METSÄ BOARD Annual review 2024
Ten years in figures
Price development and number of shares
2024
2023
2022
2021
2020
Adjusted share prices, EUR
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
2024 2023 2022
2021
2020 2019 2018
2017
2016 2015
A share
high
9.62 5.40 5.60 7.80 8.11 3.97 4.24 7.19
13.05
10.50
11.00 8.50 9.38 9.48 11.01 7.50 8.61 9.14
8.80 4.80 8.64 6.88 8.79 4.47 8.62 6.12
Income statement, eur million Sales
low
7.48 7.80
7.66
1,938 1,942
2,479 2,084 1,890 1,932
1,944 1,849
1,720 2,008
closing average
10.15 9.48
- change, %
-0.2
-21.7
19.0
10.3
-2.2
-0.1
5.2
7.5
-14.3
-0.0
10.06
EBITDA, comparable
175
216
603
472
316
279
344
289
231
283
Strategy and financial targets
- % of sales
9.0
11.1
24.3
22.7
16.7
14.4
17.7
15.6
13.4
14.1
B share
high
13.05
10.49
8
Value creation
Operating result
62
121
532
376
227
181
246
207
132
199
low
7.48 7.80
7.09 8.77 8.73
Operating result, comparable
69
122
521
387
221
184
252
193
137
180
closing average
- % of sales
3.6
6.3
21.0
18.6
11.7
9.5
13.0
10.5
8.0
9.0
Financial development 10 Key figures 12
10.06
Result for the period
39
102
461
314
170
145
203
150
90
137
Trading volume at Nasdaq Helsinki, number of shares A share
Report of the Board of Directors
505,146
535,219
849,346
1,802,589
1,758,683
Balance sheet, eur million Balance sheet total
% of total number of shares
1.5
1.6
2.6
5.5
5.3
2,994 3,055 3,403 2,922 2,302 2,270 2,284 2,226 2,194 2,220
20 20 37 70 89 96
• Sustainability statement
B share
95,169,558
117,021,973
87,832,699
98,057,575
155,232,570
Equity attributable to shareholders of parent company
1,743
1,897
2,082
1,699 1,384 1,338 1,323
1,167
1,052
1,029
General information
% of average number of shares
29.5
36.3
27.2
30.4
48.1
Interest bearing net liabilities
-345
-144
-94
-78
236
308
335
358
464
333
E – Environment
Number of shares at year end A share
S – Social responsibility
Key figures per share and distribution equity owners of the parent company Dividend and equity distribution, EUR million Dividend and equity distribution per share, EUR Payout ratio including equity distribution, %
32,802,175 322,710,571 355,512,746 354,991,386
32,802,175 322,710,571 355,512,746 354,750,822
32,802,175 322,710,571 355,512,746 355,359,331
32,802,175 322,710,571 355,512,746 355,512,746
32,887,151
G – Governance
B share
322,625,595 355,512,746 355,512,746
24.9 1) 0.07 1) 98.1 1)
88.7 0.27 93.5
205.6
145.8
92.4 0.26
85.3 0.24 58.5
103.1 0.29 50.9
74.7 0.21 50.0
67.5 0.19 76.0
60.4
Annexes to the Sustainability statement
Total
0.58 50.4
0.41
0.17
Number of shares at year end
49.9 54.31
43.6
Market capitalisation at year end, EUR million
1,552.6 63,714
2,576.1 62,501
3,161.5 56,887
3,086.2 54,904
3,065.2 48,165
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
Dividend yield, %
1.7 1)
3.5
6.6
4.8
3.0
4.0
5.7
2.9
2.8
2.5
Number of shareholders, B shares
Key figures – profitability Return on capital employed (ROCE), comparable, %
Key figures
3.2
5.1
20.9
18.7
12.2
10.4
14.4
11.2
8.1
11.3
Return on equity, comparable, %
2.3
4.8
22.0
20.2
12.1
11.0
16.7
12.4
9.0
12.9
EUR million
2024
2023
2022
2021
2020
Earnings per share
Key figures – balance sheet and financing Interest bearing net liabilities / EBITDA, comparable
Result before tax – Income taxes
51.4
120.9 -19.3 101.6
524.9 -63.5 461.4
365.8 -51.8 314.0
212.3 -42.2 170.1
2.0
0.7
0.2
-0.2
0.7
1.1
1.0
1.2
2.0
1.2
-12.0 39.4
Equity ratio, %
63.9
67.5
66.4
63.3
60.3
59.1
58.1
52.6
48.2
46.5
= Result for the period
Net gearing, %
18
7
4
-4
17
23
25
31
44
32
Net cash flow from operations, EUR million
38
343
232
330
308
201
151
236
77
247
– Average number of shares
354,991,386
354,750,822
355,359,331
355,512,746
355,512,746
Net interest expense, EUR million
17
12
5
8
12
14
19
36 7.6
26
26
Interest cover
3.2
28.6
50.7
42.7
27.6
15.4
9.0
4.0
10.4
Earnings per share, basic and diluted, EUR
0.07
0.27
1.15
0.82
0.48
Other key figures Total investments, EUR million
Shareholders’ equity per share, EUR
4.91
5.35 0.25 93.5
5.86 0.58 50.4
4.78 0.41 49.9
3.89 0.26 54.3
175
229
304
220
166
99
70
65
162
178
Dividend per share, EUR
0.07 1)
Depreciation, amortisation and impairment losses, EUR million
Payout ratio, %
98.1
114
94
83
90
95
114
92
92
102
104
Metsä Board shares have no nominal value.
R & D expenditure, EUR million 2)
7
7
6
6
9
9
6
6
6
8
- % of sales
0.4
0.4
0.2
0.3
0.5
0.4
0.3
0.3
0.4
0.4
Dividend yield, % of closing price A share
Personnel, average
2,339 2,333 2,352
2,461
2,455 2,433 2,435 2,456 2,588
2,851
1.3 1) 1.7 1)
3.2 3.5
5.7 6.6
4.4 4.8
3.0 3.0
- in Finland
1,318 1,303 1,340 1,490 1,486
1,458
1,433
1,441
1,552
1,538
B share
Paperboard deliveries, 1,000 t
1,472
1,373
1,817
1,922
1,810 1,791
1,830 1,803
1,568 1,404
Price/earning ratio (P/E ratio) A share
78.4 59.4
29.2 26.9
8.8 7.6
11.4 10.5
18.1 18.0
1) The Board of Directors has proposed that a dividend of EUR 0.07 per share be distributed for the 2024 financial year. Dividend yield for 2024 has been calculated including the proposed equity distribution and using the B share closing price as of 31 December 2024. 2) The reporting of research and development expenses has been clarified and the figures for 2019–2024 are comparable.
B share
Price to book value (P/BV), % A share
114.1 86.4
145.9 134.5
173.2 149.6
196.2 180.1
222.0 221.5
Calculation of key ratios is presented on page 181.
B share
1) The Board of Directors has proposed that a dividend of EUR 0.07 per share be distributed for the 2024 financial year.
196 Remuneration report 201 Investor relations and investor information
176
177
Shares and shareholders | METSÄ BOARD ANNUAL REVIEW 2024
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