Beyond fossils

UPM Financial Statements Release 2018:
UPM delivered record earnings in 2018 – in a strong position for 2019

Q4 2018 highlights

• Sales grew by 6% to EUR 2,731 million (2,571 million in Q4 2017)
• Comparable EBIT increased by 10% to EUR 404 million (366 million)
• Sales prices increased in all business areas, outweighing the impact of higher input costs
• Operating cash flow was strong at EUR 420 million (407 million) 
• Net debt decreased to EUR –311 million (174 million)
• UPM increased the fair value of its forest assets in Finland by EUR 345 million, mainly due to higher forest growth estimates
• UPM Jämsänkoski release liner expansion in Finland was completed

2018 highlights

• Sales grew by 5% to EUR 10,483 million (10,010 million in 2017)
• Comparable EBIT increased by 17% to EUR 1,513 million (1,292 million)
• Sales prices increased in all business areas, outweighing the impact of higher input costs and unfavourable currency exchange rates
• Operating cash flow was EUR 1,391 million (1,558 million), held back by an increase in working capital
• The Board proposes a dividend of EUR 1.30 (1.15) per share, an increase of 13% from previous year 
• UPM initiated focused investments in Germany, Finland and China to grow in the attractive release liner segments