UPM annual report 2015
IN BRIEF
STRATEGY
BUSINESSES
STAKEHOLDERS
GOVERNANCE
ACCOUNTS
7 Intangible assets
10 Current receivables
As at 31 Dec. 2015 2014
As at 31 Dec. 2015 2014
EURm
EURm
As at 31 Dec. 2015 2014
As at 31 Dec. 2015 2014 228 229 783 848
Machinery and equipment Acquisition cost at 1 Jan.
Holdings in participating interest companies Acquisition cost at 1 Jan.
EURm
EURm
5,068 5,013
99 –6 93 93
99
Trade receivables Loan receivables Other receivables
Intangible rights Acquisition cost at 1 Jan.
Increases Decreases
64
45 –3 13
Decreases
–
20
19
–343
Acquisition cost at 31 Dec.
99 99
Increases Decreases
7
3
82
79
Transfers between balance sheet items
238
Book value at 31 Dec.
–8 19
–2 20
Prepayments and accrued income
124
101
Acquisition cost at 31 Dec.
5,027 5,068 –4,348 –4,172
Acquisition cost at 31 Dec.
Total at 31 Dec.
1,217 1,257
Receivables from participating interest companies Acquisition cost at 1 Jan.
Accumulated depreciation at 1 Jan.
Accumulated depreciation at 1 Jan.
–15
–14
Accumulated depreciation on decreases and transfers
344
3
6 – – 6
5 2
Accumulated depreciation on decreases and transfers
3
1
Main items included in prepayments and accrued income Personnel expenses
Depreciation for the period
–155 –151
Increases Decreases
Depreciation for the period
–2
–2
Value adjustments
–
–28
–1
Accumulated depreciation at 31 Dec.
–14
–15
4
6
Accumulated depreciation at 31 Dec.
–4,159 –4,348 868 720
Book value at 31 Dec.
6
Book value at 31 Dec.
5
5
Interest income
39
42
Book value at 31 Dec.
Derivative financial instruments
4
8 –
Other shares and holdings Acquisition cost at 1 Jan.
Income taxes Other items
37 40
Other capitalised expenditure Acquisition cost at 1 Jan.
418 398
Other tangible assets Acquisition cost at 1 Jan.
45
544 535
Increases
32
30
203 200
At 31 Dec.
124
101
Increases Decreases
4
5
Value adjustments
–
–10
Increases Decreases
3
3
–26
–2
Acquisition cost at 31 Dec. Revaluations at 1 Jan. Revaluations at 31 Dec. Book value at 31 Dec.
450 418 164 164 164 164 614 582
–11
–1
Receivables from Group companies Trade receivables
Transfers between balance sheet items
1
6
Transfers between balance sheet items
3
1
83
97
Acquisition cost at 31 Dec.
523 544 –346 –316
Acquisition cost at 31 Dec.
198 203 –165 –159
Loan receivables
783 846
Accumulated depreciation at 1 Jan.
Accumulated depreciation at 1 Jan.
Prepayments and accrued income
2
10
Accumulated depreciation on decreases and transfers
25
2
Accumulated depreciation on decreases and transfers
10 –6
2
At 31 Dec.
868 953
Depreciation for the period
–24
–32
Other receivables Acquisition cost at 1 Jan.
Depreciation for the period
–7 –1
Accumulated depreciation at 31 Dec.
–345 –346 178 198
30
31 –1
Value adjustments
–
Receivables from participating interest companies Trade receivables
Book value at 31 Dec.
Decreases
–21
Accumulated depreciation at 31 Dec.
–161 –165
10
11
Transfers between balance sheet items
–2
–
Book value at 31 Dec.
37
38
Prepayments and accrued income
1
–
Advance payments Acquisition cost at 1 Jan.
Book value at 31 Dec.
7
30
At 31 Dec.
11
11
3 3
6 3 –
Advance payments and construction in progress Acquisition cost at 1 Jan.
Increases Decreases
There were no loans granted to the company’s President and CEO, and members of the Board of Directors at 31 December 2015 or 2014.
209 142 78 105 –264 –38 23 209
–1 –1
Increases
Transfers between balance sheet items
–6
Transfers between balance sheet items
Book value at 31 Dec.
4
3
Book value at 31 Dec.
8 Tangible assets
11 Shareholders’ equity
9 Investments
Reserve for invested non-restricted equity
As at 31 Dec. 2015 2014
As at 31 Dec. 2015 2014
Total shareholders’ equity
EURm
EURm
Share capital
Revaluation reserve
Retained earnings
Land and water areas Acquisition cost at 1 Jan.
EURm
Holdings in Group companies Acquisition cost at 1 Jan.
476 487
6,070 6,109
Increases Decreases
8
3
Increases Decreases
37
–
Balance at 1 January 2015
890
463
1,273
2,088 –373
4,714 –373
–15 –14
–714 –39 5,393 6,070 –1,422 –1,187
Dividend distribution
– – – –
–
– – – –
Transfers between balance sheet items
1
–
Acquisition cost at 31 Dec.
Revaluations Other changes
–36
–
–36
Acquisition cost at 31 Dec. Revaluations at 1 Jan. Reversal of revaluation Revaluations at 31 Dec. Book value at 31 Dec.
470 476 458 488 –37 –30 421 458 891 934
Accumulated depreciation at 1 Jan.
– –
–1
–1
Accumulated depreciation on decreases and transfers
–92
–
Profit for the financial period Balance at 31 December 2015
545
545
Value adjustments
105 –235
890
427
1,273
2,259
4,849
Accumulated depreciation at 31 Dec.
–1,409 –1,422 3,984 4,648
Book value at 31 Dec.
Balance at 1 January 2014 Share options exercised
890
493
1,226
1,697
4,306
– – – –
– –
47
–
47
Buildings Acquisition cost at 1 Jan.
Dividend distribution
– – –
–319
–319
Value adjustments relate to holdings in Group companies in Finland and in foreign countries. Value adjustments are included in other oper- ating costs and expenses. The Group subsidiaries are disclosed in the consolidated financial statements, Note 36. As at 31 Dec. EURm 2015 2014 Receivables from Group companies Acquisition cost at 1 Jan. 666 693 Increases 69 7 Decreases –12 –34 Book value at 31 Dec. 723 666
1,240 1,206
Revaluations
–30
–
–30 710
Increases Decreases
12
12 –2 24
Profit for the financial period Balance at 31 December 2014
–
710
–34
890
463
1,273
2,088
4,714
Transfers between balance sheet items
24
Acquisition cost at 31 Dec.
1,242 1,240 –799 –746
Accumulated depreciation at 1 Jan.
As at 31 Dec. 2015 2014
Accumulated depreciation on decreases and transfers
33
3
EURm
Depreciation for the period
–33 –35
Distributable funds at 31 Dec. Reserve for invested non-restricted equity Retained earnings from previous years
Value adjustments
–
–21
1,272.8 1,272.8 1,714.9 1,378.1 545.1 710.3 3,532.8 3,361.2
Accumulated depreciation at 31 Dec.
–799 –799 443 441
Book value at 31 Dec.
Profit for the financial period Distributable funds at 31 Dec.
contents
accounts
133
134
UPM Annual Report 2015
UPM Annual Report 2015
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