Summary

Interim Report Q1/2015:  Good profitability continued during Q1, UPM is well positioned for earnings growth

Q1 2015 compared with Q1 2014
• Earnings per share excluding special items were EUR 0.29 (0.27), and reported EUR 0.29 (0.36)
• Operating profit excluding special items was EUR 204 million, 8.2% of sales (196 million, 7.9% of sales)
• Profitability was underpinned by the profit improvement actions and favourable exchange rates
• The UPM Lappeenranta Biorefinery started commercial production of advanced renewable diesel
• UPM invests in the top performing plywood business by expanding the Otepää mill in Estonia
 
Key figures Q1/2015 Q1/2014 Q4/2014 Q1-Q4/2014
Sales, EURm 2,486 2,481 2,531 9,868
EBITDA, EURm 325 323 334 1,306
   % of sales 13.1 13.0 13.2 13.2
Operating profit (loss), EURm 203 191 71 674
   excluding special items, EURm 204 196 230 847
   % of sales 8.2 7.9 9.1 8.6
Profit (loss) before tax, EURm 181 237 57 667
   excluding special items, EURm 182 176 216 774
Profit (loss) for the period, EURm 155 193 8 512
Earnings per share, EUR 0.29 0.36 0.01 0.96
   excluding special items, EUR 0.29 0.27 0.32 1.17
Operating cash flow per share, EUR 0.20 0.50 0.86 2.33
Equity per share at end of period, EUR 14.61 14.12 14.02 14.02
Gearing ratio at end of period, % 31 37 32 32
Net interest-bearing liabilities at end of period, EURm 2,419 2,777 2,401 2,401