UPM-Kymmene Corporation Interim Report 28 April 2010 at 09:40
UPM Interim Report 1 January-31 March 2010
Earnings per share for the first quarter were EUR 0.13 (-0.30), and excluding
special items EUR 0.15 (-0.27). Operating profit excluding special items was
EUR 116 million (loss of EUR 78 million). Operating cash flow was
EUR 209 million (274 million). Positive development in delivery volumes
in all businesses - sales grew by 10%.
Key figures
Q1/ Q1/ Q1-Q4/
2010 2009 2009
Sales, EURm 2,039 1,857 7,719
EBITDA, EURm 1) 288 128 1,062
% of sales 14.1 6.9 13.8
Operating profit (loss), EURm 107 -95 135
excluding special items, EURm 116 -78 270
% of sales 5.7 -4.2 3.5
Profit (loss) before tax, EURm 82 -162 187
excluding special items, EURm 91 -145 107
Net profit (loss) for the 70 -158 169
period, EURm
Earnings per share, EUR 0.13 -0.30 0.33
excluding special items, EUR 0.15 -0.27 0.11
Diluted earnings per share, EUR 0.13 -0.30 0.33
Return on equity, % 4.2 neg. 2.8
excluding special items, % 4.6 neg. 1.0
Return on capital employed, % 4.0 neg. 3.2
excluding special items, % 4.3 neg. 2.5
Operating cash flow per 0.40 0.53 2.42
share, EUR
Shareholders' equity per 12.62 11.05 12.67
share at end of period, EUR
Gearing ratio at end of 54 72 56
period, %
Net interest-bearing 3,569 4,139 3,730
liabilities at end of period, EURm
Capital employed at end of 10,953 10,501 11,066
period, EURm
Capital expenditure, EURm 30 67 913
Capital expenditure excluding 30 58 229
acquisitions and shares, EURm
Personnel at end of period 22,840 24,039 23,213
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets, excluding the
share of results of associated companies and joint ventures, and special items.
Results
Q1 of 2010 compared with Q1 of 2009
Sales for the first quarter of 2010 were EUR 2,039 million, 10% higher than the
EUR 1,857 million in the first quarter of 2009. Sales increased due to higher
deliveries across all of UPM's business areas.
Operating profit was EUR 107 million, 5.2% of sales (loss of EUR 95 million,
-5.1% of sales). The operating profit excluding special items was EUR 116
million, 5.7% of sales (loss of EUR 78 million, -4.2% of sales). Operating
profit includes net charges of EUR 9 million (17 million) as special items,
which mainly consist of employee-related restructuring charges in the Paper
business area.
Profitability improved noticeably from the same period last year. The main
reasons for the better profitability were higher delivery volumes in UPM's
businesses and lower costs for wood and energy. The operations in Uruguay,
acquired in December 2009, contributed positively to the operating profit.
Due to the stevedores' strike in Finland from 4 March to 19 March, the
company's production volumes have been lower in Paper, Pulp, Timber and
Plywood. The estimated loss due to strike is approximately EUR 20 million with
an impact on first and second quarter results.
Wood costs increased from the latter part of 2009, but decreased by about EUR
40 million from the first quarter of last year. Energy costs were about EUR 30
million lower than last year. In addition, the comparison period included wood
and pulp inventory write-downs of EUR 53 million.
Changes in sales prices in euro terms reduced operating profit by about EUR 100
million. The average paper price in euros decreased by approximately 10% from
the same period last year. The average price for label materials in euros was
slightly lower than last year and plywood prices decreased somewhat. Sawn
timber sales prices increased by approximately 14%. The price for external
electricity sales was noticeably higher, improving operating profit.
The increase in the fair value of biological assets net of wood harvested was
EUR 19 million compared with EUR 11 million a year before.
The share of results of associated companies and joint ventures was EUR 3
million (53 million negative).
Profit before tax was EUR 82 million (loss of EUR 162 million) and excluding
special items EUR 91 million (loss of EUR 145 million). Interest and other
financing costs net were EUR 26 million (58 million). Exchange rate and fair
value gains and losses were EUR 1 million (loss of EUR 9 million).
Income taxes were EUR 12 million (4 million positive). The impact on taxes from
special items was EUR 3 million positive (3 million negative).
Profit for the first quarter was EUR 70 million (loss of EUR 158 million) and
earnings per share were EUR 0.13 (-0.30). Earnings per share excluding special
items were EUR 0.15 (-0.27). Operating cash flow per share was EUR 0.40 (0.53).
Financing
Cash flow from operating activities, before capital expenditure and financing,
was EUR 209 million (274 million). Net working capital increased by EUR 18
million during the period (decrease of EUR 216 million).
The gearing ratio as of 31 March 2010, was 54% (72%). Net interest-bearing
liabilities at the end of the period came to EUR 3,569 million (4,139 million).
On 31 March 2010, UPM's cash funds and unused committed credit facilities
totalled EUR 2.2 billion.
Personnel
In the first quarter of 2010, UPM had an average of 22,889 employees (24,199).
At the beginning of the year the number of employees was 23,213, and at the end
of the first quarter it was 22,840.
Capital expenditure
During the first three months of 2010, capital expenditure was EUR 30 million,
1.5% of sales (EUR 67 million, 3.6% of sales).
The largest ongoing project is now the rebuild of the debarking plant at the
Pietarsaari mill in Finland with total investment cost is estimated to be EUR
25 million.
Shares
In the first quarter of 2010, UPM shares worth EUR 2,118 million (1,503
million) in total were traded on the NASDAQ OMX Helsinki stock exchange. The
highest quotation was EUR 10.03 in March and the lowest EUR 7.37 in February.
The company's ADSs are traded on the US over-the-counter (OTC) market under a
Level 1 sponsored American Depositary Receipt programme.
The Annual General Meeting, held on 22 March 2010, authorised the Board of
Directors to acquire no more than 51,000,000 of the company's own shares. The
authorisation is valid for 18 months from the date of the decision.
