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"value": " metsagroup.com/metsaboard/investors/metsa-board-as-an-investment/investments/ \u25a0 5.1 Shareholders\u2019 equityChanges in share capitalShare capitalEUR million Series A Series B Total1 Jan 2021 51.6 506.3 557.9Conversion of A shares into B shares -0.1 0.1 31 Dec 2021 51.5 506.4 557.9Conversion of A shares into B shares 31 Dec 2022 51.5 506.4 557.9Each series A share confers to its holder twenty (20) votes at the General Meeting of Shareholders, and each series B share confers to the holder one (1) vote. All shares carry the same right to receive a dividend. Mets\u00e4 Board\u2019s A shares can be converted to B shares if shareholder or representative of the nominee registered shares makes a written request for the conversion to the company. No monetary consideration is paid for the conversion.Translation differencesTranslation differences include translation differences arising from translation of subsidiaries in other currencies than euro and gains and losses arising on hedging of net investments in these subsidiaries less deferred tax, when requirements of hedge accounting have been fulfilled. Net investments were not hedged in Mets\u00e4 Board Group in 2022 or in 2021.Translation differences in other comprehensive Cumulative translationincomeEUR million 2022 2021 2022 2021SEK -7 7. 5 - 2 7.6 -49.9 -10.0RUB * -7.0 7.0 0.7USD 13.1 6.5 6.5 6.1CNY GBP -0.6 -0.1 -0.5 0.5Others 1.0 1.0 -0.1 0.4Total -64.0 -27.2 -36.9 -2.3* RUB denominated translation difference arises mostly from associate company Mets\u00e4 Fibre.In June 2022, as a consequence of the discontinuation of Russian business operations, the Group recognised an expense of EUR 0.6 million for accu-mulated Russian ruble-denominated translation differences. The Russian ruble-denominated translation differences accumulated since June 2022 have been reported in the financial items in the income statement. Since March 2022, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv.Fair value and other reservesEUR million 2022 2021Fair value reserve 282.2 116.6Legal reserve and reserves stipulated by the Articles 1.7 1.7of AssociationTotal 283.9 118.3Fair value reserveFair value changes in derivatives designated as cash flow hedges are recorded to fair value reserve deducted by deferred tax effect. Additionally, the fair value change of Pohjolan Voima Oyj shares recognised by the Group as other investments is moved to the reserve with deferred tax effect deducted.Legal reserve and reserves stipulated by the Articles of AssociationLegal reserve and reserves stipulated by the Articles of Association have been created and accumulated on resolutions by the General Meeting of Shareholders.Number of sharesOutstanding shares Treasury sharesTotalshares Series A Series B Total Series B1 Jan 2021 32,887,151 322,625,595 355,512,746 355,512,746Conversion of A shares into B shares -84,976 84,976 31 Dec 2021 32,802,175 322,710,571 355,512,746 355,512,746Conversion of A shares into B sharesAcquisition of treasury shares -1,000,000 -1,000,000 1,000,00031 Dec 2022 32,802,175 321,710,571 354,512,746 1,000,000 355,512,746The share has no nominal value. All shares have been paid in full. The weighted average number of shares, which does not include Mets\u00e4 Board Oyj\u2019s treasury shares, is 355,359,331 (355,512,746) pieces.Treasury sharesAccounting principlesWhen treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.At the end of the year, the group held 1,000,000 (0) treasury shares, which corresponds to 0.3% (0.0) of the number of shares. The average purchase price of the shares was 7.82 euros per share.2022 20222021 2021EUR millionsharessharesTreasury shares 1.1. 0.0 0 0.0 0Acquisition of treasury 7.8 1,000,000sharesTreasury shares 31\ufffd12\ufffd 7. 8 1,000,000 0.0 0Reserve for invested unrestricted equityThe reserve for invested unrestricted equity fund includes other invest-ments of an equity nature and the subscription price of the shares to the extent that it is not recognised to the share capital according to the specific decision. EUR million 2022 2021Reserve for invested unrestricted equity 208.9 208.9Other comprehensive income after taxes 2022Equity attributable to members of parent companyNon-con-Translation Fair value and Retained trolling Milj. euroadifferencesother reservesearnings Totalinterest Total equityItems that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans -4.7 -4.7 -4.7Financial assets at fair value through other comprehensive income 178.5 178.5 178.5Share of profit from other comprehensive income of associated company 3.0 3.0 3.0Income tax relating to items that will not be reclassified -35.7 1.8 -33.9 -33.9Total 145.8 -3.0 142.9 142.9Items that may be reclassified to profit or loss Cash flow hedgesCurrency hedgesGains and losses recorded in equity -63.0 -63.0 0.5 -62.5Transferred to adjust Sales 87.4 8 7.4 -0.1 87. 3Interest hedges Gains and losses recorded in equity 4.4 4.4 4.4Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity 46.6 46.6 0.8 47.4Transferred to adjust purchases -78.6 -78.6 -1.1 -79.7Share of profit from other comprehensive income of associated company 22.4 22.4 22.4Cahs flow hedges total 19.1 19.1 0.2 19.3Translation differences -42.6 -42.6 -13.7 -56.3Share of profit from other comprehensive income of associated company 5.8 5.8 5.8Translation differences total -36.9 -36.9 -13.7 -50.6Income tax relating to items that may be reclassified 0.7 0.7 0.0 0.6Total -36.9 19.8 -17. 1 -13.6 -30.6Other comprehensive income, net of tax -36.9 165.6 -2.9 125.8 -13.6 112.2Other comprehensive income after taxes 2021Equity attributable to members of parent companyNon-con-Translation Fair value and Retained trolling Milj. euroadifferencesother reservesearnings Totalinterest Total equityItems that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans 3.0 3.0 3.0Financial assets at fair value through other comprehensive income -5.8 -5.8 -5.8Share of profit from other comprehensive income of associated company -0.1 0.0 -0.1 -0.1Income tax relating to items that will not be reclassified 1.2 -2.0 -0.8 -0.8Total -4.7 1.0 -3.7 -3.7Items that may be reclassified to profit or loss Cash flow hedgesCurrency hedgesGains and losses recorded in equity -40.8 -40.8 1.5 -39.4Transferred to adjust Sales 0.3 0.3 -0.9 -0.6Interest hedges Gains and losses recorded in equity 1.2 1.2 1.2Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity 61.4 61.4 61.4Transferred to adjust purchases -33.7 -33.7 -33.7Share of profit from other comprehensive income of associated company -4.3 -4.3 -4.3Cahs flow hedges total -15.9 -15.9 0.6 -15.3Translation differences -2.9 -2.9 -1.9 -4.8Share of profit from other comprehensive income of associated company 0.6 0.6 0.6Translation differences total -2.3 -2.3 -1.9 -4.2Income tax relating to items that may be reclassified 2.3 2.3 -0.1 2.2Total -2.3 -13.6 -15.9 -1.5 -17.4Other comprehensive income, net of tax -2.3 -18.3 1.0 -19.6 -1.5 -21.1",
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"value": " metsagroup.com/metsaboard/investors/metsa-board-as-an-investment/investments/The consolidated financial statements have been prepared based on original acquisition costs, excluding financial assets recognised at fair value, hedged items in fair value hedging, assets and obligations related to defined benefit plans and share-based payments measured at fair value. \u25a0 The impact of Russia\u2019s military aggressionThe impact of Russia\u2019s military aggression on business operations is discussed in the Board of Directors\u2019 report. Due to the discontinuation of Russian business operations, the Group recognised an impairment of EUR 0.3 million for owned and leased property. The Group also recognised a loss of EUR 0.7 million in other operating expenses mostly related to accumulated Russian ruble-denominated translation differences. Further information can be found in the notes: 2.4. Operating expenses, 4.2. Property, plant and equipment, 5.1. Equity, translation differences, and 5.2. Financial income and expenses.Mets\u00e4 Board reports on its financial performance in one reporting segment. The consolidated financial statements are presented in millions of euros, unless otherwise noted.Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2022. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.The Group consolidated financial statements were authorised for issue by the Board of Directors on 8 February 2023. According to Finnish Companies Act shareholders can accept or reject the financial statements in General Meeting of shareholders after date of publication. General Meeting of shareholders also have possibility to decide to change financial statements. \u25a0 Amendments to standards applied during the 2022 financial period Amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use. According to the amendments, the revenue accumulated from the sales of products created by the use of an unfinished tangible asset must be recognised through profit and loss. The amendments have an impact on the determination of the acquisition cost of the Group\u2019s tangible assets. In the years 2022 and 2021, there were no material sales revenues of products arising from the use of a work-in-progress tangible asset.Other standard changes do not have a significant impact on the group\u2019s financial statements. \u25a0 New and amended standards to be applied during future financial periodsAmendments to IAS 12 Income taxes \u2013 Deferred tax related to assets and liabilities arising from a single transaction. The amendments narrow the scope of the initial recognition exemption (IRE) and specify that the exemption does not apply to, for example, leases and decommissioning obligations that give rise to equal and opposite temporary differences. The amendments have an impact on the notes presented.Other standard changes do not have a significant impact on the group\u2019s financial statements. \u25a0 Key estimates and judgementsThe preparation of financial statements requires the use of the manage-ment\u2019s estimates, assumptions and judgement-based decisions that affect the amount of assets and liabilities, the presentation of contingent assets and liabilities in the financial statements, and the amount of income and expenses. Even though such estimates and assumptions are based on the management\u2019s best knowledge at the time they were made, it is possible that the actual values differ from those used in the financial statements. In terms of the financial statements, the key areas that involve the management\u2019s estimates and judgement-based decisions are presented in the following notes:Key estimates and judgements NoteRetirement benefit obligations 3.4 Retirement benefit obligationsIntangible assets and impairment testing 4.1 Intangible assetsProperty, plant and equipment and leases 4.2 Tangible assetsFinancial instruments measured at fair 4.3 Other investmentsvalueValuation of inventories 4.4 Inventories4.5 Accounts receivable and other Valuation of accounts receivablereceivablesProvisions 4.8 ProvisionsIncome taxes 6. Income taxesContingent liabilities from legal disputes 8.1 Contingent liabilities, assets and and claimscommitments \u25a0 Translations in foreign currencyThe items included in the financial statements of Group companies are presented in the currency that is used in each company\u2019s primary operat-ing environment. The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency.Business transactions denominated in foreign currencies are recognised in the operating currency using the exchange rate on the transaction date. At the end of the financial period, open receivables and liabilities denom-inated in foreign currencies are translated into the functional currency using the exchange rate on the balance sheet date. Since March 2022, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv, which management considers to best represent the market rate for the time. Any gains or losses resulting from transactions in foreign currencies and from the translation of monetary items are recognised in financial income and expenses.Information about currency hedging is provided in Note 5.6 Management of financial risks.The income statements of Group companies whose functional currency is not the euro are translated into euros using the average exchange rates of the financial period, and their balance sheets are translated using the exchange rates on the balance sheet date. Changes in translation differences arising from the translation of Group companies\u2019 income state-ments and balance sheets and from the translation of net investments in foreign entities are recognised in the consolidated comprehensive income statement. In conjunction with divestments of Group companies, either by selling or by dissolving , translation differences accumulated by the time of the divestment are recognised in the income statement as part of the gain or loss from the divestment. \u25a0 Earnings per shareUndiluted earnings per share are calculated using the weighted average number of shares during the reporting period, where the own shares held by the group have been deducted. In calculating earnings per share adjusted for the effect of dilution, the average number of shares is adjusted for the dilution effect of any equity instruments that have been issued. In calculating earnings per share, earnings are taken to be the reported earnings attributable to the parent company\u2019s shareholders. \u25a0 2.1 Segment informationAccounting principlesThe Corporate Management Team is the chief operational decision-maker monitoring business operations performance based on the operating segments.Mets\u00e4 Board\u2019s business operations consist solely of folding boxboard, fresh fibre linerboard and market pulp businesses. Mets\u00e4 Board reports on its financial performance in one reporting segment.Geographical sales are reported based on the location of the customer and assets and capital expenditure based on the location of the assets.Geographical areasExternal sales Non-currentby location of customerassets Capital expenditureEUR million 2022 2021 2022 2021 2022 2021Germany 209.8 161.4 2.5 3.4 0.1 0.1Italy 174.6 134.6 0.4 0.5 0.0 0.1Sweden 108.6 100.5 679.0 551.9 196.6 164.2Finland 99.5 132.6 1,405.1 1,057.5 103.8 55.1Spain 112.0 79.6 0.1 0.2 0.0 France 104.4 7 7. 5 0.4 0.2 0.3 0.2Poland 121.4 91.7 0.6 0.1 0.6 0.0The Netherlands 30.5 28.7 Belgium 32.1 23.0 0.3 1.1 0.0 0.0Other EU 192.5 141.1 EU total 1,185.4 970.6 2,088.3 1,614.9 301.4 219.8Turkey 137.5 90.3 0.0 0.0 0.0United Kingdom 117.3 102.9 5.3 12.2 2.5 0.0Russia 41.9 116.5 0.1 0.2 0.0Norway 8.1 3.3 Other Europe and Middle East 41.9 41.2 USA 514.5 401.4 0.6 1.0 0.1Canada 29.6 25.2 Asia 176.1 173.7 0.3 0.5 0.0 0.2Other countries 227.3 159.0 0.0 0.0 0.0Total 2,479.6 2,084.1 2,094.6 1,628.8 304.1 220.2Non-current assets include all non-current assets with the exception of derivative financial instruments and deferred tax assets. Personnel at year endBy country 2022 2021Finland 1,226 1,416Sweden 733 712Belgium 57 64Germany 46 49USA 66 63Singapore 10 12Other countries 110 73Total 2,248 2,389Personnel averageBy country 2022 2021Finland 1,340 1,490Sweden 744 711Belgium 63 61Germany 49 49USA 66 61Singapore 12 12Other countries 80 76Total 2,352 2,461Information on most important customersThere were no customers with revenue exceeding 10 per cent of total Group revenue in 2022 and 2021.Geographical distribution of salesEUR million 2022 2021Germany 209.8 161.4Italy 174.6 134.6Sweden 108.6 100.5Turkey 1 3 7. 5 90.3Finland 99.5 132.6United Kingdom 117.3 102.9Russia 41.9 116.5Spain 112.0 79.6France 104.4 7 7. 5Poland 121.4 91.7Norway 8.1 3.3The Netherlands 30.5 28.7Belgium 32.1 23.0Rest of EMEA 336.8 266.7EMEA 1,634.5 1,409.3USA 514.5 401.4Canada 29.6 25.2Rest of Americas 102.3 55.6Americas 646.4 482.2APAC 198.7 192.6Total 2,479.6 2,084.1 \u25a0 2.2 SalesAccounting principlesPerformance obligations arising from the Group\u2019s sales contracts are mainly order-driven customer deliveries related to the sale of forest industry goods. Services mostly have an ancillary role in the Group\u2019s business operations, or they complement deliveries of goods.The transaction price is the amount that the Group expects to receive in exchange for a fulfilled performance obligation. This amount, less sales-based value added taxes and sales taxes, is presented as the Group\u2019s sales. The prices received by the Group are divided into a fixed part and a variable part. The variable part consists of various discounts based on, among other things, payment terms and purchased quantities, and is allocated by the Group as deductions from sales revenue in line with estimates of the extent of the discount the customer is deemed to be entitled to. The Group\u2019s sales contracts mostly include obligations solely related to deliveries of goods, to which the allocation of the transaction price is uncomplicated. The terms of payment applied in the Group\u2019s sales invoicing vary to some degree geographically and in different business areas, but the term of payment provided is nonetheless always clearly less than a year, when the financing component does not need to be separated.The Group recognises revenue from the sale of goods in the period during which the control of the delivered products passes to the customer, i.e. when the risks and benefits related to the sold products transfer to the customer. Services are recognised as income over time.Control to products transfers at the point of time when the products have been delivered in accordance with the agreed term of delivery. The Incoterms 2010 delivery terms most commonly applied by the Group and the corresponding times of sales income recognition are:D terms: Delivery of goods to the buyer at the agreed destina-tion at the agreed timeC terms: Handing over the goods to be transported to the agreed destination by a carrier arranged for by the sellerF terms: Handing over the goods to a carrier arranged for by the buyerThe Group sees geographical distribution of sales as describing best the nature, amount, timing and uncertainty of sales revenue. Sales by geographical regions is presented below based on the location of customers. \u25a0 2.4 Operating expensesEUR million 2022 2021Materials and servicesRaw materials and consumablesPurchases during the financial year 1,465.4 1,117.6Change in inventories -48.0 -10.0External servicesLogistics cost 332.7 271.1Other external services 74.3 82.4Total 1,824.3 1,461.0Depreciation, amortisation and impairment chargesDepreciation, amortisation and impairment charges 83.1 90.2totalEmployee costsEmployee costs total 217.4 216.0Other operating expensesRents and other real estate expenses 17.6 17.4Purchased services 52.7 43.1Losses on sale of non-current assets 0.3 0.5Other operating expenses 65.6 63.3Total 136.1 124.4Auditor feesThe fees of the group\u2019s auditor KPMGEUR million 2022 2021Audit 0.5 0.4Auditors' opinions 0.0 0.0Tax services Other services 0.0 Total 0.5 0.4In 2022 fees to other auditors than KPMG amounted to EUR 0.1 (0.4) million. \u25a0 2.3 Other operating income EUR million 2022 2021Gains on disposal 59.2 28.7Rental income 1.1 1.2Service revenue 6.1 4.5Government grants and allowances 3.3 17.6Scrap and waste sale 0.2 0.3Other 9.7 4.8Total 79.6 57.0Gains on disposalEUR million 2022 2021Emission rights 29.0 21.3Non-business related land area 6.5 7.0Share ownership 2.8Oy Hang\u00f6 Stevedoring Ab 19.2Other 1.6 0.4Total 59.2 28.7The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. Government grants and allowances include the EUR 16.8 million insurance claim paid to Mets\u00e4 Board\u2019s Husum pulp mill in 2021.Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs. In 2022, other operating expenses include expenses of EUR 0.7 million related to the discontinuation of Russian business operations.Research and development expenses excluding depreciations were EUR 6.1 (6.0) million. \u25a0 3.1 Employee costsEUR million 2022 2021Wages and salaries 137.3 136.9Share-based payments 2.8 3.2Pension costsDefined benefit plans 0.5 0.4Defined contribution plans 22.7 17. 1Other social security costs 54.1 58.3Social security costs total 7 7. 3 75.9Employee costs total 2 17.4 216.0 \u25a0 3.2 The management\u2019s salaries, remuneration and pension expensesKey management includes members of the Board of Directors as well as Corporate Management Team.The management\u2019s salaries, remuneration and pension expensesEUR 2022 2021Salaries and other remuneration 2,824,918.65 2,093,350.95Share-based payments (long-term remuneration) 2,073,129.01 2,044,228.93Pension costsDefined benefit plans 589,122.26 402,966.82Defined contribution plans 278,099.65 307,833.93Total 5,765,269.57 4,848,380.63 Remuneration paid to the members of the Board of Directors of the parent company and their shareholding2022 2021 2022 2021 Pensions, Defined Pensions, DefinedShareholding Renumeration Renumerationcontributioncontribution sharesEUREUREUREURIlkka H\u00e4m\u00e4l\u00e4, chairman 287,349 114,192 109,360 18,359 16,931Jussi Linnaranta, Vice chairman 29,801 100,080 94,240 17,584 15,996Hannu Anttila 147, 575 81,936 76,600 14,400 13,005Raija-Leena Hankonen-Nybom (from 23 May 2021) 6,956 90,836 77,400 14,620 11,989Erja Hyrsky (from 25 March 2021) 9,456 81,936 71,000 14,400 12,048Mari Kiviniemi (from 24 March 2022) 3,633 75,536 12,143Kirsi Komi (until 24 March 2022) 4,800 76,600 777 11,864Kai Korhonen (until 25 March 2021) 8,000Liisa Leino (until 25 March 2021) 5,600 873Jukka Moisio 12,231 81,136 76,600 13,049 11,864Timo Saukkonen 16,831 81,936 76,600 13,179 11,864Veli Sundb\u00e4ck 74,908 81,936 76,600Total 588,740 794,323 748,600 118,510 106,435Mets\u00e4 Board\u2019s Annual General Meeting 2022 decided, that about one half of the remuneration will be paid in cash while the other half is paid in company\u2019s B shares. The remuneration of the Management Team consists of a fixed monthly salary and remuneration based on short-term and long-term remuneration schemes. The CEO is also covered by a defined benefit pension plan.The monthly salary of CEO Mika Joukio is EUR 42,628. The salary includes car and phone benefits and extended insurance cover for travel and accidents. In 2020 and 2021, the reward option for the CEO\u2019s short-term compensation plan was at the target level of 30 per cent and at the maximum level of 75 per cent of the fixed annual salary. In 2020 and 2021, the reward option for the short-term compensation plan for members of the Management Team was at the target level of 20 or 25 per cent and at the maximum level of 50 or 62.5 per cent of the fixed annual salary.The Board of Directors decides on the criteria of the short-term remu-neration system. Remuneration is based on defined financial criteria and targets supporting strategy.Share based incentive schemes and the shareholding programme for Corporate Management Team are presented in Note 3.3.The CEO\u2019s mutual term of notice is six months. In case the CEO contract is terminated by the Board of Directors, the CEO is entitled to receive discharge compensation equal to his 12-month salary.The period of notice for other members of Corporate Management Team is six months. Corporate Management Team members are entitled to additional mainly severance compensation of six month salary in case of employment termination on grounds not related to the affected Management Team member.The CEO is covered by statutory employee pension scheme. This offers pension benefits based on term of service and renumeration earned as prescribed in applicable legislation. Through supplementary pension arrangements, the CEO is entitled to retire at the age of 62 years. His pension will be equal to 60 per cent of his salary at the time of retirement calculated in accordance with Finnish pension legislation and based on the calculation period of five years immediately preceding retirement. In case the CEO\u2019s contract is terminated prior to retirement, the pension earned by the CEO becomes vested.The Corporate Management Team members have no pension arrange-ments differing from statutory pensions. The Group has no off balance sheet pension liabilities on behalf of management.Key management had no loans outstanding from the company or its subsidiares and there were no guarantees given on behalf of key management.Salaries and remuneration paid to the CEO and other members of the Corporate Management Team2022 2021 Other Other 20222021Management Management EURCEOCEOTeamTeamSalaries and remuneration1)Basic salary including fringe benefits 535,749 518,981 1,327,502 1,176,9772)Short-term performance bonus 327,155 135,341 634,513 202,0523)Lump sum 30,000 30,0004)Long-term share-based incentive 954,226 874,336 1,022,174 953,396 5) Deferred long-term share-based incentive7,902 96,730 208,595Total 1,817,130 1,566,560 3,080,918 2,571,020Pension CostsSupplemental defined benefit pension plan 589,122 402,967Defined contribution plans 72,225 94,026 205,875 213,808Total 661,347 496,993 205,875 213,808Salaries and remuneration as well as pension costs in total 2,478,477 2,063,553 3,286,792 2,784,8281) Basic salary may include car and telephone benefits, extended health, travel and accident insurance cover, and minor other benefits in kind.2) The 2022 payment concerns performance in 2021; the 2021 payment concerns performance in 2020.3) Lump sum for a project related to the sale of a 30% stake in the Husum pulp mill to Norra Skog.4) 2022: earning period 2019\u20132021; 2021: earning period 2018\u20132020.5) In 2022 Delayed long-term rewards were paid in accordance with the terms and conditions and the decision of the Board of Directors \u25a0 3.3 Share-based paymentsAccounting principlesShare-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period. The effect on profit of the incentive programmes is presented under employee costs.During the review period, Mets\u00e4 Board had four active share-based incentive schemes: Share incentive scheme 2014, which company Board of Directors decided to adopt on 6 February 2014, Performance based share incentive scheme 2017\u20132021 of which the company Board of Directors decided to adopt on 10 January 2017 and Performance based share incentive scheme 2020\u20132024 which the company Board of Directors decided to adopt on 12 December 2019, as part of company\u2019s incentive and key personnel retention programme.The effect on consolidated income statement of share-based incentive schemes amounted to EUR 2,817,955 in 2022 (2021: EUR 3,193,961).Share incentive scheme 2014, Performance based share incentive scheme 2017\u20132021 and Performance based share incentive scheme 2020\u20132024The schemes offer the participants the possibility to be awarded Mets\u00e4 Board Corporation\u2019s B shares for achieving set goals for three-year periods. Incentive periods are the calendar years 2014\u20132016, 2015\u20132017, 2016\u20132018, 2017\u20132019, 2018\u20132020, 2019\u20132021, 2020\u20132022, 2021\u20132023 and 2022\u20132024. The bonus awarded under the share incentive scheme 2014 and performance based share incentive plan 2017\u20132021 is determined by achievement of the set goals and paid in March following the incentive period. In addition to shares, the bonus includes a cash com-ponent, which is used to cover taxes and tax-like charges incurred by plan participants due to the bonus. The number of shares allocated under the performance based incentive scheme 2020\u20132024 includes both the share and the cash portion. Accordingly, the reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. The bonus is not paid if the person\u2019s employment ends before the end of the earning period. In addition, the scheme includes a two-year commitment period. If the key employee\u2019s employment ends during the commitment period, the key person must, as a rule, return the delivered shares to the Company free of charge.Based on the fulfillment of the criteria for the earning period 2019\u20132021, 182,280 Mets\u00e4 Board Oyj B shares and a cash contribution were paid to cover taxes and tax-like payments arising from the reward at the time of the transfer of the shares. During the period, 8,707 shares were returned.The company changed the terms of the scheme during 2016 so that for incentive periods 2014\u20132016 and 2015\u20132017 a cap was set for total employee compensation, including the share incentive paid, based on each plan participant\u2019s salary. The part of earned incentive exceeding the cap is deferred and paid in full in cash in coming years when allowed by the cap. Starting from vesting period 2016\u20132018, a salary based cap was set with the effect of cutting the part of share incentive exceeding the cap and resulting in the forfeiture of the excess part of the incentive. During 2022, the last deferred compensations were paid to those entitled.Committing-based share incentive scheme 2020\u20132024The scheme offers key employees in the target group the opportunity to receive Mets\u00e4 Board Corporation\u2019s B-series shares, provided that the par-ticipant\u2019s employment relationship remains in force and continues in force until the end of the restriction period. The scheme has restriction periods of 12 to 36 months. As a rule, rewards are not paid if the participant\u2019s employment relationship ends during the restriction period.Key characteristics of Performance based share incentive scheme 2017\u20132022 are summarised in the table below: Performance based share incentive scheme 2017\u2013202131 Dec 2022 2017\u20132019 2018\u20132020 2019\u20132021 TotalKey characteristicsShares allocated to the scheme, shares 275,278 280,694 555,972Grant date(s) 9.4.2018, 2.4.2019, 25.9.201813.6.2019, 12.8.2019Criteria Equity ratio, Equity ratio, ROCE ja EBITROCE ja EBITPersonnel (31 December 2022) 231)Factors used to determine fair value (EUR) Share price at grant date 8.64 5.82Share fair value at grant date 7.8 4 5.20Annual dividend assumption in fair value measurement 0.27 0.31Share price at payment date / balance sheet date 9.43 8.86Fair value on balance sheet date - 1,885,138 1,885,138Effect on result and financial position (EUR)Expense in 2022, share-based payments settled as equity 467,242 381,372 848,614Share-based payments settled in cash, unpaid part, estimate - - 02)Number of shares 1 January 2022 Outstanding at the beginning of the period 132,229 280,694 412,923Changes during the yearShares granted 0 1,458 1,458Shares forfeited 0 9,124 9,124Shares exercised 132,229 0 132,229Shares expired 0 99,455 99,455Number of shares 31 December 2022Outstanding at the end of the period 0 173,573 173,5731) The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.2) The amounts in the table represent net amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled component used to cover taxes and tax-like charges.Key characteristics of Performance based share incentive scheme 2020\u20132024 are summarised in the table below: Performance based Committing share incentive scheme based share 2020\u20132024incentive plan31 Dec 2022 2020\u20132022 2021\u20132023 2022\u20132024 2022\u20132024 TotalKey characteristicsShares allocated to the scheme, shares 590,788 453,650 437,545 20,838 1,502,821Grant date(s) 27.1.2020, 18.6.2021 27.1.2021, 18.6.2021 31.1.2022, 8.11.2022Criteria Equity ratio, Equity ratio, Equity ratio, ROCE ja EBITROCE ja EBITROCE ja EBITPersonnel (31 December 2022) 291)Factors used to determine fair value (EUR) Share price at grant date 5.46 8.93 9.44 7.74Share fair value at grant date 4.66 8.15 8.21 6.68Annual dividend assumption in fair value measurement 0.27 0.27 0.41 0.53Share price at payment date / balance sheet date 8.77 8.77 8.77 8.77Fair value on balance sheet date 2,518,231 3,455,866 3,501,355 139,198 9,614,650Effect on result and financial position (EUR)Expense in 2022, share-based payments settled as equity 613,037 704,746 635,046 16,512 1,969,340Share-based payments settled in cash, unpaid part, estimate 2,440,615 1,814,267 1,845,466 98,210 6,198,5582)Number of shares 1 January 2022 Outstanding at the beginning of the period 588,566 429,281 0 0 1,017,847Changes during the yearShares granted 5,974 13,648 454,779 20,838 495,239Shares forfeited 30,486 28,949 33,680 0 93,115Shares exercised 0 0 0 0 0Shares expired 0 0 0 0 0Number of shares 31 December 2022Outstanding at the end of the period 564,054 413,980 421,099 20,838 1,419,9711) The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.2) The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges. \u25a0 3.4 Retirement benefit obligationsAccounting principlesThe Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approximately the same as that of the corresponding pension obligation.Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.Key estimates and judgementsThe determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions, which involves management judgement. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.Post-employment benefitsEUR million 2022 2021Liabilities recognised in balance sheetDefined benefit pension plans 10.3 13.4Defined contribution pension plans 0.1 0.3Total 10.4 13.7Surplus of funded plans in assets -3.4 -12.2Defined benefit pension plansThe most significant defined benefit pension plans are in Germany and United Kingdom.Group\u2019s German defined benefit pension plans grant old-age pensions, disability pensions and family pensions exceeding the statutory pension level to eligible officials and senior management. The retirement age is usu-ally 65 years, and the amount of pension depends on the length of service. Officials and senior management are required to have a service history of 25\u201330 years to receive a full pension. Some of the pension arrangements are closed. The defined benefit plans in Germany are unfunded.The defined benefits plans in United Kingdom guarantee participants of the plan a pension, the amount of which is based on the length of service and the salary in the most recent working years. The arrangement is closed to new members. The UK pension scheme operates under an independent foundation separate from the Group.The Group also has defined benefit plans in Finland, Belgium and Italy. Amounts in balance sheetEUR million 2022 2021Present value of funded obligations 36.3 53.2Fair value of plan assets -37.3 -62.8Deficit (+) / surplus (-) -0.9 -9.6Present value of unfunded obligations 7. 8 10.8Deficit (+) / surplus (-) of defined benefit pension 6.9 1.2plans, totalDefined benefit-based pension liabilities 10.3 13.4on the balance sheet, netDefined benefit-based pension assets -3.4 -12.2on the balance sheet, netDefined benefit pension obligation and plan assets by country in 2022EUR million Germany United Kingdom Finland Other countries TotalPresent value of obligation 7. 1 24.3 9.2 3.5 44.1Fair value of plan assets -27.7 -7. 3 -2.2 -37.3Total 7.1 -3.4 1.9 1.2 6.9Defined benefit pension obligation and plan assets by country in 2021EUR million Germany United Kingdom Finland Other countries TotalPresent value of obligation 9.9 39.0 11.2 3.9 64.0Fair value of plan assets -51.2 -9.7 -1.9 -62.8Total 9.9 -12.2 1.5 2.0 1.2Significant actuarial assumptions 2022Germany United Kingdom Finland BelgiumDiscount rate, % 3.73 4.90 3.72 3.10Salary growth rate, % 3.00 2.60 0.00 1.00Pension growth rate, % 2.00 3.10 2.84 2.30Significant actuarial assumptions 2021Germany United Kingdom Finland BelgiumDiscount rate, % 0.74 1.85 0.82 0.70Salary growth rate, % 3.00 2.80 0.00 1.00Pension growth rate, % 1.75 3.35 2.36 2.00Change in defined benefit pension obligations in 2022Present value of Fair value of EUR millionobligationplan assets Total1 Jan 2022 64.0 -62.8 1.2Current service cost 0.5 0.5Administrative costs Interest expense (+) or interest income (-) 0.9 -1.0 -0.1Past service cost Total amount recognised in profit and loss 1.4 -1.0 0.4Remeasurements in other comprehensive incomeReturn on plan assets, excluding amounts 22.1 22.1included in interest income or expense Gains (-) and losses (+) from change in 0.0 0.0demographic assumptionsGains (-) and losses (+) from change in -15.6 -15.6financial assumptionsExperience gains (-) and losses (+) -0.9 -0.9Total remeasurements in other comprehensive -16.5 22.1 5.7incomeTranslation differences -2.1 2.7 0.6ContributionsEmployers -0.3 -0.3Plan participants 0.0 0.0 0.0Payments from plansBenefit payments -2.7 2.1 -0.6Settlements -0.1 -0.131 Dec 2022 44.1 - 3 7. 3 6.8Change in defined benefit pension obligations in 2021Present value of Fair value of EUR millionobligationplan assets Total1 Jan 2021 70.4 -64.8 5.6Current service cost 0.4 0.4Administrative costs Interest expense (+) or interest income (-) 0.6 -0.6 0.0Past service cost -0.4 -0.4Total amount recognised in profit and loss 0.6 -0.6 0.0Remeasurements in other comprehensive incomeReturn on plan assets, excluding amounts -2.4 -2.4included in interest income or expense Gains (-) and losses (+) from change in -0.1 -0.1demographic assumptionsGains (-) and losses (+) from change in -1.9 -1.9financial assumptionsExperience gains (-) and losses (+) 1.2 1.2Total remeasurements in other comprehensive -0.7 -2.4 -3.1incomeTranslation differences 3.1 -3.6 -0.5ContributionsEmployers -0.3 -0.3Plan participants 0.0 0.0 0.0Payments from plansBenefit payments -8.7 8.1 -0.6Settlements -0.8 0.9 0.131 Dec 2021 64.0 -62.8 1.2Sensitivity of benefit obligation to changes in essential weighted assumptions 2022Impact on benefit obligationChange of assumption Increase DecreaseDiscount rate 0.5%-points 4.5% decrease 4.9% increaseSalary growth rate 0.5%-points 0.5% increase 0.4% decreasePension growth rate 0.5%-points 4.2% increase 3.9% decreaseOne year One year increase decrease in assumptionin assumptionLife expectancy 2.9% increase 2.9% decreaseThe aforementioned sensitivity analyses are based on a situation where all other assumptions remain unchanged when one assumption changes. The sensitivity of a defined benefit obligation to changes in significant actuarial assumptions has been calculated using the same method as is used in calculating the pension obligation recognised in the balance sheet. Plan assets are comprised as follows:2022 20222021 2021EUR million%EUR million%Qualifying insurance policies 2.2 6% 1.9 3%Cash and cash equivalents 0.4 21% 0.8 2%Investment funds 2.1 6% 50.4 80%Funds held by Insurance company 32.5 87% 9.7 15%Total 37.3 100% 62.8 100%The most considerable risks related to Defined benefit plans are as follows:Changes in the return on bondsLiabilities arising from the arrangements have been calculated using a dis-count rate based on the return on high-quality corporate bonds. A decline in the discount rate increases the arrangements\u2019 liabilities.Inflation riskThe plan\u2019s benefit obligations are linked to inflation and a higher inflation will lead to increased obligation.Life expectancyThe majority of the arrangement obligations arises from generating lifetime benefits for members, so the expected increase in life expectancy will increase the arrangement obligations.The contribution made to post-employment defined benefit plans is expected to be EUR 1.4 million in 2023. The weighted average duration of the defined benefit obligation is 11.5 years (14.4). \u25a0 4.1 Intangible assetsGoodwillGoodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.Other intangible assetsIntangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method.The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset. Research and development costsResearch costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate financial benefits and the costs can be measured reliably. Mets\u00e4 Board has not capitalised development costs.Computer softwareCosts arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Maintenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.Patents, licences and trademarksThe cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.Other intangible Construction EUR million Goodwillassetsin progress TotalAcquisition cost, 1 Jan 2022 12.4 124.2 1.0 137.6Translation differences -0.5 -0.5Increases 0.9 0.1 1.1Acquired business 1.3 1.3Decreases -25.1 - 67.8 -92.9Transfers between asset categories 1.0 -1.0 Acquisition cost, 31 Dec 2022 -12.8 59.2 0.1 46.6Accumulated amortisation and impairment charges, 1 Jan 2022 -119.1 -119.1Translation differences 0.4 0.4Accumulated amortisation on decreases and transfers 25.0 66.4 91.4Amortisation for the period -1.2 -1.2Impairment charges for the periodAccumulated amortisation and impairment charges, 31 Dec 2022 25.0 -53.4 -28.5Book value, 1 Jan 2022 12.4 5.1 1.0 18.5Book value, 31 Dec 2022 12.2 5.8 0.1 18.1Other intangible Construction in EUR million Goodwillassetsprogress TotalAcquisition cost, 1 Jan 2021 12.4 123.4 0.6 136.4Translation differences -0.1 -0.1Increases 0.5 1.0 1.5Decreases -0.2 -0.2Transfers between asset categories 0.6 -0.6 Acquisition cost, 31 Dec 2021 12.4 124.2 1.0 137. 6Accumulated amortisation and impairment charges, 1 Jan 2021 -1 1 7.4 -1 1 7.4Translation differences 0.1 0.1Accumulated amortisation on decreases and transfers 0.2 0.2Amortisation for the period -2.0 -2.0Accumulated amortisation and impairment charges, 31 Dec 2021 -119.1 -119.1Book value, 1 Jan 2021 12.4 6.1 0.6 19.1Book value, 31 Dec 2021 12.4 5.1 1.0 18.5Other intangible assets include among other things computer software, patents and licenses. Mets\u00e4 Board has not capitalised development expenditure. Acquired businesses in 2022 include the intangible assets of H\u00e4meenkyr\u00f6n Voima Oy. Further information is available in Note 7.2.Emission allowancesThe Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acqui-sition cost of emission allowances received without consideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income. If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.In 2022 the Group received 597 thousand tonnes of emission allowances free of charge (501). In addition the Group has sold 554 thousand tonnes to the market (310). At balance closing date the group had emission allowances of 1,000 thousand tonnes (1,011). At the end of 2021, it also had 47 thousand tonnes of free allowances for 2021, which had not yet been entered in the emissions trading register on 31 December 2021 due to a delay in the allocation. Emissions during the reporting period fell below the amount of emission allowances received free of charge and consequently emissions during the year did not have an impact on income statement or balance sheet.In 2022, capital gains from the sale of emission allowances recognised in other operating income totalled EUR 29.0 million (21.3). On the balance sheet date, the fair market value of an emission right was EUR 80.76 per tonne (79.61) and total value of owned rights EUR 80.8 million (84.2). Impairment testing 2022Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.The group did not recognise impairments based impairment testing in 2022. In the testing carried out in 2022, a somewhat potential change in any individual key assumption would not lead to the recognition of an impairment. The group\u2019s key impairment testing and key assumptions in the situation on 30 September 2022: Discount rate Discount rate Long-term Long-term GoodwillBrandafter taxes on 30 after taxes on 30 growth rate on 30 growth rate on 30 Cash-generating unitEUR millionEUR millionSeptember 2022September 2021September 2022September 2021Paperboard industry1)Folding boxboard 29.1 2.5 7.21% 5.78% 2.0% 2.0%1)Liner 28.3 3.0 7.21% 5.78% 2.0% 2.0%1)Market pulp 7.21% 5.78% 2.0% 2.0%1) Mets\u00e4 Board\u2019s share of Mets\u00e4 Fibre\u2019s recoverable cash flow, the book value and the goodwill included in the balance sheet item \u201cInvestments in associates and joint ventures\u201d (45.2 millionEUR) and other intangible assets with unlimited economic life (EUR 5.6 million), are allocated to cash flow generating units in proportion to their pulp purchases.The recoverable amounts of the cash-generating units being tested are based on five-year forecasts and the resulting, steadily growing cash flows. The initial value used for the key assumptions of the cash flows \u2013 prices and variable costs \u2013 after the forecast period is the average of the five-year forecast period. The value used for delivery volumes and fixed costs is the value of the forecast period\u2019s fifth year. The key testing assumptions are management estimates and forecasts obtained from external sources of information.The discount rate used is the weighted average cost of capital (WACC). When calculating the WACC, the cost of debt takes into account the mar-ket-based view of the credit risk premium.Impairment testingDepreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.Cash-generating units are reporting segments or smaller units for which a utility value can be defined.The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evaluated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to determine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any circumstances.Key estimates and judgementsFuture cash flowsThe recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the product price developments, delivery vol-umes, the development of costs related to key raw material costs and other costs, as well as the discount rate and long-term growth rate.LeasesWhen determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time subsequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 2.0 million have not been included in the lease liability because the extension of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment. LeasesThe Group has leased various land areas, properties, equipment and vehicles. When the leased asset is available for the Group\u2019s use, A fixed asset item and a corresponding liability of the lease is recognised. Paid rents are divided into liabilities and finance costs. The finance cost is included in profit or loss over the lease term in such a way that the interest rate of the remaining debt balance is the same during each period. The leased fixed asset is subject to straight-line depreciations over the asset\u2019s economic life or the lease term, depending on which of them is shorter.Assets and liabilities arising from leases are initially measured at the present value. Lease liabilities include fixed payments, less any lease incentives receivable; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incre-mental borrowing rate. The leased fixed assets are measured at cost, which includes the amount of the initial measurement of the lease lia-bility; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred; and any costs incurred by restoring the site on which it is located.Some of the leases include options to extend or terminate, which are largely available only for the Group, not the lessor.Payments related to short-term leases or leases where the value of the underlying asset is low are recognised as costs on a straight-line basis. A lease with a lease term of 12 months or less is considered a short-term lease. Assets of a low value include mainly ICT and office equipment.Key estimates and judgmentsEstimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement.Accounting principlesProperty, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses.The acquisition cost includes costs that are directly incurred in the acquisition of an item of property, plant or equipment. Qualifying external borrowing costs resulting directly from the acquisition, con-struction or manufacture of an item of property, plant or equipment are capitalised as part of the acquisition cost of property, plant and equipment.If a piece of property, plant or equipment consists of several components with differing useful lives, each component is handled as a separate item. In that case, the expenses related to replacing the component are capitalised, and any book value remaining at the time of replacement is derecognised on the balance sheet.Spare parts, spare equipment and maintenance supplies are recog-nised in property, plant and equipment when they fulfill the criteria for recognition of property, plant and equipment. Otherwise, such commodities are classified as inventories.Significant investments in refurbishments and improvements are capitalised on the balance sheet and depreciated over the remaining useful life of the main asset related to such investments. Repair and maintenance costs are recognised as expenses when they are incurred.The residual value of an asset, the financial useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.Gains and losses arising from the sale and decommissioning of items of property, plant and equipment are recognised in other operating income and expenses. Sales gains or losses are calculated as the difference between the sales price and the remaining acquisition cost.Government grants related to the acquisition of assets are presented as adjustments of the acquisition cost on the balance sheet and recognised as income in the form of lower depreciation during the useful life of the asset.Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.Estimated useful livesBuildings and constructions 20\u201340 yearsMachinery and equipmentHeavy power plant machinery 20\u201340 yearsOther heavy machinery 15\u201320 yearsLightweight machinery and equipment 5\u201315 years Other tangible assets 5\u201320 years \u25a0 4.2 Tangible assetsLand and water areas Buildings and constructions Machinery and equipmentEUR million Owned Leased Owned Leased Owned LeasedAcquisition cost, 1 Jan. 2022 15.7 2.0 401.2 10.2 2,563.2 15.7Translation differences -0.1 -12.5 0.0 -113.1 -0.6Additions 0.0 0.7 72.1 3.3 68.7 4.1Acquired business 6.6 5.0 18.0Decrease -3.2 -0.2 2.1 -1.3 8.9 -19.6Transfers between items 0.0 3.0 249.7 Acquisition cost, 31 Dec. 2022 12.4 2.4 472.4 12.2 2,782.3 17. 5Accumulated depreciation and impairment charges 1 Jan. 2022 -0.5 -0.5 -280.0 -5.4 -2,093.5 -6.2Translation differences 0.0 7.5 -0.1 82.6 0.2Accumulated depreciation on deductions and transfers -0.6 1.4 11.1 2.1Depreciation for the period -0.2 -8.5 -3.4 -63.5 -4.4Impairments -0.8 -0.1 0.0Accumulated depreciation and impairment charges 31 Dec. 2022 -0.4 -0.7 -281.7 -8.4 -2,063.3 -8.3 Book value, 1 Jan. 2022 15.2 1.4 121.3 4.8 469.7 9.5Book value, 31 Dec. 2022 12.0 1.7 190.7 3.9 719.0 9.2Other tangible Construction in assetsprogress Total TotalEUR million Owned Owned Owned Leased TotalAcquisition cost, 1 Jan. 2022 23.0 306.1 3,309.2 27.8 3,337.0Translation differences -0.7 -15.0 -141.3 -0.6 -141.9Additions 1.4 121.9 264.1 8.1 272.2Acquired business 0.1 11.6 18.0 29.6Decrease -1.3 3.3 9.8 -21.1 -11.3Transfers between items 0.4 -253.1 Acquisition cost, 31 Dec. 2022 23.0 163.2 3,453.3 32.1 3,485.5Accumulated depreciation and impairment charges 1 Jan. 2022 -15.9 -2,389.8 -12.1 -2,401.9Translation differences 0.6 90.8 0.1 90.9Accumulated depreciation on deduction and transfers 1.3 11.8 3.5 15.3Depreciation for the period -0.8 -72.9 -8.0 -80.9Impairments -0.1 -0.9 -0.9Accumulated depreciation and impairment charges 31 Dec. 2022 -14.8 -2,360.2 -17.4 -2,377.6Book value, 1 Jan. 2022 7.2 306.1 919.4 15.7 935.0Book value, 31 Dec. 2022 8.2 163.2 1,093.2 14.7 1,107.9Acquired businesses include the tangible assets of H\u00e4meenkyr\u00f6n Voima Oy. More information on the acquired businesses can be found in note 7.2. LeasesEUR million 2022 2021Costs related to short-term leases 0.8 1.1Costs of leases in which the underlying asset is of low 1.5 3.9valueInterest expenses 0.5 0.5Cash outflow for leases 25.6 7.6Disclosures on lease liabilities are presented in Note 5.5 (Financial liabilities) and 5.6 (Management of financial risks) and disclosures on lease obligations in Note 8.1 (Commitments and contingencies).Land and water areas Buildings and constructions Machinery and equipmentEUR million Owned Leased Owned Leased Owned LeasedAcquisition cost, 1 Jan. 2021 1 7.0 2.3 410.7 10.8 2,557.8 21.9Translation differences 0.0 -2.6 0.2 -27.2 -0.2Additions 0.0 0.3 1.6 1.4 40.5 2.5Decrease -1.8 -0.6 -11.5 -2.1 - 27.7 -8.5Transfers between items 0.5 3.0 19.7 Acquisition cost, 31 Dec. 2021 15.7 2.0 401.2 10.2 2,563.2 15.7Accumulated depreciation and impairment charges 1 Jan. 2021 -0.5 -0.2 -282.1 -4.8 -2,066.3 -9.7Translation differences 0.0 2.0 -0.1 22.0 0.1Accumulated depreciation on deductions and transfers 0.1 0.6 1.5 7.7 8.5Assets held for sale -0.1 7. 3 15.1 Depreciation for the period -0.3 -7. 9 -2.0 - 67.4 -5.0ImpairmentsAccumulated depreciation and impairment charges 31 Dec. 2021 -0.5 -0.5 -280.0 -5.4 -2,093.5 -6.2 Book value, 1 Jan. 2021 16.5 2.1 128.7 6.0 491.4 12.2Book value, 31 Dec. 2021 15.2 1.4 121.3 4.8 469.7 9.5Other tangible Construction in assetsprogress Total TotalEUR million Owned Owned Owned Leased TotalAcquisition cost, 1 Jan. 2021 24.8 158.4 3,168.7 35.0 3,203.7Translation differences -0.2 -4.5 -34.5 0.0 -34.5Additions 0.4 172.2 214.6 4.1 218.7Decrease -0.4 1.6 -39.7 -11.2 -50.9Transfers between items -1.6 -21.7 Acquisition cost, 31 Dec. 2021 23.0 306.1 3,309.2 27.8 3,337.0Accumulated depreciation and impairment charges 1 Jan. 2021 -15.4 -2,364.3 -14.7 -2,379.0Translation differences 0.2 24.2 0.0 24.2Accumulated depreciation on deduction and transfers 8.4 10.1 18.4Assets held for sale 0.3 22.7 -0.1 22.6Depreciation for the period -0.9 -76.2 -7.4 -83.6Impairments -4.6 -4.6Accumulated depreciation and impairment charges 31 Dec. 2021 -15.9 -2,389.8 -12.2 -2,401.9Book value, 1 Jan. 2021 9.4 158.4 804.4 20.2 824.7Book value, 31 Dec. 2021 7. 