UPM Annual Report 2016

156-157 / 176

ACCOUNTS
UPM Annual Report 2016 UPM Annual Report 2016 156 157
In brief Strategy Businesses Stakeholders Governance Accounts
CONTENTS
EURm 2016 2015
Prepayments and accrued income
Energy taxes 21 38
Personnel expenses 2 4
Interest income 33 39
Derivative financial instruments 7 4
Income taxes – 37
Other items 4 2
Carrying value, at 31 December 66 124
15. Equity
EURm SHARE CAPITAL
REVALUATION
RESERVE
RESERVE FOR
INVESTED NON-
RESTRICTED EQUITY
RETAINED
EARNINGS
TOTAL
SHAREHOLDER’S
EQUITY
Carrying value, at 1 January 2016 890 427 1,273 2,259 4,849
Profit for period – – – 255 255
Dividend distribution – – – –400 –400
Changes in revaluations – –221 – – –221
Carrying value, at 31 December 2016 890 206 1,273 2,115 4,483
Carrying value, at 1 January 2015 890 463 1,273 2,088 4,714
Profit for period – – – 545 545
Dividend distribution – – – –373 –373
Changes in revaluations – –36 – – –36
Other changes – – – –1 –1
Carrying value, at 31 December 2015 890 427 1,273 2,259 4,849
EURm 2016 2015
Distributable funds
Reserve for invested non-restricted equity 1,273 1,273
Retained earnings from previous years 1,860 1,715
Profit for the period 255 545
Total distributable funds at 31 December 3,388 3,533
14. Current receivables
EURm TOTAL
RECEIVABLES
FROM
GROUP
COMPANIES
RECEIVABLES
FROM
PARTICIPATING
INTEREST
COMPANIES
2016
Trade receivables 437 400 11
Loan receivables 1) 1,495 1,495 –
Prepayments and accrued
income 66 – –
Other current receivables 42 5 –
Carrying value,
at 31 December 2,040 1,901 12
2015
Trade receivables 228 83 10
Loan receivables 783 783 –
Prepayments and accrued
income 124 2 1
Other current receivables 82 – –
Carrying value,
at 31 December 1,217 868 11
1) There were no loans granted to the company’s President and CEO and
members of the Board of Directors at 31 December 2016 and 2015.
13. Inventories
EURm 2016 2015
Raw materials and consumables 132 203
Finished products and goods 22 80
Advance payments 19 31
Carrying value, at 31 December 174 314
17. Non-current liabilities
EURm 2016 2015
Bonds 593 991
Loans from financial institutions 568 911
Pension loans 68 135
Other non-current liabilities 170 161
Carrying value, at 31 December 1,399 2,198
EURm 2016 2015
Bonds 356 421
Other non-current liabilities 170 160
Total 526 581
FIXED RATE PERIOD
INTEREST RATE,
% CURRENCY
NOMINAL
VALUE ISSUED,
MILLION
CARRYING
VALUE, 2016
EURm
CARRYING
VALUE, 2015
EURm
1997–2027 7.450 USD 375 356 344
2000–2016 3.550 JPY 10,000 – 76
2002–2017 6.625 GBP 250 292 341
2003–2018 5.500 USD 250 237 230
Carrying value, at 31 December 885 991
Current portion 292 –
Non-current portion 593 991
16. Provisions
EURm RESTRUCTURING TERMINATION ENVIRONMENTAL OTHER 1) TOTAL
Provisions at 1 January 2016 15 13 12 20 60
Provisions made during the year – 1 – 154 155
Provisions utilised during the year –2 –2 – –3 –7
Unused provisions reversed – – – –1 –2
Changes due to restructurings –10 –6 –2 –17 –35
Carrying value, at 31 December 2016 3 5 9 153 170
Provisions at 1 January 2015 17 17 13 21 68
Provisions made during the year – 3 – 3 6
Provisions utilised during the year –2 –6 –1 –3 –12
Unused provisions reversed – –1 – –1 –2
Carrying value, at 31 December 2015 15 13 12 20 60
1) Other provisions are attributable to onerous contracts and fair value losses of financial derivatives. At the end of 2016 the fair value loss in other provisions
of EUR 11 million was attributable to one group internal cross currency swap with nominal value of EUR 104 million and maturity in 2027.
Changes in provisions are recognised in in personnel or other operating expenses, in sales, materials or financial items.
Maturity in 2022 or later (in 2021 or later)
Bonds