Balance Sheet UPM-Kymmene Oyj

Equities

UPM

FI0009005987

Paper Products

Market Closed - Nasdaq Helsinki Other stock markets 12:00:00 2024-09-17 pm EDT			5-day change	1st Jan Change
29.43 ^EUR	+1.10%		+1.69%	-13.59%

Sep. 17	Davy Downgrades UPM-Kymmene to Neutral, Cuts PT	MT
Sep. 10	Finnish forestry firms pledge to protect wildlife after endangered mussels crushed	RE

7db35c369d3226583009b71161c0.W0U45AD81wADn2Pmzq0qJzYx2fsQwvtmq5Xc8aIs3iw.LQZvl1rLtTBPxyuNocQbdVVytLVUp74t_fatwelBn1wZKwy8b5H6RFvbVw

Published financial data: UPM-KYMMENE OYJ

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	10.24B	8.58B	9.81B	11.72B	10.46B
Total Revenues	10.24B	8.58B	9.81B	11.72B	10.46B
Cost of Goods Sold, Total	7.3B	6.17B	8.08B	9.44B	9.29B
Gross Profit	2.94B	2.41B	1.74B	2.28B	1.17B
Selling General & Admin Expenses, Total	1.22B	1.19B	25M	29M	23M
Stock-Based Compensation (IS)	14M	12M	-	-	-
Depreciation & Amortization - (IS)	477M	471M	463M	442M	543M
Other Operating Expenses	-90M	-121M	-112M	-241M	-255M
Other Operating Expenses, Total	1.62B	1.55B	376M	230M	311M
Operating Income	1.32B	859M	1.36B	2.05B	856M
Interest Expense, Total	-45M	-47M	-47M	-63M	-87M
Interest And Investment Income	18M	26M	32M	35M	37M
Net Interest Expenses	-27M	-21M	-15M	-28M	-50M
Income (Loss) On Equity Invest.	3M	3M	2M	4M	-1M
Currency Exchange Gains (Loss)	3M	-28M	-8M	-22M	-109M
Other Non Operating Income (Expenses)	-9M	-6M	4M	-27M	-19M
EBT, Excl. Unusual Items	1.29B	807M	1.34B	1.98B	677M
Restructuring Charges	-13M	-70M	-49M	-	-
Gain (Loss) On Sale Of Investments	-	12M	133M	-	-
Gain (Loss) On Sale Of Assets	4M	13M	14M	37M	8M
Asset Writedown	26M	-25M	108M	-68M	-220M
EBT, Incl. Unusual Items	1.31B	737M	1.55B	1.94B	465M
Income Tax Expense	234M	169M	240M	388M	71M
Earnings From Continuing Operations	1.07B	568M	1.31B	1.56B	394M
Net Income to Company	1.07B	568M	1.31B	1.56B	394M
Minority Interest	-12M	-8M	-22M	-31M	-6M
Net Income - (IS)	1.06B	560M	1.29B	1.53B	388M
Net Income to Common Incl Extra Items	1.06B	560M	1.29B	1.53B	388M
Net Income to Common Excl. Extra Items	1.06B	560M	1.29B	1.53B	388M
Per Share Items
Net EPS - Basic	1.99	1.05	2.41	2.86	0.73
Basic EPS - Continuing Operations	1.99	1.05	2.41	2.86	0.73
Basic Weighted Average Shares Outstanding	533M	533M	533M	533M	533M
Net EPS - Diluted	1.99	1.05	2.41	2.86	0.73
Diluted EPS - Continuing Operations	1.99	1.05	2.41	2.86	0.73
Diluted Weighted Average Shares Outstanding	533M	533M	533M	533M	533M
Normalized Basic EPS	1.49	0.93	1.53	2.26	0.78
Normalized Diluted EPS	1.49	0.93	1.53	2.26	0.78
Dividend Per Share	1.3	1.3	1.3	1.5	1.5
Payout Ratio	65.32	123.75	53.89	45.41	205.93
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.72B	1.25B	1.73B	2.42B	1.3B
EBITA	1.32B	863M	1.36B	2.05B	860M
EBIT	1.32B	859M	1.36B	2.05B	856M
EBITDAR	1.73B	1.26B	1.76B	2.45B	1.33B
Effective Tax Rate - (Ratio)	17.9	22.93	15.5	19.95	15.27
Total Current Taxes	181M	141M	273M	344M	161M
Total Deferred Taxes	53M	28M	-32M	44M	-90M
Normalized Net Income	794M	496M	817M	1.2B	417M
Interest Capitalized	4M	4M	9M	20M	38M
Interest on Long-Term Debt	17M	16M	21M	34M	59M
Non-Cash Pension Expense	12M	-1M	1M	66M	16M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	53M	41M	46M	55M	66M
Net Rental Expense, Total	16M	15M	25M	29M	23M
Imputed Operating Lease Interest Expense	6.04M	3.66M	4.77M	5.01M	5.46M