2 306.1 919.4 15.6 935.0 Assets held for sale include Oy Hang\u00f6 Stevedoring Ab\u2019s assets. ImpairmentsYear 2022 Impairments in 2022 include EUR 0.3 million of impairments related to the discontinuation of Russian business operations and EUR 0.7 million related to the restructuring of customer service and supply chain management. Year 2021 Mets\u00e4 Board invests its folding boxboard capacity at Husum in Sweden. When the investment is completed, some of the board mill\u2019s machinery and equipment will be taken out of service. In 2021 there were an impairment loss of EUR 4.6 million recognised in the assets that will be taken out of service.Borrowing costsBorrowing costs capitalised in 2022 totalled to EUR 8.3 million (4.0). The average interest rate used in capitalisation was 2.2% (2.1%). \u25a0 4.3 Other investmentsAccounting principlesOther investments consist of listed and unlisted equity investments. The most significant of these is the Group\u2019s holding in Pohjolan Voima. This investment is unlisted and strategic in nature, serving the Group\u2019s long-term energy sourcing needs. This being the case, the Group classifies its shares in Pohjolan Voima as financial assets at fair value recognised under other items of comprehensive income. Changes in their fair value are presented in the fair value reserve, accounting for the tax effect. When the investment is abandoned, the fair value changes accu-mulated in the equity are transferred to the retained earnings from the fair value fund.The Group classifies its other equity financial assets as financial assets at fair value to be recognised as financial assets through profit and loss.The fair values of publicly listed shares are based on the share price on the balance sheet date. The fair values of shares other than listed shares are determined using various valuation models, such as the price levels of recent transactions and valuation methods based on the present value of discounted cash flows. As far as possible, the valuation methods are founded on market-based valuation factors.Key estimates and judgementsFair value measurementThe application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj. The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first eight years. Subsequent prices are based on a long-term market price forecast. The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 344.1 million on the balance sheet on 31 December 2022. The carrying value of other investments is estimated to change by EUR -12.3 million and EUR 13.0 million should the rate used for dis-counting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 71.5 million should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management. EUR million 2022 2021Pohjolan Voima Oyj 344.1 17 7.6Other unlisted shareholdings 1.3 3.4Other investments total 345.4 181.0The most important unlisted shareholding under other investments consists of a 2.6 per cent stake in Finnish energy company Pohjolan Voima Oyj, which produces electricity and heat for its shareholders in Finland. Pohjolan Voima trades with its shareholders at prices based on production costs, which generally are lower than market prices. The Group is entitled, through the B shares of Pohjolan Voima, to a share of approximately 5.2% of the energy generated by the Olkiluoto 1 and Olkiluoto 2 nuclear power plants and, through the B2 shares of Pohjolan Voima, to a share of 1.5% of the energy generated by the Olkiluoto 3 nuclear power plant, now being deployed.On 1 January 2022, Mets\u00e4 Board acquired the entire share capital of H\u00e4meenkyr\u00f6n Voima Oy from Pohjolan Voima Oyj (84%) and from DL Power Oy, part of Lepp\u00e4koski group (16%). In this connection, Mets\u00e4 Board sold its series G10 shares, which corresponded to an 84% holding in H\u00e4meenkyr\u00f6n Voima Oy, to Pohjolan Voima Oyj for EUR 12.0 million. Hameenkyr\u00f6n Voima Oy was merged later during the financial year to the parent company.The ownership is measured quarterly at fair value on share series basis by using the average of discounted cash flow method and valuation based on earlier transactions. The weighted average cost of capital used was 5.42 (2021: 3.14) per cent.The acquisition cost of shares in Pohjolan Voima Oyj is EUR 28.3 million (40.2) and the fair value EUR 344.1 million (177.6). The change in fair value was due to an updated long-term price forecast for the electricity used in the shares\u2019 valuation model. The fair value of the G10 series in 2021 was EUR 12.0 million.Shareholder agreement restricts sale of shares of Pohjolan Voima to buyers that are not existing shareholders.Accounts receivable and other non-interest bearing receivablesEUR million 2022 2021From Group companiesAccounts receivable 40.8 26.6Other receivables Prepayments and accrued income 0.4 0.0Total 41.2 26.7From associated companies and joint venturesAccounts receivable 0.1 0.3From othersAccounts receivable 272.5 245.8Impairment -1.2 -2.5Total 271.4 243.3Other receivables 34.3 46.5Prepayments and accrued income 7. 5 14.7From others total 313.2 304.5Accounts receivable and other receivables total 354.5 331.5Receivables from Group companies are receivables from parent company Mets\u00e4liitto Cooperative and from other subsidiaries of the parent company. Derivative receivables are from Mets\u00e4 Group Treasury Oy, a wholly owned subsidiary of Mets\u00e4liitto Cooperative. As a consequence of the discontinuation of Russian business operations, the Group made a write-down of all its accounts receivables and other receivables related to operations in Russia, totalling EUR 0.1 million.EUR million 2022 2021Raw materials and consumables 211.6 162.3Finished goods 276.1 211.7Advance payments 19.0 8.6Inventories total 506.7 382.6In 2022 or 2021, no write-downs were recorded for inventory. Accounting principlesInventories are measured at the lower of acquisition cost or net realisable value. In measuring inventories, the FIFO principle is observed or, alternatively, the weighted average price method, depending on the nature of the inventories. The acquisition cost of finished products acquired comprises all purchase costs, including direct transport, handling and other expenses. The acquisition cost of finished and semi-finished products of own manufacture includes raw materials, direct production costs, and the systematically allocated portion of variable manufacturing overheads and fixed overheads at the normal level of operation. Borrowing cost is not included in the acquisition cost.Net realisable value is the estimated sales price in ordinary business operations less the estimated cost of completion and the necessary sales costs. \u25a0 4.4 Inventories Key estimates and judgementsThe Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.Accounting principlesAccounts receivables are initially measured at fair value and later at amortised cost, taking into account impairment. The Group applies a model based on expected credit losses to the determination of the impairment of trade receivables. Provisions are furthermore set up on a case-by-case basis when there is a justifiable reason to assume that the Group will not receive payment for the invoiced amount according to the original terms. \u25a04.5 Accounts receivable and other receivablesKey estimates and judgementsThe evaluation of the recognition criteria and the amount of impairment losses requires the management\u2019s judgement. If customers\u2019 financial position weakens so that it affects their solvency, further impairment losses may need to be recognised in future periods. The impacts of Russia\u2019s military aggression and corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk. \u25a0 4.7 Accounts payable and other liabilitiesEUR million 2022 2021Advance payments received 5.1 4.0Accounts payable 223.0 222.2Accounts payable, Supply Chain Finance schemes 91.0 76.3Other liabilities 28.1 12.9Accruals and deferred incomeCustomer discounts 23.2 26.3Purchase-related items 46.3 50.2Employee costs 31.7 32.7Other accrued expenses 34.2 43.0Total 482.7 467.5With financing banks, Mets\u00e4 Group has established Supply Chain Finance (SCF) schemes aimed at a few key suppliers. In the schemes, the suppliers are offered the option of selling their Mets\u00e4 Group receivables to a bank providing the SCF scheme. The SCF schemes partly replace the earlier advance payment arrangements, and their aim is not to cause a significant deviation from Mets\u00e4 Group\u2019s normal payment terms. \u25a0 4.6 Other liabilitiesEUR million 2022 2021Non-current liabilities to Group companiesNon-current liabilities Advance payments received 1.1 1.1Accruals and deferred income 0.5 0.5Total 1.5 1.5Case-specific impairments and impairments determined by applying the model based on expected credit losses deducted from accounts receivable are as follows:EUR million 2022 2021Value 1 Jan 2.5 3.0Increase 0.6 0.0Decrease -1.9 -0.5Value 31 Dec 1.2 2.5Credit losses recognised during 2022 were EUR 0.2 million (0.0).Age distribution of accounts receivable less impairmentsEUR million 2022 2021Not overdue 251.2 236.3OverdueLess than 30 days 17. 3 8.0Between 31 and 60 days 2.1 -0.2Between 61 and 90 days -0.3 0.0Between 91 and 180 days -0.4Over 180 days 1.0 -0.3Total 271.4 243.3 ProvisionsEUR million Restructuring Environmental Other Total1 Jan 2022 0.2 2.7 0.0 3.0Translation differences 0.0 0.0 0.0Increases 4.9 4.9Utilised during the year -0.7 0.0 -0.7Unused amounts reversed -0.2 -0.1 -0.331 Dec 2022 4.9 2.0 0.0 6.9Non-current 2.0 0.0 2.0Current 4.9 4.9Total 4.9 2.0 0.0 6.91 Jan 2021 0.2 3.4 1.0 4.7Translation differences 0.0 0.0Increases 0.0 0.0Utilised during the year -0.7 -0.7Unused amounts reversed 0.0 0.0Transfers to assets held for sale -1.0 -1.031 Dec 2021 0.2 2.7 0.0 3.0Non-current 2.0 0.0 2.0Current 0.2 0.8 0.0 1.0Total 0.2 2.7 0.0 3.0Half of non-current provisions are estimated to be utilised by the end of 2025 and the rest in 2030s. The increases in provisions in 2022 are related to the reorganiza-tion of customer service and supply chain management.The Group companies have environmental responsibilities related to former industrial activities at sites that have since been closed, sold or leased, and from decommissioned landfill sites. Provisions for the costs of land rehabilitation work have been made in cases where it has been possible to measure the Group\u2019s liability for land contamination and any post-treatment obligations.In 2021 assets held for sale include Oy Hang\u00f6 Stevedoring Ab\u2019s assets. \u25a0 4.8 ProvisionsAccounting principlesA provision is recognised when, as a result of an earlier event, the Group has a legal or actual obligation, the realisation of a payment obligation is likely, and the amount of the obligation can be reliably estimated. Any reimbursement from a third party is presented as an asset separate from the provision if it is practically certain that reimbursement will be received.RestructuringA restructuring provision is recorded when the Group has incurred a legal or constructive obligation to make a payment. Termination payments are recorded when a detailed plan has been made for the restructuring and the Group has raised valid expectations in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. If the Group makes an offer to employees concerning voluntary resignation against benefits determined in the offer, the liability arising from this is recorded when the Group can no longer withdraw its offer. The obligation arising from such an offer is based on the number of employees that the Group expects to accept the offer. Benefits falling due in twelve months\u2019 time or later are measured at their present value.Environmental obligationsCosts arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.Other provisionsOther provisions mainly consist of provisions arising from estimated cost of future restoration of leased sites.Key estimates and judgementsThe determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions. \u25a0 5.1 Shareholders\u2019 equityChanges in share capitalShare capitalEUR million Series A Series B Total1 Jan 2021 51.6 506.3 557.9Conversion of A shares into B shares -0.1 0.1 31 Dec 2021 51.5 506.4 557.9Conversion of A shares into B shares 31 Dec 2022 51.5 506.4 557.9Each series A share confers to its holder twenty (20) votes at the General Meeting of Shareholders, and each series B share confers to the holder one (1) vote. All shares carry the same right to receive a dividend. Mets\u00e4 Board\u2019s A shares can be converted to B shares if shareholder or representative of the nominee registered shares makes a written request for the conversion to the company. No monetary consideration is paid for the conversion.Translation differencesTranslation differences include translation differences arising from translation of subsidiaries in other currencies than euro and gains and losses arising on hedging of net investments in these subsidiaries less deferred tax, when requirements of hedge accounting have been fulfilled. Net investments were not hedged in Mets\u00e4 Board Group in 2022 or in 2021.Translation differences in other comprehensive Cumulative translationincomeEUR million 2022 2021 2022 2021SEK -7 7. 5 - 2 7.6 -49.9 -10.0RUB * -7.0 7.0 0.7USD 13.1 6.5 6.5 6.1CNY GBP -0.6 -0.1 -0.5 0.5Others 1.0 1.0 -0.1 0.4Total -64.0 -27.2 -36.9 -2.3* RUB denominated translation difference arises mostly from associate company Mets\u00e4 Fibre.In June 2022, as a consequence of the discontinuation of Russian business operations, the Group recognised an expense of EUR 0.6 million for accu-mulated Russian ruble-denominated translation differences. The Russian ruble-denominated translation differences accumulated since June 2022 have been reported in the financial items in the income statement. Since March 2022, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv.Fair value and other reservesEUR million 2022 2021Fair value reserve 282.2 116.6Legal reserve and reserves stipulated by the Articles 1.7 1.7of AssociationTotal 283.9 118.3Fair value reserveFair value changes in derivatives designated as cash flow hedges are recorded to fair value reserve deducted by deferred tax effect. Additionally, the fair value change of Pohjolan Voima Oyj shares recognised by the Group as other investments is moved to the reserve with deferred tax effect deducted.Legal reserve and reserves stipulated by the Articles of AssociationLegal reserve and reserves stipulated by the Articles of Association have been created and accumulated on resolutions by the General Meeting of Shareholders.Number of sharesOutstanding shares Treasury sharesTotalshares Series A Series B Total Series B1 Jan 2021 32,887,151 322,625,595 355,512,746 355,512,746Conversion of A shares into B shares -84,976 84,976 31 Dec 2021 32,802,175 322,710,571 355,512,746 355,512,746Conversion of A shares into B sharesAcquisition of treasury shares -1,000,000 -1,000,000 1,000,00031 Dec 2022 32,802,175 321,710,571 354,512,746 1,000,000 355,512,746The share has no nominal value. All shares have been paid in full. The weighted average number of shares, which does not include Mets\u00e4 Board Oyj\u2019s treasury shares, is 355,359,331 (355,512,746) pieces.DividendDividends payable by the company are recorded as deductions to equity in the period during which the shareholders in a general meeting have declared the dividend.The Board of Directors has proposed that a dividend of EUR 0.58 per share be distributed for the 2022 financial year.Treasury sharesAccounting principlesWhen treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.At the end of the year, the group held 1,000,000 (0) treasury shares, which corresponds to 0.3% (0.0) of the number of shares. The average purchase price of the shares was 7.82 euros per share.2022 20222021 2021EUR millionsharessharesTreasury shares 1.1. 0.0 0 0.0 0Acquisition of treasury 7.8 1,000,000sharesTreasury shares 31\ufffd12\ufffd 7. 8 1,000,000 0.0 0Reserve for invested unrestricted equityThe reserve for invested unrestricted equity fund includes other invest-ments of an equity nature and the subscription price of the shares to the extent that it is not recognised to the share capital according to the specific decision. EUR million 2022 2021Reserve for invested unrestricted equity 208.9 208.9Other comprehensive income after taxes 2022Equity attributable to members of parent companyNon-con-Translation Fair value and Retained trolling Milj. euroadifferencesother reservesearnings Totalinterest Total equityItems that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans -4.7 -4.7 -4.7Financial assets at fair value through other comprehensive income 178.5 178.5 178.5Share of profit from other comprehensive income of associated company 3.0 3.0 3.0Income tax relating to items that will not be reclassified -35.7 1.8 -33.9 -33.9Total 145.8 -3.0 142.9 142.9Items that may be reclassified to profit or loss Cash flow hedgesCurrency hedgesGains and losses recorded in equity -63.0 -63.0 0.5 -62.5Transferred to adjust Sales 87.4 8 7.4 -0.1 87. 3Interest hedges Gains and losses recorded in equity 4.4 4.4 4.4Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity 46.6 46.6 0.8 47.4Transferred to adjust purchases -78.6 -78.6 -1.1 -79.7Share of profit from other comprehensive income of associated company 22.4 22.4 22.4Cahs flow hedges total 19.1 19.1 0.2 19.3Translation differences -42.6 -42.6 -13.7 -56.3Share of profit from other comprehensive income of associated company 5.8 5.8 5.8Translation differences total -36.9 -36.9 -13.7 -50.6Income tax relating to items that may be reclassified 0.7 0.7 0.0 0.6Total -36.9 19.8 -17. 1 -13.6 -30.6Other comprehensive income, net of tax -36.9 165.6 -2.9 125.8 -13.6 112.2Other comprehensive income after taxes 2021Equity attributable to members of parent companyNon-con-Translation Fair value and Retained trolling Milj. euroadifferencesother reservesearnings Totalinterest Total equityItems that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans 3.0 3.0 3.0Financial assets at fair value through other comprehensive income -5.8 -5.8 -5.8Share of profit from other comprehensive income of associated company -0.1 0.0 -0.1 -0.1Income tax relating to items that will not be reclassified 1.2 -2.0 -0.8 -0.8Total -4.7 1.0 -3.7 -3.7Items that may be reclassified to profit or loss Cash flow hedgesCurrency hedgesGains and losses recorded in equity -40.8 -40.8 1.5 -39.4Transferred to adjust Sales 0.3 0.3 -0.9 -0.6Interest hedges Gains and losses recorded in equity 1.2 1.2 1.2Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity 61.4 61.4 61.4Transferred to adjust purchases -33.7 -33.7 -33.7Share of profit from other comprehensive income of associated company -4.3 -4.3 -4.3Cahs flow hedges total -15.9 -15.9 0.6 -15.3Translation differences -2.9 -2.9 -1.9 -4.8Share of profit from other comprehensive income of associated company 0.6 0.6 0.6Translation differences total -2.3 -2.3 -1.9 -4.2Income tax relating to items that may be reclassified 2.3 2.3 -0.1 2.2Total -2.3 -13.6 -15.9 -1.5 -17.4Other comprehensive income, net of tax -2.3 -18.3 1.0 -19.6 -1.5 -21.1EUR million 2022 2021Exchange differencesCommercial items 5.8 4.9Hedging, hedge accounting not applied -10.1 -7. 2Other items -0.6 0.0Exchange differences total -5.0 -2.3Other financial incomeInterest income on loans, other receivables and cash 2.6 0.2and cash equivalents Dividend income 0.3 0.0Other financial income total 3.0 0.2Valuation of financial assets and liabilitiesImpairment gains and losses from financial assets 0.0Gains and losses on derivatives, hedge accounting not appliedValuation total 0.0Interest expenses on financial liabilities carried at amortised cost using the effective interest method -3.8 -6.9 Other financial expenses -0.8 -0.9Interest and other financial expenses, total -4.7 -7. 9Valuation of financial assets and liabilities and interest -4.7 -7. 9and other financial expenses, totalThe Russian ruble-denominated translation differences accumulated since June 2022 as a consequence of the discontinuation of Russian business operations, amounting to EUR -0.5 million, have been reported in other exchange rate differences in the income statement. \u25a0 5.2 Financial income and expenses Accounting principlesInterest income and expenses are recognised using the effective interest rate method.Dividend income is recognised when the right to receive a payment is established. Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses. \u25a05.3 Other financial assets EUR million 2022 2021Other non-current financial assetsLoan receivables 2.3 2.7Defined benefit pension plans (Note 3.5) 3.4 12.2Other receivables and accrued income 0.3 0.3Total 6.0 15.3EUR million 2022 2021Financial assets carried at amortized cost 1.3Cash at hand and in bank 1 7.6 26.4Deposits to Mets\u00e4 Group Treasury Oy 338.6 496.4Total 356.2 524.2Interest-bearing LiabilitiesEUR million 2022 2021Non-current interest-bearing financial liabilitiesBonds 249.0 248.8Loans from financial institutions 175.9 178.4Lease liabilities 9.5 9.8Other liabilities Total 434.4 437.0Current interest-bearing financial liabilitiesCurrent portion of non-current debt 18.2 10.0Current liabilities to group companies 0.4 Total 18.6 10.0Liabilities classified as held for sale, interest-bearing 1.5liabilitiesInterest-bearing financial liabilities total 453.0 448.6In 2021 current liabilities to group companies include EUR 0.9 million of Oy Hang\u00f6 Stevedorig Ab\u2019s intra-group interest-bearing debt transferred to assets held for sale.Interest-bearing assetsEUR million 2022 2021Non-current interest-bearing financial assetsLoan receivables 2.3 2.7Current interest-bearing financial assetsCurrent investments at amortised cost 1.3Cash at hand and in bank 17.6 26.4Deposits to Mets\u00e4 Group Treasury Oy 338.6 496.4Total 356.2 524.2Interest-bearing financial assets total 358.5 527.0Interest-bearing net debt 94.5 -78.4Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents. \u25a0 5.4 Cash and cash equivalentsAccounting principlesCash and cash equivalents consist of cash and other short-term, highly liquid investments that can be easily converted into an amount of cash known in advance and that carry a minimal risk of value changes. Mets\u00e4 Board has classified as cash and cash equivalents the short-term money market investments made in accordance with its treasury policy and interest-bearing receiv-ables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy. When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months. The impacts of the corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk. \u25a0 5.5 Borrowings and net debt Accounting principlesFinancial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Transaction costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.BondsEUR million Interest % 2022 20212017\u20132027 2.75 249.0 248.8Total 249.0 248.8Mets\u00e4 Board Corporation issued in September 2017 a bond of EUR 250 million. The bond carries a fixed coupon rate of 2.75 per cent, and the maturity date is 29 September 2027. The bond ranks senior and is unsecured.Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2022Non-cash changesAcquired Changes in / Sold foreign New finance EUR million 1 Jan 2022 Cash flowsbusinessesexchange ratesleases Other changes 31 Dec 2022Non-current interest-bearing liabilities incl. Current portionBonds 248.8 0.2 249.0 Loans from financial institutions 182.3 5.0 0.3 187.6 Pension loansFinance lease liabilities 15.9 -25.1 18.0 -0.5 7.0 0.7 15.9 Total 447.0 -20.1 18.0 -0.5 7.0 1.1 452.6 Non-current non-interest bearing liabilities 1.5 2.4 -0.0 0.0 3.9 Current interest-bearing liabilities 0.0 -0.5 0.0 0.0 0.0 0.9 0.4 Total 448.6 -18.1 18.0 -0.5 7.0 2.0 456.9Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2021Non-cash changesChanges in foreign New finance EUR million 1 Jan 2021 Cash flowsexchange ratesleases Other changes 31 Dec 2021Non-current interest-bearing liabilities incl. Current portionBonds 248.6 0.2 248.8Loans from financial institutions 182.1 0.2 182.3Pension loansFinance lease liabilities 20.4 -7. 2 -0.1 3.4 -0.7 15.9Total 451.1 -7. 2 -0.1 3.4 -0.2 447.0Non-current non-interest bearing liabilities 1.9 -0.4 0.0 0.0 1.5Current interest-bearing liabilities 1.3 -0.4 -0.9 0.0Total 454.3 -8.0 -0.1 3.4 -1.1 448.6In 2021 Other changes consists of Oy Hang\u00f6 Stevedoring Ab\u2019s liabilities transferred to assets held for sale and of accrual of effective interest during the financial year on financial liabilities valued. hedging level was 10.4 months (9.3) being 135 per cent of the norm (135). The pound\u2019s hedging level was 7.7 months (7.5) being 100 per cent of the norm (100). Hedge accounting in accordance with IFRS 9 has been applied to hedging of transaction exposure and forwards and options allocated to hedge accounting have been used to hedge the portion of highly probable forecast sales of the currency transaction exposure. The translation risk of a net investment in a foreign entity is generated from the consolidation of the equity of subsidiaries and associated companies outside the euro area into euros in the consolidated financial statements. Hedging of equity has been discontinued.Mets\u00e4 Board has applied the Value-at-Risk method to assess the risk of its open foreign currency positions. Value at Risk calculation model was abandoned as a risk calculation method starting the beginning of year 2022 and VaR was recouped with the average deviation vs. hedging norm key figure. The Mets\u00e4 Board Group average deviation vs. hedging norm was 23.3 percentage (1.7 months) at the end of reporting period and has been on average 23.5 (1.6 months) percentage during year 2022.Interest rate riskThe interest rate risk is related in the interest bearing receivables and loans, working capital financing and currency hedging. The most signifi-cant currencies in risk management are the euro, the US dollar, the British pound and the Swedish krona. The objective of the interest rate risk policy is to minimise the negative impact of interest rate changes on the Group\u00b4s and group companies\u00b4 result and the financial position, and to optimise financing costs within the framework of risk limits. The effect of interest rate changes on financial costs depends on the average interest fixing time of interest bearing assets and liabilities, which is measured in the Group by duration. As duration is lengthening the rise of interest rates affects more slowly the interest expenses of financial liabilities. The maturity of the loan portfolio can be influenced by adjusting between floating-rate and fixed-rate loans and by using interest rate swaps.The average interest duration norm based on the Group\u2019s financial policy is 24 months. The duration can, however, deviate between 6 to 36 months from the hedging policy norm so that the decision of a larger deviation has to be made by the Board of Directors. The average duration of loans was high 36.1 months at the end of the year (45.3). During the reporting period duration has varied between 36 and 44 months (44\u201353). Duration is lengthened by the bond of EUR 250 million. Of interest-bearing liabilities 14 per cent (11) is subjected to variable rates and the rest to fixed rates and the average interest rate at the end of 2022 is 2.2 per cent (2.3). At the end of 2022, an increase of one per cent in interest rates would decrease net interest rate costs of the next 12 months by 2.3 million euros (decrease 5.0).The Group has applied cash flow hedge accounting in accordance with IFRS 9 to interest rate swaps by which floating-rate financing has been converted to fixed-rate financing. The gross nominal volume of interest rate derivatives at the time of financial statements is EUR 100.0 million (100.0) and the maturity of interest rate swap contracts varies between 0\u20133 years (1\u20134). Commodity riskIn the hedging of commodity risks the Group applies risk management policies defined separately for each selected commodity. According to Foreign currency riskThe Group\u2019s foreign currency exposure consists of the risks associated with foreign currency flows, translation risk of net investments in foreign entities and economic currency exposure. Most of the Group\u2019s costs are incurred in the euro zone and to some extent in Sweden, but a significant part of the sales is received or priced in other currencies. Sales may therefore vary because of changes in exchange rates, while production costs remain unchanged. The foreign currency transaction exposure is consisting of foreign currency denominated sales and costs. The exposure is including foreign currency denominated balance sheet exposure consist-ing of accounts receivable and accounts payable and 50 per cent share of the annual contracted or estimated net currency cash flow. The main currencies of the Group\u2019s foreign currency transaction exposure are the US dollar, the Swedish krona and the British pound. The share of dollar is 60 per cent, share of Swedish krona is 32 per cent and share of pound is 6 per cent. A strengthening of the dollar and the pound has a positive impact on the financial result and a weakening a negative impact. A weakening of the Swedish krona has a positive impact on the result of the Group. From other currencies Mets\u00e4 Board has currency risk in Canadian dollar. The hedging policy is to keep the balance sheet exposure and 50 per cent of annual cash flow of contracted or estimated currency flows consistently hedged. The amount of hedging may deviate from the normal level by 40 per cent in either direction. The Board of Directors of Mets\u00e4 Board is deciding on hedging levels significantly deviating from the norm set out in the financial policy. The amount of currency-specific hedging depends on current exchange rates and market expectations, on the interest rate differences between the currencies and the significance of the exchange rate risk for the financial result of the Group. The transaction exposure is mainly hedged by forward transactions but also by the use of foreign currency loans and currency options. At the end of the reporting period, the foreign exchange transaction exposure had been hedged 8.9 months on average (2021: 8.1) being 122 per cent of the hedging norm (117). During the reporting period, the hedg-ing level has varied between 8 and 9 months (7\u20139) being between 113 and 128 per cent of the norm (108\u2013118). The dollar\u2019s hedging level was 8.4 months (7.7) being 119 per cent of the norm (113). The Swedish krona\u2019s \u25a0 5.6 Management of financial risksThe financial risks associated with business operations are managed in accordance with the financial policy endorsed by the Board of Directors and the senior management of the company. The policy defines focal instructions on the management of foreign currency, interest rate, liquidity and counterparty risks, and for the use of derivative financial instruments. Correspondingly, commodity risks are managed according to the compa-ny\u2019s commodity risk policy. The purpose is to protect the company against major financial and commodity risks, to balance the cash flow and to allow the business units time to adjust their operations to changing conditions. Mets\u00e4 Group Treasury Oy is specialized in finance and functions as the Group\u2019s internal bank. Mets\u00e4liitto Cooperative\u00b4s holding is 100 per cent of the company. Financial operations have been centralised to Mets\u00e4 Group Treasury, which is in charge of managing the Group companies\u2019 financial positions according to the strategy and financial policy, providing neces-sary financial services and acting as an advisor in financial matters. Counterparty riskFinancial instruments carry the risk that the Group may incur losses should the counterparty be unable to meet its commitments. The Group is managing this risk by entering into financial transactions only with most creditworthy counterparties and within pre-determined limits. Cash and cash equivalents, and other investments have been spread to several banks, commercial papers of several institutions and money market funds. During the reporting period, credit risks of financial instruments did not result in any losses. Counterparty limits have been revised during the year by taking into account the needs of the company and the view on the finan-cial position of the used counterparties. Derivatives trading is regulated by the standardised ISDA contracts made with the counterparties. Main part of financial credit risks are in the balance sheet of Mets\u00e4 Group Treasury and not directly in the balance sheet of Mets\u00e4 Board. The Group has applied expected credit loss model in accordance with IFRS 9 to calculate the impairment of financial assets. The Group\u2019s accounts receivable carry a counterparty risk that the Group may incur losses should the counterparty be unable to meet its commitments. Credit risk attached to accounts receivable is managed on the basis of the credit risk management policies approved by operative management. Accounts receivable performance is followed by Group Credit Risk Management Team and reported monthly to Customer Credit & Compliance Committee and operative management. Credit quality of customers is assessed at regular intervals based on the customers\u2019 financial statements, payment behaviour and credit ratings agencies. Credit limits are approved according to credit risk management policy with approval limits of varying values across the Group. Individual credit limits are reviewed at least annually. Letters of Credits, bank and parent company guarantees, and Credit insurance are used to mitigate credit risk according to management decisions. The Customer Credit & Compliance Committee reviews and sets all major credit limits which are not supported by credit insurance and / or other security.Mets\u00e4 Board implements regular impairment tests for customer accounts receivables. Credit loss impairment is booked when a customer enters legal bankruptcy or becomes past due for more than 6 months (180 days) without a valid payment plan or other acceptable reasons. New net credit loss provisions for the year were 239 thousand euros (2021: nil), of which 98% occurred as a result of war actions of Russia. The portion of overdue client receivables of all accounts receivable is at the time of financial statements 7.4 per cent (2.1), of which 0.0 per cent (3.8) is committed credit facilities of EUR 0.0 million (191.8). Of the liquid assets, EUR 338.6 million consisted of short-term deposits with Mets\u00e4 Group Treasury (496.4), and EUR 17.6 million were cash funds and investments (27.8). Other interest-bearing receivables amounted to EUR 2.7 million (2.7). In addition, Mets\u00e4 Board\u2019s liquidity reserve is complemented by Mets\u00e4 Group\u2019s internal undrawn short-term credit facility of EUR 150.0 million (150.0) and undrawn pension premium (TyEL) funds of EUR 227.6 million (215.9). At the end of 2022, the liquidity reserve covers the forecasted financing need of 2023\u20132024. 3 per cent (2) of long-term loans and committed facilities fall due in a 12 month period and 75 per cent (69) have a maturity of over four years. The average maturity of long-term loans is 4.0 years (4.7). The share of short-term financing of the Group\u2019s interest bearing liabilities is 0.1 per cent (0.0). Liquidity riskLiquidity risk is defined as the risk that funds and available funding become insufficient to meet business needs, or costs that are incurred in arranging the necessary financing are unreasonable high. Liquidity risk is monitored by estimating the need for liquidity needs 12\u201324 months ahead and ensuring that the total liquidity available will cover a main part of this need. According to the financial policy, the liquidity reserve must at all times cover 100 per cent of the Group\u2019s liquidity requirement for the first 12 months and 50\u2013100 per cent of the following 12\u201324 months liquidity requirement. The objective is that at the most 20 per cent of the Group\u2019s loans, including committed credit facilities, are allowed to mature within the next 12 months and at least 25 per cent of the total debt must have a maturity in excess of four years. The target is to avoid keeping extra liquid-ity as liquid funds and instead maintain a liquidity reserve as committed credit facilities outside the balance sheet. The cornerstone of liquidity risk management is to manage the Group\u2019s operative decisions in such a way that targets concerning indebtedness and sufficient liquidity reserve can be secured in all economic conditions. Liquidity risk is also managed by diversifying the use of capital and money markets to decrease dependency on any single financing source and the optimisation of the maturity structure of loans is also emphasized in finan-cial decisions. Mets\u00e4 Board is using short-term working capital financing related to accounts receivables and accounts payables. Mets\u00e4 Board has for Husum investments Finnvera 95% guaranteed loan agreement of EUR 100.0 million, of which remaining EUR 66.8 was drawn down in May 2022.Mets\u00e4 Board\u2019s liquidity is good. At the end of the review period, available liquidity was EUR 556.2 million (916.0), consisting of following items: liquid assets and investments of EUR 356.2 million (524.2), a syndicated credit facility (revolving credit facility) of EUR 200.0 million (200.0), and other the policy, the management of commodity risks with regard to financial hedges is accomplished centralized by Mets\u00e4 Group Treasury based on the strategy approved by Board of Directors of Mets\u00e4 Board. The commodity hedging policy is applied to the management of the price risks of electricity, natural gas, propane and fuel oil and also transactions related to Emission allowances are managed by Mets\u00e4 Group Treasury. Mets\u00e4 Board has abandoned the hedging of electricity and propane and all hedges matured during year 2022. Hedge accounting in accordance with IFRS 9 has been applied to all commodity hedging. According to the commodity hedging policy an 80 per cent hedge level of the estimated net position during the first 12 month period has been set as a hedging norm and the hedge ratio can vary by 20 per cent in either direction. Hedges based on previous pol-icy are gradually maturing. The Group Board of Directors makes significant strategic decisions.Mets\u00e4 Board\u2019s commodity risk management has electricity risk had a key role. The electricity exposure of Mets\u00e4 Board is stabilizing after Olkiluoto 3 -project and investment in Husum pulp mill are getting ready. Therefore the need to hedge the electricity exposure ended and all electricity hedges matured during year 2022. Part of Mets\u00e4 Board\u2019s mills\u2019 purchase of fuel is based on natural gas and the company is hedging the price risk of natural gas purchases by using financial hedges. Mets\u00e4 Board is hedging also the gas oil, heavy fuel oil and 0.5% fuel oil price risk related to logistics costs (sea freights) based on commodity risk policy by using financial hedges. Mets\u00e4 Board is not hedging its pulp price risk. Mets\u00e4 Group has launched a Green Finance Framework, which integrates sustainability and climate change mitigation to the Group\u00b4s investments and related financing activities. The framework is based on the Group\u00b4s strategy and the strategic sustainability objectives for 2030. The interest margin of Mets\u00e4 Board\u00b4s EUR 200 million syndicated credit limit (revolving credit facility) has been linked to results of environmental objectives set by the company.In Group`s certain financial contracts financial covenants have been set regarding financial performance and capital structure. Other covenants in the Group\u2019s loan agreements are customary terms and conditions including for example a negative pledge, restrictions on major asset disposals, limitations on subsidiary indebtedness, restrictions on changes of business and mandatory prepayment obligations upon a change of control of the Group. According to the covenant conditions of Finnvera loan agreement guaranteed by a 95% share net gearing may not exceed 100 per cent in relation to the share capital. The Group has been in compliance with its covenants during the accounting periods 2022 and 2021. In case the company could not meet its obligations as defined in financial contracts and in order to avoid a breach of contract that could have an adverse effect on the company\u2019s financial position, it would need to renegotiate its financial arrangements, payback its loans or get its debtors to give up their claims to meet these obligations.Managing the capitalTerms capital and capital structure are used to describe investments made in the company by its owners and retained earnings (together equity) and debt capital (liabilities) as well as the relation between them. In managing its capital structure, the Group aims at maintaining an efficient capital structure that ensures the Group\u2019s operational conditions in financial and capital markets in all circumstances despite the fluctuations typical to the sector. The company has a credit rating for its long-term financing. Certain central target values, which correspond to standard requirements set by financing and capital markets, have been defined for the capital structure. No target level has been defined for the credit rating. The Group\u2019s capital structure is regularly assessed by the Group\u2019s Board of Directors and its Audit Committee.Mets\u00e4 Board updated the company\u00b4s long-term financial targets and decided on a new dividend policy in 2017. Mets\u00e4 Board\u00b4s target for the comparable return on capital employed is at least 12 per cent. According to the company\u00b4s target, the ratio of interest-bearing net liabilities to com-parable EBITDA is a maximum of 2.5. This target level gives the company enough flexibility for potential growth in the future. In 2022 the long-term financial targets have been kept constant.The key ratios describing the capital structure and the capital amounts used for the calculation of the key ratio were on 31.12.2022 and 31.12.2021 the following:EUR million 2022 2021Interest-bearing net liabilities/comparable EBITDA 0.2 -0.2Net gearing ratio, % -4 -4Interest-bearing borrowings 453.0 448.6./. Liquid funds 356.2 524.2./.Interest-bearing receivables 2.3 2.7Net interest bearing liabilities -94.5 -78.4Equity attributable to shareholders2,082.0 1,699.4of parent company+ Non-controlling interest 173.2 146.2Total Equity 2,255.2 1,845.6overdue between 90\u2013180 days and 4.8 per cent (0.5) over 180 days. The specification of doubtful receivables is in the Notes. In the 2022 financial statements, credit losses have returned to the application of normal calculation principle. Expected credit losses on accounts receivables are calculated by using a provision matrix. Expected credit loss expense is rec-ognized by applying expected credit loss percentages based on five-year historic losses on accounts receivables from external debtors, net of credit insurance outstanding at period end. The expected credit loss percentage is 0.2 per cent of receivables.The geographical structure of the accounts receivable is diversified and is reflecting the external sales structure presented in the Segment information. The top ten largest sources of credit risk exist in Italy, USA, Turkey, Poland, United Kingdom, Sweden, Germany, Spain, Finland and South-Africa (around 67 per cent of total external receivables (65)). The share of largest individual customer (individual companies or groups of companies under common ownership) credit risk exposure of Mets\u00e4 Board at the end of 2022 represented 7 per cent (7) of total external accounts receivable. 32 per cent (33) of accounts receivable was owed by ten largest customer groups (individual companies or groups of companies under common ownership). At the end of 2022, there was around 1.0 per cent (0.4) shortfall of credit insurance limits beyond usual policy deductibles and exclusions.Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.202231 Dec 2022Re-pricing structure of interest rates of loansLoanAverageInterest rateamountDuration interest ratesensitivity 1)(EUR million)(months)(%)(EUR million)1\u20134/2023 5\u20138/2023 9\u201312/2023 2024 2025 2026 >2026453 36.1 2.2 -2.3 54 8 2 14 63 14 299Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.202131 Dec 2021Re-pricing structure of interest rates of loansLoanAverageInterest rateamountDuration interest ratesensitivity 1)(EUR million)(months)(%)(EUR million)1\u20134/2022 5\u20138/2022 9\u201312/2022 2023 2024 2025 >2025449 45.3 2.3 -5.0 -97 9 157 76 35 84 3771) Interest rate sensitivity is an estimate of the effect of an interest rate change of one percent in one direction on net interest cost based on year end exposureHedging of electricity price risk exposure GWh 31 Dec 22 31 Dec 21Electricity exposure, net 288 555Electricity hedging 135Hedging at the end of the year (%) 24Average price of hedging at the end of the year (e/MWh) 32.07Electricity price risk is hedged based on defined risk management policy by physical contracts or by financial contracts. The net electricity exposure has been calculated by taking into account the own and associated companies\u00b4 electricity production. The company abandoned electricity hedging and the hedging derivatives matured in 2022. Hedging of foreign exchange transaction exposure 31.12.2022Annual transaction exposureEUR million USD GBP SEK AUD CAD Other long Other short TotalTransaction exposure, net (mill. currency units) 1,069 96 -5,941 33Transaction exposure, net (EUR million) 1,003 108 -534 23 9 0 1,676Transaction exposure hedging (EUR million) -698 -69 462 -12 0 0 -1,242Hedging at the end of the year (months) 8.4 7.7 10.4 6.6 8.9Average hedging in 2022 (months) 8.0 7. 8 9.8 5.5 8.5Average rate of hedging at the end of the year 1.0403 0.8709 10.7134Hedging of foreign exchange transaction exposure 31.12.2021Annual transaction exposureEUR million USD GBP SEK AUD CAD Other long Other short TotalTransaction exposure, net (mill. currency units) 920 80 -5,296 11 37Transaction exposure, net (EUR million) 812 95 -517 7 26 3 0 1,460Transaction exposure hedging (EUR million) -520 -59 400 0 0 0 0 -980Hedging at the end of the year (months) 7.7 7.5 9.3 0.0 0.0 8.1Average hedging in 2021 (months) 6.9 7.6 10.0 1.3 1.0 7.9Average rate of hedging at the end of the year 1.1655 0.8550 10.2117Net investments in a foreign entity 31.12.2022Equity exposureEUR million USD GBP SEK Others TotalEquity exposure (mill. currency units) 109 3 7,7 6 9Equity exposure (EUR million) 103 4 699 3 808Net investments in a foreign entity 31.12.2021Equity exposureEUR million USD GBP SEK Others TotalEquity exposure (mill. currency units) 112 8 5,892Equity exposure (EUR million) 99 10 575 3 685Market risk sensitivity 202231 Dec 2022 Impact on equity exposure and annual transaction exposureImpact on annualImpact on Impact onImpact on annualtransaction expo-financial assetsnet equity oftransaction expo-sure (cash flow)MEURand liabilitiesforeign entitiessure (cash flow)incl. hedgingInterest rate risk (100 bp rise in interest rates)Effect on profit 2.3 3.1Effect on other change in equity 0.9Commodity risk (electricity price + 20%)Effect on profit -17.6 -7.4Effect on other change in equity 10.2FX risk (USD - 10%)Effect on profit 0.1 -100.3 -30.4Effect on other change in equity 64.9 -10.3FX risk (GBP - 10%)Effect on profit 0.1 -10.8 -3.8Effect on other change in equity 5.3 -0.4FX risk (SEK - 10%)Effect on profit -10.0 53.4 7. 3Effect on other change in equity -38.6 -69.9Market risk sensitivity 202131 Dec 2021 Impact on equity exposure and annual transaction exposureImpact on annualImpact on Impact onImpact on annualtransaction expo-financial assetsnet equity oftransaction expo-sure (cash flow)MEURand liabilitiesforeign entitiessure (cash flow)incl. hedgingInterest rate risk (100 bp rise in interest rates)Effect on profit 5.0 7.0Effect on other change in equity 2.0Commodity risk (electricity price + 20%)Effect on profit -5.5 -3.7Effect on other change in equity 1.9FX risk (USD - 10%)Effect on profit 0.0 -81.2 -29.2Effect on other change in equity 46.5 -9.9FX risk (GBP - 10%)Effect on profit 0.1 -9.5 -3.6Effect on other change in equity 4.7 -1.0FX risk (SEK - 10%)Effect on profit 0.8 51.7 11.7Effect on other change in equity -36.1 -57.5Items with + sign = positive effect = increase of assets / decrease of liabilities / increase of cash flow Items with - sign = negative effect = decrease of assets / increase of liabilities / decrease of cash flowIFRS 7 requires an entity to disclose a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. The Group has recognised interest rates, electricity prices and foreign exchange rates as its key market risks and has set 1 per cent interest rate rise, 20 per cent rise in electricity price and 10 per cent weakening of USD, GBP and SEK as reasonably possible risk variables. These currencies represent over 98 per cent of Group\u00b4s annual transaction exposure. The nature of the market price risk is relatively linear so that the size of effects of opposite market price changes do not essentially differ from the presented figures. The scenarios have been calculated by using regular principles of calculating market values of financial instruments described in the Group Accounting policies. Figures at the reporting date reflect quite well the average market risk conditions throughout the reporting period.Additionally the Group is presenting figures describing the effects of the risk variables to its equity exposure and annual transaction exposure (cash flow) to present a broader picture about market risks of interest rates, electricity prices and foreign exchange rates. Annual cash flows are based on estimates, and not not existing commercial contracts. The weakening of USD and GBP has a negative impact on annual cash flow and the weakening of SEK has a positive impact. Hedges reduce this impact depending on hedging strategy. The impact on net equity of foreign entities is arising from the consolidation of subsidiaries to the Group consolidated accounts. The rise of electricity price has a negative impact on cash flow. As according to hedging policy the electricity price risk of the nearest year has mostly been hedged, the impact including hedges remains minor. Cash flows of installments and interest payments of financial liabilities 2022EUR million 2023 2024 2025 2026 2027 2028\u2013 TotalBonds 249.0 249.0Loans from financial institutions 11.8 11.8 111.3 11.8 11.8 29.3 1 8 7.61)Finance lease liabilities 6.7 4.3 2.8 1.0 0.5 2.0 1 7. 3Non-current interest-bearing liabilities total 18.5 16.1 114.0 12.7 261.3 31.3 453.9 Current interest-bearing liabilities 0.4 0.4Financial liabilities total 18.9 16.1 114.0 12.7 261.3 31.3 454.3Financial expenses total 9.8 9.7 8.1 7.4 7.3 0.5 42.8Financial liabilities and expenses total 28.7 25.8 122.2 20.1 268.6 31.7 4 97. 1Guarantee agreements 0.4 0.1 0.3 1.2 2.1 Derivatives Currency derivative, liabilities 1,815.3 1,815.3Currency derivative, receivables -1,823.6 -1,823.6Interest rate swaps, liabilities -1.7 -1.1 -0.4 -3.1Commodity derivatives, liabilities 5.0 5.0Commodity derivatives, receicables -6.7 0.0 -6.7Derivatives, net -11.7 -1.1 -0.4 -13.2Cash flows of installments and interest payments of financial liabilities 2021EUR million 2022 2023 2024 2025 2026 2027\u2013 TotalBonds 248.8 248.8Loans from financial institutions 3.9 3.9 3.9 153.2 3.9 13.5 182.31)Finance lease liabilities 6.6 4.6 2.6 1.4 0.4 2.6 18.1Non-current interest-bearing liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3 Current interest-bearing liabilities 0.0 0.0Financial liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3Financial expenses total 8.6 8.5 8.5 7. 5 7.0 7. 2 47. 3Financial liabilities and expenses total 19.0 17. 1 15.0 162.0 11.4 272.1 496.6Guarantee agreements 0.2 0.4 0.1 0.1 1.2 2.0 Derivatives Currency derivative, liabilities 1,085.4 1,085.4Currency derivative, receivables -1,068.9 -1,068.9Interest rate swaps, liabilities 0.9 0.4 0.3 0.1 1.7Commodity derivatives, liabilities 0.1 0.1Commodity derivatives, receicables -32.0 -32.0Derivatives, net -14.5 0.4 0.3 0.1 -13.71) Cash flows from lease liabilities include both debt repayment and financing expense.The balance sheet value of lease liabilities on December 31, 2022 was EUR 15.9 million (15.9). The balance sheet value of currency derivative liabilities on 31 December 2022 was EUR 31.3 million (2.0) and the value of currency derivative receivables was EUR 25.0 million (18.5). \u25a0 5.7 Classification and fair values of financial assets and liabilitiesClassification and fair values of financial assets and liabilities 2022Fair value through Fair value through other EUR million Noteprofit and losscomprehensive income Amortised cost Total carrying amountFinancial assetsOther non-current investments 4.3 1.3 344.1 345.4Other non-current financial assets 5.3 6.0 6.0Accounts receivable and other receivables 4.5 354.5 354.5Cash and cash equivalents 5.4 0.0 356.2 356.2Derivative financial instruments 5.7 4.2 39.3 43.4Total carrying amount 5.5 383.4 716.8 1,105.6Total fair value 5.5 383.4 716.8 1,105.6Financial liabilitiesNon-current interest-bearing financial liabilities 5.5 434.4 434.4Other non-current financial liabilities 4.7 2.9 2.9Current interest-bearing financial liabilities 5.5 18.6 18.6Accounts payable and other liabilities 4.7 444.3 444.3Derivative financial instruments 5.7 0.7 29.5 30.2Total carrying amount 0.7 29.5 900.1 930.3Total fair value 0.7 29.5 879.3 909.5Classification and fair values of financial assets and liabilities 2021Fair value through Fair value through other EUR million Noteprofit and losscomprehensive income Amortised cost Total carrying amountFinancial assetsOther non-current investments 4.3 3.4 1 7 7.6 181.0Other non-current financial assets 5.3 15.3 15.3Accounts receivable and other receivables 4.5 331.5 331.5Cash and cash equivalents 5.4 0.0 524.2 524.2Derivative financial instruments 5.7 0.5 33.5 34.0Assets classified as assets held for sale 7. 