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UPM Annual Report 2015
UPM Annual Report 2015
141
142
contents
accounts
IN BRIEF
STRATEGY
BUSINESSES
STAKEHOLDERS
GOVERNANCE
ACCOUNTS
Financial indicators 2006–2015
EURm
2015
2014 2013 2012 2011 2010 2009 2008 2007 2006
Sales
10,138 9,868 10,054 10,492 10,068 8,924 7,719 9,461 10,035 10,022
EBITDA
1,350 1,306 1,161 1,325 1,383 1,343 1,062 1,206 1,546 1,678
% of sales
13.3
13.2
11.5 12.6 13.7 15.0 13.8 12.7 15.4 16.7
Operating profit, excluding special items
1,163
847
683
556
682
731
270
513
835
725
% of sales
11.5
8.6
6.8
5.3
6.8
8.2
3.5
5.4
8.3
7.2
Operating profit
1,142
674
548 –1,318
459
755
135
24
483
536
% of sales
11.3
6.8
5.5 –12.6
4.6
8.5
1.7
0.3
4.8
5.3
Profit (loss) before tax
1,075
667
475 –1,271
417
635
187 –201
292
367
% of sales
10.6
6.8
4.7 –12.1
4.1
7.1
2.4
–2.1
2.9
3.7
Profit (loss) for the period
916
512
335 –1,122
457
561
169 –180
81
338
% of sales
9.0
5.2
3.3 –10.69
4.5
6.3
2.2
–1.9
0.8
3.4
Exports from Finland and foreign operations
9,268 8,923 9,089 9,565 9,252 8,139 7,054 8,515 9,170 9,102
Exports from Finland
4,714 4,340 4,118 4,248 4,313 3,882 3,442 4,371 4,546 4,644
Non-current assets
10,259 10,269 10,487 11,066 11,412 10,557 10,581 10,375 10,639 11,355
Inventories
1,376 1,356 1,327 1,388 1,429 1,299 1,112 1,354 1,342 1,255
Other current assets
2,558 2,570 2,785 2,489 2,548 1,956 1,912 2,052 1,972 1,859
Assets, total
14,193 14,195 14,599 14,943 15,389 13,812 13,605 13,781 13,953 14,469
Total equity
7,944 7,480 7,455 7,461 7,477 7,109 6,602 6,120 6,783 7,289
Non-current liabilities
4,328 4,717 5,019 5,430 5,320 4,922 5,432 5,816 4,753 4,770
Current liabilities
1,921 1,998 2,125 2,052 2,588 1,781 1,571 1,828 2,417 2,410
Total equity and liabilities
14,193 14,195 14,599 14,943 15,389 13,812 13,605 13,781 13,953 14,469
Capital employed at year end
11,010 10,944 11,583 11,603 12,110 11,087 11,066 11,193 11,098 11,634
Return on equity, %
11.9
6.9
4.5 neg.
6.3
8.2
2.8 neg.
1.2
4.6
Return on capital employed, %
10.3
6.5
4.8 neg.
4.4
6.6
3.2
0.2
4.3
4.7
Cash flow from operating activities
1,185 1,241
735 1,040 1,041
982 1,259
628
867 1,215
Equity to assets ratio, %
56.1
52.7
51.1 50.0 48.6 51.5 48.6 44.5 48.8 50.4
Gearing ratio, %
26
32
41
43
48
46
56
71
59
56
Net interest-bearing liabilities
2,100 2,401 3,040 3,210 3,592 3,286 3,730 4,321 3,973 4,048
Capital expenditure
520
411
362
357 1,179
257
913
551
708
699
% of sales
5.1
4.2
3.6
3.4
11.7
2.9
11.8
5.8
7.1
7.0
Capital expenditure excluding acquisitions
486
375
329
347
340
252
229
532
683
631
% of sales
4.8
3.8
3.3
3.3
3.4
2.8
3.0
5.6
6.8
6.3
Personnel at year end
19,578 20,414 20,950 22,180 23,909 21,869 23,213 24,983 26,352 28,704
Formulae for calculating indicators are given on page 143.
