UPM Annual Report 2016

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Accounts

In brief

Strategy

Businesses

Stakeholders

Governance

Financial information 2007–2016

Adjusted share-related indicators

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 1.65 1.72 0.96 0.63 –2.14 0.88 1.08 0.33 –0.35 0.16

Earnings per share (EPS), EUR Comparable EPS, EUR Equity per share, EUR Dividend per share, EUR Dividend to earnings ratio, % Dividend to operating cash flow, %

EURm, OR AS INDICATED

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

1.65 1.38 1.20 0.91 0.74 0.93 0.99

0.11 0.42 1.00

Income statement Sales

15.43 14.89 14.02 14.08 14.18 14.22 13.64 12.67 11.74 13.21

9,812 10,138 9,868 10,054 10,492 10,068 8,924 7,719 9,461 10,035 1,560 1,350 1,306 1,161 1,325 1,383 1,343 1,062 1,206 1,546 15.9 13.3 13.2 11.5 12.6 13.7 15.0 13.8 12.7 15.4

1) 0.95 0.75

0.70 0.60 0.60

0.60

0.55

0.45

0.40 0.75

Comparable EBITDA 1)

57.6 43.6 72.9 95.2 neg.

68.2 50.9 136.4 neg.

468.8

% of sales

30 4.1

30 5.1

43 4.9

30 7.1

Operating profit

1,135 1,142 11.6 11.3

674 6.8 866

548 1,318 5.5 –12.6

459

755 8.5 731 8.2 635 611 6.8 561 6.3 516 5.8 7.1

135

483

4.4

6.8

4.2

5.4

4.4

5.4

Effective dividend yield, %

% of sales

4.6

1.7

0.3 513 5.4

4.8

14.1 10.0 14.2 19.5 neg.

9.7 12.2 25.2 neg.

86.4

P/E ratio

Comparable EBIT

1,143

916

683

556

682 6.8 417 4.1 573 457 4.5 487 5.7

270

835

3.16 2.22 2.33 1.39 1.98 1.99 1.89 2.42 1.21 1.66

Operating cash flow per share, EUR

% of sales

11.6

9.0

8.8

6.8

5.3

3.5

8.3

1) 507

400

373

317

315

286

234

208

384

Dividend distribution, EURm Share price at 31 Dec., EUR

Profit before tax

1,080 1,075 11.0 10.6

667

475 –1,271 4.7 –12.1

187 –201 2.4 –2.1

292

23.34 17.23 13.62 12.28 8.81 8.51 13.22 8.32 9.00 13.82 13.71 13.19 10.07 7.30 7.82 7.34 7.37 4.33 8.15 13.01 23.41 19.26 13.99 13.02 10.98 15.73 13.57 9.78 13.87 20.59 17.51 16.37 12.26 9.42 9.21 11.17 10.43 7.06 11.32 17.30 12,452 9,192 7,266 6,497 4,633 4,466 6,874 4,326 4,680 7,084 6,749 7,469 6,233 5,308 5,534 8,835 8,243 5,691 10,549 16,472 385,355 456,168 508,318 563,382 600,968 790,967 790,490 805,904 932,136 952,300 72.2 85.5 95.6 106.7 114.4 151.5 152.0 155.0 180.1 182.1 533,505 533,505 531,574 527,818 525,434 521,965 519,970 519,955 517,545 522,867 533,736 533,736 533,736 529,302 526,124 524,973 519,970 519,970 519,970 512,569

% of sales

6.8

2.9

Lowest quotation, EUR Highest quotation, EUR

Comparable profit before tax

1,089

849 8.4 916

793 8.0 512 5.2 638

610 6.1

471 4.5

107

282

644

% of sales

11.1 880

1.4

3.0

6.4

Average quotation for the period, EUR

Profit for the period

335 –1,122 3.3 –10.7

169 –180

Market capitalisation, EURm

% of sales

9.0

2.2

–1.9 218

0.8

Shares traded, EURm 2) Shares traded (1,000)

Comparable profit for the period

879

734

479 4.8

390

504

% of sales

9.0

7.2

6.5

3.7

4.8

0.8

2.3

5.0

Shares traded, % of all shares Number of shares, average (1,000)

Exports from Finland and foreign operations

8,930 9,268 8,923 9,089 9,565 9,252 8,139 7,054 8,515 9,170 4,918 4,714 4,340 4,118 4,248 4,313 3,882 3,442 4,371 4,546

Exports from Finland Balance sheet Non-current assets

Number of shares at the end of period (1,000)

of which treasury shares (1,000)

231

211

–

9,715 10,259 10,269 10,487 11,066 11,412 10,557 10,581 10,375 10,639 1,346 1,376 1,356 1,327 1,388 1,429 1,299 1,112 1,354 1,342 2,850 2,558 2,570 2,785 2,489 2,548 1,956 1,912 2,052 1,972 13,911 14,193 14,195 14,599 14,943 15,389 13,812 13,605 13,781 13,953 8,237 7,944 7,480 7,455 7,461 7,477 7,109 6,602 6,120 6,783 3,364 4,328 4,717 5,019 5,430 5,320 4,922 5,432 5,816 4,753 2,309 1,921 1,998 2,125 2,052 2,588 1,781 1,571 1,828 2,417 13,911 14,193 14,195 14,599 14,943 15,389 13,812 13,605 13,781 13,953 10,657 11,010 10,944 11,583 11,603 12,110 11,087 11,066 11,193 11,098

Inventories

Proposal

Other current assets

2) Trading on the Nasdaq Helsinki Main Market. Treasury shares bought by the company are included in shares traded.

Total assets Total equity

Non-current liabilities

The definitions of share related indicators are described below:

Current liabilities

Total equity and liabilities Capital employed at year end

SHARE RELATED INDICATORS

DEFINITION

Capital expenditure

325

520

411 4.2

362

357 1,179 3.4 11.7

257

913

551

708

Earnings per share (EPS), EUR

Profit for the period attributable to owners of the parent company divided by adjusted average number of shares during the period excluding treasury shares. Earnings per share calculated in accordance with IFRS excluding items affecting comparability and their tax impact.

% of sales

3.3

5.1

3.6

2.9 11.8

5.8

7.1

Capital expenditure excluding acquisitions and shares

Comparable EPS, EUR

325

486

375 3.8

329

347

340

252

229

532

683

% of sales

3.3

4.8

3.3

3.4

2.8

3.0

5.6

6.8

Cash flow and net debt Operating cash flow

Equity per share, EUR

Equity attributable to the owners of the parent company in relation to the adjusted number of shares at the end of period.

1,686 1,185 1,241

735 1,040 1,041

982 1,259 787 1,045

628

867 442

Free cash flow

1,424

750

994

438

968

910

Net debt

1,131 2,100 2,401 3,040 3,210 3,592 3,286 3,730 4,321 3,973

Dividend per share, EUR

Dividend distribution divided by adjusted number of shares at the end of period.

Key figures Return on capital employed (ROCE), %

Dividend to earnings ratio, %

Dividend per share as a percentage of earnings per share.

10.5 10.3

6.5 7.6 6.9 8.5

4.8 neg.

4.4 5.2 6.3 6.7

6.6 6.4 8.2 7.5

3.2 2.5

0.2 4.6

4.3 7.4 1.2 7.4

Comparable ROCE, % Return on equity (ROE), % Comparable ROE, % Gearing ratio, % Net debt to EBITDA Equity to assets ratio, % Personnel Personnel at year end

10.6 10.9 10.9

8.3

6.0

4.2

Dividend to operating cash flow, %

Dividend per share as a percentage of operating cash flow per share.

11.9

4.5 neg.

2.8 neg.

9.5 26

6.4

4.2

1.0 56

3.4

Effective dividend yield, %

Adjusted dividend per share as a percentage of adjusted share price at 31.12.

0.73 1.56 1.84 2.62 2.42 2.60 2.45 3.51 3.58 2.57 59.4 56.1 52.7 51.1 50.0 48.6 51.5 48.6 44.5 48.8

P/E ratio

Adjusted share price in relation to the earnings per share.

Operating cash flow per share, EUR

Operating cash flow divided by adjusted average number of shares during the period excluding treasury shares. Total number of shares (excluding those held as treasury shares) multiplied by the share price at the end of period.

19,310 19,578 20,414 20,950 22,180 23,909 21,869 23,213 24,983 26,352

Deliveries Pulp (1,000 t)

Market capitalisation

3,419 3,224 3,287 3,163 3,128 2,992 2,919 1,759 1,982 1,927 8,782 8,966 8,721 8,925 9,486 8,911 9,426 8,865 10,167 10,349 9,613 9,771 10,028 10,288 10,871 10,615 9,914 9,021 10,641 11,389

Electricity (GWh)

Adjusted share price at the end of period

Share price at the end of period in relation to share issue coefficient.

Papers, total (1,000 t) Plywood (1,000 m 3 ) Sawn timber (1,000 m 3 )

764

740

731

737

679

656

638

567

806

945

Adjusted average share price

Total value of shares traded in relation to adjusted number of shares traded during the period.

1,751 1,731 1,609 1,661 1,696 1,683 1,729 1,497 2,132 2,325

1) EBITDA 2007–2011 includes change in fair value of unrealised cash flow and commodity hedges. In 2016, UPM has relabeled the previously referenced “excluding special items” non-GAAP financial measures with “comparable” performance measures as published in » UPM’s stock exchange release on 14 April 2016 . Corresponding 2015 and 2014 measures have been adjusted accordingly.

» Refer Note 10.2 Alternative performance measures, for definitions of key figures.

CONTENTS

ACCOUNTS

164

165

UPM Annual Report 2016

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