7. Group structure ■ 7.1 Group companies
Accounting principles
The parent company’s owners’ and non-controlling interests’ shares of the result for the period and comprehensive income are presented in the comprehensive income statement. The non-controlling interests’ share of equity is presented as a separate item under equity on the balance sheet. Joint operations A joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.
Subsidiaries The financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi- nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group’s principles.
Subsidiaries and joint operations 31 December 2022
Metsä Board Oyj’s holdings in Group companies
Book value EUR
Country
Holding, %
Number of shares
Holdings in parent company Metsäliitto Cooperative
Finland
-
634,155
634,155.00
Subsidiary shares in Finland Kotimaiset Metsä Board International Oy
Finland
100.00
10,000
23,347,464.13
in other countries Metsa Board Americas Corporation 1) Metsä Board Benelux n.v./s.a 1) Metsa Board Hong Kong Ltd 1) Metsä Board Deutschland GmbH
USA
99.00
17,820
12,209,018.39
Belgium
0.08 1.00
2
0.00
Hong Kong Germany
1 1
168.19
100.00
0.00
Metsa Board Ibéria S.A . 1) Metsä Board NL Holding B.V. Metsä Board Sverige Ab
Spain
1.00
100
1,561.63
The Netherlands
100.00 100.00
15,350
4,492,764.02 493,721,059.95 533,772,036.31 534,406,191.31
Sweden
10,000,000
Subsidiary shares total
Shares and holdings in Group companies
1) Total Group holding 100.0%
Subgroup in Finland Metsä Board International Oy Metsä Board Benelux n.v./s.a 1) OOO Metsä Board Rus Metsä Board France SAS Metsa Board Hong Kong Ltd 1) Metsa Board Ibéria S.A. 1)
Belgium
99.92
2,919
140,001.71
Russia France
100.00 100.00 99.00 99.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1
0.00
8,211
418,951.75
Hong Kong
99
1,069.35
Spain
147,771
155,316.78
Metsa Board Italia S.r.l.
Italy
100,000 742,105
1,250,691.84 214,000.00
Metsa Board (Middle East & Africa) Ltd
Cyprus Poland
Metsä Board Polska Sp. Z o.o. Metsa Board Singapore Pte Ltd
232
54,458.58 4,036.51
Singapore
10,000
Metsa Board Singapore Pte Ltd Indian Branch
India
-
-
Metsa Board Turkey LLC
Turkey
400
1,201.25
Metsa Board UK Ltd
United Kingdom
2,400
264,172.02 4,435.15 41,827.54 2,550,162.48
Metsa Board Americas Corporation 1)
USA
1.00
180
Metsa Board Australia and New Zealand Pty Ltd
Australia
100.00
1
Total
135
Consolidated financial statements | METSÄ BOARD ANNUAL AND SUSTAINABILITY REPORT 2022
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