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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