Summary

Interim Report Q2/2015: UPM’s good progress continued in Q2, with higher profits year-on-year 

Q2 2015 compared with Q2 2014
• Earnings per share excluding special items were EUR 0.33 (0.26), and reported EUR 0.30 (0.25)
• Operating profit excluding special items increased to EUR 227 million, 8.9% of sales (186 million, 7.6% of sales)
• Profitability was underpinned by profit improvement actions and favourable exchange rates
• In Q2 2015, the profit improvement programme progressed well, reaching a cost reduction impact of EUR 27 million (annualised EUR 108 million)
• Operating cash flow was strong at EUR 324 million (215 million)
 
Q1–Q2 2015 compared with Q1–Q2 2014
• Earnings per share excluding special items were EUR 0.62 (0.53), and reported EUR 0.59 (0.61)
• Operating profit excluding special items increased to EUR 431 million, 8.6% of sales (382 million, 7.8% of sales)
• UPM started commercial deliveries of advanced renewable diesel and completed the UPM Raflatac expansions in Poland and APAC
• UPM invests in the top-performing plywood and pulp businesses by expanding the Otepää plywood mill in Estonia and improving efficiency in the UPM Kaukas pulp mill
• UPM closed 800,000 tonnes of graphic paper production capacity in Europe
 
Key figures Q2/2015 Q2/2014 Q1/2015 Q1-Q2/2015 Q1-Q2/2014 Q1-Q4/2014
Sales, EURm 2,548 2,441 2,486 5,034 4,922 9,868
EBITDA, EURm 317 305 325 642 628 1,306
   % of sales 12.4 12.5 13.1 12.8 12.8 13.2
Operating profit (loss), EURm 206 176 203 409 367 674
   excluding special items, EURm 227 186 204 431 382 847
   % of sales 8.9 7.6 8.2 8.6 7.8 8.6
Profit (loss) before tax, EURm 182 159 181 363 396 667
   excluding special items, EURm 203 169 182 385 345 774
Profit (loss) for the period, EURm 160 129 155 315 322 512
Earnings per share, EUR 0.30 0.25 0.29 0.59 0.61 0.96
   excluding special items, EUR 0.33 0.26 0.29 0.62 0.53 1.17
Operating cash flow per share, EUR 0.61 0.40 0.20 0.81 0.90 2.33
Equity per share at end of period, EUR 14.30 13.76 14.61 14.30 13.76 14.02
Gearing ratio at end of period, % 35 40 31 35 40 32
Net interest-bearing liabilities at end of period, EURm 2,635 2,925 2,419 2,635 2,925 2,401