130-131 / 150
UPM Annual Report 2014
UPM Annual Report 2014
127
128
CONTENTS
ACCOUNTS
As at 31 Dec.
EURm
2014 2013
Main items included in accruals and deferred income
Personnel expenses
102
95
Interest expenses
40
38
Income taxes
20
–
Derivative financial instruments
160 207
Customer rebates
4
1
Other items
1
4
At 31 Dec.
327 345
Payables to Group companies
Trade payables
45
43
Other liabilities
2,043 2,291
Accruals and deferred income
35
49
At 31 Dec.
2,123 2,383
Payables to participating interest companies
Trade payables
6
7
At 31 Dec.
6
7
15 Contingent liabilities
As at 31 Dec.
EURm
2014 2013
Mortgages
1)
As security against own debts
289 357
Guarantees
Guarantees for loans
On behalf of Group companies
903 907
Other guarantees
On behalf of Group companies
120
67
Other commitments
2)
Leasing commitments for next year
104
22
Leasing commitments for subsequent years
66 146
Other commitments
111
52
1)
The mortgages given relate mainly to giving mandatory security for borrowing
from Finnish pension insurance companies.
2)
Other commitments relate to procurement of commodities.
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 55 million (86 million).
Derivative contracts
Fair values and notional values are disclosed in the consolidated finan-
cial 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.
12 Provisions
As at 31 Dec.
EURm
2014 2013
Provisions for pensions
17
17
Restructuring provisions
17
13
Environmental provisions
13
12
Other provisions
21
21
Total at 31 Dec.
68
63
Changes of provisions are included in personnel and other operating
expenses. Information of provisions is disclosed in the consolidated
financial statements, Note 30.
13 Non-current liabilities
As at 31 Dec.
EURm
2014 2013
Bonds
905 822
Loans from financial institutions
1,223 1,523
Pension loans
202 270
Other liabilities
145 145
Total at 31 Dec.
2,475 2,760
Maturity of non-current liabilities
In 2–5 years
Bonds
527 481
Loans from financial institutions
1,215 1,075
Pension loans
202 270
1,944 1,826
Later than 5 years
Bonds
378 341
Loans from financial institutions
8 448
Other liabilities
145 145
531 934
Total at 31 Dec.
2,475 2,760
Bonds
Interest
rate
Fixed-rate %
Nominal
value issued
m
As at 31 Dec.
2014 2013
EURm EURm
1997–2027
7.450
USD 375 309 272
2000–2030
3.550
JPY 10,000
69
69
2002–2014
5.625
USD 500
–
363
2002–2017
6.625
GBP 250 321 300
2003–2018
5.500
USD 250 206
181
Total at 31 Dec.
905 1,185
Current portion
–
363
Non-current portion
905 822
14 Current liabilities
As at 31 Dec.
EURm
2014 2013
Bonds
–
363
Loans from financial institutions
16
8
Pension loans
68
68
Advances received
1
6
Trade payables
331 353
Other liabilities
2,080 2,321
Accruals and deferred income
327 345
Total at 31 Dec.
2,823 3,464
Information on shares
Changes in number of shares 1 January 2010 – 31 December 2014
Number of shares
2009
Number of shares at 31 Dec. 2009
519,970,088
2010
Options exercised
–
Number of shares at 31 Dec. 2010
519,970,088
2011
Share issue
5,000,000
Options exercised
2,750
Number of shares at 31 Dec. 2011
524,972,838
2012
Options exercised
1,151,572
Number of shares at 31 Dec. 2012
526,124,410
2013
Options exercised
3,177,487
Number of shares at 31 Dec. 2013
529,301,897
2014
Options exercised
4,433,802
Number of shares at 31 Dec. 2014
533,735,699
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 508.3 million UPM-Kymmene Corporation shares were
traded on the Helsinki stock exchange in 2014 (563.4 million). This rep-
resented 95.2% (106.7%) of the total number of shares. The highest quo-
tation was EUR 13.99 in December and the lowest EUR 10.07 in Octo-
ber. The total value of shares traded in 2014 was EUR 6,233 million
(5,308 million).
During the year, 6.0 million 2007C share options were traded for
EUR 10.3 million (5.4 million, EUR 6.1 million).
Treasury shares
As at 31 December 2014, 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 consideration as
part of Myllykoski transaction and 19,256 shares in accordance 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 892,498 (946,727) UPM-Kymmene
Corporation shares, including shares held by persons closely associated
with him or her or by organisations of which the person has control.
These represent 0.17% (0.18%) of the shares and 0.17% (0.18%) of the
voting rights . At the end of the year, President and CEO Jussi Pesonen
owned 195,280 shares. At the end of the year, the other members of the
Group Executive Team owned a total of 238,859 shares.