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

9.

Income taxes

7.

Financial income and expenses

11.

Tangible assets

ADVANCE PAYMENTS AND CON­ STRUCTION IN PROGRESS

EURm

2018

2017

EURm

2018

2017

Income on non-current assets Dividend income from group 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

122 122

108 108

LAND AND WATER

MACHINERY AND EQUIPMENT

OTHER TANGIBLE ASSETS

Total

328

328

6

3

EURm

AREAS BUILDINGS

TOTAL

334

331

2018 Accumulated costs

420

623

2,166

142

11

3,363 –2,017

32 13

30

Deferred tax assets and liabilities 1)

Accumulated depreciation and impairments

–

–379

–1,520

–117

– –

1

Revaluations

300 720 757

–

–

–

300

2

85

EURm

2018

2017

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

244 256

645 668

25 26

11 19 10

1,646 1,726

47

116

Deferred tax assets Provisions Share-based payments

Value adjustments

2

–3

Additions Disposals

1

6 –

45

2 –

64

20

13

–14

–

– –

–14

2

3

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

Depreciations Reclassifications

– –

–20

–83

–4

–107

Total

23

16

–12 –13

–12 –22 –50

2 –

16

1 –

–18

–

Changes in revaluations

–23 720

–

–

–23

Deferred tax liabilities Accumulated depreciation difference

–

Carrying value, at 31 December

244

645

25

11

1,646

89 60

91 65

–46 –71 312

–7

Revaluations of land areas

–90 354

2017 Accumulated costs

Total

149

155

Total

434

620

2,115

141

19

3,329

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.

Accumulated depreciation and impairments

–

–364

–1,447

–115

– –

–1,925

Revaluations

323 757 813

–

–

–

323

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

256 259

668 630

26 27

19 36 18

1,726 1,766

8.

Closing entries

Additions Disposals

3

12

91

2 –

125 –18

–18

–

–

– – –

Depreciations

–

–20

–79

–5

–104

EURm

2018

2017

Impairment

–1

– 6 –

–

– 3 –

–1

Reclassifications

–

26

–35

–

Change in accumulated depreciation difference

Changes in revaluations

–41 757

–

–

–41

–9

–1

Carrying value, at 31 December

256

668

26

19

1,726

Group contributions granted

6

1 1

Total

–3

12. Other non-current assets

10. Intangible assets

RECEIVABLES FROM PARTICIPATING INTEREST COMPANIES

OTHER INTANGIBLE ASSETS

HOLDINGS IN PARTICIPATING INTEREST COMPANIES

INTANGIBLE RIGHTS

ADVANCE PAYMENTS

HOLDINGS IN GROUP COMPANIES

OTHER SHARES AND HOLDINGS

RECEIVABLES FROM GROUP COMPANIES

OTHER NON- CURRENT RECEIVABLES TOTAL

EURm

TOTAL

2018 Accumulated costs

EURm

16

249

14

279

2018 Accumulated costs

Accumulated amortisation and impairments

–11

–232

–

–243

5,551 –1,415 4,136 4,363

5 – 5 5 – – – 5 5 – 5 5 – – – 5

3 – 3 4 – – – 3 4 – 4 4 – – – 4

646

4 – 4 4 – – – 4 4 – 4 5 –

7 6,216 – –1,415 7 4,801 7 5,080

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

5 5 2 –

17 23

14

36 35 15 –5

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

–

8

646 699

Additions Disposals

1 –

12 –5

Additions Disposals

14

8

–

22

Amortisation

–2

–8

–

–10

–243

–61

– –304

Reclassifications

– 5

1

–1 14

–

Value adjustments 1)

2

–

–

2

Carrying value, at 31 December

17

36

Carrying value, at 31 December

4,136

646

7 4,801

2017 Accumulated costs

2017 Accumulated costs

14

247

8 – 8 5 7

269

5,780 –1,417 4,363 4,365

699

7 6,498 – –1,417 7 5,080 7 5,143 – 168 – –227

Accumulated amortisation and impairments

–10

–225

–234

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

–

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

5 5 2 –

23 25

35 35 15 –2

699 756 168

Additions Disposals

6 –

Additions Disposals

– –

–2

–225

–2

Amortisation

–2

–12

–

–14

Value adjustments 1)

–3

–

– 4

–

–3

Reclassifications

– 5

3

–3

–

Carrying value, at 31 December

4,363

699

7 5,080

Carrying value, at 31 December

23

8

35

1) Value adjustments are recognised under financial items.

178

179

CONTENTS

ACCOUNTS

UPM ANNUAL REPORT 2018

UPM ANNUAL REPORT 2018