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
