METSÄ BOARD Annual review 2023
Bond and debentures
17. Financial Instruments
Bond
Nominal value Interest %
2023
2022
2017–2027
250,000,000.00
2.75
249,685,345.02
249,601,391.02
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Financial derivatives 2023
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.
Nominal value
Fair value
Fair value
Fair value through profit and loss
Fair value through fair value reserve 1,547,458.52 1,547,458.52 21,021,185.08 1,892,820.81 22,914,005.89 -494,445.93 -3,485,682.38 -3,980,128.31
Derivative assets 1,547,458.52 1,547,458.52
Derivative liabilities
EUR
Total
Non-current liabilities and repayment
Interest rate swaps
50,000,000.00 50,000,000.00
1,547,458.52 1,547,458.52
Strategy and financial targets
Total interest rate derivatives
8
Value creation
Loans from financial institutions
Liabilities to group companies
Other loans
Currency forward agreements Currency option agreements
1,138,276,907.69 488,687,782.86 1,626,964,690.55
27,654,017.14 2,191,276.94
5,735,017.85 21,918,999.29
897,814.21
Bonds
Total
298,456.13
1,892,820.81
2024 2025 2026 2027 2028
Financial development 10 Key figures 12
Currency derivates total
29,845,294.08 6,033,473.98 23,811,820.10
897,814.21
11,764,705.88 111,764,705.88 11,764,705.88 11,764,705.88 29,411,764.72 176,470,588.24
11,764,705.88 111,764,705.88 261,450,050.90 11,764,705.88 29,411,764.72 426,155,933.26
Oil derivatives
18,709,442.40 10,770,062.40 29,479,504.80
150,751.44
645,197.37
-494,445.93
249,685,345.02
Report of the Board of Directors
Other commodity derivatives
3,485,682.38 -3,485,682.38 4,130,879.75 -3,980,128.31
20 72
• Sustainability statement • Sustainability statement assurance report
Commodity derivatives
150,751.44
2029–
Total
249,685,345.02
Derivatives total
1,706,444,195.35
31,543,504.04 10,164,353.73 21,379,150.31
897,814.21
20,481,336.10
74
Consolidated financial statements
Financial derivatives 2022
EUR
2023
2022
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
Nominal value
Fair value
Fair value
Fair value through profit and loss
Fair value through fair value reserve 3,147,221.92 3,147,221.92
16. Current liabilities
Derivative assets 3,147,221.92 3,147,221.92
Derivative liabilities
EUR
Total
Liabilities from Group companies Borrowings
Interest rate swaps
100,000,000.00 100,000,000.00
3,147,221.92 3,147,221.92
30,000,000.00 52,695,613.31 12,006,352.53 94,701,965.84
Total interest rate derivatives
Trade payables
56,142,768.77 32,753,317.50 88,896,086.27
Accruals and deferred income
Currency forward agreements Currency option agreements
1,790,092,903.51 281,267,579.22 2,071,360,482.73
31,341,614.74 25,038,674.98 6,302,939.76
1,378,520.10 4,924,419.66
Total
2,200,385.60
137,976.17
2,062,409.43 8,365,349.19
2,062,409.43
Currency derivates total
33,542,000.34 25,176,651.15
1,378,520.10 6,986,829.09
Liabilities from other Return loans from occupational pension insurance institutions
11,764,705.88 4,687,512.48 122,711,978.74 6,832,689.40 58,777,075.75 204,773,962.25
11,764,705.88 3,756,180.63 175,417,664.49
Oil derivatives
27,484,187.40 32,698,452.00 60,182,639.40
538,987.95
3,877,616.12 -3,338,628.17
-3,338,628.17
Advance payment
Other commodity derivatives
6,195,460.90 1,164,398.84 5,031,062.06 6,734,448.85 5,042,014.96 1,692,433.89
2,089,620.00 2,941,442.06
Trade payables Other liabilities
Commodity derivatives
2,089,620.00
-397,186.11
7,699,014.97
Accruals and deferred income
65,809,346.27 264,446,912.24
Derivatives total
2,231,543,122.13
43,423,671.11
30,218,666.11
13,205,005.00
3,468,140.10 9,736,864.90
Total
Total current liabilities
299,475,928.09
353,342,998.51
All derivative agreements of Metsä Board Oyj have been entered into for hedging purpose, and cash flow hedge accounting has been applied in major part of the agreements. Only the part of currency derivatives designated as hedges of trade receivables and trade payables is not directed to hedge accounting. Interest rate derivatives are interest rate swaps maturing in 1–2 years and entered into to hedge the floating rate interest payments. Currency derivatives contracts concluded to hedge currency cash flows mature fully during 2024. Commodity derivatives are natural gas forwards and fuel oil forwards directed to hedge the cash flows arising from purchases of these commodities. Commodity forwards mature fully during 2024. A more detailed description of financial risk management and the principles applied to derivative contracts is included in note 5.6 and 5.7 of the concolidated Group accounts.
Accruals and deferred income to group companies, current, specification Derivatives
10,164,353.73 1,841,998.80 12,006,352.53
30,218,666.25 2,534,651.25 32,753,317.50
Others
Total
Accruals and deferred income, current, external Personnel expenses
22,384,791.06 11,529,875.20 14,866,702.16 2,914,301.17 4,536,157.78 2,545,248.38 58,777,075.75
26,666,808.07 20,622,684.87 16,000,244.15 2,275,783.41
Accruals of purchases
Discounts Interests
Taxes
224,929.41 18,896.36
170 Remuneration report 174 Investor relations and investor information
Others
Total
65,809,346.27
138
139
Parent company financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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