UPM annual report 2014

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Quarterly figures 2013–2014

Financial indicators 2005–2014 EURm

2014

2013 2012 2011 2010 2009 2008 2007 2006 2005

Sales

9,868 10,054 10,492 10,068 8,924 7,719 9,461 10,035 10,022 9,348 1,155 1,312 1,383 1,343 1,062 1,206 1,546 1,678 1,428 11.5 12.5 13.7 15.0 13.8 12.7 15.4 16.7 15.3 1,287

EBITDA

Q4/14 Q3/14 Q2/14 Q1/14 Q4/13 Q3/13 Q2/13 Q1/13 Q1–Q4/14 Q1–Q4/13 2,531 2,415 2,441 2,481 2,588 2,472 2,520 2,474 9,868 10,054

EURm Sales

% of sales

13.0 847 8.6 674 6.8 667 6.8 512 5.2

Operating profit, excluding special items

683

556

682

731 8.2 755 8.5 635

270 3.5 135

513 5.4

835

725

558 6.0 318 3.4 257 2.7 261 2.8

% of sales

6.8

5.3

6.8

8.3

7.2

Other operating income

28 –10

Operating profit

548 –1,318 5.5 –12.6 475 –1,271 4.7 –12.1 335 –1,122 3.3 –10.69

459 4.6 417 4.1 457

483

536

Costs and expenses

–2,286 –2,082 –2,161 –2,179 –2,365 –2,190 –2,245 –2,291 –8,708 –9,091

% of sales

1.7

0.3

4.8

5.3

Change in fair value of biological assets and wood harvested Share of results of associated companies and joint ventures Depreciation, amortisation and impairment charges

Profit (loss) before tax

187 –201

292

367 3.7 338

% of sales

7.1

2.4

–2.1

2.9

Profit (loss) for the period

561 6.3

169 –180

–

% of sales

4.5

2.2

–1.9

0.8

3.4

–267 –129 –132 –130 –131 –135 –134 –145 71 236 176 191 134 187 146 81

–658

–545

Exports from Finland and foreign operations

8,923 9,089 9,565 9,252 8,139 7,054 8,515 9,170 9,102 8,397 4,118 4,248 4,313 3,882 3,442 4,371 4,546 4,644 4,006 4,340

Operating profit (loss)

674

548

Exports from Finland

Gains on available-for-sale investments, net Exchange rate and fair value gains and losses

– 3

–

59 –3

– –

1 –

– 5

59 –4

–3

–1

Non-current assets

10,269 10,487 11,066 11,412 10,557 10,581 10,375 10,639 11,355 12,321 1,356 1,327 1,388 1,429 1,299 1,112 1,354 1,342 1,255 1,256 2,570 2,785 2,489 2,548 1,956 1,912 2,052 1,972 1,859 1,964 14,195 14,599 14,943 15,389 13,812 13,605 13,781 13,953 14,469 15,541 7,480 7,455 7,461 7,477 7,109 6,602 6,120 6,783 7,289 7,348 4,717 5,019 5,430 5,320 4,922 5,432 5,816 4,753 4,770 5,845 1,998 2,125 2,052 2,588 1,781 1,571 1,828 2,417 2,410 2,348 14,195 14,599 14,943 15,389 13,812 13,605 13,781 13,953 14,469 15,541

Interest and other finance costs, net

–17 –19 –16 –10 –19 –22 –23 –20 57 214 159 237 115 166 128 66 –49 –32 –30 –44 –79 –28 –14 –19

–62 667

–84 475

Inventories

Profit (loss) before tax

Other current assets

Income taxes

–155

–140

Assets, total

Profit (loss) for the period Attributable to: Owners of the parent company

8 182 129 193

36 138 114

512

335

Total equity

8 182 129 193

36 138 114

512

335

Non-current liabilities

Non-controlling interest

–

Current liabilities

8 182 129 193

36 138 114

512 0.96 0.96 1.17

335 0.63 0.63 0.91

Total equity and liabilities

Basic earnings per share, EUR Diluted earnings per share, EUR

0.01 0.34 0.25 0.36 0.06 0.26 0.22 0.09 0.01 0.34 0.25 0.36 0.06 0.26 0.22 0.09 0.32 0.32 0.26 0.27 0.27 0.26 0.20 0.18

Capital employed at year end

10,944 11,583 11,603 12,110 11,087 11,066 11,193 11,098 11,634 12,650

Earnings per share, excluding special items, EUR Average number of shares basic (1,000) Average number of shares diluted (1,000) Special items in operating profit (loss) Operating profit (loss), excl. special items

Return on equity, %

6.9 6.5

4.5 neg. 4.8 neg.

6.3 4.4

8.2 6.6

2.8 neg.

