Report of the Board of the Directors and financial statements
METSÄ BOARD Annual review 2023
Key figures
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
SALES
PAPERBOARD DELIVERIES
METSÄ BOARD’S MARKET PULP DELIVERIES 1) 1,000 tonnes
EUR million
1,000 tonnes
Contents
2,500 2,000 1,500 1,000 500 0
2,000
600 500 400 300 200 100 0
Strategy and financial targets
1,500
■ Report of the Board of Directors
■ Parent company
8
Value creation
12
1,000
financial statements
126
Sustainability statement
20 70 72
500
1) includes chemical pulp and high-yield pulp (BCTMP)
Financial development 10 Key figures 12
Annexes to the Sustainability statement Sustainability statement assurance report
Parent company income statement Parent company balance sheet Parent company cash flow statement
126 127 128 129 129 130 130 130 130 131 131 131 132 134 135 136 137 137 137 138 139 140 140
0
19 20 21 22 23
19 20 21 22 23
19 20 21 22 23
Report of the Board of Directors
■ Consolidated financial statements
74
20 72
• Sustainability statement • Sustainability statement assurance report
Notes to the parent company financial statements
COMPARABLE EBITDA EUR million, % of sales
COMPARABLE OPERATING RESULT EUR million, % of sales
CAPITAL EMPLOYED, EUR million RETURN ON CAPITAL EMPLOYED, %
1
Accounting policies
Consolidated statement of comprehensive income
74 75 76 77 78 78 80 80 81 82 82 83 83 83 85 89 92 92 95 98 99 99
2 3 4 5 6 7 8 9
Sales
Consolidated balance sheet
Exceptional items
74
Consolidated financial statements
Statement of changes in shareholders’ equity
600 500 400 300 200 100 0
30 25 20 15 10 5 0
600 500 400 300 200 100 0
30 25 20 15 10 5 0
2,500 2,000 1,500 1,000 500 0
25 20 15 10 5 0
Other operating income Operating expenses
Consolidated cash flow statement
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
Depreciation and impairment charges
Notes to the consolidated financial statements
Financial income and expenses
1
Accounting policies
Income taxes
2
Profitability
Intangible and tangible assets
2.1 Segment information
19 20 21 22 23
19 20 21 22 23
19 20 21 22 23
10 Investments
2.2 Sales
11
Receivables
2.3 Other operating income 2.4 Operating expenses
12 Shareholders’ equity 13 Mandatory provisions
3
Remuneration
14 Deferred tax assets and liabilities
CASH FLOW FROM OPERATIONS
TOTAL INVESTMENTS
INTEREST-BEARING NET DEBT, EUR million INTEREST-BEARING NET DEBT / EBITDA, COMPARABLE
3.1 Employee costs
15 Non-current liabilities
3.2 The management’s salaries, remuneration and pension expenses
EUR million
EUR million
16 Current liabilities
17 Financial instruments
3.3 Share-based payment
350 300 250 200 150 100 50 0
350 300 250 200 150 100 50 0
400 300 200 100 0 -100
2.0 1.5 1.0 0.5 0 -0.5
18 Disputes, legal proceedings and commitments
3.4 Retirement benefit obligations
19 Shares and holdings
4
Capital employed
4.1 Intangible assets
The Board’s proposal to the Annual General Meeting for the distribution of funds
4.2 Property, plant and equipment
142 143
4.3 Other investments
Auditor’s report
19 20 21 22 23
19 20 21 22 23
19 20 21 22 23
4.4 Inventories
Shares and shareholders *
4.5 Trade receivables and other receivables
147 151 152 153 155 156
4.6 Other liabilities
100 100 101 102 102 105 105 106 106 108 114 119 121 121 124 124 125 125 125
Ten years in figures
4.7 Trade payables and other liabilities
Taxes
4.8 Provisions
TOTAL COSTS 2023
PERSONNEL AT THE END OF PERIOD
TOTAL RECORDABLE INJURY FREQUENCY (TRIF) per million hours worked
Production capacities Calculation of key ratios *
5
Capital structure and financial risks
5.1 Shareholders’ equity
EUR 1.7 billion
Comparable performance measures *
5.2 Financial income and expenses 5.3 Other financial assets 5.4 Cash and cash equivalents 5.5 Borrowings and net debt 5.6 Management of financial risks
2,500 2,000 1,500 1,000 500 0
12
Wood ����������������������������� 17% Pulp * ���������������������������� 16% Logistics ���������������������� 15% Chemicals �������������������� 14% Personnel ��������������������� 12% Energy ��������������������������� 11% Other fixed ������������������ 10% Other variable ��������������� 4%
■ Corporate governance
9
157
170 Remuneration report 174 Investor relations and investor information
6
Corporate governance statement • Board of Directors of Metsä Board
157 165 168 170 174
5.7 Classification and fair values of financial assets and liabilities
3
• Corporate Management Team of Metsä Board
0
19 20 21 22 23
19 20 21 22 23
6 7
Income taxes Group structure
Remuneration report
Investor relations and investor information
7.1 Group companies
*) Pulp: Metsä Board purchases all external pulp from its associated company Metsä Fibre, of which Metsä Board owns 24.9%. Metsä Fibre’s pulp cost structure in 2023: Wood 56%, Chemicals 13%, Logistics 9%, Personnel 6%, Other 16%.
Development of key figures per share can be found on page 150.
7.2 Acquisitions and operations disposed of
7.3 Related party transactions
* part of the Report of the Board of Directors
8
Other notes
8.1 Contingent liabilities, assets and commitments
8.2 Events after the financial period
This PDF is not official ESEF report
10
11
Financial development | METSÄ BOARD ANNUAL REVIEW 2023
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