UPM Annual Report 2022

ACCOUNTS FOR 2022

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Consolidated balance sheet

Consolidated statement of changes in equity

EURm

NOTE

2022

2021

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

282 553

237 366

Other intangible assets

TRANS LATION RESERVE

NON CONTROLLING INTERESTS

SHARE CAPITAL

TREASURY SHARES

OTHER RESERVES

RETAINED EARNINGS

TOTAL EQUITY 11,106

Property, plant and equipment

6,733

5,569

EURm

Leased assets Forest assets

713

608

Value at 1 January 2022

890

-2

329

1,938

1,273

6,419 1,526

10,846

261

2,442 3,652

2,328 2,579

Profit for the period Translation differences

— —

— —

—

— —

— —

1,526

31 14

1,556

Energy shareholdings

136

—

136

150

Other non-current financial assets

70

133 466

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 2022 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 2021 Dividend distribution Other items Value at 1 January 2021 Profit for the period Translation differences Dividend distribution Other items

—

—

—

376

—

—

376

—

376

Deferred tax assets

485

Net retirement benefit assets

1

79 33 20

—

—

—

25

—

—

25

2

27

Investments in associates and joint ventures

27 20

Other non-current assets Non-current assets

—

—

—

-932

—

—

-932

-2

-934

14,977

12,420

—

—

-15

—

—

—

-15

—

-15

—

—

—

1,050

—

1

1,051

—

1,051

Inventories

4.6

2,289 2,696

1,594 2,024

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

4.6, 5.3

—

—

—

—

—

192

192

—

192

5.3

118

139

—

—

121

519

—

1,718

2,358

45

2,403

61

40

5.1, 5.3

2,067 7,230

1,460 5,257

— — —

— — —

— — —

3

— — —

-10

-7

—

-7

Current assets

— —

-693

-693

-27

-721

Assets

22,207

17,676

-1

-1

—

-1

—

—

—

—

—

—

98

98

EURm

NOTE

2022

2021

EQUITY AND LIABILITIES Share capital

—

—

—

3

—

-704

-701

70

-631

5.5

890

890

890

-2

449

2,460

1,273

7,433

12,502

376

12,879

Treasury shares

-2

-2

Translation reserve

449

329

Other reserves

5.5 5.5

2,460 1,273 7,433

1,938 1,273 6,419

890

-2

25

1,430

1,273

5,735 1,286

9,351 1,286

162

9,513 1,307

Reserve for invested non-restricted equity

— —

— —

—

— —

— —

22 13

Retained earnings

325

—

325

337

Equity attributable to owners of the parent company

12,502

10,846

—

—

—

63

—

—

63

—

63

Non-controlling interests

8.1

376

261

Equity

12,879

11,106

—

—

—

-14

—

—

-14

-1

-16

—

—

—

-172

—

—

-172

-2

-174

Deferred tax liabilities

7.2 3.4 4.5

636 527 134

596 676 155

Net retirement benefit liabilities

—

—

-21

—

—

—

-21

—

-21

Provisions

—

—

—

632

—

1

632

—

632

Non-current debt

5.2, 5.3

4,476

2,566

—

—

—

—

—

96

96

—

96

Other non-current financial liabilities

5.3

103

109

Non-current liabilities

5,876

4,102

—

—

304

508

—

1,382

2,194

31

2,225

— — —

— — —

— — —

-1

— — —

-6

-6

—

-6

Current debt

5.2, 5.3 4.6, 5.3

558

86

— —

-693

-693

-13

-706

Trade and other payables

2,720

2,254

—

—

-1

—

Other current financial liabilities

5.3

102

95 32

Income tax payables Current liabilities

73

—

—

—

—

—

—

—

82

82

3,452 9,329

2,468 6,570

—

—

—

-1

—

-698

-699

68

-632

Liabilities

Equity and liabilities

22,207

17,676

890

-2

329

1,938

1,273

6,419

10,846

261

11,106

The notes are integral part of these consolidated financial statements.

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

160

161

UPM ANNUAL REPORT 2022

UPM ANNUAL REPORT 2022

UPM FINANCIAL REPORT 2022

160

UPM FINANCIAL REPORT 2022

161