METSÄ BOARD Annual review 2023
Consolidated statement of comprehensive income
Consolidated balance sheet
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
EUR million
Note
1–12/2023
1–12/2022
EUR million
Note
31 DEC 2023
31 DEC 2022
ASSETS
Sales
2.1, 2.2, 7.3
1,941.9
2,479.6
Change in stocks of finished goods and work in progress
-57.0
70.1
Non-current assets Goodwill
Other operating income
2.3, 7.3 2.4, 7.3
79.9
79.6
Strategy and financial targets
4.1 4.1 4.2 7.2
12.2
12.2
Materials and services
-1,429.5
-1,824.3
Other intangible assets
16.1
5.9
8
Value creation
Employee costs
3
-199.5
-217.4
Property, plant and equipment
1,230.4
1,107.9 614.2 345.4
Share of result of associated company
7.2, 7.3
24.2
163.1
Investments in associated companies and joint ventures
549.9 254.4
Depreciation, amortisation and impairment charges
4.1, 4.2
-93.8
-83.1
Financial development 10 Key figures 12
Other investments
4.3, 5.7
Other operating expenses
2.4
-145.4
-136.1
Other non-current financial assets Derivative financial instruments
5.3 5.7
6.3 1.5 9.5
6.0 2.9 9.4
Operating result
120.8
531.5
Report of the Board of Directors
Deferred tax receivables
6
Share of profit from associated companies and joint ventures
7.2
0.0 2.6 9.9
0.0
2,080.4
2,103.9
20 72
• Sustainability statement • Sustainability statement assurance report
Net exchange gains/losses
5.2
-5.0
Current assets Inventories
Other financial income
5.2, 7.3 5.2, 7.3
3.0
4.4
394.4
506.7 354.5
Interest and other financial expenses
-12.4
-4.7
Trade receivables and other receivables
4.5, 7.3
251.7
Result before tax
120.9
524.9
74
Consolidated financial statements
Current income tax receivables Derivative financial instruments
7.1
41.4 40.5
Income taxes
6
-19.3
-63.5
5.7
30.0 291.6 974.7
Result for the period
101.6
461.3
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
Cash and cash equivalent
5.4, 7.3
356.2
1,299.3
Other comprehensive income
Total assets
3,055.1
3,403.2
Items that will not be reclassified to profit or loss
5.1
Actuarial gains/losses on defined benefit pension plans
3.4
-1.0
-4.7
SHAREHOLDERS’ EQUITY AND LIABILITIES
Financial assets at fair value through other comprehensive income
4.3
-87.8
178.5
Share of profit from other comprehensive income of associated company
-3.4
3.0
Equity attributable to shareholders of parent company
5.1
Income tax relating to items that will not be reclassified
18.5
-33.9
Share capital
557.9 -66.0 209.1 208.9
557.9 -64.0 283.9 208.9
Total
-73.6
142.9
Translation differences
Fair value and other reserves
Items that may be reclassified to profit or loss
5.1
Reserve for invested unrestricted equity
Cash flow hedges
8.2
-3.1
Treasury shares Retained earnings
-5.5
-7.8
Translation differences
-2.8 -5.7 -1.6 -1.9
-56.3
992.6 1,897.0
1,103.2 2,082.0
Share of profit from other comprehensive income of associated company
28.1
Non-controlling interests Total shareholders' equity
155.6
173.2
Income tax relating to items that may be reclassified
0.6
2,052.6
2,255.2
Total
-30.6
Other comprehensive income, net of tax
-75.6
112.2
Non-current liabilities Deferred tax liabilities
Total comprehensive income for the period
26.1
573.6
6.
139.2
149.5
Post employment benefit obligations
3.4 4.8
10.1
10.4
Result for the period attributable to Shareholders of parent company
Provisions Borrowings
1.7
2.0
94.8
409.9
5.5, 5.6, 5.7
421.0
434.4
Non-controlling interest
6.8
51.4
Other liabilities
4.6
8.7
3.9
101.6
461.3
580.7
600.2
Total comprehensive income for the period attributable to Shareholders of parent company
Current liabilities Provisions
20.7
535.7
4.8
1.4
4.9
Non-controlling interest
5.4
37.8
Current borrowings
5.5, 5.6, 5.7
17.1
18.6
26.1
573.6
Trade payables and other liabilities
4.7, 7.3
377.5
482.7
Current income tax liabilities
15.8 10.2
11.6
170 Remuneration report 174 Investor relations and investor information
Adjusted average number of shares, thousands
354,751
355,359
Derivative financial instruments
5.7
30.2
Basic and diluted earnings per share for result for the period attributable to the shareholders of parent company, EUR
0.27
1.15
421.8
547.9
Total liabilities
1,002.5 3,055.1
1,148.1 3,403.2
Total shareholders' equity and liabilities
74
75
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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