valmet financial statements review 2014

Profitability in the targeted range in Q4/2014 – good orders received in Services

Financial Statements Review 2014

February 6, 2015

Pasi Laine, President and CEO

Markku Honkasalo, CFO

Agenda

February 6, 2015 © Valmet2

2014 in brief

Business lines’ development

Dividend proposal

Guidance and short-term outlook

Summary of Financial Statements Review 2014

The acquisition of Process Automation Systems

1

2

4

5

6

7

Financial Statements Review 2014

Financial development3

2014 in brief

40%

39%

21%

Profitability improved and orders received increased during Valmet’s first year


Net sales (2014)Global market leader with

#1-2 market positions in all

markets served

Stable, growing and profitable

EUR 1 billion services business

High barrier to entry capital

business with good long-term

growth potential in businesses

such as board, tissue, pulp, and

biotechnology

2014 figures

Orders received EUR 3,071 m

Net sales EUR 2,473 m

EBITA1 EUR 106 m

Employees 10,464

Market position

#1-2 Services

#1-2 Pulping

#1-2 Bioenergy generation

#1-2 Paper, board, tissue

1) EBITA before non-recurring items

Services

Pulp and EnergyPaper

18%

13%

43%

11%

15%

North America

EMEA

South America

Asia-Pacific

China


• Orders received at the previous year’s level

• Services net sales stable at approximately EUR 1 billion

• EBITA1 almost doubled in 2014

• SG&A expenses decreased as a result of the cost savings program

• Good development in gross profit

• Further profitability improvement potential through savings in procurement and quality, by actions

to improve project and service margin, by continuing to improve cost competitiveness, and by

improving product cost competitiveness to increase gross profit

• Orders received almost doubled in Pulp and Energy and increased in Paper

• Net sales increased in Pulp and Energy and declined in Paper

Orders received increased in capital business

Profitability improved in every quarter of 2014

Strong balance sheet and good cash flow

• Net debt EUR -166 million, and gearing -21% at the end of 2014

• Cash flow provided by operating activities EUR 236 million in 2014

2014 in brief

Services stable in 2014

• Order backlog approximately EUR 2 billion at the end of 2014

Order backlog increased by 43 percent in 2014



• Orders received increased by 17%

• Services net sales stable

• EBITA1 increased in Q4/2014 compared with Q4/2013

• Profitability improved in every quarter of 2014




• Orders received increased in Paper and decreased in Pulp and Energy

• Net sales increased in Paper, and Pulp and Energy


Profitability reached the targeted range in Q4/2014

Balance sheet continues to be strong

• Net debt EUR -166 million, and gearing -21%

• Cash flow provided by operating activities EUR 30 million in Q4/2014

Q4/2014 in brief

Orders received increased in services in Q4/2014


Order backlog decreased compared with Q3/2014


Key figures 2014


Non-recurring items: EUR -5 million in Q4/2014 (EUR -34 million in Q4/2013)

EUR -12 million in 2014 (EUR -86 million in 2013)

1) Before non-recurring items

2) After non-recurring items

3) Proposal made by the Board of Directors

EUR million Q4/2014 Q4/2013 Change 2014 2013 Change

Orders received 480 428 12% 3,071 2,182 41%

Order backlog 1,998 1,398 43%

Net sales 777 666 17% 2,473 2,613 -5%

EBITA1 48 -25 106 54 94%

% of net sales 6.1% -3.7% 4.3% 2.1%

EBIT2 38 -66 72 -59

% of net sales 4.8% -9.9% 2.9% -2.2%

Earnings per share, EUR 0.17 -0.41 0.31 -0.42

Return on capital employed (ROCE), before taxes 9% -4%

Dividend per share, EUR 0.253 0.15

Cash flow provided by operating activities 30 -38 236 -43

Gearing at the end of period -21% 0%

The comparison figures are based on financial carve-out

data. The balance sheet and its related key figures as at

December 31, 2013 are based on actual figures.

