Accounting policies |
Accounting policies |
Key estimates and judgements |
KEY ESTIMATES AND JUDGEMENTS | NOTE |
Valuation of forest assets | 4.2 Forest assets |
Fair value determination of energy shareholdings | 4.3 Energy shareholdings |
Impairment of property, plant and equipment | 4.1 Property, plant and equipment |
Impairment of goodwill and other intangible assets | 4.4 Goodwill and other intangible assets |
Pension and other post-employment benefits | 3.4 Retirement benefit obligations |
Income taxes | 7. Income tax |
Environmental provisions | 4.5 Provisions |
Legal contingencies | 9.2 Litigation |
Financial risks |
FINANCIAL RISK | NOTE |
Credit risk | 4.6 Working capital |
Liquidity and refinancing risk | 5.1 Capital management |
Interest rate risk | 6.1 Financial risk management |
Foreign exchange risk | 6.1 Financial risk management |
Electricity price risk | 6.1 Financial risk management |
Financial counterparty risk | 6.2 Derivatives and hedge accounting |
Accounting policies |
Key estimates and judgements |
KEY ESTIMATES AND JUDGEMENTS | NOTE |
Valuation of forest assets | 4.2 Forest assets |
Fair value determination of energy shareholdings | 4.3 Energy shareholdings |
Impairment of property, plant and equipment | 4.1 Property, plant and equipment |
Impairment of goodwill and other intangible assets | 4.4 Goodwill and other intangible assets |
Pension and other post-employment benefits | 3.4 Retirement benefit obligations |
Income taxes | 7. Income tax |
Environmental provisions | 4.5 Provisions |
Legal contingencies | 9.2 Litigation |
Financial risks |
FINANCIAL RISK | NOTE |
Credit risk | 4.6 Working capital |
Liquidity and refinancing risk | 5.1 Capital management |
Interest rate risk | 6.1 Financial risk management |
Foreign exchange risk | 6.1 Financial risk management |
Electricity price risk | 6.1 Financial risk management |
Financial counterparty risk | 6.2 Derivatives and hedge accounting |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
Foreign exchange risk |
Profit before tax | Equity | |||
EURm | 2024 | 2023 | 2024 | 2023 |
EUR strengthens by 10% | ||||
USD | 1 | 2 | 102 | 89 |
GBP | \u2014 | \u2014 | -14 | -14 |
UYU | \u2014 | \u2014 | 12 | 13 |
CNY | 1 | 1 | 13 | 10 |
EUR weakens by 10% | ||||
USD | -1 | -2 | -102 | -89 |
GBP | \u2014 | \u2014 | 14 | 14 |
UYU | \u2014 | \u2014 | -12 | -13 |
CNY | -1 | -1 | -13 | -10 |
Key estimates and judgements |
KEY ESTIMATES AND JUDGEMENTS | NOTE |
Valuation of forest assets | 4.2 Forest assets |
Fair value determination of energy shareholdings | 4.3 Energy shareholdings |
Impairment of property, plant and equipment | 4.1 Property, plant and equipment |
Impairment of goodwill and other intangible assets | 4.4 Goodwill and other intangible assets |
Pension and other post-employment benefits | 3.4 Retirement benefit obligations |
Income taxes | 7. Income tax |
Environmental provisions | 4.5 Provisions |
Legal contingencies | 9.2 Litigation |
Key estimates and judgements |
FINLAND | UK | GERMANY | OTHER COUNTRIES | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Discount rate % | 2.85 | 3.11 | 5.45 | 4.55 | 3.22 | 3.26 | 4.30 | 4.16 |
Inflation rate % | 1.90 | 2.13 | 3.20 | 3.10 | 2.00 | 2.00 | 2.02 | 2.28 |
Rate of salary increase % | 1.89 | 1.89 | \u2014 | \u2014 | 2.31 | 2.50 | 2.50 | 2.50 |
Rate of pension increase % | \u2014 | 1.44 | 3.10 | 3.00 | 2.31 | 2.00 | 2.50 | 2.50 |
Expected average remaining working years of participants | 0.0 | 1.0 | 8.3 | 8.8 | 7.8 | 8.1 | 8.6 | 11.5 |
EURm | 0.5% INCREASE | 0.5% DECREASE | ||
2024 | 2023 | 2024 | 2023 | |
Discount rate % | -46 | -50 | 50 | 54 |
Rate of salary increase % | 5 | 6 | -5 | -6 |
Rate of pension increase % | 33 | 40 | -32 | -37 |
Life expectancy +1 year | 28 | 29 | \u2014 | \u2014 |
EURm | 2024 | 2023 | ||
Quoted | Unquoted | Quoted | Unquoted | |
Money market | 49 | \u2014 | 49 | 2 |
Debt instruments | 131 | 9 | 129 | 32 |
Equity instruments | 50 | \u2014 | 3 | 45 |
Property | \u2014 | 21 | \u2014 | 21 |
Assets held by insurance companies | \u2014 | 14 | \u2014 | 30 |
Other assets | \u2014 | 19 | \u2014 | 15 |
Total | 230 | 63 | 182 | 145 |
Accounting policies |
Key estimates and judgements |
Key estimates and judgements |
Key estimates and judgements |
Key estimates and judgements |
Key estimates and judgements |
Key estimates and judgements |
Key estimates and judgements |
EURm | 2024 | 2023 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 28 | 37 |
Loan receivables | 13 | 5 |
Trade and other receivables | 1 | \u2014 |
Trade and other payables | 4 | 5 |
Number of shares | Group holding % | Carrying value, EURm | ||
2024 | 2023 | |||
Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 543 | 507 |
Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 1,151 | 1,302 |
Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 0 | 0 |
Kemijoki Oy | 179,189 | 7.33 | 426 | 345 |
L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 123 | 124 |
Other | \u2014 | \u2014 | 4 | 5 |
Carrying value, at 31 December | 2,247 | 2,283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,283 | 3,652 |
Disposals | -4 | \u2014 |
Changes in fair value recognised in other comprehensive income | -32 | -1,369 |
Carrying value, at 31 December | 2,247 | 2,283 |
Accounting policies |
Key estimates and judgements |
JOINT OPERATIONS | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
Oy Alholmens Kraft Ab (Pohjolan Voima Oy, G series and direct ownership) | FI | 50.00 | 50.00 |
EEVG Entsorgungs- und Energieverwertungsgesellschaft m.b.H.1) | AT | \u2014 | 50.00 |
J\u00e4rvi-Suomen Voima Oy | FI | 50.00 | 50.00 |
Kaukaan Voima Oy (Pohjolan Voima Oy, G9 series) | FI | 54.00 | 54.00 |
Kymin Voima Oy (Pohjolan Voima Oy, G2 series) | FI | 76.00 | 76.00 |
Rauman Biovoima Oy (Pohjolan Voima Oy, G4 series) | FI | 71.95 | 71.95 |
Phyla UPM JVCO Limited2) | GB | 50.00 | \u2014 |
SUBSIDIARIES | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
Blandin Paper Company | US | 100.00 | 100.00 |
Blanvira S.A. | UY | 91.00 | 91.00 |
Cuecar S.A. | UY | 91.00 | 91.00 |
Forestal Oriental S.A. | UY | 100.00 | 100.00 |
Gebr. Lang GmbH Papierfabrik | DE | 100.00 | 100.00 |
Grafityp (UK) Limited1) | GB | 100.00 | \u2014 |
Grafityp Engineering Europe NV1) | BE | 100.00 | \u2014 |
Grafityp Selfadhesive Products NV1) | BE | 100.00 | \u2014 |
LLC UPM Ukraine | UA | 100.00 | 100.00 |
Myllykoski Oyj | FI | 100.00 | 100.00 |
Nordland Papier GmbH | DE | 100.00 | 100.00 |
NorService GmbH | DE | 100.00 | 100.00 |
Nortrans Speditionsgesellschaft mbH | DE | 100.00 | 100.00 |
Print Inform Japan K.K. | JP | 80.00 | 80.00 |
PT UPM Raflatac Indonesia | ID | 100.00 | 100.00 |
Rhein Papier GmbH | DE | 100.00 | 100.00 |
Steyrerm\u00fchl S\u00e4gewerksgesellschaft m.b.H. Nfg KG2) | AT | \u2014 | 100.00 |
Tebetur S.A. | UY | 91.00 | 91.00 |
Tile Forestal S.A. | UY | 91.00 | 91.00 |
UPM (China) Co. Ltd | CN | 100.00 | 100.00 |
UPM (Vietnam) Limited | VN | 100.00 | 100.00 |
UPM Asia Pacific Pte. Ltd. | SG | 100.00 | 100.00 |
UPM Biochemicals GmbH | DE | 100.00 | 100.00 |
UPM Biochemicals Sales GmbH | DE | 100.00 | 100.00 |
UPM Biofuels S.A. | UY | 100.00 | 100.00 |
UPM Communication Papers Oy | FI | 100.00 | 100.00 |
UPM Energy Oy | FI | 100.00 | 100.00 |
UPM GmbH | DE | 100.00 | 100.00 |
UPM NV | BE | 100.00 | 100.00 |
UPM O\u00dc | EE | 100.00 | 100.00 |
UPM Plywood Oy | FI | 100.00 | 100.00 |
UPM Pulp Sales Oy | FI | 100.00 | 100.00 |
UPM Pulp, Inc. | US | 100.00 | 100.00 |
UPM Raflatac (China) Co., Ltd. | CN | 100.00 | 100.00 |
UPM Raflatac (S) Pte Ltd | SG | 100.00 | 100.00 |
UPM Raflatac (UK) Ltd. | GB | 100.00 | 100.00 |
UPM Raflatac Canada Holdings Inc. | CA | 100.00 | 100.00 |
UPM Raflatac Chile SpA | CL | 100.00 | 100.00 |
UPM Raflatac Co. Ltd. | TH | 100.00 | 100.00 |
SUBSIDIARIES | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
UPM Raflatac GmbH | DE | 100.00 | 100.00 |
UPM Raflatac Iberica S.A. | ES | 100.00 | 100.00 |
UPM Raflatac Inc. | US | 100.00 | 100.00 |
UPM Raflatac Mexico S.A. de C.V. | MX | 100.00 | 100.00 |
UPM Raflatac NZ Limited | NZ | 100.00 | 100.00 |
UPM Raflatac Oy | FI | 100.00 | 100.00 |
UPM Raflatac Pty Ltd | AU | 100.00 | 100.00 |
UPM Raflatac S.r.l. | AR | 100.00 | 100.00 |
UPM Raflatac SAS | FR | 100.00 | 100.00 |
UPM Raflatac Sdn.Bhd. | MY | 100.00 | 100.00 |
UPM Raflatac South Africa (Pty) Ltd | ZA | 100.00 | 100.00 |
UPM Raflatac Sp. z o .o. | PL | 100.00 | 100.00 |
UPM S.A. | UY | 91.00 | 91.00 |
UPM S\u00e4hk\u00f6nsiirto Oy | FI | 100.00 | 100.00 |
UPM Sales GmbH | DE | 100.00 | 100.00 |
UPM Sales Oy | FI | 100.00 | 100.00 |
UPM Specialty Papers Oy | FI | 100.00 | 100.00 |
UPM Trading (Shanghai) Co | CN | 100.00 | 100.00 |
UPM-Kymmene (Korea) Ltd | KO | 100.00 | 100.00 |
UPM-Kymmene (UK) Ltd | GB | 100.00 | 100.00 |
UPM-Kymmene Austria GmbH2) | AT | \u2014 | 100.00 |
UPM-Kymmene Inc. | US | 100.00 | 100.00 |
UPM-Kymmene India Private Limited | IN | 100.00 | 100.00 |
UPM-Kymmene Japan K.K. | JP | 100.00 | 100.00 |
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti. | TR | 100.00 | 100.00 |
UPM-Kymmene Otep\u00e4\u00e4 O\u00dc | EE | 100.00 | 100.00 |
UPM-Kymmene S.r.l. | IT | 100.00 | 100.00 |
UPM-Kymmene Seven Seas Oy | FI | 100.00 | 100.00 |
UPM-Kymmene Sp.z o.o. | PL | 100.00 | 100.00 |
Uruwood S.A. | UY | 93.55 | 93.55 |
Werla Insurance Company Ltd | MT | 100.00 | 100.00 |
EURm | 2024 | 2023 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 28 | 37 |
Loan receivables | 13 | 5 |
Trade and other receivables | 1 | \u2014 |
Trade and other payables | 4 | 5 |
EURm | 2024 | 2023 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 28 | 37 |
Loan receivables | 13 | 5 |
Trade and other receivables | 1 | \u2014 |
Trade and other payables | 4 | 5 |
EURm | 2024 | 2023 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 28 | 37 |
Loan receivables | 13 | 5 |
Trade and other receivables | 1 | \u2014 |
Trade and other payables | 4 | 5 |
SUBSIDIARIES | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
Blandin Paper Company | US | 100.00 | 100.00 |
Blanvira S.A. | UY | 91.00 | 91.00 |
Cuecar S.A. | UY | 91.00 | 91.00 |
Forestal Oriental S.A. | UY | 100.00 | 100.00 |
Gebr. Lang GmbH Papierfabrik | DE | 100.00 | 100.00 |
Grafityp (UK) Limited1) | GB | 100.00 | \u2014 |
Grafityp Engineering Europe NV1) | BE | 100.00 | \u2014 |
Grafityp Selfadhesive Products NV1) | BE | 100.00 | \u2014 |
LLC UPM Ukraine | UA | 100.00 | 100.00 |
Myllykoski Oyj | FI | 100.00 | 100.00 |
Nordland Papier GmbH | DE | 100.00 | 100.00 |
NorService GmbH | DE | 100.00 | 100.00 |
Nortrans Speditionsgesellschaft mbH | DE | 100.00 | 100.00 |
Print Inform Japan K.K. | JP | 80.00 | 80.00 |
PT UPM Raflatac Indonesia | ID | 100.00 | 100.00 |
Rhein Papier GmbH | DE | 100.00 | 100.00 |
Steyrerm\u00fchl S\u00e4gewerksgesellschaft m.b.H. Nfg KG2) | AT | \u2014 | 100.00 |
Tebetur S.A. | UY | 91.00 | 91.00 |
Tile Forestal S.A. | UY | 91.00 | 91.00 |
UPM (China) Co. Ltd | CN | 100.00 | 100.00 |
UPM (Vietnam) Limited | VN | 100.00 | 100.00 |
UPM Asia Pacific Pte. Ltd. | SG | 100.00 | 100.00 |
UPM Biochemicals GmbH | DE | 100.00 | 100.00 |
UPM Biochemicals Sales GmbH | DE | 100.00 | 100.00 |
UPM Biofuels S.A. | UY | 100.00 | 100.00 |
UPM Communication Papers Oy | FI | 100.00 | 100.00 |
UPM Energy Oy | FI | 100.00 | 100.00 |
UPM GmbH | DE | 100.00 | 100.00 |
UPM NV | BE | 100.00 | 100.00 |
UPM O\u00dc | EE | 100.00 | 100.00 |
UPM Plywood Oy | FI | 100.00 | 100.00 |
UPM Pulp Sales Oy | FI | 100.00 | 100.00 |
UPM Pulp, Inc. | US | 100.00 | 100.00 |
UPM Raflatac (China) Co., Ltd. | CN | 100.00 | 100.00 |
UPM Raflatac (S) Pte Ltd | SG | 100.00 | 100.00 |
UPM Raflatac (UK) Ltd. | GB | 100.00 | 100.00 |
UPM Raflatac Canada Holdings Inc. | CA | 100.00 | 100.00 |
UPM Raflatac Chile SpA | CL | 100.00 | 100.00 |
UPM Raflatac Co. Ltd. | TH | 100.00 | 100.00 |
SUBSIDIARIES | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
UPM Raflatac GmbH | DE | 100.00 | 100.00 |
UPM Raflatac Iberica S.A. | ES | 100.00 | 100.00 |
UPM Raflatac Inc. | US | 100.00 | 100.00 |
UPM Raflatac Mexico S.A. de C.V. | MX | 100.00 | 100.00 |
UPM Raflatac NZ Limited | NZ | 100.00 | 100.00 |
UPM Raflatac Oy | FI | 100.00 | 100.00 |
UPM Raflatac Pty Ltd | AU | 100.00 | 100.00 |
UPM Raflatac S.r.l. | AR | 100.00 | 100.00 |
UPM Raflatac SAS | FR | 100.00 | 100.00 |
UPM Raflatac Sdn.Bhd. | MY | 100.00 | 100.00 |
UPM Raflatac South Africa (Pty) Ltd | ZA | 100.00 | 100.00 |
UPM Raflatac Sp. z o .o. | PL | 100.00 | 100.00 |
UPM S.A. | UY | 91.00 | 91.00 |
UPM S\u00e4hk\u00f6nsiirto Oy | FI | 100.00 | 100.00 |
UPM Sales GmbH | DE | 100.00 | 100.00 |
UPM Sales Oy | FI | 100.00 | 100.00 |
UPM Specialty Papers Oy | FI | 100.00 | 100.00 |
UPM Trading (Shanghai) Co | CN | 100.00 | 100.00 |
UPM-Kymmene (Korea) Ltd | KO | 100.00 | 100.00 |
UPM-Kymmene (UK) Ltd | GB | 100.00 | 100.00 |
UPM-Kymmene Austria GmbH2) | AT | \u2014 | 100.00 |
UPM-Kymmene Inc. | US | 100.00 | 100.00 |
UPM-Kymmene India Private Limited | IN | 100.00 | 100.00 |
UPM-Kymmene Japan K.K. | JP | 100.00 | 100.00 |
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti. | TR | 100.00 | 100.00 |
UPM-Kymmene Otep\u00e4\u00e4 O\u00dc | EE | 100.00 | 100.00 |
UPM-Kymmene S.r.l. | IT | 100.00 | 100.00 |
UPM-Kymmene Seven Seas Oy | FI | 100.00 | 100.00 |
UPM-Kymmene Sp.z o.o. | PL | 100.00 | 100.00 |
Uruwood S.A. | UY | 93.55 | 93.55 |
Werla Insurance Company Ltd | MT | 100.00 | 100.00 |
EURm | 2024 | 2023 |
Profit for the period | 298 | 60 |
Other comprehensive income for the period | \u2014 | 3 |
Total comprehensive income for the period | 298 | 63 |
Share of non-controlling interests | 27 | 6 |
Non-current assets | 3,632 | 3,449 |
Current assets | 965 | 712 |
Non-current liabilities | 270 | 121 |
Current liabilities | 132 | 188 |
Net assets | 4,195 | 3,852 |
Share of non-controlling interests | 378 | 347 |
Accounting policies |
BUSINESS AREA | DESCRIPTION AND PRODUCTS |
UPM Fibres | UPM Fibres consists of UPM Pulp and UPM Timber business units. UPM Pulp offers a versatile range of responsibly-produced pulp grades suitable for a wide range of end-uses such as tissue, specialty and packaging papers, graphic papers and board. UPM Timber offers certified sawn timber for joinery, packaging, furniture, planing and construction end-use segments. |
UPM Energy | UPM Energy generates cost-competitive, zero-carbon electricity. Operations also include physical electricity and financial portfolio management as well as services to industrial electricity consumers and producers. |
UPM Raflatac | UPM Raflatac offers innovative and sustainable self-adhesive label materials for branding and promotion, information and functional labelling in the food, beverage, personal care, pharmaceutical and logistics segments, for example. |
UPM Specialty Papers | UPM Specialty Papers offers labelling and packaging materials as well as office and graphic papers for labelling, commercial siliconising, packaging, office use and printing. |
UPM Communication Papers | UPM Communication Papers offers an extensive product range of sustainably produced graphic papers for advertising and publishing as well as home and office uses. |
UPM Plywood | UPM Plywood offers high quality WISA\u00ae plywood and veneer products for construction, vehicle flooring, LNG shipbuilding, parquet manufacturing and other industrial applications. |
Other operations | Other operations include UPM Forest, UPM Biofuels, UPM Biochemicals-, UPM Biomedicals- business units and group services. UPM Forest secures competitive wood and biomass for UPM businesses and manages UPM-owned and privately-owned forests in North Europe. In addition, UPM offers forestry services to forest owners and forest investors.\u00a0 UPM Biofuels produces wood-based renewable diesel for all diesel engines and renewable naphtha that can be used as a biocomponent for gasoline or for replacing fossil raw materials in the petrochemical industry. UPM Biochemicals offers innovative wood-based biochemicals for replacing fossil-based raw materials in various applications such as textiles, PET bottles, packaging, cosmetics, pharmaceuticals, detergents, rubbers and resins.\u00a0 UPM Biomedicals is the forerunner in producing nanofibrillar cellulose for clinical and life science applications in the field of drug screening, personalised medicine, advanced cell therapies, 3D bioprinting, tissue engineering and wound care. UPM Biocomposites is a pioneer in circular economy offering composite decking materials based on both recycled consumer and industrial waste. The product range also includes composite materials made from renewable fibres and polymers to replace fossil-based plastics. |
EURm, OR AS INDICATED | UPM FIBRES | UPM ENERGY | UPM RAFLATAC | UPM SPECIALTY PAPERS | UPM COM PAPERS | UPM PLYWOOD | OTHER OPE- RATIONS | ELIMINATI- ONS AND RECONCILI -ATIONS 2) | GROUP |
External sales | 3,108 | 487 | 1,562 | 1,272 | 2,920 | 409 | 582 | -1 | 10,339 |
Internal sales | 621 | 139 | \u2014 | 195 | 33 | 21 | 40 | -1,049 | \u2014 |
Total sales | 3,728 | 627 | 1,562 | 1,467 | 2,953 | 430 | 623 | -1,051 | 10,339 |
Comparable EBIT | 533 | 181 | 132 | 135 | 273 | 42 | -52 | -20 | 1,224 |
Items affecting comparability in operating profit | -114 | \u2014 | -44 | -3 | -83 | \u2014 | -382 | 7 | -620 |
Operating profit | 419 | 181 | 88 | 132 | 190 | 42 | -434 | -13 | 604 |
Finance costs, net | -104 | ||||||||
Income taxes | -37 | ||||||||
Profit for the period | 463 | ||||||||
Operating assets 1) | 7,772 | 2,562 | 862 | 1,036 | 1,500 | 275 | 3,331 | -332 | 17,005 |
Deferred tax assets | 526 | ||||||||
Other non-operating assets | 62 | ||||||||
Other financial assets | 1,502 | ||||||||
Total assets | 19,096 | ||||||||
Operating liabilities 1) | 422 | 34 | 149 | 274 | 376 | 34 | 394 | -308 | 1,375 |
Deferred tax liabilities | 673 | ||||||||
Other liabilities | 603 | ||||||||
Other financial liabilities | 4,906 | ||||||||
Total liabilities | 7,556 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 68 | \u2014 | 80 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | 1 |
