UPM Annual Report 2019

Consolidated balance sheet

Consolidated statement of changes in equity

RESERVE FOR INVESTED NON- RESTRICTED EQUITY

EQUITY ATTRIBU- TABLE TO

EURm

NOTE

2019

2018

ASSETS Goodwill

4.4 4.4 4.1 5.2 4.2 4.3 5.3 7.2 3.4

238 326

236 295

TRANS- LATION RESERVE

OWNERS OF THE PARENT COMPANY

NON- CONTROLLING INTERESTS

SHARE CAPITAL

TREASURY SHARES

OTHER RESERVES

RETAINED EARNINGS

TOTAL EQUITY

Other intangible assets

EURm

Property, plant and equipment

4,083

4,186

Value at 31 December 2018 Impact of adoption of IFRS 16 1) Value at 1 January 2019

890

-2

232

1,778

1,273 5,623

9,792

5 9,797

Leased assets Forest assets

590

—

2,097 2,145

1,945 2,159

—

— -2 —

—

—

—

-6

-6

— -6 5 9,791 12 1,073

Energy shareholdings

890

232

1,778

1,273

5,617

9,786 1,061

Other non-current financial assets

170 395

178 397

Profit for the period Translation differences

— —

—

— —

— 1,061

Deferred tax assets

— 53

—

—

53

15

67

Net retirement benefit assets

38 33 23

38 32 34

Cash flow hedges - reclassified to income statement, net of tax Cash flow hedges - change 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 Changes in non-controlling interests Total transactions with owners for the period Cash flow hedges - reclassified to income statement, net of tax Cash flow hedges - change 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 equity at 31 December 2019 Value at 1 January 2018 Profit for the period Translation differences

Investments in associates and joint ventures

—

—

—

5

—

—

5

— 5

Other non-current assets

10,140

9,501

Non-current assets

— —

— —

— -54

— —

— —

-54

— -54 — -6

-6

—

-6

Inventories

4.6

1,367 1,576

1,642 1,833

—

—

— -13

—

1

-13

— -13

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

4.6, 5.3

5.3

59 26

107

—

—

—

—

— -58

-58

— -58

24

5.1, 5.3

1,536 4,565

888

—

— 47

-63

— 1,004

987

27 1,014

4,496

Current assets

Assets classified as held for sale

8.4

18

—

— —

— —

— —

-3 —

—

-8

-12

— -12 — -693

— -693

-693

14,722

13,996

Assets

—

—

—

—

—

-7

-7

81

75

EURm

NOTE

2019

2018

—

—

—

-3

— -709

-712

81

-631

EQUITY AND LIABILITIES Share capital

5.5

890

890

890

-2

278

1,711

1,273

5,912

10,062

113 10,175

Treasury shares

-2

-2

Translation reserve

278

232

890

-2 — —

184

1,590

1,273 4,750

8,684 1,495

4 8,687 1 1,496 — 62

Other reserves

5.5 5.5

1,711 1,273 5,912

1,778 1,273 5,623 9,792

— —

—

— —

— 1,495

Reserve for invested non-restricted equity

61

—

—

61

Retained earnings

—

—

— -13

—

—

-13

— -13

10,062

Equity attributable to owners of the parent company

8.1

113

5

Non-controlling interests

— —

—

—

26

— —

— —

26

— 26 — -14

10,175

9,797

Equity

— -14

—

-14

Deferred tax liabilities

7.2 3.4 4.5

549 759 144

535 679 126 753 101

—

—

— 183

—

—

183

— 183

Net retirement benefit liabilities

Provisions

—

—

—

—

—

—

—

— —

Non-current debt

5.2, 5.3

1,195

Other non-current financial liabilities

5.3

83

—

— 48

196

— 1,494

1,738

1 1,739

2,730

2,194

Non-current liabilities

— —

— —

— —

-8 —

—

-7

-16

— -16 — -613

Dividend distribution

— -613

-613

Current debt

5.2, 5.3 4.6, 5.3

104

25

Total transactions with owners for the period

Trade and other payables

1,654

1,881

—

—

—

-8

— -621

-629

— -629

Other current financial liabilities

5.3

33 27

78 22

Total equity at 31 December 2018

Income tax payables Current liabilities

890

-2

232

1,778

1,273 5,623

9,792

5 9,797

1,818 4,548

2,005 4,199

1) More information on changes in group's accounting policies is presented in » Note 1.5 Changes in accounting policies .

Liabilities

14,722

13,996

Equity and liabilities

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

The notes are integral part of these consolidated financial statements.

146

147

UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

CONTENTS

ACCOUNTS

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS