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Financial InsightsFinnish and Swedish Forest IndustryQ2 2016

Tieto Forest Industry Consulting

www.tieto.com

http://www.tieto.com

© Tieto Corporation

Executive summary• In Q2 2016, the consumer confidence index in the euro zone was behind the level of the corresponding period last year, but rose

slightly from the first quarter of 2016. While in the United States, the consumer confidence index showed relatively stable

development, but remained slightly below the level of the comparison period.

• Lower wood costs, especially in the Nordics, and lower maintenance costs related to fewer shutdowns had a positive effect on

companies’, especially Stora Enso’s, operational EBITs. Popularity of electronic services increases. A total of almost 20 per cent of

wood acquired by Metsä Forest from private forests was purchased electronically during Q1 and Q2.

• General view of Europe’s demand for pulp has remained stable even the demand for hard wood pulp was slightly stronger. The

demand for logs and pulpwood in Sweden was normal in the second quarter. Sales prices were largely unchanged. Generally the

chemical pulp demand remained strong but the demand growth was primarily recorded in Asia, particularly in China.

• The market for consumer board was stable in the second quarter and prices were unchanged. In the first half-year, demand in

Europe was unchanged compared with the same period last year.

• Demand for printing paper in Europe fell by 3 per cent during January–May compared with the same period in 2015. Sales prices

were largely unchanged in the second quarter. Fine paper demand remained stable in the Asia-Pacific region while label and

release paper demand increased globally.

• Overcapacity in fine papers prevailed and price competition was intense.

• Market conditions for wood products in Europe was generally stable in the second quarter. Prices have been quite stable, but the

demand for wood products were significantly stronger in Q2 compared with Q1/2016 and Q2/2015 which has a positive effect on

companies EBIT numbers.

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Content• Sales and EBIT margin development on Group

Level

• EBIT Margin and Sales development on Product

level• Forest Operations

• Pulp

• Packaging

• Paper

• Wood Products

• Tissue

• Special Papers

• EBIT Margin development – Group Level

including non recurring items

• Contacts


Financial InsightsTieto Forest Industry Consulting


Sales of Finnish forest companies continues to grow while the Swedish forest companies sales was stable

7

Source: Annual Reports, International Monetary Fund

Excluding Billerudkorsnäs and Munksjö.

Finnish companies: Ahlstrom sales development is compared to 2010 (than 2009)

• In Q2 2016, the consumer confidence index in the

euro zone was behind the level of the

corresponding period last year, but rose slightly

from the first quarter of 2016. While in United

States, the consumer confidence index showed

relatively stable development, but remained slightly

below the level of the comparison period.

• Swedish and Finnish companies have grown in

sales after 2013, but still the growth among

Swedish forest companies have been quite stable

in 2015.

• The Finnish Forest Industries Federation started to

work on defining a vision “Evolving forest industry –

prosperous bio-economy” for the sector, a vision

that extends until 2025. It has been marked that in

the 2025 the digitalisation represents a major

challenge in some sectors while offering new

business opportunities to others.

50

100

150

200

2009 2010 2011 2012 2013 2014 2015

Average sales growth all forest companies Finnish forest companiesSwedish forest companies GDP European unionGDP Commonwealth of Independent States GDP Latin America and the CaribbeanGDP ASEAN-5 GDP Africa


EBIT Margin Development – Group Levelexcl. IAC (Items Affecting Comparability)

8

Source: Annual Reports, Finnish Forest Industries Federation homepage.

All companies excl. Munksjö and Billerudkorsnäs

Total SCA Group

Quarterly Margin trendYearly trend

• In Q2 Stora Enso improved their profitability once

again. The business area sleeper was the paper

division, which operating profit improved clearly

mainly due to improved sales prices. Although the

result of paper division improved, paper production

has long been the Stora Enso's least profitable

part.

• UPM’s comparable EBIT increased by 21% to

EUR 264 million (219 million) in Q2. Furthermore

UPM’s growth projects contributed to earnings,

driving delivery growth in UPM Biorefining, UPM

Raflatac and UPM Paper Asia.