121 94 104 95185

82 135 88

69

402

20 4224 194 23 40

212

214

201 178

437

567

189 277

33

103

31 74

34

120

53 34

76

47

27 39

42260

66 41

511

861

382428

1,1011,023

466 480

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

200

400

600

800

1,000

1,200

1,400

Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14

North America (LHS) South America (LHS)EMEA (LHS) China (LHS)Asia-Pacific (LHS) Last 4 quarters (RHS)

282 281 237 233 267 273 242 273

61

452

66 102

622 560

96 66

168

128

80 93

212190

128 142

511

861

382428

1,1011,023

466 480

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

200

400

600

800

1,000

1,200

1,400

Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14

Services (LHS) Pulp and Energy (LHS)

Paper (LHS) Last 4 quarters (RHS)

Orders received exceeded EUR 3 billion in 2014

Development in Q4/2014 compared with Q4/2013:

• Orders received increased in Services

• Orders received decreased in Pulp and Energy

• Orders received increased in Paper

• Orders received increased in EMEA and Asia-Pacific and decreased in China and

North America


Orders received (EUR million),

by business line

Orders received (EUR million),

by area

1,807 1,883

1,658

1,398

1,972

2,4062,312

1,998

0

500

1,000

1,500

2,000

2,500

3,000

Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14

Order backlog approximately EUR 2 billion

• Management estimates that ~80% of the order backlog will be recognized as net

sales during 2015

• Approximately 20% of the order backlog relates to the Services business line


Order backlog (EUR million)

~20%

~80%

Services business Capital business

Structure of order backlog

243 256 256 274224 251 235 278

631

714

601

666

519

588 590

777

4.1%3.1%

5.1%

-3.7% 0.7%

3.7%

5.5% 6.1%

Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14

Services

Capital

EBITA-%

EBITA margin in the targeted range in Q4/2014


EBITA target 6–9%

Net sales and EBITA before NRI (EUR million)

• Net sales increased compared with Q4/2013

• Profitability improved in every quarter of 2014

EBITA before

NRI (EUR million)22 31 -25 4 2226 32 48

0%

5%

10%

15%

20%

25%

30%

35%

0

20

40

60

80

100

120

140

160

Q1/2

013

Q2/2

013

Q3/2

013

Q4/2

013

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

EUR million (LHS) % of net sales (RHS)

0%

5%

10%

15%

20%

25%

30%

35%

0

20

40

60

80

100

120

140

Q1/2

013

Q2/2

013

Q3/2

013

Q4/2

013

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

EUR million (LHS) % of net sales (RHS)

Good development in gross profit – SG&A at a normalized level


Gross profit (EUR million and % of net sales)

• Selling, general and administrative expenses (SG&A) at an annual level of

approximately EUR 400 million

- SG&A in relation to net sales decreased in every quarter of 2014

• Gross profit improved

• Further actions to improve gross profit through Must-Win implementation

SG&A (EUR million and % of net sales)

Key Must-Win objectives to improve profitability to the targeted level of 6–9%


Improve project

and service

margin

Harmonization of

processes

Localization of

competencies

Better selection of

sales cases

Development in

project

management

Common quality

development

approach

Quality tools and

processes

Highlight the

importance of

quality initiatives

and accountability

Reduce quality

costs and lead

times

Increase sourcing

from cost

competitive

countries

Increase use of

sub-contracting

Consolidation of

shipment and

warehouse

network

Savings in

procurement

Continue to

improve cost

competitiveness

Focus on cost

competitiveness

also after the

EUR 100 million

program

Improve product

cost

competitiveness

to increase gross

profit

Focus on cost

efficient design

Modularity and

standardization

Business lines’ development

282 281

237 233

267 273242

273

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

Q1/1

3

Q2/1

3

Q3/1

3

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Orders received (LHS)

Orders received, last 4 quarters (RHS)

243 256 256274

224251

235

278

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

Q1/1

3

Q2/1

3

Q3/1

3

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Net sales (LHS)

Net sales, last 4 quarters (RHS)

