Metso releases its 2023 Annual report

Metso has published its Annual report for 2023, consisting of five sections: Business overview, Financial review, Corporate governance statement, Remuneration report and GRI supplement.

According to the Annual report, Metso’s sales reached EUR 5,4 billion, and profit before taxes was EUR 724 million. Furthermore, the company has improved its EBITA margin from 11.5% in 2020 to 16.5% in 2023.

Pekka Vauramo, Metso President and CEO commented: “I am extremely pleased to see that our strategy is yielding excellent results. This is a good opportunity to thank our shareholders, customers and all business partners for their continued trust in Metso. I’m also confident that we will provide excellent service to our customers and create value for all our stakeholders in 2024.”

Financial performance

The Group’s annual orders received decreased by 7% and totalled EUR 5,252 million (EUR 5,623 million), due to weaker market activity in Aggregates and a smaller number of large equipment orders in Minerals.

Service orders grew 4%. While Aggregates sales declined, Minerals reported sales growth, resulting in the Group’s sales increasing by 8% to EUR 5,390 million (EUR 4,970 million).

The order backlog at the end of the year was EUR 2,951 million (3,303 million).

The Group’s adjusted EBITA increased to EUR 887 million up from EUR 715 million in the previous year. The adjusted EBITA margin also improved to 16.5% from 14.4%. These improved results were driven by volume growth and successful price and cost management.

Operating profit was EUR 805 million, or 14.9% of sales (EUR 490 million and 9.9%) including negative adjustments of EUR 18 million (EUR 163 million negative, largely related to the wind-down of the business in Russia).

Profit before taxes was EUR 724 million (EUR 426 million). The effective tax rate was 26% (25%).

Earnings per share for continuing operations were EUR 0.65 (EUR 0.39).

Cash flow from operations was EUR 550 million (EUR 322 million), thanks to improved profitability while the amount of net working capital tied in the business increased, largely in the first half of 2023.

Headquartered in Espoo, Finland, Metso employs over 17,000 people in close to 50 countries. The company is listed on the Nasdaq Helsinki.