UPM Annual Report 2018
UPM AT A GLANCE
STRATEGY
BUSINESSES
SOCIETY AND ENVIRONMENT
GOVERNANCE AND COMPLIANCE
REPORT OF THE BOARD OF DIRECTORS
FINANCIAL STATEMENTS
AUDITOR’S REPORT
OTHER FINANCIAL INFORMATION
Notes to the parent company financial statements
Cash flow statement
EURm
2018
2017
Cash flow from operating activities Profit before closing entries and tax Financial income and expenses Adjustments to operating profit 1) Change in working capital 2)
900
968
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.
–312
–354 –137
13
–238
455
Interest received
39
33
Interest paid
–25 328
–35 328
Dividends received Other financial items Income taxes paid Operating cash flow
17
–193
–103
–67 998
618
Cash flow from investing activities Investments in tangible and intangible assets
–79 –14 131 243
–141
1. Sales Sales by business area
4. Personnel expenses Salaries, fees and other personnel expenses EURm 2018
Investments in shares and holdings
–
Proceeds from sale of intangible and tangible assets Proceeds from disposal of shares and holdings
172
1
Change in other non-current receivables
49
58 89
EURm
2018
2017
2017
Investing cash flow
329
Salaries and fees of the President and CEO, and members of the Board of Directors 1)
UPM Biorefining
2,005 1,725
7
6
Other operations and eliminations
479
492
Cash flow from financing activities Proceeds from non-current liabilities Payments of non-current liabilities
Other salaries and fees
194
190
Total
2,484
2,217
–
71
Pension costs
35
32
–269
–926
Other indirect employee costs
7
8
Change in current liabilities
118
–14
Total
242
237
Dividends paid
–613
–507
1) » Refer Note 3.2 Key management personnel.
Group contributions, net Financing cash flow
–2
–32
–765
–1,406
Sales by destination
Personnel
Change in cash and cash equivalents
182
–320
EURm
2018
2017
2018
2017
Cash and cash equivalents at beginning of period
589 182 770
908
Total on average
Finland
2,432
2,158
2,990 2 944
Change in cash and cash equivalents
–320
Other EU countries
27 25
30 29
Cash and cash equivalents at end of period
589
Other countries
Total
2,484
2,217
1) Adjustments to operating profit EURm
2018
2017
5.
Depreciation, amortisation and impairment charges
Depreciation, amortisation and impairment charges Capital gains and losses on sale of non-current assets
117
118
2.
Other operating income
–141
–186
Change in provisions
37 13
–70
Total
–137
EURm
2018
2017
EURm
2018
2017
2) Change in working capital EURm
Gains on sale of non-current assets
140
189
Intangible rights
2 8 –
2
2018 –124 –184
2017
Rental income
12
12
Other intangible assets
12
Inventories
31
Other Total
2
6
Land areas
1
Current receivables
413
154
208
Buildings
20 83
20 79
Current non-interest-bearing liabilities
69
11
Machinery and equipment
Total
–238
455
Other tangible assets
4
5
Total
117
118
3.
Materials and services
6.
Other operating expenses
EURm
2018
2017
EURm
2018
2017
Raw materials and consumables
1,599 1,263
Rents and lease expenses
7 1
11
Change in inventories
–109
32
Losses on sale of non-current assets
–
Delivery costs and other external charges
5
6
Maintenance expenses
95 97
75 77
Total
1,494 1,301
Other operating expenses 1)
Total
200
164
1) The research and development costs in operating expenses were EUR 21 million (10 million) and auditor’s fee EUR 0.7 million (0.8 million). In personnel expenses the research and development costs were EUR 16 million (20 million).
176
177
CONTENTS
ACCOUNTS
UPM ANNUAL REPORT 2018
UPM ANNUAL REPORT 2018
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