welcome michael barker to our nightmare., page-19

Firsova

>I agree with Wild bill that the Aussie / Euro price is important to the PPX profitability in Europe .

Firsova, your analysis is sound as usual but I believe Graham is essentially correct. The real game is profitability. PPX must be able to sell paper at a profit. It largely faces the same FX issues as its competitors. However it has to reduce selling costs so it can turn a small loss in many markets (eg Europe) into at least a small profit on each tonne of paper it sells.