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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