1,400

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Orders received (LHS) Last 4 quarters (RHS)

Orders received increased to EUR 788 million in Q3/2016


• Orders received increased in the Pulp and Energy business line, remained at

the previous year’s level in the Services and Automation business lines and

decreased in the Paper business line

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

decreased in China and North America

Orders received (EUR million) Orders received in Q3/2016, by area

North America

19%

South America

4%

EMEA62%

China5%

Asia-Pacific10%

267 273 242 273 293 307252 267

313 321264

95

78 75

81 88

80267 273242

273293

402

330 342

394 409

344

0

150

300

450

600

750

900

1,050

1,200

1,350

1,500

0

50

100

150

200

250

300

350

400

450

500

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

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

Stable business orders received totaled EUR 1,490 million during the last 4 quarters


Orders received (EUR million) in stable business1

• Stable business orders received remained at the previous year’s level

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

1,972

2,4062,312

1,998 2,0642,208

2,117 2,0742,207

2,1062,192

0

500

1,000

1,500

2,000

2,500

3,000

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Order backlog at EUR 2.2 billion at the end of Q3/2016

• Order backlog EUR 85 million higher than at the end of Q2/2016

• Approximately 30% of the order backlog relates to stable business


Order backlog (EUR million)

~30%

~70%

Stable business Capital business

Structure of order backlog


Sustainable supply

chain

Health, safety and

environment (HSE)

People and

performanceSustainable

solutions

Corporate

citizenship

Recent achievements in sustainability

• Inclusion in the Dow Jones World Sustainability Index (DJSI) for the third consecutive year

• New action plans for sustainability agenda for 2016–2018 defined

• Global process for managing suppliers’ sustainability performance – already 90 supplier audits done globally

• Continued focus on safety management resulting in declining LTIF1 (2.5 vs. 3.5 a year ago)

Sustainability360º agendaContributing to business growth

1) LTIF (Lost time incident frequency rate) refers to the number of workplace injuries resulting in absence of at least one workday per million hours worked (own employees).

Business lines’ development

267 273242

273293 307

252 267

313 321

264

0

200

400

600

800

1,000

1,200

1,400

0

50

100

150

200

250

300

350

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Orders received (LHS)

Orders received, last 4 quarters (RHS)

224251

235

278242

304268

314

257

304286

0

200

400

600

800

1,000

1,200

1,400

0

50

100

150

200

250

300

350

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Net sales (LHS)

Net sales, last 4 quarters (RHS)

Orders received at the previous year’s level and net sales increased in Services in Q3/2016


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

• Orders received remained stable compared with Q3/2015

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

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

- Orders received increased in Energy and Environmental, Rolls, and

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

decreased in Mill Improvements

• Net sales increased compared with Q3/2015

Q1–Q3/2016:

EUR 898 million

Q1–Q3/2016:

EUR 846 million

Q1–Q3/2015:

EUR 852 million

Q1–Q3/2015:

EUR 814 million

Orders received and net sales at the previous year’s level in Automation in Q3/2016


• Orders received remained stable compared with Q3/2015

- Orders received increased in North America, South America and China,

remained at the previous year’s level in EMEA and decreased in Asia-

Pacific

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

and Paper

• Net sales remained stable compared with Q3/2015

Net sales1 (EUR million)Orders received1 (EUR million)

1) Q1/2015 orders received and the underlying figures for ‘Orders received, last 4 quarters’ and ‘Net sales, last 4 quarters’ are calculated based on Metso’s

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

8570 67 66

82 72

10

8 8 156

762

95

78 7581

8880

0

75

150

225

300

375

450

0

20

40

60

80

100

120

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16

Orders received, internal (from other business lines)

Orders received, external

Orders received, total (including internal)


68 66

95

5873 65

11 6

6

9

8455

7972

101

66

8169

0

75

150

225

300

375

450

0

20

40

60

80

100

120

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16

Net sales, internal (from other business lines)

Net sales, external

Net sales, total (including internal)


Orders received increased and net sales decreased in Pulp and Energy in Q3/2016



• Orders received increased compared with Q3/2015

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

decreased in China and North America

- Orders received increased in Energy and decreased in Pulp

• Net sales decreased compared with Q3/2015

Q1–Q3/2016:

EUR 692 million

Q1–Q3/2016:

EUR 640 million

Q1–Q3/2015:

EUR 603 million

Q1–Q3/2015:

EUR 668 million

622560

96 66138

259206

261 238180

275

0

200

400

600

800

1,000

1,200

1,400

0

100

200

300

400

500

600

700

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Orders received (LHS)


