May 2017
Credit investor presentation
Investor presentation
Agenda
• Our business and strategy (slides # 5-14)
• Key metrics for credit investor (# 15-19)
• Potential bond transaction (# 20-21)
• Appendix – Q1 2017 and other materials (# 22-46)
Disclaimer
Credit Investor Presentation - May 2017 3
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Company representatives
Petri
CastrénCFO
Pauliina
PaatelmaVP, Group Treasurer
Olli
TurunenVP, Investor Relations
Our business and strategy
Kemira todayKemira is a global chemicals company serving customers in water-intensive industries
Credit Investor Presentation - May 2017
2.4 Revenue in
EUR billion (FY 2016)
63Manufacturing sites
Pulp & Paper
#1–2 in all regions
12.8% Operative
EBITDA margin (FY 2016)
110 Ship-to-countries
Oil & Mining
#2 globally1
4 771 Personnel
2.2x Net debt / operative EBITDA
(FY 2016)
Municipal & Industrial
#1 in Europe and North
America2
61 Polyacrylamide polymers2 Raw and waste water treatment chemicals
Stable business and sustainable profitability improvement
Revenue EUR million
2,241 2,229
2,137
2,373 2,363
2012 2013 2014 2015 2016
Operative EBITDA and operative EBITDA marginEUR million
249 252 253
287303
2012 2013 2014 2015 2016
Credit Investor Presentation - May 2017 7
11.1% 11.3% 11.8% 12.1% 12.8%
Our strategy for profitable growth
Credit Investor Presentation - May 2017 8
Targets:
Above-market
revenue growth
& operative
EBITDA margin
of 14-16%
Growth• Investments in
capacity expansions
• Seize opportunities
in growth pockets
• Recovery of shale
oil & gas business
• CEOR and oil sands
• R&D, new products
AcquisitionsVery selective
approach
• Strategic fit
• Accretive to
profitability
• Modest valuation
Efficiency• Site footprint
optimisation
• BOOST
• Organizational
efficiencies with
new structure
Cost disciplinePrudent cost culture
Organic growth supported by selective acquisitions and efficient operations
Drivers for profitability improvement
Positives – Major company actions to
support profitability
• Synergy capture
• Full contribution of the new site in Brazil
• New chlorate line in Finland (Q4 2017)
• BOOST program (e.g. logistics)
• Capacity utilization
• Internal efficiency
Uncertainties
• Macroeconomic and political
uncertainties
• Raw material prices and currencies
Outlook for 2017: Kemira expects its operative EBITDA to increase from the prior year
Credit Investor Presentation - May 2017 9
253
287
303
2014 2015 2016
Operative EBITDA and operative EBITDA marginEUR million
11.8% 12.1% 12.8%
Our key actions for higher margins
2014 2015 2016 Acquisitionsynergies
Group Pulp & Paper BOOST -operationalexcellence
Oil & Mining Municipal &Industrial
Mid- to long-term target
Mid- to long-term targets: Above-the-market growth, operative EBITDA 14-16%, gearing below 60%
Credit Investor Presentation - May 2017 10
12.8%
Operative EBITDA
margin 14-16%
New
investments
(Brazil and
Finland),
New TCM
contracts
Optimization
of operations:
e.g. Logistics,
Sourcing,
Manufacturing
Chemical
Enhanced
Oil Recovery
&
oil sands
Advanced
Water
Treatment
11.8%Efficiencies
from new
two segment
structure
12.1%
Estimated end of 2017 run-rate 100% 100% Approx. 50% Low Low Low
Full run-rate by End of 2017 End of 2017 2018 2-3 yrs 3-5 yrs 3-5 yrs
AkzoNobel’s
paper
chemicals
business
Kemira to streamline segments and organisational structure
Oil & Mining and Municipal &
Industrial will merge into Industry
& Water as of June 1, 2017
Our focus continues to be on
pulp & paper, oil & gas, mining
and water treatment and we are
dedicated in serving these
customer industries
Cost savings of EUR 15-20
million with full run-rate by the
end of 2017
Revenue for oil & gas business
will be disclosed separately
Credit Investor Presentation - May 2017 11
Pulp & Paper
Operative
EBITDA
margin13.4%
Industry & Water
11.8%
In bleaching, process and
functional chemicals#1In water treatment chemicals in
Europe and North America#1
#2In dry and emulsion
polyacrylamides
