UPM Annual Report 2020

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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

-1

-11 -18

-1

-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

-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

-6

1 2

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

-2

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

-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

-4

0 5 5

0 0 0

-3

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

-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

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

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

-1

-19

-5

-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

-1

-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

187

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

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

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

325

486

375

329

347

Capital expenditure excluding acquisitions and shares

Items affecting comparability in operating profit

-2

% of sales

3.7

2.9

3.0

3.3

4.8

3.8

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

Net debt

-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

-2

-4

-3

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

-14

-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

0.43

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

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