2 2.1 2.1Total carrying amount 3.9 211.1 873.1 1,088.1Total fair value 3.9 211.1 873.1 1,088.1Financial liabilitiesNon-current interest-bearing financial liabilities 5.5 4 37.0 4 37.0Other non-current financial liabilities 4.7 0.5 0.5Current interest-bearing financial liabilities 5.5 10.0 10.0Accounts payable and other liabilities 4.7 430.9 430.9Derivative financial instruments 5.7 0.6 19.6 20.3Liabilties classified as held for sale 7. 2 5.5 5.5Total carrying amount 0.6 19.6 883.9 904.1Total fair value 0.6 19.6 913.1 933.4Accounts receivable and other receivables do not include advance payments, accrued tax receivables and periodisations of employee costs (Note 4.5). Accounts payable and other financial liabilities do not include advance payments, accrued tax liabilities and periodisations of employee costs (Note 4.7).In Mets\u00e4 Board, all interest-bearing liabilities are valued in the balance sheet at amortised cost based on effective interest method.Fair values are based on present value of cash flow of each liability or assets calculated by market rate. The discount rates applied are between 2.2\u20134.6 per cent (0.3\u20132.1). The fair values of accounts and other receiv-ables and accounts payable and other liabilities do not materially deviate from their carrying amounts in the balance sheet.Other non-current investments measured at fair value based on level 3 valuationEUR million 2022 2021Value 1 Jan 181.0 186.9Total gains and losses in profit and loss 2.8 -0.1Total gains and losses in other comprehensive income 178.5 -5.8Purchases 0.0 Sales -16.9 0.0Transfers out from Level 3 0.0Value Dec 31. 345.4 181.0Fair value hierarchy of financial assets and liabilities 202231 Dec 2022 EUR million Note Level 1 Level 2 Level 3 TotalFinancial assets at fair valueOther non-current investments 4.3 345.4 345.4Derivative financial assets 5.7 6.7 36.7 43.4Financial liabilities measured at fair valueDerivative financial liabilities 5.7 5.0 25.2 30.2Financial assets not measured at fair valueCash and cash equivalents 5.4 356.2 356.2Financial liabilities not measured at fair valueNon-current interest-bearing financial liabilities 5.5 413.6 413.6Current interest-bearing financial liabilities 5.5 18.6 18.6Fair value hierarchy of financial assets and liabilities 202131 Dec 2021 EUR million Note Level 1 Level 2 Level 3 TotalFinancial assets at fair valueOther non-current investments 4.3 181.0 181.0Derivative financial assets 5.7 32.0 2.0 34.0Financial liabilities measured at fair valueDerivative financial liabilities 5.7 0.1 20.2 20.3Financial assets not measured at fair valueCash and cash equivalents 5.4 524.2 524.2Financial liabilities not measured at fair valueNon-current interest-bearing financial liabilities 5.5 466.3 466.3Current interest-bearing financial liabilities 5.5 10.0 10.0Accounting principlesFinancial assets and liabilities measured at fair value have been categorised as follows:Level 1 Fair value is based on quoted prices in active markets.Level 2 Fair value is determined by using valuation techniques that use observable price information from market.Level 3 Fair value are not based on observa-ble market data, but on company\u2019s own assumptions. The fair value measurement of financial assets at fair value recognised under other items of comprehensive income is described in Note 4.3.The fair values of electricity, natural gas and fuel oil derivatives are determined by using public price quotations in an active market (Level 1).The fair values of currency forwards and options are determined by using the market prices of the closing date of the reporting period. The fair values of interest rate swaps are determined by using the present value of expected payments, discounted using a risk adjusted discount rate, supported by market interest rates and other market data of the closing date of the reporting period (Level 2).For financial instruments not traded on an active market, the fair value is determined by valuation techniques. Judgment is used when choosing the different techniques and making assumptions, which are mainly based on circumstances prevailing in the markets on each closing date of the reporting period (Level 3).Accounting principlesDerivative contracts are initially recognised on the balance sheet at fair value at cost, and thereafter during their term-to-maturity revalued at their fair value at each reporting date. The fair value of derivatives is presented in non-interest-bearing receivables or liabilities. Gains and losses resulting from recognition at fair value are treated in accounting as required with regard to the intended use of the derivative contract in question. Derivatives are initially classified as either1. Hedges of the exposure to changes in the fair value of receivables, liabilities or firm commitments;2. Hedges of the cash flow from a highly probable forecast transaction;3. Hedges of a net investment in a foreign entity, or4. Derivatives to which it has been decided not to apply hedge accounting. Mets\u00e4 Board currently applies hedge accounting only to cash flow hedging. When applying hedge accounting at the inception of a hedg-ing relationship, the Group has documented the relationship between the hedged item and the hedging instruments, as well as the hedging strategy observed. To meet the requirements of hedge accounting, the Group has also continuously carried out effectiveness testing to verify that changes in the fair value of the hedging instrument for each hedging relationship cover any changes in the fair value of the hedged item effectively enough, with respect to the hedged risk. Changes in the fair value of the effective portion of derivative instruments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item. If the forecast transaction is no longer expected to occur, the gain or loss accrued in equity is recognised immediately in the income statement.Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency deriv-atives are recognised in financial items and changes in the value of commodity derivatives are recognised in other income and expenses.Hedge accounting is applied as cash flow hedging to highly probable cash flows from sales denominated in foreign currencies and contractual cash flows from floating interest rates of loans. In the management of price risks related to commodities, hedge accounting is applied to cash flows from highly probable purchases of electricity, liquefied natural gas (LNG), natural gas, propane, light, heavy and 0.5% fuel oil. The fair values of forward foreign exchange contracts are based on the forward prices prevailing on the balance sheet date, and currency options are measured at fair value in accordance with the Black\u2013Scholes model. Interest rate swaps are measured at the current value of cash flows, with the calculation being based on the market interest rate yield curve. The fair values of derivatives are measured on the basis of publicly quoted market prices. Management of financial risks and hedge effectivenessThe management of the Group\u2019s currency, interest rate and com-modity risks is described in more detail in Note 5.6, Management of financial risks. Note 5.7., Fair values of financial assets and liabilities, includes the fair values and grouping of derivatives. Note 5.1, Equity, includes itemisations of hedge accounting entries in the fair value reserve. The hedging of the currency flow position is effective, given that there is a direct financial relationship between the hedged sale and the hedging derivative. The spot rate component of a forward contract or the reference value component of a currency option has been determined as the hedged item, and the forward points or the option\u2019s time value are treated as hedging costs subject to amortisation based on the period. Currency flow forecasts are fairly stable, invoicing steady within quarters and months, and forward deals are allocated to each month, due to which the ineffectiveness of hedging usually remains very low. Changes in production or the structure of sales may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.The hedge accounting of the cash flow from interest rates is primarily effective, given that there is a direct financial relationship between the long-term loans subject to hedging and the hedging interest rate swaps. Ineffectiveness in the hedge relationship derives from any possible differences between the loans and the swaps\u2019 interest rate periods as well as from differences in the reference rates of contract terms. The ineffective portion of interest rate hedging is recognised through profit and loss. Premature loan withdrawals or premature repayment of loans may result in a state of ineffectiveness, in which case the hedging interest rate swaps are reversed or derecognised from hedge accounting, and the change in fair value is recognised in financial items under income. The hedging of commodity purchases is effective, given that, in lieu of the total purchase price, the hedged item is the same, identical risk component of pricing applied in the hedging derivative. In the hedging of the price risk of electricity, the hedged item is what is referred to as the portion of the system price and the hedging takes place with a system-priced electricity swap. Correspondingly, the price compo-nents of the purchases and the hedging derivative in the hedging of natural gas, propane and fuel oil are identical. Commodity purchases are fairly steady and hedges are allocated to each month, due to which the ineffectiveness of the hedging usually remains low. Changes in the use of various commodities may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly. Hedging for electricity, propane and liquefied natural gas (LNG) ended at the end of 2022.Financial derivatives and hedge accountingDerivatives 2022Nominal value Fair valueFair value Fair value through other Derivative through profit comprehensive EUR million Derivative assetsliabilities Fair value netand lossincomeInterest rate swaps 100.0 3.1 3.1 3.1Interest rate derivatives 100.0 3.1 3.1 3.1Currency forward contracts 1,790.1 31.3 25.0 6.3 1.4 4.9Currency option contracts 281.3 2.2 0.1 2.1 2.1Currency derivatives 2,071.4 33.5 25.2 8.4 1.4 7.0Oil derivatives 27. 5 0.5 3.9 -3.3 -3.3Natural gas and propane derivatives 32.7 6.2 1.2 5.0 2.1 2.9Commodity derivatives 60.2 6.7 5.0 1.7 2.1 -0.4Derivatives total 2,231.5 43.4 30.2 13.2 3.5 9.7Derivatives 2021Nominal value Fair valueFair value Fair value through other Derivative through profit comprehensive EUR million Derivative assetsliabilities Fair value netand lossincomeInterest rate swaps 100.0 0.0 1.7 -1.7 0.0 -1.7Interest rate derivatives 100.0 0.0 1.7 -1.7 0.0 -1.7Currency forward contracts 1,066.9 2.0 18.5 -16.5 -0.2 -16.3Currency derivatives 1,066.9 2.0 18.5 -16.5 -0.2 -16.3Electricity derivatives 4.4 4.9 0.0 4.9 4.9Oil derivatives 1 7. 1 3.7 0.0 3.7 3.7Natural gas and propane derivatives 14.6 23.5 0.1 23.4 23.4Commodity derivatives 36.1 32.0 0.1 31.9 31.9Derivatives total 1,203.0 34.0 20.3 13.7 -0.2 13.9Changes in the value of hedge accounting and the effects on profit or loss are presented in Note 5.1 Equity.Economic effect of the net settlement of instruments under master netting agreements executed2022 2021Assets and Assets and liabilitiesliabilitiesFinancialrelated to Financialrelated to derivativesmaster netting derivativesmaster netting on-balance sheetagreements Net riskon-balance sheetagreements Net riskDerivative assets 43.4 43.4 34.0 34.0Derivative liabilities -30.2 -30.2 -20.3 -20.3Master netting agreements are used for derivative contracts entered into by the Group and its counterparties. In the event of unlikely credit events, all valid transactions based on the agreement will be cancelled, and only one net sum will be payable by each counterparty for all the transactions. The items are not netted on the balance sheet. Cash flow hedge maturities 20221\u201366\u2013121\u20135over 5Hedged EUR millionmonthsmonthsyearsyearscash flow totalInterest rate derivatives, hedge accounting 50.0 50.0 100.0Currency rate derivatives, hedge accounting 834.2 230.7 1,064.9Currency derivatives, no hedge accounting 137.8 1 37.8Commodity derivatives, hedge accounting 30.1 30.1 60.2Cash flow hedge maturities 20211\u201366\u2013121\u20135over 5Hedged EUR millionmonthsmonthsyearsyearscash flow totalInterest rate derivatives, hedge accounting 100.0 100.0Currency rate derivatives, hedge accounting 672.4 204.1 876.5Currency derivatives, no hedge accounting 82.0 82.0Commodity derivatives, hedge accounting 18.5 1 7.6 36.1Accounting principlesTax expenses in the income statement consist of taxes based on the taxable income for the period, taxes for previous periods, and deferred tax assets and liabilities. The tax effect related to the items recorded in the comprehensive income statement is recognised in the comprehensive income statement. Taxes based on the taxable income for the period are calculated based on taxable income in accordance with the tax rate as it stands in each country at that time. Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount and the tax base in accordance with the tax rates enacted as at the balance sheet date.No deferred taxes are recognised for non-deductible goodwill, and no deferred taxes are recognised for subsidiaries\u2019 undistrib-uted profits to the extent that the difference will not likely realise in the predictable future. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilised.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes are related to the same taxation authority. The most significant temporary differences arise from depre-ciation of property, plant and equipment; the measurement of other investments and derivatives contracts at fair value; defined benefit plans; unused tax losses; and measurement at fair value in conjunction with acquisitions of business operations.Key estimates and judgementThe management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for several business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.EUR million 2022 2021Income taxes for the financial period -36.4 -48.6Income taxes from previous periods -0.5 -3.2Deferred taxes -26.7 -0.1Income taxes total -63.5 -51.8Income tax reconciliationEUR million 2022 2021Result before tax 524.9 365.8Calculated tax at Finnish statutory rate of 20.0% -105.0 -73.2Effects of differences between Finnish and non-Finnish -2.4 -1.0tax ratesTax exempt income 4.9 1.4Non-deductible expenses -0.4 -0.2Restatement of deferred taxes recognised for temporary 0.0 0.5differences and tax losses in previous yearsUse of unrecognised tax losses 1.1Share of result from associate companies 32.6 22.9and joint venturesIncome taxes from previous periods -0.5 -3.2Other 7. 2 -0.1Income taxes total -63.5 -51.8Effective tax rate, % 12.1 14.2Taxes for the current period include a 7.1 million euros of tax support to be applied for in the 2022 taxation of the investments of the Swedish subsidiary. Income taxes from previous periods include EUR 2.3 million in taxes recorded on the basis of a tax audit of an Italian subsidiary. Taxes reported in other comprehensive income are specified in Note 5.1.Deferred tax assets and liabilities 2022Charged to other Charged to comprehensive Translation EUR million 1 Jan 2022income statementincomedifferences Sold subsidiaries 31 Dec 2022Deferred tax assetsPension obligations and provisions 3.8 -0.2 0.0 3.5Intercompany margins 3.4 4.9 -0.2 8.2Unused tax loss carry-forwards 4.8 -3.9 -0.1 0.8Other temporary differences 2.2 0.3 0.1 2.6Total 14.2 1.2 -0.1 15.1Netting against liabilities -5.8 -2.2 2.3 -5.7Deferred tax assets in balance sheet 8.4 -1.0 2.2 9.4 Deferred tax liabilities Pension obligations 3.3 0.0 -3.0 -0.2 0.1Depreciation differences and appropriations 62.6 19.1 -2.8 79.0Other investments recognised at fair value 2 7. 2 35.7 62.9Financial instruments 4.8 0.4 -0.5 -0.7 3.9Net investments in foreign operations 3.1 -3.1 Other temporary differences 4.1 5.3 -0.1 -0.1 9.0Total 102.0 27.8 32.1 -6.7 155.2Netting against receivables -5.8 -2.2 2.3 -5.7Deferred tax liabilities in balance sheet 96.2 25.6 32.1 -4.4 149.5Deferred tax assets and liabilities 2021Charged to other Charged to comprehensive Translation EUR million 1 Jan 2021income statementincomedifferences Sold subsidiaries 31 Dec 2021Deferred tax assetsPension obligations and provisions 4.2 -0.2 0.0 0.0 -0.2 3.8Intercompany margins 4.5 -1.2 0.1 3.4Unused tax loss carry-forwards 0.6 4.2 0.0 4.8Other temporary differences 2.4 -0.3 0.0 0.1 2.2Total 11.8 2.5 -0.1 0.2 -0.2 14.2Netting against liabilities -4.3 -1.6 0.0 0.1 -5.8Deferred tax assets in balance sheet 7. 5 0.9 0.0 0.2 -0.2 8.4 Deferred tax liabilities Pension obligations 1.3 -0.1 2.0 0.1 3.3Depreciation differences and appropriations 61.2 2.4 -0.6 -0.4 62.6Other investments recognised at fair value 28.4 -1.2 27.2Financial instruments 6.7 0.3 -2.2 0.0 4.8Net investments in foreign operations 0.1 -0.1 Other temporary differences 4.2 -0.1 0.0 0.0 4.1Total 101.8 2.6 -1.4 -0.6 -0.4 102.0Netting against receivables -4.3 -1.6 0.0 0.1 -5.8Deferred tax liabilities in balance sheet 9 7. 5 1.0 -1.4 -0.6 -0.4 96.2The Group has recognised deferred tax assets related to operating loss carry-forwards for EUR 0.8 million in Germany. Management assesses that taxable profit will be available against which loss carry-forward can be utilised. The taxable loss carry-forwards of business operations, for which deferred tax assets have not been recognised due to uncertainty of amount or utilisation possibilities, amounted approximately to EUR 91 million (90) in Germany. The unrecognised deferred tax assets for these loss carry forwards is about EUR 29 million (29). Loss carry-forwards do not expire. \u25a0 7.1 Group companiesAccounting principlesSubsidiariesThe financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi-nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group\u2019s principles.The parent company\u2019s owners\u2019 and non-controlling interests\u2019 shares of the result for the period and comprehensive income are presented in the comprehensive income statement. The non-controlling interests\u2019 share of equity is presented as a separate item under equity on the balance sheet.Joint operationsA joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.Subsidiaries and joint operations 31 December 2022Mets\u00e4 Board Oyj\u2019s holdings in Group companiesBook valueCountry Holding, % Number of shares EURHoldings in parent company Mets\u00e4liitto Cooperative Finland - 634,155 634,155.00Subsidiary shares in FinlandKotimaisetMets\u00e4 Board International Oy Finland 100.00 10,000 23,347,464.13in other countries1)Metsa Board Americas Corporation USA 99.00 17,82 0 12,209,018.391)Mets\u00e4 Board Benelux n.v./s.a Belgium 0.08 2 0.001)Metsa Board Hong Kong Ltd Hong Kong 1.00 1 168.19Mets\u00e4 Board Deutschland GmbH Germany 100.00 1 0.001)Metsa Board Ib\u00e9ria S.A\ue61e Spain 1.00 100 1,561.63Mets\u00e4 Board NL Holding B.V. The Netherlands 100.00 15,350 4,492,764.02Mets\u00e4 Board Sverige Ab Sweden 100.00 10,000,000 493,721,059.95Subsidiary shares total 533,772,036.31Shares and holdings in Group companies 534,406,191.311)\ue61dTotal\ue61dGroup\ue61dholding\ue61d\ue61c\ue61b\ue61b\ue61e\ue61b\ue61aSubgroup in FinlandMets\u00e4 Board International Oy1)Mets\u00e4 Board Benelux n.v./s.a Belgium 99.92 2,919 140,001.71OOO Mets\u00e4 Board Rus Russia 100.00 1 0.00Mets\u00e4 Board France SAS France 100.00 8,211 418,951.751)Metsa Board Hong Kong Ltd Hong Kong 99.00 99 1,069.351)Metsa Board Ib\u00e9ria S.A. Spain 99.00 147,7 7 1 155,316.78Metsa Board Italia S.r.l. Italy 100.00 100,000 1,250,691.84Metsa Board (Middle East & Africa) Ltd Cyprus 100.00 742,105 214,000.00Mets\u00e4 Board Polska Sp. Z o.o. Poland 100.00 232 54,458.58Metsa Board Singapore Pte Ltd Singapore 100.00 10,000 4,036.51Metsa Board Singapore Pte Ltd Indian Branch India 100.00 - -Metsa Board Turkey LLC Turkey 100.00 400 1,201.25Metsa Board UK Ltd United Kingdom 100.00 2,400 264,172.021)Metsa Board Americas Corporation USA 1.00 180 4,435.15Metsa Board Australia and New Zealand Pty Ltd Australia 100.00 1 41,827.54Total 2,550,162.48Accounting principlesChanges in the parent company\u2019s holdings in subsidiaries that do not cause the parent company to lose its control over the subsidi-ary are processed as business transactions concerning equity.Non-controlling interest\u2019s sharesPrincipal non-controlling interest\u2019s sharesNon-controlling interestNon-controlling interestNon-controlling interestHolding, %Share of result, EUR millionShare of equity, EUR millionEUR million Country 2022 2021 2022 2021 2022 2021Husum Pulp AB Sweden 30.0% 30.0% 51.4 21.9 173.2 146.2 Book valueCountry Holding, % Number of shares EURSubgroup in other countriesMets\u00e4 Board Sverige AbHusum Pulp Ab Sweden 100.00 85,664 190,246,200.28Material subsidiariesMets\u00e4 Board has two material subsidiaries:\u2022 Mets\u00e4 Board Sverige ABMets\u00e4 Board Sverige AB is located in \u00d6rnsk\u00f6ldsvik, Sweden. Mets\u00e4 Board Sverige AB produces folding boxboard and kraftliner. Mets\u00e4 Board Sverige AB\u2019s sales were EUR 642 million (446). The company\u2019s capacity is 250,000 tonnes of liner and 400,000 tonnes of folding boxboard. \u2022 Husum Pulp ABHusum Pulp AB produces pulp for Mets\u00e4 Board Sverige Ab and to the market. The company\u2019s sales were EUR 560 million (379) and capacity 730,000 tonnes of chemical pulp. A 30% minority stake in the company was sold to the Swedish forest owners\u2019 cooperative Norra Skog and the transaction was completed on January 4, 2022.Summary of financial information of subsidiaries with a substantial non-controlling interestHusum Pulp AbEUR million 2022 2021Sales 378.8Result for the period 75.3Non-controlling interest\u2019s share of the result 22.6Non-controlling interest\u2019s share of the total comprehen-sive result -1.5Dividends paid to non-controlling interest Non-current assets 313.2Current assets 273.7Non-current liabilities 7.1Current liabilities 85.4Net assets 494.3Net cash flow from operating activities 68.8Net cash flow arising from investing activities -133.8Net cash flow arising from financing activities 190.2Change in cash and cash equivalents 125.3The numbers are presented before eliminations.The sale of a 30 percent stake in the Husum pulp mill to Norra Skog was completed on January 4, 2022. Following the arrangement, the non-controlling interests\u2019 share inceased by EUR 125.7 million and retained earnings by EUR 134.4 millionIn 2022 and 2021 there were no other significant acquisitions or sales of non-controlling interests.Impact on parent company\u2019s equity from transactions with non-controlling interest:EUR million 2022 2021The sale of a 30 percent stake in the Husum pulp mill, Husum Pulp AB Net effect in equity 134.4Accounting principlesAssociated companies include all companies over which the Group has considerable influence but no control. Significant influence is usually based on a shareholding conferring 20\u201350 per cent of the voting rights. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment. The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles.Amounts recognised in balance sheet EUR million 2022 2021Associate companies 614.2 479.0Amounts recognised in balance sheet total 614.2 479.0The carrying amount of associated companies at 31 December 2022 includes goodwill of EUR 45.2 million (45.2). None of the associate com-panies or joint ventures are listed companies. Transactions with associate companies and joint ventures are detailed in Note 7.3.Financial information summary of essential associated companies According to management\u2019s view, the only essential associated company is Mets\u00e4 Fibre Group, which produces chemical pulp and sawn timber. Mets\u00e4 Board owns 24.9 per cent of Mets\u00e4 Fibre. Mets\u00e4 Board\u2019s parent company, Mets\u00e4liitto Cooperative, owns 50.1 per cent, and Itochu Corporation from Japan owns 25.0 per cent. Mets\u00e4 Fibre has operations primarily in Finland, and its production capacity is approximately 3.2 million tonnes of chemical pulp. In Addition Mets\u00e4 Fibre has five sawmills in Finland and Mets\u00e4 Svir sawmill in Russia of which operations has been closed in 2022. Summarised financial information for Mets\u00e4 FibreMets\u00e4 Fibre GroupEUR million 2022 2021Sales 3,070.7 2,628.1Result for the period 664.7 472.4Other comprehensive income 125.1 -15.4Total comprehensive income for the period 789.8 4 57.0Dividend received 58.8 Non-current assets 2,976.9 1,966.9Current assets 835.6 865.8Non-current liabilities 781.0 469.1Current liabilities 739.6 624.7Net assets 2,291.8 1,738.9Reconciliation of financial information for Mets\u00e4 Fibre to the value recognised in consolidated balance sheet EUR million 2022 2021Group's share of net assets 570.7 433.0Goodwill 45.2 45.2Other purchase price allocations at acquisition 4.6 5.1Other adjustments -6.5 -4.5Carrying value of associated company in consolidated 614.0 478.8balance sheetMets\u00e4 Fibre has been consolidated according to equity method based on its consolidated financial statements prepared under IFRS.Investments in associate companies and joint venturesEUR million 2022 2021Value 1 Jan 479.0 369.0Share of results from associated companies and joint venturesShare of result from Mets\u00e4 Fibre 163.1 114.4Share of results from other associated companies 0.0 0.0and joint venturesDividends received -58.8 Decreases -0.5Share of other comprehensive income from associated companies and joint venturesFair value reserve 25.4 -4.4Translation differences and other changes in equity 5.6 0.6Investments in associated companies and joint ventures 614.2 479.031 DecAmounts recognised in income statement EUR million 2022 2021Associate companies 163.1 114.4Joint ventures 0.0Amounts recognised in income statement total 163.1 114.4 \u25a0 7.2 Acquisitions, assets classified as held for sale and operations disposed ofAccounting principlesAcquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred awayfrom the Group.The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 proportion of the net assets of the object of the acquisitionThe amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill. Assets held for sale are recognised at the lower of the book value or fair value less expenses arising from the divestment. Deprecia-tion is not recognised on assets held for sale after classification.Financial information summary of other than essential associated companiesEUR million 2022 2021Share of result from other associated compa-0.0 0.0nies Carrying value in consolidated balance sheet 0.2 0.2Joint venturesKemishipping Oy offers logistics services in Kemi, Finland. At the end of November 2021, Mets\u00e4 Board sold the joint venture Kemishipping Oy to Mets\u00e4liitto Cooperative. The transaction resulted in a sales loss of EUR 0.3 million.EUR million 2022 2021Sales 13.5Result for the period -0.1Result for the period includes the following items:Depreciation, amortisation and impairment charges 1.3Interest expenses 0.1Income taxes 0.0Dividends received from Joint VenturesNon-current assetsCurrent assetsNon-current liabilitiesCurrent liabilitiesNet assetsGroup's share of net assetsJoint venture carrying value in consolidated balance sheetAcquired businessesOn 1 January 2022, Mets\u00e4 Board acquired the entire share capital of H\u00e4meenkyr\u00f6n Voima Oy from Pohjolan Voima Oyj (84%) and from DL Power Oy, part of Lepp\u00e4koski group (16%). H\u00e4meenkyr\u00f6n Voima Oy was merged to Mets\u00e4 Board Oyj on 31 July 2022.H\u00e4meenkyr\u00f6n Voima OyEUR million 2022 2021Intangible assets 1.3 Tangible assets 29.6 Accounts receivables and other receivables 3.2 Cash and cash equivalent 0.9 Total assets 35.0 Deferred tax liabilities 0.0Financial liabilities, non-current 16.7 Financial liabilities, current 1.3 Accounts payable and other liabilities 2.8 Total liabilities 20.8 Net assets 14.2 Acquisitions cost 14.5 Goodwill / Other operating expenses 0.2 Acquisition price -14.5 Cash and cash equivalents in subsidiaries 0.9 Net cash flow arising on acquisitions -13.6 Divested operationsMets\u00e4 Board and Euroports signed an agreement on 16 December2021, according to which Mets\u00e4 Board Corporation sold the entire sharecapital of its fully owned subsidiary Oy Hang\u00f6 Stevedoring Ab to EuroportsFinland Oy. Transaction was completed on 31 March 2022. The group recognised a capital gain of EUR 19.2 million and realised a EUR 24.5 million positive cash flow effect. In the 2021 financial statements, the balance sheet items of Oy Hang\u00f6 Stevedoring Ab were presented as assets held for sale and valued at book value.Oy Hang\u00f6 Stevedoring AbEUR million Note 2022 2021Goodwill 4.1 0.1Other intangile assets 4.2 0.0Tangible assets 8.9Financial assets, non-current 0.0Deferred tax assets 0.2Inventories 0.0Accounts receivables and other receivables 2.3Financial assets 5.4 0.7Total assets 12.3Deferred tax liabilities 6 0.4Provisions 4.9 1.0Financial liabilities, non-current 5.5 0.7Financial liabilities, current 0.1Accounts payable and other liabilities 4.1Total liabilities 6.3Net assets 6.0Expert fees paid 0.8Total 6.9Transaction price paid in cash 26.1Capital gain after tax 19.2Transaction price paid in cash 26.1Expert fees paid -0.8Cash and cash equivalents of divested -0.7subsidiaryCash flow impact 24.5 \u25a0 7.3 Related party transactions Related parties include Mets\u00e4 Board\u2019s ultimate parent company Mets\u00e4liitto Cooperative, which owns 50 per cent of Mets\u00e4 Board\u2019s shares and 68 per cent of the voting rights, other subsidiaries of Mets\u00e4liitto, associated companies and joint ventures. The members of the Board of Directors, Mets\u00e4 Group\u2019s Executive Management Team and Mets\u00e4 Board\u2019s Corporate Management Team as well as their close family members are also included in related parties.The management\u2019s salaries, remuneration and pension expenses are presented in Note 3.2.The most significant subsidiaries of Mets\u00e4liitto, with which Mets\u00e4 Board has business transactions, are as follows:Mets\u00e4 Tissue GroupMets\u00e4 Fibre GroupMets\u00e4 Forest Sverige AbMets\u00e4 Fibre has been consolidated by using equity method according to Investments in associates standard (IAS 28). Related party transactions with Mets\u00e4 Fibre are presented as transactions with sister companies.Financial operations of the Group have been centralised to Mets\u00e4 Group Treasury Oy, which is a wholly-owned subsidiary of Mets\u00e4liitto Cooperative and in charge of managing the Group companies\u2019 financial positions according to the strategy and financial policy defined by the Group, providing necessary financial services and acting as a competence center in financial matters. Financial transactions with Mets\u00e4 Group Treasury Oy are carried out at market prices.The value of wood purchases from Mets\u00e4liitto Cooperative was EUR 129.0 million (117.7) and pulp purchases from Mets\u00e4 Fibre Oy EUR 416.0 million (336.9). The purchases were carried out at market prices.Mets\u00e4 Board is participating in the supplementary pension arrangement of Mets\u00e4 Group executives. Payments to the arrangement amounted to EUR 0.6 million in 2022 (0.4). \u25a0 8.1 Contingent liabilities, assets and commitmentsDisputes and claimsMets\u00e4 Board companies have been sellers in several share transactions in recent years. In these divestments, the companies have issued regular seller\u2019s assurances. Claims presented against Mets\u00e4 Board companies and costs incurred by the companies due to these assurances cannot be ruled out.CommitmentsEUR million 2022 2021Leases not yet commenced to which the Group is 18.0committedOther commitments given on own behalf 1.5 1.5Other commitments 3.8 Total 5.3 19.5Commitments include granted pledges, mortgages and floating charges as well as guarantees. Investment commitmentsEUR million 2022 2021Payments due in following 12 months 132.0 80.6Payments due later 1.6 1.9Total 133.5 82.4In 2022 commitments related to an investment to increase Husum\u2019s folding box-board capacity. In 2021 commitments related to property, plant and equipment concern the first phase of the modernisation of the Husum pulp mill and an investment to increase Husum\u2019s folding box-board capacity. Other informationMets\u00e4 Board has investment grade credit ratings by S&P Global and Moody\u2019s Investor Service. In December 2022 Moody\u2019s upgraded Mets\u00e4 Board\u2019s rating to Baa2 (was Baa3), with stable outlook (was positive). The company\u2019s rating by S&P Global is BBB-, with a stable outlook. Transactions with parent company and sister companies Transactions with Transactions with parent companysister companiesEUR million 2022 2021 2022 2021Sales 24.8 13.7 172.9 96.6Other operating income 5.4 3.9 1.2 1.1Purchases 1 67.0 149.5 693.9 5 4 7.7Share of result from 30.8 114.4associated companiesDividend income 0.0 0.0Interest income 2.3 0.0Interest expense 0.0 0.9 1.0ReceivablesAccounts receivable 4.2 3.8 80.4 56.9and other receivablesCash equivalents 338.6 496.4LiabilitiesAccounts payable and 9.5 9.5 76.8 74.3other liabilitiesTransactions with associated companies and joint venturesEUR million 2022 2021Sales 0.7 0.2Purchases 1.7 4.2ReceivablesAccounts receivable and other receivables 0.1 0.3LiabilitiesAccounts payable and other liabilities 0.7Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents.The receivables from group companies do not include doubtful receiv-ables, and no bad debt was recognised during the period. 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"f57892": {
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"value": "folding boxboard, fresh fibre linerboard and market pulp ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
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"pp-value-7-2": {
"value": "Mets\u00e4 Board reports on its financial performance in one reporting segment. \u25a0 2.1 Segment informationAccounting principlesThe Corporate Management Team is the chief operational decision-maker monitoring business operations performance based on the operating segments.Mets\u00e4 Board\u2019s business operations consist solely of folding boxboard, fresh fibre linerboard and market pulp businesses. Mets\u00e4 Board reports on its financial performance in one reporting segment.Geographical sales are reported based on the location of the customer and assets and capital expenditure based on the location of the assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-7-3": {
"value": "Mets\u00e4 Board reports on its financial performance in one reporting segment. The consolidated financial statements are presented in millions of euros, unless otherwise noted. \u25a0 Translations in foreign currencyThe items included in the financial statements of Group companies are presented in the currency that is used in each company\u2019s primary operat-ing environment. The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency.Business transactions denominated in foreign currencies are recognised in the operating currency using the exchange rate on the transaction date. At the end of the financial period, open receivables and liabilities denom-inated in foreign currencies are translated into the functional currency using the exchange rate on the balance sheet date. Since March 2022, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv, which management considers to best represent the market rate for the time. Any gains or losses resulting from transactions in foreign currencies and from the translation of monetary items are recognised in financial income and expenses.Information about currency hedging is provided in Note 5.6 Management of financial risks.The income statements of Group companies whose functional currency is not the euro are translated into euros using the average exchange rates of the financial period, and their balance sheets are translated using the exchange rates on the balance sheet date. Changes in translation differences arising from the translation of Group companies\u2019 income state-ments and balance sheets and from the translation of net investments in foreign entities are recognised in the consolidated comprehensive income statement. In conjunction with divestments of Group companies, either by selling or by dissolving , translation differences accumulated by the time of the divestment are recognised in the income statement as part of the gain or loss from the divestment. \u25a0 Earnings per shareUndiluted earnings per share are calculated using the weighted average number of shares during the reporting period, where the own shares held by the group have been deducted. In calculating earnings per share adjusted for the effect of dilution, the average number of shares is adjusted for the dilution effect of any equity instruments that have been issued. In calculating earnings per share, earnings are taken to be the reported earnings attributable to the parent company\u2019s shareholders. \u25a0 2.1 Segment informationAccounting principlesThe Corporate Management Team is the chief operational decision-maker monitoring business operations performance based on the operating segments.Mets\u00e4 Board\u2019s business operations consist solely of folding boxboard, fresh fibre linerboard and market pulp businesses. Mets\u00e4 Board reports on its financial performance in one reporting segment.Geographical sales are reported based on the location of the customer and assets and capital expenditure based on the location of the assets. \u25a0 2.2 SalesAccounting principlesPerformance obligations arising from the Group\u2019s sales contracts are mainly order-driven customer deliveries related to the sale of forest industry goods. Services mostly have an ancillary role in the Group\u2019s business operations, or they complement deliveries of goods.The transaction price is the amount that the Group expects to receive in exchange for a fulfilled performance obligation. This amount, less sales-based value added taxes and sales taxes, is presented as the Group\u2019s sales. The prices received by the Group are divided into a fixed part and a variable part. The variable part consists of various discounts based on, among other things, payment terms and purchased quantities, and is allocated by the Group as deductions from sales revenue in line with estimates of the extent of the discount the customer is deemed to be entitled to. The Group\u2019s sales contracts mostly include obligations solely related to deliveries of goods, to which the allocation of the transaction price is uncomplicated. The terms of payment applied in the Group\u2019s sales invoicing vary to some degree geographically and in different business areas, but the term of payment provided is nonetheless always clearly less than a year, when the financing component does not need to be separated.The Group recognises revenue from the sale of goods in the period during which the control of the delivered products passes to the customer, i.e. when the risks and benefits related to the sold products transfer to the customer. Services are recognised as income over time.Control to products transfers at the point of time when the products have been delivered in accordance with the agreed term of delivery. The Incoterms 2010 delivery terms most commonly applied by the Group and the corresponding times of sales income recognition are:D terms: Delivery of goods to the buyer at the agreed destina-tion at the agreed timeC terms: Handing over the goods to be transported to the agreed destination by a carrier arranged for by the sellerF terms: Handing over the goods to a carrier arranged for by the buyerThe Group sees geographical distribution of sales as describing best the nature, amount, timing and uncertainty of sales revenue. Sales by geographical regions is presented below based on the location of customers. \u25a0 3.3 Share-based paymentsAccounting principlesShare-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period. The effect on profit of the incentive programmes is presented under employee costs. \u25a0 4.1 Intangible assetsGoodwillGoodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.Other intangible assetsIntangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method.The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset. Research and development costsResearch costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate financial benefits and the costs can be measured reliably. Mets\u00e4 Board has not capitalised development costs.Computer softwareCosts arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Maintenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.Patents, licences and trademarksThe cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.Emission allowancesThe Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acqui-sition cost of emission allowances received without consideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income. If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.Impairment testingDepreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.Cash-generating units are reporting segments or smaller units for which a utility value can be defined.The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evaluated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to determine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any circumstances.Key estimates and judgementsFuture cash flowsThe recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the product price developments, delivery vol-umes, the development of costs related to key raw material costs and other costs, as well as the discount rate and long-term growth rate.LeasesWhen determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time subsequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 2.0 million have not been included in the lease liability because the extension of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment. LeasesThe Group has leased various land areas, properties, equipment and vehicles. When the leased asset is available for the Group\u2019s use, A fixed asset item and a corresponding liability of the lease is recognised. Paid rents are divided into liabilities and finance costs. The finance cost is included in profit or loss over the lease term in such a way that the interest rate of the remaining debt balance is the same during each period. The leased fixed asset is subject to straight-line depreciations over the asset\u2019s economic life or the lease term, depending on which of them is shorter.Assets and liabilities arising from leases are initially measured at the present value. Lease liabilities include fixed payments, less any lease incentives receivable; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incre-mental borrowing rate. The leased fixed assets are measured at cost, which includes the amount of the initial measurement of the lease lia-bility; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred; and any costs incurred by restoring the site on which it is located.Some of the leases include options to extend or terminate, which are largely available only for the Group, not the lessor.Payments related to short-term leases or leases where the value of the underlying asset is low are recognised as costs on a straight-line basis. A lease with a lease term of 12 months or less is considered a short-term lease. Assets of a low value include mainly ICT and office equipment.Key estimates and judgmentsEstimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement.Accounting principlesProperty, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses.The acquisition cost includes costs that are directly incurred in the acquisition of an item of property, plant or equipment. Qualifying external borrowing costs resulting directly from the acquisition, con-struction or manufacture of an item of property, plant or equipment are capitalised as part of the acquisition cost of property, plant and equipment.If a piece of property, plant or equipment consists of several components with differing useful lives, each component is handled as a separate item. In that case, the expenses related to replacing the component are capitalised, and any book value remaining at the time of replacement is derecognised on the balance sheet.Spare parts, spare equipment and maintenance supplies are recog-nised in property, plant and equipment when they fulfill the criteria for recognition of property, plant and equipment. Otherwise, such commodities are classified as inventories.Significant investments in refurbishments and improvements are capitalised on the balance sheet and depreciated over the remaining useful life of the main asset related to such investments. Repair and maintenance costs are recognised as expenses when they are incurred.The residual value of an asset, the financial useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.Gains and losses arising from the sale and decommissioning of items of property, plant and equipment are recognised in other operating income and expenses. Sales gains or losses are calculated as the difference between the sales price and the remaining acquisition cost.Government grants related to the acquisition of assets are presented as adjustments of the acquisition cost on the balance sheet and recognised as income in the form of lower depreciation during the useful life of the asset.Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.Estimated useful livesBuildings and constructions 20\u201340 yearsMachinery and equipmentHeavy power plant machinery 20\u201340 yearsOther heavy machinery 15\u201320 yearsLightweight machinery and equipment 5\u201315 years Other tangible assets 5\u201320 years \u25a0 4.3 Other investmentsAccounting principlesOther investments consist of listed and unlisted equity investments. The most significant of these is the Group\u2019s holding in Pohjolan Voima. This investment is unlisted and strategic in nature, serving the Group\u2019s long-term energy sourcing needs. This being the case, the Group classifies its shares in Pohjolan Voima as financial assets at fair value recognised under other items of comprehensive income. Changes in their fair value are presented in the fair value reserve, accounting for the tax effect. When the investment is abandoned, the fair value changes accu-mulated in the equity are transferred to the retained earnings from the fair value fund.The Group classifies its other equity financial assets as financial assets at fair value to be recognised as financial assets through profit and loss.The fair values of publicly listed shares are based on the share price on the balance sheet date. The fair values of shares other than listed shares are determined using various valuation models, such as the price levels of recent transactions and valuation methods based on the present value of discounted cash flows. As far as possible, the valuation methods are founded on market-based valuation factors.Key estimates and judgementsFair value measurementThe application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj. The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first eight years. Subsequent prices are based on a long-term market price forecast. The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 344.1 million on the balance sheet on 31 December 2022. The carrying value of other investments is estimated to change by EUR -12.3 million and EUR 13.0 million should the rate used for dis-counting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 71.5 million should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management. Accounting principlesInventories are measured at the lower of acquisition cost or net realisable value. In measuring inventories, the FIFO principle is observed or, alternatively, the weighted average price method, depending on the nature of the inventories. The acquisition cost of finished products acquired comprises all purchase costs, including direct transport, handling and other expenses. The acquisition cost of finished and semi-finished products of own manufacture includes raw materials, direct production costs, and the systematically allocated portion of variable manufacturing overheads and fixed overheads at the normal level of operation. Borrowing cost is not included in the acquisition cost.Net realisable value is the estimated sales price in ordinary business operations less the estimated cost of completion and the necessary sales costs. \u25a0 4.4 Inventories Key estimates and judgementsThe Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.Accounting principlesAccounts receivables are initially measured at fair value and later at amortised cost, taking into account impairment. The Group applies a model based on expected credit losses to the determination of the impairment of trade receivables. Provisions are furthermore set up on a case-by-case basis when there is a justifiable reason to assume that the Group will not receive payment for the invoiced amount according to the original terms. \u25a04.5 Accounts receivable and other receivablesKey estimates and judgementsThe evaluation of the recognition criteria and the amount of impairment losses requires the management\u2019s judgement. If customers\u2019 financial position weakens so that it affects their solvency, further impairment losses may need to be recognised in future periods. The impacts of Russia\u2019s military aggression and corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk. \u25a0 4.8 ProvisionsAccounting principlesA provision is recognised when, as a result of an earlier event, the Group has a legal or actual obligation, the realisation of a payment obligation is likely, and the amount of the obligation can be reliably estimated. Any reimbursement from a third party is presented as an asset separate from the provision if it is practically certain that reimbursement will be received.RestructuringA restructuring provision is recorded when the Group has incurred a legal or constructive obligation to make a payment. Termination payments are recorded when a detailed plan has been made for the restructuring and the Group has raised valid expectations in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. If the Group makes an offer to employees concerning voluntary resignation against benefits determined in the offer, the liability arising from this is recorded when the Group can no longer withdraw its offer. The obligation arising from such an offer is based on the number of employees that the Group expects to accept the offer. Benefits falling due in twelve months\u2019 time or later are measured at their present value.Environmental obligationsCosts arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.Other provisionsOther provisions mainly consist of provisions arising from estimated cost of future restoration of leased sites.Key estimates and judgementsThe determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.Treasury sharesAccounting principlesWhen treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company. \u25a0 5.2 Financial income and expenses Accounting principlesInterest income and expenses are recognised using the effective interest rate method.Dividend income is recognised when the right to receive a payment is established. Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses. \u25a0 5.4 Cash and cash equivalentsAccounting principlesCash and cash equivalents consist of cash and other short-term, highly liquid investments that can be easily converted into an amount of cash known in advance and that carry a minimal risk of value changes. Mets\u00e4 Board has classified as cash and cash equivalents the short-term money market investments made in accordance with its treasury policy and interest-bearing receiv-ables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy. When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months. The impacts of the corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk. \u25a0 5.5 Borrowings and net debt Accounting principlesFinancial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Transaction costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.Accounting principlesDerivative contracts are initially recognised on the balance sheet at fair value at cost, and thereafter during their term-to-maturity revalued at their fair value at each reporting date. The fair value of derivatives is presented in non-interest-bearing receivables or liabilities. Gains and losses resulting from recognition at fair value are treated in accounting as required with regard to the intended use of the derivative contract in question. Derivatives are initially classified as either1. Hedges of the exposure to changes in the fair value of receivables, liabilities or firm commitments;2. Hedges of the cash flow from a highly probable forecast transaction;3. Hedges of a net investment in a foreign entity, or4. Derivatives to which it has been decided not to apply hedge accounting. Mets\u00e4 Board currently applies hedge accounting only to cash flow hedging. When applying hedge accounting at the inception of a hedg-ing relationship, the Group has documented the relationship between the hedged item and the hedging instruments, as well as the hedging strategy observed. To meet the requirements of hedge accounting, the Group has also continuously carried out effectiveness testing to verify that changes in the fair value of the hedging instrument for each hedging relationship cover any changes in the fair value of the hedged item effectively enough, with respect to the hedged risk. Changes in the fair value of the effective portion of derivative instruments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item. If the forecast transaction is no longer expected to occur, the gain or loss accrued in equity is recognised immediately in the income statement.Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency deriv-atives are recognised in financial items and changes in the value of commodity derivatives are recognised in other income and expenses.Hedge accounting is applied as cash flow hedging to highly probable cash flows from sales denominated in foreign currencies and contractual cash flows from floating interest rates of loans. In the management of price risks related to commodities, hedge accounting is applied to cash flows from highly probable purchases of electricity, liquefied natural gas (LNG), natural gas, propane, light, heavy and 0.5% fuel oil. The fair values of forward foreign exchange contracts are based on the forward prices prevailing on the balance sheet date, and currency options are measured at fair value in accordance with the Black\u2013Scholes model. Interest rate swaps are measured at the current value of cash flows, with the calculation being based on the market interest rate yield curve. The fair values of derivatives are measured on the basis of publicly quoted market prices. Management of financial risks and hedge effectivenessThe management of the Group\u2019s currency, interest rate and com-modity risks is described in more detail in Note 5.6, Management of financial risks. Note 5.7., Fair values of financial assets and liabilities, includes the fair values and grouping of derivatives. Note 5.1, Equity, includes itemisations of hedge accounting entries in the fair value reserve. The hedging of the currency flow position is effective, given that there is a direct financial relationship between the hedged sale and the hedging derivative. The spot rate component of a forward contract or the reference value component of a currency option has been determined as the hedged item, and the forward points or the option\u2019s time value are treated as hedging costs subject to amortisation based on the period. Currency flow forecasts are fairly stable, invoicing steady within quarters and months, and forward deals are allocated to each month, due to which the ineffectiveness of hedging usually remains very low. Changes in production or the structure of sales may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.The hedge accounting of the cash flow from interest rates is primarily effective, given that there is a direct financial relationship between the long-term loans subject to hedging and the hedging interest rate swaps. Ineffectiveness in the hedge relationship derives from any possible differences between the loans and the swaps\u2019 interest rate periods as well as from differences in the reference rates of contract terms. The ineffective portion of interest rate hedging is recognised through profit and loss. Premature loan withdrawals or premature repayment of loans may result in a state of ineffectiveness, in which case the hedging interest rate swaps are reversed or derecognised from hedge accounting, and the change in fair value is recognised in financial items under income. The hedging of commodity purchases is effective, given that, in lieu of the total purchase price, the hedged item is the same, identical risk component of pricing applied in the hedging derivative. In the hedging of the price risk of electricity, the hedged item is what is referred to as the portion of the system price and the hedging takes place with a system-priced electricity swap. Correspondingly, the price compo-nents of the purchases and the hedging derivative in the hedging of natural gas, propane and fuel oil are identical. Commodity purchases are fairly steady and hedges are allocated to each month, due to which the ineffectiveness of the hedging usually remains low. Changes in the use of various commodities may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly. Hedging for electricity, propane and liquefied natural gas (LNG) ended at the end of 2022.Financial derivatives and hedge accountingAccounting principlesTax expenses in the income statement consist of taxes based on the taxable income for the period, taxes for previous periods, and deferred tax assets and liabilities. The tax effect related to the items recorded in the comprehensive income statement is recognised in the comprehensive income statement. Taxes based on the taxable income for the period are calculated based on taxable income in accordance with the tax rate as it stands in each country at that time. Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount and the tax base in accordance with the tax rates enacted as at the balance sheet date.No deferred taxes are recognised for non-deductible goodwill, and no deferred taxes are recognised for subsidiaries\u2019 undistrib-uted profits to the extent that the difference will not likely realise in the predictable future. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilised.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes are related to the same taxation authority. The most significant temporary differences arise from depre-ciation of property, plant and equipment; the measurement of other investments and derivatives contracts at fair value; defined benefit plans; unused tax losses; and measurement at fair value in conjunction with acquisitions of business operations.Key estimates and judgementThe management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for several business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities. \u25a0 7.1 Group companiesAccounting principlesSubsidiariesThe financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi-nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group\u2019s principles.The parent company\u2019s owners\u2019 and non-controlling interests\u2019 shares of the result for the period and comprehensive income are presented in the comprehensive income statement. The non-controlling interests\u2019 share of equity is presented as a separate item under equity on the balance sheet.Joint operationsA joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.Accounting principlesChanges in the parent company\u2019s holdings in subsidiaries that do not cause the parent company to lose its control over the subsidi-ary are processed as business transactions concerning equity.Accounting principlesAssociated companies include all companies over which the Group has considerable influence but no control. Significant influence is usually based on a shareholding conferring 20\u201350 per cent of the voting rights. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment. The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles. \u25a0 7.2 Acquisitions, assets classified as held for sale and operations disposed ofAccounting principlesAcquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred awayfrom the Group.The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 proportion of the net assets of the object of the acquisitionThe amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill. Assets held for sale are recognised at the lower of the book value or fair value less expenses arising from the divestment. Deprecia-tion is not recognised on assets held for sale after classification.",
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"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f58021": {
"value": "Helsinki",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-1": {
"value": "Revontulenpuisto 2,02100 Espoo Finland.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f58063": {
"value": "Mets\u00e4liitto Cooperative ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f58132": {
"value": "Finland.",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "The Group consolidated financial statements were authorised for issue by the Board of Directors on 8 February 2023. According to Finnish Companies Act shareholders can accept or reject the financial statements in General Meeting of shareholders after date of publication. General Meeting of shareholders also have possibility to decide to change financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2022. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-4": {
"value": "Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2022. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-4": {
"value": "The consolidated financial statements are presented in millions of euros, unless otherwise noted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-5-2": {
"value": "The consolidated financial statements have been prepared based on original acquisition costs, excluding financial assets recognised at fair value, hedged items in fair value hedging, assets and obligations related to defined benefit plans and share-based payments measured at fair value. \u25a0 The impact of Russia\u2019s military aggressionThe impact of Russia\u2019s military aggression on business operations is discussed in the Board of Directors\u2019 report. Due to the discontinuation of Russian business operations, the Group recognised an impairment of EUR 0.3 million for owned and leased property. The Group also recognised a loss of EUR 0.7 million in other operating expenses mostly related to accumulated Russian ruble-denominated translation differences. Further information can be found in the notes: 2.4. Operating expenses, 4.2. Property, plant and equipment, 5.1. Equity, translation differences, and 5.2. Financial income and expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-5-3": {
"value": "The consolidated financial statements have been prepared based on original acquisition costs, excluding financial assets recognised at fair value, hedged items in fair value hedging, assets and obligations related to defined benefit plans and share-based payments measured at fair value. The consolidated financial statements are presented in millions of euros, unless otherwise noted.Mets\u00e4 Board Corporation\u2019s consolidated financial statements have been prepared in accordance with the International Financial Reporting Stand-ards (IFRS) effective and approved by the EU at the date of the financial statements 31 December 2022. The notes to the consolidated financial statements also comply with the requirements of Finnish accounting and company legislation supplementing the IFRS regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-2": {
"value": " \u25a0 Amendments to standards applied during the 2022 financial period Amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use. According to the amendments, the revenue accumulated from the sales of products created by the use of an unfinished tangible asset must be recognised through profit and loss. The amendments have an impact on the determination of the acquisition cost of the Group\u2019s tangible assets. In the years 2022 and 2021, there were no material sales revenues of products arising from the use of a work-in-progress tangible asset.Other standard changes do not have a significant impact on the group\u2019s financial statements. \u25a0 New and amended standards to be applied during future financial periodsAmendments to IAS 12 Income taxes \u2013 Deferred tax related to assets and liabilities arising from a single transaction. The amendments narrow the scope of the initial recognition exemption (IRE) and specify that the exemption does not apply to, for example, leases and decommissioning obligations that give rise to equal and opposite temporary differences. The amendments have an impact on the notes presented.Other standard changes do not have a significant impact on the group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-3": {
"value": " \u25a0 Amendments to standards applied during the 2022 financial period Amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use. According to the amendments, the revenue accumulated from the sales of products created by the use of an unfinished tangible asset must be recognised through profit and loss. The amendments have an impact on the determination of the acquisition cost of the Group\u2019s tangible assets. In the years 2022 and 2021, there were no material sales revenues of products arising from the use of a work-in-progress tangible asset.Other standard changes do not have a significant impact on the group\u2019s financial statements. \u25a0 New and amended standards to be applied during future financial periodsAmendments to IAS 12 Income taxes \u2013 Deferred tax related to assets and liabilities arising from a single transaction. The amendments narrow the scope of the initial recognition exemption (IRE) and specify that the exemption does not apply to, for example, leases and decommissioning obligations that give rise to equal and opposite temporary differences. The amendments have an impact on the notes presented.Other standard changes do not have a significant impact on the group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": " \u25a0 Translations in foreign currencyThe items included in the financial statements of Group companies are presented in the currency that is used in each company\u2019s primary operat-ing environment. The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency.Business transactions denominated in foreign currencies are recognised in the operating currency using the exchange rate on the transaction date. At the end of the financial period, open receivables and liabilities denom-inated in foreign currencies are translated into the functional currency using the exchange rate on the balance sheet date. Since March 2022, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv, which management considers to best represent the market rate for the time. Any gains or losses resulting from transactions in foreign currencies and from the translation of monetary items are recognised in financial income and expenses.Information about currency hedging is provided in Note 5.6 Management of financial risks.The income statements of Group companies whose functional currency is not the euro are translated into euros using the average exchange rates of the financial period, and their balance sheets are translated using the exchange rates on the balance sheet date. Changes in translation differences arising from the translation of Group companies\u2019 income state-ments and balance sheets and from the translation of net investments in foreign entities are recognised in the consolidated comprehensive income statement. In conjunction with divestments of Group companies, either by selling or by dissolving , translation differences accumulated by the time of the divestment are recognised in the income statement as part of the gain or loss from the divestment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": " \u25a0 Earnings per shareUndiluted earnings per share are calculated using the weighted average number of shares during the reporting period, where the own shares held by the group have been deducted. In calculating earnings per share adjusted for the effect of dilution, the average number of shares is adjusted for the dilution effect of any equity instruments that have been issued. In calculating earnings per share, earnings are taken to be the reported earnings attributable to the parent company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-2": {
"value": " \u25a0 Key estimates and judgementsThe preparation of financial statements requires the use of the manage-ment\u2019s estimates, assumptions and judgement-based decisions that affect the amount of assets and liabilities, the presentation of contingent assets and liabilities in the financial statements, and the amount of income and expenses. Even though such estimates and assumptions are based on the management\u2019s best knowledge at the time they were made, it is possible that the actual values differ from those used in the financial statements. In terms of the financial statements, the key areas that involve the management\u2019s estimates and judgement-based decisions are presented in the following notes:Key estimates and judgements NoteRetirement benefit obligations 3.4 Retirement benefit obligationsIntangible assets and impairment testing 4.1 Intangible assetsProperty, plant and equipment and leases 4.2 Tangible assetsFinancial instruments measured at fair 4.3 Other investmentsvalueValuation of inventories 4.4 Inventories4.5 Accounts receivable and other Valuation of accounts receivablereceivablesProvisions 4.8 ProvisionsIncome taxes 6. Income taxesContingent liabilities from legal disputes 8.1 Contingent liabilities, assets and and claimscommitmentsKey estimates and judgementsThe determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions, which involves management judgement. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.Key estimates and judgementsFuture cash flowsThe recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the product price developments, delivery vol-umes, the development of costs related to key raw material costs and other costs, as well as the discount rate and long-term growth rate.LeasesWhen determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time subsequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 2.0 million have not been included in the lease liability because the extension of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment. Key estimates and judgmentsEstimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement.Key estimates and judgementsFair value measurementThe application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj. The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first eight years. Subsequent prices are based on a long-term market price forecast. The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 344.1 million on the balance sheet on 31 December 2022. The carrying value of other investments is estimated to change by EUR -12.3 million and EUR 13.0 million should the rate used for dis-counting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 71.5 million should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management. Key estimates and judgementsThe Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.Key estimates and judgementsThe evaluation of the recognition criteria and the amount of impairment losses requires the management\u2019s judgement. If customers\u2019 financial position weakens so that it affects their solvency, further impairment losses may need to be recognised in future periods. The impacts of Russia\u2019s military aggression and corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk.Key estimates and judgementsThe determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.Key estimates and judgementThe management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for several business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "Personnel at year endBy country 2022 2021Finland 1,226 1,416Sweden 733 712Belgium 57 64Germany 46 49USA 66 63Singapore 10 12Other countries 110 73Total 2,248 2,389Personnel averageBy country 2022 2021Finland 1,340 1,490Sweden 744 711Belgium 63 61Germany 49 49USA 66 61Singapore 12 12Other countries 80 76Total 2,352 2,461",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "Information on most important customersThere were no customers with revenue exceeding 10 per cent of total Group revenue in 2022 and 2021.Geographical distribution of salesEUR million 2022 2021Germany 209.8 161.4Italy 174.6 134.6Sweden 108.6 100.5Turkey 1 3 7. 5 90.3Finland 99.5 132.6United Kingdom 117.3 102.9Russia 41.9 116.5Spain 112.0 79.6France 104.4 7 7. 5Poland 121.4 91.7Norway 8.1 3.3The Netherlands 30.5 28.7Belgium 32.1 23.0Rest of EMEA 336.8 266.7EMEA 1,634.5 1,409.3USA 514.5 401.4Canada 29.6 25.2Rest of Americas 102.3 55.6Americas 646.4 482.2APAC 198.7 192.6Total 2,479.6 2,084.1 \u25a0 2.2 SalesAccounting principlesPerformance obligations arising from the Group\u2019s sales contracts are mainly order-driven customer deliveries related to the sale of forest industry goods. Services mostly have an ancillary role in the Group\u2019s business operations, or they complement deliveries of goods.The transaction price is the amount that the Group expects to receive in exchange for a fulfilled performance obligation. This amount, less sales-based value added taxes and sales taxes, is presented as the Group\u2019s sales. The prices received by the Group are divided into a fixed part and a variable part. The variable part consists of various discounts based on, among other things, payment terms and purchased quantities, and is allocated by the Group as deductions from sales revenue in line with estimates of the extent of the discount the customer is deemed to be entitled to. The Group\u2019s sales contracts mostly include obligations solely related to deliveries of goods, to which the allocation of the transaction price is uncomplicated. The terms of payment applied in the Group\u2019s sales invoicing vary to some degree geographically and in different business areas, but the term of payment provided is nonetheless always clearly less than a year, when the financing component does not need to be separated.The Group recognises revenue from the sale of goods in the period during which the control of the delivered products passes to the customer, i.e. when the risks and benefits related to the sold products transfer to the customer. Services are recognised as income over time.Control to products transfers at the point of time when the products have been delivered in accordance with the agreed term of delivery. The Incoterms 2010 delivery terms most commonly applied by the Group and the corresponding times of sales income recognition are:D terms: Delivery of goods to the buyer at the agreed destina-tion at the agreed timeC terms: Handing over the goods to be transported to the agreed destination by a carrier arranged for by the sellerF terms: Handing over the goods to a carrier arranged for by the buyerThe Group sees geographical distribution of sales as describing best the nature, amount, timing and uncertainty of sales revenue. Sales by geographical regions is presented below based on the location of customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-2": {
"value": "Geographical areasExternal sales Non-currentby location of customerassets Capital expenditureEUR million 2022 2021 2022 2021 2022 2021Germany 209.8 161.4 2.5 3.4 0.1 0.1Italy 174.6 134.6 0.4 0.5 0.0 0.1Sweden 108.6 100.5 679.0 551.9 196.6 164.2Finland 99.5 132.6 1,405.1 1,057.5 103.8 55.1Spain 112.0 79.6 0.1 0.2 0.0 France 104.4 7 7. 5 0.4 0.2 0.3 0.2Poland 121.4 91.7 0.6 0.1 0.6 0.0The Netherlands 30.5 28.7 Belgium 32.1 23.0 0.3 1.1 0.0 0.0Other EU 192.5 141.1 EU total 1,185.4 970.6 2,088.3 1,614.9 301.4 219.8Turkey 137.5 90.3 0.0 0.0 0.0United Kingdom 117.3 102.9 5.3 12.2 2.5 0.0Russia 41.9 116.5 0.1 0.2 0.0Norway 8.1 3.3 Other Europe and Middle East 41.9 41.2 USA 514.5 401.4 0.6 1.0 0.1Canada 29.6 25.2 Asia 176.1 173.7 0.3 0.5 0.0 0.2Other countries 227.3 159.0 0.0 0.0 0.0Total 2,479.6 2,084.1 2,094.6 1,628.8 304.1 220.2Non-current assets include all non-current assets with the exception of derivative financial instruments and deferred tax assets. Personnel at year endBy country 2022 2021Finland 1,226 1,416Sweden 733 712Belgium 57 64Germany 46 49USA 66 63Singapore 10 12Other countries 110 73Total 2,248 2,389Personnel averageBy country 2022 2021Finland 1,340 1,490Sweden 744 711Belgium 63 61Germany 49 49USA 66 61Singapore 12 12Other countries 80 76Total 2,352 2,461",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-4": {
"value": " \u25a0 2.2 SalesAccounting principlesPerformance obligations arising from the Group\u2019s sales contracts are mainly order-driven customer deliveries related to the sale of forest industry goods. Services mostly have an ancillary role in the Group\u2019s business operations, or they complement deliveries of goods.The transaction price is the amount that the Group expects to receive in exchange for a fulfilled performance obligation. This amount, less sales-based value added taxes and sales taxes, is presented as the Group\u2019s sales. The prices received by the Group are divided into a fixed part and a variable part. The variable part consists of various discounts based on, among other things, payment terms and purchased quantities, and is allocated by the Group as deductions from sales revenue in line with estimates of the extent of the discount the customer is deemed to be entitled to. The Group\u2019s sales contracts mostly include obligations solely related to deliveries of goods, to which the allocation of the transaction price is uncomplicated. The terms of payment applied in the Group\u2019s sales invoicing vary to some degree geographically and in different business areas, but the term of payment provided is nonetheless always clearly less than a year, when the financing component does not need to be separated.The Group recognises revenue from the sale of goods in the period during which the control of the delivered products passes to the customer, i.e. when the risks and benefits related to the sold products transfer to the customer. Services are recognised as income over time.Control to products transfers at the point of time when the products have been delivered in accordance with the agreed term of delivery. The Incoterms 2010 delivery terms most commonly applied by the Group and the corresponding times of sales income recognition are:D terms: Delivery of goods to the buyer at the agreed destina-tion at the agreed timeC terms: Handing over the goods to be transported to the agreed destination by a carrier arranged for by the sellerF terms: Handing over the goods to a carrier arranged for by the buyerThe Group sees geographical distribution of sales as describing best the nature, amount, timing and uncertainty of sales revenue. Sales by geographical regions is presented below based on the location of customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-2": {
"value": " \u25a0 2.3 Other operating income EUR million 2022 2021Gains on disposal 59.2 28.7Rental income 1.1 1.2Service revenue 6.1 4.5Government grants and allowances 3.3 17.6Scrap and waste sale 0.2 0.3Other 9.7 4.8Total 79.6 57.0Gains on disposalEUR million 2022 2021Emission rights 29.0 21.3Non-business related land area 6.5 7.0Share ownership 2.8Oy Hang\u00f6 Stevedoring Ab 19.2Other 1.6 0.4Total 59.2 28.7The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. Government grants and allowances include the EUR 16.8 million insurance claim paid to Mets\u00e4 Board\u2019s Husum pulp mill in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": " \u25a0 2.3 Other operating income EUR million 2022 2021Gains on disposal 59.2 28.7Rental income 1.1 1.2Service revenue 6.1 4.5Government grants and allowances 3.3 17.6Scrap and waste sale 0.2 0.3Other 9.7 4.8Total 79.6 57.0Gains on disposalEUR million 2022 2021Emission rights 29.0 21.3Non-business related land area 6.5 7.0Share ownership 2.8Oy Hang\u00f6 Stevedoring Ab 19.2Other 1.6 0.4Total 59.2 28.7The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. Government grants and allowances include the EUR 16.8 million insurance claim paid to Mets\u00e4 Board\u2019s Husum pulp mill in 2021.Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs. In 2022, other operating expenses include expenses of EUR 0.7 million related to the discontinuation of Russian business operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "The government grants and compensation relate to the compensation for training, healthcare and research costs, insurance indemnities and energy aid. Government grants and allowances include the EUR 16.8 million insurance claim paid to Mets\u00e4 Board\u2019s Husum pulp mill in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-2": {
"value": " \u25a0 2.4 Operating expensesEUR million 2022 2021Materials and servicesRaw materials and consumablesPurchases during the financial year 1,465.4 1,117.6Change in inventories -48.0 -10.0External servicesLogistics cost 332.7 271.1Other external services 74.3 82.4Total 1,824.3 1,461.0Depreciation, amortisation and impairment chargesDepreciation, amortisation and impairment charges 83.1 90.2totalEmployee costsEmployee costs total 217.4 216.0Other operating expensesRents and other real estate expenses 17.6 17.4Purchased services 52.7 43.1Losses on sale of non-current assets 0.3 0.5Other operating expenses 65.6 63.3Total 136.1 124.4Auditor feesThe fees of the group\u2019s auditor KPMGEUR million 2022 2021Audit 0.5 0.4Auditors' opinions 0.0 0.0Tax services Other services 0.0 Total 0.5 0.4In 2022 fees to other auditors than KPMG amounted to EUR 0.1 (0.4) million.Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs. In 2022, other operating expenses include expenses of EUR 0.7 million related to the discontinuation of Russian business operations.Research and development expenses excluding depreciations were EUR 6.1 (6.0) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": " \u25a0 2.4 Operating expensesEUR million 2022 2021Materials and servicesRaw materials and consumablesPurchases during the financial year 1,465.4 1,117.6Change in inventories -48.0 -10.0External servicesLogistics cost 332.7 271.1Other external services 74.3 82.4Total 1,824.3 1,461.0Depreciation, amortisation and impairment chargesDepreciation, amortisation and impairment charges 83.1 90.2totalEmployee costsEmployee costs total 217.4 216.0Other operating expensesRents and other real estate expenses 17.6 17.4Purchased services 52.7 43.1Losses on sale of non-current assets 0.3 0.5Other operating expenses 65.6 63.3Total 136.1 124.4Research and development expenses excluding depreciations were EUR 6.1 (6.0) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "Other operating expenses include e.g. energy costs, real estate costs, marketing and advertising costs and administrative costs. In 2022, other operating expenses include expenses of EUR 0.7 million related to the discontinuation of Russian business operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-4": {
"value": "Research and development expenses excluding depreciations were EUR 6.1 (6.0) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "Auditor feesThe fees of the group\u2019s auditor KPMGEUR million 2022 2021Audit 0.5 0.4Auditors' opinions 0.0 0.0Tax services Other services 0.0 Total 0.5 0.4In 2022 fees to other auditors than KPMG amounted to EUR 0.1 (0.4) million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-2": {
"value": " \u25a0 3.1 Employee costsEUR million 2022 2021Wages and salaries 137.3 136.9Share-based payments 2.8 3.2Pension costsDefined benefit plans 0.5 0.4Defined contribution plans 22.7 17. 1Other social security costs 54.1 58.3Social security costs total 7 7. 3 75.9Employee costs total 2 17.4 216.0 \u25a0 3.2 The management\u2019s salaries, remuneration and pension expensesKey management includes members of the Board of Directors as well as Corporate Management Team.The management\u2019s salaries, remuneration and pension expensesEUR 2022 2021Salaries and other remuneration 2,824,918.65 2,093,350.95Share-based payments (long-term remuneration) 2,073,129.01 2,044,228.93Pension costsDefined benefit plans 589,122.26 402,966.82Defined contribution plans 278,099.65 307,833.93Total 5,765,269.57 4,848,380.63 Remuneration paid to the members of the Board of Directors of the parent company and their shareholding2022 2021 2022 2021 Pensions, Defined Pensions, DefinedShareholding Renumeration Renumerationcontributioncontribution sharesEUREUREUREURIlkka H\u00e4m\u00e4l\u00e4, chairman 287,349 114,192 109,360 18,359 16,931Jussi Linnaranta, Vice chairman 29,801 100,080 94,240 17,584 15,996Hannu Anttila 147, 575 81,936 76,600 14,400 13,005Raija-Leena Hankonen-Nybom (from 23 May 2021) 6,956 90,836 77,400 14,620 11,989Erja Hyrsky (from 25 March 2021) 9,456 81,936 71,000 14,400 12,048Mari Kiviniemi (from 24 March 2022) 3,633 75,536 12,143Kirsi Komi (until 24 March 2022) 4,800 76,600 777 11,864Kai Korhonen (until 25 March 2021) 8,000Liisa Leino (until 25 March 2021) 5,600 873Jukka Moisio 12,231 81,136 76,600 13,049 11,864Timo Saukkonen 16,831 81,936 76,600 13,179 11,864Veli Sundb\u00e4ck 74,908 81,936 76,600Total 588,740 794,323 748,600 118,510 106,435Mets\u00e4 Board\u2019s Annual General Meeting 2022 decided, that about one half of the remuneration will be paid in cash while the other half is paid in company\u2019s B shares. The remuneration of the Management Team consists of a fixed monthly salary and remuneration based on short-term and long-term remuneration schemes. The CEO is also covered by a defined benefit pension plan.The monthly salary of CEO Mika Joukio is EUR 42,628. The salary includes car and phone benefits and extended insurance cover for travel and accidents. In 2020 and 2021, the reward option for the CEO\u2019s short-term compensation plan was at the target level of 30 per cent and at the maximum level of 75 per cent of the fixed annual salary. In 2020 and 2021, the reward option for the short-term compensation plan for members of the Management Team was at the target level of 20 or 25 per cent and at the maximum level of 50 or 62.5 per cent of the fixed annual salary.The Board of Directors decides on the criteria of the short-term remu-neration system. Remuneration is based on defined financial criteria and targets supporting strategy.Share based incentive schemes and the shareholding programme for Corporate Management Team are presented in Note 3.3.The CEO\u2019s mutual term of notice is six months. In case the CEO contract is terminated by the Board of Directors, the CEO is entitled to receive discharge compensation equal to his 12-month salary.The period of notice for other members of Corporate Management Team is six months. Corporate Management Team members are entitled to additional mainly severance compensation of six month salary in case of employment termination on grounds not related to the affected Management Team member.The CEO is covered by statutory employee pension scheme. This offers pension benefits based on term of service and renumeration earned as prescribed in applicable legislation. Through supplementary pension arrangements, the CEO is entitled to retire at the age of 62 years. His pension will be equal to 60 per cent of his salary at the time of retirement calculated in accordance with Finnish pension legislation and based on the calculation period of five years immediately preceding retirement. In case the CEO\u2019s contract is terminated prior to retirement, the pension earned by the CEO becomes vested.The Corporate Management Team members have no pension arrange-ments differing from statutory pensions. The Group has no off balance sheet pension liabilities on behalf of management.Key management had no loans outstanding from the company or its subsidiares and there were no guarantees given on behalf of key management.Salaries and remuneration paid to the CEO and other members of the Corporate Management Team2022 2021 Other Other 20222021Management Management EURCEOCEOTeamTeamSalaries and remuneration1)Basic salary including fringe benefits 535,749 518,981 1,327,502 1,176,9772)Short-term performance bonus 327,155 135,341 634,513 202,0523)Lump sum 30,000 30,0004)Long-term share-based incentive 954,226 874,336 1,022,174 953,396 5) Deferred long-term share-based incentive7,902 96,730 208,595Total 1,817,130 1,566,560 3,080,918 2,571,020Pension CostsSupplemental defined benefit pension plan 589,122 402,967Defined contribution plans 72,225 94,026 205,875 213,808Total 661,347 496,993 205,875 213,808Salaries and remuneration as well as pension costs in total 2,478,477 2,063,553 3,286,792 2,784,8281) Basic salary may include car and telephone benefits, extended health, travel and accident insurance cover, and minor other benefits in kind.2) The 2022 payment concerns performance in 2021; the 2021 payment concerns performance in 2020.3) Lump sum for a project related to the sale of a 30% stake in the Husum pulp mill to Norra Skog.4) 2022: earning period 2019\u20132021; 2021: earning period 2018\u20132020.5) In 2022 Delayed long-term rewards were paid in accordance with the terms and conditions and the decision of the Board of Directors \u25a0 3.3 Share-based paymentsAccounting principlesShare-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period. The effect on profit of the incentive programmes is presented under employee costs.During the review period, Mets\u00e4 Board had four active share-based incentive schemes: Share incentive scheme 2014, which company Board of Directors decided to adopt on 6 February 2014, Performance based share incentive scheme 2017\u20132021 of which the company Board of Directors decided to adopt on 10 January 2017 and Performance based share incentive scheme 2020\u20132024 which the company Board of Directors decided to adopt on 12 December 2019, as part of company\u2019s incentive and key personnel retention programme.The effect on consolidated income statement of share-based incentive schemes amounted to EUR 2,817,955 in 2022 (2021: EUR 3,193,961).Share incentive scheme 2014, Performance based share incentive scheme 2017\u20132021 and Performance based share incentive scheme 2020\u20132024The schemes offer the participants the possibility to be awarded Mets\u00e4 Board Corporation\u2019s B shares for achieving set goals for three-year periods. Incentive periods are the calendar years 2014\u20132016, 2015\u20132017, 2016\u20132018, 2017\u20132019, 2018\u20132020, 2019\u20132021, 2020\u20132022, 2021\u20132023 and 2022\u20132024. The bonus awarded under the share incentive scheme 2014 and performance based share incentive plan 2017\u20132021 is determined by achievement of the set goals and paid in March following the incentive period. In addition to shares, the bonus includes a cash com-ponent, which is used to cover taxes and tax-like charges incurred by plan participants due to the bonus. The number of shares allocated under the performance based incentive scheme 2020\u20132024 includes both the share and the cash portion. Accordingly, the reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. The bonus is not paid if the person\u2019s employment ends before the end of the earning period. In addition, the scheme includes a two-year commitment period. If the key employee\u2019s employment ends during the commitment period, the key person must, as a rule, return the delivered shares to the Company free of charge.Based on the fulfillment of the criteria for the earning period 2019\u20132021, 182,280 Mets\u00e4 Board Oyj B shares and a cash contribution were paid to cover taxes and tax-like payments arising from the reward at the time of the transfer of the shares. During the period, 8,707 shares were returned.The company changed the terms of the scheme during 2016 so that for incentive periods 2014\u20132016 and 2015\u20132017 a cap was set for total employee compensation, including the share incentive paid, based on each plan participant\u2019s salary. The part of earned incentive exceeding the cap is deferred and paid in full in cash in coming years when allowed by the cap. Starting from vesting period 2016\u20132018, a salary based cap was set with the effect of cutting the part of share incentive exceeding the cap and resulting in the forfeiture of the excess part of the incentive. During 2022, the last deferred compensations were paid to those entitled.Committing-based share incentive scheme 2020\u20132024The scheme offers key employees in the target group the opportunity to receive Mets\u00e4 Board Corporation\u2019s B-series shares, provided that the par-ticipant\u2019s employment relationship remains in force and continues in force until the end of the restriction period. The scheme has restriction periods of 12 to 36 months. As a rule, rewards are not paid if the participant\u2019s employment relationship ends during the restriction period.Key characteristics of Performance based share incentive scheme 2017\u20132022 are summarised in the table below: Performance based share incentive scheme 2017\u2013202131 Dec 2022 2017\u20132019 2018\u20132020 2019\u20132021 TotalKey characteristicsShares allocated to the scheme, shares 275,278 280,694 555,972Grant date(s) 9.4.2018, 2.4.2019, 25.9.201813.6.2019, 12.8.2019Criteria Equity ratio, Equity ratio, ROCE ja EBITROCE ja EBITPersonnel (31 December 2022) 231)Factors used to determine fair value (EUR) Share price at grant date 8.64 5.82Share fair value at grant date 7.8 4 5.20Annual dividend assumption in fair value measurement 0.27 0.31Share price at payment date / balance sheet date 9.43 8.86Fair value on balance sheet date - 1,885,138 1,885,138Effect on result and financial position (EUR)Expense in 2022, share-based payments settled as equity 467,242 381,372 848,614Share-based payments settled in cash, unpaid part, estimate - - 02)Number of shares 1 January 2022 Outstanding at the beginning of the period 132,229 280,694 412,923Changes during the yearShares granted 0 1,458 1,458Shares forfeited 0 9,124 9,124Shares exercised 132,229 0 132,229Shares expired 0 99,455 99,455Number of shares 31 December 2022Outstanding at the end of the period 0 173,573 173,5731) The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.2) The amounts in the table represent net amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled component used to cover taxes and tax-like charges.Key characteristics of Performance based share incentive scheme 2020\u20132024 are summarised in the table below: Performance based Committing share incentive scheme based share 2020\u20132024incentive plan31 Dec 2022 2020\u20132022 2021\u20132023 2022\u20132024 2022\u20132024 TotalKey characteristicsShares allocated to the scheme, shares 590,788 453,650 437,545 20,838 1,502,821Grant date(s) 27.1.2020, 18.6.2021 27.1.2021, 18.6.2021 31.1.2022, 8.11.2022Criteria Equity ratio, Equity ratio, Equity ratio, ROCE ja EBITROCE ja EBITROCE ja EBITPersonnel (31 December 2022) 291)Factors used to determine fair value (EUR) Share price at grant date 5.46 8.93 9.44 7.74Share fair value at grant date 4.66 8.15 8.21 6.68Annual dividend assumption in fair value measurement 0.27 0.27 0.41 0.53Share price at payment date / balance sheet date 8.77 8.77 8.77 8.77Fair value on balance sheet date 2,518,231 3,455,866 3,501,355 139,198 9,614,650Effect on result and financial position (EUR)Expense in 2022, share-based payments settled as equity 613,037 704,746 635,046 16,512 1,969,340Share-based payments settled in cash, unpaid part, estimate 2,440,615 1,814,267 1,845,466 98,210 6,198,5582)Number of shares 1 January 2022 Outstanding at the beginning of the period 588,566 429,281 0 0 1,017,847Changes during the yearShares granted 5,974 13,648 454,779 20,838 495,239Shares forfeited 30,486 28,949 33,680 0 93,115Shares exercised 0 0 0 0 0Shares expired 0 0 0 0 0Number of shares 31 December 2022Outstanding at the end of the period 564,054 413,980 421,099 20,838 1,419,9711) The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.2) The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges. \u25a0 3.4 Retirement benefit obligationsAccounting principlesThe Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approximately the same as that of the corresponding pension obligation.Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.Key estimates and judgementsThe determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions, which involves management judgement. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.Post-employment benefitsEUR million 2022 2021Liabilities recognised in balance sheetDefined benefit pension plans 10.3 13.4Defined contribution pension plans 0.1 0.3Total 10.4 13.7Surplus of funded plans in assets -3.4 -12.2Defined benefit pension plansThe most significant defined benefit pension plans are in Germany and United Kingdom.Group\u2019s German defined benefit pension plans grant old-age pensions, disability pensions and family pensions exceeding the statutory pension level to eligible officials and senior management. The retirement age is usu-ally 65 years, and the amount of pension depends on the length of service. Officials and senior management are required to have a service history of 25\u201330 years to receive a full pension. Some of the pension arrangements are closed. The defined benefit plans in Germany are unfunded.The defined benefits plans in United Kingdom guarantee participants of the plan a pension, the amount of which is based on the length of service and the salary in the most recent working years. The arrangement is closed to new members. The UK pension scheme operates under an independent foundation separate from the Group.The Group also has defined benefit plans in Finland, Belgium and Italy. Amounts in balance sheetEUR million 2022 2021Present value of funded obligations 36.3 53.2Fair value of plan assets -37.3 -62.8Deficit (+) / surplus (-) -0.9 -9.6Present value of unfunded obligations 7. 8 10.8Deficit (+) / surplus (-) of defined benefit pension 6.9 1.2plans, totalDefined benefit-based pension liabilities 10.3 13.4on the balance sheet, netDefined benefit-based pension assets -3.4 -12.2on the balance sheet, netDefined benefit pension obligation and plan assets by country in 2022EUR million Germany United Kingdom Finland Other countries TotalPresent value of obligation 7. 1 24.3 9.2 3.5 44.1Fair value of plan assets -27.7 -7. 3 -2.2 -37.3Total 7.1 -3.4 1.9 1.2 6.9Defined benefit pension obligation and plan assets by country in 2021EUR million Germany United Kingdom Finland Other countries TotalPresent value of obligation 9.9 39.0 11.2 3.9 64.0Fair value of plan assets -51.2 -9.7 -1.9 -62.8Total 9.9 -12.2 1.5 2.0 1.2Significant actuarial assumptions 2022Germany United Kingdom Finland BelgiumDiscount rate, % 3.73 4.90 3.72 3.10Salary growth rate, % 3.00 2.60 0.00 1.00Pension growth rate, % 2.00 3.10 2.84 2.30Significant actuarial assumptions 2021Germany United Kingdom Finland BelgiumDiscount rate, % 0.74 1.85 0.82 0.70Salary growth rate, % 3.00 2.80 0.00 1.00Pension growth rate, % 1.75 3.35 2.36 2.00Change in defined benefit pension obligations in 2022Present value of Fair value of EUR millionobligationplan assets Total1 Jan 2022 64.0 -62.8 1.2Current service cost 0.5 0.5Administrative costs Interest expense (+) or interest income (-) 0.9 -1.0 -0.1Past service cost Total amount recognised in profit and loss 1.4 -1.0 0.4Remeasurements in other comprehensive incomeReturn on plan assets, excluding amounts 22.1 22.1included in interest income or expense Gains (-) and losses (+) from change in 0.0 0.0demographic assumptionsGains (-) and losses (+) from change in -15.6 -15.6financial assumptionsExperience gains (-) and losses (+) -0.9 -0.9Total remeasurements in other comprehensive -16.5 22.1 5.7incomeTranslation differences -2.1 2.7 0.6ContributionsEmployers -0.3 -0.3Plan participants 0.0 0.0 0.0Payments from plansBenefit payments -2.7 2.1 -0.6Settlements -0.1 -0.131 Dec 2022 44.1 - 3 7. 3 6.8Change in defined benefit pension obligations in 2021Present value of Fair value of EUR millionobligationplan assets Total1 Jan 2021 70.4 -64.8 5.6Current service cost 0.4 0.4Administrative costs Interest expense (+) or interest income (-) 0.6 -0.6 0.0Past service cost -0.4 -0.4Total amount recognised in profit and loss 0.6 -0.6 0.0Remeasurements in other comprehensive incomeReturn on plan assets, excluding amounts -2.4 -2.4included in interest income or expense Gains (-) and losses (+) from change in -0.1 -0.1demographic assumptionsGains (-) and losses (+) from change in -1.9 -1.9financial assumptionsExperience gains (-) and losses (+) 1.2 1.2Total remeasurements in other comprehensive -0.7 -2.4 -3.1incomeTranslation differences 3.1 -3.6 -0.5ContributionsEmployers -0.3 -0.3Plan participants 0.0 0.0 0.0Payments from plansBenefit payments -8.7 8.1 -0.6Settlements -0.8 0.9 0.131 Dec 2021 64.0 -62.8 1.2Sensitivity of benefit obligation to changes in essential weighted assumptions 2022Impact on benefit obligationChange of assumption Increase DecreaseDiscount rate 0.5%-points 4.5% decrease 4.9% increaseSalary growth rate 0.5%-points 0.5% increase 0.4% decreasePension growth rate 0.5%-points 4.2% increase 3.9% decreaseOne year One year increase decrease in assumptionin assumptionLife expectancy 2.9% increase 2.9% decreaseThe aforementioned sensitivity analyses are based on a situation where all other assumptions remain unchanged when one assumption changes. The sensitivity of a defined benefit obligation to changes in significant actuarial assumptions has been calculated using the same method as is used in calculating the pension obligation recognised in the balance sheet. Plan assets are comprised as follows:2022 20222021 2021EUR million%EUR million%Qualifying insurance policies 2.2 6% 1.9 3%Cash and cash equivalents 0.4 21% 0.8 2%Investment funds 2.1 6% 50.4 80%Funds held by Insurance company 32.5 87% 9.7 15%Total 37.3 100% 62.8 100%The most considerable risks related to Defined benefit plans are as follows:Changes in the return on bondsLiabilities arising from the arrangements have been calculated using a dis-count rate based on the return on high-quality corporate bonds. A decline in the discount rate increases the arrangements\u2019 liabilities.Inflation riskThe plan\u2019s benefit obligations are linked to inflation and a higher inflation will lead to increased obligation.Life expectancyThe majority of the arrangement obligations arises from generating lifetime benefits for members, so the expected increase in life expectancy will increase the arrangement obligations.The contribution made to post-employment defined benefit plans is expected to be EUR 1.4 million in 2023. The weighted average duration of the defined benefit obligation is 11.5 years (14.4).",
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"pp-value-37-3": {
"value": "Remuneration paid to the members of the Board of Directors of the parent company and their shareholding2022 2021 2022 2021 Pensions, Defined Pensions, DefinedShareholding Renumeration Renumerationcontributioncontribution sharesEUREUREUREURIlkka H\u00e4m\u00e4l\u00e4, chairman 287,349 114,192 109,360 18,359 16,931Jussi Linnaranta, Vice chairman 29,801 100,080 94,240 17,584 15,996Hannu Anttila 147, 575 81,936 76,600 14,400 13,005Raija-Leena Hankonen-Nybom (from 23 May 2021) 6,956 90,836 77,400 14,620 11,989Erja Hyrsky (from 25 March 2021) 9,456 81,936 71,000 14,400 12,048Mari Kiviniemi (from 24 March 2022) 3,633 75,536 12,143Kirsi Komi (until 24 March 2022) 4,800 76,600 777 11,864Kai Korhonen (until 25 March 2021) 8,000Liisa Leino (until 25 March 2021) 5,600 873Jukka Moisio 12,231 81,136 76,600 13,049 11,864Timo Saukkonen 16,831 81,936 76,600 13,179 11,864Veli Sundb\u00e4ck 74,908 81,936 76,600Total 588,740 794,323 748,600 118,510 106,435Mets\u00e4 Board\u2019s Annual General Meeting 2022 decided, that about one half of the remuneration will be paid in cash while the other half is paid in company\u2019s B shares. The remuneration of the Management Team consists of a fixed monthly salary and remuneration based on short-term and long-term remuneration schemes. The CEO is also covered by a defined benefit pension plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-41-3": {
