UPM Annual Report 2016
Accounts
In brief
Strategy
Businesses
Stakeholders
Governance
Notes to the parent company financial statements
Cash flow statement
EURm
2016
2015
Cash flow from operating activities Profit before closing entries and tax Financial income and expenses Adjustments to operating profit 1)
Accounting policies
379
652
–6 42
–168
66
The financial statements of the parent company are prepared in accordance with Finnish Accounting Standards, FAS. The main differences in accounting policies of the group and the parent company relate to the measurement of forest assets and finan- cial derivatives and recognition of defined benefit obligations and deferred income taxes.
The financial statements are presented in millions of euros and rounded and therefore the sum of individual figures might deviate from the presented total figure.
Change in working capital 2)
–219
108
Interest received
24
12
Interest paid
–52
–60 182 –25 –90 677
Dividends received Other financial items Income taxes paid Operating cash flow
81
9
–17 241
4. Personnel expenses Salaries, fees and other personnel expenses
1. Sales Sales by business area
Cash flow from investing activities Investments in tangible and intangible assets
–137
–180
Acquisition of shareholdings
–
–69 135 818 –56 648
Proceeds from sale of intangible and tangible assets
130
EURm
2016
2015
EURm
2016
2015
Proceeds from disposal of shareholdings Change in other non-current receivables
4
Salaries and fees to the President and CEO, and members of the Board of Directors 1)
UPM Biorefining
1,560
1,555
408 405
6
4
UPM Energy
135 240 668 208
376 488
Investing cash flow
Other salaries and fees
273
359
UPM Specialty Papers
Pension costs
47 17
64 18
UPM Paper ENA
1,490
Cash flow from financing activities Payments of non-current liabilities
Other indirect employee costs
Other operations and eliminations
–611
–505
–386 –614 –373
Total
343
445
Total
2,811
3,298
Change in current liabilities
693
Dividends paid
–400
Refer Note 3.2 Key management personnel.
1)
Group contributions, net Financing cash flow
–2
61
Sales by destination
Personnel
–214
–1,312
Change in cash and cash equivalents
431
13
EURm
2016
2015
2016
2015 5,747
Total on average
4,277
Finland
2,697
685
Cash and cash equivalents at the beginning of period
477 431 908
464
Other EU countries
27 87
2,330
Change in cash and cash equivalents
13
Other countries
283
Cash and cash equivalents at the end of period
477
5.
Depreciation, amortisation and impairment charges
Total
2,811
3,298
1) Adjustments to operating profit EURm
2.
Other operating income
2016
2015
Depreciation, amortisation and impairment charges Capital gains on sale of non-current assets, net
172
220
EURm
2016
2015
–124
–146
EURm
2016
2015
Intangible rights
3
2
Change in provisions
–7 42
–8 66
Other intangible assets
19 26
24 33
Gains on sale of non-current assets
133
148
Total
Buildings
Rental income
15
16
Machinery and equipment
119
155
Other Total
4
5
Other tangible assets
6
6
152
169
2) Change in working capital EURm
Total
172
220
2016
2015
3.
Materials and services
Inventories
21
30 27 51
Current receivables
–361
6.
Other operating expenses
Current non-interest-bearing liabilities
121
Total
–219
108
EURm
2016
2015
Raw materials and consumables
1,888
1,992
EURm
2016
2015
Change in inventories
9 4
26 38
Delivery costs and other external charges
Rents and lease expenses
17
24
Total
1,901
2,056
Losses on sale of non-current assets
4
1
Maintenance expenses
99 58
135 108 268
Other operating expenses 1)
Total
178
1) The research and development costs in operating expenses were EUR 24 million (27 million) and auditor’s fee EUR 0.8 million (0.8 million).
CONTENTS
ACCOUNTS
152
153
UPM Annual Report 2016
UPM Annual Report 2016
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