London Kukadzi 27, 2020 (Thomson StreetEvents) - Yakagadziriswa Transcript yeMondi PLC yemuhoro wemusangano wekufona kana mharidzo China, Kukadzi 27, 2020 na9:00:00am GMT.
Mangwanani mese, uye tinokugamuchirai kuMondi Full year Results Presentation ya2019. Uye sezvamunoziva, ndini Andrew King, uye -- kunyangwe, ndinoziva vazhinji venyu muchindiziva zvakanyanya, ino ndiyo nguva yekutanga yandinayo. rombo rekuunza izvi mhedzisiro senge CEO wako anosarudza.Saka ndakafunga nepfungwa iyoyo, ndaizotanga ndatanga nekufungisisa zvishoma, izvo zvandinofunga kuti zvave zvakakosha mukufambisa kuita kweboka mumakore apfuura.Uye ndinofungidzira, zvakanyanya kukosha, izvo zvandinotenda ndizvo - zvakakosha pakuita kweboka mune ramangwana.Ini ndozodzokera kuongororo ye2019 yakakwira uye ndozopedzisa neimwe pfungwa pane yekumisikidza.
Sezvatinoona pane ino siraidhi, ndinofunga, chekutanga, zvizhinji zvezvaunonzwa zvichave zvakajairwa kwauri, uye ini handipe zvikonzero nezvazvo.Zviripachena ndave neboka kwenguva yakareba uye ndanga ndiri chikamu chekugadzira zano reboka.Uye ndinofunga takave nemaonero akajeka ezvinotiitira, izvo zvisingashande kwatiri.Uye zvakakosha, ndinofunga tinoziva zvakawanda izvi zvichatitsigira mune ramangwana zvakare.
Ehe, mukati mechero hurongwa, iwe zvakare unofanirwa kuve -- kuve wakashinga, teerera kune mamiriro sezvaanochinja.Zviripachena, kune nyika inokurumidza kukurumidza panguva ino yatinofanira kupindura kwairi.Asi ini ndinofunga misimboti yezvandichange ndichikuendesa mazviri, ndinofunga, akatibatsira zvakanaka, uye ndinotenda kuti acharamba achitishandira zvakanaka mune ramangwana.
Sezvauri kuona, chekutanga, isu tinofunga kuti kusimudzira kuri pakati pedu.Yave iri mukati meDNA yeboka kwemakore akawanda ikozvino.Iko kutarisisa chaiko, zviri pachena, pamusoro pehuwandu hwemakore, kwave kuri chaizvo nezve maitiro atinoita zvinhu.Kukanganisa kunoita bhizinesi redu panharaunda yakatitenderedza uye nebasa ratakaita kudzikamisa chero kukanganisa, uye kutaura zvazviri, kuvandudza nharaunda nenharaunda dzatinoshanda.
Ndinofunga kuti takabudirira zvikuru seboka mukuita izvozvo.Uye zvechokwadi, ikozvino iyo ajenda yese yakawedzera kune zvakare zvigadzirwa zvaunogadzira uye zvinokanganisa izvo, zvakare, kune nyika yakatitenderedza.
Uye ini ndinofunga, zvakare, pano, tiri munzvimbo inoshamisa uye yakasarudzika, chaizvo, iyo yatinogara tichipfupisa mune yedu motto, Pepa pazvinogoneka, plastiki kana ichibatsira.Isu tiri mutambi mukuru mune corrugated value cheni, sezvamunonyatsoziva.Isu tiri vagadziri vemabhegi makuru pasi rose.Isu tine huvepo hwakakosha mune yakakosha kraft mapepa mamakisi.Uye zvechokwadi, isu tichava mubatsiri akajeka wekuchinja kune mamwe akasimba-akavakirwa mhinduro.
Zviripachena, chinoita kuti tive vakasiyana inyaya yekuti isu tine mukana kune vatengi, tekinoroji, ruzivo, rwunopihwa nebhizinesi redu repurasitiki rekurongedza, iro, pacharo, rinoona mukana wakakura wekuvandudza, kunyanya maererano nekutyaira zvakanyanya. recyclability yezvigadzirwa zvemapepa.
Ehe, yedu Packaging bhizinesi zvakare inobatsira kubva kune imwe - mamwe emamwe maitiro akakosha atinoona munyika panguva ino.Zviripachena, e-commerce inzira inoenderera mberi, iyo inoramba ichifambisa kukura, kunyanya mubhokisi, asi zvakare zvinonyanya kufadza iko zvino zvakare padivi rebhegi, iyo yakawedzera - nyaya yakatenderedza kuwedzera kuziva kwemhando, iyo isati yaenda. uye inoenderera mberi nekufambisa kukura mumagiredhi ekurongedza.
Saka muchidimbu, ini ndinonyatso kutiona tiri kudivi rekurudyi reaya akakosha maindasitiri maitiro.Ehe, zvinoenda pasina kutaura kuti tarisiro yedu yekuve -- midziyo yedu-yakanakira zvinhu yagara iri musimboti wetsika yezvatiri.Isu tinotenda zvakajeka kuti kuve nemutengo wakaderera unounzwa kumisika yako yaunosarudza ndeimwe yeakakosha madhiraivha, kunyanya mune yakakwira pulp uye bhizinesi remapepa.Izvi zvinoramba zviri musimboti webhizinesi redu.Uye ndinofunga kuti pane zvakawanda zvinouya maererano nezvatingaite munzvimbo ino.
Zviripachena, ndinotenda simba rakakosha zvakare rakaonekwa mumakore apfuura kufunga kwedu kunoenderana uye kwakarongeka pamusoro pekugoverwa kwemari.Isu, chokwadi, tinotsvaga kukura bhizinesi redu.Isu tinotenda isu tine akawanda ekukura sarudzo.Asi zvechokwadi, izvo zvinogara zvichifanira kuitwa nerazo-yakapinza yakatarisa pakusikwa kwekukosha, uye izvi hazvizoshanduki.
Hongu, sezvamunondiziva pari zvino, ndinoda pepa rakasimba.Ini ndinofunga izvo zvinokupa iwe sarudzo kuburikidza nekutenderera kwekudyara.Pamusoro peizvozvo, isu tine rombo rakanaka rekugadzira mari kwakasimba kuburikidza nekutenderera.Isu, zviripachena, tichauya kune izvo kana isu tikatarisa kumashure kune 2019 mhedzisiro, asi izvo, nekuwedzera -- zvinokupa iwe kumwe kuchinjika kuti unyatso kutora maonero angangoita countercyclical kana vamwe vasingagone kufamba.
Pakupedzisira, hongu, haugone kuita izvi pasina vanhu vakarurama.Tine rombo rakanaka zvikuru maererano nekudzika uye ruzivo rwetarenda ratinaro musangano.Ndinozviona zvakanyanya sebasa rangu kuti ndirambe ndichirera nekuvandudza vanhu vakawanda vane tarenda uye zviri pachena, kukurudzira mukati meiyo tsika yekusiyana uye kubatanidzwa mukati meboka.Isu, zviri pachena, tine -- vanhu vakawanda vane ruzivo muboka, uye ndinotarisira kushanda navo apo tinoendesa bhizinesi mberi.
Nezvizvi, ndinodzoka zvakare kune zvakanakisa zve 2019. Uye sezvamunonyatsoziva, musingazive, 2019 yakaona kudzikira kwemitengo kutenderera kweakawanda emagiredhi edu akakosha emapepa, zvakakanganiswa, zviri pachena, nekuderera kwehupfumi hwese. .Tichipesana nemamiriro ezvinhu aya, takaunza kuita kwakasimba neEBITDA paEUR 1.66 bhiriyoni, maringe e22.8% uye ROCE ye19.8%.
Kudzora kwakasimba kwemitengo uye mipiro yakanaka kubva mukutorwa neCapEx, chirongwa chakapedzwa kunyanya muna 2018 chakadzikisa kumanikidzwa kwedu kwemahombekombe.Pamusoro pesimba rekuita uku uye kuratidza kuvimba mune ramangwana rebhizinesi uye chizvarwa chakasimba chemari chatinoona, Bhodhi rakakurudzira kuwedzera kwe9% muchikamu chegore rose.
Pamberi pekambani, zviri pachena kuti takafara mukati megore kupedzisa kurerutsa kwechimiro cheboka kuita imwechete-headed plc, zvichitipa pachena sesangano, kugadzirisa mafambiro emari mukati mebhizinesi uye, chokwadi, kusimudzira kushayikwa kwemari kweMondi shares.
Sezvambotaurwa, isu -- ndinotenda isu takamisikidzwa zvakasiyana-siyana kubatsira shanduko yevatengi vedu kuenda kune yakawedzera kurongedza.Uye ini ndichauya zvakare kune izvo mune zvimwe gare gare - zvimwe zvakadzama gare gare mukuratidzwa.
Zviripachena, isu tinofara zvikuru nekufambira mberi kwatakaita takanangana nezvisungo zvedu zve2020 tichikura zvine mwero, uye takangovandudza zvisungo zvedu zvemamiriro ekunze zvichibva pane zvinangwa zvesainzi.
Kana ndikatarisa mune zvakadzama muchidimbu pane inodzika EBITDA budiriro.Iwe uchaona kukanganisa kwekutanga kunokonzerwa nekudzikira kwemitengo kutenderera.Ini ndichauya kune rumwe ruvara pane izvo gare gare pane bhizinesi-ne-bhizinesi.Asi ivo vakanyanya kubatsira mukusiyana kwemitengo yakashata yaive mitengo yakaderera yebhokisi ichitevera iyo yepamusoro-soro yakaonekwa kusvika pakupera kwa2018 uye yakaderera pulp mitengo.Kraft mapepa emitengo yakapa mhedzisiro yakanaka, kunyangwe, zvakare, izvi zvakauya pasi pekumanikidzwa mukati megore.
Iwe uchaona yakakura yakashata vhoriyamu musiyano, asi ichi chikamu chiratidzo cheyakanyanya kunetsa kutengeserana nharaunda, kunyanya bhizinesi redu remabhegi uye mavhoriyamu ari pasi pekumanikidzwa kuMiddle East neNorth Africa mudunhu, zvakanyanya, uye imwe nguva yekudzikira inotorwa kutonga yedu. zvinyorwa mu kraft bepa uye specialty yakanaka mapepa zvikamu muhafu yechipiri yegore.Hurukuro, zvisinei, imhaka yezvakarongwa kwenguva refu -- yakarebesa gadziriso yakavharika mukati megore uye proactive portfolio optimization sarudzo dzakatorwa mumwedzi gumi nemisere yapfuura.Uye izvo zvinosanganisira bhobhobhobho uye yakanaka mapepa ekuvhara muchina muTurkey neSouth Africa, zvichiteerana.
Izvi zvakadzikiswa nekukura kwakanaka kwemavhoriyamu mubhizinesi redu remarara uye mupiro kubva kumapurojekiti makuru akapedzwa muna 2018, kunyanya kuwedzera huwandu mumapepa ekraft uye pulp.
