Summary

UPM reports solid Q4 results with decreased costs and improved efficiency

Q4 Operating profit excluding special items was EUR 207 million (EUR 146 million
Q4 2012)


 
Q4/2013 (compared with Q4/2012)

• Earnings per share excluding special items were EUR 0.27 (0.20), and reported EUR 0.06 (-2.83)

• Operating profit excluding special items was EUR 207 million, 8.0% of sales (146 million, 5.5% of sales)

• EBITDA was EUR 302 million, 11.7% of sales (317 million, 11.9% of sales)

• 48% of the targeted annualised EUR 200 million cost savings achieved in Q4/2013

• Operating cash flow was EUR 262 million, net debt decreased to EUR 3,040 million


Full year 2013 (compared with 2012)

• Earnings per share excluding special items were EUR 0.91 (0.74), and reported EUR 0.63 (-2.14)

• Operating profit excluding special items was EUR 683 million, 6.8% of sales (556 million, 5.3% of sales)

• EBITDA was EUR 1,155 million, 11.5% of sales (1,312 million, 12.5% of sales)

• UPM introduced a new business structure and is implementing a profit improvement programme and focused growth initiatives

• Board’s proposal for dividend per share EUR 0.60 (0.60)


Key figures  Q4/2013  Q4/2012  Q1–Q4/2013  Q1–Q4/2012 
Sales, EURm  2,588 2,657 10,054 10,492
  EBITDA, EURm 1)  302 317 1,155 1,312
  % of sales  11.7 11.9 11.5 12.5
Operating profit (loss), EURm  134    –1,659 548   –1,318
  excluding special items, EURm  207 146 683 556
  % of sales    8.0  5.5 6.8 5.3 
Profit (loss) before tax, EURm  115    –1,690 475    –1,271
  excluding special items, EURm  188 123 610 471
Net profit (loss) for the period, EURm  36    –1,486 335 –1,122
Earnings per share, EUR   0.06    –2.83 0.63 –2.14
  excluding special items, EUR   0.27  0.20 0.91 0.74
Operating cash flow per
share, EUR 
 0.49  0.69 1.39 1.98
Equity per share at end
of period, EUR 
14.08  14.18 14.08 14.18
Gearing ratio at end of period, %  41 43 41 43
Net interest-bearing liabilities
at end of period, EURm 
3,040 3,210 3,040 3,210

1) EBITDA is operating profit before depreciation, amortisation and impairment charges, excluding the change in value of biological assets, excluding the share of results of associated companies and joint ventures, and special items.