Here is a new company report on Piippo from Thomas. 
Piippo’s weak H2 figures were largely already known with the profit warning issued in September. During the review period, the outsourcing of yarn production, internal efficiency measures, and the write-down of the Russian subsidiary weighed on the company’s earnings level, but the projects improved the company’s prerequisites for achieving an earnings turnaround.
Quoted from the report:
In recent years, Piippo has significantly streamlined its cost structure, which should create good conditions for profitability to recover with sales growth. However, it is critical for the company that an earnings turnaround is achieved as soon as possible to mitigate the financial risk caused by the indebted balance sheet.