The Board was authorised to decide on the issuance of shares and/or transfer
the Company's own shares held by the Company and/or issue special rights
entitling holders to shares in the Company as follows: (i) The maximum number
of new shares that may be issued and the Company's own shares held by the
Company that may be transferred is, in total, 25,000,000 shares. This figure
also includes the number of shares that can be received on the basis of the
special rights. (ii) The new shares and special rights entitling holders to
shares in the Company may be issued and the Company's own shares held by the
Company may be transferred to the Company's shareholders in proportion to their
existing shareholdings in the Company, or in a directed share issue, deviating
from the shareholder's pre-emptive subscription right. This authorisation is
valid until 22 March 2013.
To date these authorisations have not been used.
The company has four option series that would entitle the holders to subscribe
for a total of 18,000,000 shares. Share options 2005H may be subscribed for
3,000,000 shares, and share options 2007A, 2007B and 2007C may be subscribed
for a total of 15,000,000 shares. The 2007C options have not been distributed
yet.
Apart from the above, the Board of Directors has no current authorisation to
issue shares, convertible bonds or share options.
The number of shares entered in the Trade Register on 31 March 2010 was
519,970,088. Through the issuance authorisation and share options, the number
of shares may increase to a maximum of 562,970,088.
At the end of the period, the company did not hold any of its own shares.
Dividend
The Annual General Meeting of 22 March 2010 approved the Board's proposal to
pay a dividend of EUR 0.45 per share for the 2009 financial year. The dividend
of EUR 234 million was approved to be paid on 7 April 2010 and is included in
the short-term non-interest bearing liabilities at the end of March.
Company directors
At the Annual General Meeting, nine members were elected to the Board of
Directors. Mr Matti Alahuhta, President and CEO of KONE Corporation, Mr Berndt
Brunow, Chairman of the Board of Oy Karl Fazer Ab, Mr Karl Grotenfelt, Chairman
of the Board of Directors of Famigro Oy, Ms Wendy E. Lane, Chairman of the
American investment firm Lane Holdings, Inc., Mr Jussi Pesonen, President and
CEO of UPM, Ms Ursula Ranin, Board member of Finnair plc, Mr Veli-Matti
Reinikkala, President of ABB Process Automation Division and Mr Björn Wahlroos,
Chairman of the Board of Sampo plc were re-elected as members of the Board of
Directors. Mr. Robert J. Routs, Vice Chairman of the supervisory board of Aegon
N.V. was elected to the Board of Directors as a new member.
The term of office of the members of the Board of Directors will last until the
end of the next Annual General Meeting.
At the organisation meeting of the Board of Directors, Mr Björn Wahlroos was
re-elected as Chairman, and Mr Berndt Brunow was re-elected as Deputy Chairman.
In addition, the Board of Directors appointed from among its members an Audit
Committee with Mr Karl Grotenfelt as Chairman, and Ms Wendy E. Lane and Mr
Veli-Matti Reinikkala as members. A Human Resources Committee was appointed
with Mr Berndt Brunow as Chairman, and Ms Ursula Ranin and Mr Robert J. Routs
as members. Furthermore, a Nomination and Corporate Governance Committee was
appointed with Mr Björn Wahlroos as Chairman, and Mr Matti Alahuhta and Mr Karl
Grotenfelt as members.
Litigation
In Finland, UPM is participating in the building project of a new nuclear power
plant, Olkiluoto 3, through its associated company Pohjolan Voima Oy. Pohjolan
Voima Oy is a majority shareholder of Teollisuuden Voima Oy ("TVO") with 58.28%
of shares. UPM's indirect share of the capacity of the Olkiluoto 3 is
approximately 29%. The original agreed timetable for the start-up was summer
2009 but the construction of the unit has been delayed. The latest anticipated
start-up time is after June 2012. TVO has requested that the plant supplier,
the AREVA-Siemens consortium, provide a re-analysis of the anticipated start-up
time.
TVO has informed that the arbitration filed in December 2008 by AREVA-Siemens,
concerning the delay at Olkiluoto 3 and related costs, amounted to EUR 1.0
billion. In response, TVO filed a counter-claim in April 2009 for costs and
losses that TVO is incurring due to the delay and other defaults on the part of
the supplier. The value of TVO's counterclaim was approximately EUR 1.4
billion.
Events after the balance sheet date
On 20 April 2010, the International Court of Justice published its decision on
the litigation action against the government of Uruguay related to the Fray
Bentos pulp mill in Uruguay. The decision reduces the political risk related to
the Fray Bentos pulp mill.
Risk factors
Expected decisions on the proposed EU Energy Package have increased
uncertainties on how the proposed policies and measures will impact the
availability and cost of wood fibre for wood processing industries in Europe.
At the same time, global competition for fibres has already created disruptions
in fibre availability resulting in volatile price developments.
Outlook for 2010
Gradual recovery in UPM's main markets is expected to continue and demand for
consumer goods is forecast to improve. Recovery of advertising expenditure in
print media is slow, and this will impede growth in demand for graphic papers.
Investment activity, including construction, has shown signs of recovery, and
demand for construction materials such as timber and plywood is expected to
pick up. Growth is expected to continue in Asia, especially in China.
Disruptions in supply of fibre and plywood from Chile continue to affect
markets during the second quarter.
Low capacity utilisation rates at some of the company's timber, plywood and
European paper mills will continue periodically. Necessary production
curtailments will require continuing the flexible way of working in these
operations.
For the rest of the year, the electricity generation volume will be about the
same as last year, assuming that a lower than average hydrological balance
continues in Finland. Based on current forward sale agreements and Nordpool
forward prices, the average sales price for electricity is estimated to be
about the same as last year.
Chemical pulp deliveries, on a comparable basis, are expected to be higher than
last year. Current prices for both hardwood and softwood pulp are significantly
higher than last year.
Paper demand in Europe is forecast to recover from 2009, and UPM's paper
deliveries for 2010 are expected to be higher than last year. Deliveries for
fine and speciality papers are expected to increase the most. The average price
in euro for all paper deliveries for the second quarter is expected to improve
slightly from the first quarter of this year. UPM's target is to increase
prices in all new sales agreements.
Demand for self-adhesive labelstock is estimated to improve from last year in
all the main markets. Raw material costs, especially in paper and oil-based raw
materials, have increased. This puts pressure on sales margins.
