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
Non-controlling interests UPM has non-controlling interests mainly in Uruguay companies. Summarised financial information of Uruguay subsidiaries that have non controlling interests is presented in the following table. The amounts disclosed are before inter-company eliminations.
common defined contribution section which is open to all UPM employees in the UK. The group made contributions of EUR 0 million (0 million) to the defined benefit sections of the Scheme in 2024. The fair value of the UK defined benefit fund assets at 31 December 2024 was EUR 274 million (297 million), of which 18% was invested in equity instruments, 51% in debt instruments, 8% in property, 18% money market and 5% in other investments. 8.4 Assets held for sale No assets or liabilities were classified as held for sale at the end of 2024. Assets and liabilities classified as held for sale as at 31 December 2023 relate to agreement to sell 100% of the shares of Austrian subsidiary UPM-Kymmene Austria GmbH to the HEINZEL GROUP as announced in June 2022. The transaction comprises the UPM Steyrermühl site and the Steyrermühl sawmill operations. UPM Communication Papers ended the newspaper production at Steyrermühl paper mill in June 2023. On 2 January 2024, UPM announced that it has completed the sale.
HOLDING % 2024
HOLDING % 2023
COUNTRY OF INCORPORATION
SUBSIDIARIES
UPM Raflatac GmbH
DE ES US MX NZ
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.00 —
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.00
UPM Raflatac Iberica S.A.
UPM Raflatac Inc.
UPM Raflatac Mexico S.A. de C.V.
UPM Raflatac NZ Limited UPM Raflatac Oy UPM Raflatac Pty Ltd UPM Raflatac S.r.l. UPM Raflatac SAS UPM Raflatac Sdn.Bhd.
EURm
2024
2023
FI
Profit for the period
298
60
AU AR
Other comprehensive income for the period Total comprehensive income for the period
—
3
298
63
FR
Share of non-controlling interests
27
6
MY ZA
UPM Raflatac South Africa (Pty) Ltd
Non-current assets
3,632
3,449
UPM Raflatac Sp. z o .o.
PL
Current assets
965 270 132
712 121 188
UPM S.A.
UY
Non-current liabilities
UPM Sähkönsiirto Oy UPM Sales GmbH
FI
Current liabilities
DE
Net assets
4,195
3,852
UPM Sales Oy
FI FI
Share of non-controlling interests
378
347
UPM Specialty Papers Oy UPM Trading (Shanghai) Co UPM-Kymmene (Korea) Ltd
CN KO GB
Accounting policies
8.3 Related party transactions The Board of Directors and the Group Executive Team There have not been any material transactions between UPM and its members of the Board of Directors or the Group Executive Team (key management personnel) or persons closely associated with these members or organisations in which these individuals have control or significant influence. There are no loans granted to any members of the Board of Directors or the Group Executive Team at 31 December 2024 or 2023. For information concerning shares held by members of the Board of Directors as well as remuneration to members of the Board of Directors and the Group Executive Team are disclosed in » Note 3.2. Key management personnel. Associates and joint ventures Transactions with associates and joint ventures are presented in the table below. The group has no individually material associates or joint ventures.
UPM-Kymmene (UK) Ltd
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell, if UPM will recover their carrying amount through a sale transaction which is considered highly probable. Non-current assets classified as held for sale, or included within a disposal group that is classified as held for sale, are not depreciated after the classification.
UPM-Kymmene Austria GmbH 2)
AT US IN
UPM-Kymmene Inc.
UPM-Kymmene India Private Limited
UPM-Kymmene Japan K.K.
JP
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti.
TR EE
UPM-Kymmene Otepää OÜ
UPM-Kymmene S.r.l.
IT FI
UPM-Kymmene Seven Seas Oy
UPM-Kymmene Sp.z o.o.
PL
Uruwood S.A.
UY MT
93.55
93.55
Werla Insurance Company Ltd
100.00
100.00
Above list includes UPM's principal subsidiaries. 1) In 2024, UPM acquired Grafityp. » Refer to note 8.1. Business acquisitions and disposals. 2) Steyrermühl Sägewerksgesellschaft m.b.H. Nfg KG. and UPM-Kymmene Austria GmbH sold in 2024. » Refer to note 8.1. Business acquisitions and disposals.
EURm
2024 2023
HOLDING % 2024
HOLDING % 2023
COUNTRY OF INCORPORATION
JOINT OPERATIONS
Dividends received
2
2
Purchases of raw materials and services
28 13
37
Oy Alholmens Kraft Ab (Pohjolan Voima Oy, G series and direct ownership) EEVG Entsorgungs- und Energieverwertungsgesellschaft m.b.H. 1)
FI
50.00
50.00 50.00 50.00 54.00 76.00 71.95
Loan receivables
5
AT
—
Trade and other receivables Trade and other payables
1 4
—
Järvi-Suomen Voima Oy
FI FI FI FI
50.00 54.00 76.00 71.95 50.00
5
Kaukaan Voima Oy (Pohjolan Voima Oy, G9 series) Kymin Voima Oy (Pohjolan Voima Oy, G2 series) Rauman Biovoima Oy (Pohjolan Voima Oy, G4 series)
Subsidiaries and joint operations » Refer Note 8.2 Principal subsidiaries and joint operations.
Phyla UPM JVCO Limited 2)
GB
—
1) EEVG Entsorgungs- und Energieverwertungsgesellschaft m.b.H. sold in 2024 as part of sales of Steyrermühl mill and sawmill operations. 2) In 2024, UPM established a joint operation Phyla UPM JVCO Limited.
Pension Funds In the UK, the single UPM Pension Scheme operates under a Trust which is independent from the group. The Trust consists of various defined benefit sections, all of which are closed to future accrual and one
UPM FINANCIAL REPORT 2024
316
UPM FINANCIAL REPORT 2024
317
316
317
UPM ANNUAL REPORT 2024
UPM ANNUAL REPORT 2024
Made with FlippingBook flipbook maker