UPM Annual Report 2020
Reconciliation of key figures to IFRS (Quarterly key figures are unaudited)
Financial information 2011–2020
EURm, OR AS INDICATED
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Q1– Q4/20
Q1– Q4/19
EURm, OR AS INDICATED Items affecting comparability Impairment charges
Q4/20 Q3/20 Q2/20 Q1/20 Q4/19 Q3/19 Q2/19 Q1/19
Income statement Sales Comparable EBITDA
8,580 10,238 10,483 10,010
9,812 10,138
9,868 10,054 10,492 10,068
2 3
-53 -57
-19 -34
0
-1
-11 -18
-1
0
-70
-13 -52
1,442
1,851
1,868 1,677
1,560
1,350
1,306
1,161
1,325
1,383
Restructuring charges
-48
0
-28
-5
-137
16.8 761
18.1
17.8
16.8
15.9
13.3
13.2 674
11.5
12.6
13.7 459
% of sales
Change in fair value of unrealised cash flow and commodity hedges Capital gains and losses on sale of non-current assets Total items affecting comparability in operating profit
1,344
1,895 1,259
1,135
1,142
548 –1,318
Operating profit
-3
-2
-9
12
-6
1 2
6
4 0
-3
5 0
8.9
13.1
18.1
12.6
11.6
11.3 916
6.8
5.5
–12.6
4.6
% of sales
0 2 0
14 -98
8
0
0
-2
23
948 11.1 737 924 10.8 568 8.6
1,404
1,513 1,292
1,143
866
683
556
682
Comparable EBIT
-55
-36
-7
-26
-26
-1
-187
-60
13.7
14.4
12.9
11.6
9.0
8.8
6.8
5.3
6.8
% of sales
Changes in tax rates
0
-4
0
0
0 5 5
0
0 0 0
-3
0
1,307
1,839 1,186
1,080
1,075
667
475 –1,271
417
Profit before tax
Taxes relating to items affecting comparability
-3 -2 -1
22 22 -75
4 1
-2 -2
10 10
-1 -1
21 18
14 14 -46
12.8
17.5
11.9
11.0
10.6 849
6.8
4.7
–12.1
4.1
% of sales
Items affecting comparability in taxes Items affecting comparability, total
1,367
1,457 1,218
1,089
793
610
471
573
Comparable profit before tax
-54
-39
2
-21
-26
-1
-169
13.4
13.9
12.2 974
11.1 880
8.4
8.0
6.1
4.5
5.7
% of sales
Comparable EBITDA Operating profit
1,073
1,496
916
512
335 –1,122
457
Profit for the period
253
117
148
243
336
316
319
373
761
1,344
6.6
10.5
14.3
9.7
9.0
9.0
5.2
3.3
–10.7
4.5
% of sales
Depreciation, amortisation and impairment charges excluding items affecting comparability Change in fair value of forest assets and wood harvested excluding items affecting comparability
737
1,119
1,194 1,004
879
734
638
479
390
487
Comparable profit for the period
116
117
119
120
120
119
118
120
471
477
% of sales
8.6
10.9
11.4
10.0
9.0
7.2
6.5
4.8
3.7
4.8
Balance sheet Non-current assets
24
1
-1
1
-19
-5
3
-5
25
-26
10,149 10,140
9,501 9,144 1,642 1,311 2,853 2,612 9,797 8,663 2,194 2,254 2,005 2,150
9,715 10,259 10,269 10,487 11,066 11,412
Share of result of associates and joint ventures Items affecting comparability in operating profit
0
-1
-1
-1
-1
-1
-1
-1
-3
-3
1,285 3,424
1,367 3,215
1,346 2,850
1,376 2,558
1,356 2,570
1,327 2,785
1,388 2,489
1,429 2,548
Inventories
-2
98
55
36
7
26
26
1
187
60
Other current assets
Comparable EBITDA
392 17.9
331 16.3
320 15.4
398 17.4
442 18.1
455 18.2
466 17.9
488 18.1
1,442
1,851
14,858 14,722 13,996 13,067 13,911 14,193 14,195 14,599 14,943 15,389
Total assets Total equity
% of sales
16.8
18.1
9,513 10,175
8,237 3,364 2,309
7,944 4,328 1,921
7,480 4,717 1,998
7,455 5,019 2,125
7,461 5,430 2,052
7,477 5,320 2,588
Comparable EBIT Operating profit
3,606 1,740
2,730 1,818
Non-current liabilities
253
117
148
243
336
316
319
373
761 187 948 11.1 737 187 924
1,344
Current liabilities
Items affecting comparability in operating profit
-2
98
55
36
7
26
26
1
60
