UPM Annual Report 2020
Consolidated cash flow statement
1) Adjustments
EURm
2020
2019
EURm
2020
2019
Cash flows from operating activities Profit for the period
Change in fair value of forest assets and wood harvested Share of results of associated companies and joint ventures Depreciation, amortisation and impairment charges Capital gains and losses on sale of non-current assets
25
-26
-3
-3
568 721
1,073
Adjustments 1) Interest received
541
490
719
-25 24
-1
3
2
Financial income and expenses
37
Interest paid
-37
-29
Income taxes
169
234
Dividends received
3
2
Utilised provisions
-55
-29 43 -25
Other financial items, net
-14
-20
Income taxes paid 3)
Non-cash changes in provisions
130
-145
-176 276
Change in working capital 2)
Other adjustments
-86
-93
Total
Operating cash flow
721
719
1,005
1,847
Cash flows from investing activities Capital expenditure
2) Change in working capital
-818
-359
Additions to forest assets
-57 -47 23
-44
EURm
2020
2019
Investments in energy shareholdings
0
Inventories
45
282 270 -276 276
Proceeds from sale of property, plant and equipment and intangible assets, net of tax 3)
13
Receivables included in working capital Liabilities included in working capital
-6
Proceeds from sale of forest assets, net of tax 3) Proceeds from disposal of energy shareholdings Proceeds from disposal of joint operations Net cash flows from net investment hedges
3 2
2 1 0
-133
Total
-93
17
-4
-29
3) Total income taxes paid in 2020 amounted to EUR 146 million (176 million). Income taxes paid related to investing activities are presented in investing cash flow.
Change in other non-current assets
3
1
Investing cash flow
-879
-415
Cash flows from financing activities Proceeds from non-current debt
861
13
Payments of non-current debt
-31 -86
-6
Lease repayments
-82
Change in current liabilities Net cash flows from derivatives
-2
-7
-17
11
Dividends paid to owners of the parent company Dividends paid to non-controlling interests Contributions paid by non-controlling interests
-693
-693
-23 67
0
21 -39
Other financing cash flow
-4
Financing cash flow
71
-783
Change in cash and cash equivalents
197
649
Cash and cash equivalents at the beginning of the period Exchange rate effect on cash and cash equivalents
1,536
888
-13
-1
Change in cash and cash equivalents
197
649
Cash and cash equivalents at the end of the period
1,720
1,536
150
151
UPM ANNUAL REPORT 2020
UPM ANNUAL REPORT 2020
UPM FINANCIAL REPORT 2020 34
UPM FINANCIAL REPORT 2020 35
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