Q1 2020 Metsa Board Oyj Earnings Call Transcript
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Good morning or good afternoon to everyone, depending on your global location, and welcome to the presentation of Metsä Board's first quarter results. My name is Mika Joukio, and together here with me, I have our CFO, Jussi Noponen; and Head of Investor Relations, Katri Sundström.
Let's start by putting the quarter in a nutshell. At the beginning of the year, Finnish paper workers went on a 2-week strike. Obviously, this had a big negative impact on our operations and profitability since the majority of our mills and all Metsä Fibre's pulp mills are allocated in Finland. However, even larger negative impact on earnings compared to the first quarter last year was caused by the decline in market pulp prices. On the other hand, the cash flow from operations was exceptionally strong for the first quarter, EUR 80 million. Mainly due to the coronavirus pandemic, total paperboard delivery volumes ended up higher than we earlier estimated. And despite these exceptional circumstances, our development projects, such as the Husum pulp
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