METSÄ BOARD Annual review 2024
5.7 Classification and fair values of financial assets and liabilities
Fair value hierarchy of financial assets and liabilities
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Classification and fair values of financial assets and liabilities 2024
Accounting principles Financial assets and liabilities measured at fair value have been categorised as follows: Level 1 Fair value is based on quoted prices in active markets. Level 2 Fair value is determined by using valuation techniques that use observable price information from market. Level 3 Fair value are not based on observable market data, but on company’s own assumptions.
Fair value through profit and loss
Fair value through other comprehensive income
EUR million
Note
Amortised cost Total carrying amount
Financial assets Other non-current investments Other non-current financial assets Trade receivables and other receivables
4.3 5.3 4.5 5.4 5.7
1.4
218.3
219.7
Strategy and financial targets
0.7
0.7
8
Value creation
240.0 182.6
240.0 182.6
Cash and cash equivalents Derivative financial instruments
1.2 2.7 2.7
8.0
9.2
Financial development 10 Key figures 12
Total carrying amount
226.3 226.3
423.2 423.2
652.1 652.1
Total fair value
Fair value hierarchy of financial assets and liabilities 2024
Report of the Board of Directors
Financial liabilities Non-current interest-bearing financial liabilities Current interest-bearing financial liabilities
31 Dec 2024
20 20 37 70 89 96
• Sustainability statement
5.5 5.5 4.7 5.7
411.9 115.5 322.6
411.9 115.5 322.6
EUR million
Note
Level 1
Level 2
Level 3
Total
General information
Financial assets at fair value Other non-current investments
Trade payables and other liabilities Derivative financial instruments
E – Environment
4.3
219.7
219.7
3.1 3.1 3.1
26.6 26.6 26.6
29.7
S – Social responsibility
Derivative financial assets
5.7
3.8
5.5
9.2
Total carrying amount
850.0
879.7
G – Governance
Financial liabilities measured at fair value Derivative financial liabilities Financial assets not measured at fair value Cash and cash equivalents Financial liabilities not measured at fair value Non-current interest-bearing financial liabilities
Total fair value
849.1
878.8
5.7
0.2
29.5
29.7
Annexes to the Sustainability statement
Classification and fair values of financial assets and liabilities 2023
5.4
182.6
182.6
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
Fair value through profit and loss
Fair value through other comprehensive income
EUR million
Note
Amortised cost Total carrying amount
5.5 5.5
411.2 115.2
411.2 115.2
Financial assets Other non-current investments Other non-current financial assets Trade receivables and other receivables
Current interest-bearing financial liabilities
4.3 5.3 4.5 5.4 5.7
1.4
253.0
254.4
2.6
2.6
Fair value hierarchy of financial assets and liabilities 2023
219.1 291.6
219.1 291.6
Cash and cash equivalents Derivative financial instruments
31 Dec 2023
1.2 2.6 2.6
30.3
31.5
EUR million
Note
Level 1
Level 2
Level 3
Total
Total carrying amount
283.3 283.3
513.3 513.3
799.2 799.2
Financial assets at fair value Other non-current investments
Total fair value
4.3
254.4
254.4
Derivative financial assets
5.7
0.2
31.4
31.5
Financial liabilities Non-current interest-bearing financial liabilities Current interest-bearing financial liabilities
Financial liabilities measured at fair value Derivative financial liabilities Financial assets not measured at fair value Cash and cash equivalents Financial liabilities not measured at fair value Non-current interest-bearing financial liabilities
5.5 5.5 4.7 5.7
421.0
421.0
5.7
4.1
6.0
10.2
17.1
17.1
Trade payables and other liabilities Derivative financial instruments
316.2
316.2
5.4
291.5
291.5
0.4 0.4 0.4
9.8 9.8 9.8
10.2
Total carrying amount
754.2 743.9
764.4
5.5 5.5
411.1
411.1
Total fair value
754.1
Current interest-bearing financial liabilities
16.7
16.7
Other non-current investments measured at fair value based on level 3 valuation
Trade receivables and other receivables do not include VAT receivables and prepayments and accrued income. Trade payables and other financial liabilities do not include advance payments, VAT payables and accruals and deferred income. In Metsä Board, all interest-bearing liabilities are valued in the balance sheet at amortised cost based on effective interest method. Fair values are
based on present value of cash flow of each liability or assets calculated by market rate. The discount rates applied are between 1.7–3.6% (1.9–4.3). The fair values of accounts and other receivables and trade payables and other liabilities do not materially deviate from their carrying amounts in the balance sheet.
EUR million
2024 254.4 -34.6
2023 345.4
Value 1 Jan
Total gains and losses in other comprehensive income
-91.1
Purchases
0.0 0.0
Sales
-0.1
Value Dec 31.
219.7
254.4
196 Remuneration report 201 Investor relations and investor information
138
139
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2024
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