(UPM, Helsinki, 27 January 2009 at 13:30) – UPM's operating profit excluding special items for the fourth quarter of 2008 is EUR 46 million negative. That includes a write down of wood inventory. Operating profit excluding special items for the year 2008 is EUR 513 million vs. EUR 835 million in 2007.
In December 2008, UPM estimated its deliveries to decrease in all of its businesses more than anticipated. In addition to low delivery volumes the company cut production in order to lower inventories. Cost efficiency of production decreased during the last quarter.
UPM will publish the Financial Review for the year 2008 on 5 February 2009.
For further information, please contact:
Mr Olavi Kauppila, Senior Vice President, Investor Relations, tel. +358 204 15 0658
UPM, Corporate Communications
Media Desk, tel. +358 40 588 3284