Services orders received stable in 2014, growth in Q4/2014


Net sales (EUR million)Orders received (EUR million)

• Services orders received increased compared with Q4/2013

- Orders received increased in all areas, especially in North America

- Orders received increased in the Energy and Environmental, Mill

Improvements, and Performance Parts business units, and remained on a

par with the comparison period in Rolls, and Fabrics business units

• Orders received stable in 2014 compared with 2013

• Net sales stable compared with Q4/2013

2014:

EUR 1,055 million

2013:

EUR 1,035 million

2014:

EUR 989 million

2013:

EUR 1,032 million

61

452

66 102

622560

96 66

0

200

400

600

800

1,000

1,200

1,400

1,600

0

100

200

300

400

500

600

700

800

Q1/1

3

Q2/1

3

Q3/1

3

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4



221240

206240

181

229 234

312

0

200

400

600

800

1,000

1,200

1,400

1,600

0

50

100

150

200

250

300

350

400

Q1/1

3

Q2/1

3

Q3/1

3

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Net sales (LHS)


Pulp and Energy orders received almost doubled in 2014



• Orders received decreased compared with Q4/2013

- Orders received decreased in all areas

- Orders received increased in Energy and decreased in Pulp

• Orders received almost doubled in 2014 compared with 2013


2013:

EUR 907 million

2013:

EUR 680 million

2014:

EUR 956 million

2014:

EUR 1,344 million

168

128

80 93

212190

128142

0

150

300

450

600

750

900

0

50

100

150

200

250

300

Q1/1

3

Q2/1

3

Q3/1

3

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4



167

218

139152

114 108 120

186

0

150

300

450

600

750

900

0

50

100

150

200

250

300

Q1/1

3

Q2/1

3

Q3/1

3

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Net sales (LHS)


Paper orders received approximately EUR 670 million in 2014



2013:

EUR 674 million

2013:

EUR 467 million

• Orders received increased compared with Q4/2013

- Orders received increased in EMEA and decreased in China, North America

and Asia-Pacific

- Orders received increased in Board and Paper, and remained on a par with

Q4/2013 in Tissue

• Orders received increased in 2014 compared with 2013


2014:

EUR 528 million

2014:

EUR 671 million

Financial development

-38

43 46

117

30

-60

-40

-20

0

20

40

60

80

100

120

140

Q4/2

01

3

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Positive cash flow


• At the end of 2014, net working capital was EUR -353 million

• CAPEX less than depreciation

Cash flow provided by operating activities (EUR million)

-1

-39 -54

-158-166

0%

-5%-7%

-20% -21% -25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

-250

-200

-150

-100

-50

0

50

100

150

200

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Net debt (EUR million) Gearing (%)

41%40% 40%

41%42%

30%

35%

40%

45%

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Strong balance sheet with negative gearing


• Gearing -21% and net debt EUR -166 million

Net debt (EUR million) and gearing (%) Equity to assets ratio (%)

-4%-2%

3%

6%

9%

-10%

-5%

0%

5%

10%

15%

20%

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

ROCE (before taxes) Target, 15%

1,024985 967

902 877

0

200

400

600

800

1,000

1,200

Q4/1

3

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

ROCE on improving trend


Return on capital employed (ROCE),

before taxes1 (%)

• Decrease in capital employed due to increase in trade and other payables and change in POC

receivables and liabilities

Capital employed (EUR million)

1) Annualized year-to-date figures

51

161

2001

0

50

100

150

200

250

2015 2016 2017 2018

Long-term financing


Maturity profile of interest-bearing debt

(EUR millions)

1) EUR 200 million syndicated revolving credit facility, of which none is

outstanding as of December 31, 2014.

