UPM has published its Q1 2014 report. Sales for Q1 2014 were EUR 2,481 million, about the same as the EUR 2,474 million in Q1 2013. EBITDA was EUR 313 million, 12.6% of sales (284 million, 11.5% of sales). UPM Paper ENA achieved a clear improvement in EBITDA on lower variable and fixed costs.
UPM Plywood improved its EBITDA mainly due to increased sales prices and favourable sales mix. UPM Energy, UPM Raflatac and UPM Paper Asia all showed slightly better EBITDA than last year. EBITDA decreased in UPM Biorefining, mainly due to adverse currency development and the maintenance shutdown at the UPM Kaukas pulp mill.
In addition, Group EBITDA was impacted by a negative market value change of unrealised energy hedges, whereas the comparison period was affected by a positive change. Unrealised hedges are reported in Eliminations and reconciliations.
Operating profit excluding special items was EUR 196 million, 7.9% of sales (144 million, 5.8%). Depreciation totalled EUR 130 million (145 million).
Reported operating profit was EUR 191 million, 7.7% of sales (81 million, 3.3% of sales). Operating profit includes net charges of EUR 5 million as special items, mainly related to the closure of the UPM Docelles paper mill in France.
Operating cash flow was EUR 264 million and net debt decreased to EUR 2,777 million.