"value": " \u25a0 3.3 Share-based paymentsAccounting principlesShare-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period. The effect on profit of the incentive programmes is presented under employee costs.During the review period, Mets\u00e4 Board had four active share-based incentive schemes: Share incentive scheme 2014, which company Board of Directors decided to adopt on 6 February 2014, Performance based share incentive scheme 2017\u20132021 of which the company Board of Directors decided to adopt on 10 January 2017 and Performance based share incentive scheme 2020\u20132024 which the company Board of Directors decided to adopt on 12 December 2019, as part of company\u2019s incentive and key personnel retention programme.The effect on consolidated income statement of share-based incentive schemes amounted to EUR 2,817,955 in 2022 (2021: EUR 3,193,961).Share incentive scheme 2014, Performance based share incentive scheme 2017\u20132021 and Performance based share incentive scheme 2020\u20132024The schemes offer the participants the possibility to be awarded Mets\u00e4 Board Corporation\u2019s B shares for achieving set goals for three-year periods. Incentive periods are the calendar years 2014\u20132016, 2015\u20132017, 2016\u20132018, 2017\u20132019, 2018\u20132020, 2019\u20132021, 2020\u20132022, 2021\u20132023 and 2022\u20132024. The bonus awarded under the share incentive scheme 2014 and performance based share incentive plan 2017\u20132021 is determined by achievement of the set goals and paid in March following the incentive period. In addition to shares, the bonus includes a cash com-ponent, which is used to cover taxes and tax-like charges incurred by plan participants due to the bonus. The number of shares allocated under the performance based incentive scheme 2020\u20132024 includes both the share and the cash portion. Accordingly, the reward is paid partly in shares and partly in cash and the cash portion is intended to cover taxes and tax-like payments. The bonus is not paid if the person\u2019s employment ends before the end of the earning period. In addition, the scheme includes a two-year commitment period. If the key employee\u2019s employment ends during the commitment period, the key person must, as a rule, return the delivered shares to the Company free of charge.Based on the fulfillment of the criteria for the earning period 2019\u20132021, 182,280 Mets\u00e4 Board Oyj B shares and a cash contribution were paid to cover taxes and tax-like payments arising from the reward at the time of the transfer of the shares. During the period, 8,707 shares were returned.The company changed the terms of the scheme during 2016 so that for incentive periods 2014\u20132016 and 2015\u20132017 a cap was set for total employee compensation, including the share incentive paid, based on each plan participant\u2019s salary. The part of earned incentive exceeding the cap is deferred and paid in full in cash in coming years when allowed by the cap. Starting from vesting period 2016\u20132018, a salary based cap was set with the effect of cutting the part of share incentive exceeding the cap and resulting in the forfeiture of the excess part of the incentive. During 2022, the last deferred compensations were paid to those entitled.Committing-based share incentive scheme 2020\u20132024The scheme offers key employees in the target group the opportunity to receive Mets\u00e4 Board Corporation\u2019s B-series shares, provided that the par-ticipant\u2019s employment relationship remains in force and continues in force until the end of the restriction period. The scheme has restriction periods of 12 to 36 months. As a rule, rewards are not paid if the participant\u2019s employment relationship ends during the restriction period.Key characteristics of Performance based share incentive scheme 2017\u20132022 are summarised in the table below: Performance based share incentive scheme 2017\u2013202131 Dec 2022 2017\u20132019 2018\u20132020 2019\u20132021 TotalKey characteristicsShares allocated to the scheme, shares 275,278 280,694 555,972Grant date(s) 9.4.2018, 2.4.2019, 25.9.201813.6.2019, 12.8.2019Criteria Equity ratio, Equity ratio, ROCE ja EBITROCE ja EBITPersonnel (31 December 2022) 231)Factors used to determine fair value (EUR) Share price at grant date 8.64 5.82Share fair value at grant date 7.8 4 5.20Annual dividend assumption in fair value measurement 0.27 0.31Share price at payment date / balance sheet date 9.43 8.86Fair value on balance sheet date - 1,885,138 1,885,138Effect on result and financial position (EUR)Expense in 2022, share-based payments settled as equity 467,242 381,372 848,614Share-based payments settled in cash, unpaid part, estimate - - 02)Number of shares 1 January 2022 Outstanding at the beginning of the period 132,229 280,694 412,923Changes during the yearShares granted 0 1,458 1,458Shares forfeited 0 9,124 9,124Shares exercised 132,229 0 132,229Shares expired 0 99,455 99,455Number of shares 31 December 2022Outstanding at the end of the period 0 173,573 173,5731) The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.2) The amounts in the table represent net amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled component used to cover taxes and tax-like charges.Key characteristics of Performance based share incentive scheme 2020\u20132024 are summarised in the table below: Performance based Committing share incentive scheme based share 2020\u20132024incentive plan31 Dec 2022 2020\u20132022 2021\u20132023 2022\u20132024 2022\u20132024 TotalKey characteristicsShares allocated to the scheme, shares 590,788 453,650 437,545 20,838 1,502,821Grant date(s) 27.1.2020, 18.6.2021 27.1.2021, 18.6.2021 31.1.2022, 8.11.2022Criteria Equity ratio, Equity ratio, Equity ratio, ROCE ja EBITROCE ja EBITROCE ja EBITPersonnel (31 December 2022) 291)Factors used to determine fair value (EUR) Share price at grant date 5.46 8.93 9.44 7.74Share fair value at grant date 4.66 8.15 8.21 6.68Annual dividend assumption in fair value measurement 0.27 0.27 0.41 0.53Share price at payment date / balance sheet date 8.77 8.77 8.77 8.77Fair value on balance sheet date 2,518,231 3,455,866 3,501,355 139,198 9,614,650Effect on result and financial position (EUR)Expense in 2022, share-based payments settled as equity 613,037 704,746 635,046 16,512 1,969,340Share-based payments settled in cash, unpaid part, estimate 2,440,615 1,814,267 1,845,466 98,210 6,198,5582)Number of shares 1 January 2022 Outstanding at the beginning of the period 588,566 429,281 0 0 1,017,847Changes during the yearShares granted 5,974 13,648 454,779 20,838 495,239Shares forfeited 30,486 28,949 33,680 0 93,115Shares exercised 0 0 0 0 0Shares expired 0 0 0 0 0Number of shares 31 December 2022Outstanding at the end of the period 564,054 413,980 421,099 20,838 1,419,9711) The fair value of the share settled component at the grant date was the share price of Mets\u00e4 Board Corporation\u2019s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled.2) The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo-nent used to cover taxes and tax-like charges.",
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"pp-value-41-5": {
"value": " \u25a0 3.3 Share-based paymentsAccounting principlesShare-based incentive programmes in which the payments are made with equity instruments and cash have been established for the company\u2019s top executives. The Group\u2019s share-based incentive schemes have been treated in full as arrangements settled in shares. The incentives granted are measured at fair value on the grant date, and recognised as expenses in the income statement and equity evenly over the vesting period. The effect on profit of the incentive programmes is presented under employee costs.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-46-3": {
"value": " \u25a0 3.4 Retirement benefit obligationsAccounting principlesThe Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approximately the same as that of the corresponding pension obligation.Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.Key estimates and judgementsThe determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions, which involves management judgement. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.Post-employment benefitsEUR million 2022 2021Liabilities recognised in balance sheetDefined benefit pension plans 10.3 13.4Defined contribution pension plans 0.1 0.3Total 10.4 13.7Surplus of funded plans in assets -3.4 -12.2Defined benefit pension plansThe most significant defined benefit pension plans are in Germany and United Kingdom.Group\u2019s German defined benefit pension plans grant old-age pensions, disability pensions and family pensions exceeding the statutory pension level to eligible officials and senior management. The retirement age is usu-ally 65 years, and the amount of pension depends on the length of service. Officials and senior management are required to have a service history of 25\u201330 years to receive a full pension. Some of the pension arrangements are closed. The defined benefit plans in Germany are unfunded.The defined benefits plans in United Kingdom guarantee participants of the plan a pension, the amount of which is based on the length of service and the salary in the most recent working years. The arrangement is closed to new members. The UK pension scheme operates under an independent foundation separate from the Group.The Group also has defined benefit plans in Finland, Belgium and Italy. Amounts in balance sheetEUR million 2022 2021Present value of funded obligations 36.3 53.2Fair value of plan assets -37.3 -62.8Deficit (+) / surplus (-) -0.9 -9.6Present value of unfunded obligations 7. 8 10.8Deficit (+) / surplus (-) of defined benefit pension 6.9 1.2plans, totalDefined benefit-based pension liabilities 10.3 13.4on the balance sheet, netDefined benefit-based pension assets -3.4 -12.2on the balance sheet, netDefined benefit pension obligation and plan assets by country in 2022EUR million Germany United Kingdom Finland Other countries TotalPresent value of obligation 7. 1 24.3 9.2 3.5 44.1Fair value of plan assets -27.7 -7. 3 -2.2 -37.3Total 7.1 -3.4 1.9 1.2 6.9Defined benefit pension obligation and plan assets by country in 2021EUR million Germany United Kingdom Finland Other countries TotalPresent value of obligation 9.9 39.0 11.2 3.9 64.0Fair value of plan assets -51.2 -9.7 -1.9 -62.8Total 9.9 -12.2 1.5 2.0 1.2Significant actuarial assumptions 2022Germany United Kingdom Finland BelgiumDiscount rate, % 3.73 4.90 3.72 3.10Salary growth rate, % 3.00 2.60 0.00 1.00Pension growth rate, % 2.00 3.10 2.84 2.30Significant actuarial assumptions 2021Germany United Kingdom Finland BelgiumDiscount rate, % 0.74 1.85 0.82 0.70Salary growth rate, % 3.00 2.80 0.00 1.00Pension growth rate, % 1.75 3.35 2.36 2.00Change in defined benefit pension obligations in 2022Present value of Fair value of EUR millionobligationplan assets Total1 Jan 2022 64.0 -62.8 1.2Current service cost 0.5 0.5Administrative costs Interest expense (+) or interest income (-) 0.9 -1.0 -0.1Past service cost Total amount recognised in profit and loss 1.4 -1.0 0.4Remeasurements in other comprehensive incomeReturn on plan assets, excluding amounts 22.1 22.1included in interest income or expense Gains (-) and losses (+) from change in 0.0 0.0demographic assumptionsGains (-) and losses (+) from change in -15.6 -15.6financial assumptionsExperience gains (-) and losses (+) -0.9 -0.9Total remeasurements in other comprehensive -16.5 22.1 5.7incomeTranslation differences -2.1 2.7 0.6ContributionsEmployers -0.3 -0.3Plan participants 0.0 0.0 0.0Payments from plansBenefit payments -2.7 2.1 -0.6Settlements -0.1 -0.131 Dec 2022 44.1 - 3 7. 3 6.8Change in defined benefit pension obligations in 2021Present value of Fair value of EUR millionobligationplan assets Total1 Jan 2021 70.4 -64.8 5.6Current service cost 0.4 0.4Administrative costs Interest expense (+) or interest income (-) 0.6 -0.6 0.0Past service cost -0.4 -0.4Total amount recognised in profit and loss 0.6 -0.6 0.0Remeasurements in other comprehensive incomeReturn on plan assets, excluding amounts -2.4 -2.4included in interest income or expense Gains (-) and losses (+) from change in -0.1 -0.1demographic assumptionsGains (-) and losses (+) from change in -1.9 -1.9financial assumptionsExperience gains (-) and losses (+) 1.2 1.2Total remeasurements in other comprehensive -0.7 -2.4 -3.1incomeTranslation differences 3.1 -3.6 -0.5ContributionsEmployers -0.3 -0.3Plan participants 0.0 0.0 0.0Payments from plansBenefit payments -8.7 8.1 -0.6Settlements -0.8 0.9 0.131 Dec 2021 64.0 -62.8 1.2Sensitivity of benefit obligation to changes in essential weighted assumptions 2022Impact on benefit obligationChange of assumption Increase DecreaseDiscount rate 0.5%-points 4.5% decrease 4.9% increaseSalary growth rate 0.5%-points 0.5% increase 0.4% decreasePension growth rate 0.5%-points 4.2% increase 3.9% decreaseOne year One year increase decrease in assumptionin assumptionLife expectancy 2.9% increase 2.9% decreaseThe aforementioned sensitivity analyses are based on a situation where all other assumptions remain unchanged when one assumption changes. The sensitivity of a defined benefit obligation to changes in significant actuarial assumptions has been calculated using the same method as is used in calculating the pension obligation recognised in the balance sheet. Plan assets are comprised as follows:2022 20222021 2021EUR million%EUR million%Qualifying insurance policies 2.2 6% 1.9 3%Cash and cash equivalents 0.4 21% 0.8 2%Investment funds 2.1 6% 50.4 80%Funds held by Insurance company 32.5 87% 9.7 15%Total 37.3 100% 62.8 100%The most considerable risks related to Defined benefit plans are as follows:Changes in the return on bondsLiabilities arising from the arrangements have been calculated using a dis-count rate based on the return on high-quality corporate bonds. A decline in the discount rate increases the arrangements\u2019 liabilities.Inflation riskThe plan\u2019s benefit obligations are linked to inflation and a higher inflation will lead to increased obligation.Life expectancyThe majority of the arrangement obligations arises from generating lifetime benefits for members, so the expected increase in life expectancy will increase the arrangement obligations.The contribution made to post-employment defined benefit plans is expected to be EUR 1.4 million in 2023. The weighted average duration of the defined benefit obligation is 11.5 years (14.4).",
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"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-46-4": {
"value": " \u25a0 3.4 Retirement benefit obligationsAccounting principlesThe Group\u2019s arrangements concerning benefits following the termination of employment are either defined benefit pension plans or defined contribution pension plans. A defined contribu-tion plan is a pension arrangement in which fixed contributions are made to a separate unit, and the Group does not have legal or constructive obligations to make additional contributions if the fund has insufficient funds to pay all benefits to all employees in accordance with its obligations in the future. All arrangements that do not meet these requirements are considered to be defined benefit plans. A defined benefit plan defines the pension benefit that the employee will receive upon retiring , the amount of which depends on factors including the employee\u2019s age, years of service and salary level, for example.With defined benefit plans, the current value of the obligations on the end date of the reporting period, less the fair value of the assets included in the arrangement, is recognised on the balance sheet as a liability. The amount of the obligation arising from the plan is based on annual calculations by independent actuaries using the projected unit credit method. The current value of the obligation is determined using the interest rate equalling the interest rate of high-quality bonds issued by the companies as the discount rate for the estimated future cash flows. The bonds used in determining the interest rate have been issued in the same currency as the benefits to be paid, and their maturity is approximately the same as that of the corresponding pension obligation.Actuarial gains and losses from experience verifications and changes in actuarial assumptions are recognised through items of other comprehensive income as a reimbursement or charge in equity for the period during which they have been incurred. Past service costs are recognised immediately through profit and loss.Apart from contributions related to pension insurance, the Group does not have any other payment obligations in defined contribu-tion plans. Obligation-based payments are allocated as expenses in accordance with accrual accounting.Key estimates and judgementsThe determination of the current value of pension obligations arising from defined benefit plans and the items to be recognised as expenses during the financial period is based on the use of actuarial assumptions, which involves management judgement. The assumptions include, among other things, the discount rate, the assumed increase in the salary level and the assumed life expectancy. The actuarial assumptions used may differ significantly from the actual results, due to changes in economic conditions or the employment relationships of the people covered by the arrangements. Significant differences between the assumptions and actual results may affect the amount of the pension obligation and the value of items to be recognised as expenses.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-53-3": {
"value": " \u25a0 4.1 Intangible assetsGoodwillGoodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": " \u25a0 4.1 Intangible assetsGoodwillGoodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.Other intangible assetsIntangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method.The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset. Research and development costsResearch costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate financial benefits and the costs can be measured reliably. Mets\u00e4 Board has not capitalised development costs.Computer softwareCosts arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Maintenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.Patents, licences and trademarksThe cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.Emission allowancesThe Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acqui-sition cost of emission allowances received without consideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income. If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-5": {
"value": " \u25a0 4.1 Intangible assetsOther intangible assetsIntangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method.The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset. Patents, licences and trademarksThe cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-6": {
"value": " \u25a0 4.1 Intangible assetsResearch and development costsResearch costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate financial benefits and the costs can be measured reliably. Mets\u00e4 Board has not capitalised development costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-7": {
"value": " \u25a0 4.1 Intangible assetsComputer softwareCosts arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Maintenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-2": {
"value": "GoodwillGoodwill arising from the merging of business operations is recognised as the amount by which the sum of the consideration paid, the non-controlling interests\u2019 share in the object of the acquisition and the previous holding exceed the fair value of the acquired net assets.Goodwill is not amortised. Instead, it is tested for impairment annually and always when there is an indication of a decrease in value. Goodwill is therefore allocated to cash-generating units for impairment testing. Goodwill is recognised at original acquisition cost less accumulated impairment losses.Other intangible assetsIntangible assets are initially recognised at their original acqui-sition cost on the balance sheet if the acquisition cost can be determined reliably and it is probable that the expected financial benefit from the asset will be to the benefit of the Group.Intangible assets with limited useful lives are recognised as expenses over their known or estimated useful lives, using the straight-line depreciation method.The residual value of an asset, the useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset. Research and development costsResearch costs are recognised as expenses at the time they are incurred. Development costs are capitalised and amortised over their useful lives if the research project is likely to generate financial benefits and the costs can be measured reliably. Mets\u00e4 Board has not capitalised development costs.Computer softwareCosts arising from developing and building of significant new computer software are recognised as intangible assets on the balance sheet and depreciated on a straight-line basis over its estimated useful life, which is not to exceed seven years. Maintenance and operating costs related to computer software are recorded as expenses in the reporting period during which they have been incurred.Configuration and customisation costs in the deployment of cloud services are recognised as expenses if they do not result in intangible assets. If the services received by the group are sep-arable, the costs are recognised as expenses when the supplier modifies the application. If the services received by the group are not separable, the costs are recognised as expenses when the supplier provides access to the application during the term of the agreement.Patents, licences and trademarksThe cost of patents, licences and trademarks with finite useful lives are capitalised on the balance sheet under intangible assets and depreciated on a straight-line basis over their useful lives of 5\u201310 years.Other intangible Construction EUR million Goodwillassetsin progress TotalAcquisition cost, 1 Jan 2022 12.4 124.2 1.0 137.6Translation differences -0.5 -0.5Increases 0.9 0.1 1.1Acquired business 1.3 1.3Decreases -25.1 - 67.8 -92.9Transfers between asset categories 1.0 -1.0 Acquisition cost, 31 Dec 2022 -12.8 59.2 0.1 46.6Accumulated amortisation and impairment charges, 1 Jan 2022 -119.1 -119.1Translation differences 0.4 0.4Accumulated amortisation on decreases and transfers 25.0 66.4 91.4Amortisation for the period -1.2 -1.2Impairment charges for the periodAccumulated amortisation and impairment charges, 31 Dec 2022 25.0 -53.4 -28.5Book value, 1 Jan 2022 12.4 5.1 1.0 18.5Book value, 31 Dec 2022 12.2 5.8 0.1 18.1Other intangible Construction in EUR million Goodwillassetsprogress TotalAcquisition cost, 1 Jan 2021 12.4 123.4 0.6 136.4Translation differences -0.1 -0.1Increases 0.5 1.0 1.5Decreases -0.2 -0.2Transfers between asset categories 0.6 -0.6 Acquisition cost, 31 Dec 2021 12.4 124.2 1.0 137. 6Accumulated amortisation and impairment charges, 1 Jan 2021 -1 1 7.4 -1 1 7.4Translation differences 0.1 0.1Accumulated amortisation on decreases and transfers 0.2 0.2Amortisation for the period -2.0 -2.0Accumulated amortisation and impairment charges, 31 Dec 2021 -119.1 -119.1Book value, 1 Jan 2021 12.4 6.1 0.6 19.1Book value, 31 Dec 2021 12.4 5.1 1.0 18.5Other intangible assets include among other things computer software, patents and licenses. Mets\u00e4 Board has not capitalised development expenditure. Acquired businesses in 2022 include the intangible assets of H\u00e4meenkyr\u00f6n Voima Oy. Further information is available in Note 7.2.Emission allowancesThe Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acqui-sition cost of emission allowances received without consideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income. If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.In 2022 the Group received 597 thousand tonnes of emission allowances free of charge (501). In addition the Group has sold 554 thousand tonnes to the market (310). At balance closing date the group had emission allowances of 1,000 thousand tonnes (1,011). At the end of 2021, it also had 47 thousand tonnes of free allowances for 2021, which had not yet been entered in the emissions trading register on 31 December 2021 due to a delay in the allocation. Emissions during the reporting period fell below the amount of emission allowances received free of charge and consequently emissions during the year did not have an impact on income statement or balance sheet.In 2022, capital gains from the sale of emission allowances recognised in other operating income totalled EUR 29.0 million (21.3). On the balance sheet date, the fair market value of an emission right was EUR 80.76 per tonne (79.61) and total value of owned rights EUR 80.8 million (84.2). Impairment testing 2022Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.The group did not recognise impairments based impairment testing in 2022. In the testing carried out in 2022, a somewhat potential change in any individual key assumption would not lead to the recognition of an impairment. The group\u2019s key impairment testing and key assumptions in the situation on 30 September 2022: Discount rate Discount rate Long-term Long-term GoodwillBrandafter taxes on 30 after taxes on 30 growth rate on 30 growth rate on 30 Cash-generating unitEUR millionEUR millionSeptember 2022September 2021September 2022September 2021Paperboard industry1)Folding boxboard 29.1 2.5 7.21% 5.78% 2.0% 2.0%1)Liner 28.3 3.0 7.21% 5.78% 2.0% 2.0%1)Market pulp 7.21% 5.78% 2.0% 2.0%1) Mets\u00e4 Board\u2019s share of Mets\u00e4 Fibre\u2019s recoverable cash flow, the book value and the goodwill included in the balance sheet item \u201cInvestments in associates and joint ventures\u201d (45.2 millionEUR) and other intangible assets with unlimited economic life (EUR 5.6 million), are allocated to cash flow generating units in proportion to their pulp purchases.The recoverable amounts of the cash-generating units being tested are based on five-year forecasts and the resulting, steadily growing cash flows. The initial value used for the key assumptions of the cash flows \u2013 prices and variable costs \u2013 after the forecast period is the average of the five-year forecast period. The value used for delivery volumes and fixed costs is the value of the forecast period\u2019s fifth year. The key testing assumptions are management estimates and forecasts obtained from external sources of information.The discount rate used is the weighted average cost of capital (WACC). When calculating the WACC, the cost of debt takes into account the mar-ket-based view of the credit risk premium.Impairment testingDepreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.Cash-generating units are reporting segments or smaller units for which a utility value can be defined.The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evaluated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to determine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any circumstances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "Other intangible Construction EUR million Goodwillassetsin progress TotalAcquisition cost, 1 Jan 2022 12.4 124.2 1.0 137.6Translation differences -0.5 -0.5Increases 0.9 0.1 1.1Acquired business 1.3 1.3Decreases -25.1 - 67.8 -92.9Transfers between asset categories 1.0 -1.0 Acquisition cost, 31 Dec 2022 -12.8 59.2 0.1 46.6Accumulated amortisation and impairment charges, 1 Jan 2022 -119.1 -119.1Translation differences 0.4 0.4Accumulated amortisation on decreases and transfers 25.0 66.4 91.4Amortisation for the period -1.2 -1.2Impairment charges for the periodAccumulated amortisation and impairment charges, 31 Dec 2022 25.0 -53.4 -28.5Book value, 1 Jan 2022 12.4 5.1 1.0 18.5Book value, 31 Dec 2022 12.2 5.8 0.1 18.1Other intangible Construction in EUR million Goodwillassetsprogress TotalAcquisition cost, 1 Jan 2021 12.4 123.4 0.6 136.4Translation differences -0.1 -0.1Increases 0.5 1.0 1.5Decreases -0.2 -0.2Transfers between asset categories 0.6 -0.6 Acquisition cost, 31 Dec 2021 12.4 124.2 1.0 137. 6Accumulated amortisation and impairment charges, 1 Jan 2021 -1 1 7.4 -1 1 7.4Translation differences 0.1 0.1Accumulated amortisation on decreases and transfers 0.2 0.2Amortisation for the period -2.0 -2.0Accumulated amortisation and impairment charges, 31 Dec 2021 -119.1 -119.1Book value, 1 Jan 2021 12.4 6.1 0.6 19.1Book value, 31 Dec 2021 12.4 5.1 1.0 18.5Other intangible assets include among other things computer software, patents and licenses. Mets\u00e4 Board has not capitalised development expenditure. Acquired businesses in 2022 include the intangible assets of H\u00e4meenkyr\u00f6n Voima Oy. Further information is available in Note 7.2.In 2022 the Group received 597 thousand tonnes of emission allowances free of charge (501). In addition the Group has sold 554 thousand tonnes to the market (310). At balance closing date the group had emission allowances of 1,000 thousand tonnes (1,011). At the end of 2021, it also had 47 thousand tonnes of free allowances for 2021, which had not yet been entered in the emissions trading register on 31 December 2021 due to a delay in the allocation. Emissions during the reporting period fell below the amount of emission allowances received free of charge and consequently emissions during the year did not have an impact on income statement or balance sheet.In 2022, capital gains from the sale of emission allowances recognised in other operating income totalled EUR 29.0 million (21.3). On the balance sheet date, the fair market value of an emission right was EUR 80.76 per tonne (79.61) and total value of owned rights EUR 80.8 million (84.2). Impairment testing 2022Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.The group did not recognise impairments based impairment testing in 2022. In the testing carried out in 2022, a somewhat potential change in any individual key assumption would not lead to the recognition of an impairment. The group\u2019s key impairment testing and key assumptions in the situation on 30 September 2022: Discount rate Discount rate Long-term Long-term GoodwillBrandafter taxes on 30 after taxes on 30 growth rate on 30 growth rate on 30 Cash-generating unitEUR millionEUR millionSeptember 2022September 2021September 2022September 2021Paperboard industry1)Folding boxboard 29.1 2.5 7.21% 5.78% 2.0% 2.0%1)Liner 28.3 3.0 7.21% 5.78% 2.0% 2.0%1)Market pulp 7.21% 5.78% 2.0% 2.0%1) Mets\u00e4 Board\u2019s share of Mets\u00e4 Fibre\u2019s recoverable cash flow, the book value and the goodwill included in the balance sheet item \u201cInvestments in associates and joint ventures\u201d (45.2 millionEUR) and other intangible assets with unlimited economic life (EUR 5.6 million), are allocated to cash flow generating units in proportion to their pulp purchases.The recoverable amounts of the cash-generating units being tested are based on five-year forecasts and the resulting, steadily growing cash flows. The initial value used for the key assumptions of the cash flows \u2013 prices and variable costs \u2013 after the forecast period is the average of the five-year forecast period. The value used for delivery volumes and fixed costs is the value of the forecast period\u2019s fifth year. The key testing assumptions are management estimates and forecasts obtained from external sources of information.The discount rate used is the weighted average cost of capital (WACC). When calculating the WACC, the cost of debt takes into account the mar-ket-based view of the credit risk premium.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-5": {
"value": "Emission allowancesThe Group has received emission allowances in accordance with the European Union Emissions Trading System. Allowances are treated as intangible assets and are measured at acquisition cost. The acqui-sition cost of emission allowances received without consideration is zero. Emission allowances are used simultaneously with the carbon dioxide emissions generated during their validity period. Earnings from emission allowances sold are recognised in other operating income. If the emission allowances received without consideration are not sufficient to cover the amount of the actual emissions, the Group purchases additional allowances from the market.The allowances purchased are recognised in intangible rights at the fair value on the acquisition date. The provision to fulfil the obligation to return the emission allowances is recognised at fair value on the closing date of the reporting period if the emission allowances received without consideration and purchased are not sufficient to cover the amount of the actual emissions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "Impairment testingDepreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.Cash-generating units are reporting segments or smaller units for which a utility value can be defined.The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evaluated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to determine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any circumstances.Key estimates and judgementsFuture cash flowsThe recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the product price developments, delivery vol-umes, the development of costs related to key raw material costs and other costs, as well as the discount rate and long-term growth rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-5": {
"value": "Impairment testingDepreciation is not recognised for assets with indefinite useful lives. Instead, such assets are tested for impairment annually. Assets that are subject to depreciation are always tested for impairment when events or changes in conditions indicate that it is possible that the monetary amount corresponding to the book value of the assets might not be recoverable.Cash-generating units are reporting segments or smaller units for which a utility value can be defined.The recoverable amount is the higher of the fair value of an asset less the cost of sale, and its value in use. Value in use is the estimated future net cash flows, discounted to their present value, expected to be derived from said asset or cash-generating unit.An impairment loss is recognised if the carrying amount of the asset is higher than its recoverable amount. If the impairment loss concerns a cash-generating unit, it is first allocated to decrease the goodwill of the cash-generating unit, and thereafter to decrease the other assets of the unit on pro-rata basis. In connection with the recognition of the impairment loss, the useful life of the depreciated asset is re-evaluated. An impairment loss recognised for an asset other than goodwill is reversed if a change has taken place in the estimates used to determine the recoverable amount of the asset. However, the maximum reversal of an impairment loss amounts to no more than the carrying amount of the asset if no impairment loss had been recognised. An impairment loss recognised on goodwill is not reversed under any circumstances.Key estimates and judgementsFuture cash flowsThe recoverable amounts of cash-generating units are based on calculations of value in use. The management\u2019s key estimates in the calculations concern the product price developments, delivery vol-umes, the development of costs related to key raw material costs and other costs, as well as the discount rate and long-term growth rate.When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months. The impacts of the corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-4": {
"value": "Impairment testing 2022Mets\u00e4 Board carries out impairment testing once a year, during the fourth quarter, based on the situation on 30 September, or more frequently if signs of a possible impairment are detected.The group did not recognise impairments based impairment testing in 2022. In the testing carried out in 2022, a somewhat potential change in any individual key assumption would not lead to the recognition of an impairment. The group\u2019s key impairment testing and key assumptions in the situation on 30 September 2022: Discount rate Discount rate Long-term Long-term GoodwillBrandafter taxes on 30 after taxes on 30 growth rate on 30 growth rate on 30 Cash-generating unitEUR millionEUR millionSeptember 2022September 2021September 2022September 2021Paperboard industry1)Folding boxboard 29.1 2.5 7.21% 5.78% 2.0% 2.0%1)Liner 28.3 3.0 7.21% 5.78% 2.0% 2.0%1)Market pulp 7.21% 5.78% 2.0% 2.0%1) Mets\u00e4 Board\u2019s share of Mets\u00e4 Fibre\u2019s recoverable cash flow, the book value and the goodwill included in the balance sheet item \u201cInvestments in associates and joint ventures\u201d (45.2 millionEUR) and other intangible assets with unlimited economic life (EUR 5.6 million), are allocated to cash flow generating units in proportion to their pulp purchases.The recoverable amounts of the cash-generating units being tested are based on five-year forecasts and the resulting, steadily growing cash flows. The initial value used for the key assumptions of the cash flows \u2013 prices and variable costs \u2013 after the forecast period is the average of the five-year forecast period. The value used for delivery volumes and fixed costs is the value of the forecast period\u2019s fifth year. The key testing assumptions are management estimates and forecasts obtained from external sources of information.The discount rate used is the weighted average cost of capital (WACC). When calculating the WACC, the cost of debt takes into account the mar-ket-based view of the credit risk premium.ImpairmentsYear 2022 Impairments in 2022 include EUR 0.3 million of impairments related to the discontinuation of Russian business operations and EUR 0.7 million related to the restructuring of customer service and supply chain management. Year 2021 Mets\u00e4 Board invests its folding boxboard capacity at Husum in Sweden. When the investment is completed, some of the board mill\u2019s machinery and equipment will be taken out of service. In 2021 there were an impairment loss of EUR 4.6 million recognised in the assets that will be taken out of service.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-5": {
"value": "Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.Estimated useful livesBuildings and constructions 20\u201340 yearsMachinery and equipmentHeavy power plant machinery 20\u201340 yearsOther heavy machinery 15\u201320 yearsLightweight machinery and equipment 5\u201315 years Other tangible assets 5\u201320 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-5": {
"value": "Key estimates and judgmentsEstimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement.Accounting principlesProperty, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses.The acquisition cost includes costs that are directly incurred in the acquisition of an item of property, plant or equipment. Qualifying external borrowing costs resulting directly from the acquisition, con-struction or manufacture of an item of property, plant or equipment are capitalised as part of the acquisition cost of property, plant and equipment.If a piece of property, plant or equipment consists of several components with differing useful lives, each component is handled as a separate item. In that case, the expenses related to replacing the component are capitalised, and any book value remaining at the time of replacement is derecognised on the balance sheet.Spare parts, spare equipment and maintenance supplies are recog-nised in property, plant and equipment when they fulfill the criteria for recognition of property, plant and equipment. Otherwise, such commodities are classified as inventories.Significant investments in refurbishments and improvements are capitalised on the balance sheet and depreciated over the remaining useful life of the main asset related to such investments. Repair and maintenance costs are recognised as expenses when they are incurred.The residual value of an asset, the financial useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.Gains and losses arising from the sale and decommissioning of items of property, plant and equipment are recognised in other operating income and expenses. Sales gains or losses are calculated as the difference between the sales price and the remaining acquisition cost.Government grants related to the acquisition of assets are presented as adjustments of the acquisition cost on the balance sheet and recognised as income in the form of lower depreciation during the useful life of the asset.Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.Estimated useful livesBuildings and constructions 20\u201340 yearsMachinery and equipmentHeavy power plant machinery 20\u201340 yearsOther heavy machinery 15\u201320 yearsLightweight machinery and equipment 5\u201315 years Other tangible assets 5\u201320 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-3": {
"value": "LeasesWhen determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time subsequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 2.0 million have not been included in the lease liability because the extension of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment. LeasesThe Group has leased various land areas, properties, equipment and vehicles. When the leased asset is available for the Group\u2019s use, A fixed asset item and a corresponding liability of the lease is recognised. Paid rents are divided into liabilities and finance costs. The finance cost is included in profit or loss over the lease term in such a way that the interest rate of the remaining debt balance is the same during each period. The leased fixed asset is subject to straight-line depreciations over the asset\u2019s economic life or the lease term, depending on which of them is shorter.Assets and liabilities arising from leases are initially measured at the present value. Lease liabilities include fixed payments, less any lease incentives receivable; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incre-mental borrowing rate. The leased fixed assets are measured at cost, which includes the amount of the initial measurement of the lease lia-bility; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred; and any costs incurred by restoring the site on which it is located.Some of the leases include options to extend or terminate, which are largely available only for the Group, not the lessor.Payments related to short-term leases or leases where the value of the underlying asset is low are recognised as costs on a straight-line basis. A lease with a lease term of 12 months or less is considered a short-term lease. Assets of a low value include mainly ICT and office equipment.Key estimates and judgmentsEstimates concerning the residual value and useful life of property, plant and equipment, as well as the selection of the depreciation method, require significant management judgement.Accounting principlesProperty, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses.The acquisition cost includes costs that are directly incurred in the acquisition of an item of property, plant or equipment. Qualifying external borrowing costs resulting directly from the acquisition, con-struction or manufacture of an item of property, plant or equipment are capitalised as part of the acquisition cost of property, plant and equipment.If a piece of property, plant or equipment consists of several components with differing useful lives, each component is handled as a separate item. In that case, the expenses related to replacing the component are capitalised, and any book value remaining at the time of replacement is derecognised on the balance sheet.Spare parts, spare equipment and maintenance supplies are recog-nised in property, plant and equipment when they fulfill the criteria for recognition of property, plant and equipment. Otherwise, such commodities are classified as inventories.Significant investments in refurbishments and improvements are capitalised on the balance sheet and depreciated over the remaining useful life of the main asset related to such investments. Repair and maintenance costs are recognised as expenses when they are incurred.The residual value of an asset, the financial useful life and depreciation method are reviewed at least annually, at the end of each financial period, and adjustments are made when necessary to reflect changes in the expected financial benefit of the asset.Gains and losses arising from the sale and decommissioning of items of property, plant and equipment are recognised in other operating income and expenses. Sales gains or losses are calculated as the difference between the sales price and the remaining acquisition cost.Government grants related to the acquisition of assets are presented as adjustments of the acquisition cost on the balance sheet and recognised as income in the form of lower depreciation during the useful life of the asset.Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives. Depreciation is not recognised for owned land and water.Estimated useful livesBuildings and constructions 20\u201340 yearsMachinery and equipmentHeavy power plant machinery 20\u201340 yearsOther heavy machinery 15\u201320 yearsLightweight machinery and equipment 5\u201315 years Other tangible assets 5\u201320 years \u25a0 4.2 Tangible assetsLand and water areas Buildings and constructions Machinery and equipmentEUR million Owned Leased Owned Leased Owned LeasedAcquisition cost, 1 Jan. 2022 15.7 2.0 401.2 10.2 2,563.2 15.7Translation differences -0.1 -12.5 0.0 -113.1 -0.6Additions 0.0 0.7 72.1 3.3 68.7 4.1Acquired business 6.6 5.0 18.0Decrease -3.2 -0.2 2.1 -1.3 8.9 -19.6Transfers between items 0.0 3.0 249.7 Acquisition cost, 31 Dec. 2022 12.4 2.4 472.4 12.2 2,782.3 17. 5Accumulated depreciation and impairment charges 1 Jan. 2022 -0.5 -0.5 -280.0 -5.4 -2,093.5 -6.2Translation differences 0.0 7.5 -0.1 82.6 0.2Accumulated depreciation on deductions and transfers -0.6 1.4 11.1 2.1Depreciation for the period -0.2 -8.5 -3.4 -63.5 -4.4Impairments -0.8 -0.1 0.0Accumulated depreciation and impairment charges 31 Dec. 2022 -0.4 -0.7 -281.7 -8.4 -2,063.3 -8.3 Book value, 1 Jan. 2022 15.2 1.4 121.3 4.8 469.7 9.5Book value, 31 Dec. 2022 12.0 1.7 190.7 3.9 719.0 9.2Other tangible Construction in assetsprogress Total TotalEUR million Owned Owned Owned Leased TotalAcquisition cost, 1 Jan. 2022 23.0 306.1 3,309.2 27.8 3,337.0Translation differences -0.7 -15.0 -141.3 -0.6 -141.9Additions 1.4 121.9 264.1 8.1 272.2Acquired business 0.1 11.6 18.0 29.6Decrease -1.3 3.3 9.8 -21.1 -11.3Transfers between items 0.4 -253.1 Acquisition cost, 31 Dec. 2022 23.0 163.2 3,453.3 32.1 3,485.5Accumulated depreciation and impairment charges 1 Jan. 2022 -15.9 -2,389.8 -12.1 -2,401.9Translation differences 0.6 90.8 0.1 90.9Accumulated depreciation on deduction and transfers 1.3 11.8 3.5 15.3Depreciation for the period -0.8 -72.9 -8.0 -80.9Impairments -0.1 -0.9 -0.9Accumulated depreciation and impairment charges 31 Dec. 2022 -14.8 -2,360.2 -17.4 -2,377.6Book value, 1 Jan. 2022 7.2 306.1 919.4 15.7 935.0Book value, 31 Dec. 2022 8.2 163.2 1,093.2 14.7 1,107.9Acquired businesses include the tangible assets of H\u00e4meenkyr\u00f6n Voima Oy. More information on the acquired businesses can be found in note 7.2. LeasesEUR million 2022 2021Costs related to short-term leases 0.8 1.1Costs of leases in which the underlying asset is of low 1.5 3.9valueInterest expenses 0.5 0.5Cash outflow for leases 25.6 7.6Disclosures on lease liabilities are presented in Note 5.5 (Financial liabilities) and 5.6 (Management of financial risks) and disclosures on lease obligations in Note 8.1 (Commitments and contingencies).Land and water areas Buildings and constructions Machinery and equipmentEUR million Owned Leased Owned Leased Owned LeasedAcquisition cost, 1 Jan. 2021 1 7.0 2.3 410.7 10.8 2,557.8 21.9Translation differences 0.0 -2.6 0.2 -27.2 -0.2Additions 0.0 0.3 1.6 1.4 40.5 2.5Decrease -1.8 -0.6 -11.5 -2.1 - 27.7 -8.5Transfers between items 0.5 3.0 19.7 Acquisition cost, 31 Dec. 2021 15.7 2.0 401.2 10.2 2,563.2 15.7Accumulated depreciation and impairment charges 1 Jan. 2021 -0.5 -0.2 -282.1 -4.8 -2,066.3 -9.7Translation differences 0.0 2.0 -0.1 22.0 0.1Accumulated depreciation on deductions and transfers 0.1 0.6 1.5 7.7 8.5Assets held for sale -0.1 7. 3 15.1 Depreciation for the period -0.3 -7. 9 -2.0 - 67.4 -5.0ImpairmentsAccumulated depreciation and impairment charges 31 Dec. 2021 -0.5 -0.5 -280.0 -5.4 -2,093.5 -6.2 Book value, 1 Jan. 2021 16.5 2.1 128.7 6.0 491.4 12.2Book value, 31 Dec. 2021 15.2 1.4 121.3 4.8 469.7 9.5Other tangible Construction in assetsprogress Total TotalEUR million Owned Owned Owned Leased TotalAcquisition cost, 1 Jan. 2021 24.8 158.4 3,168.7 35.0 3,203.7Translation differences -0.2 -4.5 -34.5 0.0 -34.5Additions 0.4 172.2 214.6 4.1 218.7Decrease -0.4 1.6 -39.7 -11.2 -50.9Transfers between items -1.6 -21.7 Acquisition cost, 31 Dec. 2021 23.0 306.1 3,309.2 27.8 3,337.0Accumulated depreciation and impairment charges 1 Jan. 2021 -15.4 -2,364.3 -14.7 -2,379.0Translation differences 0.2 24.2 0.0 24.2Accumulated depreciation on deduction and transfers 8.4 10.1 18.4Assets held for sale 0.3 22.7 -0.1 22.6Depreciation for the period -0.9 -76.2 -7.4 -83.6Impairments -4.6 -4.6Accumulated depreciation and impairment charges 31 Dec. 2021 -15.9 -2,389.8 -12.2 -2,401.9Book value, 1 Jan. 2021 9.4 158.4 804.4 20.2 824.7Book value, 31 Dec. 2021 7. 2 306.1 919.4 15.6 935.0 Assets held for sale include Oy Hang\u00f6 Stevedoring Ab\u2019s assets. ImpairmentsYear 2022 Impairments in 2022 include EUR 0.3 million of impairments related to the discontinuation of Russian business operations and EUR 0.7 million related to the restructuring of customer service and supply chain management. Year 2021 Mets\u00e4 Board invests its folding boxboard capacity at Husum in Sweden. When the investment is completed, some of the board mill\u2019s machinery and equipment will be taken out of service. In 2021 there were an impairment loss of EUR 4.6 million recognised in the assets that will be taken out of service.Borrowing costsBorrowing costs capitalised in 2022 totalled to EUR 8.3 million (4.0). The average interest rate used in capitalisation was 2.2% (2.1%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-5": {
"value": "LeasesWhen determining the lease term, the management accounts for all relevant facts and circumstances that create an economic incentive to exercise the option to extend the lease, or not to exercise the option to terminate the lease. Options to extend the lease (or the time subsequent to an option to terminate) are accounted for in the lease term only if the extension of the lease (or the decision not to terminate the lease) is reasonably certain. The possible future cash flows of EUR 2.0 million have not been included in the lease liability because the extension of the lease (or the decision not to terminate it) is not reasonably certain. The Group will conduct a reassessment upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee and affects the assessment. LeasesThe Group has leased various land areas, properties, equipment and vehicles. When the leased asset is available for the Group\u2019s use, A fixed asset item and a corresponding liability of the lease is recognised. Paid rents are divided into liabilities and finance costs. The finance cost is included in profit or loss over the lease term in such a way that the interest rate of the remaining debt balance is the same during each period. The leased fixed asset is subject to straight-line depreciations over the asset\u2019s economic life or the lease term, depending on which of them is shorter.Assets and liabilities arising from leases are initially measured at the present value. Lease liabilities include fixed payments, less any lease incentives receivable; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incre-mental borrowing rate. The leased fixed assets are measured at cost, which includes the amount of the initial measurement of the lease lia-bility; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred; and any costs incurred by restoring the site on which it is located.Some of the leases include options to extend or terminate, which are largely available only for the Group, not the lessor.Payments related to short-term leases or leases where the value of the underlying asset is low are recognised as costs on a straight-line basis. A lease with a lease term of 12 months or less is considered a short-term lease. Assets of a low value include mainly ICT and office equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-3": {
"value": "Land and water areas Buildings and constructions Machinery and equipmentEUR million Owned Leased Owned Leased Owned LeasedAcquisition cost, 1 Jan. 2022 15.7 2.0 401.2 10.2 2,563.2 15.7Translation differences -0.1 -12.5 0.0 -113.1 -0.6Additions 0.0 0.7 72.1 3.3 68.7 4.1Acquired business 6.6 5.0 18.0Decrease -3.2 -0.2 2.1 -1.3 8.9 -19.6Transfers between items 0.0 3.0 249.7 Acquisition cost, 31 Dec. 2022 12.4 2.4 472.4 12.2 2,782.3 17. 5Accumulated depreciation and impairment charges 1 Jan. 2022 -0.5 -0.5 -280.0 -5.4 -2,093.5 -6.2Translation differences 0.0 7.5 -0.1 82.6 0.2Accumulated depreciation on deductions and transfers -0.6 1.4 11.1 2.1Depreciation for the period -0.2 -8.5 -3.4 -63.5 -4.4Impairments -0.8 -0.1 0.0Accumulated depreciation and impairment charges 31 Dec. 2022 -0.4 -0.7 -281.7 -8.4 -2,063.3 -8.3 Book value, 1 Jan. 2022 15.2 1.4 121.3 4.8 469.7 9.5Book value, 31 Dec. 2022 12.0 1.7 190.7 3.9 719.0 9.2Other tangible Construction in assetsprogress Total TotalEUR million Owned Owned Owned Leased TotalAcquisition cost, 1 Jan. 2022 23.0 306.1 3,309.2 27.8 3,337.0Translation differences -0.7 -15.0 -141.3 -0.6 -141.9Additions 1.4 121.9 264.1 8.1 272.2Acquired business 0.1 11.6 18.0 29.6Decrease -1.3 3.3 9.8 -21.1 -11.3Transfers between items 0.4 -253.1 Acquisition cost, 31 Dec. 2022 23.0 163.2 3,453.3 32.1 3,485.5Accumulated depreciation and impairment charges 1 Jan. 2022 -15.9 -2,389.8 -12.1 -2,401.9Translation differences 0.6 90.8 0.1 90.9Accumulated depreciation on deduction and transfers 1.3 11.8 3.5 15.3Depreciation for the period -0.8 -72.9 -8.0 -80.9Impairments -0.1 -0.9 -0.9Accumulated depreciation and impairment charges 31 Dec. 2022 -14.8 -2,360.2 -17.4 -2,377.6Book value, 1 Jan. 2022 7.2 306.1 919.4 15.7 935.0Book value, 31 Dec. 2022 8.2 163.2 1,093.2 14.7 1,107.9Acquired businesses include the tangible assets of H\u00e4meenkyr\u00f6n Voima Oy. More information on the acquired businesses can be found in note 7.2. LeasesEUR million 2022 2021Costs related to short-term leases 0.8 1.1Costs of leases in which the underlying asset is of low 1.5 3.9valueInterest expenses 0.5 0.5Cash outflow for leases 25.6 7.6Disclosures on lease liabilities are presented in Note 5.5 (Financial liabilities) and 5.6 (Management of financial risks) and disclosures on lease obligations in Note 8.1 (Commitments and contingencies).Land and water areas Buildings and constructions Machinery and equipmentEUR million Owned Leased Owned Leased Owned LeasedAcquisition cost, 1 Jan. 2021 1 7.0 2.3 410.7 10.8 2,557.8 21.9Translation differences 0.0 -2.6 0.2 -27.2 -0.2Additions 0.0 0.3 1.6 1.4 40.5 2.5Decrease -1.8 -0.6 -11.5 -2.1 - 27.7 -8.5Transfers between items 0.5 3.0 19.7 Acquisition cost, 31 Dec. 2021 15.7 2.0 401.2 10.2 2,563.2 15.7Accumulated depreciation and impairment charges 1 Jan. 2021 -0.5 -0.2 -282.1 -4.8 -2,066.3 -9.7Translation differences 0.0 2.0 -0.1 22.0 0.1Accumulated depreciation on deductions and transfers 0.1 0.6 1.5 7.7 8.5Assets held for sale -0.1 7. 3 15.1 Depreciation for the period -0.3 -7. 9 -2.0 - 67.4 -5.0ImpairmentsAccumulated depreciation and impairment charges 31 Dec. 2021 -0.5 -0.5 -280.0 -5.4 -2,093.5 -6.2 Book value, 1 Jan. 2021 16.5 2.1 128.7 6.0 491.4 12.2Book value, 31 Dec. 2021 15.2 1.4 121.3 4.8 469.7 9.5Other tangible Construction in assetsprogress Total TotalEUR million Owned Owned Owned Leased TotalAcquisition cost, 1 Jan. 2021 24.8 158.4 3,168.7 35.0 3,203.7Translation differences -0.2 -4.5 -34.5 0.0 -34.5Additions 0.4 172.2 214.6 4.1 218.7Decrease -0.4 1.6 -39.7 -11.2 -50.9Transfers between items -1.6 -21.7 Acquisition cost, 31 Dec. 2021 23.0 306.1 3,309.2 27.8 3,337.0Accumulated depreciation and impairment charges 1 Jan. 2021 -15.4 -2,364.3 -14.7 -2,379.0Translation differences 0.2 24.2 0.0 24.2Accumulated depreciation on deduction and transfers 8.4 10.1 18.4Assets held for sale 0.3 22.7 -0.1 22.6Depreciation for the period -0.9 -76.2 -7.4 -83.6Impairments -4.6 -4.6Accumulated depreciation and impairment charges 31 Dec. 2021 -15.9 -2,389.8 -12.2 -2,401.9Book value, 1 Jan. 2021 9.4 158.4 804.4 20.2 824.7Book value, 31 Dec. 2021 7. 2 306.1 919.4 15.6 935.0 Assets held for sale include Oy Hang\u00f6 Stevedoring Ab\u2019s assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-6": {
