UPM Annual Report 2021
ACCOUNTS FOR 2021
UPM
BEYOND FOSSILS
STRATEGY
BUSINESSES
RESPONSIBILITY
GOVERNANCE
Reconciliation of key figures to IFRS (Quarterly key figures are unaudited)
Financial information 2012–2021 EURm, OR AS INDICATED
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Q1– Q4/21
Q1– Q4/20
EURm, OR AS INDICATED Items affecting comparability Impairment charges
Q4/21 Q3/21 Q2/21 Q1/21 Q4/20 Q3/20 Q2/20 Q1/20
Income statement Sales Comparable EBITDA
9,814 8,580 10,238 10,483 10,010 9,812 10,138 9,868 10,054 10,492 1,821 1,442 1,851 1,868 1,677 1,560 1,350 1,306 1,161 1,325
-52
1 5
0 2
-1
2 3
-53 -57
-19 -34
0
-52 11
-70
Restructuring charges
0
4
-48
-137
18.6
16.8
18.1
17.8 16.8 15.9 13.3 13.2 11.5 12.6
% 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
1,562
761 1,344 1,895 1,259 1,135 1,142
674
548 –1,318
Operating profit
0 7
0
-5
-3
-3
-2
-9
12
-8
-3
15.9
8.9
13.1
18.1 12.6 11.6 11.3
6.8
5.5
–12.6
% of sales
134 140
0
0 0 0 0 0 0
0 2 0
14 -98
8
0
140
23
1,471
948 1,404 1,513 1,292 1,143
916
866
683
556
Comparable EBIT
-46
-3
-55
-36
91
-187
15.0
11.1
13.7
14.4 12.9 11.6
9.0
8.8
6.8
5.3
% of sales
Changes in tax rates
0
0
0 1 1
0
-4
0
0
-3
1,548
737 1,307 1,839 1,186 1,080 1,075
667
475 –1,271
Profit before tax
Taxes relating to items affecting comparability
13 13 -33
-1 -1
-3 -2 -1
22 22 -75
4 1
-2 -2
12 12
21 18
15.8
8.6
12.8
17.5 11.9 11.0 10.6
6.8
4.7
–12.1
% of sales
Items affecting comparability in taxes Items affecting comparability, total
1,457
924 1,367 1,457 1,218 1,089
849
793
610
471
Comparable profit before tax
139
-3
-54
-39
103
-169
14.8
10.8
13.4
13.9 12.2 11.1
8.4
8.0
6.1
4.5
% of sales
Comparable EBITDA Operating profit
1,307
568 1,073 1,496
974
880
916
512
335 –1,122
Profit for the period
415
564
304
279
253
117
148
243 1,562
761
13.3
6.6
10.5
14.3
9.7
9.0
9.0
5.2
3.3
–10.7
% 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
1,204
737 1,119 1,194 1,004
879
734
638
479
390
Comparable profit for the period
113
116
118
116
116
117
119
120
463
471
% of sales
12.3
8.6
10.9
11.4 10.0
9.0
7.2
6.5
4.8
3.7
-103
-5
2
-5
24
1
-1
1
-111
25
Balance sheet Non-current assets
12,420 10,149 10,140 9,501 9,144 9,715 10,259 10,269 10,487 11,066 1,594 1,285 1,367 1,642 1,311 1,346 1,376 1,356 1,327 1,388 3,662 3,424 3,215 2,853 2,612 2,850 2,558 2,570 2,785 2,489 17,676 14,858 14,722 13,996 13,067 13,911 14,193 14,195 14,599 14,943 11,106 9,513 10,175 9,797 8,663 8,237 7,944 7,480 7,455 7,461 4,102 3,606 2,730 2,194 2,254 3,364 4,328 4,717 5,019 5,430 2,468 1,740 1,818 2,005 2,150 2,309 1,921 1,998 2,125 2,052 17,676 14,858 14,722 13,996 13,067 13,911 14,193 14,195 14,599 14,943 13,759 11,555 11,474 10,575 9,777 10,657 11,010 10,944 11,583 11,603
Share of result of associates and joint ventures Items affecting comparability in operating profit
-1
-1
-1
0 0
0
-1
-1
-1
-2
-3
Inventories
46
-140 535 21.2 564 -140 424 16.8 558 -140 418
3
-2
98
55
36
-91
187
Other current assets
Comparable EBITDA
470 17.6
426 17.9
389 17.4
392 17.9
331 16.3
320 15.4
398 1,821 1,442
Total assets Total equity
% of sales
17.4
18.6
