METSÄ BOARD Annual review 2023
■ 5.4 Cash and cash equivalents
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2023 Non-cash changes
EUR million
2023
2022
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Acquired / Sold businesses
Changes in foreign exchange rates
Cash at hand and in bank
13.2
17.6
Accounting principles Cash and cash equivalents consist of cash and other short-term, highly liquid investments that can be easily converted into an amount of cash known in advance and that carry a minimal risk of value changes. Metsä Board has classified as cash and cash equivalents the short-term money market investments made in accordance with its treasury policy and interest-bearing receiv- ables comparable to cash funds and available immediately from Metsä Group’s internal bank Metsä Group Treasury Oy. When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months.
New finance
Deposits to Metsä Group Treasury Oy
278.4 291.6
338.6 356.2
EUR million
1 Jan 2023 Cash flows
leases Other changes 31 Dec 2023
Total
Non-current interest-bearing liabilities incl. Current portion Bonds
249.0 187.6
0.2 0.3
249.2 176.1
Loans from financial institutions
-11.8
Strategy and financial targets
Finance lease liabilities
15.9
-7.1 0.0
0.0
4.0
12.8
8
Value creation
Other
0.0
0.0
Total
452.6
-18.9
0.0
4.0
0.5
438.1
Financial development 10 Key figures 12
Non-current non-interest bearing liabilities
3.9 0.4
4.7
0.0 0.0 0.0
8.7
Current interest-bearing liabilities
-0.4
Total
456.9
-14.6
4.0
0.5
446.8
Report of the Board of Directors
20 72
• Sustainability statement • Sustainability statement assurance report
Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2022 Non-cash changes
74
Consolidated financial statements
Acquired / Sold businesses
Changes in foreign exchange rates
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
New finance
■ 5.5 Borrowings and net debt
EUR million
1 Jan 2022 Cash flows
leases Other changes 31 Dec 2022
Non-current interest-bearing liabilities incl. Current portion Bonds
248.8 182.3
0.2 0.3 0.7
249.0 187.6
Loans from financial institutions
5.0
Accounting principles Financial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under “Amortised cost”. Trans- action costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.
Finance lease liabilities
15.9
-25.1 -20.1
18.0 18.0
-0.5 -0.5
7.0 7.0
15.9
Total
447.0
1.1
452.6
Non-current non-interest bearing liabilities
1.5
2.4
-0.0
0.0 0.9 2.0
3.9 0.4
Current interest-bearing liabilities
0.0
-0.5 -18.1
0.0
0.0
0.0
Total
448.6
18.0
-0.5
7.0
456.9
Interest-bearing Liabilities
Interest-bearing assets
Other changes consists of Oy Hangö Stevedoring Ab’s liabilities transferred to assets held for sale in 2022 and of accrual of effective interest during the financial year on financial liabilities valued.
EUR million
2023
2022
EUR million
2023
2022
Non-current interest-bearing financial liabilities Bonds
Non-current interest-bearing financial assets Loan receivables
249.2 164.4
249.0 175.9
2.5
2.3
Loans from financial institutions
Current interest-bearing financial assets Cash at hand and in bank Deposits to Metsä Group Treasury Oy
Lease liabilities
7.5
9.5
Bonds
Total
421.0
434.4
13.2
17.6
278.4 291.6
338.6 356.2
EUR million 2017–2027
Interest % 2023
2022 249.0 249.0
Current interest-bearing financial liabilities Current portion of non-current debt
Total
2.75
249.2 249.2
17.1
18.2
Total
Current liabilities to group companies
0.4
Interest-bearing financial assets total
294.0
358.5
Total
17.1
18.6
Metsä Board Corporation issued in September 2017 a bond of EUR 250 million. The bond carries a fixed coupon rate of 2.75 per cent, and the maturity date is 29 September 2027. The bond ranks senior and is unsecured.
Interest-bearing net debt
144.0
94.5
Interest-bearing financial liabilities total
438.1
453.0
Metsä Board has classified interest-bearing receivables comparable to cash funds and available immediately from Metsä Group’s internal bank Metsä Group Treasury Oy as Cash and cash equivalents.
170 Remuneration report 174 Investor relations and investor information
106
107
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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