UPM Annual Report 2022

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ACCOUNTS FOR 2022

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Reconciliation of key figures to IFRS (Quarterly key figures are unaudited) EURm, OR AS INDICATED

Financial information 2013–2022 EURm, OR AS INDICATED

2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

Q4/22 Q3/22 Q2/22 Q1/22 Q4/21 Q3/21 Q2/21 Q1/21 Q1–Q4/22 Q1–Q4/21

Income statement Sales Comparable EBITDA

Items affecting comparability Impairment charges

11,720

9,814 1,821

8,580 10,238 10,483 10,010

9,812 10,138

9,868 10,054

4 5

-95

-52

1 5

0 2

-1

-80 -15 13 34 -74

-52 11

2,536

1,442

1,851

1,868 1,677

1,560

1,350

1,306

1,161

Restructuring charges

-15

-6

% of sales

21.6

18.6

16.8 761

18.1

17.8

16.8

15.9

13.3

13.2 674

11.5 548

Change in fair value of unrealised cash flow and commodity hedges Capital gains and losses on sale of non-current assets

14 13

3 2

-4

0 1 0 0 1 1

0 7 0

-5

-3

-8

Operating profit

1,974

1,562

1,344

1,895 1,259

1,135

1,142

18 -74 -52 15 15 -37 0

134

0 0

0 0 0 0 0 0 0

140

% of sales

16.8

15.9

8.9

13.1

18.1

12.6

11.6

11.3 916

6.8

5.5

Other non-operational items

-5

Comparable EBIT

2,096

1,471

948 11.1 737 924 10.8 568 8.6

1,404

1,513 1,292

1,143

866

683

Total items affecting comparability in operating profit

-94

-46

140

-3

-122

% of sales

17.9

15.0

13.7

14.4

12.9

11.6

9.0

8.8

6.8

Tax provisions

-10

0 1 1

-10

Profit before tax

1,944

1,548

1,307

1,839 1,186

1,080

1,075

667

475

Taxes relating to items affecting comparability

-8 -8

13 13 -33

-1 -1

12 12

% of sales

16.6

15.8

12.8

17.5

11.9

11.0

10.6 849

6.8

4.7

Items affecting comparability in taxes Items affecting comparability, total

-9 -7

-1

Comparable profit before tax

2,066

1,457

1,367

1,457 1,218

1,089

793

610

-93

139

-3

-122

103

% of sales

17.6

14.8

13.4

13.9

12.2 974

11.1 880

8.4

8.0

6.1

Comparable EBITDA Operating profit

Profit for the period

1,556

1,307

1,073

1,496

916

512

335

675

781

335

183

415

564

304

279

1,974

1,562

% of sales

13.3

6.6

10.5

14.3

9.7

9.0

5.2

3.3

Depreciation, amortisation and impairment charges excluding items affecting comparability Change in fair value of forest assets and wood harvested excluding items affecting comparability Share of result of associates and joint ventures Items affecting comparability in operating profit