The operating profit (excluding special items) for the year 2010 is expected to
clearly improve from last year. Variable costs are expected to increase by
about 2% from last year.
BUSINESS AREA REVIEWS
Energy
Q1/ Q4/ Q3/ Q2/ Q1/Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 174 128 108 100 136 472
EBITDA, EURm 1) 79 57 35 41 57 190
% of sales 45.4 44.5 32.4 41.0 41.9 40.3
Share of results of 4 -8 -24 -4 -4 -40
associated companies and
joint ventures, EURm
Depreciation, amortisation -2 -2 -1 -1 -2 -6
and impairment charges, EURm
Operating profit, EURm 81 47 10 36 51 144
% of sales 46.6 36.7 9.3 36.0 37.5 30.5
Special items, EURm 2) - -1 -17 - - -18
Operating profit excl. 81 48 27 36 51 162
special items, EURm
% of sales 46.6 37.5 25.0 36.0 37.5 34.3
Electricity deliveries, 2,411 2,277 2,103 1,999 2,486 8,865
1,000 MWh
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) In 2009, special items relate to impairments of associated company Pohjolan
Voima's two power plants.
Q1 of 2010 compared with Q1 of 2009
The operating profit excluding special items for Energy was EUR 81 million, EUR
30 million higher than last year (51 million). Sales increased by 28% to EUR
174 million (136 million), of which EUR 94 million was external sales (49
million). The electricity sales volume was 2.4 TWh in the quarter (2.5 TWh).
Profitability improved compared with the same period last year, due to the
higher average electricity sales price and temporarily higher external sales as
less electricity was consumed internally in the Finnish paper mills during the
stevedores' strike in March.
The average electricity sales price increased by 36% to EUR 61.3/MWh
(45.2/MWh). Hydropower volume was 29% lower in comparison with the previous
year but it was partly compensated with higher condensing power generation.
Market review
The average electricity spot price on the Nordic electricity exchange in the
first quarter was EUR 59.5/MWh, 56% higher than in the same period last year
(38.2/MWh) due to a cold and dry winter.
Oil and coal prices increased compared with the same period last year. CO2
emission allowance prices were higher.
The rest of the year electricity system forward price on the Nordic electricity
exchange was EUR 42.2/MWh on 31 March, 26% higher than on the same date last
year (33.4/MWh).
In the first quarter of the year, the Nordic water reservoirs were below their
long-term average at this time of the year.
Pulp
Q1/ Q4/ Q3/ Q2/ Q1/Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 341 226 156 132 139 653
EBITDA, EURm 1) 120 53 8 -24 -55 -18
% of sales 35.2 23.5 5.1 -18.2 -39.6 -2.8
Change in fair value of - -1 - - - -1
biological assets and wood
harvested, EURm
Share of results of - 7 4 -16 -47 -52
associated companies and
joint ventures, EURm 3)
Depreciation, amortisation -36 -24 -21 -20 -20 -85
and impairment charges, EURm
Operating profit, EURm 83 35 -9 -60 -122 -156
% of sales 24.3 15.5 -5.8 -45.5 -87.8 -23.9
Special items, EURm 2) -1 - - - -29 -29
Operating profit excl. 84 35 -9 -60 -93 -127
special items, EURm
% of sales 24.6 15.5 -5.8 -45.5 -66.9 -19.4
Pulp deliveries, 1,000 t 700 550 446 391 372 1,759
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) In 2009, special items of EUR 29 million relate to the associated company
Metsä-Botnia's Kaskinen pulp mill closure.
3) In the balance sheet in the interim report for January-June, on 30 June
2009, UPM has regrouped the 30% transferable share of Botnia's book value as
assets held for sale. Consequently, from July 2009, UPM has not included the
share of the transferable Botnia operations in the share of results of
associated companies.
Q1 of 2010 compared with Q1 of 2009
The Fray Bentos pulp mill and Forestal Oriental eucalyptus plantation forestry
company in Uruguay were included in the Pulp business area as of December 2009.
The operating profit excluding special items for Pulp was EUR 84 million (loss
of EUR 93 million). Sales increased by 145% to EUR 341 million (139 million)
and deliveries by 88% to 700,000 tonnes (372,000).
Profitability improved substantially from the previous year. The main reasons
for the improvement were significantly higher pulp prices and higher sales
volumes than last year. Wood costs were lower.
Comparison period also included a wood inventory write-down of EUR 28 million
and a pulp inventory write-down of EUR 10 million.
Market review
In the first quarter of 2010, global chemical pulp prices increased
substantially due to the tight market balance. The earthquake in Chile has
reduced the global chemical market pulp supply temporarily, whilst strong
market demand, driven by China, continued.
The average softwood pulp (NBSK) market price in euro terms, at EUR 613/tonne,
was almost 35% higher than in the same period last year (EUR 455/tonne). At the
end of the first quarter, the NBSK market price was EUR 666/tonne. The average
hardwood pulp (BHKP) market price in euro terms increased by almost 33% from
last year, to EUR 543/tonne (EUR 409/tonne). At the end of the first quarter
the BHKP market price was EUR 591/tonne.
Forest and timber
Q1/ Q4/ Q3/ Q2/ Q1 /Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 339 348 295 309 385 1,337
EBITDA, EURm 1) 3 30 24 -15 -15 24
% of sales 0.9 8.6 8.1 -4.9 -3.9 1.8
Change in fair value of 19 10 -13 10 11 18
biological assets and wood
harvested, EURm
Share of results of 1 1 -1 1 1 2
associated companies and
joint ventures, EURm
Depreciation, amortisation -4 -11 -4 -14 -5 -34
and impairment charges, EURm
Operating profit, EURm 19 21 6 -18 -18 -9
% of sales 5.6 6.0 2.0 -5.8 -4.7 -0.7
Special items, EURm 2) - -14 1 -8 -10 -31
Operating profit excl. 19 35 5 -10 -8 22
special items, EURm
% of sales 5.6 10.1 1.7 -3.2 -2.1 1.6
Sawn timber deliveries, 371 413 355 366 363 1,497
1,000 m3
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) Special items of EUR 14 million including impairment charges of EUR 5
million, in the fourth quarter of 2009 relate to restructuring of Timber
operations in Finland. Special items for the second quarter of 2009 include
impairment charges of EUR 8 million related to wood procurement operations. In
the first quarter of 2009, special items of EUR 10 million relate to the sales
loss of Miramichi's forestry and sawmilling operations' assets.
