UPM annual report 2014

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UPM Annual Report 2014 UPM Annual Report 2014 81 82
CONTENTS ACCOUNTS
Year ended 31 December
EURm Note 2014 2013
Sales 4 9,868 10,054
Other operating income 6 91 60
Costs and expenses 7 –8,708 –9,091
Change in fair value of biological assets and wood harvested 8 78 68
Share of results of associated companies and joint ventures 9 3 2
Depreciation, amortisation and impairment charges 10 –658 –545
Operating profit (loss) 4 674 548
Gains on available-for-sale investments, net 11 59 1
Exchange rate and fair value gains and losses 12 –4 10
Interest and other finance costs, net 12 –62 –84
Profit (loss) before tax 667 475
Income taxes 13 –155 –140
Profit (loss) for the period 512 335
Attributable to:
Owners of the parent company 512 335
Non-controlling interests – –
512 335
Earnings per share for profit (loss) attributable to owners of the parent company
Basic earnings per share, EUR 14 0.96 0.63
Diluted earnings per share, EUR 14 0.96 0.63
Consolidated financial statements, IFRS
Consolidated income statement
Consolidated statement of comprehensive income
Year ended 31 December
EURm Note 2014 2013
Profit (loss) for the period 512 335
Other comprehensive income for the period, net of tax:
Items that will not be reclassified to income statement:
Actuarial gains and losses on defined benefit obligations –181 69
Items that may be reclassified subsequently to income statement:
Translation differences 291 –219
Net investment hedge –41 77
Cash flow hedges –107 –28
Available-for-sale investments –164 58
–21 –112
Other comprehensive income for the period, net of tax 13, 27 –202 –43
Total comprehensive income for the period 310 292
Total comprehensive income attributable to:
Owners of the parent company 310 292
Non-controlling interests – –
310 292
The income tax relating to each component of other comprehensive income is disclosed in Note 13.
Disclosure of components of other comprehensive income is presented in Note 27.
The notes are an integral part of these consolidated financial statements.
As at 31 December
EURm Note 2014 2013
Assets
Non-current assets
Goodwill 16 230 219
Other intangible assets 17 340 342
Property, plant and equipment 18 4,707 4,757
Investment property 19 31 40
Biological assets 20 1,469 1,458
Investments in associated companies and joint ventures 21 25 22
Available-for-sale investments 22 2,510 2,661
Other non-current financial assets 23 334 282
Deferred tax assets 28 532 564
Other non-current assets 24 91 142
10,269 10,487
Current assets
Inventories 25 1,356 1,327
Trade and other receivables 26 1,856 1,948
Income tax receivables 14 50
Cash and cash equivalents 3 700 787
3,926 4,112
Total assets 14,195 14,599
As at 31 December
EURm Note 2014 2013
Equity and liabilities
Equity attributable to owners of the parent company
Share capital 27 890 890
Treasury shares –2 –2
Translation differences 256 6
Fair value and other reserves 27 1,867 2,256
Reserve for invested non-restricted equity 1,273 1,226
Retained earnings 3,194 3,073
7,478 7,449
Non-controlling interests 27 2 6
Total equity 7,480 7,455
Non-current liabilities
Deferred tax liabilities 28 428 501
Retirement benefit obligations 29 867 680
Provisions 30 214 189
Interest-bearing liabilities 31 3,058 3,485
Other liabilities 32 150 164
4,717 5,019
Current liabilities
Current interest-bearing liabilities 31 406 643
Trade and other payables 33 1,549 1,419
Income tax payables 43 63
1,998 2,125
Total liabilities 6,715 7,144
Total equity and liabilities 14,195 14,599
The notes are an integral part of these consolidated financial statements.
Consolidated balance sheet