1.2 4.3

4.6 4.7

3.5 3.4

Return on capital employed, % Cash flow from operating activities

3.2

0.2

532,916 531,932 531,932 529,514 528,887 528,211 527,922 526,252 531,574 527,818 532,202 532,114 532,201 529,777 528,329 528,155 528,158 526,631 531,574 527,818

1,241

735 1,040 1,041

982 1,259

628

867 1,215

853

Equity to assets ratio, %

52.7

51.1 50.0 48.6 51.5 48.6 44.5 48.8 50.4 47.3

–159

1 –10

–5 –73

–7

8 –63

–173 847

–135

Gearing ratio, %

230 235 186 196 207 194 138 144

683

Net interest-bearing liabilities

2,401 3,040 3,210 3,592 3,286 3,730 4,321 3,973 4,048 4,836

% of sales

9.1 9.7

7.6

7.9 8.0

7.8 5.5 5.8

8.6

6.8

Capital expenditure

411 4.2 375 3.8

362

357 1,179

257

913 11.8 229

551

708

699

749 8.0 705

Special items in financial items

–

% of sales

3.6

3.4

11.7 340

2.9

5.8

7.1

7.0

Special items before tax

–159

1 –10

61 –73

–7

8 –63

–107

–135

Capital expenditure excluding acquisitions

329

347

252

532

683

631 6.3

Profit (loss) before tax, excl. special items

216 213 169 176 188 173 120 129

774 7.8 –4 8.3 7.5

610 6.1 –10 6.4 6.0

% of sales

3.3

3.4

2.8

3.0

5.6

6.8

7.5

% of sales

8.5 8.8 6.9

7.1

7.3

7.0 4.8 5.2

Personnel at year end

20,414 20,950 22,180 23,909 21,869 23,213 24,983 26,352 28,704 31,522

Impact on taxes from special items Return on equity, excl. special items, % Return on capital employed, excl. special items, %

–6 9.2

4 –13 –31

–

9.1

7.3

7.7

7.5

7.5 5.7 5.1

Formulae for calculating indicators are given on page 135.

8.2 8.0 6.5 6.6

7.2 6.8 4.9 5.1

EBITDA

330 346 298 313 302 311 258 284 1,287 1,155

% of sales

13.0 14.3 12.2 12.6 11.7 12.6 10.2 11.5

13.0

11.5

Deliveries

Sales by segment UPM Biorefining

484 480 477 496 497 484 512 495 1,937 1,988

Deliveries 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

464

466

UPM Energy UPM Raflatac

115 113 112 124 115 109 110 132

330 312 306 300 298 307 309 299 1,248 1,213 288 274 285 277 268 274 289 277 1,124 1,108 1,361 1,303 1,286 1,334 1,445 1,392 1,358 1,365 5,284 5,560

UPM Paper Asia UPM Paper ENA

3,287 3,163 3,128 2,992 2,919 1,759 1,982 1,927 8,721 8,925 9,486 8,911 9,426 8,865 10,167 10,349

Pulp (1,000 t)

Electricity (GWh)

UPM Plywood

107 101 118 114 112

98 111 108

440 447

429 490

10,028 10,288 10,871 10,615 9,914 9,021 10,641 11,389 10,988 10,172

Papers, total (1,000 t) Plywood (1,000 m 3 ) Sawn timber (1,000 m 3 )

Other operations

113 102 113 119 120 117 128 125

731

737

679

656

638

567

806

945

931

827

Internal sales

–248 –248 –241 –263 –259 –283 –292 –297 –1,000 –1,131

1,609 1,661 1,696 1,683 1,729 1,497 2,132 2,325 2,457 2,016

Eliminations and reconciliations

–19 –22 –15 –20

–8 –26

–5 –30

–76

–69

Sales, total

2,531 2,415 2,441 2,481 2,588 2,472 2,520 2,474 9,868 10,054

Operating profit (loss) excl.special items by segment UPM Biorefining

67 57 22 27 30 14 19 –6

63 43 21 29 62

31 46 17 27 47 12

56 56 20 25 42 11 –2

66 45 16 16 31

67 40 22 20

97 46 19 22

70 55 18 22

217 202

300 186

UPM Energy UPM Raflatac

75 80

UPM Paper Asia UPM Paper ENA

108 181

29 –23 –37

–

UPM Plywood

1 5

44 37

21 25 –4

Other operations

14 –4

6 –

27 –3

3 –10

Eliminations and reconciliations

–12

10 –33

–22 847

Operating profit (loss) excl. special items, total

230 235 186 196 207 194 138 144

683

% of sales

9.1 9.7

7.6

7.9 8.0

7.8 5.5 5.8

8.6

6.8

CONTENTS

ACCOUNTS

133

134

UPM Annual Report 2014

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