Metsä Board Annual and sustainability report 2022





Comparable performance measures

Reconciliation of items affecting comparability

European Securities and Markets Authority (ESMA) guidelines on Alterna- tive Performance Measures define alternative performance measures as a financial measure of historical or future financial performance, financial position or cash flows, other than a financial measure defined in the appli- cable financial reporting framework, in Metsä Board’s case International Financial Reporting Standards as adopted in the EU pursuant to Regulation (EC) No 1606/2002. With the exception of Earnings per share defined in IAS 33 Earnings Per Share, performance measures provided in the interim report all qualify as alternative performance measures under the ESMA guidelines. Metsä Board sees the presentation of alternative performance measures as providing users of financial statements with an improved view of the company’s financial performance and position, including among other things the efficiency of its capital utilisation, operational profitability and debt servicing capabilities. Exceptional and material items outside the ordinary course of business have been eliminated from the comparable operating result. Metsä Board has defined operating result as follows: Result for the period presented in IFRS income statement before income taxes, financial income and expense as well as share of result of associate companies and joint ventures. Reconciliation of operating result under IFRS and comparable operating result as well as EBITDA and comparable EBITDA is presented below. Comparable return on capital employed has been calculated using the same adjustments as the comparable operating result, and it has been further adjusted with items of financial income affecting comparability when applicable. Metsä Board considers that key figures derived in this manner improve comparability between reporting periods. None of these key figures with items affecting comparability eliminated are key figures used in IFRS reporting, and they cannot be compared with other companies’ key figures identified with the same names. Items affecting comparability include material gains and losses on disposals of assets, impairment and impairment reversals in accordance with IAS 36 “Impairment of Assets”, corporate divestments and acquisitions, adjust- ment measures and other restructuring measures and their adjustments, costs arising from extensive and unforeseeable interruptions in production and the compensation received for them as well as items arising from legal proceedings. In Metsä Board’s view, comparable performance measures better reflect the underlying operational performance of the company by eliminating the result effect arising from items and transactions outside ordinary course of business.

EUR million

2022 531.5


Operating result


Depreciation, amortisation and impairment charges






Items affecting comparability Other operating income



Employee costs

4.6 11.6 0.6 -11.7

Share of results of associated companies

8,7 9,7 6,2

Other operating expense


EBITDA, comparable



Depreciation, amortisation and impairment charges



Items affecting comparability Impairment charges and reversals of impairments



Operating result, comparable



Share of results of associated companies and joint ventures


Net financial items



Items affecting comparability Financial items


Result before income tax, comparable

514.6 -63.5


Income taxes


Income taxes related to items affecting comparability



Result for the period, comparable



"+" sign items = expense affecting comparability "-" sign items = income affecting comparability

Items affecting operating result comparability in 2022 totalled EUR 10.8 million. They comprised EUR 19.2 million from the sale of the share capital in Hangö Steve-doring Ab to Euroports Finland Oy; a EUR 6.5 million capital gain from the sale of a land area unrelated to business operations; a EUR -5.5 million restructuring of customer service and supply chain manage- ment; a EUR 2.8 million valuation gain related to the divestment of shares; a EUR -1.0 million impairment recognised for the Russian operations; a EUR -10.5 million impairment recognised for the Russian operations of the associated company Metsä Fibre; a EUR -1.2 million impairment recognised in the assets of Metsä Fibre’s Kyrö sawmill; and other items EUR 0.3 million. Items affecting comparability during 2021 totalled EUR 10.8 million and comprised the following items: a EUR 7.0 million capital gain from the sale of a land area unrelated to business operations; a EUR -6.9 million impairment recognised in the assets of Metsä Fibre’s Kemi pulp mill; EUR -1.8 million recognised in taxes as a result of the tax audit in Metsä Fibre’s sub-sidiary in Italy; a EUR -4.6 million impairment recog-nised in the current paperboard production assets in Husum; and EUR -4.5 million in costs related to the chip conveyor fire at the Husum pulp mill. In addition, EUR -2.3 million of taxes affecting comparability are reported in the taxes of previous financial years based on the tax audit of the Italian subsidiary.


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