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

Consolidated financial statements Consolidated income statement

Consolidated balance sheet

EURm

NOTE

2024

2023

ASSETS Goodwill

4.4 4.4 4.1 5.2 4.2 4.3 5.3 7.2 3.4

174 580

283 715

EURm

NOTE

2024

2023

Other intangible assets

Sales

2.1, 2.2

10,339

10,460

Property, plant and equipment

7,085

7,053

Other operating income

2.3 2.3 4.2

130

228

Leased assets Forest assets

847

683

Costs and expenses

-8,806

-9,316

2,517 2,247

2,355 2,283

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

80

-103

Energy shareholdings

1

-1

Other non-current financial assets

44

60

2.3, 4.1, 4.4, 5.2

-1,139

-660 608

Deferred tax assets

526

431

Operating profit

604

Net retirement benefit assets

1

1

Investments in associates and joint ventures

20 21

23 26

Exchange rate and fair value gains and losses

5.4 5.4

-7

-74 -70

Other non-current assets Non-current assets

Interest and other finance costs, net

-97

14,062

13,913

Profit before tax

500

464

Inventories

4.6

2,104 1,929

1,948 1,782

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

4.6, 5.3

Income taxes

7.1

-37

-71

5.3

69 40

64 27

Profit for the period

463

394

5.1, 5.3

892

632

Attributable to: Owners of the parent company

Current assets

5,034

4,454

436

388

Assets classified as held for sale

8.4

—

106

Non-controlling interests

8.1

27

6

Assets

19,096

18,473

463

394

EURm

NOTE

2024

2023

Earnings per share for profit attributable to owners of the parent company Basic earnings per share, EUR

EQUITY AND LIABILITIES Share capital

2.4 2.4

0.82 0.82

0.73 0.73

5.5

890

890

Diluted earnings per share, EUR

Treasury shares

-2

-2

Translation reserve

657

347

Other reserves

5.5 5.5

1,678 1,273 6,644

1,655 1,273 6,998

Reserve for invested non-restricted equity

Consolidated statement of comprehensive income

Retained earnings

Equity attributable to owners of the parent company

11,139

11,161

EURm

NOTE

2024

2023

Non-controlling interests

8.1

401

370

Profit for the period

463

394

Equity

11,540

11,531

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

673 496

616 502 170

4

-10

Net retirement benefit liabilities

Changes in fair value of energy shareholdings

-47

-1,351

Provisions

89

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

Non-current debt

5.2, 5.3

3,747

3,056

346

-120

Other non-current financial liabilities

5.3

158

157

Net investment hedge

-13 78

6

Non-current liabilities

5,162

4,501

Cash flow hedges

539 -936 -542

Current debt

5.2, 5.3 4.6, 5.3

166

327

Other comprehensive income for the period, net of tax

7.2

368 831

Trade and other payables

1,938

1,883

Total comprehensive income for the period

Provisions

4.5 5.3

165 108

96 51 28

Other current financial liabilities

Attributable to: Owners of the parent company

Income tax payables Current liabilities

18

781

-536

2,395

2,385

Non-controlling interests

50

-7

Liabilities related to assets classified as held for sale

8.4

—

56

831

-542

Liabilities

7,556

6,942

Equity and liabilities

19,096

18,473

The notes are integral part of these consolidated financial statements.

The notes are integral part of these consolidated financial statements.

UPM FINANCIAL REPORT 2024 256

256

UPM FINANCIAL REPORT 2024

257

257

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024