Mari yekupinda yaiwanzokwira gore negore, kunyangwe takaona kumwe kudzikiswa kwemutengo kuchienda muhafu yechipiri yegore.Huni, simba nemakemikari zvakabuda mukati megore, nepo mapepa ekudzokorodza akange ari pasi gore-ne-gore uye zvakateedzana pahafu yechipiri zvichienderana nehafu yekutanga.Zvazvino zvinotarisirwa ndezvekumwe kubvisirwa mari yekuwedzera muna 2020.
Sezvauri kuona, mambure mhedzisiro yekutora uye kuraswa yaive yakanaka EUR 45 miriyoni musiyano, zvakanyanya nekuda kwegore rakazara mupiro kubva kuPowerflute uye mabhegi eEgypt zvidyarwa, izvo zvatakawana pakati pa2018.Kukosheswa kwakaringana kwemasango kwaive EUR 28 miriyoni yakakwira kupfuura gore rakapfuura, zvichitungamirwa nemitengo yepamusoro yematanda ekunze uye kuwedzera kwehuwandu munguva.Zvakakosha kuziva, kunyange zvakadaro, kuti kuwanda kwekuwana kwegore razvino kwakazivikanwa muhafu yekutanga.Zvichienderana nemamiriro azvino emusika, isu tingatarisira kuwana kwa2020 kuve kwakadzikira zvakanyanya sezvo kukwira kwemitengo yematanda kunotarisirwa kunge kusinganzwisisike.
Kana ndikakupa pfupiso pfupi yemupiro nemayuniti ebhizinesi.Iwe unogona kuona pane yekurudyi-chati, isu tinopa tsananguro yemupiro nemabhizinesi mayuniti kuboka EBITDA.Uye kuruboshwe-kuruboshwe, unogona kuona mafambiro nemabhizinesi mayuniti muEBITDA mupiro.Munhamba inotevera yemasiraidhi, ini ndinozokupa rumwe ruzivo nebhizinesi unit.
Kutora pekutanga muCorrugated Packaging, unogona kuiona ichienderera mberi nekuendesa magineti akasimba uye inodzoka kunyangwe kudzvanywa kwemitengo kwandatotaura.Nepo ese magiredhi ebhokisi rebhokisi akakanganiswa, musanganiswa wezvigadzirwa zvatinazvo nekufarira kwakakosha zvikamu zvewhite top kraftliner uye semichemical fluting inoderedza kuratidzwa kwedu kutenderera.Nenzira yekuenzanisira, mutengo webhenji webhodhi remidziyo yakadzokororwa wakadzikira paavhareji yakatenderedza 18% gore-pa-gore, ukuwo yakakwira kraftliner uye semichemical yakaderera yakatenderedza 3% panguva imwe cheteyo.Saizvozvo, hongu, chinzvimbo chedu chemutengo wakaderera, chakawedzerwa nekutonga kwakasimba kwemitengo uye zvirongwa zvedu zvekuvandudza purofiti zvinoreva kuti tinoramba tichiunza kudzoka kwakasimba uye kubuda kwemari kunyangwe mukuderera kwecyclical.
Zvinokurudzira zvakadaro, tave kuona kuvandudzwa kwemamiriro emusika, nezvinyorwa zvino pane mamwe mazinga akajairwa uye mabhuku akasimba ekuodha.Kuseri kweizvi, isu takatanga nhaurirano nevatengi vedu kutenderedza kumwe kuwedzera kwemitengo.
Kana tichitarisa bhizinesi rezasi, isu tinofara zvikuru nekuita kwebhizinesi redu reCorrugated Solutions, kuwana 3% organic box vhoriyamu kukura uye kuwedzera kwemargin sezvo kuchengetwa kwemitengo kwakasimba mukutarisana nekuderera kwemitengo yekuisa mapepa.
Ini ndobva ndaenda kuFlexible Packaging.Iwe unogona kuiona yakanakidzwa negore rakasimba kwazvo, iine EBITDA yakakwira 18% uye rekodha margin.Sezvakataurwa, takakwanisa kuwedzera kraft mapepa emitengo mukutanga kwegore.Tichifunga nezvehurefu hwekondirakiti mumusika uyu, mitengo inonamira sezvazviri kupfuura mumagiredhi ebhokisi rebhokisi uye kwakawanda kwekuwedzera muchikamu chekutanga chegore kwaive kubata-bata gore rakapfuura.
Mukufamba kwegore, takaona kumanikidzwa kwemitengo sezvo kudzikira kwehupfumi kwakakanganisa kudiwa, uye takatanga kuona kuwedzera kwemakwikwi kubva kune vamwe vanogadzira swing.Izvi zvakaenderera mberi kusvika mukutanga kwa2020, zvichikanganisa nhaurirano dzemitengo yegore, zvekuti tinotanga gore idzva nemazinga akaderera pane akawanikwa paavhareji muna 2019. tichiona kukura kwakanaka kwevhoriyamu patakapinda mune inokura yevatengi vanofarira yefiber-based packaging.Kuenderera mberi kwekukura muchikamu ichi kuri kutsigirwawo nemapurojekiti edu eCapEx muSteti kunyanya, uye matanho akasiyana ekutsiva mapurasitiki.
Bhizinesi rebhegi remapepa rezasi rakawana kupfuudza kwemitengo yepamusoro yebepa, asi, panguva imwecheteyo, yakaona mavhoriyamu achimanikidzwa, kunyanya, sezvandambotaura kare kuMiddle East nemisika yeAfrica, iyo iri kufumurwa zvakanyanya. kuchikamu chekuvaka nesamende.Zvinokurudzira, kunyangwe mazuva ekutanga, isu parizvino tiri kuona chimwe chinhu chepikicha mune yakarongeka mamiriro mumabhegi.Kubva pakuona kwemaitiro, mukuwedzera kune mimwe yemikana inonakidza yekutsiva zvigadziriso zvisingachinjiki zvekurongedza, isu tiri kuona kuwedzera mikana yezvigadzirwa zvedu zvebhegi mu-e-commerce, sezvandambotaura kare.
Consumer flexibles yakaratidza hunhu hwayo hwekudzivirira pamberi pekuderera kwehupfumi, ichienderera mberi nekushandura chigadzirwa musanganiswa uye kubatsirwa nekuenderera mberi kwekutarisa hunyanzvi.Vari kutsigirawo kuunzwa kwezvigadzirwa zvedu zvemapepa kune vatengi vepurasitiki yechinyakare, uku vachigadzira huwandu hwemhinduro dzepurasitiki dzinogoneka kuhupfumi hwedenderedzwa.
Kutamira ipapo kune Engineered Materials.Sezvauri kuona, zvakare, yakaunza yakagadziridzwa kuita neEBITDA kumusoro 9% paEUR 122 miriyoni.Kunyangwe isu takanyatso kujeka kuti izvi zvakanyengetedzwa nekamwe-kubvisa kuwana kweanosvika EUR 9 miriyoni panguva.Ndakafara zvikuru kuona kushanda kwakavandudzwa kubva kune chikamu chedu chekuchengetedza chega, maererano nezvatinotarisira sezvavanowana mavhoriyamu nekuwedzera chikamu chechikwama.Isu, zvakadaro, tinotarisira kuwedzera kudzvanywa kwemitengo kuenda kumberi sezvo chigadzirwa chakakosha muchikamu chino chinokura.Yedu extrusion mhinduro timu iri kushanda pane dzakasiyana siyana dzekugadzirisa coating mhinduro, iyo yatinoona sekusimudzira kunonakidza mukutsigira hurongwa hwedu hwekurongedza.
Chekupedzisira, zvino maererano neiyo bhizinesi unit ongororo, bhizinesi redu reUncoated Fine Pepa, sezvauri kuona, rinoramba richiunza kudzoka kwakasimba uye kuyerera kwemari kunyangwe mamiriro ezvinhu akaomarara emusika, sezvo isu tichibatsirwa kubva kune yedu yemakwikwi emitengo yezvidyarwa uye. misika yedu iri kusimukira inoratidzwa.Nepo mitengo yemapepa asina kuvharwa aiwanzo kudzika kusvika gore-ne-gore, mitengo yepulp yaive yakadzikira zvakanyanya, zvichikanganisa nzvimbo yedu yakareba mu pulp.Muna 2020, tinofungidzira kuti chinzvimbo ichi chinosvika mazana mana ezviuru zvematani pagore.Isu takaona kudzikamiswa kwazvino mumitengo yepasi rose pulp, ine mukana wekukwira kumusoro.Izvo zvakati, kukanganisa kweiyo coronavirus, kunyanya pakudiwa mumisika yakakosha yeAsia, hazvizivikanwe izvo zvinogona kukanganisa maonero kana mhedzisiro yacho ikaramba iripo.
Uye pamwe ipapo muchidimbu, chirevo chakawanda pane coronavirus.Seboka, kusvika pari zvino, taona kushomeka kwakanyanya kwakanangana nekupihwa kwedu kushoma kuratidzwa kumatunhu akanyanya kukanganiswa kusvika parizvino.Nekudaro, zviri pachena mamiriro emvura yakanyanyisa, uye isu tiri kunyatso tarisisa zvinhu, kusanganisira kukanganisa kweketani yedu yekugovera uye, hongu, vatengi vedu.Pakupedzisira, isu tinotenda kuti kunetseka kukuru ndekwechokwadi, kukanganisa kwekukura kwehupfumi hwematarisiro kazhinji uye kuti izvi zvingakanganisa sei kudiwa kwezvigadzirwa zvedu.Asi, hongu, izvi zvakaoma zvakanyanya kuongorora uye mamiriro acho haasi ega kuMondi kana, kutaura zvazviri, indasitiri yedu.
Sezvatotaurwa, isu tinofara zvikuru nekugadzirwa kwemari kwakasimba kwatakawana mugore, uye kunoramba kuri kusimba kwebhizinesi redu.Sezvauri kuona, takagadzira EUR 1.64 bhiriyoni yemari kubva mukushanda mukati menguva, yakangofanana neyakapfuura kunyangwe kudonha kweEBITDA.Izvi zvakatsigirwa nekudzoreredzwa kwekubuda kwemari kubva kumari yekushanda yakaonekwa mugore rapfuura, nekutenderera kwegore negore kunosvika madhora zana nemakumi mashanu emamiriyoni, chinova chinodzivirira mukuderera kwehupfumi.Mari iyi yakaendeswa -- mukutsigira chirongwa chedu cheCapEx chirikuenderera mberi, nekushandiswa kwemari kwegore reEUR 757 miriyoni kana 187% yemutengo wekuderera sezvatinoramba tichiisa mari mukukura bhizinesi.