Q1 of 2010 compared with Q1 of 2009
The operating profit excluding special items for Forest and timber was EUR 19
million (loss of EUR 8 million). Sales decreased by 12% to EUR 339 million (385
million). Sawn timber deliveries increased by 2% to 371,000 cubic metres
(363,000 cubic metres).
Profitability improved from the same period last year, mainly due to the
average sawn timber price being approximately 14% higher than last year. Wood
costs were lower.
The increase in the fair value of biological assets net of wood harvested was
EUR 19 million (11 million). The increase in the fair value of biological
assets (growing trees) was EUR 33 million (21 million). The cost of wood raw
material harvested from the Group's own forests was EUR 14 million
(10 million).
Market review
In the first quarter of 2010, Finnish wood market activity remained at a low
level, representing about half of the long term average purchasing volumes.
However, wood purchases in the Finnish wood market increased almost by 59% from
the very low level in the same period last year.
Wood market prices declined by an average of about 2% compared with the same
period last year but increased slightly from the fourth quarter of 2009.
Log market prices for pine and spruce increased from last year, mainly
due to weakened supply of wood. Log market prices for birch declined.
In the first quarter of 2010, demand for both redwood and whitewood sawn timber
in Europe improved slightly in comparison with last year even though
the construction activity remained still very low.
Paper
Q1/ Q4/ Q3/ Q2/ Q1/ Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 1,401 1,558 1,454 1,388 1,367 5,767
EBITDA, EURm 1) 75 221 274 247 187 929
% of sales 5.4 14.2 18.8 17.8 13.7 16.1
Share of results of - 1 - -1 -1 -1
associated companies and
joint ventures, EURm
Depreciation, amortisation -136 -140 -142 -147 -149 -578
and impairment charges, EURm
Operating profit, EURm -69 74 126 85 60 345
% of sales -4.9 4.7 8.7 6.1 4.4 6.0
Special items, EURm 2) -8 -8 -6 -10 23 -1
Operating profit excl. -61 82 132 95 37 346
special items, EURm
% of sales -4.4 5.3 9.1 6.8 2.7 6.0
Deliveries, publication 1,364 1,576 1,464 1,323 1,304 5,667
papers, 1,000 t
Deliveries, fine and 937 945 872 813 724 3,354
speciality papers, 1,000 t
Paper deliveries total, 2,301 2,521 2,336 2,136 2,028 9,021
1,000 t
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) In 2010, special items include mainly employee-related restructuring
charges. In the fourth and third quarter of 2009, special items of EUR 8
million and EUR 6 million relate to restructuring charges. Special items for
the second quarter of 2009 include charges of EUR 9 million related to
personnel reduction in Nordland mill, impairment reversals of EUR 4 million and
other restructuring charges of EUR 5 million. In the first quarter of 2009,
special items include an income of EUR 31 million related to the sale of the
assets of the former Miramichi paper mill and charges of EUR 8 million related
to restructuring measures.
Q1 of 2010 compared with Q1 of 2009
Operating loss excluding special items for Paper was EUR 61 million (profit of
EUR 37 million). Sales were EUR 1,401 million (1,367 million). Paper deliveries
increased by 13% to 2,301,000 tonnes (2,028,000). Paper deliveries for
publication papers (magazine papers and newsprint) increased by 5%, and for
fine and speciality papers by 29%, from last year. Delivery growth was
highest in Asia and in North America.
The Paper business area incurred an operating loss, as the average paper price
decreased significantly from the same period last year and the cost of fibre
increased. Higher paper deliveries had a positive impact on operating profit,
even though delivery volumes were negatively affected by the stevedores' strike
in Finland. The average price for all paper deliveries when translated into
euros was 10% lower than last year. Compared with the fourth quarter of 2009,
prices decreased for all publication paper grades, but increased for fine
papers and speciality papers.
Market review
Demand for publication papers in Europe was 3% higher, and for fine papers 4%
higher, than a year ago. In North America, the demand for magazine papers
increased by 10% from last year. In Asia, demand for fine papers grew.
In Europe, magazine paper prices decreased in the first quarter by about 4%
from the previous quarter, or about 10% from the first quarter of 2009.
Newsprint prices decreased by about 14% both compared with the previous quarter
and with the same period last year. Fine paper prices were about the same as in
the last quarter of 2009, but were about 5% lower than in the same period last
year.
In North America, the average US dollar price for magazine papers was 2% lower
than in the previous quarter, or 17% lower than a year ago. In Asia, market
prices for fine papers increased both from last year and from the previous
quarter.
Label
Q1/ Q4/ Q3/ Q2/ Q1/ Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 260 252 242 226 223 943
EBITDA, EURm 1) 31 25 29 18 6 78
% of sales 11.9 9.9 12.0 8.0 2.7 8.3
Depreciation, amortisation -7 -8 -9 -11 -9 -37
and impairment charges, EURm
Operating profit, EURm 24 16 18 4 -3 35
% of sales 9.2 6.3 7.4 1.8 -1.3 3.7
Special items, EURm 2) 1 -1 -2 -5 - -8
Operating profit excl. 23 17 20 9 -3 43
special items, EURm
% of sales 8.8 6.7 8.3 4.0 -1.3 4.6
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) In 2010, special items relate to impairment reversals. In the fourth and
third quarter of 2009, special items relate to restructuring charges. In the
second quarter of 2009, special items include impairment charges of EUR 2
million and other restructuring charges of EUR 3 million.
Q1 of 2010 compared with Q1 of 2009
Operating profit excluding special items for Label was EUR 23 million (loss of
EUR 3 million). Sales increased by 17% to EUR 260 million (223 million).
Profitability improved mainly due to lower raw material costs and higher sales
volumes. Delivery volumes of self-adhesive label materials increased in all
regions. Volume increase was highest in growth markets of Asia and Eastern
Europe.
The average price for label materials in local currencies decreased marginally
from the same period last year. Prices in local currencies increased during the
first quarter of 2010 and on average were higher than in the fourth quarter of
2009.
