UPM annual report 2014

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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