METSÄ BOARD Annual review 2024
Quarterly data
Calculation of key ratios
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
Alternative performance measures
Full year
Quarterly
EUR million
2024
2023 IV/2024 III/2024 II/2024 I/2024 IV/2023 III/2023 II/2023 I/2023
Sales
1,938.6 1,941.9
446.0
499.0
509.8
483.7
422.6
479.0
498.2
542.1
Definition
Key figure
Justification for the use of the key figure
Strategy and financial targets
Profitability
2024
2023 IV/2024 III/2024 II/2024 I/2024 IV/2023 III/2023 II/2023 I/2023
8
Value creation
Operating result, comparable
69.0
122.2
-3.6
41.9
-0.8
31.5
0.7
5.5
27.3
88.7
= Result before income tax, financial income and expenses, exchange gains and losses and share of results from associated companies and joint ventures
The key figure describes the Group’s ability to produce a profit from its busi- ness, and it is independent of the company’s capital structure
Operating result
2024
2023 IV/2024 III/2024 II/2024 I/2024 IV/2023 III/2023 II/2023 I/2023
Financial development 10 Key figures 12
The key figure shows how much margin is left over from the Group’s sales after deducting the variable and fixed costs of business before depreciation, amortisation and impairment The key figure describes the Group’s ability to produce a profit with the assets invested in the Group by shareholders
= Operating result before depreciation, amortisation and impairment losses
Operating result
62.3
120.8
-1.7
41.7
-0.7
23.0
-0.2
3.1
29.5
88.4
EBITDA
Share of profit from associated companies
0.0
0,0 2.6
0.0 -1.3 -2.7 -5.6
0.0 0.1
0.0 0.5
0.0 -2.1 -0.8 20.1
0.0 1.8
0.0 2.1 -1.0 4.3
0.0
0.0
Result before income tax - income taxes
Report of the Board of Directors
Return on equity (%)
=
-0.6 -1.5 27.5
-0.8
Exchange gains/losses
-2.8 -8.1 51.4
Shareholder’s equity (average)
20 20 37 70 89 96
• Sustainability statement
Other financial income and expenses
-2.5
-2.3 39.5
-2.2 -2.5
-0.2
0.2
= Result before income taxes + net exchange differences and other financial expenses Balance total – non-interest bearing liabilities (average)
Result before tax
1.4
87.7
120.9
Return on capital employed (%)
The key figure describes the Group’s ability to produce a profit on the capital invested, from the point of the party investing the capital
General information
E – Environment
2024
2023 IV/2024 III/2024 II/2024 I/2024 IV/2023 III/2023 II/2023 I/2023
S – Social responsibility
Operating result, % of sales
3.2
6.3
-0.4
8.3
-0.1
4.8
0.2
1.1
5.5
16.4
Financial position
G – Governance
Shareholder’s equity
The key figure describes the Group’s capital structure, solvency and ability to take care of its commitments in the long run
Full year
Quarterly
Equity ratio (%)
=
Annexes to the Sustainability statement
Balance total - advance payments received
1,000 t
2024
2023 IV/2024 III/2024 II/2024 I/2024 IV/2023 III/2023 II/2023 I/2023
Deliveries Folding boxboard White kraftliner Metsä Fibre’s pulp 1) Metsä Board’s pulp Production Folding boxboard White kraftliner Metsä Fibre’s pulp 1) Metsä Board’s pulp
Interest-bearing net liabilities
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
992 480 400 618
906 467 394 684
222 120
268 120
260
242 123
188
228 112 107 200
235 118
255 126
Net gearing ratio (%)
=
The key figure describes the Group’s capital structure and financial position
Shareholder’s equity
117 117 151
111
Interest-bearing liabilities – cash and cash equivalents and interest-bearing receivables
87
82
115 171
120 191
83
83
Interest-bearing net liabilities =
The key figure describes the Group’s indebtedness
181
116
132
161
Other
2024
2023 IV/2024 III/2024 II/2024 I/2024 IV/2023 III/2023 II/2023 I/2023
The key figure describes the Group’s application of funds for maintaining and renewing its production machinery and plants and for expanding its business with corporate acquisitions
Investments in owned and leased fixed assets and investments in business combinations
Total investments
=
1,044
859 450 996 685
233 123 259 157
269 145 246 188
262
279 121 318 177
179 133 235 201
209
208 104 254 140
263
101
113
484
95
= Net cash flow arising from operating activities + net interest expenses
1,123
300 130
209 160
298 184
Interest cover
The key figure describes the Group’s ability to meet its debt obligations
Net interest expenses
652
1) Corresponds to Metsä Board’s ownership of 24.9% in Metsä Fibre.
Share performace indicators
Key figure
Definition
= Profit attributable to shareholders of parent company Adjusted number of shares (average
Earnings per share
Equity attributable to shareholders of parent company Adjusted number of shares at the end of the period
Shareholders’ equity per share =
Dividends Adjusted number of shares at 31 December
Dividend per share
=
Dividend per share Earnings per share
Payout ratio (%)
=
Dividend per share Share price at 31 December Share price at 31 December Earnings per share Share price at 31 December Shareholders' equity per share
Dividend yield (%)
=
Price/earnings ratio (P/E ratio) (%)
=
P/BV (%)
=
Total traded volume per share (EUR) Average adjusted number of shares traded during the financial year
Adjusted average share price =
196 Remuneration report 201 Investor relations and investor information
Market capitalisation
= Number of shares x market price at the end of period
The presentation of earnings per share is regulated by the Decree of the Ministry of Finance on the Regular Duty of Disclosure of an Issuer of a Security. In addition, the earnings per share ratio is regulated by the IAS 33 standard.
180
181
Key figures | METSÄ BOARD ANNUAL REVIEW 2024
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