• In Q2 Ahlström’s operating profit and margin

improved for the 11th consecutive quarter, y-on-y.

• For Holmen compared with the first quarter,

operating profit for the second quarter decreased

by SEK 97 million to SEK 483 million as a result of

running in the rebuilt board machine, seasonally

lower hydro power production and earnings from

timber trading returning to normal levels.

-20%

-10%

0%

10%

20%

30%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

YearsEbit margin average


Sales Development – Group Level

9

Recovery Boom

SlowdownDepression

• Suominen’s net sales and operating profit for

Q2 decreased from the record-high

comparison period in 2015. Net sales

decreased by 4% while operating profit

decreased by 13%. Despite Q2 result

Suominen expects their net sales and

comparable operating profit to improve from

year 2015.

• Stora Enso sales improved 3.3%. Sales

excluding the structurally declining paper

business increased 5.8%, mainly due to

higher consumer board sales. The

operational EBIT decreased 8.9%, mainly

due to the higher maintenance impact of

EUR 28 million.

• Metsä Group’s net sales and profit decreased

in Q2 comparing the corresponding period

last year mainly due to the considerable

decline in paper deliveries and the decrease

in the market prices of pulp.

Sales

Development

2015 vs. 2009

Sales Development

Q1 2016 vs. Q1 2015Source: Annual Reports

*)Ahlstrom has adjusted their net sales and operating profit, starting from Q1/2015.

260%

SuominenSetra

BillerudKorsnäs

StoraEnso

SCA

Metsä

Holmen

UPM

Ahlstrom

Sveaskog

-20%

-10%

0%

10%

20%

-50% -30% -10% 10% 30% 50%//


Q1

Q2

Q1

Q2

Q1

Q2

Q1Q2

Q1

Q2

Q1Q2

Q1

Q2

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

EB

IT M

arg

in A

ve

rag

e

Average EBIT Margin Development Q2 2016 vs. Q1 2016

10

Forest

OperationsPulp Packaging Paper Wood

ProductTissue

Source: Annual Reports

Special

Papers

• Wood products demand improved and prices

increased slightly in Q2 2016 which has a

positive effect on companies EBIT numbers.

• The price difference between long- and short-

fibre pulp at the end of the Q2 was USD 126,

whereas the corresponding difference at the

beginning of the year was USD 13.

• Demand for paperboards remained stable in

both Europe and the Americas – price levels

were stable.

• Supply of wood was steady and stumpage

prices remained stable.

• Generally demand for paper in Europe were

slightly weaker and prices stable in Q2/2016

compared with Q1/2016.

• In the first half of 2016 global demand for

self-adhesive label materials increased.

Public

Tieto Industry Consulting Tietoto create innovation index in Q4: Digitalization gives

more space for innovation

• As digitalization gains speed, demand for new data-driven innovations and renewal of customers’ business and IT increases rapidly

• Innovation has a power that extends beyond imagination. A power to create new and change current ways of working, also to create new networks.

• Tieto’s innovation index levels shows forest industries innovation in different business areas

• Now YOU have chance to be part of the innovation index. This innovation index will be measured by conducting interviews with YOU and forest industry companies operating in Finland and Sweden

By participating in this interview process you can win an innovation workshop conducted by TietoForest Industry Consulting team (free of charge)

For further information contact: [email protected]


Public

Product Group:

Forest Operations

11


Public

13


• Metsä Forest EBIT margin were a bit lower in

Q2/2016 (1,7%) compared to Q2/2015 (2%).

• Popularity of electronic services increases. A total

of almost 20 per cent of wood acquired by Metsä

Forest from private forests was purchased

electronically during Q1 and Q2.

• In January-June, the forest industry purchased

more wood than in the corresponding period in the

previous year.


-15%

0%

15%

30%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

Years

Holmen Skog Sveaskog

Södra Skog Metsä Forest

EBIT Margin Average

EBIT Margin Development – Forest operationsexcl. IAC (Items Affecting Comparability)


Public

Sales Development – Forest Operations*

14


Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2015

Recovery Boom

SlowdownDepression

*) Concerns only companies that clearly distinguish forest operations

• In Q1-Q2, Metsä Forest delivered a total of

approx. 15.7 million cubic metres of wood to

its customers.

