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2021-07-22
UPM Half-Year Financial Report 2021: Earnings improved rapidly, UPM is fit for future growth
UPM-Kymmene Corporation Stock Exchange Release (Half-Year Financial Report) 22 July 2021 at 9:30 EEST
UPM Half-Year Financial Report 2021:
Earnings improved rapidly, UPM is fit for future growth
Q2 2021 highlights
- Sales increased by 15% to EUR 2,384 million (2,077 million in Q2 2020)
- Comparable EBIT increased by 51% to EUR 307 million, 12.9% of sales (203 million, 9.8%)
- Operating cash flow increased to EUR 308 million (156 million)
- Demand for UPM’s products was strong, and overall, price increases more than offset rising input costs
- Following the timely actions taken in H2 2020 costs were competitive and asset utilisation good
- UPM signed an agreement to sell the UPM Shotton newsprint mill in the UK
H1 2021 highlights
- Sales increased by 6% to EUR 4,618 million (4,364 million in H1 2020)
- Comparable EBIT increased by 22% to EUR 586 million (482 million), and was 12.7% (11.0%) of sales
- Operating cash flow was EUR 526 million (293 million)
- UPM's transformative growth projects proceed on budget and on schedule
- Net debt increased to EUR 750 million (301 million) and net debt to EBITDA ratio was 0.49 (0.19)
- Cash funds and unused committed credit facilities totalled EUR 2.5 billion at the end of June
- UPM started the basic engineering phase of a next-generation biofuels refinery in January
- UPM joined The Climate Pledge in February, committed to reach the targets of the Paris Agreement 10 years in advance
Key figures
Q2/2021 | Q2/2020 | Q1/2021 | Q1–Q2/2021 | Q1–Q2/2020 | Q1–Q4/2020 | |||||||
Sales, EURm | 2,384 | 2,077 | 2,234 | 4,618 | 4,364 | 8,580 | ||||||
Comparable EBITDA, EURm | 426 | 320 | 389 | 816 | 719 | 1,442 | ||||||
% of sales | 17.9 | 15.4 | 17.4 | 17.7 | 16.5 | 16.8 | ||||||
Operating profit, EURm | 304 | 148 | 279 | 583 | 391 | 761 | ||||||
Comparable EBIT, EURm | 307 | 203 | 279 | 586 | 482 | 948 | ||||||
% of sales | 12.9 | 9.8 | 12.5 | 12.7 | 11.0 | 11.1 | ||||||