• Average maturity of non-current loans

is 3.2 years

EUR 64 million EIB loan Maturing in: H2/2016

EUR 4 million other financing sources

EUR 200 million syndicated revolving credit

facility • None outstanding

• Maturity: December 2018

EUR 200 million domestic commercial paper

program • None outstanding

Main financing sources

Back-up facilities

Amount of outstanding interest-bearing debt: EUR 68 million (Dec 31, 2014)

Dividend proposal

Dividend proposal


Dividend payout at least 40% of net profit

Board of Directors’ dividend proposal to the

Annual General Meeting

EUR 0.25 per share

Dividend policy

Guidance and short-term outlook

Satisfactory

Guidance and short-term market outlook

25 February 6, 2015 © Valmet

Valmet estimates that, including the acquisition of Process Automation

Systems1, net sales in 2015 will increase in comparison with 2014 (EUR

2,473 million) and EBITA before non-recurring items in 2015 will increase in

comparison with 2014 (EUR 106 million).

Pulp and

Energy

Paper

Satisfactory

Pulp

Energy

Board and Paper

Tissue

Guidance for

2015

Services

Short-term market outlook

Guidance for 2015

Satisfactory

Satisfactory

Satisfactory

Satisfactory

Satisfactory

Satisfactory

Satisfactory

Good

Satisfactory

Q1/2014 Q2/2014

Satisfactory

Satisfactory

Satisfactory

Good

Satisfactory

Q3/2014

Satisfactory

Satisfactory

Good

Satisfactory

Q4/2014

1) The completion of the acquisition of Process Automation Systems

is subject to approval by the competition authorities.

The acquisition of Process Automation Systems

Valmet becomes a stronger company as a result of the acquisition of Process Automation Systems

© Valmet27

The acquisition was announced on January 15, 2015

The acquisition has an excellent strategic fit

Process Automation Systems is a strong, established business

Combination of Valmet and Process Automation Systems creates

a unique customer offering

Acquisition makes Valmet more stable and more profitable

February 6, 2015

North America

South America

EMEA

China

Asia-Pacific

Services

business line

Paper

business line

Automation

business line

Pulp and Energy

business line

Automation will be Valmet’s fourth business line

© Valmet28

• Acquisition is estimated to be completed by April 1, 2015 and is subject to approval by the competition

authorities

• Valmet will continue to have a single reporting segment

• Net sales, orders received and personnel will be reported for all business lines and areas after the

completion of the acquisition

• Sakari Ruotsalainen appointed as Business Line President, Automation

February 6, 2015

Summary of Financial Statements Review 2014


2014 in brief


• Orders received at the previous year’s level

• Services net sales stable at approximately EUR 1 billion

• EBITA1 almost doubled in 2014

• SG&A expenses decreased as a result of the cost savings program

• Good development in gross profit




• Orders received almost doubled in Pulp and Energy and increased in Paper

• Net sales increased in Pulp and Energy and declined in Paper


Profitability improved in every quarter of 2014

Strong balance sheet and good cash flow

• Net debt EUR -166 million, and gearing -21% at the end of 2014

• Cash flow provided by operating activities EUR 236 million in 2014

Services stable in 2014


Order backlog increased by 43 percent in 2014

Capital Markets Day 2015

March 19, London

More information:

www.valmet.com/cmd

Appendix

© Valmet33 February 6, 2015

Largest shareholders on January 31, 2015Based on the information given by Euroclear Finland Ltd.

# Shareholder name Number of shares % of shares and votes

1 Solidium Oy1 16,695,287 11.14%

2 Nordea Funds 5,099,644 3.40%

3 Skagen Global Verdipapirfond 3,202,627 2.14%

4 Ilmarinen Mutual Pension Insurance Company 3,092,126 2.06%

5 Varma Mutual Pension Insurance Company 2,908,465 1.94%

6 The State Pension Fund 1,520,000 1.01%

7 Keva 1,502,166 1.00%

8 Mandatum Life Insurance Company Limited 1,500,307 1.00%

9 Skagen Global II Verdipapirfond 987,963 0.66%

10 Sigrid Jusélius Foundation 610,865 0.41%

10 largest shareholders, total 37,119,450 24.76%

Other shareholders 112,745,169 75.24%

Total 149,864,619 100.00%

Largest shareholders

1) A holding company that is wholly owned by the Finnish State

• Cevian Capital II Master Fund L.P. has announced that as of March 10, 2014, Cevian Capital Partners Ltd. holds a total of

20,813,714 shares which corresponds to 13.89% of Valmet shares.

