UPM Annual Report 2016
Accounts
In brief
Strategy
Businesses
Stakeholders
Governance
Business area information for the year ended 31 December 2016
Business area information for the year ended 31 December 2015
UPM SPECIALTY PAPERS
UPM SPECIALTY PAPERS
UPM PAPER ENA
UPM PAPER ENA
ELIMINATIONS AND RECONCI- LIATIONS 2)
ELIMINATIONS AND RECONCI- LIATIONS 2)
UPM BIOREFINING
UPM ENERGY
UPM RAFLATAC
UPM BIOREFINING
UPM ENERGY
UPM RAFLATAC
UPM PLYWOOD
OTHER OPERATIONS
UPM PLYWOOD
OTHER OPERATIONS
EURm, OR AS INDICATED
GROUP
EURm, OR AS INDICATED
GROUP
External sales Internal sales
1,663
170 1,437
1,067 4,797
424
275
–22 9,812
External sales Internal sales
1,668
237 1,409
962 5,036
418
403
5 10,138
542
187
–
206
21
20
11
–987
–
604
178
–
206
20
21
3
–1,032
–
Total sales
Total sales
2,206
357 1,437
1,273 4,818 123 280
444
285
–1,009 9,812
2,272
415 1,409
1,168 5,056
439
406
–1,027 10,138
Comparable EBIT
Comparable EBIT
406
116
133
58
14
12 1,143
467
181
102
55
24
55
38
–6
916
Items affecting comparability in operating profit
Items affecting comparability in operating profit
–
–
–
–
–57
–
1
48
–7
–1
–26 155
–3 99
–
8
–2 53
268 306
–18
226
Operating profit Finance costs, net
406
116
134
123 223
58
15
60 1,135
Operating profit Finance costs, net
466
55
32
–24 1,142
–56
–67
Income taxes
–200
Income taxes
–159
Profit for the period
880
Profit for the period
916
Operating assets 1) Deferred tax assets
3,586 2,283
666
1,121 2,287
304
1,691
–326 11,612
Operating assets 1) Deferred tax assets
3,384 2,425
697
1,200 2,637
284
1,720
–218 12,129
446 132
466 200
Other non-operating assets
Other non-operating assets
Other financial assets
1,721 13,911
Other financial assets
1,398 14,193
Total assets
Total assets
Operating liabilities 1) Deferred tax liabilities
245
34
165
137 505
43
179
–295 1,013
Operating liabilities 1) Deferred tax liabilities
197
12
140
141 435
31
145
–164
937 456 935
457 978
Other liabilities
Other liabilities
Other financial liabilities
3,226 5,673
Other financial liabilities
3,921 6,249
Total liabilities
Total liabilities
Other items Change in fair value of forest assets and wood harvested Share of results of associates and joint ventures Depreciation and amortisation
Other items Change in fair value of forest assets and wood harvested Share of results of associates and joint ventures Depreciation and amortisation
29
–
–
–
–
–
59
–
88
21
–
–
–
–
–
331
–
352
2
–1 –9
–
–
2
–
3
–
5
1
–
–
–
1
–
1
–
3
–171
–33
–91 –164
–22
–13
1 –503
–169
–11
–35
–86 –190
–23
–13
3 –524
Impairment charges
–1
–
–
–
–49
–
–
10
–41
Impairment charges
–
–
–
–
–
–
–
–
–
Capital employed, 31 December
3,341 2,249 3,231 2,340
501 524
984 1,782 1,012 1,964
261 259
1,512 1,541
27 10,657 –36 10,833
Capital employed, 31 December
3,187 2,413 3,191 2,716
557 581
1,059 2,202 1,012 2,289
253 263
1,575 1,483
–236 11,010 –558 10,977
Average capital employed
Average capital employed
Capital expenditure
188
1
19
15
49
45
9
–1
325
Capital expenditure
161
35
22
211
57
23
11
–
520
Capital expenditure, excluding acquisitions and shares
Capital expenditure, excluding acquisitions and shares
188 12.6
1
19
15
49
45
9
–1
325 10.6
159 14.6
3
22
211 5.4
57 1.0
23
11
– –
486
Comparable ROCE, % Personnel, 31 December
5.0
25.5
12.1 14.3 1,984 8,664
22.6
0.9
–
Comparable ROCE, % Personnel, 31 December
6.7
17.6
20.9
2.6
8.3
2,630
71 3,062
2,469
442
–12 19,310
2,593
73 2,894
1,738 9,472
2,469
443
–104 19,578
1) Business area’s operating assets include goodwill, other intangible assets, property, plant and equipment, forest assets, energy shareholdings, investments in associates and joint-ventures, inventories and trade receivables. Operating liabilities include trade payables and advances received. 2) Eliminations and reconciliations include the elimination of internal sales and internal inventory margin and the consolidation of MPI as a joint operation. In addition the changes in fair value of unrealised cash flow and commodity hedges that are not allocated to segments are included in reconciliations.
1) Business area’s operating assets include goodwill, other intangible assets, property, plant and equipment, forest assets, energy shareholdings, investments in associates and joint-ventures, inventories and trade receivables. Operating liabilities include trade payables and advances received. 2) Eliminations and reconciliations include the elimination of internal sales and internal inventory margin and the consolidation of MPI as a joint operation. In addition the changes in fair value of unrealised cash flow and commodity hedges that are not allocated to segments are included in reconciliations.
In 2016, UPM has relabeled the previously referenced “excluding special items” non-GAAP financial measures with “comparable” performance measures as published in » UPM’s stock exchange release on 14 April 2016.
In 2016, UPM has relabeled the previously referenced “excluding special items” non-GAAP financial measures with “comparable” performance measures as published in » UPM’s stock exchange release on 14 April 2016.
» Refer Note 10.2 , Alternative performance measures, for definitions of key figures and reconciliation to measures presented in the consolidated income statement and balance sheet prepared in accordance with IFRS.
» Refer Note 10.2 , Alternative performance measures, for definitions of key figures and reconciliation to measures presented in the consolidated income statement and balance sheet prepared in accordance with IFRS.
CONTENTS
ACCOUNTS
112
113
UPM Annual Report 2016
UPM Annual Report 2016
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