London Lub Ob Hlis 27, 2020 (Thomson StreetEvents) - Hloov Kho Cov Ntawv Teev Npe ntawm Mondi PLC cov nyiaj tau los sib tham hu lossis nthuav qhia Thursday, Lub Ob Hlis 27, 2020 thaum 9:00:00 teev sawv ntxov GMT
Nyob zoo sawv ntxov, thiab txais tos rau Mondi Tag Nrho Kev Tshaj Tawm Txog Xyoo 2019. Thiab raws li koj paub, Kuv yog Andrew King, thiab - txawm hais tias, Kuv paub koj feem ntau paub kuv zoo, qhov no yog thawj zaug kuv muaj. txoj cai los xa cov txiaj ntsig no raws li koj tus CEO xaiv.Yog li kuv xav nrog qhov ntawd hauv siab, kuv yuav xub pib nrog ob peb qhov kev xav, qhov kuv xav tias yog qhov tseem ceeb hauv kev tsav tsheb kev ua tau zoo ntawm pab pawg ntau xyoo dhau los.Thiab kuv twv, qhov tseem ceeb tshaj, qhov kuv ntseeg yog qhov - tseem ceeb rau kev ua haujlwm yav tom ntej ntawm pab pawg.Tom qab ntawd kuv yuav rov qab mus rau qhov kev tshuaj xyuas ntawm 2019 cov ntsiab lus tseem ceeb thiab tom qab ntawd ua tiav nrog qee qhov kev xav ntxiv ntawm qhov kev xaiv tsa.
Raws li peb pom ntawm daim slide no, kuv xav tias, ua ntej, feem ntau ntawm qhov koj tau hnov yuav paub zoo rau koj, thiab kuv tsis zam txim rau qhov ntawd.Kuv tau pom tseeb nrog cov pab pawg ntev heev thiab tau ua ib feem ntawm kev tsim cov tswv yim ntawm pab pawg.Thiab kuv xav tias peb tau pom meej heev ntawm qhov ua haujlwm rau peb, dab tsi tsis ua haujlwm rau peb.Thiab qhov tseem ceeb, kuv xav tias peb paub ntau qhov no yuav txhawb nqa peb mus rau yav tom ntej thiab.
Tau kawg, nyob rau hauv txhua lub moj khaum, koj kuj yuav tsum muaj - ua kom nrawm, teb rau cov xwm txheej thaum lawv hloov pauv.Kom meej meej, muaj lub ntiaj teb nrawm nrawm heev nyob rau lub sijhawm uas peb yuav tsum teb rau.Tab sis kuv xav tias cov ntsiab cai tseem ceeb ntawm qhov kuv yuav coj koj los ntawm, kuv xav tias, tau ua haujlwm zoo rau peb, thiab kuv ntseeg tias yuav pab tau peb zoo heev rau yav tom ntej.
Raws li koj tuaj yeem pom, ua ntej, peb xav tias kev ruaj khov yog ntawm peb lub hauv paus.Nws tau nyob hauv DNA ntawm pab pawg tau ntau xyoo tam sim no.Lub hom phiaj tiag tiag, pom tseeb, ntau xyoo, tau ua tiag tiag txog qhov peb ua li cas.Cov kev cuam tshuam peb cov lag luam muaj rau ib puag ncig peb thiab kev ua haujlwm uas peb tau ua los txo cov kev cuam tshuam tsis zoo, thiab qhov tseeb, txhim kho ib puag ncig thiab cov zej zog uas peb ua haujlwm.
Kuv xav tias peb tau ua tiav zoo li ib pab pawg hauv kev ua tiav qhov ntawd.Thiab tau kawg, tam sim no tag nrho cov txheej txheem tau nthuav dav rau cov khoom koj tsim thiab cuam tshuam uas, dhau los, muaj rau lub ntiaj teb nyob ib puag ncig peb.
Thiab kuv xav tias, dua, ntawm no, peb nyob rau hauv ib txoj hauj lwm zoo heev thiab tshwj xeeb, tiag tiag, uas peb ib txwm sau cov ntsiab lus hauv peb cov lus qhia, Ntawv qhov twg ua tau, yas thaum muaj txiaj ntsig.Peb yog ib tus neeg tseem ceeb hauv cov saw hlau corrugated, raws li koj paub zoo.Peb yog tus tsim lub hnab ntawv loj tshaj plaws hauv lub ntiaj teb.Peb muaj qhov tseem ceeb nyob rau hauv cov qib tshwj xeeb kraft ntawv.Thiab tau kawg, peb yuav yog tus tau txais txiaj ntsig meej ntawm kev hloov mus rau kev daws teeb meem ntau dua.
Obviously, dab tsi kuj ua rau peb tshwj xeeb yog qhov tseeb hais tias peb muaj kev nkag tau mus rau cov neeg muas zaub, technology, paub-yuav ua li cas, them los ntawm peb cov yas-raws li kev lag luam ntim, uas, nyob rau hauv nws tus kheej, pom kev txhim kho tseem ceeb, tshwj xeeb tshaj yog nyob rau hauv cov nqe lus ntawm kev tsav tsheb ntau. recyclability ntawm cov khoom siv ntawv.
Tau kawg, peb lub lag luam ntim khoom kuj tau txais txiaj ntsig los ntawm lwm qhov - qee qhov ntawm lwm yam tseem ceeb uas peb pom hauv ntiaj teb tam sim no.Kom meej meej, kev lag luam e-lag luam yog qhov tsis tu ncua, uas txuas ntxiv tsav kev loj hlob, tshwj xeeb tshaj yog nyob rau hauv lub thawv sab, tab sis kuj tseem nthuav ntxiv tam sim no tseem nyob ntawm lub hnab, qhov nce ntxiv - qhov teeb meem nyob ib puag ncig kev paub txog hom lag luam, uas tsis tau ploj mus. thiab txuas ntxiv tsav kev loj hlob ntawm cov qib ntim khoom.
Yog li luv luv, kuv pom meej meej peb ntawm sab xis ntawm ntau qhov kev lag luam tseem ceeb no.Tau kawg, nws mus yam tsis tau hais tias peb tsom mus rau kev ua - peb cov khoom muaj txiaj ntsig zoo tshaj plaws yeej ib txwm yog qhov tseem ceeb ntawm qhov peb yog.Peb ntseeg tau tias kev xa khoom qis rau koj cov kev lag luam xaiv yog ib qho ntawm cov nqi tseem ceeb ntawm kev tsav tsheb, tshwj xeeb tshaj yog nyob rau hauv cov ntawv sau thiab cov ntawv ua lag luam.Qhov no tseem tseem ceeb heev rau peb txoj kev lag luam.Thiab kuv xav tias muaj ntau ntxiv los hais txog qhov peb tuaj yeem ua hauv cheeb tsam no.
Kom meej meej, kuv ntseeg tias lub zog tseem ceeb thiab uas tau txheeb xyuas ntau xyoo yog peb qhov kev xav zoo ib yam thiab kev qhuab qhia nyob ib puag ncig kev faib peev.Peb, ntawm chav kawm, nrhiav kom loj hlob peb cov lag luam.Peb ntseeg tias peb muaj ntau txoj kev loj hlob.Tab sis tau kawg, qhov ntawd ib txwm yuav tsum tau ua nrog rab chais-ntse tsom rau tus nqi tsim, thiab qhov no yuav tsis hloov.
Tau kawg, raws li koj paub kuv zoo los ntawm tam sim no, kuv nyiam daim ntawv tshuav nyiaj li cas.Kuv xav tias ua rau koj xaiv tau los ntawm lub voj voog mus nqis peev.Ntxiv rau qhov ntawd, peb muaj txoj cai ntawm kev tsim nyiaj txiag muaj zog heev los ntawm lub voj voog.Peb yuav, pom tseeb, tuaj rau qhov ntawd thaum peb saib rov qab los ntawm 2019 cov txiaj ntsig, tab sis qhov ntawd, ntxiv rau - muab kev hloov pauv ntxiv rau koj los ua qhov muaj feem cuam tshuam txog kev xav thaum lwm tus txav tsis tau.
Thaum kawg, tau kawg, koj ua tsis tau qhov no yog tsis muaj cov neeg zoo.Peb muaj hmoo heev ntawm qhov tob thiab kev paub ntawm cov txuj ci uas peb muaj hauv lub koom haum.Kuv pom nws ntau npaum li kuv txoj hauj lwm los txhawb nqa thiab txhim kho ntau tus neeg txawj ntse thiab pom tseeb, txhawb nqa nyob rau hauv cov kab lis kev cai ntawm ntau haiv neeg thiab kev koom nrog hauv pab pawg.Peb, pom tseeb, muaj ntau - ntau tus neeg paub txog hauv pab pawg, thiab kuv tos ntsoov yuav ua haujlwm nrog lawv thaum peb coj kev lag luam mus tom ntej.
Nrog rau qhov ntawd, kuv rov qab mus rau qhov tseem ceeb ntawm 2019. Thiab raws li koj txhua tus paub zoo, yam tsis tau paub, 2019 tau pom kev poob qis hauv lub voj voog ntawm tus nqi no rau feem ntau ntawm peb cov ntawv tseem ceeb, cuam tshuam, pom tseeb, los ntawm kev lag luam macroeconomic qeeb. Cov.Tawm tsam qhov teeb meem no, peb tau xa cov kev ua tau zoo heev nrog EBITDA ntawm EUR 1.66 billion, margins ntawm 22.8% thiab ROCE ntawm 19.8%.
Kev tswj hwm tus nqi muaj zog thiab cov txiaj ntsig zoo los ntawm kev yuav khoom thiab CapEx, qhov project ua tiav feem ntau hauv 2018 txo peb cov kev ntxhov siab.Ntawm lub zog ntawm qhov kev ua tau zoo no thiab qhia txog kev ntseeg siab rau yav tom ntej ntawm kev lag luam thiab kev tsim nyiaj txiag muaj zog uas peb pom, Pawg Thawj Coj tau pom zoo kom nce 9% ntawm cov nyiaj faib tawm tag nrho ntawm xyoo.
Ntawm lub tuam txhab ua ntej, peb tau pom tseeb txaus siab nyob rau hauv lub xyoo los ua kom tiav qhov yooj yim ntawm cov qauv ntawm pab pawg neeg mus rau hauv ib lub taub hau plc, muab peb ntau pob tshab raws li ib lub koom haum, streamlining ntawm cov nyiaj ntsuab ntws nyob rau hauv lub lag luam thiab, ntawm chav kawm, txhawb lub liquidity ntawm Mondi shares.
Raws li twb tau hais lawm, peb - Kuv ntseeg tias peb tab tom ua haujlwm tshwj xeeb los pab peb cov neeg siv khoom hloov pauv mus rau kev ntim khoom ruaj khov.Thiab kuv yuav rov qab los rau qhov ntawd ntxiv rau tom qab - ntau yam ntxiv tom qab hauv kev nthuav qhia.
Obviously, peb kuj zoo siab heev nrog cov kev vam meej uas peb tau ua rau peb 2020 kev cog lus kom ruaj khov, thiab peb kuj nyuam qhuav hloov kho peb cov kev cog lus huab cua raws li lub hom phiaj ntawm kev tshawb fawb.
Yog tias kuv saib hauv cov ncauj lus qhia ntxaws ntxiv ntawm kev txhim kho Ebitda hauv qab Ebitda.Koj yuav pom qhov cuam tshuam pib tshwm sim los ntawm kev poob qis hauv kev ua voj voog.Kuv yuav tuaj rau ntau xim ntxiv rau qhov tom qab ntawm kev lag luam-ua haujlwm.Tab sis cov neeg txhawb nqa tseem ceeb rau qhov tsis zoo ntawm tus nqi sib txawv yog cov nqi ntim qis dua tom qab pom qhov siab tshaj plaws ntawm qhov kawg ntawm 2018 thiab cov nqi qis dua.Kraft cov nqi tus nqi muab qhov offset zoo, Txawm hais tias, cov no tau dhau los ua lub siab rau lub xyoo.