• In Sweden and the rest of Europe, the key

markets for Swedish forest industry, growth

increase is weak while development in the

US is stronger. Growth in China is slowing

down but from a high level. The value of the

Swedish krona has weakened which

provides improved margins for Swedish

forest industry which in turn is positive for

Sveaskog as a raw material supplier.

Sveaskog

Holmen SkogMetsä Forest

-10%

-5%

0%

5%

10%

-40% -30% -20% -10% 0% 10% 20% 30% 40%


Public

Product Group:

Pulp

14


Public

EBIT Margin Development – Pulpexcl. IAC (Items Affecting Comparability)

16


Quarterly Margin trendYearly trend• Operational EBIT for Stora Enso in Q2/2016

decreased slightly compared to Q2/2015, mainly

due to lower pulp prices in local currencies,

especially for hardwood pulp.

• Comparable EBIT for UPM Biorefining decreased.

Lower variable and fixed costs as well as higher

delivery volumes partly offset the negative impact

of lower pulp prices.

• Metsä Fibre’s operating result in Q1-Q2/2016

totalled EUR 115.7 million (Q1-Q2/2015: 171.1).

The reduction in sales prices, in particular,

decreased the result below the level of the

corresponding period in the previous year.

• In May 2016, Metsä Fibre signed an agreement

with Valmet on the construction of a sulphuric acid

plant at the Äänekoski bioproduct mill.

-20%

-10%

0%

10%

20%

30%

40%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

Years

Södra Cell Stora Enso BiomaterialsMetsä Fibre UPM BiorefiningEBIT Margin Average


Public

Sales Development – Pulp

17

Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2015

• Stora Enso will invest EUR 26.5 million in

Skutskär pulp mill to increase the mill’s fluff

capacity to meet the growing demand in the

hygiene market.

• Demand for advanced renewable diesel

continued strong and prices stayed stable

compared to the Q2 2015.

• Stora Enso sales decreased EUR 22 million

driven by significantly lower hardwood pulp

prices, and also lower softwood pulp prices.

• To strengthen Stora Enso’s bio-based

chemicals development, Stora Enso has

signed a joint technology development

agreement with specialty chemicals

company Rennovia Inc.


Recovery Boom

SlowdownDepression

//260%

UPM Biorefining

Stora Enso Biomaterials (Sales

development 2014 vs2011

Metsä Fibre

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

-50% -30% -10% 10% 30% 50%


Public

Product Group:

Packaging

17


Public

EBIT Margin Development – Packagingexcl. IAC (Items Affecting Comparability)

19



Billerudkorsnäs financial data from 2012.

• Stora Enso’s Ebit margin were lower in Q2/2016

(11%) compared to Q2/2015 (12%).

• Metsä Board’s operating result was weakened by

the start-up of the new paperboard production line

at Husum, which affected the production volumes

of pulp and paperboard.

• Holmen’s consumer board deliveries amounted

250 000 tonnes during January–June, which was

the same level as last year.

• Metsä Board’s the new folding boxboard

production line at the Husum mill in Sweden

started up in February. Metsä Board will expand its

range of paperboards for food service packaging

and invest in an extrusion coating line at the

Husum mill. The extrusion coating line will be

started up in the first half of 2017. Metsä will also

continue to develop other barrier solutions.

-15%

-5%

5%

15%

25%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

Years

Billerudkorsnäs Consumer BoardBillerudKorsnäs Packging paperBillerudKorsnäs Corrugated SolutionsMetsä BoardStora Enso packaging solutions & consumer board


Public

Sales Development – Packaging

20

Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2015

• In Q2 Stora Enso stepped up a gear in their

transformation to a renewable materials

growth company. To further enhance their

position as a leading global supplier of

premium paperboards, Stora Enso is

investing 70 MEUR in Imatra Mills in

Finland.

