UPM’s 2Q 2016 sales of Euro 2,445 million, were 4% lower than the Euro 2,548 million in 2Q 2015. Sales grew in UPM Paper Asia, UPM Raflatac and UPM Plywood, and decreased in the other business areas.
Comparable EBITDA increased by 21% to Euro 385 million, 15.8% of sales (Euro 317 million, 12.4% of sales). Comparable EBIT increased by 21% to Euro 264 million in 2Q 2016, 10.8% of sales.
Profit for 2Q 2016 was Euro 198 million, and comparable profit was Euro 200 million.
Jussi Pesonen about the growth projects of UPM
Jussi Pesonen, President and CEO, said: “The first half of 2016 gives further evidence that we are on the right track. We have a strong business model with six agile businesses, efficient capital allocation and an industry-leading balance sheet. For the future, this ensures good opportunities for focused investments in growth, continued strong cash flow and an attractive dividend.
In the 2Q, our growth projects and cost-efficiency measures continued to deliver and our comparable EBIT grew by 21% year-on-year. Cash flow strengthened even further and cumulatively reached a record of Euro 1.5 billion over the past 12 months. By the end of the quarter, our net debt was Euro 759 million lower than a year ago.”
Sales for 1H 2016 were Euro 4,891 million, 3% lower than the Euro 5,034 million in 1H 2015. Comparable EBITDA increased by 23% to Euro 788 million, 16.1% of sales.
Profit for 1H 2016 was Euro 425 million (315 million), and comparable profit was Euro 425 million (330 million).
Operating profit totalled Euro 539 million (409 million). Items affecting comparability in operating profit totalled charges of Euro 6 million (charges of Euro 20 million).
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM Plywood.