Operative
EBITDA
margin
EUR 1,457 million
revenue
EUR 906 million
revenue
Segment figures as of FY2016
Geographies
Customer examples
Pulp & PaperFY2016: Revenue EUR 1,457 million, Operative EBITDA EUR 195 million and margin 13.4%
Credit Investor Presentation - May 2017 12
35%Americas
50%EMEA
15%APAC
Customer
mills
40%Board & tissue
production
40%Pulp production
10%Other
Note: Revenue by industry, product and geography rounded to the nearest 5%
20%Paper production
Products
10%Polymers
20%Defoamers,
dispersants,
biocides and other
process chemicals
25%Sizing &
strength
35%Bleaching
and
pulping
RevenueEUR million
Operative EBITDAEUR million
171195
48 46
2015 2016 Q12016
Q12017
1,417 1,457
362 372
2015 2016 Q12016
Q12017
Geographies
13
40%Americas
55%EMEA
5%APAC
Note: Revenue by industry, product and geography rounded to the nearest 5%
10%Other applications
75%Water treatment
Application
split
15%Oil &
Gas
Municipal (40% of sales), customer examples
Industrial (60% of sales), customer examples
Credit Investor Presentation - May 2017
Industry & Water (effective as of June 1, 2017)*FY2016: Revenue EUR 906 million, Operative EBITDA EUR 107 million and margin 11.8%
EMEA
• Amsterdam
• Barcelona
• Berlin
• Frankfurt
• London
• Oslo
• Paris
• Stockholm
* Oil & Mining and Municipal & Industrial segments will be merged into Industry & Water segment
Americas
• Las Vegas
• Los Angeles
• Miami
• Montreal
• New York City
• Toronto
APAC
• Melbourne
• Shanghai
• Singapore
45%Coagulants
20%Other products such
as defoamers and
biocides
35%Polymers
Products
RevenueEUR million
Operative EBITDAEUR million
116107
25 23
2015 2016 Q12016
Q12017
956 906
220 238
2015 2016 Q12016
Q12017
Global trends favor Kemira
Kemira Capital Markets Day 2016 14
How Kemira benefits from the trend
Higher usage of
tissue, board and
paper
Increasing need for
packaging material
More chemicals
required for
stronger
paper/board
With chemistry
water can be
purified better
With polymers
increasing amount
of oil can be
extracted from
current and new oil
fields
Growing middle
class in Emerging
Markets
Online
shopping
Recycling Regulation driving
better water quality
Finding oil
reservoirs becoming
harder
Trends
Pic Pic Pic Pic Pic
Growing
middle class
in Emerging
Markets
Online
shopping
Recycling Regulation driving
better water quality
Finding oil reservoirs
becoming harder
Key metrics for creditinvestor
42% 42% 41%
54% 54%
59%
2012 2013 2014 2015 2016 Q1 2017
Balance sheet ratios and maturity profile
Credit Investor Presentation - May 2017 16
1.9x
Net debt / operative EBITDA and Gearing Gross debt maturity profile, end of Q1 2017 EUR million
2.1x
Net debt
532m
Net debt
661m
2.2x
Net debt
456m
Net debt
486m
2.1x
Gearing target below 60%
1.8x 2.2x
Net debt
634m
Net debt
642m
2017 2018 2019 2020 2021 2022
EIB NIB Bilaterals Existing bonds Undrawn RCF Others CP
144
83
210 205
150
400
Debt portfolio well diversified
Credit Investor Presentation - May 2017 17
• Gross debt EUR 792 million
• Cash and cash equivalents
EUR 132 million
• Average cost of debt 2.0%
41%
44%
15%
Loans from banks
and financial
institutions
EUR 327 million
Bonds
EUR 350 million
Other
EUR 115 million
• EUR 200 million at 2.5%,
maturing May 2019
• EUR 150 million at 2.25%,
maturing May 2022
Gross debt
EUR 792 million
Status as of March 31, 2017
176
200
74
248
271
2612
2012 2013 2014 2015 2016 Q12016
Q12017
Cash flow generation improving – H2 weighted
• Cash flow shows positive trend driven
by net working capital and improved
profitability
• Cash flow has strong seasonality
mainly due to changes in net working
capital
Credit Investor Presentation - May 2017 18
Cash flow from operationsEUR million
Cash flow
from operations
in 2014-2016
14%Q1
11%Q2
35%Q3
40%Q4
Capital expenditure – Investments into growth
Largest investments in 2015-2017
• New chlorate plant in Brazil
• New chlorate line in Joutseno, Finland
• Capacity additions due to acquisition of
AkzoNobel paper chemicals business