Koj yuav pom qhov tsis zoo ntawm qhov sib txawv loj, tab sis qhov no yog ib feem ntawm qhov kev xav ntawm kev sib tw ua lag luam ib puag ncig, tshwj xeeb tshaj yog peb lub hnab lag luam thiab cov ntim khoom nyob rau hauv lub siab nyob rau hauv Middle East thiab North Africa cheeb tsam, tshwj xeeb tshaj yog, thiab qee qhov downtime coj los tswj peb. Cov lus nug hauv Kraft ntawv thiab cov ntaub ntawv tshwj xeeb kab lus nyob rau hauv ib nrab xyoo ntawm lub xyoo.Qhov cuam tshuam loj dua, txawm li cas los xij, yog vim qhov kev npaj tau ntev - qhov kev npaj tu ncua ntev dua nyob rau hauv lub xyoo thiab qhov kev txiav txim siab ua kom zoo tshaj plaws hauv 18 lub hlis dhau los.Thiab qhov ntawd suav nrog lub thawv ntim khoom thiab cov ntawv kaw ntov hauv qaib ntxhw thiab South Africa, ntsig txog.
Qhov no tau cuam tshuam los ntawm kev loj hlob zoo hauv peb cov lag luam corrugated thiab kev koom tes los ntawm cov haujlwm loj ua tiav hauv xyoo 2018, feem ntau ua kom muaj peev xwm hauv kraft ntawv thiab pulp.
Cov nqi lus qhia tawm tau feem ntau siab dua xyoo, txawm hais tias peb tau pom qee qhov kev pab them nqi yuav mus rau hauv ib nrab xyoo thib ob ntawm lub xyoo.Ntoo, lub zog thiab tshuaj lom neeg tau tawm hauv lub xyoo dhau los, thaum daim ntawv rau kev rov ua dua tshiab tau poob ob lub xyoo-rau-xyoo thiab ua ntu zus rau ib nrab xyoo piv rau thawj ib nrab.Cov kev cia siab tam sim no yog rau cov tswv yim txuas ntxiv rau hauv 2020.
Raws li koj tuaj yeem pom, cov txiaj ntsig ntawm kev yuav khoom thiab kev pov tseg yog qhov zoo EUR 45 lab qhov sib txawv, feem ntau yog vim muaj kev txhawb nqa puv xyoo los ntawm Powerflute thiab Egyptian hnab cov nroj tsuag, uas peb tau txais hauv nruab nrab xyoo 2018.Lub hav zoov ncaj ncees tus nqi nce yog EUR 28 lab siab dua li lub xyoo dhau los, uas tau tsav los ntawm cov nqi xa khoom ntau dua thiab cov khoom lag luam nce ntxiv hauv lub sijhawm.Nws yog tsim nyog sau cia, tab sis, uas yog qhov kom nce hauv xyoo tam sim no tau raug lees paub hauv thawj ib nrab.Raws li kev ua lag luam tam sim no, peb xav tias qhov nce xyoo 2020 yuav qis dua vim tias cov nqi ntoo nce siab yuav tsum muaj ntau dua.
Yog tias kuv mam li muab koj cov lus qhia luv luv ntawm kev koom tes los ntawm cov tsev lag luam.Koj tuaj yeem pom ntawm daim duab sab xis, peb tau ua kom muaj kev sib tawg ntawm kev koom tes los ntawm cov kev lag luam rau pab pawg EBitda.Thiab nyob sab laug sab tes, koj tuaj yeem pom lub zog los ntawm cov lag luam cov lag luam hauv EBTDA pab.Nyob rau lwm tus lej tom ntej, kuv yuav muab koj kom ntxaws ntxiv los ntawm Chav Ua Lag Luam.
Ua ntej hauv Corrugated Ntim, koj tuaj yeem pom nws txuas ntxiv xa cov npoo muaj zog heev thiab rov qab los txawm tias tus nqi siab uas kuv tau hais lawm.Thaum tag nrho cov qib containerboard raug cuam tshuam, kev sib xyaw ntawm cov khoom uas peb muaj nrog kev txaus siab tseem ceeb hauv cov ntu tshwj xeeb ntawm cov dawb sab saum toj kraftliner thiab semichemical fluting yuav txo peb lub voj voog.Los ntawm txoj kev ntawm kev piav qhia, tus nqi ntsuas rau cov thawv ntim khoom siv rov qab tau qis dua li qhov nruab nrab ntawm 18% xyoo-rau-xyoo, thaum lub siab kraftliner thiab semichemical tau qis dua li ntawm 3% nyob rau tib lub sijhawm.Ib yam li ntawd, tau kawg, peb txoj haujlwm tsis tshua muaj nqi, nce los ntawm kev tswj tus nqi muaj zog thiab peb cov kev txhim kho cov nyiaj tau los tsis tu ncua txhais tau tias peb txuas ntxiv ua kom muaj zog rov qab los thiab nyiaj ntsuab ntws txawm tias muaj kev poob qis.
Txhawb nqa txawm tias tam sim no pom tias tam sim no pom kev txhim kho hauv kev ua lag luam, nrog cov khoom lag luam tam sim no nyob rau hauv cov phau ntawv xaj ntau dua.Nyob sab nraum qab ntawm no, peb tau pib sib tham nrog peb cov neeg siv khoom nyob ib puag ncig qee tus nqi nce.
Thaum saib ntawm kev lag luam qis qis, peb zoo siab heev rau kev ua haujlwm ntawm peb cov kev lag luam Corrugated Solutions, ua tiav 3% organic thawv ntim loj hlob thiab cov paj nthuav dav raws li tus nqi tuav tau muaj zog nyob rau hauv lub ntsej muag ntawm cov nqi qis qis.
Kuv mam li mus rau Flexible Packaging.Koj tuaj yeem pom nws nyiam lub xyoo muaj zog heev, nrog rau hauv qab EBITDA nce 18% thiab cov ntaub ntawv sau tseg.Raws li tau hais, peb muaj peev xwm nce kraft ntawv nqi nyob rau thaum ntxov ntawm lub xyoo.Muab qhov kev cog lus ntev dua nyob rau hauv kev ua lag luam no, tus nqi yog ib txwm nplaum dua li cov qib hauv cov thawv ntim khoom thiab ntau qhov kev nce siab nyob rau hauv thaum ntxov ntawm lub xyoo yog ib tug catch-up nyob rau hauv lub xyoo dhau los.
Nyob rau hauv xyoo tas los, peb tau pom qee tus nqi siab raws li kev lag luam kev lag luam poob qis cuam tshuam rau kev thov, thiab peb tau pib pom kev sib tw ntau ntxiv los ntawm qee tus neeg ua lag luam viav vias.Qhov no txuas ntxiv mus rau thaum ntxov ntawm 2020, cuam tshuam rau kev sib tham ntawm tus nqi txhua xyoo, xws li peb pib lub xyoo tshiab ntawm qib qis dua li qhov ua tiav ntawm qhov nruab nrab rau 2019. Pleasingly, peb tau ua tau zoo heev hauv kev tsim peb cov ntawv tshwj xeeb kraft, pom zoo ntim loj hlob raws li peb tapping rau hauv kev loj hlob ntawm cov neeg siv khoom nyiam rau fiber ntau ntim.Kev loj hlob txuas ntxiv hauv ntu no kuj tau txais kev txhawb nqa los ntawm peb cov haujlwm CapEx hauv Steti tshwj xeeb, thiab ntau yam kev pib los hloov cov yas.
Kev lag luam hauv qab cov hnab ntawv ua tiav tau zoo dhau los ntawm cov nqi siab dua kraft ntawv, tab sis tau ua, tib lub sijhawm, pom cov ntim tau los nyob rau hauv siab, tshwj xeeb tshaj yog, raws li kuv tau hais dhau los hauv Middle East thiab African kev lag luam, uas tau nthuav tawm hnyav heev. mus rau kev tsim kho thiab cement sector.Kev txhawb nqa, txawm tias thaum ntxov, peb tab tom pom qee yam ntawm kev tuaj tos hauv qhov xwm txheej hauv lub hnab.Los ntawm cov qauv kev xav, ntxiv rau qee lub sijhawm zoo siab los hloov cov kev daws teeb meem tsis tshua muaj kev ruaj ntseg, peb kuj pom cov hauv kev nce ntxiv rau peb cov khoom lag luam hauv e-lag luam, raws li kuv tau hais dhau los.
Cov neeg siv khoom hloov pauv tau pom nws cov yam ntxwv tiv thaiv nyob rau hauv lub ntsej muag ntawm kev lag luam qeeb, txuas ntxiv hloov kho nws cov khoom sib xyaw thiab tau txais txiaj ntsig los ntawm kev tsom mus rau kev tsim kho tshiab.Lawv kuj tseem txhawb nqa kev qhia txog peb cov khoom siv hauv cov ntawv rau cov neeg siv khoom siv yas, thaum tsim ntau yam khoom siv rov ua dua tshiab kom haum rau kev lag luam ncig.
Tom qab ntawd tsiv mus rau cov khoom siv hluav taws xob.Raws li koj tuaj yeem pom, dua, xa qhov kev ua tau zoo nrog EBITDA nce 9% ntawm EUR 122 lab.Txawm hais tias peb paub meej tias qhov no kuj tau zoo siab los ntawm kev nce ib qho ntawm ib ncig ntawm EUR 9 lab hauv lub sijhawm.Kuv zoo siab heev uas tau pom qhov kev ua tau zoo dua los ntawm peb ntu ntu kev saib xyuas tus kheej, ua raws li peb cov kev cia siab vim lawv tau nce ntau los ntawm kev sib faib ntawm lub hnab nyiaj.Peb, txawm li cas los xij, cia siab tias tus nqi siab ntxiv mus rau pem hauv ntej raws li cov khoom tseem ceeb hauv ntu no tau paub tab.Peb pab neeg extrusion kev daws teeb meem tab tom ua haujlwm ntawm ntau yam kev daws teeb meem zoo, uas peb pom tias yog kev txhim kho zoo siab hauv kev txhawb nqa peb cov phiaj xwm ntim khoom ruaj khov.
Thaum kawg, tom qab ntawd nyob rau hauv cov nqe lus ntawm kev tshuaj xyuas chav ua lag luam, peb lub lag luam Uncoated Fine Paper, raws li koj tuaj yeem pom, txuas ntxiv xa rov qab muaj zog thiab nyiaj ntsuab ntws txawm tias muaj kev lag luam nyuaj dua, vim peb tau txais txiaj ntsig los ntawm peb cov nqi sib tw ntawm peb cov nroj tsuag thiab peb cov kev lag luam tawm tshiab.Txawm hais tias tsis muaj coated zoo ntawv cov nqi feem ntau yog tiaj tus mus rau me ntsis nce xyoo-rau-xyoo, cov nqi pulp tau poob qis, cuam tshuam rau peb txoj hauj lwm ntev hauv pulp.Rau xyoo 2020, peb kwv yees tias txoj haujlwm ntawd nyob ib puag ncig 400,000 tonnes ib xyoos.Peb tau pom qee qhov tsis ntev los no stabilizing nyob rau hauv lub ntiaj teb no pulp nqi, muaj peev xwm rau upward momentum.Qhov ntawd tau hais tias, qhov cuam tshuam ntawm tus kabmob coronavirus, tshwj xeeb yog qhov kev thov hauv cov khw muag khoom Asian tseem ceeb, yog qhov tsis paub uas tuaj yeem cuam tshuam tsis zoo rau qhov kev cia siab yog tias nws yuav tshwm sim.
Thiab tej zaum tsuas yog luv luv, cov lus hais dav dav ntxiv txog tus kabmob coronavirus.Raws li ib pab pawg, txog tam sim no, peb tau pom muaj kev cuam tshuam ncaj qha rau peb qhov raug txwv rau cov cheeb tsam uas cuam tshuam ncaj qha rau hnub no.Txawm li cas los xij, nws yog qhov tseeb tias muaj dej txaus, thiab peb tab tom saib xyuas txhua yam, suav nrog kev cuam tshuam ntawm peb cov khoom siv thiab, tau kawg, peb cov neeg siv khoom.Thaum kawg, peb ntseeg tias qhov kev txhawj xeeb loj dua yog, tau kawg, qhov cuam tshuam rau kev loj hlob ntawm macroeconomic txoj kev xav ntau dua thiab qhov no yuav cuam tshuam li cas rau kev thov rau peb cov khoom.Tab sis, tau kawg, qhov no yog qhov nyuaj heev los ntsuas thiab qhov xwm txheej tsis yog tshwj xeeb rau Mondi lossis, qhov tseeb, peb txoj kev lag luam.
