This is Metsä Board
METSÄ BOARD Annual review 2024
Business operations and value creation 2 This is Metsä Board 4 CEO’s review 6
High-quality and lightweight fresh fibre paperboards
Strong position in a growing market
Financial development
Strategy and financial targets
SALES EUR million
COMPARABLE OPERATING RESULT EUR million % of sales
TOTAL INVESTMENTS EUR million
CASH FLOW FROM OPERATIONS EUR million
We focus on high-quality and recyclable fresh fibre board made of renewable wood fibre, which is mainly used in consumer packaging and retail packaging solutions. Good availability of Northern European wood fibre and high self-sufficiency in pulp and energy enable the growth and development of our paperboard business.
We are a leading producer of folding boxboard and white kraftliners in Europe, and globally the biggest producer of coated white kraft- liners. In the USA, we are the largest supplier of folding boxboard. The global demand for paperboards is expected to grow at an
8
Value creation
Financial development 10 Key figures 12
2,500 2,000 1,500 1,000 500 0
600 500 400 300 200 100 0
30 25 20 15 10 5 0
350 300 250 200 150 100 50 0
350 300 250 200 150 100 50 0
annual rate of slightly over 4%. (Source: Smithers Information Ltd.).
Report of the Board of Directors
20 20 37 70 89 96
• Sustainability statement
General information
E – Environment
20 21 22 23 24
20 21 22 23 24
20 21 22 23 24
20 21 22 23 24
Targeted investments for sustainable growth
Paperboards with low carbon footprint Our products promote the circular economy and help our customers to reduce the use of plastic. Lightweight paperboards produced resource- efficiently with mainly fossil-free energy enable reduction of the carbon footprint of packaging.
S – Social responsibility
G – Governance
INTEREST-BEARING NET DEBT/ COMPARABLE EBITDA
Annexes to the Sustainability statement
SALES SPLIT BY PRODUCT % of sales
SALES SPLIT BY REGION % of sales
Population growth, urbanisation and plastic replacement will increase the demand for fibre-based packaging materials in the long term. We respond to this demand with sustainable growth investments and innovative packaging solutions. With mill-specific investments we improve our competitiveness and accelerate our goal of fossil-free production and products by the end of 2030.
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
2.0 Target <2.5
Folding boxboard ���������������� 57 White kraftliners ����������������� 25 Market pulp �������������������������� 14 Other �������������������������������������� 4
EMEA ������������������������������������ 67 Americas ������������������������������ 27 APAC ��������������������������������������� 6
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We are part of Metsä Group Metsä Group is largest purchaser of wood in Finland and responsible for Metsä Board’s wood procurement. As part of Metsä Group, we are committed to the principles of regenerative forestry . Our self-sufficiency in pulp is secured by our 24.9% ownership in Metsä Fibre, the global leading producer of market softwood pulp.
We are 2,290 Metsä Board employees in 17 countries
We have 8 production units in Finland and Sweden. Our main market areas are Europe and North America
Our customers include international brand owners, packaging converters, manufacturers of corrugated products and merchants
tsagroup.com/sustainability/ d/regenerative-forestry/
METSÄ GROUP
The parent company Metsäliitto Cooperative is composed of more than 90,000 Finnish forest owners.
Sales EUR 5.7 billion
Comparable operating result EUR 203 million
Personnel 9,600
Wood Products
Wood Supply and Forest Services
Pulp and sawn timber
Paperboard
Tissue and greaseproof papers
We are committed to the ambitious and science-based 2030 sustainability targets that enable fossil free production and products and help our customers to con- tribute to their own goals. Read more about sustainable development and our goals .
Paperboard capacity 2.3 million tonnes/year
Pulp and BCTMP capacity 1.7 million tonnes/year
METSÄ WOOD
METSÄ FIBRE
METSÄ BOARD
METSÄ TISSUE
OWNERSHIP Metsäliitto Cooperative 100%
Metsäliitto Cooperative 100%
Metsäliitto Cooperative 50.1% Itochu Corporation 25.0% Metsä Board 24.9%
Metsäliitto Cooperative 52% (69% of votes) The company is listed on Nasdaq Helsinki
Metsäliitto Cooperative 100%
END USE OF FOLDING BOXBOARD
END USE OF WHITE KRAFTLINERS
SALES EUR 2.4 billion PERSONNEL 700
EUR 0.6 billion
EUR 2.3 billion
EUR 1.9 billion
EUR 1.2 billion
Various retail packaging solutions Other consumer product packaging E-commerce
Food and food service packaging Other consumer product packaging Graphical end use
196 Remuneration report 201 Investor relations and investor information
1,700
1,500
2,300
2,500
METSÄ SPRING Innovation company
Source: Metsä Board
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| METSÄ BOARD ANNUAL REVIEW 2024
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