• Polymer capacity additions in Italy and UK
Capital expenditure excluding acquisitionsEUR million
In 2017 capital expenditure is expected to be approximately EUR 200 million
Credit Investor Presentation - May 2017 19
134 139 146
182
213
31 37
2012 2013 2014 2015 2016 Q12016
Q12017
CAPEX
split in
2014-201645%Expansion
27%Improvement
28%Maintenance
Potential bond transaction
Contemplated transaction
Credit Investor Presentation - May 2017 21
New issueIndicative terms and conditions
Issuer Kemira Oyj
Status Senior, unsecured
Amount EUR 200 million expected
Tenor 7 years
Coupon Fixed, annual
Documentation Stand-alone, under Finnish law
Covenants Change of control, Cross default, Negative
pledge (capital markets)
Clearing Euroclear Finland
Listing Nasdaq Helsinki
Denominations EUR 100,000 + 1,000
Bookrunners Nordea and OP
• Kemira is planning to issue a new 7 year
bond to partially refinance its senior
unsecured bond due in 2019 and the
remaining proceeds are planned to be used
for general corporate purposes
• The contemplated transaction size is
envisaged to be EUR 200m
• Indicative terms and conditions are subject
to market conditions
• Nordea is undertaking, on behalf of Kemira,
a tender offer of the 2019 notes in
conjunction with the envisaged new issue.
Tendering accounts are to receive priority in
the new issue allocation
• Tender price is 1,049.86 per EUR 1,000.00
in nominal amount of the Notes. Priority
allocation is available.
Appendix –Q1 2017
Financial highlights Q1 2017
Q1 2017
• Revenue increased +5%
– Organic growth +2%, Oil & Mining +16%
• Operative EBITDA was under pressure
– Sales volumes at good level but sales prices
below prior year level
– Sudden increases in ethylene and propylene
leading to higher raw material prices
– Supply distractions resulting in higher costs and
asset under utilization
• Earnings per share EUR 0.12
– EPS impacted by lower profitability but also by
higher items affecting comparability and finance
costs
Credit Investor Presentation - May 2017 23
EUR million (except ratios)
Q1
2017
Q1
2016 Δ%
Revenue 610 583 +5%
Operative EBITDA 69 73 -5%
of which margin, % 11.3 12.5
Operative EBIT 35 41 -15%
of which margin, % 5.7 7.0
Net profit to equity owners 18 25 -26%
EPS, EUR 0.12 0.16 -26%
• Stable market environment on broad scale
– APAC and South America driving growth, North America
sluggish while EMEA stable
– Supply shortage of chlorinated fatty acid hindering growth in
APAC
• Synergy capture from AkzoNobel’s paper chemicals
acquisition on track
– Two major manufacturing agreements left to terminate in Q2
– EUR 20 million synergy run-rate to be reached by the end of
year
• Largest investments have proceeded well
– New bleaching chemical plant in Brazil up and running flat out
– Expansion of sodium chlorate in Finland on schedule, expected
to be operational in Q4 2017
Pulp & Paper – Volume growth continued
Credit Investor Presentation - May 2017 24
Oil & Mining – Shale oil & gas market has rebounded
• Shale oil & gas fracking activity
continued to recover
– Volumes for polymers used in fracking
have doubled from the bottom
– Profitability remains under pressure due to
lower sales prices, product mix and higher
raw material prices
• Revenue for oil sands increasing,
business ramping up based on new
contracts
• CEOR field trial ongoing with one major
oil company
Credit Investor Presentation - May 2017 25
0
30
60
90
120
150
0
500
1,000
1,500
2,000
2,500
March 31: 824
9/2014: 1,931
5/2016: 404
US Oil & Gas Rotary Rigs WTI Oil Price ($/bbl)
2013 2014 2015 2016 1-3/17
Avg 1,761 1,862 978 509 742
Y-o-Y -8% +6% -47% -48% +46%
• With 6,000 municipal and 3,000 industrial customers stable
business to operate
• Volume growth of 3%, sales prices under pressure
• North American business improved performance due to
revenue growth and improved cost control
• Fire at Huntsman Pigments in Pori, Finland impacting
Kemira
– Raw material supplier to Municipal & Industrial for iron coagulant