Raws li twb tau hais lawm, peb txaus siab heev rau cov nyiaj txiag muaj zog heev uas peb tau ua tiav hauv lub xyoo, thiab nws tseem muaj zog heev ntawm peb txoj kev lag luam.Raws li koj tuaj yeem pom, peb tsim EUR 1.64 billion nyiaj ntsuab los ntawm kev ua haujlwm hauv lub sijhawm, kwv yees tib yam li xyoo dhau los txawm tias poob hauv EBITDA.Qhov no tau txais kev txhawb nqa los ntawm kev thim rov qab ntawm cov nyiaj tau los ntawm kev ua haujlwm peev uas pom nyob rau xyoo dhau los, nrog rau xyoo dhau los ntawm kev sib tw ntawm ib ncig ntawm EUR 150 lab, qhov tseem ceeb tsis nyob hauv kev lag luam poob qis.Cov nyiaj no yog ib feem xa mus rau - los txhawb peb qhov kev pab cuam CapEx txuas ntxiv, nrog rau kev siv peev nyiaj rau xyoo ntawm EUR 757 lab lossis 187% ntawm tus nqi txo qis thaum peb tseem nqis peev hauv kev lag luam loj hlob.
Peb tab tom coj mus ntxiv EUR 700 lab rau EUR 800 lab siv hauv 2020 ua ntej qhov no xav tias yuav poob rov qab mus rau EUR 450 lab rau EUR 500 lab - EUR 550 lab theem hauv 2021 raws li kev siv nyiaj tam sim no cov kav dej loj tam sim no. tawm.Peb, tau kawg, saib cov hauv kev ntxiv los txhawb peb cov cuab yeej cuab tam tus nqi-zoo, uas tuaj yeem cuam tshuam rau xyoo 2021 thiab dhau mus, tab sis cov no tseem nyob rau theem pib.
Raws li kuv tau hais thaum pib, peb tseem ua qhov tseem ceeb ntawm cov nyiaj faib tawm hauv cov ntsiab lus ntawm peb 2x rau 3x txoj cai npog.Yog li ntawd, Pawg Thawj Coj tau pom zoo cov nyiaj faib kawg ntawm EUR 0.5572 ib feem, muab cov nyiaj faib tag nrho ntawm EUR 0.83 ib feem.Qhov no sawv cev nce ntawm 9% ntawm cov nyiaj faib ua ntej xyoo dhau los.Thiab raws li kuv tau hais dhau los, qhia txog ob qho tib si nyiaj txiag muaj zog ntawm kev lag luam thiab Pawg Thawj Coj kev ntseeg siab rau yav tom ntej.
Yog tias kuv rov qab mus rau qee qhov kev xav ntawm lub hauv paus ntsiab lus thiab hais txog peb txoj kev xav zoo.Thiab ua ntej, me ntsis unashamedly ib co trumpet tshuab hais txog ib co ntawm peb yav dhau los kev vam meej.Raws li koj tuaj yeem pom, peb txaus siab rau qhov tseeb tias peb tau xa cov kev txhim kho thiab loj hlob EBITDA thiab txhim kho cov khoom rov qab zoo li qub txij li peb cov npe.Thiab ntau tshaj qhov ntawd, peb kuj tau ua nws nyob rau hauv cov ntsiab lus ntawm kev ua kom muaj kev vam meej yav tom ntej rau kev lag luam.
Raws li koj tuaj yeem pom, Kuv tau xaiv qee qhov tseem ceeb, piv txwv li, peb cov ntaub ntawv kev nyab xeeb rau lub sijhawm no.Thiab zoo sib xws, lub tsev cog khoom roj emissions lub hom phiaj uas peb tau ua tiav nyob rau lub sijhawm kawg ntawm lub sijhawm, ntau heev nyob rau hauv txoj kab nrog peb txoj kev xav los pab txhawb lub ntiaj teb zoo dua.
Peb lub tswv yim lub tswv yim.Ntxiv dua thiab, qhov no yog ib daim ntawv qhia uas yuav tsum paub zoo rau koj.Thiab dua, kuv xav tias nws yeej encapsulates cov lus tseem ceeb nyob ib ncig ntawm qhov peb xav tias yog ib qho tseem ceeb raws li ib pab pawg neeg, nyob rau hauv ntau yam nyob ib ncig ntawm peb lub siab xav tsav tus nqi-accretive loj hlob nyob rau hauv ib tug ruaj khov.Peb muaj 4 tus ncej raws li tau teev tseg hauv daim duab no.Thiab kuv tsuas yog khaws qee qhov chaw tseem ceeb los hais txog mus tom ntej.
Peb cov qauv kev loj hlob ruaj khov, raws li kuv tau hais lawm, yog qhov tseem ceeb heev rau peb txoj kev lag luam.Nws yog -- peb pom nws yog ib qho kev sib koom ua ke rau kev txhim kho kom ruaj khov.Ntawm daim slide no, kuv tau khaws 3 qhov tseem ceeb ntawm kev tsom xam, ua cov khoom lag luam ruaj khov, kev hloov pauv huab cua thiab peb cov neeg.Thawj qhov kev tsom xam yog ntau heev ntawm peb cov khoom tsim tawm thiab qhov cuam tshuam qhov no rau ib puag ncig.
EcoSolutions encapsulates peb txoj hauv kev, uas, dua, kuv mam li tuaj rau me ntsis ntxiv tom qab.Peb qhov cuam tshuam rau ib puag ncig - ntawm kev nyab xeeb yog qhov tseem ceeb.Ntawm no, peb zoo siab heev rau qhov kev vam meej tseem ceeb uas peb tau ua nyob rau xyoo dhau los hauv kev txo qis CO2 emissions tshwj xeeb txawm hais tias peb lees paub tias muaj ntau yam ua tau.Thiab raws li kuv tau hais lawm, peb tau tsim cov phiaj xwm kev tshawb fawb rau cov pa roj carbon emissions tawm mus rau xyoo 2050, nrog cov ntsiab lus meej meej ntawm txoj kev.Raws li kuv tau hais thaum pib, tib neeg, ntawm chav kawm, yog peb cov peev txheej loj tshaj plaws, peb cov kab lis kev cai kev nyab xeeb, uas tau taug kev ntev tau zoo thiab peb yog tus thawj coj kev lag luam hauv qhov no, tab sis ib txwm muaj, ntawm chav kawm, ntau ntxiv rau ua.
Ib yam dab tsi, kuv xav tias, yog qhov sib txawv tiag tiag rau peb kuj yog peb lub Mondi Academy uas ua haujlwm zoo hauv kev cob qhia thiab txhim kho peb cov neeg los pab txhawb kev coj ua zoo tshaj plaws hauv pab pawg.
Kuv tau mus zoo rau ntawm daim swb no, tab sis txaus los hais, peb tau pom qhov tseem ceeb ntawm sab nraud kev lees paub rau peb cov phiaj xwm kev ruaj ntseg thiab ntseeg tias peb tau ua ib qho txiaj ntsig tiag tiag rau UN lub hom phiaj kev txhim kho kom ruaj khov.
Rov qab los rau EcoSolutions, uas tau tsom mus rau qhov peb tuaj yeem pab peb cov neeg siv khoom raws li lawv cov kev xav tau rau kev ntim khoom kom ruaj khov.Kuv paub ntau tus ntawm koj uas tau nrog peb nyob rau hauv - ntawm peb qhov chaw Steti mus ntsib thaum kawg ntawm xyoo tas los, yuav tau hnov ntau txog qhov no.Tab sis tsuas yog kom rov hais dua, txoj hauv kev no peb pom encapsulates 3 lub tswv yim ntawm kev hloov, txo thiab rov ua dua tshiab.Peb suav nrog ntawm no ob peb piv txwv ntawm qee qhov kev txhim kho tsis ntev los no los ntawm peb hauv txhua qhov chaw no.Thiab tau kawg, peb pom qhov no yog qhov chaw tsis tu ncua ntawm lub sijhawm rau peb ua lag luam, thiab peb tau tsim ib lub koom haum tshwj xeeb uas muaj cov kws tshaj lij los ntawm thoob plaws peb lub lag luam ntim khoom los tsav qhov kev pib no.
Qhov no yog ib tug tibneeg hu tauj coob slides, tab sis kuv xav hais tias nyob rau hauv luv luv, qhov peb pom yog ib tug tiag tiag lub sij hawm los muab cov kev daws teeb meem sustainable rau peb cov neeg muas zaub.Raws li koj tuaj yeem pom, peb muab cov kev daws teeb meem raws li cov substrates, xws li cov ntawv ntshiab hla mus rau cov yas ntshiab thiab kev sib xyaw ua ke - thiab ntau qhov sib xyaw ua ke, nyob ntawm seb tus neeg xav tau ntawm peb cov neeg siv khoom.Qhov no yog lub platform uas tsuas yog tsis muaj leej twg ntawm peb cov neeg sib tw muaj rau lawv.
Saib tom qab ntawd tshwj xeeb ntawm kev tsom mus rau kev loj hlob mus rau yav tom ntej.Thiab kom meej meej, saib ntawm kev lag luam-los ntawm kev lag luam.Peb pom cov cib fim loj tshaj plaws rau kev loj hlob hauv peb cov lag luam ntim khoom.Peb nyiam tag nrho cov lag luam ntim peb nyob hauv, thiab peb txuas ntxiv txhawb lawv txoj kev loj hlob.
Peb twb yog, raws li kuv tau hais ua ntej, nyob rau sab xis ntawm txoj kev loj hlob tseem ceeb ntawm kev ruaj ntseg, kev lag luam e-lag luam thiab kev paub txog kev lag luam.Peb tseem yuav tsom mus rau peb txoj kev loj hlob CapEx thiab tau txais kev siv nyiaj los tsim cov lag luam no.Hais tias, peb yuav, ntawm chav kawm, saib mus txuas ntxiv nqis peev tsim nyog hauv peb lwm cov lag luam.
Peb tab tom nrhiav txuas ntxiv txhim kho thiab ntxiv dag zog rau txoj haujlwm muaj zog niche uas peb twb tau txaus siab rau hauv Cov Khoom Siv Hluav Taws Xob, nrog rau qhov tshwj xeeb tsom rau cov uas tau txais txiaj ntsig kev koom ua ke thiab lwm yam kev sib koom ua ke nrog peb cov ntawv ntim khoom.Piv txwv li, raws li kuv xav tias kuv twb tau hais lawm, peb cov kev daws teeb meem extrusion thiab tso tawm cov kev ua ub no muab cov txiaj ntsig ntawm kev sib koom ua ke ntawm daim ntawv thiab tseem muaj cov kev txawj ntse tshwj xeeb, feem ntau hauv cov cheeb tsam ntawm kev tsim cov ntawv ua haujlwm uas muaj peev xwm txaus nyiam, tshwj xeeb tshaj yog rau peb pab pawg EcoSolutions.
Hauv Uncoated Fine Paper, cov lus tseem zoo ib yam.Peb yuav txuas ntxiv mus nqis peev los tswj kev sib tw ntawm kev lag luam no, thaum tib lub sijhawm, siv cov cuab yeej cuab tam hauv qab, suav nrog qee qhov ntawm peb cov nqi sib tw ntau tshaj plaws los tsim hauv peb cov lag luam ntim khoom loj.
Ib cheeb tsam uas kuv xav tias peb paub zoo heev yog nyob ib puag ncig peb cov khoom muaj txiaj ntsig zoo.Kuv tseem muaj tseeb rau txoj kev ntseeg, raws li kuv twb tau hais lawm, thiab kuv tuaj yeem hais ntxiv tias nyob rau hauv cov khoom siv hluav taws xob thiab cov ntawv ua lag luam, tshwj xeeb, tus nqi tseem ceeb ntawm tus neeg tsav tsheb yog tus nqi txheeb ze xa mus rau koj lub khw xaiv.Ntawm no, peb, tau kawg, muaj keeb kwm zoo nrog nyob ib puag ncig 80% ntawm peb lub peev xwm hauv qab ib nrab ntawm cov nqi nkhaus.Qhov no yog tsav los ntawm qhov chaw ntawm cov cuab tam, tab sis kuj los ntawm ib tug relentless tsav rau kev ua tau zoo, uas peb pom raws li ib tug tseem ceeb muaj peev xwm ntawm pab pawg neeg.Kuv tau piav qhia, ntawm no ntawm tus swb, qee cov txheej txheem tseem ceeb uas ua rau kev ua haujlwm ntawm kev tsav tsheb.Tab sis thaum kawg, nws yog txhua yam hais txog kab lis kev cai ntawm kev lag luam, thiab qhov no yog qee yam, tau kawg, kuv yuav ua haujlwm hnyav heev los tswj.