• Stora Enso’s Beihai consumer board mill in

China started operations in May, and the

ramp-up is proceeding ahead of plan.

• Holmen: in March, the board machine in

Workington was rebuilt to increase capacity

by 20 000 tonnes annually and to improve

product quality. In the second quarter, the

last stage of the expansion to increase pulp

production at Iggesund Mill by 50 000

tonnes annually was completed.


Stora Enso result is calculated for packaging solutions and consumer board.

Recovery Boom

SlowdownDepression

Metsä

Stora Enso

Holmen Paperboard

-20%

-10%

0%

10%

20%

-25% -15% -5% 5% 15% 25%

Billerudkorsnäs

Consumer board

(-1% in short term

sales)

Billerudkorsnäs

Packaging Paper

(-4% in short term

sales)

Billerudkorsnäs

Container Board

16% in short term

sales)


Public

Product Group:

Paper

20


Public

EBIT Margin Development – Paperexcl. IAC (Items Affecting Comparability)

22



UPM ENA & Asia financial data after 2012 and UPM Paper financial data before 2012.

• In Q2/2016 Stora Enso’s operational EBIT was

EUR 31 million higher compared to the

corresponding period of 2015, mainly due to

slightly better sales prices, lower variable costs,

especially for energy, pulp and chemicals.

• In Q2/2016 compared to Q2/2015 comparable

EBIT for UPM Paper Asia increased mainly due to

lower variable costs and higher delivery volumes.

Also comparable EBIT for UPM Paper ENA

increased mainly due to lower variable and fixed

costs, partly driven by ongoing profit improvement

measures.

• During the third quarter, Holmen’s Braviken Paper

Mill will have a maintenance shutdown, which is

expected to negatively affect earnings by SEK 40

million.

-10%

-5%

0%

5%

10%

15%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

YearsHolmen Paper Stora Enso PaperUPM Paper Asia UPM Paper ENAEBIT Margin Average


Public

Sales Development – Paper

23

Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2015

• Holmen’s deliveries in the first half-year

amounted to 615 000 tonnes, which was 6

per cent lower than the same period last

year as a result of production losses and

rebuild of inventories following the fire at

Hallsta in November 2015. Production has

been at full capacity since March.

• Holmen, sold the newsprint mill in Madrid

and transaction was completed in the

second quarter. The sale represents a

decisive step towards concentrating the

paper business into magazine paper and

speciality products. The rebuilt board

machine in Workington reached full capacity

towards the end of the quarter, while a

further stage in the expansion of pulp

production at Iggesund Mill was completed.

At mid-year, forest and hydro power

accounted for two thirds of the Group’s

operating capital.


UPM ENA & Asia results are calculated.

Recovery Boom

SlowdownDepression

Holmen Paper

Stora EnsoPaper

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

-40% -30% -20% -10% 0% 10% 20% 30% 40%

UPM Paper Asia

(9% in short term

sales)

UPM ENA

(-9% in short

term sales)


Public

Product Group:

Wood Products

23


Public

Quarterly Margin trend

EBIT Margin Development – Wood Productsexcl. IAC (Items Affecting Comparability)

25

Yearly trend• Thanks for the higher deliveries from significantly

stronger demand, improved product mix, and lower

log prices Stora Enso’s operational EBIT improved

10 MEUR.

• Comparable EBIT for UPM Plywood increased due

to higher delivery volumes and lower costs.

• At the end of June, the Metsä Group announced

the transfer of Metsä Wood’s sawmills in Finland to

Metsä Fibre through an internal transaction. The

transaction is estimated to be completed by the end

of 2016.

• Holmen’s deliveries of wood products amounted to

396 000 cubic meters, which was unchanged from

the same period last year.


-20%

-10%

0%

10%

20%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q12016E

BIT

Marg

in

Years

Holmen Timber Stora Enso Wood ProductsSödra Timber SetraMoelven Bergs Timber


Public

Sales Development – Wood Products

26

Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2015


//140%

Recovery Boom

SlowdownDepression

• Mainly due to slightly lower prices and a

strategic reduction in external sawn goods

trading in Q2/2016 (compared with

Q2/2015) Stora Enso’s sales were EUR 8

million lower.

