UPM Annual Report 2022

ACCOUNTS FOR 2022

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Deferred tax assets and liabilities 1)

5. Other operating expenses

8. Tangible assets

EURm

2022 2021

ADVANCE PAYMENTS AND CONSTRUCTION IN PROGRESS

EURm

2022 2021

Deferred tax assets Provisions Share-based payments

Rents and lease expenses Maintenance expenses Other operating expenses 1)

13

13 86

MACHINERY AND EQUIPMENT

OTHER TANGIBLE ASSETS

58

92

118 159 289

LAND AND WATER AREAS BUILDINGS

3

2 1

EURm

TOTAL

139 238

Other temporary differences

176 236

2022 Accumulated costs

Total

Total

95

449

570 -392

2,230 -1,777

139 -120

21

3,409 -2,289

1) The research and development costs in operating expenses were EUR 25 million (9 million) and auditor’s fee EUR 2.9 million (2.7 million). In personnel expenses the research and development costs were EUR 16 million (20 million). 6. Income taxes

Accumulated depreciation and impairments

— —

Deferred tax liabilities Accumulated depreciation difference

Revaluations

298 746 718

298

80 60

83 60

Carrying value, at 31 December Carrying value, at 1 January

178 196

453 514

19 21

21 13 18

1,418 1,462

Revaluations of land areas

Total

139

143

Additions Disposals

33

13

— —

66

-3

-2

-1

— —

-6

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.

Depreciations Reclassifications

— —

-17

-82

-3

-102

EURm

2022 2021

1

9

— —

-10

Tax expense for the period

74 10 84

114

Changes in revaluations

-2

-2

Tax expense for the previous periods

1

Carrying value, at 31 December

746

178

453

19

21

1,418

Total

115

2021 Accumulated costs

419

599 -403

2,251 -1,737

145 -123

13

3,426 -2,263

7. Intangible assets

Accumulated depreciation and impairments

— —

Revaluations

299 718 719

299

OTHER INTANGIBLE ASSETS

Carrying value, at 31 December Carrying value, at 1 January

196 212

514 579

21 24

13

1,462 1,541

INTANGIBLE RIGHTS

ADVANCE PAYMENTS

7

EURm

TOTAL

Additions Disposals

1

3

11

19

33

2022 Accumulated costs

-1

-2

-2 -3

— —

-6

22 -18

293 -260

22

337 -278

Depreciations Reclassifications

— — —

-18

-83

-104

Accumulated amortisation and impairments

2

9

2

-12

— —

Carrying value, at 31 December Carrying value, at 1 January

5 5 2

32 46

22 11 12

60 62 13

Changes in revaluations

Carrying value, at 31 December

718

196

514

21

13

1,462

Additions Disposals

— —

— —

Amortisation

-2

-13 32

-16 60

Carrying value, at 31 December

5

22

2021 Accumulated costs

21 -16

293 -247

11

325 -263

Accumulated amortisation and impairments

Carrying value, at 31 December Carrying value, at 1 January

5 5 2

46 59

11

62 67 13 -18

3 8

Additions

3

Amortisation

-2

-16

— —

Reclassifications

Carrying value, at 31 December

5

46

11

62

224

225

UPM ANNUAL REPORT 2022

UPM ANNUAL REPORT 2022

UPM FINANCIAL REPORT 2022

224

UPM FINANCIAL REPORT 2022

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