METSÄ BOARD Annual review 2023
Ten years in figures
Price development and number of shares
2023
2022
2021
2019
2018
Adjusted share prices, EUR
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
2023 2022
2021
2020 2019 2018
2017
2016 2015
2014
A share
high
13.05
10.50
11.00 8.50 9.38 9.48 11.01 7.50 8.61 9.14
8.80 4.80 8.64 6.88 8.79 4.47 8.62 6.12
7.98 5.46 6.14 6.56 6.65 3.86 6.00 5.26
Income statement, eur million Sales
low
7.48 7.80
7.66
1,942
2,479 2,084 1,890 1,932
1,944 1,849
1,720 2,008 2,008
closing average
10.15 9.48
- change, %
-21.7
19.0
10.3
-2.2
-0.1
5.2
7.5
-14.3
-0.0
-0.5
10.06
EBITDA, comparable
216
603
472
316
279
344
289
231
283
236
Strategy and financial targets
- % of sales
11.1
24.3
22.7
16.7
14.4
17.7
15.6
13.4
14.1
11.8
B share
high
13.05
10.49
8
Value creation
Operating result
121
532
376
227
181
246
207
132
199
117
low
7.48 7.80
7.09 8.77 8.73
Operating result, comparable
122
521
387
221
184
252
193
137
180
137
closing average
- % of sales
6.3
21.0
18.6
11.7
9.5
13.0
10.5
8.0
9.0
6.8
Financial development 10 Key figures 12
10.06
Result for the period
102
461
314
170
145
203
150
90
137
69
Trading volume at Nasdaq Helsinki, number of shares A share
Report of the Board of Directors
535,219
849,346
1,802,589
1,758,683
694,519
Balance sheet, eur million Balance sheet total
% of total number of shares
1.6
2.6
5.5
5.3
2.1
3,055 3,403 2,922 2,302 2,270 2,284 2,226 2,194 2,220 2,149
20 72
• Sustainability statement • Sustainability statement assurance report
B share
117,021,973
87,832,699
98,057,575
155,232,570
220,170,829
Equity attributable to shareholders of parent company
1,897
2,082
1,699 1,384 1,338 1,323
1,167
1,052
1,029
841
% of average number of shares
36.3
27.2
30.4
48.1
68.3
Interest bearing net liabilities
-144
-94
-78
236
308
335
358
464
333
427
74
Consolidated financial statements
Number of shares at year end A share
Key figures per share and distribution equity owners of the parent company Dividend and equity distribution, EUR million Dividend and equity distribution per share, EUR Payout ratio including equity distribution, %
32,802,175 322,710,571 355,512,746 354,750,822
32,802,175 322,710,571 355,512,746 355,359,331
32,802,175 322,710,571 355,512,746 355,512,746
32,887,151
33,087,647 322,425,099 355,512,746 355,512,746
B share
322,625,595 355,512,746 355,512,746
88.7 1) 0.27 1) 93.5 1)
205.6
145.8
92.4 0.26
85.3 0.24 58.5
103.1 0.29 50.9
74.7 0.21 50.0
67.5 0.19 76.0
60.4
39.4 0.12
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
Total
0.58 50.4
0.41
0.17
Number of shares at year end
49.9 54.31
43.6
57.1
Market capitalisation at year end, EUR million
2,576.1 62,501
3,161.5 56,887
3,086.2 54,904
3,065.2 48,165
2,136.1 50,420
Dividend yield, %
3.5 1)
6.6
4.8
3.0
4.0
5.7
2.9
2.8
2.5
2.7
Number of shareholders, B shares
Key figures – profitability Return on capital employed (ROCE), comparable, %
Key figures
5.1
20.9
18.7
12.2
10.4
14.4
11.2
8.1
11.3
9.1
Return on equity, comparable, %
4.8
22.0
20.2
12.1
11.0
16.7
12.4
9.0
12.9
10.4
EUR million
2023
2022
2021
2019
2018
Earnings per share
Key figures – balance sheet and financing Interest bearing net liabilities / EBITDA, comparable
Result before tax – Income taxes
120.9 -19.3 101.6
524.9 -63.5 461.4
365.8 -51.8 314.0
212.3 -42.2 170.1
165.6 -21.0 144.6
0.7
0.2
-0.2
0.7
1.1
1.0
1.2
2.0
1.2
1.8
Equity ratio, %
67.5
66.4
63.3
60.3
59.1
58.1
52.6
48.2
46.5
39.2
= Result for the period
Net gearing, %
7
4
-4
17
23
25
31
44
32
51
Net cash flow from operations, EUR million
343
232
330
308
201
151
236
77
247
198
– Average number of shares
354,750,822
355,359,331
355,512,746
355,512,746
355,512,746
Net interest expense, EUR million
12
5
8
12
14
19
36 7.6
26
26
42
Interest cover
28.6
50.7
42.7
27.6
15.4
9.0
4.0
10.4
5.7
Earnings per share, basic and diluted, EUR
0.27
1.15
0.82
0.48
0.41
Other key figures Total investments, EUR million
Shareholders’ equity per share, EUR
5.35
5.86 0.58 50.4
4.78 0.41 49.9
3.89 0.26 54.3
3.76 0.24 58.5
229
304
220
166
99
70
65
162
178
44
Dividend per share, EUR
0.25 1)
Depreciation, amortisation and impairment losses, EUR million
Payout ratio, %
93.5
94
83
90
95
114
92
92
102
104
126
Metsä Board shares have no nominal value.
R & D expenditure, EUR million 2)
7
6
6
9
9
6
6
6
8
6
- % of sales
0.4
0.2
0.3
0.5
0.4
0.3
0.3
0.4
0.4
0.3
Dividend yield, % of closing price A share
Personnel, average
2,333 2,352
2,461
2,455 2,433 2,435 2,456 2,588
2,851
3,200
3.2 1) 3.5 1)
5.7 6.6
4.4 4.8
3.0 3.0
3.9 4.0
- in Finland
1,303 1,340 1,490 1,486
1,458
1,433
1,441
1,552
1,538 1,542
B share
Paperboard deliveries, 1,000 t
1,373
1,817
1,922
1,810 1,791
1,830 1,803
1,568 1,404 1,256
Price/earning ratio (P/E ratio) A share
29.2 26.9
8.8 7.6
11.4 10.5
18.1 18.0
15.0 14.6
170 Remuneration report 174 Investor relations and investor information
Dividend and key figures per share for year 2014 have been issue-adjusted. The rights issue factor was 1.030627.
B share
1) The Board of Directors has proposed that a dividend of EUR 0.25 per share be distributed for the 2023 financial year. Dividend yield for 2023 has been calculated including the proposed equity distribution and using the B share closing price as of 31 December 2023. 2) The reporting of research and development expenses has been clarified and the figures for 2019–2023 are comparable.
Price to book value (P/BV), % A share
145.9 134.5
173.2 149.6
196.2 180.1
222.0 221.5
163.3 159.6
B share
Calculation of key ratios is presented on page 155.
1) The Board of Directors has proposed that a dividend of EUR 0.25 per share be distributed for the 2023 financial year.
150
151
Shares and shareholders | METSÄ BOARD ANNUAL REVIEW 2023
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