UPM Annual Report 2023

ACCOUNTS FOR 2023

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

GOVERNANCE

9. Other non-current assets

2) Prepayments and accrued income

EURm

2023 2022

RECEIVABLES FROM PARTICIPATING INTEREST COMPANIES

Interest income Income taxes

9 2 3

10 10

HOLDINGS IN PARTICIPATING INTEREST COMPANIES

RECEIVABLES FROM GROUP COMPANIES

HOLDINGS IN GROUP COMPANIES

OTHER SHARES AND HOLDINGS

Other items

5

EURm

TOTAL

Carrying value, at 31 December

14

25

2023 Accumulated costs

8,054 -1,467 6,587 5,834

5

3

993

3

9,057 -1,467 7,590 6,774

11. Equity

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

—

—

—

—

5 5

3 3

993 930 164 -102

3 3

RESERVE FOR INVESTED NON RESTRICTED EQUITY

Additions Disposals

812

— — —

— — —

— — —

976 -169

PROFIT/LOSS FOR THE PERIOD

TOTAL SHARE HOLDER’S EQUITY

SHARE CAPITAL

REVALUATION RESERVE

RETAINED EARNINGS

-68

EURm

Value adjustments 1)

9

—

9

2023 Carrying value, at 1 January Transfer of profit from previous year

Carrying value, at 31 December

6,587

5

3

993

3

7,590

890

140

1,273

1,333

-190 190

3,445

2022 Accumulated costs

— — — —

— — — —

— — — —

-190

—

7,310 -1,476 5,834 4,610 1,285

5

3

930

3

8,251 -1,476 6,774 5,408 1,617

Profit for period

—

1,675

1,675

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

—

—

—

—

Dividend distribution

-800

— —

-800

5 5

3 3

930 786 332 -188

3 3

Other changes

-1

-1

Carrying value, at 31 December 2022 Carrying value, at 1 January Transfer of profit from previous year

890

140

1,273

342

1,675

4,319

Additions Disposals

— — —

— — —

— — —

—

-188

890

141

1,273

1,557

469 -469 -190

4,330

Value adjustments 1)

-62

—

-62

— — — — —

— — —

— — — — —

469

—

Carrying value, at 31 December

5,834

5

3

930

3

6,774

Profit for period

—

-190 -693

1) Value adjustments are shown in financial expenses

Dividend distribution Changes in revaluations

-693

— — —

-2

—

-2 -1

10. Current receivables

Other changes

—

-1

Carrying value, at 31 December

890

140

1,273

1,333

-190

3,445

RECEIVABLES FROM PARTICIPATING INTEREST COMPANIES

EURm

2023

2022

RECEIVABLES FROM GROUP COMPANIES

Distributable funds Reserve for invested non-restricted equity Retained earnings from previous years

RECEIVABLES FROM OTHERS

EURm

TOTAL

1,273

1,273 1,333

2023 Trade receivables Loan receivables 1)

342

478

13

37

528

Profit (Loss) for the period

1,675 3,290

-190

1,269

— — —

—

1,269

Total distributable funds at 31 December

2,416

Prepayments and accrued income 2)

3

12

14

Other current receivables

37

182 231

219

Carrying value, at 31 December

1,786

13

2,029

2022 Trade receivables Loan receivables 1)

783

17

57

857

1,795

— — —

—

1,795

Prepayments and accrued income 2)

2

23

25

Other current receivables

—

490 570

490

Carrying value, at 31 December

2,581

17

3,167

1) There were no loans granted to the company’s President and CEO and members of the Board of Directors at 31 December 2023 and 2022.

230

231

UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023

UPM FINANCIAL REPORT 2023

230

UPM FINANCIAL REPORT 2023

231