UPM annual report 2014

Consolidated statement of changes in equity

Consolidated cash flow statement

Year ended 31 December

Attributable to owners of the parent company

2014

2013

EURm

Note

Reserve for invested non- restricted equity

Transla- tion differ- ences

Cash flow from operating activities Profit (loss) for the period

Fair value and other reserves

Non- controlling interests

512 779

335 750

Share capital

Treasury shares

Retained earnings

Total equity

Total

EURm

Note

Adjustments

5

Interest received

7

3

Interest paid

–40

–50

Balance at 1 January 2013

890

–2

148 2,232

1,207 2,980 7,455

6 7,461

Dividends received

2

2

Other financial items, net

–11 –81

–20

Profit (loss) for the period

–

–

–

–

–

335 335

–

335

Income taxes paid

–157 –128

Actuarial gains and losses on defined benefit obligations, net of tax

Change in working capital

5

73

– – – – – – – – – – –

– – – – – – – – – – –

–

– – –

– – – – – –

69

69

– – – – – – – – – – –

69

Net cash generated from operating activities

1,241

735

Translation differences

–219

– –219

–219

Net investment hedge, net of tax Cash flow hedges, net of tax

77

– – –

77

77

Cash flow from investing activities Capital expenditure

– –

–28

–28

–28

–378

–337

Available-for-sale investments, net of tax Total comprehensive income for the period

58 30

58

58

Acquisition of shares in associated companies and joint ventures

–1

–1

–142

404 292

292

Acquisition of available-for-sale investments Proceeds from sale of tangible and intangible assets

–31

–31

89

33 –2

Share options exercised

– – – – –

–

19

– 9

19

19

Proceeds from disposal of subsidiaries

5

1

Share-based compensation, net of tax

–6

–

3

3

Proceeds from disposal of available-for-sale investments

68

1

Dividend distribution

15

– –

– –317 –317

–317

Change in other non-current assets Net cash used in investing activities

5

40

Other items

–

–3

–3

–3

–247

–297

Total transactions with owners for the period

–6

19 –311 –298 1,226 3,073 7,449

–298

Balance at 31 December 2013

27

890

–2

6 2,256

6 7,455

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

–

553

Balance at 1 January 2014

27

890

–2

6 2,256

1,226 3,073 7,449

6 7,455

–836

–323

Change in current liabilities Share options exercised

34 47

–64

Profit (loss) for the period

–

–

–

–

–

512 512

–

512

19

Actuarial gains and losses on defined benefit obligations, net of tax

Dividends paid

–319

–317

– – – – – – – – – – – –

– – – – – – – – – – – –

–

– – –

– –181 –181

– – – – – – – – –

–181

Other financing cash flow

–22

–

Translation differences

291 –41

– – – – –

– –

291 –41

291 –41

Net cash used in financing activities

–1,096

–132

Net investment hedge, net of tax Cash flow hedges, net of tax

– –

–107 –164

– –107 – –164

–107 –164

Change in cash and cash equivalents

–102

306

Available-for-sale investments, net of tax Total comprehensive income for the period

250 –271

331 310

310

Cash and cash equivalents at beginning of period Foreign exchange effect on cash and cash equivalents

787

486

15

–5

Share options exercised

– – – – – –

–

47

–

47

47

Change in cash and cash equivalents

–102

306 787

Share-based compensation, net of tax

–15

–

16

1

1

Cash and cash equivalents at end of period

700

Dividend distribution

15 27

– –

– –319 –319

–319

Acquisition of non-controlling interests

– –

–1 94

–1 –9

–4

–5 –9

The notes are an integral part of these consolidated financial statements.

Other items

–103 –118

–

Total transactions with owners for the period

47 –210 –281 1,273 3,194 7,478

–4 –285 2 7,480

Balance at 31 December 2014

27

890

–2

256 1,867

The notes are an integral part of these consolidated financial statements.

CONTENTS

ACCOUNTS

83

84

UPM Annual Report 2014

UPM Annual Report 2014