METSÄ BOARD Annual review 2023
■ 2.3 Other operating income
■ 2.4 Operating expenses
3. Remuneration ■ 3.1 Employee costs
EUR million
2023
2022
EUR million
2023
2022
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Materials and services Raw materials and consumables
Gains on disposal Rental income Service revenue
59.9
59.2
1.3 5.5 7.5 0.2 5.4
1.1 6.1 3.3 0.2 9.7
Purchases during the financial year
1,074.1
1,465.4
EUR million
2023
2022
Change in inventories
33.6
-48.0
Government grants and allowances
Wages and salaries
119.6
137.3
External services Logistics cost
Scrap and waste sale
Share-based payments
2.2
2.8
243.6
332.7
Other Total
Pension costs
Strategy and financial targets
Other external services
78.1
74.3
79.9
79.6
Defined benefit plans
0.6
0.5
8
Value creation
Total
1,429.5
1,824.3
Defined contribution plans
22.9 54.2 77.7 199.5
22.7 54.1 77.3 217.4
Other social security costs Social security costs total
Depreciation, amortisation and impairment charges total
Gains on disposal
Financial development 10 Key figures 12
93.8
83.1
Employee costs total
EUR million
2023
2022
Employee costs total
199.5
217.4
Emission rights
55.0
29.0
Report of the Board of Directors
Non-business related land area
2.7
6.5 2.8
20 72
• Sustainability statement • Sustainability statement assurance report
Other operating expenses Rents and other real estate expenses
■ 3.2 The management’s salaries, remuneration and pension expenses Key management includes members of the Board of Directors as well as Corporate Management Team.
Share ownership
20.0 86.8
17.6 76.2
Oy Hangö Stevedoring Ab
19.2
Purchased services
Other Total
2.2
1.6
Losses on sale of non-current assets
0.8
0.3
59.9
59.2
74
Consolidated financial statements
Other operating expenses
37.9
42.0 136.1
The management’s salaries, remuneration and pension expenses
Total
145.4
The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid.
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
EUR
2023
2022
Employee costs are reported in Note 3.1 and information on depreciation, amortisation and impairment charges in Notes 4.1 and 4.2. Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs. In 2022, other operating expenses include expenses of EUR 0.7 million related to the discontinuation of Russian business operations. Research and development expenses excluding depreciations were EUR 7.3 (6.1) million.
Salaries and other remuneration
2,946,400.96 2,838,785.26
2,824,918.65 2,073,129.01
Share-based payments (long-term remuneration)
Pension costs Defined benefit plans
520,027.42 336,557.35 6,641,770.99
589,122.26 278,099.65 5,765,269.57
Defined contribution plans
Total
Remuneration paid to the members of the Board of Directors of the parent company and their shareholding Shareholding shares Renumeration Renumeration Pensions, Defined contribution
Pensions, Defined contribution
Auditor fees
EUR
2023
2023
2022
2023 18,794 17,907 1,025 15,454 14,611 13,280 13,549
2022
The fees of the group’s auditor KPMG
Ilkka Hämälä
294,814
112,592 98,480 81,136 91,936 80,336 79,536 81,136 74,736 76,336 5,600 5,600 787,423
114,192 100,080 81,936 90,836
18,359 17,584 14,400 14,620 14,400 13,049 12,143
Jussi Linnaranta
36,211
EUR million
2023
2022
Hannu Anttila
152,627 13,131 14,508
Audit
0.5 0.0
0.5
Raija-Leena Hankonen-Nybom
Auditors' opinions
Erja Hyrsky Jukka Moisio
81,936 81,136 75,536 4,800
Tax services Other services
17,283 8,685
0.0 0.5
0.0 0.5
Mari Kiviniemi (from 24 March 2022) Kirsi Komi (until 24 March 2022) Mikko Mäkimattila (from 23 March 2023) Juha Vanhainen (from 23 March 2023) Timo Saukkonen (until 23 March 2023) Veli Sundbäck (until 23 March 2023)
Total
777
5,052 9,460
13,586 12,742
Other than audit related fees to other auditors than KPMG amounted to EUR 0.3 (0.1) million. Non-auditing services for KPMG in 2023 were EUR 30 thousand.
81,936 81,936
941
13,179
Total
551,771
794,323
121,890
118,510
Metsä Board’s Annual General Meeting 2023 decided, that about one half of the remuneration will be paid in cash while the other half is paid in company’s B shares. The remuneration of the Management Team consists of a fixed monthly salary and remuneration based on short-term and long-term remuneration schemes. The CEO is also covered by a defined benefit pension plan.
170 Remuneration report 174 Investor relations and investor information
82
83
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2023
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