METSÄ BOARD Annual review 2024
Bond and debentures
17. Financial Instruments
Bond
Nominal value Interest %
2024
2023
2017–2027
250,000,000.00
2.75
249,769,529.03
249,685,345.02
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Financial derivatives 2024
Metsä Board Corporation issued in September 2017 a bond of EUR 250 million. The bond carries a fixed coupon rate of 2.75%, and the maturity date is 29 September 2027. The bond ranks senior and is unsecured.
Nominal value
Fair value
Fair value
Fair value through profit and loss
Fair value through fair value reserve
Derivative assets 272,533.85 272,533.85
Derivative liabilities
EUR
Total
Non-current liabilities and repayment
Interest rate swaps
50,000,000.00 50,000,000.00
272,533.85 272,533.85
272,533.85 272,533.85
Strategy and financial targets
Total interest rate derivatives
8
Value creation
Loans from financial institutions 11,764,705.88 111,764,705.88 11,764,705.88 11,764,705.88 11,764,705.88 5,882,352.96 164,705,882.36
Liabilities to group companies
Other loans
Currency forward agreements Currency option agreements
1,326,967,934.39 496,623,260.53 1,823,591,194.92
5,171,647.53 25,443,263.43 -20,271,615.90
-1,855,491.53 -18,416,124.37
Bonds
Total
24,863.30 4,069,940.11
-4,045,076.81
-4,045,076.81
2025 2026 2027 2028 2029
11,764,705.88 111,764,705.88 261,534,234.91 11,764,705.88 11,764,705.88 5,882,352.96 414,475,411.39
Financial development 10 Key figures 12
Currency derivates total
5,196,510.83 29,513,203.54 -24,316,692.71
-1,855,491.53 -22,461,201.18
249,769,529.03
Oil derivatives
16,838,558.40 11,137,026.00 27,975,584.40
835,515.21
182,766.44
652,748.77 2,915,464.55
652,748.77 2,915,464.55 3,568,213.32
Report of the Board of Directors
Other commodity derivatives
2,915,464.55 3,750,979.76
20 20 37 70 89 96
• Sustainability statement
Commodity derivatives
182,766.44 3,568,213.32
2030–
General information
Total
249,769,529.03
Derivatives total
1,901,566,779.32
9,220,024.44 29,695,969.98 -20,475,945.54
-1,855,491.53 -18,620,454.01
E – Environment
S – Social responsibility
Financial derivatives 2023
G – Governance
EUR
2024
2023
Nominal value
Fair value
Fair value
Annexes to the Sustainability statement
Fair value through profit and loss
Fair value through fair value reserve 1,547,458.52 1,547,458.52 21,021,185.08 1,892,820.81 22,914,005.89 -494,445.93 -3,485,682.38 -3,980,128.31
16. Current liabilities
Derivative assets 1,547,458.52 1,547,458.52
Derivative liabilities
EUR
Total
Liabilities from Group companies Borrowings
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
Interest rate swaps
50,000,000.00 50,000,000.00
1,547,458.52 1,547,458.52
68,254,745.55 84,438,479.33 31,872,721.49 184,565,946.37
30,000,000.00 52,695,613.31 12,006,352.53 94,701,965.84
Total interest rate derivatives
Trade payables
Accruals and deferred income
Currency forward agreements Currency option agreements
1,138,276,907.69 488,687,782.86 1,626,964,690.55
27,654,017.14 2,191,276.94
5,735,017.85 21,918,999.29
897,814.21
Total
298,456.13
1,892,820.81
Currency derivates total
29,845,294.08 6,033,473.98 23,811,820.10
897,814.21
Liabilities from other Commercial papers
29,736,827.38 11,764,705.88 4,242,438.42 115,303,163.36
Oil derivatives
18,709,442.40 10,770,062.40 29,479,504.80
150,751.44
645,197.37
-494,445.93
Loans from financial institutions
11,764,705.88 4,687,512.48 122,711,978.74 6,832,689.40 58,777,075.75 204,773,962.25
Other commodity derivatives
3,485,682.38 -3,485,682.38 4,130,879.75 -3,980,128.31
Advance payment
Commodity derivatives
150,751.44
Trade payables Other liabilities
5,604,941.60
Derivatives total
1,706,444,195.35
31,543,504.04 10,164,353.73 21,379,150.31
897,814.21
20,481,336.10
Accruals and deferred income
49,394,801.90 216,046,878.54
Total
All derivative agreements of Metsä Board Oyj have been entered into for hedging purpose, and cash flow hedge accounting has been applied in major part of the agreements. Only the part of currency derivatives designated as hedges of trade receivables and trade payables is not directed to hedge accounting. Interest rate derivatives are interest rate swaps maturing in 1–2 years and entered into to hedge the floating rate interest payments. Currency derivatives contracts concluded to hedge currency cash flows mature fully during 2024. Commodity derivatives are natural gas forwards and fuel oil forwards directed to hedge the cash flows arising from purchases of these commodities. Commodity forwards mature fully during 2024. A more detailed description of financial risk management and the principles applied to derivative contracts is included in note 5.6 and 5.7 of the concolidated Group accounts.
Total current liabilities
400,612,825.22
299,475,928.09
Accruals and deferred income to group companies, current, specification Derivatives
29,695,969.98 2,176,751.51 31,872,721.49
10,164,353.73 1,841,998.80 12,006,352.53
Others
Total
Accruals and deferred income, current, external Personnel expenses
21,592,626.00 10,804,493.38 12,371,680.54 2,995,644.16 -150,450.85 1,780,808.67 49,394,801.90
22,384,791.06 11,529,875.20 14,866,702.16 2,914,301.17 4,536,157.78 2,545,248.38 58,777,075.75
Accruals of purchases
Discounts Interests
Taxes
Others
Total
196 Remuneration report 201 Investor relations and investor information
162
163
Parent company financial statements | METSÄ BOARD ANNUAL REVIEW 2024
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