Q4 2019 Metsa Board Oyj Earnings Call Transcript
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Good afternoon, everyone, and welcome to this conference call and webcast presentation of Metsä Board's Q4 and full year results of 2019. My name is Mika Joukio, and I'm the CEO of Metsä Board. And together here with me, I have our CFO, Jussi Noponen; and Head of Investor Relations, Katri Sundström.
So let's start with the main events in the fourth quarter. Our operating cash flow was strong, roughly EUR 90 million, supported by lower level of working capital. As always, seasonality had a small negative impact on the paperboard delivery volumes. In Europe, market pulp prices were some 10% lower compared to the previous quarter. However, the pulp demand, especially in China, was strong, which was reflected in higher delivery volumes. The price level in China remained stable. Our profitability was supported by less maintenance and lower production costs comparing to Q3. According to our announcement on 30th of October, we started our first investments to the renewal of the Husum pulp mill. Let's have a closer look at that project
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