UPM also embarked upon 2020 on a weak note. There was a pertinent (profitability + cash flow) weakness at the group level. Fortunately, the divisions with packaging credentials did well, while the net cash position was maintained. Although the performance is likely to erode further in the coming quarters, UPM by virtue of its balance sheet resilience and other underlying strengths should do reasonably well.
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Q1 20 – down but still not out
UPM also embarked upon 2020 on a weak note. There was a pertinent (profitability + cash flow) weakness at the group level. Fortunately, the divisions with packaging credentials did well, while the net cash position was maintained. Although the performance is likely to erode further in the coming quarters, UPM by virtue of its balance sheet resilience and other underlying strengths should do reasonably well.