UPM Annual Report 2021

ACCOUNTS FOR 2021

UPM

BEYOND FOSSILS

STRATEGY

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Consolidated statement of changes in equity

Consolidated cash flow statement

EQUITY ATTRIBU TABLE TO OWNERS OF THE PARENT COMPANY

EURm

2021

2020

RESERVE FOR INVESTED NON RESTRICTED EQUITY

Cash flows from operating activities Profit for the period

1,307

568 721

TRANS LATION RESERVE

NON CONTROLLING INTERESTS

Adjustments 1) Interest received

356

SHARE CAPITAL

TREASURY SHARES

OTHER RESERVES

RETAINED EARNINGS

TOTAL EQUITY

1

3

EURm

Interest paid

-26

-37

Value at 1 January 2021

890

-2

25

1,430

1,273

5,735 1,286

9,351 1,286

162

9,513 1,307

Dividends received

2

3

— —

— —

—

— —

— —

22 13

Profit for the period Translation differences

Other financial items, net

-2

-14

325

—

325

337

Income taxes paid 3)

-275 -115

-145

Cash flow hedges - reclassified to income statement, net of tax Cash flow hedges - reclassified to PPE Cash flow hedges - change in fair value, net of tax Net investment hedge, net of tax Energy shareholdings - changes in fair value, net of tax Actuarial gains and losses on defined benefit plans, net of tax Total comprehensive income for the period Share-based payments, net of tax Contributions by non-controlling interests Total transactions with owners for the period Total equity at 31 December 2021 Cash flow hedges - reclassified to income statement, net of tax Cash flow hedges - reclassified to PPE Cash flow hedges - change in fair value, net of tax Net investment hedge, net of tax Energy shareholdings - changes in fair value, net of tax Actuarial gains and losses on defined benefit plans, net of tax Total comprehensive income for the period Share-based payments, net of tax Contributions by non-controlling interests Total transactions with owners for the period Total equity at 31 December 2020 Dividend distribution Other items Value at 1 January 2020 Profit for the period Translation differences Dividend distribution Other items

—

—

—

63

—

—

63

—

63

Change in working capital 2)

-93

Operating cash flow

1,250

1,005

—

—

—

-14

—

—

-14

-1

-16

Cash flows from investing activities Capital expenditure

— —

— —

—

-172

— —

— —

-172

-2

-174

-21

—

-21

—

-21

-1,432

-818

Additions to forest assets

-89

-57 -47 23

—

—

—

632

—

1

632

—

632

Investments in energy shareholdings

0

Proceeds from sale of property, plant and equipment and intangible assets, net of tax 3)

17

—

—

—

—

—

96

96

—

96

Proceeds from sale of forest assets, net of tax 3) Proceeds from disposal of businesses and subsidiaries Proceeds from disposal of energy shareholdings

6

3 0 2

— — — —

— — — —

304

508

— — — —

1,382

2,194

31

2,225

157

— — —

-1

-6

-6

—

-6

1 0 9 6

— —

-693

-693

-13

-706

Proceeds from disposal of joint operations Net cash flows from net investment hedges

17

—

—

-1

—

-4

Change in other non-current assets

3

—

—

—

—

—

—

—

82

82

Investing cash flow

-1,323

-879

—

—

—

-1

—

-698

-699

68

-632

Cash flows from financing activities Proceeds from non-current debt

890

-2

329

1,938

1,273

6,419

10,846

261

11,106

600

861

Payments of non-current debt

-16 -84

-31 -86

890

-2

278

1,711

1,273

5,912

10,062

113

10,175

Lease repayments

— —

— —

—

— —

— —

560

560 -258

8

568 -262

Change in current liabilities Net cash flows from derivatives

0

-2

-258

—

-4

34

-17

Dividends paid to owners of the parent company Dividends paid to non-controlling interests Contributions paid by non-controlling interests

-693

-693

—

—

—

-34

—

—

-34

—

-34

-12 82

-23 67

—

—

—

-5

—

—

-5

—

-5

Change in investment funds Other financing cash flow

-100

0

— —

— —

—

11

— —

— —

11

3

14

-5

-4

5

—

5

—

5

Financing cash flow

-194

71

—

—

—

-252

—

1

-251

—

-251

Change in cash and cash equivalents

-268

197

—

—

—

—

—

-36

-36

—

-36

Cash and cash equivalents at the beginning of the period Exchange rate effect on cash and cash equivalents

1,720

1,536

— — — —

— — — —

-253

-279

— — — —

525

-7

6

—

8

-13

— — —

-2

-9

-11

—

-11

Change in cash and cash equivalents

-268

197

— —

-693

-693

-21

-714

Cash and cash equivalents at the end of the period

1,460

1,720

—

—

—

-1

—

—

—

—

—

—

—

64

64

—

—

—

-2

—

-702

-704

43

-662

890

-2

25

1,430

1,273

5,735

9,351

162

9,513

» Refer Note 5.5 Share capital and reserves, for further information.

154

UPM FINANCIAL REPORT 2021 155 UPM ANNUAL REPORT 2021 155

UPM ANNUAL REPORT 2021

UPM FINANCIAL REPORT 2021 154