Clean energy is vital for sustainability. Our responsibility targets express our commitment to annually improving our energy efficiency and increasing our use of renewable fuels. Fossil raw materials can be replaced with wood-based products and solutions in many applications, but this consumes a large amount of heat and electricity. As UPM produces and consumes significant amounts of energy, the UN Sustainable Development Goal 7, Affordable and Clean Energy, is one of our six focus goals. “Replacing fossil fuels with renewable energy while at the same improving energy efficiency is crucial for mitigating climate change. Energy efficiency not only reduces emissions, but it also saves natural resources and money, so it’s smart both for the environment and our bottom line,” says Pasi Svinhufvud, UPM Energy Manager, Thermal Power, HSEQ. UPM has a remarkable share of climate friendly energy production. there is much more..
• Record-high 2020 reported operating income of $727 million; adjusted operating income of $735 million; shareholder net income of $544 million, or $4.35 per share
• Fourth quarter of 2020 reported operating income of $420 million; adjusted operating income of $321 million; shareholder net income of $336 million, or $2.68 per share
• Net debt of $270 million at December 31, 2020, improvement of $256 million from prior quarter; available liquidity of $1.4 billion; net debt to capitalization of 9.3% at December 31, 2020
• Cumulative cash deposits of $594 million on countervailing and anti-dumping duties at December 31, 2020
For the fourth quarter of 2020, the Company reported operating income of $419.6 million, $120.0 million higher than operating income of $299.6 million in the third quarter of 2020. Reported results for the fourth quarter of 2020 include a net duty recovery of $95.5 million, largely resulting from the finalization of countervailing (“CVD”) and anti-dumping duty (“ADD”) rates applicable to the first period of review (“POR1”), compared to a net duty expense of $50.7 million reported in the third quarter of 2020.
After adjusting for the aforementioned duty recovery and other one-time items, the Company’s operating income was $321.1 million for the fourth quarter of 2020, compared to similarly adjusted operating income of $347.3 million for the third quarter of 2020.
details at: https://www.canfor.com/docs/default-source/news—2021/2020_q4_cfp_press-release.pdf?sfvrsn=a876ef91_2