production
– Sizeable customer to Pulp & Paper, main products electricity,
steam, caustic soda, and hydrochloric acid
Municipal & Industrial – Stable revenue development
Credit Investor Presentation - May 2017 26
400
450
500
550
600
650
Group’s organic revenue grew driven by Oil & Mining
Q1 2017 Results
Q1 2017
• Group’s organic growth 2%, volume growth increased to 5%
• Sales volumes grew in Oil & Mining more than 20%
• Operative EBITDA -5% to EUR 69 million due to lower sales prices and higher costs
• Fire at Huntsman Pigments in Finland impacting our financials in Q1 and in the future
66.474.7 78.2
68.072.8
78.9 80.8
70.0 69.0
12.0%
12.6%
12.5%11.3%
12.5%
13.4% 13.6%11.7% 11.3%
0
20
40
60
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Kemira Group revenue bridge Q1 2017EUR million
Operative EBITDA and operative EBITDA margin trendEUR million
Q1
2016
Q1
2017
M&ACurrency
impact
Sales
prices
Sales
volumes
583 +5% +2% 0% 610-3%
27April 26, 2017
315351
379 372 362 361 365 369 372
0
100
200
300
400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Pulp & Paper – Revenue growth impacted by supply constraint and force majeure
Q1 2017 Results
• Force majeure, lower sales prices and chlorinated fatty acid shortage hindering revenue growth
• Profitability below prior year level due to lower sales prices and higher fixed costs
• Organic growth in APAC bounced back to good level despite the raw material supply issue,
South America also at mid-single digit growth
36.141.3
46.7 46.9 47.9 49.3 51.846.3 46.0
11.5% 11.8% 12.3% 12.6%13.2% 13.7% 14.2%
12.6% 12.4%
0
10
20
30
40
50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Revenue and organic revenue growth (y-on-y)EUR million
Operative EBITDA and operative EBITDA margin trendEUR million
+4% +5% +3% +2% +3% +1%
28
-4% -2%
April 26, 2017
0%
Oil & Mining – Strong demand in shale lifted revenue
94 90 9076 76 73
80 8290
0
20
40
60
80
100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Q1 2017 Results
• Oil & Gas driving the segment’s revenue organic growth to 16%
– The improvement is mainly driven by higher sales volumes in shale oil & gas business
• Sales volumes in Mining grew at low double-digit rate
• Disappointing profitability caused primarily by delay in passing rising input costs to
sales prices
11.1 11.4
7.4
3.6
6.5
4.5 4.23.2
5.311.8%
12.7%
8.2%
4.7%
8.6%
6.2%5.3%
3.9%
5.9%
0
4
8
12
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Revenue and organic revenue growth (y-on-y) EUR million
Operative EBITDA and operative EBITDA margin trendEUR million
-11% -20% -15% -25% -19% -17%
29
-12%
April 26, 2017
+5% +16%
Municipal & Industrial – Stable revenue development
145 154 156 152 145 154 151 146 148
0
40
80
120
160
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Q1 2017 Results
• Organic growth bounced back to growth driven by sales volume growth of 3%
• Profitability impacted by lower sales prices, currencies and higher fixed costs had
negative impact as well
• Solid cash flow generation continued
19.222.0
24.1
17.5 18.4
25.1 24.8
20.517.6
13.3%14.3%
15.5%
11.6%12.7%
16.3% 16.4%
14.0%11.9%
0
5
10
15
20
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017
Revenue and organic revenue growth (y-on-y)EUR million
Operative EBITDA and operative EBITDA margin trendEUR million
-1% +3% +2% +2% +1% +2%
30
-2%
April 26, 2017
-3% +1%
Input cost increase now visible
Changes in oil, propylene and ethylene pricesMarch 2017 vs. December 2016
Variable cost vs sales price trend
Credit Investor Presentation - May 2017 31
-150
-100
-50
0
50
100
150
200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Brent oil, USD Sales prices* Variable costs*
* 12-month rolling change vs previous year in EUR million
12%
19%
-4%
-7%
68%
-5%
Ethylene
Propylene
Oil (Brent)
Ethylene
Propylene
Oil (WTI)
Euro
pe
US
Source: IHS and ICIS
Revenue and cost distribution per currency
• Currency exchange rates had EUR +1.6 million impact on the operative EBITDA in Q1 2017.
