UPM’s H1 cash flow from ongoing businesses improved; balance sheet strengthened further
Q2/2012 Earnings per share excluding special items were EUR 0.14 (0.26), and reported EUR 0.17 (0.56) EBITDA was EUR 316 million, 12.1% of sales (372 million, 15.4% of sales) EBITDA was affected by seasonally higher fixed costs and fair value losses of cash flow hedges Net debt decreased by EUR 71 million to EUR 3,385 million after the dividend payment and asset sales