UPM Annual Report 2023

ACCOUNTS FOR 2023

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

Balance sheet

EURm

NOTE

2023

2022

EURm

NOTE

2023

2022

EQUITY AND LIABILITIES Equity Share capital

ASSETS Non-current assets Intangible assets Intangible rights

890 140

890 140

Revaluation reserve

5

5

Reserve for invested non-restricted equity

1,273

1,273 1,333

Other intangible assets

27 26 58

32 22 60

Retained earnings

342

Advance payments

Profit (Loss) for the period

1,675 4,319

-190

7

Total equity

11

3,445

Tangible assets Land and water areas

748 166 414

746 178 453

Accumulated depreciation difference

367

398

Buildings

Provisions Termination provisions

Machinery and equipment

1

2

Other tangible assets

18 26

19 21

Other provisions

166 167

297 299

Advance payments and construction in progress

12

8

1,372

1,418

LIABILITIES Non-current liabilities Bonds

Investments Holdings in group companies

6,587

5,834

2,089

2,102 1,578

Holdings in participating interest companies

5 3

5 3

Loans from financial institutions Payables to group companies Other non-current liabilities

185 285 134

Other shares and holdings

160 149

Receivables from group companies

993

930

Receivables from participating interest companies

3

3

13

2,693

3,988

9

7,590 9,019

6,774 8,252

Current liabilities Loans from financial institutions

Total non-current assets

15

0 1

Current assets Inventories Raw materials and consumables Finished products and goods

Advances received

0

Trade payables

341

454

229

272

Payables to group companies

3,654

4,334

43 30

33 32

Payables to participating interest companies

6

3

Advance payments

Other current liabilities

201

573 103

302

337

Accrued expenses and deferred income

88

Receivables Current receivables Trade receivables

14

4,305 6,998

5,467 9,455

Total liabilities

37

57

Equity and liabilities

11,852

13,598

Receivables from group companies

1,786

2,581

Receivables from participating interest companies

13

17

Other current receivables

182

490

Prepayments and accrued income

12

23

10

2,029

3,167

Other current financial assets Cash and cash equivalents

1

1

500

1,840 5,345

Total current assets

2,832

Assets

11,852

13,598

224

225

UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023

UPM FINANCIAL REPORT 2023

224