UPM Annual Report 2017
Accounts
In brief
Strategy
Businesses
Stakeholders
Governance
Notes to the parent company financial statements
Cash flow statement
EURm
2017
2016
Cash flow from operating activities Profit before closing entries and tax Financial income and expenses Adjustments to operating profit 1)
968
379
Accounting policies 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 financial 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.
–354 –137
–6 42
Change in working capital 2)
455
–219
Interest received
33
24
Interest paid
–35 328
–52
Dividends received Other financial items Income taxes paid Operating cash flow
81
–193
9
–67 998
–17 241
Cash flow from investing activities Investments in tangible and intangible assets Proceeds from sale of intangible and tangible assets
–141
–137
1. Sales Sales by business area 1)
4. Personnel expenses Salaries, fees and other personnel expenses EURm
172
130
Proceeds from disposal of shareholdings Change in other non-current receivables
1
4
58 89
408 405
Investing cash flow
EURm
2017
2016
2017
2016
Salaries and fees of the President and CEO, and members of the Board of Directors 1)
UPM Biorefining
1,725
1,560
Cash flow from financing activities Proceeds from non-current liabilities Payments of non-current liabilities
6
6
UPM Energy
– – –
135 240 668 208
71
–
Other salaries and fees
190
273
UPM Specialty Papers
–926
–505
Pension costs
32
47 17
UPM Paper ENA
Change in current liabilities
–14
693
Other indirect employee costs
8
Other operations and eliminations
492
Dividends paid
–507
–400
Total
237
343
Total
2,217
2,811
Group contributions, net Financing cash flow
–32
–2
Change in corporate structure in 2016.
Refer Note 3.2 Key management personnel.
1)
1)
–1,406
–214
Change in cash and cash equivalents
–320
431
Sales by destination
Personnel 1)
Cash and cash equivalents at the beginning of period
908
477 431 908
EURm
2017
2016
2017
2016
Change in cash and cash equivalents
–320
Total on average
Finland
2,158
2,697
2 944
4 277
Cash and cash equivalents at the end of period
589
Other EU countries
30 29
27 87
Change in corporate structure in 2016.
1)
Other countries
Total
2,217
2,811
1) Adjustments to operating profit EURm
2017
2016
5.
Depreciation, amortisation and impairment charges
Depreciation, amortisation and impairment charges Capital gains on sale of non-current assets, net
118
172
–186
–124
2.
Other operating income
Change in provisions
–70
–7 42
Total
–137
EURm
2017
2016
EURm
2017
2016
2) Change in working capital EURm
Intangible rights
2
3
Gains on sale of non-current assets
189
133
2017
2016
Other intangible assets
12
19
Rental income
12
15
Land areas
1
–
Other Total
6
4
Inventories
31
21
Buildings
20 79
26
208
152
Current receivables
413
–361
Machinery and equipment
119
Current non-interest-bearing liabilities
11
121
Other tangible assets
5
6
Total
455
–219
Total
118
172
3.
Materials and services
6.
Other operating expenses
EURm
2017
2016
EURm
2017
2016
Raw materials and consumables
1,263
1,888
Rents and lease expenses
11
17
Change in inventories
32
9 4
Losses on sale of non-current assets
–
4
Delivery costs and other external charges
6
Maintenance expenses
75 77
99 58
Total
1,301
1,901
Other operating expenses 1)
Total
164
178
1) The research and development costs in operating expenses were EUR 10 million (10 million) and auditor’s fee EUR 0.8 million (0.8 million). In personnel expenses the research and development costs were 20 million (14 million).
CONTENTS
ACCOUNTS
164
165
UPM Annual Report 2017
UPM Annual Report 2017
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