Depreciation and amortisation | -316 | -7 | -45 | -71 | -68 | -23 | -47 | \u2014 | -576 |
Impairment charges | -121 | \u2014 | -26 | -2 | -32 | \u2014 | -380 | \u2014 | -562 |
Capital employed, 31 December | 7,350 | 2,527 | 713 | 762 | 1,125 | 241 | 2,937 | -201 | 15,452 |
Average capital employed | 7,153 | 2,426 | 722 | 789 | 1,151 | 243 | 3,129 | -428 | 15,184 |
Capital expenditure | 93 | 4 | 46 | 19 | 37 | 16 | 335 | \u2014 | 550 |
Capital expenditure, excluding acquisitions and shares | 93 | 4 | 23 | 19 | 37 | 16 | 335 | \u2014 | 527 |
Comparable ROCE, % | 7.5 | 7.5 | 18.3 | 17.1 | 23.8 | 17.1 | -1.7 | \u2014 | 8.2 |
Personnel, 31 December | 2,740 | 91 | 3,224 | 1,945 | 5,190 | 1,598 | 1,039 | \u2014 | 15,827 |
EURm, OR AS INDICATED | UPM FIBRES | UPM ENERGY | UPM RAFLATAC | UPM SPECIALTY PAPERS | UPM COM PAPERS | UPM PLYWOOD | OTHER OPE- RATIONS | ELIMINATI- ONS AND RECONCILI -ATIONS 2) | GROUP |
External sales | 2,452 | 486 | 1,485 | 1,300 | 3,570 | 402 | 768 | -3 | 10,460 |
Internal sales | 592 | 141 | \u2014 | 185 | 28 | 20 | 34 | -1,000 | \u2014 |
Total sales | 3,044 | 628 | 1,485 | 1,485 | 3,598 | 422 | 802 | -1,003 | 10,460 |
Comparable EBIT | 116 | 182 | 103 | 98 | 462 | 56 | -14 | 8 | 1,013 |
Items affecting comparability in operating profit | \u2014 | \u2014 | -22 | \u2014 | -288 | -6 | -87 | -2 | -405 |
Operating profit | 116 | 182 | 81 | 98 | 174 | 50 | -101 | 6 | 608 |
Finance costs, net | -144 | ||||||||
Income taxes | -71 | ||||||||
Profit for the period | 394 | ||||||||
Operating assets 1) | 7,314 | 2,624 | 831 | 1,022 | 1,619 | 276 | 3,374 | -411 | 16,648 |
Deferred tax assets | 431 | ||||||||
Other non-operating assets | 62 | ||||||||
Other financial assets | 1,332 | ||||||||
Total assets | 18,473 | ||||||||
Operating liabilities 1) | 419 | 116 | 144 | 219 | 377 | 29 | 431 | -408 | 1,328 |
Deferred tax liabilities | 616 | ||||||||
Other liabilities | 832 | ||||||||
Other financial liabilities | 4,166 | ||||||||
Total liabilities | 6,942 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | -20 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -82 | \u2014 | -103 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | -2 | \u2014 | -1 |
Depreciation and amortisation | -270 | -7 | -43 | -74 | -78 | -21 | -44 | \u2014 | -538 |
Impairment charges | -2 | \u2014 | -4 | \u2014 | -117 | \u2014 | \u2014 | \u2014 | -123 |
Capital employed, 31 December | 6,895 | 2,508 | 687 | 803 | 1,242 | 246 | 2,943 | -408 | 14,916 |
Average capital employed | 6,839 | 3,042 | 737 | 875 | 1,424 | 254 | 2,922 | 321 | 16,414 |
Capital expenditure | 616 | 3 | 26 | 23 | 50 | 15 | 388 | \u2014 | 1,122 |
Capital expenditure, excluding acquisitions and shares | 616 | 3 | 26 | 23 | 50 | 15 | 361 | \u2014 | 1,094 |
Comparable ROCE, % | 1.7 | 6.0 | 14.0 | 11.2 | 32.4 | 22.2 | -0.5 | \u2014 | 6.4 |
Personnel, 31 December | 2,775 | 81 | 3,100 | 1,963 | 6,005 | 1,634 | 1,015 | \u2014 | 16,573 |
EURm, OR AS INDICATED | UPM FIBRES | UPM ENERGY | UPM RAFLATAC | UPM SPECIALTY PAPERS | UPM COM PAPERS | UPM PLYWOOD | OTHER OPE- RATIONS | ELIMINATI- ONS AND RECONCILI -ATIONS 2) | GROUP |
External sales | 3,108 | 487 | 1,562 | 1,272 | 2,920 | 409 | 582 | -1 | 10,339 |
Internal sales | 621 | 139 | \u2014 | 195 | 33 | 21 | 40 | -1,049 | \u2014 |
Total sales | 3,728 | 627 | 1,562 | 1,467 | 2,953 | 430 | 623 | -1,051 | 10,339 |
Comparable EBIT | 533 | 181 | 132 | 135 | 273 | 42 | -52 | -20 | 1,224 |
Items affecting comparability in operating profit | -114 | \u2014 | -44 | -3 | -83 | \u2014 | -382 | 7 | -620 |
Operating profit | 419 | 181 | 88 | 132 | 190 | 42 | -434 | -13 | 604 |
Finance costs, net | -104 | ||||||||
Income taxes | -37 | ||||||||
Profit for the period | 463 | ||||||||
Operating assets 1) | 7,772 | 2,562 | 862 | 1,036 | 1,500 | 275 | 3,331 | -332 | 17,005 |
Deferred tax assets | 526 | ||||||||
Other non-operating assets | 62 | ||||||||
Other financial assets | 1,502 | ||||||||
Total assets | 19,096 | ||||||||
Operating liabilities 1) | 422 | 34 | 149 | 274 | 376 | 34 | 394 | -308 | 1,375 |
Deferred tax liabilities | 673 | ||||||||
Other liabilities | 603 | ||||||||
Other financial liabilities | 4,906 | ||||||||
Total liabilities | 7,556 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | 11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 68 | \u2014 | 80 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | 1 |
Depreciation and amortisation | -316 | -7 | -45 | -71 | -68 | -23 | -47 | \u2014 | -576 |
Impairment charges | -121 | \u2014 | -26 | -2 | -32 | \u2014 | -380 | \u2014 | -562 |
Capital employed, 31 December | 7,350 | 2,527 | 713 | 762 | 1,125 | 241 | 2,937 | -201 | 15,452 |
Average capital employed | 7,153 | 2,426 | 722 | 789 | 1,151 | 243 | 3,129 | -428 | 15,184 |
Capital expenditure | 93 | 4 | 46 | 19 | 37 | 16 | 335 | \u2014 | 550 |
Capital expenditure, excluding acquisitions and shares | 93 | 4 | 23 | 19 | 37 | 16 | 335 | \u2014 | 527 |
Comparable ROCE, % | 7.5 | 7.5 | 18.3 | 17.1 | 23.8 | 17.1 | -1.7 | \u2014 | 8.2 |
Personnel, 31 December | 2,740 | 91 | 3,224 | 1,945 | 5,190 | 1,598 | 1,039 | \u2014 | 15,827 |
EURm, OR AS INDICATED | UPM FIBRES | UPM ENERGY | UPM RAFLATAC | UPM SPECIALTY PAPERS | UPM COM PAPERS | UPM PLYWOOD | OTHER OPE- RATIONS | ELIMINATI- ONS AND RECONCILI -ATIONS 2) | GROUP |
External sales | 2,452 | 486 | 1,485 | 1,300 | 3,570 | 402 | 768 | -3 | 10,460 |
Internal sales | 592 | 141 | \u2014 | 185 | 28 | 20 | 34 | -1,000 | \u2014 |
Total sales | 3,044 | 628 | 1,485 | 1,485 | 3,598 | 422 | 802 | -1,003 | 10,460 |
Comparable EBIT | 116 | 182 | 103 | 98 | 462 | 56 | -14 | 8 | 1,013 |
Items affecting comparability in operating profit | \u2014 | \u2014 | -22 | \u2014 | -288 | -6 | -87 | -2 | -405 |
Operating profit | 116 | 182 | 81 | 98 | 174 | 50 | -101 | 6 | 608 |
Finance costs, net | -144 | ||||||||
Income taxes | -71 | ||||||||
Profit for the period | 394 | ||||||||
Operating assets 1) | 7,314 | 2,624 | 831 | 1,022 | 1,619 | 276 | 3,374 | -411 | 16,648 |
Deferred tax assets | 431 | ||||||||
Other non-operating assets | 62 | ||||||||
Other financial assets | 1,332 | ||||||||
Total assets | 18,473 | ||||||||
Operating liabilities 1) | 419 | 116 | 144 | 219 | 377 | 29 | 431 | -408 | 1,328 |
Deferred tax liabilities | 616 | ||||||||
Other liabilities | 832 | ||||||||
Other financial liabilities | 4,166 | ||||||||
Total liabilities | 6,942 | ||||||||
Other items | |||||||||
Change in fair value of forest assets and wood harvested | -20 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -82 | \u2014 | -103 |
Share of results of associates and joint ventures | 2 | \u2014 | \u2014 | \u2014 | -1 | \u2014 | -2 | \u2014 | -1 |
Depreciation and amortisation | -270 | -7 | -43 | -74 | -78 | -21 | -44 | \u2014 | -538 |
Impairment charges | -2 | \u2014 | -4 | \u2014 | -117 | \u2014 | \u2014 | \u2014 | -123 |
Capital employed, 31 December | 6,895 | 2,508 | 687 | 803 | 1,242 | 246 | 2,943 | -408 | 14,916 |
Average capital employed | 6,839 | 3,042 | 737 | 875 | 1,424 | 254 | 2,922 | 321 | 16,414 |
Capital expenditure | 616 | 3 | 26 | 23 | 50 | 15 | 388 | \u2014 | 1,122 |
Capital expenditure, excluding acquisitions and shares | 616 | 3 | 26 | 23 | 50 | 15 | 361 | \u2014 | 1,094 |
Comparable ROCE, % | 1.7 | 6.0 | 14.0 | 11.2 | 32.4 | 22.2 | -0.5 | \u2014 | 6.4 |
Personnel, 31 December | 2,775 | 81 | 3,100 | 1,963 | 6,005 | 1,634 | 1,015 | \u2014 | 16,573 |
EURm | 2024 | 2023 |
Finland | 1,306 | 1,267 |
Germany | 1,073 | 1,469 |
United States | 1,803 | 1,366 |
United Kingdom | 513 | 548 |
China | 1,744 | 1,533 |
France | 386 | 435 |
Uruguay | 100 | 66 |
Poland | 304 | 301 |
Austria | 110 | 160 |
Other EU countries | 1,468 | 1,594 |
Other European countries | 402 | 306 |
Rest of world | 1,132 | 1,415 |
Total | 10,339 | 10,460 |
EURm | 2024 | 2023 | CHANGE % |
UPM Fibres | 3,728 | 3,044 | 22 % |
UPM Energy | 627 | 628 | \u2014 % |
UPM Raflatac | 1,562 | 1,485 | 5 % |
UPM Specialty Papers | 1,467 | 1,485 | -1 % |
UPM Communication Papers | 2,953 | 3,598 | -18 % |
UPM Plywood | 430 | 422 | 2 % |
Other operations | 623 | 802 | -22 % |
Eliminations | -1,051 | -1,003 | \u2014 |
Total | 10,339 | 10,460 | -1 % |
BUSINESS AREA | BUSINESS | 2024 | 2023 |
EUR million | |||
UPM Fibres | UPM Pulp, UPM Timber | 3,108 | 2,452 |
UPM Energy | UPM Energy | 487 | 486 |
UPM Raflatac | UPM Raflatac | 1,562 | 1,485 |
UPM Specialty Papers | UPM Specialty Papers | 1,272 | 1,300 |
UPM Communication Papers | UPM Communication Papers | 2,920 | 3,570 |
UPM Plywood | UPM Plywood | 409 | 402 |
Other operations | UPM Forest, UPM Biofuels, UPM Biochemicals, UPM Biomedicals, UPM Biocomposites | 582 | 768 |
Eliminations and reconciliations | -1 | -3 | |
Total | 10,339 | 10,460 |
BUSINESS | PRODUCT RANGE |
UPM Pulp | Softwood, birch and eucalyptus pulp |
UPM Timber | Standard and special sawn timber |
UPM Energy | Electricity and related services |
UPM Raflatac | Self-adhesive paper and film label stock |
UPM Specialty Papers | Labelling materials, release base papers, flexible packaging materials, office papers, graphic papers |
UPM Communication Papers | Graphic papers for various end uses |
UPM Plywood | Plywood and veneer products |
UPM Forest | Wood and wood-based biomass (logs, pulpwood, chips, forest residues etc.), full forestry service offering |
UPM Biofuels | Wood-based renewable diesel for transport and renewable naphtha for transport and petrochemicals |
UPM Biochemicals | Lignin products for industrial use |
UPM Biomedicals | Wood-based products for biomedical applications |
UPM Biocomposites | UPM ProFi decking products and UPM Formi granules |
Accounting policies |
EURm | 2024 | 2023 |
Finland | 1,306 | 1,267 |
Germany | 1,073 | 1,469 |
United States | 1,803 | 1,366 |
United Kingdom | 513 | 548 |
China | 1,744 | 1,533 |
France | 386 | 435 |
Uruguay | 100 | 66 |
Poland | 304 | 301 |
Austria | 110 | 160 |
Other EU countries | 1,468 | 1,594 |
Other European countries | 402 | 306 |
Rest of world | 1,132 | 1,415 |
Total | 10,339 | 10,460 |
EURm | 2024 | 2023 | CHANGE % |
UPM Fibres | 3,728 | 3,044 | 22 % |
UPM Energy | 627 | 628 | \u2014 % |
UPM Raflatac | 1,562 | 1,485 | 5 % |
UPM Specialty Papers | 1,467 | 1,485 | -1 % |
UPM Communication Papers | 2,953 | 3,598 | -18 % |
UPM Plywood | 430 | 422 | 2 % |
Other operations | 623 | 802 | -22 % |
Eliminations | -1,051 | -1,003 | \u2014 |
Total | 10,339 | 10,460 | -1 % |
BUSINESS AREA | BUSINESS | 2024 | 2023 |
EUR million | |||
UPM Fibres | UPM Pulp, UPM Timber | 3,108 | 2,452 |
UPM Energy | UPM Energy | 487 | 486 |
UPM Raflatac | UPM Raflatac | 1,562 | 1,485 |
UPM Specialty Papers | UPM Specialty Papers | 1,272 | 1,300 |
UPM Communication Papers | UPM Communication Papers | 2,920 | 3,570 |
UPM Plywood | UPM Plywood | 409 | 402 |
Other operations | UPM Forest, UPM Biofuels, UPM Biochemicals, UPM Biomedicals, UPM Biocomposites | 582 | 768 |
Eliminations and reconciliations | -1 | -3 | |
Total | 10,339 | 10,460 |
BUSINESS | PRODUCT RANGE |
UPM Pulp | Softwood, birch and eucalyptus pulp |
UPM Timber | Standard and special sawn timber |
UPM Energy | Electricity and related services |
UPM Raflatac | Self-adhesive paper and film label stock |
UPM Specialty Papers | Labelling materials, release base papers, flexible packaging materials, office papers, graphic papers |
UPM Communication Papers | Graphic papers for various end uses |
UPM Plywood | Plywood and veneer products |
UPM Forest | Wood and wood-based biomass (logs, pulpwood, chips, forest residues etc.), full forestry service offering |
UPM Biofuels | Wood-based renewable diesel for transport and renewable naphtha for transport and petrochemicals |
UPM Biochemicals | Lignin products for industrial use |
UPM Biomedicals | Wood-based products for biomedical applications |
UPM Biocomposites | UPM ProFi decking products and UPM Formi granules |
Accounting policies |
EURm | 2024 | 2023 |
Costs and expenses | ||
Raw materials, consumables and goods | 4,472 | 6,000 |
Employee costs 1) | 1,179 | 1,287 |
Other operating costs and expenses 2) | 1,083 | 1,143 |
Delivery costs and other external charges | 2,072 | 886 |
Total | 8,806 | 9,316 |
EURm | 2024 | 2023 |
Rents and lease expenses | 21 | 23 |
Emission expenses 1) | 64 | 18 |
Losses on sale of non-current assets | 0 | 6 |
Credit losses | 10 | 4 |
Maintenance and other operating expenses 2) | 988 | 1,092 |
Total | 1,083 | 1,143 |
EURm | 2024* | 2023* |
Audit fee | 4.5 | 4.4 |
Audit related services | 0.6 | 0.2 |
Tax services | 0.6 | 0.3 |
Other services | 0.1 | 0.1 |
Total | 5.8 | 5.0 |
EURm | 2024 | 2023 |
Gains on sale of non-current assets | 31 | 8 |
Rental income | 9 | 10 |
Emission rights received | 92 | 154 |
Derivatives, non-qualifying hedges | -25 | 4 |
Exchange rate gains and losses | -9 | -35 |
Other | 31 | 88 |
Total | 130 | 228 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 256 | 235 |
Emission rights received and purchased | 96 | 159 |
Deliveries and disposals | -84 | -134 |
Impairment | -5 | -3 |
Reclassifications to assets held for sale | \u2014 | -1 |
Carrying value, at 31 December | 264 | 256 |
Accumulated costs | 272 | 260 |
Accumulated impairments | -8 | -4 |
Carrying value, at 31 December | 264 | 256 |
Accounting policies |
EURm | 2024 | 2023 |
Costs and expenses | ||
Raw materials, consumables and goods | 4,472 | 6,000 |
Employee costs 1) | 1,179 | 1,287 |
Other operating costs and expenses 2) | 1,083 | 1,143 |
Delivery costs and other external charges | 2,072 | 886 |
Total | 8,806 | 9,316 |
EURm | 2024 | 2023 |
Rents and lease expenses | 21 | 23 |
Emission expenses 1) | 64 | 18 |
Losses on sale of non-current assets | 0 | 6 |
Credit losses | 10 | 4 |
Maintenance and other operating expenses 2) | 988 | 1,092 |
Total | 1,083 | 1,143 |
EURm | 2024* | 2023* |
Audit fee | 4.5 | 4.4 |
Audit related services | 0.6 | 0.2 |
Tax services | 0.6 | 0.3 |
Other services | 0.1 | 0.1 |
Total | 5.8 | 5.0 |
Accounting policies |
EURm | 2024 | 2023 |
Salaries and fees | 937 | 1,039 |
Share-based payments | 16 | 15 |
Pension and other post-employment benefits, defined benefit plans | 19 | 21 |
Pension costs, defined contribution plans | 101 | 101 |
Other indirect employee costs 1) | 106 | 111 |
Total | 1,179 | 1,287 |
President and CEO 1) | Other members of Group Executive Team2) | |||
EUR 1,000 | 2024 | 2023 | 2024 | 2023 |
Salaries | 894 | 1,161 | 3,736 | 3,950 |
Short-term incentives | 363 | 1,473 | 996 | 2,973 |
Share rewards | 125 | 2,902 | 2,871 | 9,242 |
Benefits | 36 | 24 | 146 | 139 |
Total | 1,418 | 5,561 | 7,748 | 16,304 |
EURm | LAND AND WATER AREAS | BUILDINGS | MACHINERY AND EQUIPMENT | OTHER TANGIBLE ASSETS | CONSTRUC- TION IN PROGRESS | TOTAL |
2024 | ||||||
Accumulated costs | 954 | 4,699 | 14,693 | 821 | 1,224 | 22,390 |
Accumulated depreciation and impairments | \u2014 | -2,601 | -11,688 | -642 | -373 | -15,305 |
Carrying value, at 31 December | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Carrying value, at 1 January | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Additions | 44 | \u2014 | 3 | \u2014 | 462 | 508 |
Companies acquired | 7 | 6 | 2 | 1 | \u2014 | 16 |
Disposals | -2 | \u2014 | -1 | \u2014 | \u2014 | -3 |
Depreciation | \u2014 | -101 | -339 | -21 | \u2014 | -461 |
Impairment | \u2014 | -32 | -28 | -1 | -373 | -435 |
Reclassifications 1) | 1 | 55 | 230 | 16 | -167 | 136 |
Translation differences and other changes | 43 | 98 | 119 | 8 | 4 | 272 |
Carrying value, at 31 December | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
2023 | ||||||
Accumulated costs | 862 | 4,766 | 14,771 | 891 | 925 | 22,216 |
Accumulated depreciation and impairments | -2 | -2,693 | -11,752 | -716 | \u2014 | -15,163 |
Carrying value, at 31 December | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Carrying value, at 1 January | 900 | 1,054 | 1,638 | 148 | 2,993 | 6,733 |
Additions | 2 | \u2014 | 5 | \u2014 | 1,067 | 1,074 |
Companies acquired | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Disposals | \u2014 | -1 | \u2014 | \u2014 | \u2014 | -2 |
Depreciation | \u2014 | -92 | -310 | -19 | \u2014 | -422 |
Impairment | \u2014 | -3 | -15 | -3 | \u2014 | -20 |
Reclassifications 1) | \u2014 | 1,135 | 1,723 | 53 | -3,052 | -141 |
Reclassifications to assets held for sale 2) | -17 | -1 | -1 | -1 | \u2014 | -21 |
Translation differences an other changes | -23 | -19 | -20 | -3 | -84 | -149 |
Carrying value, at 31 December | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
EURm | INTANGIBLE RIGHTS | SOFTWARE AND OTHER INTANGIBLE ASSETS | TOTAL |
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortisation and impairments | -222 | -482 | -705 |
Carrying value, at 31 December | 212 | 104 | 316 |
Carrying value, at 1 January | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired | \u2014 | 5 | 5 |
Amortisation | -5 | -26 | -30 |
Impairment | \u2014 | -5 | -5 |
Reclassifications 2) | \u2014 | -136 | -135 |
Translation differences | \u2014 | 4 | 4 |
Carrying value, at 31 December | 212 | 104 | 316 |
Emission rights, carrying value 1) | 264 | ||
Carrying value including emission rights, at 31 December | 580 | ||
2023 | |||
Accumulated costs | 463 | 765 | 1,228 |
Accumulated amortisation and impairments | -249 | -520 | -769 |
Carrying value, at 31 December | 214 | 245 | 459 |
Carrying value, at 1 January | 198 | 120 | 317 |
Additions | 2 | 6 | 8 |
Companies acquired | 18 | 4 | 22 |
Amortisation | -4 | -25 | -29 |
Reclassifications 2) | \u2014 | 140 | 140 |
Carrying value, at 31 December | 214 | 245 | 459 |
Emission rights, carrying value 1) | 256 | ||
Carrying value including emission rights, at 31 December | 715 |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
EURm | 2024 | 2023 |
Current tax expense | 122 | 161 |
Change in deferred taxes | -85 | -90 |
Total | 37 | 71 |
EURm | 2024 | 2023 |
Profit before tax | 500 | 464 |
Computed tax at Finnish statutory rate of 20% | 100 | 93 |
Difference between Finnish and foreign rates | -6 | -28 |
Tax-exempt income | -91 | -51 |
