UPM annual report 2014

7 Intangible assets

As at 31 Dec. 2014 2013

There were no loans granted to the company’s President and CEO, and members of the Board of Directors at 31 December 2014 or 2013. 10 Current receivables As at 31 Dec. EURm 2014 2013 Trade receivables 229 227 Loan receivables 848 872 Other receivables 79 70 Prepayments and accrued income 101 149 Total at 31 Dec. 1,257 1,318

As at 31 Dec. 2014 2013

EURm

EURm

As at 31 Dec. 2014 2013

Holdings in participating interest companies Acquisition cost at 1 Jan.

Machinery and equipment Acquisition cost at 1 Jan.

EURm

99 332 – –233

5,013 5,040

Intangible rights Acquisition cost at 1 Jan.

Transfers between balance sheet items

Increases Decreases

45

44

19

19

Acquisition cost at 31 Dec.

99

99

–3 –93

Increases Decreases

3

3

Revaluations at 1 Jan.

– 103 – –103

Transfers between balance sheet items

13

22

–2 20

–3 19

Transfers between balance sheet items

Acquisition cost at 31 Dec.

5,068 5,013 –4,172 –4,089

Acquisition cost at 31 Dec.

Revaluations at 31 Dec. Book value at 31 Dec.

–

–

Accumulated depreciation at 1 Jan.

Accumulated depreciation at 1 Jan.

–14

–13

99

99

Accumulated depreciation on decreases and transfers

3

92

Accumulated depreciation on decreases and transfers

1

2

Depreciation for the period

–151 –160 –28 –15 –4,348 –4,172

Depreciation for the period

–2

–3

Receivables from participating interest companies Acquisition cost at 1 Jan.

Value adjustments

Accumulated depreciation at 31 Dec.

–15

–14

5 2

21

Accumulated depreciation at 31 Dec.

Book value at 31 Dec.

5

5

Main items included in prepayments and accrued income Personnel expenses

Increases Decreases

– –

Book value at 31 Dec.

720 841

–1

6

7

Transfers between balance sheet items

– 6

–16

Other capitalised expenditure Acquisition cost at 1 Jan.

Other tangible assets Acquisition cost at 1 Jan.

Interest income

42

41 60

Book value at 31 Dec.

5

535 522

200 199

Derivative financial instruments

8 –

Increases Decreases

5

12 –4

Increases Decreases

3

1

Income taxes Other items

2

Other shares and holdings Acquisition cost at 1 Jan.

–2

–1

–1

45

39

398 111

Transfers between balance sheet items

6

5

Transfers between balance sheet items

1

1

At 31 Dec.

101

149

Increases

30

30

Acquisition cost at 31 Dec.

544 535 –316 –283

Acquisition cost at 31 Dec.

203 200 –159 –152

Value adjustments

–10

–

Accumulated depreciation at 1 Jan.

Accumulated depreciation at 1 Jan.

Receivables from Group companies Trade receivables

Transfers between balance sheet items

– 257

Accumulated depreciation on decreases and transfers

2

3

Accumulated depreciation on decreases and transfers

2

1

97

59

Acquisition cost at 31 Dec.

418 398

Depreciation for the period

–32 –36 –346 –316

Depreciation for the period

–7 –1

–7 –1

Loan receivables

846 870

Revaluations at 1 Jan.

164

61

Accumulated depreciation at 31 Dec.

Value adjustments

Prepayments and accrued income

10

40

Transfers between balance sheet items

– 103

Book value at 31 Dec.

198

219

Accumulated depreciation at 31 Dec.

–165 –159

At 31 Dec.

953 969

Revaluations at 31 Dec. Book value at 31 Dec.

164 164 582 562

Book value at 31 Dec.

38

41

Advance payments Acquisition cost at 1 Jan.

Receivables from participating interest companies Trade receivables

6 3

6 5

Advance payments and construction in progress Acquisition cost at 1 Jan.

11 11

13 13

Other receivables Acquisition cost at 1 Jan.

Increases

142

65

At 31 Dec.

31

14

Transfers between balance sheet items

–6

–5

Increases

105 112 –38 –35 209 142

Increases Decreases

–

3

Book value at 31 Dec.

3

6

Transfers between balance sheet items

–1

–1 15 31

Book value at 31 Dec.

Transfers between balance sheet items

–

Book value at 31 Dec.

30

8 Tangible assets

9 Investments

As at 31 Dec. 2014 2013

EURm

As at 31 Dec. 2014 2013

EURm

Land and water areas Acquisition cost at 1 Jan.

11 Shareholders’ equity

487 492

Holdings in Group companies Acquisition cost at 1 Jan.

Reserve for invested non-restricted equity

Increases Decreases

3

4

6,109 6,163

Total shareholders’ equity

–14

–9

Increases Decreases

–

5

Share capital

Revaluation reserve

Retained earnings

Acquisition cost at 31 Dec. Revaluations at 1 Jan. Reversal of revaluation Revaluations at 31 Dec. Book value at 31 Dec.

476 487 488 507 –30 –20 458 487 934 974

–39 –37

EURm

Transfers between balance sheet items

–

–22

Acquisition cost at 31 Dec.

6,070 6,109 –1,187 –1,069

Balance at 1 January 2013 Share options exercised

890

512

1,207

1,762

4,371

Accumulated depreciation at 1 Jan. Transfers between balance sheet items

– – – – –

– – – –

19

–

19

–

–1

Dividend distribution

– – – –

–317

–317

Value adjustments

–235 –117 –1,422 –1,187 4,648 4,922

Revaluations Other items

–19

– 1

–19

Buildings Acquisition cost at 1 Jan.

Accumulated depreciation at 31 Dec.

1

1,206 1,177

Book value at 31 Dec.

Profit for the financial period Balance at 31 December 2013

251

251

Increases Decreases

12 –2 24

19 –2 12

890

493

1,226

1,697

4,306

Value adjustments relate to holdings in Group companies in Finland and in foreign countries. Value adjustments are included in other operating costs and expenses. The principal subsidiaries are disclosed in the con- solidated financial statements, Note 36. As at 31 Dec. EURm 2014 2013 Receivables from Group companies Acquisition cost at 1 Jan. 693 950 Increases 7 7 Decreases –34 –264 Book value at 31 Dec. 666 693

Transfers between balance sheet items

Balance at 1 January 2014 Share options exercised

890

493

1,226

1,697

4,306

Acquisition cost at 31 Dec.

1,240 1,206 –746 –706

– – – –

– –

47

–

47

Accumulated depreciation at 1 Jan.

Dividend distribution

– – –

–319

–319

Accumulated depreciation on decreases and transfers

3

2

Revaluations

–30

–

–30 710

Depreciation for the period

–35 –33

Profit for the financial period Balance at 31 December 2014

–

710

Value adjustments

–21

–9

890

463

1,273

2,088

4,714

Accumulated depreciation at 31 Dec.

–799 –746 441 460

Book value at 31 Dec.

As at 31 Dec. 2014 2013

EURm

Distributable funds at 31 Dec. Reserve for invested non-restricted equity Retained earnings from previous years

1,272.8 1,226.4 1,378.1 1,446.0 710.3 251.3 3,361.2 2,923.7

Profit/loss for the financial period Distributable funds at 31 Dec.

CONTENTS

ACCOUNTS

125

126

UPM Annual Report 2014

UPM Annual Report 2014