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

7. Intangible assets

9. Other non-current assets

RECEIVABLES FROM PARTICIPATING INTEREST COMPANIES

OTHER INTANGIBLE ASSETS

HOLDINGS IN PARTICIPATING INTEREST COMPANIES

RECEIVABLES FROM GROUP COMPANIES

INTANGIBLE RIGHTS

ADVANCE PAYMENTS

HOLDINGS IN GROUP COMPANIES

OTHER SHARES AND HOLDINGS

EURm

TOTAL

2024 Accumulated costs

EURm

TOTAL

23 -19

302 -281

41

367 -300

2024 Accumulated costs

Accumulated amortisation and impairments

—

8,662 -1,693 6,968 6,587

5

3

950

13

9,632 -1,693 7,939 7,590

Carrying value, at 31 December Carrying value, at 1 January

5 5 2

21 27

41 26 21

67 58 27 -17

Accumulated value adjustments Carrying value, at 31 December Carrying value, at 1 January

—

—

—

—

5 5

3 3

950 993

13

Additions

3

3

Amortisation

-2

-15

—

Additions Disposals

611

— — —

— — —

1

10

623

Reclassifications

—

7

-7

—

-4

-44

— —

-48

Carrying value, at 31 December

5

21

41

67

Value adjustments 1)

-226

—

-226

2023 Accumulated costs

Carrying value, at 31 December

6,968

5

3

950

13

7,939

22 -18

300 -273

26

348 -291

2023 Accumulated costs

Accumulated amortisation and impairments

—

8,054 -1,467 6,587 5,834

5

3

993

3

9,057 -1,467 7,590 6,774

Carrying value, at 31 December Carrying value, at 1 January

5 5 2

27 32

26 22

58 60 18

Accumulated value adjustments Carrying value, at 31 December Carrying value, at 1 January

—

—

—

—

5 5

3 3

993 930 164 -102

3 3

Additions Disposals

8

8

—

-5

— —

-5

Additions Disposals

812

— — —

— — —

— — —

976 -169

Amortisation

-2

-13

-15

-68

Reclassifications

—

4

-4

—

Value adjustments 1)

9

—

9

Carrying value, at 31 December

5

27

26

58

Carrying value, at 31 December

6,587

5

3

993

3

7,590

1) Value adjustments are shown in financial expenses

8. Tangible assets

10. Current receivables

ADVANCE PAYMENTS AND CONSTRUCTION IN PROGRESS

MACHINERY AND EQUIPMENT

OTHER TANGIBLE ASSETS

RECEIVABLES FROM PARTICIPATING INTEREST COMPANIES

LAND AND WATER AREAS BUILDINGS

RECEIVABLES FROM GROUP COMPANIES

EURm

TOTAL

RECEIVABLES FROM OTHERS

2024 Accumulated costs

EURm

TOTAL

449

577 -419

2,299 -1,913

141 -122

17

3,483 -2,454

2024 Trade receivables Loan receivables 1)

Accumulated depreciation and impairments

—

— —

462

12

48

521

Revaluations

298 747 748

—

—

—

298

1,195

— — —

—

1,195

Carrying value, at 31 December Carrying value, at 1 January

158 166

386 414

18 18

17 26 14

1,326 1,372

Prepayments and accrued income 2)

1

15

16

Other current receivables

57

112 174

168

Additions Disposals

1

1

24

2

43

Carrying value, at 31 December

1,714

12

1,900

-2

—

—

—

— —

-3

2023 Trade receivables Loan receivables 1)

Depreciation

— —

-14

-70 18

-2

-86

478

13

37

528

Reclassifications

5

—

-23 17

—

1,269

— — —

—

1,269

Carrying value, at 31 December

747

158

386

18

1,326

Prepayments and accrued income 2)

3

12

14

2023 Accumulated costs

Other current receivables

37

182 231

219

450

574 -408

2,268 -1,854

138 -120

26

3,456 -2,382

Carrying value, at 31 December

1,786

13

2,029

Accumulated depreciation and impairments

—

— —

1) There were no loans granted to the company’s President and CEO and members of the Board of Directors at 31 December 2024 and 2023. 2) Prepayments and accrued income

Revaluations

298 748 746

—

—

—

298

Carrying value, at 31 December Carrying value, at 1 January

166 178

414 453

18 19

26 21 23

1,372 1,418

Additions Disposals

2

1

24

2

52

EURm

2024

2023

— — —

—

—

—

— —

-1

Interest income Income taxes

12

9 2 3

Depreciation

-16

-79 15

-3

-97

—

Reclassifications

2

—

-17 26

—

Other items

4

Carrying value, at 31 December

748

166

414

18

1,372

Carrying value, at 31 December

16

14

UPM FINANCIAL REPORT 2024 326

326

UPM FINANCIAL REPORT 2024

327

327

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024