UPM financial statements release 2022

Q4 2022 highlights
• Sales increased by 21% to EUR 3,231 million (2,673 million in Q4 2021)
• Comparable EBIT grew by 42% to EUR 653 million, 20.2% of sales (461 million, 17.2%)
• Sales prices increased in all business areas, and more than offset the negative impact of higher variable costs
• Delivery volumes were impacted by destocking in various product value chains
• Operating cash flow was EUR 1,576 million (406 million), further supported by cash inflow from energy hedges
• Cash funds and unused committed credit facilities totalled EUR 6.4 billion at the end of Q4 2022
• In December, UPM was listed on the Dow Jones European and World Sustainability Indices (DJSI) for 2022-2023 as the only company in its industry
• In December, UPM was recognised with a triple ‘A’ score for its performance and transparent reporting on climate change, forests and water security by the global environmental non-profit CDP
• The growth project in Uruguay is getting ready for the start-up and the new pulp terminal in the port of Montevideo is operational since October

2022 highlights
• Sales increased by 19% to EUR 11,720 million (9,814 million in 2021)
• Comparable EBIT increased by 42% to EUR 2,096 million (1,471 million), and was 17.9% (15.0%) of sales
• Operating cash flow was EUR 508 million (1,250 million), impacted by cash outflows from energy hedges in highly exceptional energy markets
• Net debt increased to EUR 2,374 million (647 million) and the net debt to EBITDA ratio was 0.94 (0.35). A significant part of the increase in net debt is temporary, due to the cash flow impacts of energy hedges and future energy generation
• The Board has decided on a new, earnings-based dividend policy and proposes a dividend of EUR 1.50 (1.30) per share
• UPM decided to suspend its deliveries to Russia, the purchasing of wood in Russia and the UPM Chudovo plywood mill operations
• In April, UPM and the Paperworkers’ Union agreed on the first-ever business-specific collective labour agreements
• In June, UPM announced the sale of the Steyrermühl site in Austria to secure competitiveness and adapt newsprint production to long-term market development
• In August, EcoVadis recognised UPM on Platinum level based on the company’s sustainability performance
• In September, UPM Raflatac completed the acquisition of AMC AG
https://www.upm.com/about-us/for-media/releases/2023/02/upm-financial-statements-release-2022-upm-had-a-pivotal-year–all-time-record-results-and-poised-to-deliver-significant-growth/

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