Non-deductible expenses | 37 | 28 |
Withholding taxes | 2 | 2 |
Tax loss with no tax benefit | 8 | 45 |
Results of associates | 0 | 0 |
Change in tax legislation | \u2014 | \u2014 |
Change in recoverability of deferred tax assets | \u2014 | -5 |
Utilisation of previously unrecognised tax losses | -1 | -3 |
Other items | -13 | -9 |
Total income taxes | 37 | 71 |
Effective tax rate, % | 7.4% | 15.2% |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 |
Costs and expenses | ||
Raw materials, consumables and goods | 4,472 | 6,000 |
Employee costs 1) | 1,179 | 1,287 |
Other operating costs and expenses 2) | 1,083 | 1,143 |
Delivery costs and other external charges | 2,072 | 886 |
Total | 8,806 | 9,316 |
EURm | 2024 | 2023 |
Rents and lease expenses | 21 | 23 |
Emission expenses 1) | 64 | 18 |
Losses on sale of non-current assets | 0 | 6 |
Credit losses | 10 | 4 |
Maintenance and other operating expenses 2) | 988 | 1,092 |
Total | 1,083 | 1,143 |
EURm | 2024* | 2023* |
Audit fee | 4.5 | 4.4 |
Audit related services | 0.6 | 0.2 |
Tax services | 0.6 | 0.3 |
Other services | 0.1 | 0.1 |
Total | 5.8 | 5.0 |
EURm | 2024 | 2023 |
Costs and expenses | ||
Raw materials, consumables and goods | 4,472 | 6,000 |
Employee costs 1) | 1,179 | 1,287 |
Other operating costs and expenses 2) | 1,083 | 1,143 |
Delivery costs and other external charges | 2,072 | 886 |
Total | 8,806 | 9,316 |
EURm | 2024 | 2023 |
Rents and lease expenses | 21 | 23 |
Emission expenses 1) | 64 | 18 |
Losses on sale of non-current assets | 0 | 6 |
Credit losses | 10 | 4 |
Maintenance and other operating expenses 2) | 988 | 1,092 |
Total | 1,083 | 1,143 |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
EURm | 2024 | 2023 |
Current tax expense | 122 | 161 |
Change in deferred taxes | -85 | -90 |
Total | 37 | 71 |
EURm | 2024 | 2023 |
Profit before tax | 500 | 464 |
Computed tax at Finnish statutory rate of 20% | 100 | 93 |
Difference between Finnish and foreign rates | -6 | -28 |
Tax-exempt income | -91 | -51 |
Non-deductible expenses | 37 | 28 |
Withholding taxes | 2 | 2 |
Tax loss with no tax benefit | 8 | 45 |
Results of associates | 0 | 0 |
Change in tax legislation | \u2014 | \u2014 |
Change in recoverability of deferred tax assets | \u2014 | -5 |
Utilisation of previously unrecognised tax losses | -1 | -3 |
Other items | -13 | -9 |
Total income taxes | 37 | 71 |
Effective tax rate, % | 7.4% | 15.2% |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 |
Costs and expenses | ||
Raw materials, consumables and goods | 4,472 | 6,000 |
Employee costs 1) | 1,179 | 1,287 |
Other operating costs and expenses 2) | 1,083 | 1,143 |
Delivery costs and other external charges | 2,072 | 886 |
Total | 8,806 | 9,316 |
EURm | 2024* | 2023* |
Audit fee | 4.5 | 4.4 |
Audit related services | 0.6 | 0.2 |
Tax services | 0.6 | 0.3 |
Other services | 0.1 | 0.1 |
Total | 5.8 | 5.0 |
EURm | 2024 | 2023 |
Gains on sale of non-current assets | 31 | 8 |
Rental income | 9 | 10 |
Emission rights received | 92 | 154 |
Derivatives, non-qualifying hedges | -25 | 4 |
Exchange rate gains and losses | -9 | -35 |
Other | 31 | 88 |
Total | 130 | 228 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 256 | 235 |
Emission rights received and purchased | 96 | 159 |
Deliveries and disposals | -84 | -134 |
Impairment | -5 | -3 |
Reclassifications to assets held for sale | \u2014 | -1 |
Carrying value, at 31 December | 264 | 256 |
Accumulated costs | 272 | 260 |
Accumulated impairments | -8 | -4 |
Carrying value, at 31 December | 264 | 256 |
Accounting policies |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
Accounting policies |
EURm | 2024 | 2023 |
Profit attributable to owners of the parent company, EURm | 436 | 388 |
Weighted average no. of shares (1,000) | 533,324 | 533,324 |
Basic earnings per share, EUR | 0.82 | 0.73 |
Diluted earnings per share, EUR | 0.82 | 0.73 |
EURm | 2024 | 2023 |
Salaries and fees | 937 | 1,039 |
Share-based payments | 16 | 15 |
Pension and other post-employment benefits, defined benefit plans | 19 | 21 |
Pension costs, defined contribution plans | 101 | 101 |
Other indirect employee costs 1) | 106 | 111 |
Total | 1,179 | 1,287 |
Shareholdings 31 December | Annual base fee (EUR 1,000) | Annual committee fee (EUR 1,000) | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Board members | ||||||
Henrik Ehrnrooth, Chair | 30,304 | 17,488 | 231 | 218 | 20 | 20 |
Kim Wahl, Deputy Chair | 29,729 | 27,962 | 145 | 145 | 10 | 35 |
Pia Aaltonen-Forsell | 3,128 | 1,666 | 120 | 120 | 45 | 15 |
Melanie Maas-Brunner 1) | 1,462 | \u2014 | 120 | \u2014 | 10 | \u2014 |
Jari Gustafsson | 5,964 | 4,502 | 120 | 120 | 25 | 10 |
Piia-Noora Kauppi | 27,163 | 25,701 | 120 | 120 | 10 | 10 |
Topi Manner | 7,929 | 3,097 | 120 | 120 | 10 | 10 |
Marjan Oudeman | 12,722 | 11,260 | 120 | 120 | 25 | 15 |
Martin \u00e0 Porta | 27,972 | 26,510 | 120 | 120 | 28 | 28 |
Emma FitzGerald 2) | \u2014 | 3,097 | \u2014 | 120 | \u2014 | 10 |
Total | 146,373 | 121,283 | 1,216 | 1,203 | 183 | 153 |
President and CEO 1) | Other members of Group Executive Team2) | |||
EUR 1,000 | 2024 | 2023 | 2024 | 2023 |
Salaries | 894 | 1,161 | 3,736 | 3,950 |
Short-term incentives | 363 | 1,473 | 996 | 2,973 |
Share rewards | 125 | 2,902 | 2,871 | 9,242 |
Benefits | 36 | 24 | 146 | 139 |
Total | 1,418 | 5,561 | 7,748 | 16,304 |
PERFORMANCE SHARE PLANS | PSP 2021-2023 | PSP 2022-2024 | PSP 2023-2025 | PSP 2024-2026 |
No. of participants at 31 December 2024 | 21 | 17 | 17 | 25 |
Actual achievement | 34.62% | \u2014 | \u2014 | \u2014 |
Max no. of shares to be delivered 1) | ||||
to the President and CEO | 28,829 | 30,000 | 29,000 | 72,952 |
to other members of GET | 89,562 | 150,500 | 146,000 | 204,000 |
to other selected members of management | 42,272 | 105,500 | 93,500 | 158,000 |
Total max no. of shares to be delivered | 160,663 | 286,000 | 268,500 | 434,952 |
Share delivery (year) | 2024 | 2025 | 2026 | 2027 |
Earning criteria (weighting) | Total shareholder return (100%) | Total shareholder return (80%) ESG (20%) 2) | Total shareholder return (80%) ESG (20%) 3) | Total shareholder return (80%) ESG (20%) 4) |
DEFERRED BONUS PLANS | DBP 2021 | DBP 2022 | DBP 2023 | DBP 2024 |
No. of participants (at grant) | 428 | 451 | 446 | 453 |
No. of participants (at 31 December 2024) | 350 | 369 | 120 | 436 |
Max no. of shares to be delivered (at grant) | 459,912 | 487,130 | 477,052 | 571,338 |
Estimated no. of shares to be delivered at 31 December 2024 1) | 355,032 | 382,038 | 57,876 | 191,209 |
Share delivery (year) | 2024 | 2025 | 2026 | 2027 |
Earning criteria | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA |
RESTRICTED SHARE PLAN | RSP 2024-2027 |
No. of participants (at 31 December 2024) | 11 |
Estimated no. of shares to be delivered at 31 December 2024 1) | 238,340 |
Share delivery (year) | 2025, 2026, 2027* |
Accounting policies |
2024 | 2023 | |||||||||
EURm | FINLAND | UK | GERMANY | OTHER COUN- TRIES | TOTAL | FINLAND | UK | GERMANY | OTHER COUN- TRIES | TOTAL |
Present value of funded obligations | 14 | 305 | \u2014 | 2 | 321 | 26 | 320 | 30 | 2 | 377 |
Fair value of plan assets | -15 | -275 | -2 | -2 | -293 | -26 | -297 | -2 | -2 | -327 |
Deficit (+)/surplus (\u2013) | 0 | 30 | -2 | 0 | 28 | 0 | 23 | 27 | 0 | 50 |
Present value of unfunded obligations | \u2014 | \u2014 | 431 | 15 | 446 | \u2014 | \u2014 | 417 | 16 | 434 |
Net defined benefit liability (+)/ asset (\u2013) | 0 | 30 | 429 | 15 | 474 | 0 | 23 | 445 | 16 | 484 |
Net retirement benefit asset in the balance sheet | -1 | \u2014 | \u2014 | \u2014 | -1 | -1 | \u2014 | \u2014 | \u2014 | -1 |
Net retirement benefit liability in the balance sheet 1) | 0 | 30 | 429 | 15 | 475 | 0 | 23 | 445 | 16 | 485 |
Pension and other post-employment benefits 2024 | Pension and other post-employment benefits 2023 | |||||
EURm | PRESENT VALUE OF OBLIGATION | FAIR VALUE OF PLAN ASSETS | NET DEFINED BENEFIT LIABILITY/ (ASSET) | PRESENT VALUE OF OBLIGATION | FAIR VALUE OF PLAN ASSETS | NET DEFINED BENEFIT LIABILITY/ (ASSET) |
Carrying value, at 1 January | 810 | -327 | 484 | 850 | -340 | 510 |
Current service cost | 4 | \u2014 | 4 | 5 | \u2014 | 5 |
Past service cost | \u2014 | \u2014 | \u2014 | -1 | \u2014 | -1 |
Gains and losses arising from settlements | -1 | \u2014 | -1 | \u2014 | \u2014 | \u2014 |
Interest expense (+) income (\u2013) | 30 | -14 | 16 | 32 | -15 | 17 |
Total included in employee costs (Note 3.1) | 33 | -14 | 19 | 36 | -15 | 21 |
Actuarial gains and losses arising from changes in demographic assumptions | -1 | \u2014 | -1 | -13 | \u2014 | -13 |
Actuarial gains and losses arising from changes in financial assumptions | -28 | \u2014 | -28 | 9 | \u2014 | 9 |
Actuarial gains and losses arising from experience adjustments | -12 | \u2014 | -12 | 12 | \u2014 | 12 |
Return on plan assets, excluding amounts included in interest expense (+) income (\u2013) | \u2014 | 34 | 34 | \u2014 | 6 | 6 |
Total remeasurement gains (\u2013) and losses (+) included in other comprehensive income | -41 | 34 | -7 | 7 | 6 | 14 |
Benefits paid | -52 | 52 | \u2014 | -44 | 44 | \u2014 |
Settlements paid | \u2014 | \u2014 | \u2014 | -9 | 9 | \u2014 |
Contributions by the employer | \u2014 | -24 | -24 | \u2014 | -25 | -25 |
Translation differences | 16 | -15 | 1 | 6 | -6 | \u2014 |
Liabilities classified as held for sale (Note 8.4) | \u2014 | \u2014 | \u2014 | -36 | \u2014 | -36 |
Carrying value, at 31 December | 767 | -293 | 474 | 810 | -327 | 484 |
Actuarial risks |
Key estimates and judgements |
FINLAND | UK | GERMANY | OTHER COUNTRIES | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Discount rate % | 2.85 | 3.11 | 5.45 | 4.55 | 3.22 | 3.26 | 4.30 | 4.16 |
Inflation rate % | 1.90 | 2.13 | 3.20 | 3.10 | 2.00 | 2.00 | 2.02 | 2.28 |
Rate of salary increase % | 1.89 | 1.89 | \u2014 | \u2014 | 2.31 | 2.50 | 2.50 | 2.50 |
Rate of pension increase % | \u2014 | 1.44 | 3.10 | 3.00 | 2.31 | 2.00 | 2.50 | 2.50 |
Expected average remaining working years of participants | 0.0 | 1.0 | 8.3 | 8.8 | 7.8 | 8.1 | 8.6 | 11.5 |
EURm | 0.5% INCREASE | 0.5% DECREASE | ||
2024 | 2023 | 2024 | 2023 | |
Discount rate % | -46 | -50 | 50 | 54 |
Rate of salary increase % | 5 | 6 | -5 | -6 |
Rate of pension increase % | 33 | 40 | -32 | -37 |
Life expectancy +1 year | 28 | 29 | \u2014 | \u2014 |
EURm | 2024 | 2023 | ||
Quoted | Unquoted | Quoted | Unquoted | |
Money market | 49 | \u2014 | 49 | 2 |
Debt instruments | 131 | 9 | 129 | 32 |
Equity instruments | 50 | \u2014 | 3 | 45 |
Property | \u2014 | 21 | \u2014 | 21 |
Assets held by insurance companies | \u2014 | 14 | \u2014 | 30 |
Other assets | \u2014 | 19 | \u2014 | 15 |
Total | 230 | 63 | 182 | 145 |
Accounting policies |
EURm | 2024 | 2023 |
Salaries and fees | 937 | 1,039 |
Share-based payments | 16 | 15 |
Pension and other post-employment benefits, defined benefit plans | 19 | 21 |
Pension costs, defined contribution plans | 101 | 101 |
Other indirect employee costs 1) | 106 | 111 |
Total | 1,179 | 1,287 |
Shareholdings 31 December | Annual base fee (EUR 1,000) | Annual committee fee (EUR 1,000) | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Board members | ||||||
Henrik Ehrnrooth, Chair | 30,304 | 17,488 | 231 | 218 | 20 | 20 |
Kim Wahl, Deputy Chair | 29,729 | 27,962 | 145 | 145 | 10 | 35 |
Pia Aaltonen-Forsell | 3,128 | 1,666 | 120 | 120 | 45 | 15 |
Melanie Maas-Brunner 1) | 1,462 | \u2014 | 120 | \u2014 | 10 | \u2014 |
Jari Gustafsson | 5,964 | 4,502 | 120 | 120 | 25 | 10 |
Piia-Noora Kauppi | 27,163 | 25,701 | 120 | 120 | 10 | 10 |
Topi Manner | 7,929 | 3,097 | 120 | 120 | 10 | 10 |
Marjan Oudeman | 12,722 | 11,260 | 120 | 120 | 25 | 15 |
Martin \u00e0 Porta | 27,972 | 26,510 | 120 | 120 | 28 | 28 |
Emma FitzGerald 2) | \u2014 | 3,097 | \u2014 | 120 | \u2014 | 10 |
Total | 146,373 | 121,283 | 1,216 | 1,203 | 183 | 153 |
President and CEO 1) | Other members of Group Executive Team2) | |||
EUR 1,000 | 2024 | 2023 | 2024 | 2023 |
Salaries | 894 | 1,161 | 3,736 | 3,950 |
Short-term incentives | 363 | 1,473 | 996 | 2,973 |
Share rewards | 125 | 2,902 | 2,871 | 9,242 |
Benefits | 36 | 24 | 146 | 139 |
Total | 1,418 | 5,561 | 7,748 | 16,304 |
2024 | 2023 | |||||||||
EURm | FINLAND | UK | GERMANY | OTHER COUN- TRIES | TOTAL | FINLAND | UK | GERMANY | OTHER COUN- TRIES | TOTAL |
Present value of funded obligations | 14 | 305 | \u2014 | 2 | 321 | 26 | 320 | 30 | 2 | 377 |
Fair value of plan assets | -15 | -275 | -2 | -2 | -293 | -26 | -297 | -2 | -2 | -327 |
Deficit (+)/surplus (\u2013) | 0 | 30 | -2 | 0 | 28 | 0 | 23 | 27 | 0 | 50 |
Present value of unfunded obligations | \u2014 | \u2014 | 431 | 15 | 446 | \u2014 | \u2014 | 417 | 16 | 434 |
Net defined benefit liability (+)/ asset (\u2013) | 0 | 30 | 429 | 15 | 474 | 0 | 23 | 445 | 16 | 484 |
Net retirement benefit asset in the balance sheet | -1 | \u2014 | \u2014 | \u2014 | -1 | -1 | \u2014 | \u2014 | \u2014 | -1 |
Net retirement benefit liability in the balance sheet 1) | 0 | 30 | 429 | 15 | 475 | 0 | 23 | 445 | 16 | 485 |
Pension and other post-employment benefits 2024 | Pension and other post-employment benefits 2023 | |||||
EURm | PRESENT VALUE OF OBLIGATION | FAIR VALUE OF PLAN ASSETS | NET DEFINED BENEFIT LIABILITY/ (ASSET) | PRESENT VALUE OF OBLIGATION | FAIR VALUE OF PLAN ASSETS | NET DEFINED BENEFIT LIABILITY/ (ASSET) |
Carrying value, at 1 January | 810 | -327 | 484 | 850 | -340 | 510 |
Current service cost | 4 | \u2014 | 4 | 5 | \u2014 | 5 |
Past service cost | \u2014 | \u2014 | \u2014 | -1 | \u2014 | -1 |
Gains and losses arising from settlements | -1 | \u2014 | -1 | \u2014 | \u2014 | \u2014 |
Interest expense (+) income (\u2013) | 30 | -14 | 16 | 32 | -15 | 17 |
Total included in employee costs (Note 3.1) | 33 | -14 | 19 | 36 | -15 | 21 |
Actuarial gains and losses arising from changes in demographic assumptions | -1 | \u2014 | -1 | -13 | \u2014 | -13 |
Actuarial gains and losses arising from changes in financial assumptions | -28 | \u2014 | -28 | 9 | \u2014 | 9 |
Actuarial gains and losses arising from experience adjustments | -12 | \u2014 | -12 | 12 | \u2014 | 12 |
Return on plan assets, excluding amounts included in interest expense (+) income (\u2013) | \u2014 | 34 | 34 | \u2014 | 6 | 6 |
Total remeasurement gains (\u2013) and losses (+) included in other comprehensive income | -41 | 34 | -7 | 7 | 6 | 14 |
Benefits paid | -52 | 52 | \u2014 | -44 | 44 | \u2014 |
Settlements paid | \u2014 | \u2014 | \u2014 | -9 | 9 | \u2014 |
Contributions by the employer | \u2014 | -24 | -24 | \u2014 | -25 | -25 |
Translation differences | 16 | -15 | 1 | 6 | -6 | \u2014 |
Liabilities classified as held for sale (Note 8.4) | \u2014 | \u2014 | \u2014 | -36 | \u2014 | -36 |
Carrying value, at 31 December | 767 | -293 | 474 | 810 | -327 | 484 |
Actuarial risks |
Key estimates and judgements |
FINLAND | UK | GERMANY | OTHER COUNTRIES | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Discount rate % | 2.85 | 3.11 | 5.45 | 4.55 | 3.22 | 3.26 | 4.30 | 4.16 |
Inflation rate % | 1.90 | 2.13 | 3.20 | 3.10 | 2.00 | 2.00 | 2.02 | 2.28 |
Rate of salary increase % | 1.89 | 1.89 | \u2014 | \u2014 | 2.31 | 2.50 | 2.50 | 2.50 |
Rate of pension increase % | \u2014 | 1.44 | 3.10 | 3.00 | 2.31 | 2.00 | 2.50 | 2.50 |
Expected average remaining working years of participants | 0.0 | 1.0 | 8.3 | 8.8 | 7.8 | 8.1 | 8.6 | 11.5 |
EURm | 0.5% INCREASE | 0.5% DECREASE | ||
2024 | 2023 | 2024 | 2023 | |
Discount rate % | -46 | -50 | 50 | 54 |
Rate of salary increase % | 5 | 6 | -5 | -6 |
Rate of pension increase % | 33 | 40 | -32 | -37 |
Life expectancy +1 year | 28 | 29 | \u2014 | \u2014 |
EURm | 2024 | 2023 | ||
Quoted | Unquoted | Quoted | Unquoted | |
Money market | 49 | \u2014 | 49 | 2 |
Debt instruments | 131 | 9 | 129 | 32 |
Equity instruments | 50 | \u2014 | 3 | 45 |
Property | \u2014 | 21 | \u2014 | 21 |
Assets held by insurance companies | \u2014 | 14 | \u2014 | 30 |
Other assets | \u2014 | 19 | \u2014 | 15 |
Total | 230 | 63 | 182 | 145 |
Accounting policies |
Shareholdings 31 December | Annual base fee (EUR 1,000) | Annual committee fee (EUR 1,000) | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Board members | ||||||
Henrik Ehrnrooth, Chair | 30,304 | 17,488 | 231 | 218 | 20 | 20 |
Kim Wahl, Deputy Chair | 29,729 | 27,962 | 145 | 145 | 10 | 35 |
Pia Aaltonen-Forsell | 3,128 | 1,666 | 120 | 120 | 45 | 15 |
Melanie Maas-Brunner 1) | 1,462 | \u2014 | 120 | \u2014 | 10 | \u2014 |
Jari Gustafsson | 5,964 | 4,502 | 120 | 120 | 25 | 10 |
Piia-Noora Kauppi | 27,163 | 25,701 | 120 | 120 | 10 | 10 |
Topi Manner | 7,929 | 3,097 | 120 | 120 | 10 | 10 |
Marjan Oudeman | 12,722 | 11,260 | 120 | 120 | 25 | 15 |
Martin \u00e0 Porta | 27,972 | 26,510 | 120 | 120 | 28 | 28 |
Emma FitzGerald 2) | \u2014 | 3,097 | \u2014 | 120 | \u2014 | 10 |
Total | 146,373 | 121,283 | 1,216 | 1,203 | 183 | 153 |
President and CEO 1) | Other members of Group Executive Team2) | |||
EUR 1,000 | 2024 | 2023 | 2024 | 2023 |
Salaries | 894 | 1,161 | 3,736 | 3,950 |
Short-term incentives | 363 | 1,473 | 996 | 2,973 |
Share rewards | 125 | 2,902 | 2,871 | 9,242 |
Benefits | 36 | 24 | 146 | 139 |
Total | 1,418 | 5,561 | 7,748 | 16,304 |
PERFORMANCE SHARE PLANS | PSP 2021-2023 | PSP 2022-2024 | PSP 2023-2025 | PSP 2024-2026 |
No. of participants at 31 December 2024 | 21 | 17 | 17 | 25 |
Actual achievement | 34.62% | \u2014 | \u2014 | \u2014 |
Max no. of shares to be delivered 1) | ||||
to the President and CEO | 28,829 | 30,000 | 29,000 | 72,952 |
to other members of GET | 89,562 | 150,500 | 146,000 | 204,000 |
to other selected members of management | 42,272 | 105,500 | 93,500 | 158,000 |
Total max no. of shares to be delivered | 160,663 | 286,000 | 268,500 | 434,952 |
Share delivery (year) | 2024 | 2025 | 2026 | 2027 |
Earning criteria (weighting) | Total shareholder return (100%) | Total shareholder return (80%) ESG (20%) 2) | Total shareholder return (80%) ESG (20%) 3) | Total shareholder return (80%) ESG (20%) 4) |
DEFERRED BONUS PLANS | DBP 2021 | DBP 2022 | DBP 2023 | DBP 2024 |
