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