Peb qhov kev txaus siab los nqis peev hauv cov khoom muaj txiaj ntsig zoo tshaj plaws los ntawm lub voj voog yog lwm qhov chaw uas tau ua kom muaj zog rov qab los thiab tseem yuav muab sijhawm rau yav tom ntej.Ib zaug ntxiv, txawm li cas los xij, peb paub meej tias cov kev nqis peev no yuav tsum tau xaiv ntau thiab tsuas yog hauv cov khoom muaj nqis uas ib tus muaj kev ntseeg siab yuav muab kev sib tw kom zoo dua.Peb tsis nqis peev nthuav dav CapEx hauv ntau cov cuab tam marginal.Qhov no yog ib yam dab tsi kuv ntseeg hauv.
Raws li twb tau hais lawm, peb tsim cov nyiaj ntsuab tseem ceeb hauv lub voj voog, muab peb cov kev lag luam ua lag luam.Qhov no, ua ke nrog peb daim ntawv tshuav nyiaj li cas, muab cov tswv yim yooj yooj yim thiab cov kev xaiv rau kev loj hlob yav tom ntej.Hauv qhov no, peb qhov tseem ceeb tsis tau hloov pauv.Kuv pom kev nqis peev hauv peb tus kheej cov cuab tam yog qhov tseem ceeb tsis tu ncua nrog cov kev xaiv ntxiv los txhawb peb cov txiaj ntsig zoo ntawm cov cuab yeej cuab tam tam sim no tab tom tshawb nrhiav.
Ib yam li ntawd, peb pom cov tswv lag luam tsis tu ncua raws li lub hauv paus tseem ceeb ntawm peb cov ntaub ntawv peev.Peb ntseeg tias kev tiv thaiv thiab kev loj hlob ntawm cov nyiaj sib faib zoo tib yam hauv cov ntsiab lus ntawm peb txoj cai npog yog qhov tseem ceeb.
M&A tseem yog qhov kev xaiv yav tom ntej rau kev loj hlob.Peb qhov dav ntawm kev ntim khoom raug muab cov kev xaiv tseem ceeb, tab sis ib txwm, raws li kuv twb tau ua kom pom tseeb, nrog rab chais ntse tsom rau kev loj hlob ntawm tus nqi.Ib yam li ntawd, peb ib txwm saib qhov no tawm tsam lwm txoj hauv kev ntawm cov neeg koom nrog kev faib tawm ntau dua li cov nyiaj faib tawm.
Thaum kawg, ces qhov kev xav.Kuv xav tias koj twb muaj sijhawm los nyeem qhov no.Kuv yeej tsis mus hla nws dua.Tab sis txaus hais, peb saib mus rau yav tom ntej nrog kev ntseeg siab, thiab, pom tseeb, kuv tus kheej zoo siab heev los ntawm cov cib fim uas kuv pom ntawm peb xub ntiag.
Yog li ntawd, peb tuaj yeem mus rau cov lus nug.Kuv xav tias peb muaj microphones rau hauv pem teb.Koj yuav tau ris kuv lub txim vim kuv yog juggling, tab sis kuv yuav tsum sawv ntev npaum li cas koj tsis tau hnav kuv down, qhov twg, kuv yuav zaum, tab sis qhov ntawd tsis yog ib qho kev sib tw.Kab laug
Lars Kjellberg, Credit Suisse.Raws li koj nkag mus rau xyoo no, tau kawg, koj - muaj ntau lub taub hau.Peb hu tus nqi ntawd, thiab lwm yam, thiab xav tau qhov tsis paub tseeb.Mondi yav dhau los, raws li koj tau pom, tau pom muaj peev xwm ua tau zoo rau kev tawm tsam lub taub hau, nyob rau hauv ib txoj hauv kev muaj kev txhim kho ntawm koj cov nqi hauv paus thiab kev tsav tsheb mus tas li los txhim kho.Koj puas tuaj yeem qhia rau peb seb hom kev offsets uas koj muaj peev xwm muaj nyob rau xyoo 2020?Koj puas tau txais qee yam ntawm no?Kuv tab tom hais txog, kuv twv, cov nqi kho mob hauv CapEx tej yaam num thiab txawm tias tus nqi rho tawm koj yuav muaj.Koj kuj tau hais txog ntau txoj hauv kev uas koj tseem pom los txuas ntxiv txhim kho kev lag luam, xav tias koj rov nqis peev ntau hauv koj cov cuab yeej cuab tam yuav nthuav kom pom koj xav li cas txog qhov teeb meem?Thiab tseem, qhov kawg point, kuv twv, koj tham txog countercyclicality.Koj, pom tseeb, hauv - qee qhov kev poob qis uas koj tau pom, koj tau nqis peev los ntawm qhov ntawd thiab, tau kawg, ob qho tib si hauv Swiecie cov haiv neeg tsawg nws tus kheej thiab ntawm qee theem kev ua haujlwm zoo.Koj pom dab tsi hauv qhov kev tawm tsam no thiab siv koj daim ntawv tshuav nyiaj li cas?
Ua tsaug.Kuv xav tias, obviously, raws li koj hais, thawj, nyob rau hauv cov nqe lus ntawm lub, hu rau nws, kev pab tus kheej, kuv xav tias, yog cov ntsiab lus ntawm qhov koj tab tom nug nyob rau hauv cov nqe lus ntawm thawj.Tshwj xeeb tshaj yog nyob rau hauv cov nqe lus ntawm CapEx kev taw qhia, nyob rau hauv cov nqe lus ntawm kev pab los ntawm CapEx tej yaam num, peb tab tom hais tias koj yuav cia siab tias ib ncig ntawm ib tug EUR 40 lab incremental kev khiav hauj lwm cov nyiaj nyob rau hauv 2020 los ntawm CapEx tej yaam num, thiab qhov ntawd yog qhov loj ntawm optimization ntawm tej yaam num uas. twb commissioned lawm.Yog li tsis muaj ntau qhov kev pheej hmoo ua tiav nyob ib puag ncig ntawd.Nws yog qhov tseeb ntawm Štetí qhov project, uas peb tau tshaj tawm, kev ua tiav zoo heev EUR 335 lab peev hauv kev txhim kho thiab kho dua tshiab Štetí uas tau khiav mus txog xyoo 2019, thiab tom qab ntawd peb tab tom nrhiav kev pabcuam puv xyoo hauv 2020. Zoo siab heev los ntawm qhov ntawd.
Ib yam li ntawd, Ruzomberok pulp mill upgraded commissioned at the back-end of 2019 now, and we'll be search for, again, a full year contribution from that.Obviously, peb nyob rau hauv lub throes ntawm tam sim no kev nqis peev thiab nyob rau hauv - zoo, tsim lub tshiab daim ntawv tshuab nyob rau hauv Ruzomberok thaum kawg ntawm lub xyoo, uas yuav tsum tau commissioned, uas yuav, nyob rau hauv lem, siv ib co ntawm cov pulp, uas yog. tam sim no ntawm lub tshuab ziab khaub ncaws thiab raug muag rau hauv kev lag luam qhib.Yog li qhov sib tov yuav hloov mus rau xyoo 2021. Tab sis xyoo 2020, peb yuav muaj kev pab tam sim ntawd los ntawm cov ntaub ntawv ntxiv hauv Ruzomberok.
Thiab tom qab ntawd muaj lwm txoj haujlwm, suav nrog kev ua haujlwm tsis tu ncua ntawm peb txoj haujlwm Syktyvkar.Thiab qhov tseem ceeb, tseem, qee qhov kev nqis peev tsis tu ncua hauv peb txoj haujlwm hloov pauv, qhov uas peb nthuav dav, piv txwv li, hauv Czech koom pheej thiab tseem nyob hauv peb cov kev lag luam German - lossis kev lag luam hnyav ua lag luam.Peb tab tom muab tso rau hauv cov nroj tsuag tshiab, lub hnab cog tshiab hauv Colombia thiab ntau lub tsev ntawm lub zog uas peb muaj nyob rau hauv cov nqe lus ntawm lub ntiaj teb no network hauv peb lub hnab lag luam.Thiab qhov ntawd yog - Kuv xav tias muaj ntau lub sijhawm nyob ib puag ncig ntawd.Tab sis nyob rau lub sij hawm luv luv, qhov ntawd yog qhov tseem ceeb heev.
Ib yam li ntawd, koj, kuv xav hais tias, alluded rau qhov tseeb hais tias nyob rau hauv lub txij nkawm, peb muaj ib tug tshwj xeeb tus naj npawb ntawm xyoo tas los nyob rau hauv cov nqe lus ntawm cov nqi kho mob.Qhov ntawd yog kev sib xyaw ua ke ntawm ib feem ntawm kev ua haujlwm hauv Slovakia, piv txwv li, tab sis kuj tau tsav los ntawm kev xav tau hauv Syktyvkar thiab lwm yam.Qhov ntawd yog - peb kwv yees nws nyob ib puag ncig EUR 150 lab cuam tshuam.Nws yuav nqis los rau ib ncig ntawm EUR 100 lab yog peb cov kev taw qhia hais txog 2020 cov txiaj ntsig.Yog li cov tam sim no, raws li koj tau hais, offsets.
Kuv xav tias nyob rau hauv cov nqe lus - thiab lwm yam, pom tseeb, ntawm cov tswv yim nqi pem hauv ntej, tsis tas peb tus kheej ua, tab sis tau kawg, lub voj voog kuj tseem pab txo qis qhov siab koj pom ntawm kab saum toj kawg nkaus nrog qee cov tswv yim nqi deflation ib yam nkaus. .Peb pom nyob hauv Central Europe, cov nqi ntoo, ua piv txwv, tabtom tuaj.Muaj ntau qhov kev puas tsuaj ntoo nyob ib puag ncig, uas yuav ua rau muaj kev cuam tshuam rau lub sijhawm tam sim no, thiab qhov ntawd yog, pom tseeb, pab tau los ntawm kev pom tus nqi ntoo.Daim ntawv rau kev rov ua dua tshiab, kom meej meej, nws tau tawm dua, thiab rau cetera, tab sis nyob rau theem no, nws muaj txiaj ntsig zoo.Thiab tom qab ntawd lub zog, tshuaj lom neeg thiab cov zoo li, muaj qhov pom tseeb, nrog cov khoom lag luam dav dav nqi feem ntau qhia tau qee qhov kev siv nyiaj, yog tias muaj dab tsi.Yog li peb tab tom pom qee qhov ntawd.Kom meej meej, ntxiv rau qhov ntawd, peb redouble peb cov kev siv zog.Kuv paub tias muaj kev nkag siab tias peb tau ua ntau yam nyob rau hauv cov nqe lus ntawm peb tus kheej raug nqi coj, tab sis peb xav tias muaj ib txwm ua.Peb ib txwm xav tias peb tau ua kom tau kev txiav txim siab nyuaj rau lub sijhawm.Raws li koj paub, peb tau tawm ntawm lub tshuab ntawv hauv qaib ntxhw xyoo no, peb xav tias nws yog txoj cai txav los ua vim tias tus nqi tsim nyob rau ntawd, thiab peb tau muab cov nqi tas li los ntawm qhov ntawd.Peb kuj tau ua qee qhov kev hloov kho tshiab kom coj cov nqi tawm ntawm qhov system.Thiab qhov ntawd yog ib qho txuas ntxiv mus.Thiab raws li kuv tau hais hauv peb - hauv kev nthuav qhia, nws yog ib feem ntawm DNA, nws yog ib feem ntawm qhov peb ua thiab peb yuav ua li ntawd ntxiv.Nws tsis yog hais txog ib qho kev hloov kho loj heev vim tias peb nyob hauv txoj haujlwm muaj hmoo ntawm kev muaj zog heev ua ib pab pawg hauv qhov kev hwm ntawd, tab sis peb yuav txuas ntxiv tsav cov sijhawm ntawd.
