UPM Annual Report 2020

13. Non-current liabilities

15. Commitments

Maturity in 2026 (in 2025) or later

In addition, the parent company acts as a guarantor on behalf of other companies belonging to the group. Majority of such commitments relate to major investment projects and can end up payable by the parent company in case group companies are unable to manage their obligations. » Refer Note 4.1 Property, plant and equipment for information about major investment projects. Pension commitments of the President and CEO and the

EURm

2020 2019

EURm Bonds

2020 2019

EURm Bonds

2020 2019

Mortgages As security against own debt

1,056

334

1,056

334

—

1

Loans from financial institutions Payables to group companies Other non-current liabilities Carrying value, at 31 December

100 168 166

—

Loans from financial institutions Other non-current liabilities

77

—

Guarantees Guarantees for loans on behalf of group companies Other guarantees on behalf of group companies Other commitments Leasing commitments, due within 12 months Leasing commitments, due after 12 months

115 172 621

166

172 506

Total

1,299

—

13 67

1,490

26

members of the Group Executive Team » Refer Note 3.2 Key management personnel. Related party transactions » Refer Note 8.3 Related party transactions.

Bonds

26 45 49

34 64 62

CARRYING VALUE

CARRYING VALUE

Other commitments

NOMINAL VALUE ISSUED, MILLION

Total

148

240

INTEREST RATE, % CURRENCY

FIXED RATE PERIOD

2020EURm 2019EURm

1997–2027 2020–2028

7.450 0.125

USD EUR

375 750

306 750

334

16. Shares and holdings owned by parent company

Carrying value, at 31 December

1,056 1,056

334 334

Non-current portion

COUNTRY OF INCORPORATION

HOLDING %

SUBSIDIARIES Jyväs-Helmi Oy Myllykoski Oyj

FI FI FI FI FI

61.00

100.00 100.00

14. Current liabilities

Repola Investment Oy Suurijärven Huolto Oy

67.59

PAYABLES TO PARTICIPATING INTEREST COMPANIES

Unicarta Oy

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 27.80

PAYABLES TO GROUP COMPANIES

UPM (Vietnam) Limited

VN CH SG NL DE BG

PAYABLES TO OTHERS

EURm

TOTAL

UPM AG

2020 Trade payables

UPM Asia Pacific Pte. Ltd.

40 18

1

247

288 101

UPM B.V.

— —

83 36

Accrued expenses and deferred income 1)

UPM Biochemicals GmbH

1,963 2,021

2,000 2,390

UPM Bulgaria EOOD

Other current liabilities

Carrying value, at 31 December

1

368

UPM Communication Papers Oy

FI FI

2019 Advances received

UPM Energy Oy

UPM India Private Limited

IN

—

— — — — —

1

1

UPM Kft.

HU

51 15

241

293 102

Trade payables

UPM Manufatura e Comércio de Produtos Florestais Ltda.

BR BE EE

87 81

Accrued expenses and deferred income 1)

UPM NV UPM OÜ

1,636 1,703

1,717 2,112

Other current liabilities

Carrying value, at 31 December

410

UPM Plywood Oy

FI FI FI

1) Accrued expenses and deferred income

UPM Pulp Oy

UPM Pulp Sales Oy

EURm

2020 2019

UPM Raflatac Canada Holdings Inc.

CA NZ

Personnel expenses Interest expenses

65

78

UPM Raflatac NZ Limited

4

3

UPM Raflatac Oy UPM Raflatac S.r.l. UPM Romania S.R.L UPM Silvesta Oy

FI

Exchange gains and losses

31

21

AR RO

Other items

1

—

Carrying value, at 31 December

101

102

FI FI

UPM Specialty Papers Oy UPM Wood Materials (UK) Ltd UPM-Kymmene (HK) Ltd. UPM-Kymmene (Korea) Ltd

UK

CN/HK

KR UK DK

UPM-Kymmene (UK) Holdings Limited

UPM-Kymmene A/S

212

UPM ANNUAL REPORT 2020 UPM FINANCIAL REPORT 2020 97 213

UPM ANNUAL REPORT 2020

UPM FINANCIAL REPORT 2020 96