Market review
Demand for self-adhesive label materials grew noticeably in the first quarter
from the depressed levels seen in the same period last year. Demand growth was
strongest in Asia Pacific, Eastern Europe and Latin America, where demand is
estimated to have exceeded pre-recession levels. In mature markets in Western
Europe and North America demand recovered, but not yet to pre-recession levels.
Plywood
Q1/ Q4/ Q3/ Q2/ Q1/ Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 76 81 73 77 75 306
EBITDA, EURm 1) -2 3 -5 -5 -23 -30
% of sales -2.6 3.7 -6.8 -6.5 -30.7 -9.8
Depreciation, amortisation -5 -12 -5 -5 -5 -27
and impairment charges, EURm
Operating profit, EURm -7 -33 -10 -10 -29 -82
% of sales -9.2 -40.7 -13.7 -13.0 -38.7 -26.8
Special items, EURm 2) - -30 - - -1 -31
Operating profit excl. -7 -3 -10 -10 -28 -51
special items, EURm
% of sales -9.2 -3.7 -13.7 -13.0 -37.3 -16.7
Deliveries, plywood, 1,000 m3 140 150 143 141 133 567
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) Special items in the fourth quarter of 2009 include impairment charges of
EUR 6 million and other restructuring charges of EUR 24 million.
Q1 of 2010 compared with Q1 of 2009
Operating loss excluding special items for Plywood was EUR 7 million (loss of
EUR 28 million). Sales were EUR 76 million (75 million). Plywood deliveries
increased by 5% to 140,000 m3.
Operating loss for Plywood decreased from last year due to lower raw material
costs. Plywood sales prices were lower than last year. Delivery volumes were
negatively affected by the stevedores' strike in Finland. The comparison period
also included a wood inventory write-down of EUR 15 million.
Market review
In Europe, plywood demand increased slightly from the first quarter of 2009.
Construction activity continued at a very low level and was further limited by
the cold winter in Europe. Demand for engineered end products in transportation
and other industrial end-uses showed only weak signs of improvement. The market
prices of plywood were lower than in the same quarter last year, but increased
slightly from the fourth quarter of 2009.
Other operations
Q1/ Q4/ Q3/ Q2/ Q1/Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales, EURm 40 35 21 21 34 111
EBITDA, EURm 1) -18 -27 -31 -24 -29 -111
Share of results of -2 - - -2 -2 -4
associated companies and
joint ventures, EURm
Depreciation, amortisation -3 -3 -3 -3 -3 -12
and impairment charges, EURm
Operating profit, EURm -24 -34 -45 -29 -34 -142
Special items, EURm 2) -1 -6 -11 - - -17
Operating profit excl. -23 -28 -34 -29 -34 -125
special items, EURm
1) EBITDA is operating profit before depreciation, amortisation and impairment
charges, excluding the change in value of biological assets and wood harvested,
the share of results of associated companies and joint ventures, and special
items.
2) In 2009, special items in the fourth quarter include impairment charges of
EUR 2 million and other charges of EUR 4 million both relating to terminated
activities. Special items of EUR 11 million in the third quarter of 2009 relate
mainly to estates of closed industrial sites in Finland.
Other operations include development units (RFID tags, the wood plastic
composite unit UPM ProFi and biofuels), logistic services and corporate
administration.
Q1 of 2010 compared with Q1 of 2009
Excluding special items, the operating loss for Other operations was EUR 23
million (loss of EUR 34 million). Sales amounted to EUR 40 million (34
million). The development units incurred a smaller operating loss than
last year.
Helsinki, 28 April 2010
UPM-Kymmene Corporation
Board of Directors
FINANCIAL INFORMATION
This Interim Report is unaudited
Consolidated income statement
EURm Q1/ Q1/ Q1-Q4/
2010 2009 2009
Sales 2,039 1,857 7,719
Other operating income 9 17 47
Costs and expenses -1,770 -1,734 -6,774
Change in fair value of 19 11 17
biological assets and wood harvested
Share of results of associated 3 -53 -95
companies and joint ventures
Depreciation, amortisation -193 -193 -779
and impairment charges
Operating profit (loss) 107 -95 135
Gains on available-for-sale - - -1
investments, net
Exchange rate and fair value 1 -9 -9
gains and losses
Interest and other finance -26 -58 62
costs, net
Profit (loss) before tax 82 -162 187
Income taxes -12 4 -18
Profit (loss) for the period 70 -158 169
Attributable to:
Owners of the parent company 70 -158 169
Non-controlling interests - - -
70 -158 169
Earnings per share for profit (loss)
attributable to owners of the parent company
Basic earnings per share, EUR 0.13 -0.30 0.33
Diluted earnings per share, EUR 0.13 -0.30 0.33
Consolidated statement of comprehensive income
EURm Q1/ Q1/ Q1-Q4/
2010 2009 2009
Profit (loss) for the period 70 -158 169
Other comprehensive income for
the period, net of tax:
Translation differences 217 29 165
Net investment hedge -53 -8 -56
Cash flow hedges -23 -18 -4
Available-for-sale investments 5 - 21
Share of other comprehensive -1 4 30
income of associated companies
Other comprehensive income 145 7 156
for the period, net of tax
Total comprehensive income 215 -151 325
for the period
Total comprehensive income attributable to:
Owners of the parent company 215 -151 325
Non-controlling interests - - -
215 -151 325
Condensed consolidated balance sheet
EURm 31.03.2010 31.03.2009 31.12.2009
ASSETS
Non-current assets
Goodwill 1,025 934 1,017
Other intangible assets 452 409 423
Property, plant and equipment 6,166 5,584 6,192
Biological assets 1,324 1,144 1,293
Investments in associated 555 1,219 553
companies and joint ventures
Deferred tax assets 314 260 287
Other non-current assets 865 726 816
10,701 10,276 10,581
Current assets
Inventories 1,204 1,198 1,112
Trade and other receivables 1,557 1,447 1,474
Cash and cash equivalents 365 197 438
3,126 2,842 3,024
Total assets 13,827 13,118 13,605
EQUITY AND LIABILITIES
Equity attributable to owners of the parent company
Share capital 890 890 890
Fair value and other reserves 125 -151 -23
Reserve for invested 1,145 1,145 1,145
non-restricted equity
Retained earnings 4,403 3,864 4,574
6,563 5,748 6,586
Non-controlling interests 16 14 16
Total equity 6,579 5,762 6,602
Non-current liabilities
Deferred tax liabilities 589 612 608
Non-current interest-bearing 4,005 4,189 4,164
liabilities
Other non-current liabilities 661 605 660
5,255 5,406 5,432
Current liabilities
Current interest-bearing 369 550 365
liabilities
Trade and other payables 1,624 1,400 1,206
1,993 1,950 1,571
Total liabilities 7,248 7,356 7,003
Total equity and liabilities 13,827 13,118 13,605
Consolidated statement of changes in equity
Attributable to owners of the parent company
EURm Share Translation Fair value
capital differences and other
reserves
Balance at 1 January 2009 890 -295 130
Profit (loss) for the period - - -
Translation differences - 29 -
Net investment hedge, net of tax - -8 -
Cash flow hedges, net of tax - - -18
Available-for-sale investments - - -
Share of other comprehensive - 10 -
income of associated companies
Total comprehensive income - 31 -18
for the period
Share-based compensation, net of tax - - 1
Dividend paid - - -
Other items - - -
Total transactions with - - 1
owners for the period
Balance at 31 March 2009 890 -264 113
Balance at 1 January 2010 890 -164 141
Profit (loss) for the period - - -
Translation differences - 217 -
Net investment hedge, net of tax - -53 -
Cash flow hedges, net of tax - - -23
Available-for-sale investments - - 5
Share of other comprehensive - - -
income of associated companies
Total comprehensive income - 164 -18
for the period
Share-based compensation, net of tax - - 2
Dividend paid - - -
Other items - - -
Total transactions with - - 2
owners for the period
Balance at 31 March 2010 890 - 125
EURm Reserve
for invested Retained
non-restricted earnings Total
equity
Balance at 1 January 2009 1,145 4,236 6,106
Profit (loss) for the period - -158 -158
Translation differences - - 29
Net investment hedge, net of tax - - -8
Cash flow hedges, net of tax - - -18
Available-for-sale investments - - -
Share of other comprehensive - -6 4
income of associated companies
Total comprehensive income - -164 -151
for the period
Share-based compensation, net of tax - - 1
Dividend paid - -208 -208
Other items - - -
Total transactions with - -208 -207
owners for the period
Balance at 31 March 2009 1,145 3,864 5,748
Balance at 1 January 2010 1,145 4,574 6,586
Profit (loss) for the period - 70 70
Translation differences - - 217
Net investment hedge, net of tax - - -53
Cash flow hedges, net of tax - - -23
Available-for-sale investments - - 5
Share of other comprehensive - -1 -1
income of associated companies
Total comprehensive income - 69 215
for the period
Share-based compensation, net of tax - - 2
Dividend paid - -234 -234
Other items - -6 -6
Total transactions with - -240 -238
owners for the period
Balance at 31 March 2010 1,145 4,403 6,563
EURm Non-controlling Total
interests equity
Balance at 1 January 2009 14 6,120
Profit (loss) for the period - -158
Translation differences - 29
Net investment hedge, net of tax - -8
Cash flow hedges, net of tax - -18
Available-for-sale investments - -
Share of other comprehensive - 4
income of associated companies
Total comprehensive income - -151
for the period
Share-based compensation, ne of tax - 1
Dividend paid - -208
Other items - -
Total transactions with - -207
owners for the period
Balance at 31 March 2009 14 5,762
Balance at 1 January 2010 16 6,602
Profit (loss) for the period - 70
Translation differences - 217
Net investment hedge, net of tax - -53
Cash flow hedges, net of tax - -23
Available-for-sale investments - 5
Share of other comprehensive - -1
income of associated companies
Total comprehensive income - 215
for the period
Share-based compensation, net of tax - 2
Dividend paid - -234
Other items - -6
Total transactions with - -238
owners for the period
Balance at 31 March 2010 16 6,579
Condensed consolidated cash flow statement
EURm Q1/ Q/ Q1-Q4 /
2010 2009 2009
Cash flow from operating activities
Profit (loss) for the period 70 -158 169
Adjustments 180 289 772
Change in working capital -18 216 532
Cash generated from operations 232 347 1,473
Finance costs, net -13 -59 -183
Income taxes paid -10 -14 -31
Net cash generated from 209 274 1,259
operating activities
Cash flow from investing activities
Acquisitions and share purchases - - -586
Capital expenditure -49 -78 -236
Asset sales and other 9 14 608
investing cash flow
Net cash used in investing -40 -64 -214
activities
Cash flow from financing activities
Change in loans and other -250 -342 -732
financial items
Dividends paid - - -208
Net cash used in financing -250 -342 -940
activities
Change in cash and cash -81 -132 105
equivalents
Cash and cash equivalents at 438 330 330
the beginning of period
Foreign exchange effect on cash 8 -1 3
Change in cash and cash -81 -132 105
equivalents
Cash and cash equivalents at 365 197 438
end of period
Quarterly information
EURm Q1/ Q4/ Q3/ Q2/ Q1/ Q1-Q4/
2010 2009 2009 2009 2009 2009
Sales 2,039 2,108 1,913 1,841 1,857 7,719
Other operating income 9 18 5 7 17 47
Costs and expenses -1,770 -1,810 -1,603 -1,627 -1,734 -6,774
Change in fair value of 19 9 -13 10 11 17
biological assets and wood harvested
Share of results of associated 3 1 -21 -22 -53 -95
companies and joint ventures
Depreciation, amortisation -193 -200 -185 -201 -193 -779
and impairment charges
Operating profit (loss) 107 126 96 8 -95 135
Gains on available-for-sale - - -1 - - -1
investments, net
Exchange rate and fair value 1 - -3 3 -9 -9
gains and losses
Interest and other finance -26 185 -28 -37 -58 62
costs, net
Profit (loss) before tax 82 311 64 -26 -162 187
Income taxes -12 -16 -24 18 4 -18
