Sustainable use of Earth s natural resources. IR presentation Q1 2017

Transcription

1 Sustainable use of Earth s natural resources IR presentation

2 Safety performance Rate per million hours Outotec global safety statistic 12-months running average Lost Time Incident Total Recordable Incident Lost Time Incidents per million working hours (LTIR) includes Outotec employees and contractors working under Outotec supervision. Since 2015, Outotec has had less working hours than in when there where large projects with extraordinary safety performance compared to global peers. 2

3 Outotec at a glance Business overview Outotec is a global leader in minerals and metals processing technology, deliveries to more than 80 countries Outotec designs and delivers tailored solutions for minerals and metals processing, water treatment, and waste-to-energy Delivers solutions which minimize the plant s lifetime cost by maximising recovery and utilizing less energy and water. HQ in Finland, some 4,200 employees (2016) in 34 countries Key figures FY 2016 FY 2015 Net Sales, EUR million 1,058 1,201 Share of services in sales, % Gross Margin, % Adjusted EBIT, % (excl. one-time items) -2 5 Gearing, % Equity ratio, % Balance sheet total, EUR million 1,427 1,531 Financial performance EUR million Sales Operating profit margin % ,087 1, ,386 1,403 1,218 1, ,000 1, *) *) Combined basis 2010 onwards aebit, excl. restructuring and acquisition-related costs as well as purchase price allocation amortizations. Geographic coverage Outotec R&D, sales and service centers Outotec manufacturing/assembly -4 3

4 A century of accumulated expertise 1/2 4 OUTOTEC OUTOTEC IR IR presentation presentation

5 A century of accumulated expertise 2/2 5

6 Minerals Processing segment s offering A complete portfolio of leading process solutions and services with full plant delivery capability Grinding Flotation Thickening Filtering Analyzers Automation Tailings management Services Water Technology 1,100 grinding mills delivered, strong in S/M size mills and process technology 10,000 flotation units delivered since 1960s,big cell technology references, automation 1,800 thickeners delivered, global project execution capability, feedwell design 3,500 filters delivered, most efficient concentrate filtering, proven performance Full analyser portfolio, lowest min detection limits, only Xray used Unique combination of automation & analysers, important for risk management Full process and equipment portfolio, effluent treatment and backfill plants Prop equipment and total process knowhow, global service network Competition fragmented, a number of players competing in part of the portfolio FLSmidth, CITIC, Metso, ThyssenKrupp FLSmidth, Metso, BGRIMM, Tenova, Woodgrove FLSmidth, Tenova- Delcor, WesTech Aqseptence- Diemme, Metso, Andritz, FLSmidth Thermo Fisher, BGRIMM, Blue Cube APC: Metso, Woodgrove, SGS Minerals DCS: Major DCS suppliers FLSmidth, Golder, GR Engineering, AMC Customers own maintenance, Major tech. suppliers, Local companies 6

7 Metals, Energy & Water segment s offering Industry-leading technologies, process solutions and services Alumina, Aluminum Ferrous metals Ferroalloys Sulfuric acid/offgas/roasting Base metals (Cu, Ni, Zn, Au, Ag, PGM) Energy Water Services Alumina calciner, Green anode plants, Rod Shop Sintering, Pelletizing, Direct Smelting Smelting, Preheating, Steel Belt Sintering Sulfuric acid plant, Roasting Smelting, Converting, Leaching, SX/EW, electrorefining Waste-to-energy, Sludge incineration, Oil shale processing Industrial water treatment, municipal water systems Advisory, maintenance, operations & remote services, upgrades Strong in CFB Aluminium Calcination and HOT Tube Digestion Over 60% of the world s pellets are made with Outotec s travelling grate technology Strong in Ferro Chrome, 20 pelletizing and sinter plants and 9 smelters for ferroalloys 650 acid plants and 270 nonferrous roasting plants Strong in Cu smelting, anode casting, SX and Zn leaching, strong in Ni smelting and EW Versatile wasteto-energy solution, over 250 materials used Effluent treatment plants, backfill plants, water recycling Shutdown services, best suited to provide services for own technologies Competition fragmented, a number of players competing in part of the portfolio Fives, FLSmidth, Metso, Aqseptence- Diemme Kobelco, Metso, Primetals, Jemeco SMS Siemag, Tenova, Jemeco GEA Bischoff, MECS Glencore Technology, Tenova Valmet, Andritz, Babcock&Wilcox Veolia, GE Water, Suez FLSmidth, Metso, major tech suppliers, locals and customers 7