Deliveries
Deliveries
2015
2014 2013 2012 2011 2010 2009 2008 2007 2006
Pulp (1,000 t)
3,224 3,287 3,163 3,128 2,992 2,919 1,759 1,982 1,927
Electricity (GWh)
8,966 8,721 8,925 9,486 8,911 9,426 8,865 10,167 10,349
Papers, total (1,000 t)
9,771 10,028 10,288 10,871 10,615 9,914 9,021 10,641 11,389 10,988
Plywood (1,000 m
3
)
740
731
737
679
656
638
567
806
945
931
Sawn timber (1,000 m
3
)
1,731 1,609 1,661 1,696 1,683 1,729 1,497 2,132 2,325 2,457
Quarterly figures 2014–2015
EURm
Q4/15 Q3/15 Q2/15 Q1/15 Q4/14 Q3/14 Q2/14 Q1/14 Q1–Q4/15 Q1–Q4/14
Sales
2,574 2,530 2,548 2,486 2,531 2,415 2,441 2,481 10,138 9,868
Other operating income
–29
10
25
7
61
14
9
7
13
91
Costs and expenses
–2,209 –2,186 –2,270 –2,175 –2,286 –2,082 –2,161 –2,179 –8,840 –8,708
Change in fair value of biological assets and
wood harvested
16 289
31
16
32
17
17
12
352
78
Share of results of associated companies and
joint ventures
–
2
1
–
–
1
2
–
3
3
Depreciation, amortisation and impairment charges
–132 –132 –129 –131 –267 –129 –132 –130 –524
–658
Operating profit (loss)
220 513
206 203
71 236 176 191 1,142
674
Gains on available-for-sale investments, net
–
–
–
–
–
–
–
59
–
59
Exchange rate and fair value gains and losses
11
–
–3
–7
3
–3
–1
–3
1
–4
Interest and other finance costs, net
–17 –15
–21 –15 –17 –19 –16 –10
–68
–62
Profit (loss) before tax
214 498
182 181
57 214 159 237 1,075
667
Income taxes
–21 –90
–22 –26 –49 –32 –30 –44 –159
–155
Profit (loss) for the period
193 408
160 155
8 182 129 193
916
512
Attributable to:
Owners of the parent company
193 408
160 155
8 182 129 193
916
512
Non-controlling interest
–
–
–
–
–
–
–
–
–
–
193 408
160 155
8 182 129 193
916
512
Basic earnings per share,
EUR
0.36 0.77
0.30 0.29 0.01 0.34 0.25 0.36
1.72
0.96
Diluted earnings per share,
EUR
0.36 0.77
0.30 0.29 0.01 0.34 0.25 0.36
1.72
0.96
Earnings per share, excluding special items,
EUR
0.37 0.76
0.33 0.29 0.32 0.32 0.26 0.27
1.75
1.17
Average number of shares basic (1,000)
533,505 533,505 533,505 533,505 532,916 531,932 531,932 529,514 533,505 531,574
Average number of shares diluted (1,000)
533,505 533,505 533,505 533,505 532,202 532,114 532,201 529,777 533,505 531,574
Special items in operating profit (loss)
–5
6
–21
–1 –159
1 –10
–5
–21
–173
Operating profit (loss), excl. special items
225 507
227 204 230 235 186 196 1,163
847
% of sales
8.7 20.0
8.9 8.2
9.1
9.7
7.6
7.9
11.5
8.6
Special items in financial items
–
–
–
–
–
–
–
66
–
66
Special items before tax
–5
6
–21
–1 –159
1 –10
61
–21
–107
Profit (loss) before tax, excl. special items
219 492
203 182 216 213 169 176 1,096
774
% of sales
8.5 19.4
8.0
7.3 8.5 8.8 6.9
7.1
10.8
7.8
Impact on taxes from special items
1
–1
5
1
–6
11
4 –13
6
–4
Return on equity, excl. special items, %
9.9 20.7
9.1
8.1
9.2
9.1
7.3
7.7
12.1
8.3
Return on capital employed, excl. special items, %
8.4 18.2
8.1
7.0 8.2 8.0 6.5 6.6
10.5
7.5
EBITDA
363 345
317 325 334 344 305 323 1,350 1,306
% of sales
14.1 13.6
12.4 13.1 13.2 14.2 12.5 13.0
13.3
13.2
Sales by segment
UPM Biorefining
584 554
601 533 484 480 477 496 2,272 1,937
UPM Energy
110 112
94
99 115 113 112 124
415
464
UPM Raflatac
363 353
351 342 330 312 306 300 1,409 1,248
UPM Paper Asia
284 286
300 298 288 274 285 277 1,168
1,124
UPM Paper ENA
1,311 1,279 1,210 1,256 1,361 1,303 1,286 1,334 5,056 5,284
UPM Plywood
102 105
113 119 107 101 118 114
439
440
Other operations
76
97
119 114 113 102 113 119
406
447
Internal sales
–248 –239 –219 –267 –248 –248 –241 –263 –973 –1,000
Eliminations and reconciliations
–8 –17
–21
–8 –19 –22 –15 –20
–54
–76
Sales, total
2,574 2,530 2,548 2,486 2,531 2,415 2,441 2,481 10,138 9,868
Operating profit (loss) excl.special items
by segment
UPM Biorefining
130 122
118
97
67
63
31
56
467
217
UPM Energy
58
45
40
38
57
43
46
56
181
202
UPM Raflatac
28
29
24
21
22
21
17
20
102
80
UPM Paper Asia
10
12
11
22
27
29
27
25
55
108
UPM Paper ENA
18
9
–8
5
30
62
47
42
24
181
UPM Plywood
12
11
13
19
14
7
12
11
55
44
Other operations
–3 279
1)
20
7
19
14
6
–2
303
1)
37
Eliminations and reconciliations
–28
–
9
–5
–6
–4
–
–12
–24
–22
Operating profit (loss) excl. special items, total
225 507
227 204 230 235 186 196 1,163
847
% of sales
8.7 20.0
8.9 8.2
9.1
9.7
7.6
7.9
11.5
8.6
1)
Includes a fair value increase of biological assets in Finland totalling EUR 265 million, due to adjusted long-term wood price estimates and a change in the discount rate.