Report of the Board of the Directors and financial statements
METSÄ BOARD Annual review 2024
Key figures
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
SALES EUR million
PAPERBOARD DELIVERIES 1,000 tonnes
METSÄ BOARD’S MARKET PULP DELIVERIES 1) 1,000 tonnes
Contents
2,500 2,000 1,500 1,000 500 0
2,000
600 500 400 300 200 100 0
Strategy and financial targets
1,500
Report of the Board of Directors
Parent company financial statements 150 Parent company income statement 150 Parent company balance sheet 151 Parent company cash flow statement 152
8
Value creation
12
1,000
Sustainability statement
20 96
500
1) includes chemical pulp and high-yield pulp (BCTMP)
Financial development 10 Key figures 12
Annexes to the Sustainability statement
0
20 21 22 23 24
20 21 22 23 24
20 21 22 23 24
Consolidated financial statements
Report of the Board of Directors
98
Notes to the parent company financial statements
153 153 154 154 154 154 155 155 156 156 158 159 160 161 161 161 162 163 164 164 166 167 171 173 177 178 179 181 182
20 20 37 70 89 96
• Sustainability statement
1
Accounting policies
Consolidated statement of comprehensive income
98 99
COMPARABLE EBITDA EUR million, % of sales
COMPARABLE OPERATING RESULT EUR million, % of sales
CAPITAL EMPLOYED, EUR million RETURN ON CAPITAL EMPLOYED, %
General information
2 3 4 5 6 7 8 9
Sales
Consolidated balance sheet
Exceptional items
Statement of changes in shareholders’ equity
100 101
E – Environment
Other operating income Operating expenses
Consolidated cash flow statement
S – Social responsibility
600 500 400 300 200 100 0
30 25 20 15 10 5 0
600 500 400 300 200 100 0
30 25 20 15 10 5 0
2,500 2,000 1,500 1,000 500 0
25 20 15 10 5 0
G – Governance
Depreciation and impairment charges
Notes to the consolidated financial statements
102 102 105 105 106 107 107 108 108 108 110 113 116 116 119 122 123 123 124 124 125 126 126 129 129 130 130 132 138 143 145 145 146 147 148 148 149 149 149
Financial income and expenses
Annexes to the Sustainability statement
1
Accounting policies
Income taxes
2
Profitability
Intangible and tangible assets
2.1 Segment information
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
10 Investments
2.2 Sales
20 21 22 23 24
20 21 22 23 24
20 21 22 23 24
11
Receivables
2.3 Other operating income 2.4 Operating expenses
12 Shareholders’ equity 13 Mandatory provisions
3
Remuneration
14 Deferred tax assets and liabilities
3.1 Employee costs
15 Non-current liabilities
CASH FLOW FROM OPERATIONS EUR million
TOTAL INVESTMENTS EUR million
INTEREST-BEARING NET DEBT, EUR million INTEREST-BEARING NET DEBT / EBITDA, COMPARABLE
3.2 The management’s salaries, remuneration and pension expenses
16 Current liabilities
3.3 Share-based payment
17 Financial instruments
3.4 Retirement benefit obligations
18 Disputes, legal proceedings and commitments
350 300 250 200 150 100 50 0
350 300 250 200 150 100 50 0
400 300 200 100 0 -100
2.0 1.5 1.0 0.5 0 -0.5
4
Capital employed
19 Shares and holdings
4.1 Intangible assets
4.2 Property, plant and equipment
The Board’s proposal to the Annual General Meeting for the distribution of funds
4.3 Other investments
4.4 Inventories
Auditor’s report
4.5 Trade receivables and other receivables
Assurance Report on the Sustainability Statement
20 21 22 23 24
20 21 22 23 24
20 21 22 23 24
4.6 Other non-current liabilities
Shares and shareholders *
4.7 Trade payables and other liabilities
4.8 Provisions
Ten years in figures
5
Capital structure and financial risks
Taxes
TOTAL COSTS 2024 EUR 1.7 billion
PERSONNEL AT THE END OF PERIOD
TOTAL RECORDABLE INJURY FREQUENCY (TRIF) per million hours worked
5.1 Shareholders’ equity
Production capacities Calculation of key ratios *
5.2 Financial income and expenses 5.3 Other long-term assets 5.4 Cash and cash equivalents 5.5 Borrowings and net debt 5.6 Management of financial risks
Comparable performance measures *
2,500 2,000 1,500 1,000 500 0
12
Wood ���������������������������� 20% Pulp * ���������������������������� 16% Logistics ���������������������� 15% Chemicals ������������������� 15% Energy �������������������������� 10% Other variable ��������������� 2% Personnel ��������������������� 11% Other fixed ������������������ 10%
Corporate governance
9
183
5.7 Classification and fair values of financial assets and liabilities
6
Corporate governance statement • Board of Directors of Metsä Board
183 190 194 196 201
3
6 7
Income taxes Group structure
• Corporate Management Team of Metsä Board
0
20 21 22 23 24
20 21 22 23 24
Remuneration report
7.1 Group companies
Investor relations and investor information
7.2 Non-controlling interest’s shares 7.3 Associate companies and joint ventures 7.4 Acquisitions and operations disposed of
*) Pulp: Metsä Board purchases all external pulp from its associated company Metsä Fibre, of which Metsä Board owns 24.9%. Metsä Fibre’s pulp cost structure in 2024: wood 57%, chemicals 11%, logistics 9%, energy 5%, personnel and other fixed 17%.
Development of key figures per share can be found on page 176.
196 Remuneration report 201 Investor relations and investor information
* part of the Report of the Board of Directors
7.5 Related party transactions
8
Other notes
8.1 Contingent liabilities, assets and commitments
8.2 Events after the financial period
This PDF is not official ESEF report
10
11
Financial development | METSÄ BOARD ANNUAL REVIEW 2024
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