• Guidance: 10% change in our main foreign currencies would approximately have EUR 10 million
impact on operative EBITDA on an annualized basis
EUR
42%
USD
36%
CAD 4%
BRL 3%
CNY 3%
Others 12%
EUR
40%
USD
31%
CAD 5%
SEK 8%
CNY 5%
Others 11%
Kemira revenue distribution Q1 2017 Kemira cost distribution Q1 2017
Credit Investor Presentation - May 2017 32
Summary – Q1 2017
Credit Investor Presentation - May 2017 33
Strong revenue, profitability disappointing but we
are working on to improve profitability
BOOST moving forward with the roll-out of road
transportation
Major investments proceeding according to plans
Execution of new organisation underway –
operational as of 1 June
Appendix –Other materials
Key figures and ratios – 5-year summary
EUR million (except ratios) 2012* 2013 2014 2015 2016
Revenue 2,240.9 2,229.1 2,136.7 2,373.1 2,363.3
Operative EBITDA 249.4 251.9 252.9 287.3 302.5
of which margin 11.1% 11.3% 11.8% 12.1% 12.8%
Operative EBIT 155.5 164.2 158.3 163.1 170.1
of which margin 6.9% 7.4% 7.4% 6.9% 7.2%
Cash flow from operations 176.3 200.3 74.2 247.6 270.6
Capital expenditure, excluding acq. 134.1 133.5 140.6 181.7 212.6
Gearing at period-end 42% 41% 42% 54% 54%
Inventories 182 170 197 207 217
Personnel at period-end 4,857 4,453 4,248 4,685 4,818
* Restated figures reflect the change of IAS 19, Employee Benefits
Credit Investor Presentation - May 2017 35
Pulp & Paper
EUR million 2014 2015 2016
Revenue 1,170 1,417 1,457
Operative EBITDA 137.2 171.0 195.3
of which margin 11.7% 12.1% 13.4%
Operative EBIT 85.8 96.8 111.6
of which margin 7.3% 6.8% 7.7%
Capital expenditure 83.0 240.1 125.1
Cash flow after investing activities -10.1 -63.2 105.7
Key financials
* Restated figures reflect the change of IAS 19, Employee Benefits
Credit Investor Presentation - May 2017 36
Oil & Mining
EUR million 2014 2015 2016
Revenue 382.2 350.1 309.5
Operative EBITDA 48.4 33.5 18.4
of which margin 12.7% 9.6% 5.9%
Operative EBIT 29.9 11.1 -3.8
of which margin 7.8% 3.2% -1.2%
Capital expenditure 26.3 30.7 38.0
Cash flow after investing activities 20.6 10.7 -19.9
Key financials
* Restated figures reflect the change of IAS 19, Employee Benefits
Credit Investor Presentation - May 2017 37
Municipal & Industrial
EUR million 2014 2015 2016
Revenue 564.7 605.7 596.5
Operative EBITDA 68.1 82.8 88.8
of which margin 12.1% 13.7% 14.9%
Operative EBIT 43.3 55.2 62.3
of which margin 7.7% 9.1% 10.4%
Capital expenditure 35.2 34.2 47.5
Cash flow after investing activities 34.3 38.2 55.6
Key financials
* Restated figures reflect the change of IAS 19, Employee Benefits
Credit Investor Presentation - May 2017 38
Our customers and competitors
Customers (examples) Competitors (examples)
Credit Investor Presentation - May 2017
+ ~6000 municipalities in water treatment
39
Geographies
Customers, examples
Oil & Mining (to be merged into Industry & Water)FY2016: Revenue EUR 310 million, Operative EBITDA EUR 18 million, margin 5.9%
Credit Investor Presentation - May 2017
65%Americas
35%EMEA
Customers40%Oil &
Gas35%Process
chemicals to
other industries
Products
Note: Revenue by industry, product and geography rounded to the nearest 5%
25%Minerals &
Metals
60%Polymers
40%All others
40
Geographies
Customers, examples
