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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