Kuv xav tias koj tau hais txog lub sijhawm rau kev loj hlob.Kuv xav tias kuv twb alluded rau tej yam uas peb twb twb nyob rau hauv lub tsheb ciav hlau.Kuv tau hais qhov tseeb tias kuv tsis ntseeg tias peb tau qaug zog ntawm cov sijhawm nyob ib puag ncig peb cov cuab yeej cuab tam.Nws yuav tsum tau tsom ntsoov rau qhov peb ntseeg tias yog cov khoom muaj nqis uas muaj kev sib tw tiag tiag los ntawm lub voj voog.Kuv tsis xav tias kuv xav mus rau hauv cov ntsiab lus ntau dhau ntawm qee lub sijhawm ntev.Txaus los hais tias txhua yam peb ua raws li cov haujlwm tseem ceeb rau yav tom ntej tsis zoo li yuav cuam tshuam, ua ntej, twv yuav raug hu 2020 CapEx txawm tias yuav yog 2021. Yog li ntawd yog vim li cas kuv thiaj li tso siab rau cov lus qhia kuv tau muab rau xyoo 2021. Kuv xav nyiam nrhiav txoj hauv kev rau, hais ncaj ncees, nce qib CapEx vim kuv - tab sis nws yuav siv sijhawm los ua cov haujlwm ntev dua no.Tab sis peb - raws li kev piav qhia, raws li koj paub, peb tau nres lossis ncua lub peev xwm tshiab ntawm daim ntawv tshuab ntawm Štetí.Peb muaj peev xwm ntau dhau, uas peb tau muag rau hauv kev ua lag luam tam sim no, tab sis peb muaj peev xwm saib qee cov ntawv tshwj xeeb kraft daim ntawv thov nyob ntawd.Qee qhov ntawm peb lwm qhov kev ua haujlwm loj tseem tsis tau ua kom zoo raws li lub sijhawm yav tom ntej lawv tuaj yeem nqa tau.Yog li kuv xav tias muaj ntau lub sijhawm.Tab sis raws li kuv tseem hais ntxiv, kev siv nyiaj yog nyob ntawm cov haujlwm ntawd, uas peb paub tias yuav pom peb los ntawm lub voj voog lossis tuaj txog qhov twg, thiab qhov ntawd yog qhov tseem ceeb tshaj plaws rau peb.
Nyob rau hauv cov nqe lus ntawm countercyclical lub sij hawm, Kuv tsis xav tias kuv yuav puas tau lees tias muaj - yuav tau hu mus rau lub voj voog uas yuav naive.Kuv xav tias peb muaj - peb saib mus nqis peev los ntawm lub voj voog.Kuv xav tias qhov ntawd yog qhov zoo tshaj plaws uas koj tuaj yeem ua tau.Kom meej meej, koj sim thiab sib npaug koj - koj lub sijhawm tiag tiag yog yuav tsum tau noj ntau dua nyob rau hauv qis kawg ntawm lub voj voog tshaj qhov kawg.Ib yam li ntawd, kev ntsuas cov cuab yeej cuab tam tsis tas ua raws li cov nqi sib tw, thiab lwm yam.Thiab tseem muaj ntau cov nyiaj pheej yig tawm muaj chasing cov cuab tam.Thiab yog li ib tug yuav tsum tau txiav txim siab heev ntawm qhov koj saib ntawm cov sijhawm ntawd.Tab sis kuv xav tias qhov tseem ceeb yog cov tswv yim, peb muaj ntau txoj kev xaiv nyob rau hauv lub moj khaum uas peb ua hauj lwm nyob rau hauv, koj yuav tsum tau siv sij hawm me ntsis, thiab peb muaj txoj sia nyob rau cov cib fim ntawd, thiab peb yuav pom tias peb tuaj yeem ua kom zoo dua ntawm lawv.
Nws yog Barry Dixon los ntawm Davy.Ob peb nqe lus nug.Andrew, tsuas yog hais txog cov teeb meem luv luv, koj tsuas yog muab rau peb qee qhov kev txiav txim siab ntawm qhov kev thov ib puag ncig zoo li, tshwj xeeb tshaj yog nyob rau hauv ntim ntawm kev lag luam, ob qho tib si ntawm corrugated thiab hloov tau, muab qhov kev ua tau zoo. uas koj muaj nyob rau hauv corrugated nyob rau hauv - tshwj xeeb tshaj yog nyob rau hauv 2019 thiab yuav ua li cas cov kev xav tau saib yog saib?
Qhov thib ob, koj tuaj yeem muab peb qee qhov kev txiav txim siab li cas kev sib tham ntawm tus nqi mus ncig ntawm lub thawv ntim khoom thiab qhov yuav ua tiav ntawm cov thiab lub sijhawm?
Thiab tom qab ntawd thib peb, tsuas yog rov qab mus rau lub tswv yim faib peev thiab tej zaum tsuas yog kev taug qab los ntawm Lars, koj tau txheeb xyuas 2 qhov kev faib khoom ntim raws li thaj chaw rau kev loj hlob, thiab koj tau txheeb xyuas, kuv xav tias, hom tsav tsheb. nyob rau hauv ob qho tib si nyob rau hauv cov nqe lus ntawm sustainability, e-lag luam thiab lub tuam txhab hom.Thaum koj saib - thiab koj xav txog kev faib peev, koj puas pom qhov khoob ntawm 2 lub lag luam nyob rau hauv cov nqe lus ntawm qhov chaw koj yuav tsum tau siv organically los yog los ntawm M&A kom ua tiav qhov kev ruaj khov, e-lag luam thiab lub sijhawm ua lag luam?
Okay.Yog lawm, kuv xav tias, ua ntej, hais txog daim duab thov, raws li koj hais yog lawm, ntawm sab corrugated, peb txaus siab heev los ntawm kev ua tau zoo ntawm peb cov kev lag luam Corrugated Solutions xyoo tas los.Kom meej meej, peb tsom mus rau hauv cheeb tsam.Tab sis raws li kuv tau hais, peb tau ua - tau txais 3% xyoo-rau-xyoo lub thawv loj hlob, uas yog - uas kuv xav tias yog qhov ua tau zoo heev.Nws yog ib feem ntawm kev xav pom tseeb ntawm kev lag luam uas peb ua haujlwm, uas tau muaj zog heev.Tab sis tib lub sijhawm, kuv xav tias peb kuj tau dhau qhov kev loj hlob ntawm kev lag luam, uas yog kev txhawb zog heev.Thiab qhov ntawd yog qhov tseem ceeb heev rau kev pabcuam cov neeg siv khoom thiab pom tseeb, ntau txoj haujlwm tshiab uas peb tau ua nrog peb cov neeg siv khoom.Peb tab tom pom kev loj hlob ntau ntawm sab e-lag luam, thiab qhov ntawd yog qhov kev txhawb siab heev, thiab peb txuas ntxiv txhawb qhov ntawd nquag heev.Peb muaj qee qhov kev pib tshwj xeeb ntawm qhov ntawd.Thiab tau kawg, peb tab tom nqis peev hauv kev txhawb nqa ntawm qhov kev loj hlob ntawd, thiab qhov ntawd yog qhov txhawb siab heev.Thiab yeej yog, peb pib lub xyoo, dua, muaj zog heev ntawm sab ntawd.
Hais txog kev lag luam yooj yim, kuv xav tias, pom tseeb, nws yog - muaj ntau yam sib txawv rau qhov ntawd.Raws li kuv tau hais dhau los ntawm cov neeg siv khoom hloov pauv tau, qhov ntawd ua pov thawj tsis tshua muaj zog.Thiab tsuas yog muab tso, koj yuav hais tias koj tau muaj kev cuam tshuam me ntsis ntawm kev poob qis hauv cov ntsiab lus ntawm kev pom ntawm cov naj npawb thiab cov khoom, thiab qhov ntawd yog qhov txhawb nqa heev.Nws yog nyob rau hauv lub hnab lag luam, qhov twg peb tau hais tias 2019 nyuaj dua.Tam sim no Teb chaws Europe, Europe yog qhov ruaj khov, marginally tawm.Qhov twg peb tab tom pom qhov tsis muaj zog nws yog tshwj xeeb hauv peb cov lag luam Middle East thiab North Africa, uas tseem ceeb heev rau peb.North America kuj tseem yog qhov tsis muaj zog nyob rau xyoo 2019. Qhov kev txhawb nqa yog yog tias kuv saib ntawm qhov xwm txheej, tam sim no nws yog hnub pib ntawm lub xyoo, tab sis qhov xwm txheej kev txiav txim mus rau xyoo 2020 yog qhov tseeb - yog nce piv rau lub sijhawm piv rau xyoo tas los. .Raws li kuv hais, nws yog hnub ntxov, thiab ib qho yuav tsum tsis txhob tshaj txhais qhov ntawd, tab sis nws txhawb nqa.
Tam sim no raws li kuv tau hais, tshwj xeeb tshaj yog nyob rau hauv cov lag luam xa tawm, ntau ntawm nws yog cov cement tsav, thiab ib qho yuav tau saib qhov ntawd.Thiab, ntawm chav kawm, cov teeb meem macroeconomic uas cuam tshuam rau kev thov rau kev tsim kho, thiab lwm yam, yog qhov tseem ceeb.Tab sis nws yuav tsum tsis txhob pom tias cov no yog cov lag luam homogenous.Muaj ntau yam sib txawv uas cuam tshuam rau cov ntaub ntawv tag nrho.Cias muab, nws yog me ntsis softer xyoo tas los, pib tawm ntau txhawb rau lub xyoo no, tab sis nws yog thaum ntxov nyob rau hauv lub sab ntawm tej yam.
Nqe sib tham.Kuv txhais tau tias, raws li koj hais, raws li peb tau tawm mus nrog tus nqi nce, ob qho tib si ntawm cov khoom siv rov ua dua tshiab thiab ntau dua tom qab ntawm cov kraftliner uas tsis muaj bleached.Peb ntseeg tias qhov no tau txhawb nqa zoo heev.Raws li koj xav tau, peb tab tom pom cov khoom lag luam qib normalized kom qis dua me ntsis.Peb tab tom pom cov ntawv txiav txim muaj zog heev, thiab qhov ntawd yog lub hauv paus ruaj khov kom tawm mus nrog tus nqi nce.Nws yog hnub ntxov nyob rau hauv cov txheej txheem ntawd.Yog li nws nyuaj heev los muab kev taw qhia ruaj khov rau koj, tab sis peb ntseeg tias nws yog qhov ncaj ncees, thiab peb tab tom tham nrog peb cov neeg siv khoom tam sim no.
Hais txog kev faib peev, kuv xav tias cov lus teb luv luv yog kuv tsis pom qhov khoob, ib qho.Kuv pom cov cib fim, tej zaum kuv suab zoo li CEO ntawm no.Kuv xav tias - tsis yog, Kuv xav tias peb pom ntau yam uas peb tuaj yeem txuas ntxiv tsav hauv peb tus kheej kev lag luam.Thiab ntawm chav kawm, yog tias peb tuaj yeem ntxiv qhov ntawd los ntawm kev nqa lub peev xwm, ob qho tib si txawm hais tias nws nyob ntawm thaj chaw ncav cuag thiab / lossis kev paub txog kev paub uas tuaj yeem ntxiv qhov peb muaj, peb yuav qhib siab rau saib qhov ntawd.Tab sis raws li kuv hais, kuv tsis xav tias muaj ib qho chaw uas peb muaj subscale rau qhov teeb meem ntawd.Kuv txhais tau tias, kom meej meej, peb lub hnab lag luam yog qhov muaj zog heev, thiab peb yuav txuas ntxiv mus ntxiv qhov ntawd los ntawm kev loj hlob ntxiv.Tab sis qhov tseeb tiag, lub peev uas koj tuaj yeem xa mus rau qhov yog, thaum kawg ntawm lub ntiaj teb, kev lag luam ncaj ncees yog qhov txwv.
Ntawm qhov chaw plastics sab, peb muaj txoj haujlwm muaj zog heev hauv Tebchaws Europe.Nws - koj yuav tsum saib nws ntau dua ntawm kev ua lag luam los ntawm kev ua lag luam.Muaj ntau ntau cov lus piav qhia txog dab tsi yog lub lag luam hloov pauv.Piv txwv li, peb muaj zog heev hauv cov ntu uas peb ua haujlwm hauv. Peb puas tuaj yeem nthuav tawm qhov muaj peev xwm, tab sis nws yuav tsum yog qee yam uas peb ntseeg siab heev uas peb paub txog, thiab nws pab txhawb rau peb txoj kev lag luam dav.
Justin Jordan los ntawm Exane.Ua ntej, Andrew, Kuv tsuas yog xav hais sawv cev ntawm cov kws tshuaj ntsuam thiab cov kws pab tswv yim hauv zej zog, ua kev zoo siab rau koj qhov kev teem caij ua CEO.Kuv paub tseeb tias peb xav kom koj ua tiav txhua xyoo tom ntej.Kuv tau txais 3 hom lus nug.Firstly, ib, heev luv luv thiab ob, hom nruab nrab lub sij hawm.Ua ntej, lub sij hawm luv luv.Kuv twv, yog tias peb xav rov qab mus rau Štetí Capital Markets Hnub ob peb lub hlis dhau los tam sim no, koj tau tham lossis koj tau ua qauv qhia, kuv xav tias, nws yog hauv kev lag luam e-lag luam rau tus txiv neej loj hauv ntiaj teb e-lag luam, thiab koj tau hais txog ntau yam. muaj peev xwm hloov cov yas nrog cov ntawv ntim rau cov khoom xws li pasta.Puas muaj ib yam dab tsi uas koj tuaj yeem hais hnub no hais txog yuav ua li cas cov kev sim siab no nce mus lossis kev txiav txim tsis ntev los no lossis yeej ntawm cov ntsiab lus ntawm kev ruaj ntseg?