No. of participants (at grant) | 428 | 451 | 446 | 453 |
No. of participants (at 31 December 2024) | 350 | 369 | 120 | 436 |
Max no. of shares to be delivered (at grant) | 459,912 | 487,130 | 477,052 | 571,338 |
Estimated no. of shares to be delivered at 31 December 2024 1) | 355,032 | 382,038 | 57,876 | 191,209 |
Share delivery (year) | 2024 | 2025 | 2026 | 2027 |
Earning criteria | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA | Group/Business Area EBITDA |
RESTRICTED SHARE PLAN | RSP 2024-2027 |
No. of participants (at 31 December 2024) | 11 |
Estimated no. of shares to be delivered at 31 December 2024 1) | 238,340 |
Share delivery (year) | 2025, 2026, 2027* |
Accounting policies |
EURm | 2024 | 2023 |
Property, plant and equipment | 7,085 | 7,053 |
Leased assets | 847 | 683 |
Forest assets | 2,517 | 2,355 |
Energy shareholdings | 2,247 | 2,283 |
Goodwill and other intangible assets | 754 | 998 |
Operating working capital | 2,161 | 1,883 |
Provisions | -253 | -266 |
Net retirement benefit assets and liabilities | -496 | -501 |
Cash and cash equivalents | 892 | 632 |
Other assets and liabilities | -154 | -69 |
Net deferred tax assets and liabilities | -146 | -185 |
Assets classified as held for sale, net | 0 | 50 |
Total | 15,452 | 14,916 |
EURm | 2024 | 2023 |
Equity attributable to owners of the parent company | 11,139 | 11,161 |
Non-controlling interest | 401 | 370 |
Total equity | 11,540 | 11,531 |
Non-current debt | 3,747 | 3,056 |
Current debt | 166 | 327 |
Debt held for sale | \u2014 | 2 |
Total debt | 3,913 | 3,385 |
Total capitalisation | 15,452 | 14,916 |
Total debt | 3,913 | 3,385 |
Less: Interest-bearing financial assets and investment funds | 1,044 | 906 |
Less: Interest-bearing financial assets held for sale | \u2014 | 47 |
Net debt | 2,869 | 2,432 |
Gearing ratio, % 1) | 25 | 21 |
Net debt to EBITDA 1) | 1.66 | 1.55 |
EURm | LAND AND WATER AREAS | BUILDINGS | MACHINERY AND EQUIPMENT | OTHER TANGIBLE ASSETS | CONSTRUC- TION IN PROGRESS | TOTAL |
2024 | ||||||
Accumulated costs | 954 | 4,699 | 14,693 | 821 | 1,224 | 22,390 |
Accumulated depreciation and impairments | \u2014 | -2,601 | -11,688 | -642 | -373 | -15,305 |
Carrying value, at 31 December | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Carrying value, at 1 January | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Additions | 44 | \u2014 | 3 | \u2014 | 462 | 508 |
Companies acquired | 7 | 6 | 2 | 1 | \u2014 | 16 |
Disposals | -2 | \u2014 | -1 | \u2014 | \u2014 | -3 |
Depreciation | \u2014 | -101 | -339 | -21 | \u2014 | -461 |
Impairment | \u2014 | -32 | -28 | -1 | -373 | -435 |
Reclassifications 1) | 1 | 55 | 230 | 16 | -167 | 136 |
Translation differences and other changes | 43 | 98 | 119 | 8 | 4 | 272 |
Carrying value, at 31 December | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
2023 | ||||||
Accumulated costs | 862 | 4,766 | 14,771 | 891 | 925 | 22,216 |
Accumulated depreciation and impairments | -2 | -2,693 | -11,752 | -716 | \u2014 | -15,163 |
Carrying value, at 31 December | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Carrying value, at 1 January | 900 | 1,054 | 1,638 | 148 | 2,993 | 6,733 |
Additions | 2 | \u2014 | 5 | \u2014 | 1,067 | 1,074 |
Companies acquired | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Disposals | \u2014 | -1 | \u2014 | \u2014 | \u2014 | -2 |
Depreciation | \u2014 | -92 | -310 | -19 | \u2014 | -422 |
Impairment | \u2014 | -3 | -15 | -3 | \u2014 | -20 |
Reclassifications 1) | \u2014 | 1,135 | 1,723 | 53 | -3,052 | -141 |
Reclassifications to assets held for sale 2) | -17 | -1 | -1 | -1 | \u2014 | -21 |
Translation differences an other changes | -23 | -19 | -20 | -3 | -84 | -149 |
Carrying value, at 31 December | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
EURm | 2024 | 2023 |
New biorefinery / Germany | 177 | 363 |
Accounting policies |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
Key estimates and judgements |
EURm | LAND AND WATER AREAS | BUILDINGS | MACHINERY AND EQUIPMENT | OTHER TANGIBLE ASSETS | CONSTRUC- TION IN PROGRESS | TOTAL |
2024 | ||||||
Accumulated costs | 954 | 4,699 | 14,693 | 821 | 1,224 | 22,390 |
Accumulated depreciation and impairments | \u2014 | -2,601 | -11,688 | -642 | -373 | -15,305 |
Carrying value, at 31 December | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
Carrying value, at 1 January | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Additions | 44 | \u2014 | 3 | \u2014 | 462 | 508 |
Companies acquired | 7 | 6 | 2 | 1 | \u2014 | 16 |
Disposals | -2 | \u2014 | -1 | \u2014 | \u2014 | -3 |
Depreciation | \u2014 | -101 | -339 | -21 | \u2014 | -461 |
Impairment | \u2014 | -32 | -28 | -1 | -373 | -435 |
Reclassifications 1) | 1 | 55 | 230 | 16 | -167 | 136 |
Translation differences and other changes | 43 | 98 | 119 | 8 | 4 | 272 |
Carrying value, at 31 December | 954 | 2,098 | 3,005 | 178 | 850 | 7,085 |
2023 | ||||||
Accumulated costs | 862 | 4,766 | 14,771 | 891 | 925 | 22,216 |
Accumulated depreciation and impairments | -2 | -2,693 | -11,752 | -716 | \u2014 | -15,163 |
Carrying value, at 31 December | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
Carrying value, at 1 January | 900 | 1,054 | 1,638 | 148 | 2,993 | 6,733 |
Additions | 2 | \u2014 | 5 | \u2014 | 1,067 | 1,074 |
Companies acquired | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Disposals | \u2014 | -1 | \u2014 | \u2014 | \u2014 | -2 |
Depreciation | \u2014 | -92 | -310 | -19 | \u2014 | -422 |
Impairment | \u2014 | -3 | -15 | -3 | \u2014 | -20 |
Reclassifications 1) | \u2014 | 1,135 | 1,723 | 53 | -3,052 | -141 |
Reclassifications to assets held for sale 2) | -17 | -1 | -1 | -1 | \u2014 | -21 |
Translation differences an other changes | -23 | -19 | -20 | -3 | -84 | -149 |
Carrying value, at 31 December | 861 | 2,073 | 3,019 | 175 | 925 | 7,053 |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
EURm | INTANGIBLE RIGHTS | SOFTWARE AND OTHER INTANGIBLE ASSETS | TOTAL |
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortisation and impairments | -222 | -482 | -705 |
Carrying value, at 31 December | 212 | 104 | 316 |
Carrying value, at 1 January | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired | \u2014 | 5 | 5 |
Amortisation | -5 | -26 | -30 |
Impairment | \u2014 | -5 | -5 |
Reclassifications 2) | \u2014 | -136 | -135 |
Translation differences | \u2014 | 4 | 4 |
Carrying value, at 31 December | 212 | 104 | 316 |
Emission rights, carrying value 1) | 264 | ||
Carrying value including emission rights, at 31 December | 580 | ||
2023 | |||
Accumulated costs | 463 | 765 | 1,228 |
Accumulated amortisation and impairments | -249 | -520 | -769 |
Carrying value, at 31 December | 214 | 245 | 459 |
Carrying value, at 1 January | 198 | 120 | 317 |
Additions | 2 | 6 | 8 |
Companies acquired | 18 | 4 | 22 |
Amortisation | -4 | -25 | -29 |
Reclassifications 2) | \u2014 | 140 | 140 |
Carrying value, at 31 December | 214 | 245 | 459 |
Emission rights, carrying value 1) | 256 | ||
Carrying value including emission rights, at 31 December | 715 |
LAND AREAS | BUILDINGS | MACHINERY AND EQUIPMENT | OTHER LEASED ASSETS | ADVANCE PAYMENTS 1) | TOTAL | |
2024 | ||||||
Carrying value, at 1 January | 272 | 161 | 226 | 1 | 24 | 683 |
New contracts and subsequent additions | 19 | 3 | 181 | 1 | 9 | 213 |
Reassessments and disposals | 1 | 4 | -1 | \u2014 | \u2014 | 4 |
Depreciation | -18 | -24 | -43 | \u2014 | \u2014 | -85 |
Reclassifications | \u2014 | \u2014 | 33 | \u2014 | -33 | \u2014 |
Translation differences | 16 | \u2014 | 15 | \u2014 | \u2014 | 32 |
Carrying value, at 31 December | 291 | 144 | 411 | 1 | \u2014 | 847 |
2023 | ||||||
Carrying value, at 1 January | 283 | 247 | 169 | 1 | 13 | 713 |
New contracts and subsequent additions | 9 | 40 | 95 | 4 | 13 | 161 |
Reassessments and disposals | 7 | 4 | -2 | \u2014 | \u2014 | 9 |
Depreciation | -17 | -31 | -39 | \u2014 | \u2014 | -87 |
Impairments | \u2014 | -100 | \u2014 | \u2014 | \u2014 | -100 |
Reclassifications | \u2014 | 2 | 4 | -4 | -2 | \u2014 |
Reclassifications held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 |
Translation differences | -10 | -1 | -1 | \u2014 | \u2014 | -11 |
Carrying value, at 31 December | 272 | 161 | 226 | 1 | 24 | 683 |
EURm | 2024 | 2023 |
New biorefinery / Germany | 177 | 363 |
EURm | 2024 | 2023 |
Other own commitments | ||
Leasing commitments for the next 12 months in accordance with IFRS 16 | 1 | 2 |
Other commitments | 106 | 99 |
Total | 107 | 101 |
EURm | 2024 | 2023 |
New biorefinery / Germany | 177 | 363 |
EURm | 2024 | 2023 |
Other own commitments | ||
Leasing commitments for the next 12 months in accordance with IFRS 16 | 1 | 2 |
Other commitments | 106 | 99 |
Total | 107 | 101 |
CASH GENERATING UNIT | BASIS OF VALUATION | PERIOD OF FORECAST | PRE-TAX DISCOUNT RATE | KEY ASSUMPTIONS |
Pulp operations Finland | Value in use | 10 years + terminal value | 10.55 % (2023: 10.68%) | Pulp price, wood costs |
Pulp operations Uruguay | Value in use | 10 years + terminal value | 9.12% (2023: 9.61%) | Pulp price, wood costs |
UPM Raflatac | Value in use | 10 years + terminal value | 10.59% (2023: 10.05%) | Product prices, cost development |
UPM Plywood | Value in use | 10 years + terminal value | 11.12% (2023: 12.06%) | Product prices, cost development |
UPM Biochemicals | Value in use | 5 years + terminal value | 9.69% (2023: 10.20%) | Product prices, cost development |
Key estimates and judgements |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
ASSESSED USEFUL LIVES | NUMBER OF YEARS |
Land, not subject to depreciation | - |
Buildings | 20-50 |
Power plants | 20-30 |
Heavy machinery | 15-20 |
Light machinery | 10-15 |
Equipment | 5 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,355 | 2,442 |
Additions | 54 | 50 |
Disposals | -21 | -10 |
Wood harvested | -218 | -184 |
Net change in fair value | 299 | 81 |
Translation differences | 48 | -25 |
Carrying value, at 31 December | 2,517 | 2,355 |
EURm | 2024 | 2023 |
Forest assets in Finland | 1,695 | 1,621 |
Forest assets in Uruguay | 807 | 720 |
Forest assets in United States | 15 | 13 |
Carrying value, at 31 December | 2,517 | 2,355 |
1,000 ha | FOREST LAND | PRO-DUCTIVE FOREST LAND | FORESTED LAND |
Finland | 522 | 428 | 416 |
Uruguay | 318 | 189 | 178 |
Uruguay, leased land | 174 | 140 | 130 |
United States | 76 | 55 | 55 |
Total | 1,090 | 812 | 779 |
Accounting policies |
Key estimates and judgements |
Number of shares | Group holding % | Carrying value, EURm | ||
2024 | 2023 | |||
Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 543 | 507 |
Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 1,151 | 1,302 |
Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 0 | 0 |
Kemijoki Oy | 179,189 | 7.33 | 426 | 345 |
L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 123 | 124 |
Other | \u2014 | \u2014 | 4 | 5 |
Carrying value, at 31 December | 2,247 | 2,283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,283 | 3,652 |
Disposals | -4 | \u2014 |
Changes in fair value recognised in other comprehensive income | -32 | -1,369 |
Carrying value, at 31 December | 2,247 | 2,283 |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 10 | \u2014 | 10 | \u2014 | 19 | \u2014 | 19 |
Derivatives under hedge accounting | 1 | 85 | \u2014 | 85 | 4 | 91 | \u2014 | 95 |
Energy shareholdings | \u2014 | \u2014 | 2,247 | 2,247 | \u2014 | \u2014 | 2,283 | 2,283 |
Total | 1 | 96 | 2,247 | 2,343 | 4 | 111 | 2,283 | 2,398 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 17 | \u2014 | 17 | \u2014 | 46 | \u2014 | 46 |
Derivatives under hedge accounting | \u2014 | 195 | \u2014 | 195 | 6 | 128 | \u2014 | 134 |
Total | \u2014 | 211 | \u2014 | 211 | 6 | 174 | \u2014 | 180 |
Accounting policies |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,355 | 2,442 |
Additions | 54 | 50 |
Disposals | -21 | -10 |
Wood harvested | -218 | -184 |
Net change in fair value | 299 | 81 |
Translation differences | 48 | -25 |
Carrying value, at 31 December | 2,517 | 2,355 |
EURm | 2024 | 2023 |
Forest assets in Finland | 1,695 | 1,621 |
Forest assets in Uruguay | 807 | 720 |
Forest assets in United States | 15 | 13 |
Carrying value, at 31 December | 2,517 | 2,355 |
1,000 ha | FOREST LAND | PRO-DUCTIVE FOREST LAND | FORESTED LAND |
Finland | 522 | 428 | 416 |
Uruguay | 318 | 189 | 178 |
Uruguay, leased land | 174 | 140 | 130 |
United States | 76 | 55 | 55 |
Total | 1,090 | 812 | 779 |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,355 | 2,442 |
Additions | 54 | 50 |
Disposals | -21 | -10 |
Wood harvested | -218 | -184 |
Net change in fair value | 299 | 81 |
Translation differences | 48 | -25 |
Carrying value, at 31 December | 2,517 | 2,355 |
EURm | 2024 | 2023 |
Forest assets in Finland | 1,695 | 1,621 |
Forest assets in Uruguay | 807 | 720 |
Forest assets in United States | 15 | 13 |
Carrying value, at 31 December | 2,517 | 2,355 |
1,000 ha | FOREST LAND | PRO-DUCTIVE FOREST LAND | FORESTED LAND |
Finland | 522 | 428 | 416 |
Uruguay | 318 | 189 | 178 |
Uruguay, leased land | 174 | 140 | 130 |
United States | 76 | 55 | 55 |
Total | 1,090 | 812 | 779 |
Accounting policies |
Key estimates and judgements |
Number of shares | Group holding % | Carrying value, EURm | ||
2024 | 2023 | |||
Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 543 | 507 |
Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 1,151 | 1,302 |
Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 0 | 0 |
Kemijoki Oy | 179,189 | 7.33 | 426 | 345 |
L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 123 | 124 |
Other | \u2014 | \u2014 | 4 | 5 |
Carrying value, at 31 December | 2,247 | 2,283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,283 | 3,652 |
Disposals | -4 | \u2014 |
Changes in fair value recognised in other comprehensive income | -32 | -1,369 |
Carrying value, at 31 December | 2,247 | 2,283 |
Accounting policies |
Key estimates and judgements |
Number of shares | Group holding % | Carrying value, EURm | ||
2024 | 2023 | |||
Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 543 | 507 |
Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 1,151 | 1,302 |
Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 0 | 0 |
Kemijoki Oy | 179,189 | 7.33 | 426 | 345 |
L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 123 | 124 |
Other | \u2014 | \u2014 | 4 | 5 |
Carrying value, at 31 December | 2,247 | 2,283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,283 | 3,652 |
Disposals | -4 | \u2014 |
Changes in fair value recognised in other comprehensive income | -32 | -1,369 |
Carrying value, at 31 December | 2,247 | 2,283 |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 |
Trade receivables | ||
Trade receivables | 1,458 | 1,284 |
Loss allowance provision | -26 | -30 |
Total trade receivables | 1,432 | 1,254 |
Prepayments and accrued income | ||
Personnel expenses | 3 | 2 |
Interest income | 0 | 1 |
Energy and other excise taxes | 8 | 11 |
Other items | 164 | 118 |
Total prepayments and accrued income | 176 | 133 |
Other receivables | ||
VAT and other indirect taxes receivable | 169 | 155 |
Cash collaterals | 110 | 187 |
Other receivables | 43 | 53 |
Total other receivables | 322 | 395 |
Total | 1,929 | 1,782 |
2024 | 2023 | |||||
EURm | TRADE RECEIVABLES | LOSS ALLOWANCE PROVISION | TRADE RECEIVABLES, NET OF PROVISION | TRADE RECEIVABLES | LOSS ALLOWANCE PROVISION | TRADE RECEIVABLES, NET OF PROVISION |
Undue | 1,347 | -3 | 1,345 | 1,165 | -4 | 1,161 |
Past due up to 30 days | 63 | -1 | 62 | 82 | -2 | 80 |
Past due 31\u201390 days | 14 | -2 | 12 | 8 | -1 | 7 |
Past due over 90 days | 34 | -21 | 13 | 30 | -23 | 6 |
Total | 1,458 | -26 | 1,432 | 1,284 | -30 | 1,254 |
EURm | 2024 | 2023 |
Accrued expenses and deferred income | ||
Personnel expenses | 186 | 181 |
Interest expenses | 30 | 22 |
Indirect taxes | 16 | 16 |
Customer rebates | 114 | 94 |
Customer claims | 6 | 6 |
Other items | 109 | 148 |
Total accrued expenses and deferred income | 462 | 467 |
Advances received | 6 | 22 |
Trade payables | 1,369 | 1,297 |
Other current liabilities | 101 | 97 |
Total | 1,938 | 1,883 |
Operational credit risk |
EURm | 2024 | 2023 |
Equity attributable to owners of the parent company | 11,139 | 11,161 |
Non-controlling interest | 401 | 370 |
Total equity | 11,540 | 11,531 |
Non-current debt | 3,747 | 3,056 |
Current debt | 166 | 327 |
Debt held for sale | \u2014 | 2 |
Total debt | 3,913 | 3,385 |
Total capitalisation | 15,452 | 14,916 |
Total debt | 3,913 | 3,385 |
Less: Interest-bearing financial assets and investment funds | 1,044 | 906 |
Less: Interest-bearing financial assets held for sale | \u2014 | 47 |
Net debt | 2,869 | 2,432 |
Gearing ratio, % 1) | 25 | 21 |
Net debt to EBITDA 1) | 1.66 | 1.55 |
Liquidity and refinancing risk |
EURm | 2024 | 2023 |
Cash at bank | 849 | 613 |
Cash equivalents | 42 | 19 |
Cash classified as assets held for sale | \u2014 | 39 |
Investment funds | 1 | 1 |
Committed credit lines | 2,310 | 2,909 |
of which used | 0 | \u2014 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -1 | -182 |
Long-term loan repayment cash flow | -151 | -114 |
Debt held for sale | \u2014 | -2 |
Liquidity | 3,050 | 3,284 |
EURm | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bonds | \u2014 | \u2014 | 361 | 750 | 500 | 1,100 | 2,711 |
Loans from financial institutions | 34 | 31 | 31 | 31 | 31 | 31 | 188 |
Lease liabilities | 115 | 81 | 69 | 63 | 55 | 451 | 832 |
Other loans | 2 | \u2014 | \u2014 | \u2014 | 129 | \u2014 | 131 |
Current loans and debt held for sale | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Principal payments | 152 | 112 | 461 | 844 | 714 | 1,581 | 3,863 |
Interest payments | 102 | 93 | 91 | 63 | 56 | 215 | 620 |
EURm | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Bonds | \u2014 | \u2014 | \u2014 | 339 | 750 | 1,000 | 2,089 |
Loans from financial institutions | 20 | 34 | 31 | 31 | 31 | 62 | 208 |
Lease liabilities | 94 | 97 | 64 | 53 | 50 | 348 | 706 |
Other loans | \u2014 | 2 | \u2014 | \u2014 | \u2014 | 135 | 137 |
Current loans and debt held for sale | 183 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 183 |
