Metsä Board Annual and sustainability report 2022

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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