8 Long-term customer relationships with the industry s top companies Selected reference customers of Outotec Major global mining companies Intermediate sized companies Local mining and metallurgical companies in emerging regions In history, top ten customers have accounted for some 35% of sales. 8

9 Offering industry s most sustainable processing technologies Our handprint is bigger than our footprint Thousands of tons of CO 2 -equivalent 5,400 5,067 5,469 5,870 Environmental Goods and Services equals to90% of orders ( ) The 90th most sustainable company in the world (2017) Handprint: Greenhouse gas emissions avoided through use of Outotec s technologies Footprint: Outotec s greenhouse gas emissions 9

10 Metals demand is forecasted to grow 2-4% Share of Outotec sales by end product Copper 28% SUPPLY DEMAND 2016F Production, Mt 2016F Consumption, Mt CAGR% E Increase, Kt/a Aluminium 57,8 57,6 2,7 % 1692 Copper 22,5 22,3 1,8 % 419 Zinc 14,0 14,5 2,4 % 367 Nickel 2,0 1,9 1,4 % 29 Iron Nickel Aluminium Zinc Precious Metals Energy and environmental solutions* Ferroalloys Other Metals Others 11% 5% 11% 2% 12% 12% 3% 16% 0% 2016 * Incl. water, sulfuric acid and off-gas Source: Wood Mackenzie, Morgan Stanley, Outotec analysis 10

11 Deep downcycle expected to turn into a decent growth Total Capex per type, MUSD % +8% Project visibility gap Including greenfield and brownfield expansion Sustaining capex Source: Woodmac, June

12 Maintenance Capex to remain flat, expansion Capex expected to grow esp. in copper, gold, zinc and nickel Sustaining capex per metal % 0% Expansion capex per metal % +14% Lead Alumina Aluminium Zinc Nickel Iron Ore Gold Copper Project visibility gap Lead Alumina Zinc Nickel Aluminium Iron Ore Gold Copper Source: Woodmac, June

13 Mining and metals production country ranking Cu, Zn, Ni 13

14 Mining and metals production country ranking Al, Au, Fe 14

15 Long-term financial targets - Road map to 2020 Current aebit* Services R&D, Design-tocost Best cost country sourcing Efficiency aebit* 10% 2020 Annual average service sales growth 5-15% (incl. M&A) Gearing at max 50% * Excluding restructuring and acquisition-related costs as well as purchase price allocation amortizations. 15

16 Service sales target Average growth 5-15% (June 7, 2016) Grow performance services Split in services, 2016 Grow spare & wear parts business Strengthen service capabilities and intensity O&M (incl. spare parts) Shutdown services Modernizations 42% of sales* Spare parts Technical services Customers need services that improve productivity and reduce opex * Target: 40%+ over the cycle 16

17 financial information 17

18 Q1 in a nutshell Improved order intake: equipment, plant and service orders increased Fixed cost savings and higher sales improved profitability Low level of advance payments and mature order backlog impacted cash flow Good performance in MP MEW s profitability weak, cost savings continue 18

19 Improved order intake, markets in EMEA and Americas most active Americas 35 (29) % EMEA 53 (46) % APAC 12 (25) % Filtration plant to copper concentrator expansion in Peru >15 M Aluminium technology to Bahrain N/D EUR million COPPER Aluminium Zinc plant technology to Mexico Approx. 24 M Service orders ZINC Capex orders MP order MEW order 0 68 Q1/2016 Q1/

