■ 7.3 Related party transactions Related parties include Metsä Board’s ultimate parent company Metsäliitto Cooperative, which owns 50 per cent of Metsä Board’s shares and 68 per cent of the voting rights, other subsidiaries of Metsäliitto, associated companies and joint ventures. The members of the Board of Directors, Metsä Group’s Executive Management Team and Metsä Board’s Corporate Management Team as well as their close family members are also included in related parties. The management’s salaries, remuneration and pension expenses are presented in Note 3.2. The most significant subsidiaries of Metsäliitto, with which Metsä Board has business transactions, are as follows:
Divested operations Metsä Board and Euroports signed an agreement on 16 December 2021, according to which Metsä Board Corporation sold the entire share capital of its fully owned subsidiary Oy Hangö Stevedoring Ab to Euroports Finland Oy. Transaction was completed on 31 March 2022. The group recognised a capital gain of EUR 19.2 million and realised a EUR 24.5 million positive cash flow effect. In the 2021 financial statements, the balance sheet items of Oy Hangö Stevedoring Ab were presented as assets held for sale and valued at book value.
Oy Hangö Stevedoring Ab
EUR million
2022
2021
Note
Metsä Tissue Group Metsä Fibre Group Metsä Forest Sverige Ab
Goodwill
4.1 4.2
0.1 0.0 8.9 0.0 0.2 0.0 2.3 0.7
Other intangile assets
Tangible assets
Financial assets, non-current
Deferred tax assets
Metsä Fibre has been consolidated by using equity method according to Investments in associates standard (IAS 28). Related party transactions with Metsä Fibre are presented as transactions with sister companies. Financial operations of the Group have been centralised to Metsä Group Treasury Oy, which is a wholly-owned subsidiary of Metsäliitto Cooperative and in charge of managing the Group companies’ financial positions according to the strategy and financial policy defined by the Group, providing necessary financial services and acting as a competence center in financial matters. Financial transactions with Metsä Group Treasury Oy are carried out at market prices. The value of wood purchases from Metsäliitto Cooperative was EUR 129.0 million (117.7) and pulp purchases from Metsä Fibre Oy EUR 416.0 million (336.9). The purchases were carried out at market prices. Metsä Board is participating in the supplementary pension arrangement of Metsä Group executives. Payments to the arrangement amounted to EUR 0.6 million in 2022 (0.4).
Inventories
Accounts receivables and other receivables
Financial assets
5.4
Total assets
12.3
Deferred tax liabilities
6
0.4 1.0 0.7 0.1 4.1 6.3 6.0 0.8 6.9
Provisions
4.9 5.5
Financial liabilities, non-current Financial liabilities, current Accounts payable and other liabilities
Total liabilities
Net assets
Expert fees paid
Total
Transaction price paid in cash
26.1 19.2
Capital gain after tax
Transaction price paid in cash
26.1 -0.8
Expert fees paid
Cash and cash equivalents of divested subsidiary
-0.7
Cash flow impact
24.5
139
Consolidated financial statements | METSÄ BOARD ANNUAL AND SUSTAINABILITY REPORT 2022
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