16.8
Comparable EBIT Operating profit
Non-current liabilities
415
304
279
253
117
148
243 1,562
761 187 948 11.1 737 187 924
Current liabilities
Items affecting comparability in operating profit
46
3
—
-2
98
55
36
-91
Total equity and liabilities Capital employed at year end
Comparable EBIT
461 17.2
307 12.9
279 12.5
252 11.5
215 10.6
203
279 1,471
% of sales
9.8
12.2
15.0
1,483
903 10.5 902 10.5
378
303
329
325
520
411
362
357
Capital expenditure
Comparable profit before tax Profit before tax
15.1
3.7
2.9
3.3
3.3
5.1
4.2
3.6
3.4
% of sales
138
240 1,548
420
298
272
250
109
378
303
303
325
486
375
329
347
Capital expenditure excluding acquisitions and shares 1,477
Items affecting comparability in operating profit
46
3
—
-2
98
55
36
-91
% of sales
15.1
3.7
2.9
3.0
3.3
4.8
3.8
3.3
3.3
Comparable profit before tax Comparable ROCE, % Comparable profit before tax
466
301
272
248
207
193
276 1,457
Cash flow and net debt Operating cash flow
1,250 1,005 1,847 1,330 1,460 1,686 1,185 1,241
735 1,040
466
418
301
272
248
207
193
276 1,457
924
-74
126 1,432 1,131 1,336 1,424
750
994
438
968
Free cash flow
Interest expenses and other financial expenses
6
6
7
7
4
7
10
11
26
33
Net debt
647
56
-453
-311
174 1,131 2,100 2,401 3,040 3,210
203
288 1,483
957
471
424
308
280
253
213
Key figures Return on capital employed (ROCE), %
Capital employed, average Comparable ROCE, %
13,399 12,633 12,080 11,744 11,138 10,744 10,888 11,241 12,657 11,514
12.4 11.7 12.7 11.7
6.7 8.3 5.8 7.5
12.3 12.8 10.7 11.2
18.4 12.5 10.5 10.3
6.5 7.6 6.9 8.5
4.8 6.0 4.5 6.4
neg.
14.1
13.4
10.2
9.5
9.1
7.9
7.5
10.2
11.7
8.3
14.6 12.8 10.6
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
16.2 11.5 10.9 11.9
neg.
340
497 -139 359
243
227
190
83 75
103
192 1,307
568 169 737
12.9 11.9 10.9
9.5
4.2
33
3
—
1
54
39
-103
6
1
-4
-3
2
14
26
32
41
43
373
246
228
191
158
157
231 1,204
0.35 62.9
0.04 64.1
-0.24 69.2
-0.17 0.10 0.73 1.56 1.84 2.62 2.42 70.1 66.6 59.4 56.1 52.7 51.1 50.0
373
359
246
228
191
158
157
231 1,204
737
Profit attributable to non-controlling interest
-5
-9
-4
-3
-3
-1
-2
-2
-22
-8
16,966 18,014 18,742 18,978 19,111 19,310 19,578 20,414 20,950 22,180
155
229 1,183
729
367
350
242
224
188
157
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
3,724 3,664 3,715 3,468 3,595 3,419 3,224 3,287 3,163 3,128 9,300 9,168 8,619 8,608 8,127 8,782 8,966 8,721 8,925 9,486 7,486 7,062 8,326 8,996 9,430 9,613 9,771 10,028 10,288 10,871
Comparable EPS, EUR
0.69
0.66
0.45
0.42
0.35
0.29
0.29
0.43
2.22
1.37
Electricity (GWh)
Comparable ROE, % Comparable profit for the period
Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)
373
359
246
228
191
158
157
231 1,204
737
738
683
739
791
811
764
740
731
737
679
Total equity, average Comparable ROE, %
10,760 10,011 9,454 9,407 9,496 9,468 9,564 9,923 10,310 9,844
1,610 1,604 1,741 1,719 1,728 1,751 1,731 1,609 1,661 1,696
13.8
14.3
10.4
9.7
8.0
6.7
6.6
9.3
11.7
7.5
226
UPM FINANCIAL REPORT 2021 227 UPM ANNUAL REPORT 2021 227
UPM ANNUAL REPORT 2021
UPM FINANCIAL REPORT 2021 226
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