Profit (loss) for the period 70 295 40 -8 -158 169
Attributable to:
Owners of the parent company 70 295 40 -8 -158 169
Non-controlling interests - - - - - -
70 295 40 -8 -158 169
Basic earnings per share, EUR 0.13 0.57 0.08 -0.02 -0.30 0.33
Diluted earnings per share, EUR 0.13 0.57 0.08 -0.02 -0.30 0.33
Earnings per share, excluding 0.15 0.21 0.14 0.03 -0.27 0.11
special items, EUR
Average number of shares 519,970 519,958 519,954 519,954 519,954 519,955
basic (1,000)
Average number of shares 520,018 518,876 521,036 519,954 519,954 519,955
diluted (1,000)
Special items in operating -9 -60 -35 -23 -17 -135
profit (loss)
Operating profit (loss), 116 186 131 31 -78 270
excl. special items
% of sales 5.7 8.8 6.8 1.7 -4.2 3.5
Special items before tax -9 155 -35 -23 -17 80
Profit (loss) before tax, 91 156 99 -3 -145 107
excl. special items
% of sales 4.5 7.4 5.2 -0.2 -7.8 1.4
Return on equity, excl. 4.6 7.4 5.0 0.8 neg. 1.0
special items, %
Return on capital employed, 4.3 7.2 4.9 1.3 neg. 2.5
excl. special items, %
EBITDA 288 362 334 238 128 1,062
% of sales 14.1 17.2 17.5 12.9 6.9 13.8
Share of results of associated companies and joint ventures
Energy 4 -8 -24 -4 -4 -40
Pulp - 7 4 -16 -47 -52
Forest and timber 1 1 -1 1 1 2
Paper - 1 - -1 -1 -1
Other operations -2 - - -2 -2 -4
Total 3 1 -21 -22 -53 -95
Deliveries
Q1/ Q4/ Q3/ Q2/ Q1/ Q1-Q4/
2010 2009 2009 2009 2009 2009
Electricity, 1,000 MWh 2,411 2,277 2,103 1,999 2,486 8,865
Pulp, 1,000 t 700 550 446 391 372 1,759
Sawn timber, 1,000 m3 371 413 355 366 363 1,497
Publication papers, 1,000 t 1,364 1,576 1,464 1,323 1,304 5,667
Fine and speciality papers, 937 945 872 813 724 3,354
1,000 t
Paper deliveries total, 2,301 2,521 2,336 2,136 2,028 9,021
1,000 t
Plywood, 1,000 m3 140 150 143 141 133 567
Quarterly segment information
EURm Q1/ Q4/ Q3/ Q2/
2010 2009 2009 2009
Sales
Energy 174 128 108 100
Pulp 341 226 156 132
Forest and timber 339 348 295 309
Paper 1,401 1,558 1,454 1,388
Label 260 252 242 226
Plywood 76 81 73 77
Other operations 40 35 21 21
Internal sales -592 -520 -436 -412
Sales, total 2,039 2,108 1,913 1,841
EBITDA
Energy 79 57 35 41
Pulp 120 53 8 -24
Forest and timber 3 30 24 -15
Paper 75 221 274 247
Label 31 25 29 18
Plywood -2 3 -5 -5
Other operations -18 -27 -31 -24
EBITDA, total 288 362 334 238
Operating profit (loss)
Energy 81 47 10 36
Pulp 83 35 -9 -60
Forest and timber 19 21 6 -18
Paper -69 74 126 85
Label 24 16 18 4
Plywood -7 -33 -10 -10
Other operations -24 -34 -45 -29
Operating profit (loss), total 107 126 96 8
% of sales 5.2 6.0 5.0 0.4
Special items in operating profit
Energy - -1 -17 -
Pulp -1 - - -
Forest and timber - -14 1 -8
Paper -8 -8 -6 -10
Label 1 -1 -2 -5
Plywood - -30 - -
Other operations -1 -6 -11 -
Special items in operating -9 -60 -35 -23
profit, total
Operating profit (loss) excl.special items
Energy 81 48 27 36
Pulp 84 35 -9 -60
Forest and timber 19 35 5 -10
Paper -61 82 132 95
Label 23 17 20 9
Plywood -7 -3 -10 -10
Other operations -23 -28 -34 -29
Operating profit (loss) excl. 116 186 131 31
special items, total
% of sales 5.7 8.8 6.8 1.7
EURm Q1/2010 Q4/2009 Q3/2009 Q2/2009
External sales
Energy 94 38 24 24
Pulp 86 34 9 10
Forest and timber 154 171 145 150
Paper 1,353 1,500 1,409 1,355
Label 259 252 243 225
Plywood 73 77 69 73
Other operations 20 36 14 4
External sales, total 2,039 2,108 1,913 1,841
Internal sales
Energy 80 90 84 76
Pulp 255 192 147 122
Forest and timber 185 177 150 159
Paper 48 58 45 33
Label 1 - -1 1
Plywood 3 4 4 4
Other operations 20 -1 7 17
Internal sales, total 592 520 436 412
EURm Q1/ Q1-Q4/
2009 2009
Sales
Energy 136 472
Pulp 139 653
Forest and timber 385 1,337
Paper 1,367 5,767
Label 223 943
Plywood 75 306
Other operations 34 111
Internal sales -502 -1,870
Sales, total 1,857 7,719
EBITDA
Energy 57 190
Pulp -55 -18
Forest and timber -15 24
Paper 187 929
Label 6 78
Plywood -23 -30
Other operations -29 -111
EBITDA, total 128 1,062
Operating profit (loss)
Energy 51 144
Pulp -122 -156
Forest and timber -18 -9
Paper 60 345
Label -3 35
Plywood -29 -82
Other operations -34 -142
Operating profit (loss), total -95 135
% of sales -5.1 1.7
Special items in operating profit
Energy - -18
Pulp -29 -29
Forest and timber -10 -31
Paper 23 -1
Label - -8
Plywood -1 -31
Other operations - -17
Special items in operating -17 -135
profit, total
Operating profit (loss) excl.special items
Energy 51 162
Pulp -93 -127
Forest and timber -8 22
Paper 37 346
Label -3 43
Plywood -28 -51
Other operations -34 -125
Operating profit (loss) excl. -78 270
special items, total
% of sales -4.2 3.5
EURm Q1/ Q1-Q4/
External sales 2009 2009
Energy 49 135
Pulp 10 63
Forest and timber 152 618
Paper 1,327 5,591
Label 222 942
Plywood 72 291
Other operations 25 79
External sales, total 1,857 7,719
Internal sales
Energy 87 337
Pulp 129 590
Forest and timber 233 719
Paper 40 176
Label 1 1
Plywood 3 15
Other operations 9 32
Internal sales, total 502 1,870
Changes in property, plant and equipment
EURm Q1/ Q1/ Q1-Q4/
2010 2009 2009
Book value at beginning of 6,192 5,688 5,688
period
Capital expenditure 25 65 181
Companies acquired - - 1,013
Decreases -3 -11 -20
Depreciation -178 -178 -696
Impairment charges - - -14
Impairment reversal 1 - 5
Translation difference and 129 20 35
other changes
Book value at end of period 6,166 5,584 6,192
Commitments and contingencies
EURm 31.03.2010 31.03.2009 31.12.2009
Own commitments
Mortgages 1) 1,056 760 1,043
On behalf of associated
companies and joint ventures
Guarantees for loans 8 9 8
On behalf of others
Other guarantees 1 2 1
Other own commitments
Leasing commitments for the 26 20 24
next 12 months
Leasing commitments for 84 51 60
subsequent periods
Other commitments 68 68 69
1) Mortgages and pledges relate mainly to Uruguayan operations, and to giving
mandatory security for borrowing from Finnish pension insurance companies.