Comparable profit for the period

1,679

1,204

737

1,119

1,194 1,004

879

734

638

479

119

114

113

111

113

116

118

116

457

463

% of sales

14.3

12.3

8.6

10.9

11.4

10.0

9.0

7.2

6.5

4.8

-12

-103

-5

-12

-111

Balance sheet Non-current assets

14,977 12,420 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

-1

-2 -2

-2

-1

-4

-2

Inventories

2,289 4,941

1,594 3,662

1,285 3,424

1,367 3,215

1,346 2,850

1,376 2,558

1,356 2,570

1,327 2,785

-22

-140 535 21.2 564 -140 424 16.8 558 -140 418

—

122

-91

Other current assets

Comparable EBITDA

759 23.5

894 26.1

506 19.7

377 15.0

470 17.6

426 17.9

389 17.4

2,536

1,821

Total assets Total equity

22,207 17,676 14,858 14,722 13,996 13,067 13,911 14,193 14,195 14,599

% of sales

21.6

18.6

12,879 11,106

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

Comparable EBIT Operating profit

Non-current liabilities

5,876 3,452

4,102 2,468

3,606 1,740

2,730 1,818

675

781

335

183

415

304

279

1,974

1,562

Current liabilities

Items affecting comparability in operating profit

-22

-2

—

122

-91

Total equity and liabilities Capital employed at year end

22,207 17,676 14,858 14,722 13,996 13,067 13,911 14,193 14,195 14,599 17,913 13,759 11,555 11,474 10,575 9,777 10,657 11,010 10,944 11,583

Comparable EBIT

653 20.2

779 22.8

387 15.1

277 11.0

461 17.2

307 12.9

279 12.5

2,096

1,471

% of sales

17.9

15.0

Capital expenditure

1,555

1,483

903 10.5 902 10.5

378

303

329

325

520

411

362

Comparable profit before tax Profit before tax

% of sales

13.3

15.1

3.7

2.9

3.3

5.1

4.2

3.6

298

272

1,548

638

766

361

179

420

1,944

Capital expenditure excluding acquisitions and shares 1,399

1,477

378

303

325

486

375

329

Items affecting comparability in operating profit

-22

-2

—

122

-91

% of sales

11.9

15.1

3.7

2.9

3.0

3.3

4.8

3.8

3.3

Comparable profit before tax Comparable ROCE, % Comparable profit before tax

616

764

413

273

466

301

272

2,066

1,457

Cash flow and net debt Operating cash flow

508

1,250

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

616

764

413

273

466

418

301

272

2,066

1,457

Free cash flow

-1,077 2,374

-74

126

750

994

Interest expenses and other financial expenses

Net debt

647

-453

-311

174

2,100

2,401

3,040

308

280

1,483

651

784

422

294

471

424

2,151

Key figures Return on capital employed (ROCE), %

Capital employed, average Comparable ROCE, %

17,983 16,845 14,738 13,799 13,399 12,633 12,080 11,744

15,836

12,657

12.8 13.6 13.0 14.0

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 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

14.5

18.6

11.5

8.5

14.1

13.4

10.2

9.5

13.6

11.7

Comparable ROCE, % Return on equity (ROE), % Comparable ROE, % Gearing ratio, % Net debt to EBITDA Equity to assets ratio, % Personnel Personnel at year end

8.3

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

503

622

292

139

340

497 -139 359

243

227

1,556

1,307

9.5

-14

—

122

-103

-4

-3

489

629

329

232

373

246

228

1,679

1,204

0.94 58.1

0.35 62.9

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

489

629

329

232

373

359

246

228

1,679

1,204

Profit attributable to non-controlling interest

-5

-11

-9

-5

-9

-4

-3

-31

-22

17,236 16,966 18,014 18,742 18,978 19,111 19,310 19,578 20,414 20,950

242

224

1,183

1,648

484

618

320

226

367

350

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

2,761 9,442 6,135

3,724 9,300 7,486

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

Comparable EPS, EUR

0.91

1.16

0.60

0.42

0.69

0.66

0.45

0.42

3.09

2.22

Electricity (GWh)

Comparable ROE, % Comparable profit for the period

Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)

9,771 10,028 10,288

489

629

329

232

373

359

246

228

1,679

1,204

616

738

683

739

791

811

764

740

731

737

Total equity, average Comparable ROE, %

12,589 11,799 11,167 11,071 10,760 10,011 9,454 9,407

11,992

10,310

1,538

1,610

1,604

1,741

1,719 1,728

1,751

1,731

1,609

1,661

15.5

21.3

11.8

8.4

13.8

14.3

10.4

9.7

14.0

11.7

236

237

UPM ANNUAL REPORT 2022

UPM FINANCIAL REPORT 2022

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UPM FINANCIAL REPORT 2022

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