• Metsä Wood’s sales in the Q2 were EUR

229.2 million (Q2/2015: 242.8) and

operating result excl. non-recurring items

was EUR 14.4 million (10.2).

• Holmen has during the quarter, made a

decision to invest SEK 50 million in a wood

treatment plant and distribution warehouse

at Braviken Sawmill. The aim is to increase

added value and boost sales in Sweden.

Stora Enso

SetraMetsä Wood

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

-40% -20% 0% 20% 40%

Holmen

Timber


Public

Product Group:

Tissue

26


Public

EBIT Margin Development – Tissueexcl. IAC (Items Affecting Comparability)

28



• Metsä Tissue’s operating result excl. non-

recurring items in Q2/2016 was EUR 13.2 million

(7.6). The operating result was increased mainly

due to a better product mix as well as lower costs

of energy and transport.

• SCA, for consumer tissue, organic sales growth

was 4%. Growth is related to high growth in

emerging markets, particularly China, Latin

America and Russia. For AfH tissue, organic sales

growth was 3%. The increase was mainly related

to western Europe and emerging markets.

0%

5%

10%

15%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

Years

SCA (Tissue)Metsä (Tissue)*Including Cooking paperEbit margin Average


Public

Sales Development – Tissue

29

• Metsä Tissue’s sales in Q1-Q2/2016 (EUR

495.1 million) decreased 2% compared to

the corresponding period in the previous

year (EUR 502.7 million). The reduction in

sales is primarily due to the decrease in

sales volumes, which was affected by the

closure of tissue paper operations in Russia

in summer 2015.


Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2015

Recovery Boom

SlowdownDepression

SCATissue

MetsäTissue

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

-60% -30% 0% 30% 60%


Public

Product group:

Special Paper and Products

29


Public

30

EBIT Margin Development – Special Paper and Productsexcl. IAC (Items Affecting Comparability)

• In Q2 comparable EBIT for UPM Raflatac

increased (Ebit margin 10%) mainly due to the

improved sales margins and higher delivery

volume.

• The markets for various industrial nonwoven

applications, excluding wipes, showed an increase

in Q2 2016. Furthermore the markets for food

packaging materials were quite strong, particularly

for cooking applications.



*)Ahlstrom has adjusted their net sales and operating profit, starting from Q1/2015.

-5%

0%

5%

10%

15%

20%

2009 2010 2011 2012 2013 2014 2015 Q12016

Q22016

EB

IT M

arg

in

Years

Munksjö UPM RaflatacAhlstrom SuominenEBIT Margin Average


Public

Sales Development – Special Papers and

Products

31

Sales

Development

2015 vs. 2009

Sales Development

Q2 2016 vs. Q2 2016

• The Q2 2016 was a very strong quarter for

Ahlstrom. Ahlstrom delivered sales growth

of 2.8% at constant currency rates and were

able to raise their profitability to an all-time

high level in the current structure of the

company mainly due to lower variable

costs, improved operational efficiency and a

more competitive cost structure.

• Suominen’s net sales and operating profit

for Q2 increased from the Q1 2016 mainly

due to improved demand.

Recovery Boom

SlowdownDepression


//

260%

Suominen

Munksjö

UPM RaflatacAhlstrom

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

-80% -40% 0% 40% 80%


Public

Adam Aljaraidah

Associate Management Consultant

[email protected]+46722424416

Heidi Metsola

Associate Management [email protected]

+358505116031

Contacts

mailto:[email protected]

mailto:[email protected]


PublicNotes

1

1. Alhstrom

1. group level

2. Starting from Q1/2015 Ahlstrom has adjusted their net sales and operating profit. These tables and figures are updated based

on change:

• Adjusted net sales starting from Q1/2015.

