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

11. Equity

12. Provisions

RESERVE FOR INVESTED NON RESTRICTED EQUITY

OTHER 1)

EURm

RESTRUCTURING TERMINATION ENVIRONMENTAL

TOTAL

2024 Provisions at 1 January

PROFIT/LOSS FOR THE PERIOD

TOTAL SHARE HOLDER’S EQUITY

2

1 3

9

155

167

SHARE CAPITAL

REVALUATION RESERVE

RETAINED EARNINGS

EURm

Provisions made during the year Provisions utilised during the year

— —

— —

59 -23

63 -24

2024 Carrying value, at 1 January Transfer of profit from previous year

-1

890

140

1,273

342

1,675 -1,675

4,319

Unused provisions reversed

-2

—

-1

-3

-6

Carrying value, at 31 December

— — — —

— — — —

— — — —

1,675

—

—

4

8

188

200

Profit for period

—

382

382 -800

2023 Provisions at 1 January

Dividend distribution

-800

— —

Other changes

-1

-1

3

2

8 1

286

299

Carrying value, at 31 December 2023 Carrying value, at 1 January Transfer of profit from previous year

890

140

1,273

1,216

382

3,900

Provisions made during the year Provisions utilised during the year

— — —

— —

—

1

— —

-129

-130

890

140

1,273

1,333

-190 190

3,445

Unused provisions reversed

-1

-2

-3

Carrying value, at 31 December

— — — —

— — — —

— — — —

-190

—

2

1

9

155

167

Profit for period

—

1,675

1,675

1) Other provisions are attributable to onerous contracts and negative fair values of financial derivatives. At the end of 2024, the negative fair value in other provisions of EUR 5 million (8 million) is attributable to one group internal cross currency swap. Group internal foreign currency forwards expired by the end of 2024 (the negative fair value included in other provisions at the end of 2023 EUR 0.3 million).

Dividend distribution

-800

— —

-800

Other changes

-1

-1

Carrying value, at 31 December

890

140

1,273

342

1,675

4,319

Maturity in 2030 (in 2029) or later

13. Non-current liabilities

EURm

2024

2023

Distributable funds Reserve for invested non-restricted equity Retained earnings from previous years

1,273 1,216

1,273

EURm Bonds

2024 2023

EURm Bonds

2024 2023

342

1,100

1,000

2,711

2,089

Profit (Loss) for the period

382

1,675 3,290

Loans from financial institutions Other non-current liabilities

31

62

Loans from financial institutions Payables to group companies Other non-current liabilities Carrying value, at 31 December

154 321 129

185 285 134

Total distributable funds at 31 December

2,871

—

134

Total

1,131

1,196

3,315

2,693

Bonds

CARRYING VALUE

CARRYING VALUE

NOMINAL VALUE ISSUED, MILLION

2024 EURm

2023 EURm

INTEREST RATE, % CURRENCY

FIXED RATE PERIOD

361 750 500 500 600

339 750 500 500

1997-2027 2020-2028 2021-2031 2022-2029 2024-2034

7.450 0.125 0.500 2.250 3.375

USD EUR EUR EUR EUR

375 750 500 500 600

—

Carrying value, at 31 December

2,711 2,711

2,089 2,089

Non-current portion

UPM FINANCIAL REPORT 2024 328

328

UPM FINANCIAL REPORT 2024

329

329

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024