UPM annual report 2014

Consolidated financial statements, IFRS Consolidated income statement

Consolidated balance sheet

As at 31 December

Year ended 31 December

2014

2013

EURm

Note

2014

2013

EURm

Note

Assets Non-current assets Goodwill Other intangible assets

Sales

4 6 7 8 9

9,868

10,054

16 17 18 19 20 21 22 23 28 24

230 340

219 342

Other operating income

91

60

Costs and expenses

–8,708

–9,091

Property, plant and equipment

4,707

4,757

Change in fair value of biological assets and wood harvested Share of results of associated companies and joint ventures Depreciation, amortisation and impairment charges

78

68

Investment property

31

40

3

2

Biological assets

1,469

1,458

10

–658

–545

Investments in associated companies and joint ventures

25

22

Operating profit (loss)

4

674

548

Available-for-sale investments Other non-current financial assets

2,510

2,661

334 532

282 564 142

Gains on available-for-sale investments, net Exchange rate and fair value gains and losses

11 12 12

59 –4

1

Deferred tax assets

10

Other non-current assets

91

Interest and other finance costs, net

–62 667

–84 475

10,269

10,487

Profit (loss) before tax

Current assets Inventories

Income taxes

13

–155

–140

25 26

1,356 1,856

1,327 1,948

Profit (loss) for the period

512

335

Trade and other receivables Income tax receivables Cash and cash equivalents

14

50

Attributable to:

3

700

787

Owners of the parent company

512

335

3,926

4,112

Non-controlling interests

–

–

Total assets

14,195

14,599

512

335

As at 31 December

Earnings per share for profit (loss) attributable to owners of the parent company Basic earnings per share, EUR

2014

2013

EURm

Note

14 14

0.96 0.96

0.63 0.63

Diluted earnings per share, EUR

Equity and liabilities Equity attributable to owners of the parent company Share capital

27

890

890

Treasury shares

–2

–2

Consolidated statement of comprehensive income

Translation differences

256

6

Fair value and other reserves

27

1,867 1,273 3,194 7,478

2,256 1,226 3,073 7,449

Reserve for invested non-restricted equity

Retained earnings

Year ended 31 December

Non-controlling interests

27

2

6

2014

2013

EURm

Note

Total equity

7,480

7,455

Profit (loss) for the period

512

335

Non-current liabilities Deferred tax liabilities

28 29 30 31 32

428 867 214

501 680 189

Other comprehensive income for the period, net of tax: Items that will not be reclassified to income statement: Actuarial gains and losses on defined benefit obligations Items that may be reclassified subsequently to income statement: Translation differences

Retirement benefit obligations

Provisions

–181

69

Interest-bearing liabilities

3,058

3,485

Other liabilities

150

164

291 –41

–219

4,717

5,019

Net investment hedge

77

Current liabilities Current interest-bearing liabilities

Cash flow hedges

–107 –164

–28

31 33

406

643

Available-for-sale investments

58

Trade and other payables

1,549

1,419

–21

–112 –43 292

13, 27

Income tax payables

43

63

Other comprehensive income for the period, net of tax

–202

1,998 6,715

2,125 7,144

Total comprehensive income for the period

310

Total liabilities

Total equity and liabilities

14,195

14,599

Total comprehensive income attributable to: Owners of the parent company

310

292

The notes are an integral part of these consolidated financial statements.

Non-controlling interests

–

–

310

292

The income tax relating to each component of other comprehensive income is disclosed in Note 13. Disclosure of components of other comprehensive income is presented in Note 27. The notes are an integral part of these consolidated financial statements.

CONTENTS

ACCOUNTS

81

82

UPM Annual Report 2014

UPM Annual Report 2014