• The holding of Franklin Templeton Institutional, LLC increased on October 15, 2014 to 7,517,629 shares, corresponding to an

ownership of 5.02% of Valmet’s shares.

55.5%

19.5%

11.1%

13.9%

Nominee registered and non-Finnish holders

Finnish institutions, companies and foundations

Solidium Oy

Finnish private investors


Ownership structure on January 31, 2014

Sector Number of shareholders % of total shareholders Number of shares % of shares

Nominee registered and non-Finnish holders 305 0.6% 83,104,132 55.5%

Finnish institutions, companies and foundations 2,764 5.7% 29,278,567 19.5%

Solidium Oy1 0 0.0% 16,695,287 11.1%

Finnish private investors 45,806 93.7% 20,786,633 13.9%

Total 48,875 100.0% 149,864,619 100.0%

The ownership structure is based on the classification of sectors determined by Statistics Finland.

1) A holding company that is wholly owned by the Finnish State

48,000

50,000

52,000

54,000

56,000

58,000

60,000

45%

47%

49%

51%

53%

55%

57%

12/2

01

3

01/2

01

4

02/2

01

4

03/2

01

4

04/2

01

4

05/2

01

4

06/2

01

4

07/2

01

4

08/2

01

4

09/2

01

4

10/2

01

4

11/2

01

4

12/2

01

4

01/2

01

5

Non-Finnish holders (LHS) Total number of shareholders (RHS)


Share of non-Finnish holders and number of shareholders

10

20

30

40

50

4

5

6

7

8

9

10

11

12

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Tissue (LHS) Newsprint (LHS)

Printing & Writing (RHS) Containerboard (RHS)

Cartonboard (RHS)

10

15

20

25

30

35

40

5

7

9

11

13

15

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018



Cartonboard (RHS)

5

15

25

35

45

55

2

4

6

8

10

12

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018



Cartonboard (RHS)

5

10

15

20

25

30

35

3

4

5

6

7

8

9

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018



Cartonboard (RHS)

Paper, board, and tissue production trends


Source: RISI

North America (million tonnes) Europe (million tonnes)

China (million tonnes) Asia-Pacific (million tonnes)

Paper, board, and tissue operating rates


Source: RISI

North America Europe

China Asia-Pacific

75%

80%

85%

90%

95%

100%

2008

2009

2010

2011

2012

2013

2014

2015

Tissue Newsprint Printing & Writing

Containerboard Cartonboard

80%

85%

90%

95%

100%

2008

2009

2010

2011

2012

2013

2014

2015



70%

75%

80%

85%

90%

95%

100%

2008

2009

2010

2011

2012

2013

2014

2015



80%

82%

84%

86%

88%

90%

92%

94%

2008

2009

2010

2011

2012

2013

2014

2015



Paper and board consumption growth trends


Population growth in

emerging markets is

larger than in

developed markets

Level of consumption

per capita in

emerging markets

clearly below that in

developed markets

This offers us long-

term growth potential

Paper and board consumption per capita vs. population

Average global consumption: 53 kg per capita

Source: RISI

0

500

1,000

1,500

2,000

2,500

0

50

100

150

200

250

Easte

rn E

uro

pe

We

ste

rn E

uro

pe

No

rth

Am

erica

Latin

Am

eri

ca

Ja

pa

n

Chin

a

Rest o

f A

sia

Ocea

nia

Afr

ica

Mid

dle

Ea

st

Consumption per capita, kg (LHS) Population, million (RHS)

0

5

10

15

20

25

0

500

1,000

1,500

2,000

2,500

Easte

rn E

uro

pe

We

ste

rn E

uro

pe

Nort

h A

me

rica

Latin

Am

eri

ca

Ja

pa

n

Ch

ina

Rest o

f A

sia

Ocea

nia

Afr

ica

Mid

dle

Ea

st

Population, million (LHS) Consumption per capita, kg (RHS)

