BUSINESS OPERATIONS AND VALUE CREATION
SUSTAINABILITY REPORT
FINANCIAL DEVELOPMENT
GOVERNANCE
Ten years in figures
2022
2021
2020 2019 2018
2017
2016 2015
2014 2013
Income statement, eur million Sales
2,479 2,084 1,890 1,932
1,944 1,849
1,720 2,008 2,008 2,019
- change, %
19.0
10.3
-2.2
-0.1
5.2
7.5
-14.3
-0.0
-0.5
-4.2
EBITDA, comparable
603
472
316
279
344
289
231
283
236
208
- % of sales
24.3
22.7
16.7
14.4
17.7
15.6
13.4
14.1
11.8
10.3
Operating result
532
376
227
181
246
207
132
199
117
114
Operating result, comparable
521
387
221
184
252
193
137
180
137
104
- % of sales
21.0
18.6
11.7
9.5
13.0
10.5
8.0
9.0
6.8
5.2
Result for the period
461
314
170
145
203
150
90
137
69
64
Balance sheet, eur million Balance sheet total
3,403 2,922 2,302 2,270 2,284 2,226 2,194 2,220 2,149 2,097
Equity attributable to shareholders of parent company
2,082
1,699 1,384 1,338 1,323
1,167
1,052
1,029
841
850
Interest bearing net liabilities
-94
-78
236
308
335
358
464
333
427
597
Key figures per share and distribution equity owners of the parent company Dividend and equity distribution, EUR million Dividend and equity distribution per share, EUR Payout ratio including equity distribution, %
205.6 1)
145.8
92.4 0.26
85.3 0.24 58.5
103.1 0.29 50.9
74.7 0.21 50.0
67.5 0.19 76.0
60.4
39.4 0.12
29.5 0.09
0.58 1) 50.4 1)
0.41
0.17
49.9 54.31
43.6
57.1
47.4
Dividend yield, %
6.6 1)
4.8
3.0
4.0
5.7
2.9
2.8
2.5
2.7
2.9
Key figures – profitability Return on capital employed (ROCE), comparable, %
20.9
18.7
12.2
10.4
14.4
11.2
8.1
11.3
9.1
6.4
Return on equity, comparable, %
22.0
20.2
12.1
11.0
16.7
12.4
9.0
12.9
10.4
6.5
Key figures – balance sheet and financing Interest bearing net liabilities / EBITDA, comparable
0.2
-0.2
0.7
1.1
1.0
1.2
2.0
1.2
1.8
2.9
Equity ratio, %
66.4
63.3
60.3
59.1
58.1
52.6
48.2
46.5
39.2
40.7
Net gearing, %
4
-4
17
23
25
31
44
32
51
70
Net cash flow from operations, EUR million
232
330
308
201
151
236
77
247
198
82
Net interest expense, EUR million
5
8
12
14
19
36 7.6
26
26
42
60
Interest cover
50.7
42.7
27.6
15.4
9.0
4.0
10.4
5.7
2.4
Other key figures Total investments, EUR million
304
220
166
99
70
65
162
178
44
67
Depreciation, amortisation and impairment losses, EUR million
83
90
95
114
92
92
102
104
126
101
R & D expenditure, EUR million 2)
6
6
9
9
6
6
6
8
6
5
- % of sales
0.2
0.3
0.5
0.4
0.3
0.3
0.4
0.4
0.3
0.3
Personnel, average
2,352
2,461
2,455 2,433 2,435 2,456 2,588
2,851
3,200 3,245
- in Finland
1,340 1,490 1,486
1,458
1,433
1,441
1,552
1,538 1,542
1,560
Paperboard deliveries, 1,000 t
1,817
1,922
1,810 1,791
1,830 1,803
1,568 1,404 1,256
1,141
Dividend and key figures per share for years 2012–2014 have been issue-adjusted. The rights issue factor was 1.030627.
1) The Board of Directors has proposed that a dividend of EUR 0.58 per share be distributed for the 2022 financial year. Dividend yield for 2022 has been calculated including the proposed equity distribution and using the B share closing price as of 31 December 2022. 2) The reporting of research and development expenses has been clarified and the figures for 2019–2022 are comparable.
Calculation of key ratios is presented on page 165.
168
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