UPM annual report 2014

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UPM Annual Report 2014 UPM Annual Report 2014 125 126
CONTENTS ACCOUNTS
7 Intangible assets
As at 31 Dec.
EURm 2014 2013
Intangible rights
Acquisition cost at 1 Jan. 19 19
Increases 3 3
Decreases –2 –3
Acquisition cost at 31 Dec. 20 19
Accumulated depreciation at 1 Jan. –14 –13
Accumulated depreciation on decreases and transfers 1 2
Depreciation for the period –2 –3
Accumulated depreciation at 31 Dec. –15 –14
Book value at 31 Dec. 5 5
Other capitalised expenditure
Acquisition cost at 1 Jan. 535 522
Increases 5 12
Decreases –2 –4
Transfers between balance sheet items 6 5
Acquisition cost at 31 Dec. 544 535
Accumulated depreciation at 1 Jan. –316 –283
Accumulated depreciation on decreases and transfers 2 3
Depreciation for the period –32 –36
Accumulated depreciation at 31 Dec. –346 –316
Book value at 31 Dec. 198 219
Advance payments
Acquisition cost at 1 Jan. 6 6
Increases 3 5
Transfers between balance sheet items –6 –5
Book value at 31 Dec. 3 6
8 Tangible assets
As at 31 Dec.
EURm 2014 2013
Land and water areas
Acquisition cost at 1 Jan. 487 492
Increases 3 4
Decreases –14 –9
Acquisition cost at 31 Dec. 476 487
Revaluations at 1 Jan. 488 507
Reversal of revaluation –30 –20
Revaluations at 31 Dec. 458 487
Book value at 31 Dec. 934 974
Buildings
Acquisition cost at 1 Jan. 1,206 1,177
Increases 12 19
Decreases –2 –2
Transfers between balance sheet items 24 12
Acquisition cost at 31 Dec. 1,240 1,206
Accumulated depreciation at 1 Jan. –746 –706
Accumulated depreciation on decreases and transfers 3 2
Depreciation for the period –35 –33
Value adjustments –21 –9
Accumulated depreciation at 31 Dec. –799 –746
Book value at 31 Dec. 441 460
As at 31 Dec.
EURm 2014 2013
Machinery and equipment
Acquisition cost at 1 Jan. 5,013 5,040
Increases 45 44
Decreases –3 –93
Transfers between balance sheet items 13 22
Acquisition cost at 31 Dec. 5,068 5,013
Accumulated depreciation at 1 Jan. –4,172 –4,089
Accumulated depreciation on decreases and transfers 3 92
Depreciation for the period –151 –160
Value adjustments –28 –15
Accumulated depreciation at 31 Dec. –4,348 –4,172
Book value at 31 Dec. 720 841
Other tangible assets
Acquisition cost at 1 Jan. 200 199
Increases 3 1
Decreases –1 –1
Transfers between balance sheet items 1 1
Acquisition cost at 31 Dec. 203 200
Accumulated depreciation at 1 Jan. –159 –152
Accumulated depreciation on decreases and transfers 2 1
Depreciation for the period –7 –7
Value adjustments –1 –1
Accumulated depreciation at 31 Dec. –165 –159
Book value at 31 Dec. 38 41
Advance payments and construction in progress
Acquisition cost at 1 Jan. 142 65
Increases 105 112
Transfers between balance sheet items –38 –35
Book value at 31 Dec. 209 142
9 Investments
As at 31 Dec.
EURm 2014 2013
Holdings in Group companies
Acquisition cost at 1 Jan. 6,109 6,163
Increases – 5
Decreases –39 –37
Transfers between balance sheet items – –22
Acquisition cost at 31 Dec. 6,070 6,109
Accumulated depreciation at 1 Jan. –1,187 –1,069
Transfers between balance sheet items – –1
Value adjustments –235 –117
Accumulated depreciation at 31 Dec. –1,422 –1,187
Book value at 31 Dec. 4,648 4,922
Value adjustments relate to holdings in Group companies in Finland and
in foreign countries. Value adjustments are included in other operating
costs and expenses. The principal subsidiaries are disclosed in the con-
solidated financial statements, Note 36.
As at 31 Dec.
EURm 2014 2013
Receivables from Group companies
Acquisition cost at 1 Jan. 693 950
Increases 7 7
Decreases –34 –264
Book value at 31 Dec. 666 693
As at 31 Dec.
EURm 2014 2013
Holdings in participating interest companies
Acquisition cost at 1 Jan. 99 332
Transfers between balance sheet items – –233
Acquisition cost at 31 Dec. 99 99
Revaluations at 1 Jan. – 103
Transfers between balance sheet items – –103
Revaluations at 31 Dec. – –
Book value at 31 Dec. 99 99
Receivables from participating interest companies
Acquisition cost at 1 Jan. 5 21
Increases 2 –
Decreases –1 –
Transfers between balance sheet items – –16
Book value at 31 Dec. 6 5
Other shares and holdings
Acquisition cost at 1 Jan. 398 111
Increases 30 30
Value adjustments –10 –
Transfers between balance sheet items – 257
Acquisition cost at 31 Dec. 418 398
Revaluations at 1 Jan. 164 61
Transfers between balance sheet items – 103
Revaluations at 31 Dec. 164 164
Book value at 31 Dec. 582 562
Other receivables
Acquisition cost at 1 Jan. 31 14
Increases – 3
Decreases –1 –1
Transfers between balance sheet items – 15
Book value at 31 Dec. 30 31
There were no loans granted to the company’s President and CEO, and
members of the Board of Directors at 31 December 2014 or 2013.
10 Current receivables
As at 31 Dec.
EURm 2014 2013
Trade receivables 229 227
Loan receivables 848 872
Other receivables 79 70
Prepayments and accrued income 101 149
Total at 31 Dec. 1,257 1,318
Main items included in prepayments and
accrued income
Personnel expenses 6 7
Interest income 42 41
Derivative financial instruments 8 60
Income taxes – 2
Other items 45 39
At 31 Dec. 101 149
Receivables from Group companies
Trade receivables 97 59
Loan receivables 846 870
Prepayments and accrued income 10 40
At 31 Dec. 953 969
Receivables from participating interest companies
Trade receivables 11 13
At 31 Dec. 11 13
11 Shareholders’ equity
EURm
Share
capital
Revaluation
reserve
Reserve for
invested
non-restricted
equity
Retained
earnings
Total
shareholders’
equity
Balance at 1 January 2013 890 512 1,207 1,762 4,371
Share options exercised – – 19 – 19
Dividend distribution – – – –317 –317
Revaluations – –19 – – –19
Other items – – – 1 1
Profit for the financial period – – – 251 251
Balance at 31 December 2013 890 493 1,226 1,697 4,306
Balance at 1 January 2014 890 493 1,226 1,697 4,306
Share options exercised – – 47 – 47
Dividend distribution – – – –319 –319
Revaluations – –30 – – –30
Profit for the financial period – – – 710 710
Balance at 31 December 2014 890 463 1,273 2,088 4,714
As at 31 Dec.
EURm 2014 2013
Distributable funds at 31 Dec.
Reserve for invested non-restricted equity 1,272.8 1,226.4
Retained earnings from previous years 1,378.1 1,446.0
Profit/loss for the financial period 710.3 251.3
Distributable funds at 31 Dec. 3,361.2 2,923.7