UPM Annual Report 2022

ACCOUNTS FOR 2022

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Cash flow statement

EURm

NOTE

2022

2021

EQUITY AND LIABILITIES Equity Share capital

EURm

2022

2021

890 140

890 141

Cash flows from operating activities Profit before closing entries and tax Financial income and expenses Adjustments to operating profit 1) Change in working capital 2)

Revaluation reserve

-101 547 231

581 -281

Reserve for invested non-restricted equity

1,273 1,333

1,273 1,557

Retained earnings

64

Profit (Loss) for the period

-190

469

-1,156

-639

Total equity

11

3,445

4,330

Interest received

87 -69

31 -22

Interest paid

Accumulated depreciation difference

398

417

Dividends received Other financial items Income taxes paid 3) Operating cash flow

293 -758

288

Provisions Termination provisions

18

2

3

-84

-109

Other provisions

297 299

149 152

-1,010

-68

12

LIABILITIES Non-current liabilities Bonds

Cash flows from investing activities Investments in tangible and intangible assets

-79

-46

2,102 1,578

1,581

Investments in shares and holdings

-1,285

-829

Loans from financial institutions Payables to group companies Other non-current liabilities

200 153 161

Proceeds from sale of intangible and tangible assets Proceeds from disposal of shares and holdings

17

11

160 149

1

4

Change in other non-current receivables

-143

-72

13

3,988

2,095

Investing cash flow

-1,490

-932

Current liabilities

Advances received

1

0

Cash flows from financing activities Proceeds from non-current liabilities Payments of non-current liabilities

Trade payables

454

335

4,493 -2,627 1,794

620

Payables to group companies

4,334

2,873

-35

Payables to participating interest companies

3

1

Change in current liabilities

943 -693

Other current liabilities

573 103

259

Dividends paid

-693

Accrued expenses and deferred income

98

Group contributions, net

-19 97

-19

14

5,467 9,455

3,566 5,661

Other items

-101 715

Total liabilities

Financing cash flow

3,044

Equity and liabilities

13,598

10,561

Cash and cash equivalents at beginning of period

1,296

1,582

Change in cash and cash equivalents

545

-286

Cash and cash equivalents at end of period

1,840

1,296

Notes to cash flow statement 1) Adjustments to operating profit EURm

2022

2021

Depreciation, amortisation and impairment charges Capital gains and losses on sale of non-current assets

181

124

-13 63

-4

Change in provisions

-56 64

Total

231

2) Change in working capital

EURm

2022

2021

Inventories

-121

-23

Current receivables

-1,143

-857 241 -639

Current non-interest-bearing liabilities

108

Total

-1,156

3) Income taxes related to sale of assets are presented in investing cash flow.

220

221

UPM ANNUAL REPORT 2022

UPM ANNUAL REPORT 2022

UPM FINANCIAL REPORT 2022

220

UPM FINANCIAL REPORT 2022

221