UPM Annual Report 2018
UPM AT A GLANCE
STRATEGY
BUSINESSES
SOCIETY AND ENVIRONMENT
GOVERNANCE AND COMPLIANCE
REPORT OF THE BOARD OF DIRECTORS
FINANCIAL STATEMENTS
AUDITOR’S REPORT
OTHER FINANCIAL INFORMATION
Consolidated statement of changes in equity
Consolidated balance sheet
EURm
NOTE
2018
2017
RESERVE FOR INVESTED NON- RESTRICTED EQUITY
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
ASSETS Goodwill
4.4 4.4 4.1 4.2 4.3 5.3 7.2 3.4
236 295
231 294
NON- CONTROLLING INTERESTS
SHARE CAPITAL
TREASURY SHARES
TRANSLATION RESERVE
OTHER RESERVES
RETAINED EARNINGS
TOTAL EQUITY
Other intangible assets
EURm
Property, plant and equipment
4,186 1,945 2,159
4,281 1,600 1,974
Value, at 31 December 2017 Impact of adoption of IFRS 15 1) Impact of adoption of IFRS 2 amendment 1) Profit for the period Translation differences Cash flow hedges – reclassified to income statement, net of tax Value, at 1 January 2018 Cash flow hedges – changes in fair value, net of tax Energy shareholdings – changes in fair value, net of tax Actuarial gains and losses on defined benefit plans, net of tax Total comprehensive income for the period Share-based payments, net of tax Dividend distribution Total transactions with owners for the period Net investment hedge, net of tax
890
–2
184 1,564
1,273 4,752
8,660
4 8,663
Forest assets
Energy shareholdings
–
–
–
–
–
–3
–3
– –3
Other non-current financial assets
178 397
192 423
Deferred tax assets
–
–
–
26
–
–
26
–
26
Net retirement benefit assets
38 32 34
84 29 37
890
–2
184 1,590
1,273 4,750
8,684 1,495
4 8,687 1 1,496
Investments in associates and joint ventures
– –
– –
–
– –
– 1,495
Other non-current assets Non-current assets
61
–
–
61
–
62
9,501
9,144
Inventories
4.6
1,642 1,833
1,311 1,783
–
–
–
–13
–
–
–13
– –13
Trade and other receivables Other current financial assets Income tax receivables Cash and cash equivalents
4.6, 5.3
5.3
107
92 20
–
–
–
26
–
–
26
–
26
24
5.1, 5.3
888
716
–
–
–14
–
–
–
–14
– –14
Current assets
4,496
3,922
Assets classified as held for sale
–
1
–
–
–
183
–
–
183
– 183
Assets
13,996
13,067
–
–
–
–
–
–
–
–
–
EURm
NOTE
2018
2017
–
–
48
196
– 1,494
1,738
1 1,739
EQUITY AND LIABILITIES Share capital
5.5
890
890
– –
– –
– –
–8
–
–7
–16
– –16 – –613
Treasury shares
–2
–2
–
– –613
–613
Translation reserve
232
184
Other reserves
5.5 5.5
1,778 1,273 5,623 9,792
1,564 1,273 4,752 8,660
–
–
–
–8
– –621
–629
– –629
Reserve for invested non-restricted equity
Total equity at 31 December 2018
Retained earnings
890
–2
232 1,778
1,273 5,623
9,792
5 9,797
Equity attributable to owners of the parent company
Non-controlling interests
5
4
Value, at 1 January 2017
890
–2
433 1,416
1,273 4,225
8,234
3 8,237 1 974 – –270
Equity
9,797
8,663
Profit for the period Translation differences Cash flow hedges – reclassified to income statement, net of tax
– –
– –
–
– –
973
973
–269
–
–
–269
Deferred tax liabilities
7.2 3.4 4.5
535 679 126 753 101
458 736 177 789
Net retirement benefit liabilities
Provisions
–
–
–
28
–
–
28
–
28
Non-current debt
5.2, 5.3
Cash flow hedges – changes in fair value, net of tax
Other non-current financial liabilities
5.3
94
–
–
–
95
–
–
95
–
95
Non-current liabilities
2,194
2,254
Net investment hedge, net of tax
–
–
20
–
–
–
20
–
20
Current debt
5.2, 5.3 4.6, 5.3
25
324
Energy shareholdings – changes in fair value, net of tax Actuarial gains and losses on defined benefit plans, net of tax Total comprehensive income for the period Share-based payments, net of tax Dividend distribution Total transactions with owners for the period
Trade and other payables
1,881
1,765
–
–
–
24
–
–
24
–
24
Other current financial liabilities
5.3
78 22
34 26
Income tax payables Current liabilities
2,005 4,199
2,150 4,404
–
–
–
–
–
66
66
– 66
Liabilities
–
–
–249
147
– 1,039
937
– 937
Equity and liabilities
13,996
13,067
– –
– –
– –
1 –
–
–5
–4
– –4 – –507
– –507
–507
The notes are integral part of these consolidated financial statements.
–
–
–
1
– –512
–511
– –511
Total equity at 31 December 2017
890
–2
184 1,564
1,273 4,752
8,660
4 8,663
1) More information on changes in group's accounting policies is presented in » Note 1.5 New Standards and amendments adopted.
» Refer Note 5.5 Share capital and reserves, for further information.
122
123
CONTENTS
ACCOUNTS
UPM ANNUAL REPORT 2018
UPM ANNUAL REPORT 2018
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