UPM annual report 2015

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UPM Annual Report 2015 UPM Annual Report 2015 133 134
contents accounts
IN BRIEF STRATEGY BUSINESSES STAKEHOLDERS GOVERNANCE ACCOUNTS
7 Intangible assets
As at 31 Dec.
EURm 2015 2014
Intangible rights
Acquisition cost at 1 Jan. 20 19
Increases 7 3
Decreases –8 –2
Acquisition cost at 31 Dec. 19 20
Accumulated depreciation at 1 Jan. –15 –14
Accumulated depreciation on decreases and transfers 3 1
Depreciation for the period –2 –2
Accumulated depreciation at 31 Dec. –14 –15
Book value at 31 Dec. 5 5
Other capitalised expenditure
Acquisition cost at 1 Jan. 544 535
Increases 4 5
Decreases –26 –2
Transfers between balance sheet items 1 6
Acquisition cost at 31 Dec. 523 544
Accumulated depreciation at 1 Jan. –346 –316
Accumulated depreciation on decreases and transfers 25 2
Depreciation for the period –24 –32
Accumulated depreciation at 31 Dec. –345 –346
Book value at 31 Dec. 178 198
Advance payments
Acquisition cost at 1 Jan. 3 6
Increases 3 3
Decreases –1 –
Transfers between balance sheet items –1 –6
Book value at 31 Dec. 4 3
8 Tangible assets
As at 31 Dec.
EURm 2015 2014
Land and water areas
Acquisition cost at 1 Jan. 476 487
Increases 8 3
Decreases –15 –14
Transfers between balance sheet items 1 –
Acquisition cost at 31 Dec. 470 476
Revaluations at 1 Jan. 458 488
Reversal of revaluation –37 –30
Revaluations at 31 Dec. 421 458
Book value at 31 Dec. 891 934
Buildings
Acquisition cost at 1 Jan. 1,240 1,206
Increases 12 12
Decreases –34 –2
Transfers between balance sheet items 24 24
Acquisition cost at 31 Dec. 1,242 1,240
Accumulated depreciation at 1 Jan. –799 –746
Accumulated depreciation on decreases and transfers 33 3
Depreciation for the period –33 –35
Value adjustments – –21
Accumulated depreciation at 31 Dec. –799 –799
Book value at 31 Dec. 443 441
As at 31 Dec.
EURm 2015 2014
Machinery and equipment
Acquisition cost at 1 Jan. 5,068 5,013
Increases 64 45
Decreases –343 –3
Transfers between balance sheet items 238 13
Acquisition cost at 31 Dec. 5,027 5,068
Accumulated depreciation at 1 Jan. –4,348 –4,172
Accumulated depreciation on decreases and transfers 344 3
Depreciation for the period –155 –151
Value adjustments – –28
Accumulated depreciation at 31 Dec. –4,159 –4,348
Book value at 31 Dec. 868 720
Other tangible assets
Acquisition cost at 1 Jan. 203 200
Increases 3 3
Decreases –11 –1
Transfers between balance sheet items 3 1
Acquisition cost at 31 Dec. 198 203
Accumulated depreciation at 1 Jan. –165 –159
Accumulated depreciation on decreases and transfers 10 2
Depreciation for the period –6 –7
Value adjustments – –1
Accumulated depreciation at 31 Dec. –161 –165
Book value at 31 Dec. 37 38
Advance payments and construction in progress
Acquisition cost at 1 Jan. 209 142
Increases 78 105
Transfers between balance sheet items –264 –38
Book value at 31 Dec. 23 209
9 Investments
As at 31 Dec.
EURm 2015 2014
Holdings in Group companies
Acquisition cost at 1 Jan. 6,070 6,109
Increases 37 –
Decreases –714 –39
Acquisition cost at 31 Dec. 5,393 6,070
Accumulated depreciation at 1 Jan. –1,422 –1,187
Accumulated depreciation on decreases and transfers –92 –
Value adjustments 105 –235
Accumulated depreciation at 31 Dec. –1,409 –1,422
Book value at 31 Dec. 3,984 4,648
Value adjustments relate to holdings in Group companies in Finland
and in foreign countries. Value adjustments are included in other oper-
ating costs and expenses. The Group subsidiaries are disclosed in the
consolidated financial statements, Note 36.
As at 31 Dec.
EURm 2015 2014
Receivables from Group companies
Acquisition cost at 1 Jan. 666 693
Increases 69 7
Decreases –12 –34
Book value at 31 Dec. 723 666
As at 31 Dec.
EURm 2015 2014
Holdings in participating interest companies
Acquisition cost at 1 Jan. 99 99
Decreases –6 –
Acquisition cost at 31 Dec. 93 99
Book value at 31 Dec. 93 99
Receivables from participating interest companies
Acquisition cost at 1 Jan. 6 5
Increases – 2
Decreases – –1
Book value at 31 Dec. 6 6
Other shares and holdings
Acquisition cost at 1 Jan. 418 398
Increases 32 30
Value adjustments – –10
Acquisition cost at 31 Dec. 450 418
Revaluations at 1 Jan. 164 164
Revaluations at 31 Dec. 164 164
Book value at 31 Dec. 614 582
Other receivables
Acquisition cost at 1 Jan. 30 31
Decreases –21 –1
Transfers between balance sheet items –2 –
Book value at 31 Dec. 7 30
There were no loans granted to the company’s President and CEO,
and members of the Board of Directors at 31 December 2015 or
2014.
10 Current receivables
As at 31 Dec.
EURm 2015 2014
Trade receivables 228 229
Loan receivables 783 848
Other receivables 82 79
Prepayments and accrued income 124 101
Total at 31 Dec. 1,217 1,257
Main items included in prepayments and
accrued income
Personnel expenses 4 6
Interest income 39 42
Derivative financial instruments 4 8
Income taxes 37 –
Other items 40 45
At 31 Dec. 124 101
Receivables from Group companies
Trade receivables 83 97
Loan receivables 783 846
Prepayments and accrued income 2 10
At 31 Dec. 868 953
Receivables from participating interest companies
Trade receivables 10 11
Prepayments and accrued income 1 –
At 31 Dec. 11 11
11 Shareholders’ equity
EURm
Share
capital
Revaluation
reserve
Reserve for
invested
non-restricted
equity
Retained
earnings
Total
shareholders’
equity
Balance at 1 January 2015 890 463 1,273 2,088 4,714
Dividend distribution – – – –373 –373
Revaluations – –36 – – –36
Other changes – – – –1 –1
Profit for the financial period – – – 545 545
Balance at 31 December 2015 890 427 1,273 2,259 4,849
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 2015 2014
Distributable funds at 31 Dec.
Reserve for invested non-restricted equity 1,272.8 1,272.8
Retained earnings from previous years 1,714.9 1,378.1
Profit for the financial period 545.1 710.3
Distributable funds at 31 Dec. 3,532.8 3,361.2