METSÄ BOARD Annual review 2023
■ 5.2 Financial income and expenses
■ 5.3 Other financial assets
Other comprehensive income after taxes 2023
Equity attributable to members of parent company
Non-con- trolling interest
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Translation differences
Fair value and other reserves
Retained earnings
EUR million
2023
2022
Milj. euroa
Total
Total equity
Loan receivables
2.5 3.4 0.4 6.3
2.3 3.4 0.3 6.0
Accounting principles Interest income and expenses are recognised using the effective interest rate method. Dividend income is recognised when the right to receive a pay- ment is established. Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset’s acquisition cost. The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.
Items that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans
Defined benefit pension plans (Note 3.5) Other receivables and accrued income
-1.0
-1.0
-1.0
Financial assets at fair value through other comprehensive income Share of profit from other comprehensive income of associated company
-87.8 -3.4 18.2 -72.9
-87.8 -3.4 18.5 -73.6
-87.8 -3.4 18.5 -73.6
Total
0.0 0.2 -0.7
Strategy and financial targets
Income tax relating to items that will not be reclassified
8
Value creation
Total
Items that may be reclassified to profit or loss Cash flow hedges Currency hedges Gains and losses recorded in equity
Financial development 10 Key figures 12
7.6 6.6
7.6 6.6
-0.7
6.8 6.6
Transferred to adjust Sales
Report of the Board of Directors
Interest hedges Gains and losses recorded in equity Commodity hedges Gains and losses recorded in equity Transferred to adjust purchases
20 72
• Sustainability statement • Sustainability statement assurance report
-1.7
-1.7
-1.7
-14.2 10.6
-14.2 10.6 -5.7 3.2 -1.9 -1.9 -1.8 -0.5
0.0 0.0
-14.3 10.7 -5.7 2.5 -2.8 -2.8
74
Consolidated financial statements
Share of profit from other comprehensive income of associated company
-5.7 3.2
Cahs flow hedges total Translation differences Translation differences total
-0.7 -0.8 -0.8 0.2 -1.4
78 Notes to the consolidated financial statements 126 Parent company financial statements 129 Notes to the parent company financial statements 142 The Board’s proposal to the Annual General Meeting for the distribution of funds 143 Auditor’s Report 147 Shares and shareholders 151 Ten years in figures 152 Taxes 153 Production capacities 155 Calculation of key ratios and comparable performance measures Corporate governance 157 Corporate governance statement 165 • Board of Directors of Metsä Board 168 • Corporate Management Team of Metsä Board
-1.9 -1.9
EUR million
2023
2022
Exchange differences Commercial items
Income tax relating to items that may be reclassified
-1.8
-1.6 -1.9
1.5 1.3
5.8
Total
-1.9
1.4
Hedging, hedge accounting not applied
-10.1 -0.6 -5.0
Other items
-0.2
Other comprehensive income, net of tax
-1.9
-71.5
-0.7
-74.1
-1.4
-75.6
Exchange differences total
2.6
Other financial income Interest income on loans, other receivables and cash and cash equivalents
Other comprehensive income after taxes 2022
9.8
2.6
Equity attributable to members of parent company
Dividend income
0.0 9.9
0.3 3.0
Non-con- trolling interest
Other financial income total
Translation differences
Fair value and other reserves
Retained earnings
Milj. euroa
Total
Total equity
Other financial expense Interest expenses on financial liabilities carried at amortised cost using the effective interest method
Items that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans
-12.0
-3.8
-4.7
-4.7
-4.7
Financial assets at fair value through other comprehensive income Share of profit from other comprehensive income of associated company
178.5
178.5
178.5
Other financial expenses
-0.4
-0.8 -4.7
3.0
0.0 1.8
3.0
3.0
Interest and other financial expenses, total
-12.4
Income tax relating to items that will not be reclassified
-35.7 145.8
-33.9 142.9
-33.9 142.9
Total
-2.9
Valuation of financial assets and liabilities and interest and other financial expenses, total
-12.4
-4.7
Items that may be reclassified to profit or loss Cash flow hedges Currency hedges Gains and losses recorded in equity
The Russian ruble-denominated translation differences accumulated since June 2022 as a consequence of the discontinuation of Russian business operations, amounting to EUR -0.3 million (-0.5), have been reported in other exchange rate differences in the income statement. Interest expenses have been capitalized as a part of the acquisition costs of invest- ments in the amount of EUR 2.0 million (8.3).
-63.0
-63.0
0.5 -0.1
-62.5
Transferred to adjust Sales
87.4
87.4
87.3
Interest hedges Gains and losses recorded in equity Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity
4.4
4.4
4.4
46.6 -78.6 22.4 19.1
46.6 -78.6 22.4 19.1 -42.6
0.8 -1.1
47.4
170 Remuneration report 174 Investor relations and investor information
Transferred to adjust purchases
-79.7 22.4 19.3 -56.3
Share of profit from other comprehensive income of associated company
Cahs flow hedges total Translation differences
0.2
-42.6
-13.7
Share of profit from other comprehensive income of associated company
5.8
5.8
5.8
Translation differences total
-36.9
-36.9
-13.7
-50.6
Income tax relating to items that may be reclassified
0.7
0.7
0.0
0.6
Total
-36.9
19.8
-17.1
-13.6
-30.6
Other comprehensive income, net of tax
-36.9
165.6
-2.9
125.8
-13.6
112.2
104
105
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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