UPM Annual Report 2023

ACCOUNTS FOR 2023

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Consolidated financial statements Consolidated income statement

Consolidated balance sheet

EURm

NOTE

2023

2022

ASSETS Goodwill

4.4 4.4 4.1 5.2 4.2 4.3 5.3 7.2 3.4

283 715

282 553

EURm

NOTE

2023

2022

Other intangible assets

Sales

2.1, 2.2

10,460

11,720

Property, plant and equipment

7,053

6,733

Other operating income

2.3 2.3 4.2

228

231

Leased assets Forest assets

683

713

Costs and expenses

-9,316

-9,470

2,355 2,283

2,442 3,652

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

-103

12

Energy shareholdings

-1

4

Other non-current financial assets

60

70

2.3, 4.1, 4.4

-660 608

-522

Deferred tax assets

431

485

Operating profit

1,974

Net retirement benefit assets

1

1

Investments in associates and joint ventures

23 26

27 20

Exchange rate and fair value gains and losses

5.4 5.4

-74 -70

25 -55

Other non-current assets Non-current assets

Interest and other finance costs, net

13,913

14,977

Profit before tax

464

1,944

Inventories

4.6

1,948 1,782

2,289 2,696

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

4.6, 5.3

Income taxes

7.1

-71

-388

5.3

64 27

118

Profit for the period

394

1,556

61

5.1, 5.3

632

2,067 7,230

Attributable to: Owners of the parent company

Current assets

4,454

388

1,526

Assets classified as held for sale

8.4

106

—

Non-controlling interests

8.1

6

31

Assets

18,473

22,207

394

1,556

EURm

NOTE

2023

2022

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

0.73 0.73

2.86 2.86

Treasury shares

-2

-2

Diluted earnings per share, EUR

Translation reserve

347

449

Other reserves

5.5 5.5

1,655 1,273 6,998

2,460 1,273 7,433

Reserve for invested non-restricted equity

Consolidated statement of comprehensive income

Retained earnings

Equity attributable to owners of the parent company

11,161

12,502

EURm

NOTE

2023

2022 1,556

Non-controlling interests

8.1

370

376

Profit for the period

394

Equity

11,531

12,879

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

616 502 170

636 527

Net retirement benefit liabilities

-10

192

Provisions

64

Changes in fair value of energy shareholdings

-1,351

1,051

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

Non-current debt

5.2, 5.3

3,056

4,476

Other non-current financial liabilities

5.3

157

103

-120

150

Non-current liabilities

Net investment hedge

6

-15

4,501

5,807

Cash flow hedges

539 -936 -542

-531 847

Current debt

5.2, 5.3 4.6, 5.3

327

558

Other comprehensive income for the period, net of tax

Trade and other payables

1,883

2,720

7.2

Total comprehensive income for the period

Provisions

4.5 5.3

96 51 28

70

2,403

Other current financial liabilities

102

Attributable to: Owners of the parent company

Income tax payables Current liabilities

73

-536

2,358

2,385

3,522

Non-controlling interests

-7

45

Liabilities related to assets classified as held for sale

8.4

56

—

Liabilities

-542

2,403

6,942

9,329

Equity and liabilities

18,473

22,207

The notes are integral part of these consolidated financial statements.

The notes are integral part of these consolidated financial statements.

164

165

UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023

UPM FINANCIAL REPORT 2023

164

UPM FINANCIAL REPORT 2023

165