UPM Annual Report 2017

Accounts

In brief

Strategy

Businesses

Stakeholders

Governance

9.

Income taxes

7.

Financial income and expenses

11. Tangible assets

ADVANCE PAYMENTS AND CON­ STRUCTION IN PROGRESS

EURm

2017

2016

EURm

2017

2016

Income on non-current assets Dividend income from group companies Dividend income from other companies Interest income from group companies Other interest and financial income Other interest income from group companies Other financial income from group companies Other financial income from other companies

Tax expense for the period

108

82 –1 81

MACHINERY AND EQUIPMENT

OTHER TANGIBLE ASSETS

Tax expense for the previous periods

–

328

80

LAND AND WATER AREAS BUILDINGS

Total

108

– 3

1 3

EURm

TOTAL

2017 Accumulated costs

331

84

434

620

2,115

141

19

3,329 –1,925

Deferred tax assets and liabilities 1)

Accumulated depreciation and impairments

–

–364

–1,447

–115

– –

30

19 35 13 68 –6

Revaluations

323 757 813

–

–

–

323

1

EURm

2017

2016

Carrying value, at 31 December Carrying value, at 1 January

256 259

668 630

26 27

19 36 18

1,726 1,766

85

Deferred tax assets Provisions Share-based payments

116

13

34

Additions Disposals

3

12

91

2 –

125 –18

Value adjustments

–3

3

3

–18

–

–

– – –

Total

16

37

Depreciations

–

–20

–79

–5

–104

Interest and other financial expenses Interest expenses to group companies Interest expenses to other companies

Impairment

–1

– 6 –

–

– 3 –

–1

–12 –22 –50

–22 –29

Deferred tax liabilities Accumulated depreciation difference

Reclassifications

–

26

–35

–

–91 –65

–91 –73

Changes in revaluations

–41 757

–

–

–41

Other financial expenses to same group comp Other financial expenses to other companies

–

Revaluations of the land areas

Carrying value, at 31 December

256

668

26

19

1,726

–7

–90

Total

–155

–164

–90 354

–141

2016 Accumulated costs

1) The parent company has not recognised deferred tax assets and liabilities in the balance sheet. Deferred tax assets and liabilities were calculated based on temporary differences between the carrying and taxable values of assets and liabilities.

Total

6

449

604

2,026 –1,396

138 –112

36

3,254 –1,852

Accumulated depreciation and impairments

–

–345

– –

Revaluations

364 813 891

–

–

–

364

Carrying value, at 31 December Carrying value, at 1 January

259 443

630 868 117

27 37

36 23 61 –7

1,766 2,262

8.

Closing entries

Additions Disposals

8

25

2

213

–29

–186

–270 –120

–8 –6

–499 –152

EURm

2017

2016

Depreciations

– – –

–27

– –

Change in accumulated depreciation difference

Impairment

– 3 –

1

– 2 –

1 –

–1

11 –1 32

Reclassifications

35

–41

Group contributions received Group contributions granted

– 1 – 1

Changes in revaluations

–57 813

–

–

–57

Carrying value, at 31 December

259

630

27

36

1,766

Losses from mergers

1

Total

42

10. Intangible assets

12. Other non-current assets

OTHER INTANGIBLE ASSETS

RECEIVABLES FROM PARTICIPATING INTEREST COMPANIES

INTANGIBLE RIGHTS

ADVANCE PAYMENTS

HOLDINGS IN PARTICIPATING INTEREST COMPANIES

RECEIVABLES FROM GROUP COMPANIES

OTHER NON- CURRENT RECEIVABLES

EURm

TOTAL

HOLDINGS IN GROUP COMPANIES

OTHER SHARES AND HOLDINGS

2017 Accumulated costs

TOTAL

EURm

14

247

8 – 8 5 7

269

Accumulated amortisation and impairments

–10

–225

–234

2017 Accumulated costs

Carrying value, at 31 December Carrying value, at 1 January

5 5 2

23 25

35 35 15 –2

5,780 –1,417 4,363 4,365

5 – 5 5 – – – 5

4 – 4 4 – – – 4

699

4 – 4 5 –

7 – 7 7 – – – 7 7 – 7 7 – – – – 7

6,498 –1,417 5,080 5,143

Accumulated value adjustments Carrying value, at 31 December Carrying value, at 1 January

–

Additions Disposals

6 –

699 756 168

–

–2

Amortisation

–2

–12

–

–14

Additions Disposals

– –

168

Reclassifications

– 5

3

–3

–

–225

–2

–227

Carrying value, at 31 December

23

8

35

Value adjustments 1)

–3

–

– 4

–3

Carrying value, at 31 December

4,363

699

5,080

2016 Accumulated costs

13 –8

282

5 – 5 4 3 – – –

300

2016 Accumulated costs

Accumulated amortisation and impairments

–257

–265

5,780 –1,414 4,365 3,984

5 – 5

4 – 4

756

5 – 5 6 – – – 5

6,557 –1,414 5,143 5,427 1,333 –1,448

Carrying value, at 31 December Carrying value, at 1 January

5 5 6

25

35

Accumulated value adjustments Carrying value, at 31 December Carrying value, at 1 January

–

178

187

756 723 503

Additions Disposals

4

13

93

614

–3 –3

–141

–144

Additions Disposals

829

1

–

Amortisation Impairment

–17

–19

–442

–88

–446 –164

–470

–1

– – 5

–2

–2

Changes in revaluations

–

– – 5

– –

–163

Reclassifications

2

–2

–

Value adjustments 1)

–5

–1

–6

Carrying value, at 31 December

25

5

35

Carrying value, at 31 December

4,365

4

756

5,143

1) Value adjustments are recognised under financial items.

CONTENTS

ACCOUNTS

166

167

UPM Annual Report 2017

UPM Annual Report 2017