Summary

Interim report Q3/2014: UPM achieves EUR 200 million profit improvement target ahead of schedule –Net debt at lowest level in 15 years


Q3 2014 compared with Q3 2013

• Earnings per share excluding special items were EUR 0.32 (0.26), and reported EUR 0.34 (0.26)
• Operating profit excluding special items increased to EUR 235 million, 9.7% of sales (194 million, 7.8% of sales), due to the success of the profit improvement programme
• EBITDA was EUR 346 million, 14.3% of sales (311 million, 12.6% of sales)
• The full targeted annualised cost savings of EUR 200 million were achieved in Q3 2014, ahead of schedule 
 

Q1–Q3 2014 compared with Q1–Q3 2013

• Earnings per share excluding special items were EUR 0.85 (0.64), and reported EUR 0.95 (0.57)
• Operating profit excluding special items increased to EUR 617 million, 8.4% of sales (476 million, 6.4% of sales), due to the success of the profit improvement programme
• EBITDA was EUR 957 million, 13.0% of sales (853 million, 11.4% of sales)
• Growth projects progressed in UPM Biorefining, UPM Paper Asia and UPM Raflatac
• Strong operating cash flow at EUR 779 million (473 million), net debt decreased to EUR 2,726 million

 

Key figures Q3/2014 Q3/2013 Q2/2014 Q1-Q3/2014 Q1-Q3/2013 Q1-Q4/2013
Sales, EURm 2,415 2,472 2,441 7,337 7,466 10,054
EBITDA, EURm 346 311 298 957 853 1,155
   % of sales 14.3 12.6 12.2 13.0 11.4 11.5
Operating profit (loss), EURm 236 187 176 603 414 548
   excluding special items, EURm 235 194 186 617 476 683
   % of sales 9.7 7.8 7.6 8.4 6.4 6.8
Profit (loss) before tax, EURm 214 166 159 610 360 475
   excluding special items, EURm 213 173 169 558 422 610
Profit (loss) for the period, EURm 182 138 129 504 299 335
Earnings per share, EUR 0.34 0.26 0.25 0.95 0.57 0.63
   excluding special items, EUR 0.32 0.26 0.26 0.85 0.64 0.91
Operating cash flow per share, EUR 0.57 0.55 0.40 1.47 0.90 1.39
Equity per share at end of period, EUR 14.33 14.01 13.76 14.33 14.01 14.08
Gearing ratio at end of period, % 36 45 40 36 45 41
Net interest-bearing liabilities at end of period, EURm 2,726 3,301 2,925 2,726 3,301 3,040