UPM annual report 2015
IN BRIEF
STRATEGY
BUSINESSES
STAKEHOLDERS
GOVERNANCE
ACCOUNTS
Notes to the parent company financial statements (All amounts in millions of euros unless otherwise stated.)
Balance sheet
As at 31 December
As at 31 December
2015
2014
EURm
Note
2015
2014
EURm
Note
Assets Non-current assets Intangible assets
Equity and liabilities Shareholders’ equity
11
4 Depreciation and value adjustments
Accounting policies The parent company financial statements are prepared in accordance with Finnish Accounting Standards. The main differences in accounting policies between the Group and the parent company relate to the measurement of derivative financial instruments and biological assets and the recognition of defined benefit obligations, revaluations and de- ferred income taxes. See Notes to the consolidated financial state- ments, Note 1.
7
Share capital
890 427
890 463
Intangible rights
5
5
Revaluation reserve
Year ended 31 Dec.
Other capitalised expenditure
178
198
Reserve for invested non-restricted equity
1,273 1,714
1,273 1,378
2015 2014
EURm
Advance payments
4
3
Retained earnings
Depreciation according to plan Intangible rights Other capitalised expenditure
Total intangible assets
187
206
Profit for the financial period
545
710
2
2
Total equity
4,849
4,714
24 33
32 35
Tangible assets
8
Buildings
Appropriations Accumulated depreciation difference
Land and water areas
891 443 868
934 441 720
Machinery and equipment
155
151
Buildings
608
564
Other tangible assets
6
7
Machinery and equipment
Total
220 227
1 Sales
Other tangible assets
37
38
Provisions
12
Provisions for pensions
13 47 60
17 51 68
Value adjustments Intangible and tangible assets
Advance payments and construction in progress
23
209
Other provisions Total provisions
–
50
Owing to the corporate structure of the Group, the sales of the parent company has not been divided by segment and destination. See Notes to the consolidated financial statements, Note 4.
Total tangible assets
2,262
2,342
Total
220 277
Non-current liabilities
Investments
9
13
Holdings in Group companies Receivables from Group companies Holdings in participating interest companies Receivables from participating interest companies
3,984
4,648
Bonds
991 911 135 161
905
5 Extraordinary items
723
666
Loans from financial institutions
1,223
2 Other operating income
Pension loans Other liabilities
202 145
Year ended 31 Dec.
93
99
2015 2014
EURm
Year ended 31 Dec.
Total non-current liabilities
2,198
2,475
Extraordinary income Group contributions received
2015 2014 148 163
EURm
6
6
4
70
Gains on sale of non-current assets
Other shares and holdings
614
582
Current liabilities
14
Rental income
16
17
Other receivables
7
30
Loans from financial institutions
13 68
16 68
Extraordinary expenses Group contributions paid
Other
5
6
Total investments
5,427
6,031
Pension loans
–6
–9
Total
169 186
Advances received
1
1
Total non-current assets
7,876
8,579
Trade payables
300
280
Total extraordinary items
–2
61
Payables to Group companies Payables to participating interest companies
1,489
2,123
3 Personnel expenses and other operating costs and expenses
Current assets Inventories
3
6
6 Income taxes
Raw materials and consumables Finished products and goods
203
229
Other liabilities
55
37
Year ended 31 Dec.
80 31
77 38
Accruals and deferred income
240
292
Year ended 31 Dec.
2015 2014
EURm
Advance payments
Total current liabilities
2,169
2,823
2015 2014
EURm
Wages and salaries President and CEO, and members of the Board of Directors 1)
Total inventories
314
344
Income taxes for the financial period
61 61
86 86
Total liabilities
4,367
5,298
Total
4
3
Current receivables
10
Other wages and salaries
359 358 363 361
Trade receivables
135 868
121 953
Total
Deferred income taxes Deferred income tax assets and liabilities of the parent company are not recorded on the balance sheet. Deferred tax liability mainly com- prises depreciation differences, for which the deferred tax liability at 31 December 2015 was EUR 122 million at 20% tax rate (113 mil- lion). Deferred tax liability is not stated separately for revaluations. The potential tax liability arising from the sale of revalued asset is EUR 117 million at 20% tax rate (124 million). Deferred tax asset mainly com- prises provisions, for which the deferred tax asset at 31 December 2015 was EUR 12 million at 20% tax rate (14 million).
Receivables from Group companies Receivables from participating interest companies
1) See Notes to the consolidated financial statements, Note 7.
11
11
Loan receivables Other receivables
–
2
Year ended 31 Dec. 2015 2014
82
79 91
Prepayments and accrued income
121
Average number of personnel
5,747 5,880
Total current receivables
1,217
1,257
Cash and cash equivalents
477
464
Owing to the corporate structure of the Group, the average number of personnel has not been divided by segment. See Notes to the consolidated financial statements, Note 4. Year ended 31 Dec. EURm 2015 2014 Auditor's fees 0.8 0.8
Total current assets
2,008
2,065
Total assets
9,884 10,644
Total equity and liabilities
9,884 10,644
contents
accounts
131
132
UPM Annual Report 2015
UPM Annual Report 2015
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