20 Seasonality in MP orders, MEW showing signs of recovery MEUR Minerals Processing MEUR Metals, Energy & Water Order intake 6 months rolling, annualized Sales 6 months rolling, annualized Order intake 6 months rolling, annualized Sales 6 months rolling, annualized 20

21 Spare part orders increased, fewer shutdown service contracts Service orders increased 13% Sales declined 13% due to fewer shutdown service contracts in MEW Services represent 37 (48)% of sales Services Order intake 6 months rolling, annualized Sales 6 months rolling, annualized Split in service order intake Recurring services Shut-downs and modernizations 21

22 Improved order intake YoY, book to bill rate above one Roughly EUR 680 million to be delivered in 2017 EUR million Q2/2006 Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 Q4/2007 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/ Q3/2009 Q4/ Q1/2010 Q2/ Q3/ Q4/2010 Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/2012 Q4/2012 Q1/2013 Q2/ Q3/ Q4/ Q1/ Q2/ Q3/2014 Q4/2014 Q1/ Q2/ Q3/2015 Q4/ Q1/2016 EUR 1,051 million, some 21% services Q2/2016 Q3/2016 Q4/2016 Q1/2017 Order backlog at the end of the period Share of unannounced orders Order intake by quarter 22

23 Sales reflecting increased equipment orders in 2016 EUR million Q Q Change, % In comparable currencies Sales % 7% Service sales % -18% Share of services in sales, % Gross margin, % Adjusted EBIT * 1-5 Adjusted EBIT *, % Restructuring and acquisition-related costs PPA amortization -2-2 EBIT EBIT, % -0-5 Result for the period Unrealized and realized gains related to valuation of FX forward agreements 2 1 * Excl. restructuring and acquisition-related costs and PPA amortizations. 23

24 Minerals Processing - further improved performance Equipment orders increased, order intake up 40% Sales increased 36% Profitability improved Minerals Processing EUR million Q Q Change, % In comp currency, % Order intake Sales Service sales Adjusted EBIT *) 11 5 Adjusted EBIT *), % 7 4 Unrealized and realized gains/losses related to valuation of FX forward agreements -0 2 * Excl. restructuring and acquisition-related costs and PPA amortizations Sales and adjusted EBIT development, quarter Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Sales aebit*, % Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/ % 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 24

25 Metals, Energy & Water order intake improved but result still negative 161% increase in order intake Sales declined 10% due to low opening order backlog Profitability weak, savings actions continue Metals, Energy & Water EUR million Q Q Change, % In comp currency, % Order intake Sales Service sales Adjusted EBIT *) -9-9 Adjusted EBIT *), % -8-7 Unrealized and realized gains/losses related to valuation of FX forward agreements 3-1 * Excl. restructuring and acquisition-related costs and PPA amortizations Sales and adjusted EBIT development, quarter Sales aebit*, % Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/ % 10% 0% -10% -20% -30% -40% 25

26 Mature order backlog, timing, and low level of advance payments impacted cash flow EUR million Q Q Result for the period Adjustments - Depreciation & amortization Other adjustments 3 7 Change in working capital Interest Taxes NET CASH FROM OPERATING ACTIVITIES NET CASH USED IN INVESTING ACTIVITIES (incl. Capex and acquisitions) -4-3 Repayments & borrowings of non-current debt Hybrid bond Interest paid on hybrid bond Other financing activities 11-0 NET CASH FROM FINANCING ACTIVITIES NET CHANGE IN CASH AND CASH EQUIVALENTS Foreign exchange rate effect on cash and cash equivalents 2-2 Cash and cash equivalents at March

27 Liquidity and equity remained solid Q Q Net interest-bearing debt*, EUR million Gearing*, % 9-13 Equity-to-assets ratio*, % Return on investment, %, LTM -8-2 Return on equity, %, LTM Working capital at the end of the period, EUR million Advances received Equity, EUR million Balance sheet total, EUR million 1,422 1,556 * If the hybrid bond were treated as a liability the net interest-bearing debt EUR million, gearing 57.1% and equity-toassets ratio would be 27.4% (March 31, 2016: EUR 80.5 million, 20.7% and 29.3% respectively). 27