Principal payments | 297 | 133 | 95 | 423 | 830 | 1,545 | 3,323 |
Interest payments | 75 | 66 | 62 | 61 | 34 | 111 | 409 |
EURm | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 5 | 8 | 9 | 1 | 1 | \u2014 | 25 |
Net outflow | -23 | -17 | -18 | -19 | \u2014 | \u2014 | -79 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 8 | 8 | 8 | 8 | 133 | \u2014 | 163 |
Total outflow | -5 | -5 | -5 | -5 | -168 | \u2014 | -189 |
Forward foreign exchange contracts | |||||||
Total inflow | 741 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 741 |
Total outflow | -750 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -750 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
EURm | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 3 | 7 | 9 | 9 | \u2014 | \u2014 | 27 |
Net outflow | -30 | -19 | -17 | -18 | -19 | \u2014 | -104 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 7 | 7 | 7 | 7 | 7 | 138 | 173 |
Total outflow | -7 | -5 | -5 | -5 | -5 | -168 | -195 |
Forward foreign exchange contracts | |||||||
Total inflow | 1,000 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | 1,009 |
Total outflow | -989 | -9 | \u2014 | \u2014 | \u2014 | \u2014 | -999 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
EURm | 2024 | 2023 |
Bonds | 2,642 | 2,002 |
Loans from financial institutions | 154 | 188 |
Lease liabilities | 717 | 612 |
Derivatives | 84 | 94 |
Other loans | 149 | 160 |
Non-current debt | 3,747 | 3,056 |
Repayments of non-current debt | 36 | 20 |
Repayments of lease liabilities | 115 | 94 |
Derivatives | 14 | 33 |
Other liabilities | 1 | 180 |
Current debt | 166 | 327 |
Debt held for sale | 0 | 2 |
Total debt | 3,913 | 3,385 |
Loan receivables | 2 | 4 |
Derivatives | 21 | 51 |
Other receivables | 15 | 17 |
Non-current interest-bearing assets | 38 | 71 |
Loan receivables | 1 | 1 |
Derivatives | 2 | 14 |
Other receivables | 110 | 187 |
Investment funds | 1 | 1 |
Cash and cash equivalents | 892 | 632 |
Current interest-bearing assets | 1,006 | 835 |
Interest-bearing assets held for sale | 0 | 47 |
Total interest-bearing assets | 1,044 | 953 |
Net debt | 2,869 | 2,432 |
Accounting policies |
Reported in financing activities in cash flow statement | ||||||||||
EURm | NON- CURRENT LOANS INCL. REPAYMENTS | LEASE LIABI- LITIES | CURRENT LOANS | NET DERIVA- TIVES | INVEST- MENT FUNDS | DEBT HELD FOR SALE | OTHER FINANCIAL ASSETS | CASH AND CASH EQUIVA- LENTS | FINANCIAL ASSETS HELD FOR SALE | NET DEBT |
Carrying value, at 1 January | 2371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 600 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 600 |
Payments of non-current debt | -23 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -23 |
Lease repayments | \u2014 | -105 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -105 |
Change in current liabilities | \u2014 | \u2014 | -182 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -182 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 |
Transaction costs and discounts in operating cash flow | -7 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -7 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 79 | \u2014 | \u2014 | 79 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in investment funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in cash and cash equivalents 1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -261 | 39 | -222 |
570 | -105 | -182 | -5 | \u2014 | \u2014 | 79 | -261 | 39 | 135 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 1 | \u2014 | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
Companies disposed | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 | 2 | \u2014 | 9 | 9 |
New contracts and subsequent additions | \u2014 | 202 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 202 |
Lease liability reassessments | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
Fair value gains and losses | 17 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 35 |
Exchange gains and losses | 17 | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 43 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
40 | 231 | 3 | 18 | \u2014 | -2 | 1 | 2 | 9 | 302 | |
Carrying value, at 31 December | 2,981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Reported in financing activities in cash flow statement | ||||||||||
EURm | NON- CURRENT LOANS INCL. REPAY- MENTS | LEASE LIABILITIES | CURRENT LOANS | NET DERIVA- TIVES | INVEST- MENT FUNDS | DEBT HELD FOR SALE | OTHER FINANCIAL ASSETS | CASH AND CASH EQUIVAL ENTS | FINANCIAL ASSETS HELD FOR SALE | NET DEBT |
Carrying value, at 1 January | 3,766 | 668 | 441 | 90 | -1 | \u2014 | -523 | -2,067 | \u2014 | 2,374 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 100 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 100 |
Payments of non-current debt | -1,506 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1,506 |
Lease repayments | \u2014 | -99 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -99 |
Change in current liabilities | \u2014 | \u2014 | -260 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -260 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 311 | \u2014 | \u2014 | 311 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | -5 |
Change in investment funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,379 | \u2014 | 1,379 |
-1,406 | -99 | -260 | 6 | \u2014 | \u2014 | 306 | 1,379 | \u2014 | -74 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
Companies disposed | \u2014 | -2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 |
New contracts and subsequent additions | \u2014 | 149 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 149 |
Lease liability reassessments | \u2014 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
Fair value gains and losses | 33 | \u2014 | \u2014 | -34 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 |
Exchange gains and losses | -27 | -11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | -22 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
Reclassifications to assets and liabilities held for sale | -1 | -1 | \u2014 | \u2014 | \u2014 | 2 | 9 | 39 | -47 | \u2014 |
11 | 137 | \u2014 | -34 | \u2014 | 2 | 8 | 55 | -47 | 131 | |
Carrying value, at 31 December | 2,371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
FIXED RATE PERIOD | INTEREST RATE, % | CURRENCY | NOMINAL VALUE ISSUED, MILLION | CARRYING VALUE 2024 EURm | CARRYING VALUE 2023 EURm |
1997-2027 | 7.450 | USD | 375 | 375 | 361 |
2020-2028 | 0.125 | EUR | 750 | 675 | 650 |
2021-2031 | 0.500 | EUR | 500 | 496 | 495 |
2022-2029 | 2.250 | EUR | 500 | 497 | 496 |
2024-2034 | 3.375 | EUR | 600 | 599 | \u2014 |
Value, at 31 December | 2,642 | 2,002 | |||
Current portion | \u2014 | \u2014 | |||
Non-current portion | 2,642 | 2,002 |
EURm | FAIR VALUE THROUGH PROFIT AND LOSS | EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OCI | DERIVATIVES UNDER HEDGE ACCOUNTING | FINANCIAL ASSETS AND LIABILITIES AT AMORTISED COST | TOTAL |
Energy shareholdings | \u2014 | 2,247 | \u2014 | \u2014 | 2,247 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 16 | 16 |
Derivatives | 1 | \u2014 | 27 | \u2014 | 28 |
1 | \u2014 | 27 | 16 | 44 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,929 | 1,929 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 9 | \u2014 | 58 | \u2014 | 67 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
10 | \u2014 | 58 | 1 | 69 | |
Financial assets classified as held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 892 | 892 |
Total financial assets | 11 | 2,247 | 85 | 2,838 | 5,181 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,662 | 3,662 |
Derivatives | \u2014 | \u2014 | 84 | \u2014 | 84 |
\u2014 | \u2014 | 84 | 3,662 | 3,747 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 153 | 153 |
Derivatives | \u2014 | \u2014 | 5 | \u2014 | 5 |
\u2014 | \u2014 | 5 | 153 | 158 | |
Current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 10 | \u2014 | 5 | \u2014 | 14 |
10 | \u2014 | 5 | 152 | 166 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,938 | 1,938 |
Other current financial liabilities | |||||
Derivatives | 7 | \u2014 | 101 | \u2014 | 108 |
7 | \u2014 | 101 | \u2014 | 108 | |
Financial liabilities classified as held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial liabilities | 17 | \u2014 | 195 | 5,905 | 6,116 |
EURm | FAIR VALUE THROUGH PROFIT AND LOSS | EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OCI | DERIVATIVES UNDER HEDGE ACCOUNTING | FINANCIAL ASSETS AND LIABILITIES AT AMORTISED COST | TOTAL |
Energy shareholdings | \u2014 | 2,283 | \u2014 | \u2014 | 2,283 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 8 | 8 |
Derivatives | \u2014 | \u2014 | 52 | \u2014 | 52 |
\u2014 | \u2014 | 52 | 8 | 60 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,782 | 1,782 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 19 | \u2014 | 43 | \u2014 | 62 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
20 | \u2014 | 43 | 1 | 64 | |
Financial assets classified as held for sale 2) | \u2014 | \u2014 | \u2014 | 63 | 63 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 632 | 632 |
Total financial assets | 20 | 2,283 | 95 | 2,486 | 4,884 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 2,962 | 2,962 |
Derivatives | \u2014 | \u2014 | 94 | \u2014 | 94 |
\u2014 | \u2014 | 94 | 2,962 | 3,056 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 155 | 155 |
Derivatives | \u2014 | \u2014 | 2 | \u2014 | 2 |
\u2014 | \u2014 | 2 | 155 | 157 | |
Current debt | |||||
Loans | \u2014 | \u2014 | \u2014 | 294 | 294 |
Derivatives | 33 | \u2014 | \u2014 | \u2014 | 33 |
33 | \u2014 | \u2014 | 294 | 327 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,883 | 1,883 |
Other current financial liabilities | |||||
Derivatives | 13 | \u2014 | 38 | \u2014 | 51 |
13 | \u2014 | 38 | \u2014 | 51 | |
Financial liabilities classified as held for sale 2) | \u2014 | \u2014 | \u2014 | 20 | 20 |
Total financial liabilities | 46 | \u2014 | 134 | 5,314 | 5,494 |
EURm | 2024 | 2023 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 10 | \u2014 | 10 | \u2014 | 19 | \u2014 | 19 |
Derivatives under hedge accounting | 1 | 85 | \u2014 | 85 | 4 | 91 | \u2014 | 95 |
Energy shareholdings | \u2014 | \u2014 | 2,247 | 2,247 | \u2014 | \u2014 | 2,283 | 2,283 |
Total | 1 | 96 | 2,247 | 2,343 | 4 | 111 | 2,283 | 2,398 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 17 | \u2014 | 17 | \u2014 | 46 | \u2014 | 46 |
Derivatives under hedge accounting | \u2014 | 195 | \u2014 | 195 | 6 | 128 | \u2014 | 134 |
Total | \u2014 | 211 | \u2014 | 211 | 6 | 174 | \u2014 | 180 |
Accounting policies |
EURm | CURRENCY CASH FLOW HEDGES | ELECTRICITY PURCHASE AND SALES HEDGES | COST OF HEDGING | TAX | TOTAL |
2024 | |||||
Hedging reserve, at 1 January | 13 | -120 | -3 | 21 | -88 |
Amounts reclassified to profit and loss | 2 | 2 | 3 | -1 | 6 |
Amounts reclassified to acquisition cost of a fixed assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in fair value of hedging instruments recognised in OCI | -55 | 146 | -1 | -18 | 72 |
Hedging reserve, at 31 December | -40 | 29 | 0 | 2 | -10 |
EURm | CURRENCY CASH FLOW HEDGES | ELECTRICITY PURCHASE AND SALES HEDGES | COST OF HEDGING | TAX | TOTAL |
2023 | |||||
Hedging reserve, at 1 January | 42 | -814 | -11 | 155 | -627 |
Amounts reclassified to profit and loss | -74 | 178 | 13 | -23 | 94 |
Amounts reclassified to acquisition cost of a fixed assets | \u2014 | \u2014 | 1 | \u2014 | 1 |
Change in fair value of hedging instruments recognised in OCI | 44 | 516 | -5 | -111 | 444 |
Hedging reserve, at 31 December | 13 | -120 | -3 | 21 | -88 |
Foreign exchange risk |
Profit before tax | Equity | |||
EURm | 2024 | 2023 | 2024 | 2023 |
EUR strengthens by 10% | ||||
USD | 1 | 2 | 102 | 89 |
GBP | \u2014 | \u2014 | -14 | -14 |
UYU | \u2014 | \u2014 | 12 | 13 |
CNY | 1 | 1 | 13 | 10 |
EUR weakens by 10% | ||||
USD | -1 | -2 | -102 | -89 |
GBP | \u2014 | \u2014 | 14 | 14 |
UYU | \u2014 | \u2014 | -12 | -13 |
CNY | -1 | -1 | -13 | -10 |
Interest rate risk |
EURbn | 2024 | 2023 |
EUR | 1.7 | 1.3 |
USD | 0.8 | 0.9 |
CNY | -0.3 | -0.2 |
Others | -0.2 | -0.2 |
Total | 2.1 | 1.8 |
Profit before tax | ||
EURm | 2024 | 2023 |
Interest rate of net debt 100 basis points higher | -12 | -8 |
Interest rate of net debt 100 basis points lower | 12 | 8 |
Electricity price risk |
EURm | EFFECT | 2024 | 2023 |
+/\u2013 EUR 5/MWh in electricity forward quotations | |||
Effect on profit before tax | +/- | 0.0 | 0.1 |
Effect on equity | +/- | 31.0 | 34.8 |
Accounting policies |
Financial counterparty risk |
Positive fair values | Negative fair values | Net fair values | Positive fair values | Negative fair values | Net fair values | |
EURm | 2024 | 2023 | ||||
Foreign exchange risk | ||||||
Forward foreign exchange contracts | ||||||
Cash flow hedges | 16 | -54 | -38 | 25 | -12 | 13 |
Net investment hedge | 9 | -25 | -16 | 3 | -2 | 1 |
Non-qualifying hedges | 10 | -17 | -7 | 19 | -5 | 14 |
Cross currency swaps | ||||||
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | -31 | -31 |
Derivatives hedging foreign exchange risk | 35 | -96 | -61 | 47 | -50 | -3 |
Interest rate risk | ||||||
Interest rate swaps | ||||||
Fair value hedges | 21 | -74 | -53 | 24 | -94 | -69 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | -4 | -4 |
Cross currency swaps | ||||||
Fair value hedges | \u2014 | -15 | -15 | 27 | \u2014 | 27 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging interest risk | 21 | -89 | -68 | 51 | -97 | -46 |
Commodity risk | ||||||
Electricity sales | ||||||
Cash flow hedges | 18 | -26 | -8 | 12 | -26 | -14 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||||
Cash flow hedges | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 |
Other commodities | ||||||
Cash flow hedges | 21 | \u2014 | 21 | |||
Non-qualifying hedges | 0 | \u2014 | \u2014 | \u2014 | -6 | -6 |
Derivatives hedging commodity risk | 39 | -26 | 13 | 16 | -32 | -16 |
Total | 95 | -211 | -116 | 114 | -180 | -66 |
EURm | 2024 | 2023 |
Interest rate futures | 1,134 | 1,691 |
Interest rate swaps | 1,711 | 1,089 |
Forward foreign exchange contracts | 3,617 | 3,308 |
Currency options | \u2014 | \u2014 |
Cross currency swaps | 129 | 134 |
Commodity contracts | 551 | 591 |
EURm | POSITIVE FAIR VALUES | NEGATIVE FAIR VALUES | NET FAIR VALUES |
2024 | 43 | -159 | -116 |
2023 | 55 | -121 | -66 |
Timing of nominal amounts of derivatives 2024 | Within 1 year | Between 1\u20135 years | Later than 5 years | Total |
EURm | 2024 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,679 | 11 | \u2014 | 1,690 |
Net investment hedge | 783 | \u2014 | \u2014 | 783 |
Non-qualifying hedges | 1,099 | 46 | \u2014 | 1,145 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,111 | 600 | 1,711 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate futures | ||||
Non-qualifying hedges | 1,134 | \u2014 | \u2014 | 1,134 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 285 | 69 | \u2014 | 354 |
Electricity purchase | ||||
Cash flow hedges | 68 | 30 | \u2014 | 98 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 |
Other commodities | ||||
Cash flow hedges | 56 | 17 | \u2014 | 73 |
Non-qualifying hedges | 26 | \u2014 | \u2014 | 26 |
Timing of nominal amounts of derivatives 2023 | Within 1 year | Between 1\u20135 years | Later than 5 years | Total |
EURm | 2023 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,735 | 8 | \u2014 | 1,743 |
Net investment hedge | 287 | \u2014 | \u2014 | 287 |
Non-qualifying hedges | 1,263 | 15 | \u2014 | 1,278 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | \u2014 | 134 | 134 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,089 | \u2014 | 1,089 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | \u2014 | 134 | 134 |
Interest rate futures | ||||
Non-qualifying hedges | 1,691 | \u2014 | \u2014 | 1,691 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 381 | 60 | \u2014 | 442 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||
Cash flow hedges | 35 | 2 | \u2014 | 37 |
Non-qualifying hedges | 1 | \u2014 | \u2014 | 1 |
Other commodities | ||||
Non-qualifying hedges | 111 | \u2014 | \u2014 | 111 |
Number of shares | Group holding % | Carrying value, EURm | ||
2024 | 2023 | |||
Pohjolan Voima Oyj, A series | 8,176,191 | 61.24 | 543 | 507 |
Pohjolan Voima Oyj, B series | 4,140,132 | 58.11 | 1,151 | 1,302 |
Pohjolan Voima Oyj, B2 series | 2,869,819 | 51.22 | 0 | 0 |
Kemijoki Oy | 179,189 | 7.33 | 426 | 345 |
L\u00e4nsi-Suomen Voima Oy | 10,220 | 51.10 | 123 | 124 |
Other | \u2014 | \u2014 | 4 | 5 |
Carrying value, at 31 December | 2,247 | 2,283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 2,283 | 3,652 |
Disposals | -4 | \u2014 |
Changes in fair value recognised in other comprehensive income | -32 | -1,369 |
Carrying value, at 31 December | 2,247 | 2,283 |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 10 | \u2014 | 10 | \u2014 | 19 | \u2014 | 19 |
Derivatives under hedge accounting | 1 | 85 | \u2014 | 85 | 4 | 91 | \u2014 | 95 |
Energy shareholdings | \u2014 | \u2014 | 2,247 | 2,247 | \u2014 | \u2014 | 2,283 | 2,283 |
Total | 1 | 96 | 2,247 | 2,343 | 4 | 111 | 2,283 | 2,398 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 17 | \u2014 | 17 | \u2014 | 46 | \u2014 | 46 |
Derivatives under hedge accounting | \u2014 | 195 | \u2014 | 195 | 6 | 128 | \u2014 | 134 |
Total | \u2014 | 211 | \u2014 | 211 | 6 | 174 | \u2014 | 180 |
Positive fair values | Negative fair values | Net fair values | Positive fair values | Negative fair values | Net fair values | |
EURm | 2024 | 2023 | ||||
Foreign exchange risk | ||||||
Forward foreign exchange contracts | ||||||
Cash flow hedges | 16 | -54 | -38 | 25 | -12 | 13 |
Net investment hedge | 9 | -25 | -16 | 3 | -2 | 1 |
Non-qualifying hedges | 10 | -17 | -7 | 19 | -5 | 14 |
Cross currency swaps | ||||||
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | -31 | -31 |
Derivatives hedging foreign exchange risk | 35 | -96 | -61 | 47 | -50 | -3 |
Interest rate risk | ||||||
