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

Parent company accounts (Finnish Accounting Standards, FAS)

Balance sheet

EURm

NOTE

2018

2017

ASSETS Intangible assets Tangible assets

10 11 12 12 12 12 12 12 13 14 14 14 14

36

35

1,646 4,136

1,726 4,363

Holdings in group companies

Income statement

Holdings in participating interest companies

5 3

5 4

Other shares and holdings

EURm Sales

NOTE

2018 2,484

2017 2,217

Receivables from group companies

646

699

Receivables from participating interest companies

4 7

4 7

1

Other non-current receivables

Change in inventories of finished goods and work in progress

– 4

5 4

Non-current assets

6,482

6,842

Production for own use Other operating income Materials and services

2 3 4 5 6

154

208

Inventories

267

143

–1,494

–1,301

Trade receivables

30

27

Personnel expenses

–242 –117 –200

–237 –118 –164

Receivables from group companies

1,180

1,016

Depreciation, amortisation and impairment charges

Receivables from participating interest companies

5

8

Other operating expenses

Other current receivables Cash and cash equivalents

75

69

Operating profit

588

614

770

589

Current assets

2,327

1,852

Financial income and expenses

7

312 900

354 968

Profit before closing entries and tax

Assets

8,809

8,694

Closing entries Income taxes

8 9

3

–1

–122

–108

EURm

NOTE

2018

2017

Profit for the period

780

859

EQUITY AND LIABILITIES Share capital

15 15 15 15

890 142

890 165

Revaluation reserve

Reserve for invested non-restricted equity

1,273 1,853

1,273 1,608

Retained earnings Profit for the period

780

859

Equity

4,938

4,794

Accumulated depreciation difference

446 101

454

Provisions

16

65

Bonds

17 17 17

328 385 167 879

313 385 156 853

Payables to group companies Other non-current liabilities Non-current liabilities

Bonds

18 18 18 18 18 18

– –

208

Pension loans Trade payables

68

267

225

Payables to group companies

1,919

1,832

Payables to participating interest companies

1

–

Other current liabilities Current liabilities

258

193

2,444 3,324

2,527 3,380

Liabilities

Equity and liabilities

8,809

8,694

174

175

CONTENTS

ACCOUNTS

UPM ANNUAL REPORT 2018

UPM ANNUAL REPORT 2018