Summary

Interim report Q2/2014: UPM posts strong second quarter, solid progress in growth projects


Q2 2014 compared with Q2 2013

• Earnings per share excluding special items were EUR 0.26 (0.20), and reported EUR 0.25 (0.22)
• Operating profit excluding special items increased to EUR 186 million, 7.6% of sales (138 million, 5.5% of sales), due to the successful profit improvement programme
• EBITDA was EUR 298 million, 12.2% of sales (258 million, 10.2% of sales)
• The Lappeenranta renewable diesel refinery started its testing and commissioning process; the UPM Fray Bentos pulp mill received an increased production permit
• 94% of the targeted annualised EUR 200 million cost savings achieved in Q2 2014

Q1–Q2 2014 compared with Q1–Q2 2013

• Earnings per share excluding special items were EUR 0.53 (0.38), and reported EUR 0.61 (0.31)
• Operating profit excluding special items increased to EUR 382 million, 7.8% of sales (282 million, 5.6% of sales), due to the successful profit improvement programme
• EBITDA was EUR 611 million, 12.4% of sales (542 million, 10.9% of sales)
• Growth projects progressed in UPM Biorefining, UPM Paper Asia and UPM Raflatac
• Strong operating cash flow at EUR 479 million (187 million), net debt decreased to EUR 2,925 million

 

Key figures Q2/2014 Q2/2013 Q1/2014 Q1-Q2/2014 Q1-Q2/2013 Q1-Q4/2013
Sales, EURm 2,441 2,520 2,481 4,922 4,994 10,054
EBITDA, EURm 1) 298 258 313 611 542 1,155
   % of sales 12.2 10.2 12.6 12.4 10.9 11.5
Operating profit (loss), EURm 176 146 191 367 227 548
   excluding special items, EURm 186 138 196 382 282 683
   % of sales 7.6 5.5 7.9 7.8 5.6 6.8
Profit (loss) before tax, EURm 159 128 237 396 194 475
   excluding special items, EURm 169 120 176 345 249 610
Profit (loss) for the period, EURm 129 114 193 322 161 335
Earnings per share, EUR 0.25 0.22 0.36 0.61 0.31 0.63
   excluding special items, EUR 0.26 0.20 0.27 0.53 0.38 0.91
Operating cash flow per share, EUR 0.40 0.16 0.50 0.90 0.35 1.39
Equity per share at end of period, EUR 13.76 13.93 14.12 13.76 13.93 14.08
Gearing ratio at end of period, % 40 48 37 40 48 41
Net interest-bearing liabilities at end of period, EURm 2,925 3,524 2,777 2,925 3,524 3,040
1) EBITDA is operating profit before depreciation, amortisation and impairment charges, excluding the change in fair value of biological assets and wood harvested, excluding the share of results of associated companies and joint ventures, and special items.