Interest rate swaps | ||||||
Fair value hedges | 21 | -74 | -53 | 24 | -94 | -69 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | -4 | -4 |
Cross currency swaps | ||||||
Fair value hedges | \u2014 | -15 | -15 | 27 | \u2014 | 27 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging interest risk | 21 | -89 | -68 | 51 | -97 | -46 |
Commodity risk | ||||||
Electricity sales | ||||||
Cash flow hedges | 18 | -26 | -8 | 12 | -26 | -14 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||||
Cash flow hedges | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 |
Other commodities | ||||||
Cash flow hedges | 21 | \u2014 | 21 | |||
Non-qualifying hedges | 0 | \u2014 | \u2014 | \u2014 | -6 | -6 |
Derivatives hedging commodity risk | 39 | -26 | 13 | 16 | -32 | -16 |
Total | 95 | -211 | -116 | 114 | -180 | -66 |
EURm | POSITIVE FAIR VALUES | NEGATIVE FAIR VALUES | NET FAIR VALUES |
2024 | 43 | -159 | -116 |
2023 | 55 | -121 | -66 |
Accounting policies |
EURm | 2024 | 2023 |
Pulp operations Uruguay | 111 | 105 |
Pulp operations Finland | \u2014 | 113 |
UPM Raflatac | 48 | 46 |
UPM Plywood | 13 | 13 |
Other operations | 1 | 6 |
Total | 174 | 283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 283 | 282 |
Companies acquired | 3 | 5 |
Translation differences | 7 | -4 |
Impairment charges | -118 | \u2014 |
Carrying value, at 31 December | 174 | 283 |
EURm | INTANGIBLE RIGHTS | SOFTWARE AND OTHER INTANGIBLE ASSETS | TOTAL |
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortisation and impairments | -222 | -482 | -705 |
Carrying value, at 31 December | 212 | 104 | 316 |
Carrying value, at 1 January | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired | \u2014 | 5 | 5 |
Amortisation | -5 | -26 | -30 |
Impairment | \u2014 | -5 | -5 |
Reclassifications 2) | \u2014 | -136 | -135 |
Translation differences | \u2014 | 4 | 4 |
Carrying value, at 31 December | 212 | 104 | 316 |
Emission rights, carrying value 1) | 264 | ||
Carrying value including emission rights, at 31 December | 580 | ||
2023 | |||
Accumulated costs | 463 | 765 | 1,228 |
Accumulated amortisation and impairments | -249 | -520 | -769 |
Carrying value, at 31 December | 214 | 245 | 459 |
Carrying value, at 1 January | 198 | 120 | 317 |
Additions | 2 | 6 | 8 |
Companies acquired | 18 | 4 | 22 |
Amortisation | -4 | -25 | -29 |
Reclassifications 2) | \u2014 | 140 | 140 |
Carrying value, at 31 December | 214 | 245 | 459 |
Emission rights, carrying value 1) | 256 | ||
Carrying value including emission rights, at 31 December | 715 |
CASH GENERATING UNIT | BASIS OF VALUATION | PERIOD OF FORECAST | PRE-TAX DISCOUNT RATE | KEY ASSUMPTIONS |
Pulp operations Finland | Value in use | 10 years + terminal value | 10.55 % (2023: 10.68%) | Pulp price, wood costs |
Pulp operations Uruguay | Value in use | 10 years + terminal value | 9.12% (2023: 9.61%) | Pulp price, wood costs |
UPM Raflatac | Value in use | 10 years + terminal value | 10.59% (2023: 10.05%) | Product prices, cost development |
UPM Plywood | Value in use | 10 years + terminal value | 11.12% (2023: 12.06%) | Product prices, cost development |
UPM Biochemicals | Value in use | 5 years + terminal value | 9.69% (2023: 10.20%) | Product prices, cost development |
Key estimates and judgements |
Accounting policies |
EURm | 2024 | 2023 |
Pulp operations Uruguay | 111 | 105 |
Pulp operations Finland | \u2014 | 113 |
UPM Raflatac | 48 | 46 |
UPM Plywood | 13 | 13 |
Other operations | 1 | 6 |
Total | 174 | 283 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | 283 | 282 |
Companies acquired | 3 | 5 |
Translation differences | 7 | -4 |
Impairment charges | -118 | \u2014 |
Carrying value, at 31 December | 174 | 283 |
CASH GENERATING UNIT | BASIS OF VALUATION | PERIOD OF FORECAST | PRE-TAX DISCOUNT RATE | KEY ASSUMPTIONS |
Pulp operations Finland | Value in use | 10 years + terminal value | 10.55 % (2023: 10.68%) | Pulp price, wood costs |
Pulp operations Uruguay | Value in use | 10 years + terminal value | 9.12% (2023: 9.61%) | Pulp price, wood costs |
UPM Raflatac | Value in use | 10 years + terminal value | 10.59% (2023: 10.05%) | Product prices, cost development |
UPM Plywood | Value in use | 10 years + terminal value | 11.12% (2023: 12.06%) | Product prices, cost development |
UPM Biochemicals | Value in use | 5 years + terminal value | 9.69% (2023: 10.20%) | Product prices, cost development |
Key estimates and judgements |
Accounting policies |
EURm | INTANGIBLE RIGHTS | SOFTWARE AND OTHER INTANGIBLE ASSETS | TOTAL |
2024 | |||
Accumulated costs | 434 | 587 | 1,021 |
Accumulated amortisation and impairments | -222 | -482 | -705 |
Carrying value, at 31 December | 212 | 104 | 316 |
Carrying value, at 1 January | 214 | 245 | 459 |
Additions | 3 | 16 | 18 |
Companies acquired | \u2014 | 5 | 5 |
Amortisation | -5 | -26 | -30 |
Impairment | \u2014 | -5 | -5 |
Reclassifications 2) | \u2014 | -136 | -135 |
Translation differences | \u2014 | 4 | 4 |
Carrying value, at 31 December | 212 | 104 | 316 |
Emission rights, carrying value 1) | 264 | ||
Carrying value including emission rights, at 31 December | 580 | ||
2023 | |||
Accumulated costs | 463 | 765 | 1,228 |
Accumulated amortisation and impairments | -249 | -520 | -769 |
Carrying value, at 31 December | 214 | 245 | 459 |
Carrying value, at 1 January | 198 | 120 | 317 |
Additions | 2 | 6 | 8 |
Companies acquired | 18 | 4 | 22 |
Amortisation | -4 | -25 | -29 |
Reclassifications 2) | \u2014 | 140 | 140 |
Carrying value, at 31 December | 214 | 245 | 459 |
Emission rights, carrying value 1) | 256 | ||
Carrying value including emission rights, at 31 December | 715 |
Key estimates and judgements |
EURm | RESTRUCTURING | TERMINATION | ENVIRON- MENTAL | EMISSIONS | OTHER | TOTAL |
2024 | ||||||
Provisions at 1 January | 59 | 117 | 27 | 56 | 6 | 266 |
Provisions made during the year | 27 | 58 | \u2014 | 78 | 26 | 189 |
Provisions utilised during the year | -29 | -90 | -1 | -68 | -1 | -189 |
Unused provisions reversed | -4 | -5 | -1 | -1 | -3 | -14 |
Reclassifications | 1 | -1 | \u2014 | \u2014 | \u2014 | \u2014 |
Translation differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Provisions at 31 December | 55 | 79 | 26 | 66 | 28 | 253 |
Non-current | 89 | |||||
Current | 165 | |||||
Total | 253 | |||||
2023 | ||||||
Provisions at 1 January | 14 | 22 | 29 | 53 | 15 | 134 |
Provisions made during the year | 53 | 129 | 2 | 69 | 5 | 258 |
Provisions utilised during the year | -6 | -30 | -3 | -65 | -12 | -116 |
Unused provisions reversed | -1 | -4 | -2 | \u2014 | -2 | -10 |
Reclassifications | -1 | \u2014 | 1 | -1 | \u2014 | -1 |
Provisions at 31 December | 59 | 117 | 27 | 56 | 6 | 266 |
Non-current | 170 | |||||
Current | 96 | |||||
Total | 266 |
Accounting policies |
Key estimates and judgements |
EURm | RESTRUCTURING | TERMINATION | ENVIRON- MENTAL | EMISSIONS | OTHER | TOTAL |
2024 | ||||||
Provisions at 1 January | 59 | 117 | 27 | 56 | 6 | 266 |
Provisions made during the year | 27 | 58 | \u2014 | 78 | 26 | 189 |
Provisions utilised during the year | -29 | -90 | -1 | -68 | -1 | -189 |
Unused provisions reversed | -4 | -5 | -1 | -1 | -3 | -14 |
Reclassifications | 1 | -1 | \u2014 | \u2014 | \u2014 | \u2014 |
Translation differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Provisions at 31 December | 55 | 79 | 26 | 66 | 28 | 253 |
Non-current | 89 | |||||
Current | 165 | |||||
Total | 253 | |||||
2023 | ||||||
Provisions at 1 January | 14 | 22 | 29 | 53 | 15 | 134 |
Provisions made during the year | 53 | 129 | 2 | 69 | 5 | 258 |
Provisions utilised during the year | -6 | -30 | -3 | -65 | -12 | -116 |
Unused provisions reversed | -1 | -4 | -2 | \u2014 | -2 | -10 |
Reclassifications | -1 | \u2014 | 1 | -1 | \u2014 | -1 |
Provisions at 31 December | 59 | 117 | 27 | 56 | 6 | 266 |
Non-current | 170 | |||||
Current | 96 | |||||
Total | 266 |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 |
Raw materials and consumables | 1,149 | 1,027 |
Work in progress | 6 | 6 |
Finished products and goods | 915 | 885 |
Advance payments | 35 | 31 |
Total | 2,104 | 1,948 |
EURm | 2024 | 2023 |
Trade receivables | ||
Trade receivables | 1,458 | 1,284 |
Loss allowance provision | -26 | -30 |
Total trade receivables | 1,432 | 1,254 |
Prepayments and accrued income | ||
Personnel expenses | 3 | 2 |
Interest income | 0 | 1 |
Energy and other excise taxes | 8 | 11 |
Other items | 164 | 118 |
Total prepayments and accrued income | 176 | 133 |
Other receivables | ||
VAT and other indirect taxes receivable | 169 | 155 |
Cash collaterals | 110 | 187 |
Other receivables | 43 | 53 |
Total other receivables | 322 | 395 |
Total | 1,929 | 1,782 |
2024 | 2023 | |||||
EURm | TRADE RECEIVABLES | LOSS ALLOWANCE PROVISION | TRADE RECEIVABLES, NET OF PROVISION | TRADE RECEIVABLES | LOSS ALLOWANCE PROVISION | TRADE RECEIVABLES, NET OF PROVISION |
Undue | 1,347 | -3 | 1,345 | 1,165 | -4 | 1,161 |
Past due up to 30 days | 63 | -1 | 62 | 82 | -2 | 80 |
Past due 31\u201390 days | 14 | -2 | 12 | 8 | -1 | 7 |
Past due over 90 days | 34 | -21 | 13 | 30 | -23 | 6 |
Total | 1,458 | -26 | 1,432 | 1,284 | -30 | 1,254 |
EURm | 2024 | 2023 |
Trade receivables | ||
Trade receivables | 1,458 | 1,284 |
Loss allowance provision | -26 | -30 |
Total trade receivables | 1,432 | 1,254 |
Prepayments and accrued income | ||
Personnel expenses | 3 | 2 |
Interest income | 0 | 1 |
Energy and other excise taxes | 8 | 11 |
Other items | 164 | 118 |
Total prepayments and accrued income | 176 | 133 |
Other receivables | ||
VAT and other indirect taxes receivable | 169 | 155 |
Cash collaterals | 110 | 187 |
Other receivables | 43 | 53 |
Total other receivables | 322 | 395 |
Total | 1,929 | 1,782 |
2024 | 2023 | |||||
EURm | TRADE RECEIVABLES | LOSS ALLOWANCE PROVISION | TRADE RECEIVABLES, NET OF PROVISION | TRADE RECEIVABLES | LOSS ALLOWANCE PROVISION | TRADE RECEIVABLES, NET OF PROVISION |
Undue | 1,347 | -3 | 1,345 | 1,165 | -4 | 1,161 |
Past due up to 30 days | 63 | -1 | 62 | 82 | -2 | 80 |
Past due 31\u201390 days | 14 | -2 | 12 | 8 | -1 | 7 |
Past due over 90 days | 34 | -21 | 13 | 30 | -23 | 6 |
Total | 1,458 | -26 | 1,432 | 1,284 | -30 | 1,254 |
EURm | 2024 | 2023 |
Accrued expenses and deferred income | ||
Personnel expenses | 186 | 181 |
Interest expenses | 30 | 22 |
Indirect taxes | 16 | 16 |
Customer rebates | 114 | 94 |
Customer claims | 6 | 6 |
Other items | 109 | 148 |
Total accrued expenses and deferred income | 462 | 467 |
Advances received | 6 | 22 |
Trade payables | 1,369 | 1,297 |
Other current liabilities | 101 | 97 |
Total | 1,938 | 1,883 |
EURm | 2024 | 2023 |
Accrued expenses and deferred income | ||
Personnel expenses | 186 | 181 |
Interest expenses | 30 | 22 |
Indirect taxes | 16 | 16 |
Customer rebates | 114 | 94 |
Customer claims | 6 | 6 |
Other items | 109 | 148 |
Total accrued expenses and deferred income | 462 | 467 |
Advances received | 6 | 22 |
Trade payables | 1,369 | 1,297 |
Other current liabilities | 101 | 97 |
Total | 1,938 | 1,883 |
Operational credit risk |
Liquidity and refinancing risk |
EURm | 2024 | 2023 |
Cash at bank | 849 | 613 |
Cash equivalents | 42 | 19 |
Cash classified as assets held for sale | \u2014 | 39 |
Investment funds | 1 | 1 |
Committed credit lines | 2,310 | 2,909 |
of which used | 0 | \u2014 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -1 | -182 |
Long-term loan repayment cash flow | -151 | -114 |
Debt held for sale | \u2014 | -2 |
Liquidity | 3,050 | 3,284 |
EURm | 2024 | 2023 |
Cash at bank | 849 | 613 |
Cash equivalents | 42 | 19 |
Cash classified as assets held for sale | \u2014 | 39 |
Investment funds | 1 | 1 |
Committed credit lines | 2,310 | 2,909 |
of which used | 0 | \u2014 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -1 | -182 |
Long-term loan repayment cash flow | -151 | -114 |
Debt held for sale | \u2014 | -2 |
Liquidity | 3,050 | 3,284 |
Reported in financing activities in cash flow statement | ||||||||||
EURm | NON- CURRENT LOANS INCL. REPAYMENTS | LEASE LIABI- LITIES | CURRENT LOANS | NET DERIVA- TIVES | INVEST- MENT FUNDS | DEBT HELD FOR SALE | OTHER FINANCIAL ASSETS | CASH AND CASH EQUIVA- LENTS | FINANCIAL ASSETS HELD FOR SALE | NET DEBT |
Carrying value, at 1 January | 2371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 600 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 600 |
Payments of non-current debt | -23 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -23 |
Lease repayments | \u2014 | -105 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -105 |
Change in current liabilities | \u2014 | \u2014 | -182 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -182 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 |
Transaction costs and discounts in operating cash flow | -7 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -7 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 79 | \u2014 | \u2014 | 79 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in investment funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in cash and cash equivalents 1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -261 | 39 | -222 |
570 | -105 | -182 | -5 | \u2014 | \u2014 | 79 | -261 | 39 | 135 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 1 | \u2014 | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
Companies disposed | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 | 2 | \u2014 | 9 | 9 |
New contracts and subsequent additions | \u2014 | 202 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 202 |
Lease liability reassessments | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
Fair value gains and losses | 17 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 35 |
Exchange gains and losses | 17 | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 43 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
40 | 231 | 3 | 18 | \u2014 | -2 | 1 | 2 | 9 | 302 | |
Carrying value, at 31 December | 2,981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Reported in financing activities in cash flow statement | ||||||||||
EURm | NON- CURRENT LOANS INCL. REPAY- MENTS | LEASE LIABILITIES | CURRENT LOANS | NET DERIVA- TIVES | INVEST- MENT FUNDS | DEBT HELD FOR SALE | OTHER FINANCIAL ASSETS | CASH AND CASH EQUIVAL ENTS | FINANCIAL ASSETS HELD FOR SALE | NET DEBT |
Carrying value, at 1 January | 3,766 | 668 | 441 | 90 | -1 | \u2014 | -523 | -2,067 | \u2014 | 2,374 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 100 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 100 |
Payments of non-current debt | -1,506 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1,506 |
Lease repayments | \u2014 | -99 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -99 |
Change in current liabilities | \u2014 | \u2014 | -260 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -260 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 311 | \u2014 | \u2014 | 311 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | -5 |
Change in investment funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,379 | \u2014 | 1,379 |
-1,406 | -99 | -260 | 6 | \u2014 | \u2014 | 306 | 1,379 | \u2014 | -74 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
Companies disposed | \u2014 | -2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 |
New contracts and subsequent additions | \u2014 | 149 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 149 |
Lease liability reassessments | \u2014 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
Fair value gains and losses | 33 | \u2014 | \u2014 | -34 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 |
Exchange gains and losses | -27 | -11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | -22 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
Reclassifications to assets and liabilities held for sale | -1 | -1 | \u2014 | \u2014 | \u2014 | 2 | 9 | 39 | -47 | \u2014 |
11 | 137 | \u2014 | -34 | \u2014 | 2 | 8 | 55 | -47 | 131 | |
Carrying value, at 31 December | 2,371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
EURm | 2024 | 2023 |
Operating cash flow | 1,352 | 2,269 |
Investing cash flow | -586 | -1,076 |
Free cash flow | 766 | 1,193 |
Dividends paid to owners of the parent company | -801 | -799 |
Dividends paid to non-controlling interests | -19 | -36 |
Contributions paid by non-controlling interests | 0 | 35 |
Other financing cash flow | -10 | -14 |
Transaction costs and discounts in operating cash flow | 7 | 0 |
Change in other financial assets in operating cash flow | -79 | -311 |
Change in other financial assets in investing cash flow | 0 | 5 |
Change in net debt, cash | 135 | -74 |
Change in net debt, non-cash | 302 | 131 |
Change in net debt | 437 | 58 |
Opening net debt | 2,432 | 2,374 |
Closing net debt | 2,869 | 2,432 |
EURm | 2024 | 2023 |
Cash at bank | 849 | 613 |
Cash equivalents | 42 | 19 |
Cash classified as assets held for sale | \u2014 | 39 |
Investment funds | 1 | 1 |
Committed credit lines | 2,310 | 2,909 |
of which used | 0 | \u2014 |
Loan commitments | \u2014 | \u2014 |
Used uncommitted credit lines | -1 | -182 |
Long-term loan repayment cash flow | -151 | -114 |
Debt held for sale | \u2014 | -2 |
Liquidity | 3,050 | 3,284 |
EURm | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Bonds | \u2014 | \u2014 | 361 | 750 | 500 | 1,100 | 2,711 |
Loans from financial institutions | 34 | 31 | 31 | 31 | 31 | 31 | 188 |
Lease liabilities | 115 | 81 | 69 | 63 | 55 | 451 | 832 |
Other loans | 2 | \u2014 | \u2014 | \u2014 | 129 | \u2014 | 131 |
Current loans and debt held for sale | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Principal payments | 152 | 112 | 461 | 844 | 714 | 1,581 | 3,863 |
Interest payments | 102 | 93 | 91 | 63 | 56 | 215 | 620 |
EURm | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Bonds | \u2014 | \u2014 | \u2014 | 339 | 750 | 1,000 | 2,089 |
Loans from financial institutions | 20 | 34 | 31 | 31 | 31 | 62 | 208 |
Lease liabilities | 94 | 97 | 64 | 53 | 50 | 348 | 706 |
Other loans | \u2014 | 2 | \u2014 | \u2014 | \u2014 | 135 | 137 |
