UPM Annual Report 2019

Balance sheet

Cash flow statement

EURm

NOTE

2019

2018

EURm

2019

2018

ASSETS Intangible assets Tangible assets

Cash flows from operating activities Profit before closing entries and tax Financial income and expenses Adjustments to operating profit 1)

10 11 12 12 12 12 12 12 13 14 14 14 14

45

36

793 -516

900 -312

1,599 3,077

1,646 4,136

Holdings in group companies

59

13

Holdings in participating interest companies

5 3

5 3

Change in working capital 2)

266

-238

Other shares and holdings

Interest received

47 -31

39

Receivables from group companies

864

646

Interest paid

-25 328

Receivables from participating interest companies

4 7

4 7

Dividends received Other financial items Income taxes paid Operating cash flow

534 -61 -45

Other non-current receivables

17

5,603

6,482

-103

Non-current assets

1,046

618

Inventories

206

267

Trade receivables

27

30

Cash flows from investing activities Investments in tangible and intangible assets

Receivables from group companies

944

1,180

-83

-79 -14 131 243

Receivables from participating interest companies

8

5

Investments in shares and holdings

-197

Other current receivables Cash and cash equivalents

52

75

Proceeds from sale of intangible and tangible assets Proceeds from disposal of shares and holdings

12

1,382 2,619

770

1,257

2,327

Change in other non-current receivables

-217 773

49

Current assets

329

Investing cash flow

8,223

8,809

Assets

Cash flows from financing activities Payments of non-current liabilities

-270 -238 -693

-269

EURm

NOTE

2019

2018

Change in current liabilities

118

EQUITY AND LIABILITIES Share capital

Dividends paid

-613

15 15 15 15 15

890 142

890 142

Group contributions, net

-6

-2

Revaluation reserve

-1,207

-765

Financing cash flow

Reserve for invested non-restricted equity

1,273 1,940

1,273 1,853

Retained earnings Profit for the period

612

182

Change in cash and cash equivalents

756

780

5,000

4,938

Equity

Cash and cash equivalents at beginning of period Change in cash and cash equivalents Cash and cash equivalents at end of period

770 612

589 182 770

440

446 101

Accumulated depreciation difference

1,382

16

49

Provisions

Bonds

17 17 17

334 115 172 621

328 385 167 879

1) Adjustments to operating profit EURm Depreciation, amortisation and impairment charges Capital gains and losses on sale of non-current assets

Payables to group companies Other non-current liabilities

2019

2018

111

117

Non-current liabilities

-2

-141

Change in provisions

-50

37 13

Advances received

18 18 18 18 18

1

—

59

Total

Trade payables

241

267

Payables from group companies

1,703

1,919

Payables from participating interest companies

—

1

2) Change in working capital EURm

Other current liabilities

168

258

2019

2018 -124 -184

2,112

2,445 3,324

Current liabilities

Inventories

60

2,733

Liabilities

Current receivables

260 -54 266

Current non-interest-bearing liabilities

69

8,223

8,809

Equity and liabilities

-238

Total

202

203

UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

CONTENTS

ACCOUNTS

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS