UPM annual report 2014
Notes to the parent company financial statements (All amounts in millions of euros unless otherwise stated.)
Balance sheet
As at 31 December
As at 31 December
2014
2013
EURm
Note
2014
2013
EURm
Note
Assets Non-current assets Intangible assets
Equity and liabilities Shareholders’ equity
11
4 Depreciation and value adjustments
Accounting policies The parent company financial statements are prepared in accordance with Finnish Accounting Standards. The main differences in accounting policies between the Group and the parent company relate to the mea- surement of derivative financial instruments and biological assets and the recognition of defined benefit obligations, revaluations and deferred income taxes. See Notes to the consolidated financial statements, Note 1.
7
Share capital
890 463
890 493
Intangible rights
5
5
Revaluation reserve
Year ended 31 Dec.
Other capitalised expenditure
198
219
Reserve for invested non-restricted equity
1,273 1,378
1,226 1,446
2014 2013
EURm
Advance payments
3
6
Retained earnings
Depreciation according to plan Intangible rights Other capitalised expenditure
Total intangible assets
206
230
Profit/loss for the financial period
710
251
2
3
Total equity
4,714
4,306
32 35
36 33
Tangible assets
8
Buildings
Appropriations Accumulated depreciation difference
Land and water areas
934 441 720
974 460 841
Machinery and equipment
151 160
Buildings
564
682
Other tangible assets
7
7
Machinery and equipment
1 Turnover
Total
227 239
Other tangible assets
38
41
Provisions
12
Provisions for pensions
17 51 68
17 46 63
Advance payments and construction in progress
Value adjustments Intangible and tangible assets
209
142
Other provisions Total provisions
Owing to the corporate structure of the Group, the turnover of the parent company has not been divided by segment and destination. See Notes to the consolidated financial statements, Note 4.
50
25
Total tangible assets
2,342
2,458
Total
277 264
Non-current liabilities
Investments
9
13
Holdings in Group companies Receivables from Group companies Holdings in participating interest companies Receivables from participating interest companies
4,648
4,922
Bonds
905
822
5 Extraordinary items
2 Other operating income
666
693
Loans from financial institutions
1,223
1,523
Pension loans Other liabilities
202 145
270 145
Year ended 31 Dec.
Year ended 31 Dec.
99
99
2014 2013
EURm
2014 2013
EURm
Total non-current liabilities
2,475
2,760
Extraordinary income Group contributions received
Gains on sale of non-current assets
163
94 15
6
5
70 70
35 35
Rental income
17
Other shares and holdings
582
562
Current liabilities
14
Total
– 6
1 3
Gains on sale of emission rights 1)
Other receivables
30
31
Bonds
–
363
Other
Total investments
6,031
6,312
Loans from financial institutions
16 68
8
Extraordinary expenses Group contributions paid
Total
186
113
Pension loans
68
–9 –9 61
–31 –31
Total non-current assets
8,579
9,000
Advances received
1
6
1) Emissions trading rights are accounted for on a net basis.
Total
Trade payables
280
303
Total extraordinary items
4
Current assets Inventories
Payables to Group companies Payables to participating interest companies
2,123
2,383
3 Personnel expenses and other operating costs and expenses
Raw materials and consumables Finished products and goods
229
236 110
6
7
6 Income taxes
77 38
Other liabilities
37
30
Advance payments
35
Accruals and deferred income
292
296
Year ended 31 Dec.
Year ended 31 Dec.
Total inventories
344
381
Total current liabilities
2,823
3,464
2014 2013
EURm
2014 2013
EURm
Wages and salaries President and CEO, and members of the Board of Directors 2)
Income taxes for the financial period
86 86
116 116
Current receivables
10
Total liabilities
5,298
6,224
Total
Trade receivables
121 953
155 969
3
3
Receivables from Group companies Receivables from participating interest companies
Other wages and salaries
358 369 361 372
Deferred income taxes Deferred income tax assets and liabilities of the parent company are not recorded on the balance sheet. Deferred tax liability mainly comprises depreciation differences, for which the deferred tax liability at 31 Decem- ber 2014 was EUR 113 million at 20% tax rate (136 million). Deferred tax liability is not stated separately for revaluations. The potential tax liability arising from the sale of revalued asset is EUR 124 million at 20% tax rate (131 million). Deferred tax asset mainly comprises provi- sions, for which the deferred tax asset at 31 December 2014 was EUR 14 million at 20% tax rate (13 million).
Total
11
13
2) See Notes to the consolidated financial statements, Note 7.
Loan receivables Other receivables
2
2
79 91
70
Year ended 31 Dec. 2014 2013 5,880 6,410
Prepayments and accrued income
109
Total current receivables
1,257
1,318
Average number of personnel
Cash and cash equivalents
464
576
Total current assets
2,065
2,275
Owing to the corporate structure of the Group, the average number of personnel has not been divided by segment. See Notes to the consolidated financial statements, Note 4. Year ended 31 Dec. EURm 2014 2013 Auditor's fees 0.8 1.0
Total assets
10,644 11,275
Total equity and liabilities
10,644 11,275
CONTENTS
ACCOUNTS
123
124
UPM Annual Report 2014
UPM Annual Report 2014
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