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UPM Annual Report 2015
UPM Annual Report 2015
135
136
contents
accounts
IN BRIEF
STRATEGY
BUSINESSES
STAKEHOLDERS
GOVERNANCE
ACCOUNTS
As at 31 Dec.
EURm
2015 2014
Main items included in accruals and deferred income
Personnel expenses
116 102
Interest expenses
36
40
Income taxes
–
20
Derivative financial instruments
97 160
Customer rebates
8
4
Other items
3
1
At 31 Dec.
260 327
Payables to Group companies
Trade payables
51
45
Other liabilities
1,418 2,043
Accruals and deferred income
20
35
At 31 Dec.
1,489 2,123
Payables to participating interest companies
Trade payables
2
6
Other liabilities
1
–
At 31 Dec.
3
6
15 Contingent liabilities
As at 31 Dec.
EURm
2015 2014
Mortgages
1)
As security against own debts
220 289
Guarantees
Guarantees for loans
On behalf of Group companies
159 903
Other guarantees
On behalf of Group companies
53 120
Other commitments
2)
Leasing commitments for next year
25 104
Leasing commitments for subsequent years
147
66
Other commitments
175 111
Total
779 1,593
1)
The mortgages given relate mainly to giving mandatory security for borrowing
from Finnish pension insurance companies.
2)
Other commitments relate mainly 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 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.
12 Provisions
As at 31 Dec.
EURm
2015 2014
Provisions for pensions
13
17
Restructuring provisions
15
17
Environmental provisions
12
13
Other provisions
20
21
Total at 31 Dec.
60
68
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
2015 2014
Bonds
991 905
Loans from financial institutions
911 1,223
Pension loans
135 202
Other liabilities
161 145
Total at 31 Dec.
2,198 2,475
Maturity of non-current liabilities
In 2–5 years
Bonds
570 527
Loans from financial institutions
911 1,215
Pension loans
135 202
Other liabilities
1
–
1,617 1,944
Later than 5 years
Bonds
421 378
Loans from financial institutions
–
8
Other liabilities
160 145
581 531
Total at 31 Dec.
2,198 2,475
Bonds
Interest
rate
Fixed-rate %
Nominal
value issued
m
As at 31 Dec.
2015 2014
EURm EURm
1997–2027
7.450
USD 375 344 309
2000–2030
3.550
JPY 10,000
76
69
2002–2017
6.625
GBP 250 341 321
2003–2018
5.500
USD 250 230 206
Total at 31 Dec.
991 905
Current portion
–
–
Non-current portion
991 905
14 Current liabilities
As at 31 Dec.
EURm
2015 2014
Loans from financial institutions
13
16
Pension loans
68
68
Advances received
1
1
Trade payables
353 331
Other liabilities
1,474 2,080
Accruals and deferred income
260 327
Total at 31 Dec.
2,169 2,823
Information on shares
Changes in number of shares 1 January 2011 – 31 December 2015
Number of shares
2010
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
2015
Number of shares at 31 Dec. 2015
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 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.