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UPM Annual Report 2014
UPM Annual Report 2014
113
114
CONTENTS
ACCOUNTS
As of 31 December 2014 the contractual maturity of interest-bearing liabilities
EURm
2015
2016
2017
2018
2019
2020+
Total
Bonds
Repayments
–
–
321
206
–
378
905
Interests
58
58
58
31
25
211
441
58
58
379
237
25
589
1,346
Loans from financial institutions
Repayments
45
233
316
302
451
44
1,391
Committed facilities
–
–
–
–
–
–
–
Interests
20
19
18
15
2
1
75
65
252
334
317
453
45
1,466
Pension loans
Repayments
74
74
74
74
–
–
296
Interests
13
10
6
3
–
–
32
87
84
80
77
–
–
328
Finance lease liabilities
Repayments
171
30
4
4
5
58
272
Interests
6
1
1
–
–
2
10
177
31
5
4
5
60
282
Other loans
Repayments
2
2
2
2
1
148
157
Interests
7
7
7
3
10
62
96
9
9
9
5
11
210
253
Interest rate swaps (liabilities)
Repayments
–
–
48
–
–
19
67
Interests
4
3
4
4
6
16
37
4
3
52
4
6
35
104
Current loans
Repayments
74
74
Interests
–
–
74
74
Guarantees, repayments
5
5
Non-current loans repayments excl. committed facilities
292
339
717
588
457
628
3,021
As of 31 December 2013 the contractual maturity of interest-bearing liabilities
EURm
2014
2015
2016
2017
2018
2019+
Total
Bonds
Repayments
363
–
–
300
181
341
1,185
Interests
73
53
53
53
28
212
472
436
53
53
353
209
553
1,657
Loans from financial institutions
Repayments
29
333
233
317
300
496
1,708
Committed facilities
–
–
–
–
–
–
–
Interests
28
30
30
32
27
6
153
57
363
263
349
327
502
1,861
Pension loans
Repayments
74
74
74
74
74
–
370
Interests
17
13
10
6
3
–
49
91
87
84
80
77
–
419
Finance lease liabilities
Repayments
39
171
30
4
4
61
309
Interests
6
6
1
1
1
2
17
45
177
31
5
5
63
326
Other loans
Repayments
1
2
2
2
1
150
158
Interests
6
6
6
6
3
63
90
7
8
8
8
4
213
248
Interest rate swaps (liabilities)
Repayments
19
–
–
67
4
18
108
Interests
–1
–1
–1
–
2
37
36
18
–1
–1
67
6
55
144
Current loans
Repayments
49
49
Interests
–
–
49
49
Guarantees, repayments
5
5
Non-current loans repayments excl. committed facilities
506
580
339
697
560
1,048
3,730
Amounts are based on the exchange rates and interest rates on the reporting date.
The difference between the above listed cash-based repayment amounts and the respective balance sheet values mainly arise from fair value adjustments to balance sheet items.
Bonds in interest-bearing liabilities
Fixed rate
Interest
rate
%
Nominal
value issued
m
As at 31 Dec.
2014
EURm
2013
EURm
1997–2027
7.450
USD 375
424
342
2000–2030
3.550
JPY 10,000
85
80
2002–2014
5.625
USD 500
–
374
2002–2017
6.625
GBP
250
346
329
2003–2018
5.500
USD 250
226
203
Total at 31 Dec.
1,081 1,328
Current portion
–
373
Non-current portion
1,081
955
Fair value hedge of non-current interest-bearing
liabilities
Fair value hedge accounting results in a cumulative fair value adjustment
totalling EUR 261 million (211 million), which has increased the carry-
ing amount of the liabilities.
Accordingly, the positive fair value of the hedging instruments,
excluding accrued interests, amounts EUR 279 million (229 million) in
assets, and negative fair value of EUR 0 million (1 million) in liabilities.
The effect of the fair value hedge ineffectiveness on the income state-
ment was profit EUR 1 million (2 million).
Net interest-bearing liabilities
As at 31 December
EURm
2014
2013
Total interest-bearing liabilities
3,464
4,128
Interest-bearing financial assets
Non-current
Loan receivables
11
11
Derivative financial instruments
281
212
Other receivables
29
31
321
254
Current
Loan receivables
4
9
Other receivables
13
11
Derivative financial instruments
25
24
Cash and cash equivalents
700
790
742
834
Interest-bearing financial assets
1,063
1,088
Net interest-bearing liabilities
2,401
3,040
Finance lease liabilities
As at 31 December 2014 the Group has one sale and leaseback agree-
ment and five finance lease agreements regarding power plant machinery.
The Group uses the energy generated by these plants for its own produc-
tion. The Group also has a finance lease arrangement over the usage of a
waste water treatment plant. In addition, the Group leases certain pro-
duction assets and buildings under long term arrangements.
Finance lease liabilities – minimum lease payments
As at 31 December
EURm
2014
2013
No later than 1 year
177
45
1–5 years
45
218
Later than 5 years
60
63
282
326
Future finance charges
–10
–17
Finance lease liabilities – the present value
of minimum lease payments
272
309
Finance lease liabilities – the present value of minimum
lease payments
As at 31 December
EURm
2014
2013
No later than 1 year
171
39
1–5 years
43
209
Later than 5 years
58
61
Total
272
309
32 Other liabilities
As at 31 December
EURm
2014
2013
Derivative financial instruments
51
66
Other
1)
99
98
Total
150
164
1)
Consists mainly of non-current advances received and a put liability that is not
estimated to mature within 12 months.
33 Trade and other payables
As at 31 December
EURm
2014
2013
Advances received
8
16
Trade payables
854
831
Accrued expenses and deferred income
429
414
Derivative financial instruments
179
85
Other current liabilities
79
73
Total
1,549
1,419
Trade and other payables mature within 12 months.
Main items included in accrued expenses
and deferred income
As at 31 December
EURm
2014
2013
Personnel expenses
194
188
Interest expenses
33
35
Indirect taxes
8
8
Other items
1)
194
183
Total
429
414
1)
Consists mainly of customer rebates.