28 Market outlook MP opportunities in process improvements, smaller equipment deliveries and services MEW technology portfolio provides opportunities in a number of end markets Gold and copper projects most active, improved activity also in other base metals projects Timing of large orders remains difficult to foresee 28

29 Reiterated guidance: The guidance for 2017 is based on the current order backlog and market outlook, as well as achieved cost savings Expected sales in 2017 ~ EUR 1,050 1,150 million = Q1 sales EUR 268 million + From backlog ~EUR 680 million, or 65% + From new orders ~EUR million Adjusted EBIT * is expected to be approximately 3-5% * Excluding restructuring and acquisition-related costs as well as purchase price allocation amortizations. 29

30 Our focus areas for towards profitable growth! Continue to win orders in a competitive market Growth Continue cost savings to reach stability in the Metals, Energy & Water Strong focus on service business, new Services business unit since April 1 Profitability Improve competitiveness of products Strengthen customer centricity Stability Strategy work 30

31 Interest bearing loans and hybrid bond, repayment profile MEUR Hybrid bond EIB R&D loan NIB R&D loan Senior unsecured bond Other IB debt 50 0 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 31

32 Mature backlog ties up capital EUR million % Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Mar ,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 Working Capital CAPEX Free cash flow Book-to-bill (Order intake / Sales) 32

33 POC and cash flow profile example Timing of large project completions affects quarterly earnings MEUR 120 0% 100% Percentage of Completion, % Total order backlog structure in 2015 Timing of large project completions, and possible release of provisions, affects quarterly earnings. 60 Total order backlog structure in Advance payment ~10-30% 20 0 Month POC Cumulative cashflow NOTE: The figures are illustrative and vary project by project 33

34 Equity to assets ratio, gearing and liquidity at healthy levels Equity to assets ratio Gearing 50,0 20,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 5,0 0,0-20,0-40,0-60,0-80,0-100,0-120,0-140,0 0,0 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Mar ,0 Cash at hand

35 Customer solutions 35

36 Laiva Gold mine in Finland Customer case, ore sorting Customer challenge Mine is closed because of low head grade ore Study completed around Outotec ore sorting solution considering reopening the mine Outotec solution Outotec sensor-based ore sorting solution removing waste rock and improving the head grade. When waste rock is removed there is less ore feed to the crushing and grinding circuit, reducing energy and water consumption Study indicates that the Outotec ore sorting solution enables reopening the mine: The economic assessment for the Laiva Gold Mine indicated the potential for restarting the site, which can be operated on a long-term basis at a broad range of commodity prices. Base-case net present value of 77 million, producing 529,000 troy ounces of gold over a seven-year mine life. 36

37 Reducing mill downtime at a gold mine Customer case, comminution Customer challenge Excessive grinding mill downtime during the year leading to decreased yearly production Unplanned mill downtime due to liner failure Inadequate tooling Limited reline shutdown planning Coordination between different maintenance vendors In total of over 340 hours downtime due to mill maintenance Customer benefits 50% less downtime due to mill maintenance In total a reduction of 170 hours of reline incurred downtime Safer, less labor intensive relines Circa million USD in additional production revenue Outotec solution Pre shutdown planning Liner redesign to reduce the number of pieces Tooling improvements liner handler, skid steers & hand tooling Changes to liner fixtures & fittings Continuous Improvement Program Optimizing liner life time through Outotec patented MillMapper software 37

38 HIGmill TM fine grinding for FQM Kevitsa Customer case, comminution Customer challenges Fine valuable minerals and difficult to recover 12% copper not recovered in copper circuit due to poor liberation If liberation poor, copper-nickel separation insufficient Existing plant in arctic circle with limited footprints Outotec solution Mineral analysis showed very fine grind < 20 micron required for copper & nickel liberation Outotec conducted laboratory HIGmill fine grinding and mineral recovery (flotation) tests HIGmill chosen as most energy efficient and smallest footprint technology on market today which would improve mineral recovery and grade Installation & commissioning only 2 weeks in Feb 2015 Outotec provided ramp-up and operation support Customer benefits HIGmill improved overall plant performance Copper loss to nickel circuit improved from 12% to 8% Overall copper recovery increased by up to 1.5% 1.5% increase represents around $1million increase in final copper value, after smelting and refining to produce LME grade copper Improved concentrate grades Less nickel in final copper concentrate Less copper in final nickel concentrate Installed & commissioned without effecting production HIGmill allowed coarser primary grind and hence higher plant throughput More metal out of same ton of ore < 2 year payback 38

