UPM's 3Q 2016 sales were Euro 2,445 million, 3% lower than the Euro 2,530 million for 3Q 2015. Sales were impacted by lower sales prices in several businesses, as well as the sale of Tilhill Forestry business in the UK in 3Q 2015, as the company said in the press release received by Lesprom Network.
Comparable EBITDA increased by 23% to Euro 423 million, 17.3% of sales.
Comparable EBIT increased by 31% to Euro 314 million, 12.8% of sales. Depreciation, excluding items affecting comparability, totalled Euro 118 million (131 million). The increase in the fair value of biological assets net of wood harvested, excluding items affecting comparability, was Euro 7 million (24 million).
Operating profit totalled Euro 364 million, compared to Euro 513 million in 3Q 2015. Items affecting comparability in operating profit totalled gains of Euro 50 million. This includes a gain of Euro 47 million from the sale of the Schwedt newsprint mill site and relevant assets.
Profit for 3Q 2016 was Euro 268 million, and comparable profit was Euro 234 million.
Jussi Pesonen, President and CEO, comments: "UPM's performance in the 3Q was excellent and demonstrated the strength of our business model. Our growth projects and cost-efficiency measures continued to deliver. UPM Paper ENA was particularly successful in this seasonally strong quarter. Our comparable EBIT increased by 31% and our operating cash flow reached record-strong Euro 506 million. Furthermore, our net debt was Euro 986 million lower than a year ago”
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA and UPM Plywood. .
