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: Anssi Kiviniemi - SEB, Research Division - Analyst
: It's Ans from SEB. A couple of questions from me. I will take them one by one. First, starting with working capital. On payables, they were quite
elevated levels. I guess the restructuring effect can be seen in there. But is there anything other impacting that balance sheet line?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Okay. Then on the working capital outlook. I mean Q1 is working capital heavy, and we're going to see a negative move. But is it a typical pressure
that we see in Q1 year after year? Or is it due to the fact if the working capital is already at quite low level, the pressure is tougher on the cash flow.
How should we look at the dynamics there?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Okay. Then a couple of questions on costs. I mean in Q4, you executed the restructuring program. How should we look at the benefit Q1 onwards?
On a quarterly level, what's the boost? And also, on Slide #6, you show the 2020 EBITDA bridge cost supported heavily the result. How much of this
cost, let's say, that were partly related to COVID-19 will come back in 2021?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Yes. The first question was about the restructurings executed in Q4. So how much of quarterly boost there's going to be from those costs?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Okay. Then the last question is on profitability in Europe. I mean you highlighted that perhaps the profitability improved mainly due to your own
actions and of course due to volumes and also give an indication that you don't see any margin, let's say, squeeze going ahead. But is there an
opportunity to make more margins with increased stainless prices and perhaps the dynamics with the usage of scrap? Or how should we look at
the, let's say, underlying margin in Europe when we enter into 2021.
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