UPM Annual Report 2021

ACCOUNTS FOR 2021

UPM

BEYOND FOSSILS

STRATEGY

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Consolidated financial statements, IFRS Consolidated income statement

Consolidated balance sheet

EURm

NOTE

2021

2020

ASSETS Goodwill

4.4 4.4 4.1 5.2 4.2 4.3 5.3 7.2 3.4

237 366

229 363

EURm

NOTE

2021 9,814

2020 8,580

Other intangible assets

Property, plant and equipment

5,569

4,316

Sales

2.1, 2.2

Leased assets Forest assets

608

561

Other operating income

2.3 2.3 4.2

254

116

2,328 2,579

2,077 1,936

Costs and expenses

-8,104

-7,371

Energy shareholdings

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

111

-25

Other non-current financial assets

133 466

166 421

2

3

Deferred tax assets

2.3, 4.1, 4.4

-515

-541 761

Net retirement benefit assets

79 33 20

26 33 21

Operating profit

1,562

Investments in associates and joint ventures

Other non-current assets Non-current assets

Exchange rate and fair value gains and losses

5.4 5.4

-3

2

12,420

10,149

Interest and other finance costs, net

-12

-26

Profit before tax

1,548

737

Inventories

4.6

1,594 2,024

1,285 1,534

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

4.6, 5.3

Income taxes

7.1

-240

-169 568

5.3

139

136

Profit for the period

1,307

40

34

5.1, 5.3

1,460 5,257

1,720 4,709

Attributable to: Owners of the parent company

Current assets

1,286

560

Assets

17,676

14,858

Non-controlling interests

8.1

22

8

1,307

568

EURm

NOTE

2021

2020

EQUITY AND LIABILITIES Share capital

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

5.5

890

890

2.4 2.4

2.41 2.41

1.05 1.05

Treasury shares

-2

-2

Diluted earnings per share, EUR

Translation reserve

329

25

Other reserves

5.5 5.5

1,938 1,273 6,419

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

Reserve for invested non-restricted equity

Consolidated statement of comprehensive income

Retained earnings

Equity attributable to owners of the parent company

10,846

Non-controlling interests

8.1

261

162

EURm

NOTE

2021 1,307

2020

Equity

11,106

9,513

Profit for the period

568

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

Deferred tax liabilities

7.2 3.4 4.5

596 676 155

564 771 222

Net retirement benefit liabilities

96

-36

Provisions

Changes in fair value of energy shareholdings

632

-251

Non-current debt

5.2, 5.3

2,566

1,952

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

Other non-current financial liabilities

5.3

109

97

337

-262

Non-current liabilities

4,102

3,606

Net investment hedge

-21

5

Cash flow hedges

-127 918

-24

Current debt

5.2, 5.3 4.6, 5.3

86

90

Other comprehensive income for the period, net of tax

7.2

-569

Trade and other payables

2,254

1,571

Total comprehensive income for the period

2,225

—

Other current financial liabilities

5.3

95 32

48 30

Income tax payables Current liabilities

Attributable to: Owners of the parent company

2,468 6,570

1,740 5,345

2,194

-7

Liabilities

Non-controlling interests

31

6

Equity and liabilities

17,676

14,858

2,225

—

The notes are integral part of these consolidated financial statements.

The notes are integral part of these consolidated financial statements.

152

UPM FINANCIAL REPORT 2021 153 UPM ANNUAL REPORT 2021 153

UPM ANNUAL REPORT 2021

UPM FINANCIAL REPORT 2021 152