UPM Annual Report 2017

Accounts

In brief

Strategy

Businesses

Stakeholders

Governance

Consolidated statement of changes in equity

Consolidated balance sheet

EURm

NOTE

2017

2016

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

231 294

245 301

NON- CONTROLLING INTERESTS

SHARE CAPITAL

TREASURY SHARES

TRANSLATION RESERVE

OTHER RESERVES

RETAINED EARNINGS

TOTAL EQUITY

Other intangible assets

EURm

Property, plant and equipment

4,281 1,600 1,974

4,657 1,734 1,932

Value, at 1 January 2017 Profit for the period Translation differences Cash flow hedges – reclassified to income statement, net of tax Cash flow hedges – changes in fair value, net of tax Net investment hedge, 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 Value, at 1 January 2016 Profit for the period Translation differences Cash flow hedges – reclassified to income statement, net of tax Cash flow hedges – changes in fair value, net of tax Net investment hedge, 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 Total equity at 31 December 2017

890

–2

433

1,416

1,273

4,225

8,234

3 8,237

Forest assets

– –

– –

–

– –

973

973

1

974

Energy shareholdings

–269

–

–

–269

– –270

Other non-current financial assets

192 423

255 446

Deferred tax assets

Net retirement benefit assets

84 29 37

71 29 47

–

–

–

28

–

–

28

–

28

Investments in associates and joint ventures

Other non-current assets

– –

– –

–

95

– –

– –

95 20

– –

95 20

Non-current assets

9,144

9,715

20

–

Inventories

4.6

1,311 1,783

1,346 1,726

–

–

–

24

–

–

24

–

24

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

4.6, 5.3

5.3

92 20

109

14

–

–

–

–

–

66

66

–

66

5.1

716

992

Current assets

3,922

4,187

–

–

–249

147

–

1,039

937

–

937

Assets classified as held for sale

1

8

– –

– –

– –

1 –

– –

–5

–4

–

–4

Assets

13,067

13,911

–507

–507

– –507

EURm

NOTE

2017

2016

–

–

–

1

–

–512

–511

– –511

EQUITY AND LIABILITIES Share capital

890

–2

184 1,564

1,273

4,752

8,660

4 8,663

5.5

890

890

Treasury shares

–2

–2

890

–2

449 1,486

1,273

3,846

7,942

2 7,944 1 880

Translation reserve

184

433

– –

– –

–

– –

– –

879

879 –14

Other reserves

5.5 5.5

1,564 1,273 4,752 8,660

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

–14

–

–

–14

Reserve for invested non-restricted equity

Retained earnings

Equity attributable to owners of the parent company

–

–

–

55

–

–

55

–

55

Non-controlling interests

4

3

Equity

8,663

8,237

– –

– –

–

18

– –

– –

18 –1

– –

18 –1

–1

–

Deferred tax liabilities

7.2 3.4 4.5

458 736 177 789

457 817 145

Net retirement benefit liabilities

–

–

–

–144

–

–

–144

– –144

Provisions

Non-current debt

5.2, 5.3

1,835

Other non-current financial liabilities

5.3

94

110

–

–

–

–

–

–97

–97

–

–97

Non-current liabilities

2,254

3,364

–

–

–16

–72

–

782

695

1 696

Current debt

5.2, 5.3 4.6, 5.3

324

584

Trade and other payables

1,765

1,594

– –

– –

– –

1 –

– –

–3

–2

–

–2

Other current financial liabilities

5.3

34 26

116

Dividend distribution Total transactions with owners for the period

–400

–400

– –400

Income tax payables Current liabilities

16

2,150 4,404

2,309 5,673

–

–

–

1

–

–403

–402

– –402

Liabilities

Total equity at 31 December 2016

890

–2

433

1,416

1,273

4,225

8,234

3 8,237

Equity and liabilities

13,067

13,911

» Refer Note 5.5 Share capital and reserves, for further information.

The notes are integral part of these consolidated financial statements

CONTENTS

ACCOUNTS

112

113

UPM Annual Report 2017

UPM Annual Report 2017