BUSINESS OPERATIONS AND VALUE CREATION
SUSTAINABILITY REPORT
FINANCIAL DEVELOPMENT
GOVERNANCE
■ 5.4 Cash and cash equivalents
EUR million
2022
2021
Financial assets carried at amortized cost
1.3
Accounting principles Cash and cash equivalents consist of cash and other short-term, highly liquid investments that can be easily converted into an amount of cash known in advance and that carry a minimal risk of value changes. Metsä Board has classified as cash and cash equivalents the short-term money market investments made in accordance with its treasury policy and interest-bearing receiv- ables comparable to cash funds and available immediately from Metsä Group’s internal bank Metsä Group Treasury Oy. When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months. The impacts of the corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk.
Cash at hand and in bank
17.6
26.4
Deposits to Metsä Group Treasury Oy
338.6 356.2
496.4 524.2
Total
■ 5.5 Borrowings and net debt
Accounting principles Financial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under “Amortised cost”. Transaction costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.
Interest-bearing Liabilities
Interest-bearing assets
EUR million
2022
2021
EUR million
2022
2021
Non-current interest-bearing financial liabilities Bonds
Non-current interest-bearing financial assets Loan receivables
249.0 175.9
248.8 178.4
2.3
2.7
Loans from financial institutions
Current interest-bearing financial assets Current investments at amortised cost
Lease liabilities Other liabilities
9.5
9.8
1.3
Total
434.4
437.0
Cash at hand and in bank
17.6
26.4
Deposits to Metsä Group Treasury Oy
338.6 356.2
496.4 524.2
Current interest-bearing financial liabilities Current portion of non-current debt
Total
18.2
10.0
Current liabilities to group companies
0.4
Interest-bearing financial assets total
358.5
527.0
Total
18.6
10.0
Interest-bearing net debt
94.5
-78.4
Liabilities classified as held for sale, interest-bearing liabilities
1.5
Metsä Board has classified interest-bearing receivables comparable to cash funds and available immediately from Metsä Group’s internal bank Metsä Group Treasury Oy as Cash and cash equivalents.
Interest-bearing financial liabilities total
453.0
448.6
In 2021 current liabilities to group companies include EUR 0.9 million of Oy Hangö Stevedorig Ab’s intra-group interest-bearing debt transferred to assets held for sale.
120
Powered by FlippingBook