Imputed Operating Lease Depreciation	9.96M	11.34M	20.23M	23.99M	17.54M
Stock-Based Comp., COGS (Total)	-	-	13M	16M	15M
Stock-Based Comp., Other (Total)	14M	12M	-	-	-
Total Stock-Based Compensation	14M	12M	13M	16M	15M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.54B	1.72B	1.46B	2.07B	632M
Short Term Investments	-	-	100M	1M	1M
Total Cash And Short Term Investments	1.54B	1.72B	1.56B	2.07B	633M
Accounts Receivable, Total	1.22B	1.1B	1.32B	1.61B	1.26B
Other Receivables	327M	414M	720M	626M	354M
Notes Receivable	8M	8M	3M	-	1M
Total Receivables	1.56B	1.52B	2.04B	2.24B	1.61B
Inventory	1.37B	1.28B	1.59B	2.29B	1.95B
Prepaid Expenses	54M	57M	25M	17M	13M
Restricted Cash	-	-	-	500M	187M
Other Current Assets, Total	69M	128M	36M	116M	168M
Total Current Assets	4.58B	4.71B	5.26B	7.23B	4.56B
Gross Property Plant And Equipment	21.69B	21.6B	23.28B	24.78B	24.33B
Accumulated Depreciation	-14.92B	-14.65B	-14.78B	-14.9B	-15.16B
Net Property Plant And Equipment	6.77B	6.95B	8.5B	9.89B	9.17B
Long-term Investments	2.18B	1.97B	2.61B	3.68B	2.31B
Goodwill	238M	229M	237M	282M	283M
Other Intangibles, Total	326M	363M	366M	553M	715M
Loans Receivable Long-Term	15M	8M	8M	8M	8M
Deferred Tax Assets Long-Term	395M	421M	466M	485M	431M
Other Long-Term Assets, Total	218M	205M	225M	82M	1B
Total Assets	14.72B	14.86B	17.68B	22.21B	18.47B
Liabilities
Accounts Payable, Total	1.13B	1.13B	1.7B	1.86B	1.3B
Accrued Expenses, Total	323M	289M	332M	352M	313M
Current Portion of Long-Term Debt	22M	15M	17M	474M	233M
Current Portion of Leases	82M	75M	69M	84M	94M
Current Income Taxes Payable	27M	30M	32M	73M	28M
Unearned Revenue Current, Total	8M	8M	14M	23M	22M
Other Current Liabilities	226M	194M	307M	591M	454M
Total Current Liabilities	1.82B	1.74B	2.47B	3.45B	2.44B
Long-Term Debt	691M	1.48B	2.06B	3.89B	2.44B
Long-Term Leases	504M	469M	504M	583M	612M
Pension & Other Post Retirement Benefits	759M	771M	676M	527M	502M
Deferred Tax Liability Non Current	549M	564M	596M	636M	616M
Other Non Current Liabilities	226M	319M	263M	238M	327M
Total Liabilities	4.55B	5.34B	6.57B	9.33B	6.94B
Common Stock, Total	890M	890M	890M	890M	890M
Retained Earnings	5.91B	5.74B	6.42B	7.43B	7B
Treasury Stock	-2M	-2M	-2M	-2M	-2M
Comprehensive Income and Other	3.26B	2.73B	3.54B	4.18B	3.28B
Total Common Equity	10.06B	9.35B	10.85B	12.5B	11.16B
Minority Interest	113M	162M	261M	376M	370M
Total Equity	10.18B	9.51B	11.11B	12.88B	11.53B
Total Liabilities And Equity	14.72B	14.86B	17.68B	22.21B	18.47B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	533M	533M	533M	533M	533M
ECS Total Common Shares Outstanding	533M	533M	533M	533M	533M
Book Value / Share	18.87	17.53	20.34	23.44	20.93
Tangible Book Value	9.5B	8.76B	10.24B	11.67B	10.16B
Tangible Book Value Per Share	17.81	16.42	19.21	21.88	19.06
Total Debt	1.3B	2.04B	2.65B	5.03B	3.38B
Net Debt	-237M	322M	1.09B	2.97B	2.75B
Debt Equivalent of Unfunded Proj. Benefit Obligation	692M	719M	576M	510M	483M
Debt Equivalent Oper. Leases	128M	120M	200M	232M	184M
Minority Interest, Total (Incl. Fin. Div)	113M	162M	261M	376M	370M
Equity Method Investments, Total	33M	33M	33M	27M	23M
Account Code - Inventory Valuation	3	3	3	3	5
Inventories - Raw Materials, Total	682M	647M	794M	1.13B	1.03B
Inventories - Work In Process, Total	9M	6M	6M	11M	6M
Inventories - Finished Goods, Total	658M	616M	769M	1.12B	885M