"value": "Key estimates and judgementsFair value measurementThe application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj. The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first eight years. Subsequent prices are based on a long-term market price forecast. The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 344.1 million on the balance sheet on 31 December 2022. The carrying value of other investments is estimated to change by EUR -12.3 million and EUR 13.0 million should the rate used for dis-counting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 71.5 million should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management. Accounting principlesFinancial assets and liabilities measured at fair value have been categorised as follows:Level 1 Fair value is based on quoted prices in active markets.Level 2 Fair value is determined by using valuation techniques that use observable price information from market.Level 3 Fair value are not based on observa-ble market data, but on company\u2019s own assumptions. The fair value measurement of financial assets at fair value recognised under other items of comprehensive income is described in Note 4.3.The fair values of electricity, natural gas and fuel oil derivatives are determined by using public price quotations in an active market (Level 1).The fair values of currency forwards and options are determined by using the market prices of the closing date of the reporting period. The fair values of interest rate swaps are determined by using the present value of expected payments, discounted using a risk adjusted discount rate, supported by market interest rates and other market data of the closing date of the reporting period (Level 2).For financial instruments not traded on an active market, the fair value is determined by valuation techniques. Judgment is used when choosing the different techniques and making assumptions, which are mainly based on circumstances prevailing in the markets on each closing date of the reporting period (Level 3).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-2": {
"value": " \u25a0 4.3 Other investmentsAccounting principlesOther investments consist of listed and unlisted equity investments. The most significant of these is the Group\u2019s holding in Pohjolan Voima. This investment is unlisted and strategic in nature, serving the Group\u2019s long-term energy sourcing needs. This being the case, the Group classifies its shares in Pohjolan Voima as financial assets at fair value recognised under other items of comprehensive income. Changes in their fair value are presented in the fair value reserve, accounting for the tax effect. When the investment is abandoned, the fair value changes accu-mulated in the equity are transferred to the retained earnings from the fair value fund.The Group classifies its other equity financial assets as financial assets at fair value to be recognised as financial assets through profit and loss.The fair values of publicly listed shares are based on the share price on the balance sheet date. The fair values of shares other than listed shares are determined using various valuation models, such as the price levels of recent transactions and valuation methods based on the present value of discounted cash flows. As far as possible, the valuation methods are founded on market-based valuation factors.Key estimates and judgementsFair value measurementThe application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj. The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first eight years. Subsequent prices are based on a long-term market price forecast. The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 344.1 million on the balance sheet on 31 December 2022. The carrying value of other investments is estimated to change by EUR -12.3 million and EUR 13.0 million should the rate used for dis-counting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 71.5 million should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management. EUR million 2022 2021Pohjolan Voima Oyj 344.1 17 7.6Other unlisted shareholdings 1.3 3.4Other investments total 345.4 181.0The most important unlisted shareholding under other investments consists of a 2.6 per cent stake in Finnish energy company Pohjolan Voima Oyj, which produces electricity and heat for its shareholders in Finland. Pohjolan Voima trades with its shareholders at prices based on production costs, which generally are lower than market prices. The Group is entitled, through the B shares of Pohjolan Voima, to a share of approximately 5.2% of the energy generated by the Olkiluoto 1 and Olkiluoto 2 nuclear power plants and, through the B2 shares of Pohjolan Voima, to a share of 1.5% of the energy generated by the Olkiluoto 3 nuclear power plant, now being deployed.On 1 January 2022, Mets\u00e4 Board acquired the entire share capital of H\u00e4meenkyr\u00f6n Voima Oy from Pohjolan Voima Oyj (84%) and from DL Power Oy, part of Lepp\u00e4koski group (16%). In this connection, Mets\u00e4 Board sold its series G10 shares, which corresponded to an 84% holding in H\u00e4meenkyr\u00f6n Voima Oy, to Pohjolan Voima Oyj for EUR 12.0 million. Hameenkyr\u00f6n Voima Oy was merged later during the financial year to the parent company.The ownership is measured quarterly at fair value on share series basis by using the average of discounted cash flow method and valuation based on earlier transactions. The weighted average cost of capital used was 5.42 (2021: 3.14) per cent.The acquisition cost of shares in Pohjolan Voima Oyj is EUR 28.3 million (40.2) and the fair value EUR 344.1 million (177.6). The change in fair value was due to an updated long-term price forecast for the electricity used in the shares\u2019 valuation model. The fair value of the G10 series in 2021 was EUR 12.0 million.Shareholder agreement restricts sale of shares of Pohjolan Voima to buyers that are not existing shareholders.Other non-current investments measured at fair value based on level 3 valuationEUR million 2022 2021Value 1 Jan 181.0 186.9Total gains and losses in profit and loss 2.8 -0.1Total gains and losses in other comprehensive income 178.5 -5.8Purchases 0.0 Sales -16.9 0.0Transfers out from Level 3 0.0Value Dec 31. 345.4 181.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-4": {
"value": " \u25a0 4.3 Other investmentsAccounting principlesOther investments consist of listed and unlisted equity investments. The most significant of these is the Group\u2019s holding in Pohjolan Voima. This investment is unlisted and strategic in nature, serving the Group\u2019s long-term energy sourcing needs. This being the case, the Group classifies its shares in Pohjolan Voima as financial assets at fair value recognised under other items of comprehensive income. Changes in their fair value are presented in the fair value reserve, accounting for the tax effect. When the investment is abandoned, the fair value changes accu-mulated in the equity are transferred to the retained earnings from the fair value fund.The Group classifies its other equity financial assets as financial assets at fair value to be recognised as financial assets through profit and loss.The fair values of publicly listed shares are based on the share price on the balance sheet date. The fair values of shares other than listed shares are determined using various valuation models, such as the price levels of recent transactions and valuation methods based on the present value of discounted cash flows. As far as possible, the valuation methods are founded on market-based valuation factors.Key estimates and judgementsFair value measurementThe application of valuation models to measuring fair value requires judgement concerning the selection of the method to be applied, as well as valuation factors required by the chosen method that are based on the price and interest levels prevailing in the market on the end date of each reporting period. The most significant item of other investments that has been valued by using a valuation model is the Group\u2019s investment in the shares of Pohjolan Voima Oyj. The price of these shares is determined based on the present value of discounted cash flows. Key factors affecting cash flows include the price of electricity, inflation expectations and the discount rate. The 12-month moving average of electricity futures prices has been used as the energy price for the first eight years. Subsequent prices are based on a long-term market price forecast. The carrying amount of the Group\u2019s shares in Pohjolan Voima was EUR 344.1 million on the balance sheet on 31 December 2022. The carrying value of other investments is estimated to change by EUR -12.3 million and EUR 13.0 million should the rate used for dis-counting the cash flows change by 0.5 percentage points from the rate estimated by the management. The carrying value of other investments is estimated to change by EUR 71.5 million should the energy prices used in calculating the fair value differ by 10% from the prices estimated by the management. Accounting principlesAssociated companies include all companies over which the Group has considerable influence but no control. Significant influence is usually based on a shareholding conferring 20\u201350 per cent of the voting rights. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment. The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-4": {
"value": "Accounting principlesInventories are measured at the lower of acquisition cost or net realisable value. In measuring inventories, the FIFO principle is observed or, alternatively, the weighted average price method, depending on the nature of the inventories. The acquisition cost of finished products acquired comprises all purchase costs, including direct transport, handling and other expenses. The acquisition cost of finished and semi-finished products of own manufacture includes raw materials, direct production costs, and the systematically allocated portion of variable manufacturing overheads and fixed overheads at the normal level of operation. Borrowing cost is not included in the acquisition cost.Net realisable value is the estimated sales price in ordinary business operations less the estimated cost of completion and the necessary sales costs. \u25a0 4.4 Inventories Key estimates and judgementsThe Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-4": {
"value": "Accounting principlesAccounts receivables are initially measured at fair value and later at amortised cost, taking into account impairment. The Group applies a model based on expected credit losses to the determination of the impairment of trade receivables. Provisions are furthermore set up on a case-by-case basis when there is a justifiable reason to assume that the Group will not receive payment for the invoiced amount according to the original terms. \u25a04.5 Accounts receivable and other receivablesKey estimates and judgementsThe evaluation of the recognition criteria and the amount of impairment losses requires the management\u2019s judgement. If customers\u2019 financial position weakens so that it affects their solvency, further impairment losses may need to be recognised in future periods. The impacts of Russia\u2019s military aggression and corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "EUR million 2022 2021Raw materials and consumables 211.6 162.3Finished goods 276.1 211.7Advance payments 19.0 8.6Inventories total 506.7 382.6In 2022 or 2021, no write-downs were recorded for inventory. Accounting principlesInventories are measured at the lower of acquisition cost or net realisable value. In measuring inventories, the FIFO principle is observed or, alternatively, the weighted average price method, depending on the nature of the inventories. The acquisition cost of finished products acquired comprises all purchase costs, including direct transport, handling and other expenses. The acquisition cost of finished and semi-finished products of own manufacture includes raw materials, direct production costs, and the systematically allocated portion of variable manufacturing overheads and fixed overheads at the normal level of operation. Borrowing cost is not included in the acquisition cost.Net realisable value is the estimated sales price in ordinary business operations less the estimated cost of completion and the necessary sales costs. \u25a0 4.4 Inventories Key estimates and judgementsThe Group regularly reviews its inventories for situations where the inventories contain non-marketable items or items with net realisable value below the acquisition cost. When necessary, the Group reduces the book value of the inventories accordingly. This review requires the management\u2019s estimates of the sales prices of products, the cost of completion and the costs necessary to make the sale. Any changes in these estimates might lead to an adjustment in the book value of the inventories in future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-2": {
"value": "Accounts receivable and other non-interest bearing receivablesEUR million 2022 2021From Group companiesAccounts receivable 40.8 26.6Other receivables Prepayments and accrued income 0.4 0.0Total 41.2 26.7From associated companies and joint venturesAccounts receivable 0.1 0.3From othersAccounts receivable 272.5 245.8Impairment -1.2 -2.5Total 271.4 243.3Other receivables 34.3 46.5Prepayments and accrued income 7. 5 14.7From others total 313.2 304.5Accounts receivable and other receivables total 354.5 331.5Receivables from Group companies are receivables from parent company Mets\u00e4liitto Cooperative and from other subsidiaries of the parent company. Derivative receivables are from Mets\u00e4 Group Treasury Oy, a wholly owned subsidiary of Mets\u00e4liitto Cooperative. As a consequence of the discontinuation of Russian business operations, the Group made a write-down of all its accounts receivables and other receivables related to operations in Russia, totalling EUR 0.1 million.Accounting principlesAccounts receivables are initially measured at fair value and later at amortised cost, taking into account impairment. The Group applies a model based on expected credit losses to the determination of the impairment of trade receivables. Provisions are furthermore set up on a case-by-case basis when there is a justifiable reason to assume that the Group will not receive payment for the invoiced amount according to the original terms. \u25a04.5 Accounts receivable and other receivablesKey estimates and judgementsThe evaluation of the recognition criteria and the amount of impairment losses requires the management\u2019s judgement. If customers\u2019 financial position weakens so that it affects their solvency, further impairment losses may need to be recognised in future periods. The impacts of Russia\u2019s military aggression and corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk.Case-specific impairments and impairments determined by applying the model based on expected credit losses deducted from accounts receivable are as follows:EUR million 2022 2021Value 1 Jan 2.5 3.0Increase 0.6 0.0Decrease -1.9 -0.5Value 31 Dec 1.2 2.5Credit losses recognised during 2022 were EUR 0.2 million (0.0).Age distribution of accounts receivable less impairmentsEUR million 2022 2021Not overdue 251.2 236.3OverdueLess than 30 days 17. 3 8.0Between 31 and 60 days 2.1 -0.2Between 61 and 90 days -0.3 0.0Between 91 and 180 days -0.4Over 180 days 1.0 -0.3Total 271.4 243.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "Case-specific impairments and impairments determined by applying the model based on expected credit losses deducted from accounts receivable are as follows:EUR million 2022 2021Value 1 Jan 2.5 3.0Increase 0.6 0.0Decrease -1.9 -0.5Value 31 Dec 1.2 2.5Credit losses recognised during 2022 were EUR 0.2 million (0.0).Age distribution of accounts receivable less impairmentsEUR million 2022 2021Not overdue 251.2 236.3OverdueLess than 30 days 17. 3 8.0Between 31 and 60 days 2.1 -0.2Between 61 and 90 days -0.3 0.0Between 91 and 180 days -0.4Over 180 days 1.0 -0.3Total 271.4 243.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": " \u25a0 4.6 Other liabilitiesEUR million 2022 2021Non-current liabilities to Group companiesNon-current liabilities Advance payments received 1.1 1.1Accruals and deferred income 0.5 0.5Total 1.5 1.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": " \u25a0 4.6 Other liabilitiesEUR million 2022 2021Non-current liabilities to Group companiesNon-current liabilities Advance payments received 1.1 1.1Accruals and deferred income 0.5 0.5Total 1.5 1.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-2": {
"value": " \u25a0 4.7 Accounts payable and other liabilitiesEUR million 2022 2021Advance payments received 5.1 4.0Accounts payable 223.0 222.2Accounts payable, Supply Chain Finance schemes 91.0 76.3Other liabilities 28.1 12.9Accruals and deferred incomeCustomer discounts 23.2 26.3Purchase-related items 46.3 50.2Employee costs 31.7 32.7Other accrued expenses 34.2 43.0Total 482.7 467.5With financing banks, Mets\u00e4 Group has established Supply Chain Finance (SCF) schemes aimed at a few key suppliers. In the schemes, the suppliers are offered the option of selling their Mets\u00e4 Group receivables to a bank providing the SCF scheme. The SCF schemes partly replace the earlier advance payment arrangements, and their aim is not to cause a significant deviation from Mets\u00e4 Group\u2019s normal payment terms. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-4": {
"value": " \u25a0 4.8 ProvisionsAccounting principlesA provision is recognised when, as a result of an earlier event, the Group has a legal or actual obligation, the realisation of a payment obligation is likely, and the amount of the obligation can be reliably estimated. Any reimbursement from a third party is presented as an asset separate from the provision if it is practically certain that reimbursement will be received.RestructuringA restructuring provision is recorded when the Group has incurred a legal or constructive obligation to make a payment. Termination payments are recorded when a detailed plan has been made for the restructuring and the Group has raised valid expectations in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. If the Group makes an offer to employees concerning voluntary resignation against benefits determined in the offer, the liability arising from this is recorded when the Group can no longer withdraw its offer. The obligation arising from such an offer is based on the number of employees that the Group expects to accept the offer. Benefits falling due in twelve months\u2019 time or later are measured at their present value.Environmental obligationsCosts arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.Other provisionsOther provisions mainly consist of provisions arising from estimated cost of future restoration of leased sites.Key estimates and judgementsThe determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-5": {
"value": "Environmental obligationsCosts arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-2": {
"value": "ProvisionsEUR million Restructuring Environmental Other Total1 Jan 2022 0.2 2.7 0.0 3.0Translation differences 0.0 0.0 0.0Increases 4.9 4.9Utilised during the year -0.7 0.0 -0.7Unused amounts reversed -0.2 -0.1 -0.331 Dec 2022 4.9 2.0 0.0 6.9Non-current 2.0 0.0 2.0Current 4.9 4.9Total 4.9 2.0 0.0 6.91 Jan 2021 0.2 3.4 1.0 4.7Translation differences 0.0 0.0Increases 0.0 0.0Utilised during the year -0.7 -0.7Unused amounts reversed 0.0 0.0Transfers to assets held for sale -1.0 -1.031 Dec 2021 0.2 2.7 0.0 3.0Non-current 2.0 0.0 2.0Current 0.2 0.8 0.0 1.0Total 0.2 2.7 0.0 3.0Half of non-current provisions are estimated to be utilised by the end of 2025 and the rest in 2030s. The increases in provisions in 2022 are related to the reorganiza-tion of customer service and supply chain management.The Group companies have environmental responsibilities related to former industrial activities at sites that have since been closed, sold or leased, and from decommissioned landfill sites. Provisions for the costs of land rehabilitation work have been made in cases where it has been possible to measure the Group\u2019s liability for land contamination and any post-treatment obligations.In 2021 assets held for sale include Oy Hang\u00f6 Stevedoring Ab\u2019s assets. \u25a0 4.8 ProvisionsAccounting principlesA provision is recognised when, as a result of an earlier event, the Group has a legal or actual obligation, the realisation of a payment obligation is likely, and the amount of the obligation can be reliably estimated. Any reimbursement from a third party is presented as an asset separate from the provision if it is practically certain that reimbursement will be received.RestructuringA restructuring provision is recorded when the Group has incurred a legal or constructive obligation to make a payment. Termination payments are recorded when a detailed plan has been made for the restructuring and the Group has raised valid expectations in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. If the Group makes an offer to employees concerning voluntary resignation against benefits determined in the offer, the liability arising from this is recorded when the Group can no longer withdraw its offer. The obligation arising from such an offer is based on the number of employees that the Group expects to accept the offer. Benefits falling due in twelve months\u2019 time or later are measured at their present value.Environmental obligationsCosts arising from environmental remediation that do not increase present or future revenue are recorded as expenses. An environmen-tal obligation is recognised if, based on the current interpretation of environmental legislation, an obligation has likely arisen and its amount can be reliably estimated. The obligation is recorded at the current value of estimated future expenses. A sum corresponding to the obligation is also recognised in property, plant and equipment.Other provisionsOther provisions mainly consist of provisions arising from estimated cost of future restoration of leased sites.Key estimates and judgementsThe determination of the criteria for the recognition of provisions involves the management\u2019s judgement. The amounts recognised as provisions are based on the management\u2019s best assessment of the expenses required to handle the obligation. As the timing and amount of these expenses are not fully certain, the actual expenses may differ significantly from the original estimate. The book value of provisions is regularly reviewed and adjusted as required, taking into account changes in cost assessments, regulation, technology and conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "Translation differencesTranslation differences include translation differences arising from translation of subsidiaries in other currencies than euro and gains and losses arising on hedging of net investments in these subsidiaries less deferred tax, when requirements of hedge accounting have been fulfilled. Net investments were not hedged in Mets\u00e4 Board Group in 2022 or in 2021.Translation differences in other comprehensive Cumulative translationincomeEUR million 2022 2021 2022 2021SEK -7 7. 5 - 2 7.6 -49.9 -10.0RUB * -7.0 7.0 0.7USD 13.1 6.5 6.5 6.1CNY GBP -0.6 -0.1 -0.5 0.5Others 1.0 1.0 -0.1 0.4Total -64.0 -27.2 -36.9 -2.3* RUB denominated translation difference arises mostly from associate company Mets\u00e4 Fibre.In June 2022, as a consequence of the discontinuation of Russian business operations, the Group recognised an expense of EUR 0.6 million for accu-mulated Russian ruble-denominated translation differences. The Russian ruble-denominated translation differences accumulated since June 2022 have been reported in the financial items in the income statement. Since March 2022, the rate used for the Russian ruble is the closing rate for EUR/RUB published by Refinitiv.Fair value and other reservesEUR million 2022 2021Fair value reserve 282.2 116.6Legal reserve and reserves stipulated by the Articles 1.7 1.7of AssociationTotal 283.9 118.3Fair value reserveFair value changes in derivatives designated as cash flow hedges are recorded to fair value reserve deducted by deferred tax effect. Additionally, the fair value change of Pohjolan Voima Oyj shares recognised by the Group as other investments is moved to the reserve with deferred tax effect deducted.Legal reserve and reserves stipulated by the Articles of AssociationLegal reserve and reserves stipulated by the Articles of Association have been created and accumulated on resolutions by the General Meeting of Shareholders.Reserve for invested unrestricted equityThe reserve for invested unrestricted equity fund includes other invest-ments of an equity nature and the subscription price of the shares to the extent that it is not recognised to the share capital according to the specific decision. EUR million 2022 2021Reserve for invested unrestricted equity 208.9 208.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "Number of sharesOutstanding shares Treasury sharesTotalshares Series A Series B Total Series B1 Jan 2021 32,887,151 322,625,595 355,512,746 355,512,746Conversion of A shares into B shares -84,976 84,976 31 Dec 2021 32,802,175 322,710,571 355,512,746 355,512,746Conversion of A shares into B sharesAcquisition of treasury shares -1,000,000 -1,000,000 1,000,00031 Dec 2022 32,802,175 321,710,571 354,512,746 1,000,000 355,512,746The share has no nominal value. All shares have been paid in full. The weighted average number of shares, which does not include Mets\u00e4 Board Oyj\u2019s treasury shares, is 355,359,331 (355,512,746) pieces.Treasury sharesAccounting principlesWhen treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.At the end of the year, the group held 1,000,000 (0) treasury shares, which corresponds to 0.3% (0.0) of the number of shares. The average purchase price of the shares was 7.82 euros per share.2022 20222021 2021EUR millionsharessharesTreasury shares 1.1. 0.0 0 0.0 0Acquisition of treasury 7.8 1,000,000sharesTreasury shares 31\ufffd12\ufffd 7. 8 1,000,000 0.0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-5": {
"value": "Treasury sharesAccounting principlesWhen treasury shares are acquired, the equity belonging to the owners of the parent company is reduced by an amount that consists of the consideration paid, including immediate transac-tion costs after taxes, until the treasury shares are canceled or reissued. If the purchased treasury shares are reissued, the con-sideration received, less transaction costs after taxes, is recorded in the equity belonging to the owners of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-2": {
"value": "DividendDividends payable by the company are recorded as deductions to equity in the period during which the shareholders in a general meeting have declared the dividend.The Board of Directors has proposed that a dividend of EUR 0.58 per share be distributed for the 2022 financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__5": {
"value": "0.58",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"pp-value-107-3": {
"value": "Other comprehensive income after taxes 2022Equity attributable to members of parent companyNon-con-Translation Fair value and Retained trolling Milj. euroadifferencesother reservesearnings Totalinterest Total equityItems that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans -4.7 -4.7 -4.7Financial assets at fair value through other comprehensive income 178.5 178.5 178.5Share of profit from other comprehensive income of associated company 3.0 3.0 3.0Income tax relating to items that will not be reclassified -35.7 1.8 -33.9 -33.9Total 145.8 -3.0 142.9 142.9Items that may be reclassified to profit or loss Cash flow hedgesCurrency hedgesGains and losses recorded in equity -63.0 -63.0 0.5 -62.5Transferred to adjust Sales 87.4 8 7.4 -0.1 87. 3Interest hedges Gains and losses recorded in equity 4.4 4.4 4.4Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity 46.6 46.6 0.8 47.4Transferred to adjust purchases -78.6 -78.6 -1.1 -79.7Share of profit from other comprehensive income of associated company 22.4 22.4 22.4Cahs flow hedges total 19.1 19.1 0.2 19.3Translation differences -42.6 -42.6 -13.7 -56.3Share of profit from other comprehensive income of associated company 5.8 5.8 5.8Translation differences total -36.9 -36.9 -13.7 -50.6Income tax relating to items that may be reclassified 0.7 0.7 0.0 0.6Total -36.9 19.8 -17. 1 -13.6 -30.6Other comprehensive income, net of tax -36.9 165.6 -2.9 125.8 -13.6 112.2Other comprehensive income after taxes 2021Equity attributable to members of parent companyNon-con-Translation Fair value and Retained trolling Milj. euroadifferencesother reservesearnings Totalinterest Total equityItems that will not be reclassified to profit or loss Actuarial gains/losses on defined benefit pension plans 3.0 3.0 3.0Financial assets at fair value through other comprehensive income -5.8 -5.8 -5.8Share of profit from other comprehensive income of associated company -0.1 0.0 -0.1 -0.1Income tax relating to items that will not be reclassified 1.2 -2.0 -0.8 -0.8Total -4.7 1.0 -3.7 -3.7Items that may be reclassified to profit or loss Cash flow hedgesCurrency hedgesGains and losses recorded in equity -40.8 -40.8 1.5 -39.4Transferred to adjust Sales 0.3 0.3 -0.9 -0.6Interest hedges Gains and losses recorded in equity 1.2 1.2 1.2Transferred to adjust net financial items Commodity hedges Gains and losses recorded in equity 61.4 61.4 61.4Transferred to adjust purchases -33.7 -33.7 -33.7Share of profit from other comprehensive income of associated company -4.3 -4.3 -4.3Cahs flow hedges total -15.9 -15.9 0.6 -15.3Translation differences -2.9 -2.9 -1.9 -4.8Share of profit from other comprehensive income of associated company 0.6 0.6 0.6Translation differences total -2.3 -2.3 -1.9 -4.2Income tax relating to items that may be reclassified 2.3 2.3 -0.1 2.2Total -2.3 -13.6 -15.9 -1.5 -17.4Other comprehensive income, net of tax -2.3 -18.3 1.0 -19.6 -1.5 -21.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-3": {
"value": " \u25a0 5.2 Financial income and expenses Accounting principlesInterest income and expenses are recognised using the effective interest rate method.Dividend income is recognised when the right to receive a payment is established. Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-2": {
"value": " \u25a05.3 Other financial assets EUR million 2022 2021Other non-current financial assetsLoan receivables 2.3 2.7Defined benefit pension plans (Note 3.5) 3.4 12.2Other receivables and accrued income 0.3 0.3Total 6.0 15.3Interest-bearing assetsEUR million 2022 2021Non-current interest-bearing financial assetsLoan receivables 2.3 2.7Current interest-bearing financial assetsCurrent investments at amortised cost 1.3Cash at hand and in bank 17.6 26.4Deposits to Mets\u00e4 Group Treasury Oy 338.6 496.4Total 356.2 524.2Interest-bearing financial assets total 358.5 527.0Interest-bearing net debt 94.5 -78.4Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-2": {
"value": "EUR million 2022 2021Exchange differencesCommercial items 5.8 4.9Hedging, hedge accounting not applied -10.1 -7. 2Other items -0.6 0.0Exchange differences total -5.0 -2.3Other financial incomeInterest income on loans, other receivables and cash 2.6 0.2and cash equivalents Dividend income 0.3 0.0Other financial income total 3.0 0.2Valuation of financial assets and liabilitiesImpairment gains and losses from financial assets 0.0Gains and losses on derivatives, hedge accounting not appliedValuation total 0.0Interest expenses on financial liabilities carried at amortised cost using the effective interest method -3.8 -6.9 Other financial expenses -0.8 -0.9Interest and other financial expenses, total -4.7 -7. 9Valuation of financial assets and liabilities and interest -4.7 -7. 9and other financial expenses, totalThe Russian ruble-denominated translation differences accumulated since June 2022 as a consequence of the discontinuation of Russian business operations, amounting to EUR -0.5 million, have been reported in other exchange rate differences in the income statement.Accounting principlesInterest income and expenses are recognised using the effective interest rate method.Dividend income is recognised when the right to receive a payment is established. Borrowing costs are generally recognised as an expense in the period in which they are incurred. When an item of property, plant or equipment is involved in a major and long-term investment project, the borrowing costs directly due to the acquisition, construction or production of the asset are included in the asset\u2019s acquisition cost.The Group presents net interest income and expenses related to defined benefit plans as financial income and expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "EUR million 2022 2021Exchange differencesCommercial items 5.8 4.9Hedging, hedge accounting not applied -10.1 -7. 2Other items -0.6 0.0Exchange differences total -5.0 -2.3Other financial incomeInterest income on loans, other receivables and cash 2.6 0.2and cash equivalents Dividend income 0.3 0.0Other financial income total 3.0 0.2Valuation of financial assets and liabilitiesImpairment gains and losses from financial assets 0.0Gains and losses on derivatives, hedge accounting not appliedValuation total 0.0Interest expenses on financial liabilities carried at amortised cost using the effective interest method -3.8 -6.9 Other financial expenses -0.8 -0.9Interest and other financial expenses, total -4.7 -7. 9Valuation of financial assets and liabilities and interest -4.7 -7. 9and other financial expenses, totalThe Russian ruble-denominated translation differences accumulated since June 2022 as a consequence of the discontinuation of Russian business operations, amounting to EUR -0.5 million, have been reported in other exchange rate differences in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "EUR million 2022 2021Exchange differencesCommercial items 5.8 4.9Hedging, hedge accounting not applied -10.1 -7. 2Other items -0.6 0.0Exchange differences total -5.0 -2.3Other financial incomeInterest income on loans, other receivables and cash 2.6 0.2and cash equivalents Dividend income 0.3 0.0Other financial income total 3.0 0.2Valuation of financial assets and liabilitiesImpairment gains and losses from financial assets 0.0Gains and losses on derivatives, hedge accounting not appliedValuation total 0.0Interest expenses on financial liabilities carried at amortised cost using the effective interest method -3.8 -6.9 Other financial expenses -0.8 -0.9Interest and other financial expenses, total -4.7 -7. 9Valuation of financial assets and liabilities and interest -4.7 -7. 9and other financial expenses, totalThe Russian ruble-denominated translation differences accumulated since June 2022 as a consequence of the discontinuation of Russian business operations, amounting to EUR -0.5 million, have been reported in other exchange rate differences in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-4": {
"value": "When determining the impairment of monetary assets, a model based on expected credit losses is applied. The expected credit losses are reviewed for the following 12 months. The impacts of the corona pandemic on determining the impairment of sales receivables is discussed in Note 5.6, Management of financial risks, counterparty risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-3": {
"value": " \u25a0 5.4 Cash and cash equivalentsAccounting principlesCash and cash equivalents consist of cash and other short-term, highly liquid investments that can be easily converted into an amount of cash known in advance and that carry a minimal risk of value changes. Mets\u00e4 Board has classified as cash and cash equivalents the short-term money market investments made in accordance with its treasury policy and interest-bearing receiv-ables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-4": {
"value": " \u25a0 5.5 Borrowings and net debt Accounting principlesFinancial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Transaction costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "EUR million 2022 2021Financial assets carried at amortized cost 1.3Cash at hand and in bank 1 7.6 26.4Deposits to Mets\u00e4 Group Treasury Oy 338.6 496.4Total 356.2 524.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-2": {
"value": "Interest-bearing LiabilitiesEUR million 2022 2021Non-current interest-bearing financial liabilitiesBonds 249.0 248.8Loans from financial institutions 175.9 178.4Lease liabilities 9.5 9.8Other liabilities Total 434.4 437.0Current interest-bearing financial liabilitiesCurrent portion of non-current debt 18.2 10.0Current liabilities to group companies 0.4 Total 18.6 10.0Liabilities classified as held for sale, interest-bearing 1.5liabilitiesInterest-bearing financial liabilities total 453.0 448.6In 2021 current liabilities to group companies include EUR 0.9 million of Oy Hang\u00f6 Stevedorig Ab\u2019s intra-group interest-bearing debt transferred to assets held for sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-3": {
"value": "Interest-bearing LiabilitiesEUR million 2022 2021Non-current interest-bearing financial liabilitiesBonds 249.0 248.8Loans from financial institutions 175.9 178.4Lease liabilities 9.5 9.8Other liabilities Total 434.4 437.0Current interest-bearing financial liabilitiesCurrent portion of non-current debt 18.2 10.0Current liabilities to group companies 0.4 Total 18.6 10.0Liabilities classified as held for sale, interest-bearing 1.5liabilitiesInterest-bearing financial liabilities total 453.0 448.6In 2021 current liabilities to group companies include EUR 0.9 million of Oy Hang\u00f6 Stevedorig Ab\u2019s intra-group interest-bearing debt transferred to assets held for sale. \u25a0 5.5 Borrowings and net debt Accounting principlesFinancial liabilities are categorised initially recognised at fair value. The Group has classified all financial liabilities under \u201cAmortised cost\u201d. Transaction costs are included in the original book value of financial liabilities measured at amortised cost. Subsequently, all financial liabilities are measured at amortised cost using the effective interest method.Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2022Non-cash changesAcquired Changes in / Sold foreign New finance EUR million 1 Jan 2022 Cash flowsbusinessesexchange ratesleases Other changes 31 Dec 2022Non-current interest-bearing liabilities incl. Current portionBonds 248.8 0.2 249.0 Loans from financial institutions 182.3 5.0 0.3 187.6 Pension loansFinance lease liabilities 15.9 -25.1 18.0 -0.5 7.0 0.7 15.9 Total 447.0 -20.1 18.0 -0.5 7.0 1.1 452.6 Non-current non-interest bearing liabilities 1.5 2.4 -0.0 0.0 3.9 Current interest-bearing liabilities 0.0 -0.5 0.0 0.0 0.0 0.9 0.4 Total 448.6 -18.1 18.0 -0.5 7.0 2.0 456.9Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2021Non-cash changesChanges in foreign New finance EUR million 1 Jan 2021 Cash flowsexchange ratesleases Other changes 31 Dec 2021Non-current interest-bearing liabilities incl. Current portionBonds 248.6 0.2 248.8Loans from financial institutions 182.1 0.2 182.3Pension loansFinance lease liabilities 20.4 -7. 2 -0.1 3.4 -0.7 15.9Total 451.1 -7. 2 -0.1 3.4 -0.2 447.0Non-current non-interest bearing liabilities 1.9 -0.4 0.0 0.0 1.5Current interest-bearing liabilities 1.3 -0.4 -0.9 0.0Total 454.3 -8.0 -0.1 3.4 -1.1 448.6In 2021 Other changes consists of Oy Hang\u00f6 Stevedoring Ab\u2019s liabilities transferred to assets held for sale and of accrual of effective interest during the financial year on financial liabilities valued. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-3": {
"value": "Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2022Non-cash changesAcquired Changes in / Sold foreign New finance EUR million 1 Jan 2022 Cash flowsbusinessesexchange ratesleases Other changes 31 Dec 2022Non-current interest-bearing liabilities incl. Current portionBonds 248.8 0.2 249.0 Loans from financial institutions 182.3 5.0 0.3 187.6 Pension loansFinance lease liabilities 15.9 -25.1 18.0 -0.5 7.0 0.7 15.9 Total 447.0 -20.1 18.0 -0.5 7.0 1.1 452.6 Non-current non-interest bearing liabilities 1.5 2.4 -0.0 0.0 3.9 Current interest-bearing liabilities 0.0 -0.5 0.0 0.0 0.0 0.9 0.4 Total 448.6 -18.1 18.0 -0.5 7.0 2.0 456.9Changes in liabilities and current interest-bearing receivables reported in the cash flow from financing activities in 2021Non-cash changesChanges in foreign New finance EUR million 1 Jan 2021 Cash flowsexchange ratesleases Other changes 31 Dec 2021Non-current interest-bearing liabilities incl. Current portionBonds 248.6 0.2 248.8Loans from financial institutions 182.1 0.2 182.3Pension loansFinance lease liabilities 20.4 -7. 2 -0.1 3.4 -0.7 15.9Total 451.1 -7. 2 -0.1 3.4 -0.2 447.0Non-current non-interest bearing liabilities 1.9 -0.4 0.0 0.0 1.5Current interest-bearing liabilities 1.3 -0.4 -0.9 0.0Total 454.3 -8.0 -0.1 3.4 -1.1 448.6In 2021 Other changes consists of Oy Hang\u00f6 Stevedoring Ab\u2019s liabilities transferred to assets held for sale and of accrual of effective interest during the financial year on financial liabilities valued. Cash flows of installments and interest payments of financial liabilities 2022EUR million 2023 2024 2025 2026 2027 2028\u2013 TotalBonds 249.0 249.0Loans from financial institutions 11.8 11.8 111.3 11.8 11.8 29.3 1 8 7.61)Finance lease liabilities 6.7 4.3 2.8 1.0 0.5 2.0 1 7. 3Non-current interest-bearing liabilities total 18.5 16.1 114.0 12.7 261.3 31.3 453.9 Current interest-bearing liabilities 0.4 0.4Financial liabilities total 18.9 16.1 114.0 12.7 261.3 31.3 454.3Financial expenses total 9.8 9.7 8.1 7.4 7.3 0.5 42.8Financial liabilities and expenses total 28.7 25.8 122.2 20.1 268.6 31.7 4 97. 1Guarantee agreements 0.4 0.1 0.3 1.2 2.1 Derivatives Currency derivative, liabilities 1,815.3 1,815.3Currency derivative, receivables -1,823.6 -1,823.6Interest rate swaps, liabilities -1.7 -1.1 -0.4 -3.1Commodity derivatives, liabilities 5.0 5.0Commodity derivatives, receicables -6.7 0.0 -6.7Derivatives, net -11.7 -1.1 -0.4 -13.2Cash flows of installments and interest payments of financial liabilities 2021EUR million 2022 2023 2024 2025 2026 2027\u2013 TotalBonds 248.8 248.8Loans from financial institutions 3.9 3.9 3.9 153.2 3.9 13.5 182.31)Finance lease liabilities 6.6 4.6 2.6 1.4 0.4 2.6 18.1Non-current interest-bearing liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3 Current interest-bearing liabilities 0.0 0.0Financial liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3Financial expenses total 8.6 8.5 8.5 7. 5 7.0 7. 2 47. 3Financial liabilities and expenses total 19.0 17. 1 15.0 162.0 11.4 272.1 496.6Guarantee agreements 0.2 0.4 0.1 0.1 1.2 2.0 Derivatives Currency derivative, liabilities 1,085.4 1,085.4Currency derivative, receivables -1,068.9 -1,068.9Interest rate swaps, liabilities 0.9 0.4 0.3 0.1 1.7Commodity derivatives, liabilities 0.1 0.1Commodity derivatives, receicables -32.0 -32.0Derivatives, net -14.5 0.4 0.3 0.1 -13.71) Cash flows from lease liabilities include both debt repayment and financing expense.The balance sheet value of lease liabilities on December 31, 2022 was EUR 15.9 million (15.9). The balance sheet value of currency derivative liabilities on 31 December 2022 was EUR 31.3 million (2.0) and the value of currency derivative receivables was EUR 25.0 million (18.5).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationThatEnablesUsersOfFinancialStatementsToEvaluateChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-119-2": {
"value": "BondsEUR million Interest % 2022 20212017\u20132027 2.75 249.0 248.8Total 249.0 248.8Mets\u00e4 Board Corporation issued in September 2017 a bond of EUR 250 million. The bond carries a fixed coupon rate of 2.75 per cent, and the maturity date is 29 September 2027. The bond ranks senior and is unsecured.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-2": {
"value": "hedging level was 10.4 months (9.3) being 135 per cent of the norm (135). The pound\u2019s hedging level was 7.7 months (7.5) being 100 per cent of the norm (100). Hedge accounting in accordance with IFRS 9 has been applied to hedging of transaction exposure and forwards and options allocated to hedge accounting have been used to hedge the portion of highly probable forecast sales of the currency transaction exposure. The translation risk of a net investment in a foreign entity is generated from the consolidation of the equity of subsidiaries and associated companies outside the euro area into euros in the consolidated financial statements. Hedging of equity has been discontinued.Mets\u00e4 Board has applied the Value-at-Risk method to assess the risk of its open foreign currency positions. Value at Risk calculation model was abandoned as a risk calculation method starting the beginning of year 2022 and VaR was recouped with the average deviation vs. hedging norm key figure. The Mets\u00e4 Board Group average deviation vs. hedging norm was 23.3 percentage (1.7 months) at the end of reporting period and has been on average 23.5 (1.6 months) percentage during year 2022.Interest rate riskThe interest rate risk is related in the interest bearing receivables and loans, working capital financing and currency hedging. The most signifi-cant currencies in risk management are the euro, the US dollar, the British pound and the Swedish krona. The objective of the interest rate risk policy is to minimise the negative impact of interest rate changes on the Group\u00b4s and group companies\u00b4 result and the financial position, and to optimise financing costs within the framework of risk limits. The effect of interest rate changes on financial costs depends on the average interest fixing time of interest bearing assets and liabilities, which is measured in the Group by duration. As duration is lengthening the rise of interest rates affects more slowly the interest expenses of financial liabilities. The maturity of the loan portfolio can be influenced by adjusting between floating-rate and fixed-rate loans and by using interest rate swaps.The average interest duration norm based on the Group\u2019s financial policy is 24 months. The duration can, however, deviate between 6 to 36 months from the hedging policy norm so that the decision of a larger deviation has to be made by the Board of Directors. The average duration of loans was high 36.1 months at the end of the year (45.3). During the reporting period duration has varied between 36 and 44 months (44\u201353). Duration is lengthened by the bond of EUR 250 million. Of interest-bearing liabilities 14 per cent (11) is subjected to variable rates and the rest to fixed rates and the average interest rate at the end of 2022 is 2.2 per cent (2.3). At the end of 2022, an increase of one per cent in interest rates would decrease net interest rate costs of the next 12 months by 2.3 million euros (decrease 5.0).The Group has applied cash flow hedge accounting in accordance with IFRS 9 to interest rate swaps by which floating-rate financing has been converted to fixed-rate financing. The gross nominal volume of interest rate derivatives at the time of financial statements is EUR 100.0 million (100.0) and the maturity of interest rate swap contracts varies between 0\u20133 years (1\u20134). Commodity riskIn the hedging of commodity risks the Group applies risk management policies defined separately for each selected commodity. According to Foreign currency riskThe Group\u2019s foreign currency exposure consists of the risks associated with foreign currency flows, translation risk of net investments in foreign entities and economic currency exposure. Most of the Group\u2019s costs are incurred in the euro zone and to some extent in Sweden, but a significant part of the sales is received or priced in other currencies. Sales may therefore vary because of changes in exchange rates, while production costs remain unchanged. The foreign currency transaction exposure is consisting of foreign currency denominated sales and costs. The exposure is including foreign currency denominated balance sheet exposure consist-ing of accounts receivable and accounts payable and 50 per cent share of the annual contracted or estimated net currency cash flow. The main currencies of the Group\u2019s foreign currency transaction exposure are the US dollar, the Swedish krona and the British pound. The share of dollar is 60 per cent, share of Swedish krona is 32 per cent and share of pound is 6 per cent. A strengthening of the dollar and the pound has a positive impact on the financial result and a weakening a negative impact. A weakening of the Swedish krona has a positive impact on the result of the Group. From other currencies Mets\u00e4 Board has currency risk in Canadian dollar. The hedging policy is to keep the balance sheet exposure and 50 per cent of annual cash flow of contracted or estimated currency flows consistently hedged. The amount of hedging may deviate from the normal level by 40 per cent in either direction. The Board of Directors of Mets\u00e4 Board is deciding on hedging levels significantly deviating from the norm set out in the financial policy. The amount of currency-specific hedging depends on current exchange rates and market expectations, on the interest rate differences between the currencies and the significance of the exchange rate risk for the financial result of the Group. The transaction exposure is mainly hedged by forward transactions but also by the use of foreign currency loans and currency options. At the end of the reporting period, the foreign exchange transaction exposure had been hedged 8.9 months on average (2021: 8.1) being 122 per cent of the hedging norm (117). During the reporting period, the hedg-ing level has varied between 8 and 9 months (7\u20139) being between 113 and 128 per cent of the norm (108\u2013118). The dollar\u2019s hedging level was 8.4 months (7.7) being 119 per cent of the norm (113). The Swedish krona\u2019s the policy, the management of commodity risks with regard to financial hedges is accomplished centralized by Mets\u00e4 Group Treasury based on the strategy approved by Board of Directors of Mets\u00e4 Board. The commodity hedging policy is applied to the management of the price risks of electricity, natural gas, propane and fuel oil and also transactions related to Emission allowances are managed by Mets\u00e4 Group Treasury. Mets\u00e4 Board has abandoned the hedging of electricity and propane and all hedges matured during year 2022. Hedge accounting in accordance with IFRS 9 has been applied to all commodity hedging. According to the commodity hedging policy an 80 per cent hedge level of the estimated net position during the first 12 month period has been set as a hedging norm and the hedge ratio can vary by 20 per cent in either direction. Hedges based on previous pol-icy are gradually maturing. The Group Board of Directors makes significant strategic decisions.Mets\u00e4 Board\u2019s commodity risk management has electricity risk had a key role. The electricity exposure of Mets\u00e4 Board is stabilizing after Olkiluoto 3 -project and investment in Husum pulp mill are getting ready. Therefore the need to hedge the electricity exposure ended and all electricity hedges matured during year 2022. Part of Mets\u00e4 Board\u2019s mills\u2019 purchase of fuel is based on natural gas and the company is hedging the price risk of natural gas purchases by using financial hedges. Mets\u00e4 Board is hedging also the gas oil, heavy fuel oil and 0.5% fuel oil price risk related to logistics costs (sea freights) based on commodity risk policy by using financial hedges. Mets\u00e4 Board is not hedging its pulp price risk. Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.202231 Dec 2022Re-pricing structure of interest rates of loansLoanAverageInterest rateamountDuration interest ratesensitivity 1)(EUR million)(months)(%)(EUR million)1\u20134/2023 5\u20138/2023 9\u201312/2023 2024 2025 2026 >2026453 36.1 2.2 -2.3 54 8 2 14 63 14 299Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.202131 Dec 2021Re-pricing structure of interest rates of loansLoanAverageInterest rateamountDuration interest ratesensitivity 1)(EUR million)(months)(%)(EUR million)1\u20134/2022 5\u20138/2022 9\u201312/2022 2023 2024 2025 >2025449 45.3 2.3 -5.0 -97 9 157 76 35 84 3771) Interest rate sensitivity is an estimate of the effect of an interest rate change of one percent in one direction on net interest cost based on year end exposureHedging of electricity price risk exposure GWh 31 Dec 22 31 Dec 21Electricity exposure, net 288 555Electricity hedging 135Hedging at the end of the year (%) 24Average price of hedging at the end of the year (e/MWh) 32.07Electricity price risk is hedged based on defined risk management policy by physical contracts or by financial contracts. The net electricity exposure has been calculated by taking into account the own and associated companies\u00b4 electricity production. The company abandoned electricity hedging and the hedging derivatives matured in 2022. Market risk sensitivity 202231 Dec 2022 Impact on equity exposure and annual transaction exposureImpact on annualImpact on Impact onImpact on annualtransaction expo-financial assetsnet equity oftransaction expo-sure (cash flow)MEURand liabilitiesforeign entitiessure (cash flow)incl. hedgingInterest rate risk (100 bp rise in interest rates)Effect on profit 2.3 3.1Effect on other change in equity 0.9Commodity risk (electricity price + 20%)Effect on profit -17.6 -7.4Effect on other change in equity 10.2FX risk (USD - 10%)Effect on profit 0.1 -100.3 -30.4Effect on other change in equity 64.9 -10.3FX risk (GBP - 10%)Effect on profit 0.1 -10.8 -3.8Effect on other change in equity 5.3 -0.4FX risk (SEK - 10%)Effect on profit -10.0 53.4 7. 3Effect on other change in equity -38.6 -69.9Market risk sensitivity 202131 Dec 2021 Impact on equity exposure and annual transaction exposureImpact on annualImpact on Impact onImpact on annualtransaction expo-financial assetsnet equity oftransaction expo-sure (cash flow)MEURand liabilitiesforeign entitiessure (cash flow)incl. hedgingInterest rate risk (100 bp rise in interest rates)Effect on profit 5.0 7.0Effect on other change in equity 2.0Commodity risk (electricity price + 20%)Effect on profit -5.5 -3.7Effect on other change in equity 1.9FX risk (USD - 10%)Effect on profit 0.0 -81.2 -29.2Effect on other change in equity 46.5 -9.9FX risk (GBP - 10%)Effect on profit 0.1 -9.5 -3.6Effect on other change in equity 4.7 -1.0FX risk (SEK - 10%)Effect on profit 0.8 51.7 11.7Effect on other change in equity -36.1 -57.5Items with + sign = positive effect = increase of assets / decrease of liabilities / increase of cash flow Items with - sign = negative effect = decrease of assets / increase of liabilities / decrease of cash flowIFRS 7 requires an entity to disclose a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. The Group has recognised interest rates, electricity prices and foreign exchange rates as its key market risks and has set 1 per cent interest rate rise, 20 per cent rise in electricity price and 10 per cent weakening of USD, GBP and SEK as reasonably possible risk variables. These currencies represent over 98 per cent of Group\u00b4s annual transaction exposure. The nature of the market price risk is relatively linear so that the size of effects of opposite market price changes do not essentially differ from the presented figures. The scenarios have been calculated by using regular principles of calculating market values of financial instruments described in the Group Accounting policies. Figures at the reporting date reflect quite well the average market risk conditions throughout the reporting period.Additionally the Group is presenting figures describing the effects of the risk variables to its equity exposure and annual transaction exposure (cash flow) to present a broader picture about market risks of interest rates, electricity prices and foreign exchange rates. Annual cash flows are based on estimates, and not not existing commercial contracts. The weakening of USD and GBP has a negative impact on annual cash flow and the weakening of SEK has a positive impact. Hedges reduce this impact depending on hedging strategy. The impact on net equity of foreign entities is arising from the consolidation of subsidiaries to the Group consolidated accounts. The rise of electricity price has a negative impact on cash flow. As according to hedging policy the electricity price risk of the nearest year has mostly been hedged, the impact including hedges remains minor. ",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-121-3": {