14,858 14,722 13,996 13,067 13,911 14,193 14,195 14,599 14,943 15,389 11,555 11,474 10,575 9,777 10,657 11,010 10,944 11,583 11,603 12,110
Total equity and liabilities Capital employed at year end
Comparable EBIT
252 11.5
215 10.6
203
279 12.2
343 14.0
342 13.7
345 13.2
374 13.9
1,404
% of sales
9.8
13.7
903 10.5 902 10.5
378
303
329
325
520
411
362
357
1,179
Capital expenditure
Comparable profit before tax Profit before tax
3.7
2.9
3.3
3.3
5.1
4.2
3.6
3.4
11.7 340
% of sales
300
364
1,307
250
109
138
240
324
319
378
303
303
325
486
375
329
347
Capital expenditure excluding acquisitions and shares
Items affecting comparability in operating profit
-2
98
55
36
7
26
26
1
60
% of sales
3.7
2.9
3.0
3.3
4.8
3.8
3.3
3.3
3.4
Comparable profit before tax Comparable ROCE, % Comparable profit before tax
248
207
193
276
331
345
325
366
1,367
Cash flow and net debt Operating cash flow
1,005
1,847 1,432
1,330 1,460 1,131 1,336
1,686 1,424 1,131
1,185
1,241
735 438
1,040
1,041
248
207
193
276
331
345
325
366
924
1,367
126
750
994
968
910
Free cash flow
Interest expenses and other financial expenses
4
7
10
11
14
10
11
8
33
44
Net debt
56
-453
-311
174
2,100
2,401
3,040
3,210
3,592
337
374
1,411
253
213
203
288
346
355
957
Key figures Return on capital employed (ROCE), %
Capital employed, average Comparable ROCE, %
11,138 10,744 10,888 11,241 11,323 10,996 11,069 10,946 11,514 11,024
6.7 8.3 5.8 7.5
12.3 12.8 10.7 11.2
18.4 14.6 16.2 12.9
12.5 12.8 11.5 11.9
10.5 10.6 10.9 10.9
10.3
6.5 7.6 6.9 8.5
4.8 6.0 4.5 6.4
neg.
4.4 5.2 6.3 6.7
9.1
7.9
7.5
10.2
12.2
12.9
12.2
13.7
8.3
12.8
8.3
4.2
Comparable ROCE, % Return on equity (ROE), % Comparable ROE, % Gearing ratio, % Net debt to EBITDA Equity to assets ratio, % Personnel Personnel at year end
Comparable profit for the period Profit for the period Items affecting comparability, total Comparable profit for the period Comparable EPS, EUR Comparable profit for the period
11.9
neg.
190
83 75
103
192
263
260
245
304
568 169 737
1,073
9.5
4.2
1
54
39
-2
21
26
1
46
1
-4
-3
2
14
26
32
41
43
48
191
158
157
231
261
281
271
305
1,119
0.04 64.1
-0.24 69.2
-0.17 70.1
0.10 66.6
0.73 59.4
1.56 56.1
1.84 52.7
2.62 51.1
2.42 50.0
2.60 48.6
191
158
157
231
261
281
271
305
737
1,119
Profit attributable to non-controlling interest
-3
-1
-2
-2
2
-14
0
0
-8
-12
18,014 18,742 18,978 19,111 19,310 19,578 20,414 20,950 22,180 23,909
271
305
1,106
188
157
155
229
263
267
729
Deliveries Pulp (1,000 t)
Average number of shares basic (1,000)
533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,324
3,664 9,168 7,062
3,715 8,619 8,326
3,468 3,595 8,608 8,127 8,996 9,430
3,419 8,782 9,613
3,224 8,966
3,287 8,721
3,163 8,925
3,128 9,486
2,992 8,911
Comparable EPS, EUR
0.35
0.29
0.29
0.43
0.49
0.50
0.51
0.57
1.37
2.07
Electricity (GWh)
Comparable ROE, % Comparable profit for the period
9,771 10,028 10,288 10,871 10,615
Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)
191
158
157
231
261
281
271
305
737
1,119 9,986
683
739
791
811
764
740
731
737
679
656
Total equity, average Comparable ROE, %
9,496
9,468
9,564
9,923 10,015
9,706
9,804
9,924
9,844
1,604
1,741
1,719 1,728
1,751
1,731
1,609
1,661
1,696
1,683
8.0
6.7
6.6
9.3
10.4
11.6
11.1
12.3
7.5
11.2
220 104
221
UPM ANNUAL REPORT 2020
UPM ANNUAL REPORT 2020
105
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