Inventories - Others	18M	16M	25M	34M	31M
Land - (BS)	796M	797M	859M	902M	862M
Buildings, Total	3.52B	3.42B	3.45B	3.71B	4.77B
Machinery, Total	13.58B	13.18B	13.14B	13.16B	14.77B
Full Time Employees	18.74K	17.47K	16.46K	16.72K	16.08K
Part Time Employees	-	540	509	517	497
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	31M	31M	25M	32M	30M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.06B	560M	1.29B	1.53B	388M
Depreciation & Amortization - CF	464M	456M	442M	452M	531M
Amortization of Goodwill and Intangible Assets - (CF)	5M	4M	3M	3M	4M
Depreciation & Amortization, Total	469M	460M	445M	455M	535M
Amortization of Deferred Charges, Total - (CF)	8M	12M	18M	17M	25M
(Gain) Loss From Sale Of Asset	-1M	-25M	-146M	-35M	-2M
Asset Writedown & Restructuring Costs	-13M	91M	-59M	68M	203M
(Income) Loss On Equity Investments - (CF)	-3M	-3M	-2M	-4M	1M
Other Operating Activities, Total	50M	3M	-177M	-832M	702M
Change In Accounts Receivable	270M	-6M	-445M	-400M	854M
Change In Inventories	282M	45M	-271M	-665M	293M
Change in Other Net Operating Assets	-276M	-132M	601M	378M	-730M
Cash from Operations	1.85B	1B	1.25B	508M	2.27B
Capital Expenditure	-403M	-875M	-1.52B	-1.48B	-1.08B
Sale of Property, Plant, and Equipment	15M	26M	23M	48M	17M
Cash Acquisitions	-	-	-	-138M	-20M
Divestitures	-	-	157M	15M	1M
Investment in Marketable and Equity Securities, Total	1M	-28M	1M	13M	1M
Other Investing Activities, Total	-28M	-2M	17M	-46M	5M
Cash from Investing	-415M	-879M	-1.32B	-1.58B	-1.08B
Short Term Debt Issued, Total	-	-	-	439M	-
Long-Term Debt Issued, Total	13M	861M	600M	4.4B	100M
Total Debt Issued	13M	861M	600M	4.84B	100M
Short Term Debt Repaid, Total	-7M	-2M	-	-	-260M
Long-Term Debt Repaid, Total	-88M	-117M	-100M	-2.64B	-1.6B
Total Debt Repaid	-95M	-119M	-100M	-2.64B	-1.86B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-693M	-693M	-693M	-693M	-799M
Common & Preferred Stock Dividends Paid	-693M	-693M	-693M	-693M	-799M
Other Financing Activities, Total	-8M	22M	-1M	180M	-9M
Cash from Financing	-783M	71M	-194M	1.69B	-2.57B
Foreign Exchange Rate Adjustments	-1M	-13M	8M	-3M	-16M
Miscellaneous Cash Flow Adjustments	-	-	-1M	-	-38M
Net Change in Cash	648M	184M	-260M	607M	-1.43B
Supplemental Items
Cash Interest Paid	29M	37M	26M	43M	116M
Cash Income Tax Paid (Refund)	176M	145M	275M	315M	181M
Levered Free Cash Flow	1.18B	108M	-201M	-701M	362M
Unlevered Free Cash Flow	1.21B	138M	-172M	-661M	416M
Change In Net Working Capital	-294M	8M	-24M	953M	-386M
Net Debt Issued / Repaid	-82M	742M	500M	2.2B	-1.76B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.75	3.63	5.22	6.42	2.63
Return on Total Capital	7.48	4.66	6.71	8.09	3.26
Return On Equity %	10.74	5.77	12.69	12.98	3.23
Return on Common Equity	10.69	5.77	12.73	13.07	3.28
Margin Analysis
Gross Profit Margin %	28.69	28.11	17.68	19.45	11.16
SG&A Margin	11.88	13.88	0.25	0.25	0.22
EBITDA Margin %	16.77	14.52	17.63	20.68	12.47
EBITA Margin %	12.94	10.06	13.88	17.51	8.22
EBIT Margin %	12.89	10.01	13.85	17.48	8.18
Income From Continuing Operations Margin %	10.48	6.62	13.33	13.28	3.77
Net Income Margin %	10.36	6.53	13.1	13.02	3.71
Net Avail. For Common Margin %	10.36	6.53	13.1	13.02	3.71
Normalized Net Income Margin	7.76	5.79	8.32	10.27	3.99
Levered Free Cash Flow Margin	11.51	1.26	-2.05	-5.98	3.46