UPM Annual Report 2020

Business area information for the year ended 31 December 2020

Business area information for the year ended 31 December 2019

ELIMINATI ONS AND RECONCILI -ATIONS 2)

ELIMINATI ONS AND RECONCILI -ATIONS 2)

UPM SPECIALTY PAPERS

OTHER OPE RATIONS

UPM SPECIALTY PAPERS

OTHER OPE RATIONS

UPM BIO REFINING

UPM ENERGY

UPM RAFLATAC

UPM COM PAPERS

UPM PLYWOOD

UPM BIO REFINING

UPM ENERGY

UPM RAFLATAC

UPM COM PAPERS

UPM PLYWOOD

EURm, OR AS INDICATED

GROUP

EURm, OR AS INDICATED

GROUP

2,096

180 237 417 185

1,555

1,203

4,516

427

258

4

10,238

External sales Internal sales

1,720

252 127 379 171

1,560

1,148

3,296

385

221

-1

8,580

External sales Internal sales

617

209

36

24

6

-1,129 -1,125

463

176

37

21

4

-827 -828

Total sales

2,712

1,555

1,412

4,552

450

264

10,238

Total sales

2,183

1,560

1,324

3,333

405

225

8,580

Comparable EBIT

544

126

120

383

36

-7

17

1,404

Comparable EBIT

166

214

199

180

33

-12

-2

948

Items affecting comparability in operating profit

-1

-2

-58

-4

5

-60

Items affecting comparability in operating profit

14

-9

6

-170

-23 10

-3

-3 -4

-187 761

Operating profit Finance costs, net

544

184

124

120

324

36

-10

21

1,344

Operating profit Finance costs, net

166

184

205

206

9

-15

-37

-24

-234

Income taxes

-169 568

Income taxes

Profit for the period Operating assets 1) Deferred tax assets

1,073

Profit for the period Operating assets 1) Deferred tax assets

3,638

2,481

703

1,124

2,026

351

2,159

-362

12,121

4,004

2,251

656

1,069

1,757

314

2,083

-235

11,898

395

421

87

Other non-operating assets

82

Other non-operating assets

2,119

Other financial assets

2,457

Other financial assets

Total assets

14,722

Total assets

14,858

246

28

169

200

525

31

277

-338

1,139

Operating liabilities 1) Deferred tax liabilities

325

23

142

197

436

34

198

-220

1,135

Operating liabilities 1) Deferred tax liabilities

549 930

564

Other liabilities

1,023 2,623 5,345

Other liabilities

1,930 4,548

Other financial liabilities

Other financial liabilities

Total liabilities

Total liabilities

Other items Change in fair value of forest assets and wood harvested Share of results of associates and joint ventures Depreciation and amortisation

Other items Change in fair value of forest assets and wood harvested Share of results of associates and joint ventures Depreciation and amortisation

-11

38

26

-8

-17

-25

2

1

— — —

3

2

1

— — —

3

-171

-9

-40

-73

-132

-25

-27

-476

-176

-7 -3

-39

-74

-121

-27

-29

-472

-13

-13

Impairment charges

-58

-8

-1

-70

Impairment charges Capital employed, 31 December

3,392 3,469

2,453 2,454

534 579

924 904 115

1,501 1,647

320 329

1,881 1,824

468 -182

11,474 11,024

Capital employed, 31 December

Average capital employed

3,679 3,620

2,228 2,313

514 542

871 897

1,321 1,446

280 292

1,885 1,901

777 504

11,555 11,514

133

6

13

47

29

35

378

Capital expenditure

Average capital employed

Capital expenditure, excluding acquisitions and shares

659

6

13

27

70

17

110

2

903

Capital expenditure

133 15.7

6

13

115 13.3

47

29

35

— — —

378 12.8

Capital expenditure, excluding acquisitions and shares

7.5

21.8

23.2

11.0

-0.4 622

Comparable ROCE, % Personnel, 31 December

659

5

13

27

70

17

110 -0.6 649

1

902

2,739 18,742 1) Business area’s operating assets include goodwill, other intangible assets, property, plant and equipment, forest assets, energy shareholdings, investments in associates and joint ventures, inventories and trade receivables. Operating liabilities include trade payables and advances received. 2) Eliminations and reconciliations include the elimination of internal sales and the changes in fair value of unrealised cash flow and commodity hedges that are not allocated to segments. » Refer Other financial information on Alternative performance measures, for definitions of key figures and reconciliation to measures presented in the consolidated income statement and balance sheet prepared in accordance with IFRS. 68 3,181 1,992 7,673 2,467

4.6

7.4

39.5

22.2

12.4

11.2

— —

8.3

Comparable ROCE, % Personnel, 31 December

2,695 18,014 1) Business area’s operating assets include goodwill, other intangible assets, property, plant and equipment, forest assets, energy shareholdings, investments in associates and joint ventures, inventories and trade receivables. Operating liabilities include trade payables and advances received. 2) Eliminations and reconciliations include the elimination of internal sales and internal inventory margin and the changes in fair value of unrealised cash flow and commodity hedges that are not allocated to segments. » Refer Other financial information on Alternative performance measures, for definitions of key figures and reconciliation to measures presented in the consolidated income statement and balance sheet prepared in accordance with IFRS. 70 3,087 1,932 7,281 2,301

156

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UPM ANNUAL REPORT 2020

UPM FINANCIAL REPORT 2020 40

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