Tiri kutungamira kune imwezve EUR 700 miriyoni kusvika EUR 800 miriyoni inoshandiswa muna 2020 izvi zvisati zvatarisirwa kudonha kudzokera kuEUR 450 miriyoni kusvika EUR 500 miriyoni - EUR 550 miriyoni mwero muna 2021 sekushandisa papombi huru yeprojekiti iripo. off.Isu, hongu, tiri kutarisa mimwe mikana yekukwidziridza mutengo-wakakosha asset base, iyo inogona kukanganisa 2021 uye mberi, asi izvi zvinoramba zviri padanho rekutanga.
Sezvandambotaura pakutanga, isu tinoenderera mberi nekuisa mberi chikamu chakajairwa mukati meiyo yedu 2x kusvika 3x yekuvhara policy.Saka nekudaro, Bhodhi yakakurudzira chikamu chekupedzisira cheEUR 0.5572 pagove, ichipa chikamu chegore rose cheEUR 0.83 per share.Izvi zvinomiririra kuwedzera kwe9% pagovero regore rapfuura.Uye sezvandambotaura kare, inoratidza zvose zvakasimba kugadzirwa kwemari yebhizimisi uye chivimbo cheBhodi mune ramangwana.
Kana ndikadzokera kune dzimwe pfungwa dzakatenderedza misimboti uye maererano nemafungiro edu ehungwaru.Uye chekutanga, zvisinganyare imwe hwamanda ichirira pamusoro pedzimwe dzebudiriro dzedu dzakapfuura.Sezvauri kuona, isu tinodada nezve chokwadi chekuti takaunza kuvandudza nekukura EBITDA uye kuvandudza madzoro zvakanyanya kubva pakunyorwa kwedu.Uye kupfuura izvozvo, takazviitawo mumamiriro ezvinhu ekuona ramangwana rakagadzikana rebhizinesi.
Sezvauri kuona, ini ndasarudza zvimwe zvakakosha kuve, semuenzaniso, yedu yekuchengetedza rekodhi panguva ino.Uye zvimwe chetezvo, tarisiro yekuburitsa gasi regreenhouse yatakawana mukati menguva yadarika, inoenderana nemafungiro edu ekubatsira nyika iri nani.
Hurongwa hwedu hwakarongeka.Zvekare, iyi chati inofanirwa kunge yakajairika kwauri.Uye zvakare, ndinofunga inonyatso vhara mameseji akakosha akatenderedza izvo zvatinofunga zvakakosha seboka, zvakanangana zvakanyanya pakuda kwedu kutyaira kukosha-inowedzera kukura pane inogoneka.Tine mbiru dzedu ina sezvakarongwa mumufananidzo uyu.Uye ini ndichangotora pane dzimwe nzvimbo dzakakosha dzekutaura kuenda kumberi.
Kukura kwedu kwakasimba modhi, sezvandambotaura, inonyanya kukosha kubhizinesi redu.Izvo - tinozviona senzira yakanyatsobatanidzwa yebudiriro inoenderera.Pane iyi slide, ndatora 3 nzvimbo dzakakosha dzekutarisa, kuve zvigadzirwa zvinogoneka, shanduko yemamiriro ekunze uye vanhu vedu.Yekutanga tarisiro yakanyanya pane zvatinoburitsa uye mabatiro azvinoita izvi pane zvakatipoteredza.
EcoSolutions inoputira maitiro edu, ayo, zvakare, ini ndichauya kune imwe diki ruzivo gare gare.Kukanganisa kwatinoita nharaunda -- pamamiriro ekunze kunonyanya kukosha.Pano, tinodada zvikuru nekufambira mberi kwatakaita mumakore apfuura mukuderedza kuburitswa kweCO2 kunyangwe tichiziva kuti pane zvakawanda zvekuita.Uye sezvandambotaura, takagadzira zvinangwa zvesainzi zvekuburitsa kabhoni kusvika muna 2050, paine zviitiko zvakajeka munzira.Sezvandambotaura pakutanga, vanhu, hongu, chitubu chedu chikuru, tsika yedu yekuchengetedza, iyo yanga iri rwendo rurefu yakanyatsobatanidzwa uye isu tiri mutungamiri weindasitiri mune izvi, asi pane nguva dzose, hongu, zvakawanda. ita.
Chimwe chinhu, ndinofunga, chinosiyanisa chaicho kwatiri zvakare Mondi Academy yedu inoita basa guru mukudzidzisa nekusimudzira vanhu vedu vachibatsira mukugovana zvakanakisa muboka rose.
Ndakafamba zvakanaka pane iyi slide, asi zvakakwana kutaura, isu takaona kukosha kwekunze kucherechedzwa kwezvirongwa zvedu zvekusimudzira uye tinotenda kuti tiri kunyatso batsira kune zvinangwa zveUN zvebudiriro.
Dzoka kuEcoSolutions, iyo yakatarisana zvakanyanya nemabatiro atingaita vatengi vedu kuzadzisa zvavanoda zvekurongedza kwakasimba.Ndinoziva vakati wandei venyu maiva nesu -- pakushanyira nzvimbo yedu yeSteti kupera kwegore rapfuura, mungadai makanzwa zvakawanda pamusoro peizvi.Asi kungodzokorora, nzira iyi yatinoona inoputira pfungwa nhatu dzekutsiva, kuderedza uye kudzokorodza.Isu tinosanganisira pano mienzaniso mishoma yezvimwe zvichangobva kuitika kubva kwatiri mune imwe neimwe yenzvimbo idzi.Uye zvechokwadi, isu tinoona iyi senzvimbo inoenderera yemukana kwatiri sebhizinesi, uye isu takagadzira yakazvipira unit inosanganisira nyanzvi kubva kune yedu bhizinesi rekurongedza kuti tifambise chirongwa ichi.
Ichi chisiraidhi chakabatikana, asi ndinofunga muchidimbu, chatinoona mukana wakasarudzika wekupa mhinduro dzakasimba kune vatengi vedu.Sezvauri kuona, isu tinopa zvigadziriso zvichibva pamasubstrates, kubva pabepa rakachena kuenda kumapurasitiki akachena uye musanganiswa -- uye misanganiswa yakawanda yazvo, zvichienderana nezvinodiwa nevatengi vedu.Iyi ipuratifomu iyo pasina mumwe wevakwikwidzi vedu anowanikwa kwavari.
Tichitarisa zvino zvakananga pakutarisa kwekukura mune ramangwana.Uye zvakajeka, kutarisa pane bhizinesi-ne-bhizinesi hwaro.Isu tinoona mikana mikuru yekukura mumabhizinesi edu ekurongedza.Isu tinoda ese mabhizinesi ekurongedza atiri, uye isu tinoenderera mberi nekutsigira kukura kwavo.
Isu tatove, sezvandambotaura, kudivi rekurudyi revatyairi vekukura kwekusimudzira, e-commerce uye kuwedzera ruzivo rwemhando.Ticharamba tichitarisa kukura kwedu CapEx uye kutora mari mukugadzira mabhizinesi aya.Zvakadaro, isu ticha, hongu, kutarisa kuenderera mberi nekudyara zvakafanira mune mamwe mabhizinesi edu.
Isu tinotarisira kuenderera mberi nekugadzira uye kusimbisa iyo yakasimba niche nzvimbo dzatinotofarira muEngineered Materials, tiine tarisiro pane izvo zvinonakidzwa nekubatanidza mabhenefiti uye mamwe mawirirano nemapaketi edu ekushandisa.Semuyenzaniso, sezvandinofunga ini ndatotaura, mhinduro dzedu dzekuwedzera uye kuburitsa liner zviitiko zvinopa mabhenefiti ekubatanidza mapepa uye zvakare hunyanzvi hwehunyanzvi, kunyanya munzvimbo dzekuvandudza mapepa anopa mikana inonakidza, kunyanya kuchikwata chedu cheEcoSolutions.
MuUncoated Fine Pepa, meseji inoramba ichienderana.Tichaenderera mberi nekudyara kuchengetedza kukwikwidza kwebhizinesi iri, panguva imwe chete, tichishandisa hwaro hweasset, hunosanganisira mamwe magiyo edu anodhura zvakanyanya kuti akudziridze mumisika yedu yekurongedza.
Nzvimbo yandinofunga kuti isu takanyatso kuzivikanwa ndeyekutenderedza midziyo yedu-yakanakira zvinhu.Ini ndinoramba ndakatendeka kukutenda, sezvandambotaura, uye ndinogona kusimbisa zvakare kuti mune yekumusoro pulp uye mapepa emabhizinesi, kunyanya, yakakosha kukosha mutyairi ihama yemutengo chinzvimbo chakaunzwa kumusika wako wakasarudzwa.Pano, isu, chokwadi, tine nhaka yakakura ine yakatenderedza 80% yekugona kwedu muhafu yepasi peiyo yakakodzera mutengo curve.Izvi zvinofambiswa nenzvimbo yemidziyo, asiwo nedhiraivha isingadzokeri yekuita, iyo yatinoona seyakakosha kugona kweboka.Ini ndakatsanangura, pano pane siraidhi, mamwe eakakosha maitiro anobatsira pakutyaira kuita.Asi pakupedzisira, zvese zvine chekuita netsika yebhizinesi, uye ichi chimwe chinhu, hongu, ndichave ndichishanda nesimba zvakanyanya kuchengetedza.
Chido chedu chekudyara muzvinhu zvinodhura-zvinobatsira kuburikidza nekutenderera ndeimwe nzvimbo yakaunza kudzoka kwakasimba uye icharamba ichipa mikana mune ramangwana.Zvekare, zvakadaro, isu takanyatsojeka kuti mainvestimenti aya anofanirwa kuve akasarudzika uye chete mumidziyo iyo munhu ane chivimbo ichapa inogoneka yemakwikwi mukana.Isu hatiisi mari yekuwedzera CapEx mune zvimwe zvinhu zvemukati.Ichi ndicho chinhu chandinotenda machiri.
Sezvatotaurwa, isu tinogadzira mari yakakosha kuburikidza nekutenderera, tichipihwa yedu inotungamira indasitiri.Izvi, pamwe chete neshizha redu rakasimba rekuenzanisa, zvinopa kuchinjika uye sarudzo dzekukura mune ramangwana.Panyaya iyi, zvatinokoshesa hazvina kuchinja.Ini ndinoona kuisa mari mumidziyo yedu sechinhu chinoenderera mberi kune dzimwe sarudzo dzekusimudzira mutengo-wakakosha asset base iri kuongororwa parizvino.
Saizvozvo, isu tinoona inoenderera mberi yekugovera vagovani sembiru yakakosha yenyaya yedu yekudyara.Isu tinotenda kuchengetedza nekukura chikamu chakajairwa mukati memamiriro emutemo wedu wekuvhara ndicho chinhu chakakosha.
M&A inoramba iri sarudzo yeramangwana yekukura.Hwedu hwekupakura kuratidzwa kunopa dzakakosha sarudzo, asi nguva dzose, sezvandatojekesa, ine reza-yakapinza yakatarisana nekukosha-kunowedzera kukura.Saizvozvo, isu taigara takatarisa izvi tichipesana neimwe nzira yekuwedzera kugoverwa kwevagovani kupfuura yakajairika dividend.
