Ann: First Half Results 2017 - Presentation, page-16

This from the KPT thread yesterday:

Credit Suisse analysts have cut their earnings forecasts for Asaleo Care by 15 per cent in this financial year, which has resulted in a downgrade of the stock to neutral and sparked a hefty sell-off in the shares this morning.
The broker is worried about a sharp increase in wood pulp prices, a key cost for Asaleo which manufactures a range of tissue products, such as Sorbent toilet paper, Handee paper towels and Treasures nappies.
The catalyst for a a 20 per cent jump in pulp costs are Chinese import restrictions on recycled paper, which are creating distortions in other paper commodities, including pulp.
"We were previously modelling a decline in Aussie dollar pulp costs in 2018," the analysts explain. "We had to reverse that and grow pulp costs by $10 million. Hence, the large downgrade."
There are other rising costs, too. Asaleo is likely to face on-going increases in electricity costs in calendar 2018, the analysts say. Also, the Aussie has weakened against the euro, causing personal care imports to become more expensive.
The broker reckons pulp price relief may come in December as China is compelled to relax import restrictions "lest the country face a shortage of boxes".
The broker reduced its 12-month target for the stock to $1.55 from $1.70. The shares are down 6.8 per cent today at $1.48.