Metsä Full-Year Report 2023
Highlights
- Metsä Group’s sales in January-December 2023 were EUR 6,110.4 million (1-12/2022: 6,980.2).
- The comparable operating result was EUR 487.9 million (1,276.4), or 8.0% (18.3) of sales. Reasons for the weaker operating result include the decline in delivery volumes and the increase in variable costs.
- After hedging, exchange rate fluctuations had a positive impact of approximately EUR 153 million on the operating result for the period compared to the previous year.
- Items affecting the comparability of the operating result in January- December totalled EUR 10.2 million (25.6).
- Of the most significant items, EUR 12.5 million is related to the sale of the land area in Konstancin in Poland, EUR 10.3 million to terminated lease agreements related to the discontinuation of operations in Russia, EUR -2.5 million to write-downs and closure cost provisions of the Future tissue paper mill programme, EUR 2.7 mil-lion to the sale of a land area unrelated to business operations, EUR -10.1 million to items related to the closure of the old mill in Kemi, EUR -6.2 million to the loss on sales of property, plant and equipment, and EUR 3.9 million to the gains on the sale of a property in Grangemouth.
- Metsä Group’s operating result (IFRS) was EUR 498.1 million (1,301.9).
- The share of the results of associated companies and joint ventures was EUR -1.2 million (-4.8), financial income was EUR 50.4 million (7.3), exchange rate differences in financing were EUR -1.1 million (-4.6), and financial expenses totaled EUR 58.4 million (30.1).
- The result before taxes was EUR 487.8 million (1,269.8), and taxes including changes in deferred tax liabilities totaled EUR 104.2 million (271.1). The Group’s effective tax rate was 21.4% (21.4).
- The result for the review period was EUR 383.6 million (998.7).
- The return on capital employed was 7.3% (19.9), and the return on equity was 6.8% (19.0). The comparable return on capital employed was 7.2% (19.5), and the comparable return on equity was 6.7% (18.9).
