METSÄ BOARD Annual review 2023
7. Group structure
Deferred tax assets and liabilities 2023
Charged to other comprehensive income
Charged to income statement
Translation differences
EUR million
1 Jan 2023
31 Dec 2023
■ 7.1 Group companies
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Deferred tax assets Rental agreements
2.3 3.5 8.2 0.8 2.6 17.3 -7.9 9.4
1.8
0.0 0.2
4.1 3.5 4.8
Pension obligations and provisions
-0.4 -3.2 28.0
0.2
Accounting principles
The parent company’s owners’ and non-controlling interests’ shares of the result for the period and comprehensive income are presented in the comprehensive income statement. The non-controlling interests’ share of equity is presented as a separate item under equity on the balance sheet. Joint operations A joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.
Intercompany margins
-0.2
Unused tax loss carry-forwards Other temporary differences
1.0 0.2 1.2
29.7
Subsidiaries The financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi- nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group’s principles.
Strategy and financial targets
1.0
3.8
Total
27.2
0.2
45.9 -36.4
8
Value creation
Netting against liabilities
-26.8
-1.6 -0.4
Deferred tax assets in balance sheet
0.4
0.2
9.5
Financial development 10 Key figures 12
Deferred tax liabilities Rental agreements Pension obligations
2.5 0.1
1.4 0.1
3.9 0.3
Report of the Board of Directors
-0.1
0.2 3.9
Depreciation differences and appropriations Other investments recognised at fair value
79.0 62.9
31.2
114.1 44.7
20 72
• Sustainability statement • Sustainability statement assurance report
-18.2
Financial instruments
3.9 9.0
-0.2
1.6
0.5 -3.1
5.9 6.6
Other temporary differences
0.7
74
Consolidated financial statements
Total
157.4
33.6
-16.7
1.2
175.5 -36.4 139.2
Netting against receivables
-7.9
-26.8
-1.6 -0.4
Subsidiaries and joint operations 31 December 2023
Deferred tax liabilities in balance sheet
149.5
6.8
-16.7
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
Metsä Board Oyj’s holdings in Group companies
Deferred tax assets and liabilities 2022
Book value EUR
Country
Holding, %
Number of shares
Charged to other comprehensive income
Holdings in parent company Metsäliitto Cooperative
Charged to income statement
Translation differences
EUR million
1 Jan 2022
31 Dec 2022
Finland
-
674 892
674,892.00
Deferred tax assets Rental agreements
2.5 3.8 3.4 4.8 2.1
-0.2 -0.2
2.3 3.5 8.2 0.8 2.6 15.1 -7.9 9.4
Subsidiary shares in Finland Kotimaiset Metsä Board International Oy
Pension obligations and provisions
-0.2
0.0
Intercompany margins
4.9
-0.2
Finland
100.00
10,000
23,347,464.13
Unused tax loss carry-forwards Other temporary differences
-3.9
-0.1
0.3 1.2
0.1
in other countries Metsa Board Americas Corporation 1) Metsä Board Benelux n.v./s.a 1) Metsä Board Deutschland GmbH
Total
14.2 -8.3
-0.2
-0.1 2.3 2.2
USA
99.00
17,820
12,209,018.39
Netting against liabilities
-2.0 -1.0
Belgium Germany
0.08
2
0.00 0.00
Deferred tax assets in balance sheet
8.4
-0.2
100.00
1
Metsa Board Ibéria S.A . 1) Metsä Board Sverige Ab
Spain
1.00
100
1,561.63
Deferred tax liabilities Rental agreements Pension obligations
Sweden
100.00
10,000,000
493,721,059.95 529,279,104.10 529,953,996.10
2.9 3.3
-0.4 0.0 19.1
2.5 0.1
Subsidiary shares total
-3.0
-0.2 -2.8
Shares and holdings in Group companies
Depreciation differences and appropriations Other investments recognised at fair value
62.6 27.2
79.0 62.9
1) Total Group holding 100.0%
35.7 -0.5 -0.1 32.1
Financial instruments
4.8 3.7
0.4 5.5
-0.7 -0.1 -6.7 2.3 -4.4
3.9 9.0
Subgroup in Finland Metsä Board International Oy Metsä Board Benelux n.v./s.a 1)
Other temporary differences
Total
102.0
27.8 -2.0 25.6
155.2
Belgium
99.92
2,919
140,001.71
Netting against receivables
-8.3 96.2
-7.9
OOO Metsä Board Rus Metsä Board France SAS Metsa Board Ibéria S.A. 1) Metsa Board Italia S.r.l.
Russia France Spain
100.00 100.00 99.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1
0.00
Deferred tax liabilities in balance sheet
32.1
149.5
8,211
418,951.75 155,316.78
147,771
The Group has recognised deferred tax assets related to operating loss carry-forwards for EUR 0.7 million (0.8) in Germany. Management assesses that taxable profit will be available against which loss carry-forward can be utilised. Taxable loss carry-forwards do not expire. The taxable loss carry-forwards of business operations, for which deferred tax assets have not been recognised due to uncertainty of amount or utilisation possibilities, amounted approximately to EUR 93 million (91) in Germany. The unrecognised deferred tax assets for these loss carry forwards is about EUR 29 million (29). Taxable loss carry-forwards do not expire.
Italy
100,000 742,105
1,250,691.84 214,000.00
Metsa Board (Middle East & Africa) Ltd
Cyprus Poland
170 Remuneration report 174 Investor relations and investor information
Metsä Board Polska Sp. Z o.o. Metsa Board Singapore Pte Ltd
232
54,458.58 4,036.51
Singapore
10,000
Metsa Board Singapore Pte Ltd Indian Branch
India
-
-
Metsa Board Turkey LLC
Turkey
400
1,201.25
Metsa Board UK Ltd
United Kingdom
2,400
264,172.02 4,435.15 41,827.54 2,549,093.13
Metsa Board Americas Corporation 1)
USA
1.00
180
Metsa Board Australia and New Zealand Pty Ltd
Australia
100.00
1
Total
120
121
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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