UPM annual report 2014

34 Financial instruments by category

Financial liabilities measured at amortised cost

Financial assets/ liabilities at fair value through profit or loss

Available for sale financial assets

Carrying amounts by balance sheet item Fair values

Financial liabilities measured at amortised cost

2013 EURm Balance sheet item

Derivatives used for hedging

Financial assets/ liabilities at fair value through profit or loss

Available for sale financial assets

Carrying amounts by balance sheet item Fair values

Loans and receivables

2014 EURm Balance sheet item

Derivatives used for hedging

Note

Loans and receivables

Non-current financial assets Available-for-sale investments Non-current financial assets Loan receivables

Note

–

–

2,661

–

–

2,661

2,661

22

Non-current financial assets Available-for-sale investments Non-current financial assets Loan receivables

–

–

2,510

–

–

2,510

2,510

22

– 3

43

– –

–

– –

43

43

23 23 23

Derivative financial instruments

–

236

239 282

239 282

– 9

43

– –

–

– –

43

43

23 23 23

Derivative financial instruments

–

282

291 334

291 334

Current financial assets Trade and other receivables

Current financial assets Trade and other receivables

Trade and other receivables

– –

1,568

– – –

– –

– – –

1,568

1,568

26 26 26

Prepayments and accrued income Derivative financial instruments

154

154 226

154 226

Trade and other receivables

– –

1,562

– – –

– –

– – –

1,562

1,562

26 26 26

54

–

172

Prepayments and accrued income Derivative financial instruments

143

143 151

143 151

1,948

1,948

53

–

98

1,856

1,856

Carrying amount by category

57

1,765

2,661

408

–

4,891

4,891

Carrying amount by category

62

1,748

2,510

380

–

4,700

4,700

Non-current financial liabilities Non-current interest-bearing liabilities Non-current interest-bearing liabilities

Non-current financial liabilities Non-current interest-bearing liabilities Non-current interest-bearing liabilities

–

– –

– –

–

3,385

3,385

3,489

31 31 31 32 32 32

Derivative financial instruments

75

25

–

100

100

–

– –

– –

–

2,959

2,959

3,037

31 31 31 32 32 32

3,485

3,589

Derivative financial instruments

50

49

–

99

99

Other liabilities

3,058

3,136

Other liabilities

– 7

– –

– –

–

98

98 66

98 66

Other liabilities

Derivative financial instruments

59

–

Other liabilities

–

– –

– –

–

99

99 51

99 51

164

164

Derivative financial instruments

12

39

–

Current financial liabilities Current interest-bearing liabilities Interest-bearing liabilities

150

150

Current financial liabilities Current interest-bearing liabilities Interest-bearing liabilities

–

– –

– –

– –

561

561

561

31 31 31

Derivative financial instruments

82

–

82

82

–

– –

– –

– –

365

365

365

31 31 31

643

643

Derivative financial instruments

41

–

41

41

Trade and other payables

406

406

Trade and other payables

–

–

–

–

920

920

920

33

Trade and other payables

Accrued expenses and deferred income Derivative financial instruments

Trade and other payables

–

–

–

–

941

941

941

33

–

– –

– –

–

414

414

414

33 33

Accrued expenses and deferred income Derivative financial instruments

22

63

–

85

85

–

– –

– –

–

429

429 179

429 179

33 33

1,419

1,419

30

149

–

1,549

1,549

Carrying amount by category

186

–

–

147

5,378

5,711

5,815

Carrying amount by category

133

–

–

237

4,793

5,163

5,241

Fair values of long-term loans, have been estimated as follows: The fair value of quoted bonds is based on the quoted market value as of 31 December. The fair value of fixed rate and market-based floating rate loans is estimated using the expected future payments discounted at market interest rates and it is within level 2 of the fair value hierarchy. The carrying amounts of current financial assets and liabilities approximate their fair value.

CONTENTS

ACCOUNTS

115

116

UPM Annual Report 2014

UPM Annual Report 2014