Metsä Group’s comparable operating result in January–December 2022 was EUR 1,276 million

January–December 2022 (1–12/2021):
Sales were EUR 6,980 million (6,017).
Operating result was EUR 1,302 million (874). Comparable operating result was EUR 1,276 million (914).
Result before taxes was EUR 1,270 million (832). Comparable result before taxes was EUR 1,240 million (872).
Comparable return on capital employed was 19.5% (16.2).
Net cash flow from operations was EUR 1,227 million (1,023).

October–December 2022 (10–12/2021):
Sales were EUR 1,741 million (1,560).
Operating result was EUR 316 million (221). Comparable operating result was EUR 311 million (220).
Result before taxes was EUR 309 million (215). Comparable result before taxes was EUR 306 million (214).
Comparable return on capital employed was 18.0% (14.7).
Net cash flow from operations was EUR 399 million (427).

President and CEO Ilkka Hämälä:
For Metsä Group, 2022 was very strong in exceptional conditions. Metsä Wood, Metsä Fibre and Metsä Board, as currently structured, achieved record results. The year began with the global economy recovering from the disruptions caused by the pandemic. The demand for our products was strong in all our business areas, and the impacts of cost inflation, which had begun in 2021, were noticeable. Russia’s aggression against Ukraine, which turned into an unjustified full-scale war at the end of February, also required Metsä Group to quickly discontinue operations in Russia and secure the continuity of business operations in our other markets. The winding down of Russian operations had the greatest impact on wood supply. Overall, the changes significantly affected the wood markets in the Baltic Sea region. For Metsä Group, the end to birch pulpwood imports meant changes in the product structure. The limited availability of birch log wood used in the plywood industry led to production curtailments and the development of new softwood-based products. Metsä Board had been exporting around 100,000 tonnes of folding boxboard annually to Russia. The good market situation enabled this volume to be reallocated to other markets to help boost customer relationships there. The operations of our sawmill and wood supply companies in Russia were discontinued.

In 2022, the forest industry’s good economic situation boosted demand in all wood grades. The goal of reducing fossil fuel use in energy production, coupled with the high prices of emissions allowances, increased demand for energy wood. The use of roundwood for fuel surged, and increasing volumes of wood were also imported from Russia to match the need for energy wood. The end to Russian imports in the spring further aggravated the market situation. The European Union’s legislative initiatives, such as the proposed nature restoration regulation, create uncertainty in long-term wood supply. Our challenge in the coming years is to find a balance between the various expectations set for forests so that we can maintain vibrant forests that grow well, bind carbon from the atmosphere and produce renewable raw material for products that people need in their daily lives. At the same time, we need to improve the ecological status of commercial forests and develop also forest protection. As most Finnish species live in the forest, forestry measures are key to halting biodiversity loss. Metsä Group continues to develop its services for forest owners to promote both forest growth and biodiversity.
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