181

229 234

312

222 231215

245

181

262

196

0

200

400

600

800

1,000

1,200

1,400

0

50

100

150

200

250

300

350

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Net sales (LHS)


Orders received and net sales decreased in Paper in Q3/2016



• Orders received decreased compared with Q3/2015

- Orders received increased in EMEA and decreased in China, North America

and Asia-Pacific

- Orders received decreased in both Board and Paper, and Tissue

• Net sales decreased compared with Q3/2015

Q1–Q3/2016:

EUR 472 million

Q1–Q3/2016:

EUR 459 million

Q1–Q3/2015:

EUR 474 million

Q1–Q3/2015:

EUR 459 million

212190

128142 149

129

197 199186

109

176

0

150

300

450

600

750

0

50

100

150

200

250

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6Orders received (LHS)


114 108120

186

97

177 185200

157 165138

0

150

300

450

600

750

0

50

100

150

200

250

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Net sales (LHS)


Financial development

Key figures Q3/2016


EUR million Q3/2016 Q3/2015 Change Q1–Q3/2016 Q1–Q3/2015 Change

Orders received 788 725 9% 2,282 2,085 9%

Order backlog1 2,192 2,117 4% 2,192 2,117 4%

Net sales 685 734 -7% 2,141 2,074 3%

Comparable EBITA 52 47 10% 140 120 17%

% of net sales 7.5% 6.4% 6.5% 5.8%

EBITA 49 43 15% 135 104 29%

Operating profit (EBIT) 41 33 26% 107 78 37%

% of net sales 6.0% 4.4% 5.0% 3.8%

Earnings per share, EUR 0.17 0.14 28% 0.46 0.33 37%

Return on capital employed (ROCE), before taxes2 12% 11%

Cash flow provided by operating activities 122 16 >100% 158 14 >100%

Gearing1 15% 28%

Items affecting comparability: EUR -2 million in Q3/2016 (EUR -4 million in Q3/2015), EUR -5 million in Q1–Q3/2016 (EUR -16 million in Q1–Q3/2015)

1) At the end of period

2) Annualized

734

18 -1 -18-48

685

Net sales inQ3/2015

Servicesbusiness line

Automationbusiness line

Pulp and Energybusiness line

Paperbusiness line

Net sales inQ3/2016

Change in net sales

Net sales EUR 50 million lower compared with Q3/2015


Net sales bridge, Q3/2015 vs. Q3/2016 (EUR million)

• Net sales increased in the Services business line and remained at the previous year’s level

in the Automation business line

• Net sales decreased in the Paper and Pulp and Energy business lines

Increase in gross profit to net sales in Q3/2016


Gross profit (EUR million and % of net sales)

• Gross profit remained stable compared with Q3/2015

• Selling, general & administrative (SG&A) expenses remained stable compared

with Q3/2015

• Actions to improve gross profit through Must-Win implementation

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

23%

0%

5%

10%

15%

20%

25%

0

40

80

120

160

200

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

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

17%

0%

5%

10%

15%

20%

25%

0

40

80

120

160

200

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

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

Comparable EBITA margin development


Net sales and Comparable EBITA (EUR million and %)

• Net sales decreased and Comparable EBITA increased compared with Q3/2015

- Comparable EBITA margin at 7.5 percent in Q3/2016

Comparable EBITA

(EUR million)19 54 47 63 314 22 32 48 57

Target 6–9%

New target 8–10%

from 2017 onwards

52

224251 235

278242

371334

409

314

377351295

337 354498

319

408400

445

338

427334

519

588 590

777

561

779734

854

652

804

685

0.7%

3.7%5.5%

6.1%

3.5%

6.9%6.4%

7.3%

4.8%

7.1%7.5%

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

Capital business

Stable business

Comparable EBITA %

43 46

117

30

-20

17 16

64

333

122

-40

-20

0

20

40

60

80

100

120

140

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Q1/2

01

5

Q2/2

01

5

Q3/2

01

5

Q4/2

01

5

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

Cash flow provided by operating activities


• Change in net working capital1 EUR 81 million in Q3/2016

• Cash flow provided by operating activities EUR 122 million in Q3/2016

• CAPEX excluding business combinations EUR -14 million in Q3/2016

Cash flow provided by operating activities (EUR million)

1) Change in net working capital, net of effect from business combinations and disposals in the consolidated statement of cash flows.

