UPM Annual Report 2021

ACCOUNTS FOR 2021

UPM

BEYOND FOSSILS

STRATEGY

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Financial information 2012–2021

Sales and personnel

Comparable EBITDA

Comparable EBIT

Operating cash flow

Free cash flow

Capital expenditure excluding acquisitions and shares

EURm

%

EUR

%

EURm

employees

EURm

1,500 EURm

EURm

1,500 EURm

20

2,000

2,000

2,000

12,000

25,000

15

4

1,200

1,200

15

1,500

1,500

1,500

10,000

20,000

12

3

900

900

10

1,000

1,000

1,000

8,000

15,000

9

2

600

600

5

500

500

500

6,000

10,000

6

1

300

300

0

0

0

0

0

4,000

5,000

0

0

0

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

Comparable EBITDA % of sales

Operating cash flow Per share

Comparable EBIT Items affecting comparability % of sales

Sales Personnel

Equity and comparable ROE

Net debt and net debt to EBITDA

Dividend per share

Capital employed and comparable ROCE

Comparable profit before tax

Comparable earnings per share

%

%

%

%

EURm

EURm

14,000 EURm

EURm

3.0 EUR

EUR

4,000

2,000

11,000

15

15

4

70

15

1.5

60

13,000

2.5

1.2

10,000

12

12

3,000

1,500

3

12

50

12,000

2.0

0.9

9,000

9

9

40

2,000

11,000

1,000

2

9

1.5

30

0.6

8,000

6

6

10,000

1.0

20

1,000

500

1

6

0.3

7,000

3

3

9,000

0.5

10

0.0

6,000

8,000

0

0

0

0

0

0

0

0.0

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

20 21 12 13 14 15 16 17 18 19

12 13 14 15 16 17

20 21

20 21 12 13 14 15 16 17 18 19

18 19

Equity Comparable ROE

Dividend per share (2021: proposal) Dividend to operating cash flow

Capital employed Comparable ROCE

Net debt Net debt to EBITDA

Comparable profit before tax Items affecting comparability % of sales

Comparable EPS Effect of items affecting comparability

In 2016 UPM has relabelled the previously referenced “excluding special items” non-GAAP financial measures with “comparable” performance measures. Corresponding 2014 and 2015 group measures have been revised accordingly.

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UPM ANNUAL REPORT 2021

UPM ANNUAL REPORT 2021

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