Qhov thib ob, ntawm, kuv twv, koj qhov Slide 24, nws yog qhov tseeb zoo nkauj tias cov kev faib kev loj hlob tseem ceeb mus tom ntej yog kuv xav tias, Corrugated thiab Flexible Ntim, uas yog qhov pom tseeb heev.Qhov ntawd txhais li cas rau Uncoated Fine Paper lag luam?Kom meej meej, kuv tau txais tag nrho, tab sis nws yog tus nqi sib tw thoob ntiaj teb.Tab sis muab cov txheej txheem ntawm lub taub hau, tshwj xeeb tshaj yog nyob rau hauv kev lag luam, peb puas yuav tsum pom tias qhov tseem ceeb ntawm lub tshuab nyiaj txiag los pab txhawb kev loj hlob hauv lwm qhov kev loj hlob mus sij hawm ntev?
Thiab qhov thib peb, kuv kwv yees, tsim ntawm qhov ntawd, thaum peb xav txog koj qhov '21 CapEx kev taw qhia, EUR 450 lab rau EUR 550 lab, uas, yog tias kuv tuaj yeem ua tsis ncaj, hloov koj mus rau hauv lub tshuab nyiaj dawb.Arguably, nws puas muab kev xav rov qab rau koj lub Tsib Hlis 2018 cov nyiaj faib tshwj xeeb, puas yog qhov qhib lub sijhawm rau cov nyiaj faib tshwj xeeb ntxiv hauv '21?
Ua tsaug.Feem ntau ib qho kev qhuas yog ua raws cov lus nug nyuaj.Tsis yog. Kuv xav tias ntawm - Kuv txhais tau tias, hais txog qhov yeej, kuv yuav tsis nkag mus rau cov ntsiab lus tshwj xeeb ntawm qhov ntawd, tab sis kuv xav tias, ob qho tib si ntawm e-lag luam pem hauv ntej, peb tau qhia koj MailerBAG, piv txwv li, MailerBAG uas peb tab tom siv, peb tau thawb qhov ntawd hnyav heev nrog peb cov neeg siv khoom lag luam e-lag luam, thiab nws tau txais kev txais tos zoo heev.Nws yog ib txwm - nws yog ib qho khoom pom tseeb vim tias nws tshem tawm tag nrho lawv cov ntaub qhwv thiab cov khoom uas koj yuav tau txais hauv koj - uas koj phau ntawv tuaj rau hauv. Tam sim no ib qho zoo huv si, ruaj khov, rov ua dua tshiab, txhua yam, hnab ntawv, thiab qhov ntawd tau txais cov lus teb zoo heev.Thiab yog li ntawd peb tau txhawb nqa los ntawm qhov ntawd.Ib yam li ntawd, ntawm txoj kev ruaj ntseg, peb tab tom ua haujlwm ntau, raws li koj tau hnov los ntawm tag nrho cov khoom uas koj tau coj los ntawm Steti.Thiab qhov ntawd yog kev tsom mus txuas ntxiv.Ntxiv dua thiab, nws yuav tsum tau pom raws li cov ntaub ntawv.Kuv txhawb siab heev.Yog tias koj saib peb cov lej ntawm kev loj hlob nyob ib puag ncig peb cov ntawv tshwj xeeb kraft ntawv, dav dav, uas zoo nkauj npaum li mus rau hauv cov ntaub ntawv ua haujlwm, tab sis, pom tseeb, kuj mus rau hauv txhua lub hnab ntim khoom yooj yim thiab cov zoo li, koj pom qhov tseeb. kev loj hlob hauv kev lag luam ntawd, thiab lawv tau ua tiav zoo heev thiab txuas ntxiv txhim kho cov ntaub ntawv thiab cov lag luam ntawd, hais ncaj ncees, vim qee txoj hauv kev, nws yog lub lag luam tshiab tag nrho uas ib qho tab tom tsim muaj.Yog li ntau qhov kev vam meej zoo nyob ntawd, thiab peb yuav siv zog ntxiv mus rau kev tsav tsheb ntawd.
Nyob rau hauv cov nqe lus ntawm cov ntaub ntawv zoo.Nws yog kev lag luam zoo.Peb muaj ib txoj hauj lwm muaj zog heev, raws li kuv twb tau hais lawm.Cov cuab yeej tseem ceeb muaj tag nrho cov cuab tam sib xyaw siv.Hauv lwm lo lus, lawv tsim cov ntawv zoo thiab cov ntaub so ntswg, uas tsis tas yuav siv rau kev ua lag luam ntawv zoo, ntau cov ntaub so ntswg, piv txwv li, los ntawm South Africa, raug muag rau hauv Asia mus rau hauv cov ntaub so ntswg kev lag luam thiab cov no thiab cov zoo li. , obviously, ua cov qib containerboard zoo li.Kuv pom lub neej yav tom ntej ntawm qhov kev lag luam ntawd - peb yuav txuas ntxiv tsav thiab tseem muaj kev sib tw hauv kev ua lag luam zoo.Kuv ntseeg tias koj tuaj yeem - koj yuav tsum yog tus tswv zoo ntawm ib qho ntawm koj cov cuab tam, thiab peb tseem yuav nqis peev ntxiv kom tsim nyog kom lawv sib tw.Tab sis, tau kawg, kev hloov pauv ntawm kev loj hlob CapEx yog ntau heev rau cov lag luam ntim khoom loj hlob.Los ntawm txoj kev ntawm kev piav qhia, pom tseeb, qhov project tshiab nyob rau hauv - yog nyob rau hauv Slovakia nyob rau hauv dab tsi yog dab tsi koj hu ua ib txwm zoo daim ntawv zeb, tab sis nws yog ua rau hybrid containerboard cov khoom, siv cov zoo heev nqi puag peb muaj nyob rau hauv, tab sis mus leveraging loj hlob. kev lag luam ntim khoom, thiab kuv xav tias peb yuav pom cov cib fim txuas ntxiv ntawm qhov ntawd.Tab sis tib lub sijhawm, cov ntaub ntawv tseem ceeb ua lag luam tseem muaj kev sib tw, thiab peb tseem yuav nqis peev ntxiv rau nws raws li qhov tsim nyog.
Hais txog cov nyiaj ntsuab, kuv pom zoo tag nrho tias peb yog cov nyiaj ntsuab heev.Kuv xav tias koj tau hnov kuv hais tias ob peb zaug, thiab kuv yuav hais ntxiv tias los ntawm kev txhais, CapEx, raws li kuv tau hais, yuav nqis los hauv 2021, tsis muaj dab tsi ntxiv.Kuv tau ua kom pom tseeb, txawm li cas los xij, peb pom ntau lub sijhawm hauv pab pawg, thiab peb yeej yuav tau saib los txhawb kev loj hlob ntawm cov lag luam, tab sis nws yuav tsum tau ntsuas kom meej meej rau txhua qhov kev xaiv.Thiab ib qho ntawm lwm txoj hauv kev yog, tau kawg, xa nyiaj rov qab rau cov tswv lag luam, thiab peb ntsuas peb tus kheej tawm tsam cov qauv ntsuas, peb yuav tsum hais, txhua lub sijhawm.Kuv xav tias peb cov tswv lag luam yuav pom nws yog qhov tseem ceeb rau peb los nrhiav cov kev loj hlob uas tuaj yeem tsim muaj txiaj ntsig rau lawv, thiab qhov ntawd yog qhov peb, ua tus tswj hwm, tau ua haujlwm ua.Tab sis tib lub sijhawm, peb qhib heev yog tias cov sijhawm zoo tsis tshwm sim hauv qhov kev txiav txim, raws li peb tau qhia rov qab rau hauv - nyob rau sab nraum qab ntawm 2017 cov txiaj ntsig.Peb kuj tau npaj los saib lwm qhov kev faib tawm yog tias qhov yog txoj hauv kev.
David O'Brien los ntawm Goodbody.Ua ntej tshaj plaws, tsuas yog koj tau hais tias lub thawv nqi khaws cia tau zoo.Saib, Kuv paub tias nws yuav yog qhov tshwj xeeb rau lub tuam txhab muab cov kev hloov pauv nyob ib puag ncig cov lag luam.Tab sis koj puas tuaj yeem muab rau peb koj qhov kev paub dhau los ntawm cov nqi ntawm lub thawv nce mus txog 2018 thiab lawv tau mus qhov twg txij thaum ntawd los?Thiab kuv twv, qhov siab tseem nyob ntawm tus nqi nqi nyob ntawd.Thaum twg peb yuav tsum xav txog lawv dhau (tsis hnov tsw) thiab yog qhov tsuas yog nyob ntawm qhov kev vam meej ntawm lub thawv ntim khoom?Zoo li, puas muaj cov khoom lag luam los ntawm cov khoom siv?Thiab koj puas tuaj yeem txheeb xyuas qhov twg lawv tau tuaj ua rau koj muaj kev ntseeg siab nyob ib puag ncig kev nce ntxiv?
Ntawm cov lag luam hloov pauv tau, nws tau pom tseeb thiab tias muaj qee qhov kev nyuaj siab tuaj.Yog tias peb saib ntawm qhov profile '18 rau '19, nws yog los ntawm 17% mus txog 20% EBITDA margin.Puas yog peb rov qab mus rau 17% hauv 2020?Lossis koj puas xav tias koj tuaj yeem tuav txoj kab uas tau muab qee yam kev txo qis uas koj tau hais?
Thiab thaum kawg, Cov Khoom Siv Hluav Taws Xob, koj cov nyiaj rov qab los ntawm cov peev txheej ua haujlwm ntawm 13.8% thiab nws pom tseeb lags cov pab pawg dav dua.Lub hom phiaj nruab nrab yog dab tsi nyob ntawd?Dab tsi yog qhov ua tiav, muab qee qhov kev ntxhov siab uas koj tau sau tseg ntawm ib qho ntawm koj cov khoom tseem ceeb?
Okay.I think, firstly, on the box prices, I think you mentioned about 2018. I'm not sure if that was a -- so clearly, box prices -- I mean, if one looks back at the history, we saw containerboard prices mus nce siab heev los ntawm 2018 thiab ces topped rov qab-kawg ntawm '18 ua ntej lawv pib tawm me ntsis.Cov nqi thawv tau ua raws li ntawd.Cov neeg hloov pauv tau pom cov npoo npoo dhau los ntawm 2018 raws li lawv tau mus tas li chasing lub thawv - lub thawv ntim cov nqi nce.Thiab tom qab ntawd los ntawm 2019, ua tau zoo, uas tig mus rau ntawm nws lub taub hau, raws li koj tau pom, cov nqi ntim khoom tawm tuaj, thiab cov nqi thawv tau nce zoo heev.Thiab kuv xav tias, nyob rau hauv qee txoj kev, tshaj qhov kev cia siab yog tias koj saib ntawm kev ua lag luam feem ntau.
Kuv xav tias cov lus nug rau 2020 tseem muaj ntau nyob ib ncig ntawm lub thawv ntim khoom.Kom meej meej, peb tab tom pom, thiab kuv mam li tuaj rau ntawm vim li cas peb ntseeg tias qhov pib ntawm lub thawv ntim khoom yog qhov ncaj ncees.Tab sis yog tias koj tab tom pom cov thawv ntim khoom pib flatten tawm thiab nce, ces kuv xav tias muaj txhua qhov kev ncaj ncees rau lub thawv nqi tsis ua raws nws ntxiv, tab sis yog tias muaj dab tsi, ruaj khov thiab muaj peev xwm rov qab los.Tab sis nws yog ntau heev, nyob rau hauv kuv saib, muaj nuj nqi kuj ntawm lub containerboard sab.Kuv xav tias, hais ncaj ncees, 2018 yog lub xyoo nyuaj rau cov neeg hloov pauv, 2019 yog qhov txawv.Dab tsi yog qhov ntev-ntev cov paj tau zoo rau cov hloov pauv yog tej zaum ib yam dab tsi nyob nruab nrab.
