DISPOSED OPERATIONS TOTAL EUR million Tangible and intangible assets
Note
2013
2012
13
2.8
0.6
Inventories
2.6
0.0
Accounts receivables and other receivables
1.8
0.3
Cash and cash equivalents
0.4
3.0
Total assets
7.6
3.9
Post employment benefit obligations Provisions
26
0.0
1.2
0.0
1.8
Accounts payables and other payables
3.0
0.1
Total liabilities
3.0
3.1
Net assets
4.6
0.7
Translation differences and consultant fees paid
0.2
-0.1
Selling price
5.9
0.2
Profit on disposal
1.1
Loss on disposal
-0.4
5. Long-term projects Only the Building Products business line in the Group’s segment Wood Products Industry deals with long-term projects. Group sales include EUR 9.9 million (8.0) in income from long-term projects. The income statement included EUR 2.9 million income from longterm projects in progress (3.1). The balance sheet included EUR 1.1 million in advance payments for long-term projects in progress (2.7).
6. Other operating income EUR million Gains on disposals
5.2
13.9
13.9
Government grants
21.5
14.0
Other operating income
27.3
25.4
Total
81.2
76.8
Rental income
Consultant fees paid
-0.2
0.0
Cash and cash equivalents of disposed subsidiaries
-0.4
-3.0
5.4
-2.8
DISPOSALS OF NON-CONTROLLING INTEREST
On April 11, Metsäliitto Cooperative, Metsä Board and Itochu Corporation agreed on a transaction in which Itochu acquires a 24.9 per cent strategic holding in Metsä Fibre Oy. The transaction was completed on 3 May 2012. According to the agreement Metsäliitto Cooperative sold 17.62 per cent in Metsä Fibre for EUR 334.0 million and Metsä Board 7.28 per cent for EUR 138.1 million to Itochu. As a consequence of the transaction the non-controlling interest increased by EUR 202.8 million and the retained earnings increased by EUR 268.3 million. After the transaction Metsäliitto Cooperative’s holding in Metsä Fibre is 50.20 per cent of the shares, Metsä Board’s 24.90 per cent and Itochu’s 24.90 per cent. As a consequence of the transaction the non-controlling interest in Metsä Group increased by 9.66 percentage units. Consultant fees due to the transaction were EUR 0.9 million and they were booked directly against equity.
32 FINANCIAL STATEMENTS 2013 — NOTES TO THE ACCOUNTS 5–6
18.4
Service revenue
0.2
Net cash flow arising on disposals
2012
12.8 5.8
5.9
Cash and cash equivalents received
2013
In 2013, the most significant gains on disposals were the gains of EUR 5.9 million related to Metsä Board’s property sales in Finland, EUR 2.3 million related to electricity certificates sold by Metsä Board Sverige and EUR 1.9 million related to the sale of Metsä Board Alizay. In 2012, the most significant gains on disposals were the gains of EUR 3.9 million related to Metsä Board’s property sales in Finland and EUR 8.0 million related to electricity certificates sold by Metsä Board Sverige. Government grants concern the subsidies of training, healthcare and R&D expenses, energy subsidies as well as the carbon dioxide emission permits in accordance with the EU emission trading scheme.