• Investors

UPM's Annual Report published

The Annual Report highlights UPM’s strategic transformation in 2019 and the commitment to responsible solutions in bioeconomy.

UPM financial statements release 2019: 
UPM reports good performance and record cash flow - Uruguay investment drives significant future earnings growth

Q4 2019 highlights

  •  Sales decreased by 10% to EUR 2,447 million (2,731 million in Q4 2018) due to lower pulp price and lower deliveries of graphic papers
  • Comparable EBIT decreased by 15% to EUR 343 million (404 million)
  • Record quarterly operating cash flow at EUR 592 million (384 million)
  • Net debt decreased to EUR -453 million (-311 million at the end of 2018, before adoption of IFRS 16 Leases)
  • Record cash flow in UPM Communication Papers and UPM Raflatac, record comparable EBIT in UPM Specialty Papers
  • UPM Specialty Papers expansion at UPM Changshu was completed, and the ramp-up of the converted paper machine at UPM Nordland started 
  • UPM announced an investment in Combined Heat and Power (CHP) plant at UPM Nordland paper mill in Germany

2019 highlights

  • Sales decreased by 2% to EUR 10,238 million (10,483 million in 2018)
  • Comparable EBIT decreased by 7% to EUR 1,404 million (1,513 million)
  • Record annual operating cash flow at EUR 1,847 million (1,330 million)
  • The Board proposes a dividend of EUR 1.30 (1.30) per share, 38% of operating cash flow per share
  • UPM announced a USD 2.7 billion investment in a 2.1 million tonne eucalyptus pulp mill near Paso de los Toros, Uruguay
  • UPM reduced a total of 620,000 tonnes of graphic paper capacity in 2019 and started a consultation process for selling or closing further 240,000 tonnes of newsprint capacity 
  • UPM was selected as UN Global Compact LEAD participant and received several top recognitions for its sustainability performance including Dow Jones Sustainability Index, MSCI AAA rating and CDP A listing


UPM Investor Presentation 2020


Value from Responsibility 2019


Each of our six business areas has a clearly defined strategic role in UPM. Our businesses are varied but they all are united by our Biofore vision, and a single sense of purpose: to create value to our customers in a responsible and sustainable manner.


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