-257 -249 -345 -353 -355 -265 -244 -238 -247 -181 -265

1,101 1,023

466 480 580781 725 793 803

692 788

-20%

-10%

0%

10%

20%

30%

-1,000

-500

0

500

1,000

1,500

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Q1/2

01

5

Q2/2

01

5

Q3/2

01

5

Q4/2

01

5

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

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

Net working capital improved to -9% of rolling12 months orders received


• Net working capital EUR -265 million, which equals -9% of rolling 12 months orders received

• Payment schedules of large capital projects have significant impact on net working capital

development

Net working capital and orders received (EUR million)

Net debt decreased compared with both Q2/2016 and Q3/2015


• Gearing (15%) and net debt (EUR 126 million) decreased

• Equity to assets ratio increased compared with both Q2/2016 and Q3/2015

• Automation acquisition was completed on April 1, 2015

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

-39-54

-158 -166 -134

238 229178 192

231

126

-5% -7%

-20% -21%-17%

29% 28%

21%24%

27%

15%

-30%

-20%

-10%

0%

10%

20%

30%

-300

-200

-100

0

100

200

300

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Net debt (EUR million) Gearing (%)

40% 40% 41% 42%

34% 35% 35% 36% 35% 36%38%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Capital employed and Comparable ROCE


• New target for Comparable return on capital employed (ROCE) from 2017 onwards: 15–20%

Capital employed (EUR million) and Comparable return on capital

employed (ROCE), before taxes1 (percent)

1) Rolling 12 months

Target

minimum

15%

985 967902 877

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

1%2% 2%

10% 10%

12%

14% 14%13%

12%

14%

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

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

Guidance, and short-term market outlook

Guidance and short-term market outlook

25 October 27, 2016 © Valmet | Interim Review, January–September 2016

SatisfactoryPulp and

Energy

Paper

Satisfactory

Pulp

Energy

Board and Paper

Tissue

Guidance for

2016

Services

Short-term market outlook

Guidance for 2016 (as given on February 9, 2016)

Satisfactory

Satisfactory

Good

Satisfactory

Satisfactory

Satisfactory

Satisfactory

Good

Satisfactory

Q4/2015 Q1/2016

Satisfactory

Satisfactory

Satisfactory

Good

Satisfactory

Q2/2016

Satisfactory

Good

Satisfactory

Good

Q3/2016

Valmet estimates that net sales in 2016 will remain at the same level with

2015 (EUR 2,928 million) and Comparable EBITA in 2016 will increase in

comparison with 2015 (EUR 182 million).

Satisfactory Satisfactory Satisfactory SatisfactoryAutomation

The short-term market outlook is given for the next six months from the ending of the respective quarter.

Summary of Interim Review Q3/2016


Q3/2016 in brief

Order backlog at EUR 2.2 billion

Orders received increased and net sales decreased in capital

business2

Net debt EUR 126 million

Profitability improved – Comparable EBITA margin at 7.5%

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

increased in stable business1

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

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

Appendix

Structure of loans and borrowings


Interest-bearing debt EUR 310 million as at September 30, 2016

0

50

100

150

200

250

300

350

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Amount of outstanding interest-bearing debt

(EUR millions)

• Average maturity of long-term loans is 3.0 years- Average interest rate is 1.3%

Main financing sources

Back-up facilities

EUR 81 million

EUR 71 million

European Investment Bank

Skandinaviska Enskilda Banken

Nordic Investment Bank

Amount Lender

EUR 61 million Swedish Export Credit

EUR 95 million

None outstanding

EUR 200 million domestic commercial

paper program

EUR 200 million syndicated revolving

credit facility1

Amount Outstanding

None outstanding

1) EUR 200 million syndicated revolving credit facility agreement was refinanced in

October 2016 and matures on January 14, 2022 with two 1-year extension options.

© Valmet | Interim Review, January–September 201630 October 27, 2016

Largest shareholders on September 30, 2016Based 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 Varma Mutual Pension Insurance Company 5,465,465 3.65%

