UPM Interim Report 
January - September 2015 

Interim Report Q3 2015:  Momentum for improvement continues: UPM shows improved Q3 earnings, cash flow and balance sheet


Q3 2015 compared with Q3 2014

Earnings per share excluding special items were EUR 0.76 (0.32) and reported EUR 0.77 (0.34).
Operating profit excluding special items was EUR 507 million, 20.0% of sales (235 million, 9.7% of sales).  Operating profit excluding special items includes a fair value increase of biological assets in Finland totalling EUR 265 million, due to adjusted long-term wood price estimates and a change in the discount rate. The profit improvement programme proceeded ahead of schedule, reaching a cost reduction impact of EUR 36 million in Q3 2015 (annualised EUR 144 million). Operating cash flow was strong at EUR 363 million (300 million).

Q1-Q3 2015 compared with Q1-Q3 2014

Earnings per share excluding special items were EUR 1.38 (0.85) and reported EUR 1.36 (0.95).  Operating profit excluding special items was EUR 938 million, 12.4% of sales (617 million, 8.4% of sales). Growth projects progressed well, dividends increased to EUR 373 million (319 million) and net debt decreased to EUR 2,465 million (2,726 million). UPM started ramping up the expanded Kymi Pulp mill in Q3, started commercial deliveries of advanced renewable diesel and completed the UPM Raflatac expansions in Poland and APAC in Q2 2015. UPM closed 800,000 tonnes of graphic paper production capacity in Europe in Q1–Q2 2015.



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