METSÄ BOARD Annual review 2023
Quarterly data
Calculation of key ratios
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Alternative performance measures
Full year
Quarterly
EUR million
2023
2022 IV/2023 III/2023 II/2023 I/2023 IV/2022 III/2022 II/2022 I/2022
Sales
1,941.9 2,479.6
422.6
479.0
498.2
542.1
599.8
647.3
650.5
582.0
Definition
Key figure
Justification for the use of the key figure
Strategy and financial targets
Profitability
2023 122.2
2022 IV/2023 III/2023 II/2023 I/2023 IV/2022 III/2022 II/2022 I/2022
8
Value creation
= Result before income tax, financial income and expenses, exchange gains and losses and share of results from associated companies and joint ventures
Operating result, comparable
520.7
0.7
5.5
27.3
88.7
100.8
152.5
145.9
121.5
The key figure describes the Group’s ability to produce a profit from its busi- ness, and it is independent of the company’s capital structure
Operating result
2023 120.8
2022 IV/2023 III/2023 II/2023 I/2023 IV/2022 III/2022 II/2022 I/2022
Financial development 10 Key figures 12
The key figure shows how much margin is left over from the Group’s sales after deducting the variable and fixed costs of business before depreciation, amortisation and impairment The key figure describes the Group’s ability to produce a profit with the assets invested in the Group by shareholders
= Operating result before depreciation, amortisation and impairment losses
Operating result
531.5
-0.2
3.1
29.5
88.4
94.7
153.4
142.6
140.7
EBITDA
Result before income tax - income taxes
Share of profit from associated companies
0,0 2.6
0.0
0.0
0.0
0.0
0.0
0.0 -1.8
0.0
0.0
0.0
Report of the Board of Directors
Return on equity (%)
=
Exchange gains/losses
-5.0
1.8
2.1
-0.6
-0.8
-0.5 -0.6
-2.3 -0.3
-0.4
Shareholder’s equity (average)
20 72
• Sustainability statement • Sustainability statement assurance report
Other financial income and expenses
-2.5
-1.7
-0.2
-1.0
-1.5
0.2
0.5
-1.2
= Result before income taxes + net exchange differences and other financial expenses Balance total – non-interest bearing liabilities (average)
Return on capital employed (%)
The key figure describes the Group’s ability to produce a profit on the capital invested, from the point of the party investing the capital
Result before tax
120.9
524.9
1.4
4.3
27.5
87.7
93.4
152.4
140.0
139.1
2023
2022 IV/2023 III/2023 II/2023 I/2023 IV/2022 III/2022 II/2022 I/2022
74
Consolidated financial statements
Financial position
Operating result, % of sales
6.3
21.4
0.2
1.1
5.5
16.4
15.8
23.7
21.9
24.2
Shareholder’s equity
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
The key figure describes the Group’s capital structure, solvency and ability to take care of its commitments in the long run
Equity ratio (%)
=
Full year
Quarterly
Balance total - advance payments received
1,000 t
2023
2022 IV/2023 III/2023 II/2023 I/2023 IV/2022 III/2022 II/2022 I/2022
Interest-bearing net liabilities
Deliveries Folding boxboard
Net gearing ratio (%)
=
The key figure describes the Group’s capital structure and financial position
Shareholder’s equity
1,373
1,208
299
340 228
353 235
380 255
285 133 105
308 146 124
308 164 152
307 166 122 187
White kraftliner
906 467 684
609 503
188
Interest-bearing liabilities – cash and cash equivalents and interest-bearing receivables
Interest-bearing net liabilities =
The key figure describes the Group’s indebtedness
Metsä Fibre’s pulp 1) Metsä Board’s pulp
111
112
118
126
717
120
107
83
83
162
177
192
Other
The key figure describes the Group’s application of funds for maintaining and renewing its production machinery and plants and for expanding its business with corporate acquisitions
2023
2022 IV/2023 III/2023 II/2023 I/2023 IV/2022 III/2022 II/2022 I/2022
Investments in owned and leased fixed assets and investments in business combinations
Total investments
=
Production Folding boxboard
1,289.4
1,272
280.0
307.2 132.0
331.6 136.6
370.5 143.3
264 133 319 190
337
336
335 162 368
= Net cash flow arising from operating activities + net interest expenses
White kraftliner
516,0 136.5
605
104.1
147
164
Interest cover
The key figure describes the Group’s ability to meet its debt obligations
Net interest expenses
Metsä Fibre’s pulp 1) Metsä Board’s pulp
1,409
38.6
39.7
30.0
28.2
360
362
1,941.9
731
422.6
479.0
498.2
542.1
190
171
181
Share performace indicators
1) Corresponds to Metsä Board’s ownership of 24.9 per cent in Metsä Fibre.
Key figure
Definition
= Profit attributable to shareholders of parent company Adjusted number of shares (average
Earnings per share
Equity attributable to shareholders of parent company Adjusted number of shares at the end of the period
Shareholders’ equity per share =
Dividends Adjusted number of shares at 31 December
Dividend per share
=
Dividend per share Earnings per share
Payout ratio (%)
=
Dividend per share Share price at 31 December Share price at 31 December Earnings per share Share price at 31 December Shareholders' equity per share
170 Remuneration report 174 Investor relations and investor information
Dividend yield (%)
=
Price/earnings ratio (P/E ratio) (%)
=
P/BV (%)
=
Total traded volume per share (EUR) Average adjusted number of shares traded during the financial year
Adjusted average share price =
Market capitalisation
= Number of shares x market price at the end of period
The presentation of earnings per share is regulated by the Decree of the Ministry of Finance on the Regular Duty of Disclosure of an Issuer of a Security. In addition, the earnings per share ratio is regulated by the IAS 33 standard.
154
155
Key figures | METSÄ BOARD ANNUAL REVIEW 2023
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