UPM Annual Report 2019
Notes to the parent company financial statements
7.
Financial income and expenses
9.
Income taxes
EURm
2019
2018
EURm
2019
2018
Accounting policies The financial statements of the parent company are prepared in accordance with Finnish Accounting Standards, FAS. The main differences in accounting policies of the group and the parent company relate to the measurement of financial derivatives and forest assets and recognition of defined benefit obligations, lease agreements and deferred income taxes. The financial statements are presented in millions of euros and rounded and therefore the sum of individual figures might deviate from the presented total figure.
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 interest income from other companies Other financial income from group companies Other financial income from other companies
Tax expense for the period
43 43
122 122
534
328
Total
6
6
540
334
Deferred tax assets and liabilities 1)
40
32
1
—
EURm
2019
2018
— —
13
Deferred tax assets Provisions Share-based payments
2
10
20
41
47
2
2
—
2
Value adjustments
13
23
Total
1. Sales Sales by business area
4.
Personnel expenses
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
Deferred tax liabilities Accumulated depreciation difference
-13 -16
-12 -13
88 60
89 60
Revaluations of land areas
-3
—
Total 149 1) The parent company has not recognised deferred tax assets and liabilities in the balance sheet. Deferred tax assets and liabilities are calculated based on temporary differences between the carrying and taxable values of assets and liabilities. 148
-32 -65 516
-46 -71 312
EURm
2019 1,876
2018
EURm
2019
2018
Salaries and fees of the President and CEO, and members of the Board of Directors 1)
UPM Biorefining Other operations
2,005
Total
7
7
442
479
Other salaries and fees
206
194
2,318
2,484
Total
Pension costs
31
35
Other indirect employee costs
7
7
8.
Closing entries
Total
250
242
Sales by destination
EURm
2019
2018
1) » Refer Note 3.2 Key management personnel
Change in accumulated depreciation difference
-6 — -6
-9
EURm
2019
2018
Group contributions granted
6
Personnel
Finland
2,275
2,432
-3
Total
Other EU countries
22 21
27 25
Other countries
2019
2018
2,318
2,484
Total
3,070
2,990
Total on average
10. Intangible assets
5.
Depreciation, amortisation and impairment charges
OTHER INTANGIBLE ASSETS
2.
Other operating income
INTANGIBLE RIGHTS
ADVANCE PAYMENTS
EURm
TOTAL
2019 Accumulated costs
18
248
27
293
EURm
2019
2018
EURm
2019
2018
Accumulated amortisation and impairments
-12
-236
—
-248
Intangible rights
2 6
2 8
Gains on sale of non-current assets
5
140
5 5 2
13 17
27 14 19
45 36 23
Carrying value, at 31 December Carrying value, at 1 January
Other intangible assets
Rental income
10
12
Buildings
19 80
20 83
Other Total
3
2
Additions Disposals
2
Machinery and equipment
18
154
— -2
— -6 13
-6 —
-6 -8
Other tangible assets
3
4
Amortisation
111
117
Total
5
27
45
Carrying value, at 31 December
2018 Accumulated costs
3.
Materials and services
6.
Other operating expenses
16
249
14 — 14 12 -5 — -1 14 8
279
Accumulated amortisation and impairments
-11
-232
-243
EURm
2019
2018
EURm
2019
2018
5 5 2
17 23
36 35 15
Carrying value, at 31 December Carrying value, at 1 January
Raw materials and consumables
1,460
1,599
Rents and lease expenses
13
7 1
Change in inventories
45
-109
Losses on sale of non-current assets
3
Additions Disposals
1
Delivery costs and other external charges
5
5
Maintenance expenses
84 92
95 97
— -2 —
— -8
-5
1,510
1,494
Other operating expenses 1)
Total
Amortisation
-10
Total 200 1) The research and development costs in operating expenses were EUR 24 million (21 million) and auditor’s fee EUR 1.4 million (0.7 million). In personnel expenses the research and development costs were EUR 16 million (16 million). 192
Reclassifications
1
—
5
17
36
Carrying value, at 31 December
204
205
UPM ANNUAL REPORT 2019
UPM ANNUAL REPORT 2019
CONTENTS
ACCOUNTS
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
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