UPM Annual Report 2019

Financial information 2010–2019

EURm, OR AS INDICATED

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Income statement Sales

10,238 10,483 10,010 9,812 10,138 9,868 10,054 10,492 10,068 8,924 1,851 1,868 1,677 1,560 1,350 1,306 1,161 1,325 1,383 1,343 18.1 17.8 16.8 15.9 13.3 13.2 11.5 12.6 13.7 15.0

Comparable EBITDA 1)

% of sales

Operating profit

1,344 1,895 1,259 1,135 1,142 13.1 18.1 12.6 11.6 11.3

674 548 -1,318 459 755

% of sales

6.8

5.5 -12.6

4.6

8.5 731 8.2

Comparable EBIT

1,404 1,513 1,292 1,143 13.7 14.4 12.9 11.6

916 866 683 556 682

% of sales

9.0

8.8

6.8

5.3

6.8

Profit before tax

1,307 1,839 1,186 1,080 1,075 667 475 -1,271

417 635

% of sales

12.8 17.5 11.9 11.0 10.6

6.8

4.7 -12.1

4.1

7.1

Comparable profit before tax

1,367 1,457 1,218 1,089 849 793

610 471 573

611 6.8

% of sales

13.4 13.9 12.2 11.1

8.4 916 9.0

8.0

6.1

4.5

5.7

Profit for the period

1,073 1,496 10.5 14.3

974 880

512 335 -1,122 457 561

% of sales

9.7

9.0

5.2

3.3 -10.7

4.5

6.3 516 5.8

Comparable profit for the period

1,119 1,194 1,004 879 734 638 479 390 487

% of sales

10.9 11.4 10.0

9.0

7.2

6.5

4.8

3.7

4.8

Balance sheet Non-current assets

10,140 9,501 9,144 9,715 10,259 10,269 10,487 11,066 11,412 10,557 1,367 1,642 1,311 1,346 1,376 1,356 1,327 1,388 1,429 1,299 3,215 2,853 2,612 2,850 2,558 2,570 2,785 2,489 2,548 1,956 14,722 13,996 13,067 13,911 14,193 14,195 14,599 14,943 15,389 13,812 10,175 9,797 8,663 8,237 7,944 7,480 7,455 7,461 7,477 7,109 2,730 2,194 2,254 3,364 4,328 4,717 5,019 5,430 5,320 4,922 1,818 2,005 2,150 2,309 1,921 1,998 2,125 2,052 2,588 1,781 14,722 13,996 13,067 13,911 14,193 14,195 14,599 14,943 15,389 13,812 11,474 10,575 9,777 10,657 11,010 10,944 11,583 11,603 12,110 11,087

Inventories

Other current assets

Total assets Total equity

Non-current liabilities

Current liabilities

Total equity and liabilities Capital employed at year end

Capital expenditure

378 303 329 325 520

411 362 357 1,179 257

% of sales

3.7

2.9

3.3

3.3

5.1

4.2

3.6

3.4 11.7

2.9

Capital expenditure excluding acquisitions and shares

378 303 303 325 486 375 329 347 340 252

% of sales

3.7

2.9

3.0

3.3

4.8

3.8

3.3

3.3

3.4

2.8

Cash flow and net debt Operating cash flow

1,847 1,330 1,460 1,686 1,185 1,241 735 1,040 1,041 982

Free cash flow

1,432 1,131 1,336 1,424 750 994 438 968

910 787

Net debt

-453 -311

174 1,131 2,100 2,401 3,040 3,210 3,592 3,286

Key figures Return on capital employed (ROCE), %

12.3 18.4 12.5 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

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

12.8 14.6 12.8 10.6

8.3

6.0

4.2

10.7 16.2 11.5 10.9 11.9

4.5 neg.

11.2 12.9 11.9 10.9

9.5 26

6.4

4.2

-4

-3

2

14

32

41

43

48

46

-0.24 -0.17 0.10 0.73 1.56 1.84 2.62 2.42 2.60 2.45 69.2 70.1 66.6 59.4 56.1 52.7 51.1 50.0 48.6 51.5

18,742 18,978 19,111 19,310 19,578 20,414 20,950 22,180 23,909 21,869

Deliveries Pulp (1,000 t)

3,715 3,468 3,595 3,419 3,224 3,287 3,163 3,128 2,992 2,919 8,619 8,608 8,127 8,782 8,966 8,721 8,925 9,486 8,911 9,426 8,326 8,996 9,430 9,613 9,771 10,028 10,288 10,871 10,615 9,914

Electricity (GWh)

Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)

739 791

811 764 740

731 737 679 656 638

1,741 1,719 1,728 1,751 1,731 1,609 1,661 1,696 1,683 1,729

1) EBITDA 2010–2011 includes change in fair value of unrealised cash flow and commodity hedges.

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UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

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OTHER FINANCIAL INFORMATION

OTHER FINANCIAL INFORMATION