UPM Annual Report 2023
ACCOUNTS FOR 2023
UPM
BEYOND FOSSILS
BUSINESSES
RESPONSIBILITY
GOVERNANCE
Reconciliation of key figures to IFRS (Quarterly key figures are unaudited)
Financial information 2014–2023 EURm, OR AS INDICATED
Q1– Q4/22
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
EURm, OR AS INDICATED
Q4/23 Q3/23 Q2/23 Q1/23 Q4/22 Q3/22 Q2/22 Q1/22 Q1– Q4/23
Income statement Sales Comparable EBITDA
Items affecting comparability Impairment charges
10,460 11,720
9,814 1,821
8,580 10,238 10,483 10,010 9,812 10,138
9,868 1,306
-1
-113 -132
-2
-1
5
7
4 5
-95
-117 -199
-80 -15 13 34
1,573
2,536
1,442
1,851
1,868
1,677 1,560
1,350
-15
-15
-37
-15
-6
0
Restructuring charges
% of sales
15.0 608
21.6
18.6
16.8 761
18.1
17.8
16.8
15.9
13.3
13.2 674
Change in fair value of unrealised cash flow and commodity hedges Capital gains and losses on sale of non-current assets
Operating profit
1,974
1,562
1,344
1,895
1,259 1,135
1,142
-10
-5
8 3 0 0 1 4 0 -5
5
14 13
3 2 0
-4
0 1 0 0
-2
% of sales
5.8
16.8
15.9
8.9
13.1
18.1
12.6
11.6
11.3 916
6.8
0
2 0 0
-6
18
0
Comparable EBIT
1,013
2,096
1,471
948 11.1 737 924 10.8 568 8.6
1,404
1,513
1,292 1,143
866
-86
0 0
0 5
0
-86
0
Fair value changes of forest assets
% of sales
9.7
17.9
15.0
13.7
14.4
12.9
11.6
9.0
8.8
0
-5
-74 -52
0
-74
Other non-operational items
Profit before tax
464
1,944
1,548
1,307
1,839
1,186 1,080
1,075
667
-113
-249
-38 -67
22
2 0
-94
-405
-122
Total items affecting comparability in operating profit Items affecting comparability in financial items
% of sales
4.4
16.6
15.8
12.8
17.5
11.9
11.0
10.6 849
6.8
0
1
0
0
0 1
-65
0
Comparable profit before tax
934
2,066
1,457
1,367
1,457
1,218 1,089
793
26 -87
71
8
-8
-9 -7
15 -37
109 -361
-1
Items affecting comparability in taxes Items affecting comparability, total
% of sales
8.9
17.6
14.8
13.4
13.9
12.2 974
11.1 880
8.4
8.0
-177
-97
14
-93
-122
Profit for the period
394
1,556
1,307
1,073
1,496
916
512
Comparable EBITDA Operating profit (loss)
% of sales
3.8
13.3
13.3
6.6
10.5
14.3
9.7
9.0
9.0
5.2
211
-29
108
318
675
781
335
183
608 1,974
Comparable profit for the period
755
1,679
1,204
737
1,119
1,194
1,004
879
734
638
Depreciation, amortisation and impairment charges excluding items affecting comparability Change in fair value of forest assets and wood harvested excluding items affecting comparability
152
152
125
114
119
114
113
111
543
457
% of sales
7.2
14.3
12.3
8.6
10.9
11.4
10.0
9.0
7.2
6.5
Balance sheet Non-current assets
-10
5 0
16
5 1
-12
3
8
-12
17
-12
13,913 14,977 12,420 10,149 10,140
9,501 1,642 2,853 9,797 2,194 2,005
9,144 9,715 10,259 10,269
0
0 5
-1
-2 -2
-2
1
1
-4
Share of result of associates and joint ventures Items affecting comparability in operating profit
Inventories
1,948 2,612
2,289 4,941
1,594 3,662
1,285 3,424
1,367 3,215
1,311 1,346 2,612 2,850
1,376 2,558
1,356 2,570
113 465 18.4 211 113 323 12.8
249 376 14.6
38
-22
52
94
405
122
Other current assets
255 10.0
477 17.1
759 23.5
894 26.1
506 19.7
377 1,573 2,536
Comparable EBITDA
Total assets Total equity
18,473 22,207 17,676 14,858 14,722 13,996 13,067 13,911 14,193 14,195
15.0
15.0
21.6
% of sales
11,531 12,879 11,106
9,513 10,175
8,663 8,237 2,254 3,364 2,150 2,309
7,944 4,328 1,921
7,480 4,717 1,998
Comparable EBIT Operating profit (loss)
Non-current liabilities
4,501 2,441
5,807 3,522
4,102 2,468
3,606 1,740
2,730 1,818
-29
108
318
675
781
335
183
608 1,974
Current liabilities
249 220
5
38
-22
-2
52
94
405
122
Items affecting comparability in operating profit
Total equity and liabilities Capital employed at year end
18,473 22,207 17,676 14,858 14,722 13,996 13,067 13,911 14,193 14,195
114
356 12.8
653 20.2
779 22.8
387 15.1
277 1,013 2,096
Comparable EBIT
14,916 17,913 13,759 11,555 11,474 10,575
9,777 10,657 11,010 10,944
8.5
4.5
11.0
9.7
17.9
% of sales
Capital expenditure
1,122
1,555
1,483
903 10.5 902 10.5
378
303
329
325
520
411
Comparable profit before tax Profit (loss) before tax
% of sales
10.7
13.3
15.1
3.7
2.9
3.3
3.3
5.1
4.2
180 113
-52
96
239
638
766
361
179
464 1,944
Capital expenditure excluding acquisitions and shares 1,094
1,399
1,477
378
303
303
325
486
375
249
5
38 67
-22
-2
52
94
405
122
Items affecting comparability in operating profit Items affecting comparability in financial items
% of sales
10.5
11.9
15.1
3.7
2.9
3.0
3.3
4.8
3.8
0
-1
-1
—
—
—
—
65
—
Cash flow and net debt Operating cash flow
293
196
101
344
616
764
413
273
934 2,066
Comparable profit before tax
2,269
508
1,250
1,005
1,847 1,432
1,330 1,131
1,460 1,686 1,336 1,424 174 1,131
1,185
1,241
Comparable ROCE, % Comparable profit before tax
Free cash flow
1,193 -1,077
-74
126
750
994
293
196
101
344
616
764
413
273
934 2,066
Net debt
2,432
2,374
647
56
-453
-311
2,100
2,401
40
33
22
17
34
20
9
21
112
85
Interest expenses and other financial expenses
Key figures Return on capital employed (ROCE), %
333
229
123
361
651
784
422
294 1,046 2,151
3.5 6.4 3.2 6.2
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
15,044 15,246 15,900 17,196 17,983 16,845 14,738 13,799 16,414 15,836
Capital employed, average Comparable ROCE, %
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
8.9
6.0
3.1
8.4
14.5
18.6
11.5
8.5
6.4
13.6
11.9
Comparable profit for the period Profit (loss) for the period Items affecting comparability, total Comparable profit for the period
9.5
161
-28
77
183
503
622
292
139
394 1,556
21
18
6
1
-4
-3
2
14
26
32
87
177 149
—
97
-14
7
37
93
361
122
1.55 62.5
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
248
77
281
489
629
329
232
755 1,679
Comparable EPS, EUR Comparable profit for the period
248
149
77
281
489
629
329
232
755 1,679
16,573 17,236 16,966 18,014 18,742 18,978 19,111 19,310 19,578 20,414
-7
-5
-11
-9
-5
-6
-31
-1
2
1
Profit attributable to non-controlling interest
Deliveries Pulp (1,000 t)
246
151
78
273
484
618
320
226
749 1,648
4,139
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 8,608 8,996
3,595 3,419 8,127 8,782 9,430 9,613
3,224 8,966
3,287 8,721
533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,324 533,324
Average number of shares basic (1,000)
Electricity (GWh)
12,059
0.46 248
0.28 149
0.15
0.51 281
0.91 489
1.16 629
0.60 329
0.42 232
1.40
3.09
Comparable EPS, EUR
Papers, total (1,000 t) Plywood (1,000 m3) Sawn timber (1,000 m3)
4,935
9,771 10,028
77
755 1,679
Comparable profit for the period
429
616
738
683
739
791
811
764
740
731
11,670 11,751 12,290 12,883 12,589 11,799 11,167 11,071 12,205 11,992
Total equity, average Comparable ROE, %
1,524
1,538
1,610
1,604
1,741
1,719
1,728 1,751
1,731
1,609
8.5
5.1
2.5
8.7
15.5
21.3
11.8
8.4
6.2
14.0
242
243
UPM ANNUAL REPORT 2023
UPM ANNUAL REPORT 2023
UPM FINANCIAL REPORT 2023
242
UPM FINANCIAL REPORT 2023
243
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