Current loans and debt held for sale | 183 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 183 |
Principal payments | 297 | 133 | 95 | 423 | 830 | 1,545 | 3,323 |
Interest payments | 75 | 66 | 62 | 61 | 34 | 111 | 409 |
EURm | 2024 | 2023 |
Bonds | 2,642 | 2,002 |
Loans from financial institutions | 154 | 188 |
Lease liabilities | 717 | 612 |
Derivatives | 84 | 94 |
Other loans | 149 | 160 |
Non-current debt | 3,747 | 3,056 |
Repayments of non-current debt | 36 | 20 |
Repayments of lease liabilities | 115 | 94 |
Derivatives | 14 | 33 |
Other liabilities | 1 | 180 |
Current debt | 166 | 327 |
Debt held for sale | 0 | 2 |
Total debt | 3,913 | 3,385 |
Loan receivables | 2 | 4 |
Derivatives | 21 | 51 |
Other receivables | 15 | 17 |
Non-current interest-bearing assets | 38 | 71 |
Loan receivables | 1 | 1 |
Derivatives | 2 | 14 |
Other receivables | 110 | 187 |
Investment funds | 1 | 1 |
Cash and cash equivalents | 892 | 632 |
Current interest-bearing assets | 1,006 | 835 |
Interest-bearing assets held for sale | 0 | 47 |
Total interest-bearing assets | 1,044 | 953 |
Net debt | 2,869 | 2,432 |
Accounting policies |
Reported in financing activities in cash flow statement | ||||||||||
EURm | NON- CURRENT LOANS INCL. REPAYMENTS | LEASE LIABI- LITIES | CURRENT LOANS | NET DERIVA- TIVES | INVEST- MENT FUNDS | DEBT HELD FOR SALE | OTHER FINANCIAL ASSETS | CASH AND CASH EQUIVA- LENTS | FINANCIAL ASSETS HELD FOR SALE | NET DEBT |
Carrying value, at 1 January | 2371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 600 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 600 |
Payments of non-current debt | -23 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -23 |
Lease repayments | \u2014 | -105 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -105 |
Change in current liabilities | \u2014 | \u2014 | -182 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -182 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 |
Transaction costs and discounts in operating cash flow | -7 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -7 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 79 | \u2014 | \u2014 | 79 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in investment funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in cash and cash equivalents 1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -261 | 39 | -222 |
570 | -105 | -182 | -5 | \u2014 | \u2014 | 79 | -261 | 39 | 135 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 1 | \u2014 | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
Companies disposed | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 | 2 | \u2014 | 9 | 9 |
New contracts and subsequent additions | \u2014 | 202 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 202 |
Lease liability reassessments | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
Fair value gains and losses | 17 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 35 |
Exchange gains and losses | 17 | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 43 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
40 | 231 | 3 | 18 | \u2014 | -2 | 1 | 2 | 9 | 302 | |
Carrying value, at 31 December | 2,981 | 832 | 1 | 76 | -1 | \u2014 | -128 | -892 | \u2014 | 2,869 |
Reported in financing activities in cash flow statement | ||||||||||
EURm | NON- CURRENT LOANS INCL. REPAY- MENTS | LEASE LIABILITIES | CURRENT LOANS | NET DERIVA- TIVES | INVEST- MENT FUNDS | DEBT HELD FOR SALE | OTHER FINANCIAL ASSETS | CASH AND CASH EQUIVAL ENTS | FINANCIAL ASSETS HELD FOR SALE | NET DEBT |
Carrying value, at 1 January | 3,766 | 668 | 441 | 90 | -1 | \u2014 | -523 | -2,067 | \u2014 | 2,374 |
Change in net debt, cash | ||||||||||
Proceeds from non-current debt | 100 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 100 |
Payments of non-current debt | -1,506 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1,506 |
Lease repayments | \u2014 | -99 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -99 |
Change in current liabilities | \u2014 | \u2014 | -260 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -260 |
Net cash flows from derivatives | \u2014 | \u2014 | \u2014 | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
Change in other financial assets in operating cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 311 | \u2014 | \u2014 | 311 |
Change in other financial assets in investing cash flow | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -5 | \u2014 | \u2014 | -5 |
Change in investment funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,379 | \u2014 | 1,379 |
-1,406 | -99 | -260 | 6 | \u2014 | \u2014 | 306 | 1,379 | \u2014 | -74 | |
Change in net debt, non-cash | ||||||||||
Companies acquired | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
Companies disposed | \u2014 | -2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -2 |
New contracts and subsequent additions | \u2014 | 149 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 149 |
Lease liability reassessments | \u2014 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
Fair value gains and losses | 33 | \u2014 | \u2014 | -34 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 |
Exchange gains and losses | -27 | -11 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | -22 |
Effective interest rate adjustment | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
Reclassifications to assets and liabilities held for sale | -1 | -1 | \u2014 | \u2014 | \u2014 | 2 | 9 | 39 | -47 | \u2014 |
11 | 137 | \u2014 | -34 | \u2014 | 2 | 8 | 55 | -47 | 131 | |
Carrying value, at 31 December | 2,371 | 706 | 180 | 63 | -1 | 2 | -208 | -632 | -47 | 2,432 |
FIXED RATE PERIOD | INTEREST RATE, % | CURRENCY | NOMINAL VALUE ISSUED, MILLION | CARRYING VALUE 2024 EURm | CARRYING VALUE 2023 EURm |
1997-2027 | 7.450 | USD | 375 | 375 | 361 |
2020-2028 | 0.125 | EUR | 750 | 675 | 650 |
2021-2031 | 0.500 | EUR | 500 | 496 | 495 |
2022-2029 | 2.250 | EUR | 500 | 497 | 496 |
2024-2034 | 3.375 | EUR | 600 | 599 | \u2014 |
Value, at 31 December | 2,642 | 2,002 | |||
Current portion | \u2014 | \u2014 | |||
Non-current portion | 2,642 | 2,002 |
EURm | 2025 | 2026 | 2027 | 2028 | 2029 | 2030+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 5 | 8 | 9 | 1 | 1 | \u2014 | 25 |
Net outflow | -23 | -17 | -18 | -19 | \u2014 | \u2014 | -79 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 8 | 8 | 8 | 8 | 133 | \u2014 | 163 |
Total outflow | -5 | -5 | -5 | -5 | -168 | \u2014 | -189 |
Forward foreign exchange contracts | |||||||
Total inflow | 741 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 741 |
Total outflow | -750 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -750 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
EURm | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ | Total |
Net settled interest rate swaps | |||||||
Net inflow | 3 | 7 | 9 | 9 | \u2014 | \u2014 | 27 |
Net outflow | -30 | -19 | -17 | -18 | -19 | \u2014 | -104 |
Gross settled derivatives | |||||||
Gross currency swaps | |||||||
Total inflow | 7 | 7 | 7 | 7 | 7 | 138 | 173 |
Total outflow | -7 | -5 | -5 | -5 | -5 | -168 | -195 |
Forward foreign exchange contracts | |||||||
Total inflow | 1,000 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | 1,009 |
Total outflow | -989 | -9 | \u2014 | \u2014 | \u2014 | \u2014 | -999 |
Guarantees | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
EURm | FAIR VALUE THROUGH PROFIT AND LOSS | EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OCI | DERIVATIVES UNDER HEDGE ACCOUNTING | FINANCIAL ASSETS AND LIABILITIES AT AMORTISED COST | TOTAL |
Energy shareholdings | \u2014 | 2,247 | \u2014 | \u2014 | 2,247 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 16 | 16 |
Derivatives | 1 | \u2014 | 27 | \u2014 | 28 |
1 | \u2014 | 27 | 16 | 44 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,929 | 1,929 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 9 | \u2014 | 58 | \u2014 | 67 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
10 | \u2014 | 58 | 1 | 69 | |
Financial assets classified as held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 892 | 892 |
Total financial assets | 11 | 2,247 | 85 | 2,838 | 5,181 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,662 | 3,662 |
Derivatives | \u2014 | \u2014 | 84 | \u2014 | 84 |
\u2014 | \u2014 | 84 | 3,662 | 3,747 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 153 | 153 |
Derivatives | \u2014 | \u2014 | 5 | \u2014 | 5 |
\u2014 | \u2014 | 5 | 153 | 158 | |
Current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 10 | \u2014 | 5 | \u2014 | 14 |
10 | \u2014 | 5 | 152 | 166 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,938 | 1,938 |
Other current financial liabilities | |||||
Derivatives | 7 | \u2014 | 101 | \u2014 | 108 |
7 | \u2014 | 101 | \u2014 | 108 | |
Financial liabilities classified as held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial liabilities | 17 | \u2014 | 195 | 5,905 | 6,116 |
EURm | FAIR VALUE THROUGH PROFIT AND LOSS | EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OCI | DERIVATIVES UNDER HEDGE ACCOUNTING | FINANCIAL ASSETS AND LIABILITIES AT AMORTISED COST | TOTAL |
Energy shareholdings | \u2014 | 2,283 | \u2014 | \u2014 | 2,283 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 8 | 8 |
Derivatives | \u2014 | \u2014 | 52 | \u2014 | 52 |
\u2014 | \u2014 | 52 | 8 | 60 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,782 | 1,782 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 19 | \u2014 | 43 | \u2014 | 62 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
20 | \u2014 | 43 | 1 | 64 | |
Financial assets classified as held for sale 2) | \u2014 | \u2014 | \u2014 | 63 | 63 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 632 | 632 |
Total financial assets | 20 | 2,283 | 95 | 2,486 | 4,884 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 2,962 | 2,962 |
Derivatives | \u2014 | \u2014 | 94 | \u2014 | 94 |
\u2014 | \u2014 | 94 | 2,962 | 3,056 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 155 | 155 |
Derivatives | \u2014 | \u2014 | 2 | \u2014 | 2 |
\u2014 | \u2014 | 2 | 155 | 157 | |
Current debt | |||||
Loans | \u2014 | \u2014 | \u2014 | 294 | 294 |
Derivatives | 33 | \u2014 | \u2014 | \u2014 | 33 |
33 | \u2014 | \u2014 | 294 | 327 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,883 | 1,883 |
Other current financial liabilities | |||||
Derivatives | 13 | \u2014 | 38 | \u2014 | 51 |
13 | \u2014 | 38 | \u2014 | 51 | |
Financial liabilities classified as held for sale 2) | \u2014 | \u2014 | \u2014 | 20 | 20 |
Total financial liabilities | 46 | \u2014 | 134 | 5,314 | 5,494 |
EURm | 2024 | 2023 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 10 | \u2014 | 10 | \u2014 | 19 | \u2014 | 19 |
Derivatives under hedge accounting | 1 | 85 | \u2014 | 85 | 4 | 91 | \u2014 | 95 |
Energy shareholdings | \u2014 | \u2014 | 2,247 | 2,247 | \u2014 | \u2014 | 2,283 | 2,283 |
Total | 1 | 96 | 2,247 | 2,343 | 4 | 111 | 2,283 | 2,398 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 17 | \u2014 | 17 | \u2014 | 46 | \u2014 | 46 |
Derivatives under hedge accounting | \u2014 | 195 | \u2014 | 195 | 6 | 128 | \u2014 | 134 |
Total | \u2014 | 211 | \u2014 | 211 | 6 | 174 | \u2014 | 180 |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
Accounting policies |
Financial counterparty risk |
Positive fair values | Negative fair values | Net fair values | Positive fair values | Negative fair values | Net fair values | |
EURm | 2024 | 2023 | ||||
Foreign exchange risk | ||||||
Forward foreign exchange contracts | ||||||
Cash flow hedges | 16 | -54 | -38 | 25 | -12 | 13 |
Net investment hedge | 9 | -25 | -16 | 3 | -2 | 1 |
Non-qualifying hedges | 10 | -17 | -7 | 19 | -5 | 14 |
Cross currency swaps | ||||||
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | -31 | -31 |
Derivatives hedging foreign exchange risk | 35 | -96 | -61 | 47 | -50 | -3 |
Interest rate risk | ||||||
Interest rate swaps | ||||||
Fair value hedges | 21 | -74 | -53 | 24 | -94 | -69 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | -4 | -4 |
Cross currency swaps | ||||||
Fair value hedges | \u2014 | -15 | -15 | 27 | \u2014 | 27 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivatives hedging interest risk | 21 | -89 | -68 | 51 | -97 | -46 |
Commodity risk | ||||||
Electricity sales | ||||||
Cash flow hedges | 18 | -26 | -8 | 12 | -26 | -14 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||||
Cash flow hedges | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 |
Other commodities | ||||||
Cash flow hedges | 21 | \u2014 | 21 | |||
Non-qualifying hedges | 0 | \u2014 | \u2014 | \u2014 | -6 | -6 |
Derivatives hedging commodity risk | 39 | -26 | 13 | 16 | -32 | -16 |
Total | 95 | -211 | -116 | 114 | -180 | -66 |
EURm | 2024 | 2023 |
Interest rate futures | 1,134 | 1,691 |
Interest rate swaps | 1,711 | 1,089 |
Forward foreign exchange contracts | 3,617 | 3,308 |
Currency options | \u2014 | \u2014 |
Cross currency swaps | 129 | 134 |
Commodity contracts | 551 | 591 |
EURm | POSITIVE FAIR VALUES | NEGATIVE FAIR VALUES | NET FAIR VALUES |
2024 | 43 | -159 | -116 |
2023 | 55 | -121 | -66 |
Timing of nominal amounts of derivatives 2024 | Within 1 year | Between 1\u20135 years | Later than 5 years | Total |
EURm | 2024 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,679 | 11 | \u2014 | 1,690 |
Net investment hedge | 783 | \u2014 | \u2014 | 783 |
Non-qualifying hedges | 1,099 | 46 | \u2014 | 1,145 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,111 | 600 | 1,711 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | 129 | \u2014 | 129 |
Interest rate futures | ||||
Non-qualifying hedges | 1,134 | \u2014 | \u2014 | 1,134 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 285 | 69 | \u2014 | 354 |
Electricity purchase | ||||
Cash flow hedges | 68 | 30 | \u2014 | 98 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 |
Other commodities | ||||
Cash flow hedges | 56 | 17 | \u2014 | 73 |
Non-qualifying hedges | 26 | \u2014 | \u2014 | 26 |
Timing of nominal amounts of derivatives 2023 | Within 1 year | Between 1\u20135 years | Later than 5 years | Total |
EURm | 2023 | |||
Foreign exchange risk | ||||
Forward foreign exchange contracts | ||||
Cash flow hedges | 1,735 | 8 | \u2014 | 1,743 |
Net investment hedge | 287 | \u2014 | \u2014 | 287 |
Non-qualifying hedges | 1,263 | 15 | \u2014 | 1,278 |
Cross currency swaps | ||||
Non-qualifying hedges | \u2014 | \u2014 | 134 | 134 |
Interest rate risk | ||||
Interest rate swaps | ||||
Fair value hedges | \u2014 | 1,089 | \u2014 | 1,089 |
Cross currency swaps | ||||
Fair value hedges | \u2014 | \u2014 | 134 | 134 |
Interest rate futures | ||||
Non-qualifying hedges | 1,691 | \u2014 | \u2014 | 1,691 |
Commodity risk | ||||
Electricity sales | ||||
Cash flow hedges | 381 | 60 | \u2014 | 442 |
Non-qualifying hedges | \u2014 | \u2014 | \u2014 | \u2014 |
Electricity purchase | ||||
Cash flow hedges | 35 | 2 | \u2014 | 37 |
Non-qualifying hedges | 1 | \u2014 | \u2014 | 1 |
Other commodities | ||||
Non-qualifying hedges | 111 | \u2014 | \u2014 | 111 |
LAND AREAS | BUILDINGS | MACHINERY AND EQUIPMENT | OTHER LEASED ASSETS | ADVANCE PAYMENTS 1) | TOTAL | |
2024 | ||||||
Carrying value, at 1 January | 272 | 161 | 226 | 1 | 24 | 683 |
New contracts and subsequent additions | 19 | 3 | 181 | 1 | 9 | 213 |
Reassessments and disposals | 1 | 4 | -1 | \u2014 | \u2014 | 4 |
Depreciation | -18 | -24 | -43 | \u2014 | \u2014 | -85 |
Reclassifications | \u2014 | \u2014 | 33 | \u2014 | -33 | \u2014 |
Translation differences | 16 | \u2014 | 15 | \u2014 | \u2014 | 32 |
Carrying value, at 31 December | 291 | 144 | 411 | 1 | \u2014 | 847 |
2023 | ||||||
Carrying value, at 1 January | 283 | 247 | 169 | 1 | 13 | 713 |
New contracts and subsequent additions | 9 | 40 | 95 | 4 | 13 | 161 |
Reassessments and disposals | 7 | 4 | -2 | \u2014 | \u2014 | 9 |
Depreciation | -17 | -31 | -39 | \u2014 | \u2014 | -87 |
Impairments | \u2014 | -100 | \u2014 | \u2014 | \u2014 | -100 |
Reclassifications | \u2014 | 2 | 4 | -4 | -2 | \u2014 |
Reclassifications held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | -1 |
Translation differences | -10 | -1 | -1 | \u2014 | \u2014 | -11 |
Carrying value, at 31 December | 272 | 161 | 226 | 1 | 24 | 683 |
Accounting policies |
EURm | 2024 | 2023 |
Other own commitments | ||
Leasing commitments for the next 12 months in accordance with IFRS 16 | 1 | 2 |
Other commitments | 106 | 99 |
Total | 107 | 101 |
EURm | FAIR VALUE THROUGH PROFIT AND LOSS | EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OCI | DERIVATIVES UNDER HEDGE ACCOUNTING | FINANCIAL ASSETS AND LIABILITIES AT AMORTISED COST | TOTAL |
Energy shareholdings | \u2014 | 2,247 | \u2014 | \u2014 | 2,247 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 16 | 16 |
Derivatives | 1 | \u2014 | 27 | \u2014 | 28 |
1 | \u2014 | 27 | 16 | 44 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,929 | 1,929 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 9 | \u2014 | 58 | \u2014 | 67 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
10 | \u2014 | 58 | 1 | 69 | |
Financial assets classified as held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 892 | 892 |
Total financial assets | 11 | 2,247 | 85 | 2,838 | 5,181 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 3,662 | 3,662 |
Derivatives | \u2014 | \u2014 | 84 | \u2014 | 84 |
\u2014 | \u2014 | 84 | 3,662 | 3,747 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 153 | 153 |
Derivatives | \u2014 | \u2014 | 5 | \u2014 | 5 |
\u2014 | \u2014 | 5 | 153 | 158 | |
Current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 152 | 152 |
Derivatives | 10 | \u2014 | 5 | \u2014 | 14 |
10 | \u2014 | 5 | 152 | 166 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,938 | 1,938 |
Other current financial liabilities | |||||
Derivatives | 7 | \u2014 | 101 | \u2014 | 108 |
7 | \u2014 | 101 | \u2014 | 108 | |
Financial liabilities classified as held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total financial liabilities | 17 | \u2014 | 195 | 5,905 | 6,116 |
