UPM Interim Report Q1 2022:
Strong performance supported by tight markets
Q1 2022 highlights
- Sales increased by 12% to EUR 2,507 million (2,234 million in Q1 2021)
- Comparable EBIT was in line with last year at EUR 277 million, 11.0% of sales (279 million, 12.5%)
- Operating cash flow was EUR 12 million (217 million)
- Net debt increased to EUR 837 million (83 million) and net debt to EBITDA ratio was 0.46 (0.06)
- Sales prices increased in all business areas and more than offset the negative impact of higher variable costs
- The strike in Finland affected production and delivery volumes especially in the pulp, paper and biofuels businesses
- Cash funds and unused committed credit facilities totalled EUR 2.9 billion at the end of Q1 2022
- Transformative growth projects in Uruguay and in Germany proceed well, investment estimate updated for the Leuna biorefinery
- UPM decided to suspend its deliveries to Russia, purchasing of wood in Russia and the UPM Chudovo plywood mill operations
- In April, UPM and Paperworkers’ Union agreed on first-ever business-specific collective labour agreements and the strike ended at UPM mills in Finland
