UPM Annual Report 2024

First page Table of contents Previous page 260-261 Next page Last page

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

Notes to the consolidated financial statements

EURm

2024

2023

Change in fair value of forest assets and wood harvested Share of results of associated companies and joint ventures Depreciation, amortisation and impairment charges Capital gains and losses on sale of non-current assets

-80

103

-1

1,139

660

-31

-2

Financial income and expenses

104

144

Income taxes

71 -42

Utilised provisions

-121 101

The notes to the consolidated financial statements are grouped into sections based on their nature. The notes contain the relevant financial information as well as a description of accounting policy and key estimates and judgements applied for the topics of the individual notes. All amounts are shown in millions of euros unless otherwise stated.

Non-cash changes in provisions

179 646

Other adjustments

Total

1,223

1,760

2) Change in working capital

EURm

2024

2023

Inventories

-94 -81 95 -80

293 854 -731 417

Receivables included in working capital Liabilities included in working capital

Total

3) Total income taxes paid in 2024 amounted to EUR 145 million (181 million). Income taxes paid related to investing activities are presented in investing cash flow.

Items marked with this symbol describe the accounting principle by UPM to specific financial statement area.

Items marked with this symbol indicate that the accounting area involves estimates and judgement which are described separately.

Risks related to disclosures, whether they are financial, actuarial, credit or counterparty in nature, can be found in sections marked with this symbol.