H1 2020 highlights *Sales decreased by 18% to EUR 4,364 million (5,298 million in H1 2019) due to lower deliveries of graphic papers and lower pulp and paper sales prices *Comparable EBIT decreased by 33% to EUR 482 million (719 million), and was 11.0% (13.6%) of sales *UPM's transformative pulp project in Uruguay and biochemicals project in Germany are well on track with the planned start-up timeline *Operating cash flow was EUR 293 million (756 million) *Net debt decreased to EUR 301 million (366 million) *Cash funds and unused committed credit facilities totalled EUR 2.0 billion at the end of June
Paper Excellence recently partnered with Cumberland Wood Products (CWP) to plant 1,000 jack pine seedlings in and around the First Nation community of Cumberland House. Cumberland House Cree Nation formed CWP to provide economic benefits directly to the communities and shareholders who remain stewards of Kitaskīnaw, the Saskatchewan River Delta.
This spring, using seedlings facilitated by Paper Excellence through its partnership in Meadow Lake, CWP managed the plant with several volunteers from the community on May 27 and June 3.
The jack pine is native to Saskatchewan and produces excellent habitat for local plant and animal species. The seedlings planted this year will provide a natural ecosystem buffer for key areas around the Northern Saskatchewan community, and serve to naturally enhance the regrowth on reserve.
“Paper Excellence understands the importance of being good neighbours and greatly values its relationships with Indigenous communities,” said Carlo Dal Monte, Vice President Energy and Strategic Development for Paper Excellence. “We’re pleased to be able to partner with Cumberland Wood Products on this project to support Cumberland House Cree Nation in the conservation and utilization of resources in their traditional territory.”
“Cumberland Wood Products is an ecosystem services management company that sees tremendous partnership and commercial relationship potential within the forestry industry and other sectors. Realizing this project’s success with Paper Excellence and our shareholder, Cumberland House Cree Nation, demonstrates the potential of partnership for social, environmental, and economic benefit” said Aaron Kuchirka, CPA, Chief Executive Officer, Cumberland Wood Products
“We value these opportunities to build relationships with local Indigenous communities,” said Dale Richardson, Community Relations Manager for Paper Excellence. “Paper Excellence has worked in partnership with the Meadow Lake Tribal Council through Mistik Management Limited for the last decade. However, we recognize we have more work to do and his is a small step in the right direction.”