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

Cash flow statement

EURm

NOTE

2024

2023

EQUITY AND LIABILITIES Equity Share capital

EURm

2024

2023

890 140

890 140

Cash flows from operating activities Profit before closing entries and tax Financial income and expenses Adjustments to operating profit 1) Change in working capital 2)

Revaluation reserve

323 -228 279 291 172 -250 479 -128

1,642 -1,632

Reserve for invested non-restricted equity

1,273 1,216

1,273

Retained earnings

342

48

Profit (Loss) for the period

382

1,675 4,319

983 185 -228 738 861

Total equity

11

3,900

Interest received

Interest paid

Accumulated depreciation difference

347

367

Dividends received Other financial items Income taxes paid 3) Operating cash flow

Provisions Termination provisions

4

1

-7

8

Other provisions

196 200

166 167

931

2,605

12

LIABILITIES Non-current liabilities Bonds

Cash flows from investing activities Investments in tangible and intangible assets

-70

-69

2,711

2,089

Investments in shares and holdings

-611

-812

Loans from financial institutions Payables to group companies Other non-current liabilities

154 321 129

185 285 134

Proceeds from sale of intangible and tangible assets Proceeds from disposal of shares and holdings

13

12 68 -63

4

Change in other non-current receivables

33

13

3,315

2,693

Investing cash flow

-632

-865

Current liabilities Loans from financial institutions

31

15

Cash flows from financing activities Proceeds from non-current liabilities Payments of non-current liabilities

Trade payables

357

341

650

325

Payables to group companies

3,990

3,654

-29 60

-1,578 -1,004

Payables to participating interest companies

3

6

Change in current liabilities

Other current liabilities

50 91

201

Dividends paid

-800

-800

Accrued expenses and deferred income

88

Group contributions, net

50

-24

14

4,521 7,836

4,305 6,998

Other items

-1

-1

Total liabilities

Financing cash flow

-70

-3,081

Equity and liabilities

12,283

11,852

Cash and cash equivalents at beginning of period

500 230 729

1,840 -1,340

Change in cash and cash equivalents

Cash and cash equivalents at end of period

500

Notes to cash flow statement 1) Adjustments to operating profit EURm

2024

2023

Depreciation, amortisation and impairment charges Capital gains and losses on sale of non-current assets

102 216

113

-14 -51 48

Change in provisions

-39

Total

279

2) Change in working capital

EURm

2024

2023

Inventories

-19

34

Current receivables

314

1,133

Current non-interest-bearing liabilities

-4

-184 983

Total

291

3) Income taxes related to sale of assets are presented in investing cash flow.

UPM FINANCIAL REPORT 2024 322

322

UPM FINANCIAL REPORT 2024

323

323

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024