Tuesday, July 26, 2016
As per the interim report of Q2/2016, UPM’s comparable EBIT increased by 21%, cash flow reaching new highs. Jussi Pesonen, President and CEO, comments on the Q2 result, “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 second quarter, 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 EUR 1.5 billion over the past 12 months. By the end of the quarter, our net debt was EUR 759 million lower than a year ago.”
Q2 2016 highlights
Comparable EBIT increased by 27% to EUR 545 million (429 million).
Operating cash flow increased to EUR 775 million (432 million).
Net debt decreased to EUR 1,876 million (2,635 million), and gearing to 24% (35%).
UPM sold the Schwedt newsprint mill in Germany in July and closed the Madison SC paper mill in the US in May.
In July, UPM announced expansion of the UPM Kymi pulp mill capacity to 870,000 tonnes, continuing its focused growth investments.
Tags: EBIT, Jussi Pesonen, UPM, UPM Biorefining, UPM Raflatac and UPM Paper Asia.
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