METSÄ BOARD Annual review 2023
The fair value hierarchy of financial assets and liabilities 2023
Electricity business
EUR
Level 1
Level 2
Level 3
Total
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Financial assets at fair value Other shares and holdings
Accounting principles According to the Electricity Market Act, a company operating in the electricity market must separate its electricity business from its other business oper- ations. Separation means that for each financial period, an income statement and balance sheet must be prepared for the separated electricity business operations. The Ministry of Trade and Industry’s decree includes more detailed provisions regarding the separation.
253,698,707.84
253,698,707.84
Derivative financial assets
150,751.44
31,392,752.60
31,543,504.04
Financial liabilities measured at fair value Derivative financial liabilities
4,130,879.75
6,033,473.98
10,164,353.73
Strategy and financial targets
8
Value creation
The fair value hierarchy of financial assets and liabilities 2022
■ Income statement / Electrical business
■ Balance sheet / Electrical business
EUR
Level 1
Level 2
Level 3
Total
Financial development 10 Key figures 12
Financial assets at fair value Other shares and holdings
344,817,070.84
344,817,070.84
EUR
2023
2022
EUR
2023
2022
Derivative financial assets
6,734,448.85
36,689,222.26
43,423,671.11
Report of the Board of Directors
Sales
ASSETS Current assets Receivables
26,311,781.45 64,916,170.86
Financial liabilities measured at fair value Derivative financial liabilities
Materials and services Materials, consumables and goods
20 72
• Sustainability statement • Sustainability statement assurance report
5,042,014.96
25,176,651.15
30,218,666.11
Purchases during the financial period
27,474,421.14 67,478,642.70 -27,474,421.14 -67,478,642.70
Current receivables Accounts receivables
The principles applied to classification of financial assets and liabilities valued at fair value are described in Notes 5.6 and 5.7 of the Metsä Board consolidated financial statements.
Materials and services, Total Other operating expenses
391,157.51 178,807.66
10,404,765.79
74
Consolidated financial statements
Prepayments and accrued income
Other operating expenses
83,132.86 -83,132.86
76,485.44 -76,485.44
Cash and cash equivalents
10,298,520.45 13,349,677.26 10,868,485.62 23,754,443.05
Other operating expenses, total
Total assets
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
18. Disputes, legal proceedings and commitments
Operating profit/loss
-1,245,772.55 -2,638,957.28
EQUITY AND LIABILITIES Equity Profit/loss for previous financial periods
Financial income and expenses Other interest and financial income From Group companies Financial income and expenses, Total
Disputes and legal proceedings Disputes are presented in Note 8.1 of the consolidated financial statements.
10,657,362.45 24,550,553.95
805,002.24 805,002.24
0.00 0.00
Profit/loss for the financial period
-440,770.31
-2,638,957.28
Total equity
10,216,592.14 21,911,596.66
Commitments and contingencies EUR For own and for affiliated companies Guarantees and counter-indemnities
Profit/loss before appropriations and taxes
-440,770.31
-2,638,957.28
Liabilities
2023
2022
Current liabilities Current non-interest bearing liabilities Accounts payable
Profit/loss for the financial period
-440,770.31
-2,638,957.28
2,069,254.00
2,061,906.00
651,893.48
1,842,846.39
For affiliated companies Other commitments
Total equity and liabilities
10,868,485.62 23,754,443.05
3,759,384.00
Leasing commitments Payments due in following 12 months
1,793,027.76 2,411,125.89
2,650,424.63 5,180,159.98
Payments due later than 1 year
Total
Guarantees
2,069,254.00
2,061,906.00 3,759,384.00 7,830,584.61 13,651,874.61
Other commitments Leasing commitments
4,204,153.65 6,273,407.65
Total commitments
Investment commitments Payments due in following 12 months
45,051,646.28
65,185,625.57 1,595,315.50 66,780,941.07
Payments due later than 1 year
833,123.64
Total
45,884,769.92
170 Remuneration report 174 Investor relations and investor information
19. Shares and holdings Shares and holdings are presented in Note 7.2. of consolidated financial statements.
140
141
Parent company financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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