Pakupedzisira, ipapo maonero.Ndinofunga wakatowana mukana wekuverenga izvi.Ini zvirokwazvo handisi kuzozvidzokorora zvakare.Asi zvakakwana kutaura, tinotarisa kune ramangwana nechivimbo, uye, sezviri pachena, ini pachangu ndinofara zvikuru nemikana yandinoona pamberi pedu.
Saka neizvozvo, tinogona kuenda kumibvunzo.Ndinofunga isu tine maikorofoni epasi.Muchatondishivirira nekuti ndiri juggling, asi ndichange ndakamira chero musati mandinetesa, kana zvakadaro, ndingagara, asi haisi dambudziko.Lars
Lars Kjellberg, Crédit Suisse.Sezvaunopinda gore rino, hongu, iwe -- kune akawanda misoro.Isu tinodaidza kuti mitengo, et cetera, uye tinoda kusava nechokwadi.Mondi munguva yakapfuura, sezvawakaratidza, yakaratidza kugona kukuru kudzikamisa mhepo dzemusoro, neimwe nzira kune kuvandudzwa kwezvimiro pane yako mutengo base uye inoenderera dhiraivha yekuvandudza.Unogona here kugovana nesu kuti ndeapi marudzi ekubvisa aungangove nawo muna 2020?Wakawana here zvimwe zveizvi?Ndiri kureva, ndinofungidzira, mari yekugadzirisa mumapurojekiti eCapEx uye chero mutengo wekutora waungave uine.Iwe wakataura zvakare mikana yakawanda yauchiri kuona yekuenderera mberi nekusimudzira bhizinesi, uchifunga kuti iwe wakadzoreredza zvakanyanya mubhesi yako yeasset zvingave zvinonakidza kuona zvaunofunga nezvenyaya iyi?Uye zvakare, iyo yekupedzisira poindi, ndinofungidzira, iwe unotaura nezve countercyclicality.Iwe, zviripachena, mu-- kumwe kuderera kwawakaona, wanga uchidyara mari kuburikidza neizvozvo uye, hongu, zvese muSwiecie vashoma pachezvayo uye pane imwe nhanho mukana.Ndeipi mikana yaunoona mune iyi rudzi rwekupikisa uye kukwidziridza bhari rako?
Ndatenda.Ini ndinofunga, zviri pachena, sezvaunotaura, yekutanga, maererano neiyo, idana iyo, iyo yekuzvibatsira, ndinofunga, ndiyo pfupiso yezvauri kubvunza maererano nekutanga.Kunyanya, maererano negwaro reCapEx, maererano nemupiro kubva kuCapEx mapurojekiti, isu tiri kukurudzira kuti utarise mari inosvika zviuru makumi mana zvemamiriyoni emadhora muna 2020 kubva kumapurojekiti eCapEx, uye ndiko kunyanya kugadzirisa mapurojekiti ayo. vakatotuma basa.Saka hapana yakawanda yengozi yekuurayiwa yakatenderedza izvozvo.Zviri pachena kuti chirongwa cheŠtetí, icho chatakatuma, yakabudirira kwazvo EUR 335 miriyoni inivhesiti mukuvandudza uye kusimudzira Štetí iyo yaimhanya kusvika muna 2019, uyezve tiri kutsvaga mupiro wegore rakazara muna 2020. Saka takafadzwa nazvo.
Saizvozvo, iyo Ruzomberok pulp mill kukwidziridzwa kwakamisikidzwa kumashure-kwa2019 izvozvi, uye isu tichange tichitsvaga, zvakare, mupiro wegore rakazara kubva ipapo.Zviripachena, isu tiri mumatambudziko ekusima mari uye mu--- zvakanaka, kuvaka mutsva wepepa muchina muRuzomberok pakupera kwegore, unofanirwa kutumwa, izvo zvinozoshandisa imwe yeiyi pulp, inova. parizvino pane pulp dryer uye iri kutengeswa mumusika wakavhurika.Saka musanganiswa uchabva wachinja kupinda muna 2021. Asi muna 2020, tichava nemupiro wekukurumidza kubva kune imwe pulp muRuzomberok.
Uye zvakare kune akatevedzana mamwe mapurojekiti, kusanganisira anoenderera mberi debottlenecking yeSyktyvkar oparesheni yedu.Uye zvakakosha, zvakare, imwe mari inoenderera mberi mukushandura mashandiro edu, kwatiri kuwedzera, semuenzaniso, muCzech Republic uye zvakare mune yedu maindasitiri eGerman - kana bhizinesi rakatarisana neindasitiri.Tiri kuisa chirimwa chitsva, chirimwa chitsva chebhegi muColombia uye zvakanyanya kuvaka pane iro simba ratinaro maererano netiweki yepasi rose mubhizinesi redu remabhegi.Uye ndizvo--ndinofunga kuti pane mukana wakawanda wakapoteredza izvozvo.Asi munguva pfupi, ndizvo zvakanyanya kutariswa ipapo.
Saizvozvo, iwe, ndinofunga, wakataura nezvekuti padivi rekuchengetedza, takanga tine nhamba yepamusoro gore rapfuura maererano nekugadzirisa mutengo.Iyo yaive musanganiswa wezvinhu zvakafambiswa nekuita kweprojekiti muSlovakia, semuenzaniso, asi zvakare inotungamirwa nehunyanzvi zvinodiwa muSyktyvkar nezvimwe zvakadaro.Izvo zvaive -- isu takafungidzira kuti yaive yakatenderedza EUR 150 miriyoni maitiro.Ichange ichidzika kusvika pamadhora zana emamiriyoni ndiyo nhungamiro yedu maererano neiyo 2020 maitiro.Saka izvo zvinokurumidza, sezvawataura, zvinobvisa.
Ini ndinofunga maererano -- uye neimwe nzira, zviri pachena, pamutengo wekuisa pamberi, kwete hazvo kuita kwedu isu, asi chokwadi, kutenderera kunobatsirawo maererano nekudzikisa kudzvanywa kwaunoona pamutsetse wepamusoro neimwe yekuisa mutengo deflation zvakare. .Tiri kuona muCentral Europe, mitengo yehuni, semuenzaniso, iri kuuya.Kune akawanda enjodzi huni dzakatenderedza, izvo zvichave mhedzisiro kwenguva yakati zvino, uye izvo zviri pachena, zvinobatsira kubva pamutengo wehuni maonero.Pepa rekudzokorodza, zvakajeka, rakadzima zvakare, chaizvo nguva yakareba sei uye, et cetera, fungidziro yemunhu wese, asi panguva ino, inobatsira zvakajeka.Uyezve simba, makemikari nezvimwe zvakadaro, zviri pachena, neyakajairwa mutengo kutenderera zvakaratidza kumwe kudzikiswa kwemutengo, kana paine.Saka tiri kuona zvimwe zvacho.Sezviri pachena, mukuwedzera kuna ikoko, tinopeta nhamburiko dzedu.Ndinoziva panogara paine pfungwa yekuti takaita zvakawanda maererano nemutengo wedu wekutora, asi isu tinofunga kuti pane zvakawanda zvekuita.Isu tinogara tichinzwa kuti takashinga mukuita zvingave sarudzo dzakaoma panguva iyoyo.Sezvaunoziva, takatora pamuchina wepepa muTurkey gore rino, takanzwa kuti yaive danho rakanaka kuita nekuda kwechimiro chemutengo ipapo, uye takatora mutengo wakagadziriswa nekuda kweizvozvo.Isu takaitawo kumwe kugadziridza kuti tibvise mari muhurongwa.Uye ndicho chinhu chinoenderera.Uye sezvandakataura mune yedu - mumharidzo, chikamu cheDNA, chikamu chezvatinoita uye ticharamba tichidaro.Haisi yeimwe-yega big bang rudzi rwekugadzirisa zvakare nekuti isu tiri mune rombo rakanaka rekusimba zvakanyanya seboka mune izvo, asi isu ticharamba tichityaira iyo mikana.
Ndinofunga wakataura nezvemikana yekukura.Ndinofunga ndataura nezve zvimwe zvezvinhu zvatatova muchitima.Ndataura nyaya yekuti handitende kuti takaneta maererano nemikana yakatenderedza asset base yedu.Inofanirwa kutariswa zvakanyanya pane izvo zvatinotenda kuti izvo zvinhu zvine chaiyo yekuzvarwa mukana wekukwikwidza kuburikidza nekutenderera.Ini handifunge kuti ndinoda kupinda mune zvakawanda zvakadzama pane mimwe yemikana yenguva refu.Zvakakwana kutaura kuti chero chinhu chatinoita maererano nemapurojekiti makuru mune ramangwana hachigone kukanganisa, chekutanga, zvirokwazvo 2020 CapEx kunyange pamwe 2021. Saka ndosaka ndine chivimbo chine musoro mukutungamira kwandakapa pa2021. sekutsvaga mikana, kutaura chokwadi, kuwedzera iyo CapEx level nekuti ini -- asi zvinotora nguva kungotora aya mapurojekiti enguva refu.Asi isu - sekuenzanisira, sezvamunoziva, takamira kana kusekera mberi iwo angangove muchina webepa mutsva kuŠtetí.Isu tine yakawandisa pulp kugona, iyo yatiri kutengesa mumusika parizvino, asi isu tine kugona kutarisa mamwe ehunyanzvi kraft mapepa ekunyorera ipapo.Mamwe emamwe mabasa edu makuru haasati agadziridzwa maererano nemikana yeramangwana yavanogona kuunza.Saka ndinofunga kuti pane mukana wakakura.Asi sezvandinoramba ndichizvisimbisa, mari inoshandiswa kune aya maoparesheni, ayo atinoziva kuti achationa kuburikidza nekutenderera kana kuuya zvingaite, uye ndizvo zvakanyanya kukosha kwatiri.
Panyaya yemikana ye countercyclical, handifunge kuti ndingazombotaura kuti ndine-- kukwanisa kudaidza kutenderera kungave kupusa.Ndinofunga isu tine - isu tinotarisa kuisa mari kuburikidza nekutenderera.Ndinofunga kuti ndizvo zvaunogona kuita.Zviripachena, iwe unoedza uye kuenzanisa yako -- mukana wako chaiwo unofanirwa kutorwa zvakanyanya mumucheto wezasi wekutenderera pane wekumusoro kumagumo.Saizvozvo, kuyerwa kweasset hakungoite kutenderera kwemitengo, uye zvichingodaro.Uye kuchine mari yakawanda yakachipa kunze uko kudzingirira midziyo.Uye saka munhu anofanira kunge ane hungwaru maererano nematarisiro aunoita mikana iyoyo.Asi ini ndinofunga kuti chinhu chakakosha zvine hungwaru, isu tine zvakawanda zvingasarudzwa mukati mehurongwa hwatinoshanda mahuri, iwe unofanirwa kuve une mukana, uye isu tiri vapenyu kune iyo mikana, uye tichaona kana tikakwanisa kuitora.