"value": "hedging level was 10.4 months (9.3) being 135 per cent of the norm (135). The pound\u2019s hedging level was 7.7 months (7.5) being 100 per cent of the norm (100). Hedge accounting in accordance with IFRS 9 has been applied to hedging of transaction exposure and forwards and options allocated to hedge accounting have been used to hedge the portion of highly probable forecast sales of the currency transaction exposure. The translation risk of a net investment in a foreign entity is generated from the consolidation of the equity of subsidiaries and associated companies outside the euro area into euros in the consolidated financial statements. Hedging of equity has been discontinued.Mets\u00e4 Board has applied the Value-at-Risk method to assess the risk of its open foreign currency positions. Value at Risk calculation model was abandoned as a risk calculation method starting the beginning of year 2022 and VaR was recouped with the average deviation vs. hedging norm key figure. The Mets\u00e4 Board Group average deviation vs. hedging norm was 23.3 percentage (1.7 months) at the end of reporting period and has been on average 23.5 (1.6 months) percentage during year 2022.Interest rate riskThe interest rate risk is related in the interest bearing receivables and loans, working capital financing and currency hedging. The most signifi-cant currencies in risk management are the euro, the US dollar, the British pound and the Swedish krona. The objective of the interest rate risk policy is to minimise the negative impact of interest rate changes on the Group\u00b4s and group companies\u00b4 result and the financial position, and to optimise financing costs within the framework of risk limits. The effect of interest rate changes on financial costs depends on the average interest fixing time of interest bearing assets and liabilities, which is measured in the Group by duration. As duration is lengthening the rise of interest rates affects more slowly the interest expenses of financial liabilities. The maturity of the loan portfolio can be influenced by adjusting between floating-rate and fixed-rate loans and by using interest rate swaps.The average interest duration norm based on the Group\u2019s financial policy is 24 months. The duration can, however, deviate between 6 to 36 months from the hedging policy norm so that the decision of a larger deviation has to be made by the Board of Directors. The average duration of loans was high 36.1 months at the end of the year (45.3). During the reporting period duration has varied between 36 and 44 months (44\u201353). Duration is lengthened by the bond of EUR 250 million. Of interest-bearing liabilities 14 per cent (11) is subjected to variable rates and the rest to fixed rates and the average interest rate at the end of 2022 is 2.2 per cent (2.3). At the end of 2022, an increase of one per cent in interest rates would decrease net interest rate costs of the next 12 months by 2.3 million euros (decrease 5.0).The Group has applied cash flow hedge accounting in accordance with IFRS 9 to interest rate swaps by which floating-rate financing has been converted to fixed-rate financing. The gross nominal volume of interest rate derivatives at the time of financial statements is EUR 100.0 million (100.0) and the maturity of interest rate swap contracts varies between 0\u20133 years (1\u20134). Commodity riskIn the hedging of commodity risks the Group applies risk management policies defined separately for each selected commodity. According to Foreign currency riskThe Group\u2019s foreign currency exposure consists of the risks associated with foreign currency flows, translation risk of net investments in foreign entities and economic currency exposure. Most of the Group\u2019s costs are incurred in the euro zone and to some extent in Sweden, but a significant part of the sales is received or priced in other currencies. Sales may therefore vary because of changes in exchange rates, while production costs remain unchanged. The foreign currency transaction exposure is consisting of foreign currency denominated sales and costs. The exposure is including foreign currency denominated balance sheet exposure consist-ing of accounts receivable and accounts payable and 50 per cent share of the annual contracted or estimated net currency cash flow. The main currencies of the Group\u2019s foreign currency transaction exposure are the US dollar, the Swedish krona and the British pound. The share of dollar is 60 per cent, share of Swedish krona is 32 per cent and share of pound is 6 per cent. A strengthening of the dollar and the pound has a positive impact on the financial result and a weakening a negative impact. A weakening of the Swedish krona has a positive impact on the result of the Group. From other currencies Mets\u00e4 Board has currency risk in Canadian dollar. The hedging policy is to keep the balance sheet exposure and 50 per cent of annual cash flow of contracted or estimated currency flows consistently hedged. The amount of hedging may deviate from the normal level by 40 per cent in either direction. The Board of Directors of Mets\u00e4 Board is deciding on hedging levels significantly deviating from the norm set out in the financial policy. The amount of currency-specific hedging depends on current exchange rates and market expectations, on the interest rate differences between the currencies and the significance of the exchange rate risk for the financial result of the Group. The transaction exposure is mainly hedged by forward transactions but also by the use of foreign currency loans and currency options. At the end of the reporting period, the foreign exchange transaction exposure had been hedged 8.9 months on average (2021: 8.1) being 122 per cent of the hedging norm (117). During the reporting period, the hedg-ing level has varied between 8 and 9 months (7\u20139) being between 113 and 128 per cent of the norm (108\u2013118). The dollar\u2019s hedging level was 8.4 months (7.7) being 119 per cent of the norm (113). The Swedish krona\u2019s \u25a0 5.6 Management of financial risksThe financial risks associated with business operations are managed in accordance with the financial policy endorsed by the Board of Directors and the senior management of the company. The policy defines focal instructions on the management of foreign currency, interest rate, liquidity and counterparty risks, and for the use of derivative financial instruments. Correspondingly, commodity risks are managed according to the compa-ny\u2019s commodity risk policy. The purpose is to protect the company against major financial and commodity risks, to balance the cash flow and to allow the business units time to adjust their operations to changing conditions. Mets\u00e4 Group Treasury Oy is specialized in finance and functions as the Group\u2019s internal bank. Mets\u00e4liitto Cooperative\u00b4s holding is 100 per cent of the company. Financial operations have been centralised to Mets\u00e4 Group Treasury, which is in charge of managing the Group companies\u2019 financial positions according to the strategy and financial policy, providing neces-sary financial services and acting as an advisor in financial matters. Counterparty riskFinancial instruments carry the risk that the Group may incur losses should the counterparty be unable to meet its commitments. The Group is managing this risk by entering into financial transactions only with most creditworthy counterparties and within pre-determined limits. Cash and cash equivalents, and other investments have been spread to several banks, commercial papers of several institutions and money market funds. During the reporting period, credit risks of financial instruments did not result in any losses. Counterparty limits have been revised during the year by taking into account the needs of the company and the view on the finan-cial position of the used counterparties. Derivatives trading is regulated by the standardised ISDA contracts made with the counterparties. Main part of financial credit risks are in the balance sheet of Mets\u00e4 Group Treasury and not directly in the balance sheet of Mets\u00e4 Board. The Group has applied expected credit loss model in accordance with IFRS 9 to calculate the impairment of financial assets. The Group\u2019s accounts receivable carry a counterparty risk that the Group may incur losses should the counterparty be unable to meet its commitments. Credit risk attached to accounts receivable is managed on the basis of the credit risk management policies approved by operative management. Accounts receivable performance is followed by Group Credit Risk Management Team and reported monthly to Customer Credit & Compliance Committee and operative management. Credit quality of customers is assessed at regular intervals based on the customers\u2019 financial statements, payment behaviour and credit ratings agencies. Credit limits are approved according to credit risk management policy with approval limits of varying values across the Group. Individual credit limits are reviewed at least annually. Letters of Credits, bank and parent company guarantees, and Credit insurance are used to mitigate credit risk according to management decisions. The Customer Credit & Compliance Committee reviews and sets all major credit limits which are not supported by credit insurance and / or other security.Mets\u00e4 Board implements regular impairment tests for customer accounts receivables. Credit loss impairment is booked when a customer enters legal bankruptcy or becomes past due for more than 6 months (180 days) without a valid payment plan or other acceptable reasons. New net credit loss provisions for the year were 239 thousand euros (2021: nil), of which 98% occurred as a result of war actions of Russia. The portion of overdue client receivables of all accounts receivable is at the time of financial statements 7.4 per cent (2.1), of which 0.0 per cent (3.8) is committed credit facilities of EUR 0.0 million (191.8). Of the liquid assets, EUR 338.6 million consisted of short-term deposits with Mets\u00e4 Group Treasury (496.4), and EUR 17.6 million were cash funds and investments (27.8). Other interest-bearing receivables amounted to EUR 2.7 million (2.7). In addition, Mets\u00e4 Board\u2019s liquidity reserve is complemented by Mets\u00e4 Group\u2019s internal undrawn short-term credit facility of EUR 150.0 million (150.0) and undrawn pension premium (TyEL) funds of EUR 227.6 million (215.9). At the end of 2022, the liquidity reserve covers the forecasted financing need of 2023\u20132024. 3 per cent (2) of long-term loans and committed facilities fall due in a 12 month period and 75 per cent (69) have a maturity of over four years. The average maturity of long-term loans is 4.0 years (4.7). The share of short-term financing of the Group\u2019s interest bearing liabilities is 0.1 per cent (0.0). Liquidity riskLiquidity risk is defined as the risk that funds and available funding become insufficient to meet business needs, or costs that are incurred in arranging the necessary financing are unreasonable high. Liquidity risk is monitored by estimating the need for liquidity needs 12\u201324 months ahead and ensuring that the total liquidity available will cover a main part of this need. According to the financial policy, the liquidity reserve must at all times cover 100 per cent of the Group\u2019s liquidity requirement for the first 12 months and 50\u2013100 per cent of the following 12\u201324 months liquidity requirement. The objective is that at the most 20 per cent of the Group\u2019s loans, including committed credit facilities, are allowed to mature within the next 12 months and at least 25 per cent of the total debt must have a maturity in excess of four years. The target is to avoid keeping extra liquid-ity as liquid funds and instead maintain a liquidity reserve as committed credit facilities outside the balance sheet. The cornerstone of liquidity risk management is to manage the Group\u2019s operative decisions in such a way that targets concerning indebtedness and sufficient liquidity reserve can be secured in all economic conditions. Liquidity risk is also managed by diversifying the use of capital and money markets to decrease dependency on any single financing source and the optimisation of the maturity structure of loans is also emphasized in finan-cial decisions. Mets\u00e4 Board is using short-term working capital financing related to accounts receivables and accounts payables. Mets\u00e4 Board has for Husum investments Finnvera 95% guaranteed loan agreement of EUR 100.0 million, of which remaining EUR 66.8 was drawn down in May 2022.Mets\u00e4 Board\u2019s liquidity is good. At the end of the review period, available liquidity was EUR 556.2 million (916.0), consisting of following items: liquid assets and investments of EUR 356.2 million (524.2), a syndicated credit facility (revolving credit facility) of EUR 200.0 million (200.0), and other the policy, the management of commodity risks with regard to financial hedges is accomplished centralized by Mets\u00e4 Group Treasury based on the strategy approved by Board of Directors of Mets\u00e4 Board. The commodity hedging policy is applied to the management of the price risks of electricity, natural gas, propane and fuel oil and also transactions related to Emission allowances are managed by Mets\u00e4 Group Treasury. Mets\u00e4 Board has abandoned the hedging of electricity and propane and all hedges matured during year 2022. Hedge accounting in accordance with IFRS 9 has been applied to all commodity hedging. According to the commodity hedging policy an 80 per cent hedge level of the estimated net position during the first 12 month period has been set as a hedging norm and the hedge ratio can vary by 20 per cent in either direction. Hedges based on previous pol-icy are gradually maturing. The Group Board of Directors makes significant strategic decisions.Mets\u00e4 Board\u2019s commodity risk management has electricity risk had a key role. The electricity exposure of Mets\u00e4 Board is stabilizing after Olkiluoto 3 -project and investment in Husum pulp mill are getting ready. Therefore the need to hedge the electricity exposure ended and all electricity hedges matured during year 2022. Part of Mets\u00e4 Board\u2019s mills\u2019 purchase of fuel is based on natural gas and the company is hedging the price risk of natural gas purchases by using financial hedges. Mets\u00e4 Board is hedging also the gas oil, heavy fuel oil and 0.5% fuel oil price risk related to logistics costs (sea freights) based on commodity risk policy by using financial hedges. Mets\u00e4 Board is not hedging its pulp price risk. Mets\u00e4 Group has launched a Green Finance Framework, which integrates sustainability and climate change mitigation to the Group\u00b4s investments and related financing activities. The framework is based on the Group\u00b4s strategy and the strategic sustainability objectives for 2030. The interest margin of Mets\u00e4 Board\u00b4s EUR 200 million syndicated credit limit (revolving credit facility) has been linked to results of environmental objectives set by the company.In Group`s certain financial contracts financial covenants have been set regarding financial performance and capital structure. Other covenants in the Group\u2019s loan agreements are customary terms and conditions including for example a negative pledge, restrictions on major asset disposals, limitations on subsidiary indebtedness, restrictions on changes of business and mandatory prepayment obligations upon a change of control of the Group. According to the covenant conditions of Finnvera loan agreement guaranteed by a 95% share net gearing may not exceed 100 per cent in relation to the share capital. The Group has been in compliance with its covenants during the accounting periods 2022 and 2021. In case the company could not meet its obligations as defined in financial contracts and in order to avoid a breach of contract that could have an adverse effect on the company\u2019s financial position, it would need to renegotiate its financial arrangements, payback its loans or get its debtors to give up their claims to meet these obligations.Managing the capitalTerms capital and capital structure are used to describe investments made in the company by its owners and retained earnings (together equity) and debt capital (liabilities) as well as the relation between them. In managing its capital structure, the Group aims at maintaining an efficient capital structure that ensures the Group\u2019s operational conditions in financial and capital markets in all circumstances despite the fluctuations typical to the sector. The company has a credit rating for its long-term financing. Certain central target values, which correspond to standard requirements set by financing and capital markets, have been defined for the capital structure. No target level has been defined for the credit rating. The Group\u2019s capital structure is regularly assessed by the Group\u2019s Board of Directors and its Audit Committee.Mets\u00e4 Board updated the company\u00b4s long-term financial targets and decided on a new dividend policy in 2017. Mets\u00e4 Board\u00b4s target for the comparable return on capital employed is at least 12 per cent. According to the company\u00b4s target, the ratio of interest-bearing net liabilities to com-parable EBITDA is a maximum of 2.5. This target level gives the company enough flexibility for potential growth in the future. In 2022 the long-term financial targets have been kept constant.The key ratios describing the capital structure and the capital amounts used for the calculation of the key ratio were on 31.12.2022 and 31.12.2021 the following:EUR million 2022 2021Interest-bearing net liabilities/comparable EBITDA 0.2 -0.2Net gearing ratio, % -4 -4Interest-bearing borrowings 453.0 448.6./. Liquid funds 356.2 524.2./.Interest-bearing receivables 2.3 2.7Net interest bearing liabilities -94.5 -78.4Equity attributable to shareholders2,082.0 1,699.4of parent company+ Non-controlling interest 173.2 146.2Total Equity 2,255.2 1,845.6overdue between 90\u2013180 days and 4.8 per cent (0.5) over 180 days. The specification of doubtful receivables is in the Notes. In the 2022 financial statements, credit losses have returned to the application of normal calculation principle. Expected credit losses on accounts receivables are calculated by using a provision matrix. Expected credit loss expense is rec-ognized by applying expected credit loss percentages based on five-year historic losses on accounts receivables from external debtors, net of credit insurance outstanding at period end. The expected credit loss percentage is 0.2 per cent of receivables.The geographical structure of the accounts receivable is diversified and is reflecting the external sales structure presented in the Segment information. The top ten largest sources of credit risk exist in Italy, USA, Turkey, Poland, United Kingdom, Sweden, Germany, Spain, Finland and South-Africa (around 67 per cent of total external receivables (65)). The share of largest individual customer (individual companies or groups of companies under common ownership) credit risk exposure of Mets\u00e4 Board at the end of 2022 represented 7 per cent (7) of total external accounts receivable. 32 per cent (33) of accounts receivable was owed by ten largest customer groups (individual companies or groups of companies under common ownership). At the end of 2022, there was around 1.0 per cent (0.4) shortfall of credit insurance limits beyond usual policy deductibles and exclusions.Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.202231 Dec 2022Re-pricing structure of interest rates of loansLoanAverageInterest rateamountDuration interest ratesensitivity 1)(EUR million)(months)(%)(EUR million)1\u20134/2023 5\u20138/2023 9\u201312/2023 2024 2025 2026 >2026453 36.1 2.2 -2.3 54 8 2 14 63 14 299Interest rate risk / duration and re-pricing structure of loans (incl. interest rate derivatives) 31.12.202131 Dec 2021Re-pricing structure of interest rates of loansLoanAverageInterest rateamountDuration interest ratesensitivity 1)(EUR million)(months)(%)(EUR million)1\u20134/2022 5\u20138/2022 9\u201312/2022 2023 2024 2025 >2025449 45.3 2.3 -5.0 -97 9 157 76 35 84 3771) Interest rate sensitivity is an estimate of the effect of an interest rate change of one percent in one direction on net interest cost based on year end exposureHedging of electricity price risk exposure GWh 31 Dec 22 31 Dec 21Electricity exposure, net 288 555Electricity hedging 135Hedging at the end of the year (%) 24Average price of hedging at the end of the year (e/MWh) 32.07Electricity price risk is hedged based on defined risk management policy by physical contracts or by financial contracts. The net electricity exposure has been calculated by taking into account the own and associated companies\u00b4 electricity production. The company abandoned electricity hedging and the hedging derivatives matured in 2022. Hedging of foreign exchange transaction exposure 31.12.2022Annual transaction exposureEUR million USD GBP SEK AUD CAD Other long Other short TotalTransaction exposure, net (mill. currency units) 1,069 96 -5,941 33Transaction exposure, net (EUR million) 1,003 108 -534 23 9 0 1,676Transaction exposure hedging (EUR million) -698 -69 462 -12 0 0 -1,242Hedging at the end of the year (months) 8.4 7.7 10.4 6.6 8.9Average hedging in 2022 (months) 8.0 7. 8 9.8 5.5 8.5Average rate of hedging at the end of the year 1.0403 0.8709 10.7134Hedging of foreign exchange transaction exposure 31.12.2021Annual transaction exposureEUR million USD GBP SEK AUD CAD Other long Other short TotalTransaction exposure, net (mill. currency units) 920 80 -5,296 11 37Transaction exposure, net (EUR million) 812 95 -517 7 26 3 0 1,460Transaction exposure hedging (EUR million) -520 -59 400 0 0 0 0 -980Hedging at the end of the year (months) 7.7 7.5 9.3 0.0 0.0 8.1Average hedging in 2021 (months) 6.9 7.6 10.0 1.3 1.0 7.9Average rate of hedging at the end of the year 1.1655 0.8550 10.2117Net investments in a foreign entity 31.12.2022Equity exposureEUR million USD GBP SEK Others TotalEquity exposure (mill. currency units) 109 3 7,7 6 9Equity exposure (EUR million) 103 4 699 3 808Net investments in a foreign entity 31.12.2021Equity exposureEUR million USD GBP SEK Others TotalEquity exposure (mill. currency units) 112 8 5,892Equity exposure (EUR million) 99 10 575 3 685Market risk sensitivity 202231 Dec 2022 Impact on equity exposure and annual transaction exposureImpact on annualImpact on Impact onImpact on annualtransaction expo-financial assetsnet equity oftransaction expo-sure (cash flow)MEURand liabilitiesforeign entitiessure (cash flow)incl. hedgingInterest rate risk (100 bp rise in interest rates)Effect on profit 2.3 3.1Effect on other change in equity 0.9Commodity risk (electricity price + 20%)Effect on profit -17.6 -7.4Effect on other change in equity 10.2FX risk (USD - 10%)Effect on profit 0.1 -100.3 -30.4Effect on other change in equity 64.9 -10.3FX risk (GBP - 10%)Effect on profit 0.1 -10.8 -3.8Effect on other change in equity 5.3 -0.4FX risk (SEK - 10%)Effect on profit -10.0 53.4 7. 3Effect on other change in equity -38.6 -69.9Market risk sensitivity 202131 Dec 2021 Impact on equity exposure and annual transaction exposureImpact on annualImpact on Impact onImpact on annualtransaction expo-financial assetsnet equity oftransaction expo-sure (cash flow)MEURand liabilitiesforeign entitiessure (cash flow)incl. hedgingInterest rate risk (100 bp rise in interest rates)Effect on profit 5.0 7.0Effect on other change in equity 2.0Commodity risk (electricity price + 20%)Effect on profit -5.5 -3.7Effect on other change in equity 1.9FX risk (USD - 10%)Effect on profit 0.0 -81.2 -29.2Effect on other change in equity 46.5 -9.9FX risk (GBP - 10%)Effect on profit 0.1 -9.5 -3.6Effect on other change in equity 4.7 -1.0FX risk (SEK - 10%)Effect on profit 0.8 51.7 11.7Effect on other change in equity -36.1 -57.5Items with + sign = positive effect = increase of assets / decrease of liabilities / increase of cash flow Items with - sign = negative effect = decrease of assets / increase of liabilities / decrease of cash flowIFRS 7 requires an entity to disclose a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. The Group has recognised interest rates, electricity prices and foreign exchange rates as its key market risks and has set 1 per cent interest rate rise, 20 per cent rise in electricity price and 10 per cent weakening of USD, GBP and SEK as reasonably possible risk variables. These currencies represent over 98 per cent of Group\u00b4s annual transaction exposure. The nature of the market price risk is relatively linear so that the size of effects of opposite market price changes do not essentially differ from the presented figures. The scenarios have been calculated by using regular principles of calculating market values of financial instruments described in the Group Accounting policies. Figures at the reporting date reflect quite well the average market risk conditions throughout the reporting period.Additionally the Group is presenting figures describing the effects of the risk variables to its equity exposure and annual transaction exposure (cash flow) to present a broader picture about market risks of interest rates, electricity prices and foreign exchange rates. Annual cash flows are based on estimates, and not not existing commercial contracts. The weakening of USD and GBP has a negative impact on annual cash flow and the weakening of SEK has a positive impact. Hedges reduce this impact depending on hedging strategy. The impact on net equity of foreign entities is arising from the consolidation of subsidiaries to the Group consolidated accounts. The rise of electricity price has a negative impact on cash flow. As according to hedging policy the electricity price risk of the nearest year has mostly been hedged, the impact including hedges remains minor. Cash flows of installments and interest payments of financial liabilities 2022EUR million 2023 2024 2025 2026 2027 2028\u2013 TotalBonds 249.0 249.0Loans from financial institutions 11.8 11.8 111.3 11.8 11.8 29.3 1 8 7.61)Finance lease liabilities 6.7 4.3 2.8 1.0 0.5 2.0 1 7. 3Non-current interest-bearing liabilities total 18.5 16.1 114.0 12.7 261.3 31.3 453.9 Current interest-bearing liabilities 0.4 0.4Financial liabilities total 18.9 16.1 114.0 12.7 261.3 31.3 454.3Financial expenses total 9.8 9.7 8.1 7.4 7.3 0.5 42.8Financial liabilities and expenses total 28.7 25.8 122.2 20.1 268.6 31.7 4 97. 1Guarantee agreements 0.4 0.1 0.3 1.2 2.1 Derivatives Currency derivative, liabilities 1,815.3 1,815.3Currency derivative, receivables -1,823.6 -1,823.6Interest rate swaps, liabilities -1.7 -1.1 -0.4 -3.1Commodity derivatives, liabilities 5.0 5.0Commodity derivatives, receicables -6.7 0.0 -6.7Derivatives, net -11.7 -1.1 -0.4 -13.2Cash flows of installments and interest payments of financial liabilities 2021EUR million 2022 2023 2024 2025 2026 2027\u2013 TotalBonds 248.8 248.8Loans from financial institutions 3.9 3.9 3.9 153.2 3.9 13.5 182.31)Finance lease liabilities 6.6 4.6 2.6 1.4 0.4 2.6 18.1Non-current interest-bearing liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3 Current interest-bearing liabilities 0.0 0.0Financial liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3Financial expenses total 8.6 8.5 8.5 7. 5 7.0 7. 2 47. 3Financial liabilities and expenses total 19.0 17. 1 15.0 162.0 11.4 272.1 496.6Guarantee agreements 0.2 0.4 0.1 0.1 1.2 2.0 Derivatives Currency derivative, liabilities 1,085.4 1,085.4Currency derivative, receivables -1,068.9 -1,068.9Interest rate swaps, liabilities 0.9 0.4 0.3 0.1 1.7Commodity derivatives, liabilities 0.1 0.1Commodity derivatives, receicables -32.0 -32.0Derivatives, net -14.5 0.4 0.3 0.1 -13.71) Cash flows from lease liabilities include both debt repayment and financing expense.The balance sheet value of lease liabilities on December 31, 2022 was EUR 15.9 million (15.9). The balance sheet value of currency derivative liabilities on 31 December 2022 was EUR 31.3 million (2.0) and the value of currency derivative receivables was EUR 25.0 million (18.5).",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-125-3": {
"value": "committed credit facilities of EUR 0.0 million (191.8). Of the liquid assets, EUR 338.6 million consisted of short-term deposits with Mets\u00e4 Group Treasury (496.4), and EUR 17.6 million were cash funds and investments (27.8). Other interest-bearing receivables amounted to EUR 2.7 million (2.7). In addition, Mets\u00e4 Board\u2019s liquidity reserve is complemented by Mets\u00e4 Group\u2019s internal undrawn short-term credit facility of EUR 150.0 million (150.0) and undrawn pension premium (TyEL) funds of EUR 227.6 million (215.9). At the end of 2022, the liquidity reserve covers the forecasted financing need of 2023\u20132024. 3 per cent (2) of long-term loans and committed facilities fall due in a 12 month period and 75 per cent (69) have a maturity of over four years. The average maturity of long-term loans is 4.0 years (4.7). The share of short-term financing of the Group\u2019s interest bearing liabilities is 0.1 per cent (0.0). Liquidity riskLiquidity risk is defined as the risk that funds and available funding become insufficient to meet business needs, or costs that are incurred in arranging the necessary financing are unreasonable high. Liquidity risk is monitored by estimating the need for liquidity needs 12\u201324 months ahead and ensuring that the total liquidity available will cover a main part of this need. According to the financial policy, the liquidity reserve must at all times cover 100 per cent of the Group\u2019s liquidity requirement for the first 12 months and 50\u2013100 per cent of the following 12\u201324 months liquidity requirement. The objective is that at the most 20 per cent of the Group\u2019s loans, including committed credit facilities, are allowed to mature within the next 12 months and at least 25 per cent of the total debt must have a maturity in excess of four years. The target is to avoid keeping extra liquid-ity as liquid funds and instead maintain a liquidity reserve as committed credit facilities outside the balance sheet. The cornerstone of liquidity risk management is to manage the Group\u2019s operative decisions in such a way that targets concerning indebtedness and sufficient liquidity reserve can be secured in all economic conditions. Liquidity risk is also managed by diversifying the use of capital and money markets to decrease dependency on any single financing source and the optimisation of the maturity structure of loans is also emphasized in finan-cial decisions. Mets\u00e4 Board is using short-term working capital financing related to accounts receivables and accounts payables. Mets\u00e4 Board has for Husum investments Finnvera 95% guaranteed loan agreement of EUR 100.0 million, of which remaining EUR 66.8 was drawn down in May 2022.Mets\u00e4 Board\u2019s liquidity is good. At the end of the review period, available liquidity was EUR 556.2 million (916.0), consisting of following items: liquid assets and investments of EUR 356.2 million (524.2), a syndicated credit facility (revolving credit facility) of EUR 200.0 million (200.0), and other ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-3": {
"value": "Counterparty riskFinancial instruments carry the risk that the Group may incur losses should the counterparty be unable to meet its commitments. The Group is managing this risk by entering into financial transactions only with most creditworthy counterparties and within pre-determined limits. Cash and cash equivalents, and other investments have been spread to several banks, commercial papers of several institutions and money market funds. During the reporting period, credit risks of financial instruments did not result in any losses. Counterparty limits have been revised during the year by taking into account the needs of the company and the view on the finan-cial position of the used counterparties. Derivatives trading is regulated by the standardised ISDA contracts made with the counterparties. Main part of financial credit risks are in the balance sheet of Mets\u00e4 Group Treasury and not directly in the balance sheet of Mets\u00e4 Board. The Group has applied expected credit loss model in accordance with IFRS 9 to calculate the impairment of financial assets. The Group\u2019s accounts receivable carry a counterparty risk that the Group may incur losses should the counterparty be unable to meet its commitments. Credit risk attached to accounts receivable is managed on the basis of the credit risk management policies approved by operative management. Accounts receivable performance is followed by Group Credit Risk Management Team and reported monthly to Customer Credit & Compliance Committee and operative management. Credit quality of customers is assessed at regular intervals based on the customers\u2019 financial statements, payment behaviour and credit ratings agencies. Credit limits are approved according to credit risk management policy with approval limits of varying values across the Group. Individual credit limits are reviewed at least annually. Letters of Credits, bank and parent company guarantees, and Credit insurance are used to mitigate credit risk according to management decisions. The Customer Credit & Compliance Committee reviews and sets all major credit limits which are not supported by credit insurance and / or other security.Mets\u00e4 Board implements regular impairment tests for customer accounts receivables. Credit loss impairment is booked when a customer enters legal bankruptcy or becomes past due for more than 6 months (180 days) without a valid payment plan or other acceptable reasons. New net credit loss provisions for the year were 239 thousand euros (2021: nil), of which 98% occurred as a result of war actions of Russia. The portion of overdue client receivables of all accounts receivable is at the time of financial statements 7.4 per cent (2.1), of which 0.0 per cent (3.8) is overdue between 90\u2013180 days and 4.8 per cent (0.5) over 180 days. The specification of doubtful receivables is in the Notes. In the 2022 financial statements, credit losses have returned to the application of normal calculation principle. Expected credit losses on accounts receivables are calculated by using a provision matrix. Expected credit loss expense is rec-ognized by applying expected credit loss percentages based on five-year historic losses on accounts receivables from external debtors, net of credit insurance outstanding at period end. The expected credit loss percentage is 0.2 per cent of receivables.The geographical structure of the accounts receivable is diversified and is reflecting the external sales structure presented in the Segment information. The top ten largest sources of credit risk exist in Italy, USA, Turkey, Poland, United Kingdom, Sweden, Germany, Spain, Finland and South-Africa (around 67 per cent of total external receivables (65)). The share of largest individual customer (individual companies or groups of companies under common ownership) credit risk exposure of Mets\u00e4 Board at the end of 2022 represented 7 per cent (7) of total external accounts receivable. 32 per cent (33) of accounts receivable was owed by ten largest customer groups (individual companies or groups of companies under common ownership). At the end of 2022, there was around 1.0 per cent (0.4) shortfall of credit insurance limits beyond usual policy deductibles and exclusions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-4": {
"value": "In Group`s certain financial contracts financial covenants have been set regarding financial performance and capital structure. Other covenants in the Group\u2019s loan agreements are customary terms and conditions including for example a negative pledge, restrictions on major asset disposals, limitations on subsidiary indebtedness, restrictions on changes of business and mandatory prepayment obligations upon a change of control of the Group. According to the covenant conditions of Finnvera loan agreement guaranteed by a 95% share net gearing may not exceed 100 per cent in relation to the share capital. The Group has been in compliance with its covenants during the accounting periods 2022 and 2021. In case the company could not meet its obligations as defined in financial contracts and in order to avoid a breach of contract that could have an adverse effect on the company\u2019s financial position, it would need to renegotiate its financial arrangements, payback its loans or get its debtors to give up their claims to meet these obligations.CommitmentsEUR million 2022 2021Leases not yet commenced to which the Group is 18.0committedOther commitments given on own behalf 1.5 1.5Other commitments 3.8 Total 5.3 19.5Commitments include granted pledges, mortgages and floating charges as well as guarantees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-3": {
"value": "Mets\u00e4 Group has launched a Green Finance Framework, which integrates sustainability and climate change mitigation to the Group\u00b4s investments and related financing activities. The framework is based on the Group\u00b4s strategy and the strategic sustainability objectives for 2030. The interest margin of Mets\u00e4 Board\u00b4s EUR 200 million syndicated credit limit (revolving credit facility) has been linked to results of environmental objectives set by the company.In Group`s certain financial contracts financial covenants have been set regarding financial performance and capital structure. Other covenants in the Group\u2019s loan agreements are customary terms and conditions including for example a negative pledge, restrictions on major asset disposals, limitations on subsidiary indebtedness, restrictions on changes of business and mandatory prepayment obligations upon a change of control of the Group. According to the covenant conditions of Finnvera loan agreement guaranteed by a 95% share net gearing may not exceed 100 per cent in relation to the share capital. The Group has been in compliance with its covenants during the accounting periods 2022 and 2021. In case the company could not meet its obligations as defined in financial contracts and in order to avoid a breach of contract that could have an adverse effect on the company\u2019s financial position, it would need to renegotiate its financial arrangements, payback its loans or get its debtors to give up their claims to meet these obligations.Managing the capitalTerms capital and capital structure are used to describe investments made in the company by its owners and retained earnings (together equity) and debt capital (liabilities) as well as the relation between them. In managing its capital structure, the Group aims at maintaining an efficient capital structure that ensures the Group\u2019s operational conditions in financial and capital markets in all circumstances despite the fluctuations typical to the sector. The company has a credit rating for its long-term financing. Certain central target values, which correspond to standard requirements set by financing and capital markets, have been defined for the capital structure. No target level has been defined for the credit rating. The Group\u2019s capital structure is regularly assessed by the Group\u2019s Board of Directors and its Audit Committee.Mets\u00e4 Board updated the company\u00b4s long-term financial targets and decided on a new dividend policy in 2017. Mets\u00e4 Board\u00b4s target for the comparable return on capital employed is at least 12 per cent. According to the company\u00b4s target, the ratio of interest-bearing net liabilities to com-parable EBITDA is a maximum of 2.5. This target level gives the company enough flexibility for potential growth in the future. In 2022 the long-term financial targets have been kept constant.The key ratios describing the capital structure and the capital amounts used for the calculation of the key ratio were on 31.12.2022 and 31.12.2021 the following:EUR million 2022 2021Interest-bearing net liabilities/comparable EBITDA 0.2 -0.2Net gearing ratio, % -4 -4Interest-bearing borrowings 453.0 448.6./. Liquid funds 356.2 524.2./.Interest-bearing receivables 2.3 2.7Net interest bearing liabilities -94.5 -78.4Equity attributable to shareholders2,082.0 1,699.4of parent company+ Non-controlling interest 173.2 146.2Total Equity 2,255.2 1,845.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-3": {
"value": "Hedging of foreign exchange transaction exposure 31.12.2022Annual transaction exposureEUR million USD GBP SEK AUD CAD Other long Other short TotalTransaction exposure, net (mill. currency units) 1,069 96 -5,941 33Transaction exposure, net (EUR million) 1,003 108 -534 23 9 0 1,676Transaction exposure hedging (EUR million) -698 -69 462 -12 0 0 -1,242Hedging at the end of the year (months) 8.4 7.7 10.4 6.6 8.9Average hedging in 2022 (months) 8.0 7. 8 9.8 5.5 8.5Average rate of hedging at the end of the year 1.0403 0.8709 10.7134Hedging of foreign exchange transaction exposure 31.12.2021Annual transaction exposureEUR million USD GBP SEK AUD CAD Other long Other short TotalTransaction exposure, net (mill. currency units) 920 80 -5,296 11 37Transaction exposure, net (EUR million) 812 95 -517 7 26 3 0 1,460Transaction exposure hedging (EUR million) -520 -59 400 0 0 0 0 -980Hedging at the end of the year (months) 7.7 7.5 9.3 0.0 0.0 8.1Average hedging in 2021 (months) 6.9 7.6 10.0 1.3 1.0 7.9Average rate of hedging at the end of the year 1.1655 0.8550 10.2117Net investments in a foreign entity 31.12.2022Equity exposureEUR million USD GBP SEK Others TotalEquity exposure (mill. currency units) 109 3 7,7 6 9Equity exposure (EUR million) 103 4 699 3 808Net investments in a foreign entity 31.12.2021Equity exposureEUR million USD GBP SEK Others TotalEquity exposure (mill. currency units) 112 8 5,892Equity exposure (EUR million) 99 10 575 3 685Accounting principlesDerivative contracts are initially recognised on the balance sheet at fair value at cost, and thereafter during their term-to-maturity revalued at their fair value at each reporting date. The fair value of derivatives is presented in non-interest-bearing receivables or liabilities. Gains and losses resulting from recognition at fair value are treated in accounting as required with regard to the intended use of the derivative contract in question. Derivatives are initially classified as either1. Hedges of the exposure to changes in the fair value of receivables, liabilities or firm commitments;2. Hedges of the cash flow from a highly probable forecast transaction;3. Hedges of a net investment in a foreign entity, or4. Derivatives to which it has been decided not to apply hedge accounting. Mets\u00e4 Board currently applies hedge accounting only to cash flow hedging. When applying hedge accounting at the inception of a hedg-ing relationship, the Group has documented the relationship between the hedged item and the hedging instruments, as well as the hedging strategy observed. To meet the requirements of hedge accounting, the Group has also continuously carried out effectiveness testing to verify that changes in the fair value of the hedging instrument for each hedging relationship cover any changes in the fair value of the hedged item effectively enough, with respect to the hedged risk. Changes in the fair value of the effective portion of derivative instruments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item. If the forecast transaction is no longer expected to occur, the gain or loss accrued in equity is recognised immediately in the income statement.Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency deriv-atives are recognised in financial items and changes in the value of commodity derivatives are recognised in other income and expenses.Hedge accounting is applied as cash flow hedging to highly probable cash flows from sales denominated in foreign currencies and contractual cash flows from floating interest rates of loans. In the management of price risks related to commodities, hedge accounting is applied to cash flows from highly probable purchases of electricity, liquefied natural gas (LNG), natural gas, propane, light, heavy and 0.5% fuel oil. The fair values of forward foreign exchange contracts are based on the forward prices prevailing on the balance sheet date, and currency options are measured at fair value in accordance with the Black\u2013Scholes model. Interest rate swaps are measured at the current value of cash flows, with the calculation being based on the market interest rate yield curve. The fair values of derivatives are measured on the basis of publicly quoted market prices. Management of financial risks and hedge effectivenessThe management of the Group\u2019s currency, interest rate and com-modity risks is described in more detail in Note 5.6, Management of financial risks. Note 5.7., Fair values of financial assets and liabilities, includes the fair values and grouping of derivatives. Note 5.1, Equity, includes itemisations of hedge accounting entries in the fair value reserve. The hedging of the currency flow position is effective, given that there is a direct financial relationship between the hedged sale and the hedging derivative. The spot rate component of a forward contract or the reference value component of a currency option has been determined as the hedged item, and the forward points or the option\u2019s time value are treated as hedging costs subject to amortisation based on the period. Currency flow forecasts are fairly stable, invoicing steady within quarters and months, and forward deals are allocated to each month, due to which the ineffectiveness of hedging usually remains very low. Changes in production or the structure of sales may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.The hedge accounting of the cash flow from interest rates is primarily effective, given that there is a direct financial relationship between the long-term loans subject to hedging and the hedging interest rate swaps. Ineffectiveness in the hedge relationship derives from any possible differences between the loans and the swaps\u2019 interest rate periods as well as from differences in the reference rates of contract terms. The ineffective portion of interest rate hedging is recognised through profit and loss. Premature loan withdrawals or premature repayment of loans may result in a state of ineffectiveness, in which case the hedging interest rate swaps are reversed or derecognised from hedge accounting, and the change in fair value is recognised in financial items under income. The hedging of commodity purchases is effective, given that, in lieu of the total purchase price, the hedged item is the same, identical risk component of pricing applied in the hedging derivative. In the hedging of the price risk of electricity, the hedged item is what is referred to as the portion of the system price and the hedging takes place with a system-priced electricity swap. Correspondingly, the price compo-nents of the purchases and the hedging derivative in the hedging of natural gas, propane and fuel oil are identical. Commodity purchases are fairly steady and hedges are allocated to each month, due to which the ineffectiveness of the hedging usually remains low. Changes in the use of various commodities may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly. Hedging for electricity, propane and liquefied natural gas (LNG) ended at the end of 2022.Financial derivatives and hedge accountingDerivatives 2022Nominal value Fair valueFair value Fair value through other Derivative through profit comprehensive EUR million Derivative assetsliabilities Fair value netand lossincomeInterest rate swaps 100.0 3.1 3.1 3.1Interest rate derivatives 100.0 3.1 3.1 3.1Currency forward contracts 1,790.1 31.3 25.0 6.3 1.4 4.9Currency option contracts 281.3 2.2 0.1 2.1 2.1Currency derivatives 2,071.4 33.5 25.2 8.4 1.4 7.0Oil derivatives 27. 5 0.5 3.9 -3.3 -3.3Natural gas and propane derivatives 32.7 6.2 1.2 5.0 2.1 2.9Commodity derivatives 60.2 6.7 5.0 1.7 2.1 -0.4Derivatives total 2,231.5 43.4 30.2 13.2 3.5 9.7Derivatives 2021Nominal value Fair valueFair value Fair value through other Derivative through profit comprehensive EUR million Derivative assetsliabilities Fair value netand lossincomeInterest rate swaps 100.0 0.0 1.7 -1.7 0.0 -1.7Interest rate derivatives 100.0 0.0 1.7 -1.7 0.0 -1.7Currency forward contracts 1,066.9 2.0 18.5 -16.5 -0.2 -16.3Currency derivatives 1,066.9 2.0 18.5 -16.5 -0.2 -16.3Electricity derivatives 4.4 4.9 0.0 4.9 4.9Oil derivatives 1 7. 1 3.7 0.0 3.7 3.7Natural gas and propane derivatives 14.6 23.5 0.1 23.4 23.4Commodity derivatives 36.1 32.0 0.1 31.9 31.9Derivatives total 1,203.0 34.0 20.3 13.7 -0.2 13.9Changes in the value of hedge accounting and the effects on profit or loss are presented in Note 5.1 Equity.Economic effect of the net settlement of instruments under master netting agreements executed2022 2021Assets and Assets and liabilitiesliabilitiesFinancialrelated to Financialrelated to derivativesmaster netting derivativesmaster netting on-balance sheetagreements Net riskon-balance sheetagreements Net riskDerivative assets 43.4 43.4 34.0 34.0Derivative liabilities -30.2 -30.2 -20.3 -20.3Master netting agreements are used for derivative contracts entered into by the Group and its counterparties. In the event of unlikely credit events, all valid transactions based on the agreement will be cancelled, and only one net sum will be payable by each counterparty for all the transactions. The items are not netted on the balance sheet. Cash flow hedge maturities 20221\u201366\u2013121\u20135over 5Hedged EUR millionmonthsmonthsyearsyearscash flow totalInterest rate derivatives, hedge accounting 50.0 50.0 100.0Currency rate derivatives, hedge accounting 834.2 230.7 1,064.9Currency derivatives, no hedge accounting 137.8 1 37.8Commodity derivatives, hedge accounting 30.1 30.1 60.2Cash flow hedge maturities 20211\u201366\u2013121\u20135over 5Hedged EUR millionmonthsmonthsyearsyearscash flow totalInterest rate derivatives, hedge accounting 100.0 100.0Currency rate derivatives, hedge accounting 672.4 204.1 876.5Currency derivatives, no hedge accounting 82.0 82.0Commodity derivatives, hedge accounting 18.5 1 7.6 36.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-4": {
