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UPM Annual Report 2014

UPM Annual Report 2014

109

110

CONTENTS

ACCOUNTS

Post-employment and other long-term benefits as at 31 December 2014

EURm

Pension benefits

Other post-

employment

benefits

Other long-term

employee

benefits

Total

Present value of funded obligations

923

923

Present value of unfunded obligations

625

33

658

Fair value of plan assets

–794

–794

Net defined benefit liability

754

33

787

Other long-term employee benefits

40

40

Defined benefit asset reported in the assets (Note 24)

40

40

Total liability in the balance sheet

794

33

40

867

Post-employment and other long-term benefits as at 31 December 2013

EURm

Pension benefits

Other post-

employment

benefits

Other long-term

employee

benefits

Total

Present value of funded obligations

736

736

Present value of unfunded obligations

503

29

532

Fair value of plan assets

–717

–717

Net defined benefit liability

522

29

551

Other long-term employee benefits

41

41

Defined benefit asset reported in the assets (Note 24)

88

88

Total liability in the balance sheet

610

29

41

680

The net liability of pension and other post-employment benefits by country as at 31 December 2014

EURm

Finland Germany

UK

Other

countries

Total

Present value of funded obligations

355

33

494

41

923

Present value of unfunded obligations

559

99

658

Fair value of plan assets

–394

–2

–363

–35

–794

Net liability

–39

590

131

105

787

The net liability of pension and other post-employment benefits by country as at 31 December 2013

EURm

Finland Germany

UK

Other

countries

Total

Present value of funded obligations

294

29

381

32

736

Present value of unfunded obligations

447

85

532

Fair value of plan assets

–380

–2

–305

–30

–717

Net liability

–86

474

76

87

551

Present value of obligation and fair value of plan assets 2014

Present value of obligation

Fair value of plan assets

EURm

Pension

benefits

Other post-

employment

benefits

Total

Pension

benefits

Other post-

employment

benefits

Total

Net

At 1 Jan. 2014

1,239

29

1,268

–717

–717

551

Current service cost

11

1

12

12

Curtailments

–4

–4

–4

Past service cost and gains and losses from settlements

–7

–7

–7

Interest expense (+) income (–)

43

1

44

–27

–27

17

Total included in personnel expenses (Note 7)

43

2

45

–27

–27

18

Actuarial gains and losses on defined benefit obligation

arising from changes in demographic assumptions

1

1

1

Actuarial gains and losses on defined benefit obligation

arising from changes in financial assumptions

276

3

279

279

Actuarial gains and losses on defined benefit obligation

arising from experience adjustments

6

6

6

Actuarial gains and losses on plan assets

–51

–51

–51

Total remeasurement gains (–) and losses (+) included

in other comprehensive income

283

3

286

–51

–51

235

Benefits paid

–47

–3

–50

47

3

50

Settlements

Contributions by the employer

–23

–3

–26

–26

Translation differences

30

2

32

–23

–23

9

At 31 Dec. 2014

1,548

33

1,581

–794

–794

787

Present value of obligation and fair value of plan assets 2013

Present value of obligation

Fair value of plan assets

EURm

Pension

benefits

Other post-

employment

benefits

Total

Pension

benefits

Other post-

employment

benefits

Total

Net

At 1 Jan. 2013

1,296

31

1,327

–659

–659

668

Current service cost

12

1

13

13

Curtailments

–3

–3

–3

Past service cost and gains and losses from settlements

1

1

1

Interest expense (+) income (–)

39

1

40

–22

–22

18

Total included in personnel expenses (Note 7)

49

2

51

–22

–22

29

Actuarial gains and losses on defined benefit obligation

arising from changes in demographic assumptions

–1

–1

–1

Actuarial gains and losses on defined benefit obligation

arising from changes in financial assumptions

–51

–51

–51

Actuarial gains and losses on defined benefit obligation

arising from experience adjustments

4

1

5

5

Actuarial gains and losses on plan assets

–56

–56

–56

Total remeasurement gains (–) and losses (+) included

in other comprehensive income

–47

–47

–56

–56

–103

Benefits paid

–50

–3

–53

46

3

49

–4

Settlements

3

3

3

Contributions by the employer

–35

–3

–38

–38

Translation differences

–9

–1

–10

6

6

–4

At 31 Dec. 2013

1,239

29

1,268

–717

–717

551