UPM REPORTS FOURTH-QUARTER AND FULL-YEAR 2013 RESULTS;
OUTLOOK FOR 2014
Q4/2013 (compared with Q4/2012)
- Earnings per share excluding special items were EUR 0.27 (0.20), and reported EUR 0.06 (-2.83).
- Operating profit excluding special items was EUR 207 million, 8.0% of sales (146 million, 5.5% of sales).
- EBITDA was EUR 302 million, 11.7% of sales (317 million, 11.9% of sales).
- 48% of the targeted annualised EUR 200 million cost savings achieved in Q4/201.
- Operating cash flow was EUR 262 million, net debt decreased to EUR 3,040 million.
Full year 2013 (compared with 2012)
- Earnings per share excluding special items were EUR 0.91 (0.74), and reported EUR 0.63 (-2.14).
- Operating profit excluding special items was EUR 683 million, 6.8% of sales (556 million, 5.3% of sales).
- EBITDA was EUR 1,155 million, 11.5% of sales (1,312 million, 12.5% of sales).
- UPM introduced a new business structure and is implementing a profit improvement programme and focused growth initiatives.
- Board’s proposal for dividend per share EUR 0.60 (0.60).
Outlook for 2014
- Growth in the European economy is expected to remain low in 2014, but improve from last year. Growth in the US and in the developing economies is expected to continue to outperform Europe.
- UPM’s business outlook for H1 2014 is broadly stable.
- In H1 2014, UPM’s performance is expected to be underpinned by stable overall outlook for UPM Energy, UPM Raflatac, UPM Paper Asia and UPM Plywood, as compared to H2 2013.
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