Ntawm lub thawv ntim khoom, kuv txhais tau tias, dab tsi tau hloov txij li lub Tsib Hlis dhau los?Kuv txhais tau tias, ib yam yog tus nqi qis.Raws li koj paub, txij li lub Tsib Hlis xyoo tas los, cov nqi tau nqis los.Kuv txhais tau tias lawv ruaj khov nyob rau lub quarter thib peb, thiab tom qab ntawd muaj tus nqi ntxiv rau Q4 thiab me ntsis rau thaum pib ntawm lub xyoo no.Kuv xav tias, meej, qhov peb pom hauv av tam sim no, raws li kuv hais, yog qhov xwm txheej muaj zog heev.Peb tau booked tawm.Feem ntau, raws li peb nkag siab, cov khoom lag luam qib thoob plaws hauv kev lag luam yog qhov tsim nyog rau qis thiab peb tau tawm mus, raws li koj tau hais, peb yog ib qho ntawm thawj zaug tawm, Kuv ntseeg tias, ntawm kev rov ua dua tshiab.Nws zoo nkaus li muaj lwm tus uas tau ua raws li qhov ntawd, thiab peb tab tom tham nrog peb cov neeg siv khoom.Kuv tsis tuaj yeem muab qhov tseeb dua rau koj, raws li peb tau tham dhau los lawm.
Nyob rau hauv cov nqe lus ntawm kev lag luam yooj yooj yim thiab cov npoo npoo uas koj tau hais rau ntawd.Yog, kuv txhais tau tias, peb paub meej tias ntawm sab ntawv kraft, peb tab tom pom cov nqi tuaj tawm.So we saw pressure through the course of last year, but because of the contract nature of a lot of the kraft paper business and the bags business, there's always a bit of a lag effect between where the spot price is and where -- what you 'yuav ua tau tiav, thiab muaj cov nyhuv lead thiab.So what happens now is, obviously, we've had to reprice kraft paper to nearer spot prices on the annual contract business that is now in the market and priced in. And the bags, because you're negotiating your contracts at the similar time , lawv yuav raug repricing rau tib lub hauv paus.Yog li ntawd yog kom meej meej nyob rau hauv kev ua lag luam.
Hais txog kev txo qis ntawm qhov ntawd, muaj, raws li kuv tau hais, cov tswv yim txo nqi ntau npaum li cas thoob plaws hauv daim, thiab qhov ntawd cuam tshuam rau kev hloov pauv lossis kev lag luam kraft ntawv, tshwj xeeb.Peb kuj tau txais qee qhov tsis zoo los ntawm lub hnab ua lag luam vim tias koj yuav xav tias peb khaws qee qhov txiaj ntsig ntawm cov nqi qis dua.Peb lub lag luam yas hloov tau yooj yim yog kom meej meej tsis cuam tshuam los ntawm qhov ntawd, thiab peb ntseeg tias muaj kev loj hlob tsis tu ncua nyob rau ntawd.Kuv xav tias, qhov tseem ceeb, ntawm lub hnab sab, xyoo tas los yog lub xyoo nyuaj dua ntawm cov ntim.Peb yeej pom qee qhov khaws cia hauv qhov ntawd.Yog li kuv xav tias muaj ntau yam, tab sis nyob rau lub sij hawm luv luv, kiag li, cov paj laum yog nyob rau hauv kev nyuaj siab rau qhov nws nyob rau hauv 2019.
Nyob rau hauv cov nqe lus ntawm Engineered Materials, kuv xav hais tias nyob rau hauv cov nqe lus ntawm rov qab rau peev, kuv txhais tau tias, kom meej meej, ua ntej, nws yog ib tug me ntsis txawv lag luam.Peb lees paub tias nyob rau hauv cov nqe lus ntawm cov qauv ntawm cov lag luam uas cuam tshuam nrog, piv txwv li, cov lag luam ntawv.Peb tau ua kom pom tseeb tias peb yuav cia siab tias yuav muaj qhov cuam tshuam ntxiv rau xyoo no hauv ntu ntawd hauv thaj chaw saib xyuas tus kheej, tshwj xeeb.Peb tab tom ua haujlwm kom pom tseeb hauv lwm qhov chaw los tsim lwm cov khoom lag luam los cuam tshuam tus nqi siab nyob rau ntawd, tab sis nws yuav tsis ua rau nws tag nrho.Yog li peb tau pom tseeb tias cov npoo yuav los nyob rau hauv qhov kev ntxhov siab ntau dua rau xyoo 2019 uas xav tau - qhov tshwm sim hauv cov Khoom Siv Hluav Taws Xob.Tab sis raws li kuv tau hais ua ntej, kuv xav tias peb muaj ntau qhov kev nthuav dav thaum nws los txog, raws li kuv hais, kev tso tawm, cov txheej txheem extrusion thiab lwm yam kev siv zaj duab xis thaum nws los txog rau saib kev sib koom ua ke ntawm qee qhov kev ntim khoom ruaj khov uas. peb tsav tsheb ua lag luam.Thiab yog li peb yuav tsum tau nqis peev ntxiv rau cov ntawd thiab tsav mus rau qhov ntawd.Nws yuav tsis yog qhov teeb meem nyob ze, tab sis ntau dua li lub sijhawm ntev zog.Kuv xav tias kuv yuav nqa ib qho ntxiv ntawm hauv pem teb thiab tom qab ntawd peb tau txais ob peb ntawm cov xov hlau.
Cole Hathorn los ntawm Jefferies.Andrew, tsuas yog ua raws li yuav ua li cas kom koj cov neeg siv khoom yuav mus rau hauv cov qauv ntawm cov ntawv uas ua tau thiab yas thaum muaj txiaj ntsig.Yuav ua li cas thiab nyob nrog lawv muab tag nrho lawv cov hom phiaj 2030, 2050?Thiab dab tsi yuav ua kom nrawm nrawm dua?
Yog, kuv xav tias -- kuv txhais tau tias, kom meej meej, txoj cai pab.And I mean, we've seen it most obviously in the bags business where the shopper bags and there's an EU-wide push to reduce plastic, single-use shopper bags, and that, of course, different jurisdictions have applied different regulations, be nws los ntawm kev them se rau kev txwv tsis pub siv ib leeg-siv hnab yas khw muag khoom.Thiab ntawm chav kawm, tam sim ntawd tau tsim ib qho kev thov loj, uas yog qhov zoo heev rau peb.Thiab yog li ntawd, vim li cas peb tau nqis peev dua hauv peb txoj haujlwm Steti kom muab cov ntawv ntxiv ntawd kom tau raws li cov khoom siv ntawd.Kuv xav tshaj qhov ntawd, kom meej meej, kuj tseem muaj kev pib rau - rau cov se dav dua ntawm qee cov ntawv thov yas, peb feem ntau yuav txhawb qhov ntawd.Peb xav tias nws yog qhov tsim nyog vim tias qhov kev sib tw loj nrog tag nrho cov no yog internalizing tus nqi rau ib puag ncig ntawm cov tshuaj plastics lossis cov kev daws teeb meem tsawg dua, peb yuav tsum hais.Thiab tau kawg, se yog ib txoj hauv kev kom ua tiav qhov ntawd.
But I think as importantly consumer preferences and consumer awareness is of massive and shouldn't be underestimated as a massive push here because, as you know, most of the big FMCG groups have put out big statements around improving the sustainability of their packaging, and tam sim no lawv tab tom nrhiav kev txhawb nqa thiab yuav ua li cas kom ua tiav qhov ntawd.Ntxiv dua thiab, peb tab tom muaj kev sib tham ntau nrog peb cov neeg siv khoom txhawb nqa qhov ntawd, thiab lawv txaus siab heev rau txhua qhov kev daws teeb meem uas peb tau muab.Thiab raws li kuv hais, qhov ntawd yog qhov uas kuv ntseeg tias peb yeej muaj kev tshwj xeeb vim tias peb yog - peb tuaj yeem muab tag nrho cov suite ntawm substrates.Thiab raws li kuv tau muab tso rau ntawm ib daim swb, ntawv yog - peb yuav zoo siab heev los muab cov ntaub ntawv, kev daws teeb meem rau txhua yam, tab sis nws tsis yog.Thiab kom meej meej, muaj ntau daim ntawv thov uas peb cov khoom yas ua haujlwm tseem ceeb.Kuv txhais tau hais tias qhov teeb meem ntawm kev noj zaub mov tsis zoo, uas kuv xav tias yuav dhau los ua ntau qhov kev sib tham ntawm ib puag ncig cov teeb meem.Nyob ib ncig ntawm 1/3 ntawm cov zaub mov ntawm lub teb tsis ua rau tus diav rawg.Kuv txhais tau tias yog tus xov tooj startling.Koj tuaj yeem pub tag nrho Africa thiab Europe ua ke nrog cov khoom pov tseg.Thiab yog li koj tuaj yeem xav txog txhua yam uas tuaj yeem txo qhov khoom noj khoom haus yuav tsum muaj txiaj ntsig zoo ib puag ncig.Yog li peb yuav tsum tau txais qhov sib npaug ntawm kev tsav tsheb cov ntawv ntshiab, thiab peb xav tias muaj lub sijhawm zoo heev, tab sis kuj lees paub tias yuav muaj ib qho chaw rau cov kev daws teeb meem yas, uas tuaj yeem txhim kho cov zaub mov tshiab, muab koj qib zoo ntawm kev yooj yim. , thiab lwm yam, yog li koj tsis txhob nkim zaub mov.Thiab qhov ntawd yog - muaj qhov sib npaug nyob ntawd, thiab peb muaj, kuv xav tias, muaj ntau lub sijhawm thiab, raws li kuv hais, yog qhov chaw zoo heev los muab tag nrho cov kev daws teeb meem ntawd.
Kuv tau txais 2. Saib ntawm Slide #7, Kuv tab tom saib daim ntawv qhia pob zeb thiab pom tseeb tias rov qab los hauv 2019 ntawm tus nqi.Tab sis cia peb hais, tawg tawm 2018 raws li hom kev sib tsoo, nws zoo li 19% mus rau 20% ntws.Koj puas tseem pom tias yog qhov ntws hauv, zoo li 19%?Thiab yog qhov zoo ntawm qhov pib qhov twg koj yuav nce koj tus kheej pab yog tias nws poob hauv qab no?
Okay.Peb xav tias kev tsav peb txoj kev pab tus kheej yog ib yam uas peb yuav tsum ua txhua lub sijhawm.Obviously, lub hom phiaj ntawm qhov koj tab tom ua yog txiav txim siab los ntawm ib puag ncig ib puag ncig koj ntawm ib lub sijhawm.
Tab sis tib lub sij hawm, peb xav tias nws yog qhov tsim nyog yuav tsum tau ua txuas ntxiv mus nqis peev, raws li kuv tau hais, dhau ntawm lub voj voog.I mean, if we are confident that we can deploy capital at levels that comfortably exceed our cost of capital, we should be looking at doing that, obviously measured against all the other alternatives, the uses of that cash, and that's something we'll txuas ntxiv mus ib txwm siv zog ua.
Yog lawm.Yog li qhov tom ntej no yuav yog dab tsi tiag tiag preempting koj los ntawm - dab tsi yog qhov tiag tuav koj rov qab los ntawm hom kev txav qee yam ntawm cov cib fim ntxiv rau pem hauv ntej?Zoo li koj tau hais txog kev lag luam muaj peev xwm ntau dhau, qhov twg koj tuaj yeem saib cov ntawv tshwj xeeb kraft.Nws yog lub khw uas koj muaj kev coj noj coj ua hauv cov khw muag khoom.Puas yog kev txhawj xeeb me ntsis ntawm lub voj voog?Puas yog nws muaj peev xwm tswj tau?Puas yog koj yuav tsum ua kom tiav cov haujlwm txuas ntxiv ua ntej thiab tom qab ntawd, pom tseeb, xav txog cov tshiab?Los yog nws yog ncua sij hawm engineering uas yuav tsum tau?