NdiBarry Dixon anobva kuDavy.Mibvunzo miviri.Andrew, maererano nedzimwe nyaya dzenguva pfupi, unogona kungotipa pfungwa maererano nemamiriro ekudiwa ari kutaridzika, kunyanya kudivi rekurongedza rebhizinesi, pairi corrugated uye inoshanduka, uchipihwa kushanda kwakasimba. izvo zvawaive nazvo paCorrugated in - kunyanya muna 2019 uye kuti maonero ekudiwa arikutaridzika sei?
Chechipiri, unogona kutipa pfungwa yekuti nhaurirano dzemitengo dziri kufamba sei kudivi rebhokisi rebhokisi uye mukana wekubudirira mune izvo uye nenguva?
Uye chechitatu, kungodzokera kumari yekugovera zano uye pamwe kungotevera kubva kuLars, waona iwo maviri ekurongedza zvikamu senzvimbo dzekukura, uye waona, ndinofunga, rudzi rwevatyairi. mune ese ari maviri aya maererano nekugadzikana, e-commerce uye brand kuvaka.Paunotarisa -- uye iwe uchifunga nezvekugovewa kwemari, unoona kupi mapundu mune aya mabhizinesi maviri maererano nekwaunoda kushandisa organic kana kuburikidza neM&A kuzadzisa iyo inoenderera, e-commerce nemikana yemhando?
Zvakanaka.Hongu, ndinofunga, chekutanga, maererano nemufananidzo wekuda, sezvaunotaura nemazvo, padivi rehuori, isu tinofara zvikuru nekuita kwebhizinesi redu reCorrugated Solutions gore rapfuura.Zviripachena, isu takatarisana nedunhu.Asi sezvandakataura, isu takaita -- takawana 3% gore-pa-gore bhokisi kukura, izvo - izvo zvandinofunga kuita kwakasimba kwazvo.Icho chikamu chiratidzo chiri pachena chemisika yatinoshanda mairi, iyo yanga yakasimba kwazvo.Asi panguva imwe chete, ndinofunga kuti takapfuurawo kukura kwemusika, izvo zvinokurudzira zvikuru.Uye iko kwave kutarisisa zvakanyanya pabasa revatengi uye zviri pachena, basa rakawanda rekuvandudza iro tanga tichiita nevatengi vedu.Tiri kuona kukura kwakawanda padivi re-e-commerce, uye zvinokurudzira zvakanyanya, uye isu tinoramba tichitsigira izvo zvakanyanya.Tine mamwe matanho akananga pamusoro pazvo.Uye zvechokwadi, isu tiri kuisa mari mukutsigira kukura uku, uye zvinokurudzira zvakanyanya.Uye zvechokwadi, takatanga gore, zvakare, zvakasimba kudivi iro.
Panyaya yebhizimusi rinoshanduka, ndinofunga, zviri pachena, iri -- kune zvikamu zvakasiyana kune izvo.Sezvandambotaura padivi revatengi flexibles, zviri kuratidza kusimba zvakanyanya.Uye nekutaura zviri nyore, ungati wakave nemhedzisiro shoma yekudzikira maererano nekuonekwa pahuwandu hwehuwandu uye zvinhu, uye zvinokurudzira.Iri mubhizimusi remabhegi, kwataiti 2019 yanyanya kuoma.Iye zvino Europe, Europe yakagadzikana, zvishoma kure.Kwatiri kuona kusasimba ndiko kunyanya mumisika yedu yeMiddle East neNorth Africa, iyo yakakosha kwatiri.North America yavewo nzvimbo isina kusimba muna 2019. Chirikukurudzira ndechekuti kana ndikatarisa mamiriro ehurongwa, iko zvino mazuva ekutanga egore, asi mamiriro ehurongwa anopinda muna 2020 ari chaizvo -- arikukwira zvichienderana nenguva inofananidzwa gore rapfuura. .Sezvandinotaura, mazuva ekutanga, uye munhu haafanire kududzira izvozvo, asi zvinokurudzira.
Zvino sezvandambotaura, kunyanya mumisika iyi yekunze, yakawanda inofambiswa nesimende, uye mumwe achange achiona izvozvo.Uye, hongu, iyo macroeconomic nyaya inokanganisa kudiwa kwekuvaka, et cetera, yakakosha.Asi hazvifanirwe kuonekwa zvakare kuti aya misika ine homogenous.Pane chero nhamba yezvinhu zvakasiyana zvinokanganisa portfolio yese.Zvichitaurwa zviri nyore, zvaive zvakapfava gore rapfuura, zvakatanga zvinokurudzira gore rino, asi mazuva ekutanga kudivi iro rezvinhu.
Kukurukurirana kwemitengo.Ndinoreva, sezvaunotaura, sezvatakabuda nemutengo unowedzera, zvose zviri padivi rakadzokororwa uye zvakanyanya padivi pane isina kubvongodzwa kraftliner.Tinotenda kuti izvi zvinotsigirwa zvakanyanya.Sezvaungatarisira, isu tiri kuona inventory mazinga akajairwa kunyange kuderera zvishoma.Tiri kuona mabhuku eodha akasimba kwazvo, uye ndiyo nguva dzose hwaro hwakasimba hwekubuda nekuwedzera kwemitengo.Mazuva ekutanga kuita izvozvo.Saka zvakanyanya kuoma kukupa nhungamiro yakasimba, asi isu tinotenda kuti inoruramiswa, uye tiri muhurukuro nevatengi vedu parizvino.
Panyaya yekugoverwa kwemari, ndinofunga mhinduro pfupi ndeyekuti handisi kuona mapeji, se.Ndiri kuona mikana, pamwe ndiri kuita kunge CEO pano.Ini ndinofunga -- kwete, ndinofunga isu tinoona zvakawanda zvatingaramba tichityaira mubhizinesi redu.Uye zvechokwadi, kana tikakwanisa kuwedzera izvo nekuunza kugona, zvese zvingave maererano nekusvika kwenzvimbo uye / kana ruzivo rwehunyanzvi rwunogona kuwedzera zvatinazvo, tingave takasununguka kutarisa izvozvo.Asi sekutaura kwangu, handifunge kuti pane imwe nzvimbo yatingave subscale yechinhu ichocho.Ndinoreva, zvakajeka, bhizinesi redu remabhegi rakasimba zvakanyanya, uye isu ticharamba tichiwedzera izvo nekuwedzera kukura.Asi zvine musoro, iyo capital iwe yaunogona kuendesa mune izvo, pakupedzisira pahwaro hwepasirese, yakaringana niche musika inomanikidzwa.
Padivi renzvimbo yepurasitiki, tine chinzvimbo chakasimba kwazvo muEurope.Izvo - iwe unofanirwa kuzvitarisa zvakanyanya pamusika-ne-musika.Iko kunowanzo kutsanangurwa zvakajairwa kuti chii chinonzi flexibles musika.Semuyenzaniso, takasimba zvakanyanya mumasegment atinoshanda mazviri. Tinogona here kuwedzera izvozvo tichikwanisa, asi chinofanira kuva chimwe chinhu chatinovimba nacho chatinoziva nezvacho, uye chinobatsira bhizinesi redu rakakura.
Justin Jordan kubva kuExane.Chekutanga, Andrew, ndinongoda kutaura pachinzvimbo chemuongorori uye chipangamazano nharaunda, makorokoto nekugadzwa kwako seCEO.Ndine chokwadi chekuti tinokushuvirai kubudirira kwese mumakore anotevera.Ndine mhando yemibvunzo mitatu.Chekutanga, imwe, yenguva pfupi-pfupi uye mbiri, rudzi rwenguva yepakati.Kutanga, iyo yenguva pfupi.Ini ndinofungidzira, kana tikafunga kumashure kuŠtetí Capital Markets Day mwedzi mishoma yapfuura ikozvino, wakataura kana wakanyatsoratidza, ndinofunga, yaive mu e-commerce yepasi rose e-commerce mukomana, uye iwe wakasimbisa akati wandei. zvinogona kutsiva purasitiki nepepa-based packaging yezvinhu zvakaita sepasta.Pane chimwe chinhu here chaunogona kutaura nhasi maererano nemafambiro anoita iyo miedzo kana ichangoburwa maodha kana kuhwina pane iyo mhando yemusoro wekusimudzira?
Kechipiri, pa, ndinofungidzira, yako Slide 24, zviri pachena kuti mhando yezvikamu zvakakosha zvekukura kuenda kumberi ndinofunga, iyo Corrugated uye Flexible Packaging, iri pachena.Zvinorevei kune bhizinesi reUncoated Fine Pepa?Zviripachena, ndinobata zvizere, asi pasi rose mutengo unokwikwidza.Asi tichifunga nezvemhando yemhepo inovhuvhuta, kunyanya mubhizinesi iroro, isu tinofanira kuona seyinjini yekugadzira mari yekupa mari yekukura mune mamwe mativi maviri ekukura kwenguva refu?
Uye chechitatu, ndinofungidzira, tichivaka pamusoro pazvo, patinofunga nezve yako '21 CapEx kutungamira, iyo EUR 450 miriyoni kusvika EUR 550 miriyoni, iyo, kana ndikagomara, inoshandura iwe kuita yemahara mari yekuyerera.Sezvineiwo, izvo zvinopa kufunga kumashure kune yako yaMay 2018 yakakosha dividend, izvo zvinovhura mukana weinogona imwe yakakosha dividend mu'21?
Ndatenda.Kazhinji kurumbidza kunoteverwa nemibvunzo yakaoma.Kwete. Ini ndinofunga pane -- ndinoreva, maererano nemahwina, ini handisi kuzopinda mune chaiyo ruzivo pane izvozvo, asi ini ndinofunga, ese ari e-commerce kumberi, takakuratidza iyo MailerBAG, semuenzaniso, iyo MailerBAG yatiri kushandisa, tiri kusundidzira izvo zvakanyanya nevatengi vedu e-commerce, uye iri kuwana kugamuchirwa kwakanaka kwazvo.Zvinongoitika zvega -- chigadzirwa chiri pachena nekuti chinobvisa zvese zvekuputira uye zvinhu zvaungave uchipinda mune yako - izvo bhuku rako rinouya. Iye zvino rakanyatsotsvinda, rinogoneka, rinogona kushandiswazve, rinogona kuitwazve, zvese, bhegi rebepa, uye ndiko kuwana mhinduro yakanaka kwazvo.Uye saka tinokurudzirwa zvikuru nazvo.Saizvozvo, kudivi rekusimudzira, tiri kuita basa rakawanda, sezvawakanzwa kubva kune zvese zvigadzirwa zvawakatorwa nazvo muSteti.Uye ndiko kutarisa kunoenderera.Zvakare, inofanira kuonekwa sepodfolio.Ndinokurudzirwa zvikuru.Kana iwe ukatarisa huwandu hwedu maererano nekukura kwakatenderedza hunyanzvi hwedu kraft bepa, zvakanyanya, izvo zviri nani kupinda mumapepa anoshanda, asi, zviri pachena, zvakare kupinda mune ese akareruka shopper bhegi nezvimwe zvakadaro, uri kuona zvechokwadi. kukura mubhizinesi irori, uye vakaita zvakanaka kwazvo uye vachienderera mberi nekugadzira iyo portfolio uye musika iwoyo, kutaura chokwadi, nekuti neimwe nzira, imusika mutsva zvachose uyo munhu ari kusimukira ipapo.Saka kwakawanda kufambira mberi kwakanaka ikoko, uye isu ticharamba tichipa simba rakawanda kutyaira izvo.