39 Turn-key flotation retrofit with fast turnaround Customer case, flotation Customer challenge Poor flotation performance in terms of copper and gold recovery Flotation circuit had poor availability Substantial maintenance requirements Limited time available for shutdown Customer benefits Greater stability and control of flotation cells Significantly decreased energy consumption with Outotec cells (40%) Minimized production losses during installation and commissioning Increased flotation circuit availability, leading to increased production Improved recovery of coarse particles Outotec solution In-depth metallurgical assessment identified large improvement potential in the flotation plant Retrofit of 10 x 160 m 3 flotation cells A full turn-key delivery Advanced operator training with Outotec s Virtual Experience training 39

40 Digitalization creating new growth and opportunities - managing water balance and quality at mine sites Solution: Intelligent digital solution for monitoring and managing data on the mine site s water balance and quality. Alternative water sources Mitigation of risks Online monitoring Digital platform Modeling & simulation Predictability & reliability Access to water Stable process License to operate Value: Sustainable balance of water supply and consumption, while stabilizing production and reducing business risks. 40

41 Holistic process water management reduces operational risks, OPEX and effluents * Example of 20 Mt/a Cu concentrator water balance in Chilean climate using paste tailings, price of raw water 4 USD / m 3. With higher closure rate Reducing raw water need Reducing process variations to improve yield Process water doesn t need to be potable water grade At full closure basically no effluents Less socio-political risk related to fresh water 41

42 Holistic tailings management can bring significant cost savings and reduces safety risks Holistic tailings management covers both surface and underground operations. Paste and dry stacking technologies combined with closed water loops are the best available technologies for conserving water within the concentrator environment. Footprint = 100% OPEX = 100% Footprint = 72% OPEX = 75% Footprint = 53% OPEX = 58% Footprint = 12% OPEX = 37% The short and long term risks can be significantly reduced by reducing the amount of water in the surface tailings storage facility. WET TAILINGS THICKENED TAILINGS PASTE DRY STACKING PASTE BACKFILL 42

43 Codelco Ministro Hales 1/2 Customer case, full solution Codelco and Outotec start working together on solving the challenges Investment decision made Customer challenges Ore with very high content of impurities, primarily arsenic causing challenge in processing Commercial terms for the concentrate not favourable for selling Commissioning completed Official inauguration Outotec solution Several studies and test campaigns over the years to identify best metallurgical solution Complete, integrated process which is based on patented Outotec solutions and technologies and proven Outotec proprietary equipment Arsenic levels of the concentrate lowered without loosing sulphur Sustainable water and effluent treatment in challenging environment 43

44 Codelco Ministro Hales 2/2 Customer case, full solution Outotec delivers a complete, integrated solution from a broad portfolio of patented and proprietary solutions, and a long history of process technology Partial roasting Patented Outotec solution which removes over 90% of the arsenic in the ore concentrate Exceeding 605,000 tpa concentrate (110%) Gas Cleaning Outotec s proprietary gas cleaning and sulfuric acid production technology eliminates over 99.9% of the gaseous emission of the facility. Effluent Treatment Outotec s proprietary effluent treatment technology cleans the process effluents and recirculates clean water back to the process. 44

45 Norilsk Nickel, Nadezhda Flash Smelting Furnace No.1 modernization Customer case, modernization Customer challenge Changing raw material base requires dealing with low-heat value and more complex concentrates Very tight implementation schedule Supplier responsible for providing Russian Safety Approvals which is normally out of scope Outotec solution Higher capacity feeder and concentrate burner and new furnace cooling elements and cooling monitoring system based on Outotec proprietary technologies Pre-planning and experienced personnel Extensive performance guarantees combined with a long-term service contract Using internal and external resources to obtain Russian Safety Approvals Short implementation and down time and fast ramp up after start up 45

