UPM Annual Report 2016

Accounts

In brief

Strategy

Businesses

Stakeholders

Governance

Consolidated financial statements, IFRS Consolidated income statement

Consolidated balance sheet

EURm Sales

NOTE

2016 9,812

2015

EURm

NOTE

2016

2015

2.1, 2.2

10,138

ASSETS Goodwill

Other operating income

2.3 2.3 4.2

140

13

4.4 4.4 4.1 4.2 4.3 5.3 7.2 3.4

245 301

241 329

Costs and expenses

–8,365

–8,840

Other intangible assets

Change in fair value of forest assets and wood harvested Share of results of associates and joint ventures Depreciation, amortisation and impairment charges

88

352

Property, plant and equipment

4,657 1,734 1,932

4,895 1,738 2,085

5

3

Forest assets

2.3, 4.1, 4.4

–545 1,135

–524 1,142

Energy shareholdings

Operating profit

Other non-current financial assets

255 446

332 466

Deferred tax assets

Gains on sale of energy shareholdings, net Exchange rate and fair value gains and losses

4.3 5.4 5.4

1

– 1

Net retirement benefit assets

71 29 47

93 28 52

–7

Investments in associates and joint ventures

Interest and other finance costs

–49

–68

Other non-current assets

Profit before tax

1,080

1,075

Non-current assets

9,715

10,259

Income taxes

7.1

–200

–159

Inventories

4.6

1,346 1,726

1,376 1,743

Profit for the period

880

916

Trade and other receivables Other current financial assets Income tax receivables Cash and cash equivalents

4.6, 5.3

5.3

109

133

Attributable to: Owners of the parent company

14

56

879

916

5.1

992

626

Non-controlling interests

1

–

Current assets

4,187

3,934

880

916

Assets classified as held for sale

–

8

Earnings per share for profit attributable to owners of the parent company Basic earnings per share, EUR

Assets

13,911

14,193

2.4 2.4

1.65 1.65

1.72 1.72

Diluted earnings per share, EUR

EURm

NOTE

2016

2015

EQUITY AND LIABILITIES Share capital

5.5

890

890

Treasury shares

–2

–2

Translation reserve

433

449

Consolidated statement of comprehensive income

Other reserves

5.5 5.5

1,416 1,273 4,225 8,234

1,486 1,273 3,846 7,942

Reserve for invested non-restricted equity

EURm

NOTE

2016

2015

Retained earnings

Equity attributable to owners of the parent company

Profit for the period

880

916

Non-controlling interests

3

2

Other comprehensive income for the period, net of tax Items that will not be reclassified to the income statement: Actuarial gains and losses on defined benefit plans Items that may be reclassified to the income statement: Translation differences

Equity

8,237

7,944

–97

113

Deferred tax liabilities

7.2 3.4 4.5

457 817 145

456 747 154

Net retirement benefit liabilities

–14

221 –28

Provisions

Net investment hedge

–1 73

Non-current debt

5.2, 5.3

1,835

2,797

Cash flow hedges

24

Other non-current financial liabilities

5.3

110

174

Gains and losses on energy shareholdings

–144

–405 –188

Non-current liabilities

3,364

4,328

–87

Other comprehensive income for the period, net of tax

7.2

–184

–75

Current debt

5.2, 5.3 4.6, 5.3

584

269

Total comprehensive income for the period

696

841

Trade and other payables

1,594

1,463

Other current financial liabilities

5.3

116

156

Attributable to: Owners of the parent company

Income tax payables Current liabilities

16

33

695

841

2,309 5,673

1,921 6,249

Non-controlling interests

1

–

Liabilities

696

841

Equity and liabilities

13,911

14,193

The notes are integral part of these consolidated financial statements

The notes are integral part of these consolidated financial statements

CONTENTS

ACCOUNTS

104

105

UPM Annual Report 2016

UPM Annual Report 2016