• Before Q1/2015 Operating profit excluding non-recurring items was used. The adjusted operating profit margin

excludes restructuring costs, impairment charges, capital gains or losses, and discontinued operations. This might

case differ to the numbers

• In 2015 Operating profit excluding non-recurring items was reported 47,5 MEUR (Q1/2015:12MEUR) and

in Q1 2016 release the adjusted operating profit margin shows 41.6MERU (Q1/2015:10,3)

3. 2014 annual report is used for the 2012-14 financial figures and 2013 annual report is used for the 2009-11 financial figures

4. On slide 7, we are comparing Alhstrom sales development to 2010 sales (not 2009)

2. Bergs Timber

1. Bergs Timber has fiscal financial year and reports from 1/9-31/8

3. BillerudKorsnäs

1. On Group level BillerudKorsnäs was excluded

2. On Product level from 2009-2011 Korsnäs and Billerud sales figures is added to BillerudKorsnäs

3. BillerudKorsnäs adjusted result 2012

4. Holmen

1. Excluding changes in forest value for Holmen

5. Mellanskog

1. On group level revenues from affiliated companies are included

2. On group level other revenues are excluded


PublicNotes

2

6. Metsä Group

1. On group level adjusted result in 2010

2. On group level other revenues excluded

3. On product level Metsä Tissue includes cooking paper

7. Moelven

8. Munksjö

1. On group level Munksjö was excluded

9. SCA

1. Forest swap is excluded

2. Adjusted result for SCA in 2012 and 2013.

3. SCA is excluded in product level evaluation

4. SCA Group incl. total financial numbers

10. Setra

1. Other revenues excluded


PublicNotes

3

11. Stora Enso

1. Adjusted result in 2012 (Operational EBIT)


3. Stora Enso (Packaging) is packaging solutions & consumer board

4. Between 2009-2010 the paper product level for the Stora Enso result include news print paper + book paper + fine paper + magazine paper

5. Stora Enso packaging 2011-2009 result includes industrial packaging and consumer board

6. On product level Stora Enso “Packaging” is consumer board + packaging solutions

7. Stora Enso reorganised its divisional and reporting structure as of 1 January 2015. The IFRS reporting segments are formed by the divisions and the segment

Other. Henceforth, Stora Enso will report financial figures for the divisions Consumer Board, Packaging Solutions, Biomaterials, Wood Products and Paper and

the segment Other.

12. Sveaskog


2. Excluding changes in forest value for Sveaskog

13. Södra

1. Other revenues included for Södra

2. Södra has a Tertial report Q2 (2015) May-Aug

14. Suominen

1. On group level

2. November 2011 Suominen acquired Ahlstrom’s Home and Personal business operations. Net sales were more than doubled.


PublicNotes

3

15. UPM

1. Group level revenues from affiliated companies are included

2. 2015 Sales figure (EURm) Includes a fair value increase of biological assets in Finland totalling EUR 265 million, due to adjusted long-term wood price

estimates and a change in the discount rate

3. Annual reports UPM Biorefining data includes: UPM Biorefining 2013-Q3/2015 financial data and Pulp division financial data before year 2009-2012.

4. UPM Paper division data includes: UPM Paper division 2009-2011 financial data and after the division in 2012 financial data from UPM ENA and Asia divisions


Public

Financial Reporting Frequency

4

SCA Mellan

Skog

Södra Setra Metsä BK Holmen Munksjö Stora

Enso

Moelven Bergs Rörvik UPM Suominen Ahlström

Yearly x x x x x x x x x x x x x x x

Quarterly x x x x x x x x x x x

Other Four-

monthly

report

We aim to be our customers’ first choice for business renewal

New data-driven

businesses

Vertical industry

solutions

Technology services

and modernization

Services to accelerate

customer value

Build solutions and capabilities

to accelerate our customers’

business performance and

renewal.

Nordic leadership and

international expansion

Further accelerate our strong

market position in the Nordics

and expand industry solutions

internationally.

Openness and

co-innovation

Co-innovate with customers

and partners, access open

talent networks and drive

continuous skill and capability

development.

Business choices

building on our

strengths

Tieto strategy 2016-2020


Our purpose

Value for life

Value forpeople

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We aim to be our customers’ first choice for business renewal

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financial insights - tieto · financial insights finnish and swedish forest industry ... rapidly...

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