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UPM Annual Report 2015
UPM Annual Report 2015
89
90
contents
accounts
IN BRIEF
STRATEGY
BUSINESSES
STAKEHOLDERS
GOVERNANCE
ACCOUNTS
Board of Directors’ proposal for the distribution of profits
The Board of Directors proposes to the Annual General Meeting of
UPM-Kymmene Corporation to be held on 7 April 2016 that a divi-
dend of EUR 0.75 per share be paid based on the balance sheet to be
adopted for the financial year ending 31 December 2015 and that the
remaining portion of the distributable funds be retained in the Compa-
ny's unrestricted shareholders' equity.
The dividend will be paid to a shareholder who is registered in the
Company's shareholders' register held by Euroclear Finland Ltd on the
dividend record date of 11 April 2016. The Board of Directors pro-
poses that the dividend be paid on 21 April 2016.
On the date of the dividend proposal, 2 February 2016, the
Company's registered number of shares is 533,735,699. The afore-
mentioned number of shares includes 230,737 treasury shares which
are not entitled to dividend. As a result, the proposed dividend would
total EUR 400.1 million.
On 31 December 2015, the distributable funds of the parent com-
pany were EUR 3,532,842,453.74 including EUR 545,045,922.15
profit for the period. No material changes have taken place in respect
of the Company’s financial position after the balance sheet date. In the
opinion of the Board of Directors, the proposed distribution of profits
does not risk the solvency of the Company.
Signatures of the annual accounts and the report of the Board of Directors for the year 2015
Helsinki, 2 February 2016
Björn Wahlroos
Berndt Brunow
Henrik Ehrnrooth
Chairman
Piia-Noora Kauppi
Wendy E. Lane
Jussi Pesonen
President and CEO
Ari Puheloinen
Veli-Matti Reinikkala
Suzanne Thoma
Kim Wahl
Year ended 31 December
EURm
Note
2015
2014
Sales
4
10,138
9,868
Other operating income
6
13
91
Costs and expenses
7
–8,840
–8,708
Change in fair value of biological assets and wood harvested
8
352
78
Share of results of associated companies and joint ventures
9
3
3
Depreciation, amortisation and impairment charges
10
–524
–658
Operating profit (loss)
4
1,142
674
Gains on available-for-sale investments, net
11
–
59
Exchange rate and fair value gains and losses
12
1
–4
Interest and other finance costs, net
12
–68
–62
Profit (loss) before tax
1,075
667
Income taxes
13
–159
–155
Profit (loss) for the period
916
512
Attributable to:
Owners of the parent company
916
512
Non-controlling interests
–
–
916
512
Earnings per share for profit (loss) attributable to owners of the parent company
Basic earnings per share, EUR
14
1.72
0.96
Diluted earnings per share, EUR
14
1.72
0.96
Consolidated financial statements, IFRS
Consolidated income statement
Consolidated statement of comprehensive income
Year ended 31 December
EURm
Note
2015
2014
Profit (loss) for the period
916
512
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
113
–181
Items that may be reclassified subsequently to income statement:
Translation differences
221
291
Net investment hedge
–28
–41
Cash flow hedges
24
–107
Available-for-sale investments
–405
–164
–188
–21
Other comprehensive income for the period, net of tax
13, 27
–75
–202
Total comprehensive income for the period
841
310
Total comprehensive income attributable to:
Owners of the parent company
841
310
Non-controlling interests
–
–
841
310
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.