Oil & Gas Market Recovery and Performance Update
Cash flow
ALL KEY FIGURES IN EUR MILLION
CASH FLOW FROM OPERATIONS
386
375
143
146
Q4
205
210
Q3
71
88
121
117
Q2
93
64
57
61
50
-23
Q1 29
12
35
65
14
50
2017*
2018*
2019
2020
Q1 2020
*Pre-IFRS16 figures
CAPITAL EXPENDITURE EXCL. ACQUISITIONS
Q1 2021
•
•
Q1 cash flow from operations decreased mainly due to
changes in net working capital
Net working capital increased compared to year-end
mainly due to higher inventories and receivables. NWC
was EUR 254 million end of March 2021 (EUR 197
million at end of 2020).
201
196
•
190
150
66
78
·
98
44
65
55
44
-
53
39
36
Q1 2021 capex lower due to timing of projects
Capex estimated to be around EUR 200 million in 2021:
Expansion of manufacturing facility in Uruguay to cater for
UPM's upcoming pulp mill
59
53
65
73
27
7
21
7
14
6
-
Mobile polymer plant to start production in H2 2021
9
2017
2018
2019
2020
Q1 2020
Q1 2021
Expansion
Improvement
Maintenance
Kemira
APRIL 27, 2021
INVESTOR PRESENTATION
19
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