Tissue consumption growth trends


New products and

consumption models

based on tissue are

helping increase

consumption in

developed markets

Consumption in

emerging markets is

still low, but growing

Offers us long-term

growth potential in

both developed and

emerging markets

Tissue consumption per capita vs. population

Average global consumption: 4.5 kg per capita

Source: RISI

0

200

400

600

800

1,000

1,200

1-D

ec-0

7

1-M

ar-

08

1-J

un-0

8

1-S

ep

-08

1-D

ec-0

8

1-M

ar-

09

1-J

un-0

9

1-S

ep

-09

1-D

ec-0

9

1-M

ar-

10

1-J

un-1

0

1-S

ep

-10

1-D

ec-1

0

1-M

ar-

11

1-J

un-1

1

1-S

ep

-11

1-D

ec-1

1

1-M

ar-

12

1-J

un-1

2

1-S

ep

-12

1-D

ec-1

2

1-M

ar-

13

1-J

un-1

3

1-S

ep

-13

1-D

ec-1

3

1-M

ar-

14

1-J

un-1

4

1-S

ep

-14

1-D

ec-1

4

Eucalyptus pulp (USD/t) Northern bleached softwood pulp (USD/t)Uncoated (USD/t) Copy paper (EUR/t)Testliner (EUR/t)

Pulp and paper price trends


Source: Bloomberg

0

10

20

30

40

50

60

70

80

90

100

0

20

40

60

80

100

120

140

160

180

1-Jan-10 1-Jun-10 1-Nov-10 1-Apr-11 1-Sep-11 1-Feb-12 1-Jul-12 1-Dec-12 1-May-13 1-Oct-13 1-Mar-14 1-Aug-14

CIF ARA steam coal (USD/t) (LHS) Brent crude oil (USD/barrel) (LHS) Natural gas spot price NBP (GBP/therm) (RHS)

0

20

40

60

80

100

120

0

20

40

60

80

100


European Energy Exchange, Phelix (EUR/MWh) (LHS) Nordpool Power (EUR/MWh) (LHS)

UK Baseload (GBP/MWh) (RHS)

Crude oil, steam coal, natural gas and electricity


Source: Bloomberg

Europe

0

1

2

3

4

5

6

7

0

20

40

60

80

100

120

140


FOB steam coal Richards Bay (USD/t) (LHS) WTI crude oil (USD/barrel) (LHS) Henry Hub gas (USD/MMBtu) (RHS)

70

75

80

85

90

0

50

100

150

200


Electricity spot price, PJM (USD/MWh) (LHS) Electricity spot price, NEPOOL (USD/MWh) (LHS)US utility capacity utilization rate (RHS)

Crude oil, steam coal, natural gas and electricity


Source: Bloomberg

United States

0

1

2

3

4

5

6

7

8

9

2-N

ov-1

2

23

-Nov-1

2

14

-Dec-1

2

4-J

an-1

3

25

-Jan

-13

15

-Fe

b-1

3

8-M

ar-

13

29

-Mar-

13

19

-Apr-

13

10

-May-1

3

31

-May-1

3

21

-Jun

-13

12

-Jul-

13

2-A

ug-1

3

23

-Aug

-13

13

-Sep

-13

4-O

ct-

13

25

-Oct-

13

15

-Nov-1

3

6-D

ec-1

3

27

-Dec-1

3

17

-Jan

-14

7-F

eb

-14

28

-Fe

b-1

4

21

-Mar-

14

11

-Apr-

14

2-M

ay-1

4

23

-May-1

4

13

-Jun

-14

4-J

ul-1

4

25

-Jul-

14

15

-Aug

-14

5-S

ep-1

4

26

-Sep

-14

17

-Oct-

14

7-N

ov-1

4

28

-Nov-1

4

19

-Dec-1

4

European Energy Exchange (EEX) spot price (EUR/t)

European Carbon Emission Allowance


Source: Bloomberg

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