EURm | FAIR VALUE THROUGH PROFIT AND LOSS | EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OCI | DERIVATIVES UNDER HEDGE ACCOUNTING | FINANCIAL ASSETS AND LIABILITIES AT AMORTISED COST | TOTAL |
Energy shareholdings | \u2014 | 2,283 | \u2014 | \u2014 | 2,283 |
Other non-current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 8 | 8 |
Derivatives | \u2014 | \u2014 | 52 | \u2014 | 52 |
\u2014 | \u2014 | 52 | 8 | 60 | |
Trade and other receivables | \u2014 | \u2014 | \u2014 | 1,782 | 1,782 |
Other current financial assets | |||||
Loans and receivables | \u2014 | \u2014 | \u2014 | 1 | 1 |
Derivatives | 19 | \u2014 | 43 | \u2014 | 62 |
Investment funds | 1 | \u2014 | \u2014 | \u2014 | 1 |
20 | \u2014 | 43 | 1 | 64 | |
Financial assets classified as held for sale 2) | \u2014 | \u2014 | \u2014 | 63 | 63 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | 632 | 632 |
Total financial assets | 20 | 2,283 | 95 | 2,486 | 4,884 |
Non-current debt | |||||
Interest-bearing liabilities | \u2014 | \u2014 | \u2014 | 2,962 | 2,962 |
Derivatives | \u2014 | \u2014 | 94 | \u2014 | 94 |
\u2014 | \u2014 | 94 | 2,962 | 3,056 | |
Other non-current financial liabilities | |||||
Other liabilities 1) | \u2014 | \u2014 | \u2014 | 155 | 155 |
Derivatives | \u2014 | \u2014 | 2 | \u2014 | 2 |
\u2014 | \u2014 | 2 | 155 | 157 | |
Current debt | |||||
Loans | \u2014 | \u2014 | \u2014 | 294 | 294 |
Derivatives | 33 | \u2014 | \u2014 | \u2014 | 33 |
33 | \u2014 | \u2014 | 294 | 327 | |
Trade and other payables | \u2014 | \u2014 | \u2014 | 1,883 | 1,883 |
Other current financial liabilities | |||||
Derivatives | 13 | \u2014 | 38 | \u2014 | 51 |
13 | \u2014 | 38 | \u2014 | 51 | |
Financial liabilities classified as held for sale 2) | \u2014 | \u2014 | \u2014 | 20 | 20 |
Total financial liabilities | 46 | \u2014 | 134 | 5,314 | 5,494 |
EURm | 2024 | 2023 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets | ||||||||
Investment funds | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 | \u2014 | 1 |
Derivatives, non-qualifying hedges | \u2014 | 10 | \u2014 | 10 | \u2014 | 19 | \u2014 | 19 |
Derivatives under hedge accounting | 1 | 85 | \u2014 | 85 | 4 | 91 | \u2014 | 95 |
Energy shareholdings | \u2014 | \u2014 | 2,247 | 2,247 | \u2014 | \u2014 | 2,283 | 2,283 |
Total | 1 | 96 | 2,247 | 2,343 | 4 | 111 | 2,283 | 2,398 |
Financial liabilities | ||||||||
Derivatives, non-qualifying hedges | \u2014 | 17 | \u2014 | 17 | \u2014 | 46 | \u2014 | 46 |
Derivatives under hedge accounting | \u2014 | 195 | \u2014 | 195 | 6 | 128 | \u2014 | 134 |
Total | \u2014 | 211 | \u2014 | 211 | 6 | 174 | \u2014 | 180 |
Accounting policies |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
EURm | 2024 | 2023 |
Exchange rate gains and losses | ||
Derivatives | -31 | 4 |
Exchange gains and losses on financial liabilities measured at amortised costs | -11 | 29 |
Exchange gains and losses on financial assets measured at amortised costs | 37 | -32 |
Other exchange rate gains and losses 1) | 0 | -73 |
-6 | -72 | |
Fair value changes | ||
Fair value gains and losses on derivatives designated as fair value hedges | 16 | 32 |
Fair value adjustment of debt attributable to interest rate risk | -17 | -33 |
-1 | -2 | |
Total | -7 | -74 |
Interest and other finance income and costs, net | ||
Interest expense on lease liabilities | -24 | -21 |
Interest expense on other financial liabilities measured at amortised cost | -47 | -38 |
Interest income (expense) on derivatives | -40 | -28 |
Interest income on loans, receivables and cash | 31 | 37 |
Dividend income from energy shareholdings | 2 | 0 |
Impairment charges of associates and joint ventures | -2 | 0 |
Other financial income and expenses, net | -17 | -20 |
-97 | -70 | |
Total | -104 | -144 |
EURm | 2024 | 2023 |
Cash flow hedges reclassified from hedging reserve | -7 | -117 |
Non-qualifying hedges | -25 | 4 |
Total | -33 | -113 |
EURm | 2024 | 2023 |
Sales | -5 | 61 |
Other operating income | -9 | -35 |
Total | -14 | 26 |
2024 | 2023 | |
Number of shares (1,000) | 533,736 | 533,736 |
Share capital, EURm | 890 | 890 |
EURm | 2024 | 2023 |
Fair value reserve | 1,661 | 1,713 |
Hedging reserve | -10 | -88 |
Share-based payments reserve | 26 | 31 |
Total other reserves | 1,678 | 1,655 |
Reserve for invested non-restricted equity | 1,273 | 1,273 |
Translation reserve | 657 | 347 |
Total reserves | 3,608 | 3,276 |
Accounting policies |
EURm | CURRENCY CASH FLOW HEDGES | ELECTRICITY PURCHASE AND SALES HEDGES | COST OF HEDGING | TAX | TOTAL |
2024 | |||||
Hedging reserve, at 1 January | 13 | -120 | -3 | 21 | -88 |
Amounts reclassified to profit and loss | 2 | 2 | 3 | -1 | 6 |
Amounts reclassified to acquisition cost of a fixed assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in fair value of hedging instruments recognised in OCI | -55 | 146 | -1 | -18 | 72 |
Hedging reserve, at 31 December | -40 | 29 | 0 | 2 | -10 |
EURm | CURRENCY CASH FLOW HEDGES | ELECTRICITY PURCHASE AND SALES HEDGES | COST OF HEDGING | TAX | TOTAL |
2023 | |||||
Hedging reserve, at 1 January | 42 | -814 | -11 | 155 | -627 |
Amounts reclassified to profit and loss | -74 | 178 | 13 | -23 | 94 |
Amounts reclassified to acquisition cost of a fixed assets | \u2014 | \u2014 | 1 | \u2014 | 1 |
Change in fair value of hedging instruments recognised in OCI | 44 | 516 | -5 | -111 | 444 |
Hedging reserve, at 31 December | 13 | -120 | -3 | 21 | -88 |
2024 | 2023 | |
Number of shares (1,000) | 533,736 | 533,736 |
Share capital, EURm | 890 | 890 |
EURm | 2024 | 2023 |
Fair value reserve | 1,661 | 1,713 |
Hedging reserve | -10 | -88 |
Share-based payments reserve | 26 | 31 |
Total other reserves | 1,678 | 1,655 |
Reserve for invested non-restricted equity | 1,273 | 1,273 |
Translation reserve | 657 | 347 |
Total reserves | 3,608 | 3,276 |
Accounting policies |
EURm | CURRENCY CASH FLOW HEDGES | ELECTRICITY PURCHASE AND SALES HEDGES | COST OF HEDGING | TAX | TOTAL |
2024 | |||||
Hedging reserve, at 1 January | 13 | -120 | -3 | 21 | -88 |
Amounts reclassified to profit and loss | 2 | 2 | 3 | -1 | 6 |
Amounts reclassified to acquisition cost of a fixed assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Change in fair value of hedging instruments recognised in OCI | -55 | 146 | -1 | -18 | 72 |
Hedging reserve, at 31 December | -40 | 29 | 0 | 2 | -10 |
EURm | CURRENCY CASH FLOW HEDGES | ELECTRICITY PURCHASE AND SALES HEDGES | COST OF HEDGING | TAX | TOTAL |
2023 | |||||
Hedging reserve, at 1 January | 42 | -814 | -11 | 155 | -627 |
Amounts reclassified to profit and loss | -74 | 178 | 13 | -23 | 94 |
Amounts reclassified to acquisition cost of a fixed assets | \u2014 | \u2014 | 1 | \u2014 | 1 |
Change in fair value of hedging instruments recognised in OCI | 44 | 516 | -5 | -111 | 444 |
Hedging reserve, at 31 December | 13 | -120 | -3 | 21 | -88 |
Foreign exchange risk |
Profit before tax | Equity | |||
EURm | 2024 | 2023 | 2024 | 2023 |
EUR strengthens by 10% | ||||
USD | 1 | 2 | 102 | 89 |
GBP | \u2014 | \u2014 | -14 | -14 |
UYU | \u2014 | \u2014 | 12 | 13 |
CNY | 1 | 1 | 13 | 10 |
EUR weakens by 10% | ||||
USD | -1 | -2 | -102 | -89 |
GBP | \u2014 | \u2014 | 14 | 14 |
UYU | \u2014 | \u2014 | -12 | -13 |
CNY | -1 | -1 | -13 | -10 |
Interest rate risk |
EURbn | 2024 | 2023 |
EUR | 1.7 | 1.3 |
USD | 0.8 | 0.9 |
CNY | -0.3 | -0.2 |
Others | -0.2 | -0.2 |
Total | 2.1 | 1.8 |
Profit before tax | ||
EURm | 2024 | 2023 |
Interest rate of net debt 100 basis points higher | -12 | -8 |
Interest rate of net debt 100 basis points lower | 12 | 8 |
Electricity price risk |
EURm | EFFECT | 2024 | 2023 |
+/\u2013 EUR 5/MWh in electricity forward quotations | |||
Effect on profit before tax | +/- | 0.0 | 0.1 |
Effect on equity | +/- | 31.0 | 34.8 |
Foreign exchange risk |
Profit before tax | Equity | |||
EURm | 2024 | 2023 | 2024 | 2023 |
EUR strengthens by 10% | ||||
USD | 1 | 2 | 102 | 89 |
GBP | \u2014 | \u2014 | -14 | -14 |
UYU | \u2014 | \u2014 | 12 | 13 |
CNY | 1 | 1 | 13 | 10 |
EUR weakens by 10% | ||||
USD | -1 | -2 | -102 | -89 |
GBP | \u2014 | \u2014 | 14 | 14 |
UYU | \u2014 | \u2014 | -12 | -13 |
CNY | -1 | -1 | -13 | -10 |
Interest rate risk |
EURbn | 2024 | 2023 |
EUR | 1.7 | 1.3 |
USD | 0.8 | 0.9 |
CNY | -0.3 | -0.2 |
Others | -0.2 | -0.2 |
Total | 2.1 | 1.8 |
Profit before tax | ||
EURm | 2024 | 2023 |
Interest rate of net debt 100 basis points higher | -12 | -8 |
Interest rate of net debt 100 basis points lower | 12 | 8 |
Electricity price risk |
EURm | EFFECT | 2024 | 2023 |
+/\u2013 EUR 5/MWh in electricity forward quotations | |||
Effect on profit before tax | +/- | 0.0 | 0.1 |
Effect on equity | +/- | 31.0 | 34.8 |
Financial counterparty risk |
Accounting policies |
Accounting policies |
EURm | 2024 | 2023 |
Current tax expense | 122 | 161 |
Change in deferred taxes | -85 | -90 |
Total | 37 | 71 |
EURm | 2024 | 2023 |
Profit before tax | 500 | 464 |
Computed tax at Finnish statutory rate of 20% | 100 | 93 |
Difference between Finnish and foreign rates | -6 | -28 |
Tax-exempt income | -91 | -51 |
Non-deductible expenses | 37 | 28 |
Withholding taxes | 2 | 2 |
Tax loss with no tax benefit | 8 | 45 |
Results of associates | 0 | 0 |
Change in tax legislation | \u2014 | \u2014 |
Change in recoverability of deferred tax assets | \u2014 | -5 |
Utilisation of previously unrecognised tax losses | -1 | -3 |
Other items | -13 | -9 |
Total income taxes | 37 | 71 |
Effective tax rate, % | 7.4% | 15.2% |
Accounting policies |
Key estimates and judgements |
EURm | 2024 | 2023 | 2022 |
Deferred tax assets | |||
Intangible assets and property, plant and equipment | 134 | 66 | 86 |
Inventories | 72 | 77 | 86 |
Retirement benefit liabilities and provisions | 95 | 94 | 88 |
Other temporary differences | 192 | 175 | 475 |
Tax losses and tax credits carried forward | 276 | 242 | 167 |
Offset against liabilities | -243 | -224 | -417 |
Total | 526 | 431 | 485 |
Deferred tax liabilities | |||
Intangible assets and property, plant and equipment | -330 | -265 | -335 |
Forest assets | -440 | -412 | -423 |
Retirement benefit assets | \u2014 | \u2014 | -2 |
Other temporary differences | -145 | -163 | -294 |
Offset against assets | 243 | 224 | 417 |
Total | -673 | -616 | -636 |
Net deferred tax assets (liabilities) | -146 | -185 | -151 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | -185 | -151 |
Charged to income statement | 85 | 90 |
Charged to other comprehensive income | -35 | -113 |
Companies acquired | -4 | -5 |
Classified as held for sale | \u2014 | -13 |
Exchange rate adjustments | -8 | 7 |
Net deferred tax assets (liabilities) | -146 | -185 |
Before tax | Tax | After tax | Before tax | Tax | After tax | |
EURm | 2024 | 2023 | ||||
Actuarial gains and losses on defined benefit plans | 7 | -2 | 4 | -14 | 4 | -10 |
Energy shareholdings | -31 | -16 | -47 | -1,370 | 19 | -1,351 |
Translation differences | 346 | \u2014 | 346 | -120 | \u2014 | -120 |
Cash flow hedges | 98 | -20 | 78 | 673 | -134 | 539 |
Net investment hedges | -16 | 3 | -13 | 8 | -2 | 6 |
Total | 403 | -35 | 368 | -823 | -113 | -936 |
Key estimates and judgements |
Accounting policies |
EURm | 2024 | 2023 | 2022 |
Deferred tax assets | |||
Intangible assets and property, plant and equipment | 134 | 66 | 86 |
Inventories | 72 | 77 | 86 |
Retirement benefit liabilities and provisions | 95 | 94 | 88 |
Other temporary differences | 192 | 175 | 475 |
Tax losses and tax credits carried forward | 276 | 242 | 167 |
Offset against liabilities | -243 | -224 | -417 |
Total | 526 | 431 | 485 |
Deferred tax liabilities | |||
Intangible assets and property, plant and equipment | -330 | -265 | -335 |
Forest assets | -440 | -412 | -423 |
Retirement benefit assets | \u2014 | \u2014 | -2 |
Other temporary differences | -145 | -163 | -294 |
Offset against assets | 243 | 224 | 417 |
Total | -673 | -616 | -636 |
Net deferred tax assets (liabilities) | -146 | -185 | -151 |
EURm | 2024 | 2023 |
Carrying value, at 1 January | -185 | -151 |
Charged to income statement | 85 | 90 |
Charged to other comprehensive income | -35 | -113 |
Companies acquired | -4 | -5 |
Classified as held for sale | \u2014 | -13 |
Exchange rate adjustments | -8 | 7 |
Net deferred tax assets (liabilities) | -146 | -185 |
Before tax | Tax | After tax | Before tax | Tax | After tax | |
EURm | 2024 | 2023 | ||||
Actuarial gains and losses on defined benefit plans | 7 | -2 | 4 | -14 | 4 | -10 |
Energy shareholdings | -31 | -16 | -47 | -1,370 | 19 | -1,351 |
Translation differences | 346 | \u2014 | 346 | -120 | \u2014 | -120 |
Cash flow hedges | 98 | -20 | 78 | 673 | -134 | 539 |
Net investment hedges | -16 | 3 | -13 | 8 | -2 | 6 |
Total | 403 | -35 | 368 | -823 | -113 | -936 |
Key estimates and judgements |
Accounting policies |
EURm | |
Cash paid | 29 |
Deferred consideration | 0 |
Total purchase consideration | 29 |
EURm | 23 JUL 2024 |
Other intangible assets | 5 |
Property, plant and equipment | 16 |
Leased assets | 0 |
Inventories | 14 |
Trade and other receivables | 5 |
Cash and cash equivalents | 1 |
Total assets | 42 |
Deferred tax liabilities | 4 |
Non-current debt | 2 |
Current debt | 3 |
Trade and other payables | 6 |
Income tax payables | 0 |
Total liabilities | 15 |
Net identifiable assets acquired | 27 |
Goodwill arising from acquisition | 3 |
SUBSIDIARIES | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
Blandin Paper Company | US | 100.00 | 100.00 |
Blanvira S.A. | UY | 91.00 | 91.00 |
Cuecar S.A. | UY | 91.00 | 91.00 |
Forestal Oriental S.A. | UY | 100.00 | 100.00 |
Gebr. Lang GmbH Papierfabrik | DE | 100.00 | 100.00 |
Grafityp (UK) Limited1) | GB | 100.00 | \u2014 |
Grafityp Engineering Europe NV1) | BE | 100.00 | \u2014 |
Grafityp Selfadhesive Products NV1) | BE | 100.00 | \u2014 |
LLC UPM Ukraine | UA | 100.00 | 100.00 |
Myllykoski Oyj | FI | 100.00 | 100.00 |
Nordland Papier GmbH | DE | 100.00 | 100.00 |
NorService GmbH | DE | 100.00 | 100.00 |
Nortrans Speditionsgesellschaft mbH | DE | 100.00 | 100.00 |
Print Inform Japan K.K. | JP | 80.00 | 80.00 |
PT UPM Raflatac Indonesia | ID | 100.00 | 100.00 |
Rhein Papier GmbH | DE | 100.00 | 100.00 |
Steyrerm\u00fchl S\u00e4gewerksgesellschaft m.b.H. Nfg KG2) | AT | \u2014 | 100.00 |
Tebetur S.A. | UY | 91.00 | 91.00 |
Tile Forestal S.A. | UY | 91.00 | 91.00 |
UPM (China) Co. Ltd | CN | 100.00 | 100.00 |
UPM (Vietnam) Limited | VN | 100.00 | 100.00 |
UPM Asia Pacific Pte. Ltd. | SG | 100.00 | 100.00 |
UPM Biochemicals GmbH | DE | 100.00 | 100.00 |
UPM Biochemicals Sales GmbH | DE | 100.00 | 100.00 |
UPM Biofuels S.A. | UY | 100.00 | 100.00 |
UPM Communication Papers Oy | FI | 100.00 | 100.00 |
UPM Energy Oy | FI | 100.00 | 100.00 |
UPM GmbH | DE | 100.00 | 100.00 |
UPM NV | BE | 100.00 | 100.00 |
UPM O\u00dc | EE | 100.00 | 100.00 |
UPM Plywood Oy | FI | 100.00 | 100.00 |
UPM Pulp Sales Oy | FI | 100.00 | 100.00 |
UPM Pulp, Inc. | US | 100.00 | 100.00 |
UPM Raflatac (China) Co., Ltd. | CN | 100.00 | 100.00 |
UPM Raflatac (S) Pte Ltd | SG | 100.00 | 100.00 |
UPM Raflatac (UK) Ltd. | GB | 100.00 | 100.00 |
UPM Raflatac Canada Holdings Inc. | CA | 100.00 | 100.00 |
UPM Raflatac Chile SpA | CL | 100.00 | 100.00 |
UPM Raflatac Co. Ltd. | TH | 100.00 | 100.00 |
SUBSIDIARIES | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
UPM Raflatac GmbH | DE | 100.00 | 100.00 |
UPM Raflatac Iberica S.A. | ES | 100.00 | 100.00 |
UPM Raflatac Inc. | US | 100.00 | 100.00 |
UPM Raflatac Mexico S.A. de C.V. | MX | 100.00 | 100.00 |
UPM Raflatac NZ Limited | NZ | 100.00 | 100.00 |
UPM Raflatac Oy | FI | 100.00 | 100.00 |
UPM Raflatac Pty Ltd | AU | 100.00 | 100.00 |
UPM Raflatac S.r.l. | AR | 100.00 | 100.00 |
UPM Raflatac SAS | FR | 100.00 | 100.00 |
UPM Raflatac Sdn.Bhd. | MY | 100.00 | 100.00 |
UPM Raflatac South Africa (Pty) Ltd | ZA | 100.00 | 100.00 |
UPM Raflatac Sp. z o .o. | PL | 100.00 | 100.00 |
UPM S.A. | UY | 91.00 | 91.00 |
UPM S\u00e4hk\u00f6nsiirto Oy | FI | 100.00 | 100.00 |
UPM Sales GmbH | DE | 100.00 | 100.00 |
UPM Sales Oy | FI | 100.00 | 100.00 |
UPM Specialty Papers Oy | FI | 100.00 | 100.00 |
UPM Trading (Shanghai) Co | CN | 100.00 | 100.00 |
UPM-Kymmene (Korea) Ltd | KO | 100.00 | 100.00 |
UPM-Kymmene (UK) Ltd | GB | 100.00 | 100.00 |
UPM-Kymmene Austria GmbH2) | AT | \u2014 | 100.00 |
UPM-Kymmene Inc. | US | 100.00 | 100.00 |
UPM-Kymmene India Private Limited | IN | 100.00 | 100.00 |
UPM-Kymmene Japan K.K. | JP | 100.00 | 100.00 |
UPM-Kymmene Kagit Urunleri Sanayi ve Ticared Ltd. Sti. | TR | 100.00 | 100.00 |
UPM-Kymmene Otep\u00e4\u00e4 O\u00dc | EE | 100.00 | 100.00 |
UPM-Kymmene S.r.l. | IT | 100.00 | 100.00 |
UPM-Kymmene Seven Seas Oy | FI | 100.00 | 100.00 |
UPM-Kymmene Sp.z o.o. | PL | 100.00 | 100.00 |
Uruwood S.A. | UY | 93.55 | 93.55 |
Werla Insurance Company Ltd | MT | 100.00 | 100.00 |
JOINT OPERATIONS | COUNTRY OF INCORPORATION | HOLDING %\u00a0 \u00a0 \u00a0 2024 | HOLDING %\u00a0 \u00a0 \u00a0 2023 |
Oy Alholmens Kraft Ab (Pohjolan Voima Oy, G series and direct ownership) | FI | 50.00 | 50.00 |
EEVG Entsorgungs- und Energieverwertungsgesellschaft m.b.H.1) | AT | \u2014 | 50.00 |
J\u00e4rvi-Suomen Voima Oy | FI | 50.00 | 50.00 |
Kaukaan Voima Oy (Pohjolan Voima Oy, G9 series) | FI | 54.00 | 54.00 |
Kymin Voima Oy (Pohjolan Voima Oy, G2 series) | FI | 76.00 | 76.00 |
Rauman Biovoima Oy (Pohjolan Voima Oy, G4 series) | FI | 71.95 | 71.95 |
Phyla UPM JVCO Limited2) | GB | 50.00 | \u2014 |
EURm | 2024 | 2023 |
Profit for the period | 298 | 60 |
Other comprehensive income for the period | \u2014 | 3 |
Total comprehensive income for the period | 298 | 63 |
Share of non-controlling interests | 27 | 6 |
Non-current assets | 3,632 | 3,449 |
Current assets | 965 | 712 |
Non-current liabilities | 270 | 121 |
Current liabilities | 132 | 188 |
Net assets | 4,195 | 3,852 |
Share of non-controlling interests | 378 | 347 |
EURm | 2024 | 2023 |
Dividends received | 2 | 2 |
Purchases of raw materials and services | 28 | 37 |
Loan receivables | 13 | 5 |
Trade and other receivables | 1 | \u2014 |
Trade and other payables | 4 | 5 |
Accounting policies |
Accounting policies |