UPM annual report 2015

IN BRIEF

STRATEGY

BUSINESSES

STAKEHOLDERS

GOVERNANCE

ACCOUNTS

Consolidated statement of changes in equity

Consolidated balance sheet

Attributable to owners of the parent company

As at 31 December

2015

2014

EURm

Note

Reserve for invested non- restricted equity

Transla- tion differ- ences

Assets Non-current assets Goodwill Other intangible assets

Fair value and other reserves

Non- controlling interests

Share capital

Treasury shares

Retained earnings

Total equity

16 17 18 19 20 21 22 23 28 24

241 329

230 340

Total

EURm

Note

Property, plant and equipment

4,895

4,707

Balance at 1 January 2014

27

890

–2

6 2,256

1,226 3,073 7,449

6 7,455

Investment property

–

31

Biological assets

1,738

1,469

Profit (loss) for the period

–

–

–

–

–

512 512

–

512

Investments in associated companies and joint ventures

28

25

Actuarial gains and losses on defined benefit obligations, net of tax

Available-for-sale investments Other non-current financial assets

2,085

2,510

– – – – – – – – – – – –

– – – – – – – – – – – –

–

– – –

– –181 –181

– – – – – – – – –

–181

332 466 145

334 532

Translation differences

291 –41

– – – – –

– –

291 –41

291 –41

Deferred tax assets

Net investment hedge, net of tax Cash flow hedges, net of tax

Other non-current assets

91

– –

–107 –164

– –107 – –164

–107 –164

10,259

10,269

Available-for-sale investments, net of tax Total comprehensive income for the period

250 –271

331 310

310

Current assets Inventories

25 26

1,376 1,876

1,356 1,856

Share options exercised

– – – – – –

–

47

–

47

47

Trade and other receivables Income tax receivables Cash and cash equivalents

Share-based compensation, net of tax

–15

–

16

1

1

56

14

Dividend distribution

15 27

– –

– –319 –319

–319

3

626

700

Acquisition of non-controlling interests

– –

–1 94

–1 –9

–4

–5 –9

3,934

3,926

Other items

–103 –118

–

Total assets

14,193

14,195

Total transactions with owners for the period

47 –210 –281 1,273 3,194 7,478

–4 –285 2 7,480

Balance at 31 December 2014

27

890

–2

256 1,867

As at 31 December

2015

2014

EURm

Note

Balance at 1 January 2015

27

890

–2

256 1,867

1,273 3,194 7,478

2 7,480

Equity and liabilities Equity attributable to owners of the parent company Share capital

Profit (loss) for the period

–

–

–

–

–

916 916

–

916

Actuarial gains and losses on defined benefit obligations, net of tax

27

890

890

– – – – – – – – –

– – – – – – – – –

–

– – –

– – – – –

113 113

– – – – – – – – –

113 221 –28

Treasury shares

–2

–2

Translation differences

221 –28

– – –

221 –28

Translation differences

449

256

Net investment hedge, net of tax Cash flow hedges, net of tax

Fair value and other reserves

27

1,486 1,273 3,846 7,942

1,867 1,273 3,194 7,478

– –

24

24

24

Reserve for invested non-restricted equity

Available-for-sale investments, net of tax Total comprehensive income for the period

–405

– –405

–405

Retained earnings

193 –381

– 1,029 841

841

Share-based compensation, net of tax

– – –

– – –

–

–4

–4

–4

Non-controlling interests

27

2

2

Dividend distribution

15

– –373 –373 – –377 –377

–373 –377

Total equity

7,944

7,480

Total transactions with owners for the period

Balance at 31 December 2015

27

890

–2

449 1,486

1,273 3,846 7,942

2 7,944

Non-current liabilities Deferred tax liabilities

28 29 30 31 32

456 747 154

428 867 214

The notes are an integral part of these consolidated financial statements.

Retirement benefit obligations

Provisions

Interest-bearing liabilities

2,797

3,058

Other liabilities

174

150

4,328

4,717

Current liabilities Current interest-bearing liabilities

31 33

269

406

Trade and other payables

1,619

1,549

Income tax payables

33

43

1,921 6,249

1,998 6,715

Total liabilities

Total equity and liabilities

14,193

14,195

The notes are an integral part of these consolidated financial statements.

contents

accounts

91

92

UPM Annual Report 2015

UPM Annual Report 2015