METSÄ BOARD Annual review 2024
7. Group structure
Deferred tax assets and liabilities 2024
Charged to other comprehensive income
Charged to income statement
Translation differences
EUR million
1 Jan 2024
31 Dec 2024
7.1 Group companies
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Deferred tax assets Rental agreements
4.1 3.5 4.8
0.0
-1.5 0.3
2.6 3.1
Pension obligations and provisions
-0.8 -2.8 -3.3 5.6 -1.0 -2.4
0.1
Accounting principles
the income statement and the distribution of comprehensive income in the statement of comprehensive income. The non-controlling interests’ share of equity is presented as a separate item under equity on the balance sheet. Joint operations A joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.
Intercompany margins
0.1
2.1
Unused tax loss carry-forwards
29.7
-0.9
25.5
Subsidiaries The financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi- nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group’s principles. The parent company’s owners’ and non-controlling interests’ shares of the result for the period and comprehensive income are presented in
Strategy and financial targets
Financial instruments
0.0
5.6 2.5
Other temporary differences
3.8
-0.3 -2.3 -2.1 -4.5
8
Value creation
Total
45.9 -36.4
0.1
41.4
Netting against liabilities
2.4 0.0
-36.2
Financial development 10 Key figures 12
Deferred tax assets in balance sheet
9.5
0.1
5.2
Deferred tax liabilities Rental agreements Pension obligations
Report of the Board of Directors
3.9 0.3
0.3 0.1 4.1
-1.5 0.4 -2.3
2.7 0.4
-0.3
20 20 37 70 89 96
• Sustainability statement
Depreciation differences and appropriations Other investments recognised at fair value
114.1 44.7
115.8
General information
-6.9 -7.8
37.8 -1.6
E – Environment
Financial instruments
5.9
0.3 0.2 -0.1 4.9 2.4 7.3
Net investments in foreign operations
-0.2 -2.3 -5.9 -2.1 -8.1
S – Social responsibility
Other temporary differences
6.6
4.2
G – Governance
Total
175.5 -36.4 139.2
-15.1
159.4 -36.2 123.2
Annexes to the Sustainability statement
Subsidiaries and joint operations 31 December 2024
Netting against receivables
Deferred tax liabilities in balance sheet
-15.1
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
Metsä Board Plc holdings in Group companies
Book value EUR
Deferred tax assets and liabilities 2023
Country
Holding, %
Number of shares
Charged to other comprehensive income
Holdings in parent company Metsäliitto Cooperative
Charged to income statement
Translation differences
Finland
-
716 041
716,041.03
EUR million
1 Jan 2023
31 Dec 2023
Deferred tax assets Rental agreements
Subsidiary shares In Finland Metsä Board International Oy
2.3 3.5 8.2 0.8 2.6 17.3 -7.9 9.4
1.8
0.0 0.2
4.1 3.5 4.8
Pension obligations and provisions
-0.4 -3.2 28.0
0.2
Finland
100.00
10,000
23,347,464.13
Intercompany margins
-0.2
Unused tax loss carry-forwards Other temporary differences
1.0 0.2 1.2
29.7
in other countries Metsa Board Americas Corporation 1) Metsä Board Benelux n.v./s.a 1) Metsä Board Deutschland GmbH
1.0
3.8
USA
99.00
17,820
12,209,018.39
Total
27.2
0.2
45.9 -36.4
Belgium Germany
0.08
2
0.00 0.00
Netting against liabilities
-26.8
-1.6 -0.4
100.00
1
Deferred tax assets in balance sheet
0.4
0.2
9.5
Metsa Board Ibéria S.A . 1) Metsä Board Sverige Ab
Spain
1.00
100
1,561.63
Sweden
100.00
10,000,000
750,358,228.09 785,916,272.24 786,632,313.27
Deferred tax liabilities Rental agreements Pension obligations
Subsidiary shares total
2.5 0.1
1.4 0.1
3.9 0.3
Shares and holdings in Group companies
-0.1
0.2 3.9
Depreciation differences and appropriations Other investments recognised at fair value
79.0 62.9
31.2
114.1 44.7
1) Total Group holding 100.0%
-18.2
Subgroup in Finland Metsä Board International Oy Metsä Board Benelux n.v./s.a 1)
Financial instruments
3.9 9.0
-0.2
1.6
0.5 -3.1
5.9 6.6
Other temporary differences
0.7
Total
157.4
33.6
-16.7
1.2
175.5 -36.4 139.2
Belgium
99.92
2,919 8,211
140,001.71 418,951.75 155,316.78
Netting against receivables
-7.9
-26.8
-1.6 -0.4
Metsä Board France SAS Metsa Board Ibéria S.A. 1) Metsa Board Italia S.r.l.
France Spain
100.00 99.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Deferred tax liabilities in balance sheet
149.5
6.8
-16.7
147,771
Italy
100,000 742,105
1,250,691.84 214,000.00
Metsa Board (Middle East & Africa) Ltd
Cyprus Poland
The Group has recognised deferred tax assets from tax losses of EUR 22.6 million (0.0) in Sweden and EUR 2.2 million (0.0) in Finland and EUR 0.9 million (0.7) in other countries. Management estimates that the Group will accrue taxable income in the coming years, from which losses can be deducted. Tax losses do not expire except in Finland, where the expiration period is 10 years. The tax losses, the amount or use of which is uncertain and therefore not recognised as a deferred tax asset, amounted to approximately EUR 90 (93) million in Germany and the United Kingdom. The deferred tax asset unrecognised from these tax losses is approximately EUR 29 (29) million. Tax losses do not expire.
Metsä Board Polska Sp. Z o.o. Metsa Board Singapore Pte Ltd
232
54,458.58 4,036.51
Singapore
10,000
Metsa Board Singapore Pte Ltd Indian Branch
India
-
-
Metsa Board Turkey LLC
Turkey
400
2,303.66
Metsa Board UK Ltd
United Kingdom
2,400
264,172.02 4,435.15 41,827.54 2,550,195.54
Metsa Board Americas Corporation 1)
USA
1.00
180
Metsa Board Australia and New Zealand Pty Ltd
Australia
100.00
1
196 Remuneration report 201 Investor relations and investor information
Total
1) Total Group holding 100.0%
144
145
Consolidated financial statements | METSÄ BOARD ANNUAL REVIEW 2024
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