Summary

Interim report Q1/2014: UPM’s strong Q1 shows momentum towards EUR 400 million profit improvement


Q1/2014 compared with Q1/2013:

• Earnings per share excluding special items were EUR 0.27 (0.18), and reported EUR 0.36 (0.09)
• Operating profit excluding special items improved to EUR 196 million, 7.9% of sales (144 million, 5.8% of sales)
• EBITDA was EUR 313 million, 12.6% of sales (284 million, 11.5% of sales)
• Growth initiatives progressed in UPM Biorefining, UPM Paper Asia and UPM Raflatac
• 78% of the targeted annualised EUR 200 million cost savings achieved in Q1 2014
• Operating cash flow was EUR 264 million and net debt decreased to EUR 2,777 million


Key figures Q1/2014 Q1/2013 Q4/2013 Q1-Q4/2013
Sales, EURm 2,481 2,474 2,588 10,054
EBITDA, EURm 1) 313 284 302 1,155
   % of sales 12.6 11.5 11.7 11.5
Operating profit (loss), EURm 191 81 134 548
   excluding special items, EURm 196 144 207 683
   % of sales 7.9 5.8 8.0 6.8
Profit (loss) before tax, EURm 237 66 115 475
   excluding special items, EURm 176 129 188 610
Profit (loss) for the period, EURm 193 47 36 335
Earnings per share, EUR 0.36 0.09 0.06 0.63
   excluding special items, EUR 0.27 0.18 0.27 0.91
Operating cash flow per share, EUR 0.50 0.20 0.49 1.39
Equity per share at the end of period, EUR 14.12 14.30 14.08 14.08
Gearing ratio at the end of period, % 37 42 41 41
Net interest bearing liabilities at the end of period, EURm 2,777 3,199 3,040 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.