UPM Annual Report 2019

Financial Statements 2019

Consolidated financial statements, IFRS Consolidated income statement

Consolidated income statement and statement of comprehensive income

145 146 147 148 149 178 178 180 184 187 188 189 189 191 195 195 196 197 197 198 199 199 200 200 200 200

Consolidated balance sheet

RESTATED *)

Consolidated statement of changes in equity

EURm Sales

NOTE

2019

2018

Consolidated cash flow statement

2.1, 2.2

10,238

10,483

Other operating income Costs and expenses *)

2.3 2.3 4.2

97

87

Notes to the consolidated financial statements

-8,531

-8,665

Change in fair value of forest assets and wood harvested *) Share of results of associated companies and joint ventures Depreciation, amortisation and impairment charges

26

407

3

6

1. Basis for reporting 1.1 Corporate information 1.2 Basis of preparation 1.3 Consolidation principles 1.4 Foreign currency translation 1.5 Changes in accounting policies

149 5. Capital structure

2.3, 4.1, 4.4

-490 1,344

-422 1,895

Operating profit

149 149 150 150 150

5.1 Capital management

5.2 Net debt

Exchange rate and fair value gains and losses

5.4 5.4

—

3

5.3 Financial assets and liabilities by category

Interest and other finance costs, net

-38

-60

5.4 Financial income and expenses 5.5 Share capital and reserves

1,307

1,839

Profit before tax

Income taxes

7.1

-234 1,073

-342

1,496

Profit for the period

2. Business performance

154 6. Risk management

2.1 Business areas

154 159

6.1 Financial risk management

Attributable to: Owners of the parent company

2.2 Sales

6.2 Derivatives and hedge accounting

1,061

1,495

2.3 Operating expenses and other operating income 160 2.4 Earnings per share and dividend 162

Non-controlling interests

8.1

12

1

7. Income tax

1,073

1,496

7.1 Tax on profit for the year

Earnings per share for profit attributable to owners of the parent company Basic earnings per share, EUR

3. Employee rewards

163 163 163 164 165 168 169 170 171 172 175 176

7.2 Deferred tax

2.4 2.4

1.99 1.99

2.80 2.80

3.1 Employee costs

Diluted earnings per share, EUR

8. Group structure

3.2 Key management personnel 3.3 Share-based payments 3.4 Retirement benefit obligations

*) Accounting policy change of forest renewal costs

8.1 Business acquisitions and disposals 8.2 Principal subsidiaries and joint operations

8.3 Related party transactions

Consolidated statement of comprehensive income

4. Capital employed

8.4 Assets held for sale

4.1 Property, plant and equipment

EURm

NOTE

2019

2018

1,073

1,496

9. Unrecognised items

Profit for the period

4.2 Forest assets

Other comprehensive income for the period, net of tax Items that will not be reclassified to income statement: Actuarial gains and losses on defined benefit plans

4.3 Energy shareholdings

9.1 Commitments and contingencies

4.4 Goodwill and other intangible assets

9.2 Litigation

-58 -13

—

4.5 Provisions

9.3 Events after balance sheet date

Changes in fair value of energy shareholdings

183

4.6 Working capital

Items that may be reclassified subsequently to income statement: Translation differences

10. Other notes

200

67 -6

62

Net investment hedge

-14

10.1 Forthcoming new standards, amendments and accounting policy changes

200

Cash flow hedges

-50 -58

13

7.2

243

Other comprehensive income for the period, net of tax

1,014

1,739

Total comprehensive income for the period

Attributable to: Owners of the parent company

Parent company accounts

201

987

1,738

Non-controlling interests

27

1

1,014

1,739

The notes are integral part of these consolidated financial statements.

144

145

UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

CONTENTS

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS