UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

256 257 258 259 261 292 292 295 300 303 303 305 305 307 311 311 312 314 314 315 317 317 318 318 318 318

Consolidated income statement and statement of comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

Financial Statements 2024

Consolidated cash flow statement

Notes to the consolidated financial statements

1. Basis for reporting 1.1 Corporate information 1.2 Basis of preparation 1.3 Consolidation principles 1.4 Foreign currency translation 1.5 Changes in accounting policies

262 5. Capital structure

5.1 Capital management

262 262 263 263 264 265 270 271 273 274 274 274 276 278 281 282 284 284 286 288 289

5.2 Net debt

5.3 Financial assets and liabilities by category

5.4 Financial income and expenses 5.5 Share capital and reserves

2. Business performance

265 6. Risk management

2.1 Business areas

6.1 Financial risk management

2.2 Sales

6.2 Derivatives and hedge accounting

2.3 Operating expenses and other operating income

2.4 Earnings per share and dividend

7. Income tax

7.1 Tax on profit for the year

7.2 Deferred tax

3. Employee rewards 3.1 Employee costs

3.2 Key management personnel 3.3 Share-based payments 3.4 Retirement benefit obligations

8. Group structure

8.1 Business acquisitions and disposals 8.2 Principal subsidiaries and joint operations

8.3 Related party transactions

8.4 Assets held for sale

4. Capital employed

4.1 Property, plant and equipment

4.2 Forest assets

9. Unrecognised items

4.3 Energy shareholdings

9.1 Commitments and contingencies

4.4 Goodwill and other intangible assets

9.2 Litigation

4.5 Provisions

9.3 Events after balance sheet date

4.6 Working capital

10. Other notes

319 319

10.1 Forthcoming new standards, amendments and accounting policy changes

Parent company accounts

320

UPM FINANCIAL REPORT 2024

255

254

255

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024