3 Elo Pension Company 3,810,000 2.54%

4 Ilmarinen Mutual Pension Insurance Company 3,388,055 2.26%

5 Nordea Funds 2,399,171 1.60%

6 OP Funds 1,857,009 1.24%

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

8 Keva 1,502,166 1.00%

9 Danske Invest funds 1,300,599 0.87%

10 Mandatum Life Insurance Company Limited 1,217,307 0.81%

10 largest shareholders, total 39,180,059 26.14%

Other shareholders 110,684,560 73.86%

Total 149,864,619 100.00%

Largest shareholders

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


Ownership structure on September 30, 2016

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

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

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

Nominee registered and non-Finnish holders 304 0.7% 70,613,931 47.1%

Finnish institutions, companies and foundations 2,442 5.3% 41,692,234 27.8%

Solidium Oy1 0 0.0% 16,695,287 11.1%

Finnish private investors 43,495 94.1% 20,863,167 13.9%

Total 46,241 100.0% 149,864,619 100.0%

47.1%

27.8%

11.1%

13.9%

Nominee registered and non-Finnish holders

Finnish institutions, companies and foundations

Solidium Oy

Finnish private investors

45,000

47,000

49,000

51,000

53,000

55,000

57,000

59,000

42%

44%

46%

48%

50%

52%

54%

56%

12/2

01

3

01/2

01

4

02/2

01

4

03/2

01

4

04/2

01

4

05/2

01

4

06/2

01

4

07/2

01

4

08/2

01

4

09/2

01

4

10/2

01

4

11/2

01

4

12/2

01

4

01/2

01

5

02/2

01

5

03/2

01

5

04/2

01

5

05/2

01

5

06/2

01

5

07/2

01

5

08/2

01

5

09/2

01

5

10/2

01

5

11/2

01

5

12/2

01

5

01/2

01

6

02/2

01

6

03/2

01

6

04/2

01

6

05/2

01

6

06/2

01

6

07/2

01

6

08/2

01

6

09/2

01

6

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


Share of non-Finnish holders and number of shareholders

0

200

400

600

800

1,000

1,200

1-D

ec-0

7

1-M

ar-

08

1-J

un-0

8

1-S

ep

-08

1-D

ec-0

8

1-M

ar-

09

1-J

un-0

9

1-S

ep

-09

1-D

ec-0

9

1-M

ar-

10

1-J

un-1

0

1-S

ep

-10

1-D

ec-1

0

1-M

ar-

11

1-J

un-1

1

1-S

ep

-11

1-D

ec-1

1

1-M

ar-

12

1-J

un-1

2

1-S

ep

-12

1-D

ec-1

2

1-M

ar-

13

1-J

un-1

3

1-S

ep-1

3

1-D

ec-1

3

1-M

ar-

14

1-J

un-1

4

1-S

ep

-14

1-D

ec-1

4

1-M

ar-

15

1-J

un-1

5

1-S

ep

-15

1-D

ec-1

5

1-M

ar-

16

1-J

un-1

6

1-S

ep

-16

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

Pulp and paper price trends


Source: Bloomberg

Crude oil, steam coal, natural gas and electricity


Source: Bloomberg

Europe

0

20

40

60

80

100

120

140

160

180

0

20

40

60

80

100

120

140

160

180

1-Jan-10 1-Aug-10 1-Mar-11 1-Oct-11 1-May-12 1-Dec-12 1-Jul-13 1-Feb-14 1-Sep-14 1-Apr-15 1-Nov-15 1-Jun-16

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

0

20

40

60

80

100

0

20

40

60

80

100


Nordpool Power (EUR/MWh) (LHS) UK Baseload (GBP/MWh) (RHS)

Crude oil, steam coal, natural gas and electricity


Source: Bloomberg

United States

0

1

2

3

4

5

6

7

0

20

40

60

80

100

120

140


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

70

75

80

85

90

0

50

100

150

200


Electricity spot price, PJM (USD/MWh) (LHS) Electricity spot price, NEPOOL (USD/MWh) (LHS)US utility capacity utilization rate (RHS)

0

1

2

3

4

5

6

7

8

9

10

4-J

an-1

3

4-M

ar-

13

4-M

ay-1

3

4-J

ul-1

3

4-S

ep-1

3

4-N

ov-1

3

4-J

an-1

4

4-M

ar-

14

4-M

ay-1

4

4-J

ul-1

4

4-S

ep-1

4

4-N

ov-1

4

4-J

an-1

5

4-M

ar-

15

4-M

ay-1

5

4-J

ul-1

5

4-S

ep-1

5

4-N

ov-1

5

4-J

an-1

6

4-M

ar-

16

4-M

ay-1

6

4-J

ul-1

6

4-S

ep-1

6

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

European Carbon Emission Allowance


Source: Bloomberg

Important notice


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

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

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

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

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

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

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

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

of the Company and have not been independently verified.

Financial Statements Review 2016

February 8, 2017

www.valmet.com/investors

Documents

Orders received increased and profitability improved€¦ · Agenda Interim Review, January–September 2016 Q3/2016 in brief Business lines’ development Financial development Summary