Tag nrho cov saum toj no.Tsis yog, kuv txhais tau tias, kom meej meej, koj yuav tsum tau ua qhov tseem ceeb, thiab peb muaj qhov kev pab cuam CapEx loj.Thaum koj siv EUR 700 lab rau EUR 800 lab hauv ib xyoos, nws ua haujlwm ntau heev.Nws yuav siv ntau cov peev txheej sab hauv thiab peb yog - thiab koj yuav tsum ua qhov tseem ceeb ntawm qhov ntawd, thiab peb ntseeg tias peb tau txais txoj cai ntawd.Thiab koj tsis xav ua qhov txaus ntshai los ntawm kev xa khoom.Tab sis tib lub sijhawm, yog, koj yuav tsum paub txog kev ua lag luam.Tshwj xeeb heev, piv txwv li, rov qab los rau lub tshuab Steti.Peb ncua lub tshuab ntawd vim peb pom lwm lub peev xwm los hauv kev ua lag luam thaum lub sijhawm.Thiab peb xav tias peb yuav tsis poob qhov kev xaiv no los ntawm kev tuav ib ntus thiab pom tias cov khoom nthuav tawm li cas.Thiab nws yuav ua rau kev txiav txim siab rov qab los thiab rov mus xyuas qhov ntawd.Yog li cov no yog cov uas koj yuav tsum xav txog.Yog li koj tsis yog - koj yeej tsis saib tej yam nyob rau hauv kev sib cais ntawm tag nrho cov lag luam dynamic.Tab sis kom meej meej, nyob rau tib lub sijhawm, peb muaj cov khoom kim heev uas tuaj yeem nqis peev los ntawm lub voj voog thiab qhov ntawd yog ib yam uas peb yuav siv zog ua.
Thiab tseem, zoo siab rau lub luag haujlwm tshiab, dua.Tej zaum tsuas yog ib lo lus nug philosophical.Koj txoj kev xav txog kev lag luam sib sau ua ke hauv Tebchaws Europe hauv cov thawv ntim khoom.Peb tau hais txog nws ua ntej, tab sis tej zaum tsuas yog ua kom rov hais dua seb koj puas pom muaj txiaj ntsig rau nws?Puas yog qee yam uas koj yuav txaus siab koom nrog koj txoj haujlwm tshiab?Los yog nws tseem yog ib yam dab tsi uas koj yuav khaws - uas koj nyiam kom loj hlob organically?
Raws li kuv tau hais, Kuv xav - ua tsaug, Brian, rau lo lus nug.Kuv xav tias peb tau rov qab los rau peb qhov tseem ceeb.Peb xav tias peb muaj cov kev xaiv zoo kom loj hlob peb tus kheej kev lag luam.Txawm li cas los xij, M & A yog qhov kev xaiv rau peb, thiab peb yuav tsum muaj txoj sia nyob rau cov kev xaiv ntawd, thiab peb yuav nrhiav tau lawv txuas ntxiv mus.Kuv xav tias kev sib sau ua ke nyob rau hauv nws tus kheej yog - muaj qee qhov nyiam, tab sis nws yuav tsum pom hauv lub teeb pom kev tsim muaj txiaj ntsig koj tuaj yeem muaj.Yog li koj them dab tsi rau qhov ntawd thiab koj yuav tsum paub meej tias koj tuaj yeem tsav cov kev sib koom ua ke tiag tiag los ntawm kev sib sau ua ke thiab nws tsim kom muaj kev sib tw tiag tiag.Yog li tag nrho cov no koj yuav tsum tau xav txog txhua lub sijhawm.Yog li nws tsis yog ib yam uas peb tau txiav txim siab.Nyob rau tib lub sijhawm, peb paub meej tias, qhov ntawd yuav tsum ua kom tau raws li peb cov qauv ntsuas.
Okay, txias.Thiab tom qab ntawd - tam sim no rau tus nqi nce ntxiv uas koj tau tshaj tawm, muaj ntau lub peev xwm tshiab los ntawm lub sijhawm kawg ntawm lub xyoo no thiab feem ntau ntawm lub peev xwm yog qhov rov qab kawg.Puas muaj kev pheej hmoo uas koj yuav tau tso qee tus nqi nce ntxiv thaum lub peev xwm tshiab tsoo lub khw?
Kuv xav tias peb muaj kev ntseeg siab tshaj plaws hauv txoj haujlwm peb muaj nyob rau lub sijhawm, thiab peb yuav sib tham nrog peb cov neeg siv khoom tam sim no.Kuv xav tias lub neej tom ntej yuav tuav tau txiav txim siab los ntawm tag nrho pawg ntawm cov sib txawv.Kuv xav tias, yog, muaj peev xwm tshiab tuaj, tab sis kuj tseem muaj kev loj hlob zoo nyob rau hauv cov nqe lus ntawm cov qauv kev loj hlob zoo nyob rau hauv qhov chaw corrugated, uas peb ntseeg tias yuav tsis ploj mus sai sai.Peb kuj tau txais kev tsis sib haum xeeb thoob plaws Suav teb.Pom tseeb, nws yog lub ntsiab lus tam sim no rau lwm qhov laj thawj, tab sis kuv xav tias peb tseem pom qhov ntawd, qhov teeb meem ntawm Suav ntshuam txwv rau sab OCC los ntawm.Nws yog los ntawm tag nrho cov hom phiaj thiab lub hom phiaj los txog thaum kawg ntawm lub xyoo no, uas yuav tsum muaj kev cuam tshuam rau kev lag luam thoob ntiaj teb rau cov thawv ntim khoom, ib txoj kev lossis lwm yam.Yog li tag nrho cov yam ntxwv no yuav tsum tau xav txog.Yog li kuv xav tias saib tshwj xeeb ntawm lub peev xwm ntxiv hauv Tebchaws Europe hauv kev rho tawm yog ib txwm tsis yog.
Tsuas yog ib qho ceev kom qhia meej txog tus nqi ntawm lub thawv.Nws puas yog qhov ncaj ncees los txiav txim siab tias yog tias tus nqi ntim khoom thauj mus los ntawm cov txheej txheem lub thawv yuav ruaj khov xyoo-rau-xyoo?
Kuv xav tias, raws li kuv tau hais ua ntej lawm, Ross, kuv xav tias, kom meej meej, tus nqi ntawm cov thawv ntim khoom yuav txhawb nqa lub thawv nqi.
Kuv xav tias nws yog ib txoj haujlwm ntawm lej, puas yog?Yog li peb yuav tsum nkag siab tias qhov cuam tshuam rau lub thawv ntim cov nqi yog nyob rau hauv lem uas yuav cuam tshuam rau lub thawv nqi.Tab sis raws nraim li cas xyoo-rau-xyoo cuam tshuam yog ib lo lus nug ntawm lub sij hawm ntawm cov nqi txav.Kuv yuav tsis xav speculate rau qhov no xwb.
Yog lawm.Kuv xav tias peb muaj sijhawm.Yog muaj ib lo lus nug ntxiv los ntawm pem teb?Thov txim, Wade.Qhov tseeb, peb tsis muaj sijhawm, tab sis peb yuav ua sijhawm.
Wade Napier los ntawm Avior Capital Markets.Andrew, yav dhau los koj tau hais txog koj lub peev xwm los tsim cov khoom tshwj xeeb hauv cov thawv ntim khoom lag luam nrog dawb sab saum toj thiab fluting thiab tam sim no koj puas tau hais lus tshwj xeeb hauv cov ntawv kraft.Muab cov nqi poob rau hauv cov ntawv kraft, muaj cov nqi tshwj xeeb kraft daim ntawv txiav tawm los ntawm koj cov qib txheem siv hauv cov khoom siv?Thiab tom qab ntawd koj tuaj yeem nco ntsoov peb qhov feem pua ntawm cov lag luam ntawv kraft yog qib tshwj xeeb?
Thiab tom qab ntawd kuv cov lus nug thib ob yuav yog nyob rau hauv Uncoated Fine Paper lag luam, muaj ntau qhov txav mus los nrog kev kaw ntawm Merebank PM - ib qho ntawm PMs nyob ntawd thiab Neusiedler.Koj qhov kev xav tau dab tsi hauv qhov kev lag luam ntawd?Thiab ua li cas koj pom tias kev ua lag luam tawm hauv xyoo 2020, muab cov nqi tsis muaj zog nyob rau tom qab ib nrab ntawm xyoo tas los thiab koj puas tuaj yeem muab qee yam xim rau peb?
Tseeb.Yog lawm, kuv txhais tau tias, tsuas yog kom meej meej, muaj - thiab kuv paub tias lo lus tshwj xeeb tuaj yeem siv rau hauv cov ntsiab lus sib txawv.Yog li peb tham txog cov thawv ntim khoom, muaj cov qib ib txwm lossis cov qib thoob ntiaj teb ntawm cov khoom siv tsis huv kraftliner rov siv dua thiab tom qab ntawd koj muaj cov ntawv tshwj xeeb lossis cov ntawv tshwj xeeb xws li dawb sab saum toj thiab semichem.
Nyob rau sab ntawv kraft, peb feem ntau sib txawv ntawm cov hnab kraft ntawv qib, uas feem ntau yog dab tsi mus rau hauv koj daim ntawv thov lub hnab ntim khoom.Thiab tom qab ntawd cov kev tshwj xeeb, uas suav nrog ntau yam kev siv los ntawm MG, MF, cov hom - cov qib no.Hais txog quantum rau peb cov lag luam, nws yog nyob ib ncig ntawm 300,000 tonnes ntawm peb 1.2 lab, 1.3 lab tonnes ntawm tag nrho cov kraft ntawv ntau lawm.Tus nqi dynamic yog txawv.Thiab zoo sib xws, cov khoom siv-xav tau qhov tseem ceeb sib txawv heev nyob rau lub sijhawm no.We are seeing -- on the sack kraft side, as I mentioned, it's really -- there's a demand-side weakness that we saw in 2019, and we'll have to see how that unfolds because that is very much more construction driven, tshwj xeeb tshaj yog nyob rau hauv cov, raws li kuv hais, export kev lag luam ntawm peb li.Yog li ntawd nws txawv heev, cov kev lag luam sib txawv.Thiab - tab sis feem ntau, daim duab xav tau muaj zog heev hauv cheeb tsam ntawd.Thiab nws yog - peb tab tom pom kev loj hlob zoo.Kuj tseem muaj kev sib tw nyob ntawd thiab, raws li koj tuaj yeem xav txog, nws kuj tseem nyiam cov neeg sib tw rau hauv qhov chaw ntawd.Yog li koj pom tias dynamic ua si tawm.Tab sis qhov tseeb tus nqi siab tau ntau dua ntawm lub hnab kraft sab tuaj rau hauv lub xyoo no.
Nyob rau hauv cov nqe lus ntawm daim ntawv zoo, kuv txhais tau tias, tsuas yog kom meej, tsuas yog qhov tiag tiag tsiv qhov chaw, yog hais tias koj hu nws hais tias los ntawm lub xyoo tas los nyob rau hauv cov nqe lus ntawm ib tug structural hloov los ntawm peb lub lag luam yog kaw ntawm ib lub tshuab ntawv nyob rau hauv Merebank.Sab nraud ntawm qhov ntawd, nws yog kev lag luam-li-li qub hauv cov ntsiab lus teb.Kuv xav tias qhov koj tab tom hais txog yog qhov tseeb tias peb tau siv qee lub sijhawm hauv Neusiedler vim tias Neusiedler yog cov ntawv tshwj xeeb tshwj xeeb, Kuv siv lub sijhawm thiab dua, hauv cov ntawv zoo, koj muaj cov khoom lag luam qib hwm. Thiab yeej neusiedler yog tus nqi qib tsim nyog, thiab nws yog ib qho tseem ceeb uas nws tsom rau qhov ntawd.Thiab yog li ntawd yog qhov tsom ntawm qhov ntawd.Yog tias kev ua lag luam ntawd softer, peb yeej yuav tsis ua cov khoom lag luam ntawm qhov kev ua haujlwm Neusiedler.Yog li peb ib txwm agile thaum nws los txog yuav ua li cas peb tswj cov ntaub ntawv no.
Hais txog kev ua lag luam tag nrho, vim tias, dua, ua tus tsim khoom qis, peb ntseeg siab heev tias peb tuaj yeem ua tau nyiaj ntawm txhua tonne peb tsim ntawm peb cov kev ua haujlwm loj.Cov lus nug rau peb yog lub sij hawm ntev ntawm cov qauv dynamic.Kom meej meej, cov ntawv zoo yog cov khoom lag luam feem ntau, hauv cov qauv kev lag luam poob qis.Nws ruaj khov dua nyob rau hauv cov lag luam tawm tshiab.Tab sis yog qhov peb npaj rau kev ua lag luam mus rau tom ntej.
Kuv xav tias peb yuav kaw qhov ntawd.Ua tsaug ntau rau koj mloog thiab tuaj tawm hnub no rau hnub txias thiab ntub dej ntawm no hauv London, tab sis ua tsaug rau koj hauv webcast thiab rau koj mloog, thiab kuv yuav coj qhov no mus rau qhov ze.Ua tsaug ntau.
Post lub sij hawm: Mar-11-2020