Lower prices weigh on UPM sales and profits,CEO Pesonen praises financial record year 2016

摘要

In its 2016 business year, UPM Kymmene experienced a 3% decline in sales and a 4% decrease in net profit. But in spite of lower prices in many business segments and all the restructuring and capacity closure measures necessary at its Paper ENA division, the mood among management at the Finnish forest products group remains positive. According to Jussi Pesonen, CEO and President of UPM, year 2016 was "financially a record year".The manager highlighted the company's comparable EBIT figure (excluding items affecting comparability), which amounted to €1.14bn, up by 25% compared to the prior year. Operating cash flow rose by almost €500m to reach a record level of €1.69bn and the company reduced its net debt by €970m versus the previous year to €1.13bn. UPM shares closed the year €0.54 higher compared to the end of the 2015.