UPM Annual Report 2020

Consolidated balance sheet

Consolidated statement of changes in equity

EURm

NOTE

2020

2019

EQUITY ATTRIBU TABLE TO OWNERS OF THE PARENT COMPANY

RESERVE FOR INVESTED NON RESTRICTED EQUITY

ASSETS Goodwill

4.4 4.4 4.1 5.2 4.2 4.3 5.3 7.2 3.4

229 363

238 326

Other intangible assets

TRANS LATION RESERVE

NON CONTROLLING INTERESTS

SHARE CAPITAL

TREASURY SHARES

OTHER RESERVES

RETAINED EARNINGS

TOTAL EQUITY 10,175

Property, plant and equipment

4,316

4,083

EURm

Leased assets Forest assets

561

590

Value at 1 January 2020

890

-2

278

1,711

1,273

5,912

10,062

113

2,077 1,936

2,097 2,145

— —

— —

—

— —

— —

560

560 -258

8

568 -262

Profit for the period Translation differences

Energy shareholdings

-258

—

-4

Other non-current financial assets

166 421

170 395

Cash flow hedges - reclassified to income statement, net of tax Cash flow hedges - reclassified to PPE 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 Contributions by non-controlling interests Total transactions with owners for the period Total equity at 31 December 2020 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 Total equity at 31 December 2019 Dividend distribution Other items Value at 1 January 2019 Profit for the period Translation differences Dividend distribution

Deferred tax assets

—

—

—

-34

—

—

-34

—

-34

Net retirement benefit assets

26 33 21

38 33 23

—

—

—

-5

—

—

-5

—

-5

Investments in associates and joint ventures

Other non-current assets Non-current assets

— —

— —

—

11

— —

— —

11

3

14

10,149

10,140

5

—

5

—

5

Inventories

4.6

1,285 1,534

1,367 1,576

—

—

—

-252

—

1

-251

—

-251

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

4.6, 5.3

—

—

—

—

—

-36

-36

—

-36

5.3

136

59 26

34

— — — —

— — — —

-253

-279

— — — —

525

-7

6

—

5.1, 5.3

1,720 4,709

1,536 4,565

— — —

-2

-9

-11

—

-11

Current assets

— —

-693

-693

-21

-714

Assets classified as held for sale

8.4

—

18

—

—

—

-1

Assets

14,858

14,722

—

—

—

—

—

—

—

64

64

EURm

NOTE

2020

2019

—

—

—

-2

—

-702

-704

43

-662

EQUITY AND LIABILITIES Share capital

5.5

890

890

890

-2

25

1,430

1,273

5,735

9,351

162

9,513

Treasury shares

-2

-2

Translation reserve

25

278

890

-2

232

1,778

1,273

5,617 1,061

9,786 1,061

5

9,791 1,073

Other reserves

5.5 5.5

1,430 1,273 5,735 9,351

1,711 1,273 5,912

— —

— —

—

— —

— —

12 15

Reserve for invested non-restricted equity

53

—

53

67

Retained earnings

—

—

—

5

—

—

5

—

5

Equity attributable to owners of the parent company

10,062

Non-controlling interests

8.1

162

113

— —

— —

—

-54

— —

— —

-54

— —

-54

Equity

9,513

10,175

-6

—

-6

-6

Deferred tax liabilities

7.2 3.4 4.5

564 771 222

549 759 144

—

—

—

-13

—

1

-13

—

-13

Net retirement benefit liabilities

—

—

—

—

—

-58

-58

—

-58

Provisions

Non-current debt

5.2, 5.3

1,952

1,195

— — —

— — —

47

-63

— — —

1,004

987

27

1,014

Other non-current financial liabilities

5.3

97

83

— —

-3

-8

-12

— —

-12

Non-current liabilities

3,606

2,730

—

-693

-693

-693

—

—

—

—

—

-7

-7

81

75

Current debt

5.2, 5.3 4.6, 5.3

90

104

Trade and other payables

1,571

1,654

—

—

—

-3

—

-709

-712

81

-631

Other current financial liabilities

5.3

48 30

33 27

Income tax payables Current liabilities

890

-2

278

1,711

1,273

5,912

10,062

113

10,175

1,740 5,345

1,818 4,548

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

Liabilities

Equity and liabilities

14,858

14,722

The notes are integral part of these consolidated financial statements.

148

UPM ANNUAL REPORT 2020 UPM FINANCIAL REPORT 2020 33 149

UPM ANNUAL REPORT 2020

UPM FINANCIAL REPORT 2020 32