UPM Annual Report 2023
ACCOUNTS FOR 2023
UPM
BEYOND FOSSILS
BUSINESSES
RESPONSIBILITY
GOVERNANCE
Financial information 2014–2023
Sales and personnel
Comparable EBITDA
Comparable EBIT
Operating cash flow
Free cash flow
Capital expenditure excluding acquisitions and shares
EURm
%
%
EUR
EURm
employees
EURm
EURm
1,500 EURm
1,500 EURm
25
2,500
2,000
2,500
25,000
20
5
12,000
20
2,000
1,200
2,000
4
1,200
1,500
20,000
15
10,000
15
1,500
900
1,500
3
900
1,000
15,000
10
8,000
10
1,000
600
1,000
2
600
500
10,000
5
6,000
5
500
300
500
1
300
0
0
0
0
0
5,000
0
0
4,000
0
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
Comparable EBITDA % of sales
Operating cash flow Per share
Comparable EBIT Items affecting comparability % of sales
Sales Personnel
Equity and comparable ROE
Capital employed and comparable ROCE
Net debt and net debt to EBITDA
Comparable profit before tax
Comparable earnings per share
Dividend per share
EUR
%
%
%
%
EURm
18,000 EURm
EURm
EURm
3.0 EUR
4,000
2,000
13,000
15
15
4
20
1.6
150
12,000
1.4
2.5
16,000
12
12
120
3,000
1,500
3
15
11,000
1.2
2.0
14,000
9
9
1.0
10,000
90
2,000
1,000
2
10
1.5
0.8
9,000
12,000
6
6
60
0.6
1.0
8,000
1,000
500
1
5
0.4
10,000
3
3
30
0.5
7,000
0.2
6,000
8,000
0
0
0
0
0
0
0.0
0.0
22 23 18 19 20 21 16 17 14 15 Dividend per share (2023: proposal) Dividend to operating cash flow 0
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
22 23 14 15 16 17 18 19 20 21
14 15 16 17
20 21
22 23
22 23 14 15 16 17 18 19 20 21
18 19
Equity Comparable ROE
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
244
245
UPM ANNUAL REPORT 2023
UPM ANNUAL REPORT 2023
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