UPM annual report 2014

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UPM Annual Report 2014 UPM Annual Report 2014 115 116
CONTENTS ACCOUNTS
34 Financial instruments by category
2014
EURm
Balance sheet item
Financial assets/
liabilities at fair
value through
profit or loss
Loans and
receivables
Available
for sale
financial
assets
Derivatives
used for
hedging
Financial
liabilities
measured at
amortised
cost
Carrying
amounts
by balance
sheet item Fair values Note
Non-current financial assets
Available-for-sale investments – – 2,510 – – 2,510 2,510 22
Non-current financial assets
Loan receivables – 43 – – – 43 43 23
Derivative financial instruments 9 – – 282 – 291 291 23
334 334 23
Current financial assets
Trade and other receivables
Trade and other receivables – 1,562 – – – 1,562 1,562 26
Prepayments and accrued income – 143 – – – 143 143 26
Derivative financial instruments 53 – – 98 – 151 151 26
1,856 1,856
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 – – – – 2,959 2,959 3,037 31
Derivative financial instruments 50 – – 49 – 99 99 31
3,058 3,136 31
Other liabilities
Other liabilities – – – – 99 99 99 32
Derivative financial instruments 12 – – 39 – 51 51 32
150 150 32
Current financial liabilities
Current interest-bearing liabilities
Interest-bearing liabilities – – – – 365 365 365 31
Derivative financial instruments 41 – – – – 41 41 31
406 406 31
Trade and other payables
Trade and other payables – – – – 941 941 941 33
Accrued expenses and deferred
income – – – – 429 429 429 33
Derivative financial instruments 30 – – 149 – 179 179 33
1,549 1,549
Carrying amount by category 133 – – 237 4,793 5,163 5,241
2013
EURm
Balance sheet item
Financial assets/
liabilities at fair
value through
profit or loss
Loans and
receivables
Available
for sale
financial
assets
Derivatives
used for
hedging
Financial
liabilities
measured at
amortised
cost
Carrying
amounts
by balance
sheet item Fair values Note
Non-current financial assets
Available-for-sale investments – – 2,661 – – 2,661 2,661 22
Non-current financial assets
Loan receivables – 43 – – – 43 43 23
Derivative financial instruments 3 – – 236 – 239 239 23
282 282 23
Current financial assets
Trade and other receivables
Trade and other receivables – 1,568 – – – 1,568 1,568 26
Prepayments and accrued income – 154 – – – 154 154 26
Derivative financial instruments 54 – – 172 – 226 226 26
1,948 1,948
Carrying amount by category 57 1,765 2,661 408 – 4,891 4,891
Non-current financial liabilities
Non-current interest-bearing liabilities
Non-current interest-bearing
liabilities – – – – 3,385 3,385 3,489 31
Derivative financial instruments 75 – – 25 – 100 100 31
3,485 3,589 31
Other liabilities
Other liabilities – – – – 98 98 98 32
Derivative financial instruments 7 – – 59 – 66 66 32
164 164 32
Current financial liabilities
Current interest-bearing liabilities
Interest-bearing liabilities – – – – 561 561 561 31
Derivative financial instruments 82 – – – – 82 82 31
643 643 31
Trade and other payables
Trade and other payables – – – – 920 920 920 33
Accrued expenses and deferred
income – – – – 414 414 414 33
Derivative financial instruments 22 – – 63 – 85 85 33
1,419 1,419
Carrying amount by category 186 – – 147 5,378 5,711 5,815
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.