Sensitivities

Sales prices of paperboards and FX impact

Metsä Board produces roughly 2 million tonnes of paperboards annually, and sells it worldwide. A large proportion of sales are made in currencies other than euros. Not only changes in the sales prices of paperboards, but also changes in foreign exchange rates have an impact on Metsä Board's result.

Sales prices of pulp

Changes in the market pulp prices have a significant impact on Metsä Board's profitability. Metsä Board's annual pulp capacity is roughly 1.5 million tonnes, which is used for own paperboard production and partly sold to the market. In addition, the company owns 24.9% of Metsä Fibre, which has an annual pulp capacity of 3.3 million tonnes.  

Price of raw wood

In 2021, Metsä Board’s wood use totalled 8.3 million cubic metres. This use included the wood used in Metsä Board’s own production of pulp and BCTMP as well as the wood used in the pulp purchased from Metsä Fibre. Wood accounts for a significant share of the company's total costs.

Price development (graphs) of paperboards, pulp and raw wood can be found in Metsä Board's IR presentations updated quarterly. (Sources: Fastmarkets RISI, Fastmarkets FOEX, Luke, Skogstyrelsen)

The most significant factors affecting Metsä Board's annual operating result and their price sensitivities are described below. Situation as per 31 December 2021.

Component

Unit

Change

Impact on annual operating result

Folding boxboard Price/tonne +/- 10% > EUR 100 million
White kraftliners Price/tonne +/- 10% > EUR 50 million
FX USD/EUR +/- 10% EUR 86 million
  EUR/SEK  +/- 10% EUR 54 million
  GBP/EUR +/- 10% EUR 10 million
Pulp PIX price of SW/HW
per tonne
+/- 10% EUR 30 million
Wood Cost, delivered to Finnish mills +/- 10% EUR 30 million*
  Cost, delivered to Husum +/- 10% EUR 20 million

*) Includes the wood used in pulp purchased from Metsä Fibre