UPM annual report 2015
IN BRIEF
STRATEGY
BUSINESSES
STAKEHOLDERS
GOVERNANCE
ACCOUNTS
Information on shares
12 Provisions
As at 31 Dec. 2015 2014
EURm
As at 31 Dec. 2015 2014
Main items included in accruals and deferred income Personnel expenses
EURm
116 102
Provisions for pensions Restructuring provisions Environmental provisions
13 15 12 20 60
17 17 13 21 68
Interest expenses
36
40 20
Changes in number of shares 1 January 2011 – 31 December 2015
Income taxes
–
Derivative financial instruments
97 160
Other provisions Total at 31 Dec.
Number of shares
Customer rebates
8 3
4 1
Other items At 31 Dec.
2010
Number of shares at 31 Dec. 2010
519,970,088
260 327
Changes of provisions are included in personnel and other operating expenses. Information of provisions is disclosed in the consolidated financial statements, Note 30.
2011
Share issue
5,000,000
Payables to Group companies Trade payables
Options exercised
2,750
51
45
Number of shares at 31 Dec. 2011
524,972,838
Other liabilities
1,418 2,043
Accruals and deferred income
20
35
2012
Options exercised
1,151,572
13 Non-current liabilities
At 31 Dec.
1,489 2,123
Number of shares at 31 Dec. 2012
526,124,410
As at 31 Dec. 2015 2014 991 905 911 1,223 135 202 161 145 2,198 2,475
Payables to participating interest companies Trade payables
2013
Options exercised
3,177,487
EURm Bonds
2 1 3
6 – 6
Number of shares at 31 Dec. 2013
529,301,897
Other liabilities
Loans from financial institutions
At 31 Dec.
2014
Options exercised
4,433,802
Pension loans Other liabilities Total at 31 Dec.
Number of shares at 31 Dec. 2014
533,735,699
15 Contingent liabilities
2015
Number of shares at 31 Dec. 2015
533,735,699
As at 31 Dec. 2015 2014
Maturity of non-current liabilities In 2–5 years Bonds
EURm
570 527 911 1,215 135 202 – 1,617 1,944 1
Mortgages 1) As security against own debts
Loans from financial institutions
220 289
Pension loans Other liabilities
Guarantees Guarantees for loans
Stock exchange trading UPM’s shares are listed on NASDAQ OMX Helsinki Ltd. The compa- ny’s ADSs are traded on the U.S. over-the-counter (OTC) market under a Level 1 sponsored American Depositary Receipt programme. A total of 456.1 million UPM-Kymmene Corporation shares were traded on the Helsinki stock exchange in 2015 (508.3 million). This represented 85.5% (95.2%) of the total number of shares. The highest quotation was EUR 19.26 in April and the lowest EUR 13.19 in Sep- tember. The total value of shares traded in 2015 was EUR 7,469 mil- lion (6,233 million). Treasury shares As at 31 December 2015, the company held 230,737 (230,737) of its own shares, 0.04% (0.04%) of the total number of shares. Of these shares 211,481 were returned upon their issue to UPM without consid- eration as part of Myllykoski transaction and 19,256 shares in accor- dance with the Group's share reward scheme due to the termination of employment contracts.
Shares and options held by the Board of Directors and the Group Executive Team At the end of the year, the members of the Board of Directors including President and CEO owned a total of 882,101 (892,498) UPM- Kymmene Corporation shares, including shares held by persons close- ly associated with him or her or by organisations of which the person has control. These represent 0.16% (0.17%) of the shares and 0.16% (0.17%) of the voting rights. At the end of the year, President and CEO Jussi Pesonen owned 220,275 shares. At the end of the year, the other members of the Group Executive Team owned a total of 288,747 shares.
Later than 5 years Bonds
On behalf of Group companies
159 903
421 378
Other guarantees
Loans from financial institutions
–
8
On behalf of Group companies
53 120
Other liabilities
160 145 581 531
Other commitments 2) Leasing commitments for next year
25 104
Total at 31 Dec.
2,198 2,475
Leasing commitments for subsequent years
147
66
Other commitments
175 111
Bonds
Interest rate Fixed-rate %
Nominal value issued m
As at 31 Dec. 2015 2014 EURm EURm
Total
779 1,593
1) The mortgages given relate mainly to giving mandatory security for borrowing from Finnish pension insurance companies.
1997–2027 2000–2030 2002–2017 2003–2018
7.450 3.550 6.625 5.500
USD 375 344 309
2) Other commitments relate mainly to procurement of commodities.
JPY 10,000
76
69
GBP 250 341 321 USD 250 230 206
Pension commitments of the President and CEO and the members of the Group Executive Team See Notes to the consolidated financial statements, Note 7. Other commitments The commitment to participate in the share issue from Pohjolan Voima Oy would total EUR 25 million (55 million). Derivative contracts Fair values and notional values are disclosed in the consolidated financial statements, Notes 35. All derivatives disclosed have been contracted by the parent Company. Related party transactions See Notes to the consolidated financial statements, Note 38.
Total at 31 Dec. Current portion
991 905
–
–
Non-current portion
991 905
14 Current liabilities
As at 31 Dec. 2015 2014
EURm
Loans from financial institutions
13 68
16 68
Pension loans
Advances received
1
1
Trade payables Other liabilities
353 331 1,474 2,080 260 327 2,169 2,823
Accruals and deferred income
Total at 31 Dec.
contents
accounts
135
136
UPM Annual Report 2015
UPM Annual Report 2015
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