UPM recently published its Interim Report Q2/2014. Operating profit excluding special items increased to EUR 186 million, 7.6% of sales (138 million, 5.5% of sales), due to the successful profit improvement programme.
EBITDA was EUR 298 million, 12.2% of sales (258 million, 10.2% of sales).
Jussi Pesonen, President and CEO comments on the result: “UPM has performed significantly better in the first half of 2014 than in the same period last year. Compared to 2013, our second quarter operating profit improved by 35%. The profit improvement programme, announced a year ago, is ahead of schedule and was evident in our results. With improved profitability, our cash flow was strong and the balance sheet was strengthened further which continues to support our capacity to pay a good dividend. Finally, I am pleased that all our growth projects made solid progress during the quarter.
