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
14. Current liabilities
SUBSIDIARIES
COUNTRY OF INCORPORATION HOLDING %
UPM Biochemicals GmbH UPM Biorefining Holding Oy UPM Communication Papers Oy
DE
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 27.80
PAYABLES TO PARTICIPATING INTEREST COMPANIES PAYABLES TO OTHERS
FI FI FI
PAYABLES TO GROUP COMPANIES
EURm
TOTAL
UPM Energy Oy
2024 Loans from financial institutions
UPM Kft.
HU
—
—
31
31
UPM Manufatura e Comércio de Produtos Florestais Ltda.
BR BE EE
Trade payables
81
3
357
440
UPM NV UPM OÜ
Accrued expenses and deferred income 1)
—
— —
91 50
91
Other current liabilities
3,909 3,990
3,958 4,521
UPM Plywood Oy
FI FI FI FI
Carrying value, at 31 December
3
529
UPM Pulp Holding Oy
UPM Pulp Oy
2023 Loans from financial institutions
UPM Pulp Sales Oy
—
—
15
15
UPM Raflatac Canada Holdings Inc.
CA NZ
Trade payables
104
6
341
451
UPM Raflatac NZ Limited
Accrued expenses and deferred income 1)
1
— —
88
88
UPM Raflatac Oy UPM Raflatac S.r.l. UPM Romania S.R.L UPM Silvesta Oy
FI
Other current liabilities
3,549 3,654
201 645
3,750 4,305
AR RO
Carrying value, at 31 December
6
FI FI
1) Accrued expenses and deferred income
UPM Specialty Papers Oy UPM Wood Materials (UK) Ltd
UK AT
EURm
2024
2023
UPM Wood Materials Austria GmbH
Personnel expenses Interest expenses
70 20
73 15
UPM-Kymmene (HK) Ltd. UPM-Kymmene (Korea) Ltd
CN/HK
KR UK DK SE NL DE FR DE GR IN US SI
Income taxes Other items
1
—
UPM-Kymmene (UK) Holdings Limited
—
1
Carrying value, at 31 December
91
88
UPM-Kymmene A/S UPM-Kymmene AB UPM-Kymmene B.V.
15. Commitments
UPM-Kymmene Beteiligungs GmbH
In addition, the parent company acts as a guarantor on behalf of other companies belonging to the group. The majority of such commitments relate to major investment projects and can end up payable by the parent company in case group companies are unable to manage their obligations. » Refer Note 4.1 Property, plant and equipment for information about major investment projects. Pension commitments of the President and CEO and the
UPM-Kymmene d.o.o.
EURm
2024
2023
UPM-Kymmene Groupe S.A.
Guarantees Other guarantees on behalf of group companies Other commitments Leasing commitments, due within 12 months Leasing commitments, due after 12 months
UPM-Kymmene Grundstücksverwaltung GmbH
23
25
UPM-Kymmene Hellas Ltd
UPM-Kymmene India Private Limited UPM-Kymmene Investment Inc.
25 95 52
24
115
UPM-Kymmene Japan K.K. UPM-Kymmene Pty Limited
JP
Other commitments
47
members of the Group Executive Team » Refer Note 3.2 Key management personnel. Related party transactions » Refer Note 8.3 Related party transactions.
AU
Total
196
212
UPM-Kymmene S.A. UPM-Kymmene S.r.l. UPM-Kymmene s.r.o.
ES
IT
CZ
UPM-Kymmene Seven Seas Oy UPM-Kymmene Slovakia s.r.o. Werla Insurance Company Ltd
FI
16. Shares and holdings owned by parent company
SK MT
Myllykoski Oyj SUBSIDIARIES
COUNTRY OF INCORPORATION HOLDING %
PARTICIPATING INTEREST COMPANIES
COUNTRY OF INCORPORATION HOLDING %
FI FI FI FI
100.00 100.00
Kiinteistö Oy Joutsan Rantatie 3
FI FI FI FI FI FI
25.43 23.95 38.65 33.33 28.41 34.32
Repola Investment Oy Suurijärven Huolto Oy
Metsäteho Oy
65.44
Novimus Oy (Oy Keskuslaboratorio - Centrallaboratorium Ab)
Unicarta Oy
100.00 100.00 100.00 100.00 100.00
Perkaus Oy
UPM (Vietnam) Limited
VN CH SG
Rönnäsin Kiinteistöhuolto Oy
UPM AG
Steveco Oy
UPM Asia Pacific Pte. Ltd.
UPM B.V.
NL
Group subsidiaries and joint operations are disclosed in » Note 8.2.
UPM FINANCIAL REPORT 2024 330
330
UPM FINANCIAL REPORT 2024
331
331
UPM ANNUAL REPORT 2024
UPM ANNUAL REPORT 2024
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