Capital commitments
EURm Completion Total cost By 31.12.2009
Materials recovery facility January 2011 19 -
(MRF), Shotton
Plywood development December 2011 18 -
Energy saving TMP plant, January 2011 16 -
Steyrermühl
Waste water treatment plant, July 2011 19 -
Blandin
Power plant rebuild, Schongau January 2011 12 -
´
EURm Q1/ After
2010 31.03.2010
Materials recovery facility - 19
(MRF), Shotton
Plywood development - 18
Energy saving TMP plant, - 16
Steyrermühl
Waste water treatment plant, 6 13
Blandin
Power plant rebuild, Schongau 1 11
Notional amounts of derivative financial instruments
EURm 31.03.2010 31.03.2009 31.12.2009
Currency derivatives
Forward contracts 3,654 3,824 3,791
Options, bought 19 - 20
Options, written 27 - 20
Swaps 527 505 514
Interest rate derivatives
Forward contracts 2,110 2,718 3,259
Swaps 2,511 2,809 2,701
Other derivatives
Forward contracts 119 161 25
Options, bought 41 78 73
Options, written 41 78 73
Swaps 3 8 4
Related party (associated companies and joint ventures)
transactions and balances
EURm Q1/ Q1/ Q1-Q4/
2010 2009 2009
Sales to associated companies 34 27 114
Purchases from associated 63 103 560
companies
Non-current receivables at 2 2 2
end of period
Trade and other receivables 11 22 23
at end of period
Trade and other payables at 31 30 32
end of period
Basis of preparation
This unaudited interim report has been prepared in accordance with the
accounting policies set out in International Accounting Standard 34 on Interim
Financial Reporting and in the Group's Consolidated Financial Statements for
2009. Income tax expense is recognised based on the best estimate of the
weighted average annual income tax rate expected for the full financial year.
The Group has adopted the following standard:
Amendment to IAS 27 Consolidated and Separate Financial Statements requires the
effects of all transactions with non-controlling interests to be recorded in
equity if there is no change in control and these transactions will no longer
result in goodwill or gains and losses. The standard also specifies the
accounting when control is lost. Any remaining interest in the entity is
re-measured to fair value, and a gain or loss is recognised in profit or loss.
The adoption of the amended standard has changed the name of previous minority
interests to non-controlling interests, and in addition the adoption has
amended the presentation of consolidated statement of changes in equity.
Calculation of key indicators
Return on equity, %:
(Profit before tax - income taxes) / Total equity (average) x 100
Return on capital employed, %:
(Profit before tax + interest expenses and other financial expenses) /
(Total equity + interest-bearing liabilities (average)) x 100
Earnings per share:
Profit for the period attributable to equity holders of the parent company /
Adjusted average number of shares during the period excluding treasury shares
Key exchange rates for the euro at end of period
31.03.2010 31.12.2009 30.09.2009 30.06.2009
USD 1.3479 1.4406 1.4643 1.4134
CAD 1.3687 1.5128 1.5709 1.6275
JPY 125.93 133.16 131.07 135.51
GBP 0.8898 0.8881 0.9093 0.8521
SEK 9.7135 10.2520 10.2320 10.8125
31.03.2009
USD 1.3308
CAD 1.6685
JPY 131.17
GBP 0.9308
SEK 10.9400
It should be noted that certain statements herein, which are not historical
facts, including, without limitation, those regarding expectations for market
growth and developments; expectations for growth and profitability; and
statements preceded by "believes", "expects", "anticipates", "foresees", or
similar expressions, are forward-looking statements. Since these statements are
based on current plans, estimates and projections, they involve risks and
uncertainties which may cause actual results to materially differ from those
expressed in such forward-looking statements. Such factors include, but are not
limited to: (1) operating factors such as continued success of manufacturing
activities and the achievement of efficiencies therein including the
availability and cost of production inputs, continued success of product
development, acceptance of new products or services by the Group's targeted
customers, success of the existing and future collaboration arrangements,
changes in business strategy or development plans or targets, changes in the
degree of protection created by the Group's patents and other intellectual
property rights, the availability of capital on acceptable terms; (2) industry
conditions, such as strength of product demand, intensity of competition,
prevailing and future global market prices for the Group's products and the
pricing pressures thereto, financial condition of the customers and the
competitors of the Group, the potential introduction of competing products and
technologies by competitors; and (3) general economic conditions, such as rates
of economic growth in the Group's principal geographic markets or fluctuations
in exchange and interest rates. For more detailed information about risk
factors, see pages 87-88 of the company's annual report 2009.
UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Corporate Communications
UPM, Corporate Communications
Media Desk, tel. +358 40 588 3284
communications@upm-kymmene.com
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main media
www.upm-kymmene.com
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