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UPM Kymmene Oyj Adopts New IFRS Standards


Thursday, 17 Jan 2013 01:30am EST 

UPM Kymmene Oyj (UPM) announced that UPM records an impairment charge in the Paper Business Area and adopts new International Financial Reporting Standards (IFRS) standards affecting the Energy Business Area and certain other energy generating assets and employee benefits. The net impact of the actions on UPM’s equity is estimated to be neutral, net of deferred taxes. UPM records an impairment charge of EUR 1,770 million in the Paper Business Area in the fourth quarter of the fiscal year 2012 (Q4 2012), including EUR 783 million related to goodwill and EUR 987 million related to fixed assets. UPM adopts new consolidation standards IFRS 10 and 11, resulting into a change in the accounting treatment of certain power generation assets as of Q1 2013. The reclassification will increase the asset values in the Energy Business Area by approximately EUR 1,950 million. UPM’s interest bearing liabilities are estimated to increase by approximately EUR 200 million. UPM also adopts new IFRS standard IAS 19 (Employee Benefits). The amendment related to accounting for pension liabilities will decrease UPM’s equity by approximately EUR 315 million in Q1 2013. 

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