Municipal & Industrial (to be merged into Industry & Water)FY2016: Revenue EUR 596 million, Operative EBITDA EUR 89 million, margin 14.9%
Credit Investor Presentation - May 2017
30%Americas
65%EMEA
5%APAC
Customer
split60%Municipalities
40%Industrial
customers
Products 65%Coagulants
20%Polymers
15%Other products
such as defoamers
and biocides
London
Frankfurt
New York City
ShanghaiSingapore
Los Angeles
Philadelphia
Montreal
Toronto
San Diego
Birmingham Miami
Melbourne
Hamburg
Amsterdam
Barcelona
Washington DC
Edinburgh Berlin
Paris Stockholm
Oslo Las Vegas
Note: Revenue by industry, product and geography rounded to the nearest 5%
41
Income statement (IFRS)
EUR million 2016 2015
Revenue 2,363.3 2,373.1
Other operating income 5.1 7.1
Operating expenses -2,084.2 -2,116.4
Depreciations, amortizations and impairments -137.2 -131.2
Operating profit 147.0 132.6
Finance costs (net) -19.1 -30.8
Share of profit or loss of associates 0.1 0.3
Profit before tax 128.0 102.1
Income taxes -30.1 -24.9
Net profit for the period 97.9 77.2
Equity owners of the parent 91.8 71.0
Non-controlling interests 6.1 6.2
Earnings per share for net profit attributabe to the equity owners of the parent
company (EUR per share)
0.60 0.47
Credit Investor Presentation - May 2017 42
Balance sheet (IFRS)
Credit Investor Presentation - May 2017 43
EUR million 2016 2015
Goodwill* 522 518
Other intangible assets 116 135
Property, plant and equipment 916 815
Shares and other investments 268 357
Inventories* 217 207
Receivables 409 411
Cash and cash equivalents 173 152
Total assets 2,621 2,595
Equity 1 183 1 193
Interest-bearing liabilities 807 794
Interest-free liabilities 631 608
Total equity and liabilities 2,621 2,595
* Key audit matter
Cash Flow statement (IFRS)
Credit Investor Presentation - May 2017 44
EUR million 2016 2015
Net profit for the period 98 77
Total adjustments 187 189
Change in net working capital 30 21
Finance expenses -20 -27
Income taxes paid -23 -12
Net cash generated from operating activities 271 248
Purchases of subsidiaries and business acquisitions 2 -123
Capital expenditure -213 -182
Proceeds from sale of assets 37 3
Change in long-term loan receivables 1 0
Free cash flow 98 -54
Kemira – largest shareholders and Board of Directors
% of
shares
1. Oras Invest 18.2%
2. Solidium (owned by State of
Finland)16.7%
3. Varma Mutual Pension Insurance
Company5.3%
4. Ilmarinen Mutual Pension
Insurance Comp.2.7%
5. Kemira Oyj 1.9%
Total number of shares 155,342,557
Foreign ownership of shares 26.2%
Total number of shareholders 32,730
Shareholders on April 30, 2017 Kemira Board of Directors
Jari Paasikivi, Chairman
Member since 2012
Oras Invest Oy, CEO
Kerttu Tuomas
Vice Chairman
Member since 2010
Wolfgang Büchele
Member in 2009-2012
and since 2014
Kaisa Hietala
Member since 2016
Timo Lappalainen
Member since 2014
Credit Investor Presentation - May 2017
Shirley Cunningham
Member since 2017
45
Kemira’s Management Board
Credit Investor Presentation - May 2017
Pulp & Paper
Kim Poulsen
Operational
Excellence
Esa-Matti Puputti
Human Resources
Eeva Salonen
Industry & Water
Antti Salminen
CFO
Petri Castrén
CTO
Heidi Fagerholm
President and CEO
Jari Rosendal
46
Jukka Hakkila, Chief Legal Officer, acts as secretary of Management Board and Board of Directors