METSÄ BOARD Annual review 2023
Statement of changes in shareholders’ equity
Consolidated cash flow statement
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Equity attributable to shareholders of parent company
EUR million
Note
1–12/2023
1–12/2022
Reserve for invested restricted equity
Total share holders' equity
Cash flow from operating activities Result for the period
Fair value and other reserves
Non- controlling interest
Share capital
Translation differences
Treasury shares
Retained earnings
101.6
461.3 -63.0
EUR million
Note
Total
Adjustments to the result, total
27.3
Shareholders’ equity, 1 Jan 2023
557.9
-64.0
283.9
208.9
1,103.2
2,082.0
173.2
2,255.2
-7.8
Strategy and financial targets
Interest received
9.7
2.4
Interest paid
-11.1
-3.6 59.1 -6.4
8
Value creation
Result for the period
94.8
94.8
6.8
101.6
Dividends received
82.8
Other comprehensive income net of tax total Comprehensive income total
5.1
-1.9
-74.8
2.6
-74.1
-1.4
-75.6
Other financial items, net
2.6
Financial development 10 Key figures 12
Income tax paid
24.1
-66.5 -151.4 232.0
-1.9
-74.8
97.5
20.7
5.4
26.1
Change in working capital
105.8 342.8
Net cash flow from operations
Related party transactions Dividends Disposal of treasury shares
Report of the Board of Directors
-205.8
-205.8
5.1 5.1 3.3
-22.9
-228.7
Cash flow from investing activities Acquisition of other shares
20 72
• Sustainability statement • Sustainability statement assurance report
2.3
-2.3
-13.6
Share based payments
0.1
0.1
0.1
Capital expenditure
-218.4
-274.2
Shareholders’ equity, 31 Dec 2023
557.9
-66.0
209.1
208.9
-5.5
992.6
1,897.0
155.6
2,052.6
Proceeds from disposal of shares in subsidiaries, net of cash
7.2
24.5 16.9 41.1 -0.1
74
Consolidated financial statements
Proceeds from disposal of other shares
Proceeds from sale of tangible and intangible assets
58.9 -0.2
Shareholders’ equity, 1 Jan 2022
557.9
-27.2
118.3
208.9
841.5
1,699.4
146.2
1,845.6
Change in non-current receivables, net
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
Net cash flow from investing
-159.7
-205.3
Result for the period
409.9
409.9
51.4
461.3
Other comprehensive income net of tax total Comprehensive income total
5.1
-36.9
165.6
-2.9
125.8
-13.6
112.2
Cash flow from financing activities Proceeds from non-current interest bearing liabilities Payment of non-current interest bearing liabilities
-36.9
165.6
407.0
535.7
37.8
573.6
60.9 -81.0
-18.9
Related party transactions Dividends
Change in current liabilities
5.5
-0.4
-0.5 2.4 -7.8
-145.8
-145.8
-10.8
-156.6
5.1 5.1 3.3
Change in non-current non-interest bearing liabilities, net
4.7
Acquisition of treasury shares
-7.8 0.5
-7.8
-7.8 0.5
Acquisition of treasury shares
5.1
Share based payments
0.5
Dividend paid and capital distribution
-229.7 -244.3
-157.1 -183.1
Shareholders’ equity, 31 Dec 2022
557.9
-64.0
283.9
208.9
1,103.2
2,082.0
173.2
2,255.2
-7.8
Net cash flow from financing
Change in cash and cash equivalents
-61.2
-156.5
Cash and cash equivalents at beginning of period
356.2
524.2
Translation adjustments
-3.5
-11.6
Change in cash and cash equivalents
-61.2 291.6
-156.5 356.2
Cash and cash equivalents at end of period
5.4
Notes to consolidated cash flow statement Adjustments to the result, total Taxes Depreciation, amortisation and impairment charges Share of result from associated companies and joint ventures
19.3 93.8 -24.2 -59.1
63.5 83.1
-163.1 -59.5
Gains and losses on sale of non-current assets
Finance costs, net
-0.1 -4.7 2.2 27.3
6.6 3.6 2.8
Post-employment benefit obligations and provisions
Other adjustments
Adjustments to the result, total
-63.0
170 Remuneration report 174 Investor relations and investor information
Change in working capital Inventories
109.5 103.0 -106.7 105.8
-128.8
Trade receivables and other receivables Trade payables and other liabilities
-27.6
5.1
Change in working capital
-151.4
76
77
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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