The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Linus Larsson - SEB, Research Division - Analyst
: Thank you very much, and good afternoon, gentlemen. My first question relates to your production planning. How you're looking at Q3 compared
to Q2. You said that the maintenance impact on a group level was EUR 95 million in the second quarter. What do you expect for the third quarter?
And also maintenance stops aside, what do you expect in terms of -- what are you planning for in terms of market-related downtime in your various
production areas Q3 compared to Q2? Are you seeing increased market-related downtime or decreased market-related downtime?
Question: Linus Larsson - SEB, Research Division - Analyst
: In -- related to this in Communication Paper, you announced a big restructuring mill closure today. So that's kind of a step change. And it's nothing
unique. You do that continuously. But do you think if you look at a single quarter like the third in isolation, will you manage margins as well as you
have been doing in, say, the second quarter in Communication Papers, specifically?
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Question: Linus Larsson - SEB, Research Division - Analyst
: From where do you expect to see the benefits of that most recent restructuring?
Question: Linus Larsson - SEB, Research Division - Analyst
: Great. And then just one quick final on Paso de los Toros. It's ramping up nicely, as you say and fully optimized, you are targeting $280 per tonne
production cost. When do you expect that to occur? When are all the pieces in place for that very competitive cost position?
Question: Ramchandra Kamath - Barclays Bank PLC, Research Division - Analyst
: Hello.
Question: Ramchandra Kamath - Barclays Bank PLC, Research Division - Analyst
: I have a couple of, please. With pulp inventory days at elevated levels and destocking continuing in all the product lines, do you see any sign of
higher cost capacity closure? And how long it would take to balance the market in your view? Yes. That's my first.
Question: Ramchandra Kamath - Barclays Bank PLC, Research Division - Analyst
: Okay. And on the OL3, I mean, the previous -- on the hedging part, I understood, if it is correct to my understanding, the volume for -- from OL3
was not hedged earlier, but does this have any impact on 2Q results? And as the full production, full commercial production are added in the future,
do you plan to hedge this completely? Or what would be your overall hedging position as a group?
Question: Ramchandra Kamath - Barclays Bank PLC, Research Division - Analyst
: Okay. And possibly the last one, if I can sneak in. In the previous quarter presentation, you have this buyback under your distribution as well as
capital allocation policy. If at all, you were considering it, what would be the parameter you would consider before taking a decision on buyback?
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