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

Change in net debt 2024

Change in net debt 2023

Reported in financing activities in cash flow statement

Reported in financing activities in cash flow statement

NON CURRENT

DEBT HELD FOR SALE

CASH AND CASH EQUIVA LENTS

FINANCIAL ASSETS HELD FOR SALE

NON CURRENT LOANS INCL. REPAY MENTS

LEASE LIABI LITIES

NET

INVEST

OTHER FINANCIAL ASSETS

CASH AND CASH EQUIVAL ENTS

LOANS INCL. REPAYMENTS

CURRENT LOANS

DERIVA

MENT FUNDS

NET DEBT 2,432

FINANCIAL ASSETS HELD FOR SALE

EURm

TIVES

NET

INVEST

DEBT HELD FOR SALE

OTHER FINANCIAL ASSETS

Carrying value, at 1 January Change in net debt, cash Proceeds from non-current debt Payments of non-current debt

LEASE LIABILITIES

CURRENT LOANS

DERIVA

MENT FUNDS

NET DEBT

2371

706

180

63

-1

2

-208

-632

-47

EURm

TIVES

Carrying value, at 1 January Change in net debt, cash Proceeds from non-current debt Payments of non-current debt Change in current liabilities Net cash flows from derivatives Change in other financial assets in operating cash flow Change in other financial assets in investing cash flow Change in investment funds Lease repayments

3,766

668

441

90

-1

—

-523

-2,067

— 2,374

600

— —

— — —

— — — —

— — — —

— — — —

— — — —

— — — —

— — — —

600

100

— —

— — —

— — — —

— — — — —

— — — — —

— — — — —

— — — — —

—

100

-23

-23

-1,506

— -1,506

Lease repayments

— —

-105

-105 -182

— — —

-99

— — —

-99

Change in current liabilities

—

-182

— —

-260

-260

Net cash flows from derivatives

—

—

—

-5

—

—

—

—

—

-5

—

6

6

Transaction costs and discounts in operating cash flow Change in other financial assets in operating cash flow Change in other financial assets in investing cash flow Change in investment funds Change in cash and cash equivalents 1)

—

—

—

—

—

—

311

—

—

311

-7

—

—

—

—

—

—

—

—

-7

—

—

—

—

—

—

-5

—

—

-5

—

—

—

—

—

—

79

—

—

79

—

—

—

—

—

—

—

—

—

—

Change in cash and cash equivalents

— —

— —

— —

— —

— — — —

— — — —

— —

— —

— —

— —

—

—

—

—

—

—

—

1,379

— 1,379

-1,406

-99

-260

6

—

—

306

1,379

—

-74

Change in net debt, non-cash Companies acquired

—

—

—

—

—

-261 -261

39 39

-222 135

2

—

— —

— —

— —

— —

— —

— —

— —

2

570

-105

-182

-5

79

Companies disposed

—

-2

-2

Change in net debt, non-cash Companies acquired

New contracts and subsequent additions Lease liability reassessments Fair value gains and losses Exchange gains and losses Effective interest rate adjustment Reclassifications to assets and liabilities held for sale

1

— —

3

— —

— —

—

—

— —

—

4 9

—

149

—

—

—

—

—

—

—

149

Companies disposed New contracts and subsequent additions

—

—

-2

2

9

—

2

— — —

—

— — —

— — —

— — —

— —

— — —

2

33 -27

—

-34

-1

— —

202

— — — —

— —

— — — — — —

— — — —

— — — —

— — —

— — — —

202

-11

—

16

-22

Lease liability reassessments Fair value gains and losses Exchange gains and losses

5

5

4

—

—

—

—

—

—

—

—

4

17 17

—

18

35 43

24

—

2

-1

-1

—

—

—

2

9

39

-47

—

Effective interest rate adjustment

4

—

—

—

—

—

—

—

4

11

137 706

—

-34 63

—

2 2

8

55

-47

131

Carrying value, at 31 December

40

231

3

18

-2

1

2

9

302

2,371

180

-1

-208

-632

-47 2,432

Carrying value, at 31 December

2,981

832

1

76

-1

—

-128

-892

—

2,869

1) The difference between the change in cash and cash equivalents in the consolidated cash flow statement, amounting to EUR 222 million and the change in cash and cash equivalents here, amounting to EUR 261 million, is due to cash and cash equivalents classified as held for sale as of 31.12.2023, amounting to EUR 39 million. Cash and cash equivalents classified as held for sale were disposed in 2024 as a part of the sale of 100% of the shares of Austrian subsidiary UPM Kymmene-Austria GmbH to the HEINZEL GROUP.

UPM FINANCIAL REPORT 2024 296

296

UPM FINANCIAL REPORT 2024

297

297

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024