Panyaya yebhizimusi remapepa rakanaka.Ibhizimisi guru.Tine chinzvimbo chakasimba zvakanyanya, sezvandambotaura.Zvinhu zvakakosha zviripo zvese zvakasanganiswa-kushandisa assets.Mune mamwe mazwi, ivo vanogadzira zvese zviri zviviri bepa rakanaka uye pulp, izvo zvisinga shandiswe pamusika wemapepa, yakawanda pulp, semuenzaniso, kubva kuSouth Africa, inotengeswa kuAsia mumisika yematishu uye izvi nezvimwe zvakadaro uye zvakare. , zviri pachena, kugadzira magiredhi ebhokisi zvakare.Ini ndinoona ramangwana rebhizinesi iro riri -- isu ticharamba tichityaira uye tichiramba tichikwikwidza mumusika wemapepa.Ndinotenda kuti unogona -- unofanirwa kuve muridzi akanaka wechero ipi zvayo yemidziyo yako, uye ticharamba tichiisa mari nenzira kwayo kuti irambe ichikwikwidza.Asi, hongu, shanduko maererano nekukura kweCapEx yakanyanya kune iyo iri kukura misika yekurongedza.Nenzira yekuenzanisira, zviri pachena, purojekiti yazvino mu -- iri kuSlovakia mune yaunodaidza yechinyakare yemapepa chigayo, asi iri kugadzira iyo yakasanganiswa mabhokisi emidziyo zvigadzirwa, tichishandisa iyo yakanaka mutengo base yatinayo ipapo, asi kuwedzera kukura. misika yekurongedza, uye ndinofunga tichaona inoenderera mberi mikana yeiyo.Asi panguva imwecheteyo, iro repakati pemapepa bhizinesi rinoramba richikwikwidza, uye isu ticharamba tichiisa mari mariri sezvakakodzera.
Panyaya yemari, ndinobvuma zvizere kuti isu tiri kunyanya kugadzira mari.Ndinofunga makandinzwa ndichitaura izvozvo kakati wandei, uye ndicharamba ndichitaura kuti netsanangudzo, CapEx, sezvandakataura, yaizoburuka muna 2021, pasina chimwe chinhu.Ndakanyatsojekesa, kunyange zvakadaro, tinoona mikana yakawanda muboka, uye isu tingave tichitarisa kutsigira kukura kwemabhizimisi iwayo, asi inofanirwa kuyerwa zvakajeka kune dzimwe nzira dzose.Uye imwe yedzimwe nzira, hongu, kudzosera mari kune vanogovana, uye isu tiri kuzviyeresa isu tichipesana neaya mabhenji, kana tikati, nguva dzese.Ini ndinofunga vagovani vedu vaizoona zvakafanira kwatiri kuti titsvage idzo sarudzo dzekukura dzinogona kugadzira kukosha kwavari, uye ndizvo zvatakapihwa isu semanejimendi kuti tiite.Asi panguva imwecheteyo, isu takavhurika zvakanyanya kana iyo mikana chaiyo ikasamuka muhurongwa chaihwo, sezvatakaratidza kumashure -- kumashure kwemhedzisiro ye2017.Isu takagadzirirawo kutarisa kumwe kugovera kana iriyo nzira chaiyo.
David O'Brien anobva kuGoodbody.Chekutanga pane zvese, iwe wangotaura kuti bhokisi rekuchengetedza mutengo kwave kwakanaka.Tarisai, ndoziva zvichange zvakanyatsojeka kukambani yakapihwa yakapihwa misiyano yakatenderedza mabhizinesi iwayo.Asi iwe unogona kutipa ruzivo rwako maererano nehuwandu hwemitengo yebhokisi yakawedzera kuburikidza ne2018 uye vakafamba kupi kubva ipapo?Uye ndinofungidzira, kumanikidzwa kunoramba kuri pamitengo yemitengo ipapo.Ndirini patinofanira kufunga nezve ivo vachipfuura (zvisinganzwike) uye izvo zvinongotsamira pane chero budiriro padivi rebhokisi rebhokisi?Uye kutenderedza kukwira kwemutengo webhokisi, zviri nyore, unogona here kutitsanangurira zvachinja kubva muna Chivabvu gore rapfuura, kupihwa kudiwa kwakafanana?Sezvakaita, zvinyorwa zvakaderera zvakadaro?Uye ungagona here kuverenga kwadzakauya kuzokupa chivimbo chakadaro pamusoro pekuwedzera kuri kuiswa?
Pane bhizinesi rinoshanduka, zviri pachena zvakare kuti pane kumanikidzwa kuri kuuya.Kana tikatarisa iyo margin profile '18 kupinda'19, inobva pa17% kusvika pa20% EBITDA margin.Tiri kuenda nzira yese kudzokera ku17% muna 2020?Kana kuti iwe unofunga kuti unogona kubata mutsara wakapihwa zvimwe zvezvinhu zvinoderedza zvawakataura?
Uye pakupedzisira, Engineered Materials, kudzoka kwako pamari yakashandiswa ye13.8% uye inosarira zvakajeka chikamu cheboka rakakura.Ndezvipi zvinangwa zvepakati-kati ipapo?Chii chinogoneka, kupihwa mamwe ekumanikidza awaona pane chimwe chezvigadzirwa zvako zvakakosha?
Zvakanaka.Ini ndinofunga, chekutanga, pamitengo yebhokisi, ndinofunga wakataura nezve 2018. Handina chokwadi kana iyo yaive -- zvakajeka, mitengo yebhokisi - ndinoreva, kana munhu akatarisa kumashure kunhoroondo, takaona mitengo yebhokisi. kwira zvakanyanya kusvika muna 2018 uye ndokuzobuda kumashure-kupera kwe'18 vasati vatanga kubuda zvishoma.Mitengo yebhokisi yaitevera izvozvo.Iwo maconverter akaona margin achisvinwa kusvika muna 2018 sezvavaigara vachidzingirira bhokisi -- mitengo yemidziyo yakakwira.Uye kusvika muna 2019, zvine mutsindo, iyo yakatsvedza mumusoro, sezvawaona, mitengo yebhokisi yebhokisi ichiburuka, uye mitengo yebhokisi yakasimudzwa zvakanyanya.Izvo hazvireve kuti mitengo yebhokisi yanga isiri kubuda mumashoko akakwana, asi maererano nekuderedzwa kwemutengo webhokisi, ivo vaive vakamira.Uye ndinofunga kuti, mune dzimwe nzira, zvakapfuura zvinotarisirwa kana iwe ukatarisa pamusika zvakanyanya.Saka takaona kuwedzera kwemargin kuburikidza ne--mubhizimusi rekushandura, kunyangwe mumashoko akakwana, mitengo yebhokisi, sezvandinotaura, ndinosimbisa, yanga ichiuya kusvika pamwero wakati.
Ini ndinofunga mubvunzo we2020 unoramba wakanyanya kutenderedza bhokisi rebhokisi.Zviripachena, isu tiri kuona, uye ini ndichauya pamusoro pekuti nei tichitenda kuti chirongwa chemutengo chebhokisi chakakodzera.Asi kana iwe uchiona bhokisi rebhokisi richitanga kupfava uye kuwedzera, saka ini ndinofunga pane zvese zvinokonzeresa zvemitengo yebhokisi zvisiri kuitevera pasi, asi kana paine, kudzikamisa uye nekugona kupora.Asi zvakanyanya, mukuona kwangu, basa zvakare redivi rebhokisi.Ini ndinofunga, kutaura chokwadi, 2018 raive gore rakaoma kune vanoshandura, 2019 raive rakapesana.Ndeupi rudzi rwekureba-yakasimba margin kune vanoshandura zvimwe chinhu chiri pakati.
Padivi rebhokisi rebhokisi, ndinoreva, chii chachinja kubva muna Chivabvu apfuura?Ndinoreva, chinhu chimwe mitengo yakaderera.Sezvaunoziva, kubva muna Chivabvu gore rapfuura, mitengo yakadzikira.Ndinoreva kuti vakagadzikana muchikamu chechitatu, uyezve pakave nekumwe kuderera kwemutengo muQ4 uye zvishoma mukutanga kwegore rino.Ini ndinofunga, zvakajeka, izvo zvatinoona pasi izvozvi, sezvandinotaura, inzvimbo yakasimba yekurongeka.Takabooker out.Kazhinji, sekunzwisisa kwatinoita, mazinga ezvese muindasitiri anonzwisisika kusvika pasi uye tabuda, sezvamakataura, isu taiva vekutanga kubuda, ndinotenda, pakuwedzera kwakadzokororwa.Zvinotaridza kuti pane vamwe vakatevera pane izvozvo, uye tiri muhurukuro nevatengi vedu.Handikwanise kukupa kujekesa kunodarika izvozvo, sezvatakambotaura kare.
Panyaya yebhizimusi rinochinjika uye kumanikidzwa kwemargin kwawakataura ipapo.Ehe, ndinoreva, isu takanyatsojeka kuti padivi rekraft bepa, tiri kuona mitengo yaburuka.Saka takaona kudzvinyirirwa mukati megore rapfuura, asi nekuda kwechimiro chekondirakiti yerakawanda bhizinesi remapepa ekraft uye bhizinesi remabhegi, panogara paine kakukanganisa pakati pekuti mutengo wenzvimbo uye kupi - chii iwe. 'uri kubudirira, uye pane inotungamira mhedzisiro zvakare.Saka chii chinoitika ikozvino, zviri pachena, takatofanira kudzoreredza kraft bepa kune iri pedyo nemitengo yenzvimbo pabhizimusi repagore rekondirakiti iro rava mumusika uye rakaiswa mutengo mukati. Uye mabhegi, nekuti uri kutaurirana zvibvumirano zvako panguva yakafanana. , dzaizodzorerwa pahwaro humwe chetehwo.Saka izvo zviri pachena mumusika.Isu tiri kunyatsojekesa kuti, zvinoreva kuti isu tinotanga gore mumapepa ekraft uye nekudaro, mabhegi nemitengo yakaderera pane yatakawana paavhareji gore rapfuura uye izvo zvinoda kuiswa mumigero.
