UPM Annual Report 2022

ACCOUNTS FOR 2022

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Consolidated cash flow statement

1) Adjustments

EURm

2022

2021

EURm

2022

2021

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

-12

-111

Cash flows from operating activities Profit for the period

-4

-2

1,556

1,307

522

515 -146

Adjustments 1) Interest received

35

356

-35 30

8

1

Financial income and expenses

15

Interest paid

-43

-26

Income taxes

388

240

Dividends received

3

2

Utilised provisions

-52

-85

Other financial items, net

-52

-2

Non-cash changes in provisions

7

1

Income taxes paid 4)

-313 -687 508

-275 -115

Other adjustments 2)

-808

-70

Change in working capital 3)

Total

35

356

Operating cash flow

1,250

2) 2022 other adjustments include energy hedging derivative market value payments. 3) Change in working capital

Cash flows from investing activities Capital expenditure

-1,398

-1,432

EURm

2022

2021

Additions to forest assets

-79

-89

Inventories

-665 -400 378 -687

-271 -445 601 -115

Acquisition of businesses and subsidiaries, net of cash acquired

-138

0

Receivables included in working capital Liabilities included in working capital

Proceeds from sale of property, plant and equipment and intangible assets, net of tax 4)

41

17

Proceeds from sale of forest assets, net of tax 4)

7

6

Total

Proceeds from disposal of businesses and subsidiaries and advances received

15 11

157

Proceeds from disposal of shares in associates and joint ventures

0 1 9 6

4) Total income taxes paid in 2022 amounted to EUR 315 million (276 million). Income taxes paid related to investing activities are presented in investing cash flow.

Proceeds from disposal of energy shareholdings Net cash flows from net investment hedges

2

-47

Change in other non-current assets

3

Investing cash flow

-1,585

-1,323

Cash flows from financing activities Proceeds from non-current debt

4,402 -2,550

600

Payments of non-current debt

-16 -84

Lease repayments

-91

Change in current liabilities Net cash flows from derivatives

439

0

20

34

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

-693

-693

-27 97 99

-12 82

Change in investment funds Other financing cash flow

-100

-9

-5

Financing cash flow

1,687

-194

Change in cash and cash equivalents

610

-268

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

1,460

1,720

-3

8

Change in cash and cash equivalents

610

-268

Cash and cash equivalents at the end of the period

2,067

1,460

162

163

UPM ANNUAL REPORT 2022

UPM ANNUAL REPORT 2022

UPM FINANCIAL REPORT 2022

162

UPM FINANCIAL REPORT 2022

163