METSÄ BOARD Annual review 2024
2. Profitability 2.1 Segment information
Management’s judgement-based decisions Management’s judgement-based decisions that were made when applying the accounting principles and that have the greatest impact on the figures of the consolidated financial statements concern the following areas:
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Item
Note
Nature of management’s judgement-based decisions
Financial instruments measured at fair value
4.3 Other investments
Accounting principle and valuation model applied to the shares of Pohjolan Voima Oyj
Accounting principles The Corporate Management Team is the chief operational decision-maker monitoring business operations performance based on the operating segments. Metsä Board’s business operations consist solely of folding boxboard, fresh fibre linerboard and market pulp businesses. Metsä Board reports on its financial performance in one reporting segment. Geographical sales are reported based on the location of the customer and assets and capital expenditure based on the location of the assets.
Strategy and financial targets
8
Value creation
Estimates and assumptions The Group’s key uncertainties related to assumptions and estimates that carry a significant risk of the book values of assets and liabilities changing during the following financial period include the following:
Financial development 10 Key figures 12
Item
Note
Nature of estimates and assumptions
Report of the Board of Directors
Pension obligations
3.4 Pension obligations
Actuarial assumptions used as the basis for determining the current value of pension obli- gations arising from defined benefit plans and the obligation items recognised as expenses during the financial period
20 20 37 70 89 96
• Sustainability statement
Geographical areas
General information
Property, plant and equipment and leases 4.2 Property, plant and equipment
Estimates of the useful lives of property, plant and equipment, and of lease extension options
External sales by location of customer
Non-current assets
E – Environment
Fair value measurement
4.3 Other investments
Estimates of key factors affecting cash flows in the valuation of Pohjolan Voima Oyj
Capital expenditure
EUR million
2024 136.4 125.3 124.9 94.9 94.8 75.9 107.3 52.1 20.8 167.7
2023 148.9 136.0 82.3 89.8 88.8 89.9 120.1 46.8 18.2 178.1 999.0
2024
2023
2024
2023
Inventories
4.4 Inventories
Estimates of the sales prices of products measured at net realisable value, the costs of comple- tion and the costs necessary for making the sale
S – Social responsibility
Germany
0.2 0.1
2.6 0.3
0.2 0.0
0.1 0.0
G – Governance
Provisions
4.9 Provisions
Estimates of the date and amount of costs from the obligation
Italy
Annexes to the Sustainability statement
Sweden Finland Spain France Poland
761.2
780.0
54.2 119.9
141.2 83.9
Income taxes
6. Income taxes
Estimates of the date and amount of tax liabilities arising in tax audits and deferred tax assets recognised for losses Estimates of the date and amount of costs from obligations related to disputes and legal proceedings
1,267.2
1,278.8
Legal obligations
8.1 Commitments and contingencies
0.1 0.3
0.1 0.4 1.3
0.0 0.0 0.1
0.0 0.2
98 Consolidated financial statements 102 Notes to the consolidated financial statements 150 Parent company financial statements 153 Notes to the parent company financial statements 166 The Board’s proposal to the Annual General Meeting for the distribution of funds 167 Auditor’s Report 171 Sustainability statement assurance report 173 Shares and shareholders 177 Ten years in figures 178 Taxes 179 Production capacities 181 Calculation of key ratios and comparable performance measures Corporate governance 183 Corporate governance statement 190 • Board of Directors of Metsä Board 194 • Corporate Management Team of Metsä Board
1.1
1.1
The Netherlands
Belgium Other EU EU total
0.8
0.4
0.7
0.2
1,000.1
2,030.9
2,063.8
175.1
226.7
Turkey
90.7 96.2
56.2 106.1
0.0 4.2
0.0 4.9
United Kingdom
0.1
0.2
Norway
0.5
6.9
Other Europe and Middle East
35.5
33.2
USA
432.2
432.8 56.4 114.2 137.3
1.7
1.6
0.3
1.4
Canada
45.6 97.1
Asia
0.3 0.0
0.5 0.0
0.0
0.4
Other countries
140.6
Total
1,938.6
1,941.9
2,037.1
2,070.8
175.4
228.7
Non-current assets include all non-current assets with the exception of derivative financial instruments and deferred tax assets.
Personnel average
Personnel at year end
By country
2024 1,318
2023 1,303
By country
2024 1,267
2023 1,234
Finland Sweden Poland
Finland Sweden Poland
748 114
743 103
740 121
739 107
USA
73 17 17 52
70 32 28 54
USA
75 17 17 53
74 17 17 54
Belgium Germany
Belgium Germany
Other countries
Other countries
Total
2,339
2,333
Total
2,290
2,240
196 Remuneration report 201 Investor relations and investor information
Information on most important customers There were no customers with revenue exceeding 10% of total Group revenue in 2024 and 2023.
104
105
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2024
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