Panyaya yekudzikisira pane izvo, pane, sezvandataura, yekuwedzera mutengo wekubvisa zvakanyanya pachidimbu, uye izvo zvinokanganisa zvinoshanduka kana bhizinesi remapepa ekraft, kunyanya.Isu tinowanawo imwe buffer kubva kumabhegi bhizinesi nekuti iwe ungangotarisira kuti isu tichachengeta mamwe mabhenefiti emitengo yakaderera yemapepa.Bhizinesi redu repurasitiki rinochinjika harina kukanganiswa neizvozvo, uye tinotenda kuti pane kukura kuri kuitika imomo.Ndinofunga, zvakakosha, pamabhegi, gore rakapera raiva gore rakaoma maererano nehuwandu.Isu zvirokwazvo tinoona imwe pickup mune izvozvo.Sezvandambotaura, mamiriro ehurongwa akagadziridzwa, uye isu tiri kutyaira zvakanyanya kuti tidzore imwe yevhoriyamu yakarasika yatakaona, uye, hongu, iyo ine pundutso maererano nekudzoreredza margin.Saka ini ndinofunga pane zvinhu zvakati wandei, asi munguva pfupi, zvachose, iyo margin iri pasi pekumanikidzwa kune kwayaive muna 2019.
Panyaya yeEngineered Materials, ndinofunga maererano nekudzoka pamari, ndinoreva, zvakajeka, chekutanga, ibhizinesi rakasiyana zvishoma.Isu tinoziva kuti maererano nechimiro chebhizinesi iroro zvine chekuita, semuenzaniso, mabhizinesi emapepa.Isu takanyatsojekesa kuti isu taizotarisira kumwe kumanikidzwa kwemahombekombe gore rino muchikamu ichocho munzvimbo yekutarisira yemunhu, kunyanya.Tiri kushanda zvakajeka mune dzimwe nzvimbo kugadzira zvimwe zvigadzirwa kuti zvigadzirise kumanikidza kwemitengo ikoko, asi hazvisi kuzogadzirisa zvizere.Saka isu takanyatsojeka kuti muganho uchauya pasi pekumanikidzwa kwakawanda kune iyo 2019 inotarisirwa - mhedzisiro mune izvo Engineered Materials.Asi sezvandambotaura, ndinofunga isu tine akawanda anonakidza masimba kana zvasvika, sekutaura kwangu, kuburitswa, iyo extrusion coatings uye mamwe ehunyanzvi firimu maapplication kana zvasvika pakutarisa zvakazara kune mamwe eaya akasimba ekurongedza mhinduro ayo. tiri kutyaira sebhizimusi.Uye saka isu tinofanirwa kuenderera mberi nekudyara mune izvo uye kutyaira pane izvo.Haisi kuzova nyaya yepedyo-yenguva, asi zvakanyanya seyakareba-nguva inoshanduka.Ndinofunga ndichatora imwezve kubva pasi uye isu tave nevaviri pawaya.
Cole Hathorn anobva kuJeffries.Andrew, achingotevera nzira yekuita kuti vatengi vako vatenge mumhando yepepa pazvinogoneka uye mapurasitiki kana zvichibatsira.Ko kutenga uye kuva navo kuri kufambisa sei zvibodzwa zvavo zvese 2030, 2050?Uye chii chichakurumidzisa kuchinja ikoko?Iwe unoda chaizvo kuona mutemo weEU kana chimwe chinhu chakadaro pamitero kuti vauye kwauri vachiti, "Tinoda kuve wekutanga-mufambisi mukana uye wekutanga mufambisi, iwe ndiwe wakanakisa nzvimbo yekutipa iwo mhinduro?"
Hongu, ndinofunga -- ndinoreva, zvakajeka, mutemo unobatsira.Uye ndinoreva, takazviona zviri pachena mubhizinesi remabhegi uko mabhegi ezvitoro uye kune EU-yakafara kusundidzira kuderedza mapurasitiki, mabhegi ekushandisa chete eshopper, uye kuti, hongu, masimba akasiyana akashandisa mirau yakasiyana, iva. kubva pakubhadharisa mutero kusvika pakurambidza mabhegi epurasitiki ekutenga chete.Uye zvechokwadi, izvo zvakabva zvagadzira hombe yekuda kusunda, izvo zvinotinakira isu.Uye nekudaro, chikonzero chatiri kuisa mari zvakare mukushanda kwedu kweSteti kuti tipe iyo yekuwedzera sosi yebepa kuti isangane nechipo ichocho.Ini ndinofunga kupfuura izvozvo, zvakajeka, kune zvakare matanho ekuti -- yemitero yakafara pane mamwe mapurasitiki ekushandisa, isu tinowanzo tsigira izvo.Tinofunga kuti zvakakodzera nokuti dambudziko guru nezvose izvi nderokuisa mukati kuti mari kune zvakatipoteredza zvekugadzirisa kwepurasitiki kana kuti mhinduro isingagadziriswi, tinofanira kutaura.Uye zvechokwadi, mutero ndiyo imwe nzira yekuita izvozvo.
Asi ini ndinofunga zvakakosha zvinofarirwa nevatengi uye kuziva kwevatengi kwakakura uye hazvifanirwe kurerutswa sekusundidzira kukuru pano nekuti, sezvamunoziva, mazhinji emapoka makuru eFMCG aburitsa zvirevo zvikuru pamusoro pekuvandudza kusimba kwekurongedza kwavo, uye vava kutsvaga rutsigiro uye kuti vangazviita sei.Zvekare, tiri kuita hurukuro dzakawanda nevatengi vedu mukutsigira izvo, uye ivo vanofarira chaizvo mhinduro dzese dzatinofanira kupa.Uye sekutaura kwandinoita, ndipo pandinotenda kuti tine mupiro wakasarudzika nekuti tiri -- tinokwanisa kupa iyo yakazara suite yema substrates.Uye sezvandinoisa pane imwe siraidhi, bepa -- tingafara kwazvo kupa mapepa, mhinduro kune zvese, asi handizvo.Uye zvakajeka, kune akati wandei maapplication uko zvigadzirwa zvedu zvepurasitiki zvinoita basa rakakosha.Ndinoreva nyaya yekuparara kwechikafu, iyo yandinofunga kuti ichave yakawanda uye yakawanda yenhaurirano yakapararira pamusoro penyaya dzezvakatipoteredza.Inenge 1/3 yechikafu papurazi haisvike paforogo.Ndinoreva kuti nhamba inokatyamadza.Unogona kudyisa Africa yese neEurope zvakasanganiswa nezvaraswa.Uye saka iwe unogona kufungidzira chero chinhu chinogona kuderedza icho chikafu chinoraswa chinofanira kunge chakanyanya kubatsira kwezvakatipoteredza.Saka isu tinofanirwa kuwana chiyero pakati pekutyaira iyo yakachena pepa-yakavakirwa, uye isu tinofunga kune inonakidza mikana, asi zvakare nekuziva kuti pachagara paine nzvimbo yeaya epurasitiki mhinduro, ayo anogona kuvandudza kutsva kwechikafu, kukupa iwe nhanho yakakodzera yekureruka. , et cetera, kuti usarase chikafu.Uye ndizvo -- pane chiyero ipapo, uye isu tine, ndinofunga, yakawanda mikana uye, sekutaura kwangu, takamisikidzwa zvakanaka kuti tipe ese emhinduro.
Ndine 2. Ndichitarisa paSlide #7, ndiri kutarisa pane dombo chati uye zviri pachena kuti kudzoka kwakadzika muna 2019 pamitengo.Asi ngatitii, kubuda 2018 semhando yebumper, yakaita se19% kusvika 20% kuyerera.Iwe unoona zvakare kuti sekuyerera kwemukati, se19%?Uye rudzi irworwo rwechikumbaridzo kwaungasimudza kuzvibatsira kwako kana rwukadonha pazasi?Uye mubvunzo wangu wakanyanya kunanga kuna 2020 nekuti iwe unowana mamwe eaya mapurojekiti parukova, uye zviri pachena, imari inoshandiswa kwauchazove nekukwira kumusoro, uye pamwe dzimwe pfungwa dzakatenderedza aya masimba.
Zvakanaka.Ini ndinofunga maererano nekuzvibatsira, isu hatina kutsunga -- hatitarise zviito zvedu ipapo zvichienderana nekudzoka kwatiri kuwana pane imwe nguva.Isu tinofunga kutyaira zvirongwa zvedu zvekuzvibatsira chinhu chatinofanira kunge tichiita nguva dzese.Zviripachena, kutarisisa mune zvauri kuita kunotemerwa nenharaunda yakakupoteredza chero nguva.Uye zvechokwadi, mukuderera kwehupfumi, iwe unogona zvakare kumanikidza zvakanyanya kuburikidza maererano nekutengesa kwako cheni, uye ndicho chinhu isu, sezviri pachena, ticharamba takatarisa kuita kudaro.
Asi panguva imwecheteyo, isu tinofunga kuti ndicho chinhu chakanaka chekuita kuti tirambe tichiisa mari, sezvandambotaura, kuburikidza nekutenderera.Isu tinoona yakawanda mikana yekuti isu hatifanirwe kunyara kuisa mari muzvinhu zvakaringana kunyangwe munguva pfupi, yakawedzera margin kana ROCE dilutive kune makumi maviri-odd muzana kudzoka.Ndinoreva, kana isu tine chivimbo chekuti tinogona kuendesa capital pamatanho anodarika mutengo wedu wemari zvakanaka, isu tinofanirwa kunge tichitarisa kuita izvo, zviripachena zvakayerwa nedzimwe nzira dzese, mashandisirwo emari iyoyo, uye ndicho chinhu chatichaita. ramba uchiedza nguva dzose kuita.
Ehe.Saka chinotevera chingave chiri kunyanya kukudzingisa kubva -- chii chiri kunyanya kukutadzisa kufambisa mimwe yemikana iyi mberi?Sezvawakataura yakawandisa musika pulp kugona, kwaunogona kutarisa specialty kraft bepa.Imusika umo iwe une hutungamiriri hwakakwana mumabhegi eshopper.Icho chiri kunyanya kunetseka pamusoro pekutenderera?Ndiko kugona manejimendi here?Ndizvo here kuti iwe unofanirwa kupedzisa mapurojekiti arikuenderera mberi uye, sezviri pachena, funga nezve matsva?Kana kuti inguva dzakawedzerwa dzeinjiniya dzinodiwa here?
Zvose zviri pamusoro.Kwete, ndinoreva, zvakajeka, iwe unofanirwa kuisa pamberi, uye isu tine hombe CapEx chirongwa.Paunenge uchishandisa EUR 700 miriyoni kusvika EUR 800 miriyoni pagore, ibasa rakawanda.Zvinotora zvakawanda zvemukati zviwanikwa uye isu tiri -- uye iwe unofanirwa kuisa pamberi pane izvo, uye tinotenda kuti tinozviwana izvo.Uye iwe haudi kutora njodzi dzisina kufanira kubva kune tekinoroji kuendesa.Asi panguva imwechete, hongu, iwe unofanirwa kuziva nezvemusika.Kunyanya chaizvo, semuenzaniso, kudzoka kune iyo Steti muchina.Takamisa muchina uya nekuti takaona humwe huwandu huchiuya pamusika panguva iyoyo.Uye isu takafunga kuti hatisi kuzorasikirwa nesarudzo iyi nekumbomira kwechinguva tichiona mafambiro ezvinhu.Uye zvingave zvine musoro kudzoka uye kushanyirazve izvozvo.Saka izvi ndizvo zvinhu zvaunofanira kufunga nezvazvo.Saka hausi -- haumbotarise zvinhu zviri zvega zvemusika wese simba.Asi zvakajeka, panguva imwecheteyo, isu tine humbozha hwekukwanisa kuisa mari kuburikidza nekutenderera uye ndicho chinhu chaticharamba tichiedza kuita.
