METSÄ BOARD Annual review 2023
The Board’s proposal to the Annual General Meeting for the distribution of funds
Auditor’s Report
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
To the Annual General Meeting of Metsä Board Corporation
The distributable funds of the company are EUR 518,882,677.31 of which retained earnings constitute EUR 192,906,977.09 and profit for the period EUR 115,336,218.41.
Report on the Audit of the Financial Statements
In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 2.4 to the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Materiality The scope of our audit was influenced by our application of materiality. The materiality is determined based on our professional judgement and is used to determine the nature, timing, and extent of our audit procedures and to evaluate the effect of identified misstatements on the financial statements as a whole. The level of materiality we set is based on our assessment of the magnitude of misstatements that, individually or in aggregate, could reasonably be expected to have influence on the economic decisions of the users of the financial statements. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for qualitative reasons for the users of the financial statements. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The significant risks of material misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 10(2) are included in the description of key audit matters below. We have also addressed the risk of management override of internal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud.
Strategy and financial targets
The Board of Directors proposes the following to the Annual General Meeting regarding the distribution of funds:
8
Value creation
Opinion We have audited the financial statements of Metsä Board Corporation (business identity code 0635366-7) for the year ended 31 December, 2023. The financial statements comprise the consolidated balance sheet, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes, including a summary of significant accounting policies, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes. In our opinion • the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and cash flows in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU • the financial statements give a true and fair view of the parent company’s financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.
Financial development 10 Key figures 12
Dividend of EUR 0.25 per share be paid, or in total
88,702,882.75
Report of the Board of Directors
To be left in the unrestricted shareholders' equity
430,179,794.56
20 72
• Sustainability statement • Sustainability statement assurance report
Distributable funds of the company
518,882,677.31
74
Consolidated financial statements
The Board of Directors proposes that the dividend will be paid on 9 April, 2024.
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
No material changes have been taken place in respect of the company’s financial position after the balance sheet date. The liquidity of the company is good, and in the opinion of the Board of Directors, the proposed profit distribution would not compromise the liquidity of the company.
Espoo 7 February 2024
Our opinion is consistent with the additional report submitted to the Audit Committee.
Ilkka Hämälä
Jussi Linnaranta
Hannu Anttila
Basis for Opinion We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Raija-Leena Hankonen-Nybom
Erja Hyrsky
Mari Kiviniemi
Jukka Moisio
Mikko Mäkimattila
Juha Vanhainen
Mika Joukio CEO
170 Remuneration report 174 Investor relations and investor information
142
143
Auditor’s Report | METSÄ BOARD ANNUAL REVIEW 2023
Powered by FlippingBook