46 Pelletizing Segregation Solution Customer case, profitability improvement Customer challenge Customer had a profitability challenge in an iron-ore pelletizing plant in Brazil Productivity Fuel Consumption Product Quality Outotec solution Assess to identify improvement potential Plant Performance Assessment CFD Study Pot Grate Tests Design a tailored solution 3D area scanning Double Deck Roller Screen basic design Shutdown planning Deliver a holistic, safe & efficient implementation Detail design for modernization Retrofit new Outotec Double Deck Roller Screen Shutdown execution Verify & support performance results Segregation verification test Energy efficiency test Delivered Value* 10.5% fuel savings Improved productivity 2,8 M annual OPEX savings* 6 month payback* 46 *Value Assumptions: Natural Gas: 0.37/Nm3, Antracite: 0.12/kg Only estimates based on pot grate tests.

47 ERZ Zürich, sludge incineration plant Customer case, waste to energy Customer challenge Sustainable solution required to treat sewage sludge from the entire canton of Zürich, Switzerland covering over 70 waste water treatment plants! March 2013 public must approve such an investment in a referendum. 96% vote in favor, project goes ahead Summer 2015 commissioning complete and plant goes into operation. October 2015 official inauguration. Limitations for sewage sludge disposal in landfill and as fertilizer High transport and logistics costs for sludge containing > 70% water Strict emissions limits with plant location in the heart of Zürich Outotec solution Self-sustaining thermal treatment of sewage sludge without additional fuel. Thermal incineration of sewage sludge using Outotec fluidized bed technology Thermal dryer using heat from the process. State-of-the-art flue gas cleaning system Phosphorus recovery possible from ash 47

48 UK moving to a new renewable energy subsidy scheme Ending of the previous subsidy scheme resulted in record high order intake for Outotec Waste to Energy solutions for Advanced staged gasification using renewable fuels 6 plants & 4 O&M (12-years) New subsidy scheme continued to be good for Outotec Waste to Energy technologies 1 plant, next CFD auction expected late

49 Levenseat Renewable ltd Customer case, waste to energy Customer challenge UK is exporting high amounts of RDF to be incinerated in Europe High landfill cost in the UK Outotec solution Waste to Energy plant in UK Gasification of waste is an environmentally friendly way of efficiently converting waste to energy Reliable and tested solution based on the Outotec Fluidized bed technology with over 100 references 2015 Contract signing, 2017 expected start up 49

50 Performance services Improved health and safety Decreased operating cost Improved equipment and process efficiency Improved environmental efficiency Improved capital efficiency Our solutions target to address customer challenges and improve their performance and efficiency Service offering building blocks Advisory Services Maintenance Services Operations Services Remote Services Spare and Wear Parts Training Services Upgrades 50

51 Shareholder information, April 30 Shares % of shares and votes Change +/- Change % 1 Solidium Oy 27,265, Varma Mutual Pension Insurance Company 12,778, Ilmarinen Mutual Pension Insurance Company 11,234, Tamares Nordic Investments B.V. 10,192, The State Pension Fund 4,000, Keva 2,425, Outotec Oyj 1,804, Nordea Nordic Small Cap Fund 1,747, , Holding Manutas Oy 1,600, Sijoitusrahasto Aktia Capital 1,000, Mandatum Life Insurance Company Limited 898, Danske Invest Finnish Institutional Equity Fund 760, , Etera Mutual Pension Insurance Company 717, Security Trading Oy 625, Etola Erkki 600, Kaleva Mutual Insurance Company 550, OP Life Assurance Company Ltd 414, , Danske Invest Finnish Equity Fund 390, , Danske Invest Finland Opportunities 338, , Veikko Laine Oy 330,

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53 Balance sheet reflects a stable financial position Net debt & Gearing Net debt MEUR Gearing, % Equity ratio % Net debt, actual Gearing 53