Uye zvakare, makorokoto pabasa idzva, zvakare.Zvichida mubvunzo wefilosofi.Yako yekufunga maitiro yakatenderedza indasitiri kubatanidzwa muEurope mubhokisi rebhokisi.Takambotaura nezvazvo, asi pamwe kungozorodza kuti unoona zvakafanira here?Ndechimwe chinhu chaungafarira kutora chikamu mubasa rako idzva here?Kana kuti ichiri chimwe chinhu chauchachengeta -- chaunoda kukura organic?
Sezvandataura, ndinofunga -- ndatenda, Brian, nemubvunzo.Ndinofunga tadzokera kune zvatinokoshesa.Isu tinofunga isu tine sarudzo dzakanaka dzekuenderera mberi nekukura bhizinesi redu.Asi zvakafanana, M&A isarudzo kwatiri, uye isu tinofanirwa kunge tiri vapenyu kune iyo mikana, uye ticharamba tichiitsvaga.Ini ndinofunga kusanganisa pachako -- kune kumwe kukwezva, asi kunofanirwa kuvonekwa muchiedza chekukosha kwekusika kwaungave nako.Saka chii chaunobhadhara icho uye iwe unofanirwa kuve wakajeka kuti iwe unogona kutyaira chaiyo synergy mikana kubva mukubatanidzwa kwakadaro uye inogadzira mukana chaiwo wemakwikwi.Saka zvese izvo zvinhu zvaunofanira kugara uchifunga.Saka hachisi chinhu chatakambobvisa.Panguva imwecheteyo, isu takanyatsojeka kuti, izvo zvinofanirwa kuzadzisa maitiro edu ekukoshesa.
Zvakanaka, zvakanaka.Uye ipapo - iko zvino kumutengo unowedzera wawakazivisa, kune huwandu hutsva hutsva huri kuuya kumashure-kupera kwegore rino uye huwandu hwehuwandu hwacho hwakaremerwa kumashure.Pane njodzi here yekuti uchafanira kusiya imwe yeiyi mitengo inowedzera kana huwandu hutsva hwasvika pamusika?
Ndinofunga tine chivimbo chakanyanya pachinzvimbo chatiinacho panguva ino, uye ticharamba tichikurukura nevatengi vedu nezvekuwedzera kwemutengo.Ini ndinofunga izvo ramangwana ringaite zvinotemwa neboka rose rezvinhu zvakasiyana.Ini ndinofunga, hongu, kune hutsva hutsva huri kuuya, asi kune zvakare kukura kwakanaka maererano nekukura kwemaitiro munzvimbo ine corrugated space, iyo yatinotenda kuti haisi kuzoenda chero nguva munguva pfupi.Isu tinewo conundrum yakatenderedza China.Zviripachena, inyaya parizvino nekuda kwezvimwe zvikonzero, asi ndinofunga tichiri kuona izvozvo, iyo nyaya yekurambidzwa kweChinese yekupinza kudivi reOCC iri kuuya.Izvese zvinangwa uye zvinangwa zvinouya mukupera kwegore rino, izvo zvinofanirwa kuve nemhedzisiro pakushambadzira kwepasirese kuyerera kwebhokisi rebhokisi, imwe nzira kana imwe.Saka zvinhu zvose izvi zvinofanira kufungwa nezvazvo.Saka ini ndinofunga kutarisa zvakanyanya pakuwedzera kwehunyanzvi muEurope mukuzviparadzanisa nevamwe chinhu chinogara chiri chinhu chisina kunaka.
Imwe chete inokurumidza kujekesa pamitengo yebhokisi.Zvakanaka here kugumisa kuti kana mutengo webhokisi uchikwira ukapfuura neiyo bhokisi maitiro ichave yakagadzikana gore negore?
Ini ndinofunga, sezvandambotaura, Ross, ndinofunga, zvakajeka, kuwedzera kwemutengo webhokisi kungave kutsigira kumitengo yebhokisi.
Ndinofunga kuti ibasa remasvomhu, handizvo here?Saka isu tichafanirwa kunzwisisa izvo zvinorehwa nemitengo yebhokisi rebhokisi zvinozokanganisa mitengo yebhokisi.Asi chaizvo izvo zvinoitika zvegore-pagore mubvunzo wenguva yekufamba kwemitengo iyi.Handichada kufungidzira pamusoro pazvo izvozvi.
Zvese zvakaringana.Ndinofunga kuti tine nguva.Kana paine mumwezve mubvunzo kubva pasi?Ndine urombo, Wade.Chokwadi, hatina nguva, asi tichagadzira nguva.
Wade Napier anobva kuAvior Capital Markets.Andrew, iwe wakambotaura nezve kugona kwako kugadzira chinhu chehunyanzvi mukati mebhizinesi rebhokisi rine chena kumusoro uye kupuruzira uye iko zvino wave kutaura zvehunyanzvi mukati mekraft bepa.Tichipihwa mutengo wadzikira mu kraft bepa, une specialty kraft mapepa mitengo yakadzorwa kubva kumagiredhi ako akajairwa anoshandiswa mukati mezvivakwa zvekuvaka?Uye ipapo iwe unogona kungotiyeuchidza kuti ndeipi chikamu cheiyo kraft bepa bhizinesi kiredhiti mamakisi?
Uye ipapo mubvunzo wangu wechipiri waizova mukati meUncoated Fine Paper bhizinesi, pakanga paine zvakawanda zvinofamba zvikamu nekuvharwa kweMerebank PM - imwe yePMs ipapo neNeusiedler.Chii chaive chiri pasi pekuda kwako mukati mebhizinesi iroro?Uye unoona sei musika iwoyo uchitamba muna 2020, wakapihwa mhando yekushaya simba muhafu yekumashure yegore rapfuura uye unogona kutipa rumwe ruvara ipapo?
Chokwadi.Hongu, ndinoreva, kungove chaiwo, kune -- uye ndinoziva izwi rekuti hunyanzvi rinogona kushandiswa mumamiriro akasiyana.Saka isu tinotaura nezvebhokisi rebhokisi, kune akajairwa mamakisi kana mhando yemagiredhi epasirese asina kubvongodzwa kraftliner recycle uye ipapo iwe une niche kana hunyanzvi maapplication senge chena pamusoro uye semichem.
Padivi rekraft bepa, isu tinowanzo siyanisa pakati pemasaga kraft bepa mamakisi, zvinova ndizvo zvinopinda mubhegi rako rekushandisa.Uyezve hunyanzvi, hunovhara huwandu hwemashandisirwo kubva kuMG, iyo MF, idzi mhando dze -- aya magiredhi madiki.Panyaya yehuwandu hwebhizinesi redu, ingangoita mazana matatu ezviuru zvematani e1.2 miriyoni yedu, 1.3 miriyoni matani ezvese kraft mapepa ekugadzirwa.Kuchinja kwemitengo kwakasiyana.Uye zvakafanana, iyo yekugovera-inoda zvakakosha zvakasiyana panguva ino.Tiri kuona - padivi resaga kraft, sezvandataura, ndizvo chaizvo - pane kushaya simba-kudivi kwatakaona muna 2019, uye isu tichafanirwa kuona kuti izvo zvinoitika sei nekuti izvo zvakanyanya kuvakwa zvinofambiswa, kunyanya mune idzo, sezvandinotaura, misika yedu kunze kwenyika.Pazvikamu zvehunyanzvi, zvakawanda izvo zvinopinda muiyi niche yekurongedza maapplication kune mamwe ezvitoro-mhando yemashandisirwo uyezve mamwe ese ehunyanzvi maapplication, semuenzaniso, kuburitsa bepa uye izvi zvakafanana.Saka zvakasiyana kwazvo, iwo akasiyana misika.Uye -- asi kazhinji, mufananidzo wekuda wakasimba munzvimbo iyoyo.Uye iko -- tiri kuona kukura kwakanaka.Kune zvakare kukwikwidza ikoko zvakare, sezvaungafungidzira, iri kukwezva vakwikwidzi munzvimbo iyoyo.Saka uri kuona iyo dynamic kutamba.Asi iyo chaiyo mitengo yekumanikidza yave yakanyanya kudivi resaga kraft riri kuuya mugore rino.
Mukutaura kwemufananidzo wakaisvonaka wepepa, ndinoreva, kungova pachena, zvikamu chete zvechokwadi zvinofamba, kana iwe uchidana kuti kubva gore rapera maererano nekuchinja kwemaitiro kubva kune bhizinesi redu kwaiva kuvhara kweiyo imwe yemapepa muMerebank.Kunze kweizvozvo, ibhizinesi-se-zvakajairika mumamiriro ezvinhu.Ini ndinofunga zvauri kutaura nezvazvo inyaya yekuti isu takatora nguva yekudzikira muNeusiedler nekuti Neusiedler yakanyanya kutariswa bepa rehunyanzvi, ndiri kushandisa izwi iri uye zvakare, muchikamu chebepa rakanaka, une zvigadzirwa zvegiredhi rekutanga. uye chaizvo Neusiedler mugadziri wegiredhi rekutanga, uye zvakakosha kuti itarise pane izvo.Uye saka ndiko kutarisisa kweizvozvo.Kana iyo musika yakapfava, isu hatisi kuzove tichigadzira zvigadzirwa mamakisi pane iyo Neusiedler oparesheni.Saka isu tinogara takasimba kana zvasvika pamabatiro atinoita iyo portfolio.
Panyaya yemusika wakazara, nekuti, zvakare, kuve mugadziri ane mutengo wakaderera, tine chivimbo chekuti tinogona kuita mari pamatani ese atinoburitsa pamabasa edu makuru akabatanidzwa.Mubvunzo kwatiri ndewekureba kwemaitiro ekusimba.Zviripachena, bepa rakanaka chigadzirwa kazhinji, mukuderera kwemaitiro mumisika yakakura.Yakanyanya kugadzikana mumisika iri kusimukira.Asi ndizvo zvatiri kuronga sebhizinesi kuenda kumberi.
Ndinofunga tichaivhara ipapo.Ndinokutendai zvikuru nekutarisisa kwenyu uye kubuda nhasi pazuva rinotonhora nekunyorova muno muLondon, asi ndinokutendai pawebhusaiti zvakare nekutarisisa kwenyu, uye ndichasvitsa izvi kumagumo.Ndokutenda zvikuru.
Nguva yekutumira: Mar-11-2020