"value": "Cash flows of installments and interest payments of financial liabilities 2022EUR million 2023 2024 2025 2026 2027 2028\u2013 TotalBonds 249.0 249.0Loans from financial institutions 11.8 11.8 111.3 11.8 11.8 29.3 1 8 7.61)Finance lease liabilities 6.7 4.3 2.8 1.0 0.5 2.0 1 7. 3Non-current interest-bearing liabilities total 18.5 16.1 114.0 12.7 261.3 31.3 453.9 Current interest-bearing liabilities 0.4 0.4Financial liabilities total 18.9 16.1 114.0 12.7 261.3 31.3 454.3Financial expenses total 9.8 9.7 8.1 7.4 7.3 0.5 42.8Financial liabilities and expenses total 28.7 25.8 122.2 20.1 268.6 31.7 4 97. 1Guarantee agreements 0.4 0.1 0.3 1.2 2.1 Derivatives Currency derivative, liabilities 1,815.3 1,815.3Currency derivative, receivables -1,823.6 -1,823.6Interest rate swaps, liabilities -1.7 -1.1 -0.4 -3.1Commodity derivatives, liabilities 5.0 5.0Commodity derivatives, receicables -6.7 0.0 -6.7Derivatives, net -11.7 -1.1 -0.4 -13.2Cash flows of installments and interest payments of financial liabilities 2021EUR million 2022 2023 2024 2025 2026 2027\u2013 TotalBonds 248.8 248.8Loans from financial institutions 3.9 3.9 3.9 153.2 3.9 13.5 182.31)Finance lease liabilities 6.6 4.6 2.6 1.4 0.4 2.6 18.1Non-current interest-bearing liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3 Current interest-bearing liabilities 0.0 0.0Financial liabilities total 10.5 8.5 6.5 154.6 4.3 264.9 449.3Financial expenses total 8.6 8.5 8.5 7. 5 7.0 7. 2 47. 3Financial liabilities and expenses total 19.0 17. 1 15.0 162.0 11.4 272.1 496.6Guarantee agreements 0.2 0.4 0.1 0.1 1.2 2.0 Derivatives Currency derivative, liabilities 1,085.4 1,085.4Currency derivative, receivables -1,068.9 -1,068.9Interest rate swaps, liabilities 0.9 0.4 0.3 0.1 1.7Commodity derivatives, liabilities 0.1 0.1Commodity derivatives, receicables -32.0 -32.0Derivatives, net -14.5 0.4 0.3 0.1 -13.71) Cash flows from lease liabilities include both debt repayment and financing expense.The balance sheet value of lease liabilities on December 31, 2022 was EUR 15.9 million (15.9). The balance sheet value of currency derivative liabilities on 31 December 2022 was EUR 31.3 million (2.0) and the value of currency derivative receivables was EUR 25.0 million (18.5).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-2": {
"value": " \u25a0 5.7 Classification and fair values of financial assets and liabilitiesClassification and fair values of financial assets and liabilities 2022Fair value through Fair value through other EUR million Noteprofit and losscomprehensive income Amortised cost Total carrying amountFinancial assetsOther non-current investments 4.3 1.3 344.1 345.4Other non-current financial assets 5.3 6.0 6.0Accounts receivable and other receivables 4.5 354.5 354.5Cash and cash equivalents 5.4 0.0 356.2 356.2Derivative financial instruments 5.7 4.2 39.3 43.4Total carrying amount 5.5 383.4 716.8 1,105.6Total fair value 5.5 383.4 716.8 1,105.6Financial liabilitiesNon-current interest-bearing financial liabilities 5.5 434.4 434.4Other non-current financial liabilities 4.7 2.9 2.9Current interest-bearing financial liabilities 5.5 18.6 18.6Accounts payable and other liabilities 4.7 444.3 444.3Derivative financial instruments 5.7 0.7 29.5 30.2Total carrying amount 0.7 29.5 900.1 930.3Total fair value 0.7 29.5 879.3 909.5Classification and fair values of financial assets and liabilities 2021Fair value through Fair value through other EUR million Noteprofit and losscomprehensive income Amortised cost Total carrying amountFinancial assetsOther non-current investments 4.3 3.4 1 7 7.6 181.0Other non-current financial assets 5.3 15.3 15.3Accounts receivable and other receivables 4.5 331.5 331.5Cash and cash equivalents 5.4 0.0 524.2 524.2Derivative financial instruments 5.7 0.5 33.5 34.0Assets classified as assets held for sale 7. 2 2.1 2.1Total carrying amount 3.9 211.1 873.1 1,088.1Total fair value 3.9 211.1 873.1 1,088.1Financial liabilitiesNon-current interest-bearing financial liabilities 5.5 4 37.0 4 37.0Other non-current financial liabilities 4.7 0.5 0.5Current interest-bearing financial liabilities 5.5 10.0 10.0Accounts payable and other liabilities 4.7 430.9 430.9Derivative financial instruments 5.7 0.6 19.6 20.3Liabilties classified as held for sale 7. 2 5.5 5.5Total carrying amount 0.6 19.6 883.9 904.1Total fair value 0.6 19.6 913.1 933.4Accounts receivable and other receivables do not include advance payments, accrued tax receivables and periodisations of employee costs (Note 4.5). Accounts payable and other financial liabilities do not include advance payments, accrued tax liabilities and periodisations of employee costs (Note 4.7).In Mets\u00e4 Board, all interest-bearing liabilities are valued in the balance sheet at amortised cost based on effective interest method.Fair values are based on present value of cash flow of each liability or assets calculated by market rate. The discount rates applied are between 2.2\u20134.6 per cent (0.3\u20132.1). The fair values of accounts and other receiv-ables and accounts payable and other liabilities do not materially deviate from their carrying amounts in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-2": {
"value": "Fair value hierarchy of financial assets and liabilities 202231 Dec 2022 EUR million Note Level 1 Level 2 Level 3 TotalFinancial assets at fair valueOther non-current investments 4.3 345.4 345.4Derivative financial assets 5.7 6.7 36.7 43.4Financial liabilities measured at fair valueDerivative financial liabilities 5.7 5.0 25.2 30.2Financial assets not measured at fair valueCash and cash equivalents 5.4 356.2 356.2Financial liabilities not measured at fair valueNon-current interest-bearing financial liabilities 5.5 413.6 413.6Current interest-bearing financial liabilities 5.5 18.6 18.6Fair value hierarchy of financial assets and liabilities 202131 Dec 2021 EUR million Note Level 1 Level 2 Level 3 TotalFinancial assets at fair valueOther non-current investments 4.3 181.0 181.0Derivative financial assets 5.7 32.0 2.0 34.0Financial liabilities measured at fair valueDerivative financial liabilities 5.7 0.1 20.2 20.3Financial assets not measured at fair valueCash and cash equivalents 5.4 524.2 524.2Financial liabilities not measured at fair valueNon-current interest-bearing financial liabilities 5.5 466.3 466.3Current interest-bearing financial liabilities 5.5 10.0 10.0Accounting principlesFinancial assets and liabilities measured at fair value have been categorised as follows:Level 1 Fair value is based on quoted prices in active markets.Level 2 Fair value is determined by using valuation techniques that use observable price information from market.Level 3 Fair value are not based on observa-ble market data, but on company\u2019s own assumptions. The fair value measurement of financial assets at fair value recognised under other items of comprehensive income is described in Note 4.3.The fair values of electricity, natural gas and fuel oil derivatives are determined by using public price quotations in an active market (Level 1).The fair values of currency forwards and options are determined by using the market prices of the closing date of the reporting period. The fair values of interest rate swaps are determined by using the present value of expected payments, discounted using a risk adjusted discount rate, supported by market interest rates and other market data of the closing date of the reporting period (Level 2).For financial instruments not traded on an active market, the fair value is determined by valuation techniques. Judgment is used when choosing the different techniques and making assumptions, which are mainly based on circumstances prevailing in the markets on each closing date of the reporting period (Level 3).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-3": {
"value": "Other non-current investments measured at fair value based on level 3 valuationEUR million 2022 2021Value 1 Jan 181.0 186.9Total gains and losses in profit and loss 2.8 -0.1Total gains and losses in other comprehensive income 178.5 -5.8Purchases 0.0 Sales -16.9 0.0Transfers out from Level 3 0.0Value Dec 31. 345.4 181.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-4": {
"value": "Accounting principlesDerivative contracts are initially recognised on the balance sheet at fair value at cost, and thereafter during their term-to-maturity revalued at their fair value at each reporting date. The fair value of derivatives is presented in non-interest-bearing receivables or liabilities. Gains and losses resulting from recognition at fair value are treated in accounting as required with regard to the intended use of the derivative contract in question. Derivatives are initially classified as either1. Hedges of the exposure to changes in the fair value of receivables, liabilities or firm commitments;2. Hedges of the cash flow from a highly probable forecast transaction;3. Hedges of a net investment in a foreign entity, or4. Derivatives to which it has been decided not to apply hedge accounting. Mets\u00e4 Board currently applies hedge accounting only to cash flow hedging. When applying hedge accounting at the inception of a hedg-ing relationship, the Group has documented the relationship between the hedged item and the hedging instruments, as well as the hedging strategy observed. To meet the requirements of hedge accounting, the Group has also continuously carried out effectiveness testing to verify that changes in the fair value of the hedging instrument for each hedging relationship cover any changes in the fair value of the hedged item effectively enough, with respect to the hedged risk. Changes in the fair value of the effective portion of derivative instruments that meet the criteria for cash flow hedging are recognised in other items of comprehensive income. The gains and losses recognised in equity are transferred to the income statement when the forecast sale or purchase is realised, and are recognised as an adjustment to the hedged item. If the forecast transaction is no longer expected to occur, the gain or loss accrued in equity is recognised immediately in the income statement.Derivatives not subject to hedge accounting, as well as the ineffective portion of derivatives subject to hedge accounting, are measured at fair value, and changes in the value of interest rate and currency deriv-atives are recognised in financial items and changes in the value of commodity derivatives are recognised in other income and expenses.Hedge accounting is applied as cash flow hedging to highly probable cash flows from sales denominated in foreign currencies and contractual cash flows from floating interest rates of loans. In the management of price risks related to commodities, hedge accounting is applied to cash flows from highly probable purchases of electricity, liquefied natural gas (LNG), natural gas, propane, light, heavy and 0.5% fuel oil. The fair values of forward foreign exchange contracts are based on the forward prices prevailing on the balance sheet date, and currency options are measured at fair value in accordance with the Black\u2013Scholes model. Interest rate swaps are measured at the current value of cash flows, with the calculation being based on the market interest rate yield curve. The fair values of derivatives are measured on the basis of publicly quoted market prices. Management of financial risks and hedge effectivenessThe management of the Group\u2019s currency, interest rate and com-modity risks is described in more detail in Note 5.6, Management of financial risks. Note 5.7., Fair values of financial assets and liabilities, includes the fair values and grouping of derivatives. Note 5.1, Equity, includes itemisations of hedge accounting entries in the fair value reserve. The hedging of the currency flow position is effective, given that there is a direct financial relationship between the hedged sale and the hedging derivative. The spot rate component of a forward contract or the reference value component of a currency option has been determined as the hedged item, and the forward points or the option\u2019s time value are treated as hedging costs subject to amortisation based on the period. Currency flow forecasts are fairly stable, invoicing steady within quarters and months, and forward deals are allocated to each month, due to which the ineffectiveness of hedging usually remains very low. Changes in production or the structure of sales may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly.The hedge accounting of the cash flow from interest rates is primarily effective, given that there is a direct financial relationship between the long-term loans subject to hedging and the hedging interest rate swaps. Ineffectiveness in the hedge relationship derives from any possible differences between the loans and the swaps\u2019 interest rate periods as well as from differences in the reference rates of contract terms. The ineffective portion of interest rate hedging is recognised through profit and loss. Premature loan withdrawals or premature repayment of loans may result in a state of ineffectiveness, in which case the hedging interest rate swaps are reversed or derecognised from hedge accounting, and the change in fair value is recognised in financial items under income. The hedging of commodity purchases is effective, given that, in lieu of the total purchase price, the hedged item is the same, identical risk component of pricing applied in the hedging derivative. In the hedging of the price risk of electricity, the hedged item is what is referred to as the portion of the system price and the hedging takes place with a system-priced electricity swap. Correspondingly, the price compo-nents of the purchases and the hedging derivative in the hedging of natural gas, propane and fuel oil are identical. Commodity purchases are fairly steady and hedges are allocated to each month, due to which the ineffectiveness of the hedging usually remains low. Changes in the use of various commodities may sometimes lead to ineffectiveness during the validity of a hedging relationship, in which case the hedging is adjusted accordingly. Hedging for electricity, propane and liquefied natural gas (LNG) ended at the end of 2022.Financial derivatives and hedge accounting",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-151-2": {
"value": "Accounting principlesTax expenses in the income statement consist of taxes based on the taxable income for the period, taxes for previous periods, and deferred tax assets and liabilities. The tax effect related to the items recorded in the comprehensive income statement is recognised in the comprehensive income statement. Taxes based on the taxable income for the period are calculated based on taxable income in accordance with the tax rate as it stands in each country at that time. Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount and the tax base in accordance with the tax rates enacted as at the balance sheet date.No deferred taxes are recognised for non-deductible goodwill, and no deferred taxes are recognised for subsidiaries\u2019 undistrib-uted profits to the extent that the difference will not likely realise in the predictable future. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilised.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes are related to the same taxation authority. The most significant temporary differences arise from depre-ciation of property, plant and equipment; the measurement of other investments and derivatives contracts at fair value; defined benefit plans; unused tax losses; and measurement at fair value in conjunction with acquisitions of business operations.Key estimates and judgementThe management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for several business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.EUR million 2022 2021Income taxes for the financial period -36.4 -48.6Income taxes from previous periods -0.5 -3.2Deferred taxes -26.7 -0.1Income taxes total -63.5 -51.8Income tax reconciliationEUR million 2022 2021Result before tax 524.9 365.8Calculated tax at Finnish statutory rate of 20.0% -105.0 -73.2Effects of differences between Finnish and non-Finnish -2.4 -1.0tax ratesTax exempt income 4.9 1.4Non-deductible expenses -0.4 -0.2Restatement of deferred taxes recognised for temporary 0.0 0.5differences and tax losses in previous yearsUse of unrecognised tax losses 1.1Share of result from associate companies 32.6 22.9and joint venturesIncome taxes from previous periods -0.5 -3.2Other 7. 2 -0.1Income taxes total -63.5 -51.8Effective tax rate, % 12.1 14.2Taxes for the current period include a 7.1 million euros of tax support to be applied for in the 2022 taxation of the investments of the Swedish subsidiary. Income taxes from previous periods include EUR 2.3 million in taxes recorded on the basis of a tax audit of an Italian subsidiary. Taxes reported in other comprehensive income are specified in Note 5.1.Deferred tax assets and liabilities 2022Charged to other Charged to comprehensive Translation EUR million 1 Jan 2022income statementincomedifferences Sold subsidiaries 31 Dec 2022Deferred tax assetsPension obligations and provisions 3.8 -0.2 0.0 3.5Intercompany margins 3.4 4.9 -0.2 8.2Unused tax loss carry-forwards 4.8 -3.9 -0.1 0.8Other temporary differences 2.2 0.3 0.1 2.6Total 14.2 1.2 -0.1 15.1Netting against liabilities -5.8 -2.2 2.3 -5.7Deferred tax assets in balance sheet 8.4 -1.0 2.2 9.4 Deferred tax liabilities Pension obligations 3.3 0.0 -3.0 -0.2 0.1Depreciation differences and appropriations 62.6 19.1 -2.8 79.0Other investments recognised at fair value 2 7. 2 35.7 62.9Financial instruments 4.8 0.4 -0.5 -0.7 3.9Net investments in foreign operations 3.1 -3.1 Other temporary differences 4.1 5.3 -0.1 -0.1 9.0Total 102.0 27.8 32.1 -6.7 155.2Netting against receivables -5.8 -2.2 2.3 -5.7Deferred tax liabilities in balance sheet 96.2 25.6 32.1 -4.4 149.5Deferred tax assets and liabilities 2021Charged to other Charged to comprehensive Translation EUR million 1 Jan 2021income statementincomedifferences Sold subsidiaries 31 Dec 2021Deferred tax assetsPension obligations and provisions 4.2 -0.2 0.0 0.0 -0.2 3.8Intercompany margins 4.5 -1.2 0.1 3.4Unused tax loss carry-forwards 0.6 4.2 0.0 4.8Other temporary differences 2.4 -0.3 0.0 0.1 2.2Total 11.8 2.5 -0.1 0.2 -0.2 14.2Netting against liabilities -4.3 -1.6 0.0 0.1 -5.8Deferred tax assets in balance sheet 7. 5 0.9 0.0 0.2 -0.2 8.4 Deferred tax liabilities Pension obligations 1.3 -0.1 2.0 0.1 3.3Depreciation differences and appropriations 61.2 2.4 -0.6 -0.4 62.6Other investments recognised at fair value 28.4 -1.2 27.2Financial instruments 6.7 0.3 -2.2 0.0 4.8Net investments in foreign operations 0.1 -0.1 Other temporary differences 4.2 -0.1 0.0 0.0 4.1Total 101.8 2.6 -1.4 -0.6 -0.4 102.0Netting against receivables -4.3 -1.6 0.0 0.1 -5.8Deferred tax liabilities in balance sheet 9 7. 5 1.0 -1.4 -0.6 -0.4 96.2The Group has recognised deferred tax assets related to operating loss carry-forwards for EUR 0.8 million in Germany. Management assesses that taxable profit will be available against which loss carry-forward can be utilised. The taxable loss carry-forwards of business operations, for which deferred tax assets have not been recognised due to uncertainty of amount or utilisation possibilities, amounted approximately to EUR 91 million (90) in Germany. The unrecognised deferred tax assets for these loss carry forwards is about EUR 29 million (29). Loss carry-forwards do not expire. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-151-4": {
"value": "Accounting principlesTax expenses in the income statement consist of taxes based on the taxable income for the period, taxes for previous periods, and deferred tax assets and liabilities. The tax effect related to the items recorded in the comprehensive income statement is recognised in the comprehensive income statement. Taxes based on the taxable income for the period are calculated based on taxable income in accordance with the tax rate as it stands in each country at that time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-152-4": {
"value": "Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount and the tax base in accordance with the tax rates enacted as at the balance sheet date.No deferred taxes are recognised for non-deductible goodwill, and no deferred taxes are recognised for subsidiaries\u2019 undistrib-uted profits to the extent that the difference will not likely realise in the predictable future. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which a deductible temporary difference can be utilised.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes are related to the same taxation authority. The most significant temporary differences arise from depre-ciation of property, plant and equipment; the measurement of other investments and derivatives contracts at fair value; defined benefit plans; unused tax losses; and measurement at fair value in conjunction with acquisitions of business operations.Key estimates and judgementThe management\u2019s judgement is required for determining the taxes based on the result for the period, deferred tax assets and liabilities, and the extent to which deferred tax assets are recorded. The Group is subject to income taxation in several countries, and the final amount of tax is uncertain for several business operations and calculations. The Group anticipates future tax audits and recognises liabilities based on estimates of whether further taxes will need to be paid. If the associated final tax differs from the originally recorded amounts, the difference has an effect on both the taxes based on the taxable income for the period, and on deferred tax receivables and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-3": {
"value": "Deferred tax assets and liabilities 2022Charged to other Charged to comprehensive Translation EUR million 1 Jan 2022income statementincomedifferences Sold subsidiaries 31 Dec 2022Deferred tax assetsPension obligations and provisions 3.8 -0.2 0.0 3.5Intercompany margins 3.4 4.9 -0.2 8.2Unused tax loss carry-forwards 4.8 -3.9 -0.1 0.8Other temporary differences 2.2 0.3 0.1 2.6Total 14.2 1.2 -0.1 15.1Netting against liabilities -5.8 -2.2 2.3 -5.7Deferred tax assets in balance sheet 8.4 -1.0 2.2 9.4 Deferred tax liabilities Pension obligations 3.3 0.0 -3.0 -0.2 0.1Depreciation differences and appropriations 62.6 19.1 -2.8 79.0Other investments recognised at fair value 2 7. 2 35.7 62.9Financial instruments 4.8 0.4 -0.5 -0.7 3.9Net investments in foreign operations 3.1 -3.1 Other temporary differences 4.1 5.3 -0.1 -0.1 9.0Total 102.0 27.8 32.1 -6.7 155.2Netting against receivables -5.8 -2.2 2.3 -5.7Deferred tax liabilities in balance sheet 96.2 25.6 32.1 -4.4 149.5Deferred tax assets and liabilities 2021Charged to other Charged to comprehensive Translation EUR million 1 Jan 2021income statementincomedifferences Sold subsidiaries 31 Dec 2021Deferred tax assetsPension obligations and provisions 4.2 -0.2 0.0 0.0 -0.2 3.8Intercompany margins 4.5 -1.2 0.1 3.4Unused tax loss carry-forwards 0.6 4.2 0.0 4.8Other temporary differences 2.4 -0.3 0.0 0.1 2.2Total 11.8 2.5 -0.1 0.2 -0.2 14.2Netting against liabilities -4.3 -1.6 0.0 0.1 -5.8Deferred tax assets in balance sheet 7. 5 0.9 0.0 0.2 -0.2 8.4 Deferred tax liabilities Pension obligations 1.3 -0.1 2.0 0.1 3.3Depreciation differences and appropriations 61.2 2.4 -0.6 -0.4 62.6Other investments recognised at fair value 28.4 -1.2 27.2Financial instruments 6.7 0.3 -2.2 0.0 4.8Net investments in foreign operations 0.1 -0.1 Other temporary differences 4.2 -0.1 0.0 0.0 4.1Total 101.8 2.6 -1.4 -0.6 -0.4 102.0Netting against receivables -4.3 -1.6 0.0 0.1 -5.8Deferred tax liabilities in balance sheet 9 7. 5 1.0 -1.4 -0.6 -0.4 96.2The Group has recognised deferred tax assets related to operating loss carry-forwards for EUR 0.8 million in Germany. Management assesses that taxable profit will be available against which loss carry-forward can be utilised. The taxable loss carry-forwards of business operations, for which deferred tax assets have not been recognised due to uncertainty of amount or utilisation possibilities, amounted approximately to EUR 91 million (90) in Germany. The unrecognised deferred tax assets for these loss carry forwards is about EUR 29 million (29). Loss carry-forwards do not expire. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-4": {
"value": "Deferred tax assets and liabilities 2022Charged to other Charged to comprehensive Translation EUR million 1 Jan 2022income statementincomedifferences Sold subsidiaries 31 Dec 2022Deferred tax assetsPension obligations and provisions 3.8 -0.2 0.0 3.5Intercompany margins 3.4 4.9 -0.2 8.2Unused tax loss carry-forwards 4.8 -3.9 -0.1 0.8Other temporary differences 2.2 0.3 0.1 2.6Total 14.2 1.2 -0.1 15.1Netting against liabilities -5.8 -2.2 2.3 -5.7Deferred tax assets in balance sheet 8.4 -1.0 2.2 9.4 Deferred tax liabilities Pension obligations 3.3 0.0 -3.0 -0.2 0.1Depreciation differences and appropriations 62.6 19.1 -2.8 79.0Other investments recognised at fair value 2 7. 2 35.7 62.9Financial instruments 4.8 0.4 -0.5 -0.7 3.9Net investments in foreign operations 3.1 -3.1 Other temporary differences 4.1 5.3 -0.1 -0.1 9.0Total 102.0 27.8 32.1 -6.7 155.2Netting against receivables -5.8 -2.2 2.3 -5.7Deferred tax liabilities in balance sheet 96.2 25.6 32.1 -4.4 149.5Deferred tax assets and liabilities 2021Charged to other Charged to comprehensive Translation EUR million 1 Jan 2021income statementincomedifferences Sold subsidiaries 31 Dec 2021Deferred tax assetsPension obligations and provisions 4.2 -0.2 0.0 0.0 -0.2 3.8Intercompany margins 4.5 -1.2 0.1 3.4Unused tax loss carry-forwards 0.6 4.2 0.0 4.8Other temporary differences 2.4 -0.3 0.0 0.1 2.2Total 11.8 2.5 -0.1 0.2 -0.2 14.2Netting against liabilities -4.3 -1.6 0.0 0.1 -5.8Deferred tax assets in balance sheet 7. 5 0.9 0.0 0.2 -0.2 8.4 Deferred tax liabilities Pension obligations 1.3 -0.1 2.0 0.1 3.3Depreciation differences and appropriations 61.2 2.4 -0.6 -0.4 62.6Other investments recognised at fair value 28.4 -1.2 27.2Financial instruments 6.7 0.3 -2.2 0.0 4.8Net investments in foreign operations 0.1 -0.1 Other temporary differences 4.2 -0.1 0.0 0.0 4.1Total 101.8 2.6 -1.4 -0.6 -0.4 102.0Netting against receivables -4.3 -1.6 0.0 0.1 -5.8Deferred tax liabilities in balance sheet 9 7. 5 1.0 -1.4 -0.6 -0.4 96.2The Group has recognised deferred tax assets related to operating loss carry-forwards for EUR 0.8 million in Germany. Management assesses that taxable profit will be available against which loss carry-forward can be utilised. The taxable loss carry-forwards of business operations, for which deferred tax assets have not been recognised due to uncertainty of amount or utilisation possibilities, amounted approximately to EUR 91 million (90) in Germany. The unrecognised deferred tax assets for these loss carry forwards is about EUR 29 million (29). Loss carry-forwards do not expire. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-2": {
"value": " \u25a0 7.1 Group companiesAccounting principlesSubsidiariesThe financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi-nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group\u2019s principles.The parent company\u2019s owners\u2019 and non-controlling interests\u2019 shares of the result for the period and comprehensive income are presented in the comprehensive income statement. The non-controlling interests\u2019 share of equity is presented as a separate item under equity on the balance sheet.Subsidiaries and joint operations 31 December 2022Mets\u00e4 Board Oyj\u2019s holdings in Group companiesBook valueCountry Holding, % Number of shares EURHoldings in parent company Mets\u00e4liitto Cooperative Finland - 634,155 634,155.00Subsidiary shares in FinlandKotimaisetMets\u00e4 Board International Oy Finland 100.00 10,000 23,347,464.13in other countries1)Metsa Board Americas Corporation USA 99.00 17,82 0 12,209,018.391)Mets\u00e4 Board Benelux n.v./s.a Belgium 0.08 2 0.001)Metsa Board Hong Kong Ltd Hong Kong 1.00 1 168.19Mets\u00e4 Board Deutschland GmbH Germany 100.00 1 0.001)Metsa Board Ib\u00e9ria S.A\ue61e Spain 1.00 100 1,561.63Mets\u00e4 Board NL Holding B.V. The Netherlands 100.00 15,350 4,492,764.02Mets\u00e4 Board Sverige Ab Sweden 100.00 10,000,000 493,721,059.95Subsidiary shares total 533,772,036.31Shares and holdings in Group companies 534,406,191.311)\ue61dTotal\ue61dGroup\ue61dholding\ue61d\ue61c\ue61b\ue61b\ue61e\ue61b\ue61aSubgroup in FinlandMets\u00e4 Board International Oy1)Mets\u00e4 Board Benelux n.v./s.a Belgium 99.92 2,919 140,001.71OOO Mets\u00e4 Board Rus Russia 100.00 1 0.00Mets\u00e4 Board France SAS France 100.00 8,211 418,951.751)Metsa Board Hong Kong Ltd Hong Kong 99.00 99 1,069.351)Metsa Board Ib\u00e9ria S.A. Spain 99.00 147,7 7 1 155,316.78Metsa Board Italia S.r.l. Italy 100.00 100,000 1,250,691.84Metsa Board (Middle East & Africa) Ltd Cyprus 100.00 742,105 214,000.00Mets\u00e4 Board Polska Sp. Z o.o. Poland 100.00 232 54,458.58Metsa Board Singapore Pte Ltd Singapore 100.00 10,000 4,036.51Metsa Board Singapore Pte Ltd Indian Branch India 100.00 - -Metsa Board Turkey LLC Turkey 100.00 400 1,201.25Metsa Board UK Ltd United Kingdom 100.00 2,400 264,172.021)Metsa Board Americas Corporation USA 1.00 180 4,435.15Metsa Board Australia and New Zealand Pty Ltd Australia 100.00 1 41,827.54Total 2,550,162.48Book valueCountry Holding, % Number of shares EURSubgroup in other countriesMets\u00e4 Board Sverige AbHusum Pulp Ab Sweden 100.00 85,664 190,246,200.28Material subsidiariesMets\u00e4 Board has two material subsidiaries:\u2022 Mets\u00e4 Board Sverige ABMets\u00e4 Board Sverige AB is located in \u00d6rnsk\u00f6ldsvik, Sweden. Mets\u00e4 Board Sverige AB produces folding boxboard and kraftliner. Mets\u00e4 Board Sverige AB\u2019s sales were EUR 642 million (446). The company\u2019s capacity is 250,000 tonnes of liner and 400,000 tonnes of folding boxboard. \u2022 Husum Pulp ABHusum Pulp AB produces pulp for Mets\u00e4 Board Sverige Ab and to the market. The company\u2019s sales were EUR 560 million (379) and capacity 730,000 tonnes of chemical pulp. A 30% minority stake in the company was sold to the Swedish forest owners\u2019 cooperative Norra Skog and the transaction was completed on January 4, 2022. \u25a0 7.2 Acquisitions, assets classified as held for sale and operations disposed ofAccounting principlesAcquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred awayfrom the Group.The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 proportion of the net assets of the object of the acquisitionThe amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill. Assets held for sale are recognised at the lower of the book value or fair value less expenses arising from the divestment. Deprecia-tion is not recognised on assets held for sale after classification.Acquired businessesOn 1 January 2022, Mets\u00e4 Board acquired the entire share capital of H\u00e4meenkyr\u00f6n Voima Oy from Pohjolan Voima Oyj (84%) and from DL Power Oy, part of Lepp\u00e4koski group (16%). H\u00e4meenkyr\u00f6n Voima Oy was merged to Mets\u00e4 Board Oyj on 31 July 2022.H\u00e4meenkyr\u00f6n Voima OyEUR million 2022 2021Intangible assets 1.3 Tangible assets 29.6 Accounts receivables and other receivables 3.2 Cash and cash equivalent 0.9 Total assets 35.0 Deferred tax liabilities 0.0Financial liabilities, non-current 16.7 Financial liabilities, current 1.3 Accounts payable and other liabilities 2.8 Total liabilities 20.8 Net assets 14.2 Acquisitions cost 14.5 Goodwill / Other operating expenses 0.2 Acquisition price -14.5 Cash and cash equivalents in subsidiaries 0.9 Net cash flow arising on acquisitions -13.6 Divested operationsMets\u00e4 Board and Euroports signed an agreement on 16 December2021, according to which Mets\u00e4 Board Corporation sold the entire sharecapital of its fully owned subsidiary Oy Hang\u00f6 Stevedoring Ab to EuroportsFinland Oy. Transaction was completed on 31 March 2022. The group recognised a capital gain of EUR 19.2 million and realised a EUR 24.5 million positive cash flow effect. In the 2021 financial statements, the balance sheet items of Oy Hang\u00f6 Stevedoring Ab were presented as assets held for sale and valued at book value.Oy Hang\u00f6 Stevedoring AbEUR million Note 2022 2021Goodwill 4.1 0.1Other intangile assets 4.2 0.0Tangible assets 8.9Financial assets, non-current 0.0Deferred tax assets 0.2Inventories 0.0Accounts receivables and other receivables 2.3Financial assets 5.4 0.7Total assets 12.3Deferred tax liabilities 6 0.4Provisions 4.9 1.0Financial liabilities, non-current 5.5 0.7Financial liabilities, current 0.1Accounts payable and other liabilities 4.1Total liabilities 6.3Net assets 6.0Expert fees paid 0.8Total 6.9Transaction price paid in cash 26.1Capital gain after tax 19.2Transaction price paid in cash 26.1Expert fees paid -0.8Cash and cash equivalents of divested -0.7subsidiaryCash flow impact 24.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-4": {
"value": " \u25a0 7.1 Group companiesAccounting principlesSubsidiariesThe financial statements include all of the companies controlled by the Group. Intra-Group shareholding is eliminated using the acquisition method. Intra-Group business transactions, receivables, liabilities and unrealised gains, as well as internal distribution of profits, are elimi-nated on consolidation. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by subsidiaries have been adjusted to comply with the Group\u2019s principles.The parent company\u2019s owners\u2019 and non-controlling interests\u2019 shares of the result for the period and comprehensive income are presented in the comprehensive income statement. The non-controlling interests\u2019 share of equity is presented as a separate item under equity on the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-158-3": {
"value": "Joint operationsA joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-158-4": {
"value": "Joint operationsA joint operation is a joint arrangement in which parties who have joint control in the arrangement have rights concerning the assets related to the arrangement and obligations concerning liabilities. The Group consolidates its proportion of the assets, liabilities, income and expenses of the joint operation in its financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-2": {
"value": "Accounting principlesChanges in the parent company\u2019s holdings in subsidiaries that do not cause the parent company to lose its control over the subsidi-ary are processed as business transactions concerning equity.Non-controlling interest\u2019s sharesPrincipal non-controlling interest\u2019s sharesNon-controlling interestNon-controlling interestNon-controlling interestHolding, %Share of result, EUR millionShare of equity, EUR millionEUR million Country 2022 2021 2022 2021 2022 2021Husum Pulp AB Sweden 30.0% 30.0% 51.4 21.9 173.2 146.2 Summary of financial information of subsidiaries with a substantial non-controlling interestHusum Pulp AbEUR million 2022 2021Sales 378.8Result for the period 75.3Non-controlling interest\u2019s share of the result 22.6Non-controlling interest\u2019s share of the total comprehen-sive result -1.5Dividends paid to non-controlling interest Non-current assets 313.2Current assets 273.7Non-current liabilities 7.1Current liabilities 85.4Net assets 494.3Net cash flow from operating activities 68.8Net cash flow arising from investing activities -133.8Net cash flow arising from financing activities 190.2Change in cash and cash equivalents 125.3The numbers are presented before eliminations.The sale of a 30 percent stake in the Husum pulp mill to Norra Skog was completed on January 4, 2022. Following the arrangement, the non-controlling interests\u2019 share inceased by EUR 125.7 million and retained earnings by EUR 134.4 millionIn 2022 and 2021 there were no other significant acquisitions or sales of non-controlling interests.Impact on parent company\u2019s equity from transactions with non-controlling interest:EUR million 2022 2021The sale of a 30 percent stake in the Husum pulp mill, Husum Pulp AB Net effect in equity 134.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-4": {
"value": "Accounting principlesChanges in the parent company\u2019s holdings in subsidiaries that do not cause the parent company to lose its control over the subsidi-ary are processed as business transactions concerning equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-2": {
"value": "Accounting principlesAssociated companies include all companies over which the Group has considerable influence but no control. Significant influence is usually based on a shareholding conferring 20\u201350 per cent of the voting rights. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to its net assets. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The Group\u2019s shares in associated companies and joint ventures also include the goodwill measured at the time of acquisition, less any impairment. The Group\u2019s share of the profits or losses of associated compa-nies and joint ventures is recognised in the income statement as a separate line item above the operating result in case of associate company Mets\u00e4 Fibre and below the operating result in case of other associate companies. Correspondingly, the Group\u2019s share of other comprehensive income in associated companies and joint ventures is recognised in its items of other comprehensive income. A proportion corresponding to the Group\u2019s shareholding is eliminated from unrealised profits between the Group and its associate companies and joint ventures. Unrealised losses arising from impairment are not eliminated. When necessary, the accounting principles applied by associated companies and joint ventures have been adjusted to comply with the Group\u2019s principles.Amounts recognised in balance sheet EUR million 2022 2021Associate companies 614.2 479.0Amounts recognised in balance sheet total 614.2 479.0The carrying amount of associated companies at 31 December 2022 includes goodwill of EUR 45.2 million (45.2). None of the associate com-panies or joint ventures are listed companies. Transactions with associate companies and joint ventures are detailed in Note 7.3.Financial information summary of essential associated companies According to management\u2019s view, the only essential associated company is Mets\u00e4 Fibre Group, which produces chemical pulp and sawn timber. Mets\u00e4 Board owns 24.9 per cent of Mets\u00e4 Fibre. Mets\u00e4 Board\u2019s parent company, Mets\u00e4liitto Cooperative, owns 50.1 per cent, and Itochu Corporation from Japan owns 25.0 per cent. Mets\u00e4 Fibre has operations primarily in Finland, and its production capacity is approximately 3.2 million tonnes of chemical pulp. In Addition Mets\u00e4 Fibre has five sawmills in Finland and Mets\u00e4 Svir sawmill in Russia of which operations has been closed in 2022. Summarised financial information for Mets\u00e4 FibreMets\u00e4 Fibre GroupEUR million 2022 2021Sales 3,070.7 2,628.1Result for the period 664.7 472.4Other comprehensive income 125.1 -15.4Total comprehensive income for the period 789.8 4 57.0Dividend received 58.8 Non-current assets 2,976.9 1,966.9Current assets 835.6 865.8Non-current liabilities 781.0 469.1Current liabilities 739.6 624.7Net assets 2,291.8 1,738.9Reconciliation of financial information for Mets\u00e4 Fibre to the value recognised in consolidated balance sheet EUR million 2022 2021Group's share of net assets 570.7 433.0Goodwill 45.2 45.2Other purchase price allocations at acquisition 4.6 5.1Other adjustments -6.5 -4.5Carrying value of associated company in consolidated 614.0 478.8balance sheetMets\u00e4 Fibre has been consolidated according to equity method based on its consolidated financial statements prepared under IFRS.Investments in associate companies and joint venturesEUR million 2022 2021Value 1 Jan 479.0 369.0Share of results from associated companies and joint venturesShare of result from Mets\u00e4 Fibre 163.1 114.4Share of results from other associated companies 0.0 0.0and joint venturesDividends received -58.8 Decreases -0.5Share of other comprehensive income from associated companies and joint venturesFair value reserve 25.4 -4.4Translation differences and other changes in equity 5.6 0.6Investments in associated companies and joint ventures 614.2 479.031 DecAmounts recognised in income statement EUR million 2022 2021Associate companies 163.1 114.4Joint ventures 0.0Amounts recognised in income statement total 163.1 114.4Financial information summary of other than essential associated companiesEUR million 2022 2021Share of result from other associated compa-0.0 0.0nies Carrying value in consolidated balance sheet 0.2 0.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-170-4": {
"value": " \u25a0 7.2 Acquisitions, assets classified as held for sale and operations disposed ofAccounting principlesAcquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred awayfrom the Group.The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 proportion of the net assets of the object of the acquisitionThe amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill. Assets held for sale are recognised at the lower of the book value or fair value less expenses arising from the divestment. Deprecia-tion is not recognised on assets held for sale after classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-170-5": {
"value": " \u25a0 7.2 Acquisitions, assets classified as held for sale and operations disposed ofAccounting principlesAcquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred awayfrom the Group.The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 proportion of the net assets of the object of the acquisitionThe amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill. Assets held for sale are recognised at the lower of the book value or fair value less expenses arising from the divestment. Deprecia-tion is not recognised on assets held for sale after classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-170-6": {
"value": " \u25a0 7.2 Acquisitions, assets classified as held for sale and operations disposed ofAccounting principlesAcquired business operations are consolidated from the time when control is transferred to the Group, and divested operations are consolidated until the time when control is transferred awayfrom the Group.The consideration paid, including the contingent sales price and the identifiable assets and liabilities of the acquired business operations, are measured at fair value at the time of acquisition. Expenses related to acquisitions are recognised as costs. Depending on the acquisition, the non-controlling interests\u2019 share in the object of the acquisition is recognised at fair value or the amount that corresponds to the non-controlling interests\u2019 proportion of the net assets of the object of the acquisitionThe amount by which the sum of the consideration paid, the fair value of the non-controlling interests\u2019 share and the fair value of the assets previously owned in the object of the acquisition exceed the fair value of the identifiable net assets is recognised as goodwill. Assets held for sale are recognised at the lower of the book value or fair value less expenses arising from the divestment. Deprecia-tion is not recognised on assets held for sale after classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-3": {
"value": "Acquired businessesOn 1 January 2022, Mets\u00e4 Board acquired the entire share capital of H\u00e4meenkyr\u00f6n Voima Oy from Pohjolan Voima Oyj (84%) and from DL Power Oy, part of Lepp\u00e4koski group (16%). H\u00e4meenkyr\u00f6n Voima Oy was merged to Mets\u00e4 Board Oyj on 31 July 2022.H\u00e4meenkyr\u00f6n Voima OyEUR million 2022 2021Intangible assets 1.3 Tangible assets 29.6 Accounts receivables and other receivables 3.2 Cash and cash equivalent 0.9 Total assets 35.0 Deferred tax liabilities 0.0Financial liabilities, non-current 16.7 Financial liabilities, current 1.3 Accounts payable and other liabilities 2.8 Total liabilities 20.8 Net assets 14.2 Acquisitions cost 14.5 Goodwill / Other operating expenses 0.2 Acquisition price -14.5 Cash and cash equivalents in subsidiaries 0.9 Net cash flow arising on acquisitions -13.6 Divested operationsMets\u00e4 Board and Euroports signed an agreement on 16 December2021, according to which Mets\u00e4 Board Corporation sold the entire sharecapital of its fully owned subsidiary Oy Hang\u00f6 Stevedoring Ab to EuroportsFinland Oy. Transaction was completed on 31 March 2022. The group recognised a capital gain of EUR 19.2 million and realised a EUR 24.5 million positive cash flow effect. In the 2021 financial statements, the balance sheet items of Oy Hang\u00f6 Stevedoring Ab were presented as assets held for sale and valued at book value.Oy Hang\u00f6 Stevedoring AbEUR million Note 2022 2021Goodwill 4.1 0.1Other intangile assets 4.2 0.0Tangible assets 8.9Financial assets, non-current 0.0Deferred tax assets 0.2Inventories 0.0Accounts receivables and other receivables 2.3Financial assets 5.4 0.7Total assets 12.3Deferred tax liabilities 6 0.4Provisions 4.9 1.0Financial liabilities, non-current 5.5 0.7Financial liabilities, current 0.1Accounts payable and other liabilities 4.1Total liabilities 6.3Net assets 6.0Expert fees paid 0.8Total 6.9Transaction price paid in cash 26.1Capital gain after tax 19.2Transaction price paid in cash 26.1Expert fees paid -0.8Cash and cash equivalents of divested -0.7subsidiaryCash flow impact 24.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-172-2": {
"value": "Joint venturesKemishipping Oy offers logistics services in Kemi, Finland. At the end of November 2021, Mets\u00e4 Board sold the joint venture Kemishipping Oy to Mets\u00e4liitto Cooperative. The transaction resulted in a sales loss of EUR 0.3 million.EUR million 2022 2021Sales 13.5Result for the period -0.1Result for the period includes the following items:Depreciation, amortisation and impairment charges 1.3Interest expenses 0.1Income taxes 0.0Dividends received from Joint VenturesNon-current assetsCurrent assetsNon-current liabilitiesCurrent liabilitiesNet assetsGroup's share of net assetsJoint venture carrying value in consolidated balance sheet",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-175-2": {
"value": " \u25a0 7.3 Related party transactions Related parties include Mets\u00e4 Board\u2019s ultimate parent company Mets\u00e4liitto Cooperative, which owns 50 per cent of Mets\u00e4 Board\u2019s shares and 68 per cent of the voting rights, other subsidiaries of Mets\u00e4liitto, associated companies and joint ventures. The members of the Board of Directors, Mets\u00e4 Group\u2019s Executive Management Team and Mets\u00e4 Board\u2019s Corporate Management Team as well as their close family members are also included in related parties.The management\u2019s salaries, remuneration and pension expenses are presented in Note 3.2.The most significant subsidiaries of Mets\u00e4liitto, with which Mets\u00e4 Board has business transactions, are as follows:Mets\u00e4 Tissue GroupMets\u00e4 Fibre GroupMets\u00e4 Forest Sverige AbMets\u00e4 Fibre has been consolidated by using equity method according to Investments in associates standard (IAS 28). Related party transactions with Mets\u00e4 Fibre are presented as transactions with sister companies.Financial operations of the Group have been centralised to Mets\u00e4 Group Treasury Oy, which is a wholly-owned subsidiary of Mets\u00e4liitto Cooperative and in charge of managing the Group companies\u2019 financial positions according to the strategy and financial policy defined by the Group, providing necessary financial services and acting as a competence center in financial matters. Financial transactions with Mets\u00e4 Group Treasury Oy are carried out at market prices.The value of wood purchases from Mets\u00e4liitto Cooperative was EUR 129.0 million (117.7) and pulp purchases from Mets\u00e4 Fibre Oy EUR 416.0 million (336.9). The purchases were carried out at market prices.Mets\u00e4 Board is participating in the supplementary pension arrangement of Mets\u00e4 Group executives. Payments to the arrangement amounted to EUR 0.6 million in 2022 (0.4).Transactions with parent company and sister companies Transactions with Transactions with parent companysister companiesEUR million 2022 2021 2022 2021Sales 24.8 13.7 172.9 96.6Other operating income 5.4 3.9 1.2 1.1Purchases 1 67.0 149.5 693.9 5 4 7.7Share of result from 30.8 114.4associated companiesDividend income 0.0 0.0Interest income 2.3 0.0Interest expense 0.0 0.9 1.0ReceivablesAccounts receivable 4.2 3.8 80.4 56.9and other receivablesCash equivalents 338.6 496.4LiabilitiesAccounts payable and 9.5 9.5 76.8 74.3other liabilitiesTransactions with associated companies and joint venturesEUR million 2022 2021Sales 0.7 0.2Purchases 1.7 4.2ReceivablesAccounts receivable and other receivables 0.1 0.3LiabilitiesAccounts payable and other liabilities 0.7Mets\u00e4 Board has classified interest-bearing receivables comparable to cash funds and available immediately from Mets\u00e4 Group\u2019s internal bank Mets\u00e4 Group Treasury Oy as Cash and cash equivalents.The receivables from group companies do not include doubtful receiv-ables, and no bad debt was recognised during the period. No security or collateral has been provided for group liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-176-2": {
"value": " \u25a0 8.1 Contingent liabilities, assets and commitmentsDisputes and claimsMets\u00e4 Board companies have been sellers in several share transactions in recent years. In these divestments, the companies have issued regular seller\u2019s assurances. Claims presented against Mets\u00e4 Board companies and costs incurred by the companies due to these assurances cannot be ruled out.CommitmentsEUR million 2022 2021Leases not yet commenced to which the Group is 18.0committedOther commitments given on own behalf 1.5 1.5Other commitments 3.8 Total 5.3 19.5Commitments include granted pledges, mortgages and floating charges as well as guarantees. Investment commitmentsEUR million 2022 2021Payments due in following 12 months 132.0 80.6Payments due later 1.6 1.9Total 133.5 82.4In 2022 commitments related to an investment to increase Husum\u2019s folding box-board capacity. In 2021 commitments related to property, plant and equipment concern the first phase of the modernisation of the Husum pulp mill and an investment to increase Husum\u2019s folding box-board capacity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-177-3": {
"value": "Disputes and claimsMets\u00e4 Board companies have been sellers in several share transactions in recent years. In these divestments, the companies have issued regular seller\u2019s assurances. Claims presented against Mets\u00e4 Board companies and costs incurred by the companies due to these assurances cannot be ruled out.Other informationMets\u00e4 Board has investment grade credit ratings by S&P Global and Moody\u2019s Investor Service. In December 2022 Moody\u2019s upgraded Mets\u00e4 Board\u2019s rating to Baa2 (was Baa3), with stable outlook (was positive). The company\u2019s rating by S&P Global is BBB-, with a stable outlook. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f106551": {
"value": "Oyj",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f108011": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:743700KKB8Q035K38488",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}