UPM Annual Report 2023

ACCOUNTS FOR 2023

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Maturity table of derivatives included in net debt and guarantees at the end of 2023

Repayments of debt and maturities of unused committed credit lines at the end of 2023

EURm

2024

2025

2026

2027

2028 2029+ TOTAL

Net settled interest rate swaps Net inflow

2,000

3

7

9

9

—

— —

27

1,500

Net outflow

-30

-19

-17

-18

-19

-104

Leases Loans Unused committed credit lines

Gross settled derivatives Gross currency swaps Total inflow

1,000

7

7

7

7

7

138 -168

173 -195

EURm

500

Total outflow

-7

-5

-5

-5

-5

Forward foreign exchange contracts Total inflow

0

1,000

9

— — —

— — —

— — —

— — —

1,009

2024 2025 2026 2027 2028 2029+

Total outflow Guarantees

-989

-9

-999

—

—

—

Maturity table of debt at the end of 2023

EURm Bonds

2024

2025

2026

2027

2028 2029+ TOTAL

Maturity table of derivatives included in net debt and guarantees at the end of 2022

—

—

—

339

750

1,000

2,089

Loans from financial institutions

20 94

34 97

31 64

31 53

31 50

62

208 706 137 183

EURm

2023

2024

2025

2026

2027 2028+ TOTAL

Lease liabilities

348 135

Net settled interest rate swaps Net inflow

Other loans

—

2

— —

— —

— —

3

6

8

9

9

—

35

Current loans and debt held for sale

183 297

—

—

Net outflow

-24

-28

-26

-25

-25

-25

-153

Principal payments Interest payments

133

95 62

423

830

1,545

3,323

Gross settled derivatives Gross currency swaps Total inflow

75 409 The difference between the above nominal values and carrying value of total debt arise from fair value adjustments and discounting decreasing carrying value by EUR 45 million and other non-cash adjustments decreasing carrying value by EUR 20 million. 66 61 34 111

7

7

7

7

7

160 -175

197 -208

Total outflow

-7

-7

-6

-6

-6

Forward foreign exchange contracts Total inflow

Maturity table of debt at the end of 2022

625 -623

— — —

— — —

— — —

— — —

— — —

625 -623

Total outflow Guarantees

2

2

EURm Bonds

2023

2024

2025

2026

2027 2028+ TOTAL

—

—

—

—

352 134

1,750

2,102 1,613

Loans from financial institutions

9

1,001

337

34 49

99

Lease liabilities Other loans Current loans

84

75

80

36

343 151

668 152 444

1

— —

— —

— —

— —

444 538

—

Principal payments Interest payments

1,076

417

83 63

521

2,343

4,978

70 458 The difference between the above nominal values and carrying value of total debt arise from fair value adjustments decreasing carrying value by EUR 80 million and other non-cash adjustments decreasing carrying value by EUR 24 million. 69 66 61 128

198

199

UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023

UPM FINANCIAL REPORT 2023

198

UPM FINANCIAL REPORT 2023

199