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UPM financial statements release 2020:
A positive finish to an exceptional year - transformative growth projects on budget and on schedule

Q4 2020 highlights

  • Sales decreased by 11% to EUR 2,188 million (2,447 million in Q4 2019) due to lower pulp prices and lower deliveries and prices of graphic papers
  • Comparable EBIT was EUR 252 million, 11.5% of sales (343 million, 14.0%), down 27% year-over-year
  • Operating cash flow was EUR 347 million (592 million)
  • Successful health and safety measures enabled uninterrupted business operations and progress in transformative growth projects
  • The year ended on a positive note, with good demand for UPM’s products
  • UPM issued a EUR 750 million Green Bond under the EMTN programme
  • UPM was listed as the industry leader in the Dow Jones Sustainability Indices (DJSI) and received a triple ‘A’ score from CDP for outstanding environmental performance
  • UPM moves forward with biofuels growth plans and starts the basic engineering phase of a next-generation biorefinery

2020 highlights

  • Sales decreased by 16% to EUR 8,580 million (10,238 million in 2019) due to lower deliveries of graphic papers and lower pulp and paper prices
  • Comparable EBIT was EUR 948 million, 11.1% of sales (1,404 million, 13.7%), down 32% year-over-year
  • Operating cash flow was EUR 1,005 million (1,847 million)
  • Net debt was EUR 56 million (-453 million)
  • Cash funds and unused committed credit facilities totalled EUR 3.2 billion at the end of 2020
  • The Board proposes a dividend of EUR 1.30 (1.30) per share
  • The COVID-19 containment measures significantly decreased demand for graphic papers, while UPM Raflatac and UPM Specialty Papers achieved record earnings
  • UPM's transformative pulp project in Uruguay and biochemicals project in Germany are well on track with the planned start-up timeline
  • Closures of UPM Kaipola and UPM Chapelle paper mills and UPM Jyväskylä